State Street International Equities Funds Annual Report...Level 14, 420 George Street Sydney NSW 2000.-1-Directors’ report The directors of State Street Global Advisors, Australia

State Street International Equities Funds Annual Report For the Year Ended 30 June 2020 State Street International Equities Index Trust ARSN: 089 590 232

State Street International Equities Index (Hedged) Trust ARSN: 089 590 170

State Street Global Equity Fund ARSN: 162 547 784

State Street Climate ESG International Equity Fund

(formerly known as “State Street Low Carbon ESG Internatonal Equities Index Trust”) ARSN: 611 640 361

State Street Global Index Plus Trust ARSN: 093 637 122

State Street Global Index Plus (Hedged) Trust ARSN: 089 593 251

State Street International Equities FundsAnnual reportFor the year ended 30 June 2020

ContentsPage

Directors’ report 2

Auditor’s independence declaration 8

Statements of comprehensive income 9

Statements of financial position 12

Statements of changes in equity 15

Statements of cash flows 18

Notes to the financial statements 21

Directors’ declaration 96

Independent auditor’s report to the unitholders of State Street International Equities Funds 97

These financial statements cover State Street International Equities Index Trust, State Street International Equities Index(Hedged) Trust, State Street Global Equity Fund, State Street Climate ESG International Equity Fund (Formerly known as“State Street Low Carbon ESG International Equities Index Trust”), State Street Global Index Plus Trust and State StreetGlobal Index Plus (Hedged) Trust as individual entities.

The Responsible Entity of the Funds/Trusts is State Street Global Advisors, Australia Services Limited(ABN 16 108 671 441) (AFSL 274900). The Responsible Entity’s registered office is:

State Street Global Advisors, Australia Services LimitedLevel 14, 420 George StreetSydney NSW 2000.

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Directors’ report

The directors of State Street Global Advisors, Australia Services Limited (ABN 16 108 671 441), the Responsible Entity ofState Street International Equities Index Trust, State Street International Equities Index (Hedged) Trust, State Street GlobalEquity Fund, State Street Climate ESG International Equity Fund (Formerly known as “State Street Low Carbon ESGInternational Equities Index Trust”), State Street Global Index Plus Trust and State Street Global Index Plus (Hedged) Trust(the “Funds/Trusts”), present their report together with the financial statements of the Funds/Trusts for the year ended30 June 2020.

Principal activities

State Street International Equities Index Trust invested funds in equity securities, unit trusts, index derivatives and currencycontracts in accordance with the provisions of the Trust’s Constitution.

State Street International Equities Index (Hedged) Trust invested in equity securities, unlisted unit trusts, index derivatives,and foreign currency contracts in accordance with the provisions of the Trust’s Constitution.

State Street Global Equity Fund invested in global listed securities, cash, and managed futures. The allocation to theseasset classes is based on current market conditions, the risk profile of the Fund and are made in accordance with theprovisions of the Fund’s Constitution. The Fund uses a range of derivatives for currency and risk management.

State Street Climate ESG International Equity Fund invested funds in equity securities, unit trusts, index derivatives andcurrency contracts in accordance with the provisions of the Fund’s Constitution.

State Street Global Index Plus Trust invested funds in equity securities, unit trusts and derivatives in accordance with theprovisions of the Trust’s Constitution.

State Street Global Index Plus (Hedged) Trust invested funds in unlisted unit trusts, index derivatives and foreign currencycontracts in accordance with the provisions of the Trust’s Constitution.

The Funds/Trusts did not have any employees during the year.

There were no significant changes in the nature of the Funds’/Trusts’ activities during the year.

Directors

The following persons held office as directors of State Street Global Advisors, Australia Services Limited during the year orsince the end of the year and up to the date of this report:

James MacNevin

Matthew George

Jonathan Mark Shead

Review and results of operations

During the year, the Funds/Trusts continued to invest their funds in accordance with target asset allocations as set out in thegoverning documents of the Funds/Trusts and in accordance with the provisions of the Funds’/Trusts’ Constitutions.

State Street International Equities FundsDirectors’ report

30 June 2020

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Directors’ report (continued)

Review and results of operations (continued)

Results

The performance of the Funds/Trusts, as represented by the results of their operations, was as follows:

State Street InternationalEquities Index Trust

State Street InternationalEquities Index (Hedged) Trust

Year ended Year ended30 June2020

30 June2019

30 June2020

30 June2019

Operating profit/(loss) ($) 93,503,082 236,267,331 2,940,628 17,430,446

Distributions to unitholders ($) 39,839,171 47,571,371 - -

Distributions (cents per unit - CPU) 3.28 3.29 - -

State Street Global EquityFund

State Street Climate ESGInternational Equity Fund


30 June2019

30 June2020

30 June2019

Operating profit/(loss) ($) (18,015,044) 33,426,859 18,458,421 31,078,915

Distributions to unitholders ($) 4,306,540 6,186,598 24,616,702 17,900,031

Distributions (cents per unit - CPU) 2.81 3.32 49.06 8.96

State Street Global Index PlusTrust

State Street Global Index Plus(Hedged) Trust


30 June2019

30 June2020

30 June2019

Operating profit/(loss) ($) 18,894,464 64,795,189 213,964 12,245,823

Distributions to unitholders ($) 13,031,976 14,112,243 - -

Distributions (cents per unit - CPU) 2.50 2.07 - -


30 June 2020(continued)

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The tables below demonstrate the performance of the Funds/Trusts as represented by their total returns. Total returnsreflect combined capital growth and distribution performance assuming all distributions are reinvested; and are shown net offees. The total returns are shown for the past five years to 30 June 2020:

2020 2019 2018 2017 2016% % % % %

State Street International EquitiesIndex Trust

Total return 5.35 12.08 15.45 15.05 0.74

Benchmark: MSCI Worldex-Australia Index 5.18 11.95 15.39 14.73 0.40

State Street International EquitiesIndex (Hedged) Trust

Total return 1.13 6.19 11.38 20.71 (1.33)

Benchmark: MSCI Worldex-Australia hedged to AUD Index 1.30 6.22 11.48 20.54 (1.42)

State Street Global Equity Fund

Total return (5.49) 12.30 8.31 14.02 9.59



Total return 7.07 12.47 15.36 15.02 N/A

Benchmark: MSCI World exAustralia Index 6.97 12.52 15.54 14.77 N/A


Total return 3.05 11.96 14.09 16.01 0.78



Total return (1.06) 6.08 10.06 21.61 (1.32)

Benchmark: MSCI Worldex-Australia hedged to AUD Index 1.30 6.22 11.48 20.54 (1.42)



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Consistent with our statements in the governing documents of the Funds/Trusts, past performance is not a reliable indicatorof future performance.

Unit redemption prices

Unit redemption prices (quoted ex-distribution) are shown as follows:

2020 2019 2018 2017 2016

$ $ $ $ $

State Street International EquitiesIndex Trust

At 30 June 1.38 1.34 1.22 1.08 0.97

State Street International EquitiesIndex (Hedged) Trust

At 30 June 0.89 0.88 0.83 0.74 0.62


At 30 June 1.48 1.59 1.45 1.42 1.27


At 30 June 1.24 1.23 1.18 1.09 N/A


At 30 June 0.93 0.92 0.84 0.76 0.67


At 30 June 0.44 0.44 0.42 0.38 0.31

Significant changes in the state of affairs

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatilityresulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel andborder restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. Theeffects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations andindividual issuers, all of which may negatively impact the Funds’/Trusts’ performance.

State Street Climate ESG International Equity Fund changed its name from State Street Low Carbon ESG InternationalEquities Index Trust to State Street Climate ESG International Equity Fund on 29 May 2020.

In the opinion of the directors, there were no other significant changes in the state of affairs of the Funds/Trusts thatoccurred during the financial year.



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Matters subsequent to the end of the financial year

No matter or circumstance has arisen since 30 June 2020 that has significantly affected, or may significantly affect:

(i) the operations of the Funds/Trusts in future financial years, or(ii) the results of those operations in future financial years, or(iii) the state of affairs of the Funds/Trusts in future financial years.

Likely developments and expected results of operations

The Funds/Trusts will continue to be managed in accordance with the investment objectives and guidelines as set out in thegoverning documents of the Funds/Trusts and in accordance with the provisions of the Funds’/Trusts’ Constitutions.

The results of the Funds’/Trusts’ operations will be affected by a number of factors, including the performance ofinvestment markets in which the Funds/Trusts invest. Investment performance is not guaranteed and future returns maydiffer from past returns. As investment conditions change over time, past returns should not be used to predict futurereturns.

Further information on likely developments in the operations of the Funds/Trusts and the expected results of thoseoperations have not been included in this report because the Responsible Entity believes it would be likely to result inunreasonable prejudice to the Funds/Trusts.

Indemnity and insurance of officers

No insurance premiums are paid for out of the assets of the Funds/Trusts in regards to insurance cover provided to eitherthe officers of State Street Global Advisors, Australia Services Limited or the auditor of the Funds/Trusts. So long as theofficers of State Street Global Advisors, Australia Services Limited act in accordance with the Funds’/Trusts’ Constitutionsand the Corporations Act 2001, the officers remain indemnified out of the assets of the Funds/Trusts against lossesincurred while acting on behalf of the Funds/Trusts.

Indemnity of auditor

The auditor of the Funds/Trusts are in no way indemnified out of the assets of the Funds/Trusts.

Fees paid to and interests held in the Funds/Trusts by the Responsible Entity or its associates

Fees paid to the Responsible Entity and its associates out of Funds’/Trusts’ property during the year are disclosed innote 18 to the financial statements.

No fees were paid out of Funds’/Trusts’ property to the directors of the Responsible Entity during the year.

The number of interests in the Funds/Trusts held by the Responsible Entity or its associates as at the end of the financialyear are disclosed in note 18 to the financial statements.

Interests in the Funds/Trusts

The movements in units on issue in the Funds/Trusts during the year are disclosed in note 11 to the financial statements.

The value of the Funds’/Trusts’ assets and liabilities is disclosed on the Statements of financial position and derived usingthe basis set out in note 2 to the financial statements.

Environmental regulation

The operations of the Funds/Trusts are not subject to any particular or significant environmental regulations under aCommonwealth, State or Territory law.

Rounding of amounts to the nearest dollar

The Funds/Trusts are entities of the kind referred to in ASIC Corporations (Rounding in Financial/Directors’ Reports)Instrument 2016/191 issued by the Australian Securities and Investments Commission (ASIC) relating to the “rounding off”of amounts in the Directors’ report. Amounts in the Directors’ report have been rounded to the nearest dollar in accordancewith that ASIC Corporations Instrument, unless otherwise indicated.



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A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation

Ernst & Young 200 George Street Sydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001

Tel: +61 2 9248 5555 Fax: +61 2 9248 5959 ey.com/au

Auditor’s Independence Declaration to the Directors of State Street Global Advisors, Australia Services Limited as Responsible Entity of

State Street International Equities Index Trust

State Street International Equities Index (Hedged) Trust



State Street Global Index Plus Trust

State Street Global Index Plus (Hedged) Trust

referred to collectively as State Street International Equities Funds.

As lead auditor for the audit of the financial report of State Street International Equities Funds for the year ended 30 June 2020, I declare to the best of my knowledge and belief, there have been:

a) no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and

b) no contraventions of any applicable code of professional conduct in relation to the audit. Ernst & Young Rita Da Silva Partner 24 September 2020

Statements of comprehensive income




30 June2019

30 June2020

30 June2019

Notes $ $ $ $

Investment income

Distribution and dividend income 44,483,497 47,951,508 6,561,003 7,452,103Interest income from financial assets atamortised cost 28,844 111,125 4,568 11,146Net gains/(losses) on financial instruments atfair value through profit or loss 6 55,884,428 197,214,488 (6,845,584) 10,734,775

Other operating income/(loss) 3,023,599 178,970 3,307,660 (669,607)

Total net investment income/(loss) 103,420,368 245,456,091 3,027,647 17,528,417

Expenses

Responsible Entity’s fees 18 210,648 198,814 - -

Investment Manager’s fees 18 3,417,436 3,225,455 59,443 58,158

Transaction costs 144,442 141,148 22,809 38,255

Withholding taxes on dividends 6,080,581 5,485,924 - -

Other operating expenses 64,179 137,419 4,767 1,558

Total operating expenses 9,917,286 9,188,760 87,019 97,971

Operating profit/(loss) for the year 93,503,082 236,267,331 2,940,628 17,430,446

Other comprehensive income for the year - - - -

Total comprehensive income for the year 93,503,082 236,267,331 2,940,628 17,430,446

The above Statements of comprehensive income should be read in conjunction with the accompanying notes.

State Street International Equities FundsStatements of comprehensive income

For the year ended 30 June 2020

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Statements of comprehensive income (continued)




30 June2019

30 June2020

30 June2019

Notes $ $ $ $

Investment income

Distribution and dividend income 8,402,009 9,583,360 5,771,714 6,196,670Interest income from financial assets atamortised cost 22,062 38,753 8,820 15,181Net gains/(losses) on financial instruments atfair value through profit or loss 6 (22,582,589) 27,051,914 14,205,124 26,071,614

Other operating income/(loss) 451,198 905,930 48,771 275,324

Total net investment income/(loss) (13,707,320) 37,579,957 20,034,429 32,558,789

Expenses

Responsible Entity’s fees 18 31,182 29,063 27,046 26,224



Withholding taxes on dividends 1,286,105 1,342,886 870,515 810,630

Other operating expenses - 1,035 12,818 11,318

Total operating expenses 4,307,724 4,153,098 1,576,008 1,479,874

Operating profit/(loss) for the year (18,015,044) 33,426,859 18,458,421 31,078,915


Total comprehensive income for the year (18,015,044) 33,426,859 18,458,421 31,078,915



For the year ended 30 June 2020(continued)

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Statements of comprehensive income (continued)




30 June2019

30 June2020

30 June2019

Notes $ $ $ $

Investment income

Distribution and dividend income 13,705,334 16,342,269 5,631,855 5,151,743Interest income from financial assets atamortised cost 27,453 49,505 397 2,013Net gains/(losses) on financial instruments atfair value through profit or loss 6 9,685,752 52,431,329 (5,949,750) 7,406,395

Other operating income/(loss) (573,952) 352,956 599,285 (255,677)

Total net investment income/(loss) 22,844,587 69,176,059 281,787 12,304,474

Expenses

Responsible Entity’s fees 18 59,379 66,133 - -



Withholding taxes on dividends 1,905,344 2,082,853 - -

Other operating expenses - 23,844 4,349 1,663

Total operating expenses 3,950,123 4,380,870 67,823 58,651

Operating profit/(loss) for the year 18,894,464 64,795,189 213,964 12,245,823


Total comprehensive income for the year 18,894,464 64,795,189 213,964 12,245,823




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Statements of financial position



As at As at30 June2020

30 June2019

30 June2020

30 June2019

Notes $ $ $ $

Assets

Cash and cash equivalents 13 19,502,375 33,875,174 834,711 239,635

Margin accounts 8,313,929 2,166,939 1,771 1,771Due from brokers - receivable for securitiessold 23,239,291 7,051 1,464,524 1,368

Receivables 16 1,840,994 2,916,299 4,843,583 5,492,682Financial assets at fair value through profit orloss 7 1,550,685,497 1,912,620,812 281,418,600 306,050,366

Total assets 1,603,582,086 1,951,586,275 288,563,189 311,785,822

LiabilitiesDue to brokers - payable for securitiespurchased 22,912,082 - 8,408,755 -

Payables 17 1,967,135 879,578 1,468,980 11,166

Distribution payable 12 27,716,412 34,810,755 - -Financial liabilities at fair value through profitor loss 8 33,986 - 1,019,356 2,037,945

Total liabilities 52,629,615 35,690,333 10,897,091 2,049,111

Net assets attributable to unitholders -Equity 11 1,550,952,471 1,915,895,942 277,666,098 309,736,711

The above Statements of financial position should be read in conjunction with the accompanying notes.

