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Report.","page_number":2,"box":{"x":47,"y":500,"width":365,"height":11}},{"id":"901a7b61-6e53-4be7-a3c9-e703c113df74","block_type":"box","text":"State Street AUT UK Screened Index Equity Fund","page_number":2,"box":{"x":47,"y":44,"width":467,"height":13}},{"id":"339bff32-23e8-4aac-988c-3d9858ec337a","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":2,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"37b88570-d631-4e5a-a575-3bf71d5e3512","block_type":"box","text":"Authorised Status","page_number":3,"box":{"x":46,"y":175,"width":144,"height":8}},{"id":"7f424de6-2fbc-4286-bbdb-c187549a45b7","block_type":"box","text":"The State Street AUT UK Screened Index Equity Fund (the “Fund”) is an Authorised Unit Trust Scheme as defined in section","page_number":3,"box":{"x":47,"y":194,"width":903,"height":11}},{"id":"fcdc1939-2388-4626-9c20-94e611db8185","block_type":"box","text":"243 of the Financial Services and Markets Act 2000 and it is a UCITS Retail Scheme within the meaning of the FCA Collective","page_number":3,"box":{"x":47,"y":208,"width":904,"height":11}},{"id":"bf09680a-2115-44f7-b11c-68b4aebf4cd2","block_type":"box","text":"Investment Schemes sourcebook. The unitholders are not liable for the debts of the Fund.","page_number":3,"box":{"x":48,"y":222,"width":662,"height":9}},{"id":"b6502274-b4ab-4e0a-9f49-a7f19cc512ce","block_type":"box","text":"Investment Objective and Policy","page_number":3,"box":{"x":48,"y":258,"width":255,"height":11}},{"id":"577ff8ff-a762-4b71-a5ea-e360744eadca","block_type":"box","text":"The objective of the Fund is to replicate, as closely as possible and on a “gross of fees” basis, the return of the United Kingdom","page_number":3,"box":{"x":47,"y":277,"width":904,"height":11}},{"id":"75ae6685-a1de-4cc7-ad6b-22d68fe76277","block_type":"box","text":"equity market as represented by the FTSE All-Share ex Controversies ex CW ex Tobacco ex Thermal Coal (10%) Index, net","page_number":3,"box":{"x":47,"y":291,"width":904,"height":11}},{"id":"775ead08-b63e-4700-b6c4-7634807bcfeb","block_type":"box","text":"of withholding taxes (or its recognised replacement or equivalent).","page_number":3,"box":{"x":47,"y":305,"width":486,"height":11}},{"id":"3a7b0f21-8c5f-4991-aef8-c99fca0341c8","block_type":"box","text":"The Fund is passively managed, meaning that the objective of the Fund is to achieve an investment return that is as close as","page_number":3,"box":{"x":47,"y":326,"width":904,"height":11}},{"id":"876390e0-f43c-4359-8623-9c7e732d28e4","block_type":"box","text":"possible, and on a “gross of fees” basis, to the return of the Index applicable to the Fund. The Investment Adviser seeks to","page_number":3,"box":{"x":48,"y":341,"width":903,"height":11}},{"id":"06b597d6-6f0e-41cf-b9c6-0d01b7de92c9","block_type":"box","text":"achieve the objective by using a replication strategy. This strategy seeks to hold all of the securities of the particular Index, with","page_number":3,"box":{"x":47,"y":355,"width":903,"height":11}},{"id":"221382d5-60cb-423c-9233-57e3179285e6","block_type":"box","text":"the approximate weightings as in that Index. The Fund may also invest in transferable securities, money market instruments,","page_number":3,"box":{"x":47,"y":369,"width":903,"height":11}},{"id":"2c7ce6c7-2f4a-404e-af8f-f2945f3489a3","block_type":"box","text":"warrants, units in collective investment schemes, deposits and derivatives.","page_number":3,"box":{"x":46,"y":383,"width":550,"height":11}},{"id":"09dcaf14-c9f4-43f6-9319-7fad031c38af","block_type":"box","text":"The Fund may invest in collective investment schemes managed or operated by companies in the same group as the","page_number":3,"box":{"x":47,"y":405,"width":904,"height":11}},{"id":"aee59a22-2eeb-42e4-99d8-b29dba25bbc4","block_type":"box","text":"Manager or the Investment Adviser. The Fund will seek to track the performance of the Index whilst seeking to minimise as","page_number":3,"box":{"x":48,"y":419,"width":903,"height":11}},{"id":"1c468b72-4ca3-429a-b37e-ffd902e03c58","block_type":"box","text":"far as possible the tracking error between the Fund’s performance and that of the Index.","page_number":3,"box":{"x":47,"y":433,"width":649,"height":11}},{"id":"adfeb269-cadc-49d9-88e4-cc725e3ed1f9","block_type":"box","text":"The Index includes negative screens that exclude securities from the Index based on four criteria:","page_number":3,"box":{"x":47,"y":454,"width":719,"height":12}},{"id":"eb7ef7c1-c25d-4d95-a49a-fa9e5aa77a01","block_type":"box","text":"1. Controversial weapons (including chemical & biological weapons, cluster munitions, antipersonnel landmines),","page_number":3,"box":{"x":48,"y":476,"width":831,"height":11}},{"id":"5811ca92-c89d-4d04-859a-7d44dd74e8af","block_type":"box","text":"2. Controversies as defined by the ten principles of the UN Global Compact:","page_number":3,"box":{"x":47,"y":497,"width":560,"height":11}},{"id":"a6fe36b1-d0bd-4705-88fb-3105e563674c","block_type":"box","text":"Human Rights","page_number":3,"box":{"x":47,"y":519,"width":106,"height":10}},{"id":"6e6f2512-f848-4635-a439-4ede0052a246","block_type":"box","text":"a) Principle 1: Businesses should support and respect the protection of internationally proclaimed human rights; and","page_number":3,"box":{"x":47,"y":540,"width":858,"height":11}},{"id":"40eee4ff-072c-4fd2-9236-6cd4b9e5153d","block_type":"box","text":"b) Principle 2: make sure that they are not complicit in human rights abuses.","page_number":3,"box":{"x":47,"y":561,"width":561,"height":11}},{"id":"40a11f2d-1f23-43ce-a930-f0bbeef8458d","block_type":"box","text":"Labour","page_number":3,"box":{"x":47,"y":583,"width":53,"height":8}},{"id":"464d6d54-0e9f-44a8-b549-05c636b12086","block_type":"box","text":"c) Principle 3: Businesses should uphold the freedom of association and the effective recognition of the right to collective","page_number":3,"box":{"x":47,"y":604,"width":904,"height":11}},{"id":"0489e4bf-4514-4d0c-88d9-689ca659b040","block_type":"box","text":"bargaining;","page_number":3,"box":{"x":47,"y":618,"width":82,"height":11}},{"id":"21fe4d01-6f3d-4f4b-8ddc-11bd8188c503","block_type":"box","text":"d) Principle 4: the elimination of all forms of forced and compulsory labour;","page_number":3,"box":{"x":47,"y":639,"width":550,"height":11}},{"id":"42e8a51a-5779-4446-b73d-b09ef2859518","block_type":"box","text":"e) Principle 5: the effective abolition of child labour; and","page_number":3,"box":{"x":47,"y":661,"width":411,"height":11}},{"id":"51a76acd-b9f1-4698-9a96-dcf7946d0367","block_type":"box","text":"f) Principle 6: the elimination of discrimination in respect of employment and occupation.","page_number":3,"box":{"x":47,"y":682,"width":649,"height":11}},{"id":"afb88855-8e2c-4bbf-a151-228dbe61f60d","block_type":"box","text":"Environment","page_number":3,"box":{"x":47,"y":703,"width":94,"height":9}},{"id":"68730f8d-4a44-4065-bc7f-b3d6b9e16c6f","block_type":"box","text":"g) Principle 7: Businesses should support a precautionary approach to environmental challenges;","page_number":3,"box":{"x":47,"y":725,"width":719,"height":11}},{"id":"b499a33a-2ea8-422a-af40-81ab5e711d8d","block_type":"box","text":"h) Principle 8: undertake initiatives to promote greater environmental responsibility; and","page_number":3,"box":{"x":47,"y":746,"width":646,"height":11}},{"id":"a0d84095-aae0-4b69-9474-d7a02675c89f","block_type":"box","text":"i) Principle 9: encourage the development and diffusion of environmentally friendly technologies.","page_number":3,"box":{"x":47,"y":767,"width":709,"height":11}},{"id":"7550ccb3-2ed4-47c6-8e5e-95d3bc2e6deb","block_type":"box","text":"AntiCorruption","page_number":3,"box":{"x":46,"y":789,"width":107,"height":11}},{"id":"e1dc1d79-0341-4f9a-8567-765d51ad8c74","block_type":"box","text":"j) Principle 10: Businesses should work against corruption in all its forms, including extortion and bribery.","page_number":3,"box":{"x":44,"y":810,"width":772,"height":11}},{"id":"e4839de3-36cc-4780-a17c-4fe959978577","block_type":"box","text":"3. Tobacco (companies engaged in the production of tobacco and/or tobacco products)","page_number":3,"box":{"x":47,"y":831,"width":641,"height":11}},{"id":"81f38228-507d-404c-9e92-087063ca38d3","block_type":"box","text":"4. Thermal Coal (companies with revenues greater than or equal to 10% from extraction or power generation of","page_number":3,"box":{"x":47,"y":853,"width":823,"height":11}},{"id":"a2cffa6b-e133-4d24-a6e0-8185f96c15ba","block_type":"box","text":"thermal coal)","page_number":3,"box":{"x":47,"y":867,"width":96,"height":11}},{"id":"711af904-6678-4881-a116-489bbad66ffc","block_type":"box","text":"These negative screens will therefore apply when the Fund invest in shares of companies included in the Index (but not in","page_number":3,"box":{"x":47,"y":888,"width":903,"height":11}},{"id":"1b3d2544-29fb-4e1a-adf8-78c8e6ba77a1","block_type":"box","text":"respect of other investments held by the Fund from time to time).","page_number":3,"box":{"x":48,"y":903,"width":477,"height":11}},{"id":"6a37d898-fb74-4fc0-88e4-8e3f961366a7","block_type":"box","text":"State Street AUT UK Screened Index Equity Fund","page_number":3,"box":{"x":47,"y":44,"width":467,"height":13}},{"id":"3bca5343-0112-4ab1-806c-9957c6978238","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":3,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"1de974c2-30b4-4bd1-a7e6-22f25bbe2a2e","block_type":"box","text":"Manager’s Report","page_number":3,"box":{"x":48,"y":123,"width":168,"height":13}},{"id":"7e462f9d-b69c-4668-b615-d48b86fbdc21","block_type":"box","text":"For the year ended 31st December 2025","page_number":3,"box":{"x":48,"y":147,"width":300,"height":11}},{"id":"d5ae62d4-e007-443e-8fdd-2907011e4777","block_type":"box","text":"1","page_number":3,"box":{"x":497,"y":956,"width":3,"height":7}},{"id":"7404f476-cc5c-4129-8abd-037a0b8f2b24","block_type":"box","text":"The Index contains investment trusts (ICB subsector 8985) whose holdings are not screened for the excluded activities","page_number":4,"box":{"x":47,"y":175,"width":904,"height":11}},{"id":"8d66aa0a-8bc2-49b0-8a6d-79ef115ed28f","block_type":"box","text":"contained in the name of the Index.","page_number":4,"box":{"x":47,"y":189,"width":260,"height":9}},{"id":"f42e6b2c-9486-46cd-a009-f92763d22faf","block_type":"box","text":"Performance","page_number":4,"box":{"x":48,"y":224,"width":100,"height":9}},{"id":"6a3c7550-d7fe-4f92-9a27-f9b1f01944b9","block_type":"box","text":"The Fund returned 20.85% on a net basis for the 1 year period ended 31 December 2025 (the “Reporting Period”), compared","page_number":4,"box":{"x":47,"y":243,"width":903,"height":11}},{"id":"e31cb209-553d-456c-ba16-a123e4b2857c","block_type":"box","text":"to the Index return of 20.98%. The size of the Fund’s tracking difference for the Reporting Period was -0.13%; the","page_number":4,"box":{"x":47,"y":258,"width":904,"height":11}},{"id":"524f25b6-ac1e-4fff-8477-8e62f1a372a1","block_type":"box","text":"underperformance versus the Index was largely attributable to withholding tax. The Fund realised an ex-post 1-year tracking","page_number":4,"box":{"x":47,"y":272,"width":903,"height":11}},{"id":"f3d7ca30-dbac-404b-9d06-de500d3ce900","block_type":"box","text":"error of 0.06% against the benchmark index.","page_number":4,"box":{"x":47,"y":286,"width":328,"height":11}},{"id":"ed0fc30f-a77d-46ec-a3eb-b06c56b5f915","block_type":"box","text":"Note: Performance returns presented above are in GBP.","page_number":4,"box":{"x":47,"y":312,"width":372,"height":10}},{"id":"75a25b22-aee0-4b27-a371-4b4498a1e1b0","block_type":"box","text":"Risk and Reward Profile","page_number":4,"box":{"x":48,"y":347,"width":190,"height":8}},{"id":"93bffbda-f172-4c3a-b6a0-739e5ed65b8d","block_type":"box","text":"During the year, the Fund has changed the risk level category from 6 to 5.","page_number":4,"box":{"x":48,"y":484,"width":543,"height":11}},{"id":"8dc9fd46-1625-45e8-8f26-23fa08de72f6","block_type":"box","text":"Risk