STATE STREET GLOBAL ADVISORS TRUST COMPANY INVESTMENT FUNDS FOR TAX EXEMPT RETIREMENT PLANS AMENDED AND RESTATED FUND DECLARATION

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1 STATE STREET GLOBAL ADVISORS TRUST COMPANY INVESTMENT FUNDS FOR TAX EXEMPT RETIREMENT PLANS AMENDED AND RESTATED FUND DECLARATION STATE STREET SHORT TERM INVESTMENT FUND (the Fund ) Pursuant to Article 2 of the Sixth Amended and Restated Declaration of Trust for the State Street Global Advisors Trust Company Investment Funds for Tax Exempt Retirement Plans, dated April 1, 2017 (the Declaration of Trust ), State Street Global Advisors Trust Company (the Trustee ), by its execution of this Amended and Restated Fund Declaration, hereby amends and restates the Fund Declaration of the Fund. The Trustee agrees that it will hold, administer and deal with all money and property received by it as Trustee of the Fund in accordance with the terms of the Declaration of Trust, subject to the additional terms and conditions set forth in this Amended and Restated Fund Declaration. Capitalized terms used and not otherwise defined shall have the meanings set forth in the Declaration of Trust. 1. Name of the Fund: State Street Short Term Investment Fund 2. Effective Date of the Amended and Restated Fund Declaration: April 1, Investment Objective of the Fund: The Fund seeks to provide safety of principal, daily liquidity, and a competitive yield over the long term. In seeking to accomplish this investment objective, the Fund may invest directly or indirectly in securities and other instruments, including in other pooled investment vehicles sponsored or managed by, or otherwise affiliated with the Trustee ( Commingled Funds ). Due to the uncertainty in all investments, there can be no assurance that the Fund will achieve its investment objective. For more information about investment policies, principal investment strategy and associated risks, please see the U.S. Book Value Cash Strategy Disclosure Document (as may be amended, modified, or supplemented from time to time, the Strategy Disclosure Document ). 4. Operating Features: Each Business Day shall be a Valuation Date (as defined in the Declaration of Trust). The Fund will be open for contributions/withdrawals on each day the Federal Reserve s wire system is open. The Trustee may establish procedures, including prior notice periods, for deposits to and withdrawals from the Fund which may differ from other funds maintained by the Trustee. The Trustee will notify Participants of such procedures and notice periods. The Trustee reserves the right to delay the processing of a Participant s requested deposit to or withdrawal from the Fund in order to ensure that securities transactions will be carried out in an orderly manner. The Trustee, furthermore, may suspend valuation and withdrawal rights under certain circumstances, as may be more fully described in this Fund Declaration or the Declaration of Trust. Please refer to Section 3.03 of the Declaration of Trust for information pertaining to the Trustee s authority to suspend valuation and withdrawal rights.

2 The Trustee values the Fund in accordance with the provisions of Article 5 of the Declaration of Trust. Due to the operating characteristics of the Fund, the Trustee does not generally adjust securities valuations from market prices or quotations to estimate a security s fair value. There may be limited circumstances where the Trustee, in its sole discretion, determines that market prices or quotations for a security are either not readily available or are not reliable and that it is necessary to calculate a security s fair value. In these circumstances, the fair value of such security will be determined in good faith by the Trustee in accordance with the Trustee s valuation procedures. To the extent applicable, the Trustee s decision to fair value may cause unanticipated tracking error as the index may not reflect these fair value determinations. The Fund is subject to the valuation procedures of any Commingled Fund in which it invests and may be impacted if an underlying Commingled Fund s securities are priced in accordance with the Trustee s fair value procedures. 5. Fees and Expenses: The Fund will also be charged an annual audit fee and such other fees and expenses as are permitted by the Declaration of Trust. The Trustee will charge the Fund an annual administration fee equal to 1.0 basis point of the net asset value of the Fund. The Fund will bear its pro rata share of the following costs of any Commingled Fund in which the Fund invests: administration fee, annual audit fee, index fee, transaction costs and fees relating to the provision of other services that the Trustee may from time to time consider necessary or appropriate. The Trustee, in its discretion, may invest Fund assets in shares of one or more registered mutual funds for which an affiliate of the Trustee acts as investment advisor (a Mutual Fund ). With respect to Fund assets invested in a Mutual Fund, the Fund will indirectly incur management fees and other charges which do not currently exceed twelve (12) basis points. The Trustee will waive the allocable portion of the Fund s management fee that is attributable to any investment in the Mutual Fund. 6. Incorporation of Strategy Disclosure Document: The Strategy Disclosure Document is incorporated herein by reference and given the same force and effect as though fully set forth herein and, from the date designated by the Trustee in such Strategy Disclosure Document, has become part of the Fund Declaration, until such time as the Trustee shall provide to the Participants of the Fund another Strategy Disclosure Document terminating such incorporation by reference or revising, amending, or supplementing all or any part of the provisions previously so incorporated by reference into the Fund Declaration. STATE STREET GLOBAL ADVISORS TRUST COMPANY By: Name: Ellen M. Needham Title: Senior Managing Director -2-

3 STATE STREET BANK AND TRUST COMPANY INVESTMENT FUNDS FOR TAX EXEMPT RETIREMENT PLANS AMENDED AND RESTATED FUND DECLARATION STATE STREET SHORT TERM INVESTMENT FUND (the Fund ) Pursuant to Article 2 of the Fifth Amended and Restated Declaration of Trust for the State Street Bank and Trust Company Investment Funds for Tax Exempt Retirement Plans, dated September 30, 2011 (the Declaration of Trust ), State Street Bank and Trust Company (the Trustee ), by its execution of this Amended and Restated Fund Declaration, hereby amends and restates the Fund Declaration the Fund (previously named SSgA Short Term Investment Fund). The Trustee agrees that it will hold, administer and deal with all money and property received by it as Trustee of the Fund in accordance with the terms of the Declaration of Trust, subject to the additional terms and conditions set forth in this Amended and Restated Fund Declaration. Capitalized terms used and not otherwise defined shall have the meanings set forth in the Declaration of Trust. 1. Name of the Fund: State Street Short Term Investment Fund 2. Effective Date of the Amended and Restated Fund Declaration: January 1, Investment Objective of the Fund: The Fund seeks to provide safety of principal, daily liquidity, and a competitive yield over the long term. In seeking to accomplish this investment objective, the Fund may invest directly or indirectly in securities and other instruments, including in other pooled investment vehicles sponsored or managed by, or otherwise affiliated with the Trustee ( Commingled Funds ). Due to the uncertainty in all investments, there can be no assurance that the Fund will achieve its investment objective. For more information about investment policies, principal investment strategy and associated risks, please see the U.S. Book Value Cash Strategy Disclosure Document (as may be amended, modified, or supplemented from time to time, the Strategy Disclosure Document ). 4. Operating Features: Each Business Day shall be a Valuation Date (as defined in the Declaration of Trust). The Fund will be open for contributions/withdrawals on each day the Federal Reserve s wire system is open. The Trustee may establish procedures, including prior notice periods, for deposits to and withdrawals from the Fund which may differ from other funds maintained by the Trustee. The Trustee will notify Participants of such procedures and notice periods. The Trustee reserves the right to delay the processing of a Participant s requested deposit to or withdrawal from the Fund in order to ensure that securities transactions will be carried out in an orderly manner. The Trustee, furthermore, may suspend valuation and withdrawal rights under certain circumstances, as may be more fully described in this Fund Declaration or the Declaration of Trust. Please refer to Section 3.03 of the Declaration of Trust for information pertaining to the Trustee s authority to suspend valuation and withdrawal rights.

