US Equity Index

Effective Date: 31 DEC 2010 STRATEGY DISCLOSURE DOCUMENT

This Strategy Disclosure Document describes core characteristics, attributes, and risks associated with a number of related strategies, including pooled investment vehicles and funds.

US Equity Index

Effective Date: 31 DEC 2010 STRATEGY DISCLOSURE DOCUMENT

Table of Contents

I. Product Profile II. Overview III. Selected Risk Factors IV. Individual Strategy Overviews ·· Conservative S&P 500 Index Strategy ·· Equal Weighted S&P 500 Index Strategy ·· FTSE RAFI U.S. 1000 Index Strategy ·· MSCI KLD 400 Social Index Strategy ·· MSCI USA Index Strategy ·· MSCI USA Small Cap Index Strategy ·· NASDAQ 100 Index Strategy ·· Russell 1000 Growth Index Strategy ·· Russell 1000 Index Strategy ·· Russell 1000 Value Index Strategy ·· Russell 2000 Growth Index Strategy ·· Russell 2000 Index Strategy ·· Russell 2000 Value Index Strategy ·· Russell 3000 Index Strategy ·· Russell Small Cap Completeness Index Strategy ·· Russell Top 200 Index Strategy ·· Russell Top 200 Value Index Strategy ·· S&P 100 Index Strategy ·· S&P 500 ex Tobacco Index Strategy ·· S&P 500 Growth Index Strategy ·· S&P 500 Index Strategy ·· S&P 500 Value Index Strategy ·· S&P MidCap 400 Index Strategy ·· S&P MidCap 400 Pure Growth Index Strategy ·· Screened Russell 3000 Index Strategy ·· Screened S&P 500 Index Strategy ·· U.S. Community Investing Index Strategy ·· U.S. Extended Market Index Strategy ·· U.S. Total Market Index Strategy

The Portfolios are not insured by the FDIC or by another governmental agency; they are not obligations of the FDIC nor are they deposits or obligations of or guaranteed by State Street Bank and Trust Company. US Equity Index

Effective Date: 31 DEC 2010 STRATEGY DISCLOSURE DOCUMENT

I. Product Profile

Investment Philosophy Sampling/Optimization — Where we cannot efficiently build a portfolio We believe that our clients choose indexing for three main reasons. First, holding all of the securities in the index — because, for example, the index they want to gain broad-based market exposure. Second, they want is too broad, securities in the index are not available for purchase, the predictable variance around a given benchmark. And third, they want this client account is too small, or an account has restrictions on holding certain exposure at a low cost. Our philosophy is to manage every index portfolio securities — we may employ a sampling or optimization approach to in a manner that seeks to ensure that all three of these objectives are provide a return comparable to that of the benchmark index. For example, met throughout the investment process — from the initial contribution using a sampling approach, we may select certain securities within a to the ongoing management of the assets. We continually assess the particular sector rather than all of the index securities in that sector, paying tradeoffs between transaction costs and tracking error. The objective of this close attention to the overall sector weight as well as underlying industry approach is to achieve a healthy balance between the competing goals of exposures in order to avoid unintended biases. Portfolio optimization relies indexing, while always remaining mindful of maximizing client wealth. on historical data and correlations and builds a portfolio of securities that has characteristics of the benchmark and that is designed to track the Our size and experience in passive management provide important performance of the benchmark index with a predicted level of tracking advantages. State Street Global Advisors (“SSgA”) introduced its first error. passive strategy in 1978; we now manage strategies against numerous public and custom benchmarks across a variety of asset classes. We have We may use futures and other derivatives to maintain appropriate equity a dedicated team of portfolio managers around the world, with experience exposures within our portfolios. Our passive equity process objective is to in managing passive strategies and equipped to provide guidance, remain fully invested in the equity market at all times. To accomplish this, research, and advice in designing our index products and customizing where possible we will normally hold a small amount (typically 1 - 5% of them to meet client needs. The size of our passive investment program the portfolio’s value) of exchange-traded index futures contracts to maintain allows us to devote significant analytical and operational resources to full exposure. This allows us to be fully equitized while accommodating our products, and provides the potential for economies of scale and cost cash flows into and out of the portfolio and to equitize dividend, income savings. and trade receivables and other cash items to achieve closer tracking. In all of our passive strategies, minimizing transaction costs is a key consideration. Because of the scale of our investment operation, we are Investment Process often able, consistent with client constraints and applicable law, to effect We implement our philosophy through a variety of indexing methodologies. portfolio transactions through internal crossing. These transactions are At one end of the spectrum are our highly sampled and optimized traded off-market, without any brokerage commissions. Where internal portfolios. At the other end, are those portfolios that employ a replication crossing transactions are not available or permitted, we attempt to execute approach and more closely reflect the benchmark composition and carry transactions in the most cost-effective manner, relying on low-cost, often a much lower tolerance for security-level misweights. Each approach has automated, external trading and trade-crossing systems. We may also use benefits and drawbacks depending on the circumstances of the particular derivatives in order to achieve index exposures at minimal cost. mandate. Our goal is to use the most appropriate indexing methodology in each situation, in accordance with the objectives of providing broad-based We may engage in some pre- or post-trading in connection with Index equity exposure with predictable variance around a given benchmark at low changes, selling securities that are represented in the Index, or purchasing cost. We consider several factors when deciding which methodology to use, securities that are not yet represented in the Index, in anticipation of including the size of the portfolio, liquidity of the benchmark, custody costs, their removal from or addition to the Index, all in a highly risk-controlled tracking error tolerance, availability of data, and the maturity of the portfolio environment. This is often done to minimize market impact and preserve in question. client wealth, and may at times capture some value that can offset some of the unavoidable costs of portfolio management. This may improve tracking — We build a portfolio that is a near mirror-image of the index, Replication error relative to the benchmark. purchasing the securities in the benchmark in the weights they represent in the benchmark. Of course, it may not be practicable or desirable to mirror the index’s holdings perfectly at all times — we allow for small misweights Risk Management in the portfolio that have minimal impact on tracking error, recognizing Our long experience, strong analytical capabilities, and research that the cost of trading to avoid small misweights may be greater than any capabilities are important elements in limiting risk of significant tracking potential improvement in tracking error. The size of any misweight will vary error. We monitor tracking error continuously across all of our passive by strategy. Replication is typically used where the securities comprising portfolios, managing portfolio characteristics and transaction costs in the benchmark index are readily available for purchase and the size of a manner intended to provide a return as close as practicable to the the client portfolio is such as to permit us to purchase efficiently all of the benchmark return. securities in the index.

US Equity Index

Effective Date: 31 DEC 2010 STRATEGY DISCLOSURE DOCUMENT

II. Overview

SSgA implements each of the Strategies included in this Strategy directly in the securities making up the Index. The Portfolio might do Disclosure Document in various client portfolios (each of those is referred so, for example, in order to increase its investment exposure pending to herein as a “Portfolio”). The actual investments held in a Portfolio at any investment of cash in the securities comprising the Index or as part of time may differ from those held in other Portfolios managed using the same an index replication strategy. Alternatively, the Portfolio might use such Strategy, based on a number of factors, such as cash flows or individual instruments to reduce its investment exposure in situations where it intends investment requirements or limitations applicable to a Portfolio. References to sell a portion of the securities in its portfolio but the sale has not yet been to “the Portfolio” are to each Portfolio separately; the description of a completed. Use of futures or other derivatives allows the Portfolio to be fully Strategy in this Strategy Disclosure Document is qualified by reference to equitized while accommodating cash flows into and out of the Portfolio and any investment requirements or limitations that may apply to a particular to equitize dividend, income and trade receivables and other cash items to Portfolio. SSgA may manage certain Portfolios in its capacity as trustee of achieve closer tracking to the Index. those Portfolios. This Strategy Disclosure Document includes a separate The Portfolio’s return may not match the return of the Index for a number individual strategy overview for each Strategy (and for certain Portfolios), of reasons. For example, the return on the securities and other investments containing more detailed information about the Strategy. You should review selected by SSgA may not precisely match the return on the Index due to the individual strategy overview for a Strategy in connection with the more misweights and the substitution of securities. The Portfolio incurs a number general information provided below. of operating expenses not applicable to the Index, and incurs costs in buying An investment in a Strategy is subject to a number of risks, including, but and selling securities and margin costs in connection with its derivatives not limited to, those which are summarized in the “Selected Risk Factors” investments. The Portfolio may not be fully invested at times, as a result of section. You should review those risks carefully. cash flows into or out of the Portfolio. The return on the sample of securities purchased by SSgA, or futures or other derivative positions taken by the Portfolio, to approximate the performance of the Index may not correlate Investment Objective precisely with the return on the Index. The Portfolio seeks an investment return that approximates as closely as Because the Portfolio seeks to achieve a return based on the return of the practicable, before expenses, the performance of its benchmark index (the Index, it will continue to pursue the investment strategies described above, “Index”) over the long term. even during times when SSgA expects the level of the Index to decline.

Principal Investment Strategies Principal Investments The Portfolio is managed using a “passive” or “indexing” investment strategy. The Portfolio will typically attempt to invest in the securities The Portfolio normally invests most of its assets in equity securities of comprising the Index, in the same proportions as they are represented in companies included in the Index. The Portfolio will not necessarily own all the Index. In some cases, it may not be possible or practicable to purchase of the companies included in the Index. The Portfolio may hold a portion of all of the securities comprising the Index, or to hold them in the same its assets in cash and cash instruments, including short-term investment weightings as they represent in the Index. (That might be the case, for vehicles managed by SSgA or an affiliate. (In the case of a Portfolio whose example, if the Portfolio were relatively small, or if securities comprising the assets are “plan assets” of any investor subject to the Employee Retirement Index were unavailable for purchase or were generally illiquid.) In those Income Security Act of 1974, as amended, or Section 4975 of the Internal circumstances, SSgA may employ a sampling or optimization technique Revenue Code (an “ERISA Portfolio”), investments in vehicles managed to construct the Portfolio (including securities that may or may not be by SSgA or an affiliate will be made consistent with ERISA, including any included in the Index). applicable prohibited transaction exemptions.)

Because a passive investment strategy seeks to approximate an index The Portfolio may buy and sell equity-related futures contracts and return, it differs from “active” investment management, where an options, and may enter into other exchange-traded or over-the-counter investment manager buys and sells securities based on its own economic, derivatives transactions. Although certain of these investments may exhibit financial, and market analysis and investment judgment. characteristics of leverage transactions, SSgA will not borrow money or use derivatives for the Portfolio in a manner that SSgA considers to have From time to time securities are added to or removed from the Index. SSgA the purpose of creating investment leverage. (Investments made by SSgA may sell securities that are represented in the Index, or purchase securities to hedge or reduce risk or to enhance the Portfolio’s correlation with the that are not yet represented in the Index, in anticipation of their removal Index will not be considered to have been made for the purpose of creating from or addition to the Index. investment leverage; SSgA generally will determine whether an investment The Portfolio may at times purchase or sell futures contracts on the Index has the effect of creating investment leverage by evaluating the effect of the or other indexes or securities, or options on those futures, or engage in investment on the exposure and risk profile of the Portfolio. other transactions involving the use of derivatives, in lieu of investment

US Equity Index

Effective Date: 31 DEC 2010 STRATEGY DISCLOSURE DOCUMENT

II. Overview (continued)

The Portfolio may lend its portfolio securities, and may compensate SSgA or an affiliate of SSgA for services provided in connection with effecting securities loans and investing related collateral. The Portfolio may enter into repurchase agreements and other investment transactions in connection with the investment of securities lending collateral, including repurchase agreement transactions with SSgA or an affiliate of SSgA. Please refer to the governing documents for each Portfolio for information about the Portfolio’s authority to lend its securities. See “Selected Risk Factors — Securities Lending Risk.” The Portfolio may pay SSgA or an affiliate fees and expenses related to the provision of custodial, administrative, bookkeeping, and accounting services, transfer agency and shareholder servicing, and other services that SSgA may from time to time consider necessary or appropriate. The Portfolio may invest in other pooled investment vehicles, including without limitation registered investment companies, private investment pools, and collective and common trust funds, including entities sponsored, managed, or otherwise affiliated with SSgA. (In the case of an ERISA Portfolio, such investments and transactions will be effected in a manner consistent with ERISA, including any applicable prohibited transaction exemptions.) See “Selected Risk Factors — Conflicts of Interest Risk” and “ERISA Disclosure.”

Risk Management SSgA monitors the overall risk of the Portfolio in order to avoid unintended risk relative to the Index. SSgA manages portfolio characteristics and transaction costs in a manner intended to provide a return that approximates the benchmark return.

Compliance by any investment with the requirements of any investment guideline, strategy, or limitation applicable to the Portfolio will apply only at the time of investment. The investment objective, principal investment strategies, and principal investments of the Portfolio may be changed at any time by SSgA, in its discretion. Under normal circumstances, existing investors in the Portfolio will receive notice in advance of any change SSgA considers material, unless, in SSgA’s judgment, it would be in the interests of the Portfolio or its investors to implement a change immediately and prior to its providing such notice. SSgA is exempt from registration and regulation under the Commodity Exchange Act as a commodity pool operator in connection with the operation of certain Portfolios. US Equity Index

Effective Date: 31 DEC 2010 STRATEGY DISCLOSURE DOCUMENT

III. Selected Risk Factors

The Portfolio is designed as a long-term investment. The Portfolio does not or over time, as between the Portfolio and other clients. SSgA and its constitute a complete investment program. Due to the uncertainty in all affiliates may invest for their own accounts and for the accounts of clients investments, there can be no assurance that the Portfolio will achieve its in various securities that are senior to, pari passu with, or junior to, or have investment objective. The Portfolio may lose money. interests different from or adverse to, the securities that are owned by the Portfolio. SSgA may (subject to applicable law) be simultaneously seeking to purchase (or sell) investments for the Portfolio and to sell (or purchase) Conflicts of Interest Risk the same investment for accounts, funds or structured products for which SSgA or its affiliates may provide services to the Portfolio, such as it serves as asset manager now or in the future, or for other clients or securities lending agency services, custodial, administrative, bookkeeping, affiliates, and may enter into cross trades involving the Portfolio in such and accounting services, transfer agency and shareholder servicing, circumstances. In addition, SSgA and its affiliates may buy securities from and other services, for which the Portfolio would compensate SSgA and/ or sell securities to the Portfolio, if permitted by applicable law. These or such affiliates. The Portfolio may enter into repurchase agreements, relationships may result in securities laws restrictions on transactions in reverse repurchase agreements, and derivatives transactions with SSgA these investments by the Portfolio and otherwise create potential conflicts or one of its affiliates. The Portfolio may invest in other pooled investment of interest. SSgA or its affiliates, in connection with their business activities, vehicles sponsored, managed, or otherwise affiliated with SSgA, in which may acquire material non-public confidential information that may restrict event the Portfolio will bear a share of the expenses of those other pooled SSgA from purchasing securities or selling securities for itself or its clients investment vehicles; those investment vehicles may pay fees and other (including the Portfolio), and SSgA may otherwise be prohibited from using amounts to SSgA or its affiliates, which would have the effect of increasing such information for the benefit of its clients or itself. the expenses of the Portfolio. It is possible that other clients of SSgA will purchase or sell interests in such other pooled investments at prices and at times more favorable than those at which the Portfolio does so. There is Counterparty Risk no assurance that the rates at which the Portfolio pays fees or expenses to The Portfolio will be subject to credit risk with respect to the counterparties SSgA or its affiliates, or the terms on which it enters into transactions with with which it enters into derivatives contracts, foreign exchange, currency SSgA or its affiliates or on which it invests in any such other investment forward contracts, other transactions such as repurchase agreements or vehicles will be the most favorable available in the market generally or reverse repurchase agreements and securities lending transactions. If a as favorable as the rates SSgA makes available to other clients. There counterparty becomes insolvent or otherwise fails to perform its obligations, will be no independent oversight of fees or expenses paid to, or services the Portfolio may experience significant delays in obtaining any recovery provided by, those entities. Because of its financial interest, SSgA may in an insolvency, bankruptcy, or other reorganization proceeding. The have an incentive to enter into transactions or arrangements on behalf of Portfolio may obtain only a limited recovery or may obtain no recovery in the Portfolio with itself or its affiliates in circumstances where it might not such circumstances. If the relevant transaction is not collateralized (such have done so in the absence of that interest. Transactions and services as is the case for most spot and forward foreign exchange transactions) with SSgA or its affiliates will be effected in accordance with ERISA or is not fully collateralized then the Portfolio’s counterparty exposure in and related regulations and exemptions, if and to the extent they may such circumstances will be higher than if the transaction had been fully apply. SSgA and its affiliates serve as investment adviser to other clients collateralized. and may make investment decisions for their own accounts and for the accounts of others, including other funds, that may be different from those Custodial Risk that will be made by SSgA on behalf of the Portfolio. For example, SSgA may provide asset allocation advice to some clients that may include a There are risks involved in dealing with the custodians or brokers who hold recommendation to invest or redeem from a Portfolio while not providing the Portfolio’s investments or settle the Portfolio’s trades. It is possible that, that same recommendation to all clients invested in the same or similar in the event of the insolvency or bankruptcy of a custodian or broker, the Portfolios. Other conflicts may arise, for example, when clients of SSgA Portfolio would be delayed or prevented from recovering its assets from the invest in different parts of an issuer’s capital structure, so that one or more custodian or broker, or its estate, and may have only a general unsecured clients own senior debt obligations of an issuer and other clients own claim against the custodian or broker for those assets. SSgA or an affiliate junior debt of the same issuer, as well as circumstances in which clients may serve as the custodian of the Portfolio. See “Conflicts of Interest invest in different tranches of the same structured financing vehicle. In Risk.” such circumstances, decisions over whether to trigger an event of default or over the terms of any workout may result in conflicts of interest. When Derivatives Risk making investment decisions where a conflict of interest may arise, SSgA The Portfolio’s use of derivative instruments involves risks different from, will endeavor to act in a fair and equitable manner, in the specific case and possibly greater than, the risks associated with investing directly in

