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State Street AUT Emerging Market
Tilted Index Equity Fund
Interim Report and Unaudited Financial Statements
For the period ended 30th June 2026
Page 2
Contents Page
Manager's Report* 1
Portfolio Statement* 4
Directors' Report to Unitholders* 31
Comparative Table* 32
Financial statements: 33
Statement of Total Return 33
Statement of Change in Net Assets Attributable to Unitholders 33
Balance Sheet 34
Notes to the Financial Statements 35
Directory* 45
* These collectively comprise the Manager’s Report.
State Street AUT Emerging Market Tilted Index Equity Fund
Interim Report and Unaudited Financial Statements 2026
Page 3
Authorised Status The State Street AUT Emerging Market Tilted Index Equity Fund (the “Fund”) is an Authorised Unit Trust Scheme as defined in section 243 of the Financial Services and Markets Act 2000 and it is a UCITS Retail Scheme within the meaning of the FCA Collective Investment Schemes sourcebook. The unitholders are not liable for the debts of the Fund.
Investment Objective and Policy The objective of the Fund is to replicate, as closely as possible and on a “gross of fees” basis, the return of the Robeco Scottish Widows Emerging Markets Equity Sustainability Tilted Index (the "Robeco Index"), net of withholding taxes (or its recognised replacement or equivalent).
The Manager will seek to achieve this objective principally by investing in the shares of certain companies included from time to time in the Index considered by the Investment Adviser to reflect accurately the performance of that Index. The Fund may also invest in transferable securities, money market instruments, warrants, units in collective investment schemes, deposits and derivatives.
The Fund may invest in collective investment schemes managed or operated by companies in the same group as the Manager or the Investment Adviser. The Fund will seek to track the performance of the Index whilst seeking to minimise as far as possible the tracking error between the Fund’s performance and that of the Index.
The objective of the Robeco Index is to reflect the return of the Selection Factors as described below via investing in global emerging markets (as determined by Robeco).
Selection Factors
The Robeco Index:
(i) seeks exposure to stocks that have positive environmental and societal contributions, underpinned by the United Nations Sustainable Development Goals (“UN SDGs”) and
(ii) seeks to significantly reduce carbon footprint of the Robeco Index relative to the S&P Emerging Plus (Korea) LargeMidCap Index (the “Parent Index”) whilst tilting towards the transition leaders and high quality companies as determined by Robeco using its proprietary climate criteria and Robeco Quality factor (the “Investable Universe”).
The Investable Universe is screened based on exclusion criteria as determined by Robeco within its screening methodology (the “Robeco Negative Screen”).
The Robeco Negative Screen includes the following criteria which will be applied to the Investable Universe at the point of rebalance of the Robeco Index:
-Tobacco, determined as %* Value Revenue Chain (as defined by Robeco);
-Thermal Coal (excluding generation), determined as %* of Revenue (as defined by Robeco) Tar Sands, determined as %* Revenue (as defined by Robeco);
-UN Global Compact Violators (any involvement as determined by Robeco);
-Controversial Weapons (any involvement as determined by Robeco).
Performance The Fund returned 26.13% (26.00% net of fees) for the 6-month period ended 30 June 2026 (the “Reporting Period”), compared to the Index return of 25.90%. The size of the Fund’s tracking difference for the Reporting Period was 0.23%, the outperformance versus the Index was largely attributable to Indian Capital Gains Tax adjustment.
Note: Performance returns presented above are in GBP.
State Street AUT Emerging Market Tilted Index Equity Fund
Interim Report and Unaudited Financial Statements 2026
Manager’s Report
For the period ended 30th June 2026
1
Page 4
Risk and Reward Profile Lower risk
Potentially lower reward
Higher risk
Potentially higher reward
1234 67 5 5
Risk Disclaimer 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 have been historically.
For example a fund whose return has experienced significant rises and falls will be in a higher risk category, whereas a fund whose return has experienced less significant rises and falls will be in a lower risk category.
The lowest category (i.e. category 1) does not mean that a fund is a risk free investment.
As the Fund's risk category has been calculated using historical data, it may not be a reliable indication of the Fund's future risk profile.
The Fund’s risk category shown is not guaranteed and may change in the future.
Why is this Fund in this category? The Fund is in risk category 5 as its return has experienced very high rises and falls historically.
The following are material risks relevant to the Fund which are not adequately captured by the risk category.
Concentration Risk: When the Fund focuses its investments in a particular way, the issues affecting the investments will have a greater effect than if the Fund was more diversified. This concentration may also limit the Fund's liquidity.
Counterparty Risk: The Fund will be subject to credit risk with respect to the counterparties with which it enters into derivatives contracts and other transactions. There is a risk that these institutions may not be able to perform their obligations. This could reduce the value of the Fund's investments. Index Tracking Risk: The Fund's performance may not exactly track the Index. This can result from market fluctuations,changes in the composition of the Index, transaction costs, the costs of making changes to the Fund's portfolio and other Fund expenses.
Liquidity Risk: It may be difficult for the Fund to buy or sell certain investments in difficult market conditions. Consequently the price obtained when selling securities may be lower than under normal market conditions.
People's Republic of China (PRC) and Greater China Investments Risk : Risks of investing in PRC and Greater China Investments include, among others, trading suspensions, currency transfer/exposure restrictions, limits on holdings of PRC Investments and use of brokers, untested concepts regarding treatment of beneficial ownership, reliance on Access Programmes which may be discontinued or substantially changed, custody risks including lack of sufficient segregation of assets from those of the RQFII licence holder and Sub-Custodian and tax uncertainty.
Screening Risk : The Scheme may track an index that uses a screen to identify securities based on criteria including, but, not limited to environmental, social and governance (ESG) criteria. The screen may be fully or partially designed by the Manager 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 screen provider may amend or discontinue its screening services and/or that the Manager may change the screen or screen provider. In such circumstances, there is no guarantee that a replacement screen provided would result in a similar screening process or would be available.
Derivatives Usage Derivatives are used in the Fund for efficient portfolio management purposes. The Fund invests in index futures to manage client inflows and outflows and to hedge accrued income. At all times the futures exposure is covered entirely by cash or cash equivalents.
As at 30th June 2026, the Fund had a total notional exposure to futures of £67,789,609.75 (0.81% of the Fund).
State Street AUT Emerging Market Tilted Index Equity Fund
Interim Report and Unaudited Financial Statements 2026
Manager's Report (continued)
For the period ended 30th June 2026
2
Page 5
Tracking Error The Tracking Error measures the standard deviation of the relative returns. It is the annualised standard deviation of the returns of a fund minus those of its benchmark (relative returns) and not the standard deviation of each fund’s unique returns. The lower the tracking error of a fund, the more the fund resembles its benchmark or the market regarding risk and return characteristics.
The size of the Fund’s tracking error for the one year ended 30th June 2026 was 0.41% which was within the targeted tolerance.
State Street AUT Emerging Market Tilted Index Equity Fund
Interim Report and Unaudited Financial Statements 2026
Manager's Report (continued)
For the period ended 30th June 2026
3
Page 6
Holdings
Market Value £'000
% of Total Net Assets
Belgium — 0.11% (31.12.25 — 0.13%) Cenergy Holdings SA 230,601 4,567 0.05 Titan SA 108,801 4,864 0.06
9,431 0.11
Brazil — 3.96% (31.12.25 — 4.41%) Ambev SA 400,700 950 0.01 Axia Energia SA 1,811,890 14,335 0.17 B3 SA - Brasil Bolsa Balcao 7,758,200 16,409 0.19 Banco Bradesco SA 2,870,315 6,587 0.08 Banco Bradesco SA Preference Shares 6,892,020 18,139 0.22 Banco do Brasil SA 3,989,900 11,566 0.14 Banco Santander Brasil SA 1,451,000 5,654 0.07 BB Seguridade Participacoes SA 1,555,900 8,867 0.11 Caixa Seguridade Participacoes SA 2,385,600 6,851 0.08 Cia Energetica de Minas Gerais 1,285,900 2,922 0.03 Cia Energetica de Minas Gerais Preference Shares 3,630,025 5,746 0.07 Cia Paranaense de Energia - Copel 3,352,400 7,330 0.09 CPFL Energia SA 617,500 4,025 0.05 CSN Mineracao SA 2,428,800 1,480 0.02 Engie Brasil Energia SA 1,263,800 6,404 0.08 Gerdau SA 2,706,560 8,197 0.10 Itau Unibanco Holding SA 1,300,127 8,385 0.10 Itau Unibanco Holding SA Preference Shares 6,182,964 38,003 0.45 Itausa SA 1,166,929 2,274 0.03 Klabin SA 2,875,414 7,009 0.08 Motiva Infraestrutura de Mobilidade SA 2,173,700 4,618 0.05 NU Holdings Ltd. 3,167,800 31,899 0.38 Petroleo Brasileiro SA - Petrobras 1,386,800 8,433 0.10 Petroleo Brasileiro SA - Petrobras Preference Shares 1,755,300 9,656 0.11 Porto Seguro SA 596,600 4,601 0.05 Raia Drogasil SA 3,255,756 7,964 0.09 Rede D'Or Sao Luiz SA 2,089,988 10,563 0.13 Rumo SA 2,183,000 4,264 0.05 StoneCo Ltd. 812,500 6,645 0.08
State Street AUT Emerging Market Tilted Index Equity Fund
Interim Report and Unaudited Financial Statements 2026
Portfolio Statement
As at 30th June 2026
4
Page 7
Holdings
Market Value £'000
% of Total Net Assets
Brazil — 3.96% (31.12.25 — 4.41%) (continued) Suzano SA 1,061,500 6,140 0.07 Telefonica Brasil SA 1,754,600 8,665 0.10 TIM SA 2,272,900 7,239 0.09 TOTVS SA 1,160,400 4,849 0.06 Vale SA 1,786,100 20,251 0.24 WEG SA 2,315,700 15,816 0.19
332,736 3.96
Chile — 0.56% (31.12.25 — 0.66%) Banco de Chile 84,519,990 12,483 0.15 Banco Santander Chile 124,923,309 7,696 0.09 Empresas CMPC SA 2,942,010 2,473 0.03 Enel Americas SA 49,349,115 3,330 0.04 Enel Chile SA 97,452,122 6,505 0.08 Sociedad Quimica y Minera de Chile SA 262,490 14,633 0.17
47,120 0.56
