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Audited Annual Report
For the Year ended 31 December 2025
STATE STREET GLOBAL ADVISORS
LUXEMBOURG SICAV
Société d'Investissement à Capital Variable
No subscriptions can be received on the basis of the financial report alone. Subscriptions are only valid if made on the basis of the current Prospectus supplemented by a copy of the latest available Annual Report and a copy of the latest available Semi-Annual Report, if published later than the Annual Report.
RCS Number B141816
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Directors and Administration 1 Report of the Board of Directors 2 Report of the Investment Managers 12 Audit Report 31 Combined Statement of Net Assets 37 Combined Statement of Operations 44 Combined Statement of Changes in Net Assets 51 Statistical Information 58 Schedules of Investments State Street Euro Core Treasury Bond Index Fund 69 State Street EMU Government Bond Index Fund 72 State Street Euro Inflation Linked Bond Index Fund 79 State Street Euro Corporate Bond Screened Index Fund 80 State Street SRI Euro Corporate Bond Index Fund 106 State Street Global Treasury Bond Index Fund 145 State Street Global Aggregate Bond Index Fund 190 State Street Japan Screened Index Equity Fund 306 State Street Switzerland Screened Index Equity Fund 308 State Street UK Screened Index Equity Fund 309 State Street US Screened Index Equity Fund 311 State Street EMU Screened Index Equity Fund 318 State Street Europe Screened Index Equity Fund 321 State Street Pacific Ex-Japan Screened Index Equity Fund 326 State Street World Screened Index Equity Fund 328 State Street World Universal Index Equity Fund 351 State Street Global Emerging Markets Screened Index Equity Fund 367 State Street Flexible Asset Allocation Plus Fund 382 State Street Europe Value Spotlight Fund 388 State Street Eurozone Value Spotlight Fund 389 State Street US Value Spotlight Fund 390 State Street Asia Pacific Value Spotlight Fund 391 State Street Global Value Spotlight Fund 392 State Street Multi-Factor Global Equity Fund 394 State Street Europe Screened Enhanced Equity Fund 397 State Street Global Screened Enhanced Equity Fund 400 State Street Climate Transition Emerging Markets Enhanced Equity Fund 406 State Street Emerging Markets Screened Enhanced Equity Fund 412 State Street EMU Screened Equity Fund 420 State Street Europe Small Cap Screened Equity Fund 422 State Street Emerging Markets Small Cap Screened Equity Fund 425 State Street Global Screened Managed Volatility Equity Fund 431 State Street Global Screened Defensive Equity Fund 435
State Street Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
Table of Contents
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Schedules of Investments (continued) State Street Global Treasury 1-10 Year Bond Index Fund 437 State Street Emerging Markets Local Currency Government Bond Index Fund 467 State Street Emerging Markets Opportunities Equity Fund 476 State Street Climate Transition US Corporate Bond Beta Fund 478 State Street Climate Transition Euro Corporate Bond Beta Fund 510 State Street Global High Yield Bond Screened Index Fund 537 State Street Emerging Markets Tilted Local Currency Government Bond Index Fund 589 State Street Climate Transition World Equity Beta Fund 598 State Street Emerging Markets Hard Currency Government Bond Index Fund 606 State Street Emerging Markets Tilted Hard Currency Government Bond Index Fund 627 State Street Global Climate Transition Equity Fund 641 Notes to the Financial Statements 642 Appendix I - Risk Disclosure Information (Unaudited) 688 Appendix II - Index Tracking Difference (Unaudited) 689 Appendix III - Note for investors in Switzerland (Unaudited) 693 Appendix IV - Securities Financing Transactions (Unaudited) 706 Appendix V - Remuneration Policy (Unaudited) 744 Appendix VI – SFDR and Taxonomy Regulation Disclosures (Unaudited) 746
State Street Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
Table of Contents (continued)
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BOARD OF DIRECTORS OF THE COMPANY Eric Linnane, Chairman, Managing Director, State Street Global Advisors Europe Limited Jean-Francois Klein, Vice President, State Street Global Advisors Limited 1 Tracey McDermott, Independent non-executive Director 1 Vanessa Donegan, Independent non-executive Director 1 Lim Siong Kwong (Benjamin) Lam Thoun Mine, Independent non-executive Director Barbara Healy, Independent non-executive Director 2 Tom Coghlan, Independent non-executive Director 2 Rebecca Bridger, Managing Director, State Street Global Advisors Limited 2
THE COMPANY State Street Global Advisors Luxembourg SICAV 49, Avenue J.F. Kennedy L-1855 Luxembourg Luxembourg
MANAGEMENT COMPANY State Street Global Advisors Europe Limited 78 Sir John Rogerson's Quay Dublin 2 Ireland
INVESTMENT MANAGER State Street Global Advisors Europe Limited 78 Sir John Rogerson's Quay Dublin 2 Ireland
SUB-INVESTMENT MANAGERS State Street Global Advisors Limited 20 Churchill Place Canary Wharf London E14 5HJ United Kingdom
State Street Global Advisors Trust Company Channel Center 1I ron Street Boston Massachusetts 02110 United States
State Street Global Advisors Singapore Ltd 168 Robinson Road #33-01 Capital Tower Singapore 068912
GLOBAL DISTRIBUTOR State Street Global Advisors Europe Limited 78 Sir John Rogerson's Quay Dublin 2 Ireland
AUDITOR PricewaterhouseCoopers Assurance, Société coopérative 2, rue Gerhard Mercator L-2182 Luxembourg Luxembourg
CENTRAL ADMINISTRATION, DEPOSITARY, PRINCIPAL PAYING AGENT, TRANSFER AGENT AND DOMICILIARY AGENT
State Street Bank International GmbH, Luxembourg Branch 49, Avenue J.F. Kennedy L-1855 Luxembourg Luxembourg
SECURITIES LENDING AGENTS State Street Bank and Trust Company Copley Place 100, Huntington Avenue Boston Massachusetts 02116 United States
State Street Bank International GmbH, London Branch 20 Churchill Place Canary Wharf London E14 5HJ United Kingdom
LEGAL ADVISOR Arendt & Medernach SA 41A, Avenue J.F. Kennedy L-2082 Luxembourg Luxembourg
1 Resigned on 2 January 2026 2 Appointed on 2 January 2026
State Street Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
Directors and Administration
State Street Global Advisors Luxembourg SICAV 1
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Sta te Stre e t Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
State Street Global Advisors Luxembourg SICAV
Report of the Board of Directors
Dear Shareholders
The Board of Directors (the “Board") of State Street Global Advisor Luxembourg SICAV (the “SICAV”) Umbrella is pleased to present the Audited Annual Report for the financial year ended December 31 st 2025 and key facts that occurred during the past financial year.
Fund Offering
The SICAV offers a wide choice of UCITS compliant investment strategies and is composed of forty-four (44) sub-funds (each a “Fund” together the “Funds”) of which forty-four (46) were funded as at December 31 st 2025. By way of comparison, as at December 31 st 2024 the SICAV offered of Fifty-one (51) sub-funds of which forty-six (46) were funded. The SICAV encompasses a range of Funds offering, via active or index strategies, exposure to different asset classes including equity and fixed income. Investors can access investments in developed and emerging markets, as well as specialist strategies such as managed volatility and asset allocation. The SICAV also offers a range of equity and fixed income Environmental, Social and Governance (“ESG”) funds.
Assets Under Management
As at December 31 st 2025, total net assets of the SICAV stood at € 36.22bn, compared with € 38.15bn at December 31 st 2024.
Performance
The total returns by Fund and comparative benchmark data for the period under review are provided in the Report of the Investment Manager on pages 14 to 30. These figures are historical and are not necessarily indicative of future performance.
Fees and Expenses
The current Management Fees, Total Expense Ratios (TER) and Total Expense Ratio caps (TER-cap) for the Funds are listed in the note 3B on pages 646 to 656.
Fund Launches and Closures
No new Fund was launched during the financial year:
Two (2) Funds were liquidated during the financial year:
Fund Name Liquidation date
S tate S treet US Opportunities Equity Fund January 2025 S tate S treet North America Screened Enhanced Equity Fund October 2025
T he B o ard continuously reviews and makes changes to the range of Funds when this is in the best interest of investors
Five (5) Funds were removed from the prospectus
Fund Name Removal date S tate S treet China Opportunities Equity Fund April 2025 (Liquidated 2024) S tate S treet Global Opportunities Equity Fund April 2025 (Liquidated 2024) S tate S treet Sustainable Climate US Equity Fund April 2025 (Liquidated 2024) S tate S treet Euro Corporate Bond Fund October 2025 S tate S treet US Corporate Bond Fund October 2025
T he Bo a rd continuously reviews and makes changes to the range of Funds when this is in the best interest of investors.
Fee changes
During the period under review there were no fee changes.
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Sta te Stre e t Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
State Street Global Advisors Luxembourg SICAV
Report of the Board of Directors (continued)
Addition of a new Fund / Share classes
As communicated to the Shareholders on October 20 th , 2024, six (6) Funds started to offer ETF share classes
State Street Europe Screened Enhanced Equity Fund; State Street Global Screened Enhanced Equity Fund; State Street Climate Transition Emerging Markets Enhanced Equity Fund; State Street Emerging Markets Screened Enhanced Equity Fund; State Street EMU Screened Equity Fund; and State Street Europe Small Cap Screened Equity Fund
ESG investing
The SICAV range of equity and fixed income Environmental, Social and Governance (“ESG”) Funds has grown during this financial year in the number of Funds and in total net asset value. The SICAV offer is composed of forty-six (46) sub funds of which thirty-for (34) have been classified as Article 8 financial products under SFDR. The total net assets of these thirty-four (34) Funds represent € 19.98bn or 55.08% of the total net assets of the SICAV as at December 31 st 2025. By way of comparison, as at December 31 st 2024 the SICAV offered fifty-one (51) sub funds of which forty (40) classified as Article 8 financial products under SFDR. The total net assets of these forty (40) Funds represent € 20.51bn or 53.8% of the total net assets of the SICAV as at December 31 st 2024.
Other changes
As communicated to the Shareholders on April 30 th 2025, several name changes have been applied
Current Fund Name New Fund Name S tate S treet World ESG Index Equity Fund State Street World Universal Index Equity Fund S tate S treet Emerging Markets ESG Local Currency G overnme nt Bond Index Fund
S tate S treet Emerging Markets Tilted Local Currency G overnm ent Bond Index Fund S tate S treet Emerging Markets ESG Hard Currency G overn me nt Bond Index Fund
S tate S treet Emerging Markets Tilted Hard Currency G overn m ent Bond Index Fund S tate S treet Multi-Factor Global ESG Equity Fund State Street Multi-Factor Global Equity Fund S tate S treet Global ESG Screened Managed Volatility E quity Fund
S tate S treet Global Screened Managed Volatility Equity F und S tate S treet Global ESG Screened Defensive Equity Fund State Street Global Screened Defensive Equity Fund S tate S treet Europe ESG Screened Enhanced Equity Fund
State Street Europe Screened Enhanced Equity Fund
S tate S treet North America ESG Screened Enhanced Equity Fund
State Street North America Screened Enhanced Equity Fund S tate S treet Global ESG Screened Enhanced Equity Fund State Street Global Screened Enhanced Equity Fund S tate S treet Emerging Markets ESG Screened Enhanced E quity Fund
S tate S treet Emerging Markets Screened Enhanced Equity F und S tate S treet EMU ESG Screened Equity Fund State Street EMU Screened Equity Fund S tate S treet Europe Small Cap ESG Screened Equity F und
S tate S treet Europe Small Cap Screened Equity Fund
S tate S treet Emerging Markets Small Cap ESG Screened Equity Fund
State Street Emerging Markets Small Cap Screened Equity Fund S tate S treet Sustainable Climate Emerging Markets Enhanced Equity Fund
State Street Climate Transition Emerging Markets Enhanced Equity Fund S tate S treet Sustainable Climate World Equity Fund State Street Climate Transition World Equity Beta Fund S tate S treet Sustainable Climate Euro Corporate Bond Fund
State Street Climate Transition Euro Corporate Bond Beta Fund S tate S treet Sustainable Climate US Corporate Bond Fund S tate S treet Climate Transition US Corporate Bond Beta F und
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Sta te Stre e t Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
State Street Global Advisors Luxembourg SICAV
Report of the Board of Directors (continued)
Other changes (continued)
As communicated to the Shareholders on April 30 th 2025, several Benchmark name changes have been applied
F u n d N a me C u r r en t Benchmark Name U p d a te d Benchmark Name S tate S treet Global Emerging Markets Screened Index Equity Fund
MSCI Emerging Markets ESG Screened Choice Index
MSCI Emerging Markets Screened Choice Index S tate S treet EMU Screened Index Equity Fund
MSCI EMU ESG Screened Choice Index
MSCI EMU Screened Choice Index
S tate S treet Europe Screened Index Equity Fund
MSCI Europe ESG Screened Choice Index
MSCI Europe Screened Choice Index
S tate S treet Japan Screened Index Equity Fund
MSCI Japan ESG Screened Choice Index
MSCI Japan Screened Choice Index
S tate S treet Pacific ex Japan Screened Index Equity Fund
MSCI Pacific ex Japan ESG Screened Choice Index
MSCI Pacific ex Japan Screened Choice Index
S tate S treet Switzerland Screened I ndex E quity Fund
MS CI Sw i tzerland ESG Screened C hoice Index
M SCI S w itzerland Screened Choice Index
S tate S treet United Kingdom S creen e d Index Equity Fund
MS CI Un i ted Kingdom ESG S creen e d Choice Index
M SCI U n ited Kingdom Screened Choice I ndex S tate S treet US Screened Index E quity Fund
MS CI US A ESG Screened Choice I ndex
M SCI U S A Screened Choice Index
S tate S treet World Screened Index Equity Fund
MSCI World ESG Screened Choice Index
MSCI World Screened Choice Index
S tate S treet World ESG Index Equity Fund
MSCI World ESG Universal Index MSCI World Universal Index
S tate S treet SRI Euro Corporate Bond Index Fund
Markit iBoxx Euro Sustainable Corporate Bond Custom Index
Markit iBoxx Euro SRI Corporate Bond Custom Index
A s comm u nicated to the Shareholders on April 30 th 2025, The below listed SFDR Annexes were updated in order to reflect the commitment to invest a minimum proportion in sustainable investments
State Street Euro Corporate Bond Screened Index Fund (onwards: 30%) State Street SRI Euro Corporate Bond Index Fund (onwards: 30 %) State Street Global High Yield Bond Screened Index Fund (onwards: 15%) State Street Japan Screened Index Equity Fund (onwards: 25%) State Street Switzerland Screened Index Equity Fund (onwards: 35%) State Street UK Screened Index Equity Fund (onwards: 35%) State Street US Screened Index Equity Fund (onwards: 30%) State Street EMU Screened Index Equity Fund (onwards: 35%) State Street Europe Screened Index Equity Fund (onwards: 35 %) State Street Pacific Ex-Japan Screened Index Equity Fund (onwards: 30%) State Street World Screened Index Equity Fund (onwards: 30%) State Street World Universal Index Equity Fund (onwards: 30%) State Street Global Emerging Markets Screened Index Equity Fund (onwards: 20%) State Street Europe Screened Enhanced Equity Fund (onwards: 25%)** State Street North America Screened Enhanced Equity Fund (onwards: 25%)^** State Street Global Screened Enhanced Equity Fund (onwards: 25%)** State Street Emerging Markets Screened Enhanced Equity Fund (onwards: 25%)** State Street EMU Screened Equity Fund (onwards: 25%)** State Street Europe Small Cap Screened Equity Fund (onwards: 25%)** State Street Emerging Markets Small Cap Screened Equity Fund (onwards: 15%)** State Street Global Screened Managed Volatility Equity Fund (onwards: 25%)** State Street Global Screened Defensive Equity Fund (onwards: 25%)**
^Fund liquidated on October 2025. **Fund name changed.
