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Annual Report and Audited Financial Statements for the financial year ended 30 November 2024
State Street CCF
An open-ended umbrella common contractual fund with segregated liability between sub-funds authorised and regulated by the Central Bank of Ireland pursuant to the European Communities (Undertaking for Collective Investment in Transferable Securities) Regulations 2011, as amended.
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Page Organisation 2
Background Information 3
Investment Managers’ Report 4
Statement of Responsibilities of the Manager 6
Report of the Depositary to the Unitholders of State Street CCF 7
Independent Auditors’ Report to the Unitholders of State Street Common Contractual Fund 8
Statement of Comprehensive Income 11
Statement of Financial Position 12
Statement of Changes in Equity 13
Statement of Cash Flows 14
Notes to the Financial Statements 15
Schedule of Investments State Street CCF World Screened Index Equity Fund 34 State Street CCF World Climate Transition CTB Index Equity Fund 58
Schedule of Significant Portfolio Changes (unaudited) 78
Appendix I Remuneration Policy (unaudited) 80
Appendix II SFDR and Taxonomy Regulation Disclosures (unaudited) 82
State Street CCF
Annual Report and Audited Financial Statements for the financial year ended 30 November 2024 Contents
State Street CCF 1
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Manager, Investment Manager and Global Distributor (“Manager”, “Investment Manager” and “Global Distributor”) State Street Global Advisors Europe Limited 78 Sir John Rogerson’s Quay Dublin D02 HD32 Ireland
Directors of the Manager Eric Linnane (Irish)* Ann Prendergast (Irish)* Nigel Wightman (British)*** Scott Sanderson (British)** Margaret Cullen (Irish)*** Patrick Mulvihill (Irish)*** Marie-Anne Heeren (Belgian)*
*Executive Director **Non-executive Director ***Independent Director
Sub-Investment Manager State Street Global Advisors Limited 20 Churchill Place Canary Wharf London E14 5HJ United Kingdom
Depositary State Street Custodial Services (Ireland) Limited 78 Sir John Rogerson’s Quay Dublin D02 HD32 Ireland
Administrator, Transfer Agent & Registrar State Street Fund Services (Ireland) Limited 78 Sir John Rogerson’s Quay Dublin D02 HD32 Ireland
Legal Advisors Matheson 70 Sir John Rogerson’s Quay Dublin D02 R296 Ireland
Secretary of the Manager Matsack Trust Limited 70 Sir John Rogerson’s Quay Dublin D02 R296 Ireland
Independent Auditors Deloitte Ireland LLP Chartered Accountants and Statutory Audit Firm Deloitte & Touche House Earlsfort Terrace Dublin D02 AY28 Ireland
State Street CCF
Annual Report and Audited Financial Statements for the financial year ended 30 November 2024 Organisation
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Organisation State Street CCF (the CCF ) is an open-ended umbrella common contractual fund, constituted by a Deed of Constitution governed by the laws of Ireland and authorised under the Regulations by the Central Bank of Ireland (the “Central Bank”).
The CCF was constituted on 18 November 2019 by the Deed of Constitution entered into by State Street Global Advisors Europe Limited (the “Manager”) and State Street Custodial Services (Ireland) Limited (the “Depositary”). The CCF is not an incorporated entity and neither the CCF nor its underlying funds ( Funds ) have a separate legal personality. Unitholders participate in and share in the property of the relevant fund, including without limitation, income and gains/(losses) arising thereon and profits deriving therefrom as such income, gains and profits arise, as co-owners in accordance with the Deed of Constitution.
The CCF is authorised in Ireland as an undertaking for collective investment in transferable securities pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended (the “UCITS Regulations”) and Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (the “Central Bank UCITS Regulations”).
As an umbrella CCF with segregated liability between its funds, the Manager may from time to time, with the prior approval of the Central Bank, create different funds. As at 30 November 2024, the CCF has established two funds namely State Street CCF World Screened Index Equity Fund and State Street CCF World Climate Transition CTB Index Equity Fund (each a “Fund”, collectively the “Funds ). State Street CCF World Screened Index Equity Fund launched on 12 May 2020. State Street CCF World Climate Transition CTB Index Equity Fund launched on 7 October 2024.
The functional and presentation currency of the Funds is USD.
Investment Objectives
State Street CCF World Screened Index Equity Fund The objective of the Fund is to track the performance of global developed equity markets. The investment policy of the Fund is to track the performance of the MSCI World ESG Screened Choice Index (the Index ) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index. The Index measures the performance of global developed equity market securities, while excluding securities using certain Environmental, Social and Governance (ESG) criteria. The Index excludes securities based on an assessment of their adherence to international norms in relation to certain environmental protection, human rights, labour standards, anti-corruption, controversial weapons and tobacco. The Investment Manager, on behalf of the Fund, will invest primarily in the securities of the Index, at all times in accordance with the investment restrictions set forth in the Prospectus. The Investment Manager also may, in exceptional circumstances, invest in securities not included in the Index but that it believes closely reflect the risk and distribution characteristics of securities of the Index.
State Street CCF World Climate Transition CTB Index Equity Fund The objective of the Fund is to track the performance of global developed equity markets. The investment policy of the Fund is to track the performance of the Index. The Index is constructed from its corresponding parent index i.e. MSCI World Index (“Parent Index”) using an optimisation process and its methodology aims to: reduce the weighted average greenhouse gas intensity by 30% compared to the underlying investment universe and reduce the weighted average greenhouse gas (GHG) intensity by 7% on an annualised basis. The Index methodology also seeks to achieve a low turnover and to minimise tracking error relative to the Parent Index. The Parent Index measures the performance of large and mid-capitalisation stocks across a number of developed market countries.
State Street CCF
Annual Report and Audited Financial Statements for the financial year ended 30 November 2024 Background Information
State Street CCF 3
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The report covers the financial period from 1 December 2023 to 30 November 2024 (the “Reporting Period”).
State Street CCF World ESG Screened Index Equity Fund (the “Fund”)
Fund Performance During the Reporting Period, the Fund performance was in line with expectations.
Annualised – Gross of Fees (EUR) Annualised – Net of Fees (EUR) Period Fund Benchmark Difference Fund Benchmark Difference 1 Year 32.78% 32.40% 0.38% 32.72% 32.40% 0.32%
The outperformance of the Fund is mainly attributed to withholding tax effect (+38bps).
On the sector level, most of the tracking difference over the Reporting Period was borne out of Industrials (+0.90%) and Health Care (+0.19%). Consumer Discretionary (-0.12%) and Communication services (-0.27%) were the major detractors to the tracking difference.
At the regional level, Canada (+1.69%) and Japan (+0.10%) were the major contributors to the tracking difference while Spain (-0.20%) and Singapore (-0.50%) had a detracting effect on the tracking difference of the Fund. The Fund’s one-year ex-post tracking error was 0.09% against the benchmark.
State Street CCF World Climate Transition CTB Index Equity Fund (the “Fund”)
The Fund launched on 7th October 2024.
Annualised – Gross of Fees (USD) Annualised – Net of Fees (USD) Period Fund Benchmark Difference Fund Benchmark Difference Since inception 4.72% 4.69% 0.04% 4.72% 4.69% 0.04%
The Reporting Period is too short to provide attribution.
Market review
During the Reporting Period, global equities delivered a strong performance, returning 29.68% as measured by the MSCI ACWI Index (in USD). Developed Market equities, as measured by MSCI World Index, returned 28.39%, outperforming the Emerging Market equities, as measured by the MSCI Emerging Markets Index (12.42%).
In December, global markets ended on an optimistic note, as developed market central banks signalled the end of their tightening cycle and indicated that rate relief might not be too far off. Global equity markets ended 2023 with a rally, as recession concerns eased.
The first quarter of 2024 saw an improvement in global economic activity, with both service and manufacturing sectors advancing during the quarter. Equities began the year with strong momentum, as the ‘everything rally’ that began in October 2023 continued. The MSCI AC World Index recorded an 8.30% gain for the quarter, supported by easing recession fears and expectation of a more accommodative stance by the US Federal Reserve (the “Fed”). Developed markets outperformed emerging markets , driven by a strong performance of growth stocks. Global bonds were negative as stickier inflation prints, strong economic data, and reduced rate cut expectations lifted yields higher.
In the final quarter of 2023, the US GDP grew at an annual rate of 3.40%, driven by strong consumer spending and notable employment growth. Despite this robust activity, year over year inflation declined to 3.20% in February from a peak of 9.00% in June 2022.
In the second quarter of 2024, favourable conditions for risk assets continued, driven by solid earnings, a resilient economy, and favourable inflation data. Equity markets continued their upward momentum, with the MSCI AC World Index advancing 2.90% for the quarter. Despite the favourable economic backdrop, developed market equities underperformed emerging market equities, largely due to the strength of Asian markets. Growth stocks outperformed value stocks. After lowering projected rate cuts in 2024 from three to just one, the Fed acknowledged that the economy appeared to slow and price pressures were easing. Around mid-year, the Bank of Canada and the European Central Bank cut rates ahead of the Fed, and US Treasury rates continued to soften. The Bank of England (the “BoE”) followed suit in August, in its first rate cut since the tightening cycle began, as inflation in the United Kingdom eased into the BoE’s target of 2.00% year over year.
State Street CCF
Annual Report and Audited Financial Statements for the financial year ended 30 November 2024 Investment Managers’ Report
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The third quarter of 2024 saw a continued resilience in the global economy, with growth in the service sector offsetting weakness in the manufacturing sector. Although business activity continued to expand in September, the rate of global growth began to slow. There was notable divergence among the major economies the United States, Japan, and the United Kingdom all experienced growth, while Eurozone, Canada, and China showed signs of stagnation or contraction. Developed markets posted positive returns but underperformed emerging markets yet again, as emerging markets equites performed strongly, supported by the new stimulus in China.
Global economic activity expanded in October, primarily driven by the service sector, while manufacturing remained sluggish. Economic activities in the United States remained robust, while the Eurozone stagnated, the UK slowed, and business activities in Japan contracted. US headline inflation rose slightly but core inflation remained elevated, while in Europe inflation trended down. Election and geopolitical uncertainty continued to weigh on global trade and investment flows.
Economic activity expanded further in November, primarily driven by a solid service sector performance.
Sources: Bloomberg, FactSet, MSCI, J.P. Morgan, Morgan Stanley, Nikko AM, Schroders, Yarra Capital, Mercer.
State Street CCF
Annual Report and Audited Financial Statements for the financial year ended 30 November 2024 Investment Managers’ Report
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State Street Global Advisors Europe Limited as Manager of the CCF is required by the CCF Deed to prepare financial statements for each financial year, which give a true and fair view of the financial position of the CCF at the end of that financial year, and the results of the CCF operations and changes in net assets for the financial year ended. The Manager has elected to prepare the financial statements in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union.
In preparing these financial statements, the Manager is required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent; and
- prepare the financial statements on the basis that the CCF will continue in operation unless it is inappropriate to presume this.
The Manager is responsible for keeping proper books of account which disclose with reasonable accuracy the financial position of the CCF and enable it to ensure that the financial statements are prepared in accordance with IFRS, as adopted by the European Union, and comply with the provisions of the Deed of Constitution and Irish Statute comprising the UCITS Regulations. In this regard the Manager has appointed State Street Fund Services (Ireland) Limited for the purpose of maintaining adequate accounting records. It is also responsible for safeguarding the assets of the CCF. In this regard it has entrusted the assets of the CCF to the Depositary. The Manager has appointed State Street Custodial Services (Ireland) Limited as Depositary. The Manager has a general responsibility for taking such steps as are reasonably open to it, to prevent and detect fraud and other irregularities.
The financial statements are published on the website www.ssga.com. The Directors of the Manager, together with the Investment Manager are responsible for the maintenance and integrity of the website as far as it relates to the publication of the financial statements of the CCF. Legislation in Ireland governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Dealings with Connected Persons Regulation 43 of the UCITS Regulations “Restrictions on transactions with connected persons” states that “A responsible person shall ensure that any transaction between a UCITS and a connected person is a) conducted at arm’s length; and b) in the best interest of the Unitholders of the UCITS”.
As required under Central Bank UCITS Regulation 81 (4), the Directors of the Manager as the responsible persons, are satisfied that (a) there are in place arrangements, evidenced by written procedures, to ensure that the obligations that are prescribed by Regulation 43(1) are applied to all transactions with a connected person; and (b) all transactions with connected persons that were entered into during the financial year to which the report relates complied with the obligations that are prescribed by Regulation 43(1).
For and on behalf of State Street Global Advisors Europe Limited
Director:
Director:
Date: 27 March 2025
State Street CCF
Annual Report and Audited Financial Statements for the financial year ended 30 November 2024 Statement of Responsibilities of the Manager
6 State Street CCF
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We have enquired into the conduct of the Manager in respect of the CCF for the financial year ended 30 November 2024, in our capacity as Depositary to the CCF.
This report including the opinion has been prepared for and solely for the Unitholders in the CCF as a body, in accordance with Regulation 34, (1), (3) and (4) in Part 5 of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended, (‘the UCITS Regulations’), and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown.
Responsibilities of the Depositary Our duties and responsibilities are outlined in Regulation 34, (1), (3) and (4) in Part 5 of the UCITS Regulations. One of those duties is to enquire into the conduct of the CCF in each annual accounting period and report thereon to the unitholders.
Our report shall state whether, in our opinion, the CCF has been managed in that financial year in accordance with the provisions of the CCF’s Deed of Constitution and the UCITS Regulations. It is the overall responsibility of the CCF to comply with these provisions. If the CCF has not so complied, we as Depositary must state why this is the case and outline the steps which we have taken to rectify the situation.
Basis of Depositary’s Opinion The Depositary conducts such reviews as it, in its reasonable opinion, considers necessary in order to comply with its duties as outlined in Regulation 34, (1), (3) and (4) in Part 5 of the UCITS Regulations and to ensure that, in all material respects, the CCF has been managed: (i) in accordance with the limitations imposed on its investment and borrowing powers by the provisions of the CCF’s Deed of Constitution and the UCITS Regulations; and
(ii) otherwise in accordance with the CCF’s constitutional documentation and the appropriate regulations.
Opinion In our opinion, the CCF has been managed during the financial year, in all material respects: (i) in accordance with the limitations imposed on the investment and borrowing powers of the Manager and the Depositary by the Deed of Constitution, the UCITS Regulations and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (‘the Central Bank UCITS Regulations’); and
(ii) otherwise in accordance with the provisions of the Deed of Constitution, the UCITS Regulations and the Central Bank UCITS Regulations.
State Street Custodial Services (Ireland) Limited
78 Sir John Rogerson’s Quay Dublin D02 HD32 Ireland
Date: 27 March 2025
State Street CCF
Annual Report and Audited Financial Statements for the financial year ended 30 November 2024 Report of the Depositary to the Unitholders of State Street CCF
State Street CCF 7
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Deloitte Ireland LLP Chartered Accountants & Statutory Audit Firm
INDEPENDENT AUDITOR’S REPORT TO THE UNITHOLDERS OF STATE STREET CCF
Report on the audit of the financial statements
Opinion on the financial statements of State Street CCF (the ‘Fund’) In our opinion the Fund’s financial statements:
give a true and fair view of the assets, liabilities and financial position of the Fund as at 30 November 2024 and of the result for the financial year then ended; and have been properly prepared in accordance with the relevant financial reporting framework, the applicable Regulations and the provisions of the Deed of Constitution.
The financial statements we have audited comprise:
the Statement of Comprehensive Income; the Statement of Financial Position; the Statement of Changes in Equity; the Statement of Cash Flows; the Schedule of Investments; and the related notes 1 to 23, including material accounting policy information as set out in note 2.
The relevant financial reporting framework that has been applied in their preparation is IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) and as adopted by the European Union (“the relevant financial reporting framework”).
The applicable regulations that have been applied in their preparation is the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 and Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations, 2019 (“the applicable Regulations”).
Basis for opinion We conducted our audit in accordance with International Standards on Auditing (Ireland) (ISAs (Ireland)) and applicable law. Our responsibilities under those standards are described below in the “ Auditor's responsibilities for the audit of the financial statements ” section of our report.
We are independent of the Fund in accordance with the ethical requirements that are relevant to our audit of the financial statements in Ireland, including the Ethical Standard issued by the Irish Auditing and Accounting Supervisory Authority, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern In auditing the financial statements, we have concluded that the Manager's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Fund’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Manager with respect to going concern are described in the relevant sections of this report.
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INDEPENDENT AUDITOR’S REPORT TO THE UNITHOLDERS OF STATE STREET CCF
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Other information The other information comprises the information included in the Annual Report and Audited Financial Statements, other than the financial statements and our auditor’s report thereon. The Manager is responsible for the other information contained within the Annual Report and Audited Financial Statements. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Responsibilities of the Manager for the financial statements The Manager is responsible for the preparation and fair presentation of the financial statements in accordance with the relevant financial reporting framework, and for such internal control as the Manager determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Manager is responsible for assessing the Fund’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Manager either intend to liquidate the Fund or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (Ireland) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on IAASA’s website at: https://iaasa.ie/publications/description-of-the-auditors-responsibilities-for-the-audit-of-the-financial-statements . This description forms part of our auditor’s report.
Report on other legal and regulatory requirements
Opinion on other matters prescribed by the applicable Regulations Based solely on the work undertaken in the course of the audit, we report that:
We have obtained all the information and explanations which we consider necessary for the purposes of our audit. In our opinion the accounting records of the Fund were sufficient to permit the financial statements to be readily and properly audited. The financial statements are in agreement with the accounting records.
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INDEPENDENT AUDITOR’S REPORT TO THE UNITHOLDERS OF STATE STREET CCF
Use of our report This report is made solely to the Fund’s unitholders, as a body, in accordance with the applicable Regulations and the provisions of the Deed of Constitution. Our audit work has been undertaken so that we might state to the Fund’s unitholders those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Fund and the Fund’s unitholders as a body, for our audit work, for this report, or for the opinions we have formed.
Paul McGarry For and on behalf of Deloitte Ireland LLP Chartered Accountants and Statutory Audit Firm Deloitte & Touche House, 29 Earlsfort Terrace, Dublin 2
28 March 2025
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30 November 2024 State Street CCF World Screened Index Equity Fund USD
30 November 2023 State Street CCF World Screened Index Equity Fund USD
30 November 2024 State Street CCF World Climate Transition CTB Index Equity Fund* USD Notes Income Interest income 116,758 49,614 116 Dividend income from financial assets at fair value 9,555,851 9,420,584 526,149 Net gain on financial assets and liabilities at fair value through profit or loss 4 119,897,868 48,081,158 841,743 Miscellaneous income 443 5,905 -
Total investment income 129,570,920 57,557,261 1,368,008
Expenses Operating expenses 3 (211,495) (182,762) (50,188)
Total expenses (211,495) (182,762) (50,188)
Net income 129,359,425 57,374,499 1,317,820
Finance costs Distributions (2,984,902) - -
Profit for the financial year before tax 126,374,523 57,374,499 1,317,820
Non-reclaimable withholding tax (555,948) (250,678) (15,910)
Net increase in net assets attributable to equity Unitholders of the CCF at the end of the financial year 125,818,575 57,123,821 1,301,910
* The Fund launched on 7 October 2024, therefore there are no comparatives. There are no recognised gains or losses arising during the financial year other than those dealt with in the Statement of Comprehensive Income. In arri ving at the results for the financial year all amounts relate to continuing operations. The accompanying notes form an integral part of these audited annual financial statements.
State Street CCF
Annual Report and Audited Financial Statements for the financial year ended 30 November 2024 Statement of Comprehensive Income for the financial year ended 30 November 2024
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As at 30 November 2024 State Street CCF World Screened Index Equity Fund USD
As at 30 November 2023 State Street CCF World Screened Index Equity Fund USD
As at 30 November 2024 State Street CCF World Climate Transition CTB Index Equity Fund* USD Notes Current Assets Financial assets at fair value through profit or loss 2 305,411,971 447,127,395 263,894,163 Financial derivative instruments 128,803 139,301 106,728 Cash and cash equivalents 5 596,472 1,927,053 330,017 Cash at broker - 50,899 4,717 Dividends receivable 1,205,134 1,480,079 257,958 Receivable for investments sold - 1,889,947 5,821,368 Subscriptions receivable - - 5,285,747 Debtors 6 7,311 227,076 8,116
Total Current Assets 307,349,691 452,841,750 275,708,814
Equity Capital and reserves attributable to equity Unitholders of the CCF 306,899,299 450,143,781 264,012,052
Total Equity 306,899,299 450,143,781 264,012,052
Current Liabilities Financial derivative instruments - - (6,626,585) Cash due to broker (4,734) - Payable for investments purchased - (2,323,403) (5,030,158) Creditors (amounts falling due within one year) 7 (445,658) (374,566) (40,019)
Total Current Liabilities (450,392) (2,697,969) (11,696,762)
Total Equity and Current Liabilities 307,349,691 452,841,750 275,708,814
* The Fund launched on 7 October 2024, therefore there are no comparatives. The accompanying notes form an integral part of these financial statements. On behalf of the Board of the Manager
Director:
Director:
Date: 27 March 2025
State Street CCF
Annual Report and Audited Financial Statements for the financial year ended 30 November 2024 Statement of Financial Position as at 30 November 2024
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30 November 2024 State Street CCF World Screened Index Equity Fund USD
30 November 2023 State Street CCF World Screened Index Equity Fund USD
30 November 2024 State Street CCF World Climate Transition CTB Index Equity Fund* USD
Net assets attributable to equity Unitholders of the CCF at the beginning of the financial year 450,143,781 448,832,718 -
Increase in net assets attributable to equity Unitholders of the CCF 125,818,575 57,123,821 1,301,910
Amounts received on issue of Equity Units 197,937,831 - 262,710,142 Amounts paid on redemption of Equity Units (467,000,888) (55,812,758) -
(Decrease)/increase in net assets attributable to equity Unitholders resulting from Unit transactions (269,063,057) (55,812,758) 262,710,142
Net (decrease)/increase in equity Unitholders’ funds (143,244,482) 1,311,063 264,012,052
Net assets attributable to equity Unitholders of the CCF at the end of the financial year 306,899,299 450,143,781 264,012,052
* The Fund launched on 7 October 2024, therefore there are no comparatives. The accompanying notes form an integral part of these financial statements.
State Street CCF
Annual Report and Audited Financial Statements for the financial year ended 30 November 2024 Statement of Changes in Equity for the financial year ended 30 November 2024
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30 November 2024 State Street CCF World Screened Index Equity Fund USD
30 November 2023 State Street CCF World Screened Index Equity Fund USD
30 November 2024 State Street CCF World Climate Transition CTB Index Equity Fund* USD Cash flows from operating activities Net increase in Net Assets Attributable to Holders of Redeemable Units 125,818,575 57,123,821 1,301,910
Adjustments for: Net movement in financial assets and financial liabilities at fair value through profit or loss 141,725,922 204,581 (257,374,306) Net movement in other current assets and receivables 2,435,556 (1,297,646) (6,092,159) Net movement in other current liabilities and payables (2,247,577) (1,648,695) 5,070,177
Net cash inflow/(outflow) from operating activities 267,732,476 54,382,061 (257,094,378)
Cash flows from financing activities Proceeds from issue of Equity Units 197,937,831 - 257,424,395 Payments for redemption of Equity Units (467,000,888) (55,812,758) -
Net cash (outflow)/inflow from financing activities (269,063,057) (55,812,758) 257,424,395
Net (decrease)/increase in cash and cash equivalents (1,330,581) (1,430,697) 330,017
Reconciliation of cash movement during the financial year Net cash at the beginning of the financial year 1,927,053 3,357,750 -
Net cash at the end of the financial year 596,472 1,927,053 330,017
Supplementary information Taxation paid (530,548) (249,011) (11,507) Interest received 116,758 49,614 116 Dividend received 9,868,693 9,345,743 263,652 Distribution paid (2,984,902) - * The Fund launched on 7 October 2024, therefore there are no comparatives.
The accompanying notes form an integral part of these financial statements.
State Street CCF
Annual Report and Annual Financial Statements For the financial year ended 30 November 2024 Statement of Cash Flows for the financial year ended 30 November 2024
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1. General Information The CCF is an open-ended umbrella common contractual fund with segregated liability between sub-funds which was formed on 18 November 2019 by the Deed of Constitution and authorised in Ireland as an undertaking for collective investment in transferable securities pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended (the “UCITS Regulations”) and Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (the “Central Bank UCITS Regulations”). As at 30 November 2024, the CCF has established two funds, State Street CCF World Screened Index Equity Fund and State Street CCF World Climate Transition CTB Index Equity Fund (each a “Fund , collectively the “Funds”). State Street CCF World Screened Index Equity Fund was launched on 12 May 2020 and State Street CCF World Climate Transition CTB Index Equity Fund was launched on 7 October 2024. 2. Material Accounting Policies
a) Basis of Preparation The principal accounting policies applied in the presentation of these financial statements are set out below. The CCF’s financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union and the UCITS Regulations.
