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Report.","page_number":2,"box":{"x":47,"y":500,"width":365,"height":11}},{"id":"486bf077-8be1-46a9-b491-aeef908c43da","block_type":"box","text":"State Street AUT North America Screened Index Equity Fund","page_number":2,"box":{"x":47,"y":44,"width":575,"height":13}},{"id":"bbfad7d4-4f1f-447a-bb47-7f8dee9e1966","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":2,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"287ab0de-e1d5-44e9-b0fb-0308e2d277de","block_type":"box","text":"Authorised Status","page_number":3,"box":{"x":46,"y":175,"width":144,"height":8}},{"id":"3f2ecfc4-79ab-45ca-85ce-a867dbece34d","block_type":"box","text":"The State Street AUT North America Screened Index Equity Fund (the “Fund”) is an Authorised Unit Trust Scheme as defined","page_number":3,"box":{"x":47,"y":194,"width":903,"height":11}},{"id":"b529ff80-8489-43a6-8f2d-4c955c23b0ff","block_type":"box","text":"in section 243 of the Financial Services and Markets Act 2000 and it is a UCITS Retail Scheme within the meaning of the FCA","page_number":3,"box":{"x":48,"y":208,"width":904,"height":11}},{"id":"7b3d8a25-c561-4711-984e-04c2cd34fd1b","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":"10ecc405-cda7-47ef-bc9f-16f053e916a2","block_type":"box","text":"Investment Objective and Policy","page_number":3,"box":{"x":48,"y":258,"width":255,"height":11}},{"id":"b01c35cf-bab5-41bb-aeb9-4708ec68ecca","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 North America","page_number":3,"box":{"x":47,"y":277,"width":904,"height":11}},{"id":"781b4895-f89a-46e4-8d14-4bdd618c4c0a","block_type":"box","text":"equity market as represented by the FTSE North America ex Controversies ex CW ex Tobacco ex Thermal Coal (10%) Index,","page_number":3,"box":{"x":47,"y":291,"width":903,"height":11}},{"id":"7b010aeb-03b9-4439-b2c2-49546c14e625","block_type":"box","text":"net of withholding taxes (or its recognised replacement or equivalent).","page_number":3,"box":{"x":48,"y":305,"width":513,"height":11}},{"id":"bcdf7656-c9ed-463c-93a9-6eca443b275b","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":"5302af47-9f8a-49c1-b3e3-e36852f5cfb3","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":"4d47ef3d-a097-4a95-b091-41f3d06f6382","block_type":"box","text":"also invest in transferrable securities, money market instruments, warrants, units in collective investment schemes, deposits","page_number":3,"box":{"x":47,"y":355,"width":904,"height":11}},{"id":"292c1084-5e2f-427c-b041-6b87ac03f2ed","block_type":"box","text":"and derivatives.","page_number":3,"box":{"x":47,"y":369,"width":115,"height":9}},{"id":"5d97bb20-ab01-4e89-ab89-ee42786223aa","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":"f3327d62-43f5-428a-b808-badb2cacf247","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":"b58e6373-59b7-4e38-a8d7-c8e00f2cd67a","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":"443d930d-7de8-423f-b89e-a41ebab881b3","block_type":"box","text":"The Indices include negative screens that exclude securities from the Indices based on four criteria:","page_number":3,"box":{"x":47,"y":440,"width":735,"height":11}},{"id":"8a503c8f-6ff5-440f-a265-8ff3ff985a0e","block_type":"box","text":"1. Controversial weapons (including chemical & biological weapons, cluster munitions, antipersonnel landmines),","page_number":3,"box":{"x":48,"y":461,"width":831,"height":12}},{"id":"b855ea9f-90e6-4386-875b-fc15ea2d9129","block_type":"box","text":"2. Controversies as defined by the ten principles of the UN Global Compact:","page_number":3,"box":{"x":47,"y":483,"width":560,"height":11}},{"id":"107b1e6d-7c57-483d-9011-844119e75a74","block_type":"box","text":"Human Rights","page_number":3,"box":{"x":47,"y":504,"width":106,"height":11}},{"id":"9a6d2a34-fa39-4f2b-a469-5313dfa3702f","block_type":"box","text":"a) Principle 1: Businesses should support and respect the protection of internationally proclaimed human rights; and","page_number":3,"box":{"x":47,"y":526,"width":858,"height":11}},{"id":"5d35dbaa-9627-4988-b283-cd735e679f0b","block_type":"box","text":"b) Principle 2: make sure that they are not complicit in human rights abuses.","page_number":3,"box":{"x":47,"y":547,"width":561,"height":11}},{"id":"0126451a-1357-4025-b8c5-13b469ce6088","block_type":"box","text":"Labour","page_number":3,"box":{"x":47,"y":568,"width":53,"height":9}},{"id":"0562ad01-7396-4a19-847e-aaa251872f01","block_type":"box","text":"c) Principle 3: Businesses should uphold the freedom of association and the effective recognition of the right to collective","page_number":3,"box":{"x":47,"y":590,"width":904,"height":11}},{"id":"2f7205e4-d0b7-4a7c-ac24-c9490ed003d8","block_type":"box","text":"bargaining;","page_number":3,"box":{"x":47,"y":604,"width":82,"height":11}},{"id":"6dc7626a-9c50-4c6a-abf9-8c0005964e03","block_type":"box","text":"d) Principle 4: the elimination of all forms of forced and compulsory labour;","page_number":3,"box":{"x":47,"y":625,"width":550,"height":11}},{"id":"c96cb826-773f-48e7-966a-5be5bb490558","block_type":"box","text":"e) Principle 5: the effective abolition of child labour; and","page_number":3,"box":{"x":47,"y":646,"width":411,"height":12}},{"id":"3e99cb49-f1da-4b1b-870e-1a554c36e8ed","block_type":"box","text":"f) Principle 6: the elimination of discrimination in respect of employment and occupation.","page_number":3,"box":{"x":47,"y":668,"width":649,"height":11}},{"id":"8c0d23b3-b938-4d20-9dc9-e4ee6ebf07ff","block_type":"box","text":"Environment","page_number":3,"box":{"x":47,"y":689,"width":94,"height":9}},{"id":"12d4cb1c-11d9-42f9-a9f2-7f7432a14443","block_type":"box","text":"g) Principle 7: Businesses should support a precautionary approach to environmental challenges;","page_number":3,"box":{"x":47,"y":710,"width":719,"height":12}},{"id":"ea26030c-a22c-414e-ab59-bbe660fabb94","block_type":"box","text":"h) Principle 8: undertake initiatives to promote greater environmental responsibility; and","page_number":3,"box":{"x":47,"y":732,"width":646,"height":11}},{"id":"0ac1f457-434a-448c-a8d0-18b94ce9e7af","block_type":"box","text":"i) Principle 9: encourage the development and diffusion of environmentally friendly technologies.","page_number":3,"box":{"x":47,"y":753,"width":709,"height":11}},{"id":"4e87de42-791f-4c80-b4b1-a7991ecae5f7","block_type":"box","text":"AntiCorruption","page_number":3,"box":{"x":46,"y":774,"width":107,"height":11}},{"id":"561219f0-6d54-4752-818f-13d8e25fe290","block_type":"box","text":"j) Principle 10: Businesses should work against corruption in all its forms, including extortion and bribery.","page_number":3,"box":{"x":44,"y":796,"width":772,"height":11}},{"id":"6082b028-33d1-46e8-ad0e-1745d5253295","block_type":"box","text":"3. Tobacco (companies engaged in the production of tobacco and/or tobacco products)","page_number":3,"box":{"x":47,"y":817,"width":641,"height":11}},{"id":"872acca7-f2cd-4bd7-b59d-1ef8fba315e4","block_type":"box","text":"4. Thermal Coal (companies with revenues greater than or equal to 10% from extraction or power generation of thermal coal)","page_number":3,"box":{"x":47,"y":838,"width":904,"height":12}},{"id":"79e7c47d-eec5-4942-9b4f-c2d7843d73e2","block_type":"box","text":"These negative screens will therefore apply when the Fund invest in shares of companies included in the Index (but not in","page_number":3,"box":{"x":47,"y":860,"width":903,"height":11}},{"id":"73a19e39-a752-424f-8e0e-738ebe67ac03","block_type":"box","text":"respect of other investments held by the Fund from time to time).","page_number":3,"box":{"x":48,"y":874,"width":477,"height":11}},{"id":"d5c0bbe8-e487-4e70-a0f4-4630b1bde9be","block_type":"box","text":"State Street AUT North America Screened Index Equity Fund","page_number":3,"box":{"x":47,"y":44,"width":575,"height":13}},{"id":"e0d17956-9229-4e94-9448-a1fd517618d7","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":3,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"814a96d2-88d6-486d-a769-983bc998ced1","block_type":"box","text":"Manager’s Report","page_number":3,"box":{"x":48,"y":123,"width":168,"height":13}},{"id":"ec624924-41d8-4a54-90eb-0d82637043a3","block_type":"box","text":"For the year ended 31st December 2025","page_number":3,"box":{"x":48,"y":147,"width":300,"height":11}},{"id":"a216be68-def7-4b03-aabc-7995479b822b","block_type":"box","text":"1","page_number":3,"box":{"x":497,"y":956,"width":3,"height":7}},{"id":"2e72b814-6ee1-4082-a3d3-379c64258d45","block_type":"box","text":"Performance","page_number":4,"box":{"x":48,"y":175,"width":100,"height":8}},{"id":"aafdf2e0-d3b5-4cbd-9440-28e813adb269","block_type":"box","text":"The Fund returned 9.54% on a net basis for the 1 year period ended 31 December 2025 (the “Reporting Period”), compared","page_number":4,"box":{"x":47,"y":194,"width":903,"height":11}},{"id":"9a4fe8bc-8357-429d-9387-fc37bb19cc6b","block_type":"box","text":"to the Index return of 9.46%. The size of the Fund’s tracking difference for the Reporting Period was 0.07% which was within","page_number":4,"box":{"x":47,"y":208,"width":903,"height":11}},{"id":"95aed814-894d-4c9c-b006-d6183b0e04f1","block_type":"box","text":"the targeted tolerance; the outperformance versus the Index was largely attributable to withholding tax effect. The Fund had","page_number":4,"box":{"x":47,"y":222,"width":903,"height":11}},{"id":"95686674-6f97-4104-9f1f-4a4b4adabab2","block_type":"box","text":"an ex-post 1 year tracking error of 0.04% against the benchmark index.","page_number":4,"box":{"x":47,"y":236,"width":525,"height":11}},{"id":"2e11c62f-4b0a-4785-9f80-944f950f6970","block_type":"box","text":"Note: Performance returns presented above are in GBP.","page_number":4,"box":{"x":47,"y":258,"width":414,"height":11}},{"id":"ae454843-b65a-4fce-af06-5fa50c594289","block_type":"box","text":"Risk and Reward Profile","page_number":4,"box":{"x":48,"y":293,"width":190,"height":9}},{"id":"3ae88c08-8d0c-4a58-98c5-e5f658f2e013","block_type":"box","text":"Risk Disclaimer","page_number":4,"box":{"x":48,"y":444,"width":123,"height":8}},{"id":"0cf23ec2-8d55-4a99-8f8a-d094d9ba4d6d","block_type":"box","text":"The risk category above is not a measure of capital loss or gains but of how significant the rises and falls in the Fund’s return","page_number":4,"box":{"x":47,"y":462,"width":903,"height":11}},{"id":"a7be8890-67b4-42e9-a7a9-c3f71fe7029d","block_type":"box","text":"have been historically.","page_number":4,"box":{"x":48,"y":476,"width":161,"height":11}},{"id":"bcbe973b-ffb8-4cc2-9918-6ef905920201","block_type":"box","text":"For example a fund whose return has experienced significant rises and falls will be in a higher risk category, whereas a fund","page_number":4,"box":{"x":48,"y":497,"width":902,"height":11}},{"id":"20a0c7eb-b0db-414b-b875-1fd5e860964a","block_type":"box","text":"whose return has experienced less significant rises and falls will be in a lower risk category.","page_number":4,"box":{"x":46,"y":511,"width":675,"height":11}},{"id":"a51794d2-518a-4bf7-94f7-9c324e870488","block_type":"box","text":"The lowest category (i.e. category 1) does not mean that a fund is a risk free investment.","page_number":4,"box":{"x":47,"y":533,"width":654,"height":11}},{"id":"9c6e6bd0-3e20-44a8-af6a-1360fe73db2d","block_type":"box","text":"As the Fund’s risk category has been calculated using historical data, it may not be a reliable indication of the Fund’s future","page_number":4,"box":{"x":46,"y":554,"width":905,"height":11}},{"id":"5ef08b6f-ef3a-4b21-9d41-02cc39f9bd03","block_type":"box","text":"risk profile.","page_number":4,"box":{"x":48,"y":568,"width":78,"height":11}},{"id":"bd03c5b6-39a7-4218-ab14-48d61f79b4c8","block_type":"box","text":"The Fund’s risk category shown is not guaranteed and may change in the future.","page_number":4,"box":{"x":47,"y":590,"width":595,"height":11}},{"id":"c74451a4-9436-4b53-b685-f7489f615c1b","block_type":"box","text":"Why is this Fund in this category?","page_number":4,"box":{"x":46,"y":618,"width":272,"height":11}},{"id":"0c43b0f2-f8b5-43f1-bc8b-6a9336bbaba8","block_type":"box","text":"The Fund is in risk category 6 as its return has experienced very high rises and falls historically.","page_number":4,"box":{"x":47,"y":636,"width":703,"height":11}},{"id":"3effc34b-9bae-4202-afac-1b981e40e31d","block_type":"box","text":"The following are material risks relevant to the Fund which are not adequately captured by the risk category.","page_number":4,"box":{"x":47,"y":657,"width":797,"height":11}},{"id":"21082681-ed79-4716-9565-0b0b6f44a6a4","block_type":"box","text":"Concentration Risk:","page_number":4,"box":{"x":47,"y":678,"width":157,"height":9}},{"id":"e1e5ec1c-0457-45a1-8b8a-2883f1b0ab78","block_type":"box","text":"When the Fund focuses its investments in a particular way, the issues affecting the investments will","page_number":4,"box":{"x":211,"y":678,"width":739,"height":12}},{"id":"79994026-ea3c-4508-9cb4-e3c26e2e59e6","block_type":"box","text":"have a greater effect than if the Fund was more diversified. This concentration may also limit the Fund's liquidity.","page_number":4,"box":{"x":48,"y":693,"width":827,"height":11}},{"id":"cf17b06c-f443-4b72-a534-aa7fe59dfe17","block_type":"box","text":"Counterparty Risk:","page_number":4,"box":{"x":47,"y":714,"width":151,"height":11}},{"id":"e30f8a65-4776-425e-a0d4-a9165ebf623c","block_type":"box","text":"The Fund will be subject to credit risk with respect to the counterparties with which it enters into","page_number":4,"box":{"x":207,"y":714,"width":744,"height":11}},{"id":"5c331af7-5b41-4b7d-9512-f023d87cb01c","block_type":"box","text":"derivatives contracts and other transactions. There is a risk that these institutions may not be able to perform their obligations.","page_number":4,"box":{"x":47,"y":728,"width":903,"height":11}},{"id":"88745e7a-b53e-45f2-83fd-7d53f451b3f5","block_type":"box","text":"This could reduce the value of the Fund's investments.","page_number":4,"box":{"x":47,"y":742,"width":403,"height":9}},{"id":"1402c34e-0de1-4499-9be4-feb87954a24b","block_type":"box","text":"Index Tracking Risk:","page_number":4,"box":{"x":48,"y":764,"width":161,"height":11}},{"id":"c27ca038-ec6f-4ccf-a92f-13850d0c4378","block_type":"box","text":"The Fund's performance may not exactly track the Index. This can result from market fluctuations,","page_number":4,"box":{"x":217,"y":764,"width":733,"height":11}},{"id":"7468f68b-cc8f-477a-a9af-793de63f2830","block_type":"box","text":"changes in the composition of the Index, transaction costs, the costs of making changes to the Fund's portfolio and other Fund","page_number":4,"box":{"x":47,"y":778,"width":903,"height":11}},{"id":"96a4a6be-56f0-4035-9671-9a15abd51820","block_type":"box","text":"expenses.","page_number":4,"box":{"x":47,"y":795,"width":74,"height":8}},{"id":"5040df59-bb66-43bb-a005-f455ad7d440f","block_type":"box","text":"Liquidity Risk:","page_number":4,"box":{"x":48,"y":814,"width":112,"height":11}},{"id":"62609218-8478-4309-9f27-7b26f75276d8","block_type":"box","text":"It may be difficult for the Fund to buy or sell certain investments in difficult market conditions. Consequently","page_number":4,"box":{"x":167,"y":814,"width":784,"height":11}},{"id":"bfed5f67-e7fc-4b03-9300-4924b7368b59","block_type":"box","text":"the price obtained when selling securities may be lower than under normal market conditions.","page_number":4,"box":{"x":47,"y":828,"width":689,"height":11}},{"id":"12850554-d88a-4c6d-8a60-2e852f7b0abf","block_type":"box","text":"Screening Risk:","page_number":4,"box":{"x":47,"y":849,"width":123,"height":11}},{"id":"2fa4eb99-4f67-4616-ad84-12f464badc57","block_type":"box","text":"The Scheme may track an index that uses a screen to identify securities based on criteria including, but, not","page_number":4,"box":{"x":175,"y":849,"width":776,"height":11}},{"id":"5ca7524a-1227-4807-be4f-694a713420b7","block_type":"box","text":"limited to environmental, social and governance (ESG) criteria. The screen may be fully or partially designed by the Manager","page_number":4,"box":{"x":47,"y":863,"width":905,"height":11}},{"id":"2b1d48d3-aee8-422c-9cde-5d2863a68a9b","block_type":"box","text":"or by a third party provider. There is a risk that errors are made in the screening process. There is an additional risk that a","page_number":4,"box":{"x":47,"y":878,"width":904,"height":11}},{"id":"5f3e044c-d4f3-431f-9d8c-a2f3e095d192","block_type":"box","text":"screen provider may amend or discontinue its screening services and/or that the Manager may change the screen or screen","page_number":4,"box":{"x":47,"y":892,"width":903,"height":11}},{"id":"1424c7ce-66fc-4e30-b71c-3db98e4dd5cc","block_type":"box","text":"provider. In such circumstances, there is no guarantee that a replacement screen provided would result in a similar screening","page_number":4,"box":{"x":48,"y":906,"width":902,"height":11}},{"id":"f495ee9d-8dbb-4d6a-a31e-189d293ef3c6","block_type":"box","text":"process or would be