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Report.","page_number":2,"box":{"x":47,"y":500,"width":365,"height":11}},{"id":"7cc933ae-86a0-4c7f-8be6-9c3b53bd7761","block_type":"box","text":"State Street AUT Europe ex-UK Screened Index Equity Fund","page_number":2,"box":{"x":47,"y":44,"width":571,"height":13}},{"id":"acff2939-1c19-4112-a85e-df1191f953c6","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":2,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"58e50ca8-9f0f-495a-ae46-8fcbd54f8a09","block_type":"box","text":"Authorised Status","page_number":3,"box":{"x":46,"y":175,"width":144,"height":8}},{"id":"503bc72e-361f-45f7-8b17-3ab1033e9da5","block_type":"box","text":"The State Street AUT Europe ex-UK Screened Index Equity Fund (the “Fund”) is an Authorised Unit Trust Scheme as defined","page_number":3,"box":{"x":47,"y":194,"width":903,"height":11}},{"id":"186bc21e-5fdc-4d98-878f-f2ca789b001a","block_type":"box","text":"in 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":48,"y":208,"width":904,"height":11}},{"id":"60e53ce9-efeb-47c1-a0b0-44a83729d255","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":"46808b5d-0096-4187-8c2d-df976759d81f","block_type":"box","text":"Investment Objective and Policy","page_number":3,"box":{"x":48,"y":258,"width":255,"height":11}},{"id":"4141c457-f093-47ed-bcc2-b849fc5f2daa","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 Europe 'ex UK'","page_number":3,"box":{"x":47,"y":277,"width":904,"height":11}},{"id":"36823301-9251-49a5-b83e-0fddf0a5c621","block_type":"box","text":"equity market as represented by the FTSE Developed Europe 'ex UK' ex Controversies ex CW ex Tobacco ex Thermal Coal","page_number":3,"box":{"x":47,"y":291,"width":903,"height":11}},{"id":"f6469df3-010c-40e5-8eb8-a5ec1985f265","block_type":"box","text":"(10%) Index, net of withholding taxes (or its recognised replacement or equivalent).","page_number":3,"box":{"x":47,"y":305,"width":614,"height":11}},{"id":"8a485b12-138a-4985-86cf-088d1d3e042e","block_type":"box","text":"The Fund is passively managed, meaning that the objective of the Scheme is to achieve an investment return that is as close","page_number":3,"box":{"x":47,"y":326,"width":904,"height":11}},{"id":"000c0218-5ff9-421f-b12d-4a4e02fbce2b","block_type":"box","text":"as possible, and on a “gross of fees” basis, to the return of the Index applicable to the Fund. The Investment Adviser seeks","page_number":3,"box":{"x":47,"y":341,"width":904,"height":11}},{"id":"1947a9ae-6433-43c4-b2e5-6d90f355f663","block_type":"box","text":"to achieve the objective by using a replication strategy. This strategy seeks to hold all of the securities of the particular Index,","page_number":3,"box":{"x":47,"y":355,"width":903,"height":11}},{"id":"140e308d-0478-4463-b072-a2eb2a4c03c3","block_type":"box","text":"with the approximate weightings as in that Index. The Fund may also invest in transferable securities, money market","page_number":3,"box":{"x":46,"y":369,"width":905,"height":11}},{"id":"29d7b62a-2189-49d5-acf7-a01669fd003b","block_type":"box","text":"instruments, warrants, units in collective investment schemes, deposits and derivatives.","page_number":3,"box":{"x":48,"y":383,"width":644,"height":11}},{"id":"53f28094-62bb-47ac-bb57-6fa12d37b20c","block_type":"box","text":"The Fund may invest in collective investment schemes managed or operated by companies in the same group as the","page_number":3,"box":{"x":47,"y":405,"width":904,"height":11}},{"id":"4cb0fc9e-cd2e-49ff-90d7-aeaceba691c9","block_type":"box","text":"Manager or the Investment Adviser. The Fund will seek to track the performance of the Index whilst seeking to minimise as","page_number":3,"box":{"x":48,"y":419,"width":903,"height":11}},{"id":"747cf536-3304-4e6f-b06f-0ca6da1d605c","block_type":"box","text":"far as possible the tracking error between the Fund’s performance and that of the Index.","page_number":3,"box":{"x":47,"y":433,"width":649,"height":11}},{"id":"5ea1f842-c5a7-4122-b0a6-89c580043358","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":454,"width":735,"height":12}},{"id":"6f46b6ba-7d77-4dd8-912e-250e646e89f9","block_type":"box","text":"1. Controversial weapons (including chemical & biological weapons, cluster munitions, anti-personnel landmines),","page_number":3,"box":{"x":48,"y":476,"width":837,"height":11}},{"id":"ea01dd8d-3eba-4462-a34d-cd3f9fe469e4","block_type":"box","text":"2. Controversies as defined by the ten principles of the UN Global Compact:","page_number":3,"box":{"x":47,"y":497,"width":560,"height":11}},{"id":"3f1bf13f-fe9d-41b9-a16c-27fc4b3f0cf5","block_type":"box","text":"Human Rights","page_number":3,"box":{"x":47,"y":519,"width":106,"height":10}},{"id":"dca962b8-dba7-494c-baa2-a60e29c3f95c","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":540,"width":905,"height":11}},{"id":"79b91a92-154c-4921-854b-60dd71b68b8b","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":561,"width":612,"height":11}},{"id":"8ca0b1c4-ec1f-4b9b-b1fd-93409c7d58f1","block_type":"box","text":"Labour","page_number":3,"box":{"x":47,"y":583,"width":53,"height":8}},{"id":"73577002-76f1-4897-9692-4468b1972bdb","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":604,"width":904,"height":11}},{"id":"d771284d-ad6d-4247-a568-9cde109cf834","block_type":"box","text":"bargaining;","page_number":3,"box":{"x":47,"y":618,"width":82,"height":11}},{"id":"97ec5d66-3a9d-4626-8a74-91667f3a4058","block_type":"box","text":"d) Principle 4: the elimination of all forms of forced and compulsory labour;","page_number":3,"box":{"x":47,"y":639,"width":601,"height":11}},{"id":"e57f790d-9e9b-4d51-a0d0-8402c0464de4","block_type":"box","text":"e) Principle 5: the effective abolition of child labour; and","page_number":3,"box":{"x":47,"y":661,"width":467,"height":11}},{"id":"0844c48b-c130-4f31-b6c4-72eb74c25674","block_type":"box","text":"f) Principle 6: the elimination of discrimination in respect of employment and occupation.","page_number":3,"box":{"x":47,"y":682,"width":705,"height":11}},{"id":"29d309e5-4155-44ec-91a2-f51daefb6649","block_type":"box","text":"Environment","page_number":3,"box":{"x":47,"y":703,"width":94,"height":9}},{"id":"009f2f75-d7c6-4ea5-9b7c-8b6056937656","block_type":"box","text":"g) Principle 7: Businesses should support a precautionary approach to environmental challenges;","page_number":3,"box":{"x":47,"y":725,"width":770,"height":11}},{"id":"7e6e7662-e7d4-4388-baab-cb11ae602f6e","block_type":"box","text":"h) Principle 8: undertake initiatives to promote greater environmental responsibility; and","page_number":3,"box":{"x":47,"y":746,"width":698,"height":11}},{"id":"4eb2dc6a-62c1-4c35-b1d2-f53536e40f37","block_type":"box","text":"i) Principle 9: encourage the development and diffusion of environmentally friendly technologies.","page_number":3,"box":{"x":47,"y":767,"width":770,"height":11}},{"id":"2e2fa387-3713-4254-a661-751ee0228d5c","block_type":"box","text":"Anti-Corruption","page_number":3,"box":{"x":46,"y":789,"width":113,"height":11}},{"id":"7e8a6260-a7f0-42f9-8bf1-341821ad8c1c","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":810,"width":833,"height":11}},{"id":"15789820-08e7-4f72-8f86-961e432dc5c4","block_type":"box","text":"The 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":831,"width":903,"height":11}},{"id":"d16fee71-d839-473f-ae28-90edd8e7b60e","block_type":"box","text":"respect of other investments held by the Fund from time to time).","page_number":3,"box":{"x":48,"y":846,"width":477,"height":11}},{"id":"876f67d7-852b-4ca3-870b-e916e7db55e8","block_type":"box","text":"3. Tobacco (companies engaged in the production of tobacco and/or tobacco products),","page_number":3,"box":{"x":47,"y":867,"width":645,"height":11}},{"id":"45972983-68df-40d4-ae7d-8fd3b462d962","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":888,"width":903,"height":11}},{"id":"f732df09-4d60-4497-b9e3-37d8f90e21cd","block_type":"box","text":"State Street AUT Europe ex-UK Screened Index Equity Fund","page_number":3,"box":{"x":47,"y":44,"width":571,"height":13}},{"id":"8886cc31-c135-47cf-bc48-9111f9b2055d","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":3,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"64aaa4fc-b028-4867-bb70-f313799111de","block_type":"box","text":"Manager’s Report","page_number":3,"box":{"x":48,"y":123,"width":168,"height":13}},{"id":"1b5f11a1-a91b-4055-9d6d-33a3ae83bde6","block_type":"box","text":"For the year ended 31st December 2025","page_number":3,"box":{"x":48,"y":147,"width":300,"height":11}},{"id":"05fc6109-2344-4382-a1d7-a6fb247fc215","block_type":"box","text":"1","page_number":3,"box":{"x":497,"y":956,"width":3,"height":7}},{"id":"4ddeb62b-ad3f-4dad-86c0-eadba02c65a4","block_type":"box","text":"Performance","page_number":4,"box":{"x":48,"y":175,"width":100,"height":8}},{"id":"4c46a14b-3f65-486a-a1ce-b89f7826aadc","block_type":"box","text":"The Fund returned 27.46% 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":"8fed58cd-a433-4208-87b7-6cd1ba056308","block_type":"box","text":"to the Index return of 26.80%. The size of the Fund’s tracking difference for the Reporting Period was 0.66% which was within","page_number":4,"box":{"x":47,"y":208,"width":903,"height":11}},{"id":"ec32c7f7-84a6-4395-b8b7-bc69ab86d1a2","block_type":"box","text":"the targeted tolerance; the outperformance versus the Index was largely attributable to withholding tax. The Fund had an","page_number":4,"box":{"x":47,"y":222,"width":903,"height":11}},{"id":"179688ee-5d19-4a6e-8dba-de3b9d674e1f","block_type":"box","text":"ex-post 1 year tracking error of 0.23% against the benchmark index.","page_number":4,"box":{"x":47,"y":236,"width":502,"height":11}},{"id":"355a3359-441d-4c3e-b0b4-67181f410328","block_type":"box","text":"Note: Performance returns presented above are in GBP.","page_number":4,"box":{"x":47,"y":258,"width":414,"height":11}},{"id":"e2881f01-b4fa-41f4-98b2-466e270f2519","block_type":"box","text":"Risk and Reward Profile","page_number":4,"box":{"x":48,"y":293,"width":190,"height":9}},{"id":"aa73e526-846d-4bf7-8f23-56a859999af5","block_type":"box","text":"During the year, the Fund has changed the risk level category from 6 to 5.","page_number":4,"box":{"x":48,"y":431,"width":543,"height":11}},{"id":"573a794e-ef51-44f0-9057-90d62c875d4c","block_type":"box","text":"Risk Disclaimer","page_number":4,"box":{"x":48,"y":459,"width":123,"height":9}},{"id":"658f7afe-8b02-4b1f-8f58-1558a370c6f5","block_type":"box","text":"The risk category above is not a measure of capital loss or gains but of how significant the rises and falls in the Fund’s return","page_number":4,"box":{"x":47,"y":477,"width":903,"height":11}},{"id":"fb3831e8-be06-4420-844e-ca344b8c9c8e","block_type":"box","text":"have been historically.","page_number":4,"box":{"x":48,"y":491,"width":161,"height":11}},{"id":"1db4cdfa-1382-4159-b0a6-cc177ce0526f","block_type":"box","text":"For example a fund whose return has experienced significant rises and falls will be in a higher risk category, whereas a fund","page_number":4,"box":{"x":48,"y":512,"width":902,"height":12}},{"id":"07dedc9c-5ee5-4999-826e-14110b522129","block_type":"box","text":"whose return has experienced less significant rises and falls will be in a lower risk category.","page_number":4,"box":{"x":46,"y":527,"width":675,"height":11}},{"id":"46a812da-7b4d-4021-9c91-ce454316c47f","block_type":"box","text":"The lowest category (i.e. category 1) does not mean that a fund is a risk free investment.","page_number":4,"box":{"x":47,"y":548,"width":654,"height":11}},{"id":"8b96b877-28cf-4b27-af78-0a7b8583382d","block_type":"box","text":"As the Fund’s risk category has been calculated using historical data, it may not be a reliable indication of the Fund’s future","page_number":4,"box":{"x":46,"y":569,"width":905,"height":11}},{"id":"71333b39-4fc6-4c8f-8d26-5050d93809f3","block_type":"box","text":"risk profile.","page_number":4,"box":{"x":48,"y":584,"width":78,"height":11}},{"id":"f98c54d1-5875-4c18-9a05-b7a4e960b788","block_type":"box","text":"The Fund’s risk category shown is not guaranteed and may change in the future.","page_number":4,"box":{"x":47,"y":605,"width":595,"height":11}},{"id":"156a33f5-ccb0-4303-b575-8ef09ad1ba3d","block_type":"box","text":"Why is this Fund in this category?","page_number":4,"box":{"x":46,"y":633,"width":272,"height":12}},{"id":"e823a6dd-87ad-484d-9995-a22aee558c8c","block_type":"box","text":"The Fund is in risk category 5 as its return has experienced medium rises and falls historically.","page_number":4,"box":{"x":47,"y":651,"width":695,"height":11}},{"id":"6d2738ba-feb6-495e-9078-2862f5e9e9ce","block_type":"box","text":"The following are material risks relevant to the Fund which are not adequately captured by the risk category.","page_number":4,"box":{"x":47,"y":673,"width":797,"height":11}},{"id":"960bab77-ccb9-4394-9a6e-c35ee7c56726","block_type":"box","text":"Concentration Risk:","page_number":4,"box":{"x":47,"y":694,"width":157,"height":9}},{"id":"78a5dbca-8d3c-4a26-bc17-517b9e7bd51b","block_type":"box","text":"When the Fund focuses its investments in a particular way, the issues affecting the investments will","page_number":4,"box":{"x":211,"y":694,"width":739,"height":11}},{"id":"453678e2-9cca-4343-ba6f-c556a419d694","block_type":"box","text":"have a greater effect than if the Fund was more diversified. This concentration may also limit the Fund's liquidity.","page_number":4,"box":{"x":48,"y":708,"width":827,"height":11}},{"id":"7b0fba2a-87ac-4aec-9f07-601fdc4df496","block_type":"box","text":"Counterparty Risk:","page_number":4,"box":{"x":47,"y":729,"width":151,"height":12}},{"id":"9f862d07-6eef-490a-9851-c8f1916be181","block_type":"box","text":"The Fund will be subject to credit risk with respect to the counterparties with which it enters into","page_number":4,"box":{"x":207,"y":730,"width":744,"height":11}},{"id":"97d5b8f4-969b-48c9-b6f9-b01a5db8dc28","block_type":"box","text":"derivatives contracts and other transactions. 