{"annotation_id":"3553f686-aa47-4d79-95fb-289d2b9d92ef","file_hash":"9f1a4596dfb39a6aea2b7d451b295ae819926b9f0c2e2e076be68190475ac27c","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"ff4a57c2-951a-4370-8857-9365d5f71852","block_type":"box","text":"State Street AUT Emerging Market","page_number":1,"box":{"x":67,"y":177,"width":814,"height":34}},{"id":"47e209de-faad-4c8b-b662-853b356d2a70","block_type":"box","text":"Tilted Index Equity Fund","page_number":1,"box":{"x":66,"y":216,"width":579,"height":33}},{"id":"19b56c43-5596-413b-801a-23a139cc5764","block_type":"box","text":"Annual Report and Audited Financial Statements","page_number":1,"box":{"x":65,"y":44,"width":775,"height":22}},{"id":"32cbaa39-b431-436f-a444-0d4283fbe477","block_type":"box","text":"For the year ended 31st December 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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":"6a97c260-8c7a-45ef-a47a-dde0114eb3ae","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":"efc809d2-b2f4-47de-9723-d75aaeb35425","block_type":"box","text":"Investment Objective and Policy","page_number":3,"box":{"x":48,"y":258,"width":255,"height":11}},{"id":"9c6be56a-93b6-49dc-bcf1-bc1e114386b8","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 Robeco","page_number":3,"box":{"x":47,"y":277,"width":904,"height":11}},{"id":"b10219da-1969-444f-8f11-32019d401039","block_type":"box","text":"Scottish Widows Emerging Markets Equity Sustainability Tilted Index (the \"Robeco Index\"), net of withholding taxes (or its","page_number":3,"box":{"x":47,"y":291,"width":904,"height":11}},{"id":"8355ae5e-8271-4150-883c-441f9c86f49f","block_type":"box","text":"recognised replacement or equivalent).","page_number":3,"box":{"x":48,"y":305,"width":287,"height":11}},{"id":"e2eae381-64e1-427d-a767-4618f92be318","block_type":"box","text":"The Manager will seek to achieve this objective principally by investing in the shares of certain companies included from time","page_number":3,"box":{"x":47,"y":326,"width":904,"height":11}},{"id":"aea449fa-0f62-4964-8dd0-40ce7b09d190","block_type":"box","text":"to time in the Index considered by the Investment Adviser to reflect accurately the performance of that Index. The Fund may","page_number":3,"box":{"x":47,"y":341,"width":904,"height":11}},{"id":"3a322d6f-bae8-497c-92ae-89719fc2d2bc","block_type":"box","text":"also invest in transferable securities, money market instruments, warrants, units in collective investment schemes, deposits","page_number":3,"box":{"x":47,"y":355,"width":904,"height":11}},{"id":"2d009bd5-ec48-4312-b846-7cbacbed5167","block_type":"box","text":"and derivatives.","page_number":3,"box":{"x":47,"y":369,"width":115,"height":9}},{"id":"5ba2d448-894f-432d-a5bb-871ee3fdaa07","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":391,"width":904,"height":10}},{"id":"41e7b3a1-6585-4171-b98c-9314e7f1efa8","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":405,"width":903,"height":11}},{"id":"93844edb-58dd-4a85-8e0a-4ed2d85a140b","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":419,"width":649,"height":11}},{"id":"eb61b69a-28bd-40dc-9514-2c24e8e57f2f","block_type":"box","text":"The objective of the Robeco Index is to reflect the return of the Selection Factors as described below via investing in global","page_number":3,"box":{"x":47,"y":440,"width":903,"height":11}},{"id":"d06e9377-3707-4e90-82d2-008a3424fb3d","block_type":"box","text":"emerging markets (as determined by Robeco).","page_number":3,"box":{"x":47,"y":454,"width":343,"height":12}},{"id":"e3ca7f5e-8b16-47e4-a1ad-3bef784fef18","block_type":"box","text":"Selection Factors","page_number":3,"box":{"x":47,"y":476,"width":138,"height":9}},{"id":"06497151-6720-4116-8239-243101ec47d6","block_type":"box","text":"The Robeco Index:","page_number":3,"box":{"x":47,"y":497,"width":140,"height":9}},{"id":"5bc96f11-2a1f-4473-8aeb-b561dbcb38ae","block_type":"box","text":"(i) seeks exposure to stocks that have positive environmental and societal contributions, underpinned by the United Nations","page_number":3,"box":{"x":47,"y":518,"width":904,"height":12}},{"id":"c6e490f1-2c76-4f38-ad6b-e4ae66a6f3ad","block_type":"box","text":"Sustainable Development Goals (“UN SDGs”) and","page_number":3,"box":{"x":47,"y":533,"width":371,"height":11}},{"id":"39a1ce5e-8ae2-4da6-b2a7-7f5dcb620f64","block_type":"box","text":"(ii) seeks to significantly reduce carbon footprint of the Robeco Index relative to the S&P Emerging Plus (Korea) LargeMidCap","page_number":3,"box":{"x":47,"y":554,"width":904,"height":11}},{"id":"b4049f02-810f-4188-a910-cfc86215bdc8","block_type":"box","text":"Index (the “Parent Index”) whilst tilting towards the transition leaders and high quality companies as determined by Robeco","page_number":3,"box":{"x":48,"y":568,"width":903,"height":11}},{"id":"9f6ec799-91bc-4e64-a1e8-09513e20706f","block_type":"box","text":"using its proprietary climate criteria and Robeco Quality factor (the “Investable Universe”).","page_number":3,"box":{"x":47,"y":582,"width":662,"height":12}},{"id":"d537f674-5dbb-4630-acd7-e96a10014d5d","block_type":"box","text":"The Investable Universe is screened based on exclusion criteria as determined by Robeco within its screening methodology","page_number":3,"box":{"x":47,"y":604,"width":904,"height":11}},{"id":"02e27ed0-6b7e-48ea-aad2-8d7e1233c64b","block_type":"box","text":"(the “ Robeco Negative Screen”).","page_number":3,"box":{"x":47,"y":618,"width":244,"height":11}},{"id":"ed62c261-8fd1-498d-a6aa-bfdcc56eb2d9","block_type":"box","text":"The Robeco Negative Screen includes the following criteria which will be applied to the Investable Universe at the point of","page_number":3,"box":{"x":47,"y":639,"width":905,"height":11}},{"id":"d8d87e65-2525-47bf-8f44-217b72a8f089","block_type":"box","text":"rebalance of the Robeco Index:","page_number":3,"box":{"x":48,"y":654,"width":230,"height":8}},{"id":"5d74ab09-2580-40f6-b939-7ee8f13c95a2","block_type":"box","text":"-Tobacco, determined as %* Value Revenue Chain (as defined by Robeco);","page_number":3,"box":{"x":47,"y":675,"width":556,"height":11}},{"id":"4911a949-f605-4e45-b3b6-76666d6265eb","block_type":"box","text":"-Thermal Coal (excluding generation), determined as %* of Revenue (as defined by Robeco) Tar Sands, determined as %*","page_number":3,"box":{"x":47,"y":696,"width":904,"height":11}},{"id":"04ae31eb-fd41-469b-9468-e664252e3cd9","block_type":"box","text":"Revenue (as defined by Robeco);","page_number":3,"box":{"x":53,"y":710,"width":247,"height":12}},{"id":"c283f10f-b6d7-4b53-a55b-7c4faea4b3a2","block_type":"box","text":"-UN Global Compact Violators (any involvement as determined by Robeco);","page_number":3,"box":{"x":47,"y":732,"width":559,"height":11}},{"id":"c45b2feb-8026-4fa7-860b-69f3c8df09c1","block_type":"box","text":"-Controversial Weapons (any involvement as determined by Robeco).","page_number":3,"box":{"x":47,"y":753,"width":514,"height":11}},{"id":"48be03b1-abd7-4d96-a666-8df94441205b","block_type":"box","text":"Performance","page_number":3,"box":{"x":48,"y":789,"width":100,"height":8}},{"id":"376b3b6e-d633-4f00-855f-644cd83cf0f0","block_type":"box","text":"The Fund returned 20.13% on a net basis for the 1 year period ended 31 December 2025 (the “Reporting Period”), compared","page_number":3,"box":{"x":47,"y":808,"width":903,"height":11}},{"id":"63b55bde-8712-4888-9b74-abc1958bdb48","block_type":"box","text":"to the Index return of 21.29%. The size of the Fund’s tracking difference for the Reporting Period was -1.16%; the","page_number":3,"box":{"x":47,"y":822,"width":904,"height":11}},{"id":"37ae7057-4474-49a3-b43b-da88910de34c","block_type":"box","text":"underperformance versus the Index was largely attributable to benchmark change in March and Indian CGT accrual. 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In preparing the financial statements the Manager is required to:","page_number":35,"box":{"x":47,"y":203,"width":719,"height":11}},{"id":"9e295dfb-9313-4e95-944d-a550c2cbd96a","block_type":"box","text":"•","page_number":35,"box":{"x":47,"y":228,"width":4,"height":3}},{"id":"ff429754-34d9-4b09-a9c8-6416664615b4","block_type":"box","text":"select suitable accounting policies and then apply them consistently","page_number":35,"box":{"x":78,"y":225,"width":500,"height":11}},{"id":"4c213fff-eab1-401a-a93c-c81cdd9b35ce","block_type":"box","text":"•","page_number":35,"box":{"x":47,"y":249,"width":4,"height":3}},{"id":"9ef3a1f2-a93f-43f3-adad-72f90973518a","block_type":"box","text":"comply with the requirements of the Statement of Recommended Practice relating to Authorised Funds issued by the","page_number":35,"box":{"x":78,"y":246,"width":873,"height":11}},{"id":"39d46746-72b6-4905-8e5a-3c49be9fdac8","block_type":"box","text":"Investment Management Association in May 2014 (as amended in 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Trust","page_number":36,"box":{"x":47,"y":258,"width":904,"height":11}},{"id":"729d9bf8-3d8b-4458-9929-e48349b5de48","block_type":"box","text":"and its investors.","page_number":36,"box":{"x":47,"y":272,"width":124,"height":9}},{"id":"57e38bb1-6df5-4eee-b412-fe462d195a28","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":36,"box":{"x":47,"y":293,"width":904,"height":11}},{"id":"8c7992a1-3195-48a8-8c9e-b3110570ca57","block_type":"box","text":"Trust in accordance with the Regulations.","page_number":36,"box":{"x":47,"y":308,"width":305,"height":11}},{"id":"a87877e2-dfa3-451e-bdad-29ae0eb2142b","block_type":"box","text":"The Depositary must ensure 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Regulations).","page_number":36,"box":{"x":78,"y":485,"width":311,"height":11}},{"id":"b045fc9f-dc48-4c7e-b912-145f8e5ae339","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":36,"box":{"x":47,"y":507,"width":904,"height":11}},{"id":"664bbf74-e069-4ee4-8417-638dbe6d11fd","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":36,"box":{"x":48,"y":521,"width":903,"height":11}},{"id":"15dd6655-dacb-43b4-a50c-7ec7049ad66e","block_type":"box","text":"Trust.","page_number":36,"box":{"x":47,"y":535,"width":40,"height":9}},{"id":"9bac2b11-50c8-4aab-b681-6b04342413e8","block_type":"box","text":"Having carried out such procedures as we considered necessary to discharge our responsibilities as Depositary of the Trust,","page_number":36,"box":{"x":48,"y":556,"width":902,"height":11}},{"id":"db85fd93-3c62-42ae-baf4-284754982e25","block_type":"box","text":"it is our opinion, based on the information available to us and the explanations provided, that, in all material respects the Trust,","page_number":36,"box":{"x":48,"y":571,"width":902,"height":11}},{"id":"fe6c3668-c364-4afa-88ff-1280f4e3684d","block_type":"box","text":"acting through the AFM:","page_number":36,"box":{"x":47,"y":585,"width":176,"height":11}},{"id":"cdcf2ccc-c6da-48ca-8ebb-d8f5e7024d8b","block_type":"box","text":"(i) has carried out the issue, sale, redemption and cancellation, and calculation of the price of the Trust’s units and the","page_number":36,"box":{"x":47,"y":606,"width":904,"height":11}},{"id":"4be52f70-86b1-4aa6-b950-99920eb6ed17","block_type":"box","text":"application of the Trust’s income in accordance with the Regulations and the Scheme documents of the Trust; and","page_number":36,"box":{"x":47,"y":620,"width":841,"height":11}},{"id":"129997c1-912e-409a-a0be-6ebc2e7e41bd","block_type":"box","text":"(ii) has observed the investment and borrowing powers and restrictions applicable to the Trust in accordance with the","page_number":36,"box":{"x":47,"y":642,"width":904,"height":11}},{"id":"ac7d3fa1-49a0-4d27-a334-673c6020d329","block_type":"box","text":"Regulations and the Scheme documents of the Trust.","page_number":36,"box":{"x":48,"y":656,"width":392,"height":11}},{"id":"21e5d33a-8107-4719-88bf-ea8ceb6515ff","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":36,"box":{"x":47,"y":677,"width":904,"height":11}},{"id":"d68f27e5-3272-4dee-9a1d-e1f908484a75","block_type":"box","text":"reserve the right to amend the report in the light of such circumstances.","page_number":36,"box":{"x":48,"y":691,"width":525,"height":12}},{"id":"a7e3a452-5b36-489c-9de9-5e888e1c2b61","block_type":"box","text":"Yours sincerely","page_number":36,"box":{"x":46,"y":756,"width":113,"height":11}},{"id":"559c9e7a-9bf6-4bfe-89e9-dc1973afd3ad","block_type":"box","text":"Depositary","page_number":36,"box":{"x":48,"y":841,"width":78,"height":11}},{"id":"65f9172a-a7cd-44c8-acbb-a1f04bafa7c8","block_type":"box","text":"HSBC Bank Plc","page_number":36,"box":{"x":48,"y":855,"width":116,"height":9}},{"id":"042a3168-4a14-43c0-825f-847d448c7deb","block_type":"box","text":"8 Canada Square","page_number":36,"box":{"x":47,"y":869,"width":130,"height":11}},{"id":"a3d9824f-240b-403c-bdda-1454c8eaf497","block_type":"box","text":"London E14 5HQ","page_number":36,"box":{"x":48,"y":883,"width":127,"height":10}},{"id":"61e93573-15a1-4dcb-9d96-cb567966702c","block_type":"box","text":"22 April 2026","page_number":36,"box":{"x":47,"y":926,"width":96,"height":11}},{"id":"6b31ac7c-9c29-4ba0-bbaa-bb91d2476a92","block_type":"box","text":"State Street AUT Emerging Market Tilted Index Equity Fund","page_number":36,"box":{"x":47,"y":44,"width":564,"height":13}},{"id":"39cad6f1-7e08-48ed-b96f-5f3b5ca50b07","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":36,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"9eb3b14b-d534-4ae3-b7f2-c7971186e7d8","block_type":"box","text":"Statement of the Depositary's Responsibilities","page_number":36,"box":{"x":47,"y":123,"width":441,"height":13}},{"id":"9d57bc3c-fc38-4ca9-9103-ac6d953f1afc","block_type":"box","text":"For the year ended 31st December 2025","page_number":36,"box":{"x":48,"y":147,"width":300,"height":11}},{"id":"4d180579-62f8-4a83-9a49-b0c2f70b0c0c","block_type":"box","text":"34","page_number":36,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"8484becd-5ae7-4dac-bf7f-df31944efe0c","block_type":"box","text":"Report on the audit of the financial statements","page_number":37,"box":{"x":48,"y":187,"width":441,"height":13}},{"id":"32ef5c2f-25f3-445b-80c2-73a39cbbe618","block_type":"box","text":"Opinion","page_number":37,"box":{"x":47,"y":221,"width":62,"height":11}},{"id":"e26c2391-dc31-425c-81bc-e5ec73bf205e","block_type":"box","text":"In our opinion, the financial statements of State Street AUT Emerging Market Tilted Index Equity Fund (the “Trust”):","page_number":37,"box":{"x":48,"y":240,"width":846,"height":11}},{"id":"d97fc621-ed75-4fad-bc06-7a3a1c46c3bc","block_type":"box","text":"•","page_number":37,"box":{"x":47,"y":264,"width":4,"height":3}},{"id":"8f7e79b2-d741-4dd7-8448-b3a8301f4d0f","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":37,"box":{"x":78,"y":261,"width":874,"height":11}},{"id":"78ec3e65-b9d1-45a8-8518-a0c448b6240d","block_type":"box","text":"capital gains on the scheme property for the year then