{"annotation_id":"cba15049-893f-45c5-8435-6373f7abb703","file_hash":"9692886355e3b3f3dec46b36f37523edcc4998983b31a94ecaa8243ca5c76457","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"11ec667a-d67e-46f7-92ed-aea32d37a1c4","block_type":"box","text":"State Street Authorised Contractual","page_number":1,"box":{"x":67,"y":177,"width":844,"height":27}},{"id":"cadbffa4-cc0a-4723-9389-7752f9cc25fa","block_type":"box","text":"Scheme","page_number":1,"box":{"x":67,"y":215,"width":189,"height":27}},{"id":"3f4b34c5-c849-4161-92b6-fb41b672028a","block_type":"box","text":"Annual Report and Audited Financial Statements","page_number":1,"box":{"x":65,"y":48,"width":582,"height":17}},{"id":"2cd4be8f-736d-448a-a7c6-c6896aa29c20","block_type":"box","text":"For the eighteen-month period ended 31st December 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The Scheme is managed by State","page_number":3,"box":{"x":47,"y":208,"width":904,"height":11}},{"id":"4d68e1f8-5996-4b2d-8ccc-b08ca7afae7b","block_type":"box","text":"Street Unit Trust Management Limited (the \"ACS Manager\"). The Scheme is a UCITS scheme. The Unitholders are not liable","page_number":3,"box":{"x":47,"y":222,"width":904,"height":11}},{"id":"c53ade5c-737d-4af9-ab0f-08c366b978fd","block_type":"box","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","page_number":3,"box":{"x":47,"y":236,"width":904,"height":11}},{"id":"fdedaf9d-394f-42c7-b177-9a34bcf23e09","block_type":"box","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","page_number":3,"box":{"x":47,"y":250,"width":905,"height":12}},{"id":"9f1c4cd2-1e39-4a16-a6d6-0ca22bc5df2c","block_type":"box","text":"their proportionate share of the income and gains in the sub-fund or sub-funds in which they have invested.","page_number":3,"box":{"x":47,"y":265,"width":791,"height":11}},{"id":"2161f9d0-5809-4f40-b638-44f5ff9fc8f0","block_type":"box","text":"As a consequence of being constituted as an authorised co-ownership scheme, the sub-funds may be treated as tax","page_number":3,"box":{"x":46,"y":286,"width":905,"height":11}},{"id":"579fe5b7-91f0-4097-b2cb-26d090d082fc","block_type":"box","text":"transparent for the purposes of income and/or gains by relevant taxing jurisdictions where Unitholders are subject to taxation","page_number":3,"box":{"x":47,"y":300,"width":903,"height":11}},{"id":"12b8bb7c-e064-4c29-a49d-20d59603b31f","block_type":"box","text":"and therefore, in most cases, also treated as tax transparent by the jurisdictions from which any underlying income or gains","page_number":3,"box":{"x":47,"y":315,"width":904,"height":11}},{"id":"9f835904-0946-4242-b900-317dc0199d96","block_type":"box","text":"arising to the sub-fund are derived. Such tax transparency cannot, however, be guaranteed.","page_number":3,"box":{"x":47,"y":329,"width":677,"height":11}},{"id":"7a5a905e-d3bc-4980-b1aa-0a08f4be4ff8","block_type":"box","text":"The ACS has 2 sub-funds, the State Street ACS North America Index Equity Fund launched on 9 March 2016 and liquidated","page_number":3,"box":{"x":47,"y":350,"width":903,"height":11}},{"id":"abfff706-4c06-4b7d-b7ad-9cd71fc31ca3","block_type":"box","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","page_number":3,"box":{"x":47,"y":364,"width":903,"height":11}},{"id":"d812788c-6c6e-43f9-92e2-0ca5deaf9f4a","block_type":"box","text":"launched on 11 December 2018.","page_number":3,"box":{"x":47,"y":379,"width":240,"height":8}},{"id":"c7371505-ed2b-4cda-a6e2-ef546f6b1678","block_type":"box","text":"The accounting year end of the State Street Authorised Contractual Scheme changed from 30 June to 31 December with","page_number":3,"box":{"x":47,"y":400,"width":903,"height":11}},{"id":"1543ca99-7e7c-488e-aacb-f5d0f9a55fae","block_type":"box","text":"effect from 2025. The accounting period to 30 June 2025 was extended to 31 December 2025.","page_number":3,"box":{"x":47,"y":414,"width":697,"height":11}},{"id":"46e1076c-bdea-4176-a12c-2d1f2d513597","block_type":"box","text":"Crossholdings","page_number":3,"box":{"x":47,"y":450,"width":116,"height":11}},{"id":"278004a9-6af3-4a69-8e67-180e6d2a6599","block_type":"box","text":"There were no shares in any sub-fund held by any other sub-fund of the Scheme.","page_number":3,"box":{"x":47,"y":469,"width":601,"height":11}},{"id":"5b65ccbd-a607-43d3-b4f1-98bbf1da38ef","block_type":"box","text":"State Street Authorised Contractual Scheme","page_number":3,"box":{"x":47,"y":44,"width":421,"height":10}},{"id":"a7e2a2d0-0123-4d7a-8e1f-492c69ca31d9","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":3,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"faed0a96-9eb5-49bd-a5a9-5d538013c46e","block_type":"box","text":"Background information","page_number":3,"box":{"x":48,"y":123,"width":231,"height":13}},{"id":"d71200ea-b6c9-4c0a-9a17-668416a9bcdb","block_type":"box","text":"For the eighteen-month period ended 31st December 2025","page_number":3,"box":{"x":48,"y":147,"width":435,"height":11}},{"id":"6027d0bb-21a9-431d-b77e-469426156622","block_type":"box","text":"1","page_number":3,"box":{"x":497,"y":956,"width":3,"height":7}},{"id":"273c8195-9120-40f0-865e-7f2ff736c482","block_type":"box","text":"In accordance with the requirements of the Collective Investment Schemes sourcebook of the Financial Conduct Authority’s","page_number":4,"box":{"x":48,"y":175,"width":903,"height":11}},{"id":"ff0c020d-c40e-4d80-9c23-904474c3989b","block_type":"box","text":"handbook of rules and guidance we hereby certify the report on behalf of the Directors of State Street Unit Trust Management","page_number":4,"box":{"x":48,"y":189,"width":904,"height":11}},{"id":"b181de28-1b15-4ce3-b01e-84450ff4949b","block_type":"box","text":"Limited.","page_number":4,"box":{"x":48,"y":203,"width":56,"height":9}},{"id":"010189c6-89c4-42a4-9a1a-db8c8059421e","block_type":"box","text":"R. 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In preparing the financial statements the ACS Manager is required to:","page_number":5,"box":{"x":47,"y":217,"width":786,"height":11}},{"id":"2615908c-be40-4ec9-8ca1-a467e841f7fc","block_type":"box","text":"•","page_number":5,"box":{"x":47,"y":242,"width":4,"height":3}},{"id":"d121f032-d197-4224-9f99-304a9c8ce14e","block_type":"box","text":"select suitable accounting policies and then apply them consistently;","page_number":5,"box":{"x":78,"y":239,"width":503,"height":11}},{"id":"a2f73288-4666-4180-b528-23b593afbf46","block_type":"box","text":"•","page_number":5,"box":{"x":47,"y":263,"width":4,"height":3}},{"id":"eec9aec3-c988-4a6f-b03c-1c9f5a53e223","block_type":"box","text":"comply with all requirements of the Statement of Recommended Practice relating to Authorised Funds issued by the","page_number":5,"box":{"x":78,"y":260,"width":873,"height":11}},{"id":"fbcfa805-376b-4f9a-8de8-073614be2f15","block_type":"box","text":"Investment Management Association in May 2014 (as amended in 2017);","page_number":5,"box":{"x":79,"y":274,"width":539,"height":11}},{"id":"d9ebca86-9d68-484f-afa2-015eda4d1dce","block_type":"box","text":"•","page_number":5,"box":{"x":47,"y":299,"width":4,"height":3}},{"id":"755fcc9a-ced5-4523-aa0e-02424e191e16","block_type":"box","text":"comply with the requirements of the COLL;","page_number":5,"box":{"x":78,"y":295,"width":315,"height":12}},{"id":"610cada2-a63b-446a-a5b4-f1c92291c40c","block_type":"box","text":"•","page_number":5,"box":{"x":47,"y":320,"width":4,"height":3}},{"id":"353f7d0a-6667-4146-897f-c2ad5b5b0411","block_type":"box","text":"follow generally accepted accounting principles and applicable accounting standards;","page_number":5,"box":{"x":77,"y":317,"width":629,"height":11}},{"id":"66c4393f-ff72-4f25-88c1-fd5f17f60b91","block_type":"box","text":"•","page_number":5,"box":{"x":47,"y":341,"width":4,"height":3}},{"id":"83e96efa-560b-46dd-989c-5e6403f413d2","block_type":"box","text":"keep proper accounting records which enable it to demonstrate that the financial statements as prepared comply with the","page_number":5,"box":{"x":78,"y":338,"width":873,"height":11}},{"id":"57a1aa8c-7fc5-4edd-a70b-7b202771e11e","block_type":"box","text":"above requirements;","page_number":5,"box":{"x":78,"y":353,"width":150,"height":10}},{"id":"c543188e-a3b1-4be5-a09b-b218d243ab0f","block_type":"box","text":"•","page_number":5,"box":{"x":47,"y":377,"width":4,"height":3}},{"id":"9fe13d88-f861-408a-b3e4-bca5e7928cd2","block_type":"box","text":"prepare the financial statements on the going concern basis unless it is inappropriate to presume the Fund will continue","page_number":5,"box":{"x":78,"y":374,"width":873,"height":11}},{"id":"e2c18531-f9f7-4d2e-a554-109a6f06eb7a","block_type":"box","text":"in operation;","page_number":5,"box":{"x":78,"y":388,"width":90,"height":11}},{"id":"dc9207b4-906d-46e7-8ea1-be49dbd76263","block_type":"box","text":"•","page_number":5,"box":{"x":47,"y":412,"width":4,"height":3}},{"id":"81be0e10-ced8-41f3-94b8-2be4fd0571d2","block_type":"box","text":"take reasonable steps for the prevention and detection of fraud or other irregularities.","page_number":5,"box":{"x":77,"y":409,"width":627,"height":11}},{"id":"2d4b089a-2201-42a0-ba83-add65301650a","block_type":"box","text":"The ACS Manager is responsible for the management of the sub-funds in accordance with its Co-Ownership Deed, the","page_number":5,"box":{"x":47,"y":431,"width":904,"height":11}},{"id":"fac48827-53be-45e3-b07b-960faaef5914","block_type":"box","text":"Prospectus and the COLL.","page_number":5,"box":{"x":48,"y":445,"width":194,"height":11}},{"id":"8a384d13-c25c-45e9-8386-c8f0dd511ed2","block_type":"box","text":"ASSESSMENT OF VALUE","page_number":5,"box":{"x":46,"y":480,"width":203,"height":9}},{"id":"81d820aa-877e-485f-a3ff-01257ea7080d","block_type":"box","text":"In accordance with FCA policy statement PS18/8 Value Assessment and Reporting Requirements, the Manager has","page_number":5,"box":{"x":48,"y":499,"width":903,"height":12}},{"id":"b1f9c508-3cee-4c2f-964e-35b4691ca752","block_type":"box","text":"performed a detailed assessment of whether the Fund provides value to investors. This assessment has been subject to","page_number":5,"box":{"x":48,"y":514,"width":903,"height":11}},{"id":"38106e25-ed27-4add-be33-6a273baef53c","block_type":"box","text":"scrutiny by the directors and the summary of the outcome is published separately on www.ssga.com.","page_number":5,"box":{"x":47,"y":528,"width":744,"height":11}},{"id":"814919bc-c217-4338-8971-2c18d16b0090","block_type":"box","text":"State Street Authorised Contractual Scheme","page_number":5,"box":{"x":47,"y":44,"width":421,"height":10}},{"id":"17587c0f-0f29-4283-9966-3632e796f8e3","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":5,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"ae09ffc8-6e8c-4c76-8049-dd6237f3804d","block_type":"box","text":"Responsibilities of the ACS Manager","page_number":5,"box":{"x":48,"y":123,"width":349,"height":13}},{"id":"015e0376-364d-4d95-842e-9bccf5927df2","block_type":"box","text":"For the eighteen-month period ended 31st December 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Financial Conduct Authority’s Collective","page_number":6,"box":{"x":47,"y":217,"width":904,"height":11}},{"id":"0ab4ba32-2a60-4398-b84c-ab556973d4e2","block_type":"box","text":"Investment Schemes Sourcebook, the Financial Services and Markets Act 2000, as amended, the Collective Investment in","page_number":6,"box":{"x":48,"y":231,"width":902,"height":11}},{"id":"ebae3505-4556-42ec-8ce1-603d78fa1529","block_type":"box","text":"Transferable Securities (Contractual Scheme) Regulations 2013 (together “the Regulations”) and the Contractual Scheme","page_number":6,"box":{"x":47,"y":246,"width":904,"height":11}},{"id":"09be05e1-d122-488d-99ee-cc44827c808f","block_type":"box","text":"Deed and Prospectus (together the “Scheme documents”) as detailed below.","page_number":6,"box":{"x":48,"y":260,"width":565,"height":11}},{"id":"a3b5d1fd-2c59-429f-9c0a-88695581df59","block_type":"box","text":"The Depositary must in the context of its role act honestly, fairly, professionally, independently and in the interests of the","page_number":6,"box":{"x":47,"y":281,"width":904,"height":11}},{"id":"aa7a0b31-cb89-464f-a03e-c7568eacd230","block_type":"box","text":"Scheme and its investors.","page_number":6,"box":{"x":47,"y":295,"width":190,"height":9}},{"id":"2ca086d3-d0ce-451e-a4cd-123bc531dc5f","block_type":"box","text":"The Depositary is responsible for the safekeeping of all custodial assets and maintaining a record of all other assets of the","page_number":6,"box":{"x":47,"y":317,"width":904,"height":11}},{"id":"aea98f70-3ced-44cb-9589-736762184857","block_type":"box","text":"Scheme in accordance with the Regulations.","page_number":6,"box":{"x":47,"y":331,"width":329,"height":11}},{"id":"59070b52-5c4f-4723-838b-caecf80dcf00","block_type":"box","text":"The Depositary must ensure that:","page_number":6,"box":{"x":47,"y":353,"width":246,"height":11}},{"id":"1ee48785-e952-4b31-a5e2-d36834aa3cf2","block_type":"box","text":"•","page_number":6,"box":{"x":47,"y":377,"width":4,"height":3}},{"id":"7f98182f-9989-40ea-8280-7d51dbd31038","block_type":"box","text":"the Scheme’s cash flows are properly monitored and that cash of the Scheme is booked in cash accounts in accordance","page_number":6,"box":{"x":77,"y":374,"width":874,"height":11}},{"id":"2f8c249b-0fef-45a9-9d3b-76081d8019cb","block_type":"box","text":"with the Regulations;","page_number":6,"box":{"x":77,"y":388,"width":154,"height":11}},{"id":"d43b947e-c8d7-468c-bf00-d19968b169c2","block_type":"box","text":"•","page_number":6,"box":{"x":47,"y":412,"width":4,"height":3}},{"id":"f06e666f-18fc-48a6-a466-088b4a5dfe38","block_type":"box","text":"the sale, issue, repurchase, redemption and cancellation of units are carried out in accordance with the Regulations;","page_number":6,"box":{"x":77,"y":409,"width":858,"height":11}},{"id":"40495fdd-8586-404e-8abc-9e0bdc3e1ff2","block_type":"box","text":"•","page_number":6,"box":{"x":47,"y":434,"width":4,"height":3}},{"id":"4d8f1ef2-ce5c-4c21-8b78-1bd01a98fafc","block_type":"box","text":"the value of units of the Scheme are calculated in accordance with the Regulations;","page_number":6,"box":{"x":77,"y":431,"width":616,"height":11}},{"id":"e21b39af-0349-40bc-8bbf-148a1353a5d4","block_type":"box","text":"•","page_number":6,"box":{"x":47,"y":455,"width":4,"height":3}},{"id":"d546b55d-d825-4c51-9bc2-9bc67365c5c8","block_type":"box","text":"any consideration relating to transactions in the Scheme’s assets is remitted to the Scheme within the usual time limits;","page_number":6,"box":{"x":78,"y":452,"width":872,"height":11}},{"id":"403c6bc4-ebd0-4ade-95aa-283445882f0f","block_type":"box","text":"•","page_number":6,"box":{"x":47,"y":476,"width":4,"height":3}},{"id":"88889362-e66f-47a3-b356-24d05aa403e9","block_type":"box","text":"the Scheme’s income is applied in accordance with the Regulations; and","page_number":6,"box":{"x":77,"y":473,"width":536,"height":11}},{"id":"19100506-ab78-43a9-93f4-12286477df36","block_type":"box","text":"•","page_number":6,"box":{"x":47,"y":498,"width":4,"height":3}},{"id":"c7ef905d-aeb1-4799-b7ea-1133964ae22f","block_type":"box","text":"the instructions of the Authorised Fund Manager (“the AFM”), which is the UCITS Management Company, are carried out","page_number":6,"box":{"x":77,"y":495,"width":874,"height":11}},{"id":"8a0c0fdd-fb03-4b34-a98a-3644acebee15","block_type":"box","text":"(unless they conflict with the Regulations).","page_number":6,"box":{"x":78,"y":509,"width":311,"height":11}},{"id":"6b7ffd3f-54b1-497a-9015-f7fa5e8cf41e","block_type":"box","text":"The Depositary also has a duty to take reasonable care to ensure that Scheme is managed in accordance with the","page_number":6,"box":{"x":47,"y":530,"width":904,"height":11}},{"id":"ae85b40e-9dd2-44cb-aab9-013ce30baedb","block_type":"box","text":"Regulations and the Scheme documents in relation to the investment and borrowing powers applicable to the Scheme.","page_number":6,"box":{"x":48,"y":544,"width":875,"height":12}},{"id":"bef8defa-3afe-4543-b92d-1495d2ea7bd7","block_type":"box","text":"Having carried out such procedures as we considered necessary to discharge our responsibilities as Depositary of the","page_number":6,"box":{"x":48,"y":566,"width":903,"height":11}},{"id":"2042e7eb-39a9-4f55-963d-1d4cf0acf582","block_type":"box","text":"Scheme, it is our opinion, based on the information available to us and the explanations provided, that, in all material respects,","page_number":6,"box":{"x":47,"y":580,"width":903,"height":11}},{"id":"bae6d009-f8b5-488c-aa54-5f343989bf4f","block_type":"box","text":"the AFM:","page_number":6,"box":{"x":47,"y":594,"width":65,"height":9}},{"id":"c37722cc-69ff-4940-86cd-f96da13dd3bc","block_type":"box","text":"(i) has carried out the issue, sale, redemption and cancellation, and calculation of the price of the Scheme’s units and the","page_number":6,"box":{"x":47,"y":616,"width":904,"height":11}},{"id":"db7750e3-02f4-41f4-815f-0e68b3a63143","block_type":"box","text":"application of the Scheme’s income in accordance with the Regulations and Scheme documents of the Scheme; and","page_number":6,"box":{"x":47,"y":630,"width":861,"height":11}},{"id":"d41d14d2-4e5a-4c9d-9cd9-6b3f02ac539c","block_type":"box","text":"(ii) has observed the investment and borrowing powers and restrictions applicable to the scheme in accordance with the","page_number":6,"box":{"x":47,"y":651,"width":904,"height":11}},{"id":"a8c761f4-d29f-43ff-a07b-91ad0874a37f","block_type":"box","text":"Regulations and Scheme documents of the Scheme.","page_number":6,"box":{"x":48,"y":665,"width":388,"height":12}},{"id":"347483b8-e833-485d-a152-804a185ef085","block_type":"box","text":"This report is given on the basis that no breaches are subsequently advised to us before the distribution date. We therefore","page_number":6,"box":{"x":47,"y":687,"width":904,"height":11}},{"id":"9181732a-9c0a-49d4-a41e-942e26511ee1","block_type":"box","text":"reserve the right to amend the report in the light of such circumstances.","page_number":6,"box":{"x":48,"y":701,"width":525,"height":11}},{"id":"1da5ee7a-f60e-43cc-b225-02aff1250d88","block_type":"box","text":"Yours sincerely","page_number":6,"box":{"x":46,"y":730,"width":113,"height":11}},{"id":"c1f96a0d-16aa-4f56-8d34-58dd8fc7175e","block_type":"box","text":"Depositary","page_number":6,"box":{"x":48,"y":786,"width":78,"height":11}},{"id":"4987ed8f-3bc9-4153-9071-6c94093aee7c","block_type":"box","text":"HSBC Bank Plc","page_number":6,"box":{"x":48,"y":800,"width":116,"height":9}},{"id":"99b856e8-0564-4f6e-865a-2337c5c7e4a5","block_type":"box","text":"8 Canada Square","page_number":6,"box":{"x":47,"y":815,"width":130,"height":11}},{"id":"7b244f13-2e00-477d-8e85-f780d273b887","block_type":"box","text":"London E14 5HQ","page_number":6,"box":{"x":48,"y":829,"width":127,"height":9}},{"id":"71011642-6918-46e4-9d32-b039914725fe","block_type":"box","text":"22 April 2026","page_number":6,"box":{"x":47,"y":872,"width":96,"height":11}},{"id":"ab907a1d-5211-48c6-8c55-fae1dcb6df33","block_type":"box","text":"State Street Authorised Contractual Scheme","page_number":6,"box":{"x":47,"y":44,"width":421,"height":10}},{"id":"b8336771-d968-4191-99b3-26855762a990","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":6,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"6bdb51f4-a2ba-4219-abd9-d51480c45a87","block_type":"box","text":"Statement of the Depositary’s Responsibilities","page_number":6,"box":{"x":47,"y":123,"width":441,"height":13}},{"id":"2bccf68d-39f4-4e3e-b7ad-7b648ca8b532","block_type":"box","text":"For the eighteen-month period ended 31st December 2025","page_number":6,"box":{"x":48,"y":147,"width":435,"height":11}},{"id":"700a5dc0-1bdc-4925-992d-890c6f9a1807","block_type":"box","text":"4","page_number":6,"box":{"x":495,"y":956,"width":7,"height":7}},{"id":"e486848d-916c-4ea0-a378-dff99d940aea","block_type":"box","text":"Report on the audit of the financial statements","page_number":7,"box":{"x":48,"y":182,"width":441,"height":14}},{"id":"ea8eea63-6af8-4470-9212-4b8526c3067f","block_type":"box","text":"Opinion","page_number":7,"box":{"x":48,"y":216,"width":61,"height":11}},{"id":"78e92250-46be-4504-af8a-730ded8ee46a","block_type":"box","text":"In our opinion, the financial statements of State Street Authorised Contractual Scheme (the “Scheme”):","page_number":7,"box":{"x":48,"y":235,"width":757,"height":11}},{"id":"fc189676-545c-4c2d-9549-e54f3b055ea1","block_type":"box","text":"•","page_number":7,"box":{"x":47,"y":259,"width":4,"height":3}},{"id":"f84f644b-ab29-4781-a9cd-36a7f987b407","block_type":"box","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","page_number":7,"box":{"x":78,"y":256,"width":873,"height":11}},{"id":"ee307600-91c1-4d37-976f-334e1a032860","block_type":"box","text":"net revenue and the net capital gains/result on the scheme property of the Scheme and each of its sub-funds for the","page_number":7,"box":{"x":78,"y":270,"width":873,"height":11}},{"id":"a87b2198-df74-4ae3-88e5-54b9c9461255","block_type":"box","text":"period from 1 July 2024 to 31 December 2025 (the “period”); and","page_number":7,"box":{"x":78,"y":284,"width":478,"height":11}},{"id":"a1ba2c98-a3cf-4113-983d-8b26fde8c8db","block_type":"box","text":"•","page_number":7,"box":{"x":47,"y":309,"width":4,"height":3}},{"id":"e134ced6-9fb1-437a-bcba-1f4579c065ec","block_type":"box","text":"have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United","page_number":7,"box":{"x":78,"y":306,"width":872,"height":11}},{"id":"ed52d536-9966-4d60-923f-3781b93a8834","block_type":"box","text":"Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and","page_number":7,"box":{"x":78,"y":320,"width":872,"height":11}},{"id":"cb27b040-c9cf-4d9e-bd79-86e90f95716f","block_type":"box","text":"Republic