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Coghlan – Director, State Street Unit Trust Management Limited","page_number":20,"box":{"x":47,"y":687,"width":490,"height":11}},{"id":"fe86370a-b097-4dde-a10d-5ce9e0ce2ccc","block_type":"box","text":"22 April 2026","page_number":20,"box":{"x":47,"y":730,"width":96,"height":10}},{"id":"e12c2e79-6081-4a8d-91d5-8a4c376bbbd3","block_type":"box","text":"State Street AUT Europe ex-UK Screened Index Equity Fund","page_number":20,"box":{"x":47,"y":44,"width":571,"height":13}},{"id":"cff61b6b-b031-4797-bf6f-62bada0dd253","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":20,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"376e8fa8-9b3c-4d49-870a-9b8533619341","block_type":"box","text":"Directors' Report to Unitholders","page_number":20,"box":{"x":48,"y":123,"width":303,"height":13}},{"id":"e54f4510-fcb3-44f0-9834-b824dabf920d","block_type":"box","text":"For the year ended 31st December 2025","page_number":20,"box":{"x":48,"y":147,"width":300,"height":11}},{"id":"8efa56b8-789c-4f75-8e37-0d698d6ec67c","block_type":"box","text":"18","page_number":20,"box":{"x":493,"y":956,"width":13,"height":7}},{"id":"a05ef744-cd3b-4fbf-a679-55a8ebbd7066","block_type":"box","text":"The Collective Investment Schemes (the \"COLL\") sourcebook requires the Manager to prepare financial statements for each","page_number":21,"box":{"x":47,"y":175,"width":903,"height":11}},{"id":"e969e4fb-44fe-4357-9d5a-f6f344ab49d5","block_type":"box","text":"accounting period which give a true and fair view of the financial position of the Fund as at the end of the accounting period","page_number":21,"box":{"x":47,"y":189,"width":903,"height":11}},{"id":"63cc628b-114e-4577-86d9-c62699aeff34","block_type":"box","text":"and of its revenue for the period. In preparing the financial statements the Manager is required to:","page_number":21,"box":{"x":47,"y":203,"width":719,"height":11}},{"id":"943cec8d-0699-49bd-998d-e785b4003cc7","block_type":"box","text":"•","page_number":21,"box":{"x":47,"y":228,"width":4,"height":3}},{"id":"933728ea-6270-40bd-9f01-71e833ba2332","block_type":"box","text":"select suitable accounting policies and then apply them consistently","page_number":21,"box":{"x":78,"y":225,"width":500,"height":11}},{"id":"0d82e33d-972e-4363-b4c9-326f1391795a","block_type":"box","text":"•","page_number":21,"box":{"x":47,"y":249,"width":4,"height":3}},{"id":"8ac8383b-0abd-47a7-ad31-ccfa86091ad9","block_type":"box","text":"comply with the requirements of the Statement of Recommended Practice relating to Authorised Funds issued by the","page_number":21,"box":{"x":78,"y":246,"width":873,"height":11}},{"id":"e98ba753-49be-4075-8701-4b846c3a33f8","block_type":"box","text":"Investment Management Association in May 2014 (as amended in 2017)","page_number":21,"box":{"x":79,"y":260,"width":535,"height":11}},{"id":"7ebe7061-cf77-4a89-9dcc-0fe346647c86","block_type":"box","text":"•","page_number":21,"box":{"x":47,"y":284,"width":4,"height":3}},{"id":"8f2f3f50-a66a-4bb7-ba06-bf0e0d03b41f","block_type":"box","text":"comply with the requirements of the COLL","page_number":21,"box":{"x":78,"y":281,"width":311,"height":11}},{"id":"17b79f51-0fcb-4f0e-aa81-3e27a30b17f2","block_type":"box","text":"•","page_number":21,"box":{"x":47,"y":306,"width":4,"height":3}},{"id":"1229651e-f35a-49c7-b6ed-19c6084b1b69","block_type":"box","text":"follow generally accepted accounting principles and applicable accounting standards","page_number":21,"box":{"x":77,"y":303,"width":625,"height":11}},{"id":"de6d4482-b213-4bd5-b0b7-b11087f84433","block_type":"box","text":"•","page_number":21,"box":{"x":47,"y":327,"width":4,"height":3}},{"id":"f851fbbc-0c22-4e9a-af41-fc5ff87c4a35","block_type":"box","text":"keep proper accounting records which enable it to demonstrate that the financial statements as prepared comply with the","page_number":21,"box":{"x":78,"y":324,"width":873,"height":11}},{"id":"c73b4735-4731-456f-8604-d0a21daa0bdc","block_type":"box","text":"above requirements","page_number":21,"box":{"x":78,"y":338,"width":147,"height":11}},{"id":"092c916a-31fc-4218-bfe6-8172a7d6bc11","block_type":"box","text":"•","page_number":21,"box":{"x":47,"y":363,"width":4,"height":3}},{"id":"c1792b8d-1f4e-4379-acb2-5fbc55969502","block_type":"box","text":"prepare the financial statements on the going concern basis unless it is inappropriate to presume the Fund will continue","page_number":21,"box":{"x":78,"y":360,"width":873,"height":11}},{"id":"4ce702a9-b9e8-4472-b280-c4b6e2ab8251","block_type":"box","text":"in 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Trust","page_number":22,"box":{"x":47,"y":258,"width":904,"height":11}},{"id":"e7825ab7-958c-4aae-b60f-135864855bd2","block_type":"box","text":"and its investors.","page_number":22,"box":{"x":47,"y":272,"width":124,"height":9}},{"id":"1cd6ca11-56ad-44ed-8a7d-a4fae388153d","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":22,"box":{"x":47,"y":293,"width":904,"height":11}},{"id":"0dddc5e6-9b63-4727-823d-f4b80bf318ea","block_type":"box","text":"Trust in accordance with the Regulations.","page_number":22,"box":{"x":47,"y":308,"width":305,"height":11}},{"id":"b189a9ec-81a6-47de-8b3c-592ec1ccce8f","block_type":"box","text":"The Depositary must ensure 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Regulations;","page_number":22,"box":{"x":77,"y":386,"width":858,"height":11}},{"id":"2f0fbd90-af0c-4039-93b5-d6c82dd19479","block_type":"box","text":"•","page_number":22,"box":{"x":47,"y":410,"width":4,"height":3}},{"id":"0c8bceb5-c2e6-44af-ae56-d60f6340bf75","block_type":"box","text":"the value of units of the Trust are calculated in accordance with the Regulations;","page_number":22,"box":{"x":77,"y":407,"width":592,"height":11}},{"id":"b3850019-af29-4a6a-9e17-1d5cb6b29007","block_type":"box","text":"•","page_number":22,"box":{"x":47,"y":431,"width":4,"height":3}},{"id":"587562c4-7903-4e07-b587-22dd20057d2e","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":22,"box":{"x":78,"y":428,"width":829,"height":11}},{"id":"5fd892e6-4fa4-4946-b09c-5bbd4d2bbc4c","block_type":"box","text":"•","page_number":22,"box":{"x":47,"y":453,"width":4,"height":3}},{"id":"38ea714e-7108-425d-be2e-9a654453af9a","block_type":"box","text":"the Trust’s income is applied in accordance with the Regulations; and","page_number":22,"box":{"x":77,"y":450,"width":512,"height":11}},{"id":"eee728b6-fae3-4d09-abcc-e27623262cff","block_type":"box","text":"•","page_number":22,"box":{"x":47,"y":474,"width":4,"height":3}},{"id":"b187a51a-fd30-478a-8200-f3ab6d1a54c9","block_type":"box","text":"the instructions of the Authorised Fund Manager (“the AFM”), which is the UCITS Management Company, are carried out","page_number":22,"box":{"x":77,"y":471,"width":874,"height":11}},{"id":"4ca366b0-1673-4767-87c2-6c403b94eeb3","block_type":"box","text":"(unless they conflict with the Regulations).","page_number":22,"box":{"x":78,"y":485,"width":311,"height":11}},{"id":"eeea64f9-04e5-4188-9b0b-635c9c679770","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":22,"box":{"x":47,"y":507,"width":904,"height":11}},{"id":"5b334311-3ea2-4495-b315-af58dea6f0cd","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":22,"box":{"x":48,"y":521,"width":903,"height":11}},{"id":"6f56162a-6f22-4d1e-9401-695bd06c1e93","block_type":"box","text":"Trust.","page_number":22,"box":{"x":47,"y":535,"width":40,"height":9}},{"id":"1a279beb-2c84-400f-9b6e-5318c737a0ff","block_type":"box","text":"Having carried out such procedures as we consider necessary to discharge our responsibilities as Depositary of the Trust, it","page_number":22,"box":{"x":48,"y":556,"width":903,"height":11}},{"id":"39f368a7-b6d4-48c8-a4aa-c4607c0367c3","block_type":"box","text":"is our opinion, based on the information available to us and the explanations provided, that, in all material respects, the Trust,","page_number":22,"box":{"x":48,"y":571,"width":902,"height":11}},{"id":"f6aafadd-2754-49f2-9c0d-d2b89eb8644a","block_type":"box","text":"acting through the AFM:","page_number":22,"box":{"x":47,"y":585,"width":176,"height":11}},{"id":"b03dcc68-9a0e-4049-9d04-02b366d9403c","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 application of the","page_number":22,"box":{"x":47,"y":609,"width":904,"height":10}},{"id":"d26a73e5-0c99-47bf-b37f-9992369b22b8","block_type":"box","text":"Trust’s income in accordance with the Regulations and the Scheme documents of the Trust; and","page_number":22,"box":{"x":47,"y":622,"width":639,"height":10}},{"id":"cd77c8f8-eca6-4ce6-aefb-606057b32e95","block_type":"box","text":"(ii) has observed the investment and borrowing powers and restrictions applicable to the Trust in accordance with the Regulations and the","page_number":22,"box":{"x":47,"y":646,"width":904,"height":10}},{"id":"25faf927-5fcd-4db8-b2eb-0d460db83b67","block_type":"box","text":"Scheme documents of the Trust.","page_number":22,"box":{"x":47,"y":659,"width":215,"height":8}},{"id":"3c788521-e8c7-4886-85d2-01cf4672e5d3","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":22,"box":{"x":47,"y":680,"width":904,"height":11}},{"id":"5c33006b-f396-4553-abc9-c735b782d787","block_type":"box","text":"reserve the right to amend the report in the light of such circumstances.","page_number":22,"box":{"x":48,"y":694,"width":525,"height":11}},{"id":"ed955cfc-53fc-41a2-915b-2c2ca2c866ac","block_type":"box","text":"Yours sincerely","page_number":22,"box":{"x":46,"y":751,"width":113,"height":11}},{"id":"daea62b4-4848-4694-97a5-723d0e3a8f24","block_type":"box","text":"Depositary","page_number":22,"box":{"x":48,"y":808,"width":78,"height":11}},{"id":"5d6d8413-899a-4dbf-aad1-f0bc3864b4a8","block_type":"box","text":"HSBC Bank Plc","page_number":22,"box":{"x":48,"y":822,"width":116,"height":9}},{"id":"83d54858-49ea-4d7e-b449-c23ae3f49111","block_type":"box","text":"8 Canada Square","page_number":22,"box":{"x":47,"y":836,"width":130,"height":11}},{"id":"234d12e3-7c31-4ad0-a152-e6885cea3391","block_type":"box","text":"London E14 5HQ","page_number":22,"box":{"x":48,"y":850,"width":127,"height":10}},{"id":"67ea1a5b-3450-4000-acb3-686bc89e9319","block_type":"box","text":"22 April 2026","page_number":22,"box":{"x":47,"y":893,"width":96,"height":11}},{"id":"a4d29655-66f8-46b7-b5a3-8a6b1d3a02f2","block_type":"box","text":"State Street AUT Europe ex-UK Screened Index Equity Fund","page_number":22,"box":{"x":47,"y":44,"width":571,"height":13}},{"id":"e9ada6fc-6e16-4a15-be51-980bc9106de6","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":22,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"9bc0ae34-0ea0-4296-bdf5-e7c0a42b88f1","block_type":"box","text":"Statement of the Depositary's Responsibilities","page_number":22,"box":{"x":47,"y":123,"width":441,"height":13}},{"id":"5d0daedd-3856-4b54-b1eb-1f7a2e1009c3","block_type":"box","text":"For the year ended 31st December 2025","page_number":22,"box":{"x":48,"y":147,"width":300,"height":11}},{"id":"e223ae77-e2d3-490a-827d-9e317e0633c8","block_type":"box","text":"20","page_number":22,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"cd0e05ab-556e-4063-ba56-ad8147457eab","block_type":"box","text":"Report on the audit of the financial statements","page_number":23,"box":{"x":48,"y":187,"width":441,"height":13}},{"id":"cde0bda5-f95f-4289-9b30-df049f1cf03e","block_type":"box","text":"Opinion","page_number":23,"box":{"x":47,"y":221,"width":62,"height":11}},{"id":"13c74d12-3f61-431f-9508-109ca95137e1","block_type":"box","text":"In our opinion, the financial statements of State Street AUT Europe ex-UK Screened Index Equity Fund (the “Trust”):","page_number":23,"box":{"x":48,"y":240,"width":856,"height":11}},{"id":"7bdc24de-9ba8-4bd5-8b07-72ce160e6794","block_type":"box","text":"•","page_number":23,"box":{"x":47,"y":264,"width":4,"height":3}},{"id":"dc50c2c5-0a3a-443e-b76c-a24bb64dbc4f","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":23,"box":{"x":78,"y":261,"width":874,"height":11}},{"id":"ca1f29e3-54d7-4755-a940-7e22d942e372","block_type":"box","text":"capital gains on the scheme property for the year then ended; 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and","page_number":23,"box":{"x":77,"y":459,"width":201,"height":10}},{"id":"6644f96f-5076-4224-ad73-93e804d090e5","block_type":"box","text":"•","page_number":23,"box":{"x":47,"y":483,"width":4,"height":3}},{"id":"e2c5dbb5-b7c6-4432-bf89-2e20eb8e24af","block_type":"box","text":"the Notes to the Financial Statements, which include a description of the significant accounting policies.","page_number":23,"box":{"x":77,"y":480,"width":764,"height":11}},{"id":"309cb28a-a738-4f9b-a66e-566f5985d5a5","block_type":"box","text":"Basis for opinion","page_number":23,"box":{"x":48,"y":512,"width":134,"height":11}},{"id":"b95ef1a9-1f67-43eb-bd34-81467e574e05","block_type":"box","text":"We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our","page_number":23,"box":{"x":47,"y":531,"width":905,"height":11}},{"id":"0e701231-161a-4450-9625-60bbdbdbc09c","block_type":"box","text":"responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements","page_number":23,"box":{"x":48,"y":544,"width":903,"height":12}},{"id":"2860d691-9e3e-4f4c-ba70-926fd0aa2ab2","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":23,"box":{"x":47,"y":558,"width":905,"height":11}},{"id":"c16c5ca9-106e-45c5-963e-099ca735d08f","block_type":"box","text":"our opinion.","page_number":23,"box":{"x":47,"y":572,"width":86,"height":11}},{"id":"8ecf4d7e-1986-4338-9414-c660aeabe1c7","block_type":"box","text":"Independence","page_number":23,"box":{"x":47,"y":593,"width":105,"height":10}},{"id":"682e501e-b059-4a2f-9ede-87a89c873de9","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":23,"box":{"x":47,"y":613,"width":904,"height":11}},{"id":"f50172f6-06d2-4e48-b727-4ed1951ceb05","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":23,"box":{"x":47,"y":627,"width":903,"height":10}},{"id":"30f9347a-11cc-4940-8b18-aaab204818e4","block_type":"box","text":"responsibilities