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SSGA SPDR ETFs Europe II plc
Interim Report and Unaudited Condensed Financial Statements
for the financial period ended 30 September 2025
An investment company with variable capital incorporated with limited liability in Ireland with registered number 525004 and established as an umbrella fund with segregated liability between sub-funds pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended) (the “UCITS Regulations”).
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Page Administration of the Company 1 Background to the Company 3 Investment Managers’ Reports 16 Company Statements 24 State Street Blackstone Euro AAA CLO UCITS ETF 28 SPDR Bloomberg 0-5 Year Sterling Corporate Bond UCITS ETF 33 SPDR Bloomberg 3-5 Year Euro Government Bond UCITS ETF 45 SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF 51 SPDR EURO STOXX Low Volatility UCITS ETF 62 SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF 68 SPDR MSCI ACWI Climate Paris Aligned UCITS ETF 113 SPDR MSCI Europe UCITS ETF 127 SPDR MSCI Europe Climate Paris Aligned UCITS ETF 137 SPDR MSCI Europe Consumer Discretionary UCITS ETF 145 SPDR MSCI Europe Consumer Staples UCITS ETF 151 SPDR MSCI Europe Energy UCITS ETF 157 SPDR MSCI Europe Financials UCITS ETF 162 SPDR MSCI Europe Health Care UCITS ETF 168 SPDR MSCI Europe Industrials UCITS ETF 174 SPDR MSCI Europe Materials UCITS ETF 180 SPDR MSCI Europe Small Cap UCITS ETF 186 SPDR MSCI Europe Small Cap Value Weighted UCITS ETF 201 SPDR MSCI Europe Technology UCITS ETF 216 SPDR MSCI Europe Communication Services UCITS ETF 221 SPDR MSCI Europe Utilities UCITS ETF 226 SPDR MSCI Europe Value UCITS ETF 231 SPDR MSCI Emerging Markets Climate Paris Aligned UCITS ETF 238 SPDR MSCI Japan Climate Paris Aligned UCITS ETF 248 SPDR MSCI Resilient Future UCITS ETF 253 SPDR MSCI USA Climate Paris Aligned UCITS ETF 261 SPDR MSCI USA Small Cap Value Weighted UCITS ETF 268 SPDR MSCI USA Value UCITS ETF 292 SPDR MSCI World Climate Paris Aligned UCITS ETF 298 SPDR MSCI World Consumer Discretionary UCITS ETF 309 SPDR MSCI World Consumer Staples UCITS ETF 316 SPDR MSCI World Energy UCITS ETF 322 SPDR MSCI World Financials UCITS ETF 328 SPDR MSCI World Health Care UCITS ETF 336 SPDR MSCI World Industrials UCITS ETF 343 SPDR MSCI World Materials UCITS ETF 351 SPDR MSCI World Small Cap UCITS ETF 357 SPDR MSCI World Technology UCITS ETF 404 SPDR MSCI World Communication Services UCITS ETF 411 SPDR MSCI World Utilities UCITS ETF 417 SPDR MSCI World Value UCITS ETF 423 SPDR Russell 2000 U.S. Small Cap UCITS ETF 433 SPDR STOXX Europe 600 SRI UCITS ETF 459 SPDR S&P U.S. Communication Services Select Sector UCITS ETF 467 SPDR S&P U.S. Consumer Discretionary Select Sector UCITS ETF 472 SPDR S&P U.S. Consumer Staples Select Sector UCITS ETF 477
SSGA SPDR ETFs Europe II plc Interim Report and Unaudited Condensed Financial Statements 2025
Contents
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Page SPDR S&P U.S. Energy Select Sector UCITS ETF 482 SPDR S&P U.S. Financials Select Sector UCITS ETF 487 SPDR S&P U.S. Health Care Select Sector UCITS ETF 493 SPDR S&P U.S. Industrials Select Sector UCITS ETF 498 SPDR S&P U.S. Materials Select Sector UCITS ETF 504 SPDR S&P U.S. Technology Select Sector UCITS ETF 509 SPDR S&P U.S. Utilities Select Sector UCITS ETF 515 SPDR FTSE Global Convertible Bond UCITS ETF 520 SPDR S&P Europe Defense Vision UCITS ETF 532 Notes to the Financial Statements 537 Appendix I - Securities Financing Transactions Regulations 578 Appendix II - Schedule of Significant Portfolio Changes 616
SSGA SPDR ETFs Europe II plc Interim Report and Unaudited Condensed Financial Statements 2025
Contents (continued)
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Management Company, Investment Manager and Global Distributor State Street Global Advisors Europe Limited 78 Sir John Rogerson’s Quay Dublin 2 Ireland
Directors Ms. Barbara Healy* (Irish) Ms. Kathleen Gallagher (Australian) Ms. Jennifer Fox* (Irish) Mr. Tom Coghlan* (Irish) Mr. Eric Linnane (Irish) (appointed on 10 June 2025) * Independent Directors Registered Office 78 Sir John Rogerson’s Quay Dublin D02 HD32 Ireland
Sub-Investment Managers State Street Global Advisors Limited 20 Churchill Place Canary Wharf London E14 5HJ United Kingdom
State Street Global Advisors Trust Company (previously a division of State Street Bank & Trust Company) Channel Center 1 Iron Street Massachusetts 02210 USA
State Street Global Advisors Singapore Limited 168 Robinson Road #33-01 Capital Tower Singapore 068912 Singapore
Board of Directors of the Management Company Nigel Wightman (UK) Ann Prendergast (Irish) Eric Linnane (Irish) Scott Sanderson (UK) Margaret Cullen (Irish) Patrick Mulvihill (Irish) Marie-Anne Heeren (Belgian)
Administrator, Transfer Agent & Registrar State Street Fund Services (Ireland) Limited 78 Sir John Rogerson’s Quay Dublin D02 HD32 Ireland
Depositary State Street Custodial Services (Ireland) Limited 78 Sir John Rogerson’s Quay Dublin D02 HD32 Ireland
Sub Distributor State Street Global Advisors Limited 20 Churchill Place Canary Wharf London E14 5HJ United Kingdom
Company Secretary Matsack Trust Limited 70 Sir John Rogerson’s Quay Dublin D02 R296 Ireland
Legal Advisors in Ireland Matheson LLP 70 Sir John Rogerson’s Quay Dublin D02 R296 Ireland
Independent Auditor Ernst & Young Chartered Accountants & Statutory Auditors EY Building Harcourt Centre 2 Harcourt Street Dublin D02 YA40 Ireland
Securities Lending Agent State Street Bank & Trust Company, London branch 20 Churchill Place London E14 5HJ United Kingdom
SSGA SPDR ETFs Europe II plc Interim Report and Unaudited Condensed Financial Statements 2025
Administration of the Company
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Registered Office of the Securities Lending Agent One Congress Street Boston, Massachusetts 02114-2026 USA
Registration number: 525004
SSGA SPDR ETFs Europe II plc Interim Report and Unaudited Condensed Financial Statements 2025
Administration of the Company (continued)
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SSGA SPDR ETFs Europe II plc (the “Company”) was incorporated on 12 March 2013 under registration number 525004 and operates in Ireland as a public limited company under the Companies Act 2014 (the “Companies Act”). It was authorised by the Central Bank of Ireland (the “Central Bank”) on 12 March 2013. The Company is an open-ended investment company with variable capital which is authorised by the Central Bank, under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended and
is authorised and regulated by the Central Bank, under the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (the “UCITS Regulations”). The Company is an umbrella investment company and has segregated liability between its sub-funds (each a “Fund”, collectively the “Funds”) and accordingly any liability incurred on behalf of or attributable to any Fund shall be discharged solely out of the assets of that Fund. The Company currently has fifty five live constituent Funds and various classes of shares.
Net Assets under management for the Company at 30 September 2025 amounted to USD 25,183,597,640 (31 March 2025: USD 21,011,897,227). The Net Assets under management for each Fund is detailed below, the published Net asset value per share is disclosed on the Statement of Financial Position of each Fund.
Fund name Launch date of Active Funds Functional Currency Net Assets 30 September 2025 Net Assets 31 March 2025 Net Assets 30 September 2024 State Street Blackstone Euro AAA CLO UCITS ETF** 23 September 2025 EUR 100,066,462 - SPDR Bloomberg 0-5 Year Sterling Corporate Bond UCITS ETF 17 February 2014 GBP 191,874,094 255,128,083 281,706,995 SPDR Bloomberg 3-5 Year Euro Government Bond UCITS ETF 3 December 2014 EUR 24,251,495 35,742,583 27,827,656 SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF 12 November 2014 USD 129,991,263 149,289,846 147,372,234 SPDR EURO STOXX Low Volatility UCITS ETF 24 March 2014 EUR 46,804,563 17,110,307 19,004,462 SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF 14 April 2015 USD 1,535,832,008 1,436,939,668 1,369,649,823 SPDR MSCI ACWI Climate Paris Aligned UCITS ETF 20 April 2022 USD 5,842,949 4,848,996 5,085,035 SPDR MSCI Europe UCITS ETF 5 December 2014 EUR 344,207,928 313,338,002 262,228,793 SPDR MSCI Europe Climate Paris Aligned UCITS ETF 4 March 2022 EUR 14,877,233 2,550,985 1,282,083 SPDR MSCI Europe Consumer Discretionary UCITS ETF 5 December 2014 EUR 91,885,619 67,937,062 111,660,456 SPDR MSCI Europe Consumer Staples UCITS ETF 5 December 2014 EUR 168,135,395 174,066,653 153,886,426 SPDR MSCI Europe Energy UCITS ETF 5 December 2014 EUR 675,097,501 713,707,715 910,491,583 SPDR MSCI Europe Financials UCITS ETF 5 December 2014 EUR 612,059,774 583,479,457 385,225,435 SPDR MSCI Europe Health Care UCITS ETF 5 December 2014 EUR 643,536,063 656,647,911 764,960,161 SPDR MSCI Europe Industrials UCITS ETF 5 December 2014 EUR 920,461,758 777,633,449 435,001,315 SPDR MSCI Europe Materials UCITS ETF 5 December 2014 EUR 114,234,206 269,534,578 451,284,920 SPDR MSCI Europe Small Cap UCITS ETF 5 December 2014 EUR 341,023,110 191,221,378 248,829,191 SPDR MSCI Europe Small Cap Value Weighted UCITS ETF 18 February 2015 EUR 439,108,168 226,720,105 247,654,635 SPDR MSCI Europe Technology UCITS ETF 5 December 2014 EUR 126,608,771 68,668,285 85,368,590 SPDR MSCI Europe Communication Services UCITS ETF 5 December 2014 EUR 203,220,799 50,965,123 111,824,367 SPDR MSCI Europe Utilities UCITS ETF 5 December 2014 EUR 200,367,739 166,273,845 180,467,251 SPDR MSCI Europe Value UCITS ETF 18 February 2015 EUR 38,904,955 24,604,856 22,419,727 SPDR MSCI Emerging Markets Climate Paris Aligned UCITS ETF 18 July 2022 USD 5,580,989 4,513,355 4,797,978
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Background to the Company
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Fund name Launch date of Active Funds Functional Currency Net Assets 30 September 2025 Net Assets 31 March 2025 Net Assets 30 September 2024 SPDR MSCI Japan Climate Paris Aligned UCITS ETF 4 March 2022 JPY 329,081,989 553,243,856 583,409,784 SPDR MSCI Resilient Future UCITS ETF*** 29 September 2025 USD 2,014,460 - SPDR MSCI USA Climate Paris Aligned UCITS ETF 4 March 2022 USD 1,542,878 1,283,495 1,353,664 SPDR MSCI USA Small Cap Value Weighted UCITS ETF 18 February 2015 USD 797,743,950 589,303,032 543,292,843 SPDR MSCI USA Value UCITS ETF 18 February 2015 USD 162,063,356 145,324,774 138,668,122 SPDR MSCI World Climate Paris Aligned UCITS ETF 4 March 2022 USD 12,001,606 7,498,801 5,256,645 SPDR MSCI World Consumer Discretionary UCITS ETF 29 April 2016 USD 70,986,995 56,050,545 47,505,115 SPDR MSCI World Consumer Staples UCITS ETF 29 April 2016 USD 135,307,652 99,912,918 104,885,640 SPDR MSCI World Energy UCITS ETF 29 April 2016 USD 371,548,020 473,615,551 546,053,645 SPDR MSCI World Financials UCITS ETF 29 April 2016 USD 321,510,383 333,122,752 273,975,048 SPDR MSCI World Health Care UCITS ETF 29 April 2016 USD 509,264,339 569,308,559 613,679,749 SPDR MSCI World Industrials UCITS ETF 29 April 2016 USD 101,251,918 84,200,954 86,131,432 SPDR MSCI World Materials UCITS ETF 29 April 2016 USD 93,064,822 82,626,637 103,036,651 SPDR MSCI World Small Cap UCITS ETF 25 November 2013 USD 1,572,388,422 1,141,550,027 938,703,304 SPDR MSCI World Technology UCITS ETF 29 April 2016 USD 1,044,519,227 779,703,852 729,371,315 SPDR MSCI World Communication Services UCITS ETF 29 April 2016 USD 112,063,681 85,247,048 71,452,445 SPDR MSCI World Utilities UCITS ETF 29 April 2016 USD 47,172,178 44,211,309 44,837,205 SPDR MSCI World Value UCITS ETF 2 September 2020 USD 97,725,351 67,674,028 75,278,069 SPDR Russell 2000 U.S. Small Cap UCITS ETF 30 June 2014 USD 4,612,753,480 3, 961,777,096 3,348, 106,710 SPDR STOXX Europe 600 SRI UCITS ETF 30 September 2019 EUR 482,854,462 379,649,996 314,525,008 SPDR S&P U.S. Communication Services Select Sector UCITS ETF 15 August 2018 USD 375,607,328 275,730,693 191,474,410 SPDR S&P U.S. Consumer Discretionary Select Sector UCITS ETF 7 July 2015 USD 126,234,745 111,904,614 129,528,837 SPDR S&P U.S. Consumer Staples Select Sector UCITS ETF 7 July 2015 USD 251,642,968 225,623,383 250,049,574 SPDR S&P U.S. Energy Select Sector UCITS ETF 7 July 2015 USD 608,521,912 628,765,866 884,662,961 SPDR S&P U.S. Financials Select Sector UCITS ETF 7 July 2015 USD 899,781,450 818,924,730 413,250,078 SPDR S&P U.S. Health Care Select Sector UCITS ETF 7 July 2015 USD 390,161,209 370,179,187 423,079,097 SPDR S&P U.S. Industrials Select Sector UCITS ETF 7 July 2015 USD 423,260,285 368,821,768 300,708,328 SPDR S&P U.S. Materials Select Sector UCITS ETF 7 July 2015 USD 33,721,624 36,009,378 44,682,112 SPDR S&P U.S. Technology Select Sector UCITS ETF 7 July 2015 USD 1,406,748,458 1,062,313,271 1,132, 228,602 SPDR S&P U.S. Utilities Select Sector UCITS ETF 7 July 2015 USD 127,424,806 123,651,147 262,340,221 SPDR FTSE Global Convertible Bond UCITS ETF 14 October 2014 USD 1,954,825,377 1,440,553,134 1,469, 550,219
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Background to the Company (continued)
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Fund name Launch date of Active Funds Functional Currency Net Assets 30 September 2025 Net Assets 31 March 2025 Net Assets 30 September 2024 SPDR S&P Europe Defense Vision UCITS ETF* 3 June 2025 EUR 14,785,691 - -
* The Fund launched on 3 June 2025, therefore there are no comparatives. ** The Fund launched on 23 September 2025, therefore there are no comparatives. *** The Fund launched on 29 September 2025, therefore there are no comparatives. Funds may be established from time to time.