of Ireland”, and applicable law), the Statement of Recommended Practice for UK Authorised Funds, the","page_number":7,"box":{"x":78,"y":334,"width":873,"height":11}},{"id":"7f144702-1064-4c40-ac5e-19b7081248b3","block_type":"box","text":"Collective Investment Schemes sourcebook (\"the sourcebook\") and the Co-Ownership Deed.","page_number":7,"box":{"x":78,"y":348,"width":687,"height":11}},{"id":"38d0e6af-2dc9-4fd5-9556-ce7f8ba98161","block_type":"box","text":"State Street Authorised Contractual Scheme is an Authorised Contractual Scheme (“ACS”) with 2 sub-funds. The financial","page_number":7,"box":{"x":47,"y":370,"width":903,"height":11}},{"id":"aafec1a0-6084-493b-bd51-bd0f1458559d","block_type":"box","text":"statements of the Scheme comprise the financial statements of each of the sub-funds. We have audited the financial","page_number":7,"box":{"x":47,"y":383,"width":903,"height":11}},{"id":"1e1f821f-b351-4eca-a76b-599fb8b2f234","block_type":"box","text":"statements, included within the Annual Report and Audited Financial Statements (the “Annual Report”), which comprise:","page_number":7,"box":{"x":47,"y":397,"width":884,"height":11}},{"id":"a8e8d7fe-ba23-44d0-8906-90d1b8918365","block_type":"box","text":"•","page_number":7,"box":{"x":47,"y":421,"width":4,"height":3}},{"id":"5d17d3e1-45dc-4356-aedb-d642a6c8f456","block_type":"box","text":"the Balance Sheets as at 31 December 2025;","page_number":7,"box":{"x":77,"y":418,"width":337,"height":10}},{"id":"f87a1589-0491-4fa2-b01c-d269b191dad0","block_type":"box","text":"•","page_number":7,"box":{"x":47,"y":442,"width":4,"height":3}},{"id":"ae0d9786-645b-4ef3-bfff-3c08985460bf","block_type":"box","text":"the Statements of Total Return for the period then ended;","page_number":7,"box":{"x":77,"y":439,"width":421,"height":11}},{"id":"edf00d62-f35a-4ceb-8e17-2cd5cf69aa22","block_type":"box","text":"•","page_number":7,"box":{"x":47,"y":463,"width":4,"height":3}},{"id":"164e0b5e-5c74-4229-bb31-40b4e335b6e5","block_type":"box","text":"the Statements of Change in Net Assets Attributable to Unitholders for the period then ended;","page_number":7,"box":{"x":77,"y":460,"width":689,"height":11}},{"id":"8b896370-dfc0-41bf-bd63-208a0afcc566","block_type":"box","text":"•","page_number":7,"box":{"x":47,"y":485,"width":4,"height":3}},{"id":"d2e5fa51-953c-48fb-8c98-a516b200d171","block_type":"box","text":"the Distribution tables;","page_number":7,"box":{"x":77,"y":482,"width":164,"height":10}},{"id":"4c0640e3-c24c-4760-b428-8bfd995572d2","block_type":"box","text":"•","page_number":7,"box":{"x":47,"y":506,"width":4,"height":3}},{"id":"0b2ab8a1-43d9-4b08-9dc3-00cd4d894e9e","block_type":"box","text":"the Accounting and Risk Management Policies; and","page_number":7,"box":{"x":77,"y":503,"width":381,"height":11}},{"id":"16af5636-5149-4fc4-8c85-8d4456802ed5","block_type":"box","text":"•","page_number":7,"box":{"x":47,"y":527,"width":4,"height":3}},{"id":"f40c6717-40d6-4aff-bbf5-72a1f6f24c4c","block_type":"box","text":"the Notes to the Financial Statements.","page_number":7,"box":{"x":77,"y":524,"width":283,"height":9}},{"id":"2af8660d-5a6c-4c6a-90f4-c0b6aa7ce1fe","block_type":"box","text":"Basis for opinion","page_number":7,"box":{"x":47,"y":556,"width":136,"height":11}},{"id":"74a7335e-a9ae-4126-adc4-9285d83274b4","block_type":"box","text":"We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our","page_number":7,"box":{"x":47,"y":575,"width":905,"height":11}},{"id":"e3a8e8c7-d77b-49a5-b45b-6034a90bc273","block_type":"box","text":"responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements","page_number":7,"box":{"x":48,"y":589,"width":903,"height":11}},{"id":"673b4960-f660-43c4-8f77-12055f78a42b","block_type":"box","text":"section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for","page_number":7,"box":{"x":47,"y":603,"width":905,"height":11}},{"id":"6c0eb69a-1d4e-4354-8701-78ad722f56d5","block_type":"box","text":"our opinion.","page_number":7,"box":{"x":47,"y":616,"width":86,"height":11}},{"id":"01e41222-3777-427f-a517-967f7a44e4d4","block_type":"box","text":"Independence","page_number":7,"box":{"x":47,"y":648,"width":112,"height":11}},{"id":"46ef2ddb-7fbd-4fe5-a994-530648a56e6f","block_type":"box","text":"We remained independent of the Scheme in accordance with the ethical requirements that are relevant to our audit of the","page_number":7,"box":{"x":47,"y":667,"width":904,"height":11}},{"id":"8b8a0347-410c-4c7c-9090-3e0c96ddcb50","block_type":"box","text":"financial statements in the UK, which includes the FRC’s Ethical Standard, and we have fulfilled our other ethical","page_number":7,"box":{"x":47,"y":680,"width":903,"height":11}},{"id":"0d203d1a-d1aa-433c-9255-564cd2278a7a","block_type":"box","text":"responsibilities in accordance with these requirements.","page_number":7,"box":{"x":48,"y":694,"width":403,"height":11}},{"id":"312c0558-23f0-4385-9f71-0a1ab9869f57","block_type":"box","text":"Emphasis of matter – financial statements of a sub-fund prepared on a basis other than going concern","page_number":7,"box":{"x":47,"y":725,"width":819,"height":11}},{"id":"de1bcb8e-3d85-4e0a-a633-575b1ac33c92","block_type":"box","text":"In forming our opinion on the financial statements, which is not modified, we draw attention to note 1 (a) of the Accounting and","page_number":7,"box":{"x":48,"y":744,"width":902,"height":11}},{"id":"caa04a88-3f34-4e02-936f-b7f7f73894bf","block_type":"box","text":"Risk Management Policies section which describes the Authorised Contractual Scheme Manager’s reasons why the financial","page_number":7,"box":{"x":48,"y":758,"width":902,"height":11}},{"id":"36496964-a59d-42f6-839a-c15fde54bfc2","block_type":"box","text":"statements of State Street ACS North America Index Equity Fund (the \"terminating sub-fund”), a sub-fund of State Street","page_number":7,"box":{"x":47,"y":771,"width":904,"height":12}},{"id":"72d0f8e0-3f90-4966-af96-d561d4df7662","block_type":"box","text":"Authorised Contractual Scheme, have been prepared on a basis other than going concern. The financial statements of the","page_number":7,"box":{"x":46,"y":785,"width":905,"height":11}},{"id":"e22213d6-a5d7-4368-8105-b80fd4e50a09","block_type":"box","text":"remaining sub-fund of the Scheme (the \"continuing sub-fund”) has been prepared on a going concern basis.","page_number":7,"box":{"x":48,"y":799,"width":795,"height":11}},{"id":"28475870-beb5-40d4-892f-6e6a231cb6f0","block_type":"box","text":"Conclusions relating to going concern","page_number":7,"box":{"x":48,"y":822,"width":304,"height":11}},{"id":"b87b8a3f-c915-4578-b195-b1a7e20c7015","block_type":"box","text":"In respect of the Scheme as a whole and the continuing sub-fund, based on the work we have performed, we have not","page_number":7,"box":{"x":48,"y":843,"width":904,"height":11}},{"id":"f1274fbb-626f-4bbf-9d74-6cd55e0eb8e2","block_type":"box","text":"identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt","page_number":7,"box":{"x":48,"y":857,"width":903,"height":11}},{"id":"fe22effe-1d33-4dd9-bc52-fb07461690fc","block_type":"box","text":"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","page_number":7,"box":{"x":47,"y":870,"width":904,"height":12}},{"id":"eea1e8af-4603-4ac8-a3c4-491d2150429d","block_type":"box","text":"the date on which the financial statements are authorised for issue.","page_number":7,"box":{"x":47,"y":884,"width":494,"height":9}},{"id":"395f8983-64a6-4fbd-8671-dd9ce2a493f0","block_type":"box","text":"With the exception of the terminating sub-fund, in auditing the financial statements, we have concluded that the Authorised","page_number":7,"box":{"x":47,"y":905,"width":903,"height":11}},{"id":"049b5f06-4849-4792-9295-96c37dc5d8b2","block_type":"box","text":"Contractual Scheme Manager’s use of the going concern basis of accounting in the preparation of the financial statements","page_number":7,"box":{"x":47,"y":918,"width":904,"height":12}},{"id":"a504c6b0-9f89-442b-b122-58aeb3e8e719","block_type":"box","text":"is appropriate.","page_number":7,"box":{"x":48,"y":932,"width":103,"height":11}},{"id":"fb2fd237-7091-42f9-9be2-fff63992947c","block_type":"box","text":"State Street Authorised Contractual Scheme","page_number":7,"box":{"x":47,"y":44,"width":421,"height":10}},{"id":"236391ae-5173-437c-9e4a-6e090ff86419","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":7,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"eb5c3ec6-2e57-46f5-95dc-2dd41df1218d","block_type":"box","text":"Independent auditors' report to the Unitholders of","page_number":7,"box":{"x":48,"y":123,"width":474,"height":13}},{"id":"10d10520-49ca-4b37-9c02-97f4f39f3a05","block_type":"box","text":"State Street Authorised Contractual Scheme","page_number":7,"box":{"x":47,"y":137,"width":421,"height":11}},{"id":"41c5a33a-46bc-4877-9d74-f9c232a59e04","block_type":"box","text":"5","page_number":7,"box":{"x":496,"y":956,"width":6,"height":7}},{"id":"45592692-6628-487c-a1ad-a1555d7d09f0","block_type":"box","text":"However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the Scheme's","page_number":8,"box":{"x":48,"y":175,"width":903,"height":11}},{"id":"bd6fd7e5-b536-46f8-a88e-c4f849724106","block_type":"box","text":"ability or the ability of the continuing sub-funds to continue as a going concern.","page_number":8,"box":{"x":47,"y":188,"width":579,"height":11}},{"id":"08add722-f811-43da-a900-bcbf5f3f6572","block_type":"box","text":"Our responsibilities and the responsibilities of the Authorised Contractual Scheme Manager with respect to going concern are","page_number":8,"box":{"x":47,"y":209,"width":904,"height":11}},{"id":"e209b30a-a3f5-43ab-a65a-18dda8d09335","block_type":"box","text":"described in the relevant sections of this report.","page_number":8,"box":{"x":47,"y":223,"width":349,"height":11}},{"id":"a84d257c-95dd-4216-aa78-abd232874516","block_type":"box","text":"Reporting on other information","page_number":8,"box":{"x":47,"y":254,"width":247,"height":11}},{"id":"e054786d-c4e3-4572-9016-b6a9b5fe2474","block_type":"box","text":"The other information comprises all of the information in the Annual Report other than the financial statements and our","page_number":8,"box":{"x":47,"y":273,"width":905,"height":11}},{"id":"f393298a-9b52-4a7e-8cca-4690526ec7a0","block_type":"box","text":"auditors’ report thereon. The Authorised Contractual Scheme Manager is responsible for the other information. Our opinion","page_number":8,"box":{"x":47,"y":287,"width":903,"height":11}},{"id":"ab44adac-3ef0-4f27-bb46-94d8c82b2edd","block_type":"box","text":"on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or,","page_number":8,"box":{"x":47,"y":300,"width":903,"height":11}},{"id":"5cf99059-a2a3-42c7-8d17-d567ed33222e","block_type":"box","text":"except to the extent otherwise explicitly stated in this report, any form of assurance thereon.","page_number":8,"box":{"x":47,"y":314,"width":677,"height":11}},{"id":"b8cf5b4e-4362-488f-b607-6879c65c6931","block_type":"box","text":"In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so,","page_number":8,"box":{"x":48,"y":335,"width":902,"height":11}},{"id":"d7f1d99f-2cda-4b5e-a921-d4628b486571","block_type":"box","text":"consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in","page_number":8,"box":{"x":47,"y":348,"width":903,"height":11}},{"id":"6338f39c-2784-4007-9cd7-7398f52d8e6b","block_type":"box","text":"the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material","page_number":8,"box":{"x":47,"y":362,"width":903,"height":11}},{"id":"63d38941-1687-40cc-ba94-cf307474c900","block_type":"box","text":"misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial","page_number":8,"box":{"x":48,"y":376,"width":902,"height":11}},{"id":"e89e862a-ebcf-4e31-8614-acc82f910298","block_type":"box","text":"statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that","page_number":8,"box":{"x":47,"y":389,"width":904,"height":11}},{"id":"6c1c5f7d-1ec9-45bf-8361-81fe6fe35398","block_type":"box","text":"there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based","page_number":8,"box":{"x":47,"y":403,"width":903,"height":11}},{"id":"3d986399-d2b4-4026-b7a2-5e5e25143acf","block_type":"box","text":"on these responsibilities.","page_number":8,"box":{"x":47,"y":417,"width":181,"height":10}},{"id":"e2ac4a39-9435-454d-889f-1d7e9a9178a4","block_type":"box","text":"Based on our work undertaken in the course of the audit, the Collective Investment Schemes sourcebook requires us also to","page_number":8,"box":{"x":48,"y":437,"width":903,"height":11}},{"id":"88ab74b9-68b0-43d8-9397-18def1868f0f","block_type":"box","text":"report certain opinions as described below.","page_number":8,"box":{"x":48,"y":451,"width":315,"height":11}},{"id":"bc2333a2-8645-476d-97b1-ad8184645fbc","block_type":"box","text":"Authorised Contractual Scheme Manager’s Report","page_number":8,"box":{"x":46,"y":482,"width":403,"height":11}},{"id":"b96a750b-42f1-47e0-b3c3-d4c008bdf358","block_type":"box","text":"In our opinion, the information given in the Authorised Contractual Scheme Manager's Report for the period ended","page_number":8,"box":{"x":48,"y":501,"width":902,"height":11}},{"id":"959c60d0-dcf3-478c-b6d6-32fbfd107f1c","block_type":"box","text":"31 December 2025 for which the financial statements are prepared is consistent with the financial statements.","page_number":8,"box":{"x":47,"y":515,"width":810,"height":11}},{"id":"16edadea-c10d-4353-87b7-674867fe02f7","block_type":"box","text":"Responsibilities for the financial statements and the audit","page_number":8,"box":{"x":48,"y":546,"width":458,"height":11}},{"id":"7c004680-6352-4b76-96a4-273c784fefc6","block_type":"box","text":"Responsibilities of the Authorised Contractual Scheme Manager for the financial statements","page_number":8,"box":{"x":47,"y":576,"width":733,"height":11}},{"id":"5218f3d8-d7c1-406c-af64-1d0be926ecef","block_type":"box","text":"As explained more fully in the Responsibilities of the ACS Manager, the Authorised Contractual Scheme Manager is","page_number":8,"box":{"x":46,"y":595,"width":905,"height":11}},{"id":"ade9e48e-5d73-4f5d-84dc-7dfc8f864ef6","block_type":"box","text":"responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied","page_number":8,"box":{"x":48,"y":609,"width":902,"height":11}},{"id":"ed239be2-5a14-484e-b958-a94e9c1bec89","block_type":"box","text":"that they give a true and fair view. The Authorised Contractual Scheme Manager is also responsible for such internal control","page_number":8,"box":{"x":47,"y":622,"width":903,"height":11}},{"id":"f01eb71a-98cd-4391-93b9-fd0db6b294e5","block_type":"box","text":"as they determine is necessary to enable the preparation of financial statements that are free from material misstatement,","page_number":8,"box":{"x":47,"y":636,"width":903,"height":11}},{"id":"c3242786-4bb9-48d9-8e85-25a3e7ca1a07","block_type":"box","text":"whether due to fraud or error.","page_number":8,"box":{"x":46,"y":649,"width":216,"height":9}},{"id":"e21b58ed-21be-4db2-a9e6-21a590c2e34f","block_type":"box","text":"In preparing the financial statements, the Authorised Contractual Scheme Manager is responsible for assessing the","page_number":8,"box":{"x":48,"y":670,"width":903,"height":11}},{"id":"edc04bb8-0210-4416-bbed-854b6cf674af","block_type":"box","text":"Scheme’s and each of its sub-funds ability to continue as a going concern, disclosing, as applicable, matters related to going","page_number":8,"box":{"x":47,"y":684,"width":904,"height":11}},{"id":"24ffc04a-1e04-4324-ab97-94d25c03248e","block_type":"box","text":"concern and using the going concern basis of accounting unless the Authorised Contractual Scheme Manager either intends","page_number":8,"box":{"x":47,"y":697,"width":904,"height":12}},{"id":"1080684d-089d-4e57-a6ff-4037acf13363","block_type":"box","text":"to wind up or terminate the Scheme or an individual sub-fund, or has no realistic alternative but to do so.","page_number":8,"box":{"x":47,"y":711,"width":769,"height":11}},{"id":"846309b0-dc41-46d2-b965-6cc0812af142","block_type":"box","text":"State Street Authorised Contractual Scheme","page_number":8,"box":{"x":47,"y":44,"width":421,"height":10}},{"id":"b73042aa-b152-49db-81cc-729fb3e6b555","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":8,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"c85e59af-2844-4e46-9ce2-9d62708ba3fb","block_type":"box","text":"Independent auditors' report to the Unitholders of","page_number":8,"box":{"x":48,"y":123,"width":474,"height":13}},{"id":"6df0ad85-ee08-434c-b0b4-da385cccaffd","block_type":"box","text":"State Street Authorised Contractual Scheme (continued)","page_number":8,"box":{"x":47,"y":137,"width":536,"height":14}},{"id":"4813bf28-e932-4442-8eb5-1d2f40f2d26e","block_type":"box","text":"6","page_number":8,"box":{"x":496,"y":956,"width":6,"height":7}},{"id":"ebe55a2d-f26a-4ae4-8db7-458c1f15874e","block_type":"box","text":"Auditors’ responsibilities for the audit of the financial statements","page_number":9,"box":{"x":46,"y":184,"width":518,"height":11}},{"id":"618e5eb4-f401-4c42-a9b9-92127695892e","block_type":"box","text":"Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material","page_number":9,"box":{"x":47,"y":205,"width":903,"height":12}},{"id":"10932bba-a6be-4dcf-aee8-35c8b11621ec","block_type":"box","text":"misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance","page_number":9,"box":{"x":48,"y":219,"width":903,"height":11}},{"id":"0b436e46-b455-4f3a-8fdb-36705593ed45","block_type":"box","text":"is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect","page_number":9,"box":{"x":48,"y":233,"width":903,"height":11}},{"id":"5c495007-9e27-4fb2-a88c-f4b0aaf7faf0","block_type":"box","text":"a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually","page_number":9,"box":{"x":47,"y":246,"width":904,"height":11}},{"id":"3deef513-8c2c-45f9-ba65-f389f7c6f858","block_type":"box","text":"or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of","page_number":9,"box":{"x":47,"y":260,"width":905,"height":11}},{"id":"52e3ca23-e2b1-48b6-b103-2b81d46511ea","block_type":"box","text":"these financial statements.","page_number":9,"box":{"x":47,"y":274,"width":196,"height":8}},{"id":"146407af-dcb2-42d3-9ab1-c7351e9acba9","block_type":"box","text":"Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with","page_number":9,"box":{"x":48,"y":294,"width":902,"height":11}},{"id":"80d43f56-0060-4cd9-a005-1b6849b65d75","block_type":"box","text":"our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent","page_number":9,"box":{"x":47,"y":308,"width":904,"height":11}},{"id":"4fb2c21e-72bd-417c-92fe-aa6c6079c33b","block_type":"box","text":"to which our procedures are capable of detecting irregularities, including fraud, is detailed below.","page_number":9,"box":{"x":47,"y":322,"width":711,"height":11}},{"id":"b397ca9c-6e8b-4646-97f3-8732df715cc0","block_type":"box","text":"Based on our understanding of the Scheme and its industry, we identified that the principal risks of non-compliance with laws","page_number":9,"box":{"x":48,"y":342,"width":903,"height":11}},{"id":"78637fcf-e99e-4861-aefe-133b9c70b8f4","block_type":"box","text":"and regulations related to breaches of the Collective Investment Schemes sourcebook, and we considered the extent to","page_number":9,"box":{"x":47,"y":356,"width":904,"height":11}},{"id":"600a2658-b29c-48ab-a0b6-140d80c74779","block_type":"box","text":"which non-compliance might have a material effect on the financial statements, in particular those parts of the sourcebook","page_number":9,"box":{"x":46,"y":370,"width":906,"height":11}},{"id":"0d8644b7-3157-4b51-9bdf-b0eed051fc7f","block_type":"box","text":"which may directly impact on the determination of amounts and disclosures in the financial statements.","page_number":9,"box":{"x":46,"y":383,"width":759,"height":11}},{"id":"5e31add7-f632-4b1c-9f33-47099298442e","block_type":"box","text":"We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including","page_number":9,"box":{"x":47,"y":406,"width":903,"height":11}},{"id":"602a8ef7-1e3d-44a7-8c3d-a8c5579ba6e1","block_type":"box","text":"the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to","page_number":9,"box":{"x":47,"y":420,"width":904,"height":11}},{"id":"14c49993-9e3b-4d0b-8927-75412258fac2","block_type":"box","text":"manipulate revenue or to increase the net asset value of the Scheme or the sub-funds. Audit procedures performed by the","page_number":9,"box":{"x":48,"y":434,"width":903,"height":11}},{"id":"6df7caa5-7456-44e0-9ad5-0a42f2f1d250","block_type":"box","text":"engagement team included:","page_number":9,"box":{"x":47,"y":447,"width":205,"height":11}},{"id":"1a55f183-d5ff-4298-b9ec-b86a8066f073","block_type":"box","text":"•","page_number":9,"box":{"x":47,"y":471,"width":4,"height":3}},{"id":"7d4fb04e-e7f1-4d24-9543-3bb6b72e14e2","block_type":"box","text":"Discussions with the Authorised Contractual Scheme Manager, including consideration of known or suspected instances","page_number":9,"box":{"x":78,"y":468,"width":873,"height":11}},{"id":"048a4f0e-e1e6-4e63-971b-4350967cb5ca","block_type":"box","text":"of non-compliance with laws and regulation and