# EDGAR Filing Document

**Accession Number:** 0001107414
**File Stem:** 0001193125-23-016295
**Filing Date:** 2023-1
**Character Count:** 1854362
**Document Hash:** b8eb0b8cbbb4800d8500a3dc0861d1f2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-016295.hdr.sgml**: 20230126

**ACCESSION NUMBER**: 0001193125-23-016295

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 35

**FILED AS OF DATE**: 20230126

**DATE AS OF CHANGE**: 20230126

**EFFECTIVENESS DATE**: 20230131

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** STATE STREET INSTITUTIONAL INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0001107414
- **IRS NUMBER:** 046910804
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09819
- **FILM NUMBER:** 23558399

**BUSINESS ADDRESS:**
- **STREET 1:** STATE STREET FINANCIAL CENTER
- **STREET 2:** ONE LINCOLN STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02111
- **BUSINESS PHONE:** 6176623239

**MAIL ADDRESS:**
- **STREET 1:** ONE LINCOLN STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02111
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** STATE STREET INSTITUTIONAL INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0001107414
- **IRS NUMBER:** 046910804
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-30810
- **FILM NUMBER:** 23558398

**BUSINESS ADDRESS:**
- **STREET 1:** STATE STREET FINANCIAL CENTER
- **STREET 2:** ONE LINCOLN STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02111
- **BUSINESS PHONE:** 6176623239

**MAIL ADDRESS:**
- **STREET 1:** ONE LINCOLN STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02111

## Series and Classes Contracts Data

### State Street Income Fund (Series ID: S000071465)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000226666 | State Street Income Fund | SSASX           |

### State Street U.S. Core Equity Fund (Series ID: S000071466)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000226667 | State Street U.S. Core Equity Fund | SSAQX           |

### State Street Diversified Income Fund (Series ID: S000074810)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000233021 | Class K      | SBFYX           |

?xml version='1.0' encoding='ASCII'? STATE STREET INSTITUTIONAL INVESTMENT TRUST

------

**As filed with the U.S. Securities and Exchange Commission on January 26, 2023**

**1933 Act File No. 333-30810**

**1940 Act File No. 811-09819**

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

------

**FORM N-1A**

**REGISTRATION STATEMENT** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ***UNDER*** <br> ***THE SECURITIES ACT OF 1933***<br>| **☒**  |
| **Post-Effective Amendment No. 295** | **☒**  |

---

**and/or**

**REGISTRATION STATEMENT** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ***UNDER*** <br> ***THE INVESTMENT COMPANY ACT OF 1940***<br>| **☒**  |
| **Amendment No. 297** | **☒**  |

---

------

**STATE STREET INSTITUTIONAL INVESTMENT TRUST**

**(Exact Name of Registrant as Specified in Charter)**

------

**One Iron Street**

**Boston, Massachusetts 02210**

**(Address of Principal Executive Offices)**

**(617) 664-1465**

**(Registrant's Telephone Number)**

**Sean O'Malley, Esq.**

**Senior Vice President and General Counsel**

**c/o SSGA Funds Management, Inc.**

**One Iron Street**

**Boston, Massachusetts 02210**

**(Name and Address of Agent for Service)**

------

***Copies to:***

**Timothy W. Diggins, Esq.**

**Ropes & Gray LLP**

**Prudential Tower, 800 Boylston Street**

**Boston, Massachusetts 02199-3600**

------

It is proposed that this filing will become effective:

☐ immediately upon filing pursuant to Rule 485, paragraph (b)

☒ on January 31, 2023 pursuant to Rule 485, paragraph (b) 

☐ 60 days after filing pursuant to Rule 485, paragraph (a)(1)

☐ on _________________ pursuant to Rule 485, paragraph (a)(1) 

☐ 75 days after filing pursuant to Rule 485, paragraph (a)(2) 

☐ on _________________ pursuant to Rule 485, paragraph (a)(2)

If appropriate, check the following box:

☐ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Prospectus** 

January 31, 2023

**State Street Institutional**

**Investment Trust** 

State Street Income Fund (SSASX)

State Street U.S. Core Equity Fund (SSAQX)

The U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission have not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.

An investment in any of the Funds offered by this Prospectus is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

![](g436157g2ssga_hor.jpg)

------

**TABLE OF CONTENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Fund Summaries](#xx_537c9096-4225-4698-a090-73358440994b_1) | 1 |
| [State Street Income Fund](#xx_537c9096-4225-4698-a090-73358440994b_1) | 1 |
| [State Street U.S. Core Equity Fund](#xx_e0db7d9d-5166-4b71-8e47-eed3ddbc4a04_1) | 8 |
| [Additional Information About Investment Objectives, Principal Strategies and Risks](#xx_ed851a0c-9b9f-4415-bc57-3ea67d3004c1_1) | 14 |
| [State Street Income Fund](#xx_ed851a0c-9b9f-4415-bc57-3ea67d3004c1_1) | 14 |
| [State Street U.S. Core Equity Fund](#xx_ed851a0c-9b9f-4415-bc57-3ea67d3004c1_2) | 15 |
| [Additional Information About Non-Principal Investment Strategies and Risks](#xx_ed851a0c-9b9f-4415-bc57-3ea67d3004c1_13) | 26 |
| [Portfolio Holdings Disclosure](#xx_ed851a0c-9b9f-4415-bc57-3ea67d3004c1_15) | 28 |
| [Management and Organization](#xx_db6e070c-08b6-4d86-b329-09d723a722ec_1) | 29 |
| [Shareholder Information](#xx_db6e070c-08b6-4d86-b329-09d723a722ec_3) | 31 |
| [Dividends, Distributions and Tax Considerations](#xx_db6e070c-08b6-4d86-b329-09d723a722ec_9) | 37 |
| [Financial Intermediary Arrangements](#xx_db6e070c-08b6-4d86-b329-09d723a722ec_11) | 39 |
| [Financial Highlights](#xx_2b5df42f-fcf8-4c96-a30c-d90d81c8b260_1) | 41 |

---

------

**State Street Income Fund**

**Investment Objectives**

The investment objective of the State Street Income Fund (the "Fund") is to seek high current income and preservation of capital.

**Fees and Expenses of the Fund**

The tables below describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund ("Fund Shares"). **You may pay brokerage commissions and other fees to financial intermediaries which are not reflected in the tables and examples below**. More information about these and other discounts is available from your financial intermediary ("Financial Intermediary") and in the "Investing in Funds Shares" section of the Fund's Prospectus.

**Shareholder Fees** (fees paid directly from your investment)

---

| |
|:---|
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the sale proceeds or the original offering price) |

---

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| Management Fee | 0.13% |
| Distribution and/or Shareholder Service (12b-1) Fees |  |
| Other Expenses | 0.07% |
| Total Annual Fund Operating Expenses | 0.20% |

---

**Example:**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 year** | **3 years** | **5 years** | **10 years** |
| $20 | $64 | $113 | $255 |

---

**Portfolio Turnover:**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 48% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal circumstances, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets in debt securities.

The Fund invests significantly in a variety of investment-grade debt securities, such as agency mortgage-backed securities, asset-backed securities, corporate bonds, municipal obligations, government securities and money market instruments. Investment-grade securities include securities rated Baa3 or higher by Moody's or BBB- or higher by S&P (and securities of comparable quality as determined by SSGA Funds Management, Inc. (the "Adviser" or "SSGA FM")). The Fund normally has a weighted average effective maturity of approximately five to ten years, but is subject to no limitation with respect to the maturities of the instruments in which it may invest.

------

The portfolio managers seek to identify debt securities that they believe have desirable characteristics for the Fund such as:

&nbsp;&nbsp;&nbsp;&nbsp;• attractive yields and prices;

&nbsp;&nbsp;&nbsp;&nbsp;• the potential for capital appreciation; and/or

&nbsp;&nbsp;&nbsp;&nbsp;• reasonable credit quality.

The portfolio managers may consider selling a security when one of these characteristics no longer applies, when the portfolio managers believe that the valuation has become excessive, or when more attractive alternatives are identified.

The Fund also may invest up to 20% of its net assets in high yield securities (also known as below investment grade bonds or "junk bonds"). The Fund may also invest up to 20% of its net assets in exchange-traded products ("ETPs"), including exchange-traded funds, that provide exposure to such investments, including ETPs that pay fees to the Adviser and its affiliates for management, marketing or other services; mutual funds; and other commingled investments. High yield securities are those rated BB+ or lower by S&P or Ba1 or lower by Moody's (and securities of comparable quality as determined by the Adviser). The Fund also may invest up to 35% of its net assets in foreign (including emerging markets) debt securities, and up to 20% of its net assets in equity securities.

The portfolio managers may also use various types of derivative instruments (such as futures contracts, interest rate and credit default swaps, options and forward contracts) to manage yield, duration (a measure of a bond price's sensitivity to a given change in interest rates) and exposure to credit quality, and to gain or hedge exposure to certain securities, indices or market segments.

The Fund may engage in active and frequent trading of its portfolio securities.

**Principal Risks**

The Fund is subject to the following principal risks. You could lose money by investing in the Fund. Certain risks relating to instruments and strategies used in the management of the Fund are placed first. The significance of any specific risk to an investment in the Fund will vary over time, depending on the composition of the Fund's portfolio, market conditions, and other factors. You should read all of the risk information presented below carefully, because any one or more of these risks may result in losses to the Fund. **An investment in the Fund is subject to investment risks, including possible loss of principal, is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.** The Fund may not achieve its investment objective. The Fund is not intended to be a complete investment program, but rather is intended for investment as part of a diversified investment portfolio. Investors should consult their own advisers as to the role of the Fund in their overall investment programs.

***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, 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.

***Debt Securities Risk:*** The values of debt securities may increase or decrease as a result of the following: market fluctuations, changes in interest rates, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments, or illiquidity in debt securities markets. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. A rising interest rate environment may cause the value of the Fund's fixed income securities to decrease, an adverse impact on the liquidity of the Fund's fixed income securities, and increased volatility of the fixed income markets. During periods when interest rates are at low levels, the Fund's yield can be low, and the Fund may have a negative yield (i.e., it may lose money on an operating basis). To the extent that interest rates fall, certain underlying obligations may be paid off substantially faster than originally anticipated. If the principal on a debt obligation is prepaid before expected, the prepayments of principal may have to be

------

reinvested in obligations paying interest at lower rates. During periods of falling interest rates, the income received by the Fund may decline. Changes in interest rates will likely have a greater effect on the values of debt securities of longer durations. Returns on investments in debt securities could trail the returns on other investment options, including investments in equity securities. The U.S. Federal Reserve has been engaged in an aggressive campaign to raise interest rates in an effort to combat historically high levels of inflation. Interest rate increases may continue. High levels of inflation and/or a significantly changing interest rate environment can lead to heightened levels of volatility and reduced liquidity. See also "Extension Risk" and "Credit Risk" in the section titled "Additional Information about Investment Objectives, Principal Strategies, and Risks - Additional Information About Risks."

***Management Risk:*** The Fund is actively managed. The Adviser's judgments about the attractiveness, relative value, or potential appreciation of a particular sector, security, commodity or investment strategy may prove to be incorrect, and may cause the Fund to incur losses. There can be no assurance that the Adviser's investment techniques and decisions will produce the desired results.

***Below Investment-Grade Securities Risk:*** Lower-quality debt securities ("high yield" or "junk" bonds) are considered predominantly speculative, and can involve a substantially greater risk of default than higher quality debt securities. Issuers of lower-quality debt securities may have substantially greater risk of insolvency or bankruptcy than issuers of higher-quality debt securities. They can be illiquid, and their values can have significant volatility and may decline significantly over short periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about the issuer, or the market or economy in general.

***Derivatives Risk:*** Derivative transactions can create investment leverage and may have significant volatility. It is possible that a derivative transaction will result in a much greater loss than the principal amount invested, that changes in the value of a derivative transaction may not correlate perfectly with the underlying asset, and that the Fund may not be able to close out a derivative transaction at a favorable time or price. The counterparty to a derivatives contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations. A derivatives transaction may not behave in the manner anticipated by the Adviser or may not have the effect on the Fund anticipated by the Adviser.

***Counterparty Risk:*** The Fund will be subject to credit risk with respect to the counterparties with which the Fund enters into derivatives contracts, repurchase agreements, reverse repurchase agreements, and other transactions. If a counterparty fails to meet its contractual obligations, the Fund may be unable to terminate or realize any gain on the investment or transaction, or to recover collateral posted to the counterparty, resulting in a loss to the Fund. If the Fund holds collateral posted by its counterparty, it may be delayed or prevented from realizing on the collateral in the event of a bankruptcy or insolvency proceeding relating to the counterparty.

***Emerging Markets Risk:*** Risks of investing in emerging markets include, among others, greater political and economic instability, greater volatility in currency exchange rates, less developed securities markets, possible trade barriers, currency transfer restrictions, a more limited number of potential buyers and issuers, an emerging market country's dependence on revenue from particular commodities or international aid, less governmental supervision and regulation, unavailability of currency hedging techniques, differences in auditing and financial reporting standards, less stringent investor protection and disclosure standards, less developed public health systems, and less developed legal systems. There is also the potential for unfavorable action such as expropriation, nationalization, embargo, and acts of war. The securities of emerging market companies may trade less frequently and in smaller volumes than more widely held securities. Market disruptions or substantial market corrections may limit very significantly the liquidity of securities of certain companies in a particular country or geographic region, or of all companies in the country or region. The Fund may be unable to liquidate its positions in such securities at any time, or at a favorable price, in order to meet the Fund's obligations. These risks are generally greater for investments in frontier market countries, which typically have smaller economies or less developed capital markets than traditional emerging market countries.

***Equity Investing Risk:*** The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.

------

***Exchange Traded Products Risk:*** The Fund is subject to substantially the same risks as those associated with the direct ownership of the securities represented by the ETPs in which it invests. In addition, the shares of certain ETPs may trade at a premium or discount to their intrinsic value (*i.e.*, the market value may differ from the net asset value of an exchange-traded fund's ("ETF") shares) for a number of reasons. For example, supply and demand for shares of an ETF or market disruptions may cause the market price of the ETF to deviate from the value of the ETF's investments, which may be exacerbated in less liquid markets. The value of an exchange traded note may also differ from the valuation of its reference market due to changes in the issuer's credit rating.

***Affiliated ETP Risk:*** The Adviser may receive management or other fees from the ETPs ("Affiliated ETPs") in which the Fund may invest, as well as a management fee for managing the Fund. It is possible that a conflict of interest among the Fund and the Affiliated ETPs could affect how the Adviser fulfills its fiduciary duties to the Fund and the Affiliated ETPs. Because the amount of the investment management fees to be retained by the Adviser may differ depending upon the Affiliated ETPs in which the Fund invests, there is a conflict of interest for the Adviser in selecting the Affiliated ETPs. In addition, the Adviser may have an incentive to take into account the effect on an Affiliated ETP in which the Fund may invest in determining whether, and under what circumstances, to purchase or sell shares in that Affiliated ETP. Although the Adviser takes steps to address the conflicts of interest, it is possible that the conflicts could impact the Fund.

***Interest Rate Risk:*** Interest rate risk is the risk that the securities held by a Fund will decline in value because of increases in market interest rates. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. Debt securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than debt securities with shorter durations. For example, the value of a security with a duration of five years would be expected to decrease by 5% for every 1% increase in interest rates. Falling interest rates also create the potential for a decline in a Fund's income and yield. Interest-only and principal-only securities are especially sensitive to interest rate changes, which can affect not only their prices but can also change the income flows and repayment assumptions about those investments. Variable and floating rate securities also generally increase or decrease in value in response to changes in interest rates, although generally to a lesser degree than fixed-rate securities. A substantial increase in interest rates may also have an adverse impact on the liquidity of a security, especially those with longer durations. Changes in governmental policy, including changes in central bank monetary policy, could cause interest rates to rise rapidly, or cause investors to expect a rapid rise in interest rates. This could lead to heightened levels of interest rate, volatility and liquidity risks for the fixed income markets generally and could have a substantial and immediate effect on the values of a Fund's investments. The U.S. Federal Reserve has been engaged in an aggressive campaign to raise interest rates in an effort to combat historically high levels of inflation. Interest rate increases may continue. High levels of inflation and/or a significantly changing interest rate environment can lead to heightened levels of volatility and reduced liquidity.

***Large Shareholder Risk:*** To the extent a large proportion of the shares of the Fund are held by a small number of shareholders (or a single shareholder), including funds or accounts over which the Adviser has investment discretion, the Fund is subject to the risk that these shareholders will purchase or redeem Fund Shares in large amounts rapidly or unexpectedly, including as a result of an asset allocation decision made by the Adviser. These transactions could adversely affect the ability of the Fund to conduct its investment program.

***Liquidity Risk:*** Lack of a ready market, stressed market conditions, or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price or at all. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. If the liquidity of the Fund's holdings deteriorates, it may lead to differences between the market price of Fund Shares and the net asset value of Fund Shares, and could result in the Fund Shares being less liquid. Illiquidity of the Fund's holdings may also limit the ability of the Fund to obtain cash to meet redemptions on a timely basis. In addition, the Fund, due to limitations on investments in any illiquid investments and/or the difficulty in purchasing and selling such investments, may be unable to achieve its desired level of exposure to a certain market or sector.

***Mortgage-Related and Other Asset-Backed Securities Risk:*** Investments in mortgage-related and other asset-backed securities are subject to the risk of significant credit downgrades, illiquidity, and defaults to a greater extent than many other types of fixed-income investments. The liquidity of mortgage-related and asset-backed securities may change over time. During periods of falling interest rates, mortgage- and asset-backed securities may be called or prepaid, which may result in the Fund having to reinvest proceeds in other investments at a lower interest rate. During periods of rising interest rates, the average life of mortgage- and asset-backed securities may extend, which may lock in a below-market interest rate, increase the security's duration and interest rate sensitivity, and reduce the value of the security. Enforcing rights against the underlying assets or collateral may be difficult, and the underlying assets or collateral may be insufficient if the issuer defaults.

------

***Municipal Obligations Risk:*** Issuers, including governmental issuers, may be unable to pay their obligations as they come due. The values of municipal obligations may be adversely affected by local political and economic conditions and developments. In addition, the values of municipal obligations that depend on a specific revenue source to fund their payment obligations may fluctuate as a result of actual or anticipated changes in the cash flows generated by the revenue source or changes in the priority of the municipal obligation to receive the cash flows generated by the revenue source. Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund's ability to sell its municipal obligations at attractive prices, particularly in stressed market conditions. The differences between the price at which an obligation can be purchased and the price at which it can be sold may widen during periods of market distress. Less liquid obligations can become more difficult to value and be subject to erratic price movements. In addition, changes in federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal obligations. Loss of tax-exempt status may cause interest received and distributed to shareholders by the Fund to be taxable and may result in a significant decline in the values of such municipal obligations.

***Non-U.S. Securities Risk:*** Non-U.S. securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. There may be less information publicly available about a non-U.S. entity than about a U.S. entity, and many non-U.S. entities are not subject to accounting, auditing, legal and financial report standards comparable to those in the United States. Further, such entities and/or their securities may be subject to risks associated with currency controls; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. Foreign governments may impose restrictions on the repatriation of capital to the U.S. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Investments in depositary receipts may be less liquid and more volatile than the underlying shares in their primary trading market.

***Portfolio Turnover Risk:*** Frequent purchases and sales of portfolio securities may result in higher Fund expenses and may result in more significant distributions of short-term capital gains to investors, which are taxed to individuals as ordinary income.

***Risk of Investment in Other Pools:*** If the Fund invests in another pooled investment vehicle, it is exposed to the risk that the other pool will not perform as expected and is exposed indirectly to all of the risks applicable to an investment in such other pool. The investment policies of the other pool may not be the same as those of the Fund; as a result, an investment in the other pool may be subject to additional or different risks than those to which the Fund is typically subject. The Fund bears its proportionate share of the fees and expenses of any pool in which it invests. The Adviser or an affiliate may serve as investment adviser to a pool in which the Fund may invest, leading to potential conflicts of interest. It is possible that other clients of the Adviser or its affiliates will purchase or sell interests in a pool sponsored or managed by the Adviser or its affiliates at prices and at times more favorable than those at which the Fund does so.

***U.S. Government Securities Risk:*** Certain U.S. government securities are supported by the full faith and credit of the United States; others are supported by the right of the issuer to borrow from the U.S. Treasury; others are supported by the discretionary authority of the U.S. government to purchase the agency's obligations; and still others are supported only by the credit of the issuing agency, instrumentality, or enterprise. Although U.S. government-sponsored enterprises such as the Federal Home Loan Mortgage Corporation ("Freddie Mac") and the Federal National Mortgage Association ("Fannie Mae") may be chartered or sponsored by Congress, they are not funded by Congressional appropriations, and their securities are not issued by the U.S. Treasury, are not supported by the full faith and credit of the U.S. government, and involve increased credit risks.

***Valuation Risk:*** Some portfolio holdings, potentially a large portion of the Fund's investment portfolio, may be valued on the basis of factors other than market quotations. This may occur more often in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including "fair valued" securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there

------

is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. Investors who purchase or redeem Fund Shares on days when the Fund is holding fair-valued investments may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the Fund had not fair-valued the holding(s) or had used a different valuation methodology.

**Performance**

The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund's returns from year-to-year and by showing how the Fund's average annual returns for the periods indicated compared with those of a broad-based benchmark index. The bar chart shows how the Fund's returns have varied for each full calendar year shown. Returns shown for periods prior to May 24, 2021 reflect the past performance of the General Electric RSP Income Fund, the performance predecessor of the Fund. The General Electric RSP Income Fund was managed by using investment policies, objectives, guidelines and restrictions that were substantially similar to those of the Fund. GE Asset Management Incorporated ("GEAM") served as the Fund's investment adviser until 2016, when State Street Corporation ("State Street"), the ultimate parent company of the Adviser, acquired substantially all of the assets of GEAM. The Fund's past performance does not necessarily indicate how the Fund will perform in the future. Current performance information for the Fund is available toll free by calling (800) 242-0134 or by visiting our website at www.ssga.com.

**Annual Total Returns** (years ended 12/31)

![](g436157g2imgfe109b881.jpg)

Highest Quarterly Return: 4.79% (Q2, 2020)

Lowest Quarterly Return: -6.26% (Q1, 2022)

**Average Annual Total Returns** (for periods ended 12/31/22)

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns depend on an investor's tax situation and may differ from those shown below, and after-tax returns are not relevant to investors who hold their shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>| **Inception**<br> **Date**<br>|
| State Street Income Fund |  |  |  | 01/03/1980 |
| Return Before Taxes | -13.39% | 0.13% | 1.32% |  |
| Return After Taxes on Distributions | -14.36% | -1.19% | 0.04% |  |
| Return After Taxes on Distributions and Sale of Fund Shares | -7.91% | -0.38% | 0.48% |  |
| Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, <br> expenses or taxes)<br>| -13.01% | 0.02% | 1.06% |  |

---

**Investment Adviser** 

SSGA FM serves as the investment adviser to the Fund.

The professionals primarily responsible for the day-to-day management of the Fund are Matthew Nest and James Palmieri. Mr. Nest and Mr. Palmieri have served as portfolio managers of the Fund since 2018 and 2019, respectively.

Matthew Nest, CFA, is a Managing Director of the Adviser and the Global Head of Active Fixed Income. He joined the Adviser in 2016.

------

James Palmieri, CFA, is a Managing Director of the Adviser, a Senior Portfolio Manager, and Head of Structured Credit for the Fundamental Active Fixed Income Team. He joined the Adviser in 2016 through the acquisition of GEAM by the ultimate parent company of State Street Global Advisors.

**Purchase and Sale of Fund Shares**

**Purchase minimums**

There are no minimum purchase amounts for initial or additional investments. Investment in Fund Shares is limit to Eligible Investors, as described in the "Investing in Fund Shares" section of the Fund's Prospectus.

You may purchase or redeem Fund Shares on any day the Fund is open for business.

*Written Requests and Wire Transfers*. You may redeem Fund Shares by written request or wire transfer.

Written requests should be sent to:

<u>By Mail:</u> 

State Street Global Advisors

c/o U.S. Bank Global Fund Services

P.O. Box 701

Milwaukee, WI 53201-0701

<u>By Overnight:</u> 

State Street Global Advisors

c/o U.S. Bank Global Fund Services

615 East Michigan Street

Milwaukee, WI 53202-5207

• Calling us at (800) 242-0134; or

• By accessing the Fund's website at www.ssga.com.

**Tax Information**

The Fund's distributions are expected to be taxed as ordinary income and/or capital gains, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or IRA. Any withdrawals made from a tax-advantaged arrangement may be taxable to you.

------

**State Street U.S. Core Equity Fund**

**Investment Objectives**

The investment objective of the State Street U.S. Core Equity Fund (the "Fund") is to seek long-term growth of capital.

**Fees and Expenses of the Fund**

The tables below describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund ("Fund Shares"). **You may pay brokerage commissions and other fees to financial intermediaries which are not reflected in the tables and examples below**. More information about these and other discounts is available from your financial intermediary ("Financial Intermediary") and in the "Investing in Funds Shares" section of the Fund's Prospectus.

**Shareholder Fees** (fees paid directly from your investment)

---

| |
|:---|
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the sale proceeds or the original offering price) |

---

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| Management Fee | 0.12% |
| Distribution and/or Shareholder Service (12b-1) Fees |  |
| Other Expenses | 0.04% |
| Total Annual Fund Operating Expenses | 0.16% |

---

**Example:**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 year** | **3 years** | **5 years** | **10 years** |
| $16 | $52 | $90 | $205 |

---

**Portfolio Turnover:**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 30% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal circumstances, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of U.S. companies, such as common and preferred stocks. The Fund considers a company to be a U.S. company if it generates at least 50% of its revenues or profits from business activities in the U.S., has at least 50% of its assets situated in the U.S., or has the principal trading market for its securities in the U.S. At times, the Fund's investments may be focused in one or more market sectors, such as technology. The Fund will provide shareholders with at least sixty (60) days' notice prior to any change in its 80% investment policy.

------

Through fundamental company research involving analyzing financial statements and other information about a company, the portfolio managers primarily seek to identify securities of large and medium sized companies (meaning companies with market capitalizations of $2 billion or more) that they believe have desirable characteristics for the Fund such as:

&nbsp;&nbsp;&nbsp;&nbsp;• low valuations in relation to their peers, the market, their historical valuations or their growth rate potential;

&nbsp;&nbsp;&nbsp;&nbsp;• appropriate capital structures (i.e., in the opinion of SSGA Funds Management, Inc. (the "Adviser" or "SSGA FM"), appropriate levels of debt and financial leverage under the circumstances); and/or

&nbsp;&nbsp;&nbsp;&nbsp;• high quality management focused on generating shareholder value.

The portfolio managers may consider selling a security when one of these characteristics no longer applies, when the portfolio managers believe that the valuation has become excessive, or when more attractive alternatives are identified.

The Fund also may invest up to 15% of its net assets (plus any borrowings for investment purposes) in foreign securities and up to 20% of its net assets (plus any borrowings for investment purposes) in debt securities. The portfolio managers may also use various types of derivative instruments (such as futures, options and forward contracts) to gain or hedge exposure to certain types of securities as an alternative to investing directly in or selling such securities. The Fund may short sell securities. The Fund may also invest in real estate investment trusts ("REITs"), and other registered investment companies, including exchange-traded funds ("ETFs").

**Principal Risks**

The Fund is subject to the following principal risks. You could lose money by investing in the Fund. Certain risks relating to instruments and strategies used in the management of the Fund are placed first. The significance of any specific risk to an investment in the Fund will vary over time, depending on the composition of the Fund's portfolio, market conditions, and other factors. You should read all of the risk information presented below carefully, because any one or more of these risks may result in losses to the Fund. **An investment in the Fund is subject to investment risks, including possible loss of principal, is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.** The Fund may not achieve its investment objective. The Fund is not intended to be a complete investment program, but rather is intended for investment as part of a diversified investment portfolio. Investors should consult their own advisers as to the role of the Fund in their overall investment programs.

***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, 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 Investing Risk:*** The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.

***Management Risk:*** The Fund is actively managed. The Adviser's judgments about the attractiveness, relative value, or potential appreciation of a particular sector, security, commodity or investment strategy may prove to be incorrect, and may cause the Fund to incur losses. There can be no assurance that the Adviser's investment techniques and decisions will produce the desired results.

***Large-Capitalization Securities Risk:*** Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial,

------

or other market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.

***Mid-Capitalization Securities Risk:*** The securities of mid-capitalization companies may be more volatile and may involve more risk than the securities of larger companies. These companies may have limited product lines, markets or financial resources, may lack the competitive strength of larger companies, and may depend on a few key employees. In addition, these companies may have been recently organized and may have little or no track record of success. The securities of mid-sized companies may trade less frequently and in smaller volumes than more widely held securities. Some securities of mid-sized issuers may be illiquid or may be restricted as to resale, and their values may be volatile.

***REIT Risk:*** REITs are subject to the risks associated with investing in the securities of real property companies. In particular, REITs may be affected by changes in the values of the underlying properties that they own or operate. Further, REITs are dependent upon specialized management skills, and their investments may be concentrated in relatively few properties, or in a small geographic area or a single property type. REITs are also subject to heavy cash flow dependency and, as a result, are particularly reliant on the proper functioning of capital markets. A variety of economic and other factors may adversely affect a lessee's ability to meet its obligations to a REIT. In the event of a default by a lessee, the REIT may experience delays in enforcing its rights as a lessor and may incur substantial costs associated in protecting its investments. In addition, a REIT could fail to qualify for favorable regulatory treatment.

***Counterparty Risk:*** The Fund will be subject to credit risk with respect to the counterparties with which the Fund enters into derivatives contracts, repurchase agreements, reverse repurchase agreements, and other transactions. If a counterparty fails to meet its contractual obligations, the Fund may be unable to terminate or realize any gain on the investment or transaction, or to recover collateral posted to the counterparty, resulting in a loss to the Fund. If the Fund holds collateral posted by its counterparty, it may be delayed or prevented from realizing on the collateral in the event of a bankruptcy or insolvency proceeding relating to the counterparty.

***Debt Securities Risk:*** The values of debt securities may increase or decrease as a result of the following: market fluctuations, changes in interest rates, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments, or illiquidity in debt securities markets. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. A rising interest rate environment may cause the value of the Fund's fixed income securities to decrease, an adverse impact on the liquidity of the Fund's fixed income securities, and increased volatility of the fixed income markets. During periods when interest rates are at low levels, the Fund's yield can be low, and the Fund may have a negative yield (i.e., it may lose money on an operating basis). To the extent that interest rates fall, certain underlying obligations may be paid off substantially faster than originally anticipated. If the principal on a debt obligation is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. During periods of falling interest rates, the income received by the Fund may decline. Changes in interest rates will likely have a greater effect on the values of debt securities of longer durations. Returns on investments in debt securities could trail the returns on other investment options, including investments in equity securities. The U.S. Federal Reserve has been engaged in an aggressive campaign to raise interest rates in an effort to combat historically high levels of inflation. Interest rate increases may continue. High levels of inflation and/or a significantly changing interest rate environment can lead to heightened levels of volatility and reduced liquidity. See also "Extension Risk" and "Credit Risk" in the section titled "Additional Information about Investment Objectives, Principal Strategies, and Risks - Additional Information About Risks."

***Derivatives Risk:*** Derivative transactions can create investment leverage and may have significant volatility. It is possible that a derivative transaction will result in a much greater loss than the principal amount invested, that changes in the value of a derivative transaction may not correlate perfectly with the underlying asset, and that the Fund may not be able to close out a derivative transaction at a favorable time or price. The counterparty to a derivatives contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations. A derivatives transaction may not behave in the manner anticipated by the Adviser or may not have the effect on the Fund anticipated by the Adviser.

------

***Exchange-Traded Funds Risk:*** The Fund is subject to substantially the same risks as those associated with the direct ownership of the securities represented by an underlying ETF in which it invests.Also, the Fund bears its proportionate share of the fees and expenses of an underlying ETF in which it invests. In addition, the shares of an underlying ETF may trade at a premium or discount to their intrinsic value (*i.e.*, the market value may differ from the net asset value of an ETF's shares) for a number of reasons. For example, supply and demand for shares of an underlying ETF or market disruptions may cause the market price of the underlying ETF to deviate from the value of the underlying ETF's investments, which may be exacerbated in less liquid markets.

***Growth Stock Risk:*** The prices of growth stocks may be based largely on expectations of future earnings, and their prices can decline rapidly and significantly in reaction to negative news. Growth stocks may underperform value stocks and stocks in other broad style categories (and the stock market as a whole) over any period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors.

***Large Shareholder Risk:*** To the extent a large proportion of the shares of the Fund are held by a small number of shareholders (or a single shareholder), including funds or accounts over which the Adviser has investment discretion, the Fund is subject to the risk that these shareholders will purchase or redeem Fund Shares in large amounts rapidly or unexpectedly, including as a result of an asset allocation decision made by the Adviser. These transactions could adversely affect the ability of the Fund to conduct its investment program.

***Non-U.S. Securities Risk:*** Non-U.S. securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. There may be less information publicly available about a non-U.S. entity than about a U.S. entity, and many non-U.S. entities are not subject to accounting, auditing, legal and financial report standards comparable to those in the United States. Further, such entities and/or their securities may be subject to risks associated with currency controls; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. Foreign governments may impose restrictions on the repatriation of capital to the U.S. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Investments in depositary receipts may be less liquid and more volatile than the underlying shares in their primary trading market.

***Risk of Investment in Other Pools:*** If the Fund invests in another pooled investment vehicle, it is exposed to the risk that the other pool will not perform as expected and is exposed indirectly to all of the risks applicable to an investment in such other pool. The investment policies of the other pool may not be the same as those of the Fund; as a result, an investment in the other pool may be subject to additional or different risks than those to which the Fund is typically subject. The Fund bears its proportionate share of the fees and expenses of any pool in which it invests. The Adviser or an affiliate may serve as investment adviser to a pool in which the Fund may invest, leading to potential conflicts of interest. It is possible that other clients of the Adviser or its affiliates will purchase or sell interests in a pool sponsored or managed by the Adviser or its affiliates at prices and at times more favorable than those at which the Fund does so.

***Short Sale Risk:*** Short sales are transactions in which the Fund sells a security it does not own. To complete the transaction, the Fund must borrow the security to make delivery to the buyer. The Fund is then obligated to replace the security borrowed by purchasing the security at the market price at the time of replacement. The price at such time may be higher or lower than the price at which the security was sold by the Fund. If the underlying security goes down in price between the time the Fund sells the security and buys it back, the Fund will realize a gain on the transaction. Conversely, if the underlying security goes up in price during the period, the Fund will realize a loss on the transaction. Any such loss is increased by the amount of premium or interest the Fund must pay to the lender of the security. Likewise, any gain will be decreased by the amount of premium or interest the Fund must pay to the lender of the security.

***Information Technology Sector Risk:*** Market or economic factors impacting information technology companies could have a major effect on the value of the Fund's investments. The value of stocks of information technology companies is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Like other technology companies, information technology companies may have limited product lines, markets, financial resources or personnel. Stocks of technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.

------

***Value Stock Risk:*** A "value" style of investing is subject to the risk that the returns on "value" equity securities are less than returns on other styles of investing or the overall stock market. Value stocks present the risk that they may decline in price or never reach their expected full market value, either because the market fails to recognize a stock's intrinsic worth or the Adviser overestimates the stock's expected value.

**Performance**

The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund's returns from year-to-year and by showing how the Fund's average annual returns for the periods indicated compared with those of a broad-based benchmark index. The bar chart shows how the Fund's returns have varied for each full calendar year shown. Returns shown for periods prior to May 24, 2021 reflect the past performance of the General Electric RSP U.S. Equity Fund, the performance predecessor of the Fund. The General Electric RSP U.S. Equity Fund was managed by using investment policies, objectives, guidelines and restrictions that were substantially similar to those of the Fund. GE Asset Management Incorporated ("GEAM") served as the Fund's investment adviser until 2016, when State Street Corporation ("State Street"), the ultimate parent company of the Adviser, acquired substantially all of the assets of GEAM. The Fund's past performance does not necessarily indicate how the Fund will perform in the future. Current performance information for the Fund is available toll free by calling (800) 242-0134 or by visiting our website at www.ssga.com.

**Annual Total Returns** (years ended 12/31)

![](g436157g2img613d14fd2.jpg)

Highest Quarterly Return: 21.61% (Q2, 2020)

Lowest Quarterly Return: -17.71% (Q1, 2020)

**Average Annual Total Returns** (for periods ended 12/31/22)

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns depend on an investor's tax situation and may differ from those shown below, and after-tax returns are not relevant to investors who hold their shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>| **Inception**<br> **Date**<br>|
| State Street U.S. Core Equity Fund |  |  |  | 01/01/1980 |
| Return Before Taxes | -18.24% | 10.40% | 12.55% |  |
| Return After Taxes on Distributions | -20.00% | 8.13% | 9.72% |  |
| Return After Taxes on Distributions and Sale of Fund Shares | -9.57% | 8.10% | 9.51% |  |
| S&P 500 Index (reflects no deduction for fees, expenses or taxes) | -18.11% | 9.42% | 12.56% |  |

---

**Investment Adviser** 

SSGA FM serves as the investment adviser to the Fund.

------

The professionals primarily responsible for the day-to-day management of the Fund are Michael Solecki, Paul Nestro and Chris Sierakowski. Mr. Solecki has served as a portfolio manager of the Fund since 2019, Mr. Nestro has served as a portfolio manager of the Fund since 2018 and Mr. Sierakowski has served as a portfolio manager of the Fund since 2017.

Michael Solecki, CFA, is a Senior Managing Director of the Adviser, Portfolio Manager and the Chief Investment Officer for Fundamental Growth and Core Equity. He joined the Adviser in 2016 through the acquisition of GEAM by the ultimate parent company of State Street Global Advisors.

Paul Nestro, CFA, is a Managing Director of the Adviser and the Director of Fundamental Growth and Core Equity Research. He joined the Adviser in 2016 through the acquisition of GEAM by the ultimate parent company of State Street Global Advisors.

Chris Sierakowski, CFA, is a Managing Director of the Adviser and a Portfolio Manager in the Fundamental Growth and Core U.S. Equity Group. He joined the Adviser in 2016 through the acquisition of GEAM by the ultimate parent company of State Street Global Advisors.

**Purchase and Sale of Fund Shares**

**Purchase minimums**

There are no minimum purchase amounts for initial or additional investments. Investment in Fund Shares is limit to Eligible Investors, as described in the "Investing in Fund Shares" section of the Fund's Prospectus.

You may purchase or redeem Fund Shares on any day the Fund is open for business.

*Written Requests and Wire Transfers*. You may redeem Fund Shares by written request or wire transfer.

Written requests should be sent to:

<u>By Mail:</u> 

State Street Global Advisors

c/o U.S. Bank Global Fund Services

P.O. Box 701

Milwaukee, WI 53201-0701

<u>By Overnight:</u> 

State Street Global Advisors

c/o U.S. Bank Global Fund Services

615 East Michigan Street

Milwaukee, WI 53202-5207

• Calling us at (800) 242-0134; or

• By accessing the Fund's website at www.ssga.com.

**Tax Information**

The Fund's distributions are expected to be taxed as ordinary income, qualified dividend income and/or capital gains, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or IRA. Any withdrawals made from a tax-advantaged arrangement may be taxable to you.

------

**Additional Information About Investment Objectives, Principal Strategies and Risks**

**Investment Objectives**

The State Street Institutional Investment Trust's (the "Trust") Board of Trustees (the "Board") may change each Fund's investment strategies and other policies without shareholder approval, except as otherwise indicated. The Board may change each Fund's investment objective without shareholder approval.

**Principal Investment Strategies**

***State Street Income Fund***

Under normal circumstances, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets in debt securities.

The Fund invests significantly in a variety of investment-grade debt securities, such as agency mortgage-backed securities, asset-backed securities, corporate bonds, municipal obligations, government securities and money market instruments. Investment-grade securities include securities rated Baa3 or higher by Moody's or BBB- or higher by S&P (and securities of comparable quality as determined by the Adviser). The Fund normally has a weighted average effective maturity of approximately five to ten years, but is subject to no limitation with respect to the maturities of the instruments in which it may invest.

U.S. Government securities are securities that are issued or guaranteed as to principal or interest by the U.S. Government or one of its agencies or instrumentalities. Some U.S. Government securities are backed by the full faith and credit of the U.S. Government, such as U.S. Treasury bills and notes and obligations of Government National Mortgage Association ("Ginnie Mae"). Other U.S. Government securities are neither issued by nor guaranteed by the full faith and credit of the U.S. Government, including those issued by Federal National Mortgage Association ("Fannie Mae") and Federal Home Loan Mortgage Corporation ("Freddie Mac"). Fannie Mae and Freddie Mac have been operating under a conservatorship since 2008, with the Federal Housing Finance Agency acting as their conservator, and receive certain financing support from and have access to certain borrowing arrangements with the U.S. Treasury.

The portfolio managers seek to identify debt securities that they believe have desirable characteristics for the Fund such as:

&nbsp;&nbsp;&nbsp;&nbsp;• attractive yields and prices;

&nbsp;&nbsp;&nbsp;&nbsp;• the potential for capital appreciation; and/or

&nbsp;&nbsp;&nbsp;&nbsp;• reasonable credit quality.

The portfolio managers may consider selling a security when one of these characteristics no longer applies, when the portfolio managers believe that the valuation has become excessive, or when more attractive alternatives are identified.

The Fund also may invest up to 20% of its net assets in high yield securities (also known as below investment grade bonds or "junk bonds"). The Fund may also invest up to 20% of its net assets in exchange-traded products ("ETPs"), including exchange-traded funds, that provide exposure to such investments, including ETPs that pay fees to the Adviser and its affiliates for management, marketing or other services; mutual funds; and other commingled investments. High yield securities are those rated BB+ or lower by S&P or Ba1 or lower by Moody's (and securities of comparable quality as determined by the Adviser). The Fund also may invest up to 35% of its net assets in foreign (including emerging markets) debt securities, and up to 20% of its net assets in equity securities.

The portfolio managers may also use various types of derivative instruments (such as futures contracts, interest rate and credit default swaps, options and forward contracts) to manage yield, duration (a measure of a bond price's sensitivity to a given change in interest rates) and exposure to credit quality, and to gain or hedge exposure to certain securities, indices or market segments.

The Fund may engage in active and frequent trading of its portfolio securities.

------

***State Street U.S. Core Equity Fund***

Under normal circumstances, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of U.S. companies, such as common and preferred stocks. The Fund considers a company to be a U.S. company if it generates at least 50% of its revenues or profits from business activities in the U.S., has at least 50% of its assets situated in the U.S., or has the principal trading market for its securities in the U.S. At times, the Fund's investments may be focused in one or more market sectors, such as technology. The Fund will provide shareholders with at least sixty (60) days' notice prior to any change in its 80% investment policy.

Through fundamental company research involving analyzing financial statements and other information about a company, the portfolio managers primarily seek to identify securities of large and medium sized companies (meaning companies with market capitalizations of $2 billion or more) that they believe have desirable characteristics for the Fund such as:

&nbsp;&nbsp;&nbsp;&nbsp;• low valuations in relation to their peers, the market, their historical valuations or their growth rate potential;

&nbsp;&nbsp;&nbsp;&nbsp;• appropriate capital structures (i.e., in the opinion of the Adviser, appropriate levels of debt and financial leverage under the circumstances); and/or

&nbsp;&nbsp;&nbsp;&nbsp;• high quality management focused on generating shareholder value.

The portfolio managers may consider selling a security when one of these characteristics no longer applies, when the portfolio managers believe that the valuation has become excessive, or when more attractive alternatives are identified.

The Fund also may invest up to 15% of its net assets (plus any borrowings for investment purposes) in foreign securities and up to 20% of its net assets (plus any borrowings for investment purposes) in debt securities. The portfolio managers may also use various types of derivative instruments (such as futures, options and forward contracts) to gain or hedge exposure to certain types of securities as an alternative to investing directly in or selling such securities. The Fund may short sell securities. The Fund may also invest in real estate investment trusts ("REITs"), and other registered investment companies, including exchange-traded funds ("ETFs").

**Additional Information About Risks**

The Funds are subject to the following risks. The risks are described in alphabetical order and not in the order of importance or potential exposure. Each principal risk without a parenthetical indicating a single Fund's name is applicable to both Funds.

*Below Investment-Grade Securities Risk (principal risk for State Street Income Fund)*. Securities rated below investment-grade and unrated securities of comparable credit quality (commonly known as "high-yield" or "junk" bonds) lack strong investment-grade characteristics, are considered predominantly speculative with respect to the issuer's continuing ability to make principal and interest payments, and are subject to greater levels of credit, liquidity and market risk than higher-rated securities. They can involve a substantially greater risk of default than higher-rated securities, and their values can decline significantly over short periods of time. Issuers of lower-quality debt securities may have substantially greater risk of insolvency or bankruptcy than issuers of higher-quality debt securities. In the event the issuer of a debt security held by a Fund defaults on its payments or becomes insolvent or bankrupt, the Fund may not receive the return it was promised on the investment and could lose its entire investment. The lower ratings of junk bonds reflect a greater possibility that actual or perceived adverse changes in the financial condition of the issuer or in general economic conditions, or an unanticipated rise in interest rates, may impair the ability of the issuer to make payments of interest and principal. If this were to occur, the values of such securities held by a Fund may fall substantially and the Fund could lose some or all of the value of its investment. Lower-quality debt securities tend to be more sensitive to adverse news about the issuer, or the market or economy in general, than higher quality debt securities. The market for lower quality debt securities can be less liquid than for higher quality debt securities, especially during periods of recession or general market decline, which could make it difficult at times for a Fund to sell certain securities at prices used in calculating the Fund's net asset value. These securities may have significant volatility.

*Call/Prepayment Risk*. Call/prepayment risk is the risk that an issuer will exercise its right to pay principal on an obligation held by a Fund earlier than expected or required. This may occur, for example, when there is a decline in interest rates, and an issuer of bonds or preferred stock redeems the bonds or stock in order to replace them with obligations on

------

which it is required to pay a lower interest or dividend rate. It may also occur when there is an unanticipated increase in the rate at which mortgages or other receivables underlying mortgage- or asset-backed securities held by a Fund are prepaid. In any such case, a Fund may be forced to invest the prepaid amounts in lower-yielding investments, resulting in a decline in the Fund's income.

*Company Risk*. Changes in the financial condition of a company or other issuer, changes in specific market, economic, political, regulatory, geopolitical, and other conditions that affect a particular type of investment or issuer, and changes in general market, economic, political, regulatory, geopolitical and other conditions can adversely affect the price of an investment. The price of securities of smaller, less well-known issuers can be more volatile than the price of securities of larger issuers or the market in general.

*Counterparty Risk*. A Fund will be subject to credit risk with respect to the counterparties with which the Fund enters into derivatives contracts and other transactions such as repurchase agreements or reverse repurchase agreements. A Fund's ability to profit from these types of investments and transactions will depend on the willingness and ability of its counterparty to perform its obligations. If a counterparty fails to meet its contractual obligations, a Fund may be unable to terminate or realize any gain on the investment or transaction, resulting in a loss to the Fund. A Fund may experience significant delays in obtaining any recovery in an insolvency, bankruptcy, or other reorganization proceeding involving its counterparty (including recovery of any collateral posted by it) and may obtain only a limited recovery or may obtain no recovery in such circumstances. If a Fund holds collateral posted by its counterparty, it may be delayed or prevented from realizing on the collateral in the event of a bankruptcy or insolvency proceeding relating to the counterparty. Under applicable law or contractual provisions, including if a Fund enters into an investment or transaction with a financial institution and such financial institution (or an affiliate of the financial institution) experiences financial difficulties, then the Fund may in certain situations be prevented or delayed from exercising its rights to terminate the investment or transaction, or to realize on any collateral and may result in the suspension of payment and delivery obligations of the parties under such investment or transactions or in another institution being substituted for that financial institution without the consent of the Fund. Further, a Fund may be subject to "bail-in" risk under applicable law whereby, if required by the financial institution's authority, the financial institution's liabilities could be written down, eliminated or converted into equity or an alternative instrument of ownership. A bail-in of a financial institution may result in a reduction in value of some or all of its securities and, if a Fund holds such securities or has entered into a transaction with such a financial security when a bail-in occurs, such Fund may also be similarly impacted.

*Credit Risk*. Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security held by a Fund may be unable or unwilling, or may be perceived (whether by market participants, ratings agencies, pricing services or otherwise) as unable or unwilling, to make timely principal and/or interest payments, or to otherwise honor its obligations. It includes the risk that the security will be downgraded by a credit rating agency; generally, lower credit quality issuers present higher credit risks. An actual or perceived decline in creditworthiness of an issuer of a fixed-income security held by a Fund may result in a decrease in the value of the security. It is possible that the ability of an issuer to meet its obligations will decline substantially during the period when a Fund owns securities of the issuer or that the issuer will default on its obligations or that the obligations of the issuer will be limited or restructured.

The credit rating assigned to any particular investment does not necessarily reflect the issuer's current financial condition and does not reflect an assessment of an investment's volatility or liquidity. Securities rated in the lowest category of investment-grade are considered to have speculative characteristics. If a security held by a Fund loses its rating or its rating is downgraded, the Fund may nonetheless continue to hold the security in the discretion of the Adviser. In the case of asset-backed or mortgage-related securities, changes in the actual or perceived ability of the obligors on the underlying assets or mortgages to make payments of interest and/or principal may affect the values of those securities.

*Currency Risk.* Investments in issuers in different countries are often denominated in currencies other than the U.S. dollar. Changes in the values of those currencies relative to the U.S. dollar may have a positive or negative effect on the values of a Fund's investments denominated in those currencies. The values of other currencies relative to the U.S. dollar may fluctuate in response to, among other factors, interest rate changes, intervention (or failure to intervene) by national governments, central banks, or supranational entities such as the International Monetary Fund, the imposition of currency controls, and other political or regulatory developments. Currency values can decrease significantly both in the short term and over the long term in response to these and other developments. Continuing uncertainty as to the status

------

of the Euro and the Economic and Monetary Union of the European Union (the "EMU") has created significant volatility in currency and financial markets generally. Any partial or complete dissolution of the EMU, or any continued uncertainty as to its status, could have significant adverse effects on currency and financial markets, and on the values of a Fund's portfolio investments.

*Debt Securities Risk*. The values of debt securities may increase or decrease as a result of the following: market fluctuations, changes in interest rates, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments or illiquidity in debt securities markets. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. A rising interest rate environment may cause the value of a Fund's fixed income securities to decrease, an adverse impact on the liquidity of a Fund's fixed income securities, and increased volatility of the fixed income markets. During periods when interest rates are at low levels, a Fund's yield can be low, and a Fund may have a negative yield (i.e., it may lose money on an operating basis). To the extent that interest rates fall, certain underlying obligations may be paid off substantially faster than originally anticipated. If the principal on a debt obligation is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. During periods of falling interest rates, the income received by a Fund may decline. Changes in interest rates will likely have a greater effect on the values of debt securities of longer durations. Returns on investments in debt securities could trail the returns on other investment options, including investments in equity securities. The U.S. Federal Reserve has been engaged in an aggressive campaign to raise interest rates in an effort to combat historically high levels of inflation. Interest rate increases may continue. High levels of inflation and/or a significantly changing interest rate environment can lead to heightened levels of volatility and reduced liquidity.

*Derivatives Risk.* A derivative is a financial contract the value of which depends on, or is derived from, the value of an underlying asset, interest rate, or index. Derivative transactions typically involve leverage and may have significant volatility. It is possible that a derivative transaction will result in a loss greater than the principal amount invested, that changes in the value of a derivative transaction may not correlate perfectly with the underlying asset, and that a Fund may not be able to close out a derivative transaction at a favorable time or price. Risks associated with derivative instruments include potential changes in value in response to interest rate changes or other market developments or as a result of the counterparty's credit quality; the potential for the derivative transaction not to have the effect the Adviser anticipated or a different or less favorable effect than the Adviser anticipated; the failure of the counterparty to the derivative transaction to perform its obligations under the transaction or to settle a trade; possible mispricing or improper valuation of the derivative instrument; imperfect correlation in the value of a derivative with the asset, rate, or index underlying the derivative; the risk that a Fund may be required to post collateral or margin with its counterparty, and will not be able to recover the collateral or margin in the event of the counterparty's insolvency or bankruptcy; the risk that a Fund will experience losses on its derivatives investments and on its other portfolio investments, even when the derivatives investments may be intended in part or entirely to hedge those portfolio investments; the risks specific to the asset underlying the derivative instrument; lack of liquidity for the derivative instrument, including, without limitation, absence of a secondary trading market; the potential for reduced returns to a Fund due to losses on the transaction and an increase in volatility; the potential for the derivative transaction to have the effect of accelerating the recognition of gain; and legal risks arising from the documentation relating to the derivative transaction.

*Forward Currency Contracts Risk*. In a forward currency contract, a Fund agrees to buy in the future an amount in one currency in return for another currency, at an exchange rate determined at the time the contract is entered into. If currency exchange rates move against a Fund's position during the term of the contract, the Fund will lose money on the contract. There is no limit on the extent to which exchange rates may move against a Fund's position. The markets for certain currencies may at times become illiquid, and a Fund may be unable to enter into new forward contracts or to close out existing contracts. Forward currency contracts are entered into in the over-the-counter market, and a Fund's ability to profit from a contract will depend on the willingness and ability of its counterparty to perform its obligations under the contract. Use by a Fund of foreign currency forward contracts may give rise to investment leverage.

*Futures Contract Risk*. The risk of loss relating to the use of futures contracts is potentially unlimited. The ability to establish and close out positions in futures contracts will be subject to the development and maintenance of a liquid secondary market. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract or at any particular time. In the event no such market exists, it might not be possible to effect closing transactions, and a Fund will be unable to terminate the futures contract. In using futures contracts, a Fund will be reliant on the ability of the Adviser to predict market and price movements correctly; the skills needed to use

------

such futures contracts successfully are different from those needed for traditional portfolio management. If a Fund uses futures contracts for hedging purposes, there is a risk of imperfect correlation between movements in the prices of the futures contracts and movements in the securities or index underlying the futures contracts or movements in the prices of the Fund's investments that are the subject of such hedge. The prices of futures contracts, for a number of reasons, may not correlate perfectly with movements in the securities or index underlying them. For example, participants in the futures markets are subject to margin deposit requirements. Such requirements may cause investors to take actions with respect to their futures positions that they would not otherwise take. The margin requirements in the futures markets may be less onerous than margin requirements in the securities markets in general, and as a result those markets may attract more speculators than the securities markets do. Increased participation by speculators in those markets may cause temporary price distortions. Due to the possibility of price distortion, even a correct forecast of general market trends by the Adviser still may not result in a successful futures activity over a very short time period. The risk of a position in a futures contract may be very large compared to the relatively low level of margin a Fund is required to deposit. A Fund will typically be required to post margin with its futures commission merchant in connection with its transactions in futures contracts. In many cases, a relatively small price movement in a futures contract may result in immediate and substantial loss or gain to the investor relative to the size of a required margin deposit. A Fund will incur brokerage fees in connection with its futures transactions. In the event of an insolvency of the futures commission merchant or a clearing house, a Fund may not be able to recover all (or any) of the margin it has posted with the futures commission merchant, or to realize the value of any increase in the price of its positions, or it may experience a significant delay in doing so. The Commodity Futures Trading Commission (the "CFTC") and the various exchanges have established limits referred to as "speculative position limits" on the maximum net long or net short positions that any person and certain affiliated entities may hold or control in a particular futures contract. In addition, federal position limits apply to swaps that are economically equivalent to futures contracts that are subject to CFTC-set speculative limits. All positions owned or controlled by the same person or entity, even if in different accounts, must be aggregated for purposes of complying with position limits. It is possible that the positions of different clients managed by the Adviser may be aggregated for this purpose. Therefore, the trading decisions of the Adviser may have to be modified and positions held by a Fund liquidated in order to avoid exceeding such limits. The modification of investment decisions or the elimination of open positions, if it occurs, may adversely affect the performance of a Fund. A violation of position limits could also lead to regulatory action materially adverse to a Fund's investment strategy. In addition, exchanges may establish accountability levels applicable to a futures contract instead of position limits, provided that the futures contract is not subject to federal position limits. An exchange may order a person who holds or controls a position in excess of a position accountability level not to further increase its position, to comply with any prospective limit that exceeds the size of the position owned or controlled, or to reduce any open position that exceeds the position accountability level if the exchange determines that such action is necessary to maintain an orderly market. Position accountability levels could adversely affect a Fund's ability to establish and maintain positions in commodity futures contracts to which such levels apply, if the Fund were to trade in such contracts, and a Fund's ability to achieve its investment objective.

Futures contracts traded on markets outside the U.S. are not generally subject to the same level of regulation by the CFTC or other U.S. regulatory entities as contracts traded in the U.S., including without limitation as to the execution, delivery, and clearing of transactions. U.S. regulators neither regulate the activities of a foreign exchange, nor have the power to compel enforcement of the rules of the foreign exchange or the laws of the foreign country in question. Margin and other payments made by the Fund may not be afforded the same protections as are afforded those payments in the U.S., including in connection with the insolvency of an executing or clearing broker or a clearinghouse or exchange. Certain foreign futures contracts may be less liquid and more volatile than U.S. contracts.

*Swaps Risk.* A swap is a two-party contract that generally obligates the parties to exchange payments based on a specified reference security, basket of securities, security index or index component. Swaps can involve greater risks than direct investment in securities because swaps may be leveraged and are subject to counterparty risk (*e.g.*, the risk of a counterparty's defaulting on the obligation or bankruptcy), credit risk and pricing risk (*i.e.*, swaps may be difficult to value). Swaps may also be considered illiquid. It may not be possible for a Fund to liquidate a swap position at an advantageous time or price, which may result in significant losses.

*Options Risk*. The Funds' successful use of options depends on the ability of the Adviser to forecast market movements correctly. For example, if a Fund were to write a call option on a security based on the Adviser's expectation that the price of the security would fall, but the price were to rise instead, the Fund could be required to sell the security upon exercise at a price below the current market price. Similarly, if a Fund were to write a put option based on the Adviser's expectation that the price of the underlying security would rise, but the price were to fall instead, the

------

Fund could be required to purchase the security upon exercise at a price higher than the current market price. When a Fund purchases an option, it runs the risk that it will lose its entire investment in the option in a relatively short period of time, unless the Fund exercises the option or enters into a closing sale transaction before the option's expiration. If the price of the underlying security does not rise (in the case of a call) or fall (in the case of a put) to an extent sufficient to cover the option premium and transaction costs, a Fund will lose part or all of its investment in the option. This contrasts with an investment by a Fund in the underlying security, since the Fund will not realize a loss if the security's price does not change over a relatively short time period. The effective use of options also depends on a Fund's ability to terminate option positions at times when the Adviser deems it desirable to do so. There is no assurance that a Fund will be able to effect closing transactions at any particular time or at an acceptable price. The sale of options by a Fund may create investment leverage.

*Emerging Markets Risk (principal risk for State Street Income Fund)*. Investments in emerging markets are generally subject to a greater risk of loss than investments in developed markets. This may be due to, among other things, the possibility of greater market volatility, lower trading volume and liquidity, greater risk of expropriation, nationalization, and social, political and economic instability, greater reliance on a few industries, international trade or revenue from particular commodities, less developed accounting, legal and regulatory systems, higher levels of inflation, deflation or currency devaluation, greater risk of market shut down, and more significant governmental limitations on investment policy as compared to those typically found in a developed market. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the U.S. Securities and Exchange Commission ("SEC"), the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited. In addition, issuers (including governments) in emerging market countries may have less financial stability than in other countries. The securities of emerging market companies may trade less frequently and in smaller volumes than more widely held securities. Market disruptions or substantial market corrections may limit very significantly the liquidity of securities of certain companies in a particular country or geographic region, or of all companies in the country or region. A Fund may be unable to liquidate its positions in such securities at any time, or at a favorable price, in order to meet the Fund's obligations. There is also the potential for unfavorable action such as embargo and acts of war. As a result, there will tend to be an increased risk of price volatility in investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar. Settlement and asset custody practices for transactions in emerging markets may differ from those in developed markets. Such differences may include possible delays in settlement and certain settlement practices, such as delivery of securities prior to receipt of payment, which increase the likelihood of a "failed settlement." Failed settlements can result in losses. For these and other reasons, investments in emerging markets are often considered speculative.

*Equity Investing Risk*. The market prices of equity securities owned by a Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer, such as management performance, financial leverage, non-compliance with regulatory requirements, and reduced demand for the issuer's goods or services. The values of equity securities also may decline due to general industry or market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment generally. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.

*Exchange Traded Products Risk (principal risk for State Street Income Fund)*. A Fund is subject to substantially the same risks as those associated with the direct ownership of the securities or other assets represented by the ETPs in which a Fund invests. The shares of certain ETPs may trade at a premium or discount to their net asset values. For example, supply and demand for shares of an underlying ETF or market disruptions may cause the market price of the underlying ETF to deviate from the value of the underlying ETF's investments, which may be exacerbated in less liquid markets. The value of an exchange traded note may also differ from the valuation of its reference market due to changes in the issuer's credit rating.

*Affiliated ETP Risk*. The Adviser may receive management or other fees from Affiliated ETPs, as well as a management fee for managing the Fund. It is possible that a conflict of interest among the Fund and the Affiliated ETPs could affect how the Adviser fulfills its fiduciary duties to the Fund and the Affiliated ETPs. Because the amount of the investment management fees to be retained by the Adviser may differ depending upon the Affiliated ETPs in which the Fund invests, there is a conflict of interest for the Adviser in selecting the Affiliated ETPs. In addition, the

------

Adviser may have an incentive to take into account the effect on an Affiliated ETP in which the Fund may invest in determining whether, and under what circumstances, to purchase or sell shares in that Affiliated ETP. Although the Adviser takes steps to address the conflicts of interest, it is possible that the conflicts could impact the Fund.

*Extension Risk.* During periods of rising interest rates, the average life of certain types of securities may be extended because of slower-than-expected principal payments. This may increase the period of time during which an investment earns a below-market interest rate, increase the security's duration and reduce the value of the security. Extension risk may be heightened during periods of adverse economic conditions generally, as payment rates decline due to higher unemployment levels and other factors.

*Growth Stock Risk (principal risk for State Street U.S. Core Equity Fund).* The prices of growth stocks may be based largely on expectations of future earnings, and their prices can decline rapidly and significantly in reaction to negative news about such factors as earnings, revenues, the economy, political developments, or other news. Growth stocks may underperform value stocks and stocks in other broad style categories (and the stock market as a whole) over any period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors. As a result, at times when it holds substantial investments in growth stocks, a Fund may underperform other investment funds that invest more broadly or that favor different investment styles. Because growth companies typically reinvest their earnings, growth stocks typically do not pay dividends at levels associated with other types of stocks, if at all.

*Interest Rate Risk (principal risk for State Street Income Fund)*. Interest rate risk is the risk that the securities held by a Fund will decline in value because of increases in market interest rates. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. Debt securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than debt securities with shorter durations. For example, the value of a security with a duration of five years would be expected to decrease by 5% for every 1% increase in interest rates. Falling interest rates also create the potential for a decline in a Fund's income and yield. Interest-only and principal-only securities are especially sensitive to interest rate changes, which can affect not only their prices but can also change the income flows and repayment assumptions about those investments. Variable and floating rate securities also generally increase or decrease in value in response to changes in interest rates, although generally to a lesser degree than fixed-rate securities. A substantial increase in interest rates may also have an adverse impact on the liquidity of a security, especially those with longer durations. Changes in governmental policy, including changes in central bank monetary policy, could cause interest rates to rise rapidly, or cause investors to expect a rapid rise in interest rates. This could lead to heightened levels of interest rate, volatility and liquidity risks for the fixed income markets generally and could have a substantial and immediate effect on the values of a Fund's investments. The U.S. Federal Reserve has been in engaged in an aggressive campaign to raise interest rates in an effort to combat historically high levels of inflation. Interest rate increases may continue. High levels of inflation and/or a significantly changing interest rate environment can lead to heightened levels of volatility and reduced liquidity.

*Large-Capitalization Securities Risk (principal risk for State Street U.S. Core Equity Fund).* Securities issued by large-capitalization companies may present risks not present in smaller companies. For example, larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or other market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies, especially during strong economic periods. Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies.

*Large Shareholder Risk*. To the extent a large proportion of the shares of a Fund are highly concentrated or held by a small number of shareholders (or a single shareholder), including funds or accounts over which the Adviser has investment discretion, a Fund is subject to the risk that these shareholders will purchase or redeem Fund shares in large amounts rapidly or unexpectedly, including as a result of an asset allocation decision made by the Adviser. These transactions could adversely affect the ability of a Fund to conduct its investment program. For example, they could require a Fund to sell portfolio securities or purchase portfolio securities unexpectedly and incur substantial transaction costs and/or accelerate the realization of taxable income and/or gains to shareholders, or a Fund may be required to sell its more liquid portfolio investments to meet a large redemption, in which case a Fund's remaining assets may be less liquid, more volatile, and more difficult to price. A Fund may hold a relatively large proportion of its assets in cash in anticipation of large redemptions, diluting its investment returns.

------

*LIBOR Risk*. A Fund's payment obligations, financing terms and investments in certain instruments (including debt securities and derivatives) may rely in some fashion upon the London-Interbank Offered Rate ("LIBOR"). LIBOR is an average interest rate, determined by the ICE Benchmark Administration (the administrator of LIBOR) ("IBA"), that banks offer to charge one another for the use of short-term money. In 2017, the U.K. Financial Conduct Authority announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. IBA ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. Various financial industry groups have been planning for the transition away from LIBOR and markets are developing in response to these new rates, but questions around the liquidity of the new rates and how to appropriately adjust these rates to eliminate any economic value transfer at the time of transition remain a significant concern. The transition away from and elimination of LIBOR may involve, among other things, increased volatility or illiquidity in markets for instruments that rely on LIBOR, particularly insofar as the documentation governing such instruments does not include "fall back" provisions addressing the transition from LIBOR. Uncertainty and volatility arising from the transition may result in a reduction in the value of certain LIBOR-based instruments held by a Fund or reduce the effectiveness of related transactions such as hedges. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to a Fund.

*Liquidity Risk (principal risk for State Street Income Fund)*. Liquidity risk is the risk that a Fund may not be able to dispose of investments or close out derivatives transactions readily at a favorable time or prices (or at all) or at prices approximating those at which a Fund currently values them. For example, certain investments may be subject to restrictions on resale, may trade in the over-the-counter market or in limited volume, or may not have an active trading market. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. It may be difficult for a Fund to value illiquid investments accurately. The market for certain investments may become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer. If the liquidity of a Fund's holdings deteriorates, it may lead to differences between the market price of Fund Shares and the net asset value of Fund Shares, and could result in the Fund Shares being less liquid. Disposal of illiquid investments may entail registration expenses and other transaction costs that are higher than those for liquid investments. A Fund may seek to borrow money to meet its obligations (including among other things redemption obligations) if it is unable to dispose of illiquid investments, resulting in borrowing expenses and possible leveraging of the Fund. In some cases, due to unanticipated levels of illiquidity the Fund may choose to meet its redemption obligations wholly or in part by distributions of assets in-kind.

The term "illiquid investments" for this purpose means securities that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the securities. If any Fund determines at any time that it owns illiquid investments in excess of 15% of its net assets, it will cease to undertake new commitments to acquire illiquid investments until its holdings are no longer in excess of 15% of its net asset value ("NAV"), report the occurrence in compliance with Rule 30b1-10 under the Investment Company Act of 1940, as amended (the "1940 Act") and, depending on circumstances, may take additional steps to reduce its holdings of illiquid investments.

The SEC has recently proposed rule amendments that, if adopted as proposed, could result in a larger percentage of the Fund's investments being classified as illiquid investments.

*Management Risk*. Each Fund is actively managed. The Adviser's judgments about the attractiveness, relative value, or potential appreciation of a particular sector, security, commodity or investment strategy may prove to be incorrect, and may cause a Fund to incur losses. There can be no assurance that the Adviser's investment techniques and decisions will produce the desired results.

*Market Risk*. Market prices of investments held by a Fund will go up or down, sometimes rapidly or unpredictably. A 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 actual or perceived creditworthiness of issuers and general market liquidity. Even if general economic conditions do not change, the value of an investment in a Fund could decline if the particular industries, sectors or companies in which the Fund invests do not perform well or are adversely affected by events. Further, legal, political, regulatory

------

and tax changes also may cause fluctuations in markets and securities prices. Local, regional or global events such as war, military conflicts, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on a Fund and its investments.

An outbreak of a respiratory disease caused by a novel coronavirus (known as COVID-19) first detected in China in December 2019 has resulted in a global pandemic and major disruptions to economies and markets around the world, including the United States. Although vaccines have been developed and approved for use by various governments, the duration of the pandemic and its effects cannot be predicted with certainty. COVID-19 has contributed to, and may continue to contribute to, market volatility, inflation, reduced liquidity of certain instruments, and systemic economic weakness, and trading in many instruments was and may continue to be disrupted as a result. In addition, the transmission of COVID-19 and efforts to contain its spread have resulted in international border closings, enhanced health screenings, strained healthcare systems and increased healthcare expenses, quarantines and other restrictions on business and personal activities, cancellations, disruptions to supply chains and consumer activity, as well as general public concern and uncertainty. Governments and central banks, including the Federal Reserve in the United States, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, will not be known for some time. The foregoing could impact a Fund and its investments and result in disruptions to the services provided to a Fund by its service providers.

*Market Disruption and Geopolitical Risk.* A Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. War, terrorism, and related geopolitical events have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets generally. Likewise, natural and environmental disasters, pandemics and epidemics, and systemic market dislocations may be highly disruptive to economies and markets. Those events, as well as other changes in foreign and domestic economic and political conditions, also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of a Fund's investments. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely affect markets, issuers, and/or foreign exchange rates in other countries, including the U.S. Any partial or complete dissolution of the EMU, or any increased uncertainty as to its status, could have significant adverse effects on currency and financial markets, and on the values of a Fund's investments. At a referendum in June 2016, the United Kingdom (the "U.K.") voted to leave the European Union ("EU") thereby initiating the British exit from the EU (commonly known as "Brexit"). In March 2017, the U.K. formally notified the European Council of the U.K.'s intention to withdraw from the EU pursuant to Article 50 of the Treaty on European Union. This formal notification began a multi-year period of negotiations regarding the terms of the U.K.'s exit from the EU, which formally occurred on January 31, 2020. The U.K. entered into a transition period where it remained subject to EU rules but had no role in the EU law-making process. During this transition period, U.K. and EU representatives negotiated the terms of their future relationship. The transition period concluded on December 31, 2020 and the U.K. left the EU single market and customs union under the terms of a new trade agreement. The agreement governs the new relationship between the U.K. and EU with respect to trading goods and services but critical aspects of the relationship remain unresolved and subject to further negotiation and agreement. There is still considerable uncertainty relating to the potential consequences associated with the exit including whether the U.K.'s exit will increase the likelihood of other countries also departing the EU. Brexit may have a significant impact on the U.K., Europe, and global economies, which may result in increased volatility and illiquidity, new legal and regulatory uncertainties and potentially lower economic growth for these economies that could potentially have an adverse effect on the value of the Funds' investments. Securities and financial markets may be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the values of investments traded in these markets, including investments held by a Fund. To the extent a Fund has focused its investments in the market or index of a particular region, adverse geopolitical and other events could have a disproportionate impact on the Fund.

*Mid-Capitalization Securities Risk (principal risk for State Street U.S. Core Equity Fund)*. The securities of mid-capitalization companies may be more volatile and may involve more risk than the securities of larger companies. These companies may have limited product lines, markets or financial resources, may lack the competitive strength of larger companies, and may depend on a few key employees. In addition, these companies may have been recently organized and may have little or no track record of success. The securities of mid-sized companies may trade less frequently and in smaller volumes than more widely held securities. The prices of these securities may fluctuate more sharply than those of other securities, and a Fund may experience some difficulty in establishing or closing out positions in these securities at prevailing market prices. There may be less publicly available information about the issuers of these securities or less

------

market interest in these securities than in the case of larger companies, both of which can cause significant price volatility. Some securities of mid-sized issuers may be illiquid or may be restricted as to resale. Returns on investments in securities of mid-capitalization companies could trail the returns on investments in securities of larger or smaller companies.

*Mortgage-Related and Other Asset-Backed Securities Risk (principal risk for the State Street Income Fund)*. Investments in mortgage-related and other asset-backed securities are subject to the risk of significant credit downgrades, illiquidity, and defaults to a greater extent than many other types of fixed income investments. The liquidity of mortgage-related and asset-backed securities may change over time. Mortgage-related securities represent a participation in, or are secured by, mortgage loans. Other asset-backed securities are typically structured like mortgage-related securities, but instead of mortgage loans or interests in mortgage loans, the underlying assets may include, for example, items such as motor vehicle installment sales or installment loan contracts, leases on various types of real and personal property, and receivables from credit card agreements. During periods of falling interest rates, mortgage-related and other asset-backed securities, which typically provide the issuer with the right to prepay the security prior to maturity, may be prepaid, which may result in a Fund having to reinvest the proceeds in other investments at lower interest rates. During periods of rising interest rates, the average life of mortgage-related and other asset-backed securities may extend because of slower-than expected principal payments. This may lock in a below market interest rate, increase the security's duration and interest rate sensitivity, and reduce the value of the security. As a result, mortgage-related and other asset-backed securities may have less potential for capital appreciation during periods of declining interest rates than other debt securities of comparable maturities, although they may have a similar risk of decline in market values during periods of rising interest rates. Prepayment rates are difficult to predict and the potential impact of prepayments on the value of a mortgage-related or other asset-backed security depends on the terms of the instrument and can result in significant volatility. The price of a mortgage-related or other asset-backed security also depends on the credit quality and adequacy of the underlying assets or collateral. Mortgage-related or other asset-backed securities issued by non-governmental issuers (such as commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary market issuers) will generally entail greater credit risk than obligations guaranteed by the U.S. Government. Defaults on the underlying assets, if any, may impair the value of a mortgage-related or other asset-backed security. For some asset-backed securities in which a Fund invests, such as those backed by credit card receivables, the underlying cash flows may not be supported by a security interest in a related asset. Moreover, the values of mortgage-related and other asset-backed securities may be substantially dependent on the servicing of the underlying asset pools, and are therefore subject to risks associated with the negligence or malfeasance by their servicers and to the credit risk of their servicers. In certain situations, the mishandling of related documentation may also affect the rights of securities holders in and to the underlying collateral. There may be legal and practical limitations on the enforceability of any security interest granted with respect to underlying assets, or the value of the underlying assets, if any, may be insufficient if the issuer defaults.

*Municipal Obligations Risk (principal risk for State Street Income Fund)*. Issuers, including governmental issuers, may be unable to pay their obligations as they come due. The values of municipal obligations may be adversely affected by local political and economic conditions and developments. In addition, the values of municipal obligations that depend on a specific revenue source to fund their payment obligations may fluctuate as a result of actual or anticipated changes in the cash flows generated by the revenue source or changes in the priority of the municipal obligation to receive the cash flows generated by the revenue source. Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit a Fund's ability to sell its municipal obligations at attractive prices, particularly in stressed market conditions. The differences between the price at which an obligation can be purchased and the price at which it can be sold may widen during periods of market distress. Less liquid obligations can become more difficult to value and be subject to erratic price movements. In addition, changes in federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal obligations. Loss of tax-exempt status may result in a significant decline in the values of such municipal obligations.

*Non-U.S. Securities Risk*. Investments in securities of non-U.S. issuers (including depositary receipts) entail risks not typically associated with investing in securities of U.S. issuers. Similar risks may apply to securities traded on a U.S. securities exchange that are issued by entities with significant exposure to non-U.S. countries. In certain countries, legal remedies available to investors may be more limited than those available with regard to U.S. investments. Income and gains with respect to investments in certain countries may be subject to withholding and other taxes. There may be less information publicly available about a non-U.S. entity than about a U.S. entity, and many non-U.S. entities are not subject to accounting, auditing, and financial reporting standards, regulatory framework and practices comparable to those in

------

the United States. The securities of some non-U.S. entities are less liquid and at times more volatile than securities of comparable U.S. entities, and could become subject to sanctions or embargoes that adversely affect a Fund's investment. Non-U.S. transaction costs, such as brokerage commissions and custody costs may be higher than in the U.S. In addition, there may be a possibility of nationalization or expropriation of assets, imposition of currency exchange controls, confiscatory taxation, and diplomatic developments that could adversely affect the values of a Fund's investments in certain non-U.S. countries. Investments in securities of non-U.S. issuers also are subject to foreign political and economic risk not associated with U.S. investments, meaning that political events (civil unrest, national elections, changes in political conditions and foreign relations, imposition of exchange controls and repatriation restrictions), social and economic events (labor strikes, rising inflation) and natural disasters occurring in a country where a Fund invests could cause the Fund's investments to experience gains or losses.

*Portfolio Turnover Risk (principal risk for State Street Income Fund)*. A Fund may engage in frequent trading of its portfolio securities. Fund turnover generally involves a number of direct and indirect costs and expenses to a Fund, including, for example, brokerage commissions, dealer mark-ups and bid/asked spreads, and transaction costs on the sale of securities and reinvestment in other securities. The costs related to increased portfolio turnover have the effect of reducing a Fund's investment return, and the sale of securities by the Fund may result in the realization of taxable capital gains, including short-term capital gains, which are taxed to individuals as ordinary income.

*Real Estate Sector Risk (principal risk for State Street U.S. Core Equity Fund*). There are special risks associated with investment in securities of companies engaged in real property markets, including without limitation REITs and real estate operating companies. An investment in a real property company may be subject to risks similar to those associated with direct ownership of real estate, including, by way of example, the possibility of declines in the value of real estate, losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, environmental liability, zoning laws, regulatory limitations on rents, property taxes, and operating expenses. An investment in a real property company is subject to additional risks, such as poor performance by the manager of the real property company, adverse changes in tax laws, difficulties in valuing and disposing of real estate, and the effect of general declines in stock prices. Some real property companies have limited diversification because they invest in a limited number of properties, a narrow geographic area, or a single type of property. Also, the organizational documents of a real property company may contain provisions that make changes in control of the company difficult and time-consuming. As a shareholder in a real property company, the Fund, and indirectly the Fund's shareholders, would bear their ratable shares of the real property company's expenses and would at the same time continue to pay their own fees and expenses.

*REIT Risk (principal risk for State Street U.S. Core Equity Fund*). REITs are subject to the risks associated with investing in the securities of real property companies. In particular, REITs may be affected by changes in the values of the underlying properties that they own or operate. Further, REITs are dependent upon specialized management skills, and their investments may be concentrated in relatively few properties, or in a small geographic area or a single property type. REITs are also subject to heavy cash flow dependency and, as a result, are particularly reliant on the proper functioning of capital markets, as well as defaults by borrowers and self-liquidation. A variety of economic and other factors may adversely affect a lessee's ability to meet its obligations to a REIT. In the event of a default by a lessee, the REIT may experience delays in enforcing its rights as a lessor and may incur substantial costs associated with protecting its investments. In addition, a REIT could possibly fail to qualify for favorable tax treatment under the Internal Revenue Code of 1986, as amended (the "Code"), or to maintain its exemptions from registration under the 1940 Act, which could have adverse consequences for the Fund. Investments in REITs are also subject to the risks affecting equity markets generally.

*Repurchase Agreement Risk*. A repurchase agreement is an agreement to buy a security from a seller at one price and a simultaneous agreement to sell it back to the original seller at an agreed-upon price, typically representing the purchase price plus interest. Repurchase agreements may be viewed as loans made by a Fund which are collateralized by the securities subject to repurchase. A Fund's investment return on such transactions will depend on the counterparty's willingness and ability to perform its obligations under a repurchase agreement. If a Fund's counterparty should default on its obligations and the Fund is delayed or prevented from recovering the collateral, or if the value of the collateral is insufficient, the Fund may realize a loss.

*Restricted Securities Risk*. A Fund may hold securities that have not been registered for sale to the public under the U.S. federal securities laws pursuant to an exemption from registration. These securities may be less liquid than securities registered for sale to the general public. The liquidity of a restricted security may be affected by a number of factors,

------

including, among others: (i) the creditworthiness of the issuer; (ii) the frequency of trades and quotes for the security; (iii) the number of dealers willing to purchase or sell the security and the number of other potential purchasers; (iv) dealer undertakings to make a market in the security; (v) the nature of any legal restrictions governing trading in the security; and (vi) the nature of the security and the nature of marketplace trades. There can be no assurance that a liquid trading market will exist at any time for any particular restricted security. Also, restricted securities may be difficult to value because market quotations may not be readily available, and the securities may have significant volatility.

*Short Sales Risk (principal risk for State Street U.S. Core Equity Fund*). The Funds may engage in "short sale" transactions. A short sale involves the sale by a Fund of an instrument or security that it does not own with the hope of purchasing the same security at a later date at a lower price. Short sales are designed to profit from a decline in the price of a security or instrument. A Fund will lose value if the security or instrument that is the subject of a short sale increases in value. This is the opposite of traditional "long" investments where the value of a Fund increases as the value of a portfolio security or instrument increases. The Funds also may enter into a short derivative position through a futures contract, swap agreement, structured note, or short positions on currency forwards.

*Risk of Investment in Other Pools*. If a Fund invests in another pooled investment vehicle, it is exposed to the risk that the other pool will not perform as expected. A Fund is exposed indirectly to all of the risks applicable to an investment in such other pool. In addition, lack of liquidity in the underlying pool could result in its value being more volatile than the underlying portfolio of securities, and may limit the ability of a Fund to sell or redeem its interest in the pool at a time or at a price it might consider desirable. The investment policies and limitations of the other pool may not be the same as those of the Fund; as a result, the Fund may be subject to additional or different risks, or may achieve a reduced investment return, as a result of its investment in another pool. If a pool is an exchange-traded fund or other product traded on a securities exchange or otherwise actively traded, its shares may trade at a premium or discount to their NAV, an effect that might be more pronounced in less liquid markets. A Fund bears its proportionate share of the fees and expenses of any pool in which it invests. The Adviser or an affiliate may serve as investment adviser to a pool in which the Fund may invest, leading to potential conflicts of interest. For example, the Adviser or its affiliates may receive fees based on the amount of assets invested in the pool. Investment by a Fund in the pool may be beneficial to the Adviser or an affiliate in the management of the pool, by helping to achieve economies of scale or enhancing cash flows. Due to this and other factors, the Adviser may have an incentive to invest a Fund's assets in a pool sponsored or managed by the Adviser or its affiliates in lieu of investments by the Fund directly in portfolio securities, or may have an incentive to invest in the pool over a pool sponsored or managed by others. Similarly, the Adviser may have an incentive to delay or decide against the sale of interests held by a Fund in a pool sponsored or managed by the Adviser or its affiliates. It is possible that other clients of the Adviser or its affiliates will purchase or sell interests in a pool sponsored or managed by the Adviser or its affiliates at prices and at times more favorable than those at which a Fund does so.

*Technology Sector Risk (principal risk for State Street U.S. Core Equity Fund)*. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a major effect on the value of the Fund's investments. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Technology companies may have limited product lines, markets, financial resources or personnel. Stocks of technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.

*U.S. Government Securities Risk (principal risk for the State Street Income Fund)*. U.S. government securities, such as Treasury bills, notes and bonds and mortgage-backed securities guaranteed by the Government National Mortgage Association ("Ginnie Mae"), are supported by the full faith and credit of the United States; others are supported by the right of the issuer to borrow from the U.S. Treasury; others are supported by the discretionary authority of the U.S. government to purchase the agency's obligations; and still others are supported only by the credit of the issuing agency, instrumentality, or enterprise. Although U.S. government-sponsored enterprises such as the Federal Home Loan Mortgage Corporation ("Freddie Mac") and the Federal National Mortgage Association ("Fannie Mae") may be chartered or sponsored by Congress, they are not funded by Congressional appropriations, and their securities are not issued by the U.S. Treasury nor supported by the full faith and credit of the U.S. government. There is no assurance that the U.S. government would provide financial support to its agencies and instrumentalities if not required to do so. In addition, certain

------

governmental entities have been subject to regulatory scrutiny regarding their accounting policies and practices and other concerns that may result in legislation, changes in regulatory oversight and/or other consequences that could adversely affect the credit quality, availability, or investment character of securities issued by these entities. The value and liquidity of U.S. government securities may be affected adversely by changes in the ratings of those securities. Securities issued by the U.S. Treasury historically have been considered to present minimal credit risk. The downgrade in the long-term U.S. credit rating by at least one major rating agency has introduced greater uncertainty about the ability of the U.S. to repay its obligations. A further credit rating downgrade or a U.S. credit default could decrease the value and increase the volatility of a Fund's investments.

*Valuation Risk (principal risk for State Street Income Fund*). This may occur more often in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including "fair valued" securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. Technological issues or other service disruption issues involving third-party service providers may cause a Fund to value its investments incorrectly. In addition, there is no assurance that a Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that a Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. Investors who purchase or redeem Fund Shares on days when the Fund is holding fair-valued investments may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the Fund had not fair-valued the holding(s) or had used a different valuation methodology.

*Value Stock Risk (principal risk for State Street U.S. Core Equity Fund)*. Value stocks present the risk that they may decline in price or never reach their expected full market value, either because the market fails to recognize the stock's intrinsic worth or SSGA FM overestimates the stock's expected value. Value stocks may underperform growth stocks and stocks in other broad style categories (and the stock market as a whole) over any period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors. As a result, at times when it holds substantial investments in value stocks a Fund may underperform other investment portfolios that invest more broadly or that favor different investment styles.

**Additional Information About Non-Principal Investment Strategies and Risks**

The investments described below reflect the Funds' current practices. In addition to the principal risks described above, other risks are described in some of the descriptions of the investments below:

*Conflicts of Interest Risk.* An investment in a Fund will be subject to a number of actual or potential conflicts of interest. For example, the Adviser or its affiliates may provide services to a Fund, such as securities lending agency services, custodial, administrative, bookkeeping, and accounting services, transfer agency and shareholder servicing, securities brokerage services, and other services for which the Fund would compensate the Adviser and/or such affiliates. The Funds may invest in other pooled investment vehicles sponsored, managed, or otherwise affiliated with the Adviser. There is no assurance that the rates at which a Fund pays fees or expenses to the Adviser or its affiliates, or the terms on which it enters into transactions with the Adviser or its affiliates will be the most favorable available in the market generally or as favorable as the rates the Adviser or its affiliates make available to other clients. Because of its financial interest, the Adviser will have an incentive to enter into transactions or arrangements on behalf of a Fund with itself or its affiliates in circumstances where it might not have done so in the absence of that interest, provided that the Adviser will comply with applicable regulatory requirements.

The Adviser and its affiliates serve as investment adviser to other clients and may make investment decisions that may be different from those that will be made by the Adviser on behalf of the Funds. For example, the Adviser may provide asset allocation advice to some clients that may include a recommendation to invest in or redeem from particular issuers while not providing that same recommendation to all clients invested in the same or similar issuers. The Adviser may (subject to applicable law) be simultaneously seeking to purchase (or sell) investments for a Fund and to sell (or purchase) the same investment for accounts, funds, or structured products for which it serves as asset manager, or for other clients or affiliates. The Adviser and its affiliates may invest for clients in various securities that are senior, *pari passu* or junior to, or have interests different from or adverse to, the securities that are owned by a Fund. The Adviser or its affili

------

ates, in connection with its other business activities, may acquire material nonpublic confidential information that may restrict the Adviser from purchasing securities or selling securities for itself or its clients (including the Funds) or otherwise using such information for the benefit of its clients or itself.

The foregoing does not purport to be a comprehensive list or complete explanation of all potential conflicts of interests which may affect a Fund. A Fund may encounter circumstances, or enter into transactions, in which conflicts of interest that are not listed or discussed above may arise.

*Cybersecurity Risk*. With the increased use of technologies such as the Internet and the dependence on computer systems to perform business and operational functions, funds (such as the Funds) and their service providers (including the Adviser) may be prone to operational and information security risks resulting from cyber-attacks and/or technological malfunctions. In addition, the global spread of COVID-19 has caused the Fund and its service providers to implement business continuity plans, including widespread use of work-from-home arrangements. In general, cyber-attacks are deliberate, but unintentional events may have similar effects. Cyber-attacks include, among others, stealing or corrupting data maintained online or digitally, preventing legitimate users from accessing information or services on a website, releasing confidential information without authorization, and causing operational disruption. Successful cyber-attacks against, or security breakdowns of, a Fund,the Portfolio, the Adviser or a custodian, transfer agent, or other affiliated or third-party service provider may adversely affect a Fund or its shareholders. For instance, cyber-attacks or technical malfunctions may interfere with the processing of shareholder or other transactions, affect a Fund's ability to calculate its NAV, cause the release of private shareholder information or confidential Fund information, impede trading, cause reputational damage, and subject a Fund to regulatory fines, penalties or financial losses, reimbursement or other compensation costs, and additional compliance costs. Cyber-attacks or technical malfunctions may render records of Fund assets and transactions, shareholder ownership of Fund Shares, and other data integral to the functioning of a Fund inaccessible or inaccurate or incomplete. A Fund may also incur substantial costs for cybersecurity risk management in order to prevent cyber incidents in the future. A Fund and its shareholders could be negatively impacted as a result. While the Adviser has established business continuity plans and systems designed to minimize the risk of cyber-attacks through the use of technology, processes and controls, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified, given the evolving nature of this threat. Each Fund relies on third-party service providers for many of its day-to-day operations, and will be subject to the risk that the protections and protocols implemented by those service providers will be ineffective to protect the Fund from cyber-attack. The Adviser does not control the cybersecurity plans and systems put in place by third-party service providers, and such third-party service providers may have limited indemnification obligations to the Adviser or the Funds. Similar types of cybersecurity risks or technical malfunctions also are present for issuers of securities in which each Fund invests, which could result in material adverse consequences for such issuers, and may cause a Fund's investment in such securities to lose value.

*Money Market Risk*. An investment in a money market fund is not a deposit of any bank and is not insured or guaranteed by the FDIC or any other government agency. Certain money market funds seek to preserve the value of their shares at $1.00 per share, although there can be no assurance that they will do so, and it is possible to lose money by investing in such a money market fund. A major or unexpected change in interest rates or a decline in the credit quality of an issuer or entity providing credit support, an inactive trading market for money market instruments, or adverse market, economic, industry, political, regulatory, geopolitical, and other conditions could cause the share price of such a money market fund to fall below $1.00. The SEC has proposed amendments to money market fund regulation that if adopted as proposed would, among other things, increase the daily and weekly liquid asset requirements, remove liquidity fees and redemption gate provisions and require institutional prime money market funds to use swing pricing. Such amendments may, if adopted, limit the Funds' investment flexibility and reduce its ability to generate returns. It is possible that such a money market fund will issue and redeem shares at $1.00 per share at times when the fair value of the money market fund's portfolio per share is more or less than $1.00. None of State Street Corporation, State Street Bank and Trust Company ("State Street"), State Street Global Advisors, SSGA Funds Management, Inc. or their affiliates ("State Street Entities") guarantee the value of an investment in a money market fund at $1.00 per share. Investors should have no expectation of capital support to a money market fund from State Street Entities. Other money market funds price and transact at a "floating" NAV that will fluctuate along with changes in the market-based value of fund assets. Shares sold utilizing a floating NAV may be worth more or less than their original purchase price. Recent changes in the regulation of money market funds may affect the operations and structures of money market funds. A money market fund may be permitted or required to impose redemption fees or to impose limitations on redemptions during periods of high illiquidity in the markets for the investments held by it.

------

*Temporary Defensive Positions*. In response to actual or perceived adverse market, economic, political, or other conditions, a Fund may (but will not necessarily), without notice, depart from its principal investment strategies by temporarily investing for defensive purposes. While investing defensively, a Fund may maintain a substantial portion of its assets in cash, on which a Fund may earn little, if any, income. If a Fund invests for defensive purposes, it may not achieve its investment objective. In addition, the defensive strategy may not work as intended.

**Portfolio Holdings Disclosure**

The Funds' portfolio holdings disclosure policy is described in the Statement of Additional Information ("SAI").

------

**Management and Organization**

Each Fund is a separate, diversified series of the State Street Institutional Investment Trust (the "Trust"), which is an open-end management investment company organized as a business trust under the laws of the Commonwealth of Massachusetts.

**Investment Adviser**

SSGA FM serves as the investment adviser to each Fund and, subject to the oversight of the Board, is responsible for the investment management of each Fund. The Adviser provides an investment management program for each Fund and manages the investment of each Fund's assets. The Adviser is a wholly-owned subsidiary of State Street Global Advisors, Inc., which itself is a wholly-owned subsidiary of State Street Corporation. The Adviser is registered with the SEC under the Investment Advisers Act of 1940, as amended. The Adviser and certain other affiliates of State Street Corporation make up State Street Global Advisors ("SSGA"). SSGA is one of the world's largest institutional money managers and the investment management arm of State Street Corporation. As of September 30, 2022, the Adviser managed approximately $768.42 billion in assets and SSGA managed approximately $3.26 trillion in assets. The Adviser's principal business address is One Iron Street, Boston, Massachusetts 02210. GE Asset Management Incorporated ("GEAM") served as each Fund's investment adviser until 2016, when State Street Corporation, the ultimate parent company of the Adviser, acquired substantially all of the assets of GEAM.

Each Fund has entered into an investment advisory agreement with the Adviser, pursuant to which the Adviser will manage the Fund's assets, for compensation paid at an annual rate of 0.13% of the State Street Income Fund's average daily net assets and 0.12% of the State Street U.S. Core Equity Fund's average daily net assets. For the year ended September 30, 2022, State Street Income Fund's effective management fee paid was 0.13% and State Street U.S. Core Equity Fund's effective management fee paid was 0.12%, each as a percentage of the Fund's average daily net assets.

A discussion regarding the Board's consideration of the Funds' Investment Advisory Agreement is provided in the Funds' Annual Report to Shareholders for the period ended September 30, 2022.

The Adviser manages the Funds' using a team of investment professionals. The team approach is used to create an environment that encourages the flow of investment ideas. The portfolio managers within the team work together in a cohesive manner to develop and enhance techniques that drive the investment process for the respective investment strategy. This approach requires portfolio managers to share a variety of responsibilities, including investment strategy and analysis, while retaining responsibility for the implementation of the strategy within any particular portfolio. The approach also enables the team to draw upon the resources of other groups within SSGA. The portfolio management team is overseen by the SSGA Investment Committee.

The professionals primarily responsible for the day-to-day management of each Fund include the following:

---

| | |
|:---|:---|
| **Portfolio Manager(s)** | **Fund** |
| Matthew Nest and James Palmieri | State Street Income Fund |
| Michael Solecki, Paul Nestro and Chris Sierakowski | State Street U.S. Core Equity Fund |

---

Matthew Nest, CFA, is a Managing Director of SSGA and the Adviser and the Global Head of Active Fixed Income. In this capacity, he is responsible for global active rates, investment grade credit, multi-sector portfolio solutions, insurance, currency, municipal, and structured credit strategies. Prior to joining SSGA in 2016, Mr. Nest spent sixteen years at PIMCO in a number of functions including portfolio management, strategy and business development. He has worked in the U.S., Sydney, Singapore and Hong Kong. He started his career at Bank of America and has been working in the investment industry since 1999. Mr. Nest has a Bachelor of Science in Economics from Arizona State University and a Master of Business Administration from the University of Chicago's Booth School of Business. He earned the Chartered Financial Analyst (CFA) designation and is a member of the CFA Institute.

Paul Nestro, CFA, is a Managing Director of SSGA and the Adviser and the Director of Fundamental Growth and Core Equity Research. Previously, he was the Co-Portfolio Manager for European Equity, Emerging Markets Equity, International Equity, and International Small Cap Equity strategies. He also served as the team's analyst covering the metals and mining sector and as an analyst for a Global Equity mutual fund. Mr. Nestro joined SSGA in July 2016 through the

------

acquisition of GEAM by the ultimate parent company of SSGA. After completing GE's Financial Management Program, he joined the Financial Planning & Analysis team at GEAM, and has been in the investment industry since 1993. Mr. Nestro has a Bachelor of Arts in Finance from Michigan State University and is a holder of the Chartered Financial Analyst (CFA) designation.

James Palmieri, CFA, is a Managing Director of SSGA and the Adviser, a Senior Portfolio Manager, and Head of Structured Credit for the Fundamental Active Fixed Income Team. In his role, he is the lead portfolio manager and trader for the Structured Products Group servicing all total rate of return and insurance accounts managed in Stamford, CT. In addition to his portfolio management responsibilities, Mr. Palmieri is a member of the Fixed Income Currency and Cash Senior Leadership Team, and the Fundamental Active Core and Core Plus Fixed Income Team. He joined SSGA in 2016 through the acquisition of GEAM by the ultimate parent company of SSGA. Prior to joining SSGA, Mr. Palmieri worked at GEAM for eleven years as a senior portfolio manager and trader for all fixed income total rate of return and insurance accounts for GE. Prior to joining GEAM, he worked at Constitution State Corporate Credit Union for one year as an investment director and CIGNA Investment Management for five years as a fixed income portfolio manager. He received his Bachelor of Science from Central Connecticut State University, is a Chartered Financial Analyst (CFA) charter holder, and has twenty years of investment experience.

Chris Sierakowski, CFA, is a Managing Director of SSGA and the Adviser and a Portfolio Manager in the Fundamental Growth and Core U.S. Equity Group. Mr. Sierakowski joined SSGA through the acquisition of GEAM by the ultimate parent company of SSGA in July 2016. Prior to joining SSGA, Mr. Sierakowski served in various investment roles at GEAM since 1999, including portfolio management and as a research analyst providing coverage for the software, computer hardware, semiconductors, business services, and payments industries. Prior to GEAM, Mr. Sierakowski spent several years in consulting and as an officer in the U.S. Army. Mr. Sierakowski has a Bachelor of Science in Economics from the United States Military Academy and a Master of Business Administration in Finance, Strategy, and Accounting from the University of Chicago Booth School of Business. He earned the Chartered Financial Analyst (CFA) designation and has been a member of the CFA Institute since 2002.

Michael Solecki, CFA, is a Senior Managing Director of SSGA and the Adviser, Portfolio Manager and the Chief Investment Officer for Fundamental Growth and Core Equity. He is also a member of SSGA's Executive Management Group. He joined SSGA in July 2016 through the acquisition of GEAM by the ultimate parent company of SSGA. Previously at GEAM, as part of the International Equity team, he held roles as Chief Investment Officer, Co-Chief Investment Officer, Director of Portfolio Management and a Director of Research for the International Equity research team. He also held various research and portfolio manager roles in the U.S. and London. He joined GEAM in 1991 after completing GE's Financial Management Program. Prior to GE, he worked for Monarch Capital Corporation. Mr. Solecki holds a Bachelor of Science in Finance from Western New England College and a Master of Business Administration from Fordham University. He is a holder of the Chartered Financial Analyst (CFA) designation and is a member of the CFA Institute.

Additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of the Funds is available in the SAI.

**Other Fund Services**

<u>The Administrator, Sub-Administrator and Custodian</u>

SSGA FM serves as administrator of each Fund. State Street serves as the custodian and sub-administrator for the Funds for a fee that is paid by the Funds.

<u>The Transfer Agent and Dividend Disbursing Agent</u>

U.S. Bancorp Fund Services, LLC is the Funds' transfer agent and dividend disbursing agent (the "Transfer Agent").

<u>The Distributor</u>

State Street Global Advisors Funds Distributors, LLC serves as the Funds' distributor ("SSGA FD") pursuant to the Distribution Agreement between SSGA FD and the Trust.

------

<u>Additional Information</u>

The Trustees of the Trust oversee generally the operations of the Funds and the Trust. The Trust enters into contractual arrangements with various parties, including, among others, the Funds' investment adviser, custodian, transfer agent, and accountants, who provide services to the Funds. Shareholders are not parties to any such contractual arrangements or intended beneficiaries of those contractual arrangements, and those contractual arrangements are not intended to create in any shareholder any right to enforce them directly against the service providers or to seek any remedy under them directly against the service providers.

This Prospectus provides information concerning the Trust and the Funds that you should consider in determining whether to purchase shares of the Funds. Neither this Prospectus, nor the related SAI, is intended, or should be read, to be or to give rise to an agreement or contract between the Trust or the Funds and any investor, or to give rise to any rights in any shareholder or other person other than any rights under federal or state law that may not be waived.

**Shareholder Information**

**Determination of Net Asset Value**

Each Fund determines its NAV per share once each business day as of the scheduled close of regular trading on the New York Stock Exchange (the "NYSE"). Pricing does not occur on NYSE holidays. A business day is one on which the NYSE is open for regular trading. The Federal Reserve is closed on certain holidays on which the NYSE is open. These holidays are Columbus Day and Veterans Day. On these holidays, you will not be able to purchase shares by wiring Federal Funds because Federal Funds wiring does not occur on days when the Federal Reserve is closed. In unusual circumstances, such as an emergency or an unscheduled close or halt of trading on the NYSE, the time at which share prices are determined may be changed. The NAV per share is based on the market value of the investments held in a Fund. The NAV of each class of a Fund's Shares is calculated by dividing the value of the assets of the Fund attributable to that class less the liabilities of the Fund attributable to that class by the number of shares in the class outstanding. Each Fund values each security or other investment pursuant to guidelines adopted by the Board. The Board has appointed the Adviser as the valuation designee to fair value securities or other investments pursuant to procedures approved by the Funds' Board, under certain limited circumstances. For example, fair value pricing may be used when market quotations are not readily available or reliable, such as when (i) trading for a security is restricted; or (ii) a significant event, as determined by the Adviser, that may affect the value of one or more securities or other investments held by a Fund occurs after the close of a related exchange but before the determination of a Fund's NAV. Attempts to determine the fair value of securities or other investments introduce an element of subjectivity to the pricing of securities or other investments. As a result, the price of a security or other investment determined through fair valuation techniques may differ from the price quoted or published by other sources and may not accurately reflect the price a Fund would have received had it sold the investment. To the extent that a Fund invests in the shares of other registered open-end investment companies that are not traded on an exchange (mutual funds), such shares are valued at their published NAVs per share as reported by the funds. The prospectuses of these funds explain the circumstances under which the funds will use fair value pricing and the effects of using fair value pricing.

**Investing in Fund Shares** 

Investors eligible to invest in the Funds ("Eligible Investors") are limited to the following:

1. Current and former employees of General Electric Company or any of its affiliates who are current shareholders of the Funds;

2. Immediate family members of individuals described in (1) above. An "immediate family member" is defined as an Eligible Investor's parent, spouse of parent, spouse, brother, sister, child, child's spouse, or grandchild (including blood, step and adoptive relationships). Please note that other close family members such as grandparents, nieces, nephews, or in-laws are not included within the definition of an "immediate family member" and, therefore, are not eligible to invest in the Funds; and

3. Estate planning vehicles for the benefit of lineal descendants of Eligible Investors described in (1) above. A "lineal" descendant is defined as anyone in the direct line of descent, such as the General Electric Company employee's child, grandchild, or great-grandchild (including blood, step, adoptive relationships). Siblings are not included within the definition.

------

Mutual funds advised by the Adviser (the "State Street Funds") reserve the right to amend the eligibility requirements at any time, at their sole discretion.

The State Street Funds and their service providers have a legal obligation to collect from you certain personal information about you at the time you open an account in order to verify your identity and the source of your payment. If you do not provide this information, you may not be able to open an account with the State Street Funds. If the State Street Funds believe that they have uncovered unlawful activity, the State Street Funds and their service providers may close your account and take any action they deem reasonable or required by law. The State Street Funds reserve the right to reject any purchase order.

This section of the Prospectus explains the basics of doing business with the State Street Funds. Carefully read each topic. The policies set forth below regarding the purchase, redemption and exchange of State Street Fund shares are in addition to the "Purchase and Sale of Fund Shares" section contained in the "Fund Summary" portion of this Prospectus. The State Street Funds reserve the right to change the following policies, without notice to shareholders; except that any modification or termination of the exchange privileges described in this Prospectus will be preceded by 60 days' advance notice to shareholders. Please call or check online for current information. Requests for transactions in the State Street Funds will be processed when they are received in "good order." "Good order" means that the request is in an accurate and complete form, and all applicable documents have been received in such accurate and complete form (including, typically, a signed application and medallion-guaranteed documents), and, for a purchase request, the check or wired funds have cleared.

**Purchasing Shares**

Shares of the Funds may be purchased only by Eligible Investors who have accounts in the defined contribution plans sponsored by General Electric Company's GE HealthCare, GE Vernova, or GE Aerospace businesses.

<u>Trade Dates-Purchases</u> 

The trade date for any purchase request received in good order will depend on the day and time the State Street Funds receive your request, the manner in which you are paying, and the type of fund you are purchasing. Each State Street Fund's NAV is calculated only on business days, that is, those days that the NYSE is open for regular trading. Purchase orders are processed at the NAV next determined after the Fund accepts a purchase order.

<u>Other Policies You Should Know</u> 

*New Accounts.* We are required by law to obtain from you certain personal information that we will use to verify your identity. If you do not provide the information, we may not be able to open your account. If we are unable to verify your identity, the State Street Funds reserve the right, without notice, to close your account or take such other steps as we deem reasonable.

*Refused or Rejected Purchase Requests.* The State Street Funds reserve the right to stop selling Fund Shares or to reject any purchase request at any time and without notice. This right also includes the right to reject any purchase request because of a history of frequent trading by the investor or because the purchase may negatively affect a Fund's operation or performance.

------

**Redeeming Shares** 

---

| | |
|:---|:---|
| **By Mail:** | &nbsp;&nbsp;&nbsp; Send a signed letter to:<br> State Street Global Advisors<br> c/o U.S. Bank Global Fund Services<br> P.O. Box 701<br> Milwaukee, WI 53201-0701<br>|
| **By Mail:** | &nbsp;&nbsp;&nbsp; The letter should include information necessary to process your request as described below. <br> The Fund may require a medallion guarantee in certain circumstances. See "Medallion <br> Guarantees" below.<br>|
| **By Overnight:** | &nbsp;&nbsp;&nbsp; State Street Global Advisors<br> c/o U.S. Bank Global Fund Services<br> 615 East Michigan Street<br> Milwaukee, WI 53202-5207<br>|
| **By Telephone:** | Call (800) 242-0134 |
| The Funds will need the following information to process your redemption request: | The Funds will need the following information to process your redemption request: |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢ name(s) of account owners;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢ account number(s);<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢ the name of the Fund;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢ your daytime telephone number; and<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢ the dollar amount or number of shares being redeemed. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢ name(s) of account owners;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢ account number(s);<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢ the name of the Fund;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢ your daytime telephone number; and<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢ the dollar amount or number of shares being redeemed. |

---

On any day that the Funds calculate their NAV earlier than normal, the Funds reserve the right to adjust the times noted above for purchasing and redeeming shares.

<u>Medallion Guarantees</u>. Certain redemption requests must include a medallion guarantee for each registered account owner if any of the following apply:

• Your account address has changed within the last 30 Business Days.

• When redemption proceeds are payable or sent to any person, address or bank account not on record.

• A wire is being sent to a financial institution other than the one that has been established on your Fund account.

• The Funds and/or the transfer agent may require a signature guarantee or other acceptable signature authentication in other instances based on the circumstances relative to the particular situation.

• Non-financial transactions, including establishing or modifying certain services on an account, may require a signature guarantee, signature verification from a Signature Validation Program member, or other acceptable form of authentication from a financial institutional source.

• The Funds reserve the right to waive medallion guarantee requirements, require a medallion guarantee under other circumstances or reject or delay redemption if the medallion guarantee is not in good form. Medallion guarantees may be provided by an eligible financial institution such as a commercial bank, a FINRA member firm such as a stock broker, a savings association or a national securities exchange. A notary public cannot provide a medallion guarantee. The Funds reserve the right to reject a medallion guarantee if it is not provided by a STAMP Medallion guarantor.

<u>About Telephone Transactions</u>. Telephone transactions are convenient but are not free from risk. Neither the Funds nor the Funds' agents will be responsible for any losses resulting from unauthorized telephone transactions if reasonable security procedures are followed. In addition, you are responsible for: (i) verifying the accuracy of all data and information transmitted by telephone, (ii) verifying the accuracy of your account statements immediately upon receipt, and (iii) promptly notifying the Funds of any errors or inaccuracies including, without limitation, any errors or inaccuracies relating to shareholder data or information transmitted by telephone. During periods of heavy market activity or other times, it may be difficult to reach the Funds by telephone. If you are unable to reach us by telephone, consider sending written instructions.

------

The Funds may terminate the receipt of redemption orders by telephone at any time, in which case you may redeem shares by other means.

If you choose to redeem shares by sending instructions by regular mail, they will not be deemed received in good order until they are released by the post office and redelivered to the Transfer Agent's physical location at 615 East Michigan Street in Milwaukee, WI 53202. There will be a time lag, which may be one or more days, between regular mail receipt at the post office box and redelivery to such physical location in Milwaukee, and a Fund's NAV may change over those days. You might consider using express rather than regular mail if you believe the time of receipt of your transaction request to be sensitive.

<u>Trade Date-Redemptions</u> 

The trade date for any redemption request received in good order will depend on the day and time the State Street Funds receive your request in good order and the manner in which you are redeeming.

Your redemption will be executed using the NAV as calculated on the trade date. NAVs are calculated only on days that the NYSE is open for regular trading (a business day). If the redemption request is received in good order by the State Street Funds on a business day before the close of regular trading on the NYSE (ordinarily 4 p.m., Eastern time), the request will be processed the same day using that day's NAV. If the redemption request is received in good order on a business day after the close of regular trading on the NYSE, or on a non-business day, the request will be processed the next business day.

<u>How to Receive Redemption Proceeds</u> 

Regardless of the method the Funds use to make a redemption payment, the Funds typically expect to pay out redemption proceeds on the next business day after a redemption request is received in good order. The State Street Funds reserve the right to pay for redeemed shares within seven days after receiving a redemption order if, in the judgment of the Adviser, an earlier payment could adversely affect a Fund.

The transfer agent may temporarily delay for more than seven days the disbursement of redemption proceeds from the Fund account of a "Specified Adult" (as defined in Financial Industry Regulatory Authority, Inc. ("FINRA") Rule 2165) based on a reasonable belief that financial exploitation of the Specified Adult has occurred, is occurring, has been attempted, or will be attempted, subject to certain conditions.

Under normal circumstances, each Fund expects to meet redemption requests by using cash or cash equivalents in its portfolio and/or selling portfolio assets to generate cash. The Funds also may pay redemption proceeds using cash obtained through borrowing arrangements (including under the Funds' line of credit, which is shared across all registered funds advised by SSGA FM (other than money market funds)) that may be available from time to time.

The right of any investor to receive payment with respect to any redemption may be suspended or the payment of the redemption proceeds postponed beyond 7 days in accordance with Section 22(e) of the 1940 Act and the rules thereunder, including during any period in which the NYSE is closed (other than weekends or holidays) or trading on the NYSE is restricted or if an emergency exists as a result of which disposal by a Fund of securities owned by it is not reasonably practicable or it is not reasonably practicable for a Fund fairly to determine the value of its net assets. In addition, the SEC may by order permit suspension of redemptions for the protection of shareholders of a Fund.

A Fund may pay all or a portion of your redemption proceeds by giving you securities (for example, if the Fund reasonably believes that a cash redemption may have a substantial impact on the Fund and its remaining shareholders). A redemption is generally a taxable event for shareholders, regardless of whether the redemption is satisfied in cash or in kind. You may pay transaction costs (including through the realization of taxable gain) to dispose of the securities, and you may receive less for them than the price at which they were valued for purposes of the redemption. In addition, you will be subject to the market risks associated with such securities until such time as you choose to dispose of the security.

During periods of deteriorating or stressed market conditions, when an increased portion of a Fund's portfolio may be comprised of less liquid investments, or during extraordinary or emergency circumstances, a Fund may be more likely to pay redemption proceeds with cash obtained through short-term borrowing arrangements (if available) or by giving you securities.

------

*By Electronic Bank Transfer*. You may have the proceeds of a fund redemption sent directly to a designated bank account. To establish the electronic bank transfer option on an account, you must designate a bank account by completing an Account Options Form or filling out the appropriate section of your account registration form. After the option is set up on your account, you can redeem shares by electronic bank transfer on a regular schedule (Automatic Withdrawal Plan) or from time to time. Your redemption request can be initiated by telephone, or by mail.

*By Wire*. When redeeming shares of a State Street Fund, you may instruct the State Street Funds to wire your redemption proceeds ($1,000 minimum) to a previously designated bank account. Shares will be redeemed from the account on the day that the redemption instructions are received in good order. The wire redemption option is not automatic; you must designate a bank account by completing an Account Options Form or filling out the appropriate section of your account registration form. The State Street Funds typically charge you a fee for wiring redemption proceeds. Your bank also may charge a fee for receiving a wire. You are encouraged to check with your bank before initiating any transaction.

*By Check*. You may have the proceeds of a State Street Funds redemption paid by check and sent to the address shown on the State Street Funds registration record, provided that the address on the registration record has not changed within thirty (30) days of the redemption request. The State Street Funds will mail you a redemption check, generally payable to all registered account owners.

<u>Other Redemption Policies that You Should Know</u> 

*Address Changes.* If your address of record has been changed within thirty (30) days of the redemption request, the request must be in writing and bear a medallion guarantee.

*Significant/Unusual Economic or Market Activity.* During periods of significant or unusual economic or market activity, you may encounter delays attempting to give instructions by phone.

**Exchanging Shares** 

Currently, exchanging shares from/to the Funds to any other State Street Fund is not permitted.

**Frequent-Trading Limits** 

Frequent, short-term trading, abusive trading practices and market timing (together, "Excessive Trading"), often in response to short-term fluctuations in the market, are not knowingly permitted by the State Street Funds. The State Street Funds do not accommodate frequent purchases and redemptions of Fund Shares by Fund shareholders. Excessive Trading into and out of a State Street Fund may harm a Fund's performance by disrupting portfolio management strategies and by increasing expenses. These expenses are borne by all Fund shareholders, including long-term investors who do not generate such costs.

Excessive Trading activity is generally evaluated based on roundtrip transactions in an account. A "roundtrip" transaction is defined generally as a purchase or exchange into a Fund followed, or preceded, by a redemption or exchange out of the same Fund within 30 days. A State Street Fund may, in its discretion, determine to apply a time period other than 30 days in connection with identifying roundtrip transactions. Shareholders with one or more roundtrip transactions may, in the discretion of a State Street Fund, be blocked from making additional purchases or exchanges in any State Street Fund for a period of time. A State Street Fund has discretion to determine that action is not necessary if it determines that a pattern of trading is not abusive or harmful to the affected Fund in a material way. Fund size and/or transaction size may be considered in evaluating any roundtrip transaction.

The Board of Trustees of the State Street Funds has adopted a "Market Timing/Excessive Trading Policy" (the "Policy") to discourage Excessive Trading. Under the Policy, the State Street Funds reserve the right to reject any exchanges or purchase orders by any shareholder engaging in Excessive Trading activities.

As a means to protect each State Street Fund and its shareholders from Excessive Trading:

• The State Street Funds' transfer agent compiles, monitors and reports account-level information on omnibus and underlying shareholder/participant activity. Depending on the account type, monitoring will be performed on a daily, monthly, quarterly and/or annual basis;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• The State Street Funds' distributor has obtained information from each Financial Intermediary holding shares in an omnibus account with the State Street Funds regarding whether the Financial Intermediary has adopted and maintains procedures that are reasonably designed to protect the Funds against harmful short-term trading; and

• With respect to State Street Funds that invest in securities that trade on foreign markets, pursuant to the State Street Funds' fair valuation procedures, pricing adjustments may be made based on information received from a third-party, multi-factor fair valuation pricing service.

The State Street Funds' distributor has detailed procedures that document the transparency oversight and monitoring processes performed by the State Street Funds' transfer agent.

While the State Street Funds attempt to discourage Excessive Trading, there can be no guarantee that it will be able to identify investors who are engaging in Excessive Trading or limit their trading practices. Additionally, frequent trades of small amounts may not be detected. The State Street Funds recognize that it may not always be able to detect or prevent Excessive Trading or other activity that may disadvantage the Funds or their shareholders.

A State Street Fund shareholder's right to purchase shares through an automatic investment plan or redeem shares in full (or in part through a systematic withdrawal plan) are unaffected by Excessive Trading restrictions.

**Service Options** 

<u>Dividend and Capital Gain Distribution Option</u> 

You may set up your State Street Fund account to reinvest any dividend or capital gains distribution that you receive as a Fund shareholder into the same or a different State Street Fund, or have any dividend or capital gain distribution paid by check, by wire or by check to a special payee. No interest will accrue on the amounts represented by the uncashed distribution checks. If you have elected to receive distributions by check, and the postal or other delivery service is unable to deliver the checks because of an incorrect mailing address, all future distributions will be reinvested at the then-current NAV of the Fund.

Please refer to *Dividends, Distributions and Tax Considerations* below for additional information.

<u>Automatic Withdrawal Plan</u> 

If your account balance is over $10,000, you may request periodic (monthly, quarterly, semi-annually, or annually) automatic cash withdrawals of $100 or more which can be mailed to you or any person you designate, or sent through ACH to your bank (at your selection).

<u>Telephone Redemptions</u> 

You may set up your State Street Fund account so that if you request over the telephone to redeem State Street Fund Shares, the redemption proceeds will automatically be wired to a designated bank account.

**Additional Shareholder Information** 

<u>Account Transfers</u> 

To effect a change in account registration (for example, to add a new joint owner), a shareholder of a State Street Fund may request to open a new account in the same State Street Fund (referred to as a "transfer"). To effect a transfer, the State Street Funds require a completed and signed new account application, including all necessary additional documents required by the form, and a letter of instruction. The letter of instruction must include the name of the State Street Fund and the original account number, and must be signed by all registered owners of the original account and include a medallion guarantee.

<u>Responsibility for Fraud</u> 

The State Street Funds will not be responsible for any account losses because of fraud if we reasonably believe that the person transacting business on an account is authorized to do so. Please take precautions to protect yourself from fraud. Keep your account information private, and immediately review any account statements that we provide to you. It is important that you contact the State Street Funds immediately about any transactions or changes to your account that you believe to be unauthorized.

------

<u>Right to Change Policies</u> 

In addition to the rights expressly stated elsewhere in this Prospectus, the State Street Funds reserve the right, in the future, to:

1. Alter, add, or discontinue any conditions of purchase (including eligibility requirements), redemption, exchange, service, or privilege at any time;

2. Accept initial purchases by telephone;

3. Freeze any account and/or suspend account services if the State Street Funds has received reasonable notice of a dispute regarding the assets in an account, including notice of a dispute between the registered or beneficial account owners, or if we reasonably believe a fraudulent transaction may occur or has occurred;

4. Temporarily freeze any account and/or suspend account services upon initial notification to the State Street Funds of the death of the shareholder until the State Street Funds receive required documentation in good order;

5. Alter, impose, discontinue, or waive any redemption fee, account service fee, or other fees charged to a group of shareholders; and

6. Redeem an account or suspend account privileges, without the owner's permission to do so, in cases of threatening conduct or activity the State Street Funds believe to be suspicious, fraudulent, or illegal.

Changes may affect any or all investors. These actions will be taken when, at the sole discretion of the SSGA FM management, we reasonably believe they are deemed to be in the best interest of the State Street Fund.

<u>Unclaimed Property</u> 

Many states have unclaimed property rules that provide for transfer to the state (also known as "escheatment") of unclaimed property under various circumstances. These circumstances include inactivity (e.g., no owner-initiated contact for a certain period), returned mail (e.g., when mail sent to a shareholder is returned by the post office as undeliverable), or a combination of both inactivity and returned mail. If the Funds' transfer agent identifies property as unclaimed, it will attempt to contact the shareholder, but if that attempt is unsuccessful, the account may be considered abandoned and escheated to the state after the passage of a certain period of time (as required by applicable state law).

If you are a resident of the state of Texas, you may designate a representative to receive escheatment notifications by completing and submitting a designation form, which you can find on the website of the Texas Comptroller. Designating such a representative may be beneficial, since Texas law provides that the escheatment period will cease if the representative, after receiving an escheatment notification regarding your account, communicates knowledge of your location and confirms that you have not abandoned your account. You can mail a completed designation form to a Fund (if you hold shares directly with a Fund) or to your financial intermediary (if you do not hold shares directly with a Fund).

**Dividends, Distributions and Tax Considerations**

The State Street Income Fund declares investment income dividends daily and pays them monthly. The State Street U.S. Core Equity Fund declares and pays dividends from investment income annually. Capital gains distributions of the Funds, if any, are declared and paid annually. A Fund may pay investment income dividends and/or capital gains distributions more frequently in order to avoid Fund-level tax. Any investment income and capital gains that have not been distributed by December of each calendar year are generally distributed at such time. When a Fund distributes investment income or capital gains, the NAV per share is reduced by the amount of the distribution.

*Distribution Options.* You can choose from two different distribution options as indicated on the application:

• Reinvestment Option—Dividends and capital gain distributions will be automatically reinvested in additional shares of a Fund. If you do not indicate a choice on the application, this option will be automatically assigned.

• Cash Option—A check, wire or direct deposit will be sent for each dividend and capital gain distribution.

If you have elected to receive distributions by check, and the postal or other delivery service is unable to deliver the checks because of an incorrect mailing address, all future distributions will be reinvested at the then-current net asset value of the Fund.

*Dividend Policy Upon Purchase*. A shareholder will receive a dividend or capital gain distribution only if the shareholder purchased Fund Shares by the close of the record date of such dividend or capital gain distribution.

------

<u>Delivery of Documents to Accounts Sharing an Address</u> 

To reduce expenses, we may mail only one copy of the Funds' Prospectus and each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call us at (800) 242-0134, or contact your financial institution. We will begin sending you individual copies thirty (30) days after receiving your request.

**Tax Considerations**

The following discussion is a summary of some important U.S. federal income tax considerations generally applicable to an investment in a Fund. Your investment in a Fund may have other tax implications. Please consult your tax advisor about federal, state, local, foreign or other tax laws applicable to you. Investors, including non-U.S. investors, may wish to consult the SAI tax section for additional disclosure.

Each Fund has elected to be treated as a regulated investment company and intends each year to qualify and to be eligible to be treated as such. A regulated investment company generally is not subject to tax at the corporate level on income and gains that are timely distributed to shareholders. In order to qualify and be eligible for treatment as a regulated investment company, a Fund must, among other things, satisfy diversification, 90% gross income and distribution requirements. A Fund's failure to qualify as a regulated investment company would result in corporate level taxation, and consequently, a reduction in income available for distribution to shareholders. Each Fund is currently treated as a "personal holding company" and will potentially need to comply with additional requirements with respect to its distributions to shareholders in order to avoid a fund-level tax under the personal holding company rules. Please see Taxation of the Funds in the SAI for further information.

For U.S. federal income tax purposes, distributions of investment income are generally taxable to you as ordinary income. Taxes on distributions of capital gains generally are determined by how long the applicable Fund owned (or is deemed to have owned) the investments that generated them, rather than how long you have owned your Fund Shares. Distributions of net capital gains (that is, the excess of net long-term capital gains over net short-term capital losses) from the sale of investments that a Fund owned (or is deemed to have owned) for more than one year that are properly reported by a Fund as capital gain dividends generally will be treated as long-term capital gain includible in your net capital gain and taxed to individuals at reduced rates. Distributions of gains from investments that a Fund owned (or is deemed to have owned) for one year or less generally will be taxable to you as ordinary income when distributed to you by the Fund. Distributions of investment income reported by a Fund as derived from "qualified dividend income," which will not include income from the Fund's portfolio securities on loan, are taxed to individuals at the rates applicable to net capital gain, provided holding period and other requirements are met by both the shareholder and the Fund. Distributions are taxable to you even if they are paid from income or gains earned by a Fund before your investment (and thus were included in the price you paid for your shares). Distributions may also be subject to state and local taxes and are taxable whether you receive them in cash or reinvest them in additional shares. Distributions in excess of a Fund's current and accumulated earnings and profits are treated as a return of capital to the extent of your basis in the applicable Fund's shares, and, in general, as capital gain thereafter.

A Fund's income from or proceeds of investments in non-U.S. assets may be subject to non-U.S. withholding and other taxes. This will decrease the Fund's return on securities subject to such taxes. Tax treaties between certain countries and the U.S. may reduce or eliminate such taxes. Although such taxes will reduce a Fund's taxable income, shareholders generally will not be entitled separately to claim a credit or deduction with respect to foreign taxes incurred by a Fund.

Any gain resulting from the redemption or other taxable disposition of Fund Shares generally will also be taxable to you as either short-term or long-term capital gain, depending upon how long you held such Fund Shares.

An additional 3.8% Medicare contribution tax is imposed on the "net investment income" of individuals, estates and trusts to the extent their income exceeds certain threshold amounts. Net investment income generally includes for this purpose dividends paid by a Fund, including any capital gain dividends, and net gains recognized on the redemption of Fund Shares.

Certain of a Fund's investment practices, including derivative transactions and investments in debt obligations issued or purchased at a discount, will be subject to special and complex U.S. federal income tax provisions. These special rules may affect the timing, character, and/or amount of a Fund's distributions to shareholders and may require the Fund to sell its investments at a time when it is not advantageous to do so.

------

If you are not a U.S. person, dividends paid by a Fund that the Fund properly reports as capital gain dividends, short-term capital gain dividends, or interest-related dividends, each as further defined in the SAI, are not subject to withholding of U.S. federal income tax, provided that certain requirements are met. A Fund is permitted, but is not required, to report any part of its dividends as are eligible for such treatment. A Fund's dividends other than those the Fund so reports as capital gain dividends, short-term capital gain dividends, or interest-related dividends generally will be subject to U.S. withholding tax at a 30% rate (or lower applicable treaty rate). See each Fund's SAI for further information.

The U.S. Treasury and the Internal Revenue Service (the "IRS") generally require a Fund to obtain information sufficient to identify the status of each shareholder under sections 1471-1474 of the Internal Revenue Code of 1986, as amended, and the U.S. Treasury and IRS guidance issued thereunder (collectively, the "Foreign Account Tax Compliance Act" or "FATCA") or under an applicable intergovernmental agreement between the United States and a foreign government. Please see the SAI for more information on FATCA reporting requirements.

*Cost Basis Reporting*. U.S. Treasury regulations mandate cost basis reporting to shareholders and the IRS for redemptions of Fund Shares acquired on or after January 1, 2012 ("Post Effective Date Shares"). If you acquire and hold shares directly through the Funds and not through a Financial Intermediary, the Funds' transfer agent will use a default average cost basis methodology for tracking and reporting your cost basis on Post Effective Date Shares, unless you request, in writing, another cost basis reporting methodology.

**Financial Intermediary Arrangements**

**Payments to Financial Intermediaries**

Financial Intermediaries are firms that sell shares of mutual funds, including the Funds, and/or provide certain administrative and account maintenance services to mutual fund investors. Financial Intermediaries may include, among others, brokers, financial planners or advisers, banks, retirement plan recordkeepers and insurance companies.

In some cases, a Financial Intermediary may hold its clients' Fund Shares in nominee or street name and may utilize omnibus accounts. Shareholder services provided by a Financial Intermediary may (though they will not necessarily) include, among other things: establishing and maintaining shareholder account registrations; receiving and processing purchase and redemption orders, including aggregated orders and delivering orders to the Fund's transfer agent; processing and mailing trade confirmations, periodic statements, prospectuses, annual reports, semiannual reports, shareholder notices, and other SEC-required communications; capturing and processing tax data; issuing and mailing dividend checks to shareholders who have selected cash distributions; preparing record date shareholder lists for proxy solicitations; and collecting and posting distributions to shareholder accounts.

The Financial Intermediary is often compensated by SSGA FD or its affiliates for the services it performs and in such cases is typically paid continually over time, during the period when the Financial Intermediary's clients hold investments in the Funds. The amount of continuing compensation paid by SSGA FD or its affiliates to different Financial Intermediaries for distribution and/or shareholder services varies. Any compensation is typically a percentage of the value of the Financial Intermediary's clients' investments in the Funds or a per account fee. The variation in compensation may, but will not necessarily, reflect enhanced or additional services provided by the Financial Intermediary.

If you invest through a Financial Intermediary and meet the eligibility criteria for more than one share class, you should discuss with your Financial Intermediary which share class is appropriate for you. Your financial adviser and the Financial Intermediary employing him or her may have an incentive to recommend one share class over another, when you are eligible to invest in more than one share class. Please speak with your financial adviser to learn more about the total amounts paid to your financial adviser and his or her firm by the Funds or its affiliates with respect to the different share classes offered by the Funds.

SSGA FD and its affiliates (including SSGA FM), at their own expense and out of their own assets, may also provide other compensation to Financial Intermediaries in connection with sales of the Funds' shares or the servicing of shareholders or shareholder accounts. Such compensation may include, but is not limited to, financial assistance to Financial Intermediaries in connection with conferences, sales, or training programs for their employees; seminars for the public; advertising or sales campaigns; or other Financial Intermediary-sponsored special events. In some instances, this compensation may be made available only to certain Financial Intermediaries whose representatives have sold or are expected to sell significant amounts of shares. Dealers may not use sales of the Funds' shares to qualify for this compensation to the extent prohibited by the laws or rules of any state or any self-regulatory agency, such as FINRA.

------

If payments to Financial Intermediaries by the distributor or adviser for a particular mutual fund complex exceed payments by other mutual fund complexes, your financial adviser and the Financial Intermediary employing him or her may have an incentive to recommend that fund complex over others. Please speak with your financial adviser to learn more about the total amounts paid to your financial adviser and his or her firm by SSGA FD and its affiliates and by sponsors of other mutual funds he or she may recommend to you. You should also consult disclosures made by your Financial Intermediary at the time of purchase.

*Third-Party Transactions*. The State Street Funds have authorized certain Financial Intermediaries to accept purchase, redemption and exchange orders on the State Street Funds' behalf. Orders received for a State Street Fund by a Financial Intermediary that has been authorized to accept orders on the Fund's behalf (or other Financial Intermediaries designated by the Financial Intermediary) will be deemed accepted by the Fund at the time they are received by the Financial Intermediary and will be priced based on the Fund's next NAV determination as long as the Financial Intermediary transmits the order in good form and in a timely manner to the applicable State Street Fund(s). The State Street Funds will be the sole party to determine if a trade is received in good order. The Financial Intermediary is responsible for transmitting your orders and associated funds in good form and in a timely manner to the applicable State Street Fund(s). The State Street Funds will not be responsible for delays by the Financial Intermediary in transmitting your orders, including timely transfer of payment, to a Fund.

If you are purchasing, selling, exchanging or holding State Street Fund shares through a program of services offered by a Financial Intermediary, you may be required by the Financial Intermediary to pay additional fees. You should contact the Financial Intermediary for information concerning what additional fees, if any, may be charged.

------

**Financial Highlights** 

The following Financial Highlights tables are intended to help you understand each Fund's financial performance for the past five fiscal years. All financial information for periods prior to May 24, 2021 shown below represents the financial information of the predecessor of each Fund. Certain information reflects the performance results for a single Fund Share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). Beginning with the year ended September 30, 2022, the Funds were audited by Ernst & Young LLP, whose report, along with the Funds' financial highlights and financial statements, is included in the annual report to shareholders, which is available upon request. The previous periods were audited by another independent registered public accounting firm. Any references to Notes in these financial highlight tables refer to the "Notes to Financial Statements" section of the Fund's financial statements, and the financial information included in these tables should be read in conjunction with the financial statements incorporated by reference in the SAI.

------

**State Street Income Fund**

**Financial Highlights**

Selected data based on a share outstanding throughout the periods indicated

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended**<br> **9/30/22**<br>| **Period Ended**<br> **9/30/21**<sup>(a)(b)(c)</sup> <br>| **Year Ended**<br> **12/31/20**<sup>(a)(b)</sup> <br>| **Year Ended**<br> **12/31/19**<sup>(a)(b)</sup> <br>| **Year Ended**<br> **12/31/18**<sup>(a)(b)</sup> <br>| **Year Ended**<br> **12/31/17**<sup>(a)(b)</sup><br>|
| **Net asset value, beginning of period** | $12.08 | $12.42 | $11.85 | $11.14 | $11.55 | $11.38 |
| **Income/(loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income | 0.23<sup>(d)</sup> | 0.17<sup>(d)</sup> | 0.26<sup>(d)</sup> | 0.31<sup>(d)</sup> | 0.32<sup>(d)</sup> | 0.29<sup>(d)</sup> |
| Net realized and unrealized gains/(losses) on <br> investments<br>| (2.02) | (0.29) | 0.69 | 0.72 | (0.40) | 0.16 |
| Total income/(loss) from investment <br> operations<br>| (1.79) | (0.12) | 0.95 | 1.03 | (0.08) | 0.45 |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | 0.27 | 0.22 | 0.34 | 0.32 | 0.33 | 0.28 |
| Net realized gains | 0.33 |  | 0.04 |  |  |  |
| Total distributions | 0.60 | 0.22 | 0.38 | 0.32 | 0.33 | 0.28 |
| Net asset value, end of period | $9.69 | $12.08 | $12.42 | $11.85 | $11.14 | $11.55 |
| Total Return<sup>(e)</sup> | (15.48)% | (0.93)%<sup>(f)</sup> | 8.20% | 9.38% | (0.75)% | 3.99% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $1432739 | $1908411 | $2084815 | $2024704 | $1992169 | $2329674 |
| **Ratios to average net assets:** |  |  |  |  |  |  |
| Net expenses | 0.20% | 0.19%<sup>(g)</sup> | 0.17% | 0.17% | 0.17% | 0.16% |
| Gross expenses | 0.20% | 0.19%<sup>(g)</sup> | 0.17% | 0.17% | 0.17% | 0.16% |
| Net investment income | 2.07% | 1.85%<sup>(g)</sup> | 2.16% | 2.67% | 2.86% | 2.55% |
| Portfolio turnover rate | 48%<sup>(h)</sup> | 59%<sup>(f)(h)</sup> | 110%<sup>(h)</sup> | 422% | 223% | 297% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | Beginning with the year ended September 30, 2022, the Fund was audited by Ernst & Young LLP. The previous periods were audited by another <br> independent registered public accounting firm.<br>|
| (b) | Financial information from January 1, 2016 until May 24, 2021 is for the GE RSP Income Fund, which was reorganized into the State Street Income Fund <br> effective May 24, 2021. See Note 1 in the accompanying Notes to Financial Statements.<br>|
| (c) | Effective 4/13/2021, the Board of Trustees approved a change in fiscal year end for the Fund from December 31 to September 30. |
| (d) | Per share values have been calculated using the average shares method. |
| (e) | Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions. Past performance does not <br> guarantee future results.<br>|
| (f) | Not annualized. |
| (g) | Annualized for periods less than one year. |
| (h) | The portfolio turnover calculated for the periods ended, 9/30/22, 9/30/21 and 12/31/20 did not include To-Be-Announced transactions and, if it had, the <br> portfolio turnover would have been 163%, 134% and 304%, respectively.<br>|

---

------

**State Street U.S. Core Equity Fund**

**Financial Highlights**

Selected data based on a share outstanding throughout the periods indicated

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended**<br> **9/30/22**<br>| **Period Ended**<br> **9/30/21**<sup>(a)(b)(c)</sup> <br>| **Year Ended**<br> **12/31/20**<sup>(a)(b)</sup> <br>| **Year Ended**<br> **12/31/19**<sup>(a)(b)</sup> <br>| **Year Ended**<br> **12/31/18**<sup>(a)(b)</sup> <br>| **Year Ended**<br> **12/31/17**<sup>(a)(b)</sup><br>|
| **Net asset value, beginning of period** | $76.83 | $66.39 | $57.30 | $46.05 | $52.45 | $49.27 |
| **Income/(loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income | 0.77<sup>(d)</sup> | 0.54<sup>(d)</sup> | 0.77<sup>(d)</sup> | 0.78<sup>(d)</sup> | 0.77<sup>(d)</sup> | 0.76<sup>(d)</sup> |
| Net realized and unrealized gains/(losses) on <br> investments<br>| (11.27) | 9.90 | 12.86 | 14.07 | (2.41) | 9.35 |
| Total income/(loss) from investment <br> operations<br>| (10.50) | 10.44 | 13.63 | 14.85 | (1.64) | 10.11 |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | 0.77 |  | 0.81 | 0.77 | 0.81 | 0.81 |
| Net realized gains | 9.03 |  | 3.73 | 2.83 | 3.95 | 6.12 |
| Total distributions | 9.80 |  | 4.54 | 3.60 | 4.76 | 6.93 |
| Net asset value, end of period | $56.53 | $76.83 | $66.39 | $57.30 | $46.05 | $52.45 |
| Total Return<sup>(e)</sup> | (16.76)% | 15.73%<sup>(f)</sup> | 23.82% | 32.22% | (3.05)% | 20.50% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $5198625 | $6795684 | $6229783 | $5541415 | $4700274 | $5435513 |
| **Ratios to average net assets:** |  |  |  |  |  |  |
| Net expenses | 0.16% | 0.15%<sup>(g)</sup> | 0.14% | 0.14% | 0.14% | 0.14% |
| Gross expenses | 0.16% | 0.15%<sup>(g)</sup> | 0.14% | 0.14% | 0.14% | 0.14% |
| Net investment income | 1.11% | 0.99%<sup>(g)</sup> | 1.29% | 1.44% | 1.41% | 1.39% |
| Portfolio turnover rate | 30% | 27%<sup>(f)</sup> | 37% | 31% | 40% | 77% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | Beginning with the year ended September 30, 2022, the Fund was audited by Ernst & Young LLP. The previous periods were audited by another <br> independent registered public accounting firm.<br>|
| (b) | Financial information from January 1, 2016 until May 24, 2021 is for the GE RSP U.S. Equity Fund, which was reorganized into the State Street U.S. Core <br> Equity Fund effective May 24, 2021. See Note 1 in the accompanying Notes to Financial Statements.<br>|
| (c) | Effective 4/13/2021, the Board of Trustees approved a change in fiscal year end for the Fund from December 31 to September 30. |
| (d) | Per share values have been calculated using the average shares method. |
| (e) | Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions. Past performance does not <br> guarantee future results.<br>|
| (f) | Not annualized. |
| (g) | Annualized for periods less than one year. |

---

------

<u>Contacting the State Street Funds</u> 

Online: www.ssga.com 24 hours a day, 7 days a week <br> Phone: (800) 242-0134

Written requests should be sent to:

---

| | |
|:---|:---|
| **Regular mail** | **Overnight/ Registered, Express, Certified Mail** |
| State Street Global Advisors<br> c/o U.S. Bank Global Fund Services<br> P.O. Box 701<br> Milwaukee, WI 53201-0701<br>| State Street Global Advisors<br> c/o U.S. Bank Global Fund Services<br> 615 East Michigan Street<br> Milwaukee, WI 53202-5207<br>|

---

The Funds do not consider the U.S. Postal Service or other independent delivery services to be their agents. Therefore, deposits in the mail or with such services, or receipt at the Funds' post office box, of purchase orders or redemption requests, do not constitute receipt by the Funds or Transfer Agent.

------

For more information about the Funds:

The Funds' SAI includes additional information about the Funds and is incorporated by reference into this document. Additional information about the Funds' investments will be available in the Funds' most recent annual and semi-annual reports to shareholders. The Funds' SAI is available, without charge, upon request. The Funds' annual and semi-annual reports will be available, without charge, upon request. Shareholders in the Funds may make inquiries to the Funds to receive such information by calling (800) 242-0134 or the customer service center at the telephone number shown in the accompanying contract prospectus, if applicable. Each Fund's Prospectus and SAI are available, and the annual and semi-annual reports to shareholders will be available, free of charge, on the Funds' website at www.ssga.com.

Reports and other information about the Funds are available free of charge on the EDGAR Database on the SEC's Internet site at http://www.sec.gov. Copies of this information also may be obtained, after paying a duplicating fee, by electronic request at the following E-mail address: publicinfo@sec.gov.

**SSGA Funds Management, Inc**

ONE IRON STREET

BOSTON, MASSACHUSETTS 02210

GM-PROIThe State Street Institutional Investment Trust's Investment Company Act File Number is 811-09819.

------

**Prospectus** 

January 31, 2023

**State Street Institutional**

**Investment Trust** 

State Street Income Fund (SSASX)

State Street U.S. Core Equity Fund (SSAQX)

This Prospectus is intended for use only by General Electric Retirement Savings Plan (the "Plan") and Plan participants.

The U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission have not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.

An investment in any of the Funds offered by this Prospectus is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

![](g436157g3ssga_hor.jpg)

------

**TABLE OF CONTENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Fund Summaries](#xx_c04ec1ab-b2dd-4d18-aef7-e31b807a5390_1) | 1 |
| [State Street Income Fund](#xx_c04ec1ab-b2dd-4d18-aef7-e31b807a5390_1) | 1 |
| [State Street U.S. Core Equity Fund](#xx_28f4e9cb-2775-4420-a280-8af565e02d74_1) | 8 |
| [Additional Information About Investment Objectives, Principal Strategies and Risks](#xx_5260cb44-ebec-43aa-800b-79c18d6150c7_1) | 14 |
| [State Street Income Fund](#xx_5260cb44-ebec-43aa-800b-79c18d6150c7_1) | 14 |
| [State Street U.S. Core Equity Fund](#xx_5260cb44-ebec-43aa-800b-79c18d6150c7_2) | 15 |
| [Additional Information About Non-Principal Investment Strategies and Risks](#xx_5260cb44-ebec-43aa-800b-79c18d6150c7_13) | 26 |
| [Portfolio Holdings Disclosure](#xx_5260cb44-ebec-43aa-800b-79c18d6150c7_15) | 28 |
| [Management and Organization](#xx_df95ab4c-2fc5-4c23-b624-39f54c2911e1_1) | 29 |
| [Shareholder Information](#xx_df95ab4c-2fc5-4c23-b624-39f54c2911e1_3) | 31 |
| [Financial Highlights](#xx_318c70e6-25ca-4013-ab03-8aca3798dbbc_2) | 37 |

---

------

**State Street Income Fund**

**Investment Objectives**

The investment objective of the State Street Income Fund (the "Fund") is to seek high current income and preservation of capital.

**Fees and Expenses of the Fund**

The tables below describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund ("Fund Shares"). **You may pay brokerage commissions and other fees to financial intermediaries which are not reflected in the tables and examples below**. More information about these and other discounts is available from your financial intermediary ("Financial Intermediary") and in the "Investing in Funds Shares" section of the Fund's Prospectus.

**Shareholder Fees** (fees paid directly from your investment)

---

| |
|:---|
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the sale proceeds or the original offering price) |

---

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| Management Fee | 0.13% |
| Distribution and/or Shareholder Service (12b-1) Fees |  |
| Other Expenses | 0.07% |
| Total Annual Fund Operating Expenses | 0.20% |

---

**Example:**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 year** | **3 years** | **5 years** | **10 years** |
| $20 | $64 | $113 | $255 |

---

**Portfolio Turnover:**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 48% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal circumstances, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets in debt securities.

The Fund invests significantly in a variety of investment-grade debt securities, such as agency mortgage-backed securities, asset-backed securities, corporate bonds, municipal obligations, government securities and money market instruments. Investment-grade securities include securities rated Baa3 or higher by Moody's or BBB- or higher by S&P (and securities of comparable quality as determined by SSGA Funds Management, Inc. (the "Adviser" or "SSGA FM")). The Fund normally has a weighted average effective maturity of approximately five to ten years, but is subject to no limitation with respect to the maturities of the instruments in which it may invest.

------

The portfolio managers seek to identify debt securities that they believe have desirable characteristics for the Fund such as:

&nbsp;&nbsp;&nbsp;&nbsp;• attractive yields and prices;

&nbsp;&nbsp;&nbsp;&nbsp;• the potential for capital appreciation; and/or

&nbsp;&nbsp;&nbsp;&nbsp;• reasonable credit quality.

The portfolio managers may consider selling a security when one of these characteristics no longer applies, when the portfolio managers believe that the valuation has become excessive, or when more attractive alternatives are identified.

The Fund also may invest up to 20% of its net assets in high yield securities (also known as below investment grade bonds or "junk bonds"). The Fund may also invest up to 20% of its net assets in exchange-traded products ("ETPs"), including exchange-traded funds, that provide exposure to such investments, including ETPs that pay fees to the Adviser and its affiliates for management, marketing or other services; mutual funds; and other commingled investments. High yield securities are those rated BB+ or lower by S&P or Ba1 or lower by Moody's (and securities of comparable quality as determined by the Adviser). The Fund also may invest up to 35% of its net assets in foreign (including emerging markets) debt securities, and up to 20% of its net assets in equity securities.

The portfolio managers may also use various types of derivative instruments (such as futures contracts, interest rate and credit default swaps, options and forward contracts) to manage yield, duration (a measure of a bond price's sensitivity to a given change in interest rates) and exposure to credit quality, and to gain or hedge exposure to certain securities, indices or market segments.

The Fund may engage in active and frequent trading of its portfolio securities.

**Principal Risks**

The Fund is subject to the following principal risks. You could lose money by investing in the Fund. Certain risks relating to instruments and strategies used in the management of the Fund are placed first. The significance of any specific risk to an investment in the Fund will vary over time, depending on the composition of the Fund's portfolio, market conditions, and other factors. You should read all of the risk information presented below carefully, because any one or more of these risks may result in losses to the Fund. **An investment in the Fund is subject to investment risks, including possible loss of principal, is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.** The Fund may not achieve its investment objective. The Fund is not intended to be a complete investment program, but rather is intended for investment as part of a diversified investment portfolio. Investors should consult their own advisers as to the role of the Fund in their overall investment programs.

***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, 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.

***Debt Securities Risk:*** The values of debt securities may increase or decrease as a result of the following: market fluctuations, changes in interest rates, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments, or illiquidity in debt securities markets. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. A rising interest rate environment may cause the value of the Fund's fixed income securities to decrease, an adverse impact on the liquidity of the Fund's fixed income securities, and increased volatility of the fixed income markets. During periods when interest rates are at low levels, the Fund's yield can be low, and the Fund may have a negative yield (i.e., it may lose money on an operating basis). To the extent that interest rates fall, certain underlying obligations may be paid off substantially faster than originally anticipated. If the principal on a debt obligation is prepaid before expected, the prepayments of principal may have to be

------

reinvested in obligations paying interest at lower rates. During periods of falling interest rates, the income received by the Fund may decline. Changes in interest rates will likely have a greater effect on the values of debt securities of longer durations. Returns on investments in debt securities could trail the returns on other investment options, including investments in equity securities. The U.S. Federal Reserve has been engaged in an aggressive campaign to raise interest rates in an effort to combat historically high levels of inflation. Interest rate increases may continue. High levels of inflation and/or a significantly changing interest rate environment can lead to heightened levels of volatility and reduced liquidity. See also "Extension Risk" and "Credit Risk" in the section titled "Additional Information about Investment Objectives, Principal Strategies, and Risks - Additional Information About Risks."

***Management Risk:*** The Fund is actively managed. The Adviser's judgments about the attractiveness, relative value, or potential appreciation of a particular sector, security, commodity or investment strategy may prove to be incorrect, and may cause the Fund to incur losses. There can be no assurance that the Adviser's investment techniques and decisions will produce the desired results.

***Below Investment-Grade Securities Risk:*** Lower-quality debt securities ("high yield" or "junk" bonds) are considered predominantly speculative, and can involve a substantially greater risk of default than higher quality debt securities. Issuers of lower-quality debt securities may have substantially greater risk of insolvency or bankruptcy than issuers of higher-quality debt securities. They can be illiquid, and their values can have significant volatility and may decline significantly over short periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about the issuer, or the market or economy in general.

***Derivatives Risk:*** Derivative transactions can create investment leverage and may have significant volatility. It is possible that a derivative transaction will result in a much greater loss than the principal amount invested, that changes in the value of a derivative transaction may not correlate perfectly with the underlying asset, and that the Fund may not be able to close out a derivative transaction at a favorable time or price. The counterparty to a derivatives contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations. A derivatives transaction may not behave in the manner anticipated by the Adviser or may not have the effect on the Fund anticipated by the Adviser.

***Counterparty Risk:*** The Fund will be subject to credit risk with respect to the counterparties with which the Fund enters into derivatives contracts, repurchase agreements, reverse repurchase agreements, and other transactions. If a counterparty fails to meet its contractual obligations, the Fund may be unable to terminate or realize any gain on the investment or transaction, or to recover collateral posted to the counterparty, resulting in a loss to the Fund. If the Fund holds collateral posted by its counterparty, it may be delayed or prevented from realizing on the collateral in the event of a bankruptcy or insolvency proceeding relating to the counterparty.

***Emerging Markets Risk:*** Risks of investing in emerging markets include, among others, greater political and economic instability, greater volatility in currency exchange rates, less developed securities markets, possible trade barriers, currency transfer restrictions, a more limited number of potential buyers and issuers, an emerging market country's dependence on revenue from particular commodities or international aid, less governmental supervision and regulation, unavailability of currency hedging techniques, differences in auditing and financial reporting standards, less stringent investor protection and disclosure standards, less developed public health systems, and less developed legal systems. There is also the potential for unfavorable action such as expropriation, nationalization, embargo, and acts of war. The securities of emerging market companies may trade less frequently and in smaller volumes than more widely held securities. Market disruptions or substantial market corrections may limit very significantly the liquidity of securities of certain companies in a particular country or geographic region, or of all companies in the country or region. The Fund may be unable to liquidate its positions in such securities at any time, or at a favorable price, in order to meet the Fund's obligations. These risks are generally greater for investments in frontier market countries, which typically have smaller economies or less developed capital markets than traditional emerging market countries.

***Equity Investing Risk:*** The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.

------

***Exchange Traded Products Risk:*** The Fund is subject to substantially the same risks as those associated with the direct ownership of the securities represented by the ETPs in which it invests. In addition, the shares of certain ETPs may trade at a premium or discount to their intrinsic value (*i.e.*, the market value may differ from the net asset value of an exchange-traded fund's ("ETF") shares) for a number of reasons. For example, supply and demand for shares of an ETF or market disruptions may cause the market price of the ETF to deviate from the value of the ETF's investments, which may be exacerbated in less liquid markets. The value of an exchange traded note may also differ from the valuation of its reference market due to changes in the issuer's credit rating.

***Affiliated ETP Risk:*** The Adviser may receive management or other fees from the ETPs ("Affiliated ETPs") in which the Fund may invest, as well as a management fee for managing the Fund. It is possible that a conflict of interest among the Fund and the Affiliated ETPs could affect how the Adviser fulfills its fiduciary duties to the Fund and the Affiliated ETPs. Because the amount of the investment management fees to be retained by the Adviser may differ depending upon the Affiliated ETPs in which the Fund invests, there is a conflict of interest for the Adviser in selecting the Affiliated ETPs. In addition, the Adviser may have an incentive to take into account the effect on an Affiliated ETP in which the Fund may invest in determining whether, and under what circumstances, to purchase or sell shares in that Affiliated ETP. Although the Adviser takes steps to address the conflicts of interest, it is possible that the conflicts could impact the Fund.

***Interest Rate Risk:*** Interest rate risk is the risk that the securities held by a Fund will decline in value because of increases in market interest rates. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. Debt securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than debt securities with shorter durations. For example, the value of a security with a duration of five years would be expected to decrease by 5% for every 1% increase in interest rates. Falling interest rates also create the potential for a decline in a Fund's income and yield. Interest-only and principal-only securities are especially sensitive to interest rate changes, which can affect not only their prices but can also change the income flows and repayment assumptions about those investments. Variable and floating rate securities also generally increase or decrease in value in response to changes in interest rates, although generally to a lesser degree than fixed-rate securities. A substantial increase in interest rates may also have an adverse impact on the liquidity of a security, especially those with longer durations. Changes in governmental policy, including changes in central bank monetary policy, could cause interest rates to rise rapidly, or cause investors to expect a rapid rise in interest rates. This could lead to heightened levels of interest rate, volatility and liquidity risks for the fixed income markets generally and could have a substantial and immediate effect on the values of a Fund's investments. The U.S. Federal Reserve has been engaged in an aggressive campaign to raise interest rates in an effort to combat historically high levels of inflation. Interest rate increases may continue. High levels of inflation and/or a significantly changing interest rate environment can lead to heightened levels of volatility and reduced liquidity.

***Large Shareholder Risk:*** To the extent a large proportion of the shares of the Fund are held by a small number of shareholders (or a single shareholder), including funds or accounts over which the Adviser has investment discretion, the Fund is subject to the risk that these shareholders will purchase or redeem Fund Shares in large amounts rapidly or unexpectedly, including as a result of an asset allocation decision made by the Adviser. These transactions could adversely affect the ability of the Fund to conduct its investment program.

***Liquidity Risk:*** Lack of a ready market, stressed market conditions, or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price or at all. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. If the liquidity of the Fund's holdings deteriorates, it may lead to differences between the market price of Fund Shares and the net asset value of Fund Shares, and could result in the Fund Shares being less liquid. Illiquidity of the Fund's holdings may also limit the ability of the Fund to obtain cash to meet redemptions on a timely basis. In addition, the Fund, due to limitations on investments in any illiquid investments and/or the difficulty in purchasing and selling such investments, may be unable to achieve its desired level of exposure to a certain market or sector.

***Mortgage-Related and Other Asset-Backed Securities Risk:*** Investments in mortgage-related and other asset-backed securities are subject to the risk of significant credit downgrades, illiquidity, and defaults to a greater extent than many other types of fixed-income investments. The liquidity of mortgage-related and asset-backed securities may change over time. During periods of falling interest rates, mortgage- and asset-backed securities may be called or prepaid, which may result in the Fund having to reinvest proceeds in other investments at a lower interest rate. During periods of rising interest rates, the average life of mortgage- and asset-backed securities may extend, which may lock in a below-market interest rate, increase the security's duration and interest rate sensitivity, and reduce the value of the security. Enforcing rights against the underlying assets or collateral may be difficult, and the underlying assets or collateral may be insufficient if the issuer defaults.

------

***Municipal Obligations Risk:*** Issuers, including governmental issuers, may be unable to pay their obligations as they come due. The values of municipal obligations may be adversely affected by local political and economic conditions and developments. In addition, the values of municipal obligations that depend on a specific revenue source to fund their payment obligations may fluctuate as a result of actual or anticipated changes in the cash flows generated by the revenue source or changes in the priority of the municipal obligation to receive the cash flows generated by the revenue source. Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund's ability to sell its municipal obligations at attractive prices, particularly in stressed market conditions. The differences between the price at which an obligation can be purchased and the price at which it can be sold may widen during periods of market distress. Less liquid obligations can become more difficult to value and be subject to erratic price movements. In addition, changes in federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal obligations. Loss of tax-exempt status may result in a significant decline in the values of such municipal obligations.

***Non-U.S. Securities Risk:*** Non-U.S. securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. There may be less information publicly available about a non-U.S. entity than about a U.S. entity, and many non-U.S. entities are not subject to accounting, auditing, legal and financial report standards comparable to those in the United States. Further, such entities and/or their securities may be subject to risks associated with currency controls; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. Foreign governments may impose restrictions on the repatriation of capital to the U.S. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Investments in depositary receipts may be less liquid and more volatile than the underlying shares in their primary trading market.

***Portfolio Turnover Risk:*** Frequent purchases and sales of portfolio securities may result in higher Fund expenses.

***Risk of Investment in Other Pools:*** If the Fund invests in another pooled investment vehicle, it is exposed to the risk that the other pool will not perform as expected and is exposed indirectly to all of the risks applicable to an investment in such other pool. The investment policies of the other pool may not be the same as those of the Fund; as a result, an investment in the other pool may be subject to additional or different risks than those to which the Fund is typically subject. The Fund bears its proportionate share of the fees and expenses of any pool in which it invests. The Adviser or an affiliate may serve as investment adviser to a pool in which the Fund may invest, leading to potential conflicts of interest. It is possible that other clients of the Adviser or its affiliates will purchase or sell interests in a pool sponsored or managed by the Adviser or its affiliates at prices and at times more favorable than those at which the Fund does so.

***U.S. Government Securities Risk:*** Certain U.S. government securities are supported by the full faith and credit of the United States; others are supported by the right of the issuer to borrow from the U.S. Treasury; others are supported by the discretionary authority of the U.S. government to purchase the agency's obligations; and still others are supported only by the credit of the issuing agency, instrumentality, or enterprise. Although U.S. government-sponsored enterprises such as the Federal Home Loan Mortgage Corporation ("Freddie Mac") and the Federal National Mortgage Association ("Fannie Mae") may be chartered or sponsored by Congress, they are not funded by Congressional appropriations, and their securities are not issued by the U.S. Treasury, are not supported by the full faith and credit of the U.S. government, and involve increased credit risks.

***Valuation Risk:*** Some portfolio holdings, potentially a large portion of the Fund's investment portfolio, may be valued on the basis of factors other than market quotations. This may occur more often in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including "fair valued" securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. Investors who purchase or redeem Fund Shares on days when

------

the Fund is holding fair-valued investments may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the Fund had not fair-valued the holding(s) or had used a different valuation methodology.

**Performance**

The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund's returns from year-to-year and by showing how the Fund's average annual returns for the periods indicated compared with those of a broad-based benchmark index. The bar chart shows how the Fund's returns have varied for each full calendar year shown. Returns shown for periods prior to May 24, 2021 reflect the past performance of the General Electric RSP Income Fund, the performance predecessor of the Fund. The General Electric RSP Income Fund was managed by using investment policies, objectives, guidelines and restrictions that were substantially similar to those of the Fund. GE Asset Management Incorporated ("GEAM") served as the Fund's investment adviser until 2016, when State Street Corporation ("State Street"), the ultimate parent company of the Adviser, acquired substantially all of the assets of GEAM. The Fund's past performance does not necessarily indicate how the Fund will perform in the future. Current performance information for the Fund is available toll free by calling (800) 242-0134 or by visiting our website at www.ssga.com.

**Annual Total Returns** (years ended 12/31)

![](g436157g3imgcd640e9b1.jpg)

Highest Quarterly Return: 4.79% (Q2, 2020)

Lowest Quarterly Return: -6.26% (Q1, 2022)

**Average Annual Total Returns** (for periods ended 12/31/22)

After tax returns have been omitted because all shareholders who purchase shares under this Prospectus hold Fund shares through tax-deferred arrangements.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>| **Inception**<br> **Date**<br>|
| State Street Income Fund |  |  |  | 01/03/1980 |
| Return Before Taxes | -13.39% | 0.13% | 1.32% |  |
| Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, <br> expenses or taxes)<br>| -13.01% | 0.02% | 1.06% |  |

---

**Investment Adviser** 

SSGA FM serves as the investment adviser to the Fund.

The professionals primarily responsible for the day-to-day management of the Fund are Matthew Nest and James Palmieri. Mr. Nest and Mr. Palmieri have served as portfolio managers of the Fund since 2018 and 2019, respectively.

Matthew Nest, CFA, is a Managing Director of the Adviser and the Global Head of Active Fixed Income. He joined the Adviser in 2016.

James Palmieri, CFA, is a Managing Director of the Adviser, a Senior Portfolio Manager, and Head of Structured Credit for the Fundamental Active Fixed Income Team. He joined the Adviser in 2016 through the acquisition of GEAM by the ultimate parent company of State Street Global Advisors.

------

**Purchase and Sale of Fund Shares**

**Purchase minimums**

There are no minimum purchase amounts for initial or additional investments.

You may purchase or redeem Fund Shares on any day the Fund is open for business.

*For General Electric Retirement Savings Plan Participants:* 

• Visit benefits.ge.com and click on My GE RSP.

• Call the GE RSP Service Center at 1-877-55-GERSP (1-877-554-3777) between 8:30 a.m. and 8:30 p.m., Eastern time, on any day the New York Stock Exchange is open for trading.

*For the Plan:* 

• You may redeem Fund Shares by written request or wire transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Written requests should be sent to:

<u>By Mail:</u> 

State Street Global Advisors

c/o U.S. Bank Global Fund Services

P.O. Box 701

Milwaukee, WI 53201-0701

<u>By Overnight:</u> 

State Street Global Advisors

c/o U.S. Bank Global Fund Services

615 East Michigan Street

Milwaukee, WI 53202-5207

• Calling us at (800) 242-0134; or

• By accessing the Fund's website at www.ssga.com.

**Tax Information**

Since you are investing through a tax-deferred 401(k) plan, dividends and capital gains distributions you receive from the Fund are not subject to federal income taxes or other taxes at the time of their distribution, but may be subject to federal income tax upon withdrawal.

------

**State Street U.S. Core Equity Fund**

**Investment Objectives**

The investment objective of the State Street U.S. Core Equity Fund (the "Fund") is to seek long-term growth of capital.

**Fees and Expenses of the Fund**

The tables below describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund ("Fund Shares"). **You may pay brokerage commissions and other fees to financial intermediaries which are not reflected in the tables and examples below**. More information about these and other discounts is available from your financial intermediary ("Financial Intermediary") and in the "Investing in Funds Shares" section of the Fund's Prospectus.

**Shareholder Fees** (fees paid directly from your investment)

---

| |
|:---|
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the sale proceeds or the original offering price) |

---

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| Management Fee | 0.12% |
| Distribution and/or Shareholder Service (12b-1) Fees |  |
| Other Expenses | 0.04% |
| Total Annual Fund Operating Expenses | 0.16% |

---

**Example:**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 year** | **3 years** | **5 years** | **10 years** |
| $16 | $52 | $90 | $205 |

---

**Portfolio Turnover:**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 30% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal circumstances, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of U.S. companies, such as common and preferred stocks. The Fund considers a company to be a U.S. company if it generates at least 50% of its revenues or profits from business activities in the U.S., has at least 50% of its assets situated in the U.S., or has the principal trading market for its securities in the U.S. At times, the Fund's investments may be focused in one or more market sectors, such as technology. The Fund will provide shareholders with at least sixty (60) days' notice prior to any change in its 80% investment policy.

------

Through fundamental company research involving analyzing financial statements and other information about a company, the portfolio managers primarily seek to identify securities of large and medium sized companies (meaning companies with market capitalizations of $2 billion or more) that they believe have desirable characteristics for the Fund such as:

&nbsp;&nbsp;&nbsp;&nbsp;• low valuations in relation to their peers, the market, their historical valuations or their growth rate potential;

&nbsp;&nbsp;&nbsp;&nbsp;• appropriate capital structures (i.e., in the opinion of SSGA Funds Management, Inc. (the "Adviser" or "SSGA FM"), appropriate levels of debt and financial leverage under the circumstances); and/or

&nbsp;&nbsp;&nbsp;&nbsp;• high quality management focused on generating shareholder value.

The portfolio managers may consider selling a security when one of these characteristics no longer applies, when the portfolio managers believe that the valuation has become excessive, or when more attractive alternatives are identified.

The Fund also may invest up to 15% of its net assets (plus any borrowings for investment purposes) in foreign securities and up to 20% of its net assets (plus any borrowings for investment purposes) in debt securities. The portfolio managers may also use various types of derivative instruments (such as futures, options and forward contracts) to gain or hedge exposure to certain types of securities as an alternative to investing directly in or selling such securities. The Fund may short sell securities. The Fund may also invest in real estate investment trusts ("REITs"), and other registered investment companies, including exchange-traded funds ("ETFs").

**Principal Risks**

The Fund is subject to the following principal risks. You could lose money by investing in the Fund. Certain risks relating to instruments and strategies used in the management of the Fund are placed first. The significance of any specific risk to an investment in the Fund will vary over time, depending on the composition of the Fund's portfolio, market conditions, and other factors. You should read all of the risk information presented below carefully, because any one or more of these risks may result in losses to the Fund. **An investment in the Fund is subject to investment risks, including possible loss of principal, is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.** The Fund may not achieve its investment objective. The Fund is not intended to be a complete investment program, but rather is intended for investment as part of a diversified investment portfolio. Investors should consult their own advisers as to the role of the Fund in their overall investment programs.

***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, 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 Investing Risk:*** The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.

***Management Risk:*** The Fund is actively managed. The Adviser's judgments about the attractiveness, relative value, or potential appreciation of a particular sector, security, commodity or investment strategy may prove to be incorrect, and may cause the Fund to incur losses. There can be no assurance that the Adviser's investment techniques and decisions will produce the desired results.

***Large-Capitalization Securities Risk:*** Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial,

------

or other market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.

***Mid-Capitalization Securities Risk:*** The securities of mid-capitalization companies may be more volatile and may involve more risk than the securities of larger companies. These companies may have limited product lines, markets or financial resources, may lack the competitive strength of larger companies, and may depend on a few key employees. In addition, these companies may have been recently organized and may have little or no track record of success. The securities of mid-sized companies may trade less frequently and in smaller volumes than more widely held securities. Some securities of mid-sized issuers may be illiquid or may be restricted as to resale, and their values may be volatile.

***REIT Risk:*** REITs are subject to the risks associated with investing in the securities of real property companies. In particular, REITs may be affected by changes in the values of the underlying properties that they own or operate. Further, REITs are dependent upon specialized management skills, and their investments may be concentrated in relatively few properties, or in a small geographic area or a single property type. REITs are also subject to heavy cash flow dependency and, as a result, are particularly reliant on the proper functioning of capital markets. A variety of economic and other factors may adversely affect a lessee's ability to meet its obligations to a REIT. In the event of a default by a lessee, the REIT may experience delays in enforcing its rights as a lessor and may incur substantial costs associated in protecting its investments. In addition, a REIT could fail to qualify for favorable regulatory treatment.

***Counterparty Risk:*** The Fund will be subject to credit risk with respect to the counterparties with which the Fund enters into derivatives contracts, repurchase agreements, reverse repurchase agreements, and other transactions. If a counterparty fails to meet its contractual obligations, the Fund may be unable to terminate or realize any gain on the investment or transaction, or to recover collateral posted to the counterparty, resulting in a loss to the Fund. If the Fund holds collateral posted by its counterparty, it may be delayed or prevented from realizing on the collateral in the event of a bankruptcy or insolvency proceeding relating to the counterparty.

***Debt Securities Risk:*** The values of debt securities may increase or decrease as a result of the following: market fluctuations, changes in interest rates, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments, or illiquidity in debt securities markets. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. A rising interest rate environment may cause the value of the Fund's fixed income securities to decrease, an adverse impact on the liquidity of the Fund's fixed income securities, and increased volatility of the fixed income markets. During periods when interest rates are at low levels, the Fund's yield can be low, and the Fund may have a negative yield (i.e., it may lose money on an operating basis). To the extent that interest rates fall, certain underlying obligations may be paid off substantially faster than originally anticipated. If the principal on a debt obligation is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. During periods of falling interest rates, the income received by the Fund may decline. Changes in interest rates will likely have a greater effect on the values of debt securities of longer durations. Returns on investments in debt securities could trail the returns on other investment options, including investments in equity securities. The U.S. Federal Reserve has been engaged in an aggressive campaign to raise interest rates in an effort to combat historically high levels of inflation. Interest rate increases may continue. High levels of inflation and/or a significantly changing interest rate environment can lead to heightened levels of volatility and reduced liquidity. See also "Extension Risk" and "Credit Risk" in the section titled "Additional Information about Investment Objectives, Principal Strategies, and Risks - Additional Information About Risks."

***Derivatives Risk:*** Derivative transactions can create investment leverage and may have significant volatility. It is possible that a derivative transaction will result in a much greater loss than the principal amount invested, that changes in the value of a derivative transaction may not correlate perfectly with the underlying asset, and that the Fund may not be able to close out a derivative transaction at a favorable time or price. The counterparty to a derivatives contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations. A derivatives transaction may not behave in the manner anticipated by the Adviser or may not have the effect on the Fund anticipated by the Adviser.

------

***Exchange-Traded Funds Risk:*** The Fund is subject to substantially the same risks as those associated with the direct ownership of the securities represented by an underlying ETF in which it invests.Also, the Fund bears its proportionate share of the fees and expenses of an underlying ETF in which it invests. In addition, the shares of an underlying ETF may trade at a premium or discount to their intrinsic value (*i.e.*, the market value may differ from the net asset value of an ETF's shares) for a number of reasons. For example, supply and demand for shares of an underlying ETF or market disruptions may cause the market price of the underlying ETF to deviate from the value of the underlying ETF's investments, which may be exacerbated in less liquid markets.

***Growth Stock Risk:*** The prices of growth stocks may be based largely on expectations of future earnings, and their prices can decline rapidly and significantly in reaction to negative news. Growth stocks may underperform value stocks and stocks in other broad style categories (and the stock market as a whole) over any period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors.

***Large Shareholder Risk:*** To the extent a large proportion of the shares of the Fund are held by a small number of shareholders (or a single shareholder), including funds or accounts over which the Adviser has investment discretion, the Fund is subject to the risk that these shareholders will purchase or redeem Fund Shares in large amounts rapidly or unexpectedly, including as a result of an asset allocation decision made by the Adviser. These transactions could adversely affect the ability of the Fund to conduct its investment program.

***Non-U.S. Securities Risk:*** Non-U.S. securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. There may be less information publicly available about a non-U.S. entity than about a U.S. entity, and many non-U.S. entities are not subject to accounting, auditing, legal and financial report standards comparable to those in the United States. Further, such entities and/or their securities may be subject to risks associated with currency controls; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. Foreign governments may impose restrictions on the repatriation of capital to the U.S. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Investments in depositary receipts may be less liquid and more volatile than the underlying shares in their primary trading market.

***Risk of Investment in Other Pools:*** If the Fund invests in another pooled investment vehicle, it is exposed to the risk that the other pool will not perform as expected and is exposed indirectly to all of the risks applicable to an investment in such other pool. The investment policies of the other pool may not be the same as those of the Fund; as a result, an investment in the other pool may be subject to additional or different risks than those to which the Fund is typically subject. The Fund bears its proportionate share of the fees and expenses of any pool in which it invests. The Adviser or an affiliate may serve as investment adviser to a pool in which the Fund may invest, leading to potential conflicts of interest. It is possible that other clients of the Adviser or its affiliates will purchase or sell interests in a pool sponsored or managed by the Adviser or its affiliates at prices and at times more favorable than those at which the Fund does so.

***Short Sale Risk:*** Short sales are transactions in which the Fund sells a security it does not own. To complete the transaction, the Fund must borrow the security to make delivery to the buyer. The Fund is then obligated to replace the security borrowed by purchasing the security at the market price at the time of replacement. The price at such time may be higher or lower than the price at which the security was sold by the Fund. If the underlying security goes down in price between the time the Fund sells the security and buys it back, the Fund will realize a gain on the transaction. Conversely, if the underlying security goes up in price during the period, the Fund will realize a loss on the transaction. Any such loss is increased by the amount of premium or interest the Fund must pay to the lender of the security. Likewise, any gain will be decreased by the amount of premium or interest the Fund must pay to the lender of the security.

***Information Technology Sector Risk:*** Market or economic factors impacting information technology companies could have a major effect on the value of the Fund's investments. The value of stocks of information technology companies is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Like other technology companies, information technology companies may have limited product lines, markets, financial resources or personnel. Stocks of technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.

------

***Value Stock Risk:*** A "value" style of investing is subject to the risk that the returns on "value" equity securities are less than returns on other styles of investing or the overall stock market. Value stocks present the risk that they may decline in price or never reach their expected full market value, either because the market fails to recognize a stock's intrinsic worth or the Adviser overestimates the stock's expected value.

**Performance**

The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund's returns from year-to-year and by showing how the Fund's average annual returns for the periods indicated compared with those of a broad-based benchmark index. The bar chart shows how the Fund's returns have varied for each full calendar year shown. Returns shown for periods prior to May 24, 2021 reflect the past performance of the General Electric RSP U.S. Equity Fund, the performance predecessor of the Fund. The General Electric RSP U.S. Equity Fund was managed by using investment policies, objectives, guidelines and restrictions that were substantially similar to those of the Fund. GE Asset Management Incorporated ("GEAM") served as the Fund's investment adviser until 2016, when State Street Corporation ("State Street"), the ultimate parent company of the Adviser, acquired substantially all of the assets of GEAM. The Fund's past performance does not necessarily indicate how the Fund will perform in the future. Current performance information for the Fund is available toll free by calling (800) 242-0134 or by visiting our website at www.ssga.com.

**Annual Total Returns** (years ended 12/31)

![](g436157g3img6e2a02072.jpg)

Highest Quarterly Return: 21.61% (Q2, 2020)

Lowest Quarterly Return: -17.71% (Q1, 2020)

**Average Annual Total Returns** (for periods ended 12/31/22)

After tax returns have been omitted because all shareholders who purchase shares under this Prospectus hold Fund shares through tax-deferred arrangements.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>| **Inception**<br> **Date**<br>|
| State Street US Core Equity Fund |  |  |  | 01/01/1980 |
| Return Before Taxes | -18.24% | 10.40% | 12.55% |  |
| S&P 500 Index (reflects no deduction for fees, expenses or taxes) | -18.11% | 9.42% | 12.56% |  |

---

**Investment Adviser** 

SSGA FM serves as the investment adviser to the Fund.

The professionals primarily responsible for the day-to-day management of the Fund are Michael Solecki, Paul Nestro and Chris Sierakowski. Mr. Solecki has served as a portfolio manager of the Fund since 2019, Mr. Nestro has served as a portfolio manager of the Fund since 2018 and Mr. Sierakowski has served as a portfolio manager of the Fund since 2017.

------

Michael Solecki, CFA, is a Senior Managing Director of the Adviser, Portfolio Manager and the Chief Investment Officer for Fundamental Growth and Core Equity. He joined the Adviser in 2016 through the acquisition of GEAM by the ultimate parent company of State Street Global Advisors.