ended; and","page_number":37,"box":{"x":78,"y":275,"width":487,"height":11}},{"id":"e33a7d18-4396-45d0-ad4a-9e0dafae1e53","block_type":"box","text":"•","page_number":37,"box":{"x":47,"y":299,"width":4,"height":3}},{"id":"7875432d-c028-4751-be3a-ad1894b6f9fb","block_type":"box","text":"have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United","page_number":37,"box":{"x":78,"y":296,"width":872,"height":11}},{"id":"48c1c854-72f5-4b03-8f3c-02adb0445fb4","block_type":"box","text":"Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and","page_number":37,"box":{"x":78,"y":310,"width":872,"height":11}},{"id":"57fbf3bc-eccc-47e9-8c26-f54c20ac7e15","block_type":"box","text":"Republic of Ireland”, and applicable law), the Statement of Recommended Practice for UK Authorised Funds, the","page_number":37,"box":{"x":78,"y":325,"width":873,"height":11}},{"id":"9383836e-97e4-4468-b039-d0c4c7bea46f","block_type":"box","text":"Collective Investment Schemes sourcebook (\"the sourcebook\") and the Trust Deed.","page_number":37,"box":{"x":78,"y":339,"width":617,"height":11}},{"id":"9d6921d0-8417-460d-a665-b483e55314e4","block_type":"box","text":"We have audited the financial statements, included within the Report and Financial Statements (the “Annual Report”), which","page_number":37,"box":{"x":47,"y":360,"width":903,"height":11}},{"id":"aa72039d-5e41-42e8-a738-24a75dcfce07","block_type":"box","text":"comprise:","page_number":37,"box":{"x":47,"y":374,"width":71,"height":11}},{"id":"f28b263b-f07d-4934-8063-ef86a2554420","block_type":"box","text":"•","page_number":37,"box":{"x":47,"y":398,"width":4,"height":3}},{"id":"d7614c37-8e30-4a8b-9710-e0ba713bb4a0","block_type":"box","text":"the Balance Sheet as at 31 December 2025;","page_number":37,"box":{"x":77,"y":394,"width":333,"height":11}},{"id":"e6950224-bf94-4f86-ab31-8ea8b40ab9bb","block_type":"box","text":"•","page_number":37,"box":{"x":47,"y":419,"width":4,"height":3}},{"id":"6ad21cf7-8793-474e-b3c1-41f7e6a355dc","block_type":"box","text":"the Statement of Total Return for the year then ended;","page_number":37,"box":{"x":77,"y":416,"width":399,"height":11}},{"id":"d275be8b-0c6c-40de-9dfb-4375a237e135","block_type":"box","text":"•","page_number":37,"box":{"x":47,"y":440,"width":4,"height":3}},{"id":"9f852b4f-1250-44b3-8e38-4088300d7240","block_type":"box","text":"the Statement of Change in Net Assets Attributable to Unitholders for the year then ended;","page_number":37,"box":{"x":77,"y":437,"width":666,"height":11}},{"id":"991b964b-0085-4299-ad7d-e0fd230c7d93","block_type":"box","text":"•","page_number":37,"box":{"x":47,"y":462,"width":4,"height":3}},{"id":"90e0baa5-d0b2-4111-ad7b-e02d0301078c","block_type":"box","text":"the Distribution Tables; and","page_number":37,"box":{"x":77,"y":459,"width":201,"height":10}},{"id":"a0efbccd-0768-4bab-bfab-d7afa1b93b22","block_type":"box","text":"•","page_number":37,"box":{"x":47,"y":483,"width":4,"height":3}},{"id":"d3ded827-b15b-44e9-b93d-bc258ef25b08","block_type":"box","text":"the Notes to the Financial Statements, which include a description of the significant accounting policies.","page_number":37,"box":{"x":77,"y":480,"width":764,"height":11}},{"id":"eefde2ea-fbb3-4a69-aaf9-22825df3d8c3","block_type":"box","text":"Basis for opinion","page_number":37,"box":{"x":48,"y":512,"width":134,"height":11}},{"id":"9ce72099-7958-4ad8-b4e4-3331a8a9dd74","block_type":"box","text":"We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our","page_number":37,"box":{"x":47,"y":531,"width":905,"height":11}},{"id":"66c33638-1a96-43b8-b7c6-886a709f6ead","block_type":"box","text":"responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements","page_number":37,"box":{"x":48,"y":544,"width":903,"height":12}},{"id":"3d0c938c-41e1-4252-ba2e-23cf5571b03c","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":37,"box":{"x":47,"y":558,"width":905,"height":11}},{"id":"68830989-f1ca-460c-9977-41e19bef99cb","block_type":"box","text":"our opinion.","page_number":37,"box":{"x":47,"y":572,"width":86,"height":11}},{"id":"eee5875f-a4e0-4703-a2be-c2f0a1966e98","block_type":"box","text":"Independence","page_number":37,"box":{"x":47,"y":593,"width":105,"height":10}},{"id":"db7f83f2-bd16-4bde-9c4b-2fb2709169f9","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":37,"box":{"x":47,"y":613,"width":904,"height":11}},{"id":"03672582-788f-428d-90ce-5b1a86f7807b","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":37,"box":{"x":47,"y":627,"width":903,"height":10}},{"id":"06d44f64-1fd9-433a-8a78-92dcca4ce732","block_type":"box","text":"responsibilities in accordance with these requirements.","page_number":37,"box":{"x":48,"y":641,"width":403,"height":10}},{"id":"ca5e34f8-926e-42ae-859e-f0954141e3e6","block_type":"box","text":"Conclusions relating to going concern","page_number":37,"box":{"x":47,"y":672,"width":305,"height":11}},{"id":"f7af2cac-7845-4090-b453-987095b69956","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":37,"box":{"x":48,"y":691,"width":902,"height":11}},{"id":"b251e1ea-77e4-483d-9c2a-8f4c35691946","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":37,"box":{"x":48,"y":705,"width":903,"height":11}},{"id":"ff5d7eae-3c00-4e08-99b2-8a647724163c","block_type":"box","text":"twelve months from the date on which the financial statements are authorised for issue.","page_number":37,"box":{"x":47,"y":718,"width":644,"height":9}},{"id":"b9332a51-8a96-4198-96c8-9b9ec7b3759b","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":37,"box":{"x":48,"y":739,"width":902,"height":11}},{"id":"d80e11b2-4fe9-4c62-ac20-e8e9dea17f88","block_type":"box","text":"the preparation of the financial statements is appropriate.","page_number":37,"box":{"x":47,"y":753,"width":421,"height":11}},{"id":"7dbd770b-4c58-4e36-b01f-898b39fc8f5e","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":37,"box":{"x":48,"y":773,"width":903,"height":11}},{"id":"e7b47b64-ffdd-473c-988d-c56926dbb527","block_type":"box","text":"ability to continue as a going concern.","page_number":37,"box":{"x":47,"y":787,"width":278,"height":11}},{"id":"3ac8b6be-ab8f-4340-800f-43ab5aa037db","block_type":"box","text":"Our responsibilities and the responsibilities of the Manager with respect to going concern are described in the relevant","page_number":37,"box":{"x":47,"y":808,"width":904,"height":11}},{"id":"b0df241c-78b2-4c9b-8a12-05badb5c1d77","block_type":"box","text":"sections of this report.","page_number":37,"box":{"x":47,"y":821,"width":162,"height":11}},{"id":"9c9215ac-933b-44df-807f-4ae1f0f94bc1","block_type":"box","text":"Reporting on other information","page_number":37,"box":{"x":48,"y":859,"width":245,"height":11}},{"id":"307f05e9-45bf-4633-b82b-29fd5798c997","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":37,"box":{"x":47,"y":880,"width":905,"height":11}},{"id":"c73ea725-677f-469c-b04e-3f39f11e4612","block_type":"box","text":"auditors’ report thereon. The Manager is responsible for the other information. Our opinion on the financial statements does","page_number":37,"box":{"x":47,"y":894,"width":904,"height":11}},{"id":"8bad70db-7b8d-4b4d-893d-a3ee757daa42","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":37,"box":{"x":48,"y":907,"width":903,"height":11}},{"id":"cc8f86de-7edb-4f58-97b4-5868b54eca2a","block_type":"box","text":"explicitly stated in this report, any form of assurance thereon.","page_number":37,"box":{"x":47,"y":921,"width":450,"height":11}},{"id":"af4d48a8-6301-4f7d-be20-3b7c2b2f2c23","block_type":"box","text":"State Street AUT Emerging Market Tilted Index Equity Fund","page_number":37,"box":{"x":47,"y":44,"width":564,"height":13}},{"id":"3f753076-c90e-47d9-b8b7-fb453e3d8d24","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":37,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"fab15493-ea32-46da-9883-d57bc6979061","block_type":"box","text":"Independent auditors’ report to the Unitholders of State Street AUT Emerging Market Tilted Index","page_number":37,"box":{"x":48,"y":123,"width":903,"height":13}},{"id":"39a6f0e2-9650-4148-bea1-eb7f1ebc102f","block_type":"box","text":"Equity Fund","page_number":37,"box":{"x":48,"y":137,"width":113,"height":14}},{"id":"71a186cf-f9db-4fce-a29b-63cb4f22fc2a","block_type":"box","text":"35","page_number":37,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"96d0ef5d-1cd8-481d-9a1a-9d610e7a7016","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":38,"box":{"x":48,"y":205,"width":902,"height":12}},{"id":"9baefe42-da6c-425a-ba98-114fd61da5ca","block_type":"box","text":"consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in","page_number":38,"box":{"x":47,"y":219,"width":903,"height":11}},{"id":"f0b4adcb-28e4-4dd9-be2f-f240016af29f","block_type":"box","text":"the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material","page_number":38,"box":{"x":47,"y":233,"width":903,"height":11}},{"id":"08c175bb-162a-4425-af57-ac5bd4b28aea","block_type":"box","text":"misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial","page_number":38,"box":{"x":48,"y":246,"width":902,"height":11}},{"id":"0b90bccc-8cc6-4578-a2f4-569ba0ef4112","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":38,"box":{"x":47,"y":260,"width":904,"height":11}},{"id":"d0db3a93-92d5-425a-837b-63b11eb1a1d6","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":38,"box":{"x":47,"y":274,"width":903,"height":11}},{"id":"2b5f6dc4-e23f-4180-aab0-ccdb3cacf518","block_type":"box","text":"on these responsibilities.","page_number":38,"box":{"x":47,"y":287,"width":181,"height":11}},{"id":"3f435c9a-f950-4a5f-aadc-8ce5e122196a","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":38,"box":{"x":48,"y":308,"width":903,"height":11}},{"id":"044671b9-e5dd-4b09-b459-5c2bebf26e53","block_type":"box","text":"report certain opinions as described below.","page_number":38,"box":{"x":48,"y":322,"width":315,"height":11}},{"id":"d93d5012-0432-4352-86ae-f7998de8e408","block_type":"box","text":"Manager’s Report","page_number":38,"box":{"x":47,"y":343,"width":134,"height":10}},{"id":"0d950e81-492c-4420-b428-5276bd3c92b2","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":38,"box":{"x":48,"y":363,"width":903,"height":11}},{"id":"d9a00a31-fe0f-4df9-9e48-b67253d6669e","block_type":"box","text":"prepared is consistent with the financial statements.","page_number":38,"box":{"x":48,"y":377,"width":381,"height":11}},{"id":"00e07153-12ac-44d2-86c2-568d7ae6284b","block_type":"box","text":"Responsibilities for the financial statements and the audit","page_number":38,"box":{"x":48,"y":408,"width":458,"height":11}},{"id":"78b9664e-2c1f-4702-ac18-16024f1a1541","block_type":"box","text":"Responsibilities of the Manager for the financial statements","page_number":38,"box":{"x":47,"y":438,"width":438,"height":11}},{"id":"56957fc2-3e87-433b-bdf8-39282816a61a","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":38,"box":{"x":46,"y":457,"width":905,"height":11}},{"id":"2392ef7a-c564-40e7-8dfe-5661bbf8fc30","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":38,"box":{"x":47,"y":470,"width":903,"height":12}},{"id":"860776cc-98e1-4e7a-995c-9303483911bd","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":38,"box":{"x":47,"y":484,"width":903,"height":11}},{"id":"5cb3380d-be92-4e66-8964-87ef61cd97a1","block_type":"box","text":"statements that are free from material misstatement, whether due to fraud or error.","page_number":38,"box":{"x":47,"y":498,"width":608,"height":10}},{"id":"274b88de-9bd9-4bd4-a407-77d2e5bb0907","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":38,"box":{"x":48,"y":518,"width":902,"height":12}},{"id":"08ba8013-a89b-45b3-b6fe-8cae5c78ee7b","block_type":"box","text":"concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless","page_number":38,"box":{"x":47,"y":532,"width":904,"height":11}},{"id":"c49d5879-d396-49a9-9d7b-88992b6cf74d","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":38,"box":{"x":47,"y":546,"width":762,"height":11}},{"id":"2f23fa1b-1b7b-49b9-8492-089f067f1cdd","block_type":"box","text":"Auditors’ responsibilities for the audit of the financial statements","page_number":38,"box":{"x":46,"y":577,"width":472,"height":11}},{"id":"263736f8-7c06-4dd4-ae9c-2ea88fb827c4","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":38,"box":{"x":47,"y":596,"width":903,"height":11}},{"id":"ce4a4065-d992-4107-ba74-3cda0475cb26","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":38,"box":{"x":48,"y":610,"width":903,"height":11}},{"id":"76248c24-3c4e-466f-abb8-6cc39a815f6e","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":38,"box":{"x":48,"y":623,"width":903,"height":11}},{"id":"08792267-8d12-4a10-9327-e82ab3026e3c","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":38,"box":{"x":47,"y":637,"width":904,"height":11}},{"id":"88e354d8-1de1-473d-a93a-b7a419224fd6","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":38,"box":{"x":47,"y":651,"width":905,"height":11}},{"id":"7a74c2c2-9937-4527-8eb7-6066817bbc0d","block_type":"box","text":"these financial statements.","page_number":38,"box":{"x":47,"y":664,"width":196,"height":9}},{"id":"c5dfde42-4a11-435f-9bc7-b5dba48fef5a","block_type":"box","text":"Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with","page_number":38,"box":{"x":48,"y":685,"width":902,"height":11}},{"id":"c2a0953c-5199-4ee3-b1f6-95584c4b2948","block_type":"box","text":"our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent","page_number":38,"box":{"x":47,"y":699,"width":904,"height":11}},{"id":"649a53a2-2d39-4264-a76b-808bca6f102d","block_type":"box","text":"to which our procedures are capable of detecting irregularities, including fraud, is detailed below.","page_number":38,"box":{"x":47,"y":712,"width":711,"height":11}},{"id":"6ff1a78d-0245-42fd-9cc0-a73dd61cc417","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":38,"box":{"x":48,"y":733,"width":902,"height":11}},{"id":"b3f01ff6-ec27-48b1-8f72-5e3832793151","block_type":"box","text":"regulations related to breaches of the Collective Investment Schemes sourcebook, and we considered the extent to which","page_number":38,"box":{"x":48,"y":747,"width":902,"height":11}},{"id":"3a72cef6-ab1d-4055-9182-57376ab594a0","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":38,"box":{"x":48,"y":760,"width":902,"height":11}},{"id":"998b3b66-3014-4252-a666-e09620511737","block_type":"box","text":"may directly impact on the determination of amounts and disclosures in the financial statements. We evaluated","page_number":38,"box":{"x":48,"y":774,"width":902,"height":11}},{"id":"bafbafa4-3df6-4ebe-a31c-b838540ca704","block_type":"box","text":"management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of","page_number":38,"box":{"x":48,"y":788,"width":904,"height":11}},{"id":"5ca11c5b-e63e-4448-952b-f70e781fdd07","block_type":"box","text":"override of controls), and determined that the principal risks were related to posting inappropriate journal entries to","page_number":38,"box":{"x":47,"y":801,"width":904,"height":11}},{"id":"ecbcc448-422f-44fd-94e0-f74f0b03cac0","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":38,"box":{"x":48,"y":815,"width":903,"height":11}},{"id":"75bedb85-4cd3-4637-8ee5-6884faffcc61","block_type":"box","text":"included:","page_number":38,"box":{"x":48,"y":829,"width":64,"height":8}},{"id":"910bf257-388c-4426-82e5-ba226a310442","block_type":"box","text":"•","page_number":38,"box":{"x":47,"y":852,"width":4,"height":3}},{"id":"6e6bbe83-3659-4577-a909-7979a9228d47","block_type":"box","text":"Discussions