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Condensed Interim Report and Unaudited Financial Statements for the financial period ended 30 April 2026
STATE STREET ICAV
An Irish collective asset-management vehicle constituted as an umbrella fund with segregated liability between funds with registration number C143488 under the laws of Ireland and authorised by the Central Bank of Ireland (the “Central Bank”) pursuant to the Irish Collective Asset-management Vehicles Act 2015 and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended)
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Organisation 2
General Information 3
Investment Manager’s Report 6
Statement of Comprehensive Income 19
Statement of Financial Position 26
Statement of Changes in Equity/Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 34
Statement of Cash Flows 41
Notes to the Financial Statements 48
Schedule of Investments
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Schedule of Material Portfolio Changes 151
Appendix I Investment in Collective Investment Schemes 178
STATE STREET ICAV
Sta t e S treet Emerging M ar k e ts ESG Screened Local Cur r ency Go v e r n ment Bond Inde x Fund
Sta t e S treet Emerging M ar k e ts ESG Screened Hard Cur r ency Go v e r n ment Bond Inde x F und
Sta t e S treet Global Alter n a t i v e B eta Fund
Sta t e S treet Global Equity Di v e r s ified I nde x Fund
Sta t e S treet Wo Wo r l d Q uality E quity Inde x Fund
Sta t e S treet Timewise 2025 Fund
Sta t e S treet Timewise 2030 Fund
Sta t e S treet Timewise 2035 Fund
Sta t e S treet Timewise 2040 Fund
Sta t e S treet Timewise 2045 Fund
Sta t e S treet Timewise 2050 Fund
Sta t e S treet Timewise 2055 Fund
Sta t e S treet Timewise 2060 Fund
Sta t e S treet Timewise 2065 Fund
Condensed Interim Report and Unaudited Financial Statements for the financial period ended 30 April 2026
Table of Contents
STATE STREET ICAV 1
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Investment Manager, Management Company and Global Distributor ( Investment Manager r , Management Company and Global Distributor r ) State Street Global Advisors Europe Limited 78 Sir John Rogerson’s Quay Dublin D02 HD32 Ireland
Directors Mr. Eric Linnane (Irish) Ms. Victoria Parry* (British) (resigned 2 January 2026) Mr. Terry O’Gara (Irish) (resigned 2 January 2026) Mr. Tom Coghlan* (Irish) (appointed 2 January 2026) Mr. Lim Siong Kwong (Benjamin) Lam Thuon Mine* (Luxembourgish) (appointed 2 January 2026) Ms. Barbara Healy* (Irish) (appointed 2 January 2026) Ms. Rebecca Bridger (British) (appointed 2 January 2026)
*Independent non-executive Director
Sub-Investment Manager State Street Global Advisors Limited 20 Churchill Place Canary Wharf London E14 5HJ United Kingdom
Legal Advisers in Ireland Matheson LLP 70 Sir John Rogerson’s Quay Dublin D02 R296 Ireland
Secretary Matsack Trust Limited 70 Sir John Rogerson’s Quay Dublin D02 R296 Ireland
Depositary State Street Custodial Services (Ireland) Limited 78 Sir John Rogerson’s Quay Dublin D02 HD32 Ireland
Administrator, Registrar and Transfer Agent State Street Fund Services (Ireland) Limited 78 Sir John Rogerson’s Quay Dublin D02 HD32 Ireland
Independent Auditors PricewaterhouseCoopers Chartered Accountants and Registered Auditors One Spencer Dock North Wall Quay Dublin D01 X9R7 Ireland
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements for the financial period ended 30 April 2026
Organisation
2 STATE STREET ICAV
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State Street ICAV (the “ICAV”) is an Irish collective asset-management vehicle constituted as an umbrella fund with segregated liability between sub-funds formed in Ireland on 14 August 2015 pursuant to the Irish Collective Asset-management Vehicles Act 2015 (“The ICAV Act”).
The ICAV has been authorised by the Central Bank of Ireland (the “Central Bank”), as an Undertaking for Collective Investment in Transferable Securities (“UCITS”) pursuant to the provisions of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, (as amended) and the Central Bank (Supervision and Enforcement) Act 2013 (section 48 (1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (as amended) (together the “UCITS Regulations”).
The ICAV is structured as an umbrella fund with segregated liability between sub-funds (each a “Sub-Fund”). As at 30 April 2026 the ICAV comprised of fourteen active sub-funds: State Street Emerging Markets ESG Screened Local Currency Government Bond Index Fund which launched on 24 April 2023, State Street Emerging Markets ESG Screened Hard Currency Government Bond Index Fund which launched on 20 June 2023, State Street Global Alternative Beta Fund which launched on 11 September 2024, Street Global Equity Diversified Index Fund which launched on 4 June 2025, State Street World Quality Equity Index Fund which launched on 5 August 2025 and the nine State Street Timewise (2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065) Sub-Funds, eight of which launched on 8 August 2019 and State Street Timewise 2065 which launched on 27 April 2026 (the “Sub-Funds”). State Street Global Advisors Europe Limited (the “Investment Manager”, “Management Company” and “Global Distributor”), is the Investment Manager, Management Company and Global Distributor, and State Street Global Advisors Limited (the “Sub-Investment Manager”) is the Sub-Investment Manager for the ICAV.
The portfolio of assets maintained for each series of shares and comprising a Sub-Fund will be invested in accordance with the investment objective and policies applicable to such Sub-Fund as specified in the relevant Supplement. Shares may be divided into different classes to accommodate different dividend policies, charges, fee arrangements (including different total expense ratios), currencies, projected retirement dates, or to provide for foreign exchange hedging in accordance with the policies and requirements of the Central Bank from time to time.
The base currency of State Street Emerging Markets ESG Screened Local Currency Government Bond Index Fund, State Street Emerging Markets ESG Screened Hard Currency Government Bond Index Fund, State Street Global Alternative Beta Fund, State Street Global Equity Diversified Index Fund and State Street World Quality Equity Index Fund is US Dollar (“USD”), and Euro (“EUR”) for the State Street Timewise (2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065) Sub-Funds (the “State Street Timewise Funds”).
Investment policies and objectives
State Street Emerging Markets ESG Screened Local Currency Government Bond Index Fund The objective of the Sub-Fund is to track the performance of the investible local currency denominated, emerging markets sovereign bonds universe.
The investment policy of the Sub-Fund is to track the performance of the Index (or any other index determined by the Directors from time to time to track substantially the same market as the Index) as closely as possible while seeking to minimise as far as possible the tracking difference between the Sub-Fund’s performance and that of the Index. The Index measures the performance of bonds issued by emerging market governments and denominated in the local currency of the issuer. The Index applies ESG screening methodology to exclude issuers based on an assessment of their adherence to certain ESG criteria including but not limited to United Nations Global Compact principles (international norms in relation to the environment, human rights & communities, labour rights & supply chains, customers and governance), and exposure to controversial weapons, tobacco, thermal coal and oil (including oil sands).
State Street Emerging Markets ESG Screened Hard Currency Government Bond Index Fund The objective of the Sub-Fund is to track the performance of the U.S. dollar-denominated emerging markets government bond universe.
The investment policy of the Sub-Fund is to track the performance of the Index (or any other index determined by the Directors from time to time to track substantially the same market as the Index) as closely as possible while seeking to minimise as far as possible the tracking difference between the Sub-Fund’s performance and that of the Index. The Index measures the performance of publicly issued U.S. dollar-denominated fixed and floating-rate debt instruments issued by emerging market sovereign and quasi-sovereign entities. The Index applies ESG screening methodology to exclude issuers based on an assessment of their adherence to certain ESG criteria including but not limited to United Nations Global Compact principles (international norms in relation to the environment, human rights & communities, labour rights & supply chains, customers and governance) and exposure to controversial weapons, tobacco, thermal coal and oil (including oil sands).
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements for the financial period ended 30 April 2026
General Information
STATE STREET ICAV 3
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State Street Global Alternative Beta Fund The investment objective of the Sub-Fund is to generate capital growth over the medium to long-term by implementing a strategy that seeks to approximate the returns of hedge funds as a broad asset class.
The investment policy of the Sub-Fund builds upon the theory that the returns of hedge funds, as a broad asset class, can be driven, to a large extent, by various market exposures that hedge funds generally pursue. The Sub-Fund will seek to approximate the returns of the hedge fund universe while attempting to minimize tracking error against the Index.
State Street Global Equity Diversified Index Fund The investment objective of the Sub-Fund is to track the performance of developed and emerging equity markets.
The investment policy of the Sub-Fund is to track the performance of the Index (or any other index determined by the Directors from time to time to track substantially the same market as the Index) as closely as possible while seeking to minimise as far as possible the tracking difference between the Sub-Fund’s performance and that of the Index.
State Street World Quality Equity Index Fund The investment objective of the Sub-Fund is to track the performance of global developed equity markets.
The investment policy of the Sub-Fund is to track the performance of the Index (or any other index determined by the Directors from time to time to track substantially the same market as the Index) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Sub-Fund’s performance and that of the Index.
State Street Timewise 2025 Fund The investment objective of the Sub-Fund is to provide a balance between capital growth and capital preservation through exposure to a broad range of asset classes.
The investment policy of the Sub-Fund is to invest in a long only diversified portfolio built through investments in Underlying Funds managed by the Investment Manager or its affiliates in accordance with a long term asset allocation strategy developed by SSGA for investments by retirement plans (the “Glidepath”). The Glidepath uses an asset allocation specified by a long term asset allocation strategy developed by the Investment Manager for investors with a projected retirement date on or about 2025. Five years after the target retirement date is when the de-risking glide path ceases, and the asset allocation (benchmark) becomes static. The State Street Timewise 2025 Fund will finish its glide in 2030.
State Street Timewise 2030 Fund The investment objective of the Sub-Fund is to provide a balance between capital growth and capital preservation through exposure to a broad range of asset classes.
The investment policy of the Sub-Fund is to invest in a long only diversified portfolio built through investments in Underlying Funds managed by the Investment Manager or its affiliates in accordance with the Glidepath. The Glidepath uses an asset allocation specified by a long term asset allocation strategy developed by the Investment Manager for investors with a projected retirement date on or about 2030.
State Street Timewise 2035 Fund The investment objective of the Sub-Fund is to provide a balance between capital growth and capital preservation through exposure to a broad range of asset classes.
The investment policy of the Sub-Fund is to invest in a long only diversified portfolio built through investments in Underlying Funds managed by the Investment Manager or its affiliates in accordance with the Glidepath. The Glidepath uses an asset allocation specified by a long term asset allocation strategy developed by the Investment Manager for investors with a projected retirement date on or about 2035.
State Street Timewise 2040 Fund The investment objective of the Sub-Fund is to provide a balance between capital growth and capital preservation through exposure to a broad range of asset classes.
The investment policy of the Sub-Fund is to invest in a long only diversified portfolio built through investments in Underlying Funds managed by the Investment Manager or its affiliates in accordance with the Glidepath. The Glidepath uses an asset allocation specified by a long term asset allocation strategy developed by the Investment Manager for investors with a projected retirement date on or about 2040.
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements for the financial period ended 30 April 2026
General Information (continued)
4 STATE STREET ICAV
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State Street Timewise 2045 Fund The investment objective of the Sub-Fund is to provide a balance between capital growth and capital preservation through exposure to a broad range of asset classes.
The investment policy of the Sub-Fund is to invest in a long only diversified portfolio built through investments in Underlying Funds managed by the Investment Manager or its affiliates in accordance with the Glidepath. The Glidepath uses an asset allocation specified by a long term asset allocation strategy developed by the Investment Manager for investors with a projected retirement date on or about 2045.
State Street Timewise 2050 Fund The investment objective of the Sub-Fund is to provide a balance between capital growth and capital preservation through exposure to a broad range of asset classes.
The investment policy of the Sub-Fund is to invest in a long only diversified portfolio built through investments in Underlying Funds managed by the Investment Manager or its affiliates in accordance with the Glidepath. The Glidepath uses an asset allocation specified by a long term asset allocation strategy developed by the Investment Manager for investors with a projected retirement date on or about 2050.
State Street Timewise 2055 Fund The investment objective of the Sub-Fund is to provide a balance between capital growth and capital preservation through exposure to a broad range of asset classes.
The investment policy of the Sub-Fund is to invest in a long only diversified portfolio built through investments in Underlying Funds managed by the Investment Manager or its affiliates in accordance with the Glidepath. The Glidepath uses an asset allocation specified by a long term asset allocation strategy developed by the Investment Manager for investors with a projected retirement date on or about 2055.
State Street Timewise 2060 Fund The investment objective of the Sub-Fund is to provide a balance between capital growth and capital preservation through exposure to a broad range of asset classes.
The investment policy of the Sub-Fund is to invest in a long only diversified portfolio built through investments in Underlying Funds managed by the Investment Manager or its affiliates in accordance with the Glidepath. The Glidepath uses an asset allocation specified by a long term asset allocation strategy developed by the Investment Manager for investors with a projected retirement date on or about 2060.
State Street Timewise 2065 Fund* The investment objective of the Sub-Fund is to provide a balance between capital growth and capital preservation through exposure to a broad range of asset classes.
The investment policy of the Sub-Fund is to invest in a long only diversified portfolio built through investments in Underlying Funds managed by the Investment Manager and/or Sub-Investment Manager or their affiliates in accordance with the asset allocation specified by the Glidepath (as set out below) for investors with a projected retirement date on or about 2065. * The Sub-Fund launched on 27 April 2026.
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements for the financial period ended 30 April 2026
General Information (continued)
STATE STREET ICAV 5
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State Street Emerging Markets ESG Screened Local Currency Government Bond Index Fund
Market Review
Overall, Emerging Market (the EM ) local currency sovereign debt returned 3.34% (in USD terms) for the period under review (1 November 2025 – 30 April 2026), as measured by the JP Morgan GBI-EM Global Diversified Index.
EM debt delivered a strong overall performance over the review period, supported by solid macroeconomic fundamentals, easing inflation, stronger growth relative to Developed Market (the DM ), and generally favorable global liquidity conditions. However, the period was not uniform, with rising geopolitical tensions - particularly in the Middle East - leading to periods of market volatility, higher energy prices, and temporary pressure on the EM assets. A weaker US dollar for much of the period, along with still-attractive real yields, supported demand for local currency bonds, while spreads on hard currency debt moved to relatively tight levels. Overall, differences in country fundamentals and policy discipline became more important in explaining performance.
Global conditions were initially supportive, with steady growth and accommodative policy signals helping sentiment toward EM assets. A relative stabilization in US - China trade relations, alongside stronger intra-Asia trade, helped reduce pressure on supply chains and supported export activity across several EM economies. Progress on regional trade agreements also supported confidence, although tariff pressures on countries such as India and Brazil persisted and continued to act as a headwind for trade outlooks. Inflation trends improved across many EM economies, supported initially by lower food and energy prices and subsequently by stable domestic demand and generally credible policy frameworks; however, inflation risks re-emerged later in the period as rising oil prices - driven by geopolitical tensions, particularly in the Middle East - began to exert upward pressure on prices and inflation expectations. Monetary policy played a key role in shaping market outcomes. Within EM, some central banks were able to lower rates, while others remained cautious. As external risks increased and energy prices moved higher, policy paths began to diverge, reflecting differences in inflation pressures, external balances, and domestic conditions.
Geopolitical developments became a more important driver of markets, contributing to higher volatility and greater differences across countries. Rising tensions involving the US, Israel, and Iran, along with military actions in the region, increased concerns about broader conflict and risks to key energy supply routes such as the Strait of Hormuz. The resulting rise in oil prices pushed up inflation expectations, tightened financial conditions, and weighed on EM assets, particularly in energy-importing economies. At the same time, developments in Venezuela led to a reassessment of sovereign risk, with bond markets responding to expectations of improved oil revenues and the possibility of debt restructuring. Trade uncertainty also remained a factor, as changes in US policy created limited visibility on the future direction of global trade. Against this backdrop, performance differences across countries widened. Commodity-exporting economies generally benefited from higher energy prices, while importers faced renewed inflation pressures and weaker external balances. Political developments also influenced markets, including elections, leadership changes, and varying degrees of policy stability across regions. Fiscal trends remained uneven, with China and some Asian economies providing policy support to sustain growth, while parts of Latin America and Eastern Europe faced tighter fiscal conditions and higher borrowing costs.
Sub-Fund Performance As of: 30 April 2026
Please note that the EUR version of the State Street Emerging Markets ESG Screened Local Currency Government Bond Index Fund is the only funded share class for this Sub-Fund. The Sub-Fund’s base currency is USD however the client’s base currency is EUR. Since the client reports and the Sub-Fund NAV are generated in EUR, we are attributing the tracking difference for the EUR share class.
Period
(Cumulative - Gross of Fees in EUR terms)
(Cumulative - Net of Fees in EUR terms) Sub-Fund Bench Diff Sub-Fund Bench Diff 6 Months 1.39 1.45 -0.06 1.34 1.45 -0.11 Tracking Error (1 year) 0.20
The Sub-Fund (EUR share class) underperformed the Index (Gross, in EUR terms) by -6 bps over the Reporting Period. Detraction to performance over the Reporting Period was primarily driven by taxes, including withholding and accrued capital gains taxes and rebates, which together contributed approximately -13 bps. These were largely associated with holdings in Indonesia, Brazil, and Colombia. The Sub-Fund’s NAV had a reversal of +6.2 bps from India in taxes, which reflects a conservative accrual of 20% WHT when Irish-domiciled Sub-Funds are only liable for 10%. The Sub-Fund’s first tax return for India was processed on the November 4th, wherein it was first confirmed that the Sub-Fund’s WHT for India should be 10% instead of 20%. In addition, fees charged to the Sub-Fund are reflected in its gross performance, contributing around -10 bps per annum (or approximately -2.5 bps per quarter). From a sampling perspective, the portfolio remained closely aligned with the benchmark along key risk dimensions. The impact from trading costs was negligible.
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements for the financial period ended 30 April 2026
Investment Managers’ Report
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State Street Emerging Markets ESG Screened Local Currency Government Bond Index Fund (continued)
Sub-Fund Performance (continued)
The remaining tracking difference was mainly attributable to pricing and interest accrual discrepancies between JP Morgan’s official Index and our internal performance attribution system, as well as differences in THB FX rates (offshore versus onshore sources). Pricing difference tends to reverse in over time. The Sub-Fund’s AUM increased from USD 900.1 million to USD 920.4 million during the period.
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements for the financial period ended 30 April 2026
Investment Managers’ Report (continued)
STATE STREET ICAV 7
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State Street Emerging Markets ESG Screened Hard Currency Government Bond Index Fund
Market Review
Overall, EM hard currency sovereign debt returned 2.72% (in USD terms) for the period under review (1 November 2025 – 30 April 2026), as measured by the JP Morgan EMBI Global Diversified Index.
EM debt delivered a strong overall performance over the review period, supported by solid macroeconomic fundamentals, easing inflation, stronger growth relative to DM, and generally favorable global liquidity conditions. However, the period was not uniform, with rising geopolitical tensions - particularly in the Middle East - leading to periods of market volatility, higher energy prices, and temporary pressure on EM assets. A weaker US dollar for much of the period, along with still-attractive real yields, supported demand for local currency bonds, while spreads on hard currency debt moved to relatively tight levels. Overall, differences in country fundamentals and policy discipline became more important in explaining performance.
Global conditions were initially supportive, with steady growth and accommodative policy signals helping sentiment toward EM assets. A relative stabilization in US - China trade relations, alongside stronger intra-Asia trade, helped reduce pressure on supply chains and supported export activity across several EM economies. Progress on regional trade agreements also supported confidence, although tariff pressures on countries such as India and Brazil persisted and continued to act as a headwind for trade outlooks. Inflation trends improved across many EM economies, supported initially by lower food and energy prices and subsequently by stable domestic demand and generally credible policy frameworks; however, inflation risks re-emerged later in the period as rising oil prices—driven by geopolitical tensions, particularly in the Middle East - began to exert upward pressure on prices and inflation expectations. Monetary policy played a key role in shaping market outcomes. Within EM, some central banks were able to lower rates, while others remained cautious. As external risks increased and energy prices moved higher, policy paths began to diverge, reflecting differences in inflation pressures, external balances, and domestic conditions.
Geopolitical developments became a more important driver of markets, contributing to higher volatility and greater differences across countries. Rising tensions involving the US, Israel, and Iran, along with military actions in the region, increased concerns about broader conflict and risks to key energy supply routes such as the Strait of Hormuz. The resulting rise in oil prices pushed up inflation expectations, tightened financial conditions, and weighed on EM assets, particularly in energy-importing economies. At the same time, developments in Venezuela led to a reassessment of sovereign risk, with bond markets responding to expectations of improved oil revenues and the possibility of debt restructuring. Trade uncertainty also remained a factor, as changes in US policy created limited visibility on the future direction of global trade. Against this backdrop, performance differences across countries widened. Commodity-exporting economies generally benefited from higher energy prices, while importers faced renewed inflation pressures and weaker external balances. Political developments also influenced markets, including elections, leadership changes, and varying degrees of policy stability across regions. Fiscal trends remained uneven, with China and some Asian economies providing policy support to sustain growth, while parts of Latin America and Eastern Europe faced tighter fiscal conditions and higher borrowing costs.
Sub-Fund Performance As of: 30 April 2026
Period
(Cumulative - Gross of Fees in EUR terms)
(Cumulative - Net of Fees in EUR terms) Sub-Fund Bench Diff Sub-Fund Bench Diff 6 Months -0.04 -0.13 0.09 -0.07 -0.13 0.06 Tracking Error (1 Year) 0.11
The Sub-Fund (EUR share class) outperformed the Index (Gross, in EUR terms) by +9 bps over the Reporting Period.
Contribution to the performance outcome over the Reporting Period majorly came from sampling effects (+7.2 bps). Key sampling contributors were Colombia, Indonesia and South Africa. These contributions were partially offset by detractions from El Salvador and Kenya. The residual tracking difference was a result of pricing differences due to the interest accrual differences between JP Morgan’s official Index and our internal performance attribution system. Pricing differences tend to reverse in future. The Sub-Fund’s AUM increased from USD 1,136.0 million to USD 1,178.0 million during the period.
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements for the financial period ended 30 April 2026
Investment Managers’ Report (continued)
8 STATE STREET ICAV
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State Street Global Alternative Beta Fund
Market Review
Global economic conditions remained broadly resilient from late 2025 into early 2026, though momentum gradually moderated over time. Growth was initially supported by strong services activity and improving manufacturing conditions, alongside easing inflation that allowed central banks to shift toward a more accommodative stance.
Entering 2026, growth dynamics became more uneven across regions. The US economy showed signs of cooling but remained fundamentally stable, supported by still resilient consumption and contained inflation. Labor markets softened gradually through weaker hiring rather than sharp job losses, suggesting a controlled late-cycle adjustment. Europe and parts of Asia displayed mixed momentum, with pockets of improvement in manufacturing and exports offset by softer services activity. Monetary policy paths increasingly diverged, with some central banks leaning toward easing while others maintained tighter stances amid persistent inflation concerns. While global disinflation trends continued, price pressures remained uneven, particularly across energy and services components, reinforcing a cautious and data-dependent policy approach.
As 2026 progressed, geopolitical developments, particularly escalating tensions in the Middle East, emerged as a key macro driver. The resulting increase in energy prices pushed headline inflation higher and weighed on business confidence and growth expectations. However, the inflation shock remained largely energy-driven and relatively contained, with limited evidence of broad-based second-round effects across wages or core prices. Despite these headwinds, underlying economic resilience persisted. Manufacturing activity remained supported by structural investment trends including infrastructure, defence, and technology, while services activity moderated but did not collapse. Labor markets adjusted gradually, primarily through slower hiring and moderating wages, rather than rising unemployment, indicating a measured slowdown rather than a sharp contraction. Central banks broadly responded with caution, recognizing that energy-led inflation pressures were less responsive to higher interest rates. Policy stances therefore remained patient, balancing downside growth risks against the need to anchor inflation expectations. This environment contributed to periods of market volatility, particularly across rates, equities, and commodities.
Overall, the macroeconomic backdrop evolved from a disinflationary recovery phase into a more complex late-cycle environment. Growth moderated, inflation risks remained contained but sensitive to external shocks, and geopolitical uncertainty became a more prominent driver of outcomes. While risks increased, the global economy continued to demonstrate resilience, with no indication of a disorderly downturn.
Looking ahead, the balance between moderating growth and evolving inflation dynamics remains critical for asset allocation decisions. Markets are increasingly sensitive to incremental data on labour trends, inflation, and policy signals, which will shape expectations for the timing and pace of future easing cycles. Continued geopolitical uncertainty may also drive episodic volatility, particularly through energy and commodity channels. At the same time, the absence of broad-based financial stress, combined with resilient corporate earnings and stable financial conditions, supports the view of a controlled late-cycle slowdown rather than a recessionary contraction. This reinforces a base case of gradual normalization in growth and inflation, with policy flexibility remaining key to navigating evolving macroeconomic risks.
Overall conditions suggest that while volatility may persist, underlying fundamentals remain sufficiently robust to support continued economic stability in the near-term horizon.
During the period ending April 30, 2026, the State Street Global Alternative Beta Fund (the “Sub-Fund”) (I USD Acc share class) returned 4.36% (gross of fees) versus the benchmark return of 3.13%. The Sub-Fund outperformed it’s benchmark by 1.23%.
The top positive contributors to the Sub-Funds’ total performance during the Reporting Period were: • US Small Cap • Commodities • Global ex US Equities • EM Equities • US Large Cap Equities
The main detractor to the Sub-Funds’ total performance during the Reporting Period was: • US Treasuries
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements for the financial period ended 30 April 2026
Investment Managers’ Report (continued)
STATE STREET ICAV 9
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State Street Global Alternative Beta Fund (continued)
Sub-Fund Performance As of: 30 April 2026
Period (Cumulative - Gross of Fees) (Cumulative - Net of Fees) Sub-Fund Bench Diff Sub-Fund Bench Diff 6 months 4.36 3.13 1.23 4.18 3.13 1.05 Tracking Error (1 Year) 2.10
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements for the financial period ended 30 April 2026
Investment Managers’ Report (continued)
10 STATE STREET ICAV
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State Street Global Equity Diversified Index Fund
Market Review
Global equities delivered a positive but highly volatile performance over the six-month period, with the MSCI ACWI Index rising 7.75%, masking a sharp mid-period drawdown and a strong subsequent recovery.
The period began on a steady footing in late 2025, with markets broadly supported by easing inflationary pressures, softer energy prices, and a gradual shift toward more accommodative monetary policy expectations. Despite persistent geopolitical tensions and a historic US government shutdown, investor sentiment remained resilient, allowing equities to grind higher into year-end.
Momentum carried into early 2026, with January marking a continuation of the risk-on environment. Importantly, market leadership broadened beyond the US mega-cap cohort, which had dominated the prior year. While geopolitical developments, including US actions in Venezuela and renewed trade frictions across Europe and Asia introduced intermittent volatility, the overall tone remained constructive as global growth expectations stayed intact.
By February, however, market dynamics became more uneven, reflecting increased volatility in mega-cap technology names amid A.I.-driven repricing and episodic risk-off sentiment. In contrast, non-US DM exhibited relatively stronger and more balanced performance. Japan benefited from political stability following a decisive snap election, while Europe’s value-tilted and industrial-heavy composition provided resilience against weakness in global software stocks. Commodity-linked markets such as Australia and Canada were supported by strength in financials, energy, and resources. EM outperformed over this phase, driven by Asia’s role in semiconductor and A.I. supply chains, alongside support from firm commodity prices in Latin America and comparatively lower exposure to software sector headwinds.
Conditions shifted more materially in March, ending the first quarter in a sharp drawdown. Risk sentiment deteriorated amid a surge in energy prices driven by an escalation of geopolitical tensions in the Middle East, which disrupted key supply routes and intensified inflation concerns. At the same time, global monetary policy expectations were reassessed, with higher-for-longer rate concerns weighing on equity valuations. While underlying economic activity remained broadly resilient, growth showed signs of moderation, with business confidence softening and labour market conditions easing marginally toward quarter-end. Rising input costs further pressured margins, contributing to weaker market sentiment.
The weakness proved short-lived. In April, global equities staged a sharp and broad-based rebound, with the ACWI index reaching new highs for the period. Markets looked through elevated geopolitical risks, including continued disruption in the Strait of Hormuz and oil prices remaining above USD 110 per barrel. Investor focus shifted decisively back to fundamentals, supported by a robust US earnings season and supportive central bank signals. The recovery underscored a notable decoupling between equity markets and energy price volatility, with investors prioritizing earnings resilience and structural growth themes.
From a sector perspective, Energy was the largest outperformer, followed by Materials, Industrials and Utilities. Meanwhile, Consumer Discretionary, Health Care and Financials underperformed the most.
At a factor level, Value was the top-performer, followed by Momentum. Both, Quality and Size were moderately positive, while Low Volatility lagged the broader market.
In the Reporting Period, the Sub-Fund (B USD Acc share class) returned 10.62% on a gross of fees basis (in USD) while the benchmark returned 10.78%. The Sub-Fund underperformed its benchmark by 16 bps. Most of the underperformance can be attributed to futures exposure.
Sub-Fund Performance As of: 30 April 2026
Period
(Cumulative - Gross of Fees) (Cumulative - Net of Fees) Sub-Fund Bench Diff Sub-Fund Bench Diff 6 months 10.62 10.78 -0.16 10.57 10.78 -0.21 Tracking Error (1 Year) N/A
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements for the financial period ended 30 April 2026
Investment Managers’ Report (continued)
STATE STREET ICAV 11
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State Street World Quality Equity Index Fund
Market Review
Global equities delivered a positive but highly volatile performance over the six-month period, with the MSCI World Index rising 6.95%, masking a sharp mid-period drawdown and a strong subsequent recovery.
The period began on a steady footing in late 2025, with markets broadly supported by easing inflationary pressures, softer energy prices, and a gradual shift toward more accommodative monetary policy expectations. Despite persistent geopolitical tensions and a historic US government shutdown, investor sentiment remained resilient, allowing equities to grind higher into year-end.
Momentum carried into early 2026, with January marking a continuation of the risk-on environment. Importantly, market leadership broadened beyond the US mega-cap cohort, which had dominated the prior year. While geopolitical developments, including US actions in Venezuela and renewed trade frictions across Europe and Asia introduced intermittent volatility, the overall tone remained constructive as global growth expectations stayed intact.
By February, however, market dynamics became more uneven, reflecting increased volatility in mega-cap technology names amid A.I.-driven repricing and episodic risk-off sentiment. In contrast, non-US DM exhibited relatively stronger and more balanced performance. Japan benefited from political stability following a decisive snap election, while Europe’s value-tilted and industrial-heavy composition provided resilience against weakness in global software stocks. Commodity-linked markets such as Australia and Canada were supported by strength in financials, energy, and resources.
Conditions shifted more materially in March, ending the first quarter in a sharp drawdown. Risk sentiment deteriorated amid a surge in energy prices driven by an escalation of geopolitical tensions in the Middle East, which disrupted key supply routes and intensified inflation concerns. At the same time, global monetary policy expectations were reassessed, with higher-for-longer rate concerns weighing on equity valuations. While underlying economic activity remained broadly resilient, growth showed signs of moderation, with business confidence softening and labour market conditions easing marginally toward quarter-end. Rising input costs further pressured margins, contributing to weaker market sentiment.
The weakness proved short-lived. In April, global equities staged a sharp and broad-based rebound, as markets looked through elevated geopolitical risks, including continued disruption in the Strait of Hormuz and oil prices remaining above USD 110 per barrel. Investor focus shifted decisively back to fundamentals, supported by a robust US earnings season and supportive central bank signals. The recovery underscored a notable decoupling between equity markets and energy price volatility, with investors prioritizing earnings resilience and structural growth themes.
From a sector perspective, Energy was the largest outperformer, followed by Materials, Industrials, Communication Services and Utilities. Meanwhile, Consumer Discretionary, Information Technology and Health Care were the largest detractors.
Quality factor performed in line with the broader market, with a modest outperformance of 18 bps.
In the Reporting Period, the Sub-Fund (I USD Acc share class) returned 6.95% on a gross of fees basis (in USD), while the benchmark 7.01%. The Sub-Fund underperformed its benchmark by 6 bps. Majority of the underperformance is attributable to security mis-weights and transaction costs.
