Benefits of investing in the State Street Global Equity Fund

Benefits of Investing in the Fund include:

Diversified Investment

The Fund provides investors with a cost efficient way of gaining diversified exposure to international stock markets.

Anticipated Outperformance

The Fund aims to exceed the performance (before management costs) of the MSCI World ex Australia Index.

Distributions

The Fund accrues dividends and distributions from the underlying securities in the portfolio. The accrued dividends and distributions are distributed net of expenses to unitholders semi-annually. In addition, any tax credits the Fund receives are also distributed to unitholders.

Periodic Investor Communications

Up to date information about your investment will be sent to you and information about the Fund is available at ssga.com.

Experience and Commitment

Having your money managed by the experience and dedicated teams of one of Australia's largest investment managers.

On-line access

Secure on-line access allows you to view your holdings and transactions and to download or print these details.

Risk level

Very High

Investor suitability

The Fund is suitable for investors who seek long term capital growth, but with a lower risk profile than the broader global equity market index, and are prepared to accept some volatility in investment returns.

About the Fund

The fund is a long-only strategy which aims for a fully-invested exposure to equities, with no short selling and no leverage.

Investment Philosophy

• Markets are not efficient due to behavioural biases and limits to arbitrage—leading to opportunities for excess return

• A strong emphasis on economic rationale, vetted by rigorous research is critical to ensure successful outcomes

• Our insights must be drawn from a wide investment universe with a robust and systematic investment process.

How we invest your money

The Fund invests in listed global equity securities selected from the MSCI World-ex Australia Index. SSGA creates a portfolio which aims to deliver strong total returns with lower total variability of returns than the market index.

The strategy looks for high quality companies that are reasonably valued and have an improving growth outlook and positive investor sentiment. Via security selection and portfolio construction, the implemented portfolio is expected to have a lower level of absolute risk (as defined by standard deviation of returns) than the market index, and the potential to provide total returns above the market index over the long term.

We manage currency risk using SSGA's Dynamic Strategic Hedging programme ("DSH). Rather than choosing the Fund to be unhedged or fully hedged, we adjust the hedge ratio for each currency in the portfolio according to our medium to long term assessment of that currency's economic value relative to the Australian dollar.

Asset allocation ranges

• International equities: 95%-100%

• Cash: 0%-5%