State Street Asia Pacific Ex-Japan Equity Tracker Fund State Street Asia Pacific Ex-Japan Equity Tracker Fund

Report and Financial Statements (unaudited) For the six month period ended 30th June 2020

Contents Page

Manager's Report* 1

Portfolio Statement* 8

Director's Report to Unitholders* 21

Comparative Table* 22

Financial statements: 23

Statement of Total Return 23

Statement of Change in Net Assets Attributable to Unitholders 23

Balance Sheet 24

Notes to the Financial Statements 25

Distribution Tables 26

Directory* 27

* These collectively comprise the Manager’s Report. State Street Asia Pacific Ex-Japan Equity Tracker Fund

Manager’s Report For the six month period ended 30th June 2020

Authorised Status The State Street Asia Pacific ex Japan Equity Tracker Fund (the “Fund”) is an Authorised Unit Trust Scheme as defined in section 243 of the Financial Services and Markets Act 2000 and it is a UCITS Retail Scheme within the meaning of the FCA Collective Investment Schemes sourcebook. The unitholders are not liable for the debts of the Fund.

Investment Objective and Policy The objective of the Fund is to replicate, as closely as possible, and on a “gross of fees” basis, the return of the Asia Pacific ex-Japan equity market as represented by the FTSE Developed Asia Pacific ex Japan Index (the “Index”) net of unavoidable withholding taxes. The Manager will seek to achieve this objective principally by investing in the shares of certain companies included from time to time in the Index considered by the Investment Adviser to reflect accurately the performance of that Index. The Fund may also invest in transferable securities, money market instruments, warrants, units in collective investment schemes, deposits and derivatives. The Fund may invest in collective investment schemes managed or operated by companies in the same group as the Manager or the Investment Adviser. The Fund will seek to track the performance of the Index whilst seeking to minimise as far as possible the tracking error between the Fund’s performance and that of the Index.

Strategy The Fund investment objective is to track, on a gross of fees basis, the performance of the FTSE Developed Asia Pacific ex Japan Index (the “Index”). The Fund is managed on a fully replicated basis, and typically has a portfolio of approximately 384 stocks. The emphasis is on maintaining tracking precision, a combination of stocks is selected to minimise deviation from the Index. The Fund is managed to remain neutral on all factors contributing to risk.

Performance For the 6 month period ended 30 June 2020 (the “Reporting Period”), the Fund returned on a net basis -4.62%, compared to the Index return of -4.43%. The size of the Fund’s tracking difference was -0.19% which is within the target tolerance.

Market Review Over the Reporting Period, the spread of coronavirus COVID-19 caused an unprecedented shock to global financial markets. The outbreak of coronavirus COVID-19 and the declaration of a worldwide pandemic led to social distancing measures, temporary lock-downs, quarantines and mobility restrictions inflicting significant harm to the global economy. The drop in oil prices due to the breakdown in OPEC negotiations further exacerbated matters leading to aggressive sell-offs by equity markets resulting in high levels of volatility. At the beginning of 2020, stock markets in the Asia Pacific region were slow to rally, but also fell less sharply amidst the coronavirus COVID-19 outbreak. The markets had varied results on a country-by-country basis based on the severity of the impact of coronavirus COVID-19. New Zealand was the strongest performer with Singapore being the weakest in the region. Asia Pacific markets rebounded and posted strong gains in Q2 supported by central banks stimuli, the falling numbers of coronavirus COVID-19 cases and the gradual re-opening of economies. Within the region, New Zealand registered the strongest economic stabilization with a PMI of 56.3 in June jumping from a low of 26.1 in April as isolation measures began to ease following a decline in daily cases to almost zero. Australia recorded a PMI of 51.50 in June after plummeting to a low of 35.80 in April and China recovered to 51.20 after plunging to 40.30 in February.

Outlook The coordination of policy response by central banks and governments globally was helpful during the outbreak of coronavirus COVID-19. Whilst the number of COVID-19 cases have started to rise, with the phased reopening of businesses, the global economy looks set to return to growth in 2021 following this year’s steep decline. Our core

1 State Street Asia Pacific Ex-Japan Equity Tracker Fund

Manager's Report (continued) For the six month period ended 30th June 2020 assumption is that a second wave will not result in broad lockdowns, and by late 2020/early 2021 the most vulnerable groups would have access to medical solutions, the global economy should rebound, leading us to have a positive outlook for equities moving forward.

Index Activity The Index is subject to a rebalance in March, June, September and December. In March there were three inclusions (the largest being JB Hi-Fi), three exclusions, three up weights and three down weights. In June there were two inclusions (the largest being ESR Cayman), three exclusions, three up weights and one down weight.

Figures in USD unless specified otherwise. For Institutional Use Only – Not for Use with the Public.

Sources: Bloomberg, FactSet, J.P. Morgan, Financial Times, Barron’s, Bank of America-Merrill Lynch, Credit Suisse, Citigroup, The Wall Street Journal, MSCI, as of 1 July 2020.