Paul Nestro, CFA, is a Managing Director of the Adviser and the Director of Fundamental Growth and Core Equity Research. He joined the Adviser in 2016 through the acquisition of GEAM by the ultimate parent company of State Street Global Advisors.

Chris Sierakowski, CFA, is a Managing Director of the Adviser and a Portfolio Manager in the Fundamental Growth and Core U.S. Equity Group. He joined the Adviser in 2016 through the acquisition of GEAM by the ultimate parent company of State Street Global Advisors.

**Purchase and Sale of Fund Shares**

**Purchase minimums**

There are no minimum purchase amounts for initial or additional investments.

You may purchase or redeem Fund Shares on any day the Fund is open for business.

*For General Electric Retirement Savings Plan Participants:* 

• Visit benefits.ge.com and click on My GE RSP.

• Call the GE RSP Service Center at 1-877-55-GERSP (1-877-554-3777) between 8:30 a.m. and 8:30 p.m., Eastern time, on any day the New York Stock Exchange is open for trading.

*For the Plan:* 

• You may redeem Fund Shares by written request or wire transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Written requests should be sent to:

<u>By Mail:</u> 

State Street Global Advisors

c/o U.S. Bank Global Fund Services

P.O. Box 701

Milwaukee, WI 53201-0701

<u>By Overnight:</u> 

State Street Global Advisors

c/o U.S. Bank Global Fund Services

615 East Michigan Street

Milwaukee, WI 53202-5207

• Calling us at (800) 242-0134; or

• By accessing the Fund's website at www.ssga.com.

**Tax Information**

Since you are investing through a tax-deferred 401(k) plan, dividends and capital gains distributions you receive from the Fund are not subject to federal income taxes or other taxes at the time of their distribution, but may be subject to federal income tax upon withdrawal.

------

**Additional Information About Investment Objectives, Principal Strategies and Risks**

**Investment Objectives**

The State Street Institutional Investment Trust's (the "Trust") Board of Trustees (the "Board") may change each Fund's investment strategies and other policies without shareholder approval, except as otherwise indicated. The Board may change each Fund's investment objective without shareholder approval.

**Principal Investment Strategies**

***State Street Income Fund***

Under normal circumstances, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets in debt securities.

The Fund invests significantly in a variety of investment-grade debt securities, such as agency mortgage-backed securities, asset-backed securities, corporate bonds, municipal obligations, government securities and money market instruments. Investment-grade securities include securities rated Baa3 or higher by Moody's or BBB- or higher by S&P (and securities of comparable quality as determined by the Adviser). The Fund normally has a weighted average effective maturity of approximately five to ten years, but is subject to no limitation with respect to the maturities of the instruments in which it may invest.

U.S. Government securities are securities that are issued or guaranteed as to principal or interest by the U.S. Government or one of its agencies or instrumentalities. Some U.S. Government securities are backed by the full faith and credit of the U.S. Government, such as U.S. Treasury bills and notes and obligations of Government National Mortgage Association ("Ginnie Mae"). Other U.S. Government securities are neither issued by nor guaranteed by the full faith and credit of the U.S. Government, including those issued by Federal National Mortgage Association ("Fannie Mae") and Federal Home Loan Mortgage Corporation ("Freddie Mac"). Fannie Mae and Freddie Mac have been operating under a conservatorship since 2008, with the Federal Housing Finance Agency acting as their conservator, and receive certain financing support from and have access to certain borrowing arrangements with the U.S. Treasury.

The portfolio managers seek to identify debt securities that they believe have desirable characteristics for the Fund such as:

&nbsp;&nbsp;&nbsp;&nbsp;• attractive yields and prices;

&nbsp;&nbsp;&nbsp;&nbsp;• the potential for capital appreciation; and/or

&nbsp;&nbsp;&nbsp;&nbsp;• reasonable credit quality.

The portfolio managers may consider selling a security when one of these characteristics no longer applies, when the portfolio managers believe that the valuation has become excessive, or when more attractive alternatives are identified.

The Fund also may invest up to 20% of its net assets in high yield securities (also known as below investment grade bonds or "junk bonds"). The Fund may also invest up to 20% of its net assets in exchange-traded products ("ETPs"), including exchange-traded funds, that provide exposure to such investments, including ETPs that pay fees to the Adviser and its affiliates for management, marketing or other services; mutual funds; and other commingled investments. High yield securities are those rated BB+ or lower by S&P or Ba1 or lower by Moody's (and securities of comparable quality as determined by the Adviser). The Fund also may invest up to 35% of its net assets in foreign (including emerging markets) debt securities, and up to 20% of its net assets in equity securities.

The portfolio managers may also use various types of derivative instruments (such as futures contracts, interest rate and credit default swaps, options and forward contracts) to manage yield, duration (a measure of a bond price's sensitivity to a given change in interest rates) and exposure to credit quality, and to gain or hedge exposure to certain securities, indices or market segments.

The Fund may engage in active and frequent trading of its portfolio securities.

------

***State Street U.S. Core Equity Fund***

Under normal circumstances, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of U.S. companies, such as common and preferred stocks. The Fund considers a company to be a U.S. company if it generates at least 50% of its revenues or profits from business activities in the U.S., has at least 50% of its assets situated in the U.S., or has the principal trading market for its securities in the U.S. At times, the Fund's investments may be focused in one or more market sectors, such as technology. The Fund will provide shareholders with at least sixty (60) days' notice prior to any change in its 80% investment policy.

Through fundamental company research involving analyzing financial statements and other information about a company, the portfolio managers primarily seek to identify securities of large and medium sized companies (meaning companies with market capitalizations of $2 billion or more) that they believe have desirable characteristics for the Fund such as:

&nbsp;&nbsp;&nbsp;&nbsp;• low valuations in relation to their peers, the market, their historical valuations or their growth rate potential;

&nbsp;&nbsp;&nbsp;&nbsp;• appropriate capital structures (i.e., in the opinion of the Adviser, appropriate levels of debt and financial leverage under the circumstances); and/or

&nbsp;&nbsp;&nbsp;&nbsp;• high quality management focused on generating shareholder value.

The portfolio managers may consider selling a security when one of these characteristics no longer applies, when the portfolio managers believe that the valuation has become excessive, or when more attractive alternatives are identified.

The Fund also may invest up to 15% of its net assets (plus any borrowings for investment purposes) in foreign securities and up to 20% of its net assets (plus any borrowings for investment purposes) in debt securities. The portfolio managers may also use various types of derivative instruments (such as futures, options and forward contracts) to gain or hedge exposure to certain types of securities as an alternative to investing directly in or selling such securities. The Fund may short sell securities. The Fund may also invest in real estate investment trusts ("REITs"), and other registered investment companies, including exchange-traded funds ("ETFs").

**Additional Information About Risks**

The Funds are subject to the following risks. The risks are described in alphabetical order and not in the order of importance or potential exposure. Each principal risk without a parenthetical indicating a single Fund's name is applicable to both Funds.

*Below Investment-Grade Securities Risk (principal risk for State Street Income Fund)*. Securities rated below investment-grade and unrated securities of comparable credit quality (commonly known as "high-yield" or "junk" bonds) lack strong investment-grade characteristics, are considered predominantly speculative with respect to the issuer's continuing ability to make principal and interest payments, and are subject to greater levels of credit, liquidity and market risk than higher-rated securities. They can involve a substantially greater risk of default than higher-rated securities, and their values can decline significantly over short periods of time. Issuers of lower-quality debt securities may have substantially greater risk of insolvency or bankruptcy than issuers of higher-quality debt securities. In the event the issuer of a debt security held by a Fund defaults on its payments or becomes insolvent or bankrupt, the Fund may not receive the return it was promised on the investment and could lose its entire investment. The lower ratings of junk bonds reflect a greater possibility that actual or perceived adverse changes in the financial condition of the issuer or in general economic conditions, or an unanticipated rise in interest rates, may impair the ability of the issuer to make payments of interest and principal. If this were to occur, the values of such securities held by a Fund may fall substantially and the Fund could lose some or all of the value of its investment. Lower-quality debt securities tend to be more sensitive to adverse news about the issuer, or the market or economy in general, than higher quality debt securities. The market for lower quality debt securities can be less liquid than for higher quality debt securities, especially during periods of recession or general market decline, which could make it difficult at times for a Fund to sell certain securities at prices used in calculating the Fund's net asset value. These securities may have significant volatility.

*Call/Prepayment Risk*. Call/prepayment risk is the risk that an issuer will exercise its right to pay principal on an obligation held by a Fund earlier than expected or required. This may occur, for example, when there is a decline in interest rates, and an issuer of bonds or preferred stock redeems the bonds or stock in order to replace them with obligations on

------

which it is required to pay a lower interest or dividend rate. It may also occur when there is an unanticipated increase in the rate at which mortgages or other receivables underlying mortgage- or asset-backed securities held by a Fund are prepaid. In any such case, a Fund may be forced to invest the prepaid amounts in lower-yielding investments, resulting in a decline in the Fund's income.

*Company Risk*. Changes in the financial condition of a company or other issuer, changes in specific market, economic, political, regulatory, geopolitical, and other conditions that affect a particular type of investment or issuer, and changes in general market, economic, political, regulatory, geopolitical and other conditions can adversely affect the price of an investment. The price of securities of smaller, less well-known issuers can be more volatile than the price of securities of larger issuers or the market in general.

*Counterparty Risk*. A Fund will be subject to credit risk with respect to the counterparties with which the Fund enters into derivatives contracts and other transactions such as repurchase agreements or reverse repurchase agreements. A Fund's ability to profit from these types of investments and transactions will depend on the willingness and ability of its counterparty to perform its obligations. If a counterparty fails to meet its contractual obligations, a Fund may be unable to terminate or realize any gain on the investment or transaction, resulting in a loss to the Fund. A Fund may experience significant delays in obtaining any recovery in an insolvency, bankruptcy, or other reorganization proceeding involving its counterparty (including recovery of any collateral posted by it) and may obtain only a limited recovery or may obtain no recovery in such circumstances. If a Fund holds collateral posted by its counterparty, it may be delayed or prevented from realizing on the collateral in the event of a bankruptcy or insolvency proceeding relating to the counterparty. Under applicable law or contractual provisions, including if a Fund enters into an investment or transaction with a financial institution and such financial institution (or an affiliate of the financial institution) experiences financial difficulties, then the Fund may in certain situations be prevented or delayed from exercising its rights to terminate the investment or transaction, or to realize on any collateral and may result in the suspension of payment and delivery obligations of the parties under such investment or transactions or in another institution being substituted for that financial institution without the consent of the Fund. Further, a Fund may be subject to "bail-in" risk under applicable law whereby, if required by the financial institution's authority, the financial institution's liabilities could be written down, eliminated or converted into equity or an alternative instrument of ownership. A bail-in of a financial institution may result in a reduction in value of some or all of its securities and, if a Fund holds such securities or has entered into a transaction with such a financial security when a bail-in occurs, such Fund may also be similarly impacted.

*Credit Risk*. Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security held by a Fund may be unable or unwilling, or may be perceived (whether by market participants, ratings agencies, pricing services or otherwise) as unable or unwilling, to make timely principal and/or interest payments, or to otherwise honor its obligations. It includes the risk that the security will be downgraded by a credit rating agency; generally, lower credit quality issuers present higher credit risks. An actual or perceived decline in creditworthiness of an issuer of a fixed-income security held by a Fund may result in a decrease in the value of the security. It is possible that the ability of an issuer to meet its obligations will decline substantially during the period when a Fund owns securities of the issuer or that the issuer will default on its obligations or that the obligations of the issuer will be limited or restructured.

The credit rating assigned to any particular investment does not necessarily reflect the issuer's current financial condition and does not reflect an assessment of an investment's volatility or liquidity. Securities rated in the lowest category of investment-grade are considered to have speculative characteristics. If a security held by a Fund loses its rating or its rating is downgraded, the Fund may nonetheless continue to hold the security in the discretion of the Adviser. In the case of asset-backed or mortgage-related securities, changes in the actual or perceived ability of the obligors on the underlying assets or mortgages to make payments of interest and/or principal may affect the values of those securities.

*Currency Risk.* Investments in issuers in different countries are often denominated in currencies other than the U.S. dollar. Changes in the values of those currencies relative to the U.S. dollar may have a positive or negative effect on the values of a Fund's investments denominated in those currencies. The values of other currencies relative to the U.S. dollar may fluctuate in response to, among other factors, interest rate changes, intervention (or failure to intervene) by national governments, central banks, or supranational entities such as the International Monetary Fund, the imposition of currency controls, and other political or regulatory developments. Currency values can decrease significantly both in the short term and over the long term in response to these and other developments. Continuing uncertainty as to the status

------

of the Euro and the Economic and Monetary Union of the European Union (the "EMU") has created significant volatility in currency and financial markets generally. Any partial or complete dissolution of the EMU, or any continued uncertainty as to its status, could have significant adverse effects on currency and financial markets, and on the values of a Fund's portfolio investments.

*Debt Securities Risk*. The values of debt securities may increase or decrease as a result of the following: market fluctuations, changes in interest rates, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments or illiquidity in debt securities markets. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. A rising interest rate environment may cause the value of a Fund's fixed income securities to decrease, an adverse impact on the liquidity of a Fund's fixed income securities, and increased volatility of the fixed income markets. During periods when interest rates are at low levels, a Fund's yield can be low, and a Fund may have a negative yield (i.e., it may lose money on an operating basis). To the extent that interest rates fall, certain underlying obligations may be paid off substantially faster than originally anticipated. If the principal on a debt obligation is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. During periods of falling interest rates, the income received by a Fund may decline. Changes in interest rates will likely have a greater effect on the values of debt securities of longer durations. Returns on investments in debt securities could trail the returns on other investment options, including investments in equity securities. The U.S. Federal Reserve has been engaged in an aggressive campaign to raise interest rates in an effort to combat historically high levels of inflation. Interest rate increases may continue. High levels of inflation and/or a significantly changing interest rate environment can lead to heightened levels of volatility and reduced liquidity.

*Derivatives Risk.* A derivative is a financial contract the value of which depends on, or is derived from, the value of an underlying asset, interest rate, or index. Derivative transactions typically involve leverage and may have significant volatility. It is possible that a derivative transaction will result in a loss greater than the principal amount invested, that changes in the value of a derivative transaction may not correlate perfectly with the underlying asset, and that a Fund may not be able to close out a derivative transaction at a favorable time or price. Risks associated with derivative instruments include potential changes in value in response to interest rate changes or other market developments or as a result of the counterparty's credit quality; the potential for the derivative transaction not to have the effect the Adviser anticipated or a different or less favorable effect than the Adviser anticipated; the failure of the counterparty to the derivative transaction to perform its obligations under the transaction or to settle a trade; possible mispricing or improper valuation of the derivative instrument; imperfect correlation in the value of a derivative with the asset, rate, or index underlying the derivative; the risk that a Fund may be required to post collateral or margin with its counterparty, and will not be able to recover the collateral or margin in the event of the counterparty's insolvency or bankruptcy; the risk that a Fund will experience losses on its derivatives investments and on its other portfolio investments, even when the derivatives investments may be intended in part or entirely to hedge those portfolio investments; the risks specific to the asset underlying the derivative instrument; lack of liquidity for the derivative instrument, including, without limitation, absence of a secondary trading market; the potential for reduced returns to a Fund due to losses on the transaction and an increase in volatility; the potential for the derivative transaction to have the effect of accelerating the recognition of gain; and legal risks arising from the documentation relating to the derivative transaction.

*Forward Currency Contracts Risk*. In a forward currency contract, a Fund agrees to buy in the future an amount in one currency in return for another currency, at an exchange rate determined at the time the contract is entered into. If currency exchange rates move against a Fund's position during the term of the contract, the Fund will lose money on the contract. There is no limit on the extent to which exchange rates may move against a Fund's position. The markets for certain currencies may at times become illiquid, and a Fund may be unable to enter into new forward contracts or to close out existing contracts. Forward currency contracts are entered into in the over-the-counter market, and a Fund's ability to profit from a contract will depend on the willingness and ability of its counterparty to perform its obligations under the contract. Use by a Fund of foreign currency forward contracts may give rise to investment leverage.

*Futures Contract Risk*. The risk of loss relating to the use of futures contracts is potentially unlimited. The ability to establish and close out positions in futures contracts will be subject to the development and maintenance of a liquid secondary market. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract or at any particular time. In the event no such market exists, it might not be possible to effect closing transactions, and a Fund will be unable to terminate the futures contract. In using futures contracts, a Fund will be reliant on the ability of the Adviser to predict market and price movements correctly; the skills needed to use

------

such futures contracts successfully are different from those needed for traditional portfolio management. If a Fund uses futures contracts for hedging purposes, there is a risk of imperfect correlation between movements in the prices of the futures contracts and movements in the securities or index underlying the futures contracts or movements in the prices of the Fund's investments that are the subject of such hedge. The prices of futures contracts, for a number of reasons, may not correlate perfectly with movements in the securities or index underlying them. For example, participants in the futures markets are subject to margin deposit requirements. Such requirements may cause investors to take actions with respect to their futures positions that they would not otherwise take. The margin requirements in the futures markets may be less onerous than margin requirements in the securities markets in general, and as a result those markets may attract more speculators than the securities markets do. Increased participation by speculators in those markets may cause temporary price distortions. Due to the possibility of price distortion, even a correct forecast of general market trends by the Adviser still may not result in a successful futures activity over a very short time period. The risk of a position in a futures contract may be very large compared to the relatively low level of margin a Fund is required to deposit. A Fund will typically be required to post margin with its futures commission merchant in connection with its transactions in futures contracts. In many cases, a relatively small price movement in a futures contract may result in immediate and substantial loss or gain to the investor relative to the size of a required margin deposit. A Fund will incur brokerage fees in connection with its futures transactions. In the event of an insolvency of the futures commission merchant or a clearing house, a Fund may not be able to recover all (or any) of the margin it has posted with the futures commission merchant, or to realize the value of any increase in the price of its positions, or it may experience a significant delay in doing so. The Commodity Futures Trading Commission (the "CFTC") and the various exchanges have established limits referred to as "speculative position limits" on the maximum net long or net short positions that any person and certain affiliated entities may hold or control in a particular futures contract. In addition, federal position limits apply to swaps that are economically equivalent to futures contracts that are subject to CFTC-set speculative limits. All positions owned or controlled by the same person or entity, even if in different accounts, must be aggregated for purposes of complying with position limits. It is possible that the positions of different clients managed by the Adviser may be aggregated for this purpose. Therefore, the trading decisions of the Adviser may have to be modified and positions held by a Fund liquidated in order to avoid exceeding such limits. The modification of investment decisions or the elimination of open positions, if it occurs, may adversely affect the performance of a Fund. A violation of position limits could also lead to regulatory action materially adverse to a Fund's investment strategy. In addition, exchanges may establish accountability levels applicable to a futures contract instead of position limits, provided that the futures contract is not subject to federal position limits. An exchange may order a person who holds or controls a position in excess of a position accountability level not to further increase its position, to comply with any prospective limit that exceeds the size of the position owned or controlled, or to reduce any open position that exceeds the position accountability level if the exchange determines that such action is necessary to maintain an orderly market. Position accountability levels could adversely affect a Fund's ability to establish and maintain positions in commodity futures contracts to which such levels apply, if the Fund were to trade in such contracts, and a Fund's ability to achieve its investment objective.

Futures contracts traded on markets outside the U.S. are not generally subject to the same level of regulation by the CFTC or other U.S. regulatory entities as contracts traded in the U.S., including without limitation as to the execution, delivery, and clearing of transactions. U.S. regulators neither regulate the activities of a foreign exchange, nor have the power to compel enforcement of the rules of the foreign exchange or the laws of the foreign country in question. Margin and other payments made by the Fund may not be afforded the same protections as are afforded those payments in the U.S., including in connection with the insolvency of an executing or clearing broker or a clearinghouse or exchange. Certain foreign futures contracts may be less liquid and more volatile than U.S. contracts.

*Swaps Risk.* A swap is a two-party contract that generally obligates the parties to exchange payments based on a specified reference security, basket of securities, security index or index component. Swaps can involve greater risks than direct investment in securities because swaps may be leveraged and are subject to counterparty risk (*e.g.*, the risk of a counterparty's defaulting on the obligation or bankruptcy), credit risk and pricing risk (*i.e.*, swaps may be difficult to value). Swaps may also be considered illiquid. It may not be possible for a Fund to liquidate a swap position at an advantageous time or price, which may result in significant losses.

*Options Risk*. The Funds' successful use of options depends on the ability of the Adviser to forecast market movements correctly. For example, if a Fund were to write a call option on a security based on the Adviser's expectation that the price of the security would fall, but the price were to rise instead, the Fund could be required to sell the security upon exercise at a price below the current market price. Similarly, if a Fund were to write a put option based on the Adviser's expectation that the price of the underlying security would rise, but the price were to fall instead, the

------

Fund could be required to purchase the security upon exercise at a price higher than the current market price. When a Fund purchases an option, it runs the risk that it will lose its entire investment in the option in a relatively short period of time, unless the Fund exercises the option or enters into a closing sale transaction before the option's expiration. If the price of the underlying security does not rise (in the case of a call) or fall (in the case of a put) to an extent sufficient to cover the option premium and transaction costs, a Fund will lose part or all of its investment in the option. This contrasts with an investment by a Fund in the underlying security, since the Fund will not realize a loss if the security's price does not change over a relatively short time period. The effective use of options also depends on a Fund's ability to terminate option positions at times when the Adviser deems it desirable to do so. There is no assurance that a Fund will be able to effect closing transactions at any particular time or at an acceptable price. The sale of options by a Fund may create investment leverage.

*Emerging Markets Risk (principal risk for State Street Income Fund)*. Investments in emerging markets are generally subject to a greater risk of loss than investments in developed markets. This may be due to, among other things, the possibility of greater market volatility, lower trading volume and liquidity, greater risk of expropriation, nationalization, and social, political and economic instability, greater reliance on a few industries, international trade or revenue from particular commodities, less developed accounting, legal and regulatory systems, higher levels of inflation, deflation or currency devaluation, greater risk of market shut down, and more significant governmental limitations on investment policy as compared to those typically found in a developed market. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the U.S. Securities and Exchange Commission ("SEC"), the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited. In addition, issuers (including governments) in emerging market countries may have less financial stability than in other countries. The securities of emerging market companies may trade less frequently and in smaller volumes than more widely held securities. Market disruptions or substantial market corrections may limit very significantly the liquidity of securities of certain companies in a particular country or geographic region, or of all companies in the country or region. A Fund may be unable to liquidate its positions in such securities at any time, or at a favorable price, in order to meet the Fund's obligations. There is also the potential for unfavorable action such as embargo and acts of war. As a result, there will tend to be an increased risk of price volatility in investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar. Settlement and asset custody practices for transactions in emerging markets may differ from those in developed markets. Such differences may include possible delays in settlement and certain settlement practices, such as delivery of securities prior to receipt of payment, which increase the likelihood of a "failed settlement." Failed settlements can result in losses. For these and other reasons, investments in emerging markets are often considered speculative.

*Equity Investing Risk*. The market prices of equity securities owned by a Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer, such as management performance, financial leverage, non-compliance with regulatory requirements, and reduced demand for the issuer's goods or services. The values of equity securities also may decline due to general industry or market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment generally. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.

*Exchange Traded Products Risk (principal risk for State Street Income Fund)*. A Fund is subject to substantially the same risks as those associated with the direct ownership of the securities or other assets represented by the ETPs in which a Fund invests. The shares of certain ETPs may trade at a premium or discount to their net asset values. For example, supply and demand for shares of an underlying ETF or market disruptions may cause the market price of the underlying ETF to deviate from the value of the underlying ETF's investments, which may be exacerbated in less liquid markets. The value of an exchange traded note may also differ from the valuation of its reference market due to changes in the issuer's credit rating.

*Affiliated ETP Risk*. The Adviser may receive management or other fees from Affiliated ETPs, as well as a management fee for managing the Fund. It is possible that a conflict of interest among the Fund and the Affiliated ETPs could affect how the Adviser fulfills its fiduciary duties to the Fund and the Affiliated ETPs. Because the amount of the investment management fees to be retained by the Adviser may differ depending upon the Affiliated ETPs in which the Fund invests, there is a conflict of interest for the Adviser in selecting the Affiliated ETPs. In addition, the

------

Adviser may have an incentive to take into account the effect on an Affiliated ETP in which the Fund may invest in determining whether, and under what circumstances, to purchase or sell shares in that Affiliated ETP. Although the Adviser takes steps to address the conflicts of interest, it is possible that the conflicts could impact the Fund.

*Extension Risk.* During periods of rising interest rates, the average life of certain types of securities may be extended because of slower-than-expected principal payments. This may increase the period of time during which an investment earns a below-market interest rate, increase the security's duration and reduce the value of the security. Extension risk may be heightened during periods of adverse economic conditions generally, as payment rates decline due to higher unemployment levels and other factors.

*Growth Stock Risk (principal risk for State Street U.S. Core Equity Fund).* The prices of growth stocks may be based largely on expectations of future earnings, and their prices can decline rapidly and significantly in reaction to negative news about such factors as earnings, revenues, the economy, political developments, or other news. Growth stocks may underperform value stocks and stocks in other broad style categories (and the stock market as a whole) over any period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors. As a result, at times when it holds substantial investments in growth stocks, a Fund may underperform other investment funds that invest more broadly or that favor different investment styles. Because growth companies typically reinvest their earnings, growth stocks typically do not pay dividends at levels associated with other types of stocks, if at all.

*Interest Rate Risk (principal risk for State Street Income Fund)*. Interest rate risk is the risk that the securities held by a Fund will decline in value because of increases in market interest rates. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. Debt securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than debt securities with shorter durations. For example, the value of a security with a duration of five years would be expected to decrease by 5% for every 1% increase in interest rates. Falling interest rates also create the potential for a decline in a Fund's income and yield. Interest-only and principal-only securities are especially sensitive to interest rate changes, which can affect not only their prices but can also change the income flows and repayment assumptions about those investments. Variable and floating rate securities also generally increase or decrease in value in response to changes in interest rates, although generally to a lesser degree than fixed-rate securities. A substantial increase in interest rates may also have an adverse impact on the liquidity of a security, especially those with longer durations. Changes in governmental policy, including changes in central bank monetary policy, could cause interest rates to rise rapidly, or cause investors to expect a rapid rise in interest rates. This could lead to heightened levels of interest rate, volatility and liquidity risks for the fixed income markets generally and could have a substantial and immediate effect on the values of a Fund's investments. The U.S. Federal Reserve has been in engaged in an aggressive campaign to raise interest rates in an effort to combat historically high levels of inflation. Interest rate increases may continue. High levels of inflation and/or a significantly changing interest rate environment can lead to heightened levels of volatility and reduced liquidity.

*Large-Capitalization Securities Risk (principal risk for State Street U.S. Core Equity Fund).* Securities issued by large-capitalization companies may present risks not present in smaller companies. For example, larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or other market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies, especially during strong economic periods. Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies.

*Large Shareholder Risk*. To the extent a large proportion of the shares of a Fund are highly concentrated or held by a small number of shareholders (or a single shareholder), including funds or accounts over which the Adviser has investment discretion, a Fund is subject to the risk that these shareholders will purchase or redeem Fund shares in large amounts rapidly or unexpectedly, including as a result of an asset allocation decision made by the Adviser. These transactions could adversely affect the ability of a Fund to conduct its investment program. For example, they could require a Fund to sell portfolio securities or purchase portfolio securities unexpectedly and incur substantial transaction costs or a Fund may be required to sell its more liquid portfolio investments to meet a large redemption, in which case a Fund's remaining assets may be less liquid, more volatile, and more difficult to price. A Fund may hold a relatively large proportion of its assets in cash in anticipation of large redemptions, diluting its investment returns.

------

*LIBOR Risk*. A Fund's payment obligations, financing terms and investments in certain instruments (including debt securities and derivatives) may rely in some fashion upon the London-Interbank Offered Rate ("LIBOR"). LIBOR is an average interest rate, determined by the ICE Benchmark Administration (the administrator of LIBOR) ("IBA"), that banks offer to charge one another for the use of short-term money. In 2017, the U.K. Financial Conduct Authority announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. IBA ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. Various financial industry groups have been planning for the transition away from LIBOR and markets are developing in response to these new rates, but questions around the liquidity of the new rates and how to appropriately adjust these rates to eliminate any economic value transfer at the time of transition remain a significant concern. The transition away from and elimination of LIBOR may involve, among other things, increased volatility or illiquidity in markets for instruments that rely on LIBOR, particularly insofar as the documentation governing such instruments does not include "fall back" provisions addressing the transition from LIBOR. Uncertainty and volatility arising from the transition may result in a reduction in the value of certain LIBOR-based instruments held by a Fund or reduce the effectiveness of related transactions such as hedges. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to a Fund.

*Liquidity Risk (principal risk for State Street Income Fund)*. Liquidity risk is the risk that a Fund may not be able to dispose of investments or close out derivatives transactions readily at a favorable time or prices (or at all) or at prices approximating those at which a Fund currently values them. For example, certain investments may be subject to restrictions on resale, may trade in the over-the-counter market or in limited volume, or may not have an active trading market. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. It may be difficult for a Fund to value illiquid investments accurately. The market for certain investments may become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer. If the liquidity of a Fund's holdings deteriorates, it may lead to differences between the market price of Fund Shares and the net asset value of Fund Shares, and could result in the Fund Shares being less liquid. Disposal of illiquid investments may entail registration expenses and other transaction costs that are higher than those for liquid investments. A Fund may seek to borrow money to meet its obligations (including among other things redemption obligations) if it is unable to dispose of illiquid investments, resulting in borrowing expenses and possible leveraging of the Fund. In some cases, due to unanticipated levels of illiquidity the Fund may choose to meet its redemption obligations wholly or in part by distributions of assets in-kind.

The term "illiquid investments" for this purpose means securities that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the securities. If any Fund determines at any time that it owns illiquid investments in excess of 15% of its net assets, it will cease to undertake new commitments to acquire illiquid investments until its holdings are no longer in excess of 15% of its net asset value ("NAV"), report the occurrence in compliance with Rule 30b1-10 under the Investment Company Act of 1940, as amended (the "1940 Act") and, depending on circumstances, may take additional steps to reduce its holdings of illiquid investments.

The SEC has recently proposed rule amendments that, if adopted as proposed, could result in a larger percentage of the Fund's investments being classified as illiquid investments.

*Management Risk*. Each Fund is actively managed. The Adviser's judgments about the attractiveness, relative value, or potential appreciation of a particular sector, security, commodity or investment strategy may prove to be incorrect, and may cause a Fund to incur losses. There can be no assurance that the Adviser's investment techniques and decisions will produce the desired results.

*Market Risk*. Market prices of investments held by a Fund will go up or down, sometimes rapidly or unpredictably. A 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 actual or perceived creditworthiness of issuers and general market liquidity. Even if general economic conditions do not change, the value of an investment in a Fund could decline if the particular industries, sectors or companies in which the Fund invests do not perform well or are adversely affected by events. Further, legal, political, regulatory

------

and tax changes also may cause fluctuations in markets and securities prices. Local, regional or global events such as war, military conflicts, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on a Fund and its investments.

An outbreak of a respiratory disease caused by a novel coronavirus (known as COVID-19) first detected in China in December 2019 has resulted in a global pandemic and major disruptions to economies and markets around the world, including the United States. Although vaccines have been developed and approved for use by various governments, the duration of the pandemic and its effects cannot be predicted with certainty. COVID-19 has contributed to, and may continue to contribute to, market volatility, inflation, reduced liquidity of certain instruments, and systemic economic weakness, and trading in many instruments was and may continue to be disrupted as a result. In addition, the transmission of COVID-19 and efforts to contain its spread have resulted in international border closings, enhanced health screenings, strained healthcare systems and increased healthcare expenses, quarantines and other restrictions on business and personal activities, cancellations, disruptions to supply chains and consumer activity, as well as general public concern and uncertainty. Governments and central banks, including the Federal Reserve in the United States, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, will not be known for some time. The foregoing could impact a Fund and its investments and result in disruptions to the services provided to a Fund by its service providers.

*Market Disruption and Geopolitical Risk.* A Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. War, terrorism, and related geopolitical events have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets generally. Likewise, natural and environmental disasters, pandemics and epidemics, and systemic market dislocations may be highly disruptive to economies and markets. Those events, as well as other changes in foreign and domestic economic and political conditions, also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of a Fund's investments. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely affect markets, issuers, and/or foreign exchange rates in other countries, including the U.S. Any partial or complete dissolution of the EMU, or any increased uncertainty as to its status, could have significant adverse effects on currency and financial markets, and on the values of a Fund's investments. At a referendum in June 2016, the United Kingdom (the "U.K.") voted to leave the European Union ("EU") thereby initiating the British exit from the EU (commonly known as "Brexit"). In March 2017, the U.K. formally notified the European Council of the U.K.'s intention to withdraw from the EU pursuant to Article 50 of the Treaty on European Union. This formal notification began a multi-year period of negotiations regarding the terms of the U.K.'s exit from the EU, which formally occurred on January 31, 2020. The U.K. entered into a transition period where it remained subject to EU rules but had no role in the EU law-making process. During this transition period, U.K. and EU representatives negotiated the terms of their future relationship. The transition period concluded on December 31, 2020 and the U.K. left the EU single market and customs union under the terms of a new trade agreement. The agreement governs the new relationship between the U.K. and EU with respect to trading goods and services but critical aspects of the relationship remain unresolved and subject to further negotiation and agreement. There is still considerable uncertainty relating to the potential consequences associated with the exit including whether the U.K.'s exit will increase the likelihood of other countries also departing the EU. Brexit may have a significant impact on the U.K., Europe, and global economies, which may result in increased volatility and illiquidity, new legal and regulatory uncertainties and potentially lower economic growth for these economies that could potentially have an adverse effect on the value of the Funds' investments. Securities and financial markets may be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the values of investments traded in these markets, including investments held by a Fund. To the extent a Fund has focused its investments in the market or index of a particular region, adverse geopolitical and other events could have a disproportionate impact on the Fund.

*Mid-Capitalization Securities Risk (principal risk for State Street U.S. Core Equity Fund)*. The securities of mid-capitalization companies may be more volatile and may involve more risk than the securities of larger companies. These companies may have limited product lines, markets or financial resources, may lack the competitive strength of larger companies, and may depend on a few key employees. In addition, these companies may have been recently organized and may have little or no track record of success. The securities of mid-sized companies may trade less frequently and in smaller volumes than more widely held securities. The prices of these securities may fluctuate more sharply than those of other securities, and a Fund may experience some difficulty in establishing or closing out positions in these securities at prevailing market prices. There may be less publicly available information about the issuers of these securities or less

------

market interest in these securities than in the case of larger companies, both of which can cause significant price volatility. Some securities of mid-sized issuers may be illiquid or may be restricted as to resale. Returns on investments in securities of mid-capitalization companies could trail the returns on investments in securities of larger or smaller companies.

*Mortgage-Related and Other Asset-Backed Securities Risk (principal risk for the State Street Income Fund)*. Investments in mortgage-related and other asset-backed securities are subject to the risk of significant credit downgrades, illiquidity, and defaults to a greater extent than many other types of fixed income investments. The liquidity of mortgage-related and asset-backed securities may change over time. Mortgage-related securities represent a participation in, or are secured by, mortgage loans. Other asset-backed securities are typically structured like mortgage-related securities, but instead of mortgage loans or interests in mortgage loans, the underlying assets may include, for example, items such as motor vehicle installment sales or installment loan contracts, leases on various types of real and personal property, and receivables from credit card agreements. During periods of falling interest rates, mortgage-related and other asset-backed securities, which typically provide the issuer with the right to prepay the security prior to maturity, may be prepaid, which may result in a Fund having to reinvest the proceeds in other investments at lower interest rates. During periods of rising interest rates, the average life of mortgage-related and other asset-backed securities may extend because of slower-than expected principal payments. This may lock in a below market interest rate, increase the security's duration and interest rate sensitivity, and reduce the value of the security. As a result, mortgage-related and other asset-backed securities may have less potential for capital appreciation during periods of declining interest rates than other debt securities of comparable maturities, although they may have a similar risk of decline in market values during periods of rising interest rates. Prepayment rates are difficult to predict and the potential impact of prepayments on the value of a mortgage-related or other asset-backed security depends on the terms of the instrument and can result in significant volatility. The price of a mortgage-related or other asset-backed security also depends on the credit quality and adequacy of the underlying assets or collateral. Mortgage-related or other asset-backed securities issued by non-governmental issuers (such as commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary market issuers) will generally entail greater credit risk than obligations guaranteed by the U.S. Government. Defaults on the underlying assets, if any, may impair the value of a mortgage-related or other asset-backed security. For some asset-backed securities in which a Fund invests, such as those backed by credit card receivables, the underlying cash flows may not be supported by a security interest in a related asset. Moreover, the values of mortgage-related and other asset-backed securities may be substantially dependent on the servicing of the underlying asset pools, and are therefore subject to risks associated with the negligence or malfeasance by their servicers and to the credit risk of their servicers. In certain situations, the mishandling of related documentation may also affect the rights of securities holders in and to the underlying collateral. There may be legal and practical limitations on the enforceability of any security interest granted with respect to underlying assets, or the value of the underlying assets, if any, may be insufficient if the issuer defaults.

*Municipal Obligations Risk (principal risk for State Street Income Fund)*. Issuers, including governmental issuers, may be unable to pay their obligations as they come due. The values of municipal obligations may be adversely affected by local political and economic conditions and developments. In addition, the values of municipal obligations that depend on a specific revenue source to fund their payment obligations may fluctuate as a result of actual or anticipated changes in the cash flows generated by the revenue source or changes in the priority of the municipal obligation to receive the cash flows generated by the revenue source. Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit a Fund's ability to sell its municipal obligations at attractive prices, particularly in stressed market conditions. The differences between the price at which an obligation can be purchased and the price at which it can be sold may widen during periods of market distress. Less liquid obligations can become more difficult to value and be subject to erratic price movements. In addition, changes in federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal obligations. Loss of tax-exempt status may result in a significant decline in the values of such municipal obligations.

*Non-U.S. Securities Risk*. Investments in securities of non-U.S. issuers (including depositary receipts) entail risks not typically associated with investing in securities of U.S. issuers. Similar risks may apply to securities traded on a U.S. securities exchange that are issued by entities with significant exposure to non-U.S. countries. In certain countries, legal remedies available to investors may be more limited than those available with regard to U.S. investments. Income and gains with respect to investments in certain countries may be subject to withholding and other taxes. There may be less information publicly available about a non-U.S. entity than about a U.S. entity, and many non-U.S. entities are not subject to accounting, auditing, and financial reporting standards, regulatory framework and practices comparable to those in

------

the United States. The securities of some non-U.S. entities are less liquid and at times more volatile than securities of comparable U.S. entities, and could become subject to sanctions or embargoes that adversely affect a Fund's investment. Non-U.S. transaction costs, such as brokerage commissions and custody costs may be higher than in the U.S. In addition, there may be a possibility of nationalization or expropriation of assets, imposition of currency exchange controls, confiscatory taxation, and diplomatic developments that could adversely affect the values of a Fund's investments in certain non-U.S. countries. Investments in securities of non-U.S. issuers also are subject to foreign political and economic risk not associated with U.S. investments, meaning that political events (civil unrest, national elections, changes in political conditions and foreign relations, imposition of exchange controls and repatriation restrictions), social and economic events (labor strikes, rising inflation) and natural disasters occurring in a country where a Fund invests could cause the Fund's investments to experience gains or losses.

*Portfolio Turnover Risk (principal risk for State Street Income Fund)*. A Fund may engage in frequent trading of its portfolio securities. Fund turnover generally involves a number of direct and indirect costs and expenses to a Fund, including, for example, brokerage commissions, dealer mark-ups and bid/asked spreads, and transaction costs on the sale of securities and reinvestment in other securities. The costs related to increased portfolio turnover have the effect of reducing a Fund's investment return.

*Real Estate Sector Risk (principal risk for State Street U.S. Core Equity Fund*). There are special risks associated with investment in securities of companies engaged in real property markets, including without limitation REITs and real estate operating companies. An investment in a real property company may be subject to risks similar to those associated with direct ownership of real estate, including, by way of example, the possibility of declines in the value of real estate, losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, environmental liability, zoning laws, regulatory limitations on rents, property taxes, and operating expenses. An investment in a real property company is subject to additional risks, such as poor performance by the manager of the real property company, adverse changes in tax laws, difficulties in valuing and disposing of real estate, and the effect of general declines in stock prices. Some real property companies have limited diversification because they invest in a limited number of properties, a narrow geographic area, or a single type of property. Also, the organizational documents of a real property company may contain provisions that make changes in control of the company difficult and time-consuming. As a shareholder in a real property company, the Fund, and indirectly the Fund's shareholders, would bear their ratable shares of the real property company's expenses and would at the same time continue to pay their own fees and expenses.

*REIT Risk (principal risk for State Street U.S. Core Equity Fund*). REITs are subject to the risks associated with investing in the securities of real property companies. In particular, REITs may be affected by changes in the values of the underlying properties that they own or operate. Further, REITs are dependent upon specialized management skills, and their investments may be concentrated in relatively few properties, or in a small geographic area or a single property type. REITs are also subject to heavy cash flow dependency and, as a result, are particularly reliant on the proper functioning of capital markets, as well as defaults by borrowers and self-liquidation. A variety of economic and other factors may adversely affect a lessee's ability to meet its obligations to a REIT. In the event of a default by a lessee, the REIT may experience delays in enforcing its rights as a lessor and may incur substantial costs associated with protecting its investments. In addition, a REIT could possibly fail to qualify for favorable tax treatment under the Internal Revenue Code of 1986, as amended (the "Code"), or to maintain its exemptions from registration under the 1940 Act, which could have adverse consequences for the Fund. Investments in REITs are also subject to the risks affecting equity markets generally.

*Repurchase Agreement Risk*. A repurchase agreement is an agreement to buy a security from a seller at one price and a simultaneous agreement to sell it back to the original seller at an agreed-upon price, typically representing the purchase price plus interest. Repurchase agreements may be viewed as loans made by a Fund which are collateralized by the securities subject to repurchase. A Fund's investment return on such transactions will depend on the counterparty's willingness and ability to perform its obligations under a repurchase agreement. If a Fund's counterparty should default on its obligations and the Fund is delayed or prevented from recovering the collateral, or if the value of the collateral is insufficient, the Fund may realize a loss.

*Restricted Securities Risk*. A Fund may hold securities that have not been registered for sale to the public under the U.S. federal securities laws pursuant to an exemption from registration. These securities may be less liquid than securities registered for sale to the general public. The liquidity of a restricted security may be affected by a number of factors, including, among others: (i) the creditworthiness of the issuer; (ii) the frequency of trades and quotes for the security;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(iii) the number of dealers willing to purchase or sell the security and the number of other potential purchasers; (iv) dealer undertakings to make a market in the security; (v) the nature of any legal restrictions governing trading in the security; and (vi) the nature of the security and the nature of marketplace trades. There can be no assurance that a liquid trading market will exist at any time for any particular restricted security. Also, restricted securities may be difficult to value because market quotations may not be readily available, and the securities may have significant volatility.

*Short Sales Risk (principal risk for State Street U.S. Core Equity Fund*). The Funds may engage in "short sale" transactions. A short sale involves the sale by a Fund of an instrument or security that it does not own with the hope of purchasing the same security at a later date at a lower price. Short sales are designed to profit from a decline in the price of a security or instrument. A Fund will lose value if the security or instrument that is the subject of a short sale increases in value. This is the opposite of traditional "long" investments where the value of a Fund increases as the value of a portfolio security or instrument increases. The Funds also may enter into a short derivative position through a futures contract, swap agreement, structured note, or short positions on currency forwards.

*Risk of Investment in Other Pools*. If a Fund invests in another pooled investment vehicle, it is exposed to the risk that the other pool will not perform as expected. A Fund is exposed indirectly to all of the risks applicable to an investment in such other pool. In addition, lack of liquidity in the underlying pool could result in its value being more volatile than the underlying portfolio of securities, and may limit the ability of a Fund to sell or redeem its interest in the pool at a time or at a price it might consider desirable. The investment policies and limitations of the other pool may not be the same as those of the Fund; as a result, the Fund may be subject to additional or different risks, or may achieve a reduced investment return, as a result of its investment in another pool. If a pool is an exchange-traded fund or other product traded on a securities exchange or otherwise actively traded, its shares may trade at a premium or discount to their NAV, an effect that might be more pronounced in less liquid markets. A Fund bears its proportionate share of the fees and expenses of any pool in which it invests. The Adviser or an affiliate may serve as investment adviser to a pool in which the Fund may invest, leading to potential conflicts of interest. For example, the Adviser or its affiliates may receive fees based on the amount of assets invested in the pool. Investment by a Fund in the pool may be beneficial to the Adviser or an affiliate in the management of the pool, by helping to achieve economies of scale or enhancing cash flows. Due to this and other factors, the Adviser may have an incentive to invest a Fund's assets in a pool sponsored or managed by the Adviser or its affiliates in lieu of investments by the Fund directly in portfolio securities, or may have an incentive to invest in the pool over a pool sponsored or managed by others. Similarly, the Adviser may have an incentive to delay or decide against the sale of interests held by a Fund in a pool sponsored or managed by the Adviser or its affiliates. It is possible that other clients of the Adviser or its affiliates will purchase or sell interests in a pool sponsored or managed by the Adviser or its affiliates at prices and at times more favorable than those at which a Fund does so.

*Technology Sector Risk (principal risk for State Street U.S. Core Equity Fund)*. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a major effect on the value of the Fund's investments. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Technology companies may have limited product lines, markets, financial resources or personnel. Stocks of technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.

*U.S. Government Securities Risk (principal risk for the State Street Income Fund)*. U.S. government securities, such as Treasury bills, notes and bonds and mortgage-backed securities guaranteed by the Government National Mortgage Association ("Ginnie Mae"), are supported by the full faith and credit of the United States; others are supported by the right of the issuer to borrow from the U.S. Treasury; others are supported by the discretionary authority of the U.S. government to purchase the agency's obligations; and still others are supported only by the credit of the issuing agency, instrumentality, or enterprise. Although U.S. government-sponsored enterprises such as the Federal Home Loan Mortgage Corporation ("Freddie Mac") and the Federal National Mortgage Association ("Fannie Mae") may be chartered or sponsored by Congress, they are not funded by Congressional appropriations, and their securities are not issued by the U.S. Treasury nor supported by the full faith and credit of the U.S. government. There is no assurance that the U.S. government would provide financial support to its agencies and instrumentalities if not required to do so. In addition, certain governmental entities have been subject to regulatory scrutiny regarding their accounting policies and practices and

------

other concerns that may result in legislation, changes in regulatory oversight and/or other consequences that could adversely affect the credit quality, availability, or investment character of securities issued by these entities. The value and liquidity of U.S. government securities may be affected adversely by changes in the ratings of those securities. Securities issued by the U.S. Treasury historically have been considered to present minimal credit risk. The downgrade in the long-term U.S. credit rating by at least one major rating agency has introduced greater uncertainty about the ability of the U.S. to repay its obligations. A further credit rating downgrade or a U.S. credit default could decrease the value and increase the volatility of a Fund's investments.

*Valuation Risk (principal risk for State Street Income Fund*). This may occur more often in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including "fair valued" securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. Technological issues or other service disruption issues involving third-party service providers may cause a Fund to value its investments incorrectly. In addition, there is no assurance that a Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that a Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. Investors who purchase or redeem Fund Shares on days when the Fund is holding fair-valued investments may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the Fund had not fair-valued the holding(s) or had used a different valuation methodology.

*Value Stock Risk (principal risk for State Street U.S. Core Equity Fund)*. Value stocks present the risk that they may decline in price or never reach their expected full market value, either because the market fails to recognize the stock's intrinsic worth or SSGA FM overestimates the stock's expected value. Value stocks may underperform growth stocks and stocks in other broad style categories (and the stock market as a whole) over any period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors. As a result, at times when it holds substantial investments in value stocks a Fund may underperform other investment portfolios that invest more broadly or that favor different investment styles.

**Additional Information About Non-Principal Investment Strategies and Risks**

The investments described below reflect the Funds' current practices. In addition to the principal risks described above, other risks are described in some of the descriptions of the investments below:

*Conflicts of Interest Risk.* An investment in a Fund will be subject to a number of actual or potential conflicts of interest. For example, the Adviser or its affiliates may provide services to a Fund, such as securities lending agency services, custodial, administrative, bookkeeping, and accounting services, transfer agency and shareholder servicing, securities brokerage services, and other services for which the Fund would compensate the Adviser and/or such affiliates. The Funds may invest in other pooled investment vehicles sponsored, managed, or otherwise affiliated with the Adviser. There is no assurance that the rates at which a Fund pays fees or expenses to the Adviser or its affiliates, or the terms on which it enters into transactions with the Adviser or its affiliates will be the most favorable available in the market generally or as favorable as the rates the Adviser or its affiliates make available to other clients. Because of its financial interest, the Adviser will have an incentive to enter into transactions or arrangements on behalf of a Fund with itself or its affiliates in circumstances where it might not have done so in the absence of that interest, provided that the Adviser will comply with applicable regulatory requirements.

The Adviser and its affiliates serve as investment adviser to other clients and may make investment decisions that may be different from those that will be made by the Adviser on behalf of the Funds. For example, the Adviser may provide asset allocation advice to some clients that may include a recommendation to invest in or redeem from particular issuers while not providing that same recommendation to all clients invested in the same or similar issuers. The Adviser may (subject to applicable law) be simultaneously seeking to purchase (or sell) investments for a Fund and to sell (or purchase) the same investment for accounts, funds, or structured products for which it serves as asset manager, or for other clients or affiliates. The Adviser and its affiliates may invest for clients in various securities that are senior, *pari passu* or junior to, or have interests different from or adverse to, the securities that are owned by a Fund. The Adviser or its affiliates, in connection with its other business activities, may acquire material nonpublic confidential information that may restrict the Adviser from purchasing securities or selling securities for itself or its clients (including the Funds) or otherwise using such information for the benefit of its clients or itself.

------

The foregoing does not purport to be a comprehensive list or complete explanation of all potential conflicts of interests which may affect a Fund. A Fund may encounter circumstances, or enter into transactions, in which conflicts of interest that are not listed or discussed above may arise.

*Cybersecurity Risk*. With the increased use of technologies such as the Internet and the dependence on computer systems to perform business and operational functions, funds (such as the Funds) and their service providers (including the Adviser) may be prone to operational and information security risks resulting from cyber-attacks and/or technological malfunctions. In addition, the global spread of COVID-19 has caused the Fund and its service providers to implement business continuity plans, including widespread use of work-from-home arrangements. In general, cyber-attacks are deliberate, but unintentional events may have similar effects. Cyber-attacks include, among others, stealing or corrupting data maintained online or digitally, preventing legitimate users from accessing information or services on a website, releasing confidential information without authorization, and causing operational disruption. Successful cyber-attacks against, or security breakdowns of, a Fund,the Portfolio, the Adviser or a custodian, transfer agent, or other affiliated or third-party service provider may adversely affect a Fund or its shareholders. For instance, cyber-attacks or technical malfunctions may interfere with the processing of shareholder or other transactions, affect a Fund's ability to calculate its NAV, cause the release of private shareholder information or confidential Fund information, impede trading, cause reputational damage, and subject a Fund to regulatory fines, penalties or financial losses, reimbursement or other compensation costs, and additional compliance costs. Cyber-attacks or technical malfunctions may render records of Fund assets and transactions, shareholder ownership of Fund Shares, and other data integral to the functioning of a Fund inaccessible or inaccurate or incomplete. A Fund may also incur substantial costs for cybersecurity risk management in order to prevent cyber incidents in the future. A Fund and its shareholders could be negatively impacted as a result. While the Adviser has established business continuity plans and systems designed to minimize the risk of cyber-attacks through the use of technology, processes and controls, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified, given the evolving nature of this threat. Each Fund relies on third-party service providers for many of its day-to-day operations, and will be subject to the risk that the protections and protocols implemented by those service providers will be ineffective to protect the Fund from cyber-attack. The Adviser does not control the cybersecurity plans and systems put in place by third-party service providers, and such third-party service providers may have limited indemnification obligations to the Adviser or the Funds. Similar types of cybersecurity risks or technical malfunctions also are present for issuers of securities in which each Fund invests, which could result in material adverse consequences for such issuers, and may cause a Fund's investment in such securities to lose value.

*Money Market Risk*. An investment in a money market fund is not a deposit of any bank and is not insured or guaranteed by the FDIC or any other government agency. Certain money market funds seek to preserve the value of their shares at $1.00 per share, although there can be no assurance that they will do so, and it is possible to lose money by investing in such a money market fund. A major or unexpected change in interest rates or a decline in the credit quality of an issuer or entity providing credit support, an inactive trading market for money market instruments, or adverse market, economic, industry, political, regulatory, geopolitical, and other conditions could cause the share price of such a money market fund to fall below $1.00. The SEC has proposed amendments to money market fund regulation that if adopted as proposed would, among other things, increase the daily and weekly liquid asset requirements, remove liquidity fees and redemption gate provisions and require institutional prime money market funds to use swing pricing. Such amendments may, if adopted, limit the Funds' investment flexibility and reduce its ability to generate returns. It is possible that such a money market fund will issue and redeem shares at $1.00 per share at times when the fair value of the money market fund's portfolio per share is more or less than $1.00. None of State Street Corporation, State Street Bank and Trust Company ("State Street"), State Street Global Advisors, SSGA Funds Management, Inc. or their affiliates ("State Street Entities") guarantee the value of an investment in a money market fund at $1.00 per share. Investors should have no expectation of capital support to a money market fund from State Street Entities. Other money market funds price and transact at a "floating" NAV that will fluctuate along with changes in the market-based value of fund assets. Shares sold utilizing a floating NAV may be worth more or less than their original purchase price. Recent changes in the regulation of money market funds may affect the operations and structures of money market funds. A money market fund may be permitted or required to impose redemption fees or to impose limitations on redemptions during periods of high illiquidity in the markets for the investments held by it.

*Temporary Defensive Positions*. In response to actual or perceived adverse market, economic, political, or other conditions, a Fund may (but will not necessarily), without notice, depart from its principal investment strategies by temporarily investing for defensive purposes. While investing defensively, a Fund may maintain a substantial portion of its assets in cash, on which a Fund may earn little, if any, income. If a Fund invests for defensive purposes, it may not achieve its investment objective. In addition, the defensive strategy may not work as intended.

------

**Portfolio Holdings Disclosure**

The Funds' portfolio holdings disclosure policy is described in the Statement of Additional Information ("SAI").

------

**Management and Organization**

Each Fund is a separate, diversified series of the State Street Institutional Investment Trust (the "Trust"), which is an open-end management investment company organized as a business trust under the laws of the Commonwealth of Massachusetts.

**Investment Adviser**

SSGA FM serves as the investment adviser to each Fund and, subject to the oversight of the Board, is responsible for the investment management of each Fund. The Adviser provides an investment management program for each Fund and manages the investment of each Fund's assets. The Adviser is a wholly-owned subsidiary of State Street Global Advisors, Inc., which itself is a wholly-owned subsidiary of State Street Corporation. The Adviser is registered with the SEC under the Investment Advisers Act of 1940, as amended. The Adviser and certain other affiliates of State Street Corporation make up State Street Global Advisors ("SSGA"). SSGA is one of the world's largest institutional money managers and the investment management arm of State Street Corporation. As of September 30, 2022, the Adviser managed approximately $768.42 billion in assets and SSGA managed approximately $3.26 trillion in assets. The Adviser's principal business address is One Iron Street, Boston, Massachusetts 02210. GE Asset Management Incorporated ("GEAM") served as each Fund's investment adviser until 2016, when State Street Corporation, the ultimate parent company of the Adviser, acquired substantially all of the assets of GEAM.

Each Fund has entered into an investment advisory agreement with the Adviser, pursuant to which the Adviser will manage the Fund's assets, for compensation paid at an annual rate of 0.13% of the State Street Income Fund's average daily net assets and 0.12% of the State Street U.S. Core Equity Fund's average daily net assets. For the year ended September 30, 2022, State Street Income Fund's effective management fee paid was 0.13% and State Street U.S. Core Equity Fund's effective management fee paid was 0.12%, each as a percentage of the Fund's average daily net assets.

A discussion regarding the Board's consideration of the Funds' Investment Advisory Agreement is provided in the Funds' Annual Report to Shareholders for the period ended September 30, 2022.

The Adviser manages the Funds' using a team of investment professionals. The team approach is used to create an environment that encourages the flow of investment ideas. The portfolio managers within the team work together in a cohesive manner to develop and enhance techniques that drive the investment process for the respective investment strategy. This approach requires portfolio managers to share a variety of responsibilities, including investment strategy and analysis, while retaining responsibility for the implementation of the strategy within any particular portfolio. The approach also enables the team to draw upon the resources of other groups within SSGA. The portfolio management team is overseen by the SSGA Investment Committee.

The professionals primarily responsible for the day-to-day management of each Fund include the following:

---

| | |
|:---|:---|
| **Portfolio Manager(s)** | **Fund** |
| Matthew Nest and James Palmieri | State Street Income Fund |
| Michael Solecki, Paul Nestro and Chris Sierakowski | State Street U.S. Core Equity Fund |

---

Matthew Nest, CFA, is a Managing Director of SSGA and the Adviser and the Global Head of Active Fixed Income. In this capacity, he is responsible for global active rates, investment grade credit, multi-sector portfolio solutions, insurance, currency, municipal, and structured credit strategies. Prior to joining SSGA in 2016, Mr. Nest spent sixteen years at PIMCO in a number of functions including portfolio management, strategy and business development. He has worked in the U.S., Sydney, Singapore and Hong Kong. He started his career at Bank of America and has been working in the investment industry since 1999. Mr. Nest has a Bachelor of Science in Economics from Arizona State University and a Master of Business Administration from the University of Chicago's Booth School of Business. He earned the Chartered Financial Analyst (CFA) designation and is a member of the CFA Institute.

Paul Nestro, CFA, is a Managing Director of SSGA and the Adviser and the Director of Fundamental Growth and Core Equity Research. Previously, he was the Co-Portfolio Manager for European Equity, Emerging Markets Equity, International Equity, and International Small Cap Equity strategies. He also served as the team's analyst covering the metals and mining sector and as an analyst for a Global Equity mutual fund. Mr. Nestro joined SSGA in July 2016 through the

------

acquisition of GEAM by the ultimate parent company of SSGA. After completing GE's Financial Management Program, he joined the Financial Planning & Analysis team at GEAM, and has been in the investment industry since 1993. Mr. Nestro has a Bachelor of Arts in Finance from Michigan State University and is a holder of the Chartered Financial Analyst (CFA) designation.

James Palmieri, CFA, is a Managing Director of SSGA and the Adviser, a Senior Portfolio Manager, and Head of Structured Credit for the Fundamental Active Fixed Income Team. In his role, he is the lead portfolio manager and trader for the Structured Products Group servicing all total rate of return and insurance accounts managed in Stamford, CT. In addition to his portfolio management responsibilities, Mr. Palmieri is a member of the Fixed Income Currency and Cash Senior Leadership Team, and the Fundamental Active Core and Core Plus Fixed Income Team. He joined SSGA in 2016 through the acquisition of GEAM by the ultimate parent company of SSGA. Prior to joining SSGA, Mr. Palmieri worked at GEAM for eleven years as a senior portfolio manager and trader for all fixed income total rate of return and insurance accounts for GE. Prior to joining GEAM, he worked at Constitution State Corporate Credit Union for one year as an investment director and CIGNA Investment Management for five years as a fixed income portfolio manager. He received his Bachelor of Science from Central Connecticut State University, is a Chartered Financial Analyst (CFA) charter holder, and has twenty years of investment experience.

Chris Sierakowski, CFA, is a Managing Director of SSGA and the Adviser and a Portfolio Manager in the Fundamental Growth and Core U.S. Equity Group. Mr. Sierakowski joined SSGA through the acquisition of GEAM by the ultimate parent company of SSGA in July 2016. Prior to joining SSGA, Mr. Sierakowski served in various investment roles at GEAM since 1999, including portfolio management and as a research analyst providing coverage for the software, computer hardware, semiconductors, business services, and payments industries. Prior to GEAM, Mr. Sierakowski spent several years in consulting and as an officer in the U.S. Army. Mr. Sierakowski has a Bachelor of Science in Economics from the United States Military Academy and a Master of Business Administration in Finance, Strategy, and Accounting from the University of Chicago Booth School of Business. He earned the Chartered Financial Analyst (CFA) designation and has been a member of the CFA Institute since 2002.

Michael Solecki, CFA, is a Senior Managing Director of SSGA and the Adviser, Portfolio Manager and the Chief Investment Officer for Fundamental Growth and Core Equity. He is also a member of SSGA's Executive Management Group. He joined SSGA in July 2016 through the acquisition of GEAM by the ultimate parent company of SSGA. Previously at GEAM, as part of the International Equity team, he held roles as Chief Investment Officer, Co-Chief Investment Officer, Director of Portfolio Management and a Director of Research for the International Equity research team. He also held various research and portfolio manager roles in the U.S. and London. He joined GEAM in 1991 after completing GE's Financial Management Program. Prior to GE, he worked for Monarch Capital Corporation. Mr. Solecki holds a Bachelor of Science in Finance from Western New England College and a Master of Business Administration from Fordham University. He is a holder of the Chartered Financial Analyst (CFA) designation and is a member of the CFA Institute.

Additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of the Funds is available in the SAI.

**Other Fund Services**

<u>The Administrator, Sub-Administrator and Custodian</u>

SSGA FM serves as administrator of each Fund. State Street serves as the custodian and sub-administrator for the Funds for a fee that is paid by the Funds.

<u>The Transfer Agent and Dividend Disbursing Agent</u>

U.S. Bancorp Fund Services, LLC is the Funds' transfer agent and dividend disbursing agent (the "Transfer Agent").

<u>The Distributor</u>

State Street Global Advisors Funds Distributors, LLC serves as the Funds' distributor ("SSGA FD") pursuant to the Distribution Agreement between SSGA FD and the Trust.

------

<u>Additional Information</u>

The Trustees of the Trust oversee generally the operations of the Funds and the Trust. The Trust enters into contractual arrangements with various parties, including, among others, the Funds' investment adviser, custodian, transfer agent, and accountants, who provide services to the Funds. Shareholders are not parties to any such contractual arrangements or intended beneficiaries of those contractual arrangements, and those contractual arrangements are not intended to create in any shareholder any right to enforce them directly against the service providers or to seek any remedy under them directly against the service providers.

This Prospectus provides information concerning the Trust and the Funds that you should consider in determining whether to purchase shares of the Funds. Neither this Prospectus, nor the related SAI, is intended, or should be read, to be or to give rise to an agreement or contract between the Trust or the Funds and any investor, or to give rise to any rights in any shareholder or other person other than any rights under federal or state law that may not be waived.

**Shareholder Information**

**Determination of Net Asset Value**

Each Fund determines its NAV per share once each business day as of the scheduled close of regular trading on the New York Stock Exchange (the "NYSE"). Pricing does not occur on NYSE holidays. A business day is one on which the NYSE is open for regular trading. The Federal Reserve is closed on certain holidays on which the NYSE is open. These holidays are Columbus Day and Veterans Day. On these holidays, you will not be able to purchase shares by wiring Federal Funds because Federal Funds wiring does not occur on days when the Federal Reserve is closed. In unusual circumstances, such as an emergency or an unscheduled close or halt of trading on the NYSE, the time at which share prices are determined may be changed. The NAV per share is based on the market value of the investments held in a Fund. The NAV of each class of a Fund's Shares is calculated by dividing the value of the assets of the Fund attributable to that class less the liabilities of the Fund attributable to that class by the number of shares in the class outstanding. Each Fund values each security or other investment pursuant to guidelines adopted by the Board. The Board has appointed the Adviser as the valuation designee to fair value securities or other investments pursuant to procedures approved by the Funds' Board, under certain limited circumstances. For example, fair value pricing may be used when market quotations are not readily available or reliable, such as when (i) trading for a security is restricted; or (ii) a significant event, as determined by the Adviser, that may affect the value of one or more securities or other investments held by a Fund occurs after the close of a related exchange but before the determination of a Fund's NAV. Attempts to determine the fair value of securities or other investments introduce an element of subjectivity to the pricing of securities or other investments. As a result, the price of a security or other investment determined through fair valuation techniques may differ from the price quoted or published by other sources and may not accurately reflect the price a Fund would have received had it sold the investment. To the extent that a Fund invests in the shares of other registered open-end investment companies that are not traded on an exchange (mutual funds), such shares are valued at their published NAVs per share as reported by the funds. The prospectuses of these funds explain the circumstances under which the funds will use fair value pricing and the effects of using fair value pricing.

**Investing in Fund Shares** 

**Purchasing Shares** 

This Prospectus is intended for use only by the Plan and Plan participants.

***General Electric Retirement Savings Plan Participants*** 

Plan participants should consult the Plan's Supplemental Information document and other materials describing the Plan for information about how to invest in the Fund investment options offered through the Plan. The Funds do not control the contents of the Plan's Supplemental Information document or other materials describing the Plan.

***The Plan*** 

The Plan purchases and redeems shares of the Fund for its asset value without any sales or redemption charge.

------

The Plan may purchase shares directly through the transfer agent by wiring federal funds from a U.S. banking institution to:

U.S. Bank, N.A.

777 East Wisconsin Avenue

Milwaukee, WI 53202-5207

ABA #075000022

Credit: U.S. Bancorp Fund Services, LLC

Account #112-952-137

*Further Credit*:

(name of Fund to be purchased)

(shareholder registration)

(shareholder account number)

Wired funds must be received prior to 4:00 p.m. Eastern time to be eligible for same day pricing. The Funds and U.S. Bank, N.A. are not responsible for the consequences of delays resulting from the banking or Federal Reserve wire system, or from incomplete wiring instructions.

Requests received in good order will be executed at the NAV next calculated after receipt of investment or transaction instructions. Purchase and redemption orders are executed only on days when the NYSE is open for trading. If the NYSE closes early, the deadlines for purchase and redemption orders will be accelerated to the earlier closing time.

The Funds may reject any purchase order or exchange request for any reason or no reason and without prior notice.

<u>Trade Dates-Purchases</u> 

The trade date for any purchase request received in good order will depend on the day and time the State Street Funds receive your request, the manner in which you are paying, and the type of fund you are purchasing. Each State Street Fund's NAV is calculated only on business days, that is, those days that the NYSE is open for regular trading. Purchase orders are processed at the NAV next determined after the Fund accepts a purchase order.

*Refused or Rejected Purchase Requests.* 

The State Street Funds reserve the right to stop selling Fund Shares or to reject any purchase request at any time and without notice. This right also includes the right to reject any purchase request because of a history of frequent trading by the investor or because the purchase may negatively affect a Fund's operation or performance.

**Redeeming Shares** 

***General Electric Retirement Savings Plan Participants*** 

Plan participants should consult the Plan's Supplemental Information document and other materials describing the Plan for information about how to redeem Fund shares offered through the Plan. The Funds do not control the contents of the Plan's Supplemental Information document or other materials describing the Plan.

***The Plan*** 

By Mail:

Send a signed letter to:

State Street Global Advisors

c/o U.S. Bank Global Fund Services

P.O. Box 701

Milwaukee, WI 53201-0701

The letter should include information necessary to process your request as described below. The Fund may require a medallion guarantee in certain circumstances. See "Medallion Guarantees" below.

------

By Overnight:

State Street Global Advisors

c/o U.S. Bank Global Fund Services

615 East Michigan Street

Milwaukee, WI 53202-5207

By Telephone:

Call (800) 242-0134

The Funds will need the following information to process your redemption request:

➢ name(s) of account owners;

➢ account number(s);

➢ the name of the Fund;

➢ your daytime telephone number; and

➢ the dollar amount or number of shares being redeemed**.** 

On any day that the Funds calculate their NAV earlier than normal, the Funds reserve the right to adjust the times noted above for purchasing and redeeming shares.

If you choose to redeem shares by sending instructions by regular mail, they will not be deemed received in good order until they are released by the post office and redelivered to the Transfer Agent's physical location at 615 East Michigan Street in Milwaukee, WI 53202. There will be a time lag, which may be one or more days, between regular mail receipt at the post office box and redelivery to such physical location in Milwaukee, and a Fund's NAV may change over those days. You might consider using express rather than regular mail if you believe the time of receipt of your transaction request to be sensitive.

The transfer agent may temporarily delay for more than seven days the disbursement of redemption proceeds from the Fund account of a "Specified Adult" (as defined in Financial Industry Regulatory Authority, Inc. ("FINRA") Rule 2165) based on a reasonable belief that financial exploitation of the Specified Adult has occurred, is occurring, has been attempted, or will be attempted, subject to certain conditions.

<u>Trade Date-Redemptions</u> 

The trade date for any redemption request received in good order will depend on the day and time the State Street Funds receive your request in good order and the manner in which you are redeeming.

Your redemption will be executed using the NAV as calculated on the trade date. NAVs are calculated only on days that the NYSE is open for regular trading (a business day). If the redemption request is received in good order by the State Street Funds on a business day before the close of regular trading on the NYSE (ordinarily 4 p.m., Eastern time), the request will be processed the same day using that day's NAV. If the redemption request is received in good order on a business day after the close of regular trading on the NYSE, or on a non-business day, the request will be processed the next business day.

<u>How to Receive Redemption Proceeds</u> 

Regardless of the method the Funds use to make a redemption payment, the Funds typically expect to pay out redemption proceeds on the next business day after a redemption request is received in good order. The State Street Funds reserve the right to pay for redeemed shares within seven days after receiving a redemption order if, in the judgment of the Adviser, an earlier payment could adversely affect a Fund.

------

Under normal circumstances, each Fund expects to meet redemption requests by using cash or cash equivalents in its portfolio and/or selling portfolio assets to generate cash. The Funds also may pay redemption proceeds using cash obtained through borrowing arrangements (including under the Funds' line of credit, which is shared across all registered funds advised by SSGA FM (other than money market funds)) that may be available from time to time.

The right of any investor to receive payment with respect to any redemption may be suspended or the payment of the redemption proceeds postponed beyond 7 days in accordance with Section 22(e) of the 1940 Act and the rules thereunder, including during any period in which the NYSE is closed (other than weekends or holidays) or trading on the NYSE is restricted or if an emergency exists as a result of which disposal by a Fund of securities owned by it is not reasonably practicable or it is not reasonably practicable for a Fund fairly to determine the value of its net assets. In addition, the SEC may by order permit suspension of redemptions for the protection of shareholders of a Fund.

A Fund may pay all or a portion of your redemption proceeds by giving you securities (for example, if the Fund reasonably believes that a cash redemption may have a substantial impact on the Fund and its remaining shareholders). You may pay transaction costs (including through the realization of taxable gain) to dispose of the securities, and you may receive less for them than the price at which they were valued for purposes of the redemption. In addition, you will be subject to the market risks associated with such securities until such time as you choose to dispose of the security.

During periods of deteriorating or stressed market conditions, when an increased portion of a Fund's portfolio may be comprised of less liquid investments, or during extraordinary or emergency circumstances, a Fund may be more likely to pay redemption proceeds with cash obtained through short-term borrowing arrangements (if available) or by giving you securities.

**Frequent-Trading Limits** 

Frequent, short-term trading, abusive trading practices and market timing (together, "Excessive Trading"), often in response to short-term fluctuations in the market, are not knowingly permitted by the State Street Funds. The State Street Funds do not accommodate frequent purchases and redemptions of Fund Shares by Fund shareholders. Excessive Trading into and out of a State Street Fund may harm a Fund's performance by disrupting portfolio management strategies and by increasing expenses. These expenses are borne by all Fund shareholders, including long-term investors who do not generate such costs.

Excessive Trading activity is generally evaluated based on roundtrip transactions in an account. A "roundtrip" transaction is defined generally as a purchase or exchange into a Fund followed, or preceded, by a redemption or exchange out of the same Fund within 30 days. A State Street Fund may, in its discretion, determine to apply a time period other than 30 days in connection with identifying roundtrip transactions. Shareholders with one or more roundtrip transactions may, in the discretion of a State Street Fund, be blocked from making additional purchases or exchanges in any State Street Fund for a period of time. A State Street Fund has discretion to determine that action is not necessary if it determines that a pattern of trading is not abusive or harmful to the affected Fund in a material way. Fund size and/or transaction size may be considered in evaluating any roundtrip transaction.

The Board of Trustees of the State Street Funds has adopted a "Market Timing/Excessive Trading Policy" (the "Policy") to discourage Excessive Trading. Under the Policy, the State Street Funds reserve the right to reject any exchanges or purchase orders by any shareholder engaging in Excessive Trading activities.

As a means to protect each State Street Fund and its shareholders from Excessive Trading:

• The State Street Funds' transfer agent compiles, monitors and reports account-level information on omnibus and underlying shareholder/participant activity. Depending on the account type, monitoring will be performed on a daily, monthly, quarterly and/or annual basis;

• The State Street Funds' distributor has obtained information from each Financial Intermediary holding shares in an omnibus account with the State Street Funds regarding whether the Financial Intermediary has adopted and maintains procedures that are reasonably designed to protect the Funds against harmful short-term trading; and

• With respect to State Street Funds that invest in securities that trade on foreign markets, pursuant to the State Street Funds' fair valuation procedures, pricing adjustments may be made based on information received from a third-party, multi-factor fair valuation pricing service.

------

The State Street Funds' distributor has detailed procedures that document the transparency oversight and monitoring processes performed by the State Street Funds' transfer agent.

While the State Street Funds attempt to discourage Excessive Trading, there can be no guarantee that it will be able to identify investors who are engaging in Excessive Trading or limit their trading practices. Additionally, frequent trades of small amounts may not be detected. The State Street Funds recognize that it may not always be able to detect or prevent Excessive Trading or other activity that may disadvantage the Funds or their shareholders.

A State Street Fund shareholder's right to purchase shares through an automatic investment plan or redeem shares in full (or in part through a systematic withdrawal plan) are unaffected by Excessive Trading restrictions.

**Dividends, Distributions and Tax Considerations** 

Net investment income dividends and capital gain distributions of the Funds will typically be declared and paid annually. Any investment income and capital gains that have not been distributed by December of each calendar year are generally distributed at such time. Dividends and capital gain distributions made by a Fund to the Plan will be automatically reinvested in shares of the Fund at the Fund's NAV. There are no fees or charges to reinvest dividends or distributions.

**Taxes** 

Each Fund has elected to be treated as a regulated investment company and intends each year to qualify and to be eligible to be treated as such. A regulated investment company generally is not subject to tax at the corporate level on income and gains that are timely distributed to shareholders. In order to qualify and be eligible for treatment as a regulated investment company, a Fund must, among other things, satisfy diversification, 90% gross income and distribution requirements. A Fund's failure to qualify as a regulated investment company would result in corporate level taxation, and consequently, a reduction in income available for distribution to shareholders. Each Fund is currently treated as a "personal holding company" and will potentially need to comply with additional requirements with respect to its distributions to shareholders in order to avoid a fund-level tax under the personal holding company rules. Please see Taxation of the Funds in the SAI for further information.

Since the Plan holds Fund Shares on behalf of Plan participants, no discussion is included herein as to the federal income tax consequences to the Plan or Plan participants. For information concerning the federal tax consequences to Plan participants, consult the Your Benefits Handbook — Retirement Income Benefits (including updates) and any other materials describing Plan tax matters.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**This Page Intentionally Left Blank**

------

**Financial Highlights** 

The following Financial Highlights tables are intended to help you understand each Fund's financial performance for the past five fiscal years. All financial information for periods prior to May 24, 2021 shown below represents the financial information of the predecessor of each Fund. Certain information reflects the performance results for a single Fund Share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). Beginning with the year ended September 30, 2022, the Funds were audited by Ernst & Young LLP, whose report, along with the Funds' financial highlights and financial statements, is included in the annual report to shareholders, which is available upon request. The previous periods were audited by another independent registered public accounting firm. Any references to Notes in these financial highlight tables refer to the "Notes to Financial Statements" section of the Fund's financial statements, and the financial information included in these tables should be read in conjunction with the financial statements incorporated by reference in the SAI.

------

**State Street Income Fund**

**Financial Highlights**

Selected data based on a share outstanding throughout the periods indicated

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended**<br> **9/30/22**<br>| **Period Ended**<br> **9/30/21**<sup>(a)(b)(c)</sup> <br>| **Year Ended**<br> **12/31/20**<sup>(a)(b)</sup> <br>| **Year Ended**<br> **12/31/19**<sup>(a)(b)</sup> <br>| **Year Ended**<br> **12/31/18**<sup>(a)(b)</sup> <br>| **Year Ended**<br> **12/31/17**<sup>(a)(b)</sup><br>|
| **Net asset value, beginning of period** | $12.08 | $12.42 | $11.85 | $11.14 | $11.55 | $11.38 |
| **Income/(loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income | 0.23<sup>(d)</sup> | 0.17<sup>(d)</sup> | 0.26<sup>(d)</sup> | 0.31<sup>(d)</sup> | 0.32<sup>(d)</sup> | 0.29<sup>(d)</sup> |
| Net realized and unrealized gains/(losses) on <br> investments<br>| (2.02) | (0.29) | 0.69 | 0.72 | (0.40) | 0.16 |
| Total income/(loss) from investment <br> operations<br>| (1.79) | (0.12) | 0.95 | 1.03 | (0.08) | 0.45 |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | 0.27 | 0.22 | 0.34 | 0.32 | 0.33 | 0.28 |
| Net realized gains | 0.33 |  | 0.04 |  |  |  |
| Total distributions | 0.60 | 0.22 | 0.38 | 0.32 | 0.33 | 0.28 |
| Net asset value, end of period | $9.69 | $12.08 | $12.42 | $11.85 | $11.14 | $11.55 |
| Total Return<sup>(e)</sup> | (15.48)% | (0.93)%<sup>(f)</sup> | 8.20% | 9.38% | (0.75)% | 3.99% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $1432739 | $1908411 | $2084815 | $2024704 | $1992169 | $2329674 |
| **Ratios to average net assets:** |  |  |  |  |  |  |
| Net expenses | 0.20% | 0.19%<sup>(g)</sup> | 0.17% | 0.17% | 0.17% | 0.16% |
| Gross expenses | 0.20% | 0.19%<sup>(g)</sup> | 0.17% | 0.17% | 0.17% | 0.16% |
| Net investment income | 2.07% | 1.85%<sup>(g)</sup> | 2.16% | 2.67% | 2.86% | 2.55% |
| Portfolio turnover rate | 48%<sup>(h)</sup> | 59%<sup>(f)(h)</sup> | 110%<sup>(h)</sup> | 422% | 223% | 297% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | Beginning with the year ended September 30, 2022, the Fund was audited by Ernst & Young LLP. The previous periods were audited by another <br> independent registered public accounting firm.<br>|
| (b) | Financial information from January 1, 2016 until May 24, 2021 is for the GE RSP Income Fund, which was reorganized into the State Street Income Fund <br> effective May 24, 2021. See Note 1 in the accompanying Notes to Financial Statements.<br>|
| (c) | Effective 4/13/2021, the Board of Trustees approved a change in fiscal year end for the Fund from December 31 to September 30. |
| (d) | Per share values have been calculated using the average shares method. |
| (e) | Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions. Past performance does not <br> guarantee future results.<br>|
| (f) | Not annualized. |
| (g) | Annualized for periods less than one year. |
| (h) | The portfolio turnover calculated for the periods ended, 9/30/22, 9/30/21 and 12/31/20 did not include To-Be-Announced transactions and, if it had, the <br> portfolio turnover would have been 163%, 134% and 304%, respectively.<br>|

---

------

**State Street U.S. Core Equity Fund**

**Financial Highlights**

Selected data based on a share outstanding throughout the periods indicated

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended**<br> **9/30/22**<br>| **Period Ended**<br> **9/30/21**<sup>(a)(b)(c)</sup> <br>| **Year Ended**<br> **12/31/20**<sup>(a)(b)</sup> <br>| **Year Ended**<br> **12/31/19**<sup>(a)(b)</sup> <br>| **Year Ended**<br> **12/31/18**<sup>(a)(b)</sup> <br>| **Year Ended**<br> **12/31/17**<sup>(a)(b)</sup><br>|
| **Net asset value, beginning of period** | $76.83 | $66.39 | $57.30 | $46.05 | $52.45 | $49.27 |
| **Income/(loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income | 0.77<sup>(d)</sup> | 0.54<sup>(d)</sup> | 0.77<sup>(d)</sup> | 0.78<sup>(d)</sup> | 0.77<sup>(d)</sup> | 0.76<sup>(d)</sup> |
| Net realized and unrealized gains/(losses) on <br> investments<br>| (11.27) | 9.90 | 12.86 | 14.07 | (2.41) | 9.35 |
| Total income/(loss) from investment <br> operations<br>| (10.50) | 10.44 | 13.63 | 14.85 | (1.64) | 10.11 |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | 0.77 |  | 0.81 | 0.77 | 0.81 | 0.81 |
| Net realized gains | 9.03 |  | 3.73 | 2.83 | 3.95 | 6.12 |
| Total distributions | 9.80 |  | 4.54 | 3.60 | 4.76 | 6.93 |
| Net asset value, end of period | $56.53 | $76.83 | $66.39 | $57.30 | $46.05 | $52.45 |
| Total Return<sup>(e)</sup> | (16.76)% | 15.73%<sup>(f)</sup> | 23.82% | 32.22% | (3.05)% | 20.50% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $5198625 | $6795684 | $6229783 | $5541415 | $4700274 | $5435513 |
| **Ratios to average net assets:** |  |  |  |  |  |  |
| Net expenses | 0.16% | 0.15%<sup>(g)</sup> | 0.14% | 0.14% | 0.14% | 0.14% |
| Gross expenses | 0.16% | 0.15%<sup>(g)</sup> | 0.14% | 0.14% | 0.14% | 0.14% |
| Net investment income | 1.11% | 0.99%<sup>(g)</sup> | 1.29% | 1.44% | 1.41% | 1.39% |
| Portfolio turnover rate | 30% | 27%<sup>(f)</sup> | 37% | 31% | 40% | 77% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | Beginning with the year ended September 30, 2022, the Fund was audited by Ernst & Young LLP. The previous periods were audited by another <br> independent registered public accounting firm.<br>|
| (b) | Financial information from January 1, 2016 until May 24, 2021 is for the GE RSP U.S. Equity Fund, which was reorganized into the State Street U.S. Core <br> Equity Fund effective May 24, 2021. See Note 1 in the accompanying Notes to Financial Statements.<br>|
| (c) | Effective 4/13/2021, the Board of Trustees approved a change in fiscal year end for the Fund from December 31 to September 30. |
| (d) | Per share values have been calculated using the average shares method. |
| (e) | Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions. Past performance does not <br> guarantee future results.<br>|
| (f) | Not annualized. |
| (g) | Annualized for periods less than one year. |

---

------

<u>Contacting the State Street Funds</u> 

Online: www.ssga.com 24 hours a day, 7 days a week <br> Phone: (800) 242-0134

Written requests should be sent to:

---

| | |
|:---|:---|
| **Regular mail** | **Overnight/ Registered, Express, Certified Mail** |
| State Street Global Advisors<br> c/o U.S. Bank Global Fund Services<br> P.O. Box 701<br> Milwaukee, WI 53201-0701<br>| State Street Global Advisors<br> c/o U.S. Bank Global Fund Services<br> 615 East Michigan Street<br> Milwaukee, WI 53202-5207<br>|

---

The Funds do not consider the U.S. Postal Service or other independent delivery services to be their agents. Therefore, deposits in the mail or with such services, or receipt at the Funds' post office box, of purchase orders or redemption requests, do not constitute receipt by the Funds or Transfer Agent.

------

For more information about the Funds:

The Funds' SAI includes additional information about the Funds and is incorporated by reference into this document. Additional information about the Funds' investments will be available in the Funds' most recent annual and semi-annual reports to shareholders. The Funds' SAI is available, without charge, upon request. The Funds' annual and semi-annual reports will be available, without charge, upon request. Shareholders in the Funds may make inquiries to the Funds to receive such information by calling (800) 242-0134 or the customer service center at the telephone number shown in the accompanying contract prospectus, if applicable. Each Fund's Prospectus and SAI are available, and the annual and semi-annual reports to shareholders will be available, free of charge, on the Funds' website at www.ssga.com.

Reports and other information about the Funds are available free of charge on the EDGAR Database on the SEC's Internet site at http://www.sec.gov. Copies of this information also may be obtained, after paying a duplicating fee, by electronic request at the following E-mail address: publicinfo@sec.gov.

**SSGA Funds Management, Inc**

ONE IRON STREET

BOSTON, MASSACHUSETTS 02210

GM-PROIThe State Street Institutional Investment Trust's Investment Company Act File Number is 811-09819.

------

**Prospectus** 

Dated January 31, 2023

**State Street Institutional**

**Investment Trust** 

State Street Diversified Income Fund

Class K (SBFYX)

The U.S. Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.

An investment in the Fund offered by this Prospectus is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

The Fund only offers Class K Shares.

![](g436157g4ssga_hor.jpg)

------

**TABLE OF CONTENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Fund Summary](#xx_be39f24c-bce9-4cc3-a2ca-df14766ed078_1) | 1 |
| [State Street Diversified Income Fund](#xx_be39f24c-bce9-4cc3-a2ca-df14766ed078_1) | 1 |
| [Additional Information About Investment Objective, Principal Strategies and Risks](#xx_36d87ecf-ea7d-4d52-9933-5424ef9bfde7_1) | 9 |
| [Additional Information About Non-Principal Investment Strategies and Risks](#xx_36d87ecf-ea7d-4d52-9933-5424ef9bfde7_9) | 17 |
| [Portfolio Holdings Disclosure](#xx_36d87ecf-ea7d-4d52-9933-5424ef9bfde7_11) | 19 |
| [Management and Organization](#xx_b61a27fd-25f8-440c-b193-cf2e10cec976_1) | 20 |
| [Shareholder Information](#xx_b61a27fd-25f8-440c-b193-cf2e10cec976_2) | 21 |
| [Dividends, Distributions and Tax Considerations](#xx_b61a27fd-25f8-440c-b193-cf2e10cec976_10) | 29 |
| [Financial Intermediary Arrangements](#xx_b61a27fd-25f8-440c-b193-cf2e10cec976_11) | 30 |
| [Financial Highlights](#xx_525ed7d8-b9fb-4c79-a844-328b9d0635eb_1) | 32 |

---

------

**State Street Diversified Income Fund**

**Investment Objective**

The State Street Diversified Income Fund (the "Fund") seeks a high level of income.

**Fees and Expenses of the Fund**

The tables below describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund ("Fund Shares"). **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries which are not reflected in the tables and examples below.**

**Shareholder Fees** (fees paid directly from your investment)

---

| |
|:---|
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the sale proceeds or the original offering price) |

---

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| Management Fee | 0.25% |
| Distribution and/or Shareholder Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>1</sup> | 0.69% |
| Acquired Fund Fees and Expenses | 0.06% |
| Total Annual Fund Operating Expenses | 1.00% |
| Less Fee Waivers and/or Expense Reimbursements<sup>2</sup> | (0.30)% |
| Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements | 0.70% |

---

<sup>1</sup>

Other Expenses are based on estimates for the current fiscal year.

<sup>2</sup>

The Fund's investment adviser, SSGA Funds Management, Inc. (the "Adviser" or "SSGA FM"), is contractually obligated until January 31, 2024 (i) to waive up to the full amount of the advisory fee payable by the Fund, and/or (ii) to reimburse the Fund to the extent that Total Annual Fund Operating Expenses (exclusive of non-recurring account fees, interest, taxes, and extraordinary expenses) exceed 0.70% of average daily net assets on an annual basis. This waiver and/or reimbursement may not be terminated prior to January 31, 2024 except with approval of the Fund's Board of Trustees.

**Example:**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The calculation of costs for the one-year period takes into account the effect of any current contractual fee waivers and/or reimbursements; and the calculation of costs for the remaining period takes such fee waivers and/or reimbursements into account only for the first year of each such period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 year** | **3 years** | **5 years** | **10 years** |
| $72 | $289 | $523 | $1197 |

---

**Portfolio Turnover:**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. From the Fund's commencement of operations on December 22, 2021 to the most recent fiscal year end, the Fund's portfolio turnover rate was 8% of the average value of its portfolio.

------

**Principal Investment Strategies**

The Fund seeks to achieve its investment objective by investing under normal circumstances at least 65% of its net assets in income securities of varying maturities. SSGA Funds Management, Inc. (the "Adviser" or "SSGA FM") attempts to diversify the Fund's assets across income-generating types of securities while making adjustments to the portfolio to manage risk through different credit cycles based on the Adviser's risk/return forecasts. The Fund seeks to manage volatility through portfolio diversification across different income-generating securities and manage exposures to duration, credit rating/quality, geography, maturity and different parts of the capital structure of issuers in which the Fund invests.

The Fund's investments may include income securities of any credit rating, income securities issued by governmental entities (including supranational entities), their agencies and instrumentalities, collateralized loan obligations, high-yield senior loans, mortgage-related and asset-backed securities and other fixed and floating or variable rate obligations. The Fund may invest in securities of any duration. The Fund may also invest up to 10% of its net assets in convertible securities and up to 10% of its net assets in preferred securities. The Fund may invest in exchange-traded funds ("ETFs"), a type of pooled investment vehicle, including ETFs advised by the Adviser, in order to manage cash positions or seek exposure to certain markets or market sectors.

The Fund may invest in such income securities of issuers located in the United States and non-U.S. countries, including emerging market entities and may obtain exposure to non-U.S. countries directly or indirectly, such as through investment in depositary receipts. An emerging market country is any country determined by the Adviser to have an emerging market economy, considering factors such as the country's political and economic stability, and the development of its financial and capital markets. An emerging market entity is an entity that is located in an emerging market country or has significant economic exposure to an emerging market, including corporate, national and local government, and quasi-government entities.

The Fund may invest up to 80% of its net assets in high yield securities (commonly referred to as below-investment-grade bonds or junk bonds) rated below investment grade by Moody's Investors Service, Inc. ("Moody's"), Standard & Poor's Ratings Services ("S&P") or Fitch, Inc. ("Fitch"), or if unrated, as determined by the Adviser. In the event that ratings services assign different ratings to the same security, the Adviser will use the highest rating as the credit rating for that security. The Fund may invest up to 75% of its net assets in income securities of issuers domiciled in emerging market countries. In addition, the Fund may invest up to 50% of its net assets in income securities denominated in foreign currencies (this limitation does not apply to investment grade sovereign debt denominated in the local currency with less than 1 year remaining to maturity). The Fund will normally limit its net foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 20% of its net assets.

The Fund may invest, without limitation, in derivative instruments, which the Fund currently expects would include income-related forwards, options, futures and swaps. The Fund expects to use such instruments primarily to adjust market exposures (including duration and yield curve), to gain broad income market exposures pending investments of cash, or to reduce market exposures pending the sales of securities. The Fund may also enter into foreign currency futures, forward contracts, and options to hedge currency risk. The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales. The Fund may, without limitation, seek to obtain market exposure to the securities in which it invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls).

**Principal Risks**

The Fund is subject to the following principal risks. You could lose money by investing in the Fund. Certain risks relating to instruments and strategies used in the management of the Fund are placed first. The significance of any specific risk to an investment in the Fund will vary over time, depending on the composition of the Fund's portfolio, market conditions, and other factors. You should read all of the risk information presented below carefully, because any one or more of these risks may result in losses to the Fund. **An investment in the Fund is subject to investment risks, including possible loss of principal, is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.** The Fund may not achieve its investment objective. The Fund is not intended to be a complete investment program, but rather is intended for investment as part of a diversified investment portfolio. Investors should consult their own advisers as to the role of the Fund in their overall investment programs.

------

***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, 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.

***Management Risk:*** The Fund is actively managed. The Adviser's judgments about the attractiveness, relative value, or potential appreciation of a particular sector, security, commodity or investment strategy may prove to be incorrect, and may cause the Fund to incur losses. There can be no assurance that the Adviser's investment techniques and decisions will produce the desired results.

***Debt Securities Risk:*** The values of debt securities may increase or decrease as a result of the following: market fluctuations, changes in interest rates, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments, or illiquidity in debt securities markets. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. A rising interest rate environment may cause the value of the Fund's fixed income securities to decrease, an adverse impact on the liquidity of the Fund's fixed income securities, and increased volatility of the fixed income markets. During periods when interest rates are at low levels, the Fund's yield can be low, and the Fund may have a negative yield (i.e., it may lose money on an operating basis). To the extent that interest rates fall, certain underlying obligations may be paid off substantially faster than originally anticipated. If the principal on a debt obligation is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. During periods of falling interest rates, the income received by the Fund may decline. Changes in interest rates will likely have a greater effect on the values of debt securities of longer durations. Returns on investments in debt securities could trail the returns on other investment options, including investments in equity securities.

***Interest Rate Risk:*** Interest rate risk is the risk that debt securities will decline in value because of increases in interest rates. The value of a security with a longer duration will be more sensitive to changes in interest rates than a similar security with a shorter duration. Interest-only and principal-only securities are especially sensitive to interest rate changes, which can affect not only their prices but can also change the income flows and repayment assumptions about those investments.

***Derivatives Risk:*** Derivative transactions can create investment leverage and may have significant volatility. It is possible that a derivative transaction will result in a much greater loss than the principal amount invested, that changes in the value of a derivative transaction may not correlate perfectly with the underlying asset, and that the Fund may not be able to close out a derivative transaction at a favorable time or price. The counterparty to a derivatives contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations. A derivatives transaction may not behave in the manner anticipated by the Adviser or may not have the effect on the Fund anticipated by the Adviser.

***Below Investment-Grade Securities Risk:*** Lower-quality debt securities ("high yield" or "junk" bonds) are considered predominantly speculative, and can involve a substantially greater risk of default than higher quality debt securities. Issuers of lower-quality debt securities may have substantially greater risk of insolvency or bankruptcy than issuers of higher-quality debt securities. They can be illiquid, and their values can have significant volatility and may decline significantly over short periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about the issuer, or the market or economy in general.

***Non-U.S. Securities Risk:*** Non-U.S. securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. There may be less information publicly available about a non-U.S. entity than about a U.S. entity, and many non-U.S. entities are not subject to accounting, auditing, legal and financial report standards comparable to those in the United States. Further, such entities and/or their securities may be subject to risks associated with currency controls; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign mar

------

kets may be less liquid (harder to sell) than securities traded domestically. Foreign governments may impose restrictions on the repatriation of capital to the U.S. In addition, to the extent that the Fund buys securities denominated in a foreign currency, there are special risks such as changes in currency exchange rates and the risk that a foreign government could regulate foreign exchange transactions. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Investments in depositary receipts may be less liquid and more volatile than the underlying shares in their primary trading market.

***Collateralized Debt Obligations Risk:*** The risks of an investment in a collateralized debt obligation depend largely on the type of the collateral securities and the class of the debt obligation in which the Fund invests. Collateralized debt obligations are generally subject to many of the same risks of investing as debt securities and asset-backed securities, including credit, interest rate, valuation, liquidity, prepayment and extension risks. These securities also are subject to risk of default on the underlying assets, particularly during periods of economic downturn.

***Convertible Securities Risk:*** Convertible securities may be subordinate to other debt securities issued by the same issuer. Issuers of convertible securities are often not as strong financially as issuers with higher credit ratings. Convertible securities typically provide yields lower than comparable non-convertible securities. Their values may be more volatile than those of non-convertible securities, reflecting changes in the values of the securities into which they are convertible.

***Counterparty Risk:*** The Fund will be subject to credit risk with respect to the counterparties with which the Fund enters into derivatives contracts, repurchase agreements, reverse repurchase agreements, and other transactions. If a counterparty fails to meet its contractual obligations, the Fund may be unable to terminate or realize any gain on the investment or transaction, or to recover collateral posted to the counterparty, resulting in a loss to the Fund. If the Fund holds collateral posted by its counterparty, it may be delayed or prevented from realizing on the collateral in the event of a bankruptcy or insolvency proceeding relating to the counterparty.

***Emerging Markets Risk:*** Risks of investing in emerging markets include, among others, greater political and economic instability, greater volatility in currency exchange rates, less developed securities markets, possible trade barriers, currency transfer restrictions, a more limited number of potential buyers and issuers, an emerging market country's dependence on revenue from particular commodities or international aid, less governmental supervision and regulation, unavailability of currency hedging techniques, differences in auditing and financial reporting standards, less stringent investor protection and disclosure standards, less developed public health systems, and less developed legal systems. There is also the potential for unfavorable action such as expropriation, nationalization, embargo, and acts of war. The securities of emerging market companies may trade less frequently and in smaller volumes than more widely held securities. Market disruptions or substantial market corrections may limit very significantly the liquidity of securities of certain companies in a particular country or geographic region, or of all companies in the country or region. The Fund may be unable to liquidate its positions in such securities at any time, or at a favorable price, in order to meet the Fund's obligations. These risks are generally greater for investments in frontier market countries, which typically have smaller economies or less developed capital markets than traditional emerging market countries.

***Exchange Traded Products Risk:*** The Fund is subject to substantially the same risks as those associated with the direct ownership of the securities represented by the Exchange Traded Products ("ETPs") in which it invests. In addition, the shares of certain ETPs may trade at a premium or discount to their intrinsic value (*i.e.*, the market value may differ from the net asset value of an Exchange-Traded Fund's ("ETF") shares) for a number of reasons. For example, supply and demand for shares of an ETF or market disruptions may cause the market price of the ETF to deviate from the value of the ETF's investments, which may be exacerbated in less liquid markets. The value of an exchange-traded note may also differ from the valuation of its reference market due to changes in the issuer's credit rating.

***Affiliated ETP Risk:*** The Adviser may receive management or other fees from the ETPs ("Affiliated ETPs") in which the Fund may invest, as well as a management fee for managing the Fund. It is possible that a conflict of interest among the Fund and the Affiliated ETPs could affect how the Adviser fulfills its fiduciary duties to the Fund and the Affiliated ETPs. Because the amount of the investment management fees to be retained by the Adviser may differ depending upon the Affiliated ETPs in which the Fund invests, there is a conflict of interest

------

for the Adviser in selecting the Affiliated ETPs. In addition, the Adviser may have an incentive to take into account the effect on an Affiliated ETP in which the Fund may invest in determining whether, and under what circumstances, to purchase or sell shares in that Affiliated ETP. Although the Adviser takes steps to address the conflicts of interest, it is possible that the conflicts could impact the Fund.

***Liquidity Risk:*** Lack of a ready market, stressed market conditions, or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price or at all. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. If the liquidity of the Fund's holdings deteriorates, it may lead to differences between the market price of Fund Shares and the net asset value of Fund Shares, and could result in the Fund Shares being less liquid. Illiquidity of the Fund's holdings may also limit the ability of the Fund to obtain cash to meet redemptions on a timely basis. In addition, the Fund, due to limitations on investments in any illiquid investments and/or the difficulty in purchasing and selling such investments, may be unable to achieve its desired level of exposure to a certain market or sector.

***Mortgage-Related and Other Asset-Backed Securities Risk:*** Investments in mortgage-related and other asset-backed securities are subject to the risk of significant credit downgrades, illiquidity, and defaults to a greater extent than many other types of fixed-income investments. The liquidity of mortgage-related and asset-backed securities may change over time. During periods of falling interest rates, mortgage- and asset-backed securities may be called or prepaid, which may result in the Fund having to reinvest proceeds in other investments at a lower interest rate. During periods of rising interest rates, the average life of mortgage- and asset-backed securities may extend, which may lock in a below-market interest rate, increase the security's duration and interest rate sensitivity, and reduce the value of the security. Enforcing rights against the underlying assets or collateral may be difficult, and the underlying assets or collateral may be insufficient if the issuer defaults.

***Preferred Securities Risk:*** Generally, preferred security holders have no or limited voting rights with respect to the issuing company. In addition, preferred securities are subordinated to bonds and other debt instruments in a company's capital structure and therefore will be subject to greater credit risk than those debt instruments. Dividend payments on a preferred security typically must be declared by the issuer's board of directors. An issuer's board of directors is generally not under any obligation to pay a dividend (even if such dividends have accrued), and may suspend payment of dividends on preferred securities at any time. In the event an issuer of preferred securities experiences economic difficulties, the issuer's preferred securities may lose substantial value due to the reduced likelihood that the issuer's board of directors will declare a dividend and the fact that the preferred security may be subordinated to other securities of the same issuer. Further, because many preferred securities pay dividends at a fixed rate, their market price can be sensitive to changes in interest rates in a manner similar to bonds — that is, as interest rates rise, the value of the preferred securities held by the Fund are likely to decline. Therefore, to the extent that the Fund invests a substantial portion of its assets in fixed rate preferred securities, rising interest rates may cause the value of the Fund's investments to decline significantly. In addition, because many preferred securities allow holders to convert the preferred securities into common stock of the issuer, their market price can be sensitive to changes in the value of the issuer's common stock and, therefore, declining common stock values may also cause the value of the Fund's investments to decline. Preferred securities often have call features which allow the issuer to redeem the security at its discretion. The redemption of a preferred security having a higher than average yield may cause a decrease in the Fund's yield.

***Risk of Investment in Other Pools:*** If the Fund invests in another pooled investment vehicle, it is exposed to the risk that the other pool will not perform as expected and is exposed indirectly to all of the risks applicable to an investment in such other pool. The investment policies of the other pool may not be the same as those of the Fund; as a result, an investment in the other pool may be subject to additional or different risks than those to which the Fund is typically subject. The Fund bears its proportionate share of the fees and expenses of any pool in which it invests. The Adviser or an affiliate may serve as investment adviser to a pool in which the Fund may invest, leading to potential conflicts of interest. It is possible that other clients of the Adviser or its affiliates will purchase or sell interests in a pool sponsored or managed by the Adviser or its affiliates at prices and at times more favorable than those at which the Fund does so.

***Senior Loan Risk:*** Investments in first lien senior secured floating rate bank loans ("Senior Loans") are subject to credit risk and general investment risk. Credit risk refers to the possibility that the borrower of a Senior Loan will be unable and/or unwilling to make timely interest payments and/or repay the principal on its obligation. Default in the payment of interest or principal on a Senior Loan will result in a reduction in the value of the Senior Loan and con

------

sequently a reduction in the value of the Fund's investments and a potential decrease in the net asset value ("NAV") of the Fund. Senior Loans are also subject to the risk that the value of the collateral securing a Senior Loan may decline, be insufficient to meet the obligations of the borrower or be difficult to liquidate. In addition, the Fund's access to the collateral may be limited by bankruptcy or other insolvency laws. Further, loans held by the Fund may not be considered securities and, therefore, purchasers, such as the Fund, may not be entitled to rely on the strong anti-fraud protections of the federal securities laws. Some Senior Loans are subject to the risk that a court, pursuant to fraudulent conveyance or other similar laws, could subordinate the Senior Loans to presently existing or future indebtedness of the borrower or take other action detrimental to lenders, including the Fund, such as invalidation of Senior Loans or causing interest previously paid to be refunded to the borrower. Senior Loans are also subject to high yield securities risks and liquidity risks described above. In addition, bank loans may be subject to extended settlement periods, which may impair the Fund's ability to sell or realize the full value of its loans in the event of a need to liquidate such loans in a compressed period of time. Some of the loans in which the Fund may invest or obtain exposure to may be "covenant-lite" loans. Covenant-lite loans may contain fewer or no maintenance covenants compared to other loans and may not include terms which allow the lender to monitor the performance of the borrower and declare a default if certain criteria are breached. The Fund may experience delays in enforcing its rights on its holdings of covenant-lite loans.

***Short Sales:*** The Fund may engage in "short sale" transactions. A short sale involves the sale by the Fund of an instrument or security that it does not own with the hope of purchasing the same security at a later date at a lower price. Short sales are designed to profit from a decline in the price of a security or instrument. The Fund will lose value if the security or instrument that is the subject of a short sale increases in value. This is the opposite of traditional "long" investments where the value of the Fund increases as the value of a portfolio security or instrument increases. The Fund also may enter into a short derivative position through a futures contract, swap agreement, structured note, or short positions on currency forwards.

***U.S. Government Securities Risk:*** Certain U.S. government securities are supported by the full faith and credit of the United States; others are supported by the right of the issuer to borrow from the U.S. Treasury; others are supported by the discretionary authority of the U.S. government to purchase the agency's obligations; and still others are supported only by the credit of the issuing agency, instrumentality, or enterprise. Although U.S. government-sponsored enterprises such as the Federal Home Loan Mortgage Corporation ("Freddie Mac") and the Federal National Mortgage Association ("Fannie Mae") may be chartered or sponsored by Congress, they are not funded by Congressional appropriations, and their securities are not issued by the U.S. Treasury, are not supported by the full faith and credit of the U.S. government, and involve increased credit risks.

***Valuation Risk:*** A larger portion of the Fund's investment portfolio may be valued on the basis of factors other than market quotations as compared with other mutual funds. This may occur more often in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including "fair valued" securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. Investors who purchase or redeem Fund Shares on days when the Fund is holding fair-valued investments may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the Fund had not fair-valued the holding(s) or had used a different valuation methodology.

***When-Issued, TBA and Delayed Delivery Securities Risk:*** The Fund may purchase securities on a when-issued, to-be-announced ("TBA") or delayed delivery basis and may purchase securities on a forward commitment basis. The purchase price of the securities is typically fixed at the time of the commitment, but delivery and payment can take place a month or more after the date of the commitment. At the time of delivery of the securities, the value may be more or less than the purchase or sale price. Purchase of securities on a when-issued, TBA, delayed delivery, or forward commitment basis may give rise to investment leverage, and may result in increased volatility of the Fund's NAV. Default by, or bankruptcy of, a counterparty to a when-issued, TBA or delayed delivery transaction would expose the Fund to possible losses because of an adverse market action, expenses or delays in connection with the purchase or sale of the pools specified in such transaction. Rule amendments proposed by the Financial Industry Regu

------

latory Authority, Inc. may impose mandatory margin requirements for certain types of when-issued, TBA delayed delivery or forward commitment transactions, with limited exceptions. Such transactions require mandatory collateralization which may increase the cost of such transactions and impose added operational complexity.

**Performance**

The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund's returns from year-to-year and by showing how the Fund's average annual returns for the period indicated compared with those of a broad-based benchmark index. The Fund's past performance does not necessarily indicate how the Fund will perform in the future. Current performance information for the Fund is available toll free by calling (800) 997-7327 or by visiting our website at www.ssga.com.

**Annual Total Return** (years ended 12/31)

![](g436157g4imgae36b3ab1.jpg)

Highest Quarterly Return: 5.56% (Q4, 2022)

Lowest Quarterly Return: -10.11% (Q2, 2022)

**Average Annual Total Returns** (for periods ended 12/31/22)

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns depend on an investor's tax situation and may differ from those shown above, and after-tax returns are not relevant to investors who hold their shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

---

| | | | |
|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Since Inception** | **Inception**<br> **Date**<br>|
| Class K |  |  | 12/22/2021 |
| Return Before Taxes | -14.85% | -14.50% |  |
| Return After Taxes on Distributions | -16.31% | -15.94% |  |
| Return After Taxes on Distributions and Sale of Fund Shares | -8.78% | -11.63% |  |
| Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, <br> expenses or taxes)<br>| -13.01% | -12.76% |  |

---

**Investment Adviser** 

SSGA FM serves as the investment adviser to the Fund.

The professional primarily responsible for the day-to-day management of the Fund is Matthew Nest, who has served as a portfolio manager of the Fund since inception in 2021.

Matthew Nest, CFA, is a Managing Director of the Adviser and the Global Head of Active Fixed Income. He joined the Adviser in 2016.

**Purchase and Sale of Fund Shares**

<u>Purchase Minimums</u>

There is no minimum initial investment for Class K shares of the Fund. There is no minimum subsequent investment. In the case of shareholders purchasing shares through a financial intermediary ("Financial Intermediary"), a minimum purchase amount may be applied at the level of the Financial Intermediary.

You may purchase or redeem Fund Shares on any day the Fund is open for business.

*Written Requests and Wire Transfers*. You may purchase or redeem Fund Shares by written request or wire transfer.

------

Written requests should be sent to:

<u>By Mail:</u> 

State Street Funds

P.O. Box 219737

Kansas City, MO 64121-9737

<u>By Overnight/Registered, Express, Certified Mail:</u> 

State Street Funds

430 W 7<sup>th</sup> Street Suite 219737

Kansas City, MO 64105-1407

<u>By Intermediary:</u> 

If you wish to purchase or redeem Fund Shares through a broker, bank or other Financial Intermediary, please contact that Financial Intermediary directly. Your Financial Intermediary may have different or additional requirements for opening an account and/or for the processing of purchase and redemption orders, or may be closed at times when the Fund is open. Financial Intermediaries may contact SS&C GIDS, Inc. at (877) 332-6207 or via email at nsccresearch@dstsystems.com with questions.

**Tax Information**

The Fund's distributions are expected to be taxed as ordinary income, qualified dividend income and/or capital gains, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or IRA. Any withdrawals made from a tax-advantaged arrangement may be taxable to you.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase Fund Shares through a broker-dealer or other Financial Intermediary (such as a bank), the Adviser or its affiliates may pay the Financial Intermediary for certain activities related to the Fund, including educational training programs, conferences, the development of technology platforms and reporting systems, or other services related to the sale or promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your Financial Intermediary's website for more information.

------

**Additional Information About Investment Objective, Principal Strategies and Risks**

**Investment Objective**

The State Street Institutional Investment Trust's (the "Trust") Board of Trustees (the "Board") may change the Fund's investment strategies and other policies without shareholder approval, except as otherwise indicated. The Board may change the Fund's investment objective without shareholder approval.

**Principal Investment Strategies**

The Fund seeks to achieve its investment objective by investing under normal circumstances at least 65% of its net assets in income securities of varying maturities. SSGA Funds Management, Inc. (the "Adviser" or "SSGA FM") attempts to diversify the Fund's assets across income-generating types of securities while making adjustments to the portfolio to manage risk through different credit cycles based on the Adviser's risk/return forecasts. The Fund seeks to manage volatility through portfolio diversification across different income-generating securities and manage exposures to duration, credit rating/quality, geography, maturity and different parts of the capital structure of issuers in which the Fund invests.

The Fund's investments may include income securities of any credit rating, income securities issued by governmental entities (including supranational entities), their agencies and instrumentalities, collateralized loan obligations, high-yield senior loans, mortgage-related and asset-backed securities and other fixed and floating or variable rate obligations. The Fund may invest in securities of any duration. The Fund may also invest up to 10% of its net assets in convertible securities and up to 10% of its net assets in preferred securities. The Fund may invest in exchange-traded funds ("ETFs"), a type of pooled investment vehicle, including ETFs advised by the Adviser, in order to manage cash positions or seek exposure to certain markets or market sectors.

The Fund may invest in such income securities of issuers located in the United States and non-U.S. countries, including emerging market entities and may obtain exposure to non-U.S. countries directly or indirectly, such as through investment in depositary receipts. An emerging market country is any country determined by the Adviser to have an emerging market economy, considering factors such as the country's political and economic stability, and the development of its financial and capital markets. An emerging market entity is an entity that is located in an emerging market country or has significant economic exposure to an emerging market, including corporate, national and local government, and quasi-government entities.

The Fund may invest up to 80% of its net assets in high yield securities (commonly referred to as below-investment-grade bonds or junk bonds) rated below investment grade by Moody's Investors Service, Inc. ("Moody's"), Standard & Poor's Ratings Services ("S&P") or Fitch, Inc. ("Fitch"), or if unrated, as determined by the Adviser. In the event that ratings services assign different ratings to the same security, the Adviser will use the highest rating as the credit rating for that security. The Fund may invest up to 75% of its net assets in income securities of issuers domiciled in emerging market countries. In addition, the Fund may invest up to 50% of its net assets in income securities denominated in foreign currencies (this limitation does not apply to investment grade sovereign debt denominated in the local currency with less than 1 year remaining to maturity). The Fund will normally limit its net foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 20% of its net assets.

The Fund may invest, without limitation, in derivative instruments, which the Fund currently expects would include income-related forwards, options, futures and swaps. The Fund expects to use such instruments primarily to adjust market exposures (including duration and yield curve), to gain broad income market exposures pending investments of cash, or to reduce market exposures pending the sales of securities. The Fund may also enter into foreign currency futures, forward contracts, and options to hedge currency risk. The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales. The Fund may, without limitation, seek to obtain market exposure to the securities in which it invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls).

The Fund generally seeks to buy and hold securities but may sell securities (i) if there is significant deterioration in the investment case for a particular issuer, (ii) to generate liquidity or (iii) for other portfolio management purposes deemed appropriate by the Adviser.

------

**Additional Information About Risks**

The Fund is subject to the following principal risks. The risks are described in alphabetical order and not in the order of importance or potential exposure.

*Below Investment-Grade Securities Risk*. Securities rated below investment-grade and unrated securities of comparable credit quality (commonly known as "high-yield" or "junk" bonds) lack strong investment-grade characteristics, are considered predominantly speculative with respect to the issuer's continuing ability to make principal and interest payments, and are subject to greater levels of credit, liquidity and market risk than higher-rated securities. They can involve a substantially greater risk of default than higher-rated securities, and their values can decline significantly over short periods of time. Issuers of lower-quality debt securities may have substantially greater risk of insolvency or bankruptcy than issuers of higher-quality debt securities. In the event the issuer of a debt security held by the Fund defaults on its payments or becomes insolvent or bankrupt, the Fund may not receive the return it was promised on the investment and could lose its entire investment. The lower ratings of junk bonds reflect a greater possibility that actual or perceived adverse changes in the financial condition of the issuer or in general economic conditions, or an unanticipated rise in interest rates, may impair the ability of the issuer to make payments of interest and principal. If this were to occur, the values of such securities held by the Fund may fall substantially and the Fund could lose some or all of the value of its investment. Lower-quality debt securities tend to be more sensitive to adverse news about the issuer, or the market or economy in general, than higher quality debt securities. The market for lower quality debt securities can be less liquid than for higher quality debt securities, especially during periods of recession or general market decline, which could make it difficult at times for the Fund to sell certain securities at prices used in calculating the Fund's NAV. These securities may have significant volatility.

*Collateralized Debt Obligations Risk*. The risks of an investment in a collateralized debt obligation depend largely on the type of the collateral securities and the class of the debt obligation in which the Fund invests. Collateralized debt obligations are generally subject to many of the same risks of investing as debt securities and asset-backed securities, including credit, interest rate, valuation, liquidity, prepayment and extension risks. These securities also are subject to risk of default on the underlying assets, particularly during periods of economic downturn.

*Collateralized Bond Obligation Risk*. The pool of high yield securities underlying collateralized bond obligations is typically separated into groupings called tranches representing different degrees of credit quality. The higher quality tranches have greater degrees of protection and pay lower interest rates. The lower tranches, with greater risk, pay higher interest rates.

*Collateralized Loan Obligation Risk*. The risks of an investment in a collateralized loan obligation depend largely on the type of the collateral securities and the class of the debt obligation in which the Fund invests. Collateralized loan obligations are generally subject to credit, interest rate, valuation, liquidity, prepayment and extension risks. These securities also are subject to risk of default on the underlying asset, particularly during periods of economic downturn. Collateralized loan obligations carry additional risks including, but not limited to, (i) the possibility that distributions from collateral securities will not be adequate to make interest of other payments, (ii) the collateral may decline in value or default, (iii) the Fund may invest in obligations that are subordinate to other classes, and (iv) the complex structure of the security may not be fully understood at the time of investment and produce disputes with the issuer or unexpected investment results.

*Collateralized Mortgage Obligation Risk*. The expected average life of collateralized mortgage obligations ("CMOs") is determined using mathematical models that incorporate prepayment assumptions and other factors that involve estimates of future economic and market conditions. These estimates may vary from actual future results, particularly during periods of extreme market volatility. Further, under certain market conditions, the average weighted life of certain CMOs may not accurately reflect the price volatility of such securities. For example, in periods of supply and demand imbalances in the market for such securities and/or in periods of sharp interest rate movements, the prices of CMOs may fluctuate to a greater extent than would be expected from interest rate movements alone. CMOs issued by private entities are not obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities and are not guaranteed by any government agency, although the securities underlying a CMO may be subject to a guarantee. Therefore, if the collateral securing the CMO, as well as any third-party credit support or guarantees, is insufficient to make payments when due, the holder could sustain a loss.

------

*Convertible Securities Risk*. Convertible securities are bonds, debentures, notes, preferred stocks or other securities that may be converted or exchanged (by the holder or by the issuer, depending on the terms of the securities) into shares of the underlying common stock (or cash or securities of equivalent value) at a stated exchange ratio. Convertible securities may be subordinate to other debt securities issued by the same issuer. Issuers of convertible securities are often not as strong financially as issuers with higher credit ratings. Convertible securities typically provide yields lower than comparable non-convertible securities. Their values may be more volatile than those of non-convertible securities, reflecting changes in the values of the securities into which they are convertible.

*Counterparty Risk*. The Fund will be subject to credit risk with respect to the counterparties with which the Fund enters into derivatives contracts and other transactions such as repurchase agreements or reverse repurchase agreements. The Fund's ability to profit from these types of investments and transactions will depend on the willingness and ability of its counterparty to perform its obligations. If a counterparty fails to meet its contractual obligations, the Fund may be unable to terminate or realize any gain on the investment or transaction, resulting in a loss to the Fund. The Fund may experience significant delays in obtaining any recovery in an insolvency, bankruptcy, or other reorganization proceeding involving its counterparty (including recovery of any collateral posted by it) and may obtain only a limited recovery or may obtain no recovery in such circumstances. If the Fund holds collateral posted by its counterparty, it may be delayed or prevented from realizing on the collateral in the event of a bankruptcy or insolvency proceeding relating to the counterparty. Under applicable law or contractual provisions, including if the Fund enters into an investment or transaction with a financial institution and such financial institution (or an affiliate of the financial institution) experiences financial difficulties, then the Fund may in certain situations be prevented or delayed from exercising its rights to terminate the investment or transaction, or to realize on any collateral and may result in the suspension of payment and delivery obligations of the parties under such investment or transactions or in another institution being substituted for that financial institution without the consent of the Fund. Further, the Fund may be subject to "bail-in" risk under applicable law whereby, if required by the financial institution's authority, the financial institution's liabilities could be written down, eliminated or converted into equity or an alternative instrument of ownership. A bail-in of a financial institution may result in a reduction in value of some or all of its securities and, if the Fund holds such securities or has entered into a transaction with such a financial security when a bail-in occurs, the Fund may also be similarly impacted.

*Debt Securities Risk*. The values of debt securities may increase or decrease as a result of the following: market fluctuations, changes in interest rates, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments or illiquidity in debt securities markets. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. A rising interest rate environment may cause the value of the Fund's fixed income securities to decrease, an adverse impact on the liquidity of the Fund's fixed income securities, and increased volatility of the fixed income markets. During periods when interest rates are at low levels, the Fund's yield can be low, and the Fund may have a negative yield (i.e., it may lose money on an operating basis). To the extent that interest rates fall, certain underlying obligations may be paid off substantially faster than originally anticipated. If the principal on a debt obligation is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. During periods of falling interest rates, the income received by the Fund may decline. Changes in interest rates will likely have a greater effect on the values of debt securities of longer durations. Returns on investments in debt securities could trail the returns on other investment options, including investments in equity securities. The U.S. Federal Reserve has been engaged in an aggressive campaign to raise interest rates in an effort to combat historically high levels of inflation. Interest rate increases may continue. High levels of inflation and/or a significantly changing interest rate environment can lead to heightened levels of volatility and reduced liquidity.

*Derivatives Risk.* A derivative is a financial contract the value of which depends on, or is derived from, the value of an underlying asset, interest rate, or index. Derivative transactions typically involve leverage and may have significant volatility. It is possible that a derivative transaction will result in a loss greater than the principal amount invested, that changes in the value of a derivative transaction may not correlate perfectly with the underlying asset, and that the Fund may not be able to close out a derivative transaction at a favorable time or price. Risks associated with derivative instruments include potential changes in value in response to interest rate changes or other market developments or as a result of the counterparty's credit quality; the potential for the derivative transaction not to have the effect the Adviser anticipated or a different or less favorable effect than the Adviser anticipated; the failure of the counterparty to the derivative transaction to perform its obligations under the transaction or to settle a trade; possible mispricing or improper valuation of the derivative instrument; imperfect correlation in the value of a derivative with the asset, rate, or index underlying the derivative; the risk that the Fund may be required to post collateral or margin with its counterparty, and will not be able to recover the collateral or margin in the event of the counterparty's insolvency or bankruptcy; the risk that the Fund will

------

experience losses on its derivatives investments and on its other portfolio investments, even when the derivatives investments may be intended in part or entirely to hedge those portfolio investments; the risks specific to the asset underlying the derivative instrument; lack of liquidity for the derivative instrument, including, without limitation, absence of a secondary trading market; the potential for reduced returns to the Fund due to losses on the transaction and an increase in volatility; the potential for the derivative transaction to have the effect of accelerating the recognition of gain; and legal risks arising from the documentation relating to the derivative transaction.

*Emerging Markets Risk*. Investments in emerging markets are generally subject to a greater risk of loss than investments in developed markets. This may be due to, among other things, the possibility of greater market volatility, lower trading volume and liquidity, greater risk of expropriation, nationalization, and social, political and economic instability, greater reliance on a few industries, international trade or revenue from particular commodities, less developed accounting, legal and regulatory systems, higher levels of inflation, deflation or currency devaluation, greater risk of market shut down, and more significant governmental limitations on investment policy as compared to those typically found in a developed market. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the U.S. Securities and Exchange Commission, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited. In addition, issuers (including governments) in emerging market countries may have less financial stability than in other countries. The securities of emerging market companies may trade less frequently and in smaller volumes than more widely held securities. Market disruptions or substantial market corrections may limit very significantly the liquidity of securities of certain companies in a particular country or geographic region, or of all companies in the country or region. The Fund may be unable to liquidate its positions in such securities at any time, or at a favorable price, in order to meet the Fund's obligations. There is also the potential for unfavorable action such as embargo and acts of war. As a result, there will tend to be an increased risk of price volatility in investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar. Settlement and asset custody practices for transactions in emerging markets may differ from those in developed markets. Such differences may include possible delays in settlement and certain settlement practices, such as delivery of securities prior to receipt of payment, which increase the likelihood of a "failed settlement." Failed settlements can result in losses. For these and other reasons, investments in emerging markets are often considered speculative.

*Exchange Traded Products Risk*. The Fund is subject to substantially the same risks as those associated with the direct ownership of the securities or other assets represented by the ETPs in which the Fund invests. The shares of certain ETPs may trade at a premium or discount to their net asset values. For example, supply and demand for shares of an underlying ETF or market disruptions may cause the market price of the underlying ETF to deviate from the value of the underlying ETF's investments, which may be exacerbated in less liquid markets. The value of an exchange-traded note may also differ from the valuation of its reference market due to changes in the issuer's credit rating.

*Affiliated ETP Risk*. The Adviser may receive management or other fees from Affiliated ETPs, as well as a management fee for managing the Fund. It is possible that a conflict of interest among the Fund and the Affiliated ETPs could affect how the Adviser fulfills its fiduciary duties to the Fund and the Affiliated ETPs. Because the amount of the investment management fees to be retained by the Adviser may differ depending upon the Affiliated ETPs in which the Fund invests, there is a conflict of interest for the Adviser in selecting the Affiliated ETPs. In addition, the Adviser may have an incentive to take into account the effect on an Affiliated ETP in which the Fund may invest in determining whether, and under what circumstances, to purchase or sell shares in that Affiliated ETP. Although the Adviser takes steps to address the conflicts of interest, it is possible that the conflicts could impact the Fund.

*Interest Rate Risk*. Interest rate risk is the risk that the securities held by the Fund will decline in value because of increases in market interest rates. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. Debt securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than debt securities with shorter durations. For example, the value of a security with a duration of five years would be expected to decrease by 5% for every 1% increase in interest rates. Falling interest rates also create the potential for a decline in the Fund's income and yield. Interest-only and principal-only securities are especially sensitive to interest rate changes, which can affect not only their prices but can also change the income flows and repayment assumptions about those investments. Variable and floating rate securities also generally increase or decrease in value in response to changes in interest rates, although generally to a lesser degree than fixed-rate securities. A substantial increase in interest rates may also have an adverse impact on the liquidity of a security, especially those with longer durations. Changes in governmental policy, including changes in central bank monetary policy, could cause inter

------

est rates to rise rapidly, or cause investors to expect a rapid rise in interest rates. This could lead to heightened levels of interest rate, volatility and liquidity risks for the fixed income markets generally and could have a substantial and immediate effect on the values of the Fund's investments. The U.S. Federal Reserve has been engaged in an aggressive campaign to raise interest rates in an effort to combat historically high levels of inflation. Interest rate increases may continue. High levels of inflation and/or a significantly changing interest rate environment can lead to heightened levels of volatility and reduced liquidity.

*Liquidity Risk*. Liquidity risk is the risk that the Fund may not be able to dispose of investments or close out derivatives transactions readily at a favorable time or prices (or at all) or at prices approximating those at which the Fund currently values them. For example, certain investments may be subject to restrictions on resale, may trade in the over-the-counter market or in limited volume, or may not have an active trading market. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. It may be difficult for the Fund to value illiquid investments accurately. The market for certain investments may become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer. If the liquidity of the Fund's holdings deteriorates, it may lead to differences between the market price of Fund Shares and the net asset value of Fund Shares, and could result in the Fund Shares being less liquid. Disposal of illiquid investments may entail registration expenses and other transaction costs that are higher than those for liquid investments. The Fund may seek to borrow money to meet its obligations (including among other things redemption obligations) if it is unable to dispose of illiquid investments, resulting in borrowing expenses and possible leveraging of the Fund. In some cases, due to unanticipated levels of illiquidity the Fund may choose to meet its redemption obligations wholly or in part by distributions of assets in-kind.

The term "illiquid investments" for this purpose means securities that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the securities. If any Fund determines at any time that it owns illiquid investments in excess of 15% of its net assets, it will cease to undertake new commitments to acquire illiquid investments until its holdings are no longer in excess of 15% of its NAV, report the occurrence in compliance with Rule 30b1-10 under the Investment Company Act of 1940 (the "1940 Act") and, depending on circumstances, may take additional steps to reduce its holdings of illiquid investments. The SEC has recently proposed rule amendments that, if adopted as proposed, could result in a larger percentage of the Fund's investments being classified as illiquid investments.

*Management Risk*. The Fund is actively managed. The Adviser's judgments about the attractiveness, relative value, or potential appreciation of a particular sector, security, commodity or investment strategy may prove to be incorrect, and may cause the Fund to incur losses. There can be no assurance that the Adviser's investment techniques and decisions will produce the desired results.

*Market Risk*. Market prices of investments held by the Fund will go up or down, sometimes rapidly or unpredictably. 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 actual or perceived creditworthiness of issuers and general market liquidity. Even if general economic conditions do not change, the value of an investment in the Fund could decline if the particular industries, sectors or companies in which the Fund invests do not perform well or are adversely affected by events. Further, legal, political, regulatory and tax changes also may cause fluctuations in markets and securities prices. Local, regional or global events such as war, military conflicts, acts of terrorism, 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.

An outbreak of a respiratory disease caused by a novel coronavirus (known as COVID-19) first detected in China in December 2019 has resulted in a global pandemic and major disruptions to economies and markets around the world, including the United States. Although vaccines have been developed and approved for use by various governments, the duration of the pandemic and its effects cannot be predicted with certainty. COVID-19 has contributed to, and may continue to contribute to, market volatility, inflation, reduced liquidity of certain instruments, and systemic economic weakness, and trading in many instruments was and may continue to be disrupted as a result. In addition, the transmission of COVID-19 and efforts to contain its spread have resulted in international border closings, enhanced health screenings, strained healthcare systems and increased healthcare expenses, quarantines and other restrictions on business and personal activities, cancellations, disruptions to supply chains and consumer activity, as well as general public concern and uncertainty. Governments and central banks, including the Federal Reserve in the United States, have taken extraor

------

dinary and unprecedented actions to support local and global economies and the financial markets. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, will not be known for some time. The foregoing could impact the Fund and its investments and result in disruptions to the services provided to the Fund by its service providers.

*Mortgage-Related and Other Asset-Backed Securities Risk*. Investments in mortgage-related and other asset-backed securities are subject to the risk of significant credit downgrades, illiquidity, and defaults to a greater extent than many other types of fixed income investments. The liquidity of mortgage-related and asset-backed securities may change over time. Mortgage-related securities represent a participation in, or are secured by, mortgage loans. Other asset-backed securities are typically structured like mortgage-related securities, but instead of mortgage loans or interests in mortgage loans, the underlying assets may include, for example, items such as motor vehicle installment sales or installment loan contracts, leases on various types of real and personal property, and receivables from credit card agreements. During periods of falling interest rates, mortgage-related and other asset-backed securities, which typically provide the issuer with the right to prepay the security prior to maturity, may be prepaid, which may result in the Fund having to reinvest the proceeds in other investments at lower interest rates. During periods of rising interest rates, the average life of mortgage-related and other asset-backed securities may extend because of slower-than expected principal payments. This may lock in a below market interest rate, increase the security's duration and interest rate sensitivity, and reduce the value of the security. As a result, mortgage-related and other asset-backed securities may have less potential for capital appreciation during periods of declining interest rates than other debt securities of comparable maturities, although they may have a similar risk of decline in market values during periods of rising interest rates. Prepayment rates are difficult to predict and the potential impact of prepayments on the value of a mortgage-related or other asset-backed security depends on the terms of the instrument and can result in significant volatility. The price of a mortgage-related or other asset-backed security also depends on the credit quality and adequacy of the underlying assets or collateral. Mortgage-related or other asset-backed securities issued by non- governmental issuers (such as commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary market issuers) will generally entail greater credit risk than obligations guaranteed by the U.S. Government. Defaults on the underlying assets, if any, may impair the value of a mortgage-related or other asset-backed security. For some asset-backed securities in which the Fund invests, such as those backed by credit card receivables, the underlying cash flows may not be supported by a security interest in a related asset. Moreover, the values of mortgage-related and other asset-backed securities may be substantially dependent on the servicing of the underlying asset pools, and are therefore subject to risks associated with the negligence or malfeasance by their servicers and to the credit risk of their servicers. In certain situations, the mishandling of related documentation may also affect the rights of securities holders in and to the underlying collateral. There may be legal and practical limitations on the enforceability of any security interest granted with respect to underlying assets, or the value of the underlying assets, if any, may be insufficient if the issuer defaults.

In a "forward roll" transaction, the Fund will sell a mortgage-related security to a bank or other permitted entity and simultaneously agree to purchase a similar security from the institution at a later date at an agreed upon price. The mortgage securities that are purchased will bear the same interest rate as those sold, but generally will be collateralized by different pools of mortgages with different prepayment histories than those sold. The values of such transactions will be affected by many of the same factors that affect the values of mortgage-related securities generally. In addition, forward roll transactions may have the effect of creating investment leverage in the Fund.

*Non-U.S. Securities Risk*. Investments in securities of non-U.S. issuers (including depositary receipts) entail risks not typically associated with investing in securities of U.S. issuers. Similar risks may apply to securities traded on a U.S. securities exchange that are issued by entities with significant exposure to non-U.S. countries. In certain countries, legal remedies available to investors may be more limited than those available with regard to U.S. investments. Because non-U.S. securities are typically denominated and traded in currencies other than the U.S. dollar, the value of the Fund's assets, to the extent they are non-U.S. dollar denominated, may be affected favorably or unfavorably by currency exchange rates, exchange control regulations, and restrictions or prohibitions on the repatriation of non-U.S. currencies. Income and gains with respect to investments in certain countries may be subject to withholding and other taxes. There may be less information publicly available about a non-U.S. entity than about a U.S. entity, and many non-U.S. entities are not subject to accounting, auditing, and financial reporting standards, regulatory framework and practices comparable to those in the United States. The securities of some non-U.S. entities are less liquid and at times more volatile than securities of comparable U.S. entities, and could become subject to sanctions or embargoes that adversely affect the Fund's investment. Non-U.S. transaction costs, such as brokerage commissions and custody costs may be higher than in the U.S. In addition, there may be a possibility of nationalization or expropriation of assets, imposition of currency exchange controls, confiscatory taxation, and diplomatic developments that could adversely affect the values of the Fund's invest

------

ments in certain non-U.S. countries. Investments in securities of non-U.S. issuers also are subject to foreign political and economic risk not associated with U.S. investments, meaning that political events (civil unrest, national elections, changes in political conditions and foreign relations, imposition of exchange controls and repatriation restrictions), social and economic events (labor strikes, rising inflation) and natural disasters occurring in a country where the Fund invests could cause the Fund's investments to experience gains or losses.

*Preferred Securities Risk*. Generally, preferred security holders have no or limited voting rights with respect to the issuing company. In addition, preferred securities are subordinated to bonds and other debt instruments in a company's capital structure and therefore will be subject to greater credit risk than those debt instruments. Unlike debt securities, dividend payments on a preferred security typically must be declared by the issuer's board of directors. An issuer's board of directors is generally not under any obligation to pay a dividend (even if such dividends have accrued), and may suspend payment of dividends on preferred securities at any time. Therefore, in the event an issuer of preferred securities experiences economic difficulties, the issuer's preferred securities may lose substantial value due to the reduced likelihood that the issuer's board of directors will declare a dividend and the fact that the preferred security may be subordinated to other securities of the same issuer. Further, because many preferred securities pay dividends at a fixed rate, their market price can be sensitive to changes in interest rates in a manner similar to bonds - that is, as interest rates rise, the value of the preferred securities held by the Fund are likely to decline. Therefore, to the extent that the Fund invests a substantial portion of its assets in fixed rate preferred securities, rising interest rates may cause the value of the Fund's investments to decline significantly. In addition, because many preferred securities allow holders to convert the preferred securities into common stock of the issuer, their market price can be sensitive to changes in the value of the issuer's common stock and, therefore, declining common stock values may also cause the value of the Fund's investments to decline. Preferred securities often have call features, which allow the issuer to redeem the security at its discretion. The redemption of a preferred security having a higher than average yield may cause a decrease in the Fund's yield.

*Risk of Investment in Other Pools*. If the Fund invests in another pooled investment vehicle, it is exposed to the risk that the other pool will not perform as expected. The Fund is exposed indirectly to all of the risks applicable to an investment in such other pool. In addition, lack of liquidity in the underlying pool could result in its value being more volatile than the underlying portfolio of securities, and may limit the ability of the Fund to sell or redeem its interest in the pool at a time or at a price it might consider desirable. The investment policies and limitations of the other pool may not be the same as those of the Fund; as a result, the Fund may be subject to additional or different risks, or may achieve a reduced investment return, as a result of its investment in another pool. If a pool is an exchange-traded fund or other product traded on a securities exchange or otherwise actively traded, its shares may trade at a premium or discount to their NAV, an effect that might be more pronounced in less liquid markets. The Fund bears its proportionate share of the fees and expenses of any pool in which it invests. The Adviser or an affiliate may serve as investment adviser to a pool in which the Fund may invest, leading to potential conflicts of interest. For example, the Adviser or its affiliates may receive fees based on the amount of assets invested in the pool. Investment by the Fund in the pool may be beneficial to the Adviser or an affiliate in the management of the pool, by helping to achieve economies of scale or enhancing cash flows. Due to this and other factors, the Adviser may have an incentive to invest the Fund's assets in a pool sponsored or managed by the Adviser or its affiliates in lieu of investments by the Fund directly in portfolio securities, or may have an incentive to invest in the pool over a pool sponsored or managed by others. Similarly, the Adviser may have an incentive to delay or decide against the sale of interests held by the Fund in a pool sponsored or managed by the Adviser or its affiliates. It is possible that other clients of the Adviser or its affiliates will purchase or sell interests in a pool sponsored or managed by the Adviser or its affiliates at prices and at times more favorable than those at which the Fund does so.

*Senior Loan Risk.* Investments in Senior Loans are subject to credit risk and general investment risk. Credit risk refers to the possibility that the borrower of a Senior Loan will be unable and/or unwilling to make timely interest payments and/or repay the principal on its obligation. Default in the payment of interest or principal on a Senior Loan will result in a reduction in the value of the Senior Loan and consequently a reduction in the value of the Fund's investments and a potential decrease in the NAV of the Fund. Senior Loans are also subject to the risk that the value of the collateral securing a Senior Loan may decline, be insufficient to meet the obligations of the borrower or be difficult to liquidate. In addition, the Fund's access to the collateral may be limited by bankruptcy or other insolvency laws. Further, loans held by the Fund may not be considered securities and, therefore, purchasers, such as the Fund, may not be entitled to rely on the strong anti-fraud protections of the federal securities laws. Some Senior Loans are subject to the risk that a court, pursuant to fraudulent conveyance or other similar laws, could subordinate the Senior Loans to presently existing or future indebtedness of the borrower or take other action detrimental to lenders, including the Fund, such as invalidation of Senior Loans or causing interest previously paid to be refunded to the borrower. Senior Loans are also subject to high

------

yield securities risks and liquidity risks described above. In addition, bank loans may be subject to extended settlement periods, which may impair the Fund's ability to sell or realize the full value of its loans in the event of a need to liquidate such loans in a compressed period of time. Some of the loans in which the Fund may invest or obtain exposure to may be "covenant-lite" loans. Covenant-lite loans may contain fewer or no maintenance covenants compared to other loans and may not include terms which allow the lender to monitor the performance of the borrower and declare a default if certain criteria are breached. The Fund may experience relatively greater realized or unrealized losses or delays in enforcing its rights on its holdings of covenant-lite loans than its holdings of loans with the usual covenants.

*Settlement Risk*. Markets in different countries have different clearance and settlement procedures and in certain markets there have been times when settlements have been unable to keep pace with the volume of transactions. Delays in settlement may increase credit risk to the Fund, limit the ability of the Fund to reinvest the proceeds of a sale of securities, hinder the ability of the Fund to lend its portfolio securities, and potentially subject the Fund to penalties for its failure to deliver to on-purchasers of securities whose delivery to the Fund was delayed. Delays in the settlement of securities purchased by the Fund may limit the ability of the Fund to sell those securities at times and prices it considers desirable, and may subject the Fund to losses and costs due to its own inability to settle with subsequent purchasers of the securities from it. The Fund may be required to borrow monies it had otherwise expected to receive in connection with the settlement of securities sold by it, in order to meet its obligations to others. Limits on the ability of the Fund to purchase or sell securities due to settlement delays could increase any variance between the Fund's performance and that of its benchmark index.

*Short Sales*. The Fund may engage in "short sale" transactions. A short sale involves the sale by the Fund of an instrument or security that it does not own with the hope of purchasing the same security at a later date at a lower price. Short sales are designed to profit from a decline in the price of a security or instrument. The Fund will lose value if the security or instrument that is the subject of a short sale increases in value. This is the opposite of traditional "long" investments where the value of the Fund increases as the value of a portfolio security or instrument increases. The Fund also may enter into a short derivative position through a futures contract, swap agreement, structured note, or short positions on currency forwards.

*U.S. Government Securities Risk*. U.S. government securities, such as Treasury bills, notes and bonds and mortgage-backed securities guaranteed by the Government National Mortgage Association ("Ginnie Mae"), are supported by the full faith and credit of the United States; others are supported by the right of the issuer to borrow from the U.S. Treasury; others are supported by the discretionary authority of the U.S. government to purchase the agency's obligations; and still others are supported only by the credit of the issuing agency, instrumentality, or enterprise. Although U.S. government-sponsored enterprises such as the Federal Home Loan Mortgage Corporation ("Freddie Mac") and the Federal National Mortgage Association ("Fannie Mae") may be chartered or sponsored by Congress, they are not funded by Congressional appropriations, and their securities are not issued by the U.S. Treasury nor supported by the full faith and credit of the U.S. government. There is no assurance that the U.S. government would provide financial support to its agencies and instrumentalities if not required to do so. In addition, certain governmental entities have been subject to regulatory scrutiny regarding their accounting policies and practices and other concerns that may result in legislation, changes in regulatory oversight and/or other consequences that could adversely affect the credit quality, availability, or investment character of securities issued by these entities. The value and liquidity of U.S. government securities may be affected adversely by changes in the ratings of those securities. Securities issued by the U.S. Treasury historically have been considered to present minimal credit risk. The downgrade in the long-term U.S. credit rating by at least one major rating agency has introduced greater uncertainty about the ability of the U.S. to repay its obligations. A further credit rating downgrade or a U.S. credit default could decrease the value and increase the volatility of the Fund's investments.

*Valuation Risk*. This may occur more often in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including "fair valued" securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. Technological issues or other service disruption issues involving third-party service providers may cause the Fund to value its investments incorrectly. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.

------

Investors who purchase or redeem Fund Shares on days when the Fund is holding fair-valued investments may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the Fund had not fair-valued the holding(s) or had used a different valuation methodology.

*When-Issued, TBA and Delayed Delivery Securities Risk.* The Fund may purchase securities on a when-issued, TBA or delayed delivery basis and may purchase securities on a forward commitment basis. The purchase price of the securities is typically fixed at the time of the commitment, but delivery and payment can take place a month or more after the date of the commitment. The prices of the securities so purchased or sold are subject to market fluctuations. At the time of delivery of the securities, the value may be more or less than the purchase or sale price. Purchase of securities on a when-issued, TBA, delayed delivery, or forward commitment basis may give rise to investment leverage, and may result in increased volatility of the Fund's net asset value. Default by, or bankruptcy of, a counterparty to a when-issued, TBA or delayed delivery transaction would expose the Fund to possible losses because of an adverse market action, expenses or delays in connection with the purchase or sale of the pools specified in such transaction. Rule amendments proposed by the Financial Industry Regulatory Authority, Inc. may impose mandatory margin requirements for certain types of when-issued, TBA delayed delivery or forward commitment transactions, with limited exceptions. Such transactions require mandatory collateralization which may increase the cost of such transactions and impose added operational complexity.

**Additional Information About Non-Principal Investment Strategies and Risks**

The investments described below reflect the Fund's current practices. In addition to the principal risks described above, other risks are described in some of the descriptions of the investments below:

*Conflicts of Interest Risk.* An investment in the Fund will be subject to a number of actual or potential conflicts of interest. For example, the Adviser or its affiliates may provide services to the Fund, such as securities lending agency services, custodial, administrative, bookkeeping, and accounting services, transfer agency and shareholder servicing, securities brokerage services, and other services for which the Fund would compensate the Adviser and/or such affiliates. The Fund may invest in other pooled investment vehicles sponsored, managed, or otherwise affiliated with the Adviser. There is no assurance that the rates at which the Fund pays fees or expenses to the Adviser or its affiliates, or the terms on which it enters into transactions with the Adviser or its affiliates will be the most favorable available in the market generally or as favorable as the rates the Adviser or its affiliates make available to other clients. Because of its financial interest, the Adviser will have an incentive to enter into transactions or arrangements on behalf of the Fund with itself or its affiliates in circumstances where it might not have done so in the absence of that interest, provided that the Adviser will comply with applicable regulatory requirements.

The Adviser and its affiliates serve as investment adviser to other clients and may make investment decisions that may be different from those that will be made by the Adviser on behalf of the Fund. For example, the Adviser may provide asset allocation advice to some clients that may include a recommendation to invest in or redeem from particular issuers while not providing that same recommendation to all clients invested in the same or similar issuers. The Adviser may (subject to applicable law) be simultaneously seeking to purchase (or sell) investments for the Fund and to sell (or purchase) the same investment for accounts, funds, or structured products for which it serves as asset manager, or for other clients or affiliates. The Adviser and its affiliates may invest for clients in various securities that are senior, *pari passu* or junior to, or have interests different from or adverse to, the securities that are owned by the Fund. The Adviser or its affiliates, in connection with its other business activities, may acquire material nonpublic confidential information that may restrict the Adviser from purchasing securities or selling securities for itself or its clients (including the Fund) or otherwise using such information for the benefit of its clients or itself.

The foregoing does not purport to be a comprehensive list or complete explanation of all potential conflicts of interests which may affect the Fund. The Fund may encounter circumstances, or enter into transactions, in which conflicts of interest that are not listed or discussed above may arise.

*Cybersecurity Risk*. With the increased use of technologies such as the Internet and the dependence on computer systems to perform business and operational functions, funds (such as the Fund) and their service providers (including the Adviser) may be prone to operational and information security risks resulting from cyber-attacks and/or technological malfunctions. In addition, the global spread of COVID-19 has caused the Fund and its service providers to implement business continuity plans, including widespread use of work-from-home arrangements. In general, cyber-attacks are deliberate, but unintentional events may have similar effects. Cyber-attacks include, among others, stealing or corrupt

------

ing data maintained online or digitally, preventing legitimate users from accessing information or services on a website, releasing confidential information without authorization, and causing operational disruption. Successful cyber-attacks against, or security breakdowns of, the Fund, the Adviser or a custodian, transfer agent, or other affiliated or third-party service provider may adversely affect the Fund or its shareholders. For instance, cyber-attacks or technical malfunctions may interfere with the processing of shareholder or other transactions, affect the Fund's ability to calculate its NAV, cause the release of private shareholder information or confidential Fund information, impede trading, cause reputational damage, and subject the Fund to regulatory fines, penalties or financial losses, reimbursement or other compensation costs, and additional compliance costs. Cyber-attacks or technical malfunctions may render records of Fund assets and transactions, shareholder ownership of Fund Shares, and other data integral to the functioning of the Fund inaccessible or inaccurate or incomplete. The Fund may also incur substantial costs for cybersecurity risk management in order to prevent cyber incidents in the future. The Fund and its shareholders could be negatively impacted as a result. While the Adviser has established business continuity plans and systems designed to minimize the risk of cyber-attacks through the use of technology, processes and controls, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified, given the evolving nature of this threat. The Fund relies on third-party service providers for many of its day-to-day operations, and will be subject to the risk that the protections and protocols implemented by those service providers will be ineffective to protect the Fund from cyber-attack. The Adviser does not control the cybersecurity plans and systems put in place by third-party service providers, and such third-party service providers may have limited indemnification obligations to the Adviser or the Fund. Similar types of cybersecurity risks or technical malfunctions also are present for issuers of securities in which the Fund invests, which could result in material adverse consequences for such issuers, and may cause the Fund's investment in such securities to lose value.

*Large Shareholder Risk*. To the extent a large proportion of the shares of the Fund are highly concentrated or held by a small number of shareholders (or a single shareholder), including funds or accounts over which the Adviser has investment discretion, the Fund is subject to the risk that these shareholders will purchase or redeem Fund share in large amounts rapidly or unexpectedly, including as a result of an asset allocation decision made by the Adviser. These transactions could adversely affect the ability of the Fund to conduct its investment program. For example, they could require the Fund to sell portfolio securities or purchase portfolio securities unexpectedly and incur substantial transaction costs and/or accelerate the realization of taxable income and/or gains to shareholders, or the Fund may be required to sell its more liquid portfolio investments to meet a large redemption, in which case the Fund's remaining assets may be less liquid, more volatile, and more difficult to price. The Fund may hold a relatively large proportion of its assets in cash in anticipation of large redemptions, diluting its investment returns.

*LIBOR Risk*. Certain instruments in which the Fund may invest rely in some fashion upon London-Interbank Offered Rate ("LIBOR"). LIBOR is an average interest rate, determined by the ICE Benchmark Administration (the administrator of LIBOR) ("IBA"), that banks offer to charge one another for the use of short-term money. In 2017, the U.K. Financial Conduct Authority announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. IBA ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. The transition away from and eventual elimination of LIBOR may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR, particularly insofar as the documentation governing such instruments does not include "fall back" provisions addressing the transition from LIBOR. With respect to most LIBOR-based instruments in which the Fund may invest, the pricing and other terms governing the adoption of any successor rate are expected to limit or eliminate the direct effect of the transition to a successor rate on the value of such instruments. However, uncertainty and volatility arising from the transition may result in a reduction in the value of certain LIBOR-based instruments held by the Fund or reduce the effectiveness of related transactions such as hedges. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Fund.

*Money Market Risk*. An investment in a money market fund is not a deposit of any bank and is not insured or guaranteed by the FDIC or any other government agency. Certain money market funds seek to preserve the value of their shares at $1.00 per share, although there can be no assurance that they will do so, and it is possible to lose money by investing in such a money market fund. A major or unexpected change in interest rates or a decline in the credit quality of an issuer or entity providing credit support, an inactive trading market for money market instruments, or adverse market, economic, industry, political, regulatory, geopolitical, and other conditions could cause the share price of such a money market fund to fall below $1.00. The SEC has proposed amendments to money market fund regulation that if adopted as proposed would, among other things, increase the daily and weekly liquid asset requirements, remove liquidity fees

------

and redemption gate provisions and require institutional prime money market funds to use swing pricing. Such amendments may, if adopted, limit the Funds' investment flexibility and reduce its ability to generate returns. It is possible that such a money market fund will issue and redeem shares at $1.00 per share at times when the fair value of the money market fund's portfolio per share is more or less than $1.00. The SEC has proposed amendments to money market fund regulation that if adopted as proposed would, among other things, increase the daily and weekly liquid asset requirements, remove liquidity fees and redemption gate provisions and require institutional prime money market funds to use swing pricing. Such amendments may, if adopted, limit the Fund's investment flexibility and reduce its ability to generate returns. None of State Street Corporation, State Street Bank and Trust Company ("State Street"), State Street Global Advisors ("SSGA"), SSGA FM or their affiliates ("State Street Entities") guarantee the value of an investment in a money market fund at $1.00 per share. Investors should have no expectation of capital support to a money market fund from State Street Entities. Other money market funds price and transact at a "floating" NAV that will fluctuate along with changes in the market-based value of fund assets. Shares sold utilizing a floating NAV may be worth more or less than their original purchase price. Recent changes in the regulation of money market funds may affect the operations and structures of money market funds. A money market fund may be permitted or required to impose redemption fees or to impose limitations on redemptions during periods of high illiquidity in the markets for the investments held by it.

*Portfolio Turnover Risk*. The Fund may engage in frequent trading of its portfolio securities. Fund turnover generally involves a number of direct and indirect costs and expenses to the Fund, including, for example, brokerage commissions, dealer mark-ups and bid/asked spreads, and transaction costs on the sale of securities and reinvestment in other securities. The costs related to increased portfolio turnover may have the effect of reducing the Fund's investment return, and the sale of securities by the Fund may result in the realization of taxable capital gains, including short-term capital gains, which are taxed to individuals as ordinary income.

*Securities Lending Risk*. The Fund may lend portfolio securities in an amount not to exceed 40% of the value of its net assets. For these purposes, net assets shall exclude the value of all assets received as collateral for the loan. Such loans may be terminated at any time. Any such loans must be continuously secured by collateral (either cash or other obligations as may be permitted under the Fund's securities lending program) maintained on a current basis in an amount at least equal to the market value of the securities loaned by the Fund, marked to market each trading day. In a loan transaction, as compensation for lending its securities, the Fund will receive a portion of the dividends or interest accrued on the securities held as collateral or, in the case of cash collateral, a portion of the income from the investment of such cash. In addition, the Fund will receive the amount of all dividends, interest and other distributions on the loaned securities. However, the borrower has the right to vote the loaned securities. The Fund will call loans to vote proxies if a material issue affecting the investment is to be voted upon. Efforts to recall such securities promptly may be unsuccessful, especially for foreign securities or thinly traded securities, and may involve expenses to the Fund. Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. Should the borrower of the securities fail financially, the Fund may experience delays in recovering the securities or exercising its rights in the collateral. Loans are made only to borrowers that are deemed by the securities lending agent to be of good financial standing. In a loan transaction, the Fund will also bear the risk of any decline in value of securities acquired with cash collateral. The Fund expects to invest cash collateral in a pooled investment vehicle advised by the Adviser. The cash collateral investment vehicle will generally invest in a variety of short-term, highly liquid investments as consistent with applicable law. With respect to index funds, to the extent the collateral provided or investments made with cash collateral differ from securities included in the relevant Index, such collateral or investments may have a greater risk of loss than the securities included in the Index. In addition, the Fund will be subject to the risk that any income generated by reinvesting cash collateral is lower than any fees the Fund has agreed to pay a borrower.

*Temporary Defensive Positions*. In response to actual or perceived adverse market, economic, political, or other conditions, the Fund may (but will not necessarily), without notice, depart from its principal investment strategies by temporarily investing for defensive purposes. Temporary defensive positions may include, but are not limited to, cash, cash equivalents, U.S. government securities, repurchase agreements collateralized by such securities, money market funds, and high-quality debt investments. While investing defensively, the Fund may maintain a substantial portion of its assets in cash, on which the Fund may earn little if any income. If the Fund invests for defensive purposes, it may not achieve its investment objective. In addition, the defensive strategy may not work as intended.

**Portfolio Holdings Disclosure**

The Fund's portfolio holdings disclosure policy is described in the SAI.

------

**Management and Organization**

The Fund is a separate, diversified series of the State Street Institutional Investment Trust (the "Trust"), which is an open-end management investment company organized as a business trust under the laws of the Commonwealth of Massachusetts.

**Investment Adviser**

SSGA FM serves as the investment adviser to the Fund and, subject to the oversight of the Board, is responsible for the investment management of the Fund. The Adviser provides an investment management program for the Fund and manages the investment of the Fund's assets. The Adviser is a wholly-owned subsidiary of State Street Global Advisors, Inc., which itself is a wholly-owned subsidiary of State Street Corporation. The Adviser is registered with the U.S. Securities and Exchange Commission ("SEC") under the Investment Advisers Act of 1940, as amended. The Adviser and certain other affiliates of State Street Corporation make up SSGA. SSGA is one of the world's largest institutional money managers and the investment management arm of State Street Corporation. As of September 30, 2022, the Adviser managed approximately $768.42 billion in assets and SSGA managed approximately $3.26 trillion in assets. The Adviser's principal business address is One Iron Street, Boston, Massachusetts 02210.

The Fund has entered into an investment advisory agreement with the Adviser, pursuant to which the Adviser will manage the Fund's assets, for compensation paid at an annual rate of 0.25% of the Fund's average daily net assets.

*Total Annual Fund Operating Expense Waiver*. SSGA FM, as the investment adviser to the Fund, is contractually obligated, through January 31, 2024, (i) to waive up to the full amount of the advisory fee payable by the Fund, and/or (ii) to reimburse the Fund to the extent that Total Annual Fund Operating Expenses (exclusive of non-recurring account fees, interest, taxes and extraordinary expenses) exceed 0.70% of average daily net assets on an annual basis for the Fund. This waiver and/or reimbursement arrangement may not be terminated prior to January 31, 2024 except with approval of the Fund's Board of Trustees.

A discussion regarding the Board's consideration of the Fund's Investment Advisory Agreement is provided in the Fund's Semi-Annual Report to Shareholders for the period ended March 31, 2022.

**Portfolio Management**

The Adviser manages the Fund using a team of investment professionals. The team approach is used to create an environment that encourages the flow of investment ideas. The portfolio managers within the team work together in a cohesive manner to develop and enhance techniques that drive the investment process for the investment strategy. This approach requires portfolio managers to share a variety of responsibilities, including investment strategy and analysis, while retaining responsibility for the implementation of the strategy within any particular portfolio. The approach also enables the team to draw upon the resources of other groups within SSGA. The portfolio management team is overseen by the SSGA Investment Committee.

The professional primarily responsible for the day-to-day management of the Fund includes the following:

Matthew Nest, CFA, is a Managing Director of SSGA and the Adviser and the Global Head of Active Fixed Income. In this capacity, he is responsible for global active rates, investment grade credit, multi-sector portfolio solutions, insurance, currency, municipal, and structured credit strategies. Prior to joining SSGA in 2016, Mr. Nest spent sixteen years at PIMCO in a number of functions including portfolio management, strategy and business development. He has worked in the U.S., Sydney, Singapore and Hong Kong. He started his career at Bank of America and has been working in the investment industry since 1999. Mr. Nest has a Bachelor of Science in Economics from Arizona State University and a Master of Business Administration from the University of Chicago's Booth School of Business. He earned the Chartered Financial Analyst (CFA) designation and is a member of the CFA Institute.

Additional information about the portfolio manager's compensation, other accounts managed by the portfolio manager, and the portfolio manager's ownership of the Fund is available in the SAI.

------

**Other Fund Services**

<u>The Administrator, Sub-Administrator and Custodian</u>

The Adviser serves as administrator of the Fund. The Fund currently pays the Adviser an administrative fee at the annual rate of 0.05% with respect to each of its share classes. State Street Bank and Trust Company ("State Street"), a subsidiary of State Street Corporation, serves as sub-administrator and custodian for the Fund. The Adviser and the Fund each bear a portion of the fee paid to State Street for providing sub-administration and custodian services with respect to the Fund.

<u>The Transfer Agent and Dividend Disbursing Agent</u>

SS&C GIDS, Inc. is the Fund's transfer agent and dividend disbursing agent (the "Transfer Agent").

<u>The Distributor</u>

State Street Global Advisors Funds Distributors, LLC serves as the Fund's distributor ("SSGA FD") pursuant to the Distribution Agreement between SSGA FD and the Trust.

<u>Additional Information</u>

The Trustees of the Trust oversee generally the operations of the Fund and the Trust. The Trust enters into contractual arrangements with various parties, including, among others, the Fund's investment adviser, custodian, transfer agent, and accountants, who provide services to the Fund. Shareholders are not parties to any such contractual arrangements or intended beneficiaries of those contractual arrangements, and those contractual arrangements are not intended to create in any shareholder any right to enforce them directly against the service providers or to seek any remedy under them directly against the service providers.

This Prospectus provides information concerning the Trust and the Fund that you should consider in determining whether to purchase shares of the Fund. Neither this Prospectus, nor the related SAI, is intended, or should be read, to be or to give rise to an agreement or contract between the Trust or the Fund and any investor, or to give rise to any rights in any shareholder or other person other than any rights under federal or state law that may not be waived.

**Shareholder Information**

**Determination of Net Asset Value**

The Fund determines its NAV per share once each business day as of the scheduled close of regular trading on the New York Stock Exchange (the "NYSE"). Pricing does not occur on NYSE holidays. A business day is one on which the NYSE is open for regular trading. The Federal Reserve is closed on certain holidays on which the NYSE is open. These holidays are Columbus Day and Veterans Day. On these holidays, you will not be able to purchase shares by wiring Federal Funds because Federal Funds wiring does not occur on days when the Federal Reserve is closed. In unusual circumstances, such as an emergency or an unscheduled close or halt of trading on the NYSE, the time at which share prices are determined may be changed. The NAV per share is based on the market value of the investments held in the Fund. The NAV of the Fund's Shares is calculated by dividing the value of the assets of the Fund attributable to that class less the liabilities of the Fund attributable to that class by the number of shares in the class outstanding. As noted in this Prospectus, the Fund may invest in securities listed on foreign exchanges, or otherwise traded in a foreign market, and those securities may trade on weekends or other days when the Fund does not price its shares. Consequently, the NAV of the Fund's Shares may change on days when shareholders are not able to purchase or redeem the Fund's Shares. Purchase and redemption orders for Fund Shares are processed, respectively, at the NAV next determined after the Fund accepts a purchase order or receives a redemption request in good form. The Fund values each security or other investment pursuant to guidelines adopted by the Board. The Board has appointed the Adviser as the valuation designee to fair value securities or other investments pursuant to procedures approved by the Fund's Board, under certain limited circumstances. For example, fair value pricing may be used when market quotations are not readily available or reliable, such as when (i) trading for a security is restricted; or (ii) a significant event, as determined by the Adviser, that may affect the value of one or more securities or other investments held by the Fund occurs after the close of a related exchange but before the determination of the Fund's NAV. Attempts to determine the fair value of securities or other investments introduce an element of subjectivity to the pricing of securities or other investments. As a result, the price of a security or other investment determined through fair valuation techniques may differ from the price quoted or published by other sources and may not accurately reflect the price the Fund would have received had it sold the investment. To the extent

------

that the Fund invests in the shares of other registered open-end investment companies that are not traded on an exchange (mutual funds), such shares are valued at their published NAVs per share as reported by the funds. The prospectuses of these funds explain the circumstances under which the funds will use fair value pricing and the effects of using fair value pricing.

**Investing in State Street Institutional Investment Trust Shares**

Mutual funds advised by SSGA FM (the "State Street Funds") and their service providers have a legal obligation to collect from you certain personal information about you at the time you open an account in order to verify your identity and the source of your payment. If you do not provide this information, you may not be able to open an account with the State Street Funds. If the State Street Funds believe that they have uncovered unlawful activity, the State Street Funds and their service providers may close your account and take any action they deem reasonable or required by law. The State Street Funds reserve the right to reject any purchase order.

This section of the Prospectus explains the basics of doing business with the State Street Funds. Carefully read each topic. The policies set forth below regarding the purchase, redemption and exchange of State Street Fund shares are in addition to the "Purchase and Sale of Fund Shares" section contained in the "Fund Summary" portion of this Prospectus. The State Street Funds reserve the right to change the following policies, without notice to shareholders; except that any modification or termination of the exchange privileges described in this Prospectus will be preceded by 60 days' advance notice to shareholders. Please call or check online for current information. Requests for transactions in the State Street Funds will be processed when they are received in "good order." "Good order" means that the request is in an accurate and complete form, and all applicable documents have been received in such accurate and complete form (including, typically, a signed application and medallion-guaranteed documents), and, for a purchase request, the check or wired funds have cleared.

**Purchasing Shares**

The Fund offers one class of shares through this Prospectus: Class K, available to you subject to the eligibility requirements set forth below. The following information provides additional details about Class K shares, including information about share class eligibility and initial and deferred sales charges. In the case of shareholders purchasing shares through a Financial Intermediary, a minimum purchase amount may be applied at the level of the Financial Intermediary.

**Class K** 

Class K shares are not subject to any sales charge. Only certain investors are eligible to buy Class K shares. Your Financial Intermediary can help you determine whether you are eligible to purchase Class K shares.

Class K shares are available to the following categories of investors:

1. Banks, broker-dealers and other financial institutions (including registered investment advisers and financial planners) purchasing Fund Shares on behalf of their clients in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Discretionary and non-discretionary advisory programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fund "supermarkets";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Asset allocation programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other programs in which the client pays an asset-based fee for advice or for executing transactions in Fund Shares or for otherwise participating in the program; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain other investment programs that do not charge an asset-based fee;

2. Qualified recordkeepers with an applicable agreement maintained with SSGA FD;

3. Endowments and foundations, and defined contribution, defined benefit, and other employer-sponsored employee benefit plans, whether or not qualified under the Internal Revenue Code (the "Code");

4. Certain other registered open-end investment companies whose shares are distributed by SSGA FD;

5. Current or retired Directors or Trustees of the State Street Funds, officers and employees of SSGA, and any of its subsidiaries, such persons' spouses, and children under the age of 21, and trust accounts for which any of such person is a beneficiary;

6. Qualified state tuition plans described in Section 529 of the Code and donor-advised charitable gift funds (subject to all applicable terms and conditions);

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

7. Health Savings Accounts under Section 223 of the Code if such accounts are maintained by the Fund at an omnibus level;

8. Collective investment trusts.

There is no minimum investment for Class K shares.

**How to Initiate a Purchase Request**

<u>Investing in the State Street Funds Through a Financial Intermediary</u>

If you currently do not have an account with State Street Funds, you may establish a new account and purchase shares through a Financial Intermediary, such as a bank, broker, or investment adviser. Please consult your Financial Intermediary to determine which, if any, shares are available through that firm and to learn about other rules that may apply. You may also submit a New Account Application. To open certain types of accounts, such as IRAs, you will be required to submit an account-specific application. If you intend to add certain investor services offered by the State Street Funds, such as Automatic Investment and Withdrawals Plans, you also will be required to submit a Service Option Form. See *Service Options*. If you are opening an account through a Financial Intermediary, such as a bank or broker, the Financial Intermediary should have the documents that you will need.

*Account Applications and Other Documents*. You may find many of the forms necessary to open an account online or by calling or writing to the State Street Funds. See *Contacting the State Street Funds*.

*Opening Accounts and Purchasing By Telephone*. You may call the State Street Funds to request that the account-opening forms be sent to you or for assistance in completing the necessary paperwork. Once an account has been established, you may also call the State Street Funds to request a purchase of shares. See *Contacting the State Street Funds*.

*Opening Accounts and Purchasing By Mail*. You may send the State Street Funds your account registration form and check to open a new account. To add to an existing account, you may send your check with a written request. You also may send a written request to the State Street Funds to make an exchange. For the State Street Funds' addresses, see *Contacting the State Street Funds*.

Please be sure to check *Exchanging Shares* and *Frequent-Trading Limits* below.

<u>How to Pay for a Purchase</u> 

*By Wire*. Please call the State Street Funds for instructions and policies on purchasing shares by wire. See *Contacting the State Street Funds*. All wires should be in U.S. dollars and immediately available funds.

*By Check*. You may send a check to make initial or additional purchases to your fund account. Make your check payable to "State Street Funds" and include the appropriate fund name and account number (*e.g*., "State Street Diversified Income Fund—a/c #xxx") in the memo section of the check.

*By Exchange*. You may purchase shares of a State Street Fund, provided the Fund's minimum investment is met, using the proceeds from the simultaneous redemption of shares of another State Street Fund of the same class. You may initiate an exchange by telephone, or by mail. See *Exchanging Shares* below.

*In-Kind Purchase of State Street Fund Shares*. The State Street Funds, in their sole discretion, may permit you to purchase shares of a State Street Fund ("State Street Fund Shares") through the exchange of other securities that you own. The market value of any securities exchanged, plus any cash, must be at least $25 million. Please consult your tax adviser regarding in-kind transactions. Please contact the State Street Funds for more information, including additional restrictions. See *Contacting the State Street Funds*.

<u>Trade Dates-Purchases</u> 

The trade date for any purchase request received in good order will depend on the day and time the State Street Funds receive your request, the manner in which you are paying, and the type of fund you are purchasing. Each State Street Fund's NAV is calculated only on business days, that is, those days that the NYSE is open for regular trading. Purchase orders are processed at the NAV next determined after the Fund accepts a purchase order.

------

*For Purchases by Check, Exchange or Wire into all Funds*: If the purchase request is received in good order by the State Street Funds on a business day before the close of regular trading on the NYSE (ordinarily 4 p.m., Eastern time), the trade date will be the same day. If the purchase request is received in good order on a business day after the close of regular trading on the NYSE, or on a non-business day, the trade date will be the next business day.

If your purchase request is not in good order, it may be rejected.

For further information about purchase transactions, consult our website at www.ssga.com or see *Contacting the State Street Funds.* 

<u>Other Purchase Policies You Should Know</u> 

*Check Purchases.* All checks used to purchase State Street Fund Shares must be drawn on a U.S. bank and in U.S. dollars. The State Street Funds will not accept any third-party check used for an initial purchase of Fund Shares, or any check drawn on a credit card account for any purpose.

*New Accounts.* We are required by law to obtain from you certain personal information that we will use to verify your identity. If you do not provide the information, we may not be able to open your account. If we are unable to verify your identity, the State Street Funds reserve the right, without notice, to close your account or take such other steps as we deem reasonable.

*Refused or Rejected Purchase Requests.* The State Street Funds reserve the right to stop selling Fund Shares or to reject any purchase request at any time and without notice, including purchases requested by exchange from another State Street Fund. This right also includes the right to reject any purchase request because of a history of frequent trading by the investor or because the purchase may negatively affect the Fund's operation or performance.

*Purchases Through Pension Plans*. If you are purchasing State Street Fund Shares through a pension or other participation plan, you should contact your plan administrator for further information on purchases.

**Redeeming Shares** 

*By Telephone.* You may call the State Street Funds to request a redemption of shares. See *Contacting the State Street Funds*.

*By Mail.* You may send a written request to the State Street Funds to redeem from the Fund account or to make an exchange. See *Contacting the State Street Funds*.

If you wish to redeem Fund Shares through a Financial Intermediary, please contact that Financial Intermediary directly. Your Financial Intermediary may have different or additional requirements for the processing of redemption orders, or may be closed at times when the Fund is open. Financial Intermediaries may contact SS&C GIDS, Inc. at (877) 332-6207 or via email at nsccresearch@dstsystems.com with questions.

Please be sure to check *Exchanging Shares* and *Frequent-Trading Limits* below.

<u>Trade Date-Redemptions</u> 

The trade date for any redemption request received in good order will depend on the day and time the State Street Funds receive your request in good order and the manner in which you are redeeming.

Your redemption will be executed using the NAV as calculated on the trade date. NAVs are calculated only on days that the NYSE is open for regular trading (a business day). If the redemption request is received in good order by the State Street Funds on a business day before the close of regular trading on the NYSE (ordinarily 4 p.m., Eastern time), the request will be processed the same day using that day's NAV. If the redemption request is received in good order on a business day after the close of regular trading on the NYSE, or on a non-business day, the request will be processed the next business day.

<u>How to Receive Redemption Proceeds</u> 

Regardless of the method the Fund uses to make a redemption payment, the Fund typically expects to pay out redemption proceeds on the next business day after a redemption request is received in good order. If you purchased State Street Fund Shares by check or an automatic investment program and you elect to redeem shares within 15 days of the purchase, you may experience delays in receiving redemption proceeds. In this case, the State Street Funds generally

------

will postpone sending redemption proceeds until it can verify that the check or automatic investment program investment has been collected, but in no event will this delay exceed 15 days. There will be no such delay for redemptions following purchases paid by federal funds wire or by bank cashier's check, certified check or treasurer's check. The State Street Funds reserve the right to pay for redeemed shares within seven days after receiving a redemption order if, in the judgment of the Adviser, an earlier payment could adversely affect the Fund. The State Street Funds reserve the right to suspend the right of shareholder redemption or postpone the date of payment for more than seven days to the extent permitted by the 1940 Act.

The transfer agent may temporarily delay for more than seven days the disbursement of redemption proceeds from the Fund account of a "Specified Adult" (as defined in Financial Industry Regulatory Authority, Inc. ("FINRA") Rule 2165) based on a reasonable belief that financial exploitation of the Specified Adult has occurred, is occurring, has been attempted, or will be attempted, subject to certain conditions.

Under normal circumstances, the Fund expects to meet redemption requests by using cash or cash equivalents in its portfolio and/or selling portfolio assets to generate cash. The Fund also may pay redemption proceeds using cash obtained through borrowing arrangements (including under the Fund's line of credit, which is shared across all registered funds advised by SSGA FM (other than money market funds)) that may be available from time to time.

The right of any investor to receive payment with respect to any redemption may be suspended or the payment of the redemption proceeds postponed beyond 7 days in accordance with Section 22(e) of the 1940 Act and the rules thereunder, including during any period in which the NYSE is closed (other than weekends or holidays) or trading on the NYSE is restricted or if an emergency exists as a result of which disposal by the Fund of securities owned by it is not reasonably practicable or it is not reasonably practicable for the Fund fairly to determine the value of its net assets. In addition, the SEC may by order permit suspension of redemptions for the protection of shareholders of the Fund.

The Fund may pay all or a portion of your redemption proceeds by giving you securities (for example, if the Fund reasonably believes that a cash redemption may have a substantial impact on the Fund and its remaining shareholders). A redemption is generally a taxable event for shareholders, regardless of whether the redemption is satisfied in cash or in kind. You may pay transaction costs (including through the realization of taxable gain) to dispose of the securities, and you may receive less for them than the price at which they were valued for purposes of the redemption. In addition, you will be subject to the market risks associated with such securities until such time as you choose to dispose of the security.

During periods of deteriorating or stressed market conditions, when an increased portion of the Fund's portfolio may be comprised of less liquid investments, or during extraordinary or emergency circumstances, the Fund may be more likely to pay redemption proceeds with cash obtained through short-term borrowing arrangements (if available) or by giving you securities.

*By Electronic Bank Transfer*. You may have the proceeds of the fund redemption sent directly to a designated bank account. To establish the electronic bank transfer option on an account, you must designate a bank account by completing a special form or filling out the appropriate section of your account registration form. After the option is set up on your account, you can redeem shares by electronic bank transfer on a regular schedule (Automatic Withdrawal Plan) or from time to time. Your redemption request can be initiated by telephone, or by mail.

*By Wire*. When redeeming shares of a State Street Fund, you may instruct the State Street Funds to wire your redemption proceeds ($1,000 minimum) to a previously designated bank account. Shares will be redeemed from the account on the day that the redemption instructions are received in good order. The wire redemption option is not automatic; you must designate a bank account by completing a special form or filling out the appropriate section of your account registration form. The State Street Funds typically do not charge you a fee for wiring redemption proceeds, although it reserves the right to do so. Your bank may charge a fee for receiving a wire. You are encouraged to check with your bank before initiating any transaction.

*By Exchange*. You may have the proceeds of a State Street Fund redemption invested directly into shares of another State Street Fund of the same class. You may initiate an exchange by telephone, or by mail.

------

*By Check*. You may have the proceeds of a State Street Funds redemption paid by check and sent to the address shown on the State Street Funds registration record, provided that the address on the registration record has not changed within thirty (30) days of the redemption request. The State Street Funds will mail you a redemption check, generally payable to all registered account owners.

<u>Other Redemption Policies that You Should Know</u> 

*Address Changes.* If your address of record has been changed within thirty (30) days of the redemption request, the request must be in writing and bear a medallion guarantee.

*Significant/Unusual Economic or Market Activity.* During periods of significant or unusual economic or market activity, you may encounter delays attempting to give instructions by phone.