4 The Trustee values the Fund in accordance with the provisions of Article 5 of the Declaration of Trust. Due to the operating characteristics of the Fund, the Trustee does not generally adjust securities valuations from market prices or quotations to estimate a security s fair value. There may be limited circumstances where the Trustee, in its sole discretion, determines that market prices or quotations for a security are either not readily available or are not reliable and that it is necessary to calculate a security s fair value. In these circumstances, the fair value of such security will be determined in good faith by the Trustee in accordance with the Trustee s valuation procedures. To the extent applicable, the Trustee s decision to fair value may cause unanticipated tracking error as the index may not reflect these fair value determinations. The Fund is subject to the valuation procedures of any Commingled Fund in which it invests and may be impacted if an underlying Commingled Fund s securities are priced in accordance with the Trustee s fair value procedures. 5. Fees and Expenses: The Fund will also be charged an annual audit fee and such other fees and expenses as are permitted by the Declaration of Trust. The Trustee will charge the Fund an annual administration fee equal to 1.0 basis point of the net asset value of the Fund. The Fund will bear its pro rata share of the following costs of any Commingled Fund in which the Fund invests: administration fee, annual audit fee, index fee, transaction costs and fees relating to the provision of other services that the Trustee may from time to time consider necessary or appropriate. The Trustee, in its discretion, may invest Fund assets in shares of one or more registered mutual funds for which an affiliate of the Trustee acts as investment advisor (a Mutual Fund ). With respect to Fund assets invested in a Mutual Fund, the Fund will indirectly incur management fees and other charges which do not currently exceed twelve (12) basis points. The Trustee will waive the allocable portion of the Fund s management fee that is attributable to any investment in the Mutual Fund. 6. Incorporation of Strategy Disclosure Document: The Strategy Disclosure Document is incorporated herein by reference and given the same force and effect as though fully set forth herein and, from the date designated by the Trustee in such Strategy Disclosure Document, has become part of the Fund Declaration, until such time as the Trustee shall provide to the Participants of the Fund another Strategy Disclosure Document terminating such incorporation by reference or revising, amending, or supplementing all or any part of the provisions previously so incorporated by reference into the Fund Declaration. -2-

5 U.S. Cash Collateral Strategy Disclosure Document Effective Date: 1 April 2017 Effective Date: 1 April 2017 U.S. Cash Collateral 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. 1

6 U.S. Cash Collateral Strategy Disclosure Document Effective Date: 1 April 2017 Table of Contents I. Product Profile II. Overview III. Selected Risk Factors IV. Investment Strategy Overviews yseries Quality Trust for SSGA Funds 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 Global Advisors Trust Company, State Street Bank and Trust Company, or any of their affiliates. 2

7 U.S. Cash Collateral Strategy Disclosure Document Effective Date: 1 April 2017 I. Product Profile The U.S. Cash Collateral Strategies (each, a "Strategy") included in this Strategy Disclosure Document are not "money market funds" registered with the U.S. Securities and Exchange Commission and are not subject to the various rules and limitations that apply to such funds. Although a Strategy may seek to maintain a stable or constant net asset value, there can be no assurance that it will do so. None of State Street Corporation, State Street Bank and Trust Company, State Street Global Advisors Trust Company or their affiliates ("State Street Entities") guarantee the value of your investment at $1.00 per share. Investors should have no expectation of capital support to any Portfolio (as defined below) from State Street Entities. Investment Manager Each Strategy is managed by State Street Global Advisors Trust Company, a global leader in providing investment management services to clients worldwide. SSGA has been selected by many worldwide industry leaders to provide premier investment management services. To learn more about SSGA, visit our website at SSGA Funds Management, Inc. serves as the investment adviser to the Master Fund (as defined herein) in which one of the Strategies currently invests. Please also refer to Essential SSGA: Overview of US-Domiciled Commingled Funds and US-Managed Separately Managed Accounts for additional important information regarding SSGA. Investment Philosophy State Street Global Advisors ( SSGA ), believes that rigorous attention to investment opportunities and risk control on the short end of the yield curve can provide attractive yields in a risk-managed environment. In managing our U.S. Cash Collateral Strategies, SSGA draws on the detailed economic, financial, and issuer-specific research available throughout our firm. In addition, our cash management group has an independent credit research team that performs detailed research and analysis on every issuer and counterparty in our portfolios. Investment Process State Street Bank and Trust Company ("State Street") acts as lending agent for the client investment funds (collectively the "Lending Funds," and individually a "Lending Fund") that participate in the securities lending program. SSGA manages each of the Strategies exclusively for the investment of cash collateral received by the Lending Funds under State Street s securities lending program. As lending agent, State Street invests the cash collateral received by the Lending Funds from borrowers under the program in the one or more of the Strategies. For more information, including associated risks, regarding SSGA's securities lending program, please refer to the "SSGA Securities Lending Program Disclosure" which is available on Client's Corner and also upon request from SSGA. We manage the Strategies to provide safety of principal, daily liquidity and an attractive yield appropriate for investment of securities lending collateral in the ordinary course, through investment principally in high quality, short term securities. We use a relative value approach to identify investments for the Strategies, relying on in-depth fundamental research to identify sectors and issuers that we believe offer relatively attractive investment returns in light of the risks presented. Risk Management SSGA's portfolio management and credit teams monitor interest rate, market and credit risks closely on a continuing basis. 3

8 U.S. Cash Collateral Strategy Disclosure Document Effective Date: 1 April 2017 II. Overview SSGA implements the Strategies as commingled funds, organized to facilitate the investment of cash collateral received by lenders under State Street's securities lending program (each of those commingled funds is referred to herein as a "Portfolio" and collectively the "Portfolios"). The actual investments held in a Portfolio at any time may differ from those held in other Portfolios managed using the same Strategy, based on a number of factors, such as cash flows, individual investment requirements or limitations applicable to a Portfolio. The description of a Strategy in this Strategy Disclosure Document is qualified by reference to any investment requirements or limitations that may apply to a particular Portfolio. SSGA may manage certain Portfolios in its capacity as trustee of those Portfolios. This Strategy Disclosure Document includes a separate Investment Strategy Overview for each Portfolio, containing more detailed information about the Strategy. You should review the Investment Strategy Overview for a Strategy in connection with the more general information provided below. An investment in a Strategy is subject to a number of risks, including, but not limited to, the risks summarized in the "Selected Risk Factors" section below. You should review those risks carefully. Investment Objective Each of the Portfolios seeks to provide safety of principal, daily liquidity and an attractive yield appropriate for investment of securities lending collateral in the ordinary course, through investment principally in high quality, short-term securities or other investments. A Portfolio's specific investment objective is set out in the Investment Strategy Overview relating to that Portfolio. A Portfolio is not a "money market fund" registered with the U.S. Securities and Exchange Commission, and is therefore not subject to the various rules and limitations that apply to such funds. Although a Portfolio may seek to maintain a stable or constant net asset value, there can be no assurance that it will do so. Principal Investment Strategies SSGA uses a relative value approach to identify investments for the Portfolios. In selecting individual investments, SSGA uses in-depth fundamental research to identify sectors and issuers offering relatively attractive investment returns in light of the risks presented. A Portfolio will only invest in securities and other investments SSGA considers to present minimal credit risk. All of a Portfolio's investments will be denominated in U.S. dollars. There can be no guarantee that a Portfolio will achieve its investment objective. Investment Company Act Rule 2a-7 ("Rule 2a-7") In July 2010, SSGA adopted investment guidelines for each of the Portfolios calling for all new investments by the Portfolios to satisfy certain quality, maturity, and diversification requirements set forth in Rule 2a-7 under the U.S. Investment Company Act of 1940; however, the investment guidelines do not incorporate all of the requirements of Rule 2a-7. For example, an investment purchased by a Portfolio must present "minimal credit risk," taking into account factors including any rating assigned by a nationally recognized statistical rating organization. A security must have a remaining maturity of 397 days or less at the time of purchase. A Portfolio may not invest more than three percent (3%) of its total assets in so-called "Second Tier Securities." A Portfolio's investments must be highly diversified. The investment guidelines do not incorporate all of the requirements of Rule 2a-7, such as, for example, requirements as to board reporting, certain periodic testing requirements, and requirements for certain reports to the U.S. Securities and Exchange Commission. For the avoidance of doubt, any reference herein to Rule 2a-7 under the Investment Company Act of 1940 shall be to Rule 2a-7 as in effect as of January 1, 2014 and shall not take into account any amendments or modifications thereto after such date. Book value The Portfolios are authorized to issue and redeem shares/units at "book value" - typically at $1 per share/unit. SSGA uses an amortized cost based methodology in valuing a Portfolio's investments for this purpose. SSGA also calculates a daily market value of each Portfolio based on market quotations, information provided by valuation services, and other sources, and monitors the variation between the market value of the Portfolio's shares/units and the Portfolio's book value price per share/unit. The Portfolios are not registered money market funds, and may continue to issue and redeem shares/units at book value under circumstances where a registered money market fund may not, such as when the variation between a Portfolio's book value per share/unit and market value per share/unit exceed levels permissible for a registered money market fund to issue and redeem shares/units at $1 per share/ unit. SSGA may at any time (without notice to clients) cause a Portfolio to issue and redeem shares/units at their current market value, rather than their book value. In determining whether a Portfolio should issue and redeem shares/units at book value or at current market value, SSGA may consider a wide variety of factors, including, for example, the quality and maturity of the Portfolio's investments, anticipated cash flows from those investments, anticipated purchase and redemption activity in the Portfolio's shares/units, and what it considers to be the best interests of the Portfolio or the Portfolio s shareholders/unit holders. Although SSGA may consider the factors described above in purchasing or selling investments for a Portfolio, SSGA may purchase, sell, or continue to hold an investment for a Portfolio whenever it believes that doing so may benefit the Portfolio, on the basis of any of the factors described above or any other factors it deems relevant. Notwithstanding any and all provisions contained herein, SSGA may from time to time impose more restrictive investment guidelines with respect to PURSUANT TO AN EXCLUSION FROM THE COMMODITY FUTURES TRADING COMMISSION UPON WHICH SSGA FUNDS MANAGEMENT, INC. WILL RELY IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS DOCUMENT. 4