China — 19.02% (31.12.25 — 28.05%) 37 Interactive Entertainment Network Technology Group Co. Ltd. 2,000,100 4,192 0.05 3SBio, Inc. 2,828,500 4,597 0.05 Accelink Technologies Co. Ltd. 370,200 10,562 0.13 Agricultural Bank of China Ltd. 'H' Shares 9,080,000 4,654 0.06 Aier Eye Hospital Group Co. Ltd. 5,175,682 4,750 0.06 All Winner Technology Co. Ltd. 528,103 2,314 0.03 Amlogic Shanghai Co. Ltd. 237,014 2,708 0.03 Anker Innovations Technology Co. Ltd. 374,400 4,346 0.05 ANTA Sports Products Ltd. 1,899,000 12,968 0.15 ApicHope Pharmaceutical Group Co. Ltd. 390,100 1,615 0.02 ASR Microelectronics Co. Ltd. 234,213 3,233 0.04 Autel Intelligent Technology Corp. Ltd. 1,151,899 3,221 0.04 Autobio Diagnostics Co. Ltd. 339,900 1,095 0.01 Baidu, Inc. 836,750 8,815 0.10 Bank of China Ltd. 'H' Shares 41,544,000 19,937 0.24 Bank of Communications Co. Ltd. 'H' Shares 5,503,000 3,561 0.04
State Street AUT Emerging Market Tilted Index Equity Fund
Interim Report and Unaudited Financial Statements 2026
Portfolio Statement (continued)
As at 30th June 2026
5
Page 8
Holdings
Market Value £'000
% of Total Net Assets
China — 19.02% (31.12.25 — 28.05%) (continued) Bank of Qingdao Co. Ltd. 'A' Shares 3,179,350 1,795 0.02 Bank of Qingdao Co. Ltd. 'H' Shares 4,592,000 1,868 0.02 Beijing Aosaikang Pharmaceutical Co. Ltd. 788,100 1,192 0.01 Beijing Hotgen Biotech Co. Ltd. 96,381 927 0.01 Beijing Kingsoft Office Software, Inc. 115,421 2,731 0.03 Beijing Sifang Automation Co. Ltd. 729,700 5,120 0.06 Bilibili, Inc. 499,180 6,328 0.08 Bloks Group Ltd. 501,600 2,012 0.02 Bloomage Biotechnology Corp. Ltd. 262,983 1,045 0.01 Blue Moon Group Holdings Ltd. 10,888,500 3,081 0.04 Bohai Leasing Co. Ltd. 9,315,000 4,205 0.05 BYD Co. Ltd. 'A' Shares 935,800 8,281 0.10 BYD Co. Ltd. 'H' Shares 4,170,200 29,038 0.35 By-health Co. Ltd. 3,556,563 3,568 0.04 Canmax Technologies Co. Ltd. 623,430 6,473 0.08 CECEP Solar Energy Co. Ltd. 6,723,700 3,438 0.04 CECEP Wind-Power Corp. 8,368,020 3,610 0.04 Chagee Holdings Ltd. ADR 446,200 4,034 0.05 Changchun High-Tech Industry Group Co. Ltd. 174,300 1,289 0.02 Chengdu Kanghong Pharmaceutical Group Co. Ltd. 720,800 1,637 0.02 Chifeng Jilong Gold Mining Group Ltd. 828,500 2,421 0.03 China Communications Services Corp. Ltd. 7,014,000 2,645 0.03 China Construction Bank Corp. 'H' Shares 57,666,000 44,738 0.53 China Datang Corp. Renewable Power Co. Ltd. 23,192,000 2,774 0.03 China Feihe Ltd. 17,829,000 4,805 0.06 China Life Insurance Co. Ltd. 'A' Shares 1,633,200 6,412 0.08 China Life Insurance Co. Ltd. 'H' Shares 9,361,000 23,995 0.29 China Literature Ltd. 2,320,200 4,219 0.05 China Mengniu Dairy Co. Ltd. 6,155,000 9,518 0.11 China Merchants Bank Co. Ltd. 'H' Shares 855,500 3,691 0.04 China Oilfield Services Ltd. 4,680,000 2,808 0.03 China Oilfield Services Ltd. A' Shares 1,023,000 1,229 0.01 China Pacific Insurance Group Co. Ltd. 'A' Shares 1,901,000 6,022 0.07 China Pacific Insurance Group Co. Ltd. 'H' Shares 4,287,800 11,078 0.13 China Reinsurance Group Corp. 24,601,000 2,612 0.03
State Street AUT Emerging Market Tilted Index Equity Fund
Interim Report and Unaudited Financial Statements 2026
Portfolio Statement (continued)
As at 30th June 2026
6
Page 9
Holdings
Market Value £'000
% of Total Net Assets
China — 19.02% (31.12.25 — 28.05%) (continued) China Resources Jiangzhong Pharmaceutical Co. Ltd. 609,100 1,493 0.02 China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. 165,893 414 0.00 China Southern Power Grid Energy Storage Co. Ltd. 1,812,000 2,476 0.03 China Southern Power Grid Technology Co. Ltd. 709,849 5,454 0.06 China Tourism Group Duty Free Corp. Ltd. 824,900 4,919 0.06 China Tourism Group Duty Free Corp. Ltd. 'H' Shares 437,700 2,001 0.02 China Yangtze Power Co. Ltd. 3,585,600 10,541 0.13 Chongqing Brewery Co. Ltd. 260,900 1,196 0.01 CITIC Ltd. 928,000 946 0.01 CMOC Group Ltd. 'A' Shares 2,856,000 5,567 0.07 CMOC Group Ltd. 'H' Shares 5,298,000 7,729 0.09 CNGR Advanced Material Co. Ltd. 474,780 2,307 0.03 COL Global Co. Ltd. 638,700 1,673 0.02 Contemporary Amperex Technology Co. Ltd. 'A' Shares 471,300 20,569 0.24 CSI Solar Co. Ltd.* 3,391,884 4,077 0.05 CSPC Pharmaceutical Group Ltd. 15,582,000 10,442 0.12 Dalian Bio-Chem Co. Ltd. 1,710,080 3,090 0.04 DaShenLin Pharmaceutical Group Co. Ltd. 2,124,015 3,539 0.04 Dongfang Electronics Co. Ltd. 1,191,900 1,671 0.02 East Buy Holding Ltd. 2,445,000 5,307 0.06 Easyhome New Retail Group Co. Ltd. 4,856,500 1,076 0.01 ENN Natural Gas Co. Ltd. 1,044,000 1,831 0.02 Estun Automation Co. Ltd. 733,400 3,040 0.04 Eve Energy Co. Ltd. 528,700 3,818 0.05 FinVolution Group ADR 492,900 1,781 0.02 First Capital Securities Co. Ltd. 2,815,900 2,053 0.02 Foxconn Industrial Internet Co. Ltd. 2,190,000 17,546 0.21 Fujian Cosunter Pharmaceutical Co. Ltd. 156,700 1,873 0.02 Fujian Wanchen Food Group Co. Ltd. 111,400 2,146 0.03 Fulin Precision Co. Ltd. 1,245,600 2,779 0.03 Gambol Pet Group Co. Ltd. 785,510 3,540 0.04 Ganfeng Lithium Group Co. Ltd. 'A' Shares 626,620 4,550 0.05 Ganfeng Lithium Group Co. Ltd. 'H' Shares 1,336,040 6,460 0.08 GCL Energy Technology Co. Ltd. 1,831,500 3,318 0.04 GDS Holdings Ltd. 1,815,300 4,927 0.06
State Street AUT Emerging Market Tilted Index Equity Fund
Interim Report and Unaudited Financial Statements 2026
Portfolio Statement (continued)
As at 30th June 2026
7
Page 10
Holdings
Market Value £'000
% of Total Net Assets
China — 19.02% (31.12.25 — 28.05%) (continued) Genscript Biotech Corp. 5,188,000 6,101 0.07 Giant Biogene Holding Co. Ltd. 2,135,200 5,434 0.06 GigaDevice Semiconductor, Inc. 234,160 21,190 0.25 Ginlong Technologies Co. Ltd. 393,550 3,948 0.05 Glodon Co. Ltd. 1,003,570 910 0.01 Goldwind Science & Technology Co. Ltd. 1,620,900 4,302 0.05 Goldwind Science & Technology Co. Ltd. 'H' Shares 4,539,600 4,590 0.05 Goneo Group Co. Ltd. 504,092 2,190 0.03 Guangdong Construction Engineering Group Co. Ltd. 4,655,900 1,564 0.02 Guangdong Haid Group Co. Ltd. 520,100 2,577 0.03 Guangdong Zhongsheng Pharmaceutical Co. Ltd. 846,400 2,312 0.03 Guangshen Railway Co. Ltd. 'A' Shares 11,343,200 3,470 0.04 Guangshen Railway Co. Ltd. 'H' Shares 17,800,000 3,489 0.04 Guangzhou Kingmed Diagnostics Group Co. Ltd. 365,300 912 0.01 Guangzhou Tinci Materials Technology Co. Ltd. 948,780 5,421 0.06 Haidilao International Holding Ltd. 3,026,000 3,089 0.04 Haier Smart Home Co. Ltd. 'H' Shares 356,600 685 0.01 Haisco Pharmaceutical Group Co. Ltd. 505,000 3,720 0.04 Hangzhou First Applied Material Co. Ltd. 1,388,700 2,590 0.03 Hangzhou Tigermed Consulting Co. Ltd. 'A' Shares 1,009,301 5,380 0.06 Hangzhou Tigermed Consulting Co. Ltd. 'H' Shares 1,419,400 4,743 0.06 Han's Laser Technology Industry Group Co. Ltd. 609,200 10,154 0.12 Hansoh Pharmaceutical Group Co. Ltd. 2,358,000 6,715 0.08 Hebei Yangyuan Zhihui Beverage Co. Ltd. 745,969 4,064 0.05 Hefei Meiya Optoelectronic Technology, Inc. 860,060 1,368 0.02 Henan Pinggao Electric Co. Ltd. 821,400 1,610 0.02 Hengdian Group DMEGC Magnetics Co. Ltd. 1,444,900 4,889 0.06 Huadong Medicine Co. Ltd. 611,700 1,910 0.02 Huaxin Building Materials Group Co. Ltd. 'A' Shares 947,200 1,640 0.02 Huaxin Building Materials Group Co. Ltd. 'H' Shares 2,132,700 2,362 0.03 Huizhou Desay Sv Automotive Co. Ltd. 229,600 2,078 0.02 Hunan Gold Corp. Ltd. 1,589,644 4,212 0.05 Hunan Valin Steel Co. Ltd. 8,952,100 3,444 0.04 Hybio Pharmaceutical Co. Ltd. 791,300 1,940 0.02 Imeik Technology Development Co. Ltd. 383,621 3,714 0.04
State Street AUT Emerging Market Tilted Index Equity Fund
Interim Report and Unaudited Financial Statements 2026
Portfolio Statement (continued)
As at 30th June 2026
8
Page 11
Holdings
Market Value £'000
% of Total Net Assets
China — 19.02% (31.12.25 — 28.05%) (continued) Industrial & Commercial Bank of China Ltd. 'H' Shares 40,046,000 24,720 0.29 Ingenic Semiconductor Co. Ltd. 239,700 6,625 0.08 Inner Mongolia Yili Industrial Group Co. Ltd. 2,039,702 5,428 0.06 Innovent Biologics, Inc. 2,181,000 16,685 0.20 Isoftstone Information Technology Group Co. Ltd. 881,375 4,154 0.05 JA Solar Technology Co. Ltd. 4,374,499 3,937 0.05 Jafron Biomedical Co. Ltd. 483,100 826 0.01 JCET Group Co. Ltd. 578,000 6,646 0.08 JCHX Mining Management Co. Ltd. 328,200 2,151 0.03 JD Health International, Inc. 2,440,550 7,700 0.09 JD Logistics, Inc. 3,561,600 4,026 0.05 JD.com, Inc. 3,048,385 29,076 0.35 Jiangsu Changshu Rural Commercial Bank Co. Ltd. 2,519,264 1,629 0.02 Jiangsu Hengrui Pharmaceuticals Co. Ltd. 1,006,420 5,816 0.07 Jiangsu Leili Motor Co. Ltd. 482,300 1,492 0.02 Jiangsu Nata Opto-electronic Material Co. Ltd. 652,460 6,712 0.08 Jiangsu Nhwa Pharmaceutical Co. Ltd. 591,100 1,231 0.01 Jiangsu Zhongtian Technology Co. Ltd. 1,267,400 8,539 0.10 Jinko Solar Co. Ltd. 4,448,260 2,349 0.03 Joincare Pharmaceutical Group Industry Co. Ltd. 1,228,000 1,284 0.02 Jointown Pharmaceutical Group Co. Ltd. 7,237,900 3,765 0.04 Kanzhun Ltd. ADR 865,700 8,394 0.10 Keli Sensing Technology Ningbo Co. Ltd. 485,200 3,834 0.05 Kingdee International Software Group Co. Ltd. 6,005,000 3,418 0.04 Kingfa Sci & Tech Co. Ltd. 2,297,500 3,940 0.05 Kuaishou Technology 3,230,200 12,907 0.15 Kweichow Moutai Co. Ltd. 23,300 3,068 0.04 LB Group Co. Ltd. 981,000 1,796 0.02 Lenovo Group Ltd. 10,944,000 24,194 0.29 Li Auto, Inc. 1,672,100 7,404 0.09 Li Ning Co. Ltd. 5,175,500 7,317 0.09 Livzon Pharmaceutical Group, Inc. 'A' Shares 393,000 1,261 0.02 Livzon Pharmaceutical Group, Inc. 'H' Shares 749,700 1,719 0.02 Longshine Technology Group Co. Ltd. 2,668,693 2,935 0.03 Luxshare Precision Industry Co. Ltd. 1,130,600 8,837 0.11
State Street AUT Emerging Market Tilted Index Equity Fund
Interim Report and Unaudited Financial Statements 2026
Portfolio Statement (continued)
As at 30th June 2026
9
Page 12
Holdings
Market Value £'000
% of Total Net Assets
China — 19.02% (31.12.25 — 28.05%) (continued) Mao Geping Cosmetics Co. Ltd. 751,400 3,741 0.04 Meinian Onehealth Healthcare Holdings Co. Ltd. 3,258,200 1,818 0.02 Meituan 5,515,500 36,312 0.43 MINISO Group Holding Ltd. 2,116,400 4,797 0.06 Montage Technology Co. Ltd. 340,083 11,702 0.14 Nanjing Iron & Steel Co. Ltd. 3,626,800 1,846 0.02 Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd. 2,218,897 1,743 0.02 Nanjing Tanker Corp. 4,092,900 1,697 0.02 NARI Technology Co. Ltd. 1,852,635 4,702 0.06 NetEase, Inc. 759,600 14,778 0.18 New China Life Insurance Co. Ltd. 'A' Shares 862,400 5,713 0.07 New China Life Insurance Co. Ltd. 'H' Shares 2,094,400 9,274 0.11 New Oriental Education & Technology Group, Inc. 2,116,700 7,299 0.09 Newland Digital Technology Co. Ltd. 773,100 1,400 0.02 Ningbo Deye Technology Corp. 451,292 5,321 0.06 Ningbo Orient Wires & Cables Co. Ltd. 929,533 4,285 0.05 Ningbo Sanxing Medical Electric Co. Ltd. 2,304,338 3,821 0.05 Ningbo Tuopu Group Co. Ltd. 484,000 3,032 0.04 Ningxia Baofeng Energy Group Co. Ltd. 2,297,100 5,188 0.06 NIO, Inc. 3,149,600 11,717 0.14 Offcn Education Technology Co. Ltd. 5,944,700 1,185 0.01 Pantum Technology Co. Ltd. 691,000 1,255 0.01 People's Insurance Co. Group of China Ltd. 18,916,000 8,542 0.10 People's Insurance Co. Group of China Ltd. 'A' Shares 6,189,549 4,649 0.06 PICC Property & Casualty Co. Ltd. 10,562,000 14,547 0.17 Ping An Healthcare & Technology Co. Ltd. 2,828,500 1,898 0.02 Ping An Insurance Group Co. of China Ltd. 'A' Shares 1,332,300 7,062 0.08 Ping An Insurance Group Co. of China Ltd. 'H' Shares 6,854,500 33,669 0.40 Pop Mart International Group Ltd. 63,000 937 0.01 Proya Cosmetics Co. Ltd. 532,675 3,544 0.04 Qfin Holdings, Inc. ADR 208,500 2,481 0.03 Qingdao TGOOD Electric Co. Ltd. 804,300 3,378 0.04 Qinghai Salt Lake Industry Co. Ltd. 1,472,400 4,937 0.06 Remegen Co. Ltd. 224,393 3,242 0.04 Rockchip Electronics Co. Ltd. 198,200 4,145 0.05