These financial statements are prepared on the going concern basis and under the historical cost convention as modified by the revaluation of certain financial assets and financial liabilities held at fair value through profit or loss.
All references to net assets throughout the Annual Report and Audited Financial Statements refers to net assets attributable to equity unitholders unless otherwise stated.
Critical Accounting Estimates and Assumptions In preparation of financial statements in conformity with IFRS, the CCF is required to make certain accounting estimates and assumptions. Actual results may differ from these estimates and assumptions. The Directors believe that any estimates used in preparing the financial statements are reasonable and prudent. Critical accounting estimates are those which involve the most complex or subjective judgments or assessments. The areas of the CCF’s business that typically require such estimates are the determination of the fair value of financial assets and liabilities and the tax designation of the investors.
Fair value measurement of financial derivative instruments and securities not quoted in active market The Funds hold financial instruments that are not quoted in active markets, including financial derivative instruments. Fair value of such instruments is determined using valuation techniques and may be determined using reputable pricing sources (such as pricing agencies) or indicative prices from market makers. Broker quotes as obtained from the pricing sources may be indicative and not executable or binding. Where no market data is available, each Fund may value positions using its own models, which are usually based on valuation methods and techniques generally recognised as standard within the industry. The models used to determine fair values are validated and periodically reviewed by experienced personnel of the Investment Manager, independent of the party that created them.
b) New standards, amendments and interpretations issued and effective for the financial year beginning on or after 1 December 2023 IFRS 17 Insurance Contracts ( IFRS 17 ) was issued in May 2017 and became effective for accounting periods beginning on or after 1 January 2023. The new standard doesn’t have a significant impact on the CCF’s financial position, performance or disclosures in its financial statements.
IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements. The amendment amended IAS 1 to replace the requirement for entities to disclose their material accounting policies with the requirement to disclose their material accounting policy information. The amendments are effective for accounting periods beginning on or after 1 January 2023.
Amendments to IAS 8 - Definition of Accounting Estimates. The amendments clarify how companies distinguish changes in accounting policies from changes in accounting estimates, with a primary focus on the definition of and clarifications on accounting estimates. The amendments are effective for accounting periods beginning on or after 1 January 2023.
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2. Material Accounting Policies (continued)
b) New standards, amendments and interpretations issued and effective for the financial year beginning on or after 1 December 2023 (continued)
Amendments to IAS 12 - Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction. The amendments introduce an exception to the initial recognition exemption in IAS 12 and also apply to taxable and deductible temporary differences associated with right-of-use assets and lease liabilities, and decommissioning obligations and corresponding amounts recognised as assets at the beginning of the earliest comparative period presented. The amendments are effective for accounting periods beginning on or after 1 January 2023.
Amendments to IAS 12 - International Tax Reform - Pillar II Model Rules. The amendments are effective for accounting periods beginning on or after 1 January 2023.
There are no other standards, amendments or interpretations issued and effective for the financial year beginning 1 December 2023 that have a significant impact on the CCF’s financial position, performance or disclosures in its financial statements.
New standards, amendments and interpretations issued but not effective for the financial year beginning 1 December 2023 and not early adopted The following new and amended standards and interpretations are not expected to have a material impact on the CCF’s financial statements:
Amendments to IAS 1 - Classification of Liabilities as Current or Non-Current – Deferral of Effective Date provides a more general approach to the classification of liabilities under IAS 1 Presentation of Financial Statements based on the contractual arrangements in place at the reporting date. The amendments are effective for accounting periods beginning on or after 1 January 2024.
Amendments to IAS 7 - Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements. The amendments seek to add disclosure requirements, and ‘signposts’ within existing disclosure require ments, that ask entities to provide qualitative and quantitative information about supplier finance arrangements. The amendments are effective for reporting periods beginning on or after 1 January 2024.
Amendments to IFRS 16 - Lease Liability in a Sale and Leaseback. The amendments are effective for reporting periods beginning on or after 1 January 2024.
IFRS S1 - General Requirements for Disclosure of Sustainability - related Financial Information. The standard is effective for reporting periods beginning on or after 1 January 2024.
Amendments to IAS 21 - Lack of Exchangeability. The amendments are effective for reporting periods beginning on or after 1 January 2024.
IFRS 18 - Presentation and Disclosure in Financial Statements. The standard is effective for reporting periods beginning on or after 1 January 2027.
IFRS 19 - Subsidiaries without Public Accountability: Disclosures. The standard is effective for reporting periods beginning on or after 1 January 2027.
Amendments to IFRS 9 and IFRS 7 - Amendment to the Classification and Measurement of Financial Instruments. The amendments are effective for reporting periods beginning on or after 1 January 2026.
There are no new standards, interpretations or amendments to existing standards that are not yet effective that would be expected to have a significant impact on the CCF’s financial statements.
c) Financial Instruments
(i) Classification The CCF classifies its investments in equities and related derivatives as financial assets and financial liabilities at fair value through profit or loss. Subsequent to initial recognition, all instruments classified at fair value through profit or loss are measured at fair value with changes in their fair value recognised in the Statement of Comprehensive Income.
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2. Material Accounting Policies (continued)
c) Financial Instruments (continued)
(ii) Recognition, derecognition and measurement The CCF’s investments give rise to cash flows that are not solely payments of principal and interest and therefore do not meet the cash flow characteristic test under IFRS 9 Financial Instruments ( IFRS 9 ). As such, the CCF classifies the investments as financial assets at fair value through profit or loss.
Purchases and sales of investments are recognised as of the day the transaction takes place, i.e. the trade date; the date on which the CCF commits to purchase or sell the asset. The CCF recognises financial assets and financial liabilities on the date it becomes a party to the contractual provisions of the instrument and all significant rights and access to the benefits from the assets, and the exposure to the risks inherent in those benefits are transferred to the CCF. The CCF derecognises financial assets and financial liabilities when all such benefits and risks are transferred from the CCF.
Subsequent to initial recognition, all financial assets and financial liabilities at fair value through profit or loss are measured at fair value. Gains and losses arising from changes in the fair value of the ‘financial assets or financial liabilities at fair value through profit or loss’ category are presented in the Statement of Comprehensive Income, within net changes in fair value of financial assets and financial liabilities at fair value through profit or loss in the period in which they arise.
(iii) Fair Value estimates IFRS 13 Fair value measurement ( IFRS 13 ) improves consistency and reduces complexity by providing a precise definition of fair value. If an asset or a liability measured at fair value has a bid price and an ask price, it is required by IFRS 13 Fair value measurement that the valuation be based on a price within the bid-ask spread that is most representative of fair value and allows the use of last traded pricing or other pricing conventions that are used by market participants, as a practical expedient for fair value measurement within a bid-ask spread. Financial assets and financial liabilities were valued using the last traded prices, as this has been deemed a practical expedient of fair value. The Fund changed its valuation inputs for listed financial assets and liabilities to be consistent with the inputs prescribed in the Funds’ offering document.
The value of any instrument which is not normally quoted, listed or traded on or under the rules of a regulated market, will be valued at its probable realisation value estimated with care and in good faith by State Street Global Advisors Europe Limited (the Investment Manager) in consultation with State Street Fund Services (Ireland) Limited (the Administrator), or by a competent person, firm or corporation appointed by the Investment Manager, and approved for such purpose by the Depositary.
(iv) Specific Instruments Initial margin deposits are made upon entering into futures contracts and are generally made in cash or cash equivalents. The fair value of futures contracts is based upon their quoted daily settlement prices. Changes in the value of open futures contracts are recognised as unrealised gains or losses on futures contracts until the contracts are terminated, at which time realised gains and losses are recognised.
Gains or losses on open futures contracts are shown in the Schedule of Investments of each relevant Fund and on the Statement of Financial Position as financial assets or liabilities at fair value through profit or loss, as appropriate. The profits or losses arising on these contracts are included in realised gain/(loss) on investments and derivatives in the Statement of Comprehensive Income.
Forward and Spot Foreign Currency Exchange Contracts
The fair value of open forward foreign currency exchange contracts and open spot foreign currency exchange contracts is calculated as the difference between the contracted rate and the current forward rate that would close out the contract on the Statement of Financial Position date. For each relevant Fund, gains or losses on open spot foreign currency exchange contracts are included in cash and cash equivalents in the Statement of Financial Position and gains or losses on open forward foreign currency exchange contracts are included in financial assets (or financial liabilities) at fair value through profit or loss, as appropriate, in the Statement of Financial Position and are shown in the Schedule of Investments of each relevant Fund. Any changes in fair value are recognised in the Statement of Comprehensive Income.
d) Foreign Currency Functional and presentation currency
Items included in the financial statements of the CCF are measured in the currency of the primary economic environment in which the Funds operate (the “functional currency”). The financial statements of the Funds of the CCF are presented in USD, which is the functional and presentation currency of the Funds. Transactions in foreign currencies are translated into USD at exchange rates ruling at the transaction dates. Gains and losses on foreign exchange transactions are recognised in the Statement of Comprehensive Income in determining the result for the financial year.
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2. Material Accounting Policies (continued)
d) Foreign Currency (continued)
The USD rates of exchange prevailing at the financial year end were as follows:
Currency
30 November 2024
30 November 2023 Australian Dollar 1.5350 1.5082 Canadian Dollar 1.4002 1.3559 Danish Krone 7.0610 6.8332 Euro 0.9468 0.9165 Hong Kong Dollar 7.7816 7.8103 Israeli New Shekel 3.6357 3.7241 Japanese Yen 150.1850 147.8350 New Zealand Dollar 1.6905 1.6190 Norwegian Krone 11.0548 10.7788 Pound Sterling 0.7868 0.7899 Singapore Dollar 1.3407 1.3346 Swedish Krona 10.9189 10.4789 Swiss Franc 0.8810 0.8696
e) Offsetting Financial assets and liabilities are offset, and the net amount presented in the Statement of Financial Position when, and only when, the Funds have a legal right to offset the recognised amounts and it intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. Income and expenses are presented on a net basis only when permitted under IFRS, for example for gains and losses arising from a group of similar transactions, such as gains and losses from financial instruments at fair value through profit or loss.
f) Income and Expenses Dividend income arising on the underlying equity investments of the CCF is recognised as income of the Funds on the ex-dividend date. Income is shown gross of any non-recoverable withholding taxes, which is disclosed separately in the Statement of Comprehensive Income, and net of any tax credits.
Dividend income from financial assets at fair value through profit or loss is recognised in the Statement of Comprehen sive Income within dividend income when the Fund’s right to receive payments is established.
All expenses are recognised in the Statement of Comprehensive Income on an accruals basis. Expenses arising on the disposal of investments are deducted from the disposal proceeds.
g) Gains and Losses on Fair value of Financial Assets and Financial Liabilities In respect of each instrument type classified as financial instruments at fair value through profit or loss, the change in unrealised gains/(losses) and realised gains/(losses) are included in net changes in the fair value of financial assets and financial liabilities at fair value through profit or loss in the Statement of Comprehensive Income for each Fund.
Realised gains and losses on disposals of financial instruments classified as ‘at fair value through profit or loss’ are calculated using the average cost method.
h) Transaction costs Transaction costs are incremental costs that are directly attributable to the acquisition, issue or disposal of a financial asset or financial liability. An incremental cost is one that would not have been incurred if the entity had not acquired, issued or disposed of the financial instrument.
When a financial asset or a financial liability is recognised initially, the entity shall measure at its fair value through profit or loss plus transaction costs that are directly attributable to the acquisition or issue of the financial asset or financial liability. Transaction costs on purchases and sales of investments are included in net loss on financial assets at fair value through profit or loss in the Statement of Comprehensive Income account and transaction costs on custody transactions are included in operating fees in the Statement of Comprehensive Income for the Funds.
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2. Material Accounting Policies (continued)
i) Equity Units Redeemable Participating Units are redeemable at the Unitholder’s option and are classified as equities in accordance with IAS 32. The units in the Funds are classified as equity if it meets the following conditions:
• It entitles the holder to a pro rata share of the Funds net assets in the event of Funds liquidation;
• It is in the class of instruments that is a subordinate to all other classes of instruments;
• All financial instruments in the class of instruments that is subordinate to all other classes of instruments have identical features;
• Apart from the contractual obligation for the Funds to repurchase or redeem the instrument for cash or another financial asset, the instrument does not include any other features that would require classification as a liability; and
• The total expected cash flows attributable to the instrument over its life are based substantially on the profit or loss, the change in recognised net assets or the change in the fair value of the recognised and unrecognised net assets of the Funds over the life of the instrument.
The Unit is carried at the redemption amount that is payable at the Statement of Financial Position date if the holder exercises the right to put the Unit back into the CCF.
j) Distribution policy Unitholders of the relevant Funds are entitled to their share of Fund income and net realised gains on its investments. The Funds typically earns income in the form of dividends from stocks or securities lending income. The Funds realise capital gains or losses whenever it sells securities.
It is the intention of the Manager to periodically declare a dividend in respect of the distributing Classes out of a sum equal to the aggregate of the capital, realised and unrealised gains net of realised and unrealised losses and the net income received by the relevant Fund. Distributions with an ex-date during the financial year under review are included as a finance cost in the Statement of Comprehensive Income. Any distributions made were per the provisions for the offering documentation for a distributing share class.
k) Taxation Dividend income received by the Funds may be subject to withholding tax imposed in the country of origin. Investment income is exempt from Irish income and capital gains taxes and is recorded gross of such taxes.
l) Cash and cash equivalents Cash comprises of cash on hand, demand deposits and bank overdrafts. Cash equivalents are short term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to insignificant changes in value, and are held for the purpose of meeting short-term cash commitments rather than for investments or other purposes. At 30 November 2024, cash and cash equivalents are held with State Street Bank and Trust Company, whose parent company, State Street Corporation, had a credit rating of A by Standard & Poor’s (30 November 2023: A).
Cash in hand or on deposit and bank overdrafts shall be valued at amortised cost, together with accrued interest where applicable. Cash accounts are maintained at umbrella level in respect of subscription and redemption money received from or due to investors in the Funds of the CCF. These accounts are operated in accordance with the Central Bank of Ireland’s guidance “Umbrella funds–cash accounts holding subscription, redemption and dividend monies”. Such cash accounts are deemed to be assets of the CCF and therefore any material balances have been reflected in the Statement of Financial Position as at 30 November 2024.
m) Cash held with Brokers and Counterparties for open Financial Derivative Instruments Cash due from/to brokers is margin cash, which is held by or due to brokers for open futures contracts or derivatives and represents the exchange traded futures contracts’ margin deposits held with brokers. This amount is the minimum deemed by the brokers and counterparties for collateral requirements and is as such restricted and is reported separately to the unrestricted cash on the Funds Statement of Financial Position.
n) Receivables Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market.
Receivables are recognised initially at fair value plus transaction costs that are directly attributable to their acquisition/origination. They are subsequently measured at amortised cost using the effective interest yield method, less provision for impairment.
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2. Material Accounting Policies (continued)
o) Payables Payables are recognised initially at fair value and subsequently stated at amortised cost. The difference between the proceeds and the amount payable is recognised over the financial period of the payable using the effective interest method.
Trade and other creditors are payable at various dates in the next three months in accordance with the suppliers’ usual and customary credit terms.
p) Segment Reporting Operating segments are reported in a manner consistent with the internal reporting used by the Chief Operating Decision Maker ( CODM ). The CODM, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as State Street Global Advisors Europe Limited. The CCF is organised into one main operating segment, which invests in equities.
q) Swing Pricing Swing pricing is an adjustment of the NAV of the relevant Fund by the relevant Swing Factor and is used to reflect the dealing costs that may be incurred in relation to a Fund and the estimated bid/offer spread of the assets in which the Fund invests and generally will be applied on any Dealing Day when the aggregate total of subscriptions, switches or redemption of units of all classes of a Fund result in a net capital inflow or outflow which exceeds a pre-determined threshold, as determined and reviewed by the Manager from time to time for that Fund. 3. Operating Expenses
30 November 2024 State Street CCF World Screened Index Equity Fund USD
30 November 2023 State Street CCF World Screened Index Equity Fund USD
30 November 2024 State Street CCF World Climate Transition CTB Index Equity Fund* USD
Operating expenses Administration fees (31,801) (29,868) (9,539) Audit fees (20,117) (19,991) (9,339) Depositary fees (66,942) (66,182) (9,796) Marketing fees (3,443) (3,065) Organisation fees (75,639) (74,015) (738) Other expenses (63,814) (52,997) (35,344) Fees reimbursement 50,261** 63,356** 14,568**
Total Operating expenses (211,495) (182,762) (50,188)
* The Fund launched on 7 October 2024, therefore there are no comparatives. ** Please refer to note 10 for further details. The audit fee for the financial year ended 30 November 2024 for the Funds (including out of pocket expenses) is USD 29,456 (30 November 2023: USD 19,991) which is net of VAT. Non-audit fees for the financial year ended 30 April 2024 for the Funds is USD Nil (30 November 2023: USD Nil).
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4. Net gain/(loss) on financial assets and liabilities at fair value through profit or loss
30 November 2024 State Street CCF World Screened Index Equity Fund USD
30 November 2023 State Street CCF World Screened Index Equity Fund USD
30 November 2024 State Street CCF World Climate Transition CTB Index Equity Fund* USD
Net realised gains on investments and derivatives 145,612,656 14,413,654 715,355 Net losses on foreign exchange (5,373,564) (1,053,715) (8,088,681) Net change in unrealised (depreciation)/appreciation on investments and derivatives (20,341,224) 34,721,219 8,215,069
Total Net gain on financial assets and liabilities at fair value through profit or loss 119,897,868 48,081,158 841,743
* The Fund launched on 7 October 2024, therefore there are no comparatives.
5. Cash and Cash Equivalents The cash and foreign cash amounts represent unrestricted domestic and foreign cash held with State Street Custodial Services (Ireland) Limited.
6. Debtors
30 November 2024 State Street CCF World Screened Index Equity Fund USD
30 November 2023 State Street CCF World Screened Index Equity Fund USD
30 November 2024 State Street CCF World Climate Transition CTB Index Equity Fund* USD
Debtors Fee reimbursement 6,052 223,032 8,116 Other debtors 1,259 4,044 -
Total Debtors 7,311 227,076 8,116
* The Fund launched on 7 October 2024, therefore there are no comparatives.
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7. Creditors (amounts falling due within one year)
30 November 2024 State Street CCF World Screened Index Equity Fund USD
30 November 2023 State Street CCF World Screened Index Equity Fund USD
30 November 2024 State Street CCF World Climate Transition CTB Index Equity Fund* USD
Creditors Administration fees payable (2,175) - (8,952) Audit fees payable (20,523) (28,836) (9,228) Depositary fees payable (94,629) (90,077) (14,221) Marketing fees payable (82,381) (78,938) Organisation fees payable (218,232) (147,572) (738) Other fees payable (27,718) (29,143) (6,880)
Total Creditors (445,658) (374,566) (40,019)
* The Fund launched on 7 October 2024, therefore there are no comparatives.
8. Units in Issue State Street CCF World Screened Index Equity Fund 30 November 2024 30 November 2023 30 November 2024
Number of Shares
Class B11 EUR Accumulating
Class B11 EUR Accumulating
Class B14 USD Distributing*
Opening balance 25,997,649 29,509,313 Shares issued - - 19,793,783 Shares redeemed (23,425,479) (3,511,664) -
Closing balance 2,572,170 25,997,649 19,793,783
* Fund class launched on 4 December 2023, therefore there are no comparatives. State Street CCF World Climate Transition CTB Index Equity Fund 30 November 2024
Number of Shares
Class B11 EUR Accumulating*
Opening balance Shares issued 23,929,667 Shares redeemed -
Closing balance 23,929,667
* Fund class launched on 7 October 2024, therefore there are no comparatives.
9. Taxation The CCF is a common contractual fund as defined in Section 739I of the Taxes Consolidation Act, 1997 (as amended) the ( TCA ) in which the unitholders, by contractual arrangement, participate and share in the property of the CCF as co-owners.
Section 739I of the TCA provides that a common contractual fund shall not be chargeable to tax in respect of its relevant income and relevant gains. Instead, the relevant income and relevant gains of the common contractual fund shall be treated as arising, or as the case may be, accruing to each unitholder of the common contractual fund in proportion to the value of the Units beneficially owned by the unitholder, as if the relevant income and relevant gains had arisen or as the case may be, accrued, to the unitholders in the common contractual fund without passing through the hands of the common contractual fund. This tax treatment is subject to each of the Units of the common contractual fund being an asset of a pension fund or being beneficially owned by a person other than an individual or being held by a custodian or trustee for the benefit of a person other than an individual.
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9. Taxation (continued)
On the basis that the Units of the CCF are held by persons described above and that the CCF is constituted other than under trust or statute law, the CCF shall not be liable for tax in Ireland in respect of its relevant income and relevant gains.
Should the CCF fail to meet the conditions set out above, the general tax regime applicable to Irish investment undertakings, as set out in Irish tax legislation section of the prospectus will apply. In such a scenario, the CCF may be required to operate Irish taxation on certain distributions to Unitholders or, on gains realised by Unitholders who are resident or ordinarily resident in Ireland and its Irish tax transparent status may, also be affected.
Distributions, interest or gains derived from securities may be subject to taxes, including withholding taxes imposed by the country of source. 10. Related Party Transactions Related Party Transactions requires the disclosure of information relating to material transactions with parties who are considered to be related if one party has the ability to control the other party or is able to exercise significant influence over the other party, in making financial or operational decisions. The following parties are related to the CCF as at 30 November 2024: Manager, Investment Manager and Global Distributor State Street Global Advisors Europe Limited Sub-Investment Manager State Street Global Advisors Limited Administrator/Registrar/Transfer Agent State Street Fund Services (Ireland) Limited Depositary State Street Custodial Services (Ireland) Limited Directors of the Manager, Investment Manager and Global Distributor Eric Linnane, Ann Prendergast, Nigel Wightman, Scott Sanderson, Margaret Cullen, Patrick Mulvihill and Marie Anne Heeren Ann Prendergast is an Executive Vice President and Head of the Europe, Middle East and Africa (EMEA) region for State Street Global Advisors (SSGA).
Eric Linnane is a Managing Director and Head of State Street Global Advisors Europe Investment Operations.
Marie-Anne Heeren is a Senior Managing Director, Head of the Institutional client group for Europe, Branch Manager for State Street Global Advisors Europe Limited’s Belgian Branch.
Scott Sanderson is a Managing Director and the Chief Financial Officer (CFO) for State Street Global Advisors in EMEA.
The Manager is entitled to charge a fee which will form part of the TER for each Fund. Different rates may be charged in respect of different classes of the same Fund. The management fee will be accrued daily, based on the NAV of each Fund and will be paid monthly in arrears. The Investment Manager and any Sub-Investment Manager is entitled to charge a fee which may be discharged from the fees received by the Manager, or, where appropriate, State Street’s transfer pricing policy. There were no management fees paid during the financial year for the existing unit class.
The Depositary and Administrator are entitled to receive fees, as may be agreed from time to time with the Manager. The fees of the Administrator and Depositary shall be accrued daily based on the NAV of each Fund and will be paid monthly in arrears. The Depositary is entitled to a fee not exceeding 0.003% per annum of the NAV of each Fund and the Administrator is entitled to a fee not exceeding 0.0035% per annum of the NAV of each Fund.
Administration fees of USD 41,340 (30 November 2023: USD 29,868) were charged during the financial year of which USD 11,127 (30 November 2023: USD Nil) remained payable at the financial year end. Depositary fees of USD 76,738 (30 November 2023: USD 66,182) were charged during the financial year of which USD 108,850 (30 November 2023: USD 90,077) were outstanding at the financial year end.
All Directors of the Manager who are employees of the Investment Manager have received no Directors’ fees.
The TER for each class can be fixed or capped at a maximum rate as set out in the relevant Supplement as a portion of the NAV of the class. The Manager has voluntarily agreed to reimburse such amounts as is necessary to ensure that the TER attributable to each class does not exceed the maximum TER of 0.04%. For the State Street CCF World Screened Index Equity Fund, there were fees reimbursed for USD 64,829 as at 30 November 2024 (30 November 2023: USD 63,356).
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10. Related Party Transactions (continued)
As at 30 November 2024 and 30 November 2023, the Funds held shares in State Street Corporation which is the ultimate parent company of the Investment Manager:
30 November 2024 Fund Shares Fair Value State Street CCF World Screened Index Equity Fund 1,200 118,212 State Street CCF World Climate Transition CTB Index Equity Fund* 1,400 137,914
* The Fund launched on 7 October 2024, therefore there are no comparatives.
30 November 2023 Fund Shares Fair Value State Street World ESG Screened Index Equity Fund 2,500 182,050
For the State Street CCF World Screened Index Equity Fund, sales of State Street Corporation shares during the financial year ended 30 November 2024 were USD 170,279 (30 November 2023: USD 83,258).