*Minimum Account Size.* If, due to your redemptions or exchanges, your account balance for the Fund falls below a minimum amount set by the Fund (presently, the minimum initial investment of your selected share class), the Fund may choose to redeem the shares in the account and mail you the proceeds. You will receive 60 days' notice that your account will be closed unless an investment is made to increase the account balance to the required minimum. Failure to bring your account balance to the required minimum within the prescribed period may result in the Fund closing your account at the NAV next determined on the day the account is closed, and mailing the proceeds to you at the address shown on the Fund's records.

**Exchanging Shares** 

An exchange occurs when you use the proceeds from the redemption of shares of one State Street Fund to simultaneously purchase shares of a different State Street Fund. Exchanges may be made within the same class (*i.e.* Class K shares for Class K shares). Class N shares are also exchangeable for other share classes of State Street Funds and would be subject to the conditions for investing in the other class of shares described in the applicable prospectus. The account holding the original shares must be registered in the same name as the account holding the new shares received in the exchange. You may make exchange requests by telephone, or by mail. See *Purchasing Shares* and *Redeeming Shares* above.

Exchanges are subject to the terms applicable to the purchases of the Fund into which you are exchanging. Exchange privileges may not be available for all State Street Funds and may be suspended or rejected. Exchanging shares of a State Street Fund for shares of another fund is a taxable event and may result in capital gain or loss. See *Tax Considerations* below.

If the NYSE is open for regular trading (generally until 4 p.m. Eastern time, on a business day) at the time an exchange request is received in good order, the trade date generally will be the same day. Please note that the State Street Funds reserve the right to revise or terminate the exchange privilege, limit the amount of any exchange, or reject an exchange, at any time, for any reason; provided, that shareholders will be provided 60 days' advance notice of any modification or termination of the exchange privilege.

**Frequent-Trading Limits** 

Frequent, short-term trading, abusive trading practices and market timing (together, "Excessive Trading"), often in response to short-term fluctuations in the market, are not knowingly permitted by the State Street Funds. The State Street Funds do not accommodate frequent purchases and redemptions of Fund Shares by Fund shareholders. Excessive Trading into and out of a State Street Fund may harm the Fund's performance by disrupting portfolio management strategies and by increasing expenses. These expenses are borne by all Fund shareholders, including long-term investors who do not generate such costs.

Excessive Trading activity is generally evaluated based on roundtrip transactions in an account. A "roundtrip" transaction is defined generally as a purchase or exchange into a Fund followed, or preceded, by a redemption or exchange out of the same Fund within 30 days. A State Street Fund may, in its discretion, determine to apply a time period other than 30 days in connection with identifying roundtrip transactions. Shareholders with one or more roundtrip transactions may, in the discretion of a State Street Fund, be blocked from making additional purchases or exchanges in any State Street Fund for a period of time. A State Street Fund has discretion to determine that action is not necessary if it determines that a pattern of trading is not abusive or harmful to the affected Fund in a material way. Fund size and/or transaction size may be considered in evaluating any roundtrip transaction.

------

The Board of Trustees of the State Street Funds has adopted a "Market Timing/Excessive Trading Policy" (the "Policy") to discourage Excessive Trading. Under the Policy, the State Street Funds reserve the right to reject any exchanges or purchase orders by any shareholder engaging in Excessive Trading activities.

As a means to protect each State Street Fund and its shareholders from Excessive Trading:

• The State Street Funds' transfer agent compiles, monitors and reports account-level information on omnibus and underlying shareholder/participant activity. Depending on the account type, monitoring will be performed on a daily, monthly, quarterly and/or annual basis;

• The State Street Funds' distributor has obtained information from each Financial Intermediary holding shares in an omnibus account with the State Street Funds regarding whether the Financial Intermediary has adopted and maintains procedures that are reasonably designed to protect the Fund against harmful short-term trading; and

• With respect to State Street Funds that invest in securities that trade on foreign markets, pursuant to the State Street Funds' fair valuation procedures, pricing adjustments may be made based on information received from a third-party, multi-factor fair valuation pricing service.

The State Street Funds' distributor has detailed procedures that document the transparency oversight and monitoring processes performed by the State Street Funds' transfer agent.

While the State Street Funds attempt to discourage Excessive Trading, there can be no guarantee that it will be able to identify investors who are engaging in Excessive Trading or limit their trading practices. Additionally, frequent trades of small amounts may not be detected. The State Street Funds recognize that it may not always be able to detect or prevent Excessive Trading or other activity that may disadvantage the Fund or its shareholders.

A State Street Fund shareholder's right to purchase shares through an automatic investment plan or redeem shares in full (or in part through a systematic withdrawal plan) are unaffected by Excessive Trading restrictions.

**Service Options** 

<u>Dividend and Capital Gain Distribution Option</u> 

You may set up your State Street Fund account to reinvest any dividend or capital gains distribution that you receive as a Fund shareholder into the same or a different State Street Fund, or have any dividend or capital gain distribution paid by check, by wire or by check to a special payee. No interest will accrue on the amounts represented by the uncashed distribution checks. If you have elected to receive distributions by check, and the postal or other delivery service is unable to deliver the checks because of an incorrect mailing address, or if a distribution check remains uncashed for six months, the uncashed distribution and all future distributions will be reinvested at the then-current NAV of the Fund.

Please refer to *Dividends, Distributions and Tax Considerations* below for additional information.

<u>Automatic Withdrawal Plan</u> 

If your account balance is over $10,000, you may request periodic (monthly, quarterly, semi-annually, or annually) automatic cash withdrawals of $100 or more which can be mailed to you or any person you designate, or sent through ACH to your bank (at your selection). Proceeds from such withdrawals will be transmitted to the bank account you designate two business days after the trade is placed or executed automatically. No interest will accrue on the amounts represented by the uncashed redemption check(s). Ask your financial adviser or Financial Intermediary for details.

<u>Telephone Redemptions and Exchanges</u> 

You may set up your State Street Fund account so that if you request over the telephone to redeem State Street Fund Shares, the redemption proceeds will automatically be wired to a designated bank account. You also may set up your account to permit the State Street Funds to act on your telephonic instructions to exchange State Street Funds shares or to establish a systematic exchange plan. You may choose the date, the frequency (monthly, quarterly or annually) of systematic exchanges of your shares in one State Street Fund to another State Street Fund of the same share class.

------

<u>Automatic Investment Plan</u> 

Once the initial investment has been accepted, you may make subsequent investments of $100 or more monthly, quarterly or annually by direct deposit by debiting your bank checking or savings account. Once this option has been established, you may call the State Street Funds to make additional automatic purchases, to change the amount of the existing automatic purchase, or to stop it. The State Street Fund reserves the right to cancel your automatic investment plan if any correspondence sent by the Fund is returned by the postal or other delivery service as "undeliverable."

**Additional Shareholder Information** 

<u>Account Transfers</u> 

To effect a change in account registration (for example, to add a new joint owner), a shareholder of a State Street Fund may request to open a new account in the same State Street Fund (referred to as a "transfer"). To effect a transfer, the State Street Funds require a completed and signed new account application, including all necessary additional documents required by the form, and a letter of instruction. The letter of instruction must include the name of the State Street Fund and the original account number, and must be signed by all registered owners of the original account and include a medallion guarantee.

<u>Responsibility for Fraud</u> 

The State Street Funds will not be responsible for any account losses because of fraud if we reasonably believe that the person transacting business on an account is authorized to do so. Please take precautions to protect yourself from fraud. Keep your account information private, and immediately review any account statements that we provide to you. It is important that you contact the State Street Funds immediately about any transactions or changes to your account that you believe to be unauthorized.

<u>Right to Change Policies</u> 

In addition to the rights expressly stated elsewhere in this Prospectus, the State Street Funds reserve the right, in the future, to:

1. Alter, add, or discontinue any conditions of purchase (including eligibility requirements), redemption, exchange, service, or privilege at any time;

2. Accept initial purchases by telephone;

3. Freeze any account and/or suspend account services if the State Street Funds has received reasonable notice of a dispute regarding the assets in an account, including notice of a dispute between the registered or beneficial account owners, or if we reasonably believe a fraudulent transaction may occur or has occurred;

4. Temporarily freeze any account and/or suspend account services upon initial notification to the State Street Funds of the death of the shareholder until the State Street Funds receive required documentation in good order;

5. Alter, impose, discontinue, or waive any redemption fee, account service fee, or other fees charged to a group of shareholders; and

6. Redeem an account or suspend account privileges, without the owner's permission to do so, in cases of threatening conduct or activity the State Street Funds believe to be suspicious, fraudulent, or illegal.

Changes may affect any or all investors. These actions will be taken when, at the sole discretion of the SSGA FM management, we reasonably believe they are deemed to be in the best interest of the State Street Fund.

<u>Unclaimed Property</u> 

Many states have unclaimed property rules that provide for transfer to the state (also known as "escheatment") of unclaimed property under various circumstances. These circumstances include inactivity (e.g., no owner-initiated contact for a certain period), returned mail (e.g., when mail sent to a shareholder is returned by the post office as undeliverable), or a combination of both inactivity and returned mail. If the Fund's transfer agent identifies property as unclaimed, it will attempt to contact the shareholder, but if that attempt is unsuccessful, the account may be considered abandoned and escheated to the state after the passage of a certain period of time (as required by applicable state law).

If you are a resident of the state of Texas, you may designate a representative to receive escheatment notifications by completing and submitting a designation form, which you can find on the website of the Texas Comptroller. Designating such a representative may be beneficial, since Texas law provides that the escheatment period will cease if the representative, after receiving an escheatment notification regarding your account, communicates knowledge of your location and confirms that you have not abandoned your account. You can mail a completed designation form to the Fund (if you hold shares directly with the Fund) or to your financial intermediary (if you do not hold shares directly with the Fund).

------

**Dividends, Distributions and Tax Considerations**

Dividends of investment income and capital gain distributions of the Fund will be declared and paid at least quarterly. Any investment income and capital gains that have not been distributed by December of each calendar year are generally distributed at such time. When the Fund distributes investment income or capital gains, the NAV per share is reduced by the amount of the distribution.

*Distribution Options.* You can choose from four different distribution options as indicated on the application:

• Reinvestment Option—Dividends and capital gain distributions will be automatically reinvested in additional shares of the Fund. If you do not indicate a choice on the application, this option will be automatically assigned.

• Income-Earned Option—Capital gain distributions will be automatically reinvested, but a check, direct deposit or wire will be sent for each dividend distribution.

• Cash Option—A check, wire or direct deposit will be sent for each dividend and capital gain distribution.

• Direct Dividends Option—Dividends and capital gain distributions will be automatically invested in another identically registered State Street Fund of the same share class.

If you have elected to receive distributions by check, and the postal or other delivery service is unable to deliver the checks because of an incorrect mailing address, or if a distribution check remains uncashed for six months, the uncashed distribution and all future distributions will be reinvested at the then-current net asset value of the Fund.

*Dividend Policy Upon Purchase*. A shareholder will receive a dividend or capital gain distribution only if the shareholder purchased Fund Shares by the close of the record date of such dividend or capital gain distribution.

<u>Delivery of Documents to Accounts Sharing an Address</u> 

To reduce expenses, we may mail only one copy of the Fund's Prospectus and the annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call us at (800) 647-7327, or contact your financial institution. We will begin sending you individual copies thirty (30) days after receiving your request.

**Tax Considerations**

The following discussion is a summary of some important U.S. federal income tax considerations generally applicable to an investment in the Fund. Your investment in the Fund may have other tax implications. Please consult your tax advisor about federal, state, local, foreign or other tax laws applicable to you. Investors, including non-U.S. investors, may wish to consult the SAI tax section for additional disclosure.

The Fund has elected to be treated as a regulated investment company and intends each year to qualify and to be eligible to be treated as such. A regulated investment company generally is not subject to tax at the corporate level on income and gains that are timely distributed to shareholders. In order to qualify and be eligible for treatment as a regulated investment company, the Fund must, among other things, satisfy diversification, 90% gross income and distribution requirements. The Fund's failure to qualify and be eligible for treatment as a regulated investment company would result in corporate level taxation, and consequently, a reduction in income available for distribution to shareholders.

For U.S. federal income tax purposes, distributions of investment income generally are taxable to you as ordinary income. Taxes on distributions of capital gains generally are determined by how long the Fund owned (or is deemed to have owned) the investments that generated them, rather than how long you have owned your Fund Shares. Distributions of net capital gains (that is, the excess of net long-term capital gains over net short-term capital losses) from the sale of investments that the Fund owned (or is deemed to have owned) for more than one year that are properly reported by the Fund as capital gain dividends generally will be treated as long-term capital gain includible in your net capital gain and taxed to individuals at reduced rates. Distributions of gains from investments that the Fund owned (or is deemed to have owned) for one year or less generally will be taxable to you as ordinary income. Distributions of investment income properly reported by the Fund as derived from "qualified dividend income," which will not include income from the Fund's portfolio securities on loan, are taxed to individuals at the rates applicable to net capital gain, provided holding period and other requirements are met by both the shareholder and the Fund. Distributions are taxable to you even if they are paid from income or gains earned by the Fund before your investment (and thus were included in the price you paid for

------

your shares). Distributions may also be subject to state and local taxes and are taxable whether you receive them in cash or reinvest them in additional shares. Distributions in excess of the Fund's current and accumulated earnings and profits are treated as a return of capital to the extent of your basis in the Fund's shares, and, in general, as capital gain thereafter.

Any gain resulting from the redemption or other taxable disposition of Fund Shares generally will also be taxable to you as either short-term or long-term capital gain, depending upon how long you held such Fund Shares.

An additional 3.8% Medicare contribution tax is imposed on the "net investment income" of individuals, estates and trusts to the extent their income exceeds certain threshold amounts. Net investment income generally includes for this purpose dividends paid by the Fund, including any capital gain dividends, and net gains recognized on the redemption of Fund Shares.

The Fund's income from or proceeds of dispositions of its investments in non-U.S. assets may be subject to non-U.S. withholding or other taxes, which will reduce the yield on those investments. In certain instances, the Fund may be entitled to elect to pass through to its shareholders a credit (or deduction, for a shareholder that itemizes deductions and so chooses) for foreign taxes (if any) borne with respect to foreign securities income earned by the Fund. If the Fund so elects, shareholders will include in gross income from foreign sources their pro rata shares of such taxes, if any, treated as paid by the Fund. There can be no assurance that the Fund will make such election, even if it is eligible to do so. If the Fund does not qualify for or does not make such election, shareholders will not be entitled separately to claim a credit or deduction with respect to foreign taxes incurred by the Fund; in that case the foreign tax will nonetheless reduce the Fund's taxable income. Shareholders that are not subject to U.S. federal income tax, and those who invest in the Fund through tax-advantaged accounts (including those who invest through IRAs or other tax-advantaged retirement plans), generally will receive no benefit from any tax credit or deduction passed through by the Fund.

Certain of the Fund's investment practices, including derivative transactions and investments in debt obligations issued or purchased at a discount, will be subject to special and complex U.S. federal income tax provisions. These special rules may affect the timing, character, and/or amount of the Fund's distributions, and may require the Fund to sell its investments at a time when it is not advantageous to do so.

If you are not a U.S. person, dividends paid by the Fund that the Fund properly reports as capital gain dividends, short-term capital gain dividends, or interest-related dividends, each as further defined in the SAI, are not subject to withholding of U.S. federal income tax, provided that certain requirements are met. The Fund is permitted, but is not required, to report any part of its dividends as are eligible for such treatment. The Fund's dividends other than those the Fund so reports as capital gain dividends, short-term capital gain dividends, or interest-related dividends generally will be subject to U.S. withholding tax at a 30% rate (or lower applicable treaty rate). See the Fund's SAI for further information.

The U.S. Treasury and the Internal Revenue Service (the "IRS") generally require the Fund to obtain information sufficient to identify the status of each shareholder under sections 1471-1474 of the Code, and the U.S. Treasury and IRS guidance issued thereunder (collectively, the "Foreign Account Tax Compliance Act" or "FATCA") or under an applicable intergovernmental agreement between the United States and a foreign government. Please see the SAI for more information on FATCA reporting requirements.

*Cost Basis Reporting*. U.S. Treasury regulations mandate cost basis reporting to shareholders and the IRS for redemptions of Fund Shares acquired on or after January 1, 2012 ("Post Effective Date Shares"). If you acquire and hold shares directly through the Fund and not through a Financial Intermediary, SS&C GIDS, Inc. will use a default average cost basis methodology for tracking and reporting your cost basis on Post Effective Date Shares, unless you request, in writing, another cost basis reporting methodology.

**Financial Intermediary Arrangements**

**Payments to Financial Intermediaries**

Financial Intermediaries are firms that sell shares of mutual funds, including the Fund, and/or provide certain administrative and account maintenance services to mutual fund investors. Financial Intermediaries may include, among others, brokers, financial planners or advisers, banks, retirement plan recordkeepers and insurance companies.

------

In some cases, a Financial Intermediary may hold its clients' Fund Shares in nominee or street name and may utilize omnibus accounts. Shareholder services provided by a Financial Intermediary may (though they will not necessarily) include, among other things: establishing and maintaining shareholder account registrations; receiving and processing purchase and redemption orders, including aggregated orders and delivering orders to the Fund's transfer agent; processing and mailing trade confirmations, periodic statements, prospectuses, annual reports, semiannual reports, shareholder notices, and other SEC-required communications; capturing and processing tax data; issuing and mailing dividend checks to shareholders who have selected cash distributions; preparing record date shareholder lists for proxy solicitations; and collecting and posting distributions to shareholder accounts.

The Financial Intermediary is often compensated by SSGA FD or its affiliates for the services it performs and in such cases is typically paid continually over time, during the period when the Financial Intermediary's clients hold investments in the Fund. The amount of continuing compensation paid by SSGA FD or its affiliates to different Financial Intermediaries for distribution and/or shareholder services varies. Any compensation is typically a percentage of the value of the Financial Intermediary's clients' investments in the Fund or a per account fee. The variation in compensation may, but will not necessarily, reflect enhanced or additional services provided by the Financial Intermediary.

SSGA FD and its affiliates (including SSGA FM), at their own expense and out of their own assets, may also provide other compensation to Financial Intermediaries in connection with sales of the Fund's shares or the servicing of shareholders or shareholder accounts. Such compensation may include, but is not limited to, financial assistance to Financial Intermediaries in connection with conferences, sales, or training programs for their employees; seminars for the public; advertising or sales campaigns; or other Financial Intermediary-sponsored special events. In some instances, this compensation may be made available only to certain Financial Intermediaries whose representatives have sold or are expected to sell significant amounts of shares. Dealers may not use sales of the Fund's shares to qualify for this compensation to the extent prohibited by the laws or rules of any state or any self-regulatory agency, such as Financial Industry Regulatory Authority, Inc.

If payments to Financial Intermediaries by the distributor or adviser for a particular mutual fund complex exceed payments by other mutual fund complexes, your financial adviser and the Financial Intermediary employing him or her may have an incentive to recommend that fund complex over others. Please speak with your financial adviser to learn more about the total amounts paid to your financial adviser and his or her firm by SSGA FD and its affiliates and by sponsors of other mutual funds he or she may recommend to you. You should also consult disclosures made by your Financial Intermediary at the time of purchase.

*Third-Party Transactions*. The State Street Funds have authorized certain Financial Intermediaries to accept purchase, redemption and exchange orders on the State Street Funds' behalf. Orders received for a State Street Fund by a Financial Intermediary that has been authorized to accept orders on the Fund's behalf (or other Financial Intermediaries designated by the Financial Intermediary) will be deemed accepted by the Fund at the time they are received by the Financial Intermediary and will be priced based on the Fund's next NAV determination as long as the Financial Intermediary transmits the order in good form and in a timely manner to the applicable State Street Fund(s). The State Street Funds will be the sole party to determine if a trade is received in good order. The Financial Intermediary is responsible for transmitting your orders and associated funds in good form and in a timely manner to the applicable State Street Fund(s). The State Street Funds will not be responsible for delays by the Financial Intermediary in transmitting your orders, including timely transfer of payment, to the Fund.

If you are purchasing, selling, exchanging or holding State Street Fund shares through a program of services offered by a Financial Intermediary, you may be required by the Financial Intermediary to pay additional fees. You should contact the Financial Intermediary for information concerning what additional fees, if any, may be charged.

------

**Financial Highlights**

The financial highlight tables are intended to help you understand the Fund's financial performance since the Fund's inception. Certain information reflects the performance results for a single Fund Share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been audited by Ernst & Young LLP, the Trust's independent registered public accounting firm, whose report, along with the Fund's financial highlights and financial statements, is included in the annual report to shareholders, which is available upon request. Any references to Notes in these financial highlight tables refer to the "Notes to Financial Statements" section of the Fund's financial statements, and the financial information included in these tables should be read in conjunction with the financial statements incorporated by reference in the SAI.

------

**STATE STREET INSTITUTIONAL INVESTMENT TRUST**

**STATE STREET DIVERSIFIED INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**Selected data for a share outstanding throughout each period** 

---

| | |
|:---|:---|
|  | **For the**<br> **Period** <br> **12/23/21**<sup>\*</sup>**-**<br> **9/30/22**<br>|
| **Net asset value, beginning of period**  | $10.00 |
| **Income (loss) from investment operations:** <br>|  |
| Net investment income (loss) (a) | 0.27 |
| Net realized and unrealized gain (loss) (b) | (2.18) |
| Total from investment operations  | (1.91) |
| **Distributions to shareholders from:** <br>|  |
| Net investment income  | (0.26) |
| **Net asset value, end of period**  | $7.83 |
| **Total return (c)** | (19.32)% |
| **Ratios and Supplemental Data:** <br>|  |
| Net assets, end of period (in 000s) | $18786 |
| **Ratios to average net assets:** <br>|  |
| Total expenses  | 0.94%(d) |
| Net expenses  | 0.70%(d) |
| Net investment income (loss) | 3.86%(d) |
| Portfolio turnover rate  | 8%(e)(f) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund. 

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of the Fund. Total return for periods of less than one year are not annualized. Results represent past performance and are not indicative of future results. 

(d) Annualized.

(e) Not annualized.

(f) The portfolio turnover calculated did not include "To-Be-Announced" transactions and, if it had, the portfolio turnover would have been 180%.

------

<u>Contacting the State Street Funds</u> 

Online: www.ssga.com 24 hours a day, 7 days a week <br> Phone: (800) 647-7327 Monday – Friday 7:00 am – 5:00 pm EST

Written requests should be sent to:

---

| |
|:---|
| **Regular mail** |
| State Street Funds<br> P.O. Box 219737<br> Kansas City, MO 64121-9737<br>State Street Funds<br> 430 W 7<sup>th</sup> Street Suite 219737<br> Kansas City, MO 64105-1407<br>|

---

The Fund does not consider the U.S. Postal Service or other independent delivery services to be its agents. Therefore, deposits in the mail or with such services, or receipt at the Fund's post office box, of purchase orders or redemption requests, do not constitute receipt by the Fund or Transfer Agent.

------

For more information about the Fund:

The Fund's SAI includes additional information about the Fund and is incorporated by reference into this document. Additional information about the Fund's investments will be available in the Fund's most recent annual and semi-annual reports to shareholders. In the Fund's annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the Fund's performance during its last fiscal year. The Fund's SAI is available, without charge, upon request. The Fund's annual and semi-annual reports will be available, without charge, upon request. Shareholders in the Fund may make inquiries to the Fund to receive such information by calling (800) 997-7327 or the customer service center at the telephone number shown in the accompanying contract prospectus, if applicable. The Fund's Prospectus and SAI are available, and the annual and semi-annual reports to shareholders will be available, free of charge, on the Fund's website at www.ssgafunds.com.

Reports and other information about the Fund are available free of charge on the EDGAR Database on the SEC's Internet site at http://www.sec.gov. Copies of this information also may be obtained, after paying a duplicating fee, by electronic request at the following E-mail address: publicinfo@sec.gov.

**SSGA Funds Management, Inc**

ONE IRON STREET

BOSTON, MASSACHUSETTS 02210

SSIITDIVINCPROThe State Street Institutional Investment Trust's Investment Company Act File Number is 811-09819.

------

**STATE STREET INSTITUTIONAL INVESTMENT TRUST** 

(the "Trust")

One Iron Street

Boston, Massachusetts 02210

**STATEMENT OF ADDITIONAL INFORMATION** 

January 31, 2023

---

| | |
|:---|:---|
| **Fund** | **TICKER** |
| STATE STREET INCOME FUND | SSASX |
| STATE STREET U.S. CORE EQUITY FUND | SSAQX |

---

This Statement of Additional Information ("SAI") relates to the Prospectus dated January 31, 2023, as may be revised and/or supplemented from time to time thereafter, for each of the Funds listed above.

The SAI is not a prospectus and should be read in conjunction with each applicable Funds' Prospectus. This SAI describes the Trust generally and provides additional information about the Funds. A copy of the Prospectus or the most recent [<u>Annual Reports</u>](https://www.sec.gov/Archives/edgar/data/1107414/000119312522300052/d382162dncsr.htm)to Shareholders ("Annual Reports"), which contain the Funds' financial statements incorporated herein by reference, can be obtained free of charge, upon request, by calling (800) 242-0134. You may also obtain the Prospectuses or Annual Reports through the Trust's website at www.ssga.com. Capitalized terms used in this SAI and not otherwise defined have the meanings assigned to them in the Prospectus.

GM-SAII

------

**TABLE OF CONTENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [General](#xx_6149dc73-e151-4162-a7e9-353cd3e00e8e_1) | 3 |
| [Description of the Funds and Their Investments and Risks](#xx_6149dc73-e151-4162-a7e9-353cd3e00e8e_1) | 3 |
| [Additional Investments and Risks](#xx_6149dc73-e151-4162-a7e9-353cd3e00e8e_2) | 4 |
| [Management of the Trust](#xx_6149dc73-e151-4162-a7e9-353cd3e00e8e_27) | 29 |
| [Proxy Voting Procedures](#xx_6149dc73-e151-4162-a7e9-353cd3e00e8e_34) | 36 |
| [Control Persons and Principal Holders of Securities](#xx_6149dc73-e151-4162-a7e9-353cd3e00e8e_35) | 37 |
| [Investment Advisory and Other Services](#xx_6149dc73-e151-4162-a7e9-353cd3e00e8e_35) | 37 |
| [Portfolio Managers](#xx_6149dc73-e151-4162-a7e9-353cd3e00e8e_38) | 40 |
| [Brokerage Allocation and Other Practices](#xx_6149dc73-e151-4162-a7e9-353cd3e00e8e_40) | 42 |
| [Declaration of Trust, Capital Stock and Other Information](#xx_6149dc73-e151-4162-a7e9-353cd3e00e8e_44) | 46 |
| [Pricing of Shares](#xx_6149dc73-e151-4162-a7e9-353cd3e00e8e_44) | 46 |
| [Taxation of the Funds](#xx_6149dc73-e151-4162-a7e9-353cd3e00e8e_45) | 47 |
| [Financial Statements](#xx_6149dc73-e151-4162-a7e9-353cd3e00e8e_56) | 58 |
| [Appendix A—Ratings of Debt Instruments](#xx_5b73fa75-d26a-4de9-b051-fc1ce0a53eb1_1) | A-1 |
| [Appendix B—Trust's Proxy Voting Procedures](#xx_7ce789f6-f57e-4ef9-8095-5f97fe802271_1) | B-1 |
| [Appendix C—Adviser's Proxy Voting Procedures and Guidelines](#xx_1bec9241-2e1b-4ac8-b3d8-c3972bf1ebe5_1) | C-1 |

---

------

**General** 

The Trust was organized as a business trust under the laws of The Commonwealth of Massachusetts on February 16, 2000. The Trust is an open-end management investment company. The Trust includes the following diversified series:

• State Street Aggregate Bond Index Fund;

• State Street Aggregate Bond Index Portfolio;

• State Street Diversified Income Fund;

• State Street Emerging Markets Equity Index Fund;

• State Street Equity 500 Index Fund;

• State Street Equity 500 Index II Portfolio;

• State Street Global All Cap Equity ex-U.S. Index Fund;

• State Street Global All Cap Equity ex-U.S. Index Portfolio;

• State Street Hedged International Developed Equity Index Fund;

• State Street International Developed Equity Index Fund;

• State Street Institutional Liquid Reserves Fund;

• State Street Institutional Treasury Money Market Fund;

• State Street Institutional Treasury Plus Money Market Fund;

• State Street Institutional U.S. Government Money Market Fund;

• State Street Small/Mid Cap Equity Index Fund;

• State Street Small/Mid Cap Equity Index Portfolio;

• State Street Target Retirement Fund;

• State Street Target Retirement 2020 Fund;

• State Street Target Retirement 2025 Fund;

• State Street Target Retirement 2030 Fund;

• State Street Target Retirement 2035 Fund;

• State Street Target Retirement 2040 Fund;

• State Street Target Retirement 2045 Fund;

• State Street Target Retirement 2050 Fund;

• State Street Target Retirement 2055 Fund;

• State Street Target Retirement 2060 Fund;

• State Street Target Retirement 2065 Fund;

• State Street Treasury Obligations Money Market Fund;

• State Street Income Fund (the "Income Fund"); and

• State Street U.S. Core Equity Fund (the "U.S. Core Equity Fund" and, together with the Income Fund, the "Funds").

**Description of the Funds and Their Investments and Risks** 

The Funds' Prospectus contains information about the investment objective and policies of each Fund. This SAI should only be read in conjunction with the Prospectus of the Funds in which you intend to invest.

In addition to the principal investment strategies and the principal risks of the Funds described in Funds' Prospectus, a Fund may employ other investment practices and may be subject to additional risks, which are described below.

The Income Fund and the U.S. Core Equity Fund each commenced operations on May 24, 2021, as a result of a reorganization in which each Fund assumed all of the assets and liabilities of General Electric RSP Income Fund and the General Electric RSP U.S. Equity Fund (the "Predecessor Funds"), respectively. Each Fund has substantially similar investment strategies as its Predecessor Fund.

------

**Additional Investments and Risks** 

To the extent consistent with its investment objective and restrictions, each Fund may invest in the following instruments and use the following techniques, and is subject to the following additional risks.

<u>Bonds</u> 

The Funds may invest a portion of their assets in bonds. A bond is an interest-bearing security issued by a company, governmental unit or, in some cases, a non-U.S. entity. The issuer of a bond has a contractual obligation to pay interest at a stated rate on specific dates and to repay principal (the bond's face value) periodically or on a specified maturity date; provided, however, a zero coupon bond pays no interest to its holder during its life. The value of a zero coupon bond to a Fund consists of the difference between such bond's face value at the time of maturity and the price for which it was acquired, which may be an amount significantly less than its face value (sometimes referred to as a "deep discount" price).

An issuer may have the right to redeem or "call" a bond before maturity, in which case the investor may have to reinvest the proceeds at lower market rates. Most bonds bear interest income at a "coupon" rate that is fixed for the life of the bond. The value of a fixed rate bond usually rises when market interest rates fall, and falls when market interest rates rise. Accordingly, a fixed rate bond's yield (income as a percent of the bond's current value) may differ from its coupon rate as its value rises or falls. Fixed rate bonds generally are also subject to inflation risk, which is the risk that the value of the bond or income from the bond will be worth less in the future as inflation decreases the value of money. This could mean that, as inflation increases, the "real" value of the assets of a Fund holding fixed rate bonds can decline, as can the value of the Fund's distributions. Other types of bonds bear income at an interest rate that is adjusted periodically. Because of their adjustable interest rates, the value of "floating-rate" or "variable-rate" bonds fluctuates much less in response to market interest rate movements than the value of fixed rate bonds. A Fund may treat some of these bonds as having a shorter maturity for purposes of calculating the weighted average maturity of its investment portfolio. Bonds may be senior or subordinated obligations. Senior obligations generally have the first claim on a corporation's earnings and assets and, in the event of liquidation, are paid before subordinated obligations. Bonds may be unsecured (backed only by the issuer's general creditworthiness) or secured (also backed by specified collateral). The investment return of corporate bonds reflects interest on the bond and changes in the market value of the bond. The market value of a corporate bond may be affected by the credit rating of the corporation, the corporation's performance and perceptions of the corporation in the market place. There is a risk that the issuers of the securities may not be able to meet their obligations on interest or principal payments at the time called for by such a security.

<u>Cash Reserves</u> 

Each Fund may hold portions of its assets in cash or short-term debt instruments with remaining maturities of 397 days or less pending investment or to meet anticipated redemptions and day-to-day operating expenses. Short-term debt instruments consist of: (i) short-term obligations of the U.S. Government, its agencies, instrumentalities, authorities or political subdivisions; (ii) other short-term debt securities rated at the time of purchase Aa or higher by Moody's Investors Service, Inc. ("Moody's") or AA or higher by S&P Global Ratings ("S&P") or, if unrated, of comparable quality in the opinion of SSGA FM; (iii) commercial paper; (iv) bank obligations, including negotiable certificates of deposit, time deposits and bankers' acceptances; and (v) repurchase agreements.

<u>Cleared Derivatives Transactions</u> 

Transactions in some types of swaps are required to be centrally cleared by applicable rules and regulations, and a Fund may also voluntarily centrally clear other transactions that are available for clearing. In a cleared derivatives transaction, a Fund's counterparty to the transaction is a central derivatives clearing organization, or clearing house, rather than a bank or broker. Because the Funds are not members of a clearing house, and only members of a clearing house can participate directly in the clearing house, the Funds hold cleared derivatives through accounts at clearing members. In cleared derivatives transactions, a Fund will make payments (including margin payments) to and receive payments from a clearing house through its accounts at clearing members. Clearing members guarantee performance of their clients' obligations to the clearing house. Centrally cleared derivative arrangements may be less favorable to a Fund than bilateral (non-cleared) arrangements. For example, a Fund may be required to provide greater amounts of margin for cleared derivatives transactions than for bilateral derivatives transactions. Also, in contrast to bilateral derivatives transactions, in some cases following a period of notice to a Fund, a clearing member generally can require termination of existing cleared derivatives transactions at any time or an increase in margin requirements above the margin that the clearing member required at the beginning of a transaction. Clearing houses also have broad rights to increase margin requirements for existing transactions or to terminate transactions at any time. A Fund is subject to risk if it enters into a derivatives transaction that is required to be cleared (or which the Adviser expects to be cleared), and no clearing member

------

is willing or able to clear the transaction on a Fund's behalf. In that case, the transaction might have to be terminated, and a Fund could lose some or all of the benefit of the transaction, including loss of an increase in the value of the transaction and loss of hedging protection. In addition, the documentation governing the relationship between a Fund and clearing members is drafted by the clearing members and generally is less favorable to a Fund than typical bilateral derivatives documentation. For example, documentation relating to cleared derivatives generally includes a one-way indemnity by the Fund in favor of the clearing member for losses the clearing member incurs as the Fund's clearing member. Also, such documentation typically does not provide the Fund any remedies if the clearing member defaults or becomes insolvent.

Counterparty risk with respect to derivatives has been and will continue to be affected by new rules and regulations relating to the derivatives market. With respect to a centrally cleared transaction, a party is subject to the credit risk of the clearing house and the clearing member through which it holds its cleared position. Credit risk of market participants with respect to centrally cleared derivatives is concentrated in a few clearing houses, and it is not clear how an insolvency proceeding of a clearing house would be conducted and what impact an insolvency of a clearing house would have on the financial system. A clearing member is obligated by contract and regulation to segregate all funds received from customers with respect to cleared derivatives positions from the clearing member's proprietary assets. However, all funds and other property received by a clearing member from its customers with respect to cleared derivatives are generally held by the clearing member on a commingled basis in an omnibus account (which can be invested in instruments permitted under the regulations). Therefore, a Fund might not be fully protected in the event of the bankruptcy of the Fund's clearing member because the Fund would be limited to recovering only a pro rata share of the funds held by the clearing member on behalf of customers, with a claim against the clearing member for any deficiency. Also, the clearing member is required to transfer to the clearing house the amount of margin required by the clearing house for cleared derivatives, which amount is generally held in an omnibus account at the clearing house for all customers of the clearing member. Regulations promulgated by the Commodity Futures Trading Commission (the "CFTC") require that the clearing member notify the clearing house of the initial margin provided by the clearing member to the clearing house that is attributable to each customer. However, if the clearing member does not accurately report the Fund's initial margin, the Fund is subject to the risk that a clearing house will use the assets attributable to it in the clearing house's omnibus account to satisfy payment obligations a defaulting customer of the clearing member has to the clearing house. In addition, clearing members generally provide the clearing house the net amount of variation margin required for cleared swaps for all of its customers, rather than individually for each customer. A Fund is therefore subject to the risk that a clearing house will not make variation margin payments owed to the Fund if another customer of the clearing member has suffered a loss and is in default, and the risk that the Fund will be required to provide additional variation margin to the clearing house before the clearing house will move the Fund's cleared derivatives positions to another clearing member. In addition, if a clearing member does not comply with the applicable regulations or its agreement with the Fund, or in the event of fraud or misappropriation of customer assets by a clearing member, the Fund could have only an unsecured creditor claim in an insolvency of the clearing member with respect to the margin held by the clearing member.

<u>Market Turbulence Resulting from COVID-19</u> 

An outbreak of a respiratory disease caused by a novel coronavirus first detected in China in December 2019 has spread globally. In an organized attempt to contain and mitigate the effects of the spread of the coronavirus known as COVID-19, governments and businesses world-wide have taken aggressive measures, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations. COVID-19 has resulted in the disruption of and delays in the delivery of healthcare services and processes, the cancellation of organized events and educational institutions, the disruption of production and supply chains, a decline in consumer demand for certain goods and services, and general concern and uncertainty, all of which have contributed to increased volatility in global markets. The continuing effects of COVID-19 may affect certain sectors and industries more dramatically than others, which may adversely affect the value of a Fund's investments in those sectors or industries. COVID-19, and other epidemics and pandemics that may arise in the future, could adversely affect the economies of many nations, the global economy, individual companies and capital markets in ways that cannot be foreseen at the present time. In addition, the impact of infectious diseases in developing or emerging market countries may be greater due to limited health care resources. Political, economic and social stresses caused by COVID-19 also may exacerbate other pre-existing political, social and economic risks in certain countries. The duration of COVID-19 and its effects cannot be determined at this time, but the effects could be present for an extended period of time.

------

<u>Swap Execution Facilities</u> 

Certain derivatives contracts are required to be executed through swap execution facilities ("SEFs"). A SEF is a trading platform where multiple market participants can execute derivatives by accepting bids and offers made by multiple other participants in the platform. Such requirements may make it more difficult and costly for investment funds, such as a Fund, to enter into highly tailored or customized transactions. Trading swaps on a SEF may offer certain advantages over traditional bilateral over-the-counter trading, such as ease of execution, price transparency, increased liquidity and/or favorable pricing. Execution through a SEF is not, however, without additional costs and risks, as parties are required to comply with SEF and CFTC rules and regulations, including disclosure and recordkeeping obligations, and SEF rights of inspection, among others. SEFs typically charge fees, and if a Fund executes derivatives on a SEF through a broker intermediary, the intermediary may impose fees as well. A Fund also may be required to indemnify a SEF, or a broker intermediary who executes swaps on a SEF on the Fund's behalf, against any losses or costs that may be incurred as a result of the Fund's transactions on the SEF. In addition, a Fund may be subject to execution risk if it enters into a derivatives transaction that is required to be cleared, and no clearing member is willing to clear the transaction on the Fund's behalf. In that case, the transaction might have to be terminated, and the Fund could lose some or all of the benefit of any increase in the value of the transaction after the time of the trade.

<u>Risks Associated with Derivatives Regulation</u> 

The U.S. government has enacted and is continuing to implement legislation that provides for new regulation of the derivatives market, including clearing, margin, reporting, and registration requirements. The European Union ("EU"), the United Kingdom (the "U.K.") and some other countries have also adopted and are continuing to implement similar requirements, which will affect a Fund when it enters into a derivatives transaction with a counterparty organized in that country or otherwise subject to that country's derivatives regulations. Such rules and other new rules and regulations could, among other things, restrict a Fund's ability to engage in, or increase the cost to the Fund of, derivatives transactions, for example, by making some types of derivatives no longer available to the Fund, increasing margin or capital requirements, or otherwise limiting liquidity or increasing transaction costs. While the rules and regulations and central clearing of some derivatives transactions are designed to reduce systemic risk (i.e., the risk that the interdependence of large derivatives dealers could cause them to suffer liquidity, solvency or other challenges simultaneously), there is no assurance that they will achieve that result, and in the meantime, as noted above, central clearing and related requirements expose the Funds to new kinds of costs and risks.

For example, in the event of a counterparty's (or its affiliate's) insolvency, a Fund's ability to exercise remedies, such as the termination of transactions, netting of obligations and realization on collateral, could be stayed or eliminated under new special resolution regimes adopted in the United States, the EU, the U.K. and various other jurisdictions. Such regimes provide government authorities with broad authority to intervene when a financial institution is experiencing financial difficulty. In particular, with respect to counterparties who are subject to such proceedings in the EU and the U.K., the liabilities of such counterparties to the Funds could be reduced, eliminated, or converted to equity in such counterparties (sometimes referred to as a "bail in").

The Securities and Exchange Commission ("SEC") has adopted new Rule 18f-4 under the 1940 Act providing for the regulation of registered investment companies' use of derivatives and certain related instruments. The new rule, among other things, limits derivatives exposure through one of two value-at-risk tests and eliminates the asset segregation framework for covering derivatives and certain financial instruments arising from the SEC's Release 10666 and ensuing staff guidance. The rule also requires funds to adopt and implement a derivatives risk management program (including the appointment of a derivatives risk manager and the implementation of certain testing requirements) and subjects funds to certain reporting requirements in respect of derivatives. Limited derivatives users (as determined by Rule 18f-4) are not, however, subject to the full requirements under the rule.

Additionally, U.S. regulators, the EU, the U.K. and certain other jurisdictions have adopted minimum margin and capital requirements for uncleared derivatives transactions. It is expected that these regulations will have a material impact on a Fund's use of uncleared derivatives. These rules impose minimum margin requirements on derivatives transactions between a Fund and its counterparties and may increase the amount of margin a Fund is required to provide. They impose regulatory requirements on the timing of transferring margin and the types of collateral that parties are permitted to exchange.

These and other regulations are relatively new and evolving, so their full impact on the Funds and the financial system are not yet known.

------

<u>Commodities</u> 

<u>General.</u> The Funds may invest in commodities. There are several additional risks associated with transactions in commodity futures contracts, swaps on commodity futures contracts, commodity forward contracts and other commodities instruments. In the commodity instruments markets, producers of the underlying commodity may decide to hedge the price risk of selling the commodity by selling commodity instruments today to lock in the price of the commodity at delivery tomorrow. In order to induce speculators to purchase the other side of the same commodity instrument, the commodity producer generally must sell the commodity instrument at a lower price than the expected future spot price. Conversely, if most hedgers in the commodity instruments market are purchasing commodity instruments to hedge against a rise in prices, then speculators will only sell the other side of the commodity instrument at a higher future price than the expected future spot price of the commodity. The changing nature of the hedgers and speculators in the commodity markets will influence whether futures prices are above or below the expected future spot price, which can have significant implications for the Funds. If the nature of hedgers and speculators in commodity instruments markets has shifted when it is time for a Fund to reinvest the proceeds of a maturing contract in a new commodity instrument, the Fund might reinvest at a higher or lower future price, or choose to pursue other investments. The commodities which underlie commodity instruments may be subject to additional economic and non-economic variables, such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political and regulatory developments. These factors may have a larger impact on commodity prices and commodity-linked instruments than on traditional securities. Certain commodities are also subject to limited pricing flexibility because of supply and demand factors. Others are subject to broad price fluctuations as a result of the volatility of the prices for certain raw materials and the instability of supplies of other materials. These additional variables may create additional investment risks which subject a Fund's investments to greater volatility than other investments. Also, unlike the financial instruments markets, in the commodity instruments markets there are costs of physical storage associated with purchasing the underlying commodity. The price of the commodity instruments contract will reflect the storage costs of purchasing the physical commodity, including the time value of money invested in the physical commodity. To the extent that the storage costs for an underlying commodity change while a Fund is invested in instruments on that commodity, the value of the commodity instrument may change proportionately.

A Fund's ability to invest in commodity-linked investments may be limited by the Fund's intention to qualify as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code") and could bear on the ability of a Fund to so qualify. See "Taxation of the Funds" below.

<u>Commodity-Linked Investments.</u> The Funds may invest in commodity-linked investments. The Funds may seek to provide exposure to the investment returns of real assets that trade in the commodity markets through commodity-linked derivative securities, such as structured notes, discussed below, which are designed to provide this exposure without direct investment in physical commodities or commodities futures contracts. Real assets are assets such as oil, gas, industrial and precious metals, livestock, and agricultural or meat products, or other items that have tangible properties, as compared to stocks or bonds, which are financial instruments. In choosing investments, the Adviser seeks to provide exposure to various commodities and commodity sectors. The value of commodity-linked derivative securities held by a Fund may be affected by a variety of factors, including, but not limited to, overall market movements and other factors affecting the value of particular industries or commodities, such as weather, disease, embargoes, acts of war or terrorism, or political and regulatory developments.

The prices of commodity-linked derivative securities may move in different directions than investments in traditional equity and debt securities when the value of those traditional securities is declining due to adverse economic conditions. As an example, during periods of rising inflation, debt securities have historically tended to decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of rising inflation, the prices of certain commodities, such as oil and metals, have historically tended to increase. Of course, there cannot be any guarantee that these investments will perform in that manner in the future, and at certain times the price movements of commodity-linked instruments have been parallel to those of debt and equity securities. Commodities have historically tended to increase and decrease in value during different parts of the business cycle than financial assets. Nevertheless, at various times, commodities prices may move in tandem with the prices of financial assets and thus may not provide overall portfolio diversification benefits. Under favorable economic conditions, a Fund's investments may be expected to underperform an investment in traditional securities. Over the long term, the returns on the Fund's investments are expected to exhibit low or negative correlation with stocks and bonds.

------

Because commodity-linked investments are available from a relatively small number of issuers, a Fund's investments will be particularly subject to counterparty risk, which is the risk that the issuer of the commodity-linked derivative (which issuer may also serve as counterparty to a substantial number of the Fund's commodity-linked and other derivative investments) will not fulfill its contractual obligations.

A Fund's ability to invest in commodity-linked investments may be limited by the Fund's intention to qualify as a RIC and could bear on the ability of a Fund to so qualify. See "Taxation of the Funds" below.

<u>Credit Default Swaps and Total Return Swaps</u> 

The Funds may enter into credit default swaps or total return swaps to gain market exposure, manage liquidity, increase total returns or for hedging purposes. Credit default swaps and total return swaps are typically governed by the standard terms and conditions of an ISDA Master Agreement.

A credit default swap involves a protection buyer and a protection seller. The Funds may be either a protection buyer or seller. The protection buyer in a credit default swap makes periodic premium payments to the protection seller during the swap term in exchange for the protection seller agreeing to make certain defined payments to the protection buyer in the event certain defined credit events occur with respect to a particular security, issuer or basket of securities. A total return swap involves a total return receiver and a total return payor. The Funds may either be a total return receiver or payor. Generally, the total return payor sells to the total return receiver an amount equal to all cash flows and price appreciation on a defined security or asset payable at periodic times during the swap term (*i.e*., credit risk) in return for a periodic payment from the total return receiver based on a designated interest rate and spread plus the amount of any price depreciation on the reference security or asset. The total return payor does not need to own the underlying security or asset to enter into a total return swap. The final payment at the end of the swap term includes final settlement of the current market price of the underlying reference security or asset, and payment by the applicable party for any appreciation or depreciation in value. Usually, collateral must be posted by the total return receiver to secure the periodic interest-based and market price depreciation payments depending on the credit quality of the underlying reference security and creditworthiness of the total return receiver, and the collateral amount is marked-to-market daily equal to the market price of the underlying reference security or asset between periodic payment dates.

In both credit default swaps and total return swaps, the same general risks inherent to derivative transactions are present; however, the use of credit default swaps and total return swaps can involve greater risks than if the Funds had invested in the reference obligation directly since, in addition to general market risks, credit default swaps and total return swaps are subject to counterparty credit risk, leverage risk, hedging risk, correlation risk and liquidity risk. The Funds will enter into credit default swap or a total return swap only with counterparties that the Adviser determines to meet certain standards of creditworthiness. In a credit default swap, a buyer generally also will lose its premium and recover nothing should no credit event occur and the swap is held to its termination date. If a credit event were to occur, the value of any deliverable obligation received by the seller, coupled with the upfront or periodic payments previously received, may be less than the full notional value it pays to the buyer, resulting in a loss of value to the seller. A Fund's obligations under a credit default swap agreement will be accrued daily (offset against any amounts owing to the Fund).

Swaps are highly specialized instruments that require investment techniques, risk analyses, and tax planning different from those associated with the ownership of stocks, bonds, and other traditional investments. The use of a swap agreement requires an understanding not only of the referenced obligation, reference rate, or index, but also of the swap agreement itself. Because some swap agreements have a leverage component, adverse changes in the value or level of the underlying asset, reference rate, or index can result in a loss substantially greater than the amount invested in the swap itself. Certain swaps have the potential for unlimited loss, regardless of the size of the initial investment.

<u>Custodial Risk</u> 

There are risks involved in dealing with the custodians or brokers who hold a Fund's investments or settle a Fund's trades. It is possible that, in the event of the insolvency or bankruptcy of a custodian or broker, a Fund would be delayed or prevented from recovering its assets from the custodian or broker, or its estate, and may have only a general unsecured claim against the custodian or broker for those assets. In recent insolvencies of brokers or other financial institutions, the ability of certain customers to recover their assets from the insolvent's estate has been delayed, limited, or prevented, often unpredictably, and there is no assurance that any assets held by a Fund with a custodian or broker will be readily recoverable by the Fund. In addition, there may be limited recourse against non-U.S. sub-custodians in those situations in which a Fund invests in markets where custodial and/or settlement systems and regulations are not fully developed, including emerging markets, and the assets of the Fund have been entrusted to such sub-custodians. SSGA FM or an affiliate may serve as the custodian of the Funds.

------

<u>Eurodollar Certificates of Deposit (</u><u>"</u><u>ECDs</u><u>"</u><u>), Eurodollar Time Deposits (</u><u>"</u><u>ETDs</u><u>"</u><u>) and Yankee Certificates of Deposit</u> <u>(</u><u>"</u><u>YCDs</u><u>"</u><u>)</u> 

The Funds may invest in ECDs, ETDs and YCDs. ECDs and ETDs are U.S. dollar denominated certificates of deposit and time deposits, respectively, issued by non-U.S. branches of domestic banks and non-U.S. banks. YCDs are U.S. dollar denominated certificates of deposit issued by U.S. branches of non-U.S. banks.

Different risks than those associated with the obligations of domestic banks may exist for ECDs, ETDs and YCDs because the banks issuing these instruments, or their domestic or non-U.S. branches, are not necessarily subject to the same regulatory requirements that apply to domestic banks, such as loan limitations, examinations and reserve, accounting, auditing, recordkeeping and public reporting requirements. Obligations of non-U.S. issuers also involve risks such as future unfavorable political and economic developments, withholding or other taxes, seizures of non-U.S. deposits, currency controls, interest limitations, and other governmental restrictions that might affect repayment of principal or payment of interest, or the ability to honor a credit commitment.

<u>Foreign Currency Transactions and Foreign Currency Derivatives</u> 

The Funds may enter into a variety of different foreign currency transactions, including, by way of example, currency forward transactions, spot transactions, futures and forward contracts, swaps, or options. Most of these transactions are entered into "over the counter," and a Fund assumes the risk that the counterparty may be unable or unwilling to perform its obligations, in addition to the risk of unfavorable or unanticipated changes in the values of the currencies underlying the transactions. Certain types of over-the-counter currency transactions may be uncollateralized, and a Fund may not be able to recover all or any of the assets owed to it under such transactions if its counterparty should default. In some markets or in respect of certain currencies, a Fund may be required, or agree, in SSGA FM's discretion, to enter into foreign currency transactions via the custodian's relevant sub-custodian. SSGA FM may be subject to a conflict of interest in agreeing to any such arrangements on behalf of a Fund. Such transactions executed directly with the sub-custodian are executed at a rate determined solely by such sub-custodian. Accordingly, a Fund may not receive the best pricing of such currency transactions. Regulatory changes in a number of jurisdictions may require that certain currency transactions be subject to central clearing, or be subject to new or increased collateral requirements. These changes could increase the costs of currency transactions to a Fund and may make certain transactions unavailable; they may also increase the credit risk of such transactions to a Fund.

<u>Foreign Securities</u> 

The Funds are permitted to invest in foreign securities. Foreign securities include securities of foreign companies and foreign governments (or agencies or subdivisions thereof). If a Fund's securities are held abroad, the countries in which such securities may be held and the sub-custodian holding them must be approved by the Board of Trustees of the Trust (the "Board of Trustees" or the "Board") or its delegate under applicable rules adopted by the SEC. In buying foreign securities, the Fund may convert U.S. dollars into foreign currency, but only to effect securities transactions on foreign securities exchanges and not to hold such currency as an investment.

The globalization and integration of the world economic system and related financial markets have made it increasingly difficult to define issuers geographically. Accordingly, each Fund intends to construe geographic terms such as "foreign," "non-U.S." "European," "Latin American," and "Asian," in the manner that affords to the Fund the greatest flexibility in seeking to achieve its investment objective(s). Specifically, in circumstances where the investment objective and/or strategy is to invest at least some percentage of the Fund's assets in foreign securities, etc., the Funds will take the view that a security meets this description so long as the issuer of a security is tied economically to the particular country or geographic region indicated by words of the relevant investment objective and/or strategy (the "Relevant Language"). For these purposes the issuer of a security is deemed to have that tie if:

&nbsp;&nbsp;&nbsp;&nbsp;(i) The issuer is organized under the laws of the country or a country within the geographic region suggested by the Relevant Language or maintains its principal place of business in that country or region; or

&nbsp;&nbsp;&nbsp;&nbsp;(ii) The securities are traded principally in the country or region suggested by the Relevant Language; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) The issuer, during its most recent fiscal year, derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in the country or region suggested by the Relevant Language or has at least 50% of its assets in that country or region.

In addition, the Funds intend to treat derivative securities (e.g., call options) by reference to the underlying security. Conversely, if the investment objective and/or strategy of the Fund limits the percentage of assets that may be invested in "foreign securities," etc. or prohibits such investments altogether, the Funds intend to categorize securities as "foreign," etc. only if the security possesses all of the attributes described above in clauses (i), (ii) and (iii).

Investments in foreign securities involve special risks and considerations. Foreign companies are not generally subject to uniform accounting, auditing and financial reporting standards, practices and requirements comparable to those applicable to domestic companies, and such practices and standards may vary significantly from country to country. There may be less publicly available information about a foreign company than about a domestic company. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the SEC, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited. Foreign markets have different clearance and settlement procedures. Delays in settlement could result in temporary periods when assets of a Fund are uninvested. The inability of a Fund to make intended security purchases due to settlement problems could cause it to miss certain investment opportunities. They may also entail certain other risks, such as the possibility of one or more of the following: imposition of dividend or interest withholding or other taxes (in each case, which taxes could potentially be confiscatory) higher brokerage costs, thinner trading markets, currency blockages or transfer restrictions, expropriation, nationalization, military coups or other adverse political or economic developments; less government supervision and regulation of securities exchanges, brokers and listed companies; and the difficulty of enforcing obligations in other countries. Purchases of foreign securities are usually made in foreign currencies and, as a result, a Fund may incur currency conversion costs and may be affected favorably or unfavorably by changes in the value of foreign currencies against the U.S. dollar. Further, it may be more difficult for a Fund's agents to keep currently informed about corporate actions which may affect the prices of portfolio securities. Communications between the United States and foreign countries may be less reliable than within the United States, thus increasing the risk of delayed settlements of portfolio transactions or loss of certificates for portfolio securities. Certain markets may require payment for securities before delivery. A Fund's ability and decisions to purchase and sell portfolio securities may be affected by laws or regulations relating to the convertibility of currencies and repatriation of assets.

A number of current significant political, demographic and economic developments may affect investments in foreign securities and in securities of companies with operations overseas. Such developments include dramatic political changes in government and economic policies in several Eastern European countries and the republics composing the former Soviet Union, as well as the unification of the European Economic Community. The course of any one or more of these events and the effect on trade barriers, competition and markets for consumer goods and services are uncertain. Similar considerations are of concern with respect to developing countries. For example, the possibility of revolution and the dependence on foreign economic assistance may be greater in these countries than in developed countries. Management seeks to mitigate the risks associated with these considerations through diversification and active professional management.

<u>Forward Commitments</u> 

Each Fund may invest in forward commitments. Each Fund may contract to purchase securities for a fixed price at a future date beyond customary settlement time consistent with the Fund's ability to manage its investment portfolio and meet redemption requests. A Fund may dispose of a commitment prior to settlement if it is appropriate to do so and realize short-term profits or losses upon such sale.

<u>Futures Contracts and Options on Futures</u> 

Each Fund may enter into futures contracts on securities in which it may invest or on indices comprised of such securities and may purchase and write call and put options on such contracts.

<u>Futures Contracts.</u> A financial futures contract is a contract to buy or sell a specified quantity of financial instruments such as U.S. Treasury bills, notes and bonds at a specified future date at a price agreed upon when the contract is made. An index futures contract is a contract to buy or sell specified units of an index at a specified future date at a price agreed upon when the contract is made. The value of a unit is based on the current value of the index. Under such contracts no delivery of the actual securities making up the index takes place. Rather, upon expiration of the contract, settlement is

------

made by exchanging cash in an amount equal to the difference between the contract price and the closing price of the index at expiration, net of variation margin previously paid. Futures contracts are traded in the United States only on commodity exchanges or boards of trade — known as "contract markets" — approved for such trading by the Commodity Futures Trading Commission (the "CFTC"), and must be executed through a futures commission merchant or brokerage firm which is a member of the relevant contract market.

Although many futures contracts by their terms call for actual delivery or acceptance of commodities or securities, in most cases the contracts are closed out before the settlement date without the making or taking of delivery, but rather by entering into an offsetting contract (a "closing transaction"). Upon entering into a futures contract, a Fund is required to deposit initial margin with the futures broker. The initial margin serves as a "good faith" deposit that a Fund will honor its potential future commitments. Subsequent payments (called "variation margin" or "maintenance margin") to and from the broker are made on a daily basis as the price of the underlying security or commodity fluctuates, making the long and short positions in the futures contract more or less valuable, a process known as "marking to the market." If a Fund is unable to enter into a closing transaction, the amount of the Fund's potential loss may be unlimited. Futures contracts also involve brokerage costs.

Each Fund will not commit more than 5% of the market value of its total assets to initial margin deposits on futures and premiums paid for options on futures.

<u>Registration under the Commodity Exchange Act.</u> The Adviser has claimed an exclusion from the definition of the term "commodity pool operator" with respect to the Funds, under the Commodity Exchange Act (the "CEA"), and therefore, is not subject to registration or regulation as a commodity pool operator under the CEA. As a result, the Funds, are limited in their ability to trade instruments subject to the CFTC's jurisdiction, including commodity futures (which include futures on broad-based securities indexes, interest rate futures and currency futures), options on commodity futures, certain swaps or other investments (whether directly or indirectly through investments in other investment vehicles).

Under this exclusion, a Fund must satisfy one of the following two trading limitations whenever it enters into a new commodity trading position: (1) the aggregate initial margin and premiums required to establish the Fund's positions in CFTC-regulated instruments may not exceed 5% of the liquidation value of the Fund's portfolio (after accounting for unrealized profits and unrealized losses on any such investments); or (2) the aggregate net notional value of such instruments, determined at the time the most recent position was established, may not exceed 100% of the liquidation value of the Fund's portfolio (after accounting for unrealized profits and unrealized losses on any such positions). A Fund would not be required to consider its exposure to such instruments if they were held for "bona fide hedging" purposes, as such term is defined in the rules of the CFTC. In addition to meeting one of the foregoing trading limitations, the Fund may not market itself as a commodity pool or otherwise as a vehicle for trading in the markets for CFTC-regulated instruments.

<u>Options on Futures Contracts</u>. In return for the premium paid, options on futures contracts give the purchaser the right to assume a position in a futures contract at the specified option exercise price at any time during the period of the option. Options on futures are similar to options on securities except that options on futures give the purchaser the right, in return for the premium paid, to assume a position in a futures contract (a long position if the option is a call and a short position if the option is a put) at a specified exercise price at any time during the period of the option. Upon exercise of the option, the delivery of the futures position by the writer of the option to the holder of the option will be accompanied by delivery of the accumulated balance in the writer's futures margin account which represents the amount by which the market price of the futures contract, at exercise, exceeds (in the case of a call) or is less than (in the case of a put) the exercise price of the option on the futures. If an option is exercised on the last trading day prior to its expiration date, the settlement will be made entirely in cash. Purchasers of options who fail to exercise their options prior to the exercise date suffer a loss of the premium paid.

As with options on securities, the holder or writer of an option may terminate his position by selling or purchasing an offsetting option. There is no guarantee that such closing transactions can be effected.

A Fund will be required to deposit initial margin and maintenance margin with respect to put and call options on futures contracts written by it pursuant to brokers' requirements similar to those described above in connection with the discussion of futures contracts.

<u>Risks of Transactions in Futures Contracts and Related Options</u>. Successful use of futures contracts by a Fund is subject to the Adviser's ability to predict movements in various factors affecting financial markets. Compared to the purchase or sale of futures contracts, the purchase of call or put options on futures contracts involves less potential risk to a Fund because the maximum amount at risk is the premium paid for the options (plus transaction costs). However, there may be

------

circumstances when the purchase of a call or put option on a futures contract would result in a loss to a Fund when the purchase or sale of a futures contract would not, such as when there is no movement in the prices of the hedged investments. The writing of an option on a futures contract involves risks similar to those risks relating to the sale of futures contracts.

The use of options and futures strategies involves the risk of imperfect correlation among movements in the prices of the securities underlying the futures and options purchased and sold by the Fund, of the options and futures contracts themselves, and, in the case of hedging transactions, of the securities which are the subject of a hedge. The successful use of these strategies further depends on the ability of the Adviser to forecast interest rates and market movements correctly.

There is no assurance that higher than anticipated trading activity or other unforeseen events might not, at times, render certain market clearing facilities inadequate, and thereby result in the institution by exchanges of special procedures which may interfere with the timely execution of customer orders.

To reduce or eliminate a position held by a Fund, the Fund may seek to close out such a position. The ability to establish and close out positions will be subject to the development and maintenance of a liquid secondary market. It is not certain that this market will develop or continue to exist for a particular futures contract or option. Reasons for the absence of a liquid secondary market on an exchange include the following: (i) there may be insufficient trading interest in certain contracts or options; (ii) restrictions may be imposed by an exchange on opening transactions or closing transactions or both; (iii) trading halts, suspensions or other restrictions may be imposed with respect to particular classes or series of contracts or options, or underlying securities; (iv) unusual or unforeseen circumstances may interrupt normal operations on an exchange; (v) the facilities of an exchange or a clearing corporation may not at all times be adequate to handle current trading volume; or (vi) one or more exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the trading of contracts or options (or a particular class or series of contracts or options), in which event the secondary market on that exchange for such contracts or options (or in the class or series of contracts or options) would cease to exist, although outstanding contracts or options on the exchange that had been issued by a clearing corporation as a result of trades on that exchange would likely continue to be exercisable in accordance with their terms.

<u>U.S. Treasury Security Futures Contracts and Options</u>. Some U.S. Treasury security futures contracts require the seller to deliver, or the purchaser to take delivery of, the type of U.S. Treasury security called for in the contract at a specified date and price; others may be settled in cash. Options on U.S. Treasury security futures contracts give the purchaser the right in return for the premium paid to assume a position in a U.S. Treasury security futures contract at the specified option exercise price at any time during the period of the option.

Successful use of U.S. Treasury security futures contracts by a Fund is subject to the Adviser's ability to predict movements in the direction of interest rates and other factors affecting markets for debt securities. For example, if a Fund has sold U.S. Treasury security futures contracts in order to hedge against the possibility of an increase in interest rates which would adversely affect the values of securities held in its portfolio, and the prices of the Fund's securities increase instead as a result of a decline in interest rates, the Fund will lose part or all of the benefit of the increased value of its securities which it has hedged because it will have offsetting losses in its futures positions. In addition, in such situations, if the Fund has insufficient cash, it may have to sell securities to meet daily maintenance margin requirements at a time when it may be disadvantageous to do so.

There is also a risk that price movements in U.S. Treasury security futures contracts and related options will not correlate closely with price movements in markets for particular securities. For example, if a Fund has hedged against a decline in the values of tax-exempt securities held by it by selling Treasury security futures and the values of Treasury securities subsequently increase while the values of the Fund's tax-exempt securities decrease, the Fund would incur losses on both the Treasury security futures contracts written by it and the tax-exempt securities held in its portfolio.

<u>Government Mortgage-Related Securities</u> 

The Government National Mortgage Association ("GNMA" or "Ginnie Mae") is the principal federal government guarantor of mortgage-related securities. GNMA is a wholly owned U.S. Government corporation within the Department of Housing and Urban Development. It guarantees, with the full faith and credit of the United States, full and timely payment of all monthly principal and interest on its mortgage-related securities. GNMA pass-through securities are considered to have a relatively low risk of default in that (1) the underlying mortgage loan portfolio is comprised entirely of government-backed loans and (2) the timely payment of both principal and interest on the securities is guaranteed by the full faith and credit of

------

the U.S. Government, regardless of whether they have been collected. GNMA pass-through securities are, however, subject to the same interest rate risk as comparable privately issued mortgage-related securities. Therefore, the effective maturity and market value of a Fund's GNMA securities can be expected to fluctuate in response to changes in interest rate levels.

Residential mortgage loans are also pooled by the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"), a corporate instrumentality of the U.S. Government. The mortgage loans in FHLMC's portfolio are not government backed; FHLMC, not the U.S. Government, guarantees the timely payment of interest and ultimate collection of principal on FHLMC securities. FHLMC also issues guaranteed mortgage certificates, on which it guarantees semiannual interest payments and a specified minimum annual payment of principal.

The Federal National Mortgage Association ("FNMA" or "Fannie Mae") is a government-sponsored corporation owned entirely by private stockholders. It is subject to general regulation by the Secretary of Housing and Urban Development. FNMA purchases residential mortgages from a list of approved seller/servicers, which include savings and loan associations, savings banks, commercial banks, credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest only by FNMA, not the U.S. Government.

<u>High Yield Securities</u> 

The Funds may invest a portion of their assets in high yield debt securities (commonly known as "junk" bonds). Investment in high yield securities generally provides greater income and increased opportunity for capital appreciation than investments in higher quality securities, but they also typically entail greater price volatility and credit risk. These high yield securities are regarded as predominantly speculative with respect to the issuer's continuing ability to meet principal and interest payments. Analysis of the creditworthiness of issuers of debt securities that are high yield may be more complex than for issuers of higher quality debt securities. In addition, high yield securities are often issued by smaller, less creditworthy companies or by highly leveraged (indebted) firms, but can also be issued by governments. Such issuers are generally less able than more financially stable issuers to make scheduled payments of interest and principal. The risks posed by securities issued under such circumstances are substantial.

Investing in high yield debt securities involves risks that are greater than the risks of investing in higher quality debt securities. These risks include: (i) changes in credit status, including weaker overall credit conditions of issuers and risks of default; (ii) industry, market and economic risk; and (iii) greater price variability and credit risks of certain high yield securities such as zero coupon and payment-in-kind securities. While these risks provide the opportunity for maximizing return over time, they may result in greater volatility of the value of the Fund than a fund that invests in higher-rated securities.

Furthermore, the value of high yield securities may be more susceptible to real or perceived adverse economic, company or industry conditions than is the case for higher quality securities. The market values of certain of these lower-rated and unrated debt securities tend to reflect individual issuer developments to a greater extent than do higher-rated securities which react primarily to fluctuations in the general level of interest rates, and tend to be more sensitive to economic conditions than are higher-rated securities. Adverse market, credit or economic conditions could make it difficult at certain times to sell certain high yield securities held by a Fund.

The secondary market on which high yield securities are traded may be less liquid than the market for higher grade securities. Less liquidity in the secondary trading market could adversely affect the price at which a Fund could sell a high yield security, and could adversely affect the daily net asset value ("NAV") per share of a Fund. When secondary markets for high yield securities are less liquid than the market for higher grade securities, it may be more difficult to value the securities because there is less reliable, objective data available. However, an Index seeks to include primarily high yield securities that the Index provider believes have greater liquidity than the broader high yield securities market as a whole.

The use of credit ratings as a principal method of selecting high yield securities can involve certain risks. For example, credit ratings evaluate the safety of principal and interest payments, not the market value risk of high yield securities. Also, credit rating agencies may fail to change credit ratings in a timely fashion to reflect events since the security was last rated.

<u>Illiquid Securities</u> 

Each Fund may invest in illiquid securities. Each Fund will invest no more than 15% of its net assets in illiquid securities, including repurchase agreements and time deposits of more than seven days' duration. The absence of a regular trading market for illiquid securities imposes additional risks on investments in these securities. Illiquid securities may be difficult to value and may often be disposed of only after considerable expense and delay.

------

The SEC has adopted a liquidity risk management rule (the "Liquidity Rule") that requires the Funds to establish a liquidity risk management program (the "LRMP"). The Trustees, including a majority of the Independent Trustees (as defined below), have designated the Adviser to administer the Funds' LRMP. Under the LRMP, the Adviser assesses, manages, and periodically reviews the Funds' liquidity risk. The Liquidity Rule defines "liquidity risk" as the risk that the Funds could not meet requests to redeem shares issued by the Funds without significant dilution of remaining investors' interests in the Funds. The liquidity of the Funds' portfolio investments is determined based on relevant market, trading and investment-specific considerations under the LRMP. To the extent that an investment is deemed to be an illiquid investment or a less liquid investment, the Funds can expect to be exposed to greater liquidity risk. The Liquidity Rule's impact on a Fund, and on the open-end fund industry in general, is not yet fully known, but the rule could affect a Fund's performance and its ability to achieve its investment objectives. While the liquidity risk management program attempts to assess and manage liquidity risk, there is no guarantee it will be effective in its operations and may not reduce the liquidity risk inherent in a Fund's investments.

<u>Infrastructure-Related Companies Risk</u> 

Infrastructure-related companies include companies that primarily own, manage, develop and/or operate infrastructure assets, including transportation, utility, energy and/or telecommunications assets. Infrastructure-related businesses are subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction programs, insurance costs, costs associated with environmental and other regulations, the effects of an economic slowdown, surplus capacity or technological obsolescence, industry competition, labor relations, rate caps or rate changes, uncertainties concerning availability of fuel at reasonable prices, the effects of energy conservation policies, natural disasters, terrorist attacks and other factors. Certain infrastructure-related entities, particularly telecommunications and utilities companies, are subject to extensive regulation by various governmental authorities. The costs of complying with governmental regulations, delays or failures to receive required regulatory approvals or the enactment of new adverse regulatory requirements may adversely affect infrastructure-related companies. Infrastructure-related companies may also be affected by service interruption and/or legal challenges due to environmental, operational or other conditions or events, and the imposition of special tariffs and changes in tax laws, regulatory policies and accounting standards. There is also the risk that corruption may negatively affect publicly-funded infrastructure projects, especially in non-U.S. markets, resulting in work stoppage, delays and cost overruns. Other risks associated with infrastructure-related companies include uncertainties resulting from such companies' diversification into new domestic and international businesses, as well as agreements by any such companies linking future rate increases to inflation or other factors not directly related to the actual operating profits of the enterprise.

<u>Investment Grade Bonds</u> 

The Funds may invest in corporate notes and bonds that are rated investment-grade by a nationally recognized statistical rating organization ("NRSRO") or, if unrated, are of comparable quality to the rated securities described above, as determined by the Adviser, in accordance with procedures established by the Board of Trustees. Investment-grade securities include securities rated Baa3 or higher by Moody's or BBB- or higher by S&P (and securities of comparable quality); securities rated Baa3 by Moody's or BBB by S&P may have speculative characteristics.

Although obligations rated BBB by S&P or Baa by Moody's are considered investment grade, they may be viewed as being subject to greater risks than other investment grade obligations. Obligations rated BBB by S&P are regarded as having only an adequate capacity to pay principal and interest and those rated Baa by Moody's are considered medium-grade obligations that lack outstanding investment characteristics and have speculative characteristics as well.

<u>Lending of Fund Securities</u> 

Each Fund may lend portfolio securities to certain creditworthy borrowers in U.S. and non-U.S. markets in an amount not to exceed 40% of the value of its net assets. The borrowers provide collateral that is marked to market daily in an amount at least equal to the current market value of the securities loaned. A Fund may terminate a loan at any time and obtain the securities loaned. A Fund receives the value of any interest or cash or non-cash distributions paid on the loaned securities. A Fund cannot vote proxies for securities on loan, but may recall loans to vote proxies if a material issue affecting the Fund's economic interest in the investment is to be voted upon. Efforts to recall such securities promptly may be unsuccessful, especially for foreign securities or thinly traded securities, and may involve expenses to a Fund. Distributions received on loaned securities in lieu of dividend payments (i.e., substitute payments) would not be considered qualified dividend income.

------

With respect to loans that are collateralized by cash, the borrower typically will be entitled to receive a fee based on the amount of cash collateral. A Fund is compensated by the difference between the amount earned on the reinvestment of cash collateral and the fee paid to the borrower. In the case of collateral other than cash, a Fund is compensated by a fee paid by the borrower equal to a percentage of the market value of the loaned securities. Any cash collateral may be reinvested in certain high quality short-term instruments either directly on behalf of the lending Fund or through one or more joint accounts or funds, which may include those managed by the Adviser. A Fund could lose money due to a decline in the value of collateral provided for loaned securities or any investments made with cash collateral. Certain non-cash collateral or investments made with cash collateral may have a greater risk of loss than other non-cash collateral or investments.

A Fund may pay a portion of the interest or fees earned from securities lending to a borrower as described above, and to one or more securities lending agents approved by the Board of Trustees of the Trust (the "Board") who administer the lending program for the Funds in accordance with guidelines approved by the Board. In such capacity, the lending agent provides the following services to the Funds in connection with the Funds' securities lending activities: (i) locating borrowers among an approved list of prospective borrowers; (ii) causing the delivery of loaned securities from a Fund to borrowers; (iii) monitoring the value of loaned securities, the value of collateral received, and other lending parameters; (iv) seeking additional collateral, as necessary, from borrowers; (v) receiving and holding collateral from borrowers, and facilitating the investment and reinvestment of all or substantially all cash collateral in an investment vehicle designated by the Funds; (vi) returning collateral to borrowers; (vii) facilitating substitute dividend, interest, and other distribution payments to the Funds from borrowers; (viii) negotiating the terms of each loan of securities, including but not limited to the amount of any loan premium, and monitoring the terms of securities loan agreements with prospective borrowers for consistency with the requirements of the Funds' Securities Lending Authorization Agreement; (ix) selecting securities, including amounts (percentages), to be loaned; (x) recordkeeping and accounting servicing; and (xi) arranging for return of loaned securities to the Fund in accordance with the terms of the Securities Lending Authorization Agreement. State Street Bank and Trust Company ("State Street"), an affiliate of the Trust, has been approved by the Board to serve as securities lending agent for each Fund and the Trust has entered into an agreement with State Street for such services. Among other matters, the Trust has agreed to indemnify State Street for certain liabilities. State Street has received an order of exemption from the SEC under Sections 17(a), 17(d) and 12(d)(1) under the 1940 Act to serve as the lending agent for affiliated investment companies such as the Trust, to invest the cash collateral received from loan transactions in an affiliated cash collateral fund and to receive a fee based on a share of the revenue generated from such transactions.

Securities lending involves exposure to certain risks, including operational risk (i.e., the risk of losses resulting from problems in the settlement and accounting process especially so in certain international markets such as Taiwan), "gap" risk (i.e., the risk of a mismatch between the return on cash collateral reinvestments and the fees a Fund has agreed to pay a borrower), risk of loss of collateral, credit, legal, counterparty and market risk. If a securities lending counterparty were to default, a Fund would be subject to the risk of a possible delay in receiving collateral (or the proceeds of its liquidation) or in recovering the loaned securities. In the event a borrower does not return a Fund's securities as agreed, the Fund may experience losses if the proceeds received from liquidating the collateral do not at least equal the value of the loaned security at the time the collateral is liquidated, plus the transaction costs incurred in purchasing replacement securities. Although State Street has agreed to provide a Fund with indemnification in the event of a borrower default, a Fund is still exposed to the risk of losses in the event a borrower does not return a Fund's securities as agreed. For example, delays in recovery of lent securities may cause a Fund to lose the opportunity to sell the securities at a desirable price with guaranteed delivery provisions.

<u>Market Disruption and Geopolitical Risk</u> 

The Funds are subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. War, terrorism, and related geopolitical events have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets generally. Likewise, natural and environmental disasters, epidemics or pandemics and systemic market dislocations may be highly disruptive to economies and markets. Those events as well as other changes in non-U.S. and domestic economic and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of a Fund's investments. Given the increasing interdependence between global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the U.S. Continuing uncertainty as to the status of the Euro and the Economic and Monetary Union of the European Union (the "EMU") has created significant volatility in currency and financial markets generally. Any partial or complete dissolution of the EMU, or any continued uncertainty as to its status, could have significant adverse effects on currency and financial markets, and on

------

the values of a Fund's investments. On January 31, 2020, the United Kingdom ("UK") formally withdrew from the European Union ("EU") (commonly known as "Brexit"). An agreement between the UK and the EU governing their future trade relationship became effective January 1, 2021, but critical aspects of the relationship remain unresolved and subject to further negotiation and agreement. There is still considerable uncertainty relating to the potential consequences associated with the exit, including whether the U.K.'s exit will increase the likelihood of other countries also departing the EU. Brexit may have a significant impact on the U.K., Europe, and global economies, which may result in increased volatility and illiquidity, and potentially lower economic growth in markets in the U.K., Europe and globally, which may adversely affect the value of the Funds' investments.

Securities markets may be susceptible to market manipulation (e.g., the potential manipulation of the London Interbank Offered Rate ("LIBOR")) or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of investments traded in these markets, including investments of a Fund.

Many financial instruments use or may use a floating rate based on LIBOR, which is the offered rate for short-term Eurodollar deposits between major international banks. In 2017, the UK Financial Conduct Authority announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021.

The transition away from and elimination of LIBOR may adversely affect the interest rates on, and value of, certain investments for which the value is tied to LIBOR. Such investments may include bank loans, derivatives, floating rate securities, and other assets or liabilities tied to LIBOR. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. dollar LIBOR and the Sterling Overnight Interbank Average Rate for GBP LIBOR). Various financial industry groups have been planning for the transition away from LIBOR. Markets are slowly developing in response to these new rates. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at the time of transition, remain a concern for the Funds.

The effect of any changes to, or discontinuation of, LIBOR on the Funds will vary depending, among other things, on (1) existing fallback or termination provisions in individual contracts and (2) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Funds until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

Recent political activity in the U.S. has increased the risk that the U.S. could default on some or any of its obligations. While it is impossible to predict the consequences of such an unprecedented event, it is likely that a default by the U.S. would be highly disruptive to the U.S. and global securities markets and could significantly impair the value of the Funds' investments. Similarly, political events within the U.S. at times have resulted, and may in the future result, in a shutdown of government services, which could negatively affect the U.S. economy, decrease the value of many Fund investments, and increase uncertainty in or impair the operation of the U.S. or other securities markets. To the extent a Fund has focused its investments in the stock market index of a particular region, adverse geopolitical and other events could have a disproportionate impact on the Fund.

<u>Mortgage-Backed Security Rolls</u> 

The Funds may enter into "forward roll" transactions with respect to mortgage-related securities issued by GNMA, FNMA or FHLMC. In a forward roll transaction, a Fund will sell a mortgage-related security to a bank or other permitted entity and simultaneously agree to repurchase a similar security from the institution at a later date at an agreed upon price. The mortgage securities that are repurchased will typically bear the same interest rate as those sold, but generally will be collateralized by different pools of mortgages with different prepayment histories than those sold. A Fund that engages in a forward roll transaction forgoes principal and interest paid on the securities sold during the roll period, but is compensated by the difference between the current sales price and the lower forward price for the future purchase. In addition, a Fund earns interest by investing the transaction proceeds during the roll period. A forward roll transaction may create investment leverage. A Fund is subject to the risk that the value of securities to be purchased pursuant to a forward roll transaction will decline over the roll period, and that the Fund's counterparty may be unwilling or unable to perform its obligations to the Fund.

------

<u>Mortgage-Related Securities</u> 

The Funds may invest in mortgage-related securities. Mortgage-related securities represent an interest in a pool of, or are secured by, mortgage loans. Mortgage-related securities may be issued or guaranteed by (i) U.S. Government agencies or instrumentalities such as GNMA, FNMA and FHLMC or (ii) other issuers, including private companies.

Many mortgage-related securities provide regular payments which consist of interest and, in most cases, principal. In contrast, other forms of debt securities normally provide for periodic payment of interest in fixed amounts with principal payments at maturity or specified call dates. In effect, payments on many mortgage-related securities are a "pass-through" of the payments made by the individual borrowers on their mortgage loans, net of any fees paid to the issuer or guarantor of such securities.

Besides the scheduled repayment of principal, repayments of principal may result from the voluntary prepayment, refinancing or foreclosure of the underlying mortgage loans. If property owners make unscheduled prepayments of their mortgage loans, these prepayments will typically result in early payment of the applicable mortgage-related securities. The occurrence of mortgage prepayments is affected by a variety of factors including the level of interest rates, general economic conditions, the location and age of the mortgage, and other social and demographic conditions. During periods of falling interest rates, the rate of mortgage prepayments tends to increase, thereby tending to decrease the life of mortgage-related securities. During periods of rising interest rates, the rate of mortgage prepayments usually decreases, thereby tending to increase the life of mortgage-related securities.

Because of the possibility of prepayments (and due to scheduled repayments of principal), mortgage-related securities are less effective than other types of securities as a means of "locking in" attractive long-term interest rates. Prepayments would have to be reinvested at lower rates. As a result, these securities may have less potential for capital appreciation during periods of declining interest rates than other securities of comparable maturities, although they may have a similar risk of decline in market value during periods of rising interest rates. Prepayments may also significantly shorten the effective maturities of these securities, especially during periods of declining interest rates. Conversely, during periods of rising interest rates, a reduction in prepayments may increase the effective maturities of these securities, subjecting them to a greater risk of decline in market value in response to rising interest rates than traditional debt securities, and, therefore, potentially increasing the volatility of the Funds.

Collateralized mortgage obligations ("CMOs") may be issued by a U.S. Government agency or instrumentality or by a private issuer. CMOs are typically structured with classes or series that have different maturities and are generally retired in sequence. Each class of obligations receives periodic interest payments according to its terms. However, monthly principal payments and any prepayments from the collateral pool are generally paid first to the holders of the most senior class. Thereafter, payments of principal are generally allocated to the next most senior class of obligations until that class of obligations has been fully repaid. Any or all classes of obligations of a CMO may be paid off sooner than expected because of an increase in the payoff speed of the pool. Changes in prepayment rates may have significant effects on the values and the volatility of the various classes and series of a CMO. Payment of interest or principal on some classes or series of a CMO may be subject to contingencies or some classes or series may bear some or all of the risk of default on the underlying mortgages.

Stripped mortgage-related securities are usually structured with two classes that receive different portions of the interest and principal distributions on a pool of mortgage loans. The yield to maturity on an interest only or "IO" class of stripped mortgage-related securities is extremely sensitive not only to changes in prevailing interest rates but also to the rate of principal payments (including prepayments) on the underlying assets. A rapid rate of principal prepayments may have a measurable adverse effect on a Fund's yield to maturity to the extent it invests in IOs. If the assets underlying the IO experience greater than anticipated prepayments of principal, the Fund may fail to recoup fully, or at all, its initial investment in these securities. Conversely, principal only securities or "POs" tend to increase in value if prepayments are greater than anticipated and decline if prepayments are slower than anticipated. The secondary market for stripped mortgage-related securities may be more volatile and less liquid than that for other mortgage-related securities, potentially limiting a Fund's ability to buy or sell those securities at any particular time.

<u>Municipal and Municipal-Related Securities</u> 

Municipal securities may bear fixed, floating or variable rates of interest or may be zero coupon securities. Municipal securities are generally of two types: general obligations and revenue obligations. General obligations are backed by the full faith and credit of the issuer. These securities include tax anticipation notes, bond anticipation notes, general obligation bonds and commercial paper. Revenue obligations are backed by the revenues generated from a specific project or facility

------

and include industrial development bonds and private activity bonds. Tax anticipation notes are issued to finance working capital needs of municipalities and are generally issued in anticipation of future tax revenues. Bond anticipation notes are issued in expectation of the issuer obtaining longer-term financing.

The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit a Fund's ability to sell its municipal obligations at attractive prices, particularly in stressed market conditions. The differences between the price at which an obligation can be purchased and the price at which it can be sold may widen during periods of market distress. Less liquid obligations can become more difficult to value and be subject to erratic price movements.

<u>Options</u> 

The Funds may purchase and sell put and call options to enhance investment performance and to protect against changes in market prices. There is no assurance that a Fund's use of put and call options will achieve its desired objective, and a Fund's use of options may result in losses to the Fund.

<u>Covered Call Options.</u> A Fund may write (*i.e*., sell) covered call options to realize a greater current return through the receipt of premiums than it would realize on its securities alone. Such option transactions may also be used as a limited form of hedging against a decline in the price of securities owned by a Fund.

A call option gives the holder the right to purchase, and obligates the writer to sell, a security at the exercise price at any time before the expiration date. A call option is "covered" if the writer, at all times while obligated as a writer, either owns the underlying securities (or comparable securities satisfying the cover requirements of the securities exchanges), or has the right to acquire such securities through immediate conversion of securities. A Fund may write covered call options or uncovered call options.

A Fund will receive a premium from writing a call option, which increases the Fund's return on the underlying security in the event the option expires unexercised or is closed out at a profit. The amount of the premium reflects, among other things, the relationship between the exercise price and the current market value of the underlying security, the volatility of the underlying security, the amount of time remaining until expiration, current interest rates, and the effect of supply and demand in the options market and in the market for the underlying security.

In return for the premium received when it writes a covered call option, a Fund gives up some or all of the opportunity to profit from an increase in the market price of the securities covering the call option during the life of the option. A Fund retains the risk of loss should the price of such securities decline. If the option expires unexercised, a Fund realizes a gain equal to the premium, which may be offset by a decline in price of the underlying security. If the option is exercised, a Fund realizes a gain or loss equal to the difference between the Fund's cost for the underlying security and the proceeds of sale (exercise price minus commissions) plus the amount of the premium.

A Fund may terminate a call option that it has written before it expires by entering into a closing purchase transaction. A Fund may enter into closing purchase transactions in order to free itself to sell the underlying security or to write another call on the security, realize a profit on a previously written call option, or protect a security from being called in an unexpected market rise. Any profits from a closing purchase transaction may be offset by a decline in the value of the underlying security. Conversely, because increases in the market price of a call option will generally reflect increases in the market price of the underlying security, any loss resulting from a closing purchase transaction is likely to be offset in whole or in part by unrealized appreciation of the underlying security owned by a Fund.

<u>Uncovered Call Options.</u> Writing uncovered call options may enable a Fund to realize income without committing capital to the ownership of the underlying securities or instruments, however writing uncovered calls are riskier than writing covered calls because there is no underlying security held by a Fund that can act as a partial hedge. When a Fund has written an uncovered call option, the Fund will not necessarily hold securities offsetting the risk to the Fund. As a result of writing a call option without holding the underlying the securities, if the call option were exercised, a Fund might be required to purchase the security that is the subject of the call at the market price at the time of exercise. The Fund's exposure on such an option is theoretically unlimited. There is also a risk, especially with less liquid preferred and debt securities, that the security may not be available for purchase. Uncovered calls have speculative characteristics.

<u>Covered Put Options.</u> A Fund may write covered put options in order to enhance its current return. Such options transactions may also be used as a limited form of hedging against an increase in the price of securities that the Fund plans to purchase. A put option gives the holder the right to sell, and obligates the writer to buy, a security at the exercise price at any time before the expiration date. A put option may be "covered" if the writer earmarks or otherwise segregates liquid assets equal to the price to be paid if the option is exercised minus margin on deposit.

------

By writing a put option, a Fund assumes the risk that it may be required to purchase the underlying security for an exercise price higher than its then current market value, resulting in a potential capital loss unless the security later appreciates in value.

A Fund may terminate a put option that it has written before it expires by entering into a closing purchase transaction. Any loss from this transaction may be partially or entirely offset by the premium received on the terminated option.

<u>Purchasing Put and Call Options.</u> A Fund may also purchase put options to protect portfolio holdings against a decline in market value. This protection lasts for the life of the put option because a Fund, as a holder of the option, may sell the underlying security at the exercise price regardless of any decline in its market price. In order for a put option to be profitable, the market price of the underlying security must decline sufficiently below the exercise price to cover the premium and transaction costs that a Fund must pay. These costs will reduce any profit the Fund might have realized had it sold the underlying security instead of buying the put option.

A Fund may purchase call options to hedge against an increase in the price of securities that the Fund wants ultimately to buy. Such hedge protection is provided during the life of the call option since a Fund, as holder of the call option, is able to buy the underlying security at the exercise price regardless of any increase in the underlying security's market price. In order for a call option to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover the premium and transaction costs. These costs will reduce any profit a Fund might have realized had it bought the underlying security at the time it purchased the call option.

A Fund may also purchase put and call options to attempt to enhance its current return.

<u>Options on Foreign Securities</u>. A Fund may purchase and sell options on foreign securities if the Adviser believes that the investment characteristics of such options, including the risks of investing in such options, are consistent with the Fund's investment objective. It is expected that risks related to such options will not differ materially from risks related to options on U.S. securities. However, position limits and other rules of foreign exchanges may differ from those in the United States. In addition, options markets in some countries, many of which are relatively new, may be less liquid than comparable markets in the United States.

<u>Options on Securities Indices.</u> A Fund may write or purchase options on securities indices. Index options are similar to options on individual securities in that the purchaser of an index option acquires the right to buy (in the case of a call) or sell (in the case of a put), and the writer undertakes the obligation to sell or buy (as the case may be), units of an index at a stated exercise price during the term of the option. Instead of the right to take or make actual delivery of securities, the holder of an index option has the right to receive a cash "exercise settlement amount." This amount is equal to the amount by which the fixed exercise price of the option exceeds (in the case of a put) or is less than (in the case of a call) the closing value of the underlying index on the date of the exercise, multiplied by a fixed "index multiplier."

Price movements in securities which a Fund owns or intends to purchase probably will not correlate perfectly with movements in the level of a securities index and, therefore, if the Fund uses an option for hedging purposes, it bears the risk of a loss on a securities index option which is not completely offset by movements in the price of such securities. Because securities index options are settled in cash, a call writer cannot determine the amount of its settlement obligations in advance and, unlike call writing on a specific security, cannot provide in advance for, or cover, its potential settlement obligations by acquiring and holding underlying securities. A Fund may, however, cover call options written on a securities index by holding a mix of securities which substantially replicate the movement of the index or by holding a call option on the securities index with an exercise price no higher than the call option sold.

Compared to the purchase or sale of futures contracts, the purchase of call or put options on an index involves less potential risk to a Fund because the maximum amount at risk is the premium paid for the options plus transactions costs. The writing of a put or call option on an index involves risks similar to those risks relating to the purchase or sale of index futures contracts.

<u>Risks Involved in the Use of Options</u>. The successful use of a Fund's options strategies depends on the ability of the Adviser to forecast correctly interest rate and market movements. For example, if a Fund were to write a call option based on the Adviser's expectation that the price of the underlying security would fall, but the price were to rise instead, the Fund could be required to sell the security upon exercise at a price below the current market price. Similarly, if a Fund were to write a put option based on the Adviser's expectation that the price of the underlying security would rise, but the price were to fall instead, the Fund could be required to purchase the security upon exercise at a price higher than the current market price.

------

When a Fund purchases an option, it runs the risk that it will lose its entire investment in the option in a relatively short period of time, unless the Fund exercises the option or enters into a closing sale transaction before the option's expiration. If the price of the underlying security does not rise (in the case of a call) or fall (in the case of a put) to an extent sufficient to cover the option premium and transaction costs, a Fund will lose part or all of its investment in the option. This contrasts with an investment by a Fund in the underlying security, since the Fund will not realize a loss if the security's price does not change.

The effective use of options also depends on a Fund's ability to terminate option positions at times when the Adviser deems it desirable to do so. There is no assurance that a Fund will be able to effect closing transactions at any particular time or at an acceptable price.

If a secondary market in options were to become unavailable, a Fund could no longer engage in closing transactions. Lack of investor interest might adversely affect the liquidity of the market for particular options or series of options. A market may discontinue trading of a particular option or options generally. In addition, a market could become temporarily unavailable if unusual events — such as volume in excess of trading or clearing capability — were to interrupt its normal operations.

A market may at times find it necessary to impose restrictions on particular types of options transactions, such as opening transactions. For example, if an underlying security ceases to meet qualifications imposed by the market or the Options Clearing Corporation, new series of options on that security will no longer be opened to replace expiring series, and opening transactions in existing series may be prohibited. If an options market were to become unavailable, a Fund as a holder of an option would be able to realize profits or limit losses only by exercising the option, and the Fund, as option writer, would remain obligated under the option until expiration or exercise.

Disruptions in the markets for the securities underlying options purchased or sold by a Fund could result in losses on the options. If trading is interrupted in an underlying security, the trading of options on that security is normally halted as well. As a result, a Fund as purchaser or writer of an option will be unable to close out its positions until options trading resumes, and it may be faced with considerable losses if trading in the security reopens at a substantially different price. In addition, the Options Clearing Corporation or options markets may impose exercise restrictions. If a prohibition on exercise is imposed at the time when trading in the option has also been halted, a Fund as purchaser or writer of an option will be locked into its position until one of the two restrictions has been lifted. If the Options Clearing Corporation were to determine that the available supply of an underlying security appears insufficient to permit delivery by the writers of all outstanding calls in the event of exercise, it may prohibit indefinitely the exercise of put options. A Fund, as holder of such a put option, could lose its entire investment if the prohibition remained in effect until the put option's expiration.

Foreign-traded options are subject to many of the same risks presented by internationally-traded securities. In addition, because of time differences between the United States and various foreign countries, and because different holidays are observed in different countries, foreign options markets may be open for trading during hours or on days when U.S. markets are closed. As a result, option premiums may not reflect the current prices of the underlying interest in the United States.

Over-the-counter ("OTC") options purchased by a Fund and assets held to cover OTC options written by the Fund may, under certain circumstances, be considered illiquid securities for purposes of any limitation on the Fund's ability to invest in illiquid securities.

<u>Other Asset-Backed Securities</u> 

In addition to the mortgage related securities discussed above, the Funds may invest in asset-backed securities that are not mortgage-related. Asset-backed securities other than mortgage-related securities represent undivided fractional interests in pools of instruments, such as consumer loans, and are typically similar in structure to mortgage-related pass-through securities. Payments of principal and interest are passed through to holders of the securities and are typically supported by some form of credit enhancement, such as a letter of credit, surety bond, limited guarantee by another entity, or by priority to certain of the borrower's other securities. The degree of credit-enhancement, if any, varies, applying only until exhausted and generally covering only a fraction of the security's par value.

The value of such asset-backed securities is affected by changes in the market's perception of the asset backing the security, changes in the creditworthiness of the servicing agent for the instrument pool, the originator of the instruments, or the financial institution providing any credit enhancement and the expenditure of any portion of any credit enhancement. The risks of investing in asset-backed securities are ultimately dependent upon payment of the underlying

------

instruments by the obligors, and a Fund would generally have no recourse against the obligee of the instruments in the event of default by an obligor. The underlying instruments are subject to prepayments which shorten the duration of asset-backed securities and may lower their return, in generally the same manner as described above for prepayments of pools of mortgage loans underlying mortgage-related securities.

<u>Pre-Refunded Municipal Securities</u> 

The interest and principal payments on pre-refunded municipal securities are typically paid from the cash flow generated from an escrow fund consisting of U.S. Government securities. These payments have been "pre-refunded" using the escrow fund.

<u>Private Placements and Restricted Securities</u> 

Each Fund may invest in securities that are purchased in private placements and, accordingly, are subject to restrictions on resale as a matter of contract or under federal securities laws. While such private placements may offer attractive opportunities for investment not otherwise available on the open market, the securities so purchased are often "restricted securities," i.e., securities which cannot be sold to the public without registration under the Securities Act of 1933 (the "Securities Act") or the availability of an exemption from registration (such as Rules 144 or 144A), or which are not readily marketable because they are subject to other legal or contractual delays in or restrictions on resale. Generally speaking, restricted securities may be sold only to qualified institutional buyers, or in a privately negotiated transaction to a limited number of purchasers, or in limited quantities after they have been held for a specified period of time and other conditions are met pursuant to an exemption from registration, or in a public offering for which a registration statement is in effect under the Securities Act.

Because there may be relatively few potential purchasers for such investments, especially under adverse market or economic conditions or in the event of adverse changes in the financial condition of the issuer, the Fund could find it more difficult to sell such securities when the Adviser believes it advisable to do so or may be able to sell such securities only at prices lower than if such securities were more widely held. Market quotations for such securities are generally less readily available than for publicly traded securities. The absence of a trading market can make it difficult to ascertain a market value for such securities for purposes of computing the Fund's net asset value, and the judgment of the Adviser may at times play a greater role in valuing these securities than in the case of publicly traded securities. Disposing of such securities, which may be illiquid investments, can involve time-consuming negotiation and legal expenses, and it may be difficult or impossible for the Fund to sell them promptly at an acceptable price. The Fund may have to bear the extra expense of registering such securities for resale and the risk of substantial delay in effecting such registration.

A Fund may be deemed to be an "underwriter" for purposes of the Securities Act when selling restricted securities to the public, and in such event the Fund may be liable to purchasers of such securities if the registration statement prepared by the issuer, or the prospectus forming a part of it, is materially inaccurate or misleading.

<u>Purchase of Other Investment Company Shares</u> 

The Funds may, to the extent permitted under the 1940 Act and the rules thereunder, invest in shares of other investment companies, which include funds managed by SSGA FM, which invest exclusively in money market instruments or in investment companies with investment policies and objectives which are substantially similar to those of the Funds. These investments may be made temporarily, for example, to invest uncommitted cash balances or, in limited circumstances, to assist in meeting shareholder redemptions, or as long-term investments.

<u>Real Estate Investment Trusts (</u><u>"</u><u>REITs</u><u>"</u><u>)</u> 

Each Fund may invest in REITs. REITs pool investors' funds for investment primarily in income producing real estate or real estate loans or interests. A REIT is not taxed on income distributed to shareholders if it complies with several requirements relating to its organization, ownership, assets, and income and a requirement that it distribute to its shareholders at least 90% of its taxable income (other than net capital gains) for each taxable year. REITs can generally be classified as Equity REITs, Mortgage REITs and Hybrid REITs. Equity REITs, which invest the majority of their assets directly in real property, derive their income primarily from rents. Equity REITs can also realize capital gains by selling properties that have appreciated in value. Mortgage REITs, which invest the majority of their assets in real estate mortgages, derive their income primarily from interest payments. Hybrid REITs combine the characteristics of both Equity REITs and Mortgage REITs. A Fund will not invest in real estate directly, but only in securities issued by real estate companies. However, a Fund may be subject to risks similar to those associated with the direct ownership of real estate (in addition to securities markets risks) because of its policy of concentration in the securities of companies in the real estate industry. These include declines in the value of real estate, risks related to general and local economic conditions,

------

dependency on management skill, heavy cash flow dependency, possible lack of availability of mortgage funds, overbuilding, extended vacancies of properties, increased competition, increases in property taxes and operating expenses, changes in zoning laws, losses due to costs resulting from the clean-up of environmental problems, liability to third parties for damages resulting from environmental problems, casualty or condemnation losses, limitations on rents, changes in neighborhood values, the appeal of properties to tenants and changes in interest rates. Investments in REITs may subject Fund shareholders to duplicate management and administrative fees.

In addition to these risks, Equity REITs may be affected by changes in the value of the underlying property owned by the trusts, while Mortgage REITs may be affected by the quality of any credit extended. Further, Equity and Mortgage REITs are dependent upon management skills and generally may not be diversified. Equity and Mortgage REITs are also subject to heavy cash flow dependency, defaults by borrowers and self-liquidation. In addition, if applicable, Equity and Mortgage REITs could possibly fail to qualify for the favorable tax treatment available to REITs under the Code, or to maintain their exemptions from registration under the 1940 Act. The above factors may also adversely affect a borrower's or a lessee's ability to meet its obligations to the REIT. In the event of a default by a borrower or lessee, the REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting investments.

<u>Repurchase Agreements</u> 

The Funds may enter into repurchase agreements with banks, other financial institutions, such as broker-dealers, and other institutional counterparties. Under a repurchase agreement, a Fund purchases securities from a financial institution that agrees to repurchase the securities at the Fund's original purchase price plus interest within a specified time. A Fund will limit repurchase transactions to those member banks of the Federal Reserve System, broker-dealers and other financial institutions whose creditworthiness the Adviser considers satisfactory. Should the counterparty to a transaction fail financially, the Fund may encounter delay and incur costs before being able to sell the securities, or may be prevented from realizing on the securities. Further, the amount realized upon the sale of the securities may be less than that necessary to fully compensate the Fund.

<u>Reverse Repurchase Agreements</u> 

The Funds may enter into reverse repurchase agreements, which are a form of borrowing. Under reverse repurchase agreements, a Fund transfers possession of portfolio securities to financial institutions in return for cash in an amount equal to a percentage of the portfolio securities' market value and agrees to repurchase the securities at a future date by repaying the cash with interest. Each Fund retains the right to receive interest and principal payments from the securities. Reverse repurchase agreements involve the risk that the market value of securities sold by a Fund may decline below the price at which it is obligated to repurchase the securities. Reverse repurchase agreements involve the risk that the buyer of the securities sold might be unable to deliver them when a Fund seeks to repurchase the securities. If the buyer files for bankruptcy or becomes insolvent, a Fund may be delayed or prevented from recovering the security that it sold.

<u>Russia Sanctions Risk</u> 

Sanctions threatened or imposed by a number of jurisdictions, including the United States, the EU and the U.K., and other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or Russian individuals, may result in the devaluation of Russian currency, a downgrade in the country's credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or a Fund. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on a Fund. Sanctions, or the threat of new or modified sanctions, could impair the ability of a Fund to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of a Fund, even if a Fund does not have direct exposure to securities of Russian issuers. As a collective result of the imposition of sanctions, Russian government countermeasures and the impact that they have had on the trading markets for Russian securities, certain Funds have used, and may in the future use, fair valuation procedures approved by the Fund's Board to value certain Russian securities, which could result in such securities being deemed to have a zero value.

------

<u>Short Sales Against the Box</u> 

Each Fund may sell securities "short against the box." Whereas a short sale is the sale of a security a Fund does not own, a short sale is "against the box" if at all times during which the short position is open, the Fund owns at least an equal amount of the securities or securities convertible into, or exchangeable without further consideration for, securities of the same issue as the securities sold short. Swap transactions, futures contracts and other derivative-type instruments that reflect the equivalent of a short sale or a short position are not considered to be a short sale or short position for this purpose or for purposes of determining whether a short sale or position is considered to be "against the box."

<u>Special Risk Considerations of Investing in China.</u> 

Certain Funds may invest in securities of Chinese issuers. Investing in securities of Chinese issuers, including by investing in A Shares, involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others, (i) more frequent (and potentially widespread) trading suspensions and U.S. or foreign government interventions or restrictions with respect to Chinese issuers, which could preclude the Fund from making certain investments or result in the Fund selling investments at disadvantageous times and which may also cause reduced liquidity and increased price volatility in such investments, (ii) currency revaluations and other currency exchange rate fluctuations or blockage, (iii) the nature and extent of intervention by the Chinese government in the Chinese securities markets, whether such intervention will continue and the impact of such intervention or its discontinuation, (iv) the risk of nationalization or expropriation of assets, (v) the risk that the Chinese government may decide not to continue to support economic reform programs, (vi) limitations on the use of brokers, (vii) potentially higher rates of inflation, (viii) the unavailability of consistently-reliable economic data, (ix) the relatively small size and absence of operating history of many Chinese companies, (x) accounting, auditing and financial reporting standards in China are different from U.S. standards and, therefore, disclosure of certain material information may not be available, (xi) greater political, economic, social, legal and tax-related uncertainty, (xii) higher market volatility caused by any potential regional territorial conflicts or natural disasters, (xiii) higher dependence on exports and international trade, (xiv) the risk of increased trade tariffs, sanctions, embargoes and other trade limitations, (xv) restrictions on foreign ownership, and (xvi) custody risks associated with investing through programs to access Chinese securities. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events. The liquidity of Chinese securities may shrink or disappear suddenly and without warning as a result of adverse economic, market or political events, or adverse investor perceptions, whether or not accurate.

In addition, unexpected political, regulatory and diplomatic events, such as the U.S.-China "trade war" that intensified in 2018, may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. The current political climate and the further escalation of a trade war between China and the United States may have an adverse effect on both the U.S. and Chinese economies, as each country has recently imposed tariffs on the other country's products. Some U.S. politicians have recently sought to limit certain U.S. investors from investing in Chinese companies. In January 2020, the U.S. and China signed a "Phase 1" trade agreement that reduced some U.S. tariffs on Chinese goods while boosting Chinese purchases of American goods. However, this agreement left in place a number of existing tariffs, and it is unclear whether further trade agreements may be reached in the future. Events such as these and their impact on the Funds are difficult to predict and it is unclear whether further tariffs may be imposed or other escalating actions may be taken in the future.

<u>Total Return Swaps, Equity Swaps and Interest Rate Swaps</u> 

The Funds may contract with a counterparty to pay a stream of cash flows and receive the total return of an index or a security for purposes of attempting to obtain a particular desired return at a lower cost to a Fund than if the Fund had invested directly in an instrument that yielded that desired return. A Fund's return on a swap will depend on the ability of its counterparty to perform its obligations under the swap. The Adviser will cause a Fund to enter into swap agreements only with counterparties that would be eligible for consideration as repurchase agreement counterparties under the Fund's repurchase agreement guidelines.

The Funds may enter into interest rate swap transactions with respect to any security they are entitled to hold. Interest rate swaps involve the exchange by a Fund with another party of their respective rights to receive interest, e.g., an exchange of floating rate payments for fixed rate payments. The Funds expect to enter into these transactions primarily to preserve a return or spread on a particular investment or portion of its portfolio or to protect against any increase in the price of securities it anticipates purchasing at a later date. The Funds generally intend to use these transactions as a hedge and not as a speculative investment. For example, a Fund may enter into an interest rate swap in order to protect against

------

declines in the value of fixed income securities held by the Funds. In such an instance, the Fund may agree with a counterparty to pay a fixed rate (multiplied by a notional amount) and the counterparty to pay a floating rate multiplied by the same notional amount. If interest rates rise, resulting in a diminution in the value of a Fund, the Fund would receive payments under the swap that would offset, in whole or in part, such diminution in value; if interest rates fall, the Fund would likely lose money on the swap transaction.

<u>Treasury Inflation-Protected Securities</u> 

The Funds may invest in Inflation-Protection Securities ("TIPSs"), a type of inflation-indexed Treasury security. TIPSs typically provide for semiannual payments of interest and a payment of principal at maturity. In general, each payment will be adjusted to take into account any inflation or deflation that occurs between the issue date of the security and the payment date based on the Consumer Price Index for All Urban Consumers ("CPI-U").

Each semiannual payment of interest will be determined by multiplying a single fixed rate of interest by the inflation-adjusted principal amount of the security for the date of the interest payment. Thus, although the interest rate will be fixed, the amount of each interest payment will vary with changes in the principal of the security as adjusted for inflation and deflation.

TIPSs also provide for an additional payment (a "minimum guarantee payment") at maturity if the security's inflation-adjusted principal amount for the maturity date is less than the security's principal amount at issuance. The amount of the additional payment will equal the excess of the security's principal amount at issuance over the security's inflation-adjusted principal amount for the maturity date.

<u>U.S. Government Securities</u> 

The Funds may purchase U.S. Government securities. The types of U.S. Government obligations in which the Funds may at times invest include: (1) U.S. Treasury obligations and (2) obligations issued or guaranteed by U.S. Government agencies and instrumentalities which are supported by any of the following: (a) the full faith and credit of the U.S. Treasury, (b) the right of the issuer to borrow an amount limited to a specific line of credit from the U.S. Treasury, (c) discretionary authority of the U.S. Government agency or instrumentality, or (d) the credit of the instrumentality (examples of agencies and instrumentalities are: Federal Land Banks, Federal Housing Administration, Federal Farm Credit Bank, Farmers Home Administration, Export-Import Bank of the United States, Central Bank for Cooperatives, Federal Intermediate Credit Banks, Federal Home Loan Banks, General Services Administration, Maritime Administration, Tennessee Development Bank, Asian-American Development Bank, International Bank for Reconstruction and Development and Federal National Mortgage Association). No assurance can be given that in the future the U.S. Government will provide financial support to U.S. Government securities it is not obligated to support.

<u>U.S. Registered Securities of Non-U.S. Issuers</u> 

The Funds may purchase publicly traded common stocks of non-U.S. corporations.

Investing in U.S. registered, dollar-denominated, securities issued by non-U.S. issuers involves some risks and considerations not typically associated with investing in U.S. companies. These include differences in accounting, auditing and financial reporting standards, the possibility of expropriation taxation (which could potentially be confiscatory), adverse changes in investment or exchange control regulations, political instability which could affect U.S. investments in non-U.S. countries, and potential restrictions of the flow of international capital. Non-U.S. companies may be subject to less governmental regulation than U.S. issuers. Moreover, individual non-U.S. economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payment positions.

A Fund's investment in common stock of non-U.S. corporations may also be in the form of American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs") and European Depositary Receipts ("EDRs") (collectively "Depositary Receipts"). Depositary Receipts are receipts, typically issued by a bank or trust company, which evidence ownership of underlying securities issued by a non-U.S. corporation. For ADRs, the depository is typically a U.S. financial institution and the underlying securities are issued by a non-U.S. issuer. For other Depositary Receipts, the depository may be a non-U.S. or a U.S. entity, and the underlying securities may have a non-U.S. or a U.S. issuer. Depositary Receipts will not necessarily be denominated in the same currency as their underlying securities. Generally, ADRs, in registered form, are designed for use in the U.S. securities markets, and EDRs, in bearer form, are designated for use in European securities markets. GDRs are tradable both in the United States and in Europe and are designed for use throughout the world. A

------

Fund may invest in unsponsored Depositary Receipts. The issuers of unsponsored Depositary Receipts are not obligated to disclose material information in the United States, and, therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the market value of the Depositary Receipts.

<u>Variable Amount Master Demand Notes</u> 

The Funds may invest in variable amount master demand notes which are unsecured obligations that are redeemable upon demand and are typically unrated. These instruments are issued pursuant to written agreements between their issuers and holders. The agreements permit the holders to increase (subject to an agreed maximum) and the holders and issuers to decrease the principal amount of the notes, and specify that the rate of interest payable on the principal fluctuates according to an agreed formula. Generally, changes in interest rates will have a smaller effect on the market value of these securities than on the market value of comparable fixed income obligations. Thus, investing in these securities generally allows less opportunity for capital appreciation and depreciation than investing in comparable fixed income securities. There may be no active secondary market with respect to a particular variable rate instrument.

<u>Variable and Floating Rate Securities</u> 

The Funds may invest in variable and floating rate securities. In general, variable rate securities are instruments issued or guaranteed by entities such as (1) U.S. Government, or an agency or instrumentality thereof, (2) corporations, (3) financial institutions, (4) insurance companies or (5) trusts that have a rate of interest subject to adjustment at regular intervals but less frequently than annually. A variable rate security provides for the automatic establishment of a new interest rate on set dates. Interest rates on these securities are ordinarily tied to, widely recognized market rates, which are typically set once a day. These rates may change as often as twice daily. Generally, changes in interest rates will have a smaller effect on the market value of variable and floating rate securities than on the market value of comparable fixed income obligations. Variable rate obligations will be deemed to have a maturity equal to the period remaining until the next readjustment of the interest rate.

<u>When-Issued, Delayed Delivery and Forward Commitment Transactions</u> 

To secure an advantageous price or yield, certain Funds may purchase securities on a when-issued, delayed delivery, to-be-announced ("TBA") or forward commitment basis and may sell securities on a forward commitment or delayed delivery basis. A Fund will enter into when-issued, delayed delivery, TBA or forward commitment transactions for the purpose of acquiring securities and not for the purpose of leverage.

When purchasing a security on a when-issued, delayed delivery, TBA or forward commitment basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. When such transactions are negotiated, certain terms may be fixed at the time the commitment is made, but delivery and payment for the securities takes place at a later date. In general, a Fund does not pay for the securities until received and does not start earning interest or other income until the contractual settlement date. A Fund may take delivery of the securities or it may sell the securities before the settlement date.

At the time of delivery of the securities, the value may be more or less than the purchase or sale price. If a Fund remains substantially fully invested at a time when when-issued, delayed delivery, TBA or forward commitment purchases are outstanding, the purchases may result in a form of leverage and give rise to increased volatility of the Fund's NAV. Default by, or bankruptcy of, a counterparty to a when-issued, delayed delivery, TBA or forward commitment transaction would expose the Fund to possible losses because of an adverse market action, expenses or delays in connection with the purchase or sale of the pools specified in such transaction. Purchases of when-issued, delayed delivery, TBA or forward commitment securities also involve a risk of loss if the seller fails to deliver after the value of the securities has risen.

A TBA transaction involves a commitment to purchase securities sold for a fixed price where the underlying securities are announced at a future date. The seller does not specify the particular securities to be delivered. Instead, a Fund agrees to accept any security that meets specified terms. For example, in a TBA mortgage-backed security transaction, a Fund and the seller would agree upon the issuer, interest rate and terms of the underlying mortgages. The seller would not identify the specific underlying mortgages until it issues the security. For this reason, in a TBA transaction, a Fund commits to purchase securities for which all specific information is not yet known at the time of the trade, particularly the exact face amount in forward commitment mortgage-backed securities transactions. The purchaser in a TBA transaction generally is subject to increased market risk and interest rate risk because the delivered securities may be less favorable than anticipated by the purchaser.

------

Certain Funds may also enter into a forward commitment to sell securities it owns. The use of forward commitments enables a Fund to hedge against anticipated changes in interest rates and prices. In a forward sale, a Fund does not participate in gains or losses on the security occurring after the commitment date. Forward commitments to sell securities also involve a risk of loss if the seller fails to take delivery after the value of the securities has declined. Forward commitment transactions involve additional risks similar to those associated with investments in options and futures contracts.

Rule amendments proposed by the Financial Industry Regulatory Authority, Inc. ("FINRA") may impose mandatory margin requirements for "Covered Agency Transactions," which include TBA Transactions, certain transactions in pass-through mortgage-backed securities or small-business administration-backed asset-backed securities and transactions in collateralized mortgage obligations ("CMOs"), in each case where such transactions have delayed contractual settlement dates of a specified period. There are limited exceptions to these margin requirements. Covered Agency Transactions historically have not been required to be collateralized. The collateralization of Covered Agency Transactions is intended to mitigate counterparty credit risk between trade and settlement, but could increase the cost of such transactions and impose added operational complexity.

<u>Zero Coupon Securities</u> 

The Funds may invest in zero coupon securities. Zero coupon securities are notes, bonds and debentures that: (1) do not pay current interest and are issued at a substantial discount from par value; (2) have been stripped of their unmatured interest coupons and receipts; or (3) pay no interest until a stated date one or more years into the future. These securities also include certificates representing interests in such stripped coupons and receipts. Generally, changes in interest rates will have a greater impact on the market value of a zero coupon security than on the market value of the comparable securities that pay interest periodically during the life of the instrument. In the case of any zero-coupon debt obligations with a fixed maturity date of more than one year from the date of issuance that are treated as issued originally at a discount, a Fund will be required to accrue original issue discount ("OID") for U.S. federal income tax purposes and may as a result be required to pay out as an income distribution an amount which is greater than the total amount of cash interest the Fund actually received. To generate sufficient cash to make the requisite distributions to maintain its qualification for treatment as a RIC, a Fund may be required to sell investments, including at a time when it may not be advantageous to do so.

Privately-issued stripped securities are not themselves guaranteed by the U.S. Government, but the future payment of principal or interest on U.S. Treasury obligations which they represent is so guaranteed.

**Fundamental Investment Restrictions** 

The Trust has adopted the following fundamental investment restrictions with respect to the Funds, which may not be changed without the affirmative vote of a "majority of the outstanding voting securities" of a Fund, which is defined in the 1940 Act to mean the affirmative vote of the lesser of (1) more than 50% of the outstanding shares of the Fund and (2) 67% or more of the shares present at a meeting if more than 50% of the outstanding shares are present at the meeting in person or by proxy.

&nbsp;&nbsp;&nbsp;&nbsp;1. A Fund may borrow money and issue senior securities to the extent consistent with applicable law from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;2. A Fund may make loans, including to affiliated investment companies, to the extent consistent with applicable law from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;3. A Fund may purchase or sell commodities to the extent consistent with applicable law from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;4. A Fund may purchase, sell or hold real estate to the extent consistent with applicable law from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;5. A Fund may underwrite securities to the extent consistent with applicable law from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;6. A Fund may not purchase any security if, as a result, 25% or more of the Fund's total assets (taken at current value) would be invested in a particular industry (for purposes of this restriction, investment companies are not considered to constitute a particular industry or group of industries), except as is consistent with applicable law

------

from time to time and as follows: each Fund is permitted to invest without limit in "government securities" (as defined in the 1940 Act) and tax-exempt securities issued by a U.S. territory or possession, a state or local government, or a political subdivision of any of the foregoing.

For purposes of the above investment limitation number 6, in the case of a tax-exempt bond issued by a non-governmental user, where the tax-exempt bond is backed only by the assets and revenues of the non-governmental user, then such non-governmental user would be deemed to be the sole issuer. Government securities include, but are not limited to, mortgage-backed securities and asset-backed securities that are issued or guaranteed by the U.S. Government, its agencies or instrumentalities. Government securities are not securities of an issuer in an industry, meaning that the Funds' industry concentration restrictions do not apply to such securities. For each Fund, all percentage limitations (except the limitation to borrowings) on investments will apply at the time of the making of an investment and shall not be considered violated unless an excess or deficiency occurs or exists immediately after and as a result of such investment. Except for the investment restrictions expressly identified as fundamental, or to the extent designated as such in the Prospectus with respect to a Fund, the other investment policies described in this SAI or in the Prospectus are not fundamental and may be changed by approval of the Trustees without shareholder approval.

<u>Names Rule Policy</u> 

To the extent a Fund is subject to Rule 35d-1 under the 1940 Act, the Fund has an investment policy, described in the Fund's prospectus, to, under normal circumstances, invest at least 80% of its assets in the particular types of investments suggested by the Fund's name (a "Name Policy"). "Assets" for the purposes of a Name Policy are net assets plus the amount of any borrowings for investment purposes. The percentage limitation applies at the time of purchase of an investment. A Fund's Name Policy may be changed by the Board of Trustees without shareholder approval. However, to the extent required by SEC regulations, shareholders will be provided with at least sixty (60) days' notice prior to any change in a Fund's Name Policy.

**Additional Information** 

Fundamental Investment Restrictions (1) through (5), as numbered above limit a Fund's ability to engage in certain investment practices and purchase securities or other instruments to the extent consistent with applicable law as that law changes from time to time. Applicable law includes the 1940 Act, the rules or regulations thereunder and applicable orders of the SEC as are currently in place. In addition, interpretations and guidance provided by the SEC staff may be taken into account, where deemed appropriate by a Fund, to determine if an investment practice or the purchase of securities or other instruments is permitted by applicable law. As such, the effects of these limitations will change as the statute, rules, regulations or orders (or, if applicable, interpretations) change, and no shareholder vote will be required or sought when such changes permit or require a resulting change in practice.

<u>Disclosure of Portfolio Holdings</u> 

*Introduction* 

The policies set forth below to be followed by State Street and SSGA FM (collectively, the "Service Providers") for the disclosure of information about the portfolio holdings of the SSGA Funds, State Street Master Funds, and State Street Institutional Investment Trust (each, a "Trust"). These disclosure policies are intended to ensure compliance by the Service Providers and the Trust with applicable regulations of the federal securities laws, including the 1940 Act and the Investment Advisers Act of 1940, as amended. The Board of Trustees must approve all material amendments to the policy.

*General Policy* 

It is the policy of the Service Providers to protect the confidentiality of client holdings and prevent the selective disclosure of non-public information concerning the Trust.

No information concerning the portfolio holdings of the Trust may be disclosed to any party (including shareholders) except as provided below. The Service Providers are not permitted to receive compensation or other consideration in connection with disclosing information about a Fund's portfolio to third parties. In order to address potential conflicts between the interest of Fund shareholders, on the one hand, and those of the Service Providers or any affiliated person of those entities or of the Fund, on the other hand, the Fund's policies require that non-public disclosures of information regarding the Fund's portfolio may be made only if there is a legitimate business purpose consistent with fiduciary duties to all shareholders of the Fund.

------

The Board of Trustees exercises continuing oversight over the disclosure of each Fund's holdings by (i) overseeing the implementation and enforcement of the portfolio holding disclosure policy, Codes of Ethics and other relevant policies of each Fund and its Service Providers by the Trust's Chief Compliance Officer ("CCO"), and (ii) considering reports and recommendations by the Trust's CCO concerning any material compliance matters (as defined in Rule 38a-1 under the 1940 Act). The Board reserves the right to amend the policy at any time without prior notice in its sole discretion.

<u>Publicly Available Information.</u> Any party may disclose portfolio holdings information after the holdings are publicly available.

Disclosure of the complete holdings of each Fund is required to be made quarterly within 60 days of the end of the Fund's fiscal quarter in the Annual Report and Semi-Annual Report to Fund shareholders and in the monthly holdings report on Form N-PORT, with every third month made available to the public by the SEC 60 days after the end of the Fund's fiscal quarter. You can find SEC filings on the SEC's website, www.sec.gov. Information about a Fund's 10 largest holdings generally is posted on the Fund's website at SSGA.com, within 30 days following the end of each month. Each Fund will also make complete portfolio holdings available generally no later than 60 calendar days after the end of the Funds' fiscal quarter or subsequent to periodic portfolio holdings disclosure in the Fund's filings with the SEC or on their website.

*Press Interviews Brokers and Other Discussions* 

Portfolio managers and other senior officers or spokespersons of the Service Providers or the Trust may disclose or confirm the ownership of any individual portfolio holding position to reporters, brokers, shareholders, consultants or other interested persons only if such information has been previously publicly disclosed in accordance with these disclosure policies. For example, a portfolio manager discussing the Trust may indicate that he owns XYZ Company for the Trust only if the Trust's ownership of such company has previously been publicly disclosed.

*Trading Desk Reports* 

State Street Global Advisors' ("SSGA") trading desk may periodically distribute lists of investments held by its clients (including the Trust) for general analytical research purposes. In no case may such lists identify individual clients or individual client position sizes. Furthermore, in the case of equity securities, such lists shall not show aggregate client position sizes.

*Miscellaneous* 

<u>Confidentiality Agreement.</u> No non-public disclosure of the Fund's portfolio holdings will be made to any party unless such party has signed a written Confidentiality Agreement. For purposes of the disclosure policies, any Confidentiality Agreement must be in a form and substance acceptable to, and approved by, the Trust's officers.

<u>Evaluation Service Providers.</u> There are numerous mutual fund evaluation services (such as Morningstar, Inc. and Broadridge Financial Solutions, Inc., formerly Lipper, Inc.) and due diligence departments of broker-dealers and wirehouses that regularly analyze the portfolio holdings of mutual funds in order to monitor and report on various attributes. These services and departments then distribute the results of their analysis to the public, paid subscribers and/or in-house brokers. In order to facilitate the review of the Trust by these services and departments, the Trust may distribute (or authorize the Service Providers and the Trust's custodian or fund accountants to distribute) month-end portfolio holdings to such services and departments only if such entity has executed a confidentiality agreement.

<u>Additional Restrictions</u>. Notwithstanding anything herein to the contrary, the Board of Trustees, State Street and SSGA FM may, on a case-by-case basis, impose additional restrictions on the dissemination of portfolio information beyond those found in these disclosure policies.

<u>Waivers of Restrictions.</u> These disclosure policies may not be waived, or exceptions made, without the consent of the Trust's officers. All waivers and exceptions involving the Trust will be disclosed to the Board of Trustees no later than its next regularly scheduled quarterly meeting.

<u>Disclosures Required by Law</u>. Nothing contained herein is intended to prevent the disclosure of portfolio holdings information as may be required by applicable law. For example, SSGA FM, State Street, the Trust or any of its affiliates or service providers may file any report required by applicable law (such as Schedules 13D, 13G and 13F or Form N-MFP), respond to requests from regulators and comply with valid subpoenas.

------

**Management of the Trust** 

The Board of Trustees is responsible for overseeing generally the management, activities and affairs of the Funds and has approved contracts with various organizations to provide, among other services, day-to-day management required by the Trust (see the section called "Investment Advisory and Other Services"). The Board has engaged the Adviser to manage the Funds on a day-to day basis. The Board is responsible for overseeing the Adviser and other service providers in the operation of the Trust in accordance with the provisions of the 1940 Act, applicable Massachusetts law and regulation, other applicable laws and regulations, and the Amended and Restated Declaration of Trust. The Trustees listed below are also Trustees of the SSGA Funds, the State Street Institutional Funds, the State Street Master Funds and the State Street Navigator Securities Lending Trust (the "Navigator Trust") and their respective series and Elfun Diversified Fund, Elfun Government Money Market Fund, Elfun Tax-Exempt Income Fund, Elfun Income Fund, Elfun International Equity Fund and Elfun Trusts (collectively, the "Elfun Funds") and are Directors of State Street Variable Insurance Series Funds, Inc. The following table provides information with respect to each Trustee, including those Trustees who are not considered to be "interested" as that term is defined in the 1940 Act (the "Independent Trustees"), and each officer of the Trusts.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address,**<br> **and Year of Birth**<br>| **Position(s)**<br> **Held With**<br> **Trust**<br>| **Term of**<br> **Office and**<br> **Length of**<br> **Time Served**<br>| **Principal**<br> **Occupation**<br> **During Past** <br> **Five Years**<br> **and Relevant**<br> **Experience**<br>| **Number** <br> **of Funds** <br> **in Fund**<br> **Complex**<br> **Overseen** <br> **by Trustee†**<br>| **Other**<br> **Directorships**<br> **Held by** <br> **Trustee**<br> **During Past**<br> **Five Years**<br>|
| **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** |
| PATRICK J. RILEY <br> c/o SSGA Funds <br> Management, Inc. <br> One Iron Street <br> Boston, MA 02210 <br> YOB: 1948<br>| &nbsp;&nbsp; Trustee and <br> Chairperson of <br> the Board<br>| &nbsp;&nbsp; Term: <br> Indefinite <br> Elected: <br> 1988<br>| &nbsp;&nbsp; Associate Justice of the <br> Superior Court, <br> Commonwealth of <br> Massachusetts (2002 – <br> May 2010); Partner, <br> Riley, Burke & Donahue, <br> L.L.P. (law firm) (1985 – <br> 2002); Independent <br> Director, State Street <br> Global Advisers Ireland, <br> Ltd. (investment <br> company) (1998 – <br> present); Independent <br> Director, SSGA Liquidity <br> plc (formerly, SSGA <br> Cash Management Fund <br> plc) (1998 – present); <br> Independent Director, <br> SSGA Fixed Income plc <br> (January 2009 – <br> present); and <br> Independent Director, <br> SSGA Qualified Funds <br> PLC (January 2009 – <br> 2019).<br>| 56 | &nbsp;&nbsp; Board Director and <br> Chairman, SPDR <br> Europe 1PLC Board <br> (2011 – present); Board <br> Director and Chairman, <br> SPDR Europe II, PLC <br> (2013 – present).<br>|
| JOHN R. COSTANTINO <br> c/o SSGA Funds <br> Management, Inc. <br> One Iron Street <br> Boston, MA 02210 <br> YOB: 1946<br>| &nbsp;&nbsp; Trustee and <br> Chairperson of <br> the Qualified <br> Legal <br> Compliance <br> Committee<br>| &nbsp;&nbsp; Term: <br> Indefinite <br> Elected: <br> 12/18<br>| &nbsp;&nbsp; Senior Advisor to NGN <br> Capital LLC (January <br> 2019 – present); <br> Managing General <br> Partner, NGN Capital <br> LLC (2006 – December <br> 2019).<br>| 56 | &nbsp;&nbsp; Director of Kleinfeld <br> Bridal Corp. (January <br> 2016 – present); Trustee <br> of Neuroscience <br> Research Institute (1986 <br> – 2017); Trustee of <br> Fordham University <br> (1989 – 1995 and 2001 <br> – 2007) and Trustee <br> Emeritus (2007 – <br> present); Trustee and <br> Independent <br> Chairperson of GE <br> Funds (1993 – February <br> 2011); Director, <br> Muscular Dystrophy <br> Association (2019 – <br> present); Trustee of <br> Gregorian University <br>|

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address,**<br> **and Year of Birth**<br>| **Position(s)**<br> **Held With**<br> **Trust**<br>| **Term of**<br> **Office and**<br> **Length of**<br> **Time Served**<br>| **Principal**<br> **Occupation**<br> **During Past** <br> **Five Years**<br> **and Relevant**<br> **Experience**<br>| **Number** <br> **of Funds** <br> **in Fund**<br> **Complex**<br> **Overseen** <br> **by Trustee†**<br>| **Other**<br> **Directorships**<br> **Held by** <br> **Trustee**<br> **During Past**<br> **Five Years**<br>|
|  |  |  |  |  | &nbsp;&nbsp; Foundation (1992 – <br> 2007); Chairman of the <br> Board of Directors, <br> Vivaldi Biosciences Inc. <br> (May 2017 - present); <br> Chairman of the <br> Supervisory Board, <br> Vivaldi Biosciences AG. <br> (May 2017 - present); <br> Trustee, Gallim Dance <br> (December 2021 - <br> present).<br>|
| MICHAEL A. JESSEE <br> c/o SSGA Funds <br> Management, Inc. <br> One Iron Street <br> Boston, MA 02210 <br> YOB: 1946<br>| &nbsp;&nbsp; Trustee and <br> Chairperson of <br> the Valuation <br> Committee<br>| &nbsp;&nbsp; Term: <br> Indefinite <br> Appointed: <br> 7/16 <br> Elected: <br> 12/18<br>| &nbsp;&nbsp; Retired; formerly, <br> President and Chief <br> Executive Officer of the <br> Federal Home Loan <br> Bank of Boston (1989 – <br> 2009); Trustee, <br> Randolph-Macon <br> College (2004 – 2016).<br>| 56 | None. |
| MARGARET MCLAUGHLIN <br> c/o SSGA Funds <br> Management, Inc. <br> One Iron Street <br> Boston, MA 02210 <br> YOB: 1967<br>| Trustee | &nbsp;&nbsp; Term: <br> Indefinite <br> Appointed: <br> 9/22<br>| &nbsp;&nbsp; Consultant, Bates Group <br> (consultants) (2021 – <br> 2023); Consultant, <br> Madison Dearborn <br> Partners (private equity) <br> (2019 – 2020); General <br> Counsel/CCO, Kramer <br> Van Kirk Credit <br> Strategies L.P./Mariana <br> Systems LLC <br> (Investment <br> Adviser/SaaS <br> Technology) (2011 – <br> 2019).<br>| 56 | &nbsp;&nbsp; Director, Manning & <br> Napier Fund Inc (2021 – <br> 2022).<br>|
| GEORGE M. PEREIRA<br> c/o SSGA Funds <br> Management, Inc. <br> One Iron Street <br> Boston, MA 02210 <br> YOB: 1964<br>| Trustee | &nbsp;&nbsp; Term: <br> Indefinite <br> Appointed: <br> 9/22<br>| &nbsp;&nbsp; Chief Operating Officer <br> (January 2011 – <br> September 2020) and <br> Chief Financial Officer <br> (November 2004 – <br> September 2020), <br> Charles Schwab <br> Investment <br> Management.<br>| 56 | &nbsp;&nbsp; Director, Pacific Premier <br> Bancorp, Pacific Premier <br> Bank (2021 – present); <br> Director, Charles <br> Schwab Asset <br> Management (Ireland) <br> Ltd., & Charles Schwab <br> Worldwide Funds plc. <br> (2005 – 2020); Director, <br> Rotaplast International, <br> Inc. (non-profit providing <br> free medical services to <br> children worldwide) <br> (2012 – 2018).<br>|
| DONNA M. RAPACCIOLI <br> c/o SSGA Funds <br> Management, Inc. <br> One Iron Street <br> Boston, MA 02210 <br> YOB: 1962<br>| &nbsp;&nbsp; Trustee and <br> Chairperson of <br> the Audit <br> Committee<br>| &nbsp;&nbsp; Term: <br> Indefinite <br> Elected: <br> 12/18<br>| &nbsp;&nbsp; Dean of the Gabelli <br> School of Business <br> (2007 – June 2022) and <br> Accounting Professor <br> (1987 – present) at <br> Fordham University.<br>| 56 | &nbsp;&nbsp; Director- Graduate <br> Management <br> Admissions Council <br> (2015 – 2022); Trustee <br> of Emmanuel College <br> (2010 – 2019).<br>|
| RICHARD D. SHIRK <br> c/o SSGA Funds <br> Management, Inc. <br> One Iron Street <br> Boston, MA 02210 <br> YOB: 1945<br>| &nbsp;&nbsp; Trustee and <br> Chairperson of <br> the Nominating <br> Committee and <br> Chairperson of <br> the Governance <br> Committee<br>| &nbsp;&nbsp; Term: <br> Indefinite <br> Elected: <br> 1988<br>| &nbsp;&nbsp; Chairman (March 2001 - <br> April 2002), President <br> and Chief Executive <br> Officer (1996 - March <br> 2001), Cerulean <br> Companies, Inc. (holding <br> company) (Retired); <br> President and Chief <br> Executive Officer, Blue<br>| 56 | &nbsp;&nbsp; Chairman and Board <br> Member (1998 - <br> December 2008) and <br> Investment Committee <br> Member (December <br> 2008 - present), <br> Healthcare Georgia <br> Foundation (private <br> foundation); Lead <br>|

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address,**<br> **and Year of Birth**<br>| **Position(s)**<br> **Held With**<br> **Trust**<br>| **Term of**<br> **Office and**<br> **Length of**<br> **Time Served**<br>| **Principal**<br> **Occupation**<br> **During Past** <br> **Five Years**<br> **and Relevant**<br> **Experience**<br>| **Number** <br> **of Funds** <br> **in Fund**<br> **Complex**<br> **Overseen** <br> **by Trustee†**<br>| **Other**<br> **Directorships**<br> **Held by** <br> **Trustee**<br> **During Past**<br> **Five Years**<br>|
|  |  |  | &nbsp;&nbsp; Cross Blue Shield of <br> Georgia (health insurer, <br> managed healthcare) <br> (1992 - March 2001).<br>|  | &nbsp;&nbsp; Director and Board <br> Member, Amerigroup <br> Corp. (managed health <br> care) (September 2002 <br> – 2012); Board Member <br> (1999 - 2013) and <br> Investment Committee <br> Member (2001 - 2017), <br> Woodruff Arts Center; <br> Trustee, Gettysburg <br> College (2003 - 2009); <br> Board member, <br> Aerocare Holdings <br> (2003 - January 2021), <br> Regenesis Biomedical <br> Inc. (April 2012 - <br> present).<br>|
| **INTERESTED TRUSTEE**<sup>(1)</sup> |  |  |  |  |  |
| ELLEN M. NEEDHAM<sup>(2)</sup> <br> SSGA Funds Management, <br> Inc. <br> One Iron Street <br> Boston, MA 02210 <br> YOB: 1967<br>| &nbsp;&nbsp; Trustee and <br> President<br>| &nbsp;&nbsp; Term: <br> Indefinite <br> Elected: <br> 12/18<br>| &nbsp;&nbsp; Chairman, SSGA Funds <br> Management, Inc. <br> (March 2020 – present); <br> President and Director, <br> SSGA Funds <br> Management, Inc. (2001 <br> – present)\*; Senior <br> Managing Director, State <br> Street Global Advisors <br> (1992 – present)\*; <br> Manager, State Street <br> Global Advisors Funds <br> Distributors, LLC (May <br> 2017 – present).<br>| 56 | &nbsp;&nbsp; Board Director, SSGA <br> SPDR ETFs Europe I <br> plc (May 2020 – <br> present); Board Director, <br> SSGA SPDR ETFs <br> Europe II plc (May 2020 <br> – present).<br>|

---

†

For the purpose of determining the number of portfolios overseen by the Trustees, "Fund Complex" comprises registered investment companies for which SSGA FM serves as investment adviser.

<sup>(1)</sup>

The individual listed below is a Trustee who is an "interested person," as defined in the 1940 Act, of the Trust ("Interested Trustee").

<sup>(2)</sup>

Ms. Needham is an Interested Trustee because of her employment by SSGA FM, an affiliate of the Trust.

\*

Served in various capacities and/or with various affiliated entities during noted time period.

The following lists the principal officers for the Trust, as well as their mailing addresses and ages, positions with the Trust and length of time served, and present and principal occupations:

---

| | | | |
|:---|:---|:---|:---|
| **Name, Address,**<br> **and Year of Birth**<br>| **Position(s)**<br> **Held With**<br> **Trust**<br>| **Term of**<br> **Office and**<br> **Length of**<br> **Time Served**<br>| **Principal Occupation**<br> **During Past Five Years**<br>|
| **OFFICERS:** | **OFFICERS:** | **OFFICERS:** | **OFFICERS:** |
| ELLEN M. NEEDHAM <br> SSGA Funds Management, Inc. <br> One Iron Street <br> Boston, MA 02210 <br> YOB: 1967<br>| President, Trustee | &nbsp;&nbsp; Term: Indefinite <br> Served: since <br> 10/12<br>| &nbsp;&nbsp; Chairman, SSGA Funds Management, Inc. (March 2020 <br> – present); President and Director, SSGA Funds <br> Management, Inc. (2001 – present)\*; Senior Managing <br> Director, State Street Global Advisors (1992 – present)\*; <br> Manager, State Street Global Advisors Funds <br> Distributors, LLC (May 2017 – present).<br>|
| BRUCE S. ROSENBERG <br> SSGA Funds Management, Inc. <br> One Iron Street <br> Boston, MA 02210 <br> YOB: 1961<br>| Treasurer | &nbsp;&nbsp; Term: Indefinite <br> Served: since <br> 2/16<br>| &nbsp;&nbsp; Managing Director, State Street Global Advisors and <br> SSGA Funds Management, Inc. (July 2015 – present); <br> Director, Credit Suisse (April 2008 – July 2015).<br>|

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Name, Address,**<br> **and Year of Birth**<br>| **Position(s)**<br> **Held With**<br> **Trust**<br>| **Term of**<br> **Office and**<br> **Length of**<br> **Time Served**<br>| **Principal Occupation**<br> **During Past Five Years**<br>|
| ANN M. CARPENTER <br> SSGA Funds Management, Inc. <br> One Iron Street <br> Boston, MA 02210 <br> YOB: 1966<br>| &nbsp;&nbsp; Vice President and <br> Deputy Treasurer<br>| &nbsp;&nbsp; Term: Indefinite <br> Served: since <br> 10/12<br> Term: Indefinite <br> Served: since <br> 2/16<br>| &nbsp;&nbsp; Chief Operating Officer, SSGA Funds Management, Inc. <br> (April 2005 – present)\*; Managing Director, State Street <br> Global Advisors. (April 2005 – present).\*<br>|
| CHAD C. HALLETT <br> SSGA Funds Management, Inc. <br> One Iron Street <br> Boston, MA 02210 <br> YOB: 1969<br>| Deputy Treasurer | &nbsp;&nbsp; Term: Indefinite <br> Served: since <br> 2/16<br>| &nbsp;&nbsp; Vice President, State Street Global Advisors and SSGA <br> Funds Management, Inc. (November 2014 – present).<br>|
| DARLENE ANDERSON-VASQUEZ <br> SSGA Funds Management, Inc. <br> One Iron Street <br> Boston, MA 02210 <br> YOB: 1968<br>| Deputy Treasurer | &nbsp;&nbsp; Term: Indefinite <br> Served: since <br> 11/16<br>| &nbsp;&nbsp; Managing Director, State Street Global Advisors and <br> SSGA Funds Management, Inc. (May 2016 – present); <br> Senior Vice President, John Hancock Investments <br> (September 2007 – May 2016).<br>|
| ARTHUR A. JENSEN <br> SSGA Funds Management, Inc. <br> 1600 Summer Street <br> Stamford, CT 06905 <br> YOB: 1966<br>| Deputy Treasurer | &nbsp;&nbsp; Term: Indefinite <br> Served: since <br> 9/17<br>| &nbsp;&nbsp; Vice President, State Street Global Advisors and SSGA <br> Funds Management, Inc. (July 2016 – present); Mutual <br> Funds Controller, GE Asset Management Incorporated <br> (April 2011 – July 2016).<br>|
| DAVID LANCASTER <br> SSGA Funds Management, Inc. <br> One Iron Street <br> Boston, MA 02210 <br> YOB: 1971<br>| Assistant Treasurer | &nbsp;&nbsp; Term: Indefinite <br> Served: since <br> 11/20<br>| &nbsp;&nbsp; Vice President, State Street Global Advisors and SSGA <br> Funds Management, Inc. (July 2017 – present); <br> Assistant Vice President, State Street Bank and Trust <br> Company (November 2011 – July 2017).\*<br>|
| RYAN HILL <br> SSGA Funds Management, Inc. <br> One Iron Street<br> Boston, MA 02210<br> YOB: 1982<br>| Assistant Treasurer | &nbsp;&nbsp; Term: Indefinite <br> Served: since <br> 5/22<br>| &nbsp;&nbsp; Vice President, State Street Global Advisors and SSGA <br> Funds Management, Inc. (May 2017 – present); <br> Assistant Vice President, State Street Bank and Trust <br> Company (May 2014 – May 2017).<br>|
| JOHN BETTENCOURT<br> SSGA Funds Management, Inc. <br> One Iron Street, <br> Boston, MA 02210<br> YOB:1976<br>| Assistant Treasurer | &nbsp;&nbsp; Term: Indefinite <br> Served: since <br> 5/22<br>| &nbsp;&nbsp; Vice President, State Street Global Advisors and SSGA <br> Funds Management, Inc. (March 2020 – present); <br> Assistant Vice President, State Street Global Advisors <br> (June 2007 – March 2020).<br>|
| BRIAN HARRIS <br> SSGA Funds Management, Inc. <br> One Iron Street <br> Boston, MA 02210 <br> YOB: 1973<br>| &nbsp;&nbsp; Chief Compliance <br> Officer, Anti-Money <br> Laundering Officer <br> and Code of Ethics <br> Compliance Officer<br>| &nbsp;&nbsp; Term: Indefinite <br> Served: since <br> 11/13<br> Term: Indefinite <br> Served: since <br> 9/16<br>| &nbsp;&nbsp; Managing Director, State Street Global Advisors and <br> SSGA Funds Management, Inc. (June 2013 – present).\*<br>|
| SEAN O'MALLEY <br> SSGA Funds Management, Inc. <br> One Iron Street <br> Boston, MA 02210 <br> YOB: 1969<br>| Chief Legal Officer | &nbsp;&nbsp; Term: Indefinite <br> Served: since <br> 8/19<br>| &nbsp;&nbsp; Senior Vice President and General Counsel, State <br> Street Global Advisors (May 2022 - present); Senior <br> Vice President and Deputy General Counsel, State <br> Street Global Advisors (November 2013 – May 2022).<br>|
| DAVID BARR <br> SSGA Funds Management, Inc. <br> One Iron Street <br> Boston, MA 02210 <br> YOB: 1974<br>| Secretary | &nbsp;&nbsp; Term: Indefinite <br> Served: since <br> 9/20<br>| &nbsp;&nbsp; Vice President and Senior Counsel, State Street Global <br> Advisors (October 2019 – present); Vice President and <br> Counsel, Eaton Vance Corp. (October 2010 – October <br> 2019).<br>|
| DAVID URMAN <br> SSGA Funds Management, Inc. <br> One Iron Street <br> Boston, MA 02210 <br> YOB: 1985<br>| Assistant Secretary | &nbsp;&nbsp; Term: Indefinite <br> Served: since <br> 8/19<br>| &nbsp;&nbsp; Vice President and Senior Counsel, State Street Global <br> Advisors (April 2019 – present); Vice President and <br> Counsel, State Street Global Advisors (August 2015 – <br> April 2019); Associate, Ropes & Gray LLP (November <br> 2012 – August 2015).<br>|

---

\*

Served in various capacities and/or with various affiliated entities during noted time period.

------

The By-Laws of the Trust provide that the Trust shall indemnify each person who is or was a Trustee of the Trust against all expenses, judgments, fines, settlements and other amounts actually and reasonably incurred in connection with any proceedings if the person in good faith and reasonably believes that his or her conduct was in the Trust's best interest. The Trust, at its expense, provides liability insurance for the benefit of its Trustees and officers.

<u>Summary of Trustees' Qualifications</u> 

Following is a summary of the experience, attributes and skills which qualify each Trustee to serve on the Boards of Trustees of the Trust.

Patrick J. Riley: Mr. Riley is an experienced business executive with over 45 years of experience in the legal and financial services industries; his experience includes service as a trustee or director of various investment companies and Associate Justice of the Superior Court of the Commonwealth of Massachusetts. He has served on the Board of Trustees and related committees of the Trust for 33 years and possesses significant experience regarding the operations and history of the Trust. Mr. Riley serves as a Trustee of the Navigator Trust, SSGA Funds, State Street Master Funds, Elfun Funds, and State Street Institutional Funds and a Director of State Street Variable Insurance Series Funds, Inc.

John R. Costantino: In addition to his tenure as a board member of various other funds advised by SSGA FM, Mr. Costantino has over 33 years of private equity investing experience. He has also served as an officer or a board member of charitable organizations and public and private companies for over 32 years. Mr. Costantino is an attorney and a certified public accountant. Mr. Costantino serves as a Trustee of the Navigator Trust, SSGA Funds, State Street Master Funds, Elfun Funds, and State Street Institutional Funds (independent chairperson through 2016) and a Director of State Street Variable Insurance Series Funds, Inc. (independent chairperson through 2016).

Michael A. Jessee: Mr. Jessee is an experienced business executive with approximately 45 years of experience in the banking industry. He previously served as President and Chief Executive Officer of the Federal Home Loan Bank of Boston as well as various senior executive positions of major banks. Mr. Jessee has served on the Navigator Trust's Board of Trustees and related committees for 26 years and possesses significant experience regarding the trust's operations and history. Mr. Jessee also serves as a Trustee of the Navigator Trust, SSGA Funds, State Street Master Funds, Elfun Funds, and State Street Institutional Funds and a Director of State Street Variable Insurance Series Funds, Inc.

Margaret McLaughlin: Ms. McLaughlin has over twenty-five years of experience she has gained in a variety of roles encompassing regulatory, operating, legal, and compliance functions, serving both firms and their boards. Ms. McLaughlin formerly served as a founding member of the executive management team for Kramer Van Kirk Credit Strategies L.P. and its technology affiliate, Mariana Systems LLC, where she was integrally involved in corporate strategy, operational oversight, risk management and board governance. Prior to Kramer Van Kirk, Ms. McLaughlin was Assistant General Counsel to Harris Associates L.P., where she was responsible for legal, regulatory and compliance activities related to the Oakmark Mutual Funds. Ms. McLaughlin has an extensive understanding and perspective on governance, oversight, regulation, policies and procedures from these positions as well as her prior experience with both the Securities and Exchange Commission and the Department of Justice. Most recently, Ms. McLaughlin has held consulting positions at major private equity and management consulting firms. Ms. McLaughlin serves as a Trustee of State Street Institutional Investment Trust, State Street Master Funds, State Street Navigator Securities Lending Trust, SSGA Funds, Elfun Funds, and State Street Institutional Funds and a Director of State Street Variable Insurance Series Funds, Inc.

George M. Pereira: Mr. Pereira has over thirty years of experience in executive management with financial institutions, including extensive experience relating to financial reporting, operations, cybersecurity oversight, and enterprise risk management. Mr. Pereira recently retired from Charles Schwab Investment Management Inc., having served as Chief Operating Officer and Chief Financial Officer during his tenure. Previously, Mr. Pereira also served as Head of Financial Reporting for Charles Schwab & Co., Inc. Earlier in his career, Mr. Pereira gained valuable regulatory experience and perspective while serving as managing director at the New York Stock Exchange. With this professional experience, Mr. Pereira has developed wide-ranging expertise in building and managing financial, operational, technology and risk control platforms for growth and scale within the financial services industry. Additionally, Mr. Pereira is a member of the Latino Corporate Directors Association. Mr. Pereira serves as a Trustee of State Street Institutional Investment Trust, State Street Master Funds, State Street Navigator Securities Lending Trust, SSGA Funds, Elfun Funds, and State Street Institutional Funds and a Director of State Street Variable Insurance Series Funds, Inc.

Donna M. Rapaccioli: Ms. Rapaccioli has over 32 years of service as a full-time member of the business faculty at Fordham University, where she developed and taught undergraduate and graduate courses, including International Accounting and Financial Statement Analysis, has taught at the executive MBA level and served as Dean of the Gabelli School of Business for 15 years. She has served on Association to Advance Collegiate Schools of Business accreditation

------

team visits, lectured on accounting and finance topics and consulted for numerous investment banks. Ms. Rapaccioli also serves as a Trustee of the Navigator Trust, SSGA Funds, State Street Master Funds, Elfun Funds, and State Street Institutional Funds and a Director of State Street Variable Insurance Series Funds, Inc.

Richard D. Shirk: Mr. Shirk is an experienced business executive with over 53 years of experience in the health care and insurance industries and with investment matters; his experience includes service as a trustee, director or officer of various health care companies and nonprofit organizations. He has served on the Board of Trustees and related committees of the Trust for 33 years and possesses significant experience regarding the operations and history of the Trust. Mr. Shirk also serves as a Trustee of the Navigator Trust, SSGA Funds, State Street Master Funds, Elfun Funds, and State Street Institutional Funds and a Director of State Street Variable Insurance Series Funds, Inc.

Ellen M. Needham: Ms. Needham is a Senior Managing Director of State Street Global Advisors; Head of Global Funds Management, President of SSGA Funds Management, Inc. Ms. Needham serves as a director of SSGA Funds Management, Inc. and a manager of State Street Global Advisors Funds Distributors, LLC. In her role, she is responsible for managing firm-wide processes that focus on governance, fund structure, sub-adviser oversight, tax, product viability, distribution, ongoing monitoring and regulatory coordination across all products globally. Ms. Needham has been involved in the investment industry for over thirty years, beginning her career at State Street in 1989. Ms. Needham also serves as a Trustee of the Navigator Trust, SSGA Funds, State Street Master Funds, Elfun Funds, and State Street Institutional Funds and a Director of State Street Variable Insurance Series Funds, Inc. and is a Board Director—SPDR Europe I plc and SPDR Europe II plc Boards.

References to the experience, attributes and skills of Trustees above are pursuant to requirements of the SEC, do not constitute holding out of the Board or any Trustee as having any special expertise or experience, and shall not impose any greater responsibility or liability on any such person or on the Board by reason thereof.

<u>Standing Committees</u> 

The Board of Trustees has established various committees to facilitate the timely and efficient consideration of various matters of importance to Independent Trustees, the Trust, and the Trust's shareholders and to facilitate compliance with legal and regulatory requirements. Currently, the Board has created an Audit Committee, Governance Committee, Valuation Committee, Nominating Committee and Qualified Legal Compliance Committee (the "QLCC").

The Audit Committee is composed of all of the Independent Trustees. The Audit Committee meets twice a year, or more often as required, in conjunction with meetings of the Board of Trustees. The Audit Committee oversees and monitors the Trust's internal accounting and control structure, its auditing function and its financial reporting process. The Audit Committee is responsible for selecting and retaining the independent accountants for the Trust. The Audit Committee is responsible for approving the audit plans, fees and other material arrangements in respect of the engagement of the independent accountants, including non-audit services performed. The Audit Committee reviews the qualifications of the independent accountant's key personnel involved in the foregoing activities and monitors the independent accountant's independence. During the fiscal year ended September 30, 2022, the Audit Committee held four meetings.

Each of the Governance Committee and the Nominating Committee is composed of all the Independent Trustees. The primary functions of the Governance Committee and the Nominating Committee are to review and evaluate the composition and performance of the Board; make nominations for membership on the Board and committees; review the responsibilities of each committee; and review governance procedures, compensation of Independent Trustees, and independence of outside counsel to the Trustees. The Nominating Committee will consider nominees to the Board recommended by shareholders. Recommendations should be submitted in accordance with the procedures set forth in the Nominating Committee Charter and should be submitted in writing to the Trust, to the attention of the Trust's Secretary, at the address of the principal executive offices of the Trust. Shareholder recommendations must be delivered to, or mailed and received at, the principal executive offices of the Trust not less than sixty (60) calendar days nor more than ninety (90) calendar days prior to the date of the Board or shareholder meeting at which the nominee candidate would be considered for election. The Governance Committee performs an annual self-evaluation of Board members. During the fiscal year ended September 30, 2022, the Governance Committee held seven meetings and Nominating Committee held seven meetings.

The Valuation Committee is composed of all the Independent Trustees. The Valuation Committee's primary purpose is to review the actions and recommendations of the Adviser's Oversight Committee no less often than quarterly. The Trust has established procedures and guidelines for valuing portfolio securities and making fair value determinations from time to time through the Valuation Committee, with the assistance of the Oversight Committee, State Street and SSGA FM. During the fiscal year ended September 30, 2022, the Valuation Committee held five meetings.

------

The QLCC is composed of all the Independent Trustees. The primary functions of the QLCC are to receive quarterly reports from the Trust's CCO; to oversee generally the Trust's responses to regulatory inquiries; and to investigate matters referred to it by the Chief Legal Officer and make recommendations to the Board regarding the implementation of an appropriate response to evidence of a material violation of the securities laws or breach of fiduciary duty or similar violation by the Trust, its officers or the Trustees. During the fiscal year ended September 30, 2022, the QLCC held four meetings.

<u>Leadership Structure and Risk Management Oversight</u> 

The Board has chosen to select different individuals as Chairperson of the Board of the Trust and as President of the Trust. Currently, Mr. Riley, an Independent Trustee, serves as Chairperson of the Board, Ms. Rapaccioli serves as Chairperson of the Audit Committee, Mr. Costantino serves as Chairperson of the QLCC, Mr. Jessee serves as Chairperson of the Valuation Committee and Mr. Shirk serves as Chairperson of each of the Governance Committee and Nominating Committee.

Ms. Needham, who is an employee of the Adviser, serves as a Trustee and the President of the Trust. The Board believes that this leadership structure is appropriate, since Ms. Needham provides the Board with insight regarding the Trust's day-to-day management, while Mr. Riley provides an independent perspective on the Trust's overall operation and Ms. Rapaccioli provides a specialized perspective on audit matters.

The Board has delegated management of the Trust to service providers who are responsible for the day-to-day management of risks applicable to the Trust. The Board oversees risk management for the Trust in several ways. The Board receives regular reports from both the CCO and administrator for the Trust, detailing the results of the Trust's compliance with its Board-adopted policies and procedures, the investment policies and limitations of the Funds, and applicable provisions of the federal securities laws and the Code. As needed, the Adviser discusses management issues regarding the Trust with the Board, soliciting the Board's input on many aspects of management, including potential risks to the Funds. The Board's Audit Committee also receives reports on various aspects of risk that might affect the Trust and offers advice to management, as appropriate. The Trustees also meet in executive session with the independent counsel to the Independent Trustees, the independent registered public accounting firm, counsel to the Trust, the CCO and representatives of management, as needed. Through these regular reports and interactions, the Board oversees the risk management parameters for the Trust, which are effected on a day-to-day basis by service providers to the Trust.

<u>Trustee Ownership of Securities of the Trust, Adviser and Distributor</u> 

As of December 31, 2022 none of the Independent Trustees or their immediate family members had any ownership of securities of the Adviser, State Street Global Advisors Funds Distributors, LLC ("SSGA FD" or the "Distributor"), the Trust's distributor, or any person directly or indirectly controlling, controlled by or under common control with the Adviser or SSGA FD.

The following table sets forth information describing the dollar range of the Trust's equity securities beneficially owned by each Trustee as of December 31, 2022.

---

| | | |
|:---|:---|:---|
| **Name of Trustees** | **Dollar Range Of Equity**<br> **Securities In The Funds**<br>| **Aggregate Dollar Range**<br> **Of Equity Securities In**<br> **All Registered Investment** <br> **Companies Overseen By**<br> **Trustees In Family of**<br> **Investment Companies**<br>|
| *Independent Trustees:* |  |  |
| Patrick J. Riley |  | Over $100,000 |
| John R Costantino |  |  |
| Michael A. Jessee |  |  |
| Donna M. Rapaccioli |  |  |
| Margaret McLaughlin(1) |  |  |
| George M. Pereira(1) |  |  |
| Richard D. Shirk |  | Over $100,000 |
| *Interested Trustee:* |  |  |
| Ellen M. Needham |  |  |

---

(1) Ms. McLaughlin and Mr. Pereira were appointed Trustees effective September 15, 2022.

------

<u>Trustee Compensation</u> 

Independent Trustees are compensated on a calendar year basis. Any Trustee who is deemed to be an "interested person" (as defined in the 1940 Act) of the Funds does not receive compensation from the Funds for his or her service as a Trustee. As of January 1, 2023, except as noted below, each Independent Trustee will receive for his or her services to the State Street Master Funds, the Trust, the SSGA Funds, the Elfun Funds and the Navigator Trust, State Street Institutional Funds and State Street Variable Insurance Series Funds, Inc. (together, the "Fund Entities") a $360,000 annual base retainer in addition to $25,000 for each special in-person meeting and $5,000 for each special telephonic meeting from the Trust. The Chairperson of the Board receives an additional $90,000 annual retainer. The annual base retainer paid to Mr. Taber was $197,400 in light of the fact that Mr. Taber did not serve as a member of the Board of Trustees of the Elfun Funds, the Board of Trustees of State Street Institutional Funds and the Board of Directors of State Street Variable Insurance Series Funds, Inc. As of January 1, 2021, the total annual compensation paid to the Independent Trustees (other than telephonic and special meeting fees) will be allocated to each Fund Entity as follows: a fixed amount of $21,000 will be allocated to each Fund Entity or, if applicable, each series thereof; and the remainder will be allocated among the Fund Entities or, if applicable, each series thereof based on relative net assets excluding, however, any feeder fund that invests in a master fund that is a Fund Entity or series thereof. The Independent Trustees are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance. As of the date of this SAI, the Trustees were not paid pension or retirement benefits as part of the Trust's expenses.

The Trust's officers are compensated by the Adviser and its affiliates.

The following table sets forth the total remuneration of Trustees and officers of the Trust for the fiscal year ended September 30, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Trustee** | **Aggregate**<br> **Compensation**<br> **from the Trust**<br>| **Pension or**<br> **Retirement**<br> **Benefits**<br> **Accrued as**<br> **Part of Trust**<br> **Expenses**<br>| **Estimated**<br> **Annual**<br> **Benefits Upon**<br> **Retirement**<br>| **Total**<br> **Compensation**<br> **from the Trust and**<br> **Fund Complex**<br> **Paid to Trustees**<br>|
| *Independent Trustees:* | *Independent Trustees:* | *Independent Trustees:* | *Independent Trustees:* | *Independent Trustees:* |
| Michael F. Holland<sup>(1)</sup> | $291840 | $0 | $0 | $405000 |
| Patrick J. Riley | $291840 | $0 | $0 | $405000 |
| Richard D. Shirk | $252505 | $0 | $0 | $345000 |
| Bruce D. Taber<sup>(2)</sup> | $64158 | $0 | $0 | $71850 |
| Michael A. Jessee | $252505 | $0 | $0 | $345000 |
| John R. Costantino | $252505 | $0 | $0 | $345000 |
| Margaret McLaughlin<sup>(3)</sup> | $0 | $0 | $0 | $0 |
| George M. Pereira<sup>(3)</sup> | $0 | $0 | $0 | $0 |
| Donna M. Rapaccioli | $252505 | $0 | $0 | $345000 |
| *Interested Trustee:* | *Interested Trustee:* | *Interested Trustee:* | *Interested Trustee:* | *Interested Trustee:* |
| Ellen M. Needham | $0 | $0 | $0 | $0 |

---

<sup>(1)</sup>

Mr. Holland retired from the Board of Directors of the Trust effective as of December 31, 2022.

<sup>(2)</sup>

Mr. Taber retired from the Board of Directors of the Trust effective as of December 31, 2021.

<sup>(3)</sup>

Ms. McLaughlin and Mr. Pereira were appointed Trustees effective September 15, 2022.

**Proxy Voting Procedures** 

The Trust has adopted proxy voting procedures pursuant to which the Trust delegates the responsibility for voting proxies relating to portfolio securities held by the Funds to the Adviser as part of the Adviser's general management of the Funds subject to the Board's continuing oversight. A copy of the Trust's proxy voting procedures is located in Appendix B, a copy of the Adviser's proxy voting procedures are located in Appendix C.

Shareholders may receive information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ending June 30 (i) by calling (877) 521-4083 or (ii) on the SEC's website at www.sec.gov.

------

**Control Persons and Principal Holders of Securities** 

As of December 31, 2022, the Trustees and officers of the Trust owned in the aggregate less than 1% of the shares of each class (if applicable) of each Fund**.** 

Persons or organizations owning 25% or more of the outstanding shares of a Fund may be presumed to "control" (as that term is defined in the 1940 Act) a Fund. As a result, these persons or organizations could have the ability to approve or reject those matters submitted to the shareholders of such Fund for their approval.

As of December 31, 2022, to the knowledge of the Trust, the following persons held of record or beneficially through one or more accounts 25% or more of the outstanding shares of a Fund.

---

| | | |
|:---|:---|:---|
| **Fund** | **Shareholder Account Registration** | **Percent of**<br> **shares held**<br>|
| Income Fund | &nbsp;&nbsp; National Financial Services LLC<br> For The Exclusive Benefit Of Our Customers<br> Attn Mutual Funds Dept 4th FL<br> 499 Washington Blvd<br> Jersey City NJ 07310<br>| 74.91% |
| U.S. Core Equity Fund | &nbsp;&nbsp; National Financial Services LLC<br> For The Exclusive Benefit Of Our Customers<br> Attn Mutual Funds Dept 4th FL<br> 499 Washington Blvd<br> Jersey City NJ 07310<br>| 68.74% |

---

**Investment Advisory and Other Services** 

<u>Investment Advisory and Administration Agreements of the Fund</u> 

SSGA FM, a registered investment adviser, was retained by the Board of Trustees of the Funds to act as investment adviser and administrator of each Fund. SSGA FM's combined compensation for investment advisory and administrative services ("Management Fee") is paid monthly based on the average daily net assets of each Fund.

Prior to May 24, 2021, SSGA FM served as the investment adviser and administrator to each Predecessor Fund and was compensated according to the same terms as noted above.

<u>Investment Adviser</u> 

SSGA FM is responsible for the investment management of the Funds pursuant to the Amended and Restated Investment Advisory Agreement dated November 17, 2015, as amended from time to time (the "Advisory Agreement"), by and between the Adviser and the Trust. The Adviser is a wholly-owned subsidiary of State Street Global Advisors, Inc., which itself is a wholly-owned subsidiary of State Street Corporation, a publicly held financial holding company. State Street is a wholly-owned subsidiary of State Street Corporation.

The Advisory Agreement will continue from year to year provided that such continuance is specifically approved at least annually by (a) the Trustees or by the vote of a majority of the outstanding voting securities of a Fund, and (b) vote of a majority of the Independent Trustees, cast in person at a meeting called for the purpose of voting on such approval. The Advisory Agreement may be terminated by the Adviser or the Trust without penalty upon sixty days' notice and will terminate automatically upon its assignment.

The Adviser and its affiliates may have deposit, loan and other commercial banking relationships with the issuers of obligations that may be purchased on behalf of the Funds, including outstanding loans to such issuers that could be repaid in whole or in part with the proceeds of securities so purchased. Such affiliates deal, trade and invest for their own accounts in such obligations and are among the leading dealers of various types of such obligations. The Adviser has informed the Funds that, in making its investment decisions, it will not obtain or use material non-public information in its possession or in the possession of any of its affiliates. In making investment recommendations for a Fund, the Adviser will not inquire or take into consideration whether an issuer of securities proposed for purchase or sale by the Fund is a customer of the Adviser, its parent or its subsidiaries or affiliates and, in dealing with its customers, the Adviser, its parent, subsidiaries and affiliates will not inquire or take into consideration whether securities of such customers were held by any fund managed by the Adviser or any such affiliate.

------

In certain instances there may be securities that are suitable for a Fund as well as for one or more of the Adviser's other clients. Investment decisions for the Trust and for the Adviser's other clients are made with a view to achieving their respective investment objectives. It may develop that a particular security is bought or sold for only one client even though it might be held by, or bought or sold for, other clients. Likewise, a particular security may be bought for one or more clients when one or more clients are selling that same security. Some simultaneous transactions are inevitable when several clients receive investment advice from the same investment adviser, particularly when the same security is suitable for the investment objectives of more than one client. When two or more clients are simultaneously engaged in the purchase or sale of the same security, the securities are allocated among clients in a manner believed to be equitable to each. The Trust recognizes that in some cases this system could have a detrimental effect on the price or volume of the security as far as a Fund is concerned. However, it is believed that the ability of each Fund to participate in volume transactions will produce better executions for the Funds.

The advisory fee paid by the Funds is stated in the following schedule:

---

| | |
|:---|:---|
| **Fund** | **Fee Rate** |
| Income Fund | 0.13% |
| U.S. Core Equity Fund | 0.12% |

---

<u>Administrator</u> 

SSGA FM serves as the administrator for the Funds pursuant to an Amended and Restated Administration Agreement (the "Administration Agreement"). Under the Amended and Restated Administration Agreement, SSGA FM is obligated to continuously provide business management services to the Trust and the Funds and will generally, subject to the general oversight of the Trustees and except as otherwise provided in the Amended and Restated Administration Agreement, manage all of the business and affairs of the Trust. The nature and amount of services provided by SSGA FM under the Amended and Restated Administration Agreement may vary as between classes of shares of a Fund, and a Fund may pay fees to SSGA FM under that Agreement at different rates in respect of its different share classes. The Funds reimburse SSGA FM for certain out-of-pocket travel expenses of the CCO and compliance team incurred on the Funds' behalf.

The Management Fee paid by each Fund to SSGA FM for the last three fiscal years are set forth in the table below:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **2022** | **2021**<sup>(1)(2)(3)</sup> | **2020**<sup>(1)</sup> |
| Income Fund | $2197285 | $1917142 | $2675312 |
| U.S. Core Equity Fund | $7730909 | $6018611 | $6523574 |

---

<sup>(1)</sup>

Information from January 1, 2016 until May 24, 2021 is for each Predecessor Fund, which was reorganized into each Fund effective May 24, 2021.

<sup>(2)</sup>

The Board of Trustees approved a change in fiscal year end for the Funds from December 31 to September 30.

<sup>(3)</sup>

Represents data for the period January 1, 2021 to September 30, 2021. The management fee paid by each of State Street Income Fund and State Street U.S. Core Equity Fund for the period January 1, 2021 to December 31, 2021 was $2,531,468 and $8,180,213, respectively.

*<u>Sub-Administrator, Custody and Fund Accounting</u>* 

State Street serves as the sub-administrator for the Trust, pursuant to a sub-administration agreement dated June 1, 2015 (the "Sub-Administration Agreement"). State Street serves as the custodian for the Trust, pursuant to a custody agreement dated April 11, 2012 (the "Custody Agreement"). Under the Sub-Administration Agreement, State Street is obligated to provide certain sub-administrative services to the Trust. Under the Custody Agreement, State Street is obligated to provide certain custody services to the Trust, as well as basic portfolio recordkeeping required by the Trust for regulatory and financial reporting purposes. State Street is a wholly owned subsidiary of State Street Corporation, a publicly held financial holding company, and is affiliated with the Adviser. State Street's mailing address is State Street Financial Center, One Lincoln Street, Boston, Massachusetts 02111-2900.

State Street receives an annual fee from the Adviser (payable monthly), as consideration for sub-administration services provided to each Fund. As consideration for custody and fund accounting services, each Fund pays State Street an annual fee (payable monthly) based on the average monthly net assets of each Fund. Each Fund also pays State Street transaction and service fees for these services and reimburses State Street for out-of-pocket expenses.

------

The sub-administration and custodian fees paid by each Fund to State Street for the last three fiscal years are set forth in the table below:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **2022** | **2021**<sup>(1)(2)(3)</sup> | **2020**<sup>(1)</sup> |
| Income Fund | $254466 | $203841 | $286272 |
| U.S. Core Equity Fund | $539845 | $376315 | $340023 |

---

<sup>(1)</sup>

Information from January 1, 2016 until May 24, 2021 is for each Predecessor Fund, which was reorganized into each Fund effective May 24, 2021.

<sup>(2)</sup>

The Board of Trustees approved a change in fiscal year end for the Funds from December 31 to September 30.

<sup>(3)</sup>

Represents data for the period January 1, 2021 to September 30, 2021. The sub-administration and custodian fees paid by each of State Street Income Fund and State Street U.S. Core Equity Fund for the period January 1, 2021 to December 31, 2021 was $269,735 and $517,959, respectively.

<u>Transfer Agent and Dividend Paying Agent</u> 

U.S. Bancorp Fund Services, LLC, located at 615 East Michigan Street, Milwaukee, Wisconsin 53202-5207, serves as the transfer agent of the Funds' investments. As transfer agent, U.S. Bancorp Fund Services, LLC is responsible for processing purchase and redemption requests and crediting dividends to the accounts of shareholders of the Funds. For its services, U.S. Bancorp Fund Services, LLC receives monthly fees charged to the Funds.

***Code of Ethics*** 

The Adviser, SSGA FD and the Trust have each adopted a code of ethics (the Trust's code being referred to herein as the "Code of Ethics") under Rule 17j-1 of the 1940 Act. The Code of Ethics, by relying on the codes of the underlying service providers, permits personnel of the Funds' Adviser, Distributor and officers, subject to the provisions of the relevant code of ethics, to invest in securities, including securities that may be purchased or held by the Adviser or the Trust. Under the relevant code of ethics, all employees or officers who are deemed to be access persons (persons who have interaction with funds or accounts managed by the Adviser or SSGA FD as part of their job function) must pre-clear personal securities transactions. Each code of ethics is designed to ensure that employees conduct their personal securities transactions in a manner that does not create an actual or potential conflict of interest to the business or fiduciary responsibilities of the Trust's service providers or officers. In addition, the Code of Ethics establishes standards prohibiting the trading in or recommending of securities based on material, nonpublic information or the divulgence of such information to others.

<u>Payments to Financial Intermediaries</u> 

Financial intermediaries are firms that, for compensation, sell shares of mutual funds, including the Funds, and/or provide certain administrative and account maintenance services to mutual fund shareholders. Financial intermediaries may include, among others, brokers, financial planners or advisors, banks, and insurance companies. In some cases, a financial intermediary may hold its clients' Fund shares in nominee or street name. Shareholder services provided by a financial intermediary may (though they will not necessarily) include, among other things: processing and mailing trade confirmations, periodic statements, prospectuses, annual reports, semi-annual reports, shareholder notices, and other SEC-required communications; capturing and processing tax data; issuing and mailing dividend checks to shareholders who have selected cash distributions; preparing record date shareholder lists for proxy solicitations; collecting and posting distributions to shareholder accounts; and establishing and maintaining systematic withdrawals and automated investment plans and shareholder account registrations. Some portion of SSGA FD's payments to financial intermediaries will be made out of amounts received by SSGA FD under the Funds' Distribution Plans. In addition, the Funds may reimburse SSGA FD for payments SSGA FD makes to financial intermediaries that provide recordkeeping, shareholder servicing, sub-transfer agency, administrative and/or account maintenance services (collectively, "servicing"). The amount of the reimbursement for servicing compensation and the manner in which it is calculated are reviewed by the Trustees periodically.

The compensation paid by SSGA FD to a financial intermediary may be paid continually over time, during the period when the intermediary's clients hold investments in the Funds. The compensation to financial intermediaries may include networking fees and account-based fees. The amount of continuing compensation paid by SSGA FD to different financial intermediaries varies. In the case of most financial intermediaries, compensation for servicing in excess of any amount covered by payments under a Distribution Plan is generally paid at an annual rate of 0.10% – 0.20% of the aggregate average daily NAV of Fund shares held by that financial intermediary's customers, although in some cases the compensation may be paid at higher annual rates (which may, but will not necessarily, reflect enhanced or additional services provided by the financial intermediary). SSGA FD and its affiliates (including SSGA FM), at their own expense

------

and out of their own assets, may also provide compensation to financial intermediaries in connection with sales of the Funds' shares or the servicing of shareholders or shareholder accounts by financial intermediaries. Such compensation may include, but is not limited to, ongoing payments, financial assistance to financial intermediaries in connection with conferences, sales, or training programs for their employees, seminars for the public, advertising or sales campaigns, or other financial intermediary-sponsored special events. In some instances, this compensation may be made available only to certain financial intermediaries whose representatives have sold or are expected to sell significant amounts of shares. Financial intermediaries may not use sales of the Funds' shares to qualify for this compensation to the extent prohibited by the laws or rules of any state or any self-regulatory agency, such as FINRA. The level of payments made to a financial intermediary in any given year will vary and, in the case of most financial intermediaries, will not exceed 0.20% of the value of assets attributable to the financial intermediary invested in shares of funds in the SSGA FM-fund complex. In certain cases, the payments described in the preceding sentence are subject to minimum payment levels.