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Sta te Stre e t Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
State Street Global Advisors Luxembourg SICAV
Report of the Board of Directors (continued)
Dividends
On March 27 th 2025, the Board distributed dividends (per share) for the following Funds:
Sub-fund Name Class name Dividends Distributed S tat e S treet EMU Screened Equity Fund Class P Distributing € 0.27**
S tate S treet Global Treasury Bond Index Fund Class I EUR Portfolio Hedged Distributing € 0.21
S tate S treet Global Treasury Bond Index Fund Class I GBP Portfolio Hedged Distributing £ 0.22
S tate S treet Global Treasury Bond Index Fund Class B GBP Portfolio Hedged Distributing £ 0.26 S tate S treet Global Aggregate Bond Index Fund Class I USD Portfolio Hedged Distributing $ 0.27 S tate S treet Global Aggregate Bond Index Fund Class B GBP Portfolio Hedged Distributing £ 0.29 S tate S treet Euro Corporate Bond Screened Index Fund
Class P Distributing € 0.27
S tate S treet Euro Corporate Bond Screened Index Fund
Class I Distributing € 0.29
S tate S treet EMU Government Bond Index Fund Class P Distributing € 0.15
S tate S treet Global Screened Managed Volatility E quity Fund
C lass I Distributing € 0.25**
S tate S treet Euro Core Treasury Bond Index Fund Class I Distributing € 0.18 S tate S treet SRI Euro Corporate Bond Index Fund Class I Distributing € 0.28
S tate S treet SRI Euro Corporate Bond Index Fund Class A2 Distributing € 0.26 S tate S treet Multi-Factor Global Equity Fund Class B GBP Distributing £ 0.22** S tate S treet Multi-Factor Global Equity Fund Class I GBP Distributing £ 0.11**
S tate S treet Europe Small Cap Screened Equity Fund
Class P Distributing € 0.38**
S tate S treet Global Screened Enhanced Equity Fund
Class I Distributing $ 0.26**
S tate S treet Emerging Markets Local Currency Government Bond Index Fund
Class I Distributing $ 0.51**
S tate S treet Emerging Markets Local Currency Government Bond Index Fund
Class B GBP Distributing £ 0.65**
S tate S treet Global Treasury 1-10 Year Bond Index Fund
Class I USD Portfolio Hedged Distributing $ 0.28
S tate S treet Global Treasury 1-10 Year Bond Index Fund
Class I EUR Portfolio Hedged Distributing € 0.26
S tate S treet Global Treasury 1-10 Year Bond I ndex F und
C lass I GBP Portfolio Hedged Distributing £ 0.27
S tate S treet Japan Screened Index Equity Fund Class B GBP Distributing £ 0.22 S tate S treet US Screened Index Equity Fund Class B GBP Distributing £ 0.12 S tate S treet US Screened Index Equity Fund Class I GBP Distributing £ 0.05 S tate S treet Climate Transition World Equity Beta Fund
Class B GBP Portfolio Hedged Distributing £ 0.19**
S tate S treet Climate Transition World Equity Beta Class I GBP Distributing £ 0.08** S tate S treet Pacific Ex-Japan Screened Index E quity Fund
C lass B GBP Distributing £ 0.39
S tate S treet Climate Transition Euro Corporate Bond Beta Fund
Class I Distributing € 0.22**
S tate S treet EMU Screened Index Equity Fund Class I Distributing € 0.38** S tate S treet Europe Screened Index Equity Fund Class I Distributing € 0.41
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Sta te Stre e t Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
State Street Global Advisors Luxembourg SICAV
Report of the Board of Directors (continued)
Dividends (continued)
Sub-fund Name Class name Dividends Distributed S tate S treet Europe Screened Index Equity Fund Class B GBP Distributing £ 0.33 S tate S treet Global High Yield Bond Screened Index Fund
Class I GBP Portfolio Hedged Distributing £ 0.64
S tate S treet Global Emerging Markets Screened I ndex E quity Fund
C lass B GBP Distributing £ 0.26
S tate S treet World Screened Index Equity Fund Class S Distributing $ 0.22 S tate S treet World Screened Index Equity Fund Class I CHF Portfolio Hedged Distributing ₣ 0.13 S tate S treet World Screened Index Equity Fund Class I USD Portfolio Hedged Distributing $ 0.15 S tate S treet World Screened Index Equity Fund Class I GBP Portfolio Hedged Distributing £ 0.14 S tate S treet World Screened Index Equity Fund Class B GBP Portfolio Hedged Distributing £ 0.20 S tate S treet World Screened Index Equity Fund Class B GBP Distributing £ 0.18 S tate S treet Emerging Markets Tilted Hard Currency Government Bond Index Fund
Class B GBP Portfolio Hedged Distributing £ 0.75**
* *Fund name changed.
Registration
The SICAV qualifies as a UCITS-compliant vehicle and may be offered for sale subject to registration in countries other than its home country, Luxembourg. During the financial year certain Funds and share classes were registered for sale in Austria, Belgium, Denmark, Finland, France, Germany, Iceland, Ireland, Italy, Netherlands, Norway, South Africa, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the UAE.
Corporate Governance and ALFI Code of Conduct
The Board is responsible for ensuring that a high standard of corporate governance is met and considers if the SICAV has complied with the best practice of the Luxembourg funds industry. In particular, the Board has adopted principles of the ALFI Code of Conduct (the “Code”) which sets out principles of good governance for Luxembourg funds.
Independent Auditor
The Auditors, PricewaterhouseCoopers Assurance Société coopérative, have indicated their willingness to continue in office and the Board agrees that PWC should be proposed to Shareholders as the auditor for the next financial year.
Annual General Meeting
The Annual General Meeting of shareholders shall be held in Luxembourg on the fourth Thursday of the month of April at 11.00 a.m. as per the Articles of Incorporation.
The next Annual General Meeting of the SICAV will be held on April 23 rd 2026.
Periodic reports
These annual accounts are available within four months of the closing date of the financial year. The next semi-annual accounts will be published within two months of the end of the half-year.
We would also like to remind all Shareholders and potential Shareholders that no subscriptions can be received on the basis of this financial report only. Subscriptions are valid if made on the basis of the current Prospectus, Key Investor Information Document and supplemented with the latest annual and semi-annual reports, if published thereafter.
Induction and Training
All new Directors will receive an induction incorporating relevant information regarding the Fund and their duties and responsibilities as a Director. In addition, the Board takes active steps to keep up to date with developments relevant to the Fund and has ensured that a formal training programme is in place.
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State Street Global Advisors Luxembourg SICAV
Report of the Board of Directors (continued)
Changes to Board of Directors
Board Evaluation The Board carries out an annual review of its performance.
On January 2 nd 2026 Mrs Vanessa Donegan resigned as director of the SICAV. On January 2 nd 2026 Mr Tom Coghlan was appointed as director of the Company and subsequently presented for election at the annual general meeting to be held on April 23 th 2026.
On January 2 nd 2026 Mrs Tracey McDermott resigned as director of the SICAV.
On January 2 nd 2026 Mrs Barbara Healy was appointed as director of the Company and subsequently presented for election at the annual general meeting to be held on April 23 th 2026.
On January 2 nd 2026 Mr. Jean-Francois Klein resigned as director of the SICAV. On January 2 nd 2026 Mrs Rebecca Bridger was appointed as director of the Company and subsequently presented for election at the annual general meeting to be held on April 23 th 2026.
Board Meetings and Committees
The Board meets quarterly but if necessary additional meetings can be arranged. Given the nature of the business of the SICAV, the Board does not currently consider it necessary to have a formal Audit or Remuneration Committee. Where there are specific matters that need further consideration, Supplementary Information Discussion sessions or ad-hoc Board meetings are organised.
There were nine Board meetings held during the financial year. Four of these were quarterly Board meetings.
In addition to the regular Board meeting where the Auditors present the findings on the audit of the Fund accounts, the Non-Executive Directors also meet with them annually without the Executive Directors being in attendance.
Other meetings and information discussions take place outside the scope of formal board meetings as deemed appropriate.
Board Remuneration
The Independent Directors are currently paid EUR 45,000 each per annum, while the Connected Directors who are also employees of State Street Global Advisors do not receive remuneration in their capacity as board members.
Significant Changes after Year End
As communicated to the Shareholders on October 20 th 2025, several Investment Management Fee and TER reduction have been applied with effective date January 1 st 2026 to the below sub-funds and share classes
Share Class & Hedging Type
C urr e n t Investment M anage m ent Fee
U pda t e d Investment Ma nagem e nt Fee
C urr e n t Maximum TER
Updated Maximum TER
S tate S treet Emerging Markets Local Currency Government Bond Index Fund A Unhe d ged 0.25% 0.20% 0.40% 0.35% A NAV H edged 0 .27% 0 .22% 0 .43% 0 .38% A Port fo folio Hedged 0.28% 0.23% 0.44% 0.39% P Unhe d ged 0.40% 0.30% 0.55% 0.45% P NAV H edged 0 .42% 0 .32% 0 .58% 0 .48% P Port fo folio Hedged 0.43% 0.33% 0.59% 0.49% S tate S treet Emerging Markets Tilted Local Currency Government Bond Index Fund A Unhe d ged 0 .25% 0 .20% 0 .40% 0 .35% A NAV H edged 0 .27% 0 .22% 0 .43% 0 .38% A Port fo folio Hedged 0.28% 0.23% 0.44% 0.39% P Unhe d ged 0.40% 0.30% 0.55% 0.45% P NAV H edged 0.42% 0.32% 0.58% 0.48% P Port fo folio Hedged 0.43% 0.33% 0.59% 0.49% S tate S treet Global High Yield Bond Screened Index Fund A Unhe d ged 0.25% 0.20% 0.35% 0.30% A NAV H edged 0.27% 0.22% 0.38% 0.33% A Portfo folio Hedged 0.28% 0.23% 0.39% 0.34% P Unhe d ged 0 .40% 0 .30% 0 .50% 0 .40% P NAV H edged 0.42% 0.32% 0.53% 0.43% P Port fo folio Hedged 0.43% 0.33% 0.54% 0.44%
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State Street Global Advisors Luxembourg SICAV
Report of the Board of Directors (continued)
Significant Changes after Year End (continued)
Share Class & Hedging Type
Current Investment Management Fee
Updated Investment Management Fee
Current Maximum TER
Updated Maximum TER
S tate S treet Japan Screened Index Equity Fund P Unhe d ged 0 .60% 0 .40% 0 .70% 0 .50% P NAV H edged 0.62% 0.42% 0.72% 0.52% S tate S treet Switzerland Screened Index Equity Fund P Unhe d ged 0 .60% 0 .40% 0 .70% 0 .50% P NAV H edged 0.62% 0.42% 0.72% 0.52% S tate S treet UK Screened Index Equity Fund P Unhe d ged 0.60% 0.40% 0.70% 0.50% P NAV H edged 0.62% 0.42% 0.72% 0.52% S tate S treet US Screened Index Equity Fund P Unhe d ged 0.60% 0.40% 0.70% 0.50% P NAV H edged 0 .62% 0 .42% 0 .72% 0 .52% S tate S treet EMU Screened Index Equity Fund P Unhe d ged 0.60% 0.40% 0.70% 0.50% P NAV H edged 0 .62% 0 .42% 0 .72% 0 .52% P Port fo folio Hedged 0.63% 0.43% 0.73% 0.53% S tate S treet Europe Screened Index Equity Fund I Unhe d ged 0 .20% 0 .16% 0 .25% 0 .21% I NAV H edged 0.22% 0.18% 0.28% 0.24% I Port fo folio Hedged 0.23% 0.19% 0.29% 0.25% A Unhe d ged 0 .30% 0 .26% 0 .40% 0 .31% A NAV H edged 0.32% 0.28% 0.42% 0.34% A P ort fo folio Hedged 0.33% 0.29% 0.43% 0.35% P Unhe d ged 0.60% 0.36% 0.70% 0.41% P NAV H edged 0 .62% 0 .38% 0 .72% 0 .44% P Port fo folio Hedged 0.63% 0.39% 0.73% 0.45% S tate S treet Pacific Ex-Japan Screened Index Equity Fund P Unhe d ged 0 .60% 0 .40% 0 .70% 0 .50% P NAV H edged 0 .62% 0 .42% 0 .72% 0 .52% P Port fo folio Hedged 0.63% 0.43% 0.73% 0.53% S tate S treet World Screened Index Equity Fund P Unhe d ged 0 .60% 0 .40% 0 .70% 0 .50% P NAV H edged 0.62% 0.42% 0.72% 0.52% P Portfo folio Hedged 0 .63% 0 .43% 0 .73% 0 .53% S tate S treet World Universal Index Equity Fund P Unhe d ged 0.60% 0.40% 0.73% 0.53% P NAV H edged 0 .62% 0 .42% 0 .75% 0 .55% P Port fo folio Hedged 0.63% 0.43% 0.76% 0.56% S tate S treet Global Emerging Markets Screened Index Equity Fund P Unhe d ged 1 .20% 0 .60% 1 .35% 0 .75% P NAV H edged 1.22% 0.62% 1.38% 0.78% P Port fo folio Hedged 1.23% 0.63% 1.39% 0.79% S tate S treet Flexible Asset Allocation Plus Fund A Unhe d ged 0 .85% 0 .65% 0 .99% 0 .79% A NAV H edged 0.87% 0.67% 1.01% 0.81% A Port fo folio Hedged 0.88% 0.68% 1.02% 0.82% S tate S treet Multi - F actor Global Equity Fund P Unhe d ged 0.90% 0.70% 1.04% 0.84% P NAV H edged 0 .92% 0 .72% 1 .06% 0 .86% P Port fo folio Hedged 0.93% 0.73% 1.07% 0.87% S tate S treet Europe Screened Enhanced Equity Fund B Unhe d ged 0 .0 0 % 0 .0 0 % 0 .10% 0 .08% B NAV H edged 0 .0 0 % 0 .0 0 % 0 .10% 0 .09% B Port fo folio Hedged 0.00% 0.00% 0.10% 0.09% I Unhe d ged 0 .30% 0 .17% 0 .40% 0 .25% I NAV H edged 0.32% 0.19% 0.42% 0.28% I Port fo folio Hedged 0 .33% 0 .20% 0 .43% 0 .29% A Unhe d ged 0.40% 0.27% 0.54% 0.39% A NAV H edged 0.42% 0.29% 0.56% 0.42%
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Sta te Stre e t Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
State Street Global Advisors Luxembourg SICAV
Report of the Board of Directors (continued)
Significant Changes after Year End (continued)
Share Class & Hedging Type
Current Investment Management Fee
Updated Investment Management Fee
Current Maximum TER
Updated Maximum TER
S tate S treet Europe Screened Enhanced Equity Fund (continued) A Port fo folio Hedged 0.43% 0.30% 0.57% 0.43% P Unhe d ged 0 .50% 0 .37% 0 .64% 0 .49% P NAV H edged 0.52% 0.39% 0.66% 0.52% P Port fo folio Hedged 0.53% 0.40% 0.67% 0.53% S tate S treet Climate Transition Emerging Markets Enhanced Equity Fund B Unhe d ged 0.00% 0.00% 0.25% 0.15% B NAV H edged 0.00% 0.00% 0.25% 0.16% B Portfo folio Hedged 0.00% 0.00% 0.25% 0.16% I Unhe d ged 0 .45% 0 .45% 0 .70% 0 .60% I NAV H edged 0.47% 0.47% 0.72% 0.63% I Port fo folio Hedged 0 .48% 0 .48% 0 .73% 0 .64% A Unhe d ged 0.55% 0.55% 0.84% 0.74% A NAV H edged 0 .57% 0 .57% 0 .86% 0 .77% A Portfo folio Hedged 0 .58% 0 .58% 0 .87% 0 .78% P Unhe d ged 0.95% 0.65% 1.24% 0.84% P NAV H edged 0 .97% 0 .67% 1 .26% 0 .87% P Port fo folio Hedged 0.98% 0.68% 1.27% 0.88% S tate S treet Emerging Markets Screened Enhanced Equity Fund B Unhe d ged 0 .00% 0 .00% 0 .25% 0 .15% B NAV H edged 0.00% 0.00% 0.25% 0.16% B Port fo folio Hedged 0.00% 0.00% 0.25% 0.16% I Unhe d ged 0 .45% 0 .45% 0 .70% 0 .60% I NAV H edged 0.47% 0.47% 0.72% 0.63% I Portfo folio Hedged 0 .48% 0 .48% 0 .73% 0 .64% A Unhe d ged 0 .55% 0 .55% 0 .84% 0 .74% A NAV H edged 0.57% 0.57% 0.86% 0.77% A Portfo folio Hedged 0.58% 0.58% 0.87% 0.78% P Unhe d ged 0 .95% 0 .65% 1 .24% 0 .84% P NAV H edged 0.97% 0.67% 1.26% 0.87% P Portfo folio Hedged 0.98% 0.68% 1.27% 0.88% S tate S treet EMU Screened Equity Fund A Unhe d ged 0.65% 0.60% 0.79% 0.74% A NAV H edged 0 .67% 0 .62% 0 .81% 0 .76% A Port fo folio Hedged 0.68% 0.63% 0.82% 0.77% P Unhe d ged 1 .50% 1 .00% 1 .64% 1 .14% P NAV H edged 1 .52% 1 .02% 1 .66% 1 .16% P Port fo folio Hedged 1.53% 1.03% 1.67% 1.17% S tate S treet Emerging Markets Small Cap Screened Equity Fund P Unhed ged 2 .20% 2 .00% 2 .49% 2 .29% P NAV H edged 2.22% 2.02% 2.51% 2.31% P Port fo folio Hedged 2.23% 2.03% 2.52% 2.32% S tate S treet Global Screened Managed Volatility Equity Fund P Unhe d ged 0.90% 0.70% 1.04% 0.84% P NAV H edged 0 .92% 0 .72% 1 .06% 0 .86% P Portfo folio Hedged 0.93% 0.73% 1.07% 0.87% S tate S treet Climate Transition World Equity Beta Fund A Unhe d ged 0.45% 0.40% 0.59% 0.54% A NAV H edged 0 .47% 0 .42% 0 .62% 0 .57% A Port fo folio Hedged 0.48% 0.43% 0.63% 0.58%
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Sta te Stre e t Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
State Street Global Advisors Luxembourg SICAV
Report of the Board of Directors (continued)
The Board of Directors
Eric Linnane (Chairman)
Connected Director. A member of the Board since April 22 nd 2021.
Eric Linnane has over 35 years’ experience in the financial services industry. He currently holds a role as Managing Director in State Street Global Advisors Europe Limited as Head of Investment Operations and Outsourcing. Eric joined SSGA Ireland in 1997 as an operations specialist and led a number of different teams in the firm’s Middle Office and Relationship Management areas before taking up his current role. Before joining SSGA, Eric held a number of positions in the Bank of Ireland Group Treasury and Retail Banking divisions. Eric gained extensive experience over his 30 plus years in the industry including Outsourcing Oversight, Portfolio Construction and Compliance, Trade Management, Back Office, Relationship Management and Performance Reporting. Eric holds a Batchelor of Commerce degree from the University College Dublin and the professional designation of Certified Investment Fund Director from the Institute of Banking in Ireland. Eric has over 10 years’ experience serving on MiFID company and Fund Company boards.
Tracey McDermott
Independent Director. A member of the Board since June 22 nd 2015. On January 2 nd 2026 Mrs Tracey McDermott resigned as director of the SICAV.
Ms. McDermott has over 20 years’ experience in the investment funds industry. She is a Fund Governance Specialist acting as Independent Director for regulated and unregulated Luxembourg funds and management companies, and has experience in UCITS and Alternative Investment funds. She has in-depth regulatory knowledge, working closely with all the key market players. Ms McDermott is an active participant within ILA (the Luxembourg Directors’ Association) and industry initiatives.
Vanessa Donegan
Independent Director. A member of the Board since January 24 th 2020. On January 2 nd 2026 Mrs Vanessa Donegan resigned as director of the SICAV.
Vanessa Donegan has 37 years’ investment management experience. She was Head of the Asia Pacific Desk at Threadneedle Investments (which became Columbia Threadneedle Investments) for twenty-one years before retiring at the end of 2018. Vanessa has extensive experience of marketing to institutional and retail clients globally. She has asset allocation experience through her role as Trustee of a charity for the past thirty years. Vanessa is currently a non-executive director of Herald Investment Management Ltd.and the JPMorgan Indian Investment Trust. She is Senior Independent non-executive director of the Invesco Asia Trust plc and the Fidelity China Special Situations Trust plc. She has a degree in Classics from Oxford University.
