State Street USD Liquidity LVNAV Fund Distributor Stable NAV shares

Investment Objective The objective of the Fund is to provide investors with a stable investment which can be easily bought and sold and which provides a return in line with U.S. Dollar money market rates. Investment Policy To seek to achieve these objectives, the Fund invests in short-term debt securities which pay a rate of interest to the Fund. This rate of interest is the Fund's only source of return. The Fund invests in debt securities which are issued by governments, banks, corporations and other financial institutions. The Fund can only invest in securities which have the highest short-term credit ratings. The investment manager conducts in-depth analysis on each investment which the Fund makes and chooses investments it believes will provide a stable return and remain easy to sell until it is repaid. The Fund is classified as a Short-Term Money Market Fund. The Fund itself is also rated triple-A by one or more credit rating agencies (that is, companies that rate the ability of the issuers of debt securities to repay borrowed money). To maintain these highest credit ratings, the Fund's investments are tightly controlled and closely monitored by each agency. The Class Distributor Stable NAV Shares seek to maintain a stable Net Asset Value per share however this may not be guaranteed. On any day where the assets of the Fund (less fees and expenses) produce a negative return, a mechanism will be implemented so that the Net Asset Value per share remains stable at $1 per share. In order to achieve this, the number of shares held by each Shareholder will be reduced pro rata to reflect the negative return of the Fund on that day. This will take place by way of a share redemption; the proceeds of such redemption will not be paid to the Shareholders but will be retained by the Fund to meet the negative return. The Fund may use financial derivative instruments (that is, financial contracts whose prices are dependent on one or more underlying assets) in order to manage the portfolio efficiently. Shareholders may redeem shares on any business day other than days on which the relevant financial markets are closed for business in the United States; and any other day at the Directors' discretion (acting reasonably) provided Shareholders are notified in advance of any such days. Any Income earned by the Class Distributor Stable NAV Shares will be paid to shareholders in respect of these shares. The Fund's shares are issued in U.S. Dollars. Please refer to the prospectus for more information.