SSGA SPDR ETFs Europe II plc Interim Report and Unaudited Condensed Financial Statements 2025
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The live Funds of the Company are listed on the following exchanges at 30 September 2025*:
Deutsche Borse
London Stock Exchange
Euronext Paris
SIX Swiss
Borsa Italiana
Euronext Amsterdam Cboe NL
Mexico Stock Exchange State Street Blackstone Euro AAA CLO UCITS ETF*** Yes Yes - - Yes - - SPDR Bloomberg 0-5 Year Sterling Corporate Bond UCITS ETF Yes Yes - - - - Yes SPDR Bloomberg 3-5 Year Euro Government Bond UCITS ETF Yes - - - Yes - - SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF Yes Yes - Yes Yes - - SPDR EURO STOXX Low Volatility UCITS ETF Yes - - Yes Yes - - SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF Yes Yes - - Yes - - SPDR MSCI ACWI Climate Paris Aligned UCITS ETF Yes Yes - Yes Yes Yes - SPDR MSCI Europe UCITS ETF Yes Yes Yes Yes Yes - - SPDR MSCI Europe Climate Paris Aligned UCITS ETF Yes Yes - - Yes - - SPDR MSCI Europe Consumer Discretionary UCITS ETF Yes Yes Yes Yes Yes - - Yes SPDR MSCI Europe Consumer Staples UCITS ETF Yes Yes Yes Yes Yes - - Yes SPDR MSCI Europe Energy UCITS ETF Yes Yes Yes Yes Yes - - Yes SPDR MSCI Europe Financials UCITS ETF Yes Yes Yes Yes Yes - - Yes SPDR MSCI Europe Health Care UCITS ETF Yes Yes Yes Yes Yes - - Yes SPDR MSCI Europe Industrials UCITS ETF Yes Yes Yes Yes Yes - - Yes SPDR MSCI Europe Materials UCITS ETF Yes Yes Yes Yes Yes - - Yes SPDR MSCI Europe Small Cap UCITS ETF - - Yes Yes Yes - - SPDR MSCI Europe Small Cap Value Weighted UCITS ETF Yes - - - - - - SPDR MSCI Europe Technology UCITS ETF Yes Yes Yes Yes Yes - - Yes SPDR MSCI Europe Communication Services UCITS ETF Yes Yes Yes Yes Yes - - SPDR MSCI Europe Utilities UCITS ETF Yes Yes Yes Yes Yes - - Yes SPDR MSCI Europe Value UCITS ETF Yes Yes - Yes - - - SPDR MSCI Emerging Markets Climate Paris Aligned UCITS Yes Yes - - Yes Yes - SPDR MSCI Japan Climate Paris Aligned UCITS ETF Yes - - - - - - SPDR MSCI Resilient Future UCITS ETF**** Yes - - - - - - SPDR MSCI USA Climate Paris Aligned UCITS ETF Yes Yes - Yes Yes - - SPDR MSCI USA Small Cap Value Weighted UCITS ETF Yes Yes - - - - - SPDR MSCI USA Value UCITS ETF Yes Yes - Yes - - - SPDR MSCI World Climate Paris Aligned UCITS ETF Yes Yes - - Yes Yes - SPDR MSCI World Consumer Discretionary UCITS ETF - Yes - Yes Yes Yes - SPDR MSCI World Consumer Staples UCITS ETF - Yes - Yes Yes Yes - SPDR MSCI World Energy UCITS ETF - Yes - Yes Yes Yes - Yes SPDR MSCI World Financials UCITS ETF - Yes - Yes Yes Yes - -
SSGA SPDR ETFs Europe II plc Interim Report and Unaudited Condensed Financial Statements 2025
Background to the Company (continued)
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Deutsche Borse
London Stock Exchange
Euronext Paris
SIX Swiss
Borsa Italiana
Euronext Amsterdam Cboe NL
Mexico Stock Exchange SPDR MSCI World Health Care UCITS ETF Yes Yes - Yes Yes Yes - SPDR MSCI World Industrials UCITS ETF - Yes - Yes Yes Yes - SPDR MSCI World Materials UCITS ETF - Yes - Yes Yes Yes - SPDR MSCI World Small Cap UCITS ETF Yes Yes - Yes - - - Yes SPDR MSCI World Technology UCITS ETF Yes Yes - Yes Yes Yes - Yes SPDR MSCI World Communication Services UCITS ETF - Yes - Yes Yes Yes - SPDR MSCI World Utilities UCITS ETF - Yes - Yes Yes Yes - SPDR MSCI World Value UCITS ETF - Yes - - - Yes - SPDR Russell 2000 U.S. Small Cap UCITS ETF Yes Yes Yes Yes Yes - - Yes SPDR STOXX Europe 600 SRI UCITS ETF Yes - - Yes Yes Yes - SPDR S&P U.S. Communication Services Select Sector UCITS ETF Yes Yes - Yes Yes Yes - Yes SPDR S&P U.S. Consumer Discretionary Select Sector UCITS ETF Yes Yes - Yes Yes Yes - Yes SPDR S&P U.S. Consumer Staples Select Sector UCITS ETF Yes Yes - Yes Yes Yes - Yes SPDR S&P U.S. Energy Select Sector UCITS ETF Yes Yes - Yes Yes Yes - Yes SPDR S&P U.S. Financials Select Sector UCITS ETF Yes Yes - Yes Yes Yes - Yes SPDR S&P U.S. Health Care Select Sector UCITS ETF Yes Yes - Yes Yes Yes - Yes SPDR S&P U.S. Industrials Select Sector UCITS ETF Yes Yes - Yes Yes Yes - Yes SPDR S&P U.S. Materials Select Sector UCITS ETF Yes Yes - Yes Yes Yes - Yes SPDR S&P U.S. Technology Select Sector UCITS ETF Yes Yes - Yes Yes Yes - Yes SPDR S&P U.S. Utilities Select Sector UCITS ETF Yes Yes - Yes Yes Yes - Yes SPDR FTSE Global Convertible Bond UCITS ETF Yes Yes - Yes Yes - Yes SPDR S&P Europe Defense Vision UCITS ETF** Yes Yes - Yes - - - -
* Not all share classes are listed on each exchange. ** The Fund launched on 3 June 2025. *** The Fund launched on 23 September 2025. **** The Fund launched on 29 September 2025.
SSGA SPDR ETFs Europe II plc Interim Report and Unaudited Condensed Financial Statements 2025
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INVESTMENT OBJECTIVE
State Street Blackstone Euro AAA CLO UCITS ETF* The Fund’s investment objective is to generate risk adjusted returns from a combination of income and capital growth over the long term by investing in predominantly Euro-denominated investment grade debt tranches of collateralised loan obligations (“CLOs”). The Fund is actively managed. The investment policy of the Fund is to invest up to 100% of its net assets in AAA-rated tranches of Euro denominated debt issued by CLOs which give access to European senior secured corporate loans and bonds. * The Fund launched on 23 September 2025.
SPDR Bloomberg 0-5 Year Sterling Corporate Bond UCITS ETF The investment objective of the Fund is to track the performance of the shortdated, fixed-rate, investment grade sterling denominated corporate bond market. The investment policy of the Fund is to track the performance of the Bloomberg 0-5 Year Sterling Corporate Bond Index (or any other index determined by the Directors from time to time to track substantially the same market as the Bloomberg 0-5 Year Sterling Corporate Bond Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SPDR Bloomberg 3-5 Year Euro Government Bond UCITS ETF The investment objective of the Fund is to track the performance of Eurozone government bonds, with a remaining maturity between 3 and 5 years. The investment policy of the Fund is to track the performance of the Bloomberg 3-5 Year Euro Treasury Bond Index (or any other index determined by the Directors from time to time to track substantially the same market as the Bloomberg 3-5 Year Euro Treasury Bond Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF The investment objective of the Fund is to track the performance of the short maturity (0-5 year) USD - issued emerging market government bond market. The investment policy of the Fund is to track the performance of the ICE BofA 0-5 Year EM USD Government Bond ex-144a Index (or any other index determined by the Directors from time to time to track substantially the same market as the ICE BofA 0-5 Year EM USD Government Bond ex-144a Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SPDR EURO STOXX Low Volatility UCITS ETF The investment objective of the Fund is to track the performance of Eurozone equity securities which have historically exhibited low volatility characteristics. The investment policy of the Fund is to track the performance of the EURO STOXX Low Risk Weighted 100 Index (or any other index determined by the Directors from time to time to track substantially the same market as the EURO STOXX Low Risk Weighted 100 Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the Index x ) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF The investment objective of the Fund is to track the performance of the global infrastructure market represented by publicly traded infrastructure-related equity and bonds. The investment policy of the Fund is to track the performance of the Morningstar Global Multi-Asset Infrastructure Index (or any other index determined by the Directors from time to time to track substantially the same market as the Morningstar Global Multi-Asset Infrastructure Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SPDR MSCI ACWI Climate Paris Aligned UCITS ETF The investment objective of the Fund is to track the equity market performance of developed and emerging markets. The investment policy of the Fund is to track the performance of the MSCI ACWI Climate Paris Aligned Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI ACWI Climate Paris Aligned Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SPDR MSCI Europe UCITS ETF The investment objective of the Fund is to track the performance of European large and mid-sized companies in the Europe sector. The investment policy of the Fund is to track the performance of the MSCI Europe Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI Europe Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SSGA SPDR ETFs Europe II plc Interim Report and Unaudited Condensed Financial Statements 2025
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INVESTMENT OBJECTIVE (continued) SPDR MSCI Europe Climate Paris Aligned UCITS ETF The investment objective of the Fund is to track the performance of European large and mid-sized companies. The investment policy of the Fund is to track the performance of the MSCI Europe Climate Paris Aligned Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI Europe Climate Paris Aligned Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SPDR MSCI Europe Consumer Discretionary UCITS ETF The investment objective of the Fund is to track the performance of European large and mid-sized companies in the Consumer Discretionary sector. The investment policy of the Fund is to track the performance of the MSCI Europe Consumer Discretionary 35/20 Capped Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI Europe Consumer Discretionary 35/20 Capped Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SPDR MSCI Europe Consumer Staples UCITS ETF The investment objective of the Fund is to track the performance of European large and mid-sized companies in the Consumer Staples sector. The investment policy of the Fund is to track the performance of the MSCI Europe Consumer Staples 35/20 Capped Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI Europe Consumer Staples 35/20 Capped Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SPDR MSCI Europe Energy UCITS ETF The investment objective of the Fund is to track the performance of European large and mid-sized companies in the Energy sector. The investment policy of the Fund is to track the performance of the MSCI Europe Energy 35/20 Capped Index. (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI Europe Energy 35/20 Capped Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SPDR MSCI Europe Financials UCITS ETF The investment objective of the Fund is to track the performance of European large and mid-sized companies in the Financials sector. The investment policy of the Fund is to track the performance of the MSCI Europe Financials 35/20 Capped Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI Europe Financials 35/20 Capped Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SPDR MSCI Europe Health Care UCITS ETF The investment objective of the Fund is to track the performance of European large and mid-sized companies in the Health Care sector. The investment policy of the Fund is to track the performance of the MSCI Europe Health Care 35/20 Capped Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI Europe Health Care 35/20 Capped Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SPDR MSCI Europe Industrials UCITS ETF The investment objective of the Fund is to track the performance of European large and mid-sized companies in the Industrials sector. The investment policy of the Fund is to track the performance of the MSCI Europe Industrials 35/20 Capped Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI Europe Industrials 35/20 Capped Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SPDR MSCI Europe Materials UCITS ETF The investment objective of the Fund is to track the performance of European large and mid-sized companies in the Materials sector. The investment policy of the Fund is to track the performance of the MSCI Europe Materials 35/20 Capped Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI Europe Materials 35/20 Capped Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SSGA SPDR ETFs Europe II plc Interim Report and Unaudited Condensed Financial Statements 2025
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INVESTMENT OBJECTIVE (continued) SPDR MSCI Europe Small Cap UCITS ETF The investment objective of the Fund is to track the performance of European smaller companies. The investment policy of the Fund is to track the performance of the MSCI Europe Small Cap Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI Europe Small Cap Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SPDR MSCI Europe Small Cap Value Weighted UCITS ETF The investment objective of the Fund is to track the performance of European small capitalisation equities with a higher weighting applied to equities exhibiting low valuation characteristics. The investment policy of the Fund is to track the performance of the MSCI Europe Small Cap Value Weighted Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI Europe Small Cap Value Weighted Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SPDR MSCI Europe Technology UCITS ETF The investment objective of the Fund is to track the performance of European large and mid-sized companies in the Technology sector. The investment policy of the Fund is to track the performance of the MSCI Europe Information Technology 35/20 Capped Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI Europe Information Technology 35/20 Capped Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SPDR MSCI Europe Communication Services UCITS ETF The investment objective of the Fund is to track the performance of European large and mid-sized companies in the communications sector. The investment policy of the Fund is to track the performance of the MSCI Europe Communication Services 35/20 Capped Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI Europe Communication Services 35/20 Capped Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SPDR MSCI Europe Utilities UCITS ETF The investment objective of the Fund is to track the performance of European large and mid-sized companies in the Utilities sector. The investment policy of the Fund is to track the performance of the MSCI Europe Utilities 35/20 Capped Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI Europe Utilities 35/20 Capped Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SPDR MSCI Europe Value UCITS ETF The investment objective of the Fund is to track the performance of European equities with a higher weighting applied to equities exhibiting low valuation characteristics. The investment policy of the Fund is to track the performance of the MSCI Europe Value Exposure Select Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI Europe Value Exposure Select Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the Index ) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SPDR MSCI Emerging Markets Climate Paris Aligned UCITS ETF The investment objective of the Fund is to track the equity market performance of emerging markets. The investment policy of the Fund is to track the performance of the MSCI Emerging Markets Climate Paris Aligned Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI Emerging Markets Climate Paris Aligned Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the Index x ) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund-s performance and that of the index.
SPDR MSCI Japan Climate Paris Aligned UCITS ETF The investment objective of the Fund is to track the performance of large and mid cap segments of the Japanese equity market. The investment policy of the Fund is to track the performance of the MSCI Japan Climate Paris Aligned Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI Japan Climate Paris Aligned Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
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INVESTMENT OBJECTIVE (continued) SPDR MSCI Resilient Future UCITS ETF* The investment objective of the Fund is to track the equity market of developed and emerging markets. The MSCI ACWI IMI Resilient Future Select 35/20 Capped Index measures the performance of global companies that are associated with the development of products and services focused on components related to the “Resilient Future” theme which may play an important role in achieving a transition towards a more sustainable global economy by potentially reducing the likelihood of crossing irreversible environmental tipping points such as significant climate change, groundwater depletion or biodiversity loss. The Index excludes certain companies based on their involvement in the certain controversial business activities including controversial weapons, civilian firearms, tobacco, thermal coal mining, thermal coal power generation, unconventional oil & gas extraction, Arctic oil & gas extraction, palm oil, oil & gas and fossil fuel power generation. The Index also excludes companies which are identified by the index provider as being involved in controversies that have a negative ESG impact on their operations and/or products and services based on an MSCI ESG controversy score. Lastly, the Index excludes companies which are assessed as “Strongly Misaligned” on their Net Alignment to any of the selected United Nations Sustainable Development Goals (“UN SDGs”). * The Fund launched on 29 September, therefore there are no comparatives.
