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State Street Unit Trust Management
Limited
Assessment of Value
On behalf of the Board of Directors of State Street Unit Trust Management Limited (“SSUTM” or the “Board”), I am pleased to present the Assessment of Value report (“AoV”) for the 12-month period ending 31 December 2025.
The Assessment of Value (“AoV”) requires UK authorised fund managers to assess, and publish at least annually, whether their funds provide value to investors by reference to the FCA’s prescribed criteria. For SSUTM, this annual assessment forms part of the Board’s wider governance and oversight framework, through which service quality, fund performance, costs, competitiveness and investor outcomes are reviewed on an ongoing basis.
In completing this assessment, the Board considered internal governance reporting, service provider oversight, performance analysis, cost information and independent peer benchmarking provided by a third party professional services firm. The Board also considered the FCA’s Consumer Duty framework, including the Price and Value outcome, noting the FCA’s equivalence approach for firms already subject to the COLL Assessment of Value requirements.
Following its assessment, the Board concluded that SSUTM continued to provide value to investors across the Sub-Funds. The Board remains committed to ongoing challenge, cost discipline and product review to ensure investor outcomes remain appropriate.
_____________ Tom Coghlan Chairperson
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Funds in Scope
State Street Authorised Contractual Scheme
State Street ACS Multi-Factor Global Index Equity Fund previously known as State Street ACS Multi-Factor Global ESG Index Equity Fund – name change on 2 June 2025)
State Street Authorised Unit Trust
State Street AUT Asia Pacific Ex-Japan Screened Index Equity Fund
State Street AUT Emerging Market Tilted Index Equity Fund (previously known as State Street AUT Emerging Market Screened Index Equity Fund – name change on 24 March 2025)
State Street AUT Europe ex UK Screened Index Equity Fund
State Street AUT Japan Screened Index Equity Fund
State Street AUT North Americ a Screened Index Equity Fund
State Street AUT UK Screened Index Equity Fund
State Street AUT 1-10 Year U.S. TIPS Index Fund
State Street AUT 1-5 Year Global Credit Index Fund
State Street AUT 5-15 Year Global Credit Index Fund
State Street AUT Emerging Markets Index Equity Fund
State Street AUT Europe ex UK Index Equity Fund
State Street AUT Global High Yield Bond Index Fund
State Street AUT Global Index Equity Fund
State Street AUT Global Treasury 1-5 Year Bond Index Fund
State Street AUT Global Treasury 5-15 Year Bond Index Fund
State Street AUT Japan Index Equity Fund
State Street AUT North America A Index Equity Fund
State Street AUT North America B Index Equity Fund
State Street AUT UK Index Equity Fund
State Street AUT World Small Cap Index Equity Fund
(each a “ Sub-Fund ”, collectively the “ Sub-Funds ”)
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Details
The FCA identified seven non-exhaustive criteria which should be considered by the AFM focusing on whether charges paid by each Sub-Fund are justified in light of value and quality of service delivered. In conducting its assessment, SSUTM has considered each of the criteria in turn as detailed below and conducted a comprehensive appraisal in order to determine whether value is being provided, and where it is not, seek to remedy this as outlined in the report.
The seven criteria are as follows:
1 Quality of Service 2 Performance 3 AFM costs – general 4 Economies of scale 5 Comparable market rates 6 Comparable services 7 Classes of units
The assessment references costs generated by services provided directly by the AFM and also those services delegated by the AFM to third parties, such as, but not limited to, investment management, depositary services, custody and settlement, audit, legal, printing services , KIID production and maintenance as permitted in the Sub-Fund documentation.
Quality of Service
It is recognised that assessing value should not just be limited to assessing pure costs paid by an investor. A review should be undertaken assessing the overall service levels provided to the investor which are closely monitored by the Board on an ongoing basis. In order to justify service provider costs charged to the Sub Funds, an assessment on the overarching level of quality of service received from core service providers should be undertaken.
SSUTM has evaluated the quality of each core service delivered to our investors. These are broadly grouped into the following:
Investment Management Services Administrator/ Custodian Services Board & Governance
The assessment focussed on the internal governance processes, procedures and existing monitoring and reporting to demonstrate qualitative aspects of the overarching services provided to the Sub-Funds.