Disclaimer","page_number":4,"box":{"x":48,"y":513,"width":123,"height":8}},{"id":"73d7e7ef-e948-4df6-88e6-1b681dd8bc41","block_type":"box","text":"The risk category above is not a measure of capital loss or gains but of how significant the rises and falls in the Fund’s return","page_number":4,"box":{"x":47,"y":530,"width":903,"height":11}},{"id":"fb11deba-2d56-4894-b0ee-2cc29e457e85","block_type":"box","text":"have been historically.","page_number":4,"box":{"x":48,"y":545,"width":161,"height":11}},{"id":"9064aa64-e71b-4b67-b21d-2507b415af83","block_type":"box","text":"For example a fund whose return has experienced significant rises and falls will be in a higher risk category, whereas a fund","page_number":4,"box":{"x":48,"y":566,"width":902,"height":11}},{"id":"f95429e9-cdea-4c2b-9a6b-d5e141ba683e","block_type":"box","text":"whose return has experienced less significant rises and falls will be in a lower risk category.","page_number":4,"box":{"x":46,"y":580,"width":675,"height":11}},{"id":"82da145a-61e6-4d61-ab48-0e684301b99f","block_type":"box","text":"The lowest category (i.e. category 1) does not mean that a fund is a risk free investment.","page_number":4,"box":{"x":47,"y":601,"width":654,"height":12}},{"id":"8356f78e-5e99-4284-b7db-dd1aba8bcb45","block_type":"box","text":"As the Fund’s risk category has been calculated using historical data, it may not be a reliable indication of the Fund’s future","page_number":4,"box":{"x":46,"y":623,"width":905,"height":11}},{"id":"8bcd7708-c714-41d8-8fc7-7af4019d52f1","block_type":"box","text":"risk profile.","page_number":4,"box":{"x":48,"y":637,"width":78,"height":11}},{"id":"8ca57f93-d62a-4437-9c69-7c5ef2699d81","block_type":"box","text":"The Fund’s risk category shown is not guaranteed and may change in the future.","page_number":4,"box":{"x":47,"y":658,"width":595,"height":11}},{"id":"99fb1057-6626-471c-9158-0c19854b396b","block_type":"box","text":"Why is this Fund in this category?","page_number":4,"box":{"x":46,"y":687,"width":272,"height":11}},{"id":"eac9b1c7-4731-425c-8fd8-d14ce7506d16","block_type":"box","text":"The Fund is in risk category 5 as its return has experienced medium rises and falls historically.","page_number":4,"box":{"x":47,"y":705,"width":695,"height":11}},{"id":"0055d114-3c2f-4ed0-b4c2-99d91655efd4","block_type":"box","text":"The following are material risks relevant to the Fund which are not adequately captured by the risk category.","page_number":4,"box":{"x":47,"y":726,"width":797,"height":11}},{"id":"625464e1-6a66-4414-a8d6-c9704fdaceb7","block_type":"box","text":"Concentration Risk:","page_number":4,"box":{"x":47,"y":747,"width":157,"height":9}},{"id":"d8f8a290-d5a3-490b-8e2c-060226aad893","block_type":"box","text":"When the Fund focuses its investments in a particular way, the issues affecting the investments will","page_number":4,"box":{"x":211,"y":747,"width":739,"height":11}},{"id":"b0663a19-5d68-4c9d-b2bf-4944440efb74","block_type":"box","text":"have a greater effect than if the Fund was more diversified. 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is","page_number":29,"box":{"x":47,"y":194,"width":904,"height":11}},{"id":"53d56212-4e77-46e2-8372-a01b9e0d9b6e","block_type":"box","text":"managed in accordance with the Financial Conduct Authority’s Collective Investment Schemes Sourcebook, the Financial","page_number":29,"box":{"x":48,"y":208,"width":902,"height":11}},{"id":"b3daa64b-2cb0-432a-a285-071fe90c056f","block_type":"box","text":"Services and Markets Act 2000, as amended, (together “the Regulations”), the Trust Deed and Prospectus (together “the","page_number":29,"box":{"x":47,"y":222,"width":904,"height":11}},{"id":"7f02e7d1-305e-4eb7-bf6e-c391ed2abe1e","block_type":"box","text":"Scheme documents”) as detailed below.","page_number":29,"box":{"x":47,"y":236,"width":295,"height":11}},{"id":"edb6bfa4-c7f7-41ab-b383-670b632f8e92","block_type":"box","text":"The Depositary must in the context of its role act honestly, fairly, professionally, independently and in the interests of the Trust","page_number":29,"box":{"x":47,"y":258,"width":904,"height":11}},{"id":"9b8c5972-9b36-475c-b2e9-708df6786cdf","block_type":"box","text":"and its investors.","page_number":29,"box":{"x":47,"y":272,"width":124,"height":9}},{"id":"7fd09971-3915-49a9-ac23-6bb5ff7103ef","block_type":"box","text":"The Depositary is responsible for the safekeeping of all custodial assets and maintaining a record of all other assets of the","page_number":29,"box":{"x":47,"y":293,"width":904,"height":11}},{"id":"6dc25aca-201e-4a44-adb3-bcf864d7bf55","block_type":"box","text":"Trust in accordance with the Regulations.","page_number":29,"box":{"x":47,"y":308,"width":305,"height":11}},{"id":"16e54e87-4be5-401c-8e61-d4c3c73d7b36","block_type":"box","text":"The Depositary must ensure 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Trust,","page_number":29,"box":{"x":48,"y":556,"width":902,"height":11}},{"id":"4c5ef698-cbb4-4ed7-83ab-f4f5af7164c1","block_type":"box","text":"it is our opinion, based on the information available to us and the explanations provided, that, in all material respects the Trust,","page_number":29,"box":{"x":48,"y":571,"width":902,"height":11}},{"id":"669c7504-64c2-4428-86e1-13d08d8eaef6","block_type":"box","text":"acting through the AFM:","page_number":29,"box":{"x":47,"y":585,"width":176,"height":11}},{"id":"079aabee-abdf-4f71-90a8-3a30f6e2757c","block_type":"box","text":"(i) has carried out the issue, sale, redemption and cancellation, and calculation of the price of the Trust’s units and the","page_number":29,"box":{"x":47,"y":606,"width":904,"height":11}},{"id":"4311fe63-9f9a-4afb-80ab-82cc46f653b3","block_type":"box","text":"application of the Trust’s income in accordance with the Regulations and the Scheme documents of the Trust; and","page_number":29,"box":{"x":47,"y":620,"width":841,"height":11}},{"id":"d38a9acb-bdb3-4d1d-b996-ba07f6467afe","block_type":"box","text":"(ii) has observed the investment and borrowing powers and restrictions applicable to the Trust in accordance with the","page_number":29,"box":{"x":47,"y":642,"width":904,"height":11}},{"id":"746eaa54-184b-4e91-b38d-50e5a6846f24","block_type":"box","text":"Regulations and the Scheme documents of the Trust.","page_number":29,"box":{"x":48,"y":656,"width":392,"height":11}},{"id":"35a4e015-3d59-4ad6-8de5-979974b824ba","block_type":"box","text":"This report is given on the basis that no breaches are subsequently advised to us before the distribution date. We therefore","page_number":29,"box":{"x":47,"y":677,"width":904,"height":11}},{"id":"c88f61c5-3e94-4997-aa2c-14b1286c57e5","block_type":"box","text":"reserve the right to amend the report in the light of such circumstances.","page_number":29,"box":{"x":48,"y":691,"width":525,"height":12}},{"id":"6301c6af-8c36-437e-8695-4e85f6e37cd7","block_type":"box","text":"Yours sincerely","page_number":29,"box":{"x":46,"y":756,"width":113,"height":11}},{"id":"e609cbb7-5cb5-48f6-abc0-2d22871e2b89","block_type":"box","text":"Depositary","page_number":29,"box":{"x":48,"y":841,"width":78,"height":11}},{"id":"271798ef-2207-43c6-bb61-14710dfb6898","block_type":"box","text":"HSBC Bank Plc","page_number":29,"box":{"x":48,"y":855,"width":116,"height":9}},{"id":"bb6c8ddc-07ba-4020-9074-c37efc1a3f43","block_type":"box","text":"8 Canada Square","page_number":29,"box":{"x":47,"y":869,"width":130,"height":11}},{"id":"466343ab-20d6-49b3-9248-9c87609d9ead","block_type":"box","text":"London E14 5HQ","page_number":29,"box":{"x":48,"y":883,"width":127,"height":10}},{"id":"1e95178f-bb14-4889-9869-709e50c25ba0","block_type":"box","text":"22 April 2026","page_number":29,"box":{"x":47,"y":926,"width":96,"height":11}},{"id":"0693ef5f-8989-4af1-98c8-92cf6b7930c4","block_type":"box","text":"State Street AUT UK Screened Index Equity Fund","page_number":29,"box":{"x":47,"y":44,"width":467,"height":13}},{"id":"c55af1d0-4a6c-48f9-a076-ef2252ac0df9","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":29,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"a4f15cb4-6353-4053-81f2-5f56ae5ff7a0","block_type":"box","text":"Statement of the Depositary's Responsibilities","page_number":29,"box":{"x":47,"y":123,"width":441,"height":13}},{"id":"876f93c1-0777-4f5f-85a3-760bba964860","block_type":"box","text":"For the year ended 31st December 2025","page_number":29,"box":{"x":48,"y":147,"width":300,"height":11}},{"id":"b6cb9385-91a0-478d-b908-1880a0d2d8aa","block_type":"box","text":"27","page_number":29,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"d50b3d6c-464a-468c-bd3c-427e7d017f0b","block_type":"box","text":"Report on the audit of the financial statements","page_number":30,"box":{"x":48,"y":187,"width":441,"height":13}},{"id":"35849131-372c-4af1-96cf-2c19bea0b1f6","block_type":"box","text":"Opinion","page_number":30,"box":{"x":47,"y":221,"width":62,"height":11}},{"id":"1a0f385a-74fe-4b1a-b497-fa46e5a9851b","block_type":"box","text":"In our opinion, the financial statements of State Street AUT UK Screened Index Equity Fund (the “Trust”):","page_number":30,"box":{"x":48,"y":240,"width":774,"height":11}},{"id":"e7d31243-485f-4309-9d2d-e7a2f80d9025","block_type":"box","text":"•","page_number":30,"box":{"x":47,"y":264,"width":4,"height":3}},{"id":"366e0d1d-5f63-4564-a925-8c2e2389f421","block_type":"box","text":"give a true and fair view of the financial position of the Trust as at 31 December 2025 and of the net revenue and the net","page_number":30,"box":{"x":78,"y":261,"width":874,"height":11}},{"id":"28d57bcb-4a43-4bd3-bf70-9c751bb3518f","block_type":"box","text":"capital gains on the scheme property for the year then ended; and","page_number":30,"box":{"x":78,"y":275,"width":487,"height":11}},{"id":"564b841d-cae4-444c-886e-3ab639cbd87b","block_type":"box","text":"•","page_number":30,"box":{"x":47,"y":299,"width":4,"height":3}},{"id":"762f40f7-3502-4510-b829-66069504a0de","block_type":"box","text":"have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United","page_number":30,"box":{"x":78,"y":296,"width":872,"height":11}},{"id":"942ba2c0-1bfc-4233-bdbf-7ba29ce0ff78","block_type":"box","text":"Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and","page_number":30,"box":{"x":78,"y":310,"width":872,"height":11}},{"id":"63689292-0a02-4022-a860-e14cb03580fe","block_type":"box","text":"Republic of Ireland”, and applicable law), the Statement of Recommended Practice for UK Authorised Funds, the","page_number":30,"box":{"x":78,"y":325,"width":873,"height":11}},{"id":"adc8e387-1a45-4b0c-9803-36183c19980e","block_type":"box","text":"Collective Investment Schemes sourcebook (\"the sourcebook\") and the Trust Deed.","page_number":30,"box":{"x":78,"y":339,"width":617,"height":11}},{"id":"038aa762-7736-4b7a-9961-6d07c080d8e3","block_type":"box","text":"We have audited the financial statements, included within the Report and Financial Statements (the “Annual Report”), which","page_number":30,"box":{"x":47,"y":360,"width":903,"height":11}},{"id":"0807b13f-44dc-4856-b7ce-3ac6521f85a5","block_type":"box","text":"comprise:","page_number":30,"box":{"x":47,"y":374,"width":71,"height":11}},{"id":"ebd6e8b1-c21c-404a-9546-2a926201ed9f","block_type":"box","text":"•","page_number":30,"box":{"x":47,"y":398,"width":4,"height":3}},{"id":"c217abd2-3359-4d0d-be39-d383a8a20151","block_type":"box","text":"the Balance Sheet as at 31 December 2025;","page_number":30,"box":{"x":77,"y":394,"width":333,"height":11}},{"id":"244e01cc-5590-44f0-ab2e-15a072645229","block_type":"box","text":"•","page_number":30,"box":{"x":47,"y":419,"width":4,"height":3}},{"id":"6564d13f-233e-4b0b-b194-69ae7a600e94","block_type":"box","text":"the Statement of Total Return for the year then ended;","page_number":30,"box":{"x":77,"y":416,"width":399,"height":11}},{"id":"4551ae15-12d0-4eaf-ab0f-5539a714196b","block_type":"box","text":"•","page_number":30,"box":{"x":47,"y":440,"width":4,"height":3}},{"id":"d1ce1d55-350e-4693-856c-afb1520a878b","block_type":"box","text":"the