SPDR MSCI USA Climate Paris Aligned UCITS ETF The investment objective of the Fund is to track the performance of large and mid-sized equities in the U.S.. The investment policy of the Fund is to track the performance of the MSCI USA Climate Paris Aligned Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI USA Climate Paris Aligned Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SPDR MSCI USA Small Cap Value Weighted UCITS ETF The investment objective of the Fund is to track the performance of US small capitalisation equities with a higher weighting applied to equities exhibiting low valuation characteristics. The investment policy of the Fund is to track the performance of the MSCI USA Small Cap Value Weighted Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI USA Small Cap Value Weighted Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SPDR MSCI USA Value UCITS ETF The investment objective of the Fund is to track the performance of US equities with a higher weighting applied to equities exhibiting low valuation characteristics. The investment policy of the Fund is to track the performance of the MSCI USA Value Exposure Select Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI USA Value Exposure Select Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the Index ) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SPDR MSCI World Climate Paris Aligned UCITS ETF The investment objective of the Fund is to track the performance of large and mid-sized equities in developed markets globally. The investment policy of the Fund is to track the performance of the MSCI World Climate Paris Aligned Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI World Climate Paris Aligned Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SPDR MSCI World Consumer Discretionary UCITS ETF The investment objective of the Fund is to track the performance of companies in the consumer discretionary sector, across developed markets globally. The investment policy of the Fund is to track the performance of the MSCI World Consumer Discretionary 35/20 Capped Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCIWorld Consumer Discretionary 35/20 Capped Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the Index ) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SPDR MSCI World Consumer Staples UCITS ETF The investment objective of the Fund is to track the performance of companies in the consumer staples sector, across developed markets globally. The investment policy of the Fund is to track the performance of the MSCI World Consumer Staples 35/20 Capped Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI World Consumer Staples 35/20 Capped Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the Index x ) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
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INVESTMENT OBJECTIVE (continued) SPDR MSCI World Energy UCITS ETF The investment objective of the Fund is to track the performance of companies in the energy sector, across developed markets globally. The investment policy of the Fund is to track the performance of the MSCI World Energy 35/20 Capped Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI World Energy 35/20 Capped Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the Index ) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SPDR MSCI World Financials UCITS ETF The investment objective of the Fund is to track the performance of companies in the financials sector, across developed markets globally. The investment policy of the Fund is to track the performance of the MSCI World Financials 35/20 Capped Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI World Financials 35/20 Capped Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the Index ) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SPDR MSCI World Health Care UCITS ETF The investment objective of the Fund is to track the performance of companies in the health care sector, across developed markets globally. The investment policy of the Fund is to track the performance of the MSCI World Health Care 35/20 Capped Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI World Health Care 35/20 Capped Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the Index ) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SPDR MSCI World Industrials UCITS ETF The investment objective of the Fund is to track the performance of companies in the industrials sector, across developed markets globally. The investment policy of the Fund is to track the performance of the MSCI World Industrials 35/20 Capped Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI World Industrials 35/20 Capped Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the Index ) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SPDR MSCI World Materials UCITS ETF The investment objective of the Fund is to track the performance of companies in the materials sector, across developed markets globally. The investment policy of the Fund is to track the performance of the MSCI World Materials 35/20 Capped Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI World Materials 35/20 Capped Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the Index ) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SPDR MSCI World Small Cap UCITS ETF The investment objective of the Fund is to track the performance of small cap equities in developed markets globally. The investment policy of the Fund is to track the performance of the MSCI World Small Cap Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI World Small Cap Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SPDR MSCI World Technology UCITS ETF The investment objective of the Fund is to track the performance of companies in the technology sector, across developed markets globally. The investment policy of the Fund is to track the performance of the MSCI World Information Technology 35/20 Capped Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI World Information Technology 35/20 Capped Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the Index ) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SPDR MSCI World Communication Services UCITS ETF The investment objective of the Fund is to track the performance of companies in the communications sector, across developed markets globally. The investment policy of the Fund is to track the performance of the MSCI World Communication Services 35/20 Capped Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI World Communication Services 35/20 Capped Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the Index ) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
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INVESTMENT OBJECTIVE (continued) SPDR MSCI World Utilities UCITS ETF The investment objective of the Fund is to track the performance of companies in the utilities sector, across developed markets globally. The investment policy of the Fund is to track the performance of the MSCI World Utilities 35/20 Capped Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI World Utilities 35/20 Capped Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the Index ) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SPDR MSCI World Value UCITS ETF The investment objective of the Fund is to track the performance of global developed market equities with a higher weighting applied to equities exhibiting low valuation characteristics. The investment policy of the Fund is to track the performance of the stocks that exhibit relatively higher exposure to the value factor (as defined in the Index methodology) within developed market countries that compose the parent index, MSCI World Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI World Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the Index ) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SPDR Russell 2000 U.S. Small Cap UCITS ETF The investment objective of the Fund is to track the performance of smaller U.S. companies. The investment policy of the Fund is to track the performance of the Russell 2000 Index (or any other index determined by the Directors from time to time to track substantially the same market as the Russell 2000 Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SPDR STOXX Europe 600 SRI UCITS ETF The investment objective of the Fund is to track the performance of European equities. The investment policy of the Fund is to track the performance of the STOXX Europe 600 SRI Index (or any other index determined by the Directors from time to time to track substantially the same market as the STOXX Europe 600 SRI Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SPDR S&P U.S. Communication Services Select Sector UCITS ETF The investment objective of the Fund is to track the performance of large sized U.S. communication services companies in the S&P 500 Index. The investment policy of the Fund is to track the performance of the S&P Communication Services Select Sector Daily Capped 25/20 Index (which is derived from the S&P 500 Index or any other index determined by the Directors from time to time to track substantially the same market as the S&P Communication Services Select Sector Daily Capped 25/20 Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SPDR S&P U.S. Consumer Discretionary Select Sector UCITS ETF The investment objective of the Fund is to track the performance of large sized U.S. consumer discretionary companies in the S&P 500 Index. The investment policy of the Fund is to track the performance of the S&P Consumer Discretionary Select Sector Daily Capped 25/20 Index (which is derived from the S&P 500 Index or any other index determined by the Directors from time to time to track substantially the same market as the S&P Consumer Discretionary Select Sector Daily Capped 25/20 Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SPDR S&P U.S. Consumer Staples Select Sector UCITS ETF The investment objective of the Fund is to track the performance of large sized U.S. consumer staples companies in the S&P 500 Index. The investment policy of the Fund is to track the performance of the S&P Consumer Staples Select Sector Daily Capped 25/20 Index (which is derived from the S&P 500 Index or any other index determined by the Directors from time to time to track substantially the same market as the S&P Consumer Staples Select Sector Daily Capped 25/20 Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
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INVESTMENT OBJECTIVE (continued) SPDR S&P U.S. Energy Select Sector UCITS ETF The investment objective of the Fund is to track the performance of large sized U.S. energy companies in the S&P 500 Index. The investment policy of the Fund is to track the performance of the S&P Energy Select Sector Daily Capped 25/20 Index (which is derived from the S&P 500 Index or any other index determined by the Directors from time to time to track substantially the same market as the S&P Energy Select Sector Daily Capped 25/20 Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SPDR S&P U.S. Financials Select Sector UCITS ETF The investment objective of the Fund is to track the performance of large sized U.S. financial companies in the S&P 500 Index. The investment policy of the Fund is to track the performance of the S&P Financials Select Sector Daily Capped 25/20 Index (which is derived from the S&P 500 Index or any other index determined by the Directors from time to time to track substantially the same market as the S&P Financials Select Sector Daily Capped 25/20 Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SPDR S&P U.S. Health Care Select Sector UCITS ETF The investment objective of the Fund is to track the performance of large sized U.S. health care companies in the S&P 500 Index. The investment policy of the Fund is to track the performance of the S&P Health Care Select Sector Daily Capped 25/20 Index (which is derived from the S&P 500 Index or any other index determined by the Directors from time to time to track substantially the same market as the S&P Health Care Select Sector Daily Capped 25/20 Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SPDR S&P U.S. Industrials Select Sector UCITS ETF The investment objective of the Fund is to track the performance of large sized U.S. industrial companies in the S&P 500 Index. The investment policy of the Fund is to track the performance of the S&P Industrials Select Sector Daily Capped 25/20 Index (which is derived from the S&P 500 Index or any other index determined by the Directors from time to time to track substantially the same market as the S&P Industrials Select Sector Daily Capped 25/20 Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SPDR S&P U.S. Materials Select Sector UCITS ETF The investment objective of the Fund is to track the performance of large cap U.S. materials companies in the S&P 500 Index. The investment policy of the Fund is to track the performance of the S&P Materials Select Sector Daily Capped 25/20 Index (which is derived from the S&P 500 Index or any other index determined by the Directors from time to time to track substantially the same market as the S&P Materials Select Sector Daily Capped 25/20 Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SPDR S&P U.S. Technology Select Sector UCITS ETF The investment objective of the Fund is to track the performance of large sized U.S. information technology companies in the S&P 500 Index. The investment policy of the Fund is to track the performance of the S&P Technology Select Sector Daily Capped 25/20 Index (which is derived from the S&P 500 Index or any other index determined by the Directors from time to time to track substantially the same market as the S&P Technology Select Sector Daily Capped 25/20 Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SPDR S&P U.S. Utilities Select Sector UCITS ETF The investment objective of the Fund is to track the performance of large sized U.S. utilities companies in the S&P 500 Index. The investment policy of the Fund is to track the performance of the S&P Utilities Select Sector Daily Capped 25/20 Index (which is derived from the S&P 500 Index or any other index determined by the Directors from time to time to track substantially the same market as the S&P Utilities Select Sector Daily Capped 25/20 Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SPDR Refinitiv Global Convertible Bond UCITS ETF The investment objective of the Fund is to track the performance of the global convertible bond market. The investment policy of the Fund is to track the performance of the Refinitiv Qualified Global Convertible Index (or any other index determined by the Directors from time to time to track substantially the same market as the Refinitiv Qualified Global Convertible Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
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INVESTMENT OBJECTIVE (continued) SPDR S&P Europe Defense Vision UCITS ETF* The objective of the Fund is to track the performance of European large, mid and small-sized companies. The investment policy of the Fund is to track the performance of the Refinitiv Qualified Global Convertible Index (or any other index determined by the Directors from time to time to track substantially the same market as the Refinitiv Qualified Global Convertible Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index. * The Fund launched on 3 June 2025.
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Fund Performance Passive Fixed Income Funds Overall the Fixed Income Europe II SPDR ETFs performed reasonably in line with their respective benchmark indices (all bond funds within +/- 10 bps and the convertible bond fund within +/-25 bps) for the period 1 April 2025 – 30 September 2025 (the “Reporting Period”), except of SPDR ICE BofA 0–5 Year EM USD Government Bond UCITS ETF. SPDR ICE BofA 0–5 Year EM USD Government Bond UCITS ETF had a tracking difference of +16.6 bps relative to its benchmark. The Fund’s risk dimensions remained tightly aligned to the benchmark. Contribution to outperformance came from pricing and interest accrual differences, which usually reverse in upcoming months. From sampling perspective, which includes combined effects from yield curve positioning and security selection, the Fund was tightly aligned to the benchmark. There was a minor detraction (-1 bp) from trading costs. The Fund assets under management (“AUM”) decreased from USD 149.1 million to USD 129.4 million during the Reporting Period.
Passive Equity Funds There were three new ETFs launched over the Reporting Period: SPDR S&P Europe Defense Vision UCITS ETF, SPDR MSCI Resilient Future UCITS ETF and State Street Blackstone Euro AAA CLO UCITS ETF. Most of SPDR II Equity Funds are within the anticipated deviation bands of their respective indices, on an annual and since inception basis. All the Funds were within the anticipated 1 year annual ex-post tracking error number. However, it should be noted that 1-year ex-post tracking error is a short period to understand whether a fund is within acceptable tolerance, a 3-year figure is much more in line with industry standards. Additional information is provided on Funds where the tracking difference was +/- 0.10% on a gross-of-fees basis or where the one-year tracking error may be perceived to be high. Over the Reporting Period: The SPDR MSCI Europe Consumer Discretionary UCITS ETF’s outperformance (0.31%) is mainly attributed to withholding tax. The SPDR MSCI Europe Consumer Staples UCITS ETF’s outperformance (0.12%) is mainly attributed to withholding tax. The SPDR MSCI Europe Energy UCITS ETF’s outperformance (0.25%) is mainly attributed to withholding tax. The SPDR MSCI Europe Financials UCITS ETF’s outperformance (0.41%) is mainly attributed to withholding tax. The SPDR MSCI ACWI Climate Paris Aligned UCITS ETF’s outperformance (0.18%) is mainly attributed to security misweights and withholding tax.
The SPDR MSCI Europe Health Care UCITS ETF’s outperformance (0.12%) is mainly attributed to withholding tax. The SPDR MSCI Europe Industrials UCITS ETF’s outperformance (0.26%) is mainly attributed to withholding tax. The SPDR MSCI Europe Materials UCITS ETF’s outperformance (0.16%) is mainly attributed to withholding tax. The SPDR MSCI Europe Small Cap UCITS ETF’s outperformance (0.55%) is mainly attributed to withholding tax. The SPDR MSCI Europe Climate Paris Aligned UCITS ETF’s outperformance (0.21%) is mainly attributed to withholding tax. The SPDR MSCI Europe Technology UCITS ETF’s outperformance (0.18%) is mainly attributed to security misweights and withholding tax. The SPDR MSCI Europe Communication Services UCITS ETF’s outperformance (0.17%) is mainly attributed to withholding tax. The SPDR MSCI Europe UCITS ETF’s outperformance (0.25%) is mainly attributed to withholding tax. The SPDR MSCI Europe Utilities UCITS ETF’s outperformance (0.49%) is mainly attributed to withholding tax. The SPDR EURO STOXX Low Volatility UCITS ETF’s outperformance (0.64%) is mainly attributed to withholding tax. The SPDR MSCI Europe Small Cap Value Weighted UCITS ETF’s outperformance (0.65%) is mainly attributed to withholding tax. The SPDR MSCI Europe Value UCITS ETF’s outperformance (0.38%) is mainly attributed to withholding tax. The SPDR MSCI USA Small Cap Value Weighted UCITS ETF’s outperformance (0.32%) is mainly attributed to withholding tax. The SPDR MSCI USA Value UCITS ETF’s outperformance (0.20%) is mainly attributed to withholding tax. The SPDR S&P U.S. Consumer Staples Select Sector UCITS ETF’s outperformance (0.21%) is mainly attributed to withholding tax. The SPDR S&P U.S. Energy Select Sector UCITS ETF’s outperformance (0.25%) is mainly attributed to withholding tax. The SPDR S&P U.S. Financials Select Sector UCITS ETF’s outperformance (0.12%) is mainly attributed to withholding tax. The SPDR S&P U.S. Health Care Select Sector UCITS ETF’s outperformance (0.17%) is mainly attributed to withholding tax. The SPDR S&P U.S. industrials Select Sector UCITS ETF’s outperformance (0.13%) is mainly attributed to withholding tax. The SPDR S&P U.S. Utilities Select Sector UCITS ETF’s outperformance (0.23%) is mainly attributed to withholding tax.
SSGA SPDR ETFs Europe II plc Interim Report and Unaudited Condensed Financial Statements 2025
Investment Managers’ Reports
Passive Fixed Income, Passive Equity and Passive Multi Asset Funds
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Passive Equity Funds (continued)
The SPDR S&P U.S. Materials Select Sector UCITS ETF’s outperformance (0.20%) is mainly attributed to withholding tax. The SPDR MSCI World Consumer Staples UCITS ETF’s outperformance (0.18%) is mainly attributed to withholding tax. The SPDR MSCI World Energy UCITS ETF’s outperformance (0.24%) is mainly attributed to withholding tax. The SPDR MSCI World Financials UCITS ETF’s outperformance (0.21%) is mainly attributed to withholding tax. The SPDR MSCI World Health Care UCITS ETF’s outperformance (0.15%) is mainly attributed to withholding tax. The SPDR MSCI World Industrials UCITS ETF’s outperformance (0.15%) is mainly attributed to withholding tax. The SPDR MSCI World Materials UCITS ETF’s outperformance (0.19%) is mainly attributed to withholding tax. The SPDR MSCI World Utilities UCITS ETF’s outperformance (0.33%) is mainly attributed to withholding tax. The SPDR STOXX Europe 600 ESG Screened UCITS ETF’s outperformance (0.22%) is mainly attributed to withholding tax. The SPDR MSCI World Value UCITS ETF’s outperformance (0.31%) is mainly attributed to withholding tax.
Passive Multi Asset Fund The SPDR Morningstar Multi-Asset Global Infrastructure Fund (the “Fund”) seeks to track the performance of the global infrastructure market represented by publicly traded infrastructure related equity and bonds. The Fund’s benchmark is the Morningstar Global Multi-Asset Infrastructure Index (the “Index”). For Reporting Period the total return for the Fund was 8.25%, gross of fees, and the Index was 8.30%. The fixed income component returned 6.84%, higher than the return of its underlying index return of 6.82%. The return of the equity component was 9.59%, higher than the return of its underlying index of 9.32%.
SSGA SPDR ETFs Europe II plc Interim Report and Unaudited Condensed Financial Statements 2025
Investment Managers’ Reports (continued)
Passive Fixed Income, Passive Equity and Passive Multi Asset Funds (continued)
17
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Passive Fixed Income Funds
Performance figures gross of fees as at 30 September 2025
Fund Name Fund
6 Months %
Index Diff Fund
Since Inception
Index* Diff
Fund Inception Date Max. Anticipated Annual Tracking Error % Ex Post Tracking Error % (1 Year)** SPDR Bloomberg 0-5 Year Sterling Corporate Bond UCITS ETF 3.48 3.44 0.04 34.51 35.51 -1.00 17-Feb-14 1 0.04 SPDR Bloomberg 3-5 Year Euro Government Bond UCITS ETF 1.66 1.66 0.00 4.83 4.69 0.14 3-Dec-14 1 0.05
SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS
ETF 4.14 3.97 0.17 35.61 33.55 2.06 12-Nov-14 2 0.08 SPDR FTSE Global Convertible Bond UCITS ETF 18.24 18.01 0.23 116.65 112.30 4.35 14-Oct-14 2 0.15
* Annualised for periods over 1-year performance.
** Calculated using the root mean square of the monthly excess returns (i.e. the “Difference”) over one period ending 30 September 2025.
The Net Assets under management for each Fund as at 30 September 2025 is detailed in the Background to the Company section. The published Net asset value
per share is disclosed on the Statement of Financial Position of
each Fund.
The annual TER of each Fund is listed in Note 3.