State Street International Equities FundsStatements of financial position

As at 30 June 2020

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Statements of financial position (continued)




30 June2019

30 June2020

30 June2019

Notes $ $ $ $

Assets

Cash and cash equivalents 13 4,141,534 3,486,132 2,493,081 1,619,133

Margin accounts - - 431,613 937,976Due from brokers - receivable for securitiessold - - - 737

Receivables 16 397,649 520,320 278,060 393,586Financial assets at fair value through profit orloss 7 230,329,600 300,188,380 244,275,224 259,850,937

Total assets 234,868,783 304,194,832 247,477,978 262,802,369

LiabilitiesDue to brokers - payable for securitiespurchased 3,600,643 - - -

Payables 17 627,637 1,022,578 75,804 130,215

Distribution payable 12 4,306,540 6,186,598 13,776,391 16,384,672Financial liabilities at fair value through profitor loss 8 33,380 568,720 7,780 -


Net assets attributable to unitholders -Equity 11 226,300,583 296,416,936 233,618,003 246,287,482



As at 30 June 2020(continued)

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Statements of financial position (continued)




30 June2019

30 June2020

30 June2019

Notes $ $ $ $

Assets

Cash and cash equivalents 13 26,543,758 20,015,461 27,541 98,985

Margin accounts 2,299,436 1,289,603 315 315Due from brokers - receivable for securitiessold - - 1,200,000 -

Receivables 16 584,642 2,522,613 4,435,208 3,993,735Financial assets at fair value through profit orloss 7 471,759,524 626,223,087 215,711,873 237,455,973

Total assets 501,187,360 650,050,764 221,374,937 241,549,008

LiabilitiesDue to brokers - payable for securitiespurchased 17,620,182 - 6,958,400 1,625,556

Payables 17 1,974,367 5,402,681 1,203,491 7,988

Distribution payable 12 10,062,196 10,787,060 - -Financial liabilities at fair value through profitor loss 8 44,324 5,341 501,395 947,682


Net assets attributable to unitholders -Equity 11 471,486,291 633,855,682 212,711,651 238,967,782



As at 30 June 2020(continued)

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Statements of changes in equity




30 June2019

30 June2020

30 June2019

Notes $ $ $ $Total equity at the beginning ofthe financial year 11 1,915,895,942 2,058,012,366 309,736,711 288,691,348

Comprehensive income for theyear

Profit/(loss) for the year 93,503,082 236,267,331 2,940,628 17,430,446Total comprehensive income forthe year 93,503,082 236,267,331 2,940,628 17,430,446

Transactions with unitholders

Applications 11 160,736,359 131,265,412 29,926,594 24,066,294

Redemptions 11 (623,509,602) (501,777,667) (64,937,835) (20,451,377)Units issued upon reinvestment ofdistributions 11 44,165,861 39,699,871 - -

Distributions paid and payable 11, 12 (39,839,171) (47,571,371) - -Total transactions withunitholders (458,446,553) (378,383,755) (35,011,241) 3,614,917

Total equity at the end of thefinancial year 1,550,952,471 1,915,895,942 277,666,098 309,736,711

The above Statements of changes in equity should be read in conjunction with the accompanying notes.

State Street International Equities FundsStatements of changes in equityFor the year ended 30 June 2020

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Statements of changes in equity (continued)




30 June2019

30 June2020

30 June2019

Notes $ $ $ $Total equity at the beginning ofthe financial year 11 296,416,936 256,631,495 246,287,482 251,537,936


Profit/(loss) for the year (18,015,044) 33,426,859 18,458,421 31,078,915Total comprehensive income forthe year (18,015,044) 33,426,859 18,458,421 31,078,915


Applications 11 70,849,360 100,224,202 6,327,276 3,041,458

Redemptions 11 (119,015,298) (88,774,501) (30,620,152) (38,002,195)Units issued upon reinvestment ofdistributions 11 371,169 1,095,479 17,781,678 16,531,399

Distributions paid and payable 11, 12 (4,306,540) (6,186,598) (24,616,702) (17,900,031)Total transactions withunitholders (52,101,309) 6,358,582 (31,127,900) (36,329,369)

Total equity at the end of thefinancial year 226,300,583 296,416,936 233,618,003 246,287,482



(continued)

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Statements of changes in equity (continued)




30 June2019

30 June2020

30 June2019

Notes $ $ $ $Total equity at the beginning ofthe financial year 11 633,855,682 664,099,194 238,967,782 201,986,920


Profit/(loss) for the year 18,894,464 64,795,189 213,964 12,245,823Total comprehensive income forthe year 18,894,464 64,795,189 213,964 12,245,823


Applications 11 134,620,165 179,842,036 26,154,113 53,708,889

Redemptions 11 (316,477,924) (276,922,954) (52,624,208) (28,973,850)Units issued upon reinvestment ofdistributions 11 13,625,880 16,154,460 - -

Distributions paid and payable 11, 12 (13,031,976) (14,112,243) - -Total transactions withunitholders (181,263,855) (95,038,701) (26,470,095) 24,735,039

Total equity at the end of thefinancial year 471,486,291 633,855,682 212,711,651 238,967,782



(continued)

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Statements of cash flows




30 June2019

30 June2020

30 June2019

Notes $ $ $ $

Cash flows from operating activitiesProceeds from sale of financial instrumentsat fair value through profit or loss 529,723,323 385,049,813 114,377,664 59,242,594Purchase of financial instruments at fairvalue through profit or loss (111,505,051) (120,836,729) (90,664,472) (69,475,648)Amount received from/(paid to) brokers formargin accounts (6,146,990) 1,226,192 - 597,566

Distributions and dividends received 38,690,670 40,946,079 7,209,759 6,714,947

Interest received 37,197 102,906 5,357 10,560

Other income received/(paid) 3,009,939 1,131,093 3,307,214 (670,136)

Responsible Entity’s fees paid (228,128) (202,642) - -

Investment Manager’s fees paid (3,706,549) (3,288,776) (64,723) (57,907)

Payment of other operating expenses (208,621) (290,151) (27,638) (39,812)Net cash inflow/(outflow) from operatingactivities 14(a) 449,665,790 303,837,785 34,143,161 (3,677,836)

Cash flows from financing activities

Proceeds from applications by unitholders 160,736,359 131,265,412 29,926,594 24,066,294

Payments for redemptions by unitholders (622,014,130) (442,122,486) (63,474,679) (20,450,009)

Distributions paid (2,767,653) (7,758,404) - -Net cash inflow/(outflow) from financingactivities (464,045,424) (318,615,478) (33,548,085) 3,616,285

Net increase/(decrease) in cash and cashequivalents (14,379,634) (14,777,693) 595,076 (61,551)

Cash and cash equivalents at the beginningof the year 33,875,174 49,637,434 239,635 301,192

Effects of foreign currency exchange ratechanges on cash and cash equivalents 6,835 (984,567) - (6)

Cash and cash equivalents at the end ofthe year 13 19,502,375 33,875,174 834,711 239,635

Non-cash financing activities 14(b)

The above Statements of cash flows should be read in conjunction with the accompanying notes.

State Street International Equities FundsStatements of cash flows

For the year ended 30 June 2020

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Statements of cash flows (continued)




30 June2019

30 June2020

30 June2019

Notes $ $ $ $

Cash flows from operating activitiesProceeds from sale of financial instrumentsat fair value through profit or loss 266,451,586 167,250,850 118,165,454 56,709,271Purchase of financial instruments at fairvalue through profit or loss (216,045,228) (174,594,547) (88,247,833) (27,838,615)Amount received from/(paid to) brokers formargin accounts - - 506,363 (281,219)


Interest received 24,422 38,950 9,102 15,055

Other income received/(paid) 447,555 883,354 59,027 310,782

Responsible Entity’s fees paid (34,238) (28,775) (29,345) (26,411)


Payment of other operating expenses (97,405) (94,858) (84,351) (69,753)Net cash inflow/(outflow) from operatingactivities 14(a) 54,733,007 (1,043,417) 34,622,147 33,521,223




Distributions paid (5,815,429) (14,120,413) (9,443,305) (4,633)Net cash inflow/(outflow) from financingactivities (54,077,971) (2,419,340) (33,736,181) (35,158,505)

Net increase/(decrease) in cash and cashequivalents 655,036 (3,462,757) 885,966 (1,637,282)

Cash and cash equivalents at the beginningof the year 3,486,132 6,951,534 1,619,133 3,296,645

Effects of foreign currency exchange ratechanges on cash and cash equivalents 366 (2,645) (12,018) (40,230)

Cash and cash equivalents at the end ofthe year 13 4,141,534 3,486,132 2,493,081 1,619,133





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Statements of cash flows (continued)




30 June2019

30 June2020

30 June2019

Notes $ $ $ $

Cash flows from operating activitiesProceeds from sale of financial instrumentsat fair value through profit or loss 440,840,335 395,877,712 91,689,520 58,348,671Purchase of financial instruments at fairvalue through profit or loss (258,979,497) (350,714,415) (72,208,613) (87,495,958)Amount received from/(paid to) brokers formargin accounts (1,009,833) (1,289,603) - -


Interest received 42,798 35,035 489 2,048

Other income received/(paid) (572,467) 357,921 599,655 (256,035)

Responsible Entity’s fees paid (65,684) (67,532) - -


Dividend withholding tax paid (1,939,499) (2,069,838) - -

Payment of other operating expenses (349,667) (400,359) (23,608) (17,557)Net cash inflow/(outflow) from operatingactivities 14(a) 190,106,982 55,951,039 25,198,646 (24,452,879)




Distributions paid (130,960) (127,877) - -Net cash inflow/(outflow) from financingactivities (183,563,163) (38,591,977) (25,270,095) 24,416,039

Net increase/(decrease) in cash and cashequivalents 6,543,819 17,359,062 (71,449) (36,840)

Cash and cash equivalents at the beginningof the year 20,015,461 2,661,364 98,985 135,842

Effects of foreign currency exchange ratechanges on cash and cash equivalents (15,522) (4,965) 5 (17)

Cash and cash equivalents at the end ofthe year 13 26,543,758 20,015,461 27,541 98,985





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Contents of the notes to the financial statements

Page

1 General information 22

2 Summary of significant accounting policies 22

3 Financial risk management 28

4 Offsetting financial assets and financial liabilities 51

5 Fair value measurement 57

6 Net gains/(losses) on financial instruments at fair value through profit or loss 65

7 Financial assets at fair value through profit or loss 67

8 Financial liabilities at fair value through profit or loss 69

9 Derivative financial instruments 70

10 Structured entities 73

11 Net assets attributable to unitholders 73

12 Distributions to unitholders 77

13 Cash and cash equivalents 78

14 Reconciliation of profit/(loss) to net cash inflow/(outflow) from operating activities 80

15 Remuneration of auditors 83

16 Receivables 86

17 Payables 87

18 Related party transactions 87

19 Events occurring after the reporting period 94

20 Contingent assets and liabilities and commitments 95

State Street International Equities FundsNotes to the financial statements

30 June 2020

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1 General information

These financial statements cover State Street International Equities Index Trust, State Street International Equities Index(Hedged) Trust, State Street Global Equity Fund, State Street Climate ESG International Equity Fund (Formerly known as“State Street Low Carbon ESG International Equities Index Trust”), State Street Global Index Plus Trust and State StreetGlobal Index Plus (Hedged) Trust (the “Funds/Trusts”) as individual entities.

State Street International Equities Index Trust was constituted on 6 December 1993 and will terminate on 5 December 2073unless terminated earlier in accordance with the provisions of the Trust’s Constitution.

State Street International Equities Index (Hedged) Trust was constituted on 6 December 1993 and will terminate on5 December 2073 unless terminated earlier in accordance with the provisions of the Trust’s Constitution.

State Street Global Equity Fund was constituted on 20 February 2013 and will terminate on 19 February 2093 unlessterminated earlier in accordance with the provisions of the Fund’s Constitution.

State Street Climate ESG International Equity Fund was constituted on 01 April 2016 and will terminate on 28 June 2096unless terminated earlier in accordance with the provisions of the Fund’s Constitution.

State Street Global Index Plus Trust was constituted on 17 July 2000 and will terminate on 16 July 2080 unless terminatedearlier in accordance with the provisions of the Trust’s Constitution.

State Street Global Index Plus (Hedged) Trust constituted on 6 December 1993 and will terminate on 5 December 2073unless terminated earlier in accordance with the provisions of the Trust’s Constitution.

The Responsible Entity of the Funds/Trusts is State Street Global Advisors, Australia Services Limited (the “ResponsibleEntity”). The Responsible Entity’s registered office is Level 14, 420 George Street, Sydney NSW 2000. The financialstatements are presented in Australian currency.

State Street International Equities Index Trust invested funds in equity securities, unit trusts, index derivatives and currencycontracts in accordance with the provisions of the Trust’s Constitution.

State Street International Equities Index (Hedged) Trust invested in equity securities, unlisted unit trusts, index derivatives,and foreign currency contracts in accordance with the provisions of the Trust’s Constitution.

State Street Global Equity Fund invested in global listed securities, cash, and managed futures. The allocation to theseasset classes is based on current market conditions, the risk profile of the Fund and are made in accordance with theprovisions of the Fund’s Constitution. The Fund uses a range of derivatives for currency and risk management.

State Street Climate ESG International Equity Fund invested funds in equity securities, unit trusts, index derivatives andcurrency contracts in accordance with the provisions of the Fund’s Constitution.

State Street Global Index Plus Trust invested funds in equity securities, unit trusts and derivatives in accordance with theprovisions of the Trust’s Constitution.

State Street Global Index Plus (Hedged) Trust invested funds in unlisted unit trusts, index derivatives and foreign currencycontracts in accordance with the provisions of the Trust’s Constitution.

The financial statements were authorised for issue by the directors on 24 September 2020. The directors of theResponsible Entity have the power to amend and reissue the financial statements.

2 Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policieshave been consistently applied to all years presented, unless otherwise stated in the following text.

(a) Basis of preparation

These general purpose financial statements have been prepared in accordance with Australian Accounting Standards andInterpretations issued by the Australian Accounting Standards Board and the Corporations Act 2001 in Australia. TheFunds/Trusts are for-profit entities for the purpose of preparing the financial statements.



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2 Summary of significant accounting policies (continued)

(a) Basis of preparation (continued)

The financial statements are prepared on the basis of fair value measurement of assets and liabilities except whereotherwise stated.

The Statements of financial position are presented on a liquidity basis.

Assets and liabilities are presented in decreasing order of liquidity and are not distinguished between current andnon-current. All balances are expected to be recovered or settled within twelve months, except for investments in financialassets at fair value through profit or loss and net assets attributable to unitholders.

The Funds/Trusts invest in financial assets at fair value through profit or loss based on the economic circumstances at anygiven point in time, as well as to meet any liquidity requirements. As such, it is expected that a portion of the portfolio will berealised within 12 months, however, an estimate of that amount cannot be determined as at reporting date.

In the case of net assets attributable to unitholders, the units are redeemable on demand at the unitholders’ option.However, holders of these instruments typically retain them for the medium to long term. As such, the amount expected tobe settled within 12 months cannot be reliably determined.

(i) Compliance with International Financial Reporting Standards

The financial statements of the Funds/Trusts also comply with International Financial Reporting Standards as issued by theInternational Accounting Standards Board.

(ii) New and amended standards adopted by the Funds/Trusts

There are no standards, interpretations or amendments to existing standards that are effective for the first time for thefinancial year beginning 1 July 2019 that have a material impact on the Funds/Trusts.

(iii) New standards, amendments and interpretations not yet adopted

A number of new standards, amendments to standards and interpretations are effective for annual periods beginning after1 July 2019, and have not been early adopted in preparing these financial statements. None of these are expected to havea material effect on the future financial statements of the Funds/Trusts.