Jean-Francois Klein
Connected Director. A member of the Board since November 23 nd 2022. On January 2 nd 2026 Mr. Jean-Francois Klein resigned as director of the SICAV.
Jean-Francois Klein has over 25 years’ experience in the financial services industry. He is a Product Manager at State Street Global Advisors, having joined in October 2014. During the last 25 years Jean-Francois worked essentially as a risk manager in the Financial sector. Having started his career in France in the investment bank division of NATIXIS, Jean-Francois moved to London in 2001. In November 2005 he joined the alternative investment branch of NATIXIS specialized in setting up investment funds with a predominance for Luxembourg. In 2012 he joined Royal London Asset Management as risk manager in the wealth division. Jean-Francois holds a Masters Degree in International finance from the French Business school H.E.C and is a Certified Investment Fund Director from the Institute of Banking in Ireland.
Lim Siong Kwong (Benjamin) Lam Thuon Mine
Independent Director. A member of the Board since March 19 th 2024.
Benjamin Lam has over 30 years’ experience in the financial services industry. Benjamin trained and qualified as a Chartered Accountant in the UK and Luxembourg. He moved to Luxembourg in 1993 and was a senior audit partner for more than 20 years at Deloitte Luxembourg. He was also Deloitte global coleader for their Investment Management audit practice from 2017 to 2019 and led Deloitte Luxembourg Investment Management and financial services group from 2017 to 2019. He served on various CSSF (Luxembourg Financial regulator) committees and was a member of the Luxembourg government group “Haute Comité de la Place Financière”, a think tank group to develop the asset management industry in Luxembourg. Benjamin was also a member of the ALFI group and founding member and of the Luxembourg private equity association (LPEA) group. He is a member of the jury and examiner for the Professional Chartered Accountancy qualifications (Institut des Réviseurs d’Entreprises) in Luxembourg.
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Sta te Stre e t Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
State Street Global Advisors Luxembourg SICAV
Report of the Board of Directors (continued)
The Board of Directors (continued)
Barbara Healy
Independent Director. A member of the Board since January 2 nd 2026.
Barbara is a chartered accountant by profession and has over 25 years’ experience in the asset management industry. From 2004-2009, Barbara was Global Head of Operations for JPMorgan Hedge Fund Services incorporating the role of Executive Director and Head of Technical Solutions EMEA and Asia. During her tenure assets grew from $5 billion to $100 billion, positioning the firm as a top-tier service provider in the hedge fund administration market. Barbara previously ran operations for Tranaut Fund Administration Ltd from 2002 to 2004 which was subsequently acquired by JPMorgan, and before this was Director of Accounting for SEI Investments Europe. Barbara has also worked in fund accounting positions in Banker’s Trust and Chase Manhattan. Since 2009 she has been serving as a non-executive director to Irish and Cayman domiciled funds (UCITS and non-UCITS) and management companies. Barbara holds a Bachelor of Commerce Degree (Honours) and a Post-Graduate Diploma in Professional Accounting. She is a member of the Institute of Chartered Accountants in Ireland (FCA) and is also a member of the Institute of Directors in Ireland. Barbara attended the High Performance Boards Corporate Governance Programme at IMD, Lausanne, Switzerland, 2011.
Tom Coghlan
Independent Director. A member of the Board since January 2 nd 2026.
Mr. Tom Coghlan is a Certified Investment Fund Director with the Institute of Banking and has in-depth knowledge of the investment fund sector along with governance, oversight and control expertise. Mr. Coghlan is Central Bank of Ireland authorised and approved. A Fellow of the Institute of Chartered Accountants in Ireland, Mr. Coghlan qualified from PricewaterhouseCoopers. He was a Director of Citi Global Markets and Head of Pan European Equity Sales in Ireland from 2004 to 2013 with responsibility for a diverse client base, including ‘long only institutions, hedge funds, thematic funds and structured product providers. From 2000 to 2004 he was a Senior Portfolio Manager in the wealth management division of NCB Stockbrokers. Mr. Coghlan holds a Bachelor of Arts from UCD in Pure Economics and became a registered stockbroker of the Irish Stock Exchange in 2000 . Rebecca Bridger
Connected Director. A member of the Board since January 2 nd 2026.
Ms Bridger is a qualified solicitor (non-practising) who works as the Head of EMEA Funds Management in the EMEA Funds Management Team for State Street Investment Management. In her role, she manages and oversees the day to day product life cycle of State Street Investment Management’s European domiciled pooled funds. Prior to joining State Street Investment Management, Ms Bridger worked at Walbrook Capital LLP, a family office, as in-house counsel advising on all matters ranging from governance to negotiation of various commercial contracts. Prior to that, Ms Bridger joined BGI/ Blackrock in the product team with a primary focus on Irish and Cayman fund governance. During her time at BGI, Ms Bridger also worked on the legal and governance aspects of the acquisition of BGI’s pooled funds by Blackrock. Ms Bridger trained and qualified in 2009 as a solicitor with Eversheds LLP. Ms Bridger graduated from the University of Exeter with a law degree and subsequently from the College of Law having successfully completed her Legal Practice Course.
Thank you for investing with us. THE BOARD OF DIRECTORS
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12 Months to 31 December 2025 2025 began with markets adjusting to Donald Trump’s election as US president and this set the scene for the year that followed. Equity returns for the 12 months proved to be very healthy with many stock markets ending December close to record highs. But markets did not move higher in a straight line. The initial momentum driving US stocks on optimism around what an America First agenda could mean for US companies faltered in early 2025 as the unexpected launch of China’s DeepSeek AI - Artificial Intelligence (“AI”) - model affected US AI-related stocks-the US market recovered to a record high just before the April US tariff announcement ushered in a period of volatility. Several trade deals have since been agreed, typically with lower tariffs than originally indicated-although in some instances key details remain to be ironed out. While inflation remained elevated, concerns that tariffs would create upward price pressures in the US did not materialize and the US Federal Reserve (the “Fed”) was comfortable enough to resume rate cuts in the final months of 2025-other central banks also engaged in the normalisation of monetary policy in the year. The geopolitical landscape was fragile; an unsteady ceasefire was agreed between Israel and Hamas in Gaza, but no such pause was achieved in the Russia-Ukraine war despite ongoing negotiations involving the US. The FTSE All World Developed Index returned 20.0%, although US dollar weakness reduced this to +8.2% in EUR terms.
US The FTSE United States Index gained 18.0% (+4.0% in EUR) in the 12 months. Sector leadership shifted through the year, with tech and communications sectors rebounding to be the strongest performers, followed by industrials and utilities. Consumer staples, real estate, and energy were the main laggards in the period. The US government shutdown through October into November disrupted visibility on economic activity although later releases eased worries. Inflation fell to 2.7% in November, with the core rate of 2.6% reported as the lowest since March 2021. The economy grew faster than expected in Q3, with annualised GDP growing by 4.3% versus consensus of 3.3%. However, the labour market remains in focus as the jobless rate hit a four-year high of 4.5% in November, partly driven by shutdown-related layoffs. Moreover, the ISM Manufacturing Index was consistently below the 50 level that indicates growth, with a reading of 47.9 in December the lowest in over a year. In contrast, the ISM Services Index rose to 54.4 in the December release.
Europe European equities, as measured by the FTSE All World Developed Europe ex UK Index, returned 20.5% (+21.2% in EUR). After a rocky end to 2024 following Trump’s victory, market sentiment rallied in early 2025 on the pro-growth plans of the new German government, underpinned by the easing of its debt limit. However, US tariffs weighed on the German auto industry and elsewhere, although the threat of higher baseline tariffs eased in Q3 with agreement on a trade deal; however, differences around US foreign policy continued to rumble and the deal has yet to be implemented. Corporate earnings across most industries proved resilient, with European bank stocks enjoying a notably strong year, while the prospect of increased defence and infrastructure spending provided a tailwind for industrials. Among individual markets, Germany’s DAX and Italy’s FTSE MIB gained about 23% and 38%, respectively. Meanwhile, France’s CAC-40’s relatively muted gain of about 10% reflected an uncertain domestic political and economic backdrop.
UK The FTSE United Kingdom Index returned 24.4% (+17.8% in EUR). Government spending cuts, higher taxes, and a fragile economy presented headwinds, although four Bank of England rate cuts (from 4.75% to 3.75%) offered support, as did the international nature of most of the stock market’s companies. The economy expanded by just 0.1% in Q3 2025-in line with expectations and following growth of 0.2% and 0.7% in Q2 and Q1, respectively. However, month-on-month GDP contracted by 0.1% in October for a second consecutive month. Furthermore, at 5.1% for the three months to October, the unemployment rate stood at its highest level since March 2021. Continuing their slowing trajectory, salaries (ex-bonuses) rose in October by 4.6% (year-on-year), which was the lowest since late 2020. The latest inflation release showed the rate at an 8-month low of 3.2% in November, below the Bank of England’s estimate and affirming its decision to cut rates in December.
Asia Pacific In Asia, the FTSE Japan Index returned 25.4% (10.9% in EUR) for the 12 months with the Nikkei 225 achieving new record highs toward the end of the period. The weak US dollar and tariff threat had initially weighed on Japan’s export-oriented stocks, but yen losses in latter months along with a US-Japan trade deal removed much uncertainty-albeit with the ticket price of a 15% levy on all Japanese exports. GDP contracted by -0.6% in Q3, a notable deterioration after five straight quarters of growth. However, inflation remained above target at 2.9% in November, justifying the Bank of Japan’s December decision to raise rates again by 25 basis points (“bps”).
State Street Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
Report of the Investment Managers
The figures stated in this report are historical and not indicative of future performance.
State Street Global Advisors Luxembourg SICAV 12
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Asia Pacific (continued)
In the wider region, the FTSE All World Developed Asia Pacific ex Japan Index surged in recent months to gain 35.2% (+24.6% in EUR) as China and US agreed a tariff truce after a tit-for-tat escalation took tariffs over 100% for a time. Nerves were eased as trade negotiations with countries in the region indicated that US tariffs may not prove to be as penal as originally projected. Korean equities did exceptionally well, recovering from a constitutional crisis at the end of 2024, with 2025 gains also boosted by the performance of its chipmaking stocks.
Emerging Markets 2025 proved a successful year for emerging market equities. The MSCI Emerging Markets Index generated a local currency return of 31.3% (+17.8% in EUR) for the year, with most regions enjoying healthy gains-although there was some performance divergence. EM Europe returns led the way, followed in turn by EM Latin America and EM Asia. The GCC region lagged, with lower energy prices weighing on a number of markets. EM returns were bolstered by a weaker US dollar, easing uncertainty around US tariffs, declining central bank interest rates and robust corporate earnings. Chinese equities rebounded from market worries about a trade war, with positive returns boosted by tech-related gains, notably in AI, improving earnings, lower rates, and government stimulus measures. India’s market lagged other major EM peers amid high valuations and trade tensions with the US.
Fixed Income Global fixed income markets experienced bouts of volatility in the period, though total returns tended to be positive. Government yield curves steepened, with shorter-term bond yields reflecting the lower central bank policy rates. In the US, the Federal Reserve left rates unchanged until September amid worries about a possible tariff-fuelled inflation spike but then cut rates three times (by 25 bps) before year-end when that inflation fear dissipated. US 10-year Treasury yields began 2025 at 4.57% and closed the year at 4.17%. UK Gilts also did well, even as inflation stayed above target levels. A weakening labour market and cooling wage pressures allowed the Bank of England to cut interest rates from 4.75% to 3.75% in 2025. Fiscal concerns were also a feature as 10-year yields dipped modestly from 4.57% to 4.48% in the year.
Eurozone peripheral country bonds generally outperformed core sovereigns, with German bunds among the weaker performers. The European Central Bank (the “ECB”) reduced rates four times in 2025-by 25 bps on each occasion-resulting in a deposit rate of 2.0% at the end of December, with the last cut announced in June. In Germany, post-election policy changes aimed at easing government debt constraints for increased defence and infrastructure spending contributed to a rise in 10-year yields to 2.86% from 2.37% a year earlier. Italian 10-year yields ticked up to 3.55% from 3.52% at the beginning of the period, leaving it just below French 10-year yields of 3.56% (which rose from 3.20% in the year as markets digested political instability in France amid fiscal worries and a high government deficit).
State Street Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
Report of the Investment Managers (continued)
The figures stated in this report are historical and not indicative of future performance.
State Street Global Advisors Luxembourg SICAV 13
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Funds’ Performance The performance of the Funds for the period under review is presented below. Performance is in net of fees as at 31 December 2025 (unless specified otherwise). Where applicable, the performance of each Fund is compared to the benchmark as per Prospectus and supplement(s).
Sub-funds
Sub-fund name Share Class
Inception Date
1 Year Since Inception Annualised
Share Class % Benchmark % Difference % Share Class % Benchmark % Difference %
State Street Euro Core Treasury Bond Index Fund Class B (EUR) 29.06.12 -0.85 -0.90 0.05 0.49 0.53 -0.04
State Street Euro Core Treasury Bond Index Fund Class I (EUR) 17.06.11 -1.00 -0.90 -0.10 0.96 1.16 -0.20
State Street Euro Core Treasury Bond Index Fund
Class I Distributing (EUR) 31.05.12 -0.99 -0.90 -0.09 0.15 0.34 -0.19
State Street Euro Core Treasury Bond Index Fund Class P (EUR) 02.05.12 -1.16 -0.90 -0.26 0.25 0.61 -0.36
State Street EMU Government Bond Index Fund Class B (EUR) 12.09.12 0.59 0.54 0.05 1.51 1.54 -0.03
State Street EMU Government Bond Index Fund Class I (EUR) 21.03.12 0.44 0.54 -0.10 1.58 1.76 -0.18
State Street EMU Government Bond Index Fund Class P (EUR) 25.08.09 0.27 0.54 -0.27 1.66 2.00 -0.34
State Street EMU Government Bond Index Fund
Class P Distributing (EUR) 28.02.14 0.28 0.54 -0.26 0.69 1.02 -0.33
State Street Euro Inflation Linked Bond Index Fund Class I (EUR) 28.02.14 0.72 0.89 -0.17 2.54 2.77 -0.23
State Street Euro Corporate Bond Screened Index Fund Class B (EUR) 29.06.12 3.31 3.03 0.28 2.46 2.35 0.11
State Street Euro Corporate Bond Screened Index Fund Class I (EUR) 21.07.09 3.16 3.03 0.13 2.82 2.93 -0.11
State Street Euro Corporate Bond Screened Index Fund
Class I Distributing (EUR) 18.10.18 3.16 3.03 0.13 1.09 1.10 -0.01
State Street Euro Corporate Bond Screened Index Fund Class P (EUR) 06.06.13 3.00 3.03 -0.03 1.63 1.85 -0.22
State Street Euro Corporate Bond Screened Index Fund
Class P Distributing (EUR) 24.08.16 3.00 3.03 -0.03 0.73 0.91 -0.18
State Street SRI Euro Corporate Bond Index Fund
Class A2 Distributing (EUR) 23.07.15 2.97 2.99 -0.02 1.15 1.26 -0.11
State Street Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
Report of the Investment Managers (continued)
The figures stated in this report are historical and not indicative of future performance.
State Street Global Advisors Luxembourg SICAV 14
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Funds’ Performance (continued)
Sub-funds (continued)
Sub-fund name (continued) Share Class
Inception Date
1Ye Year Since Inception Annualised
Share Class % Benchmark % Difference % Share Class % Benchmark % Difference %
State Street SRI Euro Corporate Bond Index Fund Class I (EUR) 06.07.11 2.84 2.99 -0.15 2.23 2.41 -0.18
State Street SRI Euro Corporate Bond Index Fund
Class I Distributing (EUR) 16.05.11 2.83 2.99 -0.16 2.21 2.40 -0.19
State Street SRI Euro Corporate Bond Index Fund Class S (EUR) 24.11.20 2.99 2.99 0.00 -0.09 -0.12 0.03
State Street Global Treasury Bond Index Fund Class B (USD) 08.10.14 6.88 6.82 0.06 -0.24 -0.12 -0.12
State Street Global Treasury Bond Index Fund Class I (USD) 28.08.09 6.73 6.82 -0.09 0.35 0.58 -0.23
State Street Global Treasury Bond Index Fund
Class I (CHF-Portfolio Hedged) 13.10.17 -1.13 -0.97 -0.16 -1.63 -1.32 -0.31
State Street Global Treasury Bond Index Fund
Class I (EUR-Portfolio Hedged) 18.10.13 1.08 1.36 -0.28 0.49 0.79 -0.30
State Street Global Treasury Bond Index Fund
Class I Distributing (EUR-Portfolio Hedged) 14.12.17 1.16 1.36 -0.20 -0.52 -0.26 -0.26
State Street Global Treasury Bond Index Fund
Class I (GBP-Portfolio Hedged) 19.04.16 3.29 3.44 -0.15 0.67 1.00 -0.33
State Street Global Treasury Bond Index Fund
Class I Distributing (GBP-Portfolio Hedged) 01.12.17 3.25 3.44 -0.19 0.63 0.92 -0.29
State Street Global Treasury Bond Index Fund
Class I (USD-Portfolio Hedged) 09.08.10 3.36 3.52 -0.16 2.12 2.43 -0.31
State Street Global Treasury Bond Index Fund Class P (USD) 14.06.10 6.57 6.82 -0.25 0.36 0.74 -0.38
State Street Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
Report of the Investment Managers (continued)
The figures stated in this report are historical and not indicative of future performance.