fraud;","page_number":9,"box":{"x":78,"y":482,"width":398,"height":11}},{"id":"678ea330-0dc7-4899-82dd-87b21a87b4cd","block_type":"box","text":"•","page_number":9,"box":{"x":47,"y":507,"width":4,"height":3}},{"id":"530a68b7-2755-4e1c-ada3-269aecff548c","block_type":"box","text":"Reviewing relevant meeting minutes, including those of the Authorised Contractual Scheme Manager’s board of","page_number":9,"box":{"x":78,"y":504,"width":874,"height":11}},{"id":"57106ddd-7703-42d4-bb6a-c3dd7f4c7284","block_type":"box","text":"directors;","page_number":9,"box":{"x":78,"y":518,"width":67,"height":10}},{"id":"2ecd51af-773b-4097-9f87-bfc6115b6d34","block_type":"box","text":"•","page_number":9,"box":{"x":47,"y":542,"width":4,"height":3}},{"id":"b00c4b5b-3df9-4c4e-bcc2-aabb86192d9d","block_type":"box","text":"Identifying and testing journal entries, specifically any journals posted as part of the financial period end close process;","page_number":9,"box":{"x":79,"y":539,"width":871,"height":11}},{"id":"38d34ebc-2ac4-4342-b723-7a229584fa72","block_type":"box","text":"and","page_number":9,"box":{"x":78,"y":554,"width":26,"height":8}},{"id":"71f400af-6bda-41fd-9fde-9a6dfd2a2850","block_type":"box","text":"•","page_number":9,"box":{"x":47,"y":578,"width":4,"height":3}},{"id":"8492726e-44e0-4359-83a6-acf51666bd26","block_type":"box","text":"Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing.","page_number":9,"box":{"x":78,"y":575,"width":792,"height":11}},{"id":"4b28812c-9ef2-4aae-8e77-0373936e459a","block_type":"box","text":"There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of","page_number":9,"box":{"x":47,"y":620,"width":905,"height":11}},{"id":"f48d17b6-e91e-4205-aad5-74db37c568b4","block_type":"box","text":"non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial","page_number":9,"box":{"x":48,"y":633,"width":902,"height":12}},{"id":"c28247b0-ca54-415a-baf3-3a77a529f446","block_type":"box","text":"statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one","page_number":9,"box":{"x":47,"y":647,"width":904,"height":11}},{"id":"0871adff-2d4b-4c1a-b925-f10f98d08f26","block_type":"box","text":"resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations,","page_number":9,"box":{"x":48,"y":661,"width":902,"height":11}},{"id":"029978b9-8bec-4435-878f-67c7e92dff98","block_type":"box","text":"or through collusion.","page_number":9,"box":{"x":47,"y":674,"width":149,"height":11}},{"id":"77aa3d30-34d3-4a55-89f7-c12cce96528f","block_type":"box","text":"A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting","page_number":9,"box":{"x":46,"y":695,"width":905,"height":11}},{"id":"2f0b29dc-7a45-4c02-ae0c-bbbde541510e","block_type":"box","text":"Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.","page_number":9,"box":{"x":47,"y":709,"width":813,"height":11}},{"id":"b872f4b2-8ed2-48a9-8c63-152bfa45dc26","block_type":"box","text":"Use of this report","page_number":9,"box":{"x":48,"y":740,"width":138,"height":11}},{"id":"c1b05473-e888-499c-9c51-e5b21cec68f6","block_type":"box","text":"This report, including the opinions, has been prepared for and only for the Scheme’s Unitholders as a body in accordance with","page_number":9,"box":{"x":47,"y":759,"width":903,"height":11}},{"id":"ba9cd3f7-4211-439a-a3d5-9dd59d78809b","block_type":"box","text":"paragraph 4.5.12 of the Collective Investment Schemes sourcebook and for no other purpose. We do not, in giving these","page_number":9,"box":{"x":48,"y":773,"width":903,"height":11}},{"id":"576c8124-5248-4230-8d9c-975739c33028","block_type":"box","text":"opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into","page_number":9,"box":{"x":47,"y":786,"width":904,"height":11}},{"id":"c8d6790f-5f28-4507-b45d-d97a452643eb","block_type":"box","text":"whose hands it may come save where expressly agreed by our prior consent in writing.","page_number":9,"box":{"x":46,"y":800,"width":643,"height":11}},{"id":"59ae8bb9-c033-4735-aa40-f3a21daacdf4","block_type":"box","text":"State Street Authorised Contractual Scheme","page_number":9,"box":{"x":47,"y":44,"width":421,"height":10}},{"id":"8b1c7a14-3cd5-4843-a226-a4212153dd29","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":9,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"fff809dd-5d3b-477c-ab27-daff8273eef2","block_type":"box","text":"Independent auditors' report to the Unitholders of","page_number":9,"box":{"x":48,"y":123,"width":474,"height":13}},{"id":"4bb392f8-1e05-413f-a8dd-f0a40435826c","block_type":"box","text":"State Street Authorised Contractual Scheme (continued)","page_number":9,"box":{"x":47,"y":137,"width":536,"height":14}},{"id":"fbd811ea-31e5-4680-8843-66b3b06a339c","block_type":"box","text":"7","page_number":9,"box":{"x":496,"y":956,"width":6,"height":7}},{"id":"b8148fe5-d0cf-479a-bb52-26cd0433a8ea","block_type":"box","text":"Other required reporting","page_number":10,"box":{"x":47,"y":182,"width":232,"height":14}},{"id":"e3ee7c1f-23af-435f-b15d-4cc8b7073e80","block_type":"box","text":"Opinion on matter required by the Collective Investment Schemes sourcebook","page_number":10,"box":{"x":48,"y":216,"width":624,"height":11}},{"id":"624ca300-4452-4119-a371-0fb9f527278d","block_type":"box","text":"In our opinion, we have obtained all the information and explanations we consider necessary for the purposes of the audit.","page_number":10,"box":{"x":48,"y":235,"width":900,"height":11}},{"id":"bdcef383-83ee-4207-99f5-9b4369e690aa","block_type":"box","text":"Collective Investment Schemes sourcebook exception reporting","page_number":10,"box":{"x":48,"y":266,"width":510,"height":12}},{"id":"e587883e-f902-4145-a8e3-ede8bfd60b4d","block_type":"box","text":"Under the Collective Investment Schemes sourcebook we are also required to report to you if, in our opinion:","page_number":10,"box":{"x":48,"y":285,"width":802,"height":12}},{"id":"97802917-9944-4f18-9862-ec458917b78d","block_type":"box","text":"•","page_number":10,"box":{"x":47,"y":309,"width":4,"height":3}},{"id":"61d39065-75b7-4aa0-8529-9970522de0f5","block_type":"box","text":"proper accounting records have not been kept; or","page_number":10,"box":{"x":78,"y":306,"width":365,"height":11}},{"id":"36211656-b16a-4956-9a81-ebc1beff1d9a","block_type":"box","text":"•","page_number":10,"box":{"x":47,"y":331,"width":4,"height":3}},{"id":"149843d5-1b00-46dc-a8c0-3536476ce64d","block_type":"box","text":"the financial statements are not in agreement with the accounting records.","page_number":10,"box":{"x":77,"y":328,"width":547,"height":11}},{"id":"67882664-683e-46bb-b08f-d08e3d1af242","block_type":"box","text":"We have no exceptions to report arising from this responsibility.","page_number":10,"box":{"x":47,"y":349,"width":467,"height":11}},{"id":"98a510e7-d513-4f95-9366-62fb34f59315","block_type":"box","text":"PricewaterhouseCoopers LLP","page_number":10,"box":{"x":48,"y":419,"width":220,"height":11}},{"id":"66cfc497-c44b-42cd-9f7f-6d3fa400b040","block_type":"box","text":"Chartered Accountants and Statutory Auditors","page_number":10,"box":{"x":47,"y":431,"width":339,"height":11}},{"id":"74a64a76-28c3-4558-8f42-57c44a386a33","block_type":"box","text":"Glasgow","page_number":10,"box":{"x":47,"y":443,"width":64,"height":11}},{"id":"81a7c71c-f155-4f8d-9713-db058285a540","block_type":"box","text":"22 April 2026","page_number":10,"box":{"x":47,"y":455,"width":96,"height":11}},{"id":"e0387d08-8310-4291-9a87-6c5f61cc44ab","block_type":"box","text":"State Street Authorised Contractual Scheme","page_number":10,"box":{"x":47,"y":44,"width":421,"height":10}},{"id":"aaec2164-e173-467e-ab7c-9f5badd8a01b","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":10,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"51d9021a-0450-4f06-8e50-b5e216260c30","block_type":"box","text":"Independent auditors' report to the Unitholders of","page_number":10,"box":{"x":48,"y":123,"width":474,"height":13}},{"id":"dd3b0e65-8264-4cbe-a52b-178046524143","block_type":"box","text":"State Street Authorised Contractual Scheme (continued)","page_number":10,"box":{"x":47,"y":137,"width":536,"height":14}},{"id":"4ea5705d-3afe-43d0-82ac-9131187ca934","block_type":"box","text":"8","page_number":10,"box":{"x":496,"y":956,"width":6,"height":7}},{"id":"bd5e29f7-5022-405a-88f6-7d1b40623c93","block_type":"box","text":"1. Accounting policies","page_number":11,"box":{"x":48,"y":175,"width":197,"height":11}},{"id":"dcc5c86c-d247-4963-8485-57de0d76bb43","block_type":"box","text":"(a) Basis of accounting","page_number":11,"box":{"x":47,"y":201,"width":198,"height":11}},{"id":"80e46dbb-7c77-4632-923e-5f9b0cb283c8","block_type":"box","text":"The financial statements have been prepared under the historical cost convention by the revaluation of the investments,","page_number":11,"box":{"x":87,"y":215,"width":863,"height":11}},{"id":"6e07a2fc-f9d2-4b61-ba57-dae59f187e89","block_type":"box","text":"and in accordance with the United Kingdom Generally Accepted Accounting Practice (\"UK GAAP\") which comprises the","page_number":11,"box":{"x":87,"y":229,"width":864,"height":11}},{"id":"a26da73c-be15-4dab-85b9-53055ac527a5","block_type":"box","text":"UK Financial Reporting Standard 102 (\"FRS 102\") and the Statement of Recommended Practice (\"SORP\") for","page_number":11,"box":{"x":88,"y":243,"width":864,"height":11}},{"id":"f4eb62b8-e30d-487c-a856-e09f474fd0b2","block_type":"box","text":"Authorised Funds issued by the Investment Management Association in May 2014 (as amended in 2017).","page_number":11,"box":{"x":87,"y":258,"width":780,"height":11}},{"id":"a6beccad-45f4-4f93-be59-c44a75f9cb0e","block_type":"box","text":"The Financial Statements have been prepared on a going concern basis with the exception of the State Street ACS","page_number":11,"box":{"x":87,"y":279,"width":864,"height":11}},{"id":"7f717a3a-0cec-48e8-9015-a4ebe1412829","block_type":"box","text":"North America Index Equity Fund which has been prepared on a basis other than going concern. Having received notice","page_number":11,"box":{"x":88,"y":293,"width":863,"height":11}},{"id":"655923e9-e90d-430d-adb2-00fc7a74808d","block_type":"box","text":"of a full redemption, the fund liquidated in October 2020 and the ACS Manager came to the conclusion to terminate the","page_number":11,"box":{"x":87,"y":307,"width":864,"height":12}},{"id":"5b50a5ed-fb06-4472-a0b6-2ebfefe9f459","block_type":"box","text":"fund. No adjustments were required in the fund's financial statements to reduce assets to their realisable values, or to","page_number":11,"box":{"x":87,"y":322,"width":864,"height":11}},{"id":"d7e91c03-27fb-432a-99b4-1343b5a7f431","block_type":"box","text":"provide for liabilities arising from this decision. The ACS manager will bear the costs relating to any such liabilities","page_number":11,"box":{"x":88,"y":336,"width":863,"height":11}},{"id":"7bf1773f-319b-4474-8055-5a87592077d6","block_type":"box","text":"arising. For State Street ACS North America Index Equity Fund, Fixed Assets continue to be classified as Current Assets","page_number":11,"box":{"x":87,"y":350,"width":864,"height":11}},{"id":"b76f9326-188c-412a-9819-f1b44f07e63d","block_type":"box","text":"due to this fund being prepared on a basis other than going concern.","page_number":11,"box":{"x":87,"y":364,"width":506,"height":11}},{"id":"49f39d02-ffa4-40be-923b-c8795d5ac37d","block_type":"box","text":"(b) Basis of valuation of investments","page_number":11,"box":{"x":47,"y":390,"width":305,"height":11}},{"id":"3de5dc10-5ed8-494c-81a9-f9efd74a053b","block_type":"box","text":"The investments of the sub-funds have been valued at the closing bid market prices ruling on the principal markets on","page_number":11,"box":{"x":87,"y":405,"width":863,"height":11}},{"id":"1f46d655-4bed-480d-80cc-ee2cc027b4f0","block_type":"box","text":"which the stocks are quoted, on the last business day of the accounting period.","page_number":11,"box":{"x":87,"y":419,"width":583,"height":11}},{"id":"6b3e88ae-689c-4bb6-832c-cf11b7b7e12c","block_type":"box","text":"Market value is defined by the SORP as fair value which is the bid value of each security.","page_number":11,"box":{"x":88,"y":440,"width":656,"height":11}},{"id":"c2031688-2e06-4696-b771-1a4d41fb60db","block_type":"box","text":"Where applicable, unlisted and suspended securities are based on the ACS Manager’s assessment of their net","page_number":11,"box":{"x":87,"y":461,"width":864,"height":12}},{"id":"d531b876-9ba4-464a-9b97-df269620d8c7","block_type":"box","text":"realisable value. At present, there are no unlisted or suspended securities held by either sub-fund.","page_number":11,"box":{"x":88,"y":476,"width":722,"height":11}},{"id":"51e6a54d-d2ac-4045-a19a-61fbb8a7eb52","block_type":"box","text":"Open futures contracts have been valued at fair value and the net gains/(losses) are reflected within Derivative contracts","page_number":11,"box":{"x":87,"y":497,"width":864,"height":11}},{"id":"cf7a65f0-15ac-450d-85a4-b486211464d7","block_type":"box","text":"in net capital gains/(losses) on investments.","page_number":11,"box":{"x":88,"y":511,"width":321,"height":11}},{"id":"6e72efd5-bab3-42fc-84e6-10e9f41b5214","block_type":"box","text":"(c) Exchange rates","page_number":11,"box":{"x":47,"y":537,"width":163,"height":11}},{"id":"f1b5063d-bcb4-4103-a504-124b35b1706b","block_type":"box","text":"Foreign currency receipts and payments are translated at the rate applicable on the date of settlement.","page_number":11,"box":{"x":88,"y":552,"width":757,"height":11}},{"id":"bd850aff-7be8-4ba2-a191-7ada877d2ea1","block_type":"box","text":"Foreign currency assets and liabilities are valued at the rates on the last day of the accounting period.","page_number":11,"box":{"x":88,"y":573,"width":750,"height":11}},{"id":"80695032-45bb-43ec-bd7e-f36c8627c5c8","block_type":"box","text":"(d) Recognition of revenue","page_number":11,"box":{"x":47,"y":599,"width":225,"height":11}},{"id":"e0648cee-da7d-4995-89f1-5cbc798e4deb","block_type":"box","text":"Revenue is included in the Statement of Total Return on the following basis: Dividends are recognised when the security","page_number":11,"box":{"x":88,"y":613,"width":863,"height":11}},{"id":"1e46acb2-f271-4edb-8164-eba476a137a9","block_type":"box","text":"is quoted ex-dividend. Special dividends are treated as either capital or revenue depending on the facts of each","page_number":11,"box":{"x":88,"y":627,"width":862,"height":12}},{"id":"87cfdd8d-16b6-4fc6-b830-3631cefa0078","block_type":"box","text":"particular case. Deposit interest and interest payable are recorded on an accrual basis.","page_number":11,"box":{"x":88,"y":642,"width":641,"height":11}},{"id":"43053cdf-43e5-4148-9444-b95a389ceb47","block_type":"box","text":"Dividends from Real Estate Investment Trusts ('REITs') are recognised as distributable income when the securities are","page_number":11,"box":{"x":88,"y":663,"width":863,"height":11}},{"id":"05bc7e9f-1990-4022-b482-24fc93b741f8","block_type":"box","text":"quoted ex-dividend. US REIT dividend revenue is accounted for partly as revenue and partly as capital, depending on","page_number":11,"box":{"x":87,"y":677,"width":863,"height":11}},{"id":"9fb83d45-801d-49aa-969c-0db6555ffab4","block_type":"box","text":"the underlying REIT distribution. Accounting practice is to allocate 100% of the dividend return to income given the","page_number":11,"box":{"x":87,"y":691,"width":864,"height":12}},{"id":"bf316b7d-c81d-4b46-beb6-a62b23d12464","block_type":"box","text":"capital/income split is not known at the time of payment. If the amount received from REIT Dividends reach the trigger","page_number":11,"box":{"x":87,"y":706,"width":865,"height":11}},{"id":"9ab20376-3f29-47e8-8d4c-062c9d0da15b","block_type":"box","text":"amount of 0.5% of the Fund NAV; then the dividend amount will be treated as capital. The dividend amounts are","page_number":11,"box":{"x":87,"y":720,"width":864,"height":11}},{"id":"04c28d01-7b66-43da-8e4e-036afd369f9c","block_type":"box","text":"monitored on a quarterly basis.","page_number":11,"box":{"x":88,"y":734,"width":227,"height":11}},{"id":"5b70a1a2-1b0e-4440-978f-4b5e6a4166cd","block_type":"box","text":"Other income, including receipts from class actions or similar settlements that represent compensation for income (for","page_number":11,"box":{"x":87,"y":755,"width":865,"height":12}},{"id":"c4965565-d885-4da6-bd34-030c06bfaae6","block_type":"box","text":"example, unpaid dividends), is recognised as revenue when the Fund becomes entitled to the proceeds.","page_number":11,"box":{"x":87,"y":770,"width":769,"height":11}},{"id":"071bcccf-bf05-4d8d-a94c-3b4264021c52","block_type":"box","text":"(e) Treatment of expenses","page_number":11,"box":{"x":47,"y":796,"width":220,"height":11}},{"id":"ce64644e-2865-40f3-a5e1-93fb8d01e723","block_type":"box","text":"Management expenses are charged against the revenue of the sub-funds on an accruals basis.All other expenses other","page_number":11,"box":{"x":88,"y":810,"width":864,"height":11}},{"id":"144f2c40-b0d4-46fc-a420-fb0fa6be212b","block_type":"box","text":"than bank charges and interest are met by the ACS Manager.","page_number":11,"box":{"x":87,"y":824,"width":453,"height":11}},{"id":"601a454b-fad0-427a-a643-89c78415b455","block_type":"box","text":"(f) Taxation","page_number":11,"box":{"x":47,"y":850,"width":106,"height":11}},{"id":"f52da1b9-d797-4fdc-8899-552ca7bb9c2d","block_type":"box","text":"No provision for corporation tax is made due to the tax transparent nature of the Scheme, in accordance with section","page_number":11,"box":{"x":88,"y":865,"width":862,"height":11}},{"id":"4a1c774f-1652-4d6a-a7f3-de454ddbf4f1","block_type":"box","text":"1121 of Corporation Tax Act 2010. Instead, the unit holders of the sub-funds are taxed on their share of the income","page_number":11,"box":{"x":88,"y":879,"width":863,"height":11}},{"id":"13757373-4226-4a10-b967-a4b4be2a5979","block_type":"box","text":"derived from the underlying assets.","page_number":11,"box":{"x":87,"y":893,"width":259,"height":11}},{"id":"044e4103-8d6a-4a8c-af7c-21d8cae7333b","block_type":"box","text":"State Street Authorised Contractual Scheme","page_number":11,"box":{"x":47,"y":44,"width":421,"height":10}},{"id":"d5477795-7db8-4d98-a947-33b7f437ffe5","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":11,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"6bb135d6-cfe5-4032-96ef-757ff3f0a939","block_type":"box","text":"Accounting and Risk Management Policies","page_number":11,"box":{"x":46,"y":123,"width":410,"height":13}},{"id":"cf350c19-427e-4d01-bac1-94ea34aa9bc5","block_type":"box","text":"For the eighteen-month period ended 31st December 2025","page_number":11,"box":{"x":48,"y":147,"width":435,"height":11}},{"id":"1fe9f440-7453-40c8-8f6b-f8dde4a499e3","block_type":"box","text":"9","page_number":11,"box":{"x":496,"y":956,"width":6,"height":7}},{"id":"e1ef5609-246a-4755-9af7-9bd30139d806","block_type":"box","text":"1. Accounting policies (continued)","page_number":12,"box":{"x":48,"y":175,"width":293,"height":11}},{"id":"33ab013d-c821-465b-8baa-f27584578cd0","block_type":"box","text":"(g) Dilution adjustment","page_number":12,"box":{"x":47,"y":200,"width":196,"height":11}},{"id":"b08f2042-4ebf-4641-be36-5785cdc7e322","block_type":"box","text":"In certain circumstances (as detailed in the Prospectus) the ACS may charge a dilution adjustment on the creation or","page_number":12,"box":{"x":88,"y":214,"width":864,"height":11}},{"id":"40211555-7914-469a-9217-96351703732f","block_type":"box","text":"cancellation of shares, which is paid into the capital of the relevant sub-fund on an accruals basis. The adjustment is","page_number":12,"box":{"x":87,"y":228,"width":864,"height":11}},{"id":"b8cd9d78-2033-460e-9543-27c3934b0862","block_type":"box","text":"intended to cover certain dealing charges not included in the mid-market value of the sub-funds used in calculating the","page_number":12,"box":{"x":88,"y":242,"width":863,"height":11}},{"id":"1c9ca5f1-d4cb-4657-92e2-6b51d77dfda9","block_type":"box","text":"share price, which could have a diluting effect on the sub-funds.","page_number":12,"box":{"x":87,"y":256,"width":470,"height":12}},{"id":"bef87fc6-967e-417c-ab13-c8b557ca23ca","block_type":"box","text":"2. Distribution policy","page_number":12,"box":{"x":47,"y":283,"width":186,"height":11}},{"id":"790dda4a-9d9c-49c8-8ea0-51247598d379","block_type":"box","text":"The sub-funds currently offer only accumulation units whereby income will become part of the capital property of the","page_number":12,"box":{"x":87,"y":297,"width":864,"height":11}},{"id":"90297e60-ce01-4d27-890f-a7285dc35d37","block_type":"box","text":"sub-funds and will be reflected in the price of each such accumulation Unit as at the end of the relevant accounting","page_number":12,"box":{"x":87,"y":311,"width":863,"height":11}},{"id":"3c717db6-0599-474b-a6e3-8cb68ea588c6","block_type":"box","text":"period.","page_number":12,"box":{"x":88,"y":325,"width":48,"height":11}},{"id":"42e53ba0-a0d4-4df2-83b2-13b49f41332d","block_type":"box","text":"(a) Treatment of stock dividends","page_number":12,"box":{"x":47,"y":351,"width":271,"height":11}},{"id":"89e0bb4e-5f19-4d4e-a26e-8e0670cd9ad5","block_type":"box","text":"The ordinary element of stock dividends is treated as revenue and forms part of the distribution.","page_number":12,"box":{"x":87,"y":365,"width":705,"height":12}},{"id":"4d24cc61-a65f-4fb0-ab9c-65ebc755afca","block_type":"box","text":"In the case of an enhanced stock dividend, the value of the enhancement is treated as capital and does