If payments to financial intermediaries by the distributor or adviser for a particular mutual fund complex exceed payments by other mutual fund complexes, your financial advisor and the financial intermediary employing him or her may have an incentive to recommend that fund complex over others. Please speak with your financial advisor to learn more about the total amounts paid to your financial advisor and his or her firm by SSGA FD and its affiliates, and by sponsors of other mutual funds he or she may recommend to you. You should also consult disclosures made by your financial intermediary at the time of purchase.

Because the Funds pay distribution, service and other fees for the sale of their shares and for services provided to shareholders out of the Funds' assets on an ongoing basis, over time those fees will increase the cost of an investment in a Fund.

A Fund may pay distribution fees, service fees and other amounts described above at a time when shares of the Fund are not being actively promoted to new investors generally, or when shares of that Fund are unavailable for purchase.

Set forth below is a list of those financial intermediaries to which SSGA FD (and its affiliates) expects, as of January 1, 2023, to pay compensation in the manner described in this "Payments to Financial Intermediaries" section. This list may change over time. Please contact your financial intermediary to determine whether it or its affiliate currently may be receiving such compensation and to obtain further information regarding any such compensation.

• Pershing LLC

• UBS Financial Services, Inc.

<u>Counsel and Independent Registered Public Accounting Firm</u> 

Ropes & Gray LLP serves as counsel to the Trust. The principal business address of Ropes & Gray LLP is 800 Boylston Street, Boston, Massachusetts 02199. Sullivan & Worcester LLP, located at One Post Office Square, Boston, Massachusetts 02109, serves as independent counsel to the Independent Trustees.

Ernst & Young LLP serves as the independent registered public accounting firm for the Trust and provides (i) audit services and (ii) tax services. In connection with the audit of the 2022 financial statements, the Trust entered into an engagement agreement with Ernst & Young LLP that sets forth the terms of Ernst & Young LLP's audit engagement. The principal business address of Ernst & Young LLP is 200 Clarendon Street, Boston, Massachusetts 02116.

**Portfolio Managers** 

The Adviser manages the Funds using a team of investment professionals. The following table lists the number and types of accounts managed by each of the key professionals involved in the day-to-day portfolio management for each Fund and assets under management in those accounts.

**Other Accounts Managed as of September 30, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **Registered**<br> **Investment**<br> **Company**<br> **Accounts**<br>| **Assets**<br> **Managed**<br> **(billions)**<br>| **Other Pooled**<br> **Investment**<br> **Vehicle** <br> **Accounts**<br>| **Assets**<br> **Managed**<br> **(billions)**<br>| **Total**<br> **Assets**<br> **Managed**<br> **(billions)**<br>|
| Paul Nestro | 6 | $3.23 | 17 | $1.37<br>11<sup>(1)</sup><br>$2.78<sup>(1)</sup> | $7.38 |
| Chris Sierakowski | 6 | $3.23 | 17 | $1.37<br>11<sup>(1)</sup><br>$2.78<sup>(1)</sup> | $7.38 |
| Michael Solecki | 6 | $3.23 | 17 | $1.37<br>11<sup>(1)</sup><br>$2.78<sup>(1)</sup> | $7.38 |
| Matthew Nest | 8 | $1.75 | 1 | $1.34<br>48<sup>(2)</sup> <br>$18.74<sup>(2)</sup> <br>| $21.83 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **Registered**<br> **Investment**<br> **Company**<br> **Accounts**<br>| **Assets**<br> **Managed**<br> **(billions)**<br>| **Other Pooled**<br> **Investment**<br> **Vehicle** <br> **Accounts**<br>| **Assets**<br> **Managed**<br> **(billions)**<br>| **Total**<br> **Assets**<br> **Managed**<br> **(billions)**<br>|
| James Palmieri | 8 | $1.75 | 1 | $1.34<br>48<sup>(2)</sup><br>$18.74<sup>(2)</sup> | $21.83 |

---

<sup>(1)</sup>

Includes 2 accounts (totaling $279.59 million in assets under management) with performance-based fees.

<sup>(</sup><sup>2</sup><sup>)</sup>

Includes 3 accounts (totaling $2.57 billion in assets under management) with performance-based fees.

None of the portfolio managers listed above beneficially owned shares of any Fund as of September 30, 2022.

A portfolio manager that has responsibility for managing more than one account may be subject to potential conflicts of interest because he or she is responsible for other accounts in addition to the Funds. Those conflicts could include preferential treatment of one account over others in terms of: (a) the portfolio manager's execution of different investment strategies for various accounts; or (b) the allocation of resources or of investment opportunities.

Portfolio managers may manage numerous accounts for multiple clients. These accounts may include registered investment companies, other types of pooled accounts (e.g., collective investment funds), and separate accounts (i.e., accounts managed on behalf of individuals or public or private institutions). Portfolio managers make investment decisions for each account based on the investment objectives and policies and other relevant investment considerations applicable to that portfolio. A potential conflict of interest may arise as a result of a portfolio manager's responsibility for multiple accounts with similar investment guidelines. Under these circumstances, a potential investment may be suitable for more than one of the portfolio manager's accounts, but the quantity of the investment available for purchase is less than the aggregate amount the accounts would ideally devote to the opportunity. Similar conflicts may arise when multiple accounts seek to dispose of the same investment. The portfolio managers may also manage accounts whose objectives and policies differ from that of the Funds. These differences may be such that under certain circumstances, trading activity appropriate for one account managed by the portfolio manager may have adverse consequences for another account managed by the portfolio manager. For example, an account may sell a significant position in a security, which could cause the market price of that security to decrease, while a Fund maintained its position in that security.

A potential conflict may arise when the portfolio managers are responsible for accounts that have different advisory fees – the difference in fees could create an incentive for the portfolio manager to favor one account over another, for example, in terms of access to investment opportunities. This conflict may be heightened if an account is subject to a performance based fee, as applicable. Another potential conflict may arise when the portfolio manager has an investment in one or more accounts that participate in transactions with other accounts. His or her investment(s) may create an incentive for the portfolio manager to favor one account over another. The Adviser has adopted policies and procedures reasonably designed to address these potential material conflicts. For instance, portfolio managers are normally responsible for all accounts within a certain investment discipline and do not, absent special circumstances, differentiate among the various accounts when allocating resources. Additionally, the Adviser and its advisory affiliates have processes and procedures for allocating investment opportunities among portfolios that are designed to provide a fair and equitable allocation. With respect to conflicts arising from personal investments, all employees, including portfolio managers, must comply with personal trading controls established by each of the Adviser's and Trust's Code of Ethics.

SSGA's culture is complemented and reinforced by a total rewards strategy that is based on a pay for performance philosophy which seeks to offer a competitive pay mix of base salary, benefits, cash incentives and deferred compensation.

Salary is based on a number of factors, including external benchmarking data and market trends, and performance both at the business and individual level. SSGA's Global Human Resources department regularly participates in compensation surveys in order to provide SSGA with market-based compensation information that helps support individual pay decisions.

Additionally, subject to State Street and SSGA business results, an incentive pool is allocated to SSGA to reward its employees. The size of the incentive pool for most business units is based on the firm's overall profitability and other factors, including performance against risk-related goals. For most SSGA investment teams, SSGA recognizes and rewards performance by linking annual incentive decisions for investment teams to the firm's or business unit's profitability and business unit investment performance over a multi-year period.

Incentive pool funding for most active investment teams is driven in part by the post-tax investment performance of fund(s) managed by the team versus the return levels of the benchmark index(es) of the fund(s) on a one-, three- and, in some cases, five-year basis. For most active investment teams, a material portion of incentive compensation for senior staff is

------

deferred over a four-year period into the SSGA Long-Term Incentive ("SSGA LTI") program. For these teams, The SSGA LTI program indexes the performance of these deferred awards against the post-tax investment performance of fund(s) managed by the team. This is intended to align our investment team's compensation with client interests, both through annual incentive compensation awards and through the long-term value of deferred awards in the SSGA LTI program.

For the index equity investment team, incentive pool funding is driven in part by the post-tax 1 and 3-year tracking error of the funds managed by the team against the benchmark indexes of the funds.

The discretionary allocation of the incentive pool to the business units within SSGA is influenced by market-based compensation data, as well as the overall performance of each business unit. Individual compensation decisions are made by the employee's manager, in conjunction with the senior management of the employee's business unit. These decisions are based on the overall performance of the employee and, as mentioned above, on the performance of the firm and business unit. Depending on the job level, a portion of the annual incentive may be awarded in deferred compensation, which may include cash and/or Deferred Stock Awards (State Street stock), which typically vest over a four-year period. This helps to retain staff and further aligns SSGA employees' interests with SSGA clients' and shareholders' long-term interests.

SSGA recognizes and rewards outstanding performance by:

• Promoting employee ownership to connect employees directly to the company's success.

• Using rewards to reinforce mission, vision, values and business strategy.

• Seeking to recognize and preserve the firm's unique culture and team orientation.

• Providing all employees the opportunity to share in the success of SSGA.

**Brokerage Allocation and Other Practices** 

All portfolio transactions are placed on behalf of a Fund by the Adviser. Purchases and sales of securities on a securities exchange are affected through brokers who charge a commission for their services. Ordinarily commissions are not charged on over the counter orders (e.g., fixed income securities) because the Funds pay a spread which is included in the cost of the security and represents the difference between the dealer's quoted price at which it is willing to sell the security and the dealer's quoted price at which it is willing to buy the security. When a Fund executes an over the counter order with an electronic communications network or an alternative trading system, a commission is charged by such electronic communications networks and alternative trading systems as they execute such orders on an agency basis. Securities may be purchased from underwriters at prices that include underwriting fees.

In placing a portfolio transaction, the Adviser seeks to achieve best execution. The Adviser's duty to seek best execution requires the Adviser to take reasonable steps to obtain for the client as favorable an overall result as possible for Fund portfolio transactions under the circumstances, taking into account various factors that are relevant to the particular transaction.

The Adviser refers to and selects from the list of approved trading counterparties maintained by the Adviser's Credit Risk Management team. In selecting a trading counterparty for a particular trade, the Adviser seeks to weigh relevant factors including, but not limited to the following:

• Prompt and reliable execution;

• The competitiveness of commission rates and spreads, if applicable;

• The financial strength, stability and/or reputation of the trading counterparty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The willingness and ability of the executing trading counterparty to execute transactions (and commit capital) of size in liquid and illiquid markets without disrupting the market for the security;

• Local laws, regulations or restrictions;

• The ability of the trading counterparty to maintain confidentiality;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The availability and capability of execution venues, including electronic communications networks for trading and execution management systems made available to Adviser;

• Market share;

• Liquidity;

• Price;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Execution related costs;

• History of execution of orders;

• Likelihood of execution and settlement;

• Order size and nature;

• Clearance and settlement capabilities, especially in high volatility market environments;

• Availability of lendable securities;

• Sophistication of the trading counterparty's trading capabilities and infrastructure/facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The operational efficiency with which transactions are processed and cleared, taking into account the order size and complexity;

• Speed and responsiveness to the Adviser;

• Access to secondary markets;

• Counterparty exposure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Depending upon the circumstances, the Adviser may take other relevant factors into account if the Adviser believes that these are important in taking all sufficient steps to obtain the best possible result for execution of the order.

In selecting a trading counterparty, the price of the transaction and costs related to the execution of the transaction typically merit a high relative importance, depending on the circumstances. The Adviser does not necessarily select a trading counterparty based upon price and costs but may take other relevant factors into account if it believes that these are important in taking reasonable steps to obtain the best possible result for a Fund under the circumstances. Consequently, the Adviser may cause a client to pay a trading counterparty more than another trading counterparty might have charged for the same transaction in recognition of the value and quality of the brokerage services provided. The following matters may influence the relative importance that the Adviser places upon the relevant factors:

&nbsp;&nbsp;&nbsp;&nbsp;(i) The nature and characteristics of the order or transaction. For example, size of order, market impact of order, limits, or other instructions relating to the order;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) The characteristics of the financial instrument(s) or other assets which are the subject of that order. For example, whether the order pertains to an equity, fixed income, derivative or convertible instrument;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) The characteristics of the execution venues to which that order can be directed, if relevant. For example, availability and capabilities of electronic trading systems;

&nbsp;&nbsp;&nbsp;&nbsp;(iv) Whether the transaction is a 'delivery versus payment' or 'over the counter' transaction. The creditworthiness of the trading counterparty, the amount of existing exposure to a trading counterparty and trading counterparty settlement capabilities may be given a higher relative importance in the case of 'over the counter' transactions; and/or

&nbsp;&nbsp;&nbsp;&nbsp;(v) Any other circumstances that the Adviser believes are relevant at the time.

The process by which trading counterparties are selected to effect transactions is designed to exclude consideration of the sales efforts conducted by broker-dealers in relation to the Funds.

The brokerage commissions paid by the Funds for the last three fiscal years are set forth in the table below:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **2022** | **2021**<sup>(1)(2)(3)</sup> <br>| **2020**<sup>(1)</sup> |
| Income Fund | $36639 | $31015 | $50154 |
| U.S. Core Equity Fund | $894682 | $731354 | $1108374 |

---

<sup>(1)</sup>

Information from January 1, 2016 until May 24, 2021 is for each Predecessor Fund, which was reorganized into each Fund effective May 24, 2021.

<sup>(2)</sup>

The Board of Trustees approved a change in fiscal year end for the Funds from December 31 to September 30.

<sup>(3)</sup>

Represents data for the period January 1, 2021 to September 30, 2021. The brokerage commissions paid by each of State Street Income Fund and State Street U.S. Core Equity Fund for the period January 1, 2021 to December 31, 2021 was $39,767 and $943,694, respectively.

**For the U.S. Core Equity Fund only:** With respect only to the U.S. Core Equity Fund (the "Stamford Active Fundamental Equity Fund"), which is managed through the Adviser's Stamford, Connecticut-based Active Fundamental Equity business, the Adviser uses "soft" or equity commission dollars for the purchase of third party research permissible under Section

------

28(e) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Research services received by the Adviser on behalf of its Stamford Active Fundamental Equity Fund includes, among other things, research reports and analysis, stock specific and sector research, market color, market data and regulatory analysis.

**For Funds <u>other than</u> the Stamford Active Fundamental Equity Fund (the "Non-Stamford Active Fundamental Equity Fund"):** The Adviser does not currently use the Non-Stamford Active Fundamental Equity Fund's assets in connection with third party soft dollar arrangements. While the Adviser does not currently use "soft" or commission dollars paid by the Non-Stamford Active Fundamental Equity Fund for the purchase of third party research, the Adviser reserves the right to do so in the future.

The following table shows the dollar amount of brokerage commissions paid by the Funds to firms that provided research and brokerage services and the approximate dollar amount of transactions involved during the fiscal year ended September 30, 2022. Information from January 1, 2016 until May 24, 2021 is for each Predecessor Fund, which was reorganized into each Fund effective May 24, 2021. Funds that are not listed paid no brokerage commissions to firms for such services.

---

| | | |
|:---|:---|:---|
| **Fund** | **Commissions Paid to**<br> **Firms for Brokerage**<br> **and Research Services**<br>| **Total Amount of**<br> **Transactions**<br> **to Firms for Brokerage**<br> **and Research Services**<br>|
| U.S. Core Equity Fund | $506841 | $3632427255 |

---

The following table shows the dollar amount of brokerage commissions paid to each firm that provided research and brokerage services obtained in compliance with Section 28(e) of the Exchange Act, and the approximate dollar amount of transactions involved during the fiscal year ended September 30, 2022.

---

| | | |
|:---|:---|:---|
| **Firm** | **Commissions Paid to**<br> **Firm for Brokerage**<br> **and Research Services**<br>| **Total Amount of**<br> **Transactions for**<br> **Brokerage and**<br> **Research Services**<br>|
| Fidelity | $127802 | $830200740 |
| Goldman Sachs | $64132 | $649074940 |
| Citigroup | $65479 | $410130216 |
| UBS | $37809 | $325539101 |
| JP Morgan | $42040 | $293220416 |
| Cantor, Fitzgerald | $52215 | $259683699 |
| BofA Merrill Lynch | $26060 | $212906454 |
| Morgan Stanley | $39033 | $195700187 |
| Instinet | $24360 | $189922129 |
| Virtu | $14365 | $175579782 |
| Credit Suisse | $10396 | $63601229 |
| Weeden | $2425 | $17219679 |
| Scotia | $353 | $7113115 |
| Barclays | $372 | $2535567 |

---

Securities of "Regular Broker-Dealer." Each Fund is required to identify any securities of its "regular brokers and dealers" (as such term is defined in the 1940 Act) which it may hold at the close of its most recent fiscal year. "Regular brokers or dealers" of the Fund are the ten brokers or dealers that, during the most recent fiscal year: (i) received the greatest dollar amounts of brokerage commissions from the Fund's portfolio transactions; (ii) engaged as principal in the largest dollar amounts of portfolio transactions of the Fund; or (iii) sold the largest dollar amounts of the Fund's shares.

The Funds' holdings in Securities of Regular Broker-Dealers as of September 30, 2022 are as follows. Information from January 1, 2016 until May 24, 2021 is for each Predecessor Fund, which was reorganized into each Fund effective May 24, 2021.

---

| | | |
|:---|:---|:---|
| **Fund** | **Broker Security** | **Market Value** |
| Income Fund | The Goldman Sachs Group Inc. | $5361272 |
| U.S. Core Equity Fund | JPMorgan Chase & Co. | $43194971 |

---

------

Portfolio turnover may vary from year to year, as well as within a year. High turnover rates are likely to result in comparatively greater brokerage expenses or transaction costs. The overall reasonableness of brokerage commissions and transaction costs is evaluated by the Adviser based upon its knowledge of available information as to the general level of commissions and transaction costs paid by other institutional investors for comparable services.

------

**Declaration of Trust, Capital Stock and Other Information** 

*Capitalization* 

Under the Declaration of Trust, the Trustees are authorized to issue an unlimited number of shares of each Fund. Upon liquidation or dissolution of a Fund, investors are entitled to share pro rata in the Fund's net assets available for distribution to its investors. Investments in a Fund have no preference, preemptive, conversion or similar rights, except as determined by the Trustees or as set forth in the Bylaws, and are fully paid and non-assessable, except as set forth below.

*Declaration of Trust* 

The Declaration of Trust of the Trust provides that the Trust may redeem shares of a Fund at the redemption price that would apply if the share redemption were initiated by a shareholder. It is the policy of the Trust that, except upon such conditions as may from time to time be set forth in the then current prospectus of the Trust or to facilitate the Trust's or a Fund's compliance with applicable law or regulation, the Trust would not initiate a redemption of shares unless it were to determine that failing to do so may have a substantial adverse consequence for a Fund or the Trust.

The Trust's Declaration of Trust provides that a Trustee who is not an "interested person" (as defined in the 1940 Act) of the Trust will be deemed independent and disinterested with respect to any demand made in connection with a derivative action or proceeding. It is the policy of the Trust that it will not assert that provision to preclude a shareholder from claiming that a trustee is not independent or disinterested with respect to any demand made in connection with a derivative action or proceeding; provided, however, that the foregoing policy will not prevent the Trust from asserting applicable law (including Section 2B of Chapter 182 of the Massachusetts General Laws) to preclude a shareholder from claiming that a trustee is not independent or disinterested with respect to any demand made in connection with a derivative action or proceeding.

The Trust will not deviate from the foregoing policies in a manner that adversely affects the rights of shareholders of a Fund without the approval of "a vote of a majority of the outstanding voting securities" (as defined in the 1940 Act) of such Fund.

*Voting* 

Each investor is entitled to a vote in proportion to the number of Fund shares it owns. Shares do not have cumulative voting rights in the election of Trustees, and investors holding more than 50% of the aggregate outstanding shares in the Trust may elect all of the Trustees if they choose to do so. The Trust is not required and has no current intention to hold annual meetings of investors but the Trust will hold special meetings of shareholders when in the judgment of the Trustees it is necessary or desirable to submit matters for a shareholder vote.

*Massachusetts Business Trust* 

Under Massachusetts law, shareholders in a Massachusetts business trust could, under certain circumstances, be held personally liable for the obligations of the trust. However, the Declaration of Trust disclaims shareholder liability for acts or obligations of the Trust and provides for indemnification out of the property of the applicable series of the Trust for any loss to which the shareholder may become subject by reason of being or having been a shareholder of that series and for reimbursement of the shareholder for all expense arising from such liability. Thus the risk of a shareholder incurring financial loss on account of shareholder liability should be limited to circumstances in which the series would be unable to meet its obligations.

**Pricing of Shares** 

Each class has a share price, called its NAV. The price per share for each class of each Fund is determined each business day (unless otherwise noted) at the close of the New York Stock Exchange ("NYSE") (ordinarily 4:00 p.m. Eastern time).

Pricing of shares of the Funds does not occur on New York Stock Exchange ("NYSE") holidays. The NYSE is open for trading every weekday except for: (a) the following holidays: New Year's Day, Martin Luther King, Jr.'s Birthday, Washington's Birthday (the third Monday in February), Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas; and (b) the preceding Friday or the subsequent Monday when one of the calendar-determined holidays falls on a Saturday or Sunday, respectively. Purchases and withdrawals will be effected at the time of determination of NAV next following the receipt of any purchase or withdrawal order which is determined to be in good order.

------

The Funds' securities will be valued pursuant to guidelines established by the Board of Trustees.

**Taxation of the Funds** 

The following discussion of U.S. federal income tax consequences of an investment in the Funds is based on the Code, U.S. Treasury regulations, and other applicable authority, as of the date of this SAI. These authorities are subject to change by legislative or administrative action, possibly with retroactive effect. The following discussion is only a summary of some of the important U.S. federal income tax considerations generally applicable to investments in the Funds. There may be other tax considerations applicable to particular shareholders. Shareholders should consult their own tax advisors regarding their particular situation and the possible application of foreign, state and local tax laws.

Special tax rules apply to investments through defined contribution plans and other tax-qualified plans or tax-advantaged arrangements. Shareholders should consult their tax advisers to determine the suitability of shares of a Fund as an investment through such plans and arrangements and the precise effect of an investment on their particular tax situations.

<u>Qualification as a Regulated Investment Company</u> 

Each Fund has elected or intends to elect to be treated as a RIC under Subchapter M of the Code and intends each year to qualify and be eligible to be treated as such. In order to qualify for the special tax treatment accorded RICs and their shareholders, each Fund must, among other things, (a) derive at least 90% of its gross income for each taxable year from (i) dividends, interest, payments with respect to certain securities loans, gains from the sale of securities or foreign currencies, or other income (including but not limited to gains from options, futures or forward contracts) derived with respect to its business of investing in such stock, securities or currencies and (ii) net income derived from interests in "qualified publicly traded partnerships" (as defined below); (b) diversify its holdings so that, at the end of each quarter of the Fund's taxable year, (i) at least 50% of the value of the Fund's total assets consists of cash and cash items, U.S. Government securities, securities of other RICs, and other securities limited in respect of any one issuer to a value not greater than 5% of the value of the Fund's total assets and no more than 10% of the outstanding voting securities of such issuer, and (ii) no more than 25% of its assets are invested, including through corporations in which the Fund owns a 20% or more voting stock interest, (x) in the securities (other than those of the U.S. Government or other RICs) of any one issuer or of two or more issuers which the Fund controls and which are engaged in the same, similar or related trades and businesses, or (y) in the securities of one or more qualified publicly traded partnerships (as defined below); and (c) distribute with respect to each taxable year at least 90% of the sum of its investment company taxable income (as that term is defined in the Code without regard to the deduction for dividends paid — generally taxable ordinary income and the excess, if any, of net short-term capital gains over net long-term capital losses) and net tax-exempt income, for such year.

In general, for purposes of the 90% gross income requirement described in (a) above, income derived from a partnership will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership which would be qualifying income if realized directly by the RIC. However, 100% of the net income derived from an interest in a "qualified publicly traded partnership" (a partnership (x) the interests in which are traded on an established securities market or are readily tradable on a secondary market or the substantial equivalent thereof, and (y) that derives less than 90% of its income from the qualifying income described in section (a)(i) of the preceding paragraph), will be treated as qualifying income. In general, such entities will be treated as partnerships for federal income tax purposes, because they meet the passive income requirement under Code Section 7704(c)(2). Further, although in general the passive loss rules of the Code do not apply to RICs, such rules do apply to a RIC with respect to items attributable to an interest in a qualified publicly traded partnership.

For purposes of the diversification test in (b) above, the term "outstanding voting securities of such issuer" will include the equity securities of a qualified publicly traded partnership. Also, for purposes of the diversification test in (b) above, the identification of the issuer (or, in some cases, issuers) of a particular investment can depend on the terms and conditions of that investment. In some cases, identification of the issuer (or issuers) is uncertain under current law, and an adverse determination or future guidance by the Internal Revenue Service ("IRS") with respect to issuer identification for a particular type of investment may adversely affect a Fund's ability to meet the diversification test in (b) above.

If a Fund qualifies as a RIC that is accorded special tax treatment, the Fund will not be subject to federal income tax on income or gains distributed in a timely manner to its shareholders in the form of dividends (including Capital Gain Dividends, as defined below). If a Fund were to fail to meet the income, diversification or distribution test described above, the Fund could in some cases cure such failure, including by paying a Fund-level tax, paying interest or disposing of certain assets. If such Fund were ineligible to or otherwise did not cure such failure for any year, or if such Fund were

------

otherwise to fail to qualify as a RIC accorded special tax treatment in any taxable year, the Fund would be subject to tax at the Fund level on its taxable income at corporate rates, and all distributions from earnings and profits, including any distributions of net tax-exempt income (if any) and net capital gains (as defined below), would be taxable to shareholders as ordinary income. Some portions of such distributions may be eligible for the dividends-received deduction in the case of corporate shareholders and may be eligible to be treated as "qualified dividend income" in the case of shareholders taxed as individuals, provided, in both cases, the shareholder meets certain holding period and other requirements in respect of a Fund's shares (each as described below). In addition, a Fund could be required to recognize unrealized gains, pay substantial taxes and interest and make substantial distributions before re-qualifying as a RIC that is accorded special tax treatment.

Each Fund intends to distribute at least annually to its shareholders all or substantially all of its investment company taxable income (computed without regard to the dividends-paid deduction) and its net tax-exempt income (if any), and may distribute its net capital gain (that is, the excess of net long-term capital gain over net short-term capital loss, in each case determined with reference to any loss carryforwards). Any taxable income retained by a Fund will be subject to tax at the Fund level at regular corporate rates. If a Fund retains any net capital gain, it will be subject to tax at regular corporate rates on the amount retained, but it is permitted to designate the retained amount as undistributed capital gain in a timely notice to its shareholders who (a) will be required to include in income for federal income tax purposes, as long-term capital gain, their shares of such undistributed amount, and (b) will be entitled to credit their proportionate shares of the tax paid by the Fund on such undistributed amount against their federal income tax liabilities, if any, and to claim refunds on a properly-filed U.S. tax return to the extent the credit exceeds such liabilities. If a Fund makes this designation, for U.S. federal income tax purposes, the tax basis of shares owned by a shareholder of the Fund will be increased by an amount equal to the difference between the amount of undistributed capital gains included in the shareholder's gross income under clause (a) of the preceding sentence and the tax deemed paid by the shareholder under clause (b) of the preceding sentence. The Funds are not required to, and there can be no assurance a Fund will, make this designation if it retains all or a portion of its net capital gain in a taxable year.

In determining its net capital gain, including in connection with determining the amount available to support a Capital Gain Dividend (as defined below), its taxable income, and its earnings and profits, a RIC generally may elect to treat part or all of any post-October capital loss (defined as any net capital loss attributable to the portion, if any, of the taxable year after October 31 or, if there is no such loss, the net long-term capital loss or net short-term capital loss attributable to any such portion of the taxable year) or late-year ordinary loss (generally, the sum of its (i) net ordinary loss, if any, from the sale, exchange or other taxable disposition of property, attributable to the portion, if any, of the taxable year after October 31, and its (ii) other net ordinary loss, if any, attributable to the portion, if any, of the taxable year after December 31) as if incurred in the succeeding taxable year.

If a Fund were to fail to distribute in a calendar year at least an amount equal, in general, to the sum of 98% of its ordinary income for such year and 98.2% of its capital gain net income for the one-year period ending October 31 of such year (or November 30 or December 31, if the Fund is eligible to elect and so elects), plus any such amounts retained from the prior year, the Fund would be subject to a nondeductible 4% excise tax on the undistributed amounts. For purposes of the required excise tax distribution, a RIC's ordinary gains and losses from the sale, exchange or other taxable disposition of property that would otherwise be taken into account after October 31 of a calendar year (or November 30 of that year, if the Fund makes the election referred to above) generally are treated as arising on January 1 of the following calendar year; in the case of a Fund with a December 31 year end that makes the election described above, no such gains or losses will be so treated. Also, for these purposes, a Fund will be treated as having distributed any amount on which it is subject to corporate income tax for the taxable year ending within the calendar year. Each Fund intends generally to make distributions sufficient to avoid imposition of the excise tax, although there can be no assurance that it will be able to do so. Distributions declared by a Fund during October, November and December to shareholders of record on a date in any such month and paid by the Fund during the following January will be treated for federal tax purposes as paid by the Fund and received by shareholders on December 31 of the year in which declared.

Capital losses in excess of capital gains ("net capital losses") are not permitted to be deducted against a Fund's net investment income. Instead, potentially subject to certain limitations, a Fund may carry net capital losses from any taxable year forward to subsequent taxable years to offset capital gains, if any, realized during such subsequent taxable years. Distributions from capital gains are generally made after applying any available capital loss carryforwards. Capital loss carryforwards are reduced to the extent they offset current-year net realized capital gains, whether the Fund retains or distributes such gains. A Fund may carry net capital losses forward to one or more subsequent taxable years without

------

expiration; any such carryforward losses will retain their character as short-term or long-term. The Fund must apply such carryforwards first against gains of the same character. See a Fund's most recent annual shareholder report for the Fund's available capital loss carryovers as of the end of its most recently ended fiscal year.

<u>Taxation of Distributions Received by Shareholders</u> 

For U.S. federal income tax purposes, distributions of investment income are generally taxable to shareholders as ordinary income. Taxes on distributions of capital gains are determined by how long a Fund has owned (or is deemed to have owned) the investments that generated them, rather than how long a shareholder has owned his or her Fund shares. In general, a Fund will recognize long-term capital gain or loss on the disposition of assets the Fund has owned (or is deemed to have owned) for more than one year , and short-term capital gain or loss on the disposition of investments the Fund has owned (or is deemed to have owned) for one year or less. Distributions of net capital gain (that is, the excess of net long-term capital gain over net short-term capital loss) that are properly reported by a Fund as capital gain dividends ("Capital Gain Dividends") generally will be taxable to a shareholder receiving such distributions as long-term capital gains includible in net capital gain, and taxed to individuals at reduced rates relative to ordinary income. Distributions from capital gains are generally made after applying any available capital loss carryovers. The IRS and the Department of the Treasury have issued regulations that impose special rules in respect of Capital Gain Dividends received through partnership interests constituting "applicable partnership interests" under Section 1061 of the Code. Distributions of net short-term capital gain (as reduced by any net long-term capital loss for the taxable year) will be taxable to shareholders as ordinary income. Distributions of investment income properly reported by a Fund as derived from "qualified dividend income" will be taxed in the hands of individuals at the rates applicable to net capital gain, provided holding period and other requirements are met at both the shareholder and Fund level.

The Code generally imposes a 3.8% Medicare contribution tax on the net investment income of certain individuals, trusts and estates to the extent their income exceeds certain threshold amounts. For these purposes, "net investment income" generally includes, among other things, (i) distributions paid by a Fund of net investment income and capital gains, and (ii) any net gain from the sale, redemption, exchange or other taxable disposition of Fund shares. Shareholders are advised to consult their tax advisors regarding the possible implications of this additional tax on their investment in a Fund.

If a Fund makes a distribution to a shareholder in excess of the Fund's current and accumulated earnings and profits in any taxable year, the excess distribution will be treated as a return of capital to the extent of such shareholder's tax basis in its shares, and thereafter as capital gain. A return of capital is not taxable, but it reduces a shareholder's tax basis in its shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition by the shareholder of its shares.

Shareholders of a Fund will be subject to federal income taxes as described herein on distributions made by the Fund whether received in cash or reinvested in additional shares of the Fund.

Distributions with respect to a Fund's shares are generally subject to U.S. federal income tax as described herein to the extent they do not exceed the Fund's realized income and gains, even though such distributions may economically represent a return of a particular shareholder's investment. Such distributions are likely to occur in respect of shares purchased at a time when a Fund's NAV includes either unrealized gains, or realized but undistributed income or gains, that were therefore included in the price the shareholder paid. Such distributions may reduce the fair market value of the Fund's shares below the shareholder's cost basis in those shares. As described above, a Fund is required to distribute realized income and gains regardless of whether the Fund's NAV also reflects unrealized losses.

In order for some portion of the dividends received by a Fund shareholder to be "qualified dividend income," the Fund must meet holding period and other requirements with respect to the dividend-paying stocks held by the Fund and the shareholder must meet holding period and other requirements with respect to the Fund's shares. In general, a dividend will not be treated as qualified dividend income (a) if the dividend is received with respect to any share of stock held for fewer than 61 days during the 121-day period beginning on the date which is 60 days before the date on which such share becomes ex-dividend with respect to such dividend (or, in the case of certain preferred stock, 91 days during the 181-day period beginning 90 days before such date), (b) to the extent that the recipient is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property, (c) if the recipient elects to have the dividend income treated as investment income for purposes of the limitation on deductibility of investment interest, or (d) if the dividend is received from a foreign corporation that is (i) not eligible for the benefits of a comprehensive income tax treaty with the United States (with the exception of dividends paid on stock of such a foreign corporation readily tradable on an established securities market in the United States) or (ii) treated as a passive foreign investment company ("PFIC").

------

In general, distributions of investment income properly reported by a Fund as derived from qualified dividend income will be treated as qualified dividend income in the hands of a shareholder taxed as an individual, provided the shareholder meets the holding period and other requirements described above with respect to the Fund's shares. If the aggregate qualified dividends received by a Fund during any taxable year are 95% or more of the Fund's gross income (excluding net long-term capital gain over net short-term capital loss), then 100% of the Fund's dividends (other than dividends properly reported as Capital Gain Dividends) will be eligible to be treated as qualified dividend income.

In general, dividends of net investment income received by corporate shareholders of a Fund will qualify for the dividends-received deduction generally available to corporations to the extent of the amount of eligible dividends received by a Fund from domestic corporations for the taxable year. A dividend received by the fund will not be treated as a dividend eligible for the dividends-received deduction (a) if it has been received with respect to any share of stock that the Fund has held for less than 46 days (91 days in the case of certain preferred stock) during the 91-day period beginning on the date which is 45 days before the date on which such share becomes ex-dividend with respect to such dividend (during the 181-day period beginning 90 days before such date in the case of certain preferred stock) or (b) to the extent that the Fund is under an obligation (pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property. Finally, the dividends-received deduction may otherwise be disallowed or reduced (x) if the corporate shareholder fails to satisfy the foregoing requirements with respect to its shares of the Fund or (y) by application of various provisions of the Code (for instance, the dividends-received deduction is reduced in the case of a dividend received on debt-financed portfolio stock (generally, stock acquired with borrowed funds)).

Any distribution of income that is attributable to (a) income received by a Fund in lieu of dividends with respect to securities on loan pursuant to a securities lending transaction or (b) dividend income received by a Fund on securities it temporarily purchased from a counterparty pursuant to a repurchase agreement that is treated for U.S. federal income tax purposes as a loan by the Fund, will not constitute qualified dividend income to individual shareholders and will not be eligible for the dividends-received deduction for corporate shareholders.

Distributions by a Fund to its shareholders that the Fund properly reports as "section 199A dividends," as defined and subject to certain conditions described below, are treated as qualified REIT dividends in the hands of non-corporate shareholders. Non-corporate shareholders are permitted a federal income tax deduction equal to 20% of qualified REIT dividends received by them, subject to certain limitations. Very generally, a "section 199A dividend" is any dividend or portion thereof that is attributable to certain dividends received by a RIC from REITs, to the extent such dividends are properly reported as such by the RIC in a written notice to its shareholders. A section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying RIC shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. A Fund is permitted to report such part of its dividends as section 199A dividends as are eligible, but is not required to do so.

If a Fund holds, directly or indirectly, one or more "tax credit bonds" issued on or before December 31, 2017, on one or more applicable dates during a taxable year, the Fund may elect to permit its shareholders to claim a tax credit on their income tax returns equal to each shareholder's proportionate share of tax credits from the bond otherwise allowed to the Fund. In such a case, a shareholder will be deemed to receive a distribution of money with respect to its Fund shares equal to its proportionate share of the amount of such credits and be allowed a credit against its U.S. federal income tax liability equal to the amount of such deemed distribution. A shareholder's ability to claim a tax credit associated with one or more tax credit bonds may be subject to certain limitations imposed by the Code, and the amount of the tax credits may not exceed the amount reported by the Fund in a written notice to shareholders. Even if a Fund is eligible to pass through tax credits to shareholders, the Fund may choose not to do so.

As required by federal law, detailed federal tax information with respect to each calendar year will be furnished to each shareholder early in the succeeding year.

<u>Tax Implications of Certain Fund Investments</u> 

*Special Rules for Debt Obligations.* Some debt obligations with a fixed maturity date of more than one year from the date of issuance (and zero-coupon debt obligations with a fixed maturity date of more than one year from the date of issuance) will be treated as debt obligations that are issued originally at a discount. Generally, OID is treated as interest income and is included in a Fund's income and required to be distributed by the Fund over the term of the debt obligation, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt obligation. In addition, payment-in-kind obligations will give rise to income which is required to be distributed and is taxable even though the Fund holding the obligation receives no interest payment in cash on the obligation during the year.

------

Some debt obligations with a fixed maturity date of more than one year from the date of issuance that are acquired in the secondary market by a Fund may be treated as having "market discount." Very generally, market discount is the excess of the stated redemption price of a debt obligation (or in the case of an obligation issued with OID, its "revised issue price") over the purchase price of such obligation. Subject to the discussion below regarding Section 451 of the Code, (i) generally, any gain recognized on the disposition of, and any partial payment of principal on, a debt obligation having market discount is treated as ordinary income to the extent the gain, or principal payment, does not exceed the "accrued market discount" on such debt obligation, (ii) alternatively, a Fund may elect to accrue market discount currently, in which case the Fund will be required to include the accrued market discount in income (as ordinary income) and thus distribute it over the term of the debt obligation, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt obligation, and (iii) the rate at which the market discount accrues, and thus is included in a Fund's income, will depend upon which of the permitted accrual methods the Fund elects. Notwithstanding the foregoing, effective for taxable years beginning after 2017, Section 451 of the Code generally requires any accrual method taxpayer to take into account items of gross income no later than the time at which such items are taken into account as revenue in the taxpayer's financial statements. The IRS and the Department of Treasury issued final regulations providing that this rule does not apply to accrued market discount. If this rule were to apply to the accrual of market discount, each Fund would be required to include in income any market discount as it takes the same into account on its financial statements, even if the Fund does not otherwise elect to accrue market discount currently for federal income tax purposes.

If a Fund holds the foregoing kinds of obligations, or other obligations subject to special rules under the Code, the Fund may be required to pay out as an income distribution each year an amount which is greater than the total amount of cash interest the Fund actually received. Such distributions may be made from the cash assets of the Fund or, if necessary, by disposition of portfolio securities including at a time when it may not be advantageous to do so. These dispositions may cause a Fund to realize higher amounts of short-term capital gains (generally taxed to shareholders at ordinary income tax rates) and, in the event the Fund realizes net capital gains from such transactions, its shareholders may receive a larger Capital Gain Dividend than they would have if the Fund had not held such obligations.

A portion of the OID accrued on certain high yield discount obligations may not be deductible to the issuer and will instead be treated as a dividend paid by the issuer for purposes of the dividends-received deduction. In such cases, if the issuer of the high yield discount obligations is a domestic corporation, dividend payments by a Fund may be eligible for the dividends-received deduction to the extent attributable to the deemed dividend portion of such OID.

*Securities Purchased at a Premium.* Very generally, where a Fund purchases a bond at a price that exceeds the redemption price at maturity – that is, at a premium — the premium is amortizable over the remaining term of the bond. In the case of a taxable bond, if a Fund makes an election applicable to all such bonds it purchases, which election is irrevocable without consent of the IRS, the Fund reduces the current taxable income from the bond by the amortized premium and reduces its tax basis in the bond by the amount of such offset; upon the disposition or maturity of such bonds acquired on or after January 4, 2013, the Fund is permitted to deduct any remaining premium allocable to a prior period.

*At-risk or Defaulted Securities.* Investments in debt obligations that are at risk of or in default present special tax issues for the Funds. Tax rules are not entirely clear about issues such as when a Fund may cease to accrue interest, OID or market discount; whether, when or to what extent the Fund should recognize market discount on such a debt obligation; when and to what extent a Fund may take deductions for bad debts or worthless securities; and how a Fund should allocate payments received on obligations in default between principal and income. These and other related issues will be addressed by a Fund when, as and if it invests in such securities, in order to seek to ensure that it distributes sufficient income to preserve its status as a RIC and does not become subject to U.S. federal income or excise tax.

*Certain Investments in REITs.* Any investment by a Fund in equity securities of REITs qualifying as such under Subchapter M of the Code may result in the Fund's receipt of cash in excess of the REIT's earnings; if the Fund distributes these amounts, these distributions could constitute a return of capital to Fund shareholders for U.S. federal income tax purposes. Dividends received by a Fund from a REIT will not qualify for the corporate dividends-received deduction and generally will not constitute qualified dividend income.

*Certain Investments in Mortgage Pooling Vehicles.* Certain Funds may invest directly or indirectly in residual interests in real estate mortgage investment conduits ("REMICs") (including by investing in residual interests in CMOs with respect to which an election to be treated as a REMIC is in effect) or equity interests in taxable mortgage pools ("TMPs"). Under a notice issued by the IRS in October 2006 and Treasury regulations that have yet to be issued but may apply retroactively, a portion of a Fund's income (including income allocated to the Fund from certain pass-through entities) that is

------

attributable to a residual interest in a REMIC or an equity interest in a TMP (referred to in the Code as an "excess inclusion") will be subject to U.S. federal income tax in all events. This notice also provides, and the regulations are expected to provide, that excess inclusion income of a RIC, such as a Fund, will be allocated to shareholders of the RIC in proportion to the dividends received by such shareholders, with the same consequences as if the shareholders held the related interest directly. As a result, a RIC investing in such securities may not be a suitable investment for charitable remainder trusts ("CRTs"), as noted below.

In general, excess inclusion income allocated to shareholders (i) cannot be offset by net operating losses (subject to a limited exception for certain thrift institutions), (ii) will constitute unrelated business taxable income ("UBTI") to entities (including a qualified pension plan, an individual retirement account, a 401(k) plan, a Keogh plan or other tax-exempt entity) subject to tax on UBTI, thereby potentially requiring such an entity that is allocated excess inclusion income, and that otherwise might not be required to file a tax return, to file a tax return and pay tax on such income, and (iii) in the case of a foreign shareholder will not qualify for any reduction in U.S. federal withholding tax. A shareholder will be subject to U.S. federal income tax on such inclusions notwithstanding any exemption from such income tax otherwise available under the Code.

*Foreign Currency Transactions.* Any transaction by a Fund in foreign currencies, foreign currency-denominated debt obligations or certain foreign currency options, futures contracts or forward contracts (or similar instruments) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned. Any such net gains could require a larger dividend toward the end of the calendar year. Any such net losses will generally reduce and potentially require the recharacterization of prior ordinary income distributions. Such ordinary income treatment may accelerate a Fund's distributions to shareholders and increase the distributions taxed to shareholders as ordinary income. Any net ordinary losses so created cannot be carried forward by the Fund to offset income or gains earned in subsequent taxable years.

*Passive Foreign Investment Companies.* Equity investments by a Fund in certain PFICs could potentially subject the Fund to a U.S. federal income tax (including interest charges) on distributions received from the company or on proceeds received from the disposition of shares in the company. This tax cannot be eliminated by making distributions to Fund shareholders. However, a Fund may elect to avoid the imposition of that tax. For example, a Fund may elect to treat a PFIC as a "qualified electing fund" (i.e., make a "QEF election"), in which case the Fund will be required to include its share of the PFIC's income and net capital gains annually, regardless of whether it receives any distribution from the PFIC. A Fund also may make an election to mark the gains (and to a limited extent losses) in such holdings "to the market" as though it had sold (and, solely for purposes of this mark-to-market election, repurchased) its holdings in those PFICs on the last day of the Fund's taxable year. Such gains and losses are treated as ordinary income and loss. The QEF and mark-to-market elections may accelerate the recognition of income (without the receipt of cash) and increase the amount required to be distributed by the Fund to avoid taxation. Either of these elections therefore may require a Fund to liquidate other investments (including when it is not advantageous to do so) to meet its distribution requirement, which also may accelerate the recognition of gain and affect the Fund's total return. Dividends paid by PFICs will not be eligible to be treated as "qualified dividend income."

Because it is not always possible to identify a foreign corporation as a PFIC, a Fund may incur the tax and interest charges described above in some instances.

*Options and Futures.* In general, option premiums received by a Fund are not immediately included in the income of the Fund. Instead, the premiums are recognized when the option contract expires, the option is exercised by the holder, or the Fund transfers or otherwise terminates the option (e.g., through a closing transaction). If a call option written by a Fund is exercised and the Fund sells or delivers the underlying stock, the Fund generally will recognize capital gain or loss equal to (a) the sum of the strike price and the option premium received by the Fund minus (b) the Fund's basis in the stock. Such gain or loss generally will be short-term or long-term depending upon the holding period of the underlying stock. If securities are purchased by a Fund pursuant to the exercise of a put option written by it, the Fund generally will subtract the premium received for purposes of computing its cost basis in the securities purchased. Gain or loss arising in respect of a termination of a Fund's obligation under an option other than through the exercise of the option will be short-term gain or loss depending on whether the premium income received by the Fund is greater or less than the amount paid by the Fund (if any) in terminating the transaction. Thus, for example, if an option written by a Fund expires unexercised, the Fund generally will recognize short-term gain equal to the premium received.

A Fund's options activities may include transactions constituting straddles for U.S. federal income tax purposes, that is, that trigger the U.S. federal income tax straddle rules contained primarily in Section 1092 of the Code. Such straddles include, for example, positions in a particular security, or an index of securities, and one or more options that offset the

------

former position, including options that are "covered" by a Fund's long position in the subject security. Very generally, where applicable, Section 1092 requires (i) that losses be deferred on positions deemed to be offsetting positions with respect to "substantially similar or related property," to the extent of unrealized gain in the latter, and (ii) that the holding period of such a straddle position that has not already been held for the long-term holding period be terminated and begin anew once the position is no longer part of a straddle. Options on single stocks that are not "deep in the money" may constitute qualified covered calls, which generally are not subject to the straddle rules; the holding period on stock underlying qualified covered calls that are "in the money" although not "deep in the money" will be suspended during the period that such calls are outstanding. Thus, the straddle rules and the rules governing qualified covered calls could cause gains that would otherwise constitute long-term capital gains to be treated as short-term capital gains, and distributions that would otherwise constitute "qualified dividend income" or qualify for the dividends-received deduction to fail to satisfy the holding period requirements and therefore to be taxed as ordinary income or fail to qualify for the dividends-received deduction, as the case may be.

The tax treatment of certain positions entered into by a Fund, including regulated futures contracts, certain foreign currency positions and certain listed non-equity options, will be governed by section 1256 of the Code ("section 1256 contracts"). Gains or losses on section 1256 contracts generally are considered 60% long-term and 40% short-term capital gains or losses ("60/40"), although certain foreign currency gains and losses from such contracts may be treated as ordinary in character. Also, section 1256 contracts held by a Fund at the end of each taxable year (and, for purposes of the 4% excise tax, on certain other dates as prescribed under the Code) are "marked to market" with the result that unrealized gains or losses are treated as though they were realized and the resulting gain or loss is treated as ordinary or 60/40 gain or loss, as applicable.

*Derivatives, Hedging, and Related Transactions.* In addition to the special rules described above in respect of futures and options transactions, a Fund's transactions in other derivative instruments (e.g., forward contracts and swap agreements), as well as any of its hedging, short sale, securities loan or similar transactions, may be subject to one or more special tax rules (e.g., notional principal contract, straddle, constructive sale, wash sale and short sale rules). These rules may affect whether gains and losses recognized by a Fund are treated as ordinary or capital, accelerate the recognition of income or gains to the Fund, defer losses to the Fund, and cause adjustments in the holding periods of the Fund's securities, thereby affecting whether capital gains and losses are treated as short-term or long-term. These rules could therefore affect the amount, timing and/or character of distributions to shareholders.

Because these and other tax rules applicable to these types of transactions are in some cases uncertain under current law, an adverse determination or future guidance by the IRS with respect to these rules (which determination or guidance could be retroactive) may affect whether a Fund has made sufficient distributions, and otherwise satisfied the relevant requirements, to maintain its qualification as a RIC and avoid a Fund-level tax.

*Commodity-Linked Instruments.* A Fund's direct or indirect investments in commodities and commodity-linked instruments can be limited by the Fund's intention to qualify as a RIC, and can bear on the Fund's ability to so qualify. Income and gains from commodities and certain commodity-linked instruments does not constitute qualifying income to a RIC for purposes of the 90% gross income test described above. The tax treatment of some other commodity-linked instruments in which a Fund might invest is not certain, in particular with respect to whether income or gains from such instruments constitute qualifying income to a RIC. If a Fund were to treat income or gain from a particular instrument as qualifying income and the income or gain were later determined not to constitute qualifying income and, together with any other nonqualifying income, caused the Fund's nonqualifying income to exceed 10% of its gross income in any taxable year, the Fund would fail to qualify as a RIC unless it is eligible to and does pay a tax at the Fund level.

*Book-Tax Differences.* Certain of a Fund's investments in derivative instruments and foreign currency-denominated instruments, and any of the Fund's transactions in foreign currencies and hedging activities, are likely to produce a difference between its book income and the sum of its taxable income and net tax-exempt income (if any). If such a difference arises, and a Fund's book income is less than the sum of its taxable income and net tax-exempt income, the Fund could be required to make distributions exceeding book income to qualify as a RIC that is accorded special tax treatment and to avoid an entity-level tax. In the alternative, if a Fund's book income exceeds the sum of its taxable income (including realized capital gains) and net tax-exempt income, the distribution (if any) of such excess generally will be treated as (i) a dividend to the extent of the Fund's remaining earnings and profits (including earnings and profits arising from tax-exempt income), (ii) thereafter, as a return of capital to the extent of the recipient's basis in its shares, and (iii) thereafter as gain from the sale or exchange of a capital asset.

------

<u>Personal Holding Company</u> 

A Fund will be a personal holding company for federal income tax purposes if 50% or more of the Fund's shares are owned, at any time during the last half of the Fund's taxable year, directly or indirectly by five or fewer individuals. For this purpose, the term "individual" includes pension trusts, private foundations and certain other tax-exempt trusts. If a Fund becomes a personal holding company, it may be subject to a tax of 20% on all its investment income and on any net short-term gains not distributed to shareholders on or before the fifteenth day of the third month following the close of the Fund's taxable year. In addition, a Fund's status as a personal holding company may also limit the ability of the Fund to distribute dividends with respect to a taxable year in a manner qualifying for the dividends-paid deduction subsequent to the end of the taxable year and will prevent the Fund from using tax equalization (as described below). Each Fund intends to distribute all of its income and gain in timely manner such that it will not be subject to an income tax or an otherwise applicable personal holding company tax, but there can be no assurance that the Fund will be successful in doing so each year. Each Fund is currently treated as a personal holding company.

<u>Tax Equalization</u> 

Under current law, if a Fund is not treated as a personal holding company for U.S. federal income tax purposes, the Fund is permitted to treat on its tax return as dividends paid the portion of redemption proceeds paid to redeeming shareholders that represents the redeeming shareholders' portion of the Fund's accumulated earnings and profits. This practice, called tax "equalization," reduces the amount of income and/or gains that the Fund is required to distribute as dividends to non-redeeming shareholders. Tax equalization is not available to the Funds because of their current status as personal holding companies, which may result in a Fund being required to distribute a greater amount to non-redeeming shareholders in the form of dividends to avoid a fund-level federal income or excise tax or to qualify as a RIC than the Fund would have distributed were it not a personal holding company, including in particular, in the event of a redemption by a large shareholder.

<u>Foreign Taxation</u> 

A Fund's income, proceeds and gains from sources within foreign countries may be subject to non-U.S. withholding or other taxes, which will reduce the yield on those investments. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. If, at the close of a Fund's taxable year, more than 50% of the assets of the Fund consists of the securities of foreign corporations, the Fund may elect to permit shareholders to claim a credit or deduction on their income tax returns for their pro rata portions of qualified taxes paid by the Fund to foreign countries in respect of foreign securities that the Fund has held for at least the minimum period specified in the Code. In such a case, shareholders will include in gross income from foreign sources their pro rata shares of such taxes paid by the Fund.

A shareholder's ability to claim an offsetting foreign tax credit or deduction in respect of foreign taxes paid by a Fund is subject to certain limitations imposed by the Code, which may result in the shareholder's not receiving a full credit or deduction (if any) for the amount of such taxes. Shareholders who do not itemize on their U.S. federal income tax returns may claim a credit (but not a deduction) for such foreign taxes. Even if a Fund is eligible to make such an election for a given year, it may determine not to do so. If a Fund does not qualify for or does not make such election, shareholders will not be entitled to claim a credit or deduction with respect to foreign taxes paid by the Fund; in that case the foreign tax will nonetheless reduce the Fund's taxable income. Shareholders that are not subject to U.S. federal income tax, and those who invest in a Fund through tax-advantaged accounts (including those who invest through individual retirement accounts or other tax-advantaged retirement plans), generally will receive no benefit from any tax credit or deduction passed through by the Fund, if any. Under certain circumstances, if a Fund receives a refund of foreign taxes paid in respect of a prior year, the value of Fund Shares could be affected or any foreign tax credits or deductions passed through to shareholders in respect of the Fund's foreign taxes for the current year could be reduced.

<u>Backup Withholding</u> 

A Fund generally is required to withhold and remit to the U.S. Treasury a percentage of the taxable distributions and redemption proceeds paid to any individual shareholder who fails to properly furnish the Fund with a correct taxpayer identification number ("TIN"), who has under-reported dividend or interest income, or who fails to certify to the Fund that he or she is not subject to such withholding.

Backup withholding is not an additional tax. Any amounts withheld may be credited against the shareholder's U.S. federal income tax liability, provided the appropriate information is furnished to the IRS.

------

<u>Tax-Exempt Shareholders</u> 

Income of a RIC that would be UBTI if earned directly by a tax-exempt entity will not generally constitute UBTI when distributed to a tax-exempt shareholder of the RIC. Notwithstanding this "blocking" effect, a tax-exempt shareholder could realize UBTI by virtue of its investment in a Fund if shares in the Fund constitute debt-financed property in the hands of the tax-exempt shareholder within the meaning of Code Section 514(b).

A tax-exempt shareholder may also recognize UBTI if a Fund recognizes "excess inclusion income" derived from direct or indirect investments in residual interests in REMICs or equity interests in TMPs if the amount of such income recognized by the Fund exceeds the Fund's investment company taxable income (after taking into account deductions for dividends paid by the Fund).

In addition, special tax consequences apply to CRTs that invest in RICs that invest directly or indirectly in residual interests in REMICs or equity interests in TMPs. Under legislation enacted in December 2006, a CRT (as defined in Section 664 of the Code) that realizes any UBTI for a taxable year must pay an excise tax annually of an amount equal to such UBTI. Under IRS guidance issued in October 2006, a CRT will not recognize UBTI as a result of investing in a RIC that recognizes "excess inclusion income." Rather, if at any time during any taxable year a CRT (or one of certain other tax-exempt shareholders, such as the United States, a state or political subdivision, or an agency or instrumentality thereof, and certain energy cooperatives) is a record holder of a share in a RIC that recognizes "excess inclusion income," then the RIC will be subject to a tax on that portion of its "excess inclusion income" for the taxable year that is allocable to such shareholders at the highest federal corporate income tax rate. The extent to which this IRS guidance remains applicable in light of the December 2006 legislation is unclear. To the extent permitted under the 1940 Act, each Fund may elect to specially allocate any such tax to the applicable CRT, or other shareholder, and thus reduce such shareholder's distributions for the year by the amount of the tax that relates to such shareholder's interest in a Fund. CRTs are urged to consult their tax advisors concerning the consequences of investing in each Fund.

<u>Redemptions</u> 

Redemptions of each Fund's shares are taxable events and, accordingly, shareholders may realize gain or loss on these transactions. In general, any gain or loss realized upon a taxable disposition of shares will be treated as long-term capital gain or loss if the shares have been held for more than 12 months. Otherwise, the gain or loss on the taxable disposition of Fund shares will be treated as short-term capital gain or loss. However, any loss realized upon a taxable disposition of Fund shares held by a shareholder for six months or less will be treated as long-term, rather than short-term, to the extent of any Capital Gain Dividends received (or deemed received) by the shareholder with respect to the shares. Further, all or a portion of any loss realized upon a taxable disposition of Fund shares generally will be disallowed under the Code's "wash sale" rule if other substantially identical shares are purchased, including by means of dividend reinvestment, within 30 days before or after the disposition. In such a case, the basis of the newly purchased shares will be adjusted to reflect the disallowed loss.

Upon the redemption of shares of a Fund, the Fund or, in the case of shares purchased through a financial intermediary, the financial intermediary may be required to provide you and the IRS with cost basis and certain other related tax information about the Fund shares you redeemed or exchanged. See the Funds' prospectuses for more information.

<u>Tax Shelter Reporting</u> 

Under Treasury regulations, if a shareholder recognizes a loss of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder (or a greater loss over a combination of years), the shareholder must file with the IRS a disclosure statement on IRS Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisers to determine the applicability of these regulations in light of their individual circumstances.

<u>Non-U.S. Shareholders</u> 

Non-U.S. shareholders in a Fund should consult their tax advisors concerning the tax consequences of ownership of shares in the Fund. Distributions by a Fund to shareholders that are not "U.S. persons" within the meaning of the Code ("foreign shareholders") properly reported by the Fund as (1) Capital Gain Dividends, (2) short-term capital gain dividends, and (3) interest-related dividends, each as defined and subject to certain conditions described below, generally are not subject to withholding of U.S. federal income tax.

------

In general, the Code defines (1) "short-term capital gain dividends" as distributions of net short-term capital gains in excess of net long-term capital losses and (2) "interest-related dividends" as distributions from U.S.-source interest income of types similar to those not subject to U.S. federal income tax if earned directly by an individual foreign shareholder, in each case to the extent such distributions are properly reported as such by a Fund in a written notice to shareholders.

The exceptions to withholding for Capital Gain Dividends and short-term capital gain dividends do not apply to (A) distributions to an individual foreign shareholder who is present in the United States for a period or periods aggregating 183 days or more during the year of the distribution and (B) distributions attributable to gain that is treated as effectively connected with the conduct by the foreign shareholder of a trade or business within the United States under special rules regarding the disposition of U.S. real property interests ("USRPIs") as described below. The exception to withholding for interest-related dividends does not apply to distributions to a foreign shareholder (i) that has not provided a satisfactory statement that the beneficial owner is not a U.S. person, (ii) to the extent that the dividend is attributable to certain interest on an obligation if the foreign shareholder is the issuer or is a 10% shareholder of the issuer, (iii) that is within certain foreign countries that have inadequate information exchange with the United States, or (iv) to the extent the dividend is attributable to interest paid by a person that is a related person of the foreign shareholder and the foreign shareholder is a controlled foreign corporation. If a Fund invests in a RIC that pays such distributions to the Fund, such distributions retain their character as not subject to withholding if properly reported when paid by the Fund to foreign shareholders. A RIC is permitted to report such parts of its dividends as are eligible to be treated as interest-related or short-term capital gain dividends, but is not required to do so. In the case of shares held through an intermediary, the intermediary may withhold even if a Fund reports all or a portion of a payment as an interest-related or short-term capital gain dividend to shareholders.

Foreign shareholders should contact their intermediaries regarding the application of withholding rules to their accounts.

Distributions by a Fund to foreign shareholders other than Capital Gain Dividends, short-term capital gain dividends and interest-related dividends (e.g., dividends attributable to dividend and foreign-source interest income or to short-term capital gains or U.S. source interest income to which the exception from withholding described above does not apply) are generally subject to withholding of U.S. federal income tax at a rate of 30% (or lower applicable treaty rate).

A foreign shareholder is not, in general, subject to U.S. federal income tax on gains (and is not allowed a deduction for losses) realized on the sale of shares of a Fund unless (a) such gain is effectively connected with the conduct of a trade or business carried on by such holder within the United States, (b) in the case of an individual holder, the holder is present in the United States for a period or periods aggregating 183 days or more during the year of the sale and certain other conditions are met, or (c) the special rules relating to gain attributable to the sale or exchange of USRPIs apply to the foreign shareholder's sale of shares of the Fund (as described below).

Foreign shareholders with respect to whom income from a Fund is effectively connected with a trade or business conducted by the foreign person within the United States will in general be subject to U.S. federal income tax on the income derived from the Fund at the graduated rates applicable to U.S. citizens, residents or domestic corporations, whether such income is received in cash or reinvested in shares of the Fund and, in the case of a foreign corporation, may also be subject to a branch profits tax. If a foreign shareholder is eligible for the benefits of a tax treaty, any effectively connected income or gain will generally be subject to U.S. federal income tax on a net basis only if it is also attributable to a permanent establishment maintained by the shareholder in the United States. More generally, foreign shareholders who are residents in a country with an income tax treaty with the United States may obtain different tax results than those described herein, and are urged to consult their tax advisors.

Special rules would apply if a Fund were a qualified investment entity ("QIE") because it is either a "U.S. real property holding corporation" ("USRPHC") or would be a USRPHC but for the operation of certain exceptions to the definition thereof. Very generally, a USRPHC is a domestic corporation that holds USRPIs the fair market value of which equals or exceeds 50% of the sum of the fair market values of the corporation's USRPIs, interests in real property located outside the United States, and other trade or business assets. USRPIs are generally defined as any interest in U.S. real property and any interest (other than solely as a creditor) in a USRPHC or, very generally, an entity that has been a USRPHC in the last five years. A Fund that holds, directly or indirectly, significant interests in REITs may be a USRPHC. Interests in domestically controlled QIEs, including REITs and RICs that are QIEs, not-greater-than-10% interests in publicly traded classes of stock in REITs and not-greater-than-5% interests in publicly traded classes of stock in RICs generally are not USRPIs, but these exceptions do not apply for purposes of determining whether a Fund is a QIE. If an interest in a Fund were a USRPI, the Fund would be required to withhold U.S. tax on the proceeds of a share redemption by a greater-than-5% foreign shareholder, in which case such foreign shareholder generally would also be required to file U.S. tax returns and pay any additional taxes due in connection with the redemption.

------

If a Fund were a QIE under a special "look-through" rule, any distributions by the Fund to a foreign shareholder attributable directly or indirectly to (i) distributions received by the Fund from a lower-tier RIC or REIT that the Fund is required to treat as USRPI gain in its hands and (ii) gains realized on the disposition of USRPIs by the Fund, would retain their character as gains realized from USRPIs in the hands of the Fund's foreign shareholders and would be subject to U.S. tax withholding. In addition, such distributions could result in the foreign shareholder being required to file a U.S. tax return and pay tax on the distributions at regular U.S. federal income tax rates. The consequences to a foreign shareholder, including the rate of such withholding and character of such distributions (e.g., as ordinary income or USRPI gain), would vary depending upon the extent of the foreign shareholder's current and past ownership of the Fund. Each Fund generally does not expect that it will be a QIE.

Foreign shareholders of a Fund also may be subject to "wash sale" rules to prevent the avoidance of the tax-filing and –payment obligations discussed above through the sale and repurchase of Fund shares.

Foreign shareholders should consult their tax advisers and, if holding shares through intermediaries, their intermediaries, concerning the application of these rules to their investment in a Fund.

In order for a foreign shareholder to qualify for any exemptions from withholding described above or for lower withholding tax rates under income tax treaties, or to establish an exemption from back-up withholding, the foreign shareholder must comply with special certification and filing requirements relating to its non-U.S. status (including, in general, furnishing an IRS Form W-8BEN, IRS Form W-8BEN-E or substitute form). Non-U.S. investors in a Fund should consult their tax advisers in this regard.

Special rules (including withholding and reporting requirements) apply to foreign partnerships and those holding Fund shares through foreign partnerships. Additional considerations may apply to foreign trusts and estates. Investors holding Fund shares through foreign entities should consult their tax advisers about their particular situation.

A foreign shareholder may be subject to state and local tax and to the U.S. federal estate tax in addition to the U.S. federal income tax on income referred to above.

<u>Shareholder Reporting Obligations With Respect To Foreign Bank and Financial Accounts</u> 

Shareholders that are U.S. persons and own, directly or indirectly, more than 50% of a Fund by vote or value could be required to report annually their "financial interest" in the Fund's "foreign financial accounts," if any, on FinCEN Form 114, Report of Foreign Bank and Financial Accounts ("FBAR"). Shareholders should consult a tax advisor, and persons investing in a Fund through an intermediary should contact their intermediary, regarding the applicability to them of this reporting requirement.

<u>Other Reporting and Withholding Requirements</u> 

Sections 1471-1474 of the Code and the U.S. Treasury and IRS guidance issued thereunder (collectively, "FATCA") generally require a Fund to obtain information sufficient to identify the status of each of its shareholders under FATCA or under an applicable intergovernmental agreement (an "IGA") between the United States and a foreign government. If a shareholder fails to provide the requested information or otherwise fails to comply with FATCA or an IGA, the Fund may be required to withhold under FATCA at a rate of 30% with respect to that shareholder on ordinary dividends it pays. The IRS and the Department of Treasury have issued proposed regulations providing that these withholding rules will not apply to the gross proceeds of share redemptions or Capital Gain Dividends a Fund pays. If a payment by a Fund is subject to FATCA withholding, the Fund is required to withhold even if such payment would otherwise be exempt from withholding under the rules applicable to foreign shareholders described above.

Each prospective investor is urged to consult its tax adviser regarding the applicability of FATCA and any other reporting requirements with respect to the prospective investor's own situation, including investments through an intermediary.

<u>General Considerations</u> 

The U.S. federal income tax discussion set forth above is for general information only. Prospective investors should consult their tax advisers regarding the specific U.S. federal income tax consequences of purchasing, holding, and disposing of shares of the Fund, as well as the effects of state, local, foreign, and other tax laws and any proposed tax law changes.

SSGA FD serves as the Funds' distributor pursuant to the Distribution Agreement by and between SSGA FD and the Trust. SSGA FD is not obligated to sell any specific number of shares and will sell shares of a Fund on a continuous basis only against orders to purchase shares. The principal business address of SSGA FD is One Iron Street, Boston, MA 02210.

------

**Financial Statements** 

The audited financial statements for the fiscal year ended September 30, 2022 for the Funds are included in the Annual Reports, which were filed with the SEC on December 7, 2022 as part of the Trust's filing on Form N-CSR (SEC Accession No. 0001193125-22-300052) and are incorporated into this SAI by reference. The Annual Reports are available, without charge, upon request, by calling (800) 242-0134 or through the Funds' website at www.ssga.com.

------

**APPENDIX A** 

**RATINGS OF DEBT INSTRUMENTS** 

**<u>MOODY'S INVESTORS SERVICE, INC. (</u><u>"</u><u>MOODY'S</u><u>"</u><u>)</u>** 

GLOBAL LONG-TERM RATING SCALE

Ratings assigned on Moody's global long-term rating scale are forward-looking opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured finance vehicles, project finance vehicles, and public sector entities. Long-term ratings are assigned to issuers or obligations with an original maturity of one year or more and reflect both on the likelihood of a default on contractually promised payments and the expected financial loss suffered in the event of default.

**Aaa:** Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.

**Aa:** Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

**A:** Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.

**Baa:** Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

**Ba:** Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.

**B:** Obligations rated B are considered speculative and are subject to high credit risk.

**Caa:** Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.

**Ca:** Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

**C:** Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

Note: Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. Additionally, a "(hyb)" indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms.\*

\*

By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments, which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with that security.

GLOBAL SHORT-TERM RATING SCALE

Ratings assigned on Moody's global short-term rating scale are forward-looking opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured finance vehicles, project finance vehicles, and public sector entities. Short-term ratings are assigned to obligations with an original maturity of thirteen months or less and reflect both on the likelihood of a default on contractually promised payments and the expected financial loss suffered in the event of default.

**P-1:** Ratings of Prime-1 reflect a superior ability to repay short-term obligations.

**P-2:** Ratings of Prime-2 reflect a strong ability to repay short-term obligations.

**P-3:** Ratings of Prime-3 reflect an acceptable ability to repay short-term obligations.

**NP:** Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

------

**<u>S&P GLOBAL RATINGS (</u><u>"</u><u>S&P</u><u>"</u><u>)</u>** 

ISSUE CREDIT RATING DEFINITIONS

An S&P Global Ratings issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in which the obligation is denominated. The opinion reflects S&P Global Ratings' view of the obligor's capacity and willingness to meet its financial commitments as they come due, and this opinion may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default.

Issue credit ratings can be either long-term or short-term. Short-term ratings are generally assigned to those obligations considered short-term in the relevant market. Short-term ratings are also used to indicate the creditworthiness of an obligor with respect to put features on long-term obligations. Medium-term notes are assigned long-term ratings.

LONG-TERM ISSUE CREDIT RATINGS\*

**AAA:** An obligation rated 'AAA' has the highest rating assigned by S&P Global Ratings. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

**AA:** An obligation rated 'AA' differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.

**A:** An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

**BBB:** An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation.

**BB; B; CCC; CC; and C:** Obligations rated 'BB', 'B', 'CCC', 'CC', and 'C' are regarded as having significant speculative characteristics. 'BB' indicates the least degree of speculation and 'C' the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposure to adverse conditions.

**BB:** An obligation rated 'BB' is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation.

**B:** An obligation rated 'B' is more vulnerable to nonpayment than obligations rated 'BB', but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on the obligation.

**CCC:** An obligation rated 'CCC' is currently vulnerable to nonpayment, and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.

**CC:** An obligation rated 'CC' is currently highly vulnerable to nonpayment. The 'CC' rating is used when a default has not yet occurred, but S&P Global Ratings expects default to be a virtual certainty, regardless of the anticipated time to default.

**C:** An obligation rated 'C' is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher.

**D:** An obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within five business days in the absence of a stated grace period or within the earlier of the stated grace period or 30 calendar days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring.

**NR:** This indicates that a rating has not been assigned or is no longer assigned.

------

\*

Ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories.

SHORT-TERM ISSUE CREDIT RATINGS

**A-1:** A short-term obligation rated 'A-1' is rated in the highest category by S&P Global Ratings. The obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitments on these obligations is extremely strong.

**A-2:** A short-term obligation rated 'A-2' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

**A-3:** A short-term obligation rated 'A-3' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitments on the obligation.

**B:** A short-term obligation rated 'B' is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor's inadequate capacity to meet its financial commitments.

**C:** A short-term obligation rated 'C' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation.

**D:** A short-term obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. An obligation's rating is lowered to 'D' if it is subject to a distressed exchange offer.

**<u>FITCH RATINGS. (</u><u>"</u><u>FITCH</u><u>"</u><u>)</u>** 

ISSUER DEFAULT RATINGS

Rated entities in a number of sectors, including financial and non-financial corporations, sovereigns, insurance companies and certain sectors within public finance, are generally assigned Issuer Default Ratings (IDRs). IDRs are also assigned to certain entities in global infrastructure and project finance. IDRs opine on an entity's relative vulnerability to default on financial obligations. The threshold default risk addressed by the IDR is generally that of the financial obligations whose non-payment would best reflect the uncured failure of that entity. As such, IDRs also address relative vulnerability to bankruptcy, administrative receivership or similar concepts.

In aggregate, IDRs provide an ordinal ranking of issuers based on the agency's view of their relative vulnerability to default, rather than a prediction of a specific percentage likelihood of default.

**AAA: Highest credit quality.** 

'AAA' ratings denote the lowest expectation of default risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

**AA: Very high credit quality.** 

'AA' ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

**A: High credit quality.** 

'A' ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

------

**BBB: Good credit quality.** 

'BBB' ratings indicate that expectations of default risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity.

**BB: Speculative.** 

'BB' ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial flexibility exists that supports the servicing of financial commitments.

**B: Highly speculative.** 

'B' ratings indicate that material default risk is present, but a limited margin of safety remains. Financial commitments are currently being met; however, capacity for continued payment is vulnerable to deterioration in the business and economic environment.

**CCC: Substantial credit risk.** 

Very low margin for safety. Default is a real possibility.

**CC: Very high levels of credit risk.** 

Default of some kind appears probable.

**C: Near default** 

A default or default-like process has begun, or the issuer is in standstill, or for a closed funding vehicle, payment capacity is irrevocably impaired. Conditions that are indicative of a 'C' category rating for an issuer include:

&nbsp;&nbsp;&nbsp;&nbsp;a. the issuer has entered into a grace or cure period following non-payment of a material financial obligation;

&nbsp;&nbsp;&nbsp;&nbsp;b. the issuer has entered into a temporary negotiated waiver or standstill agreement following a payment default on a material financial obligation;

&nbsp;&nbsp;&nbsp;&nbsp;c. the formal announcement by the issuer or their agent of a distressed debt exchange;

&nbsp;&nbsp;&nbsp;&nbsp;d. a closed financing vehicle where payment capacity is irrevocably impaired such that it is not expected to pay interest and/or principal in full during the life of the transaction, but where no payment default is imminent.

**RD: Restricted default.** 

'RD' ratings indicate an issuer that in Fitch's opinion has experienced:

&nbsp;&nbsp;&nbsp;&nbsp;a. an uncured payment default or distressed debt exchange on a bond, loan or other material financial obligation, but

&nbsp;&nbsp;&nbsp;&nbsp;b. has not entered into bankruptcy filings, administration, receivership, liquidation, or other formal winding-up procedure, and

&nbsp;&nbsp;&nbsp;&nbsp;c. has not otherwise ceased operating.

This would include:

&nbsp;&nbsp;&nbsp;&nbsp;i. the selective payment default on a specific class or currency of debt;

&nbsp;&nbsp;&nbsp;&nbsp;ii. the uncured expiry of any applicable grace period, cure period or default forbearance period following a payment default on a bank loan, capital markets security or other material financial obligation;

&nbsp;&nbsp;&nbsp;&nbsp;iii. the extension of multiple waivers or forbearance periods upon a payment default on one or more material financial obligations, either in series or in parallel; ordinary execution of a distressed debt exchange on one or more material financial obligations.

**D: Default.** 

'D' ratings indicate an issuer that in Fitch's opinion has entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure or that has otherwise ceased business.

------

Default ratings are not assigned prospectively to entities or their obligations; within this context, non-payment on an instrument that contains a deferral feature or grace period will generally not be considered a default until after the expiration of the deferral or grace period, unless a default is otherwise driven by bankruptcy or other similar circumstance, or by a distressed debt exchange.

In all cases, the assignment of a default rating reflects the agency's opinion as to the most appropriate rating category consistent with the rest of its universe of ratings and may differ from the definition of default under the terms of an issuer's financial obligations or local commercial practice.

SHORT-TERM RATINGS ASSIGNED TO ISSUERS AND OBLIGATIONS

A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the relevant obligation. Short-term deposit ratings may be adjusted for loss severity. Short-Term Ratings are assigned to obligations whose initial maturity is viewed as "short term" based on market convention. Typically, this means up to 13 months for corporate, sovereign, and structured obligations and up to 36 months for obligations in U.S. public finance markets.

**F1: Highest Short-Term Credit Quality.** Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added "+" to denote any exceptionally strong credit feature.

**F2: Good Short-Term Credit Quality.** Good intrinsic capacity for timely payment of financial commitments.

**F3: Fair Short-Term Credit Quality.** The intrinsic capacity for timely payment of financial commitments is adequate.

**B: Speculative Short-Term Credit Quality.** Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions.

**C: High Short-Term Default risk.** Default is a real possibility.

**RD: Restricted Default.** Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity ratings only.

**D: Default.** Indicates a broad-based default event for an entity, or the default of a short-term obligation.

*Note: The modifiers "+" or "-" may be appended to a rating to denote relative status within major rating categories. For example, the rating category 'AA' has three notch-specific rating levels ('AA+'; 'AA'; 'AA-'; each a rating level). Such suffixes are not added to 'AAA' ratings and ratings below the 'CCC' category. For the short-term rating category of 'F1', a '+' may be appended. For Viability Ratings, the modifiers "+" or "–" may be appended to a rating to denote relative status within categories from 'AA' to 'CCC'. For derivative counterparty ratings the modifiers "+" or "–" may be appended to the ratings within 'AA(dcr)' to 'CCC(dcr)' categories.*

------

**APPENDIX B — TRUST'S PROXY VOTING PROCEDURES** 

**SSGA FUNDS**

**STATE STREET MASTER FUNDS**

**STATE STREET INSTITUTIONAL INVESTMENT TRUST**

**ELFUN GOVERNMENT MONEY MARKET FUND**

**ELFUN TAX-EXEMPT INCOME FUND**

**ELFUN INCOME FUND**

**ELFUN DIVERSIFIED FUND**

**ELFUN INTERNATIONAL EQUITY FUND**

**ELFUN TRUSTS**

**STATE STREET NAVIGATOR SECURITIES LENDING TRUST**

**STATE STREET INSTITUTIONAL FUNDS**

**STATE STREET VARIABLE INSURANCE SERIES FUNDS, INC. (THE "COMPANY")**<sup>1</sup>

**<u>PROXY VOTING POLICY AND PROCEDURES</u>** 

**As of September 20, 2017** 

The Board of Trustees/Directors of the Trust/Company (each series thereof, a "Fund") have adopted the following policy and procedures with respect to voting proxies relating to portfolio securities held by the Trust/Company's investment portfolios.

**1. Proxy Voting Policy** 

The policy of the Trust/Company is to delegate the responsibility for voting proxies relating to portfolio securities held by the Trust/Company to SSGA Funds Management, Inc., the Trust/Company's investment adviser (the "Adviser"), subject to the Trustees/Directors' continuing oversight.

**2. Fiduciary Duty** 

The right to vote proxies with respect to a portfolio security held by the Trust/Company is an asset of the Trust/Company. The Adviser acts as a fiduciary of the Trust/Company and must vote proxies in a manner consistent with the best interest of the Trust/Company and its shareholders.

**3. Proxy Voting Procedures** 

A. At least annually, the Adviser shall present to the Boards of Trustees/Directors its policies, procedures and other guidelines for voting proxies ("Policy") and the policy of any Sub-adviser (as defined below) to which proxy voting authority has been delegated (see Section 9 below). In addition, the Adviser shall notify the Trustees/Directors of material changes to its Policy or the policy of any Sub-adviser promptly and not later than the next regular meeting of the Board of Trustees/Directors after such amendment is implemented.

B. At least annually, the Adviser shall present to the Boards of Trustees/Directors its policy for managing conflicts of interests that may arise through the Adviser's proxy voting activities. In addition, the Adviser shall report any Policy overrides involving portfolio securities held by a Fund to the Trustees/Directors at the next regular meeting of the Board of Trustees/Directors after such override(s) occur.

C. At least annually, the Adviser shall inform the Trustees/Director that a record is available with respect to each proxy voted with respect to portfolio securities of the Trust/Company during the year. Also see Section 5 below.

**4. Revocation of Authority to Vote** 

The delegation by the Trustees/Directors of the authority to vote proxies relating to portfolio securities of the Trust/Company may be revoked by the Trustees/Directors, in whole or in part, at any time.

____________

Unless otherwise noted, the singular term "Trust/Company" used throughout this document means each of SSGA Funds, State Street Master Funds, State Street Institutional Investment Trust, State Street Navigator Securities Lending Trust, Elfun Government Money Market Fund, Elfun Tax-Exempt Income Fund, Elfun Income Fund, Elfun Diversified Fund, Elfun International Equity Fund, Elfun Trusts, State Street Institutional Funds, and State Street Variable Insurance Series Funds, Inc.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. Annual Filing of Proxy Voting Record** 

The Adviser shall provide the required data for each proxy voted with respect to portfolio securities of the Trust/Company to the Trust/Company or its designated service provider in a timely manner and in a format acceptable to be filed in the Trust/Company's annual proxy voting report on Form N-PX for the twelve-month period ended June 30. Form N-PX is required to be filed not later than August 31 of each year.

**6. Retention and Oversight of Proxy Advisory Firms** 

A. In considering whether to retain or continue retaining a particular proxy advisory firm, the Adviser will ascertain whether the proxy advisory firm has the capacity and competency to adequately analyze proxy issues, act as proxy voting agent as requested, and implement the Policy. In this regard, the Adviser will consider, at least annually, among other things, the adequacy and quality of the proxy advisory firm's staffing and personnel and the robustness of its policies and procedures regarding its ability to identify and address any conflicts of interest. The Adviser shall, at least annually, report to Boards of Trustees/Directors regarding the results of this review.

B. The Adviser will request quarterly and annual reporting from any proxy advisory firm retained by the Adviser, and hold ad hoc meetings with such proxy advisory firm, in order to determine whether there has been any business changes that might impact the proxy advisory firm's capacity or competency to provide proxy voting advice or services or changes to the proxy advisory firm's conflicts policies or procedures. The Adviser will also take reasonable steps to investigate any material factual error, notified to the Adviser by the proxy advisory firm or identified by the Adviser, made by the proxy advisory firm in providing proxy voting services.

**7. Periodic Sampling** 

The Adviser will periodically sample proxy votes to review whether they complied with the Policy. The Adviser shall, at least annually, report to the Boards of Trustees/Directors regarding the frequency and results of the sampling performed.

**8. Disclosures** 

&nbsp;&nbsp;&nbsp;&nbsp;A. The Trust/Company shall include in its registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A description of this policy and of the policies and procedures used by the Adviser to determine how to vote proxies relating to portfolio securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A statement disclosing that information regarding how the Trust/Company voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available without charge, upon request, by calling the Trust/Company's toll-free telephone number; or through a specified Internet address; or both; and on the Securities and Exchange Commission's (the "SEC") website.

&nbsp;&nbsp;&nbsp;&nbsp;B. The Trust/Company shall include in its annual and semi-annual reports to shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A statement disclosing that a description of the policies and procedures used by or on behalf of the Trust/Company to determine how to vote proxies relating to portfolio securities of the Funds is available without charge, upon request, by calling the Trust/Company's toll-free telephone number; through a specified Internet address, if applicable; and on the SEC's website; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A statement disclosing that information regarding how the Trust/Company voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available without charge, upon request, by calling the Trust/Company's toll-free telephone number; or through a specified Internet address; or both; and on the SEC's website.

**9. Sub-Advisers** 

For certain Funds, the Adviser may retain investment management firms ("Sub-advisers") to provide day-to-day investment management services to the Funds pursuant to sub-advisory agreements. It is the policy of the Trust/Company that the Adviser may delegate proxy voting authority with respect to a Fund to a Sub-adviser. Pursuant to such delegation, a Sub-adviser is authorized to vote proxies on behalf of the applicable Fund or Funds for which it serves as sub-adviser, in accordance with the Sub-adviser's proxy voting policies and procedures.

**10. Review of Policy** 

The Trustees/Directors shall review this policy to determine its continued sufficiency as necessary from time to time.

------

**APPENDIX C**![](g384765img947586bf1.jpg)

---

| |
|:---|
| **December 2022** |
| &nbsp;&nbsp; **Global Proxy Voting and** <br> **Engagement Principles**<br>|
| &nbsp;&nbsp; State Street Global Advisors, one of the industry's <br> largest institutional asset managers, is the investment <br> management arm of State Street Corporation, a leading <br> provider of financial services to institutional investors. As <br> an investment manager, State Street Global Advisors <br> has discretionary proxy voting authority over most of its <br> client accounts, and State Street Global Advisors votes <br> these proxies in the manner that we believe will most <br> likely protect and promote the long-term economic value <br> of client investments, as described in this document.<sup>i</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

i

These Global Proxy Voting and Engagement Principles (the "Principles") are also applicable to SSGA Funds Management, Inc., State Street Global Advisors Trust Company, and other advisory affiliates of State Street Corporation. Additionally, State Street Global Advisors maintains Proxy Voting and Engagement Guidelines for select markets, including: Australia, continental Europe, Japan, New Zealand, North America (Canada and the US), the UK and Ireland, and emerging markets. International markets not covered by our market-specific guidelines are reviewed and voted in a manner that is consistent with the Principles; however, State Street Global Advisors also endeavors to show sensitivity to local market practices when voting in these various markets.

------

![](g384765img3978240f2.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **State Street Global** <br> **Advisors' Authority and** <br> **Duties to Vote Client and** <br> **Fund Securities**<br>| &nbsp;&nbsp; Where State Street Global Advisors' clients have asked it to vote their shares on their <br> behalf or where a commingled fund fiduciary has delegated the responsibility to vote the <br> fund's securities to State Street Global Advisors, State Street Global Advisors votes those <br> client and fund-owned securities in a unified manner, consistent with the Principles <br> described in this document. Exceptions to this unified voting policy are: (1) where State <br> Street Global Advisors has made proxy voting choices (i.e., the proxy voting program) <br> available to investors within a commingled fund, in which case a pro rata portion of shares <br> held by the fund attributable to investors who choose to participate in the proxy voting <br> program would be voted consistent with the third-party proxy voting policies selected by <br> the investors, and (2) in the limited circumstances where a pooled investment vehicle <br> managed by State Street Global Advisors utilizes a third party proxy voting guideline as set <br> forth in that fund's organizational and/or offering documents. With respect to such funds <br> utilizing third-party proxy voting guidelines, the terms of the applicable third-party proxy <br> voting guidelines shall apply in place of the Principles described herein and the proxy <br> votes implemented with respect to such a fund may differ from and be contrary to those <br> votes implemented for other portfolios managed by State Street Global Advisors pursuant <br> to its proprietary proxy voting guidelines.<br>|
| **The Principles - State** <br> **Street Global Advisors'** <br> **Approach to Proxy Voting** <br> **and Issuer Engagement**<br>| &nbsp;&nbsp; At State Street Global Advisors, we take our fiduciary duties as an asset manager very <br> seriously. We have a dedicated team of corporate governance professionals who help us <br> carry out our duties as a responsible investor. These duties include engaging with <br> companies, developing and enhancing in-house corporate governance guidelines, <br> analyzing corporate governance issues on a case-by-case basis at the company level, and <br> exercising voting rights. The underlying goal is to maximize shareholder value.<br>|
|  | &nbsp;&nbsp; The Principles may take different perspectives on common governance issues that vary <br> from one market to another. Similarly, engagement activity may take different forms in <br> order to best achieve long-term engagement goals. Rather than divesting from portfolio <br> companies, our approach is to engage with such companies. We believe that proxy voting <br> and engagement with portfolio companies is often the most direct and productive way for <br> shareholders to exercise their ownership rights. This comprehensive toolkit is an integral <br> part of the overall investment process.<br>|
|  | &nbsp;&nbsp; We believe engagement and voting activity have a direct relationship. As a result, the <br> integration of our engagement activities, while leveraging the exercise of voting rights, <br> provides a meaningful shareholder tool that we believe protects and enhances the <br> long-term economic value of the holdings in our clients' accounts. We maximize voting <br> power and engagement by maintaining a centralized proxy voting and active ownership <br> process covering all holdings, regardless of strategy. Despite the vast array of investment <br> strategies and objectives across State Street Global Advisors, the fiduciary responsibilities <br> of share ownership and voting for which State Street Global Advisors has voting discretion <br> are carried out with a single voice and objective.<br>|
|  | &nbsp;&nbsp; The Principles support governance structures that we believe add to, or maximize, <br> shareholder value for the companies held in our clients' portfolios. We conduct issuer <br> specific engagements with companies to discuss our principles, including sustainability-<br> related risks. In addition, we encourage issuers to find ways to increase the amount of <br> direct communication board members have with shareholders. Direct communication with <br> executive board members and independent non-executive directors is critical to helping <br> companies understand shareholder concerns.<br>|

---

------

![](g384765img3978240f2.gif)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; In conducting our engagements, we also evaluate the various factors that influence the <br> corporate governance framework of a country, including the macroeconomic conditions <br> and broader political system, the quality of regulatory oversight, the enforcement of <br> property and shareholder rights, and the independence of the judiciary. We understand <br> that regulatory requirements and investor expectations relating to governance practices <br> and engagement activities differ from country to country. As a result, we engage with <br> issuers, regulators, or a combination of the two depending upon the market. We are also a <br> member of various investor associations that seek to address broader corporate <br> governance-related policy at the country level.<br>|
|  | &nbsp;&nbsp; The State Street Global Advisors Asset Stewardship Team may consult with members of <br> various investment teams to engage with companies on corporate governance issues and <br> to address any specific concerns. This facilitates our comprehensive approach to <br> information gathering as it relates to shareholder items that are to be voted upon at <br> upcoming shareholder meetings. We also conduct issuer-specific engagements with <br> companies, covering various corporate governance and sustainability-related topics <br> outside of proxy season.<br>|
|  | &nbsp;&nbsp; The Asset Stewardship Team employs a blend of quantitative and qualitative research, <br> analysis and data in order to support screens that identify issuers where active <br> engagement may be necessary to protect and promote shareholder value. Issuer <br> engagement may also be event driven, focusing on issuer-specific corporate governance, <br> sustainability concerns, or broader industry-related trends. We also consider the size of <br> our total position in the issuer in question and/or the potential negative governance, <br> performance profile, and circumstance at hand. As a result, we believe issuer engagement <br> can take many forms and be triggered by numerous circumstances. The following <br> approaches represent how we define engagement methods:<br>|
| Active | &nbsp;&nbsp; We use screening tools designed to capture a mix of company-specific data, including <br> governance and sustainability profiles, to help us focus our voting and engagement activity.<br>|
|  | &nbsp;&nbsp; We will actively seek direct dialogue with the board and management of companies that <br> we have identified through our screening processes. Such engagements may lead to <br> further monitoring to ensure that the company improves its governance or sustainability <br> practices. In these cases, the engagement process represents the most meaningful <br> opportunity for us to protect long-term shareholder value from excessive risk due to poor <br> governance and sustainability practices.<br>|
| Reactive | &nbsp;&nbsp; Reactive engagement is initiated by issuers. We routinely discuss specific voting issues <br> and items with the issuer community. Reactive engagement is an opportunity to address <br> not only voting items, but also a wide range of governance and sustainability issues.<br>|
|  | &nbsp;&nbsp; We have established an engagement protocol that further describes our approach to <br> issuer engagement.<br>|

---

------

![](g384765img3978240f2.gif)

---

| | |
|:---|:---|
| Measurement | &nbsp;&nbsp; Assessing the effectiveness of our issuer engagement process is often difficult. In order to <br> limit the subjectivity of effectiveness measurement, we actively seek issuer feedback and <br> monitor the actions issuers take post-engagement in order to identify tangible changes. <br> Thus, we are able to establish indicators to gauge how issuers respond to our concerns <br> and to what degree these responses satisfy our requests. It is also important to note that <br> successful engagement activity can be measured over differing time periods depending <br> upon the relevant facts and circumstances. Engagements can last as briefly as a single <br> meeting or span multiple years.<br>|
|  | &nbsp;&nbsp; Depending upon the issue and whether the engagement activity is reactive, active, <br> one-time, or recurring, engagement with issuers can take the form of written <br> communication, conference calls, or in-person meetings. We believe active engagement is <br> best conducted directly with company management or board members.<br>|
| **Proxy Voting Procedure** |  |
| Oversight | &nbsp;&nbsp; The Asset Stewardship Team is responsible for developing and implementing State Street <br> Global Advisors' proprietary Proxy Voting and Engagement Guidelines (the "Guidelines"), <br> the implementation of third-party proxy voting guidelines where applicable, case-by-case <br> voting items, issuer engagement activities, and research and analysis of governance-<br> related issues. The Asset Stewardship Team's activities are overseen by the State Street <br> Global Advisors ESG Committee. The ESG Committee is responsible for reviewing State <br> Street Global Advisors' stewardship strategy, engagement priorities, and proxy voting <br> guidelines and monitoring the delivery of voting objectives.<br>|
| Proxy Voting Process | &nbsp;&nbsp; In order to facilitate our proxy voting process, we retain Institutional Shareholder Services <br> Inc. ("ISS"), a firm with expertise in proxy voting and corporate governance. We utilize ISS <br> to: (1) act as our proxy voting agent (providing State Street Global Advisors with vote <br> execution and administration services), (2) assist in applying the Guidelines, (3) provide <br> research and analysis relating to general corporate governance issues and specific proxy <br> items, and (4) provide proxy voting guidelines in limited circumstances.<br>|
|  | &nbsp;&nbsp; The Asset Stewardship Team reviews with ISS its Guidelines and the services that ISS <br> provides to State Street Global Advisors on an annual or case-by-case basis. As part of its <br> role as proxy agent and prior to providing vote execution services, ISS pre-populates on an <br> electronic platform certain preliminary proxy votes in accordance with the proxy voting <br> guidelines identified by State Street Global Advisors. On most routine proxy voting items <br> (e.g., ratification of auditors), ISS will shortly before applicable submission deadlines use <br> an automated process to affect the pre-populated proxy votes. To the extent the Asset <br> Stewardship Team becomes aware of material new information within a reasonable period <br> of time before ISS affects such votes, the Asset Stewardship Team will assess whether the <br> pre-populated votes should be updated.<br>|
|  | &nbsp;&nbsp; In other cases, the Asset Stewardship Team will evaluate the proxy solicitation to <br> determine how to vote based upon the facts and circumstances, consist with our Principles <br> and accompanying Guidelines.<br>|

---

------

![](g384765img3978240f2.gif)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; In some instances, the Asset Stewardship Team may refer significant issues to the ESG <br> Committee for a determination of the proxy vote. In addition, in determining whether to <br> refer a proxy vote to the ESG Committee, the Asset Stewardship Team will consider <br> whether a material conflict of interest exists between the interests of our client and those <br> of State Street Global Advisors or its affiliates (as explained in greater detail in our Conflict <br> Mitigation Guidelines).<br>|
|  | &nbsp;&nbsp; We vote in all markets where it is feasible; however, we may refrain from voting when <br> power of attorney documentation is required, where voting will have a material impact on <br> our ability to trade the security, where voting is not permissible due to sanctions affecting a <br> company or an individual, where issuer-specific special documentation is required, or <br> where various market or issuer certifications are required. We are unable to vote proxies <br> when certain custodians, used by our clients, do not offer proxy voting in a jurisdiction or <br> when they charge a meeting specific fee in excess of the typical custody service <br> agreement.<br>|
| Conflict of Interest | See our standalone Conflict Mitigation Guidelines. |
| **Proxy Voting and** <br> **Engagement Principles**<br>|  |
| Directors and Boards | &nbsp;&nbsp; The election of directors is one of the most important fiduciary duties we perform on <br> behalf of our clients. We believe that well-governed companies can protect and pursue <br> shareholder interests better and withstand the challenges of an uncertain economic <br> environment. As such, we seek to vote director elections in a way that we believe will <br> maximize long-term value.<br>|
|  | &nbsp;&nbsp; Principally, a board acts on behalf of shareholders by protecting their interests and <br> preserving their rights. This concept establishes the standard by which board and director <br> performance is measured. In order to achieve this fundamental principle, the role of the <br> board is to carry out its responsibilities in the best long-term interest of the company and <br> its shareholders. An independent and effective board oversees management, provides <br> guidance on strategic matters, selects the CEO and other senior executives, creates a <br> succession plan for the board and management, provides risk oversight, and assesses the <br> performance of the CEO and management. In contrast, management implements the <br> business and capital allocation strategies and runs the company's day-to-day operations. <br> As part of our engagement process, we routinely discuss the importance of these <br> responsibilities with the boards of issuers.<br>|
|  | &nbsp;&nbsp; We believe the quality of a board is a measure of director independence, director <br> succession planning, board diversity, evaluations and refreshment, and company <br> governance practices. In voting to elect nominees, we consider many factors. We believe <br> independent directors are crucial to good corporate governance; they help management <br> establish sound corporate governance policies and practices. A sufficiently independent <br> board will effectively monitor management, maintain appropriate governance practices, <br> and perform oversight functions necessary to protect shareholder interests. We also <br> believe the right mix of skills, independence, diversity, and qualifications among directors <br> provides boards with the knowledge and direct experience to manage risks and operating <br> structures that are often complex and industry-specific.<br>|

---

------

![](g384765img3978240f2.gif)

---

| | |
|:---|:---|
| Accounting and <br> Audit-Related Issues<br>| &nbsp;&nbsp; We believe audit committees are critical and necessary as part of the board's risk <br> oversight role. The audit committee is responsible for setting out an internal audit function <br> that provides robust audit and internal control systems designed to effectively manage <br> potential and emerging risks to the company's operations and strategy. We believe audit <br> committees should have independent directors as members, and we will hold the members <br> of the audit committee responsible for overseeing the management of the audit function.<br>|
|  | &nbsp;&nbsp; The disclosure and availability of reliable financial statements in a timely manner is <br> imperative for the investment process. As a result, board oversight of the internal controls <br> and the independence of the audit process are essential if investors are to rely upon <br> financial statements. It is important for the audit committee to appoint external auditors <br> who are independent from management; we expect auditors to provide assurance of a <br> company's financial condition.<br>|
| Capital Structure, <br> Reorganization and Mergers<br>| &nbsp;&nbsp; The ability to raise capital is critical for companies to carry out strategy, to grow, and to <br> achieve returns above their cost of capital. The approval of capital raising activities is <br> fundamental to a shareholder's ability to monitor the amounts of proceeds and to ensure <br> capital is deployed efficiently. Altering the capital structure of a company is a critical <br> decision for boards. When making such a decision, we believe the company should <br> disclose a comprehensive business rationale that is consistent with corporate strategy and <br> not overly dilutive to its shareholders.<br>|
|  | &nbsp;&nbsp; Mergers or reorganization of the structure of a company often involve proposals relating to <br> reincorporation, restructurings, liquidations, and other major changes to the corporation.<br>|
|  | &nbsp;&nbsp; Proposals that are in the best interests of shareholders, demonstrated by enhancing share <br> value or improving the effectiveness of the company's operations, will be supported. In <br> evaluating mergers and acquisitions, we consider the impact of the corporate governance <br> provisions to shareholders. In all cases, we use our discretion in order to maximize <br> shareholder value.<br>|
|  | &nbsp;&nbsp; Occasionally, companies add anti-takeover provisions that reduce the chances of a <br> potential acquirer to make an offer, or to reduce the likelihood of a successful offer. We do <br> not support proposals that reduce shareholders' rights, entrench management, or reduce <br> the likelihood of shareholders' right to vote on reasonable offers.<br>|
| Compensation | &nbsp;&nbsp; We consider it the board's responsibility to identify the appropriate level of executive <br> compensation. Despite the differences among the types of plans and the awards possible, <br> there is a simple underlying philosophy that guides our analysis of executive <br> compensation: we believe that there should be a direct relationship between executive <br> compensation and company performance over the long term.<br>|
|  | &nbsp;&nbsp; Shareholders should have the opportunity to assess whether pay structures and levels are <br> aligned with business performance. When assessing remuneration reports, we consider <br> factors such as adequate disclosure of various remuneration elements, absolute and <br> relative pay levels, peer selection and benchmarking, the mix of long-term and short-term <br> incentives, alignment of pay structures with shareholder interests, as well as with <br> corporate strategy and performance. We may oppose remuneration reports where pay <br> seems misaligned with shareholders' interests. We may also consider executive <br> compensation practices when re-electing members of the remuneration committee.<br>|

---

------

![](g384765img3978240f2.gif)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; We recognize that compensation policies and practices are unique from market to market; <br> often there are significant differences between the level of disclosures, the amount and <br> forms of compensation paid, and the ability of shareholders to approve executive <br> compensation practices. As a result, our ability to assess the appropriateness of executive <br> compensation is often dependent on market practices and laws.<br>|
| Environmental and Social <br> Issues<br>| &nbsp;&nbsp; As a fiduciary, State Street Global Advisors takes a comprehensive approach to engaging <br> with our portfolio companies about material environmental and social (together, "sustain-<br> ability") issues. Our Asset Stewardship program prioritization process allows us to <br> proactively identify companies for engagement and voting in order to mitigate sustainability <br> risks in our portfolio. Through engagement, we address a broad range of topics relating to <br> the promotion of long-term shareholder value creation that are designed to build long-term <br> relationships with the issuers in which our clients invest. When voting, we fundamentally <br> consider whether the adoption of a shareholder proposal addressing a material sustain-<br> ability issue would promote long-term shareholder value in the context of the company's <br> existing practices and disclosures as well as existing market practice.<br>|
|  | &nbsp;&nbsp; For more information on our approach to environmental and social issues, please see our <br> Global Proxy Voting and Engagement Guidelines for Environmental and Social Issues and <br> our Frameworks for Voting Environmental and Social Shareholder Proposals, both <br> available at ssga.com/about-us/asset-stewardship.html.<br>|
| General/Routine | &nbsp;&nbsp; Although we do not seek involvement in the day-to-day operations of an organization, we <br> recognize the need for conscientious oversight and input into management decisions that <br> may affect a company's value. We support proposals that encourage economically <br> advantageous corporate practices and governance, while leaving decisions that are <br> deemed to be routine or constitute ordinary business to management and the board of <br> directors.<br>|
| Fixed Income Stewardship | The two elements of our fixed income stewardship program are: |
|  | **Proxy Voting:** |
|  | &nbsp;&nbsp; While matters that arise for a vote at bondholder meetings vary by jurisdiction, examples of <br> common proxy voting resolutions at bondholder meetings include:<br>|
|  | •Approving amendments to debt covenants and/or terms of issuance |
|  | •Authorizing procedural matters, such as filing of required documents/other formalities |
|  | •Approving debt restructuring plans |
|  | •Abstaining from challenging the bankruptcy trustees |
|  | •Authorizing repurchase of issued debt security |
|  | •Approving the placement of unissued debt securities under the control of directors |
|  | •Approving spin-off/absorption proposals |
|  | &nbsp;&nbsp; Given the nature of the items that arise for vote at bondholder meetings, we take a <br> case-by-case approach to voting bondholder resolutions. Where necessary, we will engage <br> with issuers on voting matters prior to arriving at voting decisions. All voting decisions will <br> be made in the best interest of our clients.<br>|

---

------

![](g384765img3978240f2.gif)

---

| | |
|:---|:---|
|  | **Issuer Engagement:** |
|  | &nbsp;&nbsp; We recognize that debt holders have limited leverage with companies on a day-to-day <br> basis. Our guidelines for engagement with fixed income issuers broadly follow the <br> engagement guidelines for our equity holdings as described above.<br>|
| Securities on Loan | &nbsp;&nbsp; For funds in which we act as trustee, we may recall securities in instances where we <br> believe that a particular vote will have a material impact on the fund(s). Several factors <br> shape this process. First, we must receive notice of the vote in sufficient time to recall the <br> shares on or before the record date. In many cases, we do not receive timely notice, and <br> we are unable to recall the shares on or before the record date. Second, State Street <br> Global Advisors may exercise its discretion and recall shares if it believes that the benefit <br> of voting shares will outweigh the foregone lending income. This determination requires <br> State Street Global Advisors, with the information available at the time, to form judgments <br> about events or outcomes that are difficult to quantify. Given our expertise and vast <br> experience, we believe that the recall of securities will rarely provide an economic benefit <br> that outweighs the cost of the foregone lending income.<br>|
| Reporting | &nbsp;&nbsp; Any client who wishes to receive information on how its proxies were voted should contact <br> its State Street Global Advisors relationship manager.<br>|
| **About State Street Global** <br> **Advisors**<br>| &nbsp;&nbsp; For four decades, State Street Global Advisors has served the world's governments, <br> institutions and financial advisors. With a rigorous, risk-aware approach built on research, <br> analysis and market-tested experience, we build from a breadth of index and active <br> strategies to create cost-effective solutions. And, as pioneers in index, ETF, and ESG <br> investing, we are always inventing new ways to invest. As a result, we have become the <br> world's fourth-largest asset manager\* with US $3.26 trillion† under our care.<br>|

---

------

\*

Pensions & Investments Research Center, as of December 31, 2021.

†

This figure is presented as of September 30, 2022 and includes approximately $55.12 billion USD of assets with respect to SPDR products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated. Please note all AUM is unaudited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**ssga.com** 

**State Street Global Advisors Worldwide Entities** 

**Australia:** State Street Global Advisors, Australia, Limited (ABN 42 003 914 225) is the holder of an Australian Financial Services Licence (AFSL Number 238276). Registered Office: Level 17, 420 George Street, Sydney, NSW 2000, Australia. T: +612 9240 7600. F: +612 9240 7611. **Belgium:** State Street Global Advisors Belgium, Chausse de La

Hulpe 120, 1000 Brussels, Belgium. T: +32 2 663 2036, F: +32 2 672 2077. SSGA Belgium is a branch office of State Street Global Advisors Limited. State Street Global Advisors Limited is authorised and regulated by the Financial Conduct Authority in the United Kingdom. **Canada:** State Street Global Advisors, Ltd., 770 Sherbrooke Street West, Suite 1200 Montreal, Quebec, H3A 1G1, T: +514 282 2400 and 30 Adelaide Street East Suite 500, Toronto, Ontario M5C 3G6. T:

+647 775 5900. **Dubai:** State Street Bank and Trust Company (Representative Office), Boulevard Plaza 1, 17th Floor, Office 1703 Near Dubai Mall & Burj Khalifa, P.O Box 26838, Dubai, United Arab Emirates. T: +971 (0)4 4372800. F: +971 (0)4 4372818. **France:** State Street Global Advisors France. Authorised and regulated by the Autorité des Marchés Financiers. Registered with the Register of Commerce and Companies of Nanterre under the number: 412 052 680.

Registered Office: Immeuble Défense Plaza, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France. T: +33 1 44 45 40 00. F: +33 1 44 45 41 92. **Germany:** State Street Global Advisors GmbH, Brienner Strasse 59, D-80333 Munich. T: +49 (0)89 55878 100. F: +49 (0)89 55878 440. **Hong Kong:** State Street Global Advisors Asia Limited, 68/F, Two International Finance Centre, 8 Finance Street, Central, Hong Kong. T: +852 2103 0288. F: +852 2103 0200. **Ireland:** State

------

![](g384765img3978240f2.gif)

Street Global Advisors Ireland Limited is regulated by the Central Bank of Ireland. Incorporated and registered in Ireland at Two Park Place, Upper Hatch Street, Dublin 2. Registered Number: 145221. Member of the Irish Association of Investment Managers. T: +353 (0)1 776 3000. F: +353 (0)1 776 3300. **Italy:** State Street Global Advisors Limited, Milan Branch (Sede Secondaria di Milano) is a branch of State Street Global Advisors Limited, a company registered in the UK, authorised and regulated by the Financial Conduct Authority (FCA), with a capital of GBP 71'650'000.00, and whose registered office is at 20 Churchill Place, London E14 5HJ. State Street Global Advisors Limited, Milan Branch (Sede Secondaria di Milano), is registered in Italy with company

number 06353340968 - R.E.A. 1887090 and VAT number 06353340968 and whose office is at Via dei Bossi, 4 - 20121 Milano, Italy. T: 39 02 32066 100. F: 39 02 32066 155. **Japan:** State Street Global Advisors (Japan) Co., Ltd., 9-7-1 Akasaka, Minato-ku, Tokyo 107-6239. T: +813 4530 7380. Financial Instruments Business Operator, Kanto Local Financial Bureau (Kinsho #345). Japan Investment Advisers Association, Investment Trusts Association Japan, Japan Securities Dealers Association. **Netherlands:** State Street Global Advisors Netherlands, Adam Smith Building, Thomas Malthusstraat 1-3, 1066 JR Amsterdam, Netherlands. T: +31 (0)20 7181701. State Street Global Advisors Netherlands is a branch office of State Street Global

Advisors Limited. State Street Global Advisors Limited is authorised and regulated by the Financial Conduct Authority in the United Kingdom. Singapore: State Street Global Advisors Singapore Limited, 168, Robinson Road, #33-01 Capital Tower, Singapore 068912 (Company Registered Number: 200002719D). T: +65 6826 7500. F: +65 6826 7501. **Switzerland:** State Street Global Advisors AG, Beethovenstr. 19, CH-8027 Zurich. T: +41 (0)44 245 70 00. F: +41 (0)44 245 70 16. **United Kingdom:** State Street Global Advisors Limited. Authorised and regulated by the Financial Conduct Authority. Registered in England. Registered Number: 2509928. VAT Number: 5776591 81. Registered Office: 20 Churchill Place, Canary Wharf, London, E14 5HJ. T: +020 3395

&nbsp;&nbsp;&nbsp;&nbsp;

6000. F: +020 3395 6350. **United States:** State Street Global Advisors, One Lincoln Street, Boston, MA 02111-2900. T: +617 786 3000.

Investing involves risk including the risk of loss of principal.

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 Global Advisors' express written consent.© 2022 State Street Corporation.

All Rights Reserved.

ID1317003-3479888.5.1.GBL.RTL 1222

Exp. Date: 12/31/2023

------

![](g384765img3978240f2.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **November 2022** |
| &nbsp;&nbsp; **Managing Conflicts of Interest** <br> **Arising From State Street** <br> **Global Advisors' Proxy** <br> **Voting and Engagement** <br> **Activity**<br>|
| &nbsp;&nbsp; State Street Corporation has a comprehensive <br> standalone Conflicts of Interest Policy and other policies <br> that address a range of identified conflicts of interests. <br> In addition, State Street Global Advisors, the asset <br> management business of State Street Corporation, <br> maintains a conflicts register that identifies key conflicts <br> and describes systems in place to mitigate the conflicts. <br> This document<sup>i</sup> is designed to act in conjunction with <br> related policies and practices employed by other groups <br> within the organization. Further, it complements those <br> policies and practices by providing information about <br> managing the conflicts of interests that may arise <br> through State Street Global Advisors' proxy voting and <br> engagement activities.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

i

These Managing Conflicts of Interest Arising From State Street Global Advisors' Proxy Voting and Engagement Activity Guidelines are also applicable to SSGA Funds Management, Inc. SSGA Funds Management, Inc. is an SEC-registered investment adviser. SSGA Funds Management, Inc., State Street Global Advisors Trust Company, and other advisory affiliates of State Street make up State Street Global Advisors, the investment management arm of State Street Corporation.

------

![](g384765img3978240f2.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Managing Conflicts of** <br> **Interest Related to Proxy** <br> **Voting and Engagement**<br>| &nbsp;&nbsp; State Street Global Advisors has implemented processes designed to prevent undue <br> influence on State Street Global Advisors' voting and engagement activities that may arise <br> from relationships between proxy issuers or companies and State Street Corporation, <br> State Street Global Advisors, State Street Global Advisors affiliates, State Street Global <br> Advisors Funds or State Street Global Advisors Fund affiliates.<br>|
|  | &nbsp;&nbsp; State Street Global Advisors assigns sole responsibility for the implementation of proxy <br> voting guidelines to members of its Asset Stewardship Team, a team that is independent <br> from other functions within the organization, such as sales and marketing, investment, or <br> client facing teams. Proxy voting is undertaken in accordance with the Proxy Voting <br> Guidelines, which are reviewed and overseen by our internal governance body, State <br> Street Global Advisors' ESG Committee (the "ESG Committee"). Any changes to the <br> guidelines are communicated to Asset Stewardship employees in a timely manner to <br> ensure that they understand the potential impact to their proxy voting activities. In rare <br> circumstances where nuances within specific resolutions fall outside of the scope of <br> existing voting guidelines, requiring case-by-case analysis, such resolutions are escalated <br> to the head of Asset Stewardship and reported to the ESG Committee. Voting consistently <br> with guidelines helps mitigate potential conflicts of interest, as the guidelines are <br> determined without reference to any specific entities or relationships.<br>|
|  | &nbsp;&nbsp; Members of the Asset Stewardship Team may from time to time discuss views on proxy <br> voting matters, company performance, strategy, etc. with other State Street Corporation or <br> State Street Global Advisors employees, including portfolio managers, senior executives, <br> and relationship managers. However, final voting decisions are made solely by the Asset <br> Stewardship Team, in accordance with the Proxy Voting Guidelines and in a manner <br> consistent with the best interest of its clients, taking into account various perspectives on <br> risks and opportunities with the goal of maximizing the value of client assets. Furthermore, <br> Asset Stewardship employees are prohibited from disclosing voting decisions prior to the <br> meetings. In addition, State Street Global Advisors generally exercises a singular vote <br> decision for each ballot item regardless of investment strategy.<sup>ii</sup> In certain cases, where a <br> material conflict of interest is identified, the matter may be referred to the ESG Committee, <br> for review.<br>|

---

------

ii

State Street Global Advisors believes such an approach is generally in our clients' best interest as our proxy voting principles are focused on enhancing long-term shareholder value and a unified voting approach maximizes our clients' voice and promotes firm-wide integration and sharing of insights between teams to the benefit of clients. In limited circumstances, certain pooled investment vehicles for which State Street Global Advisors acts as investment manager may, pursuant to their governing documents, utilize proxy voting guidelines developed by third-party advisors.

------

![](g384765img3978240f2.gif)

Other protocols designed to help mitigate potential conflicts of interest include:

---

| | | |
|:---|:---|:---|
| **Types of Potential Conflict** | **Stewardship Conflict of Interest Description** | &nbsp;&nbsp; **Typical Conflict Mitigation** <br> **Protocols That We Employ**<br>|
| Business Relationships | &nbsp;&nbsp; A conflict of interest may arise where, for example, we hold <br> investments in companies with which we, or our affiliates, <br> have material business relationships.<br>| &nbsp;&nbsp; Assigning sole responsibility <br> for the implementation of <br> proxy voting guidelines to <br> members of Asset <br> Stewardship Team and <br> voting in accordance with <br> the Proxy Voting Guidelines <br> are our primary conflict <br> mitigation protocols. <br> Furthermore, the voting <br> rationale is recorded to <br> provide transparency.<br>|
|  |  | &nbsp;&nbsp; Additional mitigation steps <br> may be implemented on a <br> case-by-case basis. This <br> may include, for example, <br> blackout periods for <br> communications with <br> issuers/clients.<br>|
| Equity Investments | &nbsp;&nbsp; A conflict of interest may arise where client accounts <br> and/or State Street Global Advisors pooled funds, where <br> State Street Global Advisors acts as trustee, may hold <br> shares in State Street Corporation or other State Street <br> Global Advisors affiliated entities, such as mutual funds <br> affiliated with State Street Global Advisors Funds <br> Management, Inc.<br>| &nbsp;&nbsp; Mitigants may include, for <br> example, outsourcing voting <br> decisions relating to a <br> shareholder meeting of <br> State Street Corporation or <br> other State Street Global <br> Advisors affiliated entities to <br> independent outside third <br> parties. In such cases, <br> delegated third parties <br> exercise vote decisions <br> based upon State Street <br> Global Advisors' Proxy <br> Voting and Engagement <br> Guidelines.<br>|

---

------

![](g384765img3978240f2.gif)

---

| | | |
|:---|:---|:---|
| Outside Business Interest | &nbsp;&nbsp; A conflict of interest may arise where an Asset <br> Stewardship employee or a key employee in the firm has <br> an outside business interest (such as a director role in a <br> company we invest in, or in the same industry as we <br> invest).<br>| &nbsp;&nbsp; State Street Global Advisors <br> maintains an Outside <br> Activities Policy and <br> employees must submit a <br> request requiring approval <br> before undertaking any <br> outside activities that are <br> captured by the Outside <br> Activities Policy. The request <br> will be reviewed by the <br> employee's manager and <br> the Conduct Risk <br> Management Office to <br> ensure compliance with <br> applicable policies and <br> procedures (such as the <br> Global Anti-Corruption <br> Policy and the Standard of <br> Conduct) and ensure <br> potential conflicts are <br> mitigated.<br>|
|  |  | &nbsp;&nbsp; Additional mitigation steps <br> may be implemented on a <br> case-by-case basis. This <br> may include, for example, <br> retaining an independent <br> fiduciary to make a voting <br> decision where we believe <br> we may be conflicted from <br> voting due to an outside <br> business interest.<br>|
| Other Personal Conflicts | &nbsp;&nbsp; A conflict of interest may arise where a family member or <br> other personal contact of an employee is employed by a <br> company in which we invest.<br>| &nbsp;&nbsp; Mitigation steps may be <br> implemented for personal <br> conflicts on a case-by-case <br> basis. This may include, for <br> example, filing a Personal <br> Conflicts declaration with a <br> mitigation strategy to <br> document how the conflict <br> will be avoided. Such <br> strategies may include, for <br> example, a member of the <br> Asset Stewardship Team <br> with a conflict recusing <br> him/herself from voting and <br> participating in engagement <br> activities at the relevant <br> company, and implementing <br> blackout periods for <br> communications with <br> issuers/clients.<br>|

---

------

![](g384765img3978240f2.gif)

---

| | | |
|:---|:---|:---|
| Securities Lending | &nbsp;&nbsp; We may lend securities that we hold in one of our portfolios <br> to another financial counterparty. This may create a conflict <br> of interest when deciding whether to recall those securities <br> to enable us to vote in a shareholder resolution, which may <br> impact the intended securities lending income.<br>| &nbsp;&nbsp; Our approach to securities <br> lending, and any potential <br> conflicts that may be <br> created through our <br> securities lending activity, is <br> governed by the Proxy <br> Voting/Securities Lending <br> Recall Procedure, which is <br> owned by the Asset <br> Stewardship Team and <br> Proxy Operations Group. <br> The conflict mitigation <br> protocols include periodical <br> review of the procedure by <br> relevant stakeholders, <br> designating Asset <br> Stewardship Team to make <br> the final decision whether or <br> not to recall shares, and <br> escalation of any overrides <br> to the procedure.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **About State Street Global** <br> **Advisors**<br>| &nbsp;&nbsp; For four decades, State Street Global Advisors has served the world's governments, <br> institutions and financial advisors. With a rigorous, risk-aware approach built on research, <br> analysis and market-tested experience, we build from a breadth of index and active <br> strategies to create cost-effective solutions. As stewards, we help portfolio companies see <br> that what is fair for people and sustainable for the planet can deliver long-term <br> performance. And, as pioneers in index, ETF, and ESG investing, we are always inventing <br> new ways to invest. As a result, we have become the world's fourth-largest asset manager\* <br> with US $3.26 trillion† under our care.<br>|

---

------

\*

Pensions & Investments Research Center, as of December 31, 2021.

†

This figure is presented as of September 30, 2022 and includes approximately $55.12 billion USD of assets with respect to SPDR products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated. Please note all AUM is unaudited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**ssga.com** 

**Marketing Communication** 

**State Street Global Advisors Worldwide Entities** 

**Abu Dhabi**: State Street Global Advisors Limited, ADGM Branch, Al Khatem Tower, Suite 42801, Level 28, ADGM Square, Al Maryah Island, P.O Box 76404,

Abu Dhabi, United Arab Emirates. Regulated by the ADGM Financial Services Regulatory Authority. T: +971 2 245 9000. **Australia**: State Street Global Advisors, Australia, Limited (ABN 42 003 914 225) is the holder of an Australian Financial Services License (AFSL Number 238276). Registered office: Level 14, 420 George Street, Sydney, NSW 2000,

Australia. T: +612 9240-7600. F: +612 9240-7611. **Belgium**: State Street Global Advisors Belgium, Chaussée de La Hulpe 185, 1170 Brussels, Belgium. T: +32 2 663 2036. State Street Global Advisors Belgium is a branch office of State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorised and

regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. **Canada**: State Street Global Advisors, Ltd., 1981 McGill College Avenue, Suite 500, Montreal, Qc, H3A 3A8, T: +514 282 2400 and 30 Adelaide Street East Suite 800, Toronto, Ontario M5C 3G6. T: +647 775 5900. **France**: State Street Global

------

![](g384765img3978240f2.gif)

Advisors Europe Limited, France Branch ("State Street Global Advisors France") is a branch of State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorised and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. State Street Global Advisors France is registered in France with company number RCS Nanterre 899 183 289, and its office is located at Coeur Défense — Tour A — La Défense 4, 33e étage, 100, Esplanade du Général de Gaulle, 92 931 Paris La Défense Cedex, France. T: +33 1 44 45 40 00. F: +33 1 44 45 41 92. **Germany**: State Street Global Advisors Europe Limited, Branch in Germany, Brienner Strasse 59, D-80333 Munich, Germany ("State Street Global Advisors Germany"). T: +49 (0)89 55878 400. State Street Global Advisors Germany is a branch of State Street Global Advisors Europe Limited, registered in Ireland with company number 49934,

authorised and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. **Hong Kong**: State Street Global Advisors Asia Limited, 68/F, Two International Finance Centre, 8 Finance Street, Central, Hong Kong. T: +852 2103-0288. F: +852 2103-0200. **Ireland**: State Street Global Advisors Europe Limited is regulated by the Central Bank of Ireland. Registered office address 78 Sir John Rogerson's Quay, Dublin 2. Registered Number: 49934. T: +353 (0)1 776 3000. F: +353 (0)1 776 3300. **Italy**: State Street Global Advisors Europe Limited, Italy Branch ("State Street Global Advisors Italy") is a branch of State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorised and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. State Street Global Advisors Italy is registered in Italy with company number 11871450968 — REA: 2628603

and VAT number 11871450968, and its office is located at Via Ferrante Aporti, 10 -20125 Milan, Italy. T: +39 02 32066 100. F: +39 02 32066 155. **Japan**: State Street Global Advisors (Japan) Co., Ltd., Toranomon Hills Mori Tower 25F 1-23-1 Toranomon, Minato-ku, Tokyo 105-6325 Japan. T: +81-3-4530-7380. Financial Instruments Business Operator, Kanto Local Financial Bureau (Kinsho #345), Membership: Japan Investment Advisers Association, The Investment Trust Association, Japan, Japan Securities Dealers' Association. **Netherlands**: State Street Global Advisors Netherlands, Apollo Building 7th floor, Herikerbergweg 29, 1101 CN Amsterdam, Netherlands. T: +31 20 7181 000. State Street Global Advisors Netherlands is a branch office of State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorised and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay,

Dublin 2. **Singapore**: State Street Global Advisors Singapore Limited, 168, Robinson Road, #33-01 Capital Tower, Singapore 068912 (Company Reg. No: 200002719D, regulated by the Monetary Authority of Singapore). T: +65 6826-7555. F: +65 6826-7501. **Switzerland**: State Street Global Advisors AG, Beethovenstr. 19, CH-8027 Zurich. Registered with the Register of Commerce Zurich CHE-105.078.458. T: +41 (0)44 245 70 00. F: +41 (0)44 245 70 16. **United Kingdom**: State Street Global Advisors Limited. Authorised and regulated by the Financial Conduct Authority. Registered in England. Registered No. 2509928. VAT No. 5776591 81. Registered office: 20 Churchill Place, Canary Wharf, London, E14 5HJ. T: 020 3395 6000. F: 020 3395 6350. **United States**: State Street Global Advisors, 1 Iron Street, Boston, MA 02210-1641. T: +1 617 786 3000.

------

**Important Risk Information** 

Investing involves risk including the risk of loss of principal.

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 SSGA's express written consent.

All information is from SSGA unless otherwise noted and has been obtained from sources

believed to be reliable, but its accuracy is not guaranteed. There is no 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.

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 information contained in this communication is not a research recommendation or 'investment research' and is classified as a 'Marketing Communication' in accordance with the Markets in Financial** 

**Instruments Directive (2014/65/ EU) or applicable Swiss regulation. This means that this marketing communication** 

**(a)** **has not been prepared in accordance with legal requirements designed to promote the independence of investment research** 

**(b)** **is not subject to any prohibition on dealing** 

------

![](g384765img3978240f2.gif)

**ahead of the dissemination of investment research.** 

This communication is directed at professional clients (this includes eligible counterparties as defined by the appropriate the EU regulator) who are deemed both knowledgeable and experienced in matters relating to investments. The products and services to which this communication relates

are only available to such persons and persons of any other description (including retail clients) should not rely on this communication.

The returns on a portfolio of securities which exclude companies that do not meet the portfolio's specified ESG criteria may trail the returns on a portfolio of securities which include such companies. A portfolio's ESG

criteria may result in the portfolio investing in industry sectors or securities which underperform the market as a whole.© 2022 State Street Corporation.

All Rights Reserved.

ID1282151-3479898.3.1.GBL.RTL 1122 Exp. Date: 11/30/2023

------

![](g384765img3978240f2.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **March 2022** |
| &nbsp;&nbsp; **Global Proxy Voting and** <br> **Engagement Guidelines for** <br> **Environmental and Social** <br> **Issues**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

![](g384765img3978240f2.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Overview** | &nbsp;&nbsp; Our primary fiduciary obligation to our clients is to maximize the long-term returns of their <br> investments. It is our view that material environmental and social (sustainability) issues can <br> present risks and/or opportunities that impact long-term value creation. This philosophy <br> provides the foundation for our value-based approach to Asset Stewardship.<br>|
|  | &nbsp;&nbsp; We use our voice and our vote through engagement, proxy voting, and thought leadership <br> in order to communicate with issuers and educate market participants about our <br> perspective on important sustainability topics.<br>|
|  | &nbsp;&nbsp; Our stewardship efforts are rooted in the three pillars of ESG and their intersections. We <br> regularly identify E, S, and G focus areas that guide our proxy voting and engagement <br> efforts. Within these focus areas, we elevate outcome-oriented stewardship priorities each <br> year based on factors including client demand, stakeholder interest, market trends, <br> financial materiality, and portfolio impact.<br>|
|  | &nbsp;&nbsp; In limited circumstances, State Street Global Advisors may act as investment manager to <br> pooled investment vehicles that, pursuant to their governing documents, utilize guidelines <br> developed by a third-party advisor. With respect to such funds utilizing third-party <br> guidelines, the voting practices described in the applicable third-party guidelines will apply <br> in place of the voting practices described herein.<br>|
| **Our Approach to** <br> **Assessing Materiality and** <br> **Relevance of Sustain-**<br> **ability Issues**<br>| &nbsp;&nbsp; While we believe that sustainability-related factors can expose potential investment risks <br> as well as drive long-term value creation, the materiality of specific sustainability issues <br> varies from industry to industry and company by company. With this in mind, we leverage <br> several distinct frameworks as well as additional resources to inform our views on the <br> materiality of a sustainability issue at a given company, including:<br>|
|  | •The Sustainability Accounting Standards Board's (SASB) Industry Standards |
|  | •The Task Force on Climate-related Financial Disclosures (TCFD) Framework |
|  | •Disclosure expectations in a company's given regulatory environment |
|  | •Market expectations for the sector and industry |
|  | &nbsp;&nbsp; •Other existing third party frameworks, such as the CDP (formally the Carbon <br> Disclosure Project) or the Global Reporting Initiative<br>|
|  | •Our proprietary R-Factor<sup>TM1</sup> score |
|  | &nbsp;&nbsp; We expect companies to disclose information regarding their approach to identifying <br> material sustainability-related risks and the management policies and practices in place to <br> address such issues. We support efforts by companies to demonstrate the ways in which <br> sustainability is incorporated into operations, business activities, and most importantly, <br> long-term business strategy.<br>|

---

------

State Street Global Advisors' proprietary scoring model, which aligns with SASB's Sustainability Accounting Standards, and measures the performance of a company's business operations and governance as it relates to financially material ESG factors facing the company's industry.

------

![](g384765img3978240f2.gif)

---

| | |
|:---|:---|
| **Our Approach to Sustain-**<br> **ability Through** <br> **Engagements**<br>| &nbsp;&nbsp; Our Asset Stewardship program prioritization process allows us to proactively identify <br> companies for engagement and voting in order to mitigate sustainability risks in our <br> portfolio. Our approach is driven by:<br>|
|  | **1.Proprietary Screens** |
|  | &nbsp;&nbsp; We have developed proprietary in-house sustainability screens to help identify companies <br> for proactive engagement. These screens leverage our proprietary R-Factor<sup>TM</sup> score to <br> identify sector and industry outliers for engagement and voting on sustainability issues.<br>|
|  | **2.Thematic Prioritization** |
|  | &nbsp;&nbsp; As part of our annual stewardship planning process we identify thematic sustainability <br> priorities that will be addressed during most engagement meetings. We develop our <br> priorities based upon several factors, including client feedback, emerging sustainability <br> trends, developing macroeconomic conditions, and evolving regulations. These <br> engagements not only inform our voting decisions but also allow us to monitor <br> improvement over time and to contribute to our evolving perspectives on priority areas.<br>|
|  | &nbsp;&nbsp; During the 'voting season,' we prioritize conversations with companies that have triggered <br> our E&S director voting policies or have received an E&S shareholder proposal on their <br> proxy. In the 'off-season,' we discuss our thematic focus areas and stewardship priorities <br> with companies for which these topics are most material.<br>|
|  | &nbsp;&nbsp; Through engagement, we address a broad range of topics that align with our thematic <br> priorities and seek to build long-term relationships with issuers. We view engagements as <br> part of an ongoing dialogue, versus a series of one-off conversations. During <br> conversations with issuers, we share expectations and perspectives on of key dimensions <br> of E&S, and seek to understand how companies and their boards manage and oversee <br> related risks.<br>|
|  | &nbsp;&nbsp; We also pursue proactive, targeted engagement campaigns with companies for which our <br> focus areas are most material, and/or where improvement is most needed. Through these <br> campaigns, we might make specific asks of companies and measure their progress <br> against our expectations. If we feel a company is making insufficient progress on effective <br> E&S risk management, we will consider taking voting action through relevant shareholder <br> proposals or by targeting directors responsible for oversight.<br>|
| **Analyzing Sustainability** <br> **Proposals**<br>| &nbsp;&nbsp; We take a case-by-case approach to analyzing shareholder proposals related to sustain-<br> ability topics and consider the following factors:<br>|
|  | &nbsp;&nbsp; •The materiality of the sustainability topic in the proposal to the company's business <br> and sector (see "Our Approach to Assessing Materiality and Relevance of Sustain-<br> ability Issues" above)<br>|
|  | •The content and intent of the proposal |
|  | &nbsp;&nbsp; •Whether the adoption of such a proposal would promote long-term shareholder value <br> in the context of the company's disclosure and practices<br>|
|  | •The strength of board oversight of the company's relevant sustainability practices |
|  | •Quality of public disclosures on the topic |

---

------

![](g384765img3978240f2.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | •Quality of engagement and responsiveness to our feedback |
|  | •Binding nature of proposal or prescriptiveness of proposal |
|  | &nbsp;&nbsp; We also leverage frameworks to analyze certain E&S shareholder proposals. These <br> frameworks, which are not considered formal voting guidelines, can be found on our <br> website.<br>|
| **Vote Options for Sustain-**<br> **ability Proposals**<br>| &nbsp;&nbsp; •For (support for proposal) if the issue is material and the company has poor disclosure <br> and/or practices relative to our expectations<br>|
|  | &nbsp;&nbsp; •Abstain (some reservations) if the issue is material and the company's disclosure <br> and/or practices could be improved relative to our expectations.<br>|
|  | &nbsp;&nbsp; •Against (no support for proposal) if the issue is non-material and/or the company's <br> disclosure and/or practices meet our expectations.<br>|
| **About State Street Global** <br> **Advisors**<br>| &nbsp;&nbsp; For four decades, State Street Global Advisors has served the world's governments, <br> institutions and financial advisors. With a rigorous, risk-aware approach built on research, <br> analysis and market-tested experience, we build from a breadth of active and index <br> strategies to create cost-effective solutions. As stewards, we help portfolio companies see <br> that what is fair for people and sustainable for the planet can deliver long-term <br> performance. And, as pioneers in index, ETF, and ESG investing, we are always inventing <br> new ways to invest. As a result, we have become the world's fourth-largest asset manager\* <br> with US $4.14 trillion† under our care.<br>|

---

------

\*

Pensions & Investments Research Center, as of December 31, 2020.

†

This figure is presented as of December 31, 2021 and includes approximately $61.43 billion of assets with respect to SPDR products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**ssga.com** 

**State Street Global Advisors Worldwide Entities** 

**Abu Dhabi:** State Street Global Advisors Limited, ADGM Branch, Al Khatem Tower, Suite 42801, Level 28, ADGM Square, Al Maryah Island, P.O Box 76404, Abu Dhabi, United Arab Emirates. Regulated by the ADGM Financial Services Regulatory Authority. T: +971 2 245 9000. **Australia:** State Street Global Advisors, Australia, Limited (ABN 42 003 914 225) is the holder of an Australian Financial Services License (AFSL Number 238276). Registered office: Level 14, 420 George Street, Sydney, NSW 2000, Australia. T: +612 9240-

&nbsp;&nbsp;&nbsp;&nbsp;7600. F: +612 9240-7611. **Belgium:** State Street Global Advisors Belgium, Chaussée de La Hulpe 185, 1170 Brussels, Belgium. T: +32 2 663 2036. State Street Global Advisors Belgium is a branch office of State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorized and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. **Canada:** State Street Global Advisors, Ltd., 1981 McGill College Avenue, Suite 500, Montreal, Qc, H3A 3A8, T: +514 282 2400 and 30 Adelaide Street East Suite 800, Toronto, Ontario M5C 3G6. T: +647 775 5900. **France:** State Street Global

Advisors Europe Limited, France Branch ("State Street Global Advisors France") is a branch of State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorized and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. State Street Global Advisors France is registered in France with company number RCS Nanterre 899 183 289, and its office is located at Coeur Défense — Tour A — La Défense 4, 33e étage, 100, Esplanade du Général de Gaulle, 92 932 Paris La Défense Cedex, France. T: +33 1 44 45 40 00. F: +33 1 44 45 41 92. **Germany:** State Street Global

Advisors Europe Limited, Branch in Germany, Brienner Strasse 59, D-80333 Munich, Germany ("State Street Global Advisors Germany"). T: +49 (0)89 55878 400. State Street Global Advisors Germany is a branch of State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorized and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. **Hong Kong:** State Street Global Advisors Asia Limited, 68/F, Two International Finance Centre, 8 Finance Street, Central, Hong Kong. T: +852 2103-0288. F: +852 2103-0200. **Ireland:** State Street Global Advisors Europe

------

![](g384765img3978240f2.gif)

Limited is regulated by the Central Bank of Ireland. Registered office address 78 Sir John Rogerson's Quay, Dublin 2. Registered Number: 49934. T: +353 (0)1 776 3000. F: +353 (0)1 776 3300. **Italy:** State Street Global Advisors Europe Limited, Italy Branch ("State Street Global Advisors Italy") is a branch of State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorized and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. State Street Global Advisors Italy is registered in Italy with company number 11871450968 — REA: 2628603 and VAT number 11871450968, and its office is located at Via Ferrante Aporti, 10 - 20125 Milan,

Italy. T: +39 02 32066 100. F: +39 02 32066 155. **Japan:** State Street Global Advisors (Japan) Co., Ltd., Toranomon Hills Mori Tower 25F 1-23-1 Toranomon, Minato-ku, Tokyo 105-6325 Japan. T: +81-3-4530-7380. Financial Instruments Business Operator, Kanto Local Financial Bureau (Kinsho #345), Membership: Japan Investment Advisers Association, The Investment Trust Association, Japan, Japan Securities Dealers' Association. **Netherlands:** State Street Global Advisors Netherlands, Apollo Building 7th floor, Herikerbergweg 29, 1101 CN Amsterdam, Netherlands. T: +31 20 7181 000. State Street Global Advisors Netherlands is a branch office of State Street Global Advisors Europe Limited, registered in

Ireland with company number 49934, authorized and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. **Singapore:** State Street Global Advisors Singapore Limited, 168, Robinson Road, #33-01 Capital Tower, Singapore 068912 (Company Reg. No: 200002719D, regulated by the Monetary Authority of Singapore). T: +65 6826-7555. F: +65 6826-7501. **Switzerland:** State Street Global Advisors AG, Beethovenstr. 19, CH-8027 Zurich. Registered with the Register of Commerce Zurich CHE-105.078.458. T: +41 (0)44 245 70 00. F: +41 (0)44 245 70 16. **United Kingdom:** State Street Global Advisors Limited. Authorized and regulated by the Financial Conduct Authority.

Registered in England. Registered No. 2509928. VAT No. 5776591 81. Registered office: 20 Churchill Place, Canary Wharf, London, E14 5HJ. T: 020 3395 6000. F: 020 3395 6350. **United States:** State Street Global Advisors, 1 Iron Street, Boston, MA 02210-1641. T: +1 617 786 3000.

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 Global Advisors' express written consent.© 2022 State Street Corporation.

All Rights Reserved.

ID949700-3479887.3.1.GBL.RTL 0322

Exp. Date: 03/31/2023

------

![](g384765img3978240f2.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **March 2022** |
| Australia and New Zealand |
| &nbsp;&nbsp; **Proxy Voting and** <br> **Engagement Guidelines**<br>|
| &nbsp;&nbsp; State Street Global Advisors' Australia and New Zealand <br> Proxy Voting and Engagement Guidelines<sup>i</sup> outline our <br> expectations of companies listed on stock exchanges in <br> Australia and New Zealand. These Guidelines <br> complement and should be read in conjunction with <br> State Street Global Advisors' Global Proxy Voting and <br> Engagement Principles, which provide a detailed <br> explanation of our approach to voting and engaging with <br> companies, and State Street Global Advisors' Conflict <br> Mitigation Guidelines.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

i

These Proxy Voting and Engagement Guidelines are also applicable to SSGA Funds Management, Inc. SSGA Funds Management, Inc. is an SEC-registered investment adviser. SSGA Funds Management, Inc., State Street Global Advisors Trust Company, and other advisory affiliates of State Street make up State Street Global Advisors, the investment management arm of State Street Corporation.

------

![](g384765img3978240f2.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; State Street Global Advisors' Australia and New Zealand Proxy Voting and Engagement <br> Guidelines address areas including board structure, audit related issues, capital structure, <br> remuneration, environmental, social, and other governance related issues.<br>|
|  | &nbsp;&nbsp; When voting and engaging with companies in global markets, we consider market specific <br> nuances in the manner that we believe will best protect and promote the long-term <br> economic value of client investments. We expect companies to observe the relevant laws <br> and regulations of their respective markets as well as country specific best practice <br> guidelines, and corporate governance codes. We may hold companies in such markets to <br> our global standards when we feel that a country's regulatory requirements do not address <br> some of the key philosophical principles that we believe are fundamental to our global <br> voting guidelines.<br>|
|  | &nbsp;&nbsp; In our analysis and research into corporate governance issues in Australia and New <br> Zealand, we expect all companies at a minimum to comply with the ASX Corporate <br> Governance Principles and proactively monitor companies' adherence to the principles. <br> Consistent with the 'comply or explain' expectations established by the Principles, we <br> encourage companies to proactively disclose their level of compliance with the Principles. <br> In instances of non-compliance when companies cannot explain the nuances of their <br> governance structure effectively, either publicly or through engagement, we may vote <br> against the independent board leader.<br>|
| **State Street Global** <br> **Advisors' Proxy Voting** <br> **and Engagement** <br> **Philosophy**<br>| &nbsp;&nbsp; In our view, corporate governance and sustainability issues are an integral part of the <br> investment process. The Asset Stewardship Team consists of investment professionals <br> with expertise in corporate governance and company law, remuneration, accounting, and <br> environmental and social issues. We have established robust corporate governance <br> principles and practices that are backed with extensive analytical expertise in order to <br> understand the complexities of the corporate governance landscape. We engage with <br> companies to provide insight on the principles and practices that drive our voting decisions. <br> We also conduct proactive engagement to address significant shareholder concerns and <br> environmental, social and governance ("ESG") issues in a manner consistent with <br> maximizing shareholder value.<br>|
|  | &nbsp;&nbsp; The team works alongside members of State Street Global Advisors' Active Fundamental <br> and Asia-Pacific ("APAC") investment teams, collaborating on issuer engagement and <br> providing input on company specific fundamentals. We are also a member of various <br> investor associations that seek to address broader corporate governance related policy <br> issues in the region.<br>|
|  | &nbsp;&nbsp; State Street Global Advisors is a signatory to the United Nations Principles of Responsible <br> Investment ("UNPRI"). We are committed to sustainable investing and are working to <br> further integrate ESG principles into investment and corporate governance practices where <br> applicable and consistent with our fiduciary duty.<br>|

---

------

![](g384765img3978240f2.gif)

---

| | |
|:---|:---|
| **Directors and Boards** | &nbsp;&nbsp; Principally we believe the primary responsibility of the board of directors is to preserve and <br> enhance shareholder value and protect shareholder interests. In order to carry out their <br> primary responsibilities, directors have to undertake activities that range from setting <br> strategy and overseeing executive management to monitoring the risks that arise from a <br> company's business, including risks related to sustainability issues. Further, good <br> corporate governance necessitates the existence of effective internal controls and risk <br> management systems, which should be governed by the board.<br>|
|  | &nbsp;&nbsp; State Street Global Advisors believes that a well constituted board of directors with a good <br> balance of skills, expertise, and independence provides the foundations for a well <br> governed company. We view board quality as a measure of director independence, director <br> succession planning, board diversity, evaluations and refreshment, and company <br> governance practices. We vote for the (re-)election of directors on a case-by-case basis <br> after considering various factors including board quality, general market practice, and <br> availability of information on director skills and expertise.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> In our analysis of boards, we consider whether board members have adequate skills to <br> provide effective oversight of corporate strategy, operations, and risks, including <br> environmental and social issues. Boards should also have a regular evaluation process in <br> place to assess the effectiveness of the board and the skills of board members to address <br> issues, such as emerging risks, changes to corporate strategy, and diversification of <br> operations and geographic footprint.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> We may also consider board performance and directors who appear to be remiss in the <br> performance of their oversight responsibilities when analyzing their suitability for <br> reappointment (e.g. fraud, criminal wrongdoing and breach of fiduciary responsibilities).<br>|
|  | **Board Independence** |
|  | &nbsp;&nbsp; In principle, we believe independent directors are crucial to corporate governance and help <br> management establish sound ESG policies and practices. A sufficiently independent board <br> will most effectively monitor management and perform oversight functions necessary to <br> protect shareholder interests. We expect boards of ASX 300 and New Zealand listed <br> companies to be comprised of at least a majority of independent directors. At all other <br> Australian listed companies, we expect boards to be comprised of at least one-third <br> independent directors.<br>|
|  | &nbsp;&nbsp; Our broad criteria for director independence in Australia and New Zealand include factors <br> such as:<br>|
|  | &nbsp;&nbsp; •Participation in related-party transactions and other business relations with the <br> company<br>|
|  | •Employment history with company |
|  | •Relations with controlling shareholders |
|  | Family ties with any of the company's advisers, directors, or senior employees |

---

------

![](g384765img3978240f2.gif)

---

| |
|:---|
| &nbsp;&nbsp; While we are generally supportive of having the roles of chairman and CEO separated in <br> the Australian and New Zealand markets, we assess the division of responsibilities <br> between chairman and CEO on a case-by-case basis, giving consideration to factors such <br> as company-specific circumstances, overall level of independence on the board and <br> general corporate governance standards in the company. Similarly, we will monitor for <br> circumstances in which a combined chairman/CEO is appointed or where a former CEO <br> becomes chairman.<br>|
| **Director Time Commitments** |
| &nbsp;&nbsp; When voting on the election or re-election of a director, we also consider the number of <br> outside board directorships that a non-executive and an executive may undertake. Thus, <br> State Street Global Advisors may take voting action against a director who exceeds the <br> number of board mandates listed below:<br>|
| &nbsp;&nbsp; •Named Executive Officers (NEOs) of a public company who sit on more than two <br> public company boards<br>|
| &nbsp;&nbsp; •Non-executive board chairs or lead independent directors who sit on more than three <br> public company boards<br>|
| •Director nominees who sit on more than four public company boards |
| &nbsp;&nbsp; For non-executive board chairs/lead independent directors and director nominees who hold <br> excessive commitments, as defined above, we may consider waiving our policy and vote in <br> support of a director if a company discloses its director commitment policy in a publicly <br> available manner (e.g., corporate governance guidelines, proxy statement, company <br> website). This policy or associated disclosure must include:<br>|
| •A numerical limit on public company board seats a director can serve on |
| •This limit cannot exceed our policy by more than one seat |
| •Consideration of public company board leadership positions (e.g., Committee Chair) |
| •Affirmation that all directors are currently compliant with the company policy |
| &nbsp;&nbsp; •Description of an annual policy review process undertaken by the Nominating <br> Committee to evaluate outside director time commitments<br>|
| &nbsp;&nbsp; If a director is imminently leaving a board and this departure is disclosed in a written, <br> time-bound and publicly-available manner, we may consider waiving our withhold vote <br> when evaluating the director for excessive time commitments.<br>|
| &nbsp;&nbsp; Service on a mutual fund board, the board of a UK investment trust or a Special Purpose <br> Acquisition Company (SPAC) board is not considered when evaluating directors for <br> excessive commitments. However, we do expect these roles to be considered by <br> nominating committees when evaluating director time commitments.<br>|
| **Director Attendance at Board Meetings** |
| &nbsp;&nbsp; We also consider attendance at board meetings and may withhold votes from directors <br> who attend less than 75 percent of board meetings without appropriate explanation or <br> providing reason for their failure to meet the attendance threshold. In addition, we monitor <br> other factors that may influence the independence of a non-executive director, such as <br> performance-related pay, cross-directorships, significant shareholdings, and tenure. We <br> support the annual election of directors and encourage Australian and New Zealand <br> companies to adopt this practice.<br>|

---

------

![](g384765img3978240f2.gif)

---

| |
|:---|
| **Board Committees** |
| &nbsp;&nbsp; We believe companies should have committees for audit, remuneration, and nomination <br> oversight. The audit committee is responsible for monitoring the integrity of the financial <br> statements of the company, appointing external auditors, monitoring their qualifications <br> and independence, and their effectiveness and resource levels. ASX Corporate <br> Governance Principles requires listed companies to have an audit committee of at least <br> three members all of whom are non-executive directors and a majority of whom are <br> independent directors. It also requires that the committee be chaired by an independent <br> director who is not the chair of the board. We hold Australian and New Zealand companies <br> to our global standards for developed financial markets by requiring that all members of <br> the audit committee be independent directors.<br>|
| &nbsp;&nbsp; The nomination committee is responsible for evaluating and reviewing the balance of <br> skills, knowledge, and experience of the board. It also ensures that adequate succession <br> plans are in place for directors and the CEO. We may vote against the re-election of <br> members of the nomination committee if the board has failed to address concerns over <br> board structure or succession.<br>|
| **Board Gender Diversity** |
| &nbsp;&nbsp; We expect boards of all listed companies to have at least one female board member. If a <br> company fails to meet this expectation, State Street Global Advisors may vote against the <br> Chair of the board's nominating committee or the board leader in the absence of a <br> nominating committee, if necessary. Additionally, if a company fails to meet this <br> expectation for three consecutive years, State Street Global Advisors may vote against all <br> incumbent members of the nominating committee.<br>|
| **Board Responsiveness to High Dissent against Pay** |
| **Proposals** |
| &nbsp;&nbsp; Executive pay is another important aspect of corporate governance. We believe that <br> executive pay should be determined by the board of directors. We expect companies to <br> have in place remuneration committees to provide independent oversight over executive <br> pay. ASX Corporate Governance Principles require listed companies to have a <br> remuneration committee of at least three members all of whom are non-executive <br> directors and a majority of whom are independent directors. Since Australia has a <br> non-binding vote on pay with a two-strike rule requiring a board spill vote in the event of a <br> second strike, we believe that the vote provides investors a mechanism to address <br> concerns they may have on the quality of oversight provided by the board on remuneration <br> issues. Accordingly, our voting guidelines accommodate local market practice.<br>|
| &nbsp;&nbsp; Poorly structured executive compensation plans pose increasing reputational risk to <br> companies. Ongoing high level of dissent against a company's compensation proposals <br> may indicate that the company is not receptive to investor concerns. If the level of dissent <br> against a company's remuneration report and/or remuneration policy is consistently high, <br> and we have determined that a vote against a pay-related proposal is warranted in the <br> third consecutive year, we will vote against the Chair of the remuneration committee.<br>|

---

------

![](g384765img3978240f2.gif)

---

| | |
|:---|:---|
|  | **Incorporating R-Factor™ into Director Votes** |

|  | **Climate-related Disclosure** |
|  | We believe climate change poses a systemic risk to all companies in our portfolio. |
|  | &nbsp;&nbsp; State Street Global Advisors has publicly supported the global regulatory efforts to <br> establish a mandatory baseline of climate risk disclosures for all companies. Until these <br> consistent disclosure standards are established, we find that the recommendations of the <br> Taskforce on Climate-related Financial Disclosures (TCFD) provide the most effective <br> framework by which companies can develop strategies to plan for climate-related risks and <br> make their businesses more resilient to the impacts of climate change.<br>|
|  | &nbsp;&nbsp; As such, we may vote against the independent board leader at companies in the ASX 100 <br> that fail to provide sufficient disclosure in accordance with the TCFD framework, including:<br>|
|  | •Board oversight of climate-related risks and opportunities |
|  | •Total Scope 1 and Scope 2 greenhouse gas emissions |
|  | •Targets for reducing greenhouse gas emissions |
|  | **Indemnification and Limitations on Liability** |
|  | &nbsp;&nbsp; Generally, State Street Global Advisors supports proposals to limit directors' liability and/or <br> expand indemnification and liability protection up to the limit provided by law, if he or she <br> has not acted in bad faith, gross negligence, or reckless disregard of the duties involved in <br> the conduct of his or her office.<br>|
| **Audit-Related Issues** | &nbsp;&nbsp; Companies should have robust internal audit and internal control systems designed for <br> effective management of any potential and emerging risks to company operations and <br> strategy. The responsibility of setting out an internal audit function lies with the audit <br> committee, which should have independent non-executive directors designated as <br> members.<br>|

---

------

Bottom 10 percent of scores relative to industry peers.

Have consistently underperformed their peers over the last two years; bottom 30 percent of scores relative to industry peers.

------

![](g384765img3978240f2.gif)

---

| | |
|:---|:---|
|  | **Appointment of External Auditors** |
|  | &nbsp;&nbsp; State Street Global Advisors believes that a company's auditor is an essential feature of <br> an effective and transparent system of external supervision. Shareholders should be given <br> the opportunity to vote on their appointment or to re-appoint at the annual meeting. When <br> appointing external auditors and approving audit fees, we will take into consideration the <br> level of detail in company disclosures. We will generally not support resolutions if <br> adequate breakdown is not provided and if non-audit fees are more than 50 percent of <br> audit fees. In addition, we may vote against members of the audit committee if we have <br> concerns with audit-related issues or if the level of non-audit fees to audit fees is <br> significant. In certain circumstances, we may consider auditor tenure when evaluating the <br> audit process.<br>|
|  | **Approval of Financial Statements** |
|  | &nbsp;&nbsp; The disclosure and availability of reliable financial statements in a timely manner is <br> imperative for the investment process. We expect external auditors to provide assurance of <br> a company's financial condition. Hence, we will vote against the approval of financial <br> statements if i) they have not been disclosed or audited; ii) the auditor opinion is qualified/ <br> adverse, or the auditor has issued a disclaimer of opinion; or iii) the auditor opinion is not <br> disclosed.<br>|
| **Shareholder Rights and** <br> **Capital-Related Issues**<br>| **Share Issuances** |
|  | &nbsp;&nbsp; The ability to raise capital is critical for companies to carry out strategy, to grow, and to <br> achieve returns above their cost of capital. The approval of capital raising activities is <br> fundamental to shareholders' ability to monitor the returns and to ensure capital is <br> deployed efficiently. State Street Global Advisors supports capital increases that have <br> sound business reasons and are not excessive relative to a company's existing capital <br> base.<br>|
|  | &nbsp;&nbsp; Pre-emption rights are a fundamental right for shareholders to protect their investment in a <br> company. Where companies seek to issue new shares without pre-emption rights, we may <br> vote against if such authorities are greater than 20 percent of the issued share capital. We <br> may also vote against resolutions seeking authority to issue capital with pre-emption rights <br> if the aggregate amount allowed seems excessive and is not justified by the board. <br> Generally, we are against capital issuance proposals greater than 100 percent of the <br> issued share capital when the proceeds are not intended for specific purpose.<br>|
|  | **Share Repurchase Programs** |
|  | &nbsp;&nbsp; We generally support proposals to repurchase shares, unless the issuer does not clearly <br> state the business purpose for the program, a definitive number of shares to be <br> repurchased, and the timeframe for the repurchase. We may vote against share <br> repurchase requests that allow share repurchases during a takeover period.<br>|
|  | **Dividends** |
|  | &nbsp;&nbsp; We generally support dividend payouts that constitute 30 percent or more of net income. <br> We may vote against the dividend payouts if the dividend payout ratio has been <br> consistently below 30 percent without adequate explanation. We may also vote against if <br> the payout is excessive given the company's financial position. Particular attention will be <br> warranted when the payment may damage the company's long-term financial health.<br>|

---

------

![](g384765img3978240f2.gif)

---

| | |
|:---|:---|
|  | **Mergers and Acquisitions** |
|  | &nbsp;&nbsp; Mergers or reorganization of the company structure often involve proposals relating to <br> reincorporation, restructurings, liquidations, and other major changes to the corporation. <br> Proposals that are in the best interests of shareholders, demonstrated by enhancing share <br> value or improving the effectiveness of the company's operations, will be supported. In <br> general, provisions that are not viewed as financially sound or are thought to be destructive <br> to shareholders' rights are not supported. We will generally support transactions that <br> maximize shareholder value. Some of the considerations include:<br>|
|  | •Offer premium |
|  | •Strategic rationale |
|  | &nbsp;&nbsp; •Board oversight of the process for the recommended transaction, including, director <br> and/ or management conflicts of interest<br>|
|  | •Offers made at a premium and where there are no other higher bidders |
|  | &nbsp;&nbsp; •Offers in which the secondary market price is substantially lower than the net asset <br> value<br>|
|  | We may vote against a transaction considering the following: |
|  | &nbsp;&nbsp; •Offers with potentially damaging consequences for minority shareholders because of <br> illiquid stock<br>|
|  | &nbsp;&nbsp; •Offers where we believe there is a reasonable prospect for an enhanced bid or other <br> bidders<br>|
|  | •The current market price of the security exceeds the bid price at the time of voting |
|  | **Anti-Takeover Measures** |
|  | &nbsp;&nbsp; We oppose anti-takeover defenses, such as authorities for the board to issue warrants <br> convertible into shares to existing shareholders during a hostile takeover.<br>|
| **Remuneration** | **Executive Pay** |
|  | &nbsp;&nbsp; There is a simple underlying philosophy that guides State Street Global Advisors' analysis <br> of executive pay; there should be a direct relationship between remuneration and company <br> performance over the long term. Shareholders should have the opportunity to assess <br> whether pay structures and levels are aligned with business performance. When assessing <br> remuneration reports, we consider various factors, such as adequate disclosure of <br> different remuneration elements, absolute and relative pay levels, peer selection and <br> benchmarking, the mix of long-term and short-term incentives, alignment of pay structures <br> with shareholder interests as well as with corporate strategy and performance. SSGA may <br> oppose remuneration reports in which there seems to be a misalignment between pay and <br> shareholders' interests and where incentive policies and schemes have a re-test option or <br> feature. We may also vote against the re-election of members of the remuneration <br> committee if we have serious concerns about remuneration practices and if the company <br> has not been responsive to shareholder pressure to review its approach.<br>|

---

------

![](g384765img3978240f2.gif)

---

| | |
|:---|:---|
|  | **Equity Incentive Plans** |
|  | &nbsp;&nbsp; We may not support proposals on equity-based incentive plans where insufficient <br> information is provided on matters, such as grant limits, performance metrics, <br> performance, and vesting periods and overall dilution. Generally, we do not support options <br> under such plans being issued at a discount to market price nor plans that allow for <br> re-testing of performance metrics.<br>|
|  | **Non-Executive Director Pay** |
|  | &nbsp;&nbsp; Authorities that seek shareholder approval for non-executive directors' fees generally are <br> not controversial. We generally support resolutions regarding directors' fees unless <br> disclosure is poor and we are unable to determine whether the fees are excessive relative <br> to fees paid by other comparable companies. We will evaluate any non-cash or <br> performance-related pay to non-executive directors on a company-by-company basis.<br>|
| **Risk Management** | &nbsp;&nbsp; State Street Global Advisors believes that risk management is a key function of the board, <br> which is responsible for setting the overall risk appetite of a company and for providing <br> oversight on the risk management process established by senior executives at a company. <br> We allow boards to have discretion over the ways in which they provide oversight in this <br> area. However, we expect companies to disclose ways in which the board provides <br> oversight on its risk management system and to identify key risks facing the company. <br> Boards should also review existing and emerging risks that evolve in tandem with the <br> political and economic landscape or as companies diversify or expand their operations into <br> new areas.<br>|
|  | **Environmental and Social Issues** |
|  | &nbsp;&nbsp; As a fiduciary, State Street Global Advisors takes a comprehensive approach to engaging <br> with our portfolio companies about material environmental and social (sustainability) <br> issues. We use our voice and our vote through engagement, proxy voting, and thought <br> leadership in order to communicate with issuers and educate market participants about <br> our perspective on important sustainability topics. Our Asset Stewardship program <br> prioritization process allows us to proactively identify companies for engagement and <br> voting in order to mitigate sustainability risks in our portfolio. Through engagement, we <br> address a broad range of topics that align with our stewardship priorities and build <br> long-term relationships with issuers. When voting, we fundamentally consider whether the <br> adoption of a shareholder proposal addressing a material sustainability issue would <br> promote long-term shareholder value in the context of the company's existing practices <br> and disclosures as well as existing market practice.<br>|
|  | &nbsp;&nbsp; For more information on our approach to environmental and social issues, please see our <br> Global Proxy Voting and Engagement Guidelines for Environmental and Social Issues and <br> our Frameworks for Voting Environmental and Social Shareholder Proposals available at <br> ssga.com/about-us/asset-stewardship.html.<br>|
| **More Information** | &nbsp;&nbsp; Any client who wishes to receive information on how its proxies were voted should contact <br> its State Street Global Advisors relationship manager.<br>|

---

------

![](g384765img3978240f2.gif)

---

| | |
|:---|:---|
| **About State Street Global** <br> **Advisors**<br>| &nbsp;&nbsp; For four decades, State Street Global Advisors has served the world's governments, <br> institutions and financial advisors. With a rigorous, risk-aware approach built on research, <br> analysis and market-tested experience, we build from a breadth of active and index <br> strategies to create cost-effective solutions. As stewards, we help portfolio companies see <br> that what is fair for people and sustainable for the planet can deliver long-term <br> performance. And, as pioneers in index, ETF, and ESG investing, we are always inventing <br> new ways to invest. As a result, we have become the world's fourth-largest asset manager\* <br> with US $4.14 trillion† under our care.<br>|

---

------

\*

Pensions & Investments Research Center, as of December 31, 2020.

†

This figure is presented as of December 31, 2021 and includes approximately $61.43 billion of assets with respect to SPDR products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**ssga.com** 

**State Street Global Advisors Worldwide Entities** 

**Australia:** State Street Global Advisors, Australia, Limited (ABN 42 003 914 225) is the holder of an Australian Financial Services Licence (AFSL Number 238276). Registered Office: Level 17, 420 George Street, Sydney, NSW 2000, Australia. T: +612 9240 7600. F: +612 9240 7611. **Belgium:** State Street Global Advisors Belgium, Chausse de La Hulpe 120, 1000 Brussels, Belgium. T: +32 2 663 2036, F: +32 2 672 2077. SSGA Belgium is a branch office of State Street Global Advisors Limited. State Street Global Advisors Limited is authorised and regulated by the Financial Conduct Authority in the United Kingdom. **Canada:** State Street Global Advisors, Ltd., 770 Sherbrooke Street West, Suite 1200 Montreal, Quebec, H3A 1G1, T: +514 282 2400 and 30 Adelaide Street East Suite 500, Toronto, Ontario M5C 3G6. T: +647 775 5900. **Dubai:** State Street Bank and Trust Company (Representative Office), Boulevard

Plaza 1, 17th Floor, Office 1703 Near Dubai Mall & Burj Khalifa, P.O Box 26838, Dubai, United Arab Emirates. T: +971 (0)4 4372800. F: +971 (0)4 4372818. **France:** State Street Global Advisors France. Authorised and regulated by the Autorité des Marchés Financiers. Registered with the Register of Commerce and Companies of Nanterre under the number: 412 052 680. Registered Office: Immeuble Défense Plaza, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France. T: +33 1 44 45 40 00. F: +33 1 44 45 41 92. **Germany:** State Street Global Advisors GmbH, Brienner Strasse 59, D-80333 Munich. T: +49 (0)89 55878 100. F: +49 (0)89 55878 440. **Hong Kong:** State Street Global Advisors Asia Limited, 68/F, Two International Finance Centre, 8 Finance Street, Central, Hong Kong. T: +852 2103 0288. F: +852 2103 0200. **Ireland:** State Street Global Advisors Ireland Limited is regulated by the Central Bank of Ireland. Incorporated and registered in Ireland at Two Park Place, Upper Hatch Street, Dublin 2. Registered Number: 145221.

Member of the Irish Association of Investment Managers. T: +353 (0)1 776 3000. F: +353 (0)1 776 3300. **Italy:** State Street Global Advisors Limited, Milan Branch (Sede Secondaria di Milano) is a branch of State Street Global Advisors Limited, a company registered in the UK, authorised and regulated by the Financial Conduct Authority (FCA), with a capital of GBP 71'650'000.00, and whose registered office is at 20 Churchill Place, London E14 5HJ. State Street Global Advisors Limited, Milan Branch (Sede Secondaria di Milano), is registered in Italy with company number 06353340968 - R.E.A. 1887090 and VAT number 06353340968 and whose office is at Via dei Bossi, 4 -20121 Milano, Italy. T: 39 02 32066 100. F: 39 02 32066 155. **Japan:** State Street Global Advisors (Japan) Co., Ltd., 9-7-1 Akasaka, Minato-ku, Tokyo 107-6239. T: +813 4530 7380. Financial Instruments Business Operator, Kanto Local Financial Bureau (Kinsho #345). Japan Investment Advisers Association, Investment Trusts Association Japan, Japan Securities Dealers

Association. **Netherlands:** State Street Global Advisors Netherlands, Adam Smith Building, Thomas Malthusstraat 1-3, 1066 JR Amsterdam, Netherlands. T: +31 (0)20 7181701. State Street Global Advisors Netherlands is a branch office of State Street Global Advisors Limited. State Street Global Advisors Limited is authorised and regulated by the Financial Conduct Authority in the United Kingdom. Singapore: State Street Global Advisors Singapore Limited, 168, Robinson Road, #33-01 Capital Tower, Singapore 068912 (Company Registered Number: 200002719D). T: +65 6826 7500. F: +65 6826 7501. **Switzerland:** State Street Global Advisors AG, Beethovenstr. 19, CH-8027 Zurich. T: +41 (0)44 245 70 00. F: +41 (0)44 245 70 16. **United Kingdom:** State Street Global Advisors Limited. Authorised and regulated by the Financial Conduct Authority. Registered in England. Registered Number: 2509928. VAT Number: 5776591 81. Registered Office: 20 Churchill Place, Canary Wharf, London, E14 5HJ. T: +020 3395

------

![](g384765img3978240f2.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000. F: +020 3395 6350. **United States:** State Street Global Advisors, One Lincoln Street, Boston, MA 02111-2900. T: +617 786 3000.

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 Global Advisors' express written consent.© 2022 State Street Corporation.

All Rights Reserved.

ID949706-3479907.2.1.GBL.RTL 0322

Exp. Date: 03/31/2023

------

![](g384765img3978240f2.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **March 2022** |
| Europe |
| &nbsp;&nbsp; **Proxy Voting and** <br> **Engagement Guidelines**<br>|
| &nbsp;&nbsp; State Street Global Advisors' European Proxy Voting <br> and Engagement Guidelines<sup>i</sup> cover different corporate <br> governance frameworks and practices in European <br> markets, excluding the United Kingdom and Ireland. <br> These guidelines complement and should be read in <br> conjunction with State Street Global Advisors' Global <br> Proxy Voting and Engagement Principles, which provide <br> a detailed explanation of our approach to voting and <br> engaging with companies, and State Street Global <br> Advisors' Conflict Mitigation Guidelines.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

i

These Proxy Voting and Engagement Guidelines are also applicable to SSGA Funds Management, Inc. SSGA Funds Management, Inc. is an SEC-registered investment adviser. SSGA Funds Management, Inc., State Street Global Advisors Trust Company, and other advisory affiliates of State Street make up State Street Global Advisors, the investment management arm of State Street Corporation.

------

![](g384765img3978240f2.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; State Street Global Advisors' Proxy Voting and Engagement Guidelines in European <br> markets address areas such as board structure, audit-related issues, capital structure, <br> remuneration, as well as environmental, social and other governance-related issues.<br>|
|  | &nbsp;&nbsp; When voting and engaging with companies in European markets, we consider <br> market-specific nuances in the manner that we believe will most likely protect and promote <br> the long-term financial value of client investments. We expect companies to observe the <br> relevant laws and regulations of their respective markets, as well as country-specific best <br> practice guidelines and corporate governance codes. We may hold companies in some <br> markets to our global standards when we feel that a country's regulatory requirements do <br> not address some of the key philosophical principles that we believe are fundamental to <br> our global voting guidelines.<br>|
|  | &nbsp;&nbsp; In our analysis and research into corporate governance issues in European companies, we <br> also consider guidance issued by the European Commission and country-specific <br> governance codes. We proactively monitor companies' adherence to applicable guidance <br> and requirements. Consistent with the diverse "comply-or-explain" expectations <br> established by guidance and codes, we encourage companies to proactively disclose their <br> level of compliance with applicable provisions and requirements. In cases of <br> non-compliance, when companies cannot explain the nuances of their governance <br> structures effectively, either publicly or through engagement, we may vote against the <br> independent board leader.<br>|
| **State Street Global** <br> **Advisors' Proxy Voting** <br> **and Engagement** <br> **Philosophy**<br>| &nbsp;&nbsp; Corporate governance and sustainability issues are an integral part of the investment <br> process. The Asset Stewardship Team consists of investment professionals with expertise <br> in corporate governance and company law, remuneration, accounting, and environmental <br> and social issues. We have established robust corporate governance principles and <br> practices that are backed with extensive analytical expertise in order to understand the <br> complexities of the corporate governance landscape. We engage with companies to <br> provide insight on the principles and practices that drive our voting decisions. We also <br> conduct proactive engagements to address significant shareholder concerns and <br> environmental, social, and governance ("ESG") issues in a manner consistent with <br> maximizing shareholder value.<br>|
|  | &nbsp;&nbsp; The team works alongside members of State Street Global Advisors' Active Fundamental <br> and Europe, Middle East and Africa ("EMEA") investment teams, collaborating on issuer <br> engagements and providing input on company-specific fundamentals.<br>|
|  | &nbsp;&nbsp; State Street Global Advisors is a signatory to the United Nations Principles for <br> Responsible Investment ("UNPRI"). We are committed to sustainable investing, and are <br> working to further integrate ESG principles into investment and corporate governance <br> practices where applicable and consistent with our fiduciary duty.<br>|

---

------

![](g384765img3978240f2.gif)

---

| | |
|:---|:---|
| **Directors and Boards** | &nbsp;&nbsp; Principally, we believe the primary responsibility of the board of directors is to preserve <br> and enhance shareholder value, and to protect shareholder interests. In order to carry out <br> their primary responsibilities, directors have to undertake activities that range from setting <br> strategy and overseeing executive management, to monitoring the risks that arise from a <br> company's business, including risks related to sustainability issues. Further, good <br> corporate governance necessitates the existence of effective internal controls and risk <br> management systems, which should be governed by the board.<br>|
|  | &nbsp;&nbsp; We believe that a well-constituted board of directors with a balance of skills, expertise and <br> independence, provides the foundations for a well governed company. We view board <br> quality as a measure of director independence, director succession planning, board <br> diversity, evaluations and refreshment, and company governance practices. We vote for the <br> (re-)election of directors on a case-by-case basis after considering various factors, <br> including board quality, general market practice, and availability of information on director <br> skills and expertise.<br>|
|  | &nbsp;&nbsp; In our analysis of boards, we consider whether board members have adequate skills to <br> provide effective oversight of corporate strategy, operations, and risks, including <br> environmental and social issues. Boards should also have a regular evaluation process in <br> place to assess the effectiveness of the board and the skills of board members to address <br> issues such as emerging risks, changes to corporate strategy, and diversification of <br> operations and geographic footprint.<br>|
|  | &nbsp;&nbsp; We may also consider factors such as board performance and directors who appear to be <br> remiss in the performance of their oversight responsibilities (e.g. fraud, criminal <br> wrongdoing and/or breach of fiduciary responsibilities).<br>|
| Board Independence | &nbsp;&nbsp; In principle, we believe independent directors are crucial to good corporate governance <br> and help management establish sound corporate governance policies and practices. A <br> sufficiently independent board will most effectively monitor management and perform <br> oversight functions necessary to protect shareholder interests.<br>|
|  | &nbsp;&nbsp; Our broad criteria for director independence in European companies include factors such <br> as:<br>|
|  | &nbsp;&nbsp; •Participation in related–party transactions and other business relations with the <br> company<br>|
|  | •Employment history with the company |
|  | •Relations with controlling shareholders |
|  | •Family ties with any of the company's advisers, directors or senior employees |
|  | •Serving as an employee or government representative |
|  | &nbsp;&nbsp; •Overall average board tenure and individual director tenure at issuers with classified <br> and de-classified boards, respectively, and<br>|
|  | •Company classification of a director as non-independent |

---

------

![](g384765img3978240f2.gif)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; While overall board independence requirements and board structures differ from market to <br> market, we consider voting against directors we deem non-independent if overall board <br> independence is below 33 percent or if overall independence level is below 50 percent <br> after excluding employee representatives and/or directors elected in accordance with local <br> laws who are not elected by shareholders. We may withhold support for a proposal to <br> discharge the board if a company fails to meet adequate governance standards or board <br> level independence.<br>|
|  | &nbsp;&nbsp; We also assess the division of responsibilities between chair and CEO on a case-by-case <br> basis, giving consideration to factors such as overall level of independence on the board <br> and general corporate governance standards in the company. However, we may take voting <br> action against the chair or members of the nominating committee at the STOXX Europe <br> 600 companies that have combined the roles of chair and CEO and have not appointed an <br> independent deputy chair or a lead independent director.<br>|
| Director Time Commitments | &nbsp;&nbsp; When voting on the election or re-election of a director, we also consider the number of <br> outside board directorships a non-executive and an executive may undertake. Thus, State <br> Street Global Advisors may take voting action against a director who exceeds the number <br> of board mandates listed below:<br>|
|  | &nbsp;&nbsp; •Named Executive Officers (NEOs) of a public company who sit on more than two <br> public company boards<br>|
|  | &nbsp;&nbsp; •Non-executive board chairs or lead independent directors who sit on more than three <br> public company boards<br>|
|  | •Director nominees who sit on more than four public company boards |
|  | &nbsp;&nbsp; For non-executive board chairs/lead independent directors and director nominees who hold <br> excessive commitments, as defined above, we may consider waiving our policy and vote in <br> support of a director if a company discloses its director commitment policy in a publicly <br> available manner (e.g., corporate governance guidelines, proxy statement, company <br> website). This policy or associated disclosure must include:<br>|
|  | •A numerical limit on public company board seats a director can serve on |
|  | •This limit cannot exceed our policy by more than one seat |
|  | •Consideration of public company board leadership positions (e.g., Committee Chair) |
|  | •Affirmation that all directors are currently compliant with the company policy |
|  | &nbsp;&nbsp; •Description of an annual policy review process undertaken by the Nominating <br> Committee to evaluate outside director time commitments<br>|
|  | &nbsp;&nbsp; If a director is imminently leaving a board and this departure is disclosed in a written, <br> time-bound and publicly-available manner, we may consider waiving our withhold vote <br> when evaluating the director for excessive time commitments.<br>|
|  | &nbsp;&nbsp; Service on a mutual fund board, the board of a UK investment trust or a Special Purpose <br> Acquisition Company (SPAC) board is not considered when evaluating directors for <br> excessive commitments. However, we do expect these roles to be considered by <br> nominating committees when evaluating director time commitments.<br>|

---

------

![](g384765img3978240f2.gif)

---

| | |
|:---|:---|
| Director Attendance at <br> Board Meetings<br>| &nbsp;&nbsp; We also consider attendance at board meetings and may withhold votes from directors <br> who attend less than 75 percent of board meetings without appropriate explanation or <br> providing reason for their failure to meet the attendance threshold. In addition, we monitor <br> other factors that may influence the independence of a non-executive director, such as <br> performance-related pay, cross-directorships and significant shareholdings. Moreover, we <br> may vote against the election of a director whose biographical disclosures are insufficient <br> to assess his or her role on the board and/or independence.<br>|
| Board Gender Diversity | &nbsp;&nbsp; We expect boards of all listed companies to have at least one female board member. If a <br> company fails to meet this expectation, State Street Global Advisors may vote against the <br> Chair of the board's nominating committee or the board leader in the absence of a <br> nominating committee, if necessary. Additionally, if a company fails to meet this <br> expectation for three consecutive years, State Street Global Advisors may vote against all <br> incumbent members of the nominating committee.<br>|
| Length of Board Terms | &nbsp;&nbsp; Although we generally are in favour of the annual election of directors, we recognise that <br> director terms vary considerably in different European markets. We may vote against <br> article/bylaw changes that seek to extend director terms. In addition, we may vote against <br> directors in certain markets if their terms extend beyond four years.<br>|
| Board Committees | &nbsp;&nbsp; We believe companies should have relevant board level committees for audit, <br> remuneration and nomination oversight. The audit committee is responsible for monitoring <br> the integrity of the financial statements of the company, appointing external auditors, <br> monitoring their qualifications and independence, and assessing effectiveness and <br> resource levels. Similarly, executive pay is an important aspect of corporate governance, <br> and it should be determined by the board of directors. We expect companies to have <br> remuneration committees to provide independent oversight of executive pay. We may vote <br> against nominees who are executive members of audit or remuneration committees.<br>|
|  | &nbsp;&nbsp; In certain European markets, it is not uncommon for the election of directors to be <br> presented in a single slate. In these cases, where executives serve on the audit or the <br> remuneration committees, we may vote against the entire slate.<br>|
| Board Responsiveness to <br> High Dissent Against Pay <br> Proposals<br>| &nbsp;&nbsp; Poorly-structured executive remuneration plans pose increasing reputational risk to <br> companies. Ongoing high levels of dissent against a company's remuneration proposals <br> may indicate that the company is not receptive to investor concerns. If the level of dissent <br> against a company's remuneration report and/or remuneration policy is consistently high, <br> and we have determined that a vote against a remuneration-related proposal is warranted <br> in the third consecutive year, we will vote against the Chair of the remuneration committee.<br>|

---

------

![](g384765img3978240f2.gif)

---

| | |
|:---|:---|

| Climate-related Disclosure | We believe climate change poses a systemic risk to all companies in our portfolio. |
|  | &nbsp;&nbsp; State Street Global Advisors has publicly supported the global regulatory efforts to <br> establish a mandatory baseline of climate risk disclosures for all companies. Until these <br> consistent disclosure standards are established, we find that the recommendations of the <br> Task Force on Climate-related Financial Disclosures (TCFD) provide the most effective <br> framework (with?) which companies can develop strategies to plan for climate-related risks <br> and make their businesses more resilient to the impacts of climate change.<br>|
|  | &nbsp;&nbsp; As such, we may vote against the independent board leader at companies in the STOXX <br> 600 that fail to provide sufficient disclosure in accordance with the TCFD framework, <br> including:<br>|
|  | •Board oversight of climate-related risks and opportunities |
|  | •Total Scope 1 and Scope 2 greenhouse gas emissions |
|  | •Targets for reducing greenhouse gas emissions |
| Indemnification and <br> Limitations on Liability<br>| &nbsp;&nbsp; Generally, we support proposals to limit directors' liability and/or expand indemnification <br> and liability protection up to the limit provided by law if a director has not acted in bad faith, <br> with gross negligence, or with reckless disregard of the duties involved in the conduct of <br> his or her office.<br>|
| **Audit-Related Issues** | &nbsp;&nbsp; Companies should have robust internal audit and internal control systems designed for <br> effective management of any potential and emerging risks to company operations and <br> strategy. The responsibility of setting up an internal audit function lies with the audit <br> committee, which should have as members independent non-executive directors.<br>|

---

------

Bottom 10 percent of scores relative to industry peers.

