SSgA Qualified Trust. SSgA LDI Leveraged UK Real Rate Swap 2030 Fund SUPPLEMENT NO. 22 DATED: 30 APRIL 2015 MANAGER

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1 The Directors of the Manager of the Trust whose names appear under the section Trust and Management Information - The Manager in the Prospectus are the persons responsible for the information contained in this Supplement. To the best of the knowledge and belief of the Directors (who have taken all reasonable care to ensure such is the case), the information contained in this document is in accordance with the facts and does not omit anything likely to affect the import of such information. The Directors accept responsibility accordingly. Prospective investors should review this Supplement and the Prospectus carefully and in their entirety. If you are in any doubt about the contents of this Supplement, you should consult your stockbroker, bank manager, solicitor, accountant and/or financial adviser. Potential investors should consider the risk factors set out in the Prospectus and in this Supplement before investing in this Fund. SSgA Qualified Trust SSgA LDI Leveraged UK Real Rate Swap 2030 Fund (A sub-fund of SSgA Qualified Trust an open-ended umbrella fund constituted as a unit trust with segregated liability between sub-funds under the laws of Ireland and authorised by the Central Bank of Ireland pursuant to the Unit Trusts Act, 1990 and any regulations thereunder) SUPPLEMENT NO. 22 DATED: 30 APRIL 2015 MANAGER SSgA Ireland Unit Trust Management Limited INVESTMENT MANAGER State Street Global Advisors Limited This Supplement forms part of, and should be read in the context of and together with, the Prospectus dated 30 April 2015 (the Prospectus ) in relation to SSgA Qualified Trust (the Trust ) and contains information relating to the SSgA LDI Leveraged UK Real Rate Swap 2030 Fund (the Fund ) which is a separate sub-fund of the Trust.

2 DEFINITIONS Unless otherwise defined herein or unless the context otherwise requires, all defined terms used in this Supplement shall bear the same meaning as in the Prospectus. Business Day means a day on which markets in Ireland and the UK are open; and such other days as the Manager may determine and notify in advance to Unitholders; Dealing Day means Wednesday of each week unless Wednesday is not a Business Day or is a Business Day falling within 10 Business Days following the issuance of a Funding Notice whereby in both cases, the Dealing Day shall be the next following Business Day which is not a Business Day falling within 10 Business Days following the issuance of a Funding Notice; and such other days as the Manager may determine and notify in advance to Unitholders provided that there will be at least one Dealing Day per quarter; Initial Offer Period means the period beginning at 9.00 am (Irish time) on 1 May 2015 and ending at 5.00 pm (Irish time) on 30 October 2015 or such other period as the Manager may determine in respect of the Fund and notify to the Central Bank; Initial Offer Price means the price noted under Investing in the Fund below for Class I Units during the Initial Offer Period; and Target Date means 30 June 2030 or preceding Business Day if Target Date falls on non-business Day. Investment Objective and Policies INVESTMENT OBJECTIVE AND POLICIES The investment objective of the Fund is to seek to provide a leveraged duration exposure similar to that of a fixed real rate zero coupon swap adjusted by the UK Retail Price Index (a measure of inflation published monthly by the Office for National Statistics, the recognized national statistical institute of the UK, which measures the change in the cost of a basket of retail goods and services (the UK RPI )) maturing on the Target Date of the Fund. There can be no assurance that the Fund will achieve its objective. Unitholders should note that, as described below, a significant proportion of the Fund s economic exposure will be effected through the use of financial derivative instruments, and therefore, that the return Unitholders receive will be dependent on the performance of these instruments and the underlying assets on which they relate. Further, this exposure will be leveraged which may increase the volatility of the Net Asset Value of the Fund. See the Risk Factors section below. Unitholders should note that at the Target Date, the Fund will be terminated by the Manager as described in the section Termination of Funds or Classes in the Prospectus, all remaining Unitholders will be redeemed from the Fund, and the Manager will apply for revocation of the Fund s authorisation. Principal Investment Strategies The Fund seeks to achieve its investment objective by entering into derivative transactions including but not limited to Interest Rates Swaps ( IRS ) and Inflation Swaps ( IS ) (together the Swaps ) and by investing in listed and unlisted transferable securities issued by issuers globally such as fixed income and money market instruments as well as collective investment schemes issued globally that qualify as UCITS or otherwise and which provide exposure to the United Kingdom debt markets, market prices and interest rates. The Fund expects to use a combination of Swaps to seek to achieve a leveraged duration exposure to a fixed real rate adjusted by the UK RPI (the Underlying Asset ). The Underlying Asset is the combination of a fixed interest rate and a fixed inflation rate. The fixed rate for each Swap is set at the time the Swap is entered into and is dependent on the duration of the Swap (i.e., the time between the date the Swap is entered into and the Target Date) and the then prevailing 1

