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Report.","page_number":2,"box":{"x":47,"y":500,"width":365,"height":11}},{"id":"07353da4-71ca-4c40-8914-84c310fe3340","block_type":"box","text":"State Street AUT Japan Screened Index Equity Fund","page_number":2,"box":{"x":47,"y":44,"width":496,"height":13}},{"id":"c00aca44-af27-4a4d-a2e7-faa0a5bee69c","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":2,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"8303094e-a6bc-4539-96c0-7c3b2e1cfea1","block_type":"box","text":"Authorised Status","page_number":3,"box":{"x":46,"y":175,"width":144,"height":8}},{"id":"ed3cbfea-9bcc-4fdf-a882-e86dcbe53d5b","block_type":"box","text":"The State Street AUT Japan Screened Index Equity Fund (the “Fund”) is an Authorised Unit Trust Scheme as defined in","page_number":3,"box":{"x":47,"y":194,"width":903,"height":11}},{"id":"a4db83ba-6b8e-44e1-ad22-5623b5b4ccff","block_type":"box","text":"section 243 of the Financial Services and Markets Act 2000 and it is a UCITS Retail Scheme within the meaning of the FCA","page_number":3,"box":{"x":47,"y":208,"width":905,"height":11}},{"id":"a6aaf628-8a3b-479a-a04f-fb0a4b0ebb75","block_type":"box","text":"Collective Investment Schemes sourcebook. The unitholders are not liable for the debts of the Fund.","page_number":3,"box":{"x":47,"y":222,"width":740,"height":9}},{"id":"164009a3-4e5e-4606-b2bc-063f526bc0d1","block_type":"box","text":"Investment Objective and Policy","page_number":3,"box":{"x":48,"y":258,"width":255,"height":11}},{"id":"39567bfb-2dc2-4450-8401-7429913f09ec","block_type":"box","text":"The objective of the Fund is to replicate, as closely as possible and on a “gross of fees” basis, the return of the Japan","page_number":3,"box":{"x":47,"y":277,"width":903,"height":11}},{"id":"a67037a1-e47c-4ed3-a432-e6a408cd5f3f","block_type":"box","text":"equity market as represented by the FTSE Japan ex Controversies ex CW ex Tobacco ex Thermal Coal (10%) Index, net","page_number":3,"box":{"x":47,"y":291,"width":904,"height":11}},{"id":"8c4df309-6774-4df9-9f48-453a1a3f3f76","block_type":"box","text":"of withholding taxes (or its recognised replacement or equivalent).","page_number":3,"box":{"x":47,"y":305,"width":486,"height":11}},{"id":"225c1e52-56c6-4a0d-9f2b-ee1a44964172","block_type":"box","text":"The Fund passively managed, meaning that the objective of the Fund is to achieve an investment return that is as","page_number":3,"box":{"x":47,"y":326,"width":904,"height":11}},{"id":"cd188c0d-ea62-49fb-9359-03b206681ecc","block_type":"box","text":"close as possible, and on a “gross of fees” basis, to the return of the Index applicable to the Fund. The Investment Adviser","page_number":3,"box":{"x":47,"y":341,"width":905,"height":11}},{"id":"07764288-14ff-4fe1-88b7-b5a02861f8fc","block_type":"box","text":"seeks to achieve the objective of the Fund by using a replication strategy. This strategy seeks to hold all of the securities of","page_number":3,"box":{"x":47,"y":355,"width":905,"height":11}},{"id":"1f484372-eef9-4552-9d31-d9b5bab3ef22","block_type":"box","text":"the particular Index, with the approximate weightings as in that Index. The Fund may also invest in transferable securities,","page_number":3,"box":{"x":47,"y":369,"width":903,"height":11}},{"id":"63cd42e8-66b4-4751-849a-929a6e35f837","block_type":"box","text":"money market instruments, warrants, units in collective investment schemes, deposits and derivatives. The Fund may invest","page_number":3,"box":{"x":48,"y":383,"width":903,"height":11}},{"id":"efce3101-d874-45ae-86f1-36e4ddaedfef","block_type":"box","text":"in collective investment schemes managed or operated by companies in the same group as the Manager or the","page_number":3,"box":{"x":48,"y":398,"width":903,"height":11}},{"id":"711bd751-3b4c-4322-a565-be544e398810","block_type":"box","text":"Investment Adviser.","page_number":3,"box":{"x":48,"y":412,"width":142,"height":8}},{"id":"37b1075e-a869-44b8-902d-d45adbfe5846","block_type":"box","text":"The Fund will seek to track the performance of the Index whilst seeking to minimise as far as possible the tracking","page_number":3,"box":{"x":47,"y":433,"width":903,"height":11}},{"id":"29a993ea-723e-4853-b657-405ddbafba81","block_type":"box","text":"error between the Fund’s performance and that of the Index.","page_number":3,"box":{"x":47,"y":447,"width":445,"height":11}},{"id":"9a43d1ca-61a1-410d-ab84-0c9883242456","block_type":"box","text":"The Indices include negative screens that exclude securities from the Indices based on four criteria:","page_number":3,"box":{"x":47,"y":469,"width":735,"height":11}},{"id":"272ef1d3-731c-493f-929d-e3ccd9de3cc7","block_type":"box","text":"1. Controversial weapons (including chemical & biological weapons, cluster munitions, antipersonnel landmines),","page_number":3,"box":{"x":48,"y":490,"width":831,"height":11}},{"id":"457e219e-5e7b-41e8-807b-699a3bb70d16","block_type":"box","text":"2. Controversies as defined by the ten principles of the UN Global Compact:","page_number":3,"box":{"x":47,"y":511,"width":560,"height":11}},{"id":"0d0845c0-3849-428d-992e-7179ee020008","block_type":"box","text":"Human Rights","page_number":3,"box":{"x":47,"y":533,"width":106,"height":11}},{"id":"40743de3-8961-4425-bc42-bf1cae9dd777","block_type":"box","text":"a) Principle 1: Businesses should support and respect the protection of internationally proclaimed human rights; and","page_number":3,"box":{"x":47,"y":554,"width":858,"height":11}},{"id":"a7969fca-fb49-4e2e-830e-067805d27cfc","block_type":"box","text":"b) Principle 2: make sure that they are not complicit in human rights abuses.","page_number":3,"box":{"x":47,"y":575,"width":561,"height":11}},{"id":"f48bf966-f27a-4d4f-b6e3-ff6f8f127c9d","block_type":"box","text":"Labour","page_number":3,"box":{"x":47,"y":597,"width":53,"height":8}},{"id":"c76192d5-6d25-484d-a2a6-eb90c937b234","block_type":"box","text":"c) Principle 3: Businesses should uphold the freedom of association and the effective recognition of the right to collective","page_number":3,"box":{"x":47,"y":618,"width":904,"height":11}},{"id":"4a9c8fd5-27ad-433a-a227-38e7f06a7905","block_type":"box","text":"bargaining;","page_number":3,"box":{"x":47,"y":632,"width":82,"height":11}},{"id":"84c68688-622d-4af7-9df8-ba5a15b09f35","block_type":"box","text":"d) Principle 4: the elimination of all forms of forced and compulsory labour;","page_number":3,"box":{"x":47,"y":654,"width":550,"height":11}},{"id":"e87d9bc9-3e95-43a3-9af2-c634e4362411","block_type":"box","text":"e) Principle 5: the effective abolition of child labour; and","page_number":3,"box":{"x":47,"y":675,"width":411,"height":11}},{"id":"26a40a38-ac78-4717-b4df-249b5e2b97e1","block_type":"box","text":"f) Principle 6: the elimination of discrimination in respect of employment and occupation.","page_number":3,"box":{"x":47,"y":696,"width":649,"height":11}},{"id":"03a11bae-06fa-43cb-b184-bb585a0820f5","block_type":"box","text":"Environment","page_number":3,"box":{"x":47,"y":718,"width":94,"height":8}},{"id":"e35a63b0-54c9-414f-b295-ebaf6c0ec6dc","block_type":"box","text":"g) Principle 7: Businesses should support a precautionary approach to environmental challenges;","page_number":3,"box":{"x":47,"y":739,"width":719,"height":11}},{"id":"16658f85-6dec-41dd-8414-c11ef71ff8b6","block_type":"box","text":"h) Principle 8: undertake initiatives to promote greater environmental responsibility; and","page_number":3,"box":{"x":47,"y":760,"width":646,"height":11}},{"id":"43b8e61d-5bcc-4802-9762-d6ddd789cf56","block_type":"box","text":"i) Principle 9: encourage the development and diffusion of environmentally friendly technologies.","page_number":3,"box":{"x":47,"y":782,"width":709,"height":11}},{"id":"28f141ee-5c4f-4a08-ab76-24318518a007","block_type":"box","text":"AntiCorruption","page_number":3,"box":{"x":46,"y":803,"width":107,"height":11}},{"id":"30462c74-ec8b-47fa-b2ee-8c3effadbd59","block_type":"box","text":"j) Principle 10: Businesses should work against corruption in all its forms, including extortion and bribery.","page_number":3,"box":{"x":44,"y":824,"width":772,"height":11}},{"id":"b6ade6f2-8671-4e4a-a956-5665ec43ad00","block_type":"box","text":"3. Tobacco (companies engaged in the production of tobacco and/or tobacco products),","page_number":3,"box":{"x":47,"y":846,"width":645,"height":11}},{"id":"93f6bfad-acaf-4934-a352-f6146302e319","block_type":"box","text":"4. Thermal Coal (companies with revenues greater than or equal to 10% from extraction or power generation of thermal coal).","page_number":3,"box":{"x":47,"y":867,"width":903,"height":11}},{"id":"25231b44-10ac-4c12-8f16-d481a9145d47","block_type":"box","text":"These negative screens will therefore apply when the Fund invest in shares of companies included in the Index (but not in","page_number":3,"box":{"x":47,"y":888,"width":903,"height":11}},{"id":"593b1b0b-6e6d-41f6-a5fb-dd6ac310ba35","block_type":"box","text":"respect of other investments held by the Fund from time to time).","page_number":3,"box":{"x":48,"y":903,"width":477,"height":11}},{"id":"3d96d918-e541-497c-91ea-e530407b7f88","block_type":"box","text":"State Street AUT Japan Screened Index Equity Fund","page_number":3,"box":{"x":47,"y":44,"width":496,"height":13}},{"id":"fcf7689e-3c12-4f05-9907-63a26b21345c","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":3,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"70f158f8-8873-496e-b576-edb1d6b64359","block_type":"box","text":"Manager’s Report","page_number":3,"box":{"x":48,"y":123,"width":168,"height":13}},{"id":"5151d4cd-5d5b-4112-bb7a-ce65b927bb8e","block_type":"box","text":"For the year ended 31st December 2025","page_number":3,"box":{"x":48,"y":147,"width":300,"height":11}},{"id":"ad663140-8223-4485-8b33-d1d1d26cdd36","block_type":"box","text":"1","page_number":3,"box":{"x":497,"y":956,"width":3,"height":7}},{"id":"fad98932-50cf-4504-b28e-392008eac2e7","block_type":"box","text":"Performance","page_number":4,"box":{"x":48,"y":175,"width":100,"height":8}},{"id":"8ed3be56-3fec-4b3f-8fca-ac0984a8f1dc","block_type":"box","text":"The Fund returned 16.47% on a net basis for the 1 year period ended 31 December 2025 (the “Reporting Period”), compared","page_number":4,"box":{"x":47,"y":194,"width":903,"height":11}},{"id":"74eb5be0-f8f3-43ad-ba91-76db7c392905","block_type":"box","text":"to the Index return of 16.56%. 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Statements 2025","page_number":26,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"a71f0123-983f-4ab2-851b-e7de062cbc36","block_type":"box","text":"Manager's Statement of Responsibilities","page_number":26,"box":{"x":48,"y":123,"width":383,"height":13}},{"id":"102687dc-efef-4fe8-a8db-beaada8e5655","block_type":"box","text":"For the year ended 31st December 2025","page_number":26,"box":{"x":48,"y":147,"width":300,"height":11}},{"id":"a242f2c6-7b1e-4f96-8b9a-b1670c6a6927","block_type":"box","text":"24","page_number":26,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"c6c21478-ab6b-4a78-b84b-50710361057d","block_type":"box","text":"Statement of the Depositary’s Responsibilities in respect of the Scheme","page_number":27,"box":{"x":47,"y":175,"width":571,"height":11}},{"id":"75c5e51a-ad76-4d98-a547-8caf4ea5c246","block_type":"box","text":"The Depositary in its capacity as Trustee of State Street AUT Japan Screened Index Equity Fund must ensure that the Trust","page_number":27,"box":{"x":47,"y":194,"width":904,"height":11}},{"id":"bdeb2e9d-edc2-45c0-9954-c38377c3fcf0","block_type":"box","text":"is managed in accordance with the Financial Conduct Authority’s Collective Investment Schemes Sourcebook, the Financial","page_number":27,"box":{"x":48,"y":208,"width":902,"height":11}},{"id":"1bea1124-862e-4a37-b573-aaeb48d1a61d","block_type":"box","text":"Services and Markets Act 2000, as amended, (together “the Regulations”), the Trust Deed and Prospectus (together “the","page_number":27,"box":{"x":47,"y":222,"width":904,"height":11}},{"id":"dfc445cd-ab8a-4fd1-b9d4-2808fc762eaa","block_type":"box","text":"Scheme documents”) as detailed below.","page_number":27,"box":{"x":47,"y":236,"width":295,"height":11}},{"id":"bb9ebe98-692c-4a05-a1a9-540b4b2a0716","block_type":"box","text":"The Depositary must in the context of its role act honestly, fairly, professionally, independently and in the interests of the Trust","page_number":27,"box":{"x":47,"y":258,"width":904,"height":11}},{"id":"73954113-938b-47ea-9b4d-962df2c7aa0f","block_type":"box","text":"and its investors.","page_number":27,"box":{"x":47,"y":272,"width":124,"height":9}},{"id":"deb9fc01-6dde-4fe4-97ef-c7520602016d","block_type":"box","text":"The Depositary is responsible for the safekeeping of all custodial assets and maintaining a record of all other assets of the","page_number":27,"box":{"x":47,"y":293,"width":904,"height":11}},{"id":"fbbf212d-23e1-4bc8-9e52-1361f2141e11","block_type":"box","text":"Trust in accordance with the Regulations.","page_number":27,"box":{"x":47,"y":308,"width":305,"height":11}},{"id":"ba04de51-78f9-4687-ac4b-3443fd714424","block_type":"box","text":"The Depositary must ensure