State Street AUT Emerging Market Tilted Index Equity Fund
Interim Report and Unaudited Financial Statements 2026
Portfolio Statement (continued)
As at 30th June 2026
10
Page 13
Holdings
Market Value £'000
% of Total Net Assets
China — 19.02% (31.12.25 — 28.05%) (continued) Sangfor Technologies, Inc. 365,900 3,909 0.05 SF Holding Co. Ltd. 870,100 3,021 0.04 Shandong Buchang Pharmaceuticals Co. Ltd. 830,904 1,347 0.02 Shandong Iron & Steel Co. Ltd. 12,477,500 1,725 0.02 Shanghai Allist Pharmaceuticals Co. Ltd. 293,887 3,563 0.04 Shanghai Chicmax Cosmetic Co. Ltd. 1,170,700 3,062 0.04 Shanghai Construction Group Co. Ltd. 13,822,600 3,400 0.04 Shanghai Electric Wind Power Group Co. Ltd. 1,129,983 1,082 0.01 Shanghai Flyco Electrical Appliance Co. Ltd. 916,956 3,135 0.04 Shanghai Fudan Microelectronics Group Co. Ltd. 'A' Shares 682,982 5,406 0.06 Shanghai Fudan Microelectronics Group Co. Ltd. 'H' Shares 1,876,000 5,600 0.07 Shanghai M&G Stationery, Inc. 711,300 1,630 0.02 Shanghai Mechanical & Electrical Industry Co. Ltd. 'A' Shares 1,591,400 3,641 0.04 Shanghai Mechanical & Electrical Industry Co. Ltd. 'B' Shares 2,042,548 2,275 0.03 Shanghai MicroPort MedBot Group Co. Ltd. 951,500 2,096 0.02 Shanghai Shyndec Pharmaceutical Co. Ltd. 3,654,386 3,228 0.04 Shanghai Tunnel Engineering Co. Ltd. 6,052,500 3,505 0.04 Shanxi Taigang Stainless Steel Co. Ltd. 4,371,200 1,658 0.02 Shenyang Xingqi Pharmaceutical Co. Ltd. 331,835 1,502 0.02 Shenzhen Aisidi Co. Ltd. 1,639,800 1,632 0.02 Shenzhen Capchem Technology Co. Ltd. 413,440 4,262 0.05 Shenzhen Everwin Precision Technology Co. Ltd. 685,300 2,126 0.03 Shenzhen FRD Science & Technology Co. Ltd. 544,600 3,096 0.04 Shenzhen Goodix Technology Co. Ltd. 79,200 543 0.01 Shenzhen Hepalink Pharmaceutical Group Co. Ltd. 'A' Shares 1,095,900 1,092 0.01 Shenzhen Hepalink Pharmaceutical Group Co. Ltd. 'H' Shares 2,955,000 1,147 0.01 Shenzhen Inovance Technology Co. Ltd. 765,000 5,639 0.07 Shenzhen Mindray Bio-Medical Electronics Co. Ltd. 378,700 5,712 0.07 Shenzhen Zhaowei Machinery & Electronic Co. Ltd. 175,420 1,703 0.02 Shijiazhuang Changshan BeiMing Technology Co. Ltd. 2,438,581 3,492 0.04 Shijiazhuang Yiling Pharmaceutical Co. Ltd. 1,141,700 1,903 0.02 Siasun Robot & Automation Co. Ltd. 2,181,100 4,683 0.06 Sichuan Biokin Pharmaceutical Co. Ltd. 92,839 3,041 0.04 Sichuan Chuantou Energy Co. Ltd. 1,675,500 2,635 0.03 Sichuan Jiuzhou Electric Co. Ltd. 1,147,300 1,648 0.02
State Street AUT Emerging Market Tilted Index Equity Fund
Interim Report and Unaudited Financial Statements 2026
Portfolio Statement (continued)
As at 30th June 2026
11
Page 14
Holdings
Market Value £'000
% of Total Net Assets
China — 19.02% (31.12.25 — 28.05%) (continued) Sichuan Kelun Pharmaceutical Co. Ltd. 597,800 2,558 0.03 Simcere Pharmaceutical Group Ltd. 3,254,000 3,081 0.04 Sinopharm Group Co. Ltd. 2,598,800 3,974 0.05 Sinotruk Hong Kong Ltd. 1,716,500 6,376 0.08 Skshu Paint Co. Ltd. 1,234,126 3,300 0.04 Southchip Semiconductor Technology Shanghai Co. Ltd. 470,759 2,953 0.04 State Grid Yingda Co. Ltd. 6,987,800 3,635 0.04 Sungrow Power Supply Co. Ltd. 462,100 8,159 0.10 Sunresin New Materials Co. Ltd. 700,882 4,580 0.05 Sunshine Insurance Group Co. Ltd. 13,527,500 4,425 0.05 SUPCON Technology Co. Ltd. 428,640 5,592 0.07 Suzhou Centec Communications Co. Ltd. 154,352 6,684 0.08 TAL Education Group ADR 1,095,700 7,905 0.09 Tasly Pharmaceutical Group Co. Ltd. 1,005,800 1,478 0.02 Tencent Holdings Ltd. 4,282,500 176,882 2.11 Tencent Music Entertainment Group ADR 66,400 417 0.01 Thunder Software Technology Co. Ltd. 553,600 3,797 0.05 Tianqi Lithium Corp. 776,600 5,288 0.06 Tianqi Lithium Corp. 'H' Shares 770,800 2,977 0.04 Tingyi Cayman Islands Holding Corp. 5,826,000 5,471 0.07 Tongcheng Travel Holdings Ltd. 4,500,000 5,184 0.06 Tonghua Golden-Horse Pharmaceutical Industry Co. Ltd. 889,000 1,915 0.02 Topchoice Medical Corp. 985,096 3,706 0.04 Trina Solar Co. Ltd. 2,718,612 4,265 0.05 Uni-President China Holdings Ltd. 6,548,000 4,237 0.05 Vipshop Holdings Ltd. ADR 614,200 6,148 0.07 Weilong Delicious Global Holdings Ltd. 2,509,000 1,736 0.02 Wolong Electric Group Co. Ltd. 1,032,340 3,795 0.05 Wuliangye Yibin Co. Ltd. 547,800 4,501 0.05 WuXi AppTec Co. Ltd. 'A' Shares 440,300 6,088 0.07 Wuxi Biologics Cayman, Inc. 168,500 560 0.01 Wuxi Lead Intelligent Equipment Co. Ltd. 942,128 4,260 0.05 XD, Inc. 644,800 2,761 0.03 Xiaomi Corp. 15,070,400 31,347 0.37 XPeng, Inc. 2,368,600 11,543 0.14
State Street AUT Emerging Market Tilted Index Equity Fund
Interim Report and Unaudited Financial Statements 2026
Portfolio Statement (continued)
As at 30th June 2026
12
Page 15
Holdings
Market Value £'000
% of Total Net Assets
China — 19.02% (31.12.25 — 28.05%) (continued) Xuji Electric Co. Ltd. 1,573,500 3,791 0.05 Yango Group Co. Ltd.~³ 30,800 - 0.00 Yankershop Food Co. Ltd. 245,800 1,217 0.01 Yealink Network Technology Corp. Ltd. 1,117,407 4,197 0.05 Yifeng Pharmacy Chain Co. Ltd. 1,701,108 3,397 0.04 Yum China Holdings, Inc. 51,350 1,576 0.02 Yunnan Baiyao Group Co. Ltd. 455,940 2,399 0.03 Yunnan Botanee Bio-Technology Group Co. Ltd. 1,011,400 3,539 0.04 Zai Lab Ltd. 4,553,900 6,324 0.08 Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. 353,295 4,287 0.05 Zhejiang Chint Electrics Co. Ltd. 1,564,300 4,353 0.05 Zhejiang Crystal-Optech Co. Ltd. 828,600 3,264 0.04 Zhejiang Huahai Pharmaceutical Co. Ltd. 823,700 1,317 0.02 Zhejiang Jiuzhou Pharmaceutical Co. Ltd. 1,208,400 1,832 0.02 Zhejiang Leapmotor Technology Co. Ltd. 889,600 2,949 0.04 Zhejiang Medicine Co. Ltd. 809,100 1,025 0.01 Zhejiang NHU Co. Ltd. 959,884 3,030 0.04 Zhejiang Supor Co. Ltd. 281,160 1,236 0.01 Zhejiang Weixing New Building Materials Co. Ltd. 1,528,300 1,391 0.02 ZhongAn Online P&C Insurance Co. Ltd. 2,851,900 2,472 0.03 Zhongsheng Group Holdings Ltd. 3,097,000 1,442 0.02 Zhuhai CosMX Battery Co. Ltd. 1,242,887 2,708 0.03 Zhuzhou CRRC Times Electric Co. Ltd. 'H' Shares 1,119,900 4,335 0.05 Zijin Mining Group Co. Ltd. 'H' Shares 1,808,000 4,758 0.06
1,597,101 19.02
Colombia — 0.41% (31.12.25 — 0.35%) Grupo Cibest SA 624,559 10,672 0.13 Grupo Cibest SA Preference Shares 864,685 12,784 0.15 Grupo de Inversiones Suramericana SA 383,720 4,570 0.06 Interconexion Electrica SA ESP 939,926 6,047 0.07
34,073 0.41
State Street AUT Emerging Market Tilted Index Equity Fund
Interim Report and Unaudited Financial Statements 2026
Portfolio Statement (continued)
As at 30th June 2026
13
Page 16
Holdings
Market Value £'000
% of Total Net Assets
Czech Republic — 0.18% (31.12.25 — 0.15%) CEZ AS 229,634 10,075 0.12 Komercni Banka AS 148,404 5,112 0.06
15,187 0.18
Egypt — 0.04% (31.12.25 — 0.05%) Abou Kir Fertilizers & Chemical Industries 2,806,407 2,905 0.04
Greece — 0.83% (31.12.25 — 0.93%) Alpha Bank SA 4,291,653 14,660 0.17 Eurobank SA 4,102,791 14,746 0.18 Hellenic Telecommunications Organization SA 475,340 7,954 0.09 National Bank of Greece SA 1,323,946 17,298 0.21 Piraeus Bank SA 1,909,339 14,940 0.18
69,598 0.83
Hong Kong — 2.05% (31.12.25 — 0.77%) Alibaba Group Holding Ltd. 13,019,400 116,236 1.38 Alibaba Health Information Technology Ltd. 19,666,000 5,810 0.07 Bosideng International Holdings Ltd. 8,376,000 3,440 0.04 China Medical System Holdings Ltd. 5,540,000 5,474 0.06 China Resources Beer Holdings Co. Ltd. 2,769,500 5,660 0.07 Geely Automobile Holdings Ltd. 8,542,000 13,841 0.16 Guangdong Investment Ltd. 5,786,000 4,311 0.05 Guming Holdings Ltd. 2,698,400 5,478 0.07 TCL Electronics Holdings Ltd. 3,156,000 3,907 0.05 Topsports International Holdings Ltd. 17,979,000 2,997 0.04 Want Want China Holdings Ltd. 15,543,000 5,055 0.06
172,209 2.05
Hungary — 0.42% (31.12.25 — 0.36%) OTP Bank Nyrt 313,054 34,901 0.42
State Street AUT Emerging Market Tilted Index Equity Fund
Interim Report and Unaudited Financial Statements 2026
Portfolio Statement (continued)
As at 30th June 2026
14
Page 17
Holdings
Market Value £'000
% of Total Net Assets
India — 9.85% (31.12.25 — 12.87%) 3M India Ltd. 8,915 2,342 0.03 Adani Green Energy Ltd. 807,675 9,592 0.11 Adani Ports & Special Economic Zone Ltd. 112,005 1,613 0.02 Ajanta Pharma Ltd. 117,008 3,187 0.04 Alkem Laboratories Ltd. 85,464 3,806 0.04 Apar Industries Ltd. 60,904 7,608 0.09 APL Apollo Tubes Ltd. 514,421 7,342 0.09 Apollo Hospitals Enterprise Ltd. 145,605 10,094 0.12 Asian Paints Ltd. 699,085 14,673 0.17 Axis Bank Ltd. 855,814 9,204 0.11 Bajaj Finance Ltd. 907,716 7,269 0.09 Bajaj Finserv Ltd. 560,174 7,886 0.09 Bandhan Bank Ltd. 2,960,485 4,800 0.06 Bayer CropScience Ltd. 1,944 64 0.00 Berger Paints India Ltd. 1,382,143 5,609 0.07 Bharat Electronics Ltd. 582,205 1,912 0.02 Bharti Airtel Ltd. 3,289,676 48,564 0.58 Bharti Hexacom Ltd. 240,346 2,838 0.03 Biocon Ltd. 1,585,396 5,276 0.06 Bosch Ltd. 25,796 8,203 0.10 CG Power & Industrial Solutions Ltd. 1,134,832 8,603 0.10 Colgate-Palmolive India Ltd. 229,066 3,644 0.04 CRISIL Ltd. 122,034 3,970 0.05 Cummins India Ltd. 221,538 10,014 0.12 Dabur India Ltd. 1,301,221 4,371 0.05 Divi's Laboratories Ltd. 20,694 1,087 0.01 Dr. Lal PathLabs Ltd. 246,296 3,220 0.04 Dr. Reddy's Laboratories Ltd. 1,121,008 12,126 0.14 Eternal Ltd. 1,259,464 2,659 0.03 GE Vernova T&D India Ltd. 303,682 12,035 0.14 General Insurance Corp. of India 800,692 2,313 0.03 Gillette India Ltd. 33,104 2,029 0.02 GlaxoSmithKline Pharmaceuticals Ltd. 277,892 5,429 0.06 Glenmark Pharmaceuticals Ltd. 428,612 7,522 0.09 Go Digit General Insurance Ltd. 1,654,318 4,223 0.05
State Street AUT Emerging Market Tilted Index Equity Fund
Interim Report and Unaudited Financial Statements 2026
Portfolio Statement (continued)
As at 30th June 2026
15
Page 18
Holdings
Market Value £'000
% of Total Net Assets