For the State Street CCF World Climate Transition CTB Index Equity Fund, purchases of State Street Corporation shares during the financial year ended 30 November 2024 were USD 122,490.
Significant Unitholders
State Street CCF World Screened Index Equity Fund had a significant unitholder (i.e. with holdings in excess of 20%) as at 30 November 2024 that held 82.17% (30 November 2023: 88.41%) of the units.
State Street CCF World Climate Transition CTB Index Equity Fund had a significant unitholder (i.e. with holdings in excess of 20%) as at 30 November 2024 that held 100% of the units. 11. Transaction costs Transaction costs are incremental costs that are directly attributable to the acquisition, issue or disposal of a financial asset or financial liability. Purchase and sale transaction costs include identifiable brokerage charges, commissions, transaction related taxes and other market charges.
Identifiable transaction costs on purchases and sales of securities of USD 142,301 were charged during the financial year ended 30 November 2024 (30 November 2023: USD 9,979). 12. Financial instruments and associated risks As a CCF, the management of financial instruments is fundamental to the management of its business. The Investment Manager is responsible, subject to the overall supervision and control of the Board of Directors (the “Board”), for managing the assets and investments of the Funds of the CCF in accordance with the investment objectives and guidelines approved by the Board and policies set forth in the Prospectus and Supplements.
The CCF’s activities expose it to a variety of financial risks: market risk (including market price risk, foreign exchange risk and interest rate risk), credit risk and liquidity risk.
Global Exposure Per the UCITS Regulations, and as part of the risk management and reporting requirements, the global exposure of the Funds must be monitored and measured in accordance with the regulatory requirements. The CCF uses the commitment approach for the purposes of calculating global exposure.
Market Risk The CCF’s market risk is affected by two main components: changes in market prices and foreign currency movements.
Market Price Risk Market price risk is the risk that the value of the instrument will fluctuate as a result of changes in market prices (other than those arising from interest rate risk or currency risk), whether caused by factors specific to an individual investment, its issuer or all factors affecting all instruments traded in the market. The Investment Manager considers the asset allocation of the portfolio in order to manage the risk associated with particular countries or industry sectors whilst continuing to follow the Funds investment objectives.
The Funds are exposed to price risk through its investment in equities. As at 30 November 2024 the fair value of equities exposes the Funds to price risk. The movements in the prices of these investments result in movements in the performance of the Funds.
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12. Financial instruments and associated risks (continued)
Market Price Risk (continued)
Market Price Risk – Sensitivity Analysis
If the price of each equity security held by each of the Funds had increased by 10% at 30 November 2024, with all other variables remaining constant, this would have increased the net assets of the relevant Fund as disclosed in the table below. A 10% decrease would have an equal and opposite effect on the value of the relevant Fund.
Fund Name Currency 30 November 30 November 2024 2023 State Street CCF World Screened Index Equity Fund USD 30,541,197 44,712,740 State Street CCF World Climate Transition CTB Index Equity Fund* USD 26,389,416 -
* The Fund launched on 7 October 2024, therefore there are no comparatives. Foreign Currency Risk Assets of the Funds may be denominated in a currency other than the base currency of the relevant Fund and changes in the exchange rate between the base currency and the currency of the asset may lead to a depreciation of the value of the relevant Fund assets as expressed in the base currency. No assurance, however, can be given that such mitigation will be successful.
The Funds may, but will not necessarily, invest in currency exchange contracts to help reduce exposure to different currencies, however there is no guarantee that these contracts will successfully do so. Also, these contracts may reduce or eliminate some or all of the benefit that the Funds may experience from favourable currency fluctuations.
The fluctuations in the rate of exchange between the currency in which the asset or liability is denominated and the functional currency could result in an appreciation or depreciation in the fair value of that asset. In accordance with the Fund’s policy, the Investment Manager monitors the Fund’s currency exposure on a regular basis and the Investment Manager may attempt to mitigate this risk by using financial derivative instruments.
The table below summarises the foreign currency risk exposure of the Fund’s assets and liabilities, monetary and non-monetary, in addition to the regular risk monitoring and management.
State Street CCF World Screened Index Equity Fund As at 30 November 2024 Forward foreign currency Monetary Non-monetary exchange Net financial assets/liabilities assets contracts assets Currency USD USD USD USD AUD 57,009 5,096,648 - 5,153,657 CAD 60,449 8,741,433 - 8,801,882 CHF 650,403 6,852,817 - 7,503,220 DKK 22,956 2,392,332 - 2,415,288 EUR 159,819 23,124,952 - 23,284,771 GBP 41,036 10,590,647 - 10,631,683 HKD 33,211 1,310,004 - 1,343,215 ILS 5,980 292,103 - 298,083 JPY 173,546 16,777,181 - 16,950,727 NOK 18,938 436,298 - 455,236 NZD 9,877 117,879 - 127,756 SEK 20,929 2,324,202 - 2,345,131 SGD 28,477 971,576 - 1,000,053 Total 1,282,630 79,028,072 - 80,310,702
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12. Financial instruments and associated risks (continued)
Foreign Currency Risk (continued)
State Street CCF World Climate Transition CTB Index Equity Fund* As at 30 November 2024 Forward foreign currency Monetary Non-monetary exchange Net financial assets/liabilities assets contracts assets Currency USD USD USD USD AUD (99,278) 5,062,256 (4,749,109) 213,869 CAD 35,870 10,720,369 (10,484,823) 271,416 CHF 6,076 6,820,023 (6,604,657) 221,442 DKK 6,509 2,434,147 (2,330,461) 110,195 EUR (55,200,319) 21,161,037 291,327,892 257,288,610 GBP 26,803 8,496,580 (8,194,312) 329,071 HKD 10,933 1,403,667 (1,456,870) (42,270) ILS 11,576 213,235 (171,468) 53,343 JPY (310,064) 15,027,742 (14,231,716) 485,962 NOK 9,374 1,092,830 (1,046,879) 55,325 NZD 1,703 220,749 (207,133) 15,319 SEK 2,180 1,447,558 (1,385,324) 64,414 SGD 3,122 1,134,535 (1,029,297) 108,360 Total (55,495,515) 75,234,728 239,435,843 259,175,056
* The Fund launched on 7 October 2024, therefore there are no comparatives.
State Street CCF World Screened Index Equity Fund As at 30 November 2023 Forward foreign currency Monetary Non-monetary exchange Net financial assets/liabilities assets contracts assets Currency USD USD USD USD AUD 77,084 9,047,882 - 9,124,966 CAD 146,068 14,795,433 - 14,941,501 CHF 508,483 12,609,702 - 13,118,185 DKK (73,998) 4,043,559 - 3,969,561 EUR 347,426 39,854,040 - 40,201,466 GBP 96,593 17,464,288 - 17,560,881 HKD 24,105 2,685,629 - 2,709,734 ILS 14,698 462,722 - 477,420 JPY (302,155) 27,349,008 - 27,046,853 NOK 18,243 810,510 - 828,753 NZD 11,613 274,482 - 286,095 SEK 23,309 3,632,613 - 3,655,922 SGD 19,270 1,555,050 - 1,574,320 Total 910,739 134,584,918 - 135,495,657
Foreign Currency Risk – Sensitivity Analysis
The following table summarises the impact on the value of the Funds if there is a 5% movement in the USD currency against all other currencies at 30 November 2024 and 30 November 2023 with all other variables held constant.
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12. Financial instruments and associated risks (continued)
Foreign Currency Risk (continued)
Fund 30 November 2024 30 November 2023 State Street CCF World Screened Index Equity Fund 4,015,535 6,774,783 State Street CCF World Climate Transition CTB Index Equity Fund* 12,958,753 * The Fund launched on 7 October 2024, therefore there are no comparatives.
Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Funds hold equity investments which are non-interest bearing.
The Funds are subject to interest rate risk on the cash they hold, the value of which is disclosed in the Statement of Financial Position. The Funds are not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates as any excess cash is invested at short term market interest rates.
The Fund’s interest rate risk is monitored on an ongoing basis by the Investment Manager.
Credit Risk Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it entered into with the CCF on behalf of the Funds.
There can be no assurance that issuers of the securities or other instruments in which the Funds invest will not be subject to credit difficulties leading to the loss of some or all of the sums invested in such securities or instruments or payments due on such securities or instruments (as well as any appreciation of sums invested in such securities).
The CCF’s Depositary is State Street Custodial Services (Ireland) Limited. Substantially all of the assets and cash of the Funds are held within the custodial network. Bankruptcy or insolvency of the Depositary or of its parent company, State Street Corporation, may cause the Funds rights with respect to its investments in equities and cash held by the Depositary to be delayed. The maximum exposure to this risk at 30 November 2024 is the total value of investments and cash disclosed in the Statement of Financial Position. Regarding the securities held by the Depositary, these are ring fenced from the assets of the Depositary. However, cash held by Depositary is not segregated from the Depositary’s cash (and therefore does not benefit from Client Money protection).
At 30 November 2024, cash and cash equivalents are held with State Street Bank and Trust Company, whose parent company, State Street Corporation, had a credit rating of A by Standard & Poor’s (30 November 2023: A).
The Funds are also subject to credit risk with respect to the counterparties, where it enters into derivatives contracts. If a counterparty becomes insolvent or otherwise fails to perform its obligations, the Funds may experience significant delays in obtaining any recovery in an insolvency, bankruptcy, or other reorganisation proceeding and may obtain only a limited recovery or no recovery.
At 30 November 2024, the counterparty to the future contracts was Goldman Sachs International and had a credit rating of A+ by Standard & Poor’s (30 November 2023: A+).
At 30 November 2024, the counterparties to the forward foreign currency exchange contracts and their associated Standard & Poor’s credit ratings were as follows: Bank of Montreal (A+), Goldman Sachs International (A+), Morgan Stanley (A+), Royal Bank of Canada (AA-), State Street Bank London (AA-) and Westpac Banking Corporation (AA-).
All credit ratings provided by Standard & Poor’s refer to long term ratings.
Offsetting financial assets and liabilities
The Funds were subject to offsetting agreements during the financial year ended 30 November 2024 (30 November 2023: Nil).
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12. Financial instruments and associated risks (continued)
Credit Risk (continued)
State Street CCF World Climate Transition CTB Index Equity Fund* Related amounts not set off in the Statement of Financial Position
Description
Gross amounts of recognised financial assets
Gross amounts offset in the Statement of Financial Position
Net amounts of assets presented in the Statement of Financial Position
Financial Instruments
Cash collateral received
Net amount Financial Assets Forward Foreign Currency Exchange Contracts Bank of Montreal 21,005 - 21,005 (21,005) - Goldman Sachs International 966 - 966 (966) - Morgan Stanley 5,850 - 5,850 (5,850) - Royal Bank of Canada 32,104 - 32,104 (32,104) - State Street Bank London 12 - 12 (12) - Westpac Banking Corporation 20,491 - 20,491 (20,491) - State Street CCF World Climate Transition CTB Index Equity Fund* Related amounts not set off in the Statement of Financial Position
Description
Gross amounts of recognised financial liabilities
Gross amounts offset in the Statement of Financial Position
Net amounts of liabilities presented in the Statement of Financial Position
Financial Instruments
Cash collateral pledged
Net amount Financial Liabilities Forward Foreign Currency Exchange Contracts Bank of Montreal (1,128,590) - (1,128,590) 21,005 - (1,107,585) Goldman Sachs International (104,292) - (104,292) 966 - (103,326) Morgan Stanley (1,751,111) - (1,751,111) 5,850 - (1,745,261) Royal Bank of Canada (1,775,441) - (1,775,441) 32,104 - (1,743,337) State Street Bank London (63,715) - (63,715) 12 - (63,703) Westpac Banking Corporation (1,803,436) - (1,803,436) 20,491 - (1,782,945)
* The Fund launched on 7 October 2024, therefore there are no comparatives.
Liquidity Risk Liquidity risk is the risk that the Funds will encounter difficulty in meeting obligations associated with financial liabilities. Moreover, the accumulation and disposal of holdings in some investments may be time consuming and may need to be conducted at unfavourable prices. The Funds may also encounter difficulties in disposing of assets at their fair value due to adverse market conditions leading to limited liquidity.
All of the CCF’s financial liabilities are payable within three months.
Liquidity Management The Manager employs an appropriate liquidity risk management process, to ensure that the Funds are able to comply with its stated redemption obligations. These tools and arrangements are detailed as follows:
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12. Financial instruments and associated risks (continued)
Redemption Limits If redemption requests are received in respect of units of the Fund on any Dealing Day total, in aggregate, are more than 10% of the outstanding units of that Fund, the Manager may defer the excess redemption requests to subsequent Dealing Days and shall redeem such units rateably. If the Manager refuses to redeem units for this reason, the requests for redemption on such date shall be reduced rateably and the units to which each request relates which are not redeemed shall be redeemed on each subsequent Dealing Day (but shall not receive priority on such subsequent Dealing Day), provided that the Manager shall not be obliged to redeem more than 10% of the number of units of the Fund outstanding on any Dealing Day, until all the units of the Fund to which the original request related have been redeemed.
Redemption in kind At the Manager’s discretion, the Manager may choose to redeem units in kind where the redeeming Unitholder requests such redemption. A determination to provide redemption in specie may be solely at the discretion of the Manager where a redeeming Unitholder requests redemption of a number of units that represent 5% or more of the NAV of a fund. In this event, the Manager will, if requested to do so by the redeeming Unitholder, sell the relevant assets on behalf of the Unitholder and the cost of such a sale will be charged to that Unitholder. For the avoidance of doubt, consent from a redeeming Unitholder will only be required where that Unitholder is requesting to redeem a number of Units less than 5% of the NAV of the relevant fund.
The Manager, on receiving a redemption request from a Unitholder, will elect that instead of the units being redeemed in cash, the redemption shall be satisfied in specie by the transfer to the Unitholder of Investments (and all liabilities attached thereto) provided that the value thereof shall not exceed the amount which otherwise would have been payable on a cash redemption and provided that the transfer of investments (and all liabilities attached thereto) is approved by the Depositary.
Temporary Suspension of Dealings The Manager may at any time, with prior notification to the Depositary, temporarily suspend the calculation of the net asset value, or any of the issue, redemption and switching of Units in the following circumstances:
• where one or more stock exchanges or other markets which are the basis for valuing a significant part of the NAV are closed, or during which trading is suspended; • where in the opinion of the Manager it is impossible to sell or to value assets as a result of particular circumstances; • where the communication technology normally used in determining the price of a security of the Fund fails or provides only partial functionality; • where the transfer of moneys for the purchase or sale of investments of the Fund is impractical; • following a decision to merge a Fund or the CCF, if justified in order to protect the interest of Unitholders; • where a Fund is a feeder fund and the net asset value calculation of the master UCITS (or Fund thereof) is suspended; • the conditions set forth in the “Redemption Limits” section above are met; • any period when the Manager determine that it is in the best interests of Unitholders to do so.
Compulsory Redemption The CCF and each Fund is established for a limited period and may have unlimited assets. The units of any fund, or the units of a particular Unitholder, as applicable, may be compulsorily redeemed by the Manager in the following circumstances:
• if no replacement Depositary shall have been appointed during the period of three months commencing on the date the Depositary or any replacement thereof shall have notified the Manager of its desire to retire as depositary or shall have ceased to be approved by the Central Bank; • if the Manager in its sole discretion deems it appropriate because of material administrative disadvantage or adverse political, economic, fiscal, regulatory or other changes or circumstances affect the relevant class; • if the Manager determines that the continuation of the Fund or any fund or class is not economically viable; • if any law shall be passed which renders it illegal or in the reasonable opinion of the Manager impracticable or inadvisable to continue the Fund or any of its funds or classes; • such Units are held by any person who no longer satisfies the Eligible Investor criteria or any other applicable eligibility requirements including but not limited to any person who might expose the CCF or any Fund to adverse tax or regulatory consequences or by any, person in breach, of the law or requirement of any country or governmental authority; or • such Units are held by any person or persons in circumstances (whether directly or indirectly affecting such person or persons and whether taken alone or in conjunction with any other person or persons connected or not, or any other circumstances appearing to the Manager to be relevant) which, in the opinion of the Manager might result in the Fund incurring any liability to taxation or suffering pecuniary disadvantages which the Fund might not otherwise have incurred or suffered or the Fund being required to register under the 1940 Act, or similar statute successor thereto or to register any class of its securities under the 1933 Act or similar statute successor thereto; or
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12. Financial instruments and associated risks (continued)
Compulsory Redemption (continued)
• if within a period of three months from the date of the sole remaining Investment Manager expressing in writing to the Manager its desire to retire, the Manager shall have failed to appoint a new Investment Manager; or • the Net Asset Value of the relevant Fund does not exceed or falls below the Base Currency equivalent of USD 100,000,000 (or such other amount as may be approved by the Manager in respect of any Fund). 13. Fair Value Hierarchy The CCF classifies fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements.
The fair value hierarchy has the following levels:
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices).
Level 3 - Inputs for the asset or liability that are not based on observable market data (unobservable inputs).
Furthermore, for those instruments which have significant unobservable inputs (Level 3), the amendment requires disclosures on the transfers into and out of Level 3, a reconciliation of the opening and closing balances, total gains and losses for the financial period split between those recognised in the Statement of Comprehensive Income, purchases, sales issues and settlements, and a sensitivity analysis of assumptions used in determining the fair value of Level 3 positions.
The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability.
The determination of what constitutes ‘observable’ requires significant judgement by the CCF. The CCF considers observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.
For each class of assets and liabilities not measured at fair value in the Statement of Financial Position but for which fair value is disclosed, IFRS 13 requires the CCF to disclose the level within the fair value hierarchy which the fair value measurement would be categorised and a description of the valuation technique and inputs used in the technique. Assets and liabilities not carried at fair value are carried at amortised cost; their carrying values are a reasonable approximation of fair value.
Cash at bank, bank overdrafts and other short-term investments in an active market are categorised as Level 1.
All receivable and payable balances are categorised as Level 2.
The following tables analyse within the fair value hierarchy of financial assets and financial liabilities measured at fair value at 30 November 2024 and 30 November 2023 for the Funds:
State Street CCF World Screened Index Equity Fund
As at 30 November 2024
Level 1 Level 2 Level 3 Total
Assets Financial assets at fair value through profit or loss: Equities 305,411,971 - - 305,411,971 Open Futures Contracts 128,803 - - 128,803 Total Investments 305,540,774 - - 305,540,774
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13. Fair Value Hierarchy (continued)
As at 30 November 2023
Level 1 Level 2 Level 3 Total
Assets Financial assets at fair value through profit or loss: Equities 447,127,395 - - 447,127,395 Open Futures Contracts 139,301 - - 139,301 Total Investments 447,266,696 - - 447,266,696
State Street CCF World Climate Transition CTB Index Equity Fund*
As at 30 November 2024
Level 1 Level 2 Level 3 Total
Assets Financial assets at fair value through profit or loss: Equities 263,894,163 - - 263,894,163 Open Futures Contracts 26,300 - - 26,300 Open Forward Foreign Currency Exchange Contracts - 80,428 - 80,428 Total Investments 263,920,463 80,428 - 264,000,891
Liabilities Financial liabilities at fair value through profit or loss: Open Forward Foreign Currency Exchange Contracts - (6,626,585) - (6,626,585) Total Investments - (6,626,585) - (6,626,585)
* The Fund launched on 7 October 2024, therefore there are no comparatives. 14. NAV and published NAV per Unit
State Street CCF World Screened Index Equity Fund —B11 Total Net Asset Value USD
Unswung Net Asset Value per unit USD (base currency)
Unswung Net Asset Value per unit EUR (class currency)
Swung Net Asset Value per unit USD (base currency)
Swung Net Asset Value per unit EUR (class currency) 30 November 2024 57,219,881 22.25 21.06 22.25 21.07 30 November 2023 450,143,781 17.31 15.87 17.32 15.88 30 November 2022 448,832,718 15.21 14.77 15.22 14.78
State Street CCF World ESG Screened Index Equity Fund —B14* Total Net Asset Value USD
Unswung Net Asset Value per unit USD (base currency)
Unswung Net Asset Value per unit EUR (class currency)
Swung Net Asset Value per unit USD (base currency)
Swung Net Asset Value per unit EUR (class currency) 30 November 2024 249,679,418 12.61 12.61 12.62 12.62
State Street CCF World Climate Transition CTB Index Equity Fund —B11**
Total Net Asset Value USD
Unswung Net Asset Value per unit USD (base currency)
Unswung Net Asset Value per unit EUR (class currency)
Swung Net Asset Value per unit USD (base currency)
Swung Net Asset Value per unit EUR (class currency) 30 November 2024 264,012,052 11.03 10.45 11.04 10.45
* Fund class launched on 4 December 2023. ** Fund class launched on 7 October 2024. 15. Distributions Distributions with an ex-date during the financial year under review are included as a finance cost in the Statement of Comprehensive Income.
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16. Efficient Portfolio Management The Manager, on behalf of the Fund, may employ techniques and instruments as described in the Prospectus or the Supplement of the Fund for efficient portfolio management.
The Funds may use derivative instruments and repurchase agreements for both efficient portfolio management and for investment purposes. The Fund’s use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in securities. The Funds used derivative instruments (future contracts, open forward foreign currency exchange contracts) for efficient portfolio management during the financial year ended 30 November 2024 and 30 November 2023. 17. Segment Information IFRS 8 “Operating Segments” ( IFRS 8 ) requires a “management approach”, under which segment information is presented on the same basis as that used for internal reporting purposes.
The Directors of the Manager are charged with the overall governance of the CCF in accordance with the Prospectus. The Manager is considered the CODM for the purposes of IFRS 8.
For management purposes, the CCF is organised into one main operating segment, which invests in equity securities. All of the CCF’s activities are interrelated, and each activity is dependent on the others. Accordingly, all significant operating decisions are based upon analysis of the CCF as one segment. The financial results from this segment are equivalent to the financial statements of the CCF as a whole.
The CCF has no assets classified as non-current assets.
The Funds have a highly diversified portfolio of equities securities issued or guaranteed by corporations in global developed markets, and no single investment accounts for a significant portion of the CCF’s income.
Products and services
All of the CCF’s revenues are derived from one product grouping, namely the portfolio securities invested in by the Funds.
Geographical areas
The CCF does not separately monitor revenues from different geographical areas. However, the Funds revenue may be considered as being attributed to the region, as stated in its investment policy.
Major customers
As the CCF is an investment vehicle, its distinct major customers are the institutional investors who purchase the Funds units. 18. Soft Commission Arrangements and Directed Brokerage The CCF has not entered into any soft commission or direct brokerage services arrangements during the financial year ended 30 November 2024 and financial year ended 30 November 2023. 19. Commitment and Contingent Liabilities There were no capital commitments and contingent liabilities as at 30 November 2024 or 30 November 2023. 20. Segregated Liabilities The CCF is an umbrella fund with segregated liability between its Funds. As such, as a matter of Irish law the assets of each fund will not be exposed to the liabilities of the CCF’s other Funds. Notwithstanding the foregoing there can be no assurance that, should an action be brought against the CCF in the court of another jurisdiction, the segregated nature of the Funds would necessarily be upheld. As at 30 November 2024 there were two active funds in the CCF.
21. Significant Events During the financial year A new supplement was noted on 4 June 2024. The changes included details of a benchmark change and a reduction of the Investment Management Fee and Max TER.
State Street CCF World Climate Transition CTB Index Equity Fund launched on 7 October 2024.
On 29 November 2024, an updated supplement was noted by the CBI to reflect some immaterial, minor wording changes within the Annex II appendix.
There were no other significant events affecting the CCF during the financial year ended 30 November 2024.
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22. Subsequent Events since the financial year An updated supplement, which included an amended benchmark index name, along with an update to the commitment to invest a minimum proportion in sustainable investments in the SFDR Annex, for State Street CCF World Screened Index Equity Fund, was noted by the CBI on 10 February 2025.
There were no other significant events affecting the CCF after the financial year end. 23. Approval of the Financial Statements The Directors of the Manager approved the financial statements on 27 March 2025.