that:","page_number":27,"box":{"x":47,"y":329,"width":246,"height":11}},{"id":"d0131582-421e-48e3-91b2-fd82e271063c","block_type":"box","text":"•","page_number":27,"box":{"x":47,"y":353,"width":4,"height":3}},{"id":"b1bf0968-640b-4309-9ff1-b6c760c785d3","block_type":"box","text":"the Trust’s cash flows are properly monitored and that cash of the Trust is booked in cash accounts in accordance with","page_number":27,"box":{"x":77,"y":350,"width":873,"height":11}},{"id":"7f1fe345-726c-4a9a-acb0-0f4d09ac23fa","block_type":"box","text":"the Regulations;","page_number":27,"box":{"x":77,"y":364,"width":120,"height":11}},{"id":"b5ae5a03-89f5-4a86-90cd-77845b0a2e7d","block_type":"box","text":"•","page_number":27,"box":{"x":47,"y":389,"width":4,"height":3}},{"id":"f1ea8d17-ba43-4dba-9878-e7b8e0e151c4","block_type":"box","text":"the sale, issue, repurchase, redemption and cancellation of units are carried out in accordance with the Regulations;","page_number":27,"box":{"x":77,"y":386,"width":858,"height":11}},{"id":"ac3919fa-0bd2-4103-8fb0-1d5e673e5a75","block_type":"box","text":"•","page_number":27,"box":{"x":47,"y":410,"width":4,"height":3}},{"id":"96f9cc69-844b-495a-b402-c828b2131085","block_type":"box","text":"the value of units of the Trust are calculated in accordance with the Regulations;","page_number":27,"box":{"x":77,"y":407,"width":592,"height":11}},{"id":"95285f1a-1c9b-4254-839f-b50d252d89c4","block_type":"box","text":"•","page_number":27,"box":{"x":47,"y":431,"width":4,"height":3}},{"id":"e62247d4-945b-420e-a81d-92295a622af2","block_type":"box","text":"any consideration relating to transactions in the Trust’s assets is remitted to the Trust within the usual time limits;","page_number":27,"box":{"x":78,"y":428,"width":829,"height":11}},{"id":"74110311-c9de-46ab-b052-38033912d9cb","block_type":"box","text":"•","page_number":27,"box":{"x":47,"y":453,"width":4,"height":3}},{"id":"fc94a01b-5264-4b25-bf16-e293e52db70b","block_type":"box","text":"the Trust’s income is applied in accordance with the Regulations; and","page_number":27,"box":{"x":77,"y":450,"width":512,"height":11}},{"id":"73ee5d92-52d5-479a-80af-fdf677d286af","block_type":"box","text":"•","page_number":27,"box":{"x":47,"y":474,"width":4,"height":3}},{"id":"bc322f96-6f57-44f1-b002-decc4a2f8dac","block_type":"box","text":"the instructions of the Authorised Fund Manager (“the AFM”), which is the UCITS Management Company, are carried out","page_number":27,"box":{"x":77,"y":471,"width":874,"height":11}},{"id":"36b96783-a0da-4400-a3a1-abde70ca9d35","block_type":"box","text":"(unless they conflict with the Regulations).","page_number":27,"box":{"x":78,"y":485,"width":311,"height":11}},{"id":"103893eb-61cc-4df2-9adb-466fbe0af5fe","block_type":"box","text":"The Depositary also has a duty to take reasonable care to ensure that the Trust is managed in accordance with the","page_number":27,"box":{"x":47,"y":507,"width":904,"height":11}},{"id":"0885ece7-3a93-4570-a257-899c18bef477","block_type":"box","text":"Regulations and the Scheme documents of the Trust in relation to the investment and borrowing powers applicable to the","page_number":27,"box":{"x":48,"y":521,"width":903,"height":11}},{"id":"dcb438d4-7a3b-40c3-9926-7774e29ac5c7","block_type":"box","text":"Trust.","page_number":27,"box":{"x":47,"y":535,"width":40,"height":9}},{"id":"193cf7d4-dead-4222-a54b-5b21dde27cab","block_type":"box","text":"Having carried out such procedures as we considered necessary to discharge our responsibilities as Depositary of the Trust,","page_number":27,"box":{"x":48,"y":556,"width":902,"height":11}},{"id":"1c86fd48-b3c2-4e30-9831-2fe0e0bdabe6","block_type":"box","text":"it is our opinion, based on the information available to us and the explanations provided, that, in all material respects the Trust,","page_number":27,"box":{"x":48,"y":571,"width":902,"height":11}},{"id":"aebfb910-1f48-4f52-8bb4-abba3c67b707","block_type":"box","text":"acting through the AFM:","page_number":27,"box":{"x":47,"y":585,"width":176,"height":11}},{"id":"d22516ec-481b-4a52-bd28-e023cd8a05db","block_type":"box","text":"(i) has carried out the issue, sale, redemption and cancellation, and calculation of the price of the Trust’s units and the","page_number":27,"box":{"x":47,"y":606,"width":904,"height":11}},{"id":"acd490ae-cf62-409b-af93-0ad32b7e56c3","block_type":"box","text":"application of the Trust’s income in accordance with the Regulations and the Scheme documents of the Trust; and","page_number":27,"box":{"x":47,"y":620,"width":841,"height":11}},{"id":"8bcc5f03-5b76-480e-9c8b-7dd539591b95","block_type":"box","text":"(ii) has observed the investment and borrowing powers and restrictions applicable to the Trust in accordance with the","page_number":27,"box":{"x":47,"y":642,"width":904,"height":11}},{"id":"fc03037e-8595-4a13-b4ab-e7ce10382677","block_type":"box","text":"Regulations and the Scheme documents of the Trust.","page_number":27,"box":{"x":48,"y":656,"width":392,"height":11}},{"id":"d1f274bb-c3d7-43b7-8051-4b4d2aa2e0b6","block_type":"box","text":"This report is given on the basis that no breaches are subsequently advised to us before the distribution date. We therefore","page_number":27,"box":{"x":47,"y":677,"width":904,"height":11}},{"id":"39c59bad-38ee-4d04-b892-80ec0abbf9d5","block_type":"box","text":"reserve the right to amend the report in the light of such circumstances.","page_number":27,"box":{"x":48,"y":691,"width":525,"height":12}},{"id":"cc7d3ae9-10ca-4558-8fbe-4716a27bb981","block_type":"box","text":"Yours sincerely","page_number":27,"box":{"x":46,"y":756,"width":113,"height":11}},{"id":"ba75338b-fc39-40b2-b803-72b5ccbdc5d4","block_type":"box","text":"Depositary","page_number":27,"box":{"x":48,"y":841,"width":78,"height":11}},{"id":"6470b0f9-8dac-4946-b50f-91b3eb6130a2","block_type":"box","text":"HSBC Bank Plc","page_number":27,"box":{"x":48,"y":855,"width":116,"height":9}},{"id":"9d58ff57-985c-4be6-bd1c-14994533bf82","block_type":"box","text":"8 Canada Square","page_number":27,"box":{"x":47,"y":869,"width":130,"height":11}},{"id":"7054b119-627a-4f88-8f07-8311d96fdcd9","block_type":"box","text":"London E14 5HQ","page_number":27,"box":{"x":48,"y":883,"width":127,"height":10}},{"id":"2d964e2e-a26e-4d44-9fdf-d9ac42958952","block_type":"box","text":"22 April 2026","page_number":27,"box":{"x":47,"y":926,"width":96,"height":11}},{"id":"c46ac450-bba6-4bdc-914c-3a8f97830d1f","block_type":"box","text":"State Street AUT Japan Screened Index Equity Fund","page_number":27,"box":{"x":47,"y":44,"width":496,"height":13}},{"id":"81333a09-a525-43df-b672-d275c9183889","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":27,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"15ad2d56-9164-44b6-a4a9-285728717b46","block_type":"box","text":"Statement of the Depositary's Responsibilities","page_number":27,"box":{"x":47,"y":123,"width":441,"height":13}},{"id":"2a54f68d-95f8-4630-a2ff-900997509f55","block_type":"box","text":"For the year ended 31st December 2025","page_number":27,"box":{"x":48,"y":147,"width":300,"height":11}},{"id":"b51dc68d-8b61-4cc0-abc7-c62fde65defc","block_type":"box","text":"25","page_number":27,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"f87ad530-90c5-4f29-ab97-70381714f464","block_type":"box","text":"Report on the audit of the financial statements","page_number":28,"box":{"x":48,"y":187,"width":441,"height":13}},{"id":"5e765a95-c318-45d2-84ec-be2caf47ed34","block_type":"box","text":"Opinion","page_number":28,"box":{"x":47,"y":221,"width":62,"height":11}},{"id":"22c80a68-f69d-4fa0-a95d-4c09083c73a8","block_type":"box","text":"In our opinion, the financial statements of State Street AUT Japan Screened Index Equity Fund (the “Trust”):","page_number":28,"box":{"x":48,"y":240,"width":796,"height":11}},{"id":"9ee2cbce-5da4-4f71-a785-7c1bc53cf0d5","block_type":"box","text":"•","page_number":28,"box":{"x":47,"y":264,"width":4,"height":3}},{"id":"553094aa-98d1-43d2-8e4d-94ef75b973ae","block_type":"box","text":"give a true and fair view of the financial position of the Trust as at 31 December 2025 and of the net revenue and the net","page_number":28,"box":{"x":78,"y":261,"width":874,"height":11}},{"id":"c75ef0c6-bf57-4611-98c2-7bd4df37b641","block_type":"box","text":"capital gains on the scheme property for the year then ended; and","page_number":28,"box":{"x":78,"y":275,"width":487,"height":11}},{"id":"eb67caa0-c272-4efc-bd8c-6a38c2812ec0","block_type":"box","text":"•","page_number":28,"box":{"x":47,"y":299,"width":4,"height":3}},{"id":"dc28d6da-0cda-4c93-96a7-96f71ade4c0c","block_type":"box","text":"have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United","page_number":28,"box":{"x":78,"y":296,"width":872,"height":11}},{"id":"4ae5725f-0710-47cc-a40e-21d84381a3b7","block_type":"box","text":"Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and","page_number":28,"box":{"x":78,"y":310,"width":872,"height":11}},{"id":"55655331-679e-4a95-a587-30072e1762aa","block_type":"box","text":"Republic of Ireland”, and applicable law), the Statement of Recommended Practice for UK Authorised Funds, the","page_number":28,"box":{"x":78,"y":325,"width":873,"height":11}},{"id":"0ca2140e-3ce2-452f-9c35-cb7e5816a467","block_type":"box","text":"Collective Investment Schemes sourcebook (\"the sourcebook\") and the Trust Deed.","page_number":28,"box":{"x":78,"y":339,"width":617,"height":11}},{"id":"9708bf7f-fdf6-4b29-85b0-75141cda1b79","block_type":"box","text":"We have audited the financial statements, included within the Report and Financial Statements (the “Annual Report”), which","page_number":28,"box":{"x":47,"y":360,"width":903,"height":11}},{"id":"9833c3d4-54ac-4eb6-9e23-2c04ce29afcf","block_type":"box","text":"comprise:","page_number":28,"box":{"x":47,"y":374,"width":71,"height":11}},{"id":"65d5d2e6-c275-4191-9efb-76c5eae6f834","block_type":"box","text":"•","page_number":28,"box":{"x":47,"y":398,"width":4,"height":3}},{"id":"c1f4a916-85de-4c9a-835e-4ef7ab333ae2","block_type":"box","text":"the Balance Sheet as at 31 December 2025;","page_number":28,"box":{"x":77,"y":394,"width":333,"height":11}},{"id":"8a69816a-0ba9-4945-aaee-b43a21a4db8c","block_type":"box","text":"•","page_number":28,"box":{"x":47,"y":419,"width":4,"height":3}},{"id":"8b9ad859-3ba7-49a8-bb45-7d8b60c5f833","block_type":"box","text":"the Statement of Total Return for the year then ended;","page_number":28,"box":{"x":77,"y":416,"width":399,"height":11}},{"id":"8318b63a-833c-4aac-99f6-489d5d94e4de","block_type":"box","text":"•","page_number":28,"box":{"x":47,"y":440,"width":4,"height":3}},{"id":"a355d644-195e-44fe-a0df-3d64b0fbc433","block_type":"box","text":"the Statement of Change in Net Assets Attributable to Unitholders for the year then ended;","page_number":28,"box":{"x":77,"y":437,"width":666,"height":11}},{"id":"14ec0129-df16-43b7-a5e3-8ad637034338","block_type":"box","text":"•","page_number":28,"box":{"x":47,"y":462,"width":4,"height":3}},{"id":"07228b48-32bf-4a7e-82dc-76280df2a9ef","block_type":"box","text":"the Distribution Tables; and","page_number":28,"box":{"x":77,"y":459,"width":201,"height":10}},{"id":"89b59a8e-d7ec-44c4-9bdf-d9f1eb9c1c7b","block_type":"box","text":"•","page_number":28,"box":{"x":47,"y":483,"width":4,"height":3}},{"id":"b91774aa-3117-40c0-8100-1bcc116bf6c6","block_type":"box","text":"the Notes to the Financial Statements, which include a description of the significant accounting policies.","page_number":28,"box":{"x":77,"y":480,"width":764,"height":11}},{"id":"ca6145d3-7c3c-48b8-a085-6c66ef85afac","block_type":"box","text":"Basis for opinion","page_number":28,"box":{"x":48,"y":512,"width":134,"height":11}},{"id":"11afb575-1fab-465b-9a68-0e1879fbf400","block_type":"box","text":"We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our","page_number":28,"box":{"x":47,"y":531,"width":905,"height":11}},{"id":"90749bed-26e7-4d8f-8f22-a3d3a34a8e4b","block_type":"box","text":"responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements","page_number":28,"box":{"x":48,"y":544,"width":903,"height":12}},{"id":"465bed88-ed02-410a-ae04-bddd3fa4f72f","block_type":"box","text":"section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for","page_number":28,"box":{"x":47,"y":558,"width":905,"height":11}},{"id":"ea52596c-6c03-4fd8-9bf2-06749a2f745f","block_type":"box","text":"our opinion.","page_number":28,"box":{"x":47,"y":572,"width":86,"height":11}},{"id":"9e3f458f-6e18-4d38-916c-93692c2a2ea6","block_type":"box","text":"Independence","page_number":28,"box":{"x":47,"y":593,"width":105,"height":10}},{"id":"d9ea18a0-e375-44db-9448-842db3080bed","block_type":"box","text":"We remained independent of the Trust in accordance with the ethical requirements that are relevant to our audit of the","page_number":28,"box":{"x":47,"y":613,"width":904,"height":11}},{"id":"a022bb25-423e-49f7-b921-4b3164f10a00","block_type":"box","text":"financial statements in the UK, which includes the FRC’s Ethical Standard, and we have fulfilled our other ethical","page_number":28,"box":{"x":47,"y":627,"width":903,"height":10}},{"id":"28db00d9-21f8-423a-a212-cba518679787","block_type":"box","text":"responsibilities in accordance with these requirements.","page_number":28,"box":{"x":48,"y":641,"width":403,"height":10}},{"id":"c156b3cd-d42c-47f6-9f19-82796f0c63cc","block_type":"box","text":"Conclusions relating to going