India — 9.85% (31.12.25 — 12.87%) (continued) Godrej Consumer Products Ltd. 605,821 4,890 0.06 Havells India Ltd. 421,405 3,879 0.05 HCL Technologies Ltd. 1,639,920 13,989 0.17 HDFC Asset Management Co. Ltd. 335,049 7,067 0.08 HDFC Bank Ltd. 6,366,859 40,557 0.48 HDFC Life Insurance Co. Ltd. 1,525,797 6,982 0.08 Hero MotoCorp Ltd. 11,785 450 0.01 Hexaware Technologies Ltd. 685,368 2,815 0.03 Hindalco Industries Ltd. 239,028 1,826 0.02 Hindustan Aeronautics Ltd. 14,266 498 0.01 Hindustan Copper Ltd. 1,032,608 4,128 0.05 Hindustan Unilever Ltd. 1,010,914 17,081 0.20 Hitachi Energy India Ltd. 27,786 7,739 0.09 ICICI Bank Ltd. 2,798,227 30,742 0.37 ICICI Lombard General Insurance Co. Ltd. 588,648 8,126 0.10 ICICI Prudential Life Insurance Co. Ltd. 938,775 3,664 0.04 Indus Towers Ltd. 1,572,749 4,922 0.06 Infosys Ltd. 3,891,750 31,156 0.37 InterGlobe Aviation Ltd. 11,668 497 0.01 Ipca Laboratories Ltd. 379,115 5,151 0.06 JB Chemicals & Pharmaceuticals Ltd. 191,956 3,518 0.04 Jio Financial Services Ltd. 395,019 745 0.01 Kotak Mahindra Bank Ltd. 6,359,813 20,064 0.24 KPIT Technologies Ltd. 857,466 4,580 0.05 Lloyds Metals & Energy Ltd. 361,608 5,214 0.06 Lupin Ltd. 519,635 10,017 0.12 Mahindra & Mahindra Ltd. 304,379 7,452 0.09 Mankind Pharma Ltd. 357,519 7,263 0.09 Maruti Suzuki India Ltd. 49,457 5,570 0.07 Max Financial Services Ltd. 467,834 5,895 0.07 Max Healthcare Institute Ltd. 33,075 297 0.00 Motherson Sumi Wiring India Ltd. 8,963,597 2,864 0.03 Mphasis Ltd. 389,790 6,726 0.08 Multi Commodity Exchange of India Ltd. 288,352 6,522 0.08 Narayana Hrudayalaya Ltd. 223,688 3,524 0.04
State Street AUT Emerging Market Tilted Index Equity Fund
Interim Report and Unaudited Financial Statements 2026
Portfolio Statement (continued)
As at 30th June 2026
16
Page 19
Holdings
Market Value £'000
% of Total Net Assets
India — 9.85% (31.12.25 — 12.87%) (continued) Nestle India Ltd. 1,178,692 13,223 0.16 Nippon Life India Asset Management Ltd. 711,337 6,559 0.08 NTPC Ltd. 1,046,283 2,980 0.04 One 97 Communications Ltd. 637,362 5,839 0.07 Oracle Financial Services Software Ltd. 82,468 7,046 0.08 PB Fintech Ltd. 802,659 10,474 0.12 Persistent Systems Ltd. 232,966 8,024 0.10 Petronet LNG Ltd. 1,440,038 3,218 0.04 Pidilite Industries Ltd. 712,117 9,019 0.11 Power Grid Corp. of India Ltd. 6,783,060 15,471 0.18 Procter & Gamble Hygiene & Health Care Ltd. 65,703 4,694 0.06 Rail Vikas Nigam Ltd. 1,964,830 3,691 0.04 REC Ltd. 127,453 369 0.00 Reliance Industries Ltd. 3,795,467 39,095 0.47 Samvardhana Motherson International Ltd. 7,527,694 8,890 0.11 SBI Cards & Payment Services Ltd. 598,534 2,838 0.03 SBI Life Insurance Co. Ltd. 642,500 9,079 0.11 Schaeffler India Ltd. 176,285 5,880 0.07 Shriram Finance Ltd. 1,089,313 9,057 0.11 Siemens Ltd. 253,407 7,259 0.09 Star Health & Allied Insurance Co. Ltd. 1,282,582 6,018 0.07 State Bank of India 2,248,345 18,426 0.22 Sun Pharmaceutical Industries Ltd. 277,789 4,127 0.05 Suzlon Energy Ltd. 295,135 138 0.00 Swiggy Ltd. 2,320,654 4,431 0.05 Syngene International Ltd. 1,346,425 4,715 0.06 Tata Communications Ltd. 415,733 6,508 0.08 Tata Consumer Products Ltd. 79,913 682 0.01 Tata Elxsi Ltd. 161,748 4,926 0.06 Tata Motors Passenger Vehicles Limited 3,161,620 8,852 0.11 Tata Power Co. Ltd. 65,712 202 0.00 Tata Steel Ltd. 9,289,788 13,950 0.17 Tata Technologies Ltd. 565,143 3,072 0.04 Tech Mahindra Ltd. 1,084,504 12,131 0.14 Titan Co. Ltd. 92,659 3,257 0.04
State Street AUT Emerging Market Tilted Index Equity Fund
Interim Report and Unaudited Financial Statements 2026
Portfolio Statement (continued)
As at 30th June 2026
17
Page 20
Holdings
Market Value £'000
% of Total Net Assets
India — 9.85% (31.12.25 — 12.87%) (continued) Trent Ltd. 63,216 1,648 0.02 UltraTech Cement Ltd. 12,711 1,142 0.01 UNO Minda Ltd. 471,535 4,105 0.05 Vedanta Ltd. 305,461 683 0.01 WAAREE Energies Ltd. 206,327 4,850 0.06 Wipro Ltd. 6,526,511 8,848 0.11 Yes Bank Ltd. 14,186,976 2,738 0.03 ZF Commercial Vehicle Control Systems India Ltd. 166,570 3,382 0.04 Zydus Lifesciences Ltd. 519,169 4,597 0.05
827,670 9.85
Indonesia — 0.92% (31.12.25 — 1.08%) Bank Central Asia Tbk. PT 62,832,900 14,761 0.18 Bank CIMB Niaga Tbk. PT 19,623,100 1,280 0.02 Bank Mandiri Persero Tbk. PT 54,223,400 8,808 0.10 Bank Rakyat Indonesia Persero Tbk. PT 88,309,578 10,178 0.12 Charoen Pokphand Indonesia Tbk. PT 23,124,500 3,274 0.04 Cisarua Mountain Dairy Tbk. PT 11,733,500 2,213 0.03 Dayamitra Telekomunikasi PT 200,603,700 4,387 0.05 Elang Mahkota Teknologi Tbk. PT 107,029,100 2,187 0.03 GoTo Gojek Tokopedia Tbk. PT 1,764,093,700 3,717 0.04 Indofood CBP Sukses Makmur Tbk. PT 18,456,700 5,279 0.06 Kalbe Farma Tbk. PT 51,261,400 1,658 0.02 Mayora Indah Tbk. PT 49,995,000 3,871 0.05 Pertamina Geothermal Energy PT 51,834,300 1,960 0.02 Sarana Menara Nusantara Tbk. PT 104,293,700 1,595 0.02 Telkom Indonesia Persero Tbk. PT 68,281,200 6,776 0.08 Unilever Indonesia Tbk. PT 65,401,600 4,967 0.06
76,911 0.92
Ireland — 0.56% (31.12.25 — 0.00%) PDD Holdings, Inc. ADR 821,200 47,187 0.56
State Street AUT Emerging Market Tilted Index Equity Fund
Interim Report and Unaudited Financial Statements 2026
Portfolio Statement (continued)
As at 30th June 2026
18
Page 21
Holdings
Market Value £'000
% of Total Net Assets
Kuwait — 0.42% (31.12.25 — 0.62%) Boubyan Bank KSCP 3,405,301 5,246 0.06 Kuwait Finance House KSCP 4,821,698 9,012 0.11 National Bank of Kuwait SAKP 10,559,593 20,725 0.25
34,983 0.42
Luxembourg — 0.14% (31.12.25 — 0.16%) Millicom International Cellular SA 176,400 12,055 0.14
Malaysia — 1.08% (31.12.25 — 1.40%) Axiata Group Bhd. 8,394,200 3,288 0.04 CIMB Group Holdings Bhd. 9,787,932 13,420 0.16 Heineken Malaysia Bhd. 588,900 2,107 0.02 Hong Leong Bank Bhd. 1,970,400 7,795 0.09 IJM Corp. Bhd. 9,258,600 3,875 0.05 Malayan Banking Bhd. 1,930,940 3,853 0.05 Nestle Malaysia Bhd. 315,000 5,445 0.06 Petronas Gas Bhd. 1,779,700 5,758 0.07 PPB Group Bhd. 3,158,000 5,424 0.06 Public Bank Bhd. 18,980,800 16,817 0.20 QL Resources Bhd. 4,510,350 3,130 0.04 RHB Bank Bhd. 4,964,605 7,591 0.09 Sime Darby Bhd. 15,222,700 6,034 0.07 Telekom Malaysia Bhd. 4,180,239 5,751 0.07 Tenaga Nasional Bhd. 181,000 478 0.01 YTL Power International Bhd. 256,400 198 0.00
90,964 1.08
Mexico — 1.93% (31.12.25 — 2.22%) America Movil SAB de CV 24,388,200 23,844 0.29 Cemex SAB de CV 22,631,200 20,531 0.25 Coca-Cola Femsa SAB de CV 958,399 7,647 0.09 El Puerto de Liverpool SAB de CV 1,174,000 5,180 0.06 Fomento Economico Mexicano SAB de CV 2,200,700 21,172 0.25
State Street AUT Emerging Market Tilted Index Equity Fund
Interim Report and Unaudited Financial Statements 2026
Portfolio Statement (continued)
As at 30th June 2026
19
Page 22
Holdings
Market Value £'000
% of Total Net Assets
Mexico — 1.93% (31.12.25 — 2.22%) (continued) Gruma SAB de CV 528,190 6,412 0.08 Grupo Bimbo SAB de CV 3,428,400 8,439 0.10 Grupo Carso SAB de CV 1,097,100 6,190 0.07 Grupo Comercial Chedraui SA de CV 1,366,700 5,276 0.06 Grupo Financiero Banorte SAB de CV 3,089,600 24,677 0.29 Grupo Mexico SAB de CV 1,100,000 9,414 0.11 Kimberly-Clark de Mexico SAB de CV 4,312,800 7,196 0.09 Wal-Mart de Mexico SAB de CV 7,277,200 16,094 0.19
162,072 1.93
Peru — 0.31% (31.12.25 — 0.29%) Credicorp Ltd. 89,940 26,410 0.31
Philippines — 0.11% (31.12.25 — 0.14%) Ayala Land, Inc. 15,629,300 2,826 0.03 Monde Nissin Corp. 49,975,300 4,430 0.05 SM Investments Corp. 55,270 400 0.01 Universal Robina Corp. 2,401,520 1,833 0.02
9,489 0.11
Poland — 1.00% (31.12.25 — 1.12%) Alior Bank SA 217,629 5,687 0.07 Asseco Poland SA 169,617 5,697 0.07 Bank Millennium SA 1,796,167 7,020 0.08 Bank Polska Kasa Opieki SA 279,780 12,828 0.15 Cyfrowy Polsat SA 1,551,191 4,704 0.05 Erste Bank Polska SA 69,169 8,920 0.11 InPost SA 397,442 5,274 0.06 mBank SA 31,797 8,692 0.10 Orange Polska SA 1,957,239 5,650 0.07 ORLEN SA 58,220 1,479 0.02
State Street AUT Emerging Market Tilted Index Equity Fund
Interim Report and Unaudited Financial Statements 2026
Portfolio Statement (continued)
As at 30th June 2026
20
Page 23
Holdings
Market Value £'000
% of Total Net Assets
Poland — 1.00% (31.12.25 — 1.12%) (continued) Powszechna Kasa Oszczednosci Bank Polski SA 288,474 5,974 0.07 Powszechny Zaklad Ubezpieczen SA 944,466 12,430 0.15
84,355 1.00
Qatar — 0.36% (31.12.25 — 0.47%) Commercial Bank PSQC 5,847,835 4,930 0.06 Dukhan Bank 4,437,873 3,065 0.04 Qatar International Islamic Bank QSC 2,041,794 4,671 0.05 Qatar Islamic Bank QPSC 2,406,824 10,838 0.13 Qatar National Bank QPSC 1,820,167 6,544 0.08
30,048 0.36
Russia — 0.00% (31.12.25 — 0.00%) Aeroflot PJSC**³ 193,640 - 0.00 Alrosa PJSC**³ 307,078 - 0.00 Federal Grid Co-Rosseti PJSC**³ 29,375,613 - 0.00 Gazprom PJSC**³ 1,361,680 - 0.00 Inter RAO UES PJSC**³ 3,994,600 - 0.00 LUKOIL PJSC**³ 49,085 - 0.00 Magnitogorsk Iron & Steel Works PJSC**³ 280,240 - 0.00 Mobile TeleSystems PJSC**³ 110,030 - 0.00 Moscow Exchange MICEX-RTS PJSC**³ 180,830 - 0.00 Novatek PJSC**³ 137,866 - 0.00 Novolipetsk Steel PJSC**³ 143,960 - 0.00 PhosAgro PJSC**³ 127 - 0.00 PhosAgro PJSC (Voting rights)**³ 6,582 - 0.00 Polyus PJSC**³ 38,590 - 0.00 Polyus PJSC GDR**³ 1 - 0.00 Rosneft Oil Co. PJSC**³ 158,310 - 0.00 Rostelecom PJSC**³ 108,300 - 0.00 RusHydro PJSC**³ 12,919,000 - 0.00 Sberbank of Russia PJSC**³ 1,349,750 - 0.00 Severstal PAO**³ 23,453 - 0.00 Sistema AFK PAO**³ 452,480 - 0.00
State Street AUT Emerging Market Tilted Index Equity Fund
Interim Report and Unaudited Financial Statements 2026
Portfolio Statement (continued)
As at 30th June 2026
21
Page 24
Holdings
Market Value £'000
% of Total Net Assets
Russia — 0.00% (31.12.25 — 0.00%) (continued) Surgutneftegas PAO**³ 907,000 - 0.00 Surgutneftegas PAO Preference Shares**³ 962,900 - 0.00 Tatneft PJSC**³ 199,174 - 0.00 Tatneft PJSC Preference Shares**³ 29,552 - 0.00 Transneft PJSC**³ 19,600 - 0.00 VTB Bank PJSC**³ 126,906 - 0.00
- 0.00
Saudi Arabia — 1.26% (31.12.25 — 1.69%) Al Rajhi Bank 3,098,954 40,984 0.49 Al Rajhi Co. for Co-operative Insurance 423,228 4,413 0.05 Arabian Internet & Communications Services Co. 62,082 2,547 0.03 Bupa Arabia for Cooperative Insurance Co. 130,144 4,566 0.05 Co. for Cooperative Insurance 213,434 6,285 0.07 Dr. Sulaiman Al Habib Medical Services Group Co. 10,893 464 0.01 Elm Co. 59,985 8,267 0.10 Jamjoom Pharmaceuticals Factory Co. 76,923 2,390 0.03 Riyad Bank*** 1 - 0.00 Riyadh Cables Group Co. 157,395 3,784 0.04 Saudi Arabian Mining Co. 398,674 4,737 0.06 Saudi Arabian Oil Co. 2,546,346 13,343 0.16 Saudi Basic Industries Corp. 92,951 960 0.01 Saudi National Bank 1,106,130 8,598 0.10 Saudi Telecom Co. 548,630 4,764 0.06
106,102 1.26
Singapore — 0.11% (31.12.25 — 0.00%) Mobvista, Inc. 2,462,000 2,400 0.03 Trip.com Group Ltd. 220,050 6,590 0.08
8,990 0.11
South Africa — 2.71% (31.12.25 — 3.43%) Absa Group Ltd. 1,230,950 12,885 0.15
State Street AUT Emerging Market Tilted Index Equity Fund
Interim Report and Unaudited Financial Statements 2026
Portfolio Statement (continued)
As at 30th June 2026
22
Page 25
Holdings
Market Value £'000
% of Total Net Assets
South Africa — 2.71% (31.12.25 — 3.43%) (continued) Aspen Pharmacare Holdings Ltd. 812,740 5,847 0.07 Bid Corp. Ltd. 606,999 12,462 0.15 Bidvest Group Ltd. 651,393 7,183 0.09 Capitec Bank Holdings Ltd. 113,076 24,692 0.29 Clicks Group Ltd. 674,050 7,071 0.08 Discovery Ltd. 1,035,369 12,559 0.15 FirstRand Ltd. 5,937,285 26,485 0.32 Gold Fields Ltd. 333,161 8,438 0.10 Harmony Gold Mining Co. Ltd. 67,559 776 0.01 MTN Group Ltd. 2,700,308 28,231 0.34 Naspers Ltd. 785,421 29,624 0.35 Old Mutual Ltd. 9,418,618 5,813 0.07 OUTsurance Group Ltd. 2,341,388 8,455 0.10 Sanlam Ltd. 2,979,196 12,031 0.14 Standard Bank Group Ltd. 420,837 6,242 0.08 Valterra Platinum Ltd. 52,470 2,665 0.03 Vodacom Group Ltd. 1,323,503 9,213 0.11 Woolworths Holdings Ltd. 3,025,732 7,003 0.08