Consideration is given to the range, nature, extent and quality of services provided directly to investors or undertaken on their behalf. SSUTM believes in order to ascertain if quality of service has really been achieved for a Sub-Fund, not only must the absence of complaints be considered, but regular service review meetings must be undertaken throughout the year to monitor service quality levels and performance which is onwards reported to the Board.
Over and above the annual AoV, service providers are evaluated and monitored on an ongoing basis to ensure service levels meet SSUTM’s high standards with regular review meetings conducted alongside thorough annual due diligence meetings. For example, the use of highly skilled/ technical employees, enhancements to
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digital enterprise initiatives to ensure seamless, uninterrupted services whilst working in a hybrid environment all point towards value in terms of the quality of the services received.
Board of Directors
The Board of Directors of SSUTM collectively have over 120 years of experience in the asset management industry with a broad range of applicable skills and expertise.
SSUTM recognises that having a diverse board is import ant in providing a range of perspectives, insights and challenge where necessary to support good decision making and to achieve more for our clients. We are committed to developing, supporting and preserving a culture of diversity and inclusion and recognise that the collective sum of individuals represents a significant part of not only our culture but our reputation and achievements. The SSUTM Board is comprised of the following members:
Tom Coghlan
Mr. Coghlan is a Certified Investment Fund Director with the Institute of Banking and has in-depth knowledge of the investment fund sector along with governance, oversight and control expertise. Mr. Coghlan is Central Bank of Ireland authorised and approved.
A Fellow of the Institute of Chartered Accountants in Ireland, Mr. Coghlan qualified from PricewaterhouseCoopers. He was a Director of Citi Global Markets and Head of Pan European Equity Sales in Ireland from 2004 to 2013 with responsibility for a diverse client base, including ‘long only’ institutions, hedge funds, thematic funds and structured product providers. From 2000 to 2004 he was a Senior Portfolio Manager in the wealth management division of NCB Stockbrokers. Mr. Coghlan holds a Bachelor of Arts from UCD in Pure Economics and became a registered stockbroker of the Irish Stock Exchange in 2000.
Barbara Healy
Ms. Healy is a chartered accountant by profession and has over 30 years’ experience in the asset management industry. Ms. Healy was Global Head of Operations for JPMorgan Hedge Fund Services incorporating the role of Executive Director and Head of Technical Solutions EMEA and Asia. (2004 – 2009).
Ms. Healy previously ran operations for Tranaut Fund Administration Ltd. (2002-2004) which was subsequently acquired by JPMorgan and before this was Director of Accounting for SEI Investments Europe. Ms. Healy has also worked in fund accounting positions in Banker’s Trust and Chase Manhattan Bank. Since 2009 she has been serving as an independent non-executive director and chairperson to Irish and Cayman domiciled funds (UCITS and non-UCITS) and management companies.
Ms. Healy holds a Bachelor of Commerce Degree (Honours) and a Post-Graduate Diploma in Professional Accounting from University College Dublin. She is a fell ow of the Institute of Chartered Accountants in Ireland (FCA) and is also a member of the Institute of Directors in Ireland. Ms. Healy attended the High Performance Boards Corporate Governance Programme at IMD, Lausanne, Switzerland, 2011.
Eric Linnane
Mr. Linnane has over 30 years’ experience in the financial services industry and is a Managing Director of the Management Company, where he serves as Head of Investment Operations and Outsourcing. He joined State Street Global Advisors Ireland Limited in 1997 as an operations specialist and has since held a number of senior roles across the organisation.
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During his career at State Street, Mr. Linnane has led multiple teams within the Middle Office, Relationship Management and Portfolio Construction areas. His responsibilities included oversight of pre- and post-trade portfolio compliance, trade order generation, allocati ons and settlement, currency management, and in-specie asset transfers across multiple asset classes, providing him with extensive experience across front, middle and back-office operations.
Mr. Linnane also led teams within the Relationship Management function, with responsibility for client relationship management, marketing, business and sales support, and performance reporting, giving him significant experience in direct client servicing. He took up his current role in 2013, which includes responsibility for the management of the outsourcing framework for the Management Company.
Mr. Linnane holds a Bachelor of Commerce degree from University College Dublin and the professional designation of Certified Investment Fund Director. He is a director of State Street ICAV and previously served as a director on the boards of State Street Global Advisors Ireland Limited.