available.","page_number":4,"box":{"x":48,"y":920,"width":222,"height":11}},{"id":"23f1eb82-7b21-4015-8422-2d12e26ffb30","block_type":"box","text":"State Street AUT North America Screened Index Equity Fund","page_number":4,"box":{"x":47,"y":44,"width":575,"height":13}},{"id":"718616d5-044e-4f32-9afe-922119b8db12","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":4,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"b99d77b2-7e1a-4ea2-a248-97b0891d96f0","block_type":"box","text":"Manager's Report (continued)","page_number":4,"box":{"x":48,"y":123,"width":281,"height":13}},{"id":"bd348969-5f7c-4549-91ea-34d9c15bb9b0","block_type":"box","text":"For the year ended 31st December 2025","page_number":4,"box":{"x":48,"y":147,"width":300,"height":11}},{"id":"e764ac6e-ead4-4efd-9f23-011487f4951e","block_type":"box","text":"2","page_number":4,"box":{"x":496,"y":956,"width":6,"height":7}},{"id":"3d4f25c3-b8d1-4c38-a37b-b9de626d8fe5","block_type":"box","text":"Derivatives Usage","page_number":5,"box":{"x":48,"y":175,"width":142,"height":11}},{"id":"6b4c4467-92be-4a7e-b70a-bd542121cbe2","block_type":"box","text":"Derivatives are used in the Fund for efficient portfolio management purposes. The Fund invests in index futures to manage","page_number":5,"box":{"x":48,"y":194,"width":903,"height":11}},{"id":"44c5737b-c4af-4412-905f-b2b051225306","block_type":"box","text":"client inflows and outflows and to hedge accrued income. At all times the futures exposure is covered entirely by cash or cash","page_number":5,"box":{"x":47,"y":208,"width":903,"height":11}},{"id":"adb7f78f-7db0-400e-bc87-8674b2bc7937","block_type":"box","text":"equivalents.","page_number":5,"box":{"x":47,"y":222,"width":87,"height":11}},{"id":"caa5ab70-ca20-478e-9a0d-d51b54271a4e","block_type":"box","text":"As at 31st December 2025, the Fund had a total notional exposure to futures of £1,281,086 (0.39% of the Fund).","page_number":5,"box":{"x":46,"y":243,"width":832,"height":11}},{"id":"3681dd24-60f4-4f08-bc62-538397167451","block_type":"box","text":"Tracking Error","page_number":5,"box":{"x":47,"y":272,"width":114,"height":11}},{"id":"11179a67-0305-48ce-ae74-e457070273a4","block_type":"box","text":"The Tracking Error measures the standard deviation of the relative returns. It is the annualised standard deviation of the","page_number":5,"box":{"x":47,"y":290,"width":904,"height":11}},{"id":"46077269-7b4e-4470-b187-ea7e63de291b","block_type":"box","text":"returns of a fund minus those of its benchmark (relative returns) and not the standard deviation of each fund’s unique returns.","page_number":5,"box":{"x":48,"y":304,"width":902,"height":11}},{"id":"cb5ef88c-2e08-40e5-93d1-ea26a28294f4","block_type":"box","text":"The lower the tracking error of a fund, the more the fund resembles its benchmark or the market regarding risk and return","page_number":5,"box":{"x":47,"y":318,"width":903,"height":11}},{"id":"7f59c122-12a7-46d1-995c-cf6bd7f574ed","block_type":"box","text":"characteristics.","page_number":5,"box":{"x":47,"y":332,"width":110,"height":9}},{"id":"b284de27-1bde-4377-b8fc-c377cc68be98","block_type":"box","text":"The size of the Fund’s tracking error for the twelve months ended 31st December 2025 was 0.04% which was within the","page_number":5,"box":{"x":47,"y":354,"width":904,"height":11}},{"id":"6efd2ad0-d20c-44c7-9780-5d426048f7cb","block_type":"box","text":"targeted tolerance.","page_number":5,"box":{"x":47,"y":368,"width":138,"height":11}},{"id":"fcb275f7-7b70-43ec-897d-a90d73f08b98","block_type":"box","text":"State Street AUT North America Screened Index Equity Fund","page_number":5,"box":{"x":47,"y":44,"width":575,"height":13}},{"id":"ca9eae62-11d2-4829-8dda-ea422e294f0e","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":5,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"46524a85-7b8a-4705-be11-a8f81a4abe41","block_type":"box","text":"Manager's Report (continued)","page_number":5,"box":{"x":48,"y":123,"width":281,"height":13}},{"id":"62bcdb2a-9e33-48e4-85c7-3cb533555ca2","block_type":"box","text":"For the year ended 31st December 2025","page_number":5,"box":{"x":48,"y":147,"width":300,"height":11}},{"id":"86a8c9cf-f8b2-4d0e-a8a8-55539d68bca7","block_type":"box","text":"3","page_number":5,"box":{"x":496,"y":956,"width":6,"height":7}},{"id":"5abda6a2-4638-4fd5-8046-c9efa500d450","block_type":"box","text":"Holdings","page_number":6,"box":{"x":628,"y":174,"width":69,"height":11}},{"id":"b852ab06-24cb-473f-9658-9bf903fd0797","block_type":"box","text":"Market Value","page_number":6,"box":{"x":724,"y":159,"width":101,"height":9}},{"id":"f6ff0e04-36a0-4023-8478-a86ff89c6b22","block_type":"box","text":"£'000","page_number":6,"box":{"x":785,"y":173,"width":40,"height":9}},{"id":"521842de-abb1-4304-9ac5-7bbc95774a96","block_type":"box","text":"% of Total","page_number":6,"box":{"x":873,"y":159,"width":77,"height":9}},{"id":"eab7f754-2911-4083-9fea-8f74898020fb","block_type":"box","text":"Net Assets","page_number":6,"box":{"x":867,"y":174,"width":84,"height":8}},{"id":"4a80b387-486a-44bf-b547-f85b6df37d6b","block_type":"box","text":"Aerospace & Defence – 1.55% (31.12.2024 – 1.28%)","page_number":6,"box":{"x":46,"y":222,"width":404,"height":11}},{"id":"f035e0c4-db12-410b-b497-f1d66b1e7353","block_type":"box","text":"Axon Enterprise, Inc. 600 253 0.08","page_number":6,"box":{"x":46,"y":242,"width":905,"height":11}},{"id":"479f32dd-26b2-416d-a53a-d5e0a5e28fda","block_type":"box","text":"Boeing Co. 5,615 906 0.27","page_number":6,"box":{"x":48,"y":261,"width":903,"height":12}},{"id":"cf7a63d4-9f66-4efc-82f9-9d05d612525c","block_type":"box","text":"Bombardier, Inc. 700 88 0.03","page_number":6,"box":{"x":48,"y":281,"width":903,"height":10}},{"id":"8c549dd3-58b8-4e80-a594-44c973411621","block_type":"box","text":"CAE, Inc.","page_number":6,"box":{"x":47,"y":301,"width":69,"height":10}},{"id":"eb62c304-e17d-4867-9a52-f1a1ab442bda","block_type":"box","text":"2,600 59 0.02","page_number":6,"box":{"x":657,"y":301,"width":293,"height":10}},{"id":"5dfbefb1-aa69-4204-92d1-46ee61aede6c","block_type":"box","text":"General Dynamics Corp. 1,809 453 0.14","page_number":6,"box":{"x":47,"y":320,"width":904,"height":12}},{"id":"4f0d669c-f4d0-4a99-ab89-3e1a0984117b","block_type":"box","text":"General Electric Co. 7,933 1,817 0.55","page_number":6,"box":{"x":47,"y":340,"width":904,"height":11}},{"id":"280a70c4-bdb8-43f4-9f63-80c6dc6519f9","block_type":"box","text":"HEICO Corp. 300 72 0.02","page_number":6,"box":{"x":48,"y":360,"width":902,"height":11}},{"id":"05677a6b-b66e-43c3-948b-6b7cf23f43cc","block_type":"box","text":"HEICO Corp. 'A' Shares 500 94 0.03","page_number":6,"box":{"x":48,"y":380,"width":903,"height":11}},{"id":"dde9cd82-661d-4227-a99d-db0f17bc9eb5","block_type":"box","text":"Howmet Aerospace, Inc. 2,872 438 0.13","page_number":6,"box":{"x":48,"y":399,"width":903,"height":11}},{"id":"ff28d4da-c2e0-47db-889f-8edf31dfe973","block_type":"box","text":"Northrop Grumman Corp. 980 415 0.12","page_number":6,"box":{"x":48,"y":419,"width":902,"height":11}},{"id":"c1491755-b7a4-4aa1-8a5e-bffeb14a8b97","block_type":"box","text":"Textron, Inc. 1,400 91 0.03","page_number":6,"box":{"x":47,"y":439,"width":904,"height":10}},{"id":"ac293c3d-c574-4d67-bab0-2180cb553c39","block_type":"box","text":"TransDigm Group, Inc. 430 425 0.13","page_number":6,"box":{"x":47,"y":458,"width":904,"height":11}},{"id":"cc1cdd86-b25d-4cc3-8671-81fa93c6f81c","block_type":"box","text":"5,111 1.55","page_number":6,"box":{"x":786,"y":486,"width":165,"height":10}},{"id":"821fa119-6d9e-47e0-ad69-cf13ff87ada8","block_type":"box","text":"Alternative Energy – 0.11% (31.12.2024 – 0.10%)","page_number":6,"box":{"x":46,"y":534,"width":379,"height":12}},{"id":"bcd27fe9-a770-469e-b67c-936b4c65b84e","block_type":"box","text":"Cameco Corp. 3,600 245 0.07","page_number":6,"box":{"x":47,"y":554,"width":904,"height":11}},{"id":"738051d3-65bb-4d09-80af-6c7a84a69418","block_type":"box","text":"First Solar, Inc. 600 117 0.04","page_number":6,"box":{"x":48,"y":574,"width":903,"height":10}},{"id":"5482f265-537b-4012-9484-1a619a6df53b","block_type":"box","text":"362 0.11","page_number":6,"box":{"x":798,"y":601,"width":151,"height":9}},{"id":"57c338ba-c358-4088-a278-910a20e01b24","block_type":"box","text":"Automobiles & Parts – 2.36% (31.12.2024 – 2.38%)","page_number":6,"box":{"x":46,"y":650,"width":396,"height":11}},{"id":"32d9abae-107c-44f6-ae70-983328169706","block_type":"box","text":"Aptiv PLC 1,900 107 0.03","page_number":6,"box":{"x":46,"y":669,"width":905,"height":12}},{"id":"0aff5670-9290-4cba-b9b8-7683a85261b4","block_type":"box","text":"Ford Motor Co. 31,320 306 0.09","page_number":6,"box":{"x":48,"y":689,"width":903,"height":11}},{"id":"64d42eff-58e4-45da-b06f-4aba27fc9505","block_type":"box","text":"Genuine Parts Co. 900 82 0.03","page_number":6,"box":{"x":47,"y":709,"width":904,"height":9}},{"id":"20600769-6191-4536-b3bc-bbb718f9907f","block_type":"box","text":"Magna International, Inc. 2,400 95 0.03","page_number":6,"box":{"x":48,"y":729,"width":903,"height":11}},{"id":"c267affd-9e27-4404-b453-8a639fa86d94","block_type":"box","text":"Rivian Automotive, Inc. 3,800 56 0.02","page_number":6,"box":{"x":48,"y":748,"width":902,"height":11}},{"id":"fa225679-0648-41a2-9752-b107ed0431dd","block_type":"box","text":"Tesla, Inc. 21,386 7,148 2.16","page_number":6,"box":{"x":47,"y":768,"width":904,"height":10}},{"id":"7a6e269e-a7c1-4868-bd0f-cbeb07c83f3e","block_type":"box","text":"7,794 2.36","page_number":6,"box":{"x":784,"y":795,"width":167,"height":11}},{"id":"f3c43c4e-abcb-4b7d-8a8c-72ccdb0587f4","block_type":"box","text":"Banks – 4.09% (31.12.2024 – 3.98%)","page_number":6,"box":{"x":48,"y":844,"width":280,"height":11}},{"id":"049ad10a-a578-4515-8d7e-c03683d412f1","block_type":"box","text":"Bank of America Corp. 49,922 2,041 0.62","page_number":6,"box":{"x":48,"y":864,"width":902,"height":11}},{"id":"45c0e6a8-86f0-44b9-9191-04546f2dd9e5","block_type":"box","text":"Bank of Montreal 5,511 533 0.16","page_number":6,"box":{"x":48,"y":883,"width":903,"height":11}},{"id":"0d8ebfcf-ff86-4c27-b5be-00aa0ad18c01","block_type":"box","text":"Bank of Nova Scotia 9,686 531 0.16","page_number":6,"box":{"x":48,"y":903,"width":903,"height":10}},{"id":"2ba1c7e8-3e67-443d-bac2-550779a90f4b","block_type":"box","text":"State Street AUT North America Screened Index Equity Fund","page_number":6,"box":{"x":47,"y":44,"width":575,"height":13}},{"id":"50525b36-0385-4bc7-b784-2d1cd08dc08a","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":6,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"d7ae3f02-b97e-4907-9791-bec39a089a32","block_type":"box","text":"Portfolio Statement","page_number":6,"box":{"x":48,"y":102,"width":184,"height":10}},{"id":"31376685-0936-4caf-8bda-e6fcb05a4647","block_type":"box","text":"As at 31st December 2025","page_number":6,"box":{"x":46,"y":126,"width":198,"height":9}},{"id":"8cd8bc24-2d7e-4fd8-bba1-67033086a9c9","block_type":"box","text":"4","page_number":6,"box":{"x":495,"y":956,"width":7,"height":7}},{"id":"edc64ba9-466a-408b-970d-8a2ce11a9205","block_type":"box","text":"Holdings","page_number":7,"box":{"x":628,"y":174,"width":69,"height":11}},{"id":"7eba3f2f-85bd-413f-9741-21fa571897be","block_type":"box","text":"Market Value","page_number":7,"box":{"x":724,"y":159,"width":101,"height":9}},{"id":"f21bc328-d420-4fe2-928a-179e3b59f8ce","block_type":"box","text":"£'000","page_number":7,"box":{"x":785,"y":173,"width":40,"height":9}},{"id":"303989c9-2036-4996-8d6e-ecdca49332f8","block_type":"box","text":"% of Total","page_number":7,"box":{"x":873,"y":159,"width":77,"height":9}},{"id":"bc160bca-03aa-4f20-ba2d-1569d6d3b76d","block_type":"box","text":"Net Assets","page_number":7,"box":{"x":867,"y":174,"width":84,"height":8}},{"id":"d90aff06-7bc5-4b7a-a7d0-b9f97c281e39","block_type":"box","text":"Banks – 4.09% (31.12.2024 – 3.98%) (continued)","page_number":7,"box":{"x":48,"y":222,"width":376,"height":11}},{"id":"4c4a867c-b52b-4d5c-a8ed-e4ea62e311f4","block_type":"box","text":"Canadian Imperial Bank of Commerce 6,822 460 0.14","page_number":7,"box":{"x":47,"y":242,"width":904,"height":11}},{"id":"40327d24-34c4-4a7f-9447-62380a71f6f0","block_type":"box","text":"Citigroup, Inc. 13,462 1,168 0.35","page_number":7,"box":{"x":47,"y":261,"width":904,"height":12}},{"id":"bb6e689e-49c6-456e-9d6b-168857fb3c7c","block_type":"box","text":"Citizens Financial Group, Inc. 3,023 131 0.04","page_number":7,"box":{"x":47,"y":281,"width":904,"height":11}},{"id":"9e57ce85-190d-4d8e-be0e-9fe8eaacdde2","block_type":"box","text":"Credicorp Ltd. 400 85 0.03","page_number":7,"box":{"x":47,"y":301,"width":904,"height":11}},{"id":"c8534893-4e45-4fde-b670-dd2342758e30","block_type":"box","text":"Fifth Third Bancorp 4,200 146 0.04","page_number":7,"box":{"x":48,"y":321,"width":903,"height":11}},{"id":"588157e0-8192-49bd-a070-7117da0473f7","block_type":"box","text":"First Citizens BancShares, Inc. 80 128 0.04","page_number":7,"box":{"x":48,"y":340,"width":903,"height":11}},{"id":"0bc2914f-b8cc-4900-b4ff-b99d7913727f","block_type":"box","text":"Huntington Bancshares, Inc. 10,844 140 0.04","page_number":7,"box":{"x":48,"y":360,"width":903,"height":11}},{"id":"d795e747-6cdf-4395-b16d-150d8b4e459e","block_type":"box","text":"JPMorgan Chase & Co. 20,545 4,923 1.49","page_number":7,"box":{"x":47,"y":380,"width":904,"height":11}},{"id":"3eec6aa0-38e8-40b7-ad06-5ceb9e3a0f65","block_type":"box","text":"KeyCorp","page_number":7,"box":{"x":48,"y":399,"width":63,"height":11}},{"id":"a47bbfdc-d7d9-4bb8-ac51-652c56d71ca2","block_type":"box","text":"6,000 92 0.03","page_number":7,"box":{"x":657,"y":399,"width":294,"height":11}},{"id":"9008d74f-251a-4417-aae0-a2c3342622e6","block_type":"box","text":"M&T Bank Corp. 1,025 154 0.05","page_number":7,"box":{"x":48,"y":419,"width":903,"height":11}},{"id":"6c2da326-78cf-4781-8d2b-11348763efcf","block_type":"box","text":"National Bank of Canada 3,008 281 0.09","page_number":7,"box":{"x":48,"y":439,"width":903,"height":10}},{"id":"8bf7e914-e1af-4669-b83c-48926a5cde5e","block_type":"box","text":"PNC Financial Services Group, Inc. 2,984 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1.29","page_number":14,"box":{"x":784,"y":309,"width":167,"height":10}},{"id":"949a4b1d-e116-465b-af7c-ab3778e63abb","block_type":"box","text":"Investment Banking & Brokerage – 5.00% (31.12.2024 – 4.86%)","page_number":14,"box":{"x":48,"y":357,"width":493,"height":11}},{"id":"121facdc-1e5f-478a-9226-ccfab769e6c1","block_type":"box","text":"Ameriprise Financial, Inc. 664 242 0.07","page_number":14,"box":{"x":46,"y":377,"width":905,"height":11}},{"id":"7b03dda1-d40a-4f80-a5ac-4c60b8b52742","block_type":"box","text":"Apollo Global Management, Inc. 2,900 312 0.09","page_number":14,"box":{"x":46,"y":397,"width":905,"height":11}},{"id":"91a61f40-92a8-4b78-9a58-d78427bece99","block_type":"box","text":"ARES Management Corp. 1,400 168 0.05","page_number":14,"box":{"x":46,"y":416,"width":905,"height":11}},{"id":"ec24d682-d889-4a78-9fd2-8829a565b87e","block_type":"box","text":"Bank of New York Mellon Corp. 5,326 460 0.14","page_number":14,"box":{"x":48,"y":436,"width":903,"height":11}},{"id":"f15f39e6-ded3-4ba0-ac86-86ec3731c9ef","block_type":"box","text":"Berkshire Hathaway, Inc. 'A' Shares 3 1,681 0.51","page_number":14,"box":{"x":48,"y":456,"width":900,"height":11}},{"id":"69d919e0-629d-48a0-9720-8da1eb8ff1a7","block_type":"box","text":"Berkshire Hathaway, Inc. 