Risk and Reward Profile

Risk Disclaimer The risk category above is not a measure of capital loss or gains but of how significant the rises and falls in the Fund’s return have been historically. For example a fund whose return has experienced significant rises and falls will be in a higher risk category, whereas a fund whose return has experienced less significant rises and falls will be in a lower risk category. The lowest category (i.e. category 1) does not mean that a fund is a risk free investment. As the Fund’s risk category has been calculated using historical data, it may not be a reliable indication of the Fund’s future risk profile. The Fund’s risk category shown is not guaranteed and may change in the future.

Why is this Fund in this category? The Fund is in risk category 6 as its return has experienced very high rises and falls historically. The following are material risks relevant to the Fund which are not adequately captured by the risk category. Index Tracking Risk: The Fund’s performance may not exactly track the Index. This can result from market fluctuations, changes in the composition of the Index, transaction costs, the costs of making changes to the Fund’s portfolio and other Fund expenses. Liquidity Risk: It may be difficult for the Fund to buy or sell certain investments in difficult market conditions. Consequently the price obtained when selling securities may be lower than under normal market conditions. Concentration Risk: A Fund that purchases a limited number of securities, or only securities of a limited number of countries or industries, may experience higher changes in value than a fund that does not limit its investments. Counterparty Risk: Other financial institutions provide services to the Fund, acting as a counterparty to financial derivative transactions. There is a risk that these institutions may not be able to perform their obligations. This could reduce the value of the Fund’s investments.

2 State Street Asia Pacific Ex-Japan Equity Tracker Fund

Manager's Report (continued) For the six month period ended 30th June 2020

Derivatives Usage Derivatives are used in the Fund for efficient portfolio management purposes. The Fund invests in index futures to manage client inflows and outflows and to hedge accrued income. At all times the futures exposure is covered entirely by cash or cash equivalents. As at 30th June 2020, the Fund had a total notional exposure to futures of £14,194,322.

Tracking Error The Tracking Error measures the standard deviation of the relative returns. It is the annualised standard deviation of the returns of a fund minus those of its benchmark (relative returns) and not the standard deviation of each fund’s unique returns. The lower the tracking error of a fund, the more the fund resembles its benchmark or the market regarding risk and return characteristics. The size of the Fund’s tracking error for the twelve months ended 30th June 2020 was 0.16% which was within the targeted tolerance.

Distribution There will be a distribution of 3.0519 pence per unit payable on 31st August 2020 (31.8.19: 4.1211).

3 State Street Asia Pacific Ex-Japan Equity Tracker Fund

Manager's Report (continued) As at 30th June 2020

Securities Financing Transactions (SFT) 1) Global Data

Proportion of securities and commodities on loan as at 30th June 2020 £'000 %

Total lendable assets excluding cash and cash equivalents: 1,099,620 Securities and commodities on loan 74,379 6.76%

Assets engaged in SFTs and total return swaps as at 30th June 2020 £'000 %

Fund assets under management (AUM) 1,173,695 Absolute value of assets engaged in: Securities lending 74,379 6.34% 2) Concentration Data

Top 10 Collateral Issuers Name and value of collateral and commodities received as at 30th June 2020 £'000

Republic of France 8,205 Federal Republic of Germany 8,077 Government of United Kingdom 7,601 Kingdom of Belgium 6,377 United States of America Treasury 5,746 Kingdom of Netherlands 4,984 Government of Canada 2,184 Republic of Finland 1,559 Mitsubishi UFJ Financial 1,555 Sony 1,472

4 State Street Asia Pacific Ex-Japan Equity Tracker Fund

Manager's Report (continued) As at 30th June 2020

Top 10 Counterparties Name and value of outstanding transactions as at 30th June 2020 £'000

Barclays Capital Securities 21,759 Morgan Stanley International 11,747 JP Morgan Securities 11,497 Merrill Lynch 6,918 UBS 6,320 Deutsche Bank 4,937 BNP Paribas Arbitrage 3,471 Credit Suisse Securities (Europe) 2,852 Citigroup Global Markets (UK) 2,100 Credit Suisse (Dublin) 1,757

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Manager's Report (continued) As at 30th June 2020

3) Aggregate Transaction Data

Type, Quality and Currency of Collateral as at 30th June 2020 Type Quality Currency £'000

Securities lending Equity Traded on recognised exchange Sterling 1,116 Equity Traded on recognised exchange Australian dollar 495 Equity Traded on recognised exchange Canadian dollar 3,734 Equity Traded on recognised exchange Chinese yuan 17 Equity Traded on recognised exchange Danish krone 53 Equity Traded on recognised exchange Euro 6,718 Equity Traded on recognised exchange Hong Kong dollar 522 Equity Traded on recognised exchange Japanese yen 11,613 Equity Traded on recognised exchange New Zealand dollar 147 Equity Traded on recognised exchange Norwegian krone 26 Equity Traded on recognised exchange Singapore dollar 418 Equity Traded on recognised exchange South African rand 478 Equity Traded on recognised exchange Swedish krona 138 Equity Traded on recognised exchange Swiss franc 72 Equity Traded on recognised exchange US dollar 8,912 Fixed Income Investment Grade Sterling 7,601 Fixed Income Investment Grade Canadian dollar 2,184 Fixed Income Investment Grade Euro 29,722 Fixed Income Investment Grade Swedish krona 5 Fixed Income Investment Grade US dollar 5,746