State Street Global Advisors Luxembourg SICAV 15
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Funds’ Performance (continued)
Sub-funds (continued)
Sub-fund name (continued) Share Class
Inception Date
1Ye Year Since Inception Annualised
Share Class % Benchmark % Difference % Share Class % Benchmark % Difference %
State Street Global Treasury Bond Index Fund
Class S (EUR-Portfolio Hedged) (a) 16.12.25 N/A N/A 0.00 0.22 0.02 0.20
State Street Global Treasury Bond Index Fund
Class S Distributing (EUR-Portfolio Hedged) (a) 16.12.25 N/A N/A 0.00 0.20 0.02 0.18
State Street Global Treasury Bond Index Fund
Class S (USD-Portfolio Hedged) (a) 16.12.25 N/A N/A 0.00 0.16 0.11 0.05
State Street Global Treasury Bond Index Fund
Class S Distributing (USD-Portfolio Hedged) (a) 16.12.25 N/A N/A 0.00 0.15 0.11 0.04
State Street Global Treasury Bond Index Fund
Class I (SGD-Portfolio Hedged) 19.01.21 0.99 1.07 -0.08 -1.45 -1.16 -0.29
State Street Global Treasury Bond Index Fund
Class B Distributing (GBP-Portfolio Hedged) 29.12.22 3.42 3.44 -0.02 3.73 3.90 -0.17
State Street Global Aggregate Bond Index Fund
Class B (GBP-Portfolio Hedged) 28.06.18 4.82 4.78 0.04 1.44 1.50 -0.06
State Street Global Aggregate Bond Index Fund Class I (USD) 10.06.13 8.06 8.17 -0.11 0.64 0.84 -0.20
State Street Global Aggregate Bond Index Fund
Class I (CHF-Portfolio Hedged) 10.04.14 0.19 0.33 -0.14 -0.43 -0.19 -0.24
State Street Global Aggregate Bond Index Fund
Class I (EUR-Portfolio Hedged) 10.04.14 2.45 2.68 -0.23 0.55 0.80 -0.25
State Street Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
Report of the Investment Managers (continued)
The figures stated in this report are historical and not indicative of future performance.
State Street Global Advisors Luxembourg SICAV 16
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Funds’ Performance (continued)
Sub-funds (continued)
Sub-fund name (continued) Share Class
Inception Date
1Ye Year Since Inception Annualised
Share Class % Benchmark % Difference % Share Class % Benchmark % Difference %
State Street Global Aggregate Bond Index Fund
Class I (GBP-Portfolio Hedged) 16.09.14 4.63 4.78 -0.15 1.54 1.79 -0.25
State Street Global Aggregate Bond Index Fund
Class I (USD-Portfolio Hedged) 10.04.14 4.67 4.86 -0.19 2.25 2.54 -0.29
State Street Global Aggregate Bond Index Fund
Class I Distributing (USD-Portfolio Hedged) 27.03.23 4.67 4.86 -0.19 4.21 4.53 -0.32
State Street Global Aggregate Bond Index Fund
Class I (NOK-Portfolio Hedged) 23.10.24 4.54 4.84 -0.30 3.77 4.07 -0.30
State Street Global Aggregate Bond Index Fund
Class B Distributing (GBP-Portfolio Hedged) 29.12.22 4.74 4.78 -0.04 4.40 4.59 -0.19
State Street Japan Screened Index Equity Fund Class I (JPY) 28.09.15 23.98 24.31 -0.33 4.51 4.78 -0.27
State Street Japan Screened Index Equity Fund Class I (EUR) 28.09.15 9.60 9.89 -0.29 7.99 8.22 -0.23
State Street Japan Screened Index Equity Fund Class P (JPY) 28.09.15 23.49 24.31 -0.82 4.22 4.78 -0.56
State Street Japan Screened Index Equity Fund
Class B Distributing (GBP) 27.04.23 15.98 16.06 -0.08 13.65 13.68 -0.03
State Street Switzerland Screened Index Equity Fund Class A (CHF) 10.05.22 15.74 16.05 -0.31 4.44 4.76 -0.32
State Street Switzerland Screened Index Equity Fund Class I (CHF) 28.09.15 15.85 16.05 -0.20 6.01 6.16 -0.15
State Street Switzerland Screened Index Equity Fund Class P (EUR) 28.09.15 16.38 17.68 -1.30 7.04 7.60 -0.56
State Street Switzerland Screened Index Equity Fund Class S (CHF) 24.08.17 16.00 16.05 -0.05 6.32 6.41 -0.09
State Street Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
Report of the Investment Managers (continued)
The figures stated in this report are historical and not indicative of future performance.
State Street Global Advisors Luxembourg SICAV 17
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Funds’ Performance (continued)
Sub-funds (continued)
Sub-fund name (continued) Share Class
Inception Date
1Ye Year Since Inception Annualised
Share Class % Benchmark % Difference % Share Class % Benchmark % Difference %
State Street Switzerland Screened Index Equity Fund Class P (CHF) 28.09.15 15.39 16.05 -0.66 5.42 5.81 -0.39
State Street UK Screened Index Equity Fund Class I (GBP) 28.09.15 24.57 24.99 -0.42 6.50 6.63 -0.13
State Street UK Screened Index Equity Fund Class I (EUR) 28.09.15 17.96 18.36 -0.40 6.96 7.27 -0.31
State Street UK Screened Index Equity Fund Class P (GBP) 28.09.15 24.07 24.99 -0.92 6.21 6.63 -0.42
State Street US Screened Index Equity Fund Class B (USD) 28.09.15 17.56 17.51 0.05 13.92 13.93 -0.01
State Street US Screened Index Equity Fund
Class B Distributing (GBP) 29.12.22 9.47 9.41 0.06 18.59 18.58 0.01
State Street US Screened Index Equity Fund Class I (USD) 28.09.15 17.33 17.51 -0.18 9.00 9.16 -0.16
State Street US Screened Index Equity Fund Class I (EUR) 28.09.15 3.45 3.60 -0.15 14.32 14.57 -0.25
State Street US Screened Index Equity Fund
Class I (EUR-Hedged) 28.09.15 14.83 15.24 -0.41 11.99 12.20 -0.21
State Street US Screened Index Equity Fund
Class I Distributing (EUR-NAV Hedged) (a) 23.12.25 N/A N/A 0.00 -0.27 -1.01 0.74
State Street US Screened Index Equity Fund Class P (USD) 28.09.15 16.86 17.51 -0.65 8.70 9.16 -0.46
State Street EMU Screened Index Equity Fund Class A (EUR) 25.01.21 23.12 22.81 0.31 11.69 11.36 0.33
State Street EMU Screened Index Equity Fund Class B (EUR) 28.09.15 23.53 22.81 0.72 8.18 7.58 0.60
State Street EMU Screened Index Equity Fund Class I (EUR) 28.09.15 23.29 22.81 0.48 5.38 5.06 0.32
State Street EMU Screened Index Equity Fund
Class I Distributing (EUR) 01.08.17 23.29 22.81 0.48 8.34 7.92 0.42
State Street EMU Screened Index Equity Fund Class P (EUR) 28.09.15 22.75 22.81 -0.06 5.05 5.06 -0.01
State Street Europe Screened Index Equity Fund Class B (EUR) 25.07.19 18.73 18.39 0.34 9.13 8.86 0.27
State Street Europe Screened Index Equity Fund
Class B Distributing (GBP) 29.12.22 25.39 25.03 0.36 13.47 13.21 0.26
State Street Europe Screened Index Equity Fund Class I (EUR) 28.09.15 18.50 18.39 0.11 7.36 7.31 0.05
State Street Europe Screened Index Equity Fund
Class I Distributing (EUR) 16.11.16 18.50 18.39 0.11 8.80 8.72 0.08
State Street Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
Report of the Investment Managers (continued)
The figures stated in this report are historical and not indicative of future performance.
State Street Global Advisors Luxembourg SICAV 18
Page 22
Funds’ Performance (continued)
Sub-funds (continued)
Sub-fund name (continued) Share Class
Inception Date
1Ye Year Since Inception Annualised
Share Class % Benchmark % Difference % Share Class % Benchmark % Difference %
State Street Europe Screened Index Equity Fund Class P (EUR) 28.09.15 17.99 18.39 -0.40 6.97 7.31 -0.34
State Street Pacific Ex-Japan Screened Index Equity Fund Class I (USD) 28.09.15 21.18 21.39 -0.21 7.68 7.94 -0.26
State Street Pacific Ex-Japan Screened Index Equity Fund Class I (EUR) 16.04.18 6.82 7.03 -0.21 6.11 6.35 -0.24
State Street Pacific Ex-Japan Screened Index Equity Fund Class P (USD) 28.09.15 20.67 21.39 -0.72 7.26 7.94 -0.68
State Street Pacific Ex-Japan Screened Index Equity Fund
Class I Distributing (GBP) 12.02.24 12.65 13.03 -0.38 10.84 11.06 -0.22
State Street Pacific Ex-Japan Screened Index Equity Fund
Class B Distributing (GBP) 27.04.23 13.04 13.03 0.01 8.72 8.56 0.16
State Street World Screened Index Equity Fund Class B (USD) 28.09.15 21.15 21.05 0.10 11.29 11.22 0.07
State Street World Screened Index Equity Fund
Class B (USD-Portfolio Hedged) 16.09.16 19.11 18.97 0.14 13.82 13.77 0.05
State Street World Screened Index Equity Fund Class I (USD) 28.09.15 20.91 21.05 -0.14 7.37 7.50 -0.13
State Street World Screened Index Equity Fund Class I (EUR) 28.09.15 6.60 6.73 -0.13 8.63 8.75 -0.12
State Street World Screened Index Equity Fund
Class I (EUR-Portfolio Hedged) 30.09.19 16.16 16.69 -0.53 12.06 12.23 -0.17
State Street World Screened Index Equity Fund Class I (GBP) 18.01.18 12.58 12.71 -0.13 11.39 11.51 -0.12
State Street World Screened Index Equity Fund Class P (USD) 28.09.15 20.41 21.05 -0.64 7.06 7.50 -0.44
State Street World Screened Index Equity Fund
Class P (EUR-Portfolio Hedged) 28.09.15 15.67 16.69 -1.02 11.10 11.70 -0.60
State Street World Screened Index Equity Fund
Class S Distributing (USD) 19.06.20 21.06 21.05 0.01 15.17 15.18 -0.01
State Street Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
Report of the Investment Managers (continued)
The figures stated in this report are historical and not indicative of future performance.
State Street Global Advisors Luxembourg SICAV 19
Page 23
Funds’ Performance (continued)
Sub-funds (continued)
Sub-fund name (continued) Share Class
Inception Date
1Ye Year Since Inception Annualised
Share Class % Benchmark % Difference % Share Class % Benchmark % Difference %
State Street World Screened Index Equity Fund
Class I Distributing (CHF-Portfolio Hedged) 14.07.21 13.40 13.94 -0.54 7.22 7.44 -0.22
State Street World Screened Index Equity Fund
Class I Distributing (GBP-Portfolio Hedged) 15.07.21 18.50 19.11 -0.61 10.57 10.81 -0.24
State Street World Screened Index Equity Fund Class I (SEK) 08.09.21 0.88 0.99 -0.11 11.50 11.65 -0.15
State Street World Screened Index Equity Fund
Class I (SEK-Portfolio Hedged) 19.05.21 N/A N/A 0.00 N/A N/A 0.00
State Street World Screened Index Equity Fund
Class I Distributing (USD-Portfolio Hedged) 13.07.21 18.82 18.97 -0.15 11.53 11.74 -0.21
State Street World Screened Index Equity Fund
Class P (SEK-Portfolio Hedged) 02.07.21 15.80 16.71 -0.91 8.48 9.23 -0.75
State Street World Screened Index Equity Fund Class P (SEK) 02.08.21 0.46 0.99 -0.53 11.55 12.17 -0.62
State Street World Screened Index Equity Fund
Class B Distributing (GBP) 02.05.23 12.80 12.71 0.09 17.20 17.12 0.08
State Street World Screened Index Equity Fund
Class B (GBP-Distributing Hedged) 03.01.23 18.84 19.11 -0.27 21.33 21.36 -0.03
State Street World Universal Index Equity Fund Class B (USD) 15.01.16 21.17 21.06 0.11 13.41 13.38 0.03
State Street World Universal Index Equity Fund Class I (USD) 28.09.15 20.92 21.06 -0.14 8.49 8.77 -0.28
State Street World Universal Index Equity Fund
Class I (EUR-Portfolio Hedged) 18.06.20 15.80 16.28 -0.48 13.31 13.47 -0.16
State Street World Universal Index Equity Fund Class I (GBP) (a) 19.12.25 N/A N/A 0.00 0.26 -0.22 0.48
State Street Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
Report of the Investment Managers (continued)
The figures stated in this report are historical and not indicative of future performance.
State Street Global Advisors Luxembourg SICAV 20
Page 24
Funds’ Performance (continued)
Sub-funds (continued)
Sub-fund name (continued) Share Class
Inception Date
1Ye Year Since Inception Annualised
Share Class % Benchmark % Difference % Share Class % Benchmark % Difference %
State Street Global Emerging Markets Screened Index Equity Fund Class B (USD) 28.09.15 33.30 33.74 -0.44 33.30 33.74 -0.44
State Street Global Emerging Markets Screened Index Equity Fund Class B (EUR) 18.10.24 17.52 17.92 -0.40 12.51 12.59 -0.08
State Street Global Emerging Markets Screened Index Equity Fund Class I (USD) 28.09.15 32.91 33.74 -0.83 4.31 4.72 -0.41
State Street Global Emerging Markets Screened Index Equity Fund Class I (GBP) 16.11.20 23.74 24.53 -0.79 4.74 5.09 -0.35
State Street Global Emerging Markets Screened Index Equity Fund Class P (USD) 28.09.15 31.70 33.74 -2.04 8.03 9.80 -1.77
State Street Global Emerging Markets Screened Index Equity Fund Class I (NOK) (a) 18.09.25 N/A N/A 0.00 7.01 6.96 0.05
State Street Global Emerging Markets Screened Index Equity Fund
Class B Distributing (GBP) 27.04.23 23.68 24.53 -0.85 14.52 14.56 -0.04
State Street Flexible Asset Allocation Plus Fund Class B (EUR) 01.05.15 7.86 2.12 5.74 4.44 0.52 3.92
State Street Flexible Asset Allocation Plus Fund Class I (EUR) 01.05.15 7.26 2.12 5.14 3.48 0.52 2.96
State Street Flexible Asset Allocation Plus Fund Class P (EUR) 01.05.15 6.63 2.12 4.51 3.82 2.95 0.87
State Street Europe Value Spotlight Fund Class B (EUR) 17.05.13 24.27 19.39 4.88 7.86 7.85 0.01
State Street Europe Value Spotlight Fund Class I (EUR) 12.06.15 23.26 19.39 3.87 5.44 6.63 -1.19
State Street Europe Value Spotlight Fund Class P (EUR) 28.05.13 22.36 19.39 2.97 6.22 7.87 -1.65
State Street Eurozone Value Spotlight Fund Class B (EUR) 20.08.13 25.64 23.70 1.94 10.08 8.68 1.40
State Street Eurozone Value Spotlight Fund Class I (EUR) 06.02.14 24.71 23.70 1.01 8.67 8.21 0.46
State Street Eurozone Value Spotlight Fund Class P (EUR) 23.09.13 23.76 23.70 0.06 8.16 8.33 -0.17
State Street US Value Spotlight Fund Class B (EUR) 14.09.15 0.74 3.54 -2.80 10.37 13.91 -3.54
State Street US Value Spotlight Fund Class I (USD) 08.07.15 13.41 17.43 -4.02 8.88 13.59 -4.71
State Street Asia Pacific Value Spotlight Fund Class B (EUR) 14.09.15 17.67 12.86 4.81 10.54 7.87 2.67
State Street Asia Pacific Value Spotlight Fund Class I (USD) 08.07.15 32.46 28.00 4.46 9.16 7.24 1.92
State Street Global Value Spotlight Fund Class B (EUR) 17.12.12 8.80 6.77 2.03 9.96 12.55 -2.59
State Street Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
Report of the Investment Managers (continued)
The figures stated in this report are historical and not indicative of future performance.
State Street Global Advisors Luxembourg SICAV 21
Page 25
Funds’ Performance (continued)
Sub-funds (continued)
Sub-fund name (continued) Share Class
Inception Date
1Ye Year Since Inception Annualised
Share Class % Benchmark % Difference % Share Class % Benchmark % Difference %
State Street Global Value Spotlight Fund Class I (EUR) 24.05.13 7.99 6.77 1.22 8.33 11.76 -3.43
State Street Global Value Spotlight Fund Class P (EUR) 07.05.13 7.12 6.77 0.35 7.71 11.84 -4.13
State Street Multi-Factor Global Equity Fund Class B (USD) 10.02.17 26.08 21.09 4.99 10.34 12.41 -2.07
State Street Multi-Factor Global Equity Fund
Class B Distributing (GBP) 29.12.22 17.39 12.75 4.64 16.54 16.64 -0.10
State Street Multi-Factor Global Equity Fund Class I (USD) 30.09.14 25.65 21.09 4.56 8.74 10.76 -2.02
State Street Multi-Factor Global Equity Fund Class I (NOK) (a) 15.09.25 N/A N/A 0.00 7.83 6.56 1.27
State Street Multi-Factor Global Equity Fund
Class I Distributing (GBP) 12.02.24 16.98 12.75 4.23 15.44 14.74 0.70
State Street Europe Screened Enhanced Equity Fund Class I (EUR) 03.06.16 21.02 19.39 1.63 8.72 8.58 0.14
State Street Europe Screened Enhanced Equity Fund Class P (EUR) 01.05.15 20.73 19.39 1.34 6.81 6.78 0.03
State Street Europe Screened Enhanced Equity Fund
Class UCITS ETF (EUR) (a) 25.11.25 N/A N/A 0.00 4.37 4.18 0.19
State Street Global Screened Enhanced Equity Fund Class B (GBP) 25.03.25 N/A N/A 0.00 16.56 15.05 1.51
State Street Global Screened Enhanced Equity Fund Class I (USD) 10.02.15 22.72 21.09 1.63 10.88 10.93 -0.05
State Street Global Screened Enhanced Equity Fund
Class I Distributing (USD) 10.02.15 22.72 21.09 1.63 10.82 10.93 -0.11
State Street Global Screened Enhanced Equity Fund
Class UCITS ETF (USD) 25.11.25 N/A N/A 0.00 2.48 2.30 0.18
State Street Climate Transition Emerging Markets Enhanced Equity Fund Class I (USD) 04.12.12 34.29 33.57 0.72 5.56 5.06 0.50
State Street Climate Transition Emerging Markets Enhanced Equity Fund Class I (EUR) 10.11.17 18.40 17.76 0.64 5.38 5.13 0.25
State Street Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
Report of the Investment Managers (continued)
The figures stated in this report are historical and not indicative of future performance.