Statement of Change in Net Assets Attributable to Unitholders for the year then ended;","page_number":30,"box":{"x":77,"y":437,"width":666,"height":11}},{"id":"af39c2c8-2b78-4312-896b-ae45eab73bad","block_type":"box","text":"•","page_number":30,"box":{"x":47,"y":462,"width":4,"height":3}},{"id":"674b8355-1f74-40a4-a048-3d1176f878f0","block_type":"box","text":"the Distribution Tables; and","page_number":30,"box":{"x":77,"y":459,"width":201,"height":10}},{"id":"07f317e8-7de8-40d0-bbe9-0eb6c61238c8","block_type":"box","text":"•","page_number":30,"box":{"x":47,"y":483,"width":4,"height":3}},{"id":"e78af303-8eaa-4259-a8b5-b4b662fd6511","block_type":"box","text":"the Notes to the Financial Statements, which include a description of the significant accounting policies.","page_number":30,"box":{"x":77,"y":480,"width":764,"height":11}},{"id":"250be580-06bd-4846-b96c-2735c6daee5f","block_type":"box","text":"Basis for opinion","page_number":30,"box":{"x":48,"y":512,"width":134,"height":11}},{"id":"089a0e1f-a355-442a-a9a8-a9e52218e7d3","block_type":"box","text":"We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our","page_number":30,"box":{"x":47,"y":531,"width":905,"height":11}},{"id":"f8e4d1c8-07f2-4cf5-b5da-b7041a50e9ea","block_type":"box","text":"responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements","page_number":30,"box":{"x":48,"y":544,"width":903,"height":12}},{"id":"16e30931-707b-4201-b50e-031ff07a59da","block_type":"box","text":"section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for","page_number":30,"box":{"x":47,"y":558,"width":905,"height":11}},{"id":"ab8250eb-a454-4c55-aaf5-88d1448e8ea5","block_type":"box","text":"our opinion.","page_number":30,"box":{"x":47,"y":572,"width":86,"height":11}},{"id":"85f984af-42b7-453b-a19e-afcd2da8c84d","block_type":"box","text":"Independence","page_number":30,"box":{"x":47,"y":593,"width":105,"height":10}},{"id":"5bcf5c56-fdec-428b-8410-893d22e4c0eb","block_type":"box","text":"We remained independent of the Trust in accordance with the ethical requirements that are relevant to our audit of the","page_number":30,"box":{"x":47,"y":613,"width":904,"height":11}},{"id":"6491c810-1737-4922-8101-ab9dd257d6cc","block_type":"box","text":"financial statements in the UK, which includes the FRC’s Ethical Standard, and we have fulfilled our other ethical","page_number":30,"box":{"x":47,"y":627,"width":903,"height":10}},{"id":"fc1ec7bc-60a7-4c02-8a15-ce7f059b3cf1","block_type":"box","text":"responsibilities in accordance with these requirements.","page_number":30,"box":{"x":48,"y":641,"width":403,"height":10}},{"id":"5be0d220-52a0-48bc-a36c-1ab014a29118","block_type":"box","text":"Conclusions relating to going concern","page_number":30,"box":{"x":47,"y":672,"width":305,"height":11}},{"id":"862eeabc-6e84-4737-bdc6-a7b0523a4683","block_type":"box","text":"Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that,","page_number":30,"box":{"x":48,"y":691,"width":902,"height":11}},{"id":"b06b47ee-5b3a-4926-9b0e-102e6b404ceb","block_type":"box","text":"individually or collectively, may cast significant doubt on the Trust’s ability to continue as a going concern for a period of at least","page_number":30,"box":{"x":48,"y":705,"width":903,"height":11}},{"id":"d778fc5d-e9ff-4128-943c-f7a71db3012c","block_type":"box","text":"twelve months from the date on which the financial statements are authorised for issue.","page_number":30,"box":{"x":47,"y":718,"width":644,"height":9}},{"id":"b5c931ee-881c-49e5-9e2f-5a66873c6f42","block_type":"box","text":"In auditing the financial statements, we have concluded that the Manager’s use of the going concern basis of accounting in","page_number":30,"box":{"x":48,"y":739,"width":902,"height":11}},{"id":"73c819e7-c2e1-4e43-a342-00aae4e7fcfe","block_type":"box","text":"the preparation of the financial statements is appropriate.","page_number":30,"box":{"x":47,"y":753,"width":421,"height":11}},{"id":"d8dfdbc0-bbef-4599-b017-ae437c13df13","block_type":"box","text":"However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the Trust’s","page_number":30,"box":{"x":48,"y":773,"width":903,"height":11}},{"id":"d6611459-34a0-44f0-a2a8-ba52b2d3a512","block_type":"box","text":"ability to continue as a going concern.","page_number":30,"box":{"x":47,"y":787,"width":278,"height":11}},{"id":"c9168d41-02fb-4689-8da4-f2aaa108d675","block_type":"box","text":"Our responsibilities and the responsibilities of the Manager with respect to going concern are described in the relevant","page_number":30,"box":{"x":47,"y":808,"width":904,"height":11}},{"id":"bc0a1c08-9aa2-4fa8-8058-88c360bd0f22","block_type":"box","text":"sections of this report.","page_number":30,"box":{"x":47,"y":821,"width":162,"height":11}},{"id":"0b270c7e-e4b9-4f4b-a2d7-3649dc40114c","block_type":"box","text":"Reporting on other information","page_number":30,"box":{"x":48,"y":859,"width":245,"height":11}},{"id":"a41eb76a-85ca-4e6d-bfd9-0d45324e27ac","block_type":"box","text":"The other information comprises all of the information in the Annual Report other than the financial statements and our","page_number":30,"box":{"x":47,"y":880,"width":905,"height":11}},{"id":"a2d9d5cd-e736-4d3f-8d2d-65fd714230e4","block_type":"box","text":"auditors’ report thereon. The Manager is responsible for the other information. Our opinion on the financial statements does","page_number":30,"box":{"x":47,"y":894,"width":904,"height":11}},{"id":"e45394be-ed6f-464b-9577-e8d220c5ce43","block_type":"box","text":"not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise","page_number":30,"box":{"x":48,"y":907,"width":903,"height":11}},{"id":"270581c7-52a9-4f50-9526-39ed394740f4","block_type":"box","text":"explicitly stated in this report, any form of assurance thereon.","page_number":30,"box":{"x":47,"y":921,"width":450,"height":11}},{"id":"9851a93a-f603-4935-a1ef-4a825c452c3c","block_type":"box","text":"State Street AUT UK Screened Index Equity Fund","page_number":30,"box":{"x":47,"y":44,"width":467,"height":13}},{"id":"ace92d0f-d041-47af-b7a7-6bc28e2de48d","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":30,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"f69cdd7a-7658-4793-9dcb-1d01067d03b0","block_type":"box","text":"Independent auditors’ report to the Unitholders of State Street AUT UK Screened Index Equity","page_number":30,"box":{"x":48,"y":123,"width":903,"height":13}},{"id":"8589a6f9-3a96-4418-a674-09690f8a330b","block_type":"box","text":"Fund","page_number":30,"box":{"x":48,"y":137,"width":46,"height":11}},{"id":"710559bd-d9a0-4801-9c3d-1ac412defc30","block_type":"box","text":"28","page_number":30,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"1680498b-fb48-467e-8c2b-b3e1a0de2fab","block_type":"box","text":"In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so,","page_number":31,"box":{"x":48,"y":205,"width":902,"height":12}},{"id":"dae6be78-f1e3-475b-b962-9c72235852b1","block_type":"box","text":"consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in","page_number":31,"box":{"x":47,"y":219,"width":903,"height":11}},{"id":"b4f9eb23-c7c6-40b1-b55d-80b65ef8d7da","block_type":"box","text":"the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material","page_number":31,"box":{"x":47,"y":233,"width":903,"height":11}},{"id":"c0c51b2b-a686-4dcc-a51c-8f3fcaa82266","block_type":"box","text":"misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial","page_number":31,"box":{"x":48,"y":246,"width":902,"height":11}},{"id":"36d44d90-8d2b-482a-84b7-aa1ff0fb66cb","block_type":"box","text":"statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that","page_number":31,"box":{"x":47,"y":260,"width":904,"height":11}},{"id":"a5416428-70a4-44f5-98c1-15f055d9efab","block_type":"box","text":"there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based","page_number":31,"box":{"x":47,"y":274,"width":903,"height":11}},{"id":"0026d291-507c-4afd-992d-49a45bf1a070","block_type":"box","text":"on these responsibilities.","page_number":31,"box":{"x":47,"y":287,"width":181,"height":11}},{"id":"db1415bd-4b50-4bf6-984d-385ab04ac2ab","block_type":"box","text":"Based on our work undertaken in the course of the audit, the Collective Investment Schemes sourcebook requires us also to","page_number":31,"box":{"x":48,"y":308,"width":903,"height":11}},{"id":"dde0dae5-c584-48f8-8b8f-eb73cf77ebd7","block_type":"box","text":"report certain opinions as described below.","page_number":31,"box":{"x":48,"y":322,"width":315,"height":11}},{"id":"43f14a93-edaa-4f91-9986-3512cf199a70","block_type":"box","text":"Manager’s Report","page_number":31,"box":{"x":47,"y":343,"width":134,"height":10}},{"id":"82e33bc3-02e0-4cf3-bb54-6f96284d194e","block_type":"box","text":"In our opinion, the information given in the Manager’s Report for the financial year for which the financial statements are","page_number":31,"box":{"x":48,"y":363,"width":903,"height":11}},{"id":"1ae77e97-052c-42f1-8b5f-bd3248de2dea","block_type":"box","text":"prepared is consistent with the financial statements.","page_number":31,"box":{"x":48,"y":377,"width":381,"height":11}},{"id":"a4ef2f3a-2ec3-40fb-8a7e-b018e4b3f775","block_type":"box","text":"Responsibilities for the financial statements and the audit","page_number":31,"box":{"x":48,"y":408,"width":458,"height":11}},{"id":"105e85ff-b137-4baf-aedf-33f7d56f5cc7","block_type":"box","text":"Responsibilities of the Manager for the financial statements","page_number":31,"box":{"x":47,"y":438,"width":438,"height":11}},{"id":"871d5a45-fedb-41b0-a9c6-0e76912668d6","block_type":"box","text":"As explained more fully in the Manager's Statement of Responsibilities, the Manager is responsible for the preparation of the","page_number":31,"box":{"x":46,"y":457,"width":905,"height":11}},{"id":"e3b23c40-7658-416d-b3c7-57a5261882f2","block_type":"box","text":"financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view.","page_number":31,"box":{"x":47,"y":470,"width":903,"height":12}},{"id":"7b23c5fb-23ff-461d-beef-40a25dd33764","block_type":"box","text":"The Manager is also responsible for such internal control as they determine is necessary to enable the preparation of financial","page_number":31,"box":{"x":47,"y":484,"width":903,"height":11}},{"id":"d60aba82-8ef5-457c-bdb1-7e61205eea60","block_type":"box","text":"statements that are free from material misstatement, whether due to fraud or error.","page_number":31,"box":{"x":47,"y":498,"width":608,"height":10}},{"id":"217648c6-0a18-4d08-8381-b2855352aaf1","block_type":"box","text":"In preparing the financial statements, the Manager is responsible for assessing the Trust’s ability to continue as a going","page_number":31,"box":{"x":48,"y":518,"width":902,"height":12}},{"id":"db331552-b929-45b8-8573-bf8110934e08","block_type":"box","text":"concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless","page_number":31,"box":{"x":47,"y":532,"width":904,"height":11}},{"id":"5211ed01-2767-4efa-944e-ba7bead6cc66","block_type":"box","text":"the Manager either intends to wind up or terminate the Trust, or has no realistic alternative but to do so.","page_number":31,"box":{"x":47,"y":546,"width":762,"height":11}},{"id":"66f66ef6-9871-4621-807e-03c0020c6afc","block_type":"box","text":"Auditors’ responsibilities for the audit of the financial statements","page_number":31,"box":{"x":46,"y":577,"width":472,"height":11}},{"id":"be635d8a-0c86-4b02-932a-0a0c64037258","block_type":"box","text":"Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material","page_number":31,"box":{"x":47,"y":596,"width":903,"height":11}},{"id":"91d5093f-a3c9-4dad-a985-73c50cf454bf","block_type":"box","text":"misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance","page_number":31,"box":{"x":48,"y":610,"width":903,"height":11}},{"id":"ba1c1fd9-d8bb-414d-a918-8f70d1f7179c","block_type":"box","text":"is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect","page_number":31,"box":{"x":48,"y":623,"width":903,"height":11}},{"id":"a1ee8664-3858-499c-9b30-a33896fbc56f","block_type":"box","text":"a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually","page_number":31,"box":{"x":47,"y":637,"width":904,"height":11}},{"id":"b3e6bc64-6262-4a2a-aa29-e6701c482ba5","block_type":"box","text":"or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of","page_number":31,"box":{"x":47,"y":651,"width":905,"height":11}},{"id":"2c7ea66e-2076-416c-8422-3e4026d7a469","block_type":"box","text":"these