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State Street Authorised Contractual
Scheme
Annual Report and Audited Financial Statements For the eighteen-month period ended 31st December 2025
Page 2
Contents Page
Background information* 1
Directors' Report to Unitholders* 2
Responsibilities of the ACS Manager 3
Statement of the Depositary's Responsibilities 4
Report of the Depositary to the Unitholders 4
Independent Auditors’ Report 5
Accounting and Risk Management Policies 9
Fund Specific Information and Financial Statements for*:
State Street ACS Multi-Factor Global Index Equity Fund 12
State Street ACS North America Index Equity Fund 46
Directory* 53
Appendix I – Remuneration Policy (Unaudited) 54
* These collectively comprise the ACS Manager’s Report.
State Street Authorised Contractual Scheme
Annual Report and Audited Financial Statements 2025
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The State Street Authorised Contractual Scheme State Street Authorised Contractual Scheme (the "Scheme") is an authorised contractual scheme in co-ownership form authorised by the Financial Conduct Authority (the "FCA") with effect from 5 February 2016. The Scheme is managed by State Street Unit Trust Management Limited (the "ACS Manager"). The Scheme is a UCITS scheme. The Unitholders are not liable for the debts of the sub-fund or sub-funds in which they are invested. Unitholders are not liable to make any further payment to a sub-fund after they have paid the purchase price of their Units. They are, however, liable for any tax arising in respect of their proportionate share of the income and gains in the sub-fund or sub-funds in which they have invested.
As a consequence of being constituted as an authorised co-ownership scheme, the sub-funds may be treated as tax transparent for the purposes of income and/or gains by relevant taxing jurisdictions where Unitholders are subject to taxation and therefore, in most cases, also treated as tax transparent by the jurisdictions from which any underlying income or gains arising to the sub-fund are derived. Such tax transparency cannot, however, be guaranteed.
The ACS has 2 sub-funds, the State Street ACS North America Index Equity Fund launched on 9 March 2016 and liquidated on 7 October 2020 and is in the process of being wound up, and the State Street ACS Multi-Factor Global Index Equity Fund launched on 11 December 2018.
The accounting year end of the State Street Authorised Contractual Scheme changed from 30 June to 31 December with effect from 2025. The accounting period to 30 June 2025 was extended to 31 December 2025.
Crossholdings There were no shares in any sub-fund held by any other sub-fund of the Scheme.
State Street Authorised Contractual Scheme
Annual Report and Audited Financial Statements 2025
Background information
For the eighteen-month period ended 31st December 2025
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In accordance with the requirements of the Collective Investment Schemes sourcebook of the Financial Conduct Authority’s handbook of rules and guidance we hereby certify the report on behalf of the Directors of State Street Unit Trust Management Limited.
R. Bridger – Director, State Street Unit Trust Management Limited
T. Coghlan – Director, State Street Unit Trust Management Limited
22 April 2026
State Street Authorised Contractual Scheme
Annual Report and Audited Financial Statements 2025
Director's Report to Unitholders
For the eighteen-month period ended 31st December 2025
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The Collective Investment Schemes (the "COLL") sourcebook requires the ACS Manager to prepare financial statements for each accounting period which give a true and fair view of the financial position of the Scheme and its sub-funds as at 31st December 2025 and of the net revenue and the net capital gains/(losses) on the scheme property of the Scheme and its sub-funds for the period then ended. In preparing the financial statements the ACS Manager is required to:
• select suitable accounting policies and then apply them consistently;
• comply with all requirements of the Statement of Recommended Practice relating to Authorised Funds issued by the Investment Management Association in May 2014 (as amended in 2017);
• comply with the requirements of the COLL;
• follow generally accepted accounting principles and applicable accounting standards;
• keep proper accounting records which enable it to demonstrate that the financial statements as prepared comply with the above requirements;
• prepare the financial statements on the going concern basis unless it is inappropriate to presume the Fund will continue in operation;
• take reasonable steps for the prevention and detection of fraud or other irregularities.
The ACS Manager is responsible for the management of the sub-funds in accordance with its Co-Ownership Deed, the Prospectus and the COLL.
ASSESSMENT OF VALUE In accordance with FCA policy statement PS18/8 Value Assessment and Reporting Requirements, the Manager has performed a detailed assessment of whether the Fund provides value to investors. This assessment has been subject to scrutiny by the directors and the summary of the outcome is published separately on www.ssga.com.
State Street Authorised Contractual Scheme
Annual Report and Audited Financial Statements 2025
Responsibilities of the ACS Manager
For the eighteen-month period ended 31st December 2025
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Statement of the Depositary’s Responsibilities in Respect of the Scheme and Report of the Depositary to the Unitholders of the State Street Authorised Contractual Scheme ("the Scheme") for the period ended 31st December 2025 The Depositary must ensure that the Scheme is managed in accordance with the Financial Conduct Authority’s Collective Investment Schemes Sourcebook, the Financial Services and Markets Act 2000, as amended, the Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 (together “the Regulations”) and the Contractual Scheme Deed and Prospectus (together the “Scheme documents”) as detailed below.
The Depositary must in the context of its role act honestly, fairly, professionally, independently and in the interests of the Scheme and its investors.
The Depositary is responsible for the safekeeping of all custodial assets and maintaining a record of all other assets of the Scheme in accordance with the Regulations.
The Depositary must ensure that:
• the Scheme’s cash flows are properly monitored and that cash of the Scheme is booked in cash accounts in accordance with the Regulations;
• the sale, issue, repurchase, redemption and cancellation of units are carried out in accordance with the Regulations;
• the value of units of the Scheme are calculated in accordance with the Regulations;
• any consideration relating to transactions in the Scheme’s assets is remitted to the Scheme within the usual time limits;
• the Scheme’s income is applied in accordance with the Regulations; and
• the instructions of the Authorised Fund Manager (“the AFM”), which is the UCITS Management Company, are carried out (unless they conflict with the Regulations).
The Depositary also has a duty to take reasonable care to ensure that Scheme is managed in accordance with the Regulations and the Scheme documents in relation to the investment and borrowing powers applicable to the Scheme.
Having carried out such procedures as we considered necessary to discharge our responsibilities as Depositary of the Scheme, it is our opinion, based on the information available to us and the explanations provided, that, in all material respects, the AFM:
(i) has carried out the issue, sale, redemption and cancellation, and calculation of the price of the Scheme’s units and the application of the Scheme’s income in accordance with the Regulations and Scheme documents of the Scheme; and
(ii) has observed the investment and borrowing powers and restrictions applicable to the scheme in accordance with the Regulations and Scheme documents of the Scheme.
This report is given on the basis that no breaches are subsequently advised to us before the distribution date. We therefore reserve the right to amend the report in the light of such circumstances.
Yours sincerely
Depositary HSBC Bank Plc 8 Canada Square London E14 5HQ
22 April 2026
State Street Authorised Contractual Scheme
Annual Report and Audited Financial Statements 2025
Statement of the Depositary’s Responsibilities
For the eighteen-month period ended 31st December 2025
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Report on the audit of the financial statements
Opinion In our opinion, the financial statements of State Street Authorised Contractual Scheme (the “Scheme”):
• give a true and fair view of the financial position of the Scheme and each sub-fund as at 31 December 2025 and of the net revenue and the net capital gains/result on the scheme property of the Scheme and each of its sub-funds for the period from 1 July 2024 to 31 December 2025 (the “period”); and
• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law), the Statement of Recommended Practice for UK Authorised Funds, the Collective Investment Schemes sourcebook ("the sourcebook") and the Co-Ownership Deed.
State Street Authorised Contractual Scheme is an Authorised Contractual Scheme (“ACS”) with 2 sub-funds. The financial statements of the Scheme comprise the financial statements of each of the sub-funds. We have audited the financial statements, included within the Annual Report and Audited Financial Statements (the “Annual Report”), which comprise:
• the Balance Sheets as at 31 December 2025;
• the Statements of Total Return for the period then ended;
• the Statements of Change in Net Assets Attributable to Unitholders for the period then ended;
• the Distribution tables;
• the Accounting and Risk Management Policies; and
• the Notes to the Financial Statements.
Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence We remained independent of the Scheme in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Emphasis of matter – financial statements of a sub-fund prepared on a basis other than going concern In forming our opinion on the financial statements, which is not modified, we draw attention to note 1 (a) of the Accounting and Risk Management Policies section which describes the Authorised Contractual Scheme Manager’s reasons why the financial statements of State Street ACS North America Index Equity Fund (the "terminating sub-fund”), a sub-fund of State Street Authorised Contractual Scheme, have been prepared on a basis other than going concern. The financial statements of the remaining sub-fund of the Scheme (the "continuing sub-fund”) has been prepared on a going concern basis.
Conclusions relating to going concern
In respect of the Scheme as a whole and the continuing sub-fund, based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Scheme’s or the continuing sub-fund’s ability to continue as a going concern for a period of at least twelve months from the date on which the financial statements are authorised for issue.
With the exception of the terminating sub-fund, in auditing the financial statements, we have concluded that the Authorised Contractual Scheme Manager’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
State Street Authorised Contractual Scheme
Annual Report and Audited Financial Statements 2025
Independent auditors' report to the Unitholders of State Street Authorised Contractual Scheme
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However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the Scheme's ability or the ability of the continuing sub-funds to continue as a going concern.
Our responsibilities and the responsibilities of the Authorised Contractual Scheme Manager with respect to going concern are described in the relevant sections of this report.
Reporting on other information The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The Authorised Contractual Scheme Manager is responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities. Based on our work undertaken in the course of the audit, the Collective Investment Schemes sourcebook requires us also to report certain opinions as described below.
Authorised Contractual Scheme Manager’s Report In our opinion, the information given in the Authorised Contractual Scheme Manager's Report for the period ended 31 December 2025 for which the financial statements are prepared is consistent with the financial statements.
Responsibilities for the financial statements and the audit
Responsibilities of the Authorised Contractual Scheme Manager for the financial statements As explained more fully in the Responsibilities of the ACS Manager, the Authorised Contractual Scheme Manager is responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The Authorised Contractual Scheme Manager is also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Authorised Contractual Scheme Manager is responsible for assessing the Scheme’s and each of its sub-funds ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Authorised Contractual Scheme Manager either intends to wind up or terminate the Scheme or an individual sub-fund, or has no realistic alternative but to do so.
State Street Authorised Contractual Scheme
Annual Report and Audited Financial Statements 2025
Independent auditors' report to the Unitholders of State Street Authorised Contractual Scheme (continued)
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Auditors’ responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. Based on our understanding of the Scheme and its industry, we identified that the principal risks of non-compliance with laws and regulations related to breaches of the Collective Investment Schemes sourcebook, and we considered the extent to which non-compliance might have a material effect on the financial statements, in particular those parts of the sourcebook which may directly impact on the determination of amounts and disclosures in the financial statements.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate revenue or to increase the net asset value of the Scheme or the sub-funds. Audit procedures performed by the engagement team included:
• Discussions with the Authorised Contractual Scheme Manager, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
• Reviewing relevant meeting minutes, including those of the Authorised Contractual Scheme Manager’s board of directors;
• Identifying and testing journal entries, specifically any journals posted as part of the financial period end close process; and
• Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.
Use of this report This report, including the opinions, has been prepared for and only for the Scheme’s Unitholders as a body in accordance with paragraph 4.5.12 of the Collective Investment Schemes sourcebook and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
State Street Authorised Contractual Scheme
Annual Report and Audited Financial Statements 2025
Independent auditors' report to the Unitholders of State Street Authorised Contractual Scheme (continued)
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Other required reporting
Opinion on matter required by the Collective Investment Schemes sourcebook In our opinion, we have obtained all the information and explanations we consider necessary for the purposes of the audit.
Collective Investment Schemes sourcebook exception reporting Under the Collective Investment Schemes sourcebook we are also required to report to you if, in our opinion:
• proper accounting records have not been kept; or
• the financial statements are not in agreement with the accounting records.
We have no exceptions to report arising from this responsibility.
PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors Glasgow 22 April 2026
State Street Authorised Contractual Scheme
Annual Report and Audited Financial Statements 2025
Independent auditors' report to the Unitholders of State Street Authorised Contractual Scheme (continued)
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1. Accounting policies
(a) Basis of accounting The financial statements have been prepared under the historical cost convention by the revaluation of the investments, and in accordance with the United Kingdom Generally Accepted Accounting Practice ("UK GAAP") which comprises the UK Financial Reporting Standard 102 ("FRS 102") and the Statement of Recommended Practice ("SORP") for Authorised Funds issued by the Investment Management Association in May 2014 (as amended in 2017).
The Financial Statements have been prepared on a going concern basis with the exception of the State Street ACS North America Index Equity Fund which has been prepared on a basis other than going concern. Having received notice of a full redemption, the fund liquidated in October 2020 and the ACS Manager came to the conclusion to terminate the fund. No adjustments were required in the fund's financial statements to reduce assets to their realisable values, or to provide for liabilities arising from this decision. The ACS manager will bear the costs relating to any such liabilities arising. For State Street ACS North America Index Equity Fund, Fixed Assets continue to be classified as Current Assets due to this fund being prepared on a basis other than going concern.
(b) Basis of valuation of investments The investments of the sub-funds have been valued at the closing bid market prices ruling on the principal markets on which the stocks are quoted, on the last business day of the accounting period.
Market value is defined by the SORP as fair value which is the bid value of each security.