in accordance with these requirements.","page_number":23,"box":{"x":48,"y":641,"width":403,"height":10}},{"id":"480582b0-4f23-47c0-8014-5d263680aff5","block_type":"box","text":"Conclusions relating to going concern","page_number":23,"box":{"x":47,"y":672,"width":305,"height":11}},{"id":"b08153f1-b1a3-4de9-b891-c293699c1417","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":23,"box":{"x":48,"y":691,"width":902,"height":11}},{"id":"fc7d20e7-5180-4a4a-8e63-357b7a6f7e67","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":23,"box":{"x":48,"y":705,"width":903,"height":11}},{"id":"c8a2354f-76e9-4529-afdf-27321b0b0bb2","block_type":"box","text":"twelve months from the date on which the financial statements are authorised for issue.","page_number":23,"box":{"x":47,"y":718,"width":644,"height":9}},{"id":"a50d54a6-d81f-4f0a-9cf1-c801cccd816d","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":23,"box":{"x":48,"y":739,"width":902,"height":11}},{"id":"d49512b9-7715-457a-b2ca-b28a3e62f829","block_type":"box","text":"the preparation of the financial statements is appropriate.","page_number":23,"box":{"x":47,"y":753,"width":421,"height":11}},{"id":"c19a5114-cc0c-4198-a9df-694c2a6fe4d9","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":23,"box":{"x":48,"y":773,"width":903,"height":11}},{"id":"21c24e64-6d19-4314-9ee7-a7f1fd64eb0f","block_type":"box","text":"ability to continue as a going concern.","page_number":23,"box":{"x":47,"y":787,"width":278,"height":11}},{"id":"e24f6042-3dfd-4aac-ab93-e99de0ee9118","block_type":"box","text":"Our responsibilities and the responsibilities of the Manager with respect to going concern are described in the relevant","page_number":23,"box":{"x":47,"y":808,"width":904,"height":11}},{"id":"1741cee1-dcd5-4b4e-a829-350ec2232545","block_type":"box","text":"sections of this report.","page_number":23,"box":{"x":47,"y":821,"width":162,"height":11}},{"id":"0ccd8221-73ec-4d89-aee2-ebc2c4b7cb42","block_type":"box","text":"Reporting on other information","page_number":23,"box":{"x":48,"y":859,"width":245,"height":11}},{"id":"a6c4cd19-9152-43ef-a553-07b8c08dcfaa","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":23,"box":{"x":47,"y":880,"width":905,"height":11}},{"id":"3a35d454-a9ea-4321-bce2-31b0ea3c2b6e","block_type":"box","text":"auditors’ report thereon. The Manager is responsible for the other information. Our opinion on the financial statements does","page_number":23,"box":{"x":47,"y":894,"width":904,"height":11}},{"id":"58436ed1-1e10-47bd-9fcb-c8680365b27b","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":23,"box":{"x":48,"y":907,"width":903,"height":11}},{"id":"a5e8d710-4276-4afc-bc2a-1f877c52d38f","block_type":"box","text":"explicitly stated in this report, any form of assurance thereon.","page_number":23,"box":{"x":47,"y":921,"width":450,"height":11}},{"id":"86fee9de-c458-484c-ab54-04a1670ed197","block_type":"box","text":"State Street AUT Europe ex-UK Screened Index Equity Fund","page_number":23,"box":{"x":47,"y":44,"width":571,"height":13}},{"id":"3a1c29a9-202d-41a9-ba47-f95226ab31ed","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":23,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"e4ae5a4e-0c1e-4836-8759-053c85e66179","block_type":"box","text":"Independent auditors’ report to the Unitholders of State Street AUT Europe ex-UK Screened","page_number":23,"box":{"x":48,"y":123,"width":902,"height":13}},{"id":"38994660-b5b2-4f77-848c-3f7e413a48e8","block_type":"box","text":"Index Equity Fund","page_number":23,"box":{"x":48,"y":137,"width":171,"height":14}},{"id":"466766d1-aa8f-4943-9816-f6b1f88fe186","block_type":"box","text":"21","page_number":23,"box":{"x":492,"y":956,"width":12,"height":7}},{"id":"5337598b-6773-443a-8542-8b5d4f19c856","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":24,"box":{"x":48,"y":205,"width":902,"height":12}},{"id":"0039499e-0631-4ebe-8e11-16a4c252fcd9","block_type":"box","text":"consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in","page_number":24,"box":{"x":47,"y":219,"width":903,"height":11}},{"id":"5e644100-3315-4fa0-8fc3-6093c304473f","block_type":"box","text":"the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material","page_number":24,"box":{"x":47,"y":233,"width":903,"height":11}},{"id":"06443ba0-42c3-450e-8ed6-7092b62002e9","block_type":"box","text":"misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial","page_number":24,"box":{"x":48,"y":246,"width":902,"height":11}},{"id":"e5679291-ef8e-4a30-b8f3-8d40c85e8127","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":24,"box":{"x":47,"y":260,"width":904,"height":11}},{"id":"22ded484-1391-430b-ab71-dea91bc82c3f","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":24,"box":{"x":47,"y":274,"width":903,"height":11}},{"id":"43d2f7b7-b4b8-40e2-8511-bab7f2b58d95","block_type":"box","text":"on these responsibilities.","page_number":24,"box":{"x":47,"y":287,"width":181,"height":11}},{"id":"7083123f-bab2-4029-a9a0-0400875c5b92","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":24,"box":{"x":48,"y":308,"width":903,"height":11}},{"id":"a3e4b8a2-89a4-4f9c-a7b1-2bad470d2b64","block_type":"box","text":"report certain opinions as described below.","page_number":24,"box":{"x":48,"y":322,"width":315,"height":11}},{"id":"b8672616-4e9f-4a37-8fc0-6ecfb15856dc","block_type":"box","text":"Manager’s Report","page_number":24,"box":{"x":47,"y":343,"width":134,"height":10}},{"id":"10a2fd7f-8aba-4d96-9c20-809df8fa9719","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":24,"box":{"x":48,"y":363,"width":903,"height":11}},{"id":"7a239cc1-a551-4b70-9a08-954f1d18bd91","block_type":"box","text":"prepared is consistent with the financial statements.","page_number":24,"box":{"x":48,"y":377,"width":381,"height":11}},{"id":"a008143d-b896-4d4f-9cf9-1186615f4e92","block_type":"box","text":"Responsibilities for the financial statements and the audit","page_number":24,"box":{"x":48,"y":408,"width":458,"height":11}},{"id":"85f31b0d-60f9-47b2-9db2-128a05bd9f24","block_type":"box","text":"Responsibilities of the Manager for the financial statements","page_number":24,"box":{"x":47,"y":438,"width":438,"height":11}},{"id":"7a4f50d8-da8f-42c0-951d-dfd57d83f67c","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":24,"box":{"x":46,"y":457,"width":905,"height":11}},{"id":"cf4d2b4e-a8f9-48b8-aee7-2e34a8c2a493","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":24,"box":{"x":47,"y":470,"width":903,"height":12}},{"id":"d4a91080-5224-44d0-8edb-2f064dd9be4b","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":24,"box":{"x":47,"y":484,"width":903,"height":11}},{"id":"25a3ecb7-de17-47a3-997b-bfd54f03c824","block_type":"box","text":"statements that are free from material misstatement, whether due to fraud or error.","page_number":24,"box":{"x":47,"y":498,"width":608,"height":10}},{"id":"70ce2e54-ff2b-4117-a134-2e1983c6910a","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":24,"box":{"x":48,"y":518,"width":902,"height":12}},{"id":"4c12ec72-57bd-4266-9f84-851deacf14f5","block_type":"box","text":"concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless","page_number":24,"box":{"x":47,"y":532,"width":904,"height":11}},{"id":"54e4feb7-9f73-4111-8fbd-2e28c3c817aa","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":24,"box":{"x":47,"y":546,"width":762,"height":11}},{"id":"feecdf81-15ed-4284-a3be-634955bbd456","block_type":"box","text":"Auditors’ responsibilities for the audit of the financial statements","page_number":24,"box":{"x":46,"y":577,"width":472,"height":11}},{"id":"e57f8db0-853f-4f31-a2de-9e86c083736c","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":24,"box":{"x":47,"y":596,"width":903,"height":11}},{"id":"ee8e8888-b802-4a3d-a2d2-b528955b6137","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":24,"box":{"x":48,"y":610,"width":903,"height":11}},{"id":"6c6915c8-6ef5-4ea5-ba52-93157b1d8b8d","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":24,"box":{"x":48,"y":623,"width":903,"height":11}},{"id":"c8b8bf62-0527-4d23-b89b-93668dbba96b","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":24,"box":{"x":47,"y":637,"width":904,"height":11}},{"id":"e2f476cd-3df8-400c-b0b8-12e7b9a9f9f4","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":24,"box":{"x":47,"y":651,"width":905,"height":11}},{"id":"a676d247-fa36-4b2c-9d81-a86642bad3fe","block_type":"box","text":"these financial statements.","page_number":24,"box":{"x":47,"y":664,"width":196,"height":9}},{"id":"362ad4f9-8429-47cb-8e3e-e71a2337d8be","block_type":"box","text":"Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with","page_number":24,"box":{"x":48,"y":685,"width":902,"height":11}},{"id":"66c7d2fb-6dc7-4828-9177-e944937874ee","block_type":"box","text":"our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent","page_number":24,"box":{"x":47,"y":699,"width":904,"height":11}},{"id":"dc9438cb-4137-4b6d-9059-519d9b7d4f1b","block_type":"box","text":"to which our procedures are capable of detecting irregularities, including fraud, is detailed below.","page_number":24,"box":{"x":47,"y":712,"width":711,"height":11}},{"id":"78b5ac49-c308-4971-9efe-d635455c313b","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":24,"box":{"x":48,"y":733,"width":902,"height":11}},{"id":"8ce23a2f-c889-4c3d-990c-0780a4dd6577","block_type":"box","text":"regulations related to breaches of the Collective Investment Schemes sourcebook, and we considered the extent to which","page_number":24,"box":{"x":48,"y":747,"width":902,"height":11}},{"id":"fede4ee6-e1ef-4149-94b3-ba8da5addfa8","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":24,"box":{"x":48,"y":760,"width":902,"height":11}},{"id":"ffd29c55-6db6-4bf6-8e74-2c858b48b4ab","block_type":"box","text":"may directly impact on the determination of amounts and disclosures in the financial statements. We evaluated","page_number":24,"box":{"x":48,"y":774,"width":902,"height":11}},{"id":"1e8a9472-0e75-4873-ba48-1f8227e6598c","block_type":"box","text":"management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of","page_number":24,"box":{"x":48,"y":788,"width":904,"height":11}},{"id":"a7c884b4-9b1c-445f-bc49-f29ef7008c7d","block_type":"box","text":"override of controls), and determined that the principal risks were related to posting inappropriate journal entries to","page_number":24,"box":{"x":47,"y":801,"width":904,"height":11}},{"id":"f333692f-8318-4fb0-8e0c-ae1d47f6046f","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":24,"box":{"x":48,"y":815,"width":903,"height":11}},{"id":"41f3eb4c-c077-44a2-bb7c-df12bbe1f7ec","block_type":"box","text":"included:","page_number":24,"box":{"x":48,"y":829,"width":64,"height":8}},{"id":"e79a2ce4-5469-4447-a899-315e16c6d176","block_type":"box","text":"•","page_number":24,"box":{"x":47,"y":852,"width":4,"height":3}},{"id":"6ad18128-645d-42a1-9d07-c6589f737b90","block_type":"box","text":"Discussions with the Manager, including consideration of known or suspected instances of non-compliance with laws and","page_number":24,"box":{"x":78,"y":849,"width":872,"height":11}},{"id":"2a60dba7-29f1-4d50-85a8-634adf6fa215","block_type":"box","text":"regulation and fraud;","page_number":24,"box":{"x":78,"y":863,"width":151,"height":11}},{"id":"d9acadef-5882-46a4-8923-df19fa373e0f","block_type":"box","text":"•","page_number":24,"box":{"x":47,"y":888,"width":4,"height":3}},{"id":"29dfcaa9-0ed0-4b4f-9cf5-115622f3399f","block_type":"box","text":"Reviewing relevant meeting minutes, including those of the Manager’s board of directors;","page_number":24,"box":{"x":78,"y":885,"width":657,"height":11}},{"id":"a35ff199-46bd-4d91-aece-707698a2d5df","block_type":"box","text":"•","page_number":24,"box":{"x":47,"y":909,"width":4,"height":3}},{"id":"6073c4c0-5cd2-4ead-bca2-eb19e8b55eb0","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":24,"box":{"x":79,"y":906,"width":871,"height":11}},{"id":"5f3a4001-eac1-421f-844e-112e072ae807","block_type":"box","text":"•","page_number":24,"box":{"x":47,"y":931,"width":4,"height":3}},{"id":"f84c9d49-6896-4ffc-9bd8-59e667239586","block_type":"box","text":"Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing.","page_number":24,"box":{"x":78,"y":927,"width":792,"height":12}},{"id":"e1746dfe-fc47-46d7-86c5-7a07ee20141e","block_type":"box","text":"State Street AUT Europe ex-UK Screened Index Equity Fund","page_number":24,"box":{"x":47,"y":44,"width":571,"height":13}},{"id":"3818076d-9a15-4ec3-b9b5-2785cef2881f","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":24,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"ce5e7bd4-5396-4c5c-a9a6-1251fc55e3a6","block_type":"box","text":"Independent auditors’ report to the Unitholders of State Street AUT Europe ex-UK Screened","page_number":24,"box":{"x":48,"y":123,"width":902,"height":13}},{"id":"a87b8dc9-f920-438b-a48e-befd5b0a979f","block_type":"box","text":"Index Equity Fund (continued)","page_number":24,"box":{"x":48,"y":137,"width":287,"height":14}},{"id":"eef05186-1f00-4d47-a36e-de6af9666b33","block_type":"box","text":"22","page_number":24,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"d88d9186-a165-47b0-8fcf-23c4ae951e1f","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":25,"box":{"x":47,"y":205,"width":905,"height":12}},{"id":"21c2417e-a2e9-4604-8fb5-7b281ba23c58","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":25,"box":{"x":48,"y":219,"width":902,"height":11}},{"id":"e1a32b19-5be9-431b-b864-5c795e78a075","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":25,"box":{"x":47,"y":233,"width":904,"height":11}},{"id":"b9b4212b-35ec-4bdd-be08-c805ab092bd5","block_type":"box","text":"resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations,","page_number":25,"box":{"x":48,"y":246,"width":902,"height":11}},{"id":"2c304a52-e545-4aee-8e19-d3cf72115cb6","block_type":"box","text":"or through