1Estimated and unaudited State Street Investment Management (“State Street IM”) Sustainable Investing assets under management as of March 31, 2026 as calculated by State Street IM for Sustainable Investing Accounts. State Street IM defines a “Sustainable Investing Account” as a client account (i.e., fund or separately managed account managed by State Street IM) that utilizes an investment strategy that falls into one of the following three categories, which are not mutually exclusive:
- Negative Sustainable Investing Screen, as defined below
- Positive Sustainable Investing Screen, as defined below
- Third-Party ESG/Sustainable Investing Index Investment Strategies, as defined below
Note: ESG/sustainability data coverage limitations or other factors may result in positive or negative screening being applied to less than 100% of a Sustainable Investing Account. The assets under management (AUM) of an account are classified as Sustainable Investment (SI) AUM, irrespective of the percentage of those assets that have been subject to negative or positive screening. There are several ways in which an issuer can be considered to be involved in a particular product or service, and a screening methodology, along with ESG/sustainability data coverage limitations, may result in a negatively screened portfolio having some exposure to the screened criteria.
1. Negative Sustainable Investing Screen: A “Negative Sustainable Investing Screen” (also known as an exclusionary screen) is a screen incorporated into the investment strategy utilized for the management of a portfolio that results in the exclusion from the portfolio of securities of issuers that fail to satisfy certain sustainability criteria (e.g., because the issuers comprise part of a sector or industry). Negative Sustainable Investing Screens include but are not limited to State Street IM Point of View (“POV”) screens, norms-based screens, Socially Responsible Investing (SRI) screens, and screens provided by other third parties (including client-directed screens). Where a client’s investment agreement and/or investment guidelines specify, or the client otherwise Information Classification: Limited Access communicates to State Street IM that the application of a negative screen is to satisfy a purpose other than sustainable investing (e.g., diversification), such screens do not qualify as a Negative Sustainable Investing Screen.
2. Positive Sustainable Investing Screen: A “Positive Sustainable Investing Screen” is a screen incorporated into the investment strategy utilized for the management of a portfolio that intentionally includes securities of issuers identified as having positive sustainability characteristics relative to the issuer’s industry or sector peers. Positive Sustainable Investing Screens target an improvement of a portfolio’s sustainability profile as compared to a benchmark or stated investment guideline, measured by a sustainability score or a sustainability metric, or invest only in issuers within an industry or sector that score higher within that industry or sector than the issuer’s peers.
3. Third-Party ESG/Sustainable Investing Index Investment Strategies: An index-tracking client account qualifies as a Sustainable Investing Account if it tracks a Third-Party ESG/Sustainable Investing Index. An index is deemed to be a “Third-Party ESG/Sustainable Investing Index” if the index methodology incorporates ESG/sustainability factors or characteristics that are utilized by the third-party index provider to determine which securities and/or how much in weight are included as index constituents. A client account that utilizes a Third-Party ESG/Sustainable Investing Index as a reference benchmark for performance or reporting purposes, but does not seek to track such index as an investment strategy, does not qualify as a Sustainable Investing Account unless it meets at least one of the first two prongs of the definition of “Sustainable Investing Account” set forth above.
The methodology used by State Street IM to identify Sustainable Investing AUM may differ from the methodology used under certain classification and disclosure regulatory regimes. State Street IM makes no representation that an account identified as a “Sustainable Investing Account” satisfies all Sustainable Investing categories under the State Street IM Sustainable Investing Account Identification Policy. A Sustainable Investing Account may satisfy only one of the three categories described above, and within that category it may incorporate a single sustainability factor or exposure. State Street IM’s Sustainable Investing AUM may include AUM of client accounts for which a negative screen is applied at the request of the client for regulatory or other purposes, which may not be disclosed to State Street IM, that State Street IM believes results in the exclusion from the client’s portfolio of securities based on sustainability criteria.
2Estimated and unaudited State Street Investment Management’s Climate-Related Assets Under Management as of March 31, 2026 are $234billion, of which $6.2billion is climate-thematic fixed income AUM. Our “Climate-Related Assets Under Management” includes Sustainable Investing Accounts (defined below) that meet the following criteria, which are not mutually exclusive:
- Positive Sustainable Investing Screens that target an improvement of a portfolio’s Climate Profile
- Third-Party ESG/Sustainable Investing Index Investment Strategies if the index methodology incorporates a Positive Sustainable Investing Screen that targets an improvement of a portfolio’s Climate Profile
“Climate Profiles” include but are not limited to climate change, climate transition (including EU CTB indices), Paris Agreement alignment (including EU PAB indices), carbon emissions reduction and carbon reserve reduction.