Where applicable, unlisted and suspended securities are based on the ACS Manager’s assessment of their net realisable value. At present, there are no unlisted or suspended securities held by either sub-fund.
Open futures contracts have been valued at fair value and the net gains/(losses) are reflected within Derivative contracts in net capital gains/(losses) on investments.
(c) Exchange rates Foreign currency receipts and payments are translated at the rate applicable on the date of settlement.
Foreign currency assets and liabilities are valued at the rates on the last day of the accounting period.
(d) Recognition of revenue Revenue is included in the Statement of Total Return on the following basis: Dividends are recognised when the security is quoted ex-dividend. Special dividends are treated as either capital or revenue depending on the facts of each particular case. Deposit interest and interest payable are recorded on an accrual basis.
Dividends from Real Estate Investment Trusts ('REITs') are recognised as distributable income when the securities are quoted ex-dividend. US REIT dividend revenue is accounted for partly as revenue and partly as capital, depending on the underlying REIT distribution. Accounting practice is to allocate 100% of the dividend return to income given the capital/income split is not known at the time of payment. If the amount received from REIT Dividends reach the trigger amount of 0.5% of the Fund NAV; then the dividend amount will be treated as capital. The dividend amounts are monitored on a quarterly basis.
Other income, including receipts from class actions or similar settlements that represent compensation for income (for example, unpaid dividends), is recognised as revenue when the Fund becomes entitled to the proceeds.
(e) Treatment of expenses Management expenses are charged against the revenue of the sub-funds on an accruals basis.All other expenses other than bank charges and interest are met by the ACS Manager.
(f) Taxation No provision for corporation tax is made due to the tax transparent nature of the Scheme, in accordance with section 1121 of Corporation Tax Act 2010. Instead, the unit holders of the sub-funds are taxed on their share of the income derived from the underlying assets.
State Street Authorised Contractual Scheme
Annual Report and Audited Financial Statements 2025
Accounting and Risk Management Policies
For the eighteen-month period ended 31st December 2025
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1. Accounting policies (continued)
(g) Dilution adjustment In certain circumstances (as detailed in the Prospectus) the ACS may charge a dilution adjustment on the creation or cancellation of shares, which is paid into the capital of the relevant sub-fund on an accruals basis. The adjustment is intended to cover certain dealing charges not included in the mid-market value of the sub-funds used in calculating the share price, which could have a diluting effect on the sub-funds.
2. Distribution policy The sub-funds currently offer only accumulation units whereby income will become part of the capital property of the sub-funds and will be reflected in the price of each such accumulation Unit as at the end of the relevant accounting period.
(a) Treatment of stock dividends The ordinary element of stock dividends is treated as revenue and forms part of the distribution.
In the case of an enhanced stock dividend, the value of the enhancement is treated as capital and does not form part of the distribution.
(b) Expenses Management expenses are charged to revenue.
3. Risk management policies In pursuing its investment objectives the sub-funds hold a number of financial instruments. The sub-funds' financial instruments comprise of securities and other investments, cash balances and bank overdrafts, short term fixed deposits, debtors and creditors that arise directly from its operations, for example, in respect of sales and purchases awaiting settlement, amounts receivable for creations and payable for liquidations and debtors for accrued revenue.
The main risks the sub-funds may face from investing are: (a) market risk, (b) market price risk, (c) foreign currency risk, (d) interest rate risk, (e) liquidity risk, (f) credit risk and (g) use of derivatives.
The ACS Manager’s policy for managing these risks are summarised below and have been applied throughout the period.
(a) Market risk Market risk is the risk that the fair value or future cash flows of the financial instruments held by the sub-funds will fluctuate because of changes in underlying valuation factors. It represents the potential loss the sub-funds might suffer through holding market positions in the face of valuation factor movements. Market risk typically includes market price risk, foreign exchange or currency risk, and interest rate risk.
(b) Market price risk Market price risk is the risk that the value of the financial instruments held by the sub-funds will fluctuate because of changes in market prices. It represents the potential loss the sub-funds might suffer through changes in market prices of the sub-funds holdings. The investment manager considers the asset allocation of the portfolio in order to minimize the risk associated with particular countries or industry sectors whilst continuing to follow the investment objectives of the sub-funds.
As index funds, the investment objective is to seek to track as closely as reasonably possible the performance of the benchmark index. In order to achieve this objective, the sub-funds invest primarily in securities held in the equity index benchmark. Market price risk for an index fund arises from a mismatch in the relative proportion of assets in fund from their respective proportions in the benchmark. The sub-funds place limitations on the amount by which a holding may deviate from the proportion benchmark to limit the market risk from mismatched positions.
State Street Authorised Contractual Scheme
Annual Report and Audited Financial Statements 2025
Accounting and Risk Management Policies (continued)
For the eighteen-month period ended 31st December 2025
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3. Risk management policies (continued)
All securities investments present a risk of loss of capital. The investment manager assesses the sub-funds' market risk volatility to ensure that the effect of utilizing financial derivative instruments is not significant enough to cause disproportionate losses to a sub-fund’s overall value. The investment manager moderates this risk through careful selection of securities and financial instruments. The investment manager manages this risk through a combination of risk metrics. This includes, but is not restricted to, tracking error volatility, which measures the ex-ante volatility of excess returns of the sub-funds against their referenced benchmark. The tracking error volatility on the sub-funds is closely monitored on a regular basis, and is a key consideration when the sub-funds are rebalanced.
(c) Foreign currency risk Any fluctuations in foreign currency exchange rates between the base currency ("GBP") and the respective foreign currencies may significantly affect the value of the sub-fund investments and the returns ultimately achieved by the sub-fund. Local interest rates and monetary policy, as well as other government fiscal and labour policies, also can adversely impact the sub-fund’s currency values.
Based on the sub-fund mandate, a sub-fund's use of foreign exchange forwards is primarily to hedge underlying market exposures of the sub-funds investments or to obtain downside protection on a certain position.
(d) Interest rate risk Interest rate risk is present when the value of investment securities may fluctuate as a result of a change in market interest rates. Explicit interest rate risk occurs when there is a direct relationship between changes in interest rates and changes in the value of investment securities. The sub-funds invest in only equity and equity-based instruments, the values of which are not directly dependent on interest rates.
(e) Liquidity risk The sub-funds are exposed to daily cash redemptions of redeemable units. So the main liability of the sub-funds is the redemption of any units that investors wish to sell. Hence the sub-funds invest the large majority of its assets in investments that are traded in an active market and can ordinarily be readily disposed. However, liquidity risk will occur if an equity issuer becomes credit impaired or if the relevant market becomes illiquid. In such a case, it may not be possible to initiate or liquidate a position at a price that is deemed by the investment manager to be demonstrating fair value. Liquidity risk may be temporary or may last for extended periods.
The sub-funds invest solely in securities which form part of the Benchmark Indexes. Benchmark Indexes are constructed using index rules requiring securities to have a specified minimum trading volume, which, although not guaranteeing liquidity, provides indication of the liquid nature of the securities underlying the sub-funds. The sub-funds are exposed to daily contributions and withdrawals which are managed to ensure that exposure to the Benchmark Indexes is maintained in order to meet the investment objective of the sub-funds.
(f) Credit risk The sub-funds invest in only equity and equity-based instruments, which are not credit instruments, and therefore the sub-funds are not explicitly exposed to credit risk other than revenue index futures. Index futures used for efficient portfolio management are exchange traded and marked to market daily, so counterparty risk is negligible.
(g) Use of derivatives The sub-funds use equity index futures only, no other derivatives, for efficient portfolio management— index futures are used to equitize cash holdings from inflows and outflows and also anticipated cash flows (e.g. dividend receivables). As a result the exposure to futures are covered by cash and near cash at all times, and assist in meeting the investment objectives of the sub-funds.
State Street Authorised Contractual Scheme
Annual Report and Audited Financial Statements 2025
Accounting and Risk Management Policies (continued)
For the eighteen-month period ended 31st December 2025
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Investment Objective and Policy The investment objective of the State Street ACS Multi-Factor Global Index Equity Fund (the “Fund”) is to track as closely as possible, the performance of the MSCI World 5-Factor Select Advanced Target Index (the “Index”). The Fund seeks to minimise, as far as possible, the tracking difference between the Fund’s performance and that of the Index. The benchmark Index is part of the MSCI range of equity indices which are designed to represent the performance of a strategy that seeks to systematically integrate environmental, social and governance (“ESG”) norms and carbon exposure management in factor investing, by seeking higher exposure to a combination of five style factors along with improvement in the ESG profile and reduction in carbon exposure of the Index. The Fund tracks the Index which targets a 20% improvement in ESG rating and a 50% reduction in Carbon emissions.
Performance The Fund returned 12.25% on a net basis for the eighteen-month period ended 31st December 2025 (the “Reporting Period”), compared to the Index return of 11.95%. The size of the Fund’s tracking difference for the Reporting Period was 0.11%.
Risk and Reward Profile
Risk Disclaimer
The risk category above is not a measure of capital loss or gains but of how significant the rises and falls in the Fund’s return have been historically.
For example a fund whose return has experienced significant rises and falls will be in a higher risk category, whereas a fund whose return has experienced less significant rises and falls will be in a lower risk category.
The lowest category (i.e. category 1) does not mean that a fund is a risk free investment.
As the Fund’s risk category has been calculated using historical data, it may not be a reliable indication of the Fund’s future risk profile.
The Fund’s risk category shown is not guaranteed and may change in the future.
Why is this Fund in this category
The Fund is in risk category 5 as its return has experienced medium rises and falls historically . The following are material risks relevant to the Fund which are not adequately captured by the risk category.
Derivatives Risk: The Fund’s use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in securities. Derivatives may be used to reduce risk to the Fund but this may not be effective and the Fund may still suffer a loss.
ESG Risk: If the Fund invests in companies taking into account environmental, social and corporate governance (ESG) criteria then the performance of the Fund may trail the returns of a portfolio of securities that includes companies that are not excluded as a result of such ESG criteria. Investing only in a portfolio of securities that are not excluded as a result of such ESG criteria may affect the Fund's exposure to certain types of investments and may adversely impact the Fund's performance.
State Street Authorised Contractual Scheme
Annual Report and Audited Financial Statements 2025
State Street ACS Multi-Factor Global Index Equity Fund
ACS Manager’s Report
For the eighteen-month period ended 31st December 2025
12
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Index Tracking Risk: The Fund’s performance may not exactly track the Benchmark Index. This can result from factors which include, but are not limited to, transaction costs, differences in the weights held in individual securities to that of the Benchmark Index, subscriptions and redemptions, small amounts of cash not being invested in securities, the Funds being unable to trade in one or more markets, and efficient portfolio management techniques.
Currency Hedging Risk: There can be no assurance that the Fund's hedging transactions will be effective. By seeking to reduce or eliminate losses caused by exchange rate fluctuations, hedging may also reduce or eliminate gains.
Tax Status of the Fund Risk: Non-UK tax authorities may not recognise the Fund as being tax transparent, resulting in adverse tax consequences for the investor. The Fund could be liable to taxation on its profits, unable to claim in full any tax relief and/or a Unitholder may be called upon to indemnify the Fund if such Unitholder is not, or ceases to be, an Eligible Investor.
Derivatives Usage
Derivatives are used in the Fund for efficient portfolio management purposes. The Fund invests in index futures to manage client inflows and outflows and to hedge accrued income. At all times the futures exposure is covered entirely by cash or cash equivalents.
As at 31st December 2025, the Fund had a futures holding of 0.52%. As at 31st December 2025, the Fund had a total notional exposure to futures of £3,328,406 (30.06.2024: £1,185,511).
Forward foreign exchange contracts are used to fully or partially hedge the exposure between the Base Currency of the Fund and the currencies which certain index components are denominated in and/or to hedge the exposure between the Base currency of the Fund and the base currency of the class.
As at 31st December 2025, the Fund had a total notional exposure to forward foreign exchange contracts of £871,722,161 (30.06.2024: £248,012,546).
Tracking Error
The Tracking Error measures the standard deviation of the relative returns. It is the annualised standard deviation of the returns of a fund minus those of its benchmark (relative returns) and not the standard deviation of each fund’s unique returns. The lower the tracking error of a fund, the more the fund resembles its benchmark or the market regarding risk and return characteristics.
The size of the Fund’s tracking error for the eighteen-month ended 31 December 2025 was 0.11% which was within the targeted tolerance.