Sub-Fund Performance As of: 30 April 2026
Period (Cumulative - Gross of Fees) (Cumulative - Net of Fees) Sub-Fund Bench Diff Sub-Fund Bench Diff 6 months 6.95 7.01 -0.06 6.85 7.01 -0.16 Tracking Error (1 Year) N/A
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements for the financial period ended 30 April 2026
Investment Managers’ Report (continued)
12 STATE STREET ICAV
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State Street ICAV - Euro Timewise Funds
Market Review
Global economic conditions remained broadly resilient from late 2025 into early 2026, though momentum gradually moderated over time. Growth was initially supported by strong services activity and improving manufacturing conditions, alongside easing inflation that allowed central banks to shift toward a more accommodative stance.
Entering 2026, growth dynamics became more uneven across regions. The US economy showed signs of cooling but remained fundamentally stable, supported by still resilient consumption and contained inflation. Labor markets softened gradually through weaker hiring rather than sharp job losses, suggesting a controlled late-cycle adjustment. Europe and parts of Asia displayed mixed momentum, with pockets of improvement in manufacturing and exports offset by softer services activity. Monetary policy paths increasingly diverged, with some central banks leaning toward easing while others maintained tighter stances amid persistent inflation concerns. While global disinflation trends continued, price pressures remained uneven, particularly across energy and services components, reinforcing a cautious and data-dependent policy approach.
As 2026 progressed, geopolitical developments, particularly escalating tensions in the Middle East, emerged as a key macro driver. The resulting increase in energy prices pushed headline inflation higher and weighed on business confidence and growth expectations. However, the inflation shock remained largely energy-driven and relatively contained, with limited evidence of broad-based second-round effects across wages or core prices. Despite these headwinds, underlying economic resilience persisted. Manufacturing activity remained supported by structural investment trends including infrastructure, defense, and technology, while services activity moderated but did not collapse. Labor markets adjusted gradually, primarily through slower hiring and moderating wages, rather than rising unemployment, indicating a measured slowdown rather than a sharp contraction. Central banks broadly responded with caution, recognizing that energy-led inflation pressures were less responsive to higher interest rates. Policy stances therefore remained patient, balancing downside growth risks against the need to anchor inflation expectations. This environment contributed to periods of market volatility, particularly across rates, equities, and commodities.
Overall, the macroeconomic backdrop evolved from a disinflationary recovery phase into a more complex late-cycle environment. Growth moderated, inflation risks remained contained but sensitive to external shocks, and geopolitical uncertainty became a more prominent driver of outcomes. While risks increased, the global economy continued to demonstrate resilience, with no indication of a disorderly downturn.
Looking ahead, the balance between moderating growth and evolving inflation dynamics remains critical for asset allocation decisions. Markets are increasingly sensitive to incremental data on labor trends, inflation, and policy signals, which will shape expectations for the timing and pace of future easing cycles. Continued geopolitical uncertainty may also drive episodic volatility, particularly through energy and commodity channels. At the same time, the absence of broad-based financial stress, combined with resilient corporate earnings and stable financial conditions, supports the view of a controlled late-cycle slowdown rather than a recessionary contraction. This reinforces a base case of gradual normalization in growth and inflation, with policy flexibility remaining key to navigating evolving macroeconomic risks.
Overall conditions suggest that while volatility may persist, underlying fundamentals remain sufficiently robust to support continued economic stability in the near-term horizon.
Sub-Fund Performance As of: 30 April 2026
Sub-Fund Sub-Fund Return (%) Gross of Fees
Sub-Fund Return (%) Net of Fees State Street Timewise 2025 Fund 2.46 2.26 State Street Timewise 2030 Fund 3.54 3.33 State Street Timewise 2035 Fund 4.50 4.29 State Street Timewise 2040 Fund 5.63 5.42 State Street Timewise 2045 Fund 6.30 6.09 State Street Timewise 2050 Fund 6.36 6.15 State Street Timewise 2055 Fund 6.35 6.14 State Street Timewise 2060 Fund 6.36 6.15 State Street Timewise 2065 Fund* 0.07 0.07
*Sub-Fund launched on 27 April 2026.
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements for the financial period ended 30 April 2026
Investment Managers’ Report (continued)
STATE STREET ICAV 13
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State Street ICAV - Euro Timewise Funds (continued)
State Street Timewise 2025 Fund
During the Reporting Period, the Sub-Fund returned 2.46% on a gross of fees basis. Majority of the underlying funds contributed positively to total performance.
The top Contributors to the Sub-Funds’ total performance during the Reporting Period were: • DM Equities contributed significantly as easing inflation, resilient earnings and policy shifts supported value rotation, followed by strong technology and A.I.-driven gains. • Absolute Returns Component (The State Street Flexible Asset Allocation Fund) contributed positively as the underlying exposure to equity market and commodities contributed, supported by heightened volatility, shifting rate expectations and cross-asset dispersion, enabling diversified strategies to capture market opportunities. • Multi-Factor Global Equity contributed positively as factor leadership broadened, with value and cyclical exposures outperforming and supporting returns across regions and sectors. • EM Equities contributed gains as semiconductor and commodity exposure supported returns, partly offset by stronger US dollar, geopolitical risks and uneven growth. • EM, High Yield and Inflation-linked exposures were flat as commodity strength and carry were offset by stronger US dollar, tighter conditions, geopolitical risks, and rate volatility.
The top Detractors to the Sub-Fund’s total performance during the Reporting Period were: • US Corporate Bonds detracted as higher yields, geopolitical risks and inflation concerns drove rate repricing, rising term premia and wider spreads, outweighing stable fundamentals. • Euro Climate Bond and Euro Corporate Bond exposures detracted as weaker growth, energy shocks and inflation uncertainty drove higher yields, volatility and negative bond performance.
Within Target Volatility Trigger (the “TVT”) strategies (is a transparent process that aims to target a level of volatility as well as provide some protection against significant equity market falls), the DM equity and the EM equity TVT strategies entered the Reporting Period targeting 100% exposure to equities with no change in exposure up to March 2026. As the forecasted volatility increased and breached the target volatility level in March 2026, only the EM equity TVT strategies were de-risked with equities exposure closing 69% exposure to the EM equities by the end of Reporting Period.
State Street Timewise 2030 Fund
During the Reporting Period, the Sub-Fund returned 3.54% on a gross of fees basis. Majority of the underlying funds contributed positively to total performance.
The top Contributors to the Sub-Funds’ total performance during the Reporting Period were: • DM Equities contributed significantly as easing inflation, resilient earnings and policy shifts supported value rotation, followed by strong technology and A.I.-driven gains. • Absolute Returns Component (The State Street Flexible Asset Allocation Fund) contributed positively as the underlying exposure to equity market and commodities contributed, supported by heightened volatility, shifting rate expectations and cross-asset dispersion, enabling diversified strategies to capture market opportunities. • Multi-Factor Global Equity contributed positively as factor leadership broadened, with value and cyclical exposures outperforming and supporting returns across regions and sectors. • EM Equities contributed gains as semiconductor and commodity exposure supported returns, partly offset by stronger US dollar, geopolitical risks and uneven growth. • EM Debt, High Yield and Inflation-linked exposures were flat as commodity strength and carry were offset by stronger US dollar, tighter conditions, geopolitical risks, and rate volatility.
The top Detractors to the Sub-Fund’s total performance during the Reporting Period were: • US Corporate Bonds detracted as higher yields, geopolitical risks and inflation concerns drove rate repricing, rising term premia and wider spreads, outweighing stable fundamentals. • Euro Climate Bond and Euro Corporate Bond exposures detracted as weaker growth, energy shocks and inflation uncertainty drove higher yields, volatility and negative bond performance.
Within Target Volatility Trigger (the “TVT”) strategies (is a transparent process that aims to target a level of volatility as well as provide some protection against significant equity market falls), the DM equity and the EM equity TVT strategies entered the Reporting Period targeting 100% exposure to equities with no change in exposure up to March 2026. As the forecasted volatility increased and breached the target volatility level in March 2026, only the EM equity TVT strategies were de-risked with equities exposure closing 69% exposure to the EM equities by the end of Reporting Period.
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements for the financial period ended 30 April 2026
Investment Managers’ Report (continued)
14 STATE STREET ICAV
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State Street ICAV - Euro Timewise Funds (continued)
State Street Timewise 2035 Fund
During the Reporting Period, the Sub-Fund returned 4.50% on a gross of fees basis. Majority of the underlying funds contributed positively to total performance.
The top Contributors to the Sub-Funds’ total performance during the Reporting Period were: • DM Equities contributed significantly as easing inflation, resilient earnings and policy shifts supported value rotation, followed by strong technology and A.I.-driven gains. • Absolute Returns Component (The State Street Flexible Asset Allocation Fund) contributed positively as the underlying exposure to equity market and commodities contributed, supported by heightened volatility, shifting rate expectations and cross-asset dispersion, enabling diversified strategies to capture market opportunities. • Multi-Factor Global Equity contributed positively as factor leadership broadened, with value and cyclical exposures outperforming and supporting returns across regions and sectors. • EM Equities contributed gains as semiconductor and commodity exposure supported returns, partly offset by stronger US dollar, geopolitical risks and uneven growth. • EM Debt, High Yield and Inflation-linked exposures were flat as commodity strength and carry were offset by stronger US dollar, tighter conditions, geopolitical risks, and rate volatility.
The top Detractors to the Sub-Fund’s total performance during the Reporting Period were: • US Corporate Bonds detracted as higher yields, geopolitical risks and inflation concerns drove rate repricing, rising term premia and wider spreads, outweighing stable fundamentals. • Euro Climate Bond and Euro Corporate Bond exposures detracted as weaker growth, energy shocks and inflation uncertainty drove higher yields, volatility and negative bond performance.
Within Target Volatility Trigger (the “TVT”) strategies (is a transparent process that aims to target a level of volatility as well as provide some protection against significant equity market falls), the DM equity and the EM equity TVT strategies entered the Reporting Period targeting 100% exposure to equities with no change in exposure up to March 2026. As the forecasted volatility increased and breached the target volatility level in March 2026, only the EM equity TVT strategies were de-risked with equities exposure closing 69% exposure to the EM equities by the end of Reporting Period.
State Street Timewise 2040 Fund
During the Reporting Period, the Sub-Fund returned 5.63% on a gross of fees basis. Majority of the underlying funds contributed positively to total performance.
The top Contributors to the Sub-Funds’ total performance during the Reporting Period were • Multi-Factor Global Equity was the major contributor as factor leadership broadened, with value and cyclical exposures outperforming and supporting returns across regions and sectors. • DM contributed significantly as easing inflation, resilient earnings and policy shifts supported value rotation, followed by strong technology and A.I.-driven gains. • Absolute Returns Component (The State Street Flexible Asset Allocation Fund) contributed positively as the underlying exposure to equity market and commodities contributed, supported by heightened volatility, shifting rate expectations and cross-asset dispersion, enabling diversified strategies to capture market opportunities. • EM Equities contributed gains as semiconductor and commodity exposure supported returns, partly offset by stronger US dollar, geopolitical risks and uneven growth. • EM Debt, High Yield and Inflation-linked exposures were flat as commodity strength and carry were offset by stronger US dollar, tighter conditions, geopolitical risks, and rate volatility.
The top Detractors to the Sub-Fund’s total performance during the Reporting Period were • US Corporate Bonds detracted as higher yields, geopolitical risks and inflation concerns drove rate repricing, rising term premia and wider spreads, outweighing stable fundamentals. • Euro Climate Bond and Euro Corporate Bonds exposures detracted as weaker growth, energy shocks and inflation uncertainty drove higher yields, volatility and negative bond performance.
Within Target Volatility Trigger (the “TVT”) strategies (is a transparent process that aims to target a level of volatility as well as provide some protection against significant equity market falls), the DM equity and the EM equity TVT strategies entered the Reporting Period targeting 100% exposure to equities with no change in exposure up to March 2026. As the forecasted volatility increased and breached the target volatility level in March 2026, only the EM equity TVT strategies were de-risked with equities exposure closing 69% exposure to the EM equities by the end of Reporting Period.
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements for the financial period ended 30 April 2026
Investment Managers’ Report (continued)
STATE STREET ICAV 15
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State Street ICAV - Euro Timewise Funds (continued)
State Street Timewise 2045 Fund
During the Reporting Period, the Sub-Fund returned 6.30% on a gross of fees basis. Majority of the underlying funds contributed positively to total performance.
The top Contributors to the Sub-Funds’ total performance during the Reporting Period were: • Multi-Factor Global Equity was the major contributor as factor leadership broadened, with value and cyclical exposures outperforming and supporting returns across regions and sectors. • DM Equities contributed significantly as easing inflation, resilient earnings and policy shifts supported value rotation, followed by strong technology and A.I.-driven gains. • Absolute Returns Component (The State Street Flexible Asset Allocation Fund) contributed positively as the underlying exposure to equity market and commodities contributed, supported by heightened volatility, shifting rate expectations and cross-asset dispersion, enabling diversified strategies to capture market opportunities. • EM Equities contributed gains as semiconductor and commodity exposure supported returns, partly offset by stronger US dollar, geopolitical risks and uneven growth. • Infrastructure contributed positively as stable cash flows, inflation linkage and defensive characteristics supported returns amid volatility, rising energy prices and shifting macro conditions. • EM Debt, High Yield and Inflation-linked exposures were flat as commodity strength and carry were offset by stronger US dollar, tighter conditions, geopolitical risks, and rate volatility.
The top Detractors to the Sub-Fund’s total performance during the Reporting Period were: • US Corporate Bonds detracted as higher yields, geopolitical risks and inflation concerns drove rate repricing, rising term premia and wider spreads, outweighing stable fundamentals. • Euro Climate Bond and Euro Corporate exposures detracted as weaker growth, energy shocks and inflation uncertainty drove higher yields, volatility and negative bond performance.
Within Target Volatility Trigger (the “TVT”) strategies (is a transparent process that aims to target a level of volatility as well as provide some protection against significant equity market falls), the DM equity and the EM equity TVT strategies entered the Reporting Period targeting 100% exposure to equities with no change in exposure up to March 2026. As the forecasted volatility increased and breached the target volatility level in March 2026, only the EM equity TVT strategies were de-risked with equities exposure closing 69% exposure to the EM equities by the end of Reporting Period.
State Street Timewise 2050 Fund
During the Reporting Period, the Sub-Fund returned 6.36% on a gross of fees basis. Majority of the underlying funds contributed positively to total performance.
The top Contributors to the Sub-Funds’ total performance during the Reporting Period were • DM Equities was the major contributing as easing inflation, resilient earnings and policy shifts supported value rotation, followed by strong technology and A.I.-driven gains. • Multi-Factor Global Equity contributed significantly as factor leadership broadened, with value and cyclical exposures outperforming and supporting returns across regions and sectors. • Absolute Returns Component (The State Street Flexible Asset Allocation Fund) contributed positively as the underlying exposure to equity market and commodities contributed, supported by heightened volatility, shifting rate expectations and cross-asset dispersion, enabling diversified strategies to capture market opportunities. • EM Equities contributed gains as semiconductor and commodity exposure supported returns, partly offset by stronger US dollar, geopolitical risks and uneven growth. • Infrastructure contributed positively as stable cash flows, inflation linkage and defensive characteristics supported returns amid volatility, rising energy prices and shifting macro conditions. • EM Debt, High Yield and Inflation-linked exposures were flat as commodity strength and carry were offset by stronger US dollar, tighter conditions, geopolitical risks, and rate volatility.
There was no Detractor to the Sub-Fund’s total performance during the Reporting Period.
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements for the financial period ended 30 April 2026
Investment Managers’ Report (continued)
16 STATE STREET ICAV
Page 18
State Street ICAV - Euro Timewise Funds (continued)
State Street Timewise 2055 Fund
During the Reporting Period, the Sub-Fund returned 6.35% on a gross of fees basis. Majority of the underlying funds contributed positively to total performance.
The top Contributors to the Sub-Funds’ total performance during the Reporting Period were: • DM Equities was the major contributing as easing inflation, resilient earnings and policy shifts supported value rotation, followed by strong technology and A.I.-driven gains. • Multi-Factor Global Equity contributed significantly as factor leadership broadened, with value and cyclical exposures outperforming and supporting returns across regions and sectors. • Absolute Returns Component (The State Street Flexible Asset Allocation Fund) contributed positively as the underlying exposure to equity market and commodities contributed, supported by heightened volatility, shifting rate expectations and cross-asset dispersion, enabling diversified strategies to capture market opportunities. • EM Equities contributed gains as semiconductor and commodity exposure supported returns, partly offset by stronger US dollar, geopolitical risks and uneven growth. • Infrastructure contributed positively as stable cash flows, inflation linkage and defensive characteristics supported returns amid volatility, rising energy prices and shifting macro conditions. • EM Debt, High Yield and Inflation-linked exposures were flat as commodity strength and carry were offset by stronger US dollar, tighter conditions, geopolitical risks, and rate volatility.
There was no Detractor to the Fund’s total performance during the Reporting Period.
State Street Timewise 2060 Fund
During the reporting period, the Sub-Fund returned 6.36% on a gross of fees basis. Majority of the underlying funds contributed positively to total performance.
The top Contributors to the Sub-Funds’ total performance during the Reporting Period were: • DM Equities was the major contributing as easing inflation, resilient earnings and policy shifts supported value rotation, followed by strong technology and A.I.-driven gains. • Multi-Factor Global Equity contributed significantly as factor leadership broadened, with value and cyclical exposures outperforming and supporting returns across regions and sectors. • Absolute Returns Component (The State Street Flexible Asset Allocation Fund) contributed positively as the underlying exposure to equity market and commodities contributed, supported by heightened volatility, shifting rate expectations and cross-asset dispersion, enabling diversified strategies to capture market opportunities. • EM Equities contributed gains as semiconductor and commodity exposure supported returns, partly offset by stronger US dollar, geopolitical risks and uneven growth. • Infrastructure contributed positively as stable cash flows, inflation linkage and defensive characteristics supported returns amid volatility, rising energy prices and shifting macro conditions. • EM Debt, High Yield and Inflation-linked exposures were flat as commodity strength and carry were offset by stronger US dollar, tighter conditions, geopolitical risks, and rate volatility.
There was no Detractor to the Sub-Fund’s total performance during the Reporting Period.
Asset Allocation (Volatility Management)
Managing volatility is particularly important during a downturn. Episodes like 2008 crisis reinforced the need for glide path designs and asset allocation strategies that effectively balance wealth preservation and wage replacement potential as members approach retirement. In order to manage risk within the glidepath the Sub-Funds deploy target volatility trigger strategies, and also invests into the State Street Flexible Asset Allocation Plus Fund, which dynamically adjusts exposures based on anticipated market conditions - guided by our proprietary Market Regime Indicator (MRI) (MRI is a quantitative framework that attempts to identify the current market risk environment based on forwardlooking market indicators).
The Absolute Returns Component (The State Street Flexible Asset Allocation Fund), which dynamically adjusts exposures based on anticipated market conditions, returned 3.82% for the reporting period. The Sub-Fund entered the period with approximately 84% in risky assets, reflecting a constructive stance supported by resilient growth, easing inflation pressures and stable financial conditions, with MRI positioned in the lower end of the Normal regime. This backdrop supported further re-risking into year-end and early January, with risky exposure peaking at approximately 88%. From February onwards, MRI levels trended higher, reflecting a more uncertain macro environment characterised by renewed inflation concerns, shifting central bank expectations and increased market volatility, which prompted a progressive and significant de-risking through March, with risky exposure declining to a low of approximately 40%. As risk conditions stabilised in April, supported by tentative improvement in market sentiment despite
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements for the financial period ended 30 April 2026
Investment Managers’ Report (continued)
STATE STREET ICAV 17
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State Street ICAV - Euro Timewise Funds (continued)
State Street Timewise 2060 Fund (continued)
still-elevated MRI levels, the Sub-Fund selectively re-risked, increasing exposure to end the period at approximately 64% in risky assets. Overall, asset allocation adjustments closely followed MRI trends, with exposures ranging between approximately 40% and 88% during the period.
State Street Timewise 2065 Fund
The Sub-Fund was launched on April 27, 2026, and has returned 0.07% on a gross-of-fees basis since inception, as of April 30, 2026.
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements for the financial period ended 30 April 2026
Investment Managers’ Report (continued)
18 STATE STREET ICAV
Page 20
State Street Emerging Markets ESG Screened Local Currency Government Bond Index Fund
State Street Emerging Markets ESG Screened Hard Currency Government Bond Index Fund State Street Global Alternative Beta Fund State Street Global Equity Diversified Index Fund* Note USD USD USD USD Interest income from financial assets at fair value 31,293,664 34,605,043 4,330,260 6,300 Dividend income from financial assets at fair value - - 501,840 8,060,424 Realised gain on investments and derivatives 1,447,198 7,543,913 1,478,924 4,440,286 Realised gain/(loss) on foreign exchange 4,996,593 (5,006,105) (458,545) (3,952,729) Movement in unrealised gain/(loss) on investments and derivatives (9,302,914) (23,408,197) 4,363,359 78,550,545 Movement in unrealised gain/(loss) on foreign exchange (73,097) 7,807,079 6,972,867 18,574,784
Miscellaneous income
51 169 13 178
Total net gain
28,361,495 21,541,902 17,188,718 105,679,788
Management fees
(233,350) (234,809) (339,739) (27)
Miscellaneous fees
(5,143) (6,157) (2,835) (11,973)
Operating fees
(207,231) (149,577) (117,999) (364,902)
Finance Costs Interest expense
- - - (1,979) Distributions to equity holders/holders of redeemable participating shares - - - (2,544,435)
Profit for the financial period before tax
27,915,771 21,151,359 16,728,145 102,756,472
Capital gains tax
4 (398,477) - - (86,242)
Withholding tax
4 (387,366) (13,980) - (1,547,771)
Increase in net assets attributable to equity holders/holders of redeemable
participating shares
27,129,928 21,137,379 16,728,145 101,122,459
* The Sub-Fund launched on 4 June 2025, therefore there are no comparatives.
All activities arose from continuing operations. There are no other gains and losses other than those noted above.
The accompanying notes form an integral part of these financial statements.
STATE STREET ICAV
Condensed Interim Report and Unaudited Financial Statements
for the financial period ended 30 April 2026
Statement of Comprehensive Income for the financial period ended 30 April 2026
STATE STREET ICAV 19
Page 21
State Street World Quality Equity Index Fund**
State Street Timewise 2025 Fund^ State Street Timewise 2030 Fund^ State Street Timewise 2035 Fund^ Note USD EUR EUR EUR Interest income from financial assets at fair value 87 154 652 1,440 Dividend income from financial assets at fair value 589,481 - - - Realised gain on investments and derivatives 174,533 213,644 432,404 1,716,429
Realised loss on foreign exchange
(18,765) (5,773) (23,646) (97,505) Movement in unrealised gain/(loss) on investments and derivatives 5,908,236 (21,377) 889,527 2,905,792 Movement in unrealised gain/(loss) on foreign exchange 3,470 (223) 20 125
Miscellaneous income
- 7 11 9
Expense rebates
- 4,333 25,471 68,217
Total net gain
6,657,042 190,765 1,324,439 4,594,507
Management fees
- (13,964) (65,702) (179,971)
Miscellaneous fees
(712) (11) (111) (326)
Operating fees
(49,093) - - -
Finance Costs Interest expense
(95) - - -
Profit for the financial period before tax
6,607,142 176,790 1,258,626 4,414,210
Withholding tax
4 (146,627) - - -
Increase in net assets attributable to equity holders/holders of redeemable
participating shares
6,460,515 176,790 1,258,626 4,414,210
** The Sub-Fund launched on 5 August 2025, therefore there are no comparatives.
^ The shares in these Sub-Funds are classified as equity under FRS 102. Issued shares do not have any initial par value, therefore there is no share capit al/premium split in the statement above.
All activities arose from continuing operations. There are no other gains and losses other than those noted above.
The accompanying notes form an integral part of these financial statements.
STATE STREET ICAV
Condensed Interim Report and Unaudited Financial Statements
for the financial period ended 30 April 2026
Statement of Comprehensive Income for the financial period ended 30 April 2026 (continued)
20 STATE STREET ICAV
Page 22
State Street Timewise 2040 Fund^
State Street Timewise 2045 Fund^ State Street Timewise 2050 Fund^ State Street Timewise 2055 Fund^ Note EUR EUR EUR EUR Interest income from financial assets at fair value - 2,015 1,321 653 Dividend income from financial assets at fair value - 100,404 73,242 30,304 Realised gain on investments and derivatives 2,748,769 1,928,120 650,494 210,672
Realised loss on foreign exchange
(166,166) (139,818) (44,745) (13,863) Movement in unrealised gain/(loss) on investments and derivatives 6,856,456 8,857,676 6,054,870 2,560,130 Movement in unrealised gain/(loss) on foreign exchange (532) 135 (190) (210)
Miscellaneous income
2,549 36 35 29
Expense rebates
117,406 132,883 82,991 34,032
Total net gain
9,558,482 10,881,451 6,818,018 2,821,747
Management fees
(299,227) (304,426) (188,153) (77,193)
Miscellaneous fees
(465) (477) (256) (105)
Finance Costs Interest expense
(685) - - -
Profit for the financial period before tax
9,258,105 10,576,548 6,629,609 2,744,449
Increase in net assets attributable to equity holders/holders of redeemable
participating shares
9,258,105 10,576,548 6,629,609 2,744,449 ^ The shares in these Sub-Funds are classified as equity under FRS 102. Issued shares do not have any initial par value, therefore there is no share capit al/premium split in the statement above.
All activities arose from continuing operations. There are no other gains and losses other than those noted above.
The accompanying notes form an integral part of these financial statements.
STATE STREET ICAV
Condensed Interim Report and Unaudited Financial Statements
for the financial period ended 30 April 2026
Statement of Comprehensive Income for the financial period ended 30 April 2026 (continued)
STATE STREET ICAV 21
Page 23
State Street Timewise 2060 Fund^ State Street Timewise 2065 Fund^* Note EUR EUR
Interest income from financial assets at fair value
57 -
Dividend income from financial assets at fair value
17,753 -
Realised gain on investments and derivatives
117,387 -
Realised (loss)/gain on foreign exchange
(8,908) 24
Movement in unrealised gain/(loss) on investments and derivatives
1,519,875 1,526
Movement in unrealised gain/(loss) on foreign exchange
114 (5)
Miscellaneous income
21 -
Expense rebates
19,672 -
Total net gain
1,665,971 1,545
Management fees
(44,654) (76)
Miscellaneous fees
(58) -
Profit for the financial period before tax
1,621,259 1,469
Increase in net assets attributable to equity holders/holders of redeemable participating shares
1,621,259 1,469
* The Sub-Fund launched on 27 April 2026, therefore there are no comparatives.
^ The shares in these Sub-Funds are classified as equity under FRS 102. Issued shares do not have any initial par value, therefore there is no share capit al/premium split in the statement above.
All activities arose from continuing operations. There are no other gains and losses other than those noted above.
The accompanying notes form an integral part of these financial statements.
STATE STREET ICAV
Condensed Interim Report and Unaudited Financial Statements
for the financial period ended 30 April 2026
Statement of Comprehensive Income for the financial period ended 30 April 2026 (continued)
22 STATE STREET ICAV
Page 24
State Street Emerging Markets ESG Screened Local Currency Government Bond Index Fund
State Street Emerging Markets ESG Screened Hard Currency Government Bond Index Fund State Street Global Alternative Beta Fund State Street Timewise 2025 Fund^ Note USD USD USD EUR Interest income from financial assets at fair value 22,893,978 28,259,227 1,537,057 30 Dividend income from financial assets at fair value - - 405,111 - Realised gain/(loss) on investments and derivatives 120,143 (906,690) (671,494) 98,835 Realised (loss)/gain on foreign exchange (3,278,652) (8,186,397) (4,699,706) 2,652 Movement in unrealised gain/(loss) on investments and derivatives 22,762,862 (25,169,185) 776,061 (117,669) Movement in unrealised gain/(loss) on foreign exchange 624,716 15,399,955 11,213,968 (38)
Miscellaneous income
184 365 26 -
Expense rebates
- - - 4,336
Total net (loss)/gain
43,123,231 9,397,275 8,561,023 (11,854)
Management fees
(176,795) (196,247) (240,500) (13,622)
Miscellaneous fees
(251) (3,747) (1,230) -
Operating fees
(158,391) (141,097) (81,135) -
Finance Costs Interest expense
(249,332) - - -
Profit/(loss) for the financial period before tax
42,538,462 9,056,184 8,238,158 (25,476)
Withholding tax
4 (753,286) (13,106) - -
Increase/(Decrease) in net assets attributable to equity holders/holders
of redeemable participating shares
41,785,176 9,043,078 8,238,158 (25,476) ^ The shares in these Sub-Funds are classified as equity under FRS 102. Issued shares do not have any initial par value, therefore there is no share capit al/premium split in the statement above.
All activities arose from continuing operations. There are no other gains and losses other than those noted above.
The accompanying notes form an integral part of these financial statements.
STATE STREET ICAV
Condensed Interim Report and Unaudited Financial Statements
for the financial period ended 30 April 2026
Statement of Comprehensive Income for the financial period ended 30 April 2025
STATE STREET ICAV 23
Page 25
State Street Timewise 2030 Fund^
State Street Timewise 2035 Fund^ State Street Timewise 2040 Fund^ State Street Timewise 2045 Fund^ Note EUR EUR EUR EUR Interest income from financial assets at fair value 755 1,927 3,039 2,806 Dividend income from financial assets at fair value - - 5,168 103,088 Realised gain on investments and derivatives 567,137 1,841,751 2,086,311 866,005 Realised (loss)/gain on foreign exchange (3,525) 8,480 16,888 73,576 Movement in unrealised gain/(loss) on investments and derivatives (1,106,178) (4,010,385) (6,536,116) (4,929,974) Movement in unrealised gain/(loss) on foreign exchange (189) 66 293 454
Miscellaneous income
7 26 29 50
Expense rebates
22,039 61,265 99,283 107,500
Total net loss
(519,954) (2,096,870) (4,325,105) (3,776,495)
Management fees
(57,333) (169,038) (265,803) (259,786)
Miscellaneous fees
(2) (18) (14) (23)
Loss for the financial period before tax
(577,289) (2,265,926) (4,590,922) (4,036,304)
Decrease in net assets attributable to equity holders/holders of redeemable
participating shares
(577,289) (2,265,926) (4,590,922) (4,036,304) ^ The shares in these Sub-Funds are classified as equity under FRS 102. Issued shares do not have any initial par value, therefore there is no share capit al/premium split in the statement above.
All activities arose from continuing operations. There are no other gains and losses other than those noted above.
The accompanying notes form an integral part of these financial statements.
STATE STREET ICAV
Condensed Interim Report and Unaudited Financial Statements
for the financial period ended 30 April 2026
Statement of Comprehensive Income for the financial period ended 30 April 2025 (continued)
24 STATE STREET ICAV
Page 26
State Street Timewise 2050 Fund^ State Street Timewise 2055 Fund^ State Street Timewise 2060 Fund^ Note EUR EUR EUR
Interest income from financial assets at fair value
1,649 682 355
Dividend income from financial assets at fair value
62,922 23,938 12,375
Realised gain on investments and derivatives
504,370 165,653 105,901
Realised gain on foreign exchange
42,804 12,699 9,649 Movement in unrealised gain/(loss) on investments and derivatives (3,065,682) (1,162,634) (646,999)
Movement in unrealised gain/(loss) on foreign exchange
(653) (328) 16
Miscellaneous income
39 29 19
Expense rebates
64,970 24,515 12,471
Total net loss
(2,389,581) (935,446) (506,213)
Management fees
(157,006) (59,265) (30,198)
Miscellaneous fees
(19) (19) (11)
Loss for the financial period before tax
(2,546,606) (994,730) (536,422)
Decrease in net assets attributable to equity holders/holders of redeemable participating shares
(2,546,606) (994,730) (536,422) ^ The shares in these Sub-Funds are classified as equity under FRS 102. Issued shares do not have any initial par value, therefore there is no share capit al/premium split in the statement above.
All activities arose from continuing operations. There are no other gains and losses other than those noted above.
The accompanying notes form an integral part of these financial statements.