9 U.S. Cash Collateral Strategy Disclosure Document Effective Date: 1 April 2017 II. Overview (continued) its management of a Portfolio, which it deems appropriate in light of prevailing market conditions. SSGA has the authority to delay any redemption payment and/or restrict redemptions from each of the Portfolios, and to determine whether to make any such redemptions in cash, in kind, or partly in cash and partly in kind. See Selected Risk Factors - "Significant Withdrawals". SSGA will not borrow money or use derivatives for a Portfolio in a manner that SSGA considers to have the purpose of creating investment leverage. (Investments made by SSGA with the intention to hedge or reduce risk will not be considered to have been made for the purpose of creating investment leverage; SSGA generally will determine whether an investment has the effect of creating investment leverage by evaluating the effect of the investment on the exposure and risk profile of a Portfolio as a whole.) 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 a Portfolio whose assets constitute "plan assets" of any investor subject to the U.S. Employee Retirement Income Security Act of 1974, as amended, ("ERISA") or Section 4975 of the Internal Revenue Code (an "ERISA Portfolio"), investments in vehicles managed by SSGA or an affiliate will be made consistent with ERISA rules and regulations, including any applicable prohibited transaction exemptions.) See Selected Risk Factors - "Conflicts of Interest Risk" and "ERISA Disclosure." A Portfolio will not use derivatives in a manner that SSGA considers to be for purposes of creating investment leverage. (Investments made by SSGA with the intention to hedge or reduce risk will not be considered to have been made for the purpose of creating investment leverage; SSGA generally will determine whether an investment has the effect of creating investment leverage by evaluating the effect of the investment on the exposure and risk profile of a Portfolio as a whole.) A Portfolio may purchase securities in which derivatives are embedded. Principal Investments Each Portfolio invests principally in high quality, short-term securities and other investments such as repurchase agreements. A Portfolio's investments may include (a) securities issued or guaranteed by the United States Government, including treasury bills, notes, bonds and certificates of indebtedness, (b) securities issued by agencies or instrumentalities of the United States Government, (c) securities, which may include securities of private issuers, guaranteed by governmentsponsored enterprises, (d) asset-backed securities and mortgage-backed securities, (e) other money market instruments such as certificates of deposit, bankers' acceptances, commercial paper, and other short-term corporate debt securities, (f) repurchase agreements meeting certain requirements and (g) to the extent permitted by law, shares in money market funds or other approved commingled investment vehicles, including other vehicles managed by SSGA or an affiliate. A Portfolio may concentrate its investments in one or more industries or groups of industries, such as investments in obligations of U.S. or non-u.s. banks. 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 to be 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. State Street Global Advisors Trust Company is excluded from registration and regulation under the Commodity Exchange Act as a commodity pool operator in connection with certain Portfolios. 5

10 U.S. Cash Collateral Strategy Disclosure Document Effective Date: 1 April 2017 III. Selected Risk Factors The Portfolio does not constitute a complete investment program. Due to the uncertainty in all investments, there can be no assurance that the Portfolio will achieve its investment objective. The Portfolio may lose money. The Portfolio is not insured by the FDIC or by another governmental agency; an investment in a Portfolio is not an obligation of the FDIC nor is it a deposit or obligation of or guaranteed by State Street Global Advisors Trust Company, State Street Bank and Trust Company or any of their affiliates. Investors can lose money by investing in a Portfolio. References to "the Portfolio" below are to each Portfolio managed using the Strategies. Not all risks apply to all of the Portfolios or to all Portfolios to the same extent. Call/Prepayment Risk Call/prepayment risk is the risk that an issuer will exercise its right to pay principal on an obligation held by the Portfolio earlier than expected or required. This may occur, for example, when there is a decline in interest rates, and an issuer of bonds or preferred stock redeems the bonds or stock in order to replace them with obligations on which it is required to pay a lower interest or dividend rate. It may also occur when there is an unanticipated increase in the rate at which mortgages or other receivables underlying mortgage- or asset-backed securities held by the Portfolio are prepaid. In any such case, the Portfolio may be forced to invest the prepaid amounts in lower-yielding investments, resulting in a decline in the Portfolio s income. Cash Position Risk The Portfolio may hold a significant portion of its assets in cash or cash equivalents in SSGA s discretion. If the Portfolio holds a significant cash position, its investment returns may be adversely affected, and the Portfolio may not achieve its investment objective. Concentration Risk When the Portfolio focuses its investments in a particular industry or sector, financial, economic, business, and other developments affecting issuers in that industry, market, or economic sector will have a greater effect on the Portfolio than if it had not focused its assets in that industry, market, or economic sector, which may increase the volatility of the Portfolio. Any such investment focus may also limit the liquidity of the Portfolio. In addition, investors may buy or sell substantial amounts of the Portfolio s shares in response to factors affecting or expected to affect an industry, market, or economic sector in which the Portfolio focuses its investments, resulting in extreme inflows or outflows of cash into and out of the Portfolio. Such extreme cash inflows or outflows might affect management of the Portfolio adversely. The Portfolio may establish or terminate a focus in an industry, market or economic sector at any time in SSGA s discretion and without notice to investors. Conflicts of Interest Risk An investment in the Portfolio may be subject to a number of actual or potential conflicts of interest. For example: SSGA or its affiliates may provide services to the Portfolio, such as securities lending agency services, custodial, administrative, bookkeeping, and accounting services, transfer agency, and shareholder servicing, and other services for which the Portfolio would compensate SSGA and/or such affiliates. The Portfolio may enter into securities transactions with SSGA or an affiliate, where SSGA or the affiliate acts as agent for the Portfolio in connection with the purchase or sale of securities, or as principal, where SSGA or an affiliate sells securities to the Portfolio or buys securities from the Portfolio for its own account. SSGA on behalf of the Portfolio may enter into repurchase agreements and derivatives transactions with or through SSGA or one of its affiliates. The Portfolio may invest in other pooled investment vehicles sponsored, managed, or otherwise affiliated with SSGA. There is no assurance that the rates at which the Portfolio pays fees or expenses to SSGA or its affiliates, or the terms on which it enters into transactions with SSGA or its affiliates or on which it invests in any such other investment vehicles will be the most favorable available in the market generally or as favorable as the rates SSGA makes available to other clients. There will be no independent oversight of prices, fees, or expenses paid to, or services provided by, SSGA or its affiliates. Because of its financial interest, SSGA may have an incentive to enter into transactions or arrangements on behalf of the Portfolio with itself or its affiliates in circumstances where it might not have done so in the absence of that interest. SSGA and its affiliates serve as investment adviser to other clients and may make investment decisions for their own accounts and for the accounts of others that may be different from those 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 recommendation to invest or redeem from a particular issuer or Portfolio while not providing that same recommendation to all clients invested in the same or similar issuers. SSGA may (subject to applicable law) be simultaneously seeking to purchase (or sell) investments for the Portfolio and to sell (or purchase) the same investment for accounts, funds or structured products for which it serves as asset manager now or in the future, or for other clients or affiliates. SSGA and its affiliates may invest for their own accounts and for the accounts of clients in various securities that are senior, pari passu or junior to, or have interests different from or adverse to, the securities that are owned by the Portfolio. In addition, SSGA and its affiliates may buy securities from or sell securities to the Portfolio, if permitted by applicable law. SSGA, in connection with its other business activities, may acquire material non-public confidential information that may restrict SSGA from purchasing securities or selling securities for itself or 6