State Street Authorised Contractual Scheme
Annual Report and Audited Financial Statements 2025
State Street ACS Multi-Factor Global Index Equity Fund
ACS Manager’s Report (continued)
For the eighteen-month period ended 31st December 2025
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Holdings
Market Value £'000
% of Total Net Assets
Australia — 3.99% (30.06.2024 — 3.53%) Aristocrat Leisure Ltd. 79,938 2,279 0.36 Brambles Ltd. 196,170 2,202 0.35 Cochlear Ltd. 7,055 909 0.14 Coles Group Ltd. 179,383 1,906 0.30 Evolution Mining Ltd. 292,365 1,835 0.29 Insurance Australia Group Ltd. 262,319 1,031 0.16 Lottery Corp. Ltd. 317,313 810 0.13 Medibank Pvt Ltd. 392,620 930 0.15 Northern Star Resources Ltd. 193,001 2,536 0.40 Pro Medicus Ltd. 8,195 894 0.14 QBE Insurance Group Ltd. 217,446 2,139 0.34 REA Group Ltd. 5,785 526 0.08 Rio Tinto Ltd. 41,532 3,006 0.47 Stockland* 345,341 978 0.15 Suncorp Group Ltd. 154,377 1,347 0.21 Telstra Group Ltd. 566,357 1,365 0.21 Vicinity Ltd.* 557,386 705 0.11
25,398 3.99
Belgium — 0.84% (30.06.2024 — 0.67%) Ageas SA 6,133 320 0.05 KBC Group NV 22,424 2,178 0.34 UCB SA 13,748 2,850 0.45
5,348 0.84
Canada — 3.91% (30.06.2024 — 1.83%) Canadian Tire Corp. Ltd. 7,200 677 0.11 Celestica, Inc. 16,500 3,624 0.57 Constellation Software, Inc. Warrant~³ 2,700 0 0.00 Element Fleet Management Corp. 57,200 1,113 0.18 Empire Co. Ltd. 18,100 468 0.07 iA Financial Corp., Inc. 13,200 1,270 0.20 IGM Financial, Inc. 11,500 384 0.06
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State Street ACS Multi-Factor Global Index Equity Fund
Portfolio Statement
As at 31st December 2025
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Holdings
Market Value £'000
% of Total Net Assets
Canada — 3.91% (30.06.2024 — 1.83%) (continued) Kinross Gold Corp. 174,500 3,657 0.57 Lundin Gold, Inc. 15,500 958 0.15 Manulife Financial Corp. 197,600 5,337 0.84 Open Text Corp. 36,100 875 0.14 Stantec, Inc. 11,900 835 0.13 Wheaton Precious Metals Corp. 65,300 5,667 0.89
24,865 3.91
Denmark — 0.64% (30.06.2024 — 3.04%) AP Moller - Maersk AS 'A' Shares 417 711 0.11 AP Moller - Maersk AS 'B' Shares 563 961 0.15 Genmab AS 5,930 1,400 0.22 Pandora AS 7,435 614 0.10 Rockwool AS 13,416 352 0.06
4,038 0.64
Finland — 0.79% (30.06.2024 — 0.23%) Elisa OYJ 20,277 666 0.11 Kesko OYJ 38,938 655 0.10 Nokia OYJ 753,054 3,668 0.58
4,989 0.79
France — 3.99% (30.06.2024 — 4.14%) Amundi SA 8,931 549 0.09 AXA SA 178,061 6,368 1.00 BNP Paribas SA 22,552 1,591 0.25 Bouygues SA 23,657 916 0.15 Carrefour SA 62,009 770 0.12 Cie Generale des Etablissements Michelin SCA 96,536 2,373 0.37 Covivio SA* 7,957 391 0.06 Eiffage SA 9,779 1,040 0.16 Gecina SA* 6,678 470 0.08
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Annual Report and Audited Financial Statements 2025
State Street ACS Multi-Factor Global Index Equity Fund
Portfolio Statement (continued)
As at 31st December 2025
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Holdings
Market Value £'000
% of Total Net Assets
France — 3.99% (30.06.2024 — 4.14%) (continued) Ipsen SA 5,377 556 0.09 Klepierre SA* 30,672 900 0.14 Orange SA 268,105 3,324 0.52 Societe Generale SA 101,748 6,105 0.96
25,353 3.99
Germany — 1.49% (30.06.2024 — 1.28%) Deutsche Bank AG 44,370 1,288 0.20 Fresenius SE & Co. KGaA 20,901 892 0.14 GEA Group AG 20,889 1,052 0.16 Henkel AG & Co. KGaA Preference Shares 22,860 1,394 0.22 SAP SE 18,466 3,377 0.53 Scout24 SE 10,692 801 0.13 Talanx AG 6,950 690 0.11
9,494 1.49
Hong Kong — 0.63% (30.06.2024 — 0.15%) CK Asset Holdings Ltd. 274,500 1,030 0.16 Sino Land Co. Ltd. 512,724 501 0.08 SITC International Holdings Co. Ltd. 127,000 338 0.05 Sun Hung Kai Properties Ltd. 206,500 1,862 0.29 Swire Pacific Ltd. 'A' Shares 50,000 299 0.05
4,030 0.63
Ireland — 3.75% (30.06.2024 — 1.97%) AIB Group PLC 169,148 1,358 0.21 Allegion PLC 12,000 1,421 0.22 CRH PLC 48,400 4,491 0.70 Pentair PLC 23,600 1,827 0.29 Seagate Technology Holdings PLC 12,500 2,558 0.40 STERIS PLC 12,400 2,336 0.37
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Portfolio Statement (continued)
As at 31st December 2025
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Holdings
Market Value £'000
% of Total Net Assets
Ireland — 3.75% (30.06.2024 — 1.97%) (continued) Trane Technologies PLC 31,997 9,262 1.46 Willis Towers Watson PLC 2,560 625 0.10
23,878 3.75
Israel — 0.63% (30.06.2024 — 0.00%) Bank Hapoalim BM 180,063 3,031 0.48 Isracard Ltd.** 1 0 0.00 Nice Ltd. 3,732 311 0.05 Phoenix Financial Ltd. 21,174 643 0.10
3,985 0.63
Italy — 1.91% (30.06.2024 — 1.60%) Banco BPM SpA 155,614 1,769 0.28 BPER Banca SpA 147,898 1,494 0.23 Generali 109,114 3,406 0.54 Moncler SpA 30,824 1,478 0.23 Telecom Italia SpA 1,639,065 736 0.12 UniCredit SpA 38,216 2,366 0.37 Unipol Assicurazioni SpA 51,143 918 0.14
12,167 1.91
Japan — 3.66% (30.06.2024 — 6.68%) Advantest Corp. 200 19 0.00 KDDI Corp. 417,900 5,362 0.84 Konami Group Corp. 14,300 1,447 0.23 NEC Corp. 182,500 4,596 0.72 Nitto Denko Corp. 91,000 1,600 0.25 Panasonic Holdings Corp. 169,800 1,630 0.26 Ryohin Keikaku Co. Ltd. 72,100 951 0.15 Secom Co. Ltd. 45,200 1,193 0.19 Seibu Holdings, Inc. 30,000 612 0.10 Sekisui Chemical Co. Ltd. 40,300 503 0.08
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Annual Report and Audited Financial Statements 2025
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Portfolio Statement (continued)
As at 31st December 2025
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Page 20
Holdings
Market Value £'000
% of Total Net Assets
Japan — 3.66% (30.06.2024 — 6.68%) (continued) Shionogi & Co. Ltd. 107,800 1,449 0.23 SoftBank Corp. 696,400 709 0.11 Sompo Holdings, Inc. 95,500 2,417 0.38 Yokogawa Electric Corp. 32,600 773 0.12
23,261 3.66
Netherlands — 2.50% (30.06.2024 — 3.53%) ABN AMRO Bank NV 83,962 2,181 0.34 Aercap Holdings NV 25,400 2,713 0.43 ASR Nederland NV 17,063 903 0.14 Koninklijke Ahold Delhaize NV 129,145 3,932 0.62 Koninklijke KPN NV 559,946 1,944 0.30 NN Group NV 38,732 2,220 0.35 Randstad NV 12,105 340 0.05 STMicroelectronics NV 86,882 1,692 0.27 Wolters Kluwer NV** 2 0 0.00
15,925 2.50
New Zealand — 0.00% (30.06.2024 — 0.07%) Norway — 0.27% (30.06.2024 — 0.22%) Orkla ASA 99,937 828 0.13 Telenor ASA 79,820 863 0.14
1,691 0.27
Singapore — 0.60% (30.06.2024 — 0.21%) CapitaLand Ascendas REIT* 558,500 914 0.14 Keppel Ltd. 156,800 936 0.15 Singapore Exchange Ltd. 122,200 1,198 0.19 Yangzijiang Shipbuilding Holdings Ltd. 368,200 739 0.12
3,787 0.60
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Portfolio Statement (continued)
As at 31st December 2025
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Page 21
Holdings
Market Value £'000
% of Total Net Assets
Spain — 2.04% (30.06.2024 — 2.08%) Banco Bilbao Vizcaya Argentaria SA 170,022 2,977 0.47 Banco de Sabadell SA 723,332 2,125 0.33 Endesa SA 45,282 1,211 0.19 Iberdrola SA 74,365 1,199 0.19 Industria de Diseno Textil SA 71,658 3,525 0.55 International Consolidated Airlines Group SA 168,477 699 0.11 Mapfre SA 133,919 500 0.08 Redeia Corp. SA 57,854 766 0.12
13,002 2.04
Sweden — 0.79% (30.06.2024 — 0.49%) Boliden AB 40,520 1,686 0.27 Saab AB 15,200 661 0.10 Svenska Cellulosa AB SCA 65,218 648 0.10 Tele2 AB 78,049 976 0.15 Telia Co. AB 336,345 1,073 0.17
5,044 0.79
Switzerland — 1.38% (30.06.2024 — 1.45%) Belimo Holding AG 1,403 1,028 0.16 Garmin Ltd. 20,600 3,106 0.49 Logitech International SA 21,776 1,666 0.26 Swiss Prime Site AG 8,304 959 0.15 Swisscom AG 3,693 1,993 0.32
8,752 1.38
United Kingdom — 2.94% (30.06.2024 — 3.60%) 3i Group PLC 142,837 4,659 0.73 Admiral Group PLC 37,118 1,179 0.19 Auto Trader Group PLC 123,343 723 0.11 BT Group PLC 852,604 1,569 0.25 Fresnillo PLC 31,516 1,051 0.16
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Portfolio Statement (continued)
As at 31st December 2025
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Holdings
Market Value £'000
% of Total Net Assets
United Kingdom — 2.94% (30.06.2024 — 3.60%) (continued) Intertek Group PLC 17,377 804 0.13 J Sainsbury PLC 245,053 796 0.12 Kingfisher PLC 247,910 775 0.12 Land Securities Group PLC* 100,893 627 0.10 Marks & Spencer Group PLC 293,262 966 0.15 Pearson PLC 82,184 863 0.14 Schroders PLC 105,067 428 0.07 Smiths Group PLC 46,530 1,093 0.17 Standard Chartered PLC 25,214 459 0.07 Vodafone Group PLC 2,757,496 2,727 0.43
18,719 2.94
United States — 63.00% (30.06.2024 — 63.76%) 3M Co. 52,900 6,297 0.99 Adobe, Inc. 29,420 7,652 1.20 Allstate Corp. 22,800 3,529 0.56 Alphabet, Inc. 56,000 13,029 2.05 Amazon.com, Inc. 29,000 4,977 0.78 American Financial Group, Inc. 9,500 965 0.15 American International Group, Inc. 41,300 2,627 0.41 Apple, Inc. 90,910 18,373 2.89 Applied Materials, Inc. 68,891 13,154 2.07 Atmos Energy Corp. 23,100 2,879 0.45 Autodesk, Inc. 5,440 1,197 0.19 AvalonBay Communities, Inc.* 15,300 2,061 0.32 Bank of New York Mellon Corp. 58,900 5,084 0.80 Best Buy Co., Inc. 8,879 442 0.07 Biogen, Inc. 21,100 2,761 0.43 Bristol-Myers Squibb Co. 11,100 445 0.07 Broadcom, Inc. 33,320 8,571 1.35 Broadridge Financial Solutions, Inc. 12,800 2,124 0.33 Cadence Design Systems, Inc. 12,240 2,844 0.45 Cboe Global Markets, Inc. 15,000 2,799 0.44 CH Robinson Worldwide, Inc. 12,500 1,493 0.24
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Portfolio Statement (continued)
As at 31st December 2025
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Page 23
Holdings
Market Value £'000
% of Total Net Assets
United States — 63.00% (30.06.2024 — 63.76%) (continued) Church & Dwight Co., Inc. 26,500 1,652 0.26 Ciena Corp. 20,300 3,526 0.55 Cigna Group 20,924 4,281 0.67 Cintas Corp. 6,800 951 0.15 Cisco Systems, Inc. 270,529 15,495 2.44 Cognizant Technology Solutions Corp. 54,900 3,387 0.53 Comfort Systems USA, Inc. 1,480 1,026 0.16 Consolidated Edison, Inc. 51,900 3,832 0.60 Deckers Outdoor Corp. 21,300 1,641 0.26 Dick's Sporting Goods, Inc. 5,950 876 0.14 Docusign, Inc. 28,700 1,459 0.23 DoorDash, Inc. 5,900 993 0.16 eBay, Inc. 65,800 4,260 0.67 Electronic Arts, Inc. 34,300 5,211 0.82 Elevance Health, Inc. 32,400 8,443 1.33 EMCOR Group, Inc. 6,440 2,929 0.46 Evergy, Inc. 33,200 1,789 0.28 Exelon Corp. 108,200 3,506 0.55 Expeditors International of Washington, Inc. 19,516 2,162 0.34 F5, Inc. 8,200 1,556 0.25 Fair Isaac Corp. 249 313 0.05 Fastenal Co. 146,600 4,374 0.69 FedEx Corp. 1,900 408 0.06 Fidelity National Information Services, Inc. 75,200 3,716 0.58 Fortive Corp. 37,874 1,555 0.24 Fox Corp. 'A' Shares 30,300 1,646 0.26 Fox Corp. 'B' Shares 20,522 990 0.16 Gilead Sciences, Inc. 150,546 13,738 2.16 Graco, Inc. 23,600 1,438 0.23 Hartford Insurance Group, Inc. 40,500 4,150 0.65 Hewlett Packard Enterprise Co. 190,000 3,393 0.53 Hubbell, Inc. 5,780 1,908 0.30 Incyte Corp. 23,701 1,740 0.27 International Paper Co. 17,974 526 0.08
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State Street ACS Multi-Factor Global Index Equity Fund
Portfolio Statement (continued)
As at 31st December 2025
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Page 24
Holdings
Market Value £'000
% of Total Net Assets
United States — 63.00% (30.06.2024 — 63.76%) (continued) Intuit, Inc. 100 49 0.01 Jabil, Inc. 7,000 1,187 0.19 Jack Henry & Associates, Inc. 10,379 1,408 0.22 Jacobs Solutions, Inc. 17,200 1,693 0.27 JB Hunt Transport Services, Inc. 11,000 1,589 0.25 Kinder Morgan, Inc. 268,800 5,492 0.86 Labcorp Holdings, Inc. 9,590 1,789 0.28 Lam Research Corp. 11,200 1,424 0.22 Leidos Holdings, Inc. 17,400 2,333 0.37 Lennox International, Inc. 3,474 1,254 0.20 Meta Platforms, Inc. 6,840 3,355 0.53 Micron Technology, Inc. 28,600 6,067 0.95 Microsoft Corp. 74,556 26,806 4.22 NetApp, Inc. 22,700 1,807 0.28 Netflix, Inc. 30,460 2,123 0.33 Neurocrine Biosciences, Inc. 10,500 1,107 0.17 NiSource, Inc. 44,533 1,383 0.22 NVIDIA Corp. 207,186 28,726 4.52 NVR, Inc. 350 1,898 0.30 Old Dominion Freight Line, Inc. 26,200 3,053 0.48 Palantir Technologies, Inc. 6,600 872 0.14 Public Service Enterprise Group, Inc. 66,320 3,960 0.62 PulteGroup, Inc. 20,500 1,787 0.28 Quest Diagnostics, Inc. 16,100 2,076 0.33 Ralliant Corp. 466 18 0.00 Regency Centers Corp.* 17,900 919 0.15 Regions Financial Corp. 101,992 2,056 0.32 Reliance, Inc. 1,300 279 0.04 Snap-on, Inc. 5,760 1,476 0.23 Solventum Corp. 21,900 1,290 0.20 State Street Corp.∆ 40,884 3,922 0.62 Synchrony Financial 53,600 3,325 0.52 T. Rowe Price Group, Inc. 31,700 2,413 0.38 Tapestry, Inc. 30,000 2,849 0.45