financial statements.","page_number":31,"box":{"x":47,"y":664,"width":196,"height":9}},{"id":"2a38490c-faa5-46fd-bf9c-74d60a4f8856","block_type":"box","text":"Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with","page_number":31,"box":{"x":48,"y":685,"width":902,"height":11}},{"id":"939d2cd9-523d-457a-a435-acca1c9bdf1a","block_type":"box","text":"our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent","page_number":31,"box":{"x":47,"y":699,"width":904,"height":11}},{"id":"ac90ffd1-a2d2-4ff9-9fb9-9bc181e63d85","block_type":"box","text":"to which our procedures are capable of detecting irregularities, including fraud, is detailed below.","page_number":31,"box":{"x":47,"y":712,"width":711,"height":11}},{"id":"7cb20c35-5986-41c6-b43e-a553b9fab7e9","block_type":"box","text":"Based on our understanding of the Trust and its industry, we identified that the principal risks of non-compliance with laws and","page_number":31,"box":{"x":48,"y":733,"width":902,"height":11}},{"id":"111dcfdf-c60d-4154-9994-c9fc7588cf91","block_type":"box","text":"regulations related to breaches of the Collective Investment Schemes sourcebook, and we considered the extent to which","page_number":31,"box":{"x":48,"y":747,"width":902,"height":11}},{"id":"ec8049e0-489f-4ab3-8a09-2b252139f56c","block_type":"box","text":"non-compliance might have a material effect on the financial statements, in particular those parts of the sourcebook which","page_number":31,"box":{"x":48,"y":760,"width":902,"height":11}},{"id":"54d013b4-3c94-47c9-97a1-48978329b3fa","block_type":"box","text":"may directly impact on the determination of amounts and disclosures in the financial statements. We evaluated","page_number":31,"box":{"x":48,"y":774,"width":902,"height":11}},{"id":"a56ceb26-6f2b-4d3f-ae0e-1867e10a4155","block_type":"box","text":"management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of","page_number":31,"box":{"x":48,"y":788,"width":904,"height":11}},{"id":"284288ee-fabd-4cd3-8b49-2619509bddf0","block_type":"box","text":"override of controls), and determined that the principal risks were related to posting inappropriate journal entries to","page_number":31,"box":{"x":47,"y":801,"width":904,"height":11}},{"id":"75738bad-cd88-4930-8013-838e9ef12f5f","block_type":"box","text":"manipulate revenue or to increase the net asset value of the Trust. Audit procedures performed by the engagement team","page_number":31,"box":{"x":48,"y":815,"width":903,"height":11}},{"id":"ea3cb8b0-ac57-4396-933a-7df3cc02b36c","block_type":"box","text":"included:","page_number":31,"box":{"x":48,"y":829,"width":64,"height":8}},{"id":"5dc633d7-9831-4ab6-8429-087691314ed6","block_type":"box","text":"•","page_number":31,"box":{"x":47,"y":852,"width":4,"height":3}},{"id":"555f8f66-753a-4020-b514-63dce16156b1","block_type":"box","text":"Discussions with the Manager, including consideration of known or suspected instances of non-compliance with laws and","page_number":31,"box":{"x":78,"y":849,"width":872,"height":11}},{"id":"3de7c441-6563-4029-9379-d44b20318a96","block_type":"box","text":"regulation and fraud;","page_number":31,"box":{"x":78,"y":863,"width":151,"height":11}},{"id":"14bc6cea-3af9-4e64-8401-f10190d7263c","block_type":"box","text":"•","page_number":31,"box":{"x":47,"y":888,"width":4,"height":3}},{"id":"5c2741c8-8fd7-467f-ad11-e5f32db8f0ab","block_type":"box","text":"Reviewing relevant meeting minutes, including those of the Manager’s board of directors;","page_number":31,"box":{"x":78,"y":885,"width":657,"height":11}},{"id":"88e79997-2da7-4de0-88bc-1e98e789d71e","block_type":"box","text":"•","page_number":31,"box":{"x":47,"y":909,"width":4,"height":3}},{"id":"6d387e20-e1c5-443f-a1a5-72f75f6988a5","block_type":"box","text":"Identifying and testing journal entries, specifically any journals posted as part of the financial year end close process; and","page_number":31,"box":{"x":79,"y":906,"width":871,"height":11}},{"id":"24ed2640-2949-4280-85b9-d3a5ee61a685","block_type":"box","text":"•","page_number":31,"box":{"x":47,"y":931,"width":4,"height":3}},{"id":"9679a9b0-b965-42df-b1f6-99d53d13eb3a","block_type":"box","text":"Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing.","page_number":31,"box":{"x":78,"y":927,"width":792,"height":12}},{"id":"7d5d6fb4-105d-4247-914b-cc85f82714b6","block_type":"box","text":"State Street AUT UK Screened Index Equity Fund","page_number":31,"box":{"x":47,"y":44,"width":467,"height":13}},{"id":"020b07c5-21ef-4398-8472-3f61356990c6","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":31,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"8432e027-c436-4acb-a333-df1a1a6b48d2","block_type":"box","text":"Independent auditors’ report to the Unitholders of State Street AUT UK Screened Index Equity","page_number":31,"box":{"x":48,"y":123,"width":903,"height":13}},{"id":"198037c6-933a-41d4-a1cf-7bfe1125a867","block_type":"box","text":"Fund (continued)","page_number":31,"box":{"x":48,"y":137,"width":162,"height":14}},{"id":"6a217440-fe36-461e-a7dd-1bf00b0543ea","block_type":"box","text":"29","page_number":31,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"5dc2ab2c-e34d-425b-9118-807645465ae2","block_type":"box","text":"There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of","page_number":32,"box":{"x":47,"y":205,"width":905,"height":12}},{"id":"10a69b58-081b-46ba-b04a-df2dd6353e8d","block_type":"box","text":"non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial","page_number":32,"box":{"x":48,"y":219,"width":902,"height":11}},{"id":"cb5aa98f-79f4-4562-bff1-6791039835f8","block_type":"box","text":"statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one","page_number":32,"box":{"x":47,"y":233,"width":904,"height":11}},{"id":"8ca0b58d-5f28-44c4-b7ce-41cfde48c08a","block_type":"box","text":"resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations,","page_number":32,"box":{"x":48,"y":246,"width":902,"height":11}},{"id":"3bf61072-5ccf-4e44-8ba7-d4cbca7426a8","block_type":"box","text":"or through collusion.","page_number":32,"box":{"x":47,"y":260,"width":149,"height":11}},{"id":"8e91dc45-7c91-427d-9374-98b096df405b","block_type":"box","text":"A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting","page_number":32,"box":{"x":46,"y":281,"width":905,"height":11}},{"id":"bbf20c36-c167-4469-a5e2-f1099f2b04e3","block_type":"box","text":"Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.","page_number":32,"box":{"x":47,"y":294,"width":813,"height":11}},{"id":"af4f950e-8b93-46c5-9d9a-8f436ab327b1","block_type":"box","text":"Use of this report","page_number":32,"box":{"x":48,"y":326,"width":127,"height":11}},{"id":"adb256d6-9107-4d63-8ed8-b29942052e36","block_type":"box","text":"This report, including the opinions, has been prepared for and only for the Trust’s Unitholders as a body in accordance with","page_number":32,"box":{"x":47,"y":345,"width":903,"height":11}},{"id":"fe896cdb-3f1f-44d9-a33a-695a3b4da1a6","block_type":"box","text":"paragraph 4.5.12 of the Collective Investment Schemes sourcebook and for no other purpose. We do not, in giving these","page_number":32,"box":{"x":48,"y":358,"width":903,"height":11}},{"id":"7af166ae-23a2-4723-9ec6-2c047f22362c","block_type":"box","text":"opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into","page_number":32,"box":{"x":47,"y":372,"width":904,"height":11}},{"id":"48aab7d1-f3f6-4c06-a9fa-9e022c96c9c7","block_type":"box","text":"whose hands it may come save where expressly agreed by our prior consent in writing.","page_number":32,"box":{"x":46,"y":386,"width":643,"height":11}},{"id":"76e376ef-8089-48d9-ae13-70b5cc6a6300","block_type":"box","text":"Other required reporting","page_number":32,"box":{"x":47,"y":415,"width":232,"height":14}},{"id":"cc61c82d-7ba2-47c8-bf44-e7c77c68865f","block_type":"box","text":"Opinion on matter required by the Collective Investment Schemes 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You may get back less than you","page_number":33,"box":{"x":47,"y":533,"width":903,"height":11}},{"id":"48a0d823-f761-4bef-bc99-935e68560cb5","block_type":"box","text":"originally invested. What you get back may depend on:","page_number":33,"box":{"x":47,"y":547,"width":404,"height":11}},{"id":"6986a6a6-04ff-4070-904b-a5f96633fa05","block_type":"box","text":"•","page_number":33,"box":{"x":87,"y":571,"width":4,"height":3}},{"id":"a4922859-9567-4c5a-8e39-f7892acf0630","block_type":"box","text":"Investment performance is not guaranteed. Past performance is no guarantee of future performance. 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Any liability to deferred tax is provided at the average rate","page_number":36,"box":{"x":87,"y":763,"width":864,"height":11}},{"id":"a30d93c7-2323-4bf1-9da5-e75dd4dbc558","block_type":"box","text":"of tax expected to apply.","page_number":36,"box":{"x":87,"y":777,"width":179,"height":11}},{"id":"30a18598-eb3f-45a3-9126-77d369b32917","block_type":"box","text":"Deferred tax assets and liabilities are not discounted to reflect the time value of money. Deferred tax assets are","page_number":36,"box":{"x":88,"y":798,"width":863,"height":11}},{"id":"83eb8c56-86cb-418b-a6d4-4ef0a2195249","block_type":"box","text":"recognised only when, on the basis of available evidence, it is more likely than not that there will be taxable profits in the","page_number":36,"box":{"x":88,"y":812,"width":863,"height":12}},{"id":"e525c087-94b0-40c5-8af0-80d0abc257ff","block_type":"box","text":"future against which the deferred tax asset can be offset.","page_number":36,"box":{"x":87,"y":827,"width":419,"height":11}},{"id":"fd991b7b-7280-4ee1-aefd-65d6e2d48b5f","block_type":"box","text":"(h) Dilution adjustment","page_number":36,"box":{"x":47,"y":853,"width":196,"height":11}},{"id":"b51a1459-9474-41a2-9f5b-6bfa4dd7f48e","block_type":"box","text":"In certain circumstances (as detailed in the Prospectus) the Manager may charge a dilution adjustment on the creation","page_number":36,"box":{"x":88,"y":867,"width":862,"height":11}},{"id":"a5948a03-05e6-442b-b301-bb8b75e261d4","block_type":"box","text":"or cancellation of shares, which is paid into the capital of the relevant sub-fund on an accruals basis. The adjustment is","page_number":36,"box":{"x":87,"y":881,"width":864,"height":11}},{"id":"d5db37b5-0e9c-43d3-ba29-db9e3102fbb5","block_type":"box","text":"intended to cover certain dealing charges not included in the mid-market value of the fund used in calculating the share","page_number":36,"box":{"x":88,"y":895,"width":863,"height":12}},{"id":"8e1f7d5e-b79e-404c-8d98-565f3dc898e4","block_type":"box","text":"price, which could have a diluting effect on the fund.","page_number":36,"box":{"x":88,"y":910,"width":382,"height":11}},{"id":"c9c3c16b-00ba-4582-8ef1-db016ce11c9b","block_type":"box","text":"State Street AUT UK Screened Index Equity Fund","page_number":36,"box":{"x":47,"y":44,"width":467,"height":13}},{"id":"d55a07a0-2cf4-4d89-a5a7-bcc3ed9eaa87","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":36,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"179bb005-7234-489d-8160-f1b9e1536522","block_type":"box","text":"Notes to the Financial Statements","page_number":36,"box":{"x":48,"y":123,"width":320,"height":11}},{"id":"2253fbba-5ea1-4dcc-9fe8-f4a55160cb04","block_type":"box","text":"For the year ended 31st December 2025","page_number":36,"box":{"x":48,"y":147,"width":300,"height":11}},{"id":"82c6ba09-1739-4f3b-8852-4a2b0918f83a","block_type":"box","text":"34","page_number":36,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"b82d4963-7084-43f1-a202-37cd0053376b","block_type":"box","text":"1. Accounting