Rebecca Bridger
Ms. Bridger is a qualified solicitor (non-practicing) who works as the Head of EMEA Funds Management in the EMEA Funds Management Team for State Street Investment Management. In her role, she manages and oversees the day to day product life cycle of State St reet Investment Management’s European domiciled pooled funds. Prior to joining State Street Investment Management, Ms. Bridger worked at Walbrook Capital LLP, a family office, as in-house counsel advising on all matters ranging from governance to negotiation of various commercial contracts. Prior to that, Ms. Bridger joined BGI/ Blackrock in the product team with a primary focus on Irish and Cayman fund governance. During her time at BGI, Ms. Bridger also worked on the legal and governance aspects of the acquisition of BGI’s pooled funds by Blackrock.
Ms. Bridger trained and qualified in 2009 as a solicitor with Eversheds LLP. Ms. Bridger graduated from the University of Exeter with a law degree and subsequently from the College of Law having successfully completed her Legal Practice Course.
Lim Siong Kwong (Benjamin) Lam Thuon Mine
Mr. Lam has over 30 years’ experience in the financial services industry. He graduated from the University of Manchester and qualified as a Chartered Accountant in the UK and Luxembourg. Mr. Lam moved to Luxembourg in 1993 and served as a senior audit partner at Deloitte Luxembourg for more than 20 years.
From 2017 to 2019, he was Deloitte’s Global Co-Leader for the Investment Management Audit Practice, and also led Deloitte Luxembourg’s Investment Management and Financial Services Group. During his career, Mr. Lam served on various committees of the CSSF (Luxembourg financial regulator) and was a member of the Luxembourg government’s Haute Comité de la Place Financière , a think-tank established to support the development of the asset management industry in Luxembourg.
Mr. Lam was also a member of the ALFI working groups and a founding member of the Luxembourg Private Equity Association (LPEA). He is a member of the jury and an examiner for the Professional Chartered Accountancy qualifications at the Institut des Réviseurs d’Entreprises in Luxembourg.
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Investment Management Services
State Street Global Advisors Limited, regulated by th e FCA, is the appointed investment manager to the Sub Funds, whose mission is to invest responsibly to enable economic prosperity and social progress. State Street IM is an indexing pioneer, which, over the past 47 years, has built a universe of active and index strategies across asset classes to help clients, and those who rely on them, achieve their investment goals. State Street IM manages over $5.45 1 trillion worth of assets supported by deep portfolio management expertise.. The quality of State Street IM’s structures and systems are vital to ensuring a high quality of service, including the processes used to manage the Sub-Fund’s investments. It must be highlighted that State Street IM, working in conjunction with SSUTM, is committed to full integration of material sustainability factors into day-to-day investment processes. State Street IM practices asset stewardship by actively using its voice and voting to engage with portfolio companies on material sustainability factors.
Performance
The investment objective of each Sub-Fund is to closely track its respective benchmark (as detailed in the tables below) on a gross of fees basis. The Prospectus sets a targeted maximum tracking error level of 1% for each Sub-Fund. For the purposes of this AoV, performance has been measured on a net of fee basis, consistent with the regulatory requirements.
State Street Authorised Unit Trust
State Street AUT Asia Pacific Ex-Japan Screened Index Eq uity Fund, State Street AUT Emerging Market Tilted Index Equity Fund, State Street AUT Europe ex UK Screened Index Equity Fund, State Street AUT Japan Screened Index Equity Fund, State Street North America Screened Index Equity Fund and State Street AUT UK Screened Index Equity Fund changed their respective benchmarks to exclude Tobacco and Thermal Coal on 18 December 2023. These Sub-Funds subsequently underwent a name change whereby “(ex Controversies ex CW)” were removed from the fund names.
State Street AUT Emerging Market Screened Index Equity Fund changed its index to Robeco Scottish Widows Emerging Markets Equity Sustainability Tilted Index on the 24 March 2025 as well as changing its name to State Street AUT Emerging Markets Tilted Index Equity Fund.