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Portfolio Statement (continued)
As at 31st December 2025
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Holdings
Market Value £'000
% of Total Net Assets
United States — 63.00% (30.06.2024 — 63.76%) (continued) Tractor Supply Co. 59,100 2,196 0.35 Travelers Cos., Inc. 32,380 6,983 1.10 Trimble, Inc. 31,500 1,835 0.29 Twilio, Inc. 21,900 2,316 0.36 Ulta Beauty, Inc. 3,540 1,592 0.25 United Rentals, Inc. 8,587 5,168 0.81 United Therapeutics Corp. 6,160 2,229 0.35 Veralto Corp. 25,400 1,884 0.30 VeriSign, Inc. 12,000 2,167 0.34 Verizon Communications, Inc. 235,548 7,136 1.12 Visa, Inc. 25,660 6,694 1.05 Walmart, Inc. 81,600 6,758 1.06 Western Digital Corp. 50,000 6,402 1.01 Williams-Sonoma, Inc. 17,398 2,309 0.36 WW Grainger, Inc. 4,869 3,655 0.58 Xylem, Inc. 35,100 3,553 0.56 Zimmer Biomet Holdings, Inc. 22,546 1,507 0.24 Zoom Communications, Inc. 36,300 2,329 0.37
400,671 63.00
Market Value £'000
% of Total Net Assets
Derivatives — 0.65% (30.06.2024 — (0.08)%) Futures EURO STOXX 50 Index Futures March 2026† 10 5 0.00 S&P 500 E-Mini Index Futures March 2026† 11 (26) (0.01)
Forward Currency Contracts Bought USD50,965,834 for GBP37,705,073 Settlement 05/01/2026 172 0.03 Bought USD50,965,833 for GBP37,716,150 Settlement 05/01/2026 161 0.03 Bought USD50,965,833 for GBP37,721,733 Settlement 05/01/2026 156 0.03 Bought USD38,201,333 for GBP28,247,328 Settlement 05/01/2026 144 0.02 Bought USD38,201,333 for GBP28,259,621 Settlement 05/01/2026 131 0.02
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Annual Report and Audited Financial Statements 2025
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Portfolio Statement (continued)
As at 31st December 2025
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Page 26
Market Value £'000
% of Total Net Assets
Derivatives — 0.65% (30.06.2024 — (0.08)%) (continued) Bought USD38,201,334 for GBP28,262,145 Settlement 05/01/2026 129 0.02 Bought EUR24,831,000 for GBP21,620,401 Settlement 05/01/2026 59 0.01 Bought CAD12,309,000 for GBP6,653,417 Settlement 05/01/2026 22 0.00 Bought EUR9,351,000 for GBP8,145,470 Settlement 05/01/2026 19 0.00 Bought EUR9,351,000 for GBP8,144,543 Settlement 05/01/2026 19 0.00 Bought CAD9,309,000 for GBP5,035,019 Settlement 05/01/2026 14 0.00 Bought AUD13,818,000 for GBP6,856,605 Settlement 05/01/2026 10 0.00 Bought AUD10,450,000 for GBP5,184,584 Settlement 05/01/2026 8 0.00 Bought HKD11,709,000 for GBP1,112,806 Settlement 05/01/2026 5 0.00 Bought SEK15,659,000 for GBP1,261,044 Settlement 05/01/2026 5 0.00 Bought DKK8,905,000 for GBP1,038,460 Settlement 05/01/2026 3 0.00 Bought HKD8,855,000 for GBP842,083 Settlement 05/01/2026 3 0.00 Bought SEK11,046,000 for GBP890,470 Settlement 05/01/2026 3 0.00 Bought ILS4,427,000 for GBP1,029,611 Settlement 05/01/2026 2 0.00 Bought SGD1,728,000 for GBP996,659 Settlement 05/01/2026 2 0.00 Bought DKK6,734,000 for GBP785,242 Settlement 05/01/2026 2 0.00 Bought SGD1,307,000 for GBP753,760 Settlement 05/01/2026 2 0.00 Bought NOK6,044,000 for GBP445,436 Settlement 05/01/2026 1 0.00 Bought JPY1,026,812,000 for GBP4,872,398 Settlement 05/01/2026 1 0.00 Bought CHF1,255,000 for GBP1,177,420 Settlement 05/01/2026** 0 0.00 Bought EUR77,000 for GBP67,367 Settlement 05/01/2026** 0 0.00 Bought ILS3,348,000 for GBP780,058 Settlement 05/01/2026** 0 0.00 Bought NOK4,566,000 for GBP336,944 Settlement 05/01/2026** 0 0.00 Bought USD97,000 for GBP71,941 Settlement 05/01/2026** 0 0.00 Bought USD177,000 for GBP131,127 Settlement 03/02/2026** 0 0.00 Bought USD88,000 for GBP65,311 Settlement 03/02/2026** 0 0.00 Bought USD469,000 for GBP348,596 Settlement 05/01/2026** 0 0.00 Bought CHF1,637,000 for GBP1,536,094 Settlement 05/01/2026 (1) (0.00) Bought JPY1,357,708,000 for GBP6,444,653 Settlement 05/01/2026 (1) (0.00) Bought NOK1,247,000 for GBP93,059 Settlement 05/01/2026 (1) (0.00) Bought USD145,000 for GBP108,926 Settlement 05/01/2026 (1) (0.00) Bought USD259,000 for GBP193,291 Settlement 05/01/2026 (1) (0.00) Bought USD467,000 for GBP349,522 Settlement 05/01/2026 (2) (0.00) Bought USD187,000 for GBP141,106 Settlement 05/01/2026 (2) (0.00)
State Street Authorised Contractual Scheme
Annual Report and Audited Financial Statements 2025
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Portfolio Statement (continued)
As at 31st December 2025
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Page 27
Market Value £'000
% of Total Net Assets
Derivatives — 0.65% (30.06.2024 — (0.08)%) (continued) Bought USD115,000 for GBP87,107 Settlement 05/01/2026 (2) (0.00) Bought EUR1,589,000 for GBP1,394,297 Settlement 05/01/2026 (7) (0.00) Bought EUR2,038,000 for GBP1,788,280 Settlement 05/01/2026 (9) (0.00) Bought JPY88,332,000 for GBP428,700 Settlement 05/01/2026 (9) (0.00) Bought JPY119,512,000 for GBP580,025 Settlement 05/01/2026 (13) (0.00) Sold USD50,688,502 for GBP38,390,928 Settlement 05/01/2026 720 0.11 Sold USD50,688,499 for GBP38,387,931 Settlement 05/01/2026 717 0.11 Sold USD50,688,499 for GBP38,385,140 Settlement 05/01/2026 714 0.11 Sold USD38,354,666 for GBP29,049,413 Settlement 05/01/2026 545 0.09 Sold USD38,354,668 for GBP29,047,148 Settlement 05/01/2026 542 0.09 Sold USD38,354,666 for GBP29,045,035 Settlement 05/01/2026 540 0.08 Sold JPY1,477,220,000 for GBP7,184,873 Settlement 05/01/2026 174 0.03 Sold JPY1,115,144,000 for GBP5,423,815 Settlement 05/01/2026 132 0.02 Sold EUR26,869,000 for GBP23,546,165 Settlement 05/01/2026 88 0.01 Sold EUR10,184,000 for GBP8,955,066 Settlement 05/01/2026 64 0.01 Sold EUR10,184,000 for GBP8,924,565 Settlement 05/01/2026 33 0.00 Sold HKD7,726,000 for GBP752,307 Settlement 05/01/2026 15 0.00 Sold USD1,153,000 for GBP870,157 Settlement 05/01/2026 13 0.00 Sold HKD5,536,000 for GBP539,059 Settlement 05/01/2026 11 0.00 Sold USD812,000 for GBP612,808 Settlement 05/01/2026 9 0.00 Sold CHF1,637,000 for GBP1,542,512 Settlement 05/01/2026 7 0.00 Sold SGD1,070,000 for GBP625,606 Settlement 05/01/2026 7 0.00 Sold HKD3,983,000 for GBP386,471 Settlement 05/01/2026 6 0.00 Sold CHF1,255,000 for GBP1,182,561 Settlement 05/01/2026 6 0.00 Sold HKD3,319,000 for GBP322,043 Settlement 05/01/2026 5 0.00 Sold SGD733,000 for GBP428,569 Settlement 05/01/2026 5 0.00 Sold NOK7,291,000 for GBP542,780 Settlement 05/01/2026 4 0.00 Sold SGD658,000 for GBP384,401 Settlement 05/01/2026 4 0.00 Sold DKK5,999,000 for GBP704,591 Settlement 05/01/2026 3 0.00 Sold NOK4,566,000 for GBP339,917 Settlement 05/01/2026 3 0.00 Sold SGD574,000 for GBP335,329 Settlement 05/01/2026 3 0.00 Sold DKK2,906,000 for GBP341,544 Settlement 05/01/2026 2 0.00 Sold JPY1,357,708,000 for GBP6,461,830 Settlement 03/02/2026 2 0.00 Sold DKK4,472,000 for GBP525,199 Settlement 05/01/2026 2 0.00
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Annual Report and Audited Financial Statements 2025
State Street ACS Multi-Factor Global Index Equity Fund
Portfolio Statement (continued)
As at 31st December 2025
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Page 28
Market Value £'000
% of Total Net Assets
Derivatives — 0.65% (30.06.2024 — (0.08)%) (continued) Sold CHF1,637,000 for GBP1,540,937 Settlement 03/02/2026 1 0.00 Sold USD146,000 for GBP109,172 Settlement 05/01/2026 1 0.00 Sold USD5,220,000 for GBP3,880,951 Settlement 03/02/2026 1 0.00 Sold CHF1,255,000 for GBP1,181,138 Settlement 03/02/2026 1 0.00 Sold DKK2,262,000 for GBP265,854 Settlement 05/01/2026 1 0.00 Sold CAD2,159,000 for GBP1,170,923 Settlement 05/01/2026** 0 0.00 Sold CAD266,000 for GBP144,482 Settlement 03/02/2026** 0 0.00 Sold EUR1,476,000 for GBP1,290,561 Settlement 03/02/2026** 0 0.00 Sold SEK1,190,000 for GBP96,119 Settlement 03/02/2026** 0 0.00 Sold CAD1,651,000 for GBP895,411 Settlement 05/01/2026** 0 0.00 Sold ILS3,348,000 for GBP780,064 Settlement 03/02/2026** 0 0.00 Sold JPY1,026,812,000 for GBP4,885,352 Settlement 03/02/2026** 0 0.00 Sold NOK4,566,000 for GBP336,930 Settlement 03/02/2026** 0 0.00 Sold ILS754,000 for GBP174,813 Settlement 05/01/2026 (1) (0.00) Sold NOK6,044,000 for GBP445,454 Settlement 03/02/2026 (1) (0.00) Sold ILS608,000 for GBP140,963 Settlement 05/01/2026 (1) (0.00) Sold ILS4,427,000 for GBP1,029,598 Settlement 03/02/2026 (2) (0.00) Sold AUD1,209,000 for GBP598,528 Settlement 05/01/2026 (2) (0.00) Sold DKK6,734,000 for GBP786,611 Settlement 03/02/2026 (2) (0.00) Sold ILS2,740,000 for GBP636,538 Settlement 05/01/2026 (2) (0.00) Sold SEK11,046,000 for GBP891,915 Settlement 03/02/2026 (2) (0.00) Sold SGD1,307,000 for GBP755,230 Settlement 03/02/2026 (2) (0.00) Sold AUD1,493,000 for GBP739,125 Settlement 05/01/2026 (3) (0.00) Sold DKK8,905,000 for GBP1,040,258 Settlement 03/02/2026 (3) (0.00) Sold ILS3,673,000 for GBP853,286 Settlement 05/01/2026 (3) (0.00) Sold SGD1,728,000 for GBP998,612 Settlement 03/02/2026 (3) (0.00) Sold HKD8,855,000 for GBP842,956 Settlement 03/02/2026 (3) (0.00) Sold SEK15,659,000 for GBP1,263,072 Settlement 03/02/2026 (5) (0.00) Sold HKD11,709,000 for GBP1,113,969 Settlement 03/02/2026 (5) (0.00) Sold AUD10,450,000 for GBP5,185,363 Settlement 03/02/2026 (9) (0.00) Sold AUD13,818,000 for GBP6,857,549 Settlement 03/02/2026 (10) (0.00) Sold SEK11,046,000 for GBP882,285 Settlement 05/01/2026 (11) (0.00) Sold CAD9,309,000 for GBP5,041,766 Settlement 03/02/2026 (14) (0.00) Sold SEK15,659,000 for GBP1,250,742 Settlement 05/01/2026 (15) (0.00)
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Annual Report and Audited Financial Statements 2025
State Street ACS Multi-Factor Global Index Equity Fund
Portfolio Statement (continued)
As at 31st December 2025
26
Page 29
Market Value £'000
% of Total Net Assets
Derivatives — 0.65% (30.06.2024 — (0.08)%) (continued) Sold CAD7,658,000 for GBP4,135,683 Settlement 05/01/2026 (18) (0.00) Sold CAD10,150,000 for GBP5,485,526 Settlement 05/01/2026 (19) (0.00) Sold EUR9,351,000 for GBP8,156,101 Settlement 03/02/2026 (19) (0.00) Sold EUR9,351,000 for GBP8,156,931 Settlement 03/02/2026 (19) (0.00) Sold CAD12,309,000 for GBP6,662,142 Settlement 03/02/2026 (23) (0.00) Sold AUD9,241,000 for GBP4,565,640 Settlement 05/01/2026 (27) (0.00) Sold AUD12,325,000 for GBP6,090,426 Settlement 05/01/2026 (34) (0.01) Sold EUR24,831,000 for GBP21,650,819 Settlement 03/02/2026 (59) (0.01) Sold USD38,201,334 for GBP28,263,136 Settlement 03/02/2026 (129) (0.02) Sold USD38,201,333 for GBP28,260,729 Settlement 03/02/2026 (131) (0.02) Sold USD38,201,333 for GBP28,247,827 Settlement 03/02/2026 (144) (0.02) Sold USD50,965,833 for GBP37,723,129 Settlement 03/02/2026 (156) (0.02) Sold USD50,965,833 for GBP37,717,434 Settlement 03/02/2026 (161) (0.03) Sold USD50,965,834 for GBP37,706,468 Settlement 03/02/2026 (172) (0.03)
4,174 0.65
Portfolio of investments^ 638,571 100.40 Net other liabilities (2,562) (0.40)
Total net assets 636,009 100.00
All holdings are ordinary shares or common stock unless otherwise stated. ^ Includes derivative liabilities. ~ Delisted * Real Estate Investment Trust. ** Market value is less than £500, therefore rounded down to 0. ∆ This investment is a related party. † Goldman Sachs is the counterparty, total notional exposure is £3,328,406 and 0.52% as a percentage of the Fund’s value. 3 Level 3 Security.