Have consistently underperformed their peers over the last two years; bottom 30 percent of scores relative to industry peers.

------

![](g384765img3978240f2.gif)

---

| | |
|:---|:---|
| Appointment of External <br> Auditors<br>| &nbsp;&nbsp; We believe that a company's auditor is an essential feature of an effective and transparent <br> system of external supervision. Shareholders should be given the opportunity to vote on <br> their appointment or re-appoint them at the annual meeting. When appointing external <br> auditors and approving audit fees, we consider the level of detail in company disclosures; <br> we will generally not support such resolutions if adequate breakdown is not provided and if <br> non-audit fees are more than 50 percent of audit fees. In addition, we may vote against <br> members of the audit committee if we have concerns with audit-related issues or if the <br> level of non-audit fees to audit fees is significant. We may consider auditor tenure when <br> evaluating the audit process in certain circumstances.<br>|
| Limit Legal Liability of <br> External Auditors<br>| &nbsp;&nbsp; We generally oppose limiting the legal liability of audit firms as we believe this could create <br> a negative impact on the quality of the audit function.<br>|
|  | **Approval of Financial Statements** |
|  | &nbsp;&nbsp; The disclosure and availability of reliable financial statements in a timely manner is <br> imperative for the investment process. We expect external auditors to provide assurance of <br> a company's financial condition. Hence, we will vote against the approval of financial <br> statements if i) they have not been disclosed or audited; ii) the auditor opinion is qualified/ <br> adverse, or the auditor has issued a disclaimer of opinion; or iii) the auditor opinion is not <br> disclosed.<br>|
| **Shareholder Rights and** <br> **Capital-Related Issues**<br>| &nbsp;&nbsp; In some European markets, differential voting rights continue to exist. State Street Global <br> Advisors supports the one-share, one-vote policy and favors a share structure where all <br> shares have equal voting rights. We believe pre-emption rights should be introduced for <br> shareholders in order to provide adequate protection from excessive dilution from the <br> issuance of new shares or convertible securities to third parties or a small number of <br> select shareholders.<br>|
| Unequal Voting Rights | &nbsp;&nbsp; We generally oppose proposals authorizing the creation of new classes of common stock <br> with superior voting rights. We will generally oppose the creation of new classes of <br> preferred stock with unspecified voting, conversion, dividend distribution and other rights. <br> In addition, we will not support capitalization changes that add classes of stock with <br> undefined voting rights or classes that may dilute the voting interests of existing <br> shareholders. We support proposals to abolish voting caps and capitalization changes that <br> eliminate other classes of stock and/or unequal voting rights.<br>|
| Increase in Authorized <br> Capital<br>| &nbsp;&nbsp; The ability to raise capital is critical for companies to carry out strategy, to grow, and to <br> achieve returns above their cost of capital. The approval of capital raising activities is <br> fundamental to shareholders' ability to monitor returns and to ensure capital is deployed <br> efficiently. We support capital increases that have sound business reasons and are not <br> excessive relative to a company's existing capital base.<br>|

---

------

![](g384765img3978240f2.gif)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; Pre-emption rights are a fundamental right for shareholders to protect their investment in a <br> company. Where companies seek to issue new shares whilst disapplying pre-emption <br> rights, we may vote against if such authorities are greater than 20 percent of the issued <br> share capital. We may also vote against resolutions that seek authority to issue capital with <br> pre-emption rights if the aggregate amount allowed seems excessive and is not justified by <br> the board. Generally, we oppose capital issuance proposals greater than 100 percent of <br> the issued share capital when the proceeds are not intended for a specific purpose.<br>|
| Share Repurchase <br> Programs<br>| &nbsp;&nbsp; We typically support proposals to repurchase shares; however, there are exceptions in <br> some cases. We do not support repurchases if the issuer does not clearly state the <br> business purpose for the program, a definitive number of shares to be repurchased, the <br> range of premium/discount to market price at which the company can repurchase shares, <br> and the timeframe for the repurchase. We may vote against share repurchase requests <br> that allow share repurchases during a takeover period.<br>|
| Dividends | &nbsp;&nbsp; We generally support dividend payouts that constitute 30 percent or more of net income. <br> We may vote against the dividend payouts if the dividend payout ratio has been <br> consistently below 30 percent without adequate explanation or the payout is excessive <br> given the company's financial position. Particular attention will be paid to cases in which <br> the payment may damage the company's long-term financial health.<br>|
| Related-Party Transactions | &nbsp;&nbsp; Some companies in European markets have a controlled ownership structure and complex <br> cross-shareholdings between subsidiaries and parent companies ("related companies"). <br> Such structures may result in the prevalence of related-party transactions between the <br> company and its various stakeholders, such as directors and management, subsidiaries <br> and shareholders. In markets where shareholders are required to approve such <br> transactions, we expect companies to provide details of the transaction, such as the <br> nature, the value and the purpose of such a transaction. We also encourage independent <br> directors to ratify such transactions. Further, we encourage companies to describe the level <br> of independent board oversight and the approval process, including details of any <br> independent valuations provided by financial advisors on related-party transactions.<br>|
| Mergers and Acquisitions | &nbsp;&nbsp; Mergers or restructurings often involve proposals relating to reincorporation, restructurings, <br> mergers, liquidation and other major changes to the corporation. Proposals will be <br> supported if they are in the best interest of the shareholders, which is demonstrated by <br> enhancing share value or improving the effectiveness of the company's operations. In <br> general, provisions that are not viewed as financially sound or are thought to be destructive <br> to shareholders' rights are not supported.<br>|
|  | &nbsp;&nbsp; We will generally support transactions that maximize shareholder value. Some of the <br> considerations include:<br>|
|  | •Offer premium |
|  | •Strategic rationale |
|  | &nbsp;&nbsp; •Board oversight of the process for the recommended transaction, including director <br> and/ or management conflicts of interest<br>|
|  | •Offers made at a premium and where there are no other higher bidders |

---

------

![](g384765img3978240f2.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; •Offers in which the secondary market price is substantially lower than the net asset <br> value<br>|
|  | We may vote against a transaction considering the following: |
|  | &nbsp;&nbsp; •Offers with potentially damaging consequences for minority shareholders because of <br> illiquid stock<br>|
|  | &nbsp;&nbsp; •Offers where we believe there is a reasonable prospect for an enhanced bid or other <br> bidders<br>|
|  | •The current market price of the security exceeds the bid price at the time of voting |
| Anti–Takeover Measures | &nbsp;&nbsp; European markets have diverse regulations concerning the use of share issuances as <br> takeover defenses, with legal restrictions lacking in some markets. We support the <br> one-share, one-vote policy. For example, dual-class capital structures entrench certain <br> shareholders and management, insulating them from possible takeovers. We oppose <br> unlimited share issuance authorizations because they can be used as anti-takeover <br> devices. They have the potential for substantial voting and earnings dilution. We also <br> monitor the duration of time for authorities to issue shares, as well as whether there are <br> restrictions and caps on multiple issuance authorities during the specified time periods. We <br> oppose antitakeover defenses, such as authorities for the board when subject to a hostile <br> takeover to issue warrants convertible into shares to existing shareholders.<br>|
| **Remuneration** |  |
| Executive Pay | &nbsp;&nbsp; Despite the differences among the various types of plans and awards, there is a simple <br> underlying philosophy that guides our analysis of executive pay: there should be a direct <br> relationship between remuneration and company performance over the long term.<br>|
|  | &nbsp;&nbsp; Shareholders should have the opportunity to assess whether pay structures and levels are <br> aligned with business performance. When assessing remuneration reports, we consider <br> factors such as adequate disclosure of remuneration elements, absolute and relative pay <br> levels, peer selection and benchmarking, the mix of long-term and short-term incentives, <br> alignment of pay structures with shareholder interests, corporate strategy and <br> performance. We may oppose remuneration reports where pay seems misaligned with <br> shareholders' interests. We may also vote against the re-election of members of the <br> remuneration committee if we have serious concerns about remuneration practices and if <br> the company has not been responsive to shareholder pressure to review its approach.<br>|
| Equity Incentives Plans | &nbsp;&nbsp; We may not support proposals regarding equity-based incentive plans where insufficient <br> information is provided on matters, including grant limits, performance metrics, <br> performance and vesting periods, and overall dilution. Generally, we do not support options <br> under such plans being issued at a discount to market price or plans that allow for <br> retesting of performance metrics.<br>|

---

------

![](g384765img3978240f2.gif)

---

| | |
|:---|:---|
| Non–Executive Director Pay | &nbsp;&nbsp; In European markets, proposals seeking shareholder approval for non-executive directors' <br> fees are generally not controversial. We typically support resolutions regarding directors' <br> fees unless disclosure is poor and we are unable to determine whether the fees are <br> excessive relative to fees paid by comparable companies. We will evaluate any non-cash <br> or performance-related pay to non-executive directors on a company-by-company basis.<br>|
| **Risk Management** | &nbsp;&nbsp; We believe that risk management is a key function of the board, which is responsible for <br> setting the overall risk appetite of a company and for providing oversight on the risk <br> management process established by senior executives at a company. We allow boards to <br> have discretion regarding the ways in which they provide oversight in this area. However, <br> we expect companies to disclose how the board provides oversight on its risk management <br> system and risk identification. Boards should also review existing and emerging risks, as <br> they can change with a changing political and economic landscape or as companies <br> diversify or expand their operations into new areas.<br>|
| Environmental and Social <br> Issues<br>| &nbsp;&nbsp; As a fiduciary, State Street Global Advisors takes a comprehensive approach to engaging <br> with our portfolio companies about material environmental and social (sustainability) <br> issues. We use our voice and our vote through engagement, proxy voting and thought <br> leadership in order to communicate with issuers and educate market participants about <br> our perspective on important sustainability topics. Our Asset Stewardship program <br> prioritization process allows us to proactively identify companies for engagement and <br> voting in order to mitigate sustainability risks in our portfolio. Through engagement, we <br> address a broad range of topics that align with our stewardship priorities and build <br> long-term relationships with issuers. When voting, we fundamentally consider whether the <br> adoption of a shareholder proposal addressing a material sustainability issue would <br> promote long-term shareholder value in the context of the company's existing practices <br> and disclosures as well as existing market practice.<br>|
|  | &nbsp;&nbsp; For more information on our approach to environmental and social issues, please see our <br> Global Proxy Voting and Engagement Guidelines for Environmental and Social Issues and <br> our Frameworks for Voting Environmental and Social Shareholder Proposals, both <br> available at ssga.com/about-us/asset-stewardship.html.<br>|
| **More Information** | &nbsp;&nbsp; Any client who wishes to receive information on how its proxies were voted should contact <br> its State Street Global Advisors relationship manager.<br>|

---

------

![](g384765img3978240f2.gif)

---

| | |
|:---|:---|
| **About State Street Global** <br> **Advisors**<br>| &nbsp;&nbsp; For four decades, State Street Global Advisors has served the world's governments, <br> institutions and financial advisors. With a rigorous, risk-aware approach built on research, <br> analysis and market-tested experience, we build from a breadth of active and index <br> strategies to create cost-effective solutions. As stewards, we help portfolio companies see <br> that what is fair for people and sustainable for the planet can deliver long-term <br> performance. And, as pioneers in index, ETF, and ESG investing, we are always inventing <br> new ways to invest. As a result, we have become the world's fourth-largest asset manager\* <br> with US $4.14 trillion† under our care.<br>|

---

------

\*

Pensions & Investments Research Center, as of December 31, 2020.

†

This figure is presented as of December 31, 2021 and includes approximately $61.43 billion of assets with respect to SPDR products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**ssga.com** 

**State Street Global Advisors Worldwide Entities** 

**Abu Dhabi:** State Street Global Advisors Limited, ADGM Branch, Al Khatem Tower, Suite 42801, Level 28, ADGM Square, Al Maryah Island, P.O Box 76404, Abu Dhabi, United Arab Emirates. Regulated by the ADGM Financial Services Regulatory Authority. T: +971 2 245 9000. **Australia:** State Street Global Advisors, Australia, Limited (ABN 42 003 914 225) is the holder of an Australian Financial Services License (AFSL Number 238276). Registered office: Level 14, 420 George Street, Sydney, NSW 2000, Australia. T: +612 9240-7600. F: +612 9240-7611. **Belgium:** State Street Global Advisors Belgium, Chaussée de La Hulpe 185, 1170 Brussels, Belgium. T: +32 2 663 2036. State Street Global Advisors Belgium is a branch office of State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorized and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. **Canada:** State Street Global Advisors, Ltd., 1981

McGill College Avenue, Suite 500, Montreal, Qc, H3A 3A8, T: +514 282 2400 and 30 Adelaide Street East Suite 800, Toronto, Ontario M5C 3G6. T: +647 775 5900. **France:** State Street Global Advisors Europe Limited, France Branch ("State Street Global Advisors France") is a branch of State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorized and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. State Street Global Advisors France is registered in France with company number RCS Nanterre 899 183 289, and its office is located at Coeur Défense — Tour A — La Défense 4, 33e étage, 100, Esplanade du Général de Gaulle, 92 932 Paris La Défense Cedex, France. T: +33 1 44 45 40 00. F: +33 1 44 45 41 92. **Germany:** State Street Global Advisors Europe Limited, Branch in Germany, Brienner Strasse 59, D-80333 Munich, Germany ("State Street Global Advisors Germany"). T: +49 (0)89 55878 400. State Street Global Advisors Germany is a branch of State Street Global Advisors Europe Limited, registered in Ireland with

company number 49934, authorized and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. **Hong Kong:** State Street Global Advisors Asia Limited, 68/F, Two International Finance Centre, 8 Finance Street, Central, Hong Kong. T: +852 2103-0288. F: +852 2103-0200. **Ireland:** State Street Global Advisors Europe Limited is regulated by the Central Bank of Ireland. Registered office address 78 Sir John Rogerson's Quay, Dublin 2. Registered Number: 49934. T: +353 (0)1 776 3000. F: +353 (0)1 776 3300. **Italy:** State Street Global Advisors Europe Limited, Italy Branch ("State Street Global Advisors Italy") is a branch of State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorized and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. State Street Global Advisors Italy is registered in Italy with company number 11871450968 — REA: 2628603 and VAT number 11871450968, and its office is located at Via Ferrante Aporti, 10 -20125 Milan, Italy. T: +39 02 32066 100. F: +39

02 32066 155. **Japan:** State Street Global Advisors (Japan) Co., Ltd., Toranomon Hills Mori Tower 25F 1-23-1 Toranomon, Minato-ku, Tokyo 105-6325 Japan. T: +81-3-4530-7380. Financial Instruments Business Operator, Kanto Local Financial Bureau (Kinsho #345), Membership: Japan Investment Advisers Association, The Investment Trust Association, Japan, Japan Securities Dealers' Association. **Netherlands:** State Street Global Advisors Netherlands, Apollo Building 7th floor, Herikerbergweg 29, 1101 CN Amsterdam, Netherlands. T: +31 20 7181 000. State Street Global Advisors Netherlands is a branch office of State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorized and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. **Singapore:** State Street Global Advisors Singapore Limited, 168, Robinson Road, #33-01 Capital Tower, Singapore 068912 (Company Reg. No: 200002719D, regulated by the Monetary Authority of Singapore). T: +65 6826-7555. F: +65 6826-7501. **Switzerland:** State Street

------

![](g384765img3978240f2.gif)

Global Advisors AG, Beethovenstr. 19, CH-8027 Zurich. Registered with the Register of Commerce Zurich CHE-105.078.458. T: +41 (0)44 245 70 00. F: +41 (0)44 245 70 16. **United Kingdom:** State Street Global Advisors Limited. Authorized and regulated by the Financial Conduct Authority. Registered in England. Registered No. 2509928. VAT No. 5776591

&nbsp;&nbsp;&nbsp;&nbsp;

81. Registered office: 20 Churchill Place, Canary Wharf, London, E14 5HJ. T: 020 3395 6000. F: 020 3395 6350. **United States:** State Street Global Advisors, 1 Iron Street, Boston, MA 02210-1641. T: +1 617 786 3000.

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 Global Advisors' express written consent.© 2022 State Street Corporation.

All Rights Reserved.

ID949708-3479909.2.1.GBL.RTL 0322

Exp. Date: 03/31/2023

------

![](g384765img3978240f2.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **March 2022** |
| Japan |
| &nbsp;&nbsp; **Proxy Voting and** <br> **Engagement Guidelines**<br>|
| &nbsp;&nbsp; State Street Global Advisors' Japan Proxy Voting and <br> Engagement Guidelines<sup>i</sup> outline our expectations of <br> companies listed on stock exchanges in Japan. These <br> Guidelines complement and should be read in <br> conjunction with State Street Global Advisors' <br> overarching Global Proxy Voting and Engagement <br> Guidelines, which provide a detailed explanation of our <br> approach to voting and engaging with companies, and <br> State Street Global Advisors' Conflict Mitigation <br> Guidelines.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

i

These Proxy Voting and Engagement Guidelines are also applicable to SSGA Funds Management, Inc. SSGA Funds Management, Inc. is an SEC-registered investment adviser. SSGA Funds Management, Inc., State Street Global Advisors Trust Company, and other advisory affiliates of State Street make up State Street Global Advisors, the investment management arm of State Street Corporation.

------

![](g384765img3978240f2.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; State Street Global Advisors' Proxy Voting and Engagement Guidelines in Japan address <br> areas including: board structure, audit related issues, capital structure, remuneration, <br> environmental, social, and other governance-related issues.<br>|
|  | &nbsp;&nbsp; When voting and engaging with companies in Japan, State Street Global Advisors takes <br> into consideration the unique aspects of Japanese corporate governance structures. We <br> recognize that under Japanese corporate law, companies may choose between two <br> structures of corporate governance: the statutory auditor system or the committee <br> structure. Most Japanese boards predominantly consist of executives and <br> non-independent outsiders affiliated through commercial relationships or <br> cross-shareholdings. Nonetheless, when evaluating companies, State Street Global <br> Advisors expects Japanese companies to address conflicts of interest and risk <br> management and to demonstrate an effective process for monitoring management. In our <br> analysis and research regarding corporate governance issues in Japan, we expect all <br> companies at a minimum to comply with Japan's Corporate Governance Principles and <br> proactively monitor companies' adherence to the principles. Consistent with the 'comply or <br> explain' expectations established by the Principles, we encourage companies to proactively <br> disclose their level of compliance with the Principles. In instances of non-compliance when <br> companies cannot explain the nuances of their governance structure effectively, either <br> publicly or through engagement, we may vote against the board leader.<br>|
| **State Street Global** <br> **Advisors' Proxy Voting** <br> **and Engagement** <br> **Philosophy**<br>| &nbsp;&nbsp; In our view, corporate governance and sustainability issues are an integral part of the <br> investment process. The Asset Stewardship Team consists of investment professionals <br> with expertise in corporate governance and company law, remuneration, accounting, and <br> environmental and social issues. We have established robust corporate governance <br> principles and practices that are backed with extensive analytical expertise to understand <br> the complexities of the corporate governance landscape. We engage with companies to <br> provide insight on the principles and practices that drive our voting decisions. We also <br> conduct proactive engagement to address significant shareholder concerns and <br> environmental, social, and governance ("ESG") issues in a manner consistent with <br> maximizing shareholder value.<br>|
|  | &nbsp;&nbsp; The team works alongside members of State Street Global Advisors' Active Fundamental <br> and Asia-Pacific ("APAC") Investment Teams; the teams collaborate on issuer engagement <br> and provide input on company specific fundamentals. We are also a member of various <br> investor associations that seek to address broader corporate governance related policy <br> issues in Japan.<br>|
|  | &nbsp;&nbsp; State Street Global Advisors is a signatory to the United Nations Principles of Responsible <br> Investment ("UNPRI") and is compliant with Japan's Stewardship Code and Corporate <br> Governance Code. We are committed to sustainable investing and are working to further <br> integrate ESG principles into investment and corporate governance practices where <br> applicable and consistent with our fiduciary duty.<br>|

---

------

![](g384765img3978240f2.gif)

---

| | |
|:---|:---|
| **Directors and Boards** | &nbsp;&nbsp; Principally, we believe the primary responsibility of the board of directors is to preserve <br> and enhance shareholder value and protect shareholder interests. In order to carry out <br> their primary responsibilities, directors have to undertake activities that range from setting <br> strategy and overseeing executive management to monitoring the risks that arise from a <br> company's business, including risks related to sustainability issues. Further, good <br> corporate governance necessitates the existence of effective internal controls and risk <br> management systems, which should be governed by the board.<br>|
|  | &nbsp;&nbsp; State Street Global Advisors believes that a well constituted board of directors with a <br> balance of skills, expertise, and independence, provides the foundation for a well governed <br> company. We view board quality as a measure of director independence, director <br> succession planning, board diversity, evaluations and refreshment, and company <br> governance practices. We vote for the (re-)election of directors on a case-by-case basis <br> after considering various factors, including board quality, general market practice, and <br> availability of information on director skills and expertise. In principle, we believe <br> independent directors are crucial to robust corporate governance and help management <br> establish sound corporate governance policies and practices. A sufficiently independent <br> board will most effectively monitor management and perform oversight functions that are <br> necessary to protect shareholder interests.<br>|
|  | &nbsp;&nbsp; Japanese companies have the option of having a traditional board of directors with <br> statutory auditors, a board with a committee structure, or a hybrid board with a board level <br> audit committee. We will generally support companies that seek shareholder approval to <br> adopt a committee or hybrid board structure.<br>|
|  | &nbsp;&nbsp; Most Japanese issuers prefer the traditional statutory auditor structure. Statutory auditors <br> act in a quasi-compliance role, as they are not involved in strategic decision-making nor <br> are they part of the formal management decision process. Statutory auditors attend board <br> meetings but do not have voting rights at the board; however, they have the right to seek an <br> injunction and conduct broad investigations of unlawful behavior in the company's <br> operations.<br>|
|  | &nbsp;&nbsp; State Street Global Advisors will support the election of statutory auditors, unless the <br> outside statutory auditor nominee is regarded as non-independent based on our criteria, <br> the outside statutory auditor has attended less than 75 percent of meetings of the board of <br> directors or board of statutory auditors during the year under review, or the statutory <br> auditor has been remiss in the performance of their oversight responsibilities (fraud, <br> criminal wrong doing, and breach of fiduciary responsibilities).<br>|
|  | &nbsp;&nbsp; For companies with a statutory auditor structure there is no legal requirement that boards <br> have outside directors; however, we believe there should be a transparent process of <br> independent and external monitoring of management on behalf of shareholders.<br>|
|  | &nbsp;&nbsp; •We believe that boards of TOPIX 500 companies should have at least three <br> independent directors or be at least one-third independent, whichever requires fewer <br> independent directors. Otherwise, we may oppose the board leader who is responsible <br> for the director nomination process.<br>|
|  | &nbsp;&nbsp; •For controlled, non-TOPIX 500 companies with a statutory auditor structure or hybrid <br> structure, we may oppose the board leader if the board does not have at least two <br> independent directors.<br>|

---

------

![](g384765img3978240f2.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| &nbsp;&nbsp; •For non-controlled, non-TOPIX 500 companies with a statutory auditor structure or <br> hybrid structure, State Street Global Advisors may oppose the board leader if the <br> board does not have at least two independent directors.<br>|
| &nbsp;&nbsp; For companies with a committee structure or a hybrid board structure, we also take into <br> consideration the overall independence level of the committees. In determining director <br> independence, we consider the following factors:<br>|
| &nbsp;&nbsp; •Participation in related-party transactions and other business relations with the <br> company<br>|
| •Past employment with the company |
| •Professional services provided to the company |
| •Family ties with the company |
| &nbsp;&nbsp; Regardless of board structure, we may oppose the election of a director for the following <br> reasons:<br>|
| •Failure to attend board meetings |
| •In instances of egregious actions related to a director's service on the board |
| **Board Gender Diversity** |
| &nbsp;&nbsp; We expect boards of all listed companies to have at least one female board member. If a <br> company fails to meet this expectation, State Street Global Advisors may vote against the <br> Chair of the board's nominating committee or the board leader in the absence of a <br> nominating committee, if necessary. Additionally, if a company fails to meet this <br> expectation for three consecutive years, State Street Global Advisors may vote against all <br> incumbent members of the nominating committee or those persons deemed responsible <br> for the nomination process.<br>|
| **Incorporating R-Factor™ into Director Votes** |

| **Indemnification and Limitations on Liability** |
| &nbsp;&nbsp; Generally, State Street Global Advisors supports proposals to limit directors' and statutory <br> auditors' liability and/or expand indemnification and liability protection up to the limit <br> provided by law, if he or she has not acted in bad faith, gross negligence, or reckless <br> disregard of the duties involved in the conduct of his or her office. We believe limitations <br> and indemnification are necessary to attract and retain qualified directors.<br>|

---

------

Bottom 10 percent of scores relative to industry peers.

Have consistently underperformed their peers over the last two years; bottom 30 percent of scores relative to industry peers.

------

![](g384765img3978240f2.gif)

---

| | |
|:---|:---|
| **Audit-Related Items** | &nbsp;&nbsp; State Street Global Advisors believes that a company's auditor is an essential feature of <br> an effective and transparent system of external supervision. Shareholders should have the <br> opportunity to vote on the appointment of the auditor at the annual meeting.<br>|
|  | **Ratifying External Auditors** |
|  | &nbsp;&nbsp; We generally support the appointment of external auditors unless the external auditor is <br> perceived as being non-independent and there are concerns about the accounts presented <br> and the audit procedures followed.<br>|
|  | **Approval of Financial Statements** |
|  | &nbsp;&nbsp; The disclosure and availability of reliable financial statements in a timely manner is <br> imperative for the investment process. We expect external auditors to provide assurance of <br> a company's financial condition. Hence, we will vote against the approval of financial <br> statements if i) they have not been disclosed or audited; ii) the auditor opinion is qualified/<br> adverse, or the auditor has issued a disclaimer of opinion; or iii) the auditor opinion is not <br> disclosed.<br>|
|  | **Limiting Legal Liability of External Auditors** |
|  | &nbsp;&nbsp; We generally oppose limiting the legal liability of audit firms as we believe this could create <br> a negative impact on the quality of the audit function.<br>|
| **Capital Structure,** <br> **Reorganization, and** <br> **Mergers**<br>| &nbsp;&nbsp; State Street Global Advisors supports the "one share one vote" policy and favors a share <br> structure where all shares have equal voting rights. We support proposals to abolish voting <br> caps or multiple voting rights and will oppose measures to introduce these types of <br> restrictions on shareholder rights.<br>|
|  | &nbsp;&nbsp; We believe pre-emption rights should be introduced for shareholders. This can provide <br> adequate protection from excessive dilution due to the issuance of new shares or <br> convertible securities to third parties or a small number of select shareholders.<br>|
|  | **Unequal Voting Rights** |
|  | &nbsp;&nbsp; We generally oppose proposals authorizing the creation of new classes of common stock <br> with superior voting rights. We will generally oppose new classes of preferred stock with <br> unspecified voting, conversion, dividend distribution, and other rights. In addition, we will <br> not support capitalization changes that add classes of stock with undefined voting rights or <br> classes that may dilute the voting interests of existing shareholders.<br>|
|  | &nbsp;&nbsp; However, we will support capitalization changes that eliminate other classes of stock and/ <br> or unequal voting rights.<br>|
|  | **Increase in Authorized Capital** |
|  | &nbsp;&nbsp; We generally support increases in authorized capital where the company provides an <br> adequate explanation for the use of shares. In the absence of an adequate explanation, <br> we may oppose the request if the increase in authorized capital exceeds 100 percent of <br> the currently authorized capital. Where share issuance requests exceed our standard <br> threshold, we will consider the nature of the specific need, such as mergers, acquisitions <br> and stock splits.<br>|

---

------

![](g384765img3978240f2.gif)

---

| |
|:---|
| **Dividends** |
| &nbsp;&nbsp; We generally support dividend payouts that constitute 30 percent or more of net income. <br> We may vote against the dividend payouts if the dividend payout ratio has been <br> consistently below 30 percent without adequate explanation; or, the payout is excessive <br> given the company's financial position. Particular attention will be paid where the payment <br> may damage the company's long-term financial health.<br>|
| **Share Repurchase Programs** |
| &nbsp;&nbsp; Companies are allowed under Japan Corporate Law to amend their articles to authorize <br> the repurchase of shares at the board's discretion. We will oppose an amendment to <br> articles allowing the repurchase of shares at the board's discretion. We believe the <br> company should seek shareholder approval for a share repurchase program at each year's <br> AGM, providing shareholders the right to evaluate the purpose of the repurchase.<br>|
| &nbsp;&nbsp; We generally support proposals to repurchase shares, unless the issuer does not clearly <br> state the business purpose for the program, a definitive number of shares to be <br> repurchased, and the timeframe for the repurchase. We may vote against share <br> repurchase requests that allow share repurchases during a takeover period.<br>|
| **Mergers and Acquisitions** |
| &nbsp;&nbsp; Mergers or reorganizing the structure of a company often involve proposals relating to <br> reincorporation, restructurings, mergers, liquidations, and other major changes to the <br> corporation. We will support proposals that are in the best interests of the shareholders, <br> demonstrated by enhancing share value or improving the effectiveness of the company's <br> operations. In general, provisions that are deemed to be destructive to shareholders' rights <br> or financially detrimental are not supported.<br>|
| &nbsp;&nbsp; We evaluate mergers and structural reorganizations on a case-by-case basis. We will <br> generally support transactions that maximize shareholder value. Some of the <br> considerations include, but are not limited to the following:<br>|
| •Offer premium |
| •Strategic rationale |
| &nbsp;&nbsp; •Board oversight of the process for the recommended transaction, including director <br> and/or management conflicts of interest<br>|
| •Offers made at a premium and where there are no other higher bidders |
| &nbsp;&nbsp; •Offers in which the secondary market price is substantially lower than the net asset <br> value<br>|
| We may vote against a transaction considering the following: |
| &nbsp;&nbsp; •Offers with potentially damaging consequences for minority shareholders because of <br> illiquid stock<br>|
| &nbsp;&nbsp; •Offers where we believe there is a reasonable prospect for an enhanced bid or other <br> bidders<br>|
| &nbsp;&nbsp; •Offers in which the current market price of the security exceeds the bid price at the <br> time of voting<br>|

---

------

![](g384765img3978240f2.gif)

---

| | |
|:---|:---|
|  | **Anti-Takeover Measures** |
|  | &nbsp;&nbsp; In general, State Street Global Advisors believes that adoption of poison pills that have <br> been structured to protect management and to prevent takeover bids from succeeding is <br> not in shareholders' interest. A shareholder rights plan may lead to management <br> entrenchment. It may also discourage legitimate tender offers and acquisitions. Even if the <br> premium paid to companies with a shareholder rights plan is higher than that offered to <br> unprotected firms, a company's chances of receiving a takeover offer in the first place may <br> be reduced by the presence of a shareholder rights plan.<br>|
|  | &nbsp;&nbsp; Proposals that reduce shareholders' rights or have the effect of entrenching incumbent <br> management will not be supported.<br>|
|  | &nbsp;&nbsp; Proposals that enhance the right of shareholders to make their own choices as to the <br> desirability of a merger or other proposal are supported.<br>|
|  | **Shareholder Rights Plans** |
|  | &nbsp;&nbsp; In evaluating the adoption or renewal of a Japanese issuer's shareholder rights plans <br> ("poison pill"), we consider the following conditions: (i) release of proxy circular with details <br> of the proposal with adequate notice in advance of meeting, (ii) minimum trigger of over 20 <br> percent, (iii) maximum term of three years, (iv) sufficient number of independent directors, <br> (v) presence of an independent committee, (vi) annual election of directors, and (vii) lack <br> of protective or entrenchment features. Additionally, we consider the length of time that a <br> shareholder rights plan has been in effect.<br>|
|  | &nbsp;&nbsp; In evaluating an amendment to a shareholder rights plan ("poison pill"), in addition to the <br> conditions above, we will also evaluate and consider supporting proposals where the terms <br> of the new plans are more favorable to shareholders' ability to accept unsolicited offers.<br>|
| **Compensation** | &nbsp;&nbsp; In Japan, excessive compensation is rarely an issue. Rather, the problem is the lack of <br> connection between pay and performance. Fixed salaries and cash retirement bonuses <br> tend to comprise a significant portion of the compensation structure while <br> performance-based pay is generally a small portion of the total pay. State Street Global <br> Advisors, where possible, seeks to encourage the use of performance-based <br> compensation in Japan as an incentive for executives and as a way to align interests with <br> shareholders.<br>|
|  | **Adjustments to Aggregate Compensation Ceiling for Directors** |
|  | &nbsp;&nbsp; Remuneration for directors is generally reasonable. Typically, each company sets the <br> director compensation parameters as an aggregate thereby limiting the total pay to all <br> directors. When requesting a change, a company must disclose the last time the ceiling <br> was adjusted, and management provides the rationale for the ceiling increase. We will <br> generally support proposed increases to the ceiling if the company discloses the rationale <br> for the increase. We may oppose proposals to increase the ceiling if there has been <br> corporate malfeasance or sustained poor performance.<br>|
|  | **Annual Bonuses for Directors/Statutory Auditors** |
|  | &nbsp;&nbsp; In Japan, since there are no legal requirements that mandate companies to seek <br> shareholder approval before awarding a bonus, we believe that existing shareholder <br> approval of the bonus should be considered best practice. As a result, we support <br> management proposals on executive compensation where there is a strong relationship <br> between executive pay and performance over a five-year period.<br>|

---

------

![](g384765img3978240f2.gif)

---

| | |
|:---|:---|
|  | **Retirement Bonuses for Directors/Statutory Auditors** |
|  | &nbsp;&nbsp; Retirement bonuses make up a sizeable portion of directors' and auditors' lifetime <br> compensation and are based upon board tenure. While many companies in Japan have <br> abolished this practice, there remain many proposals seeking shareholder approval for the <br> total amounts paid to directors and statutory auditors as a whole. In general, we support <br> these payments unless the recipient is an outsider or in instances where the amount is not <br> disclosed.<br>|
|  | **Stock Plans** |
|  | &nbsp;&nbsp; Most option plans in Japan are conservative, particularly at large companies. Japanese <br> corporate law requires companies to disclose the monetary value of the stock options for <br> directors and/or statutory auditors. Some companies do not disclose the maximum number <br> of options that can be issued per year and shareholders are unable to evaluate the dilution <br> impact. In this case, we cannot calculate the dilution level and, therefore, we may oppose <br> such plans for poor disclosure. We also oppose plans that allow for the repricing of the <br> exercise price.<br>|
|  | **Deep Discount Options** |
|  | &nbsp;&nbsp; As Japanese companies move away from the retirement bonus system, deep discount <br> options plans have become more popular. Typically, the exercise price is set at JPY 1 per <br> share. We evaluate deep discount options using the same criteria used to evaluate stock <br> options as well as considering the vesting period.<br>|
| **Environmental and Social** <br> **Issues**<br>| &nbsp;&nbsp; As a fiduciary, State Street Global Advisors takes a comprehensive approach to engaging <br> with our portfolio companies about material environmental and social (sustainability) <br> issues. We use our voice and our vote through engagement, proxy voting, and thought <br> leadership in order to communicate with issuers and educate market participants about <br> our perspective on important sustainability topics. Our Asset Stewardship program <br> prioritization process allows us to proactively identify companies for engagement and <br> voting in order to mitigate sustainability risks in our portfolio. Through engagement, we <br> address a broad range of topics that align with our stewardship priorities and build <br> long-term relationships with issuers. When voting, we fundamentally consider whether the <br> adoption of a shareholder proposal addressing a material sustainability issue would <br> promote long-term shareholder value in the context of the company's existing practices <br> and disclosures as well as existing market practice.<br>|
|  | &nbsp;&nbsp; For more information on our approach to environmental and social issues, please see our <br> Global Proxy Voting and Engagement Guidelines for Environmental and Social Issues and <br> our Frameworks for Voting Environmental and Social Shareholder Proposals, both <br> available at ssga.com/about-us/asset-stewardship.html.<br>|
| **Miscellaneous/ Routine** <br> **Items**<br>| **Expansion of Business Activities** |
|  | &nbsp;&nbsp; Japanese companies' articles of incorporation strictly define the types of businesses in <br> which a company is permitted to engage. In general, State Street Global Advisors views <br> proposals that expand and diversify the company's business activities as routine and <br> non-contentious. We will monitor instances in which there has been an inappropriate <br> acquisition and diversification away from the company's main area of competence that <br> resulted in a decrease of shareholder value.<br>|

---

------

![](g384765img3978240f2.gif)

---

| | |
|:---|:---|
| **More Information** | &nbsp;&nbsp; Any client who wishes to receive information on how its proxies were voted should contact <br> its State Street Global Advisors relationship manager.<br>|
| **About State Street Global** <br> **Advisors**<br>| &nbsp;&nbsp; For four decades, State Street Global Advisors has served the world's governments, <br> institutions and financial advisors. With a rigorous, risk-aware approach built on research, <br> analysis and market-tested experience, we build from a breadth of active and index <br> strategies to create cost-effective solutions. As stewards, we help portfolio companies see <br> that what is fair for people and sustainable for the planet can deliver long-term <br> performance. And, as pioneers in index, ETF, and ESG investing, we are always inventing <br> new ways to invest. As a result, we have become the world's fourth-largest asset manager\* <br> with US $4.14 trillion† under our care.<br>|

---

------

\*

Pensions & Investments Research Center, as of December 31, 2020.

†

This figure is presented as of December 31, 2021 and includes approximately $61.43 billion of assets with respect to SPDR products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**ssga.com**

**State Street Global Advisors Worldwide Entities** 

**Abu Dhabi:** State Street Global Advisors Limited, ADGM Branch, Al Khatem Tower, Suite 42801, Level 28, ADGM Square, Al Maryah Island, P.O Box 76404, Abu Dhabi, United Arab Emirates. Regulated by the ADGM Financial Services Regulatory Authority. T: +971 2 245 9000. **Australia:** State Street Global Advisors, Australia, Limited (ABN 42 003 914 225) is the holder of an Australian Financial Services License (AFSL Number 238276). Registered office: Level 14, 420 George Street, Sydney, NSW 2000, Australia. T: +612 9240-7600. F: +612 9240-7611. **Belgium:** State Street Global Advisors Belgium, Chaussée de La Hulpe 185, 1170 Brussels, Belgium. T: +32 2 663 2036. State Street Global Advisors Belgium is a branch office of State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorized and regulated by the Central Bank of

Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. **Canada:** State Street Global Advisors, Ltd., 1981 McGill College Avenue, Suite 500, Montreal, Qc, H3A 3A8, T: +514 282 2400 and 30 Adelaide Street East Suite 800, Toronto, Ontario M5C 3G6. T: +647 775 5900. **France:** State Street Global Advisors Europe Limited, France Branch ("State Street Global Advisors France") is a branch of State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorized and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. State Street Global Advisors France is registered in France with company number RCS Nanterre 899 183 289, and its office is located at Coeur Défense — Tour A — La Défense 4, 33e étage, 100, Esplanade du Général de Gaulle, 92 932 Paris La Défense Cedex, France. T: +33 1 44 45 40 00. F: +33 1 44 45 41 92. **Germany:** State Street Global Advisors Europe Limited, Branch

in Germany, Brienner Strasse 59, D-80333 Munich, Germany ("State Street Global Advisors Germany"). T: +49 (0)89 55878 400. State Street Global Advisors Germany is a branch of State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorized and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. **Hong Kong:** State Street Global Advisors Asia Limited, 68/F, Two International Finance Centre, 8 Finance Street, Central, Hong Kong. T: +852 2103-0288. F: +852 2103-0200. Ireland: State Street Global Advisors Europe Limited is regulated by the Central Bank of Ireland. Registered office address 78 Sir John Rogerson's Quay, Dublin 2. Registered Number: 49934. T: +353 (0)1 776 3000. F: +353 (0)1 776 3300. **Italy:** State Street Global Advisors Europe Limited, Italy Branch ("State Street Global Advisors Italy") is a branch of State Street Global Advisors Europe Limited, registered in Ireland with company

number 49934, authorized and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. State Street Global Advisors Italy is registered in Italy with company number 11871450968 — REA: 2628603 and VAT number 11871450968, and its office is located at Via Ferrante Aporti, 10 -20125 Milan, Italy. T: +39 02 32066 100. F: +39 02 32066 155. **Japan:** State Street Global Advisors (Japan) Co., Ltd., Toranomon Hills Mori Tower 25F 1-23-1 Toranomon, Minato-ku, Tokyo 105-6325 Japan. T: +81-3-4530- 7380. Financial Instruments Business Operator, Kanto Local Financial Bureau (Kinsho #345), Membership: Japan Investment Advisers Association, The Investment Trust Association, Japan, Japan Securities Dealers' Association. **Netherlands:** State Street Global Advisors Netherlands, Apollo Building 7th floor, Herikerbergweg 29, 1101 CN Amsterdam, Netherlands. T: +31 20 7181 000. State Street Global Advisors Netherlands is a branch office of

------

![](g384765img3978240f2.gif)

State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorized and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. **Singapore:** State Street Global Advisors Singapore Limited, 168, Robinson Road, #33-01 Capital Tower, Singapore 068912 (Company Reg. No: 200002719D, regulated by the Monetary Authority of Singapore).

T: +65 6826-7555. F: +65 6826-7501. **Switzerland:** State Street Global Advisors AG, Beethovenstr. 19, CH-8027 Zurich. Registered with the Register of Commerce Zurich CHE-105.078.458. T: +41 (0)44 245 70 00. F: +41 (0)44 245 70 16. **United Kingdom:** State Street Global Advisors Limited. Authorized and regulated by the Financial Conduct Authority. Registered in England. Registered No. 2509928. VAT No. 5776591 81. Registered office: 20 Churchill

Place, Canary Wharf, London, E14 5HJ. T: 020 3395 6000. F: 020 3395 6350. **United States:** State Street Global Advisors, 1 Iron Street, Boston, MA 02210-1641. T: +1 617 786 3000.

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 SSGA's express written consent.© 2022 State Street Corporation.

All Rights Reserved.

ID949710-3479913.2.1.GBL.RTL 0322

Exp. Date: 03/31/2023

------

![](g384765img3978240f2.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **March 2022** |
| North America (United States & Canada) |
| &nbsp;&nbsp; **Proxy Voting and** <br> **Engagement Guidelines**<br>|
| &nbsp;&nbsp; State Street Global Advisors' North America Proxy <br> Voting and Engagement Guidelines<sup>i</sup> outline our <br> expectations of companies listed on stock exchanges in <br> the US and Canada. These Guidelines complement and <br> should be read in conjunction with State Street Global <br> Advisors' Global Proxy Voting and Engagement <br> Principles, which provide a detailed explanation of our <br> approach to voting and engaging with companies, and <br> State Street Global Advisors' Conflict Mitigation <br> Guidance.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

i

These Proxy Voting and Engagement Guidelines are also applicable to SSGA Funds Management, Inc. SSGA Funds Management, Inc. is an SEC-registered investment adviser. SSGA Funds Management, Inc., State Street Global Advisors Trust Company, and other advisory affiliates of State Street make up State Street Global Advisors, the investment management arm of State Street Corporation.

------

![](g384765img3978240f2.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; State Street Global Advisors' North America Proxy Voting and Engagement Guidelines <br> address areas, including board structure, director tenure, audit related issues, capital <br> structure, executive compensation, as well as environmental, social, and other <br> governance-related issues of companies listed on stock exchanges in the US and Canada <br> ("North America").<br>|
|  | &nbsp;&nbsp; When voting and engaging with companies in global markets, we consider market specific <br> nuances in the manner that we believe will most likely protect and promote the long-term <br> economic value of client investments. We expect companies to observe the relevant laws <br> and regulations of their respective markets, as well as country specific best practice <br> guidelines and corporate governance codes. When we feel that a country's regulatory <br> requirements do not address some of the key philosophical principles that we believe are <br> fundamental to its global voting guidelines, we may hold companies in such markets to our <br> global standards.<br>|
|  | &nbsp;&nbsp; In its analysis and research about corporate governance issues in North America, we <br> expect all companies to act in a transparent manner and to provide detailed disclosure on <br> board profiles, related-party transactions, executive compensation, and other governance <br> issues that impact shareholders' long-term interests. Further, as a founding member of the <br> Investor Stewardship Group ("ISG"), we proactively monitor companies' adherence to the <br> Corporate Governance Principles for US listed companies. Consistent with the "comply-or-<br> explain" expectations established by the principles, we encourage companies to proactively <br> disclose their level of compliance with the principles. In instances of non-compliance when <br> companies cannot explain the nuances of their governance structure effectively, either <br> publicly or through engagement, we may vote against the independent board leader.<br>|
| **State Street Global** <br> **Advisors' Proxy Voting** <br> **and Engagement** <br> **Philosophy**<br>| &nbsp;&nbsp; Corporate governance and sustainability issues are an integral part of the investment <br> process. The Asset Stewardship Team consists of investment professionals with expertise <br> in corporate governance and company law, remuneration, accounting, and environmental <br> and social issues. We have established robust corporate governance principles and <br> practices that are backed with extensive analytical expertise to understand the <br> complexities of the corporate governance landscape. We engage with companies to <br> provide insight on the principles and practices that drive our voting decisions. We also <br> conduct proactive engagements to address significant shareholder concerns and <br> environmental, social, and governance ("ESG") issues in a manner consistent with <br> maximizing shareholder value.<br>|
|  | &nbsp;&nbsp; The team works alongside members of State Street Global Advisors' Active Fundamental <br> and various other investment teams, collaborating on issuer engagements and providing <br> input on company specific fundamentals. We are also a member of various investor <br> associations that seek to address broader corporate governance related policy issues in <br> North America.<br>|
|  | &nbsp;&nbsp; State Street Global Advisors is a signatory to the United Nations Principles of Responsible <br> Investment ("UNPRI") and is compliant with the US Investor Stewardship Group Principles. <br> We are committed to sustainable investing and are working to further integrate ESG <br> principles into investment and corporate governance practices, where applicable and <br> consistent with our fiduciary duty.<br>|

---

------

![](g384765img3978240f2.gif)

---

| | |
|:---|:---|
| Directors and Boards | &nbsp;&nbsp; Principally, we believe the primary responsibility of the board of directors is to preserve <br> and enhance shareholder value and protect shareholder interests. In order to carry out <br> their primary responsibilities, directors have to undertake activities that range from setting <br> strategy and overseeing executive management to monitoring the risks that arise from a <br> company's business, including risks related to sustainability issues. Further, good <br> corporate governance necessitates the existence of effective internal controls and risk <br> management systems, which should be governed by the board.<br>|
|  | &nbsp;&nbsp; State Street Global Advisors believes that a well constituted board of directors, with a <br> balance of skills, expertise, and independence, provides the foundations for a well <br> governed company. We view board quality as a measure of director independence, director <br> succession planning, board diversity, evaluations and refreshment, and company <br> governance practices. We vote for the election/re-election of directors on a case-by-case <br> basis after considering various factors, including board quality, general market practice, <br> and availability of information on director skills and expertise. In principle, we believe <br> independent directors are crucial to robust corporate governance and help management <br> establish sound corporate governance policies and practices. A sufficiently independent <br> board will most effectively monitor management and perform oversight functions <br> necessary to protect shareholder interests.<br>|
|  | &nbsp;&nbsp; Director-related proposals include issues submitted to shareholders that deal with the <br> composition of the board or with members of a corporation's board of directors. In <br> deciding the director nominee to support, we consider numerous factors.<br>|
|  | **Director Elections** |
|  | &nbsp;&nbsp; Our director election guideline focuses on companies' governance profile to identify if a <br> company demonstrates appropriate governance practices or if it exhibits negative <br> governance practices. Factors we consider when evaluating governance practices include, <br> but are not limited to the following:<br>|
|  | •Shareholder rights |
|  | •Board independence |
|  | •Board structure |
|  | &nbsp;&nbsp; If a company demonstrates appropriate governance practices, we believe a director should <br> be classified as independent based upon the relevant listing standards or local market <br> practice standards. In such cases, the composition of the key oversight committees of a <br> board should meet the minimum standards of independence. Accordingly, we will vote <br> against a nominee at a company with appropriate governance practices if the director is <br> classified as non-independent under relevant listing standards or local market practice and <br> serves on a key committee of the board (compensation, audit, nominating, or committees <br> required to be fully independent by local market standards).<br>|
|  | &nbsp;&nbsp; Conversely, if a company demonstrates negative governance practices, State Street <br> Global Advisors believes the classification standards for director independence should be <br> elevated. In such circumstances, we will evaluate all director nominees based upon the <br> following classification standards:<br>|
|  | •Is the nominee an employee of or related to an employee of the issuer or its auditor? |
|  | •Does the nominee provide professional services to the issuer |

---

------

![](g384765img3978240f2.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| •Has the nominee attended an appropriate number of board meetings? |
| •Has the nominee received non-board related compensation from the issuer? |
| &nbsp;&nbsp; In the US market where companies demonstrate negative governance practices, these <br> stricter standards will apply not only to directors who are a member of a key committee but <br> to all directors on the board as market practice permits. Accordingly, we will vote against a <br> nominee (with the exception of the CEO) where the board has inappropriate governance <br> practices and is considered not independent based on the above independence criteria.<br>|
| Additionally, we may withhold votes from directors based on the following: |
| &nbsp;&nbsp; •Overall average board tenure is excessive. In assessing excessive tenure, we consider <br> factors such as the preponderance of long tenured directors, board refreshment <br> practices, and classified board structures<br>|
| &nbsp;&nbsp; •Directors attend less than 75 percent of board meetings without appropriate <br> explanation or providing reason for their failure to meet the attendance threshold<br>|
| &nbsp;&nbsp; •Directors of companies that have not been responsive to a shareholder proposal that <br> received a majority shareholder support at the last annual or special meeting<br>|
| &nbsp;&nbsp; •Consideration can be warranted if management submits the proposal(s) on the ballot <br> as a binding management proposal, recommending shareholders vote for the <br> particular proposal(s)<br>|
| &nbsp;&nbsp; •Directors of companies have unilaterally adopted/ amended company bylaws that <br> negatively impact our shareholder rights (such as fee-shifting, forum selection, and <br> exclusion service bylaws) without putting such amendments to a shareholder vote<br>|
| &nbsp;&nbsp; •Compensation committee members where there is a weak relationship between <br> executive pay and performance over a five-year period<br>|
| &nbsp;&nbsp; •Audit committee members if non-audit fees exceed 50 percent of total fees paid to the <br> auditors<br>|
| •Directors who appear to have been remiss in their duties |
| **Board Gender Diversity** |
| &nbsp;&nbsp; We expect boards of all listed companies to have at least one female board member. If a <br> company fails to meet this expectation, State Street Global Advisors may vote against the <br> Chair of the board's nominating committee or the board leader in the absence of a <br> nominating committee, if necessary. Additionally, if a company fails to meet this <br> expectation for three consecutive years, State Street Global Advisors may vote against all <br> incumbent members of the nominating committee.<br>|
| **Board Racial/Ethnic Diversity** |
| &nbsp;&nbsp; We believe that companies have a responsibility to effectively manage and disclose risks <br> and opportunities related to racial and ethnic diversity. If a company in the S&P 500 does <br> not disclose, at minimum, the gender, racial and ethnic composition of its board, we may <br> vote against the Chair of the nominating committee. We may withhold support from the <br> Chair of the nominating committee also when a company in the S&P 500 does not have at <br> least one director from an underrepresented community on its board.<br>|

---

------

![](g384765img3978240f2.gif)

---

| |
|:---|
| **Workforce Diversity** |
| &nbsp;&nbsp; We may vote against the Chair of the compensation committee at companies in the S&P <br> 500 that do not disclose their EEO-1 reports. Acceptable disclosures include:<br>|
| •The original EEO-1 report response |
| •The exact content of the report translated into custom graphics |
| **Director Time Commitments** |
| &nbsp;&nbsp; When voting on the election or re-election of a director, we also consider the number of <br> outside board directorships a non-executive and an executive may undertake. Thus, State <br> Street Global Advisors may take voting action against a director who exceeds the number <br> of board mandates listed below:<br>|
| &nbsp;&nbsp; •Named Executive Officers (NEOs) of a public company who sit on more than two <br> public company boards<br>|
| &nbsp;&nbsp; •Non-executive board chairs or lead independent directors who sit on more than three <br> public company boards<br>|
| •Director nominees who sit on more than four public company boards |
| &nbsp;&nbsp; For non-executive board chairs/lead independent directors and director nominees who hold <br> excessive commitments, as defined above, we may consider waiving our policy and vote in <br> support of a director if a company discloses its director commitment policy in a publicly <br> available manner (e.g., corporate governance guidelines, proxy statement, company <br> website). This policy or associated disclosure must include:<br>|
| •A numerical limit on public company board seats a director can serve on |
| •This limit cannot exceed our policy by more than one seat |
| •Consideration of public company board leadership positions (e.g., Committee Chair) |
| •Affirmation that all directors are currently compliant with the company policy |
| &nbsp;&nbsp; •Description of an annual policy review process undertaken by the Nominating <br> Committee to evaluate outside director time commitments<br>|
| &nbsp;&nbsp; If a director is imminently leaving a board and this departure is disclosed in a written, <br> time-bound and publicly-available manner, we may consider waiving our withhold vote <br> when evaluating the director for excessive time commitments.<br>|
| &nbsp;&nbsp; Service on a mutual fund board, the board of a UK investment trust or a Special Purpose <br> Acquisition Company (SPAC) board is not considered when evaluating directors for <br> excessive commitments. However, we do expect these roles to be considered by <br> nominating committees when evaluating director time commitments.<br>|

---

------

![](g384765img3978240f2.gif)

---

| |
|:---|
| **Incorporating R-Factor™ into Director Votes** |

| **Climate-related Disclosure** |
| We believe climate change poses a systemic risk to all companies in our portfolio. |
| &nbsp;&nbsp; State Street Global Advisors has publicly supported the global regulatory efforts to <br> establish a mandatory baseline of climate risk disclosures for all companies. Until these <br> consistent disclosure standards are established, we find that the recommendations of the <br> Taskforce on Climate-related Financial Disclosures (TCFD) provide the most effective <br> framework by which companies can develop strategies to plan for climate-related risks and <br> make their businesses more resilient to the impacts of climate change.<br>|
| &nbsp;&nbsp; As such, we may vote against the independent board leader at companies in the S&P 500 <br> and S&P/TSX Composite that fail to provide sufficient disclosure in accordance with the <br> TCFD framework, including:<br>|
| •Board oversight of climate-related risks and opportunities |
| •Total Scope 1 and Scope 2 greenhouse gas emissions |
| •Targets for reducing greenhouse gas emissions |
| **Director-Related Proposals** |
| We generally vote for the following director-related proposals: |
| &nbsp;&nbsp; •Discharge of board members' duties, in the absence of pending litigation, regulatory <br> investigation, charges of fraud, or other indications of significant concern<br>|
| &nbsp;&nbsp; •Proposals to restore shareholders' ability in order to remove directors with or without <br> cause<br>|
| •Proposals that permit shareholders to elect directors to fill board vacancies |
| &nbsp;&nbsp; •Shareholder proposals seeking disclosure regarding the company, board, or <br> compensation committee's use of compensation consultants, such as company name, <br> business relationship(s), and fees paid<br>|
| We generally vote against the following director-related proposals: |
| &nbsp;&nbsp; •Requirements that candidates for directorships own large amounts of stock before <br> being eligible to be elected<br>|
| &nbsp;&nbsp; •Proposals that relate to the "transaction of other business as properly comes before <br> the meeting," which extend "blank check" powers to those acting as proxy<br>|

---

------

Bottom 10 percent of scores relative to industry peers.

Have consistently underperformed their peers over the last two years; bottom 30 percent of scores relative to industry peers.

------

![](g384765img3978240f2.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| •Proposals requiring two candidates per board seat |
| **Majority Voting** |
| &nbsp;&nbsp; We will generally support a majority vote standard based on votes cast for the election of <br> directors.<br>|
| &nbsp;&nbsp; We will generally vote to support amendments to bylaws that would require simple majority <br> of voting shares (i.e. shares cast) to pass or to repeal certain provisions.<br>|
| **Annual Elections** |
| &nbsp;&nbsp; We generally support the establishment of annual elections of the board of directors. <br> Consideration is given to the overall level of board independence and the independence of <br> the key committees, as well as the existence of a shareholder rights plan.<br>|
| **Cumulative Voting** |
| We do not support cumulative voting structures for the election of directors. |
| **Separation Chair/CEO** |
| &nbsp;&nbsp; We analyze proposals for the separation of Chair/CEO on a case-by-case basis taking into <br> consideration numerous factors, including the appointment of and role played by a lead <br> director, a company's performance, and the overall governance structure of the company.<br>|
| &nbsp;&nbsp; However, we may take voting action against the chair or members of the nominating <br> committee at S&P 500 companies that have combined the roles of chair and CEO and <br> have not appointed a lead independent director.<br>|
| **Proxy Access** |
| &nbsp;&nbsp; In general, we believe that proxy access is a fundamental right and an accountability <br> mechanism for all long-term shareholders. We will consider proposals relating to proxy <br> access on a case-by-case basis. We will support shareholder proposals that set <br> parameters to empower long-term shareholders while providing management the flexibility <br> to design a process that is appropriate for the company's circumstances.<br>|
| &nbsp;&nbsp; We will review the terms of all other proposals and will support those proposals that have <br> been introduced in the spirit of enhancing shareholder rights.<br>|
| Considerations include the following: |
| •The ownership thresholds and holding duration proposed in the resolution |
| •The binding nature of the proposal |
| •The number of directors that shareholders may be able to nominate each year |
| •Company governance structure |
| •Shareholder rights |
| •Board performance |
| **Age/Term Limits** |
| &nbsp;&nbsp; Generally, we will vote against age and term limits unless the company is found to have <br> poor board refreshment and director succession practices, and has a preponderance of <br> non-executive directors with excessively long tenures serving on the board.<br>|

---

------

![](g384765img3978240f2.gif)

---

| | |
|:---|:---|
|  | **Approve Remuneration of Directors** |
|  | &nbsp;&nbsp; Generally, we will support directors' compensation, provided the amounts are not <br> excessive relative to other issuers in the market or industry. In making our determination, <br> we review whether the compensation is overly dilutive to existing shareholders.<br>|
|  | **Indemnification** |
|  | &nbsp;&nbsp; Generally, we support proposals to limit directors' liability and/or expand indemnification <br> and liability protection if he or she has not acted in bad faith, gross negligence, or reckless <br> disregard of the duties involved in the conduct of his or her office.<br>|
|  | **Classified Boards** |
|  | We generally support annual elections for the board of directors. |
|  | **Confidential Voting** |
|  | We will support confidential voting. |
|  | **Board Size** |
|  | &nbsp;&nbsp; We will support proposals seeking to fix the board size or designate a range for the board <br> size and will vote against proposals that give management the ability to alter the size of the <br> board outside of a specified range without shareholder approval.<br>|
|  | **Board Responsiveness** |
|  | &nbsp;&nbsp; We may vote against the re-election of members of the compensation committee if we <br> have serious concerns about remuneration practices and if the company has not been <br> responsive to shareholder pressure to review its approach. In addition, if the level of <br> dissent against a management proposal on executive pay is consistently high, and we <br> have determined that a vote against a pay-related proposal is warranted in the third <br> consecutive year, we may vote against the Chair of the compensation committee.<br>|
| **Audit-Related Issues** | **Ratifying Auditors and Approving Auditor Compensation** |
|  | &nbsp;&nbsp; We support the approval of auditors and auditor compensation provided that the issuer <br> has properly disclosed audit and non-audit fees relative to market practice and the audit <br> fees are not deemed excessive. We deem audit fees to be excessive if the non-audit fees <br> for the prior year constituted 50 percent or more of the total fees paid to the auditor. We will <br> also support the disclosure of auditor and consulting relationships when the same or <br> related entities are conducting both activities and will support the establishment of a <br> selection committee responsible for the final approval of significant management <br> consultant contract awards where existing firms are already acting in an auditing function.<br>|
|  | &nbsp;&nbsp; In circumstances where "other" fees include fees related to initial public offerings, <br> bankruptcy emergence, and spin-offs, and the company makes public disclosure of the <br> amount and nature of those fees which are determined to be an exception to the standard <br> "non-audit fee" category, then such fees may be excluded from the non-audit fees <br> considered in determining the ratio of non-audit to audit/audit-related fees/tax compliance <br> and preparation for purposes of determining whether non-audit fees are excessive.<br>|

---

------

![](g384765img3978240f2.gif)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; We will support the discharge of auditors and requirements that auditors attend the annual <br> meeting of shareholders.<sup>3</sup> <br>|
|  | **Approval of Financial Statements** |
|  | &nbsp;&nbsp; The disclosure and availability of reliable financial statements in a timely manner is <br> imperative for the investment process. We expect external auditors to provide assurance of <br> a company's financial condition. Hence, we will vote against the approval of financial <br> statements if i) they have not been disclosed or audited; ii) the auditor opinion is qualified/ <br> adverse, or the auditor has issued a disclaimer of opinion; or iii) the auditor opinion is not <br> disclosed.<br>|
| **Capital-Related Issues** | &nbsp;&nbsp; Capital structure proposals include requests by management for approval of amendments <br> to the certificate of incorporation that will alter the capital structure of the company.<br>|
|  | &nbsp;&nbsp; The most common request is for an increase in the number of authorized shares of <br> common stock, usually in conjunction with a stock split or dividend. Typically, we support <br> requests that are not unreasonably dilutive or enhance the rights of common shareholders. <br> In considering authorized share proposals, the typical threshold for approval is 100 percent <br> over current authorized shares. However, the threshold may be increased if the company <br> offers a specific need or purpose (merger, stock splits, growth purposes, etc.). All <br> proposals are evaluated on a case-by-case basis taking into account the company's <br> specific financial situation.<br>|
|  | **Increase in Authorized Common Shares** |
|  | &nbsp;&nbsp; In general, we support share increases for general corporate purposes up to 100 percent <br> of current authorized stock.<br>|
|  | &nbsp;&nbsp; We support increases for specific corporate purposes up to 100 percent of the specific <br> need plus 50 percent of current authorized common stock for US and Canadian firms.<br>|
|  | &nbsp;&nbsp; When applying the thresholds, we will also consider the nature of the specific need, such <br> as mergers and acquisitions and stock splits.<br>|
|  | **Increase in Authorized Preferred Shares** |
|  | &nbsp;&nbsp; We vote on a case-by-case basis on proposals to increase the number of preferred <br> shares.<br>|
|  | &nbsp;&nbsp; Generally, we will vote for the authorization of preferred stock in cases where the company <br> specifies the voting, dividend, conversion, and other rights of such stock and the terms of <br> the preferred stock appear reasonable.<br>|
|  | &nbsp;&nbsp; We will support proposals to create "declawed" blank check preferred stock (stock that <br> cannot be used as a takeover defense). However, we will vote against proposals to <br> increase the number of blank check preferred stock authorized for issuance when no <br> shares have been issued or reserved for a specific purpose.<br>|

---

------

Common for non-US issuers; request from the issuer to discharge from liability the directors or auditors with respect to actions taken by them during the previous year.

------

![](g384765img3978240f2.gif)

---

| | |
|:---|:---|
|  | **Unequal Voting Rights** |
|  | &nbsp;&nbsp; We will not support proposals authorizing the creation of new classes of common stock <br> with superior voting rights and will vote against new classes of preferred stock with <br> unspecified voting, conversion, dividend distribution, and other rights. In addition, we will <br> not support capitalization changes that add "blank check" classes of stock (i.e. classes of <br> stock with undefined voting rights) or classes that dilute the voting interests of existing <br> shareholders.<br>|
|  | &nbsp;&nbsp; However, we will support capitalization changes that eliminate other classes of stock and/ <br> or unequal voting rights.<br>|
| **Mergers and Acquisitions** | &nbsp;&nbsp; Mergers or the reorganization of the structure of a company often involve proposals <br> relating to reincorporation, restructurings, liquidations, and other major changes to the <br> corporation.<br>|
|  | &nbsp;&nbsp; Proposals that are in the best interests of the shareholders, demonstrated by enhancing <br> share value or improving the effectiveness of the company's operations, will be supported.<br>|
|  | &nbsp;&nbsp; In general, provisions that are not viewed as economically sound or are thought to be <br> destructive to shareholders' rights are not supported.<br>|
|  | &nbsp;&nbsp; We will generally support transactions that maximize shareholder value. Some of the <br> considerations include the following:<br>|
|  | •Offer premium |
|  | •Strategic rationale |
|  | &nbsp;&nbsp; •Board oversight of the process for the recommended transaction, including, director <br> and/or management conflicts of interest<br>|
|  | •Offers made at a premium and where there are no other higher bidders |
|  | &nbsp;&nbsp; •Offers in which the secondary market price is substantially lower than the net asset <br> value<br>|
|  | We may vote against a transaction considering the following: |
|  | &nbsp;&nbsp; •Offers with potentially damaging consequences for minority shareholders because of <br> illiquid stock, especially in some non-US markets<br>|
|  | &nbsp;&nbsp; •Offers where we believe there is a reasonable prospect for an enhanced bid or other <br> bidders<br>|
|  | •The current market price of the security exceeds the bid price at the time of voting |
| **Anti–Takeover Issues** | &nbsp;&nbsp; Typically, these are proposals relating to requests by management to amend the certificate <br> of incorporation or bylaws to add or to delete a provision that is deemed to have an <br> anti-takeover effect. The majority of these proposals deal with management's attempt to <br> add some provision that makes a hostile takeover more difficult or will protect incumbent <br> management in the event of a change in control of the company.<br>|
|  | &nbsp;&nbsp; Proposals that reduce shareholders' rights or have the effect of entrenching incumbent <br> management will not be supported.<br>|

---

------

![](g384765img3978240f2.gif)

---

| |
|:---|
| &nbsp;&nbsp; Proposals that enhance the right of shareholders to make their own choices as to the <br> desirability of a merger or other proposal are supported.<br>|
| **Shareholder Rights Plans** |
| &nbsp;&nbsp; **US** We will support mandates requiring shareholder approval of a shareholder rights plans <br> ("poison pill") and repeals of various anti-takeover related provisions.<br>|
| &nbsp;&nbsp; In general, we will vote against the adoption or renewal of a US issuer's shareholder rights <br> plan ("poison pill").<br>|
| &nbsp;&nbsp; We will vote for an amendment to a shareholder rights plan ("poison pill") where the terms <br> of the new plans are more favorable to shareholders' ability to accept unsolicited offers <br> (i.e. if one of the following conditions are met: (i) minimum trigger, flip-in or flip-over of 20 <br> percent, (ii) maximum term of three years, (iii) no "dead hand," "slow hand," "no hand" <br> nor similar feature that limits the ability of a future board to redeem the pill, and (iv) <br> inclusion of a shareholder redemption feature (qualifying offer clause), permitting ten <br> percent of the shares to call a special meeting or seek a written consent to vote on <br> rescinding the pill if the board refuses to redeem the pill 90 days after a qualifying offer is <br> announced).<br>|
| &nbsp;&nbsp; **Canada** We analyze proposals for shareholder approval of a shareholder rights plan <br> ("poison pill") on a case-by-case basis taking into consideration numerous factors, <br> including but not limited to, whether it conforms to 'new generation' rights plans and the <br> scope of the plan.<br>|
| **Special Meetings** |
| &nbsp;&nbsp; We will vote for shareholder proposals related to special meetings at companies that do <br> not provide shareholders the right to call for a special meeting in their bylaws if:<br>|
| •The company also does not allow shareholders to act by written consent |
| &nbsp;&nbsp; •The company allows shareholders to act by written consent but the ownership <br> threshold for acting by written consent is set above 25 percent of outstanding shares<br>|
| &nbsp;&nbsp; We will vote for shareholder proposals related to special meetings at companies that give <br> shareholders (with a minimum 10 percent ownership threshold) the right to call for a <br> special meeting in their bylaws if:<br>|
| &nbsp;&nbsp; •The current ownership threshold to call for a special meeting is above 25 percent of <br> outstanding shares<br>|
| We will vote for management proposals related to special meetings. |
| **Written Consent** |
| We will vote for shareholder proposals on written consent at companies if: |
| &nbsp;&nbsp; •The company does not have provisions in their bylaws giving shareholders the right to <br> call for a special meeting<br>|
| &nbsp;&nbsp; •The company allows shareholders the right to call for a special meeting, but the <br> current ownership threshold to call for a special meeting is above 25 percent of <br> outstanding shares<br>|
| •The company has a poor governance profile |
| We will vote management proposals on written consent on a case-by-case basis. |

---

------

![](g384765img3978240f2.gif)

---

| | |
|:---|:---|
|  | **Super–Majority** |
|  | &nbsp;&nbsp; We will generally vote against amendments to bylaws requiring super-majority shareholder <br> votes to pass or repeal certain provisions. We will vote for the reduction or elimination of <br> super-majority vote requirements, unless management of the issuer was concurrently <br> seeking to or had previously made such a reduction or elimination.<br>|
| **Remuneration Issues** | &nbsp;&nbsp; Despite the differences among the types of plans and the awards possible there is a <br> simple underlying philosophy that guides the analysis of all compensation plans; namely, <br> the terms of the plan should be designed to provide an incentive for executives and/or <br> employees to align their interests with those of the shareholders and thus work toward <br> enhancing shareholder value. Plans that benefit participants only when the shareholders <br> also benefit are those most likely to be supported.<br>|
|  | **Advisory Vote on Executive Compensation and Frequency** |
|  | &nbsp;&nbsp; State Street Global Advisors believes executive compensation plays a critical role in <br> aligning executives' interest with shareholders', attracting, retaining and incentivizing key <br> talent, and ensuring positive correlation between the performance achieved by <br> management and the benefits derived by shareholders. We support management <br> proposals on executive compensation where there is a strong relationship between <br> executive pay and performance over a five-year period. We seek adequate disclosure of <br> various compensation elements, absolute and relative pay levels, peer selection and <br> benchmarking, the mix of long-term and short-term incentives, alignment of pay structures <br> with shareholder interests as well as with corporate strategy, and performance. Further <br> shareholders should have the opportunity to assess whether pay structures and levels are <br> aligned with business performance on an annual basis.<br>|
|  | &nbsp;&nbsp; In Canada, where advisory votes on executive compensation are not commonplace, we will <br> rely primarily upon engagement to evaluate compensation plans.<br>|
|  | **Employee Equity Award Plans** |
|  | &nbsp;&nbsp; We consider numerous criteria when examining equity award proposals. Generally we do <br> not vote against plans for lack of performance or vesting criteria. Rather the main criteria <br> that will result in a vote against an equity award plan are:<br>|
|  | &nbsp;&nbsp; **Excessive voting power dilution** To assess the dilutive effect, we divide the number of <br> shares required to fully fund the proposed plan, the number of authorized but unissued <br> shares and the issued but unexercised shares by the fully diluted share count. We review <br> that number in light of certain factors, such as the industry of the issuer.<br>|
|  | &nbsp;&nbsp; **Historical option grants** Excessive historical option grants over the past three years. <br> Plans that provide for historical grant patterns of greater than five to eight percent are <br> generally not supported.<br>|
|  | &nbsp;&nbsp; **Repricing** We will vote against any plan where repricing is expressly permitted. If a <br> company has a history of repricing underwater options, the plan will not be supported.<br>|
|  | Other criteria include the following: |
|  | •Number of participants or eligible employees |
|  | •The variety of awards possible |
|  | •The period of time covered by the plan |

---

------

![](g384765img3978240f2.gif)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; There are numerous factors that we view as negative. If combined they may result in a <br> vote against a proposal. Factors include:<br>|
|  | •Grants to individuals or very small groups of participants |
|  | •"Gun-jumping" grants which anticipate shareholder approval of a plan or amendment |
|  | &nbsp;&nbsp; •The power of the board to exchange "underwater" options without shareholder <br> approval. This pertains to the ability of a company to reprice options, not the actual act <br> of repricing described above<br>|
|  | •Below market rate loans to officers to exercise their options |
|  | •The ability to grant options at less than fair market value; |
|  | •Acceleration of vesting automatically upon a change in control |
|  | &nbsp;&nbsp; •Excessive compensation (i.e. compensation plans which we deem to be overly <br> dilutive)<br>|
|  | &nbsp;&nbsp; **Share Repurchases** If a company makes a clear connection between a share repurchase <br> program and its intent to offset dilution created from option plans and the company fully <br> discloses the amount of shares being repurchased, the voting dilution calculation may be <br> adjusted to account for the impact of the buy back.<br>|
|  | &nbsp;&nbsp; Companies will not have any such repurchase plan factored into the dilution calculation if <br> they do not (i) clearly state the intentions of any proposed share buy-back plan, (ii) <br> disclose a definitive number of the shares to be bought back, (iii) specify the range of <br> premium/discount to market price at which a company can repurchase shares, and (iv) <br> disclose the time frame during which the shares will be bought back.<br>|
|  | &nbsp;&nbsp; **162(m) Plan Amendments** If a plan would not normally meet our criteria described above, <br> but was primarily amended to add specific performance criteria to be used with awards <br> that were designed to qualify for performance-based exception from the tax deductibility <br> limitations of Section 162(m) of the Internal Revenue Code, then we will support the <br> proposal to amend the plan.<br>|
|  | **Employee Stock Option Plans** |
|  | &nbsp;&nbsp; We generally vote for stock purchase plans with an exercise price of not less than 85 <br> percent of fair market value. However, we take market practice into consideration.<br>|
|  | **Compensation-Related Items** |
|  | We generally support the following proposals: |
|  | •Expansions to reporting of financial or compensation-related information within reason |
|  | &nbsp;&nbsp; •Proposals requiring the disclosure of executive retirement benefits if the issuer does <br> not have an independent compensation committee<br>|
|  | We generally vote against the following proposal: |
|  | •Retirement bonuses for non-executive directors and auditors |
| **Miscellaneous/Routine** <br> **Items**<br>| We generally support the following miscellaneous/routine governance items: |

---

------

![](g384765img3978240f2.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| &nbsp;&nbsp; •Reimbursement of all appropriate proxy solicitation expenses associated with the <br> election when voting in conjunction with support of a dissident slate<br>|
| •Opting-out of business combination provision |
| &nbsp;&nbsp; •Proposals that remove restrictions on the right of shareholders to act independently of <br> management<br>|
| &nbsp;&nbsp; •Liquidation of the company if the company will file for bankruptcy if the proposal is not <br> approved<br>|
| •Shareholder proposals to put option repricings to a shareholder vote |
| &nbsp;&nbsp; •General updating of, or corrective amendments to, charter and bylaws not otherwise <br> specifically addressed herein, unless such amendments would reasonably be <br> expected to diminish shareholder rights (e.g. extension of directors' term limits, <br> amending shareholder vote requirement to amend the charter documents, insufficient <br> information provided as to the reason behind the amendment)<br>|
| •Change in corporation name |
| •Mandates that amendments to bylaws or charters have shareholder approval |
| &nbsp;&nbsp; •Management proposals to change the date, time, and/or location of the annual <br> meeting unless the proposed change is unreasonable<br>|
| •Repeals, prohibitions or adoption of anti-greenmail provisions |
| &nbsp;&nbsp; •Management proposals to implement a reverse stock split when the number of <br> authorized shares will be proportionately reduced and proposals to implement a <br> reverse stock split to avoid delisting<br>|
| •Exclusive forum provisions |
| &nbsp;&nbsp; State Street Global Advisors generally does not support the following miscellaneous/ <br> routine governance items:<br>|
| &nbsp;&nbsp; •Proposals requesting companies to adopt full tenure holding periods for their <br> executives<br>|
| &nbsp;&nbsp; •Reincorporation to a location that we believe has more negative attributes than its <br> current location of incorporation<br>|
| &nbsp;&nbsp; •Shareholder proposals to change the date, time, and/or location of the annual meeting <br> unless the current scheduling or location is unreasonable<br>|
| •Proposals to approve other business when it appears as a voting item |
| •Proposals giving the board exclusive authority to amend the bylaws |
| &nbsp;&nbsp; •Proposals to reduce quorum requirements for shareholder meetings below a majority <br> of the shares outstanding unless there are compelling reasons to support the proposal<br>|

---

------

![](g384765img3978240f2.gif)

---

| | |
|:---|:---|
| **Environmental and Social** <br> **Issues**<br>| &nbsp;&nbsp; As a fiduciary, State Street Global Advisors takes a comprehensive approach to engaging <br> with our portfolio companies about material environmental and social (sustainability) <br> issues. We use our voice and our vote through engagement, proxy voting, and thought <br> leadership in order to communicate with issuers and educate market participants about <br> our perspective on important sustainability topics. Our Asset Stewardship program <br> prioritization process allows us to proactively identify companies for engagement and <br> voting in order to mitigate sustainability risks in our portfolio. Through engagement, we <br> address a broad range of topics that align with our stewardship priorities and build <br> long-term relationships with issuers. When voting, we fundamentally consider whether the <br> adoption of a shareholder proposal addressing a material sustainability issue would <br> promote long-term shareholder value in the context of the company's existing practices <br> and disclosures as well as existing market practice.<br>|
|  | &nbsp;&nbsp; For more information on our approach to environmental and social issues, please see our <br> Global Proxy Voting and Engagement Guidelines for Environmental and Social Issues and <br> our Frameworks for Voting Environmental and Social Shareholder Proposals, both <br> available at ssga.com/about-us/asset-stewardship.html.<br>|
| **More Information** | &nbsp;&nbsp; Any client who wishes to receive information on how its proxies were voted should contact <br> its State Street Global Advisors relationship manager.<br>|
| **About State Street Global** <br> **Advisors**<br>| &nbsp;&nbsp; For four decades, State Street Global Advisors has served the world's governments, <br> institutions and financial advisors. With a rigorous, risk-aware approach built on research, <br> analysis and market-tested experience, we build from a breadth of active and index <br> strategies to create cost-effective solutions. As stewards, we help portfolio companies see <br> that what is fair for people and sustainable for the planet can deliver long-term <br> performance. And, as pioneers in index, ETF, and ESG investing, we are always inventing <br> new ways to invest. As a result, we have become the world's fourth-largest asset manager\* <br> with US $4.14 trillion† under our care.<br>|

---

------

\*

Pensions & Investments Research Center, as of December 31, 2020.

†

This figure is presented as of December 31, 2021 and includes approximately $61.43 billion of assets with respect to SPDR products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**ssga.com** 

**State Street Global Advisors Worldwide Entities** 

**Australia:** State Street Global Advisors, Australia, Limited (ABN 42 003 914 225) is the holder of an Australian Financial Services Licence (AFSL Number 238276). Registered Office: Level 17, 420 George Street, Sydney, NSW 2000, Australia. T: +612 9240 7600. F: +612 9240 7611.

**Belgium:** State Street Global Advisors Belgium, Chausse de La Hulpe 120, 1000 Brussels, Belgium. T: +32 2 663 2036, F: +32 2 672 2077. SSGA Belgium is a branch office of State Street Global Advisors Limited. State Street Global Advisors Limited is authorised and regulated by the Financial Conduct Authority in the United Kingdom. **Canada:** State Street Global Advisors, Ltd., 770 Sherbrooke Street West, Suite

1200 Montreal, Quebec, H3A 1G1, T: +514 282 2400 and 30 Adelaide Street East Suite 500, Toronto, Ontario M5C 3G6. T: +647 775 5900. **Dubai:** State Street Bank and Trust Company (Representative Office), Boulevard Plaza 1, 17th Floor, Office 1703 Near Dubai Mall & Burj Khalifa, P.O Box 26838, Dubai, United Arab Emirates. T: +971 (0)4 4372800. F: +971 (0)4 4372818. **France:** State Street Global

Advisors France. Authorised and regulated by the Autorité des Marchés Financiers. Registered with the Register of Commerce and Companies of Nanterre under the number: 412 052 680. Registered Office: Immeuble Défense Plaza, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France. T: +33 1 44 45 40 00. F: +33 1 44 45 41 92. **Germany:** State Street Global Advisors GmbH, Brienner Strasse

------

![](g384765img3978240f2.gif)

59, D-80333 Munich. T: +49 (0)89 55878 100. F: +49 (0)89 55878 440. **Hong Kong:** State Street Global Advisors Asia Limited, 68/F, Two International Finance Centre, 8 Finance Street, Central, Hong Kong. T: +852 2103 0288. F: +852 2103 0200. **Ireland:** State Street Global Advisors Ireland Limited is regulated by the Central Bank of Ireland. Incorporated and registered in Ireland at Two Park Place, Upper Hatch Street, Dublin 2. Registered Number: 145221. Member of the Irish Association of Investment Managers. T: +353 (0)1 776 3000. F: +353 (0)1 776 3300. **Italy:** State Street Global Advisors Limited, Milan Branch (Sede Secondaria di Milano) is a branch of State Street Global Advisors Limited, a company registered in the UK, authorised and regulated by the Financial Conduct Authority (FCA), with a

capital of GBP 71'650'000.00, and whose registered office is at 20 Churchill Place, London E14 5HJ. State Street Global Advisors Limited, Milan Branch (Sede Secondaria di Milano), is registered in Italy with company number 06353340968 - R.E.A. 1887090 and VAT number 06353340968 and whose office is at Via dei Bossi, 4 -20121 Milano, Italy. T: 39 02 32066 100. F: 39 02 32066 155. **Japan:** State Street Global Advisors (Japan) Co., Ltd., 9-7-1 Akasaka, Minato-ku, Tokyo 107-6239. T: +813 4530 7380. Financial Instruments Business Operator, Kanto Local Financial Bureau (Kinsho #345). Japan Investment Advisers Association, Investment Trusts Association Japan, Japan Securities Dealers Association. **Netherlands:** State Street Global Advisors Netherlands, Adam Smith

Building, Thomas Malthusstraat 1-3, 1066 JR Amsterdam, Netherlands. T: +31 (0)20 7181701. State Street Global Advisors Netherlands is a branch office of State Street Global Advisors Limited. State Street Global Advisors Limited is authorised and regulated by the Financial Conduct Authority in the United Kingdom. Singapore: State Street Global Advisors Singapore Limited, 168, Robinson Road, #33-01 Capital Tower, Singapore 068912 (Company Registered Number: 200002719D). T: +65 6826 7500. F: +65 6826 7501. **Switzerland:** State Street Global Advisors AG, Beethovenstr. 19, CH-8027 Zurich. T: +41 (0)44 245 70 00. F: +41 (0)44 245 70 16. **United Kingdom:** State Street Global Advisors Limited. Authorised and regulated by the Financial Conduct Authority.

Registered in England. Registered Number: 2509928. VAT Number: 5776591 81. Registered Office: 20 Churchill Place, Canary Wharf, London, E14 5HJ. T: +020 3395 6000. F: +020 3395 6350. **United States:** State Street Global Advisors, One Lincoln Street, Boston, MA 02111-2900. T: +617 786 3000.

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 Global Advisors' express written consent.© 2022 State Street Corporation.

All Rights Reserved.

ID949712-3479916.2.1.GBL.RTL 0322

Exp. Date: 03/31/2023

------

![](g384765img3978240f2.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **March 2022** |
| United Kingdom and Ireland |
| &nbsp;&nbsp; **Proxy Voting and** <br> **Engagement Guidelines**<br>|
| &nbsp;&nbsp; State Street Global Advisors' United Kingdom and <br> Ireland Proxy Voting and Engagement Guidelines<sup>i</sup> <br> outline our expectations of companies listed on stock <br> exchanges in the United Kingdom and Ireland. These <br> Guidelines complement and should be read in <br> conjunction with State Street Global Advisors' Global <br> Proxy Voting and Engagement Principles, which provide <br> a detailed explanation of our approach to voting and <br> engaging with companies, and State Street Global <br> Advisors' Conflict Mitigation Guidelines.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

i

These Proxy Voting and Engagement Guidelines are also applicable to SSGA Funds Management, Inc. SSGA Funds Management, Inc. is an SEC-registered investment adviser. SSGA Funds Management, Inc., State Street Global Advisors Trust Company, and other advisory affiliates of State Street make up State Street Global Advisors, the investment management arm of State Street Corporation.

------

![](g384765img3978240f2.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; State Street Global Advisors' United Kingdom ("UK") and Ireland Proxy Voting and <br> Engagement Guidelines address areas including board structure, audit-related issues, <br> capital structure, remuneration, environmental, social and other governance-related issues.<br>|
|  | &nbsp;&nbsp; When voting and engaging with companies in global markets, we consider market specific <br> nuances in the manner that we believe will most likely protect and promote the long-term <br> economic value of client investments. We expect companies to observe the relevant laws <br> and regulations of their respective markets, as well as country-specific best practice <br> guidelines and corporate governance codes. When we identify that a country's regulatory <br> requirements do not address some of the key philosophical principles that we believe are <br> fundamental to our global voting guidelines, we may hold companies in such markets to <br> our global standards.<br>|
|  | &nbsp;&nbsp; In our analysis and research into corporate governance issues in the UK and Ireland, we <br> expect all companies that obtain a primary listing on the London Stock Exchange or the <br> Irish Stock Exchange, regardless of domicile, to comply with the UK Corporate <br> Governance Code, and proactively monitor companies' adherence to the Code. Consistent <br> with the 'comply or explain' expectations established by the Code, we encourage <br> companies to proactively disclose their level of compliance with the Code. In instances of <br> non-compliance in which companies cannot explain the nuances of their governance <br> structure effectively, either publicly or through engagement, we may vote against the <br> independent board leader.<br>|
| **State Street Global** <br> **Advisors' Proxy Voting** <br> **and Engagement** <br> **Philosophy**<br>| &nbsp;&nbsp; In our view, corporate governance and sustainability issues are an integral part of the <br> investment process. The Asset Stewardship Team consists of investment professionals <br> with expertise in corporate governance and company law, remuneration, accounting, and <br> environmental and social issues. We have established robust corporate governance <br> principles and practices that are backed with extensive analytical expertise to understand <br> the complexities of the corporate governance landscape. We engage with companies to <br> provide insight on the principles and practices that drive our voting decisions. We also <br> conduct proactive engagement to address significant shareholder concerns and <br> environmental, social and governance ("ESG") issues in a manner consistent with <br> maximizing shareholder value.<br>|
|  | &nbsp;&nbsp; The team works alongside members of State Street Global Advisors' Active Fundamental <br> and Europe, Middle East and Africa ("EMEA") Investment teams. We collaborate on issuer <br> engagements and provide input on company specific fundamentals. We are also a member <br> of various investor associations that seek to address broader corporate governance <br> related policy issues in the UK and European markets.<br>|
|  | &nbsp;&nbsp; State Street Global Advisors is a signatory to the United Nations Principles for <br> Responsible Investment ("UNPRI") and is compliant with the UK Stewardship Code. We <br> are committed to sustainable investing, and are working to further integrate ESG principles <br> into investment and corporate governance practice where applicable and consistent with <br> our fiduciary duty.<br>|

---

------

![](g384765img3978240f2.gif)

---

| | |
|:---|:---|
| **Directors and Boards** | &nbsp;&nbsp; Principally, we believe the primary responsibility of a board of directors is to preserve and <br> enhance shareholder value and to protect shareholder interests. In order to carry out their <br> primary responsibilities, directors have to undertake activities that range from setting <br> strategy, overseeing executive management, and monitoring the risks that arise from a <br> company's business, including risks related to sustainability issues. Further, good <br> corporate governance necessitates the existence of effective internal controls and risk <br> management systems, which should be governed by the board.<br>|
|  | &nbsp;&nbsp; We believe that a well constituted board of directors, with a balance of skills, expertise and <br> independence, provides the foundations for a well governed company. We view board <br> quality as a measure of director independence, director succession planning, board <br> diversity, evaluations and refreshment, and company governance practices. We vote for the <br> (re-)election of directors on a case-by-case basis after considering various factors, <br> including board quality, general market practice, and availability of information on director <br> skills and expertise. In principle, we believe independent directors are crucial to robust <br> corporate governance and help management establish sound corporate governance <br> policies and practices. A sufficiently independent board will most effectively monitor <br> management and perform oversight functions necessary to protect shareholder interests.<br>|
|  | Our broad criteria for director independence for UK companies include factors such as: |
|  | &nbsp;&nbsp; •Participation in related-party transactions and other business relations with the <br> company<br>|
|  | •Employment history with company |
|  | •Excessive tenure and a preponderance of long-tenured directors |
|  | •Relations with controlling shareholders |
|  | •Family ties with any of the company's advisers, directors or senior employees |
|  | •Company classification of a director as non-independent |
|  | &nbsp;&nbsp; When voting on the election or re-election of a director, we also consider the number of <br> outside board directorships a non-executive and an executive may undertake. Thus, we <br> may withhold votes from board chairs and lead independent directors who sit on more than <br> three public company boards, and from non-executive directors who hold more than four <br> public company board mandates. We may also take voting action against Named <br> Executive Officers who undertake more than two public board memberships. Service on a <br> mutual fund board or a UK investment trust is not considered when evaluating directors for <br> excessive commitments.<br>|
|  | &nbsp;&nbsp; We also consider attendance at board meetings and may withhold votes from directors <br> who attend less than 75 percent of board meetings in a given year without appropriate <br> explanation or providing reason for their failure to meet the attendance threshold. In <br> addition, we monitor other factors that may influence the independence of a non-executive <br> director, such as performance-related pay, cross-directorships and significant <br> shareholdings.<br>|
|  | We support the annual election of directors. |

---

------

![](g384765img3978240f2.gif)

---

| |
|:---|
| &nbsp;&nbsp; While we are generally supportive of having the roles of chair and CEO separated in the <br> UK market, we assess the division of responsibilities between chair and CEO on a <br> case-by-case basis, giving consideration to factors such as the company's specific <br> circumstances, overall level of independence on the board and general corporate <br> governance standards in the company. Similarly, we monitor for circumstances in which a <br> combined chair/CEO is appointed or a former CEO becomes chair.<br>|
| &nbsp;&nbsp; We may also consider factors such as board performance and directors who appear to be <br> remiss in the performance of their oversight responsibilities when considering their <br> suitability for reappointment (e.g. fraud, criminal wrongdoing and breach of fiduciary <br> responsibilities).<br>|
| &nbsp;&nbsp; We believe companies should have committees for audit, remuneration and nomination <br> oversight. The audit committee is responsible for monitoring the integrity of the financial <br> statements of the company, the appointment of external auditors, auditor qualifications <br> and independence, and effectiveness and resource levels. Similarly, executive pay is an <br> important aspect of corporate governance, and it should be determined by the board of <br> directors. We expect companies to have remuneration committees to provide independent <br> oversight over executive pay. We will vote against nominees who are executive members of <br> audit or remuneration committees.<br>|
| &nbsp;&nbsp; We consider whether board members have adequate skills to provide effective oversight of <br> corporate strategy, operations and risks, including environmental and social issues. Boards <br> should also have a regular evaluation process in place to assess the effectiveness of the <br> board and the skills of board members to address issues such as emerging risks, changes <br> to corporate strategy, and diversification of operations and geographic footprint. The <br> nomination committee is responsible for evaluating and reviewing the balance of skills, <br> knowledge, and experience of the board. It also ensures that adequate succession plans <br> are in place for directors and the CEO. We may vote against the re-election of members of <br> the nomination committee if, over time, the board has failed to address concerns over <br> board structure or succession.<br>|
| &nbsp;&nbsp; Poorly structured executive compensation plans pose increasing reputational risk to <br> companies. Ongoing high level of dissent against a company's compensation proposals <br> may indicate that the company is not receptive to investor concerns. If the level of dissent <br> against a company's remuneration report and/or remuneration policy is consistently high, <br> and we have determined that a vote against a pay-related proposal is warranted in the <br> third consecutive year, we will vote against the Chair of the remuneration committee.<br>|
| **Board Gender Diversity** |
| &nbsp;&nbsp; We expect boards of all listed companies to have at least one female board member. If a <br> company fails to meet this expectation, State Street Global Advisors may vote against the <br> chair of the board's nominating committee or the board leader in the absence of a <br> nominating committee, if necessary. Additionally, if a company fails to meet this <br> expectation for three consecutive years, State Street Global Advisors may vote against all <br> incumbent members of the nominating committee.<br>|

---

------

![](g384765img3978240f2.gif)

---

| |
|:---|
| **Board Racial/Ethnic Diversity** |
| &nbsp;&nbsp; We believe that companies have a responsibility to effectively manage and disclose risks <br> and opportunities related to racial and ethnic diversity. If a company in the FTSE 100 does <br> not disclose, at minimum, the gender, racial and ethnic composition of its board, we will <br> vote against the Chair of the nominating committee. We may withhold support from the <br> Chair of the nominating committee also when a company in the FTSE 100 does not have <br> at least one director from an underrepresented community on its board.<br>|
| **Director Time Commitments** |
| &nbsp;&nbsp; When voting on the election or re-election of a director, we also consider the number of <br> outside board directorships a non-executive and an executive may undertake. Thus, State <br> Street Global Advisors may take voting action against a director who exceeds the number <br> of board mandates listed below:<br>|
| &nbsp;&nbsp; •Named Executive Officers (NEOs) of a public company who sit on more than two <br> public company boards<br>|
| &nbsp;&nbsp; •Non-executive board chairs or lead independent directors who sit on more than three <br> public company boards<br>|
| •Director nominees who sit on more than four public company boards |
| &nbsp;&nbsp; For non-executive board chairs/lead independent directors and director nominees who hold <br> excessive commitments, as defined above, we may consider waiving our policy and vote in <br> support of a director if a company discloses its director commitment policy in a publicly <br> available manner (e.g., corporate governance guidelines, proxy statement, company <br> website). This policy or associated disclosure must include:<br>|
| •A numerical limit on public company board seats a director can serve on |
| •This limit cannot exceed our policy by more than one seat |
| •Consideration of public company board leadership positions (e.g., Committee Chair) |
| •Affirmation that all directors are currently compliant with the company policy |
| &nbsp;&nbsp; •Description of an annual policy review process undertaken by the Nominating <br> Committee to evaluate outside director time commitments<br>|
| &nbsp;&nbsp; If a director is imminently leaving a board and this departure is disclosed in a written, <br> time-bound and publicly-available manner, we may consider waiving our withhold vote <br> when evaluating the director for excessive time commitments.<br>|
| &nbsp;&nbsp; Service on a mutual fund board, the board of a UK investment trust or a Special Purpose <br> Acquisition Company (SPAC) board is not considered when evaluating directors for <br> excessive commitments. However, we do expect these roles to be considered by <br> nominating committees when evaluating director time commitments.<br>|
| **Incorporating R-Factor**<sup>TM</sup> **into Director Votes** |

---

------

![](g384765img3978240f2.gif)

---

| | |
|:---|:---|

|  | **Climate-related Disclosure** |
|  | We believe climate change poses a systemic risk to all companies in our portfolio. |
|  | &nbsp;&nbsp; State Street Global Advisors has publicly supported the global regulatory efforts to <br> establish a mandatory baseline of climate risk disclosures for all companies. Until these <br> consistent disclosure standards are established, we find that the recommendations of the <br> Taskforce on Climate-related Financial Disclosures (TCFD) provide the most effective <br> framework by which companies can develop strategies to plan for climate-related risks and <br> make their businesses more resilient to the impacts of climate change.<br>|
|  | &nbsp;&nbsp; As such, we may vote against the independent board leader at companies in the FTSE <br> 350 that fail to provide sufficient disclosure in accordance with the TCFD framework, <br> including:<br>|
|  | •Board oversight of climate-related risks and opportunities |
|  | •Total Scope 1 and Scope 2 greenhouse gas emissions |
|  | •Targets for reducing greenhouse gas emissions |
|  | **Indemnification and Limitations on Liability** |
|  | &nbsp;&nbsp; Generally, we support proposals to limit directors' liability and/or expand indemnification <br> and liability protection up to the limit provided by law. This holds if a director has not acted <br> in bad faith, gross negligence, nor reckless disregard of the duties involved in the conduct <br> of his or her office.<br>|
| **Audit-Related Issues** | &nbsp;&nbsp; Companies should have robust internal audit and internal control systems designed for <br> effective management of any potential and emerging risks to company operations and <br> strategy. The responsibility of setting out an internal audit function lies with the audit <br> committee, which should have as members independent non-executive directors.<br>|

---

------

Bottom 10 percent of scores relative to industry peers.

Have consistently underperformed their peers over the last two years; bottom 30 percent of scores relative to industry peers.

------

![](g384765img3978240f2.gif)

---

| | |
|:---|:---|
|  | **Appointment of External Auditors** |
|  | &nbsp;&nbsp; State Street Global Advisors believes that a company's auditor is an essential feature of <br> an effective and transparent system of external supervision. Shareholders should be given <br> the opportunity to vote on their appointment or re-appoint at the annual meeting. When <br> appointing external auditors and approving audit fees, we take into consideration the level <br> of detail in company disclosures and will generally not support such resolutions if an <br> adequate breakdown is not provided and if non-audit fees are more than 50% of audit <br> fees. In addition, we may vote against members of the audit committee if we have <br> concerns with audit-related issues or if the level of non-audit fees to audit fees is <br> significant. In certain circumstances, we may consider auditor tenure when evaluating the <br> audit process.<br>|
|  | **Limit Legal Liability of External Auditors** |
|  | &nbsp;&nbsp; We generally oppose limiting the legal liability of audit firms because we believe this could <br> create a negative impact on the quality of the audit function.<br>|
|  | **Approval of Financial Statements** |
|  | &nbsp;&nbsp; The disclosure and availability of reliable financial statements in a timely manner is <br> imperative for the investment process. We expect external auditors to provide assurance of <br> a company's financial condition. Hence, we will vote against the approval of financial <br> statements if i) they have not been disclosed or audited; ii) the auditor opinion is qualified/ <br> adverse, or the auditor has issued a disclaimer of opinion; or iii) the auditor opinion is not <br> disclosed.<br>|
| **Shareholder Rights and** <br> **Capital-Related Issues**<br>| **Share Issuances** |
|  | &nbsp;&nbsp; The ability to raise capital is critical for companies to carry out strategy, to grow, and to <br> achieve returns above their cost of capital. The approval of capital raising activities is <br> essential to shareholders' ability to monitor returns and to ensure capital is deployed <br> efficiently. We support capital increases that have sound business reasons and are not <br> excessive relative to a company's existing capital base.<br>|
|  | &nbsp;&nbsp; Pre-emption rights are a fundamental right for shareholders to protect their investment in a <br> company. Where companies seek to issue new shares without pre-emption rights, we may <br> vote against if such authorities are greater than 20% of the issued share capital. We may <br> also vote against resolutions that seek authority to issue capital with pre-emption rights if <br> the aggregate amount allowed seems excessive and is not justified by the board. <br> Generally, we are against capital issuance proposals greater than 100% of the issued <br> share capital when the proceeds are not intended for a specific purpose.<br>|
|  | **Share Repurchase Programs** |
|  | &nbsp;&nbsp; We generally support a proposal to repurchase shares. However, this is not the case if the <br> issuer does not clearly state the business purpose for the program, a definitive number of <br> shares to be repurchased, the range of premium/discount to market price at which a <br> company can repurchase shares, and the timeframe for the repurchase. We may vote <br> against share repurchase requests that allow share repurchases during a takeover period.<br>|

---

------

![](g384765img3978240f2.gif)

---

| | |
|:---|:---|
|  | **Dividends** |
|  | &nbsp;&nbsp; We generally support dividend payouts that constitute 30% or more of net income. We may <br> vote against the dividend payouts if the dividend payout ratio has been consistently below <br> 30% without adequate explanation or the payout is excessive given the company's <br> financial position. Particular attention will be paid where the payment may damage the <br> company's long term financial health.<br>|
|  | **Mergers and Acquisitions** |
|  | &nbsp;&nbsp; Mergers or reorganizing the structure of a company often involve proposals relating to <br> reincorporation, restructurings, mergers, liquidations, and other major changes to the <br> corporation. Proposals that are in the best interests of the shareholders, demonstrated by <br> enhancing share value or improving the effectiveness of the company's operations, will be <br> supported. In general, provisions that are not viewed as financially sound or are thought to <br> be destructive to shareholders' rights and are not supported.<br>|
|  | &nbsp;&nbsp; We will generally support transactions that maximize shareholder value. Some of the <br> considerations include the following:<br>|
|  | •Offer premium |
|  | •Strategic rationale |
|  | &nbsp;&nbsp; •Board oversight of the process for the recommended transaction, including, director <br> and/ or management conflicts of interest<br>|
|  | •Offers made at a premium and where there are no other higher bidders |
|  | &nbsp;&nbsp; •Offers in which the secondary market price is substantially lower than the net asset <br> value<br>|
|  | We may vote against a transaction considering the following: |
|  | &nbsp;&nbsp; •Offers with potentially damaging consequences for minority shareholders because of <br> illiquid stock<br>|
|  | &nbsp;&nbsp; •Offers in which we believe there is a reasonable prospect for an enhanced bid or other <br> bidders<br>|
|  | •The current market price of the security exceeds the bid price at the time of voting |
|  | **Anti-Takeover Measures** |
|  | &nbsp;&nbsp; We oppose anti-takeover defenses such as authorities for the board when subject to a <br> hostile takeover to issue warrants convertible into shares to existing shareholders.<br>|
|  | **Notice Period to Convene a General Meeting** |
|  | &nbsp;&nbsp; We expect companies to give as much notice as is practicable when calling a general <br> meeting. Generally, we are not supportive of authorizations seeking to reduce the notice <br> period to 14 days.<br>|
| **Remuneration** | **Executive Pay** |
|  | &nbsp;&nbsp; Despite the differences among the types of plans and awards possible, there is a simple <br> underlying philosophy that guides our analysis of executive pay: there should be a direct <br> relationship between remuneration and company performance over the long term.<br>|

---

------

![](g384765img3978240f2.gif)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; Shareholders should have the opportunity to assess whether pay structures and levels are <br> aligned with business performance. When assessing remuneration policies and reports, <br> we consider adequate disclosure of various remuneration elements, absolute and relative <br> pay levels, peer selection and benchmarking, the mix of long-term and short- term <br> incentives, alignment of pay structures with shareholder interests as well as with corporate <br> strategy and performance. We may oppose remuneration reports where pay seems <br> misaligned with shareholders' interests. We may also vote against the re-election of <br> members of the remuneration committee if we have serious concerns about remuneration <br> practices or if the company has not been responsive to shareholder concerns.<br>|
|  | **Equity Incentive Plans** |
|  | &nbsp;&nbsp; We may not support proposals on equity-based incentive plans where insufficient <br> information is provided on matters such as grant limits, performance metrics, performance, <br> vesting periods, and overall dilution. Generally we do not support options under such plans <br> being issued at a discount to market price or plans that allow for re-testing of performance <br> metrics.<br>|
|  | **Non-Executive Director Pay** |
|  | &nbsp;&nbsp; Authorities that seek shareholder approval for non-executive directors' fees are generally <br> not controversial. We typically support resolutions regarding directors' fees unless <br> disclosure is poor and we are unable to determine whether they are excessive relative to <br> fees paid by comparable companies. We will evaluate any non-cash or performance <br> related pay to non-executive directors on a company- by-company basis.<br>|
| **Risk Management** | &nbsp;&nbsp; State Street Global Advisors believes that risk management is a key function of the board, <br> which is responsible for setting the overall risk appetite of a company and for providing <br> oversight of the risk management process established by senior executives at a company. <br> We allow boards to have discretion over how they provide oversight in this area. We expect <br> companies to disclose how the board provides oversight on its risk management system <br> and risk identification. Boards should also review existing and emerging risks as they can <br> evolve with a changing political and economic landscape or as companies diversify their <br> operations into new areas.<br>|
| **Environmental and Social** <br> **Issues**<br>| &nbsp;&nbsp; As a fiduciary, State Street Global Advisors takes a comprehensive approach to engaging <br> with our portfolio companies about material environmental and social (sustainability) <br> issues. We use our voice and our vote through engagement, proxy voting, and thought <br> leadership in order to communicate with issuers and educate market participants about <br> our perspective on important sustainability topics. Our Asset Stewardship program <br> prioritization process allows us to proactively identify companies for engagement and <br> voting in order to mitigate sustainability risks in our portfolio. Through engagement, we <br> address a broad range of topics that align with our stewardship priorities and build <br> long-term relationships with issuers. When voting, we fundamentally consider whether the <br> adoption of a shareholder proposal addressing a material sustainability issue would <br> promote long-term shareholder value in the context of the company's existing practices <br> and disclosures as well as existing market practice.<br>|
|  | &nbsp;&nbsp; For more information on our approach to environmental and social issues, please see our <br> Global Proxy Voting and Engagement Guidelines for Environmental and Social Issues and <br> Frameworks for Voting Environmental and Social Shareholder Proposals, both available at <br> ssga.com/about-us/asset-stewardship.html.<br>|

---

------

![](g384765img3978240f2.gif)

---

| | |
|:---|:---|
| **More Information** | &nbsp;&nbsp; Any client who wishes to receive information on how its proxies were voted should contact <br> its State Street Global Advisors relationship manager.<br>|
| **About State Street Global** <br> **Advisors**<br>| &nbsp;&nbsp; For four decades, State Street Global Advisors has served the world's governments, <br> institutions and financial advisors. With a rigorous, risk-aware approach built on research, <br> analysis and market-tested experience, we build from a breadth of active and index <br> strategies to create cost-effective solutions. As stewards, we help portfolio companies see <br> that what is fair for people and sustainable for the planet can deliver long-term <br> performance. And, as pioneers in index, ETF, and ESG investing, we are always inventing <br> new ways to invest. As a result, we have become the world's fourth-largest asset manager\* <br> with US $4.14 trillion† under our care.<br>|

---

------

\*

Pensions & Investments Research Center, as of December 31, 2020.

†

This figure is presented as of December 31, 2021 and includes approximately $61.43 billion of assets with respect to SPDR products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**ssga.com** 

**State Street Global Advisors Worldwide Entities** 

**Abu Dhabi:** State Street Global Advisors Limited, ADGM Branch, Al Khatem Tower, Suite 42801, Level 28, ADGM Square, Al Maryah Island, P.O Box 76404, Abu Dhabi, United Arab Emirates. Regulated by the ADGM Financial Services Regulatory Authority. T: +971 2 245 9000. **Australia:** State Street Global Advisors, Australia, Limited (ABN 42 003 914 225) is the holder of an Australian Financial Services License (AFSL Number 238276). Registered office: Level 14, 420 George Street, Sydney, NSW 2000, Australia. T: +612 9240-7600. F: +612 9240-7611. **Belgium:** State Street Global Advisors Belgium, Chaussée de La Hulpe 185, 1170 Brussels, Belgium. T: +32 2 663 2036. State Street Global Advisors Belgium is a branch office of State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorized and regulated by the Central Bank of

Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. **Canada:** State Street Global Advisors, Ltd., 1981 McGill College Avenue, Suite 500, Montreal, Qc, H3A 3A8, T: +514 282 2400 and 30 Adelaide Street East Suite 800, Toronto, Ontario M5C 3G6. T: +647 775 5900. **France:** State Street Global Advisors Europe Limited, France Branch ("State Street Global Advisors France") is a branch of State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorized and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. State Street Global Advisors France is registered in France with company number RCS Nanterre 899 183 289, and its office is located at Coeur Défense — Tour A — La Défense 4, 33e étage, 100, Esplanade du Général de Gaulle, 92 932 Paris La Défense Cedex, France. T: +33 1 44 45 40 00. F: +33 1 44 45 41 92. **Germany:** State Street Global Advisors Europe Limited, Branch

in Germany, Brienner Strasse 59, D-80333 Munich, Germany ("State Street Global Advisors Germany"). T: +49 (0)89 55878 400. State Street Global Advisors Germany is a branch of State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorized and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. **Hong Kong:** State Street Global Advisors Asia Limited, 68/F, Two International Finance Centre, 8 Finance Street, Central, Hong Kong. T: +852 2103-0288. F: +852 2103-0200. **Ireland:** State Street Global Advisors Europe Limited is regulated by the Central Bank of Ireland. Registered office address 78 Sir John Rogerson's Quay, Dublin 2. Registered Number: 49934. T: +353 (0)1 776 3000. F: +353 (0)1 776 3300. **Italy:** State Street Global Advisors Europe Limited, Italy Branch ("State Street Global Advisors Italy") is a branch of State Street Global Advisors Europe Limited, registered in Ireland with company

number 49934, authorized and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. State Street Global Advisors Italy is registered in Italy with company number 11871450968 — REA: 2628603 and VAT number 11871450968, and its office is located at Via Ferrante Aporti, 10 -20125 Milan, Italy. T: +39 02 32066 100. F: +39 02 32066 155. **Japan:** State Street Global Advisors (Japan) Co., Ltd., Toranomon Hills Mori Tower 25F 1-23-1 Toranomon, Minato-ku, Tokyo 105-6325 Japan. T: +81-3-4530-7380. Financial Instruments Business Operator, Kanto Local Financial Bureau (Kinsho #345), Membership: Japan Investment Advisers Association, The Investment Trust Association, Japan, Japan Securities Dealers' Association. **Netherlands:** State Street Global Advisors Netherlands, Apollo Building 7th floor, Herikerbergweg 29, 1101 CN Amsterdam, Netherlands. T: +31 20 7181 000. State Street Global Advisors Netherlands is a branch office of

------

![](g384765img3978240f2.gif)

State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorized and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. **Singapore:** State Street Global Advisors Singapore Limited, 168, Robinson Road, #33-01 Capital Tower, Singapore 068912 (Company Reg. No: 200002719D, regulated by the

Monetary Authority of Singapore). T: +65 6826-7555. F: +65 6826-7501. **Switzerland:** State Street Global Advisors AG, Beethovenstr. 19, CH-8027 Zurich. Registered with the Register of Commerce Zurich CHE-105.078.458. T: +41 (0)44 245 70 00. F: +41 (0)44 245 70 16. **United Kingdom:** State Street Global Advisors Limited. Authorized and regulated by the Financial Conduct Authority. Registered in England. Registered

No. 2509928. VAT No. 5776591 81. Registered office: 20 Churchill Place, Canary Wharf, London, E14 5HJ. T: 020 3395 6000. F: 020 3395 6350. United States: State Street Global Advisors, 1 Iron Street, Boston, MA 02210-1641. T: +1 617 786 3000.

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 Global Advisors' express written consent.© 2022 State Street Corporation.

All Rights Reserved.

ID949716-3479919.2.1.GBL.RTL 0322

Exp. Date: 03/31/2023

------

![](g384765img3978240f2.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **March 2022** |
| Rest of the World |
| &nbsp;&nbsp; **Proxy Voting and** <br> **Engagement Guidelines**<br>|
| &nbsp;&nbsp; State Street Global Advisors' Rest of the World Proxy <br> Voting and Engagement Guidelines<sup>i</sup> cover different <br> corporate governance frameworks and practices in <br> international markets not covered under specific country/<br> regional guidelines. These Guidelines complement and <br> should be read in conjunction with State Street Global <br> Advisors' overarching Global Proxy Voting and <br> Engagement Principles, which provide a detailed <br> explanation of our approach to voting and engaging with <br> companies, and State Street Global Advisors' Conflict <br> Mitigation Guidelines.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

i

These Proxy Voting and Engagement Guidelines are also applicable to SSGA Funds Management, Inc. SSGA Funds Management, Inc. is an SEC-registered investment adviser. SSGA Funds Management, Inc., State Street Global Advisors Trust Company, and other advisory affiliates of State Street make up State Street Global Advisors, the investment management arm of State Street Corporation.

------

![](g384765img3978240f2.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; At State Street Global Advisors, we recognize that markets not covered under specific <br> country/regional guidelines, specifically emerging markets, are disparate in their corporate <br> governance frameworks and practices. While they tend to pose broad common <br> governance issues across all markets, such as concentrated ownership, poor disclosure of <br> financial and related-party transactions, and weak enforcement of rules and regulation, our <br> proxy voting Guidelines are designed to identify and to address specific governance <br> concerns in each market. We also evaluate the various factors that contribute to the <br> corporate governance framework of a country. These factors include, but are not limited to: <br> (i) the macroeconomic conditions and broader political system in a country; (ii) quality of <br> regulatory oversight, enforcement of property and shareholder rights; and (iii) the <br> independence of judiciary.<br>|
| **State Street Global** <br> **Advisors' Proxy Voting** <br> **and Engagement** <br> **Philosophy in Emerging** <br> **Markets**<br>| &nbsp;&nbsp; State Street Global Advisors' approach to proxy voting and issuer engagement in emerging <br> markets is designed to increase the value of our investments through the mitigation of <br> governance risks. The overall quality of the corporate governance framework in an <br> emerging market country drives the level of governance risks investors assign to a country. <br> Thus, improving the macro governance framework in a country may help to reduce <br> governance risks and to increase the overall value of our holdings over time. In order to <br> improve the overall governance framework and practices in a country, members of our <br> Asset Stewardship Team endeavor to engage with representatives from regulatory <br> agencies and stock markets to highlight potential concerns with the macro governance <br> framework of a country. We are also a member of various investor associations that seek <br> to address broader corporate governance-related policy issues in emerging markets. To <br> help mitigate company-specific risk, the State Street Global Advisors Asset Stewardship <br> Team works alongside members of the Active Fundamental and emerging market <br> specialists to engage with emerging market companies on governance issues and address <br> any specific concerns, or to get more information regarding shareholder items that are to <br> be voted on at upcoming shareholder meetings. This integrated approach to engagement <br> drives our proxy voting and engagement philosophy in emerging markets.<br>|
|  | Our proxy voting Guidelines in emerging markets address six broad areas: |
|  | •Directors and Boards |
|  | •Accounting and Audit-Related Issues |
|  | •Shareholder Rights and Capital-Related Issues |
|  | •Remuneration |
|  | •Environmental and Social Issues |
|  | •General/Routine Issues |

---

------

![](g384765img3978240f2.gif)

---

| | |
|:---|:---|
| **Directors and Boards** | &nbsp;&nbsp; We believe that a well constituted board of directors, with a balance of skills, expertise and <br> independence, provides the foundation for a well governed company. However, several <br> factors, such as low overall independence level requirements by market regulators, poor <br> biographical disclosure of director profiles, prevalence of related-party transactions, and <br> the general resistance from controlling shareholders to increase board independence, <br> render the election of directors as one of the most important fiduciary duties we perform in <br> emerging market companies.<br>|
|  | &nbsp;&nbsp; We vote for the election/re-election of directors on a case-by-case basis after considering <br> various factors, including general market practice and availability of information on director <br> skills and expertise. We expect companies to meet minimum overall board independence <br> standards, as defined in a local corporate governance code or market practice. Therefore, <br> in several countries, we will vote against certain non-independent directors if overall board <br> independence levels do not meet market standards.<br>|
|  | &nbsp;&nbsp; Our broad criteria for director independence in emerging market companies include factors <br> such as:<br>|
|  | •Participation in related-party transactions |
|  | •Employment history with company |
|  | •Relations with controlling shareholders and employees |
|  | •Company classification of a director as non-independent |
|  | &nbsp;&nbsp; In some countries, market practice calls for the establishment of a board level audit <br> committee. We believe an audit committee should be responsible for monitoring the <br> integrity of the financial statements of a company and appointing external auditors. It <br> should also monitor their qualifications, independence, effectiveness and resource levels. <br> Based upon our desire to enhance the quality of financial and accounting oversight <br> provided by independent directors, we expect that listed companies have an audit <br> committee constituted of a majority of independent directors.<br>|
|  | &nbsp;&nbsp; Further, we expect boards of listed companies in all markets and indices to have at least <br> one female board member. If a company fails to meet this expectation, State Street Global <br> Advisors may vote against the Chair of the board's nominating committee or the board <br> leader in the absence of a nominating committee, if necessary. Additionally, if a company <br> fails to meet this expectation for three consecutive years, State Street Global Advisors may <br> vote against all incumbent members of the nominating committee or those persons <br> deemed responsible for the nomination process. We may waive the policy if a company <br> engages with State Street Global Advisors and provides a specific, timebound plan for <br> adding at least one woman to its board.<br>|
|  | &nbsp;&nbsp; Poorly structured executive compensation plans pose increasing reputational risk to <br> companies. Ongoing high level of dissent against a company's compensation proposals <br> may indicate that the company is not receptive to investor concerns. If the level of dissent <br> against a company's remuneration report and/or remuneration policy is consistently high, <br> and we have determined that a vote against a pay-related proposal is warranted in the <br> third consecutive year, we will vote against the Chair of the remuneration committee.<br>|

---

------

![](g384765img3978240f2.gif)

---

| | |
|:---|:---|
| **Audit-Related Issues** | &nbsp;&nbsp; The disclosure and availability of reliable financial statements in a timely manner is <br> imperative for the investment process. As a result, board oversight of internal controls and <br> the independence of the audit process are essential if investors are to rely upon financial <br> statements. We believe that audit committees provide the necessary oversight for the <br> selection and appointment of auditors, the company's internal controls and the accounting <br> policies, and the overall audit process.<br>|
|  | **Appointment of External Auditors** |
|  | &nbsp;&nbsp; We believe that a company's auditor is an essential feature of an effective and transparent <br> system of external supervision. Shareholders should be given the opportunity to vote on <br> their appointment or re-appointment at the annual meeting. We believe that it is imperative <br> for audit committees to select outside auditors who are independent from management.<br>|
| Approval of Financial <br> Statements<br>| &nbsp;&nbsp; The disclosure and availability of reliable financial statements in a timely manner is <br> imperative for the investment process. We expect external auditors to provide assurance of <br> a company's financial condition. Hence, we will vote against the approval of financial <br> statements if i) they have not been disclosed or audited; ii) the auditor opinion is qualified/<br> adverse, or the auditor has issued a disclaimer of opinion; or iii) the auditor opinion is not <br> disclosed.<br>|
| **Shareholder Rights and** <br> **Capital-Related Issues**<br>| &nbsp;&nbsp; State Street Global Advisors believes that changes to a company's capital structure, such <br> as changes in authorized share capital, share repurchase and debt issuances, are critical <br> decisions made by the board. We believe the company should have a business rationale <br> that is consistent with corporate strategy and should not overly dilute its shareholders.<br>|
|  | **Related-Party Transactions** |
|  | &nbsp;&nbsp; Most companies in emerging markets have a controlled ownership structure that often <br> includes complex cross-shareholdings between subsidiaries and parent companies <br> ("related companies"). As a result, there is a high prevalence of related-party transactions <br> between the company and its various stakeholders, such as directors and management. In <br> addition, inter-group loan and loan guarantees provided to related companies are some of <br> the other related-party transactions that increase the risk profile of companies. In markets <br> where shareholders are required to approve such transactions, we expect companies to <br> provide details about the transaction, such as its nature, value and purpose. This also <br> encourages independent directors to ratify such transactions. Further, we encourage <br> companies to describe the level of independent board oversight and the approval process, <br> including details of any independent valuations provided by financial advisors on <br> related-party transactions.<br>|
|  | **Share Repurchase Programs** |
|  | &nbsp;&nbsp; With regard to share repurchase programs, we expect companies to clearly state the <br> business purpose for the program and a definitive number of shares to be repurchased.<br>|

---

------

![](g384765img3978240f2.gif)

---

| | |
|:---|:---|
|  | **Mergers and Acquisitions** |
|  | &nbsp;&nbsp; Mergers or reorganization of the structure of a company often involve proposals relating to <br> reincorporation, restructurings, liquidations and other major changes to the corporation. <br> Proposals that are in the best interest of the shareholders, demonstrated by enhancing <br> share value or improving the effectiveness of the company's operations, will be supported. <br> In general, provisions that are not viewed as financially sound or are thought to be <br> destructive to shareholders' rights are not supported.<br>|
|  | &nbsp;&nbsp; We evaluate mergers and structural reorganizations on a case-by-case basis. We <br> generally support transactions that maximize shareholder value. Some of the <br> considerations include, but are not limited to, the following:<br>|
|  | •Offer premium |
|  | •Strategic rationale |
|  | &nbsp;&nbsp; •Board oversight of the process for the recommended transaction, including director <br> and/ or management conflicts of interest<br>|
|  | •Offers made at a premium and where there are no other higher bidders |
|  | &nbsp;&nbsp; •Offers in which the secondary market price is substantially lower than the net asset <br> value<br>|
|  | We may vote against a transaction considering the following: |
|  | &nbsp;&nbsp; •Offers with potentially damaging consequences for minority shareholders because of <br> illiquid stock<br>|
|  | &nbsp;&nbsp; •Offers where we believe there is a reasonable prospect for an enhanced bid or other <br> bidders<br>|
|  | •The current market price of the security exceeds the bid price at the time of voting |
|  | &nbsp;&nbsp; We will actively seek direct dialogue with the board and management of companies that <br> we have identified through our screening processes. Such engagements may lead to <br> further monitoring to ensure the company improves its governance or sustainability <br> practices. In these cases, the engagement process represents the most meaningful <br> opportunity for State Street Global Advisors to protect long-term shareholder value from <br> excessive risk due to poor governance and sustainability practices.<br>|
| **Remuneration** | &nbsp;&nbsp; We consider it to be the board's responsibility to set appropriate levels of executive <br> remuneration. Despite the differences among the types of plans and the potential awards, <br> there is a simple underlying philosophy that guides our analysis of executive remuneration: <br> there should be a direct relationship between executive compensation and company <br> performance over the long term. In emerging markets, we encourage companies to <br> disclose information on senior executive remuneration.<br>|

---

------

![](g384765img3978240f2.gif)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; Shareholders should have the opportunity to assess whether pay structures and levels are <br> aligned with business performance. When assessing remuneration reports, we consider <br> factors such as adequate disclosure of remuneration elements, absolute and relative pay <br> levels, peer selection and benchmarking, the mix of long-term and short-term incentives, <br> alignment of pay structures with shareholder interests, corporate strategy and <br> performance. We may oppose remuneration reports where pay seems misaligned with <br> shareholders' interests. We may also vote against the re-election of members of the <br> remuneration committee if we have serious concerns about remuneration practices and if <br> the company has not been responsive to shareholder pressure to review its approach. <br> With regard to director remuneration, we support director pay provided the amounts are <br> not excessive relative to other issuers in the market or industry, and are not overly dilutive <br> to existing shareholders.<br>|
| **Environmental and Social** <br> **Issues**<br>| &nbsp;&nbsp; As a fiduciary, State Street Global Advisors takes a comprehensive approach to engaging <br> with our portfolio companies about material environmental and social (sustainability) <br> issues. We use our voice and our vote through engagement, proxy voting and thought <br> leadership in order to communicate with issuers and educate market participants about <br> our perspective on important sustainability topics. Our Asset Stewardship program <br> prioritization process allows us to proactively identify companies for engagement and <br> voting in order to mitigate sustainability risks in our portfolio. Through engagement, we <br> address a broad range of topics that align with our stewardship priorities and build <br> long-term relationships with issuers. When voting, we fundamentally consider whether the <br> adoption of a shareholder proposal addressing a material sustainability issue would <br> promote long-term shareholder value in the context of the company's existing practices <br> and disclosures as well as existing market practice.<br>|
|  | &nbsp;&nbsp; For more information on our approach to environmental and social issues, please see our <br> Global Proxy Voting and Engagement Guidelines for Environmental and Social Issues and <br> our Frameworks for Voting Environmental and Social Shareholder Proposals, both <br> available at ssga.com/about-us/asset-stewardship.html.<br>|
| **General/Routine Issues** | &nbsp;&nbsp; Some of the other issues that are routinely voted on in emerging markets include <br> approving the allocation of income and accepting financial statements and statutory <br> reports. For these voting items, our guidelines consider several factors, such as historical <br> dividend payouts, pending litigation, governmental investigations, charges of fraud, or <br> other indication of significant concerns.<br>|
| **More Information** | &nbsp;&nbsp; Any client who wishes to receive information on how its proxies were voted should contact <br> its State Street Global Advisors relationship manager.<br>|

---

------

![](g384765img3978240f2.gif)

---

| | |
|:---|:---|
| **About State Street Global** <br> **Advisors**<br>| &nbsp;&nbsp; For four decades, State Street Global Advisors has served the world's governments, <br> institutions and financial advisors. With a rigorous, risk-aware approach built on research, <br> analysis and market-tested experience, we build from a breadth of active and index <br> strategies to create cost-effective solutions. As stewards, we help portfolio companies see <br> that what is fair for people and sustainable for the planet can deliver long-term <br> performance. And, as pioneers in index, ETF, and ESG investing, we are always inventing <br> new ways to invest. As a result, we have become the world's fourth-largest asset manager\* <br> with US $4.14 trillion† under our care.<br>|

---

------

\*

Pensions & Investments Research Center, as of December 31, 2020.

†

This figure is presented as of December 31, 2021 and includes approximately $61.43 billion of assets with respect to SPDR products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**ssga.com** 

**State Street Global Advisors Worldwide Entities** 

**Abu Dhabi:** State Street Global Advisors Limited, ADGM Branch, Al Khatem Tower, Suite 42801, Level 28, ADGM Square, Al Maryah Island, P.O Box 76404, Abu Dhabi, United Arab Emirates. Regulated by the ADGM Financial Services Regulatory Authority. T: +971 2 245 9000. **Australia:** State Street Global Advisors, Australia, Limited (ABN 42 003 914 225) is the holder of an Australian Financial Services License (AFSL Number 238276). Registered office: Level 14, 420 George Street, Sydney, NSW 2000, Australia. T: +612 9240-7600. F: +612 9240-7611. **Belgium:** State Street Global Advisors Belgium, Chaussée de La Hulpe 185, 1170 Brussels, Belgium. T: +32 2 663 2036. State Street Global Advisors Belgium is a branch office of State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorised and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. **Canada:** State Street Global Advisors, Ltd., 1981

McGill College Avenue, Suite 500, Montreal, Qc, H3A 3A8, T: +514 282 2400 and 30 Adelaide Street East Suite 800, Toronto, Ontario M5C 3G6. T: +647 775 5900. **France:** State Street Global Advisors Europe Limited, France Branch ("State Street Global Advisors France") is a branch of State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorised and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. State Street Global Advisors France is registered in France with company number RCS Nanterre 899 183 289, and its office is located at Coeur Défense — Tour A — La Défense 4, 33e étage, 100, Esplanade du Général de Gaulle, 92 932 Paris La Défense Cedex, France. T: +33 1 44 45 40 00. F: +33 1 44 45 41 92. **Germany:** State Street Global Advisors Europe Limited, Branch in Germany, Brienner Strasse 59, D-80333 Munich, Germany ("State Street Global Advisors Germany"). T: +49 (0)89 55878 400. State Street Global Advisors Germany is a branch of State Street Global Advisors Europe Limited, registered in Ireland with

company number 49934, authorised and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. **Hong Kong:** State Street Global Advisors Asia Limited, 68/F, Two International Finance Centre, 8 Finance Street, Central, Hong Kong. T: +852 2103-0288. F: +852 2103-0200. **Ireland:** State Street Global Advisors Europe Limited is regulated by the Central Bank of Ireland. Registered office address 78 Sir John Rogerson's Quay, Dublin 2. Registered Number: 49934. T: +353 (0)1 776 3000. F: +353 (0)1 776 3300. **Italy:** State Street Global Advisors Europe Limited, Italy Branch ("State Street Global Advisors Italy") is a branch of State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorised and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. State Street Global Advisors Italy is registered in Italy with company number 11871450968 — REA: 2628603 and VAT number 11871450968, and its office is located at Via Ferrante Aporti, 10 -20125 Milan, Italy. T: +39 02 32066 100. F: +39

02 32066 155. **Japan:** State Street Global Advisors (Japan) Co., Ltd., Toranomon Hills Mori Tower 25F 1-23-1 Toranomon, Minato-ku, Tokyo 105-6325 Japan. T: +81-3-4530-7380. Financial Instruments Business Operator, Kanto Local Financial Bureau (Kinsho #345), Membership: Japan Investment Advisers Association, The Investment Trust Association, Japan, Japan Securities Dealers' Association. **Netherlands:** State Street Global Advisors Netherlands, Apollo Building 7th floor, Herikerbergweg 29, 1101 CN Amsterdam, Netherlands. T: +31 20 7181 000. State Street Global Advisors Netherlands is a branch office of State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorised and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. **Singapore:** State Street Global Advisors Singapore Limited, 168, Robinson Road, #33-01 Capital Tower, Singapore 068912 (Company Reg. No: 200002719D, regulated by the Monetary Authority of Singapore). T: +65 6826-7555. F: +65 6826-7501. **Switzerland:** State Street

------

![](g384765img3978240f2.gif)

Global Advisors AG, Beethovenstr. 19, CH-8027 Zurich. Registered with the Register of Commerce Zurich CHE-105.078.458. T: +41 (0)44 245 70 00. F: +41 (0)44 245 70 16. **United Kingdom:** State Street Global Advisors Limited. Authorised and regulated by the Financial Conduct Authority.

Registered in England. Registered No. 2509928. VAT No. 5776591 81. Registered office: 20 Churchill Place, Canary Wharf, London, E14 5HJ. T: 020 3395 6000. F: 020 3395 6350. **United States:** 

State Street Global Advisors, 1 Iron Street, Boston, MA 02210-1641. T: +1 617 786 3000.

Investing involves risk including the risk of loss of principal.

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 Global Advisors' express written consent.© 2022 State Street Corporation.

All Rights Reserved.

ID949714-3479918.2.1.GBL.RTL 0322

Exp. Date: 03/31/2023

------

**STATE STREET INSTITUTIONAL INVESTMENT TRUST**

(the "Trust")

One Iron Street

Boston, Massachusetts 02210

**STATEMENT OF ADDITIONAL INFORMATION** 

January 31, 2023

**STATE STREET DIVERSIFIED INCOME FUND** 

**Class K (SBFYX)** 

This Statement of Additional Information ("SAI") relates to the prospectus dated January 31, 2023 as may be revised and/or supplemented from time to time thereafter for the State Street Diversified Income Fund (the "Prospectus").

The SAI is not a prospectus and should be read in conjunction with the Fund's Prospectus. This SAI describes the Trust generally and provides additional information about the Fund. A copy of the Prospectus or the most recent [<u>Annual</u>](https://www.sec.gov/Archives/edgar/data/1107414/000119312522300052/d382162dncsr.htm)[<u>Reports</u>](https://www.sec.gov/Archives/edgar/data/1107414/000119312522300052/d382162dncsr.htm) to Shareholders ("Annual Reports"), which contain the Fund's financial statements incorporated herein by reference, can be obtained free of charge, upon request, by calling (800) 647-7327. You may also obtain the Prospectus or Annual Reports through the Trust's website at www.ssga.com. Capitalized terms used in this SAI and not otherwise defined have the meanings assigned to them in the Prospectus.

SSIITDIVINCSAI

------

**TABLE OF CONTENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [General](#xx_70f2f322-63de-45e4-a8f5-68bab4996b28_1) | 3 |
| [Description of the Fund and Its Investments and Risks](#xx_70f2f322-63de-45e4-a8f5-68bab4996b28_2) | 4 |
| [Additional Investments and Risks](#xx_70f2f322-63de-45e4-a8f5-68bab4996b28_2) | 4 |
| [Management of the Trust](#xx_70f2f322-63de-45e4-a8f5-68bab4996b28_25) | 27 |
| [Proxy Voting Procedures](#xx_70f2f322-63de-45e4-a8f5-68bab4996b28_33) | 35 |
| [Control Persons and Principal Holders of Securities](#xx_70f2f322-63de-45e4-a8f5-68bab4996b28_33) | 35 |
| [Investment Advisory and Other Services](#xx_70f2f322-63de-45e4-a8f5-68bab4996b28_34) | 36 |
| [Portfolio Managers](#xx_70f2f322-63de-45e4-a8f5-68bab4996b28_38) | 40 |
| [Brokerage Allocation and Other Practices](#xx_70f2f322-63de-45e4-a8f5-68bab4996b28_40) | 42 |
| [Declaration of Trust, Capital Stock and Other Information](#xx_70f2f322-63de-45e4-a8f5-68bab4996b28_42) | 44 |
| [Pricing of Shares](#xx_70f2f322-63de-45e4-a8f5-68bab4996b28_42) | 44 |
| [Taxation of the Fund](#xx_70f2f322-63de-45e4-a8f5-68bab4996b28_43) | 45 |
| [Underwriter](#xx_70f2f322-63de-45e4-a8f5-68bab4996b28_53) | 55 |
| [Financial Statements](#xx_70f2f322-63de-45e4-a8f5-68bab4996b28_53) | 55 |
| [Appendix A - Trust's Proxy Voting Policy and Procedures](#xx_d5233486-8194-4413-b792-b0604f6eba9d_1) | A-1 |
| [Appendix B - Adviser's Proxy Voting Procedures and Guidelines](#xx_cc14c069-48cd-4b5b-850f-54c09caeaa73_1) | B-1 |

---

------

**General** 

The Trust was organized as a business trust under the laws of The Commonwealth of Massachusetts on February 16, 2000.

The Trust is an open-end management investment company. The Trust includes the following diversified series:

• State Street Aggregate Bond Index Fund;

• State Street Aggregate Bond Index Portfolio;

• State Street Diversified Income Fund;

• State Street Emerging Markets Equity Index Fund;

• State Street Equity 500 Index Fund;

• State Street Equity 500 Index II Portfolio;

• State Street Global All Cap Equity ex-U.S. Index Fund;

• State Street Global All Cap Equity ex-U.S. Index Portfolio;

• State Street Hedged International Developed Equity Index Fund;

• State Street Income Fund;

• State Street International Developed Equity Index Fund;

• State Street Institutional Liquid Reserves Fund;

• State Street Institutional Treasury Money Market Fund;

• State Street Institutional Treasury Plus Money Market Fund;

• State Street Institutional U.S. Government Money Market Fund;

• State Street Small/Mid Cap Equity Index Fund;

• State Street Small/Mid Cap Equity Index Portfolio;

• State Street Target Retirement Fund;

• State Street Target Retirement 2020 Fund;

• State Street Target Retirement 2025 Fund;

• State Street Target Retirement 2030 Fund;

• State Street Target Retirement 2035 Fund;

• State Street Target Retirement 2040 Fund;

• State Street Target Retirement 2045 Fund;

• State Street Target Retirement 2050 Fund;

• State Street Target Retirement 2055 Fund;

• State Street Target Retirement 2060 Fund;

• State Street Target Retirement 2065 Fund;

• State Street Treasury Obligations Money Market Fund;

• State Street U.S. Core Equity Fund.

------

**Description of the Fund and Its Investments and Risks** 

The Fund's Prospectus contains information about the investment objective and policies of the Fund. This SAI should only be read in conjunction with the Prospectus of the Fund.

In addition to the principal investment strategies and the principal risks of the Fund described in the Fund's Prospectus, the Fund may employ other investment practices and may be subject to additional risks, which are described below.

**Additional Investments and Risks** 

To the extent consistent with its investment objective and restrictions, the Fund may invest in the following instruments and use the following techniques, and is subject to the following additional risks.

<u>Bonds</u> 

The Fund may invest a portion of their assets in bonds. A bond is an interest-bearing security issued by a company, governmental unit or, in some cases, a non-U.S. entity. The issuer of a bond has a contractual obligation to pay interest at a stated rate on specific dates and to repay principal (the bond's face value) periodically or on a specified maturity date; provided, however, a zero coupon bond pays no interest to its holder during its life. The value of a zero coupon bond to the Fund consists of the difference between such bond's face value at the time of maturity and the price for which it was acquired, which may be an amount significantly less than its face value (sometimes referred to as a "deep discount" price).

An issuer may have the right to redeem or "call" a bond before maturity, in which case the investor may have to reinvest the proceeds at lower market rates. Most bonds bear interest income at a "coupon" rate that is fixed for the life of the bond. The value of a fixed rate bond usually rises when market interest rates fall, and falls when market interest rates rise. Accordingly, a fixed rate bond's yield (income as a percent of the bond's current value) may differ from its coupon rate as its value rises or falls. Fixed rate bonds generally are also subject to inflation risk, which is the risk that the value of the bond or income from the bond will be worth less in the future as inflation decreases the value of money. This could mean that, as inflation increases, the "real" value of the assets of the Fund holding fixed rate bonds can decline, as can the value of the Fund's distributions. Other types of bonds bear income at an interest rate that is adjusted periodically. Because of their adjustable interest rates, the value of "floating-rate" or "variable-rate" bonds fluctuates much less in response to market interest rate movements than the value of fixed rate bonds. The Fund may treat some of these bonds as having a shorter maturity for purposes of calculating the weighted average maturity of its investment portfolio. Bonds may be senior or subordinated obligations. Senior obligations generally have the first claim on a corporation's earnings and assets and, in the event of liquidation, are paid before subordinated obligations. Bonds may be unsecured (backed only by the issuer's general creditworthiness) or secured (also backed by specified collateral). The investment return of corporate bonds reflects interest on the bond and changes in the market value of the bond. The market value of a corporate bond may be affected by the credit rating of the corporation, the corporation's performance and perceptions of the corporation in the market place. There is a risk that the issuers of the securities may not be able to meet their obligations on interest or principal payments at the time called for by such a security.

<u>Cash Reserves</u> 

The Fund may hold portions of its assets in cash or short-term debt instruments with remaining maturities of 397 days or less pending investment or to meet anticipated redemptions and day-to-day operating expenses. Short-term debt instruments consist of: (i) short-term obligations of the U.S. Government, its agencies, instrumentalities, authorities or political subdivisions; (ii) other short-term debt securities rated at the time of purchase Aa or higher by Moody's Investors Service, Inc. ("Moody's") or AA or higher by S&P Global Ratings ("S&P") or, if unrated, of comparable quality in the opinion of SSGA FM; (iii) commercial paper; (iv) bank obligations, including negotiable certificates of deposit, time deposits and bankers' acceptances; and (v) repurchase agreements.

<u>Cleared Derivatives Transactions</u> 

Transactions in some types of swaps are required to be centrally cleared by applicable rules and regulations and a Fund may also voluntarily centrally clear other transactions that are available for clearing. In a cleared derivatives transaction, the Fund's counterparty to the transaction is a central derivatives clearing organization, or clearing house, rather than a bank or broker. Because the Fund is not a member of a clearing house, and only members of a clearing house can participate directly in the clearing house, The Fund holds cleared derivatives through accounts at clearing members. In cleared derivatives transactions, the Fund will make payments (including margin payments) to and receive payments from a clearing house through its accounts at clearing members. Clearing members guarantee performance of their clients'

------

obligations to the clearing house. Centrally cleared derivative arrangements may be less favorable to the Fund than bilateral (non-cleared) arrangements. For example, the Fund may be required to provide greater amounts of margin for cleared derivatives transactions than for bilateral derivatives transactions. Also, in contrast to bilateral derivatives transactions, in some cases following a period of notice to the Fund, a clearing member generally can require termination of existing cleared derivatives transactions at any time or an increase in margin requirements above the margin that the clearing member required at the beginning of a transaction. Clearing houses also have broad rights to increase margin requirements for existing transactions or to terminate transactions at any time. The Fund is subject to risk if it enters into a derivatives transaction that is required to be cleared (or which the Adviser expects to be cleared), and no clearing member is willing or able to clear the transaction on the Fund's behalf. In that case, the transaction might have to be terminated, and the Fund could lose some or all of the benefit of the transaction, including loss of an increase in the value of the transaction and loss of hedging protection. In addition, the documentation governing the relationship between the Fund and clearing members is drafted by the clearing members and generally is less favorable to the Fund than typical bilateral derivatives documentation. For example, documentation relating to cleared derivatives generally includes a one-way indemnity by the Fund in favor of the clearing member for losses the clearing member incurs as the Fund's clearing member. Also, such documentation typically does not provide the Fund any remedies if the clearing member defaults or becomes insolvent.

Counterparty risk with respect to derivatives has been and will continue to be affected by new rules and regulations relating to the derivatives market. With respect to a centrally cleared transaction, a party is subject to the credit risk of the clearing house and the clearing member through which it holds its cleared position. Credit risk of market participants with respect to centrally cleared derivatives is concentrated in a few clearing houses, and it is not clear how an insolvency proceeding of a clearing house would be conducted and what impact an insolvency of a clearing house would have on the financial system. A clearing member is obligated by contract and regulation to segregate all funds received from customers with respect to cleared derivatives positions from the clearing member's proprietary assets. However, all funds and other property received by a clearing member from its customers with respect to cleared derivatives are generally held by the clearing member on a commingled basis in an omnibus account (which can be invested in instruments permitted under the regulations). Therefore, the Fund might not be fully protected in the event of the bankruptcy of the Fund's clearing member because the Fund would be limited to recovering only a pro rata share of the funds held by the clearing member on behalf of customers, with a claim against the clearing member for any deficiency. Also, the clearing member is required to transfer to the clearing house the amount of margin required by the clearing house for cleared derivatives, which amount is generally held in an omnibus account at the clearing house for all customers of the clearing member. Regulations promulgated by the Commodity Futures Trading Commission (the "CFTC") require that the clearing member notify the clearing house of the initial margin provided by the clearing member to the clearing house that is attributable to each customer. However, if the clearing member does not accurately report the Fund's initial margin, the Fund is subject to the risk that a clearing house will use the assets attributable to it in the clearing house's omnibus account to satisfy payment obligations a defaulting customer of the clearing member has to the clearing house. In addition, clearing members generally provide the clearing house the net amount of variation margin required for cleared swaps for all of its customers, rather than individually for each customer. The Fund is therefore subject to the risk that a clearing house will not make variation margin payments owed to the Fund if another customer of the clearing member has suffered a loss and is in default, and the risk that the Fund will be required to provide additional variation margin to the clearing house before the clearing house will move the Fund's cleared derivatives positions to another clearing member. In addition, if a clearing member does not comply with the applicable regulations or its agreement with the Fund, or in the event of fraud or misappropriation of customer assets by a clearing member, the Fund could have only an unsecured creditor claim in an insolvency of the clearing member with respect to the margin held by the clearing member.

<u>Swap Execution Facilities</u> 

Certain derivatives contracts are required to be executed through swap execution facilities ("SEFs"). A SEF is a trading platform where multiple market participants can execute derivatives by accepting bids and offers made by multiple other participants in the platform. Such requirements may make it more difficult and costly for investment funds, such as the Fund, to enter into highly tailored or customized transactions. Trading swaps on a SEF may offer certain advantages over traditional bilateral over-the-counter trading, such as ease of execution, price transparency, increased liquidity and/or favorable pricing. Execution through a SEF is not, however, without additional costs and risks, as parties are required to comply with SEF and CFTC rules and regulations, including disclosure and recordkeeping obligations, and SEF rights of inspection, among others. SEFs typically charge fees, and if the Fund executes derivatives on a SEF through a broker intermediary, the intermediary may impose fees as well. The Fund also may be required to indemnify a SEF, or a broker intermediary who executes swaps on a SEF on the Fund's behalf, against any losses or costs that may be incurred as a

------

result of the Fund's transactions on the SEF. In addition, the Fund may be subject to execution risk if it enters into a derivatives transaction that is required to be cleared, and no clearing member is willing to clear the transaction on the Fund's behalf. In that case, the transaction might have to be terminated, and the Fund could lose some or all of the benefit of any increase in the value of the transaction after the time of the trade.

<u>Risks Associated with Derivatives Regulation</u> 

The U.S. government has enacted and is continuing to implement legislation that provides for new regulation of the derivatives market, including clearing, margin, reporting, and registration requirements. The European Union ("EU"), the United Kingdom (the "U.K.") and some other countries have also adopted and are continuing to implement similar requirements, which will affect the Fund when it enters into a derivatives transaction with a counterparty organized in that country or otherwise subject to that country's derivatives regulations. Such rules and other new rules and regulations could, among other things, restrict the Fund's ability to engage in, or increase the cost to the Fund of, derivatives transactions, for example, by making some types of derivatives no longer available to the Fund, increasing margin or capital requirements, or otherwise limiting liquidity or increasing transaction costs. While the rules and regulations and central clearing of some derivatives transactions are designed to reduce systemic risk (i.e., the risk that the interdependence of large derivatives dealers could cause them to suffer liquidity, solvency or other challenges simultaneously), there is no assurance that they will achieve that result, and in the meantime, as noted above, central clearing and related requirements expose the Fund to new kinds of costs and risks.

For example, in the event of a counterparty's (or its affiliate's) insolvency, the Fund's ability to exercise remedies, such as the termination of transactions, netting of obligations and realization on collateral, could be stayed or eliminated under new special resolution regimes adopted in the United States, the EU, the U.K. and various other jurisdictions. Such regimes provide government authorities with broad authority to intervene when a financial institution is experiencing financial difficulty. In particular, with respect to counterparties who are subject to such proceedings in the EU and the U.K., the liabilities of such counterparties to the Fund could be reduced, eliminated, or converted to equity in such counterparties (sometimes referred to as a "bail in").

The Securities and Exchange Commission ("SEC") has adopted new Rule 18f-4 under the 1940 Act providing for the regulation of registered investment companies' use of derivatives and certain related instruments. The new rule, among other things, limits derivatives exposure through one of two value-at-risk tests and eliminates the asset segregation framework for covering derivatives and certain financial instruments arising from the SEC's Release 10666 and ensuing staff guidance. The rule also requires funds to adopt and implement a derivatives risk management program (including the appointment of a derivatives risk manager and the implementation of certain testing requirements) and subjects funds to certain reporting requirements in respect of derivatives. Limited derivatives users (as determined by Rule 18f-4) are not, however, subject to the full requirements under the rule.

Additionally, U.S. regulators, the EU, the U.K. and certain other jurisdictions have adopted minimum margin and capital requirements for uncleared derivatives transactions. It is expected that these regulations will have a material impact on the Fund's use of uncleared derivatives. These rules impose minimum margin requirements on derivatives transactions between the Fund and its counterparties and may increase the amount of margin the Fund is required to provide. They impose regulatory requirements on the timing of transferring margin and the types of collateral that parties are permitted to exchange.

These and other regulations are relatively new and evolving, so their full impact on the Fund and the financial system are not yet known.

<u>Commodities</u> 

<u>General</u>. The Fund may invest in commodities. There are several additional risks associated with transactions in commodity futures contracts, swaps on commodity futures contracts, commodity forward contracts and other commodities instruments. In the commodity instruments markets, producers of the underlying commodity may decide to hedge the price risk of selling the commodity by selling commodity instruments today to lock in the price of the commodity at delivery tomorrow. In order to induce speculators to purchase the other side of the same commodity instrument, the commodity producer generally must sell the commodity instrument at a lower price than the expected future spot price. Conversely, if most hedgers in the commodity instruments market are purchasing commodity instruments to hedge against a rise in prices, then speculators will only sell the other side of the commodity instrument at a higher future price than the expected future spot price of the commodity. The changing nature of the hedgers and speculators in the commodity markets will influence whether futures prices are above or below the expected future spot price, which can have significant implications for the Fund. If the nature of hedgers and speculators in commodity instruments markets has shifted when it is time for

------

the Fund to reinvest the proceeds of a maturing contract in a new commodity instrument, the Fund might reinvest at a higher or lower future price, or choose to pursue other investments. The commodities which underlie commodity instruments may be subject to additional economic and non-economic variables, such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political and regulatory developments. These factors may have a larger impact on commodity prices and commodity-linked instruments than on traditional securities. Certain commodities are also subject to limited pricing flexibility because of supply and demand factors. Others are subject to broad price fluctuations as a result of the volatility of the prices for certain raw materials and the instability of supplies of other materials. These additional variables may create additional investment risks which subject the Fund's investments to greater volatility than other investments. Also, unlike the financial instruments markets, in the commodity instruments markets there are costs of physical storage associated with purchasing the underlying commodity. The price of the commodity instruments contract will reflect the storage costs of purchasing the physical commodity, including the time value of money invested in the physical commodity. To the extent that the storage costs for an underlying commodity change while the Fund is invested in instruments on that commodity, the value of the commodity instrument may change proportionately.

The Fund's ability to invest in commodity-linked investments may be limited by the Fund's intention to qualify as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code") and could bear on the ability of the Fund to so qualify. See "Taxation of the Fund" below.

<u>Commodity-Linked Investments</u>. The Fund may invest in commodity-linked investments. The Fund may seek to provide exposure to the investment returns of real assets that trade in the commodity markets through commodity-linked derivative securities, such as structured notes, discussed below, which are designed to provide this exposure without direct investment in physical commodities or commodities futures contracts. Real assets are assets such as oil, gas, industrial and precious metals, livestock, and agricultural or meat products, or other items that have tangible properties, as compared to stocks or bonds, which are financial instruments. In choosing investments, the Adviser seeks to provide exposure to various commodities and commodity sectors. The value of commodity-linked derivative securities held by the Fund may be affected by a variety of factors, including, but not limited to, overall market movements and other factors affecting the value of particular industries or commodities, such as weather, disease, embargoes, acts of war or terrorism, or political and regulatory developments.

The prices of commodity-linked derivative securities may move in different directions than investments in traditional equity and debt securities when the value of those traditional securities is declining due to adverse economic conditions. As an example, during periods of rising inflation, debt securities have historically tended to decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of rising inflation, the prices of certain commodities, such as oil and metals, have historically tended to increase. Of course, there cannot be any guarantee that these investments will perform in that manner in the future, and at certain times the price movements of commodity-linked instruments have been parallel to those of debt and equity securities. Commodities have historically tended to increase and decrease in value during different parts of the business cycle than financial assets. Nevertheless, at various times, commodities prices may move in tandem with the prices of financial assets and thus may not provide overall portfolio diversification benefits. Under favorable economic conditions, the Fund's investments may be expected to underperform an investment in traditional securities. Over the long term, the returns on the Fund's investments are expected to exhibit low or negative correlation with stocks and bonds.

Because commodity-linked investments are available from a relatively small number of issuers, the Fund's investments will be particularly subject to counterparty risk, which is the risk that the issuer of the commodity-linked derivative (which issuer may also serve as counterparty to a substantial number of the Fund's commodity-linked and other derivative investments) will not fulfill its contractual obligations.

The Fund's ability to invest in commodity-linked investments may be limited by the Fund's intention to qualify as a RIC and could bear on the ability of the Fund to so qualify. See "Taxation of the Fund" below.

<u>Credit Default Swaps and Total Return Swaps</u> 

The Fund may enter into credit default swaps or total return swaps to gain market exposure, manage liquidity, increase total returns or for hedging purposes. Credit default swaps and total return swaps are typically governed by the standard terms and conditions of an ISDA Master Agreement.

A credit default swap involves a protection buyer and a protection seller. The Fund may be either a protection buyer or seller. The protection buyer in a credit default swap makes periodic premium payments to the protection seller during the swap term in exchange for the protection seller agreeing to make certain defined payments to the protection buyer in the

------

event certain defined credit events occur with respect to a particular security, issuer or basket of securities. A total return swap involves a total return receiver and a total return payor. The Fund may either be a total return receiver or payor. Generally, the total return payor sells to the total return receiver an amount equal to all cash flows and price appreciation on a defined security or asset payable at periodic times during the swap term (i.e., credit risk) in return for a periodic payment from the total return receiver based on a designated interest rate and spread plus the amount of any price depreciation on the reference security or asset. The total return payor does not need to own the underlying security or asset to enter into a total return swap. The final payment at the end of the swap term includes final settlement of the current market price of the underlying reference security or asset, and payment by the applicable party for any appreciation or depreciation in value. Usually, collateral must be posted by the total return receiver to secure the periodic interest-based and market price depreciation payments depending on the credit quality of the underlying reference security and creditworthiness of the total return receiver, and the collateral amount is marked-to-market daily equal to the market price of the underlying reference security or asset between periodic payment dates.

In both credit default swaps and total return swaps, the same general risks inherent to derivative transactions are present; however, the use of credit default swaps and total return swaps can involve greater risks than if the Fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps and total return swaps are subject to counterparty credit risk, leverage risk, hedging risk, correlation risk and liquidity risk. The Fund will enter into credit default swap or a total return swap only with counterparties that the Adviser determines to meet certain standards of creditworthiness. In a credit default swap, a buyer generally also will lose its premium and recover nothing should no credit event occur and the swap is held to its termination date. If a credit event were to occur, the value of any deliverable obligation received by the seller, coupled with the upfront or periodic payments previously received, may be less than the full notional value it pays to the buyer, resulting in a loss of value to the seller. The Fund's obligations under a credit default swap agreement will be accrued daily (offset against any amounts owing to the Fund).

Swaps are highly specialized instruments that require investment techniques, risk analyses, and tax planning different from those associated with the ownership of stocks, bonds, and other traditional investments. The use of a swap agreement requires an understanding not only of the referenced obligation, reference rate, or index, but also of the swap agreement itself. Because some swap agreements have a leverage component, adverse changes in the value or level of the underlying asset, reference rate, or index can result in a loss substantially greater than the amount invested in the swap itself. Certain swaps have the potential for unlimited loss, regardless of the size of the initial investment.

<u>Custodial Risk</u> 

There are risks involved in dealing with the custodians or brokers who hold the Fund's investments or settle the Fund's trades. It is possible that, in the event of the insolvency or bankruptcy of a custodian or broker, the Fund would be delayed or prevented from recovering its assets from the custodian or broker, or its estate, and may have only a general unsecured claim against the custodian or broker for those assets. In recent insolvencies of brokers or other financial institutions, the ability of certain customers to recover their assets from the insolvent's estate has been delayed, limited, or prevented, often unpredictably, and there is no assurance that any assets held by the Fund with a custodian or broker will be readily recoverable by the Fund. In addition, there may be limited recourse against non-U.S. sub-custodians in those situations in which the Fund invests in markets where custodial and/or settlement systems and regulations are not fully developed, including emerging markets, and the assets of the Fund have been entrusted to such sub-custodians. SSGA FM or an affiliate may serve as the custodian of the Fund.

<u>Eurodollar Certificates of Deposit (</u><u>"</u><u>ECDs</u><u>"</u><u>), Eurodollar Time Deposits (</u><u>"</u><u>ETDs</u><u>"</u><u>) and Yankee Certificates of Deposit</u> <u>(</u><u>"</u><u>YCDs</u><u>"</u><u>)</u> 

The Fund may invest in ECDs, ETDs and YCDs. ECDs and ETDs are U.S. dollar denominated certificates of deposit and time deposits, respectively, issued by non-U.S. branches of domestic banks and non-U.S. banks. YCDs are U.S. dollar denominated certificates of deposit issued by U.S. branches of non-U.S. banks.

Different risks than those associated with the obligations of domestic banks may exist for ECDs, ETDs and YCDs because the banks issuing these instruments, or their domestic or non-U.S. branches, are not necessarily subject to the same regulatory requirements that apply to domestic banks, such as loan limitations, examinations and reserve, accounting, auditing, recordkeeping and public reporting requirements. Obligations of non-U.S. issuers also involve risks such as future unfavorable political and economic developments, withholding or other taxes, seizures of non-U.S. deposits, currency controls, interest limitations, and other governmental restrictions that might affect repayment of principal or payment of interest, or the ability to honor a credit commitment.

------

<u>Foreign Currency Transactions and Foreign Currency Derivatives</u> 

The Fund may enter into a variety of different foreign currency transactions, including, by way of example, currency forward transactions, spot transactions, futures and forward contracts, swaps, or options. Most of these transactions are entered into "over-the- counter," and the Fund assumes the risk that the counterparty may be unable or unwilling to perform its obligations, in addition to the risk of unfavorable or unanticipated changes in the values of the currencies underlying the transactions. Certain types of over-the-counter currency transactions may be uncollateralized, and the Fund may not be able to recover all or any of the assets owed to it under such transactions if its counterparty should default. In some markets or in respect of certain currencies, the Fund may be required, or agree, in SSGA FM's discretion, to enter into foreign currency transactions via the custodian's relevant sub-custodian. SSGA FM may be subject to a conflict of interest in agreeing to any such arrangements on behalf of the Fund. Such transactions executed directly with the sub-custodian are executed at a rate determined solely by such sub-custodian. Accordingly, the Fund may not receive the best pricing of such currency transactions. Regulatory changes in a number of jurisdictions may require that certain currency transactions be subject to central clearing, or be subject to new or increased collateral requirements. These changes could increase the costs of currency transactions to the Fund and may make certain transactions unavailable; they may also increase the credit risk of such transactions to the Fund.

<u>Foreign Securities</u> 

The Fund is permitted to invest in foreign securities. Foreign securities include securities of foreign companies and foreign governments (or agencies or subdivisions thereof). If the Fund's securities are held abroad, the countries in which such securities may be held and the sub-custodian holding them must be approved by the Board of Trustees of the Trust (the "Board of Trustees" or the "Board") or its delegate under applicable rules adopted by the SEC. In buying foreign securities, the Fund may convert U.S. dollars into foreign currency, but only to effect securities transactions on foreign securities exchanges and not to hold such currency as an investment.

The globalization and integration of the world economic system and related financial markets have made it increasingly difficult to define issuers geographically. Accordingly, the Fund intends to construe geographic terms such as "foreign," "non-U.S." "European," "Latin American," and "Asian," in the manner that affords to the Fund the greatest flexibility in seeking to achieve its investment objective(s). Specifically, in circumstances where the investment objective and/or strategy is to invest at least some percentage of the Fund's assets in foreign securities, etc., The Fund will take the view that a security meets this description so long as the issuer of a security is tied economically to the particular country or geographic region indicated by words of the relevant investment objective and/or strategy (the "Relevant Language"). For these purposes the issuer of a security is deemed to have that tie if:

&nbsp;&nbsp;&nbsp;&nbsp;(i) The issuer is organized under the laws of the country or a country within the geographic region suggested by the Relevant Language or maintains its principal place of business in that country or region; or

&nbsp;&nbsp;&nbsp;&nbsp;(ii) The securities are traded principally in the country or region suggested by the Relevant Language; or

&nbsp;&nbsp;&nbsp;&nbsp;(iii) The issuer, during its most recent fiscal year, derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in the country or region suggested by the Relevant Language or has at least 50% of its assets in that country or region.

In addition, the Fund intends to treat derivative securities (e.g., call options) by reference to the underlying security. Conversely, if the investment objective and/or strategy of the Fund limits the percentage of assets that may be invested in "foreign securities," etc. or prohibits such investments altogether, the Fund intends to categorize securities as "foreign," etc. only if the security possesses all of the attributes described above in clauses (i), (ii) and (iii).

Investments in foreign securities involve special risks and considerations. Foreign companies are not generally subject to uniform accounting, auditing and financial reporting standards, practices and requirements comparable to those applicable to domestic companies and such practices and standards may vary significantly from country to country. There may be less publicly available information about a foreign company than about a domestic company. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the SEC, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited. Foreign markets have different clearance and settlement procedures. Delays in settlement could result in temporary periods when assets of the Fund are uninvested. The inability of the Fund to make intended security purchases due to settlement problems could cause it to miss certain investment opportunities. They may also entail certain other risks, such as the possibility of one or

------

more of the following: imposition of dividend or interest withholding or other taxes (in each case, which taxes could potentially be confiscatory), higher brokerage costs, thinner trading markets, currency blockages or transfer restrictions, expropriation, nationalization, military coups or other adverse political or economic developments; less government supervision and regulation of securities exchanges, brokers and listed companies; and the difficulty of enforcing obligations in other countries. Purchases of foreign securities are usually made in foreign currencies and, as a result, the Fund may incur currency conversion costs and may be affected favorably or unfavorably by changes in the value of foreign currencies against the U.S. dollar. Further, it may be more difficult for the Fund's agents to keep currently informed about corporate actions which may affect the prices of portfolio securities. Communications between the United States and foreign countries may be less reliable than within the United States, thus increasing the risk of delayed settlements of portfolio transactions or loss of certificates for portfolio securities. Certain markets may require payment for securities before delivery. The Fund's ability and decisions to purchase and sell portfolio securities may be affected by laws or regulations relating to the convertibility of currencies and repatriation of assets.

A number of current significant political, demographic and economic developments may affect investments in foreign securities and in securities of companies with operations overseas. Such developments include dramatic political changes in government and economic policies in several Eastern European countries and the republics composing the former Soviet Union, as well as the unification of the European Economic Community. The course of any one or more of these events and the effect on trade barriers, competition and markets for consumer goods and services are uncertain. Similar considerations are of concern with respect to developing countries. For example, the possibility of revolution and the dependence on foreign economic assistance may be greater in these countries than in developed countries. Management seeks to mitigate the risks associated with these considerations through diversification and active professional management.

<u>Forward Commitments</u> 

The Fund may invest in forward commitments. The Fund may contract to purchase securities for a fixed price at a future date beyond customary settlement time consistent with the Fund's ability to manage its investment portfolio and meet redemption requests. The Fund may dispose of a commitment prior to settlement if it is appropriate to do so and realize short-term profits or losses upon such sale. Forward commitments involve a risk of loss if the value of the security to be purchased declines prior to the settlement date, or if the other party fails to complete the transaction.

<u>Futures Contracts and Options on Futures</u> 

The Fund may enter into futures contracts on securities in which it may invest or on indices comprised of such securities and may purchase and write call and put options on such contracts.

*<u>Futures contracts.</u>* A financial futures contract is a contract to buy or sell a specified quantity of financial instruments such as U.S. Treasury bills, notes and bonds at a specified future date at a price agreed upon when the contract is made. An index futures contract is a contract to buy or sell specified units of an index at a specified future date at a price agreed upon when the contract is made. The value of a unit is based on the current value of the index. Under such contracts no delivery of the actual securities making up the index takes place. Rather, upon expiration of the contract, settlement is made by exchanging cash in an amount equal to the difference between the contract price and the closing price of the index at expiration, net of variation margin previously paid. Futures contracts are traded in the United States only on commodity exchanges or boards of trade — known as "contract markets" — approved for such trading by the CFTC, and must be executed through a futures commission merchant or brokerage firm which is a member of the relevant contract market.

Although many futures contracts by their terms call for actual delivery or acceptance of commodities or securities, in most cases the contracts are closed out before the settlement date without the making or taking of delivery, but rather by entering into an offsetting contract (a "closing transaction"). Upon entering into a futures contract, the Fund is required to deposit initial margin with the futures broker. The initial margin serves as a "good faith" deposit that the Fund will honor its potential future commitments. Subsequent payments (called "variation margin" or "maintenance margin") to and from the broker are made on a daily basis as the price of the underlying security or commodity fluctuates, making the long and short positions in the futures contract more or less valuable, a process known as "marking to the market." If the Fund is unable to enter into a closing transaction, the amount of the Fund's potential loss may be unlimited. Futures contracts also involve brokerage costs.

The Fund will not commit more than 5% of the market value of its total assets to initial margin deposits on futures and premiums paid for options on futures.

------

*<u>Registration under the Commodity Exchange Act.</u>* The Adviser has claimed an exclusion from the definition of the term "commodity pool operator" with respect to the Fund, under the Commodity Exchange Act (the "CEA"), and therefore, is not subject to registration or regulation as a commodity pool operator under the CEA. As a result, the Fund is limited in its ability to trade instruments subject to the CFTC's jurisdiction, including commodity futures (which include futures on broad-based securities indexes, interest rate futures and currency futures), options on commodity futures, certain swaps or other investments (whether directly or indirectly through investments in other investment vehicles).

Under this exclusion, the Fund must satisfy one of the following two trading limitations whenever it enters into a new commodity trading position: (1) the aggregate initial margin and premiums required to establish the Fund's positions in CFTC-regulated instruments may not exceed 5% of the liquidation value of the Fund's portfolio (after accounting for unrealized profits and unrealized losses on any such investments); or (2) the aggregate net notional value of such instruments, determined at the time the most recent position was established, may not exceed 100% of the liquidation value of the Fund's portfolio (after accounting for unrealized profits and unrealized losses on any such positions). The Fund would not be required to consider its exposure to such instruments if they were held for "bona fide hedging" purposes, as such term is defined in the rules of the CFTC. In addition to meeting one of the foregoing trading limitations, the Fund may not market itself as a commodity pool or otherwise as a vehicle for trading in the markets for CFTC-regulated instruments.

*<u>Options on futures contracts.</u>* In return for the premium paid, options on futures contracts give the purchaser the right to assume a position in a futures contract at the specified option exercise price at any time during the period of the option. Options on futures are similar to options on securities except that options on futures give the purchaser the right, in return for the premium paid, to assume a position in a futures contract (a long position if the option is a call and a short position if the option is a put) at a specified exercise price at any time during the period of the option. Upon exercise of the option, the delivery of the futures position by the writer of the option to the holder of the option will be accompanied by delivery of the accumulated balance in the writer's futures margin account which represents the amount by which the market price of the futures contract, at exercise, exceeds (in the case of a call) or is less than (in the case of a put) the exercise price of the option on the futures. If an option is exercised on the last trading day prior to its expiration date, the settlement will be made entirely in cash. Purchasers of options who fail to exercise their options prior to the exercise date suffer a loss of the premium paid.

As with options on securities, the holder or writer of an option may terminate his position by selling or purchasing an offsetting option. There is no guarantee that such closing transactions can be effected.

The Fund will be required to deposit initial margin and maintenance margin with respect to put and call options on futures contracts written by it pursuant to brokers' requirements similar to those described above in connection with the discussion of futures contracts.

*<u>Risks of transactions in futures contracts and related options.</u>* Successful use of futures contracts by the Fund is subject to the Adviser's ability to predict movements in various factors affecting financial markets. Compared to the purchase or sale of futures contracts, the purchase of call or put options on futures contracts involves less potential risk to the Fund because the maximum amount at risk is the premium paid for the options (plus transaction costs). However, there may be circumstances when the purchase of a call or put option on a futures contract would result in a loss to the Fund when the purchase or sale of a futures contract would not, such as when there is no movement in the prices of the hedged investments. The writing of an option on a futures contract involves risks similar to those risks relating to the sale of futures contracts.

The use of options and futures strategies involves the risk of imperfect correlation among movements in the prices of the securities underlying the futures and options purchased and sold by the Fund, of the options and futures contracts themselves, and, in the case of hedging transactions, of the securities which are the subject of a hedge. The successful use of these strategies further depends on the ability of the Adviser to forecast interest rates and market movements correctly.

There is no assurance that higher than anticipated trading activity or other unforeseen events might not, at times, render certain market clearing facilities inadequate, and thereby result in the institution by exchanges of special procedures which may interfere with the timely execution of customer orders.

To reduce or eliminate a position held by the Fund, the Fund may seek to close out such a position. The ability to establish and close out positions will be subject to the development and maintenance of a liquid secondary market. It is not certain that this market will develop or continue to exist for a particular futures contract or option. Reasons for the absence of a liquid secondary market on an exchange include the following: (i) there may be insufficient trading interest in certain

------

contracts or options; (ii) restrictions may be imposed by an exchange on opening transactions or closing transactions or both; (iii) trading halts, suspensions or other restrictions may be imposed with respect to particular classes or series of contracts or options, or underlying securities; (iv) unusual or unforeseen circumstances may interrupt normal operations on an exchange; (v) the facilities of an exchange or a clearing corporation may not at all times be adequate to handle current trading volume; or (vi) one or more exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the trading of contracts or options (or a particular class or series of contracts or options), in which event the secondary market on that exchange for such contracts or options (or in the class or series of contracts or options) would cease to exist, although outstanding contracts or options on the exchange that had been issued by a clearing corporation as a result of trades on that exchange would likely continue to be exercisable in accordance with their terms.

*<u>U.S. Treasury security futures contracts and options</u>*. Some U.S. Treasury security futures contracts require the seller to deliver, or the purchaser to take delivery of, the type of U.S. Treasury security called for in the contract at a specified date and price; others may be settled in cash. Options on U.S. Treasury security futures contracts give the purchaser the right in return for the premium paid to assume a position in a U.S. Treasury security futures contract at the specified option exercise price at any time during the period of the option.

Successful use of U.S. Treasury security futures contracts by the Fund is subject to the Adviser's ability to predict movements in the direction of interest rates and other factors affecting markets for debt securities. For example, if the Fund has sold U.S. Treasury security futures contracts in order to hedge against the possibility of an increase in interest rates which would adversely affect the values of securities held in its portfolio, and the prices of the Fund's securities increase instead as a result of a decline in interest rates, the Fund will lose part or all of the benefit of the increased value of its securities which it has hedged because it will have offsetting losses in its futures positions. In addition, in such situations, if the Fund has insufficient cash, it may have to sell securities to meet daily maintenance margin requirements at a time when it may be disadvantageous to do so.

There is also a risk that price movements in U.S. Treasury security futures contracts and related options will not correlate closely with price movements in markets for particular securities. For example, if the Fund has hedged against a decline in the values of tax-exempt securities held by it by selling Treasury security futures and the values of Treasury securities subsequently increase while the values of the Fund's tax-exempt securities decrease, the Fund would incur losses on both the Treasury security futures contracts written by it and the tax-exempt securities held in its portfolio.

<u>Government Mortgage-Related Securities</u> 

The Government National Mortgage Association ("GNMA" or "Ginnie Mae") is the principal federal government guarantor of mortgage-related securities. GNMA is a wholly owned U.S. Government corporation within the Department of Housing and Urban Development. It guarantees, with the full faith and credit of the United States, full and timely payment of all monthly principal and interest on its mortgage-related securities. GNMA pass-through securities are considered to have a relatively low risk of default in that (1) the underlying mortgage loan portfolio is comprised entirely of government-backed loans and (2) the timely payment of both principal and interest on the securities is guaranteed by the full faith and credit of the U.S. Government, regardless of whether they have been collected. GNMA pass-through securities are, however, subject to the same interest rate risk as comparable privately issued mortgage-related securities. Therefore, the effective maturity and market value of the Fund's GNMA securities can be expected to fluctuate in response to changes in interest rate levels.

Residential mortgage loans are also pooled by the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"), a corporate instrumentality of the U.S. Government. The mortgage loans in FHLMC's portfolio are not government backed; FHLMC, not the U.S. Government, guarantees the timely payment of interest and ultimate collection of principal on FHLMC securities. FHLMC also issues guaranteed mortgage certificates, on which it guarantees semiannual interest payments and a specified minimum annual payment of principal.

The Federal National Mortgage Association ("FNMA" or "Fannie Mae") is a government-sponsored corporation owned entirely by private stockholders. It is subject to general regulation by the Secretary of Housing and Urban Development. FNMA purchases residential mortgages from a list of approved seller/servicers, which include savings and loan associations, savings banks, commercial banks, credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest only by FNMA, not the U.S. Government.