with the Manager, including consideration of known or suspected instances of non-compliance with laws and","page_number":38,"box":{"x":78,"y":849,"width":872,"height":11}},{"id":"81f4060c-1454-4ca7-a00b-c24e2b134def","block_type":"box","text":"regulation and fraud;","page_number":38,"box":{"x":78,"y":863,"width":151,"height":11}},{"id":"6ee80b66-b20b-4cae-934b-3b3689789d68","block_type":"box","text":"•","page_number":38,"box":{"x":47,"y":888,"width":4,"height":3}},{"id":"8cd9a424-3859-4ab2-98c2-8c67d1ac290f","block_type":"box","text":"Reviewing relevant meeting minutes, including those of the Manager’s board of directors;","page_number":38,"box":{"x":78,"y":885,"width":657,"height":11}},{"id":"c143409d-56ed-4c43-a18a-0905c4731282","block_type":"box","text":"•","page_number":38,"box":{"x":47,"y":909,"width":4,"height":3}},{"id":"5156e7b3-68c0-454f-9d75-543f3b7fb0f6","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":38,"box":{"x":79,"y":906,"width":871,"height":11}},{"id":"581dc182-5e46-467e-9f7f-e09d1df87afa","block_type":"box","text":"•","page_number":38,"box":{"x":47,"y":931,"width":4,"height":3}},{"id":"bdee745c-59df-4a7a-8315-48aa90496e64","block_type":"box","text":"Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing.","page_number":38,"box":{"x":78,"y":927,"width":792,"height":12}},{"id":"7374d8a1-5f99-4bfa-b5c6-eb6789274779","block_type":"box","text":"State Street AUT Emerging Market Tilted Index Equity Fund","page_number":38,"box":{"x":47,"y":44,"width":564,"height":13}},{"id":"78d9e4d4-1180-4916-970b-d60705da2786","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":38,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"488605a3-5189-4620-b015-cae5a5a95b75","block_type":"box","text":"Independent auditors’ report to the Unitholders of State Street AUT Emerging Market Tilted Index","page_number":38,"box":{"x":48,"y":123,"width":903,"height":13}},{"id":"a73913a7-5c58-470f-b643-846573b52c13","block_type":"box","text":"Equity Fund (continued)","page_number":38,"box":{"x":48,"y":137,"width":229,"height":14}},{"id":"60b8194b-6f66-4e12-85a5-3d4ff704b367","block_type":"box","text":"36","page_number":38,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"f4e8fb59-7300-4b2e-a5e7-018a778baa41","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":39,"box":{"x":47,"y":205,"width":905,"height":12}},{"id":"0a937216-ba46-42c7-9056-178ea6dc3b10","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":39,"box":{"x":48,"y":219,"width":902,"height":11}},{"id":"86aae0a7-ef93-45a2-a5b5-9ecaf938791e","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":39,"box":{"x":47,"y":233,"width":904,"height":11}},{"id":"6a422cce-ec1e-4d12-b6dc-346a50989d1f","block_type":"box","text":"resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations,","page_number":39,"box":{"x":48,"y":246,"width":902,"height":11}},{"id":"15a738e3-578a-4cf5-a3b5-f2b0839edfc8","block_type":"box","text":"or through collusion.","page_number":39,"box":{"x":47,"y":260,"width":149,"height":11}},{"id":"f75b44c5-2034-446d-883b-36b99642afb5","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":39,"box":{"x":46,"y":281,"width":905,"height":11}},{"id":"8161f7ba-aa1c-4c98-b0a6-fade66ac44b6","block_type":"box","text":"Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.","page_number":39,"box":{"x":47,"y":294,"width":813,"height":11}},{"id":"c4f32abe-4b5b-4e38-a35d-1b9457f04cad","block_type":"box","text":"Use of this report","page_number":39,"box":{"x":48,"y":326,"width":127,"height":11}},{"id":"1440aa64-4d6c-41a4-a7ba-99ebf51c0192","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":39,"box":{"x":47,"y":345,"width":903,"height":11}},{"id":"8f622da2-fb6f-46c4-a741-a28ed898bea9","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":39,"box":{"x":48,"y":358,"width":903,"height":11}},{"id":"61eca257-ba93-476e-a0c0-d01bac9f8c9a","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":39,"box":{"x":47,"y":372,"width":904,"height":11}},{"id":"d3484290-0d2c-4fb4-9a85-038c021cab69","block_type":"box","text":"whose hands it may come save where expressly agreed by our prior consent in writing.","page_number":39,"box":{"x":46,"y":386,"width":643,"height":11}},{"id":"15b78058-a086-4c33-8639-c36572057171","block_type":"box","text":"Other required reporting","page_number":39,"box":{"x":47,"y":415,"width":232,"height":14}},{"id":"8e6535f1-7084-40f6-a44f-b38402325a0d","block_type":"box","text":"Opinion on matter required by the Collective Investment Schemes 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In accordance with accounting principles of the Scheme, a provision for capital gain tax","page_number":40,"box":{"x":47,"y":525,"width":904,"height":12}},{"id":"592e51fe-1e14-4b36-8a55-440ee63f5418","block_type":"box","text":"on unrealised gains for Indian equities is accrued in the financial statements. These accruals were not reflected in the","page_number":40,"box":{"x":47,"y":540,"width":904,"height":11}},{"id":"4ae103b8-e88b-4925-a8d5-f1e71ad2db63","block_type":"box","text":"published Net Asset Value.","page_number":40,"box":{"x":48,"y":554,"width":196,"height":11}},{"id":"a56622b8-43bf-44d1-b637-96d6f827b7d3","block_type":"box","text":"General risk factors","page_number":40,"box":{"x":47,"y":582,"width":156,"height":9}},{"id":"6ca9ddc7-f694-4d25-a2dc-def501223d63","block_type":"box","text":"The value of funds and the revenue from them is not guaranteed and may fall as well as rise. 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The adjustment is","page_number":43,"box":{"x":87,"y":910,"width":864,"height":11}},{"id":"5a38cd97-1015-47ba-b3c0-104f918df3e1","block_type":"box","text":"intended to cover certain dealing charges not included in the mid-market value of the fund used in calculating the share","page_number":43,"box":{"x":88,"y":924,"width":863,"height":11}},{"id":"15c9543b-80f8-4de1-8588-5c7900f0655c","block_type":"box","text":"State Street AUT Emerging Market Tilted Index Equity Fund","page_number":43,"box":{"x":47,"y":44,"width":564,"height":13}},{"id":"392dcbb6-5d90-4e10-9fb9-e421b2f08b15","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":43,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"861b1148-07fb-4eab-8910-d0e89e890e7f","block_type":"box","text":"Notes to the Financial Statements","page_number":43,"box":{"x":48,"y":123,"width":320,"height":11}},{"id":"03810fbf-7952-4a30-9b8a-8f43b8934be7","block_type":"box","text":"For the year ended 31st December 2025","page_number":43,"box":{"x":48,"y":147,"width":300,"height":11}},{"id":"70443fd8-0c1e-4dcb-ad99-11085ca26b82","block_type":"box","text":"41","page_number":43,"box":{"x":492,"y":956,"width":12,"height":7}},{"id":"fd6885c9-2a54-4151-a289-c28580f55c98","block_type":"box","text":"1. Accounting policies (continued)","page_number":44,"box":{"x":48,"y":175,"width":293,"height":11}},{"id":"ca133389-b7ca-4154-9efc-8bfd608c23f9","block_type":"box","text":"price, which could have a diluting effect on the fund.","page_number":44,"box":{"x":88,"y":200,"width":382,"height":11}},{"id":"13fa959e-c455-4c92-a2df-975097f790c0","block_type":"box","text":"(i) Returns from derivatives","page_number":44,"box":{"x":47,"y":226,"width":236,"height":11}},{"id":"db38ba11-b32e-4d4e-98b9-6f78e0f6af37","block_type":"box","text":"The Fund may enter into permitted derivative contracts such as futures.","page_number":44,"box":{"x":87,"y":240,"width":527,"height":11}},{"id":"ebbf45c9-fae0-4489-a42c-ded4208653b8","block_type":"box","text":"The positions are undertaken to obtain full market exposure and the returns are included within gains/(losses) on","page_number":44,"box":{"x":87,"y":261,"width":863,"height":11}},{"id":"9ddeed29-8fa6-486a-ba49-204923220677","block_type":"box","text":"investments in the Statement of Total Return. Any open positions in these types of transactions at the period end are","page_number":44,"box":{"x":88,"y":275,"width":863,"height":11}},{"id":"d35bccda-8420-4355-8884-ceeaf3351d9f","block_type":"box","text":"included in the Balance Sheet at their mark to market value.","page_number":44,"box":{"x":88,"y":290,"width":440,"height":8}},{"id":"b960cff4-3ff9-40aa-9371-550d8f8d2df4","block_type":"box","text":"2. Distribution policy","page_number":44,"box":{"x":47,"y":316,"width":186,"height":11}},{"id":"548f362a-1749-4c44-ac3b-6b92e1052cd9","block_type":"box","text":"The policy is to distribute all available revenue, after deduction of those expenses which are chargeable in calculating","page_number":44,"box":{"x":87,"y":330,"width":863,"height":11}},{"id":"4c1813cc-e497-467c-b82e-c54b003eec6a","block_type":"box","text":"the distribution.","page_number":44,"box":{"x":87,"y":344,"width":112,"height":9}},{"id":"6e80201a-0344-43b9-b1f4-d300f54ecd91","block_type":"box","text":"In order to conduct a controlled dividend flow to unitholders, an interim distribution will be made at the Manager’s","page_number":44,"box":{"x":88,"y":365,"width":863,"height":12}},{"id":"764d4a92-0b30-4eef-9cf5-946731c751b6","block_type":"box","text":"discretion, up to a maximum of the distributable revenue available for the year. All remaining revenue is distributed in","page_number":44,"box":{"x":87,"y":380,"width":863,"height":11}},{"id":"3f667468-01be-427f-8596-05202ca1f0ed","block_type":"box","text":"accordance with the COLL.","page_number":44,"box":{"x":87,"y":394,"width":200,"height":9}},{"id":"e2897f09-bcff-49de-b191-39f6629c60b6","block_type":"box","text":"Distributions of revenue are paid six monthly by reference to net revenue arising in the periods ended 30th June and","page_number":44,"box":{"x":88,"y":415,"width":862,"height":11}},{"id":"08f41b61-7cad-428c-97db-048aeff4c691","block_type":"box","text":"31st December.","page_number":44,"box":{"x":87,"y":430,"width":116,"height":8}},{"id":"c300d43e-c7b5-4271-9056-dc076f186da4","block_type":"box","text":"Any revenue deficit will be borne by the capital account.","page_number":44,"box":{"x":87,"y":451,"width":411,"height":11}},{"id":"950e399e-44ce-422a-9755-c30277ce844e","block_type":"box","text":"(a) Treatment of stock dividends","page_number":44,"box":{"x":47,"y":477,"width":271,"height":11}},{"id":"449e0afb-a443-4e98-866f-9dc2612958b3","block_type":"box","text":"The ordinary element of stock dividends is treated as revenue and forms part of the distribution.","page_number":44,"box":{"x":87,"y":491,"width":705,"height":11}},{"id":"748a7661-5ced-4b6c-9b25-9a77e1e9605d","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":44,"box":{"x":88,"y":512,"width":863,"height":11}},{"id":"e36b1f94-03a6-4c89-8cfd-1c86914b42d3","block_type":"box","text":"of the distribution.","page_number":44,"box":{"x":87,"y":527,"width":130,"height":8}},{"id":"7064c58a-ea6a-4681-be63-3d4ab72b86dd","block_type":"box","text":"(b) Expenses","page_number":44,"box":{"x":47,"y":553,"width":117,"height":11}},{"id":"37ee96a0-9753-421a-bff1-37fec3f11068","block_type":"box","text":"Management expenses are charged to revenue.","page_number":44,"box":{"x":88,"y":567,"width":354,"height":11}},{"id":"134ea1b1-92d7-4edc-bfdf-e5b87fe43cab","block_type":"box","text":"(c) Equalisation","page_number":44,"box":{"x":47,"y":593,"width":138,"height":11}},{"id":"156d047d-26e5-432d-9889-03f0f146ac66","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":44,"box":{"x":88,"y":607,"width":863,"height":11}},{"id":"303bb2a9-b318-4dd8-b813-c21dd6a71a59","block_type":"box","text":"and is allocated to the distribution account.","page_number":44,"box":{"x":87,"y":622,"width":315,"height":8}},{"id":"f5f19b97-3e16-4547-bbf5-4144db00cbcb","block_type":"box","text":"3. Risk management policies","page_number":44,"box":{"x":47,"y":648,"width":249,"height":11}},{"id":"d1e9957a-27d2-407e-8bcb-86138715d479","block_type":"box","text":"In pursuing its investment objectives the Fund holds a number of financial instruments. The Fund’s financial instruments","page_number":44,"box":{"x":88,"y":662,"width":863,"height":11}},{"id":"e0be7118-0fd9-4e4c-b3ee-f68895617fa3","block_type":"box","text":"comprise of securities and other investments, cash balances and bank overdrafts, short term fixed deposits, debtors and","page_number":44,"box":{"x":87,"y":676,"width":863,"height":11}},{"id":"871caa42-8920-44bf-84a4-9383282ac91c","block_type":"box","text":"creditors that arise directly from its operations, for example, in respect of sales and purchases awaiting settlement,","page_number":44,"box":{"x":87,"y":690,"width":863,"height":11}},{"id":"fbfc8503-c1b9-4f4c-8ab7-18e0387353ae","block_type":"box","text":"amounts receivable for creations and payable for liquidations and debtors for accrued revenue.","page_number":44,"box":{"x":87,"y":705,"width":700,"height":11}},{"id":"caf83a40-2a65-4484-ae83-ea5f0cac413f","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":44,"box":{"x":87,"y":726,"width":864,"height":11}},{"id":"d0a715f4-0814-4052-8781-690050c83267","block_type":"box","text":"interest rate risk, (e) liquidity risk, (f) credit risk, (g) use of derivatives and (h) stock lending risk.","page_number":44,"box":{"x":88,"y":740,"width":699,"height":11}},{"id":"2d0d7f53-caa6-481f-9f75-49e1ef673710","block_type":"box","text":"The Manager’s policy for managing these risks are summarised below and have been applied throughout the year.","page_number":44,"box":{"x":87,"y":761,"width":846,"height":12}},{"id":"462a2e3e-50e3-429a-b61e-92fdd5e47d08","block_type":"box","text":"(a) Market risk","page_number":44,"box":{"x":47,"y":788,"width":128,"height":11}},{"id":"e1e1de34-99c5-4d53-8950-5505d884e1f8","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":44,"box":{"x":88,"y":802,"width":863,"height":11}},{"id":"69514307-3f7f-470b-8365-dc1ce5669860","block_type":"box","text":"because of changes in underlying valuation factors. It represents the potential loss the Fund might suffer through holding","page_number":44,"box":{"x":88,"y":816,"width":862,"height":11}},{"id":"9f96ceb3-d8eb-49a0-81ad-fd8df3b67598","block_type":"box","text":"market positions in the face of valuation factor movements. Market risk typically includes market price risk, foreign","page_number":44,"box":{"x":88,"y":830,"width":862,"height":11}},{"id":"2781c379-2020-43bc-a7d3-6cd270dcde12","block_type":"box","text":"exchange or currency risk, and interest rate risk.","page_number":44,"box":{"x":87,"y":845,"width":356,"height":11}},{"id":"6f348f46-632a-49ac-a808-8cbe5b34e1f4","block_type":"box","text":"State Street AUT Emerging Market Tilted Index Equity Fund","page_number":44,"box":{"x":47,"y":44,"width":564,"height":13}},{"id":"da016dce-2934-41b3-b2e8-9e076a29fed4","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":44,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"e7475ff4-11f8-4fc6-8c8f-9ec4ccb1386d","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":44,"box":{"x":48,"y":123,"width":435,"height":13}},{"id":"109ea071-9c12-4fe1-876c-f74488307300","block_type":"box","text":"For the year ended 31st December 