(b) Financial assets and liabilities at fair value through profit or loss

(i) Classification

Assets

The Funds/Trusts classify their investments based on their business models for managing those financial assets and thecontractual cash flow characteristics of the financial assets. The Funds’/Trusts’ portfolios of financial assets are managedand their performance are evaluated on a fair value basis in accordance with the Funds’/Trusts’ documented investmentstrategies. The Funds/Trusts use fair value information to assess performance of the portfolios and to make decisions torebalance the portfolio or to realise fair value gains or minimise losses through sales or other trading strategies. TheFunds’/Trusts’ policies are for the Responsible Entity to evaluate the information about these financial assets on a fair valuebasis together with other related financial information.

Equity securities and derivatives are measured at fair value through profit or loss.

For debt securities, the contractual cash flows are solely payments of principal and interest, however they are neither heldfor collecting contractual cash flows nor held both for collecting contractual cash flows and for sale. The collection ofcontractual cash flows is only incidental to achieving the Funds’/Trusts’ business models’ objective. Consequently, the debtsecurities are measured at fair value through profit or loss.

Liabilities

Derivative contracts that have a negative fair value are presented as liabilities at fair value through profit or loss.



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(b) Financial assets and liabilities at fair value through profit or loss (continued)

(ii) Recognition/derecognition

The Funds/Trusts recognise financial assets and financial liabilities on the date they become party to the contractualagreement (trade date) and recognise changes in the fair value of the financial assets or financial liabilities from this date.

Investments are derecognised when the right to receive cash flows from the investments have expired or have beentransferred and the Funds/Trusts have transferred substantially all of the risks and rewards of ownership.

(iii) Measurement

At initial recognition, the Funds/Trusts measure financial assets and financial liabilities at fair value. Transaction costs offinancial assets and financial liabilities carried at fair value through profit or loss are expensed in the Statements ofcomprehensive income.

Subsequent to initial recognition, all financial assets and financial liabilities at fair value through profit or loss are measuredat fair value. Gains and losses arising from changes in the fair value of the financial assets or financial liabilities at fair valuethrough profit or loss category are presented in the Statements of comprehensive income within ’net gains/(losses) onfinancial instruments at fair value through profit or loss’ in the period in which they arise.

For further details on how the fair values of financial instruments are determined please see note 5 to the financialstatements.

(c) Offsetting financial instruments

Financial assets and liabilities are offset and the net amount reported in the Statements of financial position when there is alegally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or realise theasset and settle the liability simultaneously. Refer to note 4 to the financial statements for further information.

(d) Net assets attributable to unitholders

Units are redeemable at the unitholders’ option, however, applications and redemptions may be suspended by theResponsible Entity if it is in the best interests of the unitholders.

The units can be put back to the Funds/Trusts at any time for cash based on the redemption price, which is equal to aproportionate share of the Funds’/Trusts’ net asset value attributable to the unitholders.

The units are carried at the redemption amount that is payable at the reporting date if the holder exercises the right to putthe unit back to the Funds/Trusts. This amount represents the expected cash flows on redemption of these units.

Under AASB 132 Financial instruments: Presentation, puttable financial instruments are classified as equity where certainstrict criteria are met. The Funds/Trusts classify the net assets attributable to unit holders as equity as they satisfy thefollowing criteria:

• the puttable financial instrument entitles the holder to a pro-rata share of net assets in the event of the Funds’/Trusts’liquidation;

• the puttable financial instrument is in the class of instruments that is subordinate to all other classes of instrumentsand class features are identical;

• the puttable financial instrument does not include any contractual obligations to deliver cash or another financialasset, or to exchange financial instruments with another entity under potentially unfavourable conditions to theFunds/Trusts, and it is not a contract settled in the Funds’/Trusts’ own equity instruments; and

• the total expected cash flows attributable to the puttable financial instrument over the life are based substantially onthe profit or loss.



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(e) Cash and cash equivalents

For the purpose of presentation in the Statements of cash flows, cash and cash equivalents includes cash on hand,deposits held at call with financial institutions, other short term, highly liquid investments with original maturities of threemonths or less from the date of acquisition that are readily convertible to known amounts of cash and which are subject toan insignificant risk of changes in value and bank overdrafts. Bank overdrafts are classified as liabilities in the Statementsof financial position.

Payments and receipts relating to the purchase and sale of investment securities are classified as cash flows fromoperating activities, as movements in the fair value of these securities represent the Funds’/Trusts’ main income generatingactivities.

(f) Margin accounts

Margin accounts comprise cash held as collateral for derivative transactions. The cash is held by the broker and is onlyavailable to meet margin calls. It is not included as a component of cash and cash equivalents.

(g) Investment income

Interest income from financial assets at amortised cost is recognised on a time-proportionate basis using the effectiveinterest method and includes interest from cash and cash equivalents.

Interest from financial assets at fair value through profit or loss is determined based on the contractual coupon interest rateand includes interest from debt securities.

Dividend income is recognised on the ex-dividend date with any related foreign withholding tax recorded as an expense.

Trust distributions are recognised on an entitlements basis.

Dividend and distribution income from financial assets at fair value through profit or loss is recognised in the Statements ofcomprehensive income within dividend income and distribution income when the Funds’/Trusts’ right to receive payments isestablished.

Other changes in fair value for such instruments are recorded in accordance with the policies described in Note 2(b) to thefinancial statements.

(h) Expenses

All expenses, including Responsible Entity’s fees and the Investment Manager’s fees, are recognised in the Statements ofcomprehensive income on an accruals basis.

(i) Income tax

Under current legislation, the Funds/Trusts are not subject to income tax provided they attribute the entirety of their taxableincome to their unitholders.

Financial instruments at fair value may include unrealised capital gains. Should such a gain be realised, that portion of thegain that is subject to capital gains tax will be attributed so that the Funds/Trusts are not subject to capital gains tax.

Realised capital losses are not distributed to unitholders but are retained in the Funds/Trusts to be offset against anyrealised capital gains. If realised capital gains exceed realised capital losses, the excess is attributed to unitholders. TheResponsible Entity may elect to distribute concessional capital gains when they arise. This may occur even when totalcapital losses exceed capital gains.

The benefits of tax credits paid are passed on to unitholders.



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(j) Distributions

In accordance with the Funds’/Trusts’ Constitutions, the Funds/Trusts distribute income and any other amounts determinedby the Responsible Entity, to unitholders by cash or reinvestment. The distributions are recognised in the Statements ofchanges in equity.

(k) Foreign currency translation

(i) Functional and presentation currency

Items included in the Funds’/Trusts’ financial statements are measured using the currency of the primary economicenvironment in which they operate (the “functional currency”). This is the Australian dollar, which reflects the currency of theeconomy in which the Funds/Trusts compete for funds and are regulated. The Australian dollar is also the Funds’/Trusts’presentation currency.

(ii) Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates ofthe transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from thetranslations at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognisedin the Statements of comprehensive income.

Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at thedate when fair value was determined. Translation differences on assets and liabilities at fair value are reported in theStatements of comprehensive income on a net basis within net gains/(losses) on financial instruments at fair value throughprofit or loss.

(l) Due from/to brokers

Amounts due from/to brokers represent receivables for securities sold and payables for securities purchased that havebeen contracted for but not yet delivered by the end of the year. The due from brokers balance is held for collection andconsequently measured at amortised cost.

These amounts are recognised initially at fair value and subsequently measured at amortised cost. At each reporting date,the Funds/Trusts shall measure the loss allowance on amounts due from broker at an amount equal to the lifetime expectedcredit losses if the credit risk has increased significantly since initial recognition. If, at the reporting date, the credit risk hasnot increased significantly since initial recognition, the Funds/Trusts shall measure the loss allowance at an amount equal to12-month expected credit losses. Significant financial difficulties of the broker, probability that the broker will enterbankruptcy or financial reorganisation, and default in payments are all considered indicators that a loss allowance may berequired. If the credit risk increases to the point that it is considered to be credit impaired, interest income will be calculatedbased on the gross carrying amount adjusted for the loss allowance. A significant increase in credit risk is defined bymanagement as any contractual payment which is more than 30 days past due. Any contractual payment which is morethan 90 days past due is considered credit impaired.

(m) Receivables

Receivables may include amounts for dividends, trust distributions and interest. Dividends and trust distributions areaccrued when the right to receive payment is established. Interest is accrued at the end of each reporting period from thetime of last payment. Amounts are generally received within 30 days of being recorded as receivables.

These amounts are recognised initially at fair value and subsequently measured at amortised cost. At each reporting date,the Funds/Trusts shall measure the loss allowance on receivables at an amount equal to the lifetime expected credit lossesif the credit risk has increased significantly since initial recognition. If, at the reporting date, the credit risk has not increasedsignificantly since initial recognition, the Funds/Trusts shall measure the loss allowance at an amount equal to 12-monthexpected credit losses. Significant financial difficulties of the counterparty, probability that the counterparty will enterbankruptcy or financial reorganisation, and default in payments are all considered indicators that a loss allowance may be



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(m) Receivables (continued)

required. If the credit risk increases to the point that it is considered to be credit impaired, interest income will be calculatedbased on the gross carrying amount adjusted for the loss allowance. A significant increase in credit risk is defined bymanagement as any contractual payment which is more than 30 days past due. Any contractual payment which is morethan 90 days past due is considered credit impaired.

The amount of the impairment loss is recognised in profit or loss within other expenses. When a trade receivable for whichan impairment allowance had been recognised becomes uncollectible in a subsequent period, it is written off against theallowance account. Subsequent recoveries of amounts previously written off are credited against other expenses in profit orloss.

(n) Payables

Payables include liabilities and accrued expenses owing by the Funds/Trusts which are unpaid as at the end of thereporting period.

(o) Applications and redemptions

Applications received for units in the Funds/Trusts are recorded net of any entry fees payable prior to the issue of units inthe Funds/Trusts. Redemptions from the Funds/Trusts are recorded gross of any exit fees payable after the cancellation ofunits redeemed.

(p) Goods and Services Tax (GST)

The GST incurred on the costs of various services provided to the Funds/Trusts by third parties such as Custodial andAdministration services, Responsible Entity services and Investment Management services have been passed onto theFunds/Trusts. The Funds/Trusts qualify for Reduced Input Tax Credits (“RITC”). Hence Responsible Entity fees, InvestmentManagement fees and other expenses have been recognised in the Statements of comprehensive income net of theamount of GST recoverable from the Australian Taxation Office (“ATO”). Accounts payable are inclusive of GST. The netamount of GST recoverable from the ATO is included in receivables in the Statements of financial position. Cash flowsrelating to GST are included in the Statements of cash flow on a gross basis.

(q) Use of estimates

The Funds/Trusts may make estimates and assumptions that affect the reported amounts of assets and liabilities within thenext financial year. Estimates are continually evaluated and based on historical experience and other factors, includingexpectations of future events that are believed to be reasonable under the circumstances.

For the majority of the Funds’/Trusts’ financial instruments, quoted market prices are readily available.

For certain other financial instruments, including amounts due from/to brokers, accounts payable and accrued expenses,the carrying amounts approximate fair value due to the immediate or short-term nature of these financial instruments.

(r) Rounding of amounts

The Funds/Trusts are entities of the kind referred to in ASIC Corporations (Rounding in Financial/Directors’ Reports)Instrument 2016/191 issued by the Australian Securities and Investments Commission (ASIC) relating to the “rounding off”of amounts in the financial statements. Amounts in the financial statements have been rounded to the nearest dollar inaccordance with that ASIC Corporations Instrument, unless otherwise indicated.

(s) Comparative revisions

Comparative information has been revised where appropriate to enhance comparability. Where necessary, comparativefigures have been adjusted to conform with changes in presentation in the current year.



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3 Financial risk management

The Funds’/Trusts’ activities expose them to a variety of financial risks: market risk (including price risk, foreign exchangerisk and interest rate risk), credit risk and liquidity risk.

The Funds’/Trusts’ overall risk management programme focuses on ensuring compliance with the Funds’/Trusts’ ProductDisclosure Statement (“PDS”) and seeks to maximise the returns derived for the level of risk to which the Funds/Trusts areexposed. The Funds/Trusts may use derivative financial instruments to alter certain risk exposures.

Financial risk management is carried out by the Investment Manager under an Investment Mandate approved by the Boardof Directors of the Responsible Entity (the “Board”).

The Funds/Trusts use different methods to measure different types of risk to which they are exposed. These methods areexplained below.

(a) Market risk

(i) Price risk

The Funds/Trusts invest in various investments including securities on Global Stock Exchanges, cash instruments,derivatives and other managed investment schemes. The Funds/Trusts are exposed to equity securities and derivativessecurities price risk. The risk is that the value of the Funds’/Trusts’ investment portfolio will fluctuate as a result of changesin market prices. The risk is influenced by economic, technological, political, legal conditions and sentiment, all of which canchange. This can mean that assets held by the Funds/Trusts in these markets may fall in value. Growth assets are generallyconsidered to have a higher risk/return profile than income producing assets such as fixed interest securities and cash.

The Investment Manager manages the price risk by following a clearly established investment mandate for theFunds’/Trusts’ investments. The majority of the Funds’/Trusts’ investments are securities and investments in other managedinvestment schemes whose securities are listed on the MSCI World ex-Australia Index, MSCI World ex-Australia hedged toAUD Index and MSCI World ex-Australia Index in Australian dollars respectively, while the cash instruments are at aminimum rating of A1 or higher as rated by Standard & Poor’s. The use of derivatives is limited to a small level of the totalvalue of the Funds/Trusts. Compliance with the Funds’/Trusts’ PDS and investment mandate is monitored on a daily basisand reports are provided to the Board and Compliance Committee on a regular basis.

The table on page 42 shows the impact on net asset value of State Street International Equities Index Trust of areasonably possible shift in the MSCI World ex-Australia Index, assessed as an increase of 18% (2019: 18%) and decreaseof 18% (2019: 18%) in the MSCI World ex-Australia Index (with all other variables held constant). The impact mainly arisesfrom the reasonably possible change in the fair value of equity securities, unit trusts and equity derivatives.

The table on page 42 shows the impact on net asset value of State Street International Equities Index (Hedged) Trust of areasonably possible shift in the MSCI World ex-Australia hedged to AUD Index, assessed as an increase of 18%(2019: 18%) and decrease of 18% (2019: 18%) in the MSCI World ex-Australia hedged to AUD Index (with all othervariables held constant). The impact mainly arises from the reasonably possible change in the fair value of unit trusts andequity derivatives.

The table on page 43 shows the impact on net asset value of State Street Global Equity Fund of a reasonably possibleshift in the MSCI World ex-Australia Index, assessed as an increase of 12% (2019: 15%) and decrease of 12%(2019: 15%) in the MSCI World ex-Australia Index (with all other variables held constant). The impact mainly arises from thereasonably possible change inthe fair value of listed equities and unit trusts.

The table on page 43 shows the impact on net asset value of State Street Climate ESG International Equity Fund of areasonably possible shift in the MSCI World ex Australia Index, assessed as an increase of 18% (2019: 18%) and decreaseof 18% (2019: 18%) in the MSCI World ex Australia Index (with all other variables held constant). The impact mainly arisesfrom the reasonably possible change in the fair value of equity securities, unit trusts and equity derivatives.

The table on page 44 shows the impact on net asset value of State Street Global Index Plus Trust of a reasonably possibleshift in the MSCI World ex-Australia Index, assessed as an increase of 18% (2019: 18%) and decrease of 18%(2019: 18%) in the MSCI World ex-Australia Index (with all other variables held constant). The impact mainly arises from thereasonably possible change in the fair value of listed equities, unit trusts and equity derivatives.



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3 Financial risk management (continued)

(a) Market risk (continued)

(i) Price risk (continued)

The table on page 44 shows the impact on net asset value of State Street Global Index Plus (Hedged) Trust of areasonably possible shift in the MSCI World ex-Australia hedged to AUD Index, assessed as an increase of 18%(2019: 18%) and decrease of 18% (2019: 18%) in the MSCI World ex-Australia hedged to AUD Index (with all othervariables held constant).

(ii) Foreign exchange risk

Foreign exchange risk arises as the value of monetary assets and liabilities denominated in other currencies will fluctuatedue to changes in exchange rates.

The tables below summarise the Funds’/Trusts’ assets and liabilities that are denominated in a currency other than theAustralian dollar.