Total Collateral held 79,717

Maturity Tenor of Collateral (remaining period to maturity) as at 30th June 2020

One day One week One to Three Above Less than to to one three months to one Open one day one week month months one year year maturity Total Type £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000

Securities lending - - 214 1,100 3,274 40,670 34,459 79,717

- - 214 1,100 3,274 40,670 34,459 79,717

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Manager's Report (continued) As at 30th June 2020

Counterparty details as at 30th June 2020 Country of counterparty Type establishment Settlement and clearing £'000

Securities lending Australia Tri-party 454 Securities lending France Tri-party 4,426 Securities lending Germany Tri-party 5,236 Securities lending Ireland Tri-party 1,915 Securities lending Switzerland Tri-party 6,693 Securities lending United Kingdom Tri-party 60,993

Total collateral held 79,717

Maturity Tenor of SFTs and Total Return Swaps (remaining period to maturity) as at 30th June 2020

Securities lending ------74,379 74,379

------74,379 74,379

4) Re-use of Collateral The Fund does not engage in re-use of collateral. 5) Safekeeping of Collateral Received

Names and value of custodians safekeeping collateral as at 30th June 2020 £'000

Bank of New York 50,750 JP Morgan 28,967 Number of custodians safekeeping collateral 2 6) Safekeeping of Collateral Granted The Fund does not borrow stock from counterparties; therefore, no collateral has been granted.

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Portfolio Statement As at 30th June 2020

Market Value % of Total Holdings £'000 Net Assets

Australia — 39.76% (31.12.2019 — 40.39%) Adbri 260,264 461 0.04 Afterpay 125,918 4,279 0.37 AGL Energy 379,010 3,601 0.31 ALS 333,911 1,221 0.10 Altium 62,069 1,123 0.10 Alumina 1,573,356 1,425 0.12 Amcor 972,617 7,848 0.67 AMP 2,122,614 2,194 0.19 Ampol 151,713 2,479 0.21 Ansell 82,939 1,696 0.14 APA 714,417 4,431 0.38 Aristocrat Leisure 386,349 5,490 0.47 ASX 115,515 5,496 0.47 Atlas Arteria 542,475 2,001 0.17 Aurizon 1,115,317 3,058 0.26 AusNet Services 1,256,182 1,169 0.10 Australia & New Zealand Banking 1,714,450 17,807 1.52 Bank of Queensland 279,463 961 0.08 Beach Energy 997,353 845 0.07 Bendigo & Adelaide Bank 331,651 1,295 0.11 BGP~ 172,746 - 0.00 BHP 1,782,257 35,573 3.04 BlueScope Steel 313,037 2,039 0.17 Boral 690,640 1,459 0.12 Brambles 927,554 5,618 0.48 Challenger 446,115 1,096 0.09 Charter Hall* 262,466 1,417 0.12 CIMIC 55,821 750 0.06 Cleanaway Waste Management 971,053 1,190 0.10 Coca-Cola Amatil 288,999 1,395 0.12 Cochlear 37,685 3,967 0.34 Coles 770,897 7,376 0.63 Commonwealth Bank of Australia 1,070,834 41,422 3.54 Computershare 295,241 2,180 0.19 Crown Resorts 238,641 1,286 0.11

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Portfolio Statement (continued) As at 30th June 2020

Market Value % of Total Holdings £'000 Net Assets

Australia — 39.76% (31.12.2019 — 40.39%) (continued) CSL 273,770 43,782 3.74 CSR 278,573 571 0.05 Dexus* 645,055 3,307 0.28 Domain 125,569 234 0.02 Domino's Pizza Enterprises 34,552 1,322 0.11 Downer EDI 336,163 820 0.07 Evolution Mining 645,616 2,040 0.17 Flight Centre Travel 49,004 304 0.03 Fortescue Metals 968,167 7,472 0.64 Goodman* 1,065,437 8,816 0.75 GPT* 1,153,607 2,681 0.23 Harvey Norman 409,133 807 0.07 IDP Education 70,782 611 0.05 Iluka Resources 239,702 1,141 0.10 Incitec Pivot 1,199,616 1,253 0.11 Insurance Australia 1,385,409 4,454 0.38 IOOF 198,249 543 0.05 JB Hi-Fi 69,986 1,678 0.14 Lendlease 398,000 2,743 0.23 Macquarie 192,025 12,897 1.10 Magellan Financial 82,903 2,680 0.23 Medibank Private 1,643,617 2,738 0.23 Metcash 531,545 806 0.07 Mirvac* 2,311,186 2,795 0.24 National Australia Bank 1,910,854 19,400 1.66 Newcrest Mining 489,356 8,598 0.73 Northern Star Resources 437,110 3,254 0.28 Nufarm 173,335 395 0.03 Orica 244,691 2,269 0.19 Origin Energy 1,042,012 3,391 0.29 Orora 552,914 783 0.07 OZ Minerals 181,869 1,111 0.10 Perpetual 24,516 405 0.03 Platinum Asset Management 172,605 359 0.03 Qantas Airways 329,491 694 0.06