policies (continued)","page_number":37,"box":{"x":48,"y":175,"width":293,"height":11}},{"id":"a887173e-c6ee-46fa-ac4a-a2d791f445c2","block_type":"box","text":"(i) Returns from derivatives","page_number":37,"box":{"x":47,"y":200,"width":236,"height":11}},{"id":"ecaa760a-1359-4d85-a64b-f9f0ad1121ec","block_type":"box","text":"The Fund may enter into permitted derivative contracts such as futures.","page_number":37,"box":{"x":87,"y":214,"width":527,"height":11}},{"id":"64a56ece-1db4-4d84-ad9b-ecbe5a33a558","block_type":"box","text":"The positions are undertaken to obtain full market exposure and the returns are included within gains/(losses) on","page_number":37,"box":{"x":87,"y":235,"width":863,"height":11}},{"id":"ad88e378-f27a-475d-b0fe-5fa016586dd5","block_type":"box","text":"investments in the Statement of Total Return. Any open positions in these types of transactions at the period end are","page_number":37,"box":{"x":88,"y":249,"width":863,"height":11}},{"id":"c53407ee-72ee-4fea-8ed1-49195d645e32","block_type":"box","text":"included in the Balance Sheet at their mark to market value.","page_number":37,"box":{"x":88,"y":263,"width":440,"height":9}},{"id":"ed75117e-3a33-4ddf-883e-f2c08bbfdb8c","block_type":"box","text":"2. Distribution policy","page_number":37,"box":{"x":47,"y":290,"width":186,"height":11}},{"id":"1cf801ab-ddcf-443d-a99f-ae4112041b9a","block_type":"box","text":"The policy is to distribute all available revenue, after deduction of those expenses which are chargeable in calculating","page_number":37,"box":{"x":87,"y":304,"width":863,"height":11}},{"id":"63859651-4b53-47e8-9ab7-f354d982e4a3","block_type":"box","text":"the distribution.","page_number":37,"box":{"x":87,"y":318,"width":112,"height":9}},{"id":"d353e4c4-948f-4ed6-b210-cd9fe9521f77","block_type":"box","text":"In order to conduct a controlled dividend flow to unitholders, an interim distribution will be made at the Manager’s","page_number":37,"box":{"x":88,"y":339,"width":863,"height":12}},{"id":"bdee573f-1c00-4573-a8fa-c25e77d15391","block_type":"box","text":"discretion, up to a maximum of the distributable revenue available for the year. All remaining revenue is distributed in","page_number":37,"box":{"x":87,"y":354,"width":863,"height":11}},{"id":"59dc7621-50c6-4750-88e1-3ec53265a8ef","block_type":"box","text":"accordance with the COLL.","page_number":37,"box":{"x":87,"y":368,"width":200,"height":9}},{"id":"0dd60987-5561-49c1-8ede-54738ad1ec1b","block_type":"box","text":"Distributions of revenue are paid six monthly by reference to net revenue arising in the periods ended 30th June and","page_number":37,"box":{"x":88,"y":389,"width":862,"height":11}},{"id":"25663ed6-c260-4022-80a2-2f293165c064","block_type":"box","text":"31st December.","page_number":37,"box":{"x":87,"y":404,"width":116,"height":8}},{"id":"7ded347d-3511-41f1-a8cb-36de5902e92d","block_type":"box","text":"Any revenue deficit will be borne by the capital account.","page_number":37,"box":{"x":87,"y":425,"width":411,"height":11}},{"id":"c9dcf1f7-acfb-4d7a-aaec-8d045f4023c5","block_type":"box","text":"(a) Treatment of stock dividends","page_number":37,"box":{"x":47,"y":451,"width":271,"height":11}},{"id":"526f9979-98a6-4f7a-964e-e30dab9578c8","block_type":"box","text":"The ordinary element of stock dividends is treated as revenue and forms part of the distribution.","page_number":37,"box":{"x":87,"y":465,"width":705,"height":11}},{"id":"7da8fac3-98bc-4c5f-a9b3-bc3a6eec3bd4","block_type":"box","text":"In the case of an enhanced stock dividend, the value of the enhancement is treated as capital and does not form part","page_number":37,"box":{"x":88,"y":486,"width":863,"height":11}},{"id":"3d562da5-1576-441a-a901-5bc60f17dd66","block_type":"box","text":"of the distribution.","page_number":37,"box":{"x":87,"y":501,"width":130,"height":8}},{"id":"594d8529-34c0-4e81-9caa-3826237222ae","block_type":"box","text":"(b) Expenses","page_number":37,"box":{"x":47,"y":527,"width":117,"height":11}},{"id":"da6d145c-22e9-49ff-b277-a99d4a1b4aad","block_type":"box","text":"Management expenses are charged to revenue.","page_number":37,"box":{"x":88,"y":541,"width":354,"height":11}},{"id":"5b26624e-f09c-4b95-bdd9-4d5ec28c8766","block_type":"box","text":"(c) Equalisation","page_number":37,"box":{"x":47,"y":567,"width":138,"height":11}},{"id":"b8b6a086-36ef-4aca-adeb-3a0127ebe0f3","block_type":"box","text":"Equalisation takes account of the revenue received on the creation of shares and revenue paid on cancellation of shares","page_number":37,"box":{"x":88,"y":581,"width":863,"height":11}},{"id":"cd758d2b-b2e9-4a5e-8084-672ab9e92ce7","block_type":"box","text":"and is allocated to the distribution account.","page_number":37,"box":{"x":87,"y":596,"width":315,"height":8}},{"id":"9ce632d3-2fd6-42f3-87ec-60cc26a15f64","block_type":"box","text":"3. Risk management policies","page_number":37,"box":{"x":47,"y":622,"width":249,"height":11}},{"id":"59ae24b4-e187-43d2-b887-3dee4c10047d","block_type":"box","text":"In pursuing its investment objectives the Fund holds a number of financial instruments. The Fund’s financial instruments","page_number":37,"box":{"x":88,"y":636,"width":863,"height":11}},{"id":"56d38cea-24a0-41e4-a283-99d64b6267ff","block_type":"box","text":"comprise of securities and other investments, cash balances and bank overdrafts, short term fixed deposits, debtors and","page_number":37,"box":{"x":87,"y":650,"width":863,"height":11}},{"id":"7d2418ec-121d-400f-99b7-694510a7ba80","block_type":"box","text":"creditors that arise directly from its operations, for example, in respect of sales and purchases awaiting settlement,","page_number":37,"box":{"x":87,"y":664,"width":863,"height":11}},{"id":"b53a70cf-6526-4acf-ad37-19e2889d8b98","block_type":"box","text":"amounts receivable for creations and payable for liquidations and debtors for accrued revenue.","page_number":37,"box":{"x":87,"y":678,"width":700,"height":12}},{"id":"fa490fc1-ac9e-4c10-acb7-a35cc33863e4","block_type":"box","text":"The main risks the Fund may face from investing are: (a) market risk, (b) market price risk, (c) foreign currency risk, (d)","page_number":37,"box":{"x":87,"y":700,"width":864,"height":11}},{"id":"ff14a783-b7fe-481e-a9aa-2d92542d97f1","block_type":"box","text":"interest rate risk, (e) liquidity risk, (f) credit risk, (g) use of derivatives and (h) stock lending risk.","page_number":37,"box":{"x":88,"y":714,"width":699,"height":11}},{"id":"3d8d5a6a-b359-4bf7-a7ea-807fe93dd5f1","block_type":"box","text":"The Manager’s policy for managing these risks are summarised below and have been applied throughout the year.","page_number":37,"box":{"x":87,"y":735,"width":846,"height":11}},{"id":"b9252b62-e271-4e1e-89c6-8e09e676f425","block_type":"box","text":"(a) Market risk","page_number":37,"box":{"x":47,"y":761,"width":128,"height":12}},{"id":"e787fd41-7576-4690-b685-07db0f8b2933","block_type":"box","text":"Market risk is the risk that the fair value or future cash flows of the financial instruments held by the Fund will fluctuate","page_number":37,"box":{"x":88,"y":776,"width":863,"height":11}},{"id":"e5666a13-b8df-40dd-b385-5d5dec4630ab","block_type":"box","text":"because of changes in underlying valuation factors. It represents the potential loss the Fund might suffer through holding","page_number":37,"box":{"x":88,"y":790,"width":862,"height":11}},{"id":"5c2767ae-c096-4c85-aabe-7dce99794933","block_type":"box","text":"market positions in the face of valuation factor movements. Market risk typically includes market price risk, foreign","page_number":37,"box":{"x":88,"y":804,"width":862,"height":11}},{"id":"41a3c3b6-2310-4b1e-abad-451b175481c1","block_type":"box","text":"exchange or currency risk, and interest rate risk.","page_number":37,"box":{"x":87,"y":818,"width":356,"height":11}},{"id":"1e7a9315-869e-4374-86cc-cdf0421b2dba","block_type":"box","text":"State Street AUT UK Screened Index Equity Fund","page_number":37,"box":{"x":47,"y":44,"width":467,"height":13}},{"id":"f1250f6b-1fdd-49ce-9ba5-fb4191ea33e7","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":37,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"04c685fa-77b2-4e6f-a9bd-16bb2430e663","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":37,"box":{"x":48,"y":123,"width":435,"height":13}},{"id":"d91b3728-6b22-4e68-892e-f950f4140edd","block_type":"box","text":"For the year ended 31st December 2025","page_number":37,"box":{"x":48,"y":147,"width":300,"height":11}},{"id":"e98949a4-12a8-4675-9ebe-4475a1547008","block_type":"box","text":"35","page_number":37,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"f2154fb5-fe2b-42a4-b9ea-1063cfe5246d","block_type":"box","text":"3. Risk management policies (continued)","page_number":38,"box":{"x":47,"y":175,"width":345,"height":11}},{"id":"6ba0a554-25db-4457-a1cf-3768d4fc4c5a","block_type":"box","text":"(b) Market price risk","page_number":38,"box":{"x":47,"y":200,"width":173,"height":11}},{"id":"bb1cd699-dd89-4680-8356-88f5c00a3280","block_type":"box","text":"Market price risk is the risk that the value of the financial instruments held by the Fund will fluctuate because of changes","page_number":38,"box":{"x":88,"y":214,"width":863,"height":11}},{"id":"58078bdc-8703-4b69-86f3-8fd626193cd9","block_type":"box","text":"in market prices. It represents the potential loss the Fund might suffer through changes in market prices of the Fund","page_number":38,"box":{"x":88,"y":228,"width":862,"height":11}},{"id":"497719ba-db85-4454-98a7-76a6b8a77216","block_type":"box","text":"holdings. The investment manager considers the asset allocation of the portfolio in order to minimize the risk associated","page_number":38,"box":{"x":88,"y":242,"width":862,"height":11}},{"id":"efd22406-d391-4d0d-aada-03164df0f3e6","block_type":"box","text":"with particular countries or industry sectors whilst continuing to follow the investment objectives of the Fund.","page_number":38,"box":{"x":87,"y":256,"width":796,"height":12}},{"id":"70f0b8b9-0711-414e-a837-ddd4201abcc3","block_type":"box","text":"As an index Fund, the investment objective is to seek to track as closely as reasonably possible the performance of the","page_number":38,"box":{"x":87,"y":278,"width":864,"height":11}},{"id":"a4cd4c0f-b0a6-46ef-b4ab-a77e885ca1d4","block_type":"box","text":"benchmark index. In order to achieve this objective, the Fund invests primarily in securities held in the equity index","page_number":38,"box":{"x":88,"y":292,"width":863,"height":11}},{"id":"a1e9660d-914f-4cfa-9cdf-fa3bd1cbb332","block_type":"box","text":"benchmark. Market price risk for an index Fund arises from a mismatch in the relative proportion of assets in Fund from","page_number":38,"box":{"x":88,"y":306,"width":862,"height":11}},{"id":"8a222b59-1d29-48ce-a05a-1ed605b15acb","block_type":"box","text":"their respective proportions in the benchmark. The Fund places limitations on the amount by which a holding may","page_number":38,"box":{"x":87,"y":321,"width":864,"height":11}},{"id":"25d10cb7-130a-49af-9ed1-49edd37139b3","block_type":"box","text":"deviate from the proportion benchmark to limit the market risk from mismatched positions.","page_number":38,"box":{"x":87,"y":335,"width":662,"height":11}},{"id":"5fd7db39-6b71-4407-90cc-7587d6b2a309","block_type":"box","text":"All securities investments present a risk of loss of capital. The investment manager assess the Fund’s market risk","page_number":38,"box":{"x":87,"y":356,"width":864,"height":11}},{"id":"0ddce7cc-c6b2-4299-b195-117118d99579","block_type":"box","text":"volatility to ensure that the effect of utilizing financial derivative instruments is not significant enough to cause","page_number":38,"box":{"x":87,"y":370,"width":864,"height":11}},{"id":"6cc8e65f-080a-424f-b1fc-e5d215599984","block_type":"box","text":"disproportionate losses to a Fund’s overall value. The investment manager moderates this risk through careful