11 U.S. Cash Collateral Strategy Disclosure Document Effective Date: 1 April 2017 III. Selected Risk Factors (continued) its clients (including the Portfolio) or otherwise using such information for the benefit of its clients or itself. The foregoing does not purport to be a comprehensive list or complete explanation of all potential conflicts of interests which may affect the Portfolio. The Portfolio may encounter circumstances, or enter into transactions, in which conflicts of interest that are not listed or discussed above may arise. Please also refer to "Essential SSGA: Overview of US- Domiciled Commingled Funds and US-Managed Separately Managed Accounts" for additional important information regarding potential conflicts of interest. Counterparty Risk The Portfolio will be subject to credit risk with respect to the counterparties with which the Portfolio enters into derivatives contracts and other transactions such as repurchase agreements or reverse repurchase agreements and securities lending transactions. The Portfolio s ability to profit from these types of investments and transactions will depend on the willingness and ability of its counterparty to perform its obligations. If a counterparty fails to meet its contractual obligations, the Portfolio may be unable to terminate or realize any gain on the investment or transaction, resulting in a loss to the Portfolio. The Portfolio may experience significant delays in obtaining any recovery in an insolvency, bankruptcy, or other reorganization proceeding involving its counterparty (including recovery of any collateral posted by it) and may obtain only a limited recovery or may obtain no recovery in such circumstances. If the Portfolio holds collateral posted by its counterparty, it may be delayed or prevented from realizing on the collateral in the event of a bankruptcy or insolvency proceeding relating to the counterparty. Contractual provisions and applicable law may prevent or delay the Portfolio from exercising its rights to terminate an investment or transaction with a financial institution experiencing financial difficulties, or to realize on collateral, and another institution may be substituted for that financial institution without the consent of the Portfolio. If the credit rating of a derivatives counterparty declines, the Portfolio may nonetheless choose or be required to keep existing transactions in place with the counterparty, in which event the Portfolio would be subject to any increased credit risk associated with those transactions. Counterparty risk with respect to derivatives has been and may continue to be affected by new rules and regulations affecting the derivatives market. Some derivatives transactions are required to be centrally cleared, and a party to a cleared derivatives transaction is subject to the credit risk of the clearing house and the clearing member through which it holds its cleared position, rather than the credit risk of its original counterparty to the derivatives transaction. Credit risk of market participants with respect to derivatives that are centrally cleared is concentrated in a few clearing houses, and it is not clear how an insolvency proceeding of a clearing house would be conducted, what effect the insolvency proceeding would have on any recovery by the Portfolio, and what impact an insolvency of a clearing house would have on the financial system more generally. Credit Risk Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security held by the Portfolio may be unable or unwilling, or may be perceived (whether by market participants, ratings agencies, pricing services or otherwise) as unable or unwilling, to make timely principal and/or interest payments, or to otherwise honor its obligations. It includes the risk that the security will be downgraded by a credit rating agency; generally, lower credit quality issuers present higher credit risks. An actual or perceived decline in creditworthiness of an issuer of a fixed-income security held by the Portfolio may result in a decrease in the value of the security. It is possible that the ability of an issuer to meet its obligations will decline substantially during the period when the Portfolio owns securities of the issuer or that the issuer will default on its obligations or that the obligations of the issuer will be limited or restructured. The credit rating assigned to any particular investment does not necessarily reflect the issuer s current financial condition and does not reflect an assessment of an investment s volatility or liquidity. Securities rated in the lowest category of investment grade are considered to have speculative characteristics. If a security held by the Portfolio loses its rating or its rating is downgraded, the Portfolio may nonetheless continue to hold the security in the discretion of SSGA. In the case of asset-backed or mortgage-related securities, changes in the actual or perceived ability of the obligors on the underlying assets or mortgages to make payments of interest and/or principal may affect the values of those securities. Custodial Risk There are risks involved in dealing with the custodians or brokers who hold the Portfolio s investments or settle the Portfolio s trades. It is possible that, in the event of the insolvency or bankruptcy of a custodian or broker, the Portfolio would be delayed or prevented from recovering its assets from the custodian or broker, or its estate, and may have only a general unsecured claim against the custodian or broker for those assets. In recent insolvencies of brokers or other financial institutions, the ability of certain customers to recover their assets from the insolvent s estate has been delayed, limited, or prevented, often unpredictably, and there is no assurance that any assets held by the Portfolio with a custodian or broker will be readily recoverable by the Portfolio. In addition, there may be limited recourse against non-u.s. sub-custodians in those situations in which the Portfolio invests in markets where custodial and/or settlement systems and regulations are not fully developed, including emerging markets, and the assets of the Portfolio have been entrusted to such sub-custodians. SSGA or an affiliate may serve as the custodian of the Portfolio. Cybersecurity Risk With the increased use of technologies such as the Internet and the dependence on computer systems to perform business and operational functions, portfolios (such as the Portfolio) and their service providers 7

12 U.S. Cash Collateral Strategy Disclosure Document Effective Date: 1 April 2017 III. Selected Risk Factors (continued) (including SSGA) may be prone to operational and information security risks resulting from cyber-attacks and/or technological malfunctions. In general, cyber-attacks are deliberate, but unintentional events may have similar effects. Cyber-attacks include, among others, stealing or corrupting data maintained online or digitally, preventing legitimate users from accessing information or services on a website, releasing confidential information without authorization, and causing operational disruption. Successful cyber-attacks against, or security breakdowns of, the Portfolio, SSGA, or a custodian, transfer agent, or other affiliated or third-party service provider may adversely affect the Portfolio or its shareholders. For instance, cyber-attacks or technical malfunctions may interfere with the processing of shareholder or other transactions, affect a Portfolio s ability to calculate its net asset value, cause the release of private shareholder information or confidential Portfolio information, impede trading, cause reputational damage, and subject the Portfolio to regulatory fines, penalties or financial losses, reimbursement or other compensation costs, and additional compliance costs. Cyberattacks or technical malfunctions may render records of Portfolio assets and transactions, shareholder ownership of Portfolio shares, and other data integral to the functioning of the Portfolio inaccessible or inaccurate or incomplete. The Portfolio may also incur substantial costs for cybersecurity risk management in order to prevent cyber incidents in the future. The Portfolio and its underlying owners could be negatively impacted as a result. While SSGA has established business continuity plans and systems designed to minimize the risk of cyberattacks through the use of technology, processes and controls, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified given the evolving nature of this threat. Each Portfolio relies on third-party service providers for many of its day-to-day operations, and will be subject to the risk that the protections and protocols implemented by those service providers will be ineffective to protect the Portfolio from cyber-attack. Similar types of cybersecurity risks or technical malfunctions also are present for issuers of securities in which a Portfolio invests, which could result in material adverse consequences for such issuers, and may cause a Portfolio s investment in such securities to lose value. Debt Securities Risk The values of debt securities may increase or decrease as a result of the following: market fluctuations, increases in interest rates, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments or illiquidity in debt securities markets; the risk of low rates of return due to reinvestment of securities during periods of falling interest rates or repayment by issuers with higher coupon or interest rates; and/or the risk of low income due to falling interest rates. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. The U.S. is experiencing historically low interest rate levels. However, economic recovery and the tapering of the Federal Reserve Board's quantitative easing program increase the likelihood that interest rates will rise in the future. A rising interest rate environment may cause the value of a Portfolio s fixed income securities to decrease, a decline in the Portfolio s income and yield, an adverse impact on the liquidity of the Portfolio s fixed income securities, and increased volatility of the fixed income markets. If the principal on a debt obligation is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. During periods of falling interest rates, the income received by the Portfolio may decline. Changes in interest rates will likely have a greater effect on the values of debt securities of longer durations. Returns on investments in debt securities could trail the returns on other investment options, including investments in equity securities. Defensive Investing Risk/Temporary Defensive Positions In response to actual or perceived adverse market, economic, political, or other conditions, the Portfolio may (but will not necessarily), without notice, depart from its principal investment strategies by temporarily investing for defensive purposes. Temporary defensive positions may include, but are not limited to, cash, cash equivalents, U.S. government securities, repurchase agreements collateralized by such securities, money market funds and high-quality debt investments. If the Portfolio invests for defensive purposes, it may not achieve its investment objective. In addition, the defensive strategy may not work as intended. Derivatives Risk A derivative is a financial contract the value of which depends on, or is derived from, the value of an underlying asset, interest rate, or index. Derivative transactions typically involve leverage and may have significant volatility. It is possible that a derivative transaction will result in a loss greater than the principal amount invested, and the Portfolio may not be able to close out a derivative transaction at a favorable time or price. Risks associated with derivative instruments include potential changes in value in response to interest rate changes or other market developments or as a result of the counterparty s credit quality; the potential for the derivative transaction not to have the effect SSGA anticipated or a different or less favorable effect than SSGA anticipated; the failure of the counterparty to the derivative transaction to perform its obligations under the transaction or to settle a trade; possible mispricing or improper valuation of the derivative instrument; imperfect correlation in the value of a derivative with the asset, rate, or index underlying the derivative; the risk that the Portfolio may be required to post collateral or margin with its counterparty, and will not be able to recover the collateral or margin in the event of the counterparty s insolvency or bankruptcy; the risk that the Portfolio will experience losses on its derivatives investments and on its other portfolio investments, even when the derivatives investments may be intended in part or entirely to hedge those portfolio investments; the risks specific to the asset underlying the derivative instrument; lack of liquidity for the derivative instrument, including without limitation absence of a secondary trading market; the potential for reduced returns to the Portfolio due to losses on the transaction and an increase in 8