------

<u>High Yield Securities</u> 

The Fund may invest a portion of their assets in high yield debt securities (commonly known as "junk" bonds). Investment in high yield securities generally provides greater income and increased opportunity for capital appreciation than investments in higher quality securities, but they also typically entail greater price volatility and credit risk. These high yield securities are regarded as predominantly speculative with respect to the issuer's continuing ability to meet principal and interest payments. Analysis of the creditworthiness of issuers of debt securities that are high yield may be more complex than for issuers of higher quality debt securities. In addition, high yield securities are often issued by smaller, less creditworthy companies or by highly leveraged (indebted) firms, but can also be issued by governments. Such issuers are generally less able than more financially stable issuers to make scheduled payments of interest and principal. The risks posed by securities issued under such circumstances are substantial.

Investing in high yield debt securities involves risks that are greater than the risks of investing in higher quality debt securities. These risks include: (i) changes in credit status, including weaker overall credit conditions of issuers and risks of default; (ii) industry, market and economic risk; and (iii) greater price variability and credit risks of certain high yield securities such as zero coupon and payment-in-kind securities. While these risks provide the opportunity for maximizing return over time, they may result in greater volatility of the value of the Fund than the fund that invests in higher-rated securities.

Furthermore, the value of high yield securities may be more susceptible to real or perceived adverse economic, company or industry conditions than is the case for higher quality securities. The market values of certain of these lower-rated and unrated debt securities tend to reflect individual issuer developments to a greater extent than do higher-rated securities which react primarily to fluctuations in the general level of interest rates, and tend to be more sensitive to economic conditions than are higher-rated securities. Adverse market, credit or economic conditions could make it difficult at certain times to sell certain high yield securities held by the Fund.

The secondary market on which high yield securities are traded may be less liquid than the market for higher grade securities. Less liquidity in the secondary trading market could adversely affect the price at which the Fund could sell a high yield security, and could adversely affect the daily net asset value ("NAV") per share of the Fund. When secondary markets for high yield securities are less liquid than the market for higher grade securities, it may be more difficult to value the securities because there is less reliable, objective data available. However, an Index seeks to include primarily high yield securities that the Index provider believes have greater liquidity than the broader high yield securities market as a whole.

The use of credit ratings as a principal method of selecting high yield securities can involve certain risks. For example, credit ratings evaluate the safety of principal and interest payments, not the market value risk of high yield securities. Also, credit rating agencies may fail to change credit ratings in a timely fashion to reflect events since the security was last rated.

<u>Illiquid Investments</u> 

The Fund may invest in illiquid investments. The Fund will invest no more than 15% of its net assets in illiquid investments, including repurchase agreements and time deposits of more than seven days' duration. The absence of a regular trading market for illiquid investments imposes additional risks on investments in these securities. Illiquid investments may be difficult to value and may often be disposed of only after considerable expense and delay.

The SEC has adopted a liquidity risk management rule (the "Liquidity Rule") that requires the Fund to establish a liquidity risk management program (the "LRMP"). The Trustees, including a majority of the Independent Trustees (defined infra), have designated the Adviser to administer the Fund's LRMP. Under the LRMP, the Adviser assesses, manages, and periodically reviews the Fund's liquidity risk. The Liquidity Rule defines "liquidity risk" as the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors' interests in the Fund. The liquidity of the Fund's portfolio investments is determined based on relevant market, trading and investment-specific considerations under the LRMP. To the extent that an investment is deemed to be an illiquid investment or a less liquid investment, the Fund can expect to be exposed to greater liquidity risk. The Liquidity Rule's impact on the Fund, and on the open-end fund industry in general, is not yet fully known, but the rule could affect the Fund's performance and its ability to achieve its investment objectives. While the liquidity risk management program attempts to assess and manage liquidity risk, there is no guarantee it will be effective in its operations and may not reduce the liquidity risk inherent in the Fund's investments.

------

<u>Infrastructure-Related Companies Risk</u> 

Infrastructure-related companies include companies that primarily own, manage, develop and/or operate infrastructure assets, including transportation, utility, energy and/or telecommunications assets. Infrastructure-related businesses are subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction programs, insurance costs, costs associated with environmental and other regulations, the effects of an economic slowdown, surplus capacity or technological obsolescence, industry competition, labor relations, rate caps or rate changes, uncertainties concerning availability of fuel at reasonable prices, the effects of energy conservation policies, natural disasters, terrorist attacks and other factors. Certain infrastructure-related entities, particularly telecommunications and utilities companies, are subject to extensive regulation by various governmental authorities. The costs of complying with governmental regulations, delays or failures to receive required regulatory approvals or the enactment of new adverse regulatory requirements may adversely affect infrastructure-related companies. Infrastructure-related companies may also be affected by service interruption and/or legal challenges due to environmental, operational or other conditions or events, and the imposition of special tariffs and changes in tax laws, regulatory policies and accounting standards. There is also the risk that corruption may negatively affect publicly-funded infrastructure projects, especially in non-U.S. markets, resulting in work stoppage, delays and cost overruns. Other risks associated with infrastructure-related companies include uncertainties resulting from such companies' diversification into new domestic and international businesses, as well as agreements by any such companies linking future rate increases to inflation or other factors not directly related to the actual operating profits of the enterprise.

<u>Investment Grade Bonds</u> 

The Fund may invest in corporate notes and bonds that are rated investment-grade by a nationally recognized statistical rating organization ("NRSRO") or, if unrated, are of comparable quality to the rated securities described above, as determined by the Adviser, in accordance with procedures established by the Board of Trustees. Investment-grade securities include securities rated Baa or higher by Moody's or BBB- or higher by S&P (and securities of comparable quality); securities rated Baa by Moody's or BBB by S&P may have speculative characteristics.

<u>Lending of Fund Securities</u> 

The Fund may lend portfolio securities to certain creditworthy borrowers in U.S. and non-U.S. markets in an amount not to exceed 40% of the value of its net assets. The borrowers provide collateral that is marked to market daily in an amount at least equal to the current market value of the securities loaned. The Fund may terminate a loan at any time and obtain the securities loaned. The Fund receives the value of any interest or cash or non-cash distributions paid on the loaned securities. The Fund cannot vote proxies for securities on loan, but may recall loans to vote proxies if a material issue affecting the Fund's economic interest in the investment is to be voted upon. Efforts to recall such securities promptly may be unsuccessful, especially for foreign securities or thinly traded securities, and may involve expenses to the Fund. Distributions received on loaned securities in lieu of dividend payments (i.e., substitute payments) would not be considered qualified dividend income.

With respect to loans that are collateralized by cash, the borrower typically will be entitled to receive a fee based on the amount of cash collateral. The Fund is compensated by the difference between the amount earned on the reinvestment of cash collateral and the fee paid to the borrower. In the case of collateral other than cash, the Fund is compensated by a fee paid by the borrower equal to a percentage of the market value of the loaned securities. Any cash collateral may be reinvested in certain high quality short-term instruments either directly on behalf of the lending Fund or through one or more joint accounts or funds, which may include those managed by the Adviser. The Fund could lose money due to a decline in the value of collateral provided for loaned securities or any investments made with cash collateral.

The Fund may pay a portion of the interest or fees earned from securities lending to a borrower as described above, and to one or more securities lending agents approved by the Board of Trustees of the Trust (the "Board") who administer the lending program for the Fund in accordance with guidelines approved by the Board. In such capacity, the lending agent provides the following services to the Fund in connection with the Fund's securities lending activities: (i) locating borrowers among an approved list of prospective borrowers; (ii) causing the delivery of loaned securities from the Fund to borrowers; (iii) monitoring the value of loaned securities, the value of collateral received, and other lending parameters; (iv) seeking additional collateral, as necessary, from borrowers; (v) receiving and holding collateral from borrowers, and facilitating the investment and reinvestment of all or substantially all cash collateral in an investment vehicle designated by the Fund; (vi) returning collateral to borrowers; (vii) facilitating substitute dividend, interest, and other distribution payments to the Fund from borrowers; (viii) negotiating the terms of each loan of securities, including but not limited to the amount of any loan premium, and monitoring the terms of securities loan agreements with prospective borrowers for consistency with the

------

requirements of the Fund's Securities Lending Authorization Agreement; (ix) selecting securities, including amounts (percentages), to be loaned; (x) recordkeeping and accounting servicing; and (xi) arranging for return of loaned securities to the Fund in accordance with the terms of the Securities Lending Authorization Agreement. State Street Bank and Trust Company ("State Street"), an affiliate of the Trust, has been approved by the Board to serve as securities lending agent for the Fund and the Trust has entered into an agreement with State Street for such services. Among other matters, the Trust has agreed to indemnify State Street for certain liabilities. State Street has received an order of exemption from the SEC under Sections 17(a), 17(d) and 12(d)(1) under the 1940 Act to serve as the lending agent for affiliated investment companies such as the Trust, to invest the cash collateral received from loan transactions in an affiliated cash collateral fund and to receive a fee based on a share of the revenue generated from such transactions.

Securities lending involves exposure to certain risks, including operational risk (i.e., the risk of losses resulting from problems in the settlement and accounting process especially so in certain international markets such as Taiwan), "gap" risk (i.e., the risk of a mismatch between the return on cash collateral reinvestments and the fees the Fund has agreed to pay a borrower), risk of loss of collateral, credit, legal, counterparty and market risk. If a securities lending counterparty were to default, the Fund would be subject to the risk of a possible delay in receiving collateral (or the proceeds of its liquidation) or in recovering the loaned securities. In the event a borrower does not return the Fund's securities as agreed, the Fund may experience losses if the proceeds received from liquidating the collateral do not at least equal the value of the loaned security at the time the collateral is liquidated, plus the transaction costs incurred in purchasing replacement securities. Although State Street has agreed to provide the Fund with indemnification in the event of a borrower default, the Fund is still exposed to the risk of losses in the event a borrower does not return the Fund's securities as agreed. For example, delays in recovery of lent securities may cause the Fund to lose the opportunity to sell the securities at a desirable price with guaranteed delivery provisions.

<u>Market Disruption and Geopolitical Risk</u> 

The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. War, terrorism, and related geopolitical events have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets generally. Likewise, natural and environmental disasters, epidemics or pandemics and systemic market dislocations may be highly disruptive to economies and markets. Those events as well as other changes in non-U.S. and domestic economic and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the Fund's investments. Given the increasing interdependence between global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the U.S. Continuing uncertainty as to the status of the Euro and the Economic and Monetary Union of the European Union (the "EMU") has created significant volatility in currency and financial markets generally. Any partial or complete dissolution of the EMU, or any continued uncertainty as to its status, could have significant adverse effects on currency and financial markets, and on the values of the Fund's investments. On January 31, 2020, the United Kingdom ("UK") formally withdrew from the European Union ("EU") (commonly known as "Brexit"). An agreement between the UK and the EU governing their future trade relationship became effective January 1, 2021, but critical aspects of the relationship remain unresolved and subject to further negotiation and agreement. There is still considerable uncertainty relating to the potential consequences associated with the exit, including whether the U.K.'s exit will increase the likelihood of other countries also departing the EU. Brexit may have a significant impact on the U.K., Europe, and global economies, which may result in increased volatility and illiquidity, and potentially lower economic growth in markets in the U.K., Europe and globally, which may adversely affect the value of the Fund's investments.

Securities markets may be susceptible to market manipulation (e.g., the potential manipulation of the London Interbank Offered Rate ("LIBOR)") or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of investments traded in these markets, including investments of the Fund.

Many financial instruments use or may use a floating rate based on LIBOR, which is the offered rate for short-term Eurodollar deposits between major international banks. In 2017, the UK Financial Conduct Authority announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021.

------

The transition away from and elimination of LIBOR may adversely affect the interest rates on, and value of, certain investments for which the value is tied to LIBOR. Such investments may include bank loans, derivatives, floating rate securities, and other assets or liabilities tied to LIBOR. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. dollar LIBOR and the Sterling Overnight Interbank Average Rate for GBP LIBOR). Various financial industry groups have been planning for the transition away from LIBOR. Markets are slowly developing in response to these new rates. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at the time of transition, remain a concern for the Fund.

The effect of any changes to, or discontinuation of, LIBOR on the Fund will vary depending, among other things, on (1) existing fallback or termination provisions in individual contracts and (2) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Fund until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

Recent political activity in the U.S. has increased the risk that the U.S. could default on some or any of its obligations. While it is impossible to predict the consequences of such an unprecedented event, it is likely that a default by the U.S. would be highly disruptive to the U.S. and global securities markets and could significantly impair the value of the Fund's investments. Similarly, political events within the U.S. at times have resulted, and may in the future result, in a shutdown of government services, which could negatively affect the U.S. economy, decrease the value of many Fund investments, and increase uncertainty in or impair the operation of the U.S. or other securities markets. To the extent the Fund has focused its investments in the stock market index of a particular region, adverse geopolitical and other events could have a disproportionate impact on the Fund.

<u>Market Turbulence Resulting From COVID-19</u> 

An outbreak of a respiratory disease caused by a novel coronavirus first detected in China in December 2019 has spread globally. In an organized attempt to contain and mitigate the effects of the spread of the coronavirus known as COVID-19, governments and businesses world-wide have taken aggressive measures, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations. COVID-19 has resulted in the disruption of and delays in the delivery of healthcare services and processes, the cancellation of organized events and educational institutions, the disruption of production and supply chains, a decline in consumer demand for certain goods and services, and general concern and uncertainty, all of which have contributed to increased volatility in global markets. The continuing effects of COVID-19 may affect certain sectors and industries more dramatically than others, which may adversely affect the value of the Fund's investments in those sectors or industries. COVID-19, and other epidemics and pandemics that may arise in the future, could adversely affect the economies of many nations, the global economy, individual companies and capital markets in ways that cannot be foreseen at the present time. In addition, the impact of infectious diseases in developing or emerging market countries may be greater due to limited health care resources. Political, economic and social stresses caused by COVID-19 also may exacerbate other pre-existing political, social and economic risks in certain countries. The duration of COVID-19 and its effects cannot be determined at this time, but the effects could be present for an extended period of time.

<u>Mortgage-Backed Security Rolls</u> 

The Fund may enter into "forward roll" transactions with respect to mortgage-related securities issued by GNMA, FNMA or FHLMC. In a forward roll transaction, the Fund will sell a mortgage-related security to a bank or other permitted entity and simultaneously agree to repurchase a similar security from the institution at a later date at an agreed upon price. The mortgage securities that are repurchased will typically bear the same interest rate as those sold, but generally will be collateralized by different pools of mortgages with different prepayment histories than those sold. The Fund that engages in a forward roll transaction forgoes principal and interest paid on the securities sold during the roll period, but is compensated by the difference between the current sales price and the lower forward price for the future purchase. In addition, the Fund earns interest by investing the transaction proceeds during the roll period. A forward roll transaction may create investment leverage. The Fund is subject to the risk that the value of securities to be purchased pursuant to a forward roll transaction will decline over the roll period, and that the Fund's counterparty may be unwilling or unable to perform its obligations to the Fund.

------

<u>Mortgage-Related Securities</u> 

The Fund may invest in mortgage-related securities. Mortgage-related securities represent an interest in a pool of, or are secured by, mortgage loans. Mortgage-related securities may be issued or guaranteed by (i) U.S. Government agencies or instrumentalities such as GNMA, FNMA and FHLMC or (ii) other issuers, including private companies.

Many mortgage-related securities provide regular payments which consist of interest and, in most cases, principal. In contrast, other forms of debt securities normally provide for periodic payment of interest in fixed amounts with principal payments at maturity or specified call dates. In effect, payments on many mortgage-related securities are a "pass-through" of the payments made by the individual borrowers on their mortgage loans, net of any fees paid to the issuer or guarantor of such securities.

Besides the scheduled repayment of principal, repayments of principal may result from the voluntary prepayment, refinancing or foreclosure of the underlying mortgage loans. If property owners make unscheduled prepayments of their mortgage loans, these prepayments will typically result in early payment of the applicable mortgage-related securities. The occurrence of mortgage prepayments is affected by a variety of factors including the level of interest rates, general economic conditions, the location and age of the mortgage, and other social and demographic conditions. During periods of falling interest rates, the rate of mortgage prepayments tends to increase, thereby tending to decrease the life of mortgage-related securities. During periods of rising interest rates, the rate of mortgage prepayments usually decreases, thereby tending to increase the life of mortgage-related securities.

Because of the possibility of prepayments (and due to scheduled repayments of principal), mortgage-related securities are less effective than other types of securities as a means of "locking in" attractive long-term interest rates. Prepayments would have to be reinvested at lower rates. As a result, these securities may have less potential for capital appreciation during periods of declining interest rates than other securities of comparable maturities, although they may have a similar risk of decline in market value during periods of rising interest rates. Prepayments may also significantly shorten the effective maturities of these securities, especially during periods of declining interest rates. Conversely, during periods of rising interest rates, a reduction in prepayments may increase the effective maturities of these securities, subjecting them to a greater risk of decline in market value in response to rising interest rates than traditional debt securities, and, therefore, potentially increasing the volatility of the Fund.

Collateralized mortgage obligations ("CMOs") may be issued by a U.S. Government agency or instrumentality or by a private issuer. CMOs are typically structured with classes or series that have different maturities and are generally retired in sequence. Each class of obligations receives periodic interest payments according to its terms. However, monthly principal payments and any prepayments from the collateral pool are generally paid first to the holders of the most senior class. Thereafter, payments of principal are generally allocated to the next most senior class of obligations until that class of obligations has been fully repaid. Any or all classes of obligations of a CMO may be paid off sooner than expected because of an increase in the payoff speed of the pool. Changes in prepayment rates may have significant effects on the values and the volatility of the various classes and series of a CMO. Payment of interest or principal on some classes or series of a CMO may be subject to contingencies or some classes or series may bear some or all of the risk of default on the underlying mortgages.

Stripped mortgage-related securities are usually structured with two classes that receive different portions of the interest and principal distributions on a pool of mortgage loans. The yield to maturity on an interest only or "IO" class of stripped mortgage-related securities is extremely sensitive not only to changes in prevailing interest rates but also to the rate of principal payments (including prepayments) on the underlying assets. A rapid rate of principal prepayments may have a measurable adverse effect on the Fund's yield to maturity to the extent it invests in IOs. If the assets underlying the IO experience greater than anticipated prepayments of principal, the Fund may fail to recoup fully, or at all, its initial investment in these securities. Conversely, principal only securities or "POs" tend to increase in value if prepayments are greater than anticipated and decline if prepayments are slower than anticipated. The secondary market for stripped mortgage-related securities may be more volatile and less liquid than that for other mortgage-related securities, potentially limiting the Fund's ability to buy or sell those securities at any particular time.

<u>Municipal and Municipal-Related Securities</u> 

Municipal securities may bear fixed, floating or variable rates of interest or may be zero coupon securities. Municipal securities are generally of two types: general obligations and revenue obligations. General obligations are backed by the full faith and credit of the issuer. These securities include tax anticipation notes, bond anticipation notes, general obligation bonds and commercial paper. Revenue obligations are backed by the revenues generated from a specific project or facility

------

and include industrial development bonds and private activity bonds. Tax anticipation notes are issued to finance working capital needs of municipalities and are generally issued in anticipation of future tax revenues. Bond anticipation notes are issued in expectation of the issuer obtaining longer-term financing.

The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit a Fund's ability to sell its municipal obligations at attractive prices, particularly in stressed market conditions. The differences between the price at which an obligation can be purchased and the price at which it can be sold may widen during periods of market distress. Less liquid obligations can become more difficult to value and be subject to erratic price movements

<u>Options</u> 

The Fund may purchase and sell put and call options to enhance investment performance and to protect against changes in market prices. There is no assurance that the Fund's use of put and call options will achieve its desired objective, and the Fund's use of options may result in losses to the Fund.

*Covered call options.* The Fund may write (*i.e.*, sell) covered call options to realize a greater current return through the receipt of premiums than it would realize on its securities alone. Such option transactions may also be used as a limited form of hedging against a decline in the price of securities owned by the Fund.

A call option gives the holder the right to purchase, and obligates the writer to sell, a security at the exercise price at any time before the expiration date. A call option is "covered" if the writer, at all times while obligated as a writer, either owns the underlying securities (or comparable securities satisfying the cover requirements of the securities exchanges), or has the right to acquire such securities through immediate conversion of securities. The Fund may write covered call options or uncovered call options.

The Fund will receive a premium from writing a call option, which increases the Fund's return on the underlying security in the event the option expires unexercised or is closed out at a profit. The amount of the premium reflects, among other things, the relationship between the exercise price and the current market value of the underlying security, the volatility of the underlying security, the amount of time remaining until expiration, current interest rates, and the effect of supply and demand in the options market and in the market for the underlying security.

In return for the premium received when it writes a covered call option, the Fund gives up some or all of the opportunity to profit from an increase in the market price of the securities covering the call option during the life of the option. The Fund retains the risk of loss should the price of such securities decline. If the option expires unexercised, the Fund realizes a gain equal to the premium, which may be offset by a decline in price of the underlying security. If the option is exercised, the Fund realizes a gain or loss equal to the difference between the Fund's cost for the underlying security and the proceeds of sale (exercise price minus commissions) plus the amount of the premium.

The Fund may terminate a call option that it has written before it expires by entering into a closing purchase transaction. The Fund may enter into closing purchase transactions in order to free itself to sell the underlying security or to write another call on the security, realize a profit on a previously written call option, or protect a security from being called in an unexpected market rise. Any profits from a closing purchase transaction may be offset by a decline in the value of the underlying security. Conversely, because increases in the market price of a call option will generally reflect increases in the market price of the underlying security, any loss resulting from a closing purchase transaction is likely to be offset in whole or in part by unrealized appreciation of the underlying security owned by the Fund.

*Uncovered call options.* Writing uncovered call options may enable the Fund to realize income without committing capital to the ownership of the underlying securities or instruments, however writing uncovered calls are riskier than writing covered calls because there is no underlying security held by the Fund that can act as a partial hedge. When the Fund has written an uncovered call option, the Fund will not necessarily hold securities offsetting the risk to the Fund. As a result of writing a call option without holding the underlying the securities, if the call option were exercised, the Fund might be required to purchase the security that is the subject of the call at the market price at the time of exercise. The Fund's exposure on such an option is theoretically unlimited. There is also a risk, especially with less liquid preferred and debt securities, that the security may not be available for purchase. Uncovered calls have speculative characteristics.

*Covered put options.* The Fund may write covered put options in order to enhance its current return. Such options transactions may also be used as a limited form of hedging against an increase in the price of securities that the Fund plans to purchase. A put option gives the holder the right to sell, and obligates the writer to buy, a security at the exercise price at any time before the expiration date. A put option may be "covered" if the writer earmarks or otherwise segregates liquid assets equal to the price to be paid if the option is exercised minus margin on deposit.

------

By writing a put option, the Fund assumes the risk that it may be required to purchase the underlying security for an exercise price higher than its then current market value, resulting in a potential capital loss unless the security later appreciates in value.

The Fund may terminate a put option that it has written before it expires by entering into a closing purchase transaction. Any loss from this transaction may be partially or entirely offset by the premium received on the terminated option.

*Purchasing put and call options.* The Fund may also purchase put options to protect portfolio holdings against a decline in market value. This protection lasts for the life of the put option because the Fund, as a holder of the option, may sell the underlying security at the exercise price regardless of any decline in its market price. In order for a put option to be profitable, the market price of the underlying security must decline sufficiently below the exercise price to cover the premium and transaction costs that the Fund must pay. These costs will reduce any profit the Fund might have realized had it sold the underlying security instead of buying the put option.

The Fund may purchase call options to hedge against an increase in the price of securities that the Fund wants ultimately to buy. Such hedge protection is provided during the life of the call option since the Fund, as holder of the call option, is able to buy the underlying security at the exercise price regardless of any increase in the underlying security's market price. In order for a call option to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover the premium and transaction costs. These costs will reduce any profit the Fund might have realized had it bought the underlying security at the time it purchased the call option.

The Fund may also purchase put and call options to attempt to enhance its current return.

*Options on foreign securities.* The Fund may purchase and sell options on foreign securities if the Adviser believes that the investment characteristics of such options, including the risks of investing in such options, are consistent with the Fund's investment objective. It is expected that risks related to such options will not differ materially from risks related to options on U.S. securities. However, position limits and other rules of foreign exchanges may differ from those in the United States. In addition, options markets in some countries, many of which are relatively new, may be less liquid than comparable markets in the United States.

*<u>Options on securities indices.</u>* The Fund may write or purchase options on securities indices. Index options are similar to options on individual securities in that the purchaser of an index option acquires the right to buy (in the case of a call) or sell (in the case of a put), and the writer undertakes the obligation to sell or buy (as the case may be), units of an index at a stated exercise price during the term of the option. Instead of the right to take or make actual delivery of securities, the holder of an index option has the right to receive a cash "exercise settlement amount." This amount is equal to the amount by which the fixed exercise price of the option exceeds (in the case of a put) or is less than (in the case of a call) the closing value of the underlying index on the date of the exercise, multiplied by a fixed "index multiplier."

Price movements in securities which the Fund owns or intends to purchase probably will not correlate perfectly with movements in the level of a securities index and, therefore, if the Fund uses an option for hedging purposes, it bears the risk of a loss on a securities index option which is not completely offset by movements in the price of such securities. Because securities index options are settled in cash, a call writer cannot determine the amount of its settlement obligations in advance and, unlike call writing on a specific security, cannot provide in advance for, or cover, its potential settlement obligations by acquiring and holding underlying securities. The Fund may, however, cover call options written on a securities index by holding a mix of securities which substantially replicate the movement of the index or by holding a call option on the securities index with an exercise price no higher than the call option sold.

Compared to the purchase or sale of futures contracts, the purchase of call or put options on an index involves less potential risk to the Fund because the maximum amount at risk is the premium paid for the options plus transactions costs. The writing of a put or call option on an index involves risks similar to those risks relating to the purchase or sale of index futures contracts.

*Risks involved in the use of options.* The successful use of the Fund's options strategies depends on the ability of the Adviser to forecast correctly interest rate and market movements. For example, if the Fund were to write a call option based on the Adviser's expectation that the price of the underlying security would fall, but the price were to rise instead, the Fund could be required to sell the security upon exercise at a price below the current market price. Similarly, if the Fund were to write a put option based on the Adviser's expectation that the price of the underlying security would rise, but the price were to fall instead, the Fund could be required to purchase the security upon exercise at a price higher than the current market price.

------

When the Fund purchases an option, it runs the risk that it will lose its entire investment in the option in a relatively short period of time, unless the Fund exercises the option or enters into a closing sale transaction before the option's expiration. If the price of the underlying security does not rise (in the case of a call) or fall (in the case of a put) to an extent sufficient to cover the option premium and transaction costs, the Fund will lose part or all of its investment in the option. This contrasts with an investment by the Fund in the underlying security, since the Fund will not realize a loss if the security's price does not change.

The effective use of options also depends on the Fund's ability to terminate option positions at times when the Adviser deems it desirable to do so. There is no assurance that the Fund will be able to effect closing transactions at any particular time or at an acceptable price.

If a secondary market in options were to become unavailable, the Fund could no longer engage in closing transactions. Lack of investor interest might adversely affect the liquidity of the market for particular options or series of options. A market may discontinue trading of a particular option or options generally. In addition, a market could become temporarily unavailable if unusual events — such as volume in excess of trading or clearing capability — were to interrupt its normal operations.

A market may at times find it necessary to impose restrictions on particular types of options transactions, such as opening transactions. For example, if an underlying security ceases to meet qualifications imposed by the market or the Options Clearing Corporation, new series of options on that security will no longer be opened to replace expiring series, and opening transactions in existing series may be prohibited. If an options market were to become unavailable, the Fund as a holder of an option would be able to realize profits or limit losses only by exercising the option, and the Fund, as option writer, would remain obligated under the option until expiration or exercise.

Disruptions in the markets for the securities underlying options purchased or sold by the Fund could result in losses on the options. If trading is interrupted in an underlying security, the trading of options on that security is normally halted as well. As a result, the Fund as purchaser or writer of an option will be unable to close out its positions until options trading resumes, and it may be faced with considerable losses if trading in the security reopens at a substantially different price. In addition, the Options Clearing Corporation or options markets may impose exercise restrictions. If a prohibition on exercise is imposed at the time when trading in the option has also been halted, the Fund as purchaser or writer of an option will be locked into its position until one of the two restrictions has been lifted. If the Options Clearing Corporation were to determine that the available supply of an underlying security appears insufficient to permit delivery by the writers of all outstanding calls in the event of exercise, it may prohibit indefinitely the exercise of put options. The Fund, as holder of such a put option, could lose its entire investment if the prohibition remained in effect until the put option's expiration.

Foreign-traded options are subject to many of the same risks presented by internationally-traded securities. In addition, because of time differences between the United States and various foreign countries, and because different holidays are observed in different countries, foreign options markets may be open for trading during hours or on days when U.S. markets are closed. As a result, option premiums may not reflect the current prices of the underlying interest in the United States.

Over-the-counter ("OTC") options purchased by the Fund and assets held to cover OTC options written by the Fund may, under certain circumstances, be considered illiquid investments for purposes of any limitation on the Fund's ability to invest in illiquid investments.

<u>Other Asset-Backed Securities</u> 

In addition to the mortgage related securities discussed above, the Fund may invest in asset-backed securities that are not mortgage-related. Asset-backed securities other than mortgage-related securities represent undivided fractional interests in pools of instruments, such as consumer loans, and are typically similar in structure to mortgage-related pass-through securities. Payments of principal and interest are passed through to holders of the securities and are typically supported by some form of credit enhancement, such as a letter of credit, surety bond, limited guarantee by another entity, or by priority to certain of the borrower's other securities. The degree of credit-enhancement, if any, varies, applying only until exhausted and generally covering only a fraction of the security's par value.

The value of such asset-backed securities is affected by changes in the market's perception of the asset backing the security, changes in the creditworthiness of the servicing agent for the instrument pool, the originator of the instruments, or the financial institution providing any credit enhancement and the expenditure of any portion of any credit enhancement. The risks of investing in asset-backed securities are ultimately dependent upon payment of the underlying

------

instruments by the obligors, and the Fund would generally have no recourse against the obligee of the instruments in the event of default by an obligor. The underlying instruments are subject to prepayments which shorten the duration of asset-backed securities and may lower their return, in generally the same manner as described above for prepayments of pools of mortgage loans underlying mortgage-related securities.

<u>Pre-Refunded Municipal Securities</u> 

The interest and principal payments on pre-refunded municipal securities are typically paid from the cash flow generated from an escrow fund consisting of U.S. Government securities. These payments have been "pre-refunded" using the escrow fund.

<u>Private Placements and Restricted Securities</u> 

The Fund may invest in securities that are purchased in private placements and, accordingly, are subject to restrictions on resale as a matter of contract or under federal securities laws. While such private placements may offer attractive opportunities for investment not otherwise available on the open market, the securities so purchased are often "restricted securities," i.e., securities which cannot be sold to the public without registration under the Securities Act of 1933 (the "Securities Act") or the availability of an exemption from registration (such as Rules 144 or 144A), or which are not readily marketable because they are subject to other legal or contractual delays in or restrictions on resale. Generally speaking, restricted securities may be sold only to qualified institutional buyers, or in a privately negotiated transaction to a limited number of purchasers, or in limited quantities after they have been held for a specified period of time and other conditions are met pursuant to an exemption from registration, or in a public offering for which a registration statement is in effect under the Securities Act.

Because there may be relatively few potential purchasers for such investments, especially under adverse market or economic conditions or in the event of adverse changes in the financial condition of the issuer, the Fund could find it more difficult to sell such securities when the Adviser believes it advisable to do so or may be able to sell such securities only at prices lower than if such securities were more widely held. Market quotations for such securities are generally less readily available than for publicly traded securities. The absence of a trading market can make it difficult to ascertain a market value for such securities for purposes of computing the Fund's net asset value, and the judgment of the Adviser may at times play a greater role in valuing these securities than in the case of publicly traded securities. Disposing of such securities, which may be illiquid investments, can involve time-consuming negotiation and legal expenses, and it may be difficult or impossible for the Fund to sell them promptly at an acceptable price. The Fund may have to bear the extra expense of registering such securities for resale and the risk of substantial delay in effecting such registration.

The Fund may be deemed to be an "underwriter" for purposes of the Securities Act when selling restricted securities to the public, and in such event the Fund may be liable to purchasers of such securities if the registration statement prepared by the issuer, or the prospectus forming a part of it, is materially inaccurate or misleading.

<u>Purchase of Other Investment Company Shares</u> 

The Fund may to the extent permitted under the 1940 Act and the rules thereunder, invest in shares of other investment companies, which include funds managed by SSGA FM, which invest exclusively in money market instruments or in investment companies with investment policies and objectives which are substantially similar to those of the Fund. These investments may be made temporarily, for example, to invest uncommitted cash balances or, in limited circumstances, to assist in meeting shareholder redemptions , or as long-term investments.

<u>Real Estate Investment Trusts (</u><u>"</u><u>REITs</u><u>"</u><u>)</u> 

The Fund may invest in REITs. REITs pool investors' funds for investment primarily in income producing real estate or real estate loans or interests. A REIT is not taxed on income distributed to shareholders if it complies with several requirements relating to its organization, ownership, assets, and income and a requirement that it distribute to its shareholders at least 90% of its taxable income (other than net capital gains) for each taxable year. REITs can generally be classified as Equity REITs, Mortgage REITs and Hybrid REITs. Equity REITs, which invest the majority of their assets directly in real property, derive their income primarily from rents. Equity REITs can also realize capital gains by selling properties that have appreciated in value. Mortgage REITs, which invest the majority of their assets in real estate mortgages, derive their income primarily from interest payments. Hybrid REITs combine the characteristics of both Equity REITs and Mortgage REITs. The Fund will not invest in real estate directly, but only in securities issued by real estate companies. However, the Fund may be subject to risks similar to those associated with the direct ownership of real estate (in addition to securities markets risks) because of its policy of concentration in the securities of companies in the real estate industry. These include declines in the value of real estate, risks related to general and local economic conditions,

------

dependency on management skill, heavy cash flow dependency, possible lack of availability of mortgage funds, overbuilding, extended vacancies of properties, increased competition, increases in property taxes and operating expenses, changes in zoning laws, losses due to costs resulting from the clean-up of environmental problems, liability to third parties for damages resulting from environmental problems, casualty or condemnation losses, limitations on rents, changes in neighborhood values, the appeal of properties to tenants and changes in interest rates. Investments in REITs may subject Fund shareholders to duplicate management and administrative fees.

In addition to these risks, Equity REITs may be affected by changes in the value of the underlying property owned by the trusts, while Mortgage REITs may be affected by the quality of any credit extended. Further, Equity and Mortgage REITs are dependent upon management skills and generally may not be diversified. Equity and Mortgage REITs are also subject to heavy cash flow dependency, defaults by borrowers and self-liquidation. In addition, if applicable, Equity and Mortgage REITs could possibly fail to qualify for the beneficial tax treatment available to REITs under the Code, or to maintain their exemptions from registration under the 1940 Act. The above factors may also adversely affect a borrower's or a lessee's ability to meet its obligations to the REIT. In the event of a default by a borrower or lessee, the REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting investments.

<u>Repurchase Agreements</u> 

The Fund may enter into repurchase agreements with banks, other financial institutions, such as broker-dealers, and other institutional counterparties. Under a repurchase agreement, the Fund purchases securities from a financial institution that agrees to repurchase the securities at the Fund's original purchase price plus interest within a specified time. The Fund will limit repurchase transactions to those member banks of the Federal Reserve System, broker-dealers and other financial institutions whose creditworthiness the Adviser considers satisfactory. Should the counterparty to a transaction fail financially, the Fund may encounter delay and incur costs before being able to sell the securities, or may be prevented from realizing on the securities. Further, the amount realized upon the sale of the securities may be less than that necessary to fully compensate the Fund.

<u>Reverse Repurchase Agreements</u> 

The Fund may enter into reverse repurchase agreements, which are a form of borrowing. Under reverse repurchase agreements, the Fund transfers possession of portfolio securities to financial institutions in return for cash in an amount equal to a percentage of the portfolio securities' market value and agrees to repurchase the securities at a future date by repaying the cash with interest. The Fund retains the right to receive interest and principal payments from the securities. Reverse repurchase agreements involve the risk that the market value of securities sold by the Fund may decline below the price at which it is obligated to repurchase the securities. Reverse repurchase agreements involve the risk that the buyer of the securities sold might be unable to deliver them when the Fund seeks to repurchase the securities. If the buyer files for bankruptcy or becomes insolvent, the Fund may be delayed or prevented from recovering the security that it sold.

<u>Russia Sanctions Risk</u> 

Sanctions threatened or imposed by a number of jurisdictions, including the United States, the EU and the U.K., and other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or Russian individuals, may result in the devaluation of Russian currency, a downgrade in the country's credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or a Fund. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on a Fund. Sanctions, or the threat of new or modified sanctions, could impair the ability of a Fund to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of a Fund, even if a Fund does not have direct exposure to securities of Russian issuers. As a collective result of the imposition of sanctions, Russian government countermeasures and the impact that they have had on the trading markets for Russian securities, certain Funds have used, and may in the future use, fair valuation procedures approved by the Fund's Board to value certain Russian securities, which could result in such securities being deemed to have a zero value.

------

<u>Total Return Swaps, Equity Swaps and Interest Rate Swaps</u> 

The Fund may contract with a counterparty to pay a stream of cash flows and receive the total return of an index or a security for purposes of attempting to obtain a particular desired return at a lower cost to the Fund than if the Fund had invested directly in an instrument that yielded that desired return. The Fund's return on a swap will depend on the ability of its counterparty to perform its obligations under the swap. The Adviser will cause the Fund to enter into swap agreements only with counterparties that would be eligible for consideration as repurchase agreement counterparties under the Fund's repurchase agreement guidelines.

The Fund may enter into interest rate swap transactions with respect to any security they are entitled to hold. Interest rate swaps involve the exchange by the Fund with another party of their respective rights to receive interest, e.g., an exchange of floating rate payments for fixed rate payments. The Fund expects to enter into these transactions primarily to preserve a return or spread on a particular investment or portion of its portfolio or to protect against any increase in the price of securities it anticipates purchasing at a later date. The Fund generally intends to use these transactions as a hedge and not as a speculative investment. For example, the Fund may enter into an interest rate swap in order to protect against declines in the value of fixed income securities held by the Fund. In such an instance, the Fund may agree with a counterparty to pay a fixed rate (multiplied by a notional amount) and the counterparty to pay a floating rate multiplied by the same notional amount. If interest rates rise, resulting in a diminution in the value of the Fund, the Fund would receive payments under the swap that would offset, in whole or in part, such diminution in value; if interest rates fall, the Fund would likely lose money on the swap transaction.

<u>Treasury Inflation-Protected Securities</u> 

The Fund may invest in Inflation-Protection Securities ("TIPSs"), a type of inflation-indexed Treasury security. TIPSs typically provide for semiannual payments of interest and a payment of principal at maturity. In general, each payment will be adjusted to take into account any inflation or deflation that occurs between the issue date of the security and the payment date based on the Consumer Price Index for All Urban Consumers ("CPI-U").

Each semiannual payment of interest will be determined by multiplying a single fixed rate of interest by the inflation-adjusted principal amount of the security for the date of the interest payment. Thus, although the interest rate will be fixed, the amount of each interest payment will vary with changes in the principal of the security as adjusted for inflation and deflation.

TIPSs also provide for an additional payment (a "minimum guarantee payment") at maturity if the security's inflation-adjusted principal amount for the maturity date is less than the security's principal amount at issuance. The amount of the additional payment will equal the excess of the security's principal amount at issuance over the security's inflation-adjusted principal amount for the maturity date.

<u>U.S. Government Securities</u> 

The Fund may purchase U.S. Government securities. The types of U.S. Government obligations in which the Fund may at times invest include: (1) U.S. Treasury obligations and (2) obligations issued or guaranteed by U.S. Government agencies and instrumentalities which are supported by any of the following: (a) the full faith and credit of the U.S. Treasury, (b) the right of the issuer to borrow an amount limited to a specific line of credit from the U.S. Treasury, (c) discretionary authority of the U.S. Government agency or instrumentality, or (d) the credit of the instrumentality (examples of agencies and instrumentalities are: Federal Land Banks, Federal Housing Administration, Federal Farm Credit Bank, Farmers Home Administration, Export-Import Bank of the United States, Central Bank for Cooperatives, Federal Intermediate Credit Banks, Federal Home Loan Banks, General Services Administration, Maritime Administration, Tennessee Development Bank, Asian-American Development Bank, International Bank for Reconstruction and Development and Federal National Mortgage Association). No assurance can be given that in the future the U.S. Government will provide financial support to U.S. Government securities it is not obligated to support.

<u>U.S. Registered Securities of Non-U.S. Issuers</u> 

The Fund may purchase publicly traded common stocks of non-U.S. corporations.

Investing in U.S. registered, dollar-denominated, securities issued by non-U.S. issuers involves some risks and considerations not typically associated with investing in U.S. companies. These include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations, political instability which could affect U.S. investments in non-U.S. countries, and potential

------

restrictions of the flow of international capital. Non-U.S. companies may be subject to less governmental regulation than U.S. issuers. Moreover, individual non-U.S. economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payment positions.

The Fund's investment in common stock of non-U.S. corporations may also be in the form of American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs") and European Depositary Receipts ("EDRs") (collectively "Depositary Receipts"). Depositary Receipts are receipts, typically issued by a bank or trust company, which evidence ownership of underlying securities issued by a non-U.S. corporation. For ADRs, the depository is typically a U.S. financial institution and the underlying securities are issued by a non-U.S. issuer. For other Depositary Receipts, the depository may be a non-U.S. or a U.S. entity, and the underlying securities may have a non-U.S. or a U.S. issuer. Depositary Receipts will not necessarily be denominated in the same currency as their underlying securities. Generally, ADRs, in registered form, are designed for use in the U.S. securities markets, and EDRs, in bearer form, are designated for use in European securities markets. GDRs are tradable both in the United States and in Europe and are designed for use throughout the world. The Fund may invest in unsponsored Depositary Receipts. The issuers of unsponsored Depositary Receipts are not obligated to disclose material information in the United States, and, therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the market value of the Depositary Receipts.

*Eurodollar Certificates of Deposit, Eurodollar Time Deposits and Yankee Certificates of Deposit.* The Fund may invest in Eurodollar Certificates of Deposit ("ECDs"), Eurodollar Time Deposits ("ETDs") and Yankee Certificates of Deposit ("YCDs"). ECDs and ETDs are U.S. dollar denominated certificates of deposit and time deposits, respectively, issued by non-U.S. branches of domestic banks and non-U.S. banks. YCDs are U.S. dollar denominated certificates of deposit issued by U.S. branches of non-U.S. banks. Different risks than those associated with the obligations of domestic banks may exist for ECDs, ETDs and YCDs because the banks issuing these instruments, or their domestic or non-U.S. branches, are not necessarily subject to the same regulatory requirements that apply to domestic banks, such as loan limitations, examinations and reserve, accounting, auditing, recordkeeping and public reporting requirements. Obligations of non-U.S. issuers also involve risks such as future unfavorable political and economic developments, withholding or other taxes, seizures of non-U.S. deposits, currency controls, interest limitations, and other governmental restrictions that might affect repayment of principal or payment of interest, or the ability to honor a credit commitment.

<u>When-Issued, Delayed Delivery and Forward Commitment Transactions</u> 

To secure an advantageous price or yield, the Fund may purchase securities on a when-issued, delayed delivery, to-be-announced ("TBA") or forward commitment basis and may sell securities on a forward commitment or delayed delivery basis. The Fund will enter into when-issued, delayed delivery, TBA or forward commitment transactions for the purpose of acquiring securities and not for the purpose of leverage.

When purchasing a security on a when-issued, delayed delivery, TBA or forward commitment basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. When such transactions are negotiated, certain terms may be fixed at the time the commitment is made, but delivery and payment for the securities takes place at a later date. In general, the Fund does not pay for the securities until received and does not start earning interest or other income until the contractual settlement date. The Fund may take delivery of the securities or it may sell the securities before the settlement date.

At the time of delivery of the securities, the value may be more or less than the purchase or sale price. If the Fund remains substantially fully invested at a time when when-issued, delayed delivery, TBA or forward commitment purchases are outstanding, the purchases may result in a form of leverage and give rise to increased volatility of the Fund's NAV. Default by, or bankruptcy of, a counterparty to a when-issued, delayed delivery, TBA or forward commitment transaction would expose the Fund to possible losses because of an adverse market action, expenses or delays in connection with the purchase or sale of the pools specified in such transaction. Purchases of when-issued, delayed delivery, TBA or forward commitment securities also involve a risk of loss if the seller fails to deliver after the value of the securities has risen.

A TBA transaction involves a commitment to purchase securities sold for a fixed price where the underlying securities are announced at a future date. The seller does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms. For example, in a TBA mortgage-backed security transaction, the Fund and the seller would agree upon the issuer, interest rate and terms of the underlying mortgages. The seller would not identify the specific underlying mortgages until it issues the security. For this reason, in a TBA transaction, the Fund

------

commits to purchase securities for which all specific information is not yet known at the time of the trade, particularly the exact face amount in forward commitment mortgage-backed securities transactions. The purchaser in a TBA transaction generally is subject to increased market risk and interest rate risk because the delivered securities may be less favorable than anticipated by the purchaser.

The Fund may also enter into a forward commitment to sell securities it owns. The use of forward commitments enables the Fund to hedge against anticipated changes in interest rates and prices. In a forward sale, the Fund does not participate in gains or losses on the security occurring after the commitment date. Forward commitments to sell securities also involve a risk of loss if the seller fails to take delivery after the value of the securities has declined. Forward commitment transactions involve additional risks similar to those associated with investments in options and futures contracts.

Rule amendments proposed by the Financial Industry Regulatory Authority, Inc. ("FINRA") may impose mandatory margin requirements for "Covered Agency Transactions," which include TBA Transactions, certain transactions in pass-through mortgage-backed securities or small-business administration-backed asset-backed securities and transactions in collateralized mortgage obligations ("CMOs"), in each case where such transactions have delayed contractual settlement dates of a specified period. There are limited exceptions to these margin requirements. Covered Agency Transactions historically have not been required to be collateralized. The collateralization of Covered Agency Transactions is intended to mitigate counterparty credit risk between trade and settlement, but could increase the cost of such transactions and impose added operational complexity.

<u>Master/Feeder Structure</u> 

The Fund may in the future determine to become a "feeder" fund that invests all of its assets in another open-end investment company (a "master fund") that has substantially similar investment strategies as the Fund. This structure is sometimes called a "master/feeder" structure.

**Fundamental Investment Restrictions** 

The Trust has adopted the following fundamental investment policies with respect to the Fund, which may not be changed without the affirmative vote of a "majority of the outstanding voting securities" of the shareholders of the Fund. A "majority of the outstanding voting securities" is defined in the 1940 Act to mean the affirmative vote of the lesser of: (1) more than 50% of the outstanding shares of the Fund; or (2) 67% or more of the shares present at a meeting if more than 50% of the outstanding shares are present at the meeting in person or by proxy.

&nbsp;&nbsp;&nbsp;&nbsp;1. The Fund may borrow money and issue senior securities to the extent consistent with applicable law from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;2. The Fund may make loans, including to affiliated investment companies, to the extent consistent with applicable law from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;3. The Fund may purchase or sell commodities to the extent consistent with applicable law from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;4. The Fund may purchase, sell or hold real estate to the extent consistent with applicable law from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;5. The Fund may underwrite securities to the extent consistent with applicable law from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;6. The Fund may not purchase any security if, as a result, 25% or more of the Fund's total assets (taken at current value) would be invested in a particular industry (for purposes of this restriction, investment companies are not considered to constitute a particular industry or group of industries), except as is consistent with applicable law from time to time and as follows: the Fund is permitted to invest without limit in "government securities" (as defined in the 1940 Act) and tax-exempt securities issued by a U.S. territory or possession, a state or local government, or a political subdivision of any of the foregoing.

For purposes of the above investment limitation number 6, in the case of a tax-exempt bond issued by a non-governmental user, where the tax-exempt bond is backed only by the assets and revenues of the non-governmental user, then such non-governmental user would be deemed to be the sole issuer. All percentage limitations (except the limitation to borrowings) on investments will apply at the time of the making of an investment and shall not be considered violated unless an excess or deficiency occurs or exists immediately after and as a result of such investment. Except for the investment restrictions expressly identified as fundamental, or to the extent designated as such in the Prospectus with respect to the Fund, the other investment policies described in this SAI or in the Prospectus are not fundamental and may be changed by approval of the Trustees without shareholder approval.

------

The Fund is a 'diversified' fund within the meaning of Section 5 of the 1940 Act. A diversified fund meets the following requirements: At least 75 percent of the value of its total assets is represented by cash and cash items (including receivables), government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater in value than 5 percent of the value of the total assets of such management company and to not more than 10 percent of the outstanding voting securities of such issuer.

**Additional Information** 

Fundamental Investment Restrictions (1) through (5), as numbered above limit the Fund's ability to engage in certain investment practices and purchase securities or other instruments to the extent consistent with applicable law as that law changes from time to time. Applicable law includes the 1940 Act, the rules or regulations thereunder and applicable orders of the SEC as are currently in place. In addition, interpretations and guidance provided by the SEC staff may be taken into account, where deemed appropriate by the Fund, to determine if an investment practice or the purchase of securities or other instruments is permitted by applicable law. As such, the effects of these limitations will change as the statute, rules, regulations or orders (or, if applicable, interpretations) change, and no shareholder vote will be required or sought when such changes permit or require a resulting change in practice.

**Disclosure of Portfolio Holdings** 

<u>Introduction</u> 

The policies set forth below to be followed by State Street and SSGA FM (collectively, the "Service Providers") for the disclosure of information about the portfolio holdings of the SSGA Funds, State Street Master Funds, and State Street Institutional Investment Trust (each, a "Trust"). These disclosure policies are intended to ensure compliance by the Service Providers and the Trust with applicable regulations of the federal securities laws, including the 1940 Act and the Investment Advisers Act of 1940, as amended. The Board of Trustees of the Trust must approve all material amendments to the policy.

<u>General Policy</u> 

It is the policy of the Service Providers to protect the confidentiality of client holdings and prevent the selective disclosure of non-public information concerning the Trust.

No information concerning the portfolio holdings of the Trust may be disclosed to any party (including shareholders) except as provided below. The Service Providers are not permitted to receive compensation or other consideration in connection with disclosing information about a Fund's portfolio to third parties. In order to address potential conflicts between the interest of Fund shareholders, on the one hand, and those of the Service Providers or any affiliated person of those entities or of the Fund, on the other hand, the Fund's policies require that non-public disclosures of information regarding the Fund's portfolio may be made only if there is a legitimate business purpose consistent with fiduciary duties to all shareholders of the Fund.

The Board of Trustees exercises continuing oversight over the disclosure of the Fund's holdings by (i) overseeing the implementation and enforcement of the portfolio holding disclosure policy, Codes of Ethics and other relevant policies of the Fund and its Service Providers by the Trust's Chief Compliance Officer ("CCO"), and (ii) considering reports and recommendations by the Trust's CCO concerning any material compliance matters (as defined in Rule 38a-1 under the 1940 Act). The Board reserves the right to amend the policy at any time without prior notice in its sole discretion.

*Publicly Available Information.* Any party may disclose portfolio holdings information after the holdings are publicly available.

Disclosure of the complete holdings of the Fund is required to be made quarterly within 60 days of the end of the Fund's fiscal quarter in the Annual Report and Semi-Annual Report to Fund shareholders and in the monthly holdings report on Form N-PORT, with every third month made available to the public by the SEC 60 days after the end of the Fund's fiscal quarter. You can find SEC filings on the SEC's website, www.sec.gov. Information about a Fund's 10 largest holdings generally is posted on the Fund's website at SSGA.com, within 30 days following the end of each month. The Fund will also make complete portfolio holdings available generally no later than 60 calendar days after the end of the Fund's fiscal quarter or subsequent to periodic portfolio holdings disclosure in the Fund's filings with the SEC or on their website.

------

*Press Interviews Brokers and Other Discussions.* Portfolio managers and other senior officers or spokespersons of the Service Providers or the Trust may disclose or confirm the ownership of any individual portfolio holding position to reporters, brokers, shareholders, consultants or other interested persons only if such information has been previously publicly disclosed in accordance with these disclosure policies. For example, a portfolio manager discussing the Trust may indicate that he owns XYZ Company for the Trust only if the Trust's ownership of such company has previously been publicly disclosed.

*Trading Desk Reports.* State Street Global Advisors' ("SSGA") trading desk may periodically distribute lists of investments held by its clients (including the Trust) for general analytical research purposes. In no case may such lists identify individual clients or individual client position sizes. Furthermore, in the case of equity securities, such lists shall not show aggregate client position sizes.

<u>Miscellaneous</u> 

*Confidentiality Agreement.* No non-public disclosure of the Fund's portfolio holdings will be made to any party unless such party has signed a written Confidentiality Agreement. For purposes of the disclosure policies, any Confidentiality Agreement must be in a form and substance acceptable to, and approved by, the Trust's officers.

*Evaluation Service Providers.* There are numerous mutual fund evaluation services (such as Morningstar, Inc. and Broadridge Financial Solutions, Inc., formerly Lipper, Inc.) and due diligence departments of broker-dealers and wirehouses that regularly analyze the portfolio holdings of mutual funds in order to monitor and report on various attributes. These services and departments then distribute the results of their analysis to the public, paid subscribers and/or in-house brokers. In order to facilitate the review of the Trust by these services and departments, the Trust may distribute (or authorize the Service Providers and the Trust's custodian or fund accountants to distribute) month-end portfolio holdings to such services and departments only if such entity has executed a confidentiality agreement.

*Additional Restrictions.* Notwithstanding anything herein to the contrary, the Board of Trustees, State Street and SSGA FM may, on a case-by-case basis, impose additional restrictions on the dissemination of portfolio information beyond those found in these disclosure policies.

*Waivers of Restrictions.* These disclosure policies may not be waived, or exceptions made, without the consent of the Trust's officers. All waivers and exceptions involving the Trust will be disclosed to the Board of Trustees no later than its next regularly scheduled quarterly meeting.

*Disclosures Required by Law.* Nothing contained herein is intended to prevent the disclosure of portfolio holdings information as may be required by applicable law. For example, SSGA FM, State Street, the Trust or any of its affiliates or service providers may file any report required by applicable law (such as Schedules 13D, 13G and 13F or Form N-MFP), respond to requests from regulators and comply with valid subpoenas.

**Management of the Trust**

The Board of Trustees is responsible for overseeing generally the management, activities and affairs of the Fund and has approved contracts with various organizations to provide, among other services, day-to-day management required by the Trust (see the section called "Investment Advisory and Other Services"). The Board has engaged the Adviser to manage the Fund on a day-to day basis. The Board is responsible for overseeing the Adviser and other service providers in the operation of the Trust in accordance with the provisions of the 1940 Act, applicable Massachusetts law and regulation, other applicable laws and regulations, and the Amended and Restated Declaration of Trust. The Trustees listed below are also Trustees of the SSGA Funds, the State Street Institutional Funds, the State Street Master Funds and the State Street Navigator Securities Lending Trust (the "Navigator Trust") and their respective series and Elfun Diversified Fund, Elfun Government Money Market Fund, Elfun Tax-Exempt Income Fund, Elfun Income Fund, Elfun International Equity Fund

------

and Elfun Trusts (collectively, the "Elfun Funds") and are Directors of State Street Variable Insurance Series Funds, Inc. The following table provides information with respect to each Trustee, including those Trustees who are not considered to be "interested" as that term is defined in the 1940 Act (the "Independent Trustees"), and each officer of the Trusts.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address,**<br> **and Year of Birth**<br>| **Position(s)**<br> **Held With**<br> **Trust**<br>| **Term of**<br> **Office and**<br> **Length of**<br> **Time Served**<br>| **Principal**<br> **Occupation**<br> **During Past** <br> **Five Years**<br> **and Relevant**<br> **Experience**<br>| **Number** <br> **of Funds** <br> **in Fund**<br> **Complex**<br> **Overseen** <br> **by Trustee†**<br>| **Other**<br> **Directorships**<br> **Held by** <br> **Trustee**<br> **During Past**<br> **Five Years**<br>|
| **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** |
| PATRICK J. RILEY <br> c/o SSGA Funds <br> Management, Inc. <br> One Iron Street <br> Boston, MA 02210 <br> YOB: 1948<br>| &nbsp;&nbsp; Trustee and <br> Chairperson of <br> the Board<br>| &nbsp;&nbsp; Term: <br> Indefinite <br> Elected: <br> 1988<br>| &nbsp;&nbsp; Associate Justice of the <br> Superior Court, <br> Commonwealth of <br> Massachusetts (2002 – <br> May 2010); Partner, <br> Riley, Burke & Donahue, <br> L.L.P. (law firm) (1985 – <br> 2002); Independent <br> Director, State Street <br> Global Advisers Ireland, <br> Ltd. (investment <br> company) (1998 – <br> present); Independent <br> Director, SSGA Liquidity <br> plc (formerly, SSGA <br> Cash Management Fund <br> plc) (1998 – present); <br> Independent Director, <br> SSGA Fixed Income plc <br> (January 2009 – <br> present); and <br> Independent Director, <br> SSGA Qualified Funds <br> PLC (January 2009 – <br> 2019).<br>| 56 | &nbsp;&nbsp; Board Director and <br> Chairman, SPDR <br> Europe 1PLC Board <br> (2011 – present); Board <br> Director and Chairman, <br> SPDR Europe II, PLC <br> (2013 – present).<br>|
| JOHN R. COSTANTINO <br> c/o SSGA Funds <br> Management, Inc. <br> One Iron Street <br> Boston, MA 02210 <br> YOB: 1946<br>| &nbsp;&nbsp; Trustee and <br> Chairperson of <br> the Qualified <br> Legal <br> Compliance <br> Committee<br>| &nbsp;&nbsp; Term: <br> Indefinite <br> Elected: <br> 12/18<br>| &nbsp;&nbsp; Senior Advisor to NGN <br> Capital LLC (January <br> 2019 – present); <br> Managing General <br> Partner, NGN Capital <br> LLC (2006 – December <br> 2019).<br>| 56 | &nbsp;&nbsp; Director of Kleinfeld <br> Bridal Corp. (January <br> 2016 – present); Trustee <br> of Neuroscience <br> Research Institute (1986 <br> – 2017); Trustee of <br> Fordham University <br> (1989 – 1995 and 2001 <br> – 2007) and Trustee <br> Emeritus (2007 – <br> present); Trustee and <br> Independent <br> Chairperson of GE <br> Funds (1993 – February <br> 2011); Director, <br> Muscular Dystrophy <br> Association (2019 – <br> present); Trustee of <br> Gregorian University <br> Foundation (1992 – <br> 2007); Chairman of the <br> Board of Directors, <br> Vivaldi Biosciences Inc. <br> (May 2017 - present); <br> Chairman of the <br> Supervisory Board, <br> Vivaldi Biosciences AG. <br> (May 2017 - present); <br> Trustee, Gallim Dance <br> (December 2021 - <br> present).<br>|
| MICHAEL A. JESSEE <br> c/o SSGA Funds <br> Management, Inc.<br>| &nbsp;&nbsp; Trustee and <br> Chairperson of <br> the Valuation<br>| &nbsp;&nbsp; Term: <br> Indefinite <br> Appointed:<br>| &nbsp;&nbsp; Retired; formerly, <br> President and Chief <br> Executive Officer of the<br>| 56 | None. |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address,**<br> **and Year of Birth**<br>| **Position(s)**<br> **Held With**<br> **Trust**<br>| **Term of**<br> **Office and**<br> **Length of**<br> **Time Served**<br>| **Principal**<br> **Occupation**<br> **During Past** <br> **Five Years**<br> **and Relevant**<br> **Experience**<br>| **Number** <br> **of Funds** <br> **in Fund**<br> **Complex**<br> **Overseen** <br> **by Trustee†**<br>| **Other**<br> **Directorships**<br> **Held by** <br> **Trustee**<br> **During Past**<br> **Five Years**<br>|
| One Iron Street <br> Boston, MA 02210 <br> YOB: 1946<br>| Committee | &nbsp;&nbsp; 7/16 <br> Elected: <br> 12/18<br>| &nbsp;&nbsp; Federal Home Loan <br> Bank of Boston (1989 – <br> 2009); Trustee, <br> Randolph-Macon <br> College (2004 – 2016).<br>|  |  |
| MARGARET MCLAUGHLIN <br> c/o SSGA Funds <br> Management, Inc. <br> One Iron Street <br> Boston, MA 02210 <br> YOB: 1967<br>| Trustee | &nbsp;&nbsp; Term: <br> Indefinite <br> Appointed: <br> 9/22<br>| &nbsp;&nbsp; Consultant, Bates Group <br> (consultants) (2021 – <br> 2023); Consultant, <br> Madison Dearborn <br> Partners (private equity) <br> (2019 – 2020); General <br> Counsel/CCO, Kramer <br> Van Kirk Credit <br> Strategies L.P./Mariana <br> Systems LLC <br> (Investment <br> Adviser/SaaS <br> Technology) (2011 – <br> 2019).<br>| 56 | &nbsp;&nbsp; Director, Manning & <br> Napier Fund Inc (2021 – <br> 2022).<br>|
| GEORGE M. PEREIRA<br> c/o SSGA Funds <br> Management, Inc. <br> One Iron Street <br> Boston, MA 02210 <br> YOB: 1964<br>| Trustee | &nbsp;&nbsp; Term: <br> Indefinite <br> Appointed: <br> 9/22<br>| &nbsp;&nbsp; Chief Operating Officer <br> (January 2011 – <br> September 2020) and <br> Chief Financial Officer <br> (November 2004 – <br> September 2020), <br> Charles Schwab <br> Investment <br> Management.<br>| 56 | &nbsp;&nbsp; Director, Pacific Premier <br> Bancorp, Pacific Premier <br> Bank (2021 – present); <br> Director, Charles <br> Schwab Asset <br> Management (Ireland) <br> Ltd., & Charles Schwab <br> Worldwide Funds plc. <br> (2005 – 2020); Director, <br> Rotaplast International, <br> Inc. (non-profit providing <br> free medical services to <br> children worldwide) <br> (2012 – 2018).<br>|
| DONNA M. RAPACCIOLI <br> c/o SSGA Funds <br> Management, Inc. <br> One Iron Street <br> Boston, MA 02210 <br> YOB: 1962<br>| &nbsp;&nbsp; Trustee and <br> Chairperson of <br> the Audit <br> Committee<br>| &nbsp;&nbsp; Term: <br> Indefinite <br> Elected: <br> 12/18<br>| &nbsp;&nbsp; Dean of the Gabelli <br> School of Business <br> (2007 – June 2022) and <br> Accounting Professor <br> (1987 – present) at <br> Fordham University.<br>| 56 | &nbsp;&nbsp; Director- Graduate <br> Management <br> Admissions Council <br> (2015 – 2022); Trustee <br> of Emmanuel College <br> (2010 – 2019).<br>|
| RICHARD D. SHIRK <br> c/o SSGA Funds <br> Management, Inc. <br> One Iron Street <br> Boston, MA 02210 <br> YOB: 1945<br>| &nbsp;&nbsp; Trustee and <br> Chairperson of <br> the Nominating <br> Committee and <br> Chairperson of <br> the Governance <br> Committee<br>| &nbsp;&nbsp; Term: <br> Indefinite <br> Elected: <br> 1988<br>| &nbsp;&nbsp; Chairman (March 2001 - <br> April 2002), President <br> and Chief Executive <br> Officer (1996 - March <br> 2001), Cerulean <br> Companies, Inc. (holding <br> company) (Retired); <br> President and Chief <br> Executive Officer, Blue <br> Cross Blue Shield of <br> Georgia (health insurer, <br> managed healthcare) <br> (1992 - March 2001).<br>| 56 | &nbsp;&nbsp; Chairman and Board <br> Member (1998 - <br> December 2008) and <br> Investment Committee <br> Member (December <br> 2008 - present), <br> Healthcare Georgia <br> Foundation (private <br> foundation); Lead <br> Director and Board <br> Member, Amerigroup <br> Corp. (managed health <br> care) (September 2002 <br> – 2012); Board Member <br> (1999 - 2013) and <br> Investment Committee <br> Member (2001 - 2017), <br> Woodruff Arts Center; <br> Trustee, Gettysburg <br> College (2003 - 2009); <br> Board member, <br> Aerocare Holdings <br> (2003 - January 2021), <br> Regenesis Biomedical <br> Inc. (April 2012 - <br>|

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address,**<br> **and Year of Birth**<br>| **Position(s)**<br> **Held With**<br> **Trust**<br>| **Term of**<br> **Office and**<br> **Length of**<br> **Time Served**<br>| **Principal**<br> **Occupation**<br> **During Past** <br> **Five Years**<br> **and Relevant**<br> **Experience**<br>| **Number** <br> **of Funds** <br> **in Fund**<br> **Complex**<br> **Overseen** <br> **by Trustee†**<br>| **Other**<br> **Directorships**<br> **Held by** <br> **Trustee**<br> **During Past**<br> **Five Years**<br>|
|  |  |  |  |  | present). |
| **INTERESTED TRUSTEE**<sup>(1)</sup> |  |  |  |  |  |
| ELLEN M. NEEDHAM<sup>(2)</sup> <br> SSGA Funds Management, <br> Inc. <br> One Iron Street <br> Boston, MA 02210 <br> YOB: 1967<br>| &nbsp;&nbsp; Trustee and <br> President<br>| &nbsp;&nbsp; Term: <br> Indefinite <br> Elected: <br> 12/18<br>| &nbsp;&nbsp; Chairman, SSGA Funds <br> Management, Inc. <br> (March 2020 – present); <br> President and Director, <br> SSGA Funds <br> Management, Inc. (2001 <br> – present)\*; Senior <br> Managing Director, State <br> Street Global Advisors <br> (1992 – present)\*; <br> Manager, State Street <br> Global Advisors Funds <br> Distributors, LLC (May <br> 2017 – present).<br>| 56 | &nbsp;&nbsp; Board Director, SSGA <br> SPDR ETFs Europe I <br> plc (May 2020 – <br> present); Board Director, <br> SSGA SPDR ETFs <br> Europe II plc (May 2020 <br> – present).<br>|

---

†

For the purpose of determining the number of portfolios overseen by the Trustees, "Fund Complex" comprises registered investment companies for which SSGA FM serves as investment adviser.

<sup>(1)</sup>

The individual listed below is a Trustee who is an "interested person," as defined in the 1940 Act, of the Trust ("Interested Trustee").

<sup>(2)</sup>

Ms. Needham is an Interested Trustee because of her employment by SSGA FM, an affiliate of the Trust.

\*

Served in various capacities and/or with various affiliated entities during noted time period.

The following lists the principal officers for the Trust, as well as their mailing addresses and ages, positions with the Trust and length of time served, and present and principal occupations:

---

| | | | |
|:---|:---|:---|:---|
| **Name, Address,**<br> **and Year of Birth**<br>| **Position(s)**<br> **Held With**<br> **Trust**<br>| **Term of**<br> **Office and**<br> **Length of**<br> **Time Served**<br>| **Principal Occupation**<br> **During Past Five Years**<br>|
| **OFFICERS:** | **OFFICERS:** | **OFFICERS:** | **OFFICERS:** |
| ELLEN M. NEEDHAM <br> SSGA Funds Management, Inc. <br> One Iron Street <br> Boston, MA 02210 <br> YOB: 1967<br>| President, Trustee | &nbsp;&nbsp; Term: Indefinite <br> Served: since <br> 10/12<br>| &nbsp;&nbsp; Chairman, SSGA Funds Management, Inc. (March 2020 <br> – present); President and Director, SSGA Funds <br> Management, Inc. (2001 – present)\*; Senior Managing <br> Director, State Street Global Advisors (1992 – present)\*; <br> Manager, State Street Global Advisors Funds <br> Distributors, LLC (May 2017 – present).<br>|
| BRUCE S. ROSENBERG <br> SSGA Funds Management, Inc. <br> One Iron Street <br> Boston, MA 02210 <br> YOB: 1961<br>| Treasurer | &nbsp;&nbsp; Term: Indefinite <br> Served: since <br> 2/16<br>| &nbsp;&nbsp; Managing Director, State Street Global Advisors and <br> SSGA Funds Management, Inc. (July 2015 – present); <br> Director, Credit Suisse (April 2008 – July 2015).<br>|
| ANN M. CARPENTER <br> SSGA Funds Management, Inc. <br> One Iron Street <br> Boston, MA 02210 <br> YOB: 1966<br>| &nbsp;&nbsp; Vice President and <br> Deputy Treasurer<br>| &nbsp;&nbsp; Term: Indefinite <br> Served: since <br> 10/12<br> Term: Indefinite <br> Served: since <br> 2/16<br>| &nbsp;&nbsp; Chief Operating Officer, SSGA Funds Management, Inc. <br> (April 2005 – present)\*; Managing Director, State Street <br> Global Advisors. (April 2005 – present).\*<br>|
| CHAD C. HALLETT <br> SSGA Funds Management, Inc. <br> One Iron Street <br> Boston, MA 02210 <br> YOB: 1969<br>| Deputy Treasurer | &nbsp;&nbsp; Term: Indefinite <br> Served: since <br> 2/16<br>| &nbsp;&nbsp; Vice President, State Street Global Advisors and SSGA <br> Funds Management, Inc. (November 2014 – present).<br>|
| DARLENE ANDERSON-VASQUEZ <br> SSGA Funds Management, Inc. <br> One Iron Street <br> Boston, MA 02210 <br> YOB: 1968<br>| Deputy Treasurer | &nbsp;&nbsp; Term: Indefinite <br> Served: since <br> 11/16<br>| &nbsp;&nbsp; Managing Director, State Street Global Advisors and <br> SSGA Funds Management, Inc. (May 2016 – present); <br> Senior Vice President, John Hancock Investments <br> (September 2007 – May 2016).<br>|

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Name, Address,**<br> **and Year of Birth**<br>| **Position(s)**<br> **Held With**<br> **Trust**<br>| **Term of**<br> **Office and**<br> **Length of**<br> **Time Served**<br>| **Principal Occupation**<br> **During Past Five Years**<br>|
| ARTHUR A. JENSEN <br> SSGA Funds Management, Inc. <br> 1600 Summer Street <br> Stamford, CT 06905 <br> YOB: 1966<br>| Deputy Treasurer | &nbsp;&nbsp; Term: Indefinite <br> Served: since <br> 9/17<br>| &nbsp;&nbsp; Vice President, State Street Global Advisors and SSGA <br> Funds Management, Inc. (July 2016 – present); Mutual <br> Funds Controller, GE Asset Management Incorporated <br> (April 2011 – July 2016).<br>|
| DAVID LANCASTER <br> SSGA Funds Management, Inc. <br> One Iron Street <br> Boston, MA 02210 <br> YOB: 1971<br>| Assistant Treasurer | &nbsp;&nbsp; Term: Indefinite <br> Served: since <br> 11/20<br>| &nbsp;&nbsp; Vice President, State Street Global Advisors and SSGA <br> Funds Management, Inc. (July 2017 – present); <br> Assistant Vice President, State Street Bank and Trust <br> Company (November 2011 – July 2017).\*<br>|
| RYAN HILL <br> SSGA Funds Management, Inc. <br> One Iron Street<br> Boston, MA 02210<br> YOB: 1982<br>| Assistant Treasurer | &nbsp;&nbsp; Term: Indefinite <br> Served: since <br> 5/22<br>| &nbsp;&nbsp; Vice President, State Street Global Advisors and SSGA <br> Funds Management, Inc. (May 2017 – present); <br> Assistant Vice President, State Street Bank and Trust <br> Company (May 2014 – May 2017).<br>|
| JOHN BETTENCOURT<br> SSGA Funds Management, Inc. <br> One Iron Street, <br> Boston, MA 02210<br> YOB:1976<br>| Assistant Treasurer | &nbsp;&nbsp; Term: Indefinite <br> Served: since <br> 5/22<br>| &nbsp;&nbsp; Vice President, State Street Global Advisors and SSGA <br> Funds Management, Inc. (March 2020 – present); <br> Assistant Vice President, State Street Global Advisors <br> (June 2007 – March 2020).<br>|
| BRIAN HARRIS <br> SSGA Funds Management, Inc. <br> One Iron Street <br> Boston, MA 02210 <br> YOB: 1973<br>| &nbsp;&nbsp; Chief Compliance <br> Officer, Anti-Money <br> Laundering Officer <br> and Code of Ethics <br> Compliance Officer<br>| &nbsp;&nbsp; Term: Indefinite <br> Served: since <br> 11/13<br> Term: Indefinite <br> Served: since <br> 9/16<br>| &nbsp;&nbsp; Managing Director, State Street Global Advisors and <br> SSGA Funds Management, Inc. (June 2013 – present).\*<br>|
| SEAN O'MALLEY <br> SSGA Funds Management, Inc. <br> One Iron Street <br> Boston, MA 02210 <br> YOB: 1969<br>| Chief Legal Officer | &nbsp;&nbsp; Term: Indefinite <br> Served: since <br> 8/19<br>| &nbsp;&nbsp; Senior Vice President and General Counsel, State <br> Street Global Advisors (May 2022 - present); Senior <br> Vice President and Deputy General Counsel, State <br> Street Global Advisors (November 2013 – May 2022).<br>|
| DAVID BARR <br> SSGA Funds Management, Inc. <br> One Iron Street <br> Boston, MA 02210 <br> YOB: 1974<br>| Secretary | &nbsp;&nbsp; Term: Indefinite <br> Served: since <br> 9/20<br>| &nbsp;&nbsp; Vice President and Senior Counsel, State Street Global <br> Advisors (October 2019 – present); Vice President and <br> Counsel, Eaton Vance Corp. (October 2010 – October <br> 2019).<br>|
| DAVID URMAN <br> SSGA Funds Management, Inc. <br> One Iron Street <br> Boston, MA 02210 <br> YOB: 1985<br>| Assistant Secretary | &nbsp;&nbsp; Term: Indefinite <br> Served: since <br> 8/19<br>| &nbsp;&nbsp; Vice President and Senior Counsel, State Street Global <br> Advisors (April 2019 – present); Vice President and <br> Counsel, State Street Global Advisors (August 2015 – <br> April 2019); Associate, Ropes & Gray LLP (November <br> 2012 – August 2015).<br>|

---

\*

Served in various capacities and/or with various affiliated entities during noted time period.

The By-Laws of the Trust provide that the Trust shall indemnify each person who is or was a Trustee of the Trust against all expenses, judgments, fines, settlements and other amounts actually and reasonably incurred in connection with any proceedings if the person in good faith and reasonably believes that his or her conduct was in the Trust's best interest. The Trust, at its expense, provides liability insurance for the benefit of its Trustees and officers.

<u>Summary of Trustees' Qualifications</u> 

Following is a summary of the experience, attributes and skills which qualify each Trustee to serve on the Boards of Trustees of the Trust.

Patrick J. Riley: Mr. Riley is an experienced business executive with over 45 years of experience in the legal and financial services industries; his experience includes service as a trustee or director of various investment companies and Associate Justice of the Superior Court of the Commonwealth of Massachusetts. He has served on the Board of Trustees and related committees of the Trust for 33 years and possesses significant experience regarding the operations and history of the Trust. Mr. Riley serves as a Trustee of the Navigator Trust, SSGA Funds, State Street Master Funds, Elfun Funds, and State Street Institutional Funds and a Director of State Street Variable Insurance Series Funds, Inc.

------

John R. Costantino: In addition to his tenure as a board member of various other funds advised by SSGA FM, Mr. Costantino has over 33 years of private equity investing experience. He has also served as an officer or a board member of charitable organizations and public and private companies for over 32 years. Mr. Costantino is an attorney and a certified public accountant. Mr. Costantino serves as a Trustee of the Navigator Trust, SSGA Funds, State Street Master Funds, Elfun Funds, and State Street Institutional Funds (independent chairperson through 2016) and a Director of State Street Variable Insurance Series Funds, Inc. (independent chairperson through 2016).

Michael A. Jessee: Mr. Jessee is an experienced business executive with approximately 45 years of experience in the banking industry. He previously served as President and Chief Executive Officer of the Federal Home Loan Bank of Boston as well as various senior executive positions of major banks. Mr. Jessee has served on the Navigator Trust's Board of Trustees and related committees for 26 years and possesses significant experience regarding the trust's operations and history. Mr. Jessee also serves as a Trustee of the Navigator Trust, SSGA Funds, State Street Master Funds, Elfun Funds, and State Street Institutional Funds and a Director of State Street Variable Insurance Series Funds, Inc.

Margaret McLaughlin: Ms. McLaughlin has over twenty-five years of experience she has gained in a variety of roles encompassing regulatory, operating, legal, and compliance functions, serving both firms and their boards. Ms. McLaughlin formerly served as a founding member of the executive management team for Kramer Van Kirk Credit Strategies L.P. and its technology affiliate, Mariana Systems LLC, where she was integrally involved in corporate strategy, operational oversight, risk management and board governance. Prior to Kramer Van Kirk, Ms. McLaughlin was Assistant General Counsel to Harris Associates L.P., where she was responsible for legal, regulatory and compliance activities related to the Oakmark Mutual Funds. Ms. McLaughlin has an extensive understanding and perspective on governance, oversight, regulation, policies and procedures from these positions as well as her prior experience with both the Securities and Exchange Commission and the Department of Justice. Most recently, Ms. McLaughlin has held consulting positions at major private equity and management consulting firms. Ms. McLaughlin serves as a Trustee of State Street Institutional Investment Trust, State Street Master Funds, State Street Navigator Securities Lending Trust, SSGA Funds, Elfun Funds, and State Street Institutional Funds and a Director of State Street Variable Insurance Series Funds, Inc.

George M. Pereira: Mr. Pereira has over thirty years of experience in executive management with financial institutions, including extensive experience relating to financial reporting, operations, cybersecurity oversight, and enterprise risk management. Mr. Pereira recently retired from Charles Schwab Investment Management Inc., having served as Chief Operating Officer and Chief Financial Officer during his tenure. Previously, Mr. Pereira also served as Head of Financial Reporting for Charles Schwab & Co., Inc. Earlier in his career, Mr. Pereira gained valuable regulatory experience and perspective while serving as managing director at the New York Stock Exchange. With this professional experience, Mr. Pereira has developed wide-ranging expertise in building and managing financial, operational, technology and risk control platforms for growth and scale within the financial services industry. Additionally, Mr. Pereira is a member of the Latino Corporate Directors Association. Mr. Pereira serves as a Trustee of State Street Institutional Investment Trust, State Street Master Funds, State Street Navigator Securities Lending Trust, SSGA Funds, Elfun Funds, and State Street Institutional Funds and a Director of State Street Variable Insurance Series Funds, Inc.

Donna M. Rapaccioli: Ms. Rapaccioli has over 32 years of service as a full-time member of the business faculty at Fordham University, where she developed and taught undergraduate and graduate courses, including International Accounting and Financial Statement Analysis, has taught at the executive MBA level and served as Dean of the Gabelli School of Business for 15 years. She has served on Association to Advance Collegiate Schools of Business accreditation team visits, lectured on accounting and finance topics and consulted for numerous investment banks. Ms. Rapaccioli also serves as a Trustee of the Navigator Trust, SSGA Funds, State Street Master Funds, Elfun Funds, and State Street Institutional Funds and a Director of State Street Variable Insurance Series Funds, Inc.

Richard D. Shirk: Mr. Shirk is an experienced business executive with over 53 years of experience in the health care and insurance industries and with investment matters; his experience includes service as a trustee, director or officer of various health care companies and nonprofit organizations. He has served on the Board of Trustees and related committees of the Trust for 33 years and possesses significant experience regarding the operations and history of the Trust. Mr. Shirk also serves as a Trustee of the Navigator Trust, SSGA Funds, State Street Master Funds, Elfun Funds, and State Street Institutional Funds and a Director of State Street Variable Insurance Series Funds, Inc.

Ellen M. Needham: Ms. Needham is a Senior Managing Director of State Street Global Advisors; Head of Global Funds Management, President of SSGA Funds Management, Inc. Ms. Needham serves as a director of SSGA Funds Management, Inc. and a manager of State Street Global Advisors Funds Distributors, LLC. In her role, she is responsible for managing firm-wide processes that focus on governance, fund structure, sub-adviser oversight, tax, product viability, distribution, ongoing monitoring and regulatory coordination across all products globally. Ms. Needham has been involved

------

in the investment industry for over thirty years, beginning her career at State Street in 1989. Ms. Needham also serves as a Trustee of the Navigator Trust, SSGA Funds, State Street Master Funds, Elfun Funds, and State Street Institutional Funds and a Director of State Street Variable Insurance Series Funds, Inc. and is a Board Director—SPDR Europe I plc and SPDR Europe II plc Boards.

References to the experience, attributes and skills of Trustees above are pursuant to requirements of the SEC, do not constitute holding out of the Board or any Trustee as having any special expertise or experience, and shall not impose any greater responsibility or liability on any such person or on the Board by reason thereof.

<u>Standing Committees</u> 

The Board of Trustees has established various committees to facilitate the timely and efficient consideration of various matters of importance to Independent Trustees, the Trust, and the Trust's shareholders and to facilitate compliance with legal and regulatory requirements. Currently, the Board has created an Audit Committee, Governance Committee, Valuation Committee, Nominating Committee and Qualified Legal Compliance Committee (the "QLCC").

The Audit Committee is composed of all of the Independent Trustees. The Audit Committee meets twice a year, or more often as required, in conjunction with meetings of the Board of Trustees. The Audit Committee oversees and monitors the Trust's internal accounting and control structure, its auditing function and its financial reporting process. The Audit Committee is responsible for selecting and retaining the independent accountants for the Trust. The Audit Committee is responsible for approving the audit plans, fees and other material arrangements in respect of the engagement of the independent accountants, including non-audit services performed. The Audit Committee reviews the qualifications of the independent accountant's key personnel involved in the foregoing activities and monitors the independent accountant's independence. During the fiscal year ended September 30, 2022, the Audit Committee held four meetings.

Each of the Governance Committee and the Nominating Committee is composed of all the Independent Trustees. The primary functions of the Governance Committee and the Nominating Committee are to review and evaluate the composition and performance of the Board; make nominations for membership on the Board and committees; review the responsibilities of each committee; and review governance procedures, compensation of Independent Trustees, and independence of outside counsel to the Trustees. The Nominating Committee will consider nominees to the Board recommended by shareholders. Recommendations should be submitted in accordance with the procedures set forth in the Nominating Committee Charter and should be submitted in writing to the Trust, to the attention of the Trust's Secretary, at the address of the principal executive offices of the Trust. Shareholder recommendations must be delivered to, or mailed and received at, the principal executive offices of the Trust not less than sixty (60) calendar days nor more than ninety (90) calendar days prior to the date of the Board or shareholder meeting at which the nominee candidate would be considered for election. The Governance Committee performs an annual self-evaluation of Board members. During the fiscal year ended September 30, 2022, the Governance Committee held seven meetings and Nominating Committee held seven meetings.

The Valuation Committee is composed of all the Independent Trustees. The Valuation Committee's primary purpose is to review the actions and recommendations of the Adviser's Oversight Committee no less often than quarterly. The Trust has established procedures and guidelines for valuing portfolio securities and making fair value determinations from time to time through the Valuation Committee, with the assistance of the Oversight Committee, State Street and SSGA FM. During the fiscal year ended September 30, 2022, the Valuation Committee held five meetings.

The QLCC is composed of all the Independent Trustees. The primary functions of the QLCC are to receive quarterly reports from the Trust's CCO; to oversee generally the Trust's responses to regulatory inquiries; and to investigate matters referred to it by the Chief Legal Officer and make recommendations to the Board regarding the implementation of an appropriate response to evidence of a material violation of the securities laws or breach of fiduciary duty or similar violation by the Trust, its officers or the Trustees. During the fiscal year ended September 30, 2022, the QLCC held four meetings.

<u>Leadership Structure and Risk Management Oversight</u> 

The Board has chosen to select different individuals as Chairperson of the Board of the Trust and as President of the Trust. Currently, Mr. Riley, an Independent Trustee, serves as Chairperson of the Board, Ms. Rapaccioli serves as Chairperson of the Audit Committee, Mr. Costantino serves as Chairperson of the QLCC, Mr. Jessee serves as Chairperson of the Valuation Committee and Mr. Shirk serves as Chairperson of each of the Governance Committee and Nominating Committee.

------

Ms. Needham, who is an employee of the Adviser, serves as a Trustee and the President of the Trust. The Board believes that this leadership structure is appropriate, since Ms. Needham provides the Board with insight regarding the Trust's day-to-day management, while Mr. Riley provides an independent perspective on the Trust's overall operation and Ms. Rapaccioli provides a specialized perspective on audit matters.

The Board has delegated management of the Trust to service providers who are responsible for the day-to-day management of risks applicable to the Trust. The Board oversees risk management for the Trust in several ways. The Board receives regular reports from both the CCO and administrator for the Trust, detailing the results of the Trust's compliance with its Board-adopted policies and procedures, the investment policies and limitations of the Fund, and applicable provisions of the federal securities laws and the Code. As needed, the Adviser discusses management issues regarding the Trust with the Board, soliciting the Board's input on many aspects of management, including potential risks to the Fund. The Board's Audit Committee also receives reports on various aspects of risk that might affect the Trust and offers advice to management, as appropriate. The Trustees also meet in executive session with the independent counsel to the Independent Trustees, the independent registered public accounting firm, counsel to the Trust, the CCO and representatives of management, as needed. Through these regular reports and interactions, the Board oversees the risk management parameters for the Trust, which are effected on a day-to-day basis by service providers to the Trust.

<u>Trustee Ownership of Securities of the Trust, Adviser and Distributor</u> 

As of December 31, 2022 none of the Independent Trustees or their immediate family members had any ownership of securities of the Adviser, State Street Global Advisors Funds Distributors, LLC ("SSGA FD" or the "Distributor"), the Trust's distributor, or any person directly or indirectly controlling, controlled by or under common control with the Adviser or SSGA FD.

The following table sets forth information describing the dollar range of the Trust's equity securities beneficially owned by each Trustee as of December 31, 2022.

---

| | | |
|:---|:---|:---|
| **Name of Trustees** | **Dollar Range Of Equity**<br> **Securities In The Funds**<br>| **Aggregate Dollar Range**<br> **Of Equity Securities In**<br> **All Registered Investment** <br> **Companies Overseen By**<br> **Trustees In Family of**<br> **Investment Companies**<br>|
| *Independent Trustees:* |  |  |
| Patrick J. Riley |  | Over $100,000 |
| John R Costantino |  |  |
| Michael A. Jessee |  |  |
| Donna M. Rapaccioli |  |  |
| Margaret McLaughlin(1) |  |  |
| George M. Pereira(1) |  |  |
| Richard D. Shirk |  | Over $100,000 |
| *Interested Trustee:* |  |  |
| Ellen M. Needham |  |  |

---

(1) Ms. McLaughlin and Mr. Pereira were appointed Trustees effective September 15, 2022.

<u>Trustee Compensation</u> 

Independent Trustees are compensated on a calendar year basis. Any Trustee who is deemed to be an "interested person" (as defined in the 1940 Act) of the Fund does not receive compensation from the Fund for his or her service as a Trustee. As of January 1, 2023, except as noted below, each Independent Trustee will receive for his or her services to the State Street Master Funds, the Trust, the SSGA Funds, the Elfun Funds and the Navigator Trust, State Street Institutional Funds and State Street Variable Insurance Series Funds, Inc. (together, the "Fund Entities") a $360,000 annual base retainer in addition to $25,000 for each special in-person meeting and $5,000 for each special telephonic meeting from the Trust. The Chairperson of the Board receives an additional $90,000 annual retainer. The annual base retainer paid to Mr. Taber was $197,400 in light of the fact that Mr. Taber did not serve as a member of the Board of Trustees of the Elfun Funds, the Board of Trustees of State Street Institutional Funds and the Board of Directors of State Street Variable Insurance Series Funds, Inc. As of January 1, 2021, the total annual compensation paid to the Independent Trustees (other than telephonic and special meeting fees) will be allocated to each Fund Entity as follows: a fixed amount of $21,000 will be allocated to each Fund Entity or, if applicable, each series thereof; and the remainder will be allocated

------

among the Fund Entities or, if applicable, each series thereof based on relative net assets excluding, however, any feeder fund that invests in a master fund that is a Fund Entity or series thereof. The Independent Trustees are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance. As of the date of this SAI, the Trustees were not paid pension or retirement benefits as part of the Trust's expenses.

The Trust's officers are compensated by the Adviser and its affiliates.

The following table sets forth the total remuneration of Trustees and officers of the Trust for the fiscal year ended September 30, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Trustee** | **Aggregate**<br> **Compensation**<br> **from the Trust**<br>| **Pension or**<br> **Retirement**<br> **Benefits**<br> **Accrued as**<br> **Part of Trust**<br> **Expenses**<br>| **Estimated**<br> **Annual**<br> **Benefits Upon**<br> **Retirement**<br>| **Total**<br> **Compensation**<br> **from the Trust and**<br> **Fund Complex**<br> **Paid to Trustees**<br>|
| *Independent Trustees:* | *Independent Trustees:* | *Independent Trustees:* | *Independent Trustees:* | *Independent Trustees:* |
| Michael F. Holland<sup>(1)</sup> | $291840 | $0 | $0 | $405000 |
| Patrick J. Riley | $291840 | $0 | $0 | $405000 |
| Richard D. Shirk | $252505 | $0 | $0 | $345000 |
| Bruce D. Taber<sup>(2)</sup> | $64158 | $0 | $0 | $71850 |
| Michael A. Jessee | $252505 | $0 | $0 | $345000 |
| John R. Costantino | $252505 | $0 | $0 | $345000 |
| Margaret McLaughlin<sup>(3)</sup> | $0 | $0 | $0 | $0 |
| George M. Pereira<sup>(3)</sup> | $0 | $0 | $0 | $0 |
| Donna M. Rapaccioli | $252505 | $0 | $0 | $345000 |
| *Interested Trustee:* | *Interested Trustee:* | *Interested Trustee:* | *Interested Trustee:* | *Interested Trustee:* |
| Ellen M. Needham | $0 | $0 | $0 | $0 |

---

<sup>(1)</sup>

Mr. Holland retired from the Board of Directors of the Trust effective as of December 31, 2022.

<sup>(2)</sup>

Mr. Taber retired from the Board of Directors of the Trust effective as of December 31, 2021.

<sup>(3)</sup>

Ms. McLaughlin and Mr. Pereira were appointed Trustees effective September 15, 2022.

**Proxy Voting Procedures** 

The Trust has adopted proxy voting procedures pursuant to which the Trust delegates the responsibility for voting proxies relating to portfolio securities held by the Fund to the Adviser, as part of the Adviser's general management of the Fund, subject to the Board's continuing oversight. A copy of the Trust's proxy voting procedures is located in Appendix A, a copy of the Adviser's proxy voting procedures are located in Appendix B.

Shareholders may receive information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ending June 30 (i) by calling (877) 521-4083 or (ii) on the SEC's website at <u>www.sec.gov</u>.

**Control Persons and Principal Holders of Securities**

As of December 31, 2022, the Trustees and officers of the Trust owned in the aggregate less than 1% of the shares of each class (if applicable) of the Fund**.** 

Persons or organizations owning 25% or more of the outstanding shares of a Fund may be presumed to "control" (as that term is defined in the 1940 Act) a Fund. As a result, these persons or organizations could have the ability to approve or reject those matters submitted to the shareholders of such Fund for their approval.

------

As of December 31, 2022, to the knowledge of the Trust, the following persons held of record or beneficially through one or more accounts 25% or more of the outstanding shares of a Fund.

---

| | | |
|:---|:---|:---|
| **Fund** | **Shareholder Account Registration** | **Percent of**<br> **shares held**<br>|
| State Street Diversified Income Fund | &nbsp;&nbsp; SSGA Private Funds LLC<br> Attn: Fund Services Team<br> 1 Lincoln St<br> Boston, MA 02111<br>| 100% |

---

**Investment Advisory and Other Services** 

<u>Investment Advisory Agreement</u> 

SSGA FM is responsible for the investment management of the Fund pursuant to the Amended and Restated Investment Advisory Agreement dated November 17, 2015, as amended from time to time (the "Advisory Agreement"), by and between the Adviser and the Trust. The Adviser is a wholly-owned subsidiary of State Street Global Advisors, Inc., which itself is a wholly-owned subsidiary of State Street Corporation, a publicly held financial holding company. State Street is a wholly-owned subsidiary of State Street Corporation.

For the services provided under the Advisory Agreement, the Fund pays the Adviser a fee at an annual rate of 0.25% of the Fund's average daily net assets.

The Advisory Agreement provides for an initial term of two years and thereafter will continue from year to year provided that such continuance is specifically approved at least annually by (a) the Trustees or by the vote of a majority of the outstanding voting securities of the Fund, and (b) vote of a majority of the Independent Trustees, cast in person at a meeting called for the purpose of voting on such approval. The Advisory Agreement may be terminated by the Adviser or the Trust without penalty upon sixty days' notice and will terminate automatically upon its assignment.

The Adviser and its affiliates may have deposit, loan and other commercial banking relationships with the issuers of obligations that may be purchased on behalf of the Fund, including outstanding loans to such issuers that could be repaid in whole or in part with the proceeds of securities so purchased. Such affiliates deal, trade and invest for their own accounts in such obligations and are among the leading dealers of various types of such obligations. The Adviser has informed the Fund that, in making its investment decisions, it will not obtain or use material non-public information in its possession or in the possession of any of its affiliates. In making investment recommendations for the Fund, the Adviser will not inquire or take into consideration whether an issuer of securities proposed for purchase or sale by the Fund is a customer of the Adviser, its parent or its subsidiaries or affiliates and, in dealing with its customers, the Adviser, its parent, subsidiaries and affiliates will not inquire or take into consideration whether securities of such customers were held by any fund managed by the Adviser or any such affiliate.

In certain instances, there may be securities that are suitable for the Fund as well as for one or more of the Adviser's other clients. Investment decisions for the Trust and for the Adviser's other clients are made with a view to achieving their respective investment objectives. It may develop that a particular security is bought or sold for only one client even though it might be held by, or bought or sold for, other clients. Likewise, a particular security may be bought for one or more clients when one or more clients are selling that same security. Some simultaneous transactions are inevitable when several clients receive investment advice from the same investment adviser, particularly when the same security is suitable for the investment objectives of more than one client. When two or more clients are simultaneously engaged in the purchase or sale of the same security, the securities are allocated among clients in a manner believed to be equitable to each. The Trust recognizes that in some cases this system could have a detrimental effect on the price or volume of the security as far as the Fund is concerned. However, it is believed that the ability of the Fund to participate in volume transactions will produce better executions for the Fund.

The following table shows the expenses the Fund accrued to the Adviser since its inception on December 22, 2021 to the fiscal year ended September 30, 2022:

---

| | |
|:---|:---|
| **Fund** | **2022** |
| State Street Diversified Income Fund | $41476 |

---

------

*Total Annual Fund Operating Expense Waivers.* The Adviser has contractually agreed with the Trust, through January 31, 2024, (i) to waive up to the full amount of the advisory fee payable by the Fund, and/or (ii) to reimburse the Fund for expenses to the extent that Total Annual Fund Operating Expenses (subject to certain exclusions as described in the Fund's Prospectus) exceed 0.70% of average daily net assets on an annual basis. The applicable amount of waivers and reimbursements are shown in the table below since the Fund's inception on December 22, 2021 to the fiscal year ended September 30, 2022:

---

| | |
|:---|:---|
| **Fund** | **2022** |
| State Street Diversified Income Fund | $40297 |

---

<u>Administrator</u> 

SSGA FM serves as the administrator for the Fund pursuant to an Amended and Restated Administration Agreement. Under the Amended and Restated Administration Agreement, SSGA FM is obligated to continuously provide business management services to the Trust and the Fund and will generally, subject to the general oversight of the Trustees and except as otherwise provided in the Amended and Restated Administration Agreement, manage all of the business and affairs of the Trust.

As consideration for SSGA FM's services as administrator with respect to the Fund, SSGA FM receives a fee at the annual rate of 0.05% of the average daily net assets attributable to Class K shares of the Fund. The fees are accrued daily at the rate of 1/365th and payable monthly on the first business day of each month. Additionally, the Fund reimburses the Administrator for certain out-of-pocket travel expenses of the CCO and compliance team incurred on the Fund's behalf.

The following table shows the expenses the Fund accrued to SSGA FM as the Administrator since the Fund's inception on December 22, 2021 to the fiscal year ended September 30, 2022:

---

| | |
|:---|:---|
| **Fund** | **2022** |
| State Street Diversified Income Fund | $8295 |

---

<u>Sub-Administrator, Custody and Fund Accounting</u> 

State Street serves as the sub-administrator for the Trust, pursuant to a sub-administration agreement dated June 1, 2015 (the "Sub-Administration Agreement"). State Street serves as the custodian for the Trust, pursuant to a custody agreement dated April 11, 2012 (the "Custody Agreement"). Under the Sub-Administration Agreement, State Street is obligated to provide certain sub-administrative services to the Trust. Under the Custody Agreement, State Street is obligated to provide certain custody services to the Trust, as well as basic portfolio recordkeeping required by the Trust for regulatory and financial reporting purposes. State Street is a wholly owned subsidiary of State Street Corporation, a publicly held financial holding company, and is affiliated with the Adviser. State Street's mailing address is State Street Financial Center, One Lincoln Street, Boston, Massachusetts 02111-2900.

The Adviser and the Fund each bear a portion of the fee paid to State Street for providing sub-administration services and custodian services with respect to the Fund. The Fund also pays State Street transaction and service fees for these services and reimburses State Street for out-of-pocket expenses.

The following table shows the sub-administration and custodian fees paid by the Fund to State Street since the Fund's inception on December 22, 2021 to the fiscal year ended September 30, 2022:

---

| | |
|:---|:---|
| **Fund** | **2022** |
| State Street Diversified Income Fund | $29025 |

---

<u>Transfer Agent and Dividend Paying Agent</u> 

SS&C GIDS, Inc. serves as the Transfer and Dividend Paying Agent. SS&C GIDS, Inc. is paid for the following annual account services and activities including but not limited to: establishment and maintenance of each shareholder's account; closing an account; acceptance and processing of trade orders; preparation and transmission of payments for dividends and distributions declared by the Fund; customer service support including receipt of correspondence and responding to shareholder and financial intermediary inquiries; investigation services; tax related support; financial intermediary commission and fee payment processing; and charges related to compliance and regulatory services.

------

Portfolio fees are allocated to the Fund based on the average NAV of the Fund and are billable on a monthly basis at the rate of 1/12 of the annual fee. SS&C GIDS, Inc. is reimbursed by the Fund for supplying certain out-of-pocket expenses including confirmation statements, investor statements, banking fees, postage, forms, audio response, telephone, records retention, customized programming/enhancements, reports, transcripts, microfilm, microfiche, and expenses incurred at the specific direction of the Fund. SS&C GIDS, Inc. principal business address is 2000 Crown Colony Drive, Quincy, MA 02169.

<u>Securities Lending</u> 

The Fund's Board has approved the Fund's participation in a securities lending program. Under the securities lending program, the Fund has retained State Street to serve as the securities lending agent.

The Fund did not accrue income pursuant to the Master Amended and Restated Securities Lending Authorization Agreement among SSGA Funds, State Street Institutional Investment Trust, and State Street Master Funds, each on behalf of its respective series, and State Street (the "Securities Lending Authorization Agreement") for the fiscal year ended September 30, 2022.

State Street, acting as agent of the Fund, will provide the following services to the Fund in connection with the Fund's securities lending activities: (i) locating borrowers among an approved list of prospective borrowers; (ii) monitoring the value of loaned securities, the value of collateral received and other lending parameters; (iii) seeking additional collateral, as necessary, from borrowers; (iv) receiving and holding collateral from borrowers, and facilitating the investment and reinvestment of all or substantially all cash collateral in an investment vehicle designated by the Fund; (v) returning collateral to borrowers; (vi) facilitating substitute dividend, interest, and other distribution payments to the Fund from borrowers; (vii) negotiating the terms of each loan of securities, including but not limited to the amount of any loan premium, and monitoring the terms of securities loan agreements with prospective borrowers for consistency with the requirements of the Fund's Securities Lending Authorization Agreement; (viii) selecting securities, including amounts (percentages), to be loaned; (ix) recordkeeping and accounting servicing; and (x) arranging for return of loaned securities to the Fund in accordance with the terms of the Securities Lending Authorization Agreement.

<u>Code of Ethics</u> 

The Adviser, SSGA FD and the Trust have each adopted a code of ethics (the Trust's code being referred to herein as the "Code of Ethics") under Rule 17j-1 of the 1940 Act. The Code of Ethics, by relying on the codes of the underlying service providers, permits personnel of the Fund's Adviser, Distributor and officers, subject to the provisions of the relevant code of ethics, to invest in securities, including securities that may be purchased or held by the Adviser or the Trust. Under the relevant code of ethics, all employees or officers who are deemed to be access persons (persons who have interaction with funds or accounts managed by the Adviser or SSGA FD as part of their job function) must pre-clear personal securities transactions. Each code of ethics is designed to ensure that employees conduct their personal securities transactions in a manner that does not create an actual or potential conflict of interest to the business or fiduciary responsibilities of the Trust's service providers or officers. In addition, the Code of Ethics establishes standards prohibiting the trading in or recommending of securities based on material, nonpublic information or the divulgence of such information to others.

<u>Distributor</u> 

SSGA FD serves as the distributor of the Fund. SSGA FD is an indirect wholly-owned subsidiary of State Street Corporation. SSGA FD's mailing address is One Iron Street, Boston, MA 02210.

<u>Payments to Financial Intermediaries</u> 

Financial intermediaries are firms that, for compensation, sell shares of mutual funds, including the Fund, and/or provide certain administrative and account maintenance services to mutual fund shareholders. Financial intermediaries may include, among others, brokers, financial planners or advisors, banks, and insurance companies. In some cases, a financial intermediary may hold its clients' Fund shares in nominee or street name. Shareholder services provided by a financial intermediary may (though they will not necessarily) include, among other things: processing and mailing trade confirmations, periodic statements, prospectuses, annual reports, semi-annual reports, shareholder notices, and other SEC-required communications; capturing and processing tax data; issuing and mailing dividend checks to shareholders who have selected cash distributions; preparing record date shareholder lists for proxy solicitations; collecting and posting distributions to shareholder accounts; and establishing and maintaining systematic withdrawals and automated investment plans and shareholder account registrations.

------

The compensation paid by SSGA FD to a financial intermediary may be paid continually over time, during the period when the intermediary's clients hold investments in the Fund. The compensation to financial intermediaries may include networking fees and account-based fees. The amount of continuing compensation paid by SSGA FD to different financial intermediaries varies. In the case of most financial intermediaries, compensation for servicing is generally paid at an annual rate of 0.10% – 0.20% of the aggregate average daily NAV of Fund shares held by that financial intermediary's customers, although in some cases the compensation may be paid at higher annual rates (which may, but will not necessarily, reflect enhanced or additional services provided by the financial intermediary). SSGA FD and its affiliates (including SSGA FM), at their own expense and out of their own assets, may also provide compensation to financial intermediaries in connection with sales of the Fund's shares or the servicing of shareholders or shareholder accounts by financial intermediaries. Such compensation may include, but is not limited to, ongoing payments, financial assistance to financial intermediaries in connection with conferences, sales, or training programs for their employees, seminars for the public, advertising or sales campaigns, or other financial intermediary-sponsored special events. In some instances, this compensation may be made available only to certain financial intermediaries whose representatives have sold or are expected to sell significant amounts of shares. Financial intermediaries may not use sales of the Fund's shares to qualify for this compensation to the extent prohibited by the laws or rules of any state or any self-regulatory agency, such as the Financial Industry Regulatory Authority, Inc. ("FINRA"). The level of payments made to a financial intermediary in any given year will vary and, in the case of most financial intermediaries, will not exceed 0.20% of the value of assets attributable to the financial intermediary invested in shares of funds in the SSGA FM-fund complex. In certain cases, the payments described in the preceding sentence are subject to minimum payment levels.

If payments to financial intermediaries by the distributor or adviser for a particular mutual fund complex exceed payments by other mutual fund complexes, your financial advisor and the financial intermediary employing him or her may have an incentive to recommend that fund complex over others. Please speak with your financial advisor to learn more about the total amounts paid to your financial advisor and his or her firm by SSGA FD and its affiliates, and by sponsors of other mutual funds he or she may recommend to you. You should also consult disclosures made by your financial intermediary at the time of purchase.

Set forth below is a list of those financial intermediaries to which SSGA FD (and its affiliates) expects, as of January 1, 2023, to pay compensation in the manner described in this "Payments to Financial Intermediaries" section. This list may change over time. Please contact your financial intermediary to determine whether it or its affiliate currently may be receiving such compensation and to obtain further information regarding any such compensation.

• ADP Broker-Dealer Inc.

• Alight Financial Solutions, LLC

• American Portfolios Financial Services, Inc.

• American United Life Insurance Company

• Ascensus Broker Dealer Services, LLC

• AXA Advisors, LLC

• Charles Schwab & Co., Inc.

• Edward Jones

• E\*Trade Securities

• Fidelity Brokerage Services LLC

• Fidelity Investments Institutional Operations Company, Inc.

• GWFS Equities Inc.

• Hand Securities, LLC

• Hartford Life Insurance Company

• Interactive Brokers LLC

• John Hancock Trust Company

• J.P. Morgan Securities LLC

• LaSalle Street Securities

• Lincoln Financial Advisors

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• LPL Financial Services, LLC

• Merrill Lynch, Pierce, Fenner & Smith Inc.

• Mid Atlantic Capital Corp.

• Morgan Stanley Smith Barney LLC

• MSCS Financial Services LLC

• National Financial Services, LLC

• Nationwide Financial Services, Inc.

• Pershing LLC

• PNC Bank, N.A.

• Putnam Investor Services, Inc.

• Raymond James & Associates, Inc.

• RBC Capital Markets Corp.

• Reliance Trust Company

• SEI Private Trust Company

• TD Ameritrade, Inc.

• TIAA CREF Individual & Institutional Services, LLC

• Trust Company of America

• UBS Financial Services, Inc.

• VALIC Financial Advisors, Inc.

• Vanguard Marketing Corp.

• Voya Institutional Plan Services, LLC

• Voya Retirement Insurance and Annuity Company

• Wells Fargo Bank, N.A.

• Wells Fargo Clearing Services, LLC

<u>Counsel and Independent Registered Public Accounting Firm</u> 

Ropes & Gray LLP serves as counsel to the Trust. The principal business address of Ropes & Gray LLP is 800 Boylston Street, Boston, Massachusetts 02199. Sullivan & Worcester LLP, located at One Post Office Square, Boston, Massachusetts 02109, serves as independent counsel to the Independent Trustees.

Ernst & Young LLP serves as the independent registered public accounting firm for the Trust and provides (i) audit services and (ii) tax services. In connection with the audit of the 2022 financial statements, the Trust entered into an engagement agreement with Ernst & Young LLP that sets forth the terms of Ernst & Young LLP's audit engagement. The principal business address of Ernst & Young LLP is 200 Clarendon Street, Boston, Massachusetts 02116.

**Portfolio Managers** 

The following person serves as the portfolio manager of the Fund as of the date of this SAI. The following table lists the number and types of accounts managed and assets under management in those accounts as of September 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **Registered**<br> **Investment**<br> **Company**<br> **Accounts**<br>| **Assets**<br> **Managed**<br> **(billions)\***<br>| **Other Pooled**<br> **Investment**<br> **Vehicle** <br> **Accounts**<br>| **Assets**<br> **Managed**<br> **(billions)\***<br>| **Total**<br> **Assets**<br> **Managed**<br> **(billions)**<br>|
| Matthew Nest | 8 | $3.16 | 1 | $1.34<br>48<sup>(1)</sup><br>$18.74<sup>(1)</sup> | $23.24 |

---

<sup>(1)</sup>

Includes 3 accounts (totaling $2.57 billion in assets under management) with performance-based fees.

None of the portfolio managers listed above beneficially owned shares of the Fund as of September 30, 2022.

------

A portfolio manager that has responsibility for managing more than one account may be subject to potential conflicts of interest because he or she is responsible for other accounts in addition to the Fund. Those conflicts could include preferential treatment of one account over others in terms of: (a) the portfolio manager's execution of different investment strategies for various accounts; or (b) the allocation of resources or of investment opportunities.

Portfolio managers may manage numerous accounts for multiple clients. These accounts may include registered investment companies, other types of pooled accounts (e.g., collective investment funds), and separate accounts (i.e., accounts managed on behalf of individuals or public or private institutions). Portfolio managers make investment decisions for each account based on the investment objectives and policies and other relevant investment considerations applicable to that portfolio. A potential conflict of interest may arise as a result of a portfolio manager's responsibility for multiple accounts with similar investment guidelines. Under these circumstances, a potential investment may be suitable for more than one of the portfolio manager's accounts, but the quantity of the investment available for purchase is less than the aggregate amount the accounts would ideally devote to the opportunity. Similar conflicts may arise when multiple accounts seek to dispose of the same investment. The portfolio managers may also manage accounts whose objectives and policies differ from that of the Fund. These differences may be such that under certain circumstances, trading activity appropriate for one account managed by the portfolio manager may have adverse consequences for another account managed by the portfolio manager. For example, an account may sell a significant position in a security, which could cause the market price of that security to decrease, while the Fund maintained its position in that security.

A potential conflict may arise when the portfolio managers are responsible for accounts that have different advisory fees – the difference in fees could create an incentive for the portfolio manager to favor one account over another, for example, in terms of access to investment opportunities. This conflict may be heightened if an account is subject to a performance-based fee, as applicable. Another potential conflict may arise when the portfolio manager has an investment in one or more accounts that participate in transactions with other accounts. His or her investment(s) may create an incentive for the portfolio manager to favor one account over another. The Adviser has adopted policies and procedures reasonably designed to address these potential material conflicts. For instance, portfolio managers are normally responsible for all accounts within a certain investment discipline and do not, absent special circumstances, differentiate among the various accounts when allocating resources. Additionally, the Adviser and its advisory affiliates have processes and procedures for allocating investment opportunities among portfolios that are designed to provide a fair and equitable allocation. With respect to conflicts arising from personal investments, all employees, including portfolio managers, must comply with personal trading controls established by each of the Adviser's and Trust's Code of Ethics.

SSGA's culture is complemented and reinforced by a total rewards strategy that is based on a pay for performance philosophy which seeks to offer a competitive pay mix of base salary, benefits, cash incentives and deferred compensation.

Salary is based on a number of factors, including external benchmarking data and market trends, and performance both at the business and individual level. SSGA's Global Human Resources department regularly participates in compensation surveys in order to provide SSGA with market-based compensation information that helps support individual pay decisions.

Additionally, subject to State Street and SSGA business results, an incentive pool is allocated to SSGA to reward its employees. The size of the incentive pool for most business units is based on the firm's overall profitability and other factors, including performance against risk-related goals. For most SSGA investment teams, SSGA recognizes and rewards performance by linking annual incentive decisions for investment teams to the firm's or business unit's profitability and business unit investment performance over a multi-year period.

Incentive pool funding for most active investment teams is driven in part by the post-tax investment performance of fund(s) managed by the team versus the return levels of the benchmark index(es) of the fund(s) on a one-, three- and, in some cases, five-year basis. For most active investment teams, a material portion of incentive compensation for senior staff is deferred over a four-year period into the SSGA Long-Term Incentive ("SSGA LTI") program. For these teams, The SSGA LTI program indexes the performance of these deferred awards against the post-tax investment performance of fund(s) managed by the team. This is intended to align our investment team's compensation with client interests, both through annual incentive compensation awards and through the long-term value of deferred awards in the SSGA LTI program.

For the index equity investment team, incentive pool funding is driven in part by the post-tax 1 and 3-year tracking error of the funds managed by the team against the benchmark indexes of the funds.

------

The discretionary allocation of the incentive pool to the business units within SSGA is influenced by market-based compensation data, as well as the overall performance of each business unit. Individual compensation decisions are made by the employee's manager, in conjunction with the senior management of the employee's business unit. These decisions are based on the overall performance of the employee and, as mentioned above, on the performance of the firm and business unit. Depending on the job level, a portion of the annual incentive may be awarded in deferred compensation, which may include cash and/or Deferred Stock Awards (State Street stock), which typically vest over a four-year period. This helps to retain staff and further aligns SSGA employees' interests with SSGA clients' and shareholders' long-term interests.

SSGA recognizes and rewards outstanding performance by:

• Promoting employee ownership to connect employees directly to the company's success.

• Using rewards to reinforce mission, vision, values and business strategy.

• Seeking to recognize and preserve the firm's unique culture and team orientation.

• Providing all employees the opportunity to share in the success of SSGA.

**Brokerage Allocation and Other Practices** 

All portfolio transactions are placed on behalf of the Fund by the Adviser. Purchases and sales of securities on a securities exchange are affected through brokers who charge a commission for their services. Ordinarily commissions are not charged on over-the-counter orders (e.g., fixed income securities) because the Fund pays a spread which is included in the cost of the security and represents the difference between the dealer's quoted price at which it is willing to sell the security and the dealer's quoted price at which it is willing to buy the security. When the Fund executes an over-the-counter order with an electronic communications network or an alternative trading system, a commission is charged by such electronic communications networks and alternative trading systems as they execute such orders on an agency basis. Securities may be purchased from underwriters at prices that include underwriting fees.

In placing a portfolio transaction, the Adviser seeks to achieve best execution. The Adviser's duty to seek best execution requires the Adviser to take reasonable steps to obtain for the client as favorable an overall result as possible for Fund portfolio transactions under the circumstances, taking into account various factors that are relevant to the particular transaction.

The Adviser refers to and selects from the list of approved trading counterparties maintained by the Adviser's Credit Risk Management team. In selecting a trading counterparty for a particular trade, the Adviser seeks to weigh relevant factors including, but not limited to the following:

• Prompt and reliable execution;

• The competitiveness of commission rates and spreads, if applicable;

• The financial strength, stability and/or reputation of the trading counterparty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The willingness and ability of the executing trading counterparty to execute transactions (and commit capital) of size in liquid and illiquid markets without disrupting the market for the security;

• Local laws, regulations or restrictions;

• The ability of the trading counterparty to maintain confidentiality;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The availability and capability of execution venues, including electronic communications networks for trading and execution management systems made available to Adviser;

• Market share;

• Liquidity;

• Price;

• Execution related costs;

• History of execution of orders;

• Likelihood of execution and settlement;

• Order size and nature;

• Clearance and settlement capabilities, especially in high volatility market environments;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Availability of lendable securities;

• Sophistication of the trading counterparty's trading capabilities and infrastructure/facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The operational efficiency with which transactions are processed and cleared, taking into account the order size and complexity;

• Speed and responsiveness to the Adviser;

• Access to secondary markets;

• Counterparty exposure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Depending upon the circumstances, the Adviser may take other relevant factors into account if the Adviser believes that these are important in taking all sufficient steps to obtain the best possible result for execution of the order.

In selecting a trading counterparty, the price of the transaction and costs related to the execution of the transaction typically merit a high relative importance, depending on the circumstances. The Adviser does not necessarily select a trading counterparty based upon price and costs but may take other relevant factors into account if it believes that these are important in taking reasonable steps to obtain the best possible result for the Fund under the circumstances. Consequently, the Adviser may cause a client to pay a trading counterparty more than another trading counterparty might have charged for the same transaction in recognition of the value and quality of the brokerage services provided. The following matters may influence the relative importance that the Adviser places upon the relevant factors:

&nbsp;&nbsp;&nbsp;&nbsp;(i) The nature and characteristics of the order or transaction. For example, size of order, market impact of order, limits, or other instructions relating to the order;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) The characteristics of the financial instrument(s) or other assets which are the subject of that order. For example, whether the order pertains to an equity, fixed income, derivative or convertible instrument;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) The characteristics of the execution venues to which that order can be directed, if relevant. For example, availability and capabilities of electronic trading systems;

&nbsp;&nbsp;&nbsp;&nbsp;(iv) Whether the transaction is a 'delivery versus payment' or 'over -the-counter' transaction. The creditworthiness of the trading counterparty, the amount of existing exposure to a trading counterparty and trading counterparty settlement capabilities may be given a higher relative importance in the case of 'over-the-counter' transactions; and/or

&nbsp;&nbsp;&nbsp;&nbsp;(v) Any other circumstances that the Adviser believes are relevant at the time.

The Adviser does not currently use the Fund's assets in connection with third party soft dollar arrangements. While the Adviser does not currently use "soft" or commission dollars paid by the Fund for the purchase of third party research, the Adviser reserves the right to do so in the future.

The process by which trading counterparties are selected to effect transactions is designed to exclude consideration of the sales efforts conducted by broker-dealers in relation to the Fund.

The brokerage commissions paid by the Fund since its inception on December 22, 2021 are set forth in the table below:

---

| | |
|:---|:---|
| **Fund** | **2022** |
| State Street Diversified Income Fund | $615 |

---

Securities of "Regular Broker-Dealer." The Fund is required to identify any securities of its "regular brokers and dealers" (as such term is defined in the 1940 Act) which it may hold at the close of its most recent fiscal year. "Regular brokers or dealers" of the Fund are the ten brokers or dealers that, during the most recent fiscal year: (i) received the greatest dollar amounts of brokerage commissions from the Fund's portfolio transactions; (ii) engaged as principal in the largest dollar amounts of portfolio transactions of the Fund; or (iii) sold the largest dollar amounts of the Fund's shares.

The Funds' holdings in Securities of Regular Broker-Dealers as of September 30, 2022 are as follows.

---

| | |
|:---|:---|
| Citigroup, Inc. | $244972.00 |
| Goldman Sachs Group, Inc. | $49960.00 |

---

------

**Declaration of Trust, Capital Stock and Other Information** 

*Capitalization*. Under the Declaration of Trust, the Trustees are authorized to issue an unlimited number of shares of the Fund. Upon liquidation or dissolution of the Fund, investors are entitled to share pro rata in the Fund's net assets available for distribution to its investors. Investments in the Fund have no preference, preemptive, conversion or similar rights, except as determined by the Trustees or as set forth in the Bylaws, and are fully paid and non-assessable, except as set forth below.

*Declaration of Trust*. The Declaration of Trust of the Trust provides that the Trust may redeem shares of the Fund at the redemption price that would apply if the share redemption were initiated by a shareholder. It is the policy of the Trust that, except upon such conditions as may from time to time be set forth in the then current prospectus of the Trust or to facilitate the Trust's or the Fund's compliance with applicable law or regulation, the Trust would not initiate a redemption of shares unless it were to determine that failing to do so may have a substantial adverse consequence for the Fund or the Trust.

The Trust's Declaration of Trust provides that a Trustee who is not an "interested person" (as defined in the 1940 Act) of the Trust will be deemed independent and disinterested with respect to any demand made in connection with a derivative action or proceeding. It is the policy of the Trust that it will not assert that provision to preclude a shareholder from claiming that a trustee is not independent or disinterested with respect to any demand made in connection with a derivative action or proceeding; provided, however, that the foregoing policy will not prevent the Trust from asserting applicable law (including Section 2B of Chapter 182 of the Massachusetts General Laws) to preclude a shareholder from claiming that a trustee is not independent or disinterested with respect to any demand made in connection with a derivative action or proceeding.

The Trust will not deviate from the foregoing policies in a manner that adversely affects the rights of shareholders of the Fund without the approval of "a vote of a majority of the outstanding voting securities" (as defined in the 1940 Act) of such Fund.

*Voting*. Each investor is entitled to a vote in proportion to the number of Fund shares it owns. Shares do not have cumulative voting rights in the election of Trustees, and investors holding more than 50% of the aggregate outstanding shares in the Trust may elect all of the Trustees if they choose to do so. The Trust is not required and has no current intention to hold annual meetings of investors but the Trust will hold special meetings of shareholders when in the judgment of the Trustees it is necessary or desirable to submit matters for a shareholder vote.

*Massachusetts Business* Trust. Under Massachusetts law, shareholders in a Massachusetts business trust could, under certain circumstances, be held personally liable for the obligations of the trust. However, the Declaration of Trust disclaims shareholder liability for acts or obligations of the Trust and provides for indemnification out of the property of the applicable series of the Trust for any loss to which the shareholder may become subject by reason of being or having been a shareholder of that series and for reimbursement of the shareholder for all expense arising from such liability. Thus, the risk of a shareholder incurring financial loss on account of shareholder liability should be limited to circumstances in which the series would be unable to meet its obligations.

**Pricing of Shares** 

The price per share of the Fund is determined each business day (unless otherwise noted) at the close of the New York Stock Exchange ("NYSE") (ordinarily 4:00 p.m. Eastern time).

Pricing of shares of the Fund does not occur on New York Stock Exchange ("NYSE") holidays. The NYSE is open for trading every weekday except for: (a) the following holidays: New Year's Day, Martin Luther King, Jr.'s Birthday, Washington's Birthday (the third Monday in February), Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas; and (b) the preceding Friday or the subsequent Monday when one of the calendar-determined holidays falls on a Saturday or Sunday, respectively. Purchases and withdrawals will be effected at the time of determination of NAV next following the receipt of any purchase or withdrawal order which is determined to be in good order.

The Fund's securities will be valued pursuant to guidelines established by the Board of Trustees.

------

**Taxation of the Fund** 

The following discussion of U.S. federal income tax consequences of an investment in the Fund is based on the Code, U.S. Treasury regulations, and other applicable authority, as of the date of this SAI. These authorities are subject to change by legislative or administrative action, possibly with retroactive effect. The following discussion is only a summary of some of the important U.S. federal income tax considerations generally applicable to investments in the Fund. There may be other tax considerations applicable to particular shareholders. Shareholders should consult their own tax advisors regarding their particular situation and the possible application of foreign, state and local tax laws.

Special tax rules apply to investments through defined contribution plans and other tax-qualified plans or tax-advantaged arrangements. Shareholders should consult their tax advisers to determine the suitability of shares of the Fund as an investment through such plans and arrangements and the precise effect of an investment on their particular tax situations.

<u>Qualification as a Regulated Investment Company</u> 

The Fund has elected to be treated as a RIC under Subchapter M of the Code and intends each year to qualify and be eligible to be treated as such. In order to qualify for the special tax treatment accorded RICs and their shareholders, the Fund must, among other things, (a) derive at least 90% of its gross income for each taxable year from (i) dividends, interest, payments with respect to certain securities loans, gains from the sale of securities or foreign currencies, or other income (including but not limited to gains from options, futures or forward contracts) derived with respect to its business of investing in such stock, securities or currencies and (ii) net income derived from interests in "qualified publicly traded partnerships" (as defined below); (b) diversify its holdings so that, at the end of each quarter of the Fund's taxable year, (i) at least 50% of the value of the Fund's total assets consists of cash and cash items, U.S. Government securities, securities of other RICs, and other securities limited in respect of any one issuer to a value not greater than 5% of the value of the Fund's total assets and no more than 10% of the outstanding voting securities of such issuer, and (ii) no more than 25% of its assets are invested, including through corporations in which the Fund owns a 20% or more voting stock interest, (x) in the securities (other than those of the U.S. Government or other RICs) of any one issuer or of two or more issuers which the Fund controls and which are engaged in the same, similar or related trades and businesses, or (y) in the securities of one or more qualified publicly traded partnerships (as defined below); and (c) distribute with respect to each taxable year at least 90% of the sum of its investment company taxable income (as that term is defined in the Code without regard to the deduction for dividends paid — generally taxable ordinary income and the excess, if any, of net short-term capital gains over net long-term capital losses) and net tax-exempt income, for such year.

In general, for purposes of the 90% gross income requirement described in (a) above, income derived from a partnership will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership which would be qualifying income if realized directly by the RIC. However, 100% of the net income derived from an interest in a "qualified publicly traded partnership" (a partnership (x) the interests in which are traded on an established securities market or are readily tradable on a secondary market or the substantial equivalent thereof, and (y) that derives less than 90% of its income from the qualifying income described in section (a)(i) of the preceding paragraph), will be treated as qualifying income. In general, such entities will be treated as partnerships for federal income tax purposes, because they meet the passive income requirement under Code Section 7704(c)(2). Further, although in general the passive loss rules of the Code do not apply to RICs, such rules do apply to a RIC with respect to items attributable to an interest in a qualified publicly traded partnership.

For purposes of the diversification test in (b) above, the term "outstanding voting securities of such issuer" will include the equity securities of a qualified publicly traded partnership. Also, for purposes of the diversification test in (b) above, the identification of the issuer (or, in some cases, issuers) of a particular investment can depend on the terms and conditions of that investment. In some cases, identification of the issuer (or issuers) is uncertain under current law, and an adverse determination or future guidance by the Internal Revenue Service ("IRS") with respect to issuer identification for a particular type of investment may adversely affect the Fund's ability to meet the diversification test in (b) above.

If the Fund qualifies as a RIC that is accorded special tax treatment, the Fund will not be subject to federal income tax on income or gains distributed in a timely manner to its shareholders in the form of dividends (including Capital Gain Dividends, as defined below). If the Fund were to fail to meet the income, diversification or distribution test described above, the Fund could in some cases cure such failure, including by paying a Fund-level tax, paying interest or disposing of certain assets. If such Fund were ineligible to or otherwise did not cure such failure for any year, or if such Fund were otherwise to fail to qualify as a RIC accorded special tax treatment in any taxable year, the Fund would be subject to tax at the Fund level on its taxable income at corporate rates, and all distributions from earnings and profits, including any distributions of net tax-exempt income (if any) and net capital gains (as defined below), would be taxable to shareholders

------

as ordinary income. Some portions of such distributions may be eligible for the dividends-received deduction in the case of corporate shareholders and may be eligible to be treated as "qualified dividend income" in the case of shareholders taxed as individuals, provided, in both cases, the shareholder meets certain holding period and other requirements in respect of the Fund's shares (each as described below). In addition, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest and make substantial distributions before re-qualifying as a RIC that is accorded special tax treatment.

The Fund intends to distribute at least annually to its shareholders all or substantially all of its investment company taxable income (computed without regard to the dividends-paid deduction) and its net tax-exempt income (if any), and may distribute its net capital gain (that is, the excess of net long-term capital gain over net short-term capital loss, in each case determined with reference to any loss carryforwards). Any taxable income retained by the Fund will be subject to tax at the Fund level at regular corporate rates. If the Fund retains any net capital gain, it will be subject to tax at regular corporate rates on the amount retained, but it is permitted to designate the retained amount as undistributed capital gain in a timely notice to its shareholders who (a) will be required to include in income for federal income tax purposes, as long-term capital gain, their shares of such undistributed amount, and (b) will be entitled to credit their proportionate shares of the tax paid by the Fund on such undistributed amount against their federal income tax liabilities, if any, and to claim refunds on a properly-filed U.S. tax return to the extent the credit exceeds such liabilities. If the Fund makes this designation, for U.S. federal income tax purposes, the tax basis of shares owned by a shareholder of the Fund will be increased by an amount equal to the difference between the amount of undistributed capital gains included in the shareholder's gross income under clause (a) of the preceding sentence and the tax deemed paid by the shareholder under clause (b) of the preceding sentence. The Fund is not required to, and there can be no assurance the Fund will, make this designation if it retains all or a portion of its net capital gain in a taxable year.

In determining its net capital gain, including in connection with determining the amount available to support a Capital Gain Dividend (as defined below), its taxable income, and its earnings and profits, a RIC generally may elect to treat part or all of any post-October capital loss (defined as any net capital loss attributable to the portion, if any, of the taxable year after October 31 or, if there is no such loss, the net long-term capital loss or net short-term capital loss attributable to any such portion of the taxable year) or late-year ordinary loss (generally, the sum of its (i) net ordinary loss, if any, from the sale, exchange or other taxable disposition of property, attributable to the portion, if any, of the taxable year after October 31, and its (ii) other net ordinary loss, if any, attributable to the portion, if any, of the taxable year after December 31) as if incurred in the succeeding taxable year.

If the Fund were to fail to distribute in a calendar year at least an amount equal, in general, to the sum of 98% of its ordinary income for such year and 98.2% of its capital gain net income for the one-year period ending October 31 of such year (or November 30 or December 31, if the Fund is eligible to elect and so elects), plus any such amounts retained from the prior year, the Fund would be subject to a nondeductible 4% excise tax on the undistributed amounts. For purposes of the required excise tax distribution, a RIC's ordinary gains and losses from the sale, exchange or other taxable disposition of property that would otherwise be taken into account after October 31 of a calendar year (or November 30, if the Fund makes the election referred to above) generally are treated as arising on January 1 of the following calendar year; if the Fund has a December 31 year end and makes the election described above, no such gains or losses will be so treated. Also, for these purposes, the Fund will be treated as having distributed any amount on which it is subject to corporate income tax for the taxable year ending within the calendar year. The Fund intends generally to make distributions sufficient to avoid imposition of the excise tax, although there can be no assurance that it will be able to do so. Distributions declared by the Fund during October, November and December to shareholders of record on a date in any such month and paid by the Fund during the following January will be treated for federal tax purposes as paid by the Fund and received by shareholders on December 31 of the year in which declared.

Capital losses in excess of capital gains ("net capital losses") are not permitted to be deducted against the Fund's net investment income. Instead, potentially subject to certain limitations, the Fund may carry net capital losses from any taxable year forward to subsequent taxable years to offset capital gains, if any, realized during such subsequent taxable years. Distributions from capital gains are generally made after applying any available capital loss carryforwards. Capital loss carryforwards are reduced to the extent they offset current-year net realized capital gains, whether the Fund retains or distributes such gains. The Fund may carry net capital losses forward to one or more subsequent taxable years without expiration; any such carryforward losses will retain their character as short-term or long-term. The Fund must apply such carryforwards first against gains of the same character. See the Fund's most recent annual shareholder report for the Fund's available capital loss carryovers as of the end of its most recently ended fiscal year.

------

<u>Taxation of Distributions Received by Shareholders</u> 

For U.S. federal income tax purposes, distributions of investment income are generally taxable to shareholders as ordinary income. Taxes on distributions of capital gains are determined by how long the Fund owned (or is deemed to have owned) the investments that generated them, rather than how long a shareholder has owned his or her Fund shares. In general, the Fund will recognize long-term capital gain or loss on the disposition of assets the Fund has owned (or is deemed to have owned) for more than one year, and short-term capital gain or loss on the disposition of investments the Fund has owned (or is deemed to have owned) for one year or less. Distributions of net-capital gain (that is, the excess of net long-term capital gain over net short-term capital loss) that are properly reported by the Fund as capital gain dividends ("Capital Gain Dividends") generally will be taxable to a shareholder receiving such distributions as long-term capital gains includible in net capital gain and taxed to individuals at reduced rates relative to ordinary income. Distributions from capital gains are generally made after applying any available capital loss carryovers. The IRS and the Department of the Treasury have issued regulations that impose special rules in respect of Capital Gain Dividends received through partnership interests constituting "applicable partnership interests" under Section 1061 of the Code. Distributions of net short-term capital gain (as reduced by any net long-term capital loss for the taxable year) will be taxable to shareholders as ordinary income. Distributions of investment income properly reported by the Fund as derived from "qualified dividend income" will be taxed in the hands of individuals at the rates applicable to net capital gain, provided holding period and other requirements are met at each of the shareholder and the Fund level.

The Code generally imposes a 3.8% Medicare contribution tax on the net investment income of certain individuals, trusts and estates to the extent their income exceeds certain threshold amounts. For these purposes, "net investment income" generally includes, among other things, (i) distributions paid by the Fund of net investment income and capital gains, and (ii) any net gain from the sale, redemption, exchange or other taxable disposition of Fund shares. Shareholders are advised to consult their tax advisors regarding the possible implications of this additional tax on their investment in the Fund.

If the Fund makes a distribution to a shareholder in excess of the Fund's current and accumulated earnings and profits in any taxable year, the excess distribution will be treated as a return of capital to the extent of such shareholder's tax basis in its shares, and thereafter as capital gain. A return of capital is not taxable, but it reduces a shareholder's tax basis in its shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition by the shareholder of its shares.

Shareholders of the Fund will be subject to federal income taxes as described herein on distributions made by the Fund whether received in cash or reinvested in additional shares of the Fund.

Distributions with respect to the Fund's shares are generally subject to U.S. federal income tax as described herein to the extent they do not exceed the Fund's realized income and gains, even though such distributions may economically represent a return of a particular shareholder's investment. Such distributions are likely to occur in respect of shares purchased at a time when the Fund's NAV includes either unrealized gains, or realized but undistributed income or gains that were therefore included in the price the shareholder paid. Such distributions may reduce the fair market value of the Fund's shares below the shareholder's cost basis in those shares. As described above, the Fund is required to distribute realized income and gains regardless of whether the Fund's NAV also reflects unrealized losses.

In order for some portion of the dividends received by the Fund shareholder to be "qualified dividend income," the Fund must meet holding period and other requirements with respect to the dividend-paying stocks held by the Fund and the shareholder must meet holding period and other requirements with respect to the Fund's shares. In general, a dividend will not be treated as qualified dividend income (a) if the dividend is received with respect to any share of stock held for fewer than 61 days during the 121-day period beginning on the date which is 60 days before the date on which such share becomes ex-dividend with respect to such dividend (or, in the case of certain preferred stock, 91 days during the 181-day period beginning 90 days before such date), (b) to the extent that the recipient is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property, (c) if the recipient elects to have the dividend income treated as investment income for purposes of the limitation on deductibility of investment interest, or (d) if the dividend is received from a foreign corporation that is (i) not eligible for the benefits of a comprehensive income tax treaty with the United States (with the exception of dividends paid on stock of such a foreign corporation readily tradable on an established securities market in the United States) or (ii) treated as a passive foreign investment company ("PFIC").

------

In general, distributions of investment income properly reported by the Fund as derived from qualified dividend income will be treated as qualified dividend income in the hands of a shareholder taxed as an individual, provided the shareholder meets the holding period and other requirements described above with respect to the Fund's shares. If the aggregate qualified dividends received by the Fund during any taxable year are 95% or more of the Fund's gross income (excluding net long-term capital gain over net short-term capital loss), then 100% of the Fund's dividends (other than dividends properly reported as Capital Gain Dividends) will be eligible to be treated as qualified dividend income.

In general, dividends of net investment income received by corporate shareholders of the Fund will qualify for the dividends-received deduction generally available to corporations to the extent of the amount of eligible dividends received by the Fund from domestic corporations for the taxable year. A dividend received by the Fund will not be treated as a dividend eligible for the dividends-received deduction (a) if it has been received with respect to any share of stock that the Fund has held for less than 46 days (91 days in the case of certain preferred stock) during the 91-day period beginning on the date which is 45 days before the date on which such share becomes ex-dividend with respect to such dividend (during the 181-day period beginning 90 days before such date in the case of certain preferred stock) or (b) to the extent that the Fund is under an obligation (pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property. Finally, the dividends-received deduction may otherwise be disallowed or reduced (x) if the corporate shareholder fails to satisfy the foregoing requirements with respect to its shares of the Fund or (y) by application of various provisions of the Code (for instance, the dividends-received deduction is reduced in the case of a dividend received on debt-financed portfolio stock (generally, stock acquired with borrowed funds)).

Any distribution of income that is attributable to (a) income received by the Fund in lieu of dividends with respect to securities on loan pursuant to a securities lending transaction or (b) dividend income received by the Fund on securities it temporarily purchased from a counterparty pursuant to a repurchase agreement that is treated for U.S. federal income tax purposes as a loan by the Fund, will not constitute qualified dividend income to individual shareholders and will not be eligible for the dividends-received deduction for corporate shareholders.

If the Fund holds, directly or indirectly, one or more "tax credit bonds" issued on or before December 31, 2017, on one or more applicable dates during a taxable year, the Fund may elect to permit its shareholders to claim a tax credit on their income tax returns equal to each shareholder's proportionate share of tax credits from the bond otherwise allowed to the Fund. In such a case, a shareholder will be deemed to receive a distribution of money with respect to its Fund shares equal to the shareholder's proportionate share of the amount of such credits and be allowed a credit against the its U.S. federal income tax liability equal to the amount of such deemed distribution. A shareholder's ability to claim a tax credit associated with one or more tax credit bonds may be subject to certain limitations imposed by the Code, and the amount of the tax credits may not exceed the amount reported by the Fund in a written notice to shareholders. Even if the Fund is eligible to pass through tax credits to shareholders, the Fund may choose not to do so.

As required by federal law, detailed federal tax information with respect to each calendar year will be furnished to each shareholder early in the succeeding year.

*Special Rules for Debt Obligations.* Some debt obligations with a fixed maturity date of more than one year from the date of issuance (and zero-coupon debt obligations with a fixed maturity date of more than one year from the date of issuance) will be treated as debt obligations that are issued originally at a discount. Generally, original issue discount ("OID") is treated as interest income and is included in the Fund's income and required to be distributed by the Fund over the term of the debt obligation, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt obligation. In addition, payment-in-kind obligations will give rise to income which is required to be distributed and is taxable even though the Fund holding the obligation receives no interest payment in cash on the obligation during the year.

Some debt obligations with a fixed maturity date of more than one year from the date of issuance that are acquired in the secondary market by the Fund may be treated as having "market discount." Very generally, market discount is the excess of the stated redemption price of a debt obligation (or in the case of an obligation issued with OID, its "revised issue price") over the purchase price of such obligation. Subject to the discussion below regarding Section 451 of the Code, (i) generally, any gain recognized on the disposition of, and any partial payment of principal on, a debt obligation having market discount is treated as ordinary income to the extent the gain, or principal payment, does not exceed the "accrued market discount" on such debt obligation, (ii) alternatively, the Fund may elect to accrue market discount currently, in which case the Fund will be required to include the accrued market discount in income (as ordinary income) and thus distribute it over the term of the debt obligation, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt obligation, and (iii) the rate at which the market discount accrues, and thus is included in the Fund's income, will depend upon which of the permitted accrual methods the Fund elects. Notwithstanding

------

the foregoing, effective for taxable years beginning after 2017, Section 451 of the Code generally requires any accrual method taxpayer to take into account items of gross income no later than the time at which such items are taken into account as revenue in the taxpayer's financial statements. The IRS and the Department of Treasury issued regulations providing that this rule does not apply to accrued market discount. If this rule were to apply to the accrual of market discount, the Fund would be required to include in income any market discount as it takes the same into account on its financial statements, even if the Fund does not otherwise elect to accrue market discount currently for federal income tax purposes.

If the Fund holds the foregoing kinds of obligations, or other obligations subject to special rules under the Code, the Fund may be required to pay out as an income distribution each year an amount which is greater than the total amount of cash interest the Fund actually received. Such distributions may be made from the cash assets of the Fund or, if necessary, by disposition of portfolio securities including at a time when it may not be advantageous to do so. These dispositions may cause the Fund to realize higher amounts of short-term capital gains (generally taxed to shareholders at ordinary income tax rates) and, in the event the Fund realizes net capital gains from such transactions, its shareholders may receive a larger Capital Gain Dividend than they would have if the Fund had not held such obligations.

A portion of the OID accrued on certain high yield discount obligations may not be deductible to the issuer and will instead be treated as a dividend paid by the issuer for purposes of the dividends-received deduction. In such cases, if the issuer of the high yield discount obligations is a domestic corporation, dividend payments by the Fund may be eligible for the dividends-received deduction to the extent attributable to the deemed dividend portion of such OID.

*Securities Purchased at a Premium.* Very generally, where the Fund purchases a bond at a price that exceeds the redemption price at maturity — that is, at a premium — the premium is amortizable over the remaining term of the bond. In the case of a taxable bond, if the Fund makes an election applicable to all such bonds it purchases, which election is irrevocable without consent of the IRS, the Fund reduces the current taxable income from the bond by the amortized premium and reduces its tax basis in the bond by the amount of such offset; upon the disposition or maturity of such bonds acquired on or after January 4, 2013, the Fund is permitted to deduct any remaining premium allocable to a prior period.

*At-risk or Defaulted Securities.* Investments in debt obligations that are at risk of or in default present special tax issues for the Fund. Tax rules are not entirely clear about issues such as when the Fund may cease to accrue interest, OID or market discount; whether, when or to what extent the Fund should recognize market discount on such debt obligations; when and to what extent the Fund may take deductions for bad debts or worthless securities; and how the Fund should allocate payments received on obligations in default between principal and income. These and other related issues will be addressed by the Fund when, as and if it invests in such securities, in order to seek to ensure that it distributes sufficient income to preserve its status as a RIC and does not become subject to U.S. federal income or excise tax.

*Certain Investments in REITs.* Any investment by the Fund in equity securities of real estate investment trusts qualifying as such under Subchapter M of the Code ("REITs") may result in the Fund's receipt of cash in excess of the REIT's earnings; if the Fund distributes these amounts, these distributions could constitute a return of capital to Fund shareholders for U.S. federal income tax purposes. Dividends received by the Fund from a REIT will not qualify for the corporate dividends-received deduction and generally will not constitute qualified dividend income.

Distributions by the Fund to its shareholders that the Fund properly reports as "section 199A dividends," as defined and subject to certain conditions described below, are treated as qualified REIT dividends in the hands of non-corporate shareholders. Non-corporate shareholders are permitted a federal income tax deduction equal to 20% of qualified REIT dividends received by them, subject to certain limitations. Very generally, a "section 199A dividend" is any dividend or portion thereof that is attributable to certain dividends received by a RIC from REITs, to the extent such dividends are properly reported as such by the RIC in a written notice to its shareholders. A section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying RIC shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. The Fund is permitted to report such part of its dividends as section 199A dividends as are eligible, but is not required to do so.

*Certain Investments in Mortgage Pooling Vehicles.* The Fund may invest directly or indirectly in residual interests in real estate mortgage investment conduits ("REMICs") (including by investing in residual interests in collateralized mortgage obligations ("CMOs") with respect to which an election to be treated as a REMIC is in effect) or equity interests in taxable mortgage pools ("TMPs"). Under a notice issued by the IRS in October 2006 and Treasury regulations that have yet to be issued but may apply retroactively, a portion of the Fund's income (including income allocated to the Fund from certain

------

pass-through entities) that is attributable to a residual interest in a REMIC or an equity interest in a TMP (referred to in the Code as an "excess inclusion") will be subject to U.S. federal income tax in all events. This notice also provides, and the regulations are expected to provide, that excess inclusion income of a RIC, such as the Fund, will be allocated to shareholders of the RIC in proportion to the dividends received by such shareholders, with the same consequences as if the shareholders held the related interest directly. As a result, a RIC investing in such securities may not be a suitable investment for charitable remainder trusts ("CRTs"), as noted below.

In general, excess inclusion income allocated to shareholders (i) cannot be offset by net operating losses (subject to a limited exception for certain thrift institutions), (ii) will constitute unrelated business taxable income ("UBTI") to entities (including a qualified pension plan, an individual retirement account, a 401(k) plan, a Keogh plan or other tax-exempt entity) subject to tax on UBTI, thereby potentially requiring such an entity that is allocated excess inclusion income, and that otherwise might not be required to file a tax return, to file a tax return and pay tax on such income, and (iii) in the case of a foreign shareholder will not qualify for any reduction in U.S. federal withholding tax. A shareholder will be subject to U.S. federal income tax on such inclusions notwithstanding any exemption from such income tax otherwise available under the Code.

*Foreign Currency Transactions.* Any transaction by the Fund in foreign currencies, foreign currency-denominated debt obligations or certain foreign currency options, futures contracts or forward contracts (or similar instruments) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned. Any such net gains could require a larger dividend toward the end of the calendar year. Any such net losses will generally reduce and potentially require the recharacterization of prior ordinary income distributions. Such ordinary income treatment may accelerate the Fund's distributions to shareholders and increase the distributions taxed to shareholders as ordinary income. Any net ordinary losses so created cannot be carried forward by the Fund to offset income or gains earned in subsequent taxable years.

*Passive Foreign Investment Companies.* Equity investments by the Fund in PFICs could potentially subject the Fund to a U.S. federal income tax (including interest charges) on distributions received from the company or on proceeds received from the disposition of shares in the company. This tax cannot be eliminated by making distributions to Fund shareholders. However, the Fund may elect to avoid the imposition of that tax. For example, the Fund may elect to treat a PFIC as a "qualified electing fund" (i.e., make a "QEF election"), in which case the Fund will be required to include its share of the PFIC's income and net capital gains annually, regardless of whether it receives any distribution from the PFIC. The Fund also may make an election to mark the gains (and to a limited extent losses) in such holdings "to the market" as though it had sold (and, solely for purposes of this mark-to-market election, repurchased) its holdings in those PFICs on the last day of the Fund's taxable year. Such gains and losses are treated as ordinary income and loss. The QEF and mark-to-market elections may accelerate the recognition of income (without the receipt of cash) and increase the amount required to be distributed by the Fund to avoid taxation. Either of these elections therefore may require the Fund to liquidate other investments (including when it is not advantageous to do so) to meet its distribution requirement, which also may accelerate the recognition of gain and affect the Fund's total return. Dividends paid by PFICs will not be eligible to be treated as "qualified dividend income."

Because it is not always possible to identify a foreign corporation as a PFIC, the Fund may incur the tax and interest charges described above in some instances.

*Options and Futures.* In general, option premiums received by the Fund are not immediately included in the income of the Fund. Instead, the premiums are recognized when the option contract expires, the option is exercised by the holder, or the Fund transfers or otherwise terminates the option (*e.g.*, through a closing transaction). If a call option written by the Fund is exercised and the Fund sells or delivers the underlying stock, the Fund generally will recognize capital gain or loss equal to (a) the sum of the strike price and the option premium received by the Fund minus (b) the Fund's basis in the stock. Such gain or loss generally will be short-term or long-term depending upon the holding period of the underlying stock. If securities are purchased by the Fund pursuant to the exercise of a put option written by it, the Fund generally will subtract the premium received for purposes of computing its cost basis in the securities purchased. Gain or loss arising in respect of a termination of the Fund's obligation under an option other than through the exercise of the option will be short-term gain or loss depending on whether the premium income received by the Fund is greater or less than the amount paid by the Fund (if any) in terminating the transaction. Thus, for example, if an option written by the Fund expires unexercised, the Fund generally will recognize short-term gain equal to the premium received.

The Fund's options activities may include transactions constituting straddles for U.S. federal income tax purposes, that is, that trigger the U.S. federal income tax straddle rules contained primarily in Section 1092 of the Code. Such straddles include, for example, positions in a particular security, or an index of securities, and one or more options that offset the

------

former position, including options that are "covered" by the Fund's long position in the subject security. Very generally, where applicable, Section 1092 requires (i) that losses be deferred on positions deemed to be offsetting positions with respect to "substantially similar or related property," to the extent of unrealized gain in the latter, and (ii) that the holding period of such a straddle position that has not already been held for the long-term holding period be terminated and begin anew once the position is no longer part of a straddle. Options on single stocks that are not "deep in the money" may constitute qualified covered calls, which generally are not subject to the straddle rules; the holding period on stock underlying qualified covered calls that are "in the money" although not "deep in the money" will be suspended during the period that such calls are outstanding. Thus, the straddle rules and the rules governing qualified covered calls could cause gains that would otherwise constitute long-term capital gains to be treated as short-term capital gains, and distributions that would otherwise constitute "qualified dividend income" or qualify for the dividends-received deduction to fail to satisfy the holding period requirements and therefore to be taxed as ordinary income or fail to qualify for the dividends-received deduction, as the case may be.

The tax treatment of certain positions entered into by the Fund, including regulated futures contracts, certain foreign currency positions and certain listed non-equity options, will be governed by section 1256 of the Code ("section 1256 contracts"). Gains or losses on section 1256 contracts generally are considered 60% long-term and 40% short-term capital gains or losses ("60/40"), although certain foreign currency gains and losses from such contracts may be treated as ordinary in character. Also, section 1256 contracts held by the Fund at the end of each taxable year (and, for purposes of the 4% excise tax, on certain other dates as prescribed under the Code) are "marked to market" with the result that unrealized gains or losses are treated as though they were realized and the resulting gain or loss is treated as ordinary or 60/40 gain or loss, as applicable.

*Derivatives, Hedging, and Related Transactions.* In addition to the special rules described above in respect of futures and options transactions, the Fund's transactions in other derivative instruments (e.g., forward contracts and swap agreements), as well as any of its hedging, short sale, securities loan or similar transactions, may be subject to one or more special tax rules (e.g., notional principal contract, straddle, constructive sale, wash sale and short sale rules). These rules may affect whether gains and losses recognized by the Fund are treated as ordinary or capital, accelerate the recognition of income or gains to the Fund, defer losses to the Fund, and cause adjustments in the holding periods of the Fund's securities, thereby affecting whether capital gains and losses are treated as short-term or long-term. These rules could therefore affect the amount, timing and/or character of distributions to shareholders.

Because these and other tax rules applicable to these types of transactions are in some cases uncertain under current law, an adverse determination or future guidance by the IRS with respect to these rules (which determination or guidance could be retroactive) may affect whether the Fund has made sufficient distributions, and otherwise satisfied the relevant requirements, to maintain its qualification as a RIC and avoid the Fund-level tax.

*Commodity-Linked Instruments.* The Fund's direct or indirect investments in commodities and commodity-linked instruments can be limited by the Fund's intention to qualify as a RIC, and can bear on the Fund's ability to so qualify. Income and gains from commodities and certain commodity-linked instruments does not constitute qualifying income to a RIC for purposes of the 90% gross income test described above. The tax treatment of some other commodity-linked instruments in which the Fund might invest is not certain, in particular with respect to whether income or gains from such instruments constitute qualifying income to a RIC. If the Fund were to treat income or gain from a particular instrument as qualifying income and the income or gain were later determined not to constitute qualifying income and, together with any other nonqualifying income, caused the Fund's nonqualifying income to exceed 10% of its gross income in any taxable year, the Fund would fail to qualify as a RIC unless it is eligible to and does pay a tax at the Fund level.

*Book-Tax Differences.* Certain of the Fund's investments in derivative instruments and foreign currency-denominated instruments, and any of the Fund's transactions in foreign currencies and hedging activities, are likely to produce a difference between its book income and the sum of its taxable income and net tax-exempt income (if any). If such a difference arises, and the Fund's book income is less than the sum of its taxable income and net tax-exempt income, the Fund could be required to make distributions exceeding book income to qualify as a RIC that is accorded special tax treatment and to avoid an entity-level tax. In the alternative, if the Fund's book income exceeds the sum of its taxable income (including realized capital gains) and net tax-exempt income, the distribution (if any) of such excess generally will be treated as (i) a dividend to the extent of the Fund's remaining earnings and profits (including earnings and profits arising from tax-exempt income), (ii) thereafter, as a return of capital to the extent of the recipient's basis in its shares, and (iii) thereafter as gain from the sale or exchange of a capital asset.

------

<u>Foreign Taxation</u> 

The Fund's income, proceeds and gains from sources within foreign countries may be subject to non-U.S. withholding or other taxes, which will reduce the yield on those investments. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. It is expected that at the close of the Fund's taxable year, more than 50% of the assets of the Fund will consist of the securities of foreign corporations. In that case, the Fund may elect to permit shareholders to claim a credit or deduction on their income tax returns for their pro rata portions of qualified taxes paid by the Fund to foreign countries in respect of foreign securities that the Fund has held for at least the minimum period specified in the Code. In such a case, shareholders will include in gross income from foreign sources their pro rata shares of such taxes paid by such Fund. A shareholder's ability to claim an offsetting foreign tax credit or deduction in respect of foreign taxes paid by the Fund is subject to certain limitations imposed by the Code, which may result in the shareholder's not receiving a full credit or deduction (if any) for the amount of such taxes. Shareholders who do not itemize on their U.S. federal income tax returns may claim a credit (but not a deduction) for such foreign taxes. Even if the Fund were eligible to make such an election for a given year, it may determine not to do so.

If the Fund does not qualify for or does not make such election, shareholders will not be entitled to claim a credit or deduction with respect to foreign taxes paid by the Fund; in that case the foreign tax will nonetheless reduce the Fund's taxable income. Shareholders that are not subject to U.S. federal income tax, and those who invest in a Fund through tax-advantaged accounts (including those who invest through individual retirement accounts or other tax-advantaged retirement plans), generally will receive no benefit from any tax credit or deduction passed through by the Fund, if any. Under certain circumstances, if the Fund receives a refund of foreign taxes paid in respect of a prior year, the value of Fund Shares could be affected or any foreign tax credits or deductions passed through to shareholders in respect of the Fund's foreign taxes for the current year could be reduced.

<u>Backup Withholding</u> 

The Fund generally is required to withhold and remit to the U.S. Treasury a percentage of the taxable distributions and redemption proceeds paid to any individual shareholder who fails to properly furnish the Fund with a correct taxpayer identification number ("TIN"), who has under-reported dividend or interest income, or who fails to certify to the Fund that he or she is not subject to such withholding.

Backup withholding is not an additional tax. Any amounts withheld may be credited against the shareholder's U.S. federal income tax liability, provided the appropriate information is furnished to the IRS.

<u>Tax-Exempt Shareholders</u> 

Income of a RIC that would be UBTI if earned directly by a tax-exempt entity will not generally constitute UBTI when distributed to a tax-exempt shareholder of the RIC. Notwithstanding this "blocking" effect, a tax-exempt shareholder could realize UBTI by virtue of its investment in the Fund if shares in the Fund constitute debt-financed property in the hands of the tax-exempt shareholder within the meaning of Code Section 514(b).

A tax-exempt shareholder may also recognize UBTI if the Fund recognizes "excess inclusion income" derived from direct or indirect investments in residual interests in REMICs or equity interests in TMPs if the amount of such income recognized by the Fund exceeds the Fund's investment company taxable income (after taking into account deductions for dividends paid by the Fund).

In addition, special tax consequences apply to CRTs that invest in RICs that invest directly or indirectly in residual interests in REMICs or equity interests in TMPs. Under legislation enacted in December 2006, a CRT (as defined in Section 664 of the Code) that realizes any UBTI for a taxable year must pay an excise tax annually of an amount equal to such UBTI. Under IRS guidance issued in October 2006, a CRT will not recognize UBTI as a result of investing in a RIC that recognizes "excess inclusion income." Rather, if at any time during any taxable year a CRT (or one of certain other tax-exempt shareholders, such as the United States, a state or political subdivision, or an agency or instrumentality thereof, and certain energy cooperatives) is a record holder of a share in a RIC that recognizes "excess inclusion income," then the RIC will be subject to a tax on that portion of its "excess inclusion income" for the taxable year that is allocable to such shareholders at the highest federal corporate income tax rate. The extent to which this IRS guidance remains applicable in light of the December 2006 legislation is unclear. To the extent permitted under the 1940 Act, the Fund may elect to specially allocate any such tax to the applicable CRT, or other shareholder, and thus reduce such shareholder's distributions for the year by the amount of the tax that relates to such shareholder's interest in the Fund. CRTs are urged to consult their tax advisors concerning the consequences of investing in the Fund.

------

<u>Redemptions and Exchanges</u> 

Redemptions and exchanges of the Fund's shares are taxable events and, accordingly, shareholders may realize gain or loss on these transactions. In general, any gain or loss realized upon a taxable disposition of shares will be treated as long-term capital gain or loss if the shares have been held for more than 12 months. Otherwise, the gain or loss on the taxable disposition of Fund shares will be treated as short-term capital gain or loss. However, any loss realized upon a taxable disposition of Fund shares held by a shareholder for six months or less will be treated as long-term, rather than short-term, to the extent of any Capital Gain Dividends received (or deemed received) by the shareholder with respect to the shares. Further, all or a portion of any loss realized upon a taxable disposition of Fund shares will generally be disallowed under the Code's "wash sale" rule if other substantially identical shares are purchased, including by means of dividend reinvestment, within 30 days before or after the disposition. In such a case, the basis of the newly purchased shares will be adjusted to reflect the disallowed loss. Upon the redemption or exchange of shares of a Fund, the Fund or, in the case of shares purchased through a financial intermediary, the financial intermediary may be required to provide you and the IRS with cost basis and certain other related tax information about the Fund shares you redeemed or exchanged. See the Fund's prospectus for more information.

<u>Tax Shelter Reporting</u> 

Under Treasury regulations, if a shareholder recognizes a loss of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder (or a greater loss over a combination of years), the shareholder must file with the IRS a disclosure statement on IRS Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisers to determine the applicability of these regulations in light of their individual circumstances.

<u>Non-U.S. Shareholders</u> 

Non-U.S. shareholders in the Fund should consult their tax advisors concerning the tax consequences of ownership of shares in the Fund. Distributions by the Fund to shareholders that are not "U.S. persons" within the meaning of the Code ("foreign shareholders") properly reported by the Fund as (1) Capital Gain Dividends, (2) short-term capital gain dividends, and (3) interest-related dividends, each as defined and subject to certain conditions described below, generally are not subject to withholding of U.S. federal income tax.

In general, the Code defines (1) "short-term capital gain dividends" as distributions of net short-term capital gains in excess of net long-term capital losses and (2) "interest-related dividends" as distributions from U.S.-source interest income of types similar to those not subject to U.S. federal income tax if earned directly by an individual foreign shareholder, in each case to the extent such distributions are properly reported as such by the Fund in a written notice to shareholders.

The exceptions to withholding for Capital Gain Dividends and short-term capital gain dividends do not apply to (A) distributions to an individual foreign shareholder who is present in the United States for a period or periods aggregating 183 days or more during the year of the distribution and (B) distributions attributable to gain that is treated as effectively connected with the conduct by the foreign shareholder of a trade or business within the United States under special rules regarding the disposition of U.S. real property interests ("USRPIs") as described below. The exception to withholding for interest-related dividends does not apply to distributions to a foreign shareholder (i) that has not provided a satisfactory statement that the beneficial owner is not a U.S. person, (ii) to the extent that the dividend is attributable to certain interest on an obligation if the foreign shareholder is the issuer or is a 10% shareholder of the issuer, (iii) that is within certain foreign countries that have inadequate information exchange with the United States, or (iv) to the extent the dividend is attributable to interest paid by a person that is a related person of the foreign shareholder and the foreign shareholder is a controlled foreign corporation. If the Fund invests in a RIC that pays such distributions to the Fund, such distributions retain their character as not subject to withholding if properly reported when paid by the Fund to foreign shareholders. A RIC is permitted to report such parts of its dividends as are eligible to be treated as interest-related or short-term capital gain dividends, but is not required to do so. In the case of shares held through an intermediary, the intermediary may withhold even if the Fund reports all or a portion of a payment as an interest-related or short-term capital gain dividend to shareholders.

Foreign shareholders should contact their intermediaries regarding the application of withholding rules to their accounts.

------

Distributions by the Fund to foreign shareholders other than Capital Gain Dividends, short-term capital gain dividends and interest-related dividends (e.g., dividends attributable to dividend and foreign-source interest income or to short-term capital gains or U.S. source interest income to which the exception from withholding described above does not apply) are generally subject to withholding of U.S. federal income tax at a rate of 30% (or lower applicable treaty rate).

A foreign shareholder is not, in general, subject to U.S. federal income tax on gains (and is not allowed a deduction for losses) realized on the sale of shares of the Fund unless (a) such gain is effectively connected with the conduct of a trade or business carried on by such holder within the United States, (b) in the case of an individual holder, the holder is present in the United States for a period or periods aggregating 183 days or more during the year of the sale and certain other conditions are met, or (c) the special rules relating to gain attributable to the sale or exchange of USRPIs apply to the foreign shareholder's sale of shares of the Fund (as described below).

Foreign shareholders with respect to whom income from the Fund is effectively connected with a trade or business conducted by the foreign person within the United States will in general be subject to U.S. federal income tax on the income derived from the Fund at the graduated rates applicable to U.S. citizens, residents or domestic corporations, whether such income is received in cash or reinvested in shares of the Fund and, in the case of a foreign corporation, may also be subject to a branch profits tax. If a foreign shareholder is eligible for the benefits of a tax treaty, any effectively connected income or gain will generally be subject to U.S. federal income tax on a net basis only if it is also attributable to a permanent establishment maintained by the shareholder in the United States. More generally, foreign shareholders who are residents in a country with an income tax treaty with the United States may obtain different tax results than those described herein, and are urged to consult their tax advisors.

Special rules would apply if the Fund were a qualified investment entity ("QIE") because it is either a "U.S. real property holding corporation" ("USRPHC") or would be a USRPHC but for the operation of certain exceptions to the definition thereof. Very generally, a USRPHC is a domestic corporation that holds USRPIs the fair market value of which equals or exceeds 50% of the sum of the fair market values of the corporation's USRPIs, interests in real property located outside the United States, and other trade or business assets. USRPIs are generally defined as any interest in U.S. real property and any interest (other than solely as a creditor) in a USRPHC or, very generally, an entity that has been a USRPHC in the last five years. A Fund that holds, directly or indirectly, significant interests in REITs may be a USRPHC. Interests in domestically controlled QIEs, including REITs and RICs that are QIEs, not-greater-than-10% interests in publicly traded classes of stock in REITs and not-greater-than-5% interests in publicly traded classes of stock in RICs generally are not USRPIs, but these exceptions do not apply for purposes of determining whether the Fund is a QIE. If an interest in the Fund were a USRPI, the Fund would be required to withhold U.S. tax on the proceeds of a share redemption by a greater-than-5% foreign shareholder, in which case such foreign shareholder generally would also be required to file U.S. tax returns and pay any additional taxes due in connection with the redemption.

If the Fund were a QIE under a special "look-through" rule, any distributions by the Fund to a foreign shareholder attributable directly or indirectly to (i) distributions received by the Fund from a lower-tier RIC or REIT that the Fund is required to treat as USRPI gain in its hands and (ii) gains realized on the disposition of USRPIs by the Fund, would retain their character as gains realized from USRPIs in the hands of the Fund's foreign shareholders and would be subject to U.S. tax withholding. In addition, such distributions could result in the foreign shareholder being required to file a U.S. tax return and pay tax on the distributions at regular U.S. federal income tax rates. The consequences to a foreign shareholder, including the rate of such withholding and character of such distributions (e.g., as ordinary income or USRPI gain), would vary depending upon the extent of the foreign shareholder's current and past ownership of the Fund. The Fund generally does not expect that it will be a QIE.

Foreign shareholders of the Fund also may be subject to "wash sale" rules to prevent the avoidance of the tax-filing and –payment obligations discussed above through the sale and repurchase of Fund shares.

Foreign shareholders should consult their tax advisers and, if holding shares through intermediaries, their intermediaries, concerning the application of these rules to their investment in the Fund.

In order for a foreign shareholder to qualify for any exemptions from withholding described above or for lower withholding tax rates under income tax treaties, or to establish an exemption from back-up withholding, the foreign shareholder must comply with special certification and filing requirements relating to its non-U.S. status (including, in general, furnishing an IRS Form W-8BEN, IRS Form W-8BEN-E or substitute form). Non-U.S. investors in the Fund should consult their tax advisers in this regard.

------

Special rules (including withholding and reporting requirements) apply to foreign partnerships and those holding Fund shares through foreign partnerships. Additional considerations may apply to foreign trusts and estates. Investors holding Fund shares through foreign entities should consult their tax advisers about their particular situation.

A foreign shareholder may be subject to state and local tax and to the U.S. federal estate tax in addition to the U.S. federal income tax on income referred to above.

<u>Shareholder Reporting Obligations With Respect To Foreign Bank and Financial Accounts</u> 

Shareholders that are U.S. persons and own, directly or indirectly, more than 50% of the Fund by vote or value could be required to report annually their "financial interest" in the Fund's "foreign financial accounts," if any, on FinCEN Form 114, Report of Foreign Bank and Financial Accounts ("FBAR"). Shareholders should consult a tax advisor, and persons investing in the Fund through an intermediary should contact their intermediary, regarding the applicability to them of this reporting requirement.

<u>Other Reporting and Withholding Requirements</u> 

Sections 1471-1474 of the Code and the U.S. Treasury and IRS guidance issued thereunder (collectively, "FATCA") generally require the Fund to obtain information sufficient to identify the status of each of its shareholders under FATCA or under an applicable intergovernmental agreement (an "IGA") between the United States and a foreign government. If a shareholder fails to provide the requested information or otherwise fails to comply with FATCA or an IGA, the Fund may be required to withhold under FATCA at a rate of 30% with respect to that shareholder on ordinary dividends it pays. The IRS and the Department of Treasury have issued proposed regulations providing that these withholding rules will not apply to the gross proceeds of share redemptions or Capital Gain Dividends the Fund pays. If a payment by the Fund is subject to FATCA withholding, the Fund is required to withhold even if such payment would otherwise be exempt from withholding under the rules applicable to foreign shareholders described above (e.g., short-term capital gain dividends and interest-related dividends).

Each prospective investor is urged to consult its tax adviser regarding the applicability of FATCA and any other reporting requirements with respect to the prospective investor's own situation, including investments through an intermediary.

<u>General Considerations</u> 

The U.S. federal income tax discussion set forth above is for general information only. Prospective investors should consult their tax advisers regarding the specific U.S. federal income tax consequences of purchasing, holding, and disposing of shares of the Fund, as well as the effects of state, local, foreign, and other tax laws and any proposed tax law changes.

**Underwriter** 

SSGA FD serves as the Fund's distributor pursuant to the Distribution Agreement by and between SSGA FD and the Trust. SSGA FD is not obligated to sell any specific number of shares and will sell shares of the Fund on a continuous basis only against orders to purchase shares. The principal business address of SSGA FD is One Iron Street, Boston, MA 02210.

**Financial Statements** 

The audited financial statements for the fiscal year ended September 30, 2022 for the Fund are included in the Annual Reports, which were filed with the SEC on December 7, 2022 as part of the Trust's filing on Form N-CSR (SEC Accession No. 0001193125-22-300052) and are incorporated into this SAI by reference. The Annual Reports are available, without charge, upon request, by calling (800) 647-7327 or through the Funds' website at www.ssga.com.

------

**APPENDIX A - TRUST'S PROXY VOTING POLICY AND PROCEDURES** 

**SSGA FUNDS**

**STATE STREET MASTER FUNDS**

**STATE STREET INSTITUTIONAL INVESTMENT TRUST**

**ELFUN GOVERNMENT MONEY MARKET FUND**

**ELFUN TAX-EXEMPT INCOME FUND**

**ELFUN INCOME FUND**

**ELFUN DIVERSIFIED FUND**

**ELFUN INTERNATIONAL EQUITY FUND**

**ELFUN TRUSTS**

**STATE STREET NAVIGATOR SECURITIES LENDING TRUST**

**STATE STREET INSTITUTIONAL FUNDS**

**STATE STREET VARIABLE INSURANCE SERIES FUNDS, INC. (THE "COMPANY")**<sup>1</sup>

**<u>PROXY VOTING POLICY AND PROCEDURES</u>** 

**As of September 20, 2017** 

The Board of Trustees/Directors of the Trust/Company (each series thereof, a "Fund") have adopted the following policy and procedures with respect to voting proxies relating to portfolio securities held by the Trust/Company's investment portfolios.

**1. Proxy Voting Policy** 

The policy of the Trust/Company is to delegate the responsibility for voting proxies relating to portfolio securities held by the Trust/Company to SSGA Funds Management, Inc., the Trust/Company's investment adviser (the "Adviser"), subject to the Trustees/Directors' continuing oversight.

**2. Fiduciary Duty** 

The right to vote proxies with respect to a portfolio security held by the Trust/Company is an asset of the Trust/Company. The Adviser acts as a fiduciary of the Trust/Company and must vote proxies in a manner consistent with the best interest of the Trust/Company and its shareholders.

**3. Proxy Voting Procedures** 

A. At least annually, the Adviser shall present to the Boards of Trustees/Directors its policies, procedures and other guidelines for voting proxies ("Policy") and the policy of any Sub-adviser (as defined below) to which proxy voting authority has been delegated (see Section 9 below). In addition, the Adviser shall notify the Trustees/Directors of material changes to its Policy or the policy of any Sub-adviser promptly and not later than the next regular meeting of the Board of Trustees/Directors after such amendment is implemented.

B. At least annually, the Adviser shall present to the Boards of Trustees/Directors its policy for managing conflicts of interests that may arise through the Adviser's proxy voting activities. In addition, the Adviser shall report any Policy overrides involving portfolio securities held by a Fund to the Trustees/Directors at the next regular meeting of the Board of Trustees/Directors after such override(s) occur.

C. At least annually, the Adviser shall inform the Trustees/Director that a record is available with respect to each proxy voted with respect to portfolio securities of the Trust/Company during the year. Also see Section 5 below.

**4. Revocation of Authority to Vote** 

The delegation by the Trustees/Directors of the authority to vote proxies relating to portfolio securities of the Trust/Company may be revoked by the Trustees/Directors, in whole or in part, at any time.

____________

Unless otherwise noted, the singular term "Trust/Company" used throughout this document means each of SSGA Funds, State Street Master Funds, State Street Institutional Investment Trust, State Street Navigator Securities Lending Trust, Elfun Government Money Market Fund, Elfun Tax-Exempt Income Fund, Elfun Income Fund, Elfun Diversified Fund, Elfun International Equity Fund, Elfun Trusts, State Street Institutional Funds, and State Street Variable Insurance Series Funds, Inc.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. Annual Filing of Proxy Voting Record** 

The Adviser shall provide the required data for each proxy voted with respect to portfolio securities of the Trust/Company to the Trust/Company or its designated service provider in a timely manner and in a format acceptable to be filed in the Trust/Company's annual proxy voting report on Form N-PX for the twelve-month period ended June 30. Form N-PX is required to be filed not later than August 31 of each year.

**6. Retention and Oversight of Proxy Advisory Firms** 

A. In considering whether to retain or continue retaining a particular proxy advisory firm, the Adviser will ascertain whether the proxy advisory firm has the capacity and competency to adequately analyze proxy issues, act as proxy voting agent as requested, and implement the Policy. In this regard, the Adviser will consider, at least annually, among other things, the adequacy and quality of the proxy advisory firm's staffing and personnel and the robustness of its policies and procedures regarding its ability to identify and address any conflicts of interest. The Adviser shall, at least annually, report to Boards of Trustees/Directors regarding the results of this review.

B. The Adviser will request quarterly and annual reporting from any proxy advisory firm retained by the Adviser, and hold ad hoc meetings with such proxy advisory firm, in order to determine whether there has been any business changes that might impact the proxy advisory firm's capacity or competency to provide proxy voting advice or services or changes to the proxy advisory firm's conflicts policies or procedures. The Adviser will also take reasonable steps to investigate any material factual error, notified to the Adviser by the proxy advisory firm or identified by the Adviser, made by the proxy advisory firm in providing proxy voting services.

**7. Periodic Sampling** 

The Adviser will periodically sample proxy votes to review whether they complied with the Policy. The Adviser shall, at least annually, report to the Boards of Trustees/Directors regarding the frequency and results of the sampling performed.

**8. Disclosures** 

&nbsp;&nbsp;&nbsp;&nbsp;A. The Trust/Company shall include in its registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A description of this policy and of the policies and procedures used by the Adviser to determine how to vote proxies relating to portfolio securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A statement disclosing that information regarding how the Trust/Company voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available without charge, upon request, by calling the Trust/Company's toll-free telephone number; or through a specified Internet address; or both; and on the Securities and Exchange Commission's (the "SEC") website.

&nbsp;&nbsp;&nbsp;&nbsp;B. The Trust/Company shall include in its annual and semi-annual reports to shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A statement disclosing that a description of the policies and procedures used by or on behalf of the Trust/Company to determine how to vote proxies relating to portfolio securities of the Fund is available without charge, upon request, by calling the Trust/Company's toll-free telephone number; through a specified Internet address, if applicable; and on the SEC's website; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A statement disclosing that information regarding how the Trust/Company voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available without charge, upon request, by calling the Trust/Company's toll-free telephone number; or through a specified Internet address; or both; and on the SEC's website.

**9. Sub-Advisers** 

For this Fund, the Adviser may retain investment management firms ("Sub-advisers") to provide day-to-day investment management services to the Fund pursuant to sub-advisory agreements. It is the policy of the Trust/Company that the Adviser may delegate proxy voting authority with respect to a Fund to a Sub-adviser. Pursuant to such delegation, a Sub-adviser is authorized to vote proxies on behalf of the applicable Fund for which it serves as sub-adviser, in accordance with the Sub-adviser's proxy voting policies and procedures.

**10. Review of Policy** 

The Trustees/Directors shall review this policy to determine its continued sufficiency as necessary from time to time.

------

**APPENDIX B – ADVISER'S PROXY VOTING PROCEDURES AND GUIDELINES**![](g368291img38a8e1841.jpg)

---

| |
|:---|
| **December 2022** |
| &nbsp;&nbsp; **Global Proxy Voting and** <br> **Engagement Principles**<br>|
| &nbsp;&nbsp; State Street Global Advisors, one of the industry's <br> largest institutional asset managers, is the investment <br> management arm of State Street Corporation, a leading <br> provider of financial services to institutional investors. As <br> an investment manager, State Street Global Advisors <br> has discretionary proxy voting authority over most of its <br> client accounts, and State Street Global Advisors votes <br> these proxies in the manner that we believe will most <br> likely protect and promote the long-term economic value <br> of client investments, as described in this document.<sup>i</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

i

These Global Proxy Voting and Engagement Principles (the "Principles") are also applicable to SSGA Funds Management, Inc., State Street Global Advisors Trust Company, and other advisory affiliates of State Street Corporation. Additionally, State Street Global Advisors maintains Proxy Voting and Engagement Guidelines for select markets, including: Australia, continental Europe, Japan, New Zealand, North America (Canada and the US), the UK and Ireland, and emerging markets. International markets not covered by our market-specific guidelines are reviewed and voted in a manner that is consistent with the Principles; however, State Street Global Advisors also endeavors to show sensitivity to local market practices when voting in these various markets.