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Portfolio Statement (continued) As at 30th June 2020

Market Value % of Total Holdings £'000 Net Assets

Australia — 39.76% (31.12.2019 — 40.39%) (continued) Qantas Airways (unlisted from 01/07/2020) 101,638 207 0.02 QBE Insurance 874,606 4,318 0.37 Qube 926,075 1,502 0.13 Ramsay Health Care 103,119 3,822 0.33 REA 30,998 1,863 0.16 Rio Tinto 224,392 12,248 1.05 Santos 1,051,549 3,105 0.27 Scentre* 3,197,916 3,867 0.33 SEEK 212,231 2,589 0.22 Seven 98,828 946 0.08 Shopping Centres Australasia Property* 523,402 636 0.05 Sims 93,271 412 0.04 Sonic Healthcare 287,350 4,872 0.42 South32 2,929,673 3,330 0.28 Star Entertainment 473,165 774 0.07 Stockland* 1,433,534 2,644 0.23 Suncorp 763,425 3,926 0.34 Sydney Airport 669,125 2,114 0.18 Tabcorp 1,155,168 2,176 0.19 Telstra 2,516,499 4,389 0.37 TPG Telecom 257,884 1,279 0.11 Transurban 1,642,761 12,934 1.10 Treasury Wine Estates 428,342 2,501 0.21 Tuas 128,942 48 0.00 Vicinity Centres* 2,417,841 1,927 0.16 Vocus 329,213 541 0.05 Washington H Soul Pattinson 49,898 543 0.05 Wesfarmers 683,451 17,073 1.46 Westpac Banking 2,183,636 21,841 1.86 Whitehaven Coal 466,587 372 0.03 WiseTech Global 45,374 489 0.04 Woodside Petroleum 567,764 6,849 0.58

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Portfolio Statement (continued) As at 30th June 2020

Market Value % of Total Holdings £'000 Net Assets

Australia — 39.76% (31.12.2019 — 40.39%) (continued) Woolworths 758,189 15,750 1.34 Worley 225,378 1,095 0.09

465,784 39.76

China — 1.67% (31.12.2019 — 1.38%) AAC Technologies 419,815 2,085 0.18 China Mengniu Dairy 1,659,000 5,128 0.44 FIH Mobile 1,517,272 131 0.01 Minth 398,000 916 0.08 Semiconductor Manufacturing International 1,803,900 5,086 0.43 Shui On Land 3,276,089 445 0.04 Tingyi Cayman Islands 1,132,000 1,421 0.12 Uni-President China 644,400 519 0.05 Want Want China 3,321,000 2,029 0.17 Xinyi Solar 2,333,655 1,789 0.15

19,549 1.67

France — 0.03% (31.12.2019 — 0.04%) L'Occitane International 247,299 335 0.03

335 0.03

Hong Kong — 19.05% (31.12.2019 — 19.09%) AIA 7,315,231 55,228 4.71 ASM Pacific Technology 190,400 1,617 0.14 Bank of East Asia 780,821 1,443 0.12 BOC Hong Kong 2,154,000 5,544 0.47 Brightoil Petroleum 669,000 26 0.00 Budweiser Brewing 735,400 1,732 0.15 Cafe de Coral 194,000 325 0.03 Cathay Pacific Airways 362,000 284 0.02 Champion REIT* 1,427,000 601 0.05 China Travel International Investment Hong Kong 1,386,000 159 0.01

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Portfolio Statement (continued) As at 30th June 2020

Market Value % of Total Holdings £'000 Net Assets

Hong Kong — 19.05% (31.12.2019 — 19.09%) (continued) Chow Tai Fook Jewellery 610,601 472 0.04 CK Asset 1,629,111 7,859 0.67 CK Hutchison 1,624,748 8,449 0.72 CK Infrastructure 381,500 1,590 0.14 CLP 992,000 7,873 0.67 Dah Sing Banking 226,441 167 0.01 Dah Sing Financial 123,342 279 0.02 Dairy Farm International 220,900 831 0.07 ESR Cayman 733,400 1,403 0.12 First Pacific 1,344,350 208 0.02 FIT Hon Teng 517,000 162 0.01 Galaxy Entertainment 1,292,000 7,117 0.61 Guotai Junan International 1,554,000 164 0.01 Haitong International Securities 1,352,915 261 0.02 Hang Lung 501,000 943 0.08 Hang Lung Properties 1,232,000 2,362 0.20 Hang Seng Bank 434,600 5,904 0.50 Henderson Land Development 774,497 2,378 0.20 Hong Kong & China Gas 6,322,082 7,922 0.68 Hong Kong Exchanges & Clearing 761,149 26,229 2.24 Hongkong Land 695,300 2,324 0.20 Huabao International 434,000 154 0.01 Hutchison Telecommunications Hong Kong 658,000 85 0.01 Hysan Development 353,335 917 0.08 Jardine Matheson 127,132 4,295 0.37 Jardine Strategic 111,151 1,939 0.17 Johnson Electric 201,770 289 0.03 Kerry Logistics Network 319,956 344 0.03 Kerry Properties 411,000 858 0.07 Lenovo 4,568,000 2,046 0.18 Lifestyle International 251,500 167 0.01 Link REIT* 1,250,423 8,272 0.71 MMG 1,396,000 233 0.02 MTR 866,650 3,633 0.31 NagaCorp 860,000 806 0.07