13 U.S. Cash Collateral Strategy Disclosure Document Effective Date: 1 April 2017 III. Selected Risk Factors (continued) volatility; the potential for the derivative transaction to have the effect of accelerating the recognition of gain; and legal risks arising from the documentation relating to the derivative transaction. Under recently adopted rules and regulations, transactions in some types of swaps are required to be centrally cleared. In a cleared derivatives transaction, the Portfolio s counterparty to the transaction is a central derivatives clearing organization, or clearing house, rather than a bank or broker. Because the Portfolio is not a member of a clearing house, and only members of a clearing house can participate directly in the clearing house, the Portfolio holds cleared derivatives through accounts at clearing members. In cleared derivatives transactions, the Portfolio will make payments (including margin payments) to and receive payments from a clearing house through its accounts at clearing members. Clearing members guarantee performance of their clients obligations to the clearing house. Centrally cleared derivative arrangements may be less favorable to the Portfolio than bilateral (noncleared) arrangements. For example, the Portfolio may be required to provide greater amounts of margin for cleared derivatives transactions than for bilateral derivatives transactions. Also, in contrast to bilateral derivatives transactions, in some cases following a period of notice to the Portfolio, a clearing member generally can require termination of existing cleared derivatives transactions at any time or an increase in margin requirements above the margin that the clearing member required at the beginning of a transaction. Clearing houses also have broad rights to increase margin requirements for existing transactions or to terminate transactions at any time. The Portfolio is subject to risk if it enters into a derivatives transaction that is required to be cleared (or which SSGA expects to be cleared), and no clearing member is willing or able to clear the transaction on the Portfolio s behalf. In that case, the transaction might have to be terminated, and the Portfolio could lose some or all of the benefit of the transaction, including loss of an increase in the value of the transaction and loss of hedging protection. In addition, the documentation governing the relationship between the Portfolio and clearing members is drafted by the clearing members and generally is less favorable to the Portfolio than typical bilateral derivatives documentation. These clearing rules and other new rules and regulations could, among other things, restrict the Portfolio s ability to engage in, or increase the cost to the Portfolio of, derivatives transactions, for example, by making some types of derivatives no longer available to the Portfolio, increasing margin or capital requirements, or otherwise limiting liquidity or increasing transaction costs. These regulations are new and evolving, so their potential impact on the Portfolio and the financial system are not yet known. duration and reduce the value of the security. Extension risk may be heightened during periods of adverse economic conditions generally, as payment rates decline due to higher unemployment levels and other factors. Financial Institution Risk Some instruments are issued or guaranteed by financial institutions, such as banks and brokers, or are collateralized by securities issued or guaranteed by financial institutions. Changes in the creditworthiness of any of these institutions may adversely affect the values of instruments of issuers in financial industries. Financial institutions may be particularly sensitive to certain economic factors such as interest rate changes, adverse developments in the real estate market, fiscal and monetary policy and general economic cycles. Adverse developments in banking and other financial industries may cause the Portfolio to underperform relative to other portfolios that invest more broadly across different industries or have a smaller exposure to financial institutions. Changes in governmental regulation and oversight of financial institutions may have an adverse effect on the financial condition or the earnings or operations of a financial institution and on the types and amounts of businesses in which a financial institution may engage. An investor may be delayed or prevented from exercising certain remedies against a financial institution. The amount of the Portfolio s assets that may be invested in any financial institution, or financial institutions generally, may be limited by applicable law. Geographic Focus Risk The performance of a Portfolio that is less diversified across countries or geographic regions will be closely tied to market, currency, economic, political, environmental, or regulatory conditions and developments in the country or region in which the Portfolio invests, and may be more volatile than the performance of a more geographically-diversified portfolio. Income Risk The Portfolio s income may decline due to falling interest rates or other factors. Issuers of securities held by the Portfolio may call or redeem the securities during periods of falling interest rates, and the Portfolio would likely be required to reinvest in securities paying lower interest rates. If an obligation held by the Portfolio is prepaid, the Portfolio may have to reinvest the prepayment in other obligations paying income at lower rates. A reduction in the income earned by the Portfolio may limit the Portfolio s ability to achieve its objective. Extension Risk During periods of rising interest rates, the average life of certain types of securities may be extended because of slower-than-expected principal payments. This may increase the period of time during which an investment earns a below-market interest rate, increase the security s Interest Rate Risk Interest rate risk is the risk that the securities held by the Portfolio will decline in value because of increases in market interest rates. Debt securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with

14 U.S. Cash Collateral Strategy Disclosure Document Effective Date: 1 April 2017 III. Selected Risk Factors (continued) shorter durations. For example, the value of a security with a duration of five years would be expected to decrease by 5% for every 1% increase in interest rates. Falling interest rates also create the potential for a decline in the Portfolio income and yield. Interest-only and principal-only securities are especially sensitive to interest rate changes, which can affect not only their prices, but can also change the income flows and repayment assumptions about those investments. Variable and floating rate securities also generally increase or decrease in value in response to changes in interest rates, although generally to a lesser degree than fixed-rate securities. A substantial increase in interest rates may also have an adverse impact on the liquidity of a security, especially those with longer durations. The U.S. is experiencing historically low interest rate levels. However, economic recovery and the tapering of the Federal Reserve Board's quantitative easing program increase the likelihood that interest rates will rise in the future. Changes in governmental policy, including changes in central bank monetary policy, could cause interest rates to rise rapidly, or cause investors to expect a rapid rise in interest rates. This could lead to heightened levels of interest rate, volatility and liquidity risks for the fixed income markets generally and could have a substantial and immediate effect on the values of the Portfolio's investments. Investment Risk Investment risk includes the possible loss of the entire amount of capital that you invest. Your investment in the Portfolio may represent an indirect investment in the securities and other investments owned by the Portfolio. The values of these securities and investments may increase or decrease, at times rapidly and unexpectedly. Your investment in the Portfolio may at any point in the future be worth less than your original investment. Accordingly, it is important that you periodically evaluate your investment in the Portfolio. Large Shareholder Risk To the extent a large proportion of the shares of the Portfolio are highly concentrated or held by a small number of shareholders (or a single shareholder), including funds or accounts over which SSGA has investment discretion, the Portfolio is subject to the risk that these shareholders will purchase or redeem Portfolio shares in large amounts rapidly or unexpectedly, including as a result of an asset allocation decision made by SSGA. These transactions could adversely affect the ability of the Portfolio to conduct its investment program. For example, they could require the Portfolio to sell portfolio securities or purchase portfolio securities unexpectedly and incur substantial transaction costs and/or accelerate the realization of taxable income and/or gains to shareholders, or the Portfolio may be required to sell its more liquid Portfolio investments to meet a large redemption, in which case the Portfolio's remaining assets may be less liquid, more volatile, and more difficult to price. The Portfolio may hold a relatively large proportion of its assets in cash in anticipation of large redemptions, diluting its investment returns. Leveraging Risk Borrowing transactions, reverse repurchase agreements, certain derivatives transactions, securities lending transactions and other investment transactions such as when-issued, delayed-delivery, or forward commitment transactions may create investment leverage. When the Portfolio engages in transactions that have a leveraging effect on the Portfolio s investment portfolio, the value of the Portfolio will be potentially more volatile and all other risks will tend to be compounded. This is because leverage generally creates investment risk with respect to a larger base of assets than the Portfolio would otherwise have and so magnifies the effect of any increase or decrease in the value of the Portfolio s underlying assets. The use of leverage is considered to be a speculative investment practice and may result in losses to the Portfolio. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. The use of leverage may cause the Portfolio to liquidate positions when it may not be advantageous to do so to satisfy repayment, interest payment, or margin obligations or to meet asset segregation or coverage requirements. Limited Investment Program Risk The Portfolio is not intended to be a complete investment program, but rather is intended for investment as part of a diversified investment portfolio. Investors should consult their own advisers as to the role of the Portfolio in their overall investment programs. Liquidity Risk Liquidity risk is the risk that the Portfolio may not be able to dispose of securities or close out derivatives transactions readily at a favorable time or prices (or at all) or at prices approximating those at which the Portfolio currently values them. For example, certain investments may be subject to restrictions on resale, may trade in the over-the-counter market or in limited volume, or may not have an active trading market. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. It may be difficult for the Portfolio to value illiquid securities accurately. The market for certain investments may become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer. Disposal of illiquid securities may entail registration expenses and other transaction costs that are higher than those for liquid securities. The Portfolio may seek to borrow money to meet its obligations (including among other things redemption obligations) if it is unable to dispose of illiquid investments, resulting in borrowing expenses and possible leveraging of the Portfolio. In some cases, due to unanticipated levels of illiquidity the Portfolio may choose to meet its redemption obligations wholly or in part by distributions of assets in-kind. 10