2025","page_number":44,"box":{"x":48,"y":147,"width":300,"height":11}},{"id":"a39539d1-6274-4816-8c9b-126f05e14556","block_type":"box","text":"42","page_number":44,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"990f38de-c381-4b83-ad35-dcc81bdc9f0b","block_type":"box","text":"3. Risk management policies (continued)","page_number":45,"box":{"x":47,"y":175,"width":345,"height":11}},{"id":"99b21045-27e8-4134-85b5-d5afdb3c62f1","block_type":"box","text":"(b) Market price risk","page_number":45,"box":{"x":47,"y":200,"width":173,"height":11}},{"id":"5a3fe9eb-0f03-4faa-ab7c-c2f8f2d1bf36","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":45,"box":{"x":88,"y":214,"width":863,"height":11}},{"id":"5c009ed3-7f75-4f8f-8d9e-69663ef0a121","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":45,"box":{"x":88,"y":228,"width":862,"height":11}},{"id":"cd3bbf96-3ce3-4ccd-a617-b61a69538370","block_type":"box","text":"holdings. The investment manager considers the asset allocation of the portfolio in order to minimize the risk associated","page_number":45,"box":{"x":88,"y":242,"width":862,"height":11}},{"id":"decb4b02-4e79-4e76-96c1-6bae80d5dc97","block_type":"box","text":"with particular countries or industry sectors whilst continuing to follow the investment objectives of the Fund.","page_number":45,"box":{"x":87,"y":256,"width":796,"height":12}},{"id":"d04107b7-3ec3-4ef9-8591-210e71ce0f8d","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":45,"box":{"x":87,"y":278,"width":864,"height":11}},{"id":"daabc5b0-871f-48e4-aaa1-d23ec9a121c7","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":45,"box":{"x":88,"y":292,"width":863,"height":11}},{"id":"4d16746b-ace5-42ed-86e9-449b5bca07fe","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":45,"box":{"x":88,"y":306,"width":862,"height":11}},{"id":"a13a37c5-89db-4c22-9d5b-1f492b635b0d","block_type":"box","text":"their respective proportions in the benchmark. The Fund places limitations on the amount by which a holding may","page_number":45,"box":{"x":87,"y":321,"width":864,"height":11}},{"id":"e6365e32-db95-4205-8ef2-e0e4afc35938","block_type":"box","text":"deviate from the proportion benchmark to limit the market risk from mismatched positions.","page_number":45,"box":{"x":87,"y":335,"width":662,"height":11}},{"id":"a666e4c1-ab69-457d-a9de-92847c4e054b","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":45,"box":{"x":87,"y":356,"width":864,"height":11}},{"id":"80e78196-3441-432a-97da-2b3ec1ddb210","block_type":"box","text":"volatility to ensure that the effect of utilizing financial derivative instruments is not significant enough to cause","page_number":45,"box":{"x":87,"y":370,"width":864,"height":11}},{"id":"bec6bb38-fa54-4e3a-a3cb-5e3609e2b9f0","block_type":"box","text":"disproportionate losses to a Fund’s overall value. The investment manager moderates this risk through careful selection","page_number":45,"box":{"x":87,"y":384,"width":863,"height":12}},{"id":"c0ea62fd-f922-440f-8a95-13c90e3a55ea","block_type":"box","text":"of securities and financial instruments. The investment manager manages this risk through a combination of risk","page_number":45,"box":{"x":87,"y":399,"width":864,"height":11}},{"id":"25206475-f3e7-41bd-97c6-b7d619f6e458","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":45,"box":{"x":88,"y":413,"width":863,"height":11}},{"id":"13d660ee-9940-4989-af16-786189128000","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":45,"box":{"x":88,"y":427,"width":862,"height":11}},{"id":"c73313ea-6ac2-45bc-96f3-fc750fbd9898","block_type":"box","text":"a regular basis, and is a key consideration when the Fund is rebalanced.","page_number":45,"box":{"x":87,"y":441,"width":536,"height":11}},{"id":"0f544669-58fe-4bee-b1b4-f0db2926030e","block_type":"box","text":"(c) Foreign currency risk","page_number":45,"box":{"x":47,"y":467,"width":211,"height":12}},{"id":"2ed75646-dc24-40e4-ac2c-5976d639dc52","block_type":"box","text":"Any fluctuations in foreign currency exchange rates between the base currency (\"GBP\") and the respective foreign","page_number":45,"box":{"x":87,"y":482,"width":863,"height":11}},{"id":"b1e9ef43-6393-4391-a5d5-d5adae99f4ed","block_type":"box","text":"currencies may significantly affect the value of the Fund investments and the returns ultimately achieved by the Fund.","page_number":45,"box":{"x":87,"y":496,"width":863,"height":11}},{"id":"2fbbdf96-d885-48a9-98ed-0f02d934912e","block_type":"box","text":"Local interest rates and monetary policy, as well as other government fiscal and labour policies, also can adversely","page_number":45,"box":{"x":88,"y":510,"width":863,"height":11}},{"id":"932dda6d-5a94-446d-b8b3-79a1743f1075","block_type":"box","text":"impact the Fund’s currency values.","page_number":45,"box":{"x":88,"y":524,"width":256,"height":11}},{"id":"4b0d3002-7702-4e06-baa5-3b6de80691ce","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":45,"box":{"x":88,"y":546,"width":863,"height":11}},{"id":"db9d8165-e470-44f6-b1c1-9de21ed8bdff","block_type":"box","text":"objective to track the performance of the benchmark, which is also not hedged against changes in foreign exchange","page_number":45,"box":{"x":87,"y":560,"width":864,"height":11}},{"id":"acf2d7d3-a05e-4c71-becc-1c323a6a22a3","block_type":"box","text":"rates.","page_number":45,"box":{"x":88,"y":574,"width":39,"height":9}},{"id":"64a3f463-7633-4097-8d7b-4c846b1cc652","block_type":"box","text":"(d) Interest rate risk","page_number":45,"box":{"x":47,"y":600,"width":170,"height":11}},{"id":"ecd3b09c-88a2-48d2-9fa5-d80e558a301c","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":45,"box":{"x":88,"y":614,"width":863,"height":12}},{"id":"0764f86c-dc51-4cbb-ae1e-2ce70536be89","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":45,"box":{"x":88,"y":629,"width":862,"height":11}},{"id":"9ca2c29f-25bb-4a68-bd6b-0439fceec231","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":45,"box":{"x":87,"y":643,"width":864,"height":11}},{"id":"581684bf-760c-4438-8784-b067219c6812","block_type":"box","text":"of which are not directly dependent on interest rates.","page_number":45,"box":{"x":87,"y":657,"width":387,"height":11}},{"id":"d7ea4273-b94c-49f7-b17a-aaf4cb4b9277","block_type":"box","text":"(e) Liquidity risk","page_number":45,"box":{"x":47,"y":683,"width":144,"height":11}},{"id":"4fb876cd-9263-4b8c-a331-ee344825f9ec","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":45,"box":{"x":87,"y":697,"width":863,"height":12}},{"id":"34cf9fd0-9e05-4764-a7fd-459d018b74a8","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":45,"box":{"x":87,"y":712,"width":864,"height":11}},{"id":"0fec3194-329f-42ac-b2a8-6486a9e57181","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":45,"box":{"x":87,"y":726,"width":865,"height":11}},{"id":"5896d6c3-5894-436c-98e7-4fbd4ded6bc0","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":45,"box":{"x":88,"y":740,"width":864,"height":11}},{"id":"0e390690-2093-47fe-a012-cff88effaa2c","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":45,"box":{"x":88,"y":754,"width":864,"height":11}},{"id":"0b497eb5-4b6e-4a19-ba13-4ac118cd972e","block_type":"box","text":"may be temporary or may last for extended periods.","page_number":45,"box":{"x":88,"y":769,"width":381,"height":11}},{"id":"666281d5-e216-436a-a697-e2f741b6c2ef","block_type":"box","text":"State Street AUT Emerging Market Tilted Index Equity Fund","page_number":45,"box":{"x":47,"y":44,"width":564,"height":13}},{"id":"a5a12ca5-ee11-47d3-80ca-1935a21ed974","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":45,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"a04a6cf3-d389-4c05-b6af-65fdc280c4b6","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":45,"box":{"x":48,"y":123,"width":435,"height":13}},{"id":"4b0ffe26-89df-4e94-be6a-03f4f1b3e5b2","block_type":"box","text":"For the year ended 31st December 2025","page_number":45,"box":{"x":48,"y":147,"width":300,"height":11}},{"id":"92f86d85-6766-47dc-bb58-02b385369e5a","block_type":"box","text":"43","page_number":45,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"93eaeb11-b715-4a77-acb3-3af86e3292f6","block_type":"box","text":"3. Risk management policies (continued)","page_number":46,"box":{"x":47,"y":175,"width":345,"height":11}},{"id":"7ec0c423-d80f-45be-a993-36637a28639f","block_type":"box","text":"The indexed Fund invests solely in securities which form part of the Benchmark Index. Benchmark Indexes are","page_number":46,"box":{"x":87,"y":200,"width":864,"height":11}},{"id":"d3c167c2-341f-474f-8383-9307019a241e","block_type":"box","text":"constructed using index rules requiring securities to have a specified minimum trading volume, which, although not","page_number":46,"box":{"x":87,"y":214,"width":864,"height":11}},{"id":"35e11a30-1920-46ed-a857-e9552e2d04e1","block_type":"box","text":"guaranteeing liquidity, provides indication of the liquid nature of the securities underlying the Fund. The Fund is exposed","page_number":46,"box":{"x":87,"y":228,"width":863,"height":11}},{"id":"fc746b7b-3fbd-4dae-95f0-dff380143377","block_type":"box","text":"to daily contributions and withdrawals which are managed to ensure that exposure to the Benchmark Indexes are","page_number":46,"box":{"x":87,"y":242,"width":864,"height":11}},{"id":"4cb35ce1-e373-4786-978d-6c51a5dd24ba","block_type":"box","text":"maintained in order to meet the investment objective of the Fund.","page_number":46,"box":{"x":88,"y":256,"width":480,"height":12}},{"id":"dfbd8248-ed37-4d2d-8352-9659e086f078","block_type":"box","text":"(f) Credit risk","page_number":46,"box":{"x":47,"y":282,"width":122,"height":12}},{"id":"bb87b6d6-854d-4830-8fe5-a14767e6ed76","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":46,"box":{"x":87,"y":297,"width":863,"height":11}},{"id":"bd347868-677d-464a-ac68-153b6572e849","block_type":"box","text":"is not explicitly exposed to credit risk other than revenue index futures. Index futures used for efficient portfolio","page_number":46,"box":{"x":88,"y":311,"width":863,"height":11}},{"id":"3db719ce-8f4d-4aa1-b1c6-abf99df85a8b","block_type":"box","text":"management are exchange traded and marked to market daily, so counterparty risk is negligible.","page_number":46,"box":{"x":88,"y":325,"width":711,"height":11}},{"id":"13e388e0-a762-40e8-8666-5e124139e295","block_type":"box","text":"(g) Use of derivatives","page_number":46,"box":{"x":47,"y":351,"width":182,"height":11}},{"id":"61b10356-18bb-4365-a9e6-07cc48d0448c","block_type":"box","text":"The Fund uses equity index futures only, no other derivatives, for efficient portfolio management-index futures are used","page_number":46,"box":{"x":87,"y":365,"width":863,"height":12}},{"id":"68ef79c2-54e2-4b72-a539-83796e55bd3d","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":46,"box":{"x":87,"y":380,"width":864,"height":11}},{"id":"f16a82a7-1559-4a18-9596-4c7458a34e0e","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":46,"box":{"x":88,"y":394,"width":863,"height":11}},{"id":"1423e4bd-0378-4bd3-9085-99119f2472e0","block_type":"box","text":"objectives of the Fund.","page_number":46,"box":{"x":87,"y":408,"width":167,"height":11}},{"id":"c6eb6163-80ae-4339-ace4-e0ebfb10e22b","block_type":"box","text":"(h) Stock lending risk","page_number":46,"box":{"x":47,"y":434,"width":184,"height":11}},{"id":"5b84d1b2-d126-4a08-ad02-c355b784157a","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":46,"box":{"x":87,"y":448,"width":863,"height":12}},{"id":"489e0c90-3cfc-45e6-9bf5-d784a736d5c8","block_type":"box","text":"obligations.","page_number":46,"box":{"x":87,"y":463,"width":83,"height":11}},{"id":"54f1de57-35b7-4d19-b47f-cc5ecba08047","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":46,"box":{"x":88,"y":484,"width":863,"height":11}},{"id":"83c7b957-e8cf-4d86-9483-1f59d9000014","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":46,"box":{"x":87,"y":498,"width":864,"height":11}},{"id":"32b35445-1cb2-4f91-9062-6ca3fd4510d2","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":46,"box":{"x":87,"y":512,"width":863,"height":12}},{"id":"35bdad78-1b8c-485c-b2da-3b09fd3aceb3","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":46,"box":{"x":88,"y":527,"width":862,"height":11}},{"id":"ec8cae32-e7e1-4a71-ab80-69e5c603776e","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":46,"box":{"x":88,"y":541,"width":863,"height":11}},{"id":"7e7f2cbc-0488-4c9d-b5e5-57a546cf742d","block_type":"box","text":"in loss for the Lending Schemes.","page_number":46,"box":{"x":88,"y":555,"width":240,"height":11}},{"id":"75230f79-4f79-443b-90c0-da2fcf9268bb","block_type":"box","text":"4. Net capital gains","page_number":46,"box":{"x":47,"y":581,"width":172,"height":11}},{"id":"663cca96-3745-4d1c-b6b5-09604e4faec7","block_type":"box","text":"The net capital gains during the year comprise:","page_number":46,"box":{"x":87,"y":603,"width":346,"height":11}},{"id":"a660d49e-1314-4067-9b36-4c306bc716f3","block_type":"box","text":"31.12.25 31.12.24","page_number":46,"box":{"x":758,"y":620,"width":183,"height":9}},{"id":"0e271778-2971-484b-b59e-a65bee0469d3","block_type":"box","text":"£'000 £'000","page_number":46,"box":{"x":781,"y":635,"width":159,"height":8}},{"id":"80051fe3-8b51-4f7b-82f3-4b0f1775b15e","block_type":"box","text":"Non-derivative securities 1,063,429 274,635","page_number":46,"box":{"x":88,"y":654,"width":853,"height":10}},{"id":"308b8751-8964-42d1-af83-acdd12195eff","block_type":"box","text":"Derivative contracts","page_number":46,"box":{"x":88,"y":673,"width":145,"height":8}},{"id":"ab7d1004-158c-4ff0-835e-5237bfba5b6f","block_type":"box","text":"22,376 903","page_number":46,"box":{"x":772,"y":673,"width":169,"height":10}},{"id":"91e7f41b-61e7-4df8-b745-2c09114b8ea6","block_type":"box","text":"Losses on foreign exchange (6,582) (600)","page_number":46,"box":{"x":88,"y":691,"width":853,"height":12}},{"id":"2df930c9-d82f-44d6-991f-7f21a625e082","block_type":"box","text":"Net capital gains 1,079,223 274,938","page_number":46,"box":{"x":88,"y":712,"width":853,"height":11}},{"id":"97ac5cc8-21d3-4785-bf94-502e40f5ab0f","block_type":"box","text":"State Street AUT Emerging Market Tilted Index Equity Fund","page_number":46,"box":{"x":47,"y":44,"width":564,"height":13}},{"id":"dd638598-4265-4434-a52a-10c119f72d88","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":46,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"02c56e7c-dac1-4c94-aae1-66e23b8423dd","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":46,"box":{"x":48,"y":123,"width":435,"height":13}},{"id":"0f02ec53-dfbe-4ce2-b847-7376860b40fb","block_type":"box","text":"For the year ended 31st December 2025","page_number":46,"box":{"x":48,"y":147,"width":300,"height":11}},{"id":"3ce4dcf8-d4f8-4096-968a-585c208d548e","block_type":"box","text":"44","page_number":46,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"0d1e86f5-c681-4fe4-8673-aad610598ac9","block_type":"box","text":"5. Purchases, sales and transaction