3 market rates on the Sterling Inter-Bank market. Based on historic swap rates between 1990 and 2012, the IRS of the type that the Fund will enter into had fixed interest rates ranging from 2% to 12% per annum and the historic swap rates for the IS from 2004 to 2012 had fixed inflation rates ranging from 0% to 4.5% per annum. The actual fixed rate for each Swap may vary and may be outside the ranges indicated above. Although the Investment Manager expects that the Fund will use Swaps for the purpose described above, it is possible that over time the nature of the derivatives or other transactions the Fund may use will change as market conditions change or new derivative products become available. Inflation Swap In seeking to achieve leveraged duration exposure to the Underlying Asset, the Fund will enter into one or more IS transactions. The IS are expected to be so-called "bullet" or "zero coupon" swaps: no payments will be made by the Fund or the IS counterparty until the Target Date. At the Target Date, the Fund will be required to make a payment based on a fixed inflation rate set at the time the IS is entered into, and in turn will receive a payment based on the realized inflation measured by the return of the UK RPI. The Fund or the IS counterparty will be required to post collateral with the other, depending on changes in interest rates and inflation expectations during the term of the IS. Interest Rate Swap In seeking to achieve leveraged duration exposure to the Underlying Asset, the Fund will enter into one or more IRS transactions. The IRS are expected to be so-called "bullet" or "zero coupon" swaps: no payments will be made by the Fund or the IRS counterparty until the Target Date. At the Target Date, the Fund will be required to make a payment based on a short-term floating rate for the period of each IRS, and in turn will receive a payment based on the relevant fixed interest rate set forth in each IRS. The floating rate the Fund will be required to pay, and the amount of the payment by the IRS counterparty, will be determined when the IRS are entered into. The Fund or the IRS counterparty will be required to post collateral with the other, depending on changes in interest rates during the term of the IRS. If the Fund s leverage increases substantially, as determined by the Investment Manager having regard to the Determining Factor (defined below), Unitholders may be requested to make a further investment in the Fund pursuant to a Capital Call, as described below. The Fund may enter into Swaps with multiple counterparties. Such Swap counterparties are required to have a minimum short term rating requirement of A-2 or equivalent where collateral arrangements provide that assets can be passed outside the control of the Trustee for the Swap counterparty to pledge, lend, rehypothecate or otherwise utilise for its own purposes. Furthermore, the net exposure of the Fund (as described in the section headed Investment Restrictions in the Prospectus) to a single Swap counterparty where the aforementioned collateral arrangements are in place may not exceed 40% of the Fund s Net Asset Value. However, there is no minimum rating requirement for Swap counterparties nor is there a maximum net exposure for the Fund to a Swap counterparty in circumstances where collateral is not permitted to be passed outside the control of the Trustee for the Swap counterparty to pledge, lend, rehypothecate or otherwise utilise for its own purposes. For more information, see the section headed Investment Restrictions in the Prospectus. Typically, each Swap will be unfunded, and consequently, the Fund will invest the cash held by it in transferable securities, including without limitation fixed income and money market instruments as well as collective investment schemes that qualify as UCITS or otherwise. Such UCITS or other collective investment schemes may be sponsored, managed, or otherwise affiliated with the Investment Manager. In exceptional circumstances, the Fund may invest amounts in excess of 100% of its Net Asset Value in State Street Global Advisors Liquidity plc. A summary of the primary features of State Street Global Advisors Liquidity plc is attached to the Prospectus as Appendix 1. Thus, the total return generated by the Swaps will generally equal the net returns from the IRS and IS and the returns from the investment of any cash held (directly or pledged as collateral to the Fund) by the Fund. It is possible that returns on the investment of this cash may have a negative impact on the performance and/or returns of the Fund. 2