concern","page_number":28,"box":{"x":47,"y":672,"width":305,"height":11}},{"id":"fd31cc90-3248-4c1c-88a4-da54f35d9581","block_type":"box","text":"Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that,","page_number":28,"box":{"x":48,"y":691,"width":902,"height":11}},{"id":"8f107fdc-1c22-48fb-a29e-57a87fd26a44","block_type":"box","text":"individually or collectively, may cast significant doubt on the Trust’s ability to continue as a going concern for a period of at least","page_number":28,"box":{"x":48,"y":705,"width":903,"height":11}},{"id":"aad28aeb-ef73-476b-b773-4597168f628e","block_type":"box","text":"twelve months from the date on which the financial statements are authorised for issue.","page_number":28,"box":{"x":47,"y":718,"width":644,"height":9}},{"id":"8755a6bd-a2b9-4699-9b17-c924990b75e4","block_type":"box","text":"In auditing the financial statements, we have concluded that the Manager’s use of the going concern basis of accounting in","page_number":28,"box":{"x":48,"y":739,"width":902,"height":11}},{"id":"4eb0ccda-aaa1-4904-987d-78364c22a797","block_type":"box","text":"the preparation of the financial statements is appropriate.","page_number":28,"box":{"x":47,"y":753,"width":421,"height":11}},{"id":"0abecdd8-9b4b-43d7-a639-ea353b7fa9a5","block_type":"box","text":"However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the Trust’s","page_number":28,"box":{"x":48,"y":773,"width":903,"height":11}},{"id":"54dcd1f7-f396-49da-b365-7b8153979221","block_type":"box","text":"ability to continue as a going concern.","page_number":28,"box":{"x":47,"y":787,"width":278,"height":11}},{"id":"e3222d04-0d17-403c-8677-ad12934b5c5f","block_type":"box","text":"Our responsibilities and the responsibilities of the Manager with respect to going concern are described in the relevant","page_number":28,"box":{"x":47,"y":808,"width":904,"height":11}},{"id":"ac3199dd-24d2-456c-85e1-704b3c21b548","block_type":"box","text":"sections of this report.","page_number":28,"box":{"x":47,"y":821,"width":162,"height":11}},{"id":"fd419da9-9428-4680-b9f8-344fb30aa510","block_type":"box","text":"Reporting on other information","page_number":28,"box":{"x":48,"y":859,"width":245,"height":11}},{"id":"d8f4ab7a-bddf-4b91-a335-de783a9399a0","block_type":"box","text":"The other information comprises all of the information in the Annual Report other than the financial statements and our","page_number":28,"box":{"x":47,"y":880,"width":905,"height":11}},{"id":"34608259-2f78-4b18-b7cf-870a07989d85","block_type":"box","text":"auditors’ report thereon. The Manager is responsible for the other information. Our opinion on the financial statements does","page_number":28,"box":{"x":47,"y":894,"width":904,"height":11}},{"id":"776bb462-8826-40f3-85c3-8b66240fae63","block_type":"box","text":"not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise","page_number":28,"box":{"x":48,"y":907,"width":903,"height":11}},{"id":"02c54253-64b1-4cc1-bbe0-33d74deeb3a5","block_type":"box","text":"explicitly stated in this report, any form of assurance thereon.","page_number":28,"box":{"x":47,"y":921,"width":450,"height":11}},{"id":"21c7267e-8e3d-417b-8fb4-7728107f3850","block_type":"box","text":"State Street AUT Japan Screened Index Equity Fund","page_number":28,"box":{"x":47,"y":44,"width":496,"height":13}},{"id":"6309ab5a-98a5-411d-99dc-6eea48d1a205","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":28,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"4bed8ccd-414c-47e2-8836-1f46a30ba308","block_type":"box","text":"Independent auditors’ report to the Unitholders of State Street AUT Japan Screened Index Equity","page_number":28,"box":{"x":48,"y":123,"width":903,"height":13}},{"id":"9a35c36d-c9ce-499a-9bce-64581e3f6c39","block_type":"box","text":"Fund","page_number":28,"box":{"x":48,"y":137,"width":46,"height":11}},{"id":"ddb3e2a7-6033-43db-875c-2506190e410b","block_type":"box","text":"26","page_number":28,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"717f025d-9fac-414d-981d-cc549ae3582f","block_type":"box","text":"In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so,","page_number":29,"box":{"x":48,"y":205,"width":902,"height":12}},{"id":"de7ef69b-5f66-4b16-9094-df96be835cd1","block_type":"box","text":"consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in","page_number":29,"box":{"x":47,"y":219,"width":903,"height":11}},{"id":"a031ca12-2740-4921-b7c9-1afa1592967e","block_type":"box","text":"the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material","page_number":29,"box":{"x":47,"y":233,"width":903,"height":11}},{"id":"b5e871de-c2e9-40df-b089-d9549b9c9913","block_type":"box","text":"misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial","page_number":29,"box":{"x":48,"y":246,"width":902,"height":11}},{"id":"dbf931a4-8538-4804-97e2-3a25c259bdb6","block_type":"box","text":"statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that","page_number":29,"box":{"x":47,"y":260,"width":904,"height":11}},{"id":"516e64c2-e86a-42c6-a936-2d6fdce26a9a","block_type":"box","text":"there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based","page_number":29,"box":{"x":47,"y":274,"width":903,"height":11}},{"id":"0ec1ca07-6313-4dd6-8c35-653159162863","block_type":"box","text":"on these responsibilities.","page_number":29,"box":{"x":47,"y":287,"width":181,"height":11}},{"id":"e99b478b-dc0f-4ffc-a457-f2410c59a7b3","block_type":"box","text":"Based on our work undertaken in the course of the audit, the Collective Investment Schemes sourcebook requires us also to","page_number":29,"box":{"x":48,"y":308,"width":903,"height":11}},{"id":"1d8a3014-7ea4-449c-9a13-21c63e601b60","block_type":"box","text":"report certain opinions as described below.","page_number":29,"box":{"x":48,"y":322,"width":315,"height":11}},{"id":"a81f5c9f-0075-4c23-bd9a-c4390daa99a3","block_type":"box","text":"Manager’s Report","page_number":29,"box":{"x":47,"y":343,"width":134,"height":10}},{"id":"1322f56e-b6a3-418f-bc5c-e1a85aefa3dc","block_type":"box","text":"In our opinion, the information given in the Manager’s Report for the financial year for which the financial statements are","page_number":29,"box":{"x":48,"y":363,"width":903,"height":11}},{"id":"0f28eea0-d1b9-463f-aa70-6c2f2d68893d","block_type":"box","text":"prepared is consistent with the financial statements.","page_number":29,"box":{"x":48,"y":377,"width":381,"height":11}},{"id":"cec1bffa-305f-4e22-a0b8-a9c3ce76f1c1","block_type":"box","text":"Responsibilities for the financial statements and the audit","page_number":29,"box":{"x":48,"y":408,"width":458,"height":11}},{"id":"238687b0-c5b0-41b3-a833-336fc725baaf","block_type":"box","text":"Responsibilities of the Manager for the financial statements","page_number":29,"box":{"x":47,"y":438,"width":438,"height":11}},{"id":"c5d7a758-0a24-4679-9645-665a7dd82c1a","block_type":"box","text":"As explained more fully in the Manager’s Statement of Responsibilities, the Manager is responsible for the preparation of the","page_number":29,"box":{"x":46,"y":457,"width":905,"height":11}},{"id":"a4a87ff0-9e46-46c9-ad5b-9546b54a7ba3","block_type":"box","text":"financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view.","page_number":29,"box":{"x":47,"y":470,"width":903,"height":12}},{"id":"843cb255-55c2-4a86-93a0-7a79d38f2391","block_type":"box","text":"The Manager is also responsible for such internal control as they determine is necessary to enable the preparation of financial","page_number":29,"box":{"x":47,"y":484,"width":903,"height":11}},{"id":"df145205-8126-4fc1-ab7d-616049fc8c42","block_type":"box","text":"statements that are free from material misstatement, whether due to fraud or error.","page_number":29,"box":{"x":47,"y":498,"width":608,"height":10}},{"id":"efff130d-0e22-4b91-978a-2ca316634a49","block_type":"box","text":"In preparing the financial statements, the Manager is responsible for assessing the Trust’s ability to continue as a going","page_number":29,"box":{"x":48,"y":518,"width":902,"height":12}},{"id":"62aba14e-1d4f-4643-b5b9-f31331c7f059","block_type":"box","text":"concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless","page_number":29,"box":{"x":47,"y":532,"width":904,"height":11}},{"id":"ab470fa5-3abf-44ed-9e45-a5ee675d056b","block_type":"box","text":"the Manager either intends to wind up or terminate the Trust, or has no realistic alternative but to do so.","page_number":29,"box":{"x":47,"y":546,"width":762,"height":11}},{"id":"ce445b0a-9eac-4849-9d69-54e5560e74e9","block_type":"box","text":"Auditors’ responsibilities for the audit of the financial statements","page_number":29,"box":{"x":46,"y":577,"width":472,"height":11}},{"id":"0bd21c02-6508-45c3-9172-a86a2496b9cf","block_type":"box","text":"Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material","page_number":29,"box":{"x":47,"y":596,"width":903,"height":11}},{"id":"0f1b2c82-8d63-4c99-8d58-3d29ad9856b9","block_type":"box","text":"misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance","page_number":29,"box":{"x":48,"y":610,"width":903,"height":11}},{"id":"304f1af2-a848-4d55-bfb9-3577ce06cb1b","block_type":"box","text":"is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect","page_number":29,"box":{"x":48,"y":623,"width":903,"height":11}},{"id":"6a771275-2fbc-40ab-842d-d8cd45021696","block_type":"box","text":"a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually","page_number":29,"box":{"x":47,"y":637,"width":904,"height":11}},{"id":"cf66c6bd-53ba-460a-89ca-36b5ea0ec749","block_type":"box","text":"or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of","page_number":29,"box":{"x":47,"y":651,"width":905,"height":11}},{"id":"aa392ede-32a9-4e8c-a43c-b318896a2fc1","block_type":"box","text":"these financial statements.","page_number":29,"box":{"x":47,"y":664,"width":196,"height":9}},{"id":"c1cf03ff-c01d-408d-8e4a-e27d5106ffee","block_type":"box","text":"Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with","page_number":29,"box":{"x":48,"y":685,"width":902,"height":11}},{"id":"5734f9a6-2a2d-45b7-920b-09dfa514061b","block_type":"box","text":"our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent","page_number":29,"box":{"x":47,"y":699,"width":904,"height":11}},{"id":"dee65509-25c4-4ba6-b258-e34af68d9c80","block_type":"box","text":"to which our procedures are capable of detecting irregularities, including fraud, is detailed below.","page_number":29,"box":{"x":47,"y":712,"width":711,"height":11}},{"id":"01b0f1ca-64fd-4c13-8da9-db4ce38ee898","block_type":"box","text":"Based on our understanding of the Trust and its industry, we identified that the principal risks of non-compliance with laws and","page_number":29,"box":{"x":48,"y":733,"width":902,"height":11}},{"id":"5efaa951-a1cf-4904-ba17-ad3f2c8871f5","block_type":"box","text":"regulations related to breaches of the Collective Investment Schemes sourcebook, and we considered the extent to which","page_number":29,"box":{"x":48,"y":747,"width":902,"height":11}},{"id":"2aadfa40-78bb-41eb-b9d5-b5167c68aec9","block_type":"box","text":"non-compliance might have a material effect on the financial statements, in particular those parts of the sourcebook which","page_number":29,"box":{"x":48,"y":760,"width":902,"height":11}},{"id":"bbe34fd5-1eb6-4d14-9563-88edd4ba7c86","block_type":"box","text":"may directly impact on the determination of amounts and disclosures in the financial statements. We evaluated","page_number":29,"box":{"x":48,"y":774,"width":902,"height":11}},{"id":"cb8ae88d-410e-433b-b44e-28290da52b70","block_type":"box","text":"management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of","page_number":29,"box":{"x":48,"y":788,"width":904,"height":11}},{"id":"1209768d-9534-405d-b6b2-800055d7c2a4","block_type":"box","text":"override of controls), and determined that the principal risks were related to posting inappropriate journal entries to","page_number":29,"box":{"x":47,"y":801,"width":904,"height":11}},{"id":"d3ff0281-9fa6-4211-93ea-c110eaaa0cd0","block_type":"box","text":"manipulate revenue or to increase the net asset value of the Trust. Audit procedures performed by the engagement team","page_number":29,"box":{"x":48,"y":815,"width":903,"height":11}},{"id":"d8aa1112-b2d3-4c27-895d-bf58a2ed43d2","block_type":"box","text":"included:","page_number":29,"box":{"x":48,"y":829,"width":64,"height":8}},{"id":"e851b1e4-1e41-4ea3-905f-43c1e9590839","block_type":"box","text":"•","page_number":29,"box":{"x":47,"y":852,"width":4,"height":3}},{"id":"ac6b2ebf-e10e-44f9-90a5-02cb7f5ebebb","block_type":"box","text":"Discussions with the Manager, including consideration of known or suspected instances of non-compliance with laws and","page_number":29,"box":{"x":78,"y":849,"width":872,"height":11}},{"id":"8677841d-cc36-40b2-b738-c2c48ca64ed6","block_type":"box","text":"regulation and fraud;","page_number":29,"box":{"x":78,"y":863,"width":151,"height":11}},{"id":"20c16949-ac4f-4d7f-b181-a8aa60170585","block_type":"box","text":"•","page_number":29,"box":{"x":47,"y":888,"width":4,"height":3}},{"id":"2603e510-a32a-4cc7-85c2-b2f30a32b020","block_type":"box","text":"Reviewing relevant meeting minutes, including those of the Manager’s board of