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Portfolio Statement (continued) As at 30th June 2020

Market Value % of Total Holdings £'000 Net Assets

Hong Kong — 19.05% (31.12.2019 — 19.09%) (continued) New World Development 899,337 3,456 0.30 NWS 994,477 695 0.06 PCCW 2,380,338 1,099 0.09 Power Assets 821,000 3,614 0.31 Sa Sa International 1,475,425 200 0.02 Shangri-La Asia 625,370 435 0.04 Shougang Fushan Resources 1,944,000 329 0.03 Shun Tak 1,088,750 327 0.03 Sino Land 1,929,064 1,964 0.17 SITC International 802,000 693 0.06 SJM 1,073,000 964 0.08 Sun Art Retail 1,350,243 1,867 0.16 Sun Hung Kai Properties 866,185 8,950 0.76 Swire Pacific 'A' Shares 315,500 1,354 0.12 Swire Pacific 'B' Shares 510,000 394 0.03 Swire Properties 644,761 1,325 0.11 Techtronic Industries 750,000 5,936 0.51 Television Broadcasts 146,340 138 0.01 Towngas China 610,341 232 0.02 United Energy 4,086,000 597 0.05 Vitasoy International 492,000 1,523 0.13 VTech 89,400 435 0.04 WH 5,106,203 3,540 0.30 Wharf 498,975 821 0.07 Wharf Real Estate Investment 614,975 2,376 0.20 Wheelock 376,000 2,407 0.21 Xinyi Glass 1,148,889 1,140 0.10 Yue Yuen Industrial 406,000 499 0.04

223,204 19.05

Ireland — 0.35% (31.12.2019 — 0.32%) James Hardie Industries 270,687 4,151 0.35

4,151 0.35

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Portfolio Statement (continued) As at 30th June 2020

Market Value % of Total Holdings £'000 Net Assets

Italy — 0.07% (31.12.2019 — 0.08%) PRADA 291,425 819 0.07

819 0.07

Macau — 0.60% (31.12.2019 — 0.74%) Macau Legend Development 830,000 91 0.01 Melco International Development 445,000 697 0.06 MGM China 411,400 430 0.03 Sands China 1,453,868 4,615 0.39 Wynn Macau 901,200 1,255 0.11

7,088 0.60

New Zealand — 2.29% (31.12.2019 — 2.00%) a2 Milk 438,543 4,613 0.39 Air New Zealand 287,348 198 0.02 Auckland International Airport 678,313 2,322 0.20 Contact Energy 405,712 1,323 0.11 Fisher & Paykel Healthcare 345,611 6,410 0.55 Fletcher Building 472,584 911 0.08 Kiwi Property 847,722 464 0.04 Mercury NZ 432,068 1,058 0.09 Meridian Energy 763,840 1,914 0.16 Ryman Healthcare 257,030 1,752 0.15 SKYCITY Entertainment 363,408 452 0.04 Spark New Zealand 1,097,021 2,606 0.22 Xero 55,504 2,787 0.24

26,810 2.29

Papua New Guinea — 0.17% (31.12.2019 — 0.25%) Oil Search 1,128,392 1,993 0.17

1,993 0.17

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Portfolio Statement (continued) As at 30th June 2020

Market Value % of Total Holdings £'000 Net Assets

Singapore — 6.87% (31.12.2019 — 7.66%) Ascendas Real Estate Investment Trust* 1,849,692 3,402 0.29 Ascott Residence Trust 993,180 576 0.05 BOC Aviation 119,800 619 0.05 CapitaLand 1,479,300 2,506 0.21 CapitaLand Commercial Trust* 1,669,070 1,636 0.14 CapitaLand Mall Trust* 1,494,500 1,699 0.15 City Developments 298,100 1,456 0.12 ComfortDelGro 1,320,900 1,111 0.10 DBS 1,091,550 13,172 1.12 Frasers Centrepoint 209,700 153 0.01 Genting Singapore 3,578,000 1,578 0.14 Golden Agri-Resources 3,567,237 306 0.03 Hutchison Port Holdings Trust 2,951,200 229 0.02 Jardine Cycle & Carriage 56,811 665 0.06 Keppel 844,200 2,919 0.25 Keppel REIT* 1,443,700 921 0.08 Mapletree Commercial Trust* 1,368,903 1,533 0.13 Mapletree Industrial Trust* 972,797 1,620 0.14 Mapletree Logistics Trust* 1,587,673 1,787 0.15 Mapletree North Asia Commercial Trust* 1,172,051 629 0.05 Olam International 340,300 274 0.02 Oversea-Chinese Banking 2,084,085 10,882 0.93 SATS 362,700 602 0.05 Sembcorp Industries 492,800 500 0.04 Sembcorp Marine 441,600 109 0.01 SIA Engineering 112,100 128 0.01 Singapore Airlines 876,175 1,896 0.16 Singapore Exchange 486,500 2,354 0.20 Singapore Post 837,500 374 0.03 Singapore Press 913,500 673 0.06 Singapore Technologies Engineering 932,600 1,786 0.15 Singapore Telecommunications 4,473,400 6,384 0.55 StarHub 339,840 256 0.02 Suntec Real Estate Investment Trust* 1,315,300 1,076 0.09 United Overseas Bank 767,455 9,007 0.77

