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Throughout the month the team reduced cash","page_number":3,"box":{"x":52,"y":404,"width":413,"height":7}},{"id":"7f93be4b-e77e-4dda-8030-b3d9d1a5292d","block_type":"box","text":"exposure in favour of equities, to gain from the ensuing rally.","page_number":3,"box":{"x":51,"y":413,"width":292,"height":8}},{"id":"5146d343-c14d-469b-8cdb-3357553825d1","block_type":"box","text":"In May, investor sentiment improved as fears of a prolonged energy shock began to","page_number":3,"box":{"x":52,"y":428,"width":400,"height":7}},{"id":"c61d33f6-cc57-422f-ae4b-4f6684a37e7a","block_type":"box","text":"ease and economic growth remained resilient. Strong corporate earnings, particularly","page_number":3,"box":{"x":51,"y":437,"width":412,"height":8}},{"id":"09b0d8f9-5f5f-4436-af62-ae395bcc7708","block_type":"box","text":"from technology and AI-linked companies, helped drive equity markets higher, while","page_number":3,"box":{"x":51,"y":447,"width":407,"height":7}},{"id":"367e4827-1157-4560-8835-5ef3d657bee0","block_type":"box","text":"signs of broader market participation supported confidence beyond large-cap growth","page_number":3,"box":{"x":51,"y":456,"width":409,"height":8}},{"id":"1c2a47a8-0464-419a-bfde-02e387242248","block_type":"box","text":"stocks. Inflation remained a key focus, however, prompting central banks to maintain a","page_number":3,"box":{"x":51,"y":466,"width":419,"height":7}},{"id":"02c6b7ba-3c99-4b2a-a6fe-d8e34beca9e8","block_type":"box","text":"cautious tone and leaving bond markets sensitive to incoming economic data. The team","page_number":3,"box":{"x":51,"y":475,"width":424,"height":8}},{"id":"32fac3f6-23b4-4d5c-ad77-daafd885da3e","block_type":"box","text":"made only minor adjustments by rotating some exposure into alternatives.","page_number":3,"box":{"x":52,"y":485,"width":355,"height":7}},{"id":"1b77a80e-1823-4d8f-9e12-76b3ab0c3f4c","block_type":"box","text":"In June, markets gained further momentum as ceasefire efforts in the Middle East","page_number":3,"box":{"x":52,"y":499,"width":397,"height":8}},{"id":"bfba4599-b565-4a2d-b945-147822e9fc29","block_type":"box","text":"helped ease geopolitical concerns and oil prices retraced much of their earlier","page_number":3,"box":{"x":52,"y":509,"width":376,"height":7}},{"id":"a5067c65-8102-4cc7-8946-c536428848af","block_type":"box","text":"spike. Global equities rallied strongly, led by technology and semiconductor stocks","page_number":3,"box":{"x":51,"y":518,"width":399,"height":8}},{"id":"b1666874-63b8-4f34-895f-ed1455249dc9","block_type":"box","text":"as enthusiasm for AI-driven growth accelerated. Investors also reassessed interest","page_number":3,"box":{"x":51,"y":528,"width":401,"height":7}},{"id":"c937f991-6255-4139-93da-b42f137d22fa","block_type":"box","text":"rate expectations following cautious central-bank messaging, which contributed","page_number":3,"box":{"x":52,"y":537,"width":384,"height":8}},{"id":"5ad63a41-4e51-4c6b-94b1-d1f2c4746dc7","block_type":"box","text":"to continued bond-market volatility. Gold softened as risk appetite improved and","page_number":3,"box":{"x":51,"y":547,"width":388,"height":7}},{"id":"ed3655f3-1862-49a9-a297-ec3d9384197b","block_type":"box","text":"capital rotated back into equities. The team continued to increase growth exposure,","page_number":3,"box":{"x":51,"y":557,"width":404,"height":7}},{"id":"4d6b4755-9ad1-4117-b2d1-5a52b1e09494","block_type":"box","text":"and the fund ended the quarter with approximately 89% allocated to growth assets,","page_number":3,"box":{"x":51,"y":566,"width":405,"height":7}},{"id":"7783efb8-e598-492e-81d5-aef6c7c78373","block_type":"box","text":"representing a re-risking effort from the portfolio seen at the start of the