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Rowe Price Group, Inc. 1,300 99 0.03","page_number":15,"box":{"x":47,"y":262,"width":904,"height":10}},{"id":"59fb72a9-a680-408f-b8f9-fb4be6ef5b7a","block_type":"box","text":"TMX Group Ltd. 2,300 65 0.02","page_number":15,"box":{"x":47,"y":281,"width":903,"height":11}},{"id":"f7fee8d9-67f6-4138-af0a-562177f9223a","block_type":"box","text":"16,513 5.00","page_number":15,"box":{"x":776,"y":309,"width":175,"height":10}},{"id":"133c747c-89c8-4212-8567-8a1418e7abcf","block_type":"box","text":"Leisure Goods – 0.32% (31.12.2024 – 0.27%)","page_number":15,"box":{"x":48,"y":357,"width":347,"height":11}},{"id":"2bcde127-9f77-4812-9314-e3368404a6f2","block_type":"box","text":"Electronic Arts, Inc. 2,042 310 0.09","page_number":15,"box":{"x":48,"y":377,"width":903,"height":10}},{"id":"6b47eed9-6c15-4e31-bbe2-4f1a7fda61c1","block_type":"box","text":"Garmin Ltd. 1,352 204 0.06","page_number":15,"box":{"x":47,"y":397,"width":904,"height":10}},{"id":"805f6594-eb8d-4b8a-bf6f-14dad5128243","block_type":"box","text":"ROBLOX Corp. 4,800 289 0.09","page_number":15,"box":{"x":48,"y":416,"width":903,"height":11}},{"id":"d45898fa-63be-481b-8d69-b2ea1a2f950b","block_type":"box","text":"Take-Two Interactive Software, Inc. 1,321 252 0.08","page_number":15,"box":{"x":47,"y":436,"width":904,"height":10}},{"id":"dc06c6cc-ae43-4f63-89b5-670081f5a964","block_type":"box","text":"1,055 0.32","page_number":15,"box":{"x":785,"y":463,"width":165,"height":11}},{"id":"3948f298-ab22-4356-9f68-4a8f90392fd2","block_type":"box","text":"Life Insurance – 0.48% (31.12.2024 – 0.53%)","page_number":15,"box":{"x":48,"y":512,"width":343,"height":11}},{"id":"7a130766-03e1-48a1-b87a-6b7974375ff7","block_type":"box","text":"Aflac, Inc. 3,766 309 0.10","page_number":15,"box":{"x":46,"y":532,"width":905,"height":10}},{"id":"3380cdbd-d3fa-4132-a89a-901a29ae2143","block_type":"box","text":"F&G Annuities & Life, Inc. 150 4 0.00","page_number":15,"box":{"x":48,"y":551,"width":903,"height":11}},{"id":"0f97fda1-1e5b-4293-907e-61084e93b815","block_type":"box","text":"Great-West Lifeco, Inc. 2,353 86 0.03","page_number":15,"box":{"x":47,"y":571,"width":904,"height":10}},{"id":"5e3d57fd-27fe-49e0-8d1b-c491cc27af47","block_type":"box","text":"iA Financial Corp., Inc. 800 77 0.02","page_number":15,"box":{"x":48,"y":591,"width":902,"height":11}},{"id":"21bf0313-fd60-44bb-ae8e-0eace4f60d7b","block_type":"box","text":"Manulife Financial Corp. 12,529 338 0.10","page_number":15,"box":{"x":48,"y":610,"width":903,"height":11}},{"id":"5e65c4ab-1e5a-4627-b25a-dd39d99ce164","block_type":"box","text":"MetLife, Inc. 3,913 230 0.07","page_number":15,"box":{"x":48,"y":630,"width":903,"height":10}},{"id":"f20b6081-17e2-40a0-bd76-aa8769946338","block_type":"box","text":"Power Corp. of Canada 3,363 133 0.04","page_number":15,"box":{"x":48,"y":650,"width":903,"height":11}},{"id":"40c5d2bc-11d8-4774-b84b-a1c5610c882b","block_type":"box","text":"Prudential Financial, Inc. 2,635 221 0.07","page_number":15,"box":{"x":48,"y":670,"width":903,"height":10}},{"id":"6f060b61-cb98-4633-a59c-fb316a95fdd2","block_type":"box","text":"Sun Life Financial, Inc. 3,800 176 0.05","page_number":15,"box":{"x":47,"y":689,"width":904,"height":11}},{"id":"2bc6f014-24df-457f-a4f8-b2d95070782e","block_type":"box","text":"1,574 0.48","page_number":15,"box":{"x":785,"y":717,"width":166,"height":10}},{"id":"5c367772-6b05-4997-96bd-6b02f28018b5","block_type":"box","text":"Media – 1.46% (31.12.2024 – 1.61%)","page_number":15,"box":{"x":48,"y":765,"width":277,"height":11}},{"id":"e1a8138f-3071-43c0-ab99-72e90eefbc17","block_type":"box","text":"Fox Corp. 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that:","page_number":29,"box":{"x":47,"y":329,"width":246,"height":11}},{"id":"0d381531-1e5f-4826-bb82-64bfd59b489f","block_type":"box","text":"•","page_number":29,"box":{"x":47,"y":353,"width":4,"height":3}},{"id":"090c81f2-315e-4508-a306-e766ad06d20a","block_type":"box","text":"the Trust’s cash flows are properly monitored and that cash of the Trust is booked in cash accounts in accordance with","page_number":29,"box":{"x":77,"y":350,"width":873,"height":11}},{"id":"2d07ee9f-c7f5-477f-9b82-57c7ba3db54a","block_type":"box","text":"the Regulations;","page_number":29,"box":{"x":77,"y":364,"width":120,"height":11}},{"id":"588ef059-f696-4413-b0cd-54478f607fa4","block_type":"box","text":"•","page_number":29,"box":{"x":47,"y":389,"width":4,"height":3}},{"id":"10b209b4-5e51-4a8f-8ac9-0ee7f524e7f8","block_type":"box","text":"the sale, issue, repurchase, redemption and cancellation of units are carried out in accordance with the Regulations;","page_number":29,"box":{"x":77,"y":386,"width":858,"height":11}},{"id":"7ec5cdc0-f548-4ee4-9cf5-7deeeba7bb41","block_type":"box","text":"•","page_number":29,"box":{"x":47,"y":410,"width":4,"height":3}},{"id":"e309c5ae-dbe1-4c2a-8718-4670eb666686","block_type":"box","text":"the value of units of the Trust are calculated in accordance with the Regulations;","page_number":29,"box":{"x":77,"y":407,"width":592,"height":11}},{"id":"642613e8-94ff-43b5-9427-f41402ee933e","block_type":"box","text":"•","page_number":29,"box":{"x":47,"y":431,"width":4,"height":3}},{"id":"a84b71b4-76a6-4caa-860d-5642973e04c5","block_type":"box","text":"any consideration relating to transactions in the Trust’s assets is remitted to the Trust within the usual time limits;","page_number":29,"box":{"x":78,"y":428,"width":829,"height":11}},{"id":"02f99997-d28c-422f-9911-6a6290b702ea","block_type":"box","text":"•","page_number":29,"box":{"x":47,"y":453,"width":4,"height":3}},{"id":"5c7a5747-ccb8-4f9a-b83a-68a32aa14b6b","block_type":"box","text":"the Trust’s income is applied in accordance with the Regulations; and","page_number":29,"box":{"x":77,"y":450,"width":512,"height":11}},{"id":"1cc1251f-362d-4621-8224-cec2bbd3f06d","block_type":"box","text":"•","page_number":29,"box":{"x":47,"y":474,"width":4,"height":3}},{"id":"cb18adf6-b5a1-49d4-9e09-971f324f075a","block_type":"box","text":"the instructions of the Authorised Fund Manager (“the AFM”), which is the UCITS Management Company, are carried out","page_number":29,"box":{"x":77,"y":471,"width":874,"height":11}},{"id":"af2c8eeb-a067-439c-b129-2688cd542f95","block_type":"box","text":"(unless they conflict with the Regulations).","page_number":29,"box":{"x":78,"y":485,"width":311,"height":11}},{"id":"41527b94-ab54-4097-8b64-b20fc0f7340e","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":29,"box":{"x":47,"y":507,"width":904,"height":11}},{"id":"2fef5521-2362-451f-868b-e917bf92c9b5","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":29,"box":{"x":48,"y":521,"width":903,"height":11}},{"id":"20148130-4e11-4228-914c-278ea7aa8776","block_type":"box","text":"Trust.","page_number":29,"box":{"x":47,"y":535,"width":40,"height":9}},{"id":"32649237-3770-4697-bac6-6c9488fca39a","block_type":"box","text":"Having carried out such procedures as we considered necessary to discharge our responsibilities as Depositary of the Trust,","page_number":29,"box":{"x":48,"y":556,"width":902,"height":11}},{"id":"bb0aac90-35b0-4711-853e-0740744d5cb7","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":29,"box":{"x":48,"y":571,"width":902,"height":11}},{"id":"d529b87c-569b-476f-b494-d5131522689f","block_type":"box","text":"acting through the AFM:","page_number":29,"box":{"x":47,"y":585,"width":176,"height":11}},{"id":"56c17600-4dbc-437b-8d8f-da351709afae","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":29,"box":{"x":47,"y":606,"width":904,"height":11}},{"id":"71feb44f-6ef2-4dd4-9753-c8cedef48afc","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":29,"box":{"x":47,"y":620,"width":841,"height":11}},{"id":"d27a1fdd-9f81-48af-92d5-50b4fa9ccc90","block_type":"box","text":"(ii) has observed the investment and borrowing powers and restrictions applicable to the Trust in accordance with the","page_number":29,"box":{"x":47,"y":642,"width":904,"height":11}},{"id":"647f18ae-210d-404a-a8e8-50ea3f379bf4","block_type":"box","text":"Regulations and the Scheme documents of the Trust.","page_number":29,"box":{"x":48,"y":656,"width":392,"height":11}},{"id":"8d8f5391-d3dc-42ff-abf7-e68dc59baeea","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":29,"box":{"x":47,"y":677,"width":904,"height":11}},{"id":"1300406d-9c08-4918-82db-724061a903ca","block_type":"box","text":"reserve the right to amend the report in the light of such circumstances.","page_number":29,"box":{"x":48,"y":691,"width":525,"height":12}},{"id":"ff6984e7-ce7a-485e-9774-ed8f81f5b648","block_type":"box","text":"Yours sincerely","page_number":29,"box":{"x":46,"y":756,"width":113,"height":11}},{"id":"0f74f97f-6dd3-45a4-9ee6-b1a252b98176","block_type":"box","text":"Depositary","page_number":29,"box":{"x":48,"y":841,"width":78,"height":11}},{"id":"c06ea3dd-5000-4cf2-b050-99c3b0ac6b24","block_type":"box","text":"HSBC Bank Plc","page_number":29,"box":{"x":48,"y":855,"width":116,"height":9}},{"id":"a0b4a353-73a5-468d-962e-2af774d05bd6","block_type":"box","text":"8 Canada Square","page_number":29,"box":{"x":47,"y":869,"width":130,"height":11}},{"id":"f6e90f37-39c1-4fd7-85ad-24f73f8c887a","block_type":"box","text":"London E14 5HQ","page_number":29,"box":{"x":48,"y":883,"width":127,"height":10}},{"id":"5f80e812-bc06-4882-a3d6-71c279658302","block_type":"box","text":"22 April 2026","page_number":29,"box":{"x":47,"y":926,"width":96,"height":11}},{"id":"d40437de-ff34-4f11-a3eb-018aeb8db3e3","block_type":"box","text":"State Street AUT North America Screened Index Equity Fund","page_number":29,"box":{"x":47,"y":44,"width":575,"height":13}},{"id":"992298a6-1db3-46a7-a1c7-792ea6c0161c","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":29,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"c893ff7b-bee1-4a6b-90aa-78f76aa64824","block_type":"box","text":"Statement of the Depositary's Responsibilities","page_number":29,"box":{"x":47,"y":123,"width":441,"height":13}},{"id":"82e4262a-f168-403b-a47b-b539920d1f0a","block_type":"box","text":"For the year ended 31st December 2025","page_number":29,"box":{"x":48,"y":147,"width":300,"height":11}},{"id":"32d880e3-8588-48e9-97d4-5bdd93bc92ac","block_type":"box","text":"27","page_number":29,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"2d3ec56b-4389-4987-b250-9afe0ce1cb3f","block_type":"box","text":"Report on the audit of the financial statements","page_number":30,"box":{"x":48,"y":187,"width":441,"height":13}},{"id":"4b55b9b9-62e7-45ba-9b37-93ca7215a1ae","block_type":"box","text":"Opinion","page_number":30,"box":{"x":47,"y":221,"width":62,"height":11}},{"id":"8af451c0-c250-4243-93a4-7d9b4b187712","block_type":"box","text":"In our opinion, the financial statements of State Street AUT North America Screened Index Equity Fund (the “Trust”):","page_number":30,"box":{"x":48,"y":240,"width":857,"height":11}},{"id":"7c139c5a-fc1b-4836-ab2e-c097d50f6992","block_type":"box","text":"•","page_number":30,"box":{"x":47,"y":264,"width":4,"height":3}},{"id":"e2e80afd-6cec-40f2-b3f8-22dfc0af90c6","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":30,"box":{"x":78,"y":261,"width":874,"height":11}},{"id":"bcbea1a8-e652-4ef4-9448-484326a124c6","block_type":"box","text":"capital gains on the scheme property for the year then ended; and","page_number":30,"box":{"x":78,"y":275,"width":487,"height":11}},{"id":"126202d8-ec32-467c-841d-cb603e504a8e","block_type":"box","text":"•","page_number":30,"box":{"x":47,"y":299,"width":4,"height":3}},{"id":"94f4efc8-070e-44a6-9157-654c730349b6","block_type":"box","text":"have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United","page_number":30,"box":{"x":78,"y":296,"width":872,"height":11}},{"id":"63a04e2d-124a-4024-a031-43c098960f36","block_type":"box","text":"Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and","page_number":30,"box":{"x":78,"y":310,"width":872,"height":11}},{"id":"876b1da8-88d4-4506-96dc-6fd0595fd991","block_type":"box","text":"Republic of Ireland”, and applicable law), the Statement of Recommended Practice for UK Authorised Funds, the","page_number":30,"box":{"x":78,"y":325,"width":873,"height":11}},{"id":"c66996df-bbab-442d-8d47-ece36ac81123","block_type":"box","text":"Collective Investment Schemes sourcebook (\"the sourcebook\") and the Trust Deed.","page_number":30,"box":{"x":78,"y":339,"width":617,"height":11}},{"id":"7e84412e-35f4-412c-ba3c-e5f681e96d8a","block_type":"box","text":"We have audited the financial statements, included within the Report and Financial Statements (the “Annual Report”), which","page_number":30,"box":{"x":47,"y":360,"width":903,"height":11}},{"id":"f63126bb-af35-4277-a88d-09f51d8c033b","block_type":"box","text":"comprise:","page_number":30,"box":{"x":47,"y":374,"width":71,"height":11}},{"id":"18a6904f-5261-4936-aeab-704725f4faa2","block_type":"box","text":"•","page_number":30,"box":{"x":47,"y":398,"width":4,"height":3}},{"id":"496e44df-c418-499c-923e-fda4e2e54546","block_type":"box","text":"the Balance Sheet as at 31 December 2025;","page_number":30,"box":{"x":77,"y":394,"width":333,"height":11}},{"id":"fff4e79b-4b5f-4701-9c36-577fede2362f","block_type":"box","text":"•","page_number":30,"box":{"x":47,"y":419,"width":4,"height":3}},{"id":"7409a7de-176b-4d60-8729-a6bbd6361666","block_type":"box","text":"the Statement of Total Return for the year then ended;","page_number":30,"box":{"x":77,"y":416,"width":399,"height":11}},{"id":"96ba25f7-2daa-4179-b07e-f8423165076a","block_type":"box","text":"•","page_number":30,"box":{"x":47,"y":440,"width":4,"height":3}},{"id":"e56fd8e5-e5ee-42b8-9bcb-2003e7ab11c5","block_type":"box","text":"the Statement of Change in Net Assets Attributable to Unitholders for the year then ended;","page_number":30,"box":{"x":77,"y":437,"width":666,"height":11}},{"id":"eae3764a-6deb-4418-9fa5-22831a0087b7","block_type":"box","text":"•","page_number":30,"box":{"x":47,"y":462,"width":4,"height":3}},{"id":"ffdd963c-1df9-4dcc-9868-801f711eb0d7","block_type":"box","text":"the Distribution Tables; and","page_number":30,"box":{"x":77,"y":459,"width":201,"height":10}},{"id":"4ab84555-3acc-4a1f-afd7-15f8e70a7e6b","block_type":"box","text":"•","page_number":30,"box":{"x":47,"y":483,"width":4,"height":3}},{"id":"f80e7aad-0b8b-4a6b-b9e6-76ad70235a3e","block_type":"box","text":"the Notes to the Financial Statements, which include a description of the significant accounting policies.","page_number":30,"box":{"x":77,"y":480,"width":764,"height":11}},{"id":"2d48998c-62b5-4763-9687-d17c03196a9b","block_type":"box","text":"Basis for opinion","page_number":30,"box":{"x":48,"y":512,"width":134,"height":11}},{"id":"4162d81b-0e02-40ed-a9fd-e2e7569914f8","block_type":"box","text":"We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our","page_number":30,"box":{"x":47,"y":531,"width":905,"height":11}},{"id":"6122b9bc-664c-43a8-99e5-71ad9e31bcca","block_type":"box","text":"responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements","page_number":30,"box":{"x":48,"y":544,"width":903,"height":12}},{"id":"8ee83c00-b082-4760-8b79-4cd02d4d015f","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":30,"box":{"x":47,"y":558,"width":905,"height":11}},{"id":"5a17b92d-1253-4ba5-a4b1-8ea43ffcb690","block_type":"box","text":"our opinion.","page_number":30,"box":{"x":47,"y":572,"width":86,"height":11}},{"id":"c830ffa9-99c9-4d43-8a27-a33f45d07b20","block_type":"box","text":"Independence","page_number":30,"box":{"x":47,"y":593,"width":105,"height":10}},{"id":"a0de7bc2-997a-4c0e-92d0-541443a2553f","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":30,"box":{"x":47,"y":613,"width":904,"height":11}},{"id":"49d2ef36-5451-4077-aeb9-b896260a408f","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":30,"box":{"x":47,"y":627,"width":903,"height":10}},{"id":"cd432d8a-8d09-46ca-a2e2-c24d6d568fbd","block_type":"box","text":"responsibilities in accordance with these requirements.","page_number":30,"box":{"x":48,"y":641,"width":403,"height":10}},{"id":"40685a38-ac18-4d5d-b1b4-8c187a3795a9","block_type":"box","text":"Conclusions relating to going concern","page_number":30,"box":{"x":47,"y":672,"width":305,"height":11}},{"id":"ca192928-27a3-41ed-b916-b0fbda57d644","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":30,"box":{"x":48,"y":691,"width":902,"height":11}},{"id":"c50003fe-f1d4-4d6a-9f56-b9959e647284","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":30,"box":{"x":48,"y":705,"width":903,"height":11}},{"id":"87e084cf-0beb-42e1-a526-eb65c348872a","block_type":"box","text":"twelve months from the date on which the financial statements are authorised for issue.","page_number":30,"box":{"x":47,"y":718,"width":644,"height":9}},{"id":"fb7675f2-c9f6-47ab-ad7b-e45199683099","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":30,"box":{"x":48,"y":739,"width":902,"height":11}},{"id":"ae82779c-6127-4a70-ab9e-79a060b994a1","block_type":"box","text":"the preparation of the financial statements is appropriate.","page_number":30,"box":{"x":47,"y":753,"width":421,"height":11}},{"id":"bb14356f-6c79-4349-a06d-945dc6b37dfc","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":30,"box":{"x":48,"y":773,"width":903,"height":11}},{"id":"859e912d-116d-4e82-8f74-f4662fd64d65","block_type":"box","text":"ability to continue as a going concern.","page_number":30,"box":{"x":47,"y":787,"width":278,"height":11}},{"id":"ce2d6a42-a9dd-485c-acbe-87e9d4cc3808","block_type":"box","text":"Our responsibilities and the responsibilities of the Manager with respect to going concern are described in the relevant","page_number":30,"box":{"x":47,"y":808,"width":904,"height":11}},{"id":"b1719786-7691-4c8a-b5b1-b237db636ac2","block_type":"box","text":"sections of this report.","page_number":30,"box":{"x":47,"y":821,"width":162,"height":11}},{"id":"0892af8c-9805-4426-98ba-df6353963b21","block_type":"box","text":"Reporting on other information","page_number":30,"box":{"x":48,"y":859,"width":245,"height":11}},{"id":"a734ed0b-dfd8-4793-8124-29b6c9061573","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":30,"box":{"x":47,"y":880,"width":905,"height":11}},{"id":"b11dd85b-4e11-4df5-a660-7cf1ab348adb","block_type":"box","text":"auditors’ report thereon. The Manager is responsible for the other information. Our opinion on the financial statements does","page_number":30,"box":{"x":47,"y":894,"width":904,"height":11}},{"id":"96764ff2-9447-4b6d-9d51-67c93fdb7f8d","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":30,"box":{"x":48,"y":907,"width":903,"height":11}},{"id":"1d42444a-b48a-4d7a-88f2-b63735a101d6","block_type":"box","text":"explicitly stated in this report, any