Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings, if any, for investment purposes) in equity securities of Chinese companies. SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, considers a “Chinese company” to be any company that is organized under the laws of, or has a principal office in, China; which principal trading market for its equity securities is in China; that SSGA FM considers to derive at least 50% of its total revenues or profits from goods that are produced or sold, investments made, or services performed in China; or at least 50% of whose assets are located in China. The Fund will provide shareholders with at least sixty (60) days' notice prior to any change in its 80% policy. The notional value of the Fund's investments in derivatives or other synthetic instruments that provide exposure comparable, in the judgment of the Adviser, to the foregoing types of investments may be counted toward satisfaction of the Fund's 80% policy. The Adviser seeks to select a portfolio of securities that it expects will offer sustainable growth prospects at a reasonable valuation and provide competitive returns as compared with the MSCI China Index (the “Index”). The Fund is a non-diversified investment company.

The Fund uses a fundamental, research-driven investment process to build a portfolio of equity securities that SSGA FM believes offer sustainable growth prospects at a reasonable valuation. After screening the investment universe, SSGA FM analyzes individual companies by developing quantitative forecasts of a company's financial metrics. Portfolio construction is based on choosing companies after taking into account a combination of quality, sustainable growth, and valuation, while managing portfolio risk. The approach seeks to be disciplined and take a long-term perspective. The Fund expects to invest primarily in common stocks, but may also invest in preferred stocks, securities convertible into common or preferred stocks. These securities may be represented by American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), Non- Voting Depositary Receipts (“NVDRs”) or Participatory Notes (“P-Notes”). This may include securities that trade in local Chinese, Hong Kong, or other overseas exchanges. While the Fund may invest in companies of any market capitalization, it expects to primarily invest in companies with market capitalizations (at the time of purchase) greater than $2 billion. The Fund may purchase securities in their initial public offerings, and may hold securities that are restricted as to resale. The Fund may invest in the securities of Chinese companies, normally restricted to residents of the People's Republic of China (commonly known as “A Shares” or “China A Shares”), through the Stock Connect program or other channels. The Fund may also invest in other investments including but not limited to “B shares” of companies listed on the Shanghai and Shenzhen Stock Exchanges, “H shares” of companies incorporated in Mainland China and listed on the Hong Kong Stock Exchange and other foreign exchanges, shares of “red chip” companies with controlling Chinese shareholders that are incorporated outside of Mainland China and listed on the Hong Kong Stock Exchange, shares of China-related companies listed on the Hong Kong Stock Exchange, and shares of “P-Chips” companies with controlling Chinese shareholders incorporated outside of Mainland China, and listed on the Hong Kong Stock Exchange.

The Fund may hold a portion of its assets in cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by SSGA FM or an affiliate). The Fund may invest in derivatives, such as futures contracts, in order to gain broad equity market exposures pending investments of cash, or to reduce market exposures pending the sales of securities.