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Portfolio Statement (continued) As at 30th June 2020

Market Value % of Total Holdings £'000 Net Assets

Singapore — 6.87% (31.12.2019 — 7.66%) (continued) UOL 304,163 1,198 0.10 Venture 158,500 1,488 0.13 Wilmar International 1,158,600 2,749 0.24 Wing Tai 187,183 194 0.02

80,447 6.87

South Korea — 27.90% (31.12.2019 — 26.90%) Amorepacific 18,925 2,133 0.18 AMOREPACIFIC 20,405 708 0.06 Amorepacific Preference Shares 5,743 274 0.02 BGF Retail 3,512 329 0.03 BNK Financial 159,024 535 0.05 Celltrion 62,549 12,878 1.10 Celltrion Healthcare 39,661 2,893 0.25 Cheil Worldwide 37,760 417 0.04 CJ 7,064 410 0.03 CJ CheilJedang 4,548 998 0.09 CJ CheilJedang Preference Shares 774 71 0.01 CJ ENM 5,375 399 0.03 CJ Logistics 4,257 451 0.04 Coway 35,326 1,716 0.15 Daelim Industrial 15,601 864 0.07 Daewoo Engineering & Construction 90,963 210 0.02 Daewoo Shipbuilding & Marine Engineering 26,808 488 0.04 DB Insurance 33,480 965 0.08 DGB Financial 86,436 297 0.03 Dongsuh 19,108 204 0.02 Doosan Bobcat 14,436 255 0.02 Doosan Heavy Industries & Construction 59,055 192 0.02 Doosan Infracore 98,471 480 0.04 Doosan Solus 4,659 105 0.01 E-Mart 11,521 818 0.07 Fila 29,847 705 0.06 GS 29,176 712 0.06

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Portfolio Statement (continued) As at 30th June 2020

Market Value % of Total Holdings £'000 Net Assets

South Korea — 27.90% (31.12.2019 — 26.90%) (continued) GS Engineering & Construction 32,168 531 0.05 GS Retail 15,160 372 0.03 Hana Financial 174,181 3,164 0.27 Hankook Tire & Technology 49,593 823 0.07 Hanmi Pharm 4,782 784 0.07 Hanmi Science 6,893 154 0.01 Hanon Systems 107,271 654 0.06 Hanssem 4,897 284 0.02 Hanwha 22,884 341 0.03 Hanwha Aerospace 19,988 331 0.03 Hanwha Life Insurance 168,517 154 0.01 Hanwha Preference Shares 17,248 135 0.01 Hanwha Solutions 44,872 581 0.05 HDC Hyundai Development Co-Engineering & Construction 26,774 380 0.03 Helixmith 12,390 509 0.04 Hite Jinro 18,294 539 0.05 HLB 25,666 1,599 0.14 Hotel Shilla 17,711 846 0.07 Hyundai Department Store 8,493 322 0.03 Hyundai Engineering & Construction 41,455 922 0.08 Hyundai Glovis 10,556 721 0.06 Hyundai Heavy Industries 6,547 1,084 0.09 Hyundai Marine & Fire Insurance 39,737 612 0.05 Hyundai Mipo Dockyard 12,096 255 0.02 Hyundai Mobis 39,530 5,107 0.44 Hyundai Motor 85,844 5,643 0.48 Hyundai Motor Preference Shares 13,229 490 0.04 Hyundai Motor Second Preference Shares 24,738 947 0.08 Hyundai Steel 51,000 703 0.06 Hyundai Wia 9,495 221 0.02 Industrial Bank of Korea 153,202 833 0.07 Kakao 30,310 5,455 0.47 Kangwon Land 60,570 876 0.07 KB Financial 231,850 5,296 0.45 KCC 2,653 237 0.02