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State Street CCF World Screened Index Equity Fund
Holdings Financial assets at fair value through profit or loss Fair Value USD
% of Net Assets
Equities (30 November 2023: 99.33%)
Australia (30 November 2023: 1.97%) 13,395 ANZ Group Holdings Ltd. 271,995 0.09 4,865 APA Group 22,882 0.01 3,030 Aristocrat Leisure Ltd. 133,731 0.04 1,149 ASX Ltd. 49,447 0.02 1,619 BlueScope Steel Ltd. 23,340 0.01 5,717 Brambles Ltd. 70,874 0.02 345 Cochlear Ltd. 68,378 0.02 7,317 Coles Group Ltd. 88,612 0.03 7,518 Commonwealth Bank of Australia 776,662 0.25 2,929 Computershare Ltd. 60,849 0.02 2,163 CSL Ltd. 397,672 0.13 5,129 Endeavour Group Ltd. 14,601 0.00 7,851 Fortescue Ltd. 97,125 0.03 7,286 Goodman Group 179,939 0.06 12,412 GPT Group 38,488 0.01 13,717 Insurance Australia Group Ltd. 76,224 0.02 11,195 Lottery Corp. Ltd. 37,778 0.01 1,637 Macquarie Group Ltd. 246,461 0.08 4,248 Medibank Pvt Ltd. 10,571 0.00 800 Mineral Resources Ltd. 17,527 0.01 23,163 Mirvac Group 32,593 0.01 13,875 National Australia Bank Ltd. 353,420 0.12 7,018 Northern Star Resources Ltd. 80,054 0.03 2,195 Orica Ltd. 25,896 0.01 7,902 QBE Insurance Group Ltd. 102,955 0.03 714 Ramsay Health Care Ltd. 18,415 0.01 316 REA Group Ltd. 51,780 0.02 1,746 Rio Tinto Ltd. 134,490 0.04 23,878 Scentre Group 57,244 0.02 1,857 SEEK Ltd. 31,598 0.01 1,837 Sonic Healthcare Ltd. 34,190 0.01 28,352 South32 Ltd. 68,708 0.02 17,353 Stockland 59,010 0.02 6,883 Suncorp Group Ltd. 88,333 0.03 19,544 Telstra Group Ltd. 50,164 0.02 17,442 Transurban Group 145,441 0.05 2,011 Treasury Wine Estates Ltd. 14,843 0.00 5,166 Wesfarmers Ltd. 241,736 0.08 15,597 Westpac Banking Corp. 338,960 0.11 634 WiseTech Global Ltd. 52,908 0.02 8,808 Woodside Energy Group Ltd. 140,638 0.05 6,357 Woolworths Group Ltd. 124,984 0.04 Total Australia 4,931,516 1.61
Austria (30 November 2023: 0.07%) 1,542 Erste Group Bank AG 84,528 0.03 186 Verbund AG 14,832 0.00 Total Austria 99,360 0.03
Belgium (30 November 2023: 0.20%) 1,021 Ageas SA 51,504 0.02 4,295 Anheuser-Busch InBev SA 231,083 0.07 1,031 Groupe Bruxelles Lambert NV 71,271 0.02 672 KBC Group NV 48,435 0.02 21 Sofina SA 4,871 0.00
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State Street CCF World Screened Index Equity Fund (continued)
Holdings Financial assets at fair value through profit or loss Fair Value USD
% of Net Assets
Equities (30 November 2023: 99.33%) (continued)
Belgium (30 November 2023: 0.20%) (continued) 461 Syensqo SA 34,210 0.01 646 UCB SA 126,465 0.04 Total Belgium 567,839 0.18
Bermuda (30 November 2023: 0.13%) 3,760 Aegon Ltd. 24,233 0.01 1,820 Arch Capital Group Ltd. 183,310 0.06 1,239 CK Infrastructure Holdings Ltd. 8,534 0.00 160 Everest Group Ltd. 62,010 0.02 Total Bermuda 278,087 0.09
Canada (30 November 2023: 3.35%) 2,297 Agnico Eagle Mines Ltd. 193,682 0.06 1,300 AltaGas Ltd. 31,791 0.01 3,420 Bank of Montreal 326,086 0.11 5,383 Bank of Nova Scotia 306,990 0.10 1,890 Brookfield Asset Management Ltd. 108,407 0.04 6,200 Brookfield Corp. 380,993 0.12 1,920 CAE, Inc. 45,129 0.01 1,820 Cameco Corp. 108,993 0.04 580 Canadian Apartment Properties REIT 18,993 0.01 4,100 Canadian Imperial Bank of Commerce 266,120 0.09 2,500 Canadian National Railway Co. 279,149 0.09 4,252 Canadian Pacific Kansas City Ltd. 325,274 0.11 300 Canadian Tire Corp. Ltd. 33,076 0.01 720 CCL Industries, Inc. 39,909 0.01 1,060 CGI, Inc. 119,979 0.04 80 Constellation Software, Inc. (Voting rights) 270,494 0.09 320 Descartes Systems Group, Inc. 37,733 0.01 1,200 Dollarama, Inc. 124,992 0.04 1,800 Element Fleet Management Corp. 38,182 0.01 9,920 Enbridge, Inc. 429,136 0.14 80 Fairfax Financial Holdings Ltd. 113,491 0.04 1,680 First Quantum Minerals Ltd. 22,954 0.01 260 FirstService Corp. 50,717 0.02 2,268 Fortis, Inc. 101,385 0.03 240 George Weston Ltd. 38,576 0.01 640 GFL Environmental, Inc. 30,356 0.01 1,040 Gildan Activewear, Inc. 51,697 0.02 1,500 Great-West Lifeco, Inc. 54,005 0.02 2,060 Hydro One Ltd. 67,369 0.02 460 iA Financial Corp., Inc. 43,968 0.01 1,120 Imperial Oil Ltd. 82,943 0.03 840 Intact Financial Corp. 159,985 0.05 2,300 Ivanhoe Mines Ltd. 30,965 0.01 1,100 Keyera Corp. 36,273 0.01 7,560 Kinross Gold Corp. 74,026 0.02 760 Loblaw Cos. Ltd. 98,627 0.03 2,320 Lundin Mining Corp. 22,767 0.01 1,060 Magna International, Inc. 48,172 0.02 7,820 Manulife Financial Corp. 251,721 0.08 1,200 Metro, Inc. 78,189 0.03 1,500 National Bank of Canada 148,602 0.05 2,260 Nutrien Ltd. 105,563 0.03 1,560 Open Text Corp. 47,508 0.02
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State Street CCF World Screened Index Equity Fund (continued)
Holdings Financial assets at fair value through profit or loss Fair Value USD
% of Net Assets
Equities (30 November 2023: 99.33%) (continued)
Canada (30 November 2023: 3.35%) (continued) 1,500 Pan American Silver Corp. 33,275 0.01 3,060 Pembina Pipeline Corp. 126,058 0.04 2,440 Power Corp. of Canada 82,184 0.03 160 Quebecor, Inc. 3,778 0.00 940 RB Global, Inc. 92,875 0.03 1,540 Restaurant Brands International, Inc. 107,249 0.03 2,079 Rogers Communications, Inc. 74,242 0.02 6,220 Royal Bank of Canada 782,570 0.26 180 Saputo, Inc. 3,355 0.00 5,440 Shopify, Inc. 628,797 0.20 400 Stantec, Inc. 34,645 0.01 2,480 Sun Life Financial, Inc. 152,628 0.05 4,774 TC Energy Corp. 232,742 0.08 2,100 Teck Resources Ltd. 98,044 0.03 121 TELUS Corp. (Non voting rights) 1,884 0.00 3,298 TELUS Corp. (Voting rights) 51,349 0.02 380 TFI International, Inc. 57,854 0.02 760 Thomson Reuters Corp. 123,997 0.04 2,100 TMX Group Ltd. 66,398 0.02 380 Toromont Industries Ltd. 31,211 0.01 7,760 Toronto-Dominion Bank 439,114 0.14 1,120 Waste Connections, Inc. 215,566 0.07 299 West Fraser Timber Co. Ltd. 29,367 0.01 2,074 Wheaton Precious Metals Corp. 129,048 0.04 640 WSP Global, Inc. 113,803 0.04 Total Canada 8,957,000 2.92
Cayman Islands (30 November 2023: 0.12%) 9,399 CK Asset Holdings Ltd. 38,410 0.01 13,504 CK Hutchison Holdings Ltd. 70,283 0.03 6,640 Grab Holdings Ltd. 33,200 0.01 13,935 HKT Trust & HKT Ltd. 17,317 0.01 12,139 Sands China Ltd. 30,950 0.01 1,880 Sea Ltd. 213,944 0.07 46,484 WH Group Ltd. 36,857 0.01 14,565 Wharf Real Estate Investment Co. Ltd. 39,026 0.01 Total Cayman Islands 479,987 0.16
Curacao (30 November 2023: 0.13%) 6,540 Schlumberger NV 287,368 0.09
Denmark (30 November 2023: 0.90%) 27 AP Moller - Maersk AS (Class B) 45,790 0.01 508 Carlsberg AS 52,289 0.02 642 Coloplast AS 80,866 0.03 3,483 Danske Bank AS 99,986 0.03 161 Demant AS 6,138 0.00 762 DSV AS 162,631 0.05 102 Genmab AS 22,044 0.01 14,557 Novo Nordisk AS 1,561,254 0.51 1,922 Novonesis (Novozymes) B 112,609 0.04 1,052 Orsted AS 58,373 0.02 421 Pandora AS 67,762 0.02 1,820 Tryg AS 41,911 0.01
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Holdings Financial assets at fair value through profit or loss Fair Value USD
% of Net Assets
Equities (30 November 2023: 99.33%) (continued)
Denmark (30 November 2023: 0.90%) (continued) 5,193 Vestas Wind Systems AS 80,679 0.03 Total Denmark 2,392,332 0.78
Finland (30 November 2023: 0.28%) 717 Elisa OYJ 32,473 0.01 2,380 Fortum OYJ 35,859 0.01 1,826 Kone OYJ 94,618 0.03 2,619 Metso OYJ 23,031 0.01 1,263 Neste OYJ 19,216 0.01 27,376 Nokia OYJ 115,066 0.04 14,223 Nordea Bank Abp 160,814 0.05 397 Orion OYJ 18,752 0.00 2,312 Sampo OYJ 98,996 0.03 2,687 Stora Enso OYJ 26,087 0.01 2,757 UPM-Kymmene OYJ 72,507 0.02 3,020 Wartsila OYJ Abp 54,879 0.02 Total Finland 752,298 0.24
France (30 November 2023: 2.99%) 1,046 Accor SA 48,257 0.02 2,618 Air Liquide SA 434,900 0.14 1,431 Alstom SA 32,178 0.01 297 Amundi SA 19,339 0.01 251 Arkema SA 19,883 0.01 8,059 AXA SA 280,723 0.09 170 BioMerieux 17,749 0.01 4,507 BNP Paribas SA 269,623 0.09 1,079 Bouygues SA 32,092 0.01 2,124 Bureau Veritas SA 64,609 0.02 788 Capgemini SE 126,424 0.04 3,159 Carrefour SA 48,046 0.02 2,003 Cie de Saint-Gobain SA 182,658 0.06 3,443 Cie Generale des Etablissements Michelin SCA 111,822 0.04 4,681 Credit Agricole SA 62,641 0.02 3,155 Danone SA 215,467 0.07 3,350 Dassault Systemes SE 115,525 0.04 1,095 Edenred SE 36,200 0.01 452 Eiffage SA 40,770 0.01 7,715 Engie SA 122,922 0.04 1,302 EssilorLuxottica SA 316,015 0.10 131 Gecina SA 13,193 0.00 2,313 Getlink SE 37,781 0.01 143 Hermes International SCA 311,891 0.10 393 Kering SA 91,630 0.03 1,075 Klepierre SA 32,496 0.01 335 La Francaise des Jeux SACA 13,233 0.00 1,131 Legrand SA 113,340 0.04 1,095 L’Oreal SA 380,097 0.12 1,255 LVMH Moet Hennessy Louis Vuitton SE 785,378 0.26 10,254 Orange SA 109,223 0.04 930 Pernod Ricard SA 104,022 0.03 1,050 Publicis Groupe SA 113,895 0.04 835 Renault SA 35,745 0.01 465 Rexel SA 12,003 0.00 5,125 Sanofi SA 498,486 0.16
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Holdings Financial assets at fair value through profit or loss Fair Value USD
% of Net Assets
Equities (30 November 2023: 99.33%) (continued)
France (30 November 2023: 2.99%) (continued) 137 Sartorius Stedim Biotech 26,097 0.01 2,479 Schneider Electric SE 637,561 0.21 3,127 Societe Generale SA 82,882 0.03 474 Sodexo SA 39,350 0.01 229 Teleperformance SE 21,531 0.01 9,779 TotalEnergies SE 567,762 0.18 384 Unibail-Rodamco-Westfield 31,457 0.01 2,953 Veolia Environnement SA 85,990 0.03 2,210 Vinci SA 233,094 0.08 4,430 Vivendi SE 40,660 0.01 Total France 7,016,640 2.29
Germany (30 November 2023: 2.34%) 700 adidas AG 164,947 0.05 1,761 Allianz SE 543,483 0.18 4,065 BASF SE 182,128 0.06 4,181 Bayer AG 85,617 0.03 1,572 Bayerische Motoren Werke AG (Voting rights) 116,258 0.04 508 Beiersdorf AG 65,808 0.02 588 Brenntag SE 37,884 0.01 333 Carl Zeiss Meditec AG 19,890 0.01 5,085 Commerzbank AG 78,011 0.03 671 Continental AG 43,968 0.01 1,062 Covestro AG 64,744 0.02 294 CTS Eventim AG & Co. KGaA 25,944 0.01 2,251 Daimler Truck Holding AG 85,115 0.03 1,625 Delivery Hero SE 66,490 0.02 7,926 Deutsche Bank AG 134,563 0.04 942 Deutsche Boerse AG 220,379 0.07 370 Deutsche Lufthansa AG 2,476 0.00 4,410 Deutsche Post AG 161,953 0.05 16,759 Deutsche Telekom AG 535,982 0.17 616 Dr. Ing hc F Porsche AG 38,439 0.01 9,656 E.ON SE 124,271 0.04 1,132 Fresenius Medical Care AG 49,738 0.02 2,260 Fresenius SE & Co. KGaA 79,416 0.03 1,099 GEA Group AG 54,927 0.02 278 Hannover Rueck SE 72,554 0.02 703 Heidelberg Materials AG 88,656 0.03 1,147 Henkel AG & Co. KGaA (Non voting rights) 97,838 0.03 209 Henkel AG & Co. KGaA (Voting rights) 15,861 0.00 5,844 Infineon Technologies AG 190,204 0.06 373 Knorr-Bremse AG 28,424 0.01 302 LEG Immobilien SE 27,987 0.01 3,616 Mercedes-Benz Group AG 202,266 0.07 662 Merck KGaA 99,007 0.03 179 MTU Aero Engines AG 60,915 0.02 617 Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 322,123 0.10 422 Nemetschek SE 43,769 0.01 568 Porsche Automobil Holding SE 20,769 0.01 423 Puma SE 19,792 0.01 204 Rheinmetall AG 134,105 0.04 4,730 SAP SE 1,123,562 0.37 102 Sartorius AG 23,464 0.01 3,459 Siemens AG 669,156 0.22 2,751 Siemens Energy AG 148,244 0.05
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State Street CCF World Screened Index Equity Fund (continued)
Holdings Financial assets at fair value through profit or loss Fair Value USD
% of Net Assets
Equities (30 November 2023: 99.33%) (continued)
Germany (30 November 2023: 2.34%) (continued) 1,413 Siemens Healthineers AG 76,591 0.02 724 Symrise AG 79,910 0.03 305 Talanx AG 25,836 0.01 758 Volkswagen AG 64,624 0.02 3,833 Vonovia SE 127,120 0.04 592 Zalando SE 18,395 0.01 Total Germany 6,763,603 2.20
Hong Kong (30 November 2023: 0.49%) 50,994 AIA Group Ltd. 381,068 0.13 13,912 BOC Hong Kong Holdings Ltd. 42,729 0.01 13,063 Galaxy Entertainment Group Ltd. 58,000 0.02 4,582 Hang Seng Bank Ltd. 54,437 0.02 7,175 Henderson Land Development Co. Ltd. 22,498 0.01 55,643 Hong Kong & China Gas Co. Ltd. 42,189 0.01 5,440 Hong Kong Exchanges & Clearing Ltd. 202,596 0.07 16,147 Link REIT 70,240 0.02 12,361 Sino Land Co. Ltd. 12,104 0.00 6,573 Sun Hung Kai Properties Ltd. 65,252 0.02 1,741 Swire Pacific Ltd. 14,330 0.01 7,326 Techtronic Industries Co. Ltd. 103,184 0.03 Total Hong Kong 1,068,627 0.35
Ireland (30 November 2023: 1.79%) 2,840 Accenture PLC 1,029,131 0.34 5,562 AIB Group PLC 30,254 0.01 420 Allegion PLC 59,153 0.02 900 Aon PLC 352,386 0.11 5,520 Bank of Ireland Group PLC 48,321 0.02 3,100 CRH PLC 317,037 0.10 498 DCC PLC 36,238 0.01 1,800 Eaton Corp. PLC 675,756 0.22 728 Flutter Entertainment PLC 199,963 0.06 2,159 James Hardie Industries PLC 79,058 0.03 3,040 Johnson Controls International PLC 254,934 0.08 800 Kerry Group PLC 77,272 0.03 773 Kingspan Group PLC 58,131 0.02 2,120 Linde PLC 977,299 0.32 5,720 Medtronic PLC 495,009 0.16 900 Pentair PLC 98,091 0.03 940 Seagate Technology Holdings PLC 95,250 0.03 1,120 Smurfit WestRock PLC (Non voting rights) 61,622 0.02 1,150 Smurfit WestRock PLC (Voting rights) 63,204 0.02 460 STERIS PLC 100,768 0.03 1,320 TE Connectivity PLC 199,478 0.06 1,000 Trane Technologies PLC 416,220 0.14 450 Willis Towers Watson PLC 144,900 0.05 Total Ireland 5,869,475 1.91
Isle of Man (30 November 2023: 0.01%) 2,192 Entain PLC 22,445 0.01
Israel (30 November 2023: 0.15%) 6,725 Bank Hapoalim BM 77,079 0.02
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State Street CCF World Screened Index Equity Fund (continued)
Holdings Financial assets at fair value through profit or loss Fair Value USD
% of Net Assets
Equities (30 November 2023: 99.33%) (continued)
Israel (30 November 2023: 0.15%) (continued) 8,057 Bank Leumi Le-Israel BM 91,525 0.03 420 Check Point Software Technologies Ltd. 76,440 0.02 160 CyberArk Software Ltd. 51,762 0.02 9,850 ICL Group Ltd. 44,432 0.01 3,282 Israel Discount Bank Ltd. 21,539 0.01 180 Monday.com Ltd. 51,365 0.02 320 Nice Ltd. 57,528 0.02 5,600 Teva Pharmaceutical Industries Ltd. 93,968 0.03 250 Wix.com Ltd. 55,935 0.02 Total Israel 621,573 0.20
Italy (30 November 2023: 0.51%) 427 Amplifon SpA 10,838 0.00 1,721 Banco BPM SpA 13,095 0.00 37,579 Enel SpA 270,295 0.09 11,676 Eni SpA 165,326 0.05 3,209 FinecoBank Banca Fineco SpA 51,484 0.02 4,143 Generali 118,498 0.04 65,283 Intesa Sanpaolo SpA 250,089 0.08 2,380 Mediobanca Banca di Credito Finanziario SpA 34,702 0.01 1,036 Moncler SpA 50,717 0.02 2,497 Poste Italiane SpA 35,037 0.01 1,320 Prysmian SpA 87,025 0.03 729 Recordati Industria Chimica e Farmaceutica SpA 39,692 0.01 10,319 Snam SpA 48,086 0.02 7,656 Terna - Rete Elettrica Nazionale 64,755 0.02 6,796 UniCredit SpA 261,169 0.09 Total Italy 1,500,808 0.49
Japan (30 November 2023: 6.08%) 3,468 Advantest Corp. 190,274 0.06 3,659 Aeon Co. Ltd. 87,562 0.03 780 AGC, Inc. 24,358 0.01 2,121 Aisin Corp. 22,285 0.01 2,093 Ajinomoto Co., Inc. 87,547 0.03 7,992 Asahi Group Holdings Ltd. 86,713 0.03 5,259 Asahi Kasei Corp. 37,398 0.01 3,800 Asics Corp. 75,982 0.02 8,373 Astellas Pharma, Inc. 87,056 0.03 2,706 Bandai Namco Holdings, Inc. 56,936 0.02 2,440 Bridgestone Corp. 86,903 0.03 5,158 Canon, Inc. 167,188 0.05 2,600 Capcom Co. Ltd. 60,696 0.02 3,150 Central Japan Railway Co. 64,747 0.02 2,396 Chiba Bank Ltd. 19,950 0.01 3,283 Chugai Pharmaceutical Co. Ltd. 144,230 0.05 6,000 Concordia Financial Group Ltd. 35,864 0.01 2,720 Dai Nippon Printing Co. Ltd. 41,384 0.01 464 Daifuku Co. Ltd. 9,630 0.00 3,862 Dai-ichi Life Holdings, Inc. 104,171 0.03 7,860 Daiichi Sankyo Co. Ltd. 248,541 0.08 1,200 Daikin Industries Ltd. 144,582 0.05 249 Daito Trust Construction Co. Ltd. 27,729 0.01 2,380 Daiwa House Industry Co. Ltd. 74,561 0.02 7,849 Daiwa Securities Group, Inc. 52,550 0.02
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Holdings Financial assets at fair value through profit or loss Fair Value USD
% of Net Assets
Equities (30 November 2023: 99.33%) (continued)
Japan (30 November 2023: 6.08%) (continued) 8,012 Denso Corp. 113,577 0.04 566 Dentsu Group, Inc. 14,411 0.00 460 Disco Corp. 124,353 0.04 5,110 East Japan Railway Co. 99,352 0.03 1,201 Eisai Co. Ltd. 37,345 0.01 18,148 ENEOS Holdings, Inc. 97,733 0.03 4,470 FANUC Corp. 115,690 0.04 877 Fast Retailing Co. Ltd. 298,455 0.10 753 Fuji Electric Co. Ltd. 42,231 0.01 5,807 FUJIFILM Holdings Corp. 130,458 0.04 1,600 Fujikura Ltd. 56,698 0.02 6,720 Fujitsu Ltd. 128,239 0.04 1,341 Hankyu Hanshin Holdings, Inc. 36,662 0.01 20,720 Hitachi Ltd. 517,500 0.17 20,031 Honda Motor Co. Ltd. 172,254 0.06 1,574 Hoya Corp. 201,853 0.07 3,823 Inpex Corp. 50,249 0.02 3,491 Isuzu Motors Ltd. 46,420 0.02 5,357 ITOCHU Corp. 263,382 0.09 2,238 Japan Airlines Co. Ltd. 37,187 0.01 5,602 Japan Exchange Group, Inc. 67,272 0.02 7,920 Japan Post Bank Co. Ltd. 74,673 0.02 10,853 Japan Post Holdings Co. Ltd. 108,360 0.04 2,017 JFE Holdings, Inc. 22,952 0.01 1,462 Kajima Corp. 26,605 0.01 1,902 Kao Corp. 82,496 0.03 1,540 Kawasaki Kisen Kaisha Ltd. 20,431 0.01 6,640 KDDI Corp. 218,850 0.07 852 Keyence Corp. 367,157 0.12 4,190 Kikkoman Corp. 45,796 0.01 2,981 Kirin Holdings Co. Ltd. 41,474 0.01 4,929 Komatsu Ltd. 132,131 0.04 293 Konami Group Corp. 28,825 0.01 3,472 Kubota Corp. 43,300 0.01 7,580 Kyocera Corp. 74,369 0.02 591 Kyowa Kirin Co. Ltd. 9,783 0.00 380 Lasertec Corp. 41,597 0.01 10,780 LY Corp. 29,565 0.01 741 Makita Corp. 23,110 0.01 6,323 Marubeni Corp. 94,897 0.03 2,300 MatsukiyoCocokara & Co. 32,145 0.01 776 MEIJI Holdings Co. Ltd. 16,534 0.01 1,724 Minebea Mitsumi, Inc. 28,113 0.01 4,923 Mitsubishi Chemical Group Corp. 25,729 0.01 15,096 Mitsubishi Corp. 253,853 0.08 8,359 Mitsubishi Electric Corp. 141,761 0.05 6,070 Mitsubishi Estate Co. Ltd. 85,663 0.03 4,800 Mitsubishi HC Capital, Inc. 32,280 0.01 14,950 Mitsubishi Heavy Industries Ltd. 218,748 0.07 49,971 Mitsubishi UFJ Financial Group, Inc. 596,251 0.19 11,554 Mitsui & Co. Ltd. 241,258 0.08 1,000 Mitsui Chemicals, Inc. 23,098 0.01 14,120 Mitsui Fudosan Co. Ltd. 117,898 0.04 2,000 Mitsui OSK Lines Ltd. 68,302 0.02 10,757 Mizuho Financial Group, Inc. 271,029 0.09 6,661 MS&AD Insurance Group Holdings, Inc. 148,180 0.05 7,565 Murata Manufacturing Co. Ltd. 126,432 0.04
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State Street CCF World Screened Index Equity Fund (continued)
Holdings Financial assets at fair value through profit or loss Fair Value USD
% of Net Assets
Equities (30 November 2023: 99.33%) (continued)
