State Street GBP Liquidity LVNAV Fund Distributor Stable NAV Shares

Investment Objective The objective of the Fund is to maintain a high level of liquidity, preserve capital and provide a return in line with Pound Sterling money market rates. Investment Policy In order to achieve its investment objective, the Fund invests in a range of investment grade fixed and adjustable rate money market instruments which are transferable securities and primarily denominated in Pound Sterling. These instruments pay a rate of interest to the Fund. This rate of interest is the Fund's only source of return. The Fund invests in debt securities which are issued by governments, banks, corporations and other financial institutions. The Fund can only invest in securities which have the highest shortterm credit ratings. The investment manager conducts in-depth analysis on each investment which the Fund makes and chooses investments it believes will provide a stable return and remain easy to sell until it is repaid. The Fund is actively managed. The benchmark is used for performance comparison purposes only. The benchmark does not influence the fund's portfolio. The Fund is classified as a Low-Volatility NAV Money Market Fund. The Fund itself is also rated by one or more credit rating agencies (that is, companies that rate the ability of the issuers of debt securities to repay borrowed money). To maintain these highest credit ratings, the Fund's investments are tightly controlled and closely monitored by each agency. The rating is solicited and financed by the Fund. The Class, Distributor Shares seek to maintain a stable Net Asset Value per share however this may not be guaranteed. The Fund may use financial derivative instruments (that is, financial contracts whose prices are dependent on one or more underlying assets) in order to manage the portfolio efficiently. Shareholders may redeem shares on any business day other than days on which the relevant financial markets are closed for business in the United Kingdom; and any other day at the Directors' discretion (acting reasonably) provided Shareholders are notified in advance of any such days. Any income earned by the Fund will be paid to shareholders in respect of the shares. The Fund's shares are issued in Pound Sterling. Please refer to the Prospectus for more information.