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Investment Managers’ Reports (continued)
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Passive Equity Funds
Performance figures gross of fees as at 30 September 2025
Fund Name Fund
6 Months %
Index Diff Fund
Since Inception
Index* Diff
Fund Inception Date Max. Anticipated Annual Tracking Error % Ex Post Tracking Error % (1 Year)** State Street Blackstone Euro AAA CLO UCITS ETF n/a n/a n/a 0.07 0.08 -0.01 23-Sep-25 n/a*** n/a SPDR EURO STOXX Low Volatility UCITS ETF 4.36 3.72 0.64 132.50 118.20 14.30 24-Mar-14 1 0.35 SPDR MSCI ACWI Climate Paris Aligned UCITS ETF 20.62 20.43 0.19 46.97 45.40 1.57 20-Apr-22 2 0.15 SPDR MSCI Europe UCITS ETF 6.34 6.10 0.24 210.01 187.23 22.78 31-May-01 1 0.13 SPDR MSCI Europe Climate Paris Aligned UCITS ETF 6.12 5.91 0.21 40.37 39.10 1.27 4-Mar-22 1 0.16 SPDR MSCI Europe Consumer Discretionary UCITS ETF 1.53 1.22 0.31 388.57 363.45 25.12 30-Sep-01 1 0.20 SPDR MSCI Europe Consumer Staples UCITS ETF -2.44 -2.56 0.12 377.40 370.82 6.58 30-Sep-01 1 0.11 SPDR MSCI Europe Energy UCITS ETF -3.80 -4.05 0.25 182.24 162.55 19.69 31-Aug-01 1 0.14 SPDR MSCI Europe Financials UCITS ETF 14.54 14.13 0.41 137.62 116.50 21.12 31-Aug-01 1 0.26 SPDR MSCI Europe Health Care UCITS ETF -4.50 -4.61 0.11 286.70 274.96 11.74 30-Sep-01 1 0.10 SPDR MSCI Europe Industrials UCITS ETF 14.56 14.30 0.26 874.40 811.83 62.57 30-Sep-01 1 0.14 SPDR MSCI Europe Materials UCITS ETF 3.86 3.70 0.16 477.29 446.70 30.59 30-Sep-01 1 0.15 SPDR MSCI Europe Small Cap UCITS ETF 11.52 10.97 0.55 414.69 391.80 22.89 31-Mar-05 1 0.20 SPDR MSCI Europe Small Cap Value Weighted UCITS ETF 12.74 12.08 0.66 100.33 94.71 5.62 18-Feb-15 1 0.18 SPDR MSCI Europe Technology UCITS ETF 10.73 10.55 0.18 218.10 184.92 33.18 31-Aug-01 1 0.14 SPDR MSCI Europe Communication Services UCITS ETF 2.63 2.46 0.17 128.08 110.05 18.03 30-Sep-01 1 0.22 SPDR MSCI Europe Utilities UCITS ETF 9.65 9.16 0.49 377.88 334.15 43.73 30-Sep-01 1 0.22 SPDR MSCI Europe Value UCITS ETF 9.58 9.19 0.39 101.76 92.70 9.06 18-Feb-15 1 0.24
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Investment Managers’ Reports (continued)
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Passive Equity Funds (continued)
Performance figures gross of fees as at 30 September 2025
(continued)
Fund Name Fund
6 Months %
Index Diff Fund
Since Inception
Index* Diff
Fund Inception Date Max. Anticipated Annual Tracking Error % Ex Post Tracking Error % (1 Year)**
SPDR MSCI Emerging Markets Climate Paris Aligned UCITS
ETF 23.77 23.73 0.04 39.53 39.91 -0.38 18-Jul-22 1 0.71 SPDR MSCI Japan Climate Paris Aligned UCITS ETF 19.04 18.97 0.07 52.10 52.26 -0.16 4-Mar-22 1 0.13 SPDR MSCI Resilient Future UCITS ETF n/a n/a n/a 0.49 0.48 0.01 23-Sep-25 1 n/a SPDR MSCI USA Climate Paris Aligned UCITS ETF 20.28 20.21 0.07 56.67 55.38 1.29 4-Mar-22 1 0.05 SPDR MSCI USA Small Cap Value Weighted UCITS ETF 17.67 17.35 0.32 158.22 153.77 4.45 18-Feb-15 1 0.09 SPDR MSCI USA Value UCITS ETF 16.48 16.29 0.19 140.34 131.16 9.18 18-Feb-15 1 0.06 SPDR MSCI World Climate Paris Aligned UCITS ETF 20.13 20.22 -0.09 53.38 52.47 0.91 4-Mar-22 1 0.12 SPDR MSCI World Consumer Discretionary UCITS ETF 19.88 19.79 0.09 999.41 968.64 30.77 28-Feb-09 1 0.06 SPDR MSCI World Consumer Staples UCITS ETF 1.38 1.20 0.18 390.92 373.63 17.29 28-Feb-09 1 0.04 SPDR MSCI World Energy UCITS ETF 1.14 0.90 0.24 159.30 146.42 12.88 31-Jan-09 1 0.09 SPDR MSCI World Financials UCITS ETF 16.09 15.88 0.21 730.13 679.67 50.46 28-Feb-09 1 0.06 SPDR MSCI World Health Care UCITS ETF -1.06 -1.21 0.15 543.76 526.30 17.46 28-Feb-09 1 0.04 SPDR MSCI World Industrials UCITS ETF 20.43 20.28 0.15 759.69 744.90 14.79 28-Feb-09 1 0.05 SPDR MSCI World Materials UCITS ETF 15.31 15.12 0.19 349.33 341.93 7.40 28-Feb-09 1 0.07 SPDR MSCI World Small Cap UCITS ETF 21.12 21.10 0.02 159.19 150.91 8.28 25-Nov-13 1 0.15 SPDR MSCI World Technology UCITS ETF 38.35 38.34 0.01 2,224.46 2,180.44 44.02 28-Feb-09 1 0.04 SPDR MSCI World Communication Services UCITS ETF 31.65 31.67 -0.02 406.13 403.72 2.41 31-Dec-08 1 0.07 SPDR MSCI World Utilities UCITS ETF 14.14 13.80 0.34 254.16 245.86 8.30 28-Feb-09 1 0.08
SSGA SPDR ETFs Europe II plc
Interim Report and Unaudited Condensed Financial Statements 2025
Investment Managers’ Reports (continued)
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Page 24
Passive Equity Funds (continued)
Performance figures gross of fees as at 30 September 2025
(continued)
Fund Name Fund
6 Months %
Index Diff Fund
Since Inception
Index* Diff
Fund Inception Date Max. Anticipated Annual Tracking Error % Ex Post Tracking Error % (1 Year)** SPDR MSCI World Value UCITS ETF 18.50 18.19 0.31 95.89 93.26 2.63 3-Sep-20 1 0.09 SPDR Russell 2000 U.S. Small Cap UCITS ETF 21.78 21.71 0.07 136.72 125.41 11.31 1-Jul-14 1 0.08 SPDR STOXX Europe 600 SRI UCITS ETF 3.02 2.80 0.22 64.88 62.20 2.68 30-Sep-19 1 0.18
SPDR S&P U.S. Communication Services Select Sector UCITS
ETF 27.80 27.72 0.08 165.28 162.17 3.11 15-Aug-18 1 0.05
SPDR S&P U.S. Consumer Discretionary Select Sector UCITS
ETF 22.57 22.53 0.04 263.31 256.78 6.53 7-Jul-15 1 0.04 SPDR S&P U.S. Consumer Staples Select Sector UCITS ETF -1.41 -1.62 0.21 108.82 100.03 8.79 7-Jul-15 1 0.03 SPDR S&P U.S. Energy Select Sector UCITS ETF -3.15 -3.40 0.25 77.43 67.34 10.09 7-Jul-15 1 0.14 SPDR S&P U.S. Financials Select Sector UCITS ETF 8.79 8.68 0.11 221.30 212.08 9.22 7-Jul-15 1 0.08 SPDR S&P U.S. Health Care Select Sector UCITS ETF -3.80 -3.96 0.16 116.79 111.02 5.77 7-Jul-15 1 0.04 SPDR S&P U.S. Industrials Select Sector UCITS ETF 18.46 18.34 0.12 235.69 226.29 9.40 7-Jul-15 1 0.04 SPDR S&P U.S. Materials Select Sector UCITS ETF 6.21 6.02 0.20 129.06 119.84 9.22 7-Jul-15 1 0.06 SPDR S&P U.S. Technology Select Sector UCITS ETF 40.19 40.15 0.03 664.39 652.11 12.28 7-Jul-15 1 0.02
SSGA SPDR ETFs Europe II plc
Interim Report and Unaudited Condensed Financial Statements 2025
Investment Managers’ Reports (continued)
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Page 25
Passive Equity Funds (continued)
Performance figures gross of fees as at 30 September 2025
(continued)
Fund Name Fund
6 Months %
Index Diff Fund
Since Inception
Index* Diff
Fund Inception Date Max. Anticipated Annual Tracking Error % Ex Post Tracking Error % (1 Year)** SPDR S&P U.S. Utilities Select Sector UCITS ETF 11.91 11.68 0.23 168.65 155.42 13.23 7-Jul-15 1 0.10 SPDR S&P Europe Defense Vision UCITS ETF n/a n/a n/a 7.89 7.88 0.01 3-Jun-25 1 n/a
* Annualised for periods over 1-year performance.
** Calculated using the root mean square of the monthly excess returns (i.e. the “Difference”) over one period ending 30 September 2025.
*** The Fund is managed without reference to its Index.
The Net Assets under management for each Fund as at 30 September 2025 is detailed in the Background to the Company section. The published Net asset value
per share is disclosed on the Statement of Financial Position of
each Fund.
The annual TER of each Fund is listed in Note 3.
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Interim Report and Unaudited Condensed Financial Statements 2025
Investment Managers’ Reports (continued)
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Page 26
Passive Multi Asset Fund
Performance figures gross of fees as at 30 September 2025
Fund Name Fund
6 Months %
Index Diff Fund
Since Inception
Index* Diff
Fund Inception Date Max. Anticipated Annual Tracking Error % Ex Post Tracking Error % (1 Year)** SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF 8.25 8.30 -0.05 63.45 66.85 -3.40 14-Apr-15 2 0.07
* Annualised for periods over 1-year performance.
** Calculated using the root mean square of the monthly excess returns (i.e. the “Difference”) over one period ending 30 September 2025.
The Net Assets under management for each Fund as at 30 September 2025 is detailed in the Background to the Company section. The published Net asset value
per share is disclosed on the Statement of Financial Position of
each Fund.
The annual TER of each Fund is listed in Note 3.
SSGA SPDR ETFs Europe II plc
Interim Report and Unaudited Condensed Financial Statements 2025
Investment Managers’ Reports (continued)
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Company Statement of Financial Position as at 30 September 2025
30 September 2025 USD
31 March 2025 USD
Current assets Financial assets at fair value through profit or loss: Transferable securities 25,041,688,701 20,845,893,895 Financial derivative instruments 2,799,006 4,105,879 25,044,487,707 20,849,999,774
Cash and cash equivalents 129,491,156 103,793,024 Cash held with brokers and counterparties for open financial derivative instruments 2,656,038 2,940,627 Debtors: Dividends receivable 24,905,536 36,128,883 Interest receivable 22,887,814 21,524,334 Receivable for investments sold 9,300,142 84,665,431 Receivable for fund shares sold 3,834,694 38,377,914 Securities lending income receivable 513,512 450,857 Total current assets 25,238,076,599 21,137,880,844
Current liabilities Financial liabilities at fair value through profit or loss: Financial derivative instruments (3,523,564) (5,511,449)
Bank overdraft (16,232) (20,999) Cash due to brokers and counterparties for open financial derivative instruments - (8,767) Creditors - Amounts falling due within one year: Accrued expenses (5,605,117) (5,014,146) Other payables - (1,121) Payable for investments purchased (40,355,168) (65,077,655) Payable for fund shares repurchased (4,942,682) (50,319,314) Capital gains tax accrual (36,196) (30,166) Total current liabilities (54,478,959) (125,983,617)
Net assets attributable to holders of redeemable participating shares 25,183,597,640 21,011,897,227
The accompanying notes form an integral part of these financial statements.
SSGA SPDR ETFs Europe II plc Interim Report and Unaudited Condensed Financial Statements 2025
24
Page 28
Company Statement of Comprehensive Income for the financial financial
period ended 30 September 2025
Notes
30 September 2025 USD
30 September 2024 USD
Dividend income 250,627,068 215,739,154 Income from financial assets at fair value 36,650,857 33,699,272 Securities lending income 10 3,554,620 3,910,849 Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 2,719,711,645 703,498,631 Bank interest income 1,486,308 1,343,383 Miscellaneous income 96,094 129,024 Total investment income 3,012,126,592 958,320,313
Operating expenses 3 (31,430,105) (25,752,482) Net profit for the financial period before finance costs and tax 2,980,696,487 932,567,831
Finance costs Distributions to holders of redeemable participating shares 6 (30,569,862) (28,334,374)
Profit for the financial period before tax 2,950,126,625 904,233,457
Capital gains tax 2 (94,502) (307,949) Withholding tax on investment income 2 (26,276,829) (22,101,961)
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 2,923,755,294 881,823,547
Gains and losses arose solely from continuing operations. There were no recognised gains or losses other than those dealt with in the Statement of Comprehensive Income.
The accompanying notes form an integral part of these financial statements.
SSGA SPDR ETFs Europe II plc Interim Report and Unaudited Condensed Financial Statements 2025
25
Page 29
Company Statement of Changes in Net Assets Attributable to Holders of
Redeemable Participating Shares for the financial financial period ended
30 September 2025
30 September 2025 USD
30 September 2024 USD
Net assets attributable to holders of redeemable participating shares at the beginning of the year 21,011,897,227 18,026,242,366
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 2,923,755,294 881,823,547
Share transactions Proceeds from redeemable participating shares issued 4,292,898,802 3,854,470,699 Costs of redeemable participating shares redeemed (3,523,605,117) (2,585,572,907) Increase in net assets from share transactions 769,293,685 1,268,897,792 Total increase in net assets attributable to holders of redeemable participating shares 3,693,048,979 2,150,721,339 Currency Translation 478,651,434 188,328,049 Net assets attributable to holders of redeemable participating shares at the end of the financial period 25,183,597,640 20,365,291,754
The accompanying notes form an integral part of these financial statements.
SSGA SPDR ETFs Europe II plc Interim Report and Unaudited Condensed Financial Statements 2025
26
Page 30
Company Statement of Cash Flows for the financial financial period ended
30 September 2025
30 September 2025 USD
30 September 2024 USD
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 2,923,755,294 881,823,547 Adjustment for: Movement in cash with/due to broker 391,257 22,048 Movement in financial assets at fair value through profit or loss (3,670,632,692) (2,174,243,181) Unrealised movement on derivative assets and liabilities (720,783) (11,876,237)
Operating cash flows before movements in working capital (747,206,924) (1,304,273,823)
Movement in receivables 11,698,349 6,304,820 Movement in payables 518,398 (422,662)
Cash inflow from operations 12,216,747 5,882,158
Net cash outflow from operating activities (734,990,177) (1,298,391,665)
Financing activities Proceeds from subscriptions 4,328,160,808 3,812,461,600 Payments for redemptions (3,569,345,947) (2,523,140,630)
Net cash generated by financing activities 758,814,861 1,289,320,970
Net increase/(decrease) in cash and cash equivalents 23,824,684 (9,070,695)
Cash and cash equivalents at the start of the financial period 103,793,024 92,934,079
Currency translation 1,857,216 1,413,379 Cash and cash equivalents at the end of the financial period 129,474,924 85,276,763
Cash and cash equivalents - Statement of Financial Position 129,491,156 85,367,876 Bank overdraft - Statement of Financial Position (16,232) (91,113)
Cash and cash equivalents - Statement of Cash Flows 129,474,924 85,276,763
Supplementary information Taxation paid (26,335,135) (22,353,370) Interest received 34,908,657 30,355,736 Dividend received 263,483,345 223,321,667 Distribution paid (30,569,862) (28,334,374)
The accompanying notes form an integral part of these financial statements.
SSGA SPDR ETFs Europe II plc Interim Report and Unaudited Condensed Financial Statements 2025
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Page 31
State Street Blackstone Euro AAA CLO UCITS ETF
Statement of Financial Position as at 30 September 2025
30 September 2025* EUR
Current assets Financial assets at fair value through profit or loss: Transferable securities 98,328,829 98,328,829
Cash and cash equivalents 28,563,438 Debtors: Interest receivable 330,938 Total current assets 127,223,205
Current liabilities Creditors - Amounts falling due within one year: Accrued expenses (5,481) Payable for investment purchased (27,151,262) Total current liabilities (27,156,743)
Net assets attributable to holders of redeemable participating shares 100,066,462
30 September 2025*
Net asset value per share 4 EUR 25.02
* The Fund launched on 23 September 2025, therefore there are no comparatives.
The accompanying notes form an integral part of these financial statements.
SSGA SPDR ETFs Europe II plc Interim Report and Unaudited Condensed Financial Statements 2025
28
Page 32
State Street Blackstone Euro AAA CLO UCITS ETF
Statement of Comprehensive Income for the financial period ended
30 September 2025
Notes
30 September 2025* EUR Income from financial assets at fair value 35,622 Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 36,321 Total investment income 71,943
Operating expenses 3 (5,481) Net profit for the financial period before finance costs and tax 66,462
Profit for the financial period before tax 66,462 Increase in net assets attributable to holders of redeemable participating shares resulting from operations 66,462
* The Fund launched on 23 September 2025, therefore there are no comparatives. Gains and losses arose solely from continuing operations. There were no recognised gains or losses other than those dealt with in the Statement of Comprehensive Income.
The accompanying notes form an integral part of these financial statements.
SSGA SPDR ETFs Europe II plc Interim Report and Unaudited Condensed Financial Statements 2025
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Page 33
State Street Blackstone Euro AAA CLO UCITS ETF
Statement of Changes in Net Assets Attributable to Holders of Redeemable
Participating Shares for the financial period ended 30 September 2025
30 September 2025* EUR
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 66,462
Share transactions Proceeds from redeemable participating shares issued 100,000,000 Increase in net assets from share transactions 100,000,000
Total increase in net assets attributable to holders of redeemable participating shares 100,066,462
Net assets attributable to holders of redeemable participating shares at the end of the financial period 100,066,462
* The Fund launched on 23 September 2025, therefore there are no comparatives.
The accompanying notes form an integral part of these financial statements.