Japan (30 November 2023: 6.08%) (continued) 1,306 NEC Corp. 110,830 0.04 1,952 Nexon Co. Ltd. 26,755 0.01 4,334 NIDEC Corp. 79,503 0.03 4,610 Nintendo Co. Ltd. 270,427 0.09 40 Nippon Building Fund, Inc. 33,425 0.01 2,250 Nippon Paint Holdings Co. Ltd. 15,334 0.00 308 Nippon Sanso Holdings Corp. 8,956 0.00 3,771 Nippon Steel Corp. 76,809 0.02 129,710 Nippon Telegraph & Telephone Corp. 132,487 0.04 1,696 Nippon Yusen KK 54,160 0.02 14,071 Nissan Motor Co. Ltd. 33,626 0.01 1,500 Nissin Foods Holdings Co. Ltd. 39,731 0.01 424 Nitori Holdings Co. Ltd. 54,276 0.02 3,035 Nitto Denko Corp. 48,258 0.02 16,314 Nomura Holdings, Inc. 97,915 0.03 2,224 Nomura Research Institute Ltd. 67,837 0.02 2,599 NTT Data Group Corp. 50,151 0.02 3,324 Obayashi Corp. 47,253 0.02 1,970 Obic Co. Ltd. 64,340 0.02 5,660 Olympus Corp. 88,941 0.03 812 Omron Corp. 25,768 0.01 2,199 Ono Pharmaceutical Co. Ltd. 25,360 0.01 4,590 Oriental Land Co. Ltd. 108,129 0.04 5,033 ORIX Corp. 112,835 0.04 1,159 Osaka Gas Co. Ltd. 25,343 0.01 256 Otsuka Corp. 6,361 0.00 1,728 Otsuka Holdings Co. Ltd. 99,928 0.03 2,247 Pan Pacific International Holdings Corp. 56,959 0.02 11,852 Panasonic Holdings Corp. 115,651 0.04 10,580 Rakuten Group, Inc. 60,471 0.02 6,667 Recruit Holdings Co. Ltd. 461,010 0.15 7,582 Renesas Electronics Corp. 99,126 0.03 9,194 Resona Holdings, Inc. 76,522 0.02 2,289 Ricoh Co. Ltd. 25,941 0.01 1,716 SBI Holdings, Inc. 43,190 0.01 400 SCREEN Holdings Co. Ltd. 25,041 0.01 1,922 Secom Co. Ltd. 66,842 0.02 1,800 Seiko Epson Corp. 31,875 0.01 2,004 Sekisui Chemical Co. Ltd. 32,278 0.01 2,384 Sekisui House Ltd. 56,193 0.02 1,686 Shimadzu Corp. 47,296 0.02 329 Shimano, Inc. 45,894 0.01 8,110 Shin-Etsu Chemical Co. Ltd. 299,916 0.10 4,590 Shionogi & Co. Ltd. 64,762 0.02 1,618 Shiseido Co. Ltd. 30,763 0.01 1,522 Shizuoka Financial Group, Inc. 13,499 0.00 259 SMC Corp. 109,577 0.04 122,870 SoftBank Corp. 157,980 0.05 4,638 SoftBank Group Corp. 275,961 0.09 4,812 Sompo Holdings, Inc. 126,432 0.04 28,440 Sony Group Corp. 569,425 0.19 2,630 Subaru Corp. 42,142 0.01 4,485 Sumitomo Corp. 95,801 0.03 4,192 Sumitomo Electric Industries Ltd. 80,555 0.03 1,516 Sumitomo Metal Mining Co. Ltd. 37,308 0.01 16,989 Sumitomo Mitsui Financial Group, Inc. 416,962 0.14 2,620 Sumitomo Mitsui Trust Group, Inc. 65,350 0.02
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State Street CCF World Screened Index Equity Fund (continued)
Holdings Financial assets at fair value through profit or loss Fair Value USD
% of Net Assets
Equities (30 November 2023: 99.33%) (continued)
Japan (30 November 2023: 6.08%) (continued) 1,664 Sumitomo Realty & Development Co. Ltd. 51,387 0.02 1,183 Suntory Beverage & Food Ltd. 40,117 0.01 8,356 Suzuki Motor Corp. 88,270 0.03 2,646 Sysmex Corp. 55,744 0.02 2,881 T&D Holdings, Inc. 54,345 0.02 757 Taisei Corp. 32,818 0.01 6,650 Takeda Pharmaceutical Co. Ltd. 180,790 0.06 10,420 TDK Corp. 133,836 0.04 6,498 Terumo Corp. 132,007 0.04 418 Toho Co. Ltd. 18,211 0.01 8,207 Tokio Marine Holdings, Inc. 304,050 0.10 2,056 Tokyo Electron Ltd. 319,109 0.10 1,239 Tokyo Gas Co. Ltd. 37,207 0.01 3,512 Tokyu Corp. 40,923 0.01 1,300 TOPPAN Holdings, Inc. 34,685 0.01 6,346 Toray Industries, Inc. 40,324 0.01 518 Toyota Industries Corp. 38,457 0.01 46,400 Toyota Motor Corp. 788,292 0.26 3,633 Toyota Tsusho Corp. 61,709 0.02 793 Trend Micro, Inc. 43,450 0.01 2,158 Unicharm Corp. 55,910 0.02 2,794 West Japan Railway Co. 52,379 0.02 320 Yakult Honsha Co. Ltd. 6,509 0.00 5,435 Yamaha Motor Co. Ltd. 47,063 0.02 971 Yaskawa Electric Corp. 25,338 0.01 1,341 Yokogawa Electric Corp. 29,760 0.01 420 Zensho Holdings Co. Ltd. 25,228 0.01 Total Japan 16,777,181 5.47
Jersey (30 November 2023: 0.32%) 1,100 Aptiv PLC 61,083 0.02 4,122 Experian PLC 196,525 0.06 5,948 WPP PLC 64,957 0.02 Total Jersey 322,565 0.10
Liberia (30 November 2023: 0.05%) 1,011 Royal Caribbean Cruises Ltd. 246,745 0.08
Luxembourg (30 November 2023: 0.04%) 1,706 ArcelorMittal SA 42,957 0.01 522 Eurofins Scientific SE 25,797 0.01 2,503 Tenaris SA 48,009 0.02 Total Luxembourg 116,763 0.04
Netherlands (30 November 2023: 1.65%) 1,509 ABN AMRO Bank NV 23,453 0.01 97 Adyen NV 141,219 0.05 1,000 AerCap Holdings NV 99,360 0.03 1,037 Akzo Nobel NV 60,569 0.02 270 Argenx SE (Non voting rights) 167,226 0.05 236 ASM International NV 127,473 0.04 1,798 ASML Holding NV 1,250,333 0.41 987 ASR Nederland NV 47,224 0.01 291 BE Semiconductor Industries NV 34,731 0.01
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Holdings Financial assets at fair value through profit or loss Fair Value USD
% of Net Assets
Equities (30 November 2023: 99.33%) (continued)
Netherlands (30 November 2023: 1.65%) (continued) 5,380 CNH Industrial NV 67,573 0.02 1,568 Davide Campari-Milano NV 9,403 0.00 435 Euronext NV 48,564 0.02 408 EXOR NV 40,357 0.01 567 Ferrari NV 246,553 0.08 2,684 Ferrovial SE 110,615 0.04 565 Heineken Holding NV 35,805 0.01 1,429 Heineken NV 105,742 0.03 334 IMCD NV 50,129 0.02 14,959 ING Groep NV 231,592 0.08 4,018 Koninklijke Ahold Delhaize NV 138,560 0.04 14,380 Koninklijke KPN NV 55,756 0.02 3,661 Koninklijke Philips NV 99,723 0.03 1,320 LyondellBasell Industries NV 110,009 0.04 648 NN Group NV 30,094 0.01 1,120 NXP Semiconductors NV 256,894 0.08 6,485 Prosus NV 264,047 0.09 519 Qiagen NV 22,686 0.01 659 Randstad NV 28,962 0.01 9,645 Stellantis NV 127,705 0.04 3,506 STMicroelectronics NV 89,873 0.03 4,110 Universal Music Group NV 99,018 0.03 1,024 Wolters Kluwer NV 170,831 0.06 Total Netherlands 4,392,079 1.43
New Zealand (30 November 2023: 0.08%) 3,102 Fisher & Paykel Healthcare Corp. Ltd. 69,821 0.02 5,836 Mercury NZ Ltd. 22,854 0.01 6,861 Meridian Energy Ltd. 25,204 0.01 760 Xero Ltd. 86,074 0.03 Total New Zealand 203,953 0.07
Norway (30 November 2023: 0.18%) 1,209 Aker BP ASA 24,760 0.01 4,543 DNB Bank ASA 94,807 0.03 3,978 Equinor ASA 96,151 0.03 33 Gjensidige Forsikring ASA 586 0.00 351 Kongsberg Gruppen ASA 41,245 0.01 2,156 Mowi ASA 39,084 0.01 3,661 Norsk Hydro ASA 22,619 0.01 3,487 Orkla ASA 32,142 0.01 615 Salmar ASA 31,933 0.01 1,549 Telenor ASA 18,216 0.01 1,237 Yara International ASA 34,755 0.01 Total Norway 436,298 0.14
Panama (30 November 2023: 0.03%) 5,260 Carnival Corp. 133,762 0.04
Portugal (30 November 2023: 0.05%) 16,556 EDP SA 59,839 0.02 1,395 Galp Energia SGPS SA 22,889 0.01
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State Street CCF World Screened Index Equity Fund (continued)
Holdings Financial assets at fair value through profit or loss Fair Value USD
% of Net Assets
Equities (30 November 2023: 99.33%) (continued)
Portugal (30 November 2023: 0.05%) (continued) 1,906 Jeronimo Martins SGPS SA 37,122 0.01 Total Portugal 119,850 0.04
Singapore (30 November 2023: 0.35%) 27,761 CapitaLand Ascendas REIT 54,253 0.02 24,693 CapitaLand Integrated Commercial Trust 36,101 0.01 8,933 DBS Group Holdings Ltd. 282,719 0.09 13,257 Genting Singapore Ltd. 7,565 0.00 5,840 Keppel Ltd. 29,316 0.01 15,292 Oversea-Chinese Banking Corp. Ltd. 185,696 0.06 10,532 Singapore Airlines Ltd. 49,571 0.02 5,476 Singapore Exchange Ltd. 51,956 0.02 50,711 Singapore Telecommunications Ltd. (Non voting rights) 117,259 0.04 5,794 United Overseas Bank Ltd. 157,140 0.05 Total Singapore 971,576 0.32
Spain (30 November 2023: 0.72%) 1,197 ACS Actividades de Construccion y Servicios SA 55,577 0.02 399 Aena SME SA 86,308 0.03 2,049 Amadeus IT Group SA 143,743 0.05 26,564 Banco Bilbao Vizcaya Argentaria SA 250,716 0.08 33,692 Banco de Sabadell SA 63,538 0.02 71,908 Banco Santander SA 332,316 0.11 19,042 CaixaBank SA 103,497 0.03 2,524 Cellnex Telecom SA 90,586 0.03 26 EDP Renovaveis SA 304 0.00 28,459 Iberdrola SA 405,488 0.13 4,772 Industria de Diseno Textil SA 262,997 0.09 2,778 Redeia Corp. SA 49,587 0.02 5,360 Repsol SA 66,944 0.02 15,912 Telefonica SA 72,032 0.02 Total Spain 1,983,633 0.65
Sweden (30 November 2023: 0.81%) 1,009 Alfa Laval AB 42,905 0.01 5,504 Assa Abloy AB 168,817 0.06 11,737 Atlas Copco AB (Class A) 187,199 0.06 7,805 Atlas Copco AB (Class B) 110,154 0.04 955 Beijer Ref AB 15,044 0.01 772 Boliden AB 23,007 0.01 3,087 Epiroc AB (Class A) 56,191 0.02 1,950 Epiroc AB (Class B) 32,128 0.01 1,201 EQT AB 36,353 0.01 3,131 Essity AB 86,083 0.03 969 Evolution AB 84,486 0.03 1,160 Fastighets AB Balder 8,916 0.00 3,575 H & M Hennes & Mauritz AB 49,522 0.02 11,148 Hexagon AB 94,890 0.03 1,201 Industrivarden AB (Class C) 39,323 0.01 1,469 Indutrade AB 37,455 0.01 7,942 Investor AB 217,664 0.07 231 L E Lundbergforetagen AB 11,192 0.00 2,910 Nibe Industrier AB 12,318 0.01 1,674 Saab AB 36,619 0.01
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Holdings Financial assets at fair value through profit or loss Fair Value USD
% of Net Assets
Equities (30 November 2023: 99.33%) (continued)
Sweden (30 November 2023: 0.81%) (continued) 6,075 Sandvik AB 112,221 0.04 3,135 Securitas AB 39,608 0.01 8,603 Skandinaviska Enskilda Banken AB 119,367 0.04 2,317 Skanska AB 48,276 0.02 1,970 SKF AB 37,798 0.01 2,814 Svenska Cellulosa AB SCA 36,519 0.01 5,966 Svenska Handelsbanken AB 62,016 0.02 4,692 Swedbank AB 91,873 0.03 1,538 Swedish Orphan Biovitrum AB 42,595 0.01 2,681 Tele2 AB 28,102 0.01 10,829 Telefonaktiebolaget LM Ericsson 87,950 0.03 12,731 Telia Co. AB 37,253 0.01 1,028 Trelleborg AB 33,950 0.01 7,896 Volvo AB (Class B) 196,408 0.06 Total Sweden 2,324,202 0.76
Switzerland (30 November 2023: 3.13%) 7,306 ABB Ltd. 416,964 0.14 2,174 Alcon AG 193,414 0.06 211 Baloise Holding AG 40,092 0.01 22 Barry Callebaut AG 33,562 0.01 720 Bunge Global SA 64,613 0.02 5 Chocoladefabriken Lindt & Spruengli AG (Non voting rights) 57,775 0.02 1 Chocoladefabriken Lindt & Spruengli AG (Voting rights) 113,507 0.04 1,680 Chubb Ltd. 485,066 0.16 1,461 Coca-Cola HBC AG 52,070 0.02 981 DSM-Firmenich AG 107,706 0.03 24 EMS-Chemie Holding AG 17,067 0.01 760 Garmin Ltd. 161,576 0.05 178 Geberit AG 107,164 0.03 38 Givaudan SA 167,398 0.05 2,272 Holcim AG 231,429 0.08 1,096 Julius Baer Group Ltd. 72,528 0.02 283 Kuehne & Nagel International AG 67,650 0.02 836 Logitech International SA 67,848 0.02 322 Lonza Group AG 192,396 0.06 11,571 Nestle SA 1,004,484 0.33 8,866 Novartis AG 938,629 0.31 114 Partners Group Holding AG 165,630 0.05 3,249 Roche Holding AG (Non voting rights) 942,247 0.31 86 Roche Holding AG (Voting rights) 26,435 0.01 2,144 Sandoz Group AG 97,685 0.03 241 Schindler Holding AG (Non voting rights) 69,592 0.02 817 SGS SA 81,125 0.03 1,397 SIG Group AG 27,623 0.01 693 Sika AG 179,425 0.06 265 Sonova Holding AG 90,479 0.03 593 Straumann Holding AG 77,171 0.03 117 Swatch Group AG 21,242 0.01 118 Swiss Life Holding AG 96,677 0.03 524 Swiss Prime Site AG 57,902 0.02 1,365 Swiss Re AG 201,651 0.07 78 Swisscom AG 45,020 0.01 14,900 UBS Group AG 481,671 0.16 145 VAT Group AG 57,835 0.02
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Holdings Financial assets at fair value through profit or loss Fair Value USD
% of Net Assets
Equities (30 November 2023: 99.33%) (continued)
Switzerland (30 November 2023: 3.13%) (continued) 649 Zurich Insurance Group AG 411,500 0.13 Total Switzerland 7,723,848 2.52
United Kingdom (30 November 2023: 3.61%) 4,693 3i Group PLC 221,243 0.07 971 Admiral Group PLC 31,632 0.01 5,609 Anglo American PLC 179,694 0.06 2,252 Antofagasta PLC 48,732 0.02 2,218 Ashtead Group PLC 177,327 0.06 1,331 Associated British Foods PLC 37,185 0.01 6,999 AstraZeneca PLC 944,052 0.31 4,414 Auto Trader Group PLC 47,071 0.01 13,046 Aviva PLC 80,208 0.03 65,155 Barclays PLC 218,467 0.07 3,671 Barratt Redrow PLC 19,957 0.01 551 Berkeley Group Holdings PLC 29,050 0.01 72,082 BP PLC 352,416 0.11 35,110 BT Group PLC 71,090 0.02 1,596 Bunzl PLC 72,177 0.02 22,120 Centrica PLC 35,819 0.01 1,020 Coca-Cola Europacific Partners PLC 79,132 0.03 7,544 Compass Group PLC 258,035 0.08 649 Croda International PLC 28,459 0.01 9,946 Diageo PLC 297,400 0.10 18,462 GSK PLC 313,273 0.10 35,747 Haleon PLC 170,068 0.06 1,509 Halma PLC 51,940 0.02 1,189 Hargreaves Lansdown PLC 16,526 0.01 81,950 HSBC Holdings PLC 763,199 0.25 7,041 Informa PLC 76,661 0.02 773 InterContinental Hotels Group PLC 96,287 0.03 320 Intertek Group PLC 19,182 0.01 12,848 J Sainsbury PLC 42,655 0.01 9,009 Kingfisher PLC 28,341 0.01 3,607 Land Securities Group PLC 27,646 0.01 30,034 Legal & General Group PLC 84,481 0.03 271,884 Lloyds Banking Group PLC 183,364 0.06 2,194 London Stock Exchange Group PLC 314,285 0.10 10,375 M&G PLC 26,137 0.01 12,724 Marks & Spencer Group PLC 61,893 0.02 7,430 Melrose Industries PLC 54,246 0.02 2,254 Mondi PLC 34,107 0.01 22,592 National Grid PLC 285,031 0.09 28,612 NatWest Group PLC 146,451 0.05 625 Next PLC 80,076 0.03 2,491 Pearson PLC 39,039 0.01 1,653 Persimmon PLC 26,431 0.01 2,528 Phoenix Group Holdings PLC 16,516 0.01 11,028 Prudential PLC 89,962 0.03 3,053 Reckitt Benckiser Group PLC 188,593 0.06 8,299 RELX PLC 390,820 0.13 13,594 Rentokil Initial PLC 68,043 0.02 5,168 Rio Tinto PLC 324,268 0.11 36,338 Rolls-Royce Holdings PLC 258,003 0.08 2,160 Royalty Pharma PLC 57,586 0.02 4,612 Sage Group PLC 76,910 0.02
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Holdings Financial assets at fair value through profit or loss Fair Value USD
% of Net Assets
Equities (30 November 2023: 99.33%) (continued)
United Kingdom (30 November 2023: 3.61%) (continued) 1,069 Schroders PLC 4,283 0.00 6,486 Segro PLC 64,303 0.02 1,234 Severn Trent PLC 42,302 0.01 28,020 Shell PLC 901,589 0.29 4,457 Smith & Nephew PLC 56,481 0.02 2,163 Smiths Group PLC 48,690 0.02 433 Spirax Group PLC 39,461 0.01 4,821 SSE PLC 108,553 0.04 9,835 Standard Chartered PLC 121,558 0.04 14,585 Taylor Wimpey PLC 24,285 0.01 31,785 Tesco PLC 148,027 0.05 10,940 Unilever PLC (Voting rights) 653,688 0.21 3,577 United Utilities Group PLC 50,899 0.02 119,334 Vodafone Group PLC 107,510 0.03 1,300 Whitbread PLC 47,092 0.01 2,861 Wise PLC 32,074 0.01 Total United Kingdom 10,091,961 3.29
United States (30 November 2023: 66.80%) 2,460 3M Co. 328,484 0.11 540 A.O. Smith Corp. 40,225 0.01 7,760 Abbott Laboratories 921,655 0.30 8,040 AbbVie, Inc. 1,470,757 0.48 2,000 Adobe, Inc. 1,031,860 0.34 7,324 Advanced Micro Devices, Inc. 1,004,670 0.33 780 AECOM 91,237 0.03 2,240 Aflac, Inc. 255,360 0.08 1,240 Agilent Technologies, Inc. 171,083 0.06 1,000 Air Products & Chemicals, Inc. 334,330 0.11 1,940 Airbnb, Inc. 264,053 0.09 820 Akamai Technologies, Inc. 77,096 0.03 606 Albemarle Corp. 65,266 0.02 1,420 Albertsons Cos., Inc. 28,187 0.01 600 Alexandria Real Estate Equities, Inc. 66,138 0.02 340 Align Technology, Inc. 79,142 0.03 1,120 Allstate Corp. 232,277 0.08 1,460 Ally Financial, Inc. 58,371 0.02 540 Alnylam Pharmaceuticals, Inc. 136,658 0.04 26,340 Alphabet, Inc. (Class A) 4,450,143 1.45 22,820 Alphabet, Inc. (Class C) 3,890,582 1.27 42,680 Amazon.com, Inc. 8,872,745 2.89 2,640 American Express Co. 804,355 0.26 340 American Financial Group, Inc. 49,932 0.02 1,760 American Homes 4 Rent 67,390 0.02 3,010 American International Group, Inc. 231,409 0.08 2,140 American Tower Corp. 447,260 0.15 880 American Water Works Co., Inc. 120,507 0.04 440 Ameriprise Financial, Inc. 252,547 0.08 1,000 AMETEK, Inc. 194,380 0.06 2,380 Amgen, Inc. 673,231 0.22 5,480 Amphenol Corp. 398,122 0.13 2,252 Analog Devices, Inc. 491,049 0.16 2,360 Annaly Capital Management, Inc. 47,035 0.02 420 ANSYS, Inc. 147,462 0.05 1,723 Apollo Global Management, Inc. 301,577 0.10 68,780 Apple, Inc. 16,323,558 5.32
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State Street CCF World Screened Index Equity Fund (continued)
Holdings Financial assets at fair value through profit or loss Fair Value USD
% of Net Assets
Equities (30 November 2023: 99.33%) (continued)
United States (30 November 2023: 66.80%) (continued) 3,760 Applied Materials, Inc. 656,910 0.21 900 AppLovin Corp. 303,075 0.10 2,220 Archer-Daniels-Midland Co. 121,212 0.04 860 ARES Management Corp. 151,988 0.05 1,220 Arista Networks, Inc. 495,100 0.16 940 Arthur J Gallagher & Co. 293,506 0.10 120 Aspen Technology, Inc. 30,000 0.01 100 Assurant, Inc. 22,710 0.01 32,620 AT&T, Inc. 755,479 0.25 620 Atlassian Corp. 163,420 0.05 720 Atmos Energy Corp. 108,950 0.04 1,060 Autodesk, Inc. 309,414 0.10 1,780 Automatic Data Processing, Inc. 546,335 0.18 86 AutoZone, Inc. 272,581 0.09 720 AvalonBay Communities, Inc. 169,452 0.06 3,500 Avantor, Inc. 73,710 0.02 380 Avery Dennison Corp. 78,261 0.03 340 Axon Enterprise, Inc. 219,966 0.07 4,600 Baker Hughes Co. 202,170 0.07 1,620 Ball Corp. 100,699 0.03 31,700 Bank of America Corp. 1,506,067 0.49 3,160 Bank of New York Mellon Corp. 258,709 0.08 2,600 Baxter International, Inc. 87,646 0.03 1,300 Becton Dickinson & Co. 288,470 0.09 560 Bentley Systems, Inc. 27,720 0.01 5,900 Berkshire Hathaway, Inc. 2,849,818 0.93 780 Best Buy Co., Inc. 70,200 0.02 770 Biogen, Inc. 123,685 0.04 980 BioMarin Pharmaceutical, Inc. 64,709 0.02 80 Bio-Rad Laboratories, Inc. 27,242 0.01 860 Bio-Techne Corp. 64,810 0.02 620 Blackrock, Inc. 634,136 0.21 3,280 Blackstone, Inc. 626,775 0.20 2,344 Block, Inc. 207,561 0.07 154 Booking Holdings, Inc. 801,105 0.26 680 Booz Allen Hamilton Holding Corp. 100,762 0.03 6,580 Boston Scientific Corp. 596,543 0.19 9,140 Bristol-Myers Squibb Co. 541,271 0.18 19,950 Broadcom, Inc. 3,233,496 1.05 600 Broadridge Financial Solutions, Inc. 141,612 0.05 1,240 Brown & Brown, Inc. 140,244 0.05 880 Brown-Forman Corp. 37,030 0.01 640 Builders FirstSource, Inc. 119,341 0.04 340 Burlington Stores, Inc. 95,839 0.03 720 BXP, P, Inc. 59,033 0.02 1,260 Cadence Design Systems, Inc. 386,581 0.13 460 Camden Property Trust 57,868 0.02 780 Campbell’s Co. 36,036 0.01 1,760 Capital One Financial Corp. 337,938 0.11 1,220 Cardinal Health, Inc. 149,133 0.05 170 Carlisle Cos., Inc. 77,639 0.03 1,360 Carlyle Group, Inc. 72,393 0.02 860 CarMax, Inc. 72,214 0.02 3,560 Carrier Global Corp. 275,437 0.09 500 Carvana Co. 130,210 0.04 940 Catalent, Inc. 57,443 0.02 2,240 Caterpillar, Inc. 909,686 0.30
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Holdings Financial assets at fair value through profit or loss Fair Value USD
% of Net Assets
Equities (30 November 2023: 99.33%) (continued)