form of assurance thereon.","page_number":30,"box":{"x":47,"y":921,"width":450,"height":11}},{"id":"e325f2ad-b852-4fc3-a8ca-e17e24b197aa","block_type":"box","text":"State Street AUT North America Screened Index Equity Fund","page_number":30,"box":{"x":47,"y":44,"width":575,"height":13}},{"id":"67ec215c-c82c-495a-ac7c-2aeaee8f70d6","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":30,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"3d85a91c-9bc5-413d-a53d-34a6e6024d16","block_type":"box","text":"Independent auditors’ report to the Unitholders of State Street AUT North America Screened","page_number":30,"box":{"x":48,"y":123,"width":902,"height":13}},{"id":"c8c7d212-9d7b-49cf-a92d-24c335d6cd2d","block_type":"box","text":"Index Equity Fund","page_number":30,"box":{"x":48,"y":137,"width":171,"height":14}},{"id":"626ad493-65fd-4800-896d-e381b0970bc0","block_type":"box","text":"28","page_number":30,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"b21f48c1-9cb9-46a8-8793-efc047e8ef43","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":31,"box":{"x":48,"y":205,"width":902,"height":12}},{"id":"07615b42-1483-40e9-abad-5555ac50428b","block_type":"box","text":"consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in","page_number":31,"box":{"x":47,"y":219,"width":903,"height":11}},{"id":"d626f3f0-5954-464c-a7e3-68de57f08a9b","block_type":"box","text":"the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material","page_number":31,"box":{"x":47,"y":233,"width":903,"height":11}},{"id":"406ddac7-1894-4fcf-aac4-67991a6bb2f5","block_type":"box","text":"misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial","page_number":31,"box":{"x":48,"y":246,"width":902,"height":11}},{"id":"06752a30-fe5a-443b-839c-99531f165c2c","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":31,"box":{"x":47,"y":260,"width":904,"height":11}},{"id":"4070e8d5-2ace-4f3c-ba48-475acf81d881","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":31,"box":{"x":47,"y":274,"width":903,"height":11}},{"id":"c8ece1d9-d533-484d-9c13-34362ee2ac44","block_type":"box","text":"on these responsibilities.","page_number":31,"box":{"x":47,"y":287,"width":181,"height":11}},{"id":"1921b8df-cafd-4310-9a2a-56ce6eaf293f","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":31,"box":{"x":48,"y":308,"width":903,"height":11}},{"id":"faa75aaf-4154-4a1f-80f6-612b26cf38a0","block_type":"box","text":"report certain opinions as described below.","page_number":31,"box":{"x":48,"y":322,"width":315,"height":11}},{"id":"23fdb726-497a-415c-b53c-d4fb87ce7569","block_type":"box","text":"Manager’s Report","page_number":31,"box":{"x":47,"y":343,"width":134,"height":10}},{"id":"875fe896-b7bc-4984-af4f-302e04e7a1fb","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":31,"box":{"x":48,"y":363,"width":903,"height":11}},{"id":"ee943d16-7f03-4f28-82f2-83b43dfc6842","block_type":"box","text":"prepared is consistent with the financial statements.","page_number":31,"box":{"x":48,"y":377,"width":381,"height":11}},{"id":"6f0291f3-3638-4bea-aeda-bcfd33427c12","block_type":"box","text":"Responsibilities for the financial statements and the audit","page_number":31,"box":{"x":48,"y":408,"width":458,"height":11}},{"id":"5f279ca4-63ac-46ee-88f4-d58e703c7dae","block_type":"box","text":"Responsibilities of the Manager for the financial statements","page_number":31,"box":{"x":47,"y":438,"width":438,"height":11}},{"id":"7cc23042-ba14-4912-a7b9-cf0b3ccad13b","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":31,"box":{"x":46,"y":457,"width":905,"height":11}},{"id":"8a1cb28b-9d66-459f-9b4f-6dc64554c1c6","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":31,"box":{"x":47,"y":470,"width":903,"height":12}},{"id":"1cf591e4-04a0-4654-87b5-aba8d54d700d","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":31,"box":{"x":47,"y":484,"width":903,"height":11}},{"id":"85332817-319d-4597-9d82-1db17c231d23","block_type":"box","text":"statements that are free from material misstatement, whether due to fraud or error.","page_number":31,"box":{"x":47,"y":498,"width":608,"height":10}},{"id":"20a59a47-a82d-4b08-bf6c-17a9786c413f","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":31,"box":{"x":48,"y":518,"width":902,"height":12}},{"id":"bdc844b2-e016-4507-a84a-daa237d166bb","block_type":"box","text":"concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless","page_number":31,"box":{"x":47,"y":532,"width":904,"height":11}},{"id":"1a6feb02-10d7-44d1-922c-c0df45906605","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":31,"box":{"x":47,"y":546,"width":762,"height":11}},{"id":"66b0a3c2-0876-4a60-b219-fc2359355b48","block_type":"box","text":"Auditors’ responsibilities for the audit of the financial statements","page_number":31,"box":{"x":46,"y":577,"width":472,"height":11}},{"id":"6e214865-872d-4ae5-a09a-d28226cacb2d","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":31,"box":{"x":47,"y":596,"width":903,"height":11}},{"id":"2ca96d5a-26ce-43fc-8fb8-9ba709f38772","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":31,"box":{"x":48,"y":610,"width":903,"height":11}},{"id":"5f26d2d9-40d1-4055-84c0-bd0b1fd80f1a","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":31,"box":{"x":48,"y":623,"width":903,"height":11}},{"id":"76604b29-9738-46be-bbe6-42a7048234c2","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":31,"box":{"x":47,"y":637,"width":904,"height":11}},{"id":"eaacfa2d-26ae-4a12-b315-5098d4945fd2","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":31,"box":{"x":47,"y":651,"width":905,"height":11}},{"id":"54b3a2d1-ed81-45cc-bf08-3d95351020b6","block_type":"box","text":"these financial statements.","page_number":31,"box":{"x":47,"y":664,"width":196,"height":9}},{"id":"d08d4fff-f858-4e3a-9dea-35c3f79406ca","block_type":"box","text":"Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with","page_number":31,"box":{"x":48,"y":685,"width":902,"height":11}},{"id":"5e5eebf0-6443-4957-a30e-d34a8c18db99","block_type":"box","text":"our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent","page_number":31,"box":{"x":47,"y":699,"width":904,"height":11}},{"id":"717a3c50-a63f-453d-8a08-ef81bc7ec91a","block_type":"box","text":"to which our procedures are capable of detecting irregularities, including fraud, is detailed below.","page_number":31,"box":{"x":47,"y":712,"width":711,"height":11}},{"id":"86575c8c-cac1-41dd-9c12-a2c356293bfd","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":31,"box":{"x":48,"y":733,"width":902,"height":11}},{"id":"32cec84d-92cb-475e-82fd-c4a28eddbabc","block_type":"box","text":"regulations related to breaches of the Collective Investment Schemes sourcebook, and we considered the extent to which","page_number":31,"box":{"x":48,"y":747,"width":902,"height":11}},{"id":"8a1e0cf0-e803-4830-ab27-c06798931092","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":31,"box":{"x":48,"y":760,"width":902,"height":11}},{"id":"db51db9a-c705-4f57-97df-f5ae8e382c16","block_type":"box","text":"may directly impact on the determination of amounts and disclosures in the financial statements. We evaluated","page_number":31,"box":{"x":48,"y":774,"width":902,"height":11}},{"id":"2b0fd302-cec3-41ca-a070-5ba5d1391488","block_type":"box","text":"management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of","page_number":31,"box":{"x":48,"y":788,"width":904,"height":11}},{"id":"83a3aa0e-04a2-44ea-befa-c1c4f65ff8e8","block_type":"box","text":"override of controls), and determined that the principal risks were related to posting inappropriate journal entries to","page_number":31,"box":{"x":47,"y":801,"width":904,"height":11}},{"id":"7e9a9c17-9dc0-4861-88f8-a1e3ebad5df5","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":31,"box":{"x":48,"y":815,"width":903,"height":11}},{"id":"f62577da-e4c9-48d2-982c-22c6bbdb3762","block_type":"box","text":"included:","page_number":31,"box":{"x":48,"y":829,"width":64,"height":8}},{"id":"4eca7f50-d923-44ae-830b-59d86b5019b7","block_type":"box","text":"•","page_number":31,"box":{"x":47,"y":852,"width":4,"height":3}},{"id":"3cb74362-20af-4309-8913-a7fda9b3493d","block_type":"box","text":"Discussions with the Manager, including consideration of known or suspected instances of non-compliance with laws and","page_number":31,"box":{"x":78,"y":849,"width":872,"height":11}},{"id":"d194d12a-c9f4-48f7-a552-81a63fb40699","block_type":"box","text":"regulation and fraud;","page_number":31,"box":{"x":78,"y":863,"width":151,"height":11}},{"id":"d309b85d-b2a5-48e0-9ec2-661742b4f92b","block_type":"box","text":"•","page_number":31,"box":{"x":47,"y":888,"width":4,"height":3}},{"id":"7b27f96e-cb3e-40c9-909b-a67c0905cbd5","block_type":"box","text":"Reviewing relevant meeting minutes, including those of the Manager’s board of directors;","page_number":31,"box":{"x":78,"y":885,"width":657,"height":11}},{"id":"d23c4977-2542-4f2e-831b-597c2f658fc7","block_type":"box","text":"•","page_number":31,"box":{"x":47,"y":909,"width":4,"height":3}},{"id":"2afd396c-1ea7-4474-ab77-002528e4e874","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":31,"box":{"x":79,"y":906,"width":871,"height":11}},{"id":"2809d906-5fa9-4f1b-be0a-63f11038eab1","block_type":"box","text":"•","page_number":31,"box":{"x":47,"y":931,"width":4,"height":3}},{"id":"1f4411f1-e232-493e-8016-979e8e03f528","block_type":"box","text":"Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing.","page_number":31,"box":{"x":78,"y":927,"width":792,"height":12}},{"id":"80bdd84d-e253-4777-bcb4-81c7634cdd03","block_type":"box","text":"State Street AUT North America Screened Index Equity Fund","page_number":31,"box":{"x":47,"y":44,"width":575,"height":13}},{"id":"2b7bc552-6b76-4d63-8a48-35853c277f93","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":31,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"9d76fda8-b377-4920-addf-ced05866ffbd","block_type":"box","text":"Independent auditors’ report to the Unitholders of State Street AUT North America Screened","page_number":31,"box":{"x":48,"y":123,"width":902,"height":13}},{"id":"ff818e93-fe06-44e2-aab1-e25f11c4a724","block_type":"box","text":"Index Equity Fund (continued)","page_number":31,"box":{"x":48,"y":137,"width":287,"height":14}},{"id":"d253cee1-69b9-41b1-98d4-0dc25d0a5fba","block_type":"box","text":"29","page_number":31,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"50f024b5-6647-45f6-adf1-0b4b9fff0a0b","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":32,"box":{"x":47,"y":205,"width":905,"height":12}},{"id":"e2d532b6-bed2-460a-9ba5-d886b9740d21","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":32,"box":{"x":48,"y":219,"width":902,"height":11}},{"id":"844874d4-e888-4929-9e9e-b39966870bb8","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":32,"box":{"x":47,"y":233,"width":904,"height":11}},{"id":"0cfad434-e19f-4266-b109-a2ad78e1974e","block_type":"box","text":"resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations,","page_number":32,"box":{"x":48,"y":246,"width":902,"height":11}},{"id":"a279f32a-261f-4f21-9ca0-26e64e6c0228","block_type":"box","text":"or through collusion.","page_number":32,"box":{"x":47,"y":260,"width":149,"height":11}},{"id":"8fde0f08-766e-4bbf-8369-c50aca6defb9","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":32,"box":{"x":46,"y":281,"width":905,"height":11}},{"id":"3bf6ce75-1293-4e63-8830-f3cf1f73f3af","block_type":"box","text":"Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.","page_number":32,"box":{"x":47,"y":294,"width":813,"height":11}},{"id":"8df22b00-cb61-4eb9-831d-6bb59e813906","block_type":"box","text":"Use of this report","page_number":32,"box":{"x":48,"y":326,"width":127,"height":11}},{"id":"9aec9906-8204-462f-9942-01f692d5f73b","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":32,"box":{"x":47,"y":345,"width":903,"height":11}},{"id":"16edc8f5-37d5-4971-994e-1c98b794db5d","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":32,"box":{"x":48,"y":358,"width":903,"height":11}},{"id":"7472ff4a-bd84-4952-955d-de12f9392d02","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":32,"box":{"x":47,"y":372,"width":904,"height":11}},{"id":"9f0676cc-bb85-44bd-8bd7-542b47c230c3","block_type":"box","text":"whose hands it may come save where expressly agreed by our prior consent in writing.","page_number":32,"box":{"x":46,"y":386,"width":643,"height":11}},{"id":"6aea7a22-5b07-4790-95c9-38ffdea86d2e","block_type":"box","text":"Other required reporting","page_number":32,"box":{"x":47,"y":415,"width":232,"height":14}},{"id":"01347a3f-d564-43a6-8857-dccebe4dd413","block_type":"box","text":"Opinion on matter required by the Collective Investment Schemes 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accounting records have not been kept; or","page_number":32,"box":{"x":78,"y":537,"width":365,"height":11}},{"id":"8f77d40f-3be0-4451-97a8-5f8df1211e20","block_type":"box","text":"•","page_number":32,"box":{"x":47,"y":561,"width":4,"height":3}},{"id":"f9ab2fb8-d232-45d2-9018-9ca982b90247","block_type":"box","text":"the financial statements are not in agreement with the accounting records.","page_number":32,"box":{"x":77,"y":558,"width":547,"height":11}},{"id":"ca1c5521-23ce-4048-8f3d-de131cbb652e","block_type":"box","text":"We have no exceptions to report arising from this responsibility.","page_number":32,"box":{"x":47,"y":579,"width":467,"height":12}},{"id":"c079f00c-17b6-4fcc-951a-8823aef8cfa5","block_type":"box","text":"PricewaterhouseCoopers LLP","page_number":32,"box":{"x":48,"y":650,"width":220,"height":11}},{"id":"6149ecdf-b912-4d0f-a932-ab4862a6a6f7","block_type":"box","text":"Chartered Accountants and Statutory Auditors","page_number":32,"box":{"x":47,"y":662,"width":339,"height":11}},{"id":"c7f1680d-27a1-4399-995b-227eb506e255","block_type":"box","text":"Glasgow","page_number":32,"box":{"x":47,"y":674,"width":64,"height":11}},{"id":"13044ad7-00c0-4206-a846-ca0f73e0448c","block_type":"box","text":"22 April 2026","page_number":32,"box":{"x":47,"y":686,"width":96,"height":11}},{"id":"af70211d-d72f-4497-998e-6454b42aed4f","block_type":"box","text":"State Street AUT North America Screened Index Equity Fund","page_number":32,"box":{"x":47,"y":44,"width":575,"height":13}},{"id":"61030f25-abbd-4d91-bc78-e7d02becb6fc","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":32,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"34171c3b-4a6d-44f7-9ec0-771aefba0f0f","block_type":"box","text":"Independent auditors’ report to the Unitholders of State Street AUT North America Screened","page_number":32,"box":{"x":48,"y":123,"width":902,"height":13}},{"id":"d6a2fdbb-65c0-4133-bda2-41b02c5fe63e","block_type":"box","text":"Index Equity Fund (continued)","page_number":32,"box":{"x":48,"y":137,"width":287,"height":14}},{"id":"b98dd8dc-5de2-4007-a1dc-bed26e59ddb9","block_type":"box","text":"30","page_number":32,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"053b9437-9dc9-4be7-aae9-db24da74b78d","block_type":"box","text":"Comparative Table","page_number":33,"box":{"x":47,"y":102,"width":177,"height":13}},{"id":"19682553-ab9b-45b3-a781-957da4a7bec1","block_type":"box","text":"For the year ended 31st December 2025","page_number":33,"box":{"x":48,"y":121,"width":300,"height":11}},{"id":"456a8a2f-1284-420e-8b5a-8db0623ab77a","block_type":"box","text":"2025 2024 2023","page_number":33,"box":{"x":603,"y":143,"width":338,"height":8}},{"id":"baa6de43-0296-4c23-8c2b-25fc66466cbf","block_type":"box","text":"Change in Net Assets Per Unit (£) (£) 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Accounting policies","page_number":36,"box":{"x":48,"y":175,"width":197,"height":11}},{"id":"df2ba653-3910-409c-a116-06db41a0f204","block_type":"box","text":"(a) Basis of accounting","page_number":36,"box":{"x":47,"y":201,"width":198,"height":11}},{"id":"f133c294-b325-457c-b9fd-a494b4ad6894","block_type":"box","text":"The financial statements have been prepared under the historical cost convention by the revaluation of the investments,","page_number":36,"box":{"x":87,"y":215,"width":863,"height":11}},{"id":"750e8c78-8c92-43e3-a809-6553c8ff21f1","block_type":"box","text":"and in accordance with the United Kingdom Generally Accepted Accounting Practice (\"UK GAAP\") which comprises the","page_number":36,"box":{"x":87,"y":229,"width":864,"height":11}},{"id":"74a2158b-89ca-4ddb-bec7-e28decc33ad4","block_type":"box","text":"UK Financial Reporting Standard 102 (\"FRS 102\") and the Statement of Recommended Practice (\"SORP\") for","page_number":36,"box":{"x":88,"y":243,"width":864,"height":11}},{"id":"27ddb2d9-d145-42c9-9b04-794e4053f307","block_type":"box","text":"Authorised Funds issued by the Investment Management Association in May 2014 (as amended in 2017).","page_number":36,"box":{"x":87,"y":258,"width":780,"height":11}},{"id":"0f8fbe1b-9b2d-4fbe-b2fd-f3c92765c1cc","block_type":"box","text":"The financial statements have been prepared on a going concern basis.","page_number":36,"box":{"x":87,"y":279,"width":530,"height":11}},{"id":"c89644b6-0b65-4324-a1dd-b308700b96bd","block_type":"box","text":"(b) Basis