STATE STREET ICAV
Condensed Interim Report and Unaudited Financial Statements
for the financial period ended 30 April 2026
Statement of Comprehensive Income for the financial period ended 30 April 2025 (continued)
STATE STREET ICAV 25
Page 27
State Street Emerging Markets ESG Screened Local Currency Government Bond Index Fund
State Street Emerging Markets ESG Screened Hard Currency Government Bond Index Fund State Street Global Alternative Beta Fund State Street Global Equity Diversified Index Fund USD USD USD USD
Assets
Financial assets at fair value through profit or loss:
Bonds
890,746,993 1,176,223,098 8,963,506 -
Short Terms
- - 215,263,839 -
Equities
- - - 1,076,384,386
Collective investment schemes
- - 18,062,252 -
Forward Foreign Currency Exchange Contracts
- 5,345,829 5,392,644 14,420,622
Futures Contracts
- - 4,698,093 505,002
Cash and cash equivalents
8,393,874 11,813,737 12,184,171 9,040,996
Cash held with broker
- 283,109 387,255 718,946
Receivable for fund shares sold
- 16,147 15 16,142,793
Receivable for investments sold
6,800,082 - - 14,631
Interest receivable
16,846,571 16,591,247 10,464 -
Dividends receivable
1,510 - - 1,383,139
Other receivables
59,087 32,908 105,416 100,014
Total Assets
922,848,117 1,210,306,075 265,067,655 1,118,710,529
Liabilities (excluding net assets attributable to holders of redeemable participating shares)
Forward Foreign Currency Exchange Contracts
(3,081) (856,835) (1,394,188) (2,442,179)
Futures Contracts
- (27,471) (145,969) -
Bank overdraft
- - - (5,236,559)
Cash due to broker
- - - (199,503)
Payable for investments purchased
(10,753,225) (39,726,725) - (6,331,309)
Payable for fund shares repurchased
- (32,678) (786,312) (918,679)
Interest payable
- - - (43,415)
Accrued expenses
(276,880) (295,148) (476,146) (379,861)
Capital gains tax accrual
(1,118,586) - - (85,946)
Total Liabilities
(12,151,772) (40,938,857) (2,802,615) (15,637,451)
Net assets attributable to equity holders/holders of redeemable participating shares
910,696,345 1,169,367,218 262,265,040 1,103,073,078
The accompanying notes form an integral part of these financial statements.
STATE STREET ICAV
Condensed Interim Report and Unaudited Financial Statements
for the financial period ended 30 April 2026
Statement of Financial Position as at 30 April 2026
26 STATE STREET ICAV
Page 28
State Street World Quality Equity Index Fund State Street Timewise 2025 Fund^ State Street Timewise 2030 Fund^ State Street Timewise 2035 Fund^ USD EUR EUR EUR
Assets
Financial assets at fair value through profit or loss:
Equities
159,828,811 - - -
Collective investment schemes
- 7,899,911 39,250,193 106,673,046
Futures Contracts
8,363 - - -
Cash and cash equivalents
107,401 97,145 58,788 161,645
Cash held with broker
19,572 - - -
Receivable for fund shares sold
662,177 - 183,728 261,553
Receivable for investments sold
19,279 358,180 - -
Dividends receivable
149,369 - - -
Other receivables
24,787 - - -
Total Assets
160,819,759 8,355,236 39,492,709 107,096,244
Liabilities (excluding net assets attributable to holders of redeemable participating shares)
Payable for investments purchased
(42,667) - (193,881) (276,990)
Payable for fund shares repurchased
(341,585) (445,280) - -
Accrued expenses
(77,319) (6,665) (27,000) (74,223)
Total Liabilities
(461,571) (451,945) (220,881) (351,213)
Net assets attributable to equity holders/holders of redeemable participating shares
160,358,188 7,903,291 39,271,828 106,745,031 ^ The shares in these Sub-Funds are classified as equity under FRS 102. Issued shares do not have any initial par value, therefore there is no share capit al/premium split in the statement above.
The accompanying notes form an integral part of these financial statements.
STATE STREET ICAV
Condensed Interim Report and Unaudited Financial Statements
for the financial period ended 30 April 2026
Statement of Financial Position as at 30 April 2026 (continued)
STATE STREET ICAV 27
Page 29
State Street Timewise 2040 Fund^ State Street Timewise 2045 Fund^ State Street Timewise 2050 Fund^ State Street Timewise 2055 Fund^ EUR EUR EUR EUR
Assets
Financial assets at fair value through profit or loss:
Collective investment schemes
179,243,457 185,185,360 115,175,789 47,881,937
Cash and cash equivalents
223,502 217,068 131,961 61,978
Receivable for fund shares sold
1,223 551,298 - -
Receivable for investments sold
572,270 - 69,946 -
Total Assets
180,040,452 185,953,726 115,377,696 47,943,915
Liabilities (excluding net assets attributable to holders of redeemable participating shares)
Payable for investments purchased
- (552,319) - -
Payable for fund shares repurchased
(571,746) - (84,712) -
Accrued expenses
(121,558) (115,220) (70,688) (29,157)
Total Liabilities
(693,304) (667,539) (155,400) (29,157)
Net assets attributable to equity holders/holders of redeemable participating shares
179,347,148 185,286,187 115,222,296 47,914,758 ^ The shares in these Sub-Funds are classified as equity under FRS 102. Issued shares do not have any initial par value, therefore there is no share capit al/premium split in the statement above.
The accompanying notes form an integral part of these financial statements.
STATE STREET ICAV
Condensed Interim Report and Unaudited Financial Statements
for the financial period ended 30 April 2026
Statement of Financial Position as at 30 April 2026 (continued)
28 STATE STREET ICAV
Page 30
State Street Timewise 2060 Fund^ State Street Timewise 2065 Fund^* EUR EUR
Assets
Financial assets at fair value through profit or loss:
Collective investment schemes
28,803,950 1,996,799
Cash and cash equivalents
34,604 4,746
Receivable for fund shares sold
69,172 -
Total Assets
28,907,726 2,001,545
Liabilities (excluding net assets attributable to holders of redeemable participating shares)
Payable for investments purchased
(74,239) -
Accrued expenses
(17,017) (76)
Total Liabilities
(91,256) (76)
Net assets attributable to equity holders/holders of redeemable participating shares
28,816,470 2,001,469
* The Sub-Fund launched on 27 April 2026, therefore there are no comparatives.
^ The shares in these Sub-Funds are classified as equity under FRS 102. Issued shares do not have any initial par value, therefore there is no share capit al/premium split in the statement above.
The accompanying notes form an integral part of these financial statements.
STATE STREET ICAV
Condensed Interim Report and Unaudited Financial Statements
for the financial period ended 30 April 2026
Statement of Financial Position as at 30 April 2026 (continued)
STATE STREET ICAV 29
Page 31
State Street Emerging Markets ESG Screened Local Currency Government Bond Index Fund
State Street Emerging Markets ESG Screened Hard Currency Government Bond Index Fund State Street Global Alternative Beta Fund State Street Global Equity Diversified Index Fund* USD USD USD USD
Assets
Financial assets at fair value through profit or loss:
Bonds
870,414,519 1,120,434,319 9,857,272 -
Short Terms
- - 209,895,013 -
Equities
- - - 655,806,246
Collective investment schemes
- - 17,555,434 -
Forward Foreign Currency Exchange Contracts
2,148 1,686,302 1,480,280 553,354
Futures Contracts
- - 1,472,815 196,818
Cash and cash equivalents
6,592,333 207,625 8,539,285 13,531,335
Cash held with broker
- 106,907 1,929,245 610,060
Receivable for fund shares sold
- - - 65,805,105
Receivable for investments sold
829,078 55,830,047 - -
Interest receivable
13,782,466 15,706,264 6,177 -
Dividends receivable
1,778 - - 449,246
Other receivables
21,828 20,302 119,653 25,928
Total Assets
891,644,150 1,193,991,766 250,855,174 736,978,092
Liabilities (excluding net assets attributable to holders of redeemable participating shares)
Forward Foreign Currency Exchange Contracts
- (5,001,610) (4,454,633) (7,061,428)
Futures Contracts
- (33,094) - (10,055)
Bank overdraft
- - - (2,185,393)
Cash due to broker
- - - (18,106)
Payable for investments purchased
(1,988,201) (59,678,641) (4,949,656) (60,608,484)
Payable for fund shares repurchased
- - - (23,570)
Interest payable
- - - (43,416)
Accrued expenses
(342,459) (300,731) (350,418) (192,057)
Capital gains tax accrual
(1,384,854) - - (5,793)
Total Liabilities
(3,715,514) (65,014,076) (9,754,707) (70,148,302)
Net assets attributable to equity holders/holders of redeemable participating shares
887,928,636 1,128,977,690 241,100,467 666,829,790
* The Sub-Fund launched on 4 June 2025.
The accompanying notes form an integral part of these financial statements.
STATE STREET ICAV
Annual Report and Audited Financial Statements
for the financial period ended 30 April 2026
Statement of Financial Position as at 31 October 2025
30 STATE STREET ICAV
Page 32
State Street World Quality Equity Index Fund** State Street Timewise 2025 Fund^ State Street Timewise 2030 Fund^ State Street Timewise 2035 Fund^ USD EUR EUR EUR
Assets
Financial assets at fair value through profit or loss:
Equities
5,037,313 - - -
Collective investment schemes
- 7,954,299 37,085,464 103,209,012
Cash and cash equivalents
15,748 5,435 43,012 117,567
Receivable for fund shares sold
- - - 211,653
Dividends receivable
2,793 - - -
Other receivables
27,669 - - -
Total Assets
5,083,523 7,959,734 37,128,476 103,538,232
Liabilities (excluding net assets attributable to holders of redeemable participating shares)
Payable for investments purchased
- - - (210,517)
Accrued expenses
(31,108) (9,577) (37,955) (112,559)
Total Liabilities
(31,108) (9,577) (37,955) (323,076)
Net assets attributable to equity holders/holders of redeemable participating shares
5,052,415 7,950,157 37,090,521 103,215,156
** The Sub-Fund launched on 5 August 2025.
^ The shares in these Sub-Funds are classified as equity under FRS 102. Issued shares do not have any initial par value, therefore there is no share capit al/premium split in the statement above.
The accompanying notes form an integral part of these financial statements.
STATE STREET ICAV
Annual Report and Audited Financial Statements
for the financial period ended 30 April 2026
Statement of Financial Position as at 31 October 2025 (continued)
STATE STREET ICAV 31
Page 33
State Street Timewise 2040 Fund^ State Street Timewise 2045 Fund^ State Street Timewise 2050 Fund^ State Street Timewise 2055 Fund^ EUR EUR EUR EUR
Assets
Financial assets at fair value through profit or loss:
Collective investment schemes
169,916,941 170,788,091 104,785,524 42,171,865
Cash and cash equivalents
171,733 156,657 86,485 38,143
Receivable for fund shares sold
- 30,931 15,000 -
Total Assets
170,088,674 170,975,679 104,887,009 42,210,008
Liabilities (excluding net assets attributable to holders of redeemable participating shares)
Payable for investments purchased
- (30,821) (14,929) -
Payable for fund shares repurchased
- - - (629)
Accrued expenses
(177,642) (162,972) (99,309) (39,395)
Total Liabilities
(177,642) (193,793) (114,238) (40,024)
Net assets attributable to equity holders/holders of redeemable participating shares
169,911,032 170,781,886 104,772,771 42,169,984 ^ The shares in these Sub-Funds are classified as equity under FRS 102. Issued shares do not have any initial par value, therefore there is no share capit al/premium split in the statement above.
The accompanying notes form an integral part of these financial statements.
STATE STREET ICAV
Annual Report and Audited Financial Statements
for the financial period ended 30 April 2026
Statement of Financial Position as at 31 October 2025 (continued)
32 STATE STREET ICAV
Page 34
State Street Timewise 2060 Fund^ EUR
Assets
Financial assets at fair value through profit or loss:
Collective investment schemes
23,571,552
Cash and cash equivalents
20,503
Receivable for investments sold
8,305
Total Assets
23,600,360
Liabilities (excluding net assets attributable to holders of redeemable participating shares)
Payable for fund shares repurchased
(8,356)
Accrued expenses
(21,536)
Total Liabilities
(29,892)
Net assets attributable to equity holders/holders of redeemable participating shares
23,570,468 ^ The shares in these Sub-Funds are classified as equity under FRS 102. Issued shares do not have any initial par value, therefore there is no share capit al/premium split in the statement above.
The accompanying notes form an integral part of these financial statements.
STATE STREET ICAV
Annual Report and Audited Financial Statements
for the financial period ended 30 April 2026
Statement of Financial Position as at 31 October 2025 (continued)
STATE STREET ICAV 33
Page 35
State Street Emerging Markets ESG Screened Local Currency Government Bond Index Fund
State Street Emerging Markets ESG Screened Hard Currency Government Bond Index Fund State Street Global Alternative Beta Fund State Street Global Equity Diversified Index Fund* USD USD USD USD
Net assets attributable to equity holders/holders of redeemable participating shares
at the beginning of the financial period
887,928,636 1,128,977,690 241,100,467 666,829,790 Proceeds from equity shares/redeemable participating shares issued 48,226,910 83,481,364 17,467,399 386,316,236 Payments for redemption of equity shares/redeemable participating shares (52,589,129) (64,229,215) (13,030,971) (51,195,407)
Net (decrease)/increase from share transactions
(4,362,219) 19,252,149 4,436,428 335,120,829
Increase in net assets attributable to equity holders/holders of redeemable participating
shares
27,129,928 21,137,379 16,728,145 101,122,459
Net assets attributable to equity holders/holders of redeemable participating shares
at the end of the financial period
910,696,345 1,169,367,218 262,265,040 1,103,073,078
* The Sub-Fund launched on 4 June 2025, therefore there are no comparatives. The accompanying notes form an integral part of these financial statements.
STATE STREET ICAV
Condensed Interim Report and Unaudited Financial Statements
for the financial period ended 30 April 2026
Statement of Changes in Equity/Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial peri od ended 30 April 2026
34 STATE STREET ICAV
Page 36
State Street World Quality Equity Index Fund**
State Street Timewise 2025 Fund^ State Street Timewise 2030 Fund^ State Street Timewise 2035 Fund^ USD EUR EUR EUR
Net assets attributable to equity holders/holders of redeemable participating shares
at the beginning of the financial period
5,052,415 7,950,157 37,090,521 103,215,156 Proceeds from equity shares/redeemable participating shares issued 159,168,310 1,627,266 1,653,135 3,246,553 Payments for redemption of equity shares/redeemable participating shares (10,323,052) (1,850,922) (730,454) (4,130,888)
Net increase/(decrease) from share transactions
148,845,258 (223,656) 922,681 (884,335)
Increase in net assets attributable to equity holders/holders of redeemable participating
shares
6,460,515 176,790 1,258,626 4,414,210
Net assets attributable to equity holders/holders of redeemable participating shares
at the end of the financial period
160,358,188 7,903,291 39,271,828 106,745,031
** The Sub-Fund launched on 5 August 2025, therefore there are no comparatives.
^ The shares in these Sub-Funds are classified as equity under FRS 102. Issued shares do not have any initial par value, therefore there is no share capit al/premium split in the statement above.
The accompanying notes form an integral part of these financial statements.
STATE STREET ICAV
Condensed Interim Report and Unaudited Financial Statements
for the financial period ended 30 April 2026
Statement of Changes in Equity/Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial peri od ended 30 April 2026
(continued)
STATE STREET ICAV 35
Page 37
State Street Timewise 2040 Fund^
State Street Timewise 2045 Fund^ State Street Timewise 2050 Fund^ State Street Timewise 2055 Fund^ EUR EUR EUR EUR
Net assets attributable to equity holders/holders of redeemable participating shares
at the beginning of the financial period
169,911,032 170,781,886 104,772,771 42,169,984 Proceeds from equity shares/redeemable participating shares issued 4,784,996 5,894,299 5,395,019 3,607,155 Payments for redemption of equity shares/redeemable participating shares (4,606,985) (1,966,546) (1,575,103) (606,830)
Net increase from share transactions
178,011 3,927,753 3,819,916 3,000,325
Increase in net assets attributable to equity holders/holders of redeemable participating
shares
9,258,105 10,576,548 6,629,609 2,744,449
Net assets attributable to equity holders/holders of redeemable participating shares
at the end of the financial period
179,347,148 185,286,187 115,222,296 47,914,758 ^ The shares in these Sub-Funds are classified as equity under FRS 102. Issued shares do not have any initial par value, therefore there is no share capit al/premium split in the statement above.
The accompanying notes form an integral part of these financial statements.
STATE STREET ICAV
Condensed Interim Report and Unaudited Financial Statements
for the financial period ended 30 April 2026
Statement of Changes in Equity/Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial peri od ended 30 April 2026
(continued)
36 STATE STREET ICAV
Page 38
State Street Timewise 2060 Fund^ State Street Timewise 2065 Fund* EUR EUR
Net assets attributable to equity holders/holders of redeemable participating shares at the beginning of the financial period
23,570,468 -
Proceeds from equity shares/redeemable participating shares issued
4,362,545 2,000,000
Payments for redemption of equity shares/redeemable participating shares
(737,802) -
Net increase from share transactions
3,624,743 2,000,000 Increase in net assets attributable to equity holders/holders of redeemable participating shares 1,621,259 1,469
Net assets attributable to equity holders/holders of redeemable participating shares at the end of the financial period
28,816,470 2,001,469
* The Sub-Fund launched on 27 April 2026, therefore there are no comparatives.
^ The shares in these Sub-Funds are classified as equity under FRS 102. Issued shares do not have any initial par value, therefore there is no share capit al/premium split in the statement above.
The accompanying notes form an integral part of these financial statements.
STATE STREET ICAV
Condensed Interim Report and Unaudited Financial Statements
for the financial period ended 30 April 2026
Statement of Changes in Equity/Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial peri od ended 30 April 2026
(continued)
STATE STREET ICAV 37
Page 39
State Street Emerging Markets ESG Screened Local Currency Government Bond Index Fund
State Street Emerging Markets ESG Screened Hard Currency Government Bond Index Fund State Street Global Alternative Beta Fund State Street Timewise 2025 Fund^ USD USD USD EUR
Net assets attributable to equity holders/holders of redeemable participating shares
at the beginning of the financial period
566,933,944 789,398,862 170,294,236 7,668,498 Proceeds from equity shares/redeemable participating shares issued 204,342,395 227,084,961 14,370,878 284,133 Payments for redemption of equity shares/redeemable participating shares (22,143,947) (36,534,810) (12,343,369) (189,346)
Net increase from share transactions
182,198,448 190,550,151 2,027,509 94,787
Increase/(Decrease) in net assets attributable to equity holders/holders of redeemable
participating shares
41,785,176 9,043,078 8,238,158 (25,476)
Net assets attributable to equity holders/holders of redeemable participating shares
at the end of the financial period
790,917,568 988,992,091 180,559,903 7,737,809 ^ The shares in these Sub-Funds are classified as equity under FRS 102. Issued shares do not have any initial par value, therefore there is no share capit al/premium split in the statement above.
The accompanying notes form an integral part of these financial statements.
STATE STREET ICAV
Condensed Interim Report and Unaudited Financial Statements
for the financial period ended 30 April 2026
Statement of Changes in Equity/Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial peri od ended 30 April 2025
38 STATE STREET ICAV
Page 40
State Street Timewise 2030 Fund^
State Street Timewise 2035 Fund^ State Street Timewise 2040 Fund^ State Street Timewise 2045 Fund^ EUR EUR EUR EUR
Net assets attributable to equity holders/holders of redeemable participating shares
at the beginning of the financial period
31,845,066 95,323,733 147,845,439 143,709,730 Proceeds from equity shares/redeemable participating shares issued 1,986,859 2,879,752 4,167,433 4,858,240 Payments for redemption of equity shares/redeemable participating shares (1,516,487) (3,196,069) (1,443,745) (1,683,082)
Net increase/(decrease) from share transactions
470,372 (316,317) 2,723,688 3,175,158
Decrease in net assets attributable to equity holders/holders of redeemable participating
shares
(577,289) (2,265,926) (4,590,922) (4,036,304)
Net assets attributable to equity holders/holders of redeemable participating shares
at the end of the financial period
31,738,149 92,741,490 145,978,205 142,848,584 ^ The shares in these Sub-Funds are classified as equity under FRS 102. Issued shares do not have any initial par value, therefore there is no share capit al/premium split in the statement above.
The accompanying notes form an integral part of these financial statements.
STATE STREET ICAV
Condensed Interim Report and Unaudited Financial Statements
for the financial period ended 30 April 2026
Statement of Changes in Equity/Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial peri od ended 30 April 2025
(continued)
STATE STREET ICAV 39
Page 41
State Street Timewise 2050 Fund^ State Street Timewise 2055 Fund^ State Street Timewise 2060 Fund^ EUR EUR EUR
Net assets attributable to equity holders/holders of redeemable participating shares at the beginning of the
financial period
86,185,508 31,700,165 15,729,487 Proceeds from equity shares/redeemable participating shares issued 4,678,494 3,274,779 3,064,351 Payments for redemption of equity shares/redeemable participating shares (1,875,296) (443,539) (509,633)
Net increase from share transactions
2,803,198 2,831,240 2,554,718 Decrease in net assets attributable to equity holders/holders of redeemable participating shares (2,546,606) (994,730) (536,422)
Net assets attributable to equity holders/holders of redeemable participating shares at the end of the
financial period
86,442,100 33,536,675 17,747,783 ^ The shares in these Sub-Funds are classified as equity under FRS 102. Issued shares do not have any initial par value, therefore there is no share capit al/premium split in the statement above.
The accompanying notes form an integral part of these financial statements.
STATE STREET ICAV
Condensed Interim Report and Unaudited Financial Statements
for the financial period ended 30 April 2026
Statement of Changes in Equity/Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial peri od ended 30 April 2025
(continued)
40 STATE STREET ICAV
Page 42
State Street Emerging Markets ESG Screened Local Currency Government Bond Index Fund
State Street Emerging Markets ESG Screened Hard Currency Government Bond Index Fund State Street Global Alternative Beta Fund State Street Global Equity Diversified Index Fund* USD USD USD USD
Cash flows from operating activities
Increase in net assets attributable to equity holders/holders of redeemable participating shares from
operations
27,129,928 21,137,379 16,728,145 101,122,459
Adjustments for:
Net movement in financial assets and financial liabilities at fair value through profit or loss (17,538,454) (19,910,648) (9,931,534) (474,869,94 6)
Unrealised movement on derivatives
5,229 (7,809,925) (10,052,118) (18,804,756)
Net movement in cash held with broker
- (176,202) 1,541,990 72,511 Net movement in other assets and receivables (3,101,096) (897,589) 9,950 (1,007,979) Net movement in other liabilities and accrued expenses (331,847) (5,583) 125,728 267,956 Distributions to equity holders/holders of redeemable participating shares - - - 2,544,435
Net cash inflow/(outflow) from operating activities
6,163,760 (7,662,568) (1,577,839) (390,675,320)
Cash flows from financing activities
Proceeds from issue of equity shares/redeemable participating shares 48,226,910 83,465,217 17,467,384 435,978,548 Payments for equity shares/redeemable participating shares redeemed (52,589,129) (64,196,537) (12,244,659) (50,300,298) Distributions to equity holders/holders of redeemable participating shares - - - (2,544,435)
Net cash (outflow)/inflow from financing activities
(4,362,219) 19,268,680 5,222,725 383,133,815 Net increase/(decrease) in cash and cash equivalents 1,801,541 11,606,112 3,644,886 (7,541,505)
Reconciliation of cash movement during the financial period
Net cash and cash equivalents at the beginning of the financial period 6,592,333 207,625 8,539,285 11,345,942
Net cash and cash equivalents at the end of the financial period
8,393,874 11,813,737 12,184,171 3,804,437**
Supplementary information
Taxation paid
(785,843) (13,980) - (1,634,013)
Interest received
28,229,559 33,720,060 4,325,973 6,300
Dividend received
- - 501,840 7,020,526
* The Sub-Fund launched on 4 June 2025, therefore there are no comparatives.
** Cash and cash equivalents include bank overdrafts.
The accompanying notes form an integral part of these financial statements.
STATE STREET ICAV
Condensed Interim Report and Unaudited Financial Statements
for the financial period ended 30 April 2026
Statement of Cash Flows for the financial period ended 30 April 2026
STATE STREET ICAV 41
Page 43
State Street World Quality Equity Index Fund** State Street Timewise 2025 Fund^ State Street Timewise 2030 Fund^ State Street Timewise 2035 Fund^ USD EUR EUR EUR
Cash flows from operating activities
Increase in net assets attributable to equity holders/holders of redeemable participating shares from operations 6,460,515 176,790 1,258,626 4,4 14,210
Adjustments for:
Net movement in financial assets and financial liabilities at fair value through profit or loss (154,768,110) (303,792) (1,970,848) (3,397,561)
Unrealised movement on derivatives
(8,363) - - -
Net movement in cash held with broker
(19,572) - - -
Net movement in other assets and receivables
(143,694) - - -
Net movement in other liabilities and accrued expenses
46,211 (2,912) (10,955) (38,336)
Net cash (outflow)/inflow from operating activities
(148,433,013) (129,914) (723,177) 978,313
Cash flows from financing activities
Proceeds from issue of equity shares/redeemable participating shares 158,506,133 1,627,266 1,469,407 3,196,653 Payments for equity shares/redeemable participating shares redeemed (9,981,467) (1,405,642) (730,454) (4,130,888)
Net cash inflow/(outflow) from financing activities
148,524,666 221,624 738,953 (934,235)
Net increase in cash and cash equivalents
91,653 91,710 15,776 44,078
Reconciliation of cash movement during the financial period
Net cash and cash equivalents at the beginning of the financial period 15,748 5,435 43,012 117,567
Net cash and cash equivalents at the end of the financial period
107,401 97,145 58,788 161,645
Supplementary information
Taxation paid
(146,627) - - -
Interest received
87 154 652 1,440
Dividend received
419,756 - - -
** The Sub-Fund launched on 5 August 2025, therefore there are no comparatives.
^ The shares in these Sub-Funds are classified as equity under FRS 102. Issued shares do not have any initial par value, therefore there is no share capit al/premium split in the statement above.
The accompanying notes form an integral part of these financial statements.
STATE STREET ICAV
Condensed Interim Report and Unaudited Financial Statements
for the financial period ended 30 April 2026
Statement of Cash Flows for the financial period ended 30 April 2026 (continued)
42 STATE STREET ICAV
Page 44
State Street Timewise 2040 Fund^ State Street Timewise 2045 Fund^ State Street Timewise 2050 Fund^ State Street Timewise 2055 Fund^ EUR EUR EUR EUR
Cash flows from operating activities
Increase in net assets attributable to equity holders/holders of redeemable participating shares from operations 9,258,105 10,576,548 6,629,609 2,744,449
Adjustments for:
Net movement in financial assets and financial liabilities at fair value through profit or loss (9,898,786) (13,875,771) (10,475,140) (5,710,072)
Net movement in other liabilities and accrued expenses
(56,084) (47,752) (28,621) (10,238)
Net cash outflow from operating activities
(696,765) (3,346,975) (3,874,152) (2,975,861)
Cash flows from financing activities
Proceeds from issue of equity shares/redeemable participating shares 4,783,773 5,373,932 5,410,019 3,607,155 Payments for equity shares/redeemable participating shares redeemed (4,035,239) (1,966,546) (1,490,391) (607,459)
Net cash inflow from financing activities
748,534 3,407,386 3,919,628 2,999,696
Net increase in cash and cash equivalents
51,769 60,411 45,476 23,835
Reconciliation of cash movement during the financial period
Net cash and cash equivalents at the beginning of the financial period 171,733 156,657 86,485 38,143
Net cash and cash equivalents at the end of the financial period
223,502 217,068 131,961 61,978
Supplementary information
Interest received
- 2,015 1,321 653
Dividend received
- 100,404 73,242 30,304 ^ The shares in these Sub-Funds are classified as equity under FRS 102. Issued shares do not have any initial par value, therefore there is no share capit al/premium split in the statement above.
The accompanying notes form an integral part of these financial statements.
STATE STREET ICAV
Condensed Interim Report and Unaudited Financial Statements
for the financial period ended 30 April 2026
Statement of Cash Flows for the financial period ended 30 April 2026 (continued)
STATE STREET ICAV 43
Page 45
State Street Timewise 2060 Fund^ State Street Timewise 2065 Fund^* EUR EUR
Cash flows from operating activities
Increase in net assets attributable to equity holders/holders of redeemable participating shares from operations 1,621,259 1,469
Adjustments for:
Net movement in financial assets and financial liabilities at fair value through profit or loss
(5,149,854) (1,996,799)
Net movement in other liabilities and accrued expenses
(4,519) 76
Net cash outflow from operating activities
(3,533,114) (1,995,254)
Cash flows from financing activities
Proceeds from issue of equity shares/redeemable participating shares
4,293,373 2,000,000
Payments for equity shares/redeemable participating shares redeemed
(746,158) -
Net cash inflow from financing activities
3,547,215 2,000,000
Net increase in cash and cash equivalents
14,101 4,746
Reconciliation of cash movement during the financial period
Net cash and cash equivalents at the beginning of the financial period
20,503 -
Net cash and cash equivalents at the end of the financial period
34,604 4,746
Supplementary information
Interest received
57 -
Dividend received
17,753 -
* The Sub-Fund launched on 27 April 2026, therefore there are no comparatives.
^ The shares in these Sub-Funds are classified as equity under FRS 102. Issued shares do not have any initial par value, therefore there is no share capit al/premium split in the statement above.
The accompanying notes form an integral part of these financial statements.
STATE STREET ICAV
Condensed Interim Report and Unaudited Financial Statements
for the financial period ended 30 April 2026
Statement of Cash Flows for the financial period ended 30 April 2026 (continued)
44 STATE STREET ICAV
Page 46
State Street Emerging Markets ESG Screened Local Currency Government Bond Index Fund
State Street Emerging Markets ESG Screened Hard Currency Government Bond Index Fund State Street Global Alternative Beta Fund State Street Timewise 2025 Fund^ USD USD USD EUR
Cash flows from operating activities
Increase/(Decrease) in net assets attributable to equity holders/holders of redeemable participating shares
from operations
41,785,176 9,043,078 8,238,158 (25,476)
Adjustments for:
Net movement in financial assets and financial liabilities at fair value through profit or loss (214,542,345) (180,826,264) (22,600,942) 61,997
Unrealised movement on derivatives
11,814 (15,449,070) (11,706,072) -
Net movement in cash held with broker
- (288,316) (624,086) -
Net movement in other assets and receivables
(5,019,863) (3,414,879) 4,824 - Net movement in other liabilities and accrued expenses 133,165 144,913 273,494 1,526
Net cash (outflow)/inflow from operating activities
(177,632,053) (190,790,538) (26,414,624) 38,047
Cash flows from financing activities
Proceeds from issue of equity shares/redeemable participating shares 204,342,395 227,126,761 14,370,878 284,133 Payments for equity shares/redeemable participating shares redeemed (22,143,947) (36,553,404) (12,343,369) (317,256)
Net cash inflow/(outflow) from financing activities
182,198,448 190,573,357 2,027,509 (33,123) Net increase/(decrease) in cash and cash equivalents 4,566,395 (217,181) (24,387,115) 4,924
Reconciliation of cash movement during the financial period
Net cash and cash equivalents at the beginning of the financial period 2,655,237 517,253 15,879,262 5,866
Net cash and cash equivalents/(bank overdraft) at the end of the financial period
7,221,632 300,072 (8,507,853) 10,790
Supplementary information
Taxation paid
(753,286) (13,106) - -
Interest received
17,869,347 24,844,320 1,539,296 30
Interest paid
(249,332) - - -
Dividend received
- - 405,111 - ^ The shares in these Sub-Funds are classified as equity under FRS 102. Issued shares do not have any initial par value, therefore there is no share capit al/premium split in the statement above.
The accompanying notes form an integral part of these financial statements.
STATE STREET ICAV
Condensed Interim Report and Unaudited Financial Statements
for the financial period ended 30 April 2026
Statement of Cash Flows for the financial period ended 30 April 2025
STATE STREET ICAV 45
Page 47
State Street Timewise 2030 Fund^ State Street Timewise 2035 Fund^ State Street Timewise 2040 Fund^ State Street Timewise 2045 Fund^ EUR EUR EUR EUR
Cash flows from operating activities
Decrease in net assets attributable to equity holders/holders of redeemable participating shares from operations (577,289) (2,265,926) (4,590,9 22) (4,036,304)
Adjustments for:
Net movement in financial assets and financial liabilities at fair value through profit or loss 117,062 2,640,909 1,889,061 694,632
Net movement in other liabilities and accrued expenses
6,241 18,191 28,528 25,276
Net cash (outflow)/inflow from operating activities
(453,986) 393,174 (2,673,333) (3,316,396)
Cash flows from financing activities
Proceeds from issue of equity shares/redeemable participating shares 1,986,859 2,879,752 4,167,433 4,858,240 Payments for equity shares/redeemable participating shares redeemed (1,516,487) (3,196,069) (1,443,342) (1,491,626)
Net cash inflow/(outflow) from financing activities
470,372 (316,317) 2,724,091 3,366,614
Net increase in cash and cash equivalents
16,386 76,857 50,758 50,218
Reconciliation of cash movement during the financial period
Net cash and cash equivalents at the beginning of the financial period 29,184 75,374 104,822 104,195
Net cash and cash equivalents at the end of the financial period
45,570 152,231 155,580 154,413
Supplementary information
Interest received
755 1,927 3,039 2,806
Dividend received
- - 5,168 103,088 ^ The shares in these Sub-Funds are classified as equity under FRS 102. Issued shares do not have any initial par value, therefore there is no share capit al/premium split in the statement above.