15 U.S. Cash Collateral Strategy Disclosure Document Effective Date: 1 April 2017 III. Selected Risk Factors (continued) Management Risk The Portfolio is an actively managed investment portfolio. SSGA s judgments about the attractiveness, relative value, or potential appreciation of a particular sector, security, commodity or investment strategy or as to a hedging strategy may prove to be incorrect, and may cause the Portfolio to incur losses. There can be no assurance that SSGA s investment techniques and decisions will produce the desired results. The Portfolio will be dependent to a substantial degree on the continued service of SSGA personnel. The loss of the services of key personnel or other changes in an investment management team may adversely impact the performance of the Portfolio. Market Disruption and Geopolitical Risk The Portfolio is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. War, terrorism, and related geopolitical events have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets generally. Likewise, natural and environmental disasters and systemic market dislocations may be highly disruptive to economies and markets. Those events as well as other changes in foreign and domestic economic and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the Portfolio s investments. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely affect markets, issuers, and/or foreign exchange rates in other countries, including the U.S. Any partial or complete dissolution of the Economic and Monetary Union of the European Union, or any increased uncertainty as to its status, could have significant adverse effects on currency and financial markets, and on the values of the Portfolio s investments. Securities and financial markets may be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the values of investments traded in these markets, including investments held by the Portfolio. To the extent the Portfolio has focused its investments in the market or index of a particular region, adverse geopolitical and other events could have a disproportionate impact on the Portfolio. Market Risk Market prices of investments held by the Portfolio will go up or down, sometimes rapidly or unpredictably. The Portfolio s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in actual or perceived creditworthiness of issuers and general market liquidity. Even if general economic conditions do not change, the value of an investment in the Portfolio could decline if the particular industries, sectors or companies in which the Portfolio invests do not perform well or are adversely affected by events. Further, legal, political, regulatory and tax changes also may cause fluctuations in markets and securities prices. Market Volatility; Government Intervention Risk Governmental and regulatory authorities have taken, and may in the future take, actions to provide or arrange credit supports to financial institutions whose operations have been compromised by credit market dislocations and to restore liquidity and stability to financial systems in their jurisdictions; the implementation of such governmental interventions and their impact on both the markets generally and the Portfolio s investment program in particular can be uncertain. In recent periods, governmental and non-governmental issuers have defaulted on, or have been forced to restructure, their debts, and many other issuers have faced difficulties obtaining credit. These market conditions may continue, worsen or spread, including, without limitation, in Europe or Asia. Defaults or restructurings by governments or others of their debts could have substantial adverse effects on economies, financial markets, and asset valuations around the world. In recent periods, financial regulators, including the U.S. Federal Reserve and the European Central Bank, have taken steps to maintain historically low interest rates, such as by purchasing bonds. Some governmental authorities have taken steps to devalue their currencies substantially or have taken other steps to counter actual or anticipated market or other developments. Steps by those regulators to implement, or to curtail or taper, such activities could have substantial negative effects on financial markets. The withdrawal of support, failure of efforts in response to a financial crisis, or investor perception that these efforts are not succeeding could negatively affect financial markets generally as well as the values and liquidity of certain securities. Money Market Risk An investment in a money market fund is not a deposit of any bank and is not insured or guaranteed by the FDIC or any other government agency. Certain money market funds seek to preserve the value of their shares at $1.00 per share, although there can be no assurance that they will do so, and it is possible to lose money by investing in such a money market fund. A major or unexpected increase in interest rates or a decline in the credit quality of an issuer or entity providing credit support, an inactive trading market for money market instruments, or adverse market, economic, industry, political, regulatory, geopolitical, and other conditions could cause the share price of such a money market fund to fall below $1.00. It is possible that such a money market fund will issue and redeem shares at $1.00 per share at times when the fair value of the money market fund's portfolio per share is more or less than $1.00. None of State Street Corporation, State Street Bank 11

16 U.S. Cash Collateral Strategy Disclosure Document Effective Date: 1 April 2017 III. Selected Risk Factors (continued) and Trust Company, State Street Global Advisors Trust Company, or their affiliates ("State Street Entities") guarantee the value of an investment in a money market fund at $1.00 per share. Investors should have no expectation of capital support to a money market fund from State Street Entities. Other money market funds price and transact at a floating NAV that will fluctuate along with changes in the marketbased value of fund assets. Shares sold utilizing a floating NAV may be worth more or less than their original purchase price. Recent changes in the regulation of money market funds may affect the operations and structures of money market funds. A money market fund may be permitted or required to impose redemption fees or to impose limitations on redemptions during periods of high illiquidity in the markets for the investments held by it. Mortgage-Related and Other Asset-Backed Securities Risk Investments in mortgage-related and other asset-backed securities are subject to the risk of significant credit downgrades, illiquidity, and defaults to a greater extent than many other types of fixed income investments. Mortgage-related securities represent a participation in, or are secured by, mortgage loans. Other asset-backed securities are typically structured like mortgage-related securities, but instead of mortgage loans or interests in mortgage loans, the underlying assets may include, for example, items such as motor vehicle installment sales or installment loan contracts, leases on various types of real and personal property, and receivables from credit card agreements. During periods of falling interest rates, mortgage-related and other asset-backed securities, which typically provide the issuer with the right to prepay the security prior to maturity, may be prepaid, which may result in the Portfolio having to reinvest the proceeds in other investments at lower interest rates. During periods of rising interest rates, the average life of mortgage-related and other asset-backed securities may extend because of slower-than expected principal payments. This may lock in a below market interest rate, increase the security s duration and interest rate sensitivity, and reduce the value of the security. As a result, mortgagerelated and other asset-backed securities may have less potential for capital appreciation during periods of declining interest rates than other debt securities of comparable maturities, although they may have a similar risk of decline in market values during periods of rising interest rates. Prepayment rates are difficult to predict and the potential impact of prepayments on the value of a mortgage-related or other assetbacked security depends on the terms of the instrument and can result in significant volatility. The price of a mortgage-related or other assetbacked security also depends on the credit quality and adequacy of the underlying assets or collateral. Defaults on the underlying assets, if any, may impair the value of a mortgage-related or other asset-backed security. For some asset-backed securities in which the Portfolio invests, such as those backed by credit card receivables, the underlying cash flows may not be supported by a security interest in a related asset. Moreover, the values of mortgage-related and other asset-backed securities may be substantially dependent on the servicing of the underlying asset pools, and are therefore subject to risks associated with the negligence or malfeasance by their servicers and to the credit risk of their servicers. In certain situations, the mishandling of related documentation may also affect the rights of securities holders in and to the underlying collateral. There may be legal and practical limitations on the enforceability of any security interest granted with respect to underlying assets, or the value of the underlying assets, if any, may be insufficient if the issuer defaults. In a forward roll transaction, the Portfolio will sell a mortgage-related security to a bank or other permitted entity and simultaneously agree to purchase a similar security from the institution at a later date at an agreed upon price. The mortgage securities that are purchased will bear the same interest rate as those sold, but generally will be collateralized by different pools of mortgages with different prepayment histories than those sold. The values of such transactions will be affected by many of the same factors that affect the values of mortgage-related securities generally. In addition, forward roll transactions may have the effect of creating investment leverage in the Portfolio. Municipal Obligations Risk The U.S. municipal securities market is volatile and can be significantly affected by adverse tax, legislative, or political changes and the financial condition of the issuers of municipal securities. Municipal obligations include revenue obligations, which are generally backed by the revenues generated from a specific project or facility and include private activity bonds and industrial development bonds. Private activity and industrial development bonds are dependent on the ability of the facility s user to meet its financial obligations and on the value of any real or personal property pledged as security for such payment. Private activity and industrial development bonds, although issued by industrial development authorities, may be backed only by the assets of the nongovernmental user. Because many municipal securities are issued to finance projects relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market. In addition, municipal securities backed by current or anticipated revenues from a specific project or specific asset can be negatively affected by the discontinuance or reduction in the rate of the taxation supporting the project or asset or the inability to collect revenues for the project or from the assets. If the U.S. Internal Revenue Service determines the issuer of a municipal security has not complied with applicable tax requirements, interest from the security could become taxable, and the security could decline in value. Municipal obligations may also be subject to prepayment risk and extension risk. Certain states and other governmental entities have experienced, and may continue to experience, extreme financial pressures in response to financial and economic and other factors, and may be, or be perceived to be, unable to meet all of their obligations under municipal bonds issued or guaranteed by them; such factors may result in substantial volatility in municipal securities markets and losses to the Portfolio. Additionally, the Portfolio may have greater exposure to liquidity risk since the markets for such securities may be less liquid than the traditional bond markets. There may also be less information available 12