US Dollars Euro Japanese Yen British PoundsOther

currenciesAs at 30 June 2020 A$ A$ A$ A$ A$

Cash and cash equivalents 5,886,566 595,007 925,252 583,410 2,115,387

Margin accounts 5,599,545 1,845,020 517,093 340,981 -Due from brokers - receivable forsecurities sold 17,652,073 305 739,195 4,120,646 727,072

Receivables 968,521 359,377 185,201 121,567 166,582Financial assets at fair valuethrough profit or loss 1,039,979,662 159,700,384 125,632,130 68,959,771 156,413,550Due to brokers - payable forsecurities purchased (16,887,113) (1,085,313) (192,330) (3,115,556) (1,631,770)

Payable (151,325) (26,651) (19,996) - (16,938)Financial liability at fair valuethrough profit or loss - (7,565) (26,421) - -

1,053,047,929 161,380,564 127,760,124 71,010,819 157,773,883

Net increase/(decrease) inexposure from foreign currencycontracts

- buy foreign currency contracts - 894,991 (523,278) (894,991) 523,278

1,053,047,929 162,275,555 127,236,846 70,115,828 158,297,161



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(ii) Foreign exchange risk (continued)



Cash and cash equivalents 14,229,327 3,370,239 3,505,124 742,678 1,794,973

Margin accounts 1,207,362 511,723 216,835 209,357 -Due from brokers - receivable forsecurities sold - - - 7,051 -

Receivables 1,494,748 433,936 249,085 484,577 219,944Financial assets at fair valuethrough profit or loss 1,235,029,213 210,209,758 156,140,256 111,407,577 199,834,008

Payables (238,945) (24,090) (26,630) (710) (25,857)

1,251,721,705 214,501,566 160,084,670 112,850,530 201,823,068


- buy foreign currency contracts 4,100,000 1,100,000 800,000 200,000 -

1,255,821,705 215,601,566 160,884,670 113,050,530 201,823,068



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Cash and cash equivalents 103 7 - - 213Financial assets at fair valuethrough profit or loss 7,703,409 645,128 1,109,896 430,475 557,749Financial liabilities at fair valuethrough profit or loss (650,887) (73,865) (218,493) (29,609) (46,502)

7,052,625 571,270 891,403 400,866 511,460


- buy foreign currency contracts (189,330,983) (28,800,349) (23,200,344) (12,966,579) (27,746,858)

(182,278,358) (28,229,079) (22,308,941) (12,565,713) (27,235,398)



Cash and cash equivalents 101 7 - - 203Financial assets at fair valuethrough profit or loss 3,336,736 115,679 101,834 152,038 118,991Financial liabilities at fair valuethrough profit or loss (966,493) (332,779) (172,335) (38,002) (528,336)

2,370,344 (217,093) (70,501) 114,036 (409,142)



(196,956,671) (33,530,112) (25,503,155) (17,851,706) (31,959,651)



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US Dollars Japanese Yen EuroNorwegianKrone

Othercurrencies

As at 30 June 2020 A$ A$ A$ A$ A$

Cash and cash equivalents 174,306 149,195 24,126 1,446 38,069

Receivables 219,429 25,007 64,909 - 59,660Financial assets at fair valuethrough profit or loss 138,235,706 25,749,580 29,005,546 6,306,192 31,032,576Due to brokers - payable forsecurities purchased (2,518,367) - (502,934) (114,966) (464,376)

Payables (28,525) (2,602) (4,631) - (8,283)Financial liabilities at fair valuethrough profit or loss (11,932) (60) (14,657) - (6,731)

136,070,617 25,921,120 28,572,359 6,192,672 30,650,915


- buy foreign currency contracts (93,991,825) (2,754,418) (14,367,819) - (20,099,450)

42,078,792 23,166,702 14,204,540 6,192,672 10,551,465

US Dollars Japanese Yen EuroCanadianDollars

Othercurrencies

As at 30 June 2019 A$ A$ A$ A$ A$


Receivables 234,740 16,459 110,266 50,719 81,983Financial assets at fair valuethrough profit or loss 167,843,376 18,353,903 38,554,016 18,951,140 56,485,945

Payables (41,150) (1,680) (3) (7,446) (8)Financial liabilities at fair valuethrough profit or loss (2,269) - (112,206) (36,463) (417,782)

168,774,081 18,406,787 38,565,345 18,998,071 56,236,621


- buy foreign currency contracts (64,563,881) - (14,979,070) (1,687,071) (33,266,245)

104,210,200 18,406,787 23,586,275 17,311,000 22,970,376



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Cash and cash equivalents 1,596,810 369,993 199,467 92,298 228,840

Margin accounts 348,392 37,989 32,539 12,693 -


Payables (19,202) (2,871) (989) - (5,405)Financial liabilities at fair valuethrough profit or loss - - (7,780) - -

162,927,734 28,280,430 19,902,947 10,468,383 25,850,030


- buy foreign currency contracts - - - - -

162,927,734 28,280,430 19,902,947 10,468,383 25,850,030




Margin accounts 748,710 105,416 (15,823) 99,673 -Due from brokers - receivables forsecurities sold - - - 737 -


Payables (18,904) (2,870) (1,511) (532) (5,275)

163,582,306 30,923,089 20,542,530 14,886,833 32,784,596



163,582,306 30,923,089 20,542,530 14,886,833 32,784,596



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Margin Accounts 2,299,295 - - - -

Receivables 224,107 179,070 47,013 37,978 82,070Financial assets at fair valuethrough profit or loss 316,731,337 47,051,301 38,738,920 21,155,685 48,082,281Due to brokers - payable forsecurities purchased (11,291,120) (1,426,755) (2,231,692) (361,981) (2,308,634)

Payables (33,716) (15,553) (4,789) - (5,969)Financial liabilities at fair valuethrough profit or loss (44,279) - (45) - -

321,761,201 45,901,672 36,936,908 20,864,249 45,942,412


- buy foreign currency contracts 4,900,000 - 1,848,217 - -

326,661,201 45,901,672 38,785,125 20,864,249 45,942,412




Margin Accounts 739,558 - - - -


Payables (71,316) (9,570) (7,591) (1,494) (4,311)Financial liabilities at fair valuethrough profit or loss (5,341) - - - -

409,194,891 66,910,044 52,190,186 36,222,209 67,924,390



409,194,891 66,910,044 52,190,186 36,222,209 67,924,390



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Cash and cash equivalents 66 - 673 9 30Financial assets at fair valuethrough profit or loss 5,605,727 593,754 801,787 355,491 528,291Financial liabilities at fair valuethrough profit or loss (249,581) (74,017) (86,267) (22,801) (68,729)

5,356,212 519,737 716,193 332,699 459,592



(140,306,983) (21,729,013) (17,170,920) (9,699,760) (21,155,545)



Cash and cash equivalents 65 - 661 9 30Financial assets at fair valuethrough profit or loss 2,484,516 29,997 100,744 128,104 69,364Financial liabilities at fair valuethrough profit or loss (387,135) (144,860) (41,216) (35,963) (338,508)

2,097,446 (114,863) 60,189 92,150 (269,114)



(152,485,878) (25,948,833) (19,585,636) (13,760,839) (24,559,366)

(iii) Interest rate risk

Interest rate risk is the risk that interest rate movements will have a negative impact on investment value or returns. Interestrate risk is managed in accordance with the underlying investment strategy of the Funds/Trusts.

The Funds’/Trusts’ policies are to maintain derivative adjusted exposure to cash instruments, at any point in time of nomore than 5% of the Funds’/Trusts’ value.

Compliance with the value of cash investments held is monitored daily and reported to the Board and ComplianceCommittee on a regular basis.



-35-



(iii) Interest rate risk (continued)

The tables below summarise the Funds’/Trusts’ direct exposure to interest rate risks.

State Street International Equities Index TrustFloating

interest rateFixed

interest rateNon-interestbearing Total

30 June 2020 $ $ $ $

Assets

Cash and cash equivalents 19,502,375 - - 19,502,375

Margin accounts 8,313,929 - - 8,313,929

Due from brokers - receivable for securities sold - - 23,239,291 23,239,291

Receivables - - 1,840,994 1,840,994

Financial assets at fair value through profit or loss - - 1,550,685,497 1,550,685,497

Liabilities

Due to brokers - payable for securities purchased - - (22,912,082) (22,912,082)

Payables - - (1,967,135) (1,967,135)

Distributions payable - - (27,716,412) (27,716,412)

Financial liabilities at fair value through profit or loss - - (33,986) (33,986)

Net exposure 27,816,304 - 1,523,136,167 1,550,952,471

30 June 2019

Assets


Margin accounts 2,166,939 - - 2,166,939

Due from brokers - receivable for securities sold - - 7,051 7,051

Receivables - - 2,916,299 2,916,299

Financial assets at fair value through profit or loss - - 1,912,620,812 1,912,620,812

Liabilities

Payables - - (879,578) (879,578)


Net exposure 36,042,113 - 1,879,853,829 1,915,895,942



-36-




State Street International Equities Index (Hedged) TrustFloating

interest rateFixed


30 June 2020 $ $ $ $

Assets

Cash and cash equivalents 834,711 - - 834,711

Margin accounts 1,771 - - 1,771


Receivables - - 4,843,583 4,843,583

Financial assets at fair value through profit or loss - - 281,418,600 281,418,600

Liabilities


Payables - - (1,468,980) (1,468,980)

Financial liabilities at fair value through profit or loss - - (1,019,356) (1,019,356)

Net exposure 836,482 - 276,829,616 277,666,098

30 June 2019

Assets



Due from brokers - receivable for securities sold - - 1,368 1,368

Receivables - - 5,492,682 5,492,682


Liabilities

Payables - - (11,166) (11,166)

Financial liabilities at fair value through profit or loss - - (2,037,945) (2,037,945)

Net exposure 241,406 - 309,495,305 309,736,711



-37-




State Street Global Equity FundFloating

interest rateFixed


30 June 2020 $ $ $ $

Assets


Receivables - - 397,649 397,649


Liabilities


Payables - - (627,637) (627,637)



Net exposure 4,141,534 - 222,159,049 226,300,583

30 June 2019

Assets


Receivables - - 520,320 520,320


Liabilities

Payables - - (1,022,578) (1,022,578)



Net exposure 3,486,132 - 292,930,804 296,416,936



-38-




State Street Climate ESG International Equity FundFloating

interest rateFixed


30 June 2020 $ $ $ $

Assets



Receivables - - 278,060 278,060


Liabilities

Payables - - (75,804) (75,804)



Net exposure 2,924,694 - 230,693,309 233,618,003

30 June 2019

Assets



Due from brokers - receivable for securities sold - - 737 737

Receivables - - 393,586 393,586


Liabilities

Payables - - (130,215) (130,215)


Net exposure 2,557,109 - 243,730,373 246,287,482



-39-




State Street Global Index Plus TrustFloating

interest rateFixed


30 June 2020 $ $ $ $

Assets


Margin accounts 2,299,436 - - 2,299,436

Receivables - - 584,642 584,642


Liabilities


Payables - - (1,974,367) (1,974,367)



Net exposure 28,843,194 - 442,643,097 471,486,291

30 June 2019

Assets


Margin accounts 1,289,603 - - 1,289,603

Receivables - - 2,522,613 2,522,613


Liabilities

Payables - - (5,402,681) (5,402,681)



Net exposure 21,305,064 - 612,550,618 633,855,682



-40-




State Street Global Index Plus (Hedged) TrustFloating

interest rateFixed


30 June 2020 $ $ $ $

Assets


Margin accounts 315 - - 315


Receivables - - 4,435,208 4,435,208


Liabilities


Payables - - (1,203,491) (1,203,491)


Net exposure 27,856 - 212,683,795 212,711,651

30 June 2019

Assets


Margin accounts 315 - - 315

Receivables - - 3,993,735 3,993,735


Liabilities


Payables - - (7,988) (7,988)


Net exposure 99,300 - 238,868,482 238,967,782

An analysis of financial liabilities by maturities is provided in note 3 paragraph (d).

The tables in note 3 paragraph (b) summarise the impact of an increase/decrease of interest rates on the Funds’/Trusts’operating profit and net assets attributable to unitholders through changes in future cash flows. The analysis is based onthe assumption that interest rates changed by +/- 200 basis points (2019: +/- 200 basis points) from the year end rates withall other variables held constant. The impact mainly arises from changes in the fair value of cash and cash equivalents.



-41-


(b) Summarised sensitivity analysis

The following tables summarise the sensitivity of the Funds’/Trusts’ operating profit and net assets attributable tounitholders to the various market risks. The reasonably possible movements in the risk variables have been determinedbased on management’s best estimate, having regard to a number of factors, including historical correlation of theFunds’/Trusts’ investments with the relevant benchmark and market volatility. However, actual movements in the riskvariables may be greater or less than anticipated due to a number of factors, including unusually large market shocksresulting from changes in the performance of the economies, markets and securities in which the Funds/Trusts invest. As aresult, historic variations in risk variables are not a definitive indicator of future variations in the risk variables.

State Street International Equities Index Trust Price risk Interest rate risk

Impact on operating profit/Net assets attributable to unitholders

-18% +18% -200bps +200bps

$ $ $ $

30 June 2020 (282,028,919) 282,028,919 (556,326) 556,32630 June 2019 (350,336,413) 350,336,413 (720,842) 720,842

The sensitivity factors for 30 June 2019 were +/- 18% for price risk and +/- 200bps for interest rate risk.

Foreign exchange exposure on monetary assets and liabilities has no significant sensitivity impact on the Trust.

State Street International Equities Index(Hedged) Trust Price risk Interest rate risk


-18% +18% -200bps +200bps

$ $ $ $

30 June 2020 (48,774,950) 48,774,950 (16,730) 16,73030 June 2019 (54,400,516) 54,400,516 (4,828) 4,828

Foreign currency riskImpact on operating profit/Net assets attributable to unitholders

-13% +13% -13% +13% -13% +13% -13% +13%USD USD EUR EUR JPY JPY GBP GBP$ $ $ $ $ $ $ $

30 June 2020 23,696,187 (23,696,187) 3,669,780 (3,669,780) 2,900,162 (2,900,162) 1,633,543 (1,633,543)30 June 2019 23,634,801 (23,634,801) 4,023,613 (4,023,613) 3,060,379 (3,060,379) 2,142,205 (2,142,205)

The sensitivity factors for 30 June 2019 were +/- 18% for price risk, +/- 200bps for interest rate risk and +/- 13% for foreignexchange risk.

The impact of increase/decrease in net assets attributable to unitholders arising from foreign exchange risk was notprepared on a look-through basis for investments held indirectly through the unlisted unit trust. The above foreign exchangerisk impact mainly arises from foreign currency forward contracts.



-42-


(b) Summarised sensitivity analysis (continued)

State Street Global Equity Fund Price risk Interest rate risk


-12% +12% -200bps +200bps

$ $ $ $

30 June 2020 (27,072,967) 27,072,967 (82,831) 82,83130 June 2019 (44,905,418) 44,905,418 (69,723) 69,723


-7% +7% -7% +7% -7% +7% -7% +7%USD USD JPY JPY EUR EUR NOK NOK$ $ $ $ $ $ $ $

30 June 2020 (2,945,515) 2,945,515 (1,621,669) 1,621,669 (994,318) 994,318 (433,487) 433,487


-6% +6% -6% +6% -6% +6% -6% +6%USD USD JPY JPY EUR EUR CAD CAD$ $ $ $ $ $ $ $

30 June 2019 (6,252,612) 6,252,612 (1,104,407) 1,104,407 (1,415,177) 1,415,177 (1,038,660) 1,038,660

The Fund is expected to have a long term currency risk hedge ratio of approximately 50%. Hence the expected long termcurrency variability has been set as 50% of the fully hedged passive fund.


State Street Climate ESG International EquityFund Price risk Interest rate risk


-18% +18% -200bps +200bps

$ $ $ $

30 June 2020 (44,453,008) 44,453,008 (58,494) 58,49430 June 2019 (47,154,002) 47,154,002 (51,142) 51,142


Foreign exchange exposure on monetary assets and liabilities has no significant sensitivity impact on the Fund.



