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Fund Objective
The Sub-Fund seeks to provide a balance between capital growth and capital preservation, taking into account the investment manager's view of what investments it believes are typically appropriate for an investor in a UK pension fund retiring on the target retirement date of the Sub-Fund. The investment manager will use proprietary valuation models and may select from 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
Investments are made in accordance with an asset allocation "glide path" developed by the investment manager for the Sub-Fund. The glide path sets out the types of investments which the investment manager believes are appropriate for the Sub-Fund, taking into account the investment objective and the remaining time until the target retirement date of the Sub-Fund. The asset allocation and risk profile of the Sub-Fund will therefore vary over time and may also be amended from time to time depending upon the investment manager's view of whether a typical investor in a UK pension fund retiring on the target retirement date of the Sub-Fund will purchase an income generating annuity (and, if so, when that purchase will be made), market-events, changes in average life expectancy, inflation, applicable law and regulation or other circumstances deemed relevant by the investmen t manager.
Performance Benchmark
The benchmark for performance measurement purposes is a custom benchmark based on the strategic asset allocation of the portfolio. The composition of this benchmark will be updated on a quarterly basis, in line with changes made to the strategic asset allocation of the portfolio as it moves along the glide path towards the target retire ment date.
Key Facts Structure Limited Company Domicile United Kingdom Investment Manager State Street Global Advisors Limited NAV 1.80 GBP as of 30 June 2026 Currency GBP Net Assets (millions) 73.62 GBP as of 30 June 2026 Inception Date 24 November 2014 Zone Global Settlement Redemption Settlement Cycle, DD+4; Subscription Settlement Cycle, DD+4 Notification Deadline DD 09:30am London time Valuation Daily market close Swing Factor 1 Subscription 0.09% Redemption 0.01% Minimum Initial Investment GBP 0.00 Minimum Subsequent Investment GBP 0.00 1 Indicative as at the date of this factsheet and is subject to change
Timewise Target
Retirement 2025 Sub
Fund
Fact Sheet Multi-Asset
Managed Pension Funds Limited
30 June 2026
For Professional Clients / Qualified Investors Use Only. Not for public distribution.
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Performance Annualised Performance Benchmark
Gross Unswung Difference Net Swung Difference
1 Year (%) 8.28 11.28 3.00 11.15 2.88 3 Year (%) 8.02 9.37 1.35 9.08 1.06 5 Year (%) 3.28 3.87 0.58 3.59 0.31 Since Inception (%) 5.57 5.47 -0.10 5.19 -0.38 Cumulative 3 Month (%) 4.39 5.52 1.13 5.56 1.16 1 Year (%) 8.28 11.28 3.00 11.15 2.88 3 Year (%) 26.05 30.85 4.79 29.79 3.74 5 Year (%) 17.53 20.88 3.35 19.30 1.78 Since Inception (%) 87.44 85.41 -2.03 79.73 -7.71 Calendar 2026 (year to date) 3.69 4.70 1.02 4.55 0.86 2025 8.01 9.18 1.17 8.92 0.91 2024 6.13 7.26 1.13 7.15 1.02 2023 9.33 10.31 0.97 10.04 0.70 2022 -11.91 -13.72 -1.81 -13.94 -2.03 Past performance is not a guarantee of futur e r e s u l t s . Investing involves risk including the risk of loss o f c a p i t a l . 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 calculat ed in GBP. The index returns are unmanaged and do not reflect the deduction of any fees or expenses. The index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income. The performance includes the reinvestment of dividends and other corporate earnings and is calculat ed in GBP. 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 t he 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 di fferences. When the Fund is closed according to its official Net Asset Value (NAV) calendar but, nonetheless, a significant portion of the underlying security prices can be determined, a Technical NAV is calculated. Past Performance indicated herein has therefore been calculated using a Technical NAV when required, as well as the official NAV of the Fund as at each other business day for the releva nt period. Any spreads disclosed are indicative only and are subject to the discretion of the investment manager, based on market conditions at the time of tr ansaction. Source: State Street Investment M anagement. All data is as at 30/06/2026
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Asset Allocation Fund (%) UK Non-Gilts 24.35 Dynamic Diversified Fund 20.01 SSgA Global Aggregate Bond Index Fund 11.43 SPDR BBG 0-5 Year Sterling Corp Bd ETF 9.94 Developed Equities TVT 8.18 MPF Sterling Liquidity Index 4.98 Index Linked Gilts 4.95 SS ACS MF GLBL ESG EQTY INDX FD 4.74 State Street EM L Cur Govt Bd USD (9TDCB)
2.55
State Street Global High Yield Bond ESG 2.49 World TPI Climate Transition Indx Eq 2.39 MPF North America 100% Hedged ESG Screened
1.72
Emerging Markets TVT 1.43 MPF Europe ex-UK 100% Hedged 0.30 MPF Japan (100% Hedged) ESG Screened
0.16
Cash 0.15 MPF Asia Pac ex Japan Eq 100% Hgd 0.14 MPF UK EQUITY INDEX 0.07 MPF Middle East Africa Fund 0.01 Asset allocations shown are as of the date indicated and are subject to change. Please note that full details of underlying fund holdings can be found on w w w. w. s t at at e s t r e e t . c o m / i m .