SSGA SPDR ETFs Europe II plc Interim Report and Unaudited Condensed Financial Statements 2025
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State Street Blackstone Euro AAA CLO UCITS ETF
Statement of Cash Flows for the financial period ended 30 September 2025
30 September 2025* EUR
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 66,462
Adjustment for: Movement in financial assets at fair value through profit or loss (71,177,567) Operating cash flows before movements in working capital (71,111,105)
Movement in receivables (330,938) Movement in payables 5,481
Cash outflow from operations (325,457)
Net cash outflow from operating activities (71,436,562)
Financing activities Proceeds from subscriptions 100,000,000
Net cash generated by financing activities 100,000,000
Net increase in cash and cash equivalents 28,563,438
Cash and cash equivalents at the start of the financial period -
Cash and cash equivalents at the end of the financial period 28,563,438
Supplementary information Interest received (295,213)
* The Fund launched on 23 September 2025, therefore there are no comparatives.
The accompanying notes form an integral part of these financial statements.
SSGA SPDR ETFs Europe II plc Interim Report and Unaudited Condensed Financial Statements 2025
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Page 35
Holding Investment Fair Value EUR
% of Net Assets Transferable Securities - 98.26% (March 2025: Nil) Asset-Backed Securities - 98.26% (March 2025: Nil) Euro - 98.26% 2,000,000 1.350% Anchorage Capital Europe CLO 6 DAC 22/10/2038 2,001,559 2.00 2,000,000 3.054% Aqueduct European CLO 5-2020 DAC 20/04/2034 2,002,400 2.00 4,500,000 3.486% Aqueduct European CLO 8 DAC 15/07/2037 4,506,750 4.50 2,400,000 1.290% Arbour Clo XV DAC 15/01/2040 2,400,000 2.40 3,000,000 3.427% Ares European Clo XXII DAC 15/07/2038 3,007,023 3.00 2,000,000 1.310% Armada Euro CLO IX DAC 30/10/2039 2,000,000 2.00 3,500,000 3.473% Aurium CLO VII DAC 15/10/2038 3,509,765 3.51 3,000,000 3.316% Avoca CLO XI DAC 15/10/2038 3,000,744 3.00 1,500,000 3.352% Avoca CLO XIV DAC 15/07/2039 1,504,665 1.50 4,500,000 3.346% BBAM European CLO BBAME 4X AR REGS 26/10/2038 4,500,679 4.50 2,000,000 3.279% Capital Four CLO X DAC 25/10/2038 1,998,204 2.00 3,500,000 1.310% Carlyle Global Market Strategies Euro CLO 2015-1 DAC CGMSE 2015-1X A1RR REGS 16/01/2039 3,500,000 3.50 3,700,000 3.076% CIFC European Funding CLO III DAC 15/01/2034 3,701,850 3.70 3,000,000 0.000% Contego Clo XIV DAC 15/10/2037 3,000,000 3.00 4,000,000 1.300% CVC Cordatus Loan Fund XI DAC 15/10/2039 4,000,616 4.00 2,000,000 3.341% Fair Oaks Loan Funding VI DAC FOAKS 6X A REGS 15/07/2039 2,001,984 2.00 3,200,000 3.336% Fidelity Grand Harbour Clo 2024-1 DAC 15/04/2038 3,206,755 3.20 3,250,000 2.974% Harvest CLO XXV DAC 21/10/2034 3,242,194 3.24 3,000,000 2.909% Henley CLO III DAC 25/12/2035 2,998,494 3.00 1,500,000 2.889% Henley CLO V DAC 25/10/2034 1,499,250 1.50 3,000,000 3.255% Henley Clo XIV DAC 25/03/2038 2,996,439 2.99 4,000,000 3.334% Jubilee Clo 2025-Xxxi DAC 25/07/2039 4,000,000 4.00 1,500,000 2.859% Neuberger Berman Loan Advisers Euro CLO 3 DAC 25/10/2034 1,498,500 1.50 4,500,000 3.286% Neuberger Berman Loan Advisers Euro CLO 7 DAC 18/10/2038 4,498,133 4.49 4,000,000 1.300% Ocp Euro Clo 2023-7 DAC 20/10/2039 4,004,033 4.00 3,000,000 3.311% OCP Euro CLO DAC 18/10/2037 3,000,009 3.00 4,000,000 1.300% Otranto Park CLO DAC OTOPK 1X AR REGS 15/10/2039 4,000,000 4.00 2,000,000 3.347% Penta Clo 20 DAC 15/10/2039 1,999,992 2.00 2,000,000 2.789% Penta Clo 9 DAC 25/07/2036 1,996,000 1.99
Holding Investment Fair Value EUR
% of Net Assets Transferable Securities - 98.26% (March 2025: Nil) (continued) Asset-Backed Securities - 98.26% (March 2025: Nil) (continued) Euro - 98.26% (continued) 2,250,000 1.300% RRE 1 Loan Management DAC RRME 1X A1RR REGS 15/10/2040 2,250,000 2.25 1,500,000 2.868% Sculptor European CLO IX DAC 10/10/2034 1,496,250 1.49 4,000,000 3.336% Sculptor European CLO V DAC 15/10/2039 4,000,616 4.00 2,000,000 3.372% Sona Fios CLO V DAC 25/08/2038 2,002,808 2.00 3,000,000 3.272% Voya Euro Clo IX DAC 15/10/2038 3,003,117 3.00 Total Asset-Backed Securities 98,328,829 98.26 Total Transferable Securities 98,328,829 98.26
Fair Value EUR % of Fund Total value of investments 98,328,829 98.26 Cash at bank* (March 2025: Nil) 28,563,438 28.54 Other net liabilities (March 2025: Nil) (26,825,805) (26.80) Net assets attributable to holders of redeemable participating shares 100,066,462 100.00
*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.
Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) 77.29 Other assets 22.71 Total Assets 100.00
** The Fund launched on 23 September 2025, please refer to Note 15.
SSGA SPDR ETFs Europe II plc Interim Report and Unaudited Condensed Financial Statements 2025
State Street Blackstone Euro AAA CLO UCITS ETF**
Schedule of Investments as at 30 September 2025
32
Page 36
SPDR Bloomberg 0-5 Year Sterling Corporate Bond UCITS ETF
Statement of Financial Position as at 30 September 2025
30 September 2025 GBP 31 March 2025 GBP
Current assets Financial assets at fair value through profit or loss: Transferable securities 182,470,514 250,530,994 182,470,514 250,530,994
Cash and cash equivalents 5,814,709 3,040,293 Debtors: Interest receivable 3,618,077 4,133,169 Securities lending income receivable 2,260 2,874 Total current assets 191,905,560 257,707,330
Current liabilities Creditors - Amounts falling due within one year: Accrued expenses (31,466) (42,408) Payable for investment purchased - (2,536,839) Total current liabilities (31,466) (2,579,247)
Net assets attributable to holders of redeemable participating shares 191,874,094 255,128,083
30 September 2025
31 March 2025
30 September 2024
Net asset value per share 4 GBP 29.20 GBP 28.91 GBP 28.98
The accompanying notes form an integral part of these financial statements.
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SPDR Bloomberg 0-5 Year Sterling Corporate Bond UCITS ETF
Statement of Comprehensive Income for the financial period ended
30 September 2025
Notes
30 September 2025 GBP
30 September 2024 GBP Income from financial assets at fair value 5,248,682 6,472,740 Securities lending income 10 20,034 28,788 Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 2,297,815 1,629,346 Bank interest income 51,630 51,103 Miscellaneous income 8,318 5,470 Total investment income 7,626,479 8,187,447
Operating expenses 3 (217,354) (272,050) Net profit for the financial period before finance costs and tax 7,409,125 7,915,397
Finance costs Distributions to holders of redeemable participating shares 6 (4,589,385) (6,331,887)
Profit for the financial period before tax 2,819,740 1,583,510 Withholding tax on investment income 2 (2,025) (3,984) Increase in net assets attributable to holders of redeemable participating shares resulting from operations 2,817,715 1,579,526
Gains and losses arose solely from continuing operations. There were no recognised gains or losses other than those dealt with in the Statement of Comprehensive Income.
The accompanying notes form an integral part of these financial statements.
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SPDR Bloomberg 0-5 Year Sterling Corporate Bond UCITS ETF
Statement of Changes in Net Assets Attributable to Holders of Redeemable
Participating Shares for the financial period ended 30 September 2025
30 September 2025 GBP
30 September 2024 GBP
Net assets attributable to holders of redeemable participating shares at the beginning of the financial period 255,128,083 260,677,351
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 2,817,715 1,579,526
Share transactions Proceeds from redeemable participating shares issued 22,135,141 66,718,890 Costs of redeemable participating shares redeemed (88,206,845) (47,268,772) (Decrease)/increase in net assets from share transactions (66,071,704) 19,450,118
Total (decrease)/increase in net assets attributable to holders of redeemable participating shares (63,253,989) 21,029,644
Net assets attributable to holders of redeemable participating shares at the end of the financial period 191,874,094 281,706,995
The accompanying notes form an integral part of these financial statements.
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SPDR Bloomberg 0-5 Year Sterling Corporate Bond UCITS ETF
Statement of Cash Flows for the financial period ended 30 September 2025
30 September 2025 GBP 30 September 2024 GBP
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 2,817,715 1,579,526
Adjustment for: Movement in financial assets at fair value through profit or loss 65,523,641 (18,189,206) Operating cash flows before movements in working capital 68,341,356 (16,609,680)
Movement in receivables 515,706 (392,316) Movement in payables (10,942) (5,540)
Cash inflow/(outflow) from operations 504,764 (397,856)
Net cash inflow/(outflow) from operating activities 68,846,120 (17,007,536)
Financing activities Proceeds from subscriptions 22,135,141 66,718,890 Payments for redemptions (88,206,845) (47,268,772)
Net cash (used in)/generated by financing activities (66,071,704) 19,450,118
Net increase in cash and cash equivalents 2,774,416 2,442,582
Cash and cash equivalents at the start of the financial period 3,040,293 3,637,112
Cash and cash equivalents at the end of the financial period 5,814,709 6,079,694
Supplementary information Taxation paid (2,025) (3,984) Interest received 4,871,991 4,698,301 Distribution paid (4,589,385) (6,331,887)
The accompanying notes form an integral part of these financial statements.
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Holding Investment Fair Value GBP
% of Net Assets Transferable Securities - 95.10% (March 2025: 98.20%) Corporate Bonds - 95.10% (March 2025: 98.20%) Pound Sterling - 95.10% 250,000 3.500% A2Dominion Housing Group Ltd. 15/11/2028 237,900 0.12 400,000 3.375% Abertis Infraestructuras SA 27/11/2026 394,356 0.21 800,000 5.250% ABN AMRO Bank NV 26/05/2026 804,832 0.42 500,000 5.125% ABN AMRO Bank NV 22/02/2028 507,000 0.26 300,000 4.750% ABN AMRO Bank NV 24/10/2029 301,680 0.16 216,000 6.250% ABP Finance PLC 14/12/2026 219,931 0.11 400,000 4.750% Ageas SA 01/12/2028 400,876 0.21 480,000 5.000% America Movil SAB de CV 27/10/2026 482,218 0.25 600,000 5.750% America Movil SAB de CV 28/06/2030 622,752 0.32 425,000 0.750% American Honda Finance Corp. 25/11/2026 407,732 0.21 480,000 1.500% American Honda Finance Corp. 19/10/2027 451,742 0.24 525,000 5.500% Amgen, Inc. 07/12/2026 530,869 0.28 500,000 4.000% Amgen, Inc. 13/09/2029 487,790 0.25 50,000 4.000% Anglian Water Osprey Financing PLC 08/03/2026 49,754 0.03 470,000 2.000% Anglian Water Osprey Financing PLC 31/07/2028 421,050 0.22 300,000 4.500% Anglian Water Services Financing PLC 22/02/2026 299,754 0.16 220,000 2.625% Anglian Water Services Financing PLC 15/06/2027 211,398 0.11 200,000 4.500% Anglian Water Services Financing PLC 05/10/2027 198,218 0.10 300,000 6.625% Anglian Water Services Financing PLC 15/01/2029 313,599 0.16 300,000 2.750% Anglian Water Services Financing PLC 26/10/2029 275,073 0.14 250,000 3.375% Anglo American Capital PLC 11/03/2029 239,663 0.12 500,000 3.500% APA Infrastructure Ltd. 22/03/2030 468,385 0.24 725,000 3.050% Apple, Inc. 31/07/2029 696,652 0.36 400,000 3.000% Aroundtown SA 16/10/2029 365,496 0.19 250,000 3.000% Assura Financing PLC 19/07/2028 236,963 0.12 680,000 2.900% AT&T, Inc. 04/12/2026 667,488 0.35 650,000 5.500% AT&T, Inc. 15/03/2027 657,767 0.34 600,000 4.375% AT&T, Inc. 14/09/2029 591,864 0.31 225,000 5.150% Athene Global Funding 28/07/2027 226,604 0.12 400,000 1.750% Athene Global Funding 24/11/2027 375,784 0.20 100,000 1.875% Athene Global Funding 30/11/2028 91,482 0.05
Holding Investment Fair Value GBP
% of Net Assets Transferable Securities - 95.10% (March 2025: 98.20%) (continued) Corporate Bonds - 95.10% (March 2025: 98.20%) (continued) Pound Sterling - 95.10% (continued) 600,000 5.146% Athene Global Funding 01/11/2029 604,986 0.32 520,000 1.809% Australia & New Zealand Banking Group Ltd. 16/09/2031 505,414 0.26 110,000 6.125% Aviva PLC 14/11/2036 111,621 0.06 300,000 4.375% Aviva PLC 12/09/2049 291,507 0.15 400,000 5.125% Aviva PLC 04/06/2050 397,036 0.21 300,000 1.875% Babcock International Group PLC 05/10/2026 292,116 0.15 400,000 3.104% Banco Bilbao Vizcaya Argentaria SA 15/07/2031 394,460 0.21 200,000 8.250% Banco Bilbao Vizcaya Argentaria SA 30/11/2033 217,014 0.11 400,000 5.000% Banco de Sabadell SA 13/10/2029 404,712 0.21 500,000 3.125% Banco Santander SA 06/10/2026 499,900 0.26 300,000 1.750% Banco Santander SA 17/02/2027 289,140 0.15 600,000 4.750% Banco Santander SA 30/08/2028 602,220 0.31 300,000 5.500% Banco Santander SA 11/06/2029 307,527 0.16 300,000 5.125% Banco Santander SA 25/01/2030 305,187 0.16 600,000 5.625% Banco Santander SA 27/01/2031 613,116 0.32 700,000 2.250% Banco Santander SA 04/10/2032 666,715 0.35 200,000 4.250% Bank of America Corp. 10/12/2026 200,046 0.10 1,000,000 7.000% Bank of America Corp. 31/07/2028 1,065,230 0.56 1,025,000 1.667% Bank of America Corp. 02/06/2029 951,425 0.50 600,000 3.584% Bank of America Corp. 27/04/2031 571,440 0.30 270,000 7.594% Bank of Ireland Group PLC 06/12/2032 282,542 0.15 150,000 1.000% Bank of Montreal 09/09/2026 145,593 0.08 500,000 5.125% Bank of Montreal 10/10/2028 507,970 0.26 556,000 1.250% Bank of Nova Scotia 17/12/2025 552,314 0.29 600,000 5.000% Bank of Nova Scotia 14/01/2029 605,676 0.32 600,000 1.250% Banque Federative du Credit Mutuel SA 05/12/2025 596,520 0.31 400,000 5.000% Banque Federative du Credit Mutuel SA 19/01/2026 400,664 0.21 700,000 1.000% Banque Federative du Credit Mutuel SA 16/07/2026 682,248 0.36 300,000 1.500% Banque Federative du Credit Mutuel SA 07/10/2026 291,699 0.15 400,000 0.875% Banque Federative du Credit Mutuel SA 07/12/2027 370,296 0.19 500,000 5.375% Banque Federative du Credit Mutuel SA 25/05/2028 508,140 0.26