-43-


(b) Summarised sensitivity analysis (continued)

State Street Global Index Plus Trust Price risk Interest rate risk


-18% +18% -200bps +200bps

$ $ $ $

30 June 2020 (86,490,421) 86,490,421 (576,864) 576,86430 June 2019 (115,847,728) 115,847,728 (426,101) 426,101


Foreign exchange exposure on monetary assets and liabilities has no significant sensitivity impact on the Trust.

State Street Global Index Plus (Hedged) Trust Price risk Interest rate risk


-18% +18% -200bps +200bps

$ $ $ $

30 June 2020 (37,408,828) 37,408,828 (557) 55730 June 2019 (42,235,785) 42,235,785 (1,986) 1,986


-13% +13% -13% +13% -13% +13% -13% +13%USD USD EUR EUR JPY JPY GBP GBP$ $ $ $ $ $ $ $

30 June 2020 18,239,908 (18,239,908) 2,824,772 (2,824,772) 2,232,220 (2,232,220) 1,260,969 (1,260,969)30 June 2019 18,298,305 (18,298,305) 3,113,860 (3,113,860) 2,350,276 (2,350,276) 1,651,301 (1,651,301)


The impact of increase/decrease in net assets attributable to unitholders arising from foreign exchange risk was notprepared on a look-through basis for investments held indirectly through the unlisted unit trust. The above foreign exchangerisk impact mainly arises from foreign currency forward contracts which are designed to hedge the foreign exchange risk inthe underlying unit trust’s security holdings.

In determining the impact of an increase/decrease in net assets attributable to unitholders arising from market risk, theResponsible Entity has considered prior period and expected future movements of the portfolio based on marketinformation in order to determine a reasonably possible shift in assumptions.

(c) Credit risk

Credit risk primarily arises from investments in debt securities and derivative financial instruments. Other credit risk arisesfrom cash and cash equivalents, deposits with banks and other financial institutions and amounts due from brokers. None ofthese assets are impaired nor past due but not impaired.

Credit risk is the risk that a counterparty will fail to perform contractual obligations, either in whole or part. Credit risk ismanaged primarily by:

• Ensuring counterparties, together with the respective credit limits, are approved in accordance with the InvestmentManager’s criteria; and



-44-


(c) Credit risk (continued)

• Ensuring that transactions are undertaken with a range of counterparties.

For derivative financial instruments, the Investment Manager has established limits such that, at any time, the maximumexposure of the State Street Global Equity Fund to derivative instruments shall be limited to 10%. For three business daysimmediately prior to, and three business days immediately after, a distribution the maximum exposure to derivativeinstruments shall be 15%. The Maximum exposure of the other Funds/Trusts to derivative instruments shall be limited to25% at any time.

Compliance with the Funds’/Trusts’ mandate is monitored on a daily basis and reported to the Board and ComplianceCommittee on a regular basis.

The maximum exposure to credit risk at the end of each reporting period is the carrying amount of the financial assets.

The clearing and depositary operations of the Funds’/Trusts’ security transactions are mainly concentrated with onecounterparty namely State Street Australia Limited. At 30 June 2020, State Street Australia Limited had a credit rating of A(2019: A). As at 30 June 2020, substantially all cash and investments are held in custody by State Street Australia Limited.

(d) Liquidity risk

The Funds/Trusts are exposed to cash redemptions of redeemable units by unitholders from time to time. They thereforeprimarily hold investments that are traded in an active market and can be readily disposed.

The Funds’/Trusts’ listed securities are considered readily realisable, as they are listed on global stock exchanges.

The Funds/Trusts may, from time to time, invest in derivative contracts traded over the counter, which are not traded in anorganised market and may be illiquid. As a result, the Funds/Trusts may not be able to quickly liquidate their investments inthese instruments at an amount close to their fair value to meet their liquidity requirements or to respond to specific eventssuch as deterioration in the creditworthiness of any particular issuer or counterparty.



-45-


(d) Liquidity risk (continued)

(i) Maturities of non-derivative financial liabilities

The tables below analyse the Funds’/Trusts’ non-derivative financial liabilities into relevant maturity groupings based on theremaining period to the earliest possible contractual maturity date at the year end date. The amounts in the tables arecontractual undiscounted cash flows.

Units are redeemed on demand at the unitholder’s option. It is not expected that the contractual maturity disclosed in thetables below will be representative of the actual cash outflows.

State Street International Equities Index TrustLess than 1month

1-6months

6-12months

Over 12months

No statedmaturity

At 30 June 2020 $ $ $ $ $

Due to brokers - payable forsecurities purchased 22,912,082 - - - -

Payables 1,967,135 - - - -

Distributions payable 27,716,412 - - - -Contractual cash flows(excluding net settled derivatives) 52,595,629 - - - -

At 30 June 2019

Payables 879,578 - - - -


State Street International Equities Index (Hedged) TrustLess than 1month

1-6months

6-12months

Over 12months

No statedmaturity

At 30 June 2020 $ $ $ $ $


Payables 1,468,980 - - - -Contractual cash flows(excluding net settled derivatives) 9,877,735 - - - -

At 30 June 2019

Payables 11,166 - - - -Contractual cash flows(excluding net settled derivatives) 11,166 - - - -



-46-



State Street Global Equity FundLess than 1month

1-6months

6-12months

Over 12months

No statedmaturity

At 30 June 2020 $ $ $ $ $


Payables 627,637 - - - -


At 30 June 2019

Payables 1,022,578 - - - -


State Street Climate ESG International Equity FundLess than 1month

1-6months

6-12months

Over 12months

No statedmaturity

At 30 June 2020 $ $ $ $ $

Payables 75,804 - - - -


At 30 June 2019

Payables 130,215 - - - -




-47-



State Street Global Index Plus TrustLess than 1month

1-6months

6-12months

Over 12months

No statedmaturity

At 30 June 2020 $ $ $ $ $


Payables 1,974,367 - - - -


At 30 June 2019

Payables 5,402,681 - - - -


State Street Global Index Plus (Hedged) TrustLess than 1month

1-6months

6-12months

Over 12months

No statedmaturity

At 30 June 2020 $ $ $ $ $


Payables 1,203,491 - - - -Contractual cash flows(excluding net settled derivatives) 8,161,891 - - - -

At 30 June 2019


Payables 7,988 - - - -Contractual cash flows(excluding net settled derivatives) 1,633,544 - - - -



-48-



(ii) Maturities of net settled derivative financial instruments

The tables below analyse the Funds’/Trusts’ net settled derivative financial instruments for which the contractual maturitiesare considered to be essential to an understanding of the timing of cash flows based on the Funds’/Trusts’ investmentstrategy.

State Street International Equities Index TrustLess than 1month

1-6months

6-12months

Over 12months

Not statedmaturity

At 30 June 2020 $ $ $ $ $

Net settled derivativesInternational share price indexfutures - 273,002 - - -

Foreign currency contracts (7,075) - - - -

At 30 June 2019


Foreign currency contracts 151 - - - -

State Street International Equities Index (Hedged) TrustLess than 1month

1-6months

6-12months

Over 12months

Not statedmaturity

At 30 June 2020 $ $ $ $ $

Net settled derivatives

Foreign currency contracts 8,408,435 1,018,866 - - -

At 30 June 2019


Foreign currency contracts 682,193 1,105,140 - - -

State Street Global Equity FundLess than 1month

1-6months

6-12months

Over 12months

Not statedmaturity

At 30 June 2020 $ $ $ $ $


Foreign currency contracts 4,690,512 (2,351) - - -

At 30 June 2019


Foreign currency contracts 253,070 (2,861) - - -



-49-



State Street Climate ESG International Equity FundLess than 1month

1-6months

6-12months

Over 12months

Not statedmaturity

At 30 June 2020 $ $ $ $ $


At 30 June 2019


State Street Global Index Plus TrustLess than 1month

1-6months

6-12months

Over 12months

Not statedmaturity

At 30 June 2020 $ $ $ $ $


Foreign currency contracts (22,342) - - - -

At 30 June 2019


State Street Global Index Plus (Hedged) TrustLess than 1month

1-6months

6-12months

Over 12months

Not statedmaturity

At 30 June 2020 $ $ $ $ $


Foreign currency contracts 6,958,400 425,254 - - -

At 30 June 2019


Foreign currency contracts 1,625,555 239,488 - - -



-50-

4 Offsetting financial assets and financial liabilities

Financial assets and liabilities are offset and the net amount reported in the Statements of financial position when there is alegally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise theasset and settle the liability simultaneously. The gross and net positions of financial assets and liabilities that have beenoffset in the Statements of financial position are disclosed in the first three columns of the tables below.


Financial assetsEffects of offsetting on the Statement of

financial position Related amounts not offset

Grossamounts offinancialassets

Grossamounts

set off in theStatement of

financialposition

Net amountof

financialassets

presented inthe

Statement offinancialposition

Amountssubject tomasternetting

arrangementsCollateralreceived Net Amount

$ $ $ $ $ $

30 June 2020

Derivative financialinstruments (i) 1,718,182 (1,418,269) 299,913 (26,911) - 273,002

Total 1,718,182 (1,418,269) 299,913 (26,911) - 273,002

30 June 2019

Derivative financialinstruments (i) 6,578,728 (6,200,000) 378,728 - - 378,728

Total 6,578,728 (6,200,000) 378,728 - - 378,728

Financial liabilitiesEffects of offsetting on the Statement of


Grossamounts offinancialliabilities

Grossamounts


financialposition

Net amountof

financialliabilities

presented inthe



arrangementsCollateralpledged Net Amount

$ $ $ $ $ $

30 June 2020


Total 1,452,255 (1,418,269) 33,986 (26,911) - 7,075

30 June 2019

Derivative financialinstruments (i) 6,200,000 (6,200,000) - - - -

Total 6,200,000 (6,200,000) - - - -



-51-

4 Offsetting financial assets and financial liabilities (continued)





Grossamounts


financialposition

Net amountof

financialassets

presented inthe




$ $ $ $ $ $

30 June 2020

Derivative financialinstruments (i) 10,446,657 - 10,446,657 (1,019,356) - 9,427,301

Total 10,446,657 - 10,446,657 (1,019,356) - 9,427,301

30 June 2019

Derivative financialinstruments (i) 3,825,278 - 3,825,278 (1,285,688) - 2,539,590

Total 3,825,278 - 3,825,278 (1,285,688) - 2,539,590




Grossamounts


financialposition

Net amountof


presented inthe




$ $ $ $ $ $

30 June 2020

Derivative financialinstruments (i) 1,019,356 - 1,019,356 (1,019,356) - -

Total 1,019,356 - 1,019,356 (1,019,356) - -

30 June 2019

Derivative financialinstruments (i) 2,037,945 - 2,037,945 (1,285,688) - 752,257

Total 2,037,945 - 2,037,945 (1,285,688) - 752,257



-52-






Grossamounts


financialposition

Net amountof

financialassets

presented inthe




$ $ $ $ $ $

30 June 2020

Derivative financialinstruments (i) 4,721,541 - 4,721,541 (15,986) - 4,705,555

Total 4,721,541 - 4,721,541 (15,986) - 4,705,555

30 June 2019

Derivative financialinstruments (i) 818,929 - 818,929 (21,278) - 797,651

Total 818,929 - 818,929 (21,278) - 797,651




Grossamounts


financialposition

Net amountof


presented inthe




$ $ $ $ $ $

30 June 2020


Total 33,380 - 33,380 (15,986) - 17,394

30 June 2019


Total 568,720 - 568,720 (21,278) - 547,442



-53-






Grossamounts


financialposition

Net amountof

financialassets

presented inthe




$ $ $ $ $ $

30 June 2020


Total 46,732 - 46,732 (7,780) - 38,952

30 June 2019

Derivative financialinstruments (i) 38,807 - 38,807 - - 38,807

Total 38,807 - 38,807 - - 38,807




Grossamounts


financialposition

Net amountof


presented inthe




$ $ $ $ $ $

30 June 2020

Derivative financialinstruments (i) 7,780 - 7,780 (7,780) - -

Total 7,780 - 7,780 (7,780) - -

30 June 2019

Derivative financialinstruments (i) - - - - - -

Total - - - - - -



-54-






Grossamounts


financialposition

Net amountof

financialassets

presented inthe




$ $ $ $ $ $

30 June 2020


Total 6,794,818 (6,748,217) 46,601 (21,983) - 24,618

30 June 2019


Total 15,333 - 15,333 (5,341) - 9,992




Grossamounts


financialposition

Net amountof


presented inthe




$ $ $ $ $ $

30 June 2020


Total 6,792,541 (6,748,217) 44,324 (21,983) - 22,341

30 June 2019


Total 5,341 - 5,341 (5,341) - -



-55-






Grossamounts


financialposition

Net amountof

financialassets

presented inthe




$ $ $ $ $ $

30 June 2020


Total 7,885,049 - 7,885,049 (501,395) - 7,383,654

30 June 2019


Total 2,812,725 - 2,812,725 (625,881) - 2,186,844




Grossamounts


financialposition

Net amountof


presented inthe




$ $ $ $ $ $

30 June 2020


Total 501,395 - 501,395 (501,395) - -

30 June 2019


Total 947,682 - 947,682 (625,881) - 321,801



-56-


(i) Master netting arrangement – not currently enforceable

Agreements with derivative counterparties are based on the ISDA Master Agreement. Under the terms of thesearrangements, only where certain credit events occur (such as default), the net position owing/receivable to a singlecounterparty in the same currency will be taken as owing and all the relevant arrangements terminated. As theFunds/Trusts do not presently have a legally enforceable right of set-off, these amounts have not been offset in theStatements of financial position, but have been presented separately in the above tables.

5 Fair value measurement

The Funds/Trusts measure and recognise Financial assets / liabilities at fair value through profit or loss (see note 7 andnote 8) on a recurring basis.

The Funds/Trusts have no assets or liabilities measured at fair value on a non-recurring basis in the current reportingperiod.

AASB 13 requires disclosure of fair value measurements by level of the following fair value hierarchy:

(a) quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1);

(b) inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directlyor indirectly (level 2); and

(c) inputs for the asset or liability that are not based on observable market data (unobservable inputs) (level 3).

(i) Fair value in an active market (level 1)

The fair value of financial assets and liabilities traded in active markets is based on their last traded prices at the end of thereporting period without any deduction for estimated future selling costs.

The Funds/Trusts value their investments in accordance with the accounting policies set out in note 2 to the financialstatements.

A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available from anexchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual andregularly occurring market transactions on an arm’s length basis.

(ii) Valuation techniques used to derive level 2 and level 3 fair value

The fair value of financial assets and liabilities that are not exchange-traded in an active market is determined usingvaluation techniques. These include the use of recent arm’s length market transactions, reference to the current fair valueof a substantially similar other instrument, discounted cash flow techniques, option pricing models or any other valuationtechnique that provides a reliable estimate of prices obtained in actual market transactions.

Where discounted cash flow techniques are used, estimated future cash flows are based on management’s best estimatesand the discount rate used is a market rate at the end of the reporting period applicable for an instrument with similar termsand conditions.

For other pricing models, inputs are based on market data at the end of the reporting period. Fair values for unquotedequity investments are estimated, if possible, using applicable price/earnings ratios for similar listed companies adjusted toreflect the specific circumstances of the issuer.

The fair value of derivatives that are not exchange traded is estimated at the amount that the Funds/Trusts would receive orpay to terminate the contract at the end of the reporting period taking into account current market conditions (volatility andappropriate yield curve) and the current creditworthiness of the counterparties. The fair value of a forward contract isdetermined as a net present value of estimated future cash flows, discounted at appropriate market rates as at thevaluation date.



-57-

5 Fair value measurement (continued)

(ii) Valuation techniques used to derive level 2 and level 3 fair value (continued)

Investments in other unlisted unit trusts are recorded at the redemption value per unit as reported by the investmentmanagers of such funds.