of valuation of investments","page_number":36,"box":{"x":47,"y":305,"width":305,"height":11}},{"id":"67636370-0411-4e86-9fef-90ec9e0ea717","block_type":"box","text":"The investments of the Fund have been valued at the closing bid market prices ruling on the principal markets on which","page_number":36,"box":{"x":87,"y":319,"width":863,"height":11}},{"id":"a5fdb933-a3ff-472a-a94e-0c7487ba35e0","block_type":"box","text":"the stocks are quoted, on the last business day of the accounting year.","page_number":36,"box":{"x":87,"y":333,"width":521,"height":12}},{"id":"d04fbe26-0da9-419b-9319-0a4b955947bb","block_type":"box","text":"Market value is defined by the SORP as fair value which generally is the bid value of each security.","page_number":36,"box":{"x":88,"y":355,"width":729,"height":11}},{"id":"22bdee9b-0961-4d83-b424-dc48a93db4e1","block_type":"box","text":"Where applicable, unlisted, delisted and suspended securities are based on the Manager’s assessment of their net","page_number":36,"box":{"x":87,"y":376,"width":864,"height":11}},{"id":"46fead8a-b8fd-4640-9062-26cf27a96c22","block_type":"box","text":"realisable value.","page_number":36,"box":{"x":88,"y":391,"width":118,"height":8}},{"id":"eee1c5b6-a8a8-407d-8296-456132c2b3de","block_type":"box","text":"Open futures contracts have been valued at fair value and the net gains/(losses) are reflected within Derivative contracts","page_number":36,"box":{"x":87,"y":412,"width":864,"height":11}},{"id":"d4afbf9e-01f8-41c1-9555-b1cb32c875e5","block_type":"box","text":"in net capital gains/(losses) on investments.","page_number":36,"box":{"x":88,"y":426,"width":321,"height":11}},{"id":"21e86148-23c7-40a6-bbc3-443565b77573","block_type":"box","text":"(c) Exchange rates","page_number":36,"box":{"x":47,"y":452,"width":163,"height":11}},{"id":"e844c9b7-4639-42b6-9d6d-5442d1c0429b","block_type":"box","text":"Foreign currency receipts and payments are translated at the rate applicable on the date of settlement.","page_number":36,"box":{"x":88,"y":466,"width":757,"height":11}},{"id":"8e79886a-98fb-463e-b18d-61f8e1291bb1","block_type":"box","text":"Foreign currency assets and liabilities are valued at the rates on the last day of the accounting year.","page_number":36,"box":{"x":88,"y":488,"width":735,"height":11}},{"id":"93d85bbe-3609-4d88-a42b-501a56482bc2","block_type":"box","text":"(d) Recognition of revenue","page_number":36,"box":{"x":47,"y":514,"width":225,"height":11}},{"id":"b039b637-9621-48a8-9dc8-21bbcb4f6661","block_type":"box","text":"Revenue is included in the Statement of Total Return on the following basis: Dividends are recognised when the security","page_number":36,"box":{"x":88,"y":528,"width":863,"height":11}},{"id":"d0f7010c-23d0-4b5e-9287-980b2e581c60","block_type":"box","text":"is quoted ex-dividend. Special dividends are treated as either capital or revenue depending on the facts of each","page_number":36,"box":{"x":88,"y":542,"width":862,"height":11}},{"id":"1fe9c7ae-14a3-48a3-85f3-2e777ac50469","block_type":"box","text":"particular case. Deposit interest and interest payable are recorded on an accrual basis.","page_number":36,"box":{"x":88,"y":556,"width":641,"height":11}},{"id":"bc3f4942-19e6-438a-98df-457f053a759b","block_type":"box","text":"(e) Treatment of expenses","page_number":36,"box":{"x":47,"y":582,"width":220,"height":12}},{"id":"cb917a3b-f033-4f0e-b4f3-bb7c5bb9a972","block_type":"box","text":"Management expenses are charged against the revenue of the Fund on an accruals basis.All other expenses other than","page_number":36,"box":{"x":88,"y":597,"width":862,"height":11}},{"id":"313d7833-9ad3-48af-a5e1-638cd57a8892","block_type":"box","text":"bank charges and interest are met by the Manager.","page_number":36,"box":{"x":88,"y":611,"width":376,"height":11}},{"id":"70d45576-02bf-4a42-b707-74b055cbdef1","block_type":"box","text":"(f) Taxation","page_number":36,"box":{"x":47,"y":637,"width":106,"height":11}},{"id":"2df8bff7-d18b-474e-855c-a95df27053ef","block_type":"box","text":"Provision is made for corporation tax at current rates on the excess of taxable revenue over expenses.","page_number":36,"box":{"x":88,"y":651,"width":755,"height":11}},{"id":"7bf558ed-f7cd-4ad1-925e-c57018481b89","block_type":"box","text":"(g) Deferred taxation","page_number":36,"box":{"x":47,"y":677,"width":176,"height":11}},{"id":"b5d70f08-3992-463c-9afa-56b805b6518b","block_type":"box","text":"Deferred tax is provided for on all timing differences that have originated but not reversed by the balance sheet date","page_number":36,"box":{"x":88,"y":691,"width":863,"height":12}},{"id":"02f89d24-0dae-4752-babf-6ede32035ff5","block_type":"box","text":"other than those differences that are regarded as permanent. Any liability to deferred tax is provided at the average rate","page_number":36,"box":{"x":87,"y":706,"width":864,"height":11}},{"id":"7bdd6b26-396b-4ab2-bfa6-ba9265c15c8b","block_type":"box","text":"of tax expected to apply.","page_number":36,"box":{"x":87,"y":720,"width":179,"height":11}},{"id":"8475c9a1-201d-4e2a-9847-c8834c0689f1","block_type":"box","text":"Deferred tax assets and liabilities are not discounted to reflect the time value of money. Deferred tax assets are","page_number":36,"box":{"x":88,"y":741,"width":863,"height":11}},{"id":"763b410e-63e0-48e3-9525-222b854a702f","block_type":"box","text":"recognised only when, on the basis of available evidence, it is more likely than not that there will be taxable profits in the","page_number":36,"box":{"x":88,"y":756,"width":863,"height":11}},{"id":"7313fe78-e5da-4579-a63f-1b738a19e715","block_type":"box","text":"future against which the deferred tax asset can be offset.","page_number":36,"box":{"x":87,"y":770,"width":419,"height":11}},{"id":"eb1742f8-3429-466d-a4fb-76319bbe2e14","block_type":"box","text":"(h) Dilution adjustment","page_number":36,"box":{"x":47,"y":796,"width":196,"height":11}},{"id":"b7676398-714c-4154-b98c-2f6cf967f8ef","block_type":"box","text":"In certain circumstances (as detailed in the Prospectus) the Manager may charge a dilution adjustment on the creation","page_number":36,"box":{"x":88,"y":810,"width":862,"height":11}},{"id":"01b23008-6448-4a83-948d-a481e27ce1c3","block_type":"box","text":"or cancellation of shares, which is paid into the capital of the relevant sub-fund on an accruals basis. The adjustment is","page_number":36,"box":{"x":87,"y":824,"width":864,"height":11}},{"id":"94ee575c-3ec7-4650-9830-9a20abebe3ac","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":36,"box":{"x":88,"y":838,"width":863,"height":12}},{"id":"9b0aacd4-c1bd-4393-bf49-22b5fc40ee21","block_type":"box","text":"price, which could have a diluting effect on the fund.","page_number":36,"box":{"x":88,"y":853,"width":382,"height":11}},{"id":"c7e3f7fb-84bd-4461-ba1b-a000be5c7826","block_type":"box","text":"(i) Returns from derivatives","page_number":36,"box":{"x":47,"y":879,"width":236,"height":11}},{"id":"48b58be7-a2aa-4906-a92e-2b68a1a5614e","block_type":"box","text":"The Fund may enter into permitted derivative contracts such as futures.","page_number":36,"box":{"x":87,"y":893,"width":527,"height":11}},{"id":"b062fd5e-ed72-4d26-aae0-e9e22cc1a1e6","block_type":"box","text":"The positions are undertaken to obtain full market exposure and the returns are included within gains/(losses) on","page_number":36,"box":{"x":87,"y":914,"width":863,"height":11}},{"id":"4d56e6d0-fe0a-4ad3-aea1-711d78abfc10","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":36,"box":{"x":88,"y":929,"width":863,"height":11}},{"id":"8728ee1a-7160-4bbb-b312-36a4717ee6c7","block_type":"box","text":"State Street AUT North America Screened Index Equity Fund","page_number":36,"box":{"x":47,"y":44,"width":575,"height":13}},{"id":"1f38578d-b4c8-4447-b669-7a001e8cb05f","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":36,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"449927d0-25f8-4c33-936d-be664a685997","block_type":"box","text":"Notes to the Financial Statements","page_number":36,"box":{"x":48,"y":123,"width":320,"height":11}},{"id":"9f986f35-0713-4828-82d5-b727215c0e81","block_type":"box","text":"For the year ended 31st December 2025","page_number":36,"box":{"x":48,"y":147,"width":300,"height":11}},{"id":"13410554-b2b5-46df-ab52-31c9f6edc5c1","block_type":"box","text":"34","page_number":36,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"dadfd1a8-6079-4dab-8e11-3bd17aaaf66e","block_type":"box","text":"1. Accounting policies (continued)","page_number":37,"box":{"x":48,"y":175,"width":293,"height":11}},{"id":"43be77a0-fbdd-4f67-95cc-cc79330fd962","block_type":"box","text":"included in the Balance Sheet at their mark to market value.","page_number":37,"box":{"x":88,"y":199,"width":440,"height":9}},{"id":"607e97f5-0362-4101-a6fd-50e8e22ec901","block_type":"box","text":"2. Distribution policy","page_number":37,"box":{"x":47,"y":226,"width":186,"height":11}},{"id":"d9fa962d-0735-4363-8e85-f0d332a9770a","block_type":"box","text":"The policy is to distribute all available revenue, after deduction of those expenses which are chargeable in calculating","page_number":37,"box":{"x":87,"y":240,"width":863,"height":11}},{"id":"116283cd-df50-454f-bb23-8092b7448dfe","block_type":"box","text":"the distribution.","page_number":37,"box":{"x":87,"y":254,"width":112,"height":9}},{"id":"c7e5c658-3a80-4721-b056-aec82f9a21d4","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":37,"box":{"x":88,"y":275,"width":863,"height":11}},{"id":"34a7ca10-644a-4cf1-b0cf-a1210b49d7b7","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":37,"box":{"x":87,"y":290,"width":863,"height":11}},{"id":"7201dcba-20ca-4048-876a-a01ba0a8ee5b","block_type":"box","text":"accordance with the COLL.","page_number":37,"box":{"x":87,"y":304,"width":200,"height":9}},{"id":"efccb437-c78b-40f2-ba49-1a4689c293bf","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":37,"box":{"x":88,"y":325,"width":862,"height":11}},{"id":"0d7ef7ba-615c-47ab-813b-e9a9ae82cb63","block_type":"box","text":"31st December.","page_number":37,"box":{"x":87,"y":339,"width":116,"height":9}},{"id":"ecc0fd1a-899f-4dfd-a19e-5138bb06f3e4","block_type":"box","text":"Any revenue deficit will be borne by the capital account.","page_number":37,"box":{"x":87,"y":361,"width":411,"height":11}},{"id":"afe81700-0b33-4ee6-bcd3-bf65e365ed23","block_type":"box","text":"(a) Treatment of stock dividends","page_number":37,"box":{"x":47,"y":387,"width":271,"height":11}},{"id":"2ce2dc40-76d5-4493-a691-8d943fdedc2c","block_type":"box","text":"The ordinary element of stock dividends is treated as revenue and forms part of the distribution.","page_number":37,"box":{"x":87,"y":401,"width":705,"height":11}},{"id":"0b0e12b2-a3aa-4622-bf04-8dc3598ed382","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":37,"box":{"x":88,"y":422,"width":863,"height":11}},{"id":"ab99ebc3-7fd7-454c-9112-44f475a82bac","block_type":"box","text":"of the distribution.","page_number":37,"box":{"x":87,"y":437,"width":130,"height":8}},{"id":"aa60b022-44cd-4371-83a2-5f7776961175","block_type":"box","text":"(b) Expenses","page_number":37,"box":{"x":47,"y":463,"width":117,"height":11}},{"id":"55d9bef0-7edf-4d86-8ffd-91882d3bb9fc","block_type":"box","text":"Management expenses are charged to revenue.","page_number":37,"box":{"x":88,"y":477,"width":354,"height":11}},{"id":"73050fa2-1920-4ebe-8a7d-7b07e7a02cc5","block_type":"box","text":"(c) Equalisation","page_number":37,"box":{"x":47,"y":503,"width":138,"height":11}},{"id":"de2f0133-e360-42c6-b11f-ff972d6aab51","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":37,"box":{"x":88,"y":517,"width":863,"height":11}},{"id":"c57b444a-5909-45f4-9dc8-ee7a1001b894","block_type":"box","text":"and is allocated to the distribution account.","page_number":37,"box":{"x":87,"y":532,"width":315,"height":8}},{"id":"9500e4fd-c784-4bf2-bb39-a20340023a96","block_type":"box","text":"3. Risk management policies","page_number":37,"box":{"x":47,"y":558,"width":249,"height":11}},{"id":"191b2555-9fb5-4b99-92d5-b09dea1a3be4","block_type":"box","text":"In pursuing its investment objectives the Fund holds a number of financial instruments. The Fund’s financial instruments","page_number":37,"box":{"x":88,"y":572,"width":863,"height":11}},{"id":"9979d9b9-fa7c-4483-aa0c-b843ba808058","block_type":"box","text":"comprise of securities and other investments, cash balances and bank overdrafts, short term fixed deposits, debtors and","page_number":37,"box":{"x":87,"y":586,"width":863,"height":11}},{"id":"e01cdf0a-63de-4949-9d9d-ee1147ca1701","block_type":"box","text":"creditors that arise directly from its operations, for example, in respect of sales and purchases awaiting settlement,","page_number":37,"box":{"x":87,"y":600,"width":863,"height":11}},{"id":"f7b5f9e1-26b3-4dea-a0d3-42c834180cc5","block_type":"box","text":"amounts receivable for creations and payable for liquidations and debtors for accrued revenue.","page_number":37,"box":{"x":87,"y":614,"width":700,"height":12}},{"id":"334f383d-10df-48c9-ba5e-bf4bf67f7c5f","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":37,"box":{"x":87,"y":636,"width":864,"height":11}},{"id":"22443e09-5774-48d5-9bb0-178fa651bc68","block_type":"box","text":"interest rate risk, (e) liquidity risk, (f) credit risk and (g) use of derivatives.","page_number":37,"box":{"x":88,"y":650,"width":536,"height":11}},{"id":"97744323-f49a-4ff2-89bc-770c15846d61","block_type":"box","text":"The Manager’s policy for managing these risks are summarised below and have been applied throughout the year.","page_number":37,"box":{"x":87,"y":671,"width":846,"height":11}},{"id":"173c617f-0c1e-4a27-ba00-a51222ecc63f","block_type":"box","text":"(a) Market risk","page_number":37,"box":{"x":47,"y":697,"width":128,"height":12}},{"id":"db259f2c-fdf0-407f-b449-15d376db495c","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":37,"box":{"x":88,"y":712,"width":863,"height":11}},{"id":"8832bce7-84a9-43b9-8868-51451ddd8552","block_type":"box","text":"because of changes in underlying valuation factors. It represents the potential loss the Fund might suffer through holding","page_number":37,"box":{"x":88,"y":726,"width":862,"height":11}},{"id":"fab9c342-4ef2-4db4-9902-0b3e4a568300","block_type":"box","text":"market positions in the face of valuation factor movements. Market risk typically includes market price risk, foreign","page_number":37,"box":{"x":88,"y":740,"width":862,"height":11}},{"id":"1da137ea-8870-428d-a60c-9791c2cf51b9","block_type":"box","text":"exchange or currency risk, and interest rate risk.","page_number":37,"box":{"x":87,"y":754,"width":356,"height":11}},{"id":"c03ea10a-1ebe-4cc3-8d38-7162f21a58cc","block_type":"box","text":"State Street AUT North America Screened Index Equity Fund","page_number":37,"box":{"x":47,"y":44,"width":575,"height":13}},{"id":"c6d39c5a-cbc1-4beb-8fdc-e7eeae07790e","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":37,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"478fa31a-6a52-4ab8-8fa3-83025949797f","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":37,"box":{"x":48,"y":123,"width":435,"height":13}},{"id":"278859e6-7896-4234-91f6-1ad94309ffc6","block_type":"box","text":"For the year ended 31st December 2025","page_number":37,"box":{"x":48,"y":147,"width":300,"height":11}},{"id":"d19bcab8-b2ac-479d-b360-852198e91b10","block_type":"box","text":"35","page_number":37,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"834cbf4a-5416-4be7-bf94-9c8054141b66","block_type":"box","text":"3. Risk management policies (continued)","page_number":38,"box":{"x":47,"y":175,"width":345,"height":11}},{"id":"3adabf4c-21e3-4615-afe2-adcea86664ef","block_type":"box","text":"(b) Market price risk","page_number":38,"box":{"x":47,"y":200,"width":173,"height":11}},{"id":"40203fa4-b611-4878-a1ad-007d9e676c82","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":38,"box":{"x":88,"y":214,"width":863,"height":11}},{"id":"33741e5b-1128-45f3-9dc4-c63ff83f9046","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":38,"box":{"x":88,"y":228,"width":862,"height":11}},{"id":"e5699d3a-797e-4596-9b32-75adff6db2b2","block_type":"box","text":"holdings. The investment manager considers the asset allocation of the portfolio in order to minimize the risk associated","page_number":38,"box":{"x":88,"y":242,"width":862,"height":11}},{"id":"24b13122-2f4f-41f1-ba5a-6f8e3776b4d2","block_type":"box","text":"with particular countries or industry sectors whilst continuing to follow the investment objectives of the Fund.","page_number":38,"box":{"x":87,"y":256,"width":796,"height":12}},{"id":"2897d301-beaa-448e-9900-e1fd87e4623d","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":38,"box":{"x":87,"y":278,"width":864,"height":11}},{"id":"45c4c5d3-256c-482d-83d4-ff670ab2fe2f","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":38,"box":{"x":88,"y":292,"width":863,"height":11}},{"id":"95d70d5f-4729-45cb-a890-a91d4292b316","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":38,"box":{"x":88,"y":306,"width":862,"height":11}},{"id":"9451cff7-5787-4c6f-b88b-b24c49b5b8a6","block_type":"box","text":"their