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30 June 2026 Mark eting Communication
0
4
8
12
%
Strategy Gross Strategy Ne t Benchmark Difference from Benchmark
1 Year 3 Years 5 Years Since Inception
0.29 0.00
0.49 0.18
1.20 0.85
2.37 2.11
Performance
Annualised Performance Benchmark Strategy Gross Difference Strategy Net Difference 1 Year (%) 7.30 9.67 2.37 9.41 2.11 3 Years (% p.a.) 7.16 8.36 1.20 8.01 0.85 5 Years (% p.a.) 1.85 2.34 0.49 2.03 0.18 Since Inception (% p.a.) 3.82 4.12 0.29 3.82 0.00 Cumulative 3 Months (%) 3.78 4.93 1.15 4.85 1.07 1 Year (%) 7.30 9.67 2.37 9.41 2.11 3 Years (%) 23.06 27.23 4.17 26.02 2.96 5 Years (%) 9.58 12.24 2.66 10.55 0.98 Since Inception (%) 51.76 56.63 4.86 51.77 0.00 Calendar 2026 (year to date) 3.14 4.18 -1.03 3.90 -0.76 2025 7.41 8.18 0.77 8.10 0.70 2024 4.51 5.60 1.09 5.31 0.80 2023 7.95 9.05 1.11 8.78 0.83 2022 -13.73 -15.48 -1.75 -15.69 -1.96 2021 2.03 4.50 2.47 4.23 2.20 2020 6.74 6.58 -0.17 6.08 -0.67 2019 8.85 10.44 1.59 10.44 1.60 2018 -1.10 -1.68 -0.58 -1.93 -0.83 2017 6.12 6.73 0.61 6.40 0.28 Past performance is not a guarantee of future results. Performance returns for periods of less than one year are not annualised. The Sub-Fund returns are gross of fees (based on unit price) and net of irrecoverable withholding tax. The performance includes the reinvestment of dividends and other corporate earnings and is calculated in GBP. Index returns reflect capital gains and losses, income, and the reinvestment of dividends. When the Sub-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 official Net Asset Value ("NAV") of the Sub-Fund as at each other Business Day for the relevant period. The performance figures contained herein are provided on a gross and net of fees basis, gross of fees do not and net of fees do reflect the deduction of advisory or other fees which could reduce the return. Where performance is quoted as net, this is based on a swung price (includes the bid-offer spread). Where performance is quoted as gross, this is based on the mid price. The calculation method for value added returns may show rounding differences. All data is as at 30/06/2026. Source: State Street Investment Management, 30th June 2026.
Multi-Asset Class
Timewise Retirement Access Sub-Fund Managed Pension Fund
Fund Objective The Sub-Fund seeks to provide a balance between capital growth and capital preservation, taking into account State Street Global Advisors Limited’s (“SSGA”) view of what investments it believes are typically appropriate for an investor in a UK pension fund who has retired at normal retirement age (typically at 60-70 years of age) and who wants to maintain capital markets exposure. The Sub-Fund is intended to support income drawdown but may also maintain potential for growth. SSGA will use proprietary valuation models and may select a wide range of asset classes and instruments, including derivatives, across different geographical regions to design the portfolio while providing policyholders the ability to purchase and redeem units on an “as of” basis. Investment Policy The asset allocation and risk profile of the Sub-Fund will vary over time depending upon SSGA’s view of what investments it then believes are typically appropriate for an investor in a UK pension fund who has retired at normal retirement age and who wants to maintain capital markets exposure. In deciding what investments it believes are typically appropriate for such a person, SSGA may take into account whether such a person has or will typically purchase an annuity, marketevents, changes in average life expectancy, inflation, applicable law and regulation, as well as other circumstances deemed relevant by SSGA. Performance Benchmark The benchmark for performance measurement purposes is a custom benchmark based on the Sub-Fund asset allocation of the Portfolio. Structure Limited Liability Insurance Company Domicile United Kingdom Investment Manager State Street Global Advisors Limited
Fund Facts NAV 1.52 GBP as of 30 June 2026 Currency GBP Net Assets (millions) 20.25 GBP as of 30 June 2026 Inception Date 15 May 2015 Zone United Kingdom Settlement DD+4 Notification Deadline DD 09:30am London Valuation Market Close Swing Factor Minimum Initial Investment
N/A
Minimum Subsequent Investment
N/A
TER Max 0.25%
The Sub-Fund is only available for investment by defined contribution pension schemes and by insurance companies seeking to reinsure liabilities relating to defined contribution pension schemes.