Fund Benchmark
State Street AUT Asia Pacific Ex-Japan Screened Index Equity Fund
FTSE Developed Asia Pacific ex Japan ex Controversies ex CW ex Tobacco ex Thermal Coal (10%) Index State Street AUT Emerging Market Tilted Index Equity Fund Robeco Scottish Widows Emerging Markets Equity Sustainability Tilted Index State Street AUT Europe ex UK Screened Index Equity Fund FTSE Developed Europe ex UK Controversies ex CW ex Tobacco ex Thermal Coal (10%) Index State Street AUT Japan Screened Index Equity Fund FTSE Japan ex Controversies ex CW ex Tobacco ex Thermal Coal (10%) Index State Street AUT North America Screened Index Equity Fund FTSE North America ex Controversies ex CW ex Tobacco ex Thermal Coal (10%) Index State Street AUT UK Screened Index Equity Fund FTSE All-Share ex Controversies ex CW ex Tobacco ex Thermal Coal (10%) Index State Street AUT 1-10 Year U.S. TIPS Index Fund Bloomberg US TIPS 1-10Y GBP Hedged Index
1 As at 31 December 2025
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State Street AUT 1-5 Year Global Credit Index Fund Bloomberg 1-5Y Global Agg Credit G4 Currencies GBP Hedged Index minus excluded securities
State Street AUT 5-15 Year Global Credit Index Fund Bloomberg 5-15Y Global Agg Credit G4 Currencies GBP Hedged Index minus excluded securities State Street AUT Emerging Markets Index Equity Fund MSCI Emerging Markets Index minus excluded securities State Street AUT Europe ex UK Index Equity Fund MSCI Europe ex UK Index minus excluded securities
State Street AUT Global High Yield Bond Index Fund
Bloomberg Global High Yield BB/B ex EM GBP Hedged Index minus excluded securities State Street AUT Global Index Equity Fund MSCI ACWI Index minus excluded securities State Street AUT Global Treasury 1-5 Year Bond Index Fund Bloomberg 1-5Y G7 treasury GBP Hedged Index State Street AUT Global Treasury 5-15 Year Bond Index Fund
Bloomberg 5-15Y G7 treasury GBP Hedged Index
State Street AUT Japan Index Equity Fund MSCI Japan Index minus excluded securities State Street AUT North America A Index Equity Fund MSCI North America Index minus excluded securities State Street AUT North America B Index Equity Fund MSCI North America Index minus excluded securities State Street AUT UK Index Equity Fund MSCI UK Index minus excluded securities State Street AUT World Small Cap Index Equity Fund MSCI World Small Cap Index minus excluded securities
State Street Authorised Contractual Scheme
The index provider of the State Street ACS Multi-Factor Global Index Equity Fund introduced additional screens on 1 December 2023 which resulted in certain securities related to Thermal Coal and Oil sands being excluded from the Index.
On the 2 June 2025, the index provider made further amendments to the index name to align with new rules on naming sustainability-related products as well as introducing additional screens which resulted in securities relating to tobacco and United Nations Global Compact violators being excluded from the Index. The Fund subsequently underwent a name change whereby “ESG” was removed from the fund name.
Fund Benchmark
State Street ACS Multi-Factor Global Index Equity Fund MSCI World 5-Select Factor Advanced Target Index
SSUTM is committed to ensuring investors’ assets are well managed and is confident with the Investment Manager’s robust processes that are aligned across its global offices alongside the independent monitoring undertaken by the enterprise risk management team and various committees ensuring investors’ assets are being safely managed in line with regulatory requirements. Thorough review and validation checks are conducted, highlighting any issues, and or areas for improvement.
On a daily basis, the Investment Manager measures each Sub-Fund by using its systems to analyse the Sub Fund’s reconciled position against its’ benchmark and investment objective to ensure the investment objective is being met whilst minimising tracki ng error. Using this information, the system can recomm end specific trades to bring a Sub-Fund back into tolerance with its respective index.
Trading lists then undergo compliance system checks to identify any potential investment restrictions which may cause a breach before execution can take place.
Additionally, the Investment Manager regularly reviews actual ex-post tracking errors against expected ex-post tracking error and would use this information to highlig ht improvements that can be made to its investment processes.
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Independent to the portfolio management team, the Investment Manager utilises the enterprise risk team who will measure a funds tracking error volatility (“TEV”) based on the clients limits on a daily basis and will question the portfolio manager in case the TEV nears or breaches the predetermined limit.