not form part","page_number":12,"box":{"x":88,"y":387,"width":863,"height":11}},{"id":"e1925259-ea18-42b4-a85e-2587334216a7","block_type":"box","text":"of the distribution.","page_number":12,"box":{"x":87,"y":401,"width":130,"height":9}},{"id":"a51a6150-7de0-4bbb-b812-3f61448c33b1","block_type":"box","text":"(b) Expenses","page_number":12,"box":{"x":47,"y":427,"width":117,"height":11}},{"id":"673972ce-799a-4865-abc5-d68f06ca7d7b","block_type":"box","text":"Management expenses are charged to revenue.","page_number":12,"box":{"x":88,"y":441,"width":354,"height":11}},{"id":"d67d9522-2201-42ce-ae03-d206523d2b92","block_type":"box","text":"3. Risk management policies","page_number":12,"box":{"x":47,"y":468,"width":249,"height":11}},{"id":"0dc28428-07e5-4ae8-af52-a3ea09845db9","block_type":"box","text":"In pursuing its investment objectives the sub-funds hold a number of financial instruments. The sub-funds' financial","page_number":12,"box":{"x":88,"y":482,"width":862,"height":11}},{"id":"fd22f14c-63fe-4e21-b425-11b59cad7b68","block_type":"box","text":"instruments comprise of securities and other investments, cash balances and bank overdrafts, short term fixed deposits,","page_number":12,"box":{"x":88,"y":496,"width":862,"height":11}},{"id":"6d071f02-d694-4921-8dd0-2090cfad4e53","block_type":"box","text":"debtors and creditors that arise directly from its operations, for example, in respect of sales and purchases awaiting","page_number":12,"box":{"x":87,"y":510,"width":863,"height":11}},{"id":"354fe786-9c91-4c0f-8848-c6c590cc45ca","block_type":"box","text":"settlement, amounts receivable for creations and payable for liquidations and debtors for accrued revenue.","page_number":12,"box":{"x":87,"y":524,"width":787,"height":11}},{"id":"7e094196-2d77-4934-9939-d0a3ef47195b","block_type":"box","text":"The main risks the sub-funds may face from investing are: (a) market risk, (b) market price risk, (c) foreign currency risk,","page_number":12,"box":{"x":87,"y":546,"width":863,"height":11}},{"id":"46f7af79-4c61-47b3-a95a-c63d9e7115eb","block_type":"box","text":"(d) interest rate risk, (e) liquidity risk, (f) credit risk and (g) use of derivatives.","page_number":12,"box":{"x":88,"y":560,"width":561,"height":11}},{"id":"e6df40db-dc76-489e-9c7d-ada41906c0c5","block_type":"box","text":"The ACS Manager’s policy for managing these risks are summarised below and have been applied throughout the","page_number":12,"box":{"x":87,"y":581,"width":864,"height":11}},{"id":"0627b097-4565-419c-88bf-a692099e22e4","block_type":"box","text":"period.","page_number":12,"box":{"x":88,"y":596,"width":48,"height":10}},{"id":"d911816a-5d0c-4a2b-b12e-d4717eda0c18","block_type":"box","text":"(a) Market risk","page_number":12,"box":{"x":47,"y":622,"width":128,"height":11}},{"id":"a10a964d-8ae7-4c7e-9a7a-436989e240f5","block_type":"box","text":"Market risk is the risk that the fair value or future cash flows of the financial instruments held by the sub-funds will","page_number":12,"box":{"x":88,"y":636,"width":862,"height":11}},{"id":"a2fea6c0-d522-4242-8793-da2631500ebc","block_type":"box","text":"fluctuate because of changes in underlying valuation factors. It represents the potential loss the sub-funds might suffer","page_number":12,"box":{"x":87,"y":650,"width":865,"height":11}},{"id":"fd376f1c-bf9e-4a95-bb98-690a80b47162","block_type":"box","text":"through holding market positions in the face of valuation factor movements. Market risk typically includes market price","page_number":12,"box":{"x":87,"y":664,"width":864,"height":11}},{"id":"824de1f4-2b6f-4236-88d4-1f072f72b31a","block_type":"box","text":"risk, foreign exchange or currency risk, and interest rate risk.","page_number":12,"box":{"x":88,"y":678,"width":446,"height":12}},{"id":"ec048e85-e70d-4e16-bd06-40d8957e0b7b","block_type":"box","text":"(b) Market price risk","page_number":12,"box":{"x":47,"y":705,"width":173,"height":11}},{"id":"79255ba1-52bc-48df-bf6a-d50b008a75b0","block_type":"box","text":"Market price risk is the risk that the value of the financial instruments held by the sub-funds will fluctuate because of","page_number":12,"box":{"x":88,"y":719,"width":864,"height":11}},{"id":"7a4cce96-017f-4e23-8a51-d65e0ac7d8b7","block_type":"box","text":"changes in market prices. It represents the potential loss the sub-funds might suffer through changes in market prices","page_number":12,"box":{"x":87,"y":733,"width":864,"height":11}},{"id":"2c756cc6-de30-4b1d-9518-3cf2b2a84081","block_type":"box","text":"of the sub-funds holdings. The investment manager considers the asset allocation of the portfolio in order to minimize","page_number":12,"box":{"x":87,"y":747,"width":864,"height":11}},{"id":"293d1710-e691-45a0-ae88-2d9b548c8c62","block_type":"box","text":"the risk associated with particular countries or industry sectors whilst continuing to follow the investment objectives of","page_number":12,"box":{"x":87,"y":761,"width":865,"height":12}},{"id":"b6fb2f2e-95eb-4e93-882f-94badfd7887d","block_type":"box","text":"the sub-funds.","page_number":12,"box":{"x":87,"y":776,"width":104,"height":8}},{"id":"d8a02e20-b5cd-4d8c-8ab1-e9d0d5fac50a","block_type":"box","text":"As index funds, the investment objective is to seek to track as closely as reasonably possible the performance of the","page_number":12,"box":{"x":87,"y":797,"width":864,"height":11}},{"id":"312fad20-4a8b-4028-b278-75d6c00efea8","block_type":"box","text":"benchmark index. In order to achieve this objective, the sub-funds invest primarily in securities held in the equity index","page_number":12,"box":{"x":88,"y":811,"width":863,"height":11}},{"id":"632387fd-aa05-490f-9f99-7970a8f1b26a","block_type":"box","text":"benchmark. Market price risk for an index fund arises from a mismatch in the relative proportion of assets in fund from","page_number":12,"box":{"x":88,"y":825,"width":863,"height":11}},{"id":"43e774bf-a0cb-476d-94f2-5aefb91e4580","block_type":"box","text":"their respective proportions in the benchmark. The sub-funds place limitations on the amount by which a holding may","page_number":12,"box":{"x":87,"y":840,"width":864,"height":11}},{"id":"38872b4e-a33c-49aa-88d8-d846922fc2ed","block_type":"box","text":"deviate from the proportion benchmark to limit the market risk from mismatched positions.","page_number":12,"box":{"x":87,"y":854,"width":662,"height":11}},{"id":"b4b179d1-5f62-4521-8c68-c1f78314a440","block_type":"box","text":"State Street Authorised Contractual Scheme","page_number":12,"box":{"x":47,"y":44,"width":421,"height":10}},{"id":"0bc4117f-733d-4584-8a62-9fc7eee62685","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":12,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"2d1542bc-ab75-4629-bf82-a3f813c4b6dd","block_type":"box","text":"Accounting and Risk Management Policies (continued)","page_number":12,"box":{"x":46,"y":123,"width":525,"height":13}},{"id":"ccc7405e-a108-49e5-a2c3-28747aaabb95","block_type":"box","text":"For the eighteen-month period ended 31st December 2025","page_number":12,"box":{"x":48,"y":147,"width":435,"height":11}},{"id":"145d0382-8036-467e-bc27-cd81a2770ce5","block_type":"box","text":"10","page_number":12,"box":{"x":493,"y":956,"width":13,"height":7}},{"id":"4fc4c0ad-74fb-4527-830d-a137fbd0fb22","block_type":"box","text":"3. Risk management policies (continued)","page_number":13,"box":{"x":47,"y":175,"width":345,"height":11}},{"id":"7f985772-c11a-4614-92cc-eb0ce6422fc2","block_type":"box","text":"All securities investments present a risk of loss of capital. The investment manager assesses the sub-funds' market risk","page_number":13,"box":{"x":87,"y":200,"width":864,"height":11}},{"id":"145d1bd3-3dc0-4386-93bf-2f47d51907ab","block_type":"box","text":"volatility to ensure that the effect of utilizing financial derivative instruments is not significant enough to cause","page_number":13,"box":{"x":87,"y":214,"width":864,"height":11}},{"id":"817d3b66-6c86-409d-92e5-6860ce2d8f78","block_type":"box","text":"disproportionate losses to a sub-fund’s overall value. The investment manager moderates this risk through careful","page_number":13,"box":{"x":87,"y":228,"width":863,"height":11}},{"id":"af48c063-825c-45f5-9519-e5f052e8fb7e","block_type":"box","text":"selection of securities and financial instruments. The investment manager manages this risk through a combination of","page_number":13,"box":{"x":87,"y":242,"width":865,"height":11}},{"id":"620c7d41-5032-4d70-8001-d7900628478b","block_type":"box","text":"risk metrics. This includes, but is not restricted to, tracking error volatility, which measures the ex-ante volatility of excess","page_number":13,"box":{"x":88,"y":256,"width":863,"height":12}},{"id":"b5f46ba3-edde-4387-8e6a-9fff58c2dada","block_type":"box","text":"returns of the sub-funds against their referenced benchmark. The tracking error volatility on the sub-funds is closely","page_number":13,"box":{"x":88,"y":271,"width":863,"height":11}},{"id":"3922604d-ab29-4035-80bd-2f6ca0ac7e67","block_type":"box","text":"monitored on a regular basis, and is a key consideration when the sub-funds are rebalanced.","page_number":13,"box":{"x":88,"y":285,"width":684,"height":11}},{"id":"781cfabe-3953-4af0-b2c9-11300f6db6b7","block_type":"box","text":"(c) Foreign currency risk","page_number":13,"box":{"x":47,"y":311,"width":211,"height":11}},{"id":"47dc5bc5-f188-4b26-a27f-bf95b7f4efdf","block_type":"box","text":"Any fluctuations in foreign currency exchange rates between the base currency (\"GBP\") and the respective foreign","page_number":13,"box":{"x":87,"y":325,"width":863,"height":11}},{"id":"b80f9ccc-d48d-4607-b747-8784b0a6bc96","block_type":"box","text":"currencies may significantly affect the value of the sub-fund investments and the returns ultimately achieved by the","page_number":13,"box":{"x":87,"y":339,"width":864,"height":12}},{"id":"2fd3707c-259b-4456-abe9-7caf41a20a71","block_type":"box","text":"sub-fund. Local interest rates and monetary policy, as well as other government fiscal and labour policies, also can","page_number":13,"box":{"x":87,"y":354,"width":863,"height":11}},{"id":"d5acf304-0905-476a-9649-c32a0bfd1e8e","block_type":"box","text":"adversely impact the sub-fund’s currency values.","page_number":13,"box":{"x":87,"y":368,"width":360,"height":11}},{"id":"07c53664-2c75-4063-a881-f1702988a7ec","block_type":"box","text":"Based on the sub-fund mandate, a sub-fund's use of foreign exchange forwards is primarily to hedge underlying market","page_number":13,"box":{"x":88,"y":389,"width":863,"height":11}},{"id":"e38afe4c-7603-4609-b696-647d940d50bf","block_type":"box","text":"exposures of the sub-funds investments or to obtain downside protection on a certain position.","page_number":13,"box":{"x":87,"y":403,"width":696,"height":11}},{"id":"1afea1b8-61db-41c7-95e4-11d15fc99e32","block_type":"box","text":"(d) Interest rate risk","page_number":13,"box":{"x":47,"y":429,"width":170,"height":12}},{"id":"e4ffc022-b6cb-4b8b-acc9-1ef6dd6572b9","block_type":"box","text":"Interest rate risk is present when the value of investment securities may fluctuate as a result of a change in market","page_number":13,"box":{"x":88,"y":444,"width":863,"height":11}},{"id":"6eb36673-d89f-47e5-a7ca-700627d9e056","block_type":"box","text":"interest rates. Explicit interest rate risk occurs when there is a direct relationship between changes in interest rates and","page_number":13,"box":{"x":88,"y":458,"width":862,"height":11}},{"id":"789318e6-7495-4a7e-b7c5-7192b6952ce7","block_type":"box","text":"changes in the value of investment securities. The sub-funds invest in only equity and equity-based instruments, the","page_number":13,"box":{"x":87,"y":472,"width":864,"height":11}},{"id":"52952294-a459-4fc1-ad73-f197c20af8b6","block_type":"box","text":"values of which are not directly dependent on interest rates.","page_number":13,"box":{"x":87,"y":486,"width":441,"height":12}},{"id":"91a4ee63-01bd-4b81-8f95-7956ac42c080","block_type":"box","text":"(e) Liquidity risk","page_number":13,"box":{"x":47,"y":512,"width":144,"height":12}},{"id":"fa7973b7-41ca-46d9-81e7-63212e67986d","block_type":"box","text":"The sub-funds are exposed to daily cash redemptions of redeemable units. So the main liability of the sub-funds is the","page_number":13,"box":{"x":87,"y":527,"width":864,"height":11}},{"id":"86a44de6-5d61-470a-8df8-ff372a557974","block_type":"box","text":"redemption of any units that investors wish to sell. Hence the sub-funds invest the large majority of its assets in","page_number":13,"box":{"x":88,"y":541,"width":862,"height":11}},{"id":"c0816d11-aa71-4927-bd62-aec4644f6d96","block_type":"box","text":"investments that are traded in an active market and can ordinarily be readily disposed. However, liquidity risk will occur","page_number":13,"box":{"x":88,"y":555,"width":864,"height":11}},{"id":"184e284e-2e1f-4bf8-814a-7ab20de538ec","block_type":"box","text":"if an equity issuer becomes credit impaired or if the relevant market becomes illiquid. In such a case, it may not be","page_number":13,"box":{"x":88,"y":569,"width":863,"height":11}},{"id":"180c304e-4a64-4a9a-a998-f0830aad7af3","block_type":"box","text":"possible to initiate or liquidate a position at a price that is deemed by the investment manager to be demonstrating fair","page_number":13,"box":{"x":88,"y":584,"width":864,"height":11}},{"id":"6a390736-11cb-45fc-b492-258bc29b15a4","block_type":"box","text":"value. Liquidity risk may be temporary or may last for extended periods.","page_number":13,"box":{"x":87,"y":598,"width":528,"height":11}},{"id":"c69ec411-9e04-4727-b43a-747f7fe74e50","block_type":"box","text":"The sub-funds invest solely in securities which form part of the Benchmark Indexes. Benchmark Indexes are","page_number":13,"box":{"x":87,"y":619,"width":864,"height":11}},{"id":"df5fb12d-2a87-4a31-beb8-1c50e05547d9","block_type":"box","text":"constructed using index rules requiring securities to have a specified minimum trading volume, which, although not","page_number":13,"box":{"x":87,"y":633,"width":864,"height":12}},{"id":"47a95967-7e29-4e3f-8853-d9d22ce0e01a","block_type":"box","text":"guaranteeing liquidity, provides indication of the liquid nature of the securities underlying the sub-funds. The sub-funds","page_number":13,"box":{"x":87,"y":648,"width":864,"height":11}},{"id":"c90fbb37-0d60-4c47-a8ce-6bef1db632fa","block_type":"box","text":"are exposed to daily contributions and withdrawals which are managed to ensure that exposure to the Benchmark","page_number":13,"box":{"x":87,"y":662,"width":864,"height":11}},{"id":"d0494064-c9b6-4b1f-9842-c590c06d39fa","block_type":"box","text":"Indexes is maintained in order to meet the investment objective of the sub-funds.","page_number":13,"box":{"x":88,"y":676,"width":595,"height":11}},{"id":"e1a4a9a4-e5e3-4edd-9cd4-83dd9c92b14f","block_type":"box","text":"(f) Credit risk","page_number":13,"box":{"x":47,"y":702,"width":122,"height":11}},{"id":"d3ed3bb7-2a26-4153-8eb8-00ead9e7b73e","block_type":"box","text":"The sub-funds invest in only equity and equity-based instruments, which are not credit instruments, and therefore the","page_number":13,"box":{"x":87,"y":716,"width":864,"height":11}},{"id":"6e59f925-2124-4c92-a87d-1a77e19e0b5e","block_type":"box","text":"sub-funds are not explicitly exposed to credit risk other than revenue index futures. Index futures used for efficient","page_number":13,"box":{"x":87,"y":731,"width":864,"height":11}},{"id":"4fcf4d0f-1c7b-4640-abb1-6705a7c424c0","block_type":"box","text":"portfolio management are exchange traded and marked to market daily, so counterparty risk is negligible.","page_number":13,"box":{"x":88,"y":745,"width":775,"height":11}},{"id":"04b94139-2e22-46df-bd92-ad431d84f2ae","block_type":"box","text":"(g) Use of derivatives","page_number":13,"box":{"x":47,"y":771,"width":182,"height":11}},{"id":"a3ee2767-3c11-49fb-b7e4-028fb0159079","block_type":"box","text":"The sub-funds use equity index futures only, no other derivatives, for efficient portfolio management— index futures are","page_number":13,"box":{"x":87,"y":785,"width":864,"height":11}},{"id":"dde405e2-b511-413f-8b73-58d79b476fbb","block_type":"box","text":"used to equitize cash holdings from inflows and outflows and also anticipated cash flows (e.g. dividend receivables). As","page_number":13,"box":{"x":88,"y":799,"width":863,"height":11}},{"id":"a508b6d1-473d-4940-962f-c854b8091d2d","block_type":"box","text":"a result the exposure to futures are covered by cash and near cash at all times, and assist in meeting the investment","page_number":13,"box":{"x":87,"y":814,"width":864,"height":11}},{"id":"c02eadde-ac64-4768-b283-ce0046f533df","block_type":"box","text":"objectives of the sub-funds.","page_number":13,"box":{"x":87,"y":828,"width":202,"height":11}},{"id":"82347bf1-c5bd-419e-9252-21988f8043fc","block_type":"box","text":"State Street Authorised Contractual Scheme","page_number":13,"box":{"x":47,"y":44,"width":421,"height":10}},{"id":"a34f32a4-74b4-43a7-8678-e64c9c48cacb","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":13,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"2d7c2bcf-cd0c-4028-9302-0fe8b29ed384","block_type":"box","text":"Accounting and Risk Management Policies (continued)","page_number":13,"box":{"x":46,"y":123,"width":525,"height":13}},{"id":"bde45c0a-1b4b-4307-8151-2d6955c6f315","block_type":"box","text":"For the eighteen-month period ended 31st December 2025","page_number":13,"box":{"x":48,"y":147,"width":435,"height":11}},{"id":"1d5060bf-5bd5-4863-acdf-6f4709d41fae","block_type":"box","text":"11","page_number":13,"box":{"x":493,"y":956,"width":10,"height":7}},{"id":"06021bee-19c1-43f9-a9b1-7fc46eae8439","block_type":"box","text":"Investment Objective and Policy","page_number":14,"box":{"x":48,"y":175,"width":255,"height":11}},{"id":"158a89df-f83e-40fb-ac18-5810648a535d","block_type":"box","text":"The investment objective of the State Street ACS Multi-Factor Global Index Equity Fund (the “Fund”) is to track as closely as","page_number":14,"box":{"x":47,"y":194,"width":904,"height":11}},{"id":"ea34cf31-8e2e-4857-b880-d393e25d8627","block_type":"box","text":"possible, the performance of the MSCI World 5-Factor Select Advanced Target Index (the “Index”). The Fund seeks to","page_number":14,"box":{"x":48,"y":208,"width":903,"height":11}},{"id":"dcd4185a-9ced-4512-a7cf-4ea6607a0c29","block_type":"box","text":"minimise, as far as possible, the tracking difference between the Fund’s performance and that of the Index. The benchmark","page_number":14,"box":{"x":48,"y":222,"width":904,"height":11}},{"id":"225f6a28-6419-40b9-bd7a-024e17de5908","block_type":"box","text":"Index is part of the MSCI range of equity indices which are designed to represent the performance of a strategy that seeks to","page_number":14,"box":{"x":48,"y":236,"width":903,"height":11}},{"id":"0872741b-c36e-4400-b05d-5528b65cb1ca","block_type":"box","text":"systematically integrate environmental, social and governance (“ESG”) norms and carbon exposure management in factor","page_number":14,"box":{"x":47,"y":250,"width":905,"height":12}},{"id":"40915989-014e-4fc7-b8ed-38c70925b46b","block_type":"box","text":"investing, by seeking higher exposure to a combination of five style factors along with improvement in the ESG profile and","page_number":14,"box":{"x":48,"y":265,"width":902,"height":11}},{"id":"f1ad9faf-4b03-4893-8bf1-9bc29ac1b3b5","block_type":"box","text":"reduction in carbon exposure of the Index. 