Maturity Distribution

Fund (%)

1-7 Days 27.46

8-30 Days 19.60

31-90 Days 36.91

91-180 Days 12.31

180-397 Days 3.72

Source: SSGA, 30th June 2018.

Fund (Gross of Fees) Fund (Net of Fees) Benchmark Difference (Gross and Net)

%

1 Month 3 Months 1 Year 3 Years 5 Years 10 Years-1.0

0.0

1.0

2.0

0.01 0.00 0.03 0.00

0.36 0.14

0.16 0.010.15 0.020.12 -0.03

0

20

40

60

180-397 Days

91-180Days

31-90 Days

8-30 Days

1-7 Days

%

Source: SSGA, 30th June 2018.

Note: Rounding differences may occur as asset values are calculated to greater than one decimal place.The above Maturity Distributions are as of the date indicated, are subject to change, and should not be relied upon as current thereafter.

Fund Objective

The Sub-Fund invests substantially all of its assets into the SSGA EUR Liquidity Fund (the “Master Fund”)

The investment objective of the Master Fund is to seek to maintain a high level of liquidity, preserve capital and stability of principal and consistent with those objectives, earn current income and aim to provide a return in line with money market rates.

The Master Fund is a sub-fund of the SSGA Liquidity plc, and is a money market UCITS Fund. The Master Fund intends to maintain an AAA money market fund rating (or equivalent) from one or more NRSROs.

The Master Fund may invest in government securities, securities issued or guaranteed by supranational organisations; bankers acceptances; certificates of deposit (fixed and variable); promissory notes; commercial paper; notes (including floating rate and medium term notes) and bonds (fixed or floating rate) issued by corporate issuers; debentures and asset backed commercial paper. In addition, the Master Fund may invest in any other money market instrument which the Investment Manager deems to be of comparable credit quality which is consistent with the investment objectives and which constitutes a transferable security.

Benchmark

1 Week Euro LIBID

Structure

RIAIF Umbrella Sub-Fund

Domicile

Ireland

All data expressed as at 30 June 2018Cash

Ireland Unit Trust

State Street IUT Euro Liquidity Fund

Fund Facts

Currency EUR

Net Assets €127 million

Inception 05 Dec 1994

Settlement Contributions Active ValuationDate +1

Settlement Redemptions Active ValuationDate +1

Notification Deadline 12pm Dublin TimeAsset Valuation +1

Dealing Frequency Daily

Management Fees1 0.10% per annum of the Dealing NAV

Actual TER 0.15% as of 30 June 2018

1 Please refer to the Fund Supplement and the State Street Ireland Prospectus for further information on fees. Performance is calculated net of 0.30% management fees up to 17th June 2015. From 17th June 2015 performance is currently calculated net of 0.10% management fees.

Please note that full details of underlying fund holdings can now be found on www.ssga.com

Marketing Communication

Warning: Past performance is not a reliable guide to future performance.

Warning: Risk Warnings/Important Information: This document should be read in conjunction with the Fund Prospectus and Fund Supplement which contains more information regarding the fees, expenses and risks involved in your investment.

Annualized Performance

Performance Returns

1 Month (%)

3 Months (%)

1 Year (%)

3 Years (% p.a.)

5 Years (% p.a.)

10 Years (% p.a.)

Fund (Gross of Fees) -0.03 -0.10 -0.43 -0.34 -0.16 0.59

Fund (Net of Fees) -0.04 -0.14 -0.57 -0.46 -0.32 0.36

Benchmark -0.04 -0.14 -0.54 -0.48 -0.33 0.22

Difference (Gross) 0.01 0.03 0.12 0.15 0.16 0.36

Difference (Net) 0.00 0.00 -0.03 0.02 0.01 0.14

Source: SSGA. Investing involves risk including the risk of loss of principal. Fund and benchmark performance currency displayed in EUR.The performance figures contained herein are provided on a gross and net of fees basis. Gross of fees do not reflect and net of fees do reflect the deduction of advisory or other fees which could reduce the return.The performance is calculated in EUR. Performance returns for periods of less than one year are not annualised. The performance includes the reinvestment of dividends and other corporate earnings and is calculated in the stated currency. Past performance is not a guarantee of future results.The calculation method for value added returns may show rounding differences.Benchmark returns are unmanaged and do not reflect the deduction of any fees or expenses. Since January 2017, the gross performance figures contained herein are gross of the management fee and other expenses. Prior to this date, the gross performance figures are gross of the management fee only.Past performance indicated herein has been calculated using a technical net asset value as at 30th March 2018 as well as the official NAV of the Fund as at each other Business Day for the relevant period. When the Fund is closed according to its official NAV calendar but, nonetheless, a significant portion of the underlying security prices can be determined, a technical net asset value is calculated.

State Street Global AdvisorsState Street IUT Euro Liquidity Fund 30 June 2018 State Street Global Advisors

Source: Eurostat, 30/06/2018.

In June, the European Central Bank’s (ECB’s) Governing Council announced their intention to end the Asset Purchase Programme in December and to scale down asset purchases from a target of €30 billion per month to €15 billion from September, subject to incoming data. The main refinancing rate remains at 0.00%, the deposit facility rate at -0.40% and the marginal lending rate at 0.25%. The ECB appears to be in no hurry to raise rates, having replaced their previous stance “to remain at their present levels for an extended period of time” with a pledge to keep rates unchanged “at least through the summer of 2019”, which is longer than markets anticipated. ECB President Mario Draghi seemed unconcerned by recent evidence of a slowdown in growth, stating that the first-quarter’s 0.4% growth was “still high”. The Bank’s latest growth forecasts are 2.1% (revised down from 2.4%) for 2018 and unchanged at 1.90% for 2019 and 1.70% for 2020. Draghi did recognise that there had been an “undeniable increase in uncertainty” related to trade conflicts and the new Italian government and that the “risk of market volatility warrants monitoring”. He promised that monetary policy support would continue, with ECB asset holdings being reinvested and the option remaining open to increase or extend support if conditions deteriorate. The Governing Council next meets on 26 July. Market expectations are for the ECB to raise rates from September 2019 onwards, with expectations of an increase of between 15 basis points and 20 basis points followed by a further 20 basis points increase by the end of 2019, with the deposit rate likely to be 0% by the end of 2019.