directors;","page_number":29,"box":{"x":78,"y":885,"width":657,"height":11}},{"id":"1b19e025-1904-40f4-9b42-6703a3952cf1","block_type":"box","text":"•","page_number":29,"box":{"x":47,"y":909,"width":4,"height":3}},{"id":"7b931ae6-2e81-47b2-9bca-174b44c759d8","block_type":"box","text":"Identifying and testing journal entries, specifically any journals posted as part of the financial year end close process; and","page_number":29,"box":{"x":79,"y":906,"width":871,"height":11}},{"id":"3ab321cb-dbe9-448b-8543-91dd55d52a2c","block_type":"box","text":"•","page_number":29,"box":{"x":47,"y":931,"width":4,"height":3}},{"id":"a421e6e8-6feb-49b8-bf40-6673ae210082","block_type":"box","text":"Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing.","page_number":29,"box":{"x":78,"y":927,"width":792,"height":12}},{"id":"eb04b20d-0c0c-4135-8807-c1fd7484ecff","block_type":"box","text":"State Street AUT Japan Screened Index Equity Fund","page_number":29,"box":{"x":47,"y":44,"width":496,"height":13}},{"id":"6fb72c50-02e6-4e96-9956-da95aa826468","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":29,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"55fcba20-8fd8-4c12-9932-b1b128e07ab2","block_type":"box","text":"Independent auditors’ report to the Unitholders of State Street AUT Japan Screened Index Equity","page_number":29,"box":{"x":48,"y":123,"width":903,"height":13}},{"id":"d8b3ec06-aa69-4297-95dd-5af293732862","block_type":"box","text":"Fund (continued)","page_number":29,"box":{"x":48,"y":137,"width":162,"height":14}},{"id":"768be5d7-c7a0-46f8-a707-78aeef0ead43","block_type":"box","text":"27","page_number":29,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"027e0513-b8ab-4410-8afe-01f37b0372d5","block_type":"box","text":"There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of","page_number":30,"box":{"x":47,"y":205,"width":905,"height":12}},{"id":"c19ba43c-433d-41c0-8427-2c1d91eb63eb","block_type":"box","text":"non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial","page_number":30,"box":{"x":48,"y":219,"width":902,"height":11}},{"id":"d6b69d3f-80a5-425a-bf6e-09b16c22c746","block_type":"box","text":"statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one","page_number":30,"box":{"x":47,"y":233,"width":904,"height":11}},{"id":"8b6cc3a5-012f-46dc-8948-be58264ce157","block_type":"box","text":"resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations,","page_number":30,"box":{"x":48,"y":246,"width":902,"height":11}},{"id":"8cd81de2-20ec-4af0-8c03-076be1716d23","block_type":"box","text":"or through collusion.","page_number":30,"box":{"x":47,"y":260,"width":149,"height":11}},{"id":"db5acc44-6b88-4a14-bf1d-dd3e171bbb52","block_type":"box","text":"A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting","page_number":30,"box":{"x":46,"y":281,"width":905,"height":11}},{"id":"4ccf7441-fc9b-405e-a298-599fb05dd0b4","block_type":"box","text":"Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.","page_number":30,"box":{"x":47,"y":294,"width":813,"height":11}},{"id":"f0bd763e-6e81-4507-b867-217af23b65e7","block_type":"box","text":"Use of this report","page_number":30,"box":{"x":48,"y":326,"width":127,"height":11}},{"id":"ded1a5fd-478c-4183-b243-18c593241ff0","block_type":"box","text":"This report, including the opinions, has been prepared for and only for the Trust’s Unitholders as a body in accordance with","page_number":30,"box":{"x":47,"y":345,"width":903,"height":11}},{"id":"ff6f3adf-8855-4486-9af7-afddc16554a4","block_type":"box","text":"paragraph 4.5.12 of the Collective Investment Schemes sourcebook and for no other purpose. We do not, in giving these","page_number":30,"box":{"x":48,"y":358,"width":903,"height":11}},{"id":"918186be-96f5-484d-bcde-b6c241b4ae09","block_type":"box","text":"opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into","page_number":30,"box":{"x":47,"y":372,"width":904,"height":11}},{"id":"d7171b3c-757e-42c7-9a9c-d181abf4bf1e","block_type":"box","text":"whose hands it may come save where expressly agreed by our prior consent in writing.","page_number":30,"box":{"x":46,"y":386,"width":643,"height":11}},{"id":"68d21b92-3818-45d1-9215-0bccde741e4a","block_type":"box","text":"Other required reporting","page_number":30,"box":{"x":47,"y":415,"width":232,"height":14}},{"id":"f3f26060-a124-44ca-a252-eb95eeb5a854","block_type":"box","text":"Opinion on matter required by the Collective Investment Schemes 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accounting records have not been kept; or","page_number":30,"box":{"x":78,"y":537,"width":365,"height":11}},{"id":"6b4c7d68-403c-48c6-af2b-2d34d5b1a94e","block_type":"box","text":"•","page_number":30,"box":{"x":47,"y":561,"width":4,"height":3}},{"id":"a6a2df90-bfe6-4890-953f-1fc3e52494bd","block_type":"box","text":"the financial statements are not in agreement with the accounting records.","page_number":30,"box":{"x":77,"y":558,"width":547,"height":11}},{"id":"ea70d1ec-e4b1-47bf-82ae-c0f46d60a7aa","block_type":"box","text":"We have no exceptions to report arising from this responsibility.","page_number":30,"box":{"x":47,"y":579,"width":467,"height":12}},{"id":"e1114b3e-6ce5-4e3f-9c55-21c2c06c5bb4","block_type":"box","text":"PricewaterhouseCoopers LLP","page_number":30,"box":{"x":48,"y":650,"width":220,"height":11}},{"id":"9f753b17-5e50-40fc-b21a-724af6acba63","block_type":"box","text":"Chartered Accountants and Statutory 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Any liability to deferred tax is provided at the average rate","page_number":34,"box":{"x":87,"y":706,"width":864,"height":11}},{"id":"f3e6deb6-85c8-4bae-9850-1fc93124cc35","block_type":"box","text":"of tax expected to apply.","page_number":34,"box":{"x":87,"y":720,"width":179,"height":11}},{"id":"999c5bf3-4b89-43a0-af82-396a79473466","block_type":"box","text":"Deferred tax assets and liabilities are not discounted to reflect the time value of money. 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Accounting policies (continued)","page_number":35,"box":{"x":48,"y":175,"width":293,"height":11}},{"id":"bc72afe9-9312-4511-b6ed-884d677aba9a","block_type":"box","text":"(i) Returns from derivatives","page_number":35,"box":{"x":47,"y":200,"width":236,"height":11}},{"id":"9f7eab90-7ed9-4009-8273-d21250d3732e","block_type":"box","text":"The Fund may enter into permitted derivative contracts such as futures.","page_number":35,"box":{"x":87,"y":214,"width":527,"height":11}},{"id":"43f56d5c-6f92-464d-8bcd-0fe69ad9ead4","block_type":"box","text":"The positions are undertaken to obtain full market exposure and the returns are included within gains/(losses) on","page_number":35,"box":{"x":87,"y":235,"width":863,"height":11}},{"id":"fe6d3c98-e811-4beb-a713-bc78d6af3b97","block_type":"box","text":"investments in the Statement of Total Return. Any open positions in these types of transactions at the period end are","page_number":35,"box":{"x":88,"y":249,"width":863,"height":11}},{"id":"710f2200-b7fa-4503-bea9-3bfa025daa5c","block_type":"box","text":"included in the Balance Sheet at their mark to market value.","page_number":35,"box":{"x":88,"y":263,"width":440,"height":9}},{"id":"349f42a5-6199-4b8b-a8b6-0bf1aec363f2","block_type":"box","text":"2. Distribution policy","page_number":35,"box":{"x":47,"y":290,"width":186,"height":11}},{"id":"e03955fb-44d8-4f78-a9f4-af691836a64f","block_type":"box","text":"The policy is to distribute all available revenue, after deduction of those expenses which are chargeable in calculating","page_number":35,"box":{"x":87,"y":304,"width":863,"height":11}},{"id":"8bde586c-57c0-4588-87f8-3fa775b43ed5","block_type":"box","text":"the distribution.","page_number":35,"box":{"x":87,"y":318,"width":112,"height":9}},{"id":"51e52068-ad9b-4905-8256-69cfd6dc0e3c","block_type":"box","text":"In order to conduct a controlled dividend flow to unitholders, an interim distribution will be made at the Manager’s","page_number":35,"box":{"x":88,"y":339,"width":863,"height":12}},{"id":"af77795f-878e-487d-a596-ca400fafdc36","block_type":"box","text":"discretion, up to a maximum of the distributable revenue available for the year. All remaining revenue is distributed in","page_number":35,"box":{"x":87,"y":354,"width":863,"height":11}},{"id":"8136108b-7815-4da3-b6db-93e2107c90bd","block_type":"box","text":"accordance with the COLL.","page_number":35,"box":{"x":87,"y":368,"width":200,"height":9}},{"id":"2e49bf9b-f681-4b57-8f3f-aeb041b273f1","block_type":"box","text":"Distributions of revenue are paid six monthly by reference to net revenue arising in the periods ended 30th June and","page_number":35,"box":{"x":88,"y":389,"width":862,"height":11}},{"id":"2ba4e69f-6762-4de6-aa7c-416cefa347a3","block_type":"box","text":"31st December.","page_number":35,"box":{"x":87,"y":404,"width":116,"height":8}},{"id":"b806a3bc-ff8c-48f0-b412-dc1b287d216c","block_type":"box","text":"Any revenue deficit will be borne by the capital account.","page_number":35,"box":{"x":87,"y":425,"width":411,"height":11}},{"id":"204b1f66-8439-45d1-92b3-69ddca1b0188","block_type":"box","text":"(a) Treatment of stock dividends","page_number":35,"box":{"x":47,"y":451,"width":271,"height":11}},{"id":"5ebea1d8-b742-41f5-82c9-0e1ab661ce2f","block_type":"box","text":"The ordinary element of stock dividends is treated as revenue and forms part of the distribution.","page_number":35,"box":{"x":87,"y":465,"width":705,"height":11}},{"id":"87bd0b2a-ecc6-40fa-83f6-257cf159528e","block_type":"box","text":"In the case of an enhanced stock dividend, the value of the enhancement is treated as capital and does not form part","page_number":35,"box":{"x":88,"y":486,"width":863,"height":11}},{"id":"939fc099-6371-48e0-97e3-f7908b49f027","block_type":"box","text":"of the distribution.","page_number":35,"box":{"x":87,"y":501,"width":130,"height":8}},{"id":"60271856-11d2-4dcd-88e4-d6d328366ee1","block_type":"box","text":"(b) Expenses","page_number":35,"box":{"x":47,"y":527,"width":117,"height":11}},{"id":"5431bad1-8a1e-4a7b-9a4d-0c322acb9752","block_type":"box","text":"Management expenses are charged to revenue.","page_number":35,"box":{"x":88,"y":541,"width":354,"height":11}},{"id":"8ad9fb44-7f36-4dbd-bca6-0a85e85c2fe3","block_type":"box","text":"(c) Equalisation","page_number":35,"box":{"x":47,"y":567,"width":138,"height":11}},{"id":"8db21943-b27c-4c9a-96a9-f340a98aac71","block_type":"box","text":"Equalisation takes account of the revenue received on the creation of shares and revenue paid on cancellation of shares","page_number":35,"box":{"x":88,"y":581,"width":863,"height":11}},{"id":"99c91f69-607a-44d3-b647-6ce992b09842","block_type":"box","text":"and is allocated to the distribution account.","page_number":35,"box":{"x":87,"y":596,"width":315,"height":8}},{"id":"0fd3e19b-2346-4acf-8338-c84c43ffce43","block_type":"box","text":"3. Risk management policies","page_number":35,"box":{"x":47,"y":622,"width":249,"height":11}},{"id":"bdad4920-257e-49c6-8ea5-30b6658870dd","block_type":"box","text":"In pursuing its investment objectives the Fund holds a number of financial instruments. The Fund’s financial instruments","page_number":35,"box":{"x":88,"y":636,"width":863,"height":11}},{"id":"ee5ac45c-bb6d-4fce-a393-bf2368bb8f7f","block_type":"box","text":"comprise of securities and other investments, cash balances and bank overdrafts, short term fixed deposits, debtors and","page_number":35,"box":{"x":87,"y":650,"width":863,"height":11}},{"id":"242d5871-ebcd-48df-9b0a-1eaa88299eb9","block_type":"box","text":"creditors that arise directly from its operations, for example, in respect of sales and purchases awaiting settlement,","page_number":35,"box":{"x":87,"y":664,"width":863,"height":11}},{"id":"8517e2e7-edfd-49df-8001-67ce3bb127af","block_type":"box","text":"amounts receivable for creations and payable for liquidations and debtors for accrued revenue.","page_number":35,"box":{"x":87,"y":678,"width":700,"height":12}},{"id":"05d7b2ef-788e-44d8-bd62-ebf2573346ed","block_type":"box","text":"The main risks the Fund may face from investing are: (a) market risk, (b) market price risk, (c) foreign currency risk, (d)","page_number":35,"box":{"x":87,"y":700,"width":864,"height":11}},{"id":"3a69b4fa-70c7-4f2d-bbae-568a0c280912","block_type":"box","text":"interest rate risk, (e) liquidity risk, (f) credit risk and (g) use of derivatives.","page_number":35,"box":{"x":88,"y":714,"width":536,"height":11}},{"id":"70550836-d974-4196-bfe4-10011e1fbc5e","block_type":"box","text":"The Manager’s policy for managing these risks are summarised below and have been applied throughout the year.","page_number":35,"box":{"x":87,"y":735,"width":846,"height":11}},{"id":"92effe2f-8b0a-4cfc-b16f-a7463fbba0f3","block_type":"box","text":"(a) Market risk","page_number":35,"box":{"x":47,"y":761,"width":128,"height":12}},{"id":"532f575e-dbed-4007-b01e-9caa58006776","block_type":"box","text":"Market risk is the risk that the fair value or future cash flows of the financial instruments held by the Fund will fluctuate","page_number":35,"box":{"x":88,"y":776,"width":863,"height":11}},{"id":"d0052435-07cb-4101-91d7-a44ba172c547","block_type":"box","text":"because of changes in underlying valuation factors. It represents the potential loss the Fund might suffer through holding","page_number":35,"box":{"x":88,"y":790,"width":862,"height":11}},{"id":"5bd5bbac-b088-4063-abbc-856cd0832c99","block_type":"box","text":"market