Some of the inputs to these models may not be market observable and are therefore estimated based on assumptions.

The output of a model is always an estimate or approximation of a value that cannot be determined with certainty, andvaluation techniques employed may not fully reflect all factors relevant to the positions the Funds/Trusts hold. Valuationsare therefore adjusted, where appropriate, to allow for additional factors including liquidity risk and counterparty risk.

Recognised fair value measurement

The tables below set out the Funds’/Trusts’ financial assets and liabilities (by class) measured at fair value according to thefair value hierarchy at 30 June 2020 and 30 June 2019.

State Street International Equities Index TrustLevel 1 Level 2 Level 3 Total$ $ $ $

As at 30 June 2020

Financial assets at fair value through profit orloss

International share price index futures 299,423 - - 299,423

Foreign currency contracts - 490 - 490

Equity securities 1,512,849,401 - 171,764 1,513,021,165

Unit trusts 37,364,419 - - 37,364,419Total financial assets at fair value through profitor loss 1,550,513,243 490 171,764 1,550,685,497

Financial liabilities at fair value through profit orloss


Foreign currency contracts - 7,565 - 7,565Total financial liabilities at fair value throughprofit or loss 26,421 7,565 - 33,986

As at 30 June 2019



Foreign currency contracts - 151 - 151

Equity securities 1,865,614,670 - - 1,865,614,670

Unit trusts 46,627,414 - - 46,627,414Total financial assets at fair value through profit orloss 1,912,620,661 151 - 1,912,620,812



-58-


Recognised fair value measurement (continued)

State Street International Equities Index (Hedged) TrustLevel 1 Level 2 Level 3 Total$ $ $ $

As at 30 June 2020


Foreign currency contracts - 10,446,657 - 10,446,657

Unit trusts - 270,971,943 - 270,971,943Total financial assets at fair value through profitor loss - 281,418,600 - 281,418,600


Foreign currency contracts - 1,019,356 - 1,019,356Total financial liabilities at fair value throughprofit or loss - 1,019,356 - 1,019,356

As at 30 June 2019



Unit trusts - 302,225,088 - 302,225,088Total financial assets at fair value through profit orloss - 306,050,366 - 306,050,366


Foreign currency contracts - 2,037,945 - 2,037,945Total financial liabilities at fair value through profit orloss - 2,037,945 - 2,037,945



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State Street Global Equity FundLevel 1 Level 2 Level 3 Total$ $ $ $

As at 30 June 2020



Equity securities 221,265,621 - - 221,265,621

Unit trusts 4,342,438 - - 4,342,438Total financial assets at fair value through profitor loss 225,608,059 4,721,541 - 230,329,600


Foreign currency contracts - 33,380 - 33,380Total financial liabilities at fair value throughprofit or loss - 33,380 - 33,380

As at 30 June 2019


Foreign currency contracts - 818,929 - 818,929


Unit trusts 13,524,917 - - 13,524,917Total financial assets at fair value through profit orloss 299,369,451 818,929 - 300,188,380


Foreign currency contracts - 568,720 - 568,720Total financial liabilities at fair value through profit orloss - 568,720 - 568,720



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State Street Climate ESG International Equity FundLevel 1 Level 2 Level 3 Total$ $ $ $

As at 30 June 2020



Equity securities 238,335,670 - 10,660 238,346,330

Unit trusts 5,882,162 - - 5,882,162Total financial assets at fair value through profitor loss 244,264,564 - 10,660 244,275,224


International share price index futures 7,780 - - 7,780Total financial liabilities at fair value throughprofit or loss 7,780 - - 7,780

As at 30 June 2019




Unit trusts 5,914,491 - - 5,914,491Total financial assets at fair value through profit orloss 259,850,937 - - 259,850,937



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State Street Global Index Plus TrustLevel 1 Level 2 Level 3 Total$ $ $ $

As at 30 June 2020




Unit trusts 10,848,769 - - 10,848,769Total financial assets at fair value through profitor loss 471,759,524 - - 471,759,524



Foreign currency contracts - 22,342 - 22,342Total financial liabilities at fair value throughprofit or loss 21,982 22,342 - 44,324

As at 30 June 2019




Unit trusts 14,314,008 - - 14,314,008Total financial assets at fair value through profit orloss 626,223,087 - - 626,223,087


International share price index futures 5,341 - - 5,341Total financial liabilities at fair value through profit orloss 5,341 - - 5,341



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State Street Global Index Plus (Hedged) TrustLevel 1 Level 2 Level 3 Total$ $ $ $

As at 30 June 2020



Unit trusts - 207,826,824 - 207,826,824Total financial assets at fair value through profitor loss - 215,711,873 - 215,711,873


Foreign currency contracts - 501,395 - 501,395Total financial liabilities at fair value throughprofit or loss - 501,395 - 501,395

As at 30 June 2019



Unit trusts - 234,643,248 - 234,643,248Total financial assets at fair value through profit orloss - 237,455,973 - 237,455,973


Foreign currency contracts - 947,682 - 947,682Total financial liabilities at fair value through profit orloss - 947,682 - 947,682

The Funds’/Trusts’ policies are to recognise transfers into and transfers out of fair value hierarchy levels as at the end ofthe reporting period.

(i) Transfers between levels

Except for State Street International Equities Index Trust, there were no transfers between the levels for the fair valuehierarchy for the year ended 30 June 2020 and 30 June 2019. There were also no changes made to any of the valuationtechniques applied as of 30 June 2020.

The following table presents the transfers between levels for State Street International Equities Index Trust for the yearended 30 June 2020.

State Street International Equities Index Trust Level 1 Level 2 Level 3As at 30 June 2020 $ $ $

Transfers between levels 1 and 3:

Equity securities (171,764) - 171,764



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(ii) Fair value measurements using significant unobservable inputs (level 3)

Except for State Street International Equities Index Trust and State Street Climate ESG International Equity Fund, theFunds/Trusts did not hold any financial instruments with fair value measurements using significant unobservable inputsduring the year ended 30 June 2020 or year ended 30 June 2019.

The following tables present the movement in level 3 instruments for State Street International Equities Index Trust andState Street Climate ESG International Equity Fund for the year ended 30 June 2020 and the year ended 30 June 2019 byclass of financial instrument.

State Street International Equities Index TrustEquity

securitiesAs at 30 June 2020 $

Opening balance -

Purchases -

Sales -

Transfers into/(out of) level 3 171,764

Gains and losses recognised in the Statement of comprehensive income -

Closing balance 171,764Total gains or losses for the year included in the Statement of comprehensive income for financial assetsand liabilities at the end of the year -

State Street International Equities Index TrustEquity


Opening balance 15,122

Purchases -

Sales -

Transfers into/(out of) level 3 -

Gains and losses recognised in the Statement of comprehensive income (15,122)

Closing balance -Total gains or losses for the year included in the Statement of comprehensive income for financial assetsand liabilities at the end of the year (15,122)



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(ii) Fair value measurements using significant unobservable inputs (level 3) (continued)

State Street Climate ESG International Equity FundEquity


Opening balance -

Purchases 31,579

Sales -

Transfers into/(out of) level 3 -

Gains and losses recognised in the Statement of comprehensive income (20,919)

Closing balance 10,660Total gains or losses for the year included in the Statement of comprehensive income for financial assetsand liabilities at the end of the year (20,919)

(iii) Fair values of other financial instruments

The Funds/Trusts did not hold any financial instruments which were not measured at fair value in the Statements offinancial position. Due to their short-term nature, the carrying amounts of receivables and payables are assumed toapproximate fair value.

6 Net gains/(losses) on financial instruments at fair value through profit or loss

Net gains/(losses) recognised in relation to financial instruments at fair value through profit or loss:




30 June2019

30 June2020

30 June2019

$ $ $ $

Financial assetsNet realised gain/(loss) on financial assets at fairvalue through profit or loss 178,644,665 157,509,300 30,512,904 10,928,624Net unrealised gain/(loss) on financial assets at fairvalue through profit or loss (120,405,961) 38,949,107 (13,982,400) 16,852,111Net gains/(losses) on financial assets at fair valuethrough profit or loss 58,238,704 196,458,407 16,530,504 27,780,735



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6 Net gains/(losses) on financial instruments at fair value through profit or loss (continued)




30 June2019

30 June2020

30 June2019

$ $ $ $

Financial liabilitiesNet realised gain/(loss) on financial liabilities at fairvalue through profit or loss (2,320,290) - (24,394,677) (22,613,546)Net unrealised gain/(loss) on financial liabilities at fairvalue through profit or loss (33,986) 756,081 1,018,589 5,567,586Net gains/(losses) on financial liabilities at fair valuethrough profit or loss (2,354,276) 756,081 (23,376,088) (17,045,960)

Total net gains/(losses) on financial instrumentsat fair value through profit or loss 55,884,428 197,214,488 (6,845,584) 10,734,775




30 June2019

30 June2020

30 June2019

$ $ $ $

Financial assetsNet realised gain/(loss) on financial assets at fairvalue through profit or loss 16,947,579 7,342,341 19,984,703 10,579,730Net unrealised gain/(loss) on financial assets at fairvalue through profit or loss (27,936,118) 26,958,982 (5,643,221) 15,505,943Net gains/(losses) on financial assets at fair valuethrough profit or loss (10,988,539) 34,301,323 14,341,482 26,085,673

Financial liabilitiesNet realised gain/(loss) on financial liabilities at fairvalue through profit or loss (12,129,391) (8,011,708) (128,578) (95,523)Net unrealised gain/(loss) on financial liabilities at fairvalue through profit or loss 535,341 762,299 (7,780) 81,464Net gains/(losses) on financial liabilities at fair valuethrough profit or loss (11,594,050) (7,249,409) (136,358) (14,059)

Total net gains/(losses) on financial instrumentsat fair value through profit or loss (22,582,589) 27,051,914 14,205,124 26,071,614



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6 Net gains/(losses) on financial instruments at fair value through profit or loss (continued)




30 June2019

30 June2020

30 June2019

$ $ $ $

Financial assetsNet realised gain/(loss) on financial assets at fairvalue through profit or loss 63,187,184 65,008,227 21,559,084 12,589,935Net unrealised gain/(loss) on financial assets at fairvalue through profit or loss (52,844,813) (12,519,963) (11,071,676) 9,641,293Net gains/(losses) on financial assets at fair valuethrough profit or loss 10,342,371 52,488,264 10,487,408 22,231,228

Financial liabilitiesNet realised gain/(loss) on financial liabilities at fairvalue through profit or loss (617,636) (55,042) (16,883,445) (19,387,656)Net unrealised gain/(loss) on financial liabilities at fairvalue through profit or loss (38,983) (1,893) 446,287 4,562,823Net gains/(losses) on financial liabilities at fair valuethrough profit or loss (656,619) (56,935) (16,437,158) (14,824,833)

Total net gains/(losses) on financial instrumentsat fair value through profit or loss 9,685,752 52,431,329 (5,949,750) 7,406,395

7 Financial assets at fair value through profit or loss




30 June2019

30 June2020

30 June2019

$ $ $ $


Derivatives (note 9) 299,913 378,728 10,446,657 3,825,278

Equity securities 1,513,021,165 1,865,614,670 - -

Unit trusts 37,364,419 46,627,414 270,971,943 302,225,088

Total financial assets at fair value through profitor loss 1,550,685,497 1,912,620,812 281,418,600 306,050,366



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7 Financial assets at fair value through profit or loss (continued)




30 June2019

30 June2020

30 June2019

$ $ $ $


Derivatives (note 9) 4,721,541 818,929 46,732 38,807

Equity securities 221,265,621 285,844,534 238,346,330 253,897,639

Unit trusts 4,342,438 13,524,917 5,882,162 5,914,491

Total financial assets at fair value through profitor loss 230,329,600 300,188,380 244,275,224 259,850,937




30 June2019

30 June2020

30 June2019

$ $ $ $


Derivatives (note 9) 46,601 15,333 7,885,049 2,812,725

Equity securities 460,864,154 611,893,746 - -

Unit trusts 10,848,769 14,314,008 207,826,824 234,643,248

Total financial assets at fair value through profitor loss 471,759,524 626,223,087 215,711,873 237,455,973

An overview of the risk exposures relating to financial assets at fair value through profit or loss is included in note 3.



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8 Financial liabilities at fair value through profit or loss




30 June2019

30 June2020

30 June2019

$ $ $ $


Derivatives (note 9) 33,986 - 1,019,356 2,037,945

Total financial liabilities at fair value throughprofit or loss 33,986 - 1,019,356 2,037,945




30 June2019

30 June2020

30 June2019

$ $ $ $


Derivatives (note 9) 33,380 568,720 7,780 -

Total financial liabilities at fair value throughprofit or loss 33,380 568,720 7,780 -




30 June2019

30 June2020

30 June2019

$ $ $ $


Derivatives (note 9) 44,324 5,341 501,395 947,682

Total financial liabilities at fair value throughprofit or loss 44,324 5,341 501,395 947,682

An overview of the risk exposures relating to financial liabilities at fair value through profit or loss is included in note 3.



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9 Derivative financial instruments

In the normal course of business the Funds/Trusts enter into transactions in various derivative financial instruments withcertain risks. A derivative is a financial instrument or other contract which is settled at a future date and whose valuechanges in response to the change in a specified interest rate, financial instrument price, commodity price, foreignexchange rate, index of prices or rates, credit rating or credit index or other variable.

Derivative financial instruments require no initial net investment or an initial net investment that is smaller than would berequired for other types of contracts that would be expected to have a similar response to changes in market factors.

Derivative transactions include many different instruments, such as forwards, futures, options and swaps. Derivatives areconsidered to be part of the investment process and the use of derivatives is an essential part of the Funds’/Trusts’portfolio management. Derivatives are not managed in isolation. Consequently, the use of derivatives is multifaceted andmay include:

• hedging to protect an asset or liability of the Funds/Trusts against a fluctuation in market values or to reducevolatility;

• a substitution for trading of physical securities; and

• adjusting asset exposures within the parameters set in the investment strategy, and adjusting the duration offixed interest portfolios or the weighted average maturity of cash portfolios.

While derivatives are used for trading purposes, they are not used to gear (leverage) a portfolio. Gearing a portfolio wouldoccur if the level of exposure to the markets exceeds the underlying value of the Funds/Trusts.

The Funds/Trusts hold the following derivative instruments:

(a) Futures

Futures are contractual obligations to buy or sell financial instruments on a future date at a specified price established in anorganised market. The futures contracts are collateralised by cash or marketable securities. Changes in futures contracts’values are settled daily with the exchange. Index futures are contractual obligations to receive or pay a net amount basedon changes in indices at a future date at a specified price, established in an organised financial market.

(b) Foreign currency contracts

Foreign currency contracts are primarily used by the Funds/Trusts to hedge against foreign currency exchange rate risks ontheir non-Australian dollar denominated trading securities. The Funds/Trusts agree to receive or deliver a fixed quantity offoreign currency for an agreed upon price on an agreed future date. Currency contracts are valued at the prevailing bidprice at the end of each reporting period. The Funds/Trusts recognise a gain or loss equal to the change in fair value at theend of each reporting period.