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Holding Investment Fair Value GBP
% of Net Assets Transferable Securities - 95.10% (March 2025: 98.20%) (continued) Corporate Bonds - 95.10% (March 2025: 98.20%) (continued) Pound Sterling - 95.10% (continued) 100,000 1.875% Banque Federative du Credit Mutuel SA 26/10/2028 92,235 0.05 600,000 5.000% Banque Federative du Credit Mutuel SA 22/10/2029 604,356 0.31 300,000 5.750% Barclays Bank PLC 14/09/2026 303,120 0.16 600,000 3.000% Barclays PLC 08/05/2026 595,062 0.31 325,000 1.700% Barclays PLC 03/11/2026 324,171 0.17 875,000 3.250% Barclays PLC 12/02/2027 860,912 0.45 900,000 7.090% Barclays PLC 06/11/2029 958,752 0.50 600,000 3.750% Barclays PLC 22/11/2030 598,884 0.31 900,000 6.369% Barclays PLC 31/01/2031 945,468 0.49 927,000 8.407% Barclays PLC 14/11/2032 987,858 0.51 300,000 4.000% BAT International Finance PLC 04/09/2026 298,737 0.16 420,000 2.250% BAT International Finance PLC 26/06/2028 394,321 0.21 300,000 2.375% Bazalgette Finance PLC 29/11/2027 285,072 0.15 650,000 5.125% BG Energy Capital PLC 01/12/2025 650,695 0.34 300,000 4.875% Blackstone Private Credit Fund 14/04/2026 299,655 0.16 450,000 2.625% Blackstone Property Partners Europe Holdings SARL 20/10/2028 419,567 0.22 300,000 5.500% BMW International Investment BV 06/06/2026 302,424 0.16 300,000 5.000% BMW International Investment BV 24/01/2028 304,014 0.16 1,100,000 3.375% BNP Paribas SA 23/01/2026 1,096,183 0.57 600,000 1.875% BNP Paribas SA 14/12/2027 566,850 0.30 400,000 2.875% BNP Paribas SA 24/02/2029 376,632 0.20 700,000 6.000% BNP Paribas SA 18/08/2029 724,878 0.38 900,000 2.000% BNP Paribas SA 24/05/2031 883,359 0.46 400,000 5.500% Bouygues SA 06/10/2026 404,156 0.21 100,000 2.274% BP Capital Markets PLC 03/07/2026 98,503 0.05 1,100,000 4.250% BP Capital Markets PLC (Perpetual) 1,083,060 0.56 500,000 6.000% BP Capital Markets PLC (Perpetual) 509,405 0.27 400,000 1.000% BPCE SA 22/12/2025 396,892 0.21 400,000 1.375% BPCE SA 23/12/2026 385,760 0.20 200,000 6.000% BPCE SA 29/09/2028 204,558 0.11 700,000 5.250% BPCE SA 16/04/2029 698,719 0.36 300,000 6.125% BPCE SA 24/05/2029 309,024 0.16 500,000 2.500% BPCE SA 30/11/2032 472,960 0.25 200,000 2.375% British Land Co. PLC 14/09/2029 182,096 0.09
Holding Investment Fair Value GBP
% of Net Assets Transferable Securities - 95.10% (March 2025: 98.20%) (continued) Corporate Bonds - 95.10% (March 2025: 98.20%) (continued) Pound Sterling - 95.10% (continued) 670,000 5.750% British Telecommunications PLC 07/12/2028 696,552 0.36 200,000 2.600% Brown-Forman Corp. 07/07/2028 190,414 0.10 325,000 5.000% BUPA Finance PLC 08/12/2026 325,426 0.17 200,000 1.750% BUPA Finance PLC 14/06/2027 191,448 0.10 500,000 5.750% Burberry Group PLC 20/06/2030 501,505 0.26 400,000 6.000% CA Auto Bank SpA 06/12/2026 405,836 0.21 750,000 2.125% Cadent Finance PLC 22/09/2028 699,570 0.36 600,000 1.500% CaixaBank SA 03/12/2026 596,946 0.31 200,000 3.500% CaixaBank SA 06/04/2028 196,978 0.10 500,000 6.875% CaixaBank SA 25/10/2033 522,430 0.27 360,000 1.875% Canadian Imperial Bank of Commerce 27/01/2026 357,016 0.19 500,000 5.720% Caterpillar Financial Services Corp. 17/08/2026 505,930 0.26 220,000 4.620% Caterpillar Financial Services Corp. 28/02/2028 221,232 0.12 600,000 4.375% Centrica PLC 13/03/2029 595,020 0.31 200,000 4.625% Cie de Saint-Gobain SA 09/10/2029 200,182 0.10 600,000 5.150% Citigroup, Inc. 21/05/2026 602,814 0.31 575,000 1.750% Citigroup, Inc. 23/10/2026 558,227 0.29 200,000 2.000% CK Hutchison Group Telecom Finance SA 17/10/2027 189,296 0.10 300,000 2.625% Clarion Funding PLC 18/01/2029 281,085 0.15 300,000 2.750% Close Brothers Finance PLC 19/10/2026 294,054 0.15 200,000 7.750% Close Brothers Group PLC 14/06/2028 210,776 0.11 400,000 1.500% Comcast Corp. 20/02/2029 364,272 0.19 600,000 5.500% Comcast Corp. 23/11/2029 619,764 0.32 300,000 8.625% Commerzbank AG 28/02/2033 322,071 0.17 125,000 3.850% Compass Group PLC 26/06/2026 124,609 0.06 400,000 2.000% Compass Group PLC 03/07/2029 367,272 0.19 500,000 5.250% Cooperatieve Rabobank UA 14/09/2027 504,945 0.26 300,000 1.875% Cooperatieve Rabobank UA 12/07/2028 286,845 0.15 500,000 4.875% Cooperatieve Rabobank UA 17/04/2029 503,970 0.26 895,000 4.625% Cooperatieve Rabobank UA 23/05/2029 887,446 0.46 500,000 4.875% Cooperatieve Rabobank UA 01/11/2030 503,545 0.26 200,000 9.500% Co-Operative Bank Holdings PLC 24/05/2028 214,680 0.11 300,000 5.125% Corebridge Global Funding 09/12/2029 303,123 0.16
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Schedule of Investments as at 30 September 2025 (continued)
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Holding Investment Fair Value GBP
% of Net Assets Transferable Securities - 95.10% (March 2025: 98.20%) (continued) Corporate Bonds - 95.10% (March 2025: 98.20%) (continued) Pound Sterling - 95.10% (continued) 384,000 7.000% Coventry Building Society 07/11/2027 393,581 0.21 300,000 5.579% Coventry Building Society 19/09/2028 304,089 0.16 400,000 5.875% Coventry Building Society 12/03/2030 412,636 0.22 200,000 11.750% Coventry Building Society 22/05/2034 237,776 0.12 415,000 5.876% CPUK Finance Ltd. 28/08/2027 422,441 0.22 320,000 3.690% CPUK Finance Ltd. 28/02/2047 307,072 0.16 300,000 5.940% CPUK Finance Ltd. 28/02/2047 309,135 0.16 800,000 5.750% Credit Agricole SA 29/11/2027 810,384 0.42 500,000 5.375% Credit Agricole SA 15/01/2029 506,125 0.26 800,000 4.875% Credit Agricole SA 23/10/2029 804,672 0.42 300,000 6.375% Credit Agricole SA 14/06/2031 316,218 0.16 500,000 1.874% Credit Agricole SA 09/12/2031 482,200 0.25 500,000 5.750% Credit Agricole SA 09/11/2034 506,670 0.26 300,000 4.125% Crh Finance U.K. PLC 02/12/2029 293,472 0.15 600,000 4.625% Danske Bank AS 13/04/2027 600,318 0.31 495,000 2.250% Danske Bank AS 14/01/2028 480,759 0.25 550,000 6.500% Danske Bank AS 23/08/2028 570,674 0.30 300,000 1.875% Deutsche Bank AG 22/12/2028 282,726 0.15 400,000 5.000% Deutsche Bank AG 26/02/2029 401,108 0.21 800,000 6.125% Deutsche Bank AG 12/12/2030 830,480 0.43 300,000 7.625% Deutsche Pfandbriefbank AG 08/12/2025 300,954 0.16 250,000 8.875% Deutsche Telekom International Finance BV 27/11/2028 282,278 0.15 350,000 2.250% Deutsche Telekom International Finance BV 13/04/2029 326,540 0.17 100,000 7.625% Deutsche Telekom International Finance BV 15/06/2030 113,020 0.06 510,000 1.750% Diageo Finance PLC 12/10/2026 497,367 0.26 200,000 2.375% Diageo Finance PLC 08/06/2028 190,556 0.10 300,000 2.875% Diageo Finance PLC 27/03/2029 285,981 0.15 325,000 3.300% Digital Stout Holding LLC 19/07/2029 307,132 0.16 625,000 4.000% DNB Bank ASA 17/08/2027 622,831 0.32 200,000 2.875% DS Smith PLC 26/07/2029 186,084 0.10 250,000 1.625% DWR Cymru Financing U.K. PLC 31/03/2026 246,198 0.13 300,000 6.015% DWR Cymru Financing U.K. PLC 31/03/2028 309,954 0.16 600,000 6.250% E.ON International Finance BV 03/06/2030 635,640 0.33 300,000 1.162% East Japan Railway Co. 15/09/2028 273,084 0.14
Holding Investment Fair Value GBP
% of Net Assets Transferable Securities - 95.10% (March 2025: 98.20%) (continued) Corporate Bonds - 95.10% (March 2025: 98.20%) (continued) Pound Sterling - 95.10% (continued) 400,000 8.875% Electricity North West Ltd. 25/03/2026 407,844 0.21 300,000 1.000% Enel Finance International NV 20/10/2027 280,221 0.15 850,000 2.875% Enel Finance International NV 11/04/2029 801,448 0.42 400,000 7.000% Engie SA 30/10/2028 427,080 0.22 300,000 1.415% ENW Finance PLC 30/07/2030 256,593 0.13 300,000 6.375% Equitable Financial Life Global Funding 02/06/2028 312,312 0.16 210,000 6.359% Eversholt Funding PLC 02/12/2025 210,531 0.11 350,000 0.739% Experian Finance PLC 29/10/2025 349,024 0.18 300,000 1.246% Folio Residential Finance No. 1 PLC 31/10/2037 279,141 0.15 400,000 6.860% Ford Motor Credit Co. LLC 05/06/2026 404,960 0.21 300,000 5.625% Ford Motor Credit Co. LLC 09/10/2028 300,978 0.16 300,000 5.780% Ford Motor Credit Co. LLC 30/04/2030 299,115 0.16 500,000 2.500% Gatwick Funding Ltd. 15/04/2032 452,630 0.24 303,000 5.150% General Motors Financial Co., Inc. 15/08/2026 304,073 0.16 270,000 1.550% General Motors Financial Co., Inc. 30/07/2027 255,447 0.13 400,000 5.500% General Motors Financial Co., Inc. 12/01/2030 404,996 0.21 261,000 3.375% GlaxoSmithKline Capital PLC 20/12/2027 256,688 0.13 700,000 1.250% GlaxoSmithKline Capital PLC 12/10/2028 642,586 0.33 400,000 3.125% Glencore Finance Europe Ltd. 26/03/2026 397,036 0.21 675,000 4.250% Goldman Sachs Group, Inc. 29/01/2026 674,500 0.35 750,000 1.500% Goldman Sachs Group, Inc. 07/12/2027 704,752 0.37 600,000 7.250% Goldman Sachs Group, Inc. 10/04/2028 637,824 0.33 825,000 3.125% Goldman Sachs Group, Inc. 25/07/2029 780,466 0.41 774,000 3.625% Goldman Sachs Group, Inc. 29/10/2029 750,718 0.39 245,000 3.375% Grainger PLC 24/04/2028 234,935 0.12 400,000 3.000% Grainger PLC 03/07/2030 362,540 0.19 200,000 2.875% Haleon U.K. Capital PLC 29/10/2028 191,808 0.10 330,000 3.500% Hammerson PLC 27/10/2025 329,772 0.17
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Schedule of Investments as at 30 September 2025 (continued)
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Holding Investment Fair Value GBP
% of Net Assets Transferable Securities - 95.10% (March 2025: 98.20%) (continued) Corporate Bonds - 95.10% (March 2025: 98.20%) (continued) Pound Sterling - 95.10% (continued) 250,000 2.625% Heathrow Funding Ltd. 16/03/2028 236,010 0.12 760,000 6.750% Heathrow Funding Ltd. 03/12/2028 777,328 0.41 400,000 2.750% Heathrow Funding Ltd. 13/10/2031 369,260 0.19 300,000 1.250% Henkel AG & Co. KGaA 30/09/2026 291,174 0.15 250,000 6.000% Hiscox Ltd. 22/09/2027 255,608 0.13 880,000 2.256% HSBC Holdings PLC 13/11/2026 877,492 0.46 800,000 1.750% HSBC Holdings PLC 24/07/2027 782,584 0.40 450,000 5.750% HSBC Holdings PLC 20/12/2027 460,003 0.24 1,062,000 3.000% HSBC Holdings PLC 22/07/2028 1,034,154 0.54 1,000,000 2.625% HSBC Holdings PLC 16/08/2028 948,450 0.49 700,000 6.750% HSBC Holdings PLC 11/09/2028 734,307 0.38 600,000 3.000% HSBC Holdings PLC 29/05/2030 563,718 0.29 900,000 8.201% HSBC Holdings PLC 16/11/2034 991,566 0.52 350,000 5.625% Hutchison Whampoa Finance U.K. PLC 24/11/2026 354,466 0.18 300,000 3.125% IG Group Holdings PLC 18/11/2028 282,579 0.15 323,000 6.500% Inchcape PLC 09/06/2028 333,601 0.17 405,000 3.125% Informa PLC 05/07/2026 400,500 0.21 800,000 3.000% ING Groep NV 18/02/2026 795,800 0.41 700,000 1.125% ING Groep NV 07/12/2028 651,084 0.34 500,000 4.875% ING Groep NV 02/10/2029 503,075 0.26 700,000 6.250% ING Groep NV 20/05/2033 718,690 0.37 300,000 2.125% InterContinental Hotels Group PLC 24/08/2026 293,703 0.15 400,000 3.375% InterContinental Hotels Group PLC 08/10/2028 384,108 0.20 450,000 6.500% Intesa Sanpaolo SpA 14/03/2029 467,797 0.24 400,000 2.500% Intesa Sanpaolo SpA 15/01/2030 365,504 0.19 330,000 5.148% Intesa Sanpaolo SpA 10/06/2030 327,842 0.17 500,000 1.875% Investec PLC 16/07/2028 474,855 0.25 225,000 2.625% Investec PLC 04/01/2032 218,660 0.11 400,000 9.125% Investec PLC 06/03/2033 431,776 0.22 300,000 5.125% J Sainsbury PLC 29/06/2030 304,233 0.16 400,000 5.125% John Deere Bank SA 18/10/2028 408,756 0.21 500,000 3.500% JPMorgan Chase & Co. 18/12/2026 495,325 0.26 400,000 1.250% KBC Group NV 21/09/2027 388,120 0.20 400,000 5.500% KBC Group NV 20/09/2028 406,724 0.21 500,000 6.151% KBC Group NV 19/03/2034 516,660 0.27 300,000 5.125% Kering SA 23/11/2026 301,344 0.16 350,000 5.000% Koninklijke KPN NV 18/11/2026 351,978 0.18
Holding Investment Fair Value GBP
% of Net Assets Transferable Securities - 95.10% (March 2025: 98.20%) (continued) Corporate Bonds - 95.10% (March 2025: 98.20%) (continued) Pound Sterling - 95.10% (continued) 400,000 5.750% Koninklijke KPN NV 17/09/2029 415,436 0.22 300,000 4.125% Kraft Heinz Foods Co. 01/07/2027 297,258 0.15 400,000 2.375% Land Securities Capital Markets PLC 29/03/2029 386,352 0.20 300,000 2.399% Land Securities Capital Markets PLC 08/02/2031 278,394 0.15 400,000 1.375% Leeds Building Society 06/10/2027 375,904 0.20 200,000 5.500% Leeds Building Society 30/01/2031 202,770 0.11 500,000 5.125% Legal & General Group PLC 14/11/2048 500,770 0.26 400,000 3.750% Legal & General Group PLC 26/11/2049 378,560 0.20 300,000 3.375% Liberty Living Finance PLC 28/11/2029 282,366 0.15 650,000 2.000% Lloyds Banking Group PLC 12/04/2028 625,833 0.33 300,000 5.250% Lloyds Banking Group PLC 04/10/2030 304,791 0.16 520,000 1.985% Lloyds Banking Group PLC 15/12/2031 505,565 0.26 600,000 6.625% Lloyds Banking Group PLC 02/06/2033 621,540 0.32 300,000 2.625% London & Quadrant Housing Trust 28/02/2028 285,120 0.15 300,000 2.250% London & Quadrant Housing Trust 20/07/2029 271,737 0.14 100,000 6.125% London Power Networks PLC 07/06/2027 102,409 0.05 300,000 2.625% London Power Networks PLC 01/03/2029 281,463 0.15 400,000 1.625% London Stock Exchange Group PLC 06/04/2030 353,460 0.18 200,000 4.500% LSEGA Financing PLC 19/10/2028 200,452 0.10 700,000 1.125% LVMH Moet Hennessy Louis Vuitton SE 11/02/2027 672,364 0.35 400,000 1.125% Macquarie Bank Ltd. 15/12/2025 397,228 0.21 250,000 4.080% Macquarie Group Ltd. 31/05/2029 245,990 0.13 300,000 3.250% Marks & Spencer PLC 10/07/2027 292,761 0.15 300,000 1.375% MassMutual Global Funding II 15/12/2026 289,701 0.15 400,000 5.000% MassMutual Global Funding II 12/12/2027 405,040 0.21 375,000 4.625% MassMutual Global Funding II 05/10/2029 375,555 0.20 520,000 3.125% McKesson Corp. 17/02/2029 497,645 0.26 400,000 5.625% Mercedes-Benz International Finance BV 17/08/2026 404,104 0.21