State Street IM defines a “Sustainable Investing Account” as a client account (i.e., fund or separately managed account managed by State Street IM) that utilizes an investment strategy that falls into one of the following three categories, which are not mutually exclusive:
- Negative Sustainable Investing Screen, as defined below
- Positive Sustainable Investing Screen, as defined below
- Third-Party ESG/Sustainable Investing Index Investment Strategies, as defined below
Note: ESG/sustainability data coverage limitations or other factors may result in positive or negative screening being applied to less than 100% of a Sustainable Investing Account. The assets under management (AUM) of an account are classified as Sustainable Investment (SI) AUM, irrespective of the percentage of those assets that have been subject to negative or positive screening. There are several ways in which an issuer can be considered to be involved in a particular product or service, and a screening methodology, along with ESG/sustainability data coverage limitations, may result in a negatively screened portfolio having some exposure to the screened criteria.
1. Negative Sustainable Investing Screen: A “Negative Sustainable Investing Screen” (also known as an exclusionary screen) is a screen incorporated into the investment strategy utilized for the management of a portfolio that results in the exclusion from the portfolio of securities of issuers that fail to satisfy certain sustainability criteria (e.g., because the issuers comprise part of a sector or industry). Negative Sustainable Investing Screens include but are not limited to State Street IM Point of View (“POV”) screens, norms-based screens, Socially Responsible Investing (SRI) screens, and screens provided by other third parties (including client-directed screens). Where a client’s investment agreement and/or investment guidelines specify , or the client otherwise communicates to State Street IM that the application of a negative screen is to satisfy a purpose other than sustainable investing ( e.g., diversification), such screens do not qualify as a Negative Sustainable Investing Screen.
2. Positive Sustainable Investing Screen: A “Positive Sustainable Investing Screen” is a screen incorporated into the investment strategy utilized for the management of a portfolio that intentionally includes securities of issuers identified as having positive sustainability characteristics (including positive characteristics of sub-components of sustainability such as environmental, climate or social characteristics) relative to the issuer’s industry or sector peers. Positive Sustainable Investing Screens target an improvement of a portfolio’s sustainability profile as compared to a benchmark or stated investment guideline, measured by a sustainability score or a sustainability metric, or invest only in issuers within an industry or sector that score higher within that industry or sector than the issuer’s peers.
3. Third-Party ESG/Sustainable Investing Index Investment Strategies: An index-tracking client account qualifies as a Sustainable Investing Account if it tracks a Third-Party ESG/Sustainable Investing Index. An index is deemed to be a “Third-Party ESG/Sustainable Index” if the index methodology incorporates ESG/sustainability factors or characteristics that are utilized by the third-party index provider to determine which securities and/or how much in weight are included as index constituents. A client account that utilizes a Third-Party ESG/Sustainability Investing Index as a reference benchmark for performance or reporting purposes, but does not seek to track such index as an investment strategy, does not qualify as a Sustainable Investing Account unless it meets at least one of the first two prongs of the definition of “Sustainable Investing Account” set forth above.
The methodology used by State Street IM to identify Sustainable Investing AUM and Climate-Related Themes may differ from the methodology used under certain classification and disclosure regulatory regimes. State Street IM makes no representation that an account identified as a “Sustainable Investing Account” or “Climate-Related” satisfies all Sustainable Investing categories or incorporates all Climate Profiles under the State Street IM Sustainable Investing Account Identification Policy. A Sustainable Investing Account may satisfy only one of the three categories described above, and a Climate-Related Account may incorporate a single Climate-Related factor or exposure.” Climate-Related AUM may include exposure to fossil fuels.
3As of 31st March 2026. The count includes members of State Street Investment Management’s Sustainable Investing Research, Sustainable Investing Strategy, and Fixed Income Stewardship teams and well as the Global Head of Sustainable Investing and Stewardship. It does not include members of the Sustainable Investing Operations, Asset Stewardship, and Sustainable Stewardship Service teams.