quarter.","page_number":3,"box":{"x":52,"y":576,"width":389,"height":7}},{"id":"b5f57a20-c759-4bfe-a1de-d82778922725","block_type":"box","text":"Source: Bloomberg, FactSet, J.P. Morgan, Barclays, Morgan Stanley, Wall Street Journal,","page_number":3,"box":{"x":52,"y":619,"width":409,"height":7}},{"id":"ccb400a0-f135-489a-9b09-d9f745bc66f9","block_type":"box","text":"Barron's, Nareit, MSCI, S&P Global, and FTSE, as of 30th June 2026.","page_number":3,"box":{"x":52,"y":628,"width":322,"height":7}},{"id":"272e6f9f-e587-4156-8209-34be947a4316","block_type":"box","text":"All performance cited is calculated in GBP unless otherwise stated.","page_number":3,"box":{"x":51,"y":642,"width":323,"height":8}},{"id":"ad7a13e6-661b-45a9-b4a2-dbee276d4bec","block_type":"box","text":"Past performance is not a reliable indicator of future performance. Index returns are","page_number":3,"box":{"x":52,"y":657,"width":406,"height":7}},{"id":"201188fe-e593-453f-ae83-b16101d62b06","block_type":"box","text":"unmanaged and do not reflect the deduction of any fees or expenses. Index returns","page_number":3,"box":{"x":52,"y":666,"width":402,"height":8}},{"id":"c8566e25-8eca-4988-aaa2-2cf8cdf01284","block_type":"box","text":"reflect all items of income, gain and loss and the reinvestment of dividends and other","page_number":3,"box":{"x":52,"y":676,"width":413,"height":7}},{"id":"f912da8c-be6a-4a8f-892c-4b236f802758","block_type":"box","text":"income as applicable. Investing involves risk including the risk of loss of principal.","page_number":3,"box":{"x":52,"y":685,"width":396,"height":8}},{"id":"7d3ffd5b-6462-432b-9f7a-74ed6ac4b459","block_type":"box","text":"Timewise Retirement Access Sub-Fund","page_number":4,"box":{"x":53,"y":23,"width":257,"height":8}},{"id":"4ec9362b-4c8a-47d1-81b1-a3e1ed130a26","block_type":"box","text":"30 June 2026","page_number":4,"box":{"x":588,"y":24,"width":81,"height":7}},{"id":"309baa25-13a7-467e-a8e2-0644b8bab51e","block_type":"box","text":"State Street Investment Management","page_number":4,"box":{"x":695,"y":23,"width":248,"height":10}},{"id":"b4f82e3d-a3c0-4010-a620-afe5b02adfb5","block_type":"box","text":"For investors in the United Kingdom:","page_number":4,"box":{"x":54,"y":212,"width":161,"height":6}},{"id":"b56e16fb-8cee-4efe-943e-6688d539a2db","block_type":"box","text":"This document is issued by State Street Global Advisors Limited (SSGA), a limited liability company incorporated under the laws of England and W","page_number":4,"box":{"x":219,"y":212,"width":620,"height":6}},{"id":"d63e9487-98fb-4d05-a600-500bf5b94724","block_type":"box","text":"ales and having its","page_number":4,"box":{"x":839,"y":212,"width":79,"height":6}},{"id":"fbadea63-b45c-4652-81a8-3583664ad53d","block_type":"box","text":"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.","page_number":4,"box":{"x":54,"y":220,"width":870,"height":6}},{"id":"a4a591c2-a540-482e-8027-7401c837087e","block_type":"box","text":"Authorised and regulated by the Financial Conduct Authority (Firm Reference Number: 146665).","page_number":4,"box":{"x":54,"y":228,"width":412,"height":7}},{"id":"c725d4f5-32e5-4bea-b9c0-96f22b0e8c8b","block_type":"box","text":"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","page_number":4,"box":{"x":55,"y":241,"width":864,"height":7}},{"id":"3427c368-3659-4a41-95b5-dca4b7e1ea7b","block_type":"box","text":"ned","page_number":4,"box":{"x":920,"y":241,"width":15,"height":5}},{"id":"ae3288ea-fbfc-4bcc-9d21-a88fff51ad0d","block_type":"box","text":"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","page_number":4,"box":{"x":54,"y":250,"width":860,"height":6}},{"id":"71e5b27c-f00d-48d2-8ba4-11efe110759f","block_type":"box","text":"rovide","page_number":4,"box":{"x":915,"y":250,"width":25,"height":5}},{"id":"a0cfbb17-0494-400f-85c8-78463d73fead","block_type":"box","text":"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