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% of Net Assets Transferable Securities - 95.10% (March 2025: 98.20%) (continued) Corporate Bonds - 95.10% (March 2025: 98.20%) (continued) Pound Sterling - 95.10% (continued) 200,000 5.000% Mercedes-Benz International Finance BV 12/07/2027 201,888 0.11 300,000 5.125% Mercedes-Benz International Finance BV 17/01/2028 303,648 0.16 500,000 3.500% Metropolitan Life Global Funding I 30/09/2026 496,280 0.26 450,000 4.500% Metropolitan Life Global Funding I 09/07/2027 450,963 0.23 400,000 0.625% Metropolitan Life Global Funding I 08/12/2027 368,360 0.19 470,000 1.625% Metropolitan Life Global Funding I 12/10/2028 432,912 0.23 500,000 1.625% Metropolitan Life Global Funding I 21/09/2029 447,520 0.23 600,000 5.000% Metropolitan Life Global Funding I 10/01/2030 609,714 0.32 200,000 5.105% Mitsubishi HC Capital U.K. PLC 27/02/2028 202,508 0.11 500,000 5.628% Mizuho Financial Group, Inc. 13/06/2028 514,740 0.27 920,000 2.625% Morgan Stanley 09/03/2027 897,635 0.47 200,000 3.750% Motability Operations Group PLC 16/07/2026 198,894 0.10 375,000 4.375% Motability Operations Group PLC 08/02/2027 374,029 0.19 300,000 1.750% Motability Operations Group PLC 03/07/2029 270,795 0.14 550,000 1.699% National Australia Bank Ltd. 15/09/2031 533,252 0.28 250,000 3.500% National Grid Electricity Distribution PLC 16/10/2026 247,460 0.13 200,000 5.875% National Grid Electricity Distribution South West PLC 25/03/2027 203,746 0.11 220,000 2.375% National Grid Electricity Distribution South West PLC 16/05/2029 203,630 0.11 200,000 1.375% National Grid Electricity Transmission PLC 16/09/2026 194,536 0.10 400,000 4.000% National Grid Electricity Transmission PLC 08/06/2027 396,332 0.21 400,000 1.125% National Grid Electricity Transmission PLC 07/07/2028 365,368 0.19 150,000 3.000% Nationwide Building Society 06/05/2026 148,904 0.08 400,000 4.000% Nationwide Building Society 03/09/2027 397,996 0.21 500,000 6.178% Nationwide Building Society 07/12/2027 509,075 0.27 600,000 3.250% Nationwide Building Society 20/01/2028 584,598 0.30 637,000 6.125% Nationwide Building Society 21/08/2028 663,021 0.35
Holding Investment Fair Value GBP
% of Net Assets Transferable Securities - 95.10% (March 2025: 98.20%) (continued) Corporate Bonds - 95.10% (March 2025: 98.20%) (continued) Pound Sterling - 95.10% (continued) 350,000 2.625% Nationwide Building Society 19/08/2031 344,824 0.18 600,000 2.057% NatWest Group PLC 09/11/2028 569,904 0.30 550,000 3.619% NatWest Group PLC 29/03/2029 536,305 0.28 1,000,000 2.105% NatWest Group PLC 28/11/2031 973,800 0.51 600,000 7.416% NatWest Group PLC 06/06/2033 632,454 0.33 600,000 5.642% NatWest Group PLC 17/10/2034 604,380 0.31 650,000 6.625% NatWest Markets PLC 22/06/2026 660,159 0.34 700,000 6.375% NatWest Markets PLC 08/11/2027 726,243 0.38 555,000 5.000% NatWest Markets PLC 18/11/2029 559,579 0.29 500,000 4.500% Nestle Capital Corp. 22/03/2029 503,445 0.26 475,000 0.625% Nestle Holdings, Inc. 18/12/2025 471,494 0.25 425,000 5.250% Nestle Holdings, Inc. 21/09/2026 428,680 0.22 200,000 2.125% Nestle Holdings, Inc. 04/04/2027 194,010 0.10 920,000 1.250% New York Life Global Funding 17/12/2026 888,508 0.46 600,000 1.500% New York Life Global Funding 15/07/2027 571,398 0.30 200,000 0.750% New York Life Global Funding 14/12/2028 179,190 0.09 500,000 4.950% New York Life Global Funding 07/12/2029 511,525 0.27 275,000 3.500% NewRiver REIT PLC 07/03/2028 263,541 0.14 100,000 3.625% Next Group PLC 18/05/2028 97,720 0.05 200,000 4.750% Nordea Bank Abp 25/02/2029 200,776 0.10 300,000 4.500% Nordea Bank Abp 12/10/2029 299,157 0.16 500,000 1.625% Nordea Bank Abp 09/12/2032 468,670 0.24 275,000 4.875% Northern Gas Networks Finance PLC 30/06/2027 275,811 0.14 325,000 1.625% Northumbrian Water Finance PLC 11/10/2026 315,572 0.16 200,000 2.375% Northumbrian Water Finance PLC 05/10/2027 190,870 0.10 300,000 4.880% Northwestern Mutual Global Funding 12/12/2029 303,186 0.16 300,000 2.875% Notting Hill Genesis 31/01/2029 281,334 0.15 380,000 3.375% OP Corporate Bank PLC 14/01/2026 378,963 0.20 370,000 1.375% OP Corporate Bank PLC 04/09/2026 359,825 0.19 300,000 5.250% Orange SA 05/12/2025 300,333 0.16 400,000 8.125% Orange SA 20/11/2028 441,668 0.23 400,000 9.500% OSB Group PLC 07/09/2028 432,028 0.23 275,000 8.875% OSB Group PLC 16/01/2030 306,496 0.16 200,000 9.993% OSB Group PLC 27/07/2033 220,958 0.12 300,000 5.000% Pacific Life Global Funding II 12/01/2028 303,375 0.16
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Holding Investment Fair Value GBP
% of Net Assets Transferable Securities - 95.10% (March 2025: 98.20%) (continued) Corporate Bonds - 95.10% (March 2025: 98.20%) (continued) Pound Sterling - 95.10% (continued) 475,000 5.375% Pacific Life Global Funding II 30/11/2028 486,766 0.25 300,000 3.750% Pearson Funding PLC 04/06/2030 286,233 0.15 300,000 3.200% PepsiCo, Inc. 22/07/2029 290,127 0.15 475,000 5.867% Phoenix Group Holdings PLC 13/06/2029 483,564 0.25 200,000 3.625% Places for People Homes Ltd. 22/11/2028 192,946 0.10 320,000 7.125% Porterbrook Rail Finance Ltd. 20/10/2026 327,478 0.17 250,000 4.625% Porterbrook Rail Finance Ltd. 04/04/2029 247,255 0.13 289,000 8.625% Principality Building Society 12/07/2028 316,019 0.16 300,000 1.800% Procter & Gamble Co. 03/05/2029 277,818 0.14 500,000 2.250% Prologis LP 30/06/2029 461,080 0.24 400,000 5.248% Protective Life Global Funding 13/01/2028 406,520 0.21 200,000 5.875% Prudential Funding Asia PLC 11/05/2029 206,972 0.11 400,000 2.500% QBE Insurance Group Ltd. 13/09/2038 372,236 0.19 350,000 3.375% Quadgas Finance PLC 17/09/2029 323,085 0.17 200,000 8.625% Quilter PLC 18/04/2033 213,598 0.11 400,000 6.125% Real Finance Bonds No. 3 PLC 13/11/2028 412,972 0.22 475,000 1.875% Realty Income Corp. 14/01/2027 458,859 0.24 200,000 1.125% Realty Income Corp. 13/07/2027 188,738 0.10 275,000 5.000% Realty Income Corp. 15/10/2029 276,774 0.14 400,000 4.000% Rio Tinto Finance PLC 11/12/2029 391,888 0.20 350,000 3.375% Rolls-Royce PLC 18/06/2026 347,256 0.18 500,000 5.750% Rolls-Royce PLC 15/10/2027 510,860 0.27 175,000 8.000% Rothesay Life PLC 30/10/2025 175,376 0.09 500,000 3.375% Rothesay Life PLC 12/07/2026 494,715 0.26 500,000 1.125% Royal Bank of Canada 15/12/2025 496,550 0.26 250,000 1.000% Royal Bank of Canada 09/09/2026 242,748 0.13 375,000 3.625% Royal Bank of Canada 14/06/2027 370,729 0.19 525,000 5.000% Royal Bank of Canada 24/01/2028 532,040 0.28 400,000 4.875% Royal Bank of Canada 01/11/2030 402,920 0.21 400,000 3.625% Santander U.K. Group Holdings PLC 14/01/2026 398,988 0.21
Holding Investment Fair Value GBP
% of Net Assets Transferable Securities - 95.10% (March 2025: 98.20%) (continued) Corporate Bonds - 95.10% (March 2025: 98.20%) (continued) Pound Sterling - 95.10% (continued) 672,000 7.098% Santander U.K. Group Holdings PLC 16/11/2027 689,640 0.36 450,000 2.421% Santander U.K. Group Holdings PLC 17/01/2029 427,927 0.22 550,000 7.482% Santander U.K. Group Holdings PLC 29/08/2029 588,450 0.31 300,000 3.875% Santander U.K. PLC 15/10/2029 291,450 0.15 350,000 3.875% Scentre Group Trust 1 16/07/2026 348,135 0.18 305,000 6.346% Schroders PLC 18/07/2034 313,632 0.16 275,000 3.250% Scotland Gas Networks PLC 08/03/2027 269,932 0.14 300,000 1.500% Scottish Hydro Electric Transmission PLC 24/03/2028 280,641 0.15 300,000 2.375% Segro PLC 11/10/2029 275,688 0.14 380,000 3.625% Severn Trent Utilities Finance PLC 16/01/2026 378,978 0.20 450,000 6.250% Severn Trent Utilities Finance PLC 07/06/2029 471,447 0.25 350,000 5.500% Skandinaviska Enskilda Banken AB 01/06/2026 352,597 0.18 300,000 2.000% Skipton Building Society 02/10/2026 300,000 0.16 325,000 6.250% Skipton Building Society 25/04/2029 336,313 0.18 250,000 6.000% Sky Ltd. 21/05/2027 256,083 0.13 320,000 4.000% Sky Ltd. 26/11/2029 312,870 0.16 400,000 1.250% Societe Generale SA 07/12/2027 373,212 0.19 300,000 4.875% Society of Lloyd’s 07/02/2047 299,643 0.16 200,000 1.750% Sodexo SA 26/06/2028 185,566 0.10 225,000 5.500% South Eastern Power Networks PLC 05/06/2026 226,559 0.12 200,000 4.875% Southern Gas Networks PLC 21/03/2029 201,840 0.11 280,000 5.875% SP Distribution PLC 17/07/2026 282,943 0.15 400,000 4.875% SP Manweb PLC 20/09/2027 403,148 0.21 450,000 8.375% SSE PLC 20/11/2028 497,988 0.26 490,000 3.740% SSE PLC (Perpetual) 487,467 0.25 500,000 4.625% Svenska Handelsbanken AB 23/08/2032 498,720 0.26 350,000 6.640% SW Finance I PLC 31/03/2026 349,300 0.18 200,000 1.625% SW Finance I PLC 30/03/2027 187,500 0.10 475,000 2.375% SW Finance I PLC 28/05/2028 433,338 0.23 200,000 6.192% SW Finance I PLC 31/03/2029 205,274 0.11 270,000 1.375% Swedbank AB 08/12/2027 260,523 0.14 350,000 5.875% Swedbank AB 24/05/2029 361,848 0.19 400,000 7.272% Swedbank AB 15/11/2032 419,140 0.22 384,000 5.375% Telefonica Emisiones SA 02/02/2026 384,718 0.20
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Holding Investment Fair Value GBP
% of Net Assets Transferable Securities - 95.10% (March 2025: 98.20%) (continued) Corporate Bonds - 95.10% (March 2025: 98.20%) (continued) Pound Sterling - 95.10% (continued) 400,000 5.445% Telefonica Emisiones SA 08/10/2029 407,216 0.21 300,000 1.875% Tesco Corporate Treasury Services PLC 02/11/2028 278,379 0.15 500,000 2.750% Tesco Corporate Treasury Services PLC 27/04/2030 457,065 0.24 970,000 2.875% Toronto-Dominion Bank 05/04/2027 947,661 0.49 200,000 5.288% Toronto-Dominion Bank 11/01/2028 203,278 0.11 500,000 1.660% TotalEnergies Capital International SA 22/07/2026 489,700 0.26 350,000 3.920% Toyota Finance Australia Ltd. 28/06/2027 346,441 0.18 350,000 4.625% Toyota Finance Australia Ltd. 29/03/2028 350,994 0.18 400,000 0.750% Toyota Motor Credit Corp. 19/11/2026 384,308 0.20 550,000 5.625% Toyota Motor Credit Corp. 23/10/2028 566,208 0.30 200,000 0.750% Toyota Motor Finance Netherlands BV 19/12/2025 198,484 0.10 475,000 4.625% Toyota Motor Finance Netherlands BV 08/06/2026 475,784 0.25 250,000 4.750% Toyota Motor Finance Netherlands BV 22/10/2029 251,805 0.13 330,000 2.625% TP ICAP Finance PLC 18/11/2028 305,540 0.16 200,000 7.875% TP ICAP Finance PLC 17/04/2030 217,198 0.11 500,000 5.625% Traton Finance Luxembourg SA 16/01/2029 507,655 0.26 200,000 2.625% Tritax Big Box REIT PLC 14/12/2026 195,618 0.10 650,000 1.125% UBS AG 15/12/2025 645,541 0.34 350,000 7.750% UBS AG 10/03/2026 355,030 0.19 700,000 7.000% UBS Group AG 30/09/2027 717,101 0.37 650,000 2.250% UBS Group AG 09/06/2028 626,288 0.33 600,000 1.875% UBS Group AG 03/11/2029 553,818 0.29 300,000 2.125% UBS Group AG 15/11/2029 278,568 0.15 475,000 1.500% Unilever PLC 22/07/2026 465,001 0.24 250,000 2.125% Unilever PLC 28/02/2028 238,835 0.12 200,000 1.875% Unilever PLC 15/09/2029 183,534 0.10 200,000 3.500% UNITE Group PLC 15/10/2028 192,476 0.10 300,000 0.875% United Utilities Water Finance PLC 28/10/2029 258,075 0.13 275,000 5.625% United Utilities Water Ltd. 20/12/2027 280,393 0.15 600,000 1.125% Verizon Communications, Inc. 03/11/2028 543,606 0.28 300,000 3.375% Vicinity Centres Trust 07/04/2026 298,044 0.16
Holding Investment Fair Value GBP
% of Net Assets Transferable Securities - 95.10% (March 2025: 98.20%) (continued) Corporate Bonds - 95.10% (March 2025: 98.20%) (continued) Pound Sterling - 95.10% (continued) 400,000 2.250% Vinci SA 15/03/2027 388,776 0.20 125,000 7.625% Virgin Money U.K. PLC 23/08/2029 134,741 0.07 400,000 4.250% Volkswagen Financial Services NV 09/10/2025 399,964 0.21 200,000 1.125% Volkswagen Financial Services NV 05/07/2026 194,980 0.10 200,000 5.500% Volkswagen Financial Services NV 07/12/2026 201,802 0.11 300,000 3.250% Volkswagen Financial Services NV 13/04/2027 293,391 0.15 400,000 6.500% Volkswagen Financial Services NV 18/09/2027 412,304 0.21 500,000 2.125% Volkswagen Financial Services NV 18/01/2028 470,855 0.25 100,000 1.375% Volkswagen Financial Services NV 14/09/2028 90,565 0.05 300,000 5.875% Volkswagen Financial Services NV 23/05/2029 308,481 0.16 500,000 3.375% Volkswagen International Finance NV 16/11/2026 493,035 0.26 405,000 4.625% Volvo Treasury AB 14/02/2028 406,324 0.21 400,000 6.125% Volvo Treasury AB 22/06/2028 415,220 0.22 300,000 5.750% Wales & West Utilities Finance PLC 29/03/2030 309,444 0.16 500,000 3.473% Wells Fargo & Co. 26/04/2028 491,220 0.26 600,000 2.500% Wells Fargo & Co. 02/05/2029 559,332 0.29 400,000 3.500% Wells Fargo & Co. 12/09/2029 383,452 0.20 500,000 4.800% Welltower OP LLC 20/11/2028 501,215 0.26 200,000 5.375% Wessex Water Services Finance PLC 10/03/2028 201,444 0.10 200,000 1.500% Wessex Water Services Finance PLC 17/09/2029 174,134 0.09 500,000 2.625% Westfield America Management Ltd. 30/03/2029 462,715 0.24 500,000 3.375% Whitbread Group PLC 16/10/2025 499,740 0.26 250,000 2.375% Whitbread Group PLC 31/05/2027 240,033 0.13 225,000 2.250% Workspace Group PLC 11/03/2028 208,782 0.11 400,000 3.500% Yorkshire Building Society 21/04/2026 398,232 0.21 440,000 7.375% Yorkshire Building Society 12/09/2027 451,119 0.24 300,000 3.375% Yorkshire Building Society 13/09/2028 291,678 0.15 200,000 6.375% Yorkshire Building Society 15/11/2028 206,620 0.11 300,000 1.500% Yorkshire Building Society 15/09/2029 274,266 0.14
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Schedule of Investments as at 30 September 2025 (continued)
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Holding Investment Fair Value GBP
% of Net Assets Transferable Securities - 95.10% (March 2025: 98.20%) (continued) Corporate Bonds - 95.10% (March 2025: 98.20%) (continued) Pound Sterling - 95.10% (continued) 175,000 3.511% Yorkshire Building Society 11/10/2030 167,048 0.09 100,000 7.250% Yorkshire Power Finance Ltd. 04/08/2028 105,791 0.06 430,000 1.750% Yorkshire Water Finance PLC 26/11/2026 413,952 0.22 400,000 5.250% Yorkshire Water Finance PLC 28/04/2030 396,272 0.21 Total Corporate Bonds 182,470,514 95.10 Total Transferable Securities 182,470,514 95.10
Fair Value GBP % of Fund Total value of investments 182,470,514 95.10 Cash at bank* (March 2025: 1.19%) 5,814,709 3.03 Other net assets (March 2025: 0.61%) 3,588,871 1.87 Net assets attributable to holders of redeemable participating shares 191,874,094 100.00
*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.