4 Leverage Policy and Capital Calls The table below shows the Fund s maximum gross leverage ratio (calculated using the gross methodology) and the Fund s maximum net leverage ratio (calculated using the commitment approach) (each, the Maximum Leverage ), depending on the time to the Fund s Target Date: Time to Target Date in number of years 0 to to 20 Maximum Leverage Maximum Leverage Gross Net 30:1 20:1 15:1 10:1 Leverage levels will fluctuate over time, as interest rates, market conditions and the prices of transferable securities change. A change in the value of the Underlying Asset will result in an increase or decrease in the value of the Fund s IRS portfolio and thus in the Fund s Net Asset Value. The Investment Manager does not intend to pro-actively alter the leverage level of the Fund unless the Investment Manager determines, in its sole discretion, that it is appropriate to do so in order to prevent leverage levels exceeding the Maximum Leverage and having regard to the Fund s ability to provide a payment to the Unitholder at the Target Date of the Fund (the Determining Factor ). The leverage level will change over time depending, as described above, on the values of the Underlying Asset and transferable securities, market conditions and interest rates. Unitholders will be asked to subscribe an additional amount (a Capital Call ) only to reduce the current leverage of the Fund if the Investment Manager believes, in its sole discretion with regard to the Determining Factor, that the leverage level is too high. The Fund will send a written request (a Funding Notice ) to each Unitholder informing them of the amount of the Capital Call at least 10 Business Days prior to the date the Capital Call is due. Unitholders shall transmit cleared funds representing the Capital Call by wire transfer to the bank accounts set out in the Application Form, so that cleared funds are received by the end of the Business Day immediately preceding the day on which the Capital Call is due. Monies received by the Fund prior to the due date of the Capital Call will be held in a cash collection account in the Fund s name. Capital Call amounts will be based on each Unitholder s pro rata investment in the Fund. Unitholders should note that depending on the market conditions on the Business Day when the Funding Notice expires, the Investment Manager may not invest the full Capital Call amount. Any such uninvested amount will be returned to the Unitholders within three Business Days, without interest. Should the Fund's leverage decrease below an amount deemed by the Investment Manager, in its sole discretion with regard to the Determining Factor, to be too low, the Manager may declare a dividend to be paid to the Unitholders in accordance with the Fund's dividend policy set out below. If a Unitholder fails to meet a Capital Call by its due date, the Unitholder will have its Units fully redeemed and the redemption proceeds payable to the Unitholder will be subject to any antidilution levy applicable (see Redemption Price below). In these circumstances, this levy will include as part thereof, the redeeming Unitholder s share of losses, costs, expenses, penalties or other assessments payable on the sale or termination of the Fund s investments, in order to fund the redemption. Unitholders who are subject to a mandatory redemption are less likely to achieve their targeted return. Investors should note that there is no limit on the number of Capital Calls that Unitholders may be asked to make and therefore should take particular note of the provisions of the Mandatory Redemptions section below and in the Prospectus. Investors should also note however that it 3

5 is intended (although not guaranteed) that a Unitholder s cumulative investment in the Fund, including through Capital Calls, should not exceed the amount as would, in an unleveraged investment providing the duration exposure on the Underlying Asset, be necessary at the initial investment stage to provide the Unitholder with its targeted return at the Target Date of the Fund. The Investment Manager will not and can not take the individual situations of Unitholders into account in determining whether or not to issue a Capital Call. There can be no assurance that the Fund will be able to attain or maintain any level of leverage or exposure, or that the Fund will achieve the desired investment exposure. Certain Risk Controls Risk in the Fund s cash portfolio will be minimised through diversification, detailed credit analysis and the on-going monitoring of risks within the cash portfolio. Risk from the Fund s Swaps positions will be minimised through detailed, on-going credit analysis of counterparties, in-depth analysis of transaction terms and through close attention to collateral exposures under the transactions. RISK FACTORS Investment in the Fund involves investment risks, including possible loss of all amounts invested. Moreover, there can be no assurance that the Fund will achieve its investment objective. A more detailed description of certain investment risks relevant to Unitholders of the Fund is set out in the Prospectus under the heading Risk Information. Investors should refer to Leverage Policy and Capital Calls above as well as Redemption Price and Mandatory Redemptions below for further information about the Fund s policy in relation to the use of leverage, the making of Capital Calls on investors and the consequences of failing to comply with such Capital Calls. DETERMINATION OF NET ASSET VALUE The Net Asset Value of the Fund and Net Asset Value per Unit in the Fund shall be calculated by the Administrator as at the Valuation Point. INVESTING IN THE FUND At the date of this Supplement, there are Class I Units available for subscription in the Base Currency of the Fund. Investment in Class I Units will only be open to investors who have entered into a Qualifying Agreement with the Investment Manager. 4