Commentary
Timewise Funds Commentary - Q2 2026 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 poli cy 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 E q u i t i e s
Glide Path
Perc ent
0 40 35 30 25 20 15 10 5 0 5
40
60
80
100
20
Ye ars to Retiremen t Retirement
Emer ging Mark et E quities TVT De veloped E quities TVT
Multi-F actor E quitie s S mar t Beta: Small Cap S mar t Beta: Va lu e High Yield Debt Emer ging Mark et Debt
Corporate Bond Sterling Liquidit y
Dynamic Diversified F und Infrastructur e Inde x link ed Gits Global Ag gr egate Bonds UK Non-Gilts
Emer ging Mark et E quities W orld TPI Climate Tr ansition Inde x E quity Sub F und De veloped E quitie s
The last strategic review of the glide path was completed in Feb 2024. The full report is available at https://www.ssga.com/library-content/assets/pdf/emea/dc/2024/timewise annual-rev iew-uk.pdf 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 pensio n s c h e m e s .
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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 abroad 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 FTSEAW Developed Index, advanced 14.5%, while EM measured by the FTSE AW Emerging Index retu rned 11.4%
UK equities lagged the broader European rebound. The FTSE All-Share Index returned4.69%. 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.
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 t he 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 continued 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 qu arter-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 pe rformance.
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-heav y 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 AWE merging 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 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 pe rformance.
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 r at 3.80%.
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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. Central banks adopted amore 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 Trus t s ( R E I Ts Ts )
Commodity markets w 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 li ve 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 p erformers.
All performance cited is calculated in GBP unless otherwis ise se st sta tat ate ted ed. d.
Asset A l l o c at at i o n
The State Street MPF Dynamic Diversified Fund began the quarter with approximately 40% allocated to grow th 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 ensu ing 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 alt ernatives.
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 th e quarter.
Source: Bloomberg, FactSet, J.P. Morgan, Barclays, Morgan Stanley, Wall Street Journal, Barron's, Nareit, MSCI, S&P Global, Institute for Supply Management® t® ®
(ISM® M®) ®
), and FTSE, as of 30 J Ju Ju ne ne 20 202 026 26. 6.
All performance cited is calculated in GBP unless otherwis ise se st sta tat ate ted ed. d.
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 p r i n c i p a l .
A p p e n d i x : S t at at e S t r e e t I n v e s t m e n t M a n a g e m e n t M a r ke ke t R e g i m e I n d i c at at o r
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The Market Regime Indicator (MRI) is aproprietary macro indicator developed by State Street Investment Management 's Investment Solutions Group. The MRI is based on forward looking market information and is designed to identify the level of risk aversion/appetite in the market. Factors utilised to generate the signal include implied equity and currency volatility as well as spreads on fixe xe d i n c o m e .
The regime indicator was the result of over twelve months of rigorous testing by the Investment Solution Group. The test results showed that the indicator tracks historical market stress events, and trading strategies based on the indicator generated positive outper fo fo r m a n c e .
The Investment Solutions Group uses the MRI as one of the inputs into its global tactical asset-allocation decision makin g p r o c e s s .
By design, the MRI signal varies between 0% and 100%. On this scale, a high level is often characterised by market tensions, such as a significant increase in volatility and a drop in risky ass e t p r i c e s .
WE HAVE IDENTIFIEDFIVE DIFFERENT MARKE T REGIMES:
1. C r i s i s (level close to 100%) - Extreme risk aversion ('Fe ar/Panic')
2. H i g h R i s k Av Av e r s i o n (level above the average) - A version towards risk-taking and ri sky assets
3. N o r m a l (level oscillating around the mean) - Usually characterised by a neutral market sentiment
4. L o w R i s k Av Av e r s i o n (level below the average) - Appetite towards risk-taking and ri sky assets
5. E u p h o r i a a (level close to 0%) - Extreme risk appetite ('Greed'/ Co mplacency)
Source: Bloomberg, FactSet, J.P. Morgan, Barclays, Morgan Stanley, Wall Street Journal, Barron's, Nareit, MSCI, S&P Global, and FTSE, as of 30 June 2026. All performance cited is calculated in GBP unless otherwi s e s t at at e d . 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 p r i n c i p a l .
Contact Us
Visit our website at s t at at e s t r e e t . c o m / i m or contact your representative State Street Investment Management 's office.