US Equity Index

Effective Date: 31 DEC 2010 STRATEGY DISCLOSURE DOCUMENT

III. Selected Risk Factors (continued) securities and other more traditional investments. Derivatives are subject continue to accept new subscriptions and to make additional investments to a number of risks, such as potential changes in value in response in equity securities even under general market conditions that SSgA views to interest rate changes or other market developments or as a result of as unfavorable for equity securities. changes in the counterparty’s credit quality and the risk that a derivative transaction may not have the effect SSgA anticipated. Derivatives also Geographic Concentration Risk involve the risk of mispricing or improper valuation and the risk that changes in the value of a derivative may not correlate perfectly with the Because the Portfolio may invest a relatively large percentage of its assets asset, rate, or index underlying the derivative. Derivative transactions can in issuers located in a single country, a small number of countries, or a create investment leverage and may be highly volatile. Use of derivatives particular geographic region, the Portfolio’s performance could be closely other than for hedging purposes may be considered speculative. When tied to market, currency, or economic, political, or regulatory conditions and the Portfolio invests in a derivative instrument, it could lose more than the developments in those countries or that region, and could be more volatile amount of capital it invests. Many derivative transactions are entered into than the performance of more geographically-diversified investments. “over the counter” (not on an exchange or contract market); as a result, the value of such a derivative transaction will depend on the ability and the Growth Investing Risk willingness of the Portfolio’s counterparty to perform its obligations under Growth stocks may underperform value stocks and stocks in other broad the transaction. A liquid secondary market may not always exist for the style categories (and the stock market as a whole) over any period of Portfolio’s derivative positions at any time. Use of derivatives may increase time and may shift in and out of favor with investors generally, sometimes the amount and timing of taxes payable by shareholders. Although the rapidly, depending on changes in market, economic, and other factors. use of derivatives is intended to enhance the Portfolio’s performance, it Because the prices of growth stocks are based largely on expectations of may instead reduce returns and increase volatility. Derivatives are subject future earnings, growth stock prices can decline rapidly and significantly to a number of risks described elsewhere in this section, such as market in reaction to negative news about such factors as earnings, the economy, risk, credit risk, counterparty risk, leveraging risk, commodities risk, political developments, or other news. A growth company may fail to and management risk. Recent legislation calls for new regulation of the fulfill apparent promise or may be eclipsed by competitors or its products derivatives markets. The extent and impact of that regulation are not yet or services rendered obsolete by new technologies. Growth stocks also fully known and may not be for some time. New regulation of derivatives typically lack the dividends associated with value stocks that might may make them more costly, may limit their availability, or may otherwise otherwise cushion investors from the effects of declining stock prices. As adversely affect their value or performance. The absence of a central a result, the Portfolio’s performance at times when it holds substantial exchange or market for swap transactions has led, in some instances, investments in growth stocks may be worse than the performance of to difficulties in trading and valuation, especially in the event of market other investment portfolios that invest more broadly or that favor different disruptions. Recent legislation will require most swaps to be executed investment styles through a centralized exchange or regulated facility and be cleared through a regulated clearinghouse. The swap market could be disrupted or limited as a result of this legislation, which could adversely affect the Portfolio. Hedging Transactions and Related Risks Moreover, the establishment of a centralized exchange or market for swap In managing the Portfolio, SSgA may (but will not necessarily) engage in transactions may not result in swaps being easier to trade or value and may hedging transactions. The success of the Portfolio’s hedging strategies result in a substantial increase in the cost of derivatives transactions. will depend, in part, upon SSgA’s ability to assess correctly the degree of correlation between the performance of the instruments used in a hedging Equity Risk strategy and the performance of the investments being hedged. A hedging strategy may not work the way SSgA expects. Since the characteristics of The market prices of equity securities owned by the Portfolio may go up many securities change as markets change or time passes, the success or down, sometimes rapidly or unpredictably. The value of a security may of the Portfolio’s hedging strategy will also be subject to SSgA’s ability decline for a number of reasons that may directly relate to the issuer, such continually to recalculate, readjust, and execute hedges in an efficient and as management performance, financial leverage, non-compliance with timely manner. While the Portfolio may enter into hedging transactions regulatory requirements, and reduced demand for the issuer’s goods or to seek to reduce risk, such transactions may result in a poorer overall services. The values of equity securities also may decline due to general performance for the Portfolio than if it had not engaged in such hedging industry or market conditions that are not specifically related to a particular transactions and may have the effect of increasing risk. For a variety of company, such as real or perceived adverse economic conditions, changes reasons, SSgA may not seek or be able to establish a perfect correlation in the general outlook for corporate earnings, changes in interest or between the hedging instruments utilized and the Portfolio holdings being currency rates, or adverse investor sentiment generally. The Portfolio may hedged. Such an imperfect correlation may prevent the Portfolio from

US Equity Index

Effective Date: 31 DEC 2010 STRATEGY DISCLOSURE DOCUMENT

III. Selected Risk Factors (continued) achieving the intended hedge or expose the Portfolio to risk of loss. For Large Shareholder Risk example, SSgA may enter into a long or short index futures contract to To the extent a large proportion of the shares of the Portfolio are held by hedge against changes in the Portfolio’s benchmark index; if futures on a small number of shareholders (or a single shareholder), the Portfolio the Portfolio’s benchmark index are not available (or if SSgA for another is subject to the risk that these shareholders will purchase or redeem reason considers them undesirable), SSgA may choose to enter into futures Portfolio shares in large amounts frequently or unexpectedly. These contracts on an index different from the benchmark index. In such a case, transactions could adversely affect the ability of the Portfolio to conduct its the performance of the futures contracts may differ substantially from that investment program. For example, they could force the Portfolio to sell of the benchmark index and may increase any divergence of the Portfolio’s portfolio securities or purchase portfolio securities unexpectedly and incur returns from those of the benchmark index. There is no guarantee that substantial transaction costs. The Portfolio may also tend to hold a larger the Portfolio’s intended hedging strategy will be successful in hedging out proportion of its assets in cash in anticipation of large redemptions, and the subject risks. Hedging transactions may have the effect of creating may hold large amounts in cash pending investment in securities, diluting investment leverage in the Portfolio. shareholder returns.

Index Risk Leveraging Risk The ability of the Portfolio to achieve significant correlation between the The Portfolio may be exposed to leveraging risk by, among other things, performance of the Portfolio and the Index may be affected by changes engaging in borrowing transactions, certain derivatives transactions, and in securities markets, changes in the composition of the Index, cash flows other investment transactions such as when-issued, delayed-delivery, or into and out of the Portfolio, and fees and expenses of the Portfolio. The forward commitment transactions. Securities lending transactions entered Portfolio will seek to replicate Index returns regardless of the current or into by the Portfolio may also result in leverage. When the Portfolio projected performance of the Index or of securities comprising the Index. engages in transactions that have a leveraging effect on the Portfolio’s As a result, the Portfolio’s performance may be less favorable than that of investment portfolio, the value of the Portfolio will be more volatile and a portfolio managed using an active investment strategy. The structure all other risks will tend to be compounded. This is because leverage and composition of the Index will affect the performance, volatility, and generally magnifies the effect of any increase or decrease in the value of risk of the Index (in absolute terms and by comparison with other indices) the Portfolio’s underlying assets or creates investment risk with respect to a and the performance, volatility, and risk of the Portfolio. SSgA may not be larger base of assets than the Portfolio would otherwise have. successful in selecting a portfolio of investments that will provide a return the correlates closely with that of the Index. SSgA may apply one or more “screens” or investment techniques to refine or limit the number or types of Limited Investment Program Risk issuers included in the Index in which the Portfolio may invest. Application The Portfolio is not intended to be a complete investment program, of such screens or techniques may result in investment performance below but rather is intended for investment as part of a diversified investment that of the Index and may not produce results expected by SSgA. portfolio. Investors should consult their own advisers as to the role of the Portfolio in their overall investment programs. Investment Risk Investment risk includes the possible loss of the entire amount of capital Liquidity Risk that you invest. Your investment in the Portfolio represents an indirect Certain investments and types of investments are subject to restrictions investment in the securities and other investments owned by the Portfolio. on resale, may trade in the over-the-counter market or in limited volume, The values of these securities and investments may increase or decrease, or may not have an active trading market. Illiquid securities may trade at at times rapidly and unexpectedly. Your investment in the Portfolio may at a discount from comparable, more liquid investments and may be subject any point in the future be worth less than your original investment. to wide fluctuations in market value. It may be difficult for the Portfolio to value illiquid securities accurately. Also, the Portfolio may not be able to dispose of illiquid securities readily at a favorable time or price or at prices Issuer Risk approximating those at which the Portfolio currently values them. Illiquid The values of securities may decline for a number of reasons which directly securities also may entail registration expenses and other transaction costs relate to the issuers, such as, for example, management performance, that are higher than those for liquid securities. In instances where the financial leverage, and reduced demand for the issuer’s goods and liquidity of a Portfolio's securities is restricted or compromised, SSgA has services. the ability and may deem it necessary to place restrictions or limit client redemptions from a Portfolio or alternatively to process client redemptions in-kind, partially in-kind or delay or postpone payment of redemptions.

US Equity Index

Effective Date: 31 DEC 2010 STRATEGY DISCLOSURE DOCUMENT

III. Selected Risk Factors (continued)

Market Capitalization Risk In addition, computer programming used to create quantitative models, or Stocks fall into three broad market capitalization categories – large, medium, the data on which such models operate, might contain one or more errors. and small. Investing primarily in one category carries the risk that due to Such errors might never be detected, or might be detected only after the current market conditions that category may be out of favor with investors. Portfolio has sustained a loss (or reduced performance) related to such By focusing its investments in companies within a particular range of market errors. Availability of third-party models could be reduced or eliminated in capitalizations, the Portfolio may perform less well than many other investment the future. vehicles during times when companies with those market capitalizations are out of favor with investors or generally underperform other types of Portfolio Turnover Risk investments. Portfolio turnover generally involves a number of direct and indirect costs and expenses to the Portfolio, including, for example, brokerage Market Disruption and Geopolitical Risk commissions, dealer mark-ups and bid/asked spreads, and transaction The Portfolio is subject to the risk that geopolitical events will disrupt costs on the sale of securities and reinvestment in other securities. Such securities markets and adversely affect global economies and markets. costs have the effect of reducing the Portfolio's investment return. Such The wars in Iraq and Afghanistan have had a substantial effect on sales may result in the realization of taxable capital gains, including short- economies and securities markets in the U.S. and worldwide. Terrorism term capital gains. in the U.S. and around the world has had a similar global impact and has increased geopolitical risk. The terrorist attacks of September 11, Repurchase Agreement Risk 2001 resulted in the closure of some U.S. securities markets for four A repurchase agreement is an agreement to buy a security from a seller at days, and similar future events are possible. War, terrorism, and related one price and a simultaneous agreement to sell it back to the original seller geopolitical events have led, and in the future may lead, to increased at an agreed-upon price, typically representing the purchase price plus short-term market volatility and may have adverse long-term effects on U.S. interest. Repurchase agreements may be viewed as loans made by the and world economies and markets generally. Likewise, systemic market Portfolio which are collateralized by the securities subject to repurchase. dislocations of the kind surrounding the insolvency of Lehman Brothers in The Portfolio’s investment return on such transactions will depend on the 2008 may be highly disruptive to economies and markets. Those events counterparties’ willingness and ability to perform their obligations under as well as other changes in foreign and domestic economic and political the repurchase agreements. If the Portfolio’s counterparty should default conditions also could adversely affect individual issuers or related groups on its obligations and the Portfolio is delayed or prevented from recovering of issuers, securities markets, interest rates, credit ratings, inflation, the collateral, or if the value of the collateral is insufficient, the Portfolio investor sentiment, and other factors affecting the value of the Portfolio’s may realize a loss. The Portfolio may enter into repurchase agreement investments. transactions with SSgA or its affiliates. See “Conflict of Interest Risk.”

Market Risk Risk of Investment in Other Pools Your investment in the Portfolio will be affected by general economic If the Portfolio invests in another pooled investment vehicle, it is exposed conditions such as prevailing economic growth, inflation, deflation and to the risk that the other pool will not perform as expected. The Portfolio is interest rates. For example, when economic growth slows, equity securities exposed indirectly to all of the risks applicable to an investment in the other tend to decline in value; when interest rates rise, fixed income securities pool. The investment policies and limitations of the other pool may not be generally decline in value. Even if general economic conditions do not the same as those of the Portfolio; as a result, the Portfolio may be subject change, the value of your investment could decline if the particular to additional or different risks, or may achieve a reduced investment industries, sectors, or companies in which the Portfolio invests do not return, as a result of its investment in another pool. The Portfolio bears its perform well or are adversely affected by events. proportionate risk of the expenses of any pool in which it invests. Because SSgA may receive fees from the other pools in which the Portfolio may Modeling Risk invest (applicable law, including ERISA, may limit SSgA'’s ability to receive SSgA uses quantitative models in an effort to enhance returns and manage such fees in certain cases), SSgA has a financial incentive to invest the risk. While SSgA expects these models to perform as expected, deviation assets of the Portfolio in such other pools. See “Conflicts of Interest Risk.” between the forecasts and the actual events can result in either no advantage or in results opposite to those desired by SSgA. In particular, Securities Lending Risk these models may draw from unique historical data that may not predict The Portfolio may participate in an agency securities lending program future trades or market performance adequately. There can be no sponsored by State Street Bank and Trust Company for the purpose assurance that the models will behave as expected in all market conditions.