collusion.","page_number":25,"box":{"x":47,"y":260,"width":149,"height":11}},{"id":"6ba8fd40-35c6-4c1e-8e92-bc3b4371c641","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":25,"box":{"x":46,"y":281,"width":905,"height":11}},{"id":"8821ade0-dec8-40eb-adbb-12bfa849868c","block_type":"box","text":"Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.","page_number":25,"box":{"x":47,"y":294,"width":813,"height":11}},{"id":"50188879-e417-44db-9faf-0f4b571ac367","block_type":"box","text":"Use of this report","page_number":25,"box":{"x":48,"y":326,"width":127,"height":11}},{"id":"bc743bf6-05de-43d6-8788-4a2f09aa5522","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":25,"box":{"x":47,"y":345,"width":903,"height":11}},{"id":"34fe194e-b991-403e-9fb2-b25c405a8b0b","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":25,"box":{"x":48,"y":358,"width":903,"height":11}},{"id":"611870cf-5550-4eb4-9199-84418a91f806","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":25,"box":{"x":47,"y":372,"width":904,"height":11}},{"id":"4bd06e08-422e-4831-a9f1-5d414b92931b","block_type":"box","text":"whose hands it may come save where expressly agreed by our prior consent in writing.","page_number":25,"box":{"x":46,"y":386,"width":643,"height":11}},{"id":"14ba03ee-a6a7-47f0-94ce-a643790f8e98","block_type":"box","text":"Other required reporting","page_number":25,"box":{"x":47,"y":415,"width":232,"height":14}},{"id":"edbf6325-5ca2-4e7b-9c58-3df833409712","block_type":"box","text":"Opinion on matter required by the Collective Investment Schemes sourcebook","page_number":25,"box":{"x":47,"y":447,"width":624,"height":11}},{"id":"a6220723-7d63-4a8f-8926-58edac14c7db","block_type":"box","text":"In our opinion, we have obtained all the information and explanations we consider necessary for the purposes of the audit.","page_number":25,"box":{"x":48,"y":466,"width":900,"height":11}},{"id":"47c52439-f563-423e-9b85-5cea8cdab4f2","block_type":"box","text":"Collective Investment Schemes sourcebook exception reporting","page_number":25,"box":{"x":47,"y":497,"width":510,"height":11}},{"id":"a09e6846-d140-4829-af19-d9ef04c18bf6","block_type":"box","text":"Under the Collective Investment Schemes sourcebook we are also required to report to you if, in our opinion:","page_number":25,"box":{"x":48,"y":516,"width":802,"height":11}},{"id":"f006df0a-e7bf-47c1-a06c-d653d700d22c","block_type":"box","text":"•","page_number":25,"box":{"x":47,"y":540,"width":4,"height":3}},{"id":"a1a9faf7-b302-445b-ae7f-66ef5a969697","block_type":"box","text":"proper 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All remaining revenue is distributed in","page_number":30,"box":{"x":87,"y":354,"width":863,"height":11}},{"id":"beddbcff-038d-4ef7-b0ee-28f9df63b5b0","block_type":"box","text":"accordance with the COLL.","page_number":30,"box":{"x":87,"y":368,"width":200,"height":9}},{"id":"76006c10-7931-479b-9816-ee2106f4f844","block_type":"box","text":"Distributions of revenue are paid six monthly by reference to net revenue arising in the period ended 30th June and 31st","page_number":30,"box":{"x":88,"y":389,"width":864,"height":11}},{"id":"138a4080-f566-468e-be18-335beccd7f53","block_type":"box","text":"December.","page_number":30,"box":{"x":88,"y":404,"width":78,"height":8}},{"id":"378cfb0c-1fbf-442c-825d-ead484795a27","block_type":"box","text":"Any revenue deficit will be borne by the capital account.","page_number":30,"box":{"x":87,"y":425,"width":411,"height":11}},{"id":"7fedce64-bd64-4596-87cb-82c2fd415e8a","block_type":"box","text":"(a) Treatment of stock dividends","page_number":30,"box":{"x":47,"y":451,"width":271,"height":11}},{"id":"55f39c93-9e96-44d4-9b98-244d6e34229b","block_type":"box","text":"The ordinary element of stock dividends is treated as revenue and forms part of the distribution.","page_number":30,"box":{"x":87,"y":465,"width":705,"height":11}},{"id":"00481694-0a51-45a5-9cd9-79d8c3fd8844","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":30,"box":{"x":88,"y":486,"width":863,"height":11}},{"id":"878994e5-67fb-464b-9919-42ff89978cfc","block_type":"box","text":"of the distribution.","page_number":30,"box":{"x":87,"y":501,"width":130,"height":8}},{"id":"d43e2e2b-4f0d-43e5-a958-46851d30144c","block_type":"box","text":"(b) Expenses","page_number":30,"box":{"x":47,"y":527,"width":117,"height":11}},{"id":"0c4cca3b-d9b1-46ca-abd9-5a6af7da4cfa","block_type":"box","text":"Management expenses are charged to revenue.","page_number":30,"box":{"x":88,"y":541,"width":354,"height":11}},{"id":"9a91b853-f8c8-434b-9a8a-95d711ad16de","block_type":"box","text":"(c) Equalisation","page_number":30,"box":{"x":47,"y":567,"width":138,"height":11}},{"id":"e88e237d-b4cf-465d-9de9-a49207b878c6","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":30,"box":{"x":88,"y":581,"width":863,"height":11}},{"id":"27d82ac0-7da6-474f-9c4d-3e75fe0eff5a","block_type":"box","text":"and is allocated to the distribution account.","page_number":30,"box":{"x":87,"y":596,"width":315,"height":8}},{"id":"b0a895c2-122b-4622-bcf8-9dacc4025a5a","block_type":"box","text":"3. Risk management policies","page_number":30,"box":{"x":47,"y":622,"width":249,"height":11}},{"id":"faf850fd-2504-41c4-90ee-a4a4c6f60e63","block_type":"box","text":"In pursuing its investment objectives the Fund holds a number of financial instruments. The Fund’s financial instruments","page_number":30,"box":{"x":88,"y":636,"width":863,"height":11}},{"id":"fe6eb56f-36c8-4afe-a834-dccaa84feca7","block_type":"box","text":"comprise of securities and other investments, cash balances and bank overdrafts, short term fixed deposits, debtors and","page_number":30,"box":{"x":87,"y":650,"width":863,"height":11}},{"id":"61e6d1d8-8374-4e3a-89ea-75af00226325","block_type":"box","text":"creditors that arise directly from its operations, for example, in respect of sales and purchases awaiting settlement,","page_number":30,"box":{"x":87,"y":664,"width":863,"height":11}},{"id":"081418a0-c1ba-46b4-9ff0-c3bbcad80756","block_type":"box","text":"amounts receivable for creations and payable for liquidations and debtors for accrued revenue.","page_number":30,"box":{"x":87,"y":678,"width":700,"height":12}},{"id":"1f0d8f8a-e2ee-4ca4-9f2d-8cda3b91d419","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":30,"box":{"x":87,"y":700,"width":864,"height":11}},{"id":"c6e6937d-bcc8-41e3-9588-06214ee1317e","block_type":"box","text":"interest rate risk, (e) liquidity risk, (f) credit risk, (g) use of derivatives and (h) stock lending risk.","page_number":30,"box":{"x":88,"y":714,"width":699,"height":11}},{"id":"524bde81-28fe-4407-8b2d-8c0726c1818d","block_type":"box","text":"The Manager’s policy for managing these risks are summarised below and have been applied throughout the year.","page_number":30,"box":{"x":87,"y":735,"width":846,"height":11}},{"id":"79d2e56b-f704-4552-a116-e064f9080491","block_type":"box","text":"(a) Market risk","page_number":30,"box":{"x":47,"y":761,"width":128,"height":12}},{"id":"85725862-1e53-4a4b-8546-93d2edb464eb","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":30,"box":{"x":88,"y":776,"width":863,"height":11}},{"id":"d0b0ade3-6577-48ff-8a39-512a454715be","block_type":"box","text":"because of changes in underlying valuation factors. It represents the potential loss the Fund might suffer through holding","page_number":30,"box":{"x":88,"y":790,"width":862,"height":11}},{"id":"320f7a31-c793-419f-af08-56e9e364c5b5","block_type":"box","text":"market positions in the face of valuation factor movements. Market risk typically includes market price risk, foreign","page_number":30,"box":{"x":88,"y":804,"width":862,"height":11}},{"id":"90c48636-30e8-4ab8-8292-c088b2050198","block_type":"box","text":"exchange or currency risk, and interest rate risk.","page_number":30,"box":{"x":87,"y":818,"width":356,"height":11}},{"id":"987d01cd-988b-493f-860b-fabe6587dc15","block_type":"box","text":"State Street AUT Europe ex-UK Screened Index Equity Fund","page_number":30,"box":{"x":47,"y":44,"width":571,"height":13}},{"id":"d81d175c-ab9a-4a29-8a18-8ce813f3d38d","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":30,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"a7707d81-bd97-4db6-aeb3-8a66030dd3fb","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":30,"box":{"x":48,"y":123,"width":435,"height":13}},{"id":"58088c29-b9c4-4d7c-95f8-9f22a8487aa3","block_type":"box","text":"For the year ended 31st December 2025","page_number":30,"box":{"x":48,"y":147,"width":300,"height":11}},{"id":"ed55e3b6-a036-442f-a5d5-85838957ab7a","block_type":"box","text":"28","page_number":30,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"efb57c1c-9e96-46d8-bb1f-6448bd9f7d20","block_type":"box","text":"3. Risk management policies (continued)","page_number":31,"box":{"x":47,"y":175,"width":345,"height":11}},{"id":"6e062566-e976-411e-8ca4-e11d270d78e9","block_type":"box","text":"(b) Market price risk","page_number":31,"box":{"x":47,"y":200,"width":173,"height":11}},{"id":"105c317f-9b2f-4bc0-9d62-205613c7555a","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":31,"box":{"x":88,"y":214,"width":863,"height":11}},{"id":"6e2a68c1-427a-4140-97bd-7c5dde15f8c5","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":31,"box":{"x":88,"y":228,"width":862,"height":11}},{"id":"c0e0002b-ea2f-4b00-9cf9-a55309796c74","block_type":"box","text":"holdings. The investment manager considers the asset allocation of the portfolio in order to minimize the risk associated","page_number":31,"box":{"x":88,"y":242,"width":862,"height":11}},{"id":"8f55b3d6-09ea-48a6-90a1-17967bce02f6","block_type":"box","text":"with particular countries or industry sectors whilst continuing to follow the investment objectives of the Fund.","page_number":31,"box":{"x":87,"y":256,"width":796,"height":12}},{"id":"bd8af61e-a34b-4a05-b5c8-d253c25b4e97","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":31,"box":{"x":87,"y":278,"width":864,"height":11}},{"id":"47cac0a3-3afc-4351-8cfd-c8c77068ba0f","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":31,"box":{"x":88,"y":292,"width":863,"height":11}},{"id":"6db60c2f-3765-497d-91ad-1efc23e42791","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":31,"box":{"x":88,"y":306,"width":862,"height":11}},{"id":"aa7a24f6-405d-4159-8cc4-a33f9540395d","block_type":"box","text":"their respective proportions in the benchmark. The Fund places limitations on the amount by which a holding may","page_number":31,"box":{"x":87,"y":321,"width":864,"height":11}},{"id":"1fd7fc8c-433c-45b7-bf94-2d4f303b74e7","block_type":"box","text":"deviate from the proportion benchmark to limit the market risk from mismatched positions.","page_number":31,"box":{"x":87,"y":335,"width":662,"height":11}},{"id":"cf999939-69d8-4e97-8604-f0ca582b900d","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":31,"box":{"x":87,"y":356,"width":864,"height":11}},{"id":"5511f674-f448-4d62-9ec5-5c79763fbb93","block_type":"box","text":"volatility to ensure that the effect of utilizing financial derivative instruments is not significant enough to cause","page_number":31,"box":{"x":87,"y":370,"width":864,"height":11}},{"id":"092d27c6-fe5b-4502-9ddb-dc76ac162aae","block_type":"box","text":"disproportionate losses to a Fund’s overall value. The investment manager moderates this risk through careful selection","page_number":31,"box":{"x":87,"y":384,"width":863,"height":12}},{"id":"6d5ee381-94c8-4641-a351-257b5b61d6fc","block_type":"box","text":"of securities and financial instruments. The investment manager manages this risk through a combination of risk","page_number":31,"box":{"x":87,"y":399,"width":864,"height":11}},{"id":"660cd12b-3705-478d-9fa6-1f7c3a477cb7","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":31,"box":{"x":88,"y":413,"width":863,"height":11}},{"id":"9938287e-1832-414f-a527-9124bf27008b","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":31,"box":{"x":88,"y":427,"width":862,"height":11}},{"id":"68f7bcb9-b55c-4097-b71b-d2aa935e7bea","block_type":"box","text":"a regular basis, and is a key consideration when the Fund is rebalanced.","page_number":31,"box":{"x":87,"y":441,"width":536,"height":11}},{"id":"4c2bae4a-e4b5-4868-8e2a-0bb1a79338aa","block_type":"box","text":"(c) Foreign currency risk","page_number":31,"box":{"x":47,"y":467,"width":211,"height":12}},{"id":"c60ab4bd-9154-426b-bb67-722d900dc094","block_type":"box","text":"Any fluctuations in foreign currency exchange rates between the base currency (\"GBP\") and the respective foreign","page_number":31,"box":{"x":87,"y":482,"width":863,"height":11}},{"id":"fdb295b1-97e6-4486-9888-675aeb93ccc2","block_type":"box","text":"currencies may significantly affect the value of the Fund investments and the returns ultimately achieved by the Fund.","page_number":31,"box":{"x":87,"y":496,"width":863,"height":11}},{"id":"07c35015-a1a0-442b-a54d-71cd11a853f4","block_type":"box","text":"Local interest rates and monetary policy, as well as other government fiscal and labour policies, also can adversely","page_number":31,"box":{"x":88,"y":510,"width":863,"height":11}},{"id":"fdc8ba02-7218-4792-a452-1ca7ddd129ac","block_type":"box","text":"impact the Fund’s currency values.","page_number":31,"box":{"x":88,"y":524,"width":256,"height":11}},{"id":"8566943a-1eee-4a1c-943a-3f074c6d717f","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":31,"box":{"x":88,"y":546,"width":863,"height":11}},{"id":"29eb269d-175c-4848-bc46-3f69a0da2658","block_type":"box","text":"objective to track the performance of the benchmark, which is also not hedged against changes in foreign exchange","page_number":31,"box":{"x":87,"y":560,"width":864,"height":11}},{"id":"5bf1e7db-749b-408f-b258-37ad2717aa3d","block_type":"box","text":"rates.","page_number":31,"box":{"x":88,"y":574,"width":39,"height":9}},{"id":"49629d25-495f-4c99-89ac-59397b75e842","block_type":"box","text":"(d) Interest rate