positions in the face of valuation factor movements. Market risk typically includes market price risk, foreign","page_number":35,"box":{"x":88,"y":804,"width":862,"height":11}},{"id":"c1b1ed2c-9788-4f74-947b-52d3f5b7b2d9","block_type":"box","text":"exchange or currency risk, and interest rate risk.","page_number":35,"box":{"x":87,"y":818,"width":356,"height":11}},{"id":"0f653440-9a2f-463a-9c23-b713f52ff261","block_type":"box","text":"State Street AUT Japan Screened Index Equity Fund","page_number":35,"box":{"x":47,"y":44,"width":496,"height":13}},{"id":"3ad6cfec-0fe2-46bd-8abd-9d7a3e2d88e1","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":35,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"6a749e25-4cc5-47d6-a322-3f474a31f640","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":35,"box":{"x":48,"y":123,"width":435,"height":13}},{"id":"06196580-59ac-4941-a729-3dd9732cdcbe","block_type":"box","text":"For the year ended 31st December 2025","page_number":35,"box":{"x":48,"y":147,"width":300,"height":11}},{"id":"7ae5eb17-ff1f-4ce1-a337-92978c785b8e","block_type":"box","text":"33","page_number":35,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"780cd610-bf4c-4332-b0e9-0008d85c95bf","block_type":"box","text":"3. Risk management policies (continued)","page_number":36,"box":{"x":47,"y":175,"width":345,"height":11}},{"id":"5ffc1ed7-03ec-459b-a508-9a1976109ae6","block_type":"box","text":"(b) Market price risk","page_number":36,"box":{"x":47,"y":200,"width":173,"height":11}},{"id":"743ac2c3-ac62-4808-a6eb-dc216937435e","block_type":"box","text":"Market price risk is the risk that the value of the financial instruments held by the Fund will fluctuate because of changes","page_number":36,"box":{"x":88,"y":214,"width":863,"height":11}},{"id":"e497ef1c-28a0-4401-99e2-f86fe3cacada","block_type":"box","text":"in market prices. It represents the potential loss the Fund might suffer through changes in market prices of the Fund","page_number":36,"box":{"x":88,"y":228,"width":862,"height":11}},{"id":"210f1c8d-fcd8-4bd9-bab4-728a8c44755e","block_type":"box","text":"holdings. The investment manager considers the asset allocation of the portfolio in order to minimize the risk associated","page_number":36,"box":{"x":88,"y":242,"width":862,"height":11}},{"id":"bec3cbf0-4b81-40ee-8525-c8a4759e5edb","block_type":"box","text":"with particular countries or industry sectors whilst continuing to follow the investment objectives of the Fund.","page_number":36,"box":{"x":87,"y":256,"width":796,"height":12}},{"id":"8ed708a2-cc06-4ad8-a096-8d199570b8c0","block_type":"box","text":"As an index Fund, the investment objective is to seek to track as closely as reasonably possible the performance of the","page_number":36,"box":{"x":87,"y":278,"width":864,"height":11}},{"id":"af0530de-5c4a-47d3-a668-55abc5372938","block_type":"box","text":"benchmark index. In order to achieve this objective, the Fund invests primarily in securities held in the equity index","page_number":36,"box":{"x":88,"y":292,"width":863,"height":11}},{"id":"4e51b6e7-d00b-47d5-8f95-0e9003d81053","block_type":"box","text":"benchmark. Market price risk for an index Fund arises from a mismatch in the relative proportion of assets in Fund from","page_number":36,"box":{"x":88,"y":306,"width":862,"height":11}},{"id":"e08ab860-0c0a-4137-a923-d367a05dabcc","block_type":"box","text":"their respective proportions in the benchmark. The Fund places limitations on the amount by which a holding may","page_number":36,"box":{"x":87,"y":321,"width":864,"height":11}},{"id":"6111f522-ee58-484c-89c7-217de5ffbc2e","block_type":"box","text":"deviate from the proportion benchmark to limit the market risk from mismatched positions.","page_number":36,"box":{"x":87,"y":335,"width":662,"height":11}},{"id":"7c1d6c44-d496-408c-8d53-c0f1a2642476","block_type":"box","text":"All securities investments present a risk of loss of capital. The investment manager assess the Fund’s market risk","page_number":36,"box":{"x":87,"y":356,"width":864,"height":11}},{"id":"c537d429-aa1c-444b-849f-f7ccdb263758","block_type":"box","text":"volatility to ensure that the effect of utilizing financial derivative instruments is not significant enough to cause","page_number":36,"box":{"x":87,"y":370,"width":864,"height":11}},{"id":"eac15bd9-5232-4e2c-953a-6c0faaabaa99","block_type":"box","text":"disproportionate losses to a Fund’s overall value. The investment manager moderates this risk through careful selection","page_number":36,"box":{"x":87,"y":384,"width":863,"height":12}},{"id":"4a48bac6-c0ad-4f35-8ba6-105c2503ed30","block_type":"box","text":"of securities and financial instruments. The investment manager manages this risk through a combination of risk","page_number":36,"box":{"x":87,"y":399,"width":864,"height":11}},{"id":"4e46a744-bfea-460c-981f-de0968346524","block_type":"box","text":"metrics. This includes, but is not restricted to, tracking error volatility, which measures the ex-ante volatility of excess","page_number":36,"box":{"x":88,"y":413,"width":863,"height":11}},{"id":"ab7444d8-7253-4439-af10-e79056c84c57","block_type":"box","text":"returns of the Fund against its referenced benchmark. The tracking error volatility on the Fund is closely monitored on","page_number":36,"box":{"x":88,"y":427,"width":862,"height":11}},{"id":"4703447a-b8ea-43d3-bd4b-10590d7e2ac2","block_type":"box","text":"a regular basis, and is a key consideration when the Fund is rebalanced.","page_number":36,"box":{"x":87,"y":441,"width":536,"height":11}},{"id":"8fc5eb16-5d5f-4402-b2b8-c55c42522515","block_type":"box","text":"(c) Foreign currency risk","page_number":36,"box":{"x":47,"y":467,"width":211,"height":12}},{"id":"e42afb5e-c3b4-4036-9b3e-c09a9fcebea3","block_type":"box","text":"Any fluctuations in foreign currency exchange rates between the base currency (\"GBP\") and the respective foreign","page_number":36,"box":{"x":87,"y":482,"width":863,"height":11}},{"id":"f4706807-4411-499c-a611-c0496f2d0b35","block_type":"box","text":"currencies may significantly affect the value of the Fund investments and the returns ultimately achieved by the Fund.","page_number":36,"box":{"x":87,"y":496,"width":863,"height":11}},{"id":"5ec21ddf-600d-492e-9b56-18e6ca38b0dd","block_type":"box","text":"Local interest rates and monetary policy, as well as other government fiscal and labour policies, also can adversely","page_number":36,"box":{"x":88,"y":510,"width":863,"height":11}},{"id":"461727d2-f8f4-484b-85f1-e1e8be2fdeba","block_type":"box","text":"impact the Fund’s currency values.","page_number":36,"box":{"x":88,"y":524,"width":256,"height":11}},{"id":"724aa955-3ef6-4729-9854-72abc64097b2","block_type":"box","text":"Based on the Fund mandate, there is no hedging of foreign currency risk exposure. This follows from the investment","page_number":36,"box":{"x":88,"y":546,"width":863,"height":11}},{"id":"2a9b185f-00e9-4842-92a8-6a2ba7243535","block_type":"box","text":"objective to track the performance of the benchmark, which is also not hedged against changes in foreign exchange","page_number":36,"box":{"x":87,"y":560,"width":864,"height":11}},{"id":"b87eb0c0-65ce-49cf-8ffb-195042cdf432","block_type":"box","text":"rates.","page_number":36,"box":{"x":88,"y":574,"width":39,"height":9}},{"id":"318767e2-8596-4e60-a321-92932d6637dd","block_type":"box","text":"(d) Interest rate risk","page_number":36,"box":{"x":47,"y":600,"width":170,"height":11}},{"id":"b4f229a7-bf1d-4c93-b83a-5924979f1ff3","block_type":"box","text":"Interest rate risk is present when the value of investment securities may fluctuate as a result of a change in market","page_number":36,"box":{"x":88,"y":614,"width":863,"height":12}},{"id":"3b7676ec-3a55-4b58-9f17-bb8bfca15b5b","block_type":"box","text":"interest rates. Explicit interest rate risk occurs when there is a direct relationship between changes in interest rates and","page_number":36,"box":{"x":88,"y":629,"width":862,"height":11}},{"id":"2237c960-a4a1-409c-acae-37ac8d640c31","block_type":"box","text":"changes in the value of investment securities. The Fund invests in only equity and equity-based instruments, the values","page_number":36,"box":{"x":87,"y":643,"width":864,"height":11}},{"id":"b3053df4-0ee4-42c1-8dd3-3789e8a1b339","block_type":"box","text":"of which are not directly dependent on interest rates.","page_number":36,"box":{"x":87,"y":657,"width":387,"height":11}},{"id":"722b791c-98b1-4927-bd89-9d99f30eff86","block_type":"box","text":"(e) Liquidity risk","page_number":36,"box":{"x":47,"y":683,"width":144,"height":11}},{"id":"b2d35f9e-dd1d-4450-a7aa-39f97bc13545","block_type":"box","text":"The Fund is exposed to daily cash redemptions of redeemable shares. So the main liability of the Fund is the redemption","page_number":36,"box":{"x":87,"y":697,"width":863,"height":12}},{"id":"5965393c-575a-47ec-8d43-aea29ce77b35","block_type":"box","text":"of any shares that investors wish to sell. Hence the Fund invest the large majority of the assets in investments that are","page_number":36,"box":{"x":87,"y":712,"width":864,"height":11}},{"id":"f86224f0-f31e-4089-9fb0-9885de005a1d","block_type":"box","text":"traded in an active market and can ordinarily be readily disposed. However, liquidity risk will occur if an equity issuer","page_number":36,"box":{"x":87,"y":726,"width":865,"height":11}},{"id":"20291e76-bb83-412f-a1e4-851903125eb8","block_type":"box","text":"becomes credit impaired or if the relevant market becomes illiquid. In such a case, it may not be possible to initiate or","page_number":36,"box":{"x":88,"y":740,"width":864,"height":11}},{"id":"79ef85e1-3681-4d59-89d9-eae9b9e1a52b","block_type":"box","text":"liquidate a position at a price that is deemed by the investment manager to be demonstrating fair value. Liquidity risk","page_number":36,"box":{"x":88,"y":754,"width":864,"height":11}},{"id":"51da84cb-8555-4757-af3d-33ae0e509229","block_type":"box","text":"may be temporary or may last for extended periods.","page_number":36,"box":{"x":88,"y":769,"width":381,"height":11}},{"id":"7e6b2c4e-235e-4727-bc52-97c6a5a5e05a","block_type":"box","text":"State Street AUT Japan Screened Index Equity Fund","page_number":36,"box":{"x":47,"y":44,"width":496,"height":13}},{"id":"5ad325d2-14bf-483c-930f-1ba19b3c0874","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":36,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"74670b7b-5ad2-4952-9d61-965fa9d4b36d","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":36,"box":{"x":48,"y":123,"width":435,"height":13}},{"id":"fe995d7b-608b-461b-9892-a47bf8fba252","block_type":"box","text":"For the year ended 31st December 2025","page_number":36,"box":{"x":48,"y":147,"width":300,"height":11}},{"id":"1a0c55a5-d1f2-43f5-a9ae-50b78370d59e","block_type":"box","text":"34","page_number":36,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"91965b97-e56e-4fcf-a749-474d47273c8d","block_type":"box","text":"3. Risk management policies (continued)","page_number":37,"box":{"x":47,"y":175,"width":345,"height":11}},{"id":"2ca5b3ab-8309-4bf3-a10a-047805e666ae","block_type":"box","text":"The indexed Fund invests solely in securities which form part of the Benchmark Index. Benchmark Indexes are","page_number":37,"box":{"x":87,"y":200,"width":864,"height":11}},{"id":"bd3b2b8a-e5af-480f-97d5-1d91473605c8","block_type":"box","text":"constructed using index rules requiring securities to have a specified minimum trading volume, which, although not","page_number":37,"box":{"x":87,"y":214,"width":864,"height":11}},{"id":"aec33f7d-fcfd-4c95-9e8c-5b7b75eec31b","block_type":"box","text":"guaranteeing liquidity, provides indication of the liquid nature of the securities underlying the Fund. The Fund is exposed","page_number":37,"box":{"x":87,"y":228,"width":863,"height":11}},{"id":"629686af-7b65-4d85-b630-0547d3f84cf7","block_type":"box","text":"to daily contributions and withdrawals which are managed to ensure that exposure to the Benchmark Indexes are","page_number":37,"box":{"x":87,"y":242,"width":864,"height":11}},{"id":"749193ca-cf89-4478-96e7-c5e955a05212","block_type":"box","text":"maintained in order to meet the investment objective of the Fund.","page_number":37,"box":{"x":88,"y":256,"width":480,"height":12}},{"id":"f1b3bbfc-7f03-43e8-bdc4-866598e00ac8","block_type":"box","text":"(f) Credit risk","page_number":37,"box":{"x":47,"y":282,"width":122,"height":12}},{"id":"43754adc-d4db-4a1b-a3b7-2611b8a9bb6b","block_type":"box","text":"The Fund invests in only equity and equity-based instruments, which are not credit instruments, and therefore the Fund","page_number":37,"box":{"x":87,"y":297,"width":863,"height":11}},{"id":"72fb7b77-ad2e-42e7-90c8-b7f7ad065523","block_type":"box","text":"is not explicitly exposed to credit risk other than revenue index futures. Index futures used for efficient portfolio","page_number":37,"box":{"x":88,"y":311,"width":863,"height":11}},{"id":"240f7ea2-469c-4cf7-b6a0-aa32cd867d62","block_type":"box","text":"management are exchange traded and marked to market daily, so counterparty risk is negligible.","page_number":37,"box":{"x":88,"y":325,"width":711,"height":11}},{"id":"edc4acb7-caaf-495b-bf4f-1dd65cb25fb3","block_type":"box","text":"(g) Use of