US Equity Index

Effective Date: 31 DEC 2010 STRATEGY DISCLOSURE DOCUMENT

III. Selected Risk Factors (continued) of lending (up to 100% of) the Portfolio’s securities and investing the developments than larger companies, and investments in such companies collateral posted by the borrowers of those loaned securities in collateral may involve certain special risks. Such companies may have limited reinvestment funds (the “Collateral Pools”). For more information regarding product lines, markets, or financial resources and may be dependent SSgA’s securities lending program refer to the “SSgA Securities Lending on a limited management group. In addition, such companies may have Program Disclosure.” The Collateral Pools are not money market funds been recently organized and have little or no track record of success. The registered with the U.S. Securities and Exchange Commission or FDIC- securities of small companies may trade less frequently and in smaller insured bank deposits or otherwise guaranteed by SSgA or State Street volumes than more widely held securities. The prices of these securities Bank and Trust Company or any of their respective affiliates, and investors may fluctuate more sharply than those of other securities, and the Portfolio may lose money by investing in the Collateral Pools or by participating in may experience some difficulty in establishing or closing out positions in the securities lending program more generally. To the extent the Portfolio these securities at prevailing market prices. There may be less publicly lends its securities through the securities lending program, the Portfolio available information about the issuers of these securities or less market compensates State Street Bank and Trust Company for operating and interest in such securities than in the case of larger companies, both of maintaining the program. SSgA acts as investment manager for the which can cause significant price volatility. Some securities of smaller Collateral Pools and is compensated for these services. The Collateral Pools issuers may be illiquid or may be restricted as to resale. Micro-cap are managed to a specific investment objective. For more information companies may have been very recently organized and may have only regarding the Collateral Pools refer to the separate “US Cash Collateral limited and sources of additional capital. Their securities may be extremely Strategy Disclosure Document.” Securities lending programs and the volatile and may experience very limited trading markets and liquidity. subsequent reinvestment of the posted collateral are subject to a number Micro-cap companies may be expected to experience higher levels of of risks, including the risk that the value of the investments held in the failure, insolvency, and bankruptcy than many larger companies. Collateral Pools may decline in value. In such a case, the Portfolio will bear any losses incurred as a result of the decline in value in the Collateral Pools. Because the net asset value of a Collateral Pool is subject to market Tax Risk and other conditions, it will fluctuate and may decrease in the future. The Portfolio may be subject to U.S. or non-U.S. income taxes, including, Although SSgA anticipates that subscription and withdrawal activity of without limitation, non-U.S. withholding taxes. In addition, an investment Collateral Pool units will typically be processed at $1.00 per unit, there in the Portfolio may give rise to unrelated business taxable income. can be no guarantee that subscriptions and redemptions Collateral Pool Investors should consult their tax advisors. units will always be effected at $1.00 per unit. SSgA prices the Collateral Pool securities through the use of third party pricing services and broker quotes, and there is no guarantee that the units in the Collateral Pools Value Investing Risk will be valued at $1.00 per unit at the time you redeem your shares of Value stocks may underperform growth stocks and stocks in other broad the Portfolio. If the value of Collateral Pool units is not $1.00 at the time style categories (and the stock market as a whole) over any period of you redeem your investment in the Portfolio, your redemption proceeds time and may shift in and out of favor with investors generally, sometimes will reflect the lower mark-to-market value of the Collateral Pool units rapidly, depending on changes in market, economic, and other factors. held by the Portfolio. SSgA may impose restrictions on the ability of the As a result, the Portfolio’s performance at times when it holds substantial Portfolio to redeem its units in a Collateral Pool if it determines in its sole investments in value stocks may be worse than the performance of other discretion that such restrictions (which may include limiting redemptions, investment portfolios that invest more broadly or that favor different processing redemptions in-kind or partially in-kind or delaying payment investment styles. of redemptions) are necessary to maintain sufficient liquidity in the Collateral Pool(s). More information on SSgA’s securities lending program Valuation and the Collateral Pools, including the “SSgA Securities Lending Program Disclosure”, the “US Cash Collateral Strategy Disclosure Document” and SSgA will value the Portfolio’s assets periodically at market value, based the current fact sheet for the Collateral Pools (which include the mark-to- on market quotations. All or a portion of the Portfolio’s assets may be market unit prices), are available on SSgA’s Client’s Corner website or by valued by SSgA at fair value using prices provided by a pricing service or, contacting SSgA. alternatively, a broker-dealer or other market intermediary (sometimes just one broker-dealer or other market intermediary) when other reliable pricing sources may not be available or are considered by SSgA to be unreliable. Small and Micro-Cap Companies Risk If information is available from none of those sources or SSgA considers Small companies may offer greater opportunities for capital appreciation it unreliable, SSgA may value the Portfolio's assets based on such other than larger companies, but they tend to be more vulnerable to adverse information as SSgA may in its discretion consider appropriate. There

US Equity Index

Effective Date: 31 DEC 2010 STRATEGY DISCLOSURE DOCUMENT

III. Selected Risk Factors (continued) can be no assurance that such valuations will accurately reflect the price the Portfolio would receive upon sale of a security, and to the extent the Portfolio sells a security at a price lower than the valuation it has been using, its net asset value will be adversely affected. There may be an increased variance between the return of a particular Portfolio and the return of the applicable Index due to differences between the Index pricing source and the pricing source utilized to price the Portfolio. When the Portfolio invests in other funds or investment pools, it will generally value its investments in those funds or pools based on the valuations determined by the funds or pools, which may not be the same as if the assets of the funds or pools had been valued using the procedures employed by the Portfolio to value its own assets.

ERISA Disclosure In the case of any ERISA Portfolio, SSgA acknowledges its status as a fiduciary under ERISA and shall not cause the Portfolio to enter into any transaction that would constitute a non-exempt “prohibited transaction” under Section 406 of ERISA, and in connection with its management of the Portfolio shall, as necessary or applicable to a given transaction, rely upon relevant statutory or administrative prohibited transaction exemptions, including, without limitation, Prohibited Transaction Class Exemption 91- 38, 77-4, 84-14, 2002-30 and 2006-16.

US Equity Index

Effective Date: 31 DEC 2010 STRATEGY DISCLOSURE DOCUMENT

IV. Individual Strategy Overviews

US Equity Index Investment Strategies

·· Conservative S&P 500 Index Strategy ·· Equal Weighted S&P 500 Index Strategy ·· FTSE RAFI U.S. 1000 Index Strategy ·· MSCI KLD 400 Social Index Strategy ·· MSCI USA Index Strategy ·· MSCI USA Small Cap Index Strategy ·· NASDAQ 100 Index Strategy ·· Russell 1000 Growth Index Strategy ·· Russell 1000 Index Strategy ·· Russell 1000 Value Index Strategy ·· Russell 2000 Growth Index Strategy ·· Russell 2000 Index Strategy ·· Russell 2000 Value Index Strategy ·· Russell 3000 Index Strategy ·· Russell Small Cap Completeness Index Strategy ·· Russell Top 200 Index Strategy ·· Russell Top 200 Value Index Strategy ·· S&P 100 Index Strategy ·· S&P 500 ex Tobacco Index Strategy ·· S&P 500 Growth Index Strategy ·· S&P 500 Index Strategy ·· S&P 500 Value Index Strategy ·· S&P MidCap 400 Index Strategy ·· S&P MidCap 400 Pure Growth Index Strategy ·· Screened Russell 3000 Index Strategy ·· Screened S&P 500 Index Strategy ·· U.S. Community Investing Index Strategy ·· U.S. Extended Market Index Strategy ·· U.S. Total Market Index Strategy

USIE00012 Conservative S&P 500 Index Strategy 31 December 2010 Individual Strategy Overview

Investment Objective Performance The Strategy seeks an investment return that approximates as closely as practicable, before expenses, the performance of its benchmark index over Total Returns Composite Benchmark the long term. Q4 2010 10.76% 10.76% YTD 15.12% 15.06% Benchmark 1 Year 15.12% 15.06% S&P 500® 3 Year -2.78% -2.86% Investment Strategy 5 Year 2.34% 2.29% The Strategy is managed using a "passive" or "indexing" investment 10 Year 1.45% 1.41% approach, by which SSgA attempts to match, before expenses, the Inception to Date (Jan 1986) 9.96% 9.94% performance of the Index. SSgA will typically attempt to invest in the All returns greater than 1 year are annualized. Performance shown represents past performance. securities comprising the Index, in approximately the same proportions as Past performance is not a guarantee of future results. Current performance may be lower or higher they are represented in the Index. In some cases, it may not be possible than the performance shown above. The performance figures contained herein are provided or practicable to purchase all of the securities comprising the Index, or to gross of investment management fees and reflect all items of income, gain and loss and the investment of dividends and other income. Index returns are unmanaged and do not reflect the hold them in the same weightings as they represent in the Index. In those deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the circumstances, SSgA may employ a sampling or optimization technique to reinvestment of dividends and other income. construct the portfolio in question. The performance figures above do not take account of the mark to market value of the units of the securities lending cash collateral pools held by any of the Portfolios in the Composite. From time to time securities are added to or removed from the Index. SSgA Performance of certain portfolios within the Composite is net of administrative costs. If such fees may sell securities that are represented in the Index, or purchase securities and the mark to market unit value of the securities lending cash collateral pools were reflected the that are not yet represented in the Index, prior to or after their removal or performance may be lower. Please see the securities lending risk factor in the Strategy Disclosure Document for more information. addition to the Index. Performance returns are calculated in US dollars. The Strategy will not use futures or other derivatives to create "notional" or Risk Management "synthetic" index exposures or engage in other transactions involving the use of derivatives in lieu of investment directly in the securities making up the SSgA monitors the overall risk of the Strategy, in order to avoid unintended Index. risk relative to the Index. SSgA manages portfolio characteristics and transaction costs in a manner intended to provide a return as close as The Strategy's return may not match the return of the Index. practicable to the benchmark return. Key Facts Investment Manager . Is passively managed The Strategy is managed by State Street Global Advisors (SSgA), the . Does not use derivatives investment management division of State Street Bank and Trust Company, . May lend its portfolio and enter into repurchase agreements (See and a global leader in providing investment management services to clients applicable governing documents for a Portfolio's authority to lend) worldwide. SSgA has been selected by many worldwide industry leaders . May invest in other investment pools, including those managed by SSgA to provide premier investment management services. To learn more about and its affiliates SSgA, visit our web site at www.ssga.com. . Is not a leveraged strategy . Will not sell securities short

Investment Objective Performance The Strategy seeks an investment return that approximates as closely as practicable, before expenses, the performance of its benchmark index over Total Returns Composite Benchmark the long term. Q4 2010 11.99% 12.05% YTD 22.25% 22.28% Benchmark 1 Year 22.25% 22.28% S&P 500® Equal Weighted 3 Year 2.32% 2.18% Investment Strategy 5 Year 4.63% 4.52% The Strategy is managed using a "passive" or "indexing" investment 10 Year 6.44% 6.49% approach, by which SSgA attempts to match, before expenses, the Inception to Date (Aug 1990) 11.09% 11.15% performance of the Index. SSgA will typically attempt to invest in the All returns greater than 1 year are annualized. Performance shown represents past performance. securities comprising the Index, in approximately the same proportions as Past performance is not a guarantee of future results. Current performance may be lower or higher they are represented in the Index. In some cases, it may not be possible than the performance shown above. The performance figures contained herein are provided or practicable to purchase all of the securities comprising the Index, or to gross of investment management fees and reflect all items of income, gain and loss and the investment of dividends and other income. Index returns are unmanaged and do not reflect the hold them in the same weightings as they represent in the Index. In those deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the circumstances, SSgA may employ a sampling or optimization technique to reinvestment of dividends and other income. construct the portfolio in question. The performance figures above do not take account of the mark to market value of the units of the securities lending cash collateral pools held by any of the Portfolios in the Composite. From time to time securities are added to or removed from the Index. SSgA Performance of certain portfolios within the Composite is net of administrative costs. If such fees may sell securities that are represented in the Index, or purchase securities and the mark to market unit value of the securities lending cash collateral pools were reflected the that are not yet represented in the Index, prior to or after their removal or performance may be lower. Please see the securities lending risk factor in the Strategy Disclosure Document for more information. addition to the Index. Performance returns are calculated in US dollars. The Strategy may at times purchase or sell index futures contracts, or Risk Management options on those futures, or engage in other transactions involving the use of derivatives, in lieu of investment directly in the securities making up the Index SSgA monitors the overall risk of the Strategy, in order to avoid unintended or to enhance the Strategy's replication of the Index return. risk relative to the Index. SSgA manages portfolio characteristics and transaction costs in a manner intended to provide a return as close as The Strategy's return may not match the return of the Index. practicable to the benchmark return. Key Facts Investment Manager . Is passively managed The Strategy is managed by State Street Global Advisors (SSgA), the . Uses futures and may use other derivatives investment management division of State Street Bank and Trust Company, . May lend its portfolio and enter into repurchase agreements (See and a global leader in providing investment management services to clients applicable governing documents for a Portfolio's authority to lend) worldwide. SSgA has been selected by many worldwide industry leaders . May invest in other investment pools, including those managed by SSgA to provide premier investment management services. To learn more about and its affiliates SSgA, visit our web site at www.ssga.com. . Is not a leveraged strategy . Will not sell securities short

Investment Objective Performance The Strategy seeks an investment return that approximates as closely as practicable, before expenses, the performance of its benchmark index over Total Returns Composite Benchmark the long term. Q4 2010 11.87% 11.89% YTD 19.90% 19.98% Benchmark 1 Year 19.90% 19.98% FTSE RAFI U.S. 1000 Index 3 Year 0.70% 0.74% Investment Strategy 5 Year N/A N/A The Strategy is managed using a "passive" or "indexing" investment 10 Year N/A N/A approach, by which SSgA attempts to match, before expenses, the Inception to Date (Jan 2007) 1.30% 1.31% performance of the Index. SSgA will typically attempt to invest in the All returns greater than 1 year are annualized. Performance shown represents past performance. securities comprising the Index, in approximately the same proportions as Past performance is not a guarantee of future results. Current performance may be lower or higher they are represented in the Index. In some cases, it may not be possible than the performance shown above. The performance figures contained herein are provided or practicable to purchase all of the securities comprising the Index, or to gross of investment management fees and reflect all items of income, gain and loss and the investment of dividends and other income. Index returns are unmanaged and do not reflect the hold them in the same weightings as they represent in the Index. In those deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the circumstances, SSgA may employ a sampling or optimization technique to reinvestment of dividends and other income. construct the portfolio in question. The performance figures above do not take account of the mark to market value of the units of the securities lending cash collateral pools held by any of the Portfolios in the Composite. From time to time securities are added to or removed from the Index. SSgA Performance of certain portfolios within the Composite is net of administrative costs. If such fees may sell securities that are represented in the Index, or purchase securities and the mark to market unit value of the securities lending cash collateral pools were reflected the that are not yet represented in the Index, prior to or after their removal or performance may be lower. Please see the securities lending risk factor in the Strategy Disclosure Document for more information. addition to the Index. Performance returns are calculated in US dollars. The Strategy may at times purchase or sell index futures contracts, or Risk Management options on those futures, or engage in other transactions involving the use of derivatives, in lieu of investment directly in the securities making up the Index SSgA monitors the overall risk of the Strategy, in order to avoid unintended or to enhance the Strategy's replication of the Index return. risk relative to the Index. SSgA manages portfolio characteristics and transaction costs in a manner intended to provide a return as close as The Strategy's return may not match the return of the Index. practicable to the benchmark return. Key Facts Investment Manager . Is passively managed The Strategy is managed by State Street Global Advisors (SSgA), the . Uses futures and may use other derivatives investment management division of State Street Bank and Trust Company, . May lend its portfolio and enter into repurchase agreements (See and a global leader in providing investment management services to clients applicable governing documents for a Portfolio's authority to lend) worldwide. SSgA has been selected by many worldwide industry leaders . May invest in other investment pools, including those managed by SSgA to provide premier investment management services. To learn more about and its affiliates SSgA, visit our web site at www.ssga.com. . Is not a leveraged strategy . Will not sell securities short

Investment Objective Performance The Strategy seeks an investment return that approximates as closely as practicable, before expenses, the performance of its benchmark index over Total Returns Composite Benchmark the long term. Q4 2010 9.91% 9.98% YTD 11.11% 11.89% Benchmark 1 Year 11.11% 11.89% MSCI KLD Social 400 Index 3 Year -1.99% -1.39% Investment Strategy 5 Year N/A N/A The Strategy is managed using a "passive" or "indexing" investment 10 Year N/A N/A approach, by which SSgA attempts to match, before expenses, the Inception to Date (Dec 2006) -0.33% 0.20% performance of the Index. SSgA will typically attempt to invest in the All returns greater than 1 year are annualized. Performance shown represents past performance. securities comprising the Index, in approximately the same proportions as Past performance is not a guarantee of future results. Current performance may be lower or higher they are represented in the Index. In some cases, it may not be possible than the performance shown above. The performance figures contained herein are provided or practicable to purchase all of the securities comprising the Index, or to gross of investment management fees and reflect all items of income, gain and loss and the investment of dividends and other income. Index returns are unmanaged and do not reflect the hold them in the same weightings as they represent in the Index. In those deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the circumstances, SSgA may employ a sampling or optimization technique to reinvestment of dividends and other income. construct the portfolio in question. The performance figures above do not take account of the mark to market value of the units of the securities lending cash collateral pools held by any of the Portfolios in the Composite. From time to time securities are added to or removed from the Index. SSgA Performance of certain portfolios within the Composite is net of administrative costs. If such fees may sell securities that are represented in the Index, or purchase securities and the mark to market unit value of the securities lending cash collateral pools were reflected the that are not yet represented in the Index, prior to or after their removal or performance may be lower. Please see the securities lending risk factor in the Strategy Disclosure Document for more information. addition to the Index. Performance returns are calculated in US dollars. The Strategy may at times purchase or sell index futures contracts, or Risk Management options on those futures, or engage in other transactions involving the use of derivatives, in lieu of investment directly in the securities making up the Index SSgA monitors the overall risk of the Strategy, in order to avoid unintended or to enhance the Strategy's replication of the Index return. risk relative to the Index. SSgA manages portfolio characteristics and transaction costs in a manner intended to provide a return as close as The Strategy's return may not match the return of the Index. practicable to the benchmark return. Key Facts Investment Manager . Is passively managed The Strategy is managed by State Street Global Advisors (SSgA), the . Uses futures and may use other derivatives investment management division of State Street Bank and Trust Company, . May lend its portfolio and enter into repurchase agreements (See and a global leader in providing investment management services to clients applicable governing documents for a Portfolio's authority to lend) worldwide. SSgA has been selected by many worldwide industry leaders . May invest in other investment pools, including those managed by SSgA to provide premier investment management services. To learn more about and its affiliates SSgA, visit our web site at www.ssga.com. . Is not a leveraged strategy . Will not sell securities short