17 State Street Asia Pacific Ex-Japan Equity Tracker Fund

Portfolio Statement (continued) As at 30th June 2020

Market Value % of Total Holdings £'000 Net Assets

South Korea — 27.90% (31.12.2019 — 26.90%) (continued) KEPCO Plant Service & Engineering 12,757 249 0.02 Kia Motors 157,894 3,405 0.29 Korea Aerospace Industries 35,214 563 0.05 Korea Electric Power 152,928 2,007 0.17 Korea Gas 14,952 264 0.02 Korea Investment 21,788 652 0.06 Korea Shipbuilding & Offshore Engineering 27,012 1,589 0.14 Korea Zinc 6,166 1,390 0.12 Korean Air Lines 26,514 310 0.03 Korean Air Lines Rights 10/07/2020 17,543 20 0.00 KT&G 67,436 3,548 0.30 Kumho Petrochemical 9,905 497 0.04 LG 54,265 2,600 0.22 LG Chem 27,490 9,072 0.77 LG Chem Preference Shares 4,291 722 0.06 LG Display 145,146 1,108 0.09 LG Electronics 65,196 2,772 0.24 LG Electronics Preference Shares 8,227 139 0.01 LG Household & Health Care 5,284 4,785 0.41 LG Household & Health Care Preference Shares 1,157 564 0.05 LG Uplus 123,287 1,012 0.09 Lotte 14,959 318 0.03 Lotte Chemical 9,785 1,100 0.09 Lotte Chilsung Beverage 1,678 115 0.01 Lotte Fine Chemical 10,529 244 0.02 Lotte Shopping 6,214 332 0.03 LS 10,410 244 0.02 Mando 18,424 277 0.02 Medy-Tox 2,356 231 0.02 Mirae Asset Daewoo 216,875 973 0.08 Mirae Asset Daewoo Preference Shares 70,938 170 0.01 NAVER 80,783 14,513 1.24 NCSoft 10,044 6,021 0.51 Netmarble 9,620 651 0.06 NH Investment & Securities 70,235 391 0.03

18 State Street Asia Pacific Ex-Japan Equity Tracker Fund

Portfolio Statement (continued) As at 30th June 2020

Market Value % of Total Holdings £'000 Net Assets

South Korea — 27.90% (31.12.2019 — 26.90%) (continued) NHN 5,257 293 0.03 NongShim 2,357 580 0.05 OCI 10,244 255 0.02 Orion 13,731 1,238 0.11 Ottogi 674 253 0.02 Paradise 38,559 346 0.03 POSCO 40,857 4,783 0.41 POSCO Chemical 11,618 587 0.05 Posco International 45,885 431 0.04 S-1 10,531 608 0.05 Samsung Biologics 7,915 4,127 0.35 Samsung C&T 49,979 3,901 0.33 Samsung Card 17,072 314 0.03 Samsung Electro-Mechanics 33,427 2,901 0.25 Samsung Electronics 2,844,679 101,060 8.63 Samsung Electronics Preference Shares 498,620 15,600 1.33 Samsung Engineering 89,856 741 0.06 Samsung Fire & Marine Insurance 19,555 2,316 0.20 Samsung Fire & Marine Insurance Preference Shares 2,033 171 0.01 Samsung Heavy Industries 249,136 997 0.09 Samsung Life Insurance 40,436 1,216 0.10 Samsung SDI 31,455 7,693 0.66 Samsung SDS 19,167 2,173 0.19 Samsung Securities 41,898 743 0.06 Shinhan Financial 283,739 5,489 0.47 Shinsegae 5,026 746 0.06 SillaJen 31,002 252 0.02 SK 19,730 3,863 0.33 SK Hynix 313,109 17,928 1.53 SK Innovation 34,146 3,010 0.26 SK Networks 79,682 254 0.02 SK Telecom 14,026 1,991 0.17 SKC 11,357 466 0.04 S-Oil 25,672 1,097 0.09 Ssangyong Cement Industrial 49,567 170 0.01

19 State Street Asia Pacific Ex-Japan Equity Tracker Fund

Portfolio Statement (continued) As at 30th June 2020

Market Value % of Total Holdings £'000 Net Assets

South Korea — 27.90% (31.12.2019 — 26.90%) (continued) Woori Financial 334,013 1,980 0.17 Yuhan 30,164 1,027 0.09

326,860 27.90

United States — 0.07% (31.12.2019 — 0.14%) Nexteer Automotive 416,000 231 0.02 Samsonite International 731,100 596 0.05

827 0.07

Derivatives — (0.01)% (31.12.2019 — 0.00%) Hang Seng Index Futures July 2020† 22 (59) (0.01) KOSPI 200 Index Futures September 2020† 84 (140) (0.01) MSCI Singapore Index Futures July 2020† 51 (17) (0.00) SPI 200 Index Futures September 2020† September 2020† 80 138 0.01

(78) (0.01)

Portfolio of investments^ 1,157,789 98.82 Net other assets 13,807 1.18

Total net assets 1,171,596 100.00

All holdings are ordinary shares or common stock unless otherwise stated. ^ Includes derivative liabilities. ~ Delisted. * Real Estate Investment Trust. † Goldman Sachs is the counterparty, total notional exposure is £14,194,322 and 1.21% as a percentage of the Fund’s value.

20 State Street Asia Pacific Ex-Japan Equity Tracker Fund

Director's Report to Unitholders For the six month period ended 30th June 2020

In accordance with the requirements of the Collective Investment Schemes sourcebook of the Financial Conduct Authority’s handbook of rules and guidance we hereby certify the report on behalf of the Directors of State Street Unit Trust Management Limited.

R. Bridger – Director, State Street Unit Trust Management Limited

N. Wightman – Director, State Street Unit Trust Management Limited

28 August 2020

21 State Street Asia Pacific Ex-Japan Equity Tracker Fund

Comparative Table For the six month period ended 30th June 2020 2020 (to 30.06) 2019 2018 Closing net asset value (£'000) 1,171,596 1,141,774 726,665 Closing number of units 427,533,762 397,409,376 283,967,923 Closing net asset value per unit (£) 2.7404 2.8730 2.5590 Change in net asset value per unit (4.62)% 12.27% (8.91)% Operating charges 0.25%* 0.30% 0.30%

*The Operating charge on the Fund changed from 30bps to 15bps on 1 May 2020.

