State Street GBP Liquidity LVNAV Fund P Stable NAV Shares

Investment Objective The objective of the Fund is to provide investors with a stable investment which can be easily bought and sold and which provides a return in line with Pound Sterling money market rates. Investment Policy To seek to achieve these objectives, the Fund invests in shortterm debt securities primarily denominated in Pound Sterling which pays 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 indepth analysis on each investment which the Fund makes and chooses investments it believes will provide a stable return and remain easy to sell until it is repaid. The Fund is classified as a ShortTerm Money Market Fund. The Fund itself is also rated tripleA by three of the most prominent 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 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 England; and any other day at the Directors' discretion (acting reasonably) provided Shareholders are notified in advance of any such days. Any Income earned by the Class P Stable NAV Shares will be paid to shareholders in respect of these shares. The Fund's shares are issued in Pound Sterling. Please refer to the prospectus for more information.