For the purpose of complying with the Global Investment Performance Standards (GIPS®), the firm ('SSgA-Global')is defined as all portfolios managed across the global offices of State Street Global Advisors (SSgA) and SSgA Funds Management, Inc., with the exception of business units which are held out to the market place as distinct business entities: the Office of the Fiduciary Advisor (OFA), and Charitable Asset Management (CAM). Prior to 1/1/2011, SSgA-Global also excluded its wrap fee business (Intermediary Business Group [IBG]) and assets accounted for on a book value basis (global cash and stable value assets). SSgA-Global claims compliance with GIPS® from January 1, 2000. The performance shown is of a composite created consisting of all discretionary accounts using this investment strategy. There is no minimum account size required for the inclusion in the composite. New funds or accounts are added to the composite upon the first full month of operation and closed funds or accounts are removed from the composite upon the last full month of operation. The performance figures contained herein do not reflect the deduction of advisory or other fees which could reduce the return. The MSCI KLD 400 Social Index Composite (the "Composite") seeks an investment return that approximates as closely as practicable, before expenses, the performance of its benchmark index over the long term. The MSCI KLD Social 400 Index is a trademark of MSCI Inc. The MSCI indexes are the exclusive property of MSCI Inc. ("MSCI"). MSCI and the MSCI index names are service mark(s) of MSCI or its affiliates and have been licensed for use for certain purposes by State Street Global Advisors ("SSgA"). The financial securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such financial securities. The Strategy Disclosure Document contains a more detailed description of the limited relationship MSCI has with SSgA and any related financial securities. No purchaser, seller or holder of this product, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote this product without first contacting MSCI to determine whether MSCI's permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI. This Strategy Overview provides summary information regarding the Strategy. It should be read in conjunction with the Strategy's Disclosure Document which contains important information about the Strategy, including a description of a number of risks. 21713502 MSCI USA Index Strategy 31 December 2010 Individual Strategy Overview

Investment Objective Performance The Strategy seeks an investment return that approximates as closely as practicable, before expenses, the performance of its benchmark index over Total Returns Composite Benchmark the long term. Q4 2010 11.00% 11.01% YTD 15.42% 15.45% Benchmark 1 Year 15.42% 15.45% MSCI USA Index 3 Year -2.64% -2.64% Investment Strategy 5 Year 2.46% 2.44% The Strategy is managed using a "passive" or "indexing" investment 10 Year 1.48% 1.49% approach, by which SSgA attempts to match, before expenses, the Inception to Date (Aug 1989) 8.68% 8.70% performance of the Index. SSgA will typically attempt to invest in the All returns greater than 1 year are annualized. Performance shown represents past performance. securities comprising the Index, in approximately the same proportions as Past performance is not a guarantee of future results. Current performance may be lower or higher they are represented in the Index. In some cases, it may not be possible than the performance shown above. The performance figures contained herein are provided or practicable to purchase all of the securities comprising the Index, or to gross of investment management fees and reflect all items of income, gain and loss and the investment of dividends and other income. Index returns are unmanaged and do not reflect the hold them in the same weightings as they represent in the Index. In those deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the circumstances, SSgA may employ a sampling or optimization technique to reinvestment of dividends and other income. construct the portfolio in question. The performance figures above do not take account of the mark to market value of the units of the securities lending cash collateral pools held by any of the Portfolios in the Composite. From time to time securities are added to or removed from the Index. SSgA Performance of certain portfolios within the Composite is net of administrative costs. If such fees may sell securities that are represented in the Index, or purchase securities and the mark to market unit value of the securities lending cash collateral pools were reflected the that are not yet represented in the Index, prior to or after their removal or performance may be lower. Please see the securities lending risk factor in the Strategy Disclosure Document for more information. addition to the Index. Performance returns are calculated in US dollars. The Strategy may at times purchase or sell index futures contracts, or Risk Management options on those futures, or engage in other transactions involving the use of derivatives, in lieu of investment directly in the securities making up the Index SSgA monitors the overall risk of the Strategy, in order to avoid unintended or to enhance the Strategy's replication of the Index return. risk relative to the Index. SSgA manages portfolio characteristics and transaction costs in a manner intended to provide a return as close as The Strategy's return may not match the return of the Index. practicable to the benchmark return. Key Facts Investment Manager . Is passively managed The Strategy is managed by State Street Global Advisors (SSgA), the . Uses futures and may use other derivatives investment management division of State Street Bank and Trust Company, . May lend its portfolio and enter into repurchase agreements (See and a global leader in providing investment management services to clients applicable governing documents for a Portfolio's authority to lend) worldwide. SSgA has been selected by many worldwide industry leaders . May invest in other investment pools, including those managed by SSgA to provide premier investment management services. To learn more about and its affiliates SSgA, visit our web site at www.ssga.com. . Is not a leveraged strategy . Will not sell securities short

Investment Objective Performance The Strategy seeks an investment return that approximates as closely as practicable, before expenses, the performance of its benchmark index over Total Returns Composite Benchmark the long term. Q4 2010 15.41% 15.58% YTD 27.81% 27.96% Benchmark 1 Year 27.81% 27.96% MSCI USA Small Cap Index 3 Year N/A N/A Investment Strategy 5 Year N/A N/A The Strategy is managed using a "passive" or "indexing" investment 10 Year N/A N/A approach, by which SSgA attempts to match, before expenses, the Inception to Date (Jun 2008) 5.18% 5.25% performance of the Index. SSgA will typically attempt to invest in the All returns greater than 1 year are annualized. Performance shown represents past performance. securities comprising the Index, in approximately the same proportions as Past performance is not a guarantee of future results. Current performance may be lower or higher they are represented in the Index. In some cases, it may not be possible than the performance shown above. The performance figures contained herein are provided or practicable to purchase all of the securities comprising the Index, or to gross of investment management fees and reflect all items of income, gain and loss and the investment of dividends and other income. Index returns are unmanaged and do not reflect the hold them in the same weightings as they represent in the Index. In those deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the circumstances, SSgA may employ a sampling technique to construct the reinvestment of dividends and other income. portfolio in question. The performance figures above do not take account of the mark to market value of the units of the securities lending cash collateral pools held by any of the Portfolios in the Composite. From time to time securities are added to or removed from the Index. SSgA Performance of certain portfolios within the Composite is net of administrative costs. If such fees may sell securities that are represented in the Index, or purchase securities and the mark to market unit value of the securities lending cash collateral pools were reflected the that are not yet represented in the Index, prior to or after their removal or performance may be lower. Please see the securities lending risk factor in the Strategy Disclosure Document for more information. addition to the Index. Performance returns are calculated in US dollars. The Strategy may at times purchase or sell index futures contracts, or Risk Management options on those futures, or engage in other transactions involving the use of derivatives, in lieu of investment directly in the securities making up the Index SSgA monitors the overall risk of the Strategy, in order to avoid unintended or to enhance the Strategy's replication of the Index return. risk relative to the Index. SSgA manages portfolio characteristics and transaction costs in a manner intended to provide a return as close as The Strategy's return may not match the return of the Index. practicable to the benchmark return. Key Facts Investment Manager . Is passively managed The Strategy is managed by State Street Global Advisors (SSgA), the . Uses futures and may use other derivatives investment management division of State Street Bank and Trust Company, . May lend its portfolio and enter into repurchase agreements (See and a global leader in providing investment management services to clients applicable governing documents for a Portfolio's authority to lend) worldwide. SSgA has been selected by many worldwide industry leaders . May invest in other investment pools, including those managed by SSgA to provide premier investment management services. To learn more about and its affiliates SSgA, visit our web site at www.ssga.com. . Is not a leveraged strategy . Will not sell securities short

Investment Objective Performance The Strategy seeks an investment return that approximates as closely as practicable, before expenses, the performance of its benchmark index over Total Returns Composite Benchmark the long term. Q4 2010 11.27% 11.28% YTD 20.09% 20.15% Benchmark 1 Year 20.09% 20.15% Nasdaq-100 Index® 3 Year 2.73% 2.77% Investment Strategy 5 Year 6.63% 6.79% The Strategy is managed using a "passive" or "indexing" investment 10 Year N/A N/A approach, by which SSgA attempts to match, before expenses, the Inception to Date (Dec 2005) 6.17% 6.34% performance of the Index. SSgA will typically attempt to invest in the All returns greater than 1 year are annualized. Performance shown represents past performance. securities comprising the Index, in approximately the same proportions as Past performance is not a guarantee of future results. Current performance may be lower or higher they are represented in the Index. In some cases, it may not be possible than the performance shown above. The performance figures contained herein are provided or practicable to purchase all of the securities comprising the Index, or to gross of investment management fees and reflect all items of income, gain and loss and the investment of dividends and other income. Index returns are unmanaged and do not reflect the hold them in the same weightings as they represent in the Index. In those deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the circumstances, SSgA may employ a sampling or optimization technique to reinvestment of dividends and other income. construct the portfolio in question. The performance figures above do not take account of the mark to market value of the units of the securities lending cash collateral pools held by any of the Portfolios in the Composite. From time to time securities are added to or removed from the Index. SSgA Performance of certain portfolios within the Composite is net of administrative costs. If such fees may sell securities that are represented in the Index, or purchase securities and the mark to market unit value of the securities lending cash collateral pools were reflected the that are not yet represented in the Index, prior to or after their removal or performance may be lower. Please see the securities lending risk factor in the Strategy Disclosure Document for more information. addition to the Index. Performance returns are calculated in US dollars. The Strategy may at times purchase or sell index futures contracts, or Risk Management options on those futures, or engage in other transactions involving the use of derivatives, in lieu of investment directly in the securities making up the Index SSgA monitors the overall risk of the Strategy, in order to avoid unintended or to enhance the Strategy's replication of the Index return. risk relative to the Index. SSgA manages portfolio characteristics and transaction costs in a manner intended to provide a return as close as The Strategy's return may not match the return of the Index. practicable to the benchmark return. Key Facts Investment Manager . Is passively managed The Strategy is managed by State Street Global Advisors (SSgA), the . Uses futures and may use other derivatives investment management division of State Street Bank and Trust Company, . May lend its portfolio and enter into repurchase agreements (See and a global leader in providing investment management services to clients applicable governing documents for a Portfolio's authority to lend) worldwide. SSgA has been selected by many worldwide industry leaders . May invest in other investment pools, including those managed by SSgA to provide premier investment management services. To learn more about and its affiliates SSgA, visit our web site at www.ssga.com. . Is not a leveraged strategy . Will not sell securities short

For the purpose of complying with the Global Investment Performance Standards (GIPS®), the firm ('SSgA-Global')is defined as all portfolios managed across the global offices of State Street Global Advisors (SSgA) and SSgA Funds Management, Inc., with the exception of business units which are held out to the market place as distinct business entities: the Office of the Fiduciary Advisor (OFA), and Charitable Asset Management (CAM). Prior to 1/1/2011, SSgA-Global also excluded its wrap fee business (Intermediary Business Group [IBG]) and assets accounted for on a book value basis (global cash and stable value assets). SSgA-Global claims compliance with GIPS® from January 1, 2000. The performance shown is of a composite created consisting of all discretionary accounts using this investment strategy. There is no minimum account size required for the inclusion in the composite. New funds or accounts are added to the composite upon the first full month of operation and closed funds or accounts are removed from the composite upon the last full month of operation. The performance figures contained herein do not reflect the deduction of advisory or other fees which could reduce the return. The NASDAQ 100 Index Composite (the "Composite") seeks an investment return that approximates as closely as practicable, before expenses, the performance of its benchmark index over the long term. The Product(s) is not sponsored, endorsed, sold or promoted by The Nasdaq Stock Market, Inc. or its affiliates (Nasdaq, with its affiliates, are referred to as the "Corporations"). The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of descriptions and disclosures relating to, the Product(s). The Corporations make no representation or warranty, express or implied to the owners of the Product(s) or any member of the public regarding the advisability of investing in securities generally or in the Product(s) particularly, or the ability of the Nasdaq-100 Index® to track general stock market performance. The Corporations' only relationship to State Street Global Advisors ("Licensee") is in the licensing of the Nasdaq®, Nasdaq-100® and Nasdaq-100 Index® trademarks and certain trade names of the Corporations and the use of the Nasdaq-100 Index® which is determined, composed and calculated by Nasdaq without regard to Licensee or the Product(s). Nasdaq has no obligation to take the needs of the Licensee or the owners of the Product(s) into consideration in determining, composing or calculating the Nasdaq-100 Index®. The Corporations are not responsible for and have not participated in the determination of calculation of the equation by which the Product(s) is to be converted into cash. The Corporations have no liability in connection with the administration, marketing or trading of the Product(s). This Strategy Overview provides summary information regarding the Strategy. It should be read in conjunction with the Strategy's Disclosure Document which contains important information about the Strategy, including a description of a number of risks. 21700032 Russell 1000 Growth Index Strategy 31 December 2010 Individual Strategy Overview

Investment Objective Performance The Strategy seeks an investment return that approximates as closely as practicable, before expenses, the performance of its benchmark index over Total Returns Composite Benchmark the long term. Q4 2010 11.80% 11.83% YTD 16.71% 16.71% Benchmark 1 Year 16.71% 16.71% Russell 1000® Growth Index 3 Year -0.47% -0.47% Investment Strategy 5 Year 3.77% 3.75% The Strategy is managed using a "passive" or "indexing" investment 10 Year 0.05% 0.02% approach, by which SSgA attempts to match, before expenses, the Inception to Date (Oct 1991) 7.42% 7.42% performance of the Index. SSgA will typically attempt to invest in the All returns greater than 1 year are annualized. Performance shown represents past performance. securities comprising the Index, in approximately the same proportions as Past performance is not a guarantee of future results. Current performance may be lower or higher they are represented in the Index. In some cases, it may not be possible than the performance shown above. The performance figures contained herein are provided or practicable to purchase all of the securities comprising the Index, or to gross of investment management fees and reflect all items of income, gain and loss and the investment of dividends and other income. Index returns are unmanaged and do not reflect the hold them in the same weightings as they represent in the Index. In those deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the circumstances, SSgA may employ a sampling or optimization technique to reinvestment of dividends and other income. construct the portfolio in question. The performance figures above do not take account of the mark to market value of the units of the securities lending cash collateral pools held by any of the Portfolios in the Composite. From time to time securities are added to or removed from the Index. SSgA Performance of certain portfolios within the Composite is net of administrative costs. If such fees may sell securities that are represented in the Index, or purchase securities and the mark to market unit value of the securities lending cash collateral pools were reflected the that are not yet represented in the Index, prior to or after their removal or performance may be lower. Please see the securities lending risk factor in the Strategy Disclosure Document for more information. addition to the Index. Performance returns are calculated in US dollars. The Strategy may at times purchase or sell index futures contracts, or Risk Management options on those futures, or engage in other transactions involving the use of derivatives, in lieu of investment directly in the securities making up the Index SSgA monitors the overall risk of the Strategy, in order to avoid unintended or to enhance the Strategy's replication of the Index return. risk relative to the Index. SSgA manages portfolio characteristics and transaction costs in a manner intended to provide a return as close as The Strategy's return may not match the return of the Index. practicable to the benchmark return. Key Facts Investment Manager . Is passively managed The Strategy is managed by State Street Global Advisors (SSgA), the . Uses futures and may use other derivatives investment management division of State Street Bank and Trust Company, . May lend its portfolio and enter into repurchase agreements (See and a global leader in providing investment management services to clients applicable governing documents for a Portfolio's authority to lend) worldwide. SSgA has been selected by many worldwide industry leaders . May invest in other investment pools, including those managed by SSgA to provide premier investment management services. To learn more about and its affiliates SSgA, visit our web site at www.ssga.com. . Is not a leveraged strategy . Will not sell securities short