","page_number":4,"box":{"x":54,"y":258,"width":834,"height":6}},{"id":"b0cc8fe0-42ce-4ba4-9633-ac782d84a7e9","block_type":"box","text":".","page_number":4,"box":{"x":888,"y":262,"width":1,"height":1}},{"id":"41275f0e-3720-4037-a4ae-7ffff58402d6","block_type":"box","text":"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","page_number":4,"box":{"x":54,"y":271,"width":862,"height":6}},{"id":"b871d9f5-f0da-4a1e-90ba-1200612a62b0","block_type":"box","text":"ted","page_number":4,"box":{"x":917,"y":271,"width":13,"height":5}},{"id":"70b76985-1bb5-429c-8c51-a1b2d87df572","block_type":"box","text":"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)","page_number":4,"box":{"x":54,"y":279,"width":861,"height":7}},{"id":"2e168616-cb34-4694-9ab4-ba7b65184b69","block_type":"box","text":". It","page_number":4,"box":{"x":916,"y":279,"width":10,"height":6}},{"id":"e084d2f5-862d-487a-8d3e-2a048137d553","block_type":"box","text":"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.","page_number":4,"box":{"x":54,"y":288,"width":705,"height":6}},{"id":"783fa285-5475-4b8d-9108-30d3d3e1b847","block_type":"box","text":"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","page_number":4,"box":{"x":55,"y":301,"width":859,"height":6}},{"id":"bf948084-4b5f-433b-b412-b3a3627dd496","block_type":"box","text":"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","page_number":4,"box":{"x":55,"y":309,"width":884,"height":6}},{"id":"97971e9e-469b-4596-8738-ed0f93dae838","block_type":"box","text":"be appropriate, taking into account all relevant factors. A copy of State Street Investment Management's internal complaints procedure is available on request.","page_number":4,"box":{"x":54,"y":317,"width":671,"height":7}},{"id":"5bcacdaf-e35c-4e67-adc7-b49d7c3e0a65","block_type":"box","text":"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","page_number":4,"box":{"x":55,"y":330,"width":862,"height":7}},{"id":"10365781-1a80-424b-ab49-6acf1a3916e9","block_type":"box","text":"-Fund,","page_number":4,"box":{"x":918,"y":330,"width":27,"height":7}},{"id":"b0f49a28-8872-4f79-a6a8-5c3a320d4c8e","block_type":"box","text":"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","page_number":4,"box":{"x":54,"y":339,"width":864,"height":6}},{"id":"6c52b298-51f9-4ef1-bfd1-2de8be3384d7","block_type":"box","text":"tions","page_number":4,"box":{"x":918,"y":339,"width":20,"height":5}},{"id":"722c87ca-dec2-410b-b238-b9d49fe373f1","block_type":"box","text":"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.","page_number":4,"box":{"x":54,"y":347,"width":610,"height":6}},{"id":"01a381f6-abbb-4006-bf67-8e165d3c4a21","block_type":"box","text":"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.","page_number":4,"box":{"x":54,"y":360,"width":846,"height":7}},{"id":"8094607f-71be-416c-bfd5-07864319a642","block_type":"box","text":"Investing involves risk including the risk of loss of principal.","page_number":4,"box":{"x":55,"y":373,"width":249,"height":7}},{"id":"a6a54259-571c-44dd-b538-595bd6a0cdac","block_type":"box","text":"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","page_number":4,"box":{"x":54,"y":386,"width":870,"height":7}},{"id":"4a94c94a-0f67-4edd-bd8b-696ed8ba75ca","block_type":"box","text":",","page_number":4,"box":{"x":924,"y":391,"width":1,"height":1}},{"id":"85e42212-3f7a-4295-86e4-b75c737a7c81","block_type":"box","text":"guarantee a profit or protect against loss.","page_number":4,"box":{"x":54,"y":394,"width":172,"height":7}},{"id":"fc7070c3-2693-4dc4-940d-68009d1d874a","block_type":"box","text":"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","page_number":4,"box":{"x":54,"y":408,"width":863,"height":6}},{"id":"a5fc4227-35d1-43c0-bedd-6efcb1b0995b","block_type":"box","text":"ation","page_number":4,"box":{"x":918,"y":408,"width":20,"height":5}},{"id":"014dcf90-f48a-4b7c-900f-53c903a64f29","block_type":"box","text":"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.","page_number":4,"box":{"x":54,"y":416,"width":739,"height":6}},{"id":"658ecbeb-2928-4c09-ac22-e8e7eba18def","block_type":"box","text":"Diversification