selection","page_number":38,"box":{"x":87,"y":384,"width":863,"height":12}},{"id":"12ba7a25-9558-4a16-bdac-4a92ee1cf24e","block_type":"box","text":"of securities and financial instruments. The investment manager manages this risk through a combination of risk","page_number":38,"box":{"x":87,"y":399,"width":864,"height":11}},{"id":"446aa071-9d5e-4540-8a0d-025f99d3febc","block_type":"box","text":"metrics. This includes, but is not restricted to, tracking error volatility, which measures the ex-ante volatility of excess","page_number":38,"box":{"x":88,"y":413,"width":863,"height":11}},{"id":"0eb57332-24c1-42be-aeca-9e9b313eaf2c","block_type":"box","text":"returns of the Fund against its referenced benchmark. The tracking error volatility on the Fund is closely monitored on","page_number":38,"box":{"x":88,"y":427,"width":862,"height":11}},{"id":"3b80bd27-671c-4ded-8e11-3a2f2f970a1a","block_type":"box","text":"a regular basis, and is a key consideration when the Fund is rebalanced.","page_number":38,"box":{"x":87,"y":441,"width":536,"height":11}},{"id":"cbfe5dab-aa9a-4271-9ded-9c199da9ded8","block_type":"box","text":"(c) Foreign currency risk","page_number":38,"box":{"x":47,"y":467,"width":211,"height":12}},{"id":"e92b7ecf-ec24-4ed0-996d-5d1a3a95429b","block_type":"box","text":"Any fluctuations in foreign currency exchange rates between the base currency (\"GBP\") and the respective foreign","page_number":38,"box":{"x":87,"y":482,"width":863,"height":11}},{"id":"8a214050-a87d-450c-9d05-0eece7f37b3c","block_type":"box","text":"currencies may significantly affect the value of the Fund investments and the returns ultimately achieved by the Fund.","page_number":38,"box":{"x":87,"y":496,"width":863,"height":11}},{"id":"8f304456-aab7-4dd5-b754-9046719f0bbf","block_type":"box","text":"Local interest rates and monetary policy, as well as other government fiscal and labour policies, also can adversely","page_number":38,"box":{"x":88,"y":510,"width":863,"height":11}},{"id":"dc996a4c-75bd-4317-856b-4909ff99dd0a","block_type":"box","text":"impact the Fund’s currency values.","page_number":38,"box":{"x":88,"y":524,"width":256,"height":11}},{"id":"7b99d389-7431-4ff4-9164-502b074d2b9d","block_type":"box","text":"Based on the Fund mandate, there is no hedging of foreign currency risk exposure. This follows from the investment","page_number":38,"box":{"x":88,"y":546,"width":863,"height":11}},{"id":"e56a67e2-a1e7-4f58-a56c-ed0fed417b24","block_type":"box","text":"objective to track the performance of the benchmark, which is also not hedged against changes in foreign exchange","page_number":38,"box":{"x":87,"y":560,"width":864,"height":11}},{"id":"9b80bb35-ee27-45dc-9884-bb0292a26a3d","block_type":"box","text":"rates.","page_number":38,"box":{"x":88,"y":574,"width":39,"height":9}},{"id":"00c34817-c9c9-4ca7-b7d4-ce1974414a43","block_type":"box","text":"(d) Interest rate risk","page_number":38,"box":{"x":47,"y":600,"width":170,"height":11}},{"id":"67583fe8-00e2-410f-853b-7348896f44e9","block_type":"box","text":"Interest rate risk is present when the value of investment securities may fluctuate as a result of a change in market","page_number":38,"box":{"x":88,"y":614,"width":863,"height":12}},{"id":"08230b60-a169-4f15-b2c5-8d27f264926f","block_type":"box","text":"interest rates. Explicit interest rate risk occurs when there is a direct relationship between changes in interest rates and","page_number":38,"box":{"x":88,"y":629,"width":862,"height":11}},{"id":"d72a0968-32ca-4ffa-aab5-11934443bf2a","block_type":"box","text":"changes in the value of investment securities. The Fund invests in only equity and equity-based instruments, the values","page_number":38,"box":{"x":87,"y":643,"width":864,"height":11}},{"id":"c6dc6a99-a2ba-4a3a-989b-2e13c6779adb","block_type":"box","text":"of which are not directly dependent on interest rates.","page_number":38,"box":{"x":87,"y":657,"width":387,"height":11}},{"id":"e3740db4-e8fd-4d1e-bfd3-48c8fea506cc","block_type":"box","text":"(e) Liquidity risk","page_number":38,"box":{"x":47,"y":683,"width":144,"height":11}},{"id":"4b651ac8-3a6c-49a7-bef3-91e3537b3cca","block_type":"box","text":"The Fund is exposed to daily cash redemptions of redeemable shares. So the main liability of the Fund is the redemption","page_number":38,"box":{"x":87,"y":697,"width":863,"height":12}},{"id":"f5342852-2efa-4ef4-bb7d-763afe35968a","block_type":"box","text":"of any shares that investors wish to sell. Hence the Fund invest the large majority of the assets in investments that are","page_number":38,"box":{"x":87,"y":712,"width":864,"height":11}},{"id":"f16f3cfd-cc08-4336-905f-97d2d1822f28","block_type":"box","text":"traded in an active market and can ordinarily be readily disposed. However, liquidity risk will occur if an equity issuer","page_number":38,"box":{"x":87,"y":726,"width":865,"height":11}},{"id":"5111df52-6979-44ed-9728-324fc00b5741","block_type":"box","text":"becomes credit impaired or if the relevant market becomes illiquid. In such a case, it may not be possible to initiate or","page_number":38,"box":{"x":88,"y":740,"width":864,"height":11}},{"id":"6d962ae7-0e4a-47c1-b880-885830162f44","block_type":"box","text":"liquidate a position at a price that is deemed by the investment manager to be demonstrating fair value. Liquidity risk","page_number":38,"box":{"x":88,"y":754,"width":864,"height":11}},{"id":"36cc8ad6-5d99-4c2f-8144-5d2733c0f339","block_type":"box","text":"may be temporary or may last for extended periods.","page_number":38,"box":{"x":88,"y":769,"width":381,"height":11}},{"id":"7af578fe-ca63-44d8-8501-4e67bc3e36df","block_type":"box","text":"State Street AUT UK Screened Index Equity Fund","page_number":38,"box":{"x":47,"y":44,"width":467,"height":13}},{"id":"5877e8b4-8634-4214-aedc-73fe826da881","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":38,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"f9501154-1d67-431d-af04-de780cc54a0b","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":38,"box":{"x":48,"y":123,"width":435,"height":13}},{"id":"cc5a69fb-ac91-4059-b053-d49e43c6d5ef","block_type":"box","text":"For the year ended 31st December 2025","page_number":38,"box":{"x":48,"y":147,"width":300,"height":11}},{"id":"52a71f05-5397-45bd-a93c-8f956712704a","block_type":"box","text":"36","page_number":38,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"4a14fe57-5209-45d4-9939-ce6705abf21c","block_type":"box","text":"3. Risk management policies (continued)","page_number":39,"box":{"x":47,"y":175,"width":345,"height":11}},{"id":"5acbea5f-2228-44b5-bc17-f14d6959b397","block_type":"box","text":"The indexed Fund invests solely in securities which form part of the Benchmark Index. Benchmark Indexes are","page_number":39,"box":{"x":87,"y":200,"width":864,"height":11}},{"id":"f4915c60-f55e-4cdb-92e5-2fe9dd24c579","block_type":"box","text":"constructed using index rules requiring securities to have a specified minimum trading volume, which, although not","page_number":39,"box":{"x":87,"y":214,"width":864,"height":11}},{"id":"c6708ef7-39dd-4e0c-a380-ca3edcf47265","block_type":"box","text":"guaranteeing liquidity, provides indication of the liquid nature of the securities underlying the Fund. 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Index futures used for efficient portfolio","page_number":39,"box":{"x":88,"y":311,"width":863,"height":11}},{"id":"45738e44-2aa2-4858-a186-cc7c5f480cd5","block_type":"box","text":"management are exchange traded and marked to market daily, so counterparty risk is negligible.","page_number":39,"box":{"x":88,"y":325,"width":711,"height":11}},{"id":"7522dd30-856c-4074-b413-0b123bed9914","block_type":"box","text":"(g) Use of derivatives","page_number":39,"box":{"x":47,"y":351,"width":182,"height":11}},{"id":"d3eec33a-5ce9-46b1-943f-716708db7050","block_type":"box","text":"The Fund uses equity index futures only, no other derivatives, for efficient portfolio management-index futures are used","page_number":39,"box":{"x":87,"y":365,"width":863,"height":12}},{"id":"125730fc-368a-45bb-907b-6d4d82623b3c","block_type":"box","text":"to equitize cash holdings from inflows and outflows and also anticipated cash flows (e.g. dividend receivables). 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This may result","page_number":39,"box":{"x":88,"y":541,"width":863,"height":11}},{"id":"adb471da-23e3-4c39-8317-92404d006a21","block_type":"box","text":"in loss for the Lending Schemes.","page_number":39,"box":{"x":88,"y":555,"width":240,"height":11}},{"id":"83445a33-3fb2-4b9e-b3b5-a28f82fdbe64","block_type":"box","text":"4. 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Purchases, sales and transaction costs","page_number":40,"box":{"x":47,"y":175,"width":353,"height":10}},{"id":"929ea8ea-5fb8-4e2f-a7a6-b5c8c8426bec","block_type":"box","text":"31.12.25","page_number":40,"box":{"x":758,"y":193,"width":64,"height":8}},{"id":"f4e0a9a0-5db1-4a34-a17b-1835b7440e92","block_type":"box","text":"£'000","page_number":40,"box":{"x":781,"y":207,"width":40,"height":8}},{"id":"4fe566f6-69e0-4562-9e53-aac04e2d5667","block_type":"box","text":"31.12.24","page_number":40,"box":{"x":877,"y":193,"width":64,"height":8}},{"id":"8b0af2b9-7506-4209-b80e-c528e8990d93","block_type":"box","text":"£'000","page_number":40,"box":{"x":900,"y":207,"width":40,"height":8}},{"id":"2f1ba648-4a96-422e-9d6a-7b04cb54cca8","block_type":"box","text":"Purchases excluding transaction 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Debtors","page_number":44,"box":{"x":48,"y":175,"width":101,"height":8}},{"id":"e7108dcf-03df-4c8a-8fd5-2c01c45e10ee","block_type":"box","text":"31.12.25 31.12.24","page_number":44,"box":{"x":758,"y":193,"width":183,"height":8}},{"id":"a8b86765-8122-415a-99f5-60b57b61fe0a","block_type":"box","text":"£'000 £'000","page_number":44,"box":{"x":781,"y":207,"width":159,"height":8}},{"id":"8b7bd77a-3637-4474-8fb0-ede691b81489","block_type":"box","text":"Creations awaiting settlement - 2,249","page_number":44,"box":{"x":87,"y":226,"width":854,"height":11}},{"id":"95ee772c-479b-4295-b285-fedcba0ace4f","block_type":"box","text":"Sales awaiting settlement 2,497 -","page_number":44,"box":{"x":87,"y":245,"width":854,"height":11}},{"id":"540947a8-04f4-4d1a-95ba-4da5c8cfcd9b","block_type":"box","text":"Accrued revenue","page_number":44,"box":{"x":87,"y":264,"width":126,"height":8}},{"id":"b6da5fae-312c-4870-9984-1f080ede6689","block_type":"box","text":"778 385","page_number":44,"box":{"x":795,"y":264,"width":146,"height":8}},{"id":"8a96a046-f827-40b3-bc00-bd813da3a14e","block_type":"box","text":"Income tax recoverable","page_number":44,"box":{"x":88,"y":283,"width":172,"height":8}},{"id":"80c25022-8ac1-43a7-b830-d9b9e123d8ce","block_type":"box","text":"- 109","page_number":44,"box":{"x":817,"y":283,"width":124,"height":8}},{"id":"865d0824-a9c7-4dbd-808a-c1fe53481922","block_type":"box","text":"Overseas tax recoverable 934 900","page_number":44,"box":{"x":87,"y":301,"width":853,"height":9}},{"id":"10b5b933-3816-47e3-ab67-adea429d7349","block_type":"box","text":"Dilution adjustment receivable - 11","page_number":44,"box":{"x":88,"y":321,"width":850,"height":11}},{"id":"a525ec8f-7e87-4161-87ad-1f2bb8d9b699","block_type":"box","text":"Total debtors","page_number":44,"box":{"x":87,"y":341,"width":104,"height":9}},{"id":"1af61cba-80d4-4ae8-b87e-b31fecb72ca4","block_type":"box","text":"4,209 3,654","page_number":44,"box":{"x":781,"y":341,"width":160,"height":11}},{"id":"0810b94b-3279-4a7b-8e76-80cc8529690a","block_type":"box","text":"11. Cash and bank balances","page_number":44,"box":{"x":48,"y":373,"width":233,"height":8}},{"id":"5d257633-7950-40c2-813e-e2990141901c","block_type":"box","text":"31.12.25 31.12.24","page_number":44,"box":{"x":758,"y":390,"width":183,"height":9}},{"id":"ab8e9475-5467-472f-a461-97cf435be634","block_type":"box","text":"£'000 £'000","page_number":44,"box":{"x":781,"y":405,"width":159,"height":8}},{"id":"97e4f633-7e43-463c-850d-e0592ff83d83","block_type":"box","text":"Cash and bank balances 476 