17 U.S. Cash Collateral Strategy Disclosure Document Effective Date: 1 April 2017 III. Selected Risk Factors (continued) on the financial condition of issuers of these types of securities than for public corporations. This means that it may be harder to buy and sell such securities, especially on short notice, and these securities may be more difficult for the Portfolio to value accurately than securities of public corporations. Non-U.S. Securities Risk Investments in securities of non-u.s. issuers (including depositary receipts) entail risks not typically associated with investing in securities of U.S. issuers. Similar risks may apply to securities traded on a U.S. securities exchange that are issued by entities with significant exposure to non-u.s. countries. In certain countries, legal remedies available to investors may be more limited than those available with regard to U.S. investments. Because non-u.s. securities are typically denominated and traded in currencies other than the U.S. dollar, the value of the Portfolio's assets, to the extent they are non-u.s. dollar denominated, may be affected favorably or unfavorably by currency exchange rates, exchange control regulations, and restrictions or prohibitions on the repatriation of non-u.s. currencies. Income and gains with respect to investments in certain countries may be subject to withholding and other taxes. There may be less information publicly available about a non-u.s. entity than about a U.S. entity, and many non-u.s. entities are not subject to accounting, auditing, and financial reporting standards, regulatory framework and practices comparable to those in the United States. The securities of some non-u.s. entities are less liquid and at times more volatile than securities of comparable U.S. entities, and could become subject to sanctions or embargoes that adversely affect the Portfolio's investment. Non-U.S. transaction costs, such as brokerage commissions and custody costs may be higher than in the U.S. In addition, there may be a possibility of nationalization or expropriation of assets, imposition of currency exchange controls, confiscatory taxation, and diplomatic developments that could adversely affect the values of the Portfolio s investments in certain non-u.s. countries. Investments in securities of non-u.s. issuers also are subject to foreign political and economic risk not associated with U.S. investments, meaning that political events (civil unrest, national elections, changes in political conditions and foreign relations, imposition of exchange controls and repatriation restrictions), social and economic events (labor strikes, rising inflation) and natural disasters occurring in a country where the Portfolio invests could cause the Portfolio's investments in that country to experience gains or losses. Certain countries have recently experienced (or currently are expected to experience) negative interest rates on certain fixed-income securities, and similar interest rate conditions may be experienced in other regions. Investments in fixed-income securities with very low or negative interest rates may magnify the Portfolio s susceptibility to interest rate risk and diminish yield and performance, and such investments may be subject to heightened volatility and reduced liquidity. Portfolio Turnover Risk The Portfolio may engage in frequent trading of its portfolio securities. Portfolio turnover generally involves a number of direct and indirect costs and expenses to the Portfolio, including, for example, brokerage commissions, dealer mark-ups and bid/asked spreads, and transaction costs on the sale of securities and reinvestment in other securities. The costs related to increased portfolio turnover have the effect of reducing the Portfolio s investment return, and the sale of securities by the Portfolio may result in the realization of taxable capital gains, including short-term capital gains. Repurchase Agreement Risk A repurchase agreement is an agreement to buy a security from a seller at one price and a simultaneous agreement to sell it back to the original seller at an agreed-upon price, typically representing the purchase price plus interest. Repurchase agreements may be viewed as loans made by the Portfolio which are collateralized by the securities subject to repurchase. The Portfolio s investment return on such transactions will depend on the counterparty s willingness and ability to perform its obligations under a repurchase agreement. If the Portfolio s counterparty should default on its obligations and the Portfolio is delayed or prevented from recovering the collateral, or if the value of the collateral is insufficient, the Portfolio may realize a loss. Risk Associated with Maintaining a Stable Share Price The Portfolio may attempt to maintain a stable net asset value of $1.00 per unit (or a multiple of $1.00 per unit), and may rely on conventions such as amortized cost value pricing to do so. If the Portfolio seeks to maintain a stable net asset value using the amortized cost method of valuation (or other similar methodology), to the extent the aggregate market value of the Portfolio s assets varies substantially from the Portfolio s amortized cost valuation, the Portfolio may not be able to maintain a stable unit price of $1.00, or sales or redemptions by the Portfolio of its units based on amortized cost may be dilutive or accretive to certain investors. SSGA may at any time in its discretion cause the Portfolio to cease selling or redeeming units at $1.00 per unit, although the Portfolio may continue to sell units at $1.00 per unit even at times when the aggregate market value of the Portfolio s assets varies substantially from the Portfolio s amortized cost valuation. If the unit price of units in the Portfolio is not $1.00 at the time you redeem your investment in the Portfolio, you may incur a loss on your investment. SSGA may impose restrictions on the ability of investors to redeem their units in the Portfolio if it determines in its sole discretion that such restrictions (which may include limiting redemptions, potentially for an extended period of time, processing redemptions in-kind, or partially in-kind or delaying payment of redemptions) are necessary to maintain sufficient liquidity in the Portfolio or otherwise to protect the interests of the Portfolio, investors in the Portfolio, SSGA FM, or SSGA, State Street Bank and Trust Company, or their affiliates. 13

18 U.S. Cash Collateral Strategy Disclosure Document Effective Date: 1 April 2017 III. Selected Risk Factors (continued) Risk of Investment in Other Pools If the Portfolio invests in another pooled investment vehicle, it is exposed to the risk that the other pool will not perform as expected. The Portfolio is exposed indirectly to all of the risks applicable to an investment in such other pool. In addition, lack of liquidity in the underlying pool could result in its value being more volatile than the underlying portfolio of securities, and may limit the ability of the Portfolio to sell or redeem its interest in the pool at a time or at a price it might consider desirable. The investment policies and limitations of the other pool may not be the same as those of the Portfolio; as a result, the Portfolio may be subject to additional or different risks, or may achieve a reduced investment return, as a result of its investment in another pool. If a pool is an exchangetraded fund or other product traded on a securities exchange or otherwise actively traded, its shares may trade at a premium or discount to their NAV, an effect that might be more pronounced in less liquid markets. The Portfolio bears its proportionate share of the fees and expenses of any pool in which it invests. SSGA or an affiliate may serve as investment adviser to a pool in which the Portfolio may invest, leading to potential conflicts of interest. For example, SSGA or its affiliates may receive fees based on the amount of assets invested in the pool. Investment by the Portfolio in the pool may be beneficial to SSGA or an affiliate in the management of the pool, by helping to achieve economies of scale or enhancing cash flows. Due to this and other factors, SSGA may have an incentive to invest the Portfolio s assets in a pool sponsored or managed by SSGA or its affiliates in lieu of investments by the Portfolio directly in portfolio securities, or may have an incentive to invest in the pool over a pool sponsored or managed by others. Similarly, SSGA may have an incentive to delay or decide against the sale of interests held by the Portfolio in a pool sponsored or managed by SSGA or its affiliates. It is possible that other clients of SSGA or its affiliates will purchase or sell interests in a pool sponsored or managed by SSGA or its affiliates at prices and at times more favorable than those at which the Portfolio does so. Settlement Risk Markets in different countries have different clearance and settlement procedures and in certain markets there have been times when settlements have been unable to keep pace with the volume of transactions. Delays in settlement may increase credit risk to the Portfolio, limit the ability of the Portfolio to reinvest the proceeds of a sale of securities, hinder the ability of the Portfolio to lend its portfolio securities, and potentially subject the Portfolio to penalties for its failure to deliver to on-purchasers of securities whose delivery to the Portfolio was delayed. Delays in the settlement of securities purchased by the Portfolio may limit the ability of the Portfolio to sell those securities at times and prices it considers desirable, and may subject the Portfolio to losses and costs due to its own inability to settle with subsequent purchasers of the securities from it. The Portfolio may be required to borrow monies it had otherwise expected to receive in connection with the settlement of securities sold by it, in order to meet its obligations to others. Significant Withdrawal Risk A significant withdrawal of capital from the Portfolio may affect the Portfolio and its investors adversely. For example, the Portfolio may be required to sell its more liquid portfolio investments to meet a large redemption; the Portfolio s remaining assets may be less liquid, more volatile, and more difficult to price. SSGA has the authority to limit redemptions from the Portfolio (potentially for an extended period of time) and to determine whether to make any such redemptions in cash, in kind, or partly in cash and partly in kind. Any limitation on redemptions may be imposed in response to market factors or actual or anticipated redemption activity, which may occur suddenly or unpredictably; investors in the Portfolio may not receive prior notice of any such limitations (and may not receive notice of the imposition of any such limitation for some time after its imposition). As a result, you may not be able to redeem your investment in the Portfolio at any particular time or on the terms you might otherwise expect. SSGA may benefit from these limitations because SSGA and its affiliate, State Street Bank and Trust Company, receive revenue from managing or providing services to the Portfolio that is determined in part by the amount of the net assets of the Portfolio. Sovereign Debt Obligations Risk Investments in debt securities issued by governments or by government agencies and instrumentalities involve the risk that the governmental entities responsible for repayment may be unable or unwilling to pay interest and repay principal when due. A governmental entity s willingness or ability to pay interest and repay principal in a timely manner may be affected by a variety of factors, including its cash flow, the size of its reserves, its access to foreign exchange, the relative size of its debt service burden to its economy as a whole, and political constraints. A governmental entity may default on its obligations or may require renegotiation or reschedule of debt payments. Any restructuring of a sovereign debt obligation held by the Portfolio will likely have a significant adverse effect on the value of the obligation. In the event of default of sovereign debt, the Portfolio may be unable to pursue legal action against the sovereign issuer or to realize on collateral securing the debt. The sovereign debt of many non-u.s. governments, including their sub-divisions and instrumentalities, is rated below investment grade ("junk" bonds). Sovereign debt risk may be greater for debt securities issued or guaranteed by emerging and/or frontier countries. Tax Risk The Portfolio may be subject to U.S. or non-u.s. income taxes, and an investment in the Portfolio may give rise to taxable income. Investors should consult their tax advisors about the tax consequences of an investment in the Portfolio. 14