Fund Facts indicative as at the date of this factsheet and are subject to change. Source, State Street Investment Management . All data is as at 30th June 2026
Previous to 01 July 2025, the Fund was known as Timewise Target Retirement Choice Sub-Fund
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Timewise Retirement Access Sub-Fund 30 June 2026 State Street Investment Management
Market Review Global economic activity remained broadly resilient during Q2 2026 despite heightened geopolitical uncertainty. Manufacturing activity strengthened across several major economies, while services activity was mixed. Labor market conditions were generally stable, although signs of moderation emerged during the quarter. Inflation pressures remained elevated, prompting major central banks to maintain a cautious policy stance. The US economy continues to exhibit resilience, but the latest data reinforce our view that the Federal Reserve will remain on hold through 2026 as we push the two rate cuts in our forecast into 2027. While previous concerns centred on a reacceleration in labour demand, the June payroll report instead showed job growth slowing to just 57,000, accompanied by substantial downward revisions to prior months. Wage growth moderated further to 3.4% year-over-year, the slowest pace since 2021, easing fears of a wage-price spiral and supporting the case against additional Fed tightening. At the same time, inflation remains above target, with headline CPI having accelerated earlier this year, but the retreat in oil prices and broader commodity costs should help limit further upside pressure. Growth remains supported by powerful AI-driven investment spending, particularly in equipment and intellectual property, even as consumer spending softens under the weight of flat real disposable incomes and depleted savings. We continue to expect GDP growth of 2.3% in 2026 and 2.2% in 2027, reflecting a resilient but increasingly uneven expansion
Global Equities Global equity markets rebounded in the second quarter of 2026, delivering one of the strongest quarterly rallies in recent years as easing Middle East tensions, a sharp reversal in oil prices, and renewed momentum around artificial intelligence (AI) supported a broad improvement in risk sentiment. The FTSE AW World Index returned 14.2%, marking its best quarterly performance in six years. DM, as measured by the FTSE AW Developed Index, advanced 14.5%, while EM measured by the FTSE AW Emerging Index returned 11.4%Investor focus shifted from disinflation and policy easing to upside inflation risks as supply disruptions in energy markets pushed oil prices sharply higher, driving increased volatility across asset classes. UK equities lagged the broader European rebound. The FTSE All-Share Index returned 4.69%. Political developments, including a change in Prime Minister toward quarter end, also introduced some uncertainty around the medium-term fiscal path, though gilt markets and sterling remained broadly stable. From a sector perspective, Energy and Health Care were the biggest laggards.EM outperformed developed peers on a relative basis, despite heightened global risk aversion. Performance was supported by continued demand for technology hardware and AI ‑ related supply chains, particularly in North Asia, as well as comparatively attractive valuations. However, gains were uneven across regions, with commodity ‑ linked markets benefiting from higher prices while others facing headwinds from a stronger US dollar during periods of market stress. At the style level, value stocks outperformed growth globally, aided by strength in energy and financials, reflecting the quarter’s inflation ‑ and commodity ‑ driven backdrop. European equities although lagging behind the broader developed markets, delivered strong returns in Q2, with the FTSE All World Eurozone up 13.9%. The rally was supported by resilient first-quarter earnings, easing Middle East tensions, and a recovery in cyclical sectors. Performance varied significantly across the region, with technology-oriented markets benefiting from continued investment linked to artificial intelligence, while Switzerland, France and Germany also advanced. However, German equities continued to face headwinds from subdued manufacturing activity and remained a relative laggard within the region. US equities extended their April-led rebound into a strong Q2 advance with the S&P 500 returning 14.5%, supported by resilient earnings, renewed enthusiasm around AI, and lower energy prices that eased inflation concerns. Technology stocks led gains, particularly semiconductor and AI-related names, while Industrials benefited from