227,675 2.71
South Korea — 23.19% (31.12.25 — 13.05%) Alteogen, Inc. 6,021 1,058 0.01 Amorepacific Corp. 116,609 5,988 0.07 Amorepacific Corp. Preference Shares 104,799 1,934 0.02 APR Corp. 49,169 9,212 0.11 Celltrion, Inc. 227,664 19,192 0.23 CJ CheilJedang Corp. 51,277 4,617 0.06 CJ CheilJedang Corp. Preference Shares 28,997 1,687 0.02 CJ Corp. 47,809 3,596 0.04 CJ Corp. Convert 27,749 2,030 0.02 CJ Corp. Preference Shares 33,578 1,100 0.01 Coway Co. Ltd. 160,970 7,065 0.08 DB Insurance Co. Ltd. 112,620 7,347 0.09 Doosan Bobcat, Inc. 151,363 4,545 0.05
State Street AUT Emerging Market Tilted Index Equity Fund
Interim Report and Unaudited Financial Statements 2026
Portfolio Statement (continued)
As at 30th June 2026
23
Page 26
Holdings
Market Value £'000
% of Total Net Assets
South Korea — 23.19% (31.12.25 — 13.05%) (continued) Doosan Co. Ltd. 12,784 9,251 0.11 Doosan Enerbility Co. Ltd. 194,090 8,188 0.10 Ecopro BM Co. Ltd. 92,069 6,378 0.08 Hana Financial Group, Inc. 382,955 21,333 0.25 Hanmi Pharm Co. Ltd. 18,160 3,508 0.04 Hanwha Aerospace Co. Ltd. 8,012 3,879 0.05 Hanwha Solutions Corp. 364,713 6,026 0.07 Hanwha Solutions Corp. Rights 84,362 249 0.00 HD Hyundai Electric Co. Ltd. 37,680 17,802 0.21 HD Hyundai Marine Solution Co. Ltd. 38,777 4,238 0.05 HLB, Inc. 237,446 5,999 0.07 Hyundai Engineering & Construction Co. Ltd. 114,798 6,373 0.08 Hyundai Mobis Co. Ltd. 76,933 18,725 0.22 Hyundai Motor Co. 47,598 11,464 0.14 Hyundai Rotem Co. Ltd. 8,931 753 0.01 KakaoBank Corp. 620,557 6,315 0.08 Kakaopay Corp. 151,885 3,030 0.04 KB Financial Group, Inc. 437,930 33,873 0.40 Kia Corp. 71,793 4,825 0.06 LG Chem Ltd. 80,072 10,893 0.13 LG Chem Ltd. Preference Shares 62,845 4,196 0.05 LG Electronics, Inc. 167,099 16,476 0.20 LG Electronics, Inc. Preference Shares 80,952 2,880 0.03 LG Energy Solution Ltd. 59,374 10,460 0.12 LG H&H Co. Ltd. 22,518 2,508 0.03 LG H&H Co. Ltd. Preference Shares 32,073 1,485 0.02 LG Innotek Co. Ltd. 36,291 17,304 0.21 LG Uplus Corp. 580,924 3,958 0.05 LS Corp. 44,398 7,897 0.09 LS Electric Co. Ltd. 121,819 14,085 0.17 Mirae Asset Securities Co. Ltd. 300,018 6,241 0.07 Mirae Asset Securities Co. Ltd. Preference Shares 568,625 4,052 0.05 NAVER Corp. 55,110 5,335 0.06 Orion Corp. 60,505 3,880 0.05 Posco DX Co. Ltd. 382,002 4,017 0.05
State Street AUT Emerging Market Tilted Index Equity Fund
Interim Report and Unaudited Financial Statements 2026
Portfolio Statement (continued)
As at 30th June 2026
24
Page 27
Holdings
Market Value £'000
% of Total Net Assets
South Korea — 23.19% (31.12.25 — 13.05%) (continued) POSCO Holdings, Inc. 12,674 1,955 0.02 Samsung Biologics Co. Ltd. 3,715 2,514 0.03 Samsung C&T Corp. 116,042 26,453 0.32 Samsung C&T Corp. Preference Shares 23,474 3,193 0.04 Samsung E&A Co. Ltd. 380,292 8,798 0.10 Samsung Electro-Mechanics Co. Ltd. 27,334 29,038 0.35 Samsung Electronics Co. Ltd. 4,151,775 673,856 8.02 Samsung Electronics Co. Ltd. Preference Shares 945,949 97,640 1.16 Samsung Fire & Marine Insurance Co. Ltd. 48,608 14,597 0.17 Samsung Fire & Marine Insurance Co. Ltd. Preference Shares 22,344 4,420 0.05 Samsung Life Insurance Co. Ltd. 159,598 31,181 0.37 Samsung SDI Co. Ltd. 3,202 759 0.01 Samsung SDI Co. Ltd. Preference Shares 20,592 2,206 0.03 Samyang Foods Co. Ltd. 11,647 6,341 0.08 Shinhan Financial Group Co. Ltd. 613,281 28,587 0.34 SK Biopharmaceuticals Co. Ltd. 136,805 5,758 0.07 SK Hynix, Inc. 432,262 557,169 6.63 SK Square Co. Ltd. 97,271 80,345 0.96 SK Telecom Co. Ltd. 205,778 8,851 0.11 Yuhan Corp. 192,762 6,576 0.08
1,947,484 23.19
Switzerland — 0.05% (31.12.25 — 0.31%) Allwyn AG 379,698 4,554 0.05
Taiwan — 24.49% (31.12.25 — 21.08%) Accton Technology Corp. 738,000 43,592 0.52 Acer, Inc. 7,350,000 5,758 0.07 Advanced Energy Solution Holding Co. Ltd. 196,000 5,458 0.07 Advantech Co. Ltd. 969,183 11,278 0.13 Airoha Technology Corp. 202,000 3,199 0.04 Alchip Technologies Ltd. 137,000 13,536 0.16 ASE Technology Holding Co. Ltd. 4,290,000 69,045 0.82 Asia Vital Components Co. Ltd. 434,000 25,892 0.31
State Street AUT Emerging Market Tilted Index Equity Fund
Interim Report and Unaudited Financial Statements 2026
Portfolio Statement (continued)
As at 30th June 2026
25
Page 28
Holdings
Market Value £'000
% of Total Net Assets
Taiwan — 24.49% (31.12.25 — 21.08%) (continued) ASPEED Technology, Inc. 56,400 21,993 0.26 Asustek Computer, Inc. 930,000 15,430 0.18 AUO Corp. 13,710,200 10,595 0.13 Bizlink Holding, Inc. 284,000 12,880 0.15 Cathay Financial Holding Co. Ltd. 11,573,705 26,894 0.32 Chailease Holding Co. Ltd. 3,529,121 9,745 0.12 Chicony Electronics Co. Ltd. 1,580,000 3,877 0.05 China Steel Corp. 2,857,000 1,272 0.02 Chung-Hsin Electric & Machinery Manufacturing Corp. 1,540,000 6,456 0.08 Chunghwa Telecom Co. Ltd. 4,825,000 16,176 0.19 Compal Electronics, Inc. 9,631,000 8,035 0.10 CTBC Financial Holding Co. Ltd. 8,508,000 14,297 0.17 Delta Electronics, Inc. 1,858,000 85,800 1.02 E Ink Holdings, Inc. 1,925,000 9,754 0.12 E.Sun Financial Holding Co. Ltd. 19,924,572 16,246 0.19 Eclat Textile Co. Ltd. 812,000 5,997 0.07 Elite Material Co. Ltd. 149,000 18,986 0.23 Far EasTone Telecommunications Co. Ltd. 3,005,000 7,480 0.09 Fortune Electric Co. Ltd. 435,200 7,992 0.10 Fubon Financial Holding Co. Ltd. 10,522,715 32,291 0.39 Gigabyte Technology Co. Ltd. 1,039,000 8,459 0.10 Globalwafers Co. Ltd. 534,000 12,693 0.15 Hon Hai Precision Industry Co. Ltd. 12,007,000 71,349 0.85 Innolux Corp. 15,030,130 24,439 0.29 International Games System Co. Ltd. 31,000 578 0.01 Inventec Corp. 6,313,000 9,951 0.12 Jentech Precision Industrial Co. Ltd. 160,000 12,970 0.15 KGI Financial Holding Co. Ltd. 24,660,170 16,754 0.20 Lien Hwa Industrial Holdings Corp. 3,421,000 3,473 0.04 Lite-On Technology Corp. 3,420,000 17,977 0.21 Lotes Co. Ltd. 186,000 9,293 0.11 Makalot Industrial Co. Ltd. 1,032,000 5,351 0.06 MediaTek, Inc. 1,630,000 163,746 1.95 Mega Financial Holding Co. Ltd. 1,784,741 1,945 0.02 Micro-Star International Co. Ltd. 2,237,000 7,711 0.09
State Street AUT Emerging Market Tilted Index Equity Fund
Interim Report and Unaudited Financial Statements 2026
Portfolio Statement (continued)
As at 30th June 2026
26
Page 29
Holdings
Market Value £'000
% of Total Net Assets
Taiwan — 24.49% (31.12.25 — 21.08%) (continued) momo.com, Inc. 548,339 3,849 0.05 MPI Corp. 142,000 20,478 0.24 Nanya Technology Corp. 1,971,000 21,105 0.25 Nien Made Enterprise Co. Ltd. 762,000 6,231 0.07 Novatek Microelectronics Corp. 870,000 11,029 0.13 Pegatron Corp. 4,382,000 8,680 0.10 PharmaEssentia Corp. 570,535 18,115 0.22 President Chain Store Corp. 974,000 5,143 0.06 Quanta Computer, Inc. 3,119,000 27,165 0.32 Radiant Opto-Electronics Corp. 1,535,000 3,157 0.04 Realtek Semiconductor Corp. 6,000 114 0.00 Simplo Technology Co. Ltd. 661,000 6,550 0.08 Sino-American Silicon Products, Inc. 1,367,000 5,820 0.07 SinoPac Financial Holdings Co. Ltd. 1,927,190 1,820 0.02 Synnex Technology International Corp. 3,217,000 6,935 0.08 Taiwan Cooperative Financial Holding Co. Ltd. 1,745,913 1,027 0.01 Taiwan High Speed Rail Corp. 8,753,000 5,491 0.07 Taiwan Mobile Co. Ltd. 3,526,000 9,736 0.12 Taiwan Semiconductor Manufacturing Co. Ltd. 14,659,000 836,414 9.96 Teco Electric & Machinery Co. Ltd. 3,151,000 5,228 0.06 TS Financial Holding Co. Ltd. 5,714,793 4,498 0.05 Unimicron Technology Corp. 543,000 13,742 0.16 Uni-President Enterprises Corp. 7,849,000 13,839 0.17 United Integrated Services Co. Ltd. 363,000 11,354 0.14 United Microelectronics Corp. 14,478,000 56,414 0.67 Voltronic Power Technology Corp. 282,000 7,253 0.09 Winbond Electronics Corp. 5,035,841 24,684 0.29 Wistron Corp. 4,068,000 15,226 0.18 Wiwynn Corp. 145,000 15,887 0.19 Yageo Corp. 253,184 6,826 0.08 Yuanta Financial Holding Co. Ltd. 3,890,477 6,050 0.07
2,056,503 24.49
State Street AUT Emerging Market Tilted Index Equity Fund
Interim Report and Unaudited Financial Statements 2026
Portfolio Statement (continued)
As at 30th June 2026
27
Page 30
Holdings
Market Value £'000
% of Total Net Assets
Thailand — 1.13% (31.12.25 — 0.98%) Airports of Thailand PCL NVDR 499,938 727 0.01 Bangkok Dusit Medical Services PCL NVDR 8,861,236 3,869 0.05 Bumrungrad Hospital PCL NVDR 812,687 3,470 0.04 Cal-Comp Electronics Thailand PCL 22,460,469 4,597 0.05 Com7 PCL 4,888,212 3,063 0.04 CP ALL PCL NVDR 53,228 57 0.00 Delta Electronics Thailand PCL NVDR 5,114,208 37,755 0.45 Gulf Development PCL NVDR 1,158,035 1,618 0.02 Home Product Center PCL 18,671,952 2,763 0.03 I-TAIL Corp. PCL 3,555,500 1,302 0.01 Kasikornbank PCL 785,375 3,874 0.05 Kasikornbank PCL NVDR 1,490,205 7,351 0.09 Krungthai Card PCL 2,877,657 2,162 0.03 SCB X PCL NVDR 1,655,633 5,548 0.07 Siam Cement PCL NVDR 938,457 5,204 0.06 Thai Life Insurance PCL 17,816,825 4,667 0.05 Thai Union Group PCL 7,220,800 1,908 0.02 Thanachart Capital PCL 3,459,696 5,277 0.06
95,212 1.13
Turkey — 0.47% (31.12.25 — 0.36%) Akbank TAS 5,508,679 6,848 0.08 Anadolu Anonim Turk Sigorta Sirketi 9,337,943 4,117 0.05 Anadolu Hayat Emeklilik AS 2,098,349 3,488 0.04 Borusan Birlesik Boru Fabrikalari Sanayi ve Ticaret AS 273,704 2,494 0.03 D-MARKET Elektronik Hizmetler ve Ticaret AS 1,455,900 3,187 0.04 Enerjisa Enerji AS 1,391,314 2,303 0.03 Hektas Ticaret TAS*** 1 - 0.00 Mavi Giyim Sanayi Ve Ticaret AS 5,943,653 3,617 0.04 Turkiye Garanti Bankasi AS 2,614,157 5,821 0.07 Turkiye Sigorta AS 24,561,194 2,445 0.03 Yapi ve Kredi Bankasi AS 7,334,455 4,753 0.06
39,073 0.47
State Street AUT Emerging Market Tilted Index Equity Fund
Interim Report and Unaudited Financial Statements 2026
Portfolio Statement (continued)
As at 30th June 2026
28
Page 31
Holdings
Market Value £'000
% of Total Net Assets
United Arab Emirates — 0.85% (31.12.25 — 1.34%) Abu Dhabi Islamic Bank PJSC 2,432,933 10,326 0.12 ADNOC Drilling Co. PJSC 5,071,801 5,977 0.07 Aldar Properties PJSC 430,217 731 0.01 Dubai Electricity & Water Authority PJSC 14,193,369 8,051 0.10 Emaar Development PJSC 1,756,946 4,985 0.06 Emaar Properties PJSC 1,436,118 3,521 0.04 Emirates NBD Bank PJSC 3,243,513 19,622 0.23 Emirates Telecommunications Group Co. PJSC 691,426 2,725 0.03 First Abu Dhabi Bank PJSC 3,527,412 12,280 0.15 Pure Health Holding PJSC 6,892,775 3,132 0.04
71,350 0.85
United States — 0.52% (31.12.25 — 0.33%) BeOne Medicines Ltd. 1,053,000 17,234 0.21 BeOne Medicines Ltd. 'A' Shares 91,658 2,592 0.03 Legend Biotech Corp. ADR 274,400 5,966 0.07 Southern Copper Corp. 136,891 17,965 0.21
43,757 0.52
Derivatives — (0.01)% (31.12.25 — 0.01%)
Futures — (0.01)% (31.12.25 — 0.01%) MSCI Emerging Markets Index Futures September 2026† (776) (771) (0.01)
Portfolio of investments^ 8,317,334 99.03 Net other assets 81,755 0.97
Total net assets 8,399,089 100.00
All holdings are ordinary shares or common stock unless otherwise stated. Stocks shown as ADRs represent American Depositary Receipts. Stocks shown as GDRs represent Global Depositary Receipts. Stocks shown as NVDRs represent Non-Voting Depositary Receipts. ~ Delisted. * Real Estate Investment Trust.