costs","page_number":47,"box":{"x":47,"y":175,"width":353,"height":10}},{"id":"fc7eb6d5-fcbd-4245-8e88-b0f640b84124","block_type":"box","text":"31.12.25","page_number":47,"box":{"x":758,"y":193,"width":64,"height":8}},{"id":"bf856666-d707-4e65-af7d-1716ee3f0d2d","block_type":"box","text":"£'000","page_number":47,"box":{"x":781,"y":207,"width":40,"height":8}},{"id":"669237f9-386a-4876-8bcf-5bd17eb0181b","block_type":"box","text":"31.12.24","page_number":47,"box":{"x":877,"y":193,"width":64,"height":8}},{"id":"23e51098-c278-43c3-9983-d363f2f4c447","block_type":"box","text":"£'000","page_number":47,"box":{"x":900,"y":207,"width":40,"height":8}},{"id":"dbf03de6-84ad-4365-86a5-930b5ef9de5b","block_type":"box","text":"Purchases excluding transaction costs","page_number":47,"box":{"x":88,"y":226,"width":283,"height":11}},{"id":"66328eb9-6f2d-48ee-9cd8-91181d2fe25a","block_type":"box","text":"Equities","page_number":47,"box":{"x":88,"y":245,"width":58,"height":11}},{"id":"eaecd1f5-ad59-4a92-a4bd-b73715fb3b45","block_type":"box","text":"5,127,879 554,232","page_number":47,"box":{"x":748,"y":245,"width":192,"height":10}},{"id":"778dc309-3e61-4a83-9350-30ce39781af0","block_type":"box","text":"Total before transaction costs 5,127,879 554,232","page_number":47,"box":{"x":87,"y":266,"width":853,"height":11}},{"id":"57309835-1d61-47ff-af3a-91c87f52b979","block_type":"box","text":"Commissions","page_number":47,"box":{"x":87,"y":291,"width":100,"height":9}},{"id":"958cf412-dded-4687-a017-b73784b6a457","block_type":"box","text":"Equities","page_number":47,"box":{"x":88,"y":310,"width":58,"height":11}},{"id":"b4610a59-65ba-45ce-b1a7-a4d3f350bb33","block_type":"box","text":"1,953 290","page_number":47,"box":{"x":782,"y":310,"width":158,"height":10}},{"id":"4a9f28f6-eccb-4644-8b58-c10bd27a3b84","block_type":"box","text":"Derivatives","page_number":47,"box":{"x":88,"y":329,"width":81,"height":8}},{"id":"8d878333-6fba-4251-adba-e04975eb8068","block_type":"box","text":"27 9","page_number":47,"box":{"x":804,"y":329,"width":137,"height":8}},{"id":"eef32579-923d-4a2a-829b-2fde84661365","block_type":"box","text":"1,980 299","page_number":47,"box":{"x":782,"y":351,"width":159,"height":10}},{"id":"686e5cbe-dd98-4197-b038-4412b8945c74","block_type":"box","text":"Taxes","page_number":47,"box":{"x":87,"y":375,"width":43,"height":9}},{"id":"f3cf65df-ce3e-4f0e-b7e8-6ee410c12775","block_type":"box","text":"Equities","page_number":47,"box":{"x":88,"y":394,"width":58,"height":11}},{"id":"98e1f338-661d-4bb2-91be-6a92e0ecb617","block_type":"box","text":"1,940 322","page_number":47,"box":{"x":782,"y":394,"width":158,"height":10}},{"id":"a62adda3-1b8e-4059-92a5-1d69173ec421","block_type":"box","text":"1,940 322","page_number":47,"box":{"x":782,"y":416,"width":158,"height":10}},{"id":"d0fc136f-43cd-45ff-b9d6-ef471351e5a9","block_type":"box","text":"Total purchases transaction costs 3,920 621","page_number":47,"box":{"x":87,"y":440,"width":851,"height":11}},{"id":"8b8e15a6-1da3-4860-ab3f-bfc17ebd829a","block_type":"box","text":"Purchases including transaction costs","page_number":47,"box":{"x":88,"y":462,"width":305,"height":11}},{"id":"c625bd28-480e-47ac-9c1b-1962e6ed766a","block_type":"box","text":"5,131,799 554,853","page_number":47,"box":{"x":748,"y":462,"width":193,"height":10}},{"id":"06124fae-ed19-445f-95b3-c669bd31d5d1","block_type":"box","text":"31.12.25","page_number":47,"box":{"x":758,"y":487,"width":64,"height":8}},{"id":"ea65e1a1-e43c-4b64-a6d0-12e1aeccde1d","block_type":"box","text":"£'000","page_number":47,"box":{"x":781,"y":501,"width":40,"height":8}},{"id":"bce8a89a-ab69-4af9-b2b8-9735762d6b51","block_type":"box","text":"31.12.24","page_number":47,"box":{"x":877,"y":487,"width":64,"height":8}},{"id":"84674a6f-1e68-439b-b21a-ad8236609e9c","block_type":"box","text":"£'000","page_number":47,"box":{"x":900,"y":501,"width":40,"height":8}},{"id":"092361bb-55bc-4373-9fd7-347efa8206b4","block_type":"box","text":"Sales excluding transaction costs","page_number":47,"box":{"x":87,"y":520,"width":247,"height":11}},{"id":"4bf09e26-44e0-4d20-87dc-9766b08937e0","block_type":"box","text":"Equities","page_number":47,"box":{"x":88,"y":539,"width":58,"height":11}},{"id":"3d32f5f0-40d2-454a-b315-77ad32f5a91d","block_type":"box","text":"2,019,641 92,248","page_number":47,"box":{"x":748,"y":539,"width":193,"height":10}},{"id":"08c5a49d-f381-4775-ba35-1908a5b9bca1","block_type":"box","text":"Total before transaction costs 2,019,641 92,248","page_number":47,"box":{"x":87,"y":560,"width":854,"height":11}},{"id":"446e2752-890e-47ac-8f85-dd266721f1fb","block_type":"box","text":"Commissions","page_number":47,"box":{"x":87,"y":585,"width":100,"height":9}},{"id":"aec16eca-7645-4a98-a400-ab555906c6d6","block_type":"box","text":"Equities","page_number":47,"box":{"x":88,"y":604,"width":58,"height":11}},{"id":"1d2d44de-e1ce-476b-abee-e78847dcb66a","block_type":"box","text":"(1,036) (42)","page_number":47,"box":{"x":770,"y":604,"width":171,"height":11}},{"id":"ac32d9d6-e176-4632-af11-6ce339f98aa7","block_type":"box","text":"Derivatives","page_number":47,"box":{"x":88,"y":623,"width":81,"height":8}},{"id":"1dbf4e89-7f1b-47c8-b72b-5a110928acf4","block_type":"box","text":"(26) (10)","page_number":47,"box":{"x":794,"y":623,"width":147,"height":11}},{"id":"ba4e3680-612e-431f-abbc-bd684beb7e23","block_type":"box","text":"(1,062) (52)","page_number":47,"box":{"x":770,"y":645,"width":171,"height":11}},{"id":"376d45cd-677a-4082-a305-88bfd683922a","block_type":"box","text":"Taxes","page_number":47,"box":{"x":87,"y":669,"width":43,"height":9}},{"id":"83510e2f-0fe1-4e32-ba25-24d2a0e9a10d","block_type":"box","text":"Equities","page_number":47,"box":{"x":88,"y":688,"width":58,"height":11}},{"id":"9fd60fe1-8d68-487c-a461-5d34037cc5a4","block_type":"box","text":"(2,070) (116)","page_number":47,"box":{"x":770,"y":688,"width":171,"height":11}},{"id":"4f6e1f89-8a7d-4a37-a9e3-3775c6acb9e8","block_type":"box","text":"(2,070) (116)","page_number":47,"box":{"x":770,"y":710,"width":171,"height":11}},{"id":"c0fdada5-8a8d-4837-b4fc-8473d1f2359b","block_type":"box","text":"Total sales transaction cost (3,132) (168)","page_number":47,"box":{"x":87,"y":734,"width":854,"height":11}},{"id":"0d69e8c5-f86d-4198-b18d-ba4c2973ef07","block_type":"box","text":"Sales including transaction costs","page_number":47,"box":{"x":87,"y":756,"width":265,"height":11}},{"id":"05b637b6-73a1-4965-b4e2-f6e00f80fef1","block_type":"box","text":"2,016,509 92,080","page_number":47,"box":{"x":748,"y":756,"width":192,"height":10}},{"id":"f2611eb2-5a36-4bf2-ae8a-741c4a48191e","block_type":"box","text":"State Street AUT Emerging Market Tilted Index Equity 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Additionally for equity shares, there is a dealing spread cost (the difference between the buying","page_number":48,"box":{"x":87,"y":575,"width":863,"height":11}},{"id":"049b8982-84c4-4bca-b65c-fa591c404b56","block_type":"box","text":"and selling prices) which will be suffered on purchase and sale transactions.","page_number":48,"box":{"x":87,"y":590,"width":561,"height":11}},{"id":"cd2a4f94-6069-4fe9-b608-3756fba23a35","block_type":"box","text":"For the Fund’s investment in collective investment scheme holdings there will potentially be dealing spread costs","page_number":48,"box":{"x":88,"y":611,"width":863,"height":11}},{"id":"ce82f80d-bcb9-45e5-b685-a422fff4bf6f","block_type":"box","text":"applicable to purchases and sales. However, additionally there are indirect transaction costs suffered in those","page_number":48,"box":{"x":87,"y":625,"width":864,"height":11}},{"id":"c866f138-2073-41ad-8603-5bd6fedb2975","block_type":"box","text":"underlying funds, throughout the holding period for the instruments, which are not separately identifiable and do not form","page_number":48,"box":{"x":88,"y":639,"width":863,"height":11}},{"id":"9e3481f4-ab57-4c6f-b3f8-61e650b517c9","block_type":"box","text":"part of the analysis above.","page_number":48,"box":{"x":88,"y":654,"width":193,"height":11}},{"id":"89e3d056-7387-452c-9605-744285484d1b","block_type":"box","text":"During the year the Fund utilised futures derivatives instruments covering different underlying asset classes. The","page_number":48,"box":{"x":88,"y":675,"width":863,"height":11}},{"id":"36495db5-4f76-4254-a5c8-b21ce63297be","block_type":"box","text":"settlement values for opening and closing derivative positions are not comparable to principal values for transactions in","page_number":48,"box":{"x":87,"y":689,"width":863,"height":11}},{"id":"9a5bbdab-837a-4b4a-ae6e-34a43888240b","block_type":"box","text":"direct holding investments and therefore purchase and sale amounts for derivative transactions are not quantified in the","page_number":48,"box":{"x":87,"y":703,"width":864,"height":11}},{"id":"e52dd9f0-74b8-47a8-88b9-9af16ce776bb","block_type":"box","text":"analysis above. Transaction costs for derivatives positions will be either suffered as direct costs or form part of the","page_number":48,"box":{"x":87,"y":718,"width":864,"height":11}},{"id":"7932d5f7-f942-459f-8028-5fbbca61b1a3","block_type":"box","text":"dealing spread for the instruments. Any direct costs are identified in the analysis above.","page_number":48,"box":{"x":87,"y":732,"width":644,"height":11}},{"id":"8e04a137-c8e5-439a-9280-1e61ecdf9612","block_type":"box","text":"Dealing spread costs suffered by the Fund vary considerably for the different asset/instrument types depending on a","page_number":48,"box":{"x":88,"y":753,"width":863,"height":11}},{"id":"74338fbb-739b-4c4c-a9c2-99aa9577c338","block_type":"box","text":"number of factors including transaction value and market sentiment.","page_number":48,"box":{"x":88,"y":767,"width":500,"height":11}},{"id":"d8b4e74f-fb52-4848-a4a0-a66abcb32c9c","block_type":"box","text":"At the balance sheet date the average portfolio dealing spread (difference between bid and offer prices of all","page_number":48,"box":{"x":87,"y":789,"width":863,"height":11}},{"id":"ca921d23-58a5-43a2-8ead-48c9690f8627","block_type":"box","text":"investments expressed as a percentage of the offer price value) was 0.00% (31.12.2024: 0.09%).","page_number":48,"box":{"x":88,"y":803,"width":717,"height":11}},{"id":"d066ac7b-b730-45c0-a331-44698b30105d","block_type":"box","text":"State Street AUT Emerging Market Tilted Index Equity Fund","page_number":48,"box":{"x":47,"y":44,"width":564,"height":13}},{"id":"32bd38a4-6418-4a61-86ab-85183d9d7b0b","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":48,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"4ceae9b6-c33e-4b94-ad82-180dcd0732b0","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":48,"box":{"x":48,"y":123,"width":435,"height":13}},{"id":"06962bbf-b3d8-4a1e-9c8e-c90d47ab2641","block_type":"box","text":"For the year ended 31st December 2025","page_number":48,"box":{"x":48,"y":147,"width":300,"height":11}},{"id":"93ebbf8b-3666-4da3-913a-06b61db58916","block_type":"box","text":"46","page_number":48,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"5c80faa1-973d-42de-ae15-05a97d4b0a46","block_type":"box","text":"6. 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Expenses","page_number":49,"box":{"x":47,"y":415,"width":117,"height":11}},{"id":"987d7a8d-6e70-47b5-9c80-a61c5526e539","block_type":"box","text":"31.12.25 31.12.24","page_number":49,"box":{"x":758,"y":433,"width":183,"height":9}},{"id":"a8c196d4-db94-4b11-b2d7-a5435ed7b2e1","block_type":"box","text":"£'000 £'000","page_number":49,"box":{"x":781,"y":447,"width":159,"height":9}},{"id":"db87bdec-23e2-438e-8f1d-d145a0389bd1","block_type":"box","text":"Manager's periodic charge 9,865 4,770","page_number":49,"box":{"x":88,"y":466,"width":852,"height":11}},{"id":"aa362e2a-8f7e-406e-8788-ea1182189773","block_type":"box","text":"CSDR penalties","page_number":49,"box":{"x":87,"y":485,"width":118,"height":11}},{"id":"3ed637b2-f301-4b47-9cbe-10e871ae3464","block_type":"box","text":"6 37","page_number":49,"box":{"x":814,"y":485,"width":127,"height":9}},{"id":"4f0d0d6b-0e2c-4bd3-9786-1acd5eb61eb2","block_type":"box","text":"Total expenses","page_number":49,"box":{"x":87,"y":508,"width":119,"height":11}},{"id":"09955a71-8e8e-4309-916e-720ce2d58ecf","block_type":"box","text":"9,871 4,807","page_number":49,"box":{"x":781,"y":508,"width":160,"height":11}},{"id":"a29f6491-7852-46cd-b826-5be499998f76","block_type":"box","text":"The audit fee for the year of £14,240 (exclusive of VAT) is borne by the Manager (31.12.24: £13,978).","page_number":49,"box":{"x":87,"y":535,"width":748,"height":11}},{"id":"bf4a7500-6348-4b3c-ae96-119a22d18cdf","block_type":"box","text":"As permitted by the Trust Deed, the Manager is remunerated out of the property of the Fund. 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Debtors","page_number":51,"box":{"x":48,"y":521,"width":101,"height":9}},{"id":"98b875cb-da61-4e53-8d7a-42ed3f4457c3","block_type":"box","text":"31.12.25 31.12.24","page_number":51,"box":{"x":758,"y":539,"width":183,"height":8}},{"id":"6908cc81-eb76-4179-acda-97471cce35d5","block_type":"box","text":"£'000 £'000","page_number":51,"box":{"x":781,"y":553,"width":159,"height":9}},{"id":"bd9b6db5-de92-4720-b4a4-9dc9177345d3","block_type":"box","text":"Creations awaiting settlement 2,070 -","page_number":51,"box":{"x":87,"y":572,"width":854,"height":11}},{"id":"31912b0f-5a27-47ec-9d69-d9f8ba3ee3a5","block_type":"box","text":"Sales awaiting settlement 27,718 258","page_number":51,"box":{"x":87,"y":591,"width":854,"height":11}},{"id":"30a83235-f9a3-472c-9f4f-1dcf303af3a2","block_type":"box","text":"Accrued revenue","page_number":51,"box":{"x":87,"y":610,"width":126,"height":8}},{"id":"ec3d0fb0-6150-47a4-b360-ae9065e8cc09","block_type":"box","text":"11,952 2,754","page_number":51,"box":{"x":774,"y":610,"width":166,"height":10}},{"id":"54adb33d-4601-4b12-bb65-1e4cc2dc7004","block_type":"box","text":"Overseas tax recoverable 111 7","page_number":51,"box":{"x":87,"y":629,"width":854,"height":8}},{"id":"1507f534-b8f9-4705-84bc-7f43bc8e8e35","block_type":"box","text":"Total debtors","page_number":51,"box":{"x":87,"y":650,"width":104,"height":8}},{"id":"d48814e9-a620-4a65-9033-2587c37fe5fa","block_type":"box","text":"41,851 3,019","page_number":51,"box":{"x":771,"y":650,"width":170,"height":10}},{"id":"93a9056c-0851-41f2-8bea-75f722ba1c08","block_type":"box","text":"12. Cash and bank balances","page_number":51,"box":{"x":48,"y":681,"width":233,"height":9}},{"id":"55f820a6-3ba3-43e8-8215-711494d4dfb2","block_type":"box","text":"31.12.25 31.12.24","page_number":51,"box":{"x":758,"y":699,"width":183,"height":8}},{"id":"18e9207e-49dc-42de-8f24-33ff73a00d2e","block_type":"box","text":"£'000 £'000","page_number":51,"box":{"x":781,"y":713,"width":159,"height":9}},{"id":"c2efd2d5-53bd-4f9a-94c0-3c4920c69390","block_type":"box","text":"Cash and bank balances 82,354 16,969","page_number":51,"box":{"x":87,"y":732,"width":854,"height":10}},{"id":"eaaa09e5-d0ad-4f26-b370-1746b10e3294","block_type":"box","text":"Amounts held at brokers 1,384 1,284","page_number":51,"box":{"x":87,"y":751,"width":853,"height":10}},{"id":"f460f9bd-0e85-4dcf-bfcf-e9e0f3b05922","block_type":"box","text":"Total cash and bank balances 83,738 18,253","page_number":51,"box":{"x":87,"y":772,"width":854,"height":10}},{"id":"c62fec87-1bff-46d9-90a5-5b6db6fa5e3b","block_type":"box","text":"13. Provision for