risk","page_number":31,"box":{"x":47,"y":600,"width":170,"height":11}},{"id":"22cd8750-c84e-4b9c-b0ba-779360e4bb0f","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":31,"box":{"x":88,"y":614,"width":863,"height":12}},{"id":"b38acc9e-d378-4060-bbdd-7a8f65f9126b","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":31,"box":{"x":88,"y":629,"width":862,"height":11}},{"id":"4a35b03a-fde2-42f2-bdaf-aec5e6e2efe1","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":31,"box":{"x":87,"y":643,"width":864,"height":11}},{"id":"6e86214e-f272-4aae-b7ea-c22ee2b999cb","block_type":"box","text":"of which are not directly dependent on interest rates.","page_number":31,"box":{"x":87,"y":657,"width":387,"height":11}},{"id":"49d02447-be7b-41eb-a1f9-169fd5772229","block_type":"box","text":"(e) Liquidity risk","page_number":31,"box":{"x":47,"y":683,"width":144,"height":11}},{"id":"85dc060e-4c43-40a9-9d11-7cb6afe61366","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":31,"box":{"x":87,"y":697,"width":863,"height":12}},{"id":"05418c18-80b1-4cc1-acab-f8b3eea8d2ad","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":31,"box":{"x":87,"y":712,"width":864,"height":11}},{"id":"e3ecbbde-3211-4834-8bb1-c3b6119974d3","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":31,"box":{"x":87,"y":726,"width":865,"height":11}},{"id":"160521b8-9d3e-4213-b252-aad89262e0db","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":31,"box":{"x":88,"y":740,"width":864,"height":11}},{"id":"2742721e-3d5e-4b50-9b88-b5fe9bee0096","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":31,"box":{"x":88,"y":754,"width":864,"height":11}},{"id":"07bd88e8-04e5-4512-93d3-af59785a93ba","block_type":"box","text":"may be temporary or may last for extended periods.","page_number":31,"box":{"x":88,"y":769,"width":381,"height":11}},{"id":"5076ca86-d2ba-435c-8fc8-f3c77d314537","block_type":"box","text":"State Street AUT Europe ex-UK Screened Index Equity Fund","page_number":31,"box":{"x":47,"y":44,"width":571,"height":13}},{"id":"5ff12339-cc80-4a6d-ba33-bac582a71c6a","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":31,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"0910b1e4-02f1-4562-b8bd-be5115f5bb84","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":31,"box":{"x":48,"y":123,"width":435,"height":13}},{"id":"cb8805b2-a5a1-42fe-8e1e-e93efc7c6b83","block_type":"box","text":"For the year ended 31st December 2025","page_number":31,"box":{"x":48,"y":147,"width":300,"height":11}},{"id":"55d9df75-6639-43e5-95e8-a1e67e11093d","block_type":"box","text":"29","page_number":31,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"e6906f73-d72b-457a-a0c0-776fb43c4c58","block_type":"box","text":"3. Risk management policies (continued)","page_number":32,"box":{"x":47,"y":175,"width":345,"height":11}},{"id":"0918649a-412d-434c-b223-75d558c7e22f","block_type":"box","text":"The indexed Fund invests solely in securities which form part of the Benchmark Index. Benchmark Indexes are","page_number":32,"box":{"x":87,"y":200,"width":864,"height":11}},{"id":"8cbb032b-7239-4175-b825-2a5946d6a17b","block_type":"box","text":"constructed using index rules requiring securities to have a specified minimum trading volume, which, although not","page_number":32,"box":{"x":87,"y":214,"width":864,"height":11}},{"id":"7c03fdc3-d1ca-4080-ad1e-94e288d0ebc9","block_type":"box","text":"guaranteeing liquidity, provides indication of the liquid nature of the securities underlying the Fund. The Fund is exposed","page_number":32,"box":{"x":87,"y":228,"width":863,"height":11}},{"id":"5e2a1ce2-ccdb-483d-93ae-f1653ab3ff16","block_type":"box","text":"to daily contributions and withdrawals which are managed to ensure that exposure to the Benchmark Indexes are","page_number":32,"box":{"x":87,"y":242,"width":864,"height":11}},{"id":"88a1e797-3e95-4f96-b5b5-030f00e2ec43","block_type":"box","text":"maintained in order to meet the investment objective of the Fund.","page_number":32,"box":{"x":88,"y":256,"width":480,"height":12}},{"id":"f341acdd-1ff7-48b0-b1b7-bbf17c8c0a83","block_type":"box","text":"(f) Credit risk","page_number":32,"box":{"x":47,"y":282,"width":122,"height":12}},{"id":"4b8513ad-2714-4cac-8b7d-3b53fc39dda1","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":32,"box":{"x":87,"y":297,"width":863,"height":11}},{"id":"09f62003-024d-499d-acc8-c842d2ffc4c4","block_type":"box","text":"is not explicitly exposed to credit risk other than revenue index futures. Index futures used for efficient portfolio","page_number":32,"box":{"x":88,"y":311,"width":863,"height":11}},{"id":"755ced27-6ec4-4c8e-a579-bbe40d8b9671","block_type":"box","text":"management are exchange traded and marked to market daily, so counterparty risk is negligible.","page_number":32,"box":{"x":88,"y":325,"width":711,"height":11}},{"id":"e5aa935e-76a1-49da-b98a-5f0fa98c46a3","block_type":"box","text":"(g) Use of derivatives","page_number":32,"box":{"x":47,"y":351,"width":182,"height":11}},{"id":"7f562545-fbc5-41bd-b842-56eb5436a922","block_type":"box","text":"The Fund uses equity index futures only, no other derivatives, for efficient portfolio management-index futures are used","page_number":32,"box":{"x":87,"y":365,"width":863,"height":12}},{"id":"3b0b44fc-d499-4901-92b4-31f7bb8fbf17","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":32,"box":{"x":87,"y":380,"width":864,"height":11}},{"id":"c880d8f0-8dc4-4d9a-850a-df466f6c4d9f","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":32,"box":{"x":88,"y":394,"width":863,"height":11}},{"id":"06cb4b88-427f-4113-a4b9-faadb6f39f09","block_type":"box","text":"objectives of the Fund.","page_number":32,"box":{"x":87,"y":408,"width":167,"height":11}},{"id":"c804b9f3-e31c-4717-a10d-56571a5d2d43","block_type":"box","text":"(h) Stock lending risk","page_number":32,"box":{"x":47,"y":434,"width":184,"height":11}},{"id":"220e41a7-4bd1-4400-b3b2-5d49d5c22ccb","block_type":"box","text":"Stock lending transactions may involve a risk that a counterparty will wholly or partially fail to honour its contractual","page_number":32,"box":{"x":87,"y":448,"width":863,"height":12}},{"id":"86e91f8a-ec34-49f9-a2bd-533f4454e0b2","block_type":"box","text":"obligations.","page_number":32,"box":{"x":87,"y":463,"width":83,"height":11}},{"id":"bbe9051a-b64b-4fb0-bfb1-c9b9e1016566","block_type":"box","text":"In order to mitigate that risk of counterparty default, the counterparties to these transactions may be required to provide","page_number":32,"box":{"x":88,"y":484,"width":863,"height":11}},{"id":"1030ffbe-3f21-4428-8b09-598a2d88a909","block_type":"box","text":"collateral to suitably cover their obligations to the Schemes. In the event of default by the counterparty, it will forfeit its","page_number":32,"box":{"x":87,"y":498,"width":864,"height":11}},{"id":"e9f8a147-f981-4bfb-aaeb-a63d18718000","block_type":"box","text":"collateral on the transaction. However, there is risk that the collateral, especially where it is in the form of stocks, when","page_number":32,"box":{"x":87,"y":512,"width":863,"height":12}},{"id":"6f6540b7-11ae-4620-81fb-6eac9a86d4a1","block_type":"box","text":"realised will not raise sufficient cash to settle the counterparty’s liability to the Schemes. Stock lending transactions may,","page_number":32,"box":{"x":88,"y":527,"width":862,"height":11}},{"id":"c2938daa-3f58-451c-8b8c-bf1cd251270e","block_type":"box","text":"in the event of a default by the counterparty, result in the stocks lent being recovered late or only in part. This may result","page_number":32,"box":{"x":88,"y":541,"width":863,"height":11}},{"id":"2a1b9f52-23ba-4fad-9419-ab6315c79d24","block_type":"box","text":"in loss for the Lending Schemes.","page_number":32,"box":{"x":88,"y":555,"width":240,"height":11}},{"id":"fa7cc823-6b79-4128-b1c7-98855b55e108","block_type":"box","text":"4. 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Additionally for equity shares, there is a dealing spread cost (the difference between the buying","page_number":34,"box":{"x":87,"y":575,"width":863,"height":11}},{"id":"8b3da65a-e59b-40e8-93f4-3e1cfd253014","block_type":"box","text":"and selling prices) which will be suffered on purchase and sale transactions.","page_number":34,"box":{"x":87,"y":590,"width":561,"height":11}},{"id":"dac9cb75-cebb-45dc-acc0-7c6fa7f12c6b","block_type":"box","text":"For the Fund’s investment in collective investment scheme holdings there will potentially be dealing spread costs","page_number":34,"box":{"x":88,"y":611,"width":863,"height":11}},{"id":"368a6c9e-2002-4a17-ab52-4fe41e9c5e6e","block_type":"box","text":"applicable to purchases and sales. 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It is unlikely the Fund would generate sufficient","page_number":36,"box":{"x":88,"y":428,"width":863,"height":11}},{"id":"3678a347-2f00-41ff-8c9d-76e085d2c08f","block_type":"box","text":"taxable profits in the future to utilise these amounts and therefore no deferred tax asset has been recognised.","page_number":36,"box":{"x":87,"y":443,"width":808,"height":11}},{"id":"6c418ec2-7942-4a4b-80a5-d427c6126760","block_type":"box","text":"10. Distributions","page_number":36,"box":{"x":48,"y":469,"width":141,"height":8}},{"id":"14ab9072-0dd2-4b18-95f8-e29736464d6e","block_type":"box","text":"The distributions take account of revenue received on the creation of units and income deducted on the cancellation of","page_number":36,"box":{"x":87,"y":490,"width":865,"height":9}},{"id":"9517a318-6c1d-4095-ae5a-0b73f1dad2af","block_type":"box","text":"units, and comprises:","page_number":36,"box":{"x":88,"y":504,"width":155,"height":11}},{"id":"ada9bcc1-c1a9-4fef-a1be-8cc8d8fade88","block_type":"box","text":"31.12.25 31.12.24","page_number":36,"box":{"x":763,"y":522,"width":178,"height":9}},{"id":"e6d375f9-c9b6-4cc3-8700-88b64bae8f1c","block_type":"box","text":"£'000 £'000","page_number":36,"box":{"x":786,"y":536,"width":154,"height":9}},{"id":"5c509113-ce7b-46cb-9f34-2b0af814e88b","block_type":"box","text":"Interim","page_number":36,"box":{"x":88,"y":555,"width":49,"height":9}},{"id":"15e49ca2-1d2d-40d1-9387-fe7b2c68ffdc","block_type":"box","text":"131,255 128,980","page_number":36,"box":{"x":769,"y":555,"width":171,"height":10}},{"id":"19d2453e-ab43-413a-bf67-41000c210e42","block_type":"box","text":"Final","page_number":36,"box":{"x":88,"y":574,"width":34,"height":9}},{"id":"d6057daf-e44f-42bd-bc1a-f47b0baa40c6","block_type":"box","text":"1,382 28,135","page_number":36,"box":{"x":787,"y":574,"width":154,"height":10}},{"id":"c45a45f2-f3c1-4a3e-93e4-efc3cad75501","block_type":"box","text":"132,637 157,115","page_number":36,"box":{"x":769,"y":597,"width":172,"height":11}},{"id":"37170bb0-2c32-44c0-9d6c-0c88ee301362","block_type":"box","text":"Amounts deducted on cancellation of units 11,696 101","page_number":36,"box":{"x":87,"y":620,"width":851,"height":11}},{"id":"d8055c51-4a5d-4be8-984c-b49f633ca0d5","block_type":"box","text":"Amounts added on issue of units (2,168) (1,609)","page_number":36,"box":{"x":87,"y":639,"width":854,"height":11}},{"id":"5efe7e01-5e71-4ea2-8221-c410d5f86f82","block_type":"box","text":"Net distribution for the year 142,165 155,607","page_number":36,"box":{"x":88,"y":662,"width":853,"height":12}},{"id":"1a218bb1-d45e-4378-b872-299507d70cf9","block_type":"box","text":"The net distributions of the year is represented by:","page_number":36,"box":{"x":87,"y":702,"width":402,"height":11}},{"id":"b03fdd10-ba13-47fa-aab8-e748d906bac8","block_type":"box","text":"Net revenue after taxation 142,165 155,607","page_number":36,"box":{"x":88,"y":721,"width":853,"height":10}},{"id":"cec08cf6-fb51-4986-b2de-af5b4fe98d7f","block_type":"box","text":"Net distribution for the year 142,165 155,607","page_number":36,"box":{"x":88,"y":744,"width":853,"height":11}},{"id":"95f8f96c-644d-4b5a-874b-f6cbd415664a","block_type":"box","text":"State Street AUT Europe ex-UK Screened Index Equity Fund","page_number":36,"box":{"x":47,"y":44,"width":571,"height":13}},{"id":"7fc55abf-3ccb-4ec3-b155-6443f91d55f0","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":36,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"15ffbff9-e1df-4766-8087-eaae8abcb182","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":36,"box":{"x":48,"y":123,"width":435,"height":13}},{"id":"88782a04-2566-4292-87c5-1e6f41726b0c","block_type":"box","text":"For the year ended 31st December 2025","page_number":36,"box":{"x":48,"y":147,"width":300,"height":11}},{"id":"5fb9861b-df76-4688-95af-2844e5d3c712","block_type":"box","text":"34","page_number":36,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"1c44c5b9-3d5c-408e-beff-2635b481943e","block_type":"box","text":"11. Debtors","page_number":37,"box":{"x":48,"y":175,"width":101,"height":8}},{"id":"93b87f92-656c-42ce-a84c-ca7b85a3be97","block_type":"box","text":"31.12.25 31.12.24","page_number":37,"box":{"x":758,"y":193,"width":183,"height":8}},{"id":"02ae4efd-9d84-4c82-a186-ccf06128fde5","block_type":"box","text":"£'000 £'000","page_number":37,"box":{"x":781,"y":207,"width":159,"height":8}},{"id":"9645bc69-7d63-4bfd-a160-78677681b409","block_type":"box","text":"Creations awaiting settlement - 2,467","page_number":37,"box":{"x":87,"y":226,"width":854,"height":11}},{"id":"da9408f8-f8bb-417e-99f8-a817198ff7a0","block_type":"box","text":"Sales awaiting settlement 1,535 -","page_number":37,"box":{"x":87,"y":245,"width":854,"height":11}},{"id":"3d0be347-a6bb-44b0-a981-0ca9e87e85da","block_type":"box","text":"Accrued revenue","page_number":37,"box":{"x":87,"y":264,"width":126,"height":8}},{"id":"55f98455-225b-4ab5-b9a4-03d1a030e647","block_type":"box","text":"42 42","page_number":37,"box":{"x":804,"y":264,"width":136,"height":8}},{"id":"e6a3dc57-dd1f-4c11-a4c2-0bd4b6e58af0","block_type":"box","text":"Overseas tax recoverable* 38,710 32,623","page_number":37,"box":{"x":87,"y":282,"width":854,"height":11}},{"id":"52399078-6a94-44bf-bed4-27638df5d0cf","block_type":"box","text":"Dilution adjustment receivable - 2","page_number":37,"box":{"x":88,"y":302,"width":852,"height":11}},{"id":"5eafc142-204b-45a1-92d8-d95fd3da02fb","block_type":"box","text":"Total debtors","page_number":37,"box":{"x":87,"y":322,"width":104,"height":9}},{"id":"3039652d-85b7-402d-bf26-75e83ae0ac6e","block_type":"box","text":"40,287 