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This can result from factors which","page_number":15,"box":{"x":209,"y":175,"width":741,"height":11}},{"id":"ad58421a-19f4-4e16-9826-fdccfb4cbd5b","block_type":"box","text":"include, but are not limited to, transaction costs, differences in the weights held in individual securities to that of the","page_number":15,"box":{"x":48,"y":189,"width":903,"height":11}},{"id":"00e1a8d4-78bb-49a7-bb5b-0efd0c3cda9c","block_type":"box","text":"Benchmark Index, subscriptions and redemptions, small amounts of cash not being invested in securities, the Funds being","page_number":15,"box":{"x":48,"y":203,"width":902,"height":11}},{"id":"0a21d6fb-3980-4d1a-a7e6-fff56fb6edd7","block_type":"box","text":"unable to trade in one or more markets, and efficient portfolio management techniques.","page_number":15,"box":{"x":47,"y":217,"width":643,"height":11}},{"id":"ef1166f5-3343-4434-a4df-f653633a335e","block_type":"box","text":"Currency Hedging Risk:","page_number":15,"box":{"x":47,"y":239,"width":189,"height":11}},{"id":"48f6ed24-e1d5-4f50-bbbf-0f782b661073","block_type":"box","text":"There can be no assurance that the Fund's hedging transactions will be effective. By seeking to","page_number":15,"box":{"x":243,"y":239,"width":708,"height":11}},{"id":"984fbd1b-0bb2-4b48-9688-fcddb91821bf","block_type":"box","text":"reduce or eliminate losses caused by exchange rate fluctuations, hedging may also reduce or eliminate gains.","page_number":15,"box":{"x":48,"y":253,"width":810,"height":11}},{"id":"36e42c09-3d4a-4ff7-993f-e32cf3f633d7","block_type":"box","text":"Tax Status of the Fund Risk:","page_number":15,"box":{"x":47,"y":274,"width":228,"height":9}},{"id":"9ac4a825-43f0-4a03-845f-f8fc0c8e47d6","block_type":"box","text":"Non-UK tax authorities may not recognise the Fund as being tax transparent, resulting in","page_number":15,"box":{"x":284,"y":274,"width":666,"height":11}},{"id":"e9c8274c-190b-4208-8420-640624168a9e","block_type":"box","text":"adverse tax consequences for the investor. The Fund could be liable to taxation on its profits, unable to claim in full any tax","page_number":15,"box":{"x":47,"y":288,"width":904,"height":12}},{"id":"ddb6f2f8-3554-40bc-892d-6b8780788971","block_type":"box","text":"relief and/or a Unitholder may be called upon to indemnify the Fund if such Unitholder is not, or ceases to be, an Eligible","page_number":15,"box":{"x":48,"y":303,"width":903,"height":11}},{"id":"7c3e762c-ece5-4938-85cd-800026f11ad9","block_type":"box","text":"Investor.","page_number":15,"box":{"x":48,"y":317,"width":60,"height":9}},{"id":"8390ec66-1dda-4909-b427-0bebaa8485e3","block_type":"box","text":"Derivatives Usage","page_number":15,"box":{"x":48,"y":343,"width":142,"height":11}},{"id":"e165f36d-2c80-44ac-8d4a-548350656e78","block_type":"box","text":"Derivatives are used in the Fund for efficient portfolio management purposes. The Fund invests in index futures to manage","page_number":15,"box":{"x":48,"y":364,"width":903,"height":11}},{"id":"a70bdc3c-0ed9-48f0-9baf-1b0520f2091c","block_type":"box","text":"client inflows and outflows and to hedge accrued income. At all times the futures exposure is covered entirely by cash or cash","page_number":15,"box":{"x":47,"y":379,"width":903,"height":11}},{"id":"e6b3865a-579c-47eb-b77e-b4617cdceb65","block_type":"box","text":"equivalents.","page_number":15,"box":{"x":47,"y":393,"width":87,"height":11}},{"id":"5f336ccd-33f1-4ec0-bd53-fea0bd5042bf","block_type":"box","text":"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","page_number":15,"box":{"x":46,"y":414,"width":904,"height":11}},{"id":"af52d0b1-3b6b-42d8-b803-c864f74db9ba","block_type":"box","text":"exposure to futures of £3,328,406 (30.06.2024: £1,185,511).","page_number":15,"box":{"x":47,"y":428,"width":445,"height":11}},{"id":"010a1fd1-eeea-4280-8647-adf252233a2d","block_type":"box","text":"Forward foreign exchange contracts are used to fully or partially hedge the exposure between the Base Currency of the Fund","page_number":15,"box":{"x":48,"y":450,"width":902,"height":11}},{"id":"c5d8b996-20e7-4a7e-8ea5-9adbe97ea97f","block_type":"box","text":"and the currencies which certain index components are denominated in and/or to hedge the exposure between the Base","page_number":15,"box":{"x":47,"y":464,"width":904,"height":11}},{"id":"29dcb502-c3b6-4587-936a-b9a1f0dea7fc","block_type":"box","text":"currency of the Fund and the base currency of the class.","page_number":15,"box":{"x":47,"y":478,"width":416,"height":11}},{"id":"9708a74e-ebc5-434c-b72e-2a52154288e8","block_type":"box","text":"As at 31st December 2025, the Fund had a total notional exposure to forward foreign exchange contracts of £871,722,161","page_number":15,"box":{"x":46,"y":499,"width":903,"height":12}},{"id":"618d1498-7333-4626-b394-c3c20fe189f4","block_type":"box","text":"(30.06.2024: £248,012,546).","page_number":15,"box":{"x":47,"y":514,"width":209,"height":11}},{"id":"3553a70f-3157-4dc8-bf47-8f300938c2d7","block_type":"box","text":"Tracking Error","page_number":15,"box":{"x":47,"y":540,"width":114,"height":11}},{"id":"17dce98d-2984-41ea-8356-535abcb55691","block_type":"box","text":"The Tracking Error measures the standard deviation of the relative returns. It is the annualised standard deviation of the","page_number":15,"box":{"x":47,"y":561,"width":904,"height":11}},{"id":"78a486cc-9e0a-4110-8e2a-91b8182a69a1","block_type":"box","text":"returns of a fund minus those of its benchmark (relative returns) and not the standard deviation of each fund’s unique returns.","page_number":15,"box":{"x":48,"y":575,"width":902,"height":11}},{"id":"d1f7849f-4927-4efb-9f1f-8721a765468c","block_type":"box","text":"The lower the tracking error of a fund, the more the fund resembles its benchmark or the market regarding risk and return","page_number":15,"box":{"x":47,"y":590,"width":903,"height":11}},{"id":"176e4a8f-abce-43ed-8ca1-a44f83898151","block_type":"box","text":"characteristics.","page_number":15,"box":{"x":47,"y":604,"width":110,"height":9}},{"id":"49d0983a-31ce-4cfc-9656-cc2eaf4b985a","block_type":"box","text":"The size of the Fund’s tracking error for the eighteen-month ended 31 December 2025 was 0.11% which was within the","page_number":15,"box":{"x":47,"y":625,"width":904,"height":11}},{"id":"13a90553-a24b-484b-91d8-3a37e9272659","block_type":"box","text":"targeted tolerance.","page_number":15,"box":{"x":47,"y":639,"width":138,"height":11}},{"id":"4155e5fc-8cbb-4dda-892f-77c31d7069d8","block_type":"box","text":"State Street Authorised Contractual Scheme","page_number":15,"box":{"x":47,"y":44,"width":421,"height":10}},{"id":"8989c626-b7da-47f3-934d-c2b3b6eda7c4","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":15,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"2f6a9d9c-84a3-4757-a0a1-b7d50ec8e36b","block_type":"box","text":"State Street ACS Multi-Factor Global Index Equity Fund","page_number":15,"box":{"x":47,"y":93,"width":526,"height":14}},{"id":"d604a6ee-9516-4395-93c2-b49628ff54e2","block_type":"box","text":"ACS Manager’s Report (continued)","page_number":15,"box":{"x":46,"y":129,"width":332,"height":13}},{"id":"a7b4634d-0d23-4444-a090-d0041763ea00","block_type":"box","text":"For the eighteen-month period ended 31st December 2025","page_number":15,"box":{"x":48,"y":153,"width":435,"height":11}},{"id":"ecab7839-23fa-4329-9f25-ba665de79089","block_type":"box","text":"13","page_number":15,"box":{"x":493,"y":956,"width":13,"height":7}},{"id":"07578d67-a3f4-484c-ab8b-614aa132a490","block_type":"box","text":"Holdings","page_number":16,"box":{"x":628,"y":189,"width":69,"height":11}},{"id":"99c8ccbd-3826-4382-9ebd-3e93f7ff009b","block_type":"box","text":"Market Value","page_number":16,"box":{"x":724,"y":175,"width":101,"height":8}},{"id":"dff36d17-cb92-4b80-86b0-dffc2f68ef08","block_type":"box","text":"£'000","page_number":16,"box":{"x":785,"y":189,"width":40,"height":9}},{"id":"e065010c-7e27-4efd-89f4-82bc7a23277f","block_type":"box","text":"% of Total","page_number":16,"box":{"x":873,"y":175,"width":77,"height":9}},{"id":"12057f5e-00ce-457f-9d8e-cb521af4800e","block_type":"box","text":"Net Assets","page_number":16,"box":{"x":867,"y":189,"width":84,"height":9}},{"id":"134fcad4-9158-4e7e-bc0c-bfc5340822fd","block_type":"box","text":"Australia — 3.99% (30.06.2024 — 3.53%)","page_number":16,"box":{"x":46,"y":238,"width":318,"height":11}},{"id":"7db14f30-16b4-4282-b01b-3a033723b874","block_type":"box","text":"Aristocrat Leisure Ltd. 79,938 2,279 0.36","page_number":16,"box":{"x":46,"y":257,"width":905,"height":11}},{"id":"fc46c244-7855-4f8d-8a46-c108dda40428","block_type":"box","text":"Brambles Ltd. 196,170 2,202 0.35","page_number":16,"box":{"x":48,"y":277,"width":903,"height":10}},{"id":"e99aa6ad-fecb-4e28-beba-19db42e58427","block_type":"box","text":"Cochlear Ltd. 7,055 909 0.14","page_number":16,"box":{"x":47,"y":297,"width":904,"height":10}},{"id":"c0bf2049-fd73-4bfa-b2c1-0413b4c3093b","block_type":"box","text":"Coles Group Ltd. 179,383 1,906 0.30","page_number":16,"box":{"x":47,"y":316,"width":904,"height":11}},{"id":"bba7f483-ad53-4a3f-bca2-0b188731c6b6","block_type":"box","text":"Evolution Mining Ltd. 292,365 1,835 0.29","page_number":16,"box":{"x":48,"y":336,"width":903,"height":11}},{"id":"a44c11cd-2f32-4643-a9be-fdc447aba22f","block_type":"box","text":"Insurance Australia Group Ltd. 262,319 1,031 0.16","page_number":16,"box":{"x":48,"y":356,"width":903,"height":11}},{"id":"fefad121-c3c0-457e-840f-370c0815fab1","block_type":"box","text":"Lottery Corp. Ltd. 317,313 810 0.13","page_number":16,"box":{"x":48,"y":375,"width":903,"height":11}},{"id":"c430b506-128b-4955-b9e5-5b71cb34ff45","block_type":"box","text":"Medibank Pvt Ltd. 392,620 930 0.15","page_number":16,"box":{"x":48,"y":395,"width":903,"height":10}},{"id":"2c5763d4-2713-4fa3-b88a-25ed06687d80","block_type":"box","text":"Northern Star Resources Ltd. 193,001 2,536 0.40","page_number":16,"box":{"x":48,"y":415,"width":903,"height":10}},{"id":"5ddcd532-8b0c-4e19-aa56-4cc32baf419f","block_type":"box","text":"Pro Medicus Ltd. 8,195 894 0.14","page_number":16,"box":{"x":48,"y":434,"width":903,"height":11}},{"id":"3811cab2-5479-45a8-a7cd-dbf5bd23f4d8","block_type":"box","text":"QBE Insurance Group Ltd. 217,446 2,139 0.34","page_number":16,"box":{"x":47,"y":454,"width":904,"height":11}},{"id":"2e17206f-d86b-441f-afff-eabd7e171135","block_type":"box","text":"REA Group Ltd. 5,785 526 0.08","page_number":16,"box":{"x":48,"y":474,"width":903,"height":11}},{"id":"9691879c-aa76-4286-baf2-a8b87425848d","block_type":"box","text":"Rio Tinto Ltd. 41,532 3,006 0.47","page_number":16,"box":{"x":48,"y":493,"width":903,"height":11}},{"id":"c3754a13-6111-4714-8277-a73b7a68a532","block_type":"box","text":"Stockland* 345,341 978 0.15","page_number":16,"box":{"x":47,"y":513,"width":904,"height":10}},{"id":"363aaa92-f43a-42ea-874d-fdb905236d27","block_type":"box","text":"Suncorp Group Ltd. 154,377 1,347 0.21","page_number":16,"box":{"x":47,"y":533,"width":901,"height":11}},{"id":"bd5becfd-d82e-44bc-bf4c-84ba5eadb4eb","block_type":"box","text":"Telstra Group Ltd. 566,357 1,365 0.21","page_number":16,"box":{"x":47,"y":552,"width":901,"height":11}},{"id":"50121acc-a0a4-465e-99a0-333281e6b6f5","block_type":"box","text":"Vicinity Ltd.* 557,386 705 0.11","page_number":16,"box":{"x":46,"y":572,"width":902,"height":11}},{"id":"cd63b75b-dc35-408c-ac0e-216840c79158","block_type":"box","text":"25,398 3.99","page_number":16,"box":{"x":775,"y":600,"width":176,"height":10}},{"id":"b313725a-75e0-4b12-b153-59b83c4dad5e","block_type":"box","text":"Belgium — 0.84% (30.06.2024 — 0.67%)","page_number":16,"box":{"x":48,"y":648,"width":310,"height":11}},{"id":"79a81886-46e8-4d09-a361-30003eef1ee9","block_type":"box","text":"Ageas SA 6,133 320 0.05","page_number":16,"box":{"x":46,"y":668,"width":905,"height":11}},{"id":"5bec0be1-2558-4e16-bca5-773ec1aec66e","block_type":"box","text":"KBC Group NV 22,424 2,178 0.34","page_number":16,"box":{"x":48,"y":688,"width":903,"height":11}},{"id":"c0f0a210-c415-4b3e-959b-960a51711644","block_type":"box","text":"UCB SA","page_number":16,"box":{"x":48,"y":707,"width":61,"height":9}},{"id":"96e6e035-b408-44b1-ba39-665d3726c462","block_type":"box","text":"13,748 2,850 0.45","page_number":16,"box":{"x":649,"y":707,"width":302,"height":11}},{"id":"48389012-5018-43b5-aed6-073d76f0f3dd","block_type":"box","text":"5,348 0.84","page_number":16,"box":{"x":784,"y":735,"width":167,"height":10}},{"id":"5fb86b23-da6d-4d3a-b923-98415eadd334","block_type":"box","text":"Canada — 3.91% (30.06.2024 — 1.83%)","page_number":16,"box":{"x":47,"y":783,"width":306,"height":11}},{"id":"eebdeeb1-8db6-4b9d-9b61-d4fe6e85d115","block_type":"box","text":"Canadian Tire Corp. Ltd. 7,200 677 0.11","page_number":16,"box":{"x":47,"y":803,"width":901,"height":11}},{"id":"a2e63d18-1d5e-4116-a082-731e8a9d673b","block_type":"box","text":"Celestica, Inc. 16,500 3,624 0.57","page_number":16,"box":{"x":47,"y":823,"width":904,"height":10}},{"id":"8cb63684-1ec9-4536-b05c-71d5627d5af8","block_type":"box","text":"Constellation Software, Inc. Warrant~³ 2,700 0 0.00","page_number":16,"box":{"x":47,"y":842,"width":904,"height":11}},{"id":"54f86bd8-8bf4-42b1-ba4e-4804fba1d8a3","block_type":"box","text":"Element Fleet Management Corp. 57,200 1,113 0.18","page_number":16,"box":{"x":48,"y":862,"width":903,"height":11}},{"id":"52159f1c-e5ad-4d0e-8602-c78acb41c25a","block_type":"box","text":"Empire Co. Ltd. 18,100 468 0.07","page_number":16,"box":{"x":48,"y":882,"width":903,"height":11}},{"id":"e38656b9-8833-4c4f-82c3-aacef7cee675","block_type":"box","text":"iA Financial Corp., Inc. 13,200 1,270 0.20","page_number":16,"box":{"x":48,"y":901,"width":903,"height":11}},{"id":"f078aae3-ba35-4122-a197-ef7f5702de20","block_type":"box","text":"IGM Financial, Inc. 11,500 384 0.06","page_number":16,"box":{"x":48,"y":921,"width":903,"height":10}},{"id":"9551ec94-ade7-4a0d-aa49-774ff9cd6c5a","block_type":"box","text":"State Street Authorised Contractual Scheme","page_number":16,"box":{"x":47,"y":44,"width":421,"height":10}},{"id":"70b4f49d-bb76-4bc9-ace8-eaa5a3254a0f","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":16,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"014113dc-cc04-4254-b9b9-30aaa3dc1da9","block_type":"box","text":"State Street ACS Multi-Factor Global Index Equity Fund","page_number":16,"box":{"x":47,"y":93,"width":526,"height":14}},{"id":"c15f0a67-b82d-44e3-a20b-dd674c15d146","block_type":"box","text":"Portfolio Statement","page_number":16,"box":{"x":48,"y":129,"width":184,"height":11}},{"id":"739c85ef-7ee8-4be5-b755-b69366191bb1","block_type":"box","text":"As at 31st December 2025","page_number":16,"box":{"x":46,"y":153,"width":198,"height":9}},{"id":"97693c31-f67d-4e1e-9772-856f0bf40cf4","block_type":"box","text":"14","page_number":16,"box":{"x":493,"y":956,"width":13,"height":7}},{"id":"ddf1093e-319e-4055-a376-428b97dcd04b","block_type":"box","text":"Holdings","page_number":17,"box":{"x":628,"y":189,"width":69,"height":11}},{"id":"c1aa4ea6-aa05-44b4-a9ad-3b5b0308a491","block_type":"box","text":"Market Value","page_number":17,"box":{"x":724,"y":175,"width":101,"height":8}},{"id":"23364b7e-676d-4489-a19d-7f450dba4ee1","block_type":"box","text":"£'000","page_number":17,"box":{"x":785,"y":189,"width":40,"height":9}},{"id":"2edade59-d0cf-4132-b7df-29b005dc4d20","block_type":"box","text":"% of Total","page_number":17,"box":{"x":873,"y":175,"width":77,"height":9}},{"id":"34c8b8d2-e3cb-444e-91a7-64ddcda9ddf5","block_type":"box","text":"Net Assets","page_number":17,"box":{"x":867,"y":189,"width":84,"height":9}},{"id":"85f006df-5639-49d6-895f-483d4926b868","block_type":"box","text":"Canada — 3.91% (30.06.2024 — 1.83%) (continued)","page_number":17,"box":{"x":47,"y":238,"width":402,"height":11}},{"id":"c6720aab-eaa8-46ae-a235-b1074c7d22b9","block_type":"box","text":"Kinross Gold Corp. 174,500 3,657 0.57","page_number":17,"box":{"x":48,"y":257,"width":903,"height":11}},{"id":"2500a63c-721c-4268-901d-cec994a0229f","block_type":"box","text":"Lundin Gold, Inc. 15,500 958 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(£)","page_number":31,"box":{"x":563,"y":229,"width":377,"height":11}},{"id":"020d2180-a17a-4126-8259-169344c54d28","block_type":"box","text":"Change in Net Assets Per Unit","page_number":31,"box":{"x":47,"y":248,"width":240,"height":11}},{"id":"1b1483f1-0ac9-4991-9aad-8a0f6f561e72","block_type":"box","text":"Opening net asset value per unit 17.2549 14.6276 13.5725","page_number":31,"box":{"x":47,"y":267,"width":894,"height":11}},{"id":"491ec983-5076-48ff-8b44-4663d7b83a79","block_type":"box","text":"Return before operating charges 3.1595 2.6546 1.0812","page_number":31,"box":{"x":48,"y":293,"width":892,"height":11}},{"id":"22cef8f9-4754-4942-b8c2-b1e0b0bc3fbe","block_type":"box","text":"Operating charges (0.0504) (0.0273) (0.0261)","page_number":31,"box":{"x":47,"y":311,"width":894,"height":12}},{"id":"836192f0-8f51-4a95-ad9f-1ae22813fb68","block_type":"box","text":"Return after operating charges* 3.1091 2.6273 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13.0130","page_number":32,"box":{"x":47,"y":267,"width":893,"height":11}},{"id":"a31ecb68-6784-4b72-88eb-3c3bdfbe1884","block_type":"box","text":"Return before operating charges 1.6365 2.5507 1.0374","page_number":32,"box":{"x":48,"y":293,"width":892,"height":11}},{"id":"de0f674c-3153-4a30-8988-6c103d3209f7","block_type":"box","text":"Operating charges (0.0145) (0.0119) (0.0112)","page_number":32,"box":{"x":47,"y":311,"width":894,"height":12}},{"id":"ac89a4cc-ccbd-4070-9dad-d8fb7d94b1db","block_type":"box","text":"Return after operating charges* 1.6220 2.5388 1.0262","page_number":32,"box":{"x":48,"y":337,"width":892,"height":11}},{"id":"3014fd11-ab73-4653-93f1-a800c5b8b5c9","block_type":"box","text":"Distributions - (0.3208) (0.3317)","page_number":32,"box":{"x":48,"y":363,"width":893,"height":11}},{"id":"f86225dc-68b2-4bed-ac04-43fd06186756","block_type":"box","text":"Retained distributions on accumulation units - 0.3208 0.3317","page_number":32,"box":{"x":48,"y":382,"width":893,"height":8}},{"id":"b8936c2a-1882-4aa1-8183-c4c53f808b20","block_type":"box","text":"Return to unitholder as a result of unit class closure (18.2000) - -","page_number":32,"box":{"x":48,"y":400,"width":893,"height":12}},{"id":"a3d7f6ee-0016-405c-a38d-ef5314b0a67b","block_type":"box","text":"Closing net asset value per unit - 16.5780 14.0392","page_number":32,"box":{"x":47,"y":426,"width":893,"height":11}},{"id":"07f8f58d-81ad-412b-bc51-b83cf0767e69","block_type":"box","text":"*after direct transaction cost of: 0.0154 0.0074 0.0042","page_number":32,"box":{"x":47,"y":451,"width":893,"height":9}},{"id":"89b96941-d597-47b7-823e-739eb94fc056","block_type":"box","text":"Performance","page_number":32,"box":{"x":48,"y":470,"width":100,"height":9}},{"id":"e056b212-4e23-4ac9-98c5-0a676520b705","block_type":"box","text":"Return after charges 9.80% 18.08% 7.89%","page_number":32,"box":{"x":48,"y":489,"width":892,"height":11}},{"id":"4e3c50ef-bd78-4055-80b9-128b08679475","block_type":"box","text":"Other Information","page_number":32,"box":{"x":47,"y":514,"width":140,"height":9}},{"id":"c5496b2a-d8cf-47aa-9d68-e2cbbcc52e7a","block_type":"box","text":"Closing net asset value (£’000) - 38,920 51,269","page_number":32,"box":{"x":47,"y":533,"width":894,"height":11}},{"id":"ad585c7d-c30e-40ed-98b6-359ba4e3f9c5","block_type":"box","text":"Closing number of units - 2,347,658 3,651,874","page_number":32,"box":{"x":47,"y":552,"width":893,"height":11}},{"id":"fd09b30b-cbae-4be2-9530-5ae55f74b2a8","block_type":"box","text":"Operating charges 0.08% 0.08% 0.08%","page_number":32,"box":{"x":47,"y":571,"width":893,"height":11}},{"id":"473ae148-0235-4404-bb80-27f117f31f19","block_type":"box","text":"Direct transaction costs 0.09% 0.05% 0.03%","page_number":32,"box":{"x":48,"y":590,"width":892,"height":9}},{"id":"a2948002-797a-42c4-9027-2fa130e2c8fc","block_type":"box","text":"Prices","page_number":32,"box":{"x":48,"y":609,"width":48,"height":9}},{"id":"b744a86a-0356-4ae3-bcde-2cdd1452f877","block_type":"box","text":"Highest unit price 18.2140 16.5920 14.6670","page_number":32,"box":{"x":48,"y":628,"width":892,"height":11}},{"id":"c30504b7-baa3-4b3c-9e43-13b078b38c1e","block_type":"box","text":"Lowest unit price 15.2720 13.8350 13.0250","page_number":32,"box":{"x":48,"y":647,"width":892,"height":11}},{"id":"9d7540fc-5d20-46d2-bdab-a88223bf50fb","block_type":"box","text":"State Street Authorised Contractual Scheme","page_number":32,"box":{"x":47,"y":44,"width":421,"height":10}},{"id":"832bee32-1e7b-4059-af88-1360a87a9b57","block_type":"box","text":"Annual Report and Audited Financial Statements 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(0.0094)","page_number":33,"box":{"x":47,"y":311,"width":894,"height":12}},{"id":"b71717df-3718-464a-9533-f03bea1449b7","block_type":"box","text":"Return after operating charges* 3.4623 2.4625 1.3181","page_number":33,"box":{"x":48,"y":337,"width":890,"height":11}},{"id":"67933f91-c778-4873-b771-1cb4d50e47c5","block_type":"box","text":"Distributions (0.4386) (0.2836) (0.2854)","page_number":33,"box":{"x":48,"y":363,"width":893,"height":11}},{"id":"4f023366-8ff0-4135-9f00-8bde49d4de93","block_type":"box","text":"Retained distributions on accumulation units 0.4386 0.2836 0.2854","page_number":33,"box":{"x":48,"y":382,"width":892,"height":8}},{"id":"7a61ef84-7bca-4169-a5f9-049e3aaeae75","block_type":"box","text":"Closing net asset value per unit 18.3470 14.8847 12.4222","page_number":33,"box":{"x":47,"y":407,"width":893,"height":11}},{"id":"2b7d29ad-87ca-4a96-a13c-df55f070992a","block_type":"box","text":"*after direct transaction cost of: 0.0212 0.0000 0.0035","page_number":33,"box":{"x":47,"y":432,"width":894,"height":9}},{"id":"3b502c85-eb3e-4f5c-a92e-ae157c6402f9","block_type":"box","text":"Performance","page_number":33,"box":{"x":48,"y":451,"width":100,"height":9}},{"id":"0ebd9ee6-2b04-4567-8eb5-0e7d90f7e364","block_type":"box","text":"Return after charges 23.26% 19.82% 11.87%","page_number":33,"box":{"x":48,"y":470,"width":892,"height":12}},{"id":"2e3ca6db-2d90-4659-8f2b-fa38e86a9803","block_type":"box","text":"Other Information","page_number":33,"box":{"x":47,"y":495,"width":140,"height":9}},{"id":"726679d7-77e1-4d6f-8216-2eedd924a2b1","block_type":"box","text":"Closing net asset value (£’000) 171,684 85,684 91,467","page_number":33,"box":{"x":47,"y":514,"width":894,"height":11}},{"id":"96ccaa16-e3ca-44f8-a28c-14deef2ec987","block_type":"box","text":"Closing number of units 9,357,632 5,756,532 7,363,163","page_number":33,"box":{"x":47,"y":533,"width":894,"height":11}},{"id":"1b1cf11e-7f94-4c2d-849f-ef9c07c9f0da","block_type":"box","text":"Operating charges 0.08% 0.08% 0.08%","page_number":33,"box":{"x":47,"y":552,"width":893,"height":11}},{"id":"0f6c2d59-83fc-493d-ae1f-15946a0dab6b","block_type":"box","text":"Direct transaction costs 0.09% 0.00% 0.03%","page_number":33,"box":{"x":48,"y":571,"width":892,"height":9}},{"id":"e90051b9-f658-4658-8d3c-426d374ab5a6","block_type":"box","text":"Prices","page_number":33,"box":{"x":48,"y":590,"width":48,"height":9}},{"id":"ba881acf-b49e-4cf5-95d1-63d346cafce0","block_type":"box","text":"Highest unit price 18.5220 14.9040 12.5520","page_number":33,"box":{"x":48,"y":609,"width":892,"height":11}},{"id":"b8f72dbb-ffb2-4742-9daf-15c851d29111","block_type":"box","text":"Lowest unit price 13.7510 11.9000 