State Street AUT Emerging Market Tilted Index Equity Fund
Interim Report and Unaudited Financial Statements 2026
Portfolio Statement (continued)
As at 30th June 2026
29
Page 32
** Russian stocks have been written down to nil due to the sanctions put in place. It is not currently possible to dispose of the assets and realise any value from these. *** Market value is less than £500, therefore rounded down to 0. † Goldman Sachs is the counterparty, total notional exposure is £67,789,610 and 0.81% as a percentage of the Fund’s value. 3 Level 3 Security.
State Street AUT Emerging Market Tilted Index Equity Fund
Interim Report and Unaudited Financial Statements 2026
Portfolio Statement (continued)
As at 30th June 2026
30
Page 33
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Page 34
Comparative Table For the period ended 30th June 2026
2026 (to 30.06) 2025 2024 Closing net asset value (£'000) 8,399,089 7,008,534 2,743,618 Closing number of units 526,781,242 554,926,458 263,024,889 Closing net asset value per unit (£) 15.9442 12.6297 10.4310 Change in net asset value per unit 26.24% 21.08% 13.56% Operating charges 0.20% 0.20% 0.20%
General risk factors The value of funds and the revenue from them is not guaranteed and may fall as well as rise. You may get back less than you originally invested. What you get back may depend on:
• Investment performance is not guaranteed. Past performance is no guarantee of future performance. There may also be variation in performance between funds with similar investment objectives.
• The effect of an initial charge. If you sell your investment after a short period you may not get back what you originally invested, even if the price of your investment has not fallen.
• The entire market of a particular asset class or geographical region may fall, having a greater effect on funds heavily invested in that asset class or region.
• If you make regular withdrawals from your investment be aware that if the level of withdrawal exceeds the rate of investment growth of the fund, your capital will be eroded.
• Governments may change the tax rules which affect you or the funds in which you have invested.
• Inflation will reduce what you could buy in the future, i.e. it will reduce the real value of your investment.
• There is no certainty that the investment objective of any fund will actually be achieved.
State Street AUT Emerging Market Tilted Index Equity Fund
Interim Report and Unaudited Financial Statements 2026
32
Page 35
Statement of Total Return For the period ended 30th June 2026
Period ended 30.06.26
Period ended 30.06.25 £'000 £'000 £'000 £'000 Income Net capital gains 1,691,120 162,653 Revenue 87,791 59,309 Expenses (7,565) (3,446) Interest payable and similar charges (57) (78)
Net revenue before taxation 80,169 55,785 Taxation (845) (9,270)
Net revenue after taxation 79,324 46,515
Total return before distributions 1,770,444 209,168 Distributions (71,692) (50,386)
Change in net assets attributable to unitholders from investment activities 1,698,752 158,782
Statement of Change in Net Assets Attributable to Unitholders For the period ended 30th June 2026
Period ended 30.06.26
Period ended 30.06.25 £’000 £’000 £’000 £’000 Opening net assets 7,008,534 2,743,618 Issue of units 2,580,282 2,644,219 Cancellation of units (2,959,041) (1)
(378,759) 2,644,218 Dilution adjustment (1,569) 4,597 Change in unitholders' funds from investment activities 1,698,752 158,782 Retained distributions on accumulation units 72,131 73,801
Closing net assets 8,399,089 5,625,016
State Street AUT Emerging Market Tilted Index Equity Fund
Interim Report and Unaudited Financial Statements 2026
33
Page 36
Balance Sheet As at 30th June 2026
30.06.26 31.12.25 £'000 £'000 Assets Investments 8,318,105 6,924,941 Amounts receivable 22,932 41,851 Cash and Cash equivalents 184,833 83,738
Total assets 8,525,870 7,050,530
Liabilities Investments 771 Provision 4 19,629 Other amounts payable 126,006 22,367
Total liabilities 126,781 41,996
Net assets attributable to unitholders 8,399,089 7,008,534
All items within the Balance Sheet are deemed current.
Notes to the Financial Statements are on pages 35 to 44.
State Street AUT Emerging Market Tilted Index Equity Fund
Interim Report and Unaudited Financial Statements 2026
34
Page 37
1. Accounting policies
(a) Basis of accounting The financial statements have been prepared under the historical cost convention by the revaluation of the investments, and in accordance with the United Kingdom Generally Accepted Accounting Practice ("UK GAAP") which comprises the UK Financial Reporting Standard 104 ("FRS 104") and the Statement of Recommended Practice ("SORP") for Authorised Funds issued by the Investment Association ("IA") in October 2025 (the "IA SORP 2025").
(b) Adoption of IA SORP 2025 Changes in accounting policies
The following changes have been made to the accounting policies compared with the audited financial statements for the year ended 31 December 2025, following adoption of IA SORP 2025.
- In accordance with the 2025 SORP mid-market prices are an appropriate valuation basis for investments. A restatement oft he prior year comparatives is not required by the IA SORP (paragraph 1.12), the value of investments for the prior year is shown at bid market value, in line with the previous accounting policy.
Changes in presentation
The presentation of these financial statements has been changed from the previous period to comply with the requirements of IA SORP 2025. These changes include:
- Amendments to labelling of line items within the financial statements;- Removal of distribution tables;
- The inclusion of a going concern assessment;- The inclusion of significant related party transactions;
- The inclusion of the fair value hierarchy of the portfolio.
(c) Going Concern The financial statements are prepared on the going concern basis.
The Authorised Corporate Director ("ACD") has undertaken a detailed assessment of each of the remaining Funds ability to meet its liabilities as they fall due, including liquidity, declines in global capital markets and investor redemption levels. Based on this assessment, the Funds continue to be open for trading and the ACD is satisfied the Funds have adequate financial resources to continue in operation for the foreseeable future, being at least 12 months from the date of approval, and accordingly it is appropriate to adopt the going concern basis in preparing the financial statements.
2. Related party transactions The Manager exercises governance and oversight over the Fund and is a related party by virtue of the Trust Deed constituting the Fund.
Amounts paid during the period to the Manager were £7,565,196 (31.12.25: £9,871,385).
At the period end £1,373,836 (31.12.25: £1,167,130) was due to the Manager in relation to accrued manager’s periodic charges.
Transactions relating to the creation and cancellation of units and the purchases and sales of investments which pass through the Manager, but are not for the benefit of, either related party are disclosed in the Statement of Change in Net Assets Attributable to Unitholders.
State Street AUT Emerging Market Tilted Index Equity Fund
Interim Report and Unaudited Financial Statements 2026
Notes to the Financial Statements
For the period ended 30th June 2026
35
Page 38
3. Securities Financing Transactions ("SFT")
1) Global Data
Proportion of securities and commodities on loan as at 30th June 2026 £'000 %
Total lendable assets excluding cash and cash equivalents: 4,904,544
Securities and commodities on loan 365,968 7.46%
Assets engaged in SFTs and total return swaps as at 30th June 2026 £'000 %
Fund assets under management ("AUM") 8,399,089
Absolute value of assets engaged in:
Securities lending 365,968 4.36%
2) Concentration Data
Top 10 Collateral Issuers Name and value of collateral and commodities received as at 30th June 2026 £'000
United Kingdom Gilt 59,327
Kingdom of Netherlands 44,172
United Kingdom Inflation-Linked Gilt 42,217
Republic of Austria 4,214
United States of America Treasury Inflation Indexed Bonds 3,881
German Treasury Bill 2,463
Erste Group Bank 1,909
Eni 1,711
Dominion of Canada 1,548
Kingdom of Sweden 1,208
State Street AUT Emerging Market Tilted Index Equity Fund
Interim Report and Unaudited Financial Statements 2026
Notes to the Financial Statements (continued)
For the period ended 30th June 2026
36
Page 39
3. Securities Financing Transactions ("SFT") (continued)
Top 10 Counterparties Name and value of outstanding transactions as at 30th June 2026 £'000
Barclays Capital Securities 114,355
JP Morgan Securities 80,147
Citigroup Global Markets (UK) 36,662
BNP Paribas Financial Markets 35,212
Goldman Sachs 33,074
UBS 26,362
Morgan Stanley International 12,535
UBS EUROPE 10,041
Societe Generale 7,790
HSBC Bank 4,514
State Street AUT Emerging Market Tilted Index Equity Fund
Interim Report and Unaudited Financial Statements 2026
Notes to the Financial Statements (continued)
For the period ended 30th June 2026
37
Page 40
3. Securities Financing Transactions ("SFT") (continued)
3) Aggregate Transaction Data
Type, Quality and Currency of Collateral as at 30th June 2026
Type Quality Currency £'000
Securities lending
Equity Traded on recognised exchange Sterling 3,240
Equity Traded on recognised exchange Australian Dollar 413
Equity Traded on recognised exchange Canadian Dollar 1,244
Equity Traded on recognised exchange Danish Krone 1,780
Equity Traded on recognised exchange Euro 28,727
Equity Traded on recognised exchange Hong Kong Dollar 5,487
Equity Traded on recognised exchange Japanese Yen 3,250
Equity Traded on recognised exchange Norwegian Krone 549
Equity Traded on recognised exchange Singapore Dollar 4,052
Equity Traded on recognised exchange Swedish Krona 1,060
Equity Traded on recognised exchange Swiss Franc 4,651
Equity Traded on recognised exchange US Dollar 22,657
Fixed Income Investment Grade Sterling 101,595
Fixed Income Investment Grade Australian Dollar 564
Fixed Income Investment Grade Canadian Dollar 39,649
Fixed Income Investment Grade Danish Krone 7
Fixed Income Investment Grade Euro 107,110
Fixed Income Investment Grade New Zealand Dollar 10
Fixed Income Investment Grade Norwegian Krone 63
Fixed Income Investment Grade Swedish Krona 1,328
Fixed Income Investment Grade Swiss Franc 54
Fixed Income Investment Grade US Dollar 61,940
Total Collateral held 389,430
State Street AUT Emerging Market Tilted Index Equity Fund
Interim Report and Unaudited Financial Statements 2026
Notes to the Financial Statements (continued)
For the period ended 30th June 2026
38
Page 41
3. Securities Financing Transactions ("SFT") (continued)
Maturity Tenor of Collateral (remaining period to maturity) as at 30th June 2026
Less than one day
One day to one week
One week to one month
One to three months
Three months to one year
Above one year
Open maturity Total
Type £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Securities lending ----- 312,321 77,109 389,430
Counterparty details as at 30th June 2026
Type
Country of counterparty establishment Settlement and clearing £'000
Securities lending France Tri-party 46,065
Securities lending Germany Tri-party 10,543
Securities lending Switzerland Tri-party 28,430
Securities lending United Kingdom Tri-party 304,392
Total collateral held 389,430
Maturity Tenor of SFTs and Total Return Swaps (remaining period to maturity) as at 30th June 2026
Less than one day
One day to one week
One week to one month
One to three months
Three months to one year
Above one year
Open maturity Total
Type £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Securities lending - - - - -- 365,968 365,968
4) Re-use of Collateral
The Fund does not engage in re-use of collateral.