The accompanying notes form an integral part of these financial statements.
STATE STREET ICAV
Condensed Interim Report and Unaudited Financial Statements
for the financial period ended 30 April 2026
Statement of Cash Flows for the financial period ended 30 April 2025 (continued)
46 STATE STREET ICAV
Page 48
State Street Timewise 2050 Fund^ State Street Timewise 2055 Fund^ State Street Timewise 2060 Fund^ EUR EUR EUR
Cash flows from operating activities
Decrease in net assets attributable to equity holders/holders of redeemable participating shares from operations (2,546,606) (994,730) (536,422 )
Adjustments for:
Net movement in financial assets and financial liabilities at fair value through profit or loss (224,825) (1,833,221) (2,013,627)
Net movement in other liabilities and accrued expenses
15,760 6,463 3,614
Net cash outflow from operating activities
(2,755,671) (2,821,488) (2,546,435)
Cash flows from financing activities
Proceeds from issue of equity shares/redeemable participating shares
4,678,494 3,274,779 3,064,351
Payments for equity shares/redeemable participating shares redeemed
(1,875,296) (443,539) (508,100)
Net cash inflow from financing activities
2,803,198 2,831,240 2,556,251
Net increase in cash and cash equivalents
47,527 9,752 9,816
Reconciliation of cash movement during the financial period
Net cash and cash equivalents at the beginning of the financial period
43,011 21,956 11,063
Net cash and cash equivalents at the end of the financial period
90,538 31,708 20,879
Supplementary information
Interest received
1,649 682 355
Dividend received
62,922 23,938 12,375 ^ The shares in these Sub-Funds are classified as equity under FRS 102. Issued shares do not have any initial par value, therefore there is no share capit al/premium split in the statement above.
The accompanying notes form an integral part of these financial statements.
STATE STREET ICAV
Condensed Interim Report and Unaudited Financial Statements
for the financial period ended 30 April 2026
Statement of Cash Flows for the financial period ended 30 April 2025 (continued)
STATE STREET ICAV 47
Page 49
1. General Information
The ICAV is a collective asset-management vehicle constituted as an umbrella fund with segregated liability between sub-funds which was formed in Ireland on 14 August 2015 under the ICAV Act 2015 and authorised by the Central Bank of Ireland (the “Central Bank”) as a UCITS pursuant to the UCITS Regulations. The ICAV is structured as an umbrella fund with segregated liability between sub-funds. As at 30 April 2026, the ICAV comprised of fourteen active sub-funds, State Street Emerging Markets ESG Screened Hard Currency Government Bond Index Fund, State Street Emerging Markets ESG Screened Local Currency Government Bond Index Fund, State Street Global Alternative Beta Fund, State Street Global Equity Diversified Index Fund, State Street World Quality Equity Index Fund and eight State Street Timewise (2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065) Funds (the State Street Timewise Funds ) (together, the Sub-Funds ). The State Street Emerging Markets Screened Index Equity Fund terminated on 8 October 2024. The State Street Muti-Factor Premia Emerging Market Bond Fund was terminated in September 2020. 2. Significant Accounting policies
(a) Basis of preparation The condensed unaudited interim financial statements for the financial period ended 30 April 2026 have been prepared in accordance with IAS 34: ‘Interim Financial Reporting’, Irish statutes comprising the ICAV Act and the UCITS Regulations. The financial statements of the ICAV have been prepared on a going concern basis.
The condensed unaudited interim financial statements should be read in conjunction with the annual report and audited financial statements for the financial year ended 31 October 2025 which were prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union (the “EU”), the ICAV Act and the UCITS Regulations.
The condensed unaudited interim financial statements are not the statutory financial statements of the ICAV and are prepared in order to meet regulatory requirements. The statutory financial statements of the ICAV are those for the annual financial year ending 31 October of each year.
These condensed interim financial statements are unaudited. We note that the statutory auditor’s report in the ICAV’s annual audited financial statements for the financial year ended 31 October 2025 was unqualified.
The condensed unaudited interim financial statements are prepared under the historical cost convention as modified by the revaluation of financial assets and financial liabilities at fair value through profit or loss.
Critical Accounting Estimates and Assumptions Consistent accounting policies, presentation and methods of computation have been followed in these condensed interim financial statements as were applied in the preparation of the ICAV’s annual report and audited financial statements for the financial year ended 31 October 2025, as described in those financial statements, with the exception of the below.
In preparation of these condensed unaudited interim financial statements in conformity with IFRS the ICAV is required to make certain accounting estimates and assumptions. Actual results may differ from these estimates and assumptions. The Directors believe that any estimates used in preparing the financial statements are reasonable and prudent. Critical accounting estimates are those which involve the most complex or subjective judgements or assessments. The areas of the ICAV’s business that typically require such estimates are the determination of the fair value of financial assets and liabilities.
New standards, amendments and interpretations issued and effective for the financial periods beginning on or after 1 November 2025 • Lack of Exchangeability (Amendments to IAS 21). The new standards are not expected to have a significant impact on the ICAV’s financial position, performance or disclosures in its financial statements.
There are no other standards, interpretations or amendments to existing standards that are issued and effective that would be expected to have a significant impact on any of the ICAV’s financial statements.
New standards, amendments and interpretations issued but not effective for the financial periods beginning 1 November 2025 and not early adopted • Amendment to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments. • Annual Improvements to IFRS Accounting Standards (Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10, IAS 7). • Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7). • IFRS 19 – Subsidiaries without Public Accountability: Disclosures. • The third edition of IFRS for SMEs Accounting Standard. • Amendment to IAS 21 – The Effects of Changes in Foreign Exchange Rates.
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements for the financial period ended 30 April 2026
Notes to the Financial Statements
48 STATE STREET ICAV
Page 50
2. Significant Accounting policies (continued)
(a) Basis of preparation (continued)
New standards, amendments and interpretations issued but not effective for the financial periods beginning 1 November 2025 and not early adopted (continued) There are no other standards, interpretations or amendments to existing standards that are not yet effective that would be expected to have a significant impact on the ICAV’s financial statements.
(b) Foreign currency Functional and presentation currency Items included in the financial statements of the ICAV are measured in the currency of the primary economic environment in which the Sub-Funds operate (the “functional currency”). The financial statements of the Sub-Funds of the ICAV are presented in USD and EUR, which are the functional and presentation currencies of the Sub-Funds. Transactions in foreign currencies are translated into USD and EUR at exchange rates ruling at the transaction dates. Gains and losses on foreign exchange transactions are recognised in the Statement of Comprehensive Income in determining the result for the financial period. The rates of exchange ruling at 30 April 2026 and 31 October 2025 were USD 1 =
30 April 2026 31 October 2025 Australian Dollar (“AUD”) 1.3909 1.5275 Brazilian Real (“BRL”) 4.9824 5.3852 British Pound (“GBP”) 0.7359 0.7611 Canadian Dollar (“CAD”) 1.3611 1.4012 Chilean Peso (“CLP”) 903.0250 942.1650 Chinese Offshore Yuan (“CNH”) 6.8324 7.1223 Chinese Renminbi (“CNY”) 6.8337 7.1134 Colombian Peso (“COP”) 3,630.0100 3,860.6000 Czech Koruna (“CZK”) 20.7741 21.0860 Danish Krone (“DKK”) 6.3701 6.4696 Dominican Peso (“DOP”) 59.3750 64.2500 Egyptian Pound (“EGP”) 53.6200 47.2400 Euro (“EUR”) 0.8525 0.8664 Hong Kong Dollar (“HKD”) 7.8338 7.7722 Hungarian Forint (“HUF”) 310.7711 336.0120 Indian Rupee (“INR”) 94.9138 88.7713 Indonesian Rupiah (“IDR”) 17,310.0000 16,630.0000 Israeli New Shekel (“ILS”) 2.9522 3.2542 Japanese Yen (“JPY”) 156.7050 154.0550 Kuwaiti Dinar (“KWD”) 0.3075 0.3070 Malaysian Ringgit (“MYR”) 3.9715 4.1880 Mexican Peso (“MXN”) 17.5120 18.5515 New Taiwan Dollar (“TWD”) 31.6845 30.7410 New Zealand Dollar (“NZD”) 1.6985 1.7463 Norwegian Krone (“NOK”) 9.3026 10.1170 Paraguayan Guarani (“PYG”) 6,150.0500 Peruvian Nuevo Sol (“PEN”) 3.5219 3.3716 Philippine Peso (“PHP”) 61.4750 58.8500 Polish Zloty (“PLN”) 3.6294 3.6900 Qatari Riyal (“QAR”) 3.6410 3.6410 Romanian Leu (“RON”) 4.4263 4.4062 Russian Ruble (“RUB”) 74.9250 80.8000 Saudi Riyal (“SAR”) 3.7505 Singapore Dollar (“SGD”) 1.2736 1.3015 South African Rand (“ZAR”) 16.7000 17.3325 South Korean Won (“KRW”) 1,483.2000 1,424.7500 Swedish Krona (“SEK”) 9.2519 9.4925 Swiss Franc (“CHF”) 0.7821 0.8028 Thailand Baht (“THB”) 32.5975 32.3350
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements for the financial period ended 30 April 2026
Notes to the Financial Statements (continued)
STATE STREET ICAV 49
Page 51
2. Significant Accounting policies (continued)
(b) Foreign currency (continued)
30 April 2026 31 October 2025 Turkish Lira (“TRY”) 45.1848 42.0478 United Arab Emirates Dirham (“AED”) 3.6729 3.6730 Uruguayan Peso (“UYU”) 40.3050 39.8650
The rates of exchange ruling at 30 April 2026 and 31 October 2025 were EUR 1= 30 April 2026 31 October 2025 Japanese Yen (“JPY”) 183.8227 177.8103 United States Dollar (“USD”) 1.1730 1.1542 3. Share capital
Authorised The authorised share capital of the ICAV is 500,000,310,002 shares of no par value divided into 310,000 capitalisation shares, 2 subscriber shares of no par value and 500,000,000,000 shares of no par value. The Directors are empowered to issue up to all of the shares of the ICAV on such terms as they think fit. The Subscriber shares entitle the holders to attend and vote at general meetings of the ICAV but do not entitle the holders to participate in the profits or assets of the ICAV except for a return of capital on a winding-up. For the purpose of complying with minimum initial capital requirements, the ICAV has issued 310,000 capitalisation shares of no par value for € 1.00 each. The capitalisation shares have subsequently been redeemed following the launch of the ICAV’s first sub-fund.
The shares (other than the subscriber shares) entitle the holders to attend and vote at general meetings of the ICAV and to participate equally in the profits and assets of the Sub-Funds to which the shares relate.
Subscriber Shares As at 30 April 2026 and 31 October 2025, there were 2 subscriber shares in issue. As at 30 April 2026 and 31 October 2025, 1 subscriber share was held by State Street Global Advisors Europe Limited and 1 subscriber share was held by State Street Global Advisors Limited.
Redeemable Participating Shares The following tables show the movement in the number of redeemable participating shares for the financial period ended 30 April 2026, 31 October 2025 and 31 October 2024 and the NAV of each redeemable participating share in each Sub-Fund:
State Street Emerging Markets ESG Screened Local Currency Government Bond Index Fund 30 April 2026 Number of Shares Class I EUR Acc Class I GBP Acc Total Opening balance 6,462,873 207,876 6,670,749 Shares issued 333,377 18,575 351,952 Shares redeemed (382,427) (438) (382,865)
Closing balance 6,413,823 226,013 6,639,836
NAV EUR 746,218,678 GBP 26,010,918 NAV per share EUR 116.3454 GBP 115.0860
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements for the financial period ended 30 April 2026
Notes to the Financial Statements (continued)
50 STATE STREET ICAV
Page 52
3. Share capital (continued)
State Street Emerging Markets ESG Screened Hard Currency Government Bond Index Fund 30 April 2026 Number of Shares Class I EUR Hedged Class I EUR Class I GBP Class I GBP Hedged Total Opening balance 1,663,023 6,792,136 90,792 119,423 8,665,374 Shares issued 332,434 291,349 18,384 49 642,216 Shares redeemed (160,874) (329,725) - (431) (491,030)
Closing balance 1,834,583 6,753,760 109,176 119,041 8,816,560
NAV EUR 209,858,031 EUR 756,311,962 GBP 12,244,009 GBP 14,250,486 NAV per share EUR 114.3901 EUR 111.9838 GBP 112.1497 GBP 119.7105
State Street Global Alternative Beta Fund 30 April 2026 Number of Shares Class I GBP Hedged Class I USD Total Opening balance 1,349,314 446,451 1,795,765 Shares issued 96,492 27,737 124,229 Shares redeemed (64,155) (32,460) (96,615)
Closing balance 1,381,651 441,728 1,823,379
NAV GBP 156,171,272 USD 50,051,591 NAV per share GBP 113.0323 USD 113.3085
State Street Global Equity Diversified Index Fund 30 April 2026 Number of Shares Class B EUR Acc* Class B GBP Acc Class B GBP Hedged Class B GBP Unhedged Dist Opening balance - 548,149 789,200 523,914 Shares issued 228,421 72,573 - 437,148 Shares redeemed - (11,257) (123,911) (37,145)
Closing balance 228,421 609,465 665,289 923,917
NAV EUR 24,391,102 GBP 77,974,458 GBP 85,544,206 GBP 113,191,757 NAV per share EUR 106.8240 GBP 127.9904 GBP 128.6334 GBP 122.5619
* The Share Class launched on 21 January 2026.
State Street Global Equity Diversified Index Fund 30 April 2026 Number of Shares Class B GBP Hedged Dist Class B USD Acc Class I EUR Hedged** Total Opening balance 1,923,803 744,274 - 4,529,340 Shares issued 1,414,960 271,932 126,859 2,551,893 Shares redeemed (77,011) (98,951) - (348,275)
Closing balance 3,261,752 917,255 126,859 6,732,958
NAV GBP 416,558,308 USD 117,444,259 EUR 12,760,014 NAV per share GBP 127.7611 USD 128.0901 EUR 100.6245
** The Share Class launched on 20 April 2026.
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements for the financial period ended 30 April 2026
Notes to the Financial Statements (continued)
STATE STREET ICAV 51
Page 53
3. Share capital (continued)
State Street World Quality Equity Index Fund 30 April 2026 Number of Shares Class I GBP Acc Class I USD Acc Total Opening balance 113,208 318,035 431,243 Shares issued 9,436,921 1,831,603 11,268,524 Shares redeemed (541,480) (205,721) (747,201)
Closing balance 9,008,649 1,943,917 10,952,566
NAV GBP 101,525,321 USD 22,400,432 NAV per share GBP 11.2731 USD 11.5268
State Street Timewise 2025 Fund 30 April 2026 Number of Shares Class I EUR Total Opening balance 6,174,672 6,174,672 Shares issued 1,255,897 1,255,897 Shares redeemed (1,427,673) (1,427,673)
Closing balance 6,002,896 6,002,896
NAV EUR 7,903,291 Unswung NAV per share EUR 1.3166 Swung NAV per share EUR 1.3166
State Street Timewise 2030 Fund 30 April 2026 Number of Shares Class I EUR Total Opening balance 26,284,960 26,284,960 Shares issued 1,159,161 1,159,161 Shares redeemed (510,365) (510,365)
Closing balance 26,933,756 26,933,756
NAV EUR 39,271,828 Unswung NAV per share EUR 1.4581 Swung NAV per share EUR 1.4581
State Street Timewise 2035 Fund 30 April 2026 Number of Shares Class I EUR Total Opening balance 65,752,071 65,752,071 Shares issued 2,045,683 2,045,683 Shares redeemed (2,596,366) (2,596,366)
Closing balance 65,201,388 65,201,388
NAV EUR 106,745,031 Unswung NAV per share EUR 1.6372 Swung NAV per share EUR 1.6372
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements for the financial period ended 30 April 2026
Notes to the Financial Statements (continued)
52 STATE STREET ICAV
Page 54
3. Share capital (continued)
State Street Timewise 2040 Fund 30 April 2026 Number of Shares Class I EUR Total Opening balance 99,108,188 99,108,188 Shares issued 2,756,324 2,756,324 Shares redeemed (2,635,066) (2,635,066)
Closing balance 99,229,446 99,229,446
NAV EUR 179,347,148 Unswung NAV per share EUR 1.8074 Swung NAV per share EUR 1.8076
State Street Timewise 2045 Fund 30 April 2026 Number of Shares Class I EUR Total Opening balance 97,254,569 97,254,569 Shares issued 3,300,378 3,300,378 Shares redeemed (1,093,141) (1,093,141)
Closing balance 99,461,806 99,461,806
NAV EUR 185,286,187 Unswung NAV per share EUR 1.8629 Swung NAV per share EUR 1.8631
State Street Timewise 2050 Fund 30 April 2026 Number of Shares Class I EUR Total Opening balance 59,676,035 59,676,035 Shares issued 3,032,200 3,032,200 Shares redeemed (883,882) (883,882)
Closing balance 61,824,353 61,824,353
NAV EUR 115,222,296 Unswung NAV per share EUR 1.8637 Swung NAV per share EUR 1.8635
State Street Timewise 2055 Fund 30 April 2026 Number of Shares Class I EUR Total Opening balance 24,003,569 24,003,569 Shares issued 2,028,307 2,028,307 Shares redeemed (336,773) (336,773)
Closing balance 25,695,103 25,695,103
NAV EUR 47,914,758 Unswung NAV per share EUR 1.8647 Swung NAV per share EUR 1.8649
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements for the financial period ended 30 April 2026
Notes to the Financial Statements (continued)
STATE STREET ICAV 53
Page 55
3. Share capital (continued)
State Street Timewise 2060 Fund 30 April 2026 Number of Shares Class I EUR Total Opening balance 13,419,267 13,419,267 Shares issued 2,448,287 2,448,287 Shares redeemed (411,830) (411,830)
Closing balance 15,455,724 15,455,724
NAV EUR 28,816,470 Unswung NAV per share EUR 1.8645 Swung NAV per share EUR 1.8646
State Street Timewise 2065 Fund*** 30 April 2026 Number of Shares Class I EUR Total Opening balance -Shares issued 2,000,000 2,000,000 Shares redeemed --
Closing balance 2,000,000 2,000,000
NAV EUR 2,001,469 Unswung NAV per share EUR 1.0007 Swung NAV per share EUR 1.0008
*** The Sub-Fund launched on 27 April 2026, therefore there are no comparatives.
State Street Emerging Markets ESG Screened Local Currency Government Bond Index Fund 31 October 2025 Number of Shares Class I EUR Acc Class I GBP Acc Total Opening balance 4,652,264 177,967 4,830,231 Shares issued 2,124,492 112,568 2,237,060 Shares redeemed (313,883) (82,659) (396,542)
Closing balance 6,462,873 207,876 6,670,749
NAV EUR 741,956,753 GBP 24,022,670 NAV per share EUR 114.8029 GBP 115.5625
State Street Emerging Markets ESG Screened Hard Currency Government Bond Index Fund 31 October 2025 Number of Shares Class I EUR Class I EUR Hedged Class I GBP Class I GBP Hedged Total Opening balance 4,926,562 1,642,108 164,165 13,154 6,745,989 Shares issued 2,093,339 246,277 39,460 119,681 2,498,757 Shares redeemed (227,765) (225,362) (112,833) (13,412) (579,372)
Closing balance 6,792,136 1,663,023 90,792 119,423 8,665,374
NAV EUR 761,180,039 EUR 189,129,779 GBP 10,369,584 GBP 14,085,369 NAV per share EUR 112.0678 EUR 113.7265 GBP 114.2128 GBP 117.9456
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements for the financial period ended 30 April 2026
Notes to the Financial Statements (continued)
54 STATE STREET ICAV
Page 56
3. Share capital (continued)
State Street Global Alternative Beta Fund 31 October 2025 Number of Shares Class I GBP Hedged Class I USD Total Opening balance 1,309,959 1,000 1,310,959 Shares issued 257,004 451,872 708,876 Shares redeemed (217,649) (6,421) (224,070)
Closing balance 1,349,314 446,451 1,795,765
NAV GBP 146,548,841 USD 48,557,299 NAV per share GBP 108.6099 USD 108.7628
State Street Global Equity Diversified Index Fund* 31 October 2025 Number of Shares Class B GBP Acc** Class B GBP Unhedged Dist*** Class B GBP Hedged Dist** Opening balance - - Shares issued 924,549 530,369 1,954,955 Shares redeemed (376,400) (6,455) (31,152)
Closing balance 548,149 523,914 1,923,803
NAV GBP 65,588,771 GBP 60,408,964 GBP 223,953,493 NAV per share GBP 119.7149 GBP 115.3032 GBP 116.4119
State Street Global Equity Diversified Index Fund* 31 October 2025 Number of Shares Class B GBP Hedged** Class B USD Acc** Total Opening balance - -Shares issued 789,200 744,274 4,943,347 Shares redeemed - - (414,007)
Closing balance 789,200 744,274 4,529,340
NAV GBP - USD 86,173,880 NAV per share GBP 116.6304 USD 115.8404 * The Sub-Fund launched on 4 June 2025. ** The Share Class launched on 4 June 2025. *** The Share Class launched on 2 July 2025.
State Street World Quality Equity Index Fund**** 31 October 2025 Number of Shares Class I GBP Acc***** Class I USD Acc***** Total Opening balance - -Shares issued 113,208 318,035 431,243 Shares redeemed - --
Closing balance 113,208 318,035 431,243
NAV GBP 1,234,935 USD 3,429,896 Unswung NAV per share GBP 10.9119 USD 10.7879 **** The Sub-Fund launched on 5 August 2025. ***** The Share Class launched on 5 August 2025.
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements for the financial period ended 30 April 2026
Notes to the Financial Statements (continued)
STATE STREET ICAV 55
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3. Share capital (continued)
State Street Timewise 2025 Fund 31 October 2025 Number of Shares Class I EUR Total Opening balance 6,350,626 6,350,626 Shares issued 706,514 706,514 Shares redeemed (882,468) (882,468)
Closing balance 6,174,672 6,174,672
NAV EUR 7,950,157 Unswung NAV per share EUR 1.2875 Swung NAV per share EUR 1.2875
State Street Timewise 2030 Fund 31 October 2025 Number of Shares Class I EUR Total Opening balance 24,469,821 24,469,821 Shares issued 3,504,821 3,504,821 Shares redeemed (1,689,682) (1,689,682)
Closing balance 26,284,960 26,284,960
NAV EUR 37,090,521 Unswung NAV per share EUR 1.4111 Swung NAV per share EUR 1.4111
State Street Timewise 2035 Fund 31 October 2025 Number of Shares Class I EUR Total Opening balance 66,970,030 66,970,030 Shares issued 4,271,155 4,271,155 Shares redeemed (5,489,114) (5,489,114)
Closing balance 65,752,071 65,752,071
NAV EUR 103,215,156 Unswung NAV per share EUR 1.5698 Swung NAV per share EUR 1.5698
State Street Timewise 2040 Fund 31 October 2025 Number of Shares Class I EUR Total Opening balance 96,881,895 96,881,895 Shares issued 5,298,930 5,298,930 Shares redeemed (3,072,637) (3,072,637)
Closing balance 99,108,188 99,108,188
NAV EUR 169,911,032 Unswung NAV per share EUR 1.7144 Swung NAV per share EUR 1.7146
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements for the financial period ended 30 April 2026
Notes to the Financial Statements (continued)
56 STATE STREET ICAV
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3. Share capital (continued)
State Street Timewise 2045 Fund 31 October 2025 Number of Shares Class I EUR Total Opening balance 93,261,515 93,261,515 Shares issued 5,999,109 5,999,109 Shares redeemed (2,006,055) (2,006,055)
Closing balance 97,254,569 97,254,569
NAV EUR 170,781,886 Unswung NAV per share EUR 1.7560 Swung NAV per share EUR 1.7562
State Street Timewise 2050 Fund 31 October 2025 Number of Shares Class I EUR Total Opening balance 55,943,467 55,943,467 Shares issued 5,773,070 5,773,070 Shares redeemed (2,040,502) (2,040,502)
Closing balance 59,676,035 59,676,035
NAV EUR 104,772,771 Unswung NAV per share EUR 1.7557 Swung NAV per share EUR 1.7559
State Street Timewise 2055 Fund 31 October 2025 Number of Shares Class I EUR Total Opening balance 20,561,964 20,561,964 Shares issued 4,139,457 4,139,457 Shares redeemed (697,852) (697,852)
Closing balance 24,003,569 24,003,569
NAV EUR 42,169,984 Unswung NAV per share EUR 1.7568 Swung NAV per share EUR 1.7570
State Street Timewise 2060 Fund 31 October 2025 Number of Shares Class I EUR Total Opening balance 10,205,874 10,205,874 Shares issued 3,848,147 3,848,147 Shares redeemed (634,754) (634,754)
Closing balance 13,419,267 13,419,267
NAV EUR 23,570,468 Unswung NAV per share EUR 1.7565 Swung NAV per share EUR 1.7566
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements for the financial period ended 30 April 2026
Notes to the Financial Statements (continued)
STATE STREET ICAV 57
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3. Share capital (continued)
State Street Emerging Markets Screened Index Equity Fund* 31 October 2024 Number of Shares Class I EUR Total Opening balance 548,341 548,341 Shares issued -Shares redeemed (548,341) (548,431)
Closing balance --
NAV Unswung NAV per share * The Sub-Fund terminated on 8 October 2024.
State Street Emerging Markets ESG Screened Local Currency Government Bond Index Fund 31 October 2024 Number of Shares Class I EUR Acc Class I GBP Acc Total Opening balance 3,617,247 54,937 3,672,184 Shares issued 1,060,528 125,046 1,185,574 Shares redeemed (25,511) (2,016) (27,527)
Closing balance 4,652,264 177,967 4,830,231
NAV EUR 500,278,002 GBP 18,517,513 Unswung NAV per share EUR 107.5343 GBP 104.0505
State Street Emerging Markets ESG Screened Hard Currency Government Bond Index Fund 31 October 2024 Number of Shares Class I EUR Class I EUR Hedged Class I GBP Class I GBP Hedged Total Opening balance 2,885,936 1,738,812 42,125 14,060 4,680,933 Shares issued 2,096,415 99,611 122,040 2,067 2,320,133 Shares redeemed (55,789) (196,315) - (2,973) (255,077)
Closing balance 4,926,562 1,642,108 164,165 13,154 6,745,989
NAV EUR 532,183,297 EUR 172,697,076 GBP 17,372,595 GBP 1,408,064 Unswung NAV per share EUR 108.0233 EUR 105.1679 GBP 105.8243 GBP 107.0414
State Street Global Alternative Beta Fund** 31 October 2024 Number of Shares Class I GBP Hedged Class I USD Total Opening balance - -Shares issued 1,311,178 1,000 1,312,178 Shares redeemed (1,219) - (1,219)
Closing balance 1,309,959 1,000 1,310,959
NAV GBP 132,379,250 USD 100,926 Unswung NAV per share GBP 101.0560 USD 100.9263 ** The Sub-Fund launched on 11 September 2024.
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements for the financial period ended 30 April 2026
Notes to the Financial Statements (continued)
58 STATE STREET ICAV
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3. Share capital (continued)
State Street Timewise 2025 Fund 31 October 2024 Number of Shares Class I EUR Total Opening balance 7,945,328 7,945,328 Shares issued 565,062 565,062 Shares redeemed (2,159,764) (2,159,764)
Closing balance 6,350,626 6,350,626
NAV EUR 7,668,498 Unswung NAV per share EUR 1.2075 Swung NAV per share EUR 1.2075
State Street Timewise 2030 Fund 31 October 2024 Number of Shares Class I EUR Total Opening balance 25,229,815 25,229,815 Shares issued 1,591,409 1,591,409 Shares redeemed (2,351,403) (2,351,403)
Closing balance 24,469,821 24,469,821
NAV EUR 31,845,066 Unswung NAV per share EUR 1.3014 Swung NAV per share EUR 1.3014
State Street Timewise 2035 Fund 31 October 2024 Number of Shares Class I EUR Total Opening balance 67,980,901 67,980,901 Shares issued 3,419,521 3,419,521 Shares redeemed (4,430,392) (4,430,392)
Closing balance 66,970,030 66,970,030
NAV EUR 95,323,733 Unswung NAV per share EUR 1.4234 Swung NAV per share EUR 1.4234
State Street Timewise 2040 Fund 31 October 2024 Number of Shares Class I EUR Total Opening balance 95,322,392 95,322,392 Shares issued 5,346,819 5,346,819 Shares redeemed (3,787,316) (3,787,316)
Closing balance 96,881,895 96,881,895
NAV EUR 147,845,439 Unswung NAV per share EUR 1.5260 Swung NAV per share EUR 1.5262
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements for the financial period ended 30 April 2026
Notes to the Financial Statements (continued)
STATE STREET ICAV 59
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3. Share capital (continued)
State Street Timewise 2045 Fund 31 October 2024 Number of Shares Class I EUR Total Opening balance 88,919,944 88,919,944 Shares issued 6,245,706 6,245,706 Shares redeemed (1,904,135) (1,904,135)
Closing balance 93,261,515 93,261,515
NAV EUR 143,709,730 Unswung NAV per share EUR 1.5409 Swung NAV per share EUR 1.5408
State Street Timewise 2050 Fund 31 October 2024 Number of Shares Class I EUR Total Opening balance 50,836,014 50,836,014 Shares issued 6,022,780 6,022,780 Shares redeemed (915,327) (915,327)
Closing balance 55,943,467 55,943,467
NAV EUR 86,185,508 Unswung NAV per share EUR 1.5406 Swung NAV per share EUR 1.5407
State Street Timewise 2055 Fund 31 October 2024 Number of Shares Class I EUR Total Opening balance 17,002,543 17,002,543 Shares issued 3,949,294 3,949,294 Shares redeemed (389,873) (389,873)
Closing balance 20,561,964 20,561,964
NAV EUR 31,700,165 Unswung NAV per share EUR 1.5417 Swung NAV per share EUR 1.5418
State Street Timewise 2060 Fund 31 October 2024 Number of Shares Class I EUR Total Opening balance 7,230,244 7,230,244 Shares issued 3,233,713 3,233,713 Shares redeemed (258,083) (258,083)
Closing balance 10,205,874 10,205,874
NAV EUR 15,729,487 Unswung NAV per share EUR 1.5412 Swung NAV per share EUR 1.5414
4. Taxation
Under current Irish law and practice, the ICAV qualifies as an investment undertaking as defined in Section 739B of the Taxes Consolidation Act, 1997, as amended (the “TCA”). Provided the ICAV continues to be resident for tax purposes in Ireland and is authorised by the Central Bank of Ireland, the ICAV should not be chargeable to Irish tax on its relevant income or gains.
However, Irish tax can arise on the happening of a “chargeable event” in the ICAV. A chargeable event includes any distribution payment to shareholders or any encashment, redemption, cancellation, or transfer of shares and any deemed
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements for the financial period ended 30 April 2026
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4. Taxation (continued)
disposal of shares for Irish tax purposes arising as a result of the holding shares in the ICAV for a period of eight years or more, or the appropriation or cancellation of shares of a holder by the ICAV at the end of an eight year period beginning with the acquisition of such shares.
No Irish tax will arise in respect of chargeable events in respect of a shareholder who is an Exempt Irish Investor (as defined in Section 739D of the TCA) or who is neither Irish resident nor ordinarily resident in Ireland for tax purposes (subject to the IREF provisions below) at the time of the chargeable event, provided, in each case, that an appropriate valid declaration in accordance with Schedule 2B of the TCA is held by the ICAV or where the ICAV has been authorised by Irish Revenue to make gross payments in absence of appropriate declarations.