35,134","page_number":37,"box":{"x":771,"y":322,"width":170,"height":11}},{"id":"deb9b0f4-4a0f-4bb0-bbb2-13672b3af1b6","block_type":"box","text":"* This balance consists of £24,531k (31.12.24: £17,222k) of withholding tax amounts between 2021 and 2025 that are due from Swiss","page_number":37,"box":{"x":80,"y":359,"width":871,"height":10}},{"id":"44ec22fc-8003-41ec-ba53-c063d5e94981","block_type":"box","text":"Tax Authorities. The amounts are undiscounted and have been recognised in full. Filings in respect of the periods from 2021 to 2025,","page_number":37,"box":{"x":96,"y":372,"width":854,"height":10}},{"id":"dd739eed-314d-48b8-917e-aad67cb12f33","block_type":"box","text":"totalling £24,531k, have been submitted. Based on investment manager’s assessment and the outcomes of previous filings, the","page_number":37,"box":{"x":96,"y":385,"width":855,"height":10}},{"id":"4db561f1-df5b-45c4-8d33-a23fe0cda707","block_type":"box","text":"amounts are expected to be received within 12 months from the date of approval of these financial statements. However, the timing","page_number":37,"box":{"x":96,"y":398,"width":854,"height":10}},{"id":"0346f0f6-e463-4888-aac4-9b97660a74b5","block_type":"box","text":"of receipt is subject to uncertainty and cannot be guaranteed.","page_number":37,"box":{"x":96,"y":411,"width":407,"height":10}},{"id":"49eb68e7-1b01-4320-b536-5417d2ecde12","block_type":"box","text":"12. Cash and bank balances","page_number":37,"box":{"x":48,"y":438,"width":233,"height":9}},{"id":"d104b238-9439-41b2-929b-135e6cc04a88","block_type":"box","text":"31.12.25 31.12.24","page_number":37,"box":{"x":758,"y":456,"width":183,"height":8}},{"id":"10f94712-2b2d-4c16-a725-33988b2fc993","block_type":"box","text":"£'000 £'000","page_number":37,"box":{"x":781,"y":470,"width":159,"height":9}},{"id":"098e1bfa-f086-4c4c-9fd0-6dc6e30fab48","block_type":"box","text":"Cash and bank balances 2,430 9,844","page_number":37,"box":{"x":87,"y":489,"width":853,"height":10}},{"id":"f331e6ea-2deb-4828-a6d7-83ca0013b8ef","block_type":"box","text":"Amounts held at brokers 141 3,921","page_number":37,"box":{"x":87,"y":508,"width":851,"height":10}},{"id":"89a3f462-9f05-4dd1-ae64-2fe226bd2801","block_type":"box","text":"Total cash and bank balances 2,571 13,765","page_number":37,"box":{"x":87,"y":529,"width":854,"height":10}},{"id":"84b31d41-a531-427c-9fd7-b73ba4a6a008","block_type":"box","text":"13. Bank overdrafts","page_number":37,"box":{"x":48,"y":560,"width":165,"height":9}},{"id":"53ca2f2f-ea3d-49d0-b6cd-a9f4a1ac0e0b","block_type":"box","text":"31.12.25 31.12.24","page_number":37,"box":{"x":758,"y":578,"width":183,"height":8}},{"id":"251b932d-3bba-4170-b0f4-227e5f6e5e03","block_type":"box","text":"£'000 £'000","page_number":37,"box":{"x":781,"y":592,"width":159,"height":9}},{"id":"74370b59-266b-4820-84ea-0fe10b19828b","block_type":"box","text":"Overdraft amounts held at brokers 5 -","page_number":37,"box":{"x":87,"y":611,"width":854,"height":9}},{"id":"b6a72b8b-e39e-466b-bb43-1faf7a14618a","block_type":"box","text":"Total bank overdrafts","page_number":37,"box":{"x":87,"y":632,"width":168,"height":8}},{"id":"16953f16-1276-4acf-98f5-ac338af6f587","block_type":"box","text":"5-","page_number":37,"box":{"x":814,"y":632,"width":127,"height":8}},{"id":"79244c8a-4227-4a04-b872-13fa419bfe27","block_type":"box","text":"14. Other creditors","page_number":37,"box":{"x":48,"y":663,"width":159,"height":9}},{"id":"2d49ee12-99a3-4e13-a223-505b804cc996","block_type":"box","text":"31.12.25 31.12.24","page_number":37,"box":{"x":758,"y":681,"width":183,"height":9}},{"id":"f8095d29-857f-42de-9002-719182ddc6bd","block_type":"box","text":"£'000 £'000","page_number":37,"box":{"x":781,"y":695,"width":159,"height":9}},{"id":"8104ede8-d994-4826-9cc6-e72d4ead9761","block_type":"box","text":"Liquidations awaiting settlement 2,049 17","page_number":37,"box":{"x":88,"y":714,"width":853,"height":11}},{"id":"1b52a0a9-d926-452f-9f12-58fbf4b34cfd","block_type":"box","text":"Accrued Manager's periodic charge 19 622","page_number":37,"box":{"x":87,"y":733,"width":853,"height":11}},{"id":"50dd128d-258b-4be5-98cf-22f67a96460c","block_type":"box","text":"Inspecie transfer payable* 38,904 -","page_number":37,"box":{"x":88,"y":752,"width":853,"height":11}},{"id":"ce30f1f5-1603-4d37-82da-0b8639fd876b","block_type":"box","text":"Total other creditors 40,972 639","page_number":37,"box":{"x":87,"y":773,"width":854,"height":10}},{"id":"b980019a-533b-4560-85c0-ef6ed0d1a0cb","block_type":"box","text":"* This payable balance represents the outstanding tax reclaim due to the departing investor, arising from the full share redemption in","page_number":37,"box":{"x":80,"y":810,"width":870,"height":10}},{"id":"e46278db-bad2-4754-9a7d-809a20267700","block_type":"box","text":"July 2025. The Investment Manager has agreed to transfer the tax reclaim cash received to the departing investor on a monthly","page_number":37,"box":{"x":96,"y":823,"width":855,"height":10}},{"id":"942d884f-7027-4fa5-b435-e6ea94952a89","block_type":"box","text":"basis. The outstanding amount payable to the investor was £38,903,720 for the year ended 31.12.25.","page_number":37,"box":{"x":97,"y":836,"width":672,"height":10}},{"id":"81f6999b-2e12-448d-86f1-08e5f8833c6f","block_type":"box","text":"15. Contingent liabilities and commitments","page_number":37,"box":{"x":48,"y":862,"width":351,"height":11}},{"id":"d5250d7c-b210-4be4-a903-40f9fb7a8940","block_type":"box","text":"The Fund had no contingent liabilities at year end (31.12.24: £nil).","page_number":37,"box":{"x":87,"y":876,"width":485,"height":12}},{"id":"56e8ed00-9808-448f-8067-711cf61192b7","block_type":"box","text":"State Street AUT Europe ex-UK Screened Index Equity Fund","page_number":37,"box":{"x":47,"y":44,"width":571,"height":13}},{"id":"00f734f8-9937-409f-8d18-4e213604d1be","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":37,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"efe0eb40-15f9-4365-a704-8cb494a5123c","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":37,"box":{"x":48,"y":123,"width":435,"height":13}},{"id":"1a09f96e-fb02-4c39-b430-afb927adc8c2","block_type":"box","text":"For the year ended 31st December 2025","page_number":37,"box":{"x":48,"y":147,"width":300,"height":11}},{"id":"ed999473-5365-4a0d-9b8d-9fcaf8c1acff","block_type":"box","text":"35","page_number":37,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"658d1901-bdff-422a-bb0a-b8c93a74f934","block_type":"box","text":"16. Related party transactions","page_number":38,"box":{"x":48,"y":175,"width":248,"height":11}},{"id":"a2f21812-69bc-4b7b-aa0a-2128c088d112","block_type":"box","text":"Transactions relating to the creation and cancellation of units and the purchases and sales of investments which pass","page_number":38,"box":{"x":87,"y":189,"width":864,"height":11}},{"id":"593190a3-ab25-47f8-9785-284a6ae550d3","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":38,"box":{"x":87,"y":203,"width":864,"height":11}},{"id":"a91aeb9a-6802-4b0a-bde0-b99403321aaa","block_type":"box","text":"Assets Attributable to Unitholders.","page_number":38,"box":{"x":87,"y":217,"width":250,"height":9}},{"id":"5016f181-9284-4f6d-b55e-d1c20e9857cc","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":38,"box":{"x":87,"y":239,"width":863,"height":11}},{"id":"1f20a13a-872d-46c9-ab0d-a846eabf81be","block_type":"box","text":"Creditors in the Notes to the Financial Statements.","page_number":38,"box":{"x":87,"y":253,"width":373,"height":9}},{"id":"444c08b2-eddb-4c61-9ba6-de99b919a0c2","block_type":"box","text":"17. Risk disclosures","page_number":38,"box":{"x":48,"y":279,"width":171,"height":9}},{"id":"7015badb-2662-4f18-b8eb-684974899b46","block_type":"box","text":"The Manager’s policy for managing these risks are summarised below and have been applied throughout the year.","page_number":38,"box":{"x":87,"y":293,"width":846,"height":11}},{"id":"9b0127a7-b904-496a-80a3-318172859d79","block_type":"box","text":"(a) Foreign currency risk","page_number":38,"box":{"x":47,"y":319,"width":211,"height":11}},{"id":"ccf3ab20-0610-4e73-9f35-667303d565ba","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":38,"box":{"x":87,"y":333,"width":863,"height":12}},{"id":"316fcc4c-eeee-498a-becb-7ded584491da","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":38,"box":{"x":87,"y":348,"width":863,"height":11}},{"id":"3df5f531-5315-4213-9a9d-392f1e567e86","block_type":"box","text":"act accordingly in order to manage exchange rate risk.","page_number":38,"box":{"x":87,"y":362,"width":401,"height":11}},{"id":"9562e475-ccea-4b7f-9759-973440f1a57e","block_type":"box","text":"The Fund’s currency exposure as at 31st December 2025 was:","page_number":38,"box":{"x":87,"y":383,"width":464,"height":11}},{"id":"266f7d4c-f2aa-4c8d-8d6a-e951427a854c","block_type":"box","text":"Net foreign currency assets","page_number":38,"box":{"x":722,"y":401,"width":219,"height":11}},{"id":"e87684cc-1dac-45ea-9f0a-4e793791e1c6","block_type":"box","text":"Currency Monetary","page_number":38,"box":{"x":87,"y":416,"width":660,"height":12}},{"id":"fbf34a9c-d40f-4b94-a57c-f12fc4401825","block_type":"box","text":"exposures","page_number":38,"box":{"x":664,"y":433,"width":82,"height":9}},{"id":"a3c5747c-0dcd-48e7-91b9-a3e9b88294f5","block_type":"box","text":"£’000","page_number":38,"box":{"x":705,"y":445,"width":41,"height":9}},{"id":"7afcd314-5bbb-47e2-9265-cad1f6d34da2","block_type":"box","text":"Non-monetary","page_number":38,"box":{"x":758,"y":417,"width":112,"height":11}},{"id":"7115c814-2618-4fdb-be56-d85a4e107a06","block_type":"box","text":"exposures","page_number":38,"box":{"x":787,"y":433,"width":83,"height":9}},{"id":"68ade787-ddf6-4ec3-995f-a6710343a04a","block_type":"box","text":"£’000","page_number":38,"box":{"x":829,"y":445,"width":41,"height":9}},{"id":"e454552c-ec82-479c-a6ec-16c316ba131f","block_type":"box","text":"Total","page_number":38,"box":{"x":903,"y":417,"width":37,"height":8}},{"id":"1e75bf8e-3d49-49ec-8c8f-67d63d90c72a","block_type":"box","text":"£’000","page_number":38,"box":{"x":899,"y":431,"width":41,"height":8}},{"id":"b39dae65-5d8b-4378-b2be-2d1de7fa7518","block_type":"box","text":"Danish krone 1,977 6,386 8,363","page_number":38,"box":{"x":88,"y":460,"width":853,"height":11}},{"id":"6b24c4e5-625b-455a-add1-f19076b77b9e","block_type":"box","text":"Euro","page_number":38,"box":{"x":88,"y":476,"width":33,"height":8}},{"id":"7c7de029-13ad-4833-bbaf-843a25d99400","block_type":"box","text":"13,835 121,410 135,245","page_number":38,"box":{"x":698,"y":476,"width":243,"height":10}},{"id":"7131f575-e948-45f0-90f6-d63f90cde98b","block_type":"box","text":"Norwegian krone 18 1,970 1,988","page_number":38,"box":{"x":88,"y":491,"width":853,"height":11}},{"id":"033c618c-6c5c-44bc-9a3c-26fc4f168ce9","block_type":"box","text":"Polish zloty","page_number":38,"box":{"x":88,"y":507,"width":83,"height":11}},{"id":"b748d81f-7ea7-4948-a69d-027350273b98","block_type":"box","text":"142 1,585 1,727","page_number":38,"box":{"x":721,"y":507,"width":220,"height":10}},{"id":"0bd30ff6-7523-4810-a702-b6a448db8685","block_type":"box","text":"Swedish krona 52 11,899 11,951","page_number":38,"box":{"x":87,"y":522,"width":851,"height":10}},{"id":"610e87e7-14ab-4952-bb09-0adaa2ab7d07","block_type":"box","text":"Swiss franc 24,563 33,851 58,414","page_number":38,"box":{"x":87,"y":537,"width":853,"height":11}},{"id":"9abc5f98-4bd2-40c8-9dc9-be179317010b","block_type":"box","text":"US dollar","page_number":38,"box":{"x":88,"y":553,"width":68,"height":9}},{"id":"315ec687-1f28-4bba-a418-9a488206776d","block_type":"box","text":"211 - 211","page_number":38,"box":{"x":721,"y":553,"width":217,"height":8}},{"id":"4939c6b1-3b95-47ff-a75e-6eb90933b0fa","block_type":"box","text":"Total","page_number":38,"box":{"x":87,"y":572,"width":37,"height":9}},{"id":"2cbde072-195a-432b-81a4-51db42b46240","block_type":"box","text":"40,798 177,101 217,899","page_number":38,"box":{"x":696,"y":572,"width":245,"height":11}},{"id":"35c2fc94-7f5b-429a-887d-b8f025d2bd21","block_type":"box","text":"The Fund’s currency exposure as at 31st December 2024 was:","page_number":38,"box":{"x":87,"y":596,"width":464,"height":11}},{"id":"c502a6b2-a744-4f12-84bc-16754d85a366","block_type":"box","text":"Net foreign currency assets","page_number":38,"box":{"x":722,"y":613,"width":219,"height":11}},{"id":"dfa193ad-dee1-4be9-acd1-934ebb7fd342","block_type":"box","text":"Currency Monetary","page_number":38,"box":{"x":87,"y":629,"width":646,"height":11}},{"id":"da208218-8d76-48fe-b574-c25ec02ae29e","block_type":"box","text":"exposures","page_number":38,"box":{"x":650,"y":645,"width":82,"height":9}},{"id":"f8c87776-4d78-44f2-b77d-12b33463cf12","block_type":"box","text":"£’000","page_number":38,"box":{"x":691,"y":657,"width":41,"height":9}},{"id":"6e3ab768-2d2f-4df0-9d32-da2633677387","block_type":"box","text":"Non-monetary","page_number":38,"box":{"x":744,"y":629,"width":112,"height":11}},{"id":"15c9d265-d756-461e-9ad3-390b09833d29","block_type":"box","text":"exposures","page_number":38,"box":{"x":773,"y":645,"width":83,"height":9}},{"id":"4cbe6ccf-e91a-41ef-9f8a-997a30158321","block_type":"box","text":"£’000","page_number":38,"box":{"x":815,"y":657,"width":41,"height":9}},{"id":"ad442247-0120-4c90-b874-954c604f152a","block_type":"box","text":"Total","page_number":38,"box":{"x":903,"y":629,"width":37,"height":8}},{"id":"fadc6312-e7ef-46e7-970e-d38ba13c9c11","block_type":"box","text":"£’000","page_number":38,"box":{"x":899,"y":643,"width":41,"height":9}},{"id":"73dc5bb6-a247-4287-b4ca-d0cd4ae047cf","block_type":"box","text":"Danish krone 2,843 336,919 339,762","page_number":38,"box":{"x":88,"y":673,"width":852,"height":10}},{"id":"595e5586-ba53-45ba-8f78-d2526eea0b8e","block_type":"box","text":"Euro","page_number":38,"box":{"x":88,"y":688,"width":33,"height":9}},{"id":"4ca14ab5-2c0f-428d-8c46-57819d5deb34","block_type":"box","text":"20,069 