United States (30 November 2023: 66.80%) (continued) 460 Cboe Global Markets, Inc. 99,291 0.03 1,420 CBRE Group, Inc. 198,786 0.06 680 CDW Corp. 119,632 0.04 800 Cencora, Inc. 201,240 0.07 2,260 Centene Corp. 135,600 0.04 880 CF Industries Holdings, Inc. 78,901 0.03 500 CH Robinson Worldwide, Inc. 52,790 0.02 300 Charles River Laboratories International, Inc. 59,718 0.02 6,829 Charles Schwab Corp. 565,168 0.18 360 Charter Communications, Inc. 142,907 0.05 1,080 Cheniere Energy, Inc. 241,931 0.08 5,950 Chipotle Mexican Grill, Inc. 366,044 0.12 980 Church & Dwight Co., Inc. 107,927 0.04 1,240 Cigna Group 418,872 0.14 560 Cincinnati Financial Corp. 89,505 0.03 1,680 Cintas Corp. 379,327 0.12 18,240 Cisco Systems, Inc. 1,079,990 0.35 8,680 Citigroup, Inc. 615,152 0.20 2,520 Citizens Financial Group, Inc. 121,313 0.04 640 Clorox Co. 106,989 0.03 1,460 Cloudflare, Inc. 145,752 0.05 1,580 CME Group, Inc. 376,040 0.12 1,440 CMS Energy Corp. 100,382 0.03 18,360 Coca-Cola Co. 1,176,509 0.38 2,000 Cognizant Technology Solutions Corp. 160,980 0.05 800 Coinbase Global, Inc. 236,960 0.08 3,500 Colgate-Palmolive Co. 338,205 0.11 17,420 Comcast Corp. 752,370 0.25 2,680 Conagra Brands, Inc. 73,834 0.02 1,440 Consolidated Edison, Inc. 144,850 0.05 800 Constellation Brands, Inc. 192,760 0.06 1,460 Constellation Energy Corp. 374,578 0.12 940 Cooper Cos., Inc. 98,192 0.03 3,740 Copart, Inc. 237,079 0.08 1,900 Corebridge Financial, Inc. 61,503 0.02 3,340 Corning, Inc. 162,558 0.05 340 Corpay, Inc. 129,601 0.04 3,120 Corteva, Inc. 194,189 0.06 1,740 CoStar Group, Inc. 141,532 0.05 2,060 Costco Wholesale Corp. 2,002,073 0.65 1,000 Crowdstrike Holdings, Inc. 345,970 0.11 1,920 Crown Castle, Inc. 204,000 0.07 640 Crown Holdings, Inc. 58,938 0.02 8,840 CSX Corp. 323,102 0.11 666 Cummins, Inc. 249,777 0.08 5,720 CVS Health Corp. 342,342 0.11 2,980 Danaher Corp. 714,276 0.23 540 Darden Restaurants, Inc. 95,186 0.03 1,380 Datadog, Inc. 210,795 0.07 200 DaVita, Inc. 33,234 0.01 620 Dayforce, Inc. 49,594 0.02 480 Deckers Outdoor Corp. 94,061 0.03 1,200 Deere & Co. 559,080 0.18 1,220 Dell Technologies, Inc. 155,660 0.05 860 Delta Air Lines, Inc. 54,885 0.02 1,660 Dexcom, Inc. 129,463 0.04 190 Dick’s Sporting Goods, Inc. 39,376 0.01
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Holdings Financial assets at fair value through profit or loss Fair Value USD
% of Net Assets
Equities (30 November 2023: 99.33%) (continued)
United States (30 November 2023: 66.80%) (continued) 1,340 Digital Realty Trust, Inc. 262,225 0.09 1,030 Discover Financial Services 187,903 0.06 1,020 DocuSign, Inc. 81,284 0.03 960 Dollar General Corp. 74,179 0.02 810 Dollar Tree, Inc. 57,729 0.02 3,800 Dominion Energy, Inc. 223,250 0.07 120 Domino’s Pizza, Inc. 57,143 0.02 1,280 DoorDash, Inc. 231,014 0.08 680 Dover Corp. 140,012 0.05 3,120 Dow, Inc. 137,935 0.04 1,280 DR Horton, Inc. 216,038 0.07 2,180 DraftKings, Inc. 95,157 0.03 1,837 DuPont de Nemours, Inc. 153,555 0.05 1,080 Dynatrace, Inc. 60,685 0.02 2,080 eBay, Inc. 131,643 0.04 1,144 Ecolab, Inc. 284,593 0.09 1,860 Edison International 163,215 0.05 2,760 Edwards Lifesciences Corp. 196,926 0.06 1,220 Electronic Arts, Inc. 199,677 0.06 1,040 Elevance Health, Inc. 423,238 0.14 3,640 Eli Lilly & Co. 2,895,074 0.94 200 EMCOR Group, Inc. 102,024 0.03 2,540 Emerson Electric Co. 336,804 0.11 680 Enphase Energy, Inc. 48,518 0.02 720 Entegris, Inc. 76,054 0.02 1,000 Entergy Corp. 156,170 0.05 300 EPAM Systems, Inc. 73,176 0.02 540 Equifax, Inc. 141,242 0.05 420 Equinix, Inc. 412,222 0.13 1,880 Equitable Holdings, Inc. 90,672 0.03 740 Equity LifeStyle Properties, Inc. 52,784 0.02 1,380 Equity Residential 105,791 0.03 80 Erie Indemnity Co. 35,245 0.01 1,380 Essential Utilities, Inc. 55,241 0.02 340 Essex Property Trust, Inc. 105,556 0.03 990 Estee Lauder Cos., Inc. 71,399 0.02 1,540 Eversource Energy 99,315 0.03 640 Exact Sciences Corp. 39,731 0.01 4,620 Exelon Corp. 182,767 0.06 620 Expedia Group, Inc. 114,464 0.04 760 Expeditors International of Washington, Inc. 92,446 0.03 960 Extra Space Storage, Inc. 164,122 0.05 200 F5, Inc. 50,070 0.02 120 FactSet Research Systems, Inc. 58,880 0.02 80 Fair Isaac Corp. 190,002 0.06 2,440 Fastenal Co. 203,886 0.07 1,040 FedEx Corp. 314,777 0.10 980 Ferguson Enterprises, Inc. 211,611 0.07 1,320 Fidelity National Financial, Inc. 83,675 0.03 2,580 Fidelity National Information Services, Inc. 220,074 0.07 3,500 Fifth Third Bancorp 168,210 0.05 40 First Citizens BancShares, Inc. 91,800 0.03 460 First Solar, Inc. 91,664 0.03 2,698 Fiserv, Inc. 596,150 0.19 17,520 Ford Motor Co. 194,998 0.06 2,760 Fortinet, Inc. 262,338 0.09 1,440 Fortive Corp. 114,235 0.04
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Holdings Financial assets at fair value through profit or loss Fair Value USD
% of Net Assets
Equities (30 November 2023: 99.33%) (continued)
United States (30 November 2023: 66.80%) (continued) 640 Fortune Brands Innovations, Inc. 50,112 0.02 1,460 Fox Corp. (Class A) 68,795 0.02 1,680 Franklin Resources, Inc. 38,237 0.01 6,600 Freeport-McMoRan, Inc. 291,720 0.09 1,520 Gaming & Leisure Properties, Inc. 78,447 0.03 370 Gartner, Inc. 191,634 0.06 2,119 GE HealthCare Technologies, Inc. 176,343 0.06 1,194 GE Vernova, Inc. 398,939 0.13 2,940 Gen Digital, Inc. 90,699 0.03 4,977 General Electric Co. 906,610 0.30 2,180 General Mills, Inc. 144,447 0.05 5,120 General Motors Co. 284,621 0.09 580 Genuine Parts Co. 73,503 0.02 5,600 Gilead Sciences, Inc. 518,448 0.17 1,220 Global Payments, Inc. 145,131 0.05 620 GoDaddy, Inc. 122,493 0.04 1,460 Goldman Sachs Group, Inc. 888,512 0.29 600 Graco, Inc. 54,648 0.02 4,000 Halliburton Co. 127,440 0.04 1,180 Hartford Financial Services Group, Inc. 145,506 0.05 920 HCA Healthcare, Inc. 301,042 0.10 2,820 Healthpeak Properties, Inc. 62,012 0.02 400 HEICO Corp. (Restricted voting rights) 84,452 0.03 260 HEICO Corp. (Voting rights) 71,076 0.02 780 Henry Schein, Inc. 60,099 0.02 620 Hershey Co. 109,201 0.04 4,960 Hewlett Packard Enterprise Co. 105,251 0.03 860 HF Sinclair Corp. 35,200 0.01 1,070 Hilton Worldwide Holdings, Inc. 271,181 0.09 880 Hologic, Inc. 69,960 0.02 4,460 Home Depot, Inc. 1,913,920 0.62 1,680 Hormel Foods Corp. 54,482 0.02 3,820 Host Hotels & Resorts, Inc. 70,364 0.02 1,600 Howmet Aerospace, Inc. 189,408 0.06 4,760 HP, P, Inc. 168,647 0.05 200 Hubbell, Inc. 92,018 0.03 260 HubSpot, Inc. 187,473 0.06 540 Humana, Inc. 160,045 0.05 6,620 Huntington Bancshares, Inc. 119,226 0.04 260 Hyatt Hotels Corp. 41,064 0.01 380 IDEX Corp. 87,639 0.03 380 IDEXX Laboratories, Inc. 160,265 0.05 1,350 Illinois Tool Works, Inc. 374,652 0.12 760 Illumina, Inc. 109,554 0.04 880 Incyte Corp. 65,639 0.02 1,740 Ingersoll Rand, Inc. 181,256 0.06 340 Insulet Corp. 90,705 0.03 19,260 Intel Corp. 463,203 0.15 2,540 Intercontinental Exchange, Inc. 408,838 0.13 4,200 International Business Machines Corp. 955,122 0.31 1,124 International Flavors & Fragrances, Inc. 102,689 0.03 1,760 International Paper Co. 103,541 0.03 2,060 Interpublic Group of Cos., Inc. 63,469 0.02 1,300 Intuit, Inc. 834,249 0.27 1,640 Intuitive Surgical, Inc. 888,880 0.29 3,160 Invitation Homes, Inc. 108,230 0.04 840 IQVIA Holdings, Inc. 168,706 0.05
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Holdings Financial assets at fair value through profit or loss Fair Value USD
% of Net Assets
Equities (30 November 2023: 99.33%) (continued)
United States (30 November 2023: 66.80%) (continued) 1,440 Iron Mountain, Inc. 178,085 0.06 360 J.M. Smucker Co. 42,404 0.01 380 Jabil, Inc. 51,615 0.02 340 Jack Henry & Associates, Inc. 59,901 0.02 480 JB Hunt Transport Services, Inc. 90,773 0.03 10,721 Johnson & Johnson 1,661,862 0.54 12,860 JPMorgan Chase & Co. 3,211,399 1.05 1,220 Juniper Networks, Inc. 43,822 0.01 1,060 Kellanova 86,167 0.03 8,351 Kenvue, Inc. 201,092 0.07 4,640 Keurig Dr. Pepper, Inc. 151,496 0.05 5,120 KeyCorp 99,738 0.03 740 Keysight Technologies, Inc. 126,422 0.04 1,300 Kimberly-Clark Corp. 181,155 0.06 3,100 Kimco Realty Corp. 79,267 0.03 2,870 KKR & Co., Inc. 467,437 0.15 580 KLA Corp. 375,277 0.12 4,340 Kraft Heinz Co. 138,750 0.05 2,800 Kroger Co. 171,024 0.06 420 Labcorp Holdings, Inc. 101,287 0.03 5,800 Lam Research Corp. 428,504 0.14 820 Lamb Weston Holdings, Inc. 63,337 0.02 1,900 Las Vegas Sands Corp. 100,814 0.03 1,080 Lennar Corp. 188,341 0.06 120 Lennox International, Inc. 80,056 0.03 1,080 Liberty Media Corp.-Liberty Formula One 95,429 0.03 860 Live Nation Entertainment, Inc. 118,895 0.04 960 LKQ Corp. 37,718 0.01 880 Loews Corp. 76,322 0.02 2,580 Lowe’s Cos., Inc. 702,869 0.23 380 LPL Financial Holdings, Inc. 123,557 0.04 500 Lululemon Athletica, Inc. 160,330 0.05 700 M&T Bank Corp. 153,993 0.05 300 Manhattan Associates, Inc. 85,632 0.03 1,620 Marathon Petroleum Corp. 252,963 0.08 64 Markel Group, Inc. 114,107 0.04 1,120 Marriott International, Inc. 323,781 0.11 2,160 Marsh & McLennan Cos., Inc. 503,777 0.16 300 Martin Marietta Materials, Inc. 180,000 0.06 3,940 Marvell Technology, Inc. 365,199 0.12 1,000 Masco Corp. 80,560 0.03 3,700 Mastercard, Inc. 1,971,878 0.64 1,600 Match Group, Inc. 52,384 0.02 980 McCormick & Co., Inc. 76,842 0.02 3,200 McDonald’s Corp. 947,232 0.31 580 McKesson Corp. 364,530 0.12 180 MercadoLibre, Inc. 357,331 0.12 11,400 Merck & Co., Inc. 1,158,696 0.38 9,840 Meta Platforms, Inc. 5,651,309 1.84 2,720 MetLife, Inc. 239,986 0.08 80 Mettler-Toledo International, Inc. 100,096 0.03 1,140 MGM Resorts International 43,708 0.01 2,420 Microchip Technology, Inc. 164,971 0.05 4,980 Micron Technology, Inc. 487,791 0.16 32,000 Microsoft Corp. 13,550,720 4.42 800 MicroStrategy, Inc. 309,976 0.10 600 Mid-America Apartment Communities, Inc. 98,496 0.03
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State Street CCF World Screened Index Equity Fund (continued)
Holdings Financial assets at fair value through profit or loss Fair Value USD
% of Net Assets
Equities (30 November 2023: 99.33%) (continued)
United States (30 November 2023: 66.80%) (continued) 1,460 Moderna, Inc. 62,868 0.02 300 Molina Healthcare, Inc. 89,370 0.03 780 Molson Coors Beverage Co. 48,407 0.02 6,040 Mondelez International, Inc. 392,298 0.13 340 MongoDB, Inc. 109,647 0.04 260 Monolithic Power Systems, Inc. 147,586 0.05 2,960 Monster Beverage Corp. 163,185 0.05 700 Moody’s Corp. 349,986 0.11 5,573 Morgan Stanley 733,463 0.24 1,860 Mosaic Co. 49,216 0.02 700 Motorola Solutions, Inc. 349,790 0.11 1,700 Nasdaq, Inc. 141,083 0.05 1,060 NetApp, Inc. 129,998 0.04 1,960 Netflix, Inc. 1,738,148 0.57 560 Neurocrine Biosciences, Inc. 70,980 0.02 5,309 Newmont Corp. 222,660 0.07 1,260 News Corp. (Class A) 36,981 0.01 9,360 NextEra Energy, Inc. 736,351 0.24 5,560 NIKE, Inc. 437,961 0.14 2,100 NiSource, Inc. 79,989 0.03 300 Nordson Corp. 78,297 0.03 1,000 Norfolk Southern Corp. 275,850 0.09 1,120 Northern Trust Corp. 124,499 0.04 800 NRG Energy, Inc. 81,288 0.03 1,080 Nucor Corp. 167,065 0.05 1,100 Nutanix, Inc. 71,808 0.02 111,000 NVIDIA Corp. 15,345,750 5.00 12 NVR, Inc. 110,827 0.04 860 Okta, Inc. 66,702 0.02 820 Old Dominion Freight Line, Inc. 184,615 0.06 1,120 Omnicom Group, Inc. 117,398 0.04 1,820 ON Semiconductor Corp. 129,438 0.04 2,680 ONEOK, Inc. 304,448 0.10 7,460 Oracle Corp. 1,378,906 0.45 300 O’Reilly Automotive, Inc. 372,966 0.12 1,780 Otis Worldwide Corp. 183,304 0.06 320 Owens Corning 65,798 0.02 2,340 PACCAR, Inc. 273,780 0.09 420 Packaging Corp. of America 104,517 0.03 9,300 Palantir Technologies, Inc. 623,844 0.20 1,480 Palo Alto Networks, Inc. 573,974 0.19 540 Parker-Hannifin Corp. 379,566 0.12 1,360 Paychex, Inc. 198,927 0.06 300 Paycom Software, Inc. 69,576 0.02 4,560 PayPal Holdings, Inc. 395,671 0.13 6,180 PepsiCo, Inc. 1,010,121 0.33 25,600 Pfizer, Inc. 670,976 0.22 9,520 PG&E Corp. 205,918 0.07 1,940 Phillips 66 259,921 0.08 3,020 Pinterest, Inc. 91,566 0.03 1,800 PNC Financial Services Group, Inc. 386,496 0.13 220 Pool Corp. 82,960 0.03 1,040 PPG Industries, Inc. 129,345 0.04 1,240 Principal Financial Group, Inc. 107,992 0.04 10,560 Procter & Gamble Co. 1,892,986 0.62 2,680 Progressive Corp. 720,598 0.23 4,205 Prologis, Inc. 491,060 0.16
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Annual Report and Audited Financial Statements for the financial year ended 30 November 2024 Schedule of Investments as at 30 November 2024 (continued)
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State Street CCF World Screened Index Equity Fund (continued)
Holdings Financial assets at fair value through profit or loss Fair Value USD
% of Net Assets
Equities (30 November 2023: 99.33%) (continued)
United States (30 November 2023: 66.80%) (continued) 1,480 Prudential Financial, Inc. 191,527 0.06 600 PTC, Inc. 120,036 0.04 2,260 Public Service Enterprise Group, Inc. 213,118 0.07 660 Public Storage 229,713 0.07 1,100 PulteGroup, Inc. 148,797 0.05 1,300 Pure Storage, Inc. 68,887 0.02 360 Qorvo, Inc. 24,858 0.01 5,060 QUALCOMM, Inc. 802,162 0.26 720 Quanta Services, Inc. 248,054 0.08 600 Quest Diagnostics, Inc. 97,596 0.03 970 Raymond James Financial, Inc. 164,202 0.05 3,570 Realty Income Corp. 206,667 0.07 800 Regency Centers Corp. 60,472 0.02 508 Regeneron Pharmaceuticals, Inc. 381,112 0.12 4,320 Regions Financial Corp. 117,763 0.04 300 Reliance, Inc. 96,372 0.03 1,000 Republic Services, Inc. 218,300 0.07 720 ResMed, Inc. 179,294 0.06 640 Revvity, Inc. 74,330 0.02 2,920 Rivian Automotive, Inc. 35,712 0.01 1,920 Robinhood Markets, Inc. 72,077 0.02 2,180 ROBLOX Corp. 109,283 0.04 490 Rockwell Automation, Inc. 144,619 0.05 665 Roku, Inc. 45,905 0.01 1,540 Rollins, Inc. 77,508 0.03 460 Roper Technologies, Inc. 260,562 0.08 1,500 Ross Stores, Inc. 232,305 0.08 740 RPM International, Inc. 102,697 0.03 1,465 S&P Global, Inc. 765,477 0.25 4,406 Salesforce, Inc. 1,453,936 0.47 500 Samsara, Inc. 26,745 0.01 400 SBA Communications Corp. 90,500 0.03 700 SEI Investments Co. 57,841 0.02 3,040 Sempra 284,757 0.09 920 ServiceNow, Inc. 965,485 0.31 1,080 Sherwin-Williams Co. 429,192 0.14 1,460 Simon Property Group, Inc. 268,056 0.09 560 Skyworks Solutions, Inc. 49,050 0.02 4,700 Snap, Inc. 55,507 0.02 300 Snap-on, Inc. 110,907 0.04 1,420 Snowflake, Inc. 248,216 0.08 540 Solventum Corp. 38,615 0.01 1,200 SS&C Technologies Holdings, Inc. 92,808 0.03 860 Stanley Black & Decker, Inc. 76,927 0.03 5,090 Starbucks Corp. 521,521 0.17 1,200 State Street Corp. 118,212 0.04 660 Steel Dynamics, Inc. 95,878 0.03 1,500 Stryker Corp. 588,225 0.19 640 Sun Communities, Inc. 80,851 0.03 2,600 Super Micro Computer, Inc. 84,864 0.03 2,120 Synchrony Financial 143,142 0.05 720 Synopsys, Inc. 402,113 0.13 2,100 Sysco Corp. 161,931 0.05 900 T. Rowe Price Group, Inc. 111,456 0.04 650 Take-Two Interactive Software, Inc. 122,447 0.04 860 Targa Resources Corp. 175,698 0.06 2,140 Target Corp. 283,143 0.09
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State Street CCF World Screened Index Equity Fund (continued)
Holdings Financial assets at fair value through profit or loss Fair Value USD
% of Net Assets
Equities (30 November 2023: 99.33%) (continued)
United States (30 November 2023: 66.80%) (continued) 160 Teledyne Technologies, Inc. 77,642 0.03 210 Teleflex, Inc. 40,499 0.01 760 Teradyne, Inc. 83,600 0.03 13,080 Tesla, Inc. 4,514,693 1.47 4,100 Texas Instruments, Inc. 824,223 0.27 1,760 Thermo Fisher Scientific, Inc. 932,149 0.30 5,180 TJX Cos., Inc. 651,074 0.21 2,315 T-Mobile U.S., Inc. 571,666 0.19 1,780 Toast, Inc. 77,501 0.03 360 Toro Co. 31,349 0.01 500 Tractor Supply Co. 141,835 0.05 1,960 Trade Desk, Inc. 251,958 0.08 400 Tradeweb Markets, Inc. 54,200 0.02 220 TransDigm Group, Inc. 275,653 0.09 980 TransUnion 99,470 0.03 1,100 Travelers Cos., Inc. 292,644 0.10 1,280 Trimble, Inc. 93,402 0.03 6,020 Truist Financial Corp. 287,034 0.09 900 Twilio, Inc. 94,086 0.03 160 Tyler Technologies, Inc. 100,667 0.03 1,500 Tyson Foods, Inc. 96,750 0.03 7,140 U.S. Bancorp 380,491 0.12 8,540 Uber Technologies, Inc. 614,538 0.20 1,820 UDR, Inc. 83,465 0.03 260 U-Haul Holding Co. 16,234 0.01 160 Ulta Beauty, Inc. 61,862 0.02 2,760 Union Pacific Corp. 675,262 0.22 3,360 United Parcel Service, Inc. 456,019 0.15 340 United Rentals, Inc. 294,440 0.10 160 United Therapeutics Corp. 59,278 0.02 4,180 UnitedHealth Group, Inc. 2,550,636 0.83 1,480 Valero Energy Corp. 205,838 0.07 620 Veeva Systems, Inc. 141,267 0.05 1,800 Ventas, Inc. 115,326 0.04 1,206 Veralto Corp. 130,477 0.04 320 VeriSign, Inc. 59,898 0.02 620 Verisk Analytics, Inc. 182,410 0.06 19,080 Verizon Communications, Inc. 846,007 0.28 1,120 Vertex Pharmaceuticals, Inc. 524,306 0.17 1,600 Vertiv Holdings Co. 204,160 0.07 6,420 Viatris, Inc. 84,038 0.03 4,660 VICI Properties, Inc. 151,963 0.05 7,520 Visa, Inc. 2,369,402 0.77 580 Vulcan Materials Co. 167,115 0.05 1,605 W.R. Berkley Corp. 103,603 0.03 19,900 Walmart, Inc. 1,840,750 0.60 8,280 Walt Disney Co. 972,652 0.32 11,768 Warner Bros Discovery, Inc. 123,329 0.04 1,640 Waste Management, Inc. 374,281 0.12 300 Waters Corp. 115,416 0.04 120 Watsco, Inc. 66,192 0.02 15,700 Wells Fargo & Co. 1,195,869 0.39 2,560 Welltower, Inc. 353,741 0.12 280 West Pharmaceutical Services, Inc. 91,190 0.03 1,620 Western Digital Corp. 118,244 0.04 690 Westinghouse Air Brake Technologies Corp. 138,428 0.05 3,800 Weyerhaeuser Co. 122,588 0.04
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Annual Report and Audited Financial Statements for the financial year ended 30 November 2024 Schedule of Investments as at 30 November 2024 (continued)
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State Street CCF World Screened Index Equity Fund (continued)
Holdings Financial assets at fair value through profit or loss Fair Value USD
% of Net Assets
Equities (30 November 2023: 99.33%) (continued)
United States (30 November 2023: 66.80%) (continued) 5,620 Williams Cos., Inc. 328,882 0.11 600 Williams-Sonoma, Inc. 103,212 0.03 1,020 Workday, Inc. 254,990 0.08 860 WP Carey, Inc. 49,072 0.02 160 WW Grainger, Inc. 192,854 0.06 463 Wynn Resorts Ltd. 43,698 0.01 1,040 Xylem, Inc. 131,820 0.04 1,200 Yum! Brands, Inc. 166,728 0.05 200 Zebra Technologies Corp. 81,400 0.03 860 Zillow Group, Inc. 72,851 0.02 1,020 Zimmer Biomet Holdings, Inc. 114,342 0.04 2,040 Zoetis, Inc. 357,510 0.12 1,240 Zoom Communications, Inc. 102,536 0.03 420 Zscaler, Inc. 86,768 0.03 Total United States 217,958,597 71.02
Total Equities 305,411,971 99.52
Futures Contracts (30 November 2023: 0.03%)
No. of Contracts Futures Contracts Unrealised Gains/(Losses) USD
% of Net Assets
8 S&P 500 E-mini Index Futures Long Futures Contracts 128,803 0.04 Fair Value USD
% of Net Assets
Total Value of Investments 305,540,774 99.56
Cash 596,472 0.19
Cash due to broker (4,734) (0.00)
Other Net Assets 766,787 0.25
Net assets attributable to equity Unitholders at fair value 306,899,299 100.00
The counterparty to the open futures contracts is Goldman Sachs International.