Investment Objective Performance The Strategy seeks an investment return that approximates as closely as practicable, before expenses, the performance of its benchmark index over Total Returns Composite Benchmark the long term. Q4 2010 11.18% 11.19% YTD 16.14% 16.10% Benchmark 1 Year 16.14% 16.10% Russell 1000® Index 3 Year -2.31% -2.37% Investment Strategy 5 Year 2.65% 2.59% The Strategy is managed using a "passive" or "indexing" investment 10 Year 1.87% 1.83% approach, by which SSgA attempts to match, before expenses, the Inception to Date (Jul 1992) 8.66% 8.63% performance of the Index. SSgA will typically attempt to invest in the All returns greater than 1 year are annualized. Performance shown represents past performance. securities comprising the Index, in approximately the same proportions as Past performance is not a guarantee of future results. Current performance may be lower or higher they are represented in the Index. In some cases, it may not be possible than the performance shown above. The performance figures contained herein are provided or practicable to purchase all of the securities comprising the Index, or to gross of investment management fees and reflect all items of income, gain and loss and the investment of dividends and other income. Index returns are unmanaged and do not reflect the hold them in the same weightings as they represent in the Index. In those deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the circumstances, SSgA may employ a sampling or optimization technique to reinvestment of dividends and other income. construct the portfolio in question. The performance figures above do not take account of the mark to market value of the units of the securities lending cash collateral pools held by any of the Portfolios in the Composite. From time to time securities are added to or removed from the Index. SSgA Performance of certain portfolios within the Composite is net of administrative costs. If such fees may sell securities that are represented in the Index, or purchase securities and the mark to market unit value of the securities lending cash collateral pools were reflected the that are not yet represented in the Index, prior to or after their removal or performance may be lower. Please see the securities lending risk factor in the Strategy Disclosure Document for more information. addition to the Index. Performance returns are calculated in US dollars. The Strategy may at times purchase or sell index futures contracts, or Risk Management options on those futures, or engage in other transactions involving the use of derivatives, in lieu of investment directly in the securities making up the Index SSgA monitors the overall risk of the Strategy, in order to avoid unintended or to enhance the Strategy's replication of the Index return. risk relative to the Index. SSgA manages portfolio characteristics and transaction costs in a manner intended to provide a return as close as The Strategy's return may not match the return of the Index. practicable to the benchmark return. Key Facts Investment Manager . Is passively managed The Strategy is managed by State Street Global Advisors (SSgA), the . Uses futures and may use other derivatives investment management division of State Street Bank and Trust Company, . May lend its portfolio and enter into repurchase agreements (See and a global leader in providing investment management services to clients applicable governing documents for a Portfolio's authority to lend) worldwide. SSgA has been selected by many worldwide industry leaders . May invest in other investment pools, including those managed by SSgA to provide premier investment management services. To learn more about and its affiliates SSgA, visit our web site at www.ssga.com. . Is not a leveraged strategy . Will not sell securities short

Investment Objective Performance The Strategy seeks an investment return that approximates as closely as practicable, before expenses, the performance of its benchmark index over Total Returns Composite Benchmark the long term. Q4 2010 10.55% 10.54% YTD 15.58% 15.51% Benchmark 1 Year 15.58% 15.51% Russell 1000® Value Index 3 Year -4.30% -4.42% Investment Strategy 5 Year 1.38% 1.28% The Strategy is managed using a "passive" or "indexing" investment 10 Year 3.30% 3.26% approach, by which SSgA attempts to match, before expenses, the Inception to Date (Oct 1991) 9.51% 9.50% performance of the Index. SSgA will typically attempt to invest in the All returns greater than 1 year are annualized. Performance shown represents past performance. securities comprising the Index, in approximately the same proportions as Past performance is not a guarantee of future results. Current performance may be lower or higher they are represented in the Index. In some cases, it may not be possible than the performance shown above. The performance figures contained herein are provided or practicable to purchase all of the securities comprising the Index, or to gross of investment management fees and reflect all items of income, gain and loss and the investment of dividends and other income. Index returns are unmanaged and do not reflect the hold them in the same weightings as they represent in the Index. In those deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the circumstances, SSgA may employ a sampling or optimization technique to reinvestment of dividends and other income. construct the portfolio in question. The performance figures above do not take account of the mark to market value of the units of the securities lending cash collateral pools held by any of the Portfolios in the Composite. From time to time securities are added to or removed from the Index. SSgA Performance of certain portfolios within the Composite is net of administrative costs. If such fees may sell securities that are represented in the Index, or purchase securities and the mark to market unit value of the securities lending cash collateral pools were reflected the that are not yet represented in the Index, prior to or after their removal or performance may be lower. Please see the securities lending risk factor in the Strategy Disclosure Document for more information. addition to the Index. Performance returns are calculated in US dollars. The Strategy may at times purchase or sell index futures contracts, or Risk Management options on those futures, or engage in other transactions involving the use of derivatives, in lieu of investment directly in the securities making up the Index SSgA monitors the overall risk of the Strategy, in order to avoid unintended or to enhance the Strategy's replication of the Index return. risk relative to the Index. SSgA manages portfolio characteristics and transaction costs in a manner intended to provide a return as close as The Strategy's return may not match the return of the Index. practicable to the benchmark return. Key Facts Investment Manager . Is passively managed The Strategy is managed by State Street Global Advisors (SSgA), the . Uses futures and may use other derivatives investment management division of State Street Bank and Trust Company, . May lend its portfolio and enter into repurchase agreements (See and a global leader in providing investment management services to clients applicable governing documents for a Portfolio's authority to lend) worldwide. SSgA has been selected by many worldwide industry leaders . May invest in other investment pools, including those managed by SSgA to provide premier investment management services. To learn more about and its affiliates SSgA, visit our web site at www.ssga.com. . Is not a leveraged strategy . Will not sell securities short

Investment Objective Performance The Strategy seeks an investment return that approximates as closely as practicable, before expenses, the performance of its benchmark index over Total Returns Composite Benchmark the long term. Q4 2010 17.04% 17.11% YTD 29.03% 29.09% Benchmark 1 Year 29.03% 29.09% Russell 2000® Growth Index 3 Year 2.29% 2.18% Investment Strategy 5 Year 5.36% 5.30% The Strategy is managed using a "passive" or "indexing" investment 10 Year 3.92% 3.78% approach, by which SSgA attempts to match, before expenses, the Inception to Date (May 1997) 5.58% 5.50% performance of the Index. SSgA will typically attempt to invest in the All returns greater than 1 year are annualized. Performance shown represents past performance. securities comprising the Index, in approximately the same proportions as Past performance is not a guarantee of future results. Current performance may be lower or higher they are represented in the Index. In some cases, it may not be possible than the performance shown above. The performance figures contained herein are provided or practicable to purchase all of the securities comprising the Index, or to gross of investment management fees and reflect all items of income, gain and loss and the investment of dividends and other income. Index returns are unmanaged and do not reflect the hold them in the same weightings as they represent in the Index. In those deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the circumstances, SSgA may employ a sampling or optimization technique to reinvestment of dividends and other income. construct the portfolio in question. The performance figures above do not take account of the mark to market value of the units of the securities lending cash collateral pools held by any of the Portfolios in the Composite. From time to time securities are added to or removed from the Index. SSgA Performance of certain portfolios within the Composite is net of administrative costs. If such fees may sell securities that are represented in the Index, or purchase securities and the mark to market unit value of the securities lending cash collateral pools were reflected the that are not yet represented in the Index, prior to or after their removal or performance may be lower. Please see the securities lending risk factor in the Strategy Disclosure Document for more information. addition to the Index. Performance returns are calculated in US dollars. The Strategy may at times purchase or sell index futures contracts, or Risk Management options on those futures, or engage in other transactions involving the use of derivatives, in lieu of investment directly in the securities making up the Index SSgA monitors the overall risk of the Strategy, in order to avoid unintended or to enhance the Strategy's replication of the Index return. risk relative to the Index. SSgA manages portfolio characteristics and transaction costs in a manner intended to provide a return as close as The Strategy's return may not match the return of the Index. practicable to the benchmark return. Key Facts Investment Manager . Is passively managed The Strategy is managed by State Street Global Advisors (SSgA), the . Uses futures and may use other derivatives investment management division of State Street Bank and Trust Company, . May lend its portfolio and enter into repurchase agreements (See and a global leader in providing investment management services to clients applicable governing documents for a Portfolio's authority to lend) worldwide. SSgA has been selected by many worldwide industry leaders . May invest in other investment pools, including those managed by SSgA to provide premier investment management services. To learn more about and its affiliates SSgA, visit our web site at www.ssga.com. . Is not a leveraged strategy . Will not sell securities short

Investment Objective Performance The Strategy seeks an investment return that approximates as closely as practicable, before expenses, the performance of its benchmark index over Total Returns Composite Benchmark the long term. Q4 2010 16.22% 16.25% YTD 26.91% 26.85% Benchmark 1 Year 26.91% 26.85% Russell 2000® Index 3 Year 2.25% 2.22% Investment Strategy 5 Year 4.41% 4.47% The Strategy is managed using a "passive" or "indexing" investment 10 Year 6.23% 6.33% approach, by which SSgA attempts to match, before expenses, the Inception to Date (Nov 1992) 9.18% 9.31% performance of the Index. SSgA will typically attempt to invest in the All returns greater than 1 year are annualized. Performance shown represents past performance. securities comprising the Index, in approximately the same proportions as Past performance is not a guarantee of future results. Current performance may be lower or higher they are represented in the Index. In some cases, it may not be possible than the performance shown above. The performance figures contained herein are provided or practicable to purchase all of the securities comprising the Index, or to gross of investment management fees and reflect all items of income, gain and loss and the investment of dividends and other income. Index returns are unmanaged and do not reflect the hold them in the same weightings as they represent in the Index. In those deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the circumstances, SSgA may employ a sampling or optimization technique to reinvestment of dividends and other income. construct the portfolio in question. The performance figures above do not take account of the mark to market value of the units of the securities lending cash collateral pools held by any of the Portfolios in the Composite. From time to time securities are added to or removed from the Index. SSgA Performance of certain portfolios within the Composite is net of administrative costs. If such fees may sell securities that are represented in the Index, or purchase securities and the mark to market unit value of the securities lending cash collateral pools were reflected the that are not yet represented in the Index, prior to or after their removal or performance may be lower. Please see the securities lending risk factor in the Strategy Disclosure Document for more information. addition to the Index. Performance returns are calculated in US dollars. The Strategy may at times purchase or sell index futures contracts, or Risk Management options on those futures, or engage in other transactions involving the use of derivatives, in lieu of investment directly in the securities making up the Index SSgA monitors the overall risk of the Strategy, in order to avoid unintended or to enhance the Strategy's replication of the Index return. risk relative to the Index. SSgA manages portfolio characteristics and transaction costs in a manner intended to provide a return as close as The Strategy's return may not match the return of the Index. practicable to the benchmark return. Key Facts Investment Manager . Is passively managed The Strategy is managed by State Street Global Advisors (SSgA), the . Uses futures and may use other derivatives investment management division of State Street Bank and Trust Company, . May lend its portfolio and enter into repurchase agreements (See and a global leader in providing investment management services to clients applicable governing documents for a Portfolio's authority to lend) worldwide. SSgA has been selected by many worldwide industry leaders . May invest in other investment pools, including those managed by SSgA to provide premier investment management services. To learn more about and its affiliates SSgA, visit our web site at www.ssga.com. . Is not a leveraged strategy . Will not sell securities short

Investment Objective Performance The Strategy seeks an investment return that approximates as closely as practicable, before expenses, the performance of its benchmark index over Total Returns Composite Benchmark the long term. Q4 2010 15.34% 15.36% YTD 24.37% 24.50% Benchmark 1 Year 24.37% 24.50% Russell 2000® Value Index 3 Year 2.18% 2.19% Investment Strategy 5 Year 3.52% 3.52% The Strategy is managed using a "passive" or "indexing" investment 10 Year 8.42% 8.42% approach, by which SSgA attempts to match, before expenses, the Inception to Date (May 1996) 9.46% 9.51% performance of the Index. SSgA will typically attempt to invest in the All returns greater than 1 year are annualized. Performance shown represents past performance. securities comprising the Index, in approximately the same proportions as Past performance is not a guarantee of future results. Current performance may be lower or higher they are represented in the Index. In some cases, it may not be possible than the performance shown above. The performance figures contained herein are provided or practicable to purchase all of the securities comprising the Index, or to gross of investment management fees and reflect all items of income, gain and loss and the investment of dividends and other income. Index returns are unmanaged and do not reflect the hold them in the same weightings as they represent in the Index. In those deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the circumstances, SSgA may employ a sampling or optimization technique to reinvestment of dividends and other income. construct the portfolio in question. The performance figures above do not take account of the mark to market value of the units of the securities lending cash collateral pools held by any of the Portfolios in the Composite. From time to time securities are added to or removed from the Index. SSgA Performance of certain portfolios within the Composite is net of administrative costs. If such fees may sell securities that are represented in the Index, or purchase securities and the mark to market unit value of the securities lending cash collateral pools were reflected the that are not yet represented in the Index, prior to or after their removal or performance may be lower. Please see the securities lending risk factor in the Strategy Disclosure Document for more information. addition to the Index. Performance returns are calculated in US dollars. The Strategy may at times purchase or sell index futures contracts, or Risk Management options on those futures, or engage in other transactions involving the use of derivatives, in lieu of investment directly in the securities making up the Index SSgA monitors the overall risk of the Strategy, in order to avoid unintended or to enhance the Strategy's replication of the Index return. risk relative to the Index. SSgA manages portfolio characteristics and transaction costs in a manner intended to provide a return as close as The Strategy's return may not match the return of the Index. practicable to the benchmark return. Key Facts Investment Manager . Is passively managed The Strategy is managed by State Street Global Advisors (SSgA), the . Uses futures and may use other derivatives investment management division of State Street Bank and Trust Company, . May lend its portfolio and enter into repurchase agreements (See and a global leader in providing investment management services to clients applicable governing documents for a Portfolio's authority to lend) worldwide. SSgA has been selected by many worldwide industry leaders . May invest in other investment pools, including those managed by SSgA to provide premier investment management services. To learn more about and its affiliates SSgA, visit our web site at www.ssga.com. . Is not a leveraged strategy . Will not sell securities short

Investment Objective Performance The Strategy seeks an investment return that approximates as closely as practicable, before expenses, the performance of its benchmark index over Total Returns Composite Benchmark the long term. Q4 2010 11.56% 11.59% YTD 16.95% 16.93% Benchmark 1 Year 16.95% 16.93% Russell 3000® Index 3 Year -1.94% -2.01% Investment Strategy 5 Year 2.79% 2.74% The Strategy is managed using a "passive" or "indexing" investment 10 Year 2.20% 2.16% approach, by which SSgA attempts to match, before expenses, the Inception to Date (Sep 1996) 6.93% 6.82% performance of the Index. SSgA will typically attempt to invest in the All returns greater than 1 year are annualized. Performance shown represents past performance. securities comprising the Index, in approximately the same proportions as Past performance is not a guarantee of future results. Current performance may be lower or higher they are represented in the Index. In some cases, it may not be possible than the performance shown above. The performance figures contained herein are provided or practicable to purchase all of the securities comprising the Index, or to gross of investment management fees and reflect all items of income, gain and loss and the investment of dividends and other income. Index returns are unmanaged and do not reflect the hold them in the same weightings as they represent in the Index. In those deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the circumstances, SSgA may employ a sampling or optimization technique to reinvestment of dividends and other income. construct the portfolio in question. The performance figures above do not take account of the mark to market value of the units of the securities lending cash collateral pools held by any of the Portfolios in the Composite. From time to time securities are added to or removed from the Index. SSgA Performance of certain portfolios within the Composite is net of administrative costs. If such fees may sell securities that are represented in the Index, or purchase securities and the mark to market unit value of the securities lending cash collateral pools were reflected the that are not yet represented in the Index, prior to or after their removal or performance may be lower. Please see the securities lending risk factor in the Strategy Disclosure Document for more information. addition to the Index. Performance returns are calculated in US dollars. The Strategy may at times purchase or sell index futures contracts, or Risk Management options on those futures, or engage in other transactions involving the use of derivatives, in lieu of investment directly in the securities making up the Index SSgA monitors the overall risk of the Strategy, in order to avoid unintended or to enhance the Strategy's replication of the Index return. risk relative to the Index. SSgA manages portfolio characteristics and transaction costs in a manner intended to provide a return as close as The Strategy's return may not match the return of the Index. practicable to the benchmark return. Key Facts Investment Manager . Is passively managed The Strategy is managed by State Street Global Advisors (SSgA), the . Uses futures and may use other derivatives investment management division of State Street Bank and Trust Company, . May lend its portfolio and enter into repurchase agreements (See and a global leader in providing investment management services to clients applicable governing documents for a Portfolio's authority to lend) worldwide. SSgA has been selected by many worldwide industry leaders . May invest in other investment pools, including those managed by SSgA to provide premier investment management services. To learn more about and its affiliates SSgA, visit our web site at www.ssga.com. . Is not a leveraged strategy . Will not sell securities short