The Sub-Funds target investors with a medium to long term investment goal so returns over the three and five year period have been assessed where possible. For any Sub-Fund that does not have this length of performance data, we have assessed the next closest available performance period.
Each Sub-Funds performance was evaluated on a net of fee basis by reviewing the quarterly tracking errors that are outside permitted tolerance levels over a three year period. Where necessary, additional analysis is conducted to identify the factors that drive any deviation of return from the benchmark.
The Board concluded that the Sub-Funds were managed in line with its investment objective and tracking tolerances over the relevant assessment period.
State Street Authorised Unit Trust
Sub-Fund
Net 3 Year Period % Net 5 Year Period %
Fund Return
Tracking Difference
Fund Return
Tracking Difference State Street AUT Asia Pacific Ex-Japan Screened Index Equity Fund
10.39 0.02 5.81 -0.03
State Street AUT Emerging Market Tilted Index Equity Fund 11.92 -0.49 n/a n/a State Street AUT Europe ex UK Screened Index Equity Fund 14.63 0.45 10.35 0.43 State Street AUT Japan Screened Index Equity Fund 12.99 -0.04 6.87 -0.02 State Street AUT North America Screened Index Equity Fund 18.56 0.09 13.88 0.13 State Street AUT UK Screened Index Equity Fund 11.74 -0.15 9.91 -0.07 State Street AUT 1-10 Year U.S. TIPS Index Fund 0.56 2 -0.03 2 n/a n/a State Street AUT 1-5 Year Global Credit Index Fund 0.36 3 -0.08 3 n/a n/a State Street AUT 5-15 Year Global Credit Index Fund -0.22 3 -0.12 3 n/a n/a State Street AUT Emerging Markets Index Equity Fund 1.23 3 -0.57 3 n/a n/a State Street AUT Europe ex UK Index Equity Fund 4.09 2 0.08 2 n/a n/a State Street AUT Global High Yield Bond Index Fund 1.49 3 -0.03 3 n/a n/a State Street AUT Global Index Equity Fund 2.66 3 -0.48 3 n/a n/a State Street AUT Global Treasury 1-5 Year Bond Index Fund 0.23 2 -0.02 2 n/a n/a State Street AUT Global Treasury 5-15 Year Bond Index Fund -0.60 2 0.00 2 n/a n/a State Street AUT Japan Index Equity Fund 1.07 2 -0.41 2 n/a n/a State Street AUT North America A Index Equity Fund 3.14 3 1.55 3 n/a n/a State Street AUT North America B Index Equity Fund 2.06 2 0.11 2 n/a n/a State Street AUT UK Index Equity Fund 5.11 2 -0.05 2 n/a n/a State Street AUT World Small Cap Index Equity Fund 2.47 3 -0.99 3 n/a n/a Performance figures in GBP as at 31 December 2025 2 Since inception 6 October 2025 3 Since inception 20 October 2025
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State Street Authorised Contractual Scheme
Sub-Fund
Net 3 Year Period % Net 5 Year Period %
Fund Return
Tracking Difference
Fund Return
Tracking Difference State Street ACS Multi-Factor Global ESG Index Equity Fund – B2H 17.05 0.24 11.44 0.21 State Street ACS Multi-Factor Global ESG Index Equity Fund – U2 12.73 0.13 10.81 0.08 State Street ACS Multi-Factor Global ESG Index Equity Fund – U2H 18.78 4 -0.60 4 n/a n/a Performance figures in GBP as at 31 December 2025 4 1 year return
AFM costs – general
The fees paid by the investor should be reasonable considering the cost of the service the Sub-Fund is receiving. This applies not just to management fees but to all fund charges.
As it relates to each Sub-Fund, there is one Annual Management Charge (“ AMC ”) which captures all fees charged to the relevant Sub-Fund. The Investment Manager pays the cost of all external services out of the AMC. In the event that a Sub-Fund’s costs are higher than the AMC, the Investment Manager subsidises the costs. For the avoidance of doubt, performance fees are not charged to any Sub-Fund.