Anna Hayes Client Relationship Manager +44 (0) 20 3395 6022
Chris Edwards Client Relationship Manager +44 (0) 20 3395 3932
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statestr eet.com/im
State Street Global Advisors (SSGA) is now State Street Investment Management. Please go to statestreet.com/investment management for more in fo fo r m a t i o n . Marketing Com m u n i c a t i o n
Important I n fo fo r m a t i o n For investors in the United Kingdom: State Street Global Advisors Limited. Authorised and regulated by the Financial Conduct Authority. Registered in England. Registered No. 2509928. VAT No. 5776591 81. Registered office: 20 Churchill Place, Canary Wharf, London, E14 5HJ. T: 020 3395 6000. F: 020 3395 6350. www. statestr eet.com/im The information provided does not constitute investment advice as such term is defined under the Markets in Financial Instruments Directive (2014/65/EU) or applicable Swiss regulation and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell any investment. It does not take into account any investor's or potential investor’s particular investment objectives, strategies, tax status, risk appetite or investment horizon. If you require investment advice you should consult your tax and financial or other professiona l advisor. This communication is directed at professional clients (this includes eligible counterparties as defined by the appropriate EU regulator) 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 comm unication. 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 applicable regional regulation. This means that this marketing communication (a) has not been prepared in accordance with legal requirements designed to promote the independence of investment research (b) is not subject to any prohibition on dealing ahead of the dissemination of investment r e s e a r c h . If you have a complaint about any matter relating to this product, you should contact your representative at State Street Global Advisors using the contact details provided above. It is
State Street Global Advisors' 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 Global Advisors' internal complaints procedure is available o n request. In determining which investments are appropriate for the Sub-Fund, State Street Global Advisors' 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 questions in relation to whether the Sub-Fund is suitable for any such person, you or they (as relevant) should seek financial, legal, actuarial or t ax advice. Investing in the Strategy is effected by means of a contract of linked long-term insurance issued by Managed Pension Funds Limited (MPF). MPF and SSGA are wholly owned subsidiaries of State Street Corporation. State Street Global Advisors is not contractually obliged to conduct its insurance mediation business exclusively with one or more insurers and does not provide any advice on contracts of insurance. Nonetheless, SSGA's insurance intermediation services are only provided in relation to contracts of insurance provid ed by MPF. The Strategy 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 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, including scheme members. Scheme members should consult with their employer or schem e trustee. Managed Pension Funds Limited (“MPF”) is a pooled investment vehicle enabling pension scheme investors to invest in one or more sub-funds of MPF. MPF is an insurance undertaking and investors in MPF receive a unit-linked policy, which is a type of insurance policy, and are allocated units in the relevant Sub-Fund(s) in which they invest. MPF has appointed State Street Global Advisors Limited (“SSGAL”) to act as investment manager to MPF. SSGAL may delegate provision of investment management services to its affiliated entities. MPF is authorized by the Prudential Regulation
Authority (PRA) and regulated by the Financial Conduct Authority an d the PRA. MPF is available to pension schemes registered with HM Revenue and Customs for the purposes of Part 4 of the Finance Act 2004. MPF is also available to certain insurance companies that wish to reinsure liabilities that the insurers have arising under unit linked life policies issued by the insurers to underlying pension scheme investors. Before investing you should consult with your tax or financial advisor to ensure you qualify to invest in MPF. Scheme members should consult with their employers or scheme trustees. Please note that neither SSGAL or MPF 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 li abilities. 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 specifi c policy. Please refer to the MPF Key Features Document and Policy Document for full details about the Fund, including fees and risks. Please refer to the “General Risks Applicable to All Sub-Funds” and to the relevant “Sub-Fund Specific Risk Factors” sections of the “Key Features of Managed Pension Funds Limited” document, which is available at: https://www.ssga.com/ publications/firm/Key-Features-of Managed-Pension-Funds-L i m i t e d . p d f 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 SSGA are wholly owned subsidiaries of State Street Corporation. SSGA is not contractually obliged to conduct its insurance mediation business exclusively with one or more insurers and does not provide any advice on contracts of insurance. Nonetheless, SSGA's insurance intermediation services are only provided in relation to contracts of insurance provid ed 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 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, including scheme members. Scheme members should
consult with their employer or schem e trustee. Timewise Target Retirement Sub-Fund's are designed for investors expecting to retire around the year indicated in each Sub-Fund's name. When choosing a Sub-Fund, investors should consider whether they anticipate retiring significantly earlier or later than age 65 even if such investors retire on or near a Sub-Fund's approximate target date. 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 strategy becomes increasingly conservative as it approaches the target date and beyond. The investment risks of each Sub-Fund change over time as its asset allocatio n changes. Investing involves risk including the risk of loss of principal. All information is from SSGA unless otherwise noted and has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information and it should not be relied o n as such. The returns on a portfolio of securities which exclude companies that do not meet the portfolio's specified Sustainable Investment criteria may trail the returns on a portfolio of securities which include such companies. A portfolio's Sustainable Investment criteria may result in the portfolio investing in industry sectors or securities which underperform the market as a whole. TER Max represents the fund's aggregate operating and management fees excluding transaction costs. Transaction costs are billed separately to the fund. The embedded cost information can be found in the MPF Embedded Costs Document. The trademarks and service marks referenced herein are the property of their respective owners. Third party data providers make no warranties or representations of any kind relating to the accuracy, completeness or timeliness of the data and have no liability for damages of any kind relating to the use of such data. 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 Global Advisors' express writte n consent. © 2026 State Street Co rporation. All Rights Reserved. Expiration Date: 31/10/2026
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