State Street Global Advisors Luxembourg SICAV 22
Page 26
Funds’ Performance (continued)
Sub-funds (continued)
Sub-fund name (continued) Share Class
Inception Date
1Ye Year Since Inception Annualised
Share Class % Benchmark % Difference % Share Class % Benchmark % Difference %
State Street Climate Transition Emerging Markets Enhanced Equity Fund
Class UCITS ETF (USD) (a) 25.11.25 N/A N/A 0.00 4.11 4.00 0.11
State Street Emerging Markets Screened Enhanced Equity Fund Class B (GBP) 23.04.19 24.76 24.37 0.39 7.33 5.83 1.50
State Street Emerging Markets Screened Enhanced Equity Fund Class B (USD) (a) 18.12.15 N/A N/A 0.00 29.16 29.40 -0.24
State Street Emerging Markets Screened Enhanced Equity Fund Class I (USD) 06.05.10 33.38 33.57 -0.19 5.70 5.05 0.65
State Street Emerging Markets Screened Enhanced Equity Fund Class I (EUR) 06.05.10 17.60 17.76 -0.16 5.60 4.96 0.64
State Street Emerging Markets Screened Enhanced Equity Fund Class P (USD) 04.05.16 32.66 33.57 -0.91 8.68 8.40 0.28
State Street Emerging Markets Screened Enhanced Equity Fund Class P (EUR) 21.09.17 16.97 17.76 -0.79 5.88 5.60 0.28
State Street Emerging Markets Screened Enhanced Equity Fund
Class UCITS ETF (USD) (a) 25.11.25 N/A N/A 0.00 4.24 4.00 0.24
State Street EMU Screened Equity Fund Class I (EUR) 21.01.09 30.33 23.70 6.63 10.45 9.15 1.30
State Street EMU Screened Equity Fund Class P (EUR) 09.04.15 28.99 23.70 5.29 9.34 9.15 0.19
State Street EMU Screened Equity Fund
Class P Distributing (EUR) 01.05.15 28.99 23.70 5.29 7.37 6.99 0.38
State Street EMU Screened Equity Fund
Class UCITS ETF (EUR) (a) 25.11.25 N/A N/A 0.00 5.33 3.92 1.41
State Street Europe Small Cap Screened Equity Fund Class P (EUR) 01.05.15 25.81 16.35 9.46 8.68 7.13 1.55
State Street Europe Small Cap Screened Equity Fund
Class P Distributing (EUR) 21.09.17 25.38 16.35 9.03 7.70 5.91 1.79
State Street Europe Small Cap Screened Equity Fund
Class UCITS ETF (EUR) (a) 25.11.25 N/A N/A 0.00 6.72 4.69 2.03
State Street Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
Report of the Investment Managers (continued)
The figures stated in this report are historical and not indicative of future performance.
State Street Global Advisors Luxembourg SICAV 23
Page 27
Funds’ Performance (continued)
Sub-funds (continued)
Sub-fund name (continued) Share Class
Inception Date
1Ye Year Since Inception Annualised
Share Class % Benchmark % Difference % Share Class % Benchmark % Difference %
State Street Emerging Markets Small Cap Screened Equity Fund Class A (USD) 04.03.19 16.48 18.58 -2.10 10.76 9.48 1.28
State Street Emerging Markets Small Cap Screened Equity Fund Class I (USD) 21.12.16 16.60 18.58 -1.98 10.77 9.10 1.67
State Street Emerging Markets Small Cap Screened Equity Fund Class I (EUR) 10.11.17 2.80 4.55 -1.75 8.42 6.72 1.70
State Street Emerging Markets Small Cap Screened Equity Fund Class P (USD) 08.11.19 15.31 18.58 -3.27 10.95 10.76 0.19
State Street Global Screened Managed Volatility Equity Fund Class A (USD) 01.04.15 15.42 21.09 -5.67 6.61 10.96 -4.35
State Street Global Screened Managed Volatility Equity Fund Class B (USD) 29.06.12 15.99 21.09 -5.10 8.69 11.86 -3.17
State Street Global Screened Managed Volatility Equity Fund Class I (USD) 24.03.10 15.58 21.09 -5.51 8.45 10.70 -2.25
State Street Global Screened Managed Volatility Equity Fund
Class I Distributing (EUR) 30.03.16 1.91 6.77 -4.86 6.21 12.11 -5.90
State Street Global Screened Managed Volatility Equity Fund Class I (EUR) 24.11.14 1.91 6.77 -4.86 7.41 11.22 -3.81
State Street Global Screened Managed Volatility Equity Fund Class P (USD) 31.05.13 14.90 21.09 -6.19 7.07 11.04 -3.97
State Street Global Screened Managed Volatility Equity Fund
Class I (EUR-Portfolio Hedged) 17.09.21 11.62 16.73 -5.11 5.43 9.24 -3.81
State Street Global Screened Defensive Equity Fund Class B (EUR) 25.07.19 9.63 6.77 2.86 8.49 12.24 -3.75
State Street Global Screened Defensive Equity Fund Class I (USD) 28.10.15 23.41 21.09 2.32 8.16 11.64 -3.48
State Street Global Treasury 1-10 Year Bond Index Fund Class I (USD) 04.09.19 8.21 8.22 -0.01 -0.46 -0.32 -0.14
State Street Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
Report of the Investment Managers (continued)
The figures stated in this report are historical and not indicative of future performance.
State Street Global Advisors Luxembourg SICAV 24
Page 28
Funds’ Performance (continued)
Sub-funds (continued)
Sub-fund name (continued) Share Class
Inception Date
1Ye Year Since Inception Annualised
Share Class % Benchmark % Difference % Share Class % Benchmark % Difference %
State Street Global Treasury 1-10 Year Bond Index Fund
Class I (CHF-Portfolio Hedged) 04.09.19 0.29 0.37 -0.08 -1.54 -1.35 -0.19
State Street Global Treasury 1-10 Year Bond Index Fund
Class I (EUR-Portfolio Hedged) 04.09.19 2.44 2.72 -0.28 -0.29 -0.06 -0.23
State Street Global Treasury 1-10 Year Bond Index Fund
Class I Distributing (EUR-Portfolio Hedged) 04.09.19 2.58 2.72 -0.14 -0.25 -0.06 -0.19
State Street Global Treasury 1-10 Year Bond Index Fund
Class I Distributing (GBP-Portfolio Hedged) 04.09.19 4.70 4.82 -0.12 0.99 1.22 -0.23
State Street Global Treasury 1-10 Year Bond Index Fund
Class I (USD-Portfolio Hedged) 04.09.19 4.74 4.94 -0.20 1.51 1.70 -0.19
State Street Global Treasury 1-10 Year Bond Index Fund
Class I Distributing (USD-Portfolio Hedged) 04.09.19 4.82 4.94 -0.12 1.49 1.70 -0.21
State Street Emerging Markets Local Currency Government Bond Index Fund Class B (USD) 07.04.21 18.35 19.26 -0.91 2.33 2.35 -0.02
State Street Emerging Markets Local Currency Government Bond Index Fund
Class B Distributing (GBP) 29.12.22 10.78 11.05 -0.27 5.42 5.54 -0.12
State Street Emerging Markets Local Currency Government Bond Index Fund
Class I Distributing (USD) 23.02.21 18.80 19.26 -0.46 2.33 2.35 -0.02
State Street Emerging Markets Local Currency Government Bond Index Fund Class I (EUR) 25.09.19 4.75 5.15 -0.40 0.78 1.00 -0.22
State Street Emerging Markets Local Currency Government Bond Index Fund Class I (GBP) (a) 22.04.24 N/A N/A 0.00 2.43 2.53 -0.10
State Street Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
Report of the Investment Managers (continued)
The figures stated in this report are historical and not indicative of future performance.
State Street Global Advisors Luxembourg SICAV 25
Page 29
Funds’ Performance (continued)
Sub-funds (continued)
Sub-fund name (continued) Share Class
Inception Date
1Ye Year Since Inception Annualised
Share Class % Benchmark % Difference % Share Class % Benchmark % Difference %
State Street Emerging Markets Local Currency Government Bond Index Fund Class I (USD) 25.09.19 18.80 19.26 -0.46 1.90 2.12 -0.22
State Street Emerging Markets Opportunities Equity Fund Class I (USD) 30.06.20 34.15 33.57 0.58 7.82 9.05 -1.23
State Street Emerging Markets Opportunities Equity Fund Class P (EUR) 02.12.21 17.52 17.76 -0.24 2.80 4.84 -2.04
State Street Emerging Markets Opportunities Equity Fund Class P (USD) 02.12.21 33.29 33.57 -0.28 3.75 5.79 -2.04
State Street Climate Transition US Corporate Bond Beta Fund Class B (GBP) (a) 26.09.25 N/A N/A 0.00 0.74 0.74 0.00
State Street Climate Transition US Corporate Bond Beta Fund Class I (USD) 19.05.21 7.60 7.77 -0.17 0.60 0.78 -0.18
State Street Climate Transition US Corporate Bond Beta Fund
Class I (EUR-Hedged) 11.06.21 5.26 5.53 -0.27 -1.87 -1.70 -0.17
State Street Climate Transition US Corporate Bond Beta Fund Class S (USD) 19.05.21 7.66 7.77 -0.11 0.65 0.78 -0.13
State Street Climate Transition Euro Corporate Bond Beta Fund Class B (EUR) 31.03.22 3.05 3.03 0.02 -0.45 0.09 -0.54
State Street Climate Transition Euro Corporate Bond Beta Fund Class B (GBP) (a) 29.09.25 N/A N/A 0.00 0.52 0.50 0.02
State Street Climate Transition Euro Corporate Bond Beta Fund Class I (EUR) 19.05.21 2.85 3.03 -0.18 -0.02 0.20 -0.22
State Street Climate Transition Euro Corporate Bond Beta Fund
Class I Distributing (EUR) 23.03.22 3.05 3.03 0.02 1.47 1.58 -0.11
State Street Climate Transition Euro Corporate Bond Beta Fund Class S (EUR) 19.05.21 2.90 3.03 -0.13 0.03 0.20 -0.17
State Street Climate Transition Euro Corporate Bond Beta Fund Class P (EUR) 02.12.21 2.83 3.03 -0.20 1.32 1.58 -0.26
State Street Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
Report of the Investment Managers (continued)
The figures stated in this report are historical and not indicative of future performance.
State Street Global Advisors Luxembourg SICAV 26
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Funds’ Performance (continued)
Sub-funds (continued)
Sub-fund name (continued) Share Class
Inception Date
1Ye Year Since Inception Annualised
Share Class % Benchmark % Difference % Share Class % Benchmark % Difference %
State Street Global High Yield Bond Screened Index Fund
Class B (GBP-Portfolio Hedged) 25.03.24 8.28 8.36 -0.08 8.73 8.75 -0.02
State Street Global High Yield Bond Screened Index Fund Class I (USD) 29.04.21 10.47 10.75 -0.28 3.21 3.40 -0.19
State Street Global High Yield Bond Screened Index Fund
Class I (CHF-Portfolio Hedged) 29.04.21 3.53 3.73 -0.20 0.20 0.33 -0.13
State Street Global High Yield Bond Screened Index Fund
Class I (EUR-Portfolio Hedged) 29.04.21 5.87 6.19 -0.32 1.76 1.97 -0.21
State Street Global High Yield Bond Screened Index Fund
Class I Distributing (GBP-Portfolio Hedged) 29.06.21 8.08 8.36 -0.28 3.05 3.18 -0.13
State Street Global High Yield Bond Screened Index Fund
Class I (USD-Portfolio Hedged) 29.04.21 8.16 8.45 -0.29 3.76 4.00 -0.24
State Street Global High Yield Bond Screened Index Fund
Class I (NOK-Portfolio Hedged) 30.11.21 8.05 8.39 -0.34 3.30 3.48 -0.18
State Street Global High Yield Bond Screened Index Fund Class B (USD) 17.11.21 10.63 10.75 -0.12 4.05 4.01 0.04
State Street Global High Yield Bond Screened Index Fund
Class B (EUR-Portfolio Hedged) 17.11.21 6.06 6.19 -0.13 2.16 2.10 0.06
State Street Global High Yield Bond Screened Index Fund
Class I Distributing (CHF-Portfolio Hedged) (a) 22.05.25 N/A N/A 0.00 2.76 3.11 -0.35
State Street Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
Report of the Investment Managers (continued)
The figures stated in this report are historical and not indicative of future performance.
State Street Global Advisors Luxembourg SICAV 27
Page 31
Funds’ Performance (continued)
Sub-funds (continued)
Sub-fund name (continued) Share Class
Inception Date
1Ye Year Since Inception Annualised
Share Class % Benchmark % Difference % Share Class % Benchmark % Difference %
State Street Emerging Markets Tilted Local Currency Government Bond Index Fund Class B (EUR) 09.09.24 6.25 6.54 -0.29 6.22 6.50 -0.28
State Street Emerging Markets Tilted Local Currency Government Bond Index Fund Class B (USD) 20.05.22 20.51 20.84 -0.33 8.61 8.67 -0.06
State Street Emerging Markets Tilted Local Currency Government Bond Index Fund Class I (USD) 14.12.21 20.32 20.84 -0.52 4.27 4.49 -0.22
State Street Climate Transition World Equity Beta Fund Class B (GBP) 26.09.25 N/A N/A 0.00 3.88 3.53 0.35
State Street Climate Transition World Equity Beta Fund Class I (USD) 20.04.22 20.05 21.09 -1.04 12.02 12.85 -0.83
State Street Climate Transition World Equity Beta Fund
Class I Distributing (GBP) 08.02.24 11.78 12.75 -0.97 14.40 14.74 -0.34
State Street Climate Transition World Equity Beta Fund
Class B Distributing (GBP-Portfolio Hedged) 03.01.23 17.77 19.15 -1.38 20.80 21.03 -0.23
State Street Emerging Markets Hard Currency Government Bond Index Fund Class A (GBP) 28.08.24 6.43 6.43 0.00 9.02 8.90 0.12
State Street Emerging Markets Hard Currency Government Bond Index Fund
Class B NAV Hedged (GBP) 08.03.24 14.48 14.28 0.20 10.86 10.56 0.30
State Street Emerging Markets Hard Currency Government Bond Index Fund Class B (USD) 14.10.22 14.54 14.30 0.24 4.19 3.93 0.26
State Street Emerging Markets Hard Currency Government Bond Index Fund Class I (GBP) 19.12.24 6.50 6.43 0.07 6.44 6.64 -0.20
State Street Emerging Markets Hard Currency Government Bond Index Fund Class I (USD) 14.10.22 14.36 14.30 0.06 4.05 3.93 0.12
State Street Emerging Markets Hard Currency Government Bond Index Fund
Class I Distributing (GBP) (a) 13.01.25 N/A N/A 0.00 4.17 4.12 0.05
State Street Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
Report of the Investment Managers (continued)
The figures stated in this report are historical and not indicative of future performance.
State Street Global Advisors Luxembourg SICAV 28
Page 32
Funds’ Performance (continued)
Sub-funds (continued)
Sub-fund name (continued) Share Class
Inception Date
1Ye Year Since Inception Annualised
Share Class % Benchmark % Difference % Share Class % Benchmark % Difference %
State Street Emerging Markets Hard Currency Government Bond Index Fund
Class B Distributing (GBP-Portfolio Hedged) 26.04.23 14.48 14.28 0.20 10.85 10.60 0.25
State Street Emerging Markets Tilted Hard Currency Government Bond Index Fund Class B (USD) 12.08.24 13.44 13.27 0.17 10.36 10.28 0.08
State Street Emerging Markets Tilted Hard Currency Government Bond Index Fund
Class I (CHF-Portfolio Hedged) 15.12.23 8.33 8.41 -0.08 4.78 4.94 -0.16
State Street Emerging Markets Tilted Hard Currency Government Bond Index Fund Class I (USD) 15.12.23 13.27 13.27 0.00 9.51 9.66 -0.15
State Street Global Climate Transition Equity Fund Class I (USD) 22.04.24 15.81 22.34 -6.53 13.05 20.57 -7.52 (a) Performance are N/A for 1 year, as this share class launched in 2025.
State Street Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
Report of the Investment Managers (continued)
The figures stated in this report are historical and not indicative of future performance.
State Street Global Advisors Luxembourg SICAV 29
Page 33
Funds’ Performance (continued)
Closed Share Classes and Sub-funds
Sub-fund Name Share Class Inception Date
1 Year Since Inception
Share Class % Benchmark % Difference % Share Class % Benchmark % Difference %
State Street US Opportunities Equity Fund Class I (USD) a 31.01.22 26.09 26.49 -0.4 11.06 11.58 -0.52
State Street North America Screened Enhanced Equity Fund Class I (USD) b 20.05.16 19 19.45 -0.45 14.2 14.67 -0.47
State Street North America Screened Enhanced Equity Fund Class P (USD) b 01.05.15 18.92 19.45 -0.54 10.08 10.44 -0.37
State Street Euro Corporate Bond Screened Index Fund
Class B NAV Hedged (GBP) c 08.03.24 6.85 6.72 0.13 6.27 6.10 0.17
State Street US Screened Index Equity Fund
Class I Distributing (GBP) d 12.02.24 -99.99 9.41 -109.40 -99.53 -14.63 -114.16
(a) This share class liquidated on 31 January 2025. (b) This share class liquidated on 7 October 2025. (c) This share class liquidated on 4 April 2025. (d) This share class liquidated on 21 October 2025.
State Street Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
Report of the Investment Managers (continued)
The figures stated in this report are historical and not indicative of future performance.
State Street Global Advisors Luxembourg SICAV 30
Page 34
www.pwc.lu
PricewaterhouseCoopers Assurance, Société coopérative, 2 rue Gerhard Mercator, L-2182 Luxembourg T : +352 494848 1, F : +352 494848 2900, www.pwc.lu
Cabinet de révision agréé. Expert-comptable (autorisation ministérielle n°10181659) R.C.S. Luxembourg B294273 - TVA LU36559370
Audit report
To the Shareholders of
State Street Global Advisors Luxembourg SICAV
Report on the audit of the annual accounts
Our opinion
In our opinion, the accompanying annual accounts give a true and fair view of the financial position of
State Street Global Advisors Luxembourg SICAV (the “Fund”) and of each of its sub-funds as at
31 December 2025, and of the results of their operations and changes in their net assets for the year then
ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and
presentation of the annual accounts.