respective proportions in the benchmark. The Fund places limitations on the amount by which a holding may","page_number":38,"box":{"x":87,"y":321,"width":864,"height":11}},{"id":"7a0c07a6-14a6-43ee-9882-af0ce84eacbe","block_type":"box","text":"deviate from the proportion benchmark to limit the market risk from mismatched positions.","page_number":38,"box":{"x":87,"y":335,"width":662,"height":11}},{"id":"6e299cb3-e515-439a-acc9-528100a7cfe4","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":38,"box":{"x":87,"y":356,"width":864,"height":11}},{"id":"31ab4c6e-d8f8-4d2b-8bfe-add79550da49","block_type":"box","text":"volatility to ensure that the effect of utilizing financial derivative instruments is not significant enough to cause","page_number":38,"box":{"x":87,"y":370,"width":864,"height":11}},{"id":"fa64225d-633b-4ab6-9484-21957ac90e32","block_type":"box","text":"disproportionate losses to a Fund’s overall value. The investment manager moderates this risk through careful selection","page_number":38,"box":{"x":87,"y":384,"width":863,"height":12}},{"id":"ab2a205e-d7b2-4301-bec5-e511235ef913","block_type":"box","text":"of securities and financial instruments. The investment manager manages this risk through a combination of risk","page_number":38,"box":{"x":87,"y":399,"width":864,"height":11}},{"id":"a976d526-f17a-4394-9d99-d9873c4d867c","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":38,"box":{"x":88,"y":413,"width":863,"height":11}},{"id":"14061ffd-2566-468d-a6d4-cd641048b66f","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":38,"box":{"x":88,"y":427,"width":862,"height":11}},{"id":"8dbcb141-aedc-46f3-bde1-bbc8c7c3107a","block_type":"box","text":"a regular basis, and is a key consideration when the Fund is rebalanced.","page_number":38,"box":{"x":87,"y":441,"width":536,"height":11}},{"id":"d05c7fa2-b0f7-450c-96cc-64edc1a4d9aa","block_type":"box","text":"(c) Foreign currency risk","page_number":38,"box":{"x":47,"y":467,"width":211,"height":12}},{"id":"da8b58f4-05fd-41b5-ad62-f8d8a0ae1b7b","block_type":"box","text":"Any fluctuations in foreign currency exchange rates between the base currency (\"GBP\") and the respective foreign","page_number":38,"box":{"x":87,"y":482,"width":863,"height":11}},{"id":"343149d6-8ee7-432e-87a0-9e73f1203c68","block_type":"box","text":"currencies may significantly affect the value of the Fund investments and the returns ultimately achieved by the Fund.","page_number":38,"box":{"x":87,"y":496,"width":863,"height":11}},{"id":"dfd2c8c1-7643-436c-9f9c-08a04cb81caf","block_type":"box","text":"Local interest rates and monetary policy, as well as other government fiscal and labour policies, also can adversely","page_number":38,"box":{"x":88,"y":510,"width":863,"height":11}},{"id":"25ca010a-8447-48d0-a9b6-a28c02c4d174","block_type":"box","text":"impact the Fund’s currency values.","page_number":38,"box":{"x":88,"y":524,"width":256,"height":11}},{"id":"25747c85-8915-479b-afa7-f10d9d8806a9","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":38,"box":{"x":88,"y":546,"width":863,"height":11}},{"id":"56d466a9-4adb-466a-9bae-abf18d8064da","block_type":"box","text":"objective to track the performance of the benchmark, which is also not hedged against changes in foreign exchange","page_number":38,"box":{"x":87,"y":560,"width":864,"height":11}},{"id":"4f53bbdb-ee3e-4b39-9984-23924da48e39","block_type":"box","text":"rates.","page_number":38,"box":{"x":88,"y":574,"width":39,"height":9}},{"id":"f2c007f7-cb91-4555-92dc-87d88430b6d2","block_type":"box","text":"(d) Interest rate risk","page_number":38,"box":{"x":47,"y":600,"width":170,"height":11}},{"id":"1a8ee5a3-9c29-4d17-9727-bd98cbd5d993","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":38,"box":{"x":88,"y":614,"width":863,"height":12}},{"id":"47d75e81-c714-4285-b5ec-b5987ad52f7f","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":38,"box":{"x":88,"y":629,"width":862,"height":11}},{"id":"02290597-2be4-4f37-8042-9a9ac8595312","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":38,"box":{"x":87,"y":643,"width":864,"height":11}},{"id":"9ebae90c-cf45-4ae2-90e6-fc28dacc0356","block_type":"box","text":"of which are not directly dependent on interest rates.","page_number":38,"box":{"x":87,"y":657,"width":387,"height":11}},{"id":"0bad6db7-12c2-4723-b19c-b93a8c707945","block_type":"box","text":"(e) Liquidity risk","page_number":38,"box":{"x":47,"y":683,"width":144,"height":11}},{"id":"e8a90280-edc8-4ea1-8522-a48569e9925b","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":38,"box":{"x":87,"y":697,"width":863,"height":12}},{"id":"e6bfcdf0-f8eb-4974-a149-0a261c37dfc8","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":38,"box":{"x":87,"y":712,"width":864,"height":11}},{"id":"51ae2286-f706-4c61-9124-35d25ba621e1","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":38,"box":{"x":87,"y":726,"width":865,"height":11}},{"id":"810b2c91-48ae-495b-9c6e-5c436c76ecce","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":38,"box":{"x":88,"y":740,"width":864,"height":11}},{"id":"ffdf2b44-fe89-43d3-b8f0-7596e70dad20","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":38,"box":{"x":88,"y":754,"width":864,"height":11}},{"id":"b5629003-4e07-4830-beac-ad29abc97872","block_type":"box","text":"may be temporary or may last for extended periods.","page_number":38,"box":{"x":88,"y":769,"width":381,"height":11}},{"id":"87b057ef-7fcb-4edb-bfee-100184ceb4fb","block_type":"box","text":"State Street AUT North America Screened Index Equity Fund","page_number":38,"box":{"x":47,"y":44,"width":575,"height":13}},{"id":"6911365d-993f-4050-877b-386f4d3a59b5","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":38,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"c6622904-5aa3-4722-80c0-837ca514b534","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":38,"box":{"x":48,"y":123,"width":435,"height":13}},{"id":"ca98b913-6681-4a9d-9bcf-80d9d8913922","block_type":"box","text":"For the year ended 31st December 2025","page_number":38,"box":{"x":48,"y":147,"width":300,"height":11}},{"id":"6c8da9d7-b329-419f-8c33-f9d521060f00","block_type":"box","text":"36","page_number":38,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"7cf72304-ab0e-4690-96d0-5f6362381edb","block_type":"box","text":"3. Risk management policies (continued)","page_number":39,"box":{"x":47,"y":175,"width":345,"height":11}},{"id":"71d1f6da-5fee-4c2d-89d7-04c1e4f338d9","block_type":"box","text":"The indexed Fund invests solely in securities which form part of the Benchmark index. Benchmark indexes are","page_number":39,"box":{"x":87,"y":200,"width":864,"height":11}},{"id":"81f96b42-6ee9-4839-a942-c5cc1bcec4f4","block_type":"box","text":"constructed using index rules requiring securities to have a specified minimum trading volume, which, although not","page_number":39,"box":{"x":87,"y":214,"width":864,"height":11}},{"id":"d6e4f42e-bf11-42d4-acf0-b74f92a28a4c","block_type":"box","text":"guaranteeing liquidity, provides indication of the liquid nature of the securities underlying the Fund. The Fund is exposed","page_number":39,"box":{"x":87,"y":228,"width":863,"height":11}},{"id":"c80c9eb2-77e2-4b79-ae4d-4e7203d7c46b","block_type":"box","text":"to daily contributions and withdrawals which are managed to ensure that exposure to the benchmark indexes are","page_number":39,"box":{"x":87,"y":242,"width":864,"height":11}},{"id":"030af713-0e07-4090-b083-edb24e74da29","block_type":"box","text":"maintained in order to meet the investment objective of the Fund.","page_number":39,"box":{"x":88,"y":256,"width":480,"height":12}},{"id":"5479cfb9-886b-4425-839b-d1fe82ceccc4","block_type":"box","text":"(f) Credit risk","page_number":39,"box":{"x":47,"y":282,"width":122,"height":12}},{"id":"3763e198-21e7-4588-8171-c7158a3ad91f","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":39,"box":{"x":87,"y":297,"width":863,"height":11}},{"id":"3bcce04e-c3ba-4543-bbfb-1a7085bb9a8f","block_type":"box","text":"is not explicitly exposed to credit risk other than revenue index futures. Index futures used for efficient portfolio","page_number":39,"box":{"x":88,"y":311,"width":863,"height":11}},{"id":"a4949d04-fcd6-4d02-b667-6dacfbe3b9a4","block_type":"box","text":"management are exchange traded and marked to market daily, so counterparty risk is negligible.","page_number":39,"box":{"x":88,"y":325,"width":711,"height":11}},{"id":"eecadc21-c32d-4889-a556-07cad077e524","block_type":"box","text":"(g) Use of derivatives","page_number":39,"box":{"x":47,"y":351,"width":182,"height":11}},{"id":"a9cab0dd-5f71-4a70-9a2f-1facd7907e72","block_type":"box","text":"The Fund uses equity index futures only, no other derivatives, for efficient portfolio management-index futures are used","page_number":39,"box":{"x":87,"y":365,"width":863,"height":12}},{"id":"1f54da3e-16fe-4101-893f-948b3fc1fbc4","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":39,"box":{"x":87,"y":380,"width":864,"height":11}},{"id":"f2c4ad97-37d4-4dfc-a011-3802e4c2f9eb","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":39,"box":{"x":88,"y":394,"width":863,"height":11}},{"id":"1a9bcd99-a40c-4f3f-98e2-f13e0bbc6413","block_type":"box","text":"objectives of the Fund.","page_number":39,"box":{"x":87,"y":408,"width":167,"height":11}},{"id":"1931a8ce-2329-46e8-9960-3230cd663da1","block_type":"box","text":"4. Net capital gains","page_number":39,"box":{"x":47,"y":434,"width":172,"height":11}},{"id":"8e9ec625-64f0-4372-8b55-c09c40357144","block_type":"box","text":"The net capital gains during the year comprise:","page_number":39,"box":{"x":87,"y":456,"width":346,"height":11}},{"id":"2beb6486-5fe7-4569-a88b-6778bc715f19","block_type":"box","text":"31.12.25 31.12.24","page_number":39,"box":{"x":758,"y":473,"width":183,"height":9}},{"id":"155314ea-aa38-4365-8c34-399622187346","block_type":"box","text":"£'000 £'000","page_number":39,"box":{"x":781,"y":488,"width":159,"height":8}},{"id":"24c5df87-d30e-4ee0-ab52-5617dc6765b1","block_type":"box","text":"Non-derivative securities 28,238 67,222","page_number":39,"box":{"x":88,"y":507,"width":852,"height":10}},{"id":"8605430b-f876-47c5-a944-014c4fd210bf","block_type":"box","text":"Derivative contracts","page_number":39,"box":{"x":88,"y":526,"width":145,"height":8}},{"id":"de2be556-b95d-40ff-a580-87485c9ae584","block_type":"box","text":"338 341","page_number":39,"box":{"x":795,"y":526,"width":143,"height":8}},{"id":"b2d34148-1516-4f8d-90ac-6f0403d9a02d","block_type":"box","text":"Losses on foreign exchange (257) (60)","page_number":39,"box":{"x":88,"y":544,"width":853,"height":12}},{"id":"d55e3547-fee7-494a-9ecd-23239fadd2c4","block_type":"box","text":"Capital gains on US REIT 41 46","page_number":39,"box":{"x":87,"y":563,"width":854,"height":12}},{"id":"0a4b776f-6f29-41ee-af3a-e074c9be8356","block_type":"box","text":"Net capital gains","page_number":39,"box":{"x":88,"y":584,"width":131,"height":11}},{"id":"d14f1787-afce-44b5-8d1c-8f03ae7809f4","block_type":"box","text":"28,360 67,549","page_number":39,"box":{"x":771,"y":584,"width":170,"height":11}},{"id":"a75d8838-1d2f-4a25-950a-bd5a62b878c0","block_type":"box","text":"5. Purchases, sales and transaction costs","page_number":39,"box":{"x":47,"y":618,"width":353,"height":10}},{"id":"c638e730-ebbe-4287-a6c4-25c93014c622","block_type":"box","text":"31.12.25","page_number":39,"box":{"x":758,"y":635,"width":64,"height":9}},{"id":"72f7c6e3-4f6c-497f-8714-c2930ef2cad3","block_type":"box","text":"£'000","page_number":39,"box":{"x":781,"y":649,"width":40,"height":9}},{"id":"58ee0035-49da-488a-858c-4f8bcc6596e7","block_type":"box","text":"31.12.24","page_number":39,"box":{"x":877,"y":635,"width":64,"height":9}},{"id":"93ac4109-7a9e-4704-aa40-e65c27209b76","block_type":"box","text":"£'000","page_number":39,"box":{"x":900,"y":649,"width":40,"height":9}},{"id":"87e782d3-41f0-4813-abf4-8ff630f1435d","block_type":"box","text":"Purchases excluding transaction costs","page_number":39,"box":{"x":88,"y":669,"width":283,"height":10}},{"id":"7f75022a-ca2b-4ed8-9093-84c3c054660d","block_type":"box","text":"Equities","page_number":39,"box":{"x":88,"y":687,"width":58,"height":11}},{"id":"cf4d0e21-8d63-4759-a19a-a9d0700cf174","block_type":"box","text":"24,985 23,575","page_number":39,"box":{"x":772,"y":687,"width":169,"height":11}},{"id":"53c1e5f8-6530-4727-be70-4760330e7628","block_type":"box","text":"Total before transaction costs 24,985 23,575","page_number":39,"box":{"x":87,"y":709,"width":854,"height":11}},{"id":"719a1c7e-2d90-4f03-bf69-52e53c301405","block_type":"box","text":"Commissions","page_number":39,"box":{"x":87,"y":734,"width":100,"height":8}},{"id":"cfb061e6-eda6-4817-b939-5881d8c05efc","block_type":"box","text":"Equities","page_number":39,"box":{"x":88,"y":753,"width":58,"height":11}},{"id":"dc13e997-2a43-4cf4-8db3-a07d0a47d908","block_type":"box","text":"1-","page_number":39,"box":{"x":815,"y":753,"width":126,"height":8}},{"id":"452315e3-adc5-4323-ad00-04ed1fb66c1f","block_type":"box","text":"1-","page_number":39,"box":{"x":815,"y":775,"width":126,"height":8}},{"id":"f1e5ed82-017a-4387-9863-d2aa8010e2fd","block_type":"box","text":"Taxes","page_number":39,"box":{"x":87,"y":799,"width":43,"height":9}},{"id":"70732fed-c660-4dc5-803a-e68535be6d76","block_type":"box","text":"Equities","page_number":39,"box":{"x":88,"y":818,"width":58,"height":11}},{"id":"3274fcf8-0019-4ff5-8cb6-6c5bff1128df","block_type":"box","text":"--","page_number":39,"box":{"x":817,"y":823,"width":124,"height":1}},{"id":"5d9279fb-a0bf-4f10-bf43-6dc83d483b31","block_type":"box","text":"--","page_number":39,"box":{"x":817,"y":845,"width":124,"height":1}},{"id":"3f5f8ca8-e292-4356-8c34-2043c4a4d9ab","block_type":"box","text":"Total purchases transaction costs 1 -","page_number":39,"box":{"x":87,"y":864,"width":854,"height":11}},{"id":"de8728dc-6a17-4470-b998-46357d90b0a7","block_type":"box","text":"Purchases including transaction costs","page_number":39,"box":{"x":88,"y":886,"width":305,"height":11}},{"id":"a9632204-2058-48b6-a406-7d82d3d8905b","block_type":"box","text":"24,986 23,575","page_number":39,"box":{"x":772,"y":886,"width":169,"height":10}},{"id":"18c3f651-f456-44ed-a5d3-f0754ed7f350","block_type":"box","text":"State Street AUT North America Screened Index Equity Fund","page_number":39,"box":{"x":47,"y":44,"width":575,"height":13}},{"id":"84674f53-59e8-4cbd-b954-35c1284edf78","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":39,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"b89c5517-33c7-4cf6-acc5-75026924735b","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":39,"box":{"x":48,"y":123,"width":435,"height":13}},{"id":"fcde9bcf-3bc1-428d-9dc7-2ef07c33cea2","block_type":"box","text":"For the year ended 31st December 2025","page_number":39,"box":{"x":48,"y":147,"width":300,"height":11}},{"id":"7d2e4a65-d255-4307-a4a4-56987d915409","block_type":"box","text":"37","page_number":39,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"0f8cc792-9438-40de-8553-c4f598117323","block_type":"box","text":"5. Purchases, sales and transaction costs (continued)","page_number":40,"box":{"x":47,"y":175,"width":448,"height":11}},{"id":"aa1b6aaf-dac5-45ae-81a0-be9063c0f296","block_type":"box","text":"31.12.25","page_number":40,"box":{"x":758,"y":203,"width":64,"height":9}},{"id":"4b26ae24-8c30-45f6-ab48-dd8141619c19","block_type":"box","text":"£'000","page_number":40,"box":{"x":781,"y":217,"width":40,"height":9}},{"id":"609566c6-1255-427d-b5b3-f92360e1612c","block_type":"box","text":"31.12.24","page_number":40,"box":{"x":877,"y":203,"width":64,"height":9}},{"id":"29c7ad9a-48a8-4d2f-bac6-05bc19e59167","block_type":"box","text":"£'000","page_number":40,"box":{"x":900,"y":217,"width":40,"height":9}},{"id":"29033160-5890-4a2f-8ab4-432fad553f0c","block_type":"box","text":"Sales excluding transaction costs","page_number":40,"box":{"x":87,"y":236,"width":247,"height":11}},{"id":"8e66fbb4-9f2b-43ec-ab4b-df85147a7f16","block_type":"box","text":"Equities","page_number":40,"box":{"x":88,"y":255,"width":58,"height":11}},{"id":"28f25deb-bc44-4bb5-98f8-8bbb4e162993","block_type":"box","text":"44,090 32,395","page_number":40,"box":{"x":771,"y":255,"width":170,"height":11}},{"id":"d1ca16cf-09e9-4e90-9a40-39bc0cdec044","block_type":"box","text":"Total before transaction costs 44,090 