does not ensure a profit or guarantee against loss.","page_number":4,"box":{"x":54,"y":429,"width":273,"height":6}},{"id":"af4a99c5-c98a-434f-8f84-0cd6e54218f1","block_type":"box","text":"Government bonds and corporate bonds generally have more moderate short-term price fluctuations than stocks, but provide lower potential long-term returns.","page_number":4,"box":{"x":54,"y":442,"width":675,"height":6}},{"id":"3475381d-7d47-43f6-81a7-741c91611fbc","block_type":"box","text":"Equity securities may fluctuate in value in response to the activities of individual companies and general market and economic conditions.","page_number":4,"box":{"x":54,"y":455,"width":584,"height":7}},{"id":"8644454c-549b-481c-b4a4-6b94df96569f","block_type":"box","text":"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","page_number":4,"box":{"x":55,"y":468,"width":862,"height":7}},{"id":"58bb6906-deb9-4843-9d1f-762734afbf94","block_type":"box","text":"om","page_number":4,"box":{"x":918,"y":470,"width":12,"height":3}},{"id":"d8abf8cb-5b03-41ac-9f97-982784c4eb58","block_type":"box","text":"economic or political instability in other nations.","page_number":4,"box":{"x":54,"y":476,"width":201,"height":7}},{"id":"b587db71-6bda-48a3-866e-7efad735dd4c","block_type":"box","text":"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","page_number":4,"box":{"x":55,"y":490,"width":860,"height":6}},{"id":"cd7f4559-758d-4fe5-ad23-4951730ec7da","block_type":"box","text":"nd","page_number":4,"box":{"x":917,"y":490,"width":9,"height":5}},{"id":"27dd145c-ac69-4de6-ba80-520b4f8994af","block_type":"box","text":"mature and to political systems which have less stability than those of more developed countries.","page_number":4,"box":{"x":54,"y":498,"width":410,"height":6}},{"id":"089be88b-629b-44ef-a5b7-5cda23f876fb","block_type":"box","text":"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,","page_number":4,"box":{"x":54,"y":511,"width":858,"height":6}},{"id":"08baddfe-f2b3-481f-b803-a847a06580b7","block_type":"box","text":"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","page_number":4,"box":{"x":54,"y":519,"width":762,"height":7}},{"id":"a26b260d-0f8a-4c57-a88c-f20454501361","block_type":"box","text":", these models may draw from","page_number":4,"box":{"x":816,"y":519,"width":127,"height":7}},{"id":"0f7fd629-119a-4157-a6d9-50a406705b4d","block_type":"box","text":"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","page_number":4,"box":{"x":54,"y":527,"width":880,"height":7}},{"id":"f8e2632f-7e75-47be-82bd-4cbb1d90596d","block_type":"box","text":"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","page_number":4,"box":{"x":54,"y":536,"width":863,"height":6}},{"id":"7e0ea4d2-87fb-49f3-bb38-4174e6770586","block_type":"box","text":"rtfolio","page_number":4,"box":{"x":918,"y":536,"width":23,"height":5}},{"id":"8376d7ad-e2ab-4c49-b3e2-48dc027dbe8d","block_type":"box","text":"has sustained a loss (or reduced performance) related to such errors. Availability of third-party models could be reduced or eliminated in the future.","page_number":4,"box":{"x":54,"y":544,"width":626,"height":7}},{"id":"c5d0f73c-87a5-49c3-a091-0412aceb43fb","block_type":"box","text":"Key Risks Associated with the Sub-Fund","page_number":4,"box":{"x":54,"y":557,"width":177,"height":7}},{"id":"77e0b371-c1fd-47cc-89bc-8b8bf004b413","block_type":"box","text":"Please see below some of the key risks associated with the