ccontinued infrastructure investment. In June, markets consolidated earlier gains as the Federal Reserve maintained a hawkish stance despite keeping rates unchanged. Profit taking in AI and semiconductor stocks, valuation concerns, and investor repositioning ahead of major corporate events weighed on performance toward quarter-end. Canadian equities delivered more modest gains, with FTSE All World Canada up 5.47. While Financials posted strong gains during the quarter, Energy and Materials sectors— the second-and third- largest sectors in the index—detracted from performance. Within developed Asia-Pacific, the FTSE Developed Pacifix Index gained 22.6%, with performance varying significantly across markets. Japanese equities delivered another strong quarter, with FTSE All-World Japan returning 12.76%. Export-oriented sectors, particularly semiconductor-adjacent industrials and technology names, benefited from robust global AI-driven demand. A resurgent US dollar meanwhile weighed on the yen, pushing it to multi-decade lows against USD by mid-year and providing additional support to Japan’s exporter-heavy indices. Australia posted more measured gains, with FTSE All-World Australia up 4.95%, as the index’s heavier Financials and Materials weighting limited participation in the technology surge. Elsewhere, Hong Kong equities lagged notably as FTSE All World Hong Kong fell 2.86% in Q2, reflecting the drag from weaker mainland China sentiment. Emerging equities markets delivered a strong quarter with FTSE AW Emerging Index returning 11.4%, driven overwhelmingly by Asia. Performance was led by Taiwan and South Korea, where semiconductor and technology companies at the core of the AI hardware supply chain benefited from sustained investor demand and strong earnings expectations. The rally highlighted the growing influence of AI-related themes within emerging market benchmarks, which remain heavily concentrated in Asian technology stocks. Elsewhere, Indian equities recovered during the quarter, although challenges from valuations and currency weakness persisted. Chinese market performance was more mixed, with strength in mainland technology hardware and supportive policy measures offset by weakness among several large offshore technology companies. MENA equity markets produced mixed results during the quarter as lower oil prices weighed on Gulf equities, while easing regional tensions provided some support to investor sentiment. Across the GCC, market performance was subdued, reflecting pressure on energy-related companies and concerns around fiscal revenues tied to hydrocarbons. Returns varied across the region, with some Gulf markets posting gains while others lagged. Outside the GCC, North African and frontier markets were generally stronger, supported by improving investor confidence and a more favourable external financing environment. Egypt was a notable contributor to regional performance.
Bonds Global fixed income markets posted solid gains in Q2 2026 despite a more hawkish macro backdrop. An energy-led inflation shock stemming from the Iran–Israel conflict prompted major central banks to hold or tighten policy, yet credit markets rallied as spreads compressed and carry supported returns. The Bloomberg Global Aggregate Index returned 0.22%. All major sectors delivered positive returns. Government-related bonds and corporates led performance, while Global Treasuries and securitized assets also gained through the quarter. High yield was the standout performer, returning as yields declined and spreads tightened significantly. Corporate spreads narrowed to near historically tight levels, while the Global Aggregate yield ended the quarter at 3.80%. The quarter was shaped by a shift in policymaker reaction functions. Escalating Iran–Israel tensions pushed Brent crude above US$118 per barrel in April before de escalation and progress toward a US–Iran framework saw prices retreat toward US$90 per barrel. The energy shock lifted US CPI to 4.2% year-over-year in May, complicating expectations for monetary easing. Against this backdrop, investors were rewarded for holding spread products, with lower-quality credit outperforming government bonds.
Asset Allocation Fund () MPF Sterling Non-Gilts Bond All Stocks 27.41 MPF Dynamic Diversified Fund 20.06 SSgA Global Aggregate Bond Index Fund 12.46 SPDR BBG 0-5 Year Sterling Corp Bd ETF 9.97 MPF AW Dev Hedged Target Volatility 6.47 MPF Sterling Liquidity Index 4.99 MPF UK Index Linked Gilts All Stocks 4.97 SS ACS MF GLBL ESG EQTY INDX FD 3.75 State Street EM L Cur Govt Bd USD (9TDCB) 2.61 State Street Global High Yield Bond ESG 2.49 World TPI Climate Transition Indx Eq 1.90 MPF North America 100 Hedged ESG Screened 1.36 MPF Emerging Markets Equity Target Volatility 1.14 MPF Europe ex-UK 100 Hedged 0.24 MPF Japan (100 Hedged) ESG Screened 0.13 MPF Asia Pac ex Japan Eq 100 Hgd 0.11 MPF UK EQUITY INDEX 0.06 MPF Middle East Africa Fund 0.01 Cash -0.13 Source: State Street Investment Management , 30th June 2026. Note: Rounding differences may occur as asset values are calculated to greater than one decimal place. Allocation are as of the date indicated, are subject to change, and should not be relied upon as current thereafter.