derivatives","page_number":37,"box":{"x":47,"y":351,"width":182,"height":11}},{"id":"ba19a9bb-5f78-4d5f-909c-d40501f446bf","block_type":"box","text":"The Fund uses equity index futures only, no other derivatives, for efficient portfolio management-index futures are used","page_number":37,"box":{"x":87,"y":365,"width":863,"height":12}},{"id":"2a3455f7-dfa2-4f2e-a0fd-da857937205e","block_type":"box","text":"to equitize cash holdings from inflows and outflows and also anticipated cash flows (e.g. dividend receivables). As a","page_number":37,"box":{"x":87,"y":380,"width":864,"height":11}},{"id":"f005ceaa-3c11-451e-8c58-265cf86d4156","block_type":"box","text":"result the exposure to futures are covered by cash and near cash at all times, and assist in meeting the investment","page_number":37,"box":{"x":88,"y":394,"width":863,"height":11}},{"id":"03f25097-25b7-45e3-930c-d36ce9fc7c86","block_type":"box","text":"objectives of the Fund.","page_number":37,"box":{"x":87,"y":408,"width":167,"height":11}},{"id":"59c8219a-c1d9-4211-8884-f4d6b22f7a79","block_type":"box","text":"4. Net capital gains","page_number":37,"box":{"x":47,"y":434,"width":172,"height":11}},{"id":"0bde4d8f-6ec0-4428-9e3d-ebca59ae99e4","block_type":"box","text":"The net capital gains during the year comprise:","page_number":37,"box":{"x":87,"y":456,"width":346,"height":11}},{"id":"2f86c71e-c201-4c6f-9b23-47bfb712c751","block_type":"box","text":"31.12.25 31.12.24","page_number":37,"box":{"x":758,"y":473,"width":183,"height":9}},{"id":"c6afe5fe-56cb-4deb-891b-226f207432d7","block_type":"box","text":"£'000 £'000","page_number":37,"box":{"x":781,"y":488,"width":159,"height":8}},{"id":"7ff3d473-968c-4688-915b-e49d8890a04e","block_type":"box","text":"Non-derivative securities 8,325 4,331","page_number":37,"box":{"x":88,"y":507,"width":850,"height":10}},{"id":"f22b1525-be24-48af-9ec2-04be61d58475","block_type":"box","text":"Derivative contracts","page_number":37,"box":{"x":88,"y":526,"width":145,"height":8}},{"id":"475b7c89-b4fa-4069-8db5-2e0d67a8da33","block_type":"box","text":"171 83","page_number":37,"box":{"x":796,"y":526,"width":145,"height":8}},{"id":"303daf1a-80cc-4591-9925-1e950ba0c665","block_type":"box","text":"Losses on foreign exchange (61) (60)","page_number":37,"box":{"x":88,"y":544,"width":853,"height":12}},{"id":"68b58b6b-fb69-466c-8f76-21d1c5f97972","block_type":"box","text":"Net capital gains","page_number":37,"box":{"x":88,"y":565,"width":131,"height":11}},{"id":"b353ab98-5d92-401a-b743-a33c89d76c11","block_type":"box","text":"8,435 4,354","page_number":37,"box":{"x":781,"y":565,"width":160,"height":11}},{"id":"bf524bbf-4176-4788-a5a0-942d52f8c56c","block_type":"box","text":"5. 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Contingent liabilities and commitments","page_number":41,"box":{"x":48,"y":419,"width":351,"height":11}},{"id":"487dbbd2-ad2b-40e8-a349-80482fd61bcf","block_type":"box","text":"The Fund had no contingent liabilities at year end (31.12.24: £nil).","page_number":41,"box":{"x":87,"y":433,"width":485,"height":11}},{"id":"5a7ed04c-c82f-428e-b658-e38ab6039c8e","block_type":"box","text":"15. Related party transactions","page_number":41,"box":{"x":48,"y":459,"width":248,"height":11}},{"id":"d6e2df69-a3bf-44ea-92b4-e4141fbcf92b","block_type":"box","text":"The Manager exercises governance and oversight over the Fund and is a related party by virtue of the Trust Deed","page_number":41,"box":{"x":87,"y":473,"width":863,"height":11}},{"id":"0d88a3a4-0a18-412f-8d71-1475db1e5e81","block_type":"box","text":"constituting the Fund.","page_number":41,"box":{"x":87,"y":488,"width":158,"height":11}},{"id":"97cda818-a0ea-4ba0-9824-dca31bbd458b","block_type":"box","text":"Amounts paid during the year or due to the Manager at the year end are disclosed under Expenses and Other Creditors","page_number":41,"box":{"x":87,"y":509,"width":864,"height":11}},{"id":"2430ad9b-7061-48f8-b8ba-0a13e585a258","block_type":"box","text":"in the Notes to the financial statements. At the year end £6,519 (31.12.24: £5,916) was due to the Manager in relation","page_number":41,"box":{"x":88,"y":523,"width":862,"height":11}},{"id":"c1fe944e-0db7-4f6b-b4b9-e12b81768962","block_type":"box","text":"to accrued manager’s periodic charges are disclosed in Other Creditors in the Notes to the Financial Statements.","page_number":41,"box":{"x":87,"y":537,"width":834,"height":11}},{"id":"585590fa-2800-47ed-89d4-a371d526eac5","block_type":"box","text":"Transactions relating to the creation and cancellation of units and the purchases and sales of investments which pass","page_number":41,"box":{"x":87,"y":559,"width":864,"height":11}},{"id":"f46a40c8-6456-4507-9335-ed67eaa0adf6","block_type":"box","text":"through the Manager, but are not for the benefit of, either related party are disclosed in the Statement of Change in Net","page_number":41,"box":{"x":87,"y":573,"width":864,"height":11}},{"id":"d65066b8-8d89-4528-8bda-64059bea3596","block_type":"box","text":"Assets Attributable to Unitholders.","page_number":41,"box":{"x":87,"y":587,"width":250,"height":9}},{"id":"08556352-119a-456d-a89c-f354d8737611","block_type":"box","text":"Amounts due to or from the Fund at the year end in relation to these transactions are disclosed under Debtors and","page_number":41,"box":{"x":87,"y":609,"width":863,"height":11}},{"id":"6786755f-3131-4c52-bd71-a1e04250991d","block_type":"box","text":"Creditors in the Notes to the Financial Statements.","page_number":41,"box":{"x":87,"y":623,"width":373,"height":9}},{"id":"dc5ec679-6ba0-4936-916f-1c5605ef4d66","block_type":"box","text":"16. Risk disclosures","page_number":41,"box":{"x":48,"y":649,"width":171,"height":9}},{"id":"8d7841bf-25ff-4e1d-8927-36b1efeeb127","block_type":"box","text":"The Manager’s policy for managing these risks are summarised below and have been applied throughout the year.","page_number":41,"box":{"x":87,"y":663,"width":846,"height":11}},{"id":"9253cd1d-1346-424f-b927-a4de14d0719c","block_type":"box","text":"(a) Foreign currency risk","page_number":41,"box":{"x":47,"y":689,"width":211,"height":11}},{"id":"6764e426-13d0-460d-a3de-f63bf07ccb92","block_type":"box","text":"A substantial proportion of the net assets of the Fund are denominated in currencies other than Sterling (\"GBP\"), with","page_number":41,"box":{"x":87,"y":703,"width":863,"height":11}},{"id":"80c05ef2-270e-49c3-891f-a60366076c08","block_type":"box","text":"the effect that the balance sheet and total return can be significantly affected by currency movements. The Manager will","page_number":41,"box":{"x":87,"y":718,"width":863,"height":11}},{"id":"a3ac71e1-48ce-44ff-b9ae-975dff6257ce","block_type":"box","text":"act accordingly in order to manage exchange rate risk.","page_number":41,"box":{"x":87,"y":732,"width":401,"height":11}},{"id":"a1d53ca2-9142-4f9a-84ba-3683bce98cb5","block_type":"box","text":"The Fund’s currency exposure as at 31st December 2025 was:","page_number":41,"box":{"x":87,"y":753,"width":464,"height":11}},{"id":"f20eb1ad-6dc2-4ff7-a47f-b154cda95e97","block_type":"box","text":"Net foreign currency assets","page_number":41,"box":{"x":722,"y":771,"width":219,"height":11}},{"id":"17fad08b-2cce-4a6a-8c96-5cc6951c7766","block_type":"box","text":"Currency Monetary","page_number":41,"box":{"x":87,"y":786,"width":669,"height":11}},{"id":"7984a995-0cbb-461d-8cde-9aa5f79e358d","block_type":"box","text":"exposures","page_number":41,"box":{"x":673,"y":803,"width":83,"height":9}},{"id":"092caff8-ea87-4bec-b48a-40606e316ae5","block_type":"box","text":"£’000","page_number":41,"box":{"x":715,"y":815,"width":41,"height":9}},{"id":"2c424354-bbce-4e4f-b2e3-ef1b929e3eb1","block_type":"box","text":"Non-monetary","page_number":41,"box":{"x":768,"y":786,"width":112,"height":11}},{"id":"e1b5b96f-3c60-4b65-86ac-0e8699b0961f","block_type":"box","text":"exposures","page_number":41,"box":{"x":797,"y":803,"width":82,"height":9}},{"id":"67881ad7-bdff-4d1d-8c57-8a81e9e9fac7","block_type":"box","text":"£’000","page_number":41,"box":{"x":838,"y":815,"width":41,"height":9}},{"id":"bb660f10-b61f-4f7e-a030-6a5d13120c99","block_type":"box","text":"Total","page_number":41,"box":{"x":903,"y":786,"width":37,"height":9}},{"id":"1b20ccfd-4d30-4736-b60f-9dbeef1280b8","block_type":"box","text":"£’000","page_number":41,"box":{"x":899,"y":800,"width":41,"height":9}},{"id":"762cf0cd-31fd-4dc3-8d61-2cf25b29f724","block_type":"box","text":"Japanese yen","page_number":41,"box":{"x":87,"y":830,"width":103,"height":11}},{"id":"a8302f7b-3091-4c32-8f68-d1edef18871f","block_type":"box","text":"319 61,119 61,438","page_number":41,"box":{"x":729,"y":830,"width":212,"height":10}},{"id":"7313ad30-5723-4f18-b81a-e6623e413c06","block_type":"box","text":"US dollar","page_number":41,"box":{"x":88,"y":846,"width":68,"height":8}},{"id":"7b718398-d954-4096-aa9b-37ce3a21b08e","block_type":"box","text":"7 -7","page_number":41,"box":{"x":748,"y":846,"width":193,"height":8}},{"id":"45142afc-ab3b-40eb-8401-d9df77f18ff4","block_type":"box","text":"Total","page_number":41,"box":{"x":87,"y":865,"width":37,"height":9}},{"id":"7924b919-d42e-4fd7-82a1-8c0c6cfaad04","block_type":"box","text":"326 61,119 61,445","page_number":41,"box":{"x":729,"y":865,"width":212,"height":11}},{"id":"a4a81d09-cb7f-4391-92e9-dae92d0229df","block_type":"box","text":"State Street AUT Japan Screened Index Equity Fund","page_number":41,"box":{"x":47,"y":44,"width":496,"height":13}},{"id":"092033ed-0d93-4ffb-8c71-51bf8e82f12c","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":41,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"36159874-843a-42e1-a22c-7bbf56602b20","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":41,"box":{"x":48,"y":123,"width":435,"height":13}},{"id":"c8c6430e-345f-4872-afdc-4cb37fd08221","block_type":"box","text":"For the year ended 31st December 2025","page_number":41,"box":{"x":48,"y":147,"width":300,"height":11}},{"id":"05dfb820-dc46-4296-8f97-0422f8d297c6","block_type":"box","text":"39","page_number":41,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"28bf09de-a7de-4afc-adab-a76b8e9c434a","block_type":"box","text":"16. Risk disclosures (continued)","page_number":42,"box":{"x":48,"y":175,"width":267,"height":11}},{"id":"a450cf46-3ebe-444a-b012-bfa5a1a5b18b","block_type":"box","text":"The Fund’s currency exposure as at 31st December 2024 was:","page_number":42,"box":{"x":87,"y":200,"width":464,"height":11}},{"id":"e0859f03-452e-4a79-98ad-f7750b7e3d12","block_type":"box","text":"Net foreign currency assets","page_number":42,"box":{"x":722,"y":217,"width":219,"height":11}},{"id":"0a4b8599-4f81-4d77-a82c-2161e04d6b92","block_type":"box","text":"Currency Monetary","page_number":42,"box":{"x":87,"y":233,"width":669,"height":11}},{"id":"a1f91348-3a05-4894-b331-2f751c7bcf9c","block_type":"box","text":"exposures","page_number":42,"box":{"x":673,"y":249,"width":83,"height":9}},{"id":"1f867b43-08a1-4412-a41e-aab4248f7191","block_type":"box","text":"£’000","page_number":42,"box":{"x":715,"y":261,"width":41,"height":9}},{"id":"3590b007-aab7-408c-ac69-e6d6e345bc02","block_type":"box","text":"Non-monetary","page_number":42,"box":{"x":768,"y":233,"width":112,"height":11}},{"id":"bf6775c8-1627-4972-897b-49dad8d37a90","block_type":"box","text":"exposures","page_number":42,"box":{"x":797,"y":249,"width":82,"height":9}},{"id":"ec140f13-8e8e-49a3-8e30-159c3829858f","block_type":"box","text":"£’000","page_number":42,"box":{"x":838,"y":261,"width":41,"height":9}},{"id":"3c8d9689-f3be-49e9-ac14-81c3a167a3ea","block_type":"box","text":"Total","page_number":42,"box":{"x":903,"y":233,"width":37,"height":8}},{"id":"a3b27a85-b6b9-4b22-bea2-49c988d7dc60","block_type":"box","text":"£’000","page_number":42,"box":{"x":899,"y":247,"width":41,"height":9}},{"id":"3d7ca0a3-928f-486b-b668-7d90e91a1b06","block_type":"box","text":"Japanese yen 58,002 93 58,095","page_number":42,"box":{"x":87,"y":277,"width":854,"height":11}},{"id":"96a719bf-51a4-4ea7-9b91-178623c98048","block_type":"box","text":"Total","page_number":42,"box":{"x":87,"y":296,"width":37,"height":9}},{"id":"9a1f3310-7d13-4fef-88f9-b37818ee63f2","block_type":"box","text":"58,002 93 58,095","page_number":42,"box":{"x":706,"y":296,"width":235,"height":11}},{"id":"c036515c-8e22-456b-b9a5-4459149ba956","block_type":"box","text":"If GBP to foreign currency exchange rates had increased by 10% as at the balance sheet date, the net asset value of","page_number":42,"box":{"x":88,"y":319,"width":864,"height":11}},{"id":"e9039fbd-ac7d-49e8-a765-ff2b59ffa98e","block_type":"box","text":"the Fund would have decreased by £5,585,894 (31.12.2024: £5,281,404).","page_number":42,"box":{"x":87,"y":333,"width":545,"height":12}},{"id":"330d1888-bc02-482a-85ef-e58fd242bd4e","block_type":"box","text":"If GBP to foreign currency exchange rates had decreased by 10% as at the balance sheet date, the net asset value of","page_number":42,"box":{"x":88,"y":355,"width":864,"height":11}},{"id":"08620a44-aebe-464f-9c1f-700067135500","block_type":"box","text":"the Fund would have increased by £6,827,203 (31.12.2024: £6,455,049).","page_number":42,"box":{"x":87,"y":369,"width":539,"height":11}},{"id":"b6185fc9-f1b8-4752-955e-4f2d0561c8e9","block_type":"box","text":"These calculations assume all other variables remain