liabilities","page_number":51,"box":{"x":48,"y":803,"width":218,"height":9}},{"id":"7a6cdc4e-38b6-484a-b93c-9dfd0b4c4f5d","block_type":"box","text":"31.12.25 31.12.24","page_number":51,"box":{"x":758,"y":821,"width":183,"height":8}},{"id":"c27241ee-0a07-4c01-a15c-bfd4541ef107","block_type":"box","text":"£'000 £'000","page_number":51,"box":{"x":781,"y":835,"width":159,"height":9}},{"id":"0d3f1ca0-5853-4afe-b10d-f3e5e706cc72","block_type":"box","text":"Provision for liabilities 19,629 23,113","page_number":51,"box":{"x":88,"y":854,"width":853,"height":10}},{"id":"cebcb1c0-d8d4-4af5-9eb3-76323b67fa7d","block_type":"box","text":"Total provision for liabilities 19,629 23,113","page_number":51,"box":{"x":87,"y":875,"width":854,"height":11}},{"id":"53d50958-85f4-433f-a676-d28340ecdb5e","block_type":"box","text":"State Street AUT Emerging Market Tilted Index Equity Fund","page_number":51,"box":{"x":47,"y":44,"width":564,"height":13}},{"id":"d1e6f1f1-e5d4-4e21-8ddf-62176c1d2686","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":51,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"29f2a5f6-7aaf-4b70-9b37-10fde1c7bc73","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":51,"box":{"x":48,"y":123,"width":435,"height":13}},{"id":"db120c19-5389-4f5f-b633-8032127d56f5","block_type":"box","text":"For the year ended 31st December 2025","page_number":51,"box":{"x":48,"y":147,"width":300,"height":11}},{"id":"e99bd36d-136d-4cc7-8375-7fb8c6d1fc2f","block_type":"box","text":"49","page_number":51,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"10834002-2b80-4982-9692-f9ed3208d1dc","block_type":"box","text":"13. Provision for liabilities (continued)","page_number":52,"box":{"x":48,"y":175,"width":313,"height":11}},{"id":"938b89db-7952-430f-970e-ec94b5b58058","block_type":"box","text":"The deferred tax liability provision as at 31.12.25 of £19,628,549 (31.12.24: £23,112,537) relates to a potential liability","page_number":52,"box":{"x":87,"y":200,"width":865,"height":11}},{"id":"7ae2e26c-eade-4b55-b900-615e2ca7193c","block_type":"box","text":"for Indian capital gains tax that may arise on the fund’s Indian investments should they be sold in the future, based on","page_number":52,"box":{"x":87,"y":214,"width":863,"height":11}},{"id":"fd33acf1-540a-4ce0-b16b-f3937b93eddd","block_type":"box","text":"the net unrealised taxable capital gain at the year end and on enacted Indian tax rates. The amount of any future","page_number":52,"box":{"x":87,"y":228,"width":864,"height":11}},{"id":"249c6d19-54d3-42a7-aa11-4b43c2296317","block_type":"box","text":"amounts payable may differ from this provision, depending on the value and timing of any future sales of such","page_number":52,"box":{"x":87,"y":242,"width":863,"height":11}},{"id":"3baff892-bcf9-4b18-bcff-2280c7a87051","block_type":"box","text":"investments and future Indian tax rates.","page_number":52,"box":{"x":88,"y":256,"width":291,"height":9}},{"id":"355c656f-0e6e-4444-a91e-5564ce0d385a","block_type":"box","text":"14. Other creditors","page_number":52,"box":{"x":48,"y":282,"width":159,"height":9}},{"id":"fca5111c-aa83-4aac-81bb-c3c3e3e3fc7a","block_type":"box","text":"31.12.25 31.12.24","page_number":52,"box":{"x":758,"y":300,"width":183,"height":9}},{"id":"a05aa0f1-af6e-413f-87a0-a17a921d7669","block_type":"box","text":"£'000 £'000","page_number":52,"box":{"x":781,"y":314,"width":159,"height":9}},{"id":"2656047e-6ca0-402c-b245-457ef8b5515b","block_type":"box","text":"Purchases awaiting settlement 20,883 -","page_number":52,"box":{"x":88,"y":334,"width":853,"height":11}},{"id":"518f959b-6431-491d-afd0-d90bdd3140de","block_type":"box","text":"Accrued Manager's periodic charge 1,167 470","page_number":52,"box":{"x":87,"y":353,"width":853,"height":11}},{"id":"51e813a0-609c-4e4f-a9cc-a40fd5318252","block_type":"box","text":"Capital gains tax payable 317 -","page_number":52,"box":{"x":87,"y":371,"width":854,"height":12}},{"id":"7b181e92-6501-4f8e-8c40-139dd6f0609b","block_type":"box","text":"Total other creditors 22,367 470","page_number":52,"box":{"x":87,"y":392,"width":853,"height":11}},{"id":"b9bacb86-ddd1-4aa6-9939-a30665c3d222","block_type":"box","text":"15. Contingent liabilities and commitments","page_number":52,"box":{"x":48,"y":424,"width":351,"height":11}},{"id":"43af63e4-a373-4687-a3a0-037abe5d551d","block_type":"box","text":"The Fund had no contingent liabilities at year end (31.12.24: £nil).","page_number":52,"box":{"x":87,"y":438,"width":485,"height":11}},{"id":"65572f10-a7d1-4c30-b566-a6e7e90e5462","block_type":"box","text":"16. Related party transactions","page_number":52,"box":{"x":48,"y":464,"width":248,"height":11}},{"id":"bafef6d9-b170-436a-b3a1-e6056931a8ba","block_type":"box","text":"The Manager exercises governance and oversight over the Fund and is a related party by virtue of the Trust Deed","page_number":52,"box":{"x":87,"y":478,"width":863,"height":11}},{"id":"3c23572f-4337-454a-8944-afd611dd8002","block_type":"box","text":"constituting the Fund.","page_number":52,"box":{"x":87,"y":492,"width":158,"height":11}},{"id":"58c7aa32-412d-43a0-8e59-7ec4516489b8","block_type":"box","text":"Amounts paid during the year or due to the Manager at the year end are disclosed under Expenses and Other Creditors","page_number":52,"box":{"x":87,"y":514,"width":864,"height":11}},{"id":"740ec8b6-e7b5-4564-b491-b7a66b743ef3","block_type":"box","text":"in the Notes to the financial statements. At the year end £1,167,130 (31.12.24: £470,679) was due to the Manager in","page_number":52,"box":{"x":88,"y":528,"width":862,"height":11}},{"id":"53d0dccb-23eb-40a0-92ba-b33321823f4f","block_type":"box","text":"relation to accrued manager’s periodic charges are disclosed in Other Creditors in the Notes to the Financial","page_number":52,"box":{"x":88,"y":542,"width":862,"height":11}},{"id":"4984f315-cda0-4907-b616-0ad5c7bf2dc4","block_type":"box","text":"Statements.","page_number":52,"box":{"x":87,"y":556,"width":88,"height":9}},{"id":"123e50e7-3772-4948-9343-fe7da5bf379e","block_type":"box","text":"Transactions relating to the creation and cancellation of units and the purchases and sales of investments which pass","page_number":52,"box":{"x":87,"y":578,"width":864,"height":11}},{"id":"29fc37b3-735c-472f-ad7e-3d33b70f9ef9","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":52,"box":{"x":87,"y":592,"width":864,"height":11}},{"id":"27e8466a-2139-4122-9599-3ddf23790511","block_type":"box","text":"Assets Attributable to Unitholders.","page_number":52,"box":{"x":87,"y":606,"width":250,"height":9}},{"id":"3b6c42fa-4d72-4596-8442-b62f05254f25","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":52,"box":{"x":87,"y":627,"width":863,"height":12}},{"id":"3ca196e7-7680-473b-a800-1994d8047d57","block_type":"box","text":"Creditors in the Notes to the Financial Statements.","page_number":52,"box":{"x":87,"y":642,"width":373,"height":9}},{"id":"1a387048-ed85-4e43-bf34-32c5838de72f","block_type":"box","text":"17. Risk disclosures","page_number":52,"box":{"x":48,"y":668,"width":171,"height":9}},{"id":"6b71d509-890d-4ada-8a6f-4971894f5324","block_type":"box","text":"The Manager’s policy for managing these risks are summarised below and have been applied throughout the year.","page_number":52,"box":{"x":87,"y":682,"width":846,"height":11}},{"id":"cde086f8-dae6-46e2-8614-3257f1d1210d","block_type":"box","text":"(a) Foreign currency risk","page_number":52,"box":{"x":47,"y":708,"width":211,"height":11}},{"id":"be938140-fbff-4ba5-b16f-6a99afa0a178","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":52,"box":{"x":87,"y":722,"width":863,"height":11}},{"id":"e6c41a4c-be40-4ba3-8640-611b46175f4d","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":52,"box":{"x":87,"y":737,"width":863,"height":11}},{"id":"72ef69d1-2e71-432d-9632-3dab1d3ec499","block_type":"box","text":"act accordingly in order to manage exchange rate risk.","page_number":52,"box":{"x":87,"y":751,"width":401,"height":11}},{"id":"2b85ba2d-bebe-4ab4-93a5-1e8382e70e2a","block_type":"box","text":"State Street AUT Emerging Market Tilted Index Equity Fund","page_number":52,"box":{"x":47,"y":44,"width":564,"height":13}},{"id":"829d3f12-235f-4240-94b1-b92dd9507cf2","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":52,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"99e7de40-02dd-44f6-8213-871d597428f5","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":52,"box":{"x":48,"y":123,"width":435,"height":13}},{"id":"1d144400-1e60-4c76-b163-38ef3d0f6ab8","block_type":"box","text":"For the year ended 31st December 2025","page_number":52,"box":{"x":48,"y":147,"width":300,"height":11}},{"id":"edd3c3ce-d2d8-4402-a2f8-d8ca7a6e6b29","block_type":"box","text":"50","page_number":52,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"aa1aebf6-3b78-4cae-87e2-c531007b64bf","block_type":"box","text":"17. Risk disclosures (continued)","page_number":53,"box":{"x":48,"y":175,"width":267,"height":11}},{"id":"84fb25df-87db-4f98-bcc4-17e034296b25","block_type":"box","text":"The Fund’s currency exposure as at 31st December 2025 was:","page_number":53,"box":{"x":87,"y":200,"width":464,"height":11}},{"id":"4b0bf405-763f-42d4-b5c0-c3063dd61836","block_type":"box","text":"Net foreign currency assets","page_number":53,"box":{"x":722,"y":217,"width":219,"height":11}},{"id":"edd4ddee-11ec-45c9-97b6-70c3784d32bf","block_type":"box","text":"Currency Monetary","page_number":53,"box":{"x":87,"y":233,"width":646,"height":11}},{"id":"a0a6a33e-5335-44a3-9510-d62e52d8bf07","block_type":"box","text":"exposures","page_number":53,"box":{"x":650,"y":249,"width":82,"height":9}},{"id":"5712dfc5-cc3b-40c8-b8ee-cd9fc68e8698","block_type":"box","text":"£’000","page_number":53,"box":{"x":691,"y":261,"width":41,"height":9}},{"id":"d8aa72d1-d100-4230-af18-be6411598ee6","block_type":"box","text":"Non-monetary","page_number":53,"box":{"x":744,"y":233,"width":112,"height":11}},{"id":"a80bc48b-fa04-42fa-a740-09c6274b846c","block_type":"box","text":"exposures","page_number":53,"box":{"x":773,"y":249,"width":83,"height":9}},{"id":"ada2d517-abd2-4495-ba85-b2607e3095a4","block_type":"box","text":"£’000","page_number":53,"box":{"x":815,"y":261,"width":41,"height":9}},{"id":"22ce6d2e-8815-4a3d-81a1-4d1ec22d423b","block_type":"box","text":"Total","page_number":53,"box":{"x":903,"y":233,"width":37,"height":8}},{"id":"c6551165-92a5-485c-963e-ff4a0c700b1d","block_type":"box","text":"£’000","page_number":53,"box":{"x":899,"y":247,"width":41,"height":9}},{"id":"134676d0-46ac-4d14-9a1e-ccbb88a229cf","block_type":"box","text":"Brazilian real 12,652 268,484 281,136","page_number":53,"box":{"x":88,"y":277,"width":853,"height":10}},{"id":"72781127-31be-43dd-bc43-be602ff78303","block_type":"box","text":"Chilean peso 1,515 46,473 47,988","page_number":53,"box":{"x":87,"y":292,"width":854,"height":11}},{"id":"478b15f6-456d-4874-911c-4442e699ec26","block_type":"box","text":"Chinese yuan 854 568,208 569,062","page_number":53,"box":{"x":87,"y":307,"width":853,"height":12}},{"id":"d6151a46-fa07-4ac0-af57-71c970b73fd0","block_type":"box","text":"Colombian peso 309 24,379 24,688","page_number":53,"box":{"x":87,"y":323,"width":854,"height":11}},{"id":"b5d6b864-ccd6-4654-83ef-49e15dea5af0","block_type":"box","text":"Czech koruna 5 10,698 10,703","page_number":53,"box":{"x":87,"y":338,"width":854,"height":11}},{"id":"b0db9bc9-dd14-4c36-ae94-52303d50369f","block_type":"box","text":"Egyptian pound - 3,210 3,210","page_number":53,"box":{"x":88,"y":354,"width":852,"height":11}},{"id":"7fd733fe-949a-4b9b-91cb-64b80a926593","block_type":"box","text":"Euro","page_number":53,"box":{"x":88,"y":369,"width":33,"height":9}},{"id":"5461fd88-858b-4ce4-926c-f47987b5c6e8","block_type":"box","text":"590 77,761 78,351","page_number":53,"box":{"x":706,"y":369,"width":232,"height":10}},{"id":"41abf5f6-37d8-4ba5-8b7e-3356662abe57","block_type":"box","text":"Hong Kong dollar 9,480 1,369,285 1,378,765","page_number":53,"box":{"x":88,"y":385,"width":853,"height":11}},{"id":"967044ac-e7a2-4b37-99b4-1621499f7f62","block_type":"box","text":"Hungarian forint 72 25,524 25,596","page_number":53,"box":{"x":88,"y":400,"width":853,"height":11}},{"id":"737ceb3a-2671-4051-aa82-168e05cba578","block_type":"box","text":"Iceland krona","page_number":53,"box":{"x":88,"y":415,"width":99,"height":9}},{"id":"725f7818-3f6c-49fd-bb39-1ed9cd35d1d9","block_type":"box","text":"7 -7","page_number":53,"box":{"x":725,"y":416,"width":216,"height":8}},{"id":"d226eb78-8223-4390-9454-3194680f6296","block_type":"box","text":"Indian rupee (20,553) 901,923 881,370","page_number":53,"box":{"x":88,"y":431,"width":852,"height":11}},{"id":"b3cd6624-83fc-4e58-87d7-a8690980586d","block_type":"box","text":"Indonesian rupiah 3,221 75,753 78,974","page_number":53,"box":{"x":88,"y":446,"width":852,"height":11}},{"id":"acf76994-4b1e-4cd1-a1ae-8c9be6a8f2b9","block_type":"box","text":"Kuwaiti dinar 164 43,196 43,360","page_number":53,"box":{"x":88,"y":462,"width":852,"height":10}},{"id":"d8a60369-708b-4c20-94a6-fc306e19793f","block_type":"box","text":"Malaysian ringgit 1,746 97,819 99,565","page_number":53,"box":{"x":88,"y":477,"width":853,"height":11}},{"id":"6a7a11d9-e564-47fd-ad7f-a5c02403d9be","block_type":"box","text":"Mexican peso 2,497 155,443 157,940","page_number":53,"box":{"x":88,"y":492,"width":852,"height":11}},{"id":"de0bed86-3b91-46fa-ba2b-bd6d16acec61","block_type":"box","text":"New Taiwan dollar 2,737 1,477,560 1,480,297","page_number":53,"box":{"x":88,"y":508,"width":853,"height":10}},{"id":"373afbe0-68fa-49be-a433-c1fd6d7802b5","block_type":"box","text":"Philippine peso 2,683 10,053 12,736","page_number":53,"box":{"x":88,"y":523,"width":853,"height":11}},{"id":"ffd1f828-1a9b-412d-bcc8-737037248667","block_type":"box","text":"Polish zloty 846 78,349 79,195","page_number":53,"box":{"x":88,"y":539,"width":853,"height":11}},{"id":"cf8c4940-850c-4146-bc78-3ed224322647","block_type":"box","text":"Qatari rial","page_number":53,"box":{"x":87,"y":554,"width":71,"height":9}},{"id":"760c88f1-5652-4db1-9e3a-77293b4beefe","block_type":"box","text":"488 33,200 33,688","page_number":53,"box":{"x":705,"y":554,"width":236,"height":10}},{"id":"faf558ea-de32-4941-a373-ea03c93316fd","block_type":"box","text":"Saudi riyal","page_number":53,"box":{"x":87,"y":569,"width":77,"height":11}},{"id":"ca870afc-bc54-4336-b506-0fd396919bdd","block_type":"box","text":"- 118,674 118,674","page_number":53,"box":{"x":728,"y":569,"width":212,"height":11}},{"id":"7f4c32e4-f98d-44cc-8e89-ef6aefeb5f20","block_type":"box","text":"Singapore dollar 16 - 16","page_number":53,"box":{"x":87,"y":585,"width":854,"height":11}},{"id":"d82710e5-a68f-4960-9d3e-026df163e2fe","block_type":"box","text":"South African rand 354 240,702 241,056","page_number":53,"box":{"x":87,"y":600,"width":854,"height":11}},{"id":"15eddf2e-8c3e-4b04-94d2-8bceb69c9cb1","block_type":"box","text":"South Korean won 6,750 914,238 920,988","page_number":53,"box":{"x":87,"y":616,"width":854,"height":10}},{"id":"e8c02713-3734-41a8-ae6a-f50924c5e5a1","block_type":"box","text":"Thailand baht 205 68,450 68,655","page_number":53,"box":{"x":87,"y":631,"width":854,"height":10}},{"id":"fe77e70d-d858-47b0-8405-c0257d322070","block_type":"box","text":"Turkish