What we have audited
The Fund’s annual accounts comprise:
• the Combined Statement of Net Assets as at 31 December 2025;
• the Combined Statement of Operations for the year then ended;
• the Combined Statement of Changes in Net Assets for the year then ended;
• the Schedules of Investments as at 31 December 2025; and
• the notes to the annual accounts, which include a summary of significant accounting policies.
Page 35
32
Basis for opinion
We conducted our audit in accordance with the EU Regulation No 537/2014, the Law of 23 July 2016 on
the audit profession (Law of 23 July 2016) and with International Standards on Auditing (ISAs) as adopted
for Luxembourg by the “Commission de Surveillance du Secteur Financier” (CSSF). Our responsibilities
under the EU Regulation No 537/2014, the Law of 23 July 2016 and ISAs as adopted for Luxembourg by
the CSSF are further described in the “Responsibilities of the “Réviseur d’entreprises agréé” for the audit
of the annual accounts” section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
We are independent of the Fund in accordance with the International Code of Ethics for Professional
Accountants, including International Independence Standards, issued by the International Ethics
Standards Board for Accountants (IESBA Code) as adopted for Luxembourg by the CSSF together with the
ethical requirements that are relevant to our audit of the annual accounts. We have fulfilled our other
ethical responsibilities under those ethical requirements.
To the best of our knowledge and belief, we declare that we have not provided non-audit services that are
prohibited under Article 5(1) of the EU Regulation No 537/2014.
The non-audit services that we have provided to the Fund, for the year then ended, are disclosed in Note
14 to the annual accounts.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the annual accounts of the current period. These matters were addressed in the context of our
audit of the annual accounts as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters.
We have determined that there are no key audit matters to communicate in our report.
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33
Other information
The Board of Directors of the Fund is responsible for the other information. The other information
comprises the information stated in the annual report but does not include the annual accounts and our
audit report thereon.
Our opinion on the annual accounts does not cover the other information and we do not express any form
of assurance conclusion thereon.
In connection with our audit of the annual accounts, our responsibility is to read the other information
identified above and, in doing so, consider whether the other information is materially inconsistent with
the annual accounts or our knowledge obtained in the audit, or otherwise appears to be materially
misstated. If, based on the work we have performed, we conclude that there is a material misstatement of
this other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Board of Directors of the Fund for the annual accounts
The Board of Directors of the Fund is responsible for the preparation and fair presentation of the annual
accounts in accordance with Luxembourg legal and regulatory requirements relating to the preparation
and presentation of the annual accounts, and for such internal control as the Board of Directors of the
Fund determines is necessary to enable the preparation of annual accounts that are free from material
misstatement, whether due to fraud or error.
In preparing the annual accounts, the Board of Directors of the Fund is responsible for assessing the Fund’s
and each of its sub-funds' ability to continue as a going concern, disclosing, as applicable, matters related
to going concern and using the going concern basis of accounting unless the Board of Directors of the Fund
either intends to liquidate the Fund or close any of its sub-funds or to cease operations, or has no realistic
alternative but to do so.
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34
Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the
annual accounts
The objectives of our audit are to obtain reasonable assurance about whether the annual accounts as a
whole are free from material misstatement, whether due to fraud or error, and to issue an audit 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 EU Regulation No 537/2014, the Law of 23 July 2016 and with ISAs as
adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of these
annual accounts.
As part of an audit in accordance with the EU Regulation No 537/2014, the Law of 23 July 2016 and with
ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain
professional scepticism throughout the audit. We also:
• identify and assess the risks of material misstatement of the annual accounts, 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 Fund’s internal control;
• evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the Board of Directors of the Fund;
Page 38
35
• conclude on the appropriateness of the Board of Directors of the Fund’s 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 Fund’s or any of its sub-funds' ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our audit report to the related disclosures in the annual accounts 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 audit report. However, future events or conditions may cause the Fund or any of its
sub-funds to cease to continue as a going concern;
• evaluate the overall presentation, structure and content of the annual accounts, including the
disclosures, and whether the annual accounts represent the underlying transactions and events in a
manner that achieves fair presentation.
We communicate with those charged with governance 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.
We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and communicate to them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, actions taken
to eliminate threats or safeguards applied.
From the matters communicated with those charged with governance, we determine those matters that
were of most significance in the audit of the annual accounts of the current period and are therefore the
key audit matters. We describe these matters in our audit report unless law or regulation precludes public
disclosure about the matter.
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36
Report on other legal and regulatory requirements
We have been appointed as “Réviseur d’entreprises agréé” of the Fund by the Board of Directors of the
Fund on 24 April 2025 and the duration of our uninterrupted engagement, including previous renewals
and reappointments, is 15 years.
Luxembourg, 14 April 2026
PricewaterhouseCoopers Assurance, Société coopérative
Represented by
Steven Libby
Page 40
Combined
State Street Euro Core Treasury Bond Index Fund
State Street EMU Government Bond Index Fund
State Street Euro Inflation Linked Bond Index Fund
State Street Euro Corporate Bond Screened Index Fund
State Street SRI Euro Corporate Bond Index Fund
State Street Global Treasury Bond Index Fund EUR EUR EUR EUR EUR EUR USD As at 31 December 2025 Notes
ASSETS Investments in securities, at market value 2c 35,600,757,865 114,388,515 329,579,627 72,520,156 631,808,946 442,997,956 4,134,953,198 Cash and liquid assets 306,724,206 63,472 86,823 29,603 2,587,649 1,323,996 17,600,022 Dividend and interest receivable 2h 236,411,023 1,452,507 3,943,284 242,705 10,600,619 7,034,684 35,785,108 Receivable for investment securities sold 78,786,336 543,348 1,206,178 40,155 671,491 – 9,322,571 Receivable for fund shares sold 40,596,172 4,000 159,811 136,789 330,268 5,101,650 4,878,481 Reimbursement receivable from Investment Manager 3b 468,667 13,867 12,007 – 805 4,743 2,441 Unrealised appreciation on forward foreign exchange contracts 2g 101,342 – – – – – Unrealised appreciation on share class specific forward currency contracts 2g 178,310,687 – – – – – 31,253,149 Unrealised appreciation on futures contracts 2e 1,475,162 – – – – – Other assets 185,963 – – – – – –
Total Assets 36,443,817,423 116,465,709 334,987,730 72,969,408 645,999,778 456,463,029 4,233,794,970
LIABILITIES Bank overdraft 3,133,781 – – – – – 1,325,582 Payable for investment securities purchased 119,399,809 469,408 1,251,223 169,888 1,860,032 4,983,453 7,443,006 Payable for shares redeemed 10,496,660 76,998 13,802 – 81,112 37,999 1,383,731 Accrued expenses and other liabilities 10,615,267 93,889 118,340 62,409 198,750 114,987 539,364 Investment Manager fees payable 3b 5,190,689 16,107 36,203 15,402 54,919 36,137 510,142 Capital gain tax payable 13,781,106 – – – – – 97,843 Unrealised depreciation on forward foreign exchange contracts 2g 143,192 – – – – – Unrealised depreciation on share class specific forward currency contracts 2g 59,354,461 – – – – – 19,376,835 Unrealised depreciation on futures contracts 2e 1,807,449 – – – – – –
Total Liabilities 223,922,414 656,402 1,419,568 247,699 2,194,813 5,172,576 30,676,503
TOTAL NET ASSETS 36,219,895,009 115,809,307 333,568,162 72,721,709 643,804,965 451,290,453 4,203,118,467
State Street Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
Combined Statement of Net Assets
The accompanying notes are an integral part of these financial statements.
State Street Global Advisors Luxembourg SICAV 37
Page 41
State Street Global Aggregate Bond Index Fund
State Street Japan Screened Index Equity Fund
State Street Switzerland Screened Index Equity Fund
State Street UK Screened Index Equity Fund
State Street US Screened Index Equity Fund
State Street EMU Screened Index Equity Fund
State Street Europe Screened Index Equity Fund USD JPY CHF GBP USD EUR EUR As at 31 December 2025 Notes
ASSETS Investments in securities, at market value 2c 2,412,116,494 34,918,364,413 149,710,628 91,482,904 1,831,308,343 186,815,297 617,774,281 Cash and liquid assets 42,303,125 329,638,519 351,911 312,787 7,222,868 953,762 3,665,858 Dividend and interest receivable 2h 22,006,787 29,381,691 – 153,265 588,552 1,066,490 2,480,318 Receivable for investment securities sold 5,851,791 46,170,000 – – – – 4 Receivable for fund shares sold 5,091,901 15,112,729 267,792 105,994 955,272 24,842 68,114 Reimbursement receivable from Investment Manager 3b 402 578,986 9,588 10,970 737 16,261 59,349 Unrealised appreciation on forward foreign exchange contracts 2g ––––––Unrealised appreciation on share class specific forward currency contracts 2g 11,108,864 – – – 7,517,732 – Unrealised appreciation on futures contracts 2e – 2,580,404 3,850 7,805 – 8,220 54,915 Other assets –––––––
Total Assets 2,498,479,364 35,341,826,742 150,343,769 92,073,725 1,847,593,504 188,884,872 624,102,839
LIABILITIES Bank overdraft – 176 2,412 6 – 7 9,363 Payable for investment securities purchased 18,194,246 89,903,956 – – – – Payable for shares redeemed 236,069 9,110,294 69,304 54,443 147,198 334,039 100,676 Accrued expenses and other liabilities 621,001 17,676,238 127,842 74,962 336,585 195,568 335,584 Investment Manager fees payable 3b 316,843 3,833,113 30,543 19,845 302,375 32,122 111,039 Capital gain tax payable 36,792 – – – – – Unrealised depreciation on forward foreign exchange contracts 2g ––––––Unrealised depreciation on share class specific forward currency contracts 2g 9,258,210 – – – 1,289,551 – Unrealised depreciation on futures contracts 2 e – – – –3 1,00 2––
Total Liabilities 28,663,161 120,523,777 230,101 149,256 2,106,711 561,736 556,662
TOTAL NET ASSETS 2,469,816,203 35,221,302,965 150,113,668 91,924,469 1,845,486,793 188,323,136 623,546,177
State Street Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
Combined Statement of Net Assets (continued)
The accompanying notes are an integral part of these financial statements.
State Street Global Advisors Luxembourg SICAV 38
Page 42
State Street Pacific Ex-Japan Screened Index Equity Fund
State Street World Screened Index Equity Fund
State Street World Universal Index Equity Fund (a)
State Street Global Emerging Markets Screened Index Equity Fund
State Street Flexible Asset Allocation Plus Fund
State Street Europe Value Spotlight Fund
State Street Eurozone Value Spotlight Fund USD USD USD USD EUR EUR EUR As at 31 December 2025 Notes
ASSETS Investments in securities, at market value 2c 87,428,852 5,366,249,422 4,011,183,236 1,313,805,593 211,253,319 27,537,836 62,568,475 Cash and liquid assets 788,962 33,861,237 30,289,714 16,134,279 26,862,764 308,934 864,701 Dividend and interest receivable 2h 102,875 4,915,243 2,925,282 2,378,906 653,398 184,354 188,331 Receivable for investment securities sold 9 425,505 48 1,613,800 – – Receivable for fund shares sold 32,915 5,686,728 1,930,436 1,894,985 304,575 123,300 242,349 Reimbursement receivable from Investment Manager 3b 2,341 226,223 – 80,876 – 11,677 2,437 Unrealised appreciation on forward foreign exchange contracts 2g ––––––Unrealised appreciation on share class specific forward currency contracts 2g – 10,326,201 2,713,144 – – – Unrealised appreciation on futures contracts 2e 3,401 25,148 86,826 152,610 844,730 – Other assets –––––––
Total Assets 88,359,355 5,421,715,707 4,049,128,686 1,336,061,049 239,918,786 28,166,101 63,866,293
LIABILITIES Bank overdraft – 102,748 – – 14,834 – Payable for investment securities purchased 72,504 132,437 135,940 1,277,477 6,274,520 – Payable for shares redeemed 18,112 2,118,121 357,655 1,150,643 4 949 1,099 Accrued expenses and other liabilities 115,946 1,565,881 1,583,323 440,051 100,243 66,556 104,798 Investment Manager fees payable 3b 17,375 816,168 410,640 174,173 18,768 782 2,903 Capital gain tax payable – – – 4,700,573 – – Unrealised depreciation on forward foreign exchange contracts 2g ––––––Unrealised depreciation on share class specific forward currency contracts 2g – 4,520,912 625,211 – – – Unrealised depreciation on futures contracts 2e 1,246 80,590 – – 1,579,296 – –
Total Liabilities 225,183 9,336,857 3,112,769 7,742,917 7,987,665 68,287 108,800
TOTAL NET ASSETS 88,134,172 5,412,378,850 4,046,015,917 1,328,318,132 231,931,121 28,097,814 63,757,493
(a) This Fund changed name during the year. Please refer to Note 13 for further details.
State Street Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
Combined Statement of Net Assets (continued)
The accompanying notes are an integral part of these financial statements.
State Street Global Advisors Luxembourg SICAV 39
Page 43
State Street US Value Spotlight Fund
State Street Asia Pacific Value Spotlight Fund
State Street Global Value Spotlight Fund
State Street Multi-Factor Global Equity Fund (a)
State Street Europe Screened Enhanced Equity Fund (a)
State Street
T Global Screened Enhanced Equity Fund (a)
State Street Climate et
Transition Emerging Markets Enhanced Equity Fund (a) USD USD EUR USD EUR USD USD As at 31 December 2025 Notes
ASSETS Investments in securities, at market value 2c 36,472,322 94,636,219 46,115,321 285,283,599 416,583,928 238,505,996 1,036,326,156 Cash and liquid assets 451,296 814,285 479,677 249,105 1,462,363 2,632,369 24,639,439 Dividend and interest receivable 2h 28,974 126,743 47,787 272,103 942,270 202,981 2,823,699 Receivable for investment securities sold ––––4–Receivable for fund shares sold 40,423 411,416 81,183 93,925 35,862 8,581,065 Reimbursement receivable from Investment Manager 3b 2,126 – 4,154 – 5,680 – Unrealised appreciation on forward foreign exchange contracts 2g – – 24,880 – – – Unrealised appreciation on share class specific forward currency contracts 2 g ––––––Unrealised appreciation on futures contracts 2e – – – 328 9,593 2,588 191,715 Other assets –––––––
Total Assets 36,995,141 95,988,663 46,753,002 285,899,060 419,039,700 249,924,999 1,063,981,009
LIABILITIES Bank overdraft – 41,998 – 79 1,865 – Payable for investment securities purchased – – – 6,830 – 6,578,459 Payable for shares redeemed 1,160 2,467 19,209 174,288 – 179,052 Accrued expenses and other liabilities 62,349 113,333 86,526 121,002 146,553 93,248 419,707 Investment Manager fees payable 3b 448 39,476 870 13,450 121,562 49,165 397,295 Capital gain tax payable – – – – – –3 ,772,428 Unrealised depreciation on forward foreign exchange contracts 2g – – 81,409 – – – Unrealised depreciation on share class specific forward currency contracts 2 g ––––––Unrealised depreciation on futures contracts 2 e – – – – –5 ,07 3 –
Total Liabilities 63,957 197,274 188,014 315,649 269,980 6,904,997 4,589,430
TOTAL NET ASSETS 36,931,184 95,791,389 46,564,988 285,583,411 418,769,720 243,020,002 1,059,391,579
(a) This Fund changed name during the year. Please refer to Note 13 for further details.
State Street Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
Combined Statement of Net Assets (continued)
The accompanying notes are an integral part of these financial statements.
State Street Global Advisors Luxembourg SICAV 40
Page 44
State Street Emerging Markets Screened Enhanced Equity Fund (a)
State Street EMU Screened Equity Fund (a)
State Street Europe Small Cap Screened Equity Fund (a)
State Street Emerging Markets Small Cap Screened Equity Fund (a)
State Street Global Screened Managed Volatility Equity Fund (a)
State Street Global Screened Defensive Equity Fund (a)
State Street Global Treasury 1-10 Year Bond Index Fund USD EUR EUR USD USD USD USD As at 31 December 2025 Notes
ASSETS Investments in securities, at market value 2c 954,994,898 35,390,205 26,777,211 253,263,484 369,450,059 214,020,898 7,791,388,699 Cash and liquid assets 21,254,495 736,032 235,454 5,264,965 4,198,676 3,334,507 52,510,656 Dividend and interest receivable 2h 2,501,466 81,081 65,754 566,780 233,364 227,521 62,076,893 Receivable for investment securities sold 699 – 1,385 – – – 29,793,024 Receivable for fund shares sold 19,189 86,702 77,125 – 1,865 – 986,612 Reimbursement receivable from Investment Manager 3b 3,820 13,265 3,303 – – 597 15,748 Unrealised appreciation on forward foreign exchange contracts 2g ––––––Unrealised appreciation on share class specific forward currency contracts 2 g – – – –3 7,41 6 –1 18,055,825 Unrealised appreciation on futures contracts 2e 117,640 8,206 2,255 – 2,535 – Other assets – – 35,029 – – – –
Total Assets 978,892,207 36,315,491 27,197,516 259,095,229 373,923,915 217,583,523 8,054,827,457
LIABILITIES Bank overdraft 61,258 – – – – – 2,113,807 Payable for investment securities purchased 6 – – 6 – –4 1,878,835 Payable for shares redeemed 20,546 7 9,507 34,841 16,843 – 2,184,409 Accrued expenses and other liabilities 423,933 85,740 128,176 241,274 259,587 93,168 1,250,632 Investment Manager fees payable 3b 373,860 27,400 51,338 237,093 218,497 127,059 536,851 Capital gain tax payable 5,218,248 – – 1,079,642 – – 181,530 Unrealised depreciation on forward foreign exchange contracts 2g ––––––Unrealised depreciation on share class specific forward currency contracts 2 g –––– 554,666 – 29,397,701 Unrealised depreciation on futures contracts 2 e – – – –2 6,26 1––
Total Liabilities 6,097,851 113,147 189,021 1,592,856 1,075,854 220,227 77,543,765
TOTAL NET ASSETS 972,794,356 36,202,344 27,008,495 257,502,373 372,848,061 217,363,296 7,977,283,692
(a) This Fund changed name during the year. Please refer to Note 13 for further details.