6 Initial Offer Period Applications and subscriptions for Class I Units must be received by the Administrator (together with cleared funds) during the Initial Offer Period. Prior to subscribing for Class I Units during the Initial Offer Period, all applicants must complete (or arrange to have completed under conditions approved by the Manager) an Application Form in accordance with the procedures described below. Applicants should send original Application Forms to the offices of the Administrator. The initial offer price in respect of the Class I Units is STG 10. Applications for Class I Units after the Initial Offer Period must follow the procedures set out under Subscription Price and Application and Subscription Procedures for Units below. Subscription Price The subscription price for the Fund shall be the relevant Net Asset Value per Unit. Payment for Units must be in the Base Currency. In calculating the subscription price for Units, the Manager or its delegate may on any Dealing Day when there are net subscriptions (including subscriptions effected as a result of requests for exchange of Units of another sub-fund of the Trust for Units of the Fund) adjust the subscription price by adding an anti-dilution levy to cover dealing costs and to preserve the value of the underlying assets of the Fund. Application and Subscription Procedures for Units All applicants applying for the first time for Units must complete an Application Form. Application Forms may be obtained from the Administrator and are used to establish an account for purchases of Units. Application Forms shall be irrevocable (unless otherwise agreed with the Manager) and must be sent by post at the risk of the applicant. Applicants must send the original Application Form to the Administrator together with supporting documentation in relation to money laundering prevention checks before an account can be opened. Any amendments to the registration details on an Application Form must be effected by an original written instruction and signed by an authorised signatory. Once the original Application Form together with supporting documentation in relation to anti-money laundering have been received and approved by the Administrator, an investor may subscribe for the relevant Class of Units of the Fund by one of two methods: Subscriptions may be placed by obtaining and completing a Dealing Form. Dealing Forms may be obtained by contacting the Administrator. The Dealing Form may be submitted by facsimile in accordance with the instructions set forth on the form; or Subscriptions may be placed by using an electronic dealing facility subject to certain conditions and provided the Unitholder has elected to avail of this facility in the Application Form. Units may be issued on any Dealing Day to investors who: (1) have had a duly completed Application Form, authorised signatory list and all supporting antimoney laundering documentation accepted by the Administrator; and (2) have properly subscribed for Units by completing and submitting a Dealing Form to the Administrator by facsimile or by using the electronic dealing facility referred to above. Subscription requests must be received by the Administrator by am (Irish time) on the Business Day immediately prior to the relevant Dealing Day (or such later time as may be agreed with the Administrator provided it is before the relevant Valuation Point and that all other subscriptions received prior to the later agreed time are also accepted). Any subscription for Units received by the Administrator after the above deadline for receipt shall be held in abeyance and shall be effective on the next succeeding Dealing Day. Investors shall transmit cleared funds representing the subscription monies by wire transfer to the bank accounts set out in the 5

7 Application Form, so that cleared funds are received within three Business Days immediately following the Dealing Day. If cleared funds are not received by such time as set out above, the Administrator may cancel any allotment of Units in respect thereof. Any costs incurred by the Fund as a result of an investor s failure to transmit cleared funds by the relevant deadline shall be borne by the investor and the Manager may sell all or part of a Unitholder s holding of Units, if any, in order to meet any such costs. In any event, investors will be unable to redeem Units on request until the original duly completed Application Form and authorised signatory list have been received in original form and all anti-money laundering checks completed. The Administrator has the right to request additional information if required. In addition to the Application Form and the information requested by this form, applicants may be