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Annual Report and Audited Financial Statements 2025
State Street ACS Multi-Factor Global Index Equity Fund
Portfolio Statement (continued)
As at 31st December 2025
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U1 Accumulation 2024** 2023 (£) (£) Change in Net Assets Per Unit Opening net asset value per unit 14.5085 13.4585
Return before operating charges 1.1650 1.0759 Operating charges (0.0155) (0.0259)
Return after operating charges* 1.1495 1.0500
Distributions - (0.3379) Retained distributions on accumulation units - 0.3379 Return to unitholder as a result of unit class closure (15.6580) -
Closing net asset value per unit - 14.5085
*after direct transaction cost of: 0.0042 0.0043 Performance Return after charges -% 7.80%
Other Information Closing net asset value (£’000) - 3,069,268 Closing number of units - 211,550,267 Operating charges 0.18% 0.18% Direct transaction costs 0.05% 0.03% Prices Highest unit price 15.6990 15.1680 Lowest unit price 14.2970 13.4710
** Share class was closed on 25 January 2024.
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Annual Report and Audited Financial Statements 2025
State Street ACS Multi-Factor Global Index Equity Fund
Comparative Table
For the eighteen-month period ended 31st December 2025
28
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U2 Accumulation 2025 2024 2023 (£) (£) (£) Change in Net Assets Per Unit Opening net asset value per unit 17.2549 14.6276 13.5725
Return before operating charges 3.1595 2.6546 1.0812 Operating charges (0.0504) (0.0273) (0.0261)
Return after operating charges* 3.1091 2.6273 1.0551
Distributions (0.4676) (0.3186) (0.3370) Retained distributions on accumulation units 0.4676 0.3186 0.3370
Closing net asset value per unit 20.3640 17.2549 14.6276
*after direct transaction cost of: 0.0239 0.0075 0.0043 Performance Return after charges 18.02% 17.96% 7.77%
Other Information Closing net asset value (£’000) 336,445 72,403 254,986 Closing number of units 16,521,536 4,196,062 17,431,880 Operating charges 0.18% 0.18% 0.18% Direct transaction costs 0.09% 0.05% 0.03% Prices Highest unit price 20.6240 17.2690 15.2960 Lowest unit price 15.8810 14.4140 13.5850
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State Street ACS Multi-Factor Global Index Equity Fund
Comparative Table (continued)
For the eighteen-month period ended 31st December 2025
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B2 Accumulation 2025 2024 2023 (£) (£) (£) Change in Net Assets Per Unit Opening net asset value per unit 16.5780 14.0392 13.0130
Return before operating charges 1.6365 2.5507 1.0374 Operating charges (0.0145) (0.0119) (0.0112)
Return after operating charges* 1.6220 2.5388 1.0262
Distributions - (0.3208) (0.3317) Retained distributions on accumulation units - 0.3208 0.3317 Return to unitholder as a result of unit class closure (18.2000) - -
Closing net asset value per unit - 16.5780 14.0392
*after direct transaction cost of: 0.0154 0.0074 0.0042 Performance Return after charges 9.80% 18.08% 7.89%
Other Information Closing net asset value (£’000) - 38,920 51,269 Closing number of units - 2,347,658 3,651,874 Operating charges 0.08% 0.08% 0.08% Direct transaction costs 0.09% 0.05% 0.03% Prices Highest unit price 18.2140 16.5920 14.6670 Lowest unit price 15.2720 13.8350 13.0250
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State Street ACS Multi-Factor Global Index Equity Fund
Comparative Table (continued)
For the eighteen-month period ended 31st December 2025
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B2H Accumulation 2025 2024 2023 (£) (£) (£) Change in Net Assets Per Unit Opening net asset value per unit 14.8847 12.4222 11.1041
Return before operating charges 3.4821 2.4639 1.3275 Operating charges (0.0198) (0.0014) (0.0094)
Return after operating charges* 3.4623 2.4625 1.3181
Distributions (0.4386) (0.2836) (0.2854) Retained distributions on accumulation units 0.4386 0.2836 0.2854
Closing net asset value per unit 18.3470 14.8847 12.4222
*after direct transaction cost of: 0.0212 0.0000 0.0035 Performance Return after charges 23.26% 19.82% 11.87%
Other Information Closing net asset value (£’000) 171,684 85,684 91,467 Closing number of units 9,357,632 5,756,532 7,363,163 Operating charges 0.08% 0.08% 0.08% Direct transaction costs 0.09% 0.00% 0.03% Prices Highest unit price 18.5220 14.9040 12.5520 Lowest unit price 13.7510 11.9000 10.5790
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Comparative Table (continued)
For the eighteen-month period ended 31st December 2025
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U2H Accumulation 2025*** 2024** 2023 (£) (£) (£) Change in Net Assets Per Unit Opening net asset value per unit 10.0000 12.4359 11.1217
Return before operating charges 2.3385 (0.1523) 1.3389 Operating charges (0.0357) (0.0216) (0.0247)
Return after operating charges* 2.3028 (0.1739) 1.3142
Distributions (0.1736) - (0.2707) Retained distributions on accumulation units 0.1736 - 0.2707 Return to unitholder as a result of unit class closure - (12.2620) -
Closing net asset value per unit 12.3028 - 12.4359
*after direct transaction cost of: 0.0145 0.0110 0.0035 Performance Return after charges 23.03% -% 11.82%
Other Information Closing net asset value (£’000) 127,880 - 197,694 Closing number of units 10,394,421 - 15,897,081 Operating charges 0.21% 0.21% 0.21% Direct transaction costs 0.09% 0.05% 0.03% Prices Highest unit price 12.4200 12.9380 12.5670 Lowest unit price 9.2357 11.9060 10.5980
** Share class was closed on 15 December 2023. *** Share class was reopened on 21 August 2024.
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Comparative Table (continued)
For the eighteen-month period ended 31st December 2025
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General risk factors The value of the Fund and the revenue from it are not guaranteed and may fall as well as rise. You may get back less than you originally invested. What you get back may depend on:
• Investment performance is not guaranteed. Past performance is no guarantee of future performance. There may also be variation in performance between funds with similar investment objectives.
• The effect of an initial charge. If you sell your investment after a short period you may not get back what you originally invested, even if the price of your investment has not fallen.
• The entire market of a particular asset class or geographical region may fall, having a greater effect on funds heavily invested in that asset class or region.
• If you make regular withdrawals from your investment be aware that if the level of withdrawal exceeds the rate of investment growth of the Fund, your capital will be eroded.
• Governments may change the tax rules which affect you or the funds in which you have invested.
• Inflation will reduce what you could buy in the future, i.e. it will reduce the real value of your investment.
• There is no certainty that the investment objective of any fund will actually be achieved.
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Comparative Table (continued)
For the eighteen-month period ended 31st December 2025
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Eighteen-month period ended 31.12.25
Year ended 30.06.24 Note £'000 £'000 £'000 £'000 Income Net capital gains 1 78,805 260,541 Revenue 3 13,274 36,752 Expenses 4 (979) (3,860) Interest payable and similar charges 5 - (17)
Net revenue before taxation 12,295 32,875 Taxation 6 (1,052) (1,181)
Net revenue after taxation 11,243 31,694
Total return before distributions 90,048 292,235 Distributions 7 (11,237) (31,702)
Change in net assets attributable to unitholders from investment activities 78,811 260,533
Statement of Change in Net Assets Attributable to Unitholders
For the eighteen-month period ended 31st December 2025
Eighteen-month period ended 31.12.25
Year ended 30.06.24 £’000 £’000 £’000 £’000 Opening net assets 197,007 3,664,684 In specie transfer - (3,481,293) Amounts receivable on issue of units 599,366 187,410 Amounts payable on cancellation of units (252,982) (437,353)
346,384 (3,731,236) Dilution levy 173 (696) Change in unitholders' funds from investment activities 78,811 260,533 Retained distributions on accumulation units 13,634 3,722
Closing net assets 636,009 197,007
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Annual Report and Audited Financial Statements 2025
State Street ACS Multi-Factor Global Index Equity Fund
Statement of Total Return
For the eighteen-month period ended 31st December 2025
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Note 31.12.25 30.06.24 £'000 £'000 Assets Fixed assets: Investments 639,856 198,346 Current assets: Debtors 8 2,887 1,309 Cash and bank balances 9 2,104 1,214
Total assets 644,847 200,869
Liabilities Investment liabilities 1,285 457 Creditors Other creditors 10 7,553 3,405
Total liabilities 8,838 3,862
Net assets attributable to unitholders 636,009 197,007
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State Street ACS Multi-Factor Global Index Equity Fund
Balance Sheet
As at 31st December 2025
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1. Net capital gains
The net capital gains during the period comprise: 31.12.25 30.06.24 £'000 £'000 Non-derivative securities 72,124 262,744 Derivative contracts 7,021 (1,076) (Losses) on foreign exchange (353) (1,198) Capital gains on US REIT 13 71
Net capital gains 78,805 260,541
2. Purchases, sales and transaction costs 31.12.25 £'000
30.06.24 £'000 Purchases excluding transaction costs Equities 695,618 2,090,279
Total before transaction costs 695,618 2,090,279
Commissions Equities 99 259 Derivatives -2
99 261
Taxes Equities 243 545
243 545
Total purchases transaction costs 342 806
Purchases including transaction costs* 695,960 2,091,085
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Annual Report and Audited Financial Statements 2025
State Street ACS Multi-Factor Global Index Equity Fund
Notes to the Financial Statements
For the eighteen-month period ended 31st December 2025
36
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2. Purchases, sales and transaction costs (continued)
31.12.25 £'000
30.06.24 £'000 Sales excluding transaction costs Equities 331,457 2,317,862
Total before transaction costs 331,457 2,317,862
Commissions Equities (35) (282) Derivatives (-) (2)
(35) (284)
Taxes Equities (3) (40)
(3) (40)
Total sales transaction cost (38) (324)
Sales including transaction costs* 331,419 2,317,538 * The total value of Non-cash Corporate Actions during the period were £nil (30.06.24: £3,482,417) these have been excluded from the totals included within this table due to no transaction costs being incurred. 31.12.25 %
30.06.24 % Transaction costs as percentage of principal amounts Purchases – Commissions Equities 0.014 0.012 Purchases – Taxes Equities 0.035 0.026 Sales – Commission Equities 0.011 0.012 Sales – Taxes Equities 0.001 0.002 31.12.25 %
30.06.24 % Transaction costs as percentage of average net asset value Commissions 0.030 0.024 Taxes 0.055 0.026
Total 0.085 0.050
The above analysis covers any direct transaction costs suffered by the Fund during the period. However it is important to understand the nature of other transactions costs associated with different investments asset classes and instrument types.