MPF Sterling Non-Gilts Bond All Stocks MPF Dynamic Diversied Fund SSgA Global Aggregate Bond Index Fund SPDR BBG 0-5 Ye Year Sterling Corp Bd ETF MPF AW Dev Hedged Ta Target Vo Volatility MPF UK Index Linked Gilts All Stocks MPF Sterling Liquidity Inde x SS ACS MF GLBL ESG EQTY INDX FD State Street Global High Y ield Bond ES G State Street EM L Cur Govt Bd USD (9TDCB) M PF North Amer i ca 100% Hedged E SG S creened M PF Emerg i ng Markets Equ i ty Ta Target Vo Volat i l i t y MPF Europe ex-UK 100% Hedged MPF Japan (100% Hedged) ESG Screened MPF Asia Pac ex Japan Eq 100% Hgd MPF UK EQUITY INDEX MPF Middle East Africa Fund Cash
Page 3
Timewise Retirement Access Sub-Fund 30 June 2026 State Street Investment Management
Central banks adopted a more cautious stance. The Federal Reserve held rates at both April and June meetings and removed its prior easing bias, while the ECB raised rates by 25 bps, citing higher inflation projections. Easing geopolitical tensions reduced worst-case supply concerns, although uncertainty around energy markets and the durability of any agreement remained.
Commodities and Real Estate Investment Trusts (REITs) Commodity markets weakened in June 2026, with the Bloomberg Commodity Total Return Index declining 8.6% over Q2 2026, driven by broad-based weakness across energy, precious metals, agriculture and livestock. Lower oil prices, softer demand expectations and weakness in precious metals weighed on overall returns, while industrial metals provided a partial offset. Within energy, crude oil was the primary detractor as weakening demand expectations and lower prices pressured the sector. Industrial and precious metals delivered divergent outcomes, with strength in selected industrial metals contrasting with broad weakness across precious metals. Agricultural markets posted mixed results, with gains in some soft commodities unable to offset weakness across grains and oilseed-related products. Livestock also detracted over the quarter, as losses in lean hogs outweighed resilience in live cattle. REITs posted strong gains over the quarter, with the FTSE EPRA Nareit Developed Real Estate Index rising 11.1% and the Dow Jones US Select REIT Index gaining 7.8%. All property sectors delivered positive returns, led by lodging/resorts, office, and self-storage. In contrast, specialty and industrial sectors were among the weaker performers.
Asset Allocation The State Street MPF Dynamic Diversified Fund began the quarter with approximately 40% allocated to growth assets. Q2 2026 opened with a sharp improvement in sentiment as markets moved beyond the geopolitical and energy-driven concerns that dominated the start of the year. April saw a strong recovery in global equities, supported by cooling inflation, resilient corporate earnings and renewed confidence in the AI investment cycle. Investors increasingly embraced risk assets, with technology leading gains and market participation gradually broadening across sectors and regions. Throughout the month the team reduced cash exposure in favour of equities, to gain from the ensuing rally. In May, investor sentiment improved as fears of a prolonged energy shock began to ease and economic growth remained resilient. Strong corporate earnings, particularly from technology and AI-linked companies, helped drive equity markets higher, while signs of broader market participation supported confidence beyond large-cap growth stocks. Inflation remained a key focus, however, prompting central banks to maintain a cautious tone and leaving bond markets sensitive to incoming economic data. The team made only minor adjustments by rotating some exposure into alternatives. In June, markets gained further momentum as ceasefire efforts in the Middle East helped ease geopolitical concerns and oil prices retraced much of their earlier spike. Global equities rallied strongly, led by technology and semiconductor stocks as enthusiasm for AI-driven growth accelerated. Investors also reassessed interest rate expectations following cautious central-bank messaging, which contributed to continued bond-market volatility. Gold softened as risk appetite improved and capital rotated back into equities. The team continued to increase growth exposure, and the fund ended the quarter with approximately 89% allocated to growth assets, representing a re-risking effort from the portfolio seen at the start of the quarter.
Source: Bloomberg, FactSet, J.P. Morgan, Barclays, Morgan Stanley, Wall Street Journal, Barron's, Nareit, MSCI, S&P Global, and FTSE, as of 30th June 2026. All performance cited is calculated in GBP unless otherwise stated. Past performance is not a reliable indicator of future performance. Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income as applicable. Investing involves risk including the risk of loss of principal.