requested to provide other information (e.g. as to identity and corporate authorisation). Failure to provide such information may delay the processing of the application and prevent an applicant from subscribing for Units. The Manager reserves the right to reject in whole or in part any Application Form or subscription request or to request further details or evidence of identity from an applicant for Units. Where a subscription request for Units is rejected, the subscription monies shall be returned to the applicant. Units will not be issued to any applicant where such issue would be unlawful or result, or would be likely to result, in any adverse regulatory, reputational, tax or fiscal consequences for or be a material administrative burden to the Trust or the Unitholders. Each applicant for Units will be required to provide such representations, warranties or documentation as the Manager may direct to ensure that these requirements are met prior to the issue of Units. Please note that details concerning the procedures for subscriptions in specie are set forth in detail in the Prospectus under the heading Purchase and Sale Information - Subscriptions In Specie. In addition, Units may be exchanged in accordance with the procedures set out in the section Purchase and Sale Information - Exchange Provisions in the Prospectus. Fractional Units The Trust may issue fractional Units rounded to the fourth decimal place. Fractional Units shall not carry any voting rights. Initial Subscriptions The minimum initial subscription amount for Class I Units is STG 1,000,000 or such other amount as the Manager may determine from time to time provided it is not less than 100,000 or its foreign currency equivalent. Subsequent Subscriptions Any subsequent subscriptions for Class I Units must be for a minimum of STG 100,000 (or such other amount as the Manager may determine from time to time). Minimum Holdings Each Unitholder who redeems or otherwise disposes of part of his holding in the Class I Units must maintain a minimum holding in the Class I Units of STG 100,000. The Manager reserves the right to vary the above minimum in the future and the Manager may choose to waive this minimum amount should it consider it appropriate to do so. The Manager may also redeem the remaining holdings of any Unitholder who holds Units with a value of less than the minimum holding amount on thirty days notice. The purchase of additional Units during this notice period to bring the Unitholder s holding above the minimum holding amount will cancel the redemption of the Units for this purpose. 6

8 Written Confirmations of Ownership The Administrator shall be responsible for maintaining the register of Unitholders in which all issues, redemptions, exchanges and transfers of Units will be recorded. Written confirmations of ownership shall be issued in relation to Units. The Administrator shall not issue a certificate in respect of Units. A Unit may be registered in a single name or in up to four joint names. Redemptions Every Unitholder will have the right to require the redemption of their Units on any Dealing Day (save during any period when the calculation of the Net Asset Value is suspended or the redemption of Units is limited in the circumstances set forth in the Prospectus) on furnishing to the Administrator a redemption request. Holders of any Class of Units may request that Units be redeemed on any Dealing Day by one of two methods: Unitholders may request a redemption by completing a Dealing Form and submitting same to the Administrator by facsimile. Dealing Forms may be obtained by contacting the Administrator; or Unitholders may request a redemption by using an electronic dealing facility subject to certain conditions and provided the Unitholder has elected to avail of this facility in the Application Form. Redemption requests made by this method are at the risk of the Unitholder. Redemption requests must be received by the Administrator by am (Irish time) on the Business Day immediately prior to the relevant Dealing Day (or such later time as may be agreed with the Administrator provided it is before the relevant Valuation Point and that all other redemption requests received prior to the later agreed time are also accepted). Any redemption requests (made by whatever means) will only be paid into the account of record as specified in the original Application Form or as advised subsequently in writing in a form acceptable to the Administrator. Requests for payments to third parties will not be honoured. Unless otherwise agreed with the Administrator redemption requests received subsequent to the relevant deadline outlined above shall be effective on the next succeeding Dealing Day. Redemption requests shall (save as determined by the Manager) be irrevocable. No redemption proceeds will be paid out unless an original Application Form, authorised signatory list and necessary anti-money laundering documentation has been received by the Administrator, together with any other documents required by the Administrator. Please note that details concerning the procedures for redemptions in kind, mandatory redemptions (including where a redemption request reduces the value of the Unitholder s