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State Street CCF World Climate Transition CTB Index Equity Fund
Holdings Financial assets at fair value through profit or loss Fair Value USD
% of Net Assets
Equities
Australia 12,787 ANZ Group Holdings Ltd. 259,649 0.10 30,600 APA Group 143,926 0.06 2,233 Aristocrat Leisure Ltd. 98,555 0.04 2,147 ASX Ltd. 92,396 0.04 16,657 Brambles Ltd. 206,498 0.08 786 Cochlear Ltd. 155,783 0.06 5,962 Coles Group Ltd. 72,203 0.03 7,075 Commonwealth Bank of Australia 730,897 0.28 1,899 CSL Ltd. 349,135 0.13 9,772 Endeavour Group Ltd. 27,819 0.01 7,836 Goodman Group 193,522 0.07 19,924 GPT Group 61,782 0.02 15,127 Insurance Australia Group Ltd. 84,059 0.03 11,815 Lottery Corp. Ltd. 39,870 0.02 1,499 Macquarie Group Ltd. 225,684 0.09 1,540 Mineral Resources Ltd. 33,739 0.01 4,348 National Australia Bank Ltd. 110,751 0.04 3,052 Northern Star Resources Ltd. 34,814 0.01 7,074 Orica Ltd. 83,457 0.03 20,599 QBE Insurance Group Ltd. 268,384 0.10 305 REA Group Ltd. 49,977 0.02 485 Rio Tinto Ltd. 37,358 0.01 684 SGH Ltd. 22,061 0.01 15,304 Stockland 52,042 0.02 23,730 Suncorp Group Ltd. 304,541 0.12 50,854 Transurban Group 424,049 0.16 1,288 Wesfarmers Ltd. 60,270 0.02 4,024 Westpac Banking Corp. 87,451 0.03 1,091 WiseTech Global Ltd. 91,045 0.03 33,022 Woodside Energy Group Ltd. 527,264 0.20 1,546 Woolworths Group Ltd. 30,396 0.01 Total Australia 4,959,377 1.88
Austria 732 Erste Group Bank AG 40,126 0.02 522 OMV AG 20,907 0.01 1,405 Verbund AG 112,039 0.04 Total Austria 173,072 0.07
Belgium 6,988 Anheuser-Busch InBev SA 375,974 0.14 973 Elia Group SA 91,104 0.03 3,326 KBC Group NV 239,722 0.09 345 UCB SA 67,539 0.03 1,251 Warehouses De Pauw CVA 27,642 0.01 Total Belgium 801,981 0.30
Bermuda 5,465 Aegon Ltd. 35,222 0.01 1,200 Arch Capital Group Ltd. 120,864 0.05
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State Street CCF World Climate Transition CTB Index Equity Fund (continued)
Holdings Financial assets at fair value through profit or loss Fair Value USD
% of Net Assets
Equities (continued)
Bermuda (continued) 100 Everest Group Ltd. 38,756 0.01 Total Bermuda 194,842 0.07
Canada 2,000 Agnico Eagle Mines Ltd. 168,639 0.06 3,400 Alimentation Couche-Tard, Inc. 198,903 0.08 6,400 AltaGas Ltd. 156,509 0.06 3,100 Bank of Montreal 295,575 0.11 12,600 Bank of Nova Scotia 718,573 0.27 5,700 Brookfield Corp. 350,268 0.13 175 Brookfield Renewable Corp. 5,577 0.00 7,900 CAE, Inc. 185,687 0.07 2,800 Cameco Corp. 167,682 0.06 4,600 Canadian Imperial Bank of Commerce 298,574 0.11 3,800 Canadian National Railway Co. 424,306 0.16 3,400 Canadian Pacific Kansas City Ltd. 260,096 0.10 400 Canadian Tire Corp. Ltd. 44,101 0.02 1,500 CGI, Inc. 169,782 0.06 200 Descartes Systems Group, Inc. 23,583 0.01 852 Dollarama, Inc. 88,745 0.03 3,100 Element Fleet Management Corp. 65,757 0.03 15,000 Enbridge, Inc. 648,895 0.25 200 FirstService Corp. 39,013 0.02 5,152 Fortis, Inc. 230,307 0.09 1,300 Franco-Nevada Corp. 159,177 0.06 300 George Weston Ltd. 48,220 0.02 1,400 Gildan Activewear, Inc. 69,593 0.03 2,800 Hydro One Ltd. 91,570 0.04 700 iA Financial Corp., Inc. 66,908 0.03 2,200 Imperial Oil Ltd. 162,924 0.06 1,000 Intact Financial Corp. 190,458 0.07 5,800 Ivanhoe Mines Ltd. 78,084 0.03 8,535 Keyera Corp. 281,442 0.11 400 Loblaw Cos. Ltd. 51,909 0.02 6,100 Lundin Mining Corp. 59,861 0.02 9,400 Manulife Financial Corp. 302,580 0.12 4,800 National Bank of Canada 475,526 0.18 3,838 Nutrien Ltd. 179,270 0.07 3,800 Open Text Corp. 115,725 0.04 3,641 Parkland Corp. 94,006 0.04 11,819 Pembina Pipeline Corp. 486,891 0.18 1,300 RB Global, Inc. 128,445 0.05 5,700 Royal Bank of Canada 717,146 0.27 4,500 Shopify, Inc. 520,144 0.20 600 Stantec, Inc. 51,967 0.02 9,000 Sun Life Financial, Inc. 553,891 0.21 6,273 TC Energy Corp. 305,821 0.12 200 Thomson Reuters Corp. 32,631 0.01 2,800 TMX Group Ltd. 88,530 0.03 8,000 Toronto-Dominion Bank 452,694 0.17 200 Waste Connections, Inc. 38,494 0.01 300 West Fraser Timber Co. Ltd. 29,465 0.01 3,900 Wheaton Precious Metals Corp. 242,665 0.09
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State Street CCF World Climate Transition CTB Index Equity Fund (continued)
Holdings Financial assets at fair value through profit or loss Fair Value USD
% of Net Assets
Equities (continued)
Canada (continued) 800 WSP Global, Inc. 142,253 0.05 Total Canada 10,758,862 4.08
Cayman Islands 7,200 Grab Holdings Ltd. 36,000 0.02 24,000 HKT Trust & HKT Ltd. 29,824 0.01 12,800 Sands China Ltd. 32,635 0.01 400 Sea Ltd. 45,520 0.02 11,000 Wharf Real Estate Investment Co. Ltd. 29,474 0.01 Total Cayman Islands 173,453 0.07
Curacao 9,100 Schlumberger NV 399,854 0.15
Denmark 1,813 Carlsberg AS 186,615 0.07 1,032 Coloplast AS 129,990 0.05 864 Demant AS 32,940 0.01 751 DSV AS 160,283 0.06 206 Genmab AS 44,520 0.02 12,610 Novo Nordisk AS 1,352,436 0.51 2,254 Novonesis (Novozymes) B 132,061 0.05 1,445 Orsted AS 80,180 0.03 885 Pandora AS 142,445 0.06 3,848 Tryg AS 88,611 0.03 5,411 Vestas Wind Systems AS 84,066 0.03 Total Denmark 2,434,147 0.92
Finland 3,660 Elisa OYJ 165,761 0.06 8,524 Kesko OYJ 169,392 0.06 865 Kone OYJ 44,822 0.02 9,998 Metso OYJ 87,922 0.03 6,258 Neste OYJ 95,213 0.04 40,381 Nokia OYJ 169,727 0.07 9,838 Nordea Bank Abp 111,234 0.04 4,489 Sampo OYJ 192,212 0.07 5,465 Stora Enso OYJ 53,057 0.02 6,469 UPM-Kymmene OYJ 170,131 0.07 5,687 Wartsila OYJ Abp 103,344 0.04 Total Finland 1,362,815 0.52
France 292 Aeroports de Paris SA 33,771 0.01 651 Air Liquide SA 108,144 0.04 13,264 AXA SA 462,031 0.18 3,173 BNP Paribas SA 189,819 0.07 697 Bouygues SA 20,731 0.01 1,075 Carrefour SA 16,350 0.01 7,546 Cie Generale des Etablissements Michelin SCA 245,080 0.09 2,970 Covivio SA 163,120 0.06 4,340 Credit Agricole SA 58,078 0.02 5,248 Dassault Systemes SE 180,977 0.07 357 Eiffage SA 32,201 0.01
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State Street CCF World Climate Transition CTB Index Equity Fund (continued)
Holdings Financial assets at fair value through profit or loss Fair Value USD
% of Net Assets
Equities (continued)
France (continued) 3,162 Engie SA 50,379 0.02 1,255 EssilorLuxottica SA 304,607 0.12 417 Eurazeo SE 30,632 0.01 1,140 Gecina SA 114,808 0.04 116 Hermes International SCA 253,002 0.10 393 Kering SA 91,630 0.03 635 Legrand SA 63,635 0.02 1,222 L’Oreal SA 424,181 0.16 981 LVMH Moet Hennessy Louis Vuitton SE 613,909 0.23 1,379 Pernod Ricard SA 154,243 0.06 3,409 Rexel SA 87,998 0.03 2,600 Sanofi SA 252,890 0.10 3,352 Schneider Electric SE 862,084 0.33 2,754 Societe Generale SA 72,996 0.03 15,091 TotalEnergies SE 876,174 0.33 173 Vinci SA 18,247 0.01 Total France 5,781,717 2.19
Germany 602 adidas AG 141,854 0.05 1,609 Allianz SE 496,572 0.19 420 Bayerische Motoren Werke AG (Non voting rights) 28,613 0.01 771 Bayerische Motoren Werke AG (Voting rights) 57,019 0.02 494 Beiersdorf AG 63,994 0.02 3,194 Commerzbank AG 49,000 0.02 7,915 Deutsche Bank AG 134,376 0.05 1,203 Deutsche Boerse AG 281,440 0.11 2,874 Deutsche Lufthansa AG 19,233 0.01 3,069 E.ON SE 39,498 0.01 1,493 GEA Group AG 74,619 0.03 462 Henkel AG & Co. KGaA (Non voting rights) 39,408 0.01 4,611 Henkel AG & Co. KGaA (Voting rights) 349,920 0.13 6,701 Infineon Technologies AG 218,096 0.08 373 Knorr-Bremse AG 28,424 0.01 434 LEG Immobilien SE 40,219 0.02 1,106 Merck KGaA 165,411 0.06 278 MTU Aero Engines AG 94,606 0.04 923 Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 481,880 0.18 911 Puma SE 42,625 0.02 228 Rheinmetall AG 149,883 0.06 4,649 SAP SE 1,104,321 0.42 126 Sartorius AG 28,985 0.01 2,380 Siemens AG 460,420 0.17 443 Symrise AG 48,895 0.02 2,112 Vonovia SE 70,044 0.03 Total Germany 4,709,355 1.78
Hong Kong 47,200 AIA Group Ltd. 352,716 0.13 41,000 BOC Hong Kong Holdings Ltd. 125,926 0.05 3,500 CLP Holdings Ltd. 29,371 0.01 4,600 Hang Seng Bank Ltd. 54,651 0.02 4,900 Hong Kong Exchanges & Clearing Ltd. 182,485 0.07 103,500 MTR Corp. Ltd. 362,444 0.14 94,000 Sino Land Co. Ltd. 92,049 0.04
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State Street CCF World Climate Transition CTB Index Equity Fund (continued)
Holdings Financial assets at fair value through profit or loss Fair Value USD
% of Net Assets
Equities (continued)
Hong Kong (continued) 3,000 Sun Hung Kai Properties Ltd. 29,782 0.01 10,000 Swire Pacific Ltd. 82,310 0.03 Total Hong Kong 1,311,734 0.50
Ireland 2,462 Accenture PLC 892,155 0.34 6,224 AIB Group PLC 33,855 0.01 1,300 Allegion PLC 183,092 0.07 600 Aon PLC 234,924 0.09 5,000 CRH PLC 511,350 0.19 1,500 Eaton Corp. PLC 563,130 0.21 800 Flutter Entertainment PLC 221,056 0.08 1,427 James Hardie Industries PLC 52,254 0.02 3,600 Johnson Controls International PLC 301,896 0.12 3,006 Kerry Group PLC 290,348 0.11 640 Kingspan Group PLC 48,129 0.02 1,900 Linde PLC 875,881 0.33 800 Medtronic PLC 69,232 0.03 3,700 Pentair PLC 403,263 0.15 1,000 Seagate Technology Holdings PLC 101,330 0.04 1,100 STERIS PLC 240,966 0.09 1,200 TE Connectivity PLC 181,344 0.07 1,462 Trane Technologies PLC 608,514 0.23 434 Willis Towers Watson PLC 139,748 0.05 Total Ireland 5,952,467 2.25
Isle of Man 3,322 Entain PLC 34,016 0.01
Israel 11,154 Bank Hapoalim BM 127,842 0.05 400 Check Point Software Technologies Ltd. 72,800 0.03 200 CyberArk Software Ltd. 64,702 0.02 475 Nice Ltd. 85,393 0.03 300 Wix.com Ltd. 67,122 0.03 Total Israel 417,859 0.16
Italy 1,161 Amplifon SpA 29,467 0.01 40,356 Enel SpA 290,270 0.11 5,561 Eni SpA 78,741 0.03 18,943 Generali 541,806 0.21 78,419 Intesa Sanpaolo SpA 300,411 0.11 2,661 Mediobanca Banca di Credito Finanziario SpA 38,800 0.02 2,873 Moncler SpA 140,647 0.05 2,417 Poste Italiane SpA 33,914 0.01 17,278 Snam SpA 80,515 0.03 11,347 Terna - Rete Elettrica Nazionale 95,973 0.04 6,024 UniCredit SpA 231,501 0.09 Total Italy 1,862,045 0.71
Japan 2,400 Advantest Corp. 131,678 0.05 5,000 Aeon Co. Ltd. 119,652 0.05
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State Street CCF World Climate Transition CTB Index Equity Fund (continued)
Holdings Financial assets at fair value through profit or loss Fair Value USD
% of Net Assets
Equities (continued)
Japan (continued) 4,800 Ajinomoto Co., Inc. 200,776 0.08 5,000 ANA Holdings, Inc. 96,181 0.04 9,900 Asahi Group Holdings Ltd. 107,415 0.04 31,200 Asahi Kasei Corp. 221,870 0.08 3,600 Asics Corp. 71,983 0.03 13,000 Astellas Pharma, Inc. 135,163 0.05 10,700 Bridgestone Corp. 381,092 0.14 1,700 Brother Industries Ltd. 29,827 0.01 3,500 Canon, Inc. 113,447 0.04 3,300 Chugai Pharmaceutical Co. Ltd. 144,977 0.05 6,400 Concordia Financial Group Ltd. 38,255 0.01 3,200 Dai Nippon Printing Co. Ltd. 48,687 0.02 1,800 Daifuku Co. Ltd. 37,358 0.01 8,800 Daiichi Sankyo Co. Ltd. 278,265 0.11 1,000 Daikin Industries Ltd. 120,485 0.05 3,000 Daiwa House Industry Co. Ltd. 93,984 0.04 22,900 Daiwa Securities Group, Inc. 153,317 0.06 200 Disco Corp. 54,067 0.02 2,400 Eisai Co. Ltd. 74,628 0.03 14,500 ENEOS Holdings, Inc. 78,088 0.03 8,100 FANUC Corp. 209,639 0.08 800 Fast Retailing Co. Ltd. 272,251 0.10 6,400 FUJIFILM Holdings Corp. 143,780 0.05 11,300 Fujitsu Ltd. 215,639 0.08 9,800 Hankyu Hanshin Holdings, Inc. 267,928 0.10 16,900 Hitachi Ltd. 422,092 0.16 2,300 Hoya Corp. 294,956 0.11 10,000 Inpex Corp. 131,438 0.05 2,600 Japan Exchange Group, Inc. 31,222 0.01 3,000 Kao Corp. 130,120 0.05 14,800 KDDI Corp. 487,798 0.18 500 Keyence Corp. 215,468 0.08 3,000 Kikkoman Corp. 32,790 0.01 5,900 Kirin Holdings Co. Ltd. 82,086 0.03 3,800 Komatsu Ltd. 101,866 0.04 400 Konami Group Corp. 39,351 0.01 2,100 Kubota Corp. 26,190 0.01 2,100 Kyowa Kirin Co. Ltd. 34,761 0.01 34,900 LY Corp. 95,717 0.04 13,100 Marubeni Corp. 196,607 0.07 2,400 MatsukiyoCocokara & Co. 33,543 0.01 5,400 Mitsubishi Chemical Group Corp. 28,222 0.01 11,100 Mitsubishi Corp. 186,657 0.07 2,700 Mitsubishi Electric Corp. 45,790 0.02 6,600 Mitsubishi Estate Co. Ltd. 93,143 0.04 7,700 Mitsubishi Heavy Industries Ltd. 112,666 0.04 36,700 Mitsubishi UFJ Financial Group, Inc. 437,903 0.17 10,800 Mitsui & Co. Ltd. 225,514 0.09 10,400 Mitsui Fudosan Co. Ltd. 86,837 0.03 11,000 Mizuho Financial Group, Inc. 277,152 0.10 5,400 MS&AD Insurance Group Holdings, Inc. 120,128 0.05 1,200 Murata Manufacturing Co. Ltd. 20,055 0.01 1,100 NEC Corp. 93,348 0.04 1,600 NIDEC Corp. 29,350 0.01 2,100 Nintendo Co. Ltd. 123,188 0.05 1,700 Nippon Yusen KK 54,288 0.02 3,800 Nitto Denko Corp. 60,421 0.02
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State Street CCF World Climate Transition CTB Index Equity Fund (continued)
Holdings Financial assets at fair value through profit or loss Fair Value USD
% of Net Assets
Equities (continued)
Japan (continued) 17,000 Nomura Holdings, Inc. 102,033 0.04 3,900 Nomura Research Institute Ltd. 118,959 0.04 7,400 Obayashi Corp. 105,197 0.04 2,600 Omron Corp. 82,509 0.03 4,600 Oriental Land Co. Ltd. 108,365 0.04 4,600 ORIX Corp. 103,128 0.04 100 Otsuka Holdings Co. Ltd. 5,783 0.00 800 Pan Pacific International Holdings Corp. 20,279 0.01 16,100 Panasonic Holdings Corp. 157,103 0.06 8,000 Rakuten Group, Inc. 45,725 0.02 4,900 Recruit Holdings Co. Ltd. 338,825 0.13 5,000 Renesas Electronics Corp. 65,369 0.02 1,600 Resona Holdings, Inc. 13,317 0.00 13,500 Ricoh Co. Ltd. 152,991 0.06 3,100 Secom Co. Ltd. 107,809 0.04 4,900 Seiko Epson Corp. 86,770 0.03 3,500 Sekisui Chemical Co. Ltd. 56,374 0.02 11,300 Sekisui House Ltd. 266,352 0.10 2,900 Seven & i Holdings Co. Ltd. 50,282 0.02 12,700 SG Holdings Co. Ltd. 124,391 0.05 2,100 Shimadzu Corp. 58,909 0.02 4,000 Shin-Etsu Chemical Co. Ltd. 147,924 0.06 4,800 Shionogi & Co. Ltd. 67,724 0.03 1,700 Shiseido Co. Ltd. 32,322 0.01 212,200 SoftBank Corp. 272,836 0.10 3,500 SoftBank Group Corp. 208,250 0.08 11,200 Sompo Holdings, Inc. 294,272 0.11 31,400 Sony Group Corp. 628,690 0.24 3,800 Sumitomo Metal Mining Co. Ltd. 93,517 0.04 13,600 Sumitomo Mitsui Financial Group, Inc. 333,786 0.13 2,900 Sumitomo Mitsui Trust Group, Inc. 72,333 0.03 7,200 Sysmex Corp. 151,685 0.06 2,600 T&D Holdings, Inc. 49,045 0.02 6,400 Takeda Pharmaceutical Co. Ltd. 173,993 0.07 4,100 TDK Corp. 52,661 0.02 4,400 Terumo Corp. 89,386 0.03 900 TIS, Inc. 21,957 0.01 8,900 Tokio Marine Holdings, Inc. 329,724 0.12 2,300 Tokyo Electron Ltd. 356,980 0.14 1,400 Tokyo Gas Co. Ltd. 42,041 0.02 12,600 Tokyu Corp. 146,819 0.06 12,900 Toray Industries, Inc. 81,969 0.03 1,300 TOTO Ltd. 34,892 0.01 33,100 Toyota Motor Corp. 562,337 0.21 2,500 Unicharm Corp. 64,770 0.02 4,000 West Japan Railway Co. 74,988 0.03 14,400 Yamaha Motor Co. Ltd. 124,694 0.05 5,500 Yokogawa Electric Corp. 122,059 0.05 1,100 ZOZO, Inc. 34,519 0.01 Total Japan 15,027,742 5.69
Jersey 5,400 Amcor PLC 57,456 0.02 1,500 Aptiv PLC 83,295 0.03
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Holdings Financial assets at fair value through profit or loss Fair Value USD
% of Net Assets
Equities (continued)
Jersey (continued) 3,561 WPP PLC 38,889 0.02 Total Jersey 179,640 0.07
Liberia 700 Royal Caribbean Cruises Ltd. 170,842 0.07
Luxembourg 623 Eurofins Scientific SE 30,788 0.01 1,629 InPost SA 28,527 0.01 Total Luxembourg 59,315 0.02
Netherlands 58 Adyen NV 84,440 0.03 800 AerCap Holdings NV 79,488 0.03 2,633 Akzo Nobel NV 153,788 0.06 209 Argenx SE (Non voting rights) 129,445 0.05 112 ASM International NV 60,496 0.02 1,607 ASML Holding NV 1,117,512 0.42 1,052 ASR Nederland NV 50,334 0.02 164 BE Semiconductor Industries NV 19,573 0.01 17,600 CNH Industrial NV 221,056 0.08 2,155 Heineken NV 159,464 0.06 11,897 ING Groep NV 184,187 0.07 5,796 Koninklijke Ahold Delhaize NV 199,875 0.07 80,973 Koninklijke KPN NV 313,958 0.12 400 LyondellBasell Industries NV 33,336 0.01 1,153 NN Group NV 53,547 0.02 1,800 NXP Semiconductors NV 412,866 0.16 5,203 Prosus NV 211,848 0.08 2,177 Qiagen NV 95,159 0.04 3,349 STMicroelectronics NV 85,848 0.03 1,908 Universal Music Group NV 45,967 0.02 1,832 Wolters Kluwer NV 305,627 0.12 Total Netherlands 4,017,814 1.52
New Zealand 7,675 Auckland International Airport Ltd. 35,232 0.01 4,987 Mercury NZ Ltd. 19,529 0.01 45,185 Meridian Energy Ltd. 165,988 0.06 447 Xero Ltd. 50,625 0.02 Total New Zealand 271,374 0.10
Norway 6,755 Aker BP ASA 138,342 0.05 6,326 DNB Bank ASA 132,016 0.05 11,825 Equinor ASA 285,817 0.11 6,116 Gjensidige Forsikring ASA 108,658 0.04 7,306 Mowi ASA 132,443 0.05 22,489 Orkla ASA 207,298 0.08
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Holdings Financial assets at fair value through profit or loss Fair Value USD
% of Net Assets
Equities (continued)
Norway (continued) 7,505 Telenor ASA 88,256 0.03 Total Norway 1,092,830 0.41
Portugal 44,985 EDP SA 162,590 0.06 8,064 Galp Energia SGPS SA 132,315 0.05 Total Portugal 294,905 0.11
Singapore 47,500 CapitaLand Ascendas REIT 92,828 0.04 34,600 CapitaLand Integrated Commercial Trust 50,585 0.02 91,100 CapitaLand Investment Ltd. 185,509 0.07 5,000 DBS Group Holdings Ltd. 158,244 0.06 44,700 Keppel Ltd. 224,392 0.08 12,700 Oversea-Chinese Banking Corp. Ltd. 154,221 0.06 5,300 Singapore Exchange Ltd. 50,286 0.02 6,700 United Overseas Bank Ltd. 181,712 0.07 16,000 Wilmar International Ltd. 36,758 0.01 Total Singapore 1,134,535 0.43
Spain 246 Acciona SA 31,257 0.01 1,581 ACS Actividades de Construccion y Servicios SA 73,407 0.03 2,468 Amadeus IT Group SA 173,137 0.07 22,183 Banco Bilbao Vizcaya Argentaria SA 209,368 0.08 28,579 Banco de Sabadell SA 53,895 0.02 62,032 Banco Santander SA 286,675 0.11 2,137 CaixaBank SA 11,615 0.00 1,507 Cellnex Telecom SA 54,086 0.02 5,268 Endesa SA 115,399 0.04 42,685 Iberdrola SA 608,182 0.23 5,751 Industria de Diseno Textil SA 316,952 0.12 18,879 Redeia Corp. SA 336,986 0.13 5,593 Repsol SA 69,854 0.03 Total Spain 2,340,813 0.89