State Street Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
Combined Statement of Net Assets (continued)
The accompanying notes are an integral part of these financial statements.
State Street Global Advisors Luxembourg SICAV 41
Page 45
State Street Emerging Markets Local Currency Government Bond Index Fund
State Street Emerging Markets Opportunities Equity Fund
State Street Climate Transition US Corporate Bond Beta Fund (a)
State Street Climate Transition Euro Corporate Bond Beta Fund (a)
State Street Global High Yield Bond Screened Index Fund
State Street Emerging Markets Tilted Local Currency Government Bond Index Fund (a)
State Street Climate Transition World Equity Beta Fund (a) USD USD USD EUR USD USD USD As at 31 December 2025 Notes
ASSETS Investments in securities, at market value 2c 2,280,719,578 28,443,493 326,446,928 348,054,076 1,026,442,583 525,930,477 996,048,352 Cash and liquid assets 17,407,086 801,010 361,981 298,374 11,234,313 4,646,417 9,817,866 Dividend and interest receivable 2h 41,523,865 52,430 3,920,091 5,474,682 18,684,816 9,713,477 602,809 Receivable for investment securities sold 31,290,279 – – 302,401 1,698,888 8,574,971 23 Receivable for fund shares sold 357,470 1,970 791,445 493,812 1,553,527 1,407,186 1,569,510 Reimbursement receivable from Investment Manager 3b – – 476 3,361 – – 1 Unrealised appreciation on forward foreign exchange contracts 2g 89,614 – – – – 187 Unrealised appreciation on share class specific forward currency contracts 2g – – 1,348,812 – 12,095,815 – 7,314,808 Unrealised appreciation on futures contracts 2e – 14,695 – – – – 13,404 Other assets – 172,101 – – – – 1,262
Total Assets 2,371,387,892 29,485,699 332,869,733 354,626,706 1,071,709,942 550,272,715 1,015,368,035
LIABILITIES Bank overdraft – 1,328 – – – – Payable for investment securities purchased 34,168,641 – 425,393 705,814 772,701 7,882,857 14,599 Payable for shares redeemed 1,561,833 10,477 – 246 66,811 – 1,518,979 Accrued expenses and other liabilities 481,816 189,266 81,690 87,027 249,329 136,551 131,596 Investment Manager fees payable 3b 268,471 40,161 131,313 145,140 80,337 23,799 1,246 Capital gain tax payable 819,365 117,761 – – – 161,045 Unrealised depreciation on forward foreign exchange contracts 2g 69,243 – – – – 3,318 Unrealised depreciation on share class specific forward currency contracts 2g – – 259,499 – 1,971,183 – 1,606,540 Unrealised depreciation on futures contracts 2 e – – – – – –3 9,141
Total Liabilities 37,369,369 358,993 897,895 938,227 3,140,361 8,207,570 3,312,101
TOTAL NET ASSETS 2,334,018,523 29,126,706 331,971,838 353,688,479 1,068,569,581 542,065,145 1,012,055,934
(a) This Fund changed name during the year. Please refer to Note 13 for further details.
State Street Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
Combined Statement of Net Assets (continued)
The accompanying notes are an integral part of these financial statements.
State Street Global Advisors Luxembourg SICAV 42
Page 46
State Street Emerging Markets Hard Currency Government Bond Index Fund
State Street Emerging Markets Tilted Hard Currency Government Bond Index Fund (a)
State Street Global Climate Transition Equity Fund USD USD USD As at 31 December 2025 Notes
ASSETS Investments in securities, at market value 2c 1,209,578,300 246,553,168 12,006,584 Cash and liquid assets 1,623,244 586,489 305,660 Dividend and interest receivable 2h 20,328,403 4,198,623 2,137 Receivable for investment securities sold – 417,176 Receivable for fund shares sold 1,746,700 529,473 Reimbursement receivable from Investment Manager 3b – – 6,852 Unrealised appreciation on forward foreign exchange contracts 2g – – Unrealised appreciation on share class specific forward currency contracts 2g 6,617,634 1,027,681 Unrealised appreciation on futures contracts 2e – – Other assets 2,227 1,543 132
Total Assets 1,239,896,508 253,314,153 12,321,365
LIABILITIES Bank overdraft ––Payable for investment securities purchased 1,398,428 817,523 Payable for shares redeemed 132,231 – Accrued expenses and other liabilities 221,362 45,050 14,114 Investment Manager fees payable 3b 116,987 10,525 5,065 Capital gain tax payable ––Unrealised depreciation on forward foreign exchange contracts 2g – – Unrealised depreciation on share class specific forward currency contracts 2g 606,792 241,778 Unrealised depreciation on futures contracts 2e 68,402 16,239 –
Total Liabilities 2,544,202 1,131,115 19,179
TOTAL NET ASSETS 1,237,352,306 252,183,038 12,302,186
(a) This Fund changed name during the year. Please refer to Note 13 for further details.
State Street Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
Combined Statement of Net Assets (continued)
The accompanying notes are an integral part of these financial statements.
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Combined
State Street Euro Core Treasury Bond Index Fund
State Street EMU Government Bond Index Fund
State Street Euro Inflation Linked Bond Index Fund
State Street Euro Corporate Bond Screened Index Fund
State Street SRI Euro Corporate Bond Index Fund
State Street Global Treasury Bond Index Fund EUR EUR EUR EUR EUR EUR USD For the Year/Period ended 31 December 2025 Notes
INCOME Interest 2h 803,277,194 2,725,812 7,543,942 2,154,628 29,785,693 12,609,058 81,034,644 Dividends (net of withholding tax) 2h 275,024,782 – – – – – Securities lending income 10 11,811,480 37,229 17,560 1,488 289,874 74,955 1,436,964 Other income 488,892 2,786 2,272 259 19,138 6,384 3,915
Total income 1,090,602,348 2,765,827 7,563,774 2,156,375 30,094,705 12,690,397 82,475,523
EXPENSES Investment Manager Fees 3b 54,686,170 165,942 429,051 106,930 717,193 410,238 4,622,762 Depositary, Administration and Transfer Agent fees 3a 14,565,290 26,969 123,886 15,795 329,772 145,602 1,302,697 Professional fees 3e 1,110,871 17,938 15,952 14,989 – 7,275 20,251 Taxe d'abonnement 4 487,725 – – – – – Securities lending expenses 4 2,952,870 9,307 4,390 372 72,469 18,739 359,241 Other expenses 3c 6,073,579 61,405 67,847 25,519 114,597 83,373 199,855 Waiver fee 3b (1,766,494) (17,484) (26,363) – (43,379) – (9)
Total expenses 78,110,011 264,077 614,763 163,605 1,190,652 665,227 6,504,797
NET INVESTMENT INCOME / (LOSS) 1,012,492,338 2,501,750 6,949,011 1,992,770 28,904,053 12,025,170 75,970,726
State Street Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
Combined Statement of Operations
The accompanying notes are an integral part of these financial statements.
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State Street Global Aggregate Bond Index Fund
State Street Japan Screened Index Equity Fund
State Street Switzerland Screened Index Equity Fund
State Street UK Screened Index Equity Fund
State Street US Screened Index Equity Fund
State Street EMU Screened Index Equity Fund
State Street Europe Screened Index Equity Fund USD JPY CHF GBP USD EUR EUR For the Year/Period ended 31 December 2025 Notes
INCOME Interest 2h 70,713,781 472,188 1,996 19,291 327,156 50,537 78,729 Dividends (net of withholding tax) 2h – 637,863,625 2,871,897 3,147,994 14,423,673 4,875,316 19,988,721 Securities lending income 10 729,287 25,608,603 58,689 1,551 8,992 25,264 130,089 Other income 31,491 – 25 – 11,008 1,485 611
Total income 71,474,559 663,944,416 2,932,607 3,168,836 14,770,829 4,952,602 20,198,150
EXPENSES Investment Manager Fees 3b 3,517,186 43,104,062 343,023 231,547 3,279,293 351,154 1,416,227 Depositary, Administration and Transfer Agent fees 3a 872,917 15,805,109 131,006 54,077 485,744 141,302 287,994 Professional fees 3e 12,047 3,632,902 14,004 13,436 17,758 34,253 23,021 Taxe d'abonnement 4 ––––––Securities lending expenses 4 182,321 6,402,151 14,672 388 2,248 6,316 32,523 Other expenses 3c 314,800 10,141,968 76,542 46,443 193,678 121,224 211,403 Waiver fee 3b – – (93,082) (23,140) (736) (182,843) (168,555)
Total expenses 4,899,271 79,086,192 486,165 322,751 3,977,985 471,406 1,802,613
NET INVESTMENT INCOME / (LOSS) 66,575,288 584,858,224 2,446,442 2,846,085 10,792,844 4,481,196 18,395,537
State Street Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
Combined Statement of Operations (continued)
The accompanying notes are an integral part of these financial statements.
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State Street Pacific Ex-Japan Screened Index Equity Fund
State Street World Screened Index Equity Fund
State Street World Universal Index Equity Fund (a)
State Street Global Emerging Markets Screened Index Equity Fund
State Street Flexible Asset Allocation Plus Fund
State Street Europe Value Spotlight Fund
State Street Eurozone Value Spotlight Fund USD USD USD USD EUR EUR EUR For the Year/Period ended 31 December 2025 Notes
INCOME Interest 2h 11,404 884,119 565,391 295,571 5,142,033 8,399 15,761 Dividends (net of withholding tax) 2h 2,985,540 71,840,031 48,262,231 25,073,275 29,776 853,688 1,690,927 Securities lending income 10 6,945 984,224 711,768 134,417 1,760 – Other income 22,283 43,476 43,429 104 149 780 777
Total income 3,026,172 73,751,850 49,582,819 25,503,367 5,173,718 862,867 1,707,465
EXPENSES Investment Manager Fees 3b 192,263 9,215,862 2,704,698 980,402 188,551 843 25,534 Depositary, Administration and Transfer Agent fees 3a 76,206 1,782,992 669,493 913,002 141,969 8,211 41,267 Professional fees 3e 12,897 1,229 31,131 35,743 19,218 15,886 18,225 Taxe d'abonnement 4 – – – –2 5,56 92 ,44 35 ,782 Securities lending expenses 4 1,737 246,056 177,942 33,605 440 – Other expenses 3c 76,243 960,504 1,451,189 198,335 39,432 41,992 82,697 Waiver fee 3b (80,308) (639,775) (536) (69,519) (7,447) (44,528) (96,214)
Total expenses 279,038 11,566,868 5,033,917 2,091,568 407,732 24,847 77,291
NET INVESTMENT INCOME / (LOSS) 2,747,134 62,184,982 44,548,902 23,411,799 4,765,986 838,020 1,630,174
(a) This Fund changed name during the year. Please refer to Note 13 for further details.
State Street Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
Combined Statement of Operations (continued)
The accompanying notes are an integral part of these financial statements.
State Street Global Advisors Luxembourg SICAV 46
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State Street US Value Spotlight Fund
State Street Asia Pacific Value Spotlight Fund
State Street Global Value Spotlight Fund
State Street Multi-Factor Global Equity Fund (a)
State Street Europe Screened Enhanced Equity Fund (a)
State Street North America Screened Enhanced Equity Fund (b),(a)
State Street Global Screened Enhanced Equity Fund (a) USD USD EUR USD EUR USD USD For the Year/Period ended 31 December 2025 Notes
INCOME Interest 2h 12,176 16,032 16,560 95,477 62,537 163,751 71,036 Dividends (net of withholding tax) 2h 400,517 2,383,974 1,011,705 7,401,133 10,771,922 2,524,873 2,926,963 Securities lending income 10 – – – 100,288 64,101 38,825 35,813 Other income 17,079 – 3 82 841 – 399
Total income 429,772 2,400,006 1,028,268 7,596,980 10,899,401 2,727,449 3,034,211
EXPENSES Investment Manager Fees 3b 4,784 337,125 9,517 91,680 1,128,895 745,180 434,864 Depositary, Administration and Transfer Agent fees 3a 2,988 78,110 23,814 179,389 154,791 65,677 75,227 Professional fees 3e 19,557 36,563 47,647 35,434 28,260 22,428 20,763 Taxe d'abonnement 4 3,521 8,264 4,653 43,736 41,884 17,043 22,167 Securities lending expenses 4 – – – 25,072 16,025 9,706 8,953 Other expenses 3c 32,097 42,141 43,074 59,381 83,025 137,438 41,428 Waiver fee 3b (6,468) (86,198) (73,628) – (6) (1,799) (7)
Total expenses 56,479 416,005 55,077 434,692 1,452,874 995,673 603,395
NET INVESTMENT INCOME / (LOSS) 373,293 1,984,001 973,191 7,162,288 9,446,527 1,731,776 2,430,816
(a) This Fund changed name during the year. Please refer to Note 13 for further details. (b) This Fund was liquidated during the year. Please refer to Note 13 for further details.
State Street Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
Combined Statement of Operations (continued)
The accompanying notes are an integral part of these financial statements.
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State Street Climate Transition Emerging Markets Enhanced Equity Fund (a)
State Street Emerging Markets Screened Enhanced Equity Fund (a)
State Street EMU Screened Equity Fund (a)
State Street Europe Small Cap Screened Equity Fund (a)
State Street Emerging Markets Small Cap Screened Equity Fund (a)
State Street Global Screened Managed Volatility Equity Fund (a)
State Street Global Screened Defensive Equity Fund (a) USD USD EUR EUR USD USD USD For the Year/Period ended 31 December 2025 Notes
INCOME Interest 2h 767,150 822,168 17,077 7,642 96,953 60,049 76,626 Dividends (net of withholding tax) 2h 26,070,740 22,785,180 980,524 764,937 8,669,924 5,944,355 3,837,208 Securities lending income 10 234,050 321,281 4,923 6,000 39,589 57,253 22,366 Other income – 56 979 968 24 10 329
Total income 27,071,940 23,928,685 1,003,503 779,547 8,806,490 6,061,667 3,936,529
EXPENSES Investment Manager Fees 3b 4,255,189 3,539,272 287,085 367,945 2,844,767 842,077 1,152,671 Depositary, Administration and Transfer Agent fees 3a 618,965 640,277 15,979 32,425 332,317 249,854 48,250 Professional fees 3e 55,607 52,098 37,335 19,787 65,517 28,605 18,418 Taxe d'abonnement 4 97,684 85,333 8,347 12,424 25,281 32,024 18,882 Securities lending expenses 4 58,512 80,320 1,231 1,500 9,898 14,313 5,591 Other expenses 3c 130,363 172,031 63,502 103,747 113,372 80,976 41,844 Waiver fee 3b – – (86,562) (133,051) – (99,999) –
Total expenses 5,216,320 4,569,331 326,917 404,777 3,391,152 1,147,850 1,285,656
NET INVESTMENT INCOME / (LOSS) 21,855,620 19,359,354 676,586 374,770 5,415,338 4,913,817 2,650,873
(a) This Fund changed name during the year. Please refer to Note 13 for further details.
State Street Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
Combined Statement of Operations (continued)
The accompanying notes are an integral part of these financial statements.
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State Street Global Treasury 1-10 Year Bond Index Fund
State Street Emerging Markets Local Currency Government Bond Index Fund
State Street Emerging Markets Opportunities Equity Fund
State Street Climate Transition US Corporate Bond Beta Fund (a)
State Street Climate Transition Euro Corporate Bond Beta Fund (a)
State Street Global High Yield Bond Screened Index Fund
State Street Emerging Markets Tilted Local Currency Government Bond Index Fund (a) USD USD USD USD EUR USD USD For the Year/Period ended 31 December 2025 Notes
INCOME Interest 2h 312,725,911 154,307,439 69,256 11,746,601 8,927,587 66,659,691 34,004,003 Dividends (net of withholding tax) 2h – (114,855) 595,692 – – – (95,211) Securities lending income 10 7,086,696 67,426 – 2,184 36,602 140,310 20,511 Other income 1,132 25,406 26,012 2,162 11,616 2,750 1,755
Total income 319,813,739 154,285,416 690,960 11,750,947 8,975,805 66,802,751 33,931,058
EXPENSES Investment Manager Fees 3b 8,482,172 3,291,706 359,254 446,900 527,694 863,114 303,524 Depositary, Administration and Transfer Agent fees 3a 3,578,370 326,083 42,464 73,245 117,494 649,174 349,721 Professional fees 3e 61,672 5,737 52,298 41,534 37,317 50,331 30,717 Taxe d'abonnement 4 – – 13,562 – – – Securities lending expenses 4 1,771,674 16,856 – 546 9,151 35,077 5,128 Other expenses 3c 411,347 260,268 49,431 37,475 42,131 52,865 58,847 Waiver fee 3b – – (80,463) – – – –
Total expenses 14,305,235 3,900,650 436,546 599,700 733,787 1,650,561 747,937
NET INVESTMENT INCOME / (LOSS) 305,508,504 150,384,766 254,414 11,151,247 8,242,018 65,152,190 33,183,121
(a) This Fund changed name during the year. Please refer to Note 13 for further details.
State Street Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
Combined Statement of Operations (continued)
The accompanying notes are an integral part of these financial statements.