While Italian politics stole the headlines there was also political unrest in Germany, triggered after June’s EU Summit; CSU leader Horst Seehofer openly criticised German Chancellor Angela Merkel’s negotiations on refugee policy and offered to resign. Merkel refused to support Seehofer’s controversial plan to turn away “secondary” migrants (those who are registered in another EU country) and the future of the 70-year conservative alliance between the Christian Democrat and Christian Social Union parties remains in the balance.

Eurozone headline consumer price inflation hit the 2% ECB “target” in June, supported by higher oil prices. The core measure, which excludes volatile components such as food and energy, slowed to 1%, while services inflation cooled to 1.3%. Italy and Spain released stronger inflation data: Italy’s rate jumped to 1.5% in June from 1% in May, while Spain saw an increase to 2.3%, the fastest pace in more than a year. German inflation slowed slightly, to 2.1% in June down from 2.2% in May, as higher fuel costs were offset by softer growth in services prices.

EONIA averaged -0.362% in June, ending the month slightly lower at -0.358%. Excess cash deposited at the ECB averaged €1.865 trillion. Short-end money market yields continued to trade 10-15 basis points lower than EONIA. The Euribor curves moved one basis point higher over some periods: one-month Euribor averaged -0.37% (no change); three-month Euribor averaged -0.32% (one basis point higher); six-month Euribor averaged -0.27% (no change); nine-month Euribor averaged -0.21% (one basis point higher) and one-year Euribor averaged -0.18% (one basis point higher).

Trade-war concerns, political tension in Europe and divergence in monetary policy remained key themes entering the second half of 2018. The fund maintained its repo holdings, with slightly higher rates quoted for collateral over quarter end. In terms of unsecured deposits, we experienced adjustments as a result of some banks’ reallocations and pricing over quarter end. The fund’s agency holdings declined at the end of June, as some issuers chose not renew maturities. These were replaced with government paper to manage liquidity and credit requirements. We maintained our holdings of top-tier corporate entities and financials, targeting three to six month maturities. The fund’s weighted average was targeted around 45 days, with a well-laddered portfolio of diversified assets at all times.

This material is for your private information.

State Street Global Advisors Ireland Limited is regulated by the Central Bank of Ireland. Registered office address 78 Sir John Rogerson’s Quay, Dublin 2. Registered number 145221. T: +353 (0)1 776 3000. F: +353 (0)1 776 3300. Web: ssga.com.

The State Street Ireland Unit Trust was authorised by the Central Bank of Ireland as unit trust pursuant to the Unit Trusts Act, 1990 and the European Communities (Alternative Investment Fund Managers Directive) Regulations 2013 (as amended) as a Retail Investor Alternative Investment Fund on 30 June 2015. This document should be read in conjunction with its Prospectus and Supplement. All transactions should be based on the latest available Prospectus and Supplement which contain more information regarding the charges, expenses and risks involved in your investment. Prospective investors may obtain these reports free of charge from State Street Global Advisors Ireland Limited, 78 Sir John Rogerson’s Quay, Dublin 2. T: +353 (0)1 776 3000. F: +353 (0)1 776 3300. Web: ssga.com.

The information provided does not constitute investment advice as such term is defined under the Markets in Financial Instruments Directive (2014/65/EU) and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell any investment. It does not take into account any investor's or potential investor's particular investment objectives, strategies, tax status, risk appetite or investment horizon. If you require investment advice you should consult your tax and financial or other professional advisor. All material has been obtained from sources believed to be reliable. There is no representation or warranty as to the accuracy of the information and State Street shall have no liability for decisions based on such information.

The whole or any part of this work may not be reproduced, copied or transmitted or any of its contents disclosed to third parties without SSGA’s express written consent.

The information contained in this communication is not a research recommendation or ‘investment research’ and is classified as a ‘Marketing Communication’ in accordance with the Markets in Financial Instruments Directive (2014/65/EU). This means that this marketing communication (a) has not been prepared in accordance with legal requirements designed to promote the independence of investment research (b) is not subject to any prohibition on dealing ahead of the dissemination of investment research.

The views expressed in this material are the views of Alison Scott through the period ended at the date above and are subject to change based on market and other conditions. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected.

This document may contain certain statements deemed to be forward-looking statements. All statements, other than historical facts, contained within this document that address activities, events or developments that SSGA expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions and analyses made by SSGA in light of its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances, many of which are detailed herein. Such statements are subject to a number of assumptions, risks, uncertainties, many of which are beyond SSGA's control. Please note that any such statements are not guarantees of any future performance and that actual results or developments may differ materially from those projected in the forward-looking statements.

© 2018 State Street Corporation. All Rights Reserved.

Warning: If you invest in this product you may lose some or all of the money you invest.Warning: The value of your investment may go down as well as up.

For More InformationFor more information visit our website www.ssga.com or contact your representative SSGA office.

SSGA Ireland+353 (1) 776 3188+353 (1) 776 3029

2185945.1.1.EMEA.INST Expiration date: 10/31/2018