5) Safekeeping of Collateral Received
Names and value of custodians safekeeping collateral as at 30th June 2026 £'000
Bank of New York 210,866
JP Morgan 178,564
6) Safekeeping of Collateral Granted
The Fund does not borrow stock from counterparties; therefore, no collateral has been granted.
State Street AUT Emerging Market Tilted Index Equity Fund
Interim Report and Unaudited Financial Statements 2026
Notes to the Financial Statements (continued)
For the period ended 30th June 2026
39
Page 42
3. Securities Financing Transactions ("SFT") (continued)
1) Global Data
Proportion of securities and commodities on loan as at 31st December 2025 £'000 %
Total lendable assets excluding cash and cash equivalents: 3,919,529
Securities and commodities on loan 221,830 5.66%
Assets engaged in SFTs and total return swaps as at 31st December 2025 £'000 %
Fund assets under management ("AUM") 7,008,534
Absolute value of assets engaged in:
Securities lending 221,830 3.17%
2) Concentration Data
Top 10 Collateral Issuers Name and value of collateral and commodities received as at 31st December 2025 £'000
Kingdom of Netherlands 46,753
United Kingdom Gilt 34,010
United Kingdom Inflation-Linked Gilt 8,698
Microsoft 2,418
Meta Platforms 2,394
Republic of Austria 2,369
Finland Government Bond 1,876
United States of America Treasury Inflation Indexed Bonds 1,648
Kingdom of Belgium 1,580
Heidelberg Materials 1,310
State Street AUT Emerging Market Tilted Index Equity Fund
Interim Report and Unaudited Financial Statements 2026
Notes to the Financial Statements (continued)
For the period ended 30th June 2026
40
Page 43
3. Securities Financing Transactions ("SFT") (continued)
Top 10 Counterparties Name and value of outstanding transactions as at 31st December 2025 £'000
JP Morgan Securities 67,219
Barclays Capital Securities 42,792
Citigroup Global Markets (UK) 41,828
Goldman Sachs 21,585
Morgan Stanley International 16,428
UBS 10,927
Merrill Lynch 9,745
Societe Generale 3,923
HSBC Bank 3,556
BNP Paribas Financial Markets 2,539
State Street AUT Emerging Market Tilted Index Equity Fund
Interim Report and Unaudited Financial Statements 2026
Notes to the Financial Statements (continued)
For the period ended 30th June 2026
41
Page 44
3. Securities Financing Transactions ("SFT") (continued)
3) Aggregate Transaction Data
Type, Quality and Currency of Collateral as at 31st December 2025
Type Quality Currency £'000
Securities lending
Equity Traded on recognised exchange Sterling 3,002
Equity Traded on recognised exchange Australian Dollar 428
Equity Traded on recognised exchange Canadian Dollar 1,563
Equity Traded on recognised exchange Danish Krone 970
Equity Traded on recognised exchange Euro 11,280
Equity Traded on recognised exchange Hong Kong Dollar 5,577
Equity Traded on recognised exchange Japanese Yen 3,801
Equity Traded on recognised exchange New Zealand Dollar 39
Equity Traded on recognised exchange Norwegian Krone 970
Equity Traded on recognised exchange Singapore Dollar 389
Equity Traded on recognised exchange Swedish Krona 1,275
Equity Traded on recognised exchange Swiss Franc 5,510
Equity Traded on recognised exchange US Dollar 33,122
Fixed Income Investment Grade Sterling 42,708
Fixed Income Investment Grade Australian Dollar 110
Fixed Income Investment Grade Canadian Dollar 18,473
Fixed Income Investment Grade Danish Krone 6
Fixed Income Investment Grade Euro 89,793
Fixed Income Investment Grade New Zealand Dollar 60
Fixed Income Investment Grade Norwegian Krone 11
Fixed Income Investment Grade Swedish Krona 287
Fixed Income Investment Grade US Dollar 19,350
Total Collateral held 238,724
State Street AUT Emerging Market Tilted Index Equity Fund
Interim Report and Unaudited Financial Statements 2026
Notes to the Financial Statements (continued)
For the period ended 30th June 2026
42
Page 45
3. Securities Financing Transactions ("SFT") (continued)
Maturity Tenor of Collateral (remaining period to maturity) as at 31st December 2025
Less than one day
One day to one week
One week to one month
One to three months
Three months to one year
Above one year
Open maturity Total
Type £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Securities lending ----- 170,771 67,953 238,724
Counterparty details as at 31st December 2025
Type
Country of counterparty establishment Settlement and clearing £'000
Securities lending France Tri-party 6,980
Securities lending Germany Tri-party 992
Securities lending Switzerland Tri-party 14,858
Securities lending United Kingdom Tri-party 215,894
Total collateral held 238,724
Maturity Tenor of SFTs and Total Return Swaps (remaining period to maturity) as at 31st December 2025
Less than one day
One day to one week
One week to one month
One to three months
Three months to one year
Above one year
Open maturity Total
Type £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Securities lending - - - - -- 221,830 221,830
4) Re-use of Collateral
The Fund does not engage in re-use of collateral.
5) Safekeeping of Collateral Received
Names and value of custodians safekeeping collateral as at 31st December 2025 £'000
JP Morgan 123,338
Bank of New York 115,386
6) Safekeeping of Collateral Granted
The Fund does not borrow stock from counterparties; therefore, no collateral has been granted.
State Street AUT Emerging Market Tilted Index Equity Fund
Interim Report and Unaudited Financial Statements 2026
Notes to the Financial Statements (continued)
For the period ended 30th June 2026
43
Page 46
4. Fair value For financial instruments held at fair value in the balance sheet, the Fund is required to disclose for each class of financial instrument, an analysis of the level in the fair value:
Level 1 – The unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the measurement date;
Level 2 – Inputs other than quoted prices included within Level 1 that are observable (i.e. developed using market data) for the asset or liability, either directly or indirectly;
Level 3 – Inputs are unobservable (i.e. for which market data is unavailable) for the asset or liability.
30.06.26 Level 1 £'000
30.06.26 Level 2 £'000
30.06.26 Level 3 £'000
30.06.26 Total £'000 Assets: Equities 8,318,105 - - 8,318,105 8,318,105 - - 8,318,105 Liabilities: Derivatives (771) - - (771) (771) - - (771)
31.12.25 Level 1 £'000
31.12.25 Level 2 £'000
31.12.25 Level 3 £'000
31.12.25 Total £'000 Assets: Equities 6,924,259 - - 6,924,259 Derivatives 682 - - 682 6,924,941 - - 6,924,941
5. Subsequent events since the financial year The anti-dilution mechanism shall change from dilution levy to dilution adjustment on 1 September 2026. There have been no other significant events affecting the Fund after the financial year ended 30 June 2026 that require amendment to or disclosure in the financial statements.
State Street AUT Emerging Market Tilted Index Equity Fund
Interim Report and Unaudited Financial Statements 2026
Notes to the Financial Statements (continued)
For the period ended 30th June 2026
44
Page 47
THE MANAGER State Street Unit Trust Management Limited 20 Churchill Place, Canary Wharf London E14 5HJ
Regulated by The Financial Conduct Authority.
DIRECTORS V. Parry* (resigned 2 January 2026) C. Fernandes (resigned 2 January 2026) N. Wightman* (resigned 2 January 2026) R. Bridger B. Healy* (appointed 2 January 2026) B. Lim Siong Kwong Lam Thuon Mine* (appointed 2 January 2026) E. Linnane (appointed 2 January 2026) T. Coghlan* (appointed 2 January 2026) * Independent non-executive Director
INVESTMENT MANAGER, REGISTRAR & TRANSFER AGENT State Street Global Advisors Limited 20 Churchill Place London E14 5HJ
Regulated by The Financial Conduct Authority.
INDEPENDENT AUDITORS PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors 120 Bothwell Street Glasgow G2 7JS
DEPOSITARY HSBC Bank plc 8 Canada Square Canary Wharf London E14 5HQ
HSBC Bank plc is authorised by the Prudential Regulation Authority and regulated by the Prudential Regulation Authority and the Financial Conduct Authority.
CONSTITUTION State Street AUT Emerging Market Tilted Index Equity Fund is an authorised unit trust scheme within the meaning of, and governed by section 243 of the Financial Services and Markets Act 2000. The Fund is a ‘wider range’ investment scheme under the Trustee Investments Act 1961.
PROSPECTUS Copies of the Prospectus are available from the Manager upon request.
Please remember that the price of units and the income from them can go down as well as up. Past performance is not necessarily a guide to the future. Changes in exchange rates may also affect the value.
ASSESSMENT OF VALUE Assessment of Value ("AoV") was introduced by the FCA to ensure UK authorised fund managers (“AFMs”) demonstrate the delivery of value for underlying investors, objectively assessing ourselves against a range of criteria. Our annual assessment of value statement can be found in a composite report on www.ssga.com.
State Street AUT Emerging Market Tilted Index Equity Fund
Interim Report and Unaudited Financial Statements 2026
Directory
45
Page 48
TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES ("TCFD") The Manager’s entity and product disclosure reports have been published separately and can be found using the fund finder page on www.ssga.com.
State Street AUT Emerging Market Tilted Index Equity Fund
Interim Report and Unaudited Financial Statements 2026
Directory (continued)
46
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"text": "Index (the \u201cParent Index\u201d) whilst tilting towards the transition leaders and high quality companies as determined by Robeco"
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"text": "(the \u201cRobeco Negative Screen\u201d)."
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"id": "d7c6bd1c-3b44-4290-956a-dd60c1d28b13",
"page_number": 3,
"text": "rebalance of the Robeco Index:"
},
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},
"id": "46478f38-6a32-4133-bdb2-1e416963cb40",
"page_number": 3,
"text": "-Tobacco, determined as %* Value Revenue Chain (as defined by Robeco);"
},
{
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"x": 47,
"y": 696
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"id": "7c5a84d1-1381-4c79-ba57-b95b783ae42e",
"page_number": 3,
"text": "-Thermal Coal (excluding generation), determined as %* of Revenue (as defined by Robeco) Tar Sands, determined as %*"
},
{
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"id": "dbbea2e7-5936-4008-95e7-d3ba02bef5ee",
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"text": "Revenue (as defined by Robeco);"
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"y": 732
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"id": "a8c1e690-9a6f-4dcd-8c30-bcd5a5b1c259",
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"text": "-UN Global Compact Violators (any involvement as determined by Robeco);"
},
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"x": 47,
"y": 753
},
"id": "15ae6da6-d82f-443b-beb4-e2bf61dbce7d",
"page_number": 3,
"text": "-Controversial Weapons (any involvement as determined by Robeco)."
},
{
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"width": 100,
"x": 48,
"y": 789
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"id": "95bb61e0-1629-4602-8ed2-d57489011e57",
"page_number": 3,
"text": "Performance"
},
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"id": "b436c2c1-8490-4025-b98a-887efb6952a0",
"page_number": 3,
"text": "The Fund returned 26.13% (26.00% net of fees) for the 6-month period ended 30 June 2026 (the \u201cReporting Period\u201d),"
},
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"id": "4a8f6e01-5daa-4541-9305-d9befafa2b0d",
"page_number": 3,
"text": "compared to the Index return of 25.90%. The size of the Fund\u2019s tracking difference for the Reporting Period was 0.23%, the"
},
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"id": "e3e8e65c-5d20-41b0-b1cd-797cee74e1b0",
"page_number": 3,
"text": "outperformance versus the Index was largely attributable to Indian Capital Gains Tax adjustment."
},
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"id": "f32e6a22-3f30-4acd-8482-8b62dc88d5ec",
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"text": "Note: Performance returns presented above are in GBP."
},
{
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"id": "2d8054c2-b5c7-4fcf-83b4-f6e69db3203c",
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"text": "State Street AUT Emerging Market Tilted Index Equity Fund"
},
{
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"width": 505,
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"id": "40075438-dfa5-480d-abee-cb3859f58065",
"page_number": 3,
"text": "Interim Report and Unaudited Financial Statements 2026"
},
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"id": "bc78eb1a-7dc1-43ee-9adb-1155544a4f27",
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"text": "Manager\u2019s Report"
},
{
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"x": 48,
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},
"id": "a71432e2-399a-4be8-ae19-2c393d9b1b6b",
"page_number": 3,
"text": "For the period ended 30th June 2026"
},
{
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"id": "8b36f070-5f35-4f41-b500-dcc6fee70ffc",
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"text": "1"
},
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"id": "7811baae-7fc3-4326-ac2b-06d1ffdf265d",
"page_number": 4,
"text": "Risk and Reward Profile"
},
{
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"x": 59,
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},
"id": "1139a9aa-7d42-4cb7-b0a3-8614e545a910",
"page_number": 4,
"text": "Lower risk"
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"width": 149,
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},
"id": "0918a33a-3c87-454b-acff-8e3674dee20f",
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"text": "Potentially lower reward"
},
{
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"x": 452,
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},
"id": "1a458881-df4c-4de7-852d-f2fc2ccd6bd6",
"page_number": 4,
"text": "Higher risk"
},
{
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"width": 154,
"x": 372,
"y": 220
},
"id": "011d5cf1-209f-4b13-ad4b-74587b97e6d2",
"page_number": 4,
"text": "Potentially higher reward"
},
{
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"width": 432,
"x": 77,
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},
"id": "51f197ae-1a41-4b78-9afd-631874cadaec",
"page_number": 4,
"text": "1234 67 5"
},
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"id": "f81a53fa-691e-441e-8f87-5517842373da",
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"text": "5"
},
{
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"id": "9b5a5474-5ea2-46aa-8cd3-9444c4a0ba25",
"page_number": 4,
"text": "Risk Disclaimer"
},
{
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"id": "71780d33-b94e-4bca-b188-a9b99e11da59",
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"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\u2019s return"
},
{
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"id": "157cc971-9635-405c-8eaa-55de5474b2b4",
"page_number": 4,
"text": "have been historically."