General risk factors The value of funds and the revenue from them is not guaranteed and may fall as well as rise. You may get back less than you originally invested. What you get back may depend on: (i) Investment performance is not guaranteed. Past performance is no guarantee of future performance. There may also be variation in performance between funds with similar investment objectives. (ii) The effect of an initial charge. If you sell your investment after a short period you may not get back what you originally invested, even if the price of your investment has not fallen. • The entire market of a particular asset class or geographical region may fall, having a greater effect on funds heavily invested in that asset class or region. • If you make regular withdrawals from your investment be aware that if the level of withdrawal exceeds the rate of investment growth of the Fund, your capital will be eroded. • Governments may change the tax rules which affect you or the funds in which you have invested. • Inflation will reduce what you could buy in the future, i.e. it will reduce the real value of your investment. • There is no certainty that the investment objective of any fund will actually be achieved.

22 State Street Asia Pacific Ex-Japan Equity Tracker Fund

Statement of Total Return For the six month period ended 30th June 2020 Period ended Period ended 30.06.20 30.06.19 £'000 £'000 £'000 £'000 Income Net capital (losses)/gains (55,581) 91,631 Revenue 14,030 13,564 Expenses (1,326) (1,184) Interest payable and similar charges - -

Net revenue before taxation 12,704 12,380 Taxation (176) (250)

Net revenue after taxation 12,528 12,130

Total return before distributions (43,053) 103,761 Distributions (12,528) (12,130)

Change in net (liabilities) / assets attributable to unitholders from investment activities (55,581) 91,631

Statement of Change in Net Assets Attributable to Unitholders For the six month period ended 30th June 2020 Period ended Period ended 30.06.20 30.06.19 £’000 £’000 £’000 £’000 Opening net assets 1,141,774 726,665 Amounts receivable on issue of units 77,041 62,263 Amounts payable on cancellation of units (4,725) (2,075)

72,316 60,188 Dilution levy 40 32 Change in unitholders' funds from investment activities (55,581) 91,631 Retained distributions on accumulation units 13,047 12,618

Closing net assets 1,171,596 891,134

23 SSgA Asia Pacific Ex-Japan Equity Tracker Fund

Balance Sheet As at 30th June 2020 30.06.20 31.12.19 £'000 £'000 Assets Fixed assets: Investments 1,158,005 1,130,319 Current assets: Debtors 2,855 4,411 Cash and bank balances 14,489 7,483

Total assets 1,175,349 1,142,213

Liabilities Investment liabilities 216 127 Creditors Bank overdrafts -7 Other creditors 3,537 305

Total liabilities 3,753 439

Net assets attributable to unitholders 1,171,596 1,141,774

24 State Street Asia Pacific Ex-Japan Equity Tracker Fund

Notes to the Financial Statements For the six month period ended 30th June 2020

Accounting Policies The financial statements have been prepared under the historical cost convention, as modified by the revaluation of investments, and in accordance with the Statement of Recommended Practice (“SORP”) for Authorised Funds issued by the Investment Management Association in May 2014 and United Kingdom Generally Accepted Accounting Practice (“UK GAAP”). The financial statements are also in compliance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland. The accounting policies applied are consistent with those of the annual financial statements for the year ended 31st December 2019 and are described in those financial statements. Events during the period Rebecca Bridger was appointed as a director on 2 April 2020. The Operating charge on the Fund changed from 30bps to 15bps on 1 May 2020. Impact of COVID-19 Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of coronavirus COVID-19. The outbreak of coronavirus COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. Whilst restrictions are now being eased in many countries, the impact of coronavirus COVID-19 continues to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact a Fund's performance. The Directors of the Manager and the Fund's delegates are closely monitoring the developments and the advice relating to the spread of COVID-19. State Street Corporation has a robust global business continuity programme that prioritises the health and safety of employees. The continuity programme continues to evolve from supporting staff in work from home arrangements through a comprehensive programme to plan for the return of staff to the office environment.

25 State Street Asia Pacific Ex-Japan Equity Tracker Fund

Distribution Tables For the six month period ended 30th June 2020

Dividend in pence per unit payable on 31st August 2020 Group 1: Units purchased prior to 1st January 2020 Group 2: Units purchased on or after 1st January 2020 to 30th June 2020 Amount Amount Net payable paid revenue Equalisation 31.08.2020 31.08.2019 pence per pence per pence per pence per unit unit unit unit Accumulation Units Group 1 3.0519 - 3.0519 4.1211 Group 2 1.3271 1.7248 3.0519 4.1211

Corporate Unitholder Information Franked Investment Income 100.00% Unfranked Non Foreign Investment Income 0.00% Unfranked Foreign Investment Income 0.00%

Equalisation applies only to units purchased during the distribution period (Group 2 units). It is the average amount of income included in the purchase price of all Group 2 units and is refunded to holders of these units as a return of capital. Being capital, it is not liable to income tax but must be deducted from the cost of units for capital gains tax purposes.

26 State Street Asia Pacific Ex-Japan Equity Tracker Fund