Investment Objective Performance The Strategy seeks an investment return that approximates as closely as practicable, before expenses, the performance of its benchmark index over Total Returns Composite Benchmark the long term. Q4 2010 15.17% 15.19% YTD 26.70% 26.64% Benchmark 1 Year 26.70% 26.64% Russell Small Cap Completeness® Index 3 Year 2.13% 2.09% Investment Strategy 5 Year 5.12% 5.09% The Strategy is managed using a "passive" or "indexing" investment 10 Year 5.41% 5.37% approach, by which SSgA attempts to match, before expenses, the Inception to Date (Jun 1994) 9.39% 9.23% performance of the Index. SSgA will typically attempt to invest in the All returns greater than 1 year are annualized. Performance shown represents past performance. securities comprising the Index, in approximately the same proportions as Past performance is not a guarantee of future results. Current performance may be lower or higher they are represented in the Index. In some cases, it may not be possible than the performance shown above. The performance figures contained herein are provided or practicable to purchase all of the securities comprising the Index, or to gross of investment management fees and reflect all items of income, gain and loss and the investment of dividends and other income. Index returns are unmanaged and do not reflect the hold them in the same weightings as they represent in the Index. In those deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the circumstances, SSgA may employ a sampling or optimization technique to reinvestment of dividends and other income. construct the portfolio in question. The performance figures above do not take account of the mark to market value of the units of the securities lending cash collateral pools held by any of the Portfolios in the Composite. From time to time securities are added to or removed from the Index. SSgA Performance of certain portfolios within the Composite is net of administrative costs. If such fees may sell securities that are represented in the Index, or purchase securities and the mark to market unit value of the securities lending cash collateral pools were reflected the that are not yet represented in the Index, prior to or after their removal or performance may be lower. Please see the securities lending risk factor in the Strategy Disclosure Document for more information. addition to the Index. Performance returns are calculated in US dollars. The Strategy may at times purchase or sell index futures contracts, or Risk Management options on those futures, or engage in other transactions involving the use of derivatives, in lieu of investment directly in the securities making up the Index SSgA monitors the overall risk of the Strategy, in order to avoid unintended or to enhance the Strategy's replication of the Index return. risk relative to the Index. SSgA manages portfolio characteristics and transaction costs in a manner intended to provide a return as close as The Strategy's return may not match the return of the Index. practicable to the benchmark return. Key Facts Investment Manager . Is passively managed The Strategy is managed by State Street Global Advisors (SSgA), the . Uses futures and may use other derivatives investment management division of State Street Bank and Trust Company, . May lend its portfolio and enter into repurchase agreements (See and a global leader in providing investment management services to clients applicable governing documents for a Portfolio's authority to lend) worldwide. SSgA has been selected by many worldwide industry leaders . May invest in other investment pools, including those managed by SSgA to provide premier investment management services. To learn more about and its affiliates SSgA, visit our web site at www.ssga.com. . Is not a leveraged strategy . Will not sell securities short

Investment Objective Performance The Strategy seeks an investment return that approximates as closely as practicable, before expenses, the performance of its benchmark index over Total Returns Composite Benchmark the long term. Q4 2010 10.37% 10.39% YTD 12.51% 12.47% Benchmark 1 Year 12.51% 12.47% Russell Top 200® Index 3 Year -3.61% -3.70% Investment Strategy 5 Year 1.85% 1.79% The Strategy is managed using a "passive" or "indexing" investment 10 Year 0.22% 0.18% approach, by which SSgA attempts to match, before expenses, the Inception to Date (Aug 1996) 5.99% 5.97% performance of the Index. SSgA will typically attempt to invest in the All returns greater than 1 year are annualized. Performance shown represents past performance. securities comprising the Index, in approximately the same proportions as Past performance is not a guarantee of future results. Current performance may be lower or higher they are represented in the Index. In some cases, it may not be possible than the performance shown above. The performance figures contained herein are provided or practicable to purchase all of the securities comprising the Index, or to gross of investment management fees and reflect all items of income, gain and loss and the investment of dividends and other income. Index returns are unmanaged and do not reflect the hold them in the same weightings as they represent in the Index. In those deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the circumstances, SSgA may employ a sampling or optimization technique to reinvestment of dividends and other income. construct the portfolio in question. The performance figures above do not take account of the mark to market value of the units of the securities lending cash collateral pools held by any of the Portfolios in the Composite. From time to time securities are added to or removed from the Index. SSgA Performance of certain portfolios within the Composite is net of administrative costs. If such fees may sell securities that are represented in the Index, or purchase securities and the mark to market unit value of the securities lending cash collateral pools were reflected the that are not yet represented in the Index, prior to or after their removal or performance may be lower. Please see the securities lending risk factor in the Strategy Disclosure Document for more information. addition to the Index. Performance returns are calculated in US dollars. The Strategy may at times purchase or sell index futures contracts, or Risk Management options on those futures, or engage in other transactions involving the use of derivatives, in lieu of investment directly in the securities making up the Index SSgA monitors the overall risk of the Strategy, in order to avoid unintended or to enhance the Strategy's replication of the Index return. risk relative to the Index. SSgA manages portfolio characteristics and transaction costs in a manner intended to provide a return as close as The Strategy's return may not match the return of the Index. practicable to the benchmark return. Key Facts Investment Manager . Is passively managed The Strategy is managed by State Street Global Advisors (SSgA), the . Uses futures and may use other derivatives investment management division of State Street Bank and Trust Company, . May lend its portfolio and enter into repurchase agreements (See and a global leader in providing investment management services to clients applicable governing documents for a Portfolio's authority to lend) worldwide. SSgA has been selected by many worldwide industry leaders . May invest in other investment pools, including those managed by SSgA to provide premier investment management services. To learn more about and its affiliates SSgA, visit our web site at www.ssga.com. . Is not a leveraged strategy . Will not sell securities short

Investment Objective Performance The Strategy seeks an investment return that approximates as closely as practicable, before expenses, the performance of its benchmark index over Total Returns Composite Benchmark the long term. Q4 2010 9.75% 9.75% YTD 11.72% 11.69% Benchmark 1 Year 11.72% 11.69% Russell Top 200® Value Index 3 Year -6.37% -6.48% Investment Strategy 5 Year 0.25% 0.17% The Strategy is managed using a "passive" or "indexing" investment 10 Year 1.29% 1.26% approach, by which SSgA attempts to match, before expenses, the Inception to Date (Nov 1999) 1.34% 1.26% performance of the Index. SSgA will typically attempt to invest in the All returns greater than 1 year are annualized. Performance shown represents past performance. securities comprising the Index, in approximately the same proportions as Past performance is not a guarantee of future results. Current performance may be lower or higher they are represented in the Index. In some cases, it may not be possible than the performance shown above. The performance figures contained herein are provided or practicable to purchase all of the securities comprising the Index, or to gross of investment management fees and reflect all items of income, gain and loss and the investment of dividends and other income. Index returns are unmanaged and do not reflect the hold them in the same weightings as they represent in the Index. In those deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the circumstances, SSgA may employ a sampling or optimization technique to reinvestment of dividends and other income. construct the portfolio in question. The performance figures above do not take account of the mark to market value of the units of the securities lending cash collateral pools held by any of the Portfolios in the Composite. From time to time securities are added to or removed from the Index. SSgA Performance of certain portfolios within the Composite is net of administrative costs. If such fees may sell securities that are represented in the Index, or purchase securities and the mark to market unit value of the securities lending cash collateral pools were reflected the that are not yet represented in the Index, prior to or after their removal or performance may be lower. Please see the securities lending risk factor in the Strategy Disclosure Document for more information. addition to the Index. Performance returns are calculated in US dollars. The Strategy may at times purchase or sell index futures contracts, or Risk Management options on those futures, or engage in other transactions involving the use of derivatives, in lieu of investment directly in the securities making up the Index SSgA monitors the overall risk of the Strategy, in order to avoid unintended or to enhance the Strategy's replication of the Index return. risk relative to the Index. SSgA manages portfolio characteristics and transaction costs in a manner intended to provide a return as close as The Strategy's return may not match the return of the Index. practicable to the benchmark return. Key Facts Investment Manager . Is passively managed The Strategy is managed by State Street Global Advisors (SSgA), the . Uses futures and may use other derivatives investment management division of State Street Bank and Trust Company, . May lend its portfolio and enter into repurchase agreements (See and a global leader in providing investment management services to clients applicable governing documents for a Portfolio's authority to lend) worldwide. SSgA has been selected by many worldwide industry leaders . May invest in other investment pools, including those managed by SSgA to provide premier investment management services. To learn more about and its affiliates SSgA, visit our web site at www.ssga.com. . Is not a leveraged strategy . Will not sell securities short

Investment Objective Performance The Strategy seeks an investment return that approximates as closely as practicable, before expenses, the performance of its benchmark index over Total Returns Composite Benchmark the long term. Q4 2010 10.55% 10.55% YTD 12.56% 12.51% Benchmark 1 Year 12.56% 12.51% S&P 100® 3 Year -3.76% -3.81% Investment Strategy 5 Year N/A N/A The Strategy is managed using a "passive" or "indexing" investment 10 Year N/A N/A approach, by which SSgA attempts to match, before expenses, the Inception to Date (Oct 2007) -4.52% -4.57% performance of the Index. SSgA will typically attempt to invest in the All returns greater than 1 year are annualized. Performance shown represents past performance. securities comprising the Index, in approximately the same proportions as Past performance is not a guarantee of future results. Current performance may be lower or higher they are represented in the Index. In some cases, it may not be possible than the performance shown above. The performance figures contained herein are provided or practicable to purchase all of the securities comprising the Index, or to gross of investment management fees and reflect all items of income, gain and loss and the investment of dividends and other income. Index returns are unmanaged and do not reflect the hold them in the same weightings as they represent in the Index. In those deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the circumstances, SSgA may employ a sampling or optimization technique to reinvestment of dividends and other income. construct the portfolio in question. The performance figures above do not take account of the mark to market value of the units of the securities lending cash collateral pools held by any of the Portfolios in the Composite. From time to time securities are added to or removed from the Index. SSgA Performance of certain portfolios within the Composite is net of administrative costs. If such fees may sell securities that are represented in the Index, or purchase securities and the mark to market unit value of the securities lending cash collateral pools were reflected the that are not yet represented in the Index, prior to or after their removal or performance may be lower. Please see the securities lending risk factor in the Strategy Disclosure Document for more information. addition to the Index. Performance returns are calculated in US dollars. The Strategy may at times purchase or sell index futures contracts, or Risk Management options on those futures, or engage in other transactions involving the use of derivatives, in lieu of investment directly in the securities making up the Index SSgA monitors the overall risk of the Strategy, in order to avoid unintended or to enhance the Strategy's replication of the Index return. risk relative to the Index. SSgA manages portfolio characteristics and transaction costs in a manner intended to provide a return as close as The Strategy's return may not match the return of the Index. practicable to the benchmark return. Key Facts Investment Manager . Is passively managed The Strategy is managed by State Street Global Advisors (SSgA), the . Uses futures and may use other derivatives investment management division of State Street Bank and Trust Company, . May lend its portfolio and enter into repurchase agreements (See and a global leader in providing investment management services to clients applicable governing documents for a Portfolio's authority to lend) worldwide. SSgA has been selected by many worldwide industry leaders . May invest in other investment pools, including those managed by SSgA to provide premier investment management services. To learn more about and its affiliates SSgA, visit our web site at www.ssga.com. . Is not a leveraged strategy . Will not sell securities short

Investment Objective Performance The Strategy seeks an investment return that approximates as closely as practicable, before expenses, the performance of its benchmark index over Total Returns Composite Benchmark the long term. Q4 2010 10.85% 10.85% YTD 14.85% 14.87% Benchmark 1 Year 14.85% 14.87% S&P 500® ex Tobacco 3 Year -2.99% -3.05% Investment Strategy 5 Year 2.15% 2.10% The Strategy is managed using a "passive" or "indexing" investment 10 Year 1.26% 1.22% approach, by which SSgA attempts to match, before expenses, the Inception to Date (Oct 1986) 9.62% 9.58% performance of the Index. SSgA will typically attempt to invest in the All returns greater than 1 year are annualized. Performance shown represents past performance. securities comprising the Index, in approximately the same proportions as Past performance is not a guarantee of future results. Current performance may be lower or higher they are represented in the Index. In some cases, it may not be possible than the performance shown above. The performance figures contained herein are provided or practicable to purchase all of the securities comprising the Index, or to gross of investment management fees and reflect all items of income, gain and loss and the investment of dividends and other income. Index returns are unmanaged and do not reflect the hold them in the same weightings as they represent in the Index. In those deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the circumstances, SSgA may employ a sampling or optimization technique to reinvestment of dividends and other income. construct the portfolio in question. The performance figures above do not take account of the mark to market value of the units of the securities lending cash collateral pools held by any of the Portfolios in the Composite. From time to time securities are added to or removed from the Index. SSgA Performance of certain portfolios within the Composite is net of administrative costs. If such fees may sell securities that are represented in the Index, or purchase securities and the mark to market unit value of the securities lending cash collateral pools were reflected the that are not yet represented in the Index, prior to or after their removal or performance may be lower. Please see the securities lending risk factor in the Strategy Disclosure Document for more information. addition to the Index. Performance returns are calculated in US dollars. The Strategy may at times purchase or sell index futures contracts, or Risk Management options on those futures, or engage in other transactions involving the use of derivatives, in lieu of investment directly in the securities making up the Index SSgA monitors the overall risk of the Strategy, in order to avoid unintended or to enhance the Strategy's replication of the Index return. risk relative to the Index. SSgA manages portfolio characteristics and transaction costs in a manner intended to provide a return as close as The Strategy's return may not match the return of the Index. practicable to the benchmark return. Key Facts Investment Manager . Is passively managed The Strategy is managed by State Street Global Advisors (SSgA), the . Uses futures and may use other derivatives investment management division of State Street Bank and Trust Company, . May lend its portfolio and enter into repurchase agreements (See and a global leader in providing investment management services to clients applicable governing documents for a Portfolio's authority to lend) worldwide. SSgA has been selected by many worldwide industry leaders . May invest in other investment pools, including those managed by SSgA to provide premier investment management services. To learn more about and its affiliates SSgA, visit our web site at www.ssga.com. . Is not a leveraged strategy . Will not sell securities short

For the purpose of complying with the Global Investment Performance Standards (GIPS®), the firm ('SSgA-Global')is defined as all portfolios managed across the global offices of State Street Global Advisors (SSgA) and SSgA Funds Management, Inc., with the exception of business units which are held out to the market place as distinct business entities: the Office of the Fiduciary Advisor (OFA), and Charitable Asset Management (CAM). Prior to 1/1/2011, SSgA-Global also excluded its wrap fee business (Intermediary Business Group [IBG]) and assets accounted for on a book value basis (global cash and stable value assets). SSgA-Global claims compliance with GIPS® from January 1, 2000. The performance shown is of a composite created consisting of all discretionary accounts using this investment strategy. There is no minimum account size required for the inclusion in the composite. New funds or accounts are added to the composite upon the first full month of operation and closed funds or accounts are removed from the composite upon the last full month of operation. The performance figures contained herein do not reflect the deduction of advisory or other fees which could reduce the return. The S&P 500 ex-Tobacco Index Composite (the "Composite") seeks an investment return that approximates as closely as practicable, before expenses, the performance of its benchmark index over the long term. The index provider changed the name of the index from S&P 500® Tobacco Free to S&P 500® ex Tobacco on February 25, 2011. For additional information on this index, please refer to the index provider's website. S&P 500® ex Tobacco is a trademark of Standard & Poor's Financial Services LLC and has been licensed for use by State Street Bank and Trust. The Products are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in the Products. This Strategy Overview provides summary information regarding the Strategy. It should be read in conjunction with the Strategy's Disclosure Document which contains important information about the Strategy, including a description of a number of risks. 21700032 1 S&P 500 Growth Index Strategy 31 December 2010 Individual Strategy Overview

Investment Objective Performance The Strategy seeks an investment return that approximates as closely as practicable, before expenses, the performance of its benchmark index over Total Returns Composite Benchmark the long term. Q4 2010 11.01% 11.02% YTD 15.18% 15.05% Benchmark 1 Year 15.18% 15.05% S&P 500® Growth Index 3 Year -0.11% -0.50% Investment Strategy 5 Year 3.84% 3.60% The Strategy is managed using a "passive" or "indexing" investment 10 Year 1.17% 1.04% approach, by which SSgA attempts to match, before expenses, the Inception to Date (Feb 1997) 5.19% 5.09% performance of the Index. SSgA will typically attempt to invest in the All returns greater than 1 year are annualized. Performance shown represents past performance. securities comprising the Index, in approximately the same proportions as Past performance is not a guarantee of future results. Current performance may be lower or higher they are represented in the Index. In some cases, it may not be possible than the performance shown above. The performance figures contained herein are provided or practicable to purchase all of the securities comprising the Index, or to gross of investment management fees and reflect all items of income, gain and loss and the investment of dividends and other income. Index returns are unmanaged and do not reflect the hold them in the same weightings as they represent in the Index. In those deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the circumstances, SSgA may employ a sampling or optimization technique to reinvestment of dividends and other income. construct the portfolio in question. The performance figures above do not take account of the mark to market value of the units of the securities lending cash collateral pools held by any of the Portfolios in the Composite. From time to time securities are added to or removed from the Index. SSgA Performance of certain portfolios within the Composite is net of administrative costs. If such fees may sell securities that are represented in the Index, or purchase securities and the mark to market unit value of the securities lending cash collateral pools were reflected the that are not yet represented in the Index, prior to or after their removal or performance may be lower. Please see the securities lending risk factor in the Strategy Disclosure Document for more information. addition to the Index. Performance returns are calculated in US dollars. The Strategy may at times purchase or sell index futures contracts, or Risk Management options on those futures, or engage in other transactions involving the use of derivatives, in lieu of investment directly in the securities making up the Index SSgA monitors the overall risk of the Strategy, in order to avoid unintended or to enhance the Strategy's replication of the Index return. risk relative to the Index. SSgA manages portfolio characteristics and transaction costs in a manner intended to provide a return as close as The Strategy's return may not match the return of the Index. practicable to the benchmark return. Key Facts Investment Manager . Is passively managed The Strategy is managed by State Street Global Advisors (SSgA), the . Uses futures and may use other derivatives investment management division of State Street Bank and Trust Company, . May lend its portfolio and enter into repurchase agreements (See and a global leader in providing investment management services to clients applicable governing documents for a Portfolio's authority to lend) worldwide. SSgA has been selected by many worldwide industry leaders . May invest in other investment pools, including those managed by SSgA to provide premier investment management services. To learn more about and its affiliates SSgA, visit our web site at www.ssga.com. . Is not a leveraged strategy . Will not sell securities short