remaining holding to below the Minimum Holding for a Class see also Minimum Holdings above) and transfers of Units are set out in the section Purchase and Sale Information in the Prospectus. Redemption Price Units shall be redeemed at the applicable Net Asset Value per Unit obtaining on the Dealing Day on which redemption is effective. In calculating the redemption price for Units the Manager or its delegate may on any Dealing Day when there are net redemptions (including redemptions effected as a result of requests for the exchange of Units from the Fund into another sub-fund of the Trust) adjust the redemption price by deducting an anti-dilution levy to cover dealing costs and to preserve the value of the underlying assets of the Funds. Such redemption costs may be greater in the event of a mandatory redemption for failure to comply with a Capital Call (see Leverage Policy and Capital Calls above and Mandatory Redemptions below). 7

9 Payment of Redemption Proceeds Redemption proceeds will be paid to Unitholders by close of business on the third Business Day following the Dealing Day on which the redemption is effective. The above payments shall be made by wire transfer at the Unitholder s expense to the Unitholder s account, details of which shall have been notified by the Unitholder to the Administrator in writing in a form acceptable to the Administrator. Mandatory Redemptions As noted previously, the Manager will instruct the Administrator to redeem the Units of any Unitholder that fails to meet a Capital Call by its due date and the redemption proceeds payable to the Unitholder will be subject to any anti-dilution levy applicable (see Redemption Price above). In these circumstances, this levy will include as part thereof, the redeeming Unitholder s share of losses, costs, expenses, penalties or other assessments payable on the sale or termination of the Fund s investments, in order to fund the redemption. Further details on mandatory redemptions are set out under Mandatory Redemptions in the Purchase and Sale Information section in the Prospectus. Exchange Provisions Unless dealings in Units have been temporarily suspended in the circumstances described in the Prospectus, Unitholders may request the exchange of Units on any Dealing Day for Units in any other sub-fund of the Trust and vice versa. Details concerning the procedures for exchange are set out in the section Purchase and Sale Information Exchange Provisions in the Prospectus. DIVIDEND POLICY It is the intention of the Manager to declare a dividend in respect of Class I Units on each Dealing Day where the Fund's leverage has decreased below an amount deemed by the Investment Manager, in its sole discretion with regard to the Determining Factor, to be too low. The Trust Deed permits the Manager to declare such dividends out of net income together with realised and unrealised profits less realised and unrealised losses and out of the capital of the Fund subject to such adjustments as may in the opinion of the Manager be appropriate pursuant to the terms of the Trust Deed and which shall be paid to Unitholders by close of business on the third Business Day following the Dealing Day on which the dividend is declared. Payment shall be made by wire transfer at the Unitholder s expense to the Unitholder s account, details of which shall have been notified by the Unitholder to the Administrator in writing in a form acceptable to the Administrator. Unitholders shall be entitled to dividends from the Dealing Day on which Units are issued until the day preceding the Dealing Day on which Units are redeemed. The Manager reserves the right to change the dividend policy of the Fund at its discretion on prior notice (including the date and method by which dividends will be paid) to Unitholders and this Supplement will be updated accordingly. Upon the declaration of any dividends, the Net Asset Value per Unit of the Fund will be reduced by the amount of such dividends. Unitholders should be aware that in the event that the Manager declares dividends out of capital in respect of the Units, the capital of the Fund will be eroded, such distributions will be achieved by forgoing the potential for future capital growth and that this cycle may be continued until all capital in the Fund has been depleted. Unitholders should also be aware that the payment of distributions out of capital by the Manager may have different tax implications for them to distributions of income and you are therefore recommended to seek tax advice in this regard. Any dividend payments from the Fund which have not been claimed by the person entitled thereto within six years of a distribution date shall be forfeited and become payable (i) to the Fund (or in the case that the Fund has been terminated, shall be payable pro rata to the then current sub-funds of the Trust); or (ii) where required in accordance with the local law of the domicile of the relevant Unitholder, to such authority or other payee as such local law shall prescribe. FEE AND EXPENSES Information in relation to the fees and expenses applicable to the Fund is set out in the section Fees and Expenses in the Prospectus. 8

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