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9 Derivative financial instruments (continued)

The Funds’/Trusts’ derivative financial instruments at year end are detailed below:

State Street International Equities Index TrustFair values

Contract/notional Assets Liabilities

$ $ $

30 June 2020

International share price index futures 16,441,741 299,423 26,421

Foreign currency contracts 1,418,269 490 7,565

17,860,010 299,913 33,986

30 June 2019

International share price index futures 34,071,322 378,577 -

Foreign currency contracts 6,200,000 151 -

40,271,322 378,728 -

State Street International Equities Index (Hedged) TrustFair values


$ $ $

30 June 2020

Foreign currency contracts 814,713,540 10,446,657 1,019,356

814,713,540 10,446,657 1,019,356

30 June 2019

Foreign currency contracts 929,879,113 3,825,278 2,037,945

929,879,113 3,825,278 2,037,945

State Street Global Equity FundFair values


$ $ $

30 June 2020

Foreign currency contracts 432,978,638 4,721,541 33,380

432,978,638 4,721,541 33,380

30 June 2019

Foreign currency contracts 343,005,905 818,929 568,720

343,005,905 818,929 568,720



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State Street Climate ESG International Equity FundFair values


$ $ $

30 June 2020


2,732,664 46,732 7,780

30 June 2019

International share price index futures 2,154,550 38,807 -

2,154,550 38,807 -

State Street Global Index Plus TrustFair values


$ $ $

30 June 2020


Foreign currency contracts 6,748,217 - 22,342

15,537,633 46,601 44,324

30 June 2019


17,390,736 15,333 5,341

State Street Global Index Plus (Hedged) TrustFair values


$ $ $

30 June 2020


641,652,282 7,885,049 501,395

30 June 2019


728,575,896 2,812,725 947,682

As at the reporting date, State Street International Equities Index (Hedged) Trust hedged transactions or positions byholding foreign currency contracts with a gross notional value of $814,713,540 (2019: $929,879,113) comprising of buy$266,334,214 (2019: $311,145,087) and sale $548,379,326 (2019: $618,734,026) resulting in net exposure of$(282,045,112) (2019: $(307,588,939)).



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As at the reporting date, State Street Global Equity Fund hedged transactions or positions by holding foreign currencycontracts with a gross notional value of $432,978,638 (2019: $343,005,905) comprising of buy $150,882,563 (2019:$114,254,819) and sale $282,096,075 (2019: $228,751,086) resulting in net exposure of $(131,213,512) (2019:$(114,496,267)).

As at the reporting date, State Street Global Index Plus Trust hedged transactions or positions by holding foreign currencycontracts with a gross notional value of $6,748,217 (2019: $0) comprising of buy $6,748,217 (2019: $0) and sale $0 (2019:$0) resulting in net exposure of $6,748,217 (2019: $0).

As at the reporting date, State Street Global Index Plus (Hedged) Trust hedged transactions or positions by holding foreigncurrency contracts with a gross notional value of $641,652,282 (2019: $728,575,896) comprising of buy $212,102,814(2019: $245,184,768) and sale $429,549,468 (2019: $483,391,128) resulting in net exposure of $(217,446,654) (2019:$(238,206,360)).

Risk exposures and fair value measurements

Information about the Funds’/Trusts’ exposure to credit risk, foreign exchange risk, interest rate risk and about the methodsand assumptions used in determining fair values is provided in note 3 and note 5 to the financial statements. The maximumexposure to credit risk at the end of the reporting period is the carrying amount of each class of derivative financialinstruments disclosed above.

10 Structured entities

A structured entity is an entity that has been designed so that voting or similar rights are not the dominant factor in decidingwho controls the entity and the relevant activities are directed by means of contractual arrangements.

The Funds/Trusts consider all investments in managed investment schemes (funds) to be structured entities. TheFunds/Trusts invest in related managed funds for the purpose of capital appreciation and or earning investment income.

The Funds/Trusts with exposure to investments in related investee funds at fair value, and any related gains/lossesrecognised in the statement of comprehensive income is disclosed at note 18.

11 Net assets attributable to unitholders

Movements in number of units and net assets attributable to unitholders during the year were as follows:


Year ended30 June2020

30 June2019

30 June2020

30 June2019

No. No. $ $

Opening balance 1,434,232,614 1,683,333,202 1,915,895,942 2,058,012,366

Applications 112,428,234 108,860,091 160,736,359 131,265,412

Redemptions (451,051,329) (390,974,111) (623,509,602) (501,777,667)

Units issued upon reinvestment of distributions 32,391,183 33,013,432 44,165,861 39,699,871

Distributions paid and payable - - (39,839,171) (47,571,371)

Profit/(loss) for the year - - 93,503,082 236,267,331

Closing balance 1,128,000,702 1,434,232,614 1,550,952,471 1,915,895,942



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11 Net assets attributable to unitholders (continued)



30 June2019

30 June2020

30 June2019

No. No. $ $

Opening balance 351,563,291 347,944,867 309,736,711 288,691,348

Applications 33,875,129 28,661,412 29,926,594 24,066,294

Redemptions (73,874,808) (25,042,988) (64,937,835) (20,451,377)


Closing balance 311,563,612 351,563,291 277,666,098 309,736,711



30 June2019

30 June2020

30 June2019

No. No. $ $

Opening balance 186,236,890 177,372,438 296,416,936 256,631,495

Applications 44,297,177 66,528,177 70,849,360 100,224,202

Redemptions (77,471,532) (58,420,846) (119,015,298) (88,774,501)

Units issued upon reinvestment of distributions 233,205 757,121 371,169 1,095,479


Profit/(loss) for the year - - (18,015,044) 33,426,859

Closing balance 153,295,740 186,236,890 226,300,583 296,416,936



30 June2019

30 June2020

30 June2019

No. No. $ $

Opening balance 199,923,090 213,824,010 246,287,482 251,537,936

Applications 4,897,073 2,557,095 6,327,276 3,041,458

Redemptions (30,598,533) (30,577,814) (30,620,152) (38,002,195)




Closing balance 188,560,606 199,923,090 233,618,003 246,287,482



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30 June2019

30 June2020

30 June2019

No. No. $ $

Opening balance 686,362,398 786,484,880 633,855,682 664,099,194

Applications 142,759,226 199,113,786 134,620,165 179,842,036

Redemptions (335,018,383) (318,533,788) (316,477,924) (276,922,954)




Closing balance 508,619,313 686,362,398 471,486,291 633,855,682



30 June2019

30 June2020

30 June2019

No. No. $ $

Opening balance 540,642,089 484,609,964 238,967,782 201,986,920

Applications 64,454,095 125,286,413 26,154,113 53,708,889

Redemptions (118,669,718) (69,254,288) (52,624,208) (28,973,850)

Profit/(loss) for the year - - 213,964 12,245,823

Closing balance 486,426,466 540,642,089 212,711,651 238,967,782

As stipulated within the Funds’/Trusts’ Constitutions, a unit confers an equal undivided, vested, and indefeasible interest inthe assets as a whole, subject to the liabilities. There are no separate classes of units within each Fund/Trust and each unithas the same rights attaching to it as all other units of that Fund/Trust.

Capital risk management

The Funds/Trusts manage their net assets attributable to unitholders as capital. The amount of net assets attributable tounitholders can change significantly on a daily basis as the Funds/Trusts are subject to daily applications and redemptionsat the discretion of unitholders. Net assets attributable to unitholders are representative of the expected cash outflows onredemption.

Daily applications and redemptions are reviewed relative to the liquidity of the Funds’/Trusts’ underlying assets on a dailybasis by the Responsible Entity. Under the terms of the Funds’/Trusts’ Constitution, the Responsible Entity has thediscretion to reject an application for units and to defer or adjust a redemption of units if the exercise of such discretion is inthe best interests of unitholders.



-75-


Unaudited information on capital gains/losses


(a) Unrealised capital gains/losses

At the end of the reporting period, the Trust had unrealised capital gains of $197,783,494 (2019: capital gains:$237,486,862), which if realised, and after any offset of realised capital losses, would be assessable.

(b) Realised capital gains/losses

At the end of the reporting period, the Trust had realised capital losses of $15,120,164 (2019: capital losses:$149,413,989) available to offset against future assessable capital gains.



At the end of the reporting period, the Trust had unrealised capital gains of $19,177,485 (2019: capital gains: $34,547,455),which if realised, and after any offset of realised capital losses, would be assessable.


At the end of the reporting period, the Trust had realised capital losses of $37,225,905 (2019: capital losses: $72,817,646)available to offset against future assessable capital gains.



At the end of the reporting period, the Fund had unrealised capital gains of $6,947,362 (2019: capital gains: $28,243,744),which if realised, and after any offset of realised capital losses, would be assessable.


At the end of the reporting period, the Fund had realised capital gains of $2,153,270 (2019: capital gains: $3,078,175)which were attributed to the unitholders.



At the end of the reporting period, the Fund had unrealised capital gains of $23,580,523 (2019: capital gains:$26,577,250), which if realised, and after any offset of realised capital losses, would be assessable.


At the end of the reporting period, the Fund had realised capital gains of $9,898,215 (2019: capital gains: $6,004,922)which were attributed to the unitholders.



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Unaudited information on capital gains/losses (continued)





At the end of the reporting period, the Trust had realised capital losses of $479,496,558 (2019: capital losses:$533,930,767) available to offset against future assessable capital gains.





At the end of the reporting period, the Trust had realised capital losses of $9,020,087 (2019: capital losses: $30,308,100)available to offset against future assessable capital gains.

12 Distributions to unitholders

The distributions for the year were as follows:



30 June2020

30 June2019

30 June2019

$ CPU $ CPU

Distributions paid 12,122,759 0.82 12,760,616 0.86

Distributions payable 27,716,412 2.46 34,810,755 2.43

Total distributions 39,839,171 3.28 47,571,371 3.29



30 June2020

30 June2019

30 June2019

$ CPU $ CPU





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12 Distributions to unitholders (continued)



30 June2020

30 June2019

30 June2019

$ CPU $ CPU

Distributions paid* 10,840,311 41.75 1,515,359 0.76



*On 25 October 2019, redemption was made by one unit holder which was greater than 5% of the net assets of State Street Climate ESGInternational Equity Fund. Due to this special redemption, a portion of the withdrawal proceeds represented distributable income to theredeeming unit holder (Distributable income $9,436,848 with CPU 41.02), as outlined in State Street Climate ESG International EquityFund’s Product Disclosure Statement.

Refer to State Street Climate ESG International Equity Fund’s Product Disclosure Statement for further information on distributions forlarge redemptions.



30 June2020

30 June2019

30 June2019

$ CPU $ CPU

Distributions paid 2,969,780 0.52 3,325,183 0.50



13 Cash and cash equivalents




30 June2019

30 June2020

30 June2019

$ $ $ $

Cash at bank 19,502,375 33,875,174 834,711 239,635

19,502,375 33,875,174 834,711 239,635



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13 Cash and cash equivalents (continued)




30 June2019

30 June2020

30 June2019

$ $ $ $

Cash at bank 4,141,534 3,486,132 2,493,081 1,619,133

4,141,534 3,486,132 2,493,081 1,619,133




30 June2019

30 June2020

30 June2019

$ $ $ $

Cash at bank 26,543,758 20,015,461 27,541 98,985

26,543,758 20,015,461 27,541 98,985

As at 30 June 2020, these accounts were bearing floating interest rates from -1.75% to 0.13% (2019: -1.75% to 1.06%).

In some international jurisdictions, central banks have launched economic stimulus measures that include deployment ofnegative interest rates.



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14 Reconciliation of profit/(loss) to net cash inflow/(outflow) from operating activities




30 June2019

30 June2020

30 June2019

$ $ $ $

(a) Reconciliation of profit/(loss) to net cashinflow/(outflow) from operating activities

Profit/(loss) for the year 93,503,082 236,267,331 2,940,628 17,430,446Proceeds from sale of financial instruments at fairvalue through profit or loss 529,723,323 385,049,813 114,377,664 59,242,594Purchase of financial instruments at fair valuethrough profit or loss (111,505,051) (120,836,729) (90,664,472) (69,475,648)Net (gains)/losses on financial instruments at fairvalue through profit or loss (55,884,428) (197,214,488) 6,845,584 (10,734,775)

Distribution and dividend income reinvested (684,701) (1,428,998) - -

Net change in receivables 1,075,305 (196,331) 649,099 (738,277)

Net change in payables (407,915) (13,572) (5,342) 252Amount received from/(paid to) brokers for marginaccounts (6,146,990) 1,226,192 - 597,566Effects of foreign currency exchange rate changeson cash and cash equivalent (6,835) 984,567 - 6Net cash inflow/(outflow) from operatingactivities 449,665,790 303,837,785 34,143,161 (3,677,836)

(b) Non-cash financing activitiesDuring the year, the following redemptions weresatisfied by an in specie asset transfer - (66,809,839) - -During the year, the following distribution paymentswere satisfied by the issue of units under thedistribution reinvestment plan 44,165,861 39,699,871 - -



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14 Reconciliation of profit/(loss) to net cash inflow/(outflow) from operating activities(continued)




30 June2019

30 June2020

30 June2019

$ $ $ $


Profit/(loss) for the year (18,015,044) 33,426,859 18,458,421 31,078,915Proceeds from sale of financial instruments at fairvalue through profit or loss 266,451,586 167,250,850 118,165,454 56,709,271Purchase of financial instruments at fair valuethrough profit or loss (216,045,228) (174,594,547) (88,247,833) (27,838,615)Net (gains)/losses on financial instruments at fairvalue through profit or loss 22,582,589 (27,051,914) (14,205,124) (26,071,614)

Distribution and dividend income reinvested (64,864) (34,349) (128,267) (144,513)

Net change in receivables 122,671 (38,086) 115,526 46,611

Net change in payables (298,337) (4,875) (54,411) (17,843)Amount received from/(paid to) brokers for marginaccounts - - 506,363 (281,219)Effects of foreign currency exchange rate changeson cash and cash equivalent (366) 2,645 12,018 40,230Net cash inflow/(outflow) from operatingactivities 54,733,007 (1,043,417) 34,622,147 33,521,223

(b) Non-cash financing activitiesDuring the year, the following distribution paymentswere satisfied by the issue of units under thedistribution reinvestment plan 371,169 1,095,479 17,781,678 16,531,399



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14 Reconciliation of profit/(loss) to net cash inflow/(outflow) from operating activities(continued)




30 June2019

30 June2020

30 June2019

$ $ $ $


Profit/(loss) for the year 18,894,464 64,795,189 213,964 12,245,823Proceeds from sale of financial instruments at fairvalue through profit or loss 440,840,335 395,877,712 91,689,520 58,348,671Purchase of financial instruments at fair valuethrough profit or loss (258,979,497) (350,714,415) (72,208,613) (87,495,958)Net (gains)/losses on financial instruments at fairvalue through profit or loss (9,685,752) (52,431,329) 5,949,750 (7,406,395)

Distribution and dividend income reinvested (52,358) (254,914) - -

Net change in receivables 312,415 (7,775) (441,473) (145,288)

Net change in payables (228,314) (28,791) (4,497) 251Amount received from/(paid to) brokers for marginaccounts (1,009,833) (1,289,603) - -Effects of foreign currency exchange rate changeson cash and cash equivalent 15,522 4,965 (5) 17Net cash inflow/(outflow) from operatingactivities 190,106,982 55,951,039 25,198,646 (24,452,879)

(b) Non-cash financing activitiesDuring the year, the following redemptions weresatisfied by an in specie asset transfer - (61,089,087) - -During the year, the following distribution paymentswere satisfied by the issue of units under thedistribution reinvestment plan 13,625,880 16,154,460 - -



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15 Remuneration of auditors

During the year, the following fees were paid or payable for services provided by the auditor of the Funds/Trusts:



30 June2019

$ $

Ernst & Young Australian firm/PricewaterhouseCoopers Australian firm*

Audit and other assurance servicesAudit and review of financial statements 8,000 19,753

Audit of compliance plan 1,500 1,187

Total remuneration for audit and other assurance services 9,500 20,940

Taxation servicesTax compliance services 7,150 11,367

Total remuneration for taxation services 7,150 11,367

Total remuneration of Ernst & Young/PricewaterhouseCoopers* 16,650 32,307



30 June2019

$ $










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15 Remuneration of auditors (continued)



30 June2019

$ $










30 June2019

$ $










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15 Remuneration of auditors (continued)



30 June2019

$ $










30 June2019

$ $








*The auditors changed from PricewaterhouseCoopers Australian firm to Ernst & Young Australian firm starting from24 December 2019.

In 2020 and 2019, the Investment Manager has paid the remuneration of auditors on behalf of the Funds/Trusts.



