To seek to maintain the principal of the Fund and to provide a return in line with money market rates. This fund qualifies as a low volatility net asset value (LVNAV) money market fund. The Fund invests in high quality money market instruments and short-term bonds denominated in, or fully hedged USD.

There is no guarantee that the fund will remain in the indicator category shown above and the categorisation of the fund may shift over time. Historical data, which is used in calculating the indicator, may not be reliable indicator of the future risk profile of this fund. The lowest category does not mean a risk-free investment.An investment in a money market fund does not offer any capital guarantee or protection, and as this is an investment in a fund it is different to a bank deposit, with particular reference that the amount invested in a money market fund can fluctuate and you may not get back the amount invested. The fund does not rely on external support for guaranteeing the liquidity of the fund or stabilising the Net Asset Value per unit or share.

The indicator is based on the volatility of the returns (past performance) of the reported share class (calculated on a 5 year rolling return basis). Where a share class is inactive / has less than 5 years of returns, the returns of a representative benchmark are used.

The fund is in its risk/reward category because investments in high-quality money market instruments and short-term bonds have historically been subject to small fluctuations in value.

The fund is subject to the following risks which are materially relevant but may not be adequately captured by the indicator:

Money Market Instruments: There is a risk that issuers of money market instruments held by the fund may not be able to repay the investment or pay the interest due on it, leading to losses for the fund.

Credit Rating: The credit rating of a money market instrument may be downgraded if the issuer is regarded as less likely to meet interest payments, meaning its value would fall and the fund may have to sell it.  This could result in a loss to the fund.

Money market interest rates: The fund's income is based on short-term interest rates which can fluctuate significantly over short periods, which may affect the value of your shares.

Asset-backed securities: The timing and size of the cash-flow from asset-backed securities is not fully assured and could result in loss for the fund.  These types of investments may also be difficult for the fund to sell quickly.

Reverse Repurchase Agreements: The risk of investing in reverse repurchase agreements is that the seller of the securities fails to fulfill its commitment to repurchase the securities from the Fund in accordance with the terms of the agreement which may cause the Fund to incur a loss.

Geographical focus: This fund invests primarily in the United States, which means that it is more sensitive to local economic, market, political or regulatory events in the United States, and will be more affected by these events than other funds that invest in a broader range of regions.

Liquidity: In certain circumstances it may be difficult to sell the fund's investments because there may not be enough demand for them in the markets, in which case the fund may not be able to minimise a loss on such investments.

Concentrated fund: The fund's investment approach may result in the fund being focused in one, or a small number of, countries, sectors or asset classes compared to other investment funds. This means that the fund may be more sensitive to economic, market, political or regulatory events than other funds that invests across a broader range of countries, sectors and asset classes.

Fund counterparties: The fund may suffer losses if the parties that it trades with cannot meet their financial obligations.

Fund operations: The fund is subject to the risk of loss resulting from inadequate or failed internal processes, people or systems or those of third parties such as those responsible for the custody of its assets.

Stable NAV class (LVNAV MMF): The aim is to maintain the price of your shares in the fund at USD 1.00 but this is not guaranteed and the price may rise or fall. Please see the prospectus and relevant supplement for further details and visit www.walfmmf.com to view NAV prices.

For further explanation on the risks associated with an investment in the fund, please refer to the section entitled "Investment Risks" in the fund's prospectus and relevant supplement.

No External Support: The Fund does not rely on external support for guaranteeing the liquidity of the Fund or stabilising the NAV per unit or share. 
Risk of Loss: Any risk of loss of the principal is to be borne by the investor.
Principal Fluctuation: An investment in money market funds is different from an investment in deposits, with particular reference to the risk that the principal invested in a money market fund is capable of fluctuation.

Complete information on the risks of investing in the Fund are set out in the Fund’s prospectus.