1,695","page_number":44,"box":{"x":87,"y":424,"width":854,"height":10}},{"id":"61665628-c9aa-4d65-9a10-dd38f739d4cb","block_type":"box","text":"Amounts held at brokers 78 204","page_number":44,"box":{"x":87,"y":443,"width":853,"height":8}},{"id":"f4da699f-aa16-4be5-bbc6-176f4830c36f","block_type":"box","text":"Total cash and bank balances 554 1,899","page_number":44,"box":{"x":87,"y":463,"width":854,"height":11}},{"id":"1db3a6b7-4a5c-4018-9ee4-50c9c7c960f3","block_type":"box","text":"12. Other creditors","page_number":44,"box":{"x":48,"y":495,"width":159,"height":8}},{"id":"e33c7bf9-81ea-4e64-85fe-45e1cfaf013b","block_type":"box","text":"31.12.25 31.12.24","page_number":44,"box":{"x":758,"y":513,"width":183,"height":8}},{"id":"f369b118-1aa0-4d9d-953d-f16f71b9f05d","block_type":"box","text":"£'000 £'000","page_number":44,"box":{"x":781,"y":527,"width":159,"height":8}},{"id":"f655cade-a918-486e-bc39-44992793b2fd","block_type":"box","text":"Liquidations awaiting settlement 2,650 19","page_number":44,"box":{"x":88,"y":546,"width":853,"height":11}},{"id":"28633364-8fe7-4e2a-9d12-4dca43bb714d","block_type":"box","text":"Purchases awaiting settlement - 2,228","page_number":44,"box":{"x":88,"y":565,"width":853,"height":11}},{"id":"8f95ad8e-518b-4349-bf24-899b58e2a8b0","block_type":"box","text":"Accrued Manager's periodic charge 37 18","page_number":44,"box":{"x":87,"y":584,"width":854,"height":11}},{"id":"4d176ebe-84ba-48b5-989b-419e71d724fb","block_type":"box","text":"Total other creditors 2,687 2,265","page_number":44,"box":{"x":87,"y":604,"width":854,"height":11}},{"id":"7bbddd16-56ed-4644-8b1b-0a33f4790e07","block_type":"box","text":"13. Contingent liabilities and commitments","page_number":44,"box":{"x":48,"y":636,"width":351,"height":11}},{"id":"8ddf6e04-7312-49d6-bbb7-1ad28d4d8d3e","block_type":"box","text":"The Fund had no contingent liabilities at year end (31.12.24: £nil).","page_number":44,"box":{"x":87,"y":650,"width":485,"height":11}},{"id":"7245d074-87a1-4584-be5c-d402d7af4784","block_type":"box","text":"14. Related party transactions","page_number":44,"box":{"x":48,"y":676,"width":248,"height":11}},{"id":"a24be688-c8fa-4d4e-9e34-88c8396eb0d7","block_type":"box","text":"The Manager exercises governance and oversight over the Fund and is a related party by virtue of the Trust Deed","page_number":44,"box":{"x":87,"y":690,"width":863,"height":11}},{"id":"f566c358-7ca8-45bc-87fe-763821e439bf","block_type":"box","text":"constituting the Fund.","page_number":44,"box":{"x":87,"y":705,"width":158,"height":11}},{"id":"bcbeff70-6ada-4788-8e88-db75768e24d8","block_type":"box","text":"Amounts paid during the year or due to the Manager at the year end are disclosed under Expenses and Other Creditors","page_number":44,"box":{"x":87,"y":726,"width":864,"height":11}},{"id":"537e8608-8859-453b-a595-99309e2233f1","block_type":"box","text":"in the Notes to the financial statements. At the year end £36,567 (31.12.24: £17,677) was due to the Manager in relation","page_number":44,"box":{"x":88,"y":740,"width":862,"height":11}},{"id":"5996ad4b-0642-46d7-9433-6c5b62e3aab9","block_type":"box","text":"to accrued manager’s periodic charges are disclosed in Other Creditors in the Notes to the Financial Statements.","page_number":44,"box":{"x":87,"y":754,"width":834,"height":11}},{"id":"e9440d1c-ec39-483f-b6c6-3a148a0c8f51","block_type":"box","text":"Transactions relating to the creation and cancellation of units and the purchases and sales of investments which pass","page_number":44,"box":{"x":87,"y":776,"width":864,"height":11}},{"id":"cb9719e1-6874-40b9-b5ea-b32a98cc614e","block_type":"box","text":"through the Manager, but are not for the benefit of, either related party are disclosed in the Statement of Change in Net","page_number":44,"box":{"x":87,"y":790,"width":864,"height":11}},{"id":"bfd4a0ae-cdb1-40bc-81ab-c159c969b682","block_type":"box","text":"Assets Attributable to Unitholders.","page_number":44,"box":{"x":87,"y":804,"width":250,"height":9}},{"id":"48b862b4-737d-4267-a05f-04b69f0bdd31","block_type":"box","text":"Amounts due to or from the Fund at the year end in relation to these transactions are disclosed under Debtors and","page_number":44,"box":{"x":87,"y":825,"width":863,"height":12}},{"id":"b8c51c3f-97af-4fc6-b945-e44b9ac40e82","block_type":"box","text":"Creditors in the Notes to the Financial Statements.","page_number":44,"box":{"x":87,"y":840,"width":373,"height":8}},{"id":"0d4f116c-43a1-4f8d-9fbb-b390b0f0707d","block_type":"box","text":"State Street AUT UK Screened Index Equity Fund","page_number":44,"box":{"x":47,"y":44,"width":467,"height":13}},{"id":"b4741d94-29f3-4fd2-b45a-121f5401a7a1","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":44,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"aabafc9b-841f-43e2-bd70-adb824a397f9","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":44,"box":{"x":48,"y":123,"width":435,"height":13}},{"id":"3ee1eb08-9df6-4bb8-bb9b-977645d05858","block_type":"box","text":"For the year ended 31st December 2025","page_number":44,"box":{"x":48,"y":147,"width":300,"height":11}},{"id":"1f1470f3-56ca-40ba-bb5a-46e3909baedc","block_type":"box","text":"42","page_number":44,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"d2784caf-2a43-478e-a283-75c47c1f6f50","block_type":"box","text":"15. Risk disclosures","page_number":45,"box":{"x":48,"y":175,"width":171,"height":8}},{"id":"5ab26575-d5ad-4d4a-8171-596b0f94eb3d","block_type":"box","text":"The Manager’s policy for managing these risks are summarised below and have been applied throughout the year.","page_number":45,"box":{"x":87,"y":189,"width":846,"height":11}},{"id":"a8405a9b-bacf-4280-9bd7-813bd6e0eeaa","block_type":"box","text":"(a) Foreign currency risk","page_number":45,"box":{"x":47,"y":215,"width":211,"height":11}},{"id":"21b700c9-2a4b-4644-a6c8-231482606290","block_type":"box","text":"The Fund’s financial instruments are almost exclusively held in the base currency, sterling. 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Our annual assessment","page_number":56,"box":{"x":47,"y":889,"width":904,"height":12}},{"id":"04d38f70-4510-4133-b973-944a0fdcd022","block_type":"box","text":"of value statement can be found in a composite report on www.ssga.com.","page_number":56,"box":{"x":47,"y":904,"width":542,"height":11}},{"id":"d0284cc8-ebc0-4c9d-8e9d-c9cfcb681de1","block_type":"box","text":"State Street AUT UK Screened Index Equity Fund","page_number":56,"box":{"x":47,"y":44,"width":467,"height":13}},{"id":"438f3e8e-5c60-447c-990f-9d48c669c5a0","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":56,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"f7cf2466-d493-41a5-a603-6c7693d0296d","block_type":"box","text":"Directory","page_number":56,"box":{"x":48,"y":102,"width":86,"height":13}},{"id":"f943d547-8894-4741-ba3a-43a6a7187367","block_type":"box","text":"54","page_number":56,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"1761ac15-ac7d-42ac-9c61-138ae93a7fa9","block_type":"box","text":"TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES (TCFD)","page_number":57,"box":{"x":47,"y":159,"width":578,"height":11}},{"id":"f10882e1-36c5-4828-9d36-b84a1befe296","block_type":"box","text":"The Manager’s entity and product disclosure reports have been published separately and can be found using the fund finder","page_number":57,"box":{"x":47,"y":172,"width":905,"height":11}},{"id":"5b1404f4-0c6b-40cc-83dd-fa6e8de5df8b","block_type":"box","text":"page on www.ssga.com.","page_number":57,"box":{"x":48,"y":189,"width":179,"height":9}},{"id":"a995baa7-3902-4eda-8c63-c570cdfb9b34","block_type":"box","text":"State Street AUT UK Screened Index Equity Fund","page_number":57,"box":{"x":47,"y":44,"width":467,"height":13}},{"id":"3eaf84d9-c87c-4071-ae39-a917ba7cce23","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":57,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"7468109b-54a3-4df8-8213-f09f07d5ef3e","block_type":"box","text":"Directory (continued)","page_number":57,"box":{"x":48,"y":102,"width":201,"height":13}},{"id":"a11fd083-f4d5-4c07-88c7-138ca9a43744","block_type":"box","text":"55","page_number":57,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"1869b8a9-3d89-46aa-931a-ea62ab717fad","block_type":"box","text":"State Street Corporation (“SSC”), and its direct and indirect subsidiaries (together with the SSC hereafter referred to as “State","page_number":58,"box":{"x":47,"y":175,"width":904,"height":11}},{"id":"2c59edac-e700-489c-897e-6a180af29789","block_type":"box","text":"Street”) operate a group-wide compensation strategy including a remuneration policy that applies to all State Street entities","page_number":58,"box":{"x":47,"y":189,"width":904,"height":11}},{"id":"74f5536e-4f7c-4cd7-9a7a-8a3b5bb20a7b","block_type":"box","text":"globally. As the Management Company, State Street Unit Trust Management Limited (“SSUTM”) does not employ any staff","page_number":58,"box":{"x":47,"y":203,"width":905,"height":11}},{"id":"1904d143-c31a-4f6c-8d5d-a518fc045ec6","block_type":"box","text":"and has delegated certain activities in respect of the investment management and risk management to SSGA Limited and","page_number":58,"box":{"x":47,"y":217,"width":903,"height":11}},{"id":"82e1dc15-d088-4e85-acd3-a28e59280090","block_type":"box","text":"SSGA Europe Limited, Poland Branch (together, the “Investment Managers”). As a State Street subsidiary, the Investment","page_number":58,"box":{"x":47,"y":231,"width":904,"height":12}},{"id":"3268c771-b7f8-42ab-99d5-1ddef75dff10","block_type":"box","text":"Managers are fully integrated into State Street’s group-wide compensation strategy and subject to the global and regional","page_number":58,"box":{"x":48,"y":246,"width":902,"height":11}},{"id":"56c5f4f8-07a0-41a8-bc59-7c4278b27ad4","block_type":"box","text":"governing body structure of State Street to provide appropriate and effective control of the remuneration arrangements (incl.","page_number":58,"box":{"x":47,"y":260,"width":903,"height":11}},{"id":"264dbbc5-11e9-4407-a4b4-a5f8f742297c","block_type":"box","text":"compliance with the relevant remuneration regulations) across the State Street group of affiliated entities. Under its publicly","page_number":58,"box":{"x":47,"y":274,"width":904,"height":11}},{"id":"15973b5e-c531-4cbb-9bc8-27533e24efde","block_type":"box","text":"available charter, the Human Resources Committee (“HRC”) of SSC oversees all of State Street’s compensation plans,","page_number":58,"box":{"x":47,"y":288,"width":903,"height":12}},{"id":"6ea0acd9-5774-4259-8e03-688a38da1199","block_type":"box","text":"policies, and programs in which senior executives participate and incentive, retirement, welfare and equity plans in which","page_number":58,"box":{"x":48,"y":303,"width":902,"height":11}},{"id":"060bde6b-0463-456c-b80f-74cd1071f9e4","block_type":"box","text":"certain other employees of SSC participate. It also oversees the alignment of the incentive compensation arrangements with","page_number":58,"box":{"x":47,"y":317,"width":903,"height":11}},{"id":"4d7ed03a-b3c1-4cd6-9c9e-9cf35c8b62e7","block_type":"box","text":"the State Street’s financial safety and soundness consistent with applicable related regulatory rules and guidance. The HRC","page_number":58,"box":{"x":47,"y":331,"width":904,"height":11}},{"id":"176838b8-88d2-4b6c-a9aa-9d6027427c57","block_type":"box","text":"approves the overall allocation of the Incentive Compensation (“IC”) Plan pool. State Street’s CEO allocates IC pools to","page_number":58,"box":{"x":47,"y":345,"width":904,"height":11}},{"id":"c0a95467-409e-43ad-b526-ac62f2432ae0","block_type":"box","text":"business units and corporate functions based upon a variety of factors, which may include budget performance, achievement","page_number":58,"box":{"x":48,"y":360,"width":903,"height":11}},{"id":"1e6e19ed-a4c6-4ede-b448-ab6576ffa436","block_type":"box","text":"of key goals and other considerations. The final expenditure and overall allocation