Under the Irish Real Estate Fund (the “IREF”) regime, withholding tax must be operated on payments to certain unit holders. An ICAV (or sub-fund of an ICAV) is considered to be an IREF where at least 25% of the market value of its assets is derived (directly or indirectly) from IREF assets which includes Irish real estate, shares in an Irish REIT, shares in a company which derives all/most of its value from Irish real estate or a REIT, units in another IREF, and loans secured on and which derive their value (or greater part of their value) directly or indirectly from Irish property. An IREF must account for withholding tax, currently at 20%, on payments derived from IREF profits. Finance Act 2019 introduced additional IREF provisions which may give rise to Irish Tax such that any gains reflected in the market value of the unit but not in the accounts of the IREF will be subject to the IREF withholding tax. Furthermore, the IREF may be subject to a tax charge as a result of certain interest and other restrictions introduced in the Finance Act 2019.
Distributions, interest and capital gains (if any) received on investments made by the ICAV may be subject to withholding taxes imposed by the country from which the investment income/gains are received and such taxes may not be recoverable by the ICAV or its shareholders.
The Minimum Tax Directive provides for a European Union wide implementation of the Organization for Economic Cooperation and Development (the “OECD”) Inclusive Framework on Base Erosion Profit Shifting (“BEPS”) Pillar Two rules. The Pillar Two legislation was enacted in Ireland and is effective for the financial year beginning on or after 1 January 2024. The ICAV meets the definition of an investment entity under BEPS Pillar Two rules, and the clause within it that seeks to protect the tax neutrality of investment funds. This excludes the ICAV from quantitative disclosures under BEPS Pillar Two requirement along with Qualified Domestic Minimum Top-up Tax (“QDMTT”) requirement. 5. Efficient portfolio management
The ICAV may use financial derivative instruments (the “FDIs”) for efficient portfolio management purposes and for investment purposes. Any use of FDIs by the ICAV shall be limited to futures, forward foreign exchange contracts (including non-deliverable forwards), swaps (including total return swaps), warrants and options.
Efficient portfolio management means investment techniques involving transactions that are entered into for one or more of the following specific aims: the reduction of risk, the reduction of cost, the generation of additional capital or income for the Sub-Funds with an appropriate level of risk, taking into account the risk profile of the Sub-Funds. 6. Financial instruments and associated risks
The ICAV’s policies for managing risks associated with the use of financial instruments applied during the financial period under review are consistent with those disclosed in the ICAV’s audited financial statements as at and for the financial year ended 31 October 2025.
Fair value hierarchy The ICAV classifies fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements.
The fair value hierarchy has the following levels:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).
Level 3: Certain inputs for the asset or liability are not based on observable market data (that is, unobservable inputs).
Furthermore, for those instruments which have significant unobservable inputs (Level 3), the amendment requires disclosures on the transfers into and out of Level 3, a reconciliation of the opening and closing balances, total gains and losses for the financial period split between those recognised in the Statement of Comprehensive Income, purchases, sales, issues and settlements, and a sensitivity analysis of assumptions used in determining the fair value of Level 3 positions.
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements for the financial period ended 30 April 2026
Notes to the Financial Statements (continued)
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6. Financial instruments and associated risks (continued)
Fair value hierarchy (continued)
The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability.
The determination of what constitutes “observable” requires significant judgement by the Investment Manager. The Investment Manager considers observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.
For each class of assets and liabilities not measured at fair value in the Statement of Financial Position but for which fair value is disclosed, IFRS 13 Fair value measurement ( IFRS 13 ) requires the ICAV to disclose the level within the fair value hierarchy which the fair value measurement would be categorised and a description of the valuation technique and inputs used in the technique. Assets and liabilities not carried at fair value are carried at amortised cost; their carrying values are a reasonable approximation of fair value.
Cash and cash equivalents, bank overdraft, cash held with broker and other short-term investments in an active market, are categorised as Level 1. Investments whose values are based on quoted market prices in active markets, and therefore classified within Level 1, include active listed equities, exchange traded collective investment schemes and futures contracts.
All forward currency exchange contracts, receivable balances, payable balances and the net assets attributable to holders of redeemable shares are categorised as Level 2. Financial instruments that do not have quoted market prices but are valued based on market values, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include corporate bonds, government bonds and non exchange traded collective investment schemes. As Level 2 investments include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.
Investments classified within Level 3 have significant unobservable inputs, as they are suspended from trading while others are traded infrequently. Level 3 instruments include equities. As observable prices are not available for these securities, the ICAV has used valuation techniques to derive the fair value. At 30 April 2026 and 31 October 2025, the State Street Emerging Markets Screened Index Equity Fund held Russian securities, the value of which has been written down to zero and this has not changed since 2022. These are included as level 3 securities (please refer to Note 14 for further information).
The following tables analyse within the fair value hierarchy the ICAV’s financial assets and liabilities measured at fair value at 30 April 2026.
State Street Emerging Markets ESG Screened Local Currency Government Bond Index Fund
Level 1 USD
Level 2 USD
Level 3 USD
Total USD
Financial assets at fair value through profit or loss: Bonds - 890,746,993 - 890,746,993
- 890,746,993 - 890,746,993
Financial liabilities at fair value through profit or loss: Open Forward Foreign Currency Exchange Contracts - (3,081) - (3,081)
- (3,081) - (3,081)
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements for the financial period ended 30 April 2026
Notes to the Financial Statements (continued)
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6. Financial instruments and associated risks (continued)
Fair value hierarchy (continued)
State Street Emerging Markets ESG Screened Hard Currency Government Bond Index Fund
Level 1 USD Level 2 USD Level 3 USD Total USD
Financial assets at fair value through profit or loss: Bonds - 1,176,223,098 - 1,176,223,098 Open Forward Foreign Currency Exchange Contracts - 5,345,829 - 5,345,829
- 1,181,568,927 - 1,181,568,927
Financial liabilities at fair value through profit or loss: Open Forward Foreign Currency Exchange Contracts - (856,835) - (856,835) Futures Contracts (27,471) - - (27,471)
(27,471) (856,835) - (884,306)
State Street Global Alternative Beta Fund
Level 1 USD
Level 2 USD
Level 3 USD
Total USD
Financial assets at fair value through profit or loss: Bonds - 8,963,506 - 8,963,506 Short Terms - 215,263,839 - 215,263,839 Collective Investment Schemes 18,062,252 - - 18,062,252 Open Forward Foreign Currency Exchange Contracts - 5,392,644 - 5,392,644 Futures Contracts 4,698,093 - - 4,698,093
22,760,345 229,619,989 - 252,380,334
Financial liabilities at fair value through profit or loss: Open Forward Foreign Currency Exchange Contracts - (1,394,188) - (1,394,188) Futures Contracts (145,969) - - (145,969)
(145,969) (1,394,188) - (1,540,157)
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements for the financial period ended 30 April 2026
Notes to the Financial Statements (continued)
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6. Financial instruments and associated risks (continued)
Fair value hierarchy (continued)
State Street Global Equity Diversified Index Fund Level 1 USD Level 2 USD Level 3 USD Total USD
Financial assets at fair value through profit or loss: Equities 1,076,384,386 - - 1,076,384,386 Open Forward Foreign Currency Exchange Contracts - 14,420,622 - 14,420,622 Futures Contracts 505,002 - - 505,002
1,076,889,388 14,420,622 - 1,091,310,010
Financial liabilities at fair value through profit or loss: Open Forward Foreign Currency Exchange Contracts - (2,442,179) - (2,442,179)
- (2,442,179) - (2,442,179)
State Street World Quality Equity Index Fund Level 1 USD Level 2 USD Level 3 USD Total USD
Financial assets at fair value through profit or loss: Equities 159,828,811 - - 159,828,811 Futures Contracts 8,363 - - 8,363
159,837,174 - - 159,837,174
State Street Timewise 2025 Fund Level 1 EUR
Level 2 EUR
Level 3 EUR
Total EUR Financial assets at fair value through profit or loss: Collective Investment Schemes 353,467 7,546,444 - 7,899,911
353,467 7,546,444 - 7,899,911
State Street Timewise 2030 Fund Level 1 EUR
Level 2 EUR
Level 3 EUR
Total EUR Financial assets at fair value through profit or loss: Collective Investment Schemes 4,787,883 34,462,310 - 39,250,193
4,787,883 34,462,310 - 39,250,193
State Street Timewise 2035 Fund Level 1 EUR
Level 2 EUR
Level 3 EUR
Total EUR Financial assets at fair value through profit or loss: Collective Investment Schemes 18,663,221 88,009,825 - 106,673,046
18,663,221 88,009,825 - 106,673,046
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements for the financial period ended 30 April 2026
Notes to the Financial Statements (continued)
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6. Financial instruments and associated risks (continued)
Fair value hierarchy (continued)
State Street Timewise 2040 Fund Level 1 EUR Level 2 EUR Level 3 EUR Total EUR Financial assets at fair value through profit or loss: Collective Investment Schemes 39,944,148 139,299,309 - 179,243,457
39,944,148 139,299,309 - 179,243,457
State Street Timewise 2045 Fund Level 1 EUR Level 2 EUR Level 3 EUR Total EUR Financial assets at fair value through profit or loss: Collective Investment Schemes 52,316,428 132,868,932 - 185,185,360
52,316,428 132,868,932 - 185,185,360
State Street Timewise 2050 Fund Level 1 EUR Level 2 EUR Level 3 EUR Total EUR Financial assets at fair value through profit or loss: Collective Investment Schemes 33,658,472 81,517,317 - 115,175,789
33,658,472 81,517,317 - 115,175,789
State Street Timewise 2055 Fund Level 1 EUR Level 2 EUR Level 3 EUR Total EUR Financial assets at fair value through profit or loss: Collective Investment Schemes 14,000,212 33,881,725 - 47,881,937
14,000,212 33,881,725 - 47,881,937
State Street Timewise 2060 Fund Level 1 EUR Level 2 EUR Level 3 EUR Total EUR Financial assets at fair value through profit or loss: Collective Investment Schemes 8,407,397 20,396,553 - 28,803,950
8,407,397 20,396,553 - 28,803,950
State Street Timewise 2065 Fund* Level 1 EUR Level 2 EUR Level 3 EUR Total EUR Financial assets at fair value through profit or loss: Collective Investment Schemes 586,248 1,410,551 - 1,996,799
586,248 1,410,551 - 1,996,799
* The Sub-Fund launched on 27 April 2026, therefore there are no comparatives.
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements for the financial period ended 30 April 2026
Notes to the Financial Statements (continued)
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6. Financial instruments and associated risks (continued)
Fair value hierarchy (continued)
The following tables analyse within the fair value hierarchy the ICAV’s financial assets and liabilities measured at fair value at 31 October 2025.
State Street Emerging Markets ESG Screened Local Currency Government Bond Index Fund
Level 1 USD Level 2 USD Level 3 USD Total USD
Financial assets at fair value through profit or loss: Bonds - 870,414,519 - 870,414,519 Open Forward Foreign Currency Exchange Contracts - 2,148 - 2,148
- 870,416,667 - 870,416,667
State Street Emerging Markets ESG Screened Hard Currency Government Bond Index Fund
Level 1 USD
Level 2 USD
Level 3 USD
Total USD
Financial assets at fair value through profit or loss: Bonds - 1,120,434,319 - 1,120,434,319 Open Forward Foreign Currency Exchange Contracts - 1,686,302 - 1,686,302
- 1,122,120,621 - 1,122,120,621
Financial liabilities at fair value through profit or loss: Open Forward Foreign Currency Exchange Contracts - (5,001,610) - (5,001,610) Futures Contracts (33,094) - - (33,094)
(33,094) (5,001,610) - (5,034,704)
State Street Global Alternative Beta Fund Level 1 USD Level 2 USD Level 3 USD Total USD
Financial assets at fair value through profit or loss: Bonds - 9,857,272 - 9,857,272 Short Terms 18,989,000 190,906,013 - 209,895,013 Collective Investment Schemes 17,555,434 - - 17,555,434 Open Forward Foreign Currency Exchange Contracts - 1,480,280 - 1,480,280 Futures Contracts 1,472,815 - - 1,472,815
38,017,249 202,243,565 - 240,260,814
Financial liabilities at fair value through profit or loss: Open Forward Foreign Currency Exchange Contracts - (4,454,633) - (4,454,633)
- (4,454,633) - (4,454,633)
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements for the financial period ended 30 April 2026
Notes to the Financial Statements (continued)
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6. Financial instruments and associated risks (continued)
Fair value hierarchy (continued)
State Street Global Equity Diversified Index Fund Level 1 USD Level 2 USD Level 3 USD Total USD
Financial assets at fair value through profit or loss: Equities 655,806,246 - - 655,806,246 Open Forward Foreign Currency Exchange Contracts - 553,354 - 553,354 Futures Contracts 196,818 - - 196,818
656,003,064 553,354 - 656,556,418
Financial liabilities at fair value through profit or loss: Open Forward Foreign Currency Exchange Contracts - (7,061,428) - (7,061,428) Futures Contracts (10,055) - - (10,055)
(10,055) (7,061,428) - (7,071,483)
State Street World Quality Equity Index Fund Level 1 USD Level 2 USD Level 3 USD Total USD
Financial assets at fair value through profit or loss: Equities 5,037,313 - - 5,037,313
5,037,313 - - 5,037,313
State Street Timewise 2025 Fund Level 1 EUR
Level 2 EUR
Level 3 EUR
Total EUR Financial assets at fair value through profit or loss: Collective Investment Schemes 346,095 7,608,204 - 7,954,299
346,095 7,608,204 - 7,954,299
State Street Timewise 2030 Fund Level 1 EUR
Level 2 EUR
Level 3 EUR
Total EUR Financial assets at fair value through profit or loss: Collective Investment Schemes 4,727,996 32,357,468 - 37,085,464
4,727,996 32,357,468 - 37,085,464
State Street Timewise 2035 Fund Level 1 EUR
Level 2 EUR
Level 3 EUR
Total EUR Financial assets at fair value through profit or loss: Collective Investment Schemes 18,176,817 85,032,195 - 103,209,012
18,176,817 85,032,195 - 103,209,012
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements for the financial period ended 30 April 2026
Notes to the Financial Statements (continued)
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6. Financial instruments and associated risks (continued)
Fair value hierarchy (continued)
State Street Timewise 2040 Fund Level 1 EUR Level 2 EUR Level 3 EUR Total EUR Financial assets at fair value through profit or loss: Collective Investment Schemes 37,924,472 131,992,469 - 169,916,941
37,924,472 131,992,469 - 169,916,941
State Street Timewise 2045 Fund Level 1 EUR Level 2 EUR Level 3 EUR Total EUR Financial assets at fair value through profit or loss: Collective Investment Schemes 48,879,903 121,908,188 - 170,788,091
48,879,903 121,908,188 - 170,788,091
State Street Timewise 2050 Fund Level 1 EUR Level 2 EUR Level 3 EUR Total EUR Financial assets at fair value through profit or loss: Collective Investment Schemes 30,288,311 74,497,213 - 104,785,524
30,288,311 74,497,213 - 104,785,524
State Street Timewise 2055 Fund Level 1 EUR Level 2 EUR Level 3 EUR Total EUR Financial assets at fair value through profit or loss: Collective Investment Schemes 12,191,061 29,980,804 - 42,171,865
12,191,061 29,980,804 - 42,171,865
State Street Timewise 2060 Fund Level 1 EUR Level 2 EUR Level 3 EUR Total EUR Financial assets at fair value through profit or loss: Collective Investment Schemes 6,821,323 16,750,229 - 23,571,552
6,821,323 16,750,229 - 23,571,552
Level 3 Reconciliation For the financial period ended 30 April 2026 and financial year ended 31 October 2025, the State Street Emerging Markets Screened Index Equity Fund held Russian securities, the value of which has been written down to zero and this has not changed since 2022. These are included as level 3 securities (please refer to Note 14 for further information). 7. Soft commissions arrangements and directed brokerage
There were no soft commission arrangements in existence or directed brokerage services utilised during the financial period ended 30 April 2026 or the financial year ended 31 October 2025.
8. Related party transactions
Parties are considered to be related if one party has the ability to control the other party or is able to exercise significant influence over the other party, in making financial or operational decisions.
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements for the financial period ended 30 April 2026
Notes to the Financial Statements (continued)
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8. Related party transactions (continued)
The following parties are related parties to the Sub-Funds at 30 April 2026:
Investment Manager, Management Company State Street Global Advisors Europe Limited and Global Distributor Sub-Investment Manager State Street Global Advisors Limited Administrator, Registrar and Transfer Agent State Street Fund Services (Ireland) Limited Depositary State Street Custodial Services (Ireland) Limited Directors of the ICAV Eric Linnane, Tom Coghlan, Lim Siong Kwong (Benjamin) Lam Thuon Mine, Barbara Healy, Rebecca Bridger Directors of the ICAV in common with the Investment Manager, Management Company and Global Distributor Eric Linnane Directors of the Investment Manager, Eric Linnane, Ann Prendergast, Nigel Wightman, Scott Management Company and Global Distributor Sanderson, Dr. Margaret Cullen, Patrick Mulvihill and Marie-Anne Heeren
Eric Linnane is a Managing Director and Head of State Street Global Advisors Europe Limited Investment Operations.
Rebecca Bridger is the Managing Director and EMEA Lead of the EMEA Funds Management Team within State Street Investment Management.
A total of 200 foreign exchange spot transactions on the ICAV were executed through affiliated brokers during the financial period ended 30 April 2026 (31 October 2025: 160). No other portfolio transaction types were executed through affiliated firms or brokers. Entities with joint control In the opinion of the Directors, the Investment Manager & Sub-Distributor, Global Distributor, Administrator, Registrar & Transfer Agent, Management Company and Depositary are all related parties to the ICAV. All transactions were entered into in the normal course of business. Transactions with Key Management Personnel The Directors are entitled to receive fees and expenses, which form part of the Total Expense Ratio (“TER”) rates. Total Directors’ fees for the financial period amounted to USD 17,011 (30 April 2025: USD 10,636) of which USD 8,746 (31 October 2025: USD 13,466) was payable at the financial period end.
Eric Linnane and Terry O’Gara (resigned 2 January 2026) waived their right to fees and received Nil fees for the financial period ended 30 April 2026 and financial year ended 31 October 2025. Rebecca Bridger (appointed 2 January 2026) waived her rights to fees and received Nil fees for the financial period ended 30 April 2026.
The State Street Timewise Funds invest in other funds for which investment management activities are undertaken by the same Investment Manager. The underlying funds have their own management, administration and depositary fee levels in place, all of which are included in the TER of the Sub-funds. These underlying fees are offset against the total TER to ensure that the TER attributable to each Class shall not exceed the rates as set out in the relevant supplement. Management fee rebates of EUR 485,005 (30 April 2025: EUR 396,379) were received during the financial period of which EUR 325,880 (31 October 2025: EUR 416,929) remained receivable at the financial period end. Management fee rebates have been offset against management fees in the Statement of Comprehensive Income.
The State Street Global Alternative Beta Fund had total reimbursement of expenses in accordance with the expense cap of USD Nil (31 October 2025: USD 2,736). This amount has been offset against management fees in the Statement of Comprehensive Income.
For the financial period ended 30 April 2026, there were no expense reimbursements on State Street Emerging Markets ESG Screened Local Currency Government Bond Index Fund, State Street Emerging Markets ESG Screened Hard Currency Government Bond Index Fund, State Street Global Equity Diversified Index Fund and State Street World Quality Equity Index Fund.
As at 30 April 2026, all the State Street Timewise Funds held investments in other funds for which investment management activities are undertaken by the same Investment Manager. Please refer to Schedule of Investments for further details.
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements for the financial period ended 30 April 2026
Notes to the Financial Statements (continued)
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8. Related party transactions (continued)
Transactions with Key Management Personnel (continued)
The following tables disclose the aggregate purchases and sales relating to such investments for the financial period ended 30 April 2026 and financial year ended 31 October 2025: 30 April 2026 Purchase EUR
Sale EUR
Realised gains/ (losses) EUR State Street Timewise 2025 Fund 1,574,607 (1,815,315) 207,878 State Street Timewise 2030 Fund 3,026,848 (2,160,664) 408,873 State Street Timewise 2035 Fund 6,294,509 (7,355,731) 1,619,173 State Street Timewise 2040 Fund 10,693,068 (10,806,075) 2,583,066 State Street Timewise 2045 Fund 12,380,662 (8,631,200) 1,789,408 State Street Timewise 2050 Fund 6,520,495 (2,791,709) 606,610 State Street Timewise 2055 Fund 3,974,244 (1,021,252) 196,949 State Street Timewise 2060 Fund 4,294,160 (690,438) 108,651 State Street Timewise 2065 Fund* 1,995,273 - -
* The Sub-Fund launched on 27 April 2026, therefore there are no comparatives.
31 October 2025 Purchase EUR
Sale EUR
Realised gains/ (losses) EUR State Street Timewise 2025 Fund 2,648,080 (2,901,714) 413,511 State Street Timewise 2030 Fund 17,781,025 (15,361,956) 1,835,029 State Street Timewise 2035 Fund 47,510,132 (49,480,479) 6,952,661 State Street Timewise 2040 Fund 71,822,766 (68,609,975) 10,839,727 State Street Timewise 2045 Fund 39,319,513 (32,948,631) 9,578,448 State Street Timewise 2050 Fund 26,291,671 (20,235,854) 5,192,711 State Street Timewise 2055 Fund 13,401,356 (7,896,426) 1,769,991 State Street Timewise 2060 Fund 9,829,993 (4,701,475) 911,760
Significant Shareholders Each of the Sub-Funds had a significant shareholder (i.e. with holdings in excess of 20%) as at 30 April 2026 and 31 October 2025:
Fund name
30 April 2026 Holdings %
31 October 2025 Holdings % State Street Emerging Markets ESG Screened Local Currency Government Bond Index Fund
23.85 24.99
State Street Global Alternative Beta Fund 36.34 35.99 State Street World Quality Equity Index Fund 75.63 38.97 & 34.78 & 26.25 State Street Timewise 2025 Fund 75.08 75.64 & 20.87 State Street Timewise 2030 Fund 60.98 & 36.79 61.61 & 36.13 State Street Timewise 2035 Fund 71.48 & 27.89 72.3 & 27.12 State Street Timewise 2040 Fund 78.39 & 21.32 79.06 & 20.67 State Street Timewise 2045 Fund 71.96 & 27.45 72.64 & 26.95 State Street Timewise 2050 Fund 50.86 & 48.10 51.38 & 47.73 State Street Timewise 2055 Fund 66.13 & 33.38 66.46 & 33.01 State Street Timewise 2060 Fund 56.71 & 43.29 55.77 & 44.23 State Street Timewise 2065 Fund* 100.00 -
* The Sub-Fund launched on 27 April 2026, therefore there are no comparatives.
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements for the financial period ended 30 April 2026
Notes to the Financial Statements (continued)
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8. Related party transactions (continued)
Subscriber Shares As at 30 April 2026 and 31 October 2025, there were 2 subscriber shares in issue. As at 30 April 2026 and 31 October 2025, 1 subscriber share was held by State Street Global Advisors Europe Limited and 1 subscriber share was held by State Street Global Advisors Limited.
Dealings with Connected Persons Regulation 43 (1) of the UCITS Regulations states that “a responsible person shall ensure that any transaction between a UCITS and connected persons is conducted a) at arm’s length; and b) in the best interest of the shareholders of the UCITS”.
As required under UCITS Regulation 81.4, the Directors, as responsible persons are satisfied that there are in place arrangements, evidenced by written procedures, to ensure that the obligations that are prescribed by Regulation 41 (1) are applied to all transactions with connected persons; that were entered into during the financial period to which the report relates complied with the obligations that are prescribed by Regulation 43 (1). 9. Distributions to equity holders/holders of redeemable participating shares
The following distributions were declared by State Street Global Equity Diversified Index Fund during the financial period ended 30 April 2026 and 31 October 2025:
Share Class Declaration Date
Payment Date Amount (USD) For financial period ended: 30 April 2026 Class B GBP Hedged Dist 30 January 2026 5 February 2026 2,014,045 Class B GBP Unhedged Dist 30 January 2026 5 February 2026 530,390
Total 2,544,435
For financial year ended: 31 October 2025 Class B GBP Hedged Dist 31 July 2025 6 August 2025 315,189 Class B GBP Unhedged Dist 31 July 2025 6 August 2025 18,771
Total 333,960
10. Segment Information
IFRS 8 Operating Segments ( IFRS 8 ) requires a “management approach”, under which segment information is presented on the same basis as that used for internal reporting purposes.
The Directors are charged with the overall governance of the ICAV in accordance with the Prospectus. The Directors have appointed State Street Global Advisors Europe Limited as the Management Company. State Street Global Advisors Europe Limited is considered the CODM for the purposes of IFRS 8.
For management purposes, the ICAV is organised into one main operating segment, which invests in debt instruments and collective investment schemes. All of the ICAV’s activities are interrelated, and each activity is dependent on the others. Accordingly, all significant operating decisions are based upon analysis of the ICAV as one segment. The financial results from this segment are equivalent to the financial statements of the ICAV as a whole.
The ICAV has no assets classified as non-current assets.
State Street Emerging Markets ESG Screened Local Currency Government Bond Index Fund, State Street Emerging Markets ESG Screened Hard Currency Government Bond Index Fund and State Street Global Alternative Beta Fund have highly diversified portfolios of debt securities issued or guaranteed by governments and corporations in emerging markets, and no single investment accounts for a significant portion of the ICAV’s income. The Timewise funds primarily invest in Collective Investment Schemes.
Products and services All of the ICAV’s revenues are derived from one product grouping, namely the portfolio securities invested in by the Sub-Funds.
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements for the financial period ended 30 April 2026
Notes to the Financial Statements (continued)
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10. Segment Information (continued)
Geographical areas The ICAV does not separately monitor revenues from different geographical areas. However Sub-Funds’ revenue may be considered as being attributed to the region, as stated in its investment policy.
Major customers As the ICAV is an investment vehicle, its distinct major customers are the institutional investors who purchase the Sub-Funds’ shares. 11. Contingent liabilities
The ICAV is not aware of any contingent liabilities as at 30 April 2026 or 31 October 2025. 12. Segregated liability
The ICAV is an umbrella fund with segregated liability between its funds. As such, as a matter of Irish law, the assets of each Sub-Fund will not be exposed to the liabilities of the ICAV’s other Sub-Funds. Notwithstanding the foregoing there can be no assurance that, should an action be brought against the ICAV in the court of another jurisdiction, the segregated nature of the Sub-Funds would necessarily be upheld. As at 30 April 2026 there were fourteen active Sub-Funds in the ICAV (31 October 2025: thirteen). 13. Residual Cash Balances
The Sub-Fund in the below table terminated in prior financial years but has not yet had it’s authorisation revoked by the Central Bank. The Sub-Fund held the below cash balances as at 30 April 2026 and 31 October 2025. These cash balances are assets of the Sub-Fund, but due to their monetary value, financial statements have not been prepared in relation to this Sub-Fund, and disclosed in this note only. The State Street Emerging Markets Screened Index Equity Fund is awaiting to pay final investors.
Fund Name 2026 2025 State Street Emerging Markets Screened Index Equity Fund (USD) 34,298 254,100 14. Investments held by terminated Sub-Funds
The State Street Emerging Markets Screened Index Equity Fund, which was terminated on 8 October 2024, has not yet fully sold out its Portfolio. Investments held by this Sub-Fund as at 30 April 2026 and 31 October 2025 are disclosed in the following tables. The investments below have been written down to zero and this has not changed since 2022. These are included as level 3 securities at financial period end.
30 April 2026
Holdings Investments Fair Value USD Common Stock Russia 41,208 Alrosa PJSC 590,000 Inter RAO UES PJSC 5,301 LUKOIL PJSC 22,050 Moscow Exchange MICEX-RTS PJSC 11,600 Novatek PJSC 15,150 Novolipetsk Steel PJSC 633 PhosAgro PJSC 4,310 Polyus PJSC 14,577 Rosneft Oil Co PJSC 138,718 Sberbank of Russia PJSC 83,380 Surgutneftegas PJSC 111,800 Surgutneftegas PJSC (Pref) 18,036 Tatneft PJSC 10,464 VTB Bank PJSC Depositary Receipts Russia 74,407 Gazprom PJSC -
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements for the financial period ended 30 April 2026
Notes to the Financial Statements (continued)
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14. Investments held by terminated Sub-Funds (continued)
Holdings Investments Fair Value USD 5,300 Mobile TeleSystems PJSC 12 PhosAgro PJSC 2,722 Severstal PAO 1,736 VK Co Ltd 31 October 2025
Holdings Investments Fair Value USD Common Stock Russia 41,208 Alrosa PJSC 590,000 Inter RAO UES PJSC 5,301 LUKOIL PJSC 22,050 Moscow Exchange MICEX-RTS PJSC 11,600 Novatek PJSC 15,150 Novolipetsk Steel PJSC 633 PhosAgro PJSC 4,310 Polyus PJSC 14,577 Rosneft Oil Co PJSC 138,718 Sberbank of Russia PJSC 83,380 Surgutneftegas PJSC 111,800 Surgutneftegas PJSC (Pref) 18,036 Tatneft PJSC 10,464 VTB Bank PJSC Depositary Receipts Russia 74,407 Gazprom PJSC 5,300 Mobile TeleSystems PJSC 12 PhosAgro PJSC 2,722 Severstal PAO 1,736 VK Co Ltd 15. Significant events during the financial period
Effective 2 January 2026, the following changes were made to the Board of Directors of the ICAV:
Ms. Victoria Parry (British), Independent Non-Executive Director and Mr. Terry O’Gara (Irish) retired from the Board of Directors of the ICAV.
Ms. Rebecca Bridger (British) was appointed to the Board of Directors of the ICAV.
Mr. Tom Coghlan (Irish), Mr. Lim Siong Kwong (Benjamin) Lam Thuon Mine (Luxembourgish) and Ms. Barbara Healy (Irish) were appointed to the Board of Directors as Independent Non-Executive Directors.
Ms. Barbara Healy was appointed to the Chair of the Board of Directors.
The following parties became related parties to the ICAV effective 2 January 2026: Mr. Lim Siong Kwong (Benjamin) Lam Thuon Mine, Ms. Rebecca Bridger, Mr. Tom Coghlan and Ms. Barbara Healy.
Ms. Rebecca Bridger is the Managing Director and EMEA Lead of the EMEA Funds Management Team within State Street Investment Management.
Please refer to the Note 8 of these financial statements for full details regarding related parties.
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements for the financial period ended 30 April 2026
Notes to the Financial Statements (continued)
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15. Significant events during the financial period (continued)
Middle East Conflict In February 2026, a geopolitical conflict escalated in the Middle East. The Investment Manager has assessed the potential impact of this event on the Sub-Funds and has determined that the Sub-Funds have minimal direct exposure to the region. Accordingly, there has been no material effect on the Sub-Funds’ operations or financial position to date. The Investment Manager will continue to monitor developments and will reflect any material impacts in future financial statements, if applicable.
On 27 April 2026, State Street Timewise 2065 Fund launched.
There were no other significant events affecting the ICAV during the financial period. 16. Significant events after the financial period end
During the financial period, the Prospectus was updated by way of an addendum dated 13 May 2026 to enhance disclosures relating to liquidity management tools in line with UCITS VI requirements. The amendments were disclosure-driven only and did not result in any change to the investment objectives or investment strategies of the Sub-Funds.
There have been no other significant events affecting the ICAV after the financial period ended 30 April 2026 that require amendment to or disclosure in the financial statements.
17. Seasonal and cyclical changes
The ICAV is not subject to seasonal or cyclical changes.
18. Approval of the financial statements
The financial statements were approved by the Board on 24 June 2026.