Separately identifiable direct transactions costs (commissions, taxes etc.) are attributable to the Fund’s purchase and sale of equity shares. Additionally for equity shares, there is a dealing spread cost (the difference between the buying and selling prices) which will be suffered on purchase and sale transactions.
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State Street ACS Multi-Factor Global Index Equity Fund
Notes to the Financial Statements (continued)
For the eighteen-month period ended 31st December 2025
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2. Purchases, sales and transaction costs (continued)
For the Fund’s investment in collective investment scheme holdings there will potentially be dealing spread costs applicable to purchases and sales. However, additionally there are indirect transaction costs suffered in those underlying funds, throughout the holding period for the instruments, which are not separately identifiable and do not form part of the analysis above.
During the period the Fund utilised futures derivatives instruments covering different underlying asset classes. The settlement values for opening and closing derivative positions are not comparable to principal values for transactions in direct holding investments and therefore purchase and sale amounts for derivative transactions are not quantified in the analysis above. Transaction costs for derivatives positions will be either suffered as direct costs or form part of the dealing spread for the instruments. Any direct costs are identified in the analysis above.
Dealing spread costs suffered by the Fund vary considerably for the different asset/instrument types depending on a number of factors including transaction value and market sentiment.
At the balance sheet date the average portfolio dealing spread (difference between bid and offer prices of all investments expressed as a percentage of the offer price value) was nil% (30.06.24: nil%).
3. Revenue 31.12.25 30.06.24 £'000 £'000 UK dividends 658 2,377 Overseas dividends 12,429 33,802 Property income distributions 13 110 Stock dividends 77 243 Bank interest 85 206 Derivatives revenue 3 14 Loss refund 9-
Revenue 13,274 36,752
4. Expenses 31.12.25 30.06.24 £'000 £'000 Manager's periodic charge 979 3,860
Total expenses 979 3,860
The audit fee for the period of £14,240 (exclusive of VAT) is borne by the ACS Manager (30.06.24: £11,947).
5. Interest payable and similar charges 31.12.25 30.06.24 £'000 £'000 Interest payable - 17
- 17
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Annual Report and Audited Financial Statements 2025
State Street ACS Multi-Factor Global Index Equity Fund
Notes to the Financial Statements (continued)
For the eighteen-month period ended 31st December 2025
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6. Taxation Analysis of charge in period: 31.12.25 £'000
30.06.24 £'000 Overseas tax* 1,052 1,181
Total current tax 1,052 1,181
Total tax charge 1,052 1,181
An ACS is exempt from UK Corporation tax.
* Overseas tax relates to withholding taxes on dividends from the following countries: Australia £19,000 (30.06.2024: £175,000); Belgium £38,000 (30.06.2024: £13,000); Canada £48,000 (30.06.2024: £30,000); Denmark £16,000 (30.06.2024: £141,000); Finland £34,000 (30.06.2024: £95,000); France £321,000 (30.06.2024: £209,000); Germany £20,000 (30.06.2024: £11,000); Ireland £67,000 (30.06.2024: £405,000); Israel £9,000 (30.06.2024: £nil); Italy £189,000 (30.06.2024: £45,000); Japan £1,000 (30.06.2024: £nil); Netherlands £97,000 (30.06.2024: £198,000); New Zealand £1,000 (30.06.2024: £22,000); Norway £23,000 (30.06.2024: £64,000); Singapore £1,000 (30.06.2024: £nil), Spain £124,000 (30.06.2024: £317,000); Sweden £38,000 (30.06.2024: £157,000); Switzerland £21,000 (30.06.2024: £19,000). Unitholders may seek to reclaim withholding taxes where possible.
7. Distributions
The distributions take account of revenue received on the creation of units and income deducted on the cancellation of units, and comprises: 31.12.25 30.06.24 £'000 £'000 Final 13,634 3,722
13,634 3,722
Amounts deducted on cancellation of units 4,387 29,013 Amounts added on issue of units (6,784) (1,033)
Net distribution for the period 11,237 31,702
8. Debtors 31.12.25 30.06.24 £'000 £'000 Creations awaiting settlement 1,370 12 Sales awaiting settlement -2 Accrued revenue 327 181 Overseas tax recoverable 1,190 1,114
Total debtors 2,887 1,309
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State Street ACS Multi-Factor Global Index Equity Fund
Notes to the Financial Statements (continued)
For the eighteen-month period ended 31st December 2025
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9. Cash and bank balances 31.12.25 30.06.24 £'000 £'000 Cash and bank balances 1,959 1,165 Amounts held at brokers 145 49 Total cash and bank balances 2,104 1,214
10. Other creditors 31.12.25 30.06.24 £'000 £'000 Liquidations awaiting settlement - 203 Purchases awaiting settlement 4,982 2 Dilution adjustment - 696 Accrued Manager's periodic charge 85 18 Write off of outstanding dividends during in-specie transition 2,486 2,486 Total other creditors 7,553 3,405
11. Contingent liabilities and commitments The Fund had no contingent liabilities at period end (30.06.24: £nil).
12. Related party transactions The ACS Manager exercises governance and oversight over the Fund and is a related party by virtue of the Co-Ownership Deed constituting the Fund.
Amounts paid during the period or due to the ACS Manager at the period end are disclosed under Expenses and Other Creditors in the Notes to the financial statements. At the period end £85,471 (30.06.24: £18,157) was due to the ACS Manager in relation to accrued manager’s periodic charges are disclosed in Other Creditors in the Notes to the Financial Statements.
Transactions relating to the creation and cancellation of units and the purchases and sales of investments which pass through the ACS Manager, but are not for the benefit of, either related party are disclosed in the Statement of Change in Net Assets Attributable to Unitholders.
Amounts due to or from the Fund at the period end in relation to these transactions are disclosed under Debtors and Creditors in the Notes to the Financial Statements.
13. Risk disclosures In pursuing its investment objectives the Fund holds a number of financial instruments. The Fund’s financial instruments comprise of securities and other investments, cash balances and bank overdrafts, short term fixed deposits, debtors and creditors that arise directly from its operations, for example, in respect of sales and purchases awaiting settlement, amounts receivable for creations and payable for liquidations and debtors for accrued income.
The main risks the Fund may face from investing are: (a) Foreign currency risk, (b) Market price risk, (c) Interest rate risk and (d) Liquidity risk.
The ACS Manager’s policy for managing these risks are summarised below and have been applied throughout the period.
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Notes to the Financial Statements (continued)
For the eighteen-month period ended 31st December 2025
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13. Risk disclosures (continued)
(a) Foreign currency risk A substantial proportion of the net assets of the Fund are denominated in currencies other than Sterling, with the effect that the balance sheet and total return can be significantly affected by currency movements. The Investment Manager will monitor and manage currencies within the portfolio in pursuance of the investment objective and policy of the Fund.
The Fund’s currency exposure as at 31st December 2025 was: Net foreign currency assets/liabilities Currency Monetary exposures £’000
Non-monetary exposures £’000
Total £’000
Australian dollar (12,051) 25,398 13,347 Canadian dollar (11,874) 24,865 12,991 Danish krone (1,830) 4,038 2,208 Euro currency (38,275) 84,923 46,648 Hong Kong dollar (1,964) 4,030 2,066 Japanese yen (11,200) 23,261 12,061 New Israeli sheqel (1,811) 3,985 2,174 New Zealand dollar 1 - 1 Norwegian krone (784) 1,691 907 Singapore dollar (1,756) 3,787 2,031 Swedish krona (2,258) 5,044 2,786 Swiss franc (1,517) 5,645 4,128 US dollar (199,600) 429,011 229,411 Total (284,919) 615,678 330,759
The Fund’s currency exposure as at 30th June 2024 was: Net foreign currency assets/liabilities Currency Monetary exposures £’000
Non-monetary exposures £’000
Total £’000
Australian dollar (2,993) 6,955 3,962 Canadian dollar (1,523) 3,603 2,080 Danish krone (2,611) 5,993 3,382 Euro currency (10,204) 24,187 13,983 Hong Kong dollar (115) 299 184 Japanese yen (5,621) 13,156 7,535 New Israeli sheqel 1 - 1 New Zealand dollar (54) 133 79 Norwegian krone (139) 423 284 Singapore dollar (181) 412 231 Swedish krona (399) 963 564 Swiss franc (93) 2,859 2,766 US dollar (57,143) 134,032 76,889 Total (81,075) 193,015 111,940
If GBP to foreign currency exchange rates had increased by 10% as at the balance sheet date, the net asset value of the Fund would have decreased by £30,069,016 (30.06.24: £10,176,320).
If GBP to foreign currency exchange rates had decreased by 10% as at the balance sheet date, the net asset value of the Fund would have increased by £36,751,020 (30.06.24: £12,437,725).
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Annual Report and Audited Financial Statements 2025
State Street ACS Multi-Factor Global Index Equity Fund
Notes to the Financial Statements (continued)
For the eighteen-month period ended 31st December 2025
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13. Risk disclosures (continued)
These calculations assume all other variables remain constant.
(b) Market price risk The Fund’s investment portfolio is exposed to market price fluctuations which are monitored by the Manager in pursuance of the investment objective and policy as set out on page 12. Adherence to investment guidelines and to investment and borrowing powers set out in the Co-Ownership Deed, the Scheme Particulars and in the Financial Conduct Authority’s Collective Investment Scheme sourcebook (the “COLL sourcebook”) mitigates the risk of excessive exposure to any particular type of security or issuer. Further information on the investment portfolio is set out in the ACS Manager’s Report and Portfolio Statement.
If market prices had increased by 10% as at the balance sheet date, the net asset value of the Fund would have increased by £63,439,729 (30.06.24: £19,805,570). If market prices had decreased by 10% as at the balance sheet date, the net asset value of the Fund would have decreased by £63,439,729 (30.06.24: £19,805,570).
These calculations assume all other variables remain constant.
(c) Interest rate risk The majority of the Fund’s financial assets are equity shares and other investments which neither pay interest nor have a maturity date. Therefore interest rate risk is not deemed to be significant.
Interest on bank balances is calculated at the current Bank of England base rate minus 0.50%, while overdraft is calculated at the current Bank of England base rate plus 1.00% of its overseas equivalent.
(d) Liquidity risk All of the Fund’s financial assets are considered to be readily realisable in accordance with the market practices of the exchange on which they are traded. In general, the Investment Manager manages the Fund’s cash to ensure it can meet its liabilities. Where investments cannot be realised in time to meet any potential liability, the Fund may borrow up to 10% of its value to ensure settlement.
All of the Fund’s financial liabilities are payable on demand or in less than one year, therefore liquidity risk is not significant.
(e) Counterparty Risk At 31 December 2025 Current Account Period - undefined the counterparty exposure calculated using the positive marked-to-market fair value for the OTC and exchange-traded derivatives held, which is considered to be risk of repayment from the counterparty to the fund, was as follows:
As at 31 December 2025 Futures £'000
Forward £'000
Total £'000 Barclays - 281 281 BNP Paribas - 302 302 Goldman Sachs International 5 1,437 1,442 HSBC - 146 146 JP Morgan - 379 379 Merrill Lynch - 2 2 Royal Bank Of Canada - 3 3 State Street Bank - 156 156 UBS - 1,261 1,261 Westpac Banking Corporation - 1,486 1,486
Total 5 5,453 5,458
State Street Authorised Contractual Scheme
Annual Report and Audited Financial Statements 2025
State Street ACS Multi-Factor Global Index Equity Fund
Notes to the Financial Statements (continued)
For the eighteen-month period ended 31st December 2025
42
Page 45
13. Risk disclosures (continued)
As at 30 June 2024 Futures £'000
Forward £'000
Total £'000 Barclays - 15 15 BNP Paribas - 7 7 Deutsche Bank - 133 133 Goldman Sachs International 8 4 12 Standard Chartered - 72 72 UBS - 28 28 Westpac Banking Corporation - 23 23
Total 8 282 290
14. Unitholders’ funds Reconciliation of the shares movement in the eighteen-month period ended 31st December 2025:
U2 Accumulation B2 Accumulation B2H Accumulation U2H Accumulation Opening units in issue 4,196,062 2,347,658 5,756,532 Issues 13,606,358 3,864,577 10,146,098 11,453,628 Cancellations (1,280,884) (6,212,235) (6,544,998) (1,059,207)
Closing units in issue 16,521,536 - 9,357,632 10,394,421
15. Fair value of investments 31.12.25 £'000
30.06.24 £'000 Assets Level 1 – Unadjusted quoted prices in an active market for identical assets accessible at the measurement date 634,402 198,064 Level 2 – Inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly 5,454 282 Level 3 – Price inputs are unobservable - -
639,856 198,346
Liabilities Level 1 - Unadjusted quoted prices in an active market for identical assets accessible at the measurement date 26 Level 2 – Inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly 1,259 457 Level 3 – Price inputs are unobservable - -
1,285 457
638,571 197,889 There is no material difference between the value of the financial assets and liabilities, as shown in the balance sheet, and their fair value.