Page 4
Timewise Retirement Access Sub-Fund 30 June 2026 State Street Investment Management
For investors in the United Kingdom: This document is issued by State Street Global Advisors Limited (SSGA), a limited liability company incorporated under the laws of England and W ales and having its registered office at 20 Churchill Place, Canary Wharf, London, E14 5HJ; registered no. 2509928; VAT no. 5776591 81. Telephone: +44 (0) 20 3395 6000. Facsimile: 020 3395 6350. Web: www.ssga. com. Authorised and regulated by the Financial Conduct Authority (Firm Reference Number: 146665). Investing in the Sub-Fund is effected by means of a contract of linked long-term insurance issued by Managed Pension Funds Limited (MPF). MPF and State Street Investment Management are wholly ow ned subsidiaries of State Street Corporation. State Street Investment Management is not contractually obliged to conduct its insurance mediation business exclusively with one or more insurers and does not p rovide any advice on contracts of insurance. Nonetheless, State Street Investment Management's insurance intermediation services are only provided in relation to contracts of insurance provided by MPF . The Sub-Fund is available to pension schemes registered with HM Revenue and Customs for the purposes of Chapter 2 of Part IV of the Finance Act 2004. This document should therefore only be circula ted to the trustees of such schemes and their advisers who are deemed to be professional persons (this includes professional clients and eligible counterparties as defined by the Financial Conduct Authority) . It should not be circulated to or relied upon by any other persons, including scheme members. Scheme members should consult with their employer or scheme trustee. If you have a complaint about any matter relating to this product, you should contact your representative at State Street Investment Management using the contact details provided above. It is State Street Investment Management's policy to fairly, consistently and promptly assess under the circumstances the subject matter of all complaints and, where warranted, to consider what remedial action or redress may be appropriate, taking into account all relevant factors. A copy of State Street Investment Management's internal complaints procedure is available on request. In determining which investments are appropriate for the Sub-Fund, State Street Investment Management does not take into account any individual's personal circumstances. Before you invest in the Sub -Fund, you should consider whether the Sub-Fund is suitable for you and for any persons on behalf of whom you are investing. If you or such persons on behalf of whom you are investing have any doubt or ques tions in relation to whether the Sub-Fund is suitable for any such person, you or they (as relevant) should seek financial, legal, actuarial or tax advice. 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 State Street Investment Management's express written consent. Investing involves risk including the risk of loss of principal. Asset Allocation is a method of diversification which positions assets among major investment categories. Asset Allocation may be used in an effort to manage risk and enhance returns. It does not, however , guarantee a profit or protect against loss. Bonds generally present less short-term risk and volatility than stocks, but contain interest rate risk (as interest rates rise bond prices usually fall); issuer default risk; issuer credit risk; liquidity risk; and infl ation risk. These effects are usually pronounced for longer-term securities. Any fixed income security sold or redeemed prior to maturity may be subject to a substantial gain or loss. Diversification does not ensure a profit or guarantee against loss. Government bonds and corporate bonds generally have more moderate short-term price fluctuations than stocks, but provide lower potential long-term returns. Equity securities may fluctuate in value in response to the activities of individual companies and general market and economic conditions. Investing in foreign domiciled securities may involve risk of capital loss from unfavorable fluctuation in currency values, withholding taxes, from differences in generally accepted accounting principles or fr om economic or political instability in other nations. Investments in emerging or developing markets may be more volatile and less liquid than investing in developed markets and may involve exposure to economic structures that are generally less diverse a nd mature and to political systems which have less stability than those of more developed countries. State Street Investment Management uses quantitative models in an effort to enhance returns and manage risk. While State Street Investment Management expects these models to perform as expected, deviation between the forecasts and the actual events can result in either no advantage or in results opposite to those desired by State Street Investment Management. In particular , these models may draw from unique historical data that may not predict future trades or market performance adequately. There can be no assurance that the models will behave as expected in all market conditions. In addition, computer programming used to create quantitative models, or the data on which such models operate, might contain one or more errors. Such errors might never be detected, or might be detected only after the Po rtfolio has sustained a loss (or reduced performance) related to such errors. Availability of third-party models could be reduced or eliminated in the future. Key Risks Associated with the Sub-Fund Please see below some of the key risks associated with the Sub-Fund: • As Of (Historical) Priced Funds Risk - If the Sub-Fund is an as of (historical) priced fund, investors buy or sell units in the Sub-Fund using historical (known) prices for such units. As there will be a tim e delay between the historical pricing point for such units and the time when the Sub-Fund is able to purchase (or sell) the underlying investments (which are priced on a forward priced basis), the Sub-Fun d will be exposed to any contribution or redemption cash flow during such period. While forward priced funds can set an anti-dilution levy to closely match actual trading costs, as of priced funds