Sweden 1,038 Alfa Laval AB 44,139 0.02 4,163 Atlas Copco AB (Class A) 66,398 0.03 6,333 Atlas Copco AB (Class B) 89,379 0.03 6,562 Boliden AB 195,559 0.07 525 Epiroc AB (Class B) 8,650 0.00 28 EQT AB 847 0.00 6,979 Essity AB 191,879 0.07 824 Evolution AB 71,843 0.03 2,007 H & M Hennes & Mauritz AB 27,801 0.01 3,842 Hexagon AB 32,703 0.01 4,390 Saab AB 96,031 0.04 1,069 Sandvik AB 19,747 0.01 11,721 Svenska Cellulosa AB SCA 152,110 0.06 10,046 Svenska Handelsbanken AB 104,427 0.04 1,667 Swedbank AB 32,641 0.01 13,615 Tele2 AB 142,711 0.05
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Holdings Financial assets at fair value through profit or loss Fair Value USD
% of Net Assets
Equities (continued)
Sweden (continued) 58,334 Telia Co. AB 170,693 0.07 Total Sweden 1,447,558 0.55
Switzerland 13,185 ABB Ltd. 752,488 0.29 3,581 Alcon AG 318,591 0.12 167 Baloise Holding AG 31,732 0.01 323 Banque Cantonale Vaudoise 32,062 0.01 1,400 Bunge Global SA 125,636 0.05 3 Chocoladefabriken Lindt & Spruengli AG (Non voting rights) 34,665 0.01 605 Chubb Ltd. 174,682 0.07 1,961 Cie Financiere Richemont SA 273,115 0.10 2,427 Coca-Cola HBC AG 86,499 0.03 878 DSM-Firmenich AG 96,397 0.04 200 Garmin Ltd. 42,520 0.02 75 Geberit AG 45,153 0.02 54 Givaudan SA 237,882 0.09 1,016 Holcim AG 103,491 0.04 499 Julius Baer Group Ltd. 33,021 0.01 660 Kuehne & Nagel International AG 157,771 0.06 1,339 Logitech International SA 108,670 0.04 395 Lonza Group AG 236,014 0.09 8,084 Novartis AG 855,840 0.32 2,072 Roche Holding AG (Non voting rights) 600,904 0.23 100 Roche Holding AG (Voting rights) 30,738 0.01 274 Sandoz Group AG 12,484 0.00 1,197 SGS SA 118,858 0.05 7,133 SIG Group AG 141,041 0.05 544 Sika AG 140,847 0.05 537 Sonova Holding AG 183,348 0.07 207 Straumann Holding AG 26,938 0.01 115 Swiss Life Holding AG 94,219 0.04 3,416 Swiss Prime Site AG 377,466 0.14 3,159 Swiss Re AG 466,679 0.18 104 Swisscom AG 60,027 0.02 749 Temenos AG 49,182 0.02 13,543 UBS Group AG 437,803 0.17 281 VAT Group AG 112,081 0.04 1,178 Zurich Insurance Group AG 746,913 0.28 Total Switzerland 7,345,757 2.78
United Kingdom 8,074 3i Group PLC 380,635 0.14 3,459 Admiral Group PLC 112,684 0.04 3,290 Anglo American PLC 105,401 0.04 4,777 Antofagasta PLC 103,373 0.04 1,559 Ashtead Group PLC 124,641 0.05 1,661 Associated British Foods PLC 46,404 0.02 5,747 AstraZeneca PLC 775,177 0.29 10,242 Auto Trader Group PLC 109,222 0.04 48,993 Aviva PLC 301,212 0.11 56,284 Barclays PLC 188,722 0.07 7,608 Barratt Redrow PLC 41,359 0.02 3,017 Berkeley Group Holdings PLC 159,066 0.06 2,543 Bunzl PLC 115,005 0.04
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Holdings Financial assets at fair value through profit or loss Fair Value USD
% of Net Assets
Equities (continued)
United Kingdom (continued) 2,258 Centrica PLC 3,656 0.00 3,300 Coca-Cola Europacific Partners PLC 256,014 0.10 3,717 Compass Group PLC 127,136 0.05 1,603 Croda International PLC 70,294 0.03 15,918 Diageo PLC 475,971 0.18 15,951 GSK PLC 270,665 0.10 13,235 Haleon PLC 62,966 0.02 67,649 HSBC Holdings PLC 630,014 0.24 19,199 Informa PLC 209,035 0.08 347 InterContinental Hotels Group PLC 43,223 0.02 1,114 Intertek Group PLC 66,776 0.03 51,249 J Sainsbury PLC 170,146 0.06 29,404 Kingfisher PLC 92,501 0.03 5,709 Land Securities Group PLC 43,756 0.02 79,945 Legal & General Group PLC 224,872 0.09 255,646 Lloyds Banking Group PLC 172,413 0.07 1,143 London Stock Exchange Group PLC 163,732 0.06 10,191 Marks & Spencer Group PLC 49,572 0.02 6,783 Mondi PLC 102,639 0.04 25,630 National Grid PLC 323,359 0.12 24,298 NatWest Group PLC 124,370 0.05 256 Next PLC 32,799 0.01 4,678 Pearson PLC 73,314 0.03 8,956 Prudential PLC 73,059 0.03 2,583 Reckitt Benckiser Group PLC 159,560 0.06 12,629 RELX PLC 594,730 0.23 12,340 Rentokil Initial PLC 61,767 0.02 1,613 Rio Tinto PLC 101,208 0.04 4,500 Royalty Pharma PLC 119,970 0.05 14,678 Sage Group PLC 244,773 0.09 13,644 Schroders PLC 54,663 0.02 18,503 Segro PLC 183,442 0.07 2,483 Smiths Group PLC 55,893 0.02 365 Spirax Group PLC 33,264 0.01 11,760 SSE PLC 264,796 0.10 8,702 Standard Chartered PLC 107,554 0.04 35,186 Taylor Wimpey PLC 58,587 0.02 44,787 Tesco PLC 208,579 0.08 43,501 Vodafone Group PLC 39,191 0.01 Total United Kingdom 8,713,160 3.30
United States 3,000 3M Co. 400,590 0.15 3,000 Abbott Laboratories 356,310 0.14 5,879 AbbVie, Inc. 1,075,446 0.41 1,820 Adobe, Inc. 938,993 0.36 6,100 Advanced Micro Devices, Inc. 836,768 0.32 4,400 AES Corp. 57,376 0.02 1,500 Aflac, Inc. 171,000 0.06 1,700 Agilent Technologies, Inc. 234,549 0.09 700 Air Products & Chemicals, Inc. 234,031 0.09 1,000 Airbnb, Inc. 136,110 0.05 1,400 Akamai Technologies, Inc. 131,628 0.05 300 Albemarle Corp. 32,310 0.01 200 Align Technology, Inc. 46,554 0.02 2,600 Alliant Energy Corp. 164,320 0.06
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Holdings Financial assets at fair value through profit or loss Fair Value USD
% of Net Assets
Equities (continued)
United States (continued) 310 Allstate Corp. 64,291 0.02 400 Alnylam Pharmaceuticals, Inc. 101,228 0.04 19,044 Alphabet, Inc. (Class A) 3,217,484 1.22 20,029 Alphabet, Inc. (Class C) 3,414,744 1.29 34,289 Amazon.com, Inc. 7,128,340 2.70 800 American Electric Power Co., Inc. 79,888 0.03 2,439 American Express Co. 743,115 0.28 2,500 American Tower Corp. 522,500 0.20 263 Ameriprise Financial, Inc. 150,954 0.06 200 AMETEK, Inc. 38,876 0.01 1,955 Amgen, Inc. 553,011 0.21 1,500 Amphenol Corp. 108,975 0.04 1,700 Analog Devices, Inc. 370,685 0.14 800 ANSYS, Inc. 280,880 0.11 900 Apollo Global Management, Inc. 157,527 0.06 55,264 Apple, Inc. 13,115,805 4.97 4,600 Applied Materials, Inc. 803,666 0.30 500 AppLovin Corp. 168,375 0.06 2,200 Archer-Daniels-Midland Co. 120,120 0.05 1,100 Arista Networks, Inc. 446,402 0.17 400 Arthur J Gallagher & Co. 124,896 0.05 200 Aspen Technology, Inc. 50,000 0.02 500 Assurant, Inc. 113,550 0.04 21,100 AT&T, Inc. 488,676 0.19 700 Atlassian Corp. 184,506 0.07 1,600 Autodesk, Inc. 467,040 0.18 2,542 Automatic Data Processing, Inc. 780,216 0.30 54 AutoZone, Inc. 171,155 0.07 400 AvalonBay Communities, Inc. 94,140 0.04 4,000 Avantor, Inc. 84,240 0.03 800 Avery Dennison Corp. 164,760 0.06 441 Axon Enterprise, Inc. 285,309 0.11 11,500 Baker Hughes Co. 505,425 0.19 2,800 Ball Corp. 174,048 0.07 24,400 Bank of America Corp. 1,159,244 0.44 5,100 Bank of New York Mellon Corp. 417,537 0.16 700 Becton Dickinson & Co. 155,330 0.06 3,630 Berkshire Hathaway, Inc. 1,753,363 0.66 2,100 Best Buy Co., Inc. 189,000 0.07 600 Biogen, Inc. 96,378 0.04 500 Bio-Techne Corp. 37,680 0.01 363 Blackrock, Inc. 371,276 0.14 1,200 Blackstone, Inc. 229,308 0.09 900 Block, Inc. 79,695 0.03 129 Booking Holdings, Inc. 671,055 0.25 1,000 Boston Scientific Corp. 90,660 0.03 8,000 Bristol-Myers Squibb Co. 473,760 0.18 16,106 Broadcom, Inc. 2,610,461 0.99 1,800 Broadridge Financial Solutions, Inc. 424,836 0.16 1,800 Brown-Forman Corp. 75,744 0.03 100 Builders FirstSource, Inc. 18,647 0.01 371 Burlington Stores, Inc. 104,578 0.04 900 BXP, P, Inc. 73,791 0.03 1,200 Cadence Design Systems, Inc. 368,172 0.14 3,800 Campbell’s Co. 175,560 0.07 1,300 Capital One Financial Corp. 249,613 0.09 1,800 Cardinal Health, Inc. 220,032 0.08
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Holdings Financial assets at fair value through profit or loss Fair Value USD
% of Net Assets
Equities (continued)
United States (continued) 700 CarMax, Inc. 58,779 0.02 4,400 Carrier Global Corp. 340,428 0.13 400 Carvana Co. 104,168 0.04 495 Catalent, Inc. 30,249 0.01 1,900 Caterpillar, Inc. 771,609 0.29 877 Cboe Global Markets, Inc. 189,300 0.07 1,800 CBRE Group, Inc. 251,982 0.10 300 CDW Corp. 52,779 0.02 1,400 Cencora, Inc. 352,170 0.13 2,500 Centene Corp. 150,000 0.06 400 CF Industries Holdings, Inc. 35,864 0.01 1,600 CH Robinson Worldwide, Inc. 168,928 0.06 200 Charles River Laboratories International, Inc. 39,812 0.02 5,100 Charles Schwab Corp. 422,076 0.16 200 Charter Communications, Inc. 79,393 0.03 2,343 Cheniere Energy, Inc. 524,855 0.20 7,364 Chevron Corp. 1,192,453 0.45 4,300 Chipotle Mexican Grill, Inc. 264,536 0.10 3,200 Church & Dwight Co., Inc. 352,416 0.13 1,400 Cigna Group 472,920 0.18 1,100 Cintas Corp. 248,369 0.09 16,700 Cisco Systems, Inc. 988,807 0.37 7,100 Citigroup, Inc. 503,177 0.19 2,000 Citizens Financial Group, Inc. 96,280 0.04 1,900 Clorox Co. 317,623 0.12 500 Cloudflare, Inc. 49,915 0.02 500 CME Group, Inc. 119,000 0.05 2,100 CMS Energy Corp. 146,391 0.06 600 Cognizant Technology Solutions Corp. 48,294 0.02 600 Coinbase Global, Inc. 177,720 0.07 11,300 Comcast Corp. 488,047 0.19 5,800 Conagra Brands, Inc. 159,790 0.06 1,855 Consolidated Edison, Inc. 186,594 0.07 900 Constellation Brands, Inc. 216,855 0.08 1,000 Constellation Energy Corp. 256,560 0.10 1,300 Cooper Cos., Inc. 135,798 0.05 2,400 Copart, Inc. 152,136 0.06 1,647 Costco Wholesale Corp. 1,600,686 0.61 700 Crowdstrike Holdings, Inc. 242,179 0.09 3,500 Crown Castle, Inc. 371,875 0.14 1,200 Crown Holdings, Inc. 110,508 0.04 7,800 CSX Corp. 285,090 0.11 1,252 Cummins, Inc. 469,550 0.18 3,300 CVS Health Corp. 197,505 0.07 2,563 Danaher Corp. 614,325 0.23 700 Datadog, Inc. 106,925 0.04 400 DaVita, Inc. 66,468 0.03 1,000 Dayforce, Inc. 79,990 0.03 1,200 Deckers Outdoor Corp. 235,152 0.09 1,151 Deere & Co. 536,251 0.20 1,000 Dell Technologies, Inc. 127,590 0.05 2,200 Delta Air Lines, Inc. 140,404 0.05 1,300 Dexcom, Inc. 101,387 0.04 400 Dick’s Sporting Goods, Inc. 82,896 0.03 1,500 Digital Realty Trust, Inc. 293,535 0.11 1,600 Discover Financial Services 291,888 0.11 700 DocuSign, Inc. 55,783 0.02
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Holdings Financial assets at fair value through profit or loss Fair Value USD
% of Net Assets
Equities (continued)
United States (continued) 700 Dollar General Corp. 54,089 0.02 800 Dollar Tree, Inc. 57,016 0.02 3,671 Dominion Energy, Inc. 215,671 0.08 800 DoorDash, Inc. 144,384 0.05 1,200 Dover Corp. 247,080 0.09 2,600 Dow, Inc. 114,946 0.04 1,000 DR Horton, Inc. 168,780 0.06 1,100 DraftKings, Inc. 48,015 0.02 1,638 DTE Energy Co. 206,028 0.08 4,300 Duke Energy Corp. 503,315 0.19 1,739 DuPont de Nemours, Inc. 145,363 0.06 1,700 Dynatrace, Inc. 95,523 0.04 2,700 eBay, Inc. 170,883 0.06 2,271 Ecolab, Inc. 564,957 0.21 1,500 Edison International 131,625 0.05 4,400 Edwards Lifesciences Corp. 313,940 0.12 1,500 Electronic Arts, Inc. 245,505 0.09 1,248 Elevance Health, Inc. 507,886 0.19 3,012 Eli Lilly & Co. 2,395,594 0.91 300 EMCOR Group, Inc. 153,036 0.06 867 Emerson Electric Co. 114,964 0.04 600 Enphase Energy, Inc. 42,810 0.02 100 EPAM Systems, Inc. 24,392 0.01 497 Equinix, Inc. 487,796 0.18 1,500 Equitable Holdings, Inc. 72,345 0.03 1,900 Essential Utilities, Inc. 76,057 0.03 700 Estee Lauder Cos., Inc. 50,484 0.02 2,645 Eversource Energy 170,576 0.06 500 Exact Sciences Corp. 31,040 0.01 5,300 Exelon Corp. 209,668 0.08 2,800 Expeditors International of Washington, Inc. 340,592 0.13 500 F5, Inc. 125,175 0.05 300 FactSet Research Systems, Inc. 147,201 0.06 99 Fair Isaac Corp. 235,128 0.09 1,800 Fastenal Co. 150,408 0.06 900 FedEx Corp. 272,403 0.10 1,500 Ferguson Enterprises, Inc. 323,895 0.12 2,500 Fidelity National Information Services, Inc. 213,250 0.08 1,800 Fifth Third Bancorp 86,508 0.03 500 First Solar, Inc. 99,635 0.04 1,100 FirstEnergy Corp. 46,805 0.02 1,700 Fiserv, Inc. 375,632 0.14 3,200 Ford Motor Co. 35,616 0.01 1,100 Fortinet, Inc. 104,555 0.04 2,500 Fortive Corp. 198,325 0.08 2,500 Fortune Brands Innovations, Inc. 195,750 0.07 800 Fox Corp. (Class A) 37,696 0.01 900 Fox Corp. (Class B) 40,257 0.02 367 Gartner, Inc. 190,080 0.07 1,400 GE HealthCare Technologies, Inc. 116,508 0.04 900 GE Vernova, Inc. 300,708 0.11 3,000 Gen Digital, Inc. 92,550 0.04 8,137 General Mills, Inc. 539,158 0.20 2,900 General Motors Co. 161,211 0.06 400 Genuine Parts Co. 50,692 0.02 6,800 Gilead Sciences, Inc. 629,544 0.24 300 Global Payments, Inc. 35,688 0.01
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Holdings Financial assets at fair value through profit or loss Fair Value USD
% of Net Assets
Equities (continued)
United States (continued) 600 GoDaddy, Inc. 118,542 0.05 1,053 Goldman Sachs Group, Inc. 640,824 0.24 1,400 Graco, Inc. 127,512 0.05 11,400 Halliburton Co. 363,204 0.14 1,700 Hartford Financial Services Group, Inc. 209,627 0.08 700 HCA Healthcare, Inc. 229,054 0.09 3,400 Healthpeak Properties, Inc. 74,766 0.03 300 Henry Schein, Inc. 23,115 0.01 400 Hershey Co. 70,452 0.03 9,800 Hewlett Packard Enterprise Co. 207,956 0.08 853 Hilton Worldwide Holdings, Inc. 216,184 0.08 1,800 Hologic, Inc. 143,100 0.05 4,046 Home Depot, Inc. 1,736,260 0.66 5,100 Hormel Foods Corp. 165,393 0.06 1,567 Howmet Aerospace, Inc. 185,501 0.07 5,800 HP, P, Inc. 205,494 0.08 500 Hubbell, Inc. 230,045 0.09 232 HubSpot, Inc. 167,284 0.06 500 Humana, Inc. 148,190 0.06 10,600 Huntington Bancshares, Inc. 190,906 0.07 1,100 IDEX Corp. 253,693 0.10 600 IDEXX Laboratories, Inc. 253,050 0.10 1,200 Illinois Tool Works, Inc. 333,024 0.13 300 Illumina, Inc. 43,245 0.02 500 Incyte Corp. 37,295 0.01 2,400 Ingersoll Rand, Inc. 250,008 0.09 300 Insulet Corp. 80,034 0.03 17,100 Intel Corp. 411,255 0.16 1,200 Intercontinental Exchange, Inc. 193,152 0.07 4,100 International Business Machines Corp. 932,381 0.35 1,600 International Flavors & Fragrances, Inc. 146,176 0.06 1,800 International Paper Co. 105,894 0.04 1,900 Interpublic Group of Cos., Inc. 58,539 0.02 1,282 Intuit, Inc. 822,698 0.31 1,200 Intuitive Surgical, Inc. 650,400 0.25 1,300 IQVIA Holdings, Inc. 261,092 0.10 2,100 Iron Mountain, Inc. 259,707 0.10 600 J.M. Smucker Co. 70,674 0.03 216 Jack Henry & Associates, Inc. 38,055 0.01 800 JB Hunt Transport Services, Inc. 151,288 0.06 8,616 Johnson & Johnson 1,335,566 0.51 10,200 JPMorgan Chase & Co. 2,547,144 0.96 4,100 Juniper Networks, Inc. 147,272 0.06 4,700 Kellanova 382,063 0.14 10,100 Kenvue, Inc. 243,208 0.09 7,100 Keurig Dr. Pepper, Inc. 231,815 0.09 174 KeyCorp 3,390 0.00 1,594 Keysight Technologies, Inc. 272,319 0.10 2,800 Kimberly-Clark Corp. 390,180 0.15 24,900 Kinder Morgan, Inc. 703,923 0.27 1,500 KKR & Co., Inc. 244,305 0.09 434 KLA Corp. 280,811 0.11 800 Knight-Swift Transportation Holdings, Inc. 47,488 0.02 9,300 Kraft Heinz Co. 297,321 0.11 4,300 Kroger Co. 262,644 0.10 700 Labcorp Holdings, Inc. 168,812 0.06 7,300 Lam Research Corp. 539,324 0.20
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Holdings Financial assets at fair value through profit or loss Fair Value USD
% of Net Assets
Equities (continued)
United States (continued) 1,500 Lamb Weston Holdings, Inc. 115,860 0.04 504 Las Vegas Sands Corp. 26,742 0.01 394 Lennox International, Inc. 262,849 0.10 7,900 LKQ Corp. 310,391 0.12 2,478 Lowe’s Cos., Inc. 675,082 0.26 200 LPL Financial Holdings, Inc.
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"id": "f20646e9-771e-4058-8d19-690a2b313526",
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"text": "State Street CCF World ESG Screened Index Equity Fund (the \u201cFund\u201d)"
},
{
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"id": "921cd23c-61c5-4042-8f28-79c01167a90f",
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"text": "Fund Performance"
},
{
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"id": "b69e030a-6f66-4c3d-8cea-93059c1d9bdf",
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"text": "During the Reporting Period, the Fund performance was in line with expectations."
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"id": "56cef612-11be-4ece-a25d-14d27b848151",
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"text": "Annualised \u2013 Gross of Fees (EUR) Annualised \u2013 Net of Fees (EUR)"
},
{
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"id": "17478e36-8c67-416e-a5c6-25451874bc4e",
"page_number": 5,
"text": "Period Fund Benchmark Difference Fund Benchmark Difference"
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{
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"id": "4d2b6f61-85af-4c8b-93f6-1b231f5242db",
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"text": "1 Year 32.78% 32.40% 0.38% 32.72% 32.40% 0.32%"
},
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"id": "231b2a01-b151-4baa-bc14-3744cff5cb19",
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"text": "The outperformance of the Fund is mainly attributed to withholding tax effect (+38bps)."
},
{
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"id": "22e92af6-a1e3-473f-be35-d89312b1eec6",
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"text": "On the sector level, most of the tracking difference over the Reporting Period was borne out of Industrials (+0.90%) and Health Care"
},
{
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"id": "43c12b5e-b7e0-4dc5-b9d9-69e9a3e0fcfb",
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"text": "(+0.19%). Consumer Discretionary (-0.12%) and Communication services (-0.27%) were the major detractors to the tracking"
},
{
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"id": "94a26e7b-dc9c-4c5a-8c1b-520deb41a758",
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"text": "difference."
},
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},
"id": "de3c514a-56bc-4957-8a21-14f9063a4ebe",
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"text": "At the regional level, Canada (+1.69%) and Japan (+0.10%) were the major...