For the purpose of complying with the Global Investment Performance Standards (GIPS®), the firm ('SSgA-Global')is defined as all portfolios managed across the global offices of State Street Global Advisors (SSgA) and SSgA Funds Management, Inc., with the exception of business units which are held out to the market place as distinct business entities: the Office of the Fiduciary Advisor (OFA), and Charitable Asset Management (CAM). Prior to 1/1/2011, SSgA-Global also excluded its wrap fee business (Intermediary Business Group [IBG]) and assets accounted for on a book value basis (global cash and stable value assets). SSgA-Global claims compliance with GIPS® from January 1, 2000. The performance shown is of a composite created consisting of all discretionary accounts using this investment strategy. There is no minimum account size required for the inclusion in the composite. New funds or accounts are added to the composite upon the first full month of operation and closed funds or accounts are removed from the composite upon the last full month of operation. The performance figures contained herein do not reflect the deduction of advisory or other fees which could reduce the return. The S&P 500 Growth Index Composite (the "Composite") seeks an investment return that approximates as closely as practicable, before expenses, the performance of its benchmark index over the long term. The index provider changed the name of the index from S&P 500®/Citigroup Growth to S&P 500® Growth on December 9, 2009. For additional information on this index, please refer to the index provider's website. S&P 500® Growth is a trademark of Standard & Poor's Financial Services LLC and has been licensed for use by State Street Bank and Trust. The Products are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in the Products. This Strategy Overview provides summary information regarding the Strategy. It should be read in conjunction with the Strategy's Disclosure Document which contains important information about the Strategy, including a description of a number of risks. 21713502 2 S&P 500 Index Strategy 31 December 2010 Individual Strategy Overview

Investment Objective Performance The Strategy seeks an investment return that approximates as closely as practicable, before expenses, the performance of its benchmark index over Total Returns Composite Benchmark the long term. Q4 2010 10.76% 10.76% YTD 15.12% 15.06% Benchmark 1 Year 15.12% 15.06% S&P 500® 3 Year -2.78% -2.86% Investment Strategy 5 Year 2.34% 2.29% The Strategy is managed using a "passive" or "indexing" investment 10 Year 1.45% 1.41% approach, by which SSgA attempts to match, before expenses, the Inception to Date (Jan 1986) 9.96% 9.94% performance of the Index. SSgA will typically attempt to invest in the All returns greater than 1 year are annualized. Performance shown represents past performance. securities comprising the Index, in approximately the same proportions as Past performance is not a guarantee of future results. Current performance may be lower or higher they are represented in the Index. In some cases, it may not be possible than the performance shown above. The performance figures contained herein are provided or practicable to purchase all of the securities comprising the Index, or to gross of investment management fees and reflect all items of income, gain and loss and the investment of dividends and other income. Index returns are unmanaged and do not reflect the hold them in the same weightings as they represent in the Index. In those deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the circumstances, SSgA may employ a sampling or optimization technique to reinvestment of dividends and other income. construct the portfolio in question. The performance figures above do not take account of the mark to market value of the units of the securities lending cash collateral pools held by any of the Portfolios in the Composite. From time to time securities are added to or removed from the Index. SSgA Performance of certain portfolios within the Composite is net of administrative costs. If such fees may sell securities that are represented in the Index, or purchase securities and the mark to market unit value of the securities lending cash collateral pools were reflected the that are not yet represented in the Index, prior to or after their removal or performance may be lower. Please see the securities lending risk factor in the Strategy Disclosure Document for more information. addition to the Index. Performance returns are calculated in US dollars. The Strategy may at times purchase or sell index futures contracts, or Risk Management options on those futures, or engage in other transactions involving the use of derivatives, in lieu of investment directly in the securities making up the Index SSgA monitors the overall risk of the Strategy, in order to avoid unintended or to enhance the Strategy's replication of the Index return. risk relative to the Index. SSgA manages portfolio characteristics and transaction costs in a manner intended to provide a return as close as The Strategy's return may not match the return of the Index. practicable to the benchmark return. Key Facts Investment Manager . Is passively managed The Strategy is managed by State Street Global Advisors (SSgA), the . Uses futures and may use other derivatives investment management division of State Street Bank and Trust Company, . May lend its portfolio and enter into repurchase agreements (See and a global leader in providing investment management services to clients applicable governing documents for a Portfolio's authority to lend) worldwide. SSgA has been selected by many worldwide industry leaders . May invest in other investment pools, including those managed by SSgA to provide premier investment management services. To learn more about and its affiliates SSgA, visit our web site at www.ssga.com. . Is not a leveraged strategy . Will not sell securities short

Investment Objective Performance The Strategy seeks an investment return that approximates as closely as practicable, before expenses, the performance of its benchmark index over Total Returns Composite Benchmark the long term. Q4 2010 10.48% 10.51% YTD 15.05% 15.10% Benchmark 1 Year 15.05% 15.10% S&P 500® Value Index 3 Year -5.30% -5.36% Investment Strategy 5 Year 0.92% 0.87% The Strategy is managed using a "passive" or "indexing" investment 10 Year 1.67% 1.64% approach, by which SSgA attempts to match, before expenses, the Inception to Date (Jan 1997) 5.47% 5.43% performance of the Index. SSgA will typically attempt to invest in the All returns greater than 1 year are annualized. Performance shown represents past performance. securities comprising the Index, in approximately the same proportions as Past performance is not a guarantee of future results. Current performance may be lower or higher they are represented in the Index. In some cases, it may not be possible than the performance shown above. The performance figures contained herein are provided or practicable to purchase all of the securities comprising the Index, or to gross of investment management fees and reflect all items of income, gain and loss and the investment of dividends and other income. Index returns are unmanaged and do not reflect the hold them in the same weightings as they represent in the Index. In those deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the circumstances, SSgA may employ a sampling or optimization technique to reinvestment of dividends and other income. construct the portfolio in question. The performance figures above do not take account of the mark to market value of the units of the securities lending cash collateral pools held by any of the Portfolios in the Composite. From time to time securities are added to or removed from the Index. SSgA Performance of certain portfolios within the Composite is net of administrative costs. If such fees may sell securities that are represented in the Index, or purchase securities and the mark to market unit value of the securities lending cash collateral pools were reflected the that are not yet represented in the Index, prior to or after their removal or performance may be lower. Please see the securities lending risk factor in the Strategy Disclosure Document for more information. addition to the Index. Performance returns are calculated in US dollars. The Strategy may at times purchase or sell index futures contracts, or Risk Management options on those futures, or engage in other transactions involving the use of derivatives, in lieu of investment directly in the securities making up the Index SSgA monitors the overall risk of the Strategy, in order to avoid unintended or to enhance the Strategy's replication of the Index return. risk relative to the Index. SSgA manages portfolio characteristics and transaction costs in a manner intended to provide a return as close as The Strategy's return may not match the return of the Index. practicable to the benchmark return. Key Facts Investment Manager . Is passively managed The Strategy is managed by State Street Global Advisors (SSgA), the . Uses futures and may use other derivatives investment management division of State Street Bank and Trust Company, . May lend its portfolio and enter into repurchase agreements (See and a global leader in providing investment management services to clients applicable governing documents for a Portfolio's authority to lend) worldwide. SSgA has been selected by many worldwide industry leaders . May invest in other investment pools, including those managed by SSgA to provide premier investment management services. To learn more about and its affiliates SSgA, visit our web site at www.ssga.com. . Is not a leveraged strategy . Will not sell securities short

For the purpose of complying with the Global Investment Performance Standards (GIPS®), the firm ('SSgA-Global')is defined as all portfolios managed across the global offices of State Street Global Advisors (SSgA) and SSgA Funds Management, Inc., with the exception of business units which are held out to the market place as distinct business entities: the Office of the Fiduciary Advisor (OFA), and Charitable Asset Management (CAM). Prior to 1/1/2011, SSgA-Global also excluded its wrap fee business (Intermediary Business Group [IBG]) and assets accounted for on a book value basis (global cash and stable value assets). SSgA-Global claims compliance with GIPS® from January 1, 2000. The performance shown is of a composite created consisting of all discretionary accounts using this investment strategy. There is no minimum account size required for the inclusion in the composite. New funds or accounts are added to the composite upon the first full month of operation and closed funds or accounts are removed from the composite upon the last full month of operation. The performance figures contained herein do not reflect the deduction of advisory or other fees which could reduce the return. The S&P 500 Value Index Composite (the "Composite") seeks an investment return that approximates as closely as practicable, before expenses, the performance of its benchmark index over the long term. The index provider changed the name of the index from S&P 500®/Citigroup Value to S&P 500® Value on December 9, 2009. For additional information on this index, please refer to the index provider's website. S&P 500® Value is a trademark of Standard & Poor's Financial Services LLC and has been licensed for use by State Street Bank and Trust. The Products are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in the Products. This Strategy Overview provides summary information regarding the Strategy. It should be read in conjunction with the Strategy's Disclosure Document which contains important information about the Strategy, including a description of a number of risks. 21713502 4 S&P MidCap 400 Index Strategy 31 December 2010 Individual Strategy Overview

Investment Objective Performance The Strategy seeks an investment return that approximates as closely as practicable, before expenses, the performance of its benchmark index over Total Returns Composite Benchmark the long term. Q4 2010 13.46% 13.50% YTD 26.67% 26.64% Benchmark 1 Year 26.67% 26.64% S&P MidCap 400® 3 Year 3.57% 3.52% Investment Strategy 5 Year 5.78% 5.74% The Strategy is managed using a "passive" or "indexing" investment 10 Year 7.21% 7.15% approach, by which SSgA attempts to match, before expenses, the Inception to Date (Jul 1991) 12.54% 12.53% performance of the Index. SSgA will typically attempt to invest in the All returns greater than 1 year are annualized. Performance shown represents past performance. securities comprising the Index, in approximately the same proportions as Past performance is not a guarantee of future results. Current performance may be lower or higher they are represented in the Index. In some cases, it may not be possible than the performance shown above. The performance figures contained herein are provided or practicable to purchase all of the securities comprising the Index, or to gross of investment management fees and reflect all items of income, gain and loss and the investment of dividends and other income. Index returns are unmanaged and do not reflect the hold them in the same weightings as they represent in the Index. In those deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the circumstances, SSgA may employ a sampling or optimization technique to reinvestment of dividends and other income. construct the portfolio in question. The performance figures above do not take account of the mark to market value of the units of the securities lending cash collateral pools held by any of the Portfolios in the Composite. From time to time securities are added to or removed from the Index. SSgA Performance of certain portfolios within the Composite is net of administrative costs. If such fees may sell securities that are represented in the Index, or purchase securities and the mark to market unit value of the securities lending cash collateral pools were reflected the that are not yet represented in the Index, prior to or after their removal or performance may be lower. Please see the securities lending risk factor in the Strategy Disclosure Document for more information. addition to the Index. Performance returns are calculated in US dollars. The Strategy may at times purchase or sell index futures contracts, or Risk Management options on those futures, or engage in other transactions involving the use of derivatives, in lieu of investment directly in the securities making up the Index SSgA monitors the overall risk of the Strategy, in order to avoid unintended or to enhance the Strategy's replication of the Index return. risk relative to the Index. SSgA manages portfolio characteristics and transaction costs in a manner intended to provide a return as close as The Strategy's return may not match the return of the Index. practicable to the benchmark return. Key Facts Investment Manager . Is passively managed The Strategy is managed by State Street Global Advisors (SSgA), the . Uses futures and may use other derivatives investment management division of State Street Bank and Trust Company, . May lend its portfolio and enter into repurchase agreements (See and a global leader in providing investment management services to clients applicable governing documents for a Portfolio's authority to lend) worldwide. SSgA has been selected by many worldwide industry leaders . May invest in other investment pools, including those managed by SSgA to provide premier investment management services. To learn more about and its affiliates SSgA, visit our web site at www.ssga.com. . Is not a leveraged strategy . Will not sell securities short

Investment Objective Performance The Strategy seeks an investment return that approximates as closely as practicable, before expenses, the performance of its benchmark index (the Total Returns Composite Benchmark "Index") over the long term. Q4 2010 16.71% 16.75% YTD 35.00% 35.16% Benchmark 1 Year 35.00% 35.16% S&P MidCap 400® Pure Growth 3 Year 12.06% 12.00% Investment Strategy 5 Year N/A N/A The Strategy is managed using a "passive" or "indexing" investment 10 Year N/A N/A approach, by which SSgA attempts to match, before expenses, the Inception to Date (Apr 2006) 9.35% 9.30% performance of the Index. SSgA will typically attempt to invest in the All returns greater than 1 year are annualized. Performance shown represents past performance. securities comprising the Index, in approximately the same proportions as Past performance is not a guarantee of future results. Current performance may be lower or higher they are represented in the Index. In some cases, it may not be possible than the performance shown above. The performance figures contained herein are provided or practicable to purchase all of the securities comprising the Index, or to gross of investment management fees and reflect all items of income, gain and loss and the investment of dividends and other income. Index returns are unmanaged and do not reflect the hold them in the same weightings as they represent in the Index. In those deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the circumstances, SSgA may employ a sampling or optimization technique to reinvestment of dividends and other income. construct the portfolio in question. The performance figures above do not take account of the mark to market value of the units of the securities lending cash collateral pools held by any of the Portfolios in the Composite. From time to time securities are added to or removed from the Index. SSgA Performance of certain portfolios within the Composite is net of administrative costs. If such fees may sell securities that are represented in the Index, or purchase securities and the mark to market unit value of the securities lending cash collateral pools were reflected the that are not yet represented in the Index, prior to or after their removal or performance may be lower. Please see the securities lending risk factor in the Strategy Disclosure Document for more information. addition to the Index. Performance returns are calculated in US dollars. The Strategy may at times purchase or sell index futures contracts, or Risk Management options on those futures, or engage in other transactions involving the use of derivatives, in lieu of investment directly in the securities making up the Index SSgA monitors the overall risk of the Strategy, in order to avoid unintended or to enhance the Strategy's replication of the Index return. risk relative to the Index. SSgA manages portfolio characteristics and transaction costs in a manner intended to provide a return as close as The Strategy's return may not match the return of the Index. practicable to the benchmark return. Key Facts Investment Manager Is passively managed The Strategy is managed by State Street Global Advisors (SSgA), the Uses futures and may use other derivatives investment management division of State Street Bank and Trust Company, May lend its portfolio and enter into repurchase agreements (See and a global leader in providing investment management services to clients applicable governing documents for a Portfolio's authority to lend) worldwide. SSgA has been selected by many worldwide industry leaders May invest in other investment pools, including those managed by SSgA to provide premier investment management services. To learn more about and its affiliates SSgA, visit our web site at www.ssga.com. Is not a leveraged strategy Will not sell securities short