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State Street US Opportunities Equity Fund (b)
State Street Climate Transition World Equity Beta Fund (a)
State Street Emerging Markets Hard Currency Government Bond Index Fund
State Street Emerging Markets Tilted Hard Currency Government Bond Index Fund (a)
State Street Global Climate Transition Equity Fund USD USD USD USD USD For the Year/Period ended 31 December 2025 Notes
INCOME Interest 2h 2,103 87,355 79,682,544 14,815,391 4,235 Dividends (net of withholding tax) 2h 1,655 6,769,278 – – 97,936 Securities lending income 10 – 40,322 92,897 19,693 Other income 261,468 154 299 571 1,948
Total income 265,226 6,897,109 79,775,740 14,835,655 104,119
EXPENSES Investment Manager Fees 3b 4,972 13,427 1,235,773 77,974 57,058 Depositary, Administration and Transfer Agent fees 3a – 202,967 671,419 28,923 1,186 Professional fees 3e 29,225 24,946 12,767 13,267 7,504 Taxe d'abonnement 4 – 68,531 – – 1,162 Securities lending expenses 4 – 10,080 23,224 4,923 Other expenses 3c 5,350 103,048 44,029 22,658 15,522 Waiver fee 3b 218,321 – – – (12,014)
Total expenses 257,868 422,999 1,987,212 147,745 70,418
NET INVESTMENT INCOME / (LOSS) 7,358 6,474,110 77,788,528 14,687,910 33,701
(a) This Fund changed name during the year. Please refer to Note 13 for further details. (b) This Fund was liquidated during the year. Please refer to Note 13 for further details.
State Street Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
Combined Statement of Operations (continued)
The accompanying notes are an integral part of these financial statements.
State Street Global Advisors Luxembourg SICAV 50
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Combined
State Street Euro Core Treasury Bond Index Fund
State Street EMU Government Bond Index Fund
State Street Euro Inflation Linked Bond Index Fund
State Street Euro Corporate Bond Screened Index Fund
State Street SRI Euro Corporate Bond Index Fund
State Street Global Treasury Bond Index Fund EUR EUR EUR EUR EUR EUR USD For the Year/Period ended 31 December 2025 Notes
Net assets at the beginning of the Year/Period 38,149,098,636 130,117,411 330,271,096 69,796,400 1,427,543,029 363,624,018 2,627,513,471
Net investment income/(loss) 1,012,492,338 2,501,750 6,949,011 1,992,770 28,904,053 12,025,170 75,970,726
Net realised gain/(loss) from: Investments 2c 1,186,935,752 (1,378,645) (1,396,746) (1,008,609) 2,080,465 (742,807) (41,851,236) Futures contracts 2e 122,443,495 – – – – – Currencies 2d 551,439,736 – – – 618,164 – 97,793,289
Net change in unrealised appreciation/(depreciation) on Investments 2c 2,522,727,474 (2,317,608) (3,933,856) (480,414) (9,151,023) 472,680 148,315,691 Futures contracts 2e 6,124,491 – – – – – Currencies 2d 6,680,293 (155) (9) 1 (6,020) (3,177) 900,821 Forward foreign exchange contracts 2g 128,067,990 – – – (4,703,191) – 16,518,498 Total Net increase/(decrease) in net assets resulting from operations 5,536,911,569 (1,194,658) 1,618,400 503,748 17,742,448 11,751,866 297,647,789
Subscriptions 13,400,755,927 11,375,545 39,669,628 6,611,572 177,809,518 133,007,021 3,645,891,224 Redemptions (16,491,142,530) (24,224,164) (37,886,790) (4,190,011) (975,940,422) (49,500,105) (2,363,752,968) Distributions 7 (279,531,109) (264,827) (104,172) – (3,349,608) (7,592,347) (4,181,049) Total Net increase/(decrease) in net assets from fund shares transaction (3,369,917,712) (13,113,446) 1,678,666 2,421,561 (801,480,512) 75,914,569 1,277,957,207
Total Increase/(decrease) in net assets 2,166,993,857 (14,308,104) 3,297,066 2,925,309 (783,738,064) 87,666,435 1,575,604,996 Currency Adjustment 8 (4,096,197,484) – – – – – –
Total Net Assets at the end of the Year/Period 36,219,895,009 115,809,307 333,568,162 72,721,709 643,804,965 451,290,453 4,203,118,467
State Street Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
Combined Statement of Changes in Net Assets
The accompanying notes are an integral part of these financial statements.
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State Street Global Aggregate Bond Index Fund
State Street Japan Screened Index Equity Fund
State Street Switzerland Screened Index Equity Fund
State Street UK Screened Index Equity Fund
State Street US Screened Index Equity Fund
State Street EMU Screened Index Equity Fund
State Street Europe Screened Index Equity Fund USD JPY CHF GBP USD EUR EUR For the Year/Period ended 31 December 2025 Notes
Net assets at the beginning of the Year/Period 2,219,666,367 31,696,133,680 140,546,974 90,999,809 1,763,098,608 156,227,175 673,722,444
Net investment income/(loss) 66,575,288 584,858,224 2,446,442 2,846,085 10,792,844 4,481,196 18,395,537
Net realised gain/(loss) from: Investments 2c (730,987) 1,495,040,655 4,139,135 5,802,229 188,216,769 4,263,586 57,499,412 Futures contracts 2e – 331,873,843 647,718 582,951 157,385 689,842 2,727,647 Currencies 2d 16,018,599 (2,844,420) (6,189) (41,525) 28,834,295 329,425 189,938
Net change in unrealised appreciation/(depreciation) on Investments 2c 120,111,454 4,736,585,407 14,355,405 10,493,481 76,905,518 25,471,919 34,515,587 Futures contracts 2e – (146,278) 130 13,545 65,550 8,190 114,924 Currencies 2d 986,865 123,652 (792) (483) (1,162) (2,037) 3,719 Forward foreign exchange contracts 2g 2,681,824 – – – 9,049,081 – Total Net increase/(decrease) in net assets resulting from operations 205,643,043 7,145,491,083 21,581,849 19,696,283 314,020,280 35,242,121 113,446,764
Subscriptions 344,410,033 3,588,949,040 47,240,696 14,361,003 595,521,455 31,129,367 76,511,979 Redemptions (293,456,030) (7,015,059,878) (59,255,851) (33,132,626) (825,941,269) (34,043,699) (234,211,894) Distributions 7 (6,447,210) (194,210,960) – – (1,212,281) (231,828) (5,923,116) Total Net increase/(decrease) in net assets from fund shares transaction 44,506,793 (3,620,321,798) (12,015,155) (18,771,623) (231,632,095) (3,146,160) (163,623,031)
Total Increase/(decrease) in net assets 250,149,836 3,525,169,285 9,566,694 924,660 82,388,185 32,095,961 (50,176,267) Currency Adjustment 8 – – – – – – –
Total Net Assets at the end of the Year/Period 2,469,816,203 35,221,302,965 150,113,668 91,924,469 1,845,486,793 188,323,136 623,546,177
State Street Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
Combined Statement of Changes in Net Assets (continued)
The accompanying notes are an integral part of these financial statements.
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State Street Pacific Ex-Japan Screened Index Equity Fund
State Street World Screened Index Equity Fund
State Street World Universal Index Equity Fund (a)
State Street Global Emerging Markets Screened Index Equity Fund
State Street Flexible Asset Allocation Plus Fund
State Street Europe Value Spotlight Fund
State Street Eurozone Value Spotlight Fund USD USD USD USD EUR EUR EUR For the Year/Period ended 31 December 2025 Notes
Net assets at the beginning of the Year/Period 75,111,188 5,146,905,101 3,088,660,404 859,472,776 208,195,195 18,638,685 39,558,958
Net investment income/(loss) 2,747,134 62,184,982 44,548,902 23,411,799 4,765,986 838,020 1,630,174
Net realised gain/(loss) from: Investments 2c 1,231,094 424,151,607 178,440,458 11,838,641 (49,611,483) 1,737,863 3,902,313 Futures contracts 2e 393,191 37,932,279 4,382,278 1,944,154 59,236,145 – Currencies 2d (659,187) 16,752,426 13,744,788 (5,250,403) (1,087,486) 9,135 (35,398)
Net change in unrealised appreciation/(depreciation) on Investments 2c 12,070,664 525,446,286 314,187,585 267,023,577 (183,648) 2,323,079 5,839,507 Futures contracts 2e 5,452 336,455 205,718 565,742 3,539,926 – Currencies 2d 12,486 360,645 111,368 89,125 (174,131) (26) (154) Forward foreign exchange contracts 2g – 7,447,379 3,236,965 – – – Total Net increase/(decrease) in net assets resulting from operations 15,800,834 1,074,612,059 558,858,062 299,622,635 16,485,309 4,908,071 11,336,442
Subscriptions 7,360,623 890,375,712 1,721,310,974 549,047,397 27,083,256 8,723,863 22,835,298 Redemptions (9,319,539) (1,694,589,662) (1,322,813,523) (374,738,600) (19,832,639) (4,172,805) (9,973,205) Distributions 7 (818,934) (4,924,360) – (5,086,076) – – Total Net increase/(decrease) in net assets from fund shares transaction (2,777,850) (809,138,310) 398,497,451 169,222,721 7,250,617 4,551,058 12,862,093
Total Increase/(decrease) in net assets 13,022,984 265,473,749 957,355,513 468,845,356 23,735,926 9,459,129 24,198,535 Currency Adjustment 8 – – – – – – –
Total Net Assets at the end of the Year/Period 88,134,172 5,412,378,850 4,046,015,917 1,328,318,132 231,931,121 28,097,814 63,757,493
(a) This Fund changed name during the year. Please refer to Note 13 for further details.
State Street Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
Combined Statement of Changes in Net Assets (continued)
The accompanying notes are an integral part of these financial statements.
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State Street US Value Spotlight Fund
State Street Asia Pacific Value Spotlight Fund
State Street Global Value Spotlight Fund
State Street Multi-Factor Global Equity Fund (a)
State Street Europe Screened Enhanced Equity Fund (a)
State Street North America Screened Enhanced Equity Fund (b),(a)
State Street Global Screened Enhanced Equity Fund (a) USD USD EUR USD EUR USD USD For the Year/Period ended 31 December 2025 Notes
Net assets at the beginning of the Year/Period 34,512,346 67,134,772 48,744,456 443,039,086 331,596,682 505,302,329 111,451,495
Net investment income/(loss) 373,293 1,984,001 973,191 7,162,288 9,446,527 1,731,776 2,430,816
Net realised gain/(loss) from: Investments 2c 2,049,037 7,148,021 4,882,551 94,265,203 16,829,530 223,284,218 9,853,591 Futures contracts 2e – – – 3,448,069 1,851,513 5,211,692 1,023,171 Currencies 2d (143) (1,192,805) (914,073) 3,780,451 288,284 (512,623) 953,378
Net change in unrealised appreciation/(depreciation) on Investments 2c 2,167,814 14,768,497 (815,587) (1,291,388) 41,652,990 (207,006,684) 28,953,103 Futures contracts 2e – – – 49,926 36,952 – 36,355 Currencies 2d (138) (1,278) 84 22,516 (3,033) 541 18,127 Forward foreign exchange contracts 2g – – (251,445) – – – Total Net increase/(decrease) in net assets resulting from operations 4,589,863 22,706,436 3,874,721 107,437,065 70,102,763 22,708,920 43,268,541
Subscriptions 8,427,489 15,604,884 6,866,389 141,803,113 18,624,642 62 127,170,297 Redemptions (10,598,514) (9,654,703) (12,920,578) (400,732,008) (1,554,367) (528,011,311) (38,865,942) Distributions 7 – – – (5,963,845) – – (4,389) Total Net increase/(decrease) in net assets from fund shares transaction (2,171,025) 5,950,181 (6,054,189) (264,892,740) 17,070,275 (528,011,249) 88,299,966
Total Increase/(decrease) in net assets 2,418,838 28,656,617 (2,179,468) (157,455,675) 87,173,038 (505,302,329) 131,568,507 Currency Adjustment 8 – – – – – – –
Total Net Assets at the end of the Year/Period 36,931,184 95,791,389 46,564,988 285,583,411 418,769,720 – 243,020,002
(a) This Fund changed name during the year. Please refer to Note 13 for further details. (b) This Fund was liquidated during the year. Please refer to Note 13 for further details.
State Street Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
Combined Statement of Changes in Net Assets (continued)
The accompanying notes are an integral part of these financial statements.
State Street Global Advisors Luxembourg SICAV 54
Page 58
State Street Climate Transition Emerging Markets Enhanced Equity Fund (a)
State Street Emerging Markets Screened Enhanced Equity Fund (a)
State Street EMU Screened Equity Fund (a)
State Street Europe Small Cap Screened Equity Fund (a)
State Street Emerging Markets Small Cap Screened Equity Fund (a)
State Street Global Screened Managed Volatility Equity Fund (a)
State Street Global Screened Defensive Equity Fund (a) USD USD EUR EUR USD USD USD For the Year/Period ended 31 December 2025 Notes
Net assets at the beginning of the Year/Period 885,871,070 668,091,103 28,104,694 22,555,568 307,735,715 220,791,577 117,785,361
Net investment income/(loss) 21,855,620 19,359,354 676,586 374,770 5,415,338 4,913,817 2,650,873
Net realised gain/(loss) from: Investments 2c 68,445,059 46,243,592 4,478,562 1,952,919 24,667,176 9,546,393 5,061,454 Futures contracts 2e 1,168,925 3,948,668 127,946 24,541 (169,140) 1,494,635 Currencies 2d (9,027,012) (6,216,687) (885) 60,490 (7,760,880) 13,657,527 456,833
Net change in unrealised appreciation/(depreciation) on Investments 2c 189,219,060 162,102,664 3,136,401 3,282,583 12,771,838 22,341,118 26,015,910 Futures contracts 2e 697,047 594,094 12,156 4,455 – 3,917 Currencies 2d 180,527 125,022 (38) (273) 49,714 7,017 23,674 Forward foreign exchange contracts 2g – – – – – 17,187 Total Net increase/(decrease) in net assets resulting from operations 272,539,226 226,156,707 8,430,728 5,699,485 34,974,046 51,981,611 34,208,744
Subscriptions 5,846,726 153,966,225 6,839,896 2,807,036 14,358,907 133,413,975 88,119,617 Redemptions (104,865,443) (75,419,679) (7,127,739) (4,018,590) (99,566,295) (32,917,110) (22,750,426) Distributions 7 – – (45,235) (35,004) – (421,992) Total Net increase/(decrease) in net assets from fund shares transaction (99,018,717) 78,546,546 (333,078) (1,246,558) (85,207,388) 100,074,873 65,369,191
Total Increase/(decrease) in net assets 173,520,509 304,703,253 8,097,650 4,452,927 (50,233,342) 152,056,484 99,577,935 Currency Adjustment 8 – – – – – – –
Total Net Assets at the end of the Year/Period 1,059,391,579 972,794,356 36,202,344 27,008,495 257,502,373 372,848,061 217,363,296
(a) This Fund changed name during the year. Please refer to Note 13 for further details.
State Street Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
Combined Statement of Changes in Net Assets (continued)
The accompanying notes are an integral part of these financial statements.
State Street Global Advisors Luxembourg SICAV 55
Page 59
State Street Global Treasury 1-10 Year Bond Index Fund
State Street Emerging Markets Local Currency Government Bond Index Fund
State Street Emerging Markets Opportunities Equity Fund
State Street Climate Transition US Corporate Bond Beta Fund (a)
State Street Climate Transition Euro Corporate Bond Beta Fund (a)
State Street Global High Yield Bond Screened Index Fund
State Street Emerging Markets Tilted Local Currency Government Bond Index Fund (a) USD USD USD USD EUR USD USD For the Year/Period ended 31 December 2025 Notes
Net assets at the beginning of the Year/Period 9,946,462,796 2,210,635,174 24,549,250 260,648,947 298,729,346 886,043,689 520,243,031
Net investment income/(loss) 305,508,504 150,384,766 254,414 11,151,247 8,242,018 65,152,190 33,183,121
Net realised gain/(loss) from: Investments 2c (969,875) (1,194,235) 1,832,082 (4,937,428) (650,376) (5,805,137) 148,867 Futures contracts 2e – – 241,852 – – – Currencies 2d 397,961,519 (6,218,710) (261,976) 6,892,190 (69,619) 32,965,298 (3,586,393)
Net change in unrealised appreciation/(depreciation) on Investments 2c 450,183,022 260,448,772 5,598,738 12,115,503 1,178,480 17,867,475 60,472,173 Futures contracts 2e – – 10,524 – – – Currencies 2d 2,095,321 2,040,290 3,618 (13) (1,638) 165,154 563,051 Forward foreign exchange contracts 2g 85,319,743 331,914 – 1,840,807 – 10,056,643 54,116 Total Net increase/(decrease) in net assets resulting from operations 1,240,098,234 405,792,797 7,679,252 27,062,306 8,698,865 120,401,623 90,834,935
Subscriptions 3,325,295,770 272,249,745 414,978 154,985,316 96,392,801 875,811,436 92,186,445 Redemptions (6,298,628,811) (554,493,292) (3,516,774) (110,724,731) (50,005,527) (800,299,216) (161,199,266) Distributions 7 (235,944,297) (165,901) – – (127,006) (13,387,951) Total Net increase/(decrease) in net assets from fund shares transaction (3,209,277,338) (282,409,448) (3,101,796) 44,260,585 46,260,268 62,124,269 (69,012,821)
Total Increase/(decrease) in net assets (1,969,179,104) 123,383,349 4,577,456 71,322,891 54,959,133 182,525,892 21,822,114 Currency Adjustment 8 – – – – – – –
Total Net Assets at the end of the Year/Period 7,977,283,692 2,334,018,523 29,126,706 331,971,838 353,688,479 1,068,569,581 542,065,145
(a) This Fund changed name during the year. Please refer to Note 13 for further details.
State Street Global Advisors Luxembourg SICAV Annual Report and Audited Financial Statements 2025
Combined Statement of Changes in Net Assets (continued)
The accompanying notes are an integral part of these financial statements.
State Street Global Advisors Luxembourg SICAV 56
Page 60
State Street US Opportunities Equity Fund (b)
State Street Climate Transition World Equity Beta Fund (a)
State Street Emerging Markets Hard Currency Government Bond Index Fund
State Street Emerging Markets Tilted Hard Currency Government Bond Index Fund (a)
State Street Global Climate Transition Equity Fund USD USD USD USD USD For the Year/Period ended 31 December 2025 Notes
Net assets at the beginning of the Year/Period 13,251,923 340,586,870 1,181,618,367 201,191,084 10,623,208
Net investment income/(loss) 7,358 6,474,110 77,788,528 14,687,910 33,701
Net realised gain/(loss) from:
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