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements for the financial period ended 30 April 2026
Notes to the Financial Statements (continued)
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State Street Emerging Markets ESG Screened Local Currency Government Bond Index Fund
Holdings Investment Fair Value USD
% of Net Assets Transferable Securities – 97.81% (31 October 2025: 98.03%)
Corporate Bonds – 0.20% (31 October 2025: 0.15%) Supranationals – 0.20% 40,000,000 7.000% Asian Infrastructure Investment Bank 01/03/2029 412,818 0.05 31,000,000 6.000% Asian Infrastructure Investment Bank 08/12/2031 303,953 0.03 40,000,000 6.960% Asian Infrastructure Investment Bank 14/01/2035 399,386 0.04 25,000,000 6.300% European Bank for Reconstruction & Development 26/10/2027 256,845 0.03 40,000,000 6.850% International Bank for Reconstruction & Development 24/04/2028 413,306 0.05
1,786,308 0.20
Total Corporate Bonds 1,786,308 0.20
Government Bonds – 97.61% (31 October 2025: 97.88%) Brazil – 7.59% 10,000,000 0.000% Brazil Letras do Tesouro Nacional 01/07/2026 1,963,913 0.22 58,000,000 0.000% Brazil Letras do Tesouro Nacional 01/07/2027 10,019,243 1.10 46,300,000 0.000% Brazil Letras do Tesouro Nacional 01/01/2028 7,502,121 0.82 7,300,000 0.000% Brazil Letras do Tesouro Nacional 01/07/2028 1,110,910 0.12 75,600,000 0.000% Brazil Letras do Tesouro Nacional 01/01/2029 10,793,511 1.19 43,000,000 0.000% Brazil Letras do Tesouro Nacional 01/07/2029 5,755,923 0.63 58,300,000 0.000% Brazil Letras do Tesouro Nacional 01/01/2030 7,319,825 0.80 105,650,000 0.000% Brazil Letras do Tesouro Nacional 01/01/2032 10,217,323 1.12 18,800,000 10.000% Brazil Notas do Tesouro Nacional Serie F 01/01/2027 3,684,492 0.40 8,300,000 10.000% Brazil Notas do Tesouro Nacional Serie F 01/01/2029 1,540,143 0.17 8,200,000 10.000% Brazil Notas do Tesouro Nacional Serie F 01/01/2031 1,446,498 0.16 18,000,000 10.000% Brazil Notas do Tesouro Nacional Serie F 01/01/2033 3,047,552 0.34 29,000,000 10.000% Brazil Notas do Tesouro Nacional Serie F 01/01/2035 4,764,070 0.52
69,165,524 7.59
Chile – 2.17% 1,530,000,000 0.000% Bonos de la Tesoreria de la Republica en pesos 06/05/2027 1,626,431 0.18 40,000,000 2.300% Bonos de la Tesoreria de la Republica en pesos 01/10/2028 41,667 0.00 1,285,000,000 5.000% Bonos de la Tesoreria de la Republica en pesos 01/10/2028 1,427,142 0.16 3,270,000,000 5.800% Bonos de la Tesoreria de la Republica en pesos 01/10/2029 3,684,284 0.40 1,775,000,000 4.700% Bonos de la Tesoreria de la Republica en pesos 01/09/2030 1,916,475 0.21 3,500,000,000 6.000% Bonos de la Tesoreria de la Republica en pesos 01/04/2033 3,984,400 0.44 805,000,000 7.000% Bonos de la Tesoreria de la Republica en pesos 01/05/2034 977,529 0.11 285,000,000 5.800% Bonos de la Tesoreria de la Republica en pesos 01/10/2034 321,210 0.03 1,365,000,000 5.000% Bonos de la Tesoreria de la Republica en pesos 01/03/2035 1,458,496 0.16 1,475,000,000 5.300% Bonos de la Tesoreria de la Republica en pesos 01/11/2037 1,598,052 0.18 900,000,000 6.200% Bonos de la Tesoreria de la Republica en pesos 01/10/2040 1,062,637 0.12 1,425,000,000 6.000% Bonos de la Tesoreria de la Republica en pesos 01/01/2043 1,663,835 0.18
19,762,158 2.17
Columbia – 4.97% 5,250,000,000 5.750% Colombian TES 03/11/2027 1,294,273 0.14 17,600,000,000 6.000% Colombian TES 28/04/2028 4,208,958 0.46 20,900,000,000 11.000% Colombian TES 22/08/2029 5,282,907 0.58 2,800,000,000 12.500% Colombian TES 27/02/2030 730,243 0.08 13,200,000,000 7.750% Colombian TES 18/09/2030 2,905,192 0.32 16,500,000,000 7.000% Colombian TES 26/03/2031 3,464,945 0.38 12,000,000,000 7.000% Colombian TES 30/06/2032 2,391,266 0.26 21,000,000,000 13.250% Colombian TES 09/02/2033 5,585,637 0.61 11,400,000,000 7.250% Colombian TES 18/10/2034 2,173,123 0.24
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements as at 30 April 2026
Schedule of Investments
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State Street Emerging Markets ESG Screened Local Currency Government Bond Index Fund (continued)
Holdings Investment Fair Value USD
% of Net Assets Transferable Securities – 97.81% (31 October 2025: 98.03%) (continued)
Government Bonds – 97.61% (31 October 2025: 97.88%) (continued) Columbia – 4.97% (continued) 15,850,000,000 11.750% Colombian TES 24/01/2035 3,931,106 0.43 5,800,000,000 6.250% Colombian TES 09/07/2036 998,316 0.11 11,000,000,000 12.750% Colombian TES 28/11/2040 2,911,780 0.32 18,610,000,000 9.250% Colombian TES 28/05/2042 3,804,017 0.42 16,750,000,000 11.500% Colombian TES 25/07/2046 4,083,897 0.45 9,500,000,000 7.250% Colombian TES 26/10/2050 1,544,989 0.17
45,310,649 4.97
Czech Republic – 6.05% 66,000,000 0.250% Czech Republic Government Bond 10/02/2027 3,097,615 0.34 78,000,000 2.500% Czech Republic Government Bond 25/08/2028 3,632,657 0.40 31,700,000 5.500% Czech Republic Government Bond 12/12/2028 1,576,012 0.17 36,000,000 5.750% Czech Republic Government Bond 29/03/2029 1,806,039 0.20 85,000,000 2.750% Czech Republic Government Bond 23/07/2029 3,908,798 0.43 38,600,000 0.050% Czech Republic Government Bond 29/11/2029 1,602,600 0.18 60,000,000 0.950% Czech Republic Government Bond 15/05/2030 2,534,412 0.28 77,000,000 5.000% Czech Republic Government Bond 30/09/2030 3,799,211 0.42 92,000,000 1.200% Czech Republic Government Bond 13/03/2031 3,816,901 0.42 10,000,000 6.200% Czech Republic Government Bond 16/06/2031 520,030 0.06 73,500,000 1.750% Czech Republic Government Bond 23/06/2032 3,016,203 0.33 77,000,000 4.500% Czech Republic Government Bond 11/11/2032 3,681,065 0.40 38,000,000 3.000% Czech Republic Government Bond 03/03/2033 1,652,001 0.18 77,200,000 2.000% Czech Republic Government Bond 13/10/2033 3,086,748 0.34 63,000,000 4.900% Czech Republic Government Bond 14/04/2034 3,065,799 0.34 67,500,000 4.250% Czech Republic Government Bond 24/10/2034 3,126,384 0.34 76,000,000 3.500% Czech Republic Government Bond 30/05/2035 3,314,291 0.36 20,000,000 5.300% Czech Republic Government Bond 19/09/2035 995,533 0.11 44,500,000 3.600% Czech Republic Government Bond 03/06/2036 1,931,902 0.21 41,000,000 4.200% Czech Republic Government Bond 04/12/2036 1,865,684 0.20 34,500,000 1.950% Czech Republic Government Bond 30/07/2037 1,242,430 0.14 45,100,000 1.500% Czech Republic Government Bond 24/04/2040 1,408,422 0.15 10,000,000 4.000% Czech Republic Government Bond 04/04/2044 414,881 0.05
55,095,618 6.05
Dominican Republic – 0.31% 31,750,000 13.625% Dominican Republic International Bond 03/02/2033 638,155 0.07 32,000,000 11.250% Dominican Republic International Bond 15/09/2035 593,179 0.06 49,000,000 10.750% Dominican Republic International Bond 01/06/2036 884,765 0.10 40,400,000 10.500% Dominican Republic International Bond 15/03/2037 719,120 0.08
2,835,219 0.31
Hungary – 3.10% 220,000,000 2.750% Hungary Government Bond 22/12/2026 695,528 0.08 750,000,000 3.000% Hungary Government Bond 27/10/2027 2,318,326 0.25 600,000,000 4.500% Hungary Government Bond 23/03/2028 1,884,225 0.21 1,088,000,000 6.750% Hungary Government Bond 22/10/2028 3,566,613 0.39 1,180,000,000 2.000% Hungary Government Bond 23/05/2029 3,394,762 0.37 300,000,000 6.000% Hungary Government Bond 28/11/2029 967,151 0.11 390,000,000 3.000% Hungary Government Bond 21/08/2030 1,121,213 0.12 915,000,000 3.250% Hungary Government Bond 22/10/2031 2,590,055 0.28 480,000,000 4.500% Hungary Government Bond 27/05/2032 1,433,049 0.16
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Schedule of Investments (continued)
76 STATE STREET ICAV
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State Street Emerging Markets ESG Screened Local Currency Government Bond Index Fund (continued)
Holdings Investment Fair Value USD
% of Net Assets Transferable Securities – 97.81% (31 October 2025: 98.03%) (continued)
Government Bonds – 97.61% (31 October 2025: 97.88%) (continued) Hungary – 3.10% (continued) 770,000,000 4.750% Hungary Government Bond 24/11/2032 2,320,529 0.26 750,000,000 2.250% Hungary Government Bond 20/04/2033 1,917,861 0.21 335,000,000 2.250% Hungary Government Bond 22/06/2034 828,348 0.09 1,015,000,000 7.000% Hungary Government Bond 24/10/2035 3,504,901 0.39 495,000,000 3.000% Hungary Government Bond 27/10/2038 1,179,677 0.13 210,000,000 3.000% Hungary Government Bond 25/04/2041 478,507 0.05
28,200,745 3.10
India – 11.14% 80,500,000 7.380% India Government Bond 20/06/2027 861,371 0.09 82,000,000 7.060% India Government Bond 10/04/2028 876,756 0.10 125,000,000 7.370% India Government Bond 23/10/2028 1,347,805 0.15 270,000,000 7.260% India Government Bond 14/01/2029 2,906,089 0.32 323,000,000 7.100% India Government Bond 18/04/2029 3,463,396 0.38 250,000,000 7.040% India Government Bond 03/06/2029 2,676,739 0.29 230,000,000 6.450% India Government Bond 07/10/2029 2,420,527 0.26 180,000,000 6.750% India Government Bond 23/12/2029 1,912,001 0.21 212,000,000 7.170% India Government Bond 17/04/2030 2,276,604 0.25 240,000,000 5.790% India Government Bond 11/05/2030 2,455,282 0.27 290,000,000 6.010% India Government Bond 21/07/2030 2,989,521 0.33 251,000,000 5.770% India Government Bond 03/08/2030 2,559,301 0.28 153,000,000 7.320% India Government Bond 13/11/2030 1,653,523 0.18 300,000,000 5.850% India Government Bond 01/12/2030 3,063,426 0.34 150,000,000 7.020% India Government Bond 18/06/2031 1,591,479 0.17 320,000,000 6.100% India Government Bond 12/07/2031 3,266,472 0.36 134,000,000 6.790% India Government Bond 30/12/2031 1,405,279 0.15 337,000,000 6.540% India Government Bond 17/01/2032 3,492,007 0.38 113,000,000 6.280% India Government Bond 14/07/2032 1,152,539 0.13 323,000,000 7.260% India Government Bond 22/08/2032 3,455,423 0.38 25,000,000 6.680% India Government Bond 27/01/2033 259,404 0.03 330,000,000 7.260% India Government Bond 06/02/2033 3,528,033 0.39 428,000,000 7.180% India Government Bond 14/08/2033 4,556,867 0.50 409,000,000 7.100% India Government Bond 08/04/2034 4,329,644 0.47 400,000,000 6.790% India Government Bond 07/10/2034 4,154,417 0.46 27,000,000 6.790% India Government Bond 02/12/2034 279,210 0.03 420,000,000 6.330% India Government Bond 05/05/2035 4,262,605 0.47 365,000,000 6.480% India Government Bond 06/10/2035 3,700,503 0.41 345,000,000 7.540% India Government Bond 23/05/2036 3,756,113 0.41 355,000,000 7.410% India Government Bond 19/12/2036 3,825,274 0.42 388,000,000 7.180% India Government Bond 24/07/2037 4,098,107 0.45 180,000,000 7.720% India Government Bond 15/06/2049 1,941,025 0.21 225,000,000 7.160% India Government Bond 20/09/2050 2,272,195 0.25 323,000,000 6.670% India Government Bond 17/12/2050 3,077,027 0.34 331,000,000 6.990% India Government Bond 15/12/2051 3,248,492 0.36 370,000,000 7.360% India Government Bond 12/09/2052 3,787,550 0.42 425,000,000 7.300% India Government Bond 19/06/2053 4,318,825 0.47 23,000,000 7.370% India Government Bond 23/01/2054 236,151 0.03
101,456,982 11.14
Indonesia – 9.64% 37,000,000,000 5.125% Indonesia Treasury Bond 15/04/2027 2,116,108 0.23 42,000,000,000 7.000% Indonesia Treasury Bond 15/05/2027 2,442,114 0.27
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Schedule of Investments (continued)
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State Street Emerging Markets ESG Screened Local Currency Government Bond Index Fund (continued)
Holdings Investment Fair Value USD
% of Net Assets Transferable Securities – 97.81% (31 October 2025: 98.03%) (continued)
Government Bonds – 97.61% (31 October 2025: 97.88%) (continued) Indonesia – 9.64% (continued) 30,000,000,000 6.125% Indonesia Treasury Bond 15/05/2028 1,727,903 0.19 47,300,000,000 6.375% Indonesia Treasury Bond 15/08/2028 2,736,559 0.30 33,000,000,000 9.000% Indonesia Treasury Bond 15/03/2029 2,038,464 0.22 63,500,000,000 6.875% Indonesia Treasury Bond 15/04/2029 3,717,937 0.41 36,000,000,000 8.250% Indonesia Treasury Bond 15/05/2029 2,183,335 0.24 65,500,000,000 6.500% Indonesia Treasury Bond 15/07/2030 3,770,612 0.41 5,000,000,000 10.500% Indonesia Treasury Bond 15/08/2030 329,906 0.04 64,000,000,000 7.000% Indonesia Treasury Bond 15/09/2030 3,747,501 0.41 70,000,000,000 6.500% Indonesia Treasury Bond 15/02/2031 4,015,450 0.44 26,000,000,000 5.875% Indonesia Treasury Bond 15/03/2031 1,453,210 0.16 25,000,000,000 8.750% Indonesia Treasury Bond 15/05/2031 1,571,306 0.17 10,000,000,000 9.500% Indonesia Treasury Bond 15/07/2031 647,404 0.07 78,000,000,000 6.375% Indonesia Treasury Bond 15/04/2032 4,438,462 0.49 5,000,000,000 8.250% Indonesia Treasury Bond 15/06/2032 310,573 0.03 15,000,000,000 7.500% Indonesia Treasury Bond 15/08/2032 901,602 0.10 62,000,000,000 7.000% Indonesia Treasury Bond 15/02/2033 3,635,426 0.40 25,000,000,000 6.625% Indonesia Treasury Bond 15/05/2033 1,432,580 0.16 70,500,000,000 6.625% Indonesia Treasury Bond 15/02/2034 4,040,315 0.44 40,000,000,000 8.375% Indonesia Treasury Bond 15/03/2034 2,530,540 0.28 34,000,000,000 7.500% Indonesia Treasury Bond 15/06/2035 2,059,639 0.23 80,000,000,000 6.750% Indonesia Treasury Bond 15/07/2035 4,600,809 0.51 40,000,000,000 6.500% Indonesia Treasury Bond 15/04/2036 2,260,543 0.25 33,000,000,000 8.250% Indonesia Treasury Bond 15/05/2036 2,104,954 0.23 20,000,000,000 6.250% Indonesia Treasury Bond 15/06/2036 1,107,116 0.12 15,000,000,000 6.375% Indonesia Treasury Bond 15/07/2037 839,947 0.09 16,000,000,000 7.500% Indonesia Treasury Bond 15/05/2038 975,497 0.11 55,000,000,000 7.125% Indonesia Treasury Bond 15/06/2038 3,248,798 0.36 12,000,000,000 8.375% Indonesia Treasury Bond 15/04/2039 781,352 0.09 44,000,000,000 7.500% Indonesia Treasury Bond 15/04/2040 2,682,516 0.29 49,494,000,000 7.125% Indonesia Treasury Bond 15/08/2040 2,930,709 0.32 40,000,000,000 7.125% Indonesia Treasury Bond 15/06/2042 2,380,499 0.26 38,500,000,000 7.125% Indonesia Treasury Bond 15/06/2043 2,306,828 0.25 39,000,000,000 7.125% Indonesia Treasury Bond 15/08/2045 2,331,847 0.26 39,265,000,000 5.875% Perusahaan Penerbit SBSN Indonesia 15/07/2028 2,255,299 0.25 15,000,000,000 6.625% Perusahaan Penerbit SBSN Indonesia 15/09/2029 875,918 0.10 16,000,000,000 8.875% Perusahaan Penerbit SBSN Indonesia 15/11/2031 1,036,235 0.11 28,000,000,000 6.375% Perusahaan Penerbit SBSN Indonesia 15/03/2034 1,625,650 0.18 16,000,000,000 6.875% Perusahaan Penerbit SBSN Indonesia 15/03/2036 953,239 0.10 11,770,000,000 6.500% Perusahaan Penerbit SBSN Indonesia 15/06/2039 677,521 0.07
87,822,223 9.64
Malaysia – 10.11% 5,000,000 3.900% Malaysia Government Bond 30/11/2026 1,265,995 0.14 14,000,000 3.502% Malaysia Government Bond 31/05/2027 3,543,412 0.39 9,500,000 3.899% Malaysia Government Bond 16/11/2027 2,423,427 0.27 12,500,000 3.519% Malaysia Government Bond 20/04/2028 3,169,363 0.35 6,000,000 3.733% Malaysia Government Bond 15/06/2028 1,528,153 0.17 1,000,000 3.237% Malaysia Government Bond 15/03/2029 252,013 0.03 3,000,000 4.504% Malaysia Government Bond 30/04/2029 783,135 0.09 10,600,000 3.885% Malaysia Government Bond 15/08/2029 2,723,785 0.30 3,500,000 3.336% Malaysia Government Bond 15/05/2030 882,592 0.10 13,000,000 2.632% Malaysia Government Bond 15/04/2031 3,166,841 0.35 10,000,000 3.582% Malaysia Government Bond 15/07/2032 2,536,800 0.28
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements as at 30 April 2026
Schedule of Investments (continued)
78 STATE STREET ICAV
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State Street Emerging Markets ESG Screened Local Currency Government Bond Index Fund (continued)
Holdings Investment Fair Value USD
% of Net Assets Transferable Securities – 97.81% (31 October 2025: 98.03%) (continued)
Government Bonds – 97.61% (31 October 2025: 97.88%) (continued) Malaysia – 10.11% (continued) 9,000,000 4.642% Malaysia Government Bond 07/11/2033 2,428,244 0.27 12,000,000 3.828% Malaysia Government Bond 05/07/2034 3,073,650 0.34 2,000,000 4.254% Malaysia Government Bond 31/05/2035 528,354 0.06 9,000,000 3.476% Malaysia Government Bond 02/07/2035 2,250,419 0.25 10,500,000 4.762% Malaysia Government Bond 07/04/2037 2,884,241 0.32 9,000,000 4.893% Malaysia Government Bond 08/06/2038 2,502,347 0.27 7,300,000 4.054% Malaysia Government Bond 18/04/2039 1,875,649 0.20 8,000,000 3.757% Malaysia Government Bond 22/05/2040 1,990,039 0.22 15,000,000 4.696% Malaysia Government Bond 15/10/2042 4,120,496 0.45 7,000,000 4.180% Malaysia Government Bond 16/05/2044 1,811,029 0.20 3,000,000 4.921% Malaysia Government Bond 06/07/2048 854,707 0.09 12,000,000 4.065% Malaysia Government Bond 15/06/2050 3,038,086 0.33 9,500,000 4.457% Malaysia Government Bond 31/03/2053 2,544,919 0.28 3,700,000 3.917% Malaysia Government Bond 15/07/2055 908,310 0.10 10,000,000 3.422% Malaysia Government Investment Issue 30/09/2027 2,531,109 0.28 12,000,000 3.599% Malaysia Government Investment Issue 31/07/2028 3,048,782 0.33 7,000,000 4.369% Malaysia Government Investment Issue 31/10/2028 1,812,016 0.20 13,000,000 4.130% Malaysia Government Investment Issue 09/07/2029 3,361,735 0.37 5,000,000 3.635% Malaysia Government Investment Issue 30/08/2030 1,275,374 0.14 9,200,000 4.245% Malaysia Government Investment Issue 30/09/2030 2,403,467 0.26 9,400,000 3.465% Malaysia Government Investment Issue 15/10/2030 2,380,521 0.26 7,000,000 3.804% Malaysia Government Investment Issue 08/10/2031 1,800,436 0.20 11,300,000 4.193% Malaysia Government Investment Issue 07/10/2032 2,961,929 0.32 9,000,000 4.119% Malaysia Government Investment Issue 30/11/2034 2,357,948 0.26 4,600,000 3.612% Malaysia Government Investment Issue 30/04/2035 1,160,893 0.13 7,000,000 3.447% Malaysia Government Investment Issue 15/07/2036 1,737,865 0.19 8,000,000 4.662% Malaysia Government Investment Issue 31/03/2038 2,175,500 0.24 10,000,000 4.467% Malaysia Government Investment Issue 15/09/2039 2,672,164 0.29 4,000,000 3.974% Malaysia Government Investment Issue 16/07/2040 1,020,582 0.11 6,000,000 4.417% Malaysia Government Investment Issue 30/09/2041 1,600,700 0.17 11,800,000 4.291% Malaysia Government Investment Issue 14/08/2043 3,100,445 0.34 6,500,000 3.775% Malaysia Government Investment Issue 31/05/2045 1,598,511 0.17
92,085,983 10.11
Mexico – 10.30% 72,500,000 5.500% Mexican Bonos 04/03/2027 4,097,376 0.45 89,000,000 7.500% Mexican Bonos 03/06/2027 5,102,805 0.56 69,000,000 8.500% Mexican Bonos 02/03/2028 3,994,725 0.44 181,500,000 8.500% Mexican Bonos 01/03/2029 10,455,941 1.15 134,000,000 8.500% Mexican Bonos 31/05/2029 7,702,809 0.85 110,000,000 8.500% Mexican Bonos 28/02/2030 6,278,718 0.69 163,500,000 7.750% Mexican Bonos 29/05/2031 8,982,097 0.99 25,500,000 8.000% Mexican Bonos 15/04/2032 1,395,315 0.15 129,000,000 7.500% Mexican Bonos 26/05/2033 6,788,117 0.75 155,000,000 7.750% Mexican Bonos 23/11/2034 8,128,392 0.89 22,500,000 8.000% Mexican Bonos 24/05/2035 1,187,681 0.13 62,000,000 8.000% Mexican Bonos 21/02/2036 3,263,833 0.36 13,500,000 10.000% Mexican Bonos 20/11/2036 811,718 0.09 102,000,000 8.500% Mexican Bonos 18/11/2038 5,403,393 0.59 171,000,000 7.750% Mexican Bonos 13/11/2042 8,212,236 0.90 99,500,000 8.000% Mexican Bonos 07/11/2047 4,806,818 0.53 139,500,000 8.000% Mexican Bonos 31/07/2053 6,673,867 0.73
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements as at 30 April 2026
Schedule of Investments (continued)
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State Street Emerging Markets ESG Screened Local Currency Government Bond Index Fund (continued)
Holdings Investment Fair Value USD
% of Net Assets Transferable Securities – 97.81% (31 October 2025: 98.03%) (continued)
Government Bonds – 97.61% (31 October 2025: 97.88%) (continued) Mexico – 10.30% (continued) 10,000,000 8.000% Mexican Bonos 29/04/2055 476,401 0.05
93,762,242 10.30
Paraguay – 0.08% 4,500,000,000 8.500% Paraguay Government International Bond 04/03/2035 731,149 0.08
Peru – 2.41% 850,000 6.350% Peru Government Bond 12/08/2028 250,789 0.03 2,425,000 5.940% Peru Government Bond 12/02/2029 711,886 0.08 8,650,000 6.950% Peru Government Bond 12/08/2031 2,661,412 0.29 8,850,000 6.150% Peru Government Bond 12/08/2032 2,622,198 0.29 9,550,000 7.300% Peru Government Bond 12/08/2033 2,981,621 0.33 10,100,000 5.400% Peru Government Bond 12/08/2034 2,780,453 0.30 11,308,000 6.850% Peru Government Bond 12/08/2035 3,351,639 0.37 8,150,000 6.900% Peru Government Bond 12/08/2037 2,348,803 0.26 8,600,000 7.600% Peru Government Bond 12/08/2039 2,577,358 0.28 6,750,000 5.350% Peru Government Bond 12/08/2040 1,634,921 0.18
21,921,080 2.41
Poland – 8.61% 9,300,000 3.750% Republic of Poland Government Bond 25/05/2027 2,555,200 0.28 13,500,000 2.500% Republic of Poland Government Bond 25/07/2027 3,644,068 0.40 18,200,000 0.000% Republic of Poland Government Bond 25/01/2028 4,649,477 0.51 10,800,000 2.750% Republic of Poland Government Bond 25/04/2028 2,876,198 0.32 19,450,000 7.500% Republic of Poland Government Bond 25/07/2028 5,675,529 0.62 26,700,000 4.750% Republic of Poland Government Bond 25/07/2029 7,326,702 0.80 15,500,000 2.750% Republic of Poland Government Bond 25/10/2029 3,981,073 0.44 21,650,000 5.000% Republic of Poland Government Bond 25/01/2030 5,965,173 0.66 26,200,000 4.500% Republic of Poland Government Bond 25/07/2030 7,054,145 0.77 19,700,000 1.250% Republic of Poland Government Bond 25/10/2030 4,603,533 0.51 21,600,000 4.500% Republic of Poland Government Bond 25/01/2031 5,776,575 0.63 23,350,000 1.750% Republic of Poland Government Bond 25/04/2032 5,263,465 0.58 25,650,000 6.000% Republic of Poland Government Bond 25/10/2033 7,263,843 0.80 21,250,000 5.000% Republic of Poland Government Bond 25/10/2034 5,611,615 0.62 23,500,000 5.000% Republic of Poland Government Bond 25/10/2035 6,128,897 0.67
78,375,493 8.61
Romania – 3.92% 6,500,000 7.200% Romania Government Bond 31/05/2027 1,480,443 0.16 5,000,000 5.800% Romania Government Bond 26/07/2027 1,121,505 0.12 4,500,000 2.500% Romania Government Bond 25/10/2027 961,699 0.11 4,000,000 4.150% Romania Government Bond 26/01/2028 870,376 0.10 8,500,000 6.300% Romania Government Bond 26/04/2028 1,913,160 0.21 10,650,000 8.750% Romania Government Bond 30/10/2028 2,524,149 0.28 6,000,000 5.000% Romania Government Bond 12/02/2029 1,299,209 0.14 5,100,000 6.300% Romania Government Bond 25/04/2029 1,139,975 0.13 7,400,000 4.850% Romania Government Bond 25/07/2029 1,583,550 0.17 10,800,000 8.000% Romania Government Bond 29/04/2030 2,530,726 0.28 3,750,000 6.850% Romania Government Bond 29/07/2030 844,041 0.09 2,500,000 4.150% Romania Government Bond 24/10/2030 505,683 0.06 8,030,000 7.350% Romania Government Bond 28/04/2031 1,840,256 0.20
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements as at 30 April 2026
Schedule of Investments (continued)
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State Street Emerging Markets ESG Screened Local Currency Government Bond Index Fund (continued)
Holdings Investment Fair Value USD
% of Net Assets Transferable Securities – 97.81% (31 October 2025: 98.03%) (continued)
Government Bonds – 97.61% (31 October 2025: 97.88%) (continued) Romania – 3.92% (continued) 8,000,000 7.650% Romania Government Bond 27/07/2031 1,856,822 0.20 3,500,000 3.650% Romania Government Bond 24/09/2031 673,115 0.07 12,400,000 6.700% Romania Government Bond 25/02/2032 2,729,681 0.30 9,750,000 8.250% Romania Government Bond 29/09/2032 2,310,152 0.25 9,500,000 7.200% Romania Government Bond 30/10/2033 2,137,567 0.24 9,900,000 7.100% Romania Government Bond 31/07/2034 2,214,290 0.24 7,400,000 4.750% Romania Government Bond 11/10/2034 1,413,231 0.16 5,500,000 6.750% Romania Government Bond 25/04/2035 1,201,814 0.13 5,200,000 4.250% Romania Government Bond 28/04/2036 929,568 0.10 6,850,000 7.900% Romania Government Bond 24/02/2038 1,623,514 0.18
35,704,526 3.92
South Africa – 8.01% 107,900,000 8.000% Republic of South Africa Government Bond 31/01/2030 6,424,734 0.71 89,500,000 7.000% Republic of South Africa Government Bond 28/02/2031 5,076,245 0.56 137,300,000 8.250% Republic of South Africa Government Bond 31/03/2032 8,126,495 0.89 26,800,000 10.000% Republic of South Africa Government Bond 31/03/2033 1,718,630 0.19 146,600,000 8.875% Republic of South Africa Government Bond 28/02/2035 8,822,335 0.97 30,000,000 6.250% Republic of South Africa Government Bond 31/03/2036 1,484,282 0.16 152,800,000 8.500% Republic of South Africa Government Bond 31/01/2037 8,800,868 0.97 26,000,000 10.875% Republic of South Africa Government Bond 31/03/2038 1,747,605 0.19 8,000,000 9.875% Republic of South Africa Government Bond 31/03/2039 500,898 0.05 140,000,000 9.000% Republic of South Africa Government Bond 31/01/2040 8,199,850 0.90 9,000,000 10.125% Republic of South Africa Government Bond 31/03/2042 570,921 0.06 146,500,000 8.750% Republic of South Africa Government Bond 31/01/2044 8,281,746 0.91 191,900,000 8.750% Republic of South Africa Government Bond 28/02/2048 10,848,239 1.19 32,000,000 11.625% Republic of South Africa Government Bond 31/03/2053 2,358,683 0.26
72,961,531 8.01
Thailand – 8.97% 50,000,000 2.125% Thailand Government Bond 17/12/2026 1,544,865 0.17 94,887,000 2.250% Thailand Government Bond 17/03/2027 2,942,450 0.32 116,500,000 1.000% Thailand Government Bond 17/06/2027 3,572,732 0.39 105,000,000 2.400% Thailand Government Bond 17/11/2027 3,282,065 0.36 80,000,000 2.050% Thailand Government Bond 17/04/2028 2,493,197 0.27 124,000,000 2.650% Thailand Government Bond 17/06/2028 3,915,049 0.43 89,500,000 2.875% Thailand Government Bond 17/12/2028 2,853,855 0.31 115,000,000 2.400% Thailand Government Bond 17/03/2029 3,628,775 0.40 40,000,000 4.875% Thailand Government Bond 22/06/2029 1,356,975 0.15 120,000,000 2.500% Thailand Government Bond 17/11/2029 3,812,869 0.42 100,000,000 1.600% Thailand Government Bond 17/12/2029 3,081,832 0.34 112,500,000 1.660% Thailand Government Bond 17/03/2030 3,473,014 0.38 15,000,000 1.340% Thailand Government Bond 17/03/2031 454,797 0.05 45,000,000 3.650% Thailand Government Bond 20/06/2031 1,518,107 0.17 155,000,000 2.000% Thailand Government Bond 17/12/2031 4,829,381 0.53 80,000,000 3.775% Thailand Government Bond 25/06/2032 2,736,774 0.30 115,500,000 3.350% Thailand Government Bond 17/06/2033 3,871,318 0.43 92,423,000 2.800% Thailand Government Bond 17/06/2034 2,979,878 0.33 85,000,000 2.410% Thailand Government Bond 17/03/2035 2,663,494 0.29 50,000,000 1.600% Thailand Government Bond 17/06/2035 1,461,807 0.16 82,000,000 1.585% Thailand Government Bond 17/12/2035 2,382,144 0.26 25,000,000 1.840% Thailand Government Bond 17/05/2036 742,876 0.08
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements as at 30 April 2026
Schedule of Investments (continued)
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State Street Emerging Markets ESG Screened Local Currency Government Bond Index Fund (continued)
Holdings Investment Fair Value USD
% of Net Assets Transferable Securities – 97.81% (31 October 2025: 98.03%) (continued)
Government Bonds – 97.61% (31 October 2025: 97.88%) (continued) Thailand – 8.97% (continued) 75,000,000 3.400% Thailand Government Bond 17/06/2036 2,545,824 0.28 101,000,000 3.390% Thailand Government Bond 17/06/2037 3,408,899 0.37 105,000,000 3.300% Thailand Government Bond 17/06/2038 3,475,109 0.38 75,000,000 2.700% Thailand Government Bond 17/06/2040 2,327,878 0.26 60,000,000 2.000% Thailand Government Bond 17/06/2042 1,639,625 0.18 123,000,000 3.450% Thailand Government Bond 17/06/2043 3,999,382 0.44 85,698,000 2.980% Thailand Government Bond 17/06/2045 2,595,008 0.29 70,000,000 2.875% Thailand Government Bond 17/06/2046 2,080,524 0.23
81,670,503 8.97
Uruguay – 0.23% 10,000,000 8.500% Uruguay Government International Bond 15/03/2028 256,171 0.03 32,750,000 8.250% Uruguay Government International Bond 21/05/2031 847,342 0.09 16,000,000 9.750% Uruguay Government International Bond 20/07/2033 443,697 0.05 21,680,000 8.000% Uruguay Government International Bond 29/10/2035 551,850 0.06
2,099,060 0.23
Total Government Bonds 888,960,685 97.61
Total Transferable Securities 890,746,993 97.81
Financial Derivative Instruments – (0.00)% (31 October 2025: 0.00%)
Open Forward Foreign Currency Exchange Contracts – (0.00%) (31 October 2025: 0.00%)
Counterparty Currency Buy Currency Sell
Maturity Date
Unrealised Loss USD
% of Net Assets Unrealised Losses on Forward Foreign Currency Exchange Contracts BNP Paribas INR 125,000,000 USD 1,319,888 07/05/2026 (3,081) (0.00)
Total Unrealised Losses on Forward Foreign Currency Exchange Contracts (3,081) (0.00)
Value USD
% of Net Assets Total value of investments (31 October 2025: 98.03%) 890,743,912 97.81 Cash and cash equivalents* (31 October 2025: 0.74%) 8,393,874 0.92 Other net assets (31 October 2025: 1.23%) 11,558,559 1.27
Net Assets attributable to holders of redeemable participating shares 910,696,345 100.00
* All cash holdings are held at State Street Bank and Trust Company. All of the above securities are traded on a recognised stock exchange or traded on a regulated market unless otherwise stated.