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Unitholders may seek to reclaim withholding taxes where possible.","page_number":41,"box":{"x":87,"y":439,"width":566,"height":11}},{"id":"db67e692-3f3b-4f19-8341-b1e1cf01804f","block_type":"box","text":"7. Distributions","page_number":41,"box":{"x":47,"y":465,"width":142,"height":9}},{"id":"ae9f53df-d53f-45b2-af1a-534b545a9dde","block_type":"box","text":"The distributions take account of revenue received on the creation of units and income deducted on the cancellation of","page_number":41,"box":{"x":87,"y":486,"width":865,"height":9}},{"id":"170ba42a-3fa9-4e68-9407-aca28ce97862","block_type":"box","text":"units, and comprises:","page_number":41,"box":{"x":88,"y":501,"width":155,"height":11}},{"id":"6ecbd7a6-0d17-4c24-b096-ee72559c88f6","block_type":"box","text":"31.12.25 30.06.24","page_number":41,"box":{"x":763,"y":519,"width":178,"height":8}},{"id":"9c13a9fd-49e7-4f18-92a0-a378f52bd806","block_type":"box","text":"£'000 £'000","page_number":41,"box":{"x":786,"y":533,"width":154,"height":8}},{"id":"2a3e9127-a661-425b-9562-c8b162b78da4","block_type":"box","text":"Final","page_number":41,"box":{"x":88,"y":552,"width":34,"height":8}},{"id":"d430156f-8e59-40c2-b37d-2c701b63ff0a","block_type":"box","text":"13,634 3,722","page_number":41,"box":{"x":778,"y":552,"width":162,"height":10}},{"id":"0cef5333-1aa0-4ea2-967a-09ea5a2d30ef","block_type":"box","text":"13,634 3,722","page_number":41,"box":{"x":778,"y":575,"width":162,"height":10}},{"id":"ba42cc8d-0db1-42ed-bb5a-b9eda10e6715","block_type":"box","text":"Amounts deducted on cancellation of units 4,387 29,013","page_number":41,"box":{"x":87,"y":598,"width":854,"height":10}},{"id":"4a1af315-51d2-4cc0-ae6c-8f8f21bfc39c","block_type":"box","text":"Amounts added on issue of units (6,784) (1,033)","page_number":41,"box":{"x":87,"y":617,"width":854,"height":11}},{"id":"534889e4-5d71-4420-9577-c9c91bbedaa3","block_type":"box","text":"Net distribution for the period 11,237 31,702","page_number":41,"box":{"x":88,"y":640,"width":852,"height":11}},{"id":"5b5401d6-ba89-4a98-9cf9-916a0b20d09d","block_type":"box","text":"8. Debtors","page_number":41,"box":{"x":47,"y":673,"width":102,"height":9}},{"id":"a6d6fc88-2e18-4f1c-9e43-a2a7ea29df75","block_type":"box","text":"31.12.25 30.06.24","page_number":41,"box":{"x":758,"y":691,"width":183,"height":9}},{"id":"ceaf3169-fe10-4973-9393-36d6515cd449","block_type":"box","text":"£'000 £'000","page_number":41,"box":{"x":781,"y":705,"width":159,"height":9}},{"id":"ed4450c0-acf6-4e28-80a4-89166634593f","block_type":"box","text":"Creations awaiting settlement 1,370 12","page_number":41,"box":{"x":87,"y":724,"width":853,"height":11}},{"id":"10c633ed-390a-4f81-96af-af8fceba498f","block_type":"box","text":"Sales awaiting settlement","page_number":41,"box":{"x":87,"y":743,"width":189,"height":11}},{"id":"76323da7-f7d6-46df-89fd-c8e88123560f","block_type":"box","text":"-2","page_number":41,"box":{"x":817,"y":743,"width":123,"height":9}},{"id":"71346f3f-713c-4a26-8880-f138754bb28e","block_type":"box","text":"Accrued revenue","page_number":41,"box":{"x":87,"y":762,"width":126,"height":9}},{"id":"5746cfa7-bd56-4c29-8b1f-29bc3ceeadcb","block_type":"box","text":"327 181","page_number":41,"box":{"x":795,"y":762,"width":143,"height":9}},{"id":"8f4086e9-b99e-4a2d-8032-055abfe69e8a","block_type":"box","text":"Overseas tax recoverable 1,190 1,114","page_number":41,"box":{"x":87,"y":781,"width":853,"height":10}},{"id":"6efb7a9e-598e-4ee2-9621-3b622e1459f4","block_type":"box","text":"Total debtors","page_number":41,"box":{"x":87,"y":802,"width":104,"height":8}},{"id":"be9d5611-49d5-4c53-832e-59ed3f4554d3","block_type":"box","text":"2,887 1,309","page_number":41,"box":{"x":781,"y":802,"width":160,"height":10}},{"id":"d3e9c02b-564e-4bf0-a000-0e79b62d6ccc","block_type":"box","text":"State Street Authorised Contractual Scheme","page_number":41,"box":{"x":47,"y":44,"width":421,"height":10}},{"id":"f3125852-9e26-43d0-954a-6ce0df6b4177","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":41,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"d32ee7d9-7566-4e75-9adb-64908e0cea24","block_type":"box","text":"State Street ACS Multi-Factor Global Index Equity Fund","page_number":41,"box":{"x":47,"y":93,"width":526,"height":14}},{"id":"744debf2-d537-45d4-9e54-0279bd5a2621","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":41,"box":{"x":48,"y":129,"width":435,"height":13}},{"id":"a2565471-4e7c-4284-b370-d69792b3ec03","block_type":"box","text":"For the eighteen-month period ended 31st December 2025","page_number":41,"box":{"x":48,"y":153,"width":435,"height":11}},{"id":"5c678f52-2b7d-42fa-beba-3da266780096","block_type":"box","text":"39","page_number":41,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"f8400642-0126-4560-ae69-fa8a5ae2beb2","block_type":"box","text":"9. Cash and bank balances","page_number":42,"box":{"x":47,"y":175,"width":234,"height":8}},{"id":"f3028cf4-87ba-4218-9c68-48ed334adc7c","block_type":"box","text":"31.12.25 30.06.24","page_number":42,"box":{"x":758,"y":193,"width":183,"height":8}},{"id":"8d618d8b-4f1f-4371-9a87-e0217d789e00","block_type":"box","text":"£'000 £'000","page_number":42,"box":{"x":781,"y":207,"width":159,"height":8}},{"id":"d902bccd-19e5-408e-802f-7281be59edb1","block_type":"box","text":"Cash and bank balances 1,959 1,165","page_number":42,"box":{"x":87,"y":226,"width":854,"height":10}},{"id":"6e3806d9-7211-44e2-a5d5-583b3dccb255","block_type":"box","text":"Amounts held at brokers 145 49","page_number":42,"box":{"x":87,"y":245,"width":854,"height":8}},{"id":"326d387c-e7f8-4946-91b1-1d76b73b821e","block_type":"box","text":"Total cash and bank balances 2,104 1,214","page_number":42,"box":{"x":87,"y":265,"width":854,"height":11}},{"id":"0feee8fd-c67d-4dbf-9f1d-46a872638de3","block_type":"box","text":"10. Other creditors","page_number":42,"box":{"x":48,"y":297,"width":159,"height":8}},{"id":"4a09a01e-9ee4-4e1b-aa22-9ab68d5f3bf2","block_type":"box","text":"31.12.25 30.06.24","page_number":42,"box":{"x":758,"y":315,"width":183,"height":8}},{"id":"dd7181b4-e171-4e72-abe8-6a10251acf46","block_type":"box","text":"£'000 £'000","page_number":42,"box":{"x":781,"y":329,"width":159,"height":8}},{"id":"c8ca218d-af6d-4b55-b935-0e09a060aa42","block_type":"box","text":"Liquidations awaiting settlement - 203","page_number":42,"box":{"x":88,"y":348,"width":853,"height":11}},{"id":"b33b48b6-5e28-4788-abdf-64f6242ecbc6","block_type":"box","text":"Purchases awaiting settlement 4,982 2","page_number":42,"box":{"x":88,"y":367,"width":852,"height":11}},{"id":"4c6729a2-70d0-4aa4-b168-62243dc6bfb9","block_type":"box","text":"Dilution adjustment","page_number":42,"box":{"x":88,"y":386,"width":141,"height":11}},{"id":"30f6b34a-b017-44ef-b874-3ed5d4381694","block_type":"box","text":"- 696","page_number":42,"box":{"x":817,"y":386,"width":124,"height":8}},{"id":"84657c81-8f52-4a19-96b0-517766821a2a","block_type":"box","text":"Accrued Manager's periodic charge 85 18","page_number":42,"box":{"x":87,"y":405,"width":854,"height":11}},{"id":"8daffc50-8669-4e27-b118-fa807fa526f3","block_type":"box","text":"Write off of outstanding dividends during in-specie transition 2,486 2,486","page_number":42,"box":{"x":87,"y":424,"width":854,"height":11}},{"id":"c8fbd14f-ff7d-4b2e-a500-f95ab45d76f9","block_type":"box","text":"Total other creditors 7,553 3,405","page_number":42,"box":{"x":87,"y":444,"width":854,"height":11}},{"id":"fe8f6029-6757-4e79-86cc-c1916beb780f","block_type":"box","text":"11. Contingent liabilities and commitments","page_number":42,"box":{"x":48,"y":476,"width":351,"height":11}},{"id":"2b487f5f-2e6f-4413-a923-2a877522dbc8","block_type":"box","text":"The Fund had no contingent liabilities at period end (30.06.24: £nil).","page_number":42,"box":{"x":87,"y":490,"width":499,"height":11}},{"id":"b8a369f6-10b8-48fe-b00a-e093198f2244","block_type":"box","text":"12. Related party transactions","page_number":42,"box":{"x":48,"y":516,"width":248,"height":11}},{"id":"3c4dbcaa-30a7-4233-8981-b64089d6734c","block_type":"box","text":"The ACS Manager exercises governance and oversight over the Fund and is a related party by virtue of the","page_number":42,"box":{"x":87,"y":530,"width":864,"height":11}},{"id":"dbaf0d70-4553-49e5-b8f9-ba622ee345d1","block_type":"box","text":"Co-Ownership Deed constituting the Fund.","page_number":42,"box":{"x":87,"y":544,"width":315,"height":12}},{"id":"931af27d-e113-4f53-830c-ba79d03aefb2","block_type":"box","text":"Amounts paid during the period or due to the ACS Manager at the period end are disclosed under Expenses and Other","page_number":42,"box":{"x":87,"y":566,"width":865,"height":11}},{"id":"adaa0903-c08e-47e6-ad6b-b3034ccf292a","block_type":"box","text":"Creditors in the Notes to the financial statements. At the period end £85,471 (30.06.24: £18,157) was due to the ACS","page_number":42,"box":{"x":87,"y":580,"width":864,"height":11}},{"id":"119f9a1f-67e7-466f-89ae-32c7b24c3c21","block_type":"box","text":"Manager in relation to accrued manager’s periodic charges are disclosed in Other Creditors in the Notes to the Financial","page_number":42,"box":{"x":88,"y":594,"width":862,"height":11}},{"id":"04931801-99a7-402c-8e8b-5f2a5779b71d","block_type":"box","text":"Statements.","page_number":42,"box":{"x":87,"y":608,"width":88,"height":9}},{"id":"26863317-40ef-4158-bc65-76345fc89391","block_type":"box","text":"Transactions relating to the creation and cancellation of units and the purchases and sales of investments which pass","page_number":42,"box":{"x":87,"y":630,"width":864,"height":11}},{"id":"7b1a7889-0112-40a2-94e8-b1d39e1b1e12","block_type":"box","text":"through the ACS Manager, but are not for the benefit of, either related party are disclosed in the Statement of Change","page_number":42,"box":{"x":87,"y":644,"width":864,"height":11}},{"id":"ad8b535b-ffad-477d-adf3-32e39f15024a","block_type":"box","text":"in Net Assets Attributable to Unitholders.","page_number":42,"box":{"x":88,"y":658,"width":296,"height":9}},{"id":"5c556ccc-7bf2-4257-9823-4c1a78ec45c3","block_type":"box","text":"Amounts due to or from the Fund at the period end in relation to these transactions are disclosed under Debtors and","page_number":42,"box":{"x":87,"y":680,"width":863,"height":11}},{"id":"6fa87ed6-92fd-45f8-ad51-b56e45c8cfc8","block_type":"box","text":"Creditors in the Notes to the Financial Statements.","page_number":42,"box":{"x":87,"y":694,"width":373,"height":9}},{"id":"366eec45-b3c8-4d10-a4f7-d00b1735aa42","block_type":"box","text":"13. Risk disclosures","page_number":42,"box":{"x":48,"y":720,"width":171,"height":9}},{"id":"619a4387-2c4d-4f64-ad9b-b883507e39b1","block_type":"box","text":"In pursuing its investment objectives the Fund holds a number of financial instruments. The Fund’s financial instruments","page_number":42,"box":{"x":88,"y":734,"width":863,"height":11}},{"id":"5772a0aa-3dab-4d94-9e49-023999241428","block_type":"box","text":"comprise of securities and other investments, cash balances and bank overdrafts, short term fixed deposits, debtors and","page_number":42,"box":{"x":87,"y":748,"width":863,"height":11}},{"id":"1720a293-f4b7-4298-a756-5d34d67e1c29","block_type":"box","text":"creditors that arise directly from its operations, for example, in respect of sales and purchases awaiting settlement,","page_number":42,"box":{"x":87,"y":763,"width":863,"height":11}},{"id":"186c5416-d2fa-4de3-b4ee-d1f79b0e71ea","block_type":"box","text":"amounts receivable for creations and payable for liquidations and debtors for accrued income.","page_number":42,"box":{"x":87,"y":777,"width":694,"height":11}},{"id":"f927fbcd-3931-423e-bf98-e1e02808c6fe","block_type":"box","text":"The main risks the Fund may face from investing are: (a) Foreign currency risk, (b) Market price risk, (c) Interest rate risk","page_number":42,"box":{"x":87,"y":798,"width":864,"height":11}},{"id":"ec30da82-005e-41b0-b3ea-95205a4d5099","block_type":"box","text":"and (d) Liquidity risk.","page_number":42,"box":{"x":87,"y":812,"width":153,"height":12}},{"id":"943004ad-e8ca-491d-b380-6411ed42a51f","block_type":"box","text":"The ACS Manager’s policy for managing these risks are summarised below and have been applied throughout the","page_number":42,"box":{"x":87,"y":834,"width":864,"height":11}},{"id":"7f957437-d5be-48db-84c4-6daa9f922f24","block_type":"box","text":"period.","page_number":42,"box":{"x":88,"y":848,"width":48,"height":11}},{"id":"9a41c86e-f00b-4c6e-87cb-8bc1b33f812f","block_type":"box","text":"State Street Authorised Contractual Scheme","page_number":42,"box":{"x":47,"y":44,"width":421,"height":10}},{"id":"cba647dd-e42a-4252-8fb4-1458b1fcaba1","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":42,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"08b1eebd-b9b1-4d30-a0d2-b7d4ec857843","block_type":"box","text":"State Street ACS Multi-Factor Global Index Equity Fund","page_number":42,"box":{"x":47,"y":93,"width":526,"height":14}},{"id":"f9493759-3e3b-48b9-b7b3-7eaa16a153aa","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":42,"box":{"x":48,"y":129,"width":435,"height":13}},{"id":"734c1f53-b1ce-4c82-ba08-d18d4574cf5f","block_type":"box","text":"For the eighteen-month period ended 31st December 2025","page_number":42,"box":{"x":48,"y":153,"width":435,"height":11}},{"id":"c30c028f-c5b1-4793-893c-8af430846d7f","block_type":"box","text":"40","page_number":42,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"c593d7d2-66e5-4b06-90ec-48b8d89a7dd5","block_type":"box","text":"13. Risk disclosures (continued)","page_number":43,"box":{"x":48,"y":175,"width":267,"height":11}},{"id":"05772c0a-df2a-4e4c-8b81-06df7b3f3db4","block_type":"box","text":"(a) Foreign currency risk","page_number":43,"box":{"x":47,"y":200,"width":211,"height":11}},{"id":"e49fe7dd-d9a9-40fe-873e-cb64432e830e","block_type":"box","text":"A substantial proportion of the net assets of the Fund are denominated in currencies other than Sterling, with the effect","page_number":43,"box":{"x":87,"y":214,"width":865,"height":11}},{"id":"11d27bf4-d96e-4248-8c6a-8248542cd458","block_type":"box","text":"that the balance sheet and total return can be significantly affected by currency movements. The Investment Manager","page_number":43,"box":{"x":87,"y":228,"width":865,"height":11}},{"id":"676507f4-c9b1-4bf6-8693-56ab9de0bc2f","block_type":"box","text":"will monitor and manage currencies within the portfolio in pursuance of the investment objective and policy of the Fund.","page_number":43,"box":{"x":87,"y":242,"width":863,"height":11}},{"id":"5440d874-136f-4f44-bc11-e30deefa66ff","block_type":"box","text":"The Fund’s currency exposure as at 31st December 2025 was:","page_number":43,"box":{"x":87,"y":264,"width":464,"height":11}},{"id":"ec8e6f9a-721a-4bbc-aa27-efb3c37ea1b5","block_type":"box","text":"Net foreign currency assets/liabilities","page_number":43,"box":{"x":646,"y":281,"width":295,"height":11}},{"id":"34e91fa3-f9b7-4f4d-ac5f-7eb2d608ce75","block_type":"box","text":"Currency Monetary","page_number":43,"box":{"x":87,"y":297,"width":647,"height":11}},{"id":"0eb4cd62-8c88-419e-8d48-2353549e1e41","block_type":"box","text":"exposures","page_number":43,"box":{"x":651,"y":313,"width":83,"height":9}},{"id":"6d774668-e8ae-470a-abb9-02d1aad78a8e","block_type":"box","text":"£’000","page_number":43,"box":{"x":693,"y":325,"width":41,"height":9}},{"id":"3e711bdf-a0d4-4f88-ad83-2707a399bff8","block_type":"box","text":"Non-monetary","page_number":43,"box":{"x":752,"y":297,"width":112,"height":11}},{"id":"e59d2f06-4301-4a8e-8a64-7d3f9839fb6a","block_type":"box","text":"exposures","page_number":43,"box":{"x":781,"y":313,"width":83,"height":9}},{"id":"56144191-27db-4fcc-b8fd-88f956d3453d","block_type":"box","text":"£’000","page_number":43,"box":{"x":823,"y":325,"width":41,"height":9}},{"id":"5b08acea-cd27-4927-a5be-db8f1fef11ad","block_type":"box","text":"Total","page_number":43,"box":{"x":903,"y":297,"width":37,"height":8}},{"id":"4c8a9a11-8427-4991-956c-aea5b447bca8","block_type":"box","text":"£’000","page_number":43,"box":{"x":899,"y":311,"width":41,"height":9}},{"id":"83342f41-7825-43ff-8332-c8032a45850a","block_type":"box","text":"Australian dollar (12,051) 25,398 13,347","page_number":43,"box":{"x":87,"y":341,"width":854,"height":11}},{"id":"4e85665b-0c8f-4c8d-8d34-97647d8eecca","block_type":"box","text":"Canadian dollar (11,874) 24,865 12,991","page_number":43,"box":{"x":87,"y":356,"width":851,"height":11}},{"id":"e2d11e86-bf3e-44a4-85b9-f5e8881e3faa","block_type":"box","text":"Danish krone (1,830) 4,038 2,208","page_number":43,"box":{"x":88,"y":371,"width":853,"height":12}},{"id":"41b0f701-45b1-48f9-a48d-fb9e86527352","block_type":"box","text":"Euro currency (38,275) 84,923 46,648","page_number":43,"box":{"x":88,"y":387,"width":853,"height":11}},{"id":"f2772fa6-a3ed-4133-9373-db41b8ed7001","block_type":"box","text":"Hong Kong dollar (1,964) 4,030 2,066","page_number":43,"box":{"x":88,"y":402,"width":853,"height":11}},{"id":"c2f8f9dd-a678-4983-a522-33042a5236b5","block_type":"box","text":"Japanese yen (11,200) 23,261 12,061","page_number":43,"box":{"x":87,"y":418,"width":851,"height":11}},{"id":"c0b0e041-4cd3-4993-8fc2-6929ad1e082f","block_type":"box","text":"New Israeli sheqel (1,811) 3,985 2,174","page_number":43,"box":{"x":88,"y":433,"width":852,"height":11}},{"id":"c5633cf8-573f-4c9f-9926-e1148edc1cb4","block_type":"box","text":"New Zealand dollar 1 - 1","page_number":43,"box":{"x":88,"y":449,"width":850,"height":8}},{"id":"698404eb-67f9-41b1-b986-c5d8c0436b64","block_type":"box","text":"Norwegian krone (784) 1,691 907","page_number":43,"box":{"x":88,"y":464,"width":853,"height":11}},{"id":"0337586b-2255-4a0a-b3ed-6762af1070be","block_type":"box","text":"Singapore dollar (1,756) 3,787 2,031","page_number":43,"box":{"x":87,"y":479,"width":851,"height":11}},{"id":"961a180c-fae8-4979-881b-dd75c9ab57e4","block_type":"box","text":"Swedish krona (2,258) 5,044 2,786","page_number":43,"box":{"x":87,"y":495,"width":854,"height":11}},{"id":"f9eeb058-5685-41c3-83aa-7ff4a48e4cfb","block_type":"box","text":"Swiss franc (1,517) 5,645 4,128","page_number":43,"box":{"x":87,"y":510,"width":854,"height":11}},{"id":"032aad87-c5e2-4c2e-a9bf-d54ec54e4ec6","block_type":"box","text":"US dollar (199,600) 429,011 229,411","page_number":43,"box":{"x":88,"y":525,"width":850,"height":12}},{"id":"6f465682-2a98-4ddd-b0b2-bb2902821304","block_type":"box","text":"Total","page_number":43,"box":{"x":87,"y":545,"width":37,"height":9}},{"id":"b5cd067e-4ce4-4102-b377-a306318314f8","block_type":"box","text":"(284,919) 615,678 330,759","page_number":43,"box":{"x":664,"y":545,"width":277,"height":11}},{"id":"f52631f6-aa39-4ed5-949a-4c844e192740","block_type":"box","text":"The Fund’s currency exposure as at 30th June 2024 was:","page_number":43,"box":{"x":87,"y":568,"width":424,"height":11}},{"id":"8664a810-d4a1-4c58-8db4-bfcd8ad9ccdb","block_type":"box","text":"Net foreign currency assets/liabilities","page_number":43,"box":{"x":646,"y":586,"width":295,"height":11}},{"id":"d69a94bd-97b8-41a8-bc8e-2f220998117e","block_type":"box","text":"Currency Monetary","page_number":43,"box":{"x":87,"y":601,"width":648,"height":12}},{"id":"4fe7937a-8754-45e9-8d67-f38eb331b867","block_type":"box","text":"exposures","page_number":43,"box":{"x":652,"y":618,"width":82,"height":9}},{"id":"374cc148-e500-4a60-8ef4-bf7bf38f9bf6","block_type":"box","text":"£’000","page_number":43,"box":{"x":693,"y":630,"width":41,"height":9}},{"id":"f4b9554b-63d4-46ae-bf01-0b1cc4c46fc3","block_type":"box","text":"Non-monetary","page_number":43,"box":{"x":753,"y":602,"width":112,"height":11}},{"id":"37572c9b-969b-4cf9-b4c5-ce972f68d9be","block_type":"box","text":"exposures","page_number":43,"box":{"x":782,"y":618,"width":83,"height":9}},{"id":"188464cf-cb0b-4901-a9e5-c2e38a918dfe","block_type":"box","text":"£’000","page_number":43,"box":{"x":824,"y":630,"width":41,"height":9}},{"id":"2e3a3f40-2842-4cdc-92a8-f88a0c7304d3","block_type":"box","text":"Total","page_number":43,"box":{"x":903,"y":602,"width":37,"height":8}},{"id":"c1aa0f16-8b84-4107-bf2b-3c4abde47139","block_type":"box","text":"£’000","page_number":43,"box":{"x":899,"y":616,"width":41,"height":8}},{"id":"39b99f87-4d74-401f-95ee-03b7b490d213","block_type":"box","text":"Australian dollar (2,993) 6,955 3,962","page_number":43,"box":{"x":87,"y":645,"width":853,"height":11}},{"id":"f2f63c12-35f1-4172-8a0b-1889bf91497a","block_type":"box","text":"Canadian dollar (1,523) 3,603 2,080","page_number":43,"box":{"x":87,"y":661,"width":853,"height":11}},{"id":"dfc8f48d-85c2-4a4b-bc21-7c8d9e2da806","block_type":"box","text":"Danish krone (2,611) 5,993 3,382","page_number":43,"box":{"x":88,"y":676,"width":852,"height":11}},{"id":"46907d5b-8527-48fe-bf25-1f4620b97acd","block_type":"box","text":"Euro currency (10,204) 24,187 13,983","page_number":43,"box":{"x":88,"y":691,"width":853,"height":12}},{"id":"4cdd875a-47e1-4db2-8119-f611a829d6c5","block_type":"box","text":"Hong Kong dollar (115) 299 184","page_number":43,"box":{"x":88,"y":707,"width":852,"height":11}},{"id":"4fb76d16-4b98-4111-b788-03df6b23e743","block_type":"box","text":"Japanese yen (5,621) 13,156 7,535","page_number":43,"box":{"x":87,"y":722,"width":854,"height":11}},{"id":"456d4a9a-665b-4a73-89ed-ed60c846b782","block_type":"box","text":"New Israeli sheqel 1 - 1","page_number":43,"box":{"x":88,"y":738,"width":850,"height":11}},{"id":"f4880d70-25aa-4d90-b94b-75fa5f215e3a","block_type":"box","text":"New