19 U.S. Cash Collateral Strategy Disclosure Document Effective Date: 1 April 2017 III. Selected Risk Factors (continued) U.S. Government Securities Risk U.S. government securities, such as Treasury bills, notes and bonds and mortgage-backed securities guaranteed by the Government National Mortgage Association (Ginnie Mae), are supported by the full faith and credit of the United States; others are supported by the right of the issuer to borrow from the U.S. Treasury; others are supported by the discretionary authority of the U.S. government to purchase the agency s obligations; and still others are supported only by the credit of the issuing agency, instrumentality, or enterprise. Although U.S. government-sponsored enterprises such as the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal National Mortgage Association (Fannie Mae) may be chartered or sponsored by Congress, they are not funded by Congressional appropriations, and their securities are not issued by the U.S. Treasury nor supported by the full faith and credit of the U.S. government. There is no assurance that the U.S. government would provide financial support to its agencies and instrumentalities if not required to do so. In addition, certain governmental entities have been subject to regulatory scrutiny regarding their accounting policies and practices and other concerns that may result in legislation, changes in regulatory oversight and/or other consequences that could adversely affect the credit quality, availability, or investment character of securities issued by these entities. The value and liquidity of U.S. government securities may be affected adversely by changes in the ratings of those securities. Securities issued by the U.S. Treasury historically have been considered to present minimal credit risk. The downgrade in the long-term U.S. credit rating by at least one major rating agency has introduced greater uncertainty about the ability of the U.S. to repay its obligations. A further credit rating downgrade or a U.S. credit default could decrease the value and increase the volatility of the Portfolio s investments. U.S. Tax Withholding and Reporting under the Foreign Account Tax Compliance Act Very generally, under Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended (the Code ), as modified by U.S. Treasury Regulations and guidance from the U.S. Internal Revenue Service (the IRS ) and subject to further guidance (collectively, FATCA ), each investor in the Portfolio will be required to provide certain information to the Portfolio to demonstrate that the investor (i) qualifies for an exemption from the FATCA rules, (ii) has a valid agreement in effect with the IRS to comply with certain withholding, information, diligence and reporting requirements that are mandated by FATCA, or (iii) complies with an intergovernmental agreement between the United States and a non-u.s. government that implements FATCA. As of June 30, 2014, if an investor in the Portfolio fails to satisfy these requirements, the investor may be subject to a 30% U.S. withholding tax on certain U.S.-source income (including, among other types of income, dividends and interest) and gross proceeds from the sale or other disposition of property that can produce U.S.-source dividends or interest, as well as certain other amounts, beginning after December 31, Such an investor may also be required to redeem from the Portfolio. The Portfolio may disclose any information described above to the IRS or other parties as necessary to comply with FATCA. The requirements of and exceptions from FATCA are complex and remain potentially subject to material changes resulting from additional guidance from the IRS. All prospective investors are urged to consult with their own tax advisors about the requirements imposed by FATCA and the effect that such requirements may have on investors. Variable and Floating Rate Securities Variable or floating rate securities are debt securities with variable or floating interest rates payments. Variable or floating rate securities bear rates of interest that are adjusted periodically according to formulae intended generally to reflect market rates of interest and allow the Portfolio to participate (determined in accordance with the terms of the securities) in increases in interest rates through upward adjustments of the coupon rates on the securities. However, during periods of increasing interest rates, changes in the coupon rates may lag behind the changes in market rates or may have limits on the maximum increases in coupon rates. Alternatively, during periods of declining interest rates, the coupon rates on such securities will typically readjust downward resulting in a lower yield. The Portfolio may also invest in variable or floating rate equity securities, whose dividend payments vary based on changes in market rates of interest or other factors. Zero-Coupon Bond Risk Zero-coupon bonds are debt obligations that are generally issued at a discount and payable in full at maturity, and that do not provide for current payments of interest prior to maturity. Zero-coupon bonds usually trade at a deep discount from their face or par values and are subject to greater market value fluctuations from changing interest rates than debt obligations of comparable maturities that make current distributions of interest. When interest rates rise, the values of zerocoupon bonds fall more rapidly than securities paying interest on a current basis, because the Portfolio is unable to reinvest interest payments at the higher rates. VALUATION SSGA will typically value the Portfolio s assets periodically at market value, based on market quotations; however, where market quotations are unavailable or SSGA determines that market quotations are unreliable, a portion of the Portfolio s assets may be valued by SSGA at what SSGA determines to be their fair values. In such event, the Portfolio s assets may be valued using valuations provided by a pricing service or, alternatively, based on information provided by broker-dealers or other market intermediaries (sometimes by just one broker-dealer or other market intermediary). Under some circumstances, SSGA may itself determine fair valuations of a Portfolio s assets based on such other information as SSGA may in its discretion consider appropriate. There can be no assurance that any such valuation will accurately reflect the price the Portfolio would receive upon sale of a security, and the Portfolio 15

20 U.S. Cash Collateral Strategy Disclosure Document Effective Date: 1 April 2017 III. Selected Risk Factors (continued) may in fact sell a security at a price lower than the price it has been using to value the security. When the Portfolio invests in other portfolios or investment pools, it will generally value its investments in those portfolios or pools based on the valuations determined by such other portfolios or pools, which may not be the same as if the net assets of the portfolios or pools had been valued using the procedures employed by SSGA on behalf of 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 but not limited to, Prohibited Transaction Class Exemption 91-38, 77-4, 84-14, , , and

21 U.S. Cash Collateral Strategy Disclosure Document Effective Date: 1 April 2017 IV. Investment Strategy Overviews U.S. Cash Collateral Investment Strategies yseries Quality Trust for SSGA Funds USCC

22 Series Quality Trust for SSGA Funds Investment Strategy Overview Effective Date: 1 April 2017 Investment Objective Through active management, the Strategy seeks to provide safety of principal, daily liquidity and an attractive yield appropriate for investment of securities lending collateral in the ordinary course. The Strategy is not a "money market fund" registered with the U.S. Securities and Exchange Commission, and is not subject to the various rules and limitations that apply to such funds. Although a cash management product may seek to maintain a stable or constant net asset value, there can be no assurance that it will do so. Investment Strategy The Strategy invests principally in high quality, short-term securities and other instruments. SSGA uses a relative value approach to identify investments for the Strategy. In selecting individual investments, SSGA uses in-depth fundamental research to identify sectors and issuers offering relatively attractive investment returns in light of the risks presented. The strategy will only invest in securities and other obligations SSGA considers to present minimal credit risk. All of the Strategy's investments will be denominated in U.S. dollars. The Strategy's investments may include (a) securities issues or guaranteed by the United States Government, including treasury bills, notes, bonds and certificates of indebtedness, (b) securities issued by agencies or instrumentalities of the United States Government, (c) securities, which may include securities of private issuers, guaranteed by government sponsored enterprises, (d) asset-backed securities and mortgage-backed securities, (e) other money market instruments such as certificates of deposit, bankers' acceptances, commercial paper and other short-term corporate debt securities, (f) repurchase agreements meeting certain requirements and (g) to the extent permitted by law, shares in money market funds or other approved commingled investment vehicles, including other vehicles managed by SSGA or an affiliate. The Strategy may concentrate its investments in one or more industries or groups of industries, such as investments in obligations of U.S. or non-u.s. banks. The Strategy will not use derivatives in a manner that SSGA considers to be for purpose of creating investment leverage. (Investments made by SSGA with the intention to hedge or reduce risk will not be considered to have been made for the purpose of creating investment leverage; SSGA generally will determine whether an investment has the effect of creating investment leverage by evaluating the effect of the investment on the exposure and risk profile of a Portfolio as a whole.) The Strategy may purchase securities in which derivatives are embedded. The investment guidelines do not incorporate all of the requirements of Rule 2a-7 as the Strategy is not a registered money market fund. SSGA will determine whether a new investment by the Strategy meets certain quality, maturity, and diversification requirements set forth in Rule 2a-7. The Strategy issues and redeems shares at "book value" of $1 per share, based on an amortized cost-based methodology used for valuing the Strategy's investments. The Strategy is not a registered money market fund, and may continue to issue and redeem shares at book value under circumstances where a registered money market fund might not, such as when the variation between book value per share and market value per share exceed levels permissible for a registered money market fund to issue and redeem shares at $1 per share. SSGA may at any time (without notice to investors) cause the Strategy to issue and redeem shares at their market value, rather than their book value. Performance Data not available. Key Facts yis actively managed ymay invest in other investment pools, including those managed by SSGA and its affiliates ywill not use investment leverage ywill not sell securities short ywill not lend its portfolio securities This Investment 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

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