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements as at 30 April 2026
Schedule of Investments (continued)
82 STATE STREET ICAV
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State Street Emerging Markets ESG Screened Local Currency Government Bond Index Fund (continued)
Analysis of Total Assets
% of Net Assets Transferable securities admitted to an official exchange listing 88.18 Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) 8.34 Other Assets 3.48
Total Assets 100.00
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements as at 30 April 2026
Schedule of Investments (continued)
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State Street Emerging Markets ESG Screened Hard Currency Government Bond Index Fund
Holdings Investment Fair Value USD
% of Net Assets Transferable Securities – 100.59% (31 October 2025: 99.24%)
Corporate Bonds – 6.11% (31 October 2025: 6.65%) Brazil – 0.06% 700,000 5.625% Caixa Economica Federal 13/05/2030 709,800 0.06
Chile – 2.92% 900,000 7.950% Banco del Estado de Chile 31/12/2099 955,125 0.08 1,450,000 3.625% Corp Nacional del Cobre de Chile 01/08/2027 1,436,500 0.12 400,000 3.000% Corp Nacional del Cobre de Chile 30/09/2029 377,640 0.03 1,100,000 3.150% Corp Nacional del Cobre de Chile 14/01/2030 1,037,091 0.09 1,000,000 3.750% Corp Nacional del Cobre de Chile 15/01/2031 950,175 0.08 4,000,000 5.125% Corp Nacional del Cobre de Chile 02/02/2033 3,996,080 0.34 3,900,000 5.950% Corp Nacional del Cobre de Chile 08/01/2034 4,029,480 0.34 1,490,000 6.330% Corp Nacional del Cobre de Chile 13/01/2035 1,577,463 0.14 2,050,000 6.440% Corp Nacional del Cobre de Chile 26/01/2036 2,189,830 0.19 450,000 6.150% Corp Nacional del Cobre de Chile 24/10/2036 469,780 0.04 425,000 5.529% Corp Nacional del Cobre de Chile 30/01/2037 419,114 0.04 3,950,000 4.875% Corp Nacional del Cobre de Chile 04/11/2044 3,404,426 0.29 887,000 4.375% Corp Nacional del Cobre de Chile 05/02/2049 691,084 0.06 4,500,000 3.700% Corp Nacional del Cobre de Chile 30/01/2050 3,116,250 0.27 4,750,000 6.300% Corp Nacional del Cobre de Chile 08/09/2053 4,850,367 0.42 665,000 6.780% Corp Nacional del Cobre de Chile 13/01/2055 711,700 0.06 200,000 3.068% Empresa de los Ferrocarriles del Estado 18/08/2050 126,281 0.01 900,000 3.830% Empresa de los Ferrocarriles del Estado 14/09/2061 616,140 0.05 950,000 3.650% Empresa de Transporte de Pasajeros Metro SA 07/05/2030 909,008 0.08 700,000 5.000% Empresa de Transporte de Pasajeros Metro SA 25/01/2047 640,500 0.05 250,000 4.700% Empresa de Transporte de Pasajeros Metro SA 07/05/2050 214,000 0.02 2,000,000 3.693% Empresa de Transporte de Pasajeros Metro SA 13/09/2061 1,388,000 0.12
34,106,034 2.92
Costa Rica – 0.13% 1,600,000 6.375% Instituto Costarricense de Electricidad 15/05/2043 1,574,400 0.13
El Salvador – 0.17% 1,835,000 8.650% Comision Ejecutiva Hidroelectrica del Rio Lempa 24/01/2033 1,947,853 0.17
Hungary – 0.33% 2,000,000 7.500% MVM Energetika Zrt 09/06/2028 2,096,000 0.18 1,700,000 6.500% MVM Energetika Zrt 13/03/2031 1,779,730 0.15
3,875,730 0.33
Indonesia – 0.26% 850,000 3.750% Hutama Karya Persero PT 11/05/2030 813,042 0.07 200,000 6.530% Indonesia Asahan Aluminium PT 15/11/2028 208,700 0.02 1,400,000 5.450% Indonesia Asahan Aluminium PT 15/05/2030 1,424,640 0.12 600,000 5.800% Indonesia Asahan Aluminium PT 15/05/2050 556,770 0.05
3,003,152 0.26
Malaysia – 0.69% 1,400,000 4.876% Khazanah Capital Ltd 01/06/2033 1,416,324 0.12 2,350,000 4.759% Khazanah Capital Ltd 05/09/2034 2,338,062 0.20 2,600,000 4.687% Khazanah Global Sukuk Bhd 01/06/2028 2,616,016 0.22
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements as at 30 April 2026
Schedule of Investments
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State Street Emerging Markets ESG Screened Hard Currency Government Bond Index Fund (continued)
Holdings Investment Fair Value USD
% of Net Assets Transferable Securities – 100.59% (31 October 2025: 99.24%) (continued)
Corporate Bonds – 6.11% (31 October 2025: 6.65%) (continued) Malaysia – 0.69% (continued) 1,700,000 4.484% Khazanah Global Sukuk Bhd 05/09/2029 1,706,834 0.15
8,077,236 0.69
Mexico – 0.90% 600,000 2.720% Banco Nacional de Comercio Exterior SNC 11/08/2031 593,718 0.05 500,000 4.688% Comision Federal de Electricidad 15/05/2029 493,500 0.04 400,000 5.700% Comision Federal de Electricidad 24/01/2030 402,800 0.03 3,300,000 3.348% Comision Federal de Electricidad 09/02/2031 2,983,200 0.26 800,000 3.875% Comision Federal de Electricidad 26/07/2033 698,472 0.06 800,000 6.450% Comision Federal de Electricidad 24/01/2035 810,248 0.07 1,200,000 4.677% Comision Federal de Electricidad 09/02/2051 882,000 0.08 650,000 6.264% Comision Federal de Electricidad 15/02/2052 590,687 0.05 300,000 4.250% Mexico City Airport Trust 31/10/2026 299,364 0.03 800,000 3.875% Mexico City Airport Trust 30/04/2028 789,600 0.07 1,400,000 5.500% Mexico City Airport Trust 31/10/2046 1,221,780 0.10 850,000 5.500% Mexico City Airport Trust 31/07/2047 739,500 0.06
10,504,869 0.90
Panama – 0.40% 1,000,000 4.000% Aeropuerto Internacional de Tocumen SA 11/08/2041 855,000 0.07 2,300,000 5.125% Aeropuerto Internacional de Tocumen SA 11/08/2061 1,879,675 0.16 1,600,000 2.500% Banco Nacional de Panama 11/08/2030 1,438,400 0.12 700,000 5.125% Empresa de Transmision Electrica SA 02/05/2049 553,271 0.05
4,726,346 0.40
Peru – 0.02% 265,000 4.625% Fondo MIVIVIENDA SA 12/04/2027 265,734 0.02
South Africa – 0.23% 2,550,000 8.250% Transnet SOC Ltd 06/02/2028 2,652,944 0.23
Total Corporate Bonds 71,444,098 6.11
Government Bonds – 94.48% (31 October 2025: 92.59%) Angola – 3.19% 2,479,000 8.250% Angolan Government International Bond 09/05/2028 2,541,396 0.22 4,600,000 8.000% Angolan Government International Bond 26/11/2029 4,684,357 0.40 2,050,000 9.244% Angolan Government International Bond 15/01/2031 2,186,838 0.19 7,600,000 8.750% Angolan Government International Bond 14/04/2032 7,901,796 0.67 4,400,000 9.375% Angolan Government International Bond 31/03/2033 4,653,792 0.40 3,300,000 9.875% Angolan Government International Bond 15/10/2035 3,533,244 0.30 4,710,000 9.875% Angolan Government International Bond 31/03/2037 5,004,375 0.43 6,980,000 9.375% Angolan Government International Bond 08/05/2048 6,798,939 0.58
37,304,737 3.19
Armenia – 0.50% 600,000 3.950% Republic of Armenia International Bond 26/09/2029 575,058 0.05 3,750,000 3.600% Republic of Armenia International Bond 02/02/2031 3,436,875 0.29
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements as at 30 April 2026
Schedule of Investments (continued)
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State Street Emerging Markets ESG Screened Hard Currency Government Bond Index Fund (continued)
Holdings Investment Fair Value USD
% of Net Assets Transferable Securities – 100.59% (31 October 2025: 99.24%) (continued)
Government Bonds – 94.48% (31 October 2025: 92.59%) (continued) Armenia – 0.50% (continued) 1,800,000 6.750% Republic of Armenia International Bond 12/03/2035 1,884,150 0.16
5,896,083 0.50
Barbados – 0.14% 1,470,000 8.000% Barbados Government International Bond 26/06/2035 1,573,356 0.14
Benin – 0.55% 2,900,000 7.960% Benin Government International Bond 13/02/2038 2,981,562 0.25 1,775,000 8.375% Benin Government International Bond 23/01/2041 1,846,320 0.16 1,700,000 6.200% Benin Sukuk SA 29/01/2033 1,615,731 0.14
6,443,613 0.55
Brazil – 6.31% 300,000 10.125% Brazilian Government International Bond 15/05/2027 316,800 0.03 6,900,000 4.625% Brazilian Government International Bond 13/01/2028 6,900,000 0.59 3,750,000 4.500% Brazilian Government International Bond 30/05/2029 3,730,975 0.32 2,100,000 5.500% Brazilian Government International Bond 06/11/2030 2,141,475 0.18 3,800,000 6.250% Brazilian Government International Bond 18/03/2031 3,975,180 0.34 2,200,000 3.750% Brazilian Government International Bond 12/09/2031 2,037,200 0.17 5,000,000 6.125% Brazilian Government International Bond 22/01/2032 5,150,000 0.44 1,250,000 5.500% Brazilian Government International Bond 04/02/2033 1,233,750 0.11 2,350,000 6.000% Brazilian Government International Bond 20/10/2033 2,375,850 0.20 4,500,000 8.250% Brazilian Government International Bond 20/01/2034 5,173,470 0.44 5,900,000 6.125% Brazilian Government International Bond 15/03/2034 5,980,388 0.51 7,655,000 6.625% Brazilian Government International Bond 15/03/2035 7,926,829 0.68 5,050,000 6.250% Brazilian Government International Bond 22/05/2036 5,030,850 0.43 3,750,000 5.625% Brazilian Government International Bond 07/01/2041 3,483,750 0.30 2,150,000 5.000% Brazilian Government International Bond 27/01/2045 1,730,750 0.15 9,320,000 5.625% Brazilian Government International Bond 21/02/2047 7,931,320 0.68 2,700,000 4.750% Brazilian Government International Bond 14/01/2050 2,000,700 0.17 3,100,000 7.125% Brazilian Government International Bond 13/05/2054 3,118,600 0.27 3,540,000 7.250% Brazilian Government International Bond 12/01/2056 3,564,780 0.30
73,802,667 6.31
Bulgaria – 0.38% 4,520,000 5.000% Bulgaria Government International Bond 05/03/2037 4,397,644 0.38
Chile – 3.16% 1,500,000 2.750% Chile Government International Bond 31/01/2027 1,485,000 0.13 1,600,000 3.240% Chile Government International Bond 06/02/2028 1,572,800 0.13 1,600,000 4.850% Chile Government International Bond 22/01/2029 1,620,800 0.14 2,500,000 2.450% Chile Government International Bond 31/01/2031 2,280,000 0.19 420,000 4.350% Chile Government International Bond 13/04/2031 414,330 0.04 750,000 2.550% Chile Government International Bond 27/01/2032 669,000 0.06 3,050,000 2.550% Chile Government International Bond 27/07/2033 2,632,150 0.22 2,200,000 3.500% Chile Government International Bond 31/01/2034 2,008,600 0.17 4,300,000 4.950% Chile Government International Bond 05/01/2036 4,296,560 0.37 3,650,000 5.650% Chile Government International Bond 13/01/2037 3,821,550 0.33 3,050,000 3.100% Chile Government International Bond 07/05/2041 2,336,300 0.20 5,250,000 4.340% Chile Government International Bond 07/03/2042 4,643,625 0.40
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements as at 30 April 2026
Schedule of Investments (continued)
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State Street Emerging Markets ESG Screened Hard Currency Government Bond Index Fund (continued)
Holdings Investment Fair Value USD
% of Net Assets Transferable Securities – 100.59% (31 October 2025: 99.24%) (continued)
Government Bonds – 94.48% (31 October 2025: 92.59%) (continued) Chile – 3.16% (continued) 850,000 3.860% Chile Government International Bond 21/06/2047 668,525 0.06 1,100,000 3.500% Chile Government International Bond 25/01/2050 795,300 0.07 200,000 4.000% Chile Government International Bond 31/01/2052 157,060 0.01 3,000,000 3.500% Chile Government International Bond 15/04/2053 2,120,250 0.18 4,100,000 5.330% Chile Government International Bond 05/01/2054 3,920,830 0.33 2,125,000 3.100% Chile Government International Bond 22/01/2061 1,317,484 0.11 300,000 3.250% Chile Government International Bond 21/09/2071 186,990 0.02
36,947,154 3.16
Columbia – 5.46% 2,800,000 3.875% Colombia Government International Bond 25/04/2027 2,780,400 0.24 2,700,000 5.375% Colombia Government International Bond 21/01/2029 2,684,205 0.23 3,500,000 4.500% Colombia Government International Bond 15/03/2029 3,393,765 0.29 3,000,000 3.000% Colombia Government International Bond 30/01/2030 2,706,300 0.23 3,350,000 7.375% Colombia Government International Bond 25/04/2030 3,509,962 0.30 680,000 6.125% Colombia Government International Bond 21/01/2031 680,510 0.06 3,500,000 3.125% Colombia Government International Bond 15/04/2031 3,051,125 0.26 8,600,000 3.250% Colombia Government International Bond 22/04/2032 7,290,650 0.62 670,000 6.500% Colombia Government International Bond 21/01/2033 667,153 0.06 800,000 8.000% Colombia Government International Bond 20/04/2033 861,600 0.07 8,700,000 7.500% Colombia Government International Bond 02/02/2034 9,094,110 0.78 12,150,000 7.750% Colombia Government International Bond 07/11/2036 12,815,212 1.10 1,400,000 7.375% Colombia Government International Bond 18/09/2037 1,438,885 0.12 1,450,000 6.125% Colombia Government International Bond 18/01/2041 1,309,713 0.11 9,550,000 5.625% Colombia Government International Bond 26/02/2044 7,895,462 0.67 4,700,000 5.000% Colombia Government International Bond 15/06/2045 3,591,975 0.31 100,000 3.875% Colombia Government International Bond 15/02/2061 61,500 0.01
63,832,527 5.46
Costa Rica – 1.94% 3,000,000 6.125% Costa Rica Government International Bond 19/02/2031 3,108,750 0.27 4,500,000 6.550% Costa Rica Government International Bond 03/04/2034 4,827,375 0.41 900,000 5.625% Costa Rica Government International Bond 30/04/2043 863,831 0.07 4,600,000 7.000% Costa Rica Government International Bond 04/04/2044 5,022,338 0.43 5,800,000 7.158% Costa Rica Government International Bond 12/03/2045 6,388,410 0.55 2,185,000 7.300% Costa Rica Government International Bond 13/11/2054 2,462,085 0.21
22,672,789 1.94
Dominican Republic – 5.50% 2,629,000 5.950% Dominican Republic International Bond 25/01/2027 2,650,032 0.23 3,900,000 6.000% Dominican Republic International Bond 19/07/2028 3,958,500 0.34 2,300,000 5.500% Dominican Republic International Bond 22/02/2029 2,302,070 0.20 3,100,000 4.500% Dominican Republic International Bond 30/01/2030 2,988,400 0.25 3,400,000 7.050% Dominican Republic International Bond 03/02/2031 3,583,600 0.31 6,600,000 4.875% Dominican Republic International Bond 23/09/2032 6,237,000 0.53 4,050,000 6.000% Dominican Republic International Bond 22/02/2033 4,050,000 0.35 3,975,000 5.750% Dominican Republic International Bond 17/03/2034 3,883,575 0.33 5,550,000 5.875% Dominican Republic International Bond 28/10/2035 5,429,005 0.46 1,200,000 6.600% Dominican Republic International Bond 01/06/2036 1,236,000 0.11 4,800,000 6.950% Dominican Republic International Bond 15/03/2037 5,011,200 0.43 755,000 6.150% Dominican Republic International Bond 17/05/2038 735,370 0.06
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements as at 30 April 2026
Schedule of Investments (continued)
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State Street Emerging Markets ESG Screened Hard Currency Government Bond Index Fund (continued)
Holdings Investment Fair Value USD
% of Net Assets Transferable Securities – 100.59% (31 October 2025: 99.24%) (continued)
Government Bonds – 94.48% (31 October 2025: 92.59%) (continued) Dominican Republic – 5.50% (continued) 1,160,000 5.300% Dominican Republic International Bond 21/01/2041 1,025,440 0.09 2,800,000 7.450% Dominican Republic International Bond 30/04/2044 2,998,520 0.26 4,950,000 6.850% Dominican Republic International Bond 27/01/2045 4,974,750 0.42 2,200,000 6.500% Dominican Republic International Bond 15/02/2048 2,127,400 0.18 2,850,000 6.400% Dominican Republic International Bond 05/06/2049 2,730,300 0.23 3,130,000 7.150% Dominican Republic International Bond 24/02/2055 3,267,720 0.28 5,900,000 5.875% Dominican Republic International Bond 30/01/2060 5,127,100 0.44
64,315,982 5.50
El Salvador – 1.62% 950,000 8.625% El Salvador Government International Bond 28/02/2029 1,008,900 0.09 400,000 9.250% El Salvador Government International Bond 17/04/2030 428,600 0.04 6,520,000 8.250% El Salvador Government International Bond 10/04/2032 6,891,640 0.59 2,050,000 7.650% El Salvador Government International Bond 15/06/2035 2,102,480 0.18 160,000 7.625% El Salvador Government International Bond 01/02/2041 159,680 0.01 1,650,000 7.125% El Salvador Government International Bond 20/01/2050 1,498,200 0.13 700,000 9.500% El Salvador Government International Bond 15/07/2052 782,871 0.07 5,350,000 9.650% El Salvador Government International Bond 21/11/2054 6,016,075 0.51
18,888,446 1.62
Georgia – 0.12% 1,500,000 5.125% Georgia Government International Bond 28/01/2031 1,455,705 0.12
Guatemala – 2.51% 1,500,000 4.375% Guatemala Government Bond 05/06/2027 1,491,000 0.13 1,300,000 4.875% Guatemala Government Bond 13/02/2028 1,298,150 0.11 1,500,000 5.250% Guatemala Government Bond 10/08/2029 1,509,000 0.13 2,100,000 4.900% Guatemala Government Bond 01/06/2030 2,090,707 0.18 2,000,000 6.050% Guatemala Government Bond 06/08/2031 2,074,000 0.18 2,600,000 5.375% Guatemala Government Bond 24/04/2032 2,623,400 0.22 880,000 7.050% Guatemala Government Bond 04/10/2032 958,144 0.08 4,100,000 6.600% Guatemala Government Bond 13/06/2036 4,382,131 0.37 3,050,000 6.250% Guatemala Government Bond 15/08/2036 3,183,628 0.27 2,200,000 6.550% Guatemala Government Bond 06/02/2037 2,351,140 0.20 1,300,000 4.650% Guatemala Government Bond 07/10/2041 1,131,000 0.10 4,100,000 6.125% Guatemala Government Bond 01/06/2050 4,061,460 0.35 2,000,000 6.875% Guatemala Government Bond 15/08/2055 2,160,775 0.19
29,314,535 2.51
Honduras – 0.60% 2,180,000 6.250% Honduras Government International Bond 19/01/2027 2,196,634 0.19 1,600,000 5.625% Honduras Government International Bond 24/06/2030 1,591,200 0.13 2,830,000 8.625% Honduras Government International Bond 27/11/2034 3,238,581 0.28
7,026,415 0.60
Hungary – 4.98% 3,750,000 6.125% Hungary Government International Bond 22/05/2028 3,856,875 0.33 4,450,000 5.250% Hungary Government International Bond 16/06/2029 4,519,531 0.39 1,455,000 5.375% Hungary Government International Bond 26/09/2030 1,487,017 0.13 4,350,000 2.125% Hungary Government International Bond 22/09/2031 3,773,625 0.32
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements as at 30 April 2026
Schedule of Investments (continued)
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State Street Emerging Markets ESG Screened Hard Currency Government Bond Index Fund (continued)
Holdings Investment Fair Value USD
% of Net Assets Transferable Securities – 100.59% (31 October 2025: 99.24%) (continued)
Government Bonds – 94.48% (31 October 2025: 92.59%) (continued) Hungary – 4.98% (continued) 8,450,000 6.250% Hungary Government International Bond 22/09/2032 9,007,446 0.77 2,050,000 5.500% Hungary Government International Bond 16/06/2034 2,077,573 0.18 5,400,000 6.000% Hungary Government International Bond 26/09/2035 5,621,040 0.48 6,500,000 5.500% Hungary Government International Bond 26/03/2036 6,504,875 0.55 5,760,000 7.625% Hungary Government International Bond 29/03/2041 6,757,229 0.58 4,300,000 3.125% Hungary Government International Bond 21/09/2051 2,678,707 0.23 2,030,000 6.750% Hungary Government International Bond 25/09/2052 2,188,604 0.19 3,350,000 6.750% Hungary Government International Bond 23/09/2055 3,586,610 0.31 3,150,000 6.125% Magyar Export-Import Bank Zrt 04/12/2027 3,208,275 0.27 2,900,000 6.500% MFB Magyar Fejlesztesi Bank Zrt 29/06/2028 2,996,063 0.25
58,263,470 4.98
India – 1.50% 2,850,000 3.875% Export-Import Bank of India 01/02/2028 2,820,674 0.24 3,000,000 3.250% Export-Import Bank of India 15/01/2030 2,854,320 0.24 2,800,000 2.250% Export-Import Bank of India 13/01/2031 2,504,824 0.22 3,400,000 5.500% Export-Import Bank of India 18/01/2033 3,488,638 0.30 3,450,000 5.500% Export-Import Bank of India 13/01/2035 3,523,795 0.30 865,000 5.000% Export-Import Bank of India 12/01/2036 852,077 0.07 1,500,000 5.750% Export-Import Bank of India 12/01/2056 1,489,905 0.13
17,534,233 1.50
Indonesia – 7.48% 1,500,000 4.350% Indonesia Government International Bond 08/01/2027 1,498,770 0.13 1,000,000 3.850% Indonesia Government International Bond 18/07/2027 993,370 0.08 430,000 4.150% Indonesia Government International Bond 20/09/2027 430,482 0.04 2,130,000 3.500% Indonesia Government International Bond 11/01/2028 2,108,274 0.18 600,000 4.550% Indonesia Government International Bond 11/01/2028 603,216 0.05 750,000 4.100% Indonesia Government International Bond 24/04/2028 748,828 0.06 1,103,000 4.750% Indonesia Government International Bond 11/02/2029 1,115,243 0.09 3,000,000 3.400% Indonesia Government International Bond 18/09/2029 2,919,000 0.25 263,000 5.250% Indonesia Government International Bond 15/01/2030 269,049 0.02 2,450,000 2.850% Indonesia Government International Bond 14/02/2030 2,296,997 0.20 950,000 3.850% Indonesia Government International Bond 15/10/2030 922,764 0.08 400,000 1.850% Indonesia Government International Bond 12/03/2031 350,500 0.03 1,140,000 4.300% Indonesia Government International Bond 16/04/2031 1,122,900 0.10 1,400,000 3.550% Indonesia Government International Bond 31/03/2032 1,313,200 0.11 2,950,000 4.650% Indonesia Government International Bond 20/09/2032 2,924,541 0.25 7,700,000 4.850% Indonesia Government International Bond 11/01/2033 7,651,875 0.65 500,000 4.700% Indonesia Government International Bond 10/02/2034 489,005 0.04 2,050,000 4.750% Indonesia Government International Bond 10/09/2034 2,003,875 0.17 262,000 5.600% Indonesia Government International Bond 15/01/2035 269,205 0.02 2,850,000 8.500% Indonesia Government International Bond 12/10/2035 3,523,312 0.30 3,090,000 4.900% Indonesia Government International Bond 16/04/2036 3,002,175 0.26 1,450,000 6.625% Indonesia Government International Bond 17/02/2037 1,598,625 0.14 850,000 7.750% Indonesia Government International Bond 17/01/2038 1,022,125 0.09 4,200,000 5.250% Indonesia Government International Bond 17/01/2042 4,074,000 0.35 650,000 4.625% Indonesia Government International Bond 15/04/2043 578,500 0.05 1,600,000 6.750% Indonesia Government International Bond 15/01/2044 1,776,000 0.15 300,000 5.950% Indonesia Government International Bond 08/01/2046 305,955 0.03 200,000 5.250% Indonesia Government International Bond 08/01/2047 190,192 0.02 200,000 4.750% Indonesia Government International Bond 18/07/2047 177,736 0.01
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements as at 30 April 2026
Schedule of Investments (continued)
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State Street Emerging Markets ESG Screened Hard Currency Government Bond Index Fund (continued)
Holdings Investment Fair Value USD
% of Net Assets Transferable Securities – 100.59% (31 October 2025: 99.24%) (continued)
Government Bonds – 94.48% (31 October 2025: 92.59%) (continued) Indonesia – 7.48% (continued) 1,200,000 4.350% Indonesia Government International Bond 11/01/2048 982,380 0.08 200,000 5.350% Indonesia Government International Bond 11/02/2049 191,260 0.02 200,000 3.700% Indonesia Government International Bond 30/10/2049 145,548 0.01 1,200,000 3.500% Indonesia Government International Bond 14/02/2050 844,080 0.07 5,300,000 4.200% Indonesia Government International Bond 15/10/2050 4,179,315 0.36 500,000 3.050% Indonesia Government International Bond 12/03/2051 318,125 0.03 1,300,000 4.300% Indonesia Government International Bond 31/03/2052 1,035,125 0.09 3,500,000 5.450% Indonesia Government International Bond 20/09/2052 3,329,375 0.28 3,450,000 5.650% Indonesia Government International Bond 11/01/2053 3,374,100 0.29 600,000 5.100% Indonesia Government International Bond 10/02/2054 553,146 0.05 250,000 5.150% Indonesia Government International Bond 10/09/2054 229,783 0.02 600,000 3.200% Indonesia Government International Bond 23/09/2061 366,750 0.03 550,000 4.450% Indonesia Government International Bond 15/04/2070 431,063 0.04 2,250,000 4.150% Perusahaan Penerbit SBSN Indonesia III 29/03/2027 2,251,057 0.19 2,300,000 4.400% Perusahaan Penerbit SBSN Indonesia III 06/06/2027 2,300,736 0.20 2,000,000 4.400% Perusahaan Penerbit SBSN Indonesia III 01/03/2028 1,999,260 0.17 1,550,000 5.400% Perusahaan Penerbit SBSN Indonesia III 15/11/2028 1,590,098 0.14 200,000 4.450% Perusahaan Penerbit SBSN Indonesia III 20/02/2029 200,350 0.02 1,500,000 5.100% Perusahaan Penerbit SBSN Indonesia III 02/07/2029 1,530,495 0.13 850,000 5.000% Perusahaan Penerbit SBSN Indonesia III 25/05/2030 858,500 0.07 1,200,000 2.800% Perusahaan Penerbit SBSN Indonesia III 23/06/2030 1,113,000 0.09 1,350,000 4.550% Perusahaan Penerbit SBSN Indonesia III 23/07/2030 1,341,562 0.11 350,000 4.500% Perusahaan Penerbit SBSN Indonesia III 01/12/2030 347,463 0.03 400,000 2.550% Perusahaan Penerbit SBSN Indonesia III 09/06/2031 360,000 0.03 200,000 4.700% Perusahaan Penerbit SBSN Indonesia III 06/06/2032 198,750 0.02 5,130,000 5.600% Perusahaan Penerbit SBSN Indonesia III 15/11/2033 5,283,900 0.45 350,000 5.200% Perusahaan Penerbit SBSN Indonesia III 02/07/2034 350,700 0.03 2,450,000 5.250% Perusahaan Penerbit SBSN Indonesia III 25/11/2034 2,453,087 0.21 1,150,000 5.200% Perusahaan Penerbit SBSN Indonesia III 23/07/2035 1,148,563 0.10 350,000 5.000% Perusahaan Penerbit SBSN Indonesia III 01/12/2035 344,050 0.03 750,000 3.800% Perusahaan Penerbit SBSN Indonesia III 23/06/2050 546,563 0.05 450,000 5.500% Perusahaan Penerbit SBSN Indonesia III 02/07/2054 433,013 0.04 600,000 5.650% Perusahaan Penerbit SBSN Indonesia III 25/11/2054 584,580 0.05
87,495,491 7.48
Ivory Coast – 1.81% 2,350,000 7.625% Ivory Coast Government International Bond 30/01/2033 2,468,205 0.21 4,400,000 6.125% Ivory Coast Government International Bond 15/06/2033 4,294,620 0.37 6,310,000 8.075% Ivory Coast Government International Bond 01/04/2036 6,689,736 0.57 3,950,000 8.250% Ivory Coast Government International Bond 30/01/2037 4,237,718 0.36 3,800,000 6.750% Ivory Coast Government International Bond 25/02/2041 3,501,852 0.30
21,192,131 1.81
Jamaica – 1.17% 2,566,667 6.750% Jamaica Government International Bond 28/04/2028 2,637,797 0.23 3,470,000 8.000% Jamaica Government International Bond 15/03/2039 4,186,165 0.36 5,650,000 7.875% Jamaica Government International Bond 28/07/2045 6,820,171 0.58
13,644,133 1.17
Kenya – 2.38% 3,400,000 9.750% Republic of Kenya Government International Bond 16/02/2031 3,589,550 0.31
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements as at 30 April 2026
Schedule of Investments (continued)
90 STATE STREET ICAV
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State Street Emerging Markets ESG Screened Hard Currency Government Bond Index Fund (continued)
Holdings Investment Fair Value USD
% of Net Assets Transferable Securities – 100.59% (31 October 2025: 99.24%) (continued)
Government Bonds – 94.48% (31 October 2025: 92.59%) (continued) Kenya – 2.38% (continued) 3,950,000 8.000% Republic of Kenya Government International Bond 22/05/2032 3,880,875 0.33 2,600,000 7.875% Republic of Kenya Government International Bond 09/10/2033 2,475,200 0.21 2,500,000 6.300% Republic of Kenya Government International Bond 23/01/2034 2,168,750 0.19 2,685,000 7.875% Republic of Kenya Government International Bond 26/02/2034 2,501,077 0.21 4,850,000 9.500% Republic of Kenya Government International Bond 05/03/2036 4,861,155 0.42 2,300,000 8.800% Republic of Kenya Government International Bond 09/10/2038 2,190,382 0.19 3,400,000 8.700% Republic of Kenya Government International Bond 26/02/2039 3,195,337 0.27 3,300,000 8.250% Republic of Kenya Government International Bond 28/02/2048 2,958,450 0.25
27,820,776 2.38