State Street Authorised Contractual Scheme
Annual Report and Audited Financial Statements 2025
State Street ACS Multi-Factor Global Index Equity Fund
Notes to the Financial Statements (continued)
For the eighteen-month period ended 31st December 2025
43
Page 46
16. Significant events during the financial period On 2 June 2025, the Index provider of the Fund, MSCI, changed the name of the Index from MSCI World Select 5-Factor ESG Low Carbon Target Index to MSCI World 5-Factor Select Advanced Target Index. In line with this amendment, the name of the Fund changed from State Street ACS Multi-Factor Global ESG Index Equity Fund to State Street ACS Multi-Factor Global Index Equity Fund.
In addition, the index provider has also updated its index methodology to incorporate additional exclusion criteria, particularly tobacco, and UNGC violators.
The accounting year end of the State Street Authorised Contractual Scheme changed from 30 June to 31 December with effect from 2025. The accounting period to 30 June 2025 was extended to 31 December 2025.
Victoria Parry, Colin Fernandes and Nigel Wightman resigned as Directors on 2 January 2026.
Barbara Healy, Benjamin Lam, Eric Linnane and Thomas Coghlan were appointed as Directors on 2 January 2026.
There have been no other significant events affecting the Fund after the financial period ended 31 December 2025 that require amendment to or disclosure in the financial statements.
State Street Authorised Contractual Scheme
Annual Report and Audited Financial Statements 2025
State Street ACS Multi-Factor Global Index Equity Fund
Notes to the Financial Statements (continued)
For the eighteen-month period ended 31st December 2025
44
Page 47
Dividend in pence per unit payable on 27th February 2026:
Gross revenue pence per unit
Amount payable 27.02.26 pence per unit
Amount payable 31.08.24 pence per unit U2 Accumulation 46.7601 46.7601 31.8563 B2 Accumulation 0.0000 0.0000 32.0835 B2H Accumulation 43.8574 43.8574 28.3553 U2H Accumulation 17.3627 17.3627 0.0000 Each fund is tax transparent for income purposes meaning that UK tax-paying Unitholders are subject to tax on their share of net revenue after taxation as it arises to the fund and not on distributions payable.
On a daily basis Unitholders will be allocated their share of aggregated net revenue after taxation. The distribution received by each Unitholder, less their allocated share of net revenue after taxation, will be the Unitholders equalisation and should be treated as a return of capital.
State Street Authorised Contractual Scheme
Annual Report and Audited Financial Statements 2025
State Street ACS Multi-Factor Global Index Equity Fund
Distribution Table
For the eighteen-month period ended 31st December 2025
45
Page 48
Investment Objective and Policy
Having received notice in October 2020 of full redemption from the sole unit holder, without commitment forthcoming for any further investment the ACS Manager concluded that the projected levels of assets under management were no longer sufficient to support the continued operation of the State Street ACS North America Index Equity Fund (the “Fund”) and approved to close the Fund, subsequently making the formal submission to the FCA in November 2020. This Fund is currently in the process of being wound up.
The objective of the Fund was to track as closely as possible the performance of the FTSE North America Index (the “Index”) net of unavoidable withholding taxes. The Fund sought to minimise, as far as possible, the tracking difference between the Fund’s performance and that of the Index. The Index is a broad-based index comprised of large and mid-cap companies in the United States and Canada. The Fund's investment policy was to primarily physically hold securities of large and mid-cap companies in the United States and Canada.
As the Fund has no unit classes in issue at the period end, no Comparative Tables are disclosed. There is no distribution, as revenue was distributed to the Unitholders along with their final redemption proceeds. There are no holdings with market value at 31 December 2025 (30 June 2024: no holdings). Please note that this Fund is no longer available for investment.
State Street Authorised Contractual Scheme
Annual Report and Audited Financial Statements 2025
State Street ACS North America Index Equity Fund
Manager’s Report
For the eighteen-month period ended 31st December 2025
46
Page 49
Holdings
Market Value £'000
% of Total Net Assets
Banks – 0.00% (30.06.2024 – 0.00%) First Horizon Corp.~ 5,022 - 0.00
Portfolio of investments - 0.00 Net other liabilities - 0.00
Total net assets - 0.00
~ Delisted. All holdings are ordinary shares or common stock unless otherwise stated.
State Street Authorised Contractual Scheme
Annual Report and Audited Financial Statements 2025
State Street ACS North America Index Equity Fund
Portfolio Statement
As at 31st December 2025
47
Page 50
Eighteen-month period ended 31.12.25
Year ended 30.06.24 Note £'000 £'000 £'000 £'000 Income Net capital result 1 - 135 Revenue 2 140 66 Expenses 3 - Interest payable and similar charges 4 - -
Net revenue before taxation 140 66 Taxation 5 (3) 24
Net revenue after taxation 137 90
Total return before distributions 137 225 Distributions 6 (137) (225)
Change in net assets attributable to unitholders from investment activities - -
Statement of Change in Net Assets Attributable to Unitholders
For the eighteen-month period ended 31st December 2025
Eighteen-month period ended 31.12.25
Year ended 30.06.24 £’000 £’000 £’000 £’000 Opening net assets -Amounts receivable on issue of units - Amounts payable on cancellation of units - -
-Change in unitholders' funds from investment activities - -
Closing net assets --
State Street Authorised Contractual Scheme
Annual Report and Audited Financial Statements 2025
State Street ACS North America Index Equity Fund
Statement of Total Return
For the eighteen-month period ended 31st December 2025
48
Page 51
Note 31.12.25 30.06.24 £'000 £'000 Assets Current assets: Debtors 7 - 3 Cash and bank balances 8 - 31
Total assets - 34
Liabilities Creditors Other creditors 9 - 34
Total liabilities - 34
Net assets attributable to unitholders - The fund was liquidated on 7 October 2020.
State Street Authorised Contractual Scheme
Annual Report and Audited Financial Statements 2025
State Street ACS North America Index Equity Fund
Balance Sheet
As at 31st December 2025
49
Page 52
1. Net capital result
The net capital result during the period comprise: 31.12.25 30.06.24 £'000 £'000 Non-derivative securities - 132 Gains on foreign exchange - 3
Net capital result - 135
2. Revenue 31.12.25 30.06.24 £'000 £'000 Overseas dividends - 61 Bank interest 45 Class action* 136 -
Revenue 140 66
* The amount relates to proceeds from a class action lawsuit, which related to dividends previously owed but not paid.
3. Expenses 31.12.25 30.06.24 £'000 £'000
Total expenses --
The audit fee for the period of £11,361 (exclusive of VAT) is borne by the ACS Manager (30.06.2024: £7,959).
4. Interest payable and similar charges 31.12.25 30.06.24 £'000 £'000 Interest payable --
--
5. Taxation Analysis of charge in period: 31.12.25 £'000
30.06.24 £'000 Overseas tax 3* (24)** Total current tax 3 (24)
Total tax charge 3 (24)
An ACS is exempt from UK Corporation tax.
* Write-off of historical tax reclaims.
** Windfall overseas tax reclaim credit.
State Street Authorised Contractual Scheme
Annual Report and Audited Financial Statements 2025
State Street ACS North America Index Equity Fund
Notes to the Financial Statements
For the eighteen-month period ended 31st December 2025
50
Page 53
6. Distributions
The distributions take account of revenue received on the creation of units and income deducted on the cancellation of units, and comprises: 31.12.25 30.06.24 £'000 £'000 Final - 225 Windfall distribution* 137 -
137 225
Net distribution for the period 137 225
* Distribution Payment represents tax reclaim payments and dividend proceeds from the class action made to former shareholders.
7. Debtors 31.12.25 30.06.24 £'000 £'000 Overseas tax recoverable -3
Total debtors -3
8. Cash and bank balances 31.12.25 30.06.24 £'000 £'000 Cash and bank balances - 31
Total cash and bank balances - 31
9. Other creditors 31.12.25 30.06.24 £'000 £'000 Liquidations awaiting settlement - 34
Total other creditors - 34
10. Contingent liabilities and commitments The Fund had no contingent liabilities at period end (30.06.24: £nil).
11. Related party transactions The ACS Manager exercises governance and oversight over the Fund and is a related party by virtue of the Co-Ownership Deed constituting the Fund.
Amounts paid during the period or due to the ACS Manager at the period end are disclosed under Expenses and Other Creditors in the Notes to the financial statements. At the period end £nil (30.06.24: £nil) was due to the ACS Manager in relation to accrued manager’s periodic charges are disclosed in Other Creditors in the Notes to the Financial Statements.
Transactions relating to the creation and cancellation of units and the purchases and sales of investments which pass through the ACS Manager, but are not for the benefit of, either related party are disclosed in the Statement of Change in Net Assets Attributable to Unitholders.
Amounts due to or from the Fund at the period end in relation to these transactions are disclosed under Debtors and Creditors in the Notes to the Financial Statements.
State Street Authorised Contractual Scheme
Annual Report and Audited Financial Statements 2025
State Street ACS North America Index Equity Fund
Notes to the Financial Statements (continued)
For the eighteen-month period ended 31st December 2025
51
Page 54
11. Related party transactions (continued)
No investments considered to be related parties have been identified in the portfolio statement at the period end. The Fund purchased £nil (30.06.24: £nil) shares of State Street securities during the period. The revenue from these investments was £nil (30.06.24: £nil).
12. Risk disclosures In pursuing its investment objectives the Fund holds a number of financial instruments. The Fund’s financial instruments comprise of securities and other investments, cash balances and bank overdrafts, short term fixed deposits, debtors and creditors that arise directly from its operations, for example, in respect of sales and purchases awaiting settlement, amounts receivable for creations and payable for liquidations and debtors for accrued income.
The main risks the Fund may face from investing are: (a) Foreign currency risk, (b) Market price risk, (c) Interest rate risk and (d) Liquidity risk.
The ACS Manager’s policy for managing these risks are summarised below and have been applied throughout the period.
(a) Foreign currency risk Foreign currency risk is not considered significant for the fund and is therefore not disclosed.
(b) Market price risk Fund has no holdings at the end of current and previous year and therefore is not exposed to market price risk.
(c) Interest rate risk Interest rate risk is not deemed to be significant.
Interest on bank balances is calculated at the current Bank of England base rate minus 0.50%, while overdraft is calculated at the current Bank of England base rate plus 1.00% of its overseas equivalent.
(d) Liquidity risk All of the Fund’s financial assets are considered to be readily realisable in accordance with the market practices of the exchange on which they are traded. In general, the Investment Manager manages the Fund’s cash to ensure it can meet its liabilities. Where investments cannot be realised in time to meet any potential liability, the Fund may borrow up to 10% of its value to ensure settlement.
All of the Fund’s financial liabilities are payable on demand or in less than one year, therefore liquidity risk is not significant.
13. Unitholders’ funds All unit classes closed prior to year end date.
14. Fair value of investments Fund has no holdings and no Fair value at the end of current and previous year.
15. Significant events during the financial period The accounting year end of the State Street Authorised Contractual Scheme changed from 30 June to 31 December with effect from 2025. The accounting period to 30 June 2025 was extended to 31 December 2025.
Victoria Parry, Colin Fernandes and Nigel Wightman resigned as Directors on 2 January 2026.
Barbara Healy, Benjamin Lam, Eric Linnane and Thomas Coghlan were appointed as Directors on 2 January 2026.
There have been no other significant events affecting the Fund after the financial period ended 31 December 2025 that require amendment to or disclosure in the financial statements.
State Street Authorised Contractual Scheme
Annual Report and Audited Financial Statements 2025
State Street ACS North America Index Equity Fund
Notes to the Financial Statements (continued)
For the eighteen-month period ended 31st December 2025
52
Page 55
THE MANAGER State Street Unit Trust Management Limited 20 Churchill Place, Canary Wharf London E14 5HJ
Regulated by The Financial Conduct Authority.
DIRECTORS V. Parry* (resigned 2 January 2026) C. Fernandes (resigned 2 January 2026) N. Wightman* (resigned 2 January 2026) R. Bridger B. Healy* (appointed 2 January 2026) B. Lam* (appointed 2 January 2026) E. Linnane (appointed 2 January 2026) T. Coghlan* (appointed 2 January 2026) * Independent non-executive Director
INVESTMENT MANAGER, REGISTRAR & TRANSFER AGENT State Street Global Advisors Limited 20 Churchill Place London E14 5HJ Regulated by the Financial Conduct Authority.
INDEPENDENT AUDITORS PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors 120 Bothwell Street Glasgow G2 7JS
DEPOSITARY HSBC Bank plc 8 Canada Square Canary Wharf London E14 5HQ
HSBC Bank plc is authorised by the Prudential Regulation Authority and regulated by the Prudential Regulation Authority and the Financial Conduct Authority.