constant.","page_number":42,"box":{"x":87,"y":391,"width":465,"height":8}},{"id":"914fcb93-e5b3-4402-bde0-24de085f4251","block_type":"box","text":"(b) Market price risk","page_number":42,"box":{"x":47,"y":416,"width":173,"height":12}},{"id":"d92ce041-936b-4bbf-a0d7-3d31befc0f1e","block_type":"box","text":"The Fund’s investment portfolio is exposed to market price fluctuations which are monitored by the Manager in","page_number":42,"box":{"x":87,"y":431,"width":863,"height":11}},{"id":"2f5645e7-fc76-410d-8466-3a0aff55ac6e","block_type":"box","text":"pursuance of the investment objective and policy as set out on page 1. Adherence to investment guidelines and to","page_number":42,"box":{"x":88,"y":445,"width":863,"height":11}},{"id":"838bc738-25f3-4cf3-9c0e-1ff6aece4e1b","block_type":"box","text":"investment and borrowing powers set out in the Trust Deed, the Scheme Particulars and in the Financial Conduct","page_number":42,"box":{"x":88,"y":459,"width":863,"height":11}},{"id":"63b29ca0-e678-4ce7-ac35-73a54658c2ed","block_type":"box","text":"Authority’s Collective Investment Scheme sourcebook (the “COLL sourcebook”) mitigates the risk of excessive","page_number":42,"box":{"x":87,"y":473,"width":864,"height":11}},{"id":"d1df34b3-80ba-473f-a97f-1a5a78facca3","block_type":"box","text":"exposure to any particular type of security or issuer. Further information on the investment portfolio is set out in the","page_number":42,"box":{"x":87,"y":488,"width":864,"height":11}},{"id":"bae54a17-3b09-4605-a175-aaed94899e2c","block_type":"box","text":"Manager’s Report and Portfolio Statement.","page_number":42,"box":{"x":88,"y":502,"width":315,"height":11}},{"id":"20d927ad-73f1-4e06-84db-299bcf4c0a72","block_type":"box","text":"If market prices had increased by 10% as at the balance sheet date, the net asset value of the Fund would have","page_number":42,"box":{"x":88,"y":523,"width":863,"height":11}},{"id":"55dafd3a-d84f-469e-a710-1582c43f5983","block_type":"box","text":"increased by £6,112,004 (31.12.24: £5,800,179). If market prices had decreased by 10% as at the balance sheet date,","page_number":42,"box":{"x":88,"y":537,"width":862,"height":11}},{"id":"519796d4-9df5-4eda-aace-82f5f4dce981","block_type":"box","text":"the net asset value of the Fund would have decreased by £6,112,004 (31.12.24: £5,800,179).","page_number":42,"box":{"x":87,"y":552,"width":689,"height":11}},{"id":"7e789746-187b-4905-93b4-0319a6c4dc1e","block_type":"box","text":"These calculations assume all other variables remain constant.","page_number":42,"box":{"x":87,"y":573,"width":465,"height":9}},{"id":"6779c26a-9522-420f-8d2b-f23ce3bab72a","block_type":"box","text":"(c) Interest rate risk","page_number":42,"box":{"x":47,"y":599,"width":170,"height":11}},{"id":"b5cb016f-3102-4c46-8c96-b6e8e94e8777","block_type":"box","text":"The majority of the Fund’s financial assets are equity shares and other investments which neither pay interest nor have","page_number":42,"box":{"x":87,"y":613,"width":864,"height":11}},{"id":"524888ee-2255-4a54-9c2f-3c636643fc34","block_type":"box","text":"a maturity date. Therefore interest rate risk is not deemed to be significant.","page_number":42,"box":{"x":87,"y":627,"width":550,"height":12}},{"id":"337c34bc-b104-4e64-8c4e-b4a616fa5b13","block_type":"box","text":"Interest on bank balances is calculated at the current Bank of England base rate minus 0.50%, while overdraft is","page_number":42,"box":{"x":88,"y":649,"width":863,"height":11}},{"id":"82282540-7518-4a0c-805c-d5d5ab8ce138","block_type":"box","text":"calculated at the current Bank of England base rate plus 1.00% of its overseas equivalent.","page_number":42,"box":{"x":87,"y":663,"width":665,"height":11}},{"id":"fd7a0bf2-d5f2-4c41-8371-4c9a3adeeb70","block_type":"box","text":"(d) Liquidity risk","page_number":42,"box":{"x":47,"y":689,"width":144,"height":11}},{"id":"e72ebaef-fe0d-476a-b65b-5f60a5efccd4","block_type":"box","text":"All of the Fund’s financial assets are considered to be readily realisable in accordance with the market practices of the","page_number":42,"box":{"x":87,"y":703,"width":864,"height":11}},{"id":"3b32efe1-4ac9-40a8-bc85-d58ab4f6b327","block_type":"box","text":"exchange on which they are traded. In general, the Investment Manager manages the Fund’s cash to ensure it can meet","page_number":42,"box":{"x":87,"y":718,"width":864,"height":11}},{"id":"aad712aa-401d-43c9-b840-b888a2a54d45","block_type":"box","text":"its liabilities. Where investments cannot be realised in time to meet any potential liability, the Fund may borrow up to 10%","page_number":42,"box":{"x":88,"y":732,"width":863,"height":11}},{"id":"d5ce02cc-db78-42af-99eb-cff22c2fd94f","block_type":"box","text":"of its value to ensure settlement.","page_number":42,"box":{"x":87,"y":746,"width":239,"height":9}},{"id":"f44c728d-4996-496a-b8cf-2732d232cee5","block_type":"box","text":"All of the Fund’s financial liabilities are payable on demand or in less than one year, therefore liquidity risk is not","page_number":42,"box":{"x":87,"y":767,"width":864,"height":11}},{"id":"c00d1ed4-8952-48c9-b5a7-8be18daba46a","block_type":"box","text":"significant.","page_number":42,"box":{"x":87,"y":782,"width":77,"height":11}},{"id":"a79dfbfb-27c8-498d-86db-c162c79cfc0b","block_type":"box","text":"17. Unitholders’ funds","page_number":42,"box":{"x":48,"y":808,"width":185,"height":8}},{"id":"60997c2a-4076-4fa1-91a6-c6c234d64502","block_type":"box","text":"31.12.25 31.12.24","page_number":42,"box":{"x":726,"y":826,"width":215,"height":8}},{"id":"30bc3a85-e973-40c6-bade-9d094053eebf","block_type":"box","text":"Opening units in issue 22,396,219 23,128,647","page_number":42,"box":{"x":92,"y":844,"width":849,"height":12}},{"id":"14290e3a-cb9e-4ecb-b6a6-c983c39cfd8d","block_type":"box","text":"Issues","page_number":42,"box":{"x":93,"y":864,"width":46,"height":8}},{"id":"b17aaf64-4669-40b9-8957-1abcb3378396","block_type":"box","text":"2,496,314 2,553,075","page_number":42,"box":{"x":716,"y":863,"width":225,"height":11}},{"id":"69fff30c-5a5d-4916-ba72-7424e95879dd","block_type":"box","text":"Cancellations (4,556,538) (3,285,503)","page_number":42,"box":{"x":92,"y":882,"width":849,"height":11}},{"id":"bcff8aea-8ee3-4e7e-b528-09afc79ca13f","block_type":"box","text":"Closing units in issue 20,335,995 22,396,219","page_number":42,"box":{"x":92,"y":903,"width":849,"height":11}},{"id":"e7ec7829-3c52-440a-b939-cc21205fa17f","block_type":"box","text":"State Street AUT Japan Screened Index Equity Fund","page_number":42,"box":{"x":47,"y":44,"width":496,"height":13}},{"id":"0ca5140e-1644-4b29-b896-b889cb5080b8","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":42,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"c912736e-ea74-4eb5-99b9-6d12ae96c395","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":42,"box":{"x":48,"y":123,"width":435,"height":13}},{"id":"715d1e73-3c78-4c62-a7bd-4733a586069e","block_type":"box","text":"For the year ended 31st December 2025","page_number":42,"box":{"x":48,"y":147,"width":300,"height":11}},{"id":"17d231cd-9de2-49ca-b935-e769b6923f45","block_type":"box","text":"40","page_number":42,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"62a9adf1-4652-434e-8bfc-776f2c1973ba","block_type":"box","text":"18. 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Our annual assessment","page_number":45,"box":{"x":47,"y":889,"width":904,"height":12}},{"id":"ac5964ab-898d-428d-9bc6-67fedce35e22","block_type":"box","text":"of value statement can be found in a composite report on www.ssga.com.","page_number":45,"box":{"x":47,"y":904,"width":542,"height":11}},{"id":"aa2ba23a-2768-41f4-b5dc-675330d39b2c","block_type":"box","text":"State Street AUT Japan Screened Index Equity Fund","page_number":45,"box":{"x":47,"y":44,"width":496,"height":13}},{"id":"ede82b47-fd87-430f-a50c-6504cfdefe75","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":45,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"a44e4a69-bb6d-4914-9b26-4799380a2c3c","block_type":"box","text":"Directory","page_number":45,"box":{"x":48,"y":102,"width":86,"height":13}},{"id":"9f32603a-22f1-490e-bc7c-8ead0b384aef","block_type":"box","text":"43","page_number":45,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"b387b6b1-b865-42ea-bf06-08814ed1b5d5","block_type":"box","text":"TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES (TCFD)","page_number":46,"box":{"x":47,"y":159,"width":578,"height":11}},{"id":"d3a06cc8-9660-4ced-a0b2-597d7ab874a6","block_type":"box","text":"The Manager’s entity and product disclosure reports have been published separately and can be found using the fund finder","page_number":46,"box":{"x":47,"y":172,"width":905,"height":11}},{"id":"f5378711-3824-43ca-be0a-cd1c6b60ae38","block_type":"box","text":"page on www.ssga.com.","page_number":46,"box":{"x":48,"y":189,"width":179,"height":9}},{"id":"4207ef26-599f-4475-89da-3bfef7f873a4","block_type":"box","text":"State Street AUT Japan Screened Index Equity Fund","page_number":46,"box":{"x":47,"y":44,"width":496,"height":13}},{"id":"d73625ba-fa1c-4ad8-943a-e229acc7f5d4","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":46,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"eca64f4a-e6c6-4aff-9230-c6c2b0787739","block_type":"box","text":"Directory (continued)","page_number":46,"box":{"x":48,"y":102,"width":201,"height":13}},{"id":"7a99f882-cf00-4e79-80d4-5c211c91ee1f","block_type":"box","text":"44","page_number":46,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"a6fc87e8-9955-411d-9abc-d01476835401","block_type":"box","text":"State Street Corporation (“SSC”), and its direct and indirect subsidiaries (together with the SSC hereafter referred to as “State","page_number":47,"box":{"x":47,"y":175,"width":904,"height":11}},{"id":"5ff71858-a442-4d90-808a-e87137a4f5ab","block_type":"box","text":"Street”) operate a group-wide compensation strategy including a remuneration policy that applies to all State Street entities","page_number":47,"box":{"x":47,"y":189,"width":904,"height":11}},{"id":"3cc46c93-58ed-48c5-9958-51f24d55edb7","block_type":"box","text":"globally. As the Management Company, State Street Unit Trust Management Limited (“SSUTM”) does not employ any staff","page_number":47,"box":{"x":47,"y":203,"width":905,"height":11}},{"id":"9a00a446-7986-4fd1-87ec-8019a356e83b","block_type":"box","text":"and has delegated certain activities in respect of the investment management and risk management to SSGA Limited and","page_number":47,"box":{"x":47,"y":217,"width":903,"height":11}},{"id":"ee3a385c-e082-44f2-865b-2d737fc98f38","block_type":"box","text":"SSGA Europe Limited, Poland Branch (together, the “Investment Managers”). As a State Street subsidiary, the Investment","page_number":47,"box":{"x":47,"y":231,"width":904,"height":12}},{"id":"83eaed85-0180-4fb4-8c2e-471be9ffa152","block_type":"box","text":"Managers are fully integrated into State Street’s group-wide compensation strategy and subject to the global and regional","page_number":47,"box":{"x":48,"y":246,"width":902,"height":11}},{"id":"2808e59e-5b35-4955-afff-c7eb58e4521d","block_type":"box","text":"governing body structure of State Street to provide appropriate and effective control of the remuneration arrangements (incl.","page_number":47,"box":{"x":47,"y":260,"width":903,"height":11}},{"id":"b9a44684-b405-4a18-bb72-b1a7ea1dc6aa","block_type":"box","text":"compliance with the relevant remuneration regulations) across the State Street group of affiliated entities. Under its publicly","page_number":47,"box":{"x":47,"y":274,"width":904,"height":11}},{"id":"0429eff8-bd8e-4aee-9da1-cc1b26af19a7","block_type":"box","text":"available charter, the Human Resources Committee (“HRC”) of SSC oversees all of State Street’s compensation plans,","page_number":47,"box":{"x":47,"y":288,"width":903,"height":12}},{"id":"13ffd74e-aa9e-420c-a74b-9d5e922fdaaf","block_type":"box","text":"policies, and programs in which senior executives participate and incentive, retirement, welfare and equity plans in which","page_number":47,"box":{"x":48,"y":303,"width":902,"height":11}},{"id":"3fba3ab4-6ada-4db2-bcba-7468b7a364ab","block_type":"box","text":"certain other employees of SSC participate. It also oversees the alignment of the incentive compensation arrangements with","page_number":47,"box":{"x":47,"y":317,"width":903,"height":11}},{"id":"8f0892d2-44af-4c14-a5db-14796ef41e3e","block_type":"box","text":"the State Street’s financial safety and soundness consistent with applicable related regulatory rules and guidance. The HRC","page_number":47,"box":{"x":47,"y":331,"width":904,"height":11}},{"id":"9adde7ad-23e4-456b-82ec-65b30991ef3a","block_type":"box","text":"approves the overall allocation of the Incentive Compensation (“IC”) Plan pool. State Street’s CEO allocates IC pools to","page_number":47,"box":{"x":47,"y":345,"width":904,"height":11}},{"id":"f3c1f4be-3b87-47d2-bab6-1e0c915c4aaf","block_type":"box","text":"business units and corporate functions based upon a variety of factors, which may include budget performance, achievement","page_number":47,"box":{"x":48,"y":360,"width":903,"height":11}},{"id":"10cd1a91-aa3f-4dc3-8566-281c3fafe32f","block_type":"box","text":"of key goals and other considerations. The final expenditure and overall allocation