3,971,317 3,991,386","page_number":38,"box":{"x":682,"y":688,"width":259,"height":10}},{"id":"f496ae2b-5354-4a65-a6b3-6ed49fc5a87e","block_type":"box","text":"Norwegian krone 390 75,707 76,097","page_number":38,"box":{"x":88,"y":703,"width":853,"height":11}},{"id":"7bee5457-83a5-4651-9776-43b9d41b4301","block_type":"box","text":"Polish zloty 1,371 40,012 41,383","page_number":38,"box":{"x":88,"y":719,"width":853,"height":11}},{"id":"922c1dce-02e9-459c-a971-f5f927508224","block_type":"box","text":"Swedish krona 1,142 399,313 400,455","page_number":38,"box":{"x":87,"y":734,"width":854,"height":10}},{"id":"d0dfa9b5-3fa4-4638-bc01-c94c7a18e9ba","block_type":"box","text":"Swiss franc 18,557 1,166,249 1,184,806","page_number":38,"box":{"x":87,"y":750,"width":854,"height":10}},{"id":"38d7d194-678f-43a2-9bef-6ea7f8e0f30d","block_type":"box","text":"US dollar 1,039 - 1,039","page_number":38,"box":{"x":88,"y":765,"width":853,"height":10}},{"id":"1eba48b7-c28f-4d88-af69-5579647496ef","block_type":"box","text":"Total","page_number":38,"box":{"x":87,"y":785,"width":37,"height":8}},{"id":"962d0175-62ab-441f-a2cd-6f6ddcd32f85","block_type":"box","text":"45,411 5,989,517 6,034,928","page_number":38,"box":{"x":683,"y":785,"width":258,"height":10}},{"id":"1c95a4a6-a40a-422e-90b1-b4f46c05b279","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":38,"box":{"x":88,"y":808,"width":864,"height":11}},{"id":"23bbf99d-633a-4ea5-b6d4-990fa027e059","block_type":"box","text":"the Fund would have decreased by £19,809,003 (31.12.2024: £548,629,839).","page_number":38,"box":{"x":87,"y":822,"width":573,"height":11}},{"id":"bb613370-4d60-438e-a238-b2f93e91e766","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":38,"box":{"x":88,"y":843,"width":864,"height":11}},{"id":"2ea421bd-30ab-4ec5-a6b2-118aaf218533","block_type":"box","text":"the Fund would have increased by £24,211,004 (31.12.2024: £670,547,581).","page_number":38,"box":{"x":87,"y":857,"width":566,"height":12}},{"id":"6023a6b2-14bc-48ab-92f9-c276f4505a6a","block_type":"box","text":"State Street AUT Europe ex-UK Screened Index Equity Fund","page_number":38,"box":{"x":47,"y":44,"width":571,"height":13}},{"id":"534adfa3-acf9-477a-926b-d3874cb0e0a1","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":38,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"9be4e9a4-635d-405b-9c34-dd5cd74535d5","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":38,"box":{"x":48,"y":123,"width":435,"height":13}},{"id":"e6c19eea-1a10-448e-a51e-5b2bb16a15b8","block_type":"box","text":"For the year ended 31st December 2025","page_number":38,"box":{"x":48,"y":147,"width":300,"height":11}},{"id":"b335a152-0941-4064-8bc4-09efd245edb6","block_type":"box","text":"36","page_number":38,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"5640e020-039e-4938-a0db-ea8d6a4a64cb","block_type":"box","text":"17. Risk disclosures (continued)","page_number":39,"box":{"x":48,"y":175,"width":267,"height":11}},{"id":"318fb5fb-92ed-4c98-acc8-0b18c08de13c","block_type":"box","text":"These calculations assume all other variables remain constant.","page_number":39,"box":{"x":87,"y":200,"width":465,"height":8}},{"id":"d1af4f45-e912-4a3b-bb89-72c45925bc1b","block_type":"box","text":"(b) Market price risk","page_number":39,"box":{"x":47,"y":226,"width":173,"height":11}},{"id":"6a5b851a-2dca-4f62-90f5-ff09d8f58e98","block_type":"box","text":"The Fund’s investment portfolio is exposed to market price fluctuations which are monitored by the Manager in","page_number":39,"box":{"x":87,"y":240,"width":863,"height":11}},{"id":"a00014ef-9640-48d0-9574-107c3a4bfa22","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":39,"box":{"x":88,"y":254,"width":863,"height":11}},{"id":"5c473406-06f4-4f8b-88dc-49e6b7562184","block_type":"box","text":"investment and borrowing powers set out in the Trust Deed, the Scheme Particulars and in the Financial Conduct","page_number":39,"box":{"x":88,"y":268,"width":863,"height":11}},{"id":"44b580ed-092c-4270-90a7-039897c224f1","block_type":"box","text":"Authority’s Collective Investment Scheme sourcebook (the “COLL sourcebook”) mitigates the risk of excessive","page_number":39,"box":{"x":87,"y":282,"width":864,"height":12}},{"id":"18428976-d656-4425-96b7-5d6b1744f99f","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":39,"box":{"x":87,"y":297,"width":864,"height":11}},{"id":"48beacd5-1617-470a-acb9-070bba6543d9","block_type":"box","text":"Manager’s Report and Portfolio Statement.","page_number":39,"box":{"x":88,"y":311,"width":315,"height":11}},{"id":"4a4f4800-f4cb-483c-89f2-00100bf557a5","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":39,"box":{"x":88,"y":332,"width":863,"height":11}},{"id":"cfa10b2d-cb42-4f88-9ddb-ec17c0146400","block_type":"box","text":"increased by £17,712,497 (31.12.24: £598,951,713). If market prices had decreased by 10% as at the balance sheet","page_number":39,"box":{"x":88,"y":347,"width":863,"height":11}},{"id":"9e964302-91cb-4f2e-b25f-3c107d0f90b1","block_type":"box","text":"date, the net asset value of the Fund would have decreased by £17,712,497 (31.12.24: £598,951,713).","page_number":39,"box":{"x":87,"y":361,"width":760,"height":11}},{"id":"55881329-2872-4549-806d-5b74369e0c4b","block_type":"box","text":"These calculations assume all other variables remain constant.","page_number":39,"box":{"x":87,"y":382,"width":465,"height":9}},{"id":"eed9494e-c52d-4265-809f-6f3ad042e7d4","block_type":"box","text":"(c) Interest rate risk","page_number":39,"box":{"x":47,"y":408,"width":170,"height":11}},{"id":"e35c0210-2ae8-4bfe-ade3-7dbc8961a10c","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":39,"box":{"x":87,"y":422,"width":864,"height":11}},{"id":"1480158f-e9fd-44fc-b64d-e2a91d786582","block_type":"box","text":"a maturity date. Therefore interest rate risk is not deemed to be significant.","page_number":39,"box":{"x":87,"y":437,"width":550,"height":11}},{"id":"5124434b-288c-4370-af03-222420ccdbea","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":39,"box":{"x":88,"y":458,"width":863,"height":11}},{"id":"b1421a2b-0d0c-4016-a7cf-d983df70f6c3","block_type":"box","text":"calculated at the current Bank of England base rate plus 1.00% of its overseas equivalent.","page_number":39,"box":{"x":87,"y":472,"width":665,"height":11}},{"id":"8aea6490-b87e-4bd4-ab10-564019d8c64c","block_type":"box","text":"(d) Liquidity risk","page_number":39,"box":{"x":47,"y":498,"width":144,"height":11}},{"id":"120712b2-cfc7-4464-ad92-5118d69b9a62","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":39,"box":{"x":87,"y":512,"width":864,"height":12}},{"id":"d01bd1e4-de0f-4ea6-92fd-126a509826e6","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":39,"box":{"x":87,"y":527,"width":865,"height":11}},{"id":"cb5dbf2e-36ef-491c-8658-74cc42d630b3","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":39,"box":{"x":88,"y":541,"width":863,"height":11}},{"id":"20799e83-e62d-45b4-a65b-9ef078c45a65","block_type":"box","text":"of its value to ensure settlement.","page_number":39,"box":{"x":87,"y":555,"width":239,"height":9}},{"id":"2d4da578-b1f3-4ff5-8cd1-59b0137af166","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":39,"box":{"x":87,"y":576,"width":864,"height":12}},{"id":"6a3dd08f-0f1d-4ef8-9892-30a0176f4ad6","block_type":"box","text":"significant.","page_number":39,"box":{"x":87,"y":591,"width":77,"height":11}},{"id":"99f8e87a-a72f-4753-a26f-46f59fcf07a7","block_type":"box","text":"18. Securities Financing Transactions (SFT)","page_number":39,"box":{"x":48,"y":617,"width":357,"height":11}},{"id":"d2766534-0d14-44a7-99b0-b965efb48411","block_type":"box","text":"1) Global Data","page_number":39,"box":{"x":88,"y":643,"width":111,"height":11}},{"id":"1b30ebc4-9c5c-4e0b-bfdb-c10087db15df","block_type":"box","text":"Proportion of securities and commodities on loan as at 31st December 2025 £'000 %","page_number":39,"box":{"x":88,"y":668,"width":863,"height":11}},{"id":"e6b1829b-ab9a-4986-a393-62f2ed4e96a2","block_type":"box","text":"Total lendable assets excluding cash and cash equivalents: 167,893","page_number":39,"box":{"x":87,"y":695,"width":763,"height":11}},{"id":"cfbb5890-27ca-4ae7-b38d-fd8d397afdd7","block_type":"box","text":"Securities and commodities on loan 4,989 2.97%","page_number":39,"box":{"x":87,"y":717,"width":863,"height":10}},{"id":"b0670de6-5911-41be-89af-feed162d6a60","block_type":"box","text":"Assets engaged in SFTs and total return swaps as at 31st December 2025 £'000 %","page_number":39,"box":{"x":87,"y":743,"width":864,"height":11}},{"id":"4fab5b17-1c54-4c35-ac4b-ac6d18143cca","block_type":"box","text":"Fund assets under management (AUM) 179,006","page_number":39,"box":{"x":88,"y":770,"width":762,"height":11}},{"id":"bf51ff43-6a6a-4a9d-b5ba-7bccba2f5c09","block_type":"box","text":"Absolute value of assets engaged in:","page_number":39,"box":{"x":87,"y":792,"width":272,"height":11}},{"id":"57a344ba-d1f5-4047-812b-f2751f134511","block_type":"box","text":"Securities lending","page_number":39,"box":{"x":87,"y":815,"width":131,"height":11}},{"id":"9614a607-076d-44a6-809b-272df0f8990a","block_type":"box","text":"4,989 2.79%","page_number":39,"box":{"x":809,"y":815,"width":141,"height":10}},{"id":"f7b4b3d8-1521-4238-ba0d-7bc8a82a66b3","block_type":"box","text":"State Street AUT Europe ex-UK Screened Index Equity Fund","page_number":39,"box":{"x":47,"y":44,"width":571,"height":13}},{"id":"15ba4e6a-67a3-4e49-90c1-526349ac5e8f","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":39,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"f28bd765-43a9-4f59-9787-b24e03ef2463","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":39,"box":{"x":48,"y":123,"width":435,"height":13}},{"id":"1a703653-e836-44ca-9aeb-b858f7102891","block_type":"box","text":"For the year ended 31st December 2025","page_number":39,"box":{"x":48,"y":147,"width":300,"height":11}},{"id":"d05c6796-a8cc-49f3-8ac3-b42cd2505363","block_type":"box","text":"37","page_number":39,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"325ff530-d624-43f7-93c1-e29bf8a0d62a","block_type":"box","text":"18. Securities Financing Transactions (SFT) (continued)","page_number":40,"box":{"x":48,"y":175,"width":453,"height":11}},{"id":"27b151eb-2fde-42bc-b88d-a0c4b6ffe297","block_type":"box","text":"2) Concentration Data","page_number":40,"box":{"x":87,"y":200,"width":173,"height":11}},{"id":"a113d850-6c38-4b0e-9c74-89437378a7e1","block_type":"box","text":"Top 10 Collateral Issuers","page_number":40,"box":{"x":87,"y":224,"width":196,"height":11}},{"id":"f0ded4e7-5731-4ade-90a3-c7ba3699f934","block_type":"box","text":"Name and value of collateral and commodities received as at 31st December 2025 £'000","page_number":40,"box":{"x":88,"y":239,"width":863,"height":8}},{"id":"6f53dbce-0865-4bb2-b088-f3e9bf002775","block_type":"box","text":"Heidelberg 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The Fund is a ‘wider range’ investment scheme","page_number":49,"box":{"x":47,"y":747,"width":904,"height":11}},{"id":"5b764d80-a176-4e4b-bdb3-2eca8c7d30c4","block_type":"box","text":"under the Trustee Investments Act 1961.","page_number":49,"box":{"x":47,"y":762,"width":299,"height":8}},{"id":"b8da0340-7b7b-48c3-a2d0-1bdd734c3536","block_type":"box","text":"PROSPECTUS","page_number":49,"box":{"x":48,"y":787,"width":113,"height":9}},{"id":"8f744609-b9e9-4daa-9a8f-2c1f5591817d","block_type":"box","text":"Copies of the Prospectus are available from the Manager upon request.","page_number":49,"box":{"x":47,"y":801,"width":529,"height":11}},{"id":"4d8e91a2-e3bb-4d48-8b4c-5c6fc6b5dff4","block_type":"box","text":"Please remember that the price of units and the income from them can go down as well as up. Past performance is not","page_number":49,"box":{"x":47,"y":822,"width":905,"height":11}},{"id":"e69c7416-67e0-4919-8feb-57cc7de1d6c9","block_type":"box","text":"necessarily a guide to the future. Changes in exchange rates may also affect the value.","page_number":49,"box":{"x":47,"y":836,"width":643,"height":11}},{"id":"438d3217-bdff-4049-a302-8ca932468707","block_type":"box","text":"ASSESSMENT OF VALUE","page_number":49,"box":{"x":46,"y":862,"width":203,"height":9}},{"id":"fbb57242-0cd6-44cf-beec-30890fac320a","block_type":"box","text":"Assessment of Value (AoV) was introduced by the FCA to ensure UK authorised fund managers (“AFMs”) demonstrate the","page_number":49,"box":{"x":46,"y":875,"width":905,"height":11}},{"id":"fdde1159-2e31-46f6-b0ce-d6ca211b6023","block_type":"box","text":"delivery of value for underlying investors, objectively assessing ourselves against a range of criteria. 