lira","page_number":53,"box":{"x":87,"y":647,"width":80,"height":8}},{"id":"6a81bd54-dc18-408b-8fca-78ddf3109977","block_type":"box","text":"3 22,428 22,431","page_number":53,"box":{"x":724,"y":647,"width":214,"height":10}},{"id":"0f3ad649-c5c1-446c-a628-393db6d7ef59","block_type":"box","text":"UAE dirham","page_number":53,"box":{"x":88,"y":662,"width":88,"height":9}},{"id":"66ab8dde-a520-46fc-91c9-7292fc7ae550","block_type":"box","text":"15 94,202 94,217","page_number":53,"box":{"x":716,"y":662,"width":225,"height":10}},{"id":"65442baf-458b-4784-9d3d-cb43a7683388","block_type":"box","text":"US dollar 32,010 198,247 230,257","page_number":53,"box":{"x":88,"y":677,"width":853,"height":11}},{"id":"ad2c9cb1-9f5c-4688-9039-dde6de5a2080","block_type":"box","text":"Total","page_number":53,"box":{"x":87,"y":697,"width":37,"height":9}},{"id":"11a241ad-85ae-40eb-9fc1-73451e78e942","block_type":"box","text":"58,666 6,924,259 6,982,925","page_number":53,"box":{"x":683,"y":697,"width":258,"height":10}},{"id":"93b156fc-620e-47d0-886f-1dee8e010a50","block_type":"box","text":"State Street AUT Emerging Market Tilted Index Equity Fund","page_number":53,"box":{"x":47,"y":44,"width":564,"height":13}},{"id":"2891e889-97e2-4b72-aa1a-644989b3b46e","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":53,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"0e337db9-8661-4a3b-a0e5-4c34eaf15690","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":53,"box":{"x":48,"y":123,"width":435,"height":13}},{"id":"4768f4be-16f4-43fd-8a63-a51c2221da1f","block_type":"box","text":"For the year ended 31st December 2025","page_number":53,"box":{"x":48,"y":147,"width":300,"height":11}},{"id":"ac36a85b-3a9e-4fb2-b53e-ebacfd4015a8","block_type":"box","text":"51","page_number":53,"box":{"x":492,"y":956,"width":12,"height":7}},{"id":"511a0201-934c-480a-908f-ee74e5d1cf1a","block_type":"box","text":"17. Risk disclosures (continued)","page_number":54,"box":{"x":48,"y":175,"width":267,"height":11}},{"id":"f1faaef4-f2cf-4b97-b8fa-24e18d46d3a3","block_type":"box","text":"The Fund’s currency exposure as at 31st December 2024 was:","page_number":54,"box":{"x":87,"y":200,"width":464,"height":11}},{"id":"47148efe-65e2-4bf5-bc26-bfc2d796c823","block_type":"box","text":"Net foreign currency assets","page_number":54,"box":{"x":722,"y":217,"width":219,"height":11}},{"id":"2bc8b329-cf0e-4b82-affd-46b1c4cf8c75","block_type":"box","text":"Currency Monetary","page_number":54,"box":{"x":87,"y":233,"width":646,"height":11}},{"id":"dfe73453-40ac-4e09-b197-19083234b703","block_type":"box","text":"exposures","page_number":54,"box":{"x":650,"y":249,"width":82,"height":9}},{"id":"a209e24c-470e-4df9-9c93-9f59f15b66b9","block_type":"box","text":"£’000","page_number":54,"box":{"x":691,"y":261,"width":41,"height":9}},{"id":"fad15c9b-369d-4543-83dc-00b13d14a3a5","block_type":"box","text":"Non-monetary","page_number":54,"box":{"x":744,"y":233,"width":112,"height":11}},{"id":"584231a2-5714-4eeb-bd19-dab11cd98279","block_type":"box","text":"exposures","page_number":54,"box":{"x":773,"y":249,"width":83,"height":9}},{"id":"cbba6804-5be2-4249-9eb4-76cdeb204c60","block_type":"box","text":"£’000","page_number":54,"box":{"x":815,"y":261,"width":41,"height":9}},{"id":"a2169b96-ee3c-45f2-a27a-bbdb92b55e27","block_type":"box","text":"Total","page_number":54,"box":{"x":903,"y":233,"width":37,"height":8}},{"id":"e04a8887-4142-45d1-ba63-715a32fc1a56","block_type":"box","text":"£’000","page_number":54,"box":{"x":899,"y":247,"width":41,"height":9}},{"id":"efb9486b-b324-4c85-a758-059e1208f142","block_type":"box","text":"Brazilian real 2,746 84,076 86,822","page_number":54,"box":{"x":88,"y":277,"width":852,"height":10}},{"id":"e58845b3-39c4-45a6-9d9f-6e23dca23976","block_type":"box","text":"Chilean peso 71 16,464 16,535","page_number":54,"box":{"x":87,"y":292,"width":854,"height":11}},{"id":"36a9356f-352f-41cb-83ff-be8d173d8ef3","block_type":"box","text":"Chinese yuan 339 164,836 165,175","page_number":54,"box":{"x":87,"y":307,"width":854,"height":12}},{"id":"76730955-6090-430d-84ed-e713c5ec8f5d","block_type":"box","text":"Colombian peso 52 3,595 3,647","page_number":54,"box":{"x":87,"y":323,"width":854,"height":11}},{"id":"bec7ac9a-1116-4bf3-b019-79e77af8baaf","block_type":"box","text":"Czech koruna 247 1,981 2,228","page_number":54,"box":{"x":87,"y":338,"width":854,"height":11}},{"id":"834d9d9d-27a9-4b8e-8c7e-4b9cb4522f6d","block_type":"box","text":"Egyptian pound 15 1,406 1,421","page_number":54,"box":{"x":88,"y":354,"width":850,"height":11}},{"id":"d75a41a8-0f49-4892-9784-f433e7937423","block_type":"box","text":"Euro","page_number":54,"box":{"x":88,"y":369,"width":33,"height":9}},{"id":"2155d90a-9c3c-435b-87f7-f45bef2c8e96","block_type":"box","text":"41 17,478 17,519","page_number":54,"box":{"x":715,"y":369,"width":226,"height":10}},{"id":"857ab10e-66cc-4515-9078-d2b5f09e589e","block_type":"box","text":"Hong Kong dollar 2,282 530,968 533,250","page_number":54,"box":{"x":88,"y":385,"width":852,"height":11}},{"id":"f16bbd99-7285-427e-a9ba-12667890a53e","block_type":"box","text":"Hungarian forint 19 8,813 8,832","page_number":54,"box":{"x":88,"y":400,"width":852,"height":11}},{"id":"1b836f65-b4b1-4bfa-8ace-557ea5bd51cf","block_type":"box","text":"Iceland krona 165 3,169 3,334","page_number":54,"box":{"x":88,"y":415,"width":852,"height":11}},{"id":"6c82c203-4dd4-4dea-aa73-9ed0caa5c288","block_type":"box","text":"Indian rupee 601 615,829 616,430","page_number":54,"box":{"x":88,"y":431,"width":852,"height":11}},{"id":"b73fcf1b-49cf-4c7b-987c-929b64ba2091","block_type":"box","text":"Indonesian rupiah 237 49,766 50,003","page_number":54,"box":{"x":88,"y":446,"width":853,"height":11}},{"id":"10134db7-5879-4a5b-9a6c-ff82980d4787","block_type":"box","text":"Kuwaiti dinar 275 25,851 26,126","page_number":54,"box":{"x":88,"y":462,"width":853,"height":10}},{"id":"5e0311ed-957e-460f-a08b-bc8d9a03e132","block_type":"box","text":"Malaysian ringgit 1,009 55,183 56,192","page_number":54,"box":{"x":88,"y":477,"width":852,"height":11}},{"id":"468f815e-72d3-45d0-8415-97001af9d7c5","block_type":"box","text":"Mexican peso 1,140 63,074 64,214","page_number":54,"box":{"x":88,"y":492,"width":852,"height":11}},{"id":"b1db58c4-83c3-447c-b01f-a8593c909116","block_type":"box","text":"New Romanian leu 21 4,048 4,069","page_number":54,"box":{"x":88,"y":508,"width":853,"height":10}},{"id":"0089d892-8819-4470-8a4b-d04853936ba5","block_type":"box","text":"New Taiwan dollar 1,232 633,699 634,931","page_number":54,"box":{"x":88,"y":523,"width":850,"height":10}},{"id":"8fd41805-b527-49d4-bd5e-4f779f029f9f","block_type":"box","text":"Philippine peso 402 17,836 18,238","page_number":54,"box":{"x":88,"y":539,"width":853,"height":11}},{"id":"1c9e6d61-8d1b-45bd-9217-9f801769616b","block_type":"box","text":"Qatari rial","page_number":54,"box":{"x":87,"y":554,"width":71,"height":9}},{"id":"d2792aba-d3b6-42a9-a1e6-49655d274855","block_type":"box","text":"56 28,619 28,675","page_number":54,"box":{"x":715,"y":554,"width":226,"height":10}},{"id":"766c605d-e1c1-4c95-8e30-0f74c75a7d2c","block_type":"box","text":"Saudi riyal","page_number":54,"box":{"x":87,"y":569,"width":77,"height":11}},{"id":"1e613991-aa4c-4338-9f2d-f00fdf76f1de","block_type":"box","text":"22 118,928 118,950","page_number":54,"box":{"x":715,"y":569,"width":225,"height":11}},{"id":"2714c079-2fbc-4447-a716-fbffe606edd4","block_type":"box","text":"Singapore dollar 40 2,698 2,738","page_number":54,"box":{"x":87,"y":585,"width":854,"height":11}},{"id":"a8059c1c-d727-4b80-88d2-8a797207427a","block_type":"box","text":"South African rand 274 96,823 97,097","page_number":54,"box":{"x":87,"y":600,"width":854,"height":11}},{"id":"9037fbc9-5f6a-4733-9eb5-4fdc7fdd8202","block_type":"box","text":"Thailand baht 885 59,202 60,087","page_number":54,"box":{"x":87,"y":616,"width":854,"height":10}},{"id":"fdc1a729-9dd3-4f81-8232-1ace012443c0","block_type":"box","text":"Turkish lira","page_number":54,"box":{"x":87,"y":631,"width":80,"height":9}},{"id":"42d85c15-54df-495b-9622-5c829c71f5e8","block_type":"box","text":"7 35,332 35,339","page_number":54,"box":{"x":725,"y":631,"width":216,"height":10}},{"id":"de61f9c4-db18-4ed9-ab33-596b6ebe7c1f","block_type":"box","text":"UAE dirham 196 57,529 57,725","page_number":54,"box":{"x":88,"y":647,"width":853,"height":10}},{"id":"842d03c0-20a3-4585-ac82-777833497def","block_type":"box","text":"US dollar 7,083 49,464 56,547","page_number":54,"box":{"x":88,"y":662,"width":853,"height":10}},{"id":"64f5336b-bc59-43e0-9b76-b539c93bea6e","block_type":"box","text":"Total","page_number":54,"box":{"x":87,"y":682,"width":37,"height":8}},{"id":"eb0280aa-4d75-4d85-b01d-751448ff350a","block_type":"box","text":"19,457 2,746,667 2,766,124","page_number":54,"box":{"x":683,"y":682,"width":258,"height":10}},{"id":"f84532f8-f59c-4bd2-aded-c57e81d524c7","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":54,"box":{"x":88,"y":705,"width":864,"height":11}},{"id":"edefcc7b-0f4f-45af-b601-89ec3eb57072","block_type":"box","text":"the Fund would have decreased by £634,811,388 (31.12.2024: £251,465,803).","page_number":54,"box":{"x":87,"y":719,"width":581,"height":11}},{"id":"2697bce7-8532-40e0-b1c9-aa7327c2c02d","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":54,"box":{"x":88,"y":740,"width":864,"height":11}},{"id":"aac1bcb9-b048-4b85-9dac-d2910dbca2cb","block_type":"box","text":"the Fund would have increased by £775,880,585 (31.12.2024: £307,347,093).","page_number":54,"box":{"x":87,"y":754,"width":577,"height":11}},{"id":"f672f2f0-ea7b-4afa-a7e0-6e909b185170","block_type":"box","text":"These calculations assume all other variables remain constant.","page_number":54,"box":{"x":87,"y":776,"width":465,"height":8}},{"id":"399857c5-668f-4dbb-ac3a-bd83a6d5c55f","block_type":"box","text":"(b) Market price risk","page_number":54,"box":{"x":47,"y":802,"width":173,"height":11}},{"id":"ab3a97c8-36fa-4c43-b1db-2d2811b8c75e","block_type":"box","text":"The Fund’s investment portfolio is exposed to market price fluctuations which are monitored by the Manager in","page_number":54,"box":{"x":87,"y":816,"width":863,"height":11}},{"id":"9fa95486-8de6-4377-b420-657db3b32ed6","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":54,"box":{"x":88,"y":830,"width":863,"height":11}},{"id":"1ca401c3-3487-4aa1-bd0f-9c767005f0c4","block_type":"box","text":"investment and borrowing powers set out in the Trust Deed, the Scheme Particulars and in the Financial Conduct","page_number":54,"box":{"x":88,"y":844,"width":863,"height":12}},{"id":"7b9b77da-b0bf-4217-80db-44e717545fbf","block_type":"box","text":"Authority’s Collective Investment Scheme sourcebook (the “COLL sourcebook”) mitigates the risk of excessive","page_number":54,"box":{"x":87,"y":859,"width":864,"height":11}},{"id":"52b20a50-2649-4286-943c-3e14598be2af","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":54,"box":{"x":87,"y":873,"width":864,"height":11}},{"id":"09654afa-a290-448e-8328-94ea199d0fec","block_type":"box","text":"Manager’s Report and Portfolio Statement.","page_number":54,"box":{"x":88,"y":887,"width":315,"height":11}},{"id":"088127f8-45f6-492f-8676-3cfe033dd6a6","block_type":"box","text":"State Street AUT Emerging Market Tilted Index Equity Fund","page_number":54,"box":{"x":47,"y":44,"width":564,"height":13}},{"id":"87a37f28-f0af-4f21-b162-d4cdc670adb4","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":54,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"1ba91455-f4f7-40e0-ada4-10d45f7c51b7","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":54,"box":{"x":48,"y":123,"width":435,"height":13}},{"id":"4be6e09f-f78f-479b-8260-e6128d95a24e","block_type":"box","text":"For the year ended 31st December 2025","page_number":54,"box":{"x":48,"y":147,"width":300,"height":11}},{"id":"8b6004c0-ce85-421e-9ee6-222c4e69ec57","block_type":"box","text":"52","page_number":54,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"81572119-e381-46c5-a846-de6bc3d35c71","block_type":"box","text":"17. Risk disclosures (continued)","page_number":55,"box":{"x":48,"y":175,"width":267,"height":11}},{"id":"790fd7d1-b14d-482a-a37a-a327f233b05c","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":55,"box":{"x":88,"y":200,"width":863,"height":11}},{"id":"e5ce2cb9-7adb-4565-8deb-5b16c5e9541e","block_type":"box","text":"increased by £692,494,085 (31.12.24: £274,592,910). If market prices had decreased by 10% as at the balance sheet","page_number":55,"box":{"x":88,"y":214,"width":863,"height":11}},{"id":"8321fece-60a3-46a5-be2a-7e120bb8d410","block_type":"box","text":"date, the net asset value of the Fund would have decreased by £692,494,085 (31.12.24: £274,592,910).","page_number":55,"box":{"x":87,"y":228,"width":769,"height":11}},{"id":"81c3894c-1718-4d36-aca2-f1786954645a","block_type":"box","text":"These calculations assume all other variables remain constant.","page_number":55,"box":{"x":87,"y":249,"width":465,"height":9}},{"id":"636b7471-5aa4-4ecc-ab21-75e147d7ab51","block_type":"box","text":"(c) Interest rate risk","page_number":55,"box":{"x":47,"y":275,"width":170,"height":11}},{"id":"40d49388-e7da-4382-a061-ef68631e793f","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":55,"box":{"x":87,"y":290,"width":864,"height":11}},{"id":"82391e86-66a0-4c66-bfb0-ea3da2eb7754","block_type":"box","text":"a maturity date. Therefore interest rate risk is not deemed to be significant.","page_number":55,"box":{"x":87,"y":304,"width":550,"height":11}},{"id":"f79c08b6-a179-401c-b4a1-52d8c5e2896f","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":55,"box":{"x":88,"y":325,"width":863,"height":11}},{"id":"d3a8179f-ff6c-450e-86b9-582678de623e","block_type":"box","text":"calculated at the current Bank of England base rate plus 1.00% of its overseas equivalent.","page_number":55,"box":{"x":87,"y":339,"width":665,"height":12}},{"id":"a697b58a-563e-4972-9d95-b5d16b3f24cb","block_type":"box","text":"(d) Liquidity risk","page_number":55,"box":{"x":47,"y":365,"width":144,"height":12}},{"id":"583d515f-46d5-4d41-ad42-3bf443999a5d","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":55,"box":{"x":87,"y":380,"width":864,"height":11}},{"id":"0f1702d8-7aa0-48e6-bc8b-02c798ff5dba","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":55,"box":{"x":87,"y":394,"width":865,"height":11}},{"id":"dd93b672-0045-4b0d-b095-e9ff39879f29","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":55,"box":{"x":88,"y":408,"width":863,"height":11}},{"id":"4194de27-0db3-4924-a629-058617bb879f","block_type":"box","text":"of its value to ensure settlement.","page_number":55,"box":{"x":87,"y":422,"width":239,"height":9}},{"id":"ac30a94b-d165-4cec-9b23-0f5ea0c8862f","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":55,"box":{"x":87,"y":444,"width":864,"height":11}},{"id":"9f0c1f52-ed42-4754-a97b-ceb51511e215","block_type":"box","text":"significant.","page_number":55,"box":{"x":87,"y":458,"width":77,"height":11}},{"id":"c9761ab5-86b9-4a70-bbf7-448032e0a588","block_type":"box","text":"18. Securities Financing Transactions (SFT)","page_number":55,"box":{"x":48,"y":484,"width":357,"height":11}},{"id":"bebb7c5c-4e72-40cf-8aa0-7c7eb0129a42","block_type":"box","text":"1) Global Data","page_number":55,"box":{"x":88,"y":510,"width":111,"height":11}},{"id":"e172f870-70da-4ac2-9c80-6d70f4d33656","block_type":"box","text":"Proportion of securities and commodities on loan as at 31st December 2025 £'000 %","page_number":55,"box":{"x":88,"y":535,"width":863,"height":11}},{"id":"a8350f72-fdf8-46de-bb5c-f64b16279368","block_type":"box","text":"Total lendable assets excluding cash and cash equivalents: 3,919,529","page_number":55,"box":{"x":87,"y":562,"width":763,"height":11}},{"id":"3e360fb2-5fb8-4907-a1fc-835bdd91c971","block_type":"box","text":"Securities and commodities on loan 221,830 5.66%","page_number":55,"box":{"x":87,"y":584,"width":863,"height":11}},{"id":"5f06d3a5-d38b-449f-8a51-51715cbe1cf4","block_type":"box","text":"Assets engaged in SFTs and total return swaps as at 31st December 2025 £'000 %","page_number":55,"box":{"x":87,"y":610,"width":864,"height":11}},{"id":"515084a2-4a3c-4b39-ae78-3451d820511b","block_type":"box","text":"Fund assets under management (AUM) 7,008,534","page_number":55,"box":{"x":88,"y":637,"width":762,"height":11}},{"id":"bdef635c-da8d-4d29-bd8a-ce595ea95d64","block_type":"box","text":"Absolute value of assets engaged in:","page_number":55,"box":{"x":87,"y":659,"width":272,"height":12}},{"id":"df5368e6-7121-42ac-96d0-ee3ca3774333","block_type":"box","text":"Securities lending","page_number":55,"box":{"x":87,"y":682,"width":131,"height":11}},{"id":"ce2edd1a-d0f1-4e0c-a3f2-dccab1598ec4","block_type":"box","text":"221,830 3.17%","page_number":55,"box":{"x":791,"y":682,"width":159,"height":10}},{"id":"667a6cb8-62f5-4d68-8dc2-2fb3e54daf67","block_type":"box","text":"State Street AUT Emerging Market Tilted Index Equity Fund","page_number":55,"box":{"x":47,"y":44,"width":564,"height":13}},{"id":"736d0587-b9e5-4cc6-abcb-59160d173952","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":55,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"f7b4b65d-cd0d-4643-900d-2112affccc3d","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":55,"box":{"x":48,"y":123,"width":435,"height":13}},{"id":"deff32d0-3562-4e7b-87b0-5a743b316e66","block_type":"box","text":"For the year ended 31st December 2025","page_number":55,"box":{"x":48,"y":147,"width":300,"height":11}},{"id":"72f66bb8-73b1-42a7-b5fd-9aef7f847556","block_type":"box","text":"53","page_number":55,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"fb614d73-09e5-4617-a8e5-76369fabbd16","block_type":"box","text":"18. Securities Financing Transactions (SFT) (continued)","page_number":56,"box":{"x":48,"y":175,"width":453,"height":11}},{"id":"a2eda8f7-05e0-45ce-ae60-819804086ac9","block_type":"box","text":"2) Concentration Data","page_number":56,"box":{"x":87,"y":200,"width":173,"height":11}},{"id":"99b8e660-c325-439b-aa40-cb84193cb3f4","block_type":"box","text":"Top 10 Collateral Issuers","page_number":56,"box":{"x":87,"y":224,"width":196,"height":11}},{"id":"be252863-74b3-43b7-8ce5-3d1bbdc7c3ff","block_type":"box","text":"Name and value of collateral and commodities received as at 31st December 2025 £'000","page_number":56,"box":{"x":88,"y":239,"width":863,"height":8}},{"id":"3bbcb5cc-fa7a-4f34-b58e-4ab0a746a431","block_type":"box","text":"Kingdom of Netherlands","page_number":56,"box":{"x":88,"y":265,"width":178,"height":11}},{"id":"d68fe1dc-f576-4d85-bf8e-9c838c3556cb","block_type":"box","text":"46,753","page_number":56,"box":{"x":900,"y":265,"width":51,"height":11}},{"id":"90889de5-827e-4557-acf2-e17803bcaeee","block_type":"box","text":"United Kingdom Gilt","page_number":56,"box":{"x":88,"y":288,"width":148,"height":11}},{"id":"962765f3-dd45-4a3f-a92a-987245fea1a2","block_type":"box","text":"34,010","page_number":56,"box":{"x":901,"y":288,"width":50,"height":10}},{"id":"2d65337f-0831-4579-bd3e-d848b976c32e","block_type":"box","text":"United Kingdom Inflation-Linked 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It also oversees the alignment of the incentive compensation arrangements with","page_number":70,"box":{"x":47,"y":317,"width":903,"height":11}},{"id":"16e936db-6940-4f61-8f7d-8d76bb218a7f","block_type":"box","text":"the State Street’s financial safety and soundness consistent with applicable related regulatory rules and guidance. The HRC","page_number":70,"box":{"x":47,"y":331,"width":904,"height":11}},{"id":"425344a8-0c79-43d1-838b-8ae24a097be7","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":70,"box":{"x":47,"y":345,"width":904,"height":11}},{"id":"1c843a9e-e528-448f-8f75-8b152f746b13","block_type":"box","text":"business units and corporate functions based upon a variety of factors, which may include budget performance, achievement","page_number":70,"box":{"x":48,"y":360,"width":903,"height":11}},{"id":"f3ecc713-e677-4350-a267-622683e4b2ba","block_type":"box","text":"of key goals and other considerations. The final expenditure and overall allocation between current and deferred awards are","page_number":70,"box":{"x":47,"y":374,"width":904,"height":11}},{"id":"50a5571e-5525-4c3e-abc4-e11227cef4b2","block_type":"box","text":"then reviewed by the HRC prior to payment.","page_number":70,"box":{"x":47,"y":388,"width":324,"height":11}},{"id":"a53f5c92-cb1a-4430-899c-a5b72ea3fd8f","block_type":"box","text":"State Street also has separate UK and SSGAEL Remuneration Committees in place for the Investment Managers with the","page_number":70,"box":{"x":47,"y":409,"width":904,"height":11}},{"id":"10130f50-616b-4159-8f95-feee862bd921","block_type":"box","text":"primary duties to:","page_number":70,"box":{"x":48,"y":424,"width":125,"height":11}},{"id":"9944b7a1-f202-4faa-a0af-50ffcd6cd334","block_type":"box","text":"•","page_number":70,"box":{"x":47,"y":448,"width":4,"height":3}},{"id":"9bb7a099-cea0-4ebe-835a-7b64675e74a8","block_type":"box","text":"review the remuneration policy applicable to employees, management and Identified Staff of the Investment Managers","page_number":70,"box":{"x":95,"y":445,"width":856,"height":11}},{"id":"54b08b74-878b-4536-a43f-05f374a8e037","block_type":"box","text":"and oversee its implementation;","page_number":70,"box":{"x":95,"y":459,"width":234,"height":11}},{"id":"622c525c-7449-4710-bc16-89c5b860806c","block_type":"box","text":"•","page_number":70,"box":{"x":47,"y":484,"width":4,"height":3}},{"id":"b673b041-2666-4303-bcaf-c9438971d207","block_type":"box","text":"oversee compliance with any applicable remuneration regulations; and","page_number":70,"box":{"x":94,"y":481,"width":521,"height":11}},{"id":"4b949e71-8741-410d-8b2c-39024dd6e5de","block_type":"box","text":"•","page_number":70,"box":{"x":47,"y":505,"width":4,"height":3}},{"id":"fed1401f-3d2f-42d2-8985-5d0fb226e877","block_type":"box","text":"review and endorse remuneration decisions related to Identified Staff and consider recommendations for ex-post risk","page_number":70,"box":{"x":95,"y":502,"width":856,"height":11}},{"id":"f5f91e68-88ea-4daa-a743-034ad358dfe4","block_type":"box","text":"adjustment of Identified Staff.","page_number":70,"box":{"x":95,"y":516,"width":214,"height":11}},{"id":"69dbec46-0568-4976-a396-95c418a9daf0","block_type":"box","text":"State Street operates an annually reviewed global remuneration policy document (supplemented by any relevant addenda by","page_number":70,"box":{"x":47,"y":537,"width":904,"height":11}},{"id":"c0655745-8d24-47c5-8885-29cd6aeae4c4","block_type":"box","text":"jurisdiction or regulatory regime), which documents State Street’s existing remuneration framework. This policy is intended to","page_number":70,"box":{"x":46,"y":552,"width":905,"height":11}},{"id":"692e74e0-4605-4469-bf59-6901b867ecc6","block_type":"box","text":"comply with applicable remuneration regulatory requirements including, but not limited to, those contained in the CRD, UCITS","page_number":70,"box":{"x":47,"y":566,"width":904,"height":11}},{"id":"bd4b1581-0204-4bbf-b5c2-55ec8d69e1f7","block_type":"box","text":"V and AIFMD, and will be interpreted and administered accordingly. State Street’s remuneration policies and practices apply","page_number":70,"box":{"x":46,"y":580,"width":905,"height":11}},{"id":"57384efa-6306-40bb-bc40-5de425739fd2","block_type":"box","text":"on a global basis to all employees of the State Street group (incl. the Investment Managers). 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The discretionary bonus policy is structured so as to achieve a balance between fixed and","page_number":71,"box":{"x":48,"y":253,"width":902,"height":11}},{"id":"40665c9c-aaf4-4365-83b2-f2d568f30094","block_type":"box","text":"variable components, but also includes specific maximum pay ratios where required by local regulations. A number of","page_number":71,"box":{"x":47,"y":267,"width":905,"height":11}},{"id":"b39ff1e8-56cf-4299-adc5-2c05c252a965","block_type":"box","text":"employees in sales participate in Structured Incentive Plans, which aim to bring the variable compensation granted to plan","page_number":71,"box":{"x":47,"y":281,"width":903,"height":11}},{"id":"60139db1-7ea6-4305-83c0-26d61cf2ca25","block_type":"box","text":"participants into line with the revenues they generate as well as taking into account non-financial qualitative performance","page_number":71,"box":{"x":48,"y":296,"width":903,"height":11}},{"id":"87583abd-0fce-4094-befc-cc7c0696f983","block_type":"box","text":"indicators. All such participants receive sufficiently high fixed compensation. Variable compensation is assigned on an","page_number":71,"box":{"x":48,"y":310,"width":902,"height":11}},{"id":"30cbea7f-2ab1-43a1-9068-ea46da9819cd","block_type":"box","text":"individual basis by way of a review of both quantitative and qualitative factors.","page_number":71,"box":{"x":48,"y":324,"width":572,"height":11}},{"id":"6fe48f13-f148-4323-ab9d-83c7ca29803f","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":71,"box":{"x":46,"y":345,"width":905,"height":11}},{"id":"3f71eaaf-b902-480a-9864-f502b6b94e94","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":71,"box":{"x":47,"y":359,"width":904,"height":12}},{"id":"f02a5024-76ad-4ed4-8ac2-3a1392c42e40","block_type":"box","text":"remuneration requirements on the pay-out processes and establishment of a remuneration committee were disapplied.","page_number":71,"box":{"x":48,"y":374,"width":902,"height":11}},{"id":"62706ffc-4c95-4092-aae4-a5058d0b6284","block_type":"box","text":"Accordingly, State Street continues to operate current levels of deferral and stock-based compensation and has not made","page_number":71,"box":{"x":46,"y":388,"width":905,"height":11}},{"id":"b0958e0c-ead7-47ab-9519-60163a4bd469","block_type":"box","text":"significant changes to Identified Staff remuneration structures in respect of SSUTM.","page_number":71,"box":{"x":47,"y":402,"width":616,"height":11}},{"id":"d0b976f0-d209-4ba0-ab6d-092fe870488a","block_type":"box","text":"Total amount of remuneration paid by the Investment Manager as at 31/12/2025","page_number":71,"box":{"x":47,"y":420,"width":626,"height":11}},{"id":"0072a2f0-b62b-4a5d-b85a-1672511ba272","block_type":"box","text":"1","page_number":71,"box":{"x":675,"y":418,"width":4,"height":6}},{"id":"e223d333-7054-43d5-9fdd-519aecb99901","block_type":"box","text":"Fixed remuneration (in £ k)","page_number":71,"box":{"x":48,"y":441,"width":198,"height":11}},{"id":"5cd1d09d-addf-452f-ad54-2f2f2a6876c6","block_type":"box","text":"55,938","page_number":71,"box":{"x":901,"y":436,"width":50,"height":10}},{"id":"8727360b-fecd-4b7d-883d-e8382bf6248b","block_type":"box","text":"Variable remuneration (in £ 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UCITS","page_number":71,"box":{"x":48,"y":503,"width":321,"height":11}},{"id":"f680e770-1864-4247-8358-4e07d33ae9ef","block_type":"box","text":"n/a","page_number":71,"box":{"x":929,"y":503,"width":22,"height":9}},{"id":"e5e69001-b74d-4c0b-811c-5c86ac1434fa","block_type":"box","text":"Aggregate amount of remuneration as at 31/12/2025 (in £ k)","page_number":71,"box":{"x":46,"y":533,"width":470,"height":11}},{"id":"c5bea2ce-9449-4680-b6b4-406dcb85714f","block_type":"box","text":"Senior Management of SSUTM","page_number":71,"box":{"x":47,"y":554,"width":231,"height":11}},{"id":"faa3811b-8840-4c2a-8bd1-a9ae66d93961","block_type":"box","text":"2","page_number":71,"box":{"x":280,"y":552,"width":6,"height":6}},{"id":"5373ca9e-6366-40d2-a1e2-35fe0f688d11","block_type":"box","text":"58","page_number":71,"box":{"x":933,"y":548,"width":18,"height":9}},{"id":"22455279-0dd4-4ef6-a2a7-81685c1f08f8","block_type":"box","text":"Identified Staff of the Investment Manager","page_number":71,"box":{"x":48,"y":569,"width":309,"height":11}},{"id":"4a8f2eb2-50e6-4ef2-b54f-7c60a413579d","block_type":"box","text":"58,348","page_number":71,"box":{"x":901,"y":569,"width":50,"height":11}},{"id":"8020c559-aac2-4c7e-a832-349dd13e8e7b","block_type":"box","text":"More details regarding State Street’s remuneration approach including (but not limited to) information on the decision-making","page_number":71,"box":{"x":48,"y":588,"width":903,"height":11}},{"id":"1bef0a75-49d5-496b-93e0-9c4c4da6aca2","block_type":"box","text":"process to determine the remuneration policy, its basic characteristics and the linkage between pay and performance, are","page_number":71,"box":{"x":48,"y":603,"width":903,"height":11}},{"id":"dbf2de43-6f0a-481e-828f-cd46aebd75e0","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":71,"box":{"x":48,"y":617,"width":904,"height":11}},{"id":"b3783d00-d793-4868-b8ec-02c226a41416","block_type":"box","text":"3 disclosure of SSGA Ltd. at:","page_number":71,"box":{"x":47,"y":631,"width":212,"height":9}},{"id":"4303efca-a7eb-40ea-8262-d58469da9fcb","block_type":"box","text":"https://www.ssga.com/library-content/assets/pdf/emea/resources/2024/ssgal-pillar-3-disclosure.pdf.","page_number":71,"box":{"x":48,"y":645,"width":731,"height":11}},{"id":"e8f1842f-1809-4bb2-8030-fbffd4ab5eff","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":71,"box":{"x":48,"y":659,"width":904,"height":12}},{"id":"ee3bc70d-8488-4d5e-86b1-11314b3d1430","block_type":"box","text":"3 disclosure equally apply to State Street employees outside the UK and the Investment Managers’ employees.","page_number":71,"box":{"x":47,"y":674,"width":822,"height":11}},{"id":"b94fc0be-56ea-4fcf-bbfa-773f1d725b27","block_type":"box","text":"1","page_number":71,"box":{"x":48,"y":902,"width":3,"height":5}},{"id":"9ce73fba-fea0-444c-a200-32812e85fec2","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":71,"box":{"x":58,"y":904,"width":892,"height":11}},{"id":"2ca9d4fe-6f2a-4d37-a46b-6ae8a4dc22bf","block_type":"box","text":"2","page_number":71,"box":{"x":47,"y":918,"width":6,"height":6}},{"id":"1913f021-8364-4b95-8b32-11429301d483","block_type":"box","text":"Represents remuneration paid to independent directors (Directors who are also employees of the SSC do not receive","page_number":71,"box":{"x":59,"y":920,"width":892,"height":11}},{"id":"875c3986-e232-4404-9ca6-4503872bf713","block_type":"box","text":"remuneration in their capacity as board 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