Zealand dollar (54) 133 79","page_number":43,"box":{"x":88,"y":753,"width":853,"height":11}},{"id":"a7adce5d-7fc3-4db7-9192-fc3fed6d3602","block_type":"box","text":"Norwegian krone (139) 423 284","page_number":43,"box":{"x":88,"y":769,"width":852,"height":11}},{"id":"0ee77317-c987-4d0e-8ae6-251d897ce69e","block_type":"box","text":"Singapore dollar (181) 412 231","page_number":43,"box":{"x":87,"y":784,"width":851,"height":11}},{"id":"eb0f57c7-6168-43e8-9aa0-a3b147b85343","block_type":"box","text":"Swedish krona (399) 963 564","page_number":43,"box":{"x":87,"y":799,"width":853,"height":11}},{"id":"cc653e59-d373-45f3-858d-004316b94354","block_type":"box","text":"Swiss franc (93) 2,859 2,766","page_number":43,"box":{"x":87,"y":815,"width":854,"height":11}},{"id":"a8528080-5bf5-44ab-a9b4-699988fd95e4","block_type":"box","text":"US dollar (57,143) 134,032 76,889","page_number":43,"box":{"x":88,"y":830,"width":853,"height":11}},{"id":"f9b32c51-d119-4e4c-bdae-f7a0c1f4a8d9","block_type":"box","text":"Total","page_number":43,"box":{"x":87,"y":850,"width":37,"height":9}},{"id":"a429a672-c4ff-44eb-a6dc-29f63400f1f3","block_type":"box","text":"(81,075) 193,015 111,940","page_number":43,"box":{"x":674,"y":850,"width":266,"height":11}},{"id":"e0ad9d9b-eec4-402d-9470-a2ed835d0d5d","block_type":"box","text":"If GBP to foreign currency exchange rates had increased by 10% as at the balance sheet date, the net asset value of","page_number":43,"box":{"x":88,"y":873,"width":864,"height":11}},{"id":"ba357a08-ced7-4aaa-b4ee-75b0079ba433","block_type":"box","text":"the Fund would have decreased by £30,069,016 (30.06.24: £10,176,320).","page_number":43,"box":{"x":87,"y":887,"width":545,"height":11}},{"id":"2dcb1dea-9bdc-411d-8809-1a41d686acc3","block_type":"box","text":"If GBP to foreign currency exchange rates had decreased by 10% as at the balance sheet date, the net asset value of","page_number":43,"box":{"x":88,"y":908,"width":864,"height":12}},{"id":"6728c153-b72b-43d1-8ac4-924aad8d5222","block_type":"box","text":"the Fund would have increased by £36,751,020 (30.06.24: £12,437,725).","page_number":43,"box":{"x":87,"y":923,"width":539,"height":11}},{"id":"eea11665-07a3-4905-82d9-3d888ca26f86","block_type":"box","text":"State Street Authorised Contractual Scheme","page_number":43,"box":{"x":47,"y":44,"width":421,"height":10}},{"id":"1384b7f0-88a5-43dc-a34a-416d3565134b","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":43,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"f85d9b44-e9cc-41d3-8695-0c1d4117cf74","block_type":"box","text":"State Street ACS Multi-Factor Global Index Equity Fund","page_number":43,"box":{"x":47,"y":93,"width":526,"height":14}},{"id":"abc054a1-d5a4-4e83-abae-10b7ef44758c","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":43,"box":{"x":48,"y":129,"width":435,"height":13}},{"id":"67fb6794-6d5f-41c9-8b84-b83e0cbcfbb7","block_type":"box","text":"For the eighteen-month period ended 31st December 2025","page_number":43,"box":{"x":48,"y":153,"width":435,"height":11}},{"id":"d666ff8d-23da-4cff-a546-20b03b21b65e","block_type":"box","text":"41","page_number":43,"box":{"x":492,"y":956,"width":12,"height":7}},{"id":"0fdc8fc0-c083-4039-a36a-c2e5dae7af9d","block_type":"box","text":"13. Risk disclosures (continued)","page_number":44,"box":{"x":48,"y":175,"width":267,"height":11}},{"id":"675237eb-9413-4c8a-b025-0953bfc38407","block_type":"box","text":"These calculations assume all other variables remain constant.","page_number":44,"box":{"x":87,"y":200,"width":465,"height":8}},{"id":"abe17899-1462-406e-aec6-6dcf86053cc2","block_type":"box","text":"(b) Market price risk","page_number":44,"box":{"x":47,"y":226,"width":173,"height":11}},{"id":"08c0fc88-63cd-4874-84d8-b6b93d3dcebf","block_type":"box","text":"The Fund’s investment portfolio is exposed to market price fluctuations which are monitored by the Manager in","page_number":44,"box":{"x":87,"y":240,"width":863,"height":11}},{"id":"96a1c071-9920-4e9e-928f-d65f038b01e9","block_type":"box","text":"pursuance of the investment objective and policy as set out on page 12. Adherence to investment guidelines and to","page_number":44,"box":{"x":88,"y":254,"width":863,"height":11}},{"id":"43a8b6bc-2535-4773-ac7a-72fd30e5c98d","block_type":"box","text":"investment and borrowing powers set out in the Co-Ownership Deed, the Scheme Particulars and in the Financial","page_number":44,"box":{"x":88,"y":268,"width":862,"height":11}},{"id":"3519f3eb-73ab-444a-9528-ef7af464d19c","block_type":"box","text":"Conduct Authority’s Collective Investment Scheme sourcebook (the “COLL sourcebook”) mitigates the risk of excessive","page_number":44,"box":{"x":87,"y":282,"width":864,"height":12}},{"id":"64647473-47fc-4f16-8404-3dec7df67388","block_type":"box","text":"exposure to any particular type of security or issuer. Further information on the investment portfolio is set out in the ACS","page_number":44,"box":{"x":87,"y":297,"width":864,"height":11}},{"id":"02ac85e4-97a9-4393-b766-6deffd4f096f","block_type":"box","text":"Manager’s Report and Portfolio Statement.","page_number":44,"box":{"x":88,"y":311,"width":315,"height":11}},{"id":"6f015bb8-8cfd-44f4-91bc-f414523a49e5","block_type":"box","text":"If market prices had increased by 10% as at the balance sheet date, the net asset value of the Fund would have","page_number":44,"box":{"x":88,"y":332,"width":863,"height":11}},{"id":"a95c41be-18d8-4e41-a5e9-2ea04efd0f49","block_type":"box","text":"increased by £63,439,729 (30.06.24: £19,805,570). If market prices had decreased by 10% as at the balance sheet","page_number":44,"box":{"x":88,"y":347,"width":864,"height":11}},{"id":"06ca982b-5494-47be-85c2-0fa45d6869fe","block_type":"box","text":"date, the net asset value of the Fund would have decreased by £63,439,729 (30.06.24: £19,805,570).","page_number":44,"box":{"x":87,"y":361,"width":751,"height":11}},{"id":"0f67b348-6bd7-44ef-ae17-e9c965ec608b","block_type":"box","text":"These calculations assume all other variables remain constant.","page_number":44,"box":{"x":87,"y":382,"width":465,"height":9}},{"id":"3b34716a-f369-4c54-b378-f11d546e17a3","block_type":"box","text":"(c) Interest rate risk","page_number":44,"box":{"x":47,"y":408,"width":170,"height":11}},{"id":"fa80a46b-8c4a-43aa-ad74-bdd5ed9de261","block_type":"box","text":"The majority of the Fund’s financial assets are equity shares and other investments which neither pay interest nor have","page_number":44,"box":{"x":87,"y":422,"width":864,"height":11}},{"id":"c7395b97-4dd8-447b-9a7c-f0e545580fb0","block_type":"box","text":"a maturity date. Therefore interest rate risk is not deemed to be significant.","page_number":44,"box":{"x":87,"y":437,"width":550,"height":11}},{"id":"35780932-3fe8-4cba-83a2-ce56db247dc2","block_type":"box","text":"Interest on bank balances is calculated at the current Bank of England base rate minus 0.50%, while overdraft is","page_number":44,"box":{"x":88,"y":458,"width":863,"height":11}},{"id":"22802b37-0104-46ed-8c2d-0acc9189d57f","block_type":"box","text":"calculated at the current Bank of England base rate plus 1.00% of its overseas equivalent.","page_number":44,"box":{"x":87,"y":472,"width":665,"height":11}},{"id":"6b215281-5d59-4d83-8384-755cb66a540b","block_type":"box","text":"(d) Liquidity risk","page_number":44,"box":{"x":47,"y":498,"width":144,"height":11}},{"id":"89027dac-aa0c-4fbb-9130-9a142bebe13c","block_type":"box","text":"All of the Fund’s financial assets are considered to be readily realisable in accordance with the market practices of the","page_number":44,"box":{"x":87,"y":512,"width":864,"height":12}},{"id":"0526d879-a622-41eb-bca0-fa61668853c4","block_type":"box","text":"exchange on which they are traded. In general, the Investment Manager manages the Fund’s cash to ensure it can meet","page_number":44,"box":{"x":87,"y":527,"width":865,"height":11}},{"id":"f6ac25aa-0768-4d66-8446-5485a5a8518f","block_type":"box","text":"its liabilities. Where investments cannot be realised in time to meet any potential liability, the Fund may borrow up to 10%","page_number":44,"box":{"x":88,"y":541,"width":863,"height":11}},{"id":"aa417880-6c62-4adb-853a-e49e19944bff","block_type":"box","text":"of its value to ensure settlement.","page_number":44,"box":{"x":87,"y":555,"width":239,"height":9}},{"id":"0b7b37e4-d3f4-4eae-8404-5f4f117bb7f8","block_type":"box","text":"All of the Fund’s financial liabilities are payable on demand or in less than one year, therefore liquidity risk is not","page_number":44,"box":{"x":87,"y":576,"width":864,"height":12}},{"id":"5d4d2d72-a694-48fe-8c85-112720f1d85d","block_type":"box","text":"significant.","page_number":44,"box":{"x":87,"y":591,"width":77,"height":11}},{"id":"cb6e3964-d562-45bb-a3b3-e5679c93cb96","block_type":"box","text":"(e) Counterparty Risk","page_number":44,"box":{"x":47,"y":617,"width":185,"height":11}},{"id":"ea38a262-569d-497d-9006-f8619aa49cc8","block_type":"box","text":"At 31 December 2025 Current Account Period - undefined the counterparty exposure calculated using the positive","page_number":44,"box":{"x":87,"y":631,"width":864,"height":11}},{"id":"0a42a638-8ee4-488e-8e66-e78193e2024f","block_type":"box","text":"marked-to-market fair value for the OTC and exchange-traded derivatives held, which is considered to be risk of","page_number":44,"box":{"x":88,"y":645,"width":864,"height":11}},{"id":"b7219de6-379d-40cd-a80b-ebbec700b7fe","block_type":"box","text":"repayment from the counterparty to the fund, was as follows:","page_number":44,"box":{"x":88,"y":659,"width":446,"height":12}},{"id":"69df6585-7546-4274-af3b-667d312c5115","block_type":"box","text":"As at 31 December 2025 Futures","page_number":44,"box":{"x":92,"y":692,"width":547,"height":8}},{"id":"a57b7903-d899-48ec-906b-e248a1add19c","block_type":"box","text":"£'000","page_number":44,"box":{"x":598,"y":706,"width":41,"height":8}},{"id":"638c259c-742f-4b89-8628-52d35f5b4db7","block_type":"box","text":"Forward","page_number":44,"box":{"x":726,"y":692,"width":63,"height":8}},{"id":"fa12fa3c-5c82-44d7-92cb-8c85d80821be","block_type":"box","text":"£'000","page_number":44,"box":{"x":749,"y":706,"width":41,"height":8}},{"id":"ba810726-b203-4f66-9c07-c41e5f24b55a","block_type":"box","text":"Total","page_number":44,"box":{"x":903,"y":692,"width":37,"height":8}},{"id":"443291df-7695-4168-b1e6-d25150f3e391","block_type":"box","text":"£'000","page_number":44,"box":{"x":900,"y":706,"width":40,"height":8}},{"id":"d8a15f6c-35d8-4941-9c44-b5aa2ae6decd","block_type":"box","text":"Barclays - 281 281","page_number":44,"box":{"x":93,"y":725,"width":845,"height":11}},{"id":"4300e00e-dd8c-4c98-9e4f-da497ae22b52","block_type":"box","text":"BNP Paribas - 302 302","page_number":44,"box":{"x":93,"y":744,"width":847,"height":8}},{"id":"c22e0ae9-17fb-453a-b318-f378a3770ada","block_type":"box","text":"Goldman Sachs International 5 1,437 1,442","page_number":44,"box":{"x":93,"y":763,"width":847,"height":10}},{"id":"7d8cfa7e-585b-4781-bcd6-fc840ead9bc6","block_type":"box","text":"HSBC - 146 146","page_number":44,"box":{"x":93,"y":782,"width":848,"height":8}},{"id":"baba515d-4fa2-412c-bcd8-271fd2ae356c","block_type":"box","text":"JP Morgan - 379 379","page_number":44,"box":{"x":92,"y":801,"width":849,"height":11}},{"id":"4984e795-c649-4f01-8fa3-e29fc3670697","block_type":"box","text":"Merrill Lynch - 2 2","page_number":44,"box":{"x":93,"y":820,"width":847,"height":11}},{"id":"921ff2de-0177-440d-a9a6-985bbdb04aa3","block_type":"box","text":"Royal Bank Of Canada - 3 3","page_number":44,"box":{"x":93,"y":838,"width":848,"height":12}},{"id":"2612f063-2423-4aed-beaf-233c85408d9d","block_type":"box","text":"State Street Bank - 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Related party transactions","page_number":53,"box":{"x":48,"y":745,"width":248,"height":11}},{"id":"13565281-ab06-4007-bfa6-f70ed39c4a05","block_type":"box","text":"The ACS Manager exercises governance and oversight over the Fund and is a related party by virtue of the","page_number":53,"box":{"x":87,"y":759,"width":864,"height":11}},{"id":"20934b3f-33e4-41b0-893e-5e4ec41e6cac","block_type":"box","text":"Co-Ownership Deed constituting the Fund.","page_number":53,"box":{"x":87,"y":773,"width":315,"height":11}},{"id":"45209ae3-fa68-4842-b670-27a39f90e5d5","block_type":"box","text":"Amounts paid during the period or due to the ACS Manager at the period end are disclosed under Expenses and Other","page_number":53,"box":{"x":87,"y":795,"width":865,"height":11}},{"id":"8079a334-39bc-4b77-8bdc-846ca6b9d3c4","block_type":"box","text":"Creditors in the Notes to the financial statements. At the period end £nil (30.06.24: £nil) was due to the ACS Manager","page_number":53,"box":{"x":87,"y":809,"width":865,"height":11}},{"id":"af011b6d-5054-4051-b66f-3287eaabe1ff","block_type":"box","text":"in relation to accrued manager’s periodic charges are disclosed in Other Creditors in the Notes to the Financial","page_number":53,"box":{"x":88,"y":823,"width":862,"height":11}},{"id":"b209325d-9780-4638-aec7-092e9f0698dd","block_type":"box","text":"Statements.","page_number":53,"box":{"x":87,"y":837,"width":88,"height":9}},{"id":"03414abf-b454-424f-a915-f2ce390ae3c5","block_type":"box","text":"Transactions relating to the creation and cancellation of units and the purchases and sales of investments which pass","page_number":53,"box":{"x":87,"y":859,"width":864,"height":11}},{"id":"5a58ecca-0f5b-464d-b956-8592105bef9e","block_type":"box","text":"through the ACS Manager, but are not for the benefit of, either related party are disclosed in the Statement of Change","page_number":53,"box":{"x":87,"y":873,"width":864,"height":11}},{"id":"891b9d0e-2913-4c4c-bfb7-80603c8d8534","block_type":"box","text":"in Net Assets Attributable to Unitholders.","page_number":53,"box":{"x":88,"y":887,"width":296,"height":9}},{"id":"bd7b098a-f603-4a27-a5f6-e6df99011064","block_type":"box","text":"Amounts due to or from the Fund at the period end in relation to these transactions are disclosed under Debtors and","page_number":53,"box":{"x":87,"y":908,"width":863,"height":11}},{"id":"f73ce5d9-49dd-42af-b4ad-5454cbb4be9a","block_type":"box","text":"Creditors in the Notes to the Financial Statements.","page_number":53,"box":{"x":87,"y":923,"width":373,"height":8}},{"id":"51d0a9bf-b5b9-4fe3-a6fc-d7325daa6643","block_type":"box","text":"State Street Authorised Contractual Scheme","page_number":53,"box":{"x":47,"y":44,"width":421,"height":10}},{"id":"4a64ff32-4ca8-4293-a047-c59aeb9ddfb0","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":53,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"4f53e1b3-3df3-45d7-9526-8c9497e4e9c3","block_type":"box","text":"State Street ACS North America Index Equity Fund","page_number":53,"box":{"x":47,"y":93,"width":480,"height":14}},{"id":"a4f0e92e-52e6-4905-b903-9b9e15fc6cfe","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":53,"box":{"x":48,"y":129,"width":435,"height":13}},{"id":"23a32d28-b29c-46e5-a49b-3dc696920bce","block_type":"box","text":"For the eighteen-month period ended 31st December 2025","page_number":53,"box":{"x":48,"y":153,"width":435,"height":11}},{"id":"4de413c0-d374-4379-8724-a0ce39782de1","block_type":"box","text":"51","page_number":53,"box":{"x":492,"y":956,"width":12,"height":7}},{"id":"7c16692f-be6a-402a-8bbb-22f044735de9","block_type":"box","text":"11. Related party transactions (continued)","page_number":54,"box":{"x":48,"y":175,"width":344,"height":11}},{"id":"ba503297-f8cc-4b80-a216-cdddf2c62c39","block_type":"box","text":"No investments considered to be related parties have been identified in the portfolio statement at the period end. The","page_number":54,"box":{"x":88,"y":200,"width":863,"height":10}},{"id":"c41be664-0efc-4836-9cf3-e1f332afa301","block_type":"box","text":"Fund purchased £nil (30.06.24: £nil) shares of State Street securities during the period. The revenue from these","page_number":54,"box":{"x":88,"y":214,"width":863,"height":11}},{"id":"9ec2c51c-d22f-4858-95e9-cb774da32f4a","block_type":"box","text":"investments was £nil (30.06.24: £nil).","page_number":54,"box":{"x":88,"y":228,"width":273,"height":11}},{"id":"b2cb974d-f805-45f9-960d-1fccb9bddd45","block_type":"box","text":"12. Risk disclosures","page_number":54,"box":{"x":48,"y":254,"width":171,"height":9}},{"id":"2272eac7-660d-44b7-a6fd-174e2a7bc82a","block_type":"box","text":"In pursuing its investment objectives the Fund holds a number of financial instruments. The Fund’s financial instruments","page_number":54,"box":{"x":88,"y":268,"width":863,"height":11}},{"id":"e42826fa-05b9-44f0-84d2-8892cf32a0e4","block_type":"box","text":"comprise of securities and other investments, cash balances and bank overdrafts, short term fixed deposits, debtors and","page_number":54,"box":{"x":87,"y":282,"width":863,"height":11}},{"id":"23345c45-eb46-4384-8c9a-0fdfb55faa86","block_type":"box","text":"creditors that arise directly from its operations, for example, in respect of sales and purchases awaiting settlement,","page_number":54,"box":{"x":87,"y":297,"width":863,"height":11}},{"id":"8936c786-a51a-4ffd-bb29-e251c9a5ce76","block_type":"box","text":"amounts receivable for creations and payable for liquidations and debtors for accrued income.","page_number":54,"box":{"x":87,"y":311,"width":694,"height":11}},{"id":"4dedfe81-7e7e-423f-be78-fd131f7188da","block_type":"box","text":"The main risks the Fund may face from investing are: (a) Foreign currency risk, (b) Market price risk, (c) Interest rate risk","page_number":54,"box":{"x":87,"y":332,"width":864,"height":11}},{"id":"e4dadda6-5f10-49fa-a3c5-0e9c1451a650","block_type":"box","text":"and (d) Liquidity risk.","page_number":54,"box":{"x":87,"y":347,"width":153,"height":11}},{"id":"f3c91995-3ab3-4822-99d5-4daf36426951","block_type":"box","text":"The ACS Manager’s policy for managing these risks are summarised below and have been applied throughout the","page_number":54,"box":{"x":87,"y":368,"width":864,"height":11}},{"id":"08411dee-727b-46b7-b301-07ee866a5fdf","block_type":"box","text":"period.","page_number":54,"box":{"x":88,"y":382,"width":48,"height":11}},{"id":"28c066f5-0913-44e4-8acd-25eeb2823796","block_type":"box","text":"(a) Foreign currency risk","page_number":54,"box":{"x":47,"y":408,"width":211,"height":11}},{"id":"1d32cafc-3e15-4fb9-967e-166a1591cd9f","block_type":"box","text":"Foreign currency risk is not considered significant for the fund and is therefore not disclosed.","page_number":54,"box":{"x":88,"y":422,"width":682,"height":11}},{"id":"51c651df-4558-463f-bb13-105febd36447","block_type":"box","text":"(b) Market price risk","page_number":54,"box":{"x":47,"y":448,"width":173,"height":12}},{"id":"f7baf2be-4130-45ad-b19e-827d03348290","block_type":"box","text":"Fund has no holdings at the end of current and previous year and therefore is not exposed to market price risk.","page_number":54,"box":{"x":88,"y":463,"width":818,"height":11}},{"id":"fb2e89c6-b330-4ffe-ae76-b64c37a1c8c7","block_type":"box","text":"(c) Interest rate risk","page_number":54,"box":{"x":47,"y":489,"width":170,"height":11}},{"id":"8151364a-5a91-46fd-8886-fb7ee4e2c9ff","block_type":"box","text":"Interest rate risk is not deemed to be significant.","page_number":54,"box":{"x":88,"y":503,"width":353,"height":11}},{"id":"926d2e68-7bf4-48fb-8167-91bbb82cee30","block_type":"box","text":"Interest on bank balances is calculated at the current Bank of England base rate minus 0.50%, while overdraft","page_number":54,"box":{"x":88,"y":524,"width":863,"height":11}},{"id":"9d1c4ce1-54eb-446b-b55b-0d8eb3b249a5","block_type":"box","text":"is calculated at the current Bank of England base rate plus 1.00% of its overseas equivalent.","page_number":54,"box":{"x":88,"y":539,"width":681,"height":11}},{"id":"cd28ce5b-75fa-4e76-bc0e-475f7e6efbd1","block_type":"box","text":"(d) Liquidity risk","page_number":54,"box":{"x":47,"y":565,"width":144,"height":11}},{"id":"20b6d5ba-f3b5-414a-ad2d-448c4625d890","block_type":"box","text":"All of the Fund’s financial assets are considered to be readily realisable in accordance with the market practices of the","page_number":54,"box":{"x":87,"y":579,"width":864,"height":11}},{"id":"ca37ecbe-45a9-49cc-9e73-a9b967752f60","block_type":"box","text":"exchange on which they are traded. In general, the Investment Manager manages the Fund’s cash to ensure it can meet","page_number":54,"box":{"x":87,"y":593,"width":865,"height":11}},{"id":"eccdc74d-e977-4394-9efe-a396f03ba998","block_type":"box","text":"its liabilities. Where investments cannot be realised in time to meet any potential liability, the Fund may borrow up to 10%","page_number":54,"box":{"x":88,"y":607,"width":863,"height":11}},{"id":"47709c59-7ebe-4941-8ee3-0009d20841e4","block_type":"box","text":"of its value to ensure settlement.","page_number":54,"box":{"x":87,"y":622,"width":239,"height":8}},{"id":"08cfcae9-3f49-4d39-bf31-90f6362e20f2","block_type":"box","text":"All of the Fund’s financial liabilities are payable on demand or in less than one year, therefore liquidity risk is not","page_number":54,"box":{"x":87,"y":643,"width":864,"height":11}},{"id":"135a8936-02e7-4c3c-83ed-cfce33883945","block_type":"box","text":"significant.","page_number":54,"box":{"x":87,"y":657,"width":77,"height":11}},{"id":"ec865c0f-c517-46be-883f-fc6af6c521cc","block_type":"box","text":"13. 