------

![](g368291img5fa599942.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **State Street Global** <br> **Advisors' Authority and** <br> **Duties to Vote Client and** <br> **Fund Securities**<br>| &nbsp;&nbsp; Where State Street Global Advisors' clients have asked it to vote their shares on their <br> behalf or where a commingled fund fiduciary has delegated the responsibility to vote the <br> fund's securities to State Street Global Advisors, State Street Global Advisors votes those <br> client and fund-owned securities in a unified manner, consistent with the Principles <br> described in this document. Exceptions to this unified voting policy are: (1) where State <br> Street Global Advisors has made proxy voting choices (i.e., the proxy voting program) <br> available to investors within a commingled fund, in which case a pro rata portion of shares <br> held by the fund attributable to investors who choose to participate in the proxy voting <br> program would be voted consistent with the third-party proxy voting policies selected by <br> the investors, and (2) in the limited circumstances where a pooled investment vehicle <br> managed by State Street Global Advisors utilizes a third party proxy voting guideline as set <br> forth in that fund's organizational and/or offering documents. With respect to such funds <br> utilizing third-party proxy voting guidelines, the terms of the applicable third-party proxy <br> voting guidelines shall apply in place of the Principles described herein and the proxy <br> votes implemented with respect to such a fund may differ from and be contrary to those <br> votes implemented for other portfolios managed by State Street Global Advisors pursuant <br> to its proprietary proxy voting guidelines.<br>|
| **The Principles - State** <br> **Street Global Advisors'** <br> **Approach to Proxy Voting** <br> **and Issuer Engagement**<br>| &nbsp;&nbsp; At State Street Global Advisors, we take our fiduciary duties as an asset manager very <br> seriously. We have a dedicated team of corporate governance professionals who help us <br> carry out our duties as a responsible investor. These duties include engaging with <br> companies, developing and enhancing in-house corporate governance guidelines, <br> analyzing corporate governance issues on a case-by-case basis at the company level, and <br> exercising voting rights. The underlying goal is to maximize shareholder value.<br>|
|  | &nbsp;&nbsp; The Principles may take different perspectives on common governance issues that vary <br> from one market to another. Similarly, engagement activity may take different forms in <br> order to best achieve long-term engagement goals. Rather than divesting from portfolio <br> companies, our approach is to engage with such companies. We believe that proxy voting <br> and engagement with portfolio companies is often the most direct and productive way for <br> shareholders to exercise their ownership rights. This comprehensive toolkit is an integral <br> part of the overall investment process.<br>|
|  | &nbsp;&nbsp; We believe engagement and voting activity have a direct relationship. As a result, the <br> integration of our engagement activities, while leveraging the exercise of voting rights, <br> provides a meaningful shareholder tool that we believe protects and enhances the <br> long-term economic value of the holdings in our clients' accounts. We maximize voting <br> power and engagement by maintaining a centralized proxy voting and active ownership <br> process covering all holdings, regardless of strategy. Despite the vast array of investment <br> strategies and objectives across State Street Global Advisors, the fiduciary responsibilities <br> of share ownership and voting for which State Street Global Advisors has voting discretion <br> are carried out with a single voice and objective.<br>|
|  | &nbsp;&nbsp; The Principles support governance structures that we believe add to, or maximize, <br> shareholder value for the companies held in our clients' portfolios. We conduct issuer <br> specific engagements with companies to discuss our principles, including sustainability-<br> related risks. In addition, we encourage issuers to find ways to increase the amount of <br> direct communication board members have with shareholders. Direct communication with <br> executive board members and independent non-executive directors is critical to helping <br> companies understand shareholder concerns.<br>|

---

------

![](g368291img5fa599942.gif)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; In conducting our engagements, we also evaluate the various factors that influence the <br> corporate governance framework of a country, including the macroeconomic conditions <br> and broader political system, the quality of regulatory oversight, the enforcement of <br> property and shareholder rights, and the independence of the judiciary. We understand <br> that regulatory requirements and investor expectations relating to governance practices <br> and engagement activities differ from country to country. As a result, we engage with <br> issuers, regulators, or a combination of the two depending upon the market. We are also a <br> member of various investor associations that seek to address broader corporate <br> governance-related policy at the country level.<br>|
|  | &nbsp;&nbsp; The State Street Global Advisors Asset Stewardship Team may consult with members of <br> various investment teams to engage with companies on corporate governance issues and <br> to address any specific concerns. This facilitates our comprehensive approach to <br> information gathering as it relates to shareholder items that are to be voted upon at <br> upcoming shareholder meetings. We also conduct issuer-specific engagements with <br> companies, covering various corporate governance and sustainability-related topics <br> outside of proxy season.<br>|
|  | &nbsp;&nbsp; The Asset Stewardship Team employs a blend of quantitative and qualitative research, <br> analysis and data in order to support screens that identify issuers where active <br> engagement may be necessary to protect and promote shareholder value. Issuer <br> engagement may also be event driven, focusing on issuer-specific corporate governance, <br> sustainability concerns, or broader industry-related trends. We also consider the size of <br> our total position in the issuer in question and/or the potential negative governance, <br> performance profile, and circumstance at hand. As a result, we believe issuer engagement <br> can take many forms and be triggered by numerous circumstances. The following <br> approaches represent how we define engagement methods:<br>|
| Active | &nbsp;&nbsp; We use screening tools designed to capture a mix of company-specific data, including <br> governance and sustainability profiles, to help us focus our voting and engagement activity.<br>|
|  | &nbsp;&nbsp; We will actively seek direct dialogue with the board and management of companies that <br> we have identified through our screening processes. Such engagements may lead to <br> further monitoring to ensure that the company improves its governance or sustainability <br> practices. In these cases, the engagement process represents the most meaningful <br> opportunity for us to protect long-term shareholder value from excessive risk due to poor <br> governance and sustainability practices.<br>|
| Reactive | &nbsp;&nbsp; Reactive engagement is initiated by issuers. We routinely discuss specific voting issues <br> and items with the issuer community. Reactive engagement is an opportunity to address <br> not only voting items, but also a wide range of governance and sustainability issues.<br>|
|  | &nbsp;&nbsp; We have established an engagement protocol that further describes our approach to <br> issuer engagement.<br>|

---

------

![](g368291img5fa599942.gif)

---

| | |
|:---|:---|
| Measurement | &nbsp;&nbsp; Assessing the effectiveness of our issuer engagement process is often difficult. In order to <br> limit the subjectivity of effectiveness measurement, we actively seek issuer feedback and <br> monitor the actions issuers take post-engagement in order to identify tangible changes. <br> Thus, we are able to establish indicators to gauge how issuers respond to our concerns <br> and to what degree these responses satisfy our requests. It is also important to note that <br> successful engagement activity can be measured over differing time periods depending <br> upon the relevant facts and circumstances. Engagements can last as briefly as a single <br> meeting or span multiple years.<br>|
|  | &nbsp;&nbsp; Depending upon the issue and whether the engagement activity is reactive, active, <br> one-time, or recurring, engagement with issuers can take the form of written <br> communication, conference calls, or in-person meetings. We believe active engagement is <br> best conducted directly with company management or board members.<br>|
| **Proxy Voting Procedure** |  |
| Oversight | &nbsp;&nbsp; The Asset Stewardship Team is responsible for developing and implementing State Street <br> Global Advisors' proprietary Proxy Voting and Engagement Guidelines (the "Guidelines"), <br> the implementation of third-party proxy voting guidelines where applicable, case-by-case <br> voting items, issuer engagement activities, and research and analysis of governance-<br> related issues. The Asset Stewardship Team's activities are overseen by the State Street <br> Global Advisors ESG Committee. The ESG Committee is responsible for reviewing State <br> Street Global Advisors' stewardship strategy, engagement priorities, and proxy voting <br> guidelines and monitoring the delivery of voting objectives.<br>|
| Proxy Voting Process | &nbsp;&nbsp; In order to facilitate our proxy voting process, we retain Institutional Shareholder Services <br> Inc. ("ISS"), a firm with expertise in proxy voting and corporate governance. We utilize ISS <br> to: (1) act as our proxy voting agent (providing State Street Global Advisors with vote <br> execution and administration services), (2) assist in applying the Guidelines, (3) provide <br> research and analysis relating to general corporate governance issues and specific proxy <br> items, and (4) provide proxy voting guidelines in limited circumstances.<br>|
|  | &nbsp;&nbsp; The Asset Stewardship Team reviews with ISS its Guidelines and the services that ISS <br> provides to State Street Global Advisors on an annual or case-by-case basis. As part of its <br> role as proxy agent and prior to providing vote execution services, ISS pre-populates on an <br> electronic platform certain preliminary proxy votes in accordance with the proxy voting <br> guidelines identified by State Street Global Advisors. On most routine proxy voting items <br> (e.g., ratification of auditors), ISS will shortly before applicable submission deadlines use <br> an automated process to affect the pre-populated proxy votes. To the extent the Asset <br> Stewardship Team becomes aware of material new information within a reasonable period <br> of time before ISS affects such votes, the Asset Stewardship Team will assess whether the <br> pre-populated votes should be updated.<br>|
|  | &nbsp;&nbsp; In other cases, the Asset Stewardship Team will evaluate the proxy solicitation to <br> determine how to vote based upon the facts and circumstances, consist with our Principles <br> and accompanying Guidelines.<br>|

---

------

![](g368291img5fa599942.gif)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; In some instances, the Asset Stewardship Team may refer significant issues to the ESG <br> Committee for a determination of the proxy vote. In addition, in determining whether to <br> refer a proxy vote to the ESG Committee, the Asset Stewardship Team will consider <br> whether a material conflict of interest exists between the interests of our client and those <br> of State Street Global Advisors or its affiliates (as explained in greater detail in our Conflict <br> Mitigation Guidelines).<br>|
|  | &nbsp;&nbsp; We vote in all markets where it is feasible; however, we may refrain from voting when <br> power of attorney documentation is required, where voting will have a material impact on <br> our ability to trade the security, where voting is not permissible due to sanctions affecting a <br> company or an individual, where issuer-specific special documentation is required, or <br> where various market or issuer certifications are required. We are unable to vote proxies <br> when certain custodians, used by our clients, do not offer proxy voting in a jurisdiction or <br> when they charge a meeting specific fee in excess of the typical custody service <br> agreement.<br>|
| Conflict of Interest | See our standalone Conflict Mitigation Guidelines. |
| **Proxy Voting and** <br> **Engagement Principles**<br>|  |
| Directors and Boards | &nbsp;&nbsp; The election of directors is one of the most important fiduciary duties we perform on <br> behalf of our clients. We believe that well-governed companies can protect and pursue <br> shareholder interests better and withstand the challenges of an uncertain economic <br> environment. As such, we seek to vote director elections in a way that we believe will <br> maximize long-term value.<br>|
|  | &nbsp;&nbsp; Principally, a board acts on behalf of shareholders by protecting their interests and <br> preserving their rights. This concept establishes the standard by which board and director <br> performance is measured. In order to achieve this fundamental principle, the role of the <br> board is to carry out its responsibilities in the best long-term interest of the company and <br> its shareholders. An independent and effective board oversees management, provides <br> guidance on strategic matters, selects the CEO and other senior executives, creates a <br> succession plan for the board and management, provides risk oversight, and assesses the <br> performance of the CEO and management. In contrast, management implements the <br> business and capital allocation strategies and runs the company's day-to-day operations. <br> As part of our engagement process, we routinely discuss the importance of these <br> responsibilities with the boards of issuers.<br>|
|  | &nbsp;&nbsp; We believe the quality of a board is a measure of director independence, director <br> succession planning, board diversity, evaluations and refreshment, and company <br> governance practices. In voting to elect nominees, we consider many factors. We believe <br> independent directors are crucial to good corporate governance; they help management <br> establish sound corporate governance policies and practices. A sufficiently independent <br> board will effectively monitor management, maintain appropriate governance practices, <br> and perform oversight functions necessary to protect shareholder interests. We also <br> believe the right mix of skills, independence, diversity, and qualifications among directors <br> provides boards with the knowledge and direct experience to manage risks and operating <br> structures that are often complex and industry-specific.<br>|

---

------

![](g368291img5fa599942.gif)

---

| | |
|:---|:---|
| Accounting and <br> Audit-Related Issues<br>| &nbsp;&nbsp; We believe audit committees are critical and necessary as part of the board's risk <br> oversight role. The audit committee is responsible for setting out an internal audit function <br> that provides robust audit and internal control systems designed to effectively manage <br> potential and emerging risks to the company's operations and strategy. We believe audit <br> committees should have independent directors as members, and we will hold the members <br> of the audit committee responsible for overseeing the management of the audit function.<br>|
|  | &nbsp;&nbsp; The disclosure and availability of reliable financial statements in a timely manner is <br> imperative for the investment process. As a result, board oversight of the internal controls <br> and the independence of the audit process are essential if investors are to rely upon <br> financial statements. It is important for the audit committee to appoint external auditors <br> who are independent from management; we expect auditors to provide assurance of a <br> company's financial condition.<br>|
| Capital Structure, <br> Reorganization and Mergers<br>| &nbsp;&nbsp; The ability to raise capital is critical for companies to carry out strategy, to grow, and to <br> achieve returns above their cost of capital. The approval of capital raising activities is <br> fundamental to a shareholder's ability to monitor the amounts of proceeds and to ensure <br> capital is deployed efficiently. Altering the capital structure of a company is a critical <br> decision for boards. When making such a decision, we believe the company should <br> disclose a comprehensive business rationale that is consistent with corporate strategy and <br> not overly dilutive to its shareholders.<br>|
|  | &nbsp;&nbsp; Mergers or reorganization of the structure of a company often involve proposals relating to <br> reincorporation, restructurings, liquidations, and other major changes to the corporation.<br>|
|  | &nbsp;&nbsp; Proposals that are in the best interests of shareholders, demonstrated by enhancing share <br> value or improving the effectiveness of the company's operations, will be supported. In <br> evaluating mergers and acquisitions, we consider the impact of the corporate governance <br> provisions to shareholders. In all cases, we use our discretion in order to maximize <br> shareholder value.<br>|
|  | &nbsp;&nbsp; Occasionally, companies add anti-takeover provisions that reduce the chances of a <br> potential acquirer to make an offer, or to reduce the likelihood of a successful offer. We do <br> not support proposals that reduce shareholders' rights, entrench management, or reduce <br> the likelihood of shareholders' right to vote on reasonable offers.<br>|
| Compensation | &nbsp;&nbsp; We consider it the board's responsibility to identify the appropriate level of executive <br> compensation. Despite the differences among the types of plans and the awards possible, <br> there is a simple underlying philosophy that guides our analysis of executive <br> compensation: we believe that there should be a direct relationship between executive <br> compensation and company performance over the long term.<br>|
|  | &nbsp;&nbsp; Shareholders should have the opportunity to assess whether pay structures and levels are <br> aligned with business performance. When assessing remuneration reports, we consider <br> factors such as adequate disclosure of various remuneration elements, absolute and <br> relative pay levels, peer selection and benchmarking, the mix of long-term and short-term <br> incentives, alignment of pay structures with shareholder interests, as well as with <br> corporate strategy and performance. We may oppose remuneration reports where pay <br> seems misaligned with shareholders' interests. We may also consider executive <br> compensation practices when re-electing members of the remuneration committee.<br>|

---

------

![](g368291img5fa599942.gif)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; We recognize that compensation policies and practices are unique from market to market; <br> often there are significant differences between the level of disclosures, the amount and <br> forms of compensation paid, and the ability of shareholders to approve executive <br> compensation practices. As a result, our ability to assess the appropriateness of executive <br> compensation is often dependent on market practices and laws.<br>|
| Environmental and Social <br> Issues<br>| &nbsp;&nbsp; As a fiduciary, State Street Global Advisors takes a comprehensive approach to engaging <br> with our portfolio companies about material environmental and social (together, "sustain-<br> ability") issues. Our Asset Stewardship program prioritization process allows us to <br> proactively identify companies for engagement and voting in order to mitigate sustainability <br> risks in our portfolio. Through engagement, we address a broad range of topics relating to <br> the promotion of long-term shareholder value creation that are designed to build long-term <br> relationships with the issuers in which our clients invest. When voting, we fundamentally <br> consider whether the adoption of a shareholder proposal addressing a material sustain-<br> ability issue would promote long-term shareholder value in the context of the company's <br> existing practices and disclosures as well as existing market practice.<br>|
|  | &nbsp;&nbsp; For more information on our approach to environmental and social issues, please see our <br> Global Proxy Voting and Engagement Guidelines for Environmental and Social Issues and <br> our Frameworks for Voting Environmental and Social Shareholder Proposals, both <br> available at ssga.com/about-us/asset-stewardship.html.<br>|
| General/Routine | &nbsp;&nbsp; Although we do not seek involvement in the day-to-day operations of an organization, we <br> recognize the need for conscientious oversight and input into management decisions that <br> may affect a company's value. We support proposals that encourage economically <br> advantageous corporate practices and governance, while leaving decisions that are <br> deemed to be routine or constitute ordinary business to management and the board of <br> directors.<br>|
| Fixed Income Stewardship | The two elements of our fixed income stewardship program are: |
|  | **Proxy Voting:** |
|  | &nbsp;&nbsp; While matters that arise for a vote at bondholder meetings vary by jurisdiction, examples of <br> common proxy voting resolutions at bondholder meetings include:<br>|
|  | •Approving amendments to debt covenants and/or terms of issuance |
|  | •Authorizing procedural matters, such as filing of required documents/other formalities |
|  | •Approving debt restructuring plans |
|  | •Abstaining from challenging the bankruptcy trustees |
|  | •Authorizing repurchase of issued debt security |
|  | •Approving the placement of unissued debt securities under the control of directors |
|  | •Approving spin-off/absorption proposals |
|  | &nbsp;&nbsp; Given the nature of the items that arise for vote at bondholder meetings, we take a <br> case-by-case approach to voting bondholder resolutions. Where necessary, we will engage <br> with issuers on voting matters prior to arriving at voting decisions. All voting decisions will <br> be made in the best interest of our clients.<br>|

---

------

![](g368291img5fa599942.gif)

---

| | |
|:---|:---|
|  | **Issuer Engagement:** |
|  | &nbsp;&nbsp; We recognize that debt holders have limited leverage with companies on a day-to-day <br> basis. Our guidelines for engagement with fixed income issuers broadly follow the <br> engagement guidelines for our equity holdings as described above.<br>|
| Securities on Loan | &nbsp;&nbsp; For funds in which we act as trustee, we may recall securities in instances where we <br> believe that a particular vote will have a material impact on the fund(s). Several factors <br> shape this process. First, we must receive notice of the vote in sufficient time to recall the <br> shares on or before the record date. In many cases, we do not receive timely notice, and <br> we are unable to recall the shares on or before the record date. Second, State Street <br> Global Advisors may exercise its discretion and recall shares if it believes that the benefit <br> of voting shares will outweigh the foregone lending income. This determination requires <br> State Street Global Advisors, with the information available at the time, to form judgments <br> about events or outcomes that are difficult to quantify. Given our expertise and vast <br> experience, we believe that the recall of securities will rarely provide an economic benefit <br> that outweighs the cost of the foregone lending income.<br>|
| Reporting | &nbsp;&nbsp; Any client who wishes to receive information on how its proxies were voted should contact <br> its State Street Global Advisors relationship manager.<br>|
| **About State Street Global** <br> **Advisors**<br>| &nbsp;&nbsp; For four decades, State Street Global Advisors has served the world's governments, <br> institutions and financial advisors. With a rigorous, risk-aware approach built on research, <br> analysis and market-tested experience, we build from a breadth of index and active <br> strategies to create cost-effective solutions. And, as pioneers in index, ETF, and ESG <br> investing, we are always inventing new ways to invest. As a result, we have become the <br> world's fourth-largest asset manager\* with US $3.26 trillion† under our care.<br>|

---

------

\*

Pensions & Investments Research Center, as of December 31, 2021.

†

This figure is presented as of September 30, 2022 and includes approximately $55.12 billion USD of assets with respect to SPDR products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated. Please note all AUM is unaudited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**ssga.com** 

**State Street Global Advisors Worldwide Entities** 

**Australia:** State Street Global Advisors, Australia, Limited (ABN 42 003 914 225) is the holder of an Australian Financial Services Licence (AFSL Number 238276). Registered Office: Level 17, 420 George Street, Sydney, NSW 2000, Australia. T: +612 9240 7600. F: +612 9240 7611. **Belgium:** State Street Global Advisors Belgium, Chausse de La

Hulpe 120, 1000 Brussels, Belgium. T: +32 2 663 2036, F: +32 2 672 2077. SSGA Belgium is a branch office of State Street Global Advisors Limited. State Street Global Advisors Limited is authorised and regulated by the Financial Conduct Authority in the United Kingdom. **Canada:** State Street Global Advisors, Ltd., 770 Sherbrooke Street West, Suite 1200 Montreal, Quebec, H3A 1G1, T: +514 282 2400 and 30 Adelaide Street East Suite 500, Toronto, Ontario M5C 3G6. T:

+647 775 5900. **Dubai:** State Street Bank and Trust Company (Representative Office), Boulevard Plaza 1, 17th Floor, Office 1703 Near Dubai Mall & Burj Khalifa, P.O Box 26838, Dubai, United Arab Emirates. T: +971 (0)4 4372800. F: +971 (0)4 4372818. **France:** State Street Global Advisors France. Authorised and regulated by the Autorité des Marchés Financiers. Registered with the Register of Commerce and Companies of Nanterre under the number: 412 052 680.

Registered Office: Immeuble Défense Plaza, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France. T: +33 1 44 45 40 00. F: +33 1 44 45 41 92. **Germany:** State Street Global Advisors GmbH, Brienner Strasse 59, D-80333 Munich. T: +49 (0)89 55878 100. F: +49 (0)89 55878 440. **Hong Kong:** State Street Global Advisors Asia Limited, 68/F, Two International Finance Centre, 8 Finance Street, Central, Hong Kong. T: +852 2103 0288. F: +852 2103 0200. **Ireland:** State

------

![](g368291img5fa599942.gif)

Street Global Advisors Ireland Limited is regulated by the Central Bank of Ireland. Incorporated and registered in Ireland at Two Park Place, Upper Hatch Street, Dublin 2. Registered Number: 145221. Member of the Irish Association of Investment Managers. T: +353 (0)1 776 3000. F: +353 (0)1 776 3300. **Italy:** State Street Global Advisors Limited, Milan Branch (Sede Secondaria di Milano) is a branch of State Street Global Advisors Limited, a company registered in the UK, authorised and regulated by the Financial Conduct Authority (FCA), with a capital of GBP 71'650'000.00, and whose registered office is at 20 Churchill Place, London E14 5HJ. State Street Global Advisors Limited, Milan Branch (Sede Secondaria di Milano), is registered in Italy with company

number 06353340968 - R.E.A. 1887090 and VAT number 06353340968 and whose office is at Via dei Bossi, 4 - 20121 Milano, Italy. T: 39 02 32066 100. F: 39 02 32066 155. **Japan:** State Street Global Advisors (Japan) Co., Ltd., 9-7-1 Akasaka, Minato-ku, Tokyo 107-6239. T: +813 4530 7380. Financial Instruments Business Operator, Kanto Local Financial Bureau (Kinsho #345). Japan Investment Advisers Association, Investment Trusts Association Japan, Japan Securities Dealers Association. **Netherlands:** State Street Global Advisors Netherlands, Adam Smith Building, Thomas Malthusstraat 1-3, 1066 JR Amsterdam, Netherlands. T: +31 (0)20 7181701. State Street Global Advisors Netherlands is a branch office of State Street Global

Advisors Limited. State Street Global Advisors Limited is authorised and regulated by the Financial Conduct Authority in the United Kingdom. Singapore: State Street Global Advisors Singapore Limited, 168, Robinson Road, #33-01 Capital Tower, Singapore 068912 (Company Registered Number: 200002719D). T: +65 6826 7500. F: +65 6826 7501. **Switzerland:** State Street Global Advisors AG, Beethovenstr. 19, CH-8027 Zurich. T: +41 (0)44 245 70 00. F: +41 (0)44 245 70 16. **United Kingdom:** State Street Global Advisors Limited. Authorised and regulated by the Financial Conduct Authority. Registered in England. Registered Number: 2509928. VAT Number: 5776591 81. Registered Office: 20 Churchill Place, Canary Wharf, London, E14 5HJ. T: +020 3395

&nbsp;&nbsp;&nbsp;&nbsp;

6000. F: +020 3395 6350. **United States:** State Street Global Advisors, One Lincoln Street, Boston, MA 02111-2900. T: +617 786 3000.

Investing involves risk including the risk of loss of principal.

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 Global Advisors' express written consent.© 2022 State Street Corporation.

All Rights Reserved.

ID1317003-3479888.5.1.GBL.RTL 1222

Exp. Date: 12/31/2023

------

![](g368291img5fa599942.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **November 2022** |
| &nbsp;&nbsp; **Managing Conflicts of Interest** <br> **Arising From State Street** <br> **Global Advisors' Proxy** <br> **Voting and Engagement** <br> **Activity**<br>|
| &nbsp;&nbsp; State Street Corporation has a comprehensive <br> standalone Conflicts of Interest Policy and other policies <br> that address a range of identified conflicts of interests. <br> In addition, State Street Global Advisors, the asset <br> management business of State Street Corporation, <br> maintains a conflicts register that identifies key conflicts <br> and describes systems in place to mitigate the conflicts. <br> This document<sup>i</sup> is designed to act in conjunction with <br> related policies and practices employed by other groups <br> within the organization. Further, it complements those <br> policies and practices by providing information about <br> managing the conflicts of interests that may arise <br> through State Street Global Advisors' proxy voting and <br> engagement activities.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

i

These Managing Conflicts of Interest Arising From State Street Global Advisors' Proxy Voting and Engagement Activity Guidelines are also applicable to SSGA Funds Management, Inc. SSGA Funds Management, Inc. is an SEC-registered investment adviser. SSGA Funds Management, Inc., State Street Global Advisors Trust Company, and other advisory affiliates of State Street make up State Street Global Advisors, the investment management arm of State Street Corporation.

------

![](g368291img5fa599942.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Managing Conflicts of** <br> **Interest Related to Proxy** <br> **Voting and Engagement**<br>| &nbsp;&nbsp; State Street Global Advisors has implemented processes designed to prevent undue <br> influence on State Street Global Advisors' voting and engagement activities that may arise <br> from relationships between proxy issuers or companies and State Street Corporation, <br> State Street Global Advisors, State Street Global Advisors affiliates, State Street Global <br> Advisors Funds or State Street Global Advisors Fund affiliates.<br>|
|  | &nbsp;&nbsp; State Street Global Advisors assigns sole responsibility for the implementation of proxy <br> voting guidelines to members of its Asset Stewardship Team, a team that is independent <br> from other functions within the organization, such as sales and marketing, investment, or <br> client facing teams. Proxy voting is undertaken in accordance with the Proxy Voting <br> Guidelines, which are reviewed and overseen by our internal governance body, State <br> Street Global Advisors' ESG Committee (the "ESG Committee"). Any changes to the <br> guidelines are communicated to Asset Stewardship employees in a timely manner to <br> ensure that they understand the potential impact to their proxy voting activities. In rare <br> circumstances where nuances within specific resolutions fall outside of the scope of <br> existing voting guidelines, requiring case-by-case analysis, such resolutions are escalated <br> to the head of Asset Stewardship and reported to the ESG Committee. Voting consistently <br> with guidelines helps mitigate potential conflicts of interest, as the guidelines are <br> determined without reference to any specific entities or relationships.<br>|
|  | &nbsp;&nbsp; Members of the Asset Stewardship Team may from time to time discuss views on proxy <br> voting matters, company performance, strategy, etc. with other State Street Corporation or <br> State Street Global Advisors employees, including portfolio managers, senior executives, <br> and relationship managers. However, final voting decisions are made solely by the Asset <br> Stewardship Team, in accordance with the Proxy Voting Guidelines and in a manner <br> consistent with the best interest of its clients, taking into account various perspectives on <br> risks and opportunities with the goal of maximizing the value of client assets. Furthermore, <br> Asset Stewardship employees are prohibited from disclosing voting decisions prior to the <br> meetings. In addition, State Street Global Advisors generally exercises a singular vote <br> decision for each ballot item regardless of investment strategy.<sup>ii</sup> In certain cases, where a <br> material conflict of interest is identified, the matter may be referred to the ESG Committee, <br> for review.<br>|

---

------

ii

State Street Global Advisors believes such an approach is generally in our clients' best interest as our proxy voting principles are focused on enhancing long-term shareholder value and a unified voting approach maximizes our clients' voice and promotes firm-wide integration and sharing of insights between teams to the benefit of clients. In limited circumstances, certain pooled investment vehicles for which State Street Global Advisors acts as investment manager may, pursuant to their governing documents, utilize proxy voting guidelines developed by third-party advisors.

------

![](g368291img5fa599942.gif)

Other protocols designed to help mitigate potential conflicts of interest include:

---

| | | |
|:---|:---|:---|
| **Types of Potential Conflict** | **Stewardship Conflict of Interest Description** | &nbsp;&nbsp; **Typical Conflict Mitigation** <br> **Protocols That We Employ**<br>|
| Business Relationships | &nbsp;&nbsp; A conflict of interest may arise where, for example, we hold <br> investments in companies with which we, or our affiliates, <br> have material business relationships.<br>| &nbsp;&nbsp; Assigning sole responsibility <br> for the implementation of <br> proxy voting guidelines to <br> members of Asset <br> Stewardship Team and <br> voting in accordance with <br> the Proxy Voting Guidelines <br> are our primary conflict <br> mitigation protocols. <br> Furthermore, the voting <br> rationale is recorded to <br> provide transparency.<br>|
|  |  | &nbsp;&nbsp; Additional mitigation steps <br> may be implemented on a <br> case-by-case basis. This <br> may include, for example, <br> blackout periods for <br> communications with <br> issuers/clients.<br>|
| Equity Investments | &nbsp;&nbsp; A conflict of interest may arise where client accounts <br> and/or State Street Global Advisors pooled funds, where <br> State Street Global Advisors acts as trustee, may hold <br> shares in State Street Corporation or other State Street <br> Global Advisors affiliated entities, such as mutual funds <br> affiliated with State Street Global Advisors Funds <br> Management, Inc.<br>| &nbsp;&nbsp; Mitigants may include, for <br> example, outsourcing voting <br> decisions relating to a <br> shareholder meeting of <br> State Street Corporation or <br> other State Street Global <br> Advisors affiliated entities to <br> independent outside third <br> parties. In such cases, <br> delegated third parties <br> exercise vote decisions <br> based upon State Street <br> Global Advisors' Proxy <br> Voting and Engagement <br> Guidelines.<br>|

---

------

![](g368291img5fa599942.gif)

---

| | | |
|:---|:---|:---|
| Outside Business Interest | &nbsp;&nbsp; A conflict of interest may arise where an Asset <br> Stewardship employee or a key employee in the firm has <br> an outside business interest (such as a director role in a <br> company we invest in, or in the same industry as we <br> invest).<br>| &nbsp;&nbsp; State Street Global Advisors <br> maintains an Outside <br> Activities Policy and <br> employees must submit a <br> request requiring approval <br> before undertaking any <br> outside activities that are <br> captured by the Outside <br> Activities Policy. The request <br> will be reviewed by the <br> employee's manager and <br> the Conduct Risk <br> Management Office to <br> ensure compliance with <br> applicable policies and <br> procedures (such as the <br> Global Anti-Corruption <br> Policy and the Standard of <br> Conduct) and ensure <br> potential conflicts are <br> mitigated.<br>|
|  |  | &nbsp;&nbsp; Additional mitigation steps <br> may be implemented on a <br> case-by-case basis. This <br> may include, for example, <br> retaining an independent <br> fiduciary to make a voting <br> decision where we believe <br> we may be conflicted from <br> voting due to an outside <br> business interest.<br>|
| Other Personal Conflicts | &nbsp;&nbsp; A conflict of interest may arise where a family member or <br> other personal contact of an employee is employed by a <br> company in which we invest.<br>| &nbsp;&nbsp; Mitigation steps may be <br> implemented for personal <br> conflicts on a case-by-case <br> basis. This may include, for <br> example, filing a Personal <br> Conflicts declaration with a <br> mitigation strategy to <br> document how the conflict <br> will be avoided. Such <br> strategies may include, for <br> example, a member of the <br> Asset Stewardship Team <br> with a conflict recusing <br> him/herself from voting and <br> participating in engagement <br> activities at the relevant <br> company, and implementing <br> blackout periods for <br> communications with <br> issuers/clients.<br>|

---

------

![](g368291img5fa599942.gif)

---

| | | |
|:---|:---|:---|
| Securities Lending | &nbsp;&nbsp; We may lend securities that we hold in one of our portfolios <br> to another financial counterparty. This may create a conflict <br> of interest when deciding whether to recall those securities <br> to enable us to vote in a shareholder resolution, which may <br> impact the intended securities lending income.<br>| &nbsp;&nbsp; Our approach to securities <br> lending, and any potential <br> conflicts that may be <br> created through our <br> securities lending activity, is <br> governed by the Proxy <br> Voting/Securities Lending <br> Recall Procedure, which is <br> owned by the Asset <br> Stewardship Team and <br> Proxy Operations Group. <br> The conflict mitigation <br> protocols include periodical <br> review of the procedure by <br> relevant stakeholders, <br> designating Asset <br> Stewardship Team to make <br> the final decision whether or <br> not to recall shares, and <br> escalation of any overrides <br> to the procedure.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **About State Street Global** <br> **Advisors**<br>| &nbsp;&nbsp; For four decades, State Street Global Advisors has served the world's governments, <br> institutions and financial advisors. With a rigorous, risk-aware approach built on research, <br> analysis and market-tested experience, we build from a breadth of index and active <br> strategies to create cost-effective solutions. As stewards, we help portfolio companies see <br> that what is fair for people and sustainable for the planet can deliver long-term <br> performance. And, as pioneers in index, ETF, and ESG investing, we are always inventing <br> new ways to invest. As a result, we have become the world's fourth-largest asset manager\* <br> with US $3.26 trillion† under our care.<br>|

---

------

\*

Pensions & Investments Research Center, as of December 31, 2021.

†

This figure is presented as of September 30, 2022 and includes approximately $55.12 billion USD of assets with respect to SPDR products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated. Please note all AUM is unaudited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**ssga.com** 

**Marketing Communication** 

**State Street Global Advisors Worldwide Entities** 

**Abu Dhabi**: State Street Global Advisors Limited, ADGM Branch, Al Khatem Tower, Suite 42801, Level 28, ADGM Square, Al Maryah Island, P.O Box 76404,

Abu Dhabi, United Arab Emirates. Regulated by the ADGM Financial Services Regulatory Authority. T: +971 2 245 9000. **Australia**: State Street Global Advisors, Australia, Limited (ABN 42 003 914 225) is the holder of an Australian Financial Services License (AFSL Number 238276). Registered office: Level 14, 420 George Street, Sydney, NSW 2000,

Australia. T: +612 9240-7600. F: +612 9240-7611. **Belgium**: State Street Global Advisors Belgium, Chaussée de La Hulpe 185, 1170 Brussels, Belgium. T: +32 2 663 2036. State Street Global Advisors Belgium is a branch office of State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorised and

regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. **Canada**: State Street Global Advisors, Ltd., 1981 McGill College Avenue, Suite 500, Montreal, Qc, H3A 3A8, T: +514 282 2400 and 30 Adelaide Street East Suite 800, Toronto, Ontario M5C 3G6. T: +647 775 5900. **France**: State Street Global

------

![](g368291img5fa599942.gif)

Advisors Europe Limited, France Branch ("State Street Global Advisors France") is a branch of State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorised and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. State Street Global Advisors France is registered in France with company number RCS Nanterre 899 183 289, and its office is located at Coeur Défense — Tour A — La Défense 4, 33e étage, 100, Esplanade du Général de Gaulle, 92 931 Paris La Défense Cedex, France. T: +33 1 44 45 40 00. F: +33 1 44 45 41 92. **Germany**: State Street Global Advisors Europe Limited, Branch in Germany, Brienner Strasse 59, D-80333 Munich, Germany ("State Street Global Advisors Germany"). T: +49 (0)89 55878 400. State Street Global Advisors Germany is a branch of State Street Global Advisors Europe Limited, registered in Ireland with company number 49934,

authorised and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. **Hong Kong**: State Street Global Advisors Asia Limited, 68/F, Two International Finance Centre, 8 Finance Street, Central, Hong Kong. T: +852 2103-0288. F: +852 2103-0200. **Ireland**: State Street Global Advisors Europe Limited is regulated by the Central Bank of Ireland. Registered office address 78 Sir John Rogerson's Quay, Dublin 2. Registered Number: 49934. T: +353 (0)1 776 3000. F: +353 (0)1 776 3300. **Italy**: State Street Global Advisors Europe Limited, Italy Branch ("State Street Global Advisors Italy") is a branch of State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorised and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. State Street Global Advisors Italy is registered in Italy with company number 11871450968 — REA: 2628603

and VAT number 11871450968, and its office is located at Via Ferrante Aporti, 10 -20125 Milan, Italy. T: +39 02 32066 100. F: +39 02 32066 155. **Japan**: State Street Global Advisors (Japan) Co., Ltd., Toranomon Hills Mori Tower 25F 1-23-1 Toranomon, Minato-ku, Tokyo 105-6325 Japan. T: +81-3-4530-7380. Financial Instruments Business Operator, Kanto Local Financial Bureau (Kinsho #345), Membership: Japan Investment Advisers Association, The Investment Trust Association, Japan, Japan Securities Dealers' Association. **Netherlands**: State Street Global Advisors Netherlands, Apollo Building 7th floor, Herikerbergweg 29, 1101 CN Amsterdam, Netherlands. T: +31 20 7181 000. State Street Global Advisors Netherlands is a branch office of State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorised and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay,

Dublin 2. **Singapore**: State Street Global Advisors Singapore Limited, 168, Robinson Road, #33-01 Capital Tower, Singapore 068912 (Company Reg. No: 200002719D, regulated by the Monetary Authority of Singapore). T: +65 6826-7555. F: +65 6826-7501. **Switzerland**: State Street Global Advisors AG, Beethovenstr. 19, CH-8027 Zurich. Registered with the Register of Commerce Zurich CHE-105.078.458. T: +41 (0)44 245 70 00. F: +41 (0)44 245 70 16. **United Kingdom**: State Street Global Advisors Limited. Authorised and regulated by the Financial Conduct Authority. Registered in England. Registered No. 2509928. VAT No. 5776591 81. Registered office: 20 Churchill Place, Canary Wharf, London, E14 5HJ. T: 020 3395 6000. F: 020 3395 6350. **United States**: State Street Global Advisors, 1 Iron Street, Boston, MA 02210-1641. T: +1 617 786 3000.

------

**Important Risk Information** 

Investing involves risk including the risk of loss of principal.

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 SSGA's express written consent.

All information is from SSGA unless otherwise noted and has been obtained from sources

believed to be reliable, but its accuracy is not guaranteed. There is no 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.

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 information contained in this communication is not a research recommendation or 'investment research' and is classified as a 'Marketing Communication' in accordance with the Markets in Financial** 

**Instruments Directive (2014/65/ EU) or applicable Swiss regulation. This means that this marketing communication** 

**(a)** **has not been prepared in accordance with legal requirements designed to promote the independence of investment research** 

**(b)** **is not subject to any prohibition on dealing** 

------

![](g368291img5fa599942.gif)

**ahead of the dissemination of investment research.** 

This communication is directed at professional clients (this includes eligible counterparties as defined by the appropriate the EU regulator) who are deemed both knowledgeable and experienced in matters relating to investments. The products and services to which this communication relates

are only available to such persons and persons of any other description (including retail clients) should not rely on this communication.

The returns on a portfolio of securities which exclude companies that do not meet the portfolio's specified ESG criteria may trail the returns on a portfolio of securities which include such companies. A portfolio's ESG

criteria may result in the portfolio investing in industry sectors or securities which underperform the market as a whole.© 2022 State Street Corporation.

All Rights Reserved.

ID1282151-3479898.3.1.GBL.RTL 1122 Exp. Date: 11/30/2023

------

![](g368291img5fa599942.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **March 2022** |
| &nbsp;&nbsp; **Global Proxy Voting and** <br> **Engagement Guidelines for** <br> **Environmental and Social** <br> **Issues**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

![](g368291img5fa599942.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Overview** | &nbsp;&nbsp; Our primary fiduciary obligation to our clients is to maximize the long-term returns of their <br> investments. It is our view that material environmental and social (sustainability) issues can <br> present risks and/or opportunities that impact long-term value creation. This philosophy <br> provides the foundation for our value-based approach to Asset Stewardship.<br>|
|  | &nbsp;&nbsp; We use our voice and our vote through engagement, proxy voting, and thought leadership <br> in order to communicate with issuers and educate market participants about our <br> perspective on important sustainability topics.<br>|
|  | &nbsp;&nbsp; Our stewardship efforts are rooted in the three pillars of ESG and their intersections. We <br> regularly identify E, S, and G focus areas that guide our proxy voting and engagement <br> efforts. Within these focus areas, we elevate outcome-oriented stewardship priorities each <br> year based on factors including client demand, stakeholder interest, market trends, <br> financial materiality, and portfolio impact.<br>|
|  | &nbsp;&nbsp; In limited circumstances, State Street Global Advisors may act as investment manager to <br> pooled investment vehicles that, pursuant to their governing documents, utilize guidelines <br> developed by a third-party advisor. With respect to such funds utilizing third-party <br> guidelines, the voting practices described in the applicable third-party guidelines will apply <br> in place of the voting practices described herein.<br>|
| **Our Approach to** <br> **Assessing Materiality and** <br> **Relevance of Sustain-**<br> **ability Issues**<br>| &nbsp;&nbsp; While we believe that sustainability-related factors can expose potential investment risks <br> as well as drive long-term value creation, the materiality of specific sustainability issues <br> varies from industry to industry and company by company. With this in mind, we leverage <br> several distinct frameworks as well as additional resources to inform our views on the <br> materiality of a sustainability issue at a given company, including:<br>|
|  | •The Sustainability Accounting Standards Board's (SASB) Industry Standards |
|  | •The Task Force on Climate-related Financial Disclosures (TCFD) Framework |
|  | •Disclosure expectations in a company's given regulatory environment |
|  | •Market expectations for the sector and industry |
|  | &nbsp;&nbsp; •Other existing third party frameworks, such as the CDP (formally the Carbon <br> Disclosure Project) or the Global Reporting Initiative<br>|
|  | •Our proprietary R-Factor<sup>TM1</sup> score |
|  | &nbsp;&nbsp; We expect companies to disclose information regarding their approach to identifying <br> material sustainability-related risks and the management policies and practices in place to <br> address such issues. We support efforts by companies to demonstrate the ways in which <br> sustainability is incorporated into operations, business activities, and most importantly, <br> long-term business strategy.<br>|

---

------

State Street Global Advisors' proprietary scoring model, which aligns with SASB's Sustainability Accounting Standards, and measures the performance of a company's business operations and governance as it relates to financially material ESG factors facing the company's industry.

------

![](g368291img5fa599942.gif)

---

| | |
|:---|:---|
| **Our Approach to Sustain-**<br> **ability Through** <br> **Engagements**<br>| &nbsp;&nbsp; Our Asset Stewardship program prioritization process allows us to proactively identify <br> companies for engagement and voting in order to mitigate sustainability risks in our <br> portfolio. Our approach is driven by:<br>|
|  | **1.Proprietary Screens** |
|  | &nbsp;&nbsp; We have developed proprietary in-house sustainability screens to help identify companies <br> for proactive engagement. These screens leverage our proprietary R-Factor<sup>TM</sup> score to <br> identify sector and industry outliers for engagement and voting on sustainability issues.<br>|
|  | **2.Thematic Prioritization** |
|  | &nbsp;&nbsp; As part of our annual stewardship planning process we identify thematic sustainability <br> priorities that will be addressed during most engagement meetings. We develop our <br> priorities based upon several factors, including client feedback, emerging sustainability <br> trends, developing macroeconomic conditions, and evolving regulations. These <br> engagements not only inform our voting decisions but also allow us to monitor <br> improvement over time and to contribute to our evolving perspectives on priority areas.<br>|
|  | &nbsp;&nbsp; During the 'voting season,' we prioritize conversations with companies that have triggered <br> our E&S director voting policies or have received an E&S shareholder proposal on their <br> proxy. In the 'off-season,' we discuss our thematic focus areas and stewardship priorities <br> with companies for which these topics are most material.<br>|
|  | &nbsp;&nbsp; Through engagement, we address a broad range of topics that align with our thematic <br> priorities and seek to build long-term relationships with issuers. We view engagements as <br> part of an ongoing dialogue, versus a series of one-off conversations. During <br> conversations with issuers, we share expectations and perspectives on of key dimensions <br> of E&S, and seek to understand how companies and their boards manage and oversee <br> related risks.<br>|
|  | &nbsp;&nbsp; We also pursue proactive, targeted engagement campaigns with companies for which our <br> focus areas are most material, and/or where improvement is most needed. Through these <br> campaigns, we might make specific asks of companies and measure their progress <br> against our expectations. If we feel a company is making insufficient progress on effective <br> E&S risk management, we will consider taking voting action through relevant shareholder <br> proposals or by targeting directors responsible for oversight.<br>|
| **Analyzing Sustainability** <br> **Proposals**<br>| &nbsp;&nbsp; We take a case-by-case approach to analyzing shareholder proposals related to sustain-<br> ability topics and consider the following factors:<br>|
|  | &nbsp;&nbsp; •The materiality of the sustainability topic in the proposal to the company's business <br> and sector (see "Our Approach to Assessing Materiality and Relevance of Sustain-<br> ability Issues" above)<br>|
|  | •The content and intent of the proposal |
|  | &nbsp;&nbsp; •Whether the adoption of such a proposal would promote long-term shareholder value <br> in the context of the company's disclosure and practices<br>|
|  | •The strength of board oversight of the company's relevant sustainability practices |
|  | •Quality of public disclosures on the topic |

---

------

![](g368291img5fa599942.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | •Quality of engagement and responsiveness to our feedback |
|  | •Binding nature of proposal or prescriptiveness of proposal |
|  | &nbsp;&nbsp; We also leverage frameworks to analyze certain E&S shareholder proposals. These <br> frameworks, which are not considered formal voting guidelines, can be found on our <br> website.<br>|
| **Vote Options for Sustain-**<br> **ability Proposals**<br>| &nbsp;&nbsp; •For (support for proposal) if the issue is material and the company has poor disclosure <br> and/or practices relative to our expectations<br>|
|  | &nbsp;&nbsp; •Abstain (some reservations) if the issue is material and the company's disclosure <br> and/or practices could be improved relative to our expectations.<br>|
|  | &nbsp;&nbsp; •Against (no support for proposal) if the issue is non-material and/or the company's <br> disclosure and/or practices meet our expectations.<br>|
| **About State Street Global** <br> **Advisors**<br>| &nbsp;&nbsp; For four decades, State Street Global Advisors has served the world's governments, <br> institutions and financial advisors. With a rigorous, risk-aware approach built on research, <br> analysis and market-tested experience, we build from a breadth of active and index <br> strategies to create cost-effective solutions. As stewards, we help portfolio companies see <br> that what is fair for people and sustainable for the planet can deliver long-term <br> performance. And, as pioneers in index, ETF, and ESG investing, we are always inventing <br> new ways to invest. As a result, we have become the world's fourth-largest asset manager\* <br> with US $4.14 trillion† under our care.<br>|

---

------

\*

Pensions & Investments Research Center, as of December 31, 2020.

†

This figure is presented as of December 31, 2021 and includes approximately $61.43 billion of assets with respect to SPDR products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**ssga.com** 

**State Street Global Advisors Worldwide Entities** 

**Abu Dhabi:** State Street Global Advisors Limited, ADGM Branch, Al Khatem Tower, Suite 42801, Level 28, ADGM Square, Al Maryah Island, P.O Box 76404, Abu Dhabi, United Arab Emirates. Regulated by the ADGM Financial Services Regulatory Authority. T: +971 2 245 9000. **Australia:** State Street Global Advisors, Australia, Limited (ABN 42 003 914 225) is the holder of an Australian Financial Services License (AFSL Number 238276). Registered office: Level 14, 420 George Street, Sydney, NSW 2000, Australia. T: +612 9240-

&nbsp;&nbsp;&nbsp;&nbsp;7600. F: +612 9240-7611. **Belgium:** State Street Global Advisors Belgium, Chaussée de La Hulpe 185, 1170 Brussels, Belgium. T: +32 2 663 2036. State Street Global Advisors Belgium is a branch office of State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorized and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. **Canada:** State Street Global Advisors, Ltd., 1981 McGill College Avenue, Suite 500, Montreal, Qc, H3A 3A8, T: +514 282 2400 and 30 Adelaide Street East Suite 800, Toronto, Ontario M5C 3G6. T: +647 775 5900. **France:** State Street Global

Advisors Europe Limited, France Branch ("State Street Global Advisors France") is a branch of State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorized and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. State Street Global Advisors France is registered in France with company number RCS Nanterre 899 183 289, and its office is located at Coeur Défense — Tour A — La Défense 4, 33e étage, 100, Esplanade du Général de Gaulle, 92 932 Paris La Défense Cedex, France. T: +33 1 44 45 40 00. F: +33 1 44 45 41 92. **Germany:** State Street Global

Advisors Europe Limited, Branch in Germany, Brienner Strasse 59, D-80333 Munich, Germany ("State Street Global Advisors Germany"). T: +49 (0)89 55878 400. State Street Global Advisors Germany is a branch of State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorized and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. **Hong Kong:** State Street Global Advisors Asia Limited, 68/F, Two International Finance Centre, 8 Finance Street, Central, Hong Kong. T: +852 2103-0288. F: +852 2103-0200. **Ireland:** State Street Global Advisors Europe

------

![](g368291img5fa599942.gif)

Limited is regulated by the Central Bank of Ireland. Registered office address 78 Sir John Rogerson's Quay, Dublin 2. Registered Number: 49934. T: +353 (0)1 776 3000. F: +353 (0)1 776 3300. **Italy:** State Street Global Advisors Europe Limited, Italy Branch ("State Street Global Advisors Italy") is a branch of State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorized and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. State Street Global Advisors Italy is registered in Italy with company number 11871450968 — REA: 2628603 and VAT number 11871450968, and its office is located at Via Ferrante Aporti, 10 - 20125 Milan,

Italy. T: +39 02 32066 100. F: +39 02 32066 155. **Japan:** State Street Global Advisors (Japan) Co., Ltd., Toranomon Hills Mori Tower 25F 1-23-1 Toranomon, Minato-ku, Tokyo 105-6325 Japan. T: +81-3-4530-7380. Financial Instruments Business Operator, Kanto Local Financial Bureau (Kinsho #345), Membership: Japan Investment Advisers Association, The Investment Trust Association, Japan, Japan Securities Dealers' Association. **Netherlands:** State Street Global Advisors Netherlands, Apollo Building 7th floor, Herikerbergweg 29, 1101 CN Amsterdam, Netherlands. T: +31 20 7181 000. State Street Global Advisors Netherlands is a branch office of State Street Global Advisors Europe Limited, registered in

Ireland with company number 49934, authorized and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. **Singapore:** State Street Global Advisors Singapore Limited, 168, Robinson Road, #33-01 Capital Tower, Singapore 068912 (Company Reg. No: 200002719D, regulated by the Monetary Authority of Singapore). T: +65 6826-7555. F: +65 6826-7501. **Switzerland:** State Street Global Advisors AG, Beethovenstr. 19, CH-8027 Zurich. Registered with the Register of Commerce Zurich CHE-105.078.458. T: +41 (0)44 245 70 00. F: +41 (0)44 245 70 16. **United Kingdom:** State Street Global Advisors Limited. Authorized and regulated by the Financial Conduct Authority.

Registered in England. Registered No. 2509928. VAT No. 5776591 81. Registered office: 20 Churchill Place, Canary Wharf, London, E14 5HJ. T: 020 3395 6000. F: 020 3395 6350. **United States:** State Street Global Advisors, 1 Iron Street, Boston, MA 02210-1641. T: +1 617 786 3000.

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 Global Advisors' express written consent.© 2022 State Street Corporation.

All Rights Reserved.

ID949700-3479887.3.1.GBL.RTL 0322

Exp. Date: 03/31/2023

------

![](g368291img5fa599942.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **March 2022** |
| Australia and New Zealand |
| &nbsp;&nbsp; **Proxy Voting and** <br> **Engagement Guidelines**<br>|
| &nbsp;&nbsp; State Street Global Advisors' Australia and New Zealand <br> Proxy Voting and Engagement Guidelines<sup>i</sup> outline our <br> expectations of companies listed on stock exchanges in <br> Australia and New Zealand. These Guidelines <br> complement and should be read in conjunction with <br> State Street Global Advisors' Global Proxy Voting and <br> Engagement Principles, which provide a detailed <br> explanation of our approach to voting and engaging with <br> companies, and State Street Global Advisors' Conflict <br> Mitigation Guidelines.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

i

These Proxy Voting and Engagement Guidelines are also applicable to SSGA Funds Management, Inc. SSGA Funds Management, Inc. is an SEC-registered investment adviser. SSGA Funds Management, Inc., State Street Global Advisors Trust Company, and other advisory affiliates of State Street make up State Street Global Advisors, the investment management arm of State Street Corporation.

------

![](g368291img5fa599942.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; State Street Global Advisors' Australia and New Zealand Proxy Voting and Engagement <br> Guidelines address areas including board structure, audit related issues, capital structure, <br> remuneration, environmental, social, and other governance related issues.<br>|
|  | &nbsp;&nbsp; When voting and engaging with companies in global markets, we consider market specific <br> nuances in the manner that we believe will best protect and promote the long-term <br> economic value of client investments. We expect companies to observe the relevant laws <br> and regulations of their respective markets as well as country specific best practice <br> guidelines, and corporate governance codes. We may hold companies in such markets to <br> our global standards when we feel that a country's regulatory requirements do not address <br> some of the key philosophical principles that we believe are fundamental to our global <br> voting guidelines.<br>|
|  | &nbsp;&nbsp; In our analysis and research into corporate governance issues in Australia and New <br> Zealand, we expect all companies at a minimum to comply with the ASX Corporate <br> Governance Principles and proactively monitor companies' adherence to the principles. <br> Consistent with the 'comply or explain' expectations established by the Principles, we <br> encourage companies to proactively disclose their level of compliance with the Principles. <br> In instances of non-compliance when companies cannot explain the nuances of their <br> governance structure effectively, either publicly or through engagement, we may vote <br> against the independent board leader.<br>|
| **State Street Global** <br> **Advisors' Proxy Voting** <br> **and Engagement** <br> **Philosophy**<br>| &nbsp;&nbsp; In our view, corporate governance and sustainability issues are an integral part of the <br> investment process. The Asset Stewardship Team consists of investment professionals <br> with expertise in corporate governance and company law, remuneration, accounting, and <br> environmental and social issues. We have established robust corporate governance <br> principles and practices that are backed with extensive analytical expertise in order to <br> understand the complexities of the corporate governance landscape. We engage with <br> companies to provide insight on the principles and practices that drive our voting decisions. <br> We also conduct proactive engagement to address significant shareholder concerns and <br> environmental, social and governance ("ESG") issues in a manner consistent with <br> maximizing shareholder value.<br>|
|  | &nbsp;&nbsp; The team works alongside members of State Street Global Advisors' Active Fundamental <br> and Asia-Pacific ("APAC") investment teams, collaborating on issuer engagement and <br> providing input on company specific fundamentals. We are also a member of various <br> investor associations that seek to address broader corporate governance related policy <br> issues in the region.<br>|
|  | &nbsp;&nbsp; State Street Global Advisors is a signatory to the United Nations Principles of Responsible <br> Investment ("UNPRI"). We are committed to sustainable investing and are working to <br> further integrate ESG principles into investment and corporate governance practices where <br> applicable and consistent with our fiduciary duty.<br>|

---

------

![](g368291img5fa599942.gif)

---

| | |
|:---|:---|
| **Directors and Boards** | &nbsp;&nbsp; Principally we believe the primary responsibility of the board of directors is to preserve and <br> enhance shareholder value and protect shareholder interests. In order to carry out their <br> primary responsibilities, directors have to undertake activities that range from setting <br> strategy and overseeing executive management to monitoring the risks that arise from a <br> company's business, including risks related to sustainability issues. Further, good <br> corporate governance necessitates the existence of effective internal controls and risk <br> management systems, which should be governed by the board.<br>|
|  | &nbsp;&nbsp; State Street Global Advisors believes that a well constituted board of directors with a good <br> balance of skills, expertise, and independence provides the foundations for a well <br> governed company. We view board quality as a measure of director independence, director <br> succession planning, board diversity, evaluations and refreshment, and company <br> governance practices. We vote for the (re-)election of directors on a case-by-case basis <br> after considering various factors including board quality, general market practice, and <br> availability of information on director skills and expertise.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> In our analysis of boards, we consider whether board members have adequate skills to <br> provide effective oversight of corporate strategy, operations, and risks, including <br> environmental and social issues. Boards should also have a regular evaluation process in <br> place to assess the effectiveness of the board and the skills of board members to address <br> issues, such as emerging risks, changes to corporate strategy, and diversification of <br> operations and geographic footprint.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> We may also consider board performance and directors who appear to be remiss in the <br> performance of their oversight responsibilities when analyzing their suitability for <br> reappointment (e.g. fraud, criminal wrongdoing and breach of fiduciary responsibilities).<br>|
|  | **Board Independence** |
|  | &nbsp;&nbsp; In principle, we believe independent directors are crucial to corporate governance and help <br> management establish sound ESG policies and practices. A sufficiently independent board <br> will most effectively monitor management and perform oversight functions necessary to <br> protect shareholder interests. We expect boards of ASX 300 and New Zealand listed <br> companies to be comprised of at least a majority of independent directors. At all other <br> Australian listed companies, we expect boards to be comprised of at least one-third <br> independent directors.<br>|
|  | &nbsp;&nbsp; Our broad criteria for director independence in Australia and New Zealand include factors <br> such as:<br>|
|  | &nbsp;&nbsp; •Participation in related-party transactions and other business relations with the <br> company<br>|
|  | •Employment history with company |
|  | •Relations with controlling shareholders |
|  | Family ties with any of the company's advisers, directors, or senior employees |

---

------

![](g368291img5fa599942.gif)

---

| |
|:---|
| &nbsp;&nbsp; While we are generally supportive of having the roles of chairman and CEO separated in <br> the Australian and New Zealand markets, we assess the division of responsibilities <br> between chairman and CEO on a case-by-case basis, giving consideration to factors such <br> as company-specific circumstances, overall level of independence on the board and <br> general corporate governance standards in the company. Similarly, we will monitor for <br> circumstances in which a combined chairman/CEO is appointed or where a former CEO <br> becomes chairman.<br>|
| **Director Time Commitments** |
| &nbsp;&nbsp; When voting on the election or re-election of a director, we also consider the number of <br> outside board directorships that a non-executive and an executive may undertake. Thus, <br> State Street Global Advisors may take voting action against a director who exceeds the <br> number of board mandates listed below:<br>|
| &nbsp;&nbsp; •Named Executive Officers (NEOs) of a public company who sit on more than two <br> public company boards<br>|
| &nbsp;&nbsp; •Non-executive board chairs or lead independent directors who sit on more than three <br> public company boards<br>|
| •Director nominees who sit on more than four public company boards |
| &nbsp;&nbsp; For non-executive board chairs/lead independent directors and director nominees who hold <br> excessive commitments, as defined above, we may consider waiving our policy and vote in <br> support of a director if a company discloses its director commitment policy in a publicly <br> available manner (e.g., corporate governance guidelines, proxy statement, company <br> website). This policy or associated disclosure must include:<br>|
| •A numerical limit on public company board seats a director can serve on |
| •This limit cannot exceed our policy by more than one seat |
| •Consideration of public company board leadership positions (e.g., Committee Chair) |
| •Affirmation that all directors are currently compliant with the company policy |
| &nbsp;&nbsp; •Description of an annual policy review process undertaken by the Nominating <br> Committee to evaluate outside director time commitments<br>|
| &nbsp;&nbsp; If a director is imminently leaving a board and this departure is disclosed in a written, <br> time-bound and publicly-available manner, we may consider waiving our withhold vote <br> when evaluating the director for excessive time commitments.<br>|
| &nbsp;&nbsp; Service on a mutual fund board, the board of a UK investment trust or a Special Purpose <br> Acquisition Company (SPAC) board is not considered when evaluating directors for <br> excessive commitments. However, we do expect these roles to be considered by <br> nominating committees when evaluating director time commitments.<br>|
| **Director Attendance at Board Meetings** |
| &nbsp;&nbsp; We also consider attendance at board meetings and may withhold votes from directors <br> who attend less than 75 percent of board meetings without appropriate explanation or <br> providing reason for their failure to meet the attendance threshold. In addition, we monitor <br> other factors that may influence the independence of a non-executive director, such as <br> performance-related pay, cross-directorships, significant shareholdings, and tenure. We <br> support the annual election of directors and encourage Australian and New Zealand <br> companies to adopt this practice.<br>|

---

------

![](g368291img5fa599942.gif)

---

| |
|:---|
| **Board Committees** |
| &nbsp;&nbsp; We believe companies should have committees for audit, remuneration, and nomination <br> oversight. The audit committee is responsible for monitoring the integrity of the financial <br> statements of the company, appointing external auditors, monitoring their qualifications <br> and independence, and their effectiveness and resource levels. ASX Corporate <br> Governance Principles requires listed companies to have an audit committee of at least <br> three members all of whom are non-executive directors and a majority of whom are <br> independent directors. It also requires that the committee be chaired by an independent <br> director who is not the chair of the board. We hold Australian and New Zealand companies <br> to our global standards for developed financial markets by requiring that all members of <br> the audit committee be independent directors.<br>|
| &nbsp;&nbsp; The nomination committee is responsible for evaluating and reviewing the balance of <br> skills, knowledge, and experience of the board. It also ensures that adequate succession <br> plans are in place for directors and the CEO. We may vote against the re-election of <br> members of the nomination committee if the board has failed to address concerns over <br> board structure or succession.<br>|
| **Board Gender Diversity** |
| &nbsp;&nbsp; We expect boards of all listed companies to have at least one female board member. If a <br> company fails to meet this expectation, State Street Global Advisors may vote against the <br> Chair of the board's nominating committee or the board leader in the absence of a <br> nominating committee, if necessary. Additionally, if a company fails to meet this <br> expectation for three consecutive years, State Street Global Advisors may vote against all <br> incumbent members of the nominating committee.<br>|
| **Board Responsiveness to High Dissent against Pay** |
| **Proposals** |
| &nbsp;&nbsp; Executive pay is another important aspect of corporate governance. We believe that <br> executive pay should be determined by the board of directors. We expect companies to <br> have in place remuneration committees to provide independent oversight over executive <br> pay. ASX Corporate Governance Principles require listed companies to have a <br> remuneration committee of at least three members all of whom are non-executive <br> directors and a majority of whom are independent directors. Since Australia has a <br> non-binding vote on pay with a two-strike rule requiring a board spill vote in the event of a <br> second strike, we believe that the vote provides investors a mechanism to address <br> concerns they may have on the quality of oversight provided by the board on remuneration <br> issues. Accordingly, our voting guidelines accommodate local market practice.<br>|
| &nbsp;&nbsp; Poorly structured executive compensation plans pose increasing reputational risk to <br> companies. Ongoing high level of dissent against a company's compensation proposals <br> may indicate that the company is not receptive to investor concerns. If the level of dissent <br> against a company's remuneration report and/or remuneration policy is consistently high, <br> and we have determined that a vote against a pay-related proposal is warranted in the <br> third consecutive year, we will vote against the Chair of the remuneration committee.<br>|

---

------

![](g368291img5fa599942.gif)

---

| | |
|:---|:---|
|  | **Incorporating R-Factor™ into Director Votes** |

|  | **Climate-related Disclosure** |
|  | We believe climate change poses a systemic risk to all companies in our portfolio. |
|  | &nbsp;&nbsp; State Street Global Advisors has publicly supported the global regulatory efforts to <br> establish a mandatory baseline of climate risk disclosures for all companies. Until these <br> consistent disclosure standards are established, we find that the recommendations of the <br> Taskforce on Climate-related Financial Disclosures (TCFD) provide the most effective <br> framework by which companies can develop strategies to plan for climate-related risks and <br> make their businesses more resilient to the impacts of climate change.<br>|
|  | &nbsp;&nbsp; As such, we may vote against the independent board leader at companies in the ASX 100 <br> that fail to provide sufficient disclosure in accordance with the TCFD framework, including:<br>|
|  | •Board oversight of climate-related risks and opportunities |
|  | •Total Scope 1 and Scope 2 greenhouse gas emissions |
|  | •Targets for reducing greenhouse gas emissions |
|  | **Indemnification and Limitations on Liability** |
|  | &nbsp;&nbsp; Generally, State Street Global Advisors supports proposals to limit directors' liability and/or <br> expand indemnification and liability protection up to the limit provided by law, if he or she <br> has not acted in bad faith, gross negligence, or reckless disregard of the duties involved in <br> the conduct of his or her office.<br>|
| **Audit-Related Issues** | &nbsp;&nbsp; Companies should have robust internal audit and internal control systems designed for <br> effective management of any potential and emerging risks to company operations and <br> strategy. The responsibility of setting out an internal audit function lies with the audit <br> committee, which should have independent non-executive directors designated as <br> members.<br>|

---

------

Bottom 10 percent of scores relative to industry peers.

Have consistently underperformed their peers over the last two years; bottom 30 percent of scores relative to industry peers.

------

![](g368291img5fa599942.gif)

---

| | |
|:---|:---|
|  | **Appointment of External Auditors** |
|  | &nbsp;&nbsp; State Street Global Advisors believes that a company's auditor is an essential feature of <br> an effective and transparent system of external supervision. Shareholders should be given <br> the opportunity to vote on their appointment or to re-appoint at the annual meeting. When <br> appointing external auditors and approving audit fees, we will take into consideration the <br> level of detail in company disclosures. We will generally not support resolutions if <br> adequate breakdown is not provided and if non-audit fees are more than 50 percent of <br> audit fees. In addition, we may vote against members of the audit committee if we have <br> concerns with audit-related issues or if the level of non-audit fees to audit fees is <br> significant. In certain circumstances, we may consider auditor tenure when evaluating the <br> audit process.<br>|
|  | **Approval of Financial Statements** |
|  | &nbsp;&nbsp; The disclosure and availability of reliable financial statements in a timely manner is <br> imperative for the investment process. We expect external auditors to provide assurance of <br> a company's financial condition. Hence, we will vote against the approval of financial <br> statements if i) they have not been disclosed or audited; ii) the auditor opinion is qualified/ <br> adverse, or the auditor has issued a disclaimer of opinion; or iii) the auditor opinion is not <br> disclosed.<br>|
| **Shareholder Rights and** <br> **Capital-Related Issues**<br>| **Share Issuances** |
|  | &nbsp;&nbsp; The ability to raise capital is critical for companies to carry out strategy, to grow, and to <br> achieve returns above their cost of capital. The approval of capital raising activities is <br> fundamental to shareholders' ability to monitor the returns and to ensure capital is <br> deployed efficiently. State Street Global Advisors supports capital increases that have <br> sound business reasons and are not excessive relative to a company's existing capital <br> base.<br>|
|  | &nbsp;&nbsp; Pre-emption rights are a fundamental right for shareholders to protect their investment in a <br> company. Where companies seek to issue new shares without pre-emption rights, we may <br> vote against if such authorities are greater than 20 percent of the issued share capital. We <br> may also vote against resolutions seeking authority to issue capital with pre-emption rights <br> if the aggregate amount allowed seems excessive and is not justified by the board. <br> Generally, we are against capital issuance proposals greater than 100 percent of the <br> issued share capital when the proceeds are not intended for specific purpose.<br>|
|  | **Share Repurchase Programs** |
|  | &nbsp;&nbsp; We generally support proposals to repurchase shares, unless the issuer does not clearly <br> state the business purpose for the program, a definitive number of shares to be <br> repurchased, and the timeframe for the repurchase. We may vote against share <br> repurchase requests that allow share repurchases during a takeover period.<br>|
|  | **Dividends** |
|  | &nbsp;&nbsp; We generally support dividend payouts that constitute 30 percent or more of net income. <br> We may vote against the dividend payouts if the dividend payout ratio has been <br> consistently below 30 percent without adequate explanation. We may also vote against if <br> the payout is excessive given the company's financial position. Particular attention will be <br> warranted when the payment may damage the company's long-term financial health.<br>|

---

------

![](g368291img5fa599942.gif)

---

| | |
|:---|:---|
|  | **Mergers and Acquisitions** |
|  | &nbsp;&nbsp; Mergers or reorganization of the company structure often involve proposals relating to <br> reincorporation, restructurings, liquidations, and other major changes to the corporation. <br> Proposals that are in the best interests of shareholders, demonstrated by enhancing share <br> value or improving the effectiveness of the company's operations, will be supported. In <br> general, provisions that are not viewed as financially sound or are thought to be destructive <br> to shareholders' rights are not supported. We will generally support transactions that <br> maximize shareholder value. Some of the considerations include:<br>|
|  | •Offer premium |
|  | •Strategic rationale |
|  | &nbsp;&nbsp; •Board oversight of the process for the recommended transaction, including, director <br> and/ or management conflicts of interest<br>|
|  | •Offers made at a premium and where there are no other higher bidders |
|  | &nbsp;&nbsp; •Offers in which the secondary market price is substantially lower than the net asset <br> value<br>|
|  | We may vote against a transaction considering the following: |
|  | &nbsp;&nbsp; •Offers with potentially damaging consequences for minority shareholders because of <br> illiquid stock<br>|
|  | &nbsp;&nbsp; •Offers where we believe there is a reasonable prospect for an enhanced bid or other <br> bidders<br>|
|  | •The current market price of the security exceeds the bid price at the time of voting |
|  | **Anti-Takeover Measures** |
|  | &nbsp;&nbsp; We oppose anti-takeover defenses, such as authorities for the board to issue warrants <br> convertible into shares to existing shareholders during a hostile takeover.<br>|
| **Remuneration** | **Executive Pay** |
|  | &nbsp;&nbsp; There is a simple underlying philosophy that guides State Street Global Advisors' analysis <br> of executive pay; there should be a direct relationship between remuneration and company <br> performance over the long term. Shareholders should have the opportunity to assess <br> whether pay structures and levels are aligned with business performance. When assessing <br> remuneration reports, we consider various factors, such as adequate disclosure of <br> different remuneration elements, absolute and relative pay levels, peer selection and <br> benchmarking, the mix of long-term and short-term incentives, alignment of pay structures <br> with shareholder interests as well as with corporate strategy and performance. SSGA may <br> oppose remuneration reports in which there seems to be a misalignment between pay and <br> shareholders' interests and where incentive policies and schemes have a re-test option or <br> feature. We may also vote against the re-election of members of the remuneration <br> committee if we have serious concerns about remuneration practices and if the company <br> has not been responsive to shareholder pressure to review its approach.<br>|

---

------

![](g368291img5fa599942.gif)

---

| | |
|:---|:---|
|  | **Equity Incentive Plans** |
|  | &nbsp;&nbsp; We may not support proposals on equity-based incentive plans where insufficient <br> information is provided on matters, such as grant limits, performance metrics, <br> performance, and vesting periods and overall dilution. Generally, we do not support options <br> under such plans being issued at a discount to market price nor plans that allow for <br> re-testing of performance metrics.<br>|
|  | **Non-Executive Director Pay** |
|  | &nbsp;&nbsp; Authorities that seek shareholder approval for non-executive directors' fees generally are <br> not controversial. We generally support resolutions regarding directors' fees unless <br> disclosure is poor and we are unable to determine whether the fees are excessive relative <br> to fees paid by other comparable companies. We will evaluate any non-cash or <br> performance-related pay to non-executive directors on a company-by-company basis.<br>|
| **Risk Management** | &nbsp;&nbsp; State Street Global Advisors believes that risk management is a key function of the board, <br> which is responsible for setting the overall risk appetite of a company and for providing <br> oversight on the risk management process established by senior executives at a company. <br> We allow boards to have discretion over the ways in which they provide oversight in this <br> area. However, we expect companies to disclose ways in which the board provides <br> oversight on its risk management system and to identify key risks facing the company. <br> Boards should also review existing and emerging risks that evolve in tandem with the <br> political and economic landscape or as companies diversify or expand their operations into <br> new areas.<br>|
|  | **Environmental and Social Issues** |
|  | &nbsp;&nbsp; As a fiduciary, State Street Global Advisors takes a comprehensive approach to engaging <br> with our portfolio companies about material environmental and social (sustainability) <br> issues. We use our voice and our vote through engagement, proxy voting, and thought <br> leadership in order to communicate with issuers and educate market participants about <br> our perspective on important sustainability topics. Our Asset Stewardship program <br> prioritization process allows us to proactively identify companies for engagement and <br> voting in order to mitigate sustainability risks in our portfolio. Through engagement, we <br> address a broad range of topics that align with our stewardship priorities and build <br> long-term relationships with issuers. When voting, we fundamentally consider whether the <br> adoption of a shareholder proposal addressing a material sustainability issue would <br> promote long-term shareholder value in the context of the company's existing practices <br> and disclosures as well as existing market practice.<br>|
|  | &nbsp;&nbsp; For more information on our approach to environmental and social issues, please see our <br> Global Proxy Voting and Engagement Guidelines for Environmental and Social Issues and <br> our Frameworks for Voting Environmental and Social Shareholder Proposals available at <br> ssga.com/about-us/asset-stewardship.html.<br>|
| **More Information** | &nbsp;&nbsp; Any client who wishes to receive information on how its proxies were voted should contact <br> its State Street Global Advisors relationship manager.<br>|

---

------

![](g368291img5fa599942.gif)

---

| | |
|:---|:---|
| **About State Street Global** <br> **Advisors**<br>| &nbsp;&nbsp; For four decades, State Street Global Advisors has served the world's governments, <br> institutions and financial advisors. With a rigorous, risk-aware approach built on research, <br> analysis and market-tested experience, we build from a breadth of active and index <br> strategies to create cost-effective solutions. As stewards, we help portfolio companies see <br> that what is fair for people and sustainable for the planet can deliver long-term <br> performance. And, as pioneers in index, ETF, and ESG investing, we are always inventing <br> new ways to invest. As a result, we have become the world's fourth-largest asset manager\* <br> with US $4.14 trillion† under our care.<br>|

---

------

\*

Pensions & Investments Research Center, as of December 31, 2020.

†

This figure is presented as of December 31, 2021 and includes approximately $61.43 billion of assets with respect to SPDR products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**ssga.com** 

**State Street Global Advisors Worldwide Entities** 

**Australia:** State Street Global Advisors, Australia, Limited (ABN 42 003 914 225) is the holder of an Australian Financial Services Licence (AFSL Number 238276). Registered Office: Level 17, 420 George Street, Sydney, NSW 2000, Australia. T: +612 9240 7600. F: +612 9240 7611. **Belgium:** State Street Global Advisors Belgium, Chausse de La Hulpe 120, 1000 Brussels, Belgium. T: +32 2 663 2036, F: +32 2 672 2077. SSGA Belgium is a branch office of State Street Global Advisors Limited. State Street Global Advisors Limited is authorised and regulated by the Financial Conduct Authority in the United Kingdom. **Canada:** State Street Global Advisors, Ltd., 770 Sherbrooke Street West, Suite 1200 Montreal, Quebec, H3A 1G1, T: +514 282 2400 and 30 Adelaide Street East Suite 500, Toronto, Ontario M5C 3G6. T: +647 775 5900. **Dubai:** State Street Bank and Trust Company (Representative Office), Boulevard

Plaza 1, 17th Floor, Office 1703 Near Dubai Mall & Burj Khalifa, P.O Box 26838, Dubai, United Arab Emirates. T: +971 (0)4 4372800. F: +971 (0)4 4372818. **France:** State Street Global Advisors France. Authorised and regulated by the Autorité des Marchés Financiers. Registered with the Register of Commerce and Companies of Nanterre under the number: 412 052 680. Registered Office: Immeuble Défense Plaza, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France. T: +33 1 44 45 40 00. F: +33 1 44 45 41 92. **Germany:** State Street Global Advisors GmbH, Brienner Strasse 59, D-80333 Munich. T: +49 (0)89 55878 100. F: +49 (0)89 55878 440. **Hong Kong:** State Street Global Advisors Asia Limited, 68/F, Two International Finance Centre, 8 Finance Street, Central, Hong Kong. T: +852 2103 0288. F: +852 2103 0200. **Ireland:** State Street Global Advisors Ireland Limited is regulated by the Central Bank of Ireland. Incorporated and registered in Ireland at Two Park Place, Upper Hatch Street, Dublin 2. Registered Number: 145221.

Member of the Irish Association of Investment Managers. T: +353 (0)1 776 3000. F: +353 (0)1 776 3300. **Italy:** State Street Global Advisors Limited, Milan Branch (Sede Secondaria di Milano) is a branch of State Street Global Advisors Limited, a company registered in the UK, authorised and regulated by the Financial Conduct Authority (FCA), with a capital of GBP 71'650'000.00, and whose registered office is at 20 Churchill Place, London E14 5HJ. State Street Global Advisors Limited, Milan Branch (Sede Secondaria di Milano), is registered in Italy with company number 06353340968 - R.E.A. 1887090 and VAT number 06353340968 and whose office is at Via dei Bossi, 4 -20121 Milano, Italy. T: 39 02 32066 100. F: 39 02 32066 155. **Japan:** State Street Global Advisors (Japan) Co., Ltd., 9-7-1 Akasaka, Minato-ku, Tokyo 107-6239. T: +813 4530 7380. Financial Instruments Business Operator, Kanto Local Financial Bureau (Kinsho #345). Japan Investment Advisers Association, Investment Trusts Association Japan, Japan Securities Dealers

Association. **Netherlands:** State Street Global Advisors Netherlands, Adam Smith Building, Thomas Malthusstraat 1-3, 1066 JR Amsterdam, Netherlands. T: +31 (0)20 7181701. State Street Global Advisors Netherlands is a branch office of State Street Global Advisors Limited. State Street Global Advisors Limited is authorised and regulated by the Financial Conduct Authority in the United Kingdom. Singapore: State Street Global Advisors Singapore Limited, 168, Robinson Road, #33-01 Capital Tower, Singapore 068912 (Company Registered Number: 200002719D). T: +65 6826 7500. F: +65 6826 7501. **Switzerland:** State Street Global Advisors AG, Beethovenstr. 19, CH-8027 Zurich. T: +41 (0)44 245 70 00. F: +41 (0)44 245 70 16. **United Kingdom:** State Street Global Advisors Limited. Authorised and regulated by the Financial Conduct Authority. Registered in England. Registered Number: 2509928. VAT Number: 5776591 81. Registered Office: 20 Churchill Place, Canary Wharf, London, E14 5HJ. T: +020 3395

------

![](g368291img5fa599942.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000. F: +020 3395 6350. **United States:** State Street Global Advisors, One Lincoln Street, Boston, MA 02111-2900. T: +617 786 3000.

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 Global Advisors' express written consent.© 2022 State Street Corporation.

All Rights Reserved.

ID949706-3479907.2.1.GBL.RTL 0322

Exp. Date: 03/31/2023

------

![](g368291img5fa599942.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **March 2022** |
| Europe |
| &nbsp;&nbsp; **Proxy Voting and** <br> **Engagement Guidelines**<br>|
| &nbsp;&nbsp; State Street Global Advisors' European Proxy Voting <br> and Engagement Guidelines<sup>i</sup> cover different corporate <br> governance frameworks and practices in European <br> markets, excluding the United Kingdom and Ireland. <br> These guidelines complement and should be read in <br> conjunction with State Street Global Advisors' Global <br> Proxy Voting and Engagement Principles, which provide <br> a detailed explanation of our approach to voting and <br> engaging with companies, and State Street Global <br> Advisors' Conflict Mitigation Guidelines.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

i

These Proxy Voting and Engagement Guidelines are also applicable to SSGA Funds Management, Inc. SSGA Funds Management, Inc. is an SEC-registered investment adviser. SSGA Funds Management, Inc., State Street Global Advisors Trust Company, and other advisory affiliates of State Street make up State Street Global Advisors, the investment management arm of State Street Corporation.

------

![](g368291img5fa599942.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; State Street Global Advisors' Proxy Voting and Engagement Guidelines in European <br> markets address areas such as board structure, audit-related issues, capital structure, <br> remuneration, as well as environmental, social and other governance-related issues.<br>|
|  | &nbsp;&nbsp; When voting and engaging with companies in European markets, we consider <br> market-specific nuances in the manner that we believe will most likely protect and promote <br> the long-term financial value of client investments. We expect companies to observe the <br> relevant laws and regulations of their respective markets, as well as country-specific best <br> practice guidelines and corporate governance codes. We may hold companies in some <br> markets to our global standards when we feel that a country's regulatory requirements do <br> not address some of the key philosophical principles that we believe are fundamental to <br> our global voting guidelines.<br>|
|  | &nbsp;&nbsp; In our analysis and research into corporate governance issues in European companies, we <br> also consider guidance issued by the European Commission and country-specific <br> governance codes. We proactively monitor companies' adherence to applicable guidance <br> and requirements. Consistent with the diverse "comply-or-explain" expectations <br> established by guidance and codes, we encourage companies to proactively disclose their <br> level of compliance with applicable provisions and requirements. In cases of <br> non-compliance, when companies cannot explain the nuances of their governance <br> structures effectively, either publicly or through engagement, we may vote against the <br> independent board leader.<br>|
| **State Street Global** <br> **Advisors' Proxy Voting** <br> **and Engagement** <br> **Philosophy**<br>| &nbsp;&nbsp; Corporate governance and sustainability issues are an integral part of the investment <br> process. The Asset Stewardship Team consists of investment professionals with expertise <br> in corporate governance and company law, remuneration, accounting, and environmental <br> and social issues. We have established robust corporate governance principles and <br> practices that are backed with extensive analytical expertise in order to understand the <br> complexities of the corporate governance landscape. We engage with companies to <br> provide insight on the principles and practices that drive our voting decisions. We also <br> conduct proactive engagements to address significant shareholder concerns and <br> environmental, social, and governance ("ESG") issues in a manner consistent with <br> maximizing shareholder value.<br>|
|  | &nbsp;&nbsp; The team works alongside members of State Street Global Advisors' Active Fundamental <br> and Europe, Middle East and Africa ("EMEA") investment teams, collaborating on issuer <br> engagements and providing input on company-specific fundamentals.<br>|
|  | &nbsp;&nbsp; State Street Global Advisors is a signatory to the United Nations Principles for <br> Responsible Investment ("UNPRI"). We are committed to sustainable investing, and are <br> working to further integrate ESG principles into investment and corporate governance <br> practices where applicable and consistent with our fiduciary duty.<br>|

---

------

![](g368291img5fa599942.gif)

---

| | |
|:---|:---|
| **Directors and Boards** | &nbsp;&nbsp; Principally, we believe the primary responsibility of the board of directors is to preserve <br> and enhance shareholder value, and to protect shareholder interests. In order to carry out <br> their primary responsibilities, directors have to undertake activities that range from setting <br> strategy and overseeing executive management, to monitoring the risks that arise from a <br> company's business, including risks related to sustainability issues. Further, good <br> corporate governance necessitates the existence of effective internal controls and risk <br> management systems, which should be governed by the board.<br>|
|  | &nbsp;&nbsp; We believe that a well-constituted board of directors with a balance of skills, expertise and <br> independence, provides the foundations for a well governed company. We view board <br> quality as a measure of director independence, director succession planning, board <br> diversity, evaluations and refreshment, and company governance practices. We vote for the <br> (re-)election of directors on a case-by-case basis after considering various factors, <br> including board quality, general market practice, and availability of information on director <br> skills and expertise.<br>|
|  | &nbsp;&nbsp; In our analysis of boards, we consider whether board members have adequate skills to <br> provide effective oversight of corporate strategy, operations, and risks, including <br> environmental and social issues. Boards should also have a regular evaluation process in <br> place to assess the effectiveness of the board and the skills of board members to address <br> issues such as emerging risks, changes to corporate strategy, and diversification of <br> operations and geographic footprint.<br>|
|  | &nbsp;&nbsp; We may also consider factors such as board performance and directors who appear to be <br> remiss in the performance of their oversight responsibilities (e.g. fraud, criminal <br> wrongdoing and/or breach of fiduciary responsibilities).<br>|
| Board Independence | &nbsp;&nbsp; In principle, we believe independent directors are crucial to good corporate governance <br> and help management establish sound corporate governance policies and practices. A <br> sufficiently independent board will most effectively monitor management and perform <br> oversight functions necessary to protect shareholder interests.<br>|
|  | &nbsp;&nbsp; Our broad criteria for director independence in European companies include factors such <br> as:<br>|
|  | &nbsp;&nbsp; •Participation in related–party transactions and other business relations with the <br> company<br>|
|  | •Employment history with the company |
|  | •Relations with controlling shareholders |
|  | •Family ties with any of the company's advisers, directors or senior employees |
|  | •Serving as an employee or government representative |
|  | &nbsp;&nbsp; •Overall average board tenure and individual director tenure at issuers with classified <br> and de-classified boards, respectively, and<br>|
|  | •Company classification of a director as non-independent |

---

------

![](g368291img5fa599942.gif)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; While overall board independence requirements and board structures differ from market to <br> market, we consider voting against directors we deem non-independent if overall board <br> independence is below 33 percent or if overall independence level is below 50 percent <br> after excluding employee representatives and/or directors elected in accordance with local <br> laws who are not elected by shareholders. We may withhold support for a proposal to <br> discharge the board if a company fails to meet adequate governance standards or board <br> level independence.<br>|
|  | &nbsp;&nbsp; We also assess the division of responsibilities between chair and CEO on a case-by-case <br> basis, giving consideration to factors such as overall level of independence on the board <br> and general corporate governance standards in the company. However, we may take voting <br> action against the chair or members of the nominating committee at the STOXX Europe <br> 600 companies that have combined the roles of chair and CEO and have not appointed an <br> independent deputy chair or a lead independent director.<br>|
| Director Time Commitments | &nbsp;&nbsp; When voting on the election or re-election of a director, we also consider the number of <br> outside board directorships a non-executive and an executive may undertake. Thus, State <br> Street Global Advisors may take voting action against a director who exceeds the number <br> of board mandates listed below:<br>|
|  | &nbsp;&nbsp; •Named Executive Officers (NEOs) of a public company who sit on more than two <br> public company boards<br>|
|  | &nbsp;&nbsp; •Non-executive board chairs or lead independent directors who sit on more than three <br> public company boards<br>|
|  | •Director nominees who sit on more than four public company boards |
|  | &nbsp;&nbsp; For non-executive board chairs/lead independent directors and director nominees who hold <br> excessive commitments, as defined above, we may consider waiving our policy and vote in <br> support of a director if a company discloses its director commitment policy in a publicly <br> available manner (e.g., corporate governance guidelines, proxy statement, company <br> website). This policy or associated disclosure must include:<br>|
|  | •A numerical limit on public company board seats a director can serve on |
|  | •This limit cannot exceed our policy by more than one seat |
|  | •Consideration of public company board leadership positions (e.g., Committee Chair) |
|  | •Affirmation that all directors are currently compliant with the company policy |
|  | &nbsp;&nbsp; •Description of an annual policy review process undertaken by the Nominating <br> Committee to evaluate outside director time commitments<br>|
|  | &nbsp;&nbsp; If a director is imminently leaving a board and this departure is disclosed in a written, <br> time-bound and publicly-available manner, we may consider waiving our withhold vote <br> when evaluating the director for excessive time commitments.<br>|
|  | &nbsp;&nbsp; Service on a mutual fund board, the board of a UK investment trust or a Special Purpose <br> Acquisition Company (SPAC) board is not considered when evaluating directors for <br> excessive commitments. However, we do expect these roles to be considered by <br> nominating committees when evaluating director time commitments.<br>|

---

------

![](g368291img5fa599942.gif)

---

| | |
|:---|:---|
| Director Attendance at <br> Board Meetings<br>| &nbsp;&nbsp; We also consider attendance at board meetings and may withhold votes from directors <br> who attend less than 75 percent of board meetings without appropriate explanation or <br> providing reason for their failure to meet the attendance threshold. In addition, we monitor <br> other factors that may influence the independence of a non-executive director, such as <br> performance-related pay, cross-directorships and significant shareholdings. Moreover, we <br> may vote against the election of a director whose biographical disclosures are insufficient <br> to assess his or her role on the board and/or independence.<br>|
| Board Gender Diversity | &nbsp;&nbsp; We expect boards of all listed companies to have at least one female board member. If a <br> company fails to meet this expectation, State Street Global Advisors may vote against the <br> Chair of the board's nominating committee or the board leader in the absence of a <br> nominating committee, if necessary. Additionally, if a company fails to meet this <br> expectation for three consecutive years, State Street Global Advisors may vote against all <br> incumbent members of the nominating committee.<br>|
| Length of Board Terms | &nbsp;&nbsp; Although we generally are in favour of the annual election of directors, we recognise that <br> director terms vary considerably in different European markets. We may vote against <br> article/bylaw changes that seek to extend director terms. In addition, we may vote against <br> directors in certain markets if their terms extend beyond four years.<br>|
| Board Committees | &nbsp;&nbsp; We believe companies should have relevant board level committees for audit, <br> remuneration and nomination oversight. The audit committee is responsible for monitoring <br> the integrity of the financial statements of the company, appointing external auditors, <br> monitoring their qualifications and independence, and assessing effectiveness and <br> resource levels. Similarly, executive pay is an important aspect of corporate governance, <br> and it should be determined by the board of directors. We expect companies to have <br> remuneration committees to provide independent oversight of executive pay. We may vote <br> against nominees who are executive members of audit or remuneration committees.<br>|
|  | &nbsp;&nbsp; In certain European markets, it is not uncommon for the election of directors to be <br> presented in a single slate. In these cases, where executives serve on the audit or the <br> remuneration committees, we may vote against the entire slate.<br>|
| Board Responsiveness to <br> High Dissent Against Pay <br> Proposals<br>| &nbsp;&nbsp; Poorly-structured executive remuneration plans pose increasing reputational risk to <br> companies. Ongoing high levels of dissent against a company's remuneration proposals <br> may indicate that the company is not receptive to investor concerns. If the level of dissent <br> against a company's remuneration report and/or remuneration policy is consistently high, <br> and we have determined that a vote against a remuneration-related proposal is warranted <br> in the third consecutive year, we will vote against the Chair of the remuneration committee.<br>|

---

------

![](g368291img5fa599942.gif)

---

| | |
|:---|:---|

| Climate-related Disclosure | We believe climate change poses a systemic risk to all companies in our portfolio. |
|  | &nbsp;&nbsp; State Street Global Advisors has publicly supported the global regulatory efforts to <br> establish a mandatory baseline of climate risk disclosures for all companies. Until these <br> consistent disclosure standards are established, we find that the recommendations of the <br> Task Force on Climate-related Financial Disclosures (TCFD) provide the most effective <br> framework (with?) which companies can develop strategies to plan for climate-related risks <br> and make their businesses more resilient to the impacts of climate change.<br>|
|  | &nbsp;&nbsp; As such, we may vote against the independent board leader at companies in the STOXX <br> 600 that fail to provide sufficient disclosure in accordance with the TCFD framework, <br> including:<br>|
|  | •Board oversight of climate-related risks and opportunities |
|  | •Total Scope 1 and Scope 2 greenhouse gas emissions |
|  | •Targets for reducing greenhouse gas emissions |
| Indemnification and <br> Limitations on Liability<br>| &nbsp;&nbsp; Generally, we support proposals to limit directors' liability and/or expand indemnification <br> and liability protection up to the limit provided by law if a director has not acted in bad faith, <br> with gross negligence, or with reckless disregard of the duties involved in the conduct of <br> his or her office.<br>|
| **Audit-Related Issues** | &nbsp;&nbsp; Companies should have robust internal audit and internal control systems designed for <br> effective management of any potential and emerging risks to company operations and <br> strategy. The responsibility of setting up an internal audit function lies with the audit <br> committee, which should have as members independent non-executive directors.<br>|

---

------

Bottom 10 percent of scores relative to industry peers.

Have consistently underperformed their peers over the last two years; bottom 30 percent of scores relative to industry peers.

------

![](g368291img5fa599942.gif)

---

| | |
|:---|:---|
| Appointment of External <br> Auditors<br>| &nbsp;&nbsp; We believe that a company's auditor is an essential feature of an effective and transparent <br> system of external supervision. Shareholders should be given the opportunity to vote on <br> their appointment or re-appoint them at the annual meeting. When appointing external <br> auditors and approving audit fees, we consider the level of detail in company disclosures; <br> we will generally not support such resolutions if adequate breakdown is not provided and if <br> non-audit fees are more than 50 percent of audit fees. In addition, we may vote against <br> members of the audit committee if we have concerns with audit-related issues or if the <br> level of non-audit fees to audit fees is significant. We may consider auditor tenure when <br> evaluating the audit process in certain circumstances.<br>|
| Limit Legal Liability of <br> External Auditors<br>| &nbsp;&nbsp; We generally oppose limiting the legal liability of audit firms as we believe this could create <br> a negative impact on the quality of the audit function.<br>|
|  | **Approval of Financial Statements** |
|  | &nbsp;&nbsp; The disclosure and availability of reliable financial statements in a timely manner is <br> imperative for the investment process. We expect external auditors to provide assurance of <br> a company's financial condition. Hence, we will vote against the approval of financial <br> statements if i) they have not been disclosed or audited; ii) the auditor opinion is qualified/ <br> adverse, or the auditor has issued a disclaimer of opinion; or iii) the auditor opinion is not <br> disclosed.<br>|
| **Shareholder Rights and** <br> **Capital-Related Issues**<br>| &nbsp;&nbsp; In some European markets, differential voting rights continue to exist. State Street Global <br> Advisors supports the one-share, one-vote policy and favors a share structure where all <br> shares have equal voting rights. We believe pre-emption rights should be introduced for <br> shareholders in order to provide adequate protection from excessive dilution from the <br> issuance of new shares or convertible securities to third parties or a small number of <br> select shareholders.<br>|
| Unequal Voting Rights | &nbsp;&nbsp; We generally oppose proposals authorizing the creation of new classes of common stock <br> with superior voting rights. We will generally oppose the creation of new classes of <br> preferred stock with unspecified voting, conversion, dividend distribution and other rights. <br> In addition, we will not support capitalization changes that add classes of stock with <br> undefined voting rights or classes that may dilute the voting interests of existing <br> shareholders. We support proposals to abolish voting caps and capitalization changes that <br> eliminate other classes of stock and/or unequal voting rights.<br>|
| Increase in Authorized <br> Capital<br>| &nbsp;&nbsp; The ability to raise capital is critical for companies to carry out strategy, to grow, and to <br> achieve returns above their cost of capital. The approval of capital raising activities is <br> fundamental to shareholders' ability to monitor returns and to ensure capital is deployed <br> efficiently. We support capital increases that have sound business reasons and are not <br> excessive relative to a company's existing capital base.<br>|

---

------

![](g368291img5fa599942.gif)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; Pre-emption rights are a fundamental right for shareholders to protect their investment in a <br> company. Where companies seek to issue new shares whilst disapplying pre-emption <br> rights, we may vote against if such authorities are greater than 20 percent of the issued <br> share capital. We may also vote against resolutions that seek authority to issue capital with <br> pre-emption rights if the aggregate amount allowed seems excessive and is not justified by <br> the board. Generally, we oppose capital issuance proposals greater than 100 percent of <br> the issued share capital when the proceeds are not intended for a specific purpose.<br>|
| Share Repurchase <br> Programs<br>| &nbsp;&nbsp; We typically support proposals to repurchase shares; however, there are exceptions in <br> some cases. We do not support repurchases if the issuer does not clearly state the <br> business purpose for the program, a definitive number of shares to be repurchased, the <br> range of premium/discount to market price at which the company can repurchase shares, <br> and the timeframe for the repurchase. We may vote against share repurchase requests <br> that allow share repurchases during a takeover period.<br>|
| Dividends | &nbsp;&nbsp; We generally support dividend payouts that constitute 30 percent or more of net income. <br> We may vote against the dividend payouts if the dividend payout ratio has been <br> consistently below 30 percent without adequate explanation or the payout is excessive <br> given the company's financial position. Particular attention will be paid to cases in which <br> the payment may damage the company's long-term financial health.<br>|
| Related-Party Transactions | &nbsp;&nbsp; Some companies in European markets have a controlled ownership structure and complex <br> cross-shareholdings between subsidiaries and parent companies ("related companies"). <br> Such structures may result in the prevalence of related-party transactions between the <br> company and its various stakeholders, such as directors and management, subsidiaries <br> and shareholders. In markets where shareholders are required to approve such <br> transactions, we expect companies to provide details of the transaction, such as the <br> nature, the value and the purpose of such a transaction. We also encourage independent <br> directors to ratify such transactions. Further, we encourage companies to describe the level <br> of independent board oversight and the approval process, including details of any <br> independent valuations provided by financial advisors on related-party transactions.<br>|
| Mergers and Acquisitions | &nbsp;&nbsp; Mergers or restructurings often involve proposals relating to reincorporation, restructurings, <br> mergers, liquidation and other major changes to the corporation. Proposals will be <br> supported if they are in the best interest of the shareholders, which is demonstrated by <br> enhancing share value or improving the effectiveness of the company's operations. In <br> general, provisions that are not viewed as financially sound or are thought to be destructive <br> to shareholders' rights are not supported.<br>|
|  | &nbsp;&nbsp; We will generally support transactions that maximize shareholder value. Some of the <br> considerations include:<br>|
|  | •Offer premium |
|  | •Strategic rationale |
|  | &nbsp;&nbsp; •Board oversight of the process for the recommended transaction, including director <br> and/ or management conflicts of interest<br>|
|  | •Offers made at a premium and where there are no other higher bidders |

---

------

![](g368291img5fa599942.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; •Offers in which the secondary market price is substantially lower than the net asset <br> value<br>|
|  | We may vote against a transaction considering the following: |
|  | &nbsp;&nbsp; •Offers with potentially damaging consequences for minority shareholders because of <br> illiquid stock<br>|
|  | &nbsp;&nbsp; •Offers where we believe there is a reasonable prospect for an enhanced bid or other <br> bidders<br>|
|  | •The current market price of the security exceeds the bid price at the time of voting |
| Anti–Takeover Measures | &nbsp;&nbsp; European markets have diverse regulations concerning the use of share issuances as <br> takeover defenses, with legal restrictions lacking in some markets. We support the <br> one-share, one-vote policy. For example, dual-class capital structures entrench certain <br> shareholders and management, insulating them from possible takeovers. We oppose <br> unlimited share issuance authorizations because they can be used as anti-takeover <br> devices. They have the potential for substantial voting and earnings dilution. We also <br> monitor the duration of time for authorities to issue shares, as well as whether there are <br> restrictions and caps on multiple issuance authorities during the specified time periods. We <br> oppose antitakeover defenses, such as authorities for the board when subject to a hostile <br> takeover to issue warrants convertible into shares to existing shareholders.<br>|
| **Remuneration** |  |
| Executive Pay | &nbsp;&nbsp; Despite the differences among the various types of plans and awards, there is a simple <br> underlying philosophy that guides our analysis of executive pay: there should be a direct <br> relationship between remuneration and company performance over the long term.<br>|
|  | &nbsp;&nbsp; Shareholders should have the opportunity to assess whether pay structures and levels are <br> aligned with business performance. When assessing remuneration reports, we consider <br> factors such as adequate disclosure of remuneration elements, absolute and relative pay <br> levels, peer selection and benchmarking, the mix of long-term and short-term incentives, <br> alignment of pay structures with shareholder interests, corporate strategy and <br> performance. We may oppose remuneration reports where pay seems misaligned with <br> shareholders' interests. We may also vote against the re-election of members of the <br> remuneration committee if we have serious concerns about remuneration practices and if <br> the company has not been responsive to shareholder pressure to review its approach.<br>|
| Equity Incentives Plans | &nbsp;&nbsp; We may not support proposals regarding equity-based incentive plans where insufficient <br> information is provided on matters, including grant limits, performance metrics, <br> performance and vesting periods, and overall dilution. Generally, we do not support options <br> under such plans being issued at a discount to market price or plans that allow for <br> retesting of performance metrics.<br>|

---

------

![](g368291img5fa599942.gif)

---

| | |
|:---|:---|
| Non–Executive Director Pay | &nbsp;&nbsp; In European markets, proposals seeking shareholder approval for non-executive directors' <br> fees are generally not controversial. We typically support resolutions regarding directors' <br> fees unless disclosure is poor and we are unable to determine whether the fees are <br> excessive relative to fees paid by comparable companies. We will evaluate any non-cash <br> or performance-related pay to non-executive directors on a company-by-company basis.<br>|
| **Risk Management** | &nbsp;&nbsp; We believe that risk management is a key function of the board, which is responsible for <br> setting the overall risk appetite of a company and for providing oversight on the risk <br> management process established by senior executives at a company. We allow boards to <br> have discretion regarding the ways in which they provide oversight in this area. However, <br> we expect companies to disclose how the board provides oversight on its risk management <br> system and risk identification. Boards should also review existing and emerging risks, as <br> they can change with a changing political and economic landscape or as companies <br> diversify or expand their operations into new areas.<br>|
| Environmental and Social <br> Issues<br>| &nbsp;&nbsp; As a fiduciary, State Street Global Advisors takes a comprehensive approach to engaging <br> with our portfolio companies about material environmental and social (sustainability) <br> issues. We use our voice and our vote through engagement, proxy voting and thought <br> leadership in order to communicate with issuers and educate market participants about <br> our perspective on important sustainability topics. Our Asset Stewardship program <br> prioritization process allows us to proactively identify companies for engagement and <br> voting in order to mitigate sustainability risks in our portfolio. Through engagement, we <br> address a broad range of topics that align with our stewardship priorities and build <br> long-term relationships with issuers. When voting, we fundamentally consider whether the <br> adoption of a shareholder proposal addressing a material sustainability issue would <br> promote long-term shareholder value in the context of the company's existing practices <br> and disclosures as well as existing market practice.<br>|
|  | &nbsp;&nbsp; For more information on our approach to environmental and social issues, please see our <br> Global Proxy Voting and Engagement Guidelines for Environmental and Social Issues and <br> our Frameworks for Voting Environmental and Social Shareholder Proposals, both <br> available at ssga.com/about-us/asset-stewardship.html.<br>|
| **More Information** | &nbsp;&nbsp; Any client who wishes to receive information on how its proxies were voted should contact <br> its State Street Global Advisors relationship manager.<br>|

---

------

![](g368291img5fa599942.gif)

---

| | |
|:---|:---|
| **About State Street Global** <br> **Advisors**<br>| &nbsp;&nbsp; For four decades, State Street Global Advisors has served the world's governments, <br> institutions and financial advisors. With a rigorous, risk-aware approach built on research, <br> analysis and market-tested experience, we build from a breadth of active and index <br> strategies to create cost-effective solutions. As stewards, we help portfolio companies see <br> that what is fair for people and sustainable for the planet can deliver long-term <br> performance. And, as pioneers in index, ETF, and ESG investing, we are always inventing <br> new ways to invest. As a result, we have become the world's fourth-largest asset manager\* <br> with US $4.14 trillion† under our care.<br>|

---

------

\*

Pensions & Investments Research Center, as of December 31, 2020.

†

This figure is presented as of December 31, 2021 and includes approximately $61.43 billion of assets with respect to SPDR products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**ssga.com** 

**State Street Global Advisors Worldwide Entities** 

**Abu Dhabi:** State Street Global Advisors Limited, ADGM Branch, Al Khatem Tower, Suite 42801, Level 28, ADGM Square, Al Maryah Island, P.O Box 76404, Abu Dhabi, United Arab Emirates. Regulated by the ADGM Financial Services Regulatory Authority. T: +971 2 245 9000. **Australia:** State Street Global Advisors, Australia, Limited (ABN 42 003 914 225) is the holder of an Australian Financial Services License (AFSL Number 238276). Registered office: Level 14, 420 George Street, Sydney, NSW 2000, Australia. T: +612 9240-7600. F: +612 9240-7611. **Belgium:** State Street Global Advisors Belgium, Chaussée de La Hulpe 185, 1170 Brussels, Belgium. T: +32 2 663 2036. State Street Global Advisors Belgium is a branch office of State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorized and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. **Canada:** State Street Global Advisors, Ltd., 1981

McGill College Avenue, Suite 500, Montreal, Qc, H3A 3A8, T: +514 282 2400 and 30 Adelaide Street East Suite 800, Toronto, Ontario M5C 3G6. T: +647 775 5900. **France:** State Street Global Advisors Europe Limited, France Branch ("State Street Global Advisors France") is a branch of State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorized and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. State Street Global Advisors France is registered in France with company number RCS Nanterre 899 183 289, and its office is located at Coeur Défense — Tour A — La Défense 4, 33e étage, 100, Esplanade du Général de Gaulle, 92 932 Paris La Défense Cedex, France. T: +33 1 44 45 40 00. F: +33 1 44 45 41 92. **Germany:** State Street Global Advisors Europe Limited, Branch in Germany, Brienner Strasse 59, D-80333 Munich, Germany ("State Street Global Advisors Germany"). T: +49 (0)89 55878 400. State Street Global Advisors Germany is a branch of State Street Global Advisors Europe Limited, registered in Ireland with

company number 49934, authorized and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. **Hong Kong:** State Street Global Advisors Asia Limited, 68/F, Two International Finance Centre, 8 Finance Street, Central, Hong Kong. T: +852 2103-0288. F: +852 2103-0200. **Ireland:** State Street Global Advisors Europe Limited is regulated by the Central Bank of Ireland. Registered office address 78 Sir John Rogerson's Quay, Dublin 2. Registered Number: 49934. T: +353 (0)1 776 3000. F: +353 (0)1 776 3300. **Italy:** State Street Global Advisors Europe Limited, Italy Branch ("State Street Global Advisors Italy") is a branch of State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorized and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. State Street Global Advisors Italy is registered in Italy with company number 11871450968 — REA: 2628603 and VAT number 11871450968, and its office is located at Via Ferrante Aporti, 10 -20125 Milan, Italy. T: +39 02 32066 100. F: +39

02 32066 155. **Japan:** State Street Global Advisors (Japan) Co., Ltd., Toranomon Hills Mori Tower 25F 1-23-1 Toranomon, Minato-ku, Tokyo 105-6325 Japan. T: +81-3-4530-7380. Financial Instruments Business Operator, Kanto Local Financial Bureau (Kinsho #345), Membership: Japan Investment Advisers Association, The Investment Trust Association, Japan, Japan Securities Dealers' Association. **Netherlands:** State Street Global Advisors Netherlands, Apollo Building 7th floor, Herikerbergweg 29, 1101 CN Amsterdam, Netherlands. T: +31 20 7181 000. State Street Global Advisors Netherlands is a branch office of State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorized and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. **Singapore:** State Street Global Advisors Singapore Limited, 168, Robinson Road, #33-01 Capital Tower, Singapore 068912 (Company Reg. No: 200002719D, regulated by the Monetary Authority of Singapore). T: +65 6826-7555. F: +65 6826-7501. **Switzerland:** State Street

------

![](g368291img5fa599942.gif)

Global Advisors AG, Beethovenstr. 19, CH-8027 Zurich. Registered with the Register of Commerce Zurich CHE-105.078.458. T: +41 (0)44 245 70 00. F: +41 (0)44 245 70 16. **United Kingdom:** State Street Global Advisors Limited. Authorized and regulated by the Financial Conduct Authority. Registered in England. Registered No. 2509928. VAT No. 5776591

&nbsp;&nbsp;&nbsp;&nbsp;

81. Registered office: 20 Churchill Place, Canary Wharf, London, E14 5HJ. T: 020 3395 6000. F: 020 3395 6350. **United States:** State Street Global Advisors, 1 Iron Street, Boston, MA 02210-1641. T: +1 617 786 3000.

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 Global Advisors' express written consent.© 2022 State Street Corporation.

All Rights Reserved.

ID949708-3479909.2.1.GBL.RTL 0322

Exp. Date: 03/31/2023

------

![](g368291img5fa599942.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **March 2022** |
| Japan |
| &nbsp;&nbsp; **Proxy Voting and** <br> **Engagement Guidelines**<br>|
| &nbsp;&nbsp; State Street Global Advisors' Japan Proxy Voting and <br> Engagement Guidelines<sup>i</sup> outline our expectations of <br> companies listed on stock exchanges in Japan. These <br> Guidelines complement and should be read in <br> conjunction with State Street Global Advisors' <br> overarching Global Proxy Voting and Engagement <br> Guidelines, which provide a detailed explanation of our <br> approach to voting and engaging with companies, and <br> State Street Global Advisors' Conflict Mitigation <br> Guidelines.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

i

These Proxy Voting and Engagement Guidelines are also applicable to SSGA Funds Management, Inc. SSGA Funds Management, Inc. is an SEC-registered investment adviser. SSGA Funds Management, Inc., State Street Global Advisors Trust Company, and other advisory affiliates of State Street make up State Street Global Advisors, the investment management arm of State Street Corporation.

------

![](g368291img5fa599942.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; State Street Global Advisors' Proxy Voting and Engagement Guidelines in Japan address <br> areas including: board structure, audit related issues, capital structure, remuneration, <br> environmental, social, and other governance-related issues.<br>|
|  | &nbsp;&nbsp; When voting and engaging with companies in Japan, State Street Global Advisors takes <br> into consideration the unique aspects of Japanese corporate governance structures. We <br> recognize that under Japanese corporate law, companies may choose between two <br> structures of corporate governance: the statutory auditor system or the committee <br> structure. Most Japanese boards predominantly consist of executives and <br> non-independent outsiders affiliated through commercial relationships or <br> cross-shareholdings. Nonetheless, when evaluating companies, State Street Global <br> Advisors expects Japanese companies to address conflicts of interest and risk <br> management and to demonstrate an effective process for monitoring management. In our <br> analysis and research regarding corporate governance issues in Japan, we expect all <br> companies at a minimum to comply with Japan's Corporate Governance Principles and <br> proactively monitor companies' adherence to the principles. Consistent with the 'comply or <br> explain' expectations established by the Principles, we encourage companies to proactively <br> disclose their level of compliance with the Principles. In instances of non-compliance when <br> companies cannot explain the nuances of their governance structure effectively, either <br> publicly or through engagement, we may vote against the board leader.<br>|
| **State Street Global** <br> **Advisors' Proxy Voting** <br> **and Engagement** <br> **Philosophy**<br>| &nbsp;&nbsp; In our view, corporate governance and sustainability issues are an integral part of the <br> investment process. The Asset Stewardship Team consists of investment professionals <br> with expertise in corporate governance and company law, remuneration, accounting, and <br> environmental and social issues. We have established robust corporate governance <br> principles and practices that are backed with extensive analytical expertise to understand <br> the complexities of the corporate governance landscape. We engage with companies to <br> provide insight on the principles and practices that drive our voting decisions. We also <br> conduct proactive engagement to address significant shareholder concerns and <br> environmental, social, and governance ("ESG") issues in a manner consistent with <br> maximizing shareholder value.<br>|
|  | &nbsp;&nbsp; The team works alongside members of State Street Global Advisors' Active Fundamental <br> and Asia-Pacific ("APAC") Investment Teams; the teams collaborate on issuer engagement <br> and provide input on company specific fundamentals. We are also a member of various <br> investor associations that seek to address broader corporate governance related policy <br> issues in Japan.<br>|
|  | &nbsp;&nbsp; State Street Global Advisors is a signatory to the United Nations Principles of Responsible <br> Investment ("UNPRI") and is compliant with Japan's Stewardship Code and Corporate <br> Governance Code. We are committed to sustainable investing and are working to further <br> integrate ESG principles into investment and corporate governance practices where <br> applicable and consistent with our fiduciary duty.<br>|

---

------

![](g368291img5fa599942.gif)

---

| | |
|:---|:---|
| **Directors and Boards** | &nbsp;&nbsp; Principally, we believe the primary responsibility of the board of directors is to preserve <br> and enhance shareholder value and protect shareholder interests. In order to carry out <br> their primary responsibilities, directors have to undertake activities that range from setting <br> strategy and overseeing executive management to monitoring the risks that arise from a <br> company's business, including risks related to sustainability issues. Further, good <br> corporate governance necessitates the existence of effective internal controls and risk <br> management systems, which should be governed by the board.<br>|
|  | &nbsp;&nbsp; State Street Global Advisors believes that a well constituted board of directors with a <br> balance of skills, expertise, and independence, provides the foundation for a well governed <br> company. We view board quality as a measure of director independence, director <br> succession planning, board diversity, evaluations and refreshment, and company <br> governance practices. We vote for the (re-)election of directors on a case-by-case basis <br> after considering various factors, including board quality, general market practice, and <br> availability of information on director skills and expertise. In principle, we believe <br> independent directors are crucial to robust corporate governance and help management <br> establish sound corporate governance policies and practices. A sufficiently independent <br> board will most effectively monitor management and perform oversight functions that are <br> necessary to protect shareholder interests.<br>|
|  | &nbsp;&nbsp; Japanese companies have the option of having a traditional board of directors with <br> statutory auditors, a board with a committee structure, or a hybrid board with a board level <br> audit committee. We will generally support companies that seek shareholder approval to <br> adopt a committee or hybrid board structure.<br>|
|  | &nbsp;&nbsp; Most Japanese issuers prefer the traditional statutory auditor structure. Statutory auditors <br> act in a quasi-compliance role, as they are not involved in strategic decision-making nor <br> are they part of the formal management decision process. Statutory auditors attend board <br> meetings but do not have voting rights at the board; however, they have the right to seek an <br> injunction and conduct broad investigations of unlawful behavior in the company's <br> operations.<br>|
|  | &nbsp;&nbsp; State Street Global Advisors will support the election of statutory auditors, unless the <br> outside statutory auditor nominee is regarded as non-independent based on our criteria, <br> the outside statutory auditor has attended less than 75 percent of meetings of the board of <br> directors or board of statutory auditors during the year under review, or the statutory <br> auditor has been remiss in the performance of their oversight responsibilities (fraud, <br> criminal wrong doing, and breach of fiduciary responsibilities).<br>|
|  | &nbsp;&nbsp; For companies with a statutory auditor structure there is no legal requirement that boards <br> have outside directors; however, we believe there should be a transparent process of <br> independent and external monitoring of management on behalf of shareholders.<br>|
|  | &nbsp;&nbsp; •We believe that boards of TOPIX 500 companies should have at least three <br> independent directors or be at least one-third independent, whichever requires fewer <br> independent directors. Otherwise, we may oppose the board leader who is responsible <br> for the director nomination process.<br>|
|  | &nbsp;&nbsp; •For controlled, non-TOPIX 500 companies with a statutory auditor structure or hybrid <br> structure, we may oppose the board leader if the board does not have at least two <br> independent directors.<br>|

---

------

![](g368291img5fa599942.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| &nbsp;&nbsp; •For non-controlled, non-TOPIX 500 companies with a statutory auditor structure or <br> hybrid structure, State Street Global Advisors may oppose the board leader if the <br> board does not have at least two independent directors.<br>|
| &nbsp;&nbsp; For companies with a committee structure or a hybrid board structure, we also take into <br> consideration the overall independence level of the committees. In determining director <br> independence, we consider the following factors:<br>|
| &nbsp;&nbsp; •Participation in related-party transactions and other business relations with the <br> company<br>|
| •Past employment with the company |
| •Professional services provided to the company |
| •Family ties with the company |
| &nbsp;&nbsp; Regardless of board structure, we may oppose the election of a director for the following <br> reasons:<br>|
| •Failure to attend board meetings |
| •In instances of egregious actions related to a director's service on the board |
| **Board Gender Diversity** |
| &nbsp;&nbsp; We expect boards of all listed companies to have at least one female board member. If a <br> company fails to meet this expectation, State Street Global Advisors may vote against the <br> Chair of the board's nominating committee or the board leader in the absence of a <br> nominating committee, if necessary. Additionally, if a company fails to meet this <br> expectation for three consecutive years, State Street Global Advisors may vote against all <br> incumbent members of the nominating committee or those persons deemed responsible <br> for the nomination process.<br>|
| **Incorporating R-Factor™ into Director Votes** |

| **Indemnification and Limitations on Liability** |
| &nbsp;&nbsp; Generally, State Street Global Advisors supports proposals to limit directors' and statutory <br> auditors' liability and/or expand indemnification and liability protection up to the limit <br> provided by law, if he or she has not acted in bad faith, gross negligence, or reckless <br> disregard of the duties involved in the conduct of his or her office. We believe limitations <br> and indemnification are necessary to attract and retain qualified directors.<br>|

---

------

Bottom 10 percent of scores relative to industry peers.

Have consistently underperformed their peers over the last two years; bottom 30 percent of scores relative to industry peers.

------

![](g368291img5fa599942.gif)

---

| | |
|:---|:---|
| **Audit-Related Items** | &nbsp;&nbsp; State Street Global Advisors believes that a company's auditor is an essential feature of <br> an effective and transparent system of external supervision. Shareholders should have the <br> opportunity to vote on the appointment of the auditor at the annual meeting.<br>|
|  | **Ratifying External Auditors** |
|  | &nbsp;&nbsp; We generally support the appointment of external auditors unless the external auditor is <br> perceived as being non-independent and there are concerns about the accounts presented <br> and the audit procedures followed.<br>|
|  | **Approval of Financial Statements** |
|  | &nbsp;&nbsp; The disclosure and availability of reliable financial statements in a timely manner is <br> imperative for the investment process. We expect external auditors to provide assurance of <br> a company's financial condition. Hence, we will vote against the approval of financial <br> statements if i) they have not been disclosed or audited; ii) the auditor opinion is qualified/<br> adverse, or the auditor has issued a disclaimer of opinion; or iii) the auditor opinion is not <br> disclosed.<br>|
|  | **Limiting Legal Liability of External Auditors** |
|  | &nbsp;&nbsp; We generally oppose limiting the legal liability of audit firms as we believe this could create <br> a negative impact on the quality of the audit function.<br>|
| **Capital Structure,** <br> **Reorganization, and** <br> **Mergers**<br>| &nbsp;&nbsp; State Street Global Advisors supports the "one share one vote" policy and favors a share <br> structure where all shares have equal voting rights. We support proposals to abolish voting <br> caps or multiple voting rights and will oppose measures to introduce these types of <br> restrictions on shareholder rights.<br>|
|  | &nbsp;&nbsp; We believe pre-emption rights should be introduced for shareholders. This can provide <br> adequate protection from excessive dilution due to the issuance of new shares or <br> convertible securities to third parties or a small number of select shareholders.<br>|
|  | **Unequal Voting Rights** |
|  | &nbsp;&nbsp; We generally oppose proposals authorizing the creation of new classes of common stock <br> with superior voting rights. We will generally oppose new classes of preferred stock with <br> unspecified voting, conversion, dividend distribution, and other rights. In addition, we will <br> not support capitalization changes that add classes of stock with undefined voting rights or <br> classes that may dilute the voting interests of existing shareholders.<br>|
|  | &nbsp;&nbsp; However, we will support capitalization changes that eliminate other classes of stock and/ <br> or unequal voting rights.<br>|
|  | **Increase in Authorized Capital** |
|  | &nbsp;&nbsp; We generally support increases in authorized capital where the company provides an <br> adequate explanation for the use of shares. In the absence of an adequate explanation, <br> we may oppose the request if the increase in authorized capital exceeds 100 percent of <br> the currently authorized capital. Where share issuance requests exceed our standard <br> threshold, we will consider the nature of the specific need, such as mergers, acquisitions <br> and stock splits.<br>|

---

------

![](g368291img5fa599942.gif)

---

| |
|:---|
| **Dividends** |
| &nbsp;&nbsp; We generally support dividend payouts that constitute 30 percent or more of net income. <br> We may vote against the dividend payouts if the dividend payout ratio has been <br> consistently below 30 percent without adequate explanation; or, the payout is excessive <br> given the company's financial position. Particular attention will be paid where the payment <br> may damage the company's long-term financial health.<br>|
| **Share Repurchase Programs** |
| &nbsp;&nbsp; Companies are allowed under Japan Corporate Law to amend their articles to authorize <br> the repurchase of shares at the board's discretion. We will oppose an amendment to <br> articles allowing the repurchase of shares at the board's discretion. We believe the <br> company should seek shareholder approval for a share repurchase program at each year's <br> AGM, providing shareholders the right to evaluate the purpose of the repurchase.<br>|
| &nbsp;&nbsp; We generally support proposals to repurchase shares, unless the issuer does not clearly <br> state the business purpose for the program, a definitive number of shares to be <br> repurchased, and the timeframe for the repurchase. We may vote against share <br> repurchase requests that allow share repurchases during a takeover period.<br>|
| **Mergers and Acquisitions** |
| &nbsp;&nbsp; Mergers or reorganizing the structure of a company often involve proposals relating to <br> reincorporation, restructurings, mergers, liquidations, and other major changes to the <br> corporation. We will support proposals that are in the best interests of the shareholders, <br> demonstrated by enhancing share value or improving the effectiveness of the company's <br> operations. In general, provisions that are deemed to be destructive to shareholders' rights <br> or financially detrimental are not supported.<br>|
| &nbsp;&nbsp; We evaluate mergers and structural reorganizations on a case-by-case basis. We will <br> generally support transactions that maximize shareholder value. Some of the <br> considerations include, but are not limited to the following:<br>|
| •Offer premium |
| •Strategic rationale |
| &nbsp;&nbsp; •Board oversight of the process for the recommended transaction, including director <br> and/or management conflicts of interest<br>|
| •Offers made at a premium and where there are no other higher bidders |
| &nbsp;&nbsp; •Offers in which the secondary market price is substantially lower than the net asset <br> value<br>|
| We may vote against a transaction considering the following: |
| &nbsp;&nbsp; •Offers with potentially damaging consequences for minority shareholders because of <br> illiquid stock<br>|
| &nbsp;&nbsp; •Offers where we believe there is a reasonable prospect for an enhanced bid or other <br> bidders<br>|
| &nbsp;&nbsp; •Offers in which the current market price of the security exceeds the bid price at the <br> time of voting<br>|

---

------

![](g368291img5fa599942.gif)

---

| | |
|:---|:---|
|  | **Anti-Takeover Measures** |
|  | &nbsp;&nbsp; In general, State Street Global Advisors believes that adoption of poison pills that have <br> been structured to protect management and to prevent takeover bids from succeeding is <br> not in shareholders' interest. A shareholder rights plan may lead to management <br> entrenchment. It may also discourage legitimate tender offers and acquisitions. Even if the <br> premium paid to companies with a shareholder rights plan is higher than that offered to <br> unprotected firms, a company's chances of receiving a takeover offer in the first place may <br> be reduced by the presence of a shareholder rights plan.<br>|
|  | &nbsp;&nbsp; Proposals that reduce shareholders' rights or have the effect of entrenching incumbent <br> management will not be supported.<br>|
|  | &nbsp;&nbsp; Proposals that enhance the right of shareholders to make their own choices as to the <br> desirability of a merger or other proposal are supported.<br>|
|  | **Shareholder Rights Plans** |
|  | &nbsp;&nbsp; In evaluating the adoption or renewal of a Japanese issuer's shareholder rights plans <br> ("poison pill"), we consider the following conditions: (i) release of proxy circular with details <br> of the proposal with adequate notice in advance of meeting, (ii) minimum trigger of over 20 <br> percent, (iii) maximum term of three years, (iv) sufficient number of independent directors, <br> (v) presence of an independent committee, (vi) annual election of directors, and (vii) lack <br> of protective or entrenchment features. Additionally, we consider the length of time that a <br> shareholder rights plan has been in effect.<br>|
|  | &nbsp;&nbsp; In evaluating an amendment to a shareholder rights plan ("poison pill"), in addition to the <br> conditions above, we will also evaluate and consider supporting proposals where the terms <br> of the new plans are more favorable to shareholders' ability to accept unsolicited offers.<br>|
| **Compensation** | &nbsp;&nbsp; In Japan, excessive compensation is rarely an issue. Rather, the problem is the lack of <br> connection between pay and performance. Fixed salaries and cash retirement bonuses <br> tend to comprise a significant portion of the compensation structure while <br> performance-based pay is generally a small portion of the total pay. State Street Global <br> Advisors, where possible, seeks to encourage the use of performance-based <br> compensation in Japan as an incentive for executives and as a way to align interests with <br> shareholders.<br>|
|  | **Adjustments to Aggregate Compensation Ceiling for Directors** |
|  | &nbsp;&nbsp; Remuneration for directors is generally reasonable. Typically, each company sets the <br> director compensation parameters as an aggregate thereby limiting the total pay to all <br> directors. When requesting a change, a company must disclose the last time the ceiling <br> was adjusted, and management provides the rationale for the ceiling increase. We will <br> generally support proposed increases to the ceiling if the company discloses the rationale <br> for the increase. We may oppose proposals to increase the ceiling if there has been <br> corporate malfeasance or sustained poor performance.<br>|
|  | **Annual Bonuses for Directors/Statutory Auditors** |
|  | &nbsp;&nbsp; In Japan, since there are no legal requirements that mandate companies to seek <br> shareholder approval before awarding a bonus, we believe that existing shareholder <br> approval of the bonus should be considered best practice. As a result, we support <br> management proposals on executive compensation where there is a strong relationship <br> between executive pay and performance over a five-year period.<br>|

---

------

![](g368291img5fa599942.gif)

---

| | |
|:---|:---|
|  | **Retirement Bonuses for Directors/Statutory Auditors** |
|  | &nbsp;&nbsp; Retirement bonuses make up a sizeable portion of directors' and auditors' lifetime <br> compensation and are based upon board tenure. While many companies in Japan have <br> abolished this practice, there remain many proposals seeking shareholder approval for the <br> total amounts paid to directors and statutory auditors as a whole. In general, we support <br> these payments unless the recipient is an outsider or in instances where the amount is not <br> disclosed.<br>|
|  | **Stock Plans** |
|  | &nbsp;&nbsp; Most option plans in Japan are conservative, particularly at large companies. Japanese <br> corporate law requires companies to disclose the monetary value of the stock options for <br> directors and/or statutory auditors. Some companies do not disclose the maximum number <br> of options that can be issued per year and shareholders are unable to evaluate the dilution <br> impact. In this case, we cannot calculate the dilution level and, therefore, we may oppose <br> such plans for poor disclosure. We also oppose plans that allow for the repricing of the <br> exercise price.<br>|
|  | **Deep Discount Options** |
|  | &nbsp;&nbsp; As Japanese companies move away from the retirement bonus system, deep discount <br> options plans have become more popular. Typically, the exercise price is set at JPY 1 per <br> share. We evaluate deep discount options using the same criteria used to evaluate stock <br> options as well as considering the vesting period.<br>|
| **Environmental and Social** <br> **Issues**<br>| &nbsp;&nbsp; As a fiduciary, State Street Global Advisors takes a comprehensive approach to engaging <br> with our portfolio companies about material environmental and social (sustainability) <br> issues. We use our voice and our vote through engagement, proxy voting, and thought <br> leadership in order to communicate with issuers and educate market participants about <br> our perspective on important sustainability topics. Our Asset Stewardship program <br> prioritization process allows us to proactively identify companies for engagement and <br> voting in order to mitigate sustainability risks in our portfolio. Through engagement, we <br> address a broad range of topics that align with our stewardship priorities and build <br> long-term relationships with issuers. When voting, we fundamentally consider whether the <br> adoption of a shareholder proposal addressing a material sustainability issue would <br> promote long-term shareholder value in the context of the company's existing practices <br> and disclosures as well as existing market practice.<br>|
|  | &nbsp;&nbsp; For more information on our approach to environmental and social issues, please see our <br> Global Proxy Voting and Engagement Guidelines for Environmental and Social Issues and <br> our Frameworks for Voting Environmental and Social Shareholder Proposals, both <br> available at ssga.com/about-us/asset-stewardship.html.<br>|
| **Miscellaneous/ Routine** <br> **Items**<br>| **Expansion of Business Activities** |
|  | &nbsp;&nbsp; Japanese companies' articles of incorporation strictly define the types of businesses in <br> which a company is permitted to engage. In general, State Street Global Advisors views <br> proposals that expand and diversify the company's business activities as routine and <br> non-contentious. We will monitor instances in which there has been an inappropriate <br> acquisition and diversification away from the company's main area of competence that <br> resulted in a decrease of shareholder value.<br>|

---

------

![](g368291img5fa599942.gif)

---

| | |
|:---|:---|
| **More Information** | &nbsp;&nbsp; Any client who wishes to receive information on how its proxies were voted should contact <br> its State Street Global Advisors relationship manager.<br>|
| **About State Street Global** <br> **Advisors**<br>| &nbsp;&nbsp; For four decades, State Street Global Advisors has served the world's governments, <br> institutions and financial advisors. With a rigorous, risk-aware approach built on research, <br> analysis and market-tested experience, we build from a breadth of active and index <br> strategies to create cost-effective solutions. As stewards, we help portfolio companies see <br> that what is fair for people and sustainable for the planet can deliver long-term <br> performance. And, as pioneers in index, ETF, and ESG investing, we are always inventing <br> new ways to invest. As a result, we have become the world's fourth-largest asset manager\* <br> with US $4.14 trillion† under our care.<br>|

---

------

\*

Pensions & Investments Research Center, as of December 31, 2020.

†

This figure is presented as of December 31, 2021 and includes approximately $61.43 billion of assets with respect to SPDR products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**ssga.com**

**State Street Global Advisors Worldwide Entities** 

**Abu Dhabi:** State Street Global Advisors Limited, ADGM Branch, Al Khatem Tower, Suite 42801, Level 28, ADGM Square, Al Maryah Island, P.O Box 76404, Abu Dhabi, United Arab Emirates. Regulated by the ADGM Financial Services Regulatory Authority. T: +971 2 245 9000. **Australia:** State Street Global Advisors, Australia, Limited (ABN 42 003 914 225) is the holder of an Australian Financial Services License (AFSL Number 238276). Registered office: Level 14, 420 George Street, Sydney, NSW 2000, Australia. T: +612 9240-7600. F: +612 9240-7611. **Belgium:** State Street Global Advisors Belgium, Chaussée de La Hulpe 185, 1170 Brussels, Belgium. T: +32 2 663 2036. State Street Global Advisors Belgium is a branch office of State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorized and regulated by the Central Bank of

Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. **Canada:** State Street Global Advisors, Ltd., 1981 McGill College Avenue, Suite 500, Montreal, Qc, H3A 3A8, T: +514 282 2400 and 30 Adelaide Street East Suite 800, Toronto, Ontario M5C 3G6. T: +647 775 5900. **France:** State Street Global Advisors Europe Limited, France Branch ("State Street Global Advisors France") is a branch of State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorized and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. State Street Global Advisors France is registered in France with company number RCS Nanterre 899 183 289, and its office is located at Coeur Défense — Tour A — La Défense 4, 33e étage, 100, Esplanade du Général de Gaulle, 92 932 Paris La Défense Cedex, France. T: +33 1 44 45 40 00. F: +33 1 44 45 41 92. **Germany:** State Street Global Advisors Europe Limited, Branch

in Germany, Brienner Strasse 59, D-80333 Munich, Germany ("State Street Global Advisors Germany"). T: +49 (0)89 55878 400. State Street Global Advisors Germany is a branch of State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorized and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. **Hong Kong:** State Street Global Advisors Asia Limited, 68/F, Two International Finance Centre, 8 Finance Street, Central, Hong Kong. T: +852 2103-0288. F: +852 2103-0200. Ireland: State Street Global Advisors Europe Limited is regulated by the Central Bank of Ireland. Registered office address 78 Sir John Rogerson's Quay, Dublin 2. Registered Number: 49934. T: +353 (0)1 776 3000. F: +353 (0)1 776 3300. **Italy:** State Street Global Advisors Europe Limited, Italy Branch ("State Street Global Advisors Italy") is a branch of State Street Global Advisors Europe Limited, registered in Ireland with company

number 49934, authorized and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. State Street Global Advisors Italy is registered in Italy with company number 11871450968 — REA: 2628603 and VAT number 11871450968, and its office is located at Via Ferrante Aporti, 10 -20125 Milan, Italy. T: +39 02 32066 100. F: +39 02 32066 155. **Japan:** State Street Global Advisors (Japan) Co., Ltd., Toranomon Hills Mori Tower 25F 1-23-1 Toranomon, Minato-ku, Tokyo 105-6325 Japan. T: +81-3-4530- 7380. Financial Instruments Business Operator, Kanto Local Financial Bureau (Kinsho #345), Membership: Japan Investment Advisers Association, The Investment Trust Association, Japan, Japan Securities Dealers' Association. **Netherlands:** State Street Global Advisors Netherlands, Apollo Building 7th floor, Herikerbergweg 29, 1101 CN Amsterdam, Netherlands. T: +31 20 7181 000. State Street Global Advisors Netherlands is a branch office of

------

![](g368291img5fa599942.gif)

State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorized and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. **Singapore:** State Street Global Advisors Singapore Limited, 168, Robinson Road, #33-01 Capital Tower, Singapore 068912 (Company Reg. No: 200002719D, regulated by the Monetary Authority of Singapore).

T: +65 6826-7555. F: +65 6826-7501. **Switzerland:** State Street Global Advisors AG, Beethovenstr. 19, CH-8027 Zurich. Registered with the Register of Commerce Zurich CHE-105.078.458. T: +41 (0)44 245 70 00. F: +41 (0)44 245 70 16. **United Kingdom:** State Street Global Advisors Limited. Authorized and regulated by the Financial Conduct Authority. Registered in England. Registered No. 2509928. VAT No. 5776591 81. Registered office: 20 Churchill

Place, Canary Wharf, London, E14 5HJ. T: 020 3395 6000. F: 020 3395 6350. **United States:** State Street Global Advisors, 1 Iron Street, Boston, MA 02210-1641. T: +1 617 786 3000.

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 SSGA's express written consent.© 2022 State Street Corporation.

All Rights Reserved.

ID949710-3479913.2.1.GBL.RTL 0322

Exp. Date: 03/31/2023

------

![](g368291img5fa599942.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **March 2022** |
| North America (United States & Canada) |
| &nbsp;&nbsp; **Proxy Voting and** <br> **Engagement Guidelines**<br>|
| &nbsp;&nbsp; State Street Global Advisors' North America Proxy <br> Voting and Engagement Guidelines<sup>i</sup> outline our <br> expectations of companies listed on stock exchanges in <br> the US and Canada. These Guidelines complement and <br> should be read in conjunction with State Street Global <br> Advisors' Global Proxy Voting and Engagement <br> Principles, which provide a detailed explanation of our <br> approach to voting and engaging with companies, and <br> State Street Global Advisors' Conflict Mitigation <br> Guidance.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

i

These Proxy Voting and Engagement Guidelines are also applicable to SSGA Funds Management, Inc. SSGA Funds Management, Inc. is an SEC-registered investment adviser. SSGA Funds Management, Inc., State Street Global Advisors Trust Company, and other advisory affiliates of State Street make up State Street Global Advisors, the investment management arm of State Street Corporation.

------

![](g368291img5fa599942.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; State Street Global Advisors' North America Proxy Voting and Engagement Guidelines <br> address areas, including board structure, director tenure, audit related issues, capital <br> structure, executive compensation, as well as environmental, social, and other <br> governance-related issues of companies listed on stock exchanges in the US and Canada <br> ("North America").<br>|
|  | &nbsp;&nbsp; When voting and engaging with companies in global markets, we consider market specific <br> nuances in the manner that we believe will most likely protect and promote the long-term <br> economic value of client investments. We expect companies to observe the relevant laws <br> and regulations of their respective markets, as well as country specific best practice <br> guidelines and corporate governance codes. When we feel that a country's regulatory <br> requirements do not address some of the key philosophical principles that we believe are <br> fundamental to its global voting guidelines, we may hold companies in such markets to our <br> global standards.<br>|
|  | &nbsp;&nbsp; In its analysis and research about corporate governance issues in North America, we <br> expect all companies to act in a transparent manner and to provide detailed disclosure on <br> board profiles, related-party transactions, executive compensation, and other governance <br> issues that impact shareholders' long-term interests. Further, as a founding member of the <br> Investor Stewardship Group ("ISG"), we proactively monitor companies' adherence to the <br> Corporate Governance Principles for US listed companies. Consistent with the "comply-or-<br> explain" expectations established by the principles, we encourage companies to proactively <br> disclose their level of compliance with the principles. In instances of non-compliance when <br> companies cannot explain the nuances of their governance structure effectively, either <br> publicly or through engagement, we may vote against the independent board leader.<br>|
| **State Street Global** <br> **Advisors' Proxy Voting** <br> **and Engagement** <br> **Philosophy**<br>| &nbsp;&nbsp; Corporate governance and sustainability issues are an integral part of the investment <br> process. The Asset Stewardship Team consists of investment professionals with expertise <br> in corporate governance and company law, remuneration, accounting, and environmental <br> and social issues. We have established robust corporate governance principles and <br> practices that are backed with extensive analytical expertise to understand the <br> complexities of the corporate governance landscape. We engage with companies to <br> provide insight on the principles and practices that drive our voting decisions. We also <br> conduct proactive engagements to address significant shareholder concerns and <br> environmental, social, and governance ("ESG") issues in a manner consistent with <br> maximizing shareholder value.<br>|
|  | &nbsp;&nbsp; The team works alongside members of State Street Global Advisors' Active Fundamental <br> and various other investment teams, collaborating on issuer engagements and providing <br> input on company specific fundamentals. We are also a member of various investor <br> associations that seek to address broader corporate governance related policy issues in <br> North America.<br>|
|  | &nbsp;&nbsp; State Street Global Advisors is a signatory to the United Nations Principles of Responsible <br> Investment ("UNPRI") and is compliant with the US Investor Stewardship Group Principles. <br> We are committed to sustainable investing and are working to further integrate ESG <br> principles into investment and corporate governance practices, where applicable and <br> consistent with our fiduciary duty.<br>|

---

------

![](g368291img5fa599942.gif)

---

| | |
|:---|:---|
| Directors and Boards | &nbsp;&nbsp; Principally, we believe the primary responsibility of the board of directors is to preserve <br> and enhance shareholder value and protect shareholder interests. In order to carry out <br> their primary responsibilities, directors have to undertake activities that range from setting <br> strategy and overseeing executive management to monitoring the risks that arise from a <br> company's business, including risks related to sustainability issues. Further, good <br> corporate governance necessitates the existence of effective internal controls and risk <br> management systems, which should be governed by the board.<br>|
|  | &nbsp;&nbsp; State Street Global Advisors believes that a well constituted board of directors, with a <br> balance of skills, expertise, and independence, provides the foundations for a well <br> governed company. We view board quality as a measure of director independence, director <br> succession planning, board diversity, evaluations and refreshment, and company <br> governance practices. We vote for the election/re-election of directors on a case-by-case <br> basis after considering various factors, including board quality, general market practice, <br> and availability of information on director skills and expertise. In principle, we believe <br> independent directors are crucial to robust corporate governance and help management <br> establish sound corporate governance policies and practices. A sufficiently independent <br> board will most effectively monitor management and perform oversight functions <br> necessary to protect shareholder interests.<br>|
|  | &nbsp;&nbsp; Director-related proposals include issues submitted to shareholders that deal with the <br> composition of the board or with members of a corporation's board of directors. In <br> deciding the director nominee to support, we consider numerous factors.<br>|
|  | **Director Elections** |
|  | &nbsp;&nbsp; Our director election guideline focuses on companies' governance profile to identify if a <br> company demonstrates appropriate governance practices or if it exhibits negative <br> governance practices. Factors we consider when evaluating governance practices include, <br> but are not limited to the following:<br>|
|  | •Shareholder rights |
|  | •Board independence |
|  | •Board structure |
|  | &nbsp;&nbsp; If a company demonstrates appropriate governance practices, we believe a director should <br> be classified as independent based upon the relevant listing standards or local market <br> practice standards. In such cases, the composition of the key oversight committees of a <br> board should meet the minimum standards of independence. Accordingly, we will vote <br> against a nominee at a company with appropriate governance practices if the director is <br> classified as non-independent under relevant listing standards or local market practice and <br> serves on a key committee of the board (compensation, audit, nominating, or committees <br> required to be fully independent by local market standards).<br>|
|  | &nbsp;&nbsp; Conversely, if a company demonstrates negative governance practices, State Street <br> Global Advisors believes the classification standards for director independence should be <br> elevated. In such circumstances, we will evaluate all director nominees based upon the <br> following classification standards:<br>|
|  | •Is the nominee an employee of or related to an employee of the issuer or its auditor? |
|  | •Does the nominee provide professional services to the issuer |

---

------

![](g368291img5fa599942.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| •Has the nominee attended an appropriate number of board meetings? |
| •Has the nominee received non-board related compensation from the issuer? |
| &nbsp;&nbsp; In the US market where companies demonstrate negative governance practices, these <br> stricter standards will apply not only to directors who are a member of a key committee but <br> to all directors on the board as market practice permits. Accordingly, we will vote against a <br> nominee (with the exception of the CEO) where the board has inappropriate governance <br> practices and is considered not independent based on the above independence criteria.<br>|
| Additionally, we may withhold votes from directors based on the following: |
| &nbsp;&nbsp; •Overall average board tenure is excessive. In assessing excessive tenure, we consider <br> factors such as the preponderance of long tenured directors, board refreshment <br> practices, and classified board structures<br>|
| &nbsp;&nbsp; •Directors attend less than 75 percent of board meetings without appropriate <br> explanation or providing reason for their failure to meet the attendance threshold<br>|
| &nbsp;&nbsp; •Directors of companies that have not been responsive to a shareholder proposal that <br> received a majority shareholder support at the last annual or special meeting<br>|
| &nbsp;&nbsp; •Consideration can be warranted if management submits the proposal(s) on the ballot <br> as a binding management proposal, recommending shareholders vote for the <br> particular proposal(s)<br>|
| &nbsp;&nbsp; •Directors of companies have unilaterally adopted/ amended company bylaws that <br> negatively impact our shareholder rights (such as fee-shifting, forum selection, and <br> exclusion service bylaws) without putting such amendments to a shareholder vote<br>|
| &nbsp;&nbsp; •Compensation committee members where there is a weak relationship between <br> executive pay and performance over a five-year period<br>|
| &nbsp;&nbsp; •Audit committee members if non-audit fees exceed 50 percent of total fees paid to the <br> auditors<br>|
| •Directors who appear to have been remiss in their duties |
| **Board Gender Diversity** |
| &nbsp;&nbsp; We expect boards of all listed companies to have at least one female board member. If a <br> company fails to meet this expectation, State Street Global Advisors may vote against the <br> Chair of the board's nominating committee or the board leader in the absence of a <br> nominating committee, if necessary. Additionally, if a company fails to meet this <br> expectation for three consecutive years, State Street Global Advisors may vote against all <br> incumbent members of the nominating committee.<br>|
| **Board Racial/Ethnic Diversity** |
| &nbsp;&nbsp; We believe that companies have a responsibility to effectively manage and disclose risks <br> and opportunities related to racial and ethnic diversity. If a company in the S&P 500 does <br> not disclose, at minimum, the gender, racial and ethnic composition of its board, we may <br> vote against the Chair of the nominating committee. We may withhold support from the <br> Chair of the nominating committee also when a company in the S&P 500 does not have at <br> least one director from an underrepresented community on its board.<br>|

---

------

![](g368291img5fa599942.gif)

---

| |
|:---|
| **Workforce Diversity** |
| &nbsp;&nbsp; We may vote against the Chair of the compensation committee at companies in the S&P <br> 500 that do not disclose their EEO-1 reports. Acceptable disclosures include:<br>|
| •The original EEO-1 report response |
| •The exact content of the report translated into custom graphics |
| **Director Time Commitments** |
| &nbsp;&nbsp; When voting on the election or re-election of a director, we also consider the number of <br> outside board directorships a non-executive and an executive may undertake. Thus, State <br> Street Global Advisors may take voting action against a director who exceeds the number <br> of board mandates listed below:<br>|
| &nbsp;&nbsp; •Named Executive Officers (NEOs) of a public company who sit on more than two <br> public company boards<br>|
| &nbsp;&nbsp; •Non-executive board chairs or lead independent directors who sit on more than three <br> public company boards<br>|
| •Director nominees who sit on more than four public company boards |
| &nbsp;&nbsp; For non-executive board chairs/lead independent directors and director nominees who hold <br> excessive commitments, as defined above, we may consider waiving our policy and vote in <br> support of a director if a company discloses its director commitment policy in a publicly <br> available manner (e.g., corporate governance guidelines, proxy statement, company <br> website). This policy or associated disclosure must include:<br>|
| •A numerical limit on public company board seats a director can serve on |
| •This limit cannot exceed our policy by more than one seat |
| •Consideration of public company board leadership positions (e.g., Committee Chair) |
| •Affirmation that all directors are currently compliant with the company policy |
| &nbsp;&nbsp; •Description of an annual policy review process undertaken by the Nominating <br> Committee to evaluate outside director time commitments<br>|
| &nbsp;&nbsp; If a director is imminently leaving a board and this departure is disclosed in a written, <br> time-bound and publicly-available manner, we may consider waiving our withhold vote <br> when evaluating the director for excessive time commitments.<br>|
| &nbsp;&nbsp; Service on a mutual fund board, the board of a UK investment trust or a Special Purpose <br> Acquisition Company (SPAC) board is not considered when evaluating directors for <br> excessive commitments. However, we do expect these roles to be considered by <br> nominating committees when evaluating director time commitments.<br>|

---

------

![](g368291img5fa599942.gif)

---

| |
|:---|
| **Incorporating R-Factor™ into Director Votes** |

| **Climate-related Disclosure** |
| We believe climate change poses a systemic risk to all companies in our portfolio. |
| &nbsp;&nbsp; State Street Global Advisors has publicly supported the global regulatory efforts to <br> establish a mandatory baseline of climate risk disclosures for all companies. Until these <br> consistent disclosure standards are established, we find that the recommendations of the <br> Taskforce on Climate-related Financial Disclosures (TCFD) provide the most effective <br> framework by which companies can develop strategies to plan for climate-related risks and <br> make their businesses more resilient to the impacts of climate change.<br>|
| &nbsp;&nbsp; As such, we may vote against the independent board leader at companies in the S&P 500 <br> and S&P/TSX Composite that fail to provide sufficient disclosure in accordance with the <br> TCFD framework, including:<br>|
| •Board oversight of climate-related risks and opportunities |
| •Total Scope 1 and Scope 2 greenhouse gas emissions |
| •Targets for reducing greenhouse gas emissions |
| **Director-Related Proposals** |
| We generally vote for the following director-related proposals: |
| &nbsp;&nbsp; •Discharge of board members' duties, in the absence of pending litigation, regulatory <br> investigation, charges of fraud, or other indications of significant concern<br>|
| &nbsp;&nbsp; •Proposals to restore shareholders' ability in order to remove directors with or without <br> cause<br>|
| •Proposals that permit shareholders to elect directors to fill board vacancies |
| &nbsp;&nbsp; •Shareholder proposals seeking disclosure regarding the company, board, or <br> compensation committee's use of compensation consultants, such as company name, <br> business relationship(s), and fees paid<br>|
| We generally vote against the following director-related proposals: |
| &nbsp;&nbsp; •Requirements that candidates for directorships own large amounts of stock before <br> being eligible to be elected<br>|
| &nbsp;&nbsp; •Proposals that relate to the "transaction of other business as properly comes before <br> the meeting," which extend "blank check" powers to those acting as proxy<br>|

---

------

Bottom 10 percent of scores relative to industry peers.

Have consistently underperformed their peers over the last two years; bottom 30 percent of scores relative to industry peers.

------

![](g368291img5fa599942.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| •Proposals requiring two candidates per board seat |
| **Majority Voting** |
| &nbsp;&nbsp; We will generally support a majority vote standard based on votes cast for the election of <br> directors.<br>|
| &nbsp;&nbsp; We will generally vote to support amendments to bylaws that would require simple majority <br> of voting shares (i.e. shares cast) to pass or to repeal certain provisions.<br>|
| **Annual Elections** |
| &nbsp;&nbsp; We generally support the establishment of annual elections of the board of directors. <br> Consideration is given to the overall level of board independence and the independence of <br> the key committees, as well as the existence of a shareholder rights plan.<br>|
| **Cumulative Voting** |
| We do not support cumulative voting structures for the election of directors. |
| **Separation Chair/CEO** |
| &nbsp;&nbsp; We analyze proposals for the separation of Chair/CEO on a case-by-case basis taking into <br> consideration numerous factors, including the appointment of and role played by a lead <br> director, a company's performance, and the overall governance structure of the company.<br>|
| &nbsp;&nbsp; However, we may take voting action against the chair or members of the nominating <br> committee at S&P 500 companies that have combined the roles of chair and CEO and <br> have not appointed a lead independent director.<br>|
| **Proxy Access** |
| &nbsp;&nbsp; In general, we believe that proxy access is a fundamental right and an accountability <br> mechanism for all long-term shareholders. We will consider proposals relating to proxy <br> access on a case-by-case basis. We will support shareholder proposals that set <br> parameters to empower long-term shareholders while providing management the flexibility <br> to design a process that is appropriate for the company's circumstances.<br>|
| &nbsp;&nbsp; We will review the terms of all other proposals and will support those proposals that have <br> been introduced in the spirit of enhancing shareholder rights.<br>|
| Considerations include the following: |
| •The ownership thresholds and holding duration proposed in the resolution |
| •The binding nature of the proposal |
| •The number of directors that shareholders may be able to nominate each year |
| •Company governance structure |
| •Shareholder rights |
| •Board performance |
| **Age/Term Limits** |
| &nbsp;&nbsp; Generally, we will vote against age and term limits unless the company is found to have <br> poor board refreshment and director succession practices, and has a preponderance of <br> non-executive directors with excessively long tenures serving on the board.<br>|

---

------

![](g368291img5fa599942.gif)

---

| | |
|:---|:---|
|  | **Approve Remuneration of Directors** |
|  | &nbsp;&nbsp; Generally, we will support directors' compensation, provided the amounts are not <br> excessive relative to other issuers in the market or industry. In making our determination, <br> we review whether the compensation is overly dilutive to existing shareholders.<br>|
|  | **Indemnification** |
|  | &nbsp;&nbsp; Generally, we support proposals to limit directors' liability and/or expand indemnification <br> and liability protection if he or she has not acted in bad faith, gross negligence, or reckless <br> disregard of the duties involved in the conduct of his or her office.<br>|
|  | **Classified Boards** |
|  | We generally support annual elections for the board of directors. |
|  | **Confidential Voting** |
|  | We will support confidential voting. |
|  | **Board Size** |
|  | &nbsp;&nbsp; We will support proposals seeking to fix the board size or designate a range for the board <br> size and will vote against proposals that give management the ability to alter the size of the <br> board outside of a specified range without shareholder approval.<br>|
|  | **Board Responsiveness** |
|  | &nbsp;&nbsp; We may vote against the re-election of members of the compensation committee if we <br> have serious concerns about remuneration practices and if the company has not been <br> responsive to shareholder pressure to review its approach. In addition, if the level of <br> dissent against a management proposal on executive pay is consistently high, and we <br> have determined that a vote against a pay-related proposal is warranted in the third <br> consecutive year, we may vote against the Chair of the compensation committee.<br>|
| **Audit-Related Issues** | **Ratifying Auditors and Approving Auditor Compensation** |
|  | &nbsp;&nbsp; We support the approval of auditors and auditor compensation provided that the issuer <br> has properly disclosed audit and non-audit fees relative to market practice and the audit <br> fees are not deemed excessive. We deem audit fees to be excessive if the non-audit fees <br> for the prior year constituted 50 percent or more of the total fees paid to the auditor. We will <br> also support the disclosure of auditor and consulting relationships when the same or <br> related entities are conducting both activities and will support the establishment of a <br> selection committee responsible for the final approval of significant management <br> consultant contract awards where existing firms are already acting in an auditing function.<br>|
|  | &nbsp;&nbsp; In circumstances where "other" fees include fees related to initial public offerings, <br> bankruptcy emergence, and spin-offs, and the company makes public disclosure of the <br> amount and nature of those fees which are determined to be an exception to the standard <br> "non-audit fee" category, then such fees may be excluded from the non-audit fees <br> considered in determining the ratio of non-audit to audit/audit-related fees/tax compliance <br> and preparation for purposes of determining whether non-audit fees are excessive.<br>|

---

------

![](g368291img5fa599942.gif)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; We will support the discharge of auditors and requirements that auditors attend the annual <br> meeting of shareholders.<sup>3</sup> <br>|
|  | **Approval of Financial Statements** |
|  | &nbsp;&nbsp; The disclosure and availability of reliable financial statements in a timely manner is <br> imperative for the investment process. We expect external auditors to provide assurance of <br> a company's financial condition. Hence, we will vote against the approval of financial <br> statements if i) they have not been disclosed or audited; ii) the auditor opinion is qualified/ <br> adverse, or the auditor has issued a disclaimer of opinion; or iii) the auditor opinion is not <br> disclosed.<br>|
| **Capital-Related Issues** | &nbsp;&nbsp; Capital structure proposals include requests by management for approval of amendments <br> to the certificate of incorporation that will alter the capital structure of the company.<br>|
|  | &nbsp;&nbsp; The most common request is for an increase in the number of authorized shares of <br> common stock, usually in conjunction with a stock split or dividend. Typically, we support <br> requests that are not unreasonably dilutive or enhance the rights of common shareholders. <br> In considering authorized share proposals, the typical threshold for approval is 100 percent <br> over current authorized shares. However, the threshold may be increased if the company <br> offers a specific need or purpose (merger, stock splits, growth purposes, etc.). All <br> proposals are evaluated on a case-by-case basis taking into account the company's <br> specific financial situation.<br>|
|  | **Increase in Authorized Common Shares** |
|  | &nbsp;&nbsp; In general, we support share increases for general corporate purposes up to 100 percent <br> of current authorized stock.<br>|
|  | &nbsp;&nbsp; We support increases for specific corporate purposes up to 100 percent of the specific <br> need plus 50 percent of current authorized common stock for US and Canadian firms.<br>|
|  | &nbsp;&nbsp; When applying the thresholds, we will also consider the nature of the specific need, such <br> as mergers and acquisitions and stock splits.<br>|
|  | **Increase in Authorized Preferred Shares** |
|  | &nbsp;&nbsp; We vote on a case-by-case basis on proposals to increase the number of preferred <br> shares.<br>|
|  | &nbsp;&nbsp; Generally, we will vote for the authorization of preferred stock in cases where the company <br> specifies the voting, dividend, conversion, and other rights of such stock and the terms of <br> the preferred stock appear reasonable.<br>|
|  | &nbsp;&nbsp; We will support proposals to create "declawed" blank check preferred stock (stock that <br> cannot be used as a takeover defense). However, we will vote against proposals to <br> increase the number of blank check preferred stock authorized for issuance when no <br> shares have been issued or reserved for a specific purpose.<br>|

---

------

Common for non-US issuers; request from the issuer to discharge from liability the directors or auditors with respect to actions taken by them during the previous year.

------

![](g368291img5fa599942.gif)

---

| | |
|:---|:---|
|  | **Unequal Voting Rights** |
|  | &nbsp;&nbsp; We will not support proposals authorizing the creation of new classes of common stock <br> with superior voting rights and will vote against new classes of preferred stock with <br> unspecified voting, conversion, dividend distribution, and other rights. In addition, we will <br> not support capitalization changes that add "blank check" classes of stock (i.e. classes of <br> stock with undefined voting rights) or classes that dilute the voting interests of existing <br> shareholders.<br>|
|  | &nbsp;&nbsp; However, we will support capitalization changes that eliminate other classes of stock and/ <br> or unequal voting rights.<br>|
| **Mergers and Acquisitions** | &nbsp;&nbsp; Mergers or the reorganization of the structure of a company often involve proposals <br> relating to reincorporation, restructurings, liquidations, and other major changes to the <br> corporation.<br>|
|  | &nbsp;&nbsp; Proposals that are in the best interests of the shareholders, demonstrated by enhancing <br> share value or improving the effectiveness of the company's operations, will be supported.<br>|
|  | &nbsp;&nbsp; In general, provisions that are not viewed as economically sound or are thought to be <br> destructive to shareholders' rights are not supported.<br>|
|  | &nbsp;&nbsp; We will generally support transactions that maximize shareholder value. Some of the <br> considerations include the following:<br>|
|  | •Offer premium |
|  | •Strategic rationale |
|  | &nbsp;&nbsp; •Board oversight of the process for the recommended transaction, including, director <br> and/or management conflicts of interest<br>|
|  | •Offers made at a premium and where there are no other higher bidders |
|  | &nbsp;&nbsp; •Offers in which the secondary market price is substantially lower than the net asset <br> value<br>|
|  | We may vote against a transaction considering the following: |
|  | &nbsp;&nbsp; •Offers with potentially damaging consequences for minority shareholders because of <br> illiquid stock, especially in some non-US markets<br>|
|  | &nbsp;&nbsp; •Offers where we believe there is a reasonable prospect for an enhanced bid or other <br> bidders<br>|
|  | •The current market price of the security exceeds the bid price at the time of voting |
| **Anti–Takeover Issues** | &nbsp;&nbsp; Typically, these are proposals relating to requests by management to amend the certificate <br> of incorporation or bylaws to add or to delete a provision that is deemed to have an <br> anti-takeover effect. The majority of these proposals deal with management's attempt to <br> add some provision that makes a hostile takeover more difficult or will protect incumbent <br> management in the event of a change in control of the company.<br>|
|  | &nbsp;&nbsp; Proposals that reduce shareholders' rights or have the effect of entrenching incumbent <br> management will not be supported.<br>|

---

------

![](g368291img5fa599942.gif)

---

| |
|:---|
| &nbsp;&nbsp; Proposals that enhance the right of shareholders to make their own choices as to the <br> desirability of a merger or other proposal are supported.<br>|
| **Shareholder Rights Plans** |
| &nbsp;&nbsp; **US** We will support mandates requiring shareholder approval of a shareholder rights plans <br> ("poison pill") and repeals of various anti-takeover related provisions.<br>|
| &nbsp;&nbsp; In general, we will vote against the adoption or renewal of a US issuer's shareholder rights <br> plan ("poison pill").<br>|
| &nbsp;&nbsp; We will vote for an amendment to a shareholder rights plan ("poison pill") where the terms <br> of the new plans are more favorable to shareholders' ability to accept unsolicited offers <br> (i.e. if one of the following conditions are met: (i) minimum trigger, flip-in or flip-over of 20 <br> percent, (ii) maximum term of three years, (iii) no "dead hand," "slow hand," "no hand" <br> nor similar feature that limits the ability of a future board to redeem the pill, and (iv) <br> inclusion of a shareholder redemption feature (qualifying offer clause), permitting ten <br> percent of the shares to call a special meeting or seek a written consent to vote on <br> rescinding the pill if the board refuses to redeem the pill 90 days after a qualifying offer is <br> announced).<br>|
| &nbsp;&nbsp; **Canada** We analyze proposals for shareholder approval of a shareholder rights plan <br> ("poison pill") on a case-by-case basis taking into consideration numerous factors, <br> including but not limited to, whether it conforms to 'new generation' rights plans and the <br> scope of the plan.<br>|
| **Special Meetings** |
| &nbsp;&nbsp; We will vote for shareholder proposals related to special meetings at companies that do <br> not provide shareholders the right to call for a special meeting in their bylaws if:<br>|
| •The company also does not allow shareholders to act by written consent |
| &nbsp;&nbsp; •The company allows shareholders to act by written consent but the ownership <br> threshold for acting by written consent is set above 25 percent of outstanding shares<br>|
| &nbsp;&nbsp; We will vote for shareholder proposals related to special meetings at companies that give <br> shareholders (with a minimum 10 percent ownership threshold) the right to call for a <br> special meeting in their bylaws if:<br>|
| &nbsp;&nbsp; •The current ownership threshold to call for a special meeting is above 25 percent of <br> outstanding shares<br>|
| We will vote for management proposals related to special meetings. |
| **Written Consent** |
| We will vote for shareholder proposals on written consent at companies if: |
| &nbsp;&nbsp; •The company does not have provisions in their bylaws giving shareholders the right to <br> call for a special meeting<br>|
| &nbsp;&nbsp; •The company allows shareholders the right to call for a special meeting, but the <br> current ownership threshold to call for a special meeting is above 25 percent of <br> outstanding shares<br>|
| •The company has a poor governance profile |
| We will vote management proposals on written consent on a case-by-case basis. |

---

------

![](g368291img5fa599942.gif)

---

| | |
|:---|:---|
|  | **Super–Majority** |
|  | &nbsp;&nbsp; We will generally vote against amendments to bylaws requiring super-majority shareholder <br> votes to pass or repeal certain provisions. We will vote for the reduction or elimination of <br> super-majority vote requirements, unless management of the issuer was concurrently <br> seeking to or had previously made such a reduction or elimination.<br>|
| **Remuneration Issues** | &nbsp;&nbsp; Despite the differences among the types of plans and the awards possible there is a <br> simple underlying philosophy that guides the analysis of all compensation plans; namely, <br> the terms of the plan should be designed to provide an incentive for executives and/or <br> employees to align their interests with those of the shareholders and thus work toward <br> enhancing shareholder value. Plans that benefit participants only when the shareholders <br> also benefit are those most likely to be supported.<br>|
|  | **Advisory Vote on Executive Compensation and Frequency** |
|  | &nbsp;&nbsp; State Street Global Advisors believes executive compensation plays a critical role in <br> aligning executives' interest with shareholders', attracting, retaining and incentivizing key <br> talent, and ensuring positive correlation between the performance achieved by <br> management and the benefits derived by shareholders. We support management <br> proposals on executive compensation where there is a strong relationship between <br> executive pay and performance over a five-year period. We seek adequate disclosure of <br> various compensation elements, absolute and relative pay levels, peer selection and <br> benchmarking, the mix of long-term and short-term incentives, alignment of pay structures <br> with shareholder interests as well as with corporate strategy, and performance. Further <br> shareholders should have the opportunity to assess whether pay structures and levels are <br> aligned with business performance on an annual basis.<br>|
|  | &nbsp;&nbsp; In Canada, where advisory votes on executive compensation are not commonplace, we will <br> rely primarily upon engagement to evaluate compensation plans.<br>|
|  | **Employee Equity Award Plans** |
|  | &nbsp;&nbsp; We consider numerous criteria when examining equity award proposals. Generally we do <br> not vote against plans for lack of performance or vesting criteria. Rather the main criteria <br> that will result in a vote against an equity award plan are:<br>|
|  | &nbsp;&nbsp; **Excessive voting power dilution** To assess the dilutive effect, we divide the number of <br> shares required to fully fund the proposed plan, the number of authorized but unissued <br> shares and the issued but unexercised shares by the fully diluted share count. We review <br> that number in light of certain factors, such as the industry of the issuer.<br>|
|  | &nbsp;&nbsp; **Historical option grants** Excessive historical option grants over the past three years. <br> Plans that provide for historical grant patterns of greater than five to eight percent are <br> generally not supported.<br>|
|  | &nbsp;&nbsp; **Repricing** We will vote against any plan where repricing is expressly permitted. If a <br> company has a history of repricing underwater options, the plan will not be supported.<br>|
|  | Other criteria include the following: |
|  | •Number of participants or eligible employees |
|  | •The variety of awards possible |
|  | •The period of time covered by the plan |

---

------

![](g368291img5fa599942.gif)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; There are numerous factors that we view as negative. If combined they may result in a <br> vote against a proposal. Factors include:<br>|
|  | •Grants to individuals or very small groups of participants |
|  | •"Gun-jumping" grants which anticipate shareholder approval of a plan or amendment |
|  | &nbsp;&nbsp; •The power of the board to exchange "underwater" options without shareholder <br> approval. This pertains to the ability of a company to reprice options, not the actual act <br> of repricing described above<br>|
|  | •Below market rate loans to officers to exercise their options |
|  | •The ability to grant options at less than fair market value; |
|  | •Acceleration of vesting automatically upon a change in control |
|  | &nbsp;&nbsp; •Excessive compensation (i.e. compensation plans which we deem to be overly <br> dilutive)<br>|
|  | &nbsp;&nbsp; **Share Repurchases** If a company makes a clear connection between a share repurchase <br> program and its intent to offset dilution created from option plans and the company fully <br> discloses the amount of shares being repurchased, the voting dilution calculation may be <br> adjusted to account for the impact of the buy back.<br>|
|  | &nbsp;&nbsp; Companies will not have any such repurchase plan factored into the dilution calculation if <br> they do not (i) clearly state the intentions of any proposed share buy-back plan, (ii) <br> disclose a definitive number of the shares to be bought back, (iii) specify the range of <br> premium/discount to market price at which a company can repurchase shares, and (iv) <br> disclose the time frame during which the shares will be bought back.<br>|
|  | &nbsp;&nbsp; **162(m) Plan Amendments** If a plan would not normally meet our criteria described above, <br> but was primarily amended to add specific performance criteria to be used with awards <br> that were designed to qualify for performance-based exception from the tax deductibility <br> limitations of Section 162(m) of the Internal Revenue Code, then we will support the <br> proposal to amend the plan.<br>|
|  | **Employee Stock Option Plans** |
|  | &nbsp;&nbsp; We generally vote for stock purchase plans with an exercise price of not less than 85 <br> percent of fair market value. However, we take market practice into consideration.<br>|
|  | **Compensation-Related Items** |
|  | We generally support the following proposals: |
|  | •Expansions to reporting of financial or compensation-related information within reason |
|  | &nbsp;&nbsp; •Proposals requiring the disclosure of executive retirement benefits if the issuer does <br> not have an independent compensation committee<br>|
|  | We generally vote against the following proposal: |
|  | •Retirement bonuses for non-executive directors and auditors |
| **Miscellaneous/Routine** <br> **Items**<br>| We generally support the following miscellaneous/routine governance items: |

---

------

![](g368291img5fa599942.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| &nbsp;&nbsp; •Reimbursement of all appropriate proxy solicitation expenses associated with the <br> election when voting in conjunction with support of a dissident slate<br>|
| •Opting-out of business combination provision |
| &nbsp;&nbsp; •Proposals that remove restrictions on the right of shareholders to act independently of <br> management<br>|
| &nbsp;&nbsp; •Liquidation of the company if the company will file for bankruptcy if the proposal is not <br> approved<br>|
| •Shareholder proposals to put option repricings to a shareholder vote |
| &nbsp;&nbsp; •General updating of, or corrective amendments to, charter and bylaws not otherwise <br> specifically addressed herein, unless such amendments would reasonably be <br> expected to diminish shareholder rights (e.g. extension of directors' term limits, <br> amending shareholder vote requirement to amend the charter documents, insufficient <br> information provided as to the reason behind the amendment)<br>|
| •Change in corporation name |
| •Mandates that amendments to bylaws or charters have shareholder approval |
| &nbsp;&nbsp; •Management proposals to change the date, time, and/or location of the annual <br> meeting unless the proposed change is unreasonable<br>|
| •Repeals, prohibitions or adoption of anti-greenmail provisions |
| &nbsp;&nbsp; •Management proposals to implement a reverse stock split when the number of <br> authorized shares will be proportionately reduced and proposals to implement a <br> reverse stock split to avoid delisting<br>|
| •Exclusive forum provisions |
| &nbsp;&nbsp; State Street Global Advisors generally does not support the following miscellaneous/ <br> routine governance items:<br>|
| &nbsp;&nbsp; •Proposals requesting companies to adopt full tenure holding periods for their <br> executives<br>|
| &nbsp;&nbsp; •Reincorporation to a location that we believe has more negative attributes than its <br> current location of incorporation<br>|
| &nbsp;&nbsp; •Shareholder proposals to change the date, time, and/or location of the annual meeting <br> unless the current scheduling or location is unreasonable<br>|
| •Proposals to approve other business when it appears as a voting item |
| •Proposals giving the board exclusive authority to amend the bylaws |
| &nbsp;&nbsp; •Proposals to reduce quorum requirements for shareholder meetings below a majority <br> of the shares outstanding unless there are compelling reasons to support the proposal<br>|

---

------

![](g368291img5fa599942.gif)

---

| | |
|:---|:---|
| **Environmental and Social** <br> **Issues**<br>| &nbsp;&nbsp; As a fiduciary, State Street Global Advisors takes a comprehensive approach to engaging <br> with our portfolio companies about material environmental and social (sustainability) <br> issues. We use our voice and our vote through engagement, proxy voting, and thought <br> leadership in order to communicate with issuers and educate market participants about <br> our perspective on important sustainability topics. Our Asset Stewardship program <br> prioritization process allows us to proactively identify companies for engagement and <br> voting in order to mitigate sustainability risks in our portfolio. Through engagement, we <br> address a broad range of topics that align with our stewardship priorities and build <br> long-term relationships with issuers. When voting, we fundamentally consider whether the <br> adoption of a shareholder proposal addressing a material sustainability issue would <br> promote long-term shareholder value in the context of the company's existing practices <br> and disclosures as well as existing market practice.<br>|
|  | &nbsp;&nbsp; For more information on our approach to environmental and social issues, please see our <br> Global Proxy Voting and Engagement Guidelines for Environmental and Social Issues and <br> our Frameworks for Voting Environmental and Social Shareholder Proposals, both <br> available at ssga.com/about-us/asset-stewardship.html.<br>|
| **More Information** | &nbsp;&nbsp; Any client who wishes to receive information on how its proxies were voted should contact <br> its State Street Global Advisors relationship manager.<br>|
| **About State Street Global** <br> **Advisors**<br>| &nbsp;&nbsp; For four decades, State Street Global Advisors has served the world's governments, <br> institutions and financial advisors. With a rigorous, risk-aware approach built on research, <br> analysis and market-tested experience, we build from a breadth of active and index <br> strategies to create cost-effective solutions. As stewards, we help portfolio companies see <br> that what is fair for people and sustainable for the planet can deliver long-term <br> performance. And, as pioneers in index, ETF, and ESG investing, we are always inventing <br> new ways to invest. As a result, we have become the world's fourth-largest asset manager\* <br> with US $4.14 trillion† under our care.<br>|

---

------

\*

Pensions & Investments Research Center, as of December 31, 2020.

†

This figure is presented as of December 31, 2021 and includes approximately $61.43 billion of assets with respect to SPDR products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**ssga.com** 

**State Street Global Advisors Worldwide Entities** 

**Australia:** State Street Global Advisors, Australia, Limited (ABN 42 003 914 225) is the holder of an Australian Financial Services Licence (AFSL Number 238276). Registered Office: Level 17, 420 George Street, Sydney, NSW 2000, Australia. T: +612 9240 7600. F: +612 9240 7611.

**Belgium:** State Street Global Advisors Belgium, Chausse de La Hulpe 120, 1000 Brussels, Belgium. T: +32 2 663 2036, F: +32 2 672 2077. SSGA Belgium is a branch office of State Street Global Advisors Limited. State Street Global Advisors Limited is authorised and regulated by the Financial Conduct Authority in the United Kingdom. **Canada:** State Street Global Advisors, Ltd., 770 Sherbrooke Street West, Suite

1200 Montreal, Quebec, H3A 1G1, T: +514 282 2400 and 30 Adelaide Street East Suite 500, Toronto, Ontario M5C 3G6. T: +647 775 5900. **Dubai:** State Street Bank and Trust Company (Representative Office), Boulevard Plaza 1, 17th Floor, Office 1703 Near Dubai Mall & Burj Khalifa, P.O Box 26838, Dubai, United Arab Emirates. T: +971 (0)4 4372800. F: +971 (0)4 4372818. **France:** State Street Global

Advisors France. Authorised and regulated by the Autorité des Marchés Financiers. Registered with the Register of Commerce and Companies of Nanterre under the number: 412 052 680. Registered Office: Immeuble Défense Plaza, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France. T: +33 1 44 45 40 00. F: +33 1 44 45 41 92. **Germany:** State Street Global Advisors GmbH, Brienner Strasse

------

![](g368291img5fa599942.gif)

59, D-80333 Munich. T: +49 (0)89 55878 100. F: +49 (0)89 55878 440. **Hong Kong:** State Street Global Advisors Asia Limited, 68/F, Two International Finance Centre, 8 Finance Street, Central, Hong Kong. T: +852 2103 0288. F: +852 2103 0200. **Ireland:** State Street Global Advisors Ireland Limited is regulated by the Central Bank of Ireland. Incorporated and registered in Ireland at Two Park Place, Upper Hatch Street, Dublin 2. Registered Number: 145221. Member of the Irish Association of Investment Managers. T: +353 (0)1 776 3000. F: +353 (0)1 776 3300. **Italy:** State Street Global Advisors Limited, Milan Branch (Sede Secondaria di Milano) is a branch of State Street Global Advisors Limited, a company registered in the UK, authorised and regulated by the Financial Conduct Authority (FCA), with a

capital of GBP 71'650'000.00, and whose registered office is at 20 Churchill Place, London E14 5HJ. State Street Global Advisors Limited, Milan Branch (Sede Secondaria di Milano), is registered in Italy with company number 06353340968 - R.E.A. 1887090 and VAT number 06353340968 and whose office is at Via dei Bossi, 4 -20121 Milano, Italy. T: 39 02 32066 100. F: 39 02 32066 155. **Japan:** State Street Global Advisors (Japan) Co., Ltd., 9-7-1 Akasaka, Minato-ku, Tokyo 107-6239. T: +813 4530 7380. Financial Instruments Business Operator, Kanto Local Financial Bureau (Kinsho #345). Japan Investment Advisers Association, Investment Trusts Association Japan, Japan Securities Dealers Association. **Netherlands:** State Street Global Advisors Netherlands, Adam Smith

Building, Thomas Malthusstraat 1-3, 1066 JR Amsterdam, Netherlands. T: +31 (0)20 7181701. State Street Global Advisors Netherlands is a branch office of State Street Global Advisors Limited. State Street Global Advisors Limited is authorised and regulated by the Financial Conduct Authority in the United Kingdom. Singapore: State Street Global Advisors Singapore Limited, 168, Robinson Road, #33-01 Capital Tower, Singapore 068912 (Company Registered Number: 200002719D). T: +65 6826 7500. F: +65 6826 7501. **Switzerland:** State Street Global Advisors AG, Beethovenstr. 19, CH-8027 Zurich. T: +41 (0)44 245 70 00. F: +41 (0)44 245 70 16. **United Kingdom:** State Street Global Advisors Limited. Authorised and regulated by the Financial Conduct Authority.