Effective management of costs is primary to SSUTM to ensure costs are aligned with the set AMC. Sub-Fund costs are closely and continuously monitored to ensure the best rates are achieved. Where opportunities are identified to reduce charges to investors, we will not hesitate to pass on material reductions to investors, as we did in May 2020 where a number of AMC’s were reduced.
Economies of Scale
SSUTM has assessed the degree to which any savings arising from Sub-Fund scale is reflected in value for investors. Generally, cost savings can be secured as the Sub-Fund’s assets under management grow – this would be primarily driven by the way in which service provider fees have been negotiated and structured in the first instance. Furthermore, consideration is given as to whether investors have benefited from the scale of the wider State Street Group. As a subsidiary, SSUTM is generally able to use the State Street Group’s size to negotiate with service providers in a more effective manner than a standalone entity.
SSUTM concluded there had been no material increase in the size of each Sub-Fund over the past year contributing to securing additional economies of scale over and above what was already in place. Assets under management would need to significantly grow in the Sub-Funds before being able to benefit from any further material economies of scale. SSUTM remains committed to continuously look for opportunities to pass on savings to its investors.
Comparable market rates
SSUTM appointed an external third party service provider to conduct a competitive assessment of all fees, including management fees and ongoing charges. Each of the Sub-Fund’s AMCs were compared to relevant competitors to ascertain if value is being offered market wide. The comparison is based upon various factors such as the legal structure, investment mandate as defined by the Investment Association sector categorisation, asset size and share class characteristics. To ensure a meaningful comparison, the peer group comparators must, as far as possible, share similar characteristics as the Sub-Fund.
SSUTM concluded that its AMC’s ranked well in their respective peer groups and remain competitive.
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Comparable services
The underlying principle is that no investor should be paying materially more than others to access a similar product managed by SSUTM. Investors should expect to pay similar fees as investors in funds of a comparable size and with similar investment objectives. SSUTM strives to ensure the outcome is fair to all types of investor in our Sub-Funds.
SSUTM is satisfied that fees of other funds within the State Street group which have a similar strategy are consistent and concluded that it’s AMC remains competitive within the State Street sphere.
Classes of units
Analysis for this relates to whether investors are in the most appropriate share class and whether any share classes with similar rights are subject to a different fee charging structure without justification.
State Street Authorised Contractual Scheme
State Street Authorised Contractual Scheme targets inst itutional investors and accordingly, the share classes have been structured to meet the differing needs of this potential client base and in certain circumstances, their inability to benefit from discretionary fee rebates. The Sub- Fund differentiates share classes as detailed in the Prospectus by:
• investor type (Insurance Company or Registered Pension Scheme); • how the AMC is charged (i.e. outside the Sub-Fund by way of separate agreement, or within the Sub Fund accrued as part of the AMC); • or by other variables such as the use of hedging
SSUTM has analysed the investor base and key drivers for share class differentiation and confirms investors are in the appropriate share class based on investor type, investment minimums and ongoing charges.
State Street Authorised Unit Trust
State Street Authorised Unit Trust o perates a single share class with a single fee; however, some investors benefit from a discretionary fee rebate. The level of rebate is determined by the Investment Manager’s standard global discounting policy and is primarily driven by the level of investment. This operating model benefits the Sub-Funds as it is more cost effective as opposed to the Sub-Fund bearing the additional administration costs of operating multiple share classes.
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"text": "challenge where necessary to support good decision making and to achieve more for our clients. We are"
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"text": "achievements. The SSUTM Board is comprised of the following members:"
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"text": "A Fellow of the Institute of Chartered Accountants in Ireland, Mr. Coghlan qualified from"
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"text": "PricewaterhouseCoopers. He was a Director of Citi Global Markets and Head of Pan European Equity Sales"
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"text": "in the wealth management division of NCB Stockbrokers. Mr. Coghlan holds a Bachelor of Arts from UCD in"
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"text": "Barbara Healy"
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"text": "industry. Ms. Healy was Global Head of Operations for JPMorgan Hedge Fund Services incorporating the role"
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"text": "of Executive Director and Head of Technical Solutions EMEA and Asia. (2004 \u2013 2009)."
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"text": "acquired by JPMorgan and before this was Director of Accounting for SEI Investments Europe. Ms. Healy has"
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"text": "Boards Corporate Governance Programme at IMD, Lausanne, Switzerland, 2011."
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...