Latvia – 0.32% 3,780,000 5.125% Latvia Government International Bond 30/07/2034 3,792,965 0.32
Luxembourg – 0.52% 5,990,000 5.500% Eagle Funding Luxco SARL 17/08/2030 6,033,763 0.52
Malaysia – 0.46% 1,400,000 4.236% Malaysia Sovereign Sukuk Bhd 22/04/2045 1,238,230 0.11 1,820,000 4.080% Malaysia Sukuk Global Bhd 27/04/2046 1,566,183 0.13 2,100,000 2.070% Malaysia Wakala Sukuk Bhd 28/04/2031 1,904,910 0.16 900,000 3.075% Malaysia Wakala Sukuk Bhd 28/04/2051 633,150 0.06
5,342,473 0.46
Mexico – 6.58% 300,000 4.150% Mexico Government International Bond 28/03/2027 299,919 0.03 2,650,000 3.750% Mexico Government International Bond 11/01/2028 2,622,175 0.22 3,650,000 5.400% Mexico Government International Bond 09/02/2028 3,703,472 0.32 2,000,000 4.500% Mexico Government International Bond 22/04/2029 1,994,000 0.17 2,600,000 5.000% Mexico Government International Bond 07/05/2029 2,622,100 0.22 1,300,000 3.250% Mexico Government International Bond 16/04/2030 1,220,050 0.10 2,200,000 6.000% Mexico Government International Bond 13/05/2030 2,282,500 0.20 935,000 4.750% Mexico Government International Bond 22/03/2031 919,105 0.08 300,000 2.659% Mexico Government International Bond 24/05/2031 267,000 0.02 2,133,000 4.750% Mexico Government International Bond 27/04/2032 2,062,334 0.18 840,000 5.850% Mexico Government International Bond 02/07/2032 855,960 0.07 580,000 5.375% Mexico Government International Bond 22/03/2033 570,140 0.05 300,000 7.500% Mexico Government International Bond 08/04/2033 342,338 0.03 6,100,000 4.875% Mexico Government International Bond 19/05/2033 5,811,012 0.50 800,000 5.625% Mexico Government International Bond 09/02/2034 792,000 0.07 2,150,000 3.500% Mexico Government International Bond 12/02/2034 1,841,744 0.16 5,200,000 6.750% Mexico Government International Bond 27/09/2034 5,538,650 0.47 1,650,000 6.350% Mexico Government International Bond 09/02/2035 1,699,500 0.15 2,400,000 5.625% Mexico Government International Bond 22/09/2035 2,347,200 0.20 3,400,000 6.000% Mexico Government International Bond 07/05/2036 3,413,600 0.29 1,200,000 6.875% Mexico Government International Bond 13/05/2037 1,267,350 0.11 2,720,000 6.625% Mexico Government International Bond 29/01/2038 2,796,500 0.24 1,000,000 6.125% Mexico Government International Bond 09/02/2038 989,000 0.08 4,000,000 6.050% Mexico Government International Bond 11/01/2040 3,931,000 0.34 6,200,000 4.280% Mexico Government International Bond 14/08/2041 4,904,200 0.42 6,800,000 4.750% Mexico Government International Bond 08/03/2044 5,515,650 0.47 400,000 5.550% Mexico Government International Bond 21/01/2045 364,400 0.03
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements as at 30 April 2026
Schedule of Investments (continued)
STATE STREET ICAV 91
Page 93
State Street Emerging Markets ESG Screened Hard Currency Government Bond Index Fund (continued)
Holdings Investment Fair Value USD
% of Net Assets Transferable Securities – 100.59% (31 October 2025: 99.24%) (continued)
Government Bonds – 94.48% (31 October 2025: 92.59%) (continued) Mexico – 6.58% (continued) 1,000,000 4.600% Mexico Government International Bond 23/01/2046 777,125 0.07 1,000,000 4.350% Mexico Government International Bond 15/01/2047 741,000 0.06 200,000 4.600% Mexico Government International Bond 10/02/2048 152,225 0.01 1,800,000 4.500% Mexico Government International Bond 31/01/2050 1,339,425 0.11 200,000 5.000% Mexico Government International Bond 27/04/2051 158,225 0.01 550,000 4.400% Mexico Government International Bond 12/02/2052 394,969 0.03 900,000 6.338% Mexico Government International Bond 04/05/2053 847,462 0.07 2,800,000 6.400% Mexico Government International Bond 07/05/2054 2,647,750 0.23 2,550,000 7.375% Mexico Government International Bond 13/05/2055 2,717,344 0.23 800,000 6.750% Mexico Government International Bond 09/02/2056 786,900 0.07 2,450,000 3.771% Mexico Government International Bond 24/05/2061 1,481,331 0.13 1,400,000 3.750% Mexico Government International Bond 19/04/2071 812,175 0.07 3,800,000 5.750% Mexico Government International Bond 31/12/2099 3,122,748 0.27
76,951,578 6.58
Mongolia – 0.38% 1,400,000 6.625% Mongolia Government International Bond 25/02/2030 1,439,200 0.12 1,550,000 4.450% Mongolia Government International Bond 07/07/2031 1,449,250 0.12 1,570,000 5.950% Mongolia Government International Bond 09/03/2032 1,581,284 0.14
4,469,734 0.38
Montenegro – 0.20% 2,250,000 7.250% Montenegro Government International Bond 12/03/2031 2,359,294 0.20
Morocco – 1.48% 1,150,000 2.375% Morocco Government International Bond 15/12/2027 1,109,382 0.09 3,500,000 5.950% Morocco Government International Bond 08/03/2028 3,571,094 0.31 4,150,000 3.000% Morocco Government International Bond 15/12/2032 3,621,497 0.31 4,550,000 6.500% Morocco Government International Bond 08/09/2033 4,863,131 0.42 1,900,000 5.500% Morocco Government International Bond 11/12/2042 1,784,100 0.15 3,300,000 4.000% Morocco Government International Bond 15/12/2050 2,334,750 0.20
17,283,954 1.48
Panama – 4.87% 1,800,000 8.875% Panama Government International Bond 30/09/2027 1,903,950 0.16 3,700,000 3.875% Panama Government International Bond 17/03/2028 3,663,000 0.31 330,000 9.375% Panama Government International Bond 01/04/2029 373,230 0.03 3,325,000 3.160% Panama Government International Bond 23/01/2030 3,153,185 0.27 9,600,000 2.252% Panama Government International Bond 29/09/2032 8,113,200 0.69 3,050,000 3.298% Panama Government International Bond 19/01/2033 2,730,513 0.23 555,000 5.227% Panama Government International Bond 23/02/2034 553,838 0.05 3,500,000 6.400% Panama Government International Bond 14/02/2035 3,739,085 0.32 3,670,000 6.700% Panama Government International Bond 26/01/2036 3,992,960 0.34 455,000 5.662% Panama Government International Bond 23/02/2038 457,419 0.04 5,250,000 8.000% Panama Government International Bond 01/03/2038 6,252,750 0.53 2,700,000 4.500% Panama Government International Bond 15/05/2047 2,234,164 0.19 2,150,000 4.500% Panama Government International Bond 16/04/2050 1,725,375 0.15 2,050,000 4.300% Panama Government International Bond 29/04/2053 1,580,960 0.14 4,300,000 6.853% Panama Government International Bond 28/03/2054 4,625,187 0.40 3,700,000 4.500% Panama Government International Bond 01/04/2056 2,893,400 0.25 4,750,000 7.875% Panama Government International Bond 01/03/2057 5,730,578 0.49
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements as at 30 April 2026
Schedule of Investments (continued)
92 STATE STREET ICAV
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State Street Emerging Markets ESG Screened Hard Currency Government Bond Index Fund (continued)
Holdings Investment Fair Value USD
% of Net Assets Transferable Securities – 100.59% (31 October 2025: 99.24%) (continued)
Government Bonds – 94.48% (31 October 2025: 92.59%) (continued) Panama – 4.87% (continued) 2,550,000 3.870% Panama Government International Bond 23/07/2060 1,763,963 0.15 1,900,000 4.500% Panama Government International Bond 19/01/2063 1,460,625 0.13
56,947,382 4.87
Papua New Guinea – 0.14% 1,600,000 8.375% Papua New Guinea Government International Bond 04/10/2028 1,670,032 0.14
Paraguay – 1.64% 1,940,000 4.950% Paraguay Government International Bond 28/04/2031 1,949,176 0.17 1,200,000 2.739% Paraguay Government International Bond 29/01/2033 1,068,375 0.09 650,000 3.849% Paraguay Government International Bond 28/06/2033 611,000 0.05 3,400,000 5.850% Paraguay Government International Bond 21/08/2033 3,537,700 0.30 750,000 6.000% Paraguay Government International Bond 09/02/2036 787,181 0.07 4,950,000 6.100% Paraguay Government International Bond 11/08/2044 4,982,175 0.42 2,000,000 5.600% Paraguay Government International Bond 13/03/2048 1,867,750 0.16 2,800,000 5.400% Paraguay Government International Bond 30/03/2050 2,538,200 0.22 1,750,000 6.650% Paraguay Government International Bond 04/03/2055 1,851,500 0.16
19,193,057 1.64
Peru – 4.71% 900,000 2.400% Corp Financiera de Desarrollo SA 28/09/2027 873,436 0.07 5,390,000 2.783% Peruvian Government International Bond 23/01/2031 4,954,758 0.42 1,085,000 1.862% Peruvian Government International Bond 01/12/2032 898,109 0.08 7,550,000 8.750% Peruvian Government International Bond 21/11/2033 9,248,750 0.79 5,500,000 3.000% Peruvian Government International Bond 15/01/2034 4,752,000 0.41 1,210,000 5.375% Peruvian Government International Bond 08/02/2035 1,222,100 0.10 5,050,000 5.500% Peruvian Government International Bond 30/03/2036 5,105,550 0.44 3,100,000 6.550% Peruvian Government International Bond 14/03/2037 3,394,500 0.29 6,050,000 3.300% Peruvian Government International Bond 11/03/2041 4,640,350 0.40 3,950,000 5.625% Peruvian Government International Bond 18/11/2050 3,811,175 0.33 3,600,000 3.550% Peruvian Government International Bond 10/03/2051 2,497,500 0.21 4,850,000 5.875% Peruvian Government International Bond 08/08/2054 4,723,900 0.40 3,150,000 6.200% Peruvian Government International Bond 30/06/2055 3,204,849 0.27 2,750,000 2.780% Peruvian Government International Bond 01/12/2060 1,482,250 0.13 2,000,000 3.600% Peruvian Government International Bond 15/01/2072 1,253,000 0.11 5,450,000 3.230% Peruvian Government International Bond 31/12/2099 2,981,150 0.26
55,043,377 4.71
Poland – 5.73% 2,150,000 6.250% Bank Gospodarstwa Krajowego 31/10/2028 2,257,887 0.19 4,300,000 5.375% Bank Gospodarstwa Krajowego 22/05/2033 4,374,390 0.37 3,050,000 5.750% Bank Gospodarstwa Krajowego 09/07/2034 3,161,600 0.27 4,200,000 6.250% Bank Gospodarstwa Krajowego 09/07/2054 4,238,220 0.36 3,050,000 5.500% Republic of Poland Government International Bond 16/11/2027 3,105,907 0.27 3,400,000 4.625% Republic of Poland Government International Bond 18/03/2029 3,447,260 0.30 4,830,000 4.875% Republic of Poland Government International Bond 12/02/2030 4,940,414 0.42 1,700,000 4.625% Republic of Poland Government International Bond 14/04/2031 1,711,951 0.15 3,300,000 5.750% Republic of Poland Government International Bond 16/11/2032 3,492,324 0.30 6,200,000 4.875% Republic of Poland Government International Bond 04/10/2033 6,215,500 0.53 6,600,000 5.125% Republic of Poland Government International Bond 18/09/2034 6,652,800 0.57 5,850,000 5.375% Republic of Poland Government International Bond 12/02/2035 5,976,360 0.51
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements as at 30 April 2026
Schedule of Investments (continued)
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State Street Emerging Markets ESG Screened Hard Currency Government Bond Index Fund (continued)
Holdings Investment Fair Value USD
% of Net Assets Transferable Securities – 100.59% (31 October 2025: 99.24%) (continued)
Government Bonds – 94.48% (31 October 2025: 92.59%) (continued) Poland – 5.73% (continued) 1,115,000 5.375% Republic of Poland Government International Bond 14/04/2036 1,122,225 0.10 6,050,000 5.500% Republic of Poland Government International Bond 04/04/2053 5,640,838 0.48 7,300,000 5.500% Republic of Poland Government International Bond 18/03/2054 6,792,832 0.58 3,850,000 6.125% Republic of Poland Government International Bond 14/04/2056 3,862,026 0.33
66,992,534 5.73
Romania – 5.21% 2,950,000 3.000% Romanian Government International Bond 27/02/2027 2,901,325 0.25 2,524,000 5.250% Romanian Government International Bond 25/11/2027 2,529,931 0.22 3,350,000 6.625% Romanian Government International Bond 17/02/2028 3,428,625 0.29 4,100,000 5.875% Romanian Government International Bond 30/01/2029 4,164,124 0.36 4,650,000 5.750% Romanian Government International Bond 16/09/2030 4,696,500 0.40 700,000 3.000% Romanian Government International Bond 14/02/2031 626,703 0.05 8,260,000 7.125% Romanian Government International Bond 17/01/2033 8,755,456 0.75 6,100,000 6.375% Romanian Government International Bond 30/01/2034 6,154,900 0.53 3,450,000 6.000% Romanian Government International Bond 25/05/2034 3,406,875 0.29 6,080,000 5.750% Romanian Government International Bond 24/03/2035 5,842,880 0.50 1,850,000 6.625% Romanian Government International Bond 16/05/2036 1,869,425 0.16 6,050,000 7.500% Romanian Government International Bond 10/02/2037 6,472,713 0.55 3,160,000 6.125% Romanian Government International Bond 22/01/2044 2,938,800 0.25 1,600,000 5.125% Romanian Government International Bond 15/06/2048 1,272,656 0.11 2,600,000 4.000% Romanian Government International Bond 14/02/2051 1,716,650 0.15 3,900,000 7.625% Romanian Government International Bond 17/01/2053 4,155,450 0.35
60,933,013 5.21
Serbia – 1.14% 2,200,000 6.250% Serbia International Bond 26/05/2028 2,258,080 0.19 3,500,000 2.125% Serbia International Bond 01/12/2030 3,067,400 0.26 4,650,000 6.500% Serbia International Bond 26/09/2033 4,938,300 0.42 3,000,000 6.000% Serbia International Bond 12/06/2034 3,087,000 0.27
13,350,780 1.14
South Africa – 4.75% 550,000 4.850% Republic of South Africa Government International Bond 27/09/2027 551,238 0.05 6,000,000 4.300% Republic of South Africa Government International Bond 12/10/2028 5,936,880 0.51 6,750,000 4.850% Republic of South Africa Government International Bond 30/09/2029 6,687,562 0.57 1,200,000 5.875% Republic of South Africa Government International Bond 22/06/2030 1,223,400 0.10 3,600,000 5.875% Republic of South Africa Government International Bond 20/04/2032 3,651,300 0.31 5,700,000 7.100% Republic of South Africa Government International Bond 19/11/2036 5,962,200 0.51 5,580,000 6.125% Republic of South Africa Government International Bond 11/12/2037 5,311,135 0.45 900,000 6.250% Republic of South Africa Government International Bond 08/03/2041 829,125 0.07 1,150,000 5.375% Republic of South Africa Government International Bond 24/07/2044 931,500 0.08 1,400,000 5.000% Republic of South Africa Government International Bond 12/10/2046 1,043,000 0.09 2,400,000 5.650% Republic of South Africa Government International Bond 27/09/2047 1,939,200 0.17 8,500,000 6.300% Republic of South Africa Government International Bond 22/06/2048 7,373,750 0.63 7,100,000 5.750% Republic of South Africa Government International Bond 30/09/2049 5,736,800 0.49 7,450,000 7.950% Republic of South Africa Government International Bond 19/11/2054 7,608,685 0.65 810,000 7.250% Republic of South Africa Government International Bond 11/12/2055 763,020 0.07
55,548,795 4.75
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements as at 30 April 2026
Schedule of Investments (continued)
94 STATE STREET ICAV
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State Street Emerging Markets ESG Screened Hard Currency Government Bond Index Fund (continued)
Holdings Investment Fair Value USD
% of Net Assets Transferable Securities – 100.59% (31 October 2025: 99.24%) (continued)
Government Bonds – 94.48% (31 October 2025: 92.59%) (continued) Trinidad and Tobago – 0.63% 650,000 4.500% Trinidad and Tobago Government International Bond 26/06/2030 628,550 0.05 1,400,000 5.950% Trinidad and Tobago Government International Bond 14/01/2031 1,421,000 0.12 2,135,000 6.400% Trinidad and Tobago Government International Bond 26/06/2034 2,186,881 0.19 3,100,000 6.500% Trinidad and Tobago Government International Bond 28/01/2036 3,174,617 0.27
7,411,048 0.63
Uruguay – 4.42% 800,000 4.375% Uruguay Government International Bond 27/10/2027 802,000 0.07 5,440,000 4.375% Uruguay Government International Bond 23/01/2031 5,458,457 0.47 4,200,000 7.875% Uruguay Government International Bond 15/01/2033 4,935,000 0.42 8,750,000 5.750% Uruguay Government International Bond 28/10/2034 9,211,563 0.79 3,150,000 7.625% Uruguay Government International Bond 21/03/2036 3,730,545 0.32 6,320,000 5.442% Uruguay Government International Bond 14/02/2037 6,522,240 0.56 570,000 4.125% Uruguay Government International Bond 20/11/2045 492,623 0.04 11,400,000 5.100% Uruguay Government International Bond 18/06/2050 10,591,455 0.90 6,500,000 4.975% Uruguay Government International Bond 20/04/2055 5,843,500 0.50 4,400,000 5.250% Uruguay Government International Bond 10/09/2060 4,045,951 0.35
51,633,334 4.42
Total Government Bonds 1,104,779,000 94.48
Total Transferable Securities 1,176,223,098 100.59
Financial Derivative Instruments – 0.38% (31 October 2025: (0.29)%)
Futures Contracts – (0.00)% (31 October 2025: (0.00)%)
No. of contracts Futures Contracts Counterparty Unrealised Loss USD
% of Net Assets
Unrealised Losses on Open Futures Contracts 121 U.S. 10 Year Note Futures June 2026 Goldman Sachs (27,471) (0.00) Total Unrealised Losses on Open Futures Contracts (27,471) (0.00)
Net Unrealised Losses on Futures Contracts (27,471) (0.00)
Open Forward Foreign Currency Exchange Contracts – 0.38% (31 October 2025: (0.29)%)
Counterparty Currency Buy Currency Sell
Maturity Date
Unrealised Gain/Loss USD
% of Net Assets Unrealised Gains on on Forward Foreign Currency Exchange Contracts Barclays Bank EUR 67,095,655 USD 78,642,334 02/06/2026 167,787 0.02 BNP Paribas EUR 7,714,253 USD 8,859,000 04/05/2026 190,200 0.02 BNP Paribas USD 707,000 EUR 602,239 04/05/2026 544 0.00 Deutsche Bank EUR 62,305,482 USD 71,899,666 04/05/2026 1,187,744 0.10 Deutsche Bank EUR 62,300,072 USD 71,899,666 04/05/2026 1,181,398 0.10 Deutsche Bank GBP 4,864,391 USD 6,473,666 05/05/2026 136,316 0.01 Deutsche Bank USD 237,000 EUR 201,222 04/05/2026 956 0.00 Deutsche Bank USD 1,078,000 EUR 916,826 04/05/2026 2,518 0.00 Goldman Sachs EUR 7,714,272 USD 8,859,000 04/05/2026 190,222 0.02
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements as at 30 April 2026
Schedule of Investments (continued)
STATE STREET ICAV 95
Page 97
State Street Emerging Markets ESG Screened Hard Currency Government Bond Index Fund (continued)
Financial Derivative Instruments – 0.38% (31 October 2025: (0.29)%) (continued)
Open Forward Foreign Currency Exchange Contracts – 0.38% (31 October 2025: (0.29)%) (continued)
Counterparty Currency Buy Currency Sell
Maturity Date
Unrealised Gain/Loss USD
% of Net Assets Goldman Sachs USD 205,000 EUR 173,621 04/05/2026 1,334 0.00 HSBC Bank EUR 62,302,179 USD 71,899,668 04/05/2026 1,183,867 0.10 HSBC Bank EUR 67,101,081 USD 78,642,333 02/06/2026 174,162 0.02 HSBC Bank GBP 4,865,913 USD 6,473,668 05/05/2026 138,381 0.01 HSBC Bank GBP 4,568,377 USD 6,170,000 02/06/2026 37,576 0.00 JP Morgan Chase EUR 897,372 USD 1,036,000 04/05/2026 16,662 0.00 State Street Bank London EUR 7,714,245 USD 8,859,000 04/05/2026 190,190 0.02 UBS EUR 67,072,009 USD 78,642,333 02/06/2026 140,013 0.01 UBS GBP 4,865,252 USD 6,473,666 05/05/2026 137,486 0.01 UBS GBP 4,568,540 USD 6,170,000 02/06/2026 37,798 0.00 Westpac EUR 7,714,224 USD 8,859,000 04/05/2026 190,167 0.02 Westpac GBP 74,179 USD 98,000 05/05/2026 2,798 0.00 Westpac GBP 4,568,475 USD 6,170,000 02/06/2026 37,710 0.00
Total Unrealised Gains on Forward Foreign Currency Exchange Contracts 5,345,829 0.46
Unrealised Losses on Forward Foreign Currency Exchange Contracts Barclays Bank USD 6,428,000 EUR 5,570,364 04/05/2026 (106,313) (0.01) Barclays Bank USD 78,642,334 EUR 67,187,038 04/05/2026 (171,382) (0.02) Barclays Bank USD 500,000 GBP 379,210 05/05/2026 (15,290) (0.00) BNP Paribas EUR 155,366 USD 183,000 04/05/2026 (749) (0.00) BNP Paribas USD 6,428,000 EUR 5,571,994 04/05/2026 (108,224) (0.01) BNP Paribas USD 500,000 GBP 379,206 05/05/2026 (15,285) (0.00) Deutsche Bank USD 125,000 EUR 108,321 04/05/2026 (2,066) (0.00) Deutsche Bank USD 171,000 EUR 146,929 04/05/2026 (1,355) (0.00) Deutsche Bank USD 269,000 EUR 229,755 04/05/2026 (514) (0.00) Deutsche Bank USD 779,000 EUR 664,594 04/05/2026 (601) (0.00) Deutsche Bank USD 9,000 GBP 6,662 05/05/2026 (52) (0.00) HSBC Bank USD 78,642,333 EUR 67,192,772 04/05/2026 (178,109) (0.02) HSBC Bank USD 6,170,000 GBP 4,568,204 05/05/2026 (37,507) (0.00) UBS USD 78,642,333 EUR 67,163,689 04/05/2026 (143,994) (0.01) UBS USD 6,170,000 GBP 4,568,377 05/05/2026 (37,743) (0.01) Westpac USD 6,170,000 GBP 4,568,310 05/05/2026 (37,651) (0.00)
Total Unrealised Losses on Forward Foreign Currency Exchange Contracts (856,835) (0.08)
Net Unrealised Gains on Forward Foreign Currency Exchange Contracts 4,488,994 0.38
Total Financial Derivative Instruments 4,461,523 0.38
Value USD
% of Net Assets Total value of investments (31 October 2025: 98.95%) 1,180,684,621 100.97 Cash and cash equivalents* (31 October 2025: 0.02%) 11,813,737 1.01 Other net liabilities (31 October 2025: 1.03%) (23,131,140) (1.98)
Net Assets attributable to holders of redeemable participating shares 1,169,367,218 100.00
* All cash holdings are held at State Street Bank and Trust Company, apart from cash at broker which is held with Goldman Sachs. All of the above securities are traded on a recognised stock exchange or traded on a regulated market unless otherwise stated.
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements as at 30 April 2026
Schedule of Investments (continued)
96 STATE STREET ICAV
Page 98
State Street Emerging Markets ESG Screened Hard Currency Government Bond Index Fund (continued)
Analysis of Total Assets
% of Net Assets Transferable securities admitted to an official exchange listing 86.53 Transferable securities dealt in on another regulated market 10.66 OTC financial derivative intruments 0.44 Other Assets 2.37
Total Assets 100.00
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements as at 30 April 2026
Schedule of Investments (continued)
STATE STREET ICAV 97
Page 99
State Street Global Alternative Beta Fund
Holdings Investment Fair Value USD
% of Net Assets Transferable Securities – 85.49% (31 October 2025: 91.14%)
Government Bonds – 3.41% (31 October 2025: 4.09%) Canada – 2.65% 7,000,000 0.000% Gouvernement De La Province De Quebec 08/06/2026 6,972,780 2.65
Finland – 0.76% 2,000,000 0.000% Finland Treasury Bills 17/06/2026 1,990,726 0.76
Total Government Bonds 8,963,506 3.41
Short Terms – 82.08% (31 October 2025: 87.05%) Australia – 3.79% 10,000,000 0.000% National Australia Bank Ltd 15/06/2026 9,950,668 3.79
Belgium – 3.78% 2,000,000 0.000% Euroclear Bank SA 20/07/2026 1,983,107 0.75 8,000,000 0.000% KBC Bank NV 10/07/2026 7,939,895 3.03
9,923,002 3.78
France – 15.11% 8,500,000 0.000% Agence Centrale des Organismes de Securite Sociale 03/06/2026 8,469,714 3.23 14,211,000 3.640% BRED Banque Populaire 01/05/2026 14,211,000 5.42 7,000,000 0.000% Managed & Enhanced Tap (Magenta) Funding ST 20/05/2026 6,985,408 2.66 5,000,000 0.000% Portdalon SAS 13/05/2026 4,993,004 1.90 5,000,000 0.000% Satellite SAS 15/06/2026 4,975,072 1.90
39,634,198 15.11
Germany – 15.18% 2,000,000 0.000% Deutsche Bank AG 03/08/2026 1,979,826 0.76 8,000,000 0.000% Erste Abwicklungsanstalt 18/05/2026 7,985,108 3.04 9,000,000 0.000% FMS Wertmanagement 04/06/2026 8,967,886 3.42 3,000,000 0.000% Kreditanstalt fuer Wiederaufbau 04/05/2026 2,998,779 1.14 6,000,000 0.000% Kreditanstalt fuer Wiederaufbau 16/07/2026 5,952,892 2.27 7,000,000 0.000% Landeskreditbank Baden-Wuerttemberg Foerderbank 01/07/2026 6,955,876 2.65 5,000,000 0.000% NRW Bank 23/06/2026 4,972,433 1.90
39,812,800 15.18
Japan – 11.79% 8,000,000 0.000% Mitsubishi UFJ Trust & Banking Corp 11/06/2026 7,964,135 3.04 4,000,000 0.000% Mizuho Bank Ltd 08/05/2026 3,996,670 1.52 5,000,000 0.000% Mizuho Bank Ltd 03/07/2026 4,966,378 1.89 2,000,000 3.790% MUFG Bank Ltd 18/05/2026 1,999,901 0.76 8,000,000 0.000% Norinchukin Bank 11/05/2026 7,990,844 3.05 4,000,000 0.000% Sumitomo Mitsui Trust Bank Ltd 07/05/2026 3,997,114 1.53
30,915,042 11.79
Luxembourg – 9.86% 9,000,000 0.000% Verto Capital I Compartment 21/05/2026 8,980,617 3.42 9,000,000 0.000% Verto Capital I Compartment 04/06/2026 8,967,625 3.42 8,000,000 0.000% Verto Capital I Compartment 29/07/2026 7,921,219 3.02
25,869,461 9.86
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements as at 30 April 2026
Schedule of Investments
98 STATE STREET ICAV
Page 100
State Street Global Alternative Beta Fund (continued)
Holdings Investment Fair Value USD
% of Net Assets Transferable Securities – 85.49% (31 October 2025: 91.14%) (continued)
Short Terms – 82.08% (31 October 2025: 87.05%) (continued) Netherlands – 2.65% 7,000,000 0.000% ABN AMRO Bank NV 17/07/2026 6,941,405 2.65
Norway – 1.91% 5,000,000 0.000% Kommunalbanken AS 11/05/2026 4,994,079 1.91
Singapore – 1.52% 4,000,000 0.000% Sumitomo Mitsui Trust Bank Ltd 08/06/2026 3,983,849 1.52
Supranationals – 6.64% 3,500,000 0.000% Asian Development Bank 15/05/2026 3,494,615 1.33 5,000,000 0.000% Council of Europe Development Bank 15/07/2026 4,961,081 1.89 9,000,000 0.000% International Development Association 15/06/2026 8,957,757 3.42
17,413,453 6.64
Sweden – 3.40% 9,000,000 0.000% Swedbank AB 27/07/2026 8,917,472 3.40
United Kingdom – 6.45% 7,000,000 0.000% Goldman Sachs International Bank 02/07/2026 6,952,947 2.65 2,000,000 0.000% Goldman Sachs International Bank 20/07/2026 1,982,563 0.76 8,000,000 0.000% Lloyds Bank PLC 02/06/2026 7,972,900 3.04
16,908,410 6.45
Total Short Terms 215,263,839 82.08
Total Transferable Securities 224,227,345 85.49
Collective Investment Schemes – 6.89% (31 October 2025: 7.28%) Ireland – 6.89% 426,097 L&G Longer Dated All Commodities UCITS ETF 13,537,101 5.16 347,074 Xtrackers USD High Yield Corporate Bond UCITS ETF 4,525,151 1.73
18,062,252 6.89
Total Collective Investment Schemes 18,062,252 6.89
Financial Derivative Instruments – 3.26% (31 October 2025: (0.62)%)
Futures Contracts – 1.74% (31 October 2025: 0.61%)
No. of contracts Futures Contracts Counterparty Unrealised Gain/Loss USD
% of Net Assets
Unrealised Gains on Open Futures Contracts 54 S&P 500 E-mini Index Futures Long Futures Contracts Goldman Sachs 1,469,415 0.56 140 E-Mini Russell 2000 Index Futures Long Futures Contracts Goldman Sachs 2,167,762 0.83 76 MSCI EAFE Index Futures Long Futures Contracts Goldman Sachs 483,793 0.18
STATE STREET ICAV Condensed Interim Report and Unaudited Financial Statements as at 30 April 2026
Schedule of Investments (continued)
STATE STREET ICAV 99
Page 101
State Street Global Alternative Beta Fund (continued)
Financial Derivative Instruments – 3.26% (31 October 2025: (0.62)%) (continued)
Futures Contracts – 1.74% (31 October 2025: 0.61%) (continued)
No. of contracts Futures Contracts Counterparty Unrealised Gain/Loss USD
% of Net Assets
77 MSCI Emerging Market Index Futures Long Futures Contracts Goldman Sachs 577,123 0.22 Total Unrealised Gains on Open Futures Contracts 4,698,093 1.79
Unrealised Losses on Open Futures Contracts
66
iShares High Yield Corporate Bond Index Futures Long Futures Contracts Goldman Sachs (38,404) (0.01) 30 U.S. 10 Year Note Futures June 2026 Goldman Sachs (82,026) (0.03) 13 U.S. 5 Year Note Futures June 2026 Goldman Sachs (25,539) (0.01) Total Unrealised Losses on Open Futures Contracts (145,969) (0.05)
Net Unrealised Gains on Futures Contracts 4,552,124 1.74
Open Forward Foreign Currency Exchange Contracts – 1.52% (31 October 2025: (1.23)%)
Counterparty Currency Buy Currency Sell
Maturity Date
Unrealised Gain/Loss USD
% of
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