between current and deferred awards are","page_number":47,"box":{"x":47,"y":374,"width":904,"height":11}},{"id":"3be86461-4520-40ab-97ec-ce17fa5e8752","block_type":"box","text":"then reviewed by the HRC prior to payment.","page_number":47,"box":{"x":47,"y":388,"width":324,"height":11}},{"id":"c2b6b64a-6805-430b-8645-f7307321bc83","block_type":"box","text":"State Street also has separate UK and SSGAEL Remuneration Committees in place for the Investment Managers with the","page_number":47,"box":{"x":47,"y":409,"width":904,"height":11}},{"id":"9dbf53ec-7b00-486a-94f1-ff276f9fc5f9","block_type":"box","text":"primary duties to:","page_number":47,"box":{"x":48,"y":424,"width":125,"height":11}},{"id":"55e9f71b-7386-4e27-a197-684175e505e3","block_type":"box","text":"•","page_number":47,"box":{"x":47,"y":448,"width":4,"height":3}},{"id":"c33c3b51-08a7-4505-bc73-c9e1c986b19c","block_type":"box","text":"review the remuneration policy applicable to employees, management and Identified Staff of the Investment Managers","page_number":47,"box":{"x":95,"y":445,"width":856,"height":11}},{"id":"2b2ec568-f7e4-4d16-833e-2656a2296a39","block_type":"box","text":"and oversee its implementation;","page_number":47,"box":{"x":95,"y":459,"width":234,"height":11}},{"id":"889683fd-7699-44b1-a344-8b0884ba8c0b","block_type":"box","text":"•","page_number":47,"box":{"x":47,"y":484,"width":4,"height":3}},{"id":"a2df1df8-1c5d-45e9-beda-0cc3d463ed38","block_type":"box","text":"oversee compliance with any applicable remuneration regulations; and","page_number":47,"box":{"x":94,"y":481,"width":521,"height":11}},{"id":"3a69d216-cf11-4731-9ba7-8d6e4d06585c","block_type":"box","text":"•","page_number":47,"box":{"x":47,"y":505,"width":4,"height":3}},{"id":"d3366881-cab7-4192-89d5-3d604a125ba7","block_type":"box","text":"review and endorse remuneration decisions related to Identified Staff and consider recommendations for ex-post risk","page_number":47,"box":{"x":95,"y":502,"width":856,"height":11}},{"id":"1cfbddb4-abc6-4daa-91ee-bd9e1326424b","block_type":"box","text":"adjustment of Identified Staff.","page_number":47,"box":{"x":95,"y":516,"width":214,"height":11}},{"id":"82e76f1c-99d0-4393-b878-029cbdfb83db","block_type":"box","text":"State Street operates an annually reviewed global remuneration policy document (supplemented by any relevant addenda by","page_number":47,"box":{"x":47,"y":537,"width":904,"height":11}},{"id":"8c8eedc1-a6ec-4ccc-88b5-bebbfd688b3f","block_type":"box","text":"jurisdiction or regulatory regime), which documents State Street’s existing remuneration framework. This policy is intended to","page_number":47,"box":{"x":46,"y":552,"width":905,"height":11}},{"id":"dbd04314-88da-4642-800d-7b3f0844601a","block_type":"box","text":"comply with applicable remuneration regulatory requirements including, but not limited to, those contained in the CRD, UCITS","page_number":47,"box":{"x":47,"y":566,"width":904,"height":11}},{"id":"086b9cda-27ea-490d-8b0a-67862a8226d4","block_type":"box","text":"V and AIFMD, and will be interpreted and administered accordingly. State Street’s remuneration policies and practices apply","page_number":47,"box":{"x":46,"y":580,"width":905,"height":11}},{"id":"402bfa25-4ac5-4475-a9cd-b872d34edd49","block_type":"box","text":"on a global basis to all employees of the State Street group (incl. the Investment Managers). The key principles that align State","page_number":47,"box":{"x":47,"y":594,"width":904,"height":11}},{"id":"3e63b9f0-e92a-4db0-88ae-4e768db0c2bd","block_type":"box","text":"Street’s remuneration system with the business strategy are as follows:","page_number":47,"box":{"x":47,"y":608,"width":525,"height":12}},{"id":"bcb74072-83cd-494d-8403-e60f71af780c","block_type":"box","text":"•","page_number":47,"box":{"x":47,"y":633,"width":4,"height":3}},{"id":"0f15de21-95ce-416a-b054-d120ed80ef11","block_type":"box","text":"We emphasize total rewards.","page_number":47,"box":{"x":94,"y":630,"width":214,"height":11}},{"id":"9387dc01-6552-4e2d-9e53-5992fb3c65a5","block_type":"box","text":"•","page_number":47,"box":{"x":47,"y":654,"width":4,"height":3}},{"id":"4eb2868a-4791-4f7a-b0cb-29f1eaa360bf","block_type":"box","text":"We target the aggregate annual value of our Total Rewards Program to be competitive with our business peers.","page_number":47,"box":{"x":94,"y":651,"width":822,"height":11}},{"id":"466ba92c-ffc6-4939-b7b0-286213f2b7e3","block_type":"box","text":"•","page_number":47,"box":{"x":47,"y":676,"width":4,"height":3}},{"id":"51541e78-609a-4624-ad4a-137537393bb2","block_type":"box","text":"We unequivocally support equal pay for work of equal value.","page_number":47,"box":{"x":94,"y":673,"width":445,"height":11}},{"id":"2e652374-e1de-44a8-a341-882f502fe1ca","block_type":"box","text":"•","page_number":47,"box":{"x":47,"y":697,"width":4,"height":3}},{"id":"5e40bd87-e74a-4e7b-95ff-93278e959974","block_type":"box","text":"Funding for our Total Rewards Program is subject to affordability and is designed to be flexible based on 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The discretionary bonus policy is structured so as to achieve a balance between fixed and","page_number":48,"box":{"x":48,"y":253,"width":902,"height":11}},{"id":"075c7c49-2523-481b-ad35-84f43a4cd437","block_type":"box","text":"variable components, but also includes specific maximum pay ratios where required by local regulations. A number of","page_number":48,"box":{"x":47,"y":267,"width":905,"height":11}},{"id":"440be3f2-4e9b-4025-8424-0115acfc952c","block_type":"box","text":"employees in sales participate in Structured Incentive Plans, which aim to bring the variable compensation granted to plan","page_number":48,"box":{"x":47,"y":281,"width":903,"height":11}},{"id":"10c9a00c-a992-4079-9df1-4dcbb39671b9","block_type":"box","text":"participants into line with the revenues they generate as well as taking into account non-financial qualitative performance","page_number":48,"box":{"x":48,"y":296,"width":903,"height":11}},{"id":"d9a9e33c-89d4-4ae4-89d9-8504bab744dc","block_type":"box","text":"indicators. All such participants receive sufficiently high fixed compensation. Variable compensation is assigned on an","page_number":48,"box":{"x":48,"y":310,"width":902,"height":11}},{"id":"352bfb30-ed15-456e-ac54-ad682be9561f","block_type":"box","text":"individual basis by way of a review of both quantitative and qualitative factors.","page_number":48,"box":{"x":48,"y":324,"width":572,"height":11}},{"id":"9e8a1434-d306-4a24-a9b4-d6e58da71aaf","block_type":"box","text":"A proportionality assessment has been conducted to evaluate the risk profile of SSUTM. This analysis has concluded that the","page_number":48,"box":{"x":46,"y":345,"width":905,"height":11}},{"id":"2119e28d-b04c-483b-993c-dfbfc91d7da7","block_type":"box","text":"size, nature and complexity of SSUTM and, where relevant, the funds that it manages, is sufficiently low and UCITS V’s","page_number":48,"box":{"x":47,"y":359,"width":904,"height":12}},{"id":"c71e822a-5fb4-4d12-9b4d-b5dfa40c425a","block_type":"box","text":"remuneration requirements on the pay-out processes and establishment of a remuneration committee were disapplied.","page_number":48,"box":{"x":48,"y":374,"width":902,"height":11}},{"id":"0afc657c-ec1e-42e4-a572-bb3c58873bac","block_type":"box","text":"Accordingly, State Street continues to operate current levels of deferral and stock-based compensation and has not made","page_number":48,"box":{"x":46,"y":388,"width":905,"height":11}},{"id":"7713cf88-2c81-413e-a090-ccff0ad525b4","block_type":"box","text":"significant changes to Identified Staff remuneration structures in respect of SSUTM.","page_number":48,"box":{"x":47,"y":402,"width":616,"height":11}},{"id":"16f87472-0d1c-4bcc-a976-a4f427ccce7f","block_type":"box","text":"Total amount of remuneration paid by the Investment Manager as at 31/12/2025","page_number":48,"box":{"x":47,"y":420,"width":626,"height":11}},{"id":"b6a27fd8-4c86-46c7-9096-bb4c82ffe769","block_type":"box","text":"1","page_number":48,"box":{"x":675,"y":418,"width":4,"height":6}},{"id":"2b8b0d8d-9ec1-4a7c-bf46-9a772390233f","block_type":"box","text":"Fixed remuneration (in £ k)","page_number":48,"box":{"x":48,"y":441,"width":198,"height":11}},{"id":"b56e0741-f0db-453c-8b31-294c91501969","block_type":"box","text":"55,938","page_number":48,"box":{"x":901,"y":436,"width":50,"height":10}},{"id":"638f7958-c9e4-4c3b-9b9b-6915815d0f83","block_type":"box","text":"Variable remuneration (in £ k)","page_number":48,"box":{"x":46,"y":457,"width":219,"height":11}},{"id":"e2267577-0cd8-44f2-ab86-ca1ea4efd544","block_type":"box","text":"49,726","page_number":48,"box":{"x":900,"y":457,"width":51,"height":10}},{"id":"44afe6e4-6b4e-463c-b173-9314a1f680d1","block_type":"box","text":"Total Remuneration (in £ k)","page_number":48,"box":{"x":47,"y":472,"width":200,"height":11}},{"id":"bcd739fa-c218-4b79-935f-3c2df6d6416f","block_type":"box","text":"105,664","page_number":48,"box":{"x":893,"y":472,"width":58,"height":10}},{"id":"779a92fa-7006-4058-a65a-d32aa6c33467","block_type":"box","text":"Number of beneficiaries","page_number":48,"box":{"x":48,"y":488,"width":175,"height":8}},{"id":"b3236c11-4ff6-43f6-934e-32cc25696cd3","block_type":"box","text":"595","page_number":48,"box":{"x":924,"y":488,"width":27,"height":8}},{"id":"de510adb-850c-412e-9fbe-fce65073d447","block_type":"box","text":"Performance fee paid directly by the UCITS","page_number":48,"box":{"x":48,"y":503,"width":321,"height":11}},{"id":"11c37509-cc98-49d7-88d3-58915e524a86","block_type":"box","text":"n/a","page_number":48,"box":{"x":929,"y":503,"width":22,"height":9}},{"id":"521ec96f-1e76-4e0f-a28a-14be445ae269","block_type":"box","text":"Aggregate amount of remuneration as at 31/12/2025 (in £ k)","page_number":48,"box":{"x":46,"y":533,"width":470,"height":11}},{"id":"fe53adc6-1803-41d2-b9aa-e6b8ebd9f230","block_type":"box","text":"Senior Management of SSUTM","page_number":48,"box":{"x":47,"y":554,"width":231,"height":11}},{"id":"1dad75a9-2774-41c4-8653-a63d410c20c7","block_type":"box","text":"2","page_number":48,"box":{"x":280,"y":552,"width":6,"height":6}},{"id":"cfc96838-8c58-4f2b-b342-99335a587cc7","block_type":"box","text":"58","page_number":48,"box":{"x":933,"y":548,"width":18,"height":9}},{"id":"10715329-c68a-4328-8166-490c2dcf2639","block_type":"box","text":"Identified Staff of the Investment Manager","page_number":48,"box":{"x":48,"y":569,"width":309,"height":11}},{"id":"9d668830-e05a-4588-af40-f4e7d16276e7","block_type":"box","text":"58,348","page_number":48,"box":{"x":901,"y":569,"width":50,"height":11}},{"id":"f603ce4f-5ea2-4955-8421-41b1fa8e123b","block_type":"box","text":"More details regarding State Street’s remuneration approach including (but not limited to) information on the decision-making","page_number":48,"box":{"x":48,"y":588,"width":903,"height":11}},{"id":"800e1a30-73c5-40e5-8c12-4ce5cbd56de7","block_type":"box","text":"process to determine the remuneration policy, its basic characteristics and the linkage between pay and performance, are","page_number":48,"box":{"x":48,"y":603,"width":903,"height":11}},{"id":"1643e55b-453d-4c76-9d50-bc4b3a6788cb","block_type":"box","text":"published separately in State Street’s Proxy Statement at www.statestreet.com and the remuneration section of the UK Pillar","page_number":48,"box":{"x":48,"y":617,"width":904,"height":11}},{"id":"26765d14-f55b-4cfc-8584-fa99e06119a3","block_type":"box","text":"3 disclosure of SSGA Ltd. at:","page_number":48,"box":{"x":47,"y":631,"width":212,"height":9}},{"id":"d5add20c-f27e-4441-a3c1-f511f5806578","block_type":"box","text":"https://www.ssga.com/library-content/assets/pdf/emea/resources/2024/ssgal-pillar-3-disclosure.pdf.","page_number":48,"box":{"x":48,"y":645,"width":731,"height":11}},{"id":"bd14ef35-a814-4e47-80a2-c8d451dd0a57","block_type":"box","text":"In light of State Street’s group-wide compensation strategy, the qualitative remuneration information included in the UK Pillar","page_number":48,"box":{"x":48,"y":659,"width":904,"height":12}},{"id":"32d659b4-c479-4fad-a1a8-dd508e904ebd","block_type":"box","text":"3 disclosure equally apply to State Street employees outside the UK and the Investment Managers’ employees.","page_number":48,"box":{"x":47,"y":674,"width":822,"height":11}},{"id":"f757bc56-eb94-4798-8aa3-9b08f8b965fc","block_type":"box","text":"1","page_number":48,"box":{"x":48,"y":902,"width":3,"height":5}},{"id":"1a584fb6-1e45-422b-bbfd-1517561bb280","block_type":"box","text":"Disclosure is based on the remuneration of the entire staff of the investment manager, indicating the number of beneficiaries.","page_number":48,"box":{"x":58,"y":904,"width":892,"height":11}},{"id":"e323af72-13fa-466d-aa59-00f5033ec580","block_type":"box","text":"2","page_number":48,"box":{"x":47,"y":918,"width":6,"height":6}},{"id":"6733ef9d-1e7e-43a3-bb4b-5ebe6f24384e","block_type":"box","text":"Represents remuneration paid to independent directors (Directors who are also employees of the SSC do not receive","page_number":48,"box":{"x":59,"y":920,"width":892,"height":11}},{"id":"825d2943-74c2-4c97-bfb8-f6c19cc811d7","block_type":"box","text":"remuneration in their capacity as board 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