Investment Objective Performance The Portfolio seeks an investment return that approximates as closely as practicable, before expenses, the performance of its benchmark index Total Returns Composite Benchmark over the long term. The Strategy implements a screen of certain social or Q4 2010 11.45% 11.59% * environmental criteria (the "Screen"). YTD 16.60% 16.93% Benchmark 1 Year 16.60% 16.93% 3 Year Russell 3000® Index -2.16% -2.01% 5 Year 2.56% 2.74% Investment Strategy 10 Year N/A N/A The Strategy is managed using a "passive" or "indexing" investment Inception to Date (Sep 2003) 5.64% 5.80% approach, by which SSgA attempts to match, before expenses, the All returns greater than 1 year are annualized. Performance shown represents past performance. performance of the Index. SSgA will typically attempt to invest in the Past performance is not a guarantee of future results. Current performance may be lower or higher securities comprising the Index, in approximately the same proportions as than the performance shown above. The performance figures contained herein are provided they are represented in the Index. In some cases, it may not be possible gross of investment management fees and reflect all items of income, gain and loss and the investment of dividends and other income. Index returns are unmanaged and do not reflect the or practicable to purchase all of the securities comprising the Index, or to deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the hold them in the same weightings as they represent in the Index. In those reinvestment of dividends and other income. circumstances, SSgA may employ a sampling or optimization technique to The performance figures above do not take account of the mark to market value of the units construct the portfolio in question. of the securities lending cash collateral pools held by any of the Portfolios in the Composite. Performance of certain portfolios within the Composite is net of administrative costs. If such fees From time to time securities are added to or removed from the Index. SSgA and the mark to market unit value of the securities lending cash collateral pools were reflected the may sell securities that are represented in the Index, or purchase securities performance may be lower. Please see the securities lending risk factor in the Strategy Disclosure Document for more information. that are not yet represented in the Index, prior to or after their removal or Performance returns are calculated in US dollars. addition to the Index. Risk Management The Strategy may at times purchase or sell index futures contracts, or options on those futures, or engage in other transactions involving the use of SSgA monitors the overall risk of the Strategy, in order to avoid unintended derivatives, in lieu of investment directly in the securities making up the Index risk relative to the Index. SSgA manages portfolio characteristics and or to enhance the Strategy's replication of the Index return. transaction costs in a manner intended to provide a return as close as practicable to the benchmark return. The Strategy's return may not match the return of the Index. Investment Manager Key Facts The Strategy is managed by State Street Global Advisors (SSgA), the . Is passively managed investment management division of State Street Bank and Trust Company, . Uses futures and may use other derivatives and a global leader in providing investment management services to clients . May lend its portfolio and enter into repurchase agreements (See worldwide. SSgA has been selected by many worldwide industry leaders applicable governing documents for a Portfolio's authority to lend) to provide premier investment management services. To learn more about . May invest in other investment pools, including those managed by SSgA SSgA, visit our web site at www.ssga.com. and its affiliates . Is not a leveraged strategy . Will not sell securities short

For the purpose of complying with the Global Investment Performance Standards (GIPS®), the firm ('SSgA-Global')is defined as all portfolios managed across the global offices of State Street Global Advisors (SSgA) and SSgA Funds Management, Inc., with the exception of business units which are held out to the market place as distinct business entities: the Office of the Fiduciary Advisor (OFA), and Charitable Asset Management (CAM). Prior to 1/1/2011, SSgA-Global also excluded its wrap fee business (Intermediary Business Group [IBG]) and assets accounted for on a book value basis (global cash and stable value assets). SSgA-Global claims compliance with GIPS® from January 1, 2000. The performance shown is of a composite created consisting of all discretionary accounts using this investment strategy. There is no minimum account size required for the inclusion in the composite. New funds or accounts are added to the composite upon the first full month of operation and closed funds or accounts are removed from the composite upon the last full month of operation. The performance figures contained herein do not reflect the deduction of advisory or other fees which could reduce the return. The Screened Russell 3000 Index Composite (the "Composite") seeks an investment return that approximates as closely as practicable, before expenses, the performance of its benchmark index over the long term. *The Screen is provided by MSCI Inc. (or their successors or assigns) and is intended to screen out companies which significantly engage in manufacturing or distributing abortifacients, alcohol, tobacco or nuclear weapons; or which significantly engage in owning or operating gambling facilities or gambling related business activities. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell 3000® Index is a trademark of Russell Investment Group. This Strategy Overview provides summary information regarding the Strategy. It should be read in conjunction with the Strategy's Disclosure Document which contains important information about the Strategy, including a description of a number of risks. 21700034 7 Screened S&P 500 Index Strategy 31 December 2010 Individual Strategy Overview

Investment Objective Performance The Portfolio seeks an investment return that approximates as closely as practicable, before expenses, the performance of its benchmark index Total Returns Composite Benchmark over the long term. The Strategy implements a screen of certain social or Q4 2010 10.86% 10.76% * environmental criteria (the "Screen"). YTD 15.16% 15.06% Benchmark 1 Year 15.16% 15.06% 3 Year S&P 500® -2.57% -2.86% 5 Year 2.60% 2.29% Investment Strategy 10 Year 1.49% 1.41% The Strategy is managed using a "passive" or "indexing" investment Inception to Date (Jul 1999) 1.13% 1.04% approach, by which SSgA attempts to match, before expenses, the All returns greater than 1 year are annualized. Performance shown represents past performance. performance of the Index. SSgA will typically attempt to invest in the Past performance is not a guarantee of future results. Current performance may be lower or higher securities comprising the Index, in approximately the same proportions as than the performance shown above. The performance figures contained herein are provided they are represented in the Index. In some cases, it may not be possible gross of investment management fees and reflect all items of income, gain and loss and the investment of dividends and other income. Index returns are unmanaged and do not reflect the or practicable to purchase all of the securities comprising the Index, or to deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the hold them in the same weightings as they represent in the Index. In those reinvestment of dividends and other income. circumstances, SSgA may employ a sampling or optimization technique to The performance figures above do not take account of the mark to market value of the units construct the portfolio in question. of the securities lending cash collateral pools held by any of the Portfolios in the Composite. Performance of certain portfolios within the Composite is net of administrative costs. If such fees From time to time securities are added to or removed from the Index. SSgA and the mark to market unit value of the securities lending cash collateral pools were reflected the may sell securities that are represented in the Index, or purchase securities performance may be lower. Please see the securities lending risk factor in the Strategy Disclosure Document for more information. that are not yet represented in the Index, prior to or after their removal or Performance returns are calculated in US dollars. addition to the Index. Risk Management The Strategy may at times purchase or sell index futures contracts, or options on those futures, or engage in other transactions involving the use of SSgA monitors the overall risk of the Strategy, in order to avoid unintended derivatives, in lieu of investment directly in the securities making up the Index risk relative to the Index. SSgA manages portfolio characteristics and or to enhance the Strategy's replication of the Index return. transaction costs in a manner intended to provide a return as close as practicable to the benchmark return. The Strategy's return may not match the return of the Index. Investment Manager Key Facts The Strategy is managed by State Street Global Advisors (SSgA), the . Is passively managed investment management division of State Street Bank and Trust Company, . Uses futures and may use other derivatives and a global leader in providing investment management services to clients . May lend its portfolio and enter into repurchase agreements (See worldwide. SSgA has been selected by many worldwide industry leaders applicable governing documents for a Portfolio's authority to lend) to provide premier investment management services. To learn more about . May invest in other investment pools, including those managed by SSgA SSgA, visit our web site at www.ssga.com. and its affiliates . Is not a leveraged strategy . Will not sell securities short

For the purpose of complying with the Global Investment Performance Standards (GIPS®), the firm ('SSgA-Global')is defined as all portfolios managed across the global offices of State Street Global Advisors (SSgA) and SSgA Funds Management, Inc., with the exception of business units which are held out to the market place as distinct business entities: the Office of the Fiduciary Advisor (OFA), and Charitable Asset Management (CAM). Prior to 1/1/2011, SSgA-Global also excluded its wrap fee business (Intermediary Business Group [IBG]) and assets accounted for on a book value basis (global cash and stable value assets). SSgA-Global claims compliance with GIPS® from January 1, 2000. The performance shown is of a composite created consisting of all discretionary accounts using this investment strategy. There is no minimum account size required for the inclusion in the composite. New funds or accounts are added to the composite upon the first full month of operation and closed funds or accounts are removed from the composite upon the last full month of operation. The performance figures contained herein do not reflect the deduction of advisory or other fees which could reduce the return. The Screened S&P 500 Index Composite (the "Composite") seeks an investment return that approximates as closely as practicable, before expenses, the performance of its benchmark index over the long term. *The screen is provided by MSCI Inc. (or their successors or assigns) and is intended to screen out companies which significantly engage in producing or distributing adult entertainment, tobacco production, or conventional or nuclear weapons production; or which have any involvement in abortion, contraceptives, embryonic or fetal tissue stem cell research, or cluster bomb and landmine production; or which have received a less than a "satisfactory" rating from federal regulatory agencies under the Community Reinvestment Act; or which have major ongoing controversies and a history of weak performance on diversity issues. S&P 500® is a trademark of Standard & Poor's Financial Services LLC and has been licensed for use by State Street Bank and Trust. The Products are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in the Products. This Strategy Overview provides summary information regarding the Strategy. It should be read in conjunction with the Strategy's Disclosure Document which contains important information about the Strategy, including a description of a number of risks. 21700034 8 U.S. Community Investing Index Strategy 31 December 2010 Individual Strategy Overview

Investment Objective Performance The Strategy seeks an investment return that approximates as closely as practicable, before expenses, the performance of its benchmark index over Total Returns Composite Benchmark the long term. Q4 2010 10.39% 10.40% YTD 12.96% 12.92% Benchmark 1 Year 12.96% 12.92% US Community Investing Index™ 3 Year N/A N/A Investment Strategy 5 Year N/A N/A The Strategy is managed using a "passive" or "indexing" investment 10 Year N/A N/A approach, by which SSgA attempts to match, before expenses, the Inception to Date (Nov 2009) 19.00% 19.00% performance of the Index. SSgA will typically attempt to invest in the All returns greater than 1 year are annualized. Performance shown represents past performance. securities comprising the Index, in approximately the same proportions as Past performance is not a guarantee of future results. Current performance may be lower or they are represented in the Index. In some cases, it may not be possible higher than the performance shown above. The performance figures contained herein are or practicable to purchase all of the securities comprising the Index, or to provided gross of investment management fees and reflect all items of income, gain and loss and the investment of dividends and other income. Performance of certain portfolios within the hold them in the same weightings as they represent in the Index. In those composite is net of administrative costs. Index returns are unmanaged and do not reflect the circumstances, SSgA may employ a sampling or optimization technique to deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the construct the portfolio in question. reinvestment of dividends and other income. Performance returns are calculated in US dollars. From time to time securities are added to or removed from the Index. SSgA may sell securities that are represented in the Index, or purchase securities Risk Management that are not yet represented in the Index, prior to or after their removal or SSgA monitors the overall risk of the Strategy, in order to avoid unintended addition to the Index. risk relative to the Index. SSgA manages portfolio characteristics and The Strategy may at times purchase or sell index futures contracts, or transaction costs in a manner intended to provide a return as close as options on those futures, or engage in other transactions involving the use of practicable to the benchmark return. derivatives, in lieu of investment directly in the securities making up the Index Investment Manager or to enhance the Strategy's replication of the Index return. The Strategy is managed by State Street Global Advisors (SSgA), the The Strategy's return may not match the return of the Index. investment management division of State Street Bank and Trust Company, and a global leader in providing investment management services to clients Key Facts worldwide. SSgA has been selected by many worldwide industry leaders . Is passively managed to provide premier investment management services. To learn more about . Uses futures and may use other derivatives SSgA, visit our web site at www.ssga.com. . Does not lend its portfolio securities . May invest in other investment pools, including those managed by SSgA or its affiliates . Is not a leveraged strategy . Will not sell securities short

Investment Objective Performance The Strategy seeks an investment return that approximates as closely as practicable, before expenses, the performance of its benchmark index over Total Returns Composite Benchmark the long term. Q4 2010 15.42% 15.49% YTD 28.68% 28.62% Benchmark 1 Year 28.68% 28.62% Dow Jones U.S. Completion Total Stock Market IndexSM 3 Year 2.66% 2.53% Investment Strategy 5 Year 5.63% 5.54% The Strategy is managed using a "passive" or "indexing" investment 10 Year 6.30% 6.20% approach, by which SSgA attempts to match, before expenses, the Inception to Date (Apr 1999) 6.60% 6.46% performance of the Index. SSgA will typically attempt to invest in the All returns greater than 1 year are annualized. Performance shown represents past performance. securities comprising the Index, in approximately the same proportions as Past performance is not a guarantee of future results. Current performance may be lower or higher they are represented in the Index. In some cases, it may not be possible than the performance shown above. The performance figures contained herein are provided or practicable to purchase all of the securities comprising the Index, or to gross of investment management fees and reflect all items of income, gain and loss and the investment of dividends and other income. Index returns are unmanaged and do not reflect the hold them in the same weightings as they represent in the Index. In those deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the circumstances, SSgA may employ a sampling or optimization technique to reinvestment of dividends and other income. construct the portfolio in question. The performance figures above do not take account of the mark to market value of the units of the securities lending cash collateral pools held by any of the Portfolios in the Composite. From time to time securities are added to or removed from the Index. SSgA Performance of certain portfolios within the Composite is net of administrative costs. If such fees may sell securities that are represented in the Index, or purchase securities and the mark to market unit value of the securities lending cash collateral pools were reflected the that are not yet represented in the Index, prior to or after their removal or performance may be lower. Please see the securities lending risk factor in the Strategy Disclosure Document for more information. addition to the Index. Performance returns are calculated in US dollars. The Strategy may at times purchase or sell index futures contracts, or Risk Management options on those futures, or engage in other transactions involving the use of derivatives, in lieu of investment directly in the securities making up the Index SSgA monitors the overall risk of the Strategy, in order to avoid unintended or to enhance the Strategy's replication of the Index return. risk relative to the Index. SSgA manages portfolio characteristics and transaction costs in a manner intended to provide a return as close as The Strategy's return may not match the return of the Index. practicable to the benchmark return. Key Facts Investment Manager . Is passively managed The Strategy is managed by State Street Global Advisors (SSgA), the . Uses futures and may use other derivatives investment management division of State Street Bank and Trust Company, . May lend its portfolio and enter into repurchase agreements (See and a global leader in providing investment management services to clients applicable governing documents for a Portfolio's authority to lend) worldwide. SSgA has been selected by many worldwide industry leaders . May invest in other investment pools, including those managed by SSgA to provide premier investment management services. To learn more about and its affiliates SSgA, visit our web site at www.ssga.com. . Is not a leveraged strategy . Will not sell securities short

Investment Objective Performance The Strategy seeks an investment return that approximates as closely as practicable, before expenses, the performance of its benchmark index over Total Returns Composite Benchmark the long term. Q4 2010 11.61% 11.67% YTD 17.58% 17.49% Benchmark 1 Year 17.58% 17.49% Dow Jones U.S. Total Stock Market IndexSM 3 Year -1.66% -1.76% Investment Strategy 5 Year 3.04% 3.00% The Strategy is managed using a "passive" or "indexing" investment 10 Year 2.49% 2.55% approach, by which SSgA attempts to match, before expenses, the Inception to Date (Jan 1997) 6.08% 6.12% performance of the Index. SSgA will typically attempt to invest in the All returns greater than 1 year are annualized. Performance shown represents past performance. securities comprising the Index, in approximately the same proportions as Past performance is not a guarantee of future results. Current performance may be lower or higher they are represented in the Index. In some cases, it may not be possible than the performance shown above. The performance figures contained herein are provided or practicable to purchase all of the securities comprising the Index, or to gross of investment management fees and reflect all items of income, gain and loss and the investment of dividends and other income. Index returns are unmanaged and do not reflect the hold them in the same weightings as they represent in the Index. In those deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the circumstances, SSgA may employ a sampling or optimization technique to reinvestment of dividends and other income. construct the portfolio in question. The performance figures above do not take account of the mark to market value of the units of the securities lending cash collateral pools held by any of the Portfolios in the Composite. From time to time securities are added to or removed from the Index. SSgA Performance of certain portfolios within the Composite is net of administrative costs. If such fees may sell securities that are represented in the Index, or purchase securities and the mark to market unit value of the securities lending cash collateral pools were reflected the that are not yet represented in the Index, prior to or after their removal or performance may be lower. Please see the securities lending risk factor in the Strategy Disclosure Document for more information. addition to the Index. Performance returns are calculated in US dollars. The Strategy may at times purchase or sell index futures contracts, or Risk Management options on those futures, or engage in other transactions involving the use of derivatives, in lieu of investment directly in the securities making up the Index SSgA monitors the overall risk of the Strategy, in order to avoid unintended or to enhance the Strategy's replication of the Index return. risk relative to the Index. SSgA manages portfolio characteristics and transaction costs in a manner intended to provide a return as close as The Strategy's return may not match the return of the Index. practicable to the benchmark return. Key Facts Investment Manager . Is passively managed The Strategy is managed by State Street Global Advisors (SSgA), the . Uses futures and may use other derivatives investment management division of State Street Bank and Trust Company, . May lend its portfolio and enter into repurchase agreements (See and a global leader in providing investment management services to clients applicable governing documents for a Portfolio's authority to lend) worldwide. SSgA has been selected by many worldwide industry leaders . May invest in other investment pools, including those managed by SSgA to provide premier investment management services. To learn more about and its affiliates SSgA, visit our web site at www.ssga.com. . Is not a leveraged strategy . Will not sell securities short