can only s et an estimated anti-dilution levy, which may be insufficient (or too much) to cover the dealing and other costs and expenses relating to the purchase or sale of underlying investments. Any shortfall (or surplus) in anti-dilution levy will accrue to the Sub-Fund to the detriment (or advantage) of all investors in the Sub-Fund, rather than just the transacting investor . The exposure to contribution and redemption cash flows and inability to accurately estimate dealing and other costs and expenses relating to the purchase or sale of underlying investments can cause tracking error between the Sub-Fund and a forward-priced fund or index. Tracking error may be positive or negative and can be significant, particularly if compounded over time. Longevity Risk - This is the risk of a person outliving retirement assets. • Target Retirement Data Assumption Risk - Assumptions and forecasts used by the investment manager in developing the portfolio’s asset allocation glide path may not be in line with future market returns or changes in average life expectancy, inflation, applicable law and regulation or annuity rates, which could result in losses near, at or after the target date year or could result in the Portfolio not providing adequate income at and through retirement. Research conducted by the investment manager may not accurately reflect the expectations and preferences of typical UK pension fund member . • Annuity Risk - If the investment manager believes an investor in a UK pension fund would typically purchase an annuity then the investment manager may seek to gain exposure to interest rate swaps w ith the aim of gaining similar interest rate exposure such persons are exposed to when purchasing such an annuity. In such a case, there can be no guarantee that the Strategy will minimise risk to annuity rates. Annuity rates could be affected by non-investment factors such as changes in regulation, mortality rates, retirement age and capital requirements, which the portfolio will offer no protection against. There may be other considerations relevant to Sub-Fund selection and investors should select the Sub-Fund that best meets their individual circumstances and investment goals. The Sub-Fund's asset allocation becomes increasingly conservative as it approaches the target date and beyond. The investment risks of the Sub-Fund changes over time as its asset allocation changes. For a more comprehensive list of risks associated with this Strategy, please refer to the Strategy Disclosure Document. The information provided does not constitute investment advice as such term is defined under the Markets in Financial Instruments Directive (2004/39/EC) and it should not be relied on as such. It shoul d 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 appetit e 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. Past performance is no guarantee of future results. All data is sourced from State Street Investment Management unless otherwise stated. Investing in the Managed Pension Fund is effected by means of an insurance policy written by Managed Pension Funds Limited, a member of the State Street group of companies. This document should not be construed as an invitation or inducement to engage in investment activity. The Managed Pension Fund is available to pension schemes (including overseas schemes) registered with HM Revenue and Customs for the purposes of Chapter 2 of Part IV of the Finance Act 2004. This document should therefore only be circulated to the Trustees of such schemes and their advisers who are deemed to be professional persons (this includes professional clients and eligible counterparties as defined by the Financial Conduct Authority). It should not be circulated to or relied upon by any other persons. In particular schem e members should consult with their employer or scheme trustee. Please note that neither State Street Global Advisors Limited or Managed Pension Funds Limited offer actuarial services and any investment service undertaken by those firms with an objective of matching projected pension fund liabilities does not include, or take responsibility for , the calculation of projected liabilities. Any illustrations exclude the impact of fees, and actual investment returns may differ from projected cashflows, these projected cashflows are not projections of any future benefit payable under a specific policy . This document should be read in conjunction with its Strategy Disclosure/Supplemental/Policy Document. All transactions should be based on the latest available Strategy Disclosure/Supplemental/ Policy Document which contains more information regarding the charges, expenses and risks involved in your investment. 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 European Communities (Markets in Financial Instruments) Regulations 2007. This means that this marketing communication (a) has not been prepared in accordance with legal requirements designed to pr omote the independence of investment research (b) is not subject to any prohibition on dealing ahead of the dissemination of investment research. This communication is directed at professional clients (this includes eligible counterparties as defined by the Financial Conduct Authority (FCA)) who are deemed both knowledgeable and experienced in matters relating to investments. The products and services to which this communication relates are only available to such persons and persons of any other description (including retail clients) should not rely on this communication. Sub-Fund is only available for investment by defined contribution pension schemes and by insurance companies seeking to reinsure liabilities relating to defined contribution pension schemes. Please note that full details of underlying fund holdings can now be found on www.statestreet.com/im
© 2026 State Street Corporation. All Rights Reserved. Expiration Date: 31/10/2026
For More Information For more information visit our website www.statestreet.com/im or contact your representative State Street Investment Management’s office.
SSGA United Kingdom +44 (0) 20 3395 2333
State Street Global Advisors (SSGA) is now State Street Investment Management. Please go to statestreet.com/investment-managem ent for more information.
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...