Registered in England. Registered Number: 2509928. VAT Number: 5776591 81. Registered Office: 20 Churchill Place, Canary Wharf, London, E14 5HJ. T: +020 3395 6000. F: +020 3395 6350. **United States:** State Street Global Advisors, One Lincoln Street, Boston, MA 02111-2900. T: +617 786 3000.

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 Global Advisors' express written consent.© 2022 State Street Corporation.

All Rights Reserved.

ID949712-3479916.2.1.GBL.RTL 0322

Exp. Date: 03/31/2023

------

![](g368291img5fa599942.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **March 2022** |
| United Kingdom and Ireland |
| &nbsp;&nbsp; **Proxy Voting and** <br> **Engagement Guidelines**<br>|
| &nbsp;&nbsp; State Street Global Advisors' United Kingdom and <br> Ireland Proxy Voting and Engagement Guidelines<sup>i</sup> <br> outline our expectations of companies listed on stock <br> exchanges in the United Kingdom and Ireland. These <br> Guidelines complement and should be read in <br> conjunction with State Street Global Advisors' Global <br> Proxy Voting and Engagement Principles, which provide <br> a detailed explanation of our approach to voting and <br> engaging with companies, and State Street Global <br> Advisors' Conflict Mitigation Guidelines.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

i

These Proxy Voting and Engagement Guidelines are also applicable to SSGA Funds Management, Inc. SSGA Funds Management, Inc. is an SEC-registered investment adviser. SSGA Funds Management, Inc., State Street Global Advisors Trust Company, and other advisory affiliates of State Street make up State Street Global Advisors, the investment management arm of State Street Corporation.

------

![](g368291img5fa599942.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; State Street Global Advisors' United Kingdom ("UK") and Ireland Proxy Voting and <br> Engagement Guidelines address areas including board structure, audit-related issues, <br> capital structure, remuneration, environmental, social and other governance-related issues.<br>|
|  | &nbsp;&nbsp; When voting and engaging with companies in global markets, we consider market specific <br> nuances in the manner that we believe will most likely protect and promote the long-term <br> economic value of client investments. We expect companies to observe the relevant laws <br> and regulations of their respective markets, as well as country-specific best practice <br> guidelines and corporate governance codes. When we identify that a country's regulatory <br> requirements do not address some of the key philosophical principles that we believe are <br> fundamental to our global voting guidelines, we may hold companies in such markets to <br> our global standards.<br>|
|  | &nbsp;&nbsp; In our analysis and research into corporate governance issues in the UK and Ireland, we <br> expect all companies that obtain a primary listing on the London Stock Exchange or the <br> Irish Stock Exchange, regardless of domicile, to comply with the UK Corporate <br> Governance Code, and proactively monitor companies' adherence to the Code. Consistent <br> with the 'comply or explain' expectations established by the Code, we encourage <br> companies to proactively disclose their level of compliance with the Code. In instances of <br> non-compliance in which companies cannot explain the nuances of their governance <br> structure effectively, either publicly or through engagement, we may vote against the <br> independent board leader.<br>|
| **State Street Global** <br> **Advisors' Proxy Voting** <br> **and Engagement** <br> **Philosophy**<br>| &nbsp;&nbsp; In our view, corporate governance and sustainability issues are an integral part of the <br> investment process. The Asset Stewardship Team consists of investment professionals <br> with expertise in corporate governance and company law, remuneration, accounting, and <br> environmental and social issues. We have established robust corporate governance <br> principles and practices that are backed with extensive analytical expertise to understand <br> the complexities of the corporate governance landscape. We engage with companies to <br> provide insight on the principles and practices that drive our voting decisions. We also <br> conduct proactive engagement to address significant shareholder concerns and <br> environmental, social and governance ("ESG") issues in a manner consistent with <br> maximizing shareholder value.<br>|
|  | &nbsp;&nbsp; The team works alongside members of State Street Global Advisors' Active Fundamental <br> and Europe, Middle East and Africa ("EMEA") Investment teams. We collaborate on issuer <br> engagements and provide input on company specific fundamentals. We are also a member <br> of various investor associations that seek to address broader corporate governance <br> related policy issues in the UK and European markets.<br>|
|  | &nbsp;&nbsp; State Street Global Advisors is a signatory to the United Nations Principles for <br> Responsible Investment ("UNPRI") and is compliant with the UK Stewardship Code. We <br> are committed to sustainable investing, and are working to further integrate ESG principles <br> into investment and corporate governance practice where applicable and consistent with <br> our fiduciary duty.<br>|

---

------

![](g368291img5fa599942.gif)

---

| | |
|:---|:---|
| **Directors and Boards** | &nbsp;&nbsp; Principally, we believe the primary responsibility of a board of directors is to preserve and <br> enhance shareholder value and to protect shareholder interests. In order to carry out their <br> primary responsibilities, directors have to undertake activities that range from setting <br> strategy, overseeing executive management, and monitoring the risks that arise from a <br> company's business, including risks related to sustainability issues. Further, good <br> corporate governance necessitates the existence of effective internal controls and risk <br> management systems, which should be governed by the board.<br>|
|  | &nbsp;&nbsp; We believe that a well constituted board of directors, with a balance of skills, expertise and <br> independence, provides the foundations for a well governed company. We view board <br> quality as a measure of director independence, director succession planning, board <br> diversity, evaluations and refreshment, and company governance practices. We vote for the <br> (re-)election of directors on a case-by-case basis after considering various factors, <br> including board quality, general market practice, and availability of information on director <br> skills and expertise. In principle, we believe independent directors are crucial to robust <br> corporate governance and help management establish sound corporate governance <br> policies and practices. A sufficiently independent board will most effectively monitor <br> management and perform oversight functions necessary to protect shareholder interests.<br>|
|  | Our broad criteria for director independence for UK companies include factors such as: |
|  | &nbsp;&nbsp; •Participation in related-party transactions and other business relations with the <br> company<br>|
|  | •Employment history with company |
|  | •Excessive tenure and a preponderance of long-tenured directors |
|  | •Relations with controlling shareholders |
|  | •Family ties with any of the company's advisers, directors or senior employees |
|  | •Company classification of a director as non-independent |
|  | &nbsp;&nbsp; When voting on the election or re-election of a director, we also consider the number of <br> outside board directorships a non-executive and an executive may undertake. Thus, we <br> may withhold votes from board chairs and lead independent directors who sit on more than <br> three public company boards, and from non-executive directors who hold more than four <br> public company board mandates. We may also take voting action against Named <br> Executive Officers who undertake more than two public board memberships. Service on a <br> mutual fund board or a UK investment trust is not considered when evaluating directors for <br> excessive commitments.<br>|
|  | &nbsp;&nbsp; We also consider attendance at board meetings and may withhold votes from directors <br> who attend less than 75 percent of board meetings in a given year without appropriate <br> explanation or providing reason for their failure to meet the attendance threshold. In <br> addition, we monitor other factors that may influence the independence of a non-executive <br> director, such as performance-related pay, cross-directorships and significant <br> shareholdings.<br>|
|  | We support the annual election of directors. |

---

------

![](g368291img5fa599942.gif)

---

| |
|:---|
| &nbsp;&nbsp; While we are generally supportive of having the roles of chair and CEO separated in the <br> UK market, we assess the division of responsibilities between chair and CEO on a <br> case-by-case basis, giving consideration to factors such as the company's specific <br> circumstances, overall level of independence on the board and general corporate <br> governance standards in the company. Similarly, we monitor for circumstances in which a <br> combined chair/CEO is appointed or a former CEO becomes chair.<br>|
| &nbsp;&nbsp; We may also consider factors such as board performance and directors who appear to be <br> remiss in the performance of their oversight responsibilities when considering their <br> suitability for reappointment (e.g. fraud, criminal wrongdoing and breach of fiduciary <br> responsibilities).<br>|
| &nbsp;&nbsp; We believe companies should have committees for audit, remuneration and nomination <br> oversight. The audit committee is responsible for monitoring the integrity of the financial <br> statements of the company, the appointment of external auditors, auditor qualifications <br> and independence, and effectiveness and resource levels. Similarly, executive pay is an <br> important aspect of corporate governance, and it should be determined by the board of <br> directors. We expect companies to have remuneration committees to provide independent <br> oversight over executive pay. We will vote against nominees who are executive members of <br> audit or remuneration committees.<br>|
| &nbsp;&nbsp; We consider whether board members have adequate skills to provide effective oversight of <br> corporate strategy, operations and risks, including environmental and social issues. Boards <br> should also have a regular evaluation process in place to assess the effectiveness of the <br> board and the skills of board members to address issues such as emerging risks, changes <br> to corporate strategy, and diversification of operations and geographic footprint. The <br> nomination committee is responsible for evaluating and reviewing the balance of skills, <br> knowledge, and experience of the board. It also ensures that adequate succession plans <br> are in place for directors and the CEO. We may vote against the re-election of members of <br> the nomination committee if, over time, the board has failed to address concerns over <br> board structure or succession.<br>|
| &nbsp;&nbsp; Poorly structured executive compensation plans pose increasing reputational risk to <br> companies. Ongoing high level of dissent against a company's compensation proposals <br> may indicate that the company is not receptive to investor concerns. If the level of dissent <br> against a company's remuneration report and/or remuneration policy is consistently high, <br> and we have determined that a vote against a pay-related proposal is warranted in the <br> third consecutive year, we will vote against the Chair of the remuneration committee.<br>|
| **Board Gender Diversity** |
| &nbsp;&nbsp; We expect boards of all listed companies to have at least one female board member. If a <br> company fails to meet this expectation, State Street Global Advisors may vote against the <br> chair of the board's nominating committee or the board leader in the absence of a <br> nominating committee, if necessary. Additionally, if a company fails to meet this <br> expectation for three consecutive years, State Street Global Advisors may vote against all <br> incumbent members of the nominating committee.<br>|

---

------

![](g368291img5fa599942.gif)

---

| |
|:---|
| **Board Racial/Ethnic Diversity** |
| &nbsp;&nbsp; We believe that companies have a responsibility to effectively manage and disclose risks <br> and opportunities related to racial and ethnic diversity. If a company in the FTSE 100 does <br> not disclose, at minimum, the gender, racial and ethnic composition of its board, we will <br> vote against the Chair of the nominating committee. We may withhold support from the <br> Chair of the nominating committee also when a company in the FTSE 100 does not have <br> at least one director from an underrepresented community on its board.<br>|
| **Director Time Commitments** |
| &nbsp;&nbsp; When voting on the election or re-election of a director, we also consider the number of <br> outside board directorships a non-executive and an executive may undertake. Thus, State <br> Street Global Advisors may take voting action against a director who exceeds the number <br> of board mandates listed below:<br>|
| &nbsp;&nbsp; •Named Executive Officers (NEOs) of a public company who sit on more than two <br> public company boards<br>|
| &nbsp;&nbsp; •Non-executive board chairs or lead independent directors who sit on more than three <br> public company boards<br>|
| •Director nominees who sit on more than four public company boards |
| &nbsp;&nbsp; For non-executive board chairs/lead independent directors and director nominees who hold <br> excessive commitments, as defined above, we may consider waiving our policy and vote in <br> support of a director if a company discloses its director commitment policy in a publicly <br> available manner (e.g., corporate governance guidelines, proxy statement, company <br> website). This policy or associated disclosure must include:<br>|
| •A numerical limit on public company board seats a director can serve on |
| •This limit cannot exceed our policy by more than one seat |
| •Consideration of public company board leadership positions (e.g., Committee Chair) |
| •Affirmation that all directors are currently compliant with the company policy |
| &nbsp;&nbsp; •Description of an annual policy review process undertaken by the Nominating <br> Committee to evaluate outside director time commitments<br>|
| &nbsp;&nbsp; If a director is imminently leaving a board and this departure is disclosed in a written, <br> time-bound and publicly-available manner, we may consider waiving our withhold vote <br> when evaluating the director for excessive time commitments.<br>|
| &nbsp;&nbsp; Service on a mutual fund board, the board of a UK investment trust or a Special Purpose <br> Acquisition Company (SPAC) board is not considered when evaluating directors for <br> excessive commitments. However, we do expect these roles to be considered by <br> nominating committees when evaluating director time commitments.<br>|
| **Incorporating R-Factor**<sup>TM</sup> **into Director Votes** |

---

------

![](g368291img5fa599942.gif)

---

| | |
|:---|:---|

|  | **Climate-related Disclosure** |
|  | We believe climate change poses a systemic risk to all companies in our portfolio. |
|  | &nbsp;&nbsp; State Street Global Advisors has publicly supported the global regulatory efforts to <br> establish a mandatory baseline of climate risk disclosures for all companies. Until these <br> consistent disclosure standards are established, we find that the recommendations of the <br> Taskforce on Climate-related Financial Disclosures (TCFD) provide the most effective <br> framework by which companies can develop strategies to plan for climate-related risks and <br> make their businesses more resilient to the impacts of climate change.<br>|
|  | &nbsp;&nbsp; As such, we may vote against the independent board leader at companies in the FTSE <br> 350 that fail to provide sufficient disclosure in accordance with the TCFD framework, <br> including:<br>|
|  | •Board oversight of climate-related risks and opportunities |
|  | •Total Scope 1 and Scope 2 greenhouse gas emissions |
|  | •Targets for reducing greenhouse gas emissions |
|  | **Indemnification and Limitations on Liability** |
|  | &nbsp;&nbsp; Generally, we support proposals to limit directors' liability and/or expand indemnification <br> and liability protection up to the limit provided by law. This holds if a director has not acted <br> in bad faith, gross negligence, nor reckless disregard of the duties involved in the conduct <br> of his or her office.<br>|
| **Audit-Related Issues** | &nbsp;&nbsp; Companies should have robust internal audit and internal control systems designed for <br> effective management of any potential and emerging risks to company operations and <br> strategy. The responsibility of setting out an internal audit function lies with the audit <br> committee, which should have as members independent non-executive directors.<br>|

---

------

Bottom 10 percent of scores relative to industry peers.

Have consistently underperformed their peers over the last two years; bottom 30 percent of scores relative to industry peers.

------

![](g368291img5fa599942.gif)

---

| | |
|:---|:---|
|  | **Appointment of External Auditors** |
|  | &nbsp;&nbsp; State Street Global Advisors believes that a company's auditor is an essential feature of <br> an effective and transparent system of external supervision. Shareholders should be given <br> the opportunity to vote on their appointment or re-appoint at the annual meeting. When <br> appointing external auditors and approving audit fees, we take into consideration the level <br> of detail in company disclosures and will generally not support such resolutions if an <br> adequate breakdown is not provided and if non-audit fees are more than 50% of audit <br> fees. In addition, we may vote against members of the audit committee if we have <br> concerns with audit-related issues or if the level of non-audit fees to audit fees is <br> significant. In certain circumstances, we may consider auditor tenure when evaluating the <br> audit process.<br>|
|  | **Limit Legal Liability of External Auditors** |
|  | &nbsp;&nbsp; We generally oppose limiting the legal liability of audit firms because we believe this could <br> create a negative impact on the quality of the audit function.<br>|
|  | **Approval of Financial Statements** |
|  | &nbsp;&nbsp; The disclosure and availability of reliable financial statements in a timely manner is <br> imperative for the investment process. We expect external auditors to provide assurance of <br> a company's financial condition. Hence, we will vote against the approval of financial <br> statements if i) they have not been disclosed or audited; ii) the auditor opinion is qualified/ <br> adverse, or the auditor has issued a disclaimer of opinion; or iii) the auditor opinion is not <br> disclosed.<br>|
| **Shareholder Rights and** <br> **Capital-Related Issues**<br>| **Share Issuances** |
|  | &nbsp;&nbsp; The ability to raise capital is critical for companies to carry out strategy, to grow, and to <br> achieve returns above their cost of capital. The approval of capital raising activities is <br> essential to shareholders' ability to monitor returns and to ensure capital is deployed <br> efficiently. We support capital increases that have sound business reasons and are not <br> excessive relative to a company's existing capital base.<br>|
|  | &nbsp;&nbsp; Pre-emption rights are a fundamental right for shareholders to protect their investment in a <br> company. Where companies seek to issue new shares without pre-emption rights, we may <br> vote against if such authorities are greater than 20% of the issued share capital. We may <br> also vote against resolutions that seek authority to issue capital with pre-emption rights if <br> the aggregate amount allowed seems excessive and is not justified by the board. <br> Generally, we are against capital issuance proposals greater than 100% of the issued <br> share capital when the proceeds are not intended for a specific purpose.<br>|
|  | **Share Repurchase Programs** |
|  | &nbsp;&nbsp; We generally support a proposal to repurchase shares. However, this is not the case if the <br> issuer does not clearly state the business purpose for the program, a definitive number of <br> shares to be repurchased, the range of premium/discount to market price at which a <br> company can repurchase shares, and the timeframe for the repurchase. We may vote <br> against share repurchase requests that allow share repurchases during a takeover period.<br>|

---

------

![](g368291img5fa599942.gif)

---

| | |
|:---|:---|
|  | **Dividends** |
|  | &nbsp;&nbsp; We generally support dividend payouts that constitute 30% or more of net income. We may <br> vote against the dividend payouts if the dividend payout ratio has been consistently below <br> 30% without adequate explanation or the payout is excessive given the company's <br> financial position. Particular attention will be paid where the payment may damage the <br> company's long term financial health.<br>|
|  | **Mergers and Acquisitions** |
|  | &nbsp;&nbsp; Mergers or reorganizing the structure of a company often involve proposals relating to <br> reincorporation, restructurings, mergers, liquidations, and other major changes to the <br> corporation. Proposals that are in the best interests of the shareholders, demonstrated by <br> enhancing share value or improving the effectiveness of the company's operations, will be <br> supported. In general, provisions that are not viewed as financially sound or are thought to <br> be destructive to shareholders' rights and are not supported.<br>|
|  | &nbsp;&nbsp; We will generally support transactions that maximize shareholder value. Some of the <br> considerations include the following:<br>|
|  | •Offer premium |
|  | •Strategic rationale |
|  | &nbsp;&nbsp; •Board oversight of the process for the recommended transaction, including, director <br> and/ or management conflicts of interest<br>|
|  | •Offers made at a premium and where there are no other higher bidders |
|  | &nbsp;&nbsp; •Offers in which the secondary market price is substantially lower than the net asset <br> value<br>|
|  | We may vote against a transaction considering the following: |
|  | &nbsp;&nbsp; •Offers with potentially damaging consequences for minority shareholders because of <br> illiquid stock<br>|
|  | &nbsp;&nbsp; •Offers in which we believe there is a reasonable prospect for an enhanced bid or other <br> bidders<br>|
|  | •The current market price of the security exceeds the bid price at the time of voting |
|  | **Anti-Takeover Measures** |
|  | &nbsp;&nbsp; We oppose anti-takeover defenses such as authorities for the board when subject to a <br> hostile takeover to issue warrants convertible into shares to existing shareholders.<br>|
|  | **Notice Period to Convene a General Meeting** |
|  | &nbsp;&nbsp; We expect companies to give as much notice as is practicable when calling a general <br> meeting. Generally, we are not supportive of authorizations seeking to reduce the notice <br> period to 14 days.<br>|
| **Remuneration** | **Executive Pay** |
|  | &nbsp;&nbsp; Despite the differences among the types of plans and awards possible, there is a simple <br> underlying philosophy that guides our analysis of executive pay: there should be a direct <br> relationship between remuneration and company performance over the long term.<br>|

---

------

![](g368291img5fa599942.gif)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; Shareholders should have the opportunity to assess whether pay structures and levels are <br> aligned with business performance. When assessing remuneration policies and reports, <br> we consider adequate disclosure of various remuneration elements, absolute and relative <br> pay levels, peer selection and benchmarking, the mix of long-term and short- term <br> incentives, alignment of pay structures with shareholder interests as well as with corporate <br> strategy and performance. We may oppose remuneration reports where pay seems <br> misaligned with shareholders' interests. We may also vote against the re-election of <br> members of the remuneration committee if we have serious concerns about remuneration <br> practices or if the company has not been responsive to shareholder concerns.<br>|
|  | **Equity Incentive Plans** |
|  | &nbsp;&nbsp; We may not support proposals on equity-based incentive plans where insufficient <br> information is provided on matters such as grant limits, performance metrics, performance, <br> vesting periods, and overall dilution. Generally we do not support options under such plans <br> being issued at a discount to market price or plans that allow for re-testing of performance <br> metrics.<br>|
|  | **Non-Executive Director Pay** |
|  | &nbsp;&nbsp; Authorities that seek shareholder approval for non-executive directors' fees are generally <br> not controversial. We typically support resolutions regarding directors' fees unless <br> disclosure is poor and we are unable to determine whether they are excessive relative to <br> fees paid by comparable companies. We will evaluate any non-cash or performance <br> related pay to non-executive directors on a company- by-company basis.<br>|
| **Risk Management** | &nbsp;&nbsp; State Street Global Advisors believes that risk management is a key function of the board, <br> which is responsible for setting the overall risk appetite of a company and for providing <br> oversight of the risk management process established by senior executives at a company. <br> We allow boards to have discretion over how they provide oversight in this area. We expect <br> companies to disclose how the board provides oversight on its risk management system <br> and risk identification. Boards should also review existing and emerging risks as they can <br> evolve with a changing political and economic landscape or as companies diversify their <br> operations into new areas.<br>|
| **Environmental and Social** <br> **Issues**<br>| &nbsp;&nbsp; As a fiduciary, State Street Global Advisors takes a comprehensive approach to engaging <br> with our portfolio companies about material environmental and social (sustainability) <br> issues. We use our voice and our vote through engagement, proxy voting, and thought <br> leadership in order to communicate with issuers and educate market participants about <br> our perspective on important sustainability topics. Our Asset Stewardship program <br> prioritization process allows us to proactively identify companies for engagement and <br> voting in order to mitigate sustainability risks in our portfolio. Through engagement, we <br> address a broad range of topics that align with our stewardship priorities and build <br> long-term relationships with issuers. When voting, we fundamentally consider whether the <br> adoption of a shareholder proposal addressing a material sustainability issue would <br> promote long-term shareholder value in the context of the company's existing practices <br> and disclosures as well as existing market practice.<br>|
|  | &nbsp;&nbsp; For more information on our approach to environmental and social issues, please see our <br> Global Proxy Voting and Engagement Guidelines for Environmental and Social Issues and <br> Frameworks for Voting Environmental and Social Shareholder Proposals, both available at <br> ssga.com/about-us/asset-stewardship.html.<br>|

---

------

![](g368291img5fa599942.gif)

---

| | |
|:---|:---|
| **More Information** | &nbsp;&nbsp; Any client who wishes to receive information on how its proxies were voted should contact <br> its State Street Global Advisors relationship manager.<br>|
| **About State Street Global** <br> **Advisors**<br>| &nbsp;&nbsp; For four decades, State Street Global Advisors has served the world's governments, <br> institutions and financial advisors. With a rigorous, risk-aware approach built on research, <br> analysis and market-tested experience, we build from a breadth of active and index <br> strategies to create cost-effective solutions. As stewards, we help portfolio companies see <br> that what is fair for people and sustainable for the planet can deliver long-term <br> performance. And, as pioneers in index, ETF, and ESG investing, we are always inventing <br> new ways to invest. As a result, we have become the world's fourth-largest asset manager\* <br> with US $4.14 trillion† under our care.<br>|

---

------

\*

Pensions & Investments Research Center, as of December 31, 2020.

†

This figure is presented as of December 31, 2021 and includes approximately $61.43 billion of assets with respect to SPDR products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**ssga.com** 

**State Street Global Advisors Worldwide Entities** 

**Abu Dhabi:** State Street Global Advisors Limited, ADGM Branch, Al Khatem Tower, Suite 42801, Level 28, ADGM Square, Al Maryah Island, P.O Box 76404, Abu Dhabi, United Arab Emirates. Regulated by the ADGM Financial Services Regulatory Authority. T: +971 2 245 9000. **Australia:** State Street Global Advisors, Australia, Limited (ABN 42 003 914 225) is the holder of an Australian Financial Services License (AFSL Number 238276). Registered office: Level 14, 420 George Street, Sydney, NSW 2000, Australia. T: +612 9240-7600. F: +612 9240-7611. **Belgium:** State Street Global Advisors Belgium, Chaussée de La Hulpe 185, 1170 Brussels, Belgium. T: +32 2 663 2036. State Street Global Advisors Belgium is a branch office of State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorized and regulated by the Central Bank of

Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. **Canada:** State Street Global Advisors, Ltd., 1981 McGill College Avenue, Suite 500, Montreal, Qc, H3A 3A8, T: +514 282 2400 and 30 Adelaide Street East Suite 800, Toronto, Ontario M5C 3G6. T: +647 775 5900. **France:** State Street Global Advisors Europe Limited, France Branch ("State Street Global Advisors France") is a branch of State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorized and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. State Street Global Advisors France is registered in France with company number RCS Nanterre 899 183 289, and its office is located at Coeur Défense — Tour A — La Défense 4, 33e étage, 100, Esplanade du Général de Gaulle, 92 932 Paris La Défense Cedex, France. T: +33 1 44 45 40 00. F: +33 1 44 45 41 92. **Germany:** State Street Global Advisors Europe Limited, Branch

in Germany, Brienner Strasse 59, D-80333 Munich, Germany ("State Street Global Advisors Germany"). T: +49 (0)89 55878 400. State Street Global Advisors Germany is a branch of State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorized and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. **Hong Kong:** State Street Global Advisors Asia Limited, 68/F, Two International Finance Centre, 8 Finance Street, Central, Hong Kong. T: +852 2103-0288. F: +852 2103-0200. **Ireland:** State Street Global Advisors Europe Limited is regulated by the Central Bank of Ireland. Registered office address 78 Sir John Rogerson's Quay, Dublin 2. Registered Number: 49934. T: +353 (0)1 776 3000. F: +353 (0)1 776 3300. **Italy:** State Street Global Advisors Europe Limited, Italy Branch ("State Street Global Advisors Italy") is a branch of State Street Global Advisors Europe Limited, registered in Ireland with company

number 49934, authorized and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. State Street Global Advisors Italy is registered in Italy with company number 11871450968 — REA: 2628603 and VAT number 11871450968, and its office is located at Via Ferrante Aporti, 10 -20125 Milan, Italy. T: +39 02 32066 100. F: +39 02 32066 155. **Japan:** State Street Global Advisors (Japan) Co., Ltd., Toranomon Hills Mori Tower 25F 1-23-1 Toranomon, Minato-ku, Tokyo 105-6325 Japan. T: +81-3-4530-7380. Financial Instruments Business Operator, Kanto Local Financial Bureau (Kinsho #345), Membership: Japan Investment Advisers Association, The Investment Trust Association, Japan, Japan Securities Dealers' Association. **Netherlands:** State Street Global Advisors Netherlands, Apollo Building 7th floor, Herikerbergweg 29, 1101 CN Amsterdam, Netherlands. T: +31 20 7181 000. State Street Global Advisors Netherlands is a branch office of

------

![](g368291img5fa599942.gif)

State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorized and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. **Singapore:** State Street Global Advisors Singapore Limited, 168, Robinson Road, #33-01 Capital Tower, Singapore 068912 (Company Reg. No: 200002719D, regulated by the

Monetary Authority of Singapore). T: +65 6826-7555. F: +65 6826-7501. **Switzerland:** State Street Global Advisors AG, Beethovenstr. 19, CH-8027 Zurich. Registered with the Register of Commerce Zurich CHE-105.078.458. T: +41 (0)44 245 70 00. F: +41 (0)44 245 70 16. **United Kingdom:** State Street Global Advisors Limited. Authorized and regulated by the Financial Conduct Authority. Registered in England. Registered

No. 2509928. VAT No. 5776591 81. Registered office: 20 Churchill Place, Canary Wharf, London, E14 5HJ. T: 020 3395 6000. F: 020 3395 6350. United States: State Street Global Advisors, 1 Iron Street, Boston, MA 02210-1641. T: +1 617 786 3000.

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 Global Advisors' express written consent.© 2022 State Street Corporation.

All Rights Reserved.

ID949716-3479919.2.1.GBL.RTL 0322

Exp. Date: 03/31/2023

------

![](g368291img5fa599942.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **March 2022** |
| Rest of the World |
| &nbsp;&nbsp; **Proxy Voting and** <br> **Engagement Guidelines**<br>|
| &nbsp;&nbsp; State Street Global Advisors' Rest of the World Proxy <br> Voting and Engagement Guidelines<sup>i</sup> cover different <br> corporate governance frameworks and practices in <br> international markets not covered under specific country/<br> regional guidelines. These Guidelines complement and <br> should be read in conjunction with State Street Global <br> Advisors' overarching Global Proxy Voting and <br> Engagement Principles, which provide a detailed <br> explanation of our approach to voting and engaging with <br> companies, and State Street Global Advisors' Conflict <br> Mitigation Guidelines.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

i

These Proxy Voting and Engagement Guidelines are also applicable to SSGA Funds Management, Inc. SSGA Funds Management, Inc. is an SEC-registered investment adviser. SSGA Funds Management, Inc., State Street Global Advisors Trust Company, and other advisory affiliates of State Street make up State Street Global Advisors, the investment management arm of State Street Corporation.

------

![](g368291img5fa599942.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; At State Street Global Advisors, we recognize that markets not covered under specific <br> country/regional guidelines, specifically emerging markets, are disparate in their corporate <br> governance frameworks and practices. While they tend to pose broad common <br> governance issues across all markets, such as concentrated ownership, poor disclosure of <br> financial and related-party transactions, and weak enforcement of rules and regulation, our <br> proxy voting Guidelines are designed to identify and to address specific governance <br> concerns in each market. We also evaluate the various factors that contribute to the <br> corporate governance framework of a country. These factors include, but are not limited to: <br> (i) the macroeconomic conditions and broader political system in a country; (ii) quality of <br> regulatory oversight, enforcement of property and shareholder rights; and (iii) the <br> independence of judiciary.<br>|
| **State Street Global** <br> **Advisors' Proxy Voting** <br> **and Engagement** <br> **Philosophy in Emerging** <br> **Markets**<br>| &nbsp;&nbsp; State Street Global Advisors' approach to proxy voting and issuer engagement in emerging <br> markets is designed to increase the value of our investments through the mitigation of <br> governance risks. The overall quality of the corporate governance framework in an <br> emerging market country drives the level of governance risks investors assign to a country. <br> Thus, improving the macro governance framework in a country may help to reduce <br> governance risks and to increase the overall value of our holdings over time. In order to <br> improve the overall governance framework and practices in a country, members of our <br> Asset Stewardship Team endeavor to engage with representatives from regulatory <br> agencies and stock markets to highlight potential concerns with the macro governance <br> framework of a country. We are also a member of various investor associations that seek <br> to address broader corporate governance-related policy issues in emerging markets. To <br> help mitigate company-specific risk, the State Street Global Advisors Asset Stewardship <br> Team works alongside members of the Active Fundamental and emerging market <br> specialists to engage with emerging market companies on governance issues and address <br> any specific concerns, or to get more information regarding shareholder items that are to <br> be voted on at upcoming shareholder meetings. This integrated approach to engagement <br> drives our proxy voting and engagement philosophy in emerging markets.<br>|
|  | Our proxy voting Guidelines in emerging markets address six broad areas: |
|  | •Directors and Boards |
|  | •Accounting and Audit-Related Issues |
|  | •Shareholder Rights and Capital-Related Issues |
|  | •Remuneration |
|  | •Environmental and Social Issues |
|  | •General/Routine Issues |

---

------

![](g368291img5fa599942.gif)

---

| | |
|:---|:---|
| **Directors and Boards** | &nbsp;&nbsp; We believe that a well constituted board of directors, with a balance of skills, expertise and <br> independence, provides the foundation for a well governed company. However, several <br> factors, such as low overall independence level requirements by market regulators, poor <br> biographical disclosure of director profiles, prevalence of related-party transactions, and <br> the general resistance from controlling shareholders to increase board independence, <br> render the election of directors as one of the most important fiduciary duties we perform in <br> emerging market companies.<br>|
|  | &nbsp;&nbsp; We vote for the election/re-election of directors on a case-by-case basis after considering <br> various factors, including general market practice and availability of information on director <br> skills and expertise. We expect companies to meet minimum overall board independence <br> standards, as defined in a local corporate governance code or market practice. Therefore, <br> in several countries, we will vote against certain non-independent directors if overall board <br> independence levels do not meet market standards.<br>|
|  | &nbsp;&nbsp; Our broad criteria for director independence in emerging market companies include factors <br> such as:<br>|
|  | •Participation in related-party transactions |
|  | •Employment history with company |
|  | •Relations with controlling shareholders and employees |
|  | •Company classification of a director as non-independent |
|  | &nbsp;&nbsp; In some countries, market practice calls for the establishment of a board level audit <br> committee. We believe an audit committee should be responsible for monitoring the <br> integrity of the financial statements of a company and appointing external auditors. It <br> should also monitor their qualifications, independence, effectiveness and resource levels. <br> Based upon our desire to enhance the quality of financial and accounting oversight <br> provided by independent directors, we expect that listed companies have an audit <br> committee constituted of a majority of independent directors.<br>|
|  | &nbsp;&nbsp; Further, we expect boards of listed companies in all markets and indices to have at least <br> one female board member. If a company fails to meet this expectation, State Street Global <br> Advisors may vote against the Chair of the board's nominating committee or the board <br> leader in the absence of a nominating committee, if necessary. Additionally, if a company <br> fails to meet this expectation for three consecutive years, State Street Global Advisors may <br> vote against all incumbent members of the nominating committee or those persons <br> deemed responsible for the nomination process. We may waive the policy if a company <br> engages with State Street Global Advisors and provides a specific, timebound plan for <br> adding at least one woman to its board.<br>|
|  | &nbsp;&nbsp; Poorly structured executive compensation plans pose increasing reputational risk to <br> companies. Ongoing high level of dissent against a company's compensation proposals <br> may indicate that the company is not receptive to investor concerns. If the level of dissent <br> against a company's remuneration report and/or remuneration policy is consistently high, <br> and we have determined that a vote against a pay-related proposal is warranted in the <br> third consecutive year, we will vote against the Chair of the remuneration committee.<br>|

---

------

![](g368291img5fa599942.gif)

---

| | |
|:---|:---|
| **Audit-Related Issues** | &nbsp;&nbsp; The disclosure and availability of reliable financial statements in a timely manner is <br> imperative for the investment process. As a result, board oversight of internal controls and <br> the independence of the audit process are essential if investors are to rely upon financial <br> statements. We believe that audit committees provide the necessary oversight for the <br> selection and appointment of auditors, the company's internal controls and the accounting <br> policies, and the overall audit process.<br>|
|  | **Appointment of External Auditors** |
|  | &nbsp;&nbsp; We believe that a company's auditor is an essential feature of an effective and transparent <br> system of external supervision. Shareholders should be given the opportunity to vote on <br> their appointment or re-appointment at the annual meeting. We believe that it is imperative <br> for audit committees to select outside auditors who are independent from management.<br>|
| Approval of Financial <br> Statements<br>| &nbsp;&nbsp; The disclosure and availability of reliable financial statements in a timely manner is <br> imperative for the investment process. We expect external auditors to provide assurance of <br> a company's financial condition. Hence, we will vote against the approval of financial <br> statements if i) they have not been disclosed or audited; ii) the auditor opinion is qualified/<br> adverse, or the auditor has issued a disclaimer of opinion; or iii) the auditor opinion is not <br> disclosed.<br>|
| **Shareholder Rights and** <br> **Capital-Related Issues**<br>| &nbsp;&nbsp; State Street Global Advisors believes that changes to a company's capital structure, such <br> as changes in authorized share capital, share repurchase and debt issuances, are critical <br> decisions made by the board. We believe the company should have a business rationale <br> that is consistent with corporate strategy and should not overly dilute its shareholders.<br>|
|  | **Related-Party Transactions** |
|  | &nbsp;&nbsp; Most companies in emerging markets have a controlled ownership structure that often <br> includes complex cross-shareholdings between subsidiaries and parent companies <br> ("related companies"). As a result, there is a high prevalence of related-party transactions <br> between the company and its various stakeholders, such as directors and management. In <br> addition, inter-group loan and loan guarantees provided to related companies are some of <br> the other related-party transactions that increase the risk profile of companies. In markets <br> where shareholders are required to approve such transactions, we expect companies to <br> provide details about the transaction, such as its nature, value and purpose. This also <br> encourages independent directors to ratify such transactions. Further, we encourage <br> companies to describe the level of independent board oversight and the approval process, <br> including details of any independent valuations provided by financial advisors on <br> related-party transactions.<br>|
|  | **Share Repurchase Programs** |
|  | &nbsp;&nbsp; With regard to share repurchase programs, we expect companies to clearly state the <br> business purpose for the program and a definitive number of shares to be repurchased.<br>|

---

------

![](g368291img5fa599942.gif)

---

| | |
|:---|:---|
|  | **Mergers and Acquisitions** |
|  | &nbsp;&nbsp; Mergers or reorganization of the structure of a company often involve proposals relating to <br> reincorporation, restructurings, liquidations and other major changes to the corporation. <br> Proposals that are in the best interest of the shareholders, demonstrated by enhancing <br> share value or improving the effectiveness of the company's operations, will be supported. <br> In general, provisions that are not viewed as financially sound or are thought to be <br> destructive to shareholders' rights are not supported.<br>|
|  | &nbsp;&nbsp; We evaluate mergers and structural reorganizations on a case-by-case basis. We <br> generally support transactions that maximize shareholder value. Some of the <br> considerations include, but are not limited to, the following:<br>|
|  | •Offer premium |
|  | •Strategic rationale |
|  | &nbsp;&nbsp; •Board oversight of the process for the recommended transaction, including director <br> and/ or management conflicts of interest<br>|
|  | •Offers made at a premium and where there are no other higher bidders |
|  | &nbsp;&nbsp; •Offers in which the secondary market price is substantially lower than the net asset <br> value<br>|
|  | We may vote against a transaction considering the following: |
|  | &nbsp;&nbsp; •Offers with potentially damaging consequences for minority shareholders because of <br> illiquid stock<br>|
|  | &nbsp;&nbsp; •Offers where we believe there is a reasonable prospect for an enhanced bid or other <br> bidders<br>|
|  | •The current market price of the security exceeds the bid price at the time of voting |
|  | &nbsp;&nbsp; We will actively seek direct dialogue with the board and management of companies that <br> we have identified through our screening processes. Such engagements may lead to <br> further monitoring to ensure the company improves its governance or sustainability <br> practices. In these cases, the engagement process represents the most meaningful <br> opportunity for State Street Global Advisors to protect long-term shareholder value from <br> excessive risk due to poor governance and sustainability practices.<br>|
| **Remuneration** | &nbsp;&nbsp; We consider it to be the board's responsibility to set appropriate levels of executive <br> remuneration. Despite the differences among the types of plans and the potential awards, <br> there is a simple underlying philosophy that guides our analysis of executive remuneration: <br> there should be a direct relationship between executive compensation and company <br> performance over the long term. In emerging markets, we encourage companies to <br> disclose information on senior executive remuneration.<br>|

---

------

![](g368291img5fa599942.gif)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; Shareholders should have the opportunity to assess whether pay structures and levels are <br> aligned with business performance. When assessing remuneration reports, we consider <br> factors such as adequate disclosure of remuneration elements, absolute and relative pay <br> levels, peer selection and benchmarking, the mix of long-term and short-term incentives, <br> alignment of pay structures with shareholder interests, corporate strategy and <br> performance. We may oppose remuneration reports where pay seems misaligned with <br> shareholders' interests. We may also vote against the re-election of members of the <br> remuneration committee if we have serious concerns about remuneration practices and if <br> the company has not been responsive to shareholder pressure to review its approach. <br> With regard to director remuneration, we support director pay provided the amounts are <br> not excessive relative to other issuers in the market or industry, and are not overly dilutive <br> to existing shareholders.<br>|
| **Environmental and Social** <br> **Issues**<br>| &nbsp;&nbsp; As a fiduciary, State Street Global Advisors takes a comprehensive approach to engaging <br> with our portfolio companies about material environmental and social (sustainability) <br> issues. We use our voice and our vote through engagement, proxy voting and thought <br> leadership in order to communicate with issuers and educate market participants about <br> our perspective on important sustainability topics. Our Asset Stewardship program <br> prioritization process allows us to proactively identify companies for engagement and <br> voting in order to mitigate sustainability risks in our portfolio. Through engagement, we <br> address a broad range of topics that align with our stewardship priorities and build <br> long-term relationships with issuers. When voting, we fundamentally consider whether the <br> adoption of a shareholder proposal addressing a material sustainability issue would <br> promote long-term shareholder value in the context of the company's existing practices <br> and disclosures as well as existing market practice.<br>|
|  | &nbsp;&nbsp; For more information on our approach to environmental and social issues, please see our <br> Global Proxy Voting and Engagement Guidelines for Environmental and Social Issues and <br> our Frameworks for Voting Environmental and Social Shareholder Proposals, both <br> available at ssga.com/about-us/asset-stewardship.html.<br>|
| **General/Routine Issues** | &nbsp;&nbsp; Some of the other issues that are routinely voted on in emerging markets include <br> approving the allocation of income and accepting financial statements and statutory <br> reports. For these voting items, our guidelines consider several factors, such as historical <br> dividend payouts, pending litigation, governmental investigations, charges of fraud, or <br> other indication of significant concerns.<br>|
| **More Information** | &nbsp;&nbsp; Any client who wishes to receive information on how its proxies were voted should contact <br> its State Street Global Advisors relationship manager.<br>|

---

------

![](g368291img5fa599942.gif)

---

| | |
|:---|:---|
| **About State Street Global** <br> **Advisors**<br>| &nbsp;&nbsp; For four decades, State Street Global Advisors has served the world's governments, <br> institutions and financial advisors. With a rigorous, risk-aware approach built on research, <br> analysis and market-tested experience, we build from a breadth of active and index <br> strategies to create cost-effective solutions. As stewards, we help portfolio companies see <br> that what is fair for people and sustainable for the planet can deliver long-term <br> performance. And, as pioneers in index, ETF, and ESG investing, we are always inventing <br> new ways to invest. As a result, we have become the world's fourth-largest asset manager\* <br> with US $4.14 trillion† under our care.<br>|

---

------

\*

Pensions & Investments Research Center, as of December 31, 2020.

†

This figure is presented as of December 31, 2021 and includes approximately $61.43 billion of assets with respect to SPDR products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**ssga.com** 

**State Street Global Advisors Worldwide Entities** 

**Abu Dhabi:** State Street Global Advisors Limited, ADGM Branch, Al Khatem Tower, Suite 42801, Level 28, ADGM Square, Al Maryah Island, P.O Box 76404, Abu Dhabi, United Arab Emirates. Regulated by the ADGM Financial Services Regulatory Authority. T: +971 2 245 9000. **Australia:** State Street Global Advisors, Australia, Limited (ABN 42 003 914 225) is the holder of an Australian Financial Services License (AFSL Number 238276). Registered office: Level 14, 420 George Street, Sydney, NSW 2000, Australia. T: +612 9240-7600. F: +612 9240-7611. **Belgium:** State Street Global Advisors Belgium, Chaussée de La Hulpe 185, 1170 Brussels, Belgium. T: +32 2 663 2036. State Street Global Advisors Belgium is a branch office of State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorised and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. **Canada:** State Street Global Advisors, Ltd., 1981

McGill College Avenue, Suite 500, Montreal, Qc, H3A 3A8, T: +514 282 2400 and 30 Adelaide Street East Suite 800, Toronto, Ontario M5C 3G6. T: +647 775 5900. **France:** State Street Global Advisors Europe Limited, France Branch ("State Street Global Advisors France") is a branch of State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorised and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. State Street Global Advisors France is registered in France with company number RCS Nanterre 899 183 289, and its office is located at Coeur Défense — Tour A — La Défense 4, 33e étage, 100, Esplanade du Général de Gaulle, 92 932 Paris La Défense Cedex, France. T: +33 1 44 45 40 00. F: +33 1 44 45 41 92. **Germany:** State Street Global Advisors Europe Limited, Branch in Germany, Brienner Strasse 59, D-80333 Munich, Germany ("State Street Global Advisors Germany"). T: +49 (0)89 55878 400. State Street Global Advisors Germany is a branch of State Street Global Advisors Europe Limited, registered in Ireland with

company number 49934, authorised and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. **Hong Kong:** State Street Global Advisors Asia Limited, 68/F, Two International Finance Centre, 8 Finance Street, Central, Hong Kong. T: +852 2103-0288. F: +852 2103-0200. **Ireland:** State Street Global Advisors Europe Limited is regulated by the Central Bank of Ireland. Registered office address 78 Sir John Rogerson's Quay, Dublin 2. Registered Number: 49934. T: +353 (0)1 776 3000. F: +353 (0)1 776 3300. **Italy:** State Street Global Advisors Europe Limited, Italy Branch ("State Street Global Advisors Italy") is a branch of State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorised and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. State Street Global Advisors Italy is registered in Italy with company number 11871450968 — REA: 2628603 and VAT number 11871450968, and its office is located at Via Ferrante Aporti, 10 -20125 Milan, Italy. T: +39 02 32066 100. F: +39

02 32066 155. **Japan:** State Street Global Advisors (Japan) Co., Ltd., Toranomon Hills Mori Tower 25F 1-23-1 Toranomon, Minato-ku, Tokyo 105-6325 Japan. T: +81-3-4530-7380. Financial Instruments Business Operator, Kanto Local Financial Bureau (Kinsho #345), Membership: Japan Investment Advisers Association, The Investment Trust Association, Japan, Japan Securities Dealers' Association. **Netherlands:** State Street Global Advisors Netherlands, Apollo Building 7th floor, Herikerbergweg 29, 1101 CN Amsterdam, Netherlands. T: +31 20 7181 000. State Street Global Advisors Netherlands is a branch office of State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorised and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson's Quay, Dublin 2. **Singapore:** State Street Global Advisors Singapore Limited, 168, Robinson Road, #33-01 Capital Tower, Singapore 068912 (Company Reg. No: 200002719D, regulated by the Monetary Authority of Singapore). T: +65 6826-7555. F: +65 6826-7501. **Switzerland:** State Street

------

![](g368291img5fa599942.gif)

Global Advisors AG, Beethovenstr. 19, CH-8027 Zurich. Registered with the Register of Commerce Zurich CHE-105.078.458. T: +41 (0)44 245 70 00. F: +41 (0)44 245 70 16. **United Kingdom:** State Street Global Advisors Limited. Authorised and regulated by the Financial Conduct Authority.

Registered in England. Registered No. 2509928. VAT No. 5776591 81. Registered office: 20 Churchill Place, Canary Wharf, London, E14 5HJ. T: 020 3395 6000. F: 020 3395 6350. **United States:** 

State Street Global Advisors, 1 Iron Street, Boston, MA 02210-1641. T: +1 617 786 3000.

Investing involves risk including the risk of loss of principal.

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 Global Advisors' express written consent.© 2022 State Street Corporation.

All Rights Reserved.

ID949714-3479918.2.1.GBL.RTL 0322

Exp. Date: 03/31/2023

------

**PART C**

**OTHER INFORMATION** 

**Item 28.**

**Exhibits** 

---

| | |
|:---|:---|
| (a)(1) | &nbsp;&nbsp; [<u>Amended and Restated Declaration of Trust dated April 14, 2014 is incorporated herein by reference to Post-Effective</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312514159729/d715852dex99a10.htm)<br> [<u>Amendment No. 47 to the State Street Institutional Investment Trust's (the "Trust" or the "Registrant") Registration</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312514159729/d715852dex99a10.htm)<br> [<u>Statement on Form N-1A filed with the Securities and Exchange Commission (the "Commission") on April 25, 2014.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312514159729/d715852dex99a10.htm)<br>|
| (b)(1) | &nbsp;&nbsp; [<u>Amended and Restated By-Laws of the Trust are incorporated herein by reference to the Post-Effective Amendment</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312515305240/d10786dex99b3.htm)<br> [<u>No. 137 to the Trust's Registration Statement on Form N-1A filed with the Commission on August 28, 2015.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312515305240/d10786dex99b3.htm)<br>|
| (c) | Not applicable. |
| (d)(1) | &nbsp;&nbsp; [<u>Amended and Restated Investment Advisory Agreement dated November 17, 2015 between SSGA Funds</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312516570013/d170568dex99d1.htm)<br> [<u>Management, Inc. ("SSGA FM") and the Trust is incorporated herein by reference to Post-Effective Amendment No.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312516570013/d170568dex99d1.htm)<br> [<u>216 to the Trust's Registration Statement on Form N-1A filed with the Commission on April 29, 2016.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312516570013/d170568dex99d1.htm)<br>|
| (2) | &nbsp;&nbsp; [<u>Amended and Restated Appendix A dated April 24, 2020 to the Amended and Restated Investment Advisory</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521020124/d86735dex9928d2.htm)<br> [<u>Agreement dated November 17, 2015 between SSGA FM and the Trust is incorporated herein by reference to Post-</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521020124/d86735dex9928d2.htm)<br> [<u>Effective Amendment No. 273 to the Trust's Registration Statement on Form N-1A filed with the Commission on</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521020124/d86735dex9928d2.htm)<br> [<u>January 28, 2021.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521020124/d86735dex9928d2.htm)<br>|
| (3) | &nbsp;&nbsp; [<u>Amended and Restated Appendix B dated April 24, 2020 to the Amended and Restated Investment Advisory</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521020124/d86735dex9928d3.htm)<br> [<u>Agreement dated November 17, 2015 between SSGA FM and the Trust is incorporated herein by reference to Post-</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521020124/d86735dex9928d3.htm)<br> [<u>Effective Amendment No. 273 to the Trust's Registration Statement on Form N-1A filed with the Commission on</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521020124/d86735dex9928d3.htm)<br> [<u>January 28, 2021.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521020124/d86735dex9928d3.htm)<br>|
| (4) | &nbsp;&nbsp; [<u>Amended and Restated Appendix B dated May 14, 2021 to the Amended and Restated Investment Advisory</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521359103/d186956dex99d4.htm)<br> [<u>Agreement dated November 17, 2015 between SSGA FM (State Street Income Fund and State Street U.S. Core Equity</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521359103/d186956dex99d4.htm)<br> [<u>Fund) and the Trust is incorporated herein by reference to Post-Effective Amendment No. 291 to the Trust's</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521359103/d186956dex99d4.htm)<br> [<u>Registration Statement on Form N-1A filed with the Commission on December 16, 2021.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521359103/d186956dex99d4.htm)<br>|
| (5) | &nbsp;&nbsp; [<u>Amended and Restated Appendix B dated December 22, 2021 to the Amended and Restated Investment Advisory</u>](http://www.sec.gov/Archives/edgar/data/0001107414/000119312522019916/d253283dex99d5.htm)<br> [<u>Agreement dated November 17, 2015 between SSGA FM (State Street Diversified Income Fund) and the Trust is</u>](http://www.sec.gov/Archives/edgar/data/0001107414/000119312522019916/d253283dex99d5.htm)<br> [<u>incorporated herein by reference to Post-Effective Amendment No. 293 to the Trust's Registration Statement on Form</u>](http://www.sec.gov/Archives/edgar/data/0001107414/000119312522019916/d253283dex99d5.htm)<br> [<u>N-1A filed with the Commission on January 27, 2022.</u>](http://www.sec.gov/Archives/edgar/data/0001107414/000119312522019916/d253283dex99d5.htm)<br>|
| (6) | &nbsp;&nbsp; [<u>Fee Waiver and/or Expense Reimbursement Arrangements Letter dated April 30, 2022 between SSGA FM and the</u>](https://www.sec.gov/Archives/edgar/data/1107414/000119312522127902/d335835dex99d8.htm)<br> [<u>Trust with respect to State Street Global All Cap Equity ex-U.S. Index Portfolio (formerly known as State Street</u>](https://www.sec.gov/Archives/edgar/data/1107414/000119312522127902/d335835dex99d8.htm)<br> [<u>Global Equity ex-U.S. Index Portfolio), State Street Small/Mid Cap Equity Index Portfolio, State Street Target</u>](https://www.sec.gov/Archives/edgar/data/1107414/000119312522127902/d335835dex99d8.htm)<br> [<u>Retirement Fund, State Street Target Retirement 2020 Fund, State Street Target Retirement 2025 Fund, State Street</u>](https://www.sec.gov/Archives/edgar/data/1107414/000119312522127902/d335835dex99d8.htm)<br> [<u>Target Retirement 2030 Fund, State Street Target Retirement 2035 Fund, State Street Target Retirement 2040 Fund,</u>](https://www.sec.gov/Archives/edgar/data/1107414/000119312522127902/d335835dex99d8.htm)<br> [<u>State Street Target Retirement 2045 Fund, State Street Target Retirement 2050 Fund, State Street Target Retirement</u>](https://www.sec.gov/Archives/edgar/data/1107414/000119312522127902/d335835dex99d8.htm)<br> [<u>2055 Fund, State Street Target Retirement 2060 Fund, State Street Target Retirement 2065 Fund, State Street Equity</u>](https://www.sec.gov/Archives/edgar/data/1107414/000119312522127902/d335835dex99d8.htm)<br> [<u>500 Index Fund, State Street Equity 500 Index II Portfolio, State Street Aggregate Bond Index Fund, State Street</u>](https://www.sec.gov/Archives/edgar/data/1107414/000119312522127902/d335835dex99d8.htm)<br> [<u>Aggregate Bond Index Portfolio, State Street Small/Mid Cap Equity Index Fund, State Street Global All Cap Equity</u>](https://www.sec.gov/Archives/edgar/data/1107414/000119312522127902/d335835dex99d8.htm)<br> [<u>ex-U.S. Index Fund (formerly known as State Street Global Equity ex-U.S. Index Fund), State Street International</u>](https://www.sec.gov/Archives/edgar/data/1107414/000119312522127902/d335835dex99d8.htm)<br> [<u>Developed Equity Index Fund, State Street Institutional Liquid Reserves Fund, State Street Institutional U.S.</u>](https://www.sec.gov/Archives/edgar/data/1107414/000119312522127902/d335835dex99d8.htm)<br> [<u>Government Money Market Fund, State Street Institutional Treasury Plus Money Market Fund, State Street Emerging</u>](https://www.sec.gov/Archives/edgar/data/1107414/000119312522127902/d335835dex99d8.htm)<br> [<u>Markets Equity Index Fund, State Street Institutional Treasury Money Market Fund, State Street Hedged International</u>](https://www.sec.gov/Archives/edgar/data/1107414/000119312522127902/d335835dex99d8.htm)<br> [<u>Developed Equity Index Fund, and State Street Treasury Obligations Money Market Fund is incorporated herein by</u>](https://www.sec.gov/Archives/edgar/data/1107414/000119312522127902/d335835dex99d8.htm)<br> [<u>reference to Post-Effective Amendment No. 294 to the Trust's Registration Statement on Form N-1A filed with the</u>](https://www.sec.gov/Archives/edgar/data/1107414/000119312522127902/d335835dex99d8.htm)<br> [<u>Commission on April 28, 2022.</u>](https://www.sec.gov/Archives/edgar/data/1107414/000119312522127902/d335835dex99d8.htm)<br>|
| (7) | &nbsp;&nbsp; [<u>Form of Reimbursement Agreement by and among State Street Master Funds, the Trust, State Street Navigator</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312520119215/d894102dex9928d8.htm)<br> [<u>Securities Lending Trust, Elfun Government Money Market Fund, SSGA FM and State Street Global Advisors Funds</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312520119215/d894102dex9928d8.htm)<br> [<u>Distributors, LLC ("SSGA FD") is incorporated herein by reference to Post-Effective Amendment No. 271 to the</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312520119215/d894102dex9928d8.htm)<br> [<u>Trust's Registration Statement on Form N-1A filed with the Commission on April 24, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312520119215/d894102dex9928d8.htm)<br>|
| (8) | &nbsp;&nbsp; [<u>Fee Waiver and/or Expense Reimbursement Arrangements letter dated January 26, 2023 between SSGA FM and the</u>](d436157dex99d8.htm)<br> [<u>Trust with respect to the State Street Diversified Income Fund is filed herewith.</u>](d436157dex99d8.htm)<br>|
| (e)(1) | &nbsp;&nbsp; [<u>Amended and Restated Distribution Agreement dated May 1, 2017 between the Registrant and SSGA FD is</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312518131627/d539292dex9928e1.htm)<br> [<u>incorporated herein by reference to Post-Effective Amendment No. 253 to the Trust's Registration Statement on Form</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312518131627/d539292dex9928e1.htm)<br> [<u>N-1A filed with the Commission on April 25, 2018.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312518131627/d539292dex9928e1.htm)<br>|
| (2) | &nbsp;&nbsp; [<u>Notice dated August 17, 2017 to the Amended and Restated Distribution Agreement dated May 1, 2017 related to the</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312518131627/d539292dex9928e2.htm)<br> [<u>State Street Treasury Obligations Money Market Fund is incorporated herein by reference to Post-Effective</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312518131627/d539292dex9928e2.htm)<br> [<u>Amendment No. 253 to the Trust's Registration Statement on Form N-1A filed with the Commission on April 25,</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312518131627/d539292dex9928e2.htm)<br> [<u>2018.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312518131627/d539292dex9928e2.htm)<br>|

---

------

---

| | |
|:---|:---|
| (3) | &nbsp;&nbsp; [<u>Notice dated May 14, 2021 to the Amended and Restated Distribution Agreement dated May 1, 2017 related to the</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521359103/d186956dex99e3.htm)<br> [<u>State Street Target Retirement 2065 Fund, State Street Income Fund and State Street U.S. Core Equity Fund is</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521359103/d186956dex99e3.htm)<br> [<u>incorporated herein by reference to Post-Effective Amendment No. 291 to the Trust's Registration Statement on Form</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521359103/d186956dex99e3.htm)<br> [<u>N-1A filed with the Commission on December 16, 2021.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521359103/d186956dex99e3.htm)<br>|
| (4) | &nbsp;&nbsp; [<u>Notice dated December 22, 2021 to the Amended and Restated Distribution Agreement dated May 1, 2017 related to</u>](http://www.sec.gov/Archives/edgar/data/0001107414/000119312522019916/d253283dex99e4.htm)<br> [<u>the State Street Diversified Income Fund is incorporated herein by reference to Post-Effective Amendment No. 293 to</u>](http://www.sec.gov/Archives/edgar/data/0001107414/000119312522019916/d253283dex99e4.htm)<br> [<u>the Trust's Registration Statement on Form N-1A filed with the Commission on January 27, 2022.</u>](http://www.sec.gov/Archives/edgar/data/0001107414/000119312522019916/d253283dex99e4.htm)<br>|
| (f) | Not applicable. |
| (g)(1) | &nbsp;&nbsp; [<u>Amended and Restated Custodian Agreement dated February 14, 2001 between State Street Bank and Trust Company</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013502002277/b42719xsex99-g1.txt)<br> [<u>and the Trust is incorporated herein by reference to Post-Effective Amendment No. 9+ to the Trust's Registration</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013502002277/b42719xsex99-g1.txt)<br> [<u>Statement on Form N-1A filed with the Commission on April 30, 2002.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013502002277/b42719xsex99-g1.txt)<br>|
| (2) | &nbsp;&nbsp; [<u>Amendment dated September 30, 2020 to the Amended and Restated Custodian Agreement dated February 14, 2001</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521020124/d86735dex9928g2.htm)<br> [<u>between State Street Bank and Trust Company and the Trust is incorporated herein by reference to Post-Effective</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521020124/d86735dex9928g2.htm)<br> [<u>Amendment No. 273 to the Trust's Registration Statement on Form N-1A filed with the Commission on January 28,</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521020124/d86735dex9928g2.htm)<br> [<u>2021.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521020124/d86735dex9928g2.htm)<br>|
| (3) | &nbsp;&nbsp; [<u>Notice dated February 14, 2002 to Amended and Restated Custodian Agreement dated February 14, 2001 with respect</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013508003095/b69423a1exv99wxgyx2y.txt)<br> [<u>to the State Street Institutional Money Market Fund and the State Street Institutional U.S. Government Money Market</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013508003095/b69423a1exv99wxgyx2y.txt)<br> [<u>Fund is incorporated herein by reference to Post-Effective Amendment No. 28 to the Trust's Registration Statement on</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013508003095/b69423a1exv99wxgyx2y.txt)<br> [<u>Form N-1A filed with the Commission on April 30, 2008.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013508003095/b69423a1exv99wxgyx2y.txt)<br>|
| (4) | &nbsp;&nbsp; [<u>Notice dated February 12, 2004 to Amended and Restated Custodian Agreement dated February 14, 2001 between</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013508003095/b69423a1exv99wxgyx3y.txt)<br> [<u>State Street Bank and Trust Company and the Trust with respect to the State Street Institutional Money Market Fund is</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013508003095/b69423a1exv99wxgyx3y.txt)<br> [<u>incorporated herein by reference to Post-Effective Amendment No. 28 to the Trust's Registration Statement on Form</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013508003095/b69423a1exv99wxgyx3y.txt)<br> [<u>N-1A filed with the Commission on April 30, 2008.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013508003095/b69423a1exv99wxgyx3y.txt)<br>|
| (5) | &nbsp;&nbsp; [<u>Notice dated July 22, 2008 to Amended and Restated Custodian Agreement dated February 14, 2001 between State</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013508005107/b71128a1exv99w23xgyx4y.txt)<br> [<u>Street Bank and Trust Company and the Trust with respect to the State Street Institutional Treasury Money Market</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013508005107/b71128a1exv99w23xgyx4y.txt)<br> [<u>Fund and the State Street Institutional Treasury Plus Money Market Fund is incorporated herein by reference to Post-</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013508005107/b71128a1exv99w23xgyx4y.txt)<br> [<u>Effective Amendment No. 29 to the Trust's Registration Statement on Form N-1A filed with the Commission on July</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013508005107/b71128a1exv99w23xgyx4y.txt)<br> [<u>24, 2008.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013508005107/b71128a1exv99w23xgyx4y.txt)<br>|
| (6) | &nbsp;&nbsp; [<u>Notice dated June 19, 2014 to Amended and Restated Custodian Agreement dated February 14, 2001 between State</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312516570013/d170568dex99g5.htm)<br> [<u>Street Bank and Trust Company and the Trust with respect to the State Street Target Retirement 2020 Fund, State</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312516570013/d170568dex99g5.htm)<br> [<u>Street Target Retirement 2025 Fund, State Street Target Retirement 2030 Fund, State Street Target Retirement 2035</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312516570013/d170568dex99g5.htm)<br> [<u>Fund, State Street Target Retirement 2040 Fund, State Street Target Retirement 2045 Fund, State Street Target</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312516570013/d170568dex99g5.htm)<br> [<u>Retirement 2050 Fund, State Street Target Retirement 2055 Fund, State Street Target Retirement 2060 Fund, State</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312516570013/d170568dex99g5.htm)<br> [<u>Street Target Retirement Fund, State Street Strategic Real Return Portfolio, State Street Aggregate Bond Index</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312516570013/d170568dex99g5.htm)<br> [<u>Portfolio, State Street Global All Cap Equity ex-U.S. Index Portfolio, State Street Equity 500 Index II Portfolio, State</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312516570013/d170568dex99g5.htm)<br> [<u>Street Opportunistic Emerging Markets Fund, State Street Clarion Global Real Estate Income Fund, State Street Small</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312516570013/d170568dex99g5.htm)<br> [<u>Cap Emerging Markets Equity Fund and State Street Clarion Global Infrastructure & MLP Fund is incorporated</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312516570013/d170568dex99g5.htm)<br> [<u>herein by reference to Post-Effective Amendment No. 216 to the Trust's Registration Statement on Form N-1A filed</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312516570013/d170568dex99g5.htm)<br> [<u>with the Commission on April 29, 2016.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312516570013/d170568dex99g5.htm)<br>|
| (7) | &nbsp;&nbsp; [<u>Notice dated August 17, 2017 to Amended and Restated Custodian Agreement dated February 14, 2001 between State</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312518131627/d539292dex9928g9.htm)<br> [<u>Street Bank and Trust Company and the Trust with respect to the State Street Treasury Obligations Money Market</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312518131627/d539292dex9928g9.htm)<br> [<u>Fund is incorporated herein by reference to Post-Effective Amendment No. 253 to the Trust's Registration Statement</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312518131627/d539292dex9928g9.htm)<br> [<u>on Form N-1A filed with the Commission on April 25, 2018.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312518131627/d539292dex9928g9.htm)<br>|
| (8) | &nbsp;&nbsp; [<u>Notice dated February 10, 2015 to Amended and Restated Custodian Agreement dated February 14, 2001 between</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312515200068/d930240dex99g9.htm)<br> [<u>State Street Bank and Trust Company and the Trust with respect to the State Street International Developed Equity</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312515200068/d930240dex99g9.htm)<br> [<u>Index Fund is incorporated herein by reference to Post-Effective Amendment No. 111 to the Trust's Registration</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312515200068/d930240dex99g9.htm)<br> [<u>Statement on Form N-1A filed with the Commission on May 26, 2015.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312515200068/d930240dex99g9.htm)<br>|
| (9) | &nbsp;&nbsp; [<u>Notice dated February 10, 2015 to Amended and Restated Custodian Agreement dated February 14, 2001 between</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312515174806/d920564dex99g10.htm)<br> [<u>State Street Bank and Trust Company and the Trust with respect to the State Street Hedged International Developed</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312515174806/d920564dex99g10.htm)<br> [<u>Equity Index Fund is incorporated herein by reference to Post-Effective Amendment No. 104 to the Trust's</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312515174806/d920564dex99g10.htm)<br> [<u>Registration Statement on Form N-1A filed with the Commission on May 6, 2015.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312515174806/d920564dex99g10.htm)<br>|
| (10) | &nbsp;&nbsp; [<u>Notice dated August 3, 2015 to Amended and Restated Custodian Agreement dated February 14, 2001 between State</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312515334128/d12959dex99g10.htm)<br> [<u>Street Bank and Trust Company and the Trust with respect to the State Street Small/Mid Cap Equity Index Fund, State</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312515334128/d12959dex99g10.htm)<br> [<u>Street Small/Mid Cap Equity Index Portfolio and State Street Emerging Markets Equity Index Fund is incorporated</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312515334128/d12959dex99g10.htm)<br> [<u>herein by reference to the Post-Effective Amendment No. 151 to the Trust's Registration Statement on Form N-1A</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312515334128/d12959dex99g10.htm)<br> [<u>filed with the Commission on September 30, 2015.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312515334128/d12959dex99g10.htm)<br>|
| (11) | &nbsp;&nbsp; [<u>Notice dated May 14, 2021 to Amended and Restated Custodian Agreement between State Street Bank and Trust</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521359103/d186956dex99g13.htm)<br> [<u>Company and the Trust with respect to the State Street Aggregate Bond Index Fund, State Street Global All Cap</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521359103/d186956dex99g13.htm)<br> [<u>Equity ex-U.S. Index Fund, State Street Income Fund and State Street U.S. Core Equity Fund is incorporated herein by</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521359103/d186956dex99g13.htm)<br> [<u>reference to Post-Effective Amendment No. 291 to the Trust's Registration Statement on Form N-1A filed with the</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521359103/d186956dex99g13.htm)<br> [<u>Commission on December 16, 2021.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521359103/d186956dex99g13.htm)<br>|

---

------

---

| | |
|:---|:---|
| (12) | &nbsp;&nbsp; [<u>Notice dated May 28, 2021 to Amended and Restated Custodian Agreement between State Street Bank and Trust</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521020124/d86735dex9928g14.htm)<br> [<u>Company and the Trust with respect to the State Street Target Retirement 2065 Fund is incorporated herein by</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521020124/d86735dex9928g14.htm)<br> [<u>reference to Post-Effective Amendment No. 273 to the Trust's Registration Statement on Form N-1A filed with the</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521020124/d86735dex9928g14.htm)<br> [<u>Commission on January 28, 2021.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521020124/d86735dex9928g14.htm)<br>|
| (13) | &nbsp;&nbsp; [<u>Notice dated December 22, 2021 to Amended and Restated Custodian Agreement between State Street Bank and Trust</u>](http://www.sec.gov/Archives/edgar/data/0001107414/000119312522019916/d253283dex99g15.htm)<br> [<u>Company and the Trust with respect to the State Street Diversified Income Fund is incorporated herein by reference to</u>](http://www.sec.gov/Archives/edgar/data/0001107414/000119312522019916/d253283dex99g15.htm)<br> [<u>Post-Effective Amendment No. 293 to the Trust's Registration Statement on Form N-1A filed with the Commission on</u>](http://www.sec.gov/Archives/edgar/data/0001107414/000119312522019916/d253283dex99g15.htm)<br> [<u>January 27, 2022.</u>](http://www.sec.gov/Archives/edgar/data/0001107414/000119312522019916/d253283dex99g15.htm)<br>|
| (h)(1)(a) | &nbsp;&nbsp; [<u>Transfer Agency and Service Agreement dated February 28, 2000 between State Street Bank and Trust Company and</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013502002277/b42719xsex99-h1.txt)<br> [<u>the Trust is incorporated herein by reference to Post-Effective Amendment No. 9+ to the Trust's Registration</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013502002277/b42719xsex99-h1.txt)<br> [<u>Statement on Form N-1A filed with the Commission on April 30, 2002.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013502002277/b42719xsex99-h1.txt)<br>|
| (1)(b) | &nbsp;&nbsp; [<u>Anti-Money Laundering Services Amendment dated October 31, 2006 to Transfer Agency and Service Agreement</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013508005107/b71128a1exv99w23xhyx1yxhy.txt)<br> [<u>dated February 28, 2000 between State Street Bank and Trust Company and the Trust is incorporated herein by</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013508005107/b71128a1exv99w23xhyx1yxhy.txt)<br> [<u>reference to Post-Effective Amendment No. 29 to the Trust's Registration Statement on Form N-1A filed with the</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013508005107/b71128a1exv99w23xhyx1yxhy.txt)<br> [<u>Commission on July 24, 2008.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013508005107/b71128a1exv99w23xhyx1yxhy.txt)<br>|
| (1)(c) | &nbsp;&nbsp; [<u>Services Amendment dated April 5, 2004 to Transfer Agency and Service Agreement dated February 28, 2000</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013508003095/b69423a1exv99wxhyx1yxiy.txt)<br> [<u>between State Street Bank and Trust Company and the Trust is incorporated herein by reference to Post-Effective</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013508003095/b69423a1exv99wxhyx1yxiy.txt)<br> [<u>Amendment No. 28 to the Trust's Registration Statement on Form N-1A filed with the Commission on April 30, 2008.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013508003095/b69423a1exv99wxhyx1yxiy.txt)<br>|
| (1)(d) | &nbsp;&nbsp; [<u>Notice dated February 14, 2002 to Transfer Agency and Service Agreement dated February 28, 2000 between State</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013509003240/b75030a1exv99wxhyx1yxjy.txt)<br> [<u>Street Bank and Trust Company and the Trust with respect to the State Street Institutional Money Market Fund and the</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013509003240/b75030a1exv99wxhyx1yxjy.txt)<br> [<u>State Street Institutional U.S. Government Money Market Fund is incorporated herein by reference to Post-Effective</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013509003240/b75030a1exv99wxhyx1yxjy.txt)<br> [<u>Amendment No. 30 to the Trust's Registration Statement on Form N-1A filed with the Commission on April 29, 2009.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013509003240/b75030a1exv99wxhyx1yxjy.txt)<br>|
| (1)(e) | &nbsp;&nbsp; [<u>Notice dated February 12, 2004 to Transfer Agency and Service Agreement dated February 28, 2000 between State</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013509003240/b75030a1exv99wxhyx1yxky.txt)<br> [<u>Street Bank and Trust Company and the Trust with respect to the State Street Institutional Money Market Fund is</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013509003240/b75030a1exv99wxhyx1yxky.txt)<br> [<u>incorporated herein by reference to Post-Effective Amendment No. 30 to the Trust's Registration Statement on Form</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013509003240/b75030a1exv99wxhyx1yxky.txt)<br> [<u>N-1A filed with the Commission on April 29, 2009.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013509003240/b75030a1exv99wxhyx1yxky.txt)<br>|
| (1)(f) | &nbsp;&nbsp; [<u>Notice dated August 3, 2015 to the Transfer Agency and Service Agreement dated February 28, 2000 between State</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312515334128/d12959dex99h1h.htm)<br> [<u>Street Bank and Trust Company and the Trust with respect to the State Street Small/Mid Cap Equity Index Portfolio is</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312515334128/d12959dex99h1h.htm)<br> [<u>incorporated herein by reference to the Post-Effective Amendment No. 151 to the Trust's Registration Statement on</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312515334128/d12959dex99h1h.htm)<br> [<u>Form N-1A filed with the Commission on September 30, 2015.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312515334128/d12959dex99h1h.htm)<br>|
| (1)(g) | &nbsp;&nbsp; [<u>Notice dated June 19, 2014 to the Transfer Agency and Service Agreement dated February 28, 2000 between State</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312516570013/d170568dex99h1k.htm)<br> [<u>Street Bank and Trust Company and the Trust with respect to State Street Global All Cap Equity ex-U.S. Index</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312516570013/d170568dex99h1k.htm)<br> [<u>Portfolio, State Street Aggregate Bond Index Portfolio, State Street Equity 500 Index II Portfolio is incorporated</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312516570013/d170568dex99h1k.htm)<br> [<u>herein by reference to Post-Effective Amendment No. 216 to the Trust's Registration Statement on Form N-1A filed</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312516570013/d170568dex99h1k.htm)<br> [<u>with the Commission on April 29, 2016.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312516570013/d170568dex99h1k.htm)<br>|
| (1)(h) | &nbsp;&nbsp; [<u>Transfer Agency and Service Agreement dated June 1, 2015 between SS&C GIDS, Inc. (f/k/a Boston Financial Data</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312515334128/d12959dex99h1i.htm)<br> [<u>Services, Inc.) and the Trust is incorporated herein by reference to Post-Effective Amendment No.151 to the Trust's</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312515334128/d12959dex99h1i.htm)<br> [<u>Registration Statement on Form N-1A filed with the Commission on September 30, 2015.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312515334128/d12959dex99h1i.htm)<br>|
| (1)(i) | &nbsp;&nbsp; [<u>Amendment dated September 23, 2016 to the Transfer Agency and Service Agreement dated June 1, 2015 between</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312516775256/d263682dex9928h1k.htm)<br> [<u>SS&C GIDS, Inc. (f/k/a Boston Financial Data Services, Inc.) and the Trust is incorporated herein by reference to</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312516775256/d263682dex9928h1k.htm)<br> [<u>Post-Effective Amendment No. 232 to the Trust's Registration Statement on Form N-1A filed with the Commission on</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312516775256/d263682dex9928h1k.htm)<br> [<u>November 22, 2016.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312516775256/d263682dex9928h1k.htm)<br>|
| (1)(j) | &nbsp;&nbsp; [<u>Amendment dated October 27, 2017 to the Transfer Agency and Service Agreement dated June 1, 2015 between</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312518131627/d539292dex9928h1j.htm)<br> [<u>SS&C GIDS, Inc. (f/k/a Boston Financial Data Services, Inc.) and the Trust is incorporated herein by reference to</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312518131627/d539292dex9928h1j.htm)<br> [<u>Post-Effective Amendment No. 253 to the Trust's Registration Statement on Form N-1A filed with the Commission on</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312518131627/d539292dex9928h1j.htm)<br> [<u>April 25, 2018.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312518131627/d539292dex9928h1j.htm)<br>|
| (1)(k) | &nbsp;&nbsp; [<u>Amended Schedule A dated April 24, 2020 to the Transfer Agency and Service Agreement dated June 1, 2015 between</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521020124/d86735dex9928h1j.htm)<br> [<u>SS&C GIDS, Inc. (f/k/a DST Asset Manager Solutions, Inc.) and the Trust is incorporated herein by reference to Post-</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521020124/d86735dex9928h1j.htm)<br> [<u>Effective Amendment No. 273 to the Trust's Registration Statement on Form N-1A filed with the Commission on</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521020124/d86735dex9928h1j.htm)<br> [<u>January 28, 2021.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521020124/d86735dex9928h1j.htm)<br>|
| (1)(l) | &nbsp;&nbsp; [<u>Amended Schedule A dated June 14, 2021 to the Transfer Agency and Service Agreement dated June 1, 2015 between</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521359103/d186956dex99h1l.htm)<br> [<u>SS&C GIDS, Inc. (f/k/a DST Asset Manager Solutions, Inc.) and the Trust is incorporated herein by reference to Post-</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521359103/d186956dex99h1l.htm)<br> [<u>Effective Amendment No. 291 to the Trust's Registration Statement on Form N-1A filed with the Commission on</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521359103/d186956dex99h1l.htm)<br> [<u>December 16, 2021.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521359103/d186956dex99h1l.htm)<br>|
| (1)(m) | &nbsp;&nbsp; [<u>Amended Schedule A effective December 22, 2021 to the Transfer Agency and Service Agreement dated June 1, 2015</u>](http://www.sec.gov/Archives/edgar/data/0001107414/000119312522019916/d253283dex99h1m.htm)<br> [<u>between SS&C GIDS, Inc. (f/k/a DST Asset Manager Solutions, Inc.) and the Trust is incorporated herein by</u>](http://www.sec.gov/Archives/edgar/data/0001107414/000119312522019916/d253283dex99h1m.htm)<br> [<u>reference to Post-Effective Amendment No. 293 to the Trust's Registration Statement on Form N-1A filed with the</u>](http://www.sec.gov/Archives/edgar/data/0001107414/000119312522019916/d253283dex99h1m.htm)<br> [<u>Commission on January 27, 2022.</u>](http://www.sec.gov/Archives/edgar/data/0001107414/000119312522019916/d253283dex99h1m.htm)<br>|

---

------

---

| | |
|:---|:---|
| (1)(n) | &nbsp;&nbsp; [<u>Amendment dated January 15, 2020 to be effective December 30, 2019 to the Transfer Agency and Service Agreement</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312520119215/d894102dex9928h1l.htm)<br> [<u>dated June 1, 2015 between SS&C GIDS, Inc. (f/k/a DST Asset Manager Solutions, Inc.) and the Trust is incorporated</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312520119215/d894102dex9928h1l.htm)<br> [<u>herein by reference to Post-Effective Amendment No. 271 to the Trust's Registration Statement on Form N-1A filed</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312520119215/d894102dex9928h1l.htm)<br> [<u>with the Commission on April 24, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312520119215/d894102dex9928h1l.htm)<br>|
| (1)(o) | &nbsp;&nbsp; [<u>Shareholder Servicing Agreement dated October 1, 2017 between SSGA FD and the Trust is incorporated herein by</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312518131627/d539292dex9928h1l.htm)<br> [<u>reference to Post-Effective Amendment No. 253 to the Trust's Registration Statement on Form N-1A filed with the</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312518131627/d539292dex9928h1l.htm)<br> [<u>Commission on April 25, 2018.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312518131627/d539292dex9928h1l.htm)<br>|
| (1)(p) | &nbsp;&nbsp; [<u>Amendment dated June 28, 2018 to the Transfer Agency and Service Agreement dated June 1, 2015 between SS&C</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312519125531/d633649dex9928h1o.htm)<br> [<u>GIDS, Inc. (f/k/a DST Asset Manager Solutions, Inc.) and the Trust is incorporated herein by reference to Post-</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312519125531/d633649dex9928h1o.htm)<br> [<u>Effective Amendment No. 256 to the Trust's Registration Statement on Form N-1A filed with the Commission on</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312519125531/d633649dex9928h1o.htm)<br> [<u>April 29, 2019.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312519125531/d633649dex9928h1o.htm)<br>|
| (1)(q) | &nbsp;&nbsp; [<u>DST Digital Solutions Services Master Agreement dated July 1, 2018 between DST Systems, Inc. and the Trust is</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312519125531/d633649dex9928h1p.htm)<br> [<u>incorporated herein by reference to Post-Effective Amendment No. 256 to the Trust's Registration Statement on Form</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312519125531/d633649dex9928h1p.htm)<br> [<u>N-1A filed with the Commission on April 29, 2019.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312519125531/d633649dex9928h1p.htm)<br>|
| (1)(r) | &nbsp;&nbsp; [<u>Amendment dated February 10, 2021 to the Transfer Agency and Service Agreement dated June 1, 2015 between</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521136594/d109781dex9928h1o.htm)<br> [<u>SS&C GIDS, Inc. (f/k/a DST Asset Manager Solutions, Inc.), SSGA Funds and the Trust is incorporated herein by</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521136594/d109781dex9928h1o.htm)<br> [<u>reference to Post-Effective Amendment No. 277 to the Trust's Registration Statement on Form N-1A filed with the</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521136594/d109781dex9928h1o.htm)<br> [<u>Commission on April 28, 2021.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521136594/d109781dex9928h1o.htm)<br>|
| (1)(s) | &nbsp;&nbsp; [<u>Amendment dated April 13, 2021 to the Transfer Agency and Service Agreement dated June 1, 2015 between SS&C</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521359103/d186956dex99h1s.htm)<br> [<u>GIDS, Inc. (f/k/a DST Asset Manager Solutions, Inc.) and the Trust is incorporated herein by reference to Post-</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521359103/d186956dex99h1s.htm)<br> [<u>Effective Amendment No. 291 to the Trust's Registration Statement on Form N-1A filed with the Commission on</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521359103/d186956dex99h1s.htm)<br> [<u>December 16, 2021.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521359103/d186956dex99h1s.htm)<br>|
| (1)(t) | &nbsp;&nbsp; [<u>Amendment dated January 19, 2022 to the Transfer Agency and Service Agreement dated June 1, 2015 between</u>](https://www.sec.gov/Archives/edgar/data/1107414/000119312522127902/d335835dex99h1t.htm)<br> [<u>SS&C GIDS, Inc. (f/k/a DST Asset Manager Solutions, Inc.) and the Trust is incorporated herein by reference to Post-</u>](https://www.sec.gov/Archives/edgar/data/1107414/000119312522127902/d335835dex99h1t.htm)<br> [<u>Effective Amendment No. 294 to the Trust's Registration Statement on Form N-1A filed with the Commission on</u>](https://www.sec.gov/Archives/edgar/data/1107414/000119312522127902/d335835dex99h1t.htm)<br> [<u>April 28, 2022.</u>](https://www.sec.gov/Archives/edgar/data/1107414/000119312522127902/d335835dex99h1t.htm)<br>|
| (1)(u) | Transfer Agency and Service Agreement between U.S. Bancorp and the Trust to be filed by subsequent amendment. |
| (2)(a) | &nbsp;&nbsp; [<u>Administration Agreement dated June 1, 2015 between SSGA FM, SSGA Funds, the Trust and State Street Master</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312516570013/d170568dex99h2a.htm)<br> [<u>Funds is incorporated herein by reference to Post-Effective Amendment No. 216 to the Trust's Registration Statement</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312516570013/d170568dex99h2a.htm)<br> [<u>on Form N-1A filed with the Commission on April 29, 2016.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312516570013/d170568dex99h2a.htm)<br>|
| (2)(b) | &nbsp;&nbsp; [<u>Notice dated August 17, 2017 to Administration Agreement dated June 1, 2015 between SSGA FM, SSGA Funds, the</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312518131627/d539292dex9928h2e.htm)<br> [<u>Trust and State Street Master Funds with respect to the State Street Treasury Obligations Money Market Fund is</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312518131627/d539292dex9928h2e.htm)<br> [<u>incorporated herein by reference to Post-Effective Amendment No. 253 to the Trust's Registration Statement on Form</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312518131627/d539292dex9928h2e.htm)<br> [<u>N-1A filed with the Commission on April 25, 2018.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312518131627/d539292dex9928h2e.htm)<br>|
| (2)(c) | &nbsp;&nbsp; [<u>Notice dated December 31, 2020 to Administration Agreement dated June 1, 2015 between SSGA Funds, State Street</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521136594/d109781dex9928h2d.htm)<br> [<u>Master Funds, SSGA FM and the Trust with respect to the State Street Target Retirement 2065 Fund is incorporated</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521136594/d109781dex9928h2d.htm)<br> [<u>herein by reference to Post-Effective Amendment No. 277 to the Trust's Registration Statement on Form N-1A filed</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521136594/d109781dex9928h2d.htm)<br> [<u>with the Commission on April 28, 2021.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521136594/d109781dex9928h2d.htm)<br>|
| (2)(d) | &nbsp;&nbsp; [<u>Notice dated May 14, 2021 to Administration Agreement dated June 1, 2015 between SSGA FM, SSGA Funds, the</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521359103/d186956dex99h2e.htm)<br> [<u>Trust and State Street Master Funds with respect to the State Street Income Fund and State Street U.S. Core Equity</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521359103/d186956dex99h2e.htm)<br> [<u>Fund is incorporated herein by reference to Post-Effective Amendment No. 291 to the Trust's Registration Statement</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521359103/d186956dex99h2e.htm)<br> [<u>on Form N-1A filed with the Commission on December 16, 2021.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521359103/d186956dex99h2e.htm)<br>|
| (2)(e) | &nbsp;&nbsp; [<u>Notice dated December 22, 2021 to Administration Agreement dated June 1, 2015 between SSGA FM, SSGA Funds,</u>](http://www.sec.gov/Archives/edgar/data/0001107414/000119312522019916/d253283dex99h2f.htm)<br> [<u>the Trust and State Street Master Funds with respect to the State Street Diversified Income Fund is incorporated</u>](http://www.sec.gov/Archives/edgar/data/0001107414/000119312522019916/d253283dex99h2f.htm)<br> [<u>herein by reference to Post-Effective Amendment No. 293 to the Trust's Registration Statement on Form N-1A filed</u>](http://www.sec.gov/Archives/edgar/data/0001107414/000119312522019916/d253283dex99h2f.htm)<br> [<u>with the Commission on January 27, 2022.</u>](http://www.sec.gov/Archives/edgar/data/0001107414/000119312522019916/d253283dex99h2f.htm)<br>|
| (2)(f) | &nbsp;&nbsp; [<u>Master Sub-Administration Agreement dated June 1, 2015 between State Street Bank and Trust Company and SSGA</u>](https://www.sec.gov/Archives/edgar/data/1107414/000119312515383738/d34227dex99h2n.htm)<br> [<u>FM is incorporated herein by reference to Post-Effective Amendment No. 175 to the Trust's Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1107414/000119312515383738/d34227dex99h2n.htm)<br> [<u>Form N-1A filed with the Commission on November 20, 2015.</u>](https://www.sec.gov/Archives/edgar/data/1107414/000119312515383738/d34227dex99h2n.htm)<br>|
| (2)(g) | &nbsp;&nbsp; [<u>Notice dated August 17, 2017 to Master Sub-Administration Agreement dated June 1, 2015 between State Street Bank</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312518131627/d539292dex9928h2i.htm)<br> [<u>and Trust Company and SSGA FM with respect to the State Street Treasury Obligations Money Market Fund is</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312518131627/d539292dex9928h2i.htm)<br> [<u>incorporated herein by reference to Post-Effective Amendment No. 253 to the Trust's Registration Statement on Form</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312518131627/d539292dex9928h2i.htm)<br> [<u>N-1A filed with the Commission on April 25, 2018.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312518131627/d539292dex9928h2i.htm)<br>|
| (2)(h) | &nbsp;&nbsp; [<u>Notice dated May 14, 2021 to Master Sub-Administration Agreement dated June 1, 2015 between State Street Bank</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521359103/d186956dex99h2j.htm)<br> [<u>and Trust Company and SSGA FM with respect to the State Street Target 2065 Fund, State Street Income Fund and</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521359103/d186956dex99h2j.htm)<br> [<u>State Street U.S. Core Equity Fund is incorporated herein by reference to Post-Effective Amendment No. 291 to the</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521359103/d186956dex99h2j.htm)<br> [<u>Trust's Registration Statement on Form N-1A filed with the Commission on December 16, 2021.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521359103/d186956dex99h2j.htm)<br>|
| (2)(i) | &nbsp;&nbsp; [<u>Notice dated December 22, 2021 to Master Sub-Administration Agreement dated June 1, 2015 between State Street</u>](http://www.sec.gov/Archives/edgar/data/0001107414/000119312522019916/d253283dex99h2k.htm)<br> [<u>Bank and Trust Company and SSGA FM with respect to the State Street Diversified Income Fund is incorporated</u>](http://www.sec.gov/Archives/edgar/data/0001107414/000119312522019916/d253283dex99h2k.htm)<br> [<u>herein by reference to Post-Effective Amendment No. 293 to the Trust's Registration Statement on Form N-1A filed</u>](http://www.sec.gov/Archives/edgar/data/0001107414/000119312522019916/d253283dex99h2k.htm)<br> [<u>with the Commission on January 27, 2022.</u>](http://www.sec.gov/Archives/edgar/data/0001107414/000119312522019916/d253283dex99h2k.htm)<br>|

---

------

---

| | |
|:---|:---|
| (2)(j) | &nbsp;&nbsp; [<u>Amendment dated June 29, 2018 to the Master Sub-Administration Agreement dated June 1, 2015 between State</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312519125531/d633649dex9928h2m.htm)<br> [<u>Street Bank and Trust Company and SSGA FM is incorporated herein by reference to Post-Effective Amendment No.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312519125531/d633649dex9928h2m.htm)<br> [<u>256 to the Trust's Registration Statement on Form N-1A filed with the Commission on April 29, 2019.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312519125531/d633649dex9928h2m.htm)<br>|
| (2)(k) | &nbsp;&nbsp; [<u>Form of Indemnification Agreement between the Trust and the Board of Trustees of the Trust is incorporated herein by</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312519125531/d633649dex9928h2n.htm)<br> [<u>reference to Post-Effective Amendment No. 256 to the Trust's Registration Statement on Form N-1A filed with the</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312519125531/d633649dex9928h2n.htm)<br> [<u>Commission on April 29, 2019.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312519125531/d633649dex9928h2n.htm)<br>|
| (3) | &nbsp;&nbsp; [<u>Form of Master Feeder Participation Agreement between State Street Master Funds and the Trust with respect to the</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013506002814/b60575bpexv99wxhyx4y.txt)<br> [<u>State Street Equity 500 Index Fund is incorporated herein by reference to Post-Effective Amendment No. 17 to the</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013506002814/b60575bpexv99wxhyx4y.txt)<br> [<u>Trust's Registration Statement on Form N-1A filed with the Commission on April 28, 2006.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013506002814/b60575bpexv99wxhyx4y.txt)<br>|
| (4) | &nbsp;&nbsp; [<u>Form of Master Feeder Participation Agreement between State Street Master Funds and the Trust with respect to the</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013506002814/b60575bpexv99wxhyx5y.txt)<br> [<u>State Street Institutional Liquid Reserves Fund is incorporated herein by reference to Post-Effective Amendment No.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013506002814/b60575bpexv99wxhyx5y.txt)<br> [<u>17 to the Trust's Registration Statement on Form N-1A filed with the Commission on April 28, 2006.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013506002814/b60575bpexv99wxhyx5y.txt)<br>|
| (5) | &nbsp;&nbsp; [<u>Master Feeder Participation Agreement dated October 2, 2007 between State Street Master Funds and the Trust with</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013508005107/b71128a1exv99w23xhyx8y.txt)<br> [<u>respect to the State Street Institutional Treasury Money Market Fund is incorporated herein by reference to Post-</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013508005107/b71128a1exv99w23xhyx8y.txt)<br> [<u>Effective Amendment No. 29 to the Trust's Registration Statement on Form N-1A filed with the Commission on July</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013508005107/b71128a1exv99w23xhyx8y.txt)<br> [<u>24, 2008.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013508005107/b71128a1exv99w23xhyx8y.txt)<br>|
| (6) | &nbsp;&nbsp; [<u>Master Feeder Participation Agreement dated October 2, 2007 between State Street Master Funds and the Trust with</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013508005107/b71128a1exv99w23xhyx9y.txt)<br> [<u>respect to the State Street Institutional Treasury Plus Money Market Fund is incorporated herein by reference to Post-</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013508005107/b71128a1exv99w23xhyx9y.txt)<br> [<u>Effective Amendment No. 29 to the Trust's Registration Statement on Form N-1A filed with the Commission on July</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013508005107/b71128a1exv99w23xhyx9y.txt)<br> [<u>24, 2008.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013508005107/b71128a1exv99w23xhyx9y.txt)<br>|
| (7) | &nbsp;&nbsp; [<u>Information Security Program Agreement dated November 19, 2010 is incorporated herein by reference to Post-</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095012311042213/b86077a1exv99w28xhyx11y.htm)<br> [<u>Effective Amendment No. 33 to the Trust's Registration Statement on Form N-1A filed with the Commission on April</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095012311042213/b86077a1exv99w28xhyx11y.htm)<br> [<u>29, 2011.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095012311042213/b86077a1exv99w28xhyx11y.htm)<br>|
| (8) | &nbsp;&nbsp; [<u>Master Feeder Participation Agreement dated August 21, 2017 between State Street Master Funds and the Trust with</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312518131627/d539292dex9928h10.htm)<br> [<u>respect to the State Street Treasury Obligations Money Market Fund is incorporated herein by reference to Post-</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312518131627/d539292dex9928h10.htm)<br> [<u>Effective Amendment No. 253 to the Trust's Registration Statement on Form N-1A filed with the Commission on</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312518131627/d539292dex9928h10.htm)<br> [<u>April 25, 2018.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312518131627/d539292dex9928h10.htm)<br>|
| (9)(a) | &nbsp;&nbsp; [<u>Master Amended and Restated Securities Lending Authorization Agreement dated January 6, 2017 between SSGA</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312520119215/d894102dex9928h12a.htm)<br> [<u>Funds, the Trust, State Street Master Funds and State Street Bank and Trust Company is incorporated herein by</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312520119215/d894102dex9928h12a.htm)<br> [<u>reference to Post-Effective Amendment No. 271 to the Trust's Registration Statement on Form N-1A filed with the</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312520119215/d894102dex9928h12a.htm)<br> [<u>Commission on April 24, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312520119215/d894102dex9928h12a.htm)<br>|
| (9)(b) | &nbsp;&nbsp; [<u>First Amendment to Master Amended and Restated Securities Lending Authorization Agreement between SSGA</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312519125531/d633649dex9928g16.htm)<br> [<u>Funds, the Trust, State Street Master Funds and State Street Bank and Trust Company dated December 7, 2018 is</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312519125531/d633649dex9928g16.htm)<br> [<u>incorporated herein by reference to Post-Effective Amendment No. 256 to the Trust's Registration Statement on Form</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312519125531/d633649dex9928g16.htm)<br> [<u>N-1A filed with the Commission on April 29, 2019.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312519125531/d633649dex9928g16.htm)<br>|
| (9)(c) | &nbsp;&nbsp; Second Amendment to Master Amended and Restated Securities Lending Authorization Agreement between SSGA <br> Funds, the Trust, State Street Master Funds and State Street Bank and Trust Company to be filed by subsequent <br> amendment.<br>|
| (10) | &nbsp;&nbsp; [<u>Form of Fund of Funds Investment Agreement is incorporated herein by reference to Post-Effective Amendment No.</u>](http://www.sec.gov/Archives/edgar/data/0001107414/000119312522019916/d253283dex99h13.htm)<br> [<u>293 to the Trust's Registration Statement on Form N-1A filed with the Commission on January 27, 2022.</u>](http://www.sec.gov/Archives/edgar/data/0001107414/000119312522019916/d253283dex99h13.htm)<br>|
| (11) | [<u>Indemnification Agreement between the Trust and the Board of Trustees is filed herewith.</u>](d436157dex99h11.htm) |
| (i)(1) | &nbsp;&nbsp; [<u>Legal Opinion of Ropes & Gray LLP is incorporated herein by reference to Pre-Effective Amendment No. 1 to the</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013500004219/b36640a1ex99-i.txt)<br> [<u>Trust's Registration Statement on Form N-1A filed with the Commission in September 2000.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013500004219/b36640a1ex99-i.txt)<br>|
| (2) | &nbsp;&nbsp; [<u>Legal Opinion of Ropes & Gray LLP with respect to the State Street Money Market Fund is incorporated herein by</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013502004980/b44674a1exv99wxiyx2y.txt)<br> [<u>reference to Post-Effective Amendment No. 10 to the Trust's Registration Statement on Form N-1A filed with the</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013502004980/b44674a1exv99wxiyx2y.txt)<br> [<u>Commission on November 13, 2002.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013502004980/b44674a1exv99wxiyx2y.txt)<br>|
| (3) | &nbsp;&nbsp; [<u>Legal Opinion of Ropes & Gray LLP with respect to the Class R Shares of the State Street Equity 500 Index Fund is</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013505003160/b55311iiexv99wxiyx3y.txt)<br> [<u>incorporated herein by reference to Post-Effective Amendment No. 15 to the Trust's Registration Statement on Form</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013505003160/b55311iiexv99wxiyx3y.txt)<br> [<u>N-1A filed with the Commission on June 3, 2005.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000095013505003160/b55311iiexv99wxiyx3y.txt)<br>|
| (4) | &nbsp;&nbsp; [<u>Legal Opinion of Ropes & Gray LLP with respect to the Trust and the State Street Global All Cap Equity ex-U.S.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312514266647/d755078dex99i5.htm)<br> [<u>Index Fund is incorporated herein by reference to Post-Effective Amendment No. 59 to the Trust's Registration</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312514266647/d755078dex99i5.htm)<br> [<u>Statement on Form N-1A filed with the Commission on July 11, 2014.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312514266647/d755078dex99i5.htm)<br>|
| (5) | &nbsp;&nbsp; [<u>Legal Opinion of Ropes & Gray LLP with respect to State Street Target Retirement 2015 Fund, State Street Target</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312514266647/d755078dex99i6.htm)<br> [<u>Retirement 2020 Fund, State Street Target Retirement 2025 Fund, State Street Target Retirement 2030 Fund, State</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312514266647/d755078dex99i6.htm)<br> [<u>Street Target Retirement 2035 Fund, State Street Target Retirement 2040 Fund, State Street Target Retirement 2045</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312514266647/d755078dex99i6.htm)<br> [<u>Fund, State Street Target Retirement 2050 Fund, State Street Target Retirement 2055 Fund, State Street Target</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312514266647/d755078dex99i6.htm)<br> [<u>Retirement 2060 Fund, State Street Target Retirement Fund, State Street Strategic Real Return Fund, State Street</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312514266647/d755078dex99i6.htm)<br> [<u>Strategic Real Return Portfolio, State Street Aggregate Bond Index Portfolio, State Street Global All Cap Equity ex-</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312514266647/d755078dex99i6.htm)<br> [<u>U.S. Index Portfolio and State Street Equity 500 Index II Portfolio is incorporated herein by reference to Post-Effective</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312514266647/d755078dex99i6.htm)<br> [<u>Amendment No. 59 to the Trust's Registration Statement on Form N-1A filed with the Commission on July 11, 2014.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312514266647/d755078dex99i6.htm)<br>|

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [<u>Legal Opinion of Ropes & Gray LLP with respect to the Institutional Class, Investor Class and Administration Class</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312514247355/d737668dex99i8.htm) [<u>shares of the State Street Institutional Liquid Reserves Fund, State Street Institutional U.S. Government Money Market</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312514247355/d737668dex99i8.htm) [<u>Fund, State Street Institutional Treasury Money Market Fund and State Street Institutional Treasury Plus Money</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312514247355/d737668dex99i8.htm) [<u>Market Fund is incorporated herein by reference to Post-Effective Amendment No. 54 to the Trust's Registration</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312514247355/d737668dex99i8.htm) [<u>Statement on Form N-1A filed with the Commission on June 24, 2014.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312514247355/d737668dex99i8.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [<u>Legal Opinion of Ropes & Gray LLP with respect to Class G shares of the State Street Institutional U.S. Government</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312514336757/d766500dex99i11.htm) [<u>Money Market Fund is incorporated herein by reference to Post-Effective Amendment No. 66 to the Trust's</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312514336757/d766500dex99i11.htm) [<u>Registration Statement on Form N-1A filed with the Commission on September 9, 2014.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312514336757/d766500dex99i11.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) [<u>Legal Opinion of Ropes & Gray LLP with respect to the State Street Hedged International Developed Equity Index</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312515174806/d920564dex99i14.htm) [<u>Fund and State Street International Developed Equity Index Fund is incorporated herein by reference to Post-Effective</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312515174806/d920564dex99i14.htm) [<u>Amendment No. 104 to the Trust's Registration Statement on Form N-1A filed with the Commission on May 6, 2015.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312515174806/d920564dex99i14.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) [<u>Legal Opinion of Ropes & Gray LLP with respect to the State Street Small/Mid Cap Equity Index Fund and State</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312515283229/d59598dex99i15.htm) [<u>Street Small/Mid Cap Equity Index Portfolio is incorporated herein by reference to Post-Effective Amendment No.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312515283229/d59598dex99i15.htm) [<u>133 to the Trust's Registration Statement on Form N-1A filed with the Commission on August 7, 2015.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312515283229/d59598dex99i15.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) [<u>Legal Opinion of Ropes & Gray LLP with respect to the State Street Emerging Markets Equity Index Fund is</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312515305240/d10786dex99i16.htm) [<u>incorporated herein by reference to Post-Effective Amendment No. 137 to the Trust's Registration Statement on Form</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312515305240/d10786dex99i16.htm) [<u>N-1A filed with the Commission on August 28, 2015.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312515305240/d10786dex99i16.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) [<u>Legal Opinion of Ropes & Gray LLP with respect to the State Street Ultra Short-Term Bond Fund and State Street</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312515334169/d34347dex99i22.htm) [<u>Ultra Short Term Bond Portfolio is incorporated herein by reference to Post-Effective Amendment No. 156 to the</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312515334169/d34347dex99i22.htm) [<u>Trust's Registration Statement on Form N-1A filed with the Commission on September 30, 2015.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312515334169/d34347dex99i22.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) [<u>Legal Opinion of Ropes & Gray LLP with respect to Trust Class shares of the State Street Institutional Liquid</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312516692160/d411044dex9928i22.htm) [<u>Reserves Fund and State Street Institutional Treasury Plus Money Market Fund is incorporated herein by reference to</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312516692160/d411044dex9928i22.htm) [<u>Post-Effective Amendment No. 226 to the Trust's Registration Statement on Form N-1A filed with the Commission on</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312516692160/d411044dex9928i22.htm) [<u>August 25, 2016.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312516692160/d411044dex9928i22.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) [<u>Legal Opinion of Ropes & Gray LLP with respect to Class M shares of the State Street Institutional U.S. Government</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312516775256/d263682dex9928i24.htm) [<u>Money Market Fund is incorporated herein by reference to Post-Effective Amendment No. 232 to the Trust's</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312516775256/d263682dex9928i24.htm) [<u>Registration Statement on Form N-1A filed with the Commission on November 22, 2016.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312516775256/d263682dex9928i24.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) [<u>Legal Opinion of Ropes & Gray LLP with respect to the State Street Treasury Obligations Money Market Fund is</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312517261051/d398067dex9928i24.htm) [<u>incorporated herein by reference to Post-Effective Amendment No. 247 to the Trust's Registration Statement on Form</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312517261051/d398067dex9928i24.htm) [<u>N-1A filed with the Commission on August 17, 2017.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312517261051/d398067dex9928i24.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) [<u>Legal Opinion of Ropes & Gray LLP with respect to the State Street Target Retirement 2065 Fund is incorporated</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312520041860/d889422dex9928i24.htm) [<u>herein by reference to Post-Effective Amendment No. 267 to the Trust's Registration Statement on Form N-1A filed</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312520041860/d889422dex9928i24.htm) [<u>with the Commission on February 19, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312520041860/d889422dex9928i24.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) [<u>Legal Opinion of Ropes & Gray LLP with respect to Bancroft Capital Class shares of the State Street Institutional</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521268837/d212048dex99i25.htm) [<u>Liquid Reserves Fund, State Street Institutional Treasury Money Market Fund, State Street Institutional Treasury Plus</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521268837/d212048dex99i25.htm) [<u>Money Market Fund and State Street Institutional U.S. Government Money Market Fund is incorporated herein by</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521268837/d212048dex99i25.htm) [<u>reference to Post-Effective Amendment No. 284 to the Trust's Registration Statement on Form N-1A filed with the</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521268837/d212048dex99i25.htm) [<u>Commission on September 9, 2021.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521268837/d212048dex99i25.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) [<u>Legal Opinion of Ropes & Gray LLP with respect to Blaylock Van Class shares of the State Street Institutional Liquid</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521298955/d242893dex99i26.htm) [<u>Reserves Fund, State Street Institutional Treasury Money Market Fund, State Street Institutional Treasury Plus Money</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521298955/d242893dex99i26.htm) [<u>Market Fund and State Street Institutional U.S. Government Money Market Fund and Cabrera Capital Markets Class</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521298955/d242893dex99i26.htm) [<u>shares of the State Street Institutional Treasury Money Market Fund, State Street Institutional Treasury Plus Money</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521298955/d242893dex99i26.htm) [<u>Market Fund and State Street Institutional U.S. Government Money Market Fund is incorporated herein by reference</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521298955/d242893dex99i26.htm) [<u>to Post-Effective Amendment No. 287 to the Trust's Registration Statement on Form N1-1A filed with the</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521298955/d242893dex99i26.htm) [<u>Commission on October 15, 2021.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521298955/d242893dex99i26.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) [<u>Legal Opinion of Ropes & Gray LLP with respect to Opportunity Class shares of the State Street Institutional Liquid</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521306469/d232424dex99i27.htm) [<u>Reserves Fund, State Street Institutional Treasury Money Market Fund, State Street Institutional Treasury Plus Money</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521306469/d232424dex99i27.htm) [<u>Market Fund and State Street Institutional U.S. Government Money Market Fund is incorporated herein by reference</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521306469/d232424dex99i27.htm) [<u>to Post-Effective Amendment No. 288 to the Trust's Registration Statement on Form N-1A filed with the Commission</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521306469/d232424dex99i27.htm) [<u>on October 25, 2021.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521306469/d232424dex99i27.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) [<u>Legal Opinion of Ropes & Gray LLP with respect to Class R3 shares of the State Street Target Retirement 2020 Fund,</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521359103/d186956dex99i28.htm) [<u>State Street Target Retirement 2025 Fund, State Street Target Retirement 2030 Fund, State Street Target Retirement</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521359103/d186956dex99i28.htm) [<u>2035 Fund, State Street Target Retirement 2040 Fund, State Street Target Retirement 2045 Fund, State Street Target</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521359103/d186956dex99i28.htm) [<u>Retirement 2050 Fund, State Street Target Retirement 2055 Fund, State Street Target Retirement 2060 Fund, State</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521359103/d186956dex99i28.htm) [<u>Street Target Retirement 2065 Fund and State Street Target Retirement Fund is incorporated herein by reference to</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521359103/d186956dex99i28.htm) [<u>Post-Effective Amendment No. 291 to the Trust's Registration Statement on Form N-1A filed with the Commission on</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521359103/d186956dex99i28.htm) [<u>December 16, 2021.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521359103/d186956dex99i28.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) [<u>Legal Opinion of Ropes & Gray LLP with respect to State Street Diversified Income Fund is incorporated herein by</u>](http://www.sec.gov/Archives/edgar/data/0001107414/000119312521363829/d254779dex99i29.htm) [<u>reference to Post-Effective Amendment No. 292 to the Trust's Registration Statement on Form N-1A filed with the</u>](http://www.sec.gov/Archives/edgar/data/0001107414/000119312521363829/d254779dex99i29.htm) [<u>Commission on December 22, 2021.</u>](http://www.sec.gov/Archives/edgar/data/0001107414/000119312521363829/d254779dex99i29.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) [<u>Consent of Ernst & Young LLP is filed herewith.</u>](d436157dex99j.htm)

------

---

| | |
|:---|:---|
| (k) | Not applicable. |
| (l) | Not applicable. |
| (m)(1) | &nbsp;&nbsp; [<u>Amended and Restated Rule 12b-1 Plan is incorporated herein by reference to Post-Effective Amendment No. 277 to</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521136594/d109781dex9928m1.htm)<br> [<u>the Trust's Registration Statement on Form N-1A filed with the Commission on April 28, 2021.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521136594/d109781dex9928m1.htm)<br>|
| (2) | &nbsp;&nbsp; [<u>Amended Shareholder Servicing Plan for Service Class effective May 14, 2009 is incorporated herein by reference to</u>](http://www.sec.gov/Archives/edgar/data/1107414/000114420410009924/v174903_ex99-m2.htm)<br> [<u>Post-Effective Amendment No. 31 to the Trust's Registration Statement on Form N-1A filed with the Commission on</u>](http://www.sec.gov/Archives/edgar/data/1107414/000114420410009924/v174903_ex99-m2.htm)<br> [<u>February 25, 2010.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000114420410009924/v174903_ex99-m2.htm)<br>|
| (3) | &nbsp;&nbsp; [<u>Amended Shareholder Servicing Plan for Investment Class effective May 14, 2009 is incorporated herein by reference</u>](http://www.sec.gov/Archives/edgar/data/1107414/000114420410009924/v174903_ex99-m3.htm)<br> [<u>to Post-Effective Amendment No. 31 to the Trust's Registration Statement on Form N-1A filed with the Commission</u>](http://www.sec.gov/Archives/edgar/data/1107414/000114420410009924/v174903_ex99-m3.htm)<br> [<u>on February 25, 2010.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000114420410009924/v174903_ex99-m3.htm)<br>|
| (n)(1) | [<u>Amended and Restated Plan Pursuant to Rule 18f-3 is filed herewith.</u>](d436157dex99n1.htm) |
| (o)(1) | &nbsp;&nbsp; [<u>Power of Attorney dated September 15, 2022 as it relates to the SSGA Funds, State Street Master Funds, the Trust,</u>](d436157dex99o1.htm)<br> [<u>State Street Institutional Funds, State Street Variable Insurance Series Funds, Inc. State Street Navigator Securities</u>](d436157dex99o1.htm)<br> [<u>Lending Trust, Elfun Government Money Market Fund, Elfun Tax-Exempt Income Fund, Elfun Income Fund, Elfun</u>](d436157dex99o1.htm)<br> [<u>Diversified Fund, Elfun International Equity Fund and Elfun Trusts, is filed herewith.</u>](d436157dex99o1.htm)<br>|
| (2) | &nbsp;&nbsp; [<u>Power of Attorney as it relates to the State Street Disciplined Global Equity Portfolio, a series of SSGA Active Trust,</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312519229471/d792451dex9928o4.htm)<br> [<u>is incorporated herein by reference to Post-Effective Amendment No. 262 to the Trust's Registration Statement on</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312519229471/d792451dex9928o4.htm)<br> [<u>Form N-1A filed with the Commission on August 26, 2019.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312519229471/d792451dex9928o4.htm)<br>|
| (3) | &nbsp;&nbsp; [<u>Power of Attorney dated November 17, 2020 as it relates to the Trust, is incorporated herein by reference to Post-</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521020124/d86735dex9928o3.htm)<br> [<u>Effective Amendment No. 273 to the Trust's Registration Statement on Form N-1A filed with the Commission on</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521020124/d86735dex9928o3.htm)<br> [<u>January 28, 2021.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521020124/d86735dex9928o3.htm)<br>|
| (4) | &nbsp;&nbsp; [<u>Power of Attorney dated November 17, 2020 as it relates to the Trust, is incorporated herein by reference to Post-</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521020124/d86735dex9928o4.htm)<br> [<u>Effective Amendment No. 273 to the Trust's Registration Statement on Form N-1A filed with the Commission on</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521020124/d86735dex9928o4.htm)<br> [<u>January 28, 2021.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521020124/d86735dex9928o4.htm)<br>|
| (p)(1) | &nbsp;&nbsp; [<u>Joint Code of Ethics of SSGA FM is incorporated herein by reference to Post-Effective Amendment No. 294 to the</u>](https://www.sec.gov/Archives/edgar/data/1107414/000119312522127902/d335835dex99p1.htm)<br> [<u>Trust's Registration Statement on Form N-1A filed with the Commission on April 28, 2022.</u>](https://www.sec.gov/Archives/edgar/data/1107414/000119312522127902/d335835dex99p1.htm)<br>|
| (2) | &nbsp;&nbsp; [<u>Code of Ethics for the Independent Trustees is incorporated herein by reference to Post-Effective Amendment No. 291</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521359103/d186956dex99p2.htm)<br> [<u>to the Trust's Registration Statement on Form N-1A filed with the Commission on December 16, 2021.</u>](http://www.sec.gov/Archives/edgar/data/1107414/000119312521359103/d186956dex99p2.htm)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| EX-101.INS | &nbsp;&nbsp; XBRL Instance Document - the Instance Document does not appear in the Interactive Data File because its XBRL <br> tags are embedded within the inline XBRL document.<br>|
| EX-101.SCH | XBRL Taxonomy Extension Schema Document |
| EX-101.CAL | XBRL Taxonomy Extension Calculation Linkbase |
| EX-101.DEF | XBRL Taxonomy Extension Definition Linkbase |
| EX-101.LAB | XBRL Taxonomy Extension Labels Linkbase |
| EX-101.PRE | XBRL Taxonomy Extension Presentation Linkbase |

---

+

Post-Effective Amendment No. 8 was filed with the Commission on January 30, 2002. The next Post-Effective Amendment, filed on April 30, 2002, should have been sequentially numbered Post-Effective Amendment No. 9. Due to a scrivener's error, it was numbered Post-Effective Amendment No. 10. Such Post-Effective Amendment has been referred to in this Part C as Post-Effective Amendment No. 9.

**Item 29.**

**Persons Controlled By or Under Common Control With Registrant** 

See the Statement of Additional Information regarding the Trust's control relationships.

**Item 30.**

**Indemnification** 

Under the terms of the Registrant's Amended and Restated Declaration of Trust, Article VIII, the Registrant is required, subject to certain exceptions and limitations, to indemnify each of its Trustees and officers, including persons who serve at the Registrant's request as directors, officers or trustees of another organization in which the Registrant has any interest as a shareholder, creditor or otherwise who may be indemnified by the Registrant under the Investment Company Act of 1940, as amended.

Under a separate Indemnification Agreement by and among the Registrant and each Trustee, the Registrant has undertaken to indemnify and advance expenses to each Trustee in a manner consistent with the laws of the Commonwealth of Massachusetts. The Agreement precludes indemnification or advancement of expenses with respect to "disabling conduct" (willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of office) and sets forth reasonable and fair means for determining whether indemnification or advancement of expenses shall be made.

------

**Item 31.**

**Business and Other Connections of Investment Adviser** 

Any other business, profession, vocation or employment of a substantial nature in which each director or principal officer of each investment adviser is or has been, at any time during the last two fiscal years, engaged for his or her own account or in the capacity of director, officer, employee, partner or trustee are as follows:

**SSGA FUNDS MANAGEMENT, INC.:**

SSGA FM serves as the investment adviser for each series of the Trust. SSGA FM is a wholly-owned subsidiary of State Street Global Advisors, Inc., which itself is a wholly-owned subsidiary of State Street Corporation. SSGA FM and other advisory affiliates of State Street Corporation make up State Street Global Advisors ("SSGA"), the investment management arm of State Street Corporation. The principal address of SSGA FM is One Iron Street, Boston, Massachusetts 02210. SSGA FM is an investment adviser registered under the Investment Advisers Act of 1940.

Below is a list of the directors and principal executive officers of SSGA FM and their principal occupation(s). Unless otherwise noted, the address of each person listed is One Iron Street, Boston, Massachusetts 02210.

---

| | |
|:---|:---|
| **Name** | **Position with and Name of Other Company** |
| Ellen Needham | &nbsp;&nbsp; Chairman, Director and President of SSGA FM; Senior Vice President/Senior Managing Director of <br> SSGA<br>|
| Sean Driscoll | Director of SSGA FM; Managing Director of SSGA |
| Barry F.X. Smith | Director of SSGA FM; Executive Vice President of SSGA |
| Lori Heinel | Director of SSGA FM; Executive Vice President of SSGA |
| Apea Amoa | Director of SSGA FM; Managing Director and Chief Financial Officer of SSGA |
| Jaclyn Collier | &nbsp;&nbsp; Chief Compliance Officer of SSGA GM; Senior Vice President/Senior Managing Director and Chief <br> Compliance Officer of SSGA<br>|
| Bo Trevino | Treasurer of SSGA FM; Vice President of SSGA |
| Sean O'Malley, Esq. | &nbsp;&nbsp; Chief Legal Officer of SSGA FM; Senior Vice President/Senior Managing Director and General <br> Counsel of SSGA<br>|
| Ann Carpenter | Chief Operating Officer of SSGA FM; Managing Director of SSGA |
| Timothy Corbett | Chief Risk Officer of SSGA FM; Senior Vice President/Senior Managing Director of SSGA |
| Jamie Bernardi | Derivates Risk Manager of SSGA FM; Managing Director of SSGA |
| Christyann Weltens | Derivates Risk Manager of SSGA FM; Vice President of SSGA |
| David Urman, Esq. | Clerk of SSGA FM; Vice President and Senior Counsel of SSGA |
| Daniel Furman, Esq. | Assistant Clerk of SSGA FM; Managing Director and Managing Counsel of SSGA |
| Leanne Dunn, Esq. | Assistant Clerk of SSGA FM; Managing Director and Senior Counsel of SSGA |
| Michael Pastore, Esq. | Assistant Clerk of SSGA FM; Managing Director and Senior Counsel of SSGA |

---

**Item 32.**

**Principal Underwriters** 

(a) SSGA FD, One Iron Street, Boston, Massachusetts 02210, serves as the Trust's principal underwriter and also serves as the principal underwriter for the following investment companies: State Street Institutional Funds, State Street Variable Insurance Series Funds, Inc., SSGA Funds, SPDR Series Trust, SPDR Index Shares Funds, SSGA Active Trust, State Street Institutional Investment Trust, Elfun Tax-Exempt Income Fund, Elfun Income Fund, Elfun International Equity Fund, Elfun Government Money Market Fund, Elfun Trusts and Elfun Diversified Fund.

(b) To the best of the Trust's knowledge, the managers and executive officers of SSGA FD are as follows:

---

| | | |
|:---|:---|:---|
| **Name and Principal** <br> **Business Address\***<br>| **Positions and Offices with Underwriter** | **Positions and Offices** <br> **with the Trust**<br>|
| Barry F. X. Smith | President, Chairman and Manager | None |
| Timothy Corbett | Manager | None |
| Steven Lipiner | Manager | None |
| Ellen Needham | Manager | President and Trustee |
| Christine Stokes | Manager | None |
| John Tucker | Manager | None |
| Jaclyn Collier | Chief Compliance Officer and Anti-Money Laundering Officer | None |

---

------

---

| | | |
|:---|:---|:---|
| **Name and Principal** <br> **Business Address\***<br>| **Positions and Offices with Underwriter** | **Positions and Offices** <br> **with the Trust**<br>|
| David Maxham | Chief Financial Officer | None |

---

\*

The principal business address for each of the above managers and executive officers is One Iron Street, Boston, Massachusetts 02210.

(c) Not applicable.

**Item 33.**

**Location of Accounts and Records** 

The accounts and records of the Trust are located, in whole or in part, at the office of the Trust and the following locations:

State Street Institutional Investment Trust

One Iron Street

Boston, Massachusetts 02210

SSGA Funds Management, Inc.

One Iron Street

Boston, Massachusetts 02210

SSGA FM serves as the Administrator for all Funds and Portfolios.

State Street Bank and Trust Company serves as the Sub-Administrator for all Funds and Portfolios.

State Street Bank and Trust Company serves as the Custodian, Transfer Agent and Dividend Disbursing Agent for all Funds, except State Street Bank and Trust Company does not serve as the Transfer Agent/Dividend Disbursing Agent for the State Street Institutional Liquid Reserves Fund, State Street Institutional U.S. Government Money Market Fund, State Street Institutional Treasury Money Market Fund, State Street Institutional Treasury Plus Money Market Fund, State Street Aggregate Bond Index Fund, State Street Equity 500 Index Fund, State Street Global All Cap Equity ex-U.S. Index Fund, State Street Target Retirement 2020 Fund, State Street Target Retirement 2025 Fund, State Street Target Retirement 2030 Fund, State Street Target Retirement 2035 Fund, State Street Target Retirement 2040 Fund, State Street Target Retirement 2045 Fund, State Street Target Retirement 2050 Fund, State Street Target Retirement 2055 Fund, State Street Target Retirement 2060 Fund, State Street Target Retirement 2065 Fund, State Street Target Retirement Fund, State Street Hedged International Developed Equity Index Fund, State Street Small/Mid Cap Equity Index Fund, State Street Emerging Markets Equity Index Fund, State Street Treasury Obligations Money Market Fund, State Street Income Fund, State Street U.S. Core Equity Fund and State Street Diversified Income Fund.

State Street Bank and Trust Company

100 Summer Street, 7th Floor

Boston, Massachusetts 02111

SS&C GIDS, Inc.

SS&C GIDS, Inc. serves as the Transfer Agent/Dividend Disbursing Agent for the State Street Institutional Liquid Reserves Fund, State Street Institutional U.S. Government Money Market Fund, State Street Institutional Treasury Money Market Fund, State Street Institutional Treasury Plus Money Market Fund, State Street Aggregate Bond Index Fund, State Street Equity 500 Index Fund, State Street Global All Cap Equity ex-U.S. Index Fund, State Street Target Retirement 2020 Fund, State Street Target Retirement 2025 Fund, State Street Target Retirement 2030 Fund, State Street Target Retirement 2035 Fund, State Street Target Retirement 2040 Fund, State Street Target Retirement 2045 Fund, State Street Target Retirement 2050 Fund, State Street Target Retirement 2055 Fund, State Street Target Retirement 2060 Fund, State Street Target Retirement 2065 Fund, State Street Target Retirement Fund, State Street Hedged International Developed Equity Index Fund, State Street Small/Mid Cap Equity Index Fund, State Street Emerging Markets Equity Index Fund, State Street Treasury Obligations Money Market Fund and State Street Diversified Income Fund.

SS&C GIDS, Inc.

2000 Crown Colony Drive

Quincy, Massachusetts 02169

U.S. Bancorp Fund Services, LLC

U.S. Bancorp Fund Services, LLC serves as Transfer Agent/Dividend Paying Agent for the State Street Income Fund and State Street U.S. Core Equity Fund.

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, Wisconsin 53202-5207

------

**Item 34.**

**Management Services** 

Not applicable.

**Item 35.**

**Undertakings** 

Not applicable.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended (the "1933 Act"), and the Investment Company Act of 1940, as amended, the Registrant, State Street Institutional Investment Trust (the "Trust"), certifies that it meets all requirements for the effectiveness of this Registration Statement pursuant to Rule 485(b) under the 1933 Act and has duly caused this Post-Effective Amendment to the Trust's Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Boston and Commonwealth of Massachusetts on the 26th day of January, 2023.

---

| | |
|:---|:---|
| STATE STREET INSTITUTIONAL INVESTMENT TRUST | STATE STREET INSTITUTIONAL INVESTMENT TRUST |
| By: | /s/ Ellen M. Needham |
|  | Ellen M. Needham |
|  | President |

---

Pursuant to the requirements of the 1933 Act, this Registration Statement for the Trust has been signed below by the following persons in the capacities as indicated on the 26th day of January, 2023:

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Patrick J. Riley\* | Trustee | January 26, 2023 |
| Patrick J. Riley |  |  |
| /s/ Michael A. Jessee\* | Trustee | January 26, 2023 |
| Michael A. Jessee |  |  |
| /s/ Donna M. Rapaccioli\* | Trustee | January 26, 2023 |
| Donna M. Rapaccioli |  |  |
| /s/ Richard D. Shirk\* | Trustee | January 26, 2023 |
| Richard D. Shirk |  |  |
| /s/ John R. Costantino\* | Trustee  | January 26, 2023 |
| John R. Costantino |  |  |
| /s/ Margaret McLaughlin\* | Trustee  | January 26, 2023 |
| Margaret McLaughlin |  |  |
| /s/ George M. Pereira\* | Trustee  | January 26, 2023 |
| George M. Pereira |  |  |
| /s/ Bruce S. Rosenberg | Treasurer and Principal Financial Officer | January 26, 2023 |
| Bruce S. Rosenberg | Treasurer and Principal Financial Officer |  |
| /s/ Ellen M. Needham | President (Principal Executive Officer) and Trustee | January 26, 2023 |
| Ellen M. Needham | President (Principal Executive Officer) and Trustee |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \*By: | /s/ David Barr |
|  | David Barr<br> Attorney-in-Fact<br> Pursuant to Powers of Attorney<br>|

---

\*

Signature affixed by David Barr pursuant to a power of attorney dated September 15, 2022.

------

**EXHIBIT INDEX** 

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Exhibit</u>** |
| (d)(8) | Fee Waiver and/or Expense Reimbursement Arrangements letter with respect to State Street Diversified Income Fund |
| (h)(11) | Indemnification Agreement between the Trust and the Board of Trustees |
| (j) | Consent of Ernst & Young LLP |
| (n)(1) | Amended and Restated Plan Pursuant to Rule 18f-3 |
| (o)(1) | Power of Attorney |

---

------

## Ex-99.(D)(8)

January 26, 2023

Mr. Bruce Rosenberg

Treasurer

State Street Institutional Investment Trust

c/o SSGA Funds Management, Inc.

1 Iron Street

Boston, Massachusetts 02210

RE: State Street Institutional Investment Trust Fee Waiver and/or Expense Reimbursement Arrangements—State Street Diversified Income Fund

Dear Mr. Rosenberg:

<u>Section I. Total Annual Fund Operating Expense Arrangements</u> 

SSGA Funds Management, Inc. ("SSGA FM"), as adviser to each series (each a "Fund" and collectively, the "Funds") of the State Street Institutional Investment Trust (the "Trust"), agrees until the date listed in the "Expiration Date" column below (the "Expiration Date"):

(a)(i) to waive up to the full amount of the advisory fee payable by a Fund, and/or (ii) to reimburse a Fund for expenses to the extent that Total Annual Fund Operating Expenses (exclusive of non-recurring account fees, interest, taxes, extraordinary expenses, acquired fund fees and distribution, shareholder servicing and sub-transfer agency fees) exceed the following percentage of average daily net assets on an annual basis with respect to the following Fund:

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Expense Limitation** | **Expiration Date** |
|  State Street Diversified Income Fund | 0.08% | January 31, 2024 |

---

<u>Section II. Other Arrangements</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) SSGA FM agrees to waive up to the portion of the management fee and/or expenses attributable to acquired fund
fees and expenses ("AFFEs"), excluding AFFEs derived from the Fund's holdings in acquired funds for cash management purposes. This fee waiver and/or expense reimbursement may only be terminated with approval of the Funds' Board
of Trustees.

If the arrangements in Section I and Section II of this memorandum are acceptable to you, please sign below to indicate your acceptance and agreement and return a copy of this letter to me.

Page 1 of 2

------

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| SSGA FUNDS MANAGEMENT, INC. | SSGA FUNDS MANAGEMENT, INC. |
| By: | /s/ Ellen M. Needham |
| Ellen M. Needham | Ellen M. Needham |
| Director and President | Director and President |

---

---

| | |
|:---|:---|
| Accepted and Agreed: | Accepted and Agreed: |
| STATE STREET INSTITUTIONAL INVESTMENT TRUST, ON BEHALF OF THE FUNDS NAMED ABOVE | STATE STREET INSTITUTIONAL INVESTMENT TRUST, ON BEHALF OF THE FUNDS NAMED ABOVE |
| By: | /s/ Bruce Rosenberg |
| Bruce Rosenberg | Bruce Rosenberg |
| Treasurer | Treasurer |

---

Page 2 of 2

## Ex-99.(H)(11)

**INDEMNIFICATION AGREEMENT** 

This INDEMNIFICATION AGREEMENT is made as of the 15<sup>th</sup> day of September, 2022 ("Agreement") by and between each of the investment companies listed on the attached Schedule A (each referred to as the "Trust" and each series thereof a "Fund") and each of the Trust's Trustees (as defined below, each an "Indemnitee").

WHEREAS, the Trust is a Massachusetts business trust formed under the laws of the Commonwealth of Massachusetts; and

WHEREAS, at the request of the Trust, Indemnitee now serves as a Trustee and, therefore, may be subjected to claims, suits or proceedings arising as a result of Indemnitee's service; and

WHEREAS, as an inducement to Indemnitee to serve or continue to serve as such Trustee and to provide the Trustee with contractual assurance that indemnification will be available to the Trustee, the Trust has agreed to indemnify Indemnitee against expenses and costs incurred by Indemnitee in connection with any such claims, suits or proceedings, to the fullest extent that is lawful, and delineate certain procedural aspects relating to indemnification and advancement of expenses, as more fully set forth herein; and

WHEREAS, the parties by this Agreement desire to set forth their agreement regarding indemnification;

NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Trust and Indemnitee do hereby covenant and agree as follows:

Section 1. <u>Definitions</u>. For purposes of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "Board" means the board of trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Disabling Conduct" means willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the Trustee's office. Disabling Conduct also shall mean (i) an act or omission of Indemnitee that is material to the matter giving rise to a Proceeding and was committed in bad faith or was the result of active and deliberate dishonesty, (ii) actual receipt of an improper personal benefit in money, property or services by Indemnitee, or (iii) in the case of a criminal proceeding, the Indemnitee had reasonable cause to believe that the act or omission was unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "Expenses" shall include reasonable attorneys' fees and all reasonable costs, including, without limitation: retainers; court costs; transcript costs; fees of experts; witness fees; travel expenses; duplicating costs; printing and binding costs; telephone charges; postage; delivery service fees; federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement; ERISA excise taxes and penalties; and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, or being or preparing to be a witness in a Proceeding. Expenses shall also include Expenses incurred in connection with any appeal resulting from any Proceeding, including, without limitation, the premium for, security for and other costs relating to any cost bond, supersedes bond or other appeal bond or its equivalent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "Indemnifiable Amounts" means Expenses, and any judgment, settlement, penalty or fine actually incurred by Indemnitee or on Indemnitee's behalf in connection with a Proceeding.

Information Classification: Limited Access

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "Independent Counsel" means counsel that meets all of the following criteria: (i) is "independent legal counsel" within the meaning of Rule 0-1(a)(6) under the Investment Company Act of 1940, as amended (the "1940 Act"), in respect of the Trust; (ii) is experienced in matters of the 1940 Act; (iii) is not currently representing, nor in the past two years has been retained to represent, the Trust or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement or of other indemnitees under similar indemnification agreements); and (iv) is not currently representing, nor in the past two years has been retained to represent, any other party in the Proceeding giving rise to a request for indemnification or advance of Expenses hereunder, except that the counsel also may represent another Indemnitee in the Proceeding. Independent Counsel shall be selected by Indemnitee and approved by the Board in accordance with the voting requirements set forth in the Trust's governing documents (which approval shall not be unreasonably withheld). In the event that the Board does not approve Indemnitee's selection within 30 days of written notice from Indemnitee of Indemnitee's selection, Indemnitee may select another counsel from a law firm having 100 or more attorneys and rated "AV" in Martindale-Hubbell Law Directory to act as Independent Counsel for purposes of this Agreement, provided that such other counsel satisfies the criteria in (i) through (iv) in this paragraph. Notwithstanding the foregoing, the term "Independent Counsel" shall not include any person who, under applicable standards of professional conduct, would have a material conflict of interest in representing either the Trust or Indemnitee in an action to determine Indemnitee's rights under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "Independent Trustee" means a Trustee who is not an "interested person" (as defined in the 1940 Act) of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "Proceeding" includes any claim, action, suit, arbitration, alternative dispute resolution mechanism, investigation, administrative hearing or any other actual, threatened or completed proceeding, whether civil, criminal, administrative or investigative (formal or informal), including any appeal therefrom, except one initiated by an Indemnitee pursuant to Section 7 of this Agreement to enforce Indemnitee's rights under this Agreement, unless otherwise agreed in writing by the Trust and the Indemnitee. If Indemnitee believes that a given situation is reasonably likely to lead to or culminate in the institution of a Proceeding, such situation shall also be considered a Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "Trustee" means a trustee of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "Trust Status" means the status of a person as currently being or in the past having been a Trustee.

Section 2. <u>Services by Indemnitee</u>. The Trust shall have no obligation under this Agreement to continue Indemnitee in the position of Trustee, but, in the event that Indemnitee ceases to serve as a Trustee, Indemnitee shall nevertheless retain all rights provided under this Agreement until its termination.

Section 3. <u>Indemnification—General</u>. The Trust shall indemnify, and advance Expenses to, Indemnitee (a) as specifically provided in this Agreement and, with respect to an Indemnitee that is a Trustee, the Trust's governing documents and (b) otherwise to the maximum extent permitted by Massachusetts or other applicable law in effect on the date hereof or at the time an Indemnitee seeks to exercise any right under this Agreement, whichever is greater. The rights of Indemnitee provided in this Section shall include, but shall not be limited to, all rights set forth in the other Sections of this Agreement.

Information Classification: Limited Access

------

Section 4. <u>Rights of Indemnification; Indemnification of Expenses for a Party</u>. Indemnitee shall be entitled to the rights of indemnification provided in this Section 4 if, by reason of Indemnitee's Trust Status, Indemnitee is, or is threatened to be, made a party to or otherwise involved in any pending, actual, completed or threatened Proceeding, whether or not such Proceeding is brought by or in the right of the Trust and irrespective of when the conduct that is the subject of the Proceeding occurred. Pursuant to this Section 4, and subject to the procedures contained in Section 6 of this Agreement, Indemnitee shall be indemnified against all Indemnifiable Amounts by reason of Indemnitee's Trust Status to the maximum extent permitted by Massachusetts and other applicable law in effect at the date of this Agreement or at the time of the request for indemnification, whichever is greater, *provided that* Indemnitee shall not be indemnified against Indemnifiable Amounts if Indemnitee is made party in a Proceeding and found liable by reason of Disabling Conduct. Without limiting any other rights of Indemnitee in this Agreement, if Indemnitee is not wholly successful in such Proceeding, but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, or is not successful as to one or more claims for reasons other than Disabling Conduct, the Trust shall indemnify Indemnitee against all Indemnifiable Amounts incurred by Indemnitee or on Indemnitee's behalf in connection with each claim, issue or matter to the maximum extent permitted by applicable law in effect at the date of this Agreement or at the time of the request for indemnification, whichever is greater, allocated on a reasonable and proportionate basis. For purposes of this Section and without limitation, subject to the procedures contained in Section 6 of this Agreement, the termination of any claim, issue or matter in any pending Proceeding by dismissal, with or without prejudice, or by settlement agreement without an admission of liability, shall be deemed to be a successful result as to such claim, issue or matter.

Section 5. <u>Advancement of Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Advancement of Expenses of a Party</u>. The Trust shall advance all Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding to which Indemnitee is, or is threatened to be, made a party by reason of his or her Trust Status, upon the receipt by the Trust of a statement or statements from Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding (a "Request") and subject to satisfaction of (1), (2) or (3) below. Such Request shall reasonably evidence the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by (i) a written affirmation by Indemnitee of Indemnitee's good faith belief that Indemnitee has not engaged in Disabling Conduct in connection with the Proceeding and (ii) a written undertaking by or on behalf of Indemnitee to repay any Expenses advanced if it shall ultimately be determined that Indemnitee has engaged in Disabling Conduct in respect of the subject matter of the Proceeding or if Indemnitee is not successful with respect to a claim, issue or matter by reason of Disabling Conduct, as determined in accordance with Section 4. Furthermore, any such advancement shall be subject to the requirements and limitations of Section 17(h) of the 1940 Act. An advance of Expenses may be in the form of, in the reasonable discretion of Indemnitee (but without duplication), (A) payment of such Expenses directly to third parties on behalf of Indemnitee, (B) advance of funds to Indemnitee in an amount sufficient to pay such Expenses or (C) reimbursement to Indemnitee for Indemnitee's payment of such Expenses. Such advances shall be made within 10 business days (or 30 days if a determination of Independent Counsel is required) after receipt by the Trust of the Request if any one of the following conditions shall have been met: (1) the Indemnitee shall provide security for his or her undertaking; (2) the Trust shall be insured against losses arising by reason of any lawful advances; or (3) a majority of a quorum of Independent Trustees of the Trust who are not party to the Proceeding giving rise to the Request, or an Independent Counsel in a written opinion, shall determine, based on review of the readily available facts (as opposed to a trial-type inquiry), that there is reason to believe that the Indemnitee ultimately will be found entitled to indemnification. If the Indemnitee seeks satisfaction of condition (3), the Indemnitee may require the Trust to have the determination as to the advances made by Independent Counsel to be selected in the manner provided by Section 1(d) of this Agreement. In such case, the Trust and the Indemnitee shall cooperate to cause the Independent Counsel to complete the determination within 30 days after the Trust's receipt of the Request. To the extent that Expenses advanced to Indemnitee do not relate to a specific claim, issue or matter in the Proceeding, such Expenses

Information Classification: Limited Access

------

shall be allocated on a reasonable and proportionate basis. After an Indemnitee's eligibility for advances as to a Proceeding has been established, as above provided, additional advances shall be made, as expenses are incurred by the Indemnitee, upon receipt by the Trust of further Requests supported by the aforesaid written affirmation and undertaking of the Indemnitee, but without the need for a further determination of Indemnitee's entitlement thereto by the Independent Trustees or an Independent Counsel determination with respect to the Proceeding if (3) has been relied upon in connection with the initial Request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Indemnification and Advance of Expenses of a Non-Party</u>. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is or may be, by reason of Indemnitee's Trust Status, made a witness or otherwise asked to participate, or is otherwise involved, in any Proceeding, whether instituted by the Trust or any other party, and to which Indemnitee is not a party, Indemnitee shall be advanced all reasonable Expenses and indemnified against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection therewith within 10 business days after the receipt by the Trust of a statement or statements requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee. In connection with any such advance of Expenses, the Trust may require Indemnitee to provide an affirmation and undertaking as described in Section 5(a) of this Agreement.

Section 6. <u>Procedure for Determination of Entitlement to Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To obtain indemnification under Sections 3 or 4 of this Agreement, Indemnitee shall submit a written request to the Trust, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification. Indemnitee may submit one or more such requests from time to time and at such time(s) as Indemnitee deems appropriate in Indemnitee's sole discretion. The Secretary of the Trust shall, promptly upon receipt of such a request for indemnification, advise the Board in writing that Indemnitee has requested indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon written request by Indemnitee for indemnification pursuant to Section 6(a) hereof: (i) if Indemnitee has been successful, on the merits or otherwise, in defense of the Proceeding at issue (including a decision in an action for which Indemnitee seeks indemnity under this Agreement), then Indemnitee shall be entitled to indemnification for Indemnifiable Amounts, and (ii) if there has been a final non-appealable decision on the merits (including a decision in an action for which Indemnitee seeks indemnity under this Agreement) by a court or other body in the Proceeding at issue or if, at the time of Indemnitee's written request, there shall have been no final non-appealable decision on the merits by a court or other body, including because the Proceeding at issue has been settled, then Indemnitee shall be entitled to indemnification, for Indemnifiable Amounts, *provided that* (A) where there has been a final non-appealable decision on the merits, the court or other body adjudicating the Proceeding at issue did not find Indemnitee liable by reason of Disabling Conduct and (B) with respect to the Proceeding at issue, a determination is made that indemnification is permissible under the circumstances because Indemnitee had not engaged in Disabling Conduct in respect of the subject matter of the Proceeding, by (1) the vote of a majority of the Independent Trustees who are not parties to the Proceeding at issue, (2) Independent Counsel in a written opinion, or (3) Trust shareholders. Indemnitee shall be afforded a rebuttable presumption that Indemnitee has not engaged in Disabling Conduct, except no such presumption shall be afforded in those cases where a Proceeding is terminated by conviction, or a plea of nolo contendere or its equivalent, or an entry of an order of probation prior to judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If it is determined that Indemnitee is entitled to indemnification under this Agreement, payment to Indemnitee shall be made within 10 business days after such determination.

Information Classification: Limited Access

------

Indemnitee shall cooperate with the person making such determination with respect to Indemnitee's entitlement to indemnification, including providing to such person upon reasonable request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Reasonable costs or expenses (including reasonable attorneys' fees and disbursements) incurred by Indemnitee in so cooperating with the person making such determination, in response to a request by such person, shall be borne by the Trust (irrespective of the determination as to Indemnitee's entitlement to indemnification) and the Trust shall indemnify and hold Indemnitee harmless therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trust shall pay the reasonable fees and expenses of Independent Counsel, if one is appointed.

Section 7. <u>Remedies of Indemnitee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If (i) a determination is made pursuant to Section 6(b)(ii)(B) of this Agreement that Indemnitee is not entitled to indemnification, (ii) advancement of Expenses is not timely made pursuant to Section 5, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 6(b) or Section 6(c) within 90 days after receipt by the Trust of the request for indemnification, (iv) payment of indemnification is not made pursuant to Section 4 of this Agreement or the governing documents of the Trust within 10 business days after receipt by the Trust of written request therefor pursuant to Section 6, or (v) payment of indemnification is not made within 10 business days after a determination has been made that Indemnitee is entitled to indemnification, Indemnitee shall be entitled to an adjudication in an appropriate court of the Commonwealth of Massachusetts, or in any other court of competent jurisdiction, or in an arbitration conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association, of Indemnitee's entitlement to such indemnification or advancement of Expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If Indemnitee, pursuant to Section 7(a), seeks a judicial adjudication of or an award in arbitration to enforce Indemnitee's rights under, or to recover damages for breach of this Agreement, Indemnitee shall be entitled to recover from the Trust, and shall be indemnified by the Trust against, any and all Expenses actually and reasonably incurred by Indemnitee in such judicial adjudication or arbitration, but only if Indemnitee prevails therein. If it shall be determined in said judicial adjudication or arbitration that Indemnitee is entitled to receive part but not all of the indemnification or advancement of Expenses sought, the Expenses incurred by Indemnitee in connection with such judicial adjudication or arbitration shall be appropriately prorated in the same proportion as the amount of the indemnification or advancement of Expenses awarded in the judicial adjudication or arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 7, Indemnitee shall not be required to reimburse the Trust for any advances pursuant to Section 5 of this Agreement until a final determination is made with respect to Indemnitee's entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed). The Trust shall, to the fullest extent not prohibited by law, be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 7 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Trust is bound by all of the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Interest shall be paid by the Trust to Indemnitee at the maximum rate allowed to be charged for judgments under Massachusetts law for amounts which the Trust pays or is obligated to pay for the period (i) commencing with either the tenth business day after the date on which the Trust was requested to advance Expenses in accordance with Section 5 of this Agreement or the 60th day after the date on which the Trust was requested to make the determination of entitlement to indemnification under Section 6(b) of this Agreement, as applicable, and (ii) ending on the date such payment is made to Indemnitee by the Trust.

Information Classification: Limited Access

------

Section 8. <u>Non-Exclusivity; Insurance; Subrogation; Exclusions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The rights of indemnification and advance of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under Massachusetts or other applicable law or the governing documents of the Trust (each as amended or restated from time to time), any agreement, a vote of shareholders or a resolution of Trustees, or otherwise. Unless consented to in writing by Indemnitee, no amendment, alteration or repeal of the governing documents of the Trust, this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in Indemnitee's Trust Status prior to such amendment, alteration or repeal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Trust maintains liability insurance for, among others, Trustees and agents of the Trust, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to in amounts determined from time to time by the Board (including coverage after Indemnitee is no longer serving in a Trust Status for acts and omissions or alleged acts or omissions while serving in a Trust Status) for any such Trustee or agent under such policy or policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event of any payment under this Agreement, when Indemnitee has been fully and indefeasibly indemnified (hereunder and/or otherwise) in respect of all Expenses, judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection with a Proceeding by reason of Indemnitee's Trust Status, the Trust shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Trust to bring suit to enforce such rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trust shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder to the extent Indemnitee otherwise actually has received such payment under any insurance policy, contract, agreement or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding any other provision of this Agreement to the contrary, the Trust shall not be liable for indemnification or advance of Expenses in connection with any settlement or judgment for insider trading or for disgorgement of profits pursuant to Section 16(b) of the Securities Exchange Act of 1934.

Section 9. <u>Duration of Agreement</u>. This Agreement shall continue until and terminate with respect to any Indemnitee on the later of (i) the date that Indemnitee shall have ceased to serve as a Trustee of the Trust and (ii) the date that Indemnitee is no longer subject to any actual or possible Proceeding by reason of such Indemnitee's Trust Status (including any rights of appeal thereto and any proceeding commenced by Indemnitee pursuant to Section 7 of this Agreement). This Agreement shall be binding upon the Trust and its successors and assigns and shall inure to the benefit of Indemnitee and Indemnitee's heirs, executors and administrators. The Trust agrees that it shall not sell, assign or otherwise transfer all or substantially all of its assets, or merge or reorganize with any other entity or series thereof, unless the entity or series to which such sale, assignment or transfer is being made, or that is the survivor of any such merger or reorganization, agrees to assume all of the obligations (whether contingent or otherwise) of the Trust hereunder.

Information Classification: Limited Access

------

Section 10. <u>Severability</u>. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; and (b) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

Section 11. <u>Exception to Right of Indemnification or Advancement of Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding any other provision of this Agreement, Indemnitee shall not be entitled to indemnification or advancement of Expenses under this Agreement with respect to any Proceeding brought by Indemnitee (other than a proceeding under Section 7(a) of this Agreement), unless the Trust's governing documents, a resolution of the shareholders entitled to vote generally in the election of Trustees or of the Board or an agreement approved by the Board to which the Trust is a party expressly provide otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any other provision of this Agreement, the Trust shall not be liable to indemnify Indemnitee against any liability to the Trust or its shareholders to which Indemnitee otherwise would be subject by reason of such Indemnitee's Disabling Conduct.

Section 12. <u>Court-Ordered Indemnification</u>. Notwithstanding any other provision of this Agreement, a court of appropriate jurisdiction, upon application of Indemnitee and such notice as the court shall require, may order indemnification of Indemnitee by the Trust in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if such court determines that Indemnitee is entitled to reimbursement under the governing documents of the Trust, the court shall order indemnification, in which case Indemnitee shall be entitled to recover the Expenses of securing such reimbursement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such court determines that Indemnitee is fairly and reasonably entitled to indemnification in view of all the relevant circumstances, the court may order such indemnification as the court shall deem proper.

Section 13. <u>Identical Counterparts</u>. This Agreement may be executed in counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

Section 14. <u>Headings</u>. The headings of the Sections of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.

Section 15. <u>Modification and Waiver</u>. No supplement, modification or amendment shall be binding on the Trust or an Indemnitee unless executed in writing by such Indemnitee and the Trust. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

Information Classification: Limited Access

------

Section 16. <u>Notice by Indemnitee</u>. Indemnitee shall promptly notify the Trust in writing upon being served with any summons, citation, subpoena, complaint, indictment, request, information or other document relating to any Proceeding or matter which may be subject to indemnification or advance of Expenses covered hereunder. The failure to give any such notice shall not disqualify Indemnitee from the right, or otherwise affect in any manner any right of Indemnitee, to indemnification or the advance of Expenses under this Agreement unless the Trust's ability to defend in such Proceeding or to obtain proceeds under any insurance policy is materially and adversely prejudiced thereby, and then only to the extent the Trust is thereby actually so prejudiced.

Section 17. <u>Contribution</u>. If the indemnification provided in this Agreement is unavailable in whole or in part and may not be paid to Indemnitee for any reason, other than for Indemnitee's failure to satisfy the standard of conduct set forth in Section 4 or due to the provisions of Section 11, then, with respect to any Proceeding in which the Trust is jointly liable with Indemnitee, to the maximum extent permissible under applicable law, the Trust, in lieu of indemnifying and holding harmless Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee, whether for Expenses, judgments, penalties, and/or amounts paid or to be paid in settlement, in connection with any Proceeding without requiring Indemnitee to contribute to such payment, and the Trust hereby waives and relinquishes any right of contribution it may have at any time against Indemnitee with respect to such payment.

Section 18. <u>Reports to Shareholders</u>. To the extent required by the governing documents of the Trust or applicable law, the Trust shall report in writing to its shareholders the payment of any amounts for indemnification of, or advance of Expenses to, Indemnitee under this Agreement arising out of a Proceeding by or in the right of the Trust with the notice of the meeting of shareholders of the Trust next following the date of the payment of any such indemnification or advance of Expenses or prior to such meeting.

Section 19. <u>Notices</u>. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, or (ii) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is mailed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If to one or more Indemnitees, to:

the address(es) set forth at the end of this Agreement

and, in the case of an Indemnitee that is an Independent

Trustee, with copies to:

Sullivan & Worcester LLP

1633 Broadway

New York, New York 10019

Attention : Matthew J. Van Wormer, Esq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If to the Trust, to:

SSGA Funds

State Street Institutional Investment Trust

State Street Master Funds

State Street Navigator Securities Lending Trust

One Iron Street

Boston, Massachusetts 02210

Attention: Sean O'Malley, Esq.

Information Classification: Limited Access

------

with copies to:

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199-3600

Attention : Timothy W. Diggins, Esq.

or to such other address as may have been furnished to Indemnitee by the Trust or to the Trust by Indemnitee, as the case may be.

Section 20. <u>Governing Law</u>. The parties agree that this Agreement shall be governed by, and construed and enforced in accordance with, the laws of the Commonwealth of Massachusetts.

Section 21. <u>Limitation of Liability; Agreement and Declaration of Trust</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The parties hereto agree that the obligations of the Trust under this Agreement shall not be binding upon any of the Trustees, shareholders, nominees, officers, employees or agents, whether past, present or future, of the Trust, individually, but are binding only upon the assets and property of the Trust, as provided in the Declaration of Trust or Master Trust Agreement of the Trust, as applicable. The execution and delivery of this Agreement by the Trust have been authorized by the Trustees and signed by an authorized officer of the Trust, acting as such, and neither such authorization by such Trustees nor such execution and delivery by such officer shall be deemed to have been made by any of them individually or to impose any liability on any of them personally, but shall bind only the trust property of the Trust as provided in the Declaration of Trust or Master Trust Agreement of the Trust, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust represents that a copy of its Declaration of Trust or Master Trust Agreement, as applicable, is on file with the Secretary of the State of the Commonwealth of Massachusetts.

Section 22. <u>Series of the Trust</u>. Notwithstanding anything in this Agreement to the contrary, the assets of each Fund and class of shares of a Fund shall be separate and distinct from the assets of any other Fund or class of shares of a Fund and only the assets of a Fund or class of shares of a Fund that is the subject of a Proceeding may be used to satisfy the indemnification obligations relating to such Proceeding, as reasonably determined by the Board.

Section 23. <u>Separate Agreements and Interpretation</u>. The parties hereto acknowledge that the Indemnitees have executed one Agreement with the Trust for convenience and that the provisions of the Agreement between each Trust and each Indemnitee shall be several, separate and distinct from those between each Trust and each other Indemnitee, to the same effect as would be the case if each Indemnitee had executed a separate Agreement with each Trust without execution thereof by any other Indemnitee. Notwithstanding any provision of this Agreement, to the extent that any provision of this Agreement conflicts with or is otherwise contrary to any provision of the governing documents of the Trust, the terms of such governing documents shall control.

Section 24. <u>Additional Indemnitees</u>. In the event that any person becomes a Trustee subsequent to the date hereof and desires to be a party to this Agreement with each Trust, such Trustee shall so notify the Trust in writing, which notification shall be acknowledged by each Trust, and the Trustee shall become an Indemnitee hereunder and each Trust and such Trustee shall be bound by all terms and conditions and provisions hereof as of the effective date of such notice.

Information Classification: Limited Access

------

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

---

| |
|:---|
| EACH TRUST LISTED ON SCHEDULE A |
| /s/ Ellen M. Needham |
| By: Ellen M. Needham |
| Title: President |

---

---

| | |
|:---|:---|
| AGREED TO AND ACCEPTED BY: |  |
| /s/ John R. Costantino<br> John R. Costantino<br>Address for Notices: | /s/ Michael F. Holland<br> Michael F. Holland<br>Address for Notices: |
| /s/ Michael A. Jessee<br> Michael A. Jessee<br>Address for Notices: | /s/ Margaret McLaughlin<br> Margaret McLaughlin<br>Address for Notices: |

---

Information Classification: Limited Access

------

---

| | |
|:---|:---|
| /s/ Ellen M. Needham<br> Ellen M. Needham<br>Address for Notices: | /s/ George M. Pereira<br> George M. Pereira<br>Address for Notices: |
| /s/ Donna M. Rapaccioli<br> Donna M. Rapaccioli<br>Address for Notices: | /s/ Patrick J. Riley<br> Patrick J. Riley<br>Address for Notices: |
|  /s/ Richard D. Shirk<br> Richard D. Shirk<br>Address for Notices: |  |

---

Information Classification: Limited Access

------

**SCHEDULE A** 

<u>Trusts</u> 

SSGA Funds

State Street Institutional Investment Trust

State Street Master Funds

State Street Navigator Securities Lending Trust

<u>Trustees</u> 

John R. Costantino

Michael F. Holland

Michael A. Jessee

Margaret McLaughlin

Ellen M. Needham

George M. Pereira

Donna M. Rapaccioli

Patrick J. Riley

Richard D. Shirk

Information Classification: Limited Access

## Ex-99.(J)

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the references to our firm under the captions "Financial Highlights" in the Prospectus and "Counsel and Independent Registered Public Accounting Firm" in the Statement of Additional Information, each dated January 31, 2023, and each included in this Post-Effective Amendment No. 295 on the Registration Statement (Form N-1A, File No. 333-30810) of State Street Institutional Investment Trust (the "Registration Statement").

We also consent to the incorporation by reference of our reports dated November 23, 2022, with respect to State Street Institutional Investment Trust (comprising State Street Diversified Income Fund, State Street Income Fund and State Street U.S. Core Equity Fund (the "Funds") (three of the funds constituting State Street Institutional Investment Trust) included in the Annual Reports to Shareholders (Form N-CSR) for the year ended September 30, 2022, into this Registration Statement filed with the Securities and Exchange Commission.

![LOGO](g436157g0120215934511.jpg)

Boston, Massachusetts

January 26, 2023

## Ex-99.(N)(1)

**STATE STREET INSTITUTIONAL INVESTMENT TRUST** 

**Amended and Restated** 

**Multiple Class Expense Allocation Plan** 

**Pursuant to Rule 18f-3** 

I. <u>INTRODUCTION</u> 

This Multiple Class Expense Allocation Plan (the "Plan") has been adopted pursuant to Rule 18f-3(d) of the Investment Company Act of 1940, as amended (the "1940 Act"). This Plan is intended to conform to Rule 18f-3 of the 1940 Act and any inconsistencies shall be read to conform with such Rule.

The Plan relates to shares of the series of State Street Institutional Investment Trust (the "Trust"), a Massachusetts business trust, listed on Schedule A hereto, as amended from time to time (each such series, a "Fund" and such series collectively, the "Funds"). Shares representing interests in each Fund may be issued in two or more separate classes (each, a "Class" and collectively, the "Classes"), each of which represents a pro rata interest in the same portfolio of investments of the Fund.

II. <u>DISTRIBUTION AND SERVICING ARRANGEMENTS</u> 

Each Class of shares is offered for purchase by investors with the fee structure described below. Pursuant to Rule 12b-1 under the 1940 Act, the Trust has adopted a separate Plan of Distribution (each, a "12b-1 Plan") for each Class of shares of a Fund. The shares of each such Class may be subject to different distribution and/or shareholder servicing fees ("12b-1 fees") in accordance with the terms of each such 12b-1 Plan.

1. *<u>Money Market Funds Only</u>.* The money market funds in the Trust (the "Money Funds")
are offered in the share Classes listed on Schedule A (each a "Money Class"). Each Money Class is offered without imposition of a front-end sales load ("FESL") or contingent deferred
sales load ("CDSL"). Of the Money Classes, only Investment Class and Administration Class shares are subject to distribution and/or shareholder servicing fees and expenses payable under a 12b-1 Plan. Of the Money Classes, Investment Class and Service Class shares are subject to service fees and expenses payable under a Shareholder Servicing Plan. In addition to any amounts payable
under a 12b-1 Plan or Shareholder Servicing Plan, each Money Class is subject to any shareholder servicing, sub-transfer agency, recordkeeping or similar fees or
expenses in amounts calculated in a manner approved from time to time by the Board of Trustees of the Trust (the "Board"). Shares of each Money Class are offered for sale only to investors meeting the eligibility requirements
disclosed in the current Prospectus and Statement of Additional Information (together, the "Prospectus") for such Money Class shares.

------

2. *<u>State Street Equity 500 Index Fund Only</u>* . The Administrative Shares, Service Shares, and
Class R Shares of State Street Equity 500 Index Fund (each an "Equity 500 Class") are offered without imposition of a FESL or CDSL. Each Equity 500 Class is subject to distribution and/or shareholder servicing fees and expenses
payable under the Trust's 12b-1 Plan for such Equity 500 Class. In addition to any amounts payable under such 12b-1 Plan, each Equity 500 Class is subject to
any shareholder servicing, sub-transfer agency, recordkeeping or similar fees or expenses in amounts calculated in a manner approved from time to time by the Board. Shares of each Equity 500 Class are
offered for sale only to investors meeting the eligibility requirements disclosed in the current Prospectus for such Equity 500 Class shares.

3. *<u>Class</u> <u>A Shares</u>* . Class A shares are offered at a public
offering price that is equal to their net asset value ("NAV") plus an FESL that is a percentage of the public offering price as disclosed in the applicable Class A Prospectus. The FESL on Class A shares is subject to reduction or
waiver as permitted by Rule 22d-1 under the 1940 Act and as described in the Class A Prospectus as from time to time in effect. Purchases of Class A shares may be subject to a CDSL that is a
percentage of the purchase price or the NAV of the shares redeemed as disclosed in the applicable Class A Prospectus. The CDSL on Class A shares is subject to reduction or waiver in certain circumstances, as permitted by Rule 6c-10 under the 1940 Act and as described in the Class A Prospectus as from time to time in effect. Class A shares are subject to distribution and/or shareholder servicing fees and expenses payable under
the Trust's 12b-1 Plan for Class A shares. In addition to any amounts payable under such 12b-1 Plan, Class A shares are subject to any shareholder
servicing, sub-transfer agency, recordkeeping or similar fees or expenses in amounts calculated in a manner approved from time to time by the Board. Class A shares are offered for sale only to investors
meeting the eligibility requirements disclosed in the current Prospectus for such Class A shares.

4. *<u>Class</u> <u>I Shares</u>* . Class I shares are offered without
imposition of a FESL or CDSL. Class I shares are not subject to distribution fees or expenses payable under a 12b-1 plan. Class I shares are subject to any shareholder servicing, sub-transfer agency, recordkeeping or similar fees or expenses in amounts calculated in a manner approved from time to time by the Board. Class I shares are offered for sale only to investors meeting the
eligibility requirements disclosed in the current Prospectus for such Class I shares.

5. *<u>Class</u> <u>K Shares</u>* . Class K shares are offered without
imposition of a FESL or CDSL. Class K shares are not subject to distribution fees or expenses payable under a 12b-1 plan. Class K shares are subject to any shareholder servicing, sub-transfer agency, recordkeeping or similar fees or expenses in amounts calculated in a manner approved from time to time by the Board. Class K shares are offered for sale only to investors meeting the
eligibility requirements disclosed in the current Prospectus for such Class K shares.

------

6. *<u>Class</u> <u>R3 Shares</u>* . Class R3 shares are offered without
imposition of a FESL, or CDSL, Class R3 shares are subject to distribution fees and expenses payable under a 12b-1 plan, Class R3 shares are subject to any shareholder servicing, sub-transfer agency, recordkeeping or similar fees or expenses in amounts calculated in a manner approved from time to time by the Board. Class R3 shares are offered for sale only to investors meeting the
eligibility requirements disclosed in the current Prospectus for such Class R3 shares.

7. *<u>Additional Classes of Shares</u>* . The Board of Trustees has the authority to create additional
Classes, or change existing Classes, from time to time, in accordance with Rule 18f-3 of the 1940 Act.

III. <u>EXPENSE ALLOCATIONS</u> 

1. *<u>Class</u> <u>Expenses</u>* . Expenses relating to different arrangements for
distribution and shareholder servicing of Shares shall be allocated to and paid by the applicable Class. Each Money Class bears the administration fees applicable to that share Class at the rates approved by the Board and described in the
applicable Prospectus from time to time. A Class may pay a different share of other expenses, not including advisory or custodial fees or other expenses related to the management of the Fund's assets, if (i) such expenses are actually
incurred in a different amount by that Class, or if the Class receives services of a different kind or to a different degree than other Classes and (ii) the Board has approved such allocation.

2. *<u>Other Allocations</u>* . All expenses of a Fund not allocated to a particular Class pursuant to
Sections III.1. of this Plan shall be allocated to each Class on the basis of the net assets of each Fund represented by shares of that Class in relation to the net assets of the Fund. Notwithstanding the foregoing, the principal
underwriter, adviser, or other provider of services to a Fund may waive or reimburse the expenses of a specific Class or Classes of the Fund to the extent permitted under Rule 18f-3 under the 1940
Act; provided, however, that the Board shall monitor the use of such waivers or expense reimbursements intended to differ by Class.

IV. <u>EXCHANGE PRIVILEGES, CONVERSION FEATURES AND REDEMPTION FEES</u> 

1. *<u>Exchange Privileges</u>* . Shareholders of a Fund may, to the extent provided from time to time in the
Trust's registration statement under the Securities Act of 1933, as amended, (the "1933 Act"), exchange shares of a particular Class of a Fund for (i) shares of the same Class in another Fund or (ii) shares of a
different Class of the same or different Fund, each at the relative net asset values of the respective shares to be exchanged and with no FESL or CDSL, provided further, that the shares to be acquired in the exchange are, as may be necessary,
registered under the 1933 Act, qualified for sale in the shareholder's state of residence and subject to the applicable requirements, if any, as to minimum amount.

------

2. *<u>Conversion Features</u>* . To the extent provided from time to time in the Trust's registration
statement under the 1933 Act, shares of a Class of a Fund may contain a conversion feature whereby they may automatically convert into shares of a different Class after a prescribed period following the purchase of the convertible shares.
Shares acquired through the reinvestment of dividends and other distributions paid with respect to convertible shares also shall be subject to such conversion feature. The Trust reserves the right to convert shares held in a shareholder's
account to a different Class of shares of the same Fund to the extent the holder no longer satisfies the eligibility requirements for the share Class currently held, as described in the Fund's Prospectus as from time to time in
effect. A conversion from one share Class to another will not be effected without prior notice by the Trust. All conversions shall be on the basis of the relative net asset values of the two Classes of shares, without the imposition of any
FESL, CDSL, fee or other charge.

3. *<u>Redemption Fees</u>.* Each Fund may impose a redemption fee ("Redemption Fee") on
redemptions and/or exchanges of the Fund's shares. The Redemption Fee may be charged in an amount of up to 2% of the net asset value of the shares redeemed or exchanged, or such greater amount as may be permitted by applicable law. The
Redemption Fee may be imposed on only certain types of redemptions and exchanges, such as redemptions and exchanges occurring within a certain time period of the acquisition of the relevant shares. The Trust is not required to impose the Redemption
Fee on all Funds, nor must it impose the Redemption Fee on all share Classes of any particular Fund. Similarly, the Redemption Fee rate may differ from Fund to Fund and, within a Fund, from share Class to share Class.

V. <u>CONFLICTS OF INTEREST</u> 

The Board will monitor the operation of the Plan on an ongoing basis for the existence of any material conflicts among the interests of the holders of the various Classes and will take any action reasonably necessary to eliminate any such conflicts that may develop.

VI. <u>BOARD REVIEW</u> 

1. <u>Initial Review</u>. This Plan has been approved by a majority of the Trustees of the Trust, including a
majority of the Trustees who are not interested persons of any Fund. With respect to each Fund, the Trustees have found that this Plan, including the expense allocation provisions thereof, is in the best interests of each Class individually and
the Fund as a whole. The Trustees have made this determination after requesting and reviewing such information as they deemed reasonably necessary to evaluate this Plan.

2. <u>Periodic Review</u>. The Board shall review this Plan as frequently as deemed necessary. Prior to any
material amendment to this Plan with respect to a Fund, the Board, including a majority of the Trustees that are not interested persons of any Fund, shall find that the Plan, as proposed to be amended (including any proposed amendments to the method
of allocating Class and/or Fund expenses), is in the best interest of each Class individually and the Fund as a whole. In considering whether to approve any proposed amendment to the Plan, the Board shall request and evaluate such
information as it considers reasonably necessary to evaluate the proposed amendment to the Plan. Such information shall address, among other issues, whether the proposed amendment will result in a cross-subsidization of one Class by another
Class.

------

**SCHEDULE A** 

**Dated as of August 31, 2021** 

STATE STREET INSTITUTIONAL INVESTMENT TRUST

Amended and Restated Multiple Class Plan Pursuant to Rule 18f-3

---

| | |
|:---|:---|
| Money Funds | Money Classes |
| State Street ESG Liquid Reserves Fund | Investment Class<br> Premier Class<br> Institutional Class<br> Investor Class<br> Administration Class<br> Bancroft Capital Class<br> Blaylock Van Class<br> Cabrera Capital Markets Class<br> Opportunity Class |
| State Street Institutional Liquid Reserves Fund | Service Class<br> Investment Class<br> Premier Class<br> Institutional Class<br> Investor Class<br> Administration Class<br> Trust Class<br> Bancroft Capital Class<br> Blaylock Van Class<br> Cabrera Capital Markets Class<br> Opportunity Class |
| State Street Institutional Treasury Money Market Fund | Select Class<br> Investment Class<br> Premier Class<br> Institutional Class<br> Investor Class<br> Administration Class<br> Bancroft Capital Class<br> Blaylock Van Class<br> Cabrera Capital Markets Class<br> Opportunity Class |

---

------

---

| | |
|:---|:---|
| State Street Institutional Treasury Plus Money Market Fund | Select Class<br> Investment Class<br> Premier Class<br> Institutional Class<br> Investor Class<br> Administration Class<br> Trust Class<br> Bancroft Capital Class<br> Blaylock Van Class<br> Cabrera Capital Markets Class<br> Opportunity Class |
| State Street Institutional U.S. Government Money Market Fund | Select Class<br> Investment Class<br> Premier Class<br> Institutional Class<br> Investor Class<br> Administration Class<br> Class G<br> Bancroft Capital Class<br> Blaylock Van Class<br> Cabrera Capital Markets Class<br> Opportunity Class |
| Non-Money Fund | Non-Money Classes |
| State Street Aggregate Bond Index Fund | Class A<br> Class I<br> Class K |
| State Street China Equity Select Fund | Class K |
| State Street Emerging Markets Equity Index Fund | Class A<br> Class I<br> Class K |
| State Street Equity 500 Index Fund | Administrative Shares<br> Service Shares<br> Class R Shares<br> Class A<br> Class I<br> Class K |
| State Street Global All Cap Equity ex U.S. Index Fund (*formerly*, State Street Global Equity ex U.S. Index Fund) | Class A<br> Class I<br> Class K |
| State Street Hedged International Developed Equity Index | Class A<br> Class I<br> Class K |
| State Street International Developed Equity Index Fund | Class A<br> Class I<br> Class K |
| State Street Small/Mid Cap Equity Index Fund | Class A<br> Class I<br> Class K |

---

------

---

| | |
|:---|:---|
| State Street Target Retirement 2020 Fund | Class I<br> Class K<br> Class R3 |
| State Street Target Retirement 2025 Fund | Class I<br> Class K<br> Class R3 |
| State Street Target Retirement 2030 Fund | Class I<br> Class K<br> Class R3 |
| State Street Target Retirement 2035 Fund | Class I<br> Class K<br> Class R3 |
| State Street Target Retirement 2040 Fund | Class I<br> Class K<br> Class R3 |
| State Street Target Retirement 2045 Fund | Class I<br> Class K<br> Class R3 |
| State Street Target Retirement 2050 Fund | Class I<br> Class K<br> Class R3 |
| State Street Target Retirement 2055 Fund | Class I<br> Class K<br> Class R3 |
| State Street Target Retirement 2060 Fund | Class I<br> Class K<br> Class R3 |
| State Street Target Retirement 2065 Fund | Class I<br> Class K<br> Class R3 |
| State Street Target Retirement Fund | Class I<br> Class K<br> Class R3 |

---

## Ex-99.(O)(1)

**SSGA FUNDS** 

**STATE STREET MASTER FUNDS** 

**STATE STREET INSTITUTIONAL INVESTMENT TRUST** 

**STATE STREET NAVIGATOR SECURITIES LENDING TRUST** 

**STATE STREET INSTITUTIONAL FUNDS** 

**STATE STREET VARIABLE INSURANCE SERIES FUNDS, INC.** 

**ELFUN GOVERNMENT MONEY MARKET FUND** 

**ELFUN TAX-EXEMPT INCOME FUND** 

**ELFUN INCOME FUND** 

**ELFUN DIVERSIFIED FUND** 

**ELFUN INTERNATIONAL EQUITY FUND** 

**ELFUN TRUSTS** 

**POWER OF ATTORNEY** 

Each of the undersigned Directors/Trustees and Officers of SSGA Funds, State Street Master Funds, State Street Institutional Investment Trust, State Street Navigator Securities Lending Trust, State Street Institutional Funds, State Street Variable Insurance Series Funds, Inc., Elfun Government Money Market Fund, Elfun Tax-Exempt Income Fund, Elfun Income Fund, Elfun Diversified Fund, Elfun International Equity Fund and Elfun Trusts (each, a "Fund Entity" and collectively, the "Fund Entities"), as applicable, hereby constitutes and appoints David Barr, Esq., Ann M. Carpenter, Chad C. Hallett, Arthur A. Jensen, Sean O'Malley, Esq., Bruce S. Rosenberg, David Urman, Esq., Julie Lee, Esq., Rebecca Savage, Esq., and Bernard Brick, Esq., and each of them singly with full powers of substitution and resubstitution, as his or her true and lawful attorney-in-fact and agent, to execute in his or her name and on his or her behalf, and in any and all capacities indicated below, the Registration Statements on Form N-1A, and any and all amendments (including post-effective amendments) thereto, and all other documents, filed by any of the applicable Fund Entities or their affiliates with the Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940, as amended, and (as applicable) the Securities Act of 1933, as amended (collectively, the "Acts"), and any and all instruments which such attorneys and agents, or any of them, deem necessary or advisable to enable any of the applicable Fund Entities or their affiliates to comply with such Acts, the rules, regulations and requirements of the SEC, the securities, Blue Sky law and/or corporate/trust laws of any state or other jurisdiction, the Commodity Futures Trading Commission, and the regulatory authorities of any foreign jurisdiction, including all documents necessary to ensure each of the applicable Fund Entities has insurance and fidelity bond coverage, and to file the same, with all exhibits thereto and other documents in connection therewith, with the SEC and such other jurisdictions, and the undersigned hereby ratifies and confirms as his or her own act and deed any and all acts that such attorneys and agents, or any of them, shall do or cause to be done by virtue hereof. Any one of such attorneys and agents has, and may exercise, all of the powers hereby conferred. The undersigned hereby revokes any Powers of Attorney previously granted with respect to any of the applicable Fund Entities concerning the filings and actions described herein. This Power of Attorney shall become invalid with respect to any Director/Trustee or Officer of each Fund Entity upon such Director's/Trustee's or Officer's retirement, resignation or removal as a Director/Trustee or Officer of such Fund Entity.

If it is determined by a court of competent jurisdiction that any provision of this Power of Attorney is invalid under applicable law, such provision will be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Power of Attorney. This Power of Attorney may be executed in multiple counterparts, each of which shall be deemed an original, but which taken together shall constitute one instrument.

Information Classification: Limited Access

------

IN WITNESS WHEREOF, the undersigned have hereunto set their hands as of the 15<sup>th</sup> day of September 2022.

---

| | |
|:---|:---|
| SIGNATURE | TITLE |
| /s/ John R. Costantino | Director/Trustee |
| John R. Costantino |  |
| /s/ Michael F. Holland | Director/Trustee |
| Michael F. Holland |  |
| /s/ Michael A. Jessee | Director/Trustee |
| Michael A. Jessee |  |
| /s/ Margaret K. McLaughlin | Director/Trustee |
| Margaret K. McLaughlin |  |
| /s/ Ellen M. Needham | Director/Trustee |
| Ellen M. Needham |  |
| /s/ George M. Pereira | Director/Trustee |
| George M. Pereira |  |
| /s/ Donna M. Rapaccioli | Director/Trustee |
| Donna M. Rapaccioli |  |
| /s/ Patrick J. Riley | Director/Trustee |
| Patrick J. Riley |  |
| /s/ Richard D. Shirk | Director/Trustee |
| Richard D. Shirk |  |
| /s/ Ellen M. Needham | President and Principal Executive Officer |
| Ellen M. Needham |  |
| /s/ Bruce S. Rosenberg | Treasurer and Principal Financial and Accounting Officer |
| Bruce S. Rosenberg |  |

---

Information Classification: Limited Access