Sub-Fund:","page_number":4,"box":{"x":54,"y":570,"width":296,"height":7}},{"id":"36a68df6-fb48-421f-b5eb-a2c079bda2cf","block_type":"box","text":"•","page_number":4,"box":{"x":54,"y":585,"width":4,"height":2}},{"id":"4039b8a7-08b2-41a8-83ad-fe3fa442b746","block_type":"box","text":"As Of (Historical) Priced Funds Risk","page_number":4,"box":{"x":62,"y":583,"width":158,"height":6}},{"id":"3de46fd7-7d49-44aa-aefc-b789563ab7ff","block_type":"box","text":"- 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","page_number":4,"box":{"x":224,"y":583,"width":691,"height":7}},{"id":"d89da3d4-4b74-434c-8e01-77b2dff6a3f9","block_type":"box","text":"e","page_number":4,"box":{"x":917,"y":585,"width":4,"height":4}},{"id":"f53fb19f-5db1-4cda-bd97-1659fd705323","block_type":"box","text":"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","page_number":4,"box":{"x":54,"y":592,"width":863,"height":6}},{"id":"cad152f5-577d-4093-9b5f-2bc0b66873ec","block_type":"box","text":"d","page_number":4,"box":{"x":919,"y":592,"width":4,"height":5}},{"id":"4228de01-b16f-4802-ad73-bcffa3cceb5d","block_type":"box","text":"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","page_number":4,"box":{"x":54,"y":600,"width":860,"height":6}},{"id":"98fa62f1-38e4-4327-ab48-11e2c51d4929","block_type":"box","text":"et an","page_number":4,"box":{"x":915,"y":600,"width":20,"height":5}},{"id":"2e1e804d-57eb-460f-8364-1f2a85d67c85","block_type":"box","text":"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. 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The exposure to contribution and redemption cash flows","page_number":4,"box":{"x":687,"y":617,"width":244,"height":6}},{"id":"09f2ad40-2e02-4797-a15b-7ed1c283f005","block_type":"box","text":"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","page_number":4,"box":{"x":54,"y":625,"width":877,"height":6}},{"id":"a1843438-68f9-42fa-b0b2-02d993504c64","block_type":"box","text":"or","page_number":4,"box":{"x":935,"y":626,"width":8,"height":4}},{"id":"f1df88b1-a6a0-4aed-b690-3bb821580d31","block_type":"box","text":"index. 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All data","page_number":4,"box":{"x":54,"y":778,"width":859,"height":7}},{"id":"28b7327d-0c2e-4d61-8c40-9386e2de8823","block_type":"box","text":"is","page_number":4,"box":{"x":918,"y":778,"width":5,"height":5}},{"id":"a4257d8e-e626-41d5-8bbc-145dd474de2f","block_type":"box","text":"sourced from State Street Investment Management unless otherwise stated.","page_number":4,"box":{"x":54,"y":786,"width":320,"height":7}},{"id":"046cd6e0-1fd2-46de-b261-17ba747ed698","block_type":"box","text":"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. 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This document should therefore only be circulated to the Trustees of such schemes and their advisers who are deemed to be professional","page_number":4,"box":{"x":54,"y":816,"width":862,"height":7}},{"id":"21b86a40-652a-464b-99ef-711eeab11774","block_type":"box","text":"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","page_number":4,"box":{"x":54,"y":824,"width":862,"height":7}},{"id":"e45c31d7-8ba5-437b-bd9a-232e11b606a7","block_type":"box","text":"e","page_number":4,"box":{"x":917,"y":826,"width":5,"height":4}},{"id":"61b0df78-769b-41bb-998d-6e8803f79e59","block_type":"box","text":"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","page_number":4,"box":{"x":54,"y":833,"width":867,"height":6}},{"id":"056cd402-26b3-43e8-a2d2-d70e3c021f56","block_type":"box","text":"service undertaken by those firms with an objective of matching projected pension fund liabilities does not include, or take responsibility for","page_number":4,"box":{"x":54,"y":841,"width":591,"height":7}},{"id":"ea39f243-7f0e-4716-988b-0f35b14521d3","block_type":"box","text":", the calculation of projected liabilities. Any illustrations exclude the","page_number":4,"box":{"x":645,"y":841,"width":284,"height":7}},{"id":"b3164266-c194-42ed-a30e-6a251fa5bbca","block_type":"box","text":"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","page_number":4,"box":{"x":54,"y":849,"width":767,"height":7}},{"id":"559a91db-3fb0-47d4-a401-347919c88edc","block_type":"box","text":".","page_number":4,"box":{"x":821,"y":854,"width":1,"height":1}},{"id":"7573b97d-98da-4658-a174-d56d112669b0","block_type":"box","text":"This document should be read in conjunction with its Strategy Disclosure/Supplemental/Policy Document. 