32,395","page_number":40,"box":{"x":87,"y":277,"width":854,"height":10}},{"id":"b7797ca5-2a02-4eef-93f8-a627992f80fe","block_type":"box","text":"Commissions","page_number":40,"box":{"x":87,"y":301,"width":100,"height":9}},{"id":"d2de4130-e970-4560-8927-fae8583a7e2f","block_type":"box","text":"Equities","page_number":40,"box":{"x":88,"y":321,"width":58,"height":10}},{"id":"04db9416-0a9c-4623-8e2d-d3edfd3929e6","block_type":"box","text":"(1) (1)","page_number":40,"box":{"x":803,"y":320,"width":138,"height":12}},{"id":"798206e2-3ee3-4323-93d3-dd3f53302caa","block_type":"box","text":"(1) (1)","page_number":40,"box":{"x":803,"y":342,"width":138,"height":11}},{"id":"419ea6b7-c852-4b79-9d0c-f1761706af26","block_type":"box","text":"Taxes","page_number":40,"box":{"x":87,"y":367,"width":43,"height":8}},{"id":"558adcb8-fda9-479b-a3ce-085e81326e11","block_type":"box","text":"Equities","page_number":40,"box":{"x":88,"y":386,"width":58,"height":11}},{"id":"e89b0600-ee2b-4ecb-9e4a-7105a75b4184","block_type":"box","text":"- (1)","page_number":40,"box":{"x":817,"y":386,"width":124,"height":11}},{"id":"0b862fba-1ea3-4e41-b018-10c4510f3981","block_type":"box","text":"- (1)","page_number":40,"box":{"x":817,"y":408,"width":124,"height":11}},{"id":"3ec67f0b-b5f2-41b6-afaa-2443a1ecac95","block_type":"box","text":"Total sales transaction cost (1) 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Debtors","page_number":43,"box":{"x":48,"y":175,"width":101,"height":8}},{"id":"db680b4c-4a6c-47be-bb9e-fe267bd48eb9","block_type":"box","text":"31.12.25 31.12.24","page_number":43,"box":{"x":758,"y":193,"width":183,"height":8}},{"id":"8a143eb8-2ff4-4050-9e90-da9f0541f499","block_type":"box","text":"£'000 £'000","page_number":43,"box":{"x":781,"y":207,"width":159,"height":8}},{"id":"35c11393-984a-447f-8e47-7c98431eedc3","block_type":"box","text":"Creations awaiting settlement - 1","page_number":43,"box":{"x":87,"y":226,"width":851,"height":11}},{"id":"97cba17a-de2a-475b-a272-4d8db088adcf","block_type":"box","text":"Accrued revenue","page_number":43,"box":{"x":87,"y":245,"width":126,"height":8}},{"id":"42721375-28d8-4b31-8b7b-e889d2e0c415","block_type":"box","text":"147 167","page_number":43,"box":{"x":796,"y":245,"width":145,"height":8}},{"id":"6936efd8-fc01-457c-94a2-38a670802521","block_type":"box","text":"Total debtors","page_number":43,"box":{"x":87,"y":265,"width":104,"height":9}},{"id":"93f7f95a-b1d0-4db5-ba03-03c8905a3b72","block_type":"box","text":"147 168","page_number":43,"box":{"x":796,"y":265,"width":145,"height":9}},{"id":"e0c298fb-64a8-4ef1-9c7c-6676405d0b8e","block_type":"box","text":"11. Cash and bank balances","page_number":43,"box":{"x":48,"y":297,"width":233,"height":8}},{"id":"cb7bf6b5-27ec-442c-9828-53270eb09e8f","block_type":"box","text":"31.12.25 31.12.24","page_number":43,"box":{"x":758,"y":315,"width":183,"height":8}},{"id":"440024b5-5f1f-4d5e-83f2-f583e48f4f78","block_type":"box","text":"£'000 £'000","page_number":43,"box":{"x":781,"y":329,"width":159,"height":8}},{"id":"34a79211-bef9-4376-8907-e0e22c4056a5","block_type":"box","text":"Cash and bank balances 1,216 16,172","page_number":43,"box":{"x":87,"y":348,"width":853,"height":10}},{"id":"368d4b34-79a9-462d-b584-6af426688abb","block_type":"box","text":"Amounts held at brokers 90 145","page_number":43,"box":{"x":87,"y":367,"width":854,"height":8}},{"id":"8446b038-71c8-446b-abe4-905c8eff83e1","block_type":"box","text":"Total cash and bank balances 1,306 16,317","page_number":43,"box":{"x":87,"y":388,"width":854,"height":10}},{"id":"04990738-1721-4e18-9be5-b6d54eba67f2","block_type":"box","text":"12. Other creditors","page_number":43,"box":{"x":48,"y":419,"width":159,"height":9}},{"id":"58f85ad0-de69-4a0e-98f5-f77ffda766d1","block_type":"box","text":"31.12.25 31.12.24","page_number":43,"box":{"x":758,"y":437,"width":183,"height":8}},{"id":"b93a34c4-75c8-4595-bdac-92462e3e4b48","block_type":"box","text":"£'000 £'000","page_number":43,"box":{"x":781,"y":451,"width":159,"height":9}},{"id":"f9be5968-fb2f-43d6-a36e-73001b13afe4","block_type":"box","text":"Liquidations awaiting settlement 30 14,701","page_number":43,"box":{"x":88,"y":470,"width":850,"height":11}},{"id":"517002b3-4c58-4d70-81c2-d20868dd0760","block_type":"box","text":"Purchases awaiting settlement 1 1","page_number":43,"box":{"x":88,"y":489,"width":850,"height":11}},{"id":"c50dc522-821a-4d13-af4d-add2812f7dc8","block_type":"box","text":"Accrued Manager's periodic charge 35 34","page_number":43,"box":{"x":87,"y":508,"width":853,"height":11}},{"id":"60277b89-84aa-4033-9908-4fe2a8ddc083","block_type":"box","text":"Total other creditors","page_number":43,"box":{"x":87,"y":529,"width":161,"height":8}},{"id":"9e496dde-177c-4b92-bc92-bc6a2a049992","block_type":"box","text":"66 14,736","page_number":43,"box":{"x":804,"y":529,"width":137,"height":10}},{"id":"2bbcd7b6-9b73-47d4-a3b6-fa8edb48c19c","block_type":"box","text":"13. Contingent liabilities and commitments","page_number":43,"box":{"x":48,"y":560,"width":351,"height":11}},{"id":"2cf5d50e-b7a2-4dee-b3ca-cb658114619b","block_type":"box","text":"The Fund had no contingent liabilities at year end (31.12.24: £nil).","page_number":43,"box":{"x":87,"y":574,"width":485,"height":11}},{"id":"f5f7a458-3503-4252-8195-1608c68244d9","block_type":"box","text":"14. Related party transactions","page_number":43,"box":{"x":48,"y":600,"width":248,"height":11}},{"id":"8ae6ae91-26ce-49c2-98c7-6575de24667e","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":43,"box":{"x":87,"y":614,"width":863,"height":12}},{"id":"113f8f42-6747-4145-ba95-5eaec07a52d2","block_type":"box","text":"constituting the Fund.","page_number":43,"box":{"x":87,"y":629,"width":158,"height":11}},{"id":"0d6cdecb-ad7d-4c1a-99d5-44ee2ec9a6b5","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":43,"box":{"x":87,"y":650,"width":864,"height":11}},{"id":"38b7d807-d8ef-4b4f-807e-ddc63fce8646","block_type":"box","text":"in the Notes to the financial statements. At the year end £34,879 (31.12.24: £34,636) was due to the Manager in relation","page_number":43,"box":{"x":88,"y":664,"width":862,"height":11}},{"id":"20b74226-9c5a-4458-b2e2-d5b173514b4f","block_type":"box","text":"to accrued manager’s periodic charges are disclosed in Other Creditors in the Notes to the Financial Statements.","page_number":43,"box":{"x":87,"y":678,"width":834,"height":12}},{"id":"047ec3e9-dca3-46dc-a0f8-23b769b3ca66","block_type":"box","text":"Transactions relating to the creation and cancellation of units and the purchases and sales of investments which pass","page_number":43,"box":{"x":87,"y":700,"width":864,"height":11}},{"id":"b2d58781-66d5-4d4b-8ff0-f691f0c16a6a","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":43,"box":{"x":87,"y":714,"width":864,"height":11}},{"id":"ea9ea567-f05f-4631-9934-8ed12f0544dd","block_type":"box","text":"Assets Attributable to Unitholders.","page_number":43,"box":{"x":87,"y":728,"width":250,"height":9}},{"id":"cb212983-8885-4331-9b13-882baf33f69c","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":43,"box":{"x":87,"y":750,"width":863,"height":11}},{"id":"86a39bbb-749b-424b-a859-a6aeedc2ed02","block_type":"box","text":"Creditors in the Notes to the Financial Statements.","page_number":43,"box":{"x":87,"y":764,"width":373,"height":9}},{"id":"b9dc8c51-d523-4d86-959e-38a2543ca576","block_type":"box","text":"15. Risk disclosures","page_number":43,"box":{"x":48,"y":790,"width":171,"height":9}},{"id":"4dc47bca-a27e-49a1-ac38-7e14dcd25309","block_type":"box","text":"The Manager’s policy for managing these risks are summarised below and have been applied throughout the year.","page_number":43,"box":{"x":87,"y":804,"width":846,"height":11}},{"id":"317d09ee-e69c-4caf-a72b-32fe19622a4b","block_type":"box","text":"(a) Foreign currency risk","page_number":43,"box":{"x":47,"y":830,"width":211,"height":11}},{"id":"54ca1fb8-d83a-43ed-aa2f-a77df4d57cd6","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":43,"box":{"x":87,"y":844,"width":863,"height":12}},{"id":"591120c3-6c3a-48d3-b68b-5205abf9221a","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":43,"box":{"x":87,"y":859,"width":863,"height":11}},{"id":"dd9c396b-4d28-44e1-9049-8a82952c8c36","block_type":"box","text":"act accordingly in order to manage exchange rate risk.","page_number":43,"box":{"x":87,"y":873,"width":401,"height":11}},{"id":"2b478e70-8c9f-4c93-a3d6-40e9cdad0474","block_type":"box","text":"State Street AUT North America Screened Index Equity Fund","page_number":43,"box":{"x":47,"y":44,"width":575,"height":13}},{"id":"372059c8-b21d-40a4-ac8c-9963dbbb5376","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":43,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"37402244-9be1-4339-9940-eea6a10be709","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":43,"box":{"x":48,"y":123,"width":435,"height":13}},{"id":"5ad43c4a-e9ea-45e4-b6c7-d28f17925fba","block_type":"box","text":"For the year ended 31st December 2025","page_number":43,"box":{"x":48,"y":147,"width":300,"height":11}},{"id":"ada5af73-afbf-42dd-9401-8bb343ce52e3","block_type":"box","text":"41","page_number":43,"box":{"x":492,"y":956,"width":12,"height":7}},{"id":"0e31fbe5-f5a0-4ab7-a121-9c8b0cf84323","block_type":"box","text":"15. Risk disclosures (continued)","page_number":44,"box":{"x":48,"y":175,"width":267,"height":11}},{"id":"0538f07a-db56-4475-bad3-ee23ba062d17","block_type":"box","text":"The Fund’s currency exposure as at 31st December 2025 was:","page_number":44,"box":{"x":87,"y":200,"width":464,"height":11}},{"id":"fe9b3333-0522-435b-9326-1d92fa6ce80c","block_type":"box","text":"Net foreign currency assets","page_number":44,"box":{"x":722,"y":217,"width":219,"height":11}},{"id":"9739a619-72e5-4822-8efc-8ce3814b4c80","block_type":"box","text":"Currency 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330,339","page_number":44,"box":{"x":706,"y":327,"width":235,"height":10}},{"id":"00c6146c-1bd5-4099-90cd-f2d5f0c8e147","block_type":"box","text":"The Fund’s currency exposure as at 31st December 2024 was:","page_number":44,"box":{"x":87,"y":350,"width":464,"height":11}},{"id":"33bf9c2a-ec24-4cef-8420-0bf24a585997","block_type":"box","text":"Net foreign currency assets","page_number":44,"box":{"x":722,"y":368,"width":219,"height":11}},{"id":"3dbd507e-ee70-4286-862d-77e3c74863f9","block_type":"box","text":"Currency 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dollar 81 11,680 11,761","page_number":44,"box":{"x":87,"y":427,"width":851,"height":10}},{"id":"95fb9ddb-1061-46f2-b112-3f93ca16ee4a","block_type":"box","text":"Euro","page_number":44,"box":{"x":88,"y":443,"width":33,"height":8}},{"id":"0a7a7279-b9e2-484a-82db-07a101e719a5","block_type":"box","text":"8 -8","page_number":44,"box":{"x":738,"y":443,"width":203,"height":8}},{"id":"deb52205-f820-48bb-a5fe-587a45779957","block_type":"box","text":"US dollar","page_number":44,"box":{"x":88,"y":458,"width":68,"height":9}},{"id":"88f3832f-cdaf-4037-98cd-0c8d1b51e0fd","block_type":"box","text":"1,547 308,258 309,805","page_number":44,"box":{"x":707,"y":458,"width":234,"height":10}},{"id":"c6f8944f-e5b4-4bd4-8e81-73796892fd51","block_type":"box","text":"Total","page_number":44,"box":{"x":87,"y":478,"width":37,"height":8}},{"id":"7a6d62d7-6c33-4311-a987-74b25985511b","block_type":"box","text":"1,636 319,938 321,574","page_number":44,"box":{"x":706,"y":478,"width":235,"height":10}},{"id":"c11a0ed5-982d-4293-9fea-6263a8de7136","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":44,"box":{"x":88,"y":501,"width":864,"height":11}},{"id":"2c4442e4-2d54-4273-908c-134e3c8dee81","block_type":"box","text":"the Fund would have decreased by £30,030,853 (31.12.2024: £29,233,993).","page_number":44,"box":{"x":87,"y":515,"width":564,"height":11}},{"id":"c0370b60-853d-41b4-9cba-f2464f4a3871","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":44,"box":{"x":88,"y":536,"width":864,"height":11}},{"id":"31bb86f6-8844-4e06-8c4d-0826ef861e98","block_type":"box","text":"the Fund would have increased by £36,704,376 (31.12.2024: £35,730,436).","page_number":44,"box":{"x":87,"y":550,"width":558,"height":12}},{"id":"283969cb-7a8c-417b-83a8-69389ff53fea","block_type":"box","text":"These calculations assume all other variables remain constant.","page_number":44,"box":{"x":87,"y":572,"width":465,"height":9}},{"id":"5cba33c1-6e99-48dc-b9cd-38e50da9885b","block_type":"box","text":"(b) Market price risk","page_number":44,"box":{"x":47,"y":598,"width":173,"height":11}},{"id":"ffd633c2-faa2-4048-90a2-0149032c5c93","block_type":"box","text":"The Fund’s investment portfolio is exposed to market price fluctuations which are monitored by the Manager in","page_number":44,"box":{"x":87,"y":612,"width":863,"height":11}},{"id":"1c4b6211-c188-4f92-9298-2f36c00c8603","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":44,"box":{"x":88,"y":626,"width":863,"height":11}},{"id":"20ff4802-8945-4468-9255-38a9220c2d6d","block_type":"box","text":"investment and borrowing powers set out in the Trust Deed, the Scheme Particulars and in the Financial Conduct","page_number":44,"box":{"x":88,"y":640,"width":863,"height":12}},{"id":"5248b9b0-59ce-459f-b7ea-0bc2c716a8b7","block_type":"box","text":"Authority’s Collective Investment Scheme sourcebook (the “COLL sourcebook”) mitigates the risk of excessive","page_number":44,"box":{"x":87,"y":655,"width":864,"height":11}},{"id":"d6ac106e-43c3-4ea9-9d73-60c164296dbb","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":44,"box":{"x":87,"y":669,"width":864,"height":11}},{"id":"abc20591-30da-4b7a-9a14-c4e04162ad28","block_type":"box","text":"Manager’s Report and Portfolio Statement.","page_number":44,"box":{"x":88,"y":683,"width":315,"height":11}},{"id":"3c4c39fa-6266-466f-9675-aad346520023","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":44,"box":{"x":88,"y":705,"width":863,"height":11}},{"id":"82e38c9c-6866-4c71-911f-b63f85f175b1","block_type":"box","text":"increased by £32,906,178 (31.12.24: £31,993,797). If market prices had decreased by 10% as at the balance sheet","page_number":44,"box":{"x":88,"y":719,"width":864,"height":11}},{"id":"68b93ae6-223d-43a8-b965-a2638fd4afed","block_type":"box","text":"date, the net asset value of the Fund would have decreased by £32,906,178 (31.12.24: £31,993,797).","page_number":44,"box":{"x":87,"y":733,"width":751,"height":11}},{"id":"0706d10e-490f-4245-8a22-9b40fb6f40c0","block_type":"box","text":"These calculations assume all other variables remain constant.","page_number":44,"box":{"x":87,"y":754,"width":465,"height":9}},{"id":"2171208d-5ed4-485b-86a0-cd9a749a5c4f","block_type":"box","text":"(c) Interest rate risk","page_number":44,"box":{"x":47,"y":780,"width":170,"height":12}},{"id":"d35ae469-a92f-4661-814c-53b54066145d","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":44,"box":{"x":87,"y":795,"width":864,"height":11}},{"id":"a622eae6-28ff-4913-ab57-2656c12b53cc","block_type":"box","text":"a maturity date. Therefore interest rate risk is not deemed to be significant.","page_number":44,"box":{"x":87,"y":809,"width":550,"height":11}},{"id":"2b0ff800-71b1-4ee3-8dc6-c7be9e8cc14e","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":44,"box":{"x":88,"y":830,"width":863,"height":11}},{"id":"990485fe-8c6c-4066-b6c8-607047e1781c","block_type":"box","text":"calculated at the current Bank of England base rate plus 1.00% of its overseas equivalent.","page_number":44,"box":{"x":87,"y":844,"width":665,"height":12}},{"id":"f8fcdb96-f404-487f-9309-832be4ab8f6f","block_type":"box","text":"(d) Liquidity risk","page_number":44,"box":{"x":47,"y":870,"width":144,"height":12}},{"id":"d0d9e756-c577-46eb-9d45-b5ea722e44d0","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":44,"box":{"x":87,"y":885,"width":864,"height":11}},{"id":"6a567fea-aa81-434b-bf7c-08b2d0a15369","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":44,"box":{"x":87,"y":899,"width":864,"height":11}},{"id":"2de2e0ea-4885-48f3-be4c-9f8737dc82ab","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":44,"box":{"x":88,"y":913,"width":863,"height":11}},{"id":"2ae3a47c-d1b9-4839-b266-3721447612a5","block_type":"box","text":"of its value to ensure settlement.","page_number":44,"box":{"x":87,"y":927,"width":239,"height":9}},{"id":"85f3ac09-2cab-4a42-aafe-87507023428e","block_type":"box","text":"State Street AUT North America Screened Index Equity Fund","page_number":44,"box":{"x":47,"y":44,"width":575,"height":13}},{"id":"ba14c1da-2746-48ee-acb2-5f292802de79","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":44,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"a3803fd5-b4a3-4f64-9908-04a89e3e6b95","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":44,"box":{"x":48,"y":123,"width":435,"height":13}},{"id":"4193eace-5bcd-4159-97bb-c56d42f36739","block_type":"box","text":"For the year ended 31st December 2025","page_number":44,"box":{"x":48,"y":147,"width":300,"height":11}},{"id":"96527d9e-7ed4-4279-9cee-bc54c0c34947","block_type":"box","text":"42","page_number":44,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"81023bb2-ceb1-4592-bb94-aeb73a8d91e2","block_type":"box","text":"15. Risk disclosures (continued)","page_number":45,"box":{"x":48,"y":175,"width":267,"height":11}},{"id":"d5c28c34-9fb3-40b5-882b-d1f941648bfc","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":45,"box":{"x":87,"y":200,"width":864,"height":11}},{"id":"b03055b1-6bd9-4a26-871c-e7b2bef35aef","block_type":"box","text":"significant.","page_number":45,"box":{"x":87,"y":214,"width":77,"height":11}},{"id":"f0626945-986d-4fe5-90a7-b780e4cb55bd","block_type":"box","text":"16. Unitholders’ funds","page_number":45,"box":{"x":48,"y":240,"width":185,"height":9}},{"id":"c6cd7573-ce9d-42c0-9ac3-db2bc7dec8f2","block_type":"box","text":"31.12.25 31.12.24","page_number":45,"box":{"x":726,"y":258,"width":215,"height":8}},{"id":"a0ee7df4-e440-4ca4-9e55-7db46ccef92f","block_type":"box","text":"Opening units in issue 41,696,165 43,057,534","page_number":45,"box":{"x":92,"y":277,"width":848,"height":11}},{"id":"f9b7beed-cc31-4fe9-8661-b28541d3abe9","block_type":"box","text":"Issues","page_number":45,"box":{"x":93,"y":296,"width":46,"height":8}},{"id":"0114f3b8-8173-47bd-a1c0-4921d4bf7a11","block_type":"box","text":"5,089,204 4,857,209","page_number":45,"box":{"x":717,"y":296,"width":224,"height":10}},{"id":"914ca0ec-f391-4643-bd6b-539d7877742b","block_type":"box","text":"Cancellations (7,673,209) (6,218,578)","page_number":45,"box":{"x":92,"y":314,"width":849,"height":12}},{"id":"c614af91-ed12-4484-b7eb-bf675882fd72","block_type":"box","text":"Closing units in issue 39,112,160 41,696,165","page_number":45,"box":{"x":92,"y":335,"width":849,"height":11}},{"id":"90671c96-8b2c-4860-8f6f-c75c5813102c","block_type":"box","text":"17. 