},
{
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"id": "fc197c82-a2c0-4707-b955-4a022264ba25",
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"text": "For example a fund whose return has experienced significant rises and falls will be in a higher risk category, whereas a fund"
},
{
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"id": "1179787f-2266-4fc4-b157-6b403c7bd49c",
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"text": "whose return has experienced less significant rises and falls will be in a lower risk category."
},
{
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"id": "fea55170-11af-40b4-b678-76ec61d29a7e",
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"text": "The lowest category (i.e. category 1) does not mean that a fund is a risk free investment."
},
{
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"id": "733b2f8c-9366-4b3f-9e63-257d021d7598",
"page_number": 4,
"text": "As the Fund\u0027s risk category has been calculated using historical data, it may not be a reliable indication of the Fund\u0027s future"
},
{
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},
"id": "8f8e2d89-36c3-48d5-a109-0fb0d063b810",
"page_number": 4,
"text": "risk profile."
},
{
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"x": 47,
"y": 431
},
"id": "81e478e4-b194-44ea-a1cd-c23eb05c990c",
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"text": "The Fund\u2019s risk category shown is not guaranteed and may change in the future."
},
{
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"x": 46,
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"id": "fd8a14bf-4c4c-4ea9-8f56-72b89083467a",
"page_number": 4,
"text": "Why is this Fund in this category?"
},
{
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"x": 47,
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},
"id": "7cdfc464-cfa0-4249-8b82-8005b1df0e5b",
"page_number": 4,
"text": "The Fund is in risk category 5 as its return has experienced very high rises and falls historically."
},
{
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"x": 47,
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},
"id": "d415e4ad-21a9-4f02-b9ff-1741a05baed0",
"page_number": 4,
"text": "The following are material risks relevant to the Fund which are not adequately captured by the risk category."
},
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"id": "8ff59d56-0d23-422f-9ec7-07eced89e867",
"page_number": 4,
"text": "Concentration Risk:"
},
{
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"x": 211,
"y": 520
},
"id": "6790bc97-2458-49a1-bbb3-fd914aa19a1c",
"page_number": 4,
"text": "When the Fund focuses its investments in a particular way, the issues affecting the investments will"
},
{
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},
"id": "8e64ec75-8730-4ded-a3f3-e7a57457e905",
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"text": "have a greater effect than if the Fund was more diversified. This concentration may also limit the Fund\u0027s liquidity."
},
{
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},
"id": "fbcfe7c9-5835-413b-8975-5e0133d8a74f",
"page_number": 4,
"text": "Counterparty Risk:"
},
{
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"width": 744,
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"y": 555
},
"id": "a3794654-023c-4959-9603-d789bd4da835",
"page_number": 4,
"text": "The Fund will be subject to credit risk with respect to the counterparties with which it enters into"
},
{
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"x": 47,
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},
"id": "3b4f36b4-3fc2-475a-a159-9a17d4a8fcbf",
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"text": "derivatives contracts and other transactions. There is a risk that these institutions may not be able to perform their obligations."
},
{
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"x": 47,
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"id": "81a131b6-1e0f-4119-b255-f3286cf81ad7",
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"text": "This could reduce the value of the Fund\u0027s investments. Index Tracking Risk: The Fund\u0027s performance may not exactly track"
},
{
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},
"id": "6704890d-216b-4eb3-bebf-50151c0e1a33",
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"text": "the Index. This can result from market fluctuations,changes in the composition of the Index, transaction costs, the costs of"
},
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"x": 48,
"y": 612
},
"id": "a0945362-f679-47be-94fc-b0e6511c1b1e",
"page_number": 4,
"text": "making changes to the Fund\u0027s portfolio and other Fund expenses."
},
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"id": "715aadb4-1695-43ca-be18-03f11a097145",
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"text": "Liquidity Risk:"
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"x": 167,
"y": 633
},
"id": "e316730f-af7c-4935-831c-9dac97e15fb5",
"page_number": 4,
"text": "It may be difficult for the Fund to buy or sell certain investments in difficult market conditions. Consequently"
},
{
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"x": 47,
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"id": "91099570-6762-4b9b-811a-b4e515642881",
"page_number": 4,
"text": "the price obtained when selling securities may be lower than under normal market conditions."
},
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"x": 48,
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"id": "739a4155-0e39-4107-8ea8-073c02dba074",
"page_number": 4,
"text": "People\u0027s Republic of China (PRC) and Greater China Investments Risk"
},
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"x": 610,
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"id": "9235ee0e-7b4b-48ee-95ee-5c8509ffd49a",
"page_number": 4,
"text": ": Risks of investing in PRC and Greater China"
},
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"id": "aeb3caf7-cbb1-42fb-b1b2-40c6973f9413",
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"text": "Investments include, among others, trading suspensions, currency transfer/exposure restrictions, limits on holdings of PRC"
},
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"id": "245b9d6f-2775-420b-8f52-4ea8f1efcea4",
"page_number": 4,
"text": "Investments and use of brokers, untested concepts regarding treatment of beneficial ownership, reliance on Access"
},
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"id": "3a3914da-16e1-4f86-b6e7-38a142f53b78",
"page_number": 4,
"text": "Programmes which may be discontinued or substantially changed, custody risks including lack of sufficient segregation of"
},
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"id": "634e50da-13ae-4ab5-9def-73ec87f9c4d1",
"page_number": 4,
"text": "assets from those of the RQFII licence holder and Sub-Custodian and tax uncertainty."
},
{
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"text": "Screening Risk"
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"id": "c787ffa0-6108-40a1-961d-5a92b7c42df4",
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"text": ": The Scheme may track an index that uses a screen to identify securities based on criteria including, but, not"
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"text": "limited to environmental, social and governance (ESG) criteria. The screen may be fully or partially designed by the Manager"
},
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"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"
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"id": "227e6e36-0e6d-433b-8d62-1e3ca5f55709",
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"text": "screen provider may amend or discontinue its screening services and/or that the Manager may change the screen or screen"
},
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"id": "c4dd8c41-39eb-4c6e-9a28-d05b1ca30d77",
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"text": "provider. In such circumstances, there is no guarantee that a replacement screen provided would result in a similar screening"
},
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"id": "f687f7ee-0f13-4142-b69e-824b01fbf76a",
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"text": "process or would be available."
},
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"text": "Derivatives Usage"
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"id": "3d160b7e-f53a-4272-9c80-2c57b624ddea",
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"text": "Derivatives are used in the Fund for efficient portfolio management purposes. The Fund invests in index futures to"
},
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"id": "effe88a5-42ab-4dac-a54f-ae0afdc72ce5",
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"text": "manage client inflows and outflows and to hedge accrued income. At all times the futures exposure is covered entirely by cash"
},
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"text": "or cash equivalents."
},
{
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"id": "66e0b108-99ab-4bdf-8354-734eb418ec0a",
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"text": "As at 30th June 2026, the Fund had a total notional exposure to futures of \u00a367,789,609.75 (0.81% of the Fund)."
},
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"id": "8b559225-d56a-4241-a05b-559c81f7086e",
"page_number": 4,
"text": "State Street AUT Emerging Market Tilted Index Equity Fund"
},
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"page_number": 4,
"text": "Interim Report and Unaudited Financial Statements 2026"
},
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"text": "Manager\u0027s Report (continued)"
},
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"id": "f3e8c4f1-0f11-423a-a86b-5e7c9fa10985",
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"text": "For the period ended 30th June 2026"
},
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"text": "2"
},
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"text": "Tracking Error"
},
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"id": "0806576e-7b26-45f2-9c79-c7eb6262dfd2",
"page_number": 5,
"text": "The Tracking Error measures the standard deviation of the relative returns. It is the annualised standard deviation of"
},
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"id": "51153cc2-6794-4a86-8595-a51a0b25e2ee",
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"text": "the returns of a fund minus those of its benchmark (relative returns) and not the standard deviation of each fund\u2019s unique"
},
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"id": "6abe3eff-0f7b-4f2b-95e7-52f8bc3e0cf1",
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"text": "returns. The lower the tracking error of a fund, the more the fund resembles its benchmark or the market regarding risk and"
},
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"id": "afa462d6-0e14-4c8d-9622-a4354e3110c9",
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"text": "return characteristics."
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"id": "96ecd941-6855-4da9-958d-0ef5c9c414bd",
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"text": "The size of the Fund\u2019s tracking error for the one year ended 30th June 2026 was 0.41% which was within the targeted"
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"id": "1d8aca44-2ef7-403e-92cf-9484eb40c12a",
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"text": "tolerance."
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},
"id": "29bc05a1-f3b3-489b-a012-abb24d362d08",
"page_number": 5,
"text": "State Street AUT Emerging Market Tilted Index Equity Fund"
},
{
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"x": 48,
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},
"id": "e5612569-5c3b-4d50-8cd1-839f50175ff3",
"page_number": 5,
"text": "Interim Report and Unaudited Financial Statements 2026"
},
{
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},
"id": "6c2ceb35-b43d-49fc-8d62-c67783265fc8",
"page_number": 5,
"text": "Manager\u0027s Report (continued)"
},
{
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"x": 48,
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},
"id": "88f00585-6f2f-4765-be73-95c651709ea3",
"page_number": 5,
"text": "For the period ended 30th June 2026"
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"x": 496,
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"id": "bef32009-eb1a-425e-b623-95ef5c7124bb",
"page_number": 5,
"text": "3"
},
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"x": 621,
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},
"id": "a6e06024-33b4-4aab-a460-75b3480f2c4e",
"page_number": 6,
"text": "Holdings"
},
{
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"width": 101,
"x": 724,
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},
"id": "3284c6e1-1064-455f-91e5-7077785a9881",
"page_number": 6,
"text": "Market Value"
},
{
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"width": 40,
"x": 785,
"y": 173
},
"id": "10de52fc-6eda-4e53-b385-8c418286222b",
"page_number": 6,
"text": "\u00a3\u0027000"
},
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"width": 77,
"x": 873,
"y": 159
},
"id": "960865c2-26b1-4ca0-9217-27349d593a3b",
"page_number": 6,
"text": "% of Total"
},
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"box": {
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"width": 84,
"x": 867,
"y": 174
},
"id": "10e36701-5f6b-4dcf-b0fa-e8aeece108da",
"page_number": 6,
"text": "Net Assets"
},
{
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"width": 291,
"x": 48,
"y": 208
},
"id": "717a6e4a-00ea-434f-abf1-1445e3873174",
"page_number": 6,
"text": "Belgium \u2014 0.11% (31.12.25 \u2014 0.13%)"
},
{
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"width": 904,
"x": 47,
"y": 228
},
"id": "364081e1-b0f3-4691-825e-e6260f5e4ce3",
"page_number": 6,
"text": "Cenergy Holdings SA 230,601 4,567 0.05"
},
{
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"box": {
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"width": 904,
"x": 47,
"y": 247
},
"id": "176bd9cf-5af1-49fe-80a9-fbc764d77b27",
"page_number": 6,
"text": "Titan SA 108,801 4,864 0.06"
},
{
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"box": {
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"width": 165,
"x": 784,
"y": 275
},
"id": "a04b6a31-378b-4f30-8bd9-eebf92daa65b",
"page_number": 6,
"text": "9,431 0.11"
},
{
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"width": 271,
"x": 48,
"y": 323
},
"id": "c48be2e7-3462-454e-825b-29f34c17e77c",
"page_number": 6,
"text": "Brazil \u2014 3.96% (31.12.25 \u2014 4.41%)"
},
{
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"box": {
"height": 10,
"width": 902,
"x": 46,
"y": 343
},
"id": "8015bc18-550a-4a42-b310-0e642457b2e6",
"page_number": 6,
"text": "Ambev SA 400,700 950 0.01"
},
{
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"box": {
"height": 11,
"width": 905,
"x": 46,
"y": 363
},
"id": "c624afc4-8fcc-4257-98b9-3287eff132c7",
"page_number": 6,
"text": "Axia Energia SA 1,811,890 14,335 0.17"
},
{
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"box": {
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"width": 903,
"x": 48,
"y": 382
},
"id": "d79c6693-bf0d-4239-9823-78d925415e01",
"page_number": 6,
"text": "B3 SA - Brasil Bolsa Balcao 7,758,200 16,409 0.19"
},
{
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"box": {
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"width": 903,
"x": 48,
"y": 402
},
"id": "f55915e5-c53d-425c-a933-6205a9e894cf",
"page_number": 6,
"text": "Banco Bradesco SA 2,870,315 6,587 0.08"
},
{
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"box": {
"height": 10,
"width": 902,
"x": 48,
"y": 422
},
"id": "c37b2046-8f5c-4fea-aaad-74a605d020cf",
"page_number": 6,
"text": "Banco Bradesco SA Preference Shares 6,892,020 18,139 0.22"
},
{
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"box": {
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"width": 903,
"x": 48,
"y": 441
},
"id": "142e07c3-e8a6-4fe6-8105-4d02cf1140f4",
"page_number": 6,
"text": "Banco do Brasil SA 3,989,900 11,566 0.14"
},
{
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"box": {
"height": 10,
"width": 903,
"x": 48,
"y": 461
},
"id": "17931a1c-b2c7-46d0-82cf-b8941c7d266c",
"page_number": 6,
"text": "Banco Santander Brasil SA 1,451,000 5,654 0.07"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 900,
"x": 48,
"y": 481
},
"id": "25ece998-1342-4ea8-858a-771eefc00b0f",
"page_number": 6,
"text": "BB Seguridade Participacoes SA 1,555,900 8,867 0.11"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 904,
"x": 47,
"y": 500
},
"id": "e3a469e0-e02f-4c06-a89e-9e2017f83447",
"page_number": 6,
"text": "Caixa Seguridade Participacoes SA 2,385,600 6,851 0.08"
},
{
"block_type": "box",
...