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This means that this marketing communication (a) has not been prepared in accordance with legal requirements designed to pr","page_number":4,"box":{"x":54,"y":892,"width":860,"height":7}},{"id":"b6eafce1-0a40-4871-8645-4db5758ff404","block_type":"box","text":"omote","page_number":4,"box":{"x":915,"y":892,"width":26,"height":5}},{"id":"c69f3e30-f5e8-4e6b-b22c-7620d8188bcb","block_type":"box","text":"the independence of investment research (b) is not subject to any prohibition on dealing ahead of the dissemination of investment research.","page_number":4,"box":{"x":54,"y":900,"width":615,"height":7}},{"id":"012c3b5e-a8ab-4312-b67a-19570f0dafea","block_type":"box","text":"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","page_number":4,"box":{"x":54,"y":914,"width":858,"height":6}},{"id":"66b5d6cf-b308-4288-8ddb-61d4a0cdcae1","block_type":"box","text":"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","page_number":4,"box":{"x":54,"y":922,"width":860,"height":6}},{"id":"7286fbbd-3a61-4b00-8436-e773396897eb","block_type":"box","text":"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","page_number":4,"box":{"x":54,"y":930,"width":856,"height":7}},{"id":"e6b4fc9c-da5a-4be9-9160-248f4879c14a","block_type":"box","text":"pension schemes.","page_number":4,"box":{"x":54,"y":939,"width":76,"height":6}},{"id":"ee6f56d4-5a2a-4a97-b685-86f5fe25275f","block_type":"box","text":"Please note that full details of underlying fund holdings can now be found on www.statestreet.com/im","page_number":4,"box":{"x":54,"y":952,"width":429,"height":6}},{"id":"0421670a-52ed-4d66-8436-52906f94f901","block_type":"box","text":"© 2026 State Street Corporation. All Rights Reserved.","page_number":4,"box":{"x":54,"y":973,"width":227,"height":6}},{"id":"ce5de704-7504-4b0f-9f35-b071251dcd7d","block_type":"box","text":"Expiration Date: 31/10/2026","page_number":4,"box":{"x":827,"y":973,"width":119,"height":6}},{"id":"685c8df9-8050-413f-8039-da9e0138dc94","block_type":"box","text":"For More Information","page_number":4,"box":{"x":697,"y":61,"width":129,"height":8}},{"id":"cc2de4a0-5bc6-4d1d-8136-150e7348fb9b","block_type":"box","text":"For more information visit our website","page_number":4,"box":{"x":697,"y":75,"width":234,"height":8}},{"id":"9a66d640-bcd4-48e8-95a2-2f7029861a8d","block_type":"box","text":"www.statestreet.com/im or contact your","page_number":4,"box":{"x":696,"y":87,"width":244,"height":9}},{"id":"2cd9bd18-5bb6-4dc4-b099-3b8de2a12297","block_type":"box","text":"representative State Street Investment","page_number":4,"box":{"x":697,"y":99,"width":237,"height":10}},{"id":"6c35c1f3-fa0c-4b74-9de6-932cf9559761","block_type":"box","text":"Management’s office.","page_number":4,"box":{"x":697,"y":112,"width":130,"height":10}},{"id":"5f48b970-79a7-423c-9455-b1974b91d974","block_type":"box","text":"SSGA United Kingdom","page_number":4,"box":{"x":696,"y":142,"width":124,"height":8}},{"id":"c7bf19b3-b951-4aa0-b452-20b18473b55c","block_type":"box","text":"+44 (0) 20 3395 2333","page_number":4,"box":{"x":696,"y":152,"width":128,"height":8}},{"id":"bd358d8c-6465-4da5-9f0f-f822fe016d50","block_type":"box","text":"State Street Global Advisors (SSGA) is now State Street Investment Management. 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