between current and deferred awards are","page_number":58,"box":{"x":47,"y":374,"width":904,"height":11}},{"id":"2864812b-da40-4c36-ba79-3a0fed7ec2e3","block_type":"box","text":"then reviewed by the HRC prior to payment.","page_number":58,"box":{"x":47,"y":388,"width":324,"height":11}},{"id":"228a94e6-0cb2-46d7-9d9f-6d6445605525","block_type":"box","text":"State Street also has separate UK and SSGAEL Remuneration Committees in place for the Investment Managers with the","page_number":58,"box":{"x":47,"y":409,"width":904,"height":11}},{"id":"0d371cef-0f14-4e48-87ea-a7b61334ca07","block_type":"box","text":"primary duties to:","page_number":58,"box":{"x":48,"y":424,"width":125,"height":11}},{"id":"a7d23d2c-b7c5-4d2a-96a0-7e6b499c38e2","block_type":"box","text":"•","page_number":58,"box":{"x":47,"y":448,"width":4,"height":3}},{"id":"75afba17-f491-4af2-a7ac-7cf2fe0e1035","block_type":"box","text":"review the remuneration policy applicable to employees, management and Identified Staff of the Investment Managers","page_number":58,"box":{"x":95,"y":445,"width":856,"height":11}},{"id":"8ddf8f66-1c9f-42a7-88fb-cef952a12b78","block_type":"box","text":"and oversee its implementation;","page_number":58,"box":{"x":95,"y":459,"width":234,"height":11}},{"id":"6dbd1142-cb10-496d-b4e5-0e0fbcfeb030","block_type":"box","text":"•","page_number":58,"box":{"x":47,"y":484,"width":4,"height":3}},{"id":"88605bb3-318a-4bf8-9f91-286a4d73dcec","block_type":"box","text":"oversee compliance with any applicable remuneration regulations; and","page_number":58,"box":{"x":94,"y":481,"width":521,"height":11}},{"id":"f6352d13-2007-4bf4-8fdf-398d45ebfe80","block_type":"box","text":"•","page_number":58,"box":{"x":47,"y":505,"width":4,"height":3}},{"id":"9686fcbf-520c-4eeb-9fa1-92cf0d5a6472","block_type":"box","text":"review and endorse remuneration decisions related to Identified Staff and consider recommendations for ex-post risk","page_number":58,"box":{"x":95,"y":502,"width":856,"height":11}},{"id":"480667ff-c010-4cce-8c22-f149ecaca974","block_type":"box","text":"adjustment of Identified Staff.","page_number":58,"box":{"x":95,"y":516,"width":214,"height":11}},{"id":"0e352cd8-515b-43ac-a9f1-8ec62a92b0aa","block_type":"box","text":"State Street operates an annually reviewed global remuneration policy document (supplemented by any relevant addenda by","page_number":58,"box":{"x":47,"y":537,"width":904,"height":11}},{"id":"44c7f526-de93-4c11-a2dd-d0b8d58eba31","block_type":"box","text":"jurisdiction or regulatory regime), which documents State Street’s existing remuneration framework. This policy is intended to","page_number":58,"box":{"x":46,"y":552,"width":905,"height":11}},{"id":"bb0f7e50-2dbe-431b-967b-167d1636e798","block_type":"box","text":"comply with applicable remuneration regulatory requirements including, but not limited to, those contained in the CRD, UCITS","page_number":58,"box":{"x":47,"y":566,"width":904,"height":11}},{"id":"30f5d12e-0081-4e0c-96f2-9266297bacfb","block_type":"box","text":"V and AIFMD, and will be interpreted and administered accordingly. State Street’s remuneration policies and practices apply","page_number":58,"box":{"x":46,"y":580,"width":905,"height":11}},{"id":"b1b00232-d9ce-4e30-9b28-ea0ab4e6b896","block_type":"box","text":"on a global basis to all employees of the State Street group (incl. the Investment Managers). The key principles that align State","page_number":58,"box":{"x":47,"y":594,"width":904,"height":11}},{"id":"492b08d1-2d29-45e5-886f-27a3951aa39b","block_type":"box","text":"Street’s remuneration system with the business strategy are as follows:","page_number":58,"box":{"x":47,"y":608,"width":525,"height":12}},{"id":"40e752f8-5dc4-4b79-beb9-c8d944f43834","block_type":"box","text":"•","page_number":58,"box":{"x":47,"y":633,"width":4,"height":3}},{"id":"bec312f9-d31f-4042-a2ed-80d63279758c","block_type":"box","text":"We emphasize total rewards.","page_number":58,"box":{"x":94,"y":630,"width":214,"height":11}},{"id":"20a4ce1b-cd7b-4afe-a204-de97aa334283","block_type":"box","text":"•","page_number":58,"box":{"x":47,"y":654,"width":4,"height":3}},{"id":"0129dd83-a1d1-45d1-b6cc-dfe14f6692c5","block_type":"box","text":"We target the aggregate annual value of our Total Rewards Program to be competitive with our business peers.","page_number":58,"box":{"x":94,"y":651,"width":822,"height":11}},{"id":"630de88e-50b6-4c6e-b288-7255cc5fd5e0","block_type":"box","text":"•","page_number":58,"box":{"x":47,"y":676,"width":4,"height":3}},{"id":"cc320e99-d109-4b5b-b454-9afc53096147","block_type":"box","text":"We unequivocally support equal pay for work of equal value.","page_number":58,"box":{"x":94,"y":673,"width":445,"height":11}},{"id":"5b5c828e-a93c-469d-bb93-20699b0f6aad","block_type":"box","text":"•","page_number":58,"box":{"x":47,"y":697,"width":4,"height":3}},{"id":"6ecd2dec-ba68-4b28-8878-43355635be0b","block_type":"box","text":"Funding for our Total Rewards Program is subject to affordability and is designed to be flexible based on corporate","page_number":58,"box":{"x":95,"y":694,"width":856,"height":11}},{"id":"a47041b3-ee8c-458e-9e33-4f853d0bddfe","block_type":"box","text":"performance.","page_number":58,"box":{"x":95,"y":708,"width":96,"height":11}},{"id":"d3fe2ca5-5a09-4a88-970f-9c313c7c683c","block_type":"box","text":"•","page_number":58,"box":{"x":47,"y":733,"width":4,"height":3}},{"id":"0d3cc627-39e0-41b3-80d7-f5938c1c6d3c","block_type":"box","text":"We differentiate pay based on performance.","page_number":58,"box":{"x":94,"y":729,"width":324,"height":12}},{"id":"5a115b39-659d-4fb3-9611-3972b36808fc","block_type":"box","text":"•","page_number":58,"box":{"x":47,"y":754,"width":4,"height":3}},{"id":"5a80719b-88fd-46b1-905e-b70ceb455a68","block_type":"box","text":"We align employees’ interests with shareholders’ interests.","page_number":58,"box":{"x":94,"y":751,"width":432,"height":11}},{"id":"0178cbaa-9090-4b02-89c4-8b0d720f939e","block_type":"box","text":"•","page_number":58,"box":{"x":47,"y":775,"width":4,"height":3}},{"id":"6504556a-b319-4087-807b-e38a1e6bd539","block_type":"box","text":"Our compensation plans are designed to comply with applicable regulations and related guidance, including prohibiting","page_number":58,"box":{"x":95,"y":772,"width":855,"height":11}},{"id":"b3e2e205-7cb1-4806-aa79-bb1858842a8c","block_type":"box","text":"incentives to take excessive risks.","page_number":58,"box":{"x":95,"y":786,"width":249,"height":9}},{"id":"19ced591-e6dd-4d08-83b2-d2fd02e7cfba","block_type":"box","text":"State Street AUT UK Screened Index Equity Fund","page_number":58,"box":{"x":47,"y":44,"width":467,"height":13}},{"id":"910ca33f-16ab-4174-9e97-d4330ad7eea2","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":58,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"f7a951e5-8787-4168-a6e7-65702799a473","block_type":"box","text":"Appendix I – Remuneration Policy (Unaudited)","page_number":58,"box":{"x":46,"y":104,"width":442,"height":13}},{"id":"7a3eb366-7a1f-4a96-b357-8c548b911ce7","block_type":"box","text":"56","page_number":58,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"d92e6ad5-543b-4962-a060-5eae165458f5","block_type":"box","text":"Given our process of structured discretion in determining incentive pool funding and individual award decisions, the deferral","page_number":59,"box":{"x":47,"y":175,"width":903,"height":11}},{"id":"f9f1a75c-e0e6-4f98-b304-69aab57d3c88","block_type":"box","text":"of incentive compensation, and the availability of ex-ante and ex-post adjustments, such as forfeitures and clawbacks, our","page_number":59,"box":{"x":47,"y":189,"width":905,"height":11}},{"id":"1f6ffd5f-edbc-479e-8777-a5d02ba1167c","block_type":"box","text":"compensation system is appropriately risk-sensitive and links current decisions and actions to future risk outcomes.","page_number":59,"box":{"x":47,"y":203,"width":851,"height":11}},{"id":"925dcc76-6c3e-451b-9402-63b4c2ce1eda","block_type":"box","text":"State Street operates a fully flexible, discretionary bonus policy (i.e. the amount of individual variable pay may fluctuate","page_number":59,"box":{"x":47,"y":224,"width":904,"height":12}},{"id":"2acd19f7-e151-460c-9f34-e5faf64e0db5","block_type":"box","text":"significantly from one year to the next, depending on performance and the other factors described below, and even could be","page_number":59,"box":{"x":47,"y":239,"width":904,"height":11}},{"id":"11df22ed-c14b-4628-89d0-d500ecd11ff9","block_type":"box","text":"reduced to zero for any given year). The discretionary bonus policy is structured so as to achieve a balance between fixed and","page_number":59,"box":{"x":48,"y":253,"width":902,"height":11}},{"id":"f931e962-ea00-4954-9094-b96b9bf50091","block_type":"box","text":"variable components, but also includes specific maximum pay ratios where required by local regulations. A number of","page_number":59,"box":{"x":47,"y":267,"width":905,"height":11}},{"id":"13442338-3759-43b9-ba09-12b11f36b98f","block_type":"box","text":"employees in sales participate in Structured Incentive Plans, which aim to bring the variable compensation granted to plan","page_number":59,"box":{"x":47,"y":281,"width":903,"height":11}},{"id":"35a3448d-327b-4f07-b13c-593e7c0ccd3c","block_type":"box","text":"participants into line with the revenues they generate as well as taking into account non-financial qualitative performance","page_number":59,"box":{"x":48,"y":296,"width":903,"height":11}},{"id":"e5b399f4-0cfa-4faa-8ed5-58bf9c074706","block_type":"box","text":"indicators. All such participants receive sufficiently high fixed compensation. Variable compensation is assigned on an","page_number":59,"box":{"x":48,"y":310,"width":902,"height":11}},{"id":"9660c4ea-9121-4a9f-9be3-9c520cdcaeec","block_type":"box","text":"individual basis by way of a review of both quantitative and qualitative factors.","page_number":59,"box":{"x":48,"y":324,"width":572,"height":11}},{"id":"0c16f34b-5457-4d94-9e6d-598a37bfabb5","block_type":"box","text":"A proportionality assessment has been conducted to evaluate the risk profile of SSUTM. This analysis has concluded that the","page_number":59,"box":{"x":46,"y":345,"width":905,"height":11}},{"id":"55a182d8-7acc-44de-a2a7-5a98790a6b9a","block_type":"box","text":"size, nature and complexity of SSUTM and, where relevant, the funds that it manages, is sufficiently low and UCITS V’s","page_number":59,"box":{"x":47,"y":359,"width":904,"height":12}},{"id":"17decdd1-f90b-46ab-b50a-b22b8f490234","block_type":"box","text":"remuneration requirements on the pay-out processes and establishment of a remuneration committee were disapplied.","page_number":59,"box":{"x":48,"y":374,"width":902,"height":11}},{"id":"186ea8ce-4c85-4d48-a5ac-13df567038ce","block_type":"box","text":"Accordingly, State Street continues to operate current levels of deferral and stock-based compensation and has not made","page_number":59,"box":{"x":46,"y":388,"width":905,"height":11}},{"id":"339ea48d-2998-479e-b1ea-7e1ab19c7a53","block_type":"box","text":"significant changes to Identified Staff remuneration structures in respect of SSUTM.","page_number":59,"box":{"x":47,"y":402,"width":616,"height":11}},{"id":"f679dd1b-879b-463c-a472-e6db6910e9d5","block_type":"box","text":"Total amount of remuneration paid by the Investment Manager as at 31/12/2025","page_number":59,"box":{"x":47,"y":420,"width":626,"height":11}},{"id":"97129ab0-baca-478c-bef2-2e292c71ebd6","block_type":"box","text":"1","page_number":59,"box":{"x":675,"y":418,"width":4,"height":6}},{"id":"f8ffe1ff-86ed-4154-a4f4-67e1e86ab747","block_type":"box","text":"Fixed remuneration (in £ k)","page_number":59,"box":{"x":48,"y":441,"width":198,"height":11}},{"id":"c9f83b89-32d7-4ec7-b2d2-5126af1dd0bf","block_type":"box","text":"55,938","page_number":59,"box":{"x":901,"y":436,"width":50,"height":10}},{"id":"83234fba-e887-44ca-b8b5-b9f7d2e831cc","block_type":"box","text":"Variable remuneration (in £ 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