CONSTITUTION State Street Authorised Contractual Scheme is an authorised contractual scheme formed as a co-ownership scheme under section 235A of the Financial Services and Markets Act 2000.
PROSPECTUS Copies of the Prospectus are available from the ACS Manager upon request.
Please remember that the price of units and the income from them can go down as well as up. Past performance is not necessarily a guide to the future. Changes in exchange rates may also affect the value.
TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES (TCFD) The Manager’s entity and product disclosure reports have been published separately and can be found using the fund finder page on http://www.ssga.com.
State Street Authorised Contractual Scheme
Annual Report and Audited Financial Statements 2025
Directory
53
Page 56
State Street Corporation, and its direct and indirect subsidiaries (hereafter referred to as “State Street”), operates a group-wide compensation strategy including a remuneration policy that applies to all State Street entities globally. As the Management Company for the period under review, State Street Unit Trust Management Limited does not employ any staff and has delegated certain activities in respect of the investment management and risk management to the Investment Manager (State Street Global Advisors Limited or “SSGA Ltd.”). As a State Street subsidiary, SSGA Ltd. is fully integrated into State Street’s group-wide compensation strategy and subject to the global and regional governing body structure of State Street to provide appropriate and effective control of the remuneration arrangements (incl. compliance with the relevant remuneration regulations) across the State Street group of affiliated entities. Under its publicly available charter, the Human Resources Committee (“HRC”) of State Street oversees all of State Street’s compensation plans, policies, and programs in which senior executives participate and incentive, retirement, welfare and equity plans in which certain other employees of State Street participate. It also oversees the alignment of the incentive compensation arrangements with the State Street’s financial safety and soundness consistent with applicable related regulatory rules and guidance. The HRC approves the overall allocation of the Incentive Compensation (“IC”) Plan pool. State Street’s CEO allocates IC pools to business units and corporate functions based upon a variety of factors, which may include budget performance, achievement of key goals and other considerations. The final expenditure and overall allocation of IC is then reviewed by the HRC prior to payment.
State Street has formed a separate UK Remuneration Committee (“UK RemCo”) with the primary duties:
• the oversight of the process for identifying and determining the remuneration of UK Identified Staff;
• the oversight of decisions made by those with authority to determine the remuneration of UK Identified Staff; and
• holistic oversight of regional remuneration matters, with a view providing a central forum for consideration of issues and thereby enhancing consistency of approach across State Street EMEA.
The HRC has approved a single global remuneration policy document, which documents State Street’s existing remuneration framework. This policy is intended to comply with applicable remuneration regulatory requirements including, but not limited to, those contained in CRD, UCITS V and AIFMD, and will be interpreted and administered accordingly. State Street’s remuneration policies and practices apply on a global basis to all employees of the State Street group (incl. the Investment Manager). The key principles that align State Street’s remuneration system with the business strategy are as follows:
• We emphasize total rewards.
• We target the aggregate annual value of our Total Rewards Program to be competitive with our business peers.
• We unequivocally support equal pay for work of equal value.
• Funding for our Total Rewards Program is subject to affordability and is designed to be flexible based on corporate performance.
• We differentiate pay based on performance.
• We align employees’ interests with shareholders’ interests.
• Our compensation plans are designed to comply with applicable regulations and related guidance, including prohibiting incentives to take excessive risks.
State Street Authorised Contractual Scheme
Annual Report and Audited Financial Statements 2025
Appendix I – Remuneration Policy (Unaudited)
54
Page 57
Given our process of structured discretion in determining incentive pool funding and individual award decisions, the deferral of incentive compensation, and the availability of ex-ante and ex-post adjustments, such as forfeitures and clawbacks, our compensation system is appropriately risk-sensitive and links current decisions and actions to future risk outcomes.
State Street operates a fully flexible, discretionary bonus policy (i.e. the amount of individual variable pay may fluctuate significantly from one year to the next, depending on performance and the other factors described below, and even could be reduced to zero for any given year). The discretionary bonus policy is structured so as to achieve a balance between fixed and variable components, but also includes specific maximum pay ratios where required by local regulations. A number of employees in sales participate in Structured Incentive Plans, which aim to bring the variable compensation granted to plan participants into line with the revenues they generate as well as taking into account non-financial qualitative performance indicators. All such participants receive sufficiently high fixed compensation. Variable compensation is assigned on an individual basis by way of a review of both quantitative and qualitative factors.
A proportionality assessment has been conducted to evaluate the risk profile of the UCITS Management Company. This analysis has concluded that the size, nature and complexity of the Management Company and, where relevant, the funds that it manages, is sufficiently low and UCITS V’s remuneration requirements on the pay-out processes and establishment of a remuneration committee were disapplied. Accordingly, State Street continues to operate current levels of deferral and stock-based compensation and has not made significant changes to Identified Staff remuneration structures in respect of the Management Company. Total amount of remuneration paid by the Investment Manager as at 31/12/2025 1
Fixed remuneration (in £ k) 46,155
Variable remuneration (in £ k) 26,442 Total Remuneration (in £ k) 72,597 Number of beneficiaries 280 Performance fee paid directly by the UCITS n/a
Aggregate amount of remuneration as at 31/12/2025 (in £ k)
Senior Management of the Management Company 2 86
Identified Staff of the Investment Manager 49,622 More details regarding State Street’s remuneration approach including (but not limited to) information on the decision-making process to determine the remuneration policy, its basic characteristics and the linkage between pay and performance, are published separately in State Street’s Proxy Statement at www.statestreet.com and the remuneration section of the UK Pillar 3 disclosure of SSGA Ltd. at: https://www.ssga.com/library-content/assets/pdf/emea/resources/2024/ssgal-pillar-3-disclosure.pdf. In light of State Street’s group-wide compensation strategy, the qualitative remuneration information included in the UK Pillar 3 disclosure equally apply to State Street employees outside the UK and the Investment Managers’ employees.
1 Disclosure is based on the remuneration of the entire staff of the investment manager, indicating the number of beneficiaries. 2 Represents remuneration paid to independent directors (Directors who are also employees of the SSC do not receive remuneration in their capacity as board members).
State Street Authorised Contractual Scheme
Annual Report and Audited Financial Statements 2025
Appendix I – Remuneration Policy (Unaudited) (continued)
55
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"text": "State Street ACS Multi-Factor Global Index Equity Fund 12"
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"text": "State Street ACS North America Index Equity Fund 46"
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"text": "Directory*"
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"id": "8bbf499f-53e8-4bcc-9c38-610020bddf67",
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"text": "Appendix I \u2013 Remuneration Policy (Unaudited)"
},
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"text": "* These collectively comprise the ACS Manager\u2019s Report."
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"text": "State Street Authorised Contractual Scheme"
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"text": "Annual Report and Audited Financial Statements 2025"
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"text": "The State Street Authorised Contractual Scheme"
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"text": "State Street Authorised Contractual Scheme (the \"Scheme\") is an authorised contractual scheme in co-ownership form"
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"text": "authorised by the Financial Conduct Authority (the \"FCA\") with effect from 5 February 2016. The Scheme is managed by State"
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"id": "4d68e1f8-5996-4b2d-8ccc-b08ca7afae7b",
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"text": "Street Unit Trust Management Limited (the \"ACS Manager\"). The Scheme is a UCITS scheme. The Unitholders are not liable"
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"text": "for the debts of the sub-fund or sub-funds in which they are invested. Unitholders are not liable to make any further payment"
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"text": "to a sub-fund after they have paid the purchase price of their Units. They are, however, liable for any tax arising in respect of"
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"text": "their proportionate share of the income and gains in the sub-fund or sub-funds in which they have invested."
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"text": "As a consequence of being constituted as an authorised co-ownership scheme, the sub-funds may be treated as tax"
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"text": "transparent for the purposes of income and/or gains by relevant taxing jurisdictions where Unitholders are subject to taxation"
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"text": "and therefore, in most cases, also treated as tax transparent by the jurisdictions from which any underlying income or gains"
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"text": "arising to the sub-fund are derived. Such tax transparency cannot, however, be guaranteed."
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"text": "The ACS has 2 sub-funds, the State Street ACS North America Index Equity Fund launched on 9 March 2016 and liquidated"
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"text": "on 7 October 2020 and is in the process of being wound up, and the State Street ACS Multi-Factor Global Index Equity Fund"
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"text": "launched on 11 December 2018."
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"text": "The accounting year end of the State Street Authorised Contractual Scheme changed from 30 June to 31 December with"
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"text": "effect from 2025. The accounting period to 30 June 2025 was extended to 31 December 2025."
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"text": "There were no shares in any sub-fund held by any other sub-fund of the Scheme."
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"text": "Background information"
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"text": "For the eighteen-month period ended 31st December 2025"
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"text": "In accordance with the requirements of the Collective Investment Schemes sourcebook of the Financial Conduct Authority\u2019s"
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"text": "handbook of rules and guidance we hereby certify the report on behalf of the Directors of State Street Unit Trust Management"
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"text": "R. Bridger \u2013 Director, State Street Unit Trust Management Limited"
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"text": "T. Coghlan \u2013 Director, State Street Unit Trust Management Limited"
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"text": "December 2025 and of the net revenue and the net capital gains/(losses) on the scheme property of the Scheme and its"
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"text": "sub-funds for the period then ended. In preparing the financial statements the ACS Manager is required to:"
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"text": "Responsibilities of the ACS Manager"
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"text": "For the eighteen-month period ended 31st December 2025"
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"text": "Statement of the Depositary\u2019s Responsibilities in Respect of the Scheme and Report of the Depositary to the"
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"text": "Unitholders of the State Street Authorised Contractual Scheme (\"the Scheme\") for the period ended 31st December"
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"text": "The Depositary must ensure that the Scheme is managed in accordance with the Financial Conduct Authority\u2019s Collective"
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"text": "Investment Schemes Sourcebook, the Financial Services and Markets Act 2000, as amended, the Collective Investment in"
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"text": "Transferable Securities (Contractual Scheme) Regulations 2013 (together \u201cthe Regulations\u201d) and the Contractual Scheme"
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"text": "Deed and Prospectus (together the \u201cScheme documents\u201d) as detailed below."
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"text": "The Depositary must in the context of its role act honestly, fairly, professionally, independently and in the interests of the"
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"text": "Scheme and its investors."
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"text": "The Depositary is responsible for the safekeeping of all custodial assets and maintaining a record of all other assets of the"
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"text": "The Depositary must ensure that:"
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"text": "the Scheme\u2019s cash flows are properly monitored and that cash of the Scheme is booked in cash accounts in accordance"
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"text": "with the Regulations;"
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"text": "the sale, issue, repurchase, redemption and cancellation of units are carried out in accordance with the Regulations;"
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"text": "the value of units of the Scheme are calculated in accordance with the Regulations;"
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"text": "any consideration relating to transactions in the Scheme\u2019s assets is remitted to the Scheme within the usual time limits;"
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"text": "the Scheme\u2019s income is applied in accordance with the Regulations; and"
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"text": "the instructions of the Authorised Fund Manager (\u201cthe AFM\u201d), which is the UCITS Management Company, are carried out"
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"text": "(unless they conflict with the Regulations)."
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"text": "The Depositary also has a duty to take reasonable care to ensure that Scheme is managed in accordance with the"
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"text": "Regulations and the Scheme documents in relation to the investment and borrowing powers applicable to the Scheme."
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"text": "Having carried out such procedures as we considered necessary to discharge our responsibilities as Depositary of the"
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"text": "Scheme, it is our opinion, based on the information available to us and the explanations provided, that, in all material respects,"
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"text": "the AFM:"
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"text": "(i) has carried out the issue, sale, redemption and cancellation, and calculation of the price of the Scheme\u2019s units and the"
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"text": "application of the Scheme\u2019s income in accordance with the Regulations and Scheme documents of the Scheme; and"
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"text": "(ii) has observed the investment and borrowing powers and restrictions applicable to the scheme in accordance with the"
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"text": "Regulations and Scheme documents of the Scheme."
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"text": "This report is given on the basis that no breaches are subsequently advised to us before the distribution date. We therefore"
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"text": "reserve the right to amend the report in the light of such circumstances."
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"text": "Yours sincerely"
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"text": "Statement of the Depositary\u2019s Responsibilities"
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"text": "For the eighteen-month period ended 31st December 2025"
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"text": "Report on the audit of the financial statements"
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"text": "Opinion"
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"text": "In our opinion, the financial statements of State Street Authorised Contractual Scheme (the \u201cScheme\u201d):"
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"text": "\u2022"
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"id": "f84f644b-ab29-4781-a9cd-36a7f987b407",
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"text": "give a true and fair view of the financial position of the Scheme and each sub-fund as at 31 December 2025 and of the"
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"text": "net revenue and the net capital gains/result on the scheme property of the Scheme and each of its sub-funds for the"
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"id": "a87b2198-df74-4ae3-88e5-54b9c9461255",
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"text": "period from 1 July 2024 to 31 December 2025 (the \u201cperiod\u201d); and"
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"id": "e134ced6-9fb1-437a-bcba-1f4579c065ec",
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"text": "have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United"
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"text": "Kingdom Accounting Standards, comprising FRS 102 \u201cThe Financial Reporting Standard applicable in the UK and"
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"text": "Republic of Ireland\u201d, and applicable law), the Statement of Recommended Practice for UK Authorised Funds, the"
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"text": "Collective Investment Schemes sourcebook (\"the sourcebook\") and the Co-Ownership Deed."
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...