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As the Management Company, State Street Unit Trust Management Limited (“SSUTM”) does not employ any staff","page_number":51,"box":{"x":47,"y":203,"width":905,"height":11}},{"id":"6f3caf68-d5e6-4f1a-aca8-4c4863248ccc","block_type":"box","text":"and has delegated certain activities in respect of the investment management and risk management to SSGA Limited and","page_number":51,"box":{"x":47,"y":217,"width":903,"height":11}},{"id":"be3b846d-a6c1-416b-ac84-ffd8676d7886","block_type":"box","text":"SSGA Europe Limited, Poland Branch (together, the “Investment Managers”). As a State Street subsidiary, the Investment","page_number":51,"box":{"x":47,"y":231,"width":904,"height":12}},{"id":"3aa3c3be-bda5-4678-8a7e-2c76f22e9496","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":51,"box":{"x":48,"y":246,"width":902,"height":11}},{"id":"8082d8f8-aab6-4bcd-a01e-bcce9642af5a","block_type":"box","text":"governing body structure of State Street to provide appropriate and effective control of the remuneration arrangements (incl.","page_number":51,"box":{"x":47,"y":260,"width":903,"height":11}},{"id":"c09a3adb-4882-4278-8ed7-adb6dfbeb0b7","block_type":"box","text":"compliance with the relevant remuneration regulations) across the State Street group of affiliated entities. Under its publicly","page_number":51,"box":{"x":47,"y":274,"width":904,"height":11}},{"id":"dbcda55d-91b4-4f1d-8ff4-66f426af37a2","block_type":"box","text":"available charter, the Human Resources Committee (“HRC”) of SSC oversees all of State Street’s compensation plans,","page_number":51,"box":{"x":47,"y":288,"width":903,"height":12}},{"id":"76468a0f-9dd0-4340-8b03-9795310bbdaa","block_type":"box","text":"policies, and programs in which senior executives participate and incentive, retirement, welfare and equity plans in which","page_number":51,"box":{"x":48,"y":303,"width":902,"height":11}},{"id":"cbdc99db-b4a9-4dcb-9827-192c787f339c","block_type":"box","text":"certain other employees of SSC participate. It also oversees the alignment of the incentive compensation arrangements with","page_number":51,"box":{"x":47,"y":317,"width":903,"height":11}},{"id":"a92e0b38-8696-4b09-9dbc-117b5d968f6f","block_type":"box","text":"the State Street’s financial safety and soundness consistent with applicable related regulatory rules and guidance. The HRC","page_number":51,"box":{"x":47,"y":331,"width":904,"height":11}},{"id":"89eb1402-2e46-47b1-9ac1-403ce7aace73","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":51,"box":{"x":47,"y":345,"width":904,"height":11}},{"id":"ca57966c-8174-4ab6-86bc-cbdb64683665","block_type":"box","text":"business units and corporate functions based upon a variety of factors, which may include budget performance, achievement","page_number":51,"box":{"x":48,"y":360,"width":903,"height":11}},{"id":"6e58d31d-41ed-4b94-b765-5c9606b1bec0","block_type":"box","text":"of key goals and other considerations. The final expenditure and overall allocation between current and deferred awards are","page_number":51,"box":{"x":47,"y":374,"width":904,"height":11}},{"id":"d93b336d-c09e-4276-9e85-4aa19ffb4a44","block_type":"box","text":"then reviewed by the HRC prior to payment.","page_number":51,"box":{"x":47,"y":388,"width":324,"height":11}},{"id":"d301dc51-dc67-459f-8a78-73a0c7f35828","block_type":"box","text":"State Street also has separate UK and SSGAEL Remuneration Committees in place for the Investment Managers with the","page_number":51,"box":{"x":47,"y":409,"width":904,"height":11}},{"id":"31495ce7-8c4d-4a52-a88a-d472512c2ebf","block_type":"box","text":"primary duties to:","page_number":51,"box":{"x":48,"y":424,"width":125,"height":11}},{"id":"7a31e0ad-dae0-47ff-9eee-4f3a6d7d4373","block_type":"box","text":"•","page_number":51,"box":{"x":47,"y":448,"width":4,"height":3}},{"id":"7879c9aa-9284-4ba6-aa10-49315cbca9c7","block_type":"box","text":"review the remuneration policy applicable to employees, management and Identified Staff of the Investment Managers","page_number":51,"box":{"x":95,"y":445,"width":856,"height":11}},{"id":"5118b20a-a265-475e-9271-e11c600961ea","block_type":"box","text":"and oversee its implementation;","page_number":51,"box":{"x":95,"y":459,"width":234,"height":11}},{"id":"b35ca028-432c-4e7b-8e4f-c7dba972d49c","block_type":"box","text":"•","page_number":51,"box":{"x":47,"y":484,"width":4,"height":3}},{"id":"f3eef9fa-17e7-4ec0-beac-e009576d6c92","block_type":"box","text":"oversee compliance with any applicable remuneration regulations; and","page_number":51,"box":{"x":94,"y":481,"width":521,"height":11}},{"id":"d2edb502-7ad8-41d1-a7a7-eba683e99e44","block_type":"box","text":"•","page_number":51,"box":{"x":47,"y":505,"width":4,"height":3}},{"id":"0b9dd08e-7f61-446d-801a-50018111c5aa","block_type":"box","text":"review and endorse remuneration decisions related to Identified Staff and consider recommendations for ex-post risk","page_number":51,"box":{"x":95,"y":502,"width":856,"height":11}},{"id":"1d9358be-6d28-4152-9043-1c0bb313a04d","block_type":"box","text":"adjustment of Identified Staff.","page_number":51,"box":{"x":95,"y":516,"width":214,"height":11}},{"id":"1c38c822-71b2-462f-bacb-b4f8b4cef00c","block_type":"box","text":"State Street operates an annually reviewed global remuneration policy document (supplemented by any relevant addenda by","page_number":51,"box":{"x":47,"y":537,"width":904,"height":11}},{"id":"a54692cd-701c-41d1-b27c-0d8bdb6b5e77","block_type":"box","text":"jurisdiction or regulatory regime), which documents State Street’s existing remuneration framework. This policy is intended to","page_number":51,"box":{"x":46,"y":552,"width":905,"height":11}},{"id":"a4d60966-a68f-47e0-a455-b791d3e7fa4b","block_type":"box","text":"comply with applicable remuneration regulatory requirements including, but not limited to, those contained in the CRD, UCITS","page_number":51,"box":{"x":47,"y":566,"width":904,"height":11}},{"id":"915ba732-916b-4f7a-aef1-facba0a50aec","block_type":"box","text":"V and AIFMD, and will be interpreted and administered accordingly. State Street’s remuneration policies and practices apply","page_number":51,"box":{"x":46,"y":580,"width":905,"height":11}},{"id":"78a728b7-a26a-4472-a96a-a5138cedbfc0","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":51,"box":{"x":47,"y":594,"width":904,"height":11}},{"id":"61f9223e-7987-48a8-a228-23caa16093cc","block_type":"box","text":"Street’s remuneration system with the business strategy are as follows:","page_number":51,"box":{"x":47,"y":608,"width":525,"height":12}},{"id":"9197be4b-43f5-49d7-b0c7-bdcf1b06080f","block_type":"box","text":"•","page_number":51,"box":{"x":47,"y":633,"width":4,"height":3}},{"id":"92f39872-3a2f-4769-8f5b-61556a755a92","block_type":"box","text":"We emphasize total rewards.","page_number":51,"box":{"x":94,"y":630,"width":214,"height":11}},{"id":"15979f18-5f31-4df3-b656-eef723f77645","block_type":"box","text":"•","page_number":51,"box":{"x":47,"y":654,"width":4,"height":3}},{"id":"caac7781-5839-46e1-bbee-dfdefb059c87","block_type":"box","text":"We target the aggregate annual value of our Total Rewards Program to be competitive with our business peers.","page_number":51,"box":{"x":94,"y":651,"width":822,"height":11}},{"id":"1edabf68-28df-42be-aae0-4913add17334","block_type":"box","text":"•","page_number":51,"box":{"x":47,"y":676,"width":4,"height":3}},{"id":"5b7c3220-b454-4b7f-be1d-4afca6601f29","block_type":"box","text":"We unequivocally support equal pay for work of equal value.","page_number":51,"box":{"x":94,"y":673,"width":445,"height":11}},{"id":"58545aac-5807-4149-9df7-6564916b61f1","block_type":"box","text":"•","page_number":51,"box":{"x":47,"y":697,"width":4,"height":3}},{"id":"b7dce3ec-a215-4c00-9f5f-1f0e676b8758","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":52,"box":{"x":48,"y":253,"width":902,"height":11}},{"id":"ae29a517-6a84-4acc-a3f0-d87b6de36f57","block_type":"box","text":"variable components, but also includes specific maximum pay ratios where required by local regulations. A number of","page_number":52,"box":{"x":47,"y":267,"width":905,"height":11}},{"id":"db2e586f-b104-49f9-b9bb-c55ef51534ca","block_type":"box","text":"employees in sales participate in Structured Incentive Plans, which aim to bring the variable compensation granted to plan","page_number":52,"box":{"x":47,"y":281,"width":903,"height":11}},{"id":"03ca68ad-3ee3-4af9-8fa8-47f2d026d4c6","block_type":"box","text":"participants into line with the revenues they generate as well as taking into account non-financial qualitative performance","page_number":52,"box":{"x":48,"y":296,"width":903,"height":11}},{"id":"f2bef19e-f7ea-40e5-818b-c4c840e139da","block_type":"box","text":"indicators. All such participants receive sufficiently high fixed compensation. Variable compensation is assigned on an","page_number":52,"box":{"x":48,"y":310,"width":902,"height":11}},{"id":"5518115d-51e9-4d01-9085-c8f6a57be0ce","block_type":"box","text":"individual basis by way of a review of both quantitative and qualitative factors.","page_number":52,"box":{"x":48,"y":324,"width":572,"height":11}},{"id":"b875b1a9-96ab-40ab-aa83-b27ccf599f06","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":52,"box":{"x":46,"y":345,"width":905,"height":11}},{"id":"d2d0c96c-eb8b-4a40-ad5e-f350c80e140c","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":52,"box":{"x":47,"y":359,"width":904,"height":12}},{"id":"085b5d47-3d78-4246-ae18-eef9f50926b1","block_type":"box","text":"remuneration requirements on the pay-out processes and establishment of a remuneration committee were disapplied.","page_number":52,"box":{"x":48,"y":374,"width":902,"height":11}},{"id":"4d8a0fdc-e07f-4422-9ca4-fb887882fd17","block_type":"box","text":"Accordingly, State Street continues to operate current levels of deferral and stock-based compensation and has not made","page_number":52,"box":{"x":46,"y":388,"width":905,"height":11}},{"id":"7cf00b63-81c3-480b-85df-ffe093285388","block_type":"box","text":"significant changes to Identified Staff remuneration structures in respect of SSUTM.","page_number":52,"box":{"x":47,"y":402,"width":616,"height":11}},{"id":"ce4ac50b-b8df-442a-a983-c328eafbbffd","block_type":"box","text":"Total amount of remuneration paid by the Investment Manager as at 31/12/2025","page_number":52,"box":{"x":47,"y":420,"width":626,"height":11}},{"id":"387abdb7-1bee-4cd1-a15b-c8555fe6dc5d","block_type":"box","text":"1","page_number":52,"box":{"x":675,"y":418,"width":4,"height":6}},{"id":"2efc82d8-0f94-4f1d-b691-8b934492c9b2","block_type":"box","text":"Fixed remuneration (in £ k)","page_number":52,"box":{"x":48,"y":441,"width":198,"height":11}},{"id":"87829fea-3af1-4d30-997d-8af567fb8ff5","block_type":"box","text":"55,938","page_number":52,"box":{"x":901,"y":436,"width":50,"height":10}},{"id":"6ae1721d-28ea-4227-a5f8-41e3044754d8","block_type":"box","text":"Variable remuneration (in £ k)","page_number":52,"box":{"x":46,"y":457,"width":219,"height":11}},{"id":"30c03fdc-7f6f-4ba2-8068-733a76ae75cb","block_type":"box","text":"49,726","page_number":52,"box":{"x":900,"y":457,"width":51,"height":10}},{"id":"87e96f9f-09f9-405e-8a7b-e3e9ec2a961b","block_type":"box","text":"Total Remuneration (in £ k)","page_number":52,"box":{"x":47,"y":472,"width":200,"height":11}},{"id":"bbb35f2b-ffa7-4d16-8ac3-b2c92b00e57c","block_type":"box","text":"105,664","page_number":52,"box":{"x":893,"y":472,"width":58,"height":10}},{"id":"3678e40a-6b2f-4b4e-a186-34c90d5d893e","block_type":"box","text":"Number of beneficiaries","page_number":52,"box":{"x":48,"y":488,"width":175,"height":8}},{"id":"3d608138-af57-467d-b808-1a825dfa494b","block_type":"box","text":"595","page_number":52,"box":{"x":924,"y":488,"width":27,"height":8}},{"id":"2ce17d0a-be2c-4eb1-8d39-cfbb6a02d4bd","block_type":"box","text":"Performance fee paid directly by the UCITS","page_number":52,"box":{"x":48,"y":503,"width":321,"height":11}},{"id":"1a8292eb-98d0-47cb-8956-8432aa2027dd","block_type":"box","text":"n/a","page_number":52,"box":{"x":929,"y":503,"width":22,"height":9}},{"id":"a19efdbe-5dcf-4a35-bc9d-e738c1ef17f6","block_type":"box","text":"Aggregate amount of remuneration as at 31/12/2025 (in £ k)","page_number":52,"box":{"x":46,"y":533,"width":470,"height":11}},{"id":"37e1653e-85c2-4361-8615-b1c0053c2707","block_type":"box","text":"Senior Management of SSUTM","page_number":52,"box":{"x":47,"y":554,"width":231,"height":11}},{"id":"86e032d7-a563-4999-85f3-c02804bfdf04","block_type":"box","text":"2","page_number":52,"box":{"x":280,"y":552,"width":6,"height":6}},{"id":"1557814c-68f7-48b0-a04c-7018a61fb63f","block_type":"box","text":"58","page_number":52,"box":{"x":933,"y":548,"width":18,"height":9}},{"id":"f2a55385-45bd-4520-84b4-923268091700","block_type":"box","text":"Identified Staff of the Investment Manager","page_number":52,"box":{"x":48,"y":569,"width":309,"height":11}},{"id":"0118b6b5-2409-4ebb-9ea5-9aceb17e423f","block_type":"box","text":"58,348","page_number":52,"box":{"x":901,"y":569,"width":50,"height":11}},{"id":"26c00193-4679-49e5-8b5f-681a1ee243b2","block_type":"box","text":"More details regarding State Street’s remuneration approach including (but not limited to) information on the decision-making","page_number":52,"box":{"x":48,"y":588,"width":903,"height":11}},{"id":"c3bced41-1ec7-4191-a057-f3cf564c42a2","block_type":"box","text":"process to determine the remuneration policy, its basic characteristics and the linkage between pay and performance, are","page_number":52,"box":{"x":48,"y":603,"width":903,"height":11}},{"id":"6683131a-ab1e-4247-b577-684091329b38","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":52,"box":{"x":48,"y":617,"width":904,"height":11}},{"id":"3ac3d932-153c-4ec3-bd15-a426d26db470","block_type":"box","text":"3 disclosure of SSGA Ltd. at:","page_number":52,"box":{"x":47,"y":631,"width":212,"height":9}},{"id":"00542866-d6ce-4d62-aade-7d9dadbb496a","block_type":"box","text":"https://www.ssga.com/library-content/assets/pdf/emea/resources/2024/ssgal-pillar-3-disclosure.pdf.","page_number":52,"box":{"x":48,"y":645,"width":731,"height":11}},{"id":"412b551e-8c88-4ae3-8c8b-7ed10763994a","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":52,"box":{"x":48,"y":659,"width":904,"height":12}},{"id":"15887845-ab95-469e-8df3-d35d4ea46e93","block_type":"box","text":"3 disclosure equally apply to State Street employees outside the UK and the Investment Managers’ employees.","page_number":52,"box":{"x":47,"y":674,"width":822,"height":11}},{"id":"67a539f7-4b69-4955-8af0-04a715efd389","block_type":"box","text":"1","page_number":52,"box":{"x":48,"y":902,"width":3,"height":5}},{"id":"7cd141f4-e731-403e-9651-5d650857d5b1","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":52,"box":{"x":58,"y":904,"width":892,"height":11}},{"id":"9c17174d-b973-485b-b947-b85026885f69","block_type":"box","text":"2","page_number":52,"box":{"x":47,"y":918,"width":6,"height":6}},{"id":"3868d5af-b114-488c-ac73-b9d390bbadee","block_type":"box","text":"Represents remuneration paid to independent directors (Directors who are also employees of the SSC do not receive","page_number":52,"box":{"x":59,"y":920,"width":892,"height":11}},{"id":"6110246b-97b8-4eca-a44c-b88ac54d2bd7","block_type":"box","text":"remuneration in their capacity as board 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