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The accounting period to 30 June 2025 was extended to 31 December 2025.","page_number":54,"box":{"x":87,"y":792,"width":731,"height":11}},{"id":"8102fe21-8065-4a63-8a45-365ffa7c2ea9","block_type":"box","text":"Victoria Parry, Colin Fernandes and Nigel Wightman resigned as Directors on 2 January 2026.","page_number":54,"box":{"x":87,"y":814,"width":696,"height":11}},{"id":"251b9ce2-d649-4a3e-bedc-79ddcc90d719","block_type":"box","text":"Barbara Healy, Benjamin Lam, Eric Linnane and Thomas Coghlan were appointed as Directors on 2 January 2026.","page_number":54,"box":{"x":88,"y":835,"width":848,"height":11}},{"id":"f6fabe13-935a-4249-90a8-bd64c945247c","block_type":"box","text":"There have been no other significant events affecting the Fund after the financial period ended 31 December 2025 that","page_number":54,"box":{"x":87,"y":856,"width":864,"height":11}},{"id":"fa0b59fe-c7e7-469a-a9e0-8b5b7a4ace75","block_type":"box","text":"require amendment to or disclosure in the financial statements.","page_number":54,"box":{"x":88,"y":870,"width":464,"height":11}},{"id":"b7b982b6-5799-4843-9037-42c6712dd1c4","block_type":"box","text":"State Street Authorised Contractual Scheme","page_number":54,"box":{"x":47,"y":44,"width":421,"height":10}},{"id":"4868cc65-35c7-4f0f-84b7-844b335666e7","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":54,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"38ade182-6038-4bbc-be80-9bcfc3d0b375","block_type":"box","text":"State Street ACS North America Index Equity Fund","page_number":54,"box":{"x":47,"y":93,"width":480,"height":14}},{"id":"604f7b9a-7294-4465-b951-f6331c2036e6","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":54,"box":{"x":48,"y":129,"width":435,"height":13}},{"id":"d804f407-de2d-4e41-af9a-c7b4f974883d","block_type":"box","text":"For the eighteen-month period ended 31st December 2025","page_number":54,"box":{"x":48,"y":153,"width":435,"height":11}},{"id":"2ff5d454-b3ef-403f-ae96-61b559fee38a","block_type":"box","text":"52","page_number":54,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"1f2d31f7-e508-4055-8877-4a006adc28b5","block_type":"box","text":"THE MANAGER","page_number":55,"box":{"x":47,"y":159,"width":124,"height":9}},{"id":"5b9266e4-00fe-480b-bb8c-d9a8b5866cb8","block_type":"box","text":"State Street Unit Trust Management Limited","page_number":55,"box":{"x":47,"y":172,"width":324,"height":11}},{"id":"e19fdb6b-e855-4d84-94ba-cb48e67b9cf4","block_type":"box","text":"20 Churchill Place, Canary Wharf","page_number":55,"box":{"x":47,"y":186,"width":248,"height":12}},{"id":"6758a760-da11-4886-ae6d-86d917d2d285","block_type":"box","text":"London E14 5HJ","page_number":55,"box":{"x":48,"y":201,"width":122,"height":8}},{"id":"eb8596d6-9824-4ed3-b0d6-2cf00da7bce7","block_type":"box","text":"Regulated by The Financial Conduct Authority.","page_number":55,"box":{"x":47,"y":222,"width":342,"height":11}},{"id":"0bbc8d24-9e8b-4c2d-a6e3-e8cc31bdcd54","block_type":"box","text":"DIRECTORS","page_number":55,"box":{"x":48,"y":248,"width":96,"height":9}},{"id":"0f8c6cd6-1817-4d8c-ad2f-81ce8471e218","block_type":"box","text":"V. 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Past performance is not","page_number":55,"box":{"x":47,"y":804,"width":905,"height":11}},{"id":"b52fa762-8a99-4892-b7bd-9e7b72234860","block_type":"box","text":"necessarily a guide to the future. Changes in exchange rates may also affect the value.","page_number":55,"box":{"x":47,"y":818,"width":643,"height":11}},{"id":"5394f1d0-7491-43e4-b725-b5776b4145ac","block_type":"box","text":"TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES (TCFD)","page_number":55,"box":{"x":47,"y":844,"width":578,"height":12}},{"id":"0a26a626-41a5-4959-ac09-70079ad3a324","block_type":"box","text":"The Manager’s entity and product disclosure reports have been published separately and can be found using the fund finder","page_number":55,"box":{"x":47,"y":857,"width":905,"height":12}},{"id":"0c517a9c-ea1b-4112-8b44-cf72b37edfcd","block_type":"box","text":"page on http://www.ssga.com.","page_number":55,"box":{"x":48,"y":872,"width":220,"height":11}},{"id":"2e0e226c-ce16-431b-842f-74dbaa9e5c3f","block_type":"box","text":"State Street Authorised Contractual Scheme","page_number":55,"box":{"x":47,"y":44,"width":421,"height":10}},{"id":"6399c025-3dc3-49f9-b863-b875eae40639","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":55,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"35015c7e-a209-4031-9c33-54d468357ca3","block_type":"box","text":"Directory","page_number":55,"box":{"x":48,"y":102,"width":86,"height":13}},{"id":"c66e2a10-ed6f-40da-a70f-f1b818f29834","block_type":"box","text":"53","page_number":55,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"4e1c03a4-d3b9-4015-862c-12373c614929","block_type":"box","text":"State Street Corporation, and its direct and indirect subsidiaries (hereafter referred to as “State Street”), operates a","page_number":56,"box":{"x":47,"y":175,"width":904,"height":11}},{"id":"63e052a0-b731-45e7-9314-eb660f3a81bb","block_type":"box","text":"group-wide compensation strategy including a remuneration policy that applies to all State Street entities globally. As the","page_number":56,"box":{"x":47,"y":189,"width":904,"height":11}},{"id":"28cc7509-326a-457e-85ba-d59f11fc63d1","block_type":"box","text":"Management Company for the period under review, State Street Unit Trust Management Limited does not employ any staff","page_number":56,"box":{"x":48,"y":203,"width":904,"height":11}},{"id":"6c272592-a724-4e2b-96bb-cd085c44755a","block_type":"box","text":"and has delegated certain activities in respect of the investment management and risk management to the Investment","page_number":56,"box":{"x":47,"y":217,"width":904,"height":11}},{"id":"60ea0760-61ac-4b5a-b16f-16baefcebdcc","block_type":"box","text":"Manager (State Street Global Advisors Limited or “SSGA Ltd.”). As a State Street subsidiary, SSGA Ltd. is fully integrated into","page_number":56,"box":{"x":48,"y":231,"width":903,"height":12}},{"id":"c54dc09e-8eac-4935-9392-1c6c18fed27d","block_type":"box","text":"State Street’s group-wide compensation strategy and subject to the global and regional governing body structure of State","page_number":56,"box":{"x":47,"y":246,"width":904,"height":11}},{"id":"e19535ee-97d6-48f4-9d10-425520b13ae1","block_type":"box","text":"Street to provide appropriate and effective control of the remuneration arrangements (incl. compliance with the relevant","page_number":56,"box":{"x":47,"y":260,"width":904,"height":11}},{"id":"31eabec8-c270-4116-b033-ab07bd658212","block_type":"box","text":"remuneration regulations) across the State Street group of affiliated entities. Under its publicly available charter, the Human","page_number":56,"box":{"x":48,"y":274,"width":902,"height":11}},{"id":"fc9ba782-b388-4bb9-8a92-7f077cfee37f","block_type":"box","text":"Resources Committee (“HRC”) of State Street oversees all of State Street’s compensation plans, policies, and programs in","page_number":56,"box":{"x":48,"y":288,"width":902,"height":12}},{"id":"73b94b8b-a041-4550-92bd-6f7f8fd2146d","block_type":"box","text":"which senior executives participate and incentive, retirement, welfare and equity plans in which certain other employees of","page_number":56,"box":{"x":46,"y":303,"width":906,"height":11}},{"id":"96f3cb47-9c67-436c-9fbf-a5fde29ae29a","block_type":"box","text":"State Street participate. It also oversees the alignment of the incentive compensation arrangements with the State Street’s","page_number":56,"box":{"x":47,"y":317,"width":904,"height":11}},{"id":"2e943fef-d384-46e9-9eec-dc7e702c299b","block_type":"box","text":"financial safety and soundness consistent with applicable related regulatory rules and guidance. The HRC approves the","page_number":56,"box":{"x":47,"y":331,"width":904,"height":11}},{"id":"d756f10d-409b-4db8-b9a7-a2554061c1da","block_type":"box","text":"overall allocation of the Incentive Compensation (“IC”) Plan pool. State Street’s CEO allocates IC pools to business units and","page_number":56,"box":{"x":47,"y":345,"width":903,"height":11}},{"id":"9ef9c071-7ff5-4e50-b095-38808205014e","block_type":"box","text":"corporate functions based upon a variety of factors, which may include budget performance, achievement of key goals and","page_number":56,"box":{"x":47,"y":360,"width":903,"height":11}},{"id":"0b1b326d-2636-4f45-a3e1-f25fc50c1be0","block_type":"box","text":"other considerations. The final expenditure and overall allocation of IC is then reviewed by the HRC prior to payment.","page_number":56,"box":{"x":47,"y":374,"width":864,"height":11}},{"id":"92a08b5c-9bc1-4e47-85fe-ccb44b2f7134","block_type":"box","text":"State Street has formed a separate UK Remuneration Committee (“UK RemCo”) with the primary duties:","page_number":56,"box":{"x":47,"y":395,"width":771,"height":11}},{"id":"eaf7fc7d-0db9-4b83-8880-a8b93787aa2f","block_type":"box","text":"•","page_number":56,"box":{"x":47,"y":420,"width":4,"height":3}},{"id":"84e07416-9031-4053-a2ff-335e48237250","block_type":"box","text":"the oversight of the process for identifying and determining the remuneration of UK Identified Staff;","page_number":56,"box":{"x":77,"y":416,"width":728,"height":12}},{"id":"74826069-e9d3-4a9f-a924-2a6d2a3819ba","block_type":"box","text":"•","page_number":56,"box":{"x":47,"y":441,"width":4,"height":3}},{"id":"a773db32-b9b7-44e0-a8e3-486c2365c0e8","block_type":"box","text":"the oversight of decisions made by those with authority to determine the remuneration of UK Identified Staff; and","page_number":56,"box":{"x":77,"y":438,"width":830,"height":11}},{"id":"e9d91ced-1dad-4b44-87bc-6722d271711f","block_type":"box","text":"•","page_number":56,"box":{"x":47,"y":462,"width":4,"height":3}},{"id":"a47d6394-a867-4b33-acd4-df9423c2aefb","block_type":"box","text":"holistic oversight of regional remuneration matters, with a view providing a central forum for consideration of issues and","page_number":56,"box":{"x":78,"y":459,"width":872,"height":11}},{"id":"8e71d25f-aad3-4fda-a122-177ae98942ee","block_type":"box","text":"thereby enhancing consistency of approach across State Street EMEA.","page_number":56,"box":{"x":77,"y":473,"width":526,"height":11}},{"id":"940ddfd3-b10b-4ea1-beb7-2f6f42132859","block_type":"box","text":"The HRC has approved a single global remuneration policy document, which documents State Street’s existing remuneration","page_number":56,"box":{"x":47,"y":495,"width":903,"height":11}},{"id":"6ad1c74d-2353-48a1-b8eb-c313eb5e22c7","block_type":"box","text":"framework. This policy is intended to comply with applicable remuneration regulatory requirements including, but not limited","page_number":56,"box":{"x":47,"y":509,"width":903,"height":11}},{"id":"50dd4e08-c966-4332-bf28-ccb682320253","block_type":"box","text":"to, those contained in CRD, UCITS V and AIFMD, and will be interpreted and administered accordingly. State Street’s","page_number":56,"box":{"x":47,"y":523,"width":904,"height":11}},{"id":"ca5412db-d699-465d-9f4d-82172c94fda3","block_type":"box","text":"remuneration policies and practices apply on a global basis to all employees of the State Street group (incl. the Investment","page_number":56,"box":{"x":48,"y":537,"width":903,"height":11}},{"id":"f4d807de-1d72-48b4-92d5-7f9fb5558f12","block_type":"box","text":"Manager). The key principles that align State Street’s remuneration system with the business strategy are as follows:","page_number":56,"box":{"x":48,"y":552,"width":861,"height":11}},{"id":"fe59b486-e911-4827-be2d-050c5da07783","block_type":"box","text":"•","page_number":56,"box":{"x":47,"y":576,"width":4,"height":3}},{"id":"b6025df4-6ba1-48e7-a494-9a8af73a664d","block_type":"box","text":"We emphasize total rewards.","page_number":56,"box":{"x":77,"y":573,"width":214,"height":11}},{"id":"060559e4-5ed1-4b01-9500-7a3a710de91d","block_type":"box","text":"•","page_number":56,"box":{"x":47,"y":597,"width":4,"height":3}},{"id":"ebf0c014-facb-47b3-8fb8-00609afaf685","block_type":"box","text":"We target the aggregate annual value of our Total Rewards Program to be competitive with our business peers.","page_number":56,"box":{"x":77,"y":594,"width":822,"height":11}},{"id":"58a34fe5-f635-4cfa-b44c-ef13741257a4","block_type":"box","text":"•","page_number":56,"box":{"x":47,"y":619,"width":4,"height":3}},{"id":"088be99a-1358-4271-affd-9ca50aa015cf","block_type":"box","text":"We unequivocally support equal pay for work of equal value.","page_number":56,"box":{"x":77,"y":616,"width":445,"height":11}},{"id":"7e43c4f7-684a-473d-ae6b-5318370fddd0","block_type":"box","text":"•","page_number":56,"box":{"x":47,"y":640,"width":4,"height":3}},{"id":"e2aad73b-f913-4d8e-b842-14fb18891a1c","block_type":"box","text":"Funding for our Total Rewards Program is subject to affordability and is designed to be flexible based on corporate","page_number":56,"box":{"x":79,"y":637,"width":872,"height":11}},{"id":"e2a6cb8b-5147-4e57-a134-e870d193cf56","block_type":"box","text":"performance.","page_number":56,"box":{"x":78,"y":651,"width":96,"height":11}},{"id":"7dba3023-b96e-495d-82c0-953f6341f0f2","block_type":"box","text":"•","page_number":56,"box":{"x":47,"y":676,"width":4,"height":3}},{"id":"d1ceb81c-0156-439d-a0da-24714818505b","block_type":"box","text":"We differentiate pay based on performance.","page_number":56,"box":{"x":77,"y":673,"width":324,"height":11}},{"id":"99c01c6c-ccb0-4d6d-82ad-ae2830b4ca78","block_type":"box","text":"•","page_number":56,"box":{"x":47,"y":697,"width":4,"height":3}},{"id":"03cec3e1-bf89-4656-a7b9-189ce4807f9c","block_type":"box","text":"We align employees’ interests with shareholders’ interests.","page_number":56,"box":{"x":77,"y":694,"width":432,"height":11}},{"id":"ea0b75c2-eefc-4acb-83c8-4ea5411ab486","block_type":"box","text":"•","page_number":56,"box":{"x":47,"y":718,"width":4,"height":3}},{"id":"e7599a23-6bbc-422b-bc7f-4434320e9d46","block_type":"box","text":"Our compensation plans are designed to comply with applicable regulations and related guidance, including prohibiting","page_number":56,"box":{"x":78,"y":715,"width":873,"height":11}},{"id":"5e9395b8-deaa-4415-9f84-d62cab7e45e1","block_type":"box","text":"incentives to take excessive risks.","page_number":56,"box":{"x":78,"y":730,"width":249,"height":8}},{"id":"d65a0145-49c2-4368-a747-99faf95f275e","block_type":"box","text":"State Street Authorised Contractual Scheme","page_number":56,"box":{"x":47,"y":44,"width":421,"height":10}},{"id":"c92d349a-bf04-4a78-838a-2cdd8fbd7939","block_type":"box","text":"Annual Report and Audited Financial Statements 2025","page_number":56,"box":{"x":46,"y":65,"width":484,"height":13}},{"id":"39e8f110-efb2-45a3-b755-430fc741d931","block_type":"box","text":"Appendix I – Remuneration Policy (Unaudited)","page_number":56,"box":{"x":46,"y":104,"width":442,"height":13}},{"id":"c3e35103-0a38-43e2-a837-27fe450cd676","block_type":"box","text":"54","page_number":56,"box":{"x":492,"y":956,"width":14,"height":7}},{"id":"bebe260c-db53-4ca9-a84e-b8f117f45538","block_type":"box","text":"Given our process of structured discretion in determining incentive pool funding and individual award decisions, the deferral","page_number":57,"box":{"x":47,"y":175,"width":903,"height":11}},{"id":"124851fc-b359-43a1-83c1-51948d38ce7a","block_type":"box","text":"of incentive compensation, and the availability of ex-ante and ex-post adjustments, such as forfeitures and clawbacks, our","page_number":57,"box":{"x":47,"y":189,"width":905,"height":11}},{"id":"4fdee974-56e4-431c-8b02-b9d03673c465","block_type":"box","text":"compensation system is appropriately risk-sensitive and links current decisions and actions to future risk outcomes.","page_number":57,"box":{"x":47,"y":203,"width":851,"height":11}},{"id":"629cee2e-32a4-4a6d-b8be-3156a34c51d9","block_type":"box","text":"State Street operates a fully flexible, discretionary bonus policy (i.e. the amount of individual variable pay may fluctuate","page_number":57,"box":{"x":47,"y":224,"width":904,"height":12}},{"id":"68e31ea1-b039-41f8-8b51-19c98bb4cbef","block_type":"box","text":"significantly from one year to the next, depending on performance and the other factors described below, and even could be","page_number":57,"box":{"x":47,"y":239,"width":904,"height":11}},{"id":"9fbc8053-80ee-4eff-9d9b-22b37bba32e8","block_type":"box","text":"reduced to zero for any given year). The discretionary bonus policy is structured so as to achieve a balance between fixed and","page_number":57,"box":{"x":48,"y":253,"width":902,"height":11}},{"id":"078f9435-babe-4242-b2d6-b2b0562cd9b0","block_type":"box","text":"variable components, but also includes specific maximum pay ratios where required by local regulations. A number of","page_number":57,"box":{"x":47,"y":267,"width":905,"height":11}},{"id":"49bd6f08-7cc1-426c-87f8-66adaadb386e","block_type":"box","text":"employees in sales participate in Structured Incentive Plans, which aim to bring the variable compensation granted to plan","page_number":57,"box":{"x":47,"y":281,"width":903,"height":11}},{"id":"81365d0c-dcb3-4d67-864e-53a9a94917a4","block_type":"box","text":"participants into line with the revenues they generate as well as taking into account non-financial qualitative performance","page_number":57,"box":{"x":48,"y":296,"width":903,"height":11}},{"id":"5d065391-3970-4eff-a51c-2d7faedc15b9","block_type":"box","text":"indicators. All such participants receive sufficiently high fixed compensation. Variable compensation is assigned on an","page_number":57,"box":{"x":48,"y":310,"width":902,"height":11}},{"id":"269809f9-ae89-4737-bc51-8b8b579915b7","block_type":"box","text":"individual basis by way of a review of both quantitative and qualitative factors.","page_number":57,"box":{"x":48,"y":324,"width":572,"height":11}},{"id":"d590d1f3-3c10-425d-a30c-a3ca278492ae","block_type":"box","text":"A proportionality assessment has been conducted to evaluate the risk profile of the UCITS Management Company. This","page_number":57,"box":{"x":46,"y":345,"width":905,"height":11}},{"id":"6f356d6e-afc8-42b3-af7f-110850ba6b40","block_type":"box","text":"analysis has concluded that the size, nature and complexity of the Management Company and, where relevant, the funds that","page_number":57,"box":{"x":47,"y":360,"width":904,"height":11}},{"id":"51bcdf06-3494-4606-906a-d826a72b2b15","block_type":"box","text":"it manages, is sufficiently low and UCITS V’s remuneration requirements on the pay-out processes and establishment of a","page_number":57,"box":{"x":48,"y":374,"width":903,"height":11}},{"id":"20e8cb0d-12b7-4e15-bf51-4e2e1db4d3ad","block_type":"box","text":"remuneration committee were disapplied. Accordingly, State Street continues to operate current levels of deferral and","page_number":57,"box":{"x":48,"y":388,"width":902,"height":11}},{"id":"2d4c1f22-8d8c-4088-94a5-66c80c4555f4","block_type":"box","text":"stock-based compensation and has not made significant changes to Identified Staff remuneration structures in respect of the","page_number":57,"box":{"x":47,"y":402,"width":904,"height":11}},{"id":"c26130d2-e9e6-48e9-a12e-5033f5268edf","block_type":"box","text":"Management Company.","page_number":57,"box":{"x":48,"y":416,"width":175,"height":12}},{"id":"02351094-8c35-40dd-ab36-1a791d4057f9","block_type":"box","text":"Total amount of remuneration paid by the Investment Manager as at 31/12/2025","page_number":57,"box":{"x":47,"y":434,"width":626,"height":11}},{"id":"67e3635f-f9a0-4d07-ab54-5a99f17c5861","block_type":"box","text":"1","page_number":57,"box":{"x":675,"y":432,"width":4,"height":6}},{"id":"7f0a599b-4405-4e0e-9d36-545be74b4fc6","block_type":"box","text":"Fixed 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decision-making","page_number":57,"box":{"x":48,"y":603,"width":903,"height":11}},{"id":"4a1bab42-8bd3-45c9-a608-703e011efffd","block_type":"box","text":"process to determine the remuneration policy, its basic characteristics and the linkage between pay and performance, are","page_number":57,"box":{"x":48,"y":617,"width":903,"height":11}},{"id":"00871960-ed12-49b5-94f1-aa9783b4605e","block_type":"box","text":"published separately in State Street’s Proxy Statement at www.statestreet.com and the remuneration section of the UK Pillar","page_number":57,"box":{"x":48,"y":631,"width":904,"height":11}},{"id":"aae7f5d4-3f84-4a6d-8cd0-7099b511e4e2","block_type":"box","text":"3 disclosure of SSGA Ltd. 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employees.","page_number":57,"box":{"x":47,"y":688,"width":822,"height":11}},{"id":"88af4412-b0f3-42d6-b43c-542265bf801f","block_type":"box","text":"1","page_number":57,"box":{"x":48,"y":902,"width":3,"height":5}},{"id":"bb456961-a288-4b07-9c4e-370da9b33498","block_type":"box","text":"Disclosure is based on the remuneration of the entire staff of the investment manager, indicating the number of beneficiaries.","page_number":57,"box":{"x":58,"y":904,"width":892,"height":11}},{"id":"936a6935-7958-42fa-b727-24f24e9c9a9d","block_type":"box","text":"2","page_number":57,"box":{"x":47,"y":918,"width":6,"height":6}},{"id":"615f3a2c-9422-4a43-88f1-b0c53ae35119","block_type":"box","text":"Represents remuneration paid to independent directors (Directors who are also employees of the SSC do not receive","page_number":57,"box":{"x":59,"y":920,"width":892,"height":11}},{"id":"20732c6f-2056-478e-9056-eb9531f7f7cc","block_type":"box","text":"remuneration in their capacity as board 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