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16 Receivables




30 June2019

30 June2020

30 June2019

$ $ $ $

Interest receivable 144 9,890 78 867

Distributions and dividends receivable 1,801,247 2,873,631 4,842,524 5,491,280

Other receivables 39,603 32,778 981 535

1,840,994 2,916,299 4,843,583 5,492,682




30 June2019

30 June2020

30 June2019

$ $ $ $

Interest receivable 145 1,897 - 350

Distributions and dividends receivable 369,006 493,202 271,526 388,464

Other receivables 28,498 25,221 6,534 4,772

397,649 520,320 278,060 393,586




30 June2019

30 June2020

30 June2019

$ $ $ $

Interest receivable 75 15,520 - 92

Distributions and dividends receivable 570,239 881,246 4,435,208 3,993,268

Applications receivable - 1,625,556 - -

Other receivables 14,328 291 - 375

584,642 2,522,613 4,435,208 3,993,735



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17 Payables




30 June2019

30 June2020

30 June2019

$ $ $ $

Responsible Entity’s fees payable 14,479 31,959 - -

Redemptions payable 1,498,259 2,787 1,464,524 1,368

Investment Manager’s fees payable 239,487 528,600 4,456 9,736

Other payables 214,910 316,232 - 62

1,967,135 879,578 1,468,980 11,166




30 June2019

30 June2020

30 June2019

$ $ $ $

Responsible Entity’s fees payable 1,963 5,019 2,023 4,322

Redemptions payable 395,954 492,558 - -


Other payables 44,041 50,287 28,467 29,092

627,637 1,022,578 75,804 130,215




30 June2019

30 June2020

30 June2019

$ $ $ $

Responsible Entity’s fees payable 3,909 10,214 - -

Redemptions payable 1,800,000 5,000,000 1,200,000 -


Other payables 60,027 103,916 23 832

1,974,367 5,402,681 1,203,491 7,988

18 Related party transactions

Responsible Entity, Investment Manager and Custodian

The Responsible Entity of the Funds/Trusts is State Street Global Advisors, Australia Services Limited. The ultimate holdingcompany of the Responsible Entity is State Street Corporation (incorporated in the United States of America).

The Investment Manager of the assets of the Funds/Trusts is State Street Global Advisors, Australia, Limited. The ultimateholding company of the Investment Manager is State Street Corporation (incorporated in the United States of America).



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18 Related party transactions (continued)

Responsible Entity, Investment Manager and Custodian (continued)

The Custodian of the assets of the Funds/Trusts is State Street Australia Limited. The ultimate holding company of theCustodian is State Street Corporation (incorporated in the United States of America).

Key management personnel

Key management personnel includes persons who were directors of State Street Global Advisors, Australia ServicesLimited at any time during the financial year as follows:

James MacNevin

Matthew George

Jonathan Mark Shead

Key management personnel compensation

Key management personnel are paid by State Street Global Advisors, Australia, Limited. Payments made from theFunds/Trusts to State Street Global Advisors, Australia Services Limited do not include any amounts attributable to thecompensation of key management personnel remuneration.

Key management personnel loan disclosures

The Funds/Trusts have not made, guaranteed or secured, directly or indirectly, any loans to the key management personnelor their personally related entities at any time during the reporting period.

Other transactions within the Funds/Trusts

Apart from those details disclosed in this note, no key management personnel have entered into a material contract with theFunds/Trusts during the financial year and there were no material contracts involving director’s interests existing at yearend.

Responsible Entity’s/Investment Manager’s fees and other transactions


For the year ended 30 June 2020, in accordance with the Trust’s Constitution, the Responsible Entity was paid a total fee of0.01% (2019: 0.01%) of the Trust per annum of the assets calculated as at the last day of each month.

During the year, the Investment Manager was paid a fee of 0.17% (2019: 0.17%) per annum calculated by reference to themonth end values of the Trust.





For the year ended 30 June 2020, in accordance with the Fund’s Constitution, the Responsible Entity was paid a total fee of0.01% (2019: 0.01%) of the Fund per annum of the assets calculated as at the last day of each month.

During the year, the Investment Manager was paid a fee of 0.97% (2019: 0.97%) per annum calculated monthly.



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Responsible Entity’s/Investment Manager’s fees and other transactions (continued)


For the year ended 30 June 2020, in accordance with the Fund’s Constitution, the Responsible Entity was paid a total fee of0.01% (2019: 0.01%) of the Fund per annum of the assets calculated as at the last day of each month.

During the year, the Investment Manager was paid a fee of 0.23% (2019: 0.23%) per annum calculated by reference to themonth end values of the Fund.





During the year, the Investment Manager was paid a fee of 0.32% (2019: 0.32%) per annum calculated by reference to themonth end values of Trust. This includes the Trust’s share of management costs incurred in the State Street Global IndexPlus Trust.

The transactions during the year and amounts payable at year end among the Funds/Trusts and the Responsible Entity andthe Investment Manager were as follows:




30 June2019

30 June2020

30 June2019

$ $ $ $

Responsible Entity’s fees for the year 210,648 198,814 - -

Investment Manager’s fees for the year 3,417,436 3,225,455 59,443 58,158

Related party transaction fees for the year 38,093 58,328 22,809 38,255Aggregate amounts payable to the Responsible Entityat the end of the reporting period 14,479 31,959 - -Aggregate amounts payable to the InvestmentManager at the end of the reporting period 239,487 528,600 4,456 9,736



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30 June2019

30 June2020

30 June2019

$ $ $ $

Responsible Entity’s fees for the year 31,182 29,063 27,046 26,224


Related party transaction fees for the year 14,611 14,936 40,535 33,483Aggregate amounts payable to the Responsible Entityat the end of the reporting period 1,963 5,019 2,023 4,322Aggregate amounts payable to the InvestmentManager at the end of the reporting period 185,679 474,714 45,314 96,801




30 June2019

30 June2020

30 June2019

$ $ $ $

Responsible Entity’s fees for the year 59,379 66,133 - -


Related party transaction fees for the year 85,545 67,092 18,450 15,893Aggregate amounts payable to the Responsible Entityat the end of the reporting period 3,909 10,214 - -Aggregate amounts payable to the InvestmentManager at the end of the reporting period 110,431 288,551 3,468 7,156

All administration fees are paid by the Responsible Entity on behalf of the Funds/Trusts.

State Street International Equities Index Trust held its bank account with State Street Bank and Trust Company during theyear. As at 30 June 2020, the balance in the account was $19,502,375 (30 June 2019: $33,875,174).

State Street International Equities Index (Hedged) Trust held its bank account with State Street Bank and Trust Companyduring the year. As at 30 June 2020, the balance in the account was $834,711 (30 June 2019: $239,635).

State Street Global Equity Fund held its bank account with State Street Bank and Trust Company during the year. As at30 June 2020, the balance in the account was $4,141,534 (30 June 2019: $3,486,132).

State Street Climate ESG International Equity Fund held its bank account with State Street Bank and Trust Companyduring the year. As at 30 June 2020, the balance in the account was $2,493,081 (30 June 2019: $1,619,133).

State Street Global Index Plus Trust held its bank account with State Street Bank and Trust Company during the year. As at30 June 2020, the balance in the account was $26,543,758 (30 June 2019: $20,015,461).

State Street Global Index Plus (Hedged) Trust held its bank account with State Street Bank and Trust Company during theyear. As at 30 June 2020, the balance in the account was $27,541 (30 June 2019: $98,985).



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The fees for related parties include only fees incurred by the Funds/Trusts per their direct arrangement with the relatedparties. The indirect fees incurred by the Funds/Trusts as a result of their investments in other related party trust areembedded as part of gains and losses from investments at fair value through profit or loss.

Related party unitholdings

Parties related to the Trusts (including State Street Global Advisors, Australia Services Limited, its related parties and otherschemes managed by State Street Global Advisors, Australia Services Limited), held no units in State Street InternationalEquities Index (Hedged) Trust and State Street Climate ESG International Equity Fund as at 30 June 2020 and 30 June2019.

Other than the Trusts presented above, parties related to the Funds/Trusts (including State Street Global Advisors, AustraliaServices Limited, their related parties and other schemes managed by State Street Global Advisors, Australia ServicesLimited), held units in the Funds/Trusts as follows:


30 June 2020Number ofunits heldopening

Number ofunits heldclosing

Fair valueof

investmentInterestheld

Number ofunits

acquired

Number ofunits

disposed

Distributionspaid/payableby the Trust

Unitholder (Units) (Units) ($) (%) (Units) (Units) ($)

State StreetInternationalEquities Index(Hedged) Trust 226,245,400 197,080,714 270,971,943 17.47 53,265,235 (82,429,921) 6,561,003State StreetPassive BalancedTrust 11,588,546 13,725,874 18,872,099 1.22 4,824,837 (2,687,509) 446,058



Fair valueof


Number ofunits

acquired

Number ofunits

disposed



State StreetInternationalEquities Index(Hedged) Trust 230,643,089 226,245,400 302,225,088 15.77 37,696,244 (42,093,933) 7,452,103State StreetPassive BalancedTrust 10,343,349 11,588,546 15,480,312 0.81 2,604,001 (1,358,804) 371,872



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Related party unitholdings (continued)




Fair valueof


Number ofunits

acquired

Number ofunits

disposed

Distributionspaid/payableby the Fund


State StreetMulti-AssetBuilder Fund 5,126,634 3,055,657 4,510,783 1.99 1,768,815 (3,839,792) 85,843



Fair valueof


Number ofunits

acquired

Number ofunits

disposed

Distributionspaid/payableby the Fund


State StreetSustainer Fund 617,399 - - - 36,605 (654,004) -State StreetMulti-AssetIncome Fund 1,375,015 - - - 81,523 (1,456,538) -State StreetMulti-AssetBuilder Fund 5,486,375 5,126,634 8,159,453 2.75 325,281 (685,022) 170,302




Fair valueof


Number ofunits

acquired

Number ofunits

disposed



State StreetGlobal Index Plus(Hedged) Trust 254,084,876 224,188,881 207,826,824 44.08 67,037,810 (96,933,805) 5,631,855State StreetMulti-AssetBuilder Fund 10,492,052 1,447,074 1,341,461 0.28 2,003,438 (11,048,416) 63,436



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Related party unitholdings (continued)



Fair valueof


Number ofunits

acquired

Number ofunits

disposed



State StreetGlobal Index Plus(Hedged) Trust 233,588,755 254,084,876 234,643,248 37.02 81,561,941 (61,065,820) 5,151,743State StreetMulti-AssetBuilder Fund - 10,492,052 9,689,239 1.53 26,399,172 (15,907,120) 186,149State StreetMulti-AssetIncome Fund - - - - 2,054,582 (2,054,582) 291State StreetSustainer Fund - - - - 1,577,043 (1,577,043) 45




Fair valueof


Number ofunits

acquired

Number ofunits

disposed



State StreetMulti-AssetBuilder Fund 21,790,906 12,708,855 5,557,582 2.61 12,256,571 (21,338,622) -



Fair valueof


Number ofunits

acquired

Number ofunits

disposed



State StreetMulti-AssetBuilder Fund 22,449,746 21,790,906 9,631,580 4.03 29,256,352 (29,915,192) -State StreetMulti-AssetIncome Fund 247,842 - - - 1,692,273 (1,940,115) -State StreetSustainer Fund - - - - 2,450,401 (2,450,401) -



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Investments

State Street Global Equity Fund and State Street Global Index Plus Trust did not hold any investments in State StreetGlobal Advisors, Australia Services Limited, its related parties or other funds managed by State Street Global Advisors,Australia Services Limited during the year (2019: Nil). The other Funds/Trusts held investments in the following schemeswhich are also managed by State Street Global Advisors, Australia Service Limited and its related parties:

State Street International Equities Index TrustFair value ofinvestments

Interestheld

Distributionsreceived/receivable

Units acquiredduring the year

Units disposedduring the year

2020 2019 2020 2019 2020 2019 2020 2019 2020 2019$ $ % % $ $ No. No. No. No.

State StreetCorporation 843,549 1,033,645 - - 31,784 28,993 - 1,800 (3,800) (2,500)

State Street International Equities Index (Hedged) TrustFair value ofinvestments

Interestheld




2020 2019 2020 2019 2020 2019 2020 2019 2020 2019$ $ % % $ $ No. No. No. No.

State StreetInternationalEquities IndexTrust 270,971,943 302,225,088 17.47 15.77 6,561,003 7,452,103 53,265,235 37,696,244 (82,429,921) (42,093,933)

State Street Climate ESG International Equity FundFair value ofinvestments

Interestheld




2020 2019 2020 2019 2020 2019 2020 2019 2020 2019$ $ % % $ $ No. No. No. No.

State StreetCorporation - 207,704 - - 6,132 6,355 1,000 - (3,600) (900)

State Street Global Index Plus (Hedged) TrustFair value ofinvestments

Interestheld




2020 2019 2020 2019 2020 2019 2020 2019 2020 2019$ $ % % $ $ No. No. No. No.

State StreetGlobal IndexPlus Trust 207,826,824 234,643,248 44.08 37.02 5,631,855 5,151,743 67,037,810 81,561,941 (96,933,805) (61,065,820)

19 Events occurring after the reporting period

No significant events have occurred since the end of the reporting period which would impact the financial position of theFunds/Trusts disclosed in the Statements of financial position as at 30 June 2020 or the results and cash flows of theFunds/Trusts for the year ended on that date.



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19 Events occurring after the reporting period (continued)

On 1 July 2020, State Street Global Equity Fund reduced its Investment Management fee from 0.97% to 0.84% per annumof the assets calculated daily. The Responsible Entity fee remained unchanged at 0.01% per annum. As a result, the totalmanagement cost reduced from 0.98% to 0.85% effective from 1 July 2020.

20 Contingent assets and liabilities and commitments

There are no outstanding contingent assets, liabilities or commitments as at 30 June 2020 (or 30 June 2019).



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Ernst & Young 200 George Street Sydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001

Tel: +61 2 9248 5555 Fax: +61 2 9248 5959 ey.com/au

Independent Auditor's Report

To the unitholders of:







referred to collectively as State Street International Equities Funds.

Opinion

We have audited the financial report of State Street International Equities Funds (the “Funds/Trusts”), which comprises the statements of financial position as at 30 June 2020, the statements of comprehensive income, statements of changes in equity and statements of cash flows for the year then ended, notes to the financial statements, including a summary of significant accounting policies, and the Directors' declaration.

In our opinion, the accompanying financial report is in accordance with the Corporations Act 2001, including:

a) giving a true and fair view of the Funds’/Trusts’ financial position as at 30 June 2020 and of their financial performance for the year ended on that date; and

b) complying with Australian Accounting Standards and the Corporations Regulations 2001.

Basis for Opinion

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Funds/Trusts in accordance with the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Information Other than the Financial Report and Auditor’s Report Thereon

The Directors of the Responsible Entity of the Funds/Trusts are responsible for the other information. The other information comprises the information included in the Annual Report other than the financial report and our auditor’s report thereon.

Our opinion on the financial report does not cover the other information and we do not and will not express any form of assurance conclusion thereon.

In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed on the other information obtained prior to the date of this auditor’s report, 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 Directors for the Financial Report

The Directors of the Responsible Entity are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the Directors of the Responsible Entity determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

In preparing the financial report, the Directors of the Responsible Entity are responsible for assessing the Funds’/Trusts’ ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the Directors of the Responsible Entity either intend to liquidate the Funds’/Trusts’ or to cease operations, or have no realistic alternative but to do so.

Auditor's Responsibilities for the Audit of the Financial Report

Our objectives are to obtain reasonable assurance about whether the financial report as a whole is 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 the Australian Auditing Standards 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 this financial report.

As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

► Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.


► Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’/Trusts’ internal control.

► Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Directors of the Responsible Entity.

► Conclude on the appropriateness of the Directors of the Responsible Entity of the Funds’/Trusts’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Funds’/Trusts’ ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Funds’/Trusts’ to cease to continue as a going concern.

► Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation.

We communicate with the Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Ernst & Young Rita Da Silva Partner Sydney 24 September 2020

Documents

State Street International Equities Funds Annual Report...Level 14, 420 George Street Sydney NSW 2000.-1-Directors’ report The directors of State Street Global Advisors, Australia