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As the Management Company, State Street Unit Trust Management Limited (“SSUTM”) does not employ any staff","page_number":50,"box":{"x":47,"y":203,"width":905,"height":11}},{"id":"f67799a7-0a65-42c2-b7e6-854cc03fb1bb","block_type":"box","text":"and has delegated certain activities in respect of the investment management and risk management to SSGA Limited and","page_number":50,"box":{"x":47,"y":217,"width":903,"height":11}},{"id":"beb43985-7c23-48b1-8d30-bce7ffe1b96a","block_type":"box","text":"SSGA Europe Limited, Poland Branch (together, the “Investment Managers”). As a State Street subsidiary, the Investment","page_number":50,"box":{"x":47,"y":231,"width":904,"height":12}},{"id":"3eb95ae9-7269-47a8-86ae-819f82a37077","block_type":"box","text":"Managers are fully integrated into State Street’s group-wide compensation strategy and subject to the global and regional","page_number":50,"box":{"x":48,"y":246,"width":902,"height":11}},{"id":"296e0bb9-6cff-4850-a885-e93eb1a43258","block_type":"box","text":"governing body structure of State Street to provide appropriate and effective control of the remuneration arrangements (incl.","page_number":50,"box":{"x":47,"y":260,"width":903,"height":11}},{"id":"f5e64e71-9f25-4f12-850b-aee0d45cbf6b","block_type":"box","text":"compliance with the relevant remuneration regulations) across the State Street group of affiliated entities. Under its publicly","page_number":50,"box":{"x":47,"y":274,"width":904,"height":11}},{"id":"68fcb483-387b-4361-9e6b-b79d24e64cd2","block_type":"box","text":"available charter, the Human Resources Committee (“HRC”) of SSC oversees all of State Street’s compensation plans,","page_number":50,"box":{"x":47,"y":288,"width":903,"height":12}},{"id":"973a2321-13c6-4d5b-aae8-82bb211c2c4c","block_type":"box","text":"policies, and programs in which senior executives participate and incentive, retirement, welfare and equity plans in which","page_number":50,"box":{"x":48,"y":303,"width":902,"height":11}},{"id":"b6a2a924-9929-4fac-a715-1281d27b009e","block_type":"box","text":"certain other employees of SSC participate. It also oversees the alignment of the incentive compensation arrangements with","page_number":50,"box":{"x":47,"y":317,"width":903,"height":11}},{"id":"4174abfd-ec84-4aff-bf44-2340de850206","block_type":"box","text":"the State Street’s financial safety and soundness consistent with applicable related regulatory rules and guidance. The HRC","page_number":50,"box":{"x":47,"y":331,"width":904,"height":11}},{"id":"1373dd09-8c38-49db-88e6-59245b58d6be","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":50,"box":{"x":47,"y":345,"width":904,"height":11}},{"id":"0b5e91de-9150-46b1-bb95-b8e5b2bc1022","block_type":"box","text":"business units and corporate functions based upon a variety of factors, which may include budget performance, achievement","page_number":50,"box":{"x":48,"y":360,"width":903,"height":11}},{"id":"f1dc9fc3-b530-4cba-ab86-9b9e5901d7c2","block_type":"box","text":"of key goals and other considerations. The final expenditure and overall allocation between current and deferred awards are","page_number":50,"box":{"x":47,"y":374,"width":904,"height":11}},{"id":"357b606c-1343-4036-b1c0-749acbb52966","block_type":"box","text":"then reviewed by the HRC prior to payment.","page_number":50,"box":{"x":47,"y":388,"width":324,"height":11}},{"id":"ded63441-23f9-4bcc-9afd-a05c3d9e5a79","block_type":"box","text":"State Street also has separate UK and SSGAEL Remuneration Committees in place for the Investment Managers with the","page_number":50,"box":{"x":47,"y":409,"width":904,"height":11}},{"id":"b5648d71-605b-4730-9449-eb713e1bc1ca","block_type":"box","text":"primary duties to:","page_number":50,"box":{"x":48,"y":424,"width":125,"height":11}},{"id":"a20c98ac-c909-4cb8-b313-803b60e1f4e9","block_type":"box","text":"•","page_number":50,"box":{"x":47,"y":448,"width":4,"height":3}},{"id":"b8e169a5-5cc2-448b-b083-a080af2cd0bf","block_type":"box","text":"review the remuneration policy applicable to employees, management and Identified Staff of the Investment Managers","page_number":50,"box":{"x":95,"y":445,"width":856,"height":11}},{"id":"8bc17008-0388-4d75-9a28-9738f4d0bbd8","block_type":"box","text":"and oversee its implementation;","page_number":50,"box":{"x":95,"y":459,"width":234,"height":11}},{"id":"97406ea1-b092-467d-abca-a0d50d6b9074","block_type":"box","text":"•","page_number":50,"box":{"x":47,"y":484,"width":4,"height":3}},{"id":"2b2744b0-7e67-40ae-a91c-09fc1ca3b3f6","block_type":"box","text":"oversee compliance with any applicable remuneration regulations; and","page_number":50,"box":{"x":94,"y":481,"width":521,"height":11}},{"id":"e6635833-69ab-419a-99d8-f03fbc2875eb","block_type":"box","text":"•","page_number":50,"box":{"x":47,"y":505,"width":4,"height":3}},{"id":"cce269a6-6bef-46bf-81bd-58711e25622a","block_type":"box","text":"review and endorse remuneration decisions related to Identified Staff and consider recommendations for ex-post risk","page_number":50,"box":{"x":95,"y":502,"width":856,"height":11}},{"id":"7b2cc10d-d95c-4ea6-8167-83eeb4da381f","block_type":"box","text":"adjustment of Identified Staff.","page_number":50,"box":{"x":95,"y":516,"width":214,"height":11}},{"id":"6fc2c69f-8b06-429e-9f10-b97b8e630225","block_type":"box","text":"State Street operates an annually reviewed global remuneration policy document (supplemented by any relevant addenda by","page_number":50,"box":{"x":47,"y":537,"width":904,"height":11}},{"id":"42d03e47-3f88-4ddc-aeb1-662ba414e8ec","block_type":"box","text":"jurisdiction or regulatory regime), which documents State Street’s existing remuneration framework. This policy is intended to","page_number":50,"box":{"x":46,"y":552,"width":905,"height":11}},{"id":"167e5440-95b7-407a-8bb4-8ba40401d24d","block_type":"box","text":"comply with applicable remuneration regulatory requirements including, but not limited to, those contained in the CRD, UCITS","page_number":50,"box":{"x":47,"y":566,"width":904,"height":11}},{"id":"6203a974-00b9-45ae-8a2c-d82e4ecdf446","block_type":"box","text":"V and AIFMD, and will be interpreted and administered accordingly. State Street’s remuneration policies and practices apply","page_number":50,"box":{"x":46,"y":580,"width":905,"height":11}},{"id":"4fd6bf04-06bb-4cb8-88df-22863e9b3254","block_type":"box","text":"on a global basis to all employees of the State Street group (incl. the Investment Managers). The key principles that align State","page_number":50,"box":{"x":47,"y":594,"width":904,"height":11}},{"id":"5a4b06c4-ce4f-4423-81ba-8552419ee5b6","block_type":"box","text":"Street’s remuneration system with the business strategy are as follows:","page_number":50,"box":{"x":47,"y":608,"width":525,"height":12}},{"id":"36e53bb0-aa17-4200-a469-3590881fc642","block_type":"box","text":"•","page_number":50,"box":{"x":47,"y":633,"width":4,"height":3}},{"id":"ee55ff56-9434-4072-8114-804c71369d2d","block_type":"box","text":"We emphasize total rewards.","page_number":50,"box":{"x":94,"y":630,"width":214,"height":11}},{"id":"fc5b0a33-dfd5-448a-8c29-26c62a5995fa","block_type":"box","text":"•","page_number":50,"box":{"x":47,"y":654,"width":4,"height":3}},{"id":"2cd197d3-d146-4a1c-88c4-df80b21f1cb4","block_type":"box","text":"We target the aggregate annual value of our Total Rewards Program to be competitive with our business peers.","page_number":50,"box":{"x":94,"y":651,"width":822,"height":11}},{"id":"a48d5588-da96-4b7d-9615-34ec747d82ec","block_type":"box","text":"•","page_number":50,"box":{"x":47,"y":676,"width":4,"height":3}},{"id":"89272dba-7714-4991-aeed-e0cef8f85e37","block_type":"box","text":"We unequivocally support equal pay for work of equal value.","page_number":50,"box":{"x":94,"y":673,"width":445,"height":11}},{"id":"63d82a9f-87bb-41e8-a33f-d453c524a203","block_type":"box","text":"•","page_number":50,"box":{"x":47,"y":697,"width":4,"height":3}},{"id":"1b2e6e3e-4ce3-4455-b2ff-f957ebbb0bf5","block_type":"box","text":"Funding for our Total Rewards Program is subject to affordability and is designed to be flexible based on 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The discretionary bonus policy is structured so as to achieve a balance between fixed and","page_number":51,"box":{"x":48,"y":253,"width":902,"height":11}},{"id":"29f20f27-52e3-497c-8cd8-2493eb04fda2","block_type":"box","text":"variable components, but also includes specific maximum pay ratios where required by local regulations. A number of","page_number":51,"box":{"x":47,"y":267,"width":905,"height":11}},{"id":"e5d0cba4-4101-4ed3-991d-1777e5417054","block_type":"box","text":"employees in sales participate in Structured Incentive Plans, which aim to bring the variable compensation granted to plan","page_number":51,"box":{"x":47,"y":281,"width":903,"height":11}},{"id":"1558bb6a-ee60-4caa-a13e-046724389179","block_type":"box","text":"participants into line with the revenues they generate as well as taking into account non-financial qualitative performance","page_number":51,"box":{"x":48,"y":296,"width":903,"height":11}},{"id":"22e27b8b-6fad-44cb-8030-d97f208d70cd","block_type":"box","text":"indicators. All such participants receive sufficiently high fixed compensation. Variable compensation is assigned on an","page_number":51,"box":{"x":48,"y":310,"width":902,"height":11}},{"id":"d96ad21f-b2e2-4920-b4a6-767e36eaab09","block_type":"box","text":"individual basis by way of a review of both quantitative and qualitative factors.","page_number":51,"box":{"x":48,"y":324,"width":572,"height":11}},{"id":"f2c67672-9141-439a-be62-fb7d20d8f9b1","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":51,"box":{"x":46,"y":345,"width":905,"height":11}},{"id":"6114cf8e-743a-4053-906e-662336989f9b","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":51,"box":{"x":47,"y":359,"width":904,"height":12}},{"id":"6aa6ec72-d7f9-4e43-880b-32b2215ff9a7","block_type":"box","text":"remuneration requirements on the pay-out processes and establishment of a remuneration committee were disapplied.","page_number":51,"box":{"x":48,"y":374,"width":902,"height":11}},{"id":"11e6e75e-c57f-4d2e-b2f2-0604a8b167db","block_type":"box","text":"Accordingly, State Street continues to operate current levels of deferral and stock-based compensation and has not made","page_number":51,"box":{"x":46,"y":388,"width":905,"height":11}},{"id":"b1184c4c-f9aa-424e-b1d1-b9d09092cac8","block_type":"box","text":"significant changes to Identified Staff remuneration structures in respect of SSUTM.","page_number":51,"box":{"x":47,"y":402,"width":616,"height":11}},{"id":"5caa8691-2128-47db-8d77-f6d97da66eaf","block_type":"box","text":"Total amount of remuneration paid by the Investment Manager as at 31/12/2025","page_number":51,"box":{"x":47,"y":420,"width":626,"height":11}},{"id":"dd225bea-a357-46e0-a2f8-052ef3147439","block_type":"box","text":"1","page_number":51,"box":{"x":675,"y":418,"width":4,"height":6}},{"id":"6477c7ba-75ef-4055-b8f4-de399cf2c8dd","block_type":"box","text":"Fixed remuneration (in £ k)","page_number":51,"box":{"x":48,"y":441,"width":198,"height":11}},{"id":"c66977fd-47cd-4064-9f66-ee6262cb1f87","block_type":"box","text":"55,938","page_number":51,"box":{"x":901,"y":436,"width":50,"height":10}},{"id":"b0eea752-eba7-45b0-8c72-90a76a855103","block_type":"box","text":"Variable remuneration (in £ k)","page_number":51,"box":{"x":46,"y":457,"width":219,"height":11}},{"id":"f6bc91f0-e133-4c5e-9096-0dce979255b9","block_type":"box","text":"49,726","page_number":51,"box":{"x":900,"y":457,"width":51,"height":10}},{"id":"3b6e4452-45b6-419e-ab99-79e88756ba29","block_type":"box","text":"Total Remuneration (in £ k)","page_number":51,"box":{"x":47,"y":472,"width":200,"height":11}},{"id":"c028b6f1-4f38-4155-affa-6c4bc6cca5a8","block_type":"box","text":"105,664","page_number":51,"box":{"x":893,"y":472,"width":58,"height":10}},{"id":"73a9b4b9-348a-40b8-9d55-9c5d8e13d077","block_type":"box","text":"Number of beneficiaries","page_number":51,"box":{"x":48,"y":488,"width":175,"height":8}},{"id":"0b77ff94-98af-46f5-8060-042ebd8839f7","block_type":"box","text":"595","page_number":51,"box":{"x":924,"y":488,"width":27,"height":8}},{"id":"2977167a-63f4-4765-ae84-a61101d3f7e9","block_type":"box","text":"Performance fee paid directly by the UCITS","page_number":51,"box":{"x":48,"y":503,"width":321,"height":11}},{"id":"1c61d0bd-7119-41df-85e8-1c519c2fa8c7","block_type":"box","text":"n/a","page_number":51,"box":{"x":929,"y":503,"width":22,"height":9}},{"id":"3a8e1b56-024f-455c-9e77-f4a56c7eb668","block_type":"box","text":"Aggregate amount of remuneration as at 31/12/2025 (in £ k)","page_number":51,"box":{"x":46,"y":533,"width":470,"height":11}},{"id":"b3557da1-eb3d-46ad-b79f-ae474c3bf659","block_type":"box","text":"Senior Management of SSUTM","page_number":51,"box":{"x":47,"y":554,"width":231,"height":11}},{"id":"4c7304c6-d44c-4a5e-ac60-bfdf299136af","block_type":"box","text":"2","page_number":51,"box":{"x":280,"y":552,"width":6,"height":6}},{"id":"1c877acd-ee4b-463a-a3e0-7b945ec7543c","block_type":"box","text":"58","page_number":51,"box":{"x":933,"y":548,"width":18,"height":9}},{"id":"c0b97524-063e-4f4b-b30b-b6ad7b0193e6","block_type":"box","text":"Identified Staff of the Investment Manager","page_number":51,"box":{"x":48,"y":569,"width":309,"height":11}},{"id":"85833b7c-9697-4cc7-8030-1741b43d4608","block_type":"box","text":"58,348","page_number":51,"box":{"x":901,"y":569,"width":50,"height":11}},{"id":"267746cb-ba49-437b-bc3d-3d7abed150ec","block_type":"box","text":"More details regarding State Street’s remuneration approach including (but not limited to) information on the decision-making","page_number":51,"box":{"x":48,"y":588,"width":903,"height":11}},{"id":"b41c6e7e-8473-4d95-bc80-102263cc22a0","block_type":"box","text":"process to determine the remuneration policy, its basic characteristics and the linkage between pay and performance, are","page_number":51,"box":{"x":48,"y":603,"width":903,"height":11}},{"id":"8d72d17f-2e71-4bc7-bff4-4b21100ec42b","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":51,"box":{"x":48,"y":617,"width":904,"height":11}},{"id":"bf4f7ece-d20b-430c-944f-080fd3caf886","block_type":"box","text":"3 disclosure of SSGA Ltd. at:","page_number":51,"box":{"x":47,"y":631,"width":212,"height":9}},{"id":"bb5f1daa-4379-49ba-aeb1-78f406e3158f","block_type":"box","text":"https://www.ssga.com/library-content/assets/pdf/emea/resources/2024/ssgal-pillar-3-disclosure.pdf.","page_number":51,"box":{"x":48,"y":645,"width":731,"height":11}},{"id":"57d69f0f-8873-4abe-86ff-22e9790714b1","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":51,"box":{"x":48,"y":659,"width":904,"height":12}},{"id":"5ff03fd3-159f-4481-8318-5bd63e2e2269","block_type":"box","text":"3 disclosure equally apply to State Street employees outside the UK and the Investment Managers’ employees.","page_number":51,"box":{"x":47,"y":674,"width":822,"height":11}},{"id":"bf2e216e-e739-4d51-b0be-b0279663ffbe","block_type":"box","text":"1","page_number":51,"box":{"x":48,"y":902,"width":3,"height":5}},{"id":"ca33bbbe-2673-4d31-815d-c69a4fee1531","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":51,"box":{"x":58,"y":904,"width":892,"height":11}},{"id":"1d6b7345-30b2-4e8e-966d-bdf9ce385e9d","block_type":"box","text":"2","page_number":51,"box":{"x":47,"y":918,"width":6,"height":6}},{"id":"4779ea1a-f1bc-4b0b-83d2-046c2fb8432d","block_type":"box","text":"Represents remuneration paid to independent directors (Directors who are also employees of the SSC do not receive","page_number":51,"box":{"x":59,"y":920,"width":892,"height":11}},{"id":"221cd28a-7cf4-4b3f-9779-9e5e19a0fc08","block_type":"box","text":"remuneration in their capacity as board 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