Analysis of Total Assets
% of Total Assets Transferable securities admitted to an official exchange listing 95.08 Other assets 4.92 Total Assets 100.00
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SPDR Bloomberg 3-5 Year Euro Government Bond UCITS ETF
Statement of Financial Position as at 30 September 2025
30 September 2025 EUR
31 March 2025 EUR
Current assets Financial assets at fair value through profit or loss: Transferable securities 23,982,715 35,435,498 23,982,715 35,435,498
Cash and cash equivalents 52,252 79,534 Debtors: Interest receivable 219,108 278,694 Receivable for investments sold - 1,735,118 Securities lending income receivable 537 1,160 Total current assets 24,254,612 37,530,004
Current liabilities Creditors - Amounts falling due within one year: Accrued expenses (3,117) (4,476) Payable for investment purchased - (1,782,945) Total current liabilities (3,117) (1,787,421)
Net assets attributable to holders of redeemable participating shares 24,251,495 35,742,583
30 September 2025
31 March 2025
30 September 2024
Net asset value per share 4 EUR 29.29 EUR 29.19 EUR 29.39
The accompanying notes form an integral part of these financial statements.
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SPDR Bloomberg 3-5 Year Euro Government Bond UCITS ETF
Statement of Comprehensive Income for the financial period ended
30 September 2025
Notes
30 September 2025 EUR
30 September 2024 EUR Income from financial assets at fair value 433,858 348,089 Securities lending income 10 5,116 2,212 Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 120,330 453,674 Bank interest income 1,100 1,214 Miscellaneous income - 38 Total investment income 560,404 805,227
Operating expenses 3 (26,050) (19,194) Net profit for the financial period before finance costs and tax 534,354 786,033
Finance costs Distributions to holders of redeemable participating shares 6 (475,453) (328,221)
Profit for the financial period before tax 58,901 457,812 Withholding tax on investment income 2 (507) Increase in net assets attributable to holders of redeemable participating shares resulting from operations 58,394 457,812
Gains and losses arose solely from continuing operations. There were no recognised gains or losses other than those dealt with in the Statement of Comprehensive Income.
The accompanying notes form an integral part of these financial statements.
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SPDR Bloomberg 3-5 Year Euro Government Bond UCITS ETF
Statement of Changes in Net Assets Attributable to Holders of Redeemable
Participating Shares for the financial period ended 30 September 2025
30 September 2025 EUR
30 September 2024 EUR
Net assets attributable to holders of redeemable participating shares at the beginning of the financial period 35,742,583 23,496,649
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 58,394 457,812
Share transactions Proceeds from redeemable participating shares issued 13,084,094 4,881,661 Costs of redeemable participating shares redeemed (24,633,576) (1,008,466) (Decrease)/increase in net assets from share transactions (11,549,482) 3,873,195
Total (decrease)/increase in net assets attributable to holders of redeemable participating shares (11,491,088) 4,331,007
Net assets attributable to holders of redeemable participating shares at the end of the financial period 24,251,495 27,827,656
The accompanying notes form an integral part of these financial statements.
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SPDR Bloomberg 3-5 Year Euro Government Bond UCITS ETF
Statement of Cash Flows for the financial period ended 30 September 2025
30 September 2025 EUR
30 September 2024 EUR
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 58,394 457,812
Adjustment for: Movement in financial assets at fair value through profit or loss 11,404,956 (4,261,047) Operating cash flows before movements in working capital 11,463,350 (3,803,235)
Movement in receivables 60,209 (52,797) Movement in payables (1,359) 172
Cash inflow/(outflow) from operations 58,850 (52,625)
Net cash inflow/(outflow) from operating activities 11,522,200 (3,855,860)
Financing activities Proceeds from subscriptions 13,084,094 4,881,661 Payments for redemptions (24,633,576) (1,008,466)
Net cash (used in)/generated by financing activities (11,549,482) 3,873,195
Net (decrease)/increase in cash and cash equivalents (27,282) 17,335
Cash and cash equivalents at the start of the financial period 79,534 43,686
Cash and cash equivalents at the end of the financial period 52,252 61,021
Supplementary information Taxation paid (507) Interest received 388,151 178,131 Distribution paid (475,453) (328,221)
The accompanying notes form an integral part of these financial statements.
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Holding Investment Fair Value EUR
% of Net Assets Transferable Securities - 98.89% (March 2025: 99.14%) Government Bond - 98.89% (March 2025: 99.14%) Euro - 98.89% 485,000 2.400% Bundesobligation 19/10/2028 489,365 2.02 555,000 2.100% Bundesobligation 12/04/2029 554,044 2.29 400,000 2.500% Bundesobligation 11/10/2029 404,448 1.67 525,000 2.400% Bundesobligation 18/04/2030 528,061 2.18 375,000 0.000% Bundesrepublik Deutschland Bundesanleihe 15/11/2028 351,746 1.45 450,000 0.250% Bundesrepublik Deutschland Bundesanleihe 15/02/2029 423,031 1.74 490,000 0.000% Bundesrepublik Deutschland Bundesanleihe 15/08/2029 450,976 1.86 435,000 2.100% Bundesrepublik Deutschland Bundesanleihe 15/11/2029 433,082 1.79 470,000 0.000% Bundesrepublik Deutschland Bundesanleihe 15/02/2030 427,009 1.76 640,000 0.000% Bundesrepublik Deutschland Bundesanleihe 15/08/2030 574,169 2.37 100,000 2.750% Croatia Government International Bonds 27/01/2030 100,840 0.42 30,000 0.125% Estonia Government International Bonds 10/06/2030 26,514 0.11 40,000 0.500% Finland Government Bonds 15/09/2028 38,046 0.16 155,000 2.875% Finland Government Bonds 15/04/2029 157,829 0.65 110,000 0.500% Finland Government Bonds 15/09/2029 102,281 0.42 110,000 2.500% Finland Government Bonds 15/04/2030 110,207 0.45 635,000 2.400% French Republic Government Bonds OAT 24/09/2028 635,584 2.62 1,085,000 0.750% French Republic Government Bonds OAT 25/11/2028 1,031,401 4.25 1,005,000 2.750% French Republic Government Bonds OAT 25/02/2029 1,014,266 4.18 100,000 5.500% French Republic Government Bonds OAT 25/04/2029 110,173 0.45 1,010,000 0.500% French Republic Government Bonds OAT 25/05/2029 940,330 3.88 840,000 0.000% French Republic Government Bonds OAT 25/11/2029 755,740 3.12 925,000 2.750% French Republic Government Bonds OAT 25/02/2030 929,014 3.83 1,090,000 2.500% French Republic Government Bonds OAT 25/05/2030 1,082,076 4.46 50,000 3.875% Hellenic Republic Government Bonds 12/03/2029 52,394 0.22 110,000 1.500% Hellenic Republic Government Bonds 18/06/2030 104,558 0.43 180,000 1.100% Ireland Government Bonds 15/05/2029 172,766 0.71
Holding Investment Fair Value EUR
% of Net Assets Transferable Securities - 98.89% (March 2025: 99.14%) (continued) Government Bond - 98.89% (March 2025: 99.14%) (continued) Euro - 98.89% (continued) 115,000 2.400% Ireland Government Bonds 15/05/2030 114,916 0.47 440,000 4.750% Italy Buoni Poliennali Del Tesoro 01/09/2028 469,612 1.94 305,000 2.800% Italy Buoni Poliennali Del Tesoro 01/12/2028 309,288 1.27 95,000 2.350% Italy Buoni Poliennali Del Tesoro 15/01/2029 94,628 0.39 305,000 4.100% Italy Buoni Poliennali Del Tesoro 01/02/2029 320,900 1.32 230,000 0.450% Italy Buoni Poliennali Del Tesoro 15/02/2029 215,439 0.89 295,000 2.800% Italy Buoni Poliennali Del Tesoro 15/06/2029 298,080 1.23 330,000 3.350% Italy Buoni Poliennali Del Tesoro 01/07/2029 339,349 1.40 405,000 3.000% Italy Buoni Poliennali Del Tesoro 01/08/2029 412,492 1.70 285,000 3.000% Italy Buoni Poliennali Del Tesoro 01/10/2029 289,352 1.19 180,000 5.250% Italy Buoni Poliennali Del Tesoro 01/11/2029 199,084 0.82 390,000 3.850% Italy Buoni Poliennali Del Tesoro 15/12/2029 408,989 1.69 430,000 3.500% Italy Buoni Poliennali Del Tesoro 01/03/2030 446,146 1.84 420,000 1.350% Italy Buoni Poliennali Del Tesoro 01/04/2030 397,576 1.64 285,000 3.700% Italy Buoni Poliennali Del Tesoro 15/06/2030 297,261 1.23 315,000 2.950% Italy Buoni Poliennali Del Tesoro 01/07/2030 317,889 1.31 330,000 0.950% Italy Buoni Poliennali Del Tesoro 01/08/2030 303,976 1.25 315,000 0.900% Kingdom of Belgium Government Bonds 22/06/2029 298,459 1.23 190,000 2.700% Kingdom of Belgium Government Bonds 22/10/2029 191,854 0.79 195,000 0.100% Kingdom of Belgium Government Bonds 22/06/2030 173,971 0.72 100,000 0.000% Latvia Government International Bonds 24/01/2029 91,888 0.38 60,000 2.875% Lithuania Government International Bonds 28/01/2030 60,145 0.25 270,000 0.000% Netherlands Government Bonds 15/01/2029 251,200 1.04 245,000 0.250% Netherlands Government Bonds 15/07/2029 227,277 0.94 230,000 2.500% Netherlands Government Bonds 15/01/2030 231,513 0.95
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Holding Investment Fair Value EUR
% of Net Assets Transferable Securities - 98.89% (March 2025: 99.14%) (continued) Government Bond - 98.89% (March 2025: 99.14%) (continued) Euro - 98.89% (continued) 210,000 0.000% Netherlands Government Bonds 15/07/2030 187,576 0.77 210,000 2.125% Portugal Obrigacoes do Tesouro OT 17/10/2028 210,103 0.87 200,000 1.950% Portugal Obrigacoes do Tesouro OT 15/06/2029 198,032 0.82 150,000 3.875% Portugal Obrigacoes do Tesouro OT 15/02/2030 159,495 0.66 155,000 0.000% Republic of Austria Government Bonds 20/10/2028 144,916 0.60 270,000 0.500% Republic of Austria Government Bonds 20/02/2029 254,389 1.05 75,000 2.900% Republic of Austria Government Bonds 23/05/2029 76,570 0.31 170,000 2.500% Republic of Austria Government Bonds 20/10/2029 170,869 0.70 190,000 0.000% Republic of Austria Government Bonds 20/02/2030 170,937 0.70 110,000 0.750% Slovakia Government Bonds 09/04/2030 101,521 0.42 75,000 1.188% Slovenia Government Bonds 14/03/2029 72,521 0.30 420,000 5.150% Spain Government Bonds 31/10/2028 455,448 1.88 230,000 6.000% Spain Government Bonds 31/01/2029 257,007 1.06 415,000 1.450% Spain Government Bonds 30/04/2029 402,218 1.66 455,000 3.500% Spain Government Bonds 31/05/2029 472,399 1.95 460,000 0.800% Spain Government Bonds 30/07/2029 432,961 1.78 430,000 0.600% Spain Government Bonds 31/10/2029 399,522 1.65 285,000 2.700% Spain Government Bonds 31/01/2030 287,280 1.18 430,000 0.500% Spain Government Bonds 30/04/2030 392,943 1.62 385,000 1.950% Spain Government Bonds 30/07/2030 374,774 1.54 Total Government Bonds 23,982,715 98.89 Total Transferable Securities 23,982,715 98.89
Fair Value EUR % of Fund Total value of investments 23,982,715 98.89 Cash at bank* (March 2025: 0.22%) 52,252 0.22 Other net assets (March 2025: 0.64%) 216,528 0.89 Net assets attributable to holders of redeemable participating shares 24,251,495 100.00
*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.
Analysis of Total Assets
% of Total Assets Transferable securities admitted to an official exchange listing 98.88 Other assets 1.12 Total Assets 100.00
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SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF
Statement of Financial Position as at 30 September 2025
30 September 2025 USD 31 March 2025 USD
Current assets Financial assets at fair value through profit or loss: Transferable securities 127,156,762 146,603,807 Financial derivative instruments 1,712,229 3,281,796 128,868,991 149,885,603
Cash and cash equivalents 836,139 1,067,489 Cash held with brokers and counterparties for open financial derivative instruments 30,450 19,216 Debtors: Interest receivable 1,499,223 1,787,042 Receivable for investments sold 1,665,918 1,838,739 Securities lending income receivable 761 723 Total current assets 132,901,482 154,598,812
Current liabilities Financial liabilities at fair value through profit or loss: Financial derivative instruments (622,219) (282,905) Creditors - Amounts falling due within one year: Accrued expenses (48,687) (55,720) Payable for investment purchased (2,239,313) (4,970,341) Total current liabilities (2,910,219) (5,308,966)
Net assets attributable to holders of redeemable participating shares 129,991,263 149,289,846
30 September 2025
31 March 2025
30 September 2024
Net asset value per share USD Unhedged 4 USD 27.44 USD 27.06 USD 27.34 EUR Hedged 4 EUR 30.24 EUR 29.47 EUR 29.30
The accompanying notes form an integral part of these financial statements.
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SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF
Statement of Comprehensive Income for the financial period ended
30 September 2025
Notes
30 September 2025 USD
30 September 2024 USD Income from financial assets at fair value 3,772,434 4,702,683 Securities lending income 10 8,925 8,538 Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 9,162,212 6,492,774 Bank interest income 16,011 27,446 Miscellaneous income 1,159 7,230 Total investment income 12,960,741 11,238,671
Operating expenses 3 (327,031) (415,956) Net profit for the financial period before finance costs and tax 12,633,710 10,822,715
Finance costs Distributions to holders of redeemable participating shares 6 (1,074,568) (1,788,529)
Profit for the financial period before tax 11,559,142 9,034,186 Withholding tax on investment income 2 321 (608) Increase in net assets attributable to holders of redeemable participating shares resulting from operations 11,559,463 9,033,578
Gains and losses arose solely from continuing operations. There were no recognised gains or losses other than those dealt with in the Statement of Comprehensive Income.
The accompanying notes form an integral part of these financial statements.
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SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF
Statement of Changes in Net Assets Attributable to Holders of Redeemable
Participating Shares for the financial period ended 30 September 2025
30 September 2025 USD
30 September 2024 USD
Net assets attributable to holders of redeemable participating shares at the beginning of the financial period 149,289,846 181,323,353
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 11,559,463 9,033,578
Share transactions Proceeds from redeemable participating shares issued 45,882,603 61,335,815 Costs of redeemable participating shares redeemed (76,740,649) (104,320,512) Decrease in net assets from share transactions (30,858,046) (42,984,697)
Total decrease in net assets attributable to holders of redeemable participating shares (19,298,583) (33,951,119)
Net assets attributable to holders of redeemable participating shares at the end of the financial period 129,991,263 147,372,234
The accompanying notes form an integral part of these financial statements.
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SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF
Statement of Cash Flows for the financial period ended 30 September 2025
30 September 2025 USD 30 September 2024 USD
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 11,559,463 9,033,578
Adjustment for: Movement in cash with/due to broker (11,234) 19,980 Movement in financial assets at fair value through profit or loss 16,888,838 31,777,310 Unrealised movement on derivative assets and liabilities 1,908,881 (622,356) Operating cash flows before movements in working capital 30,345,948 40,208,512
Movement in receivables 287,781 502,020 Movement in payables (7,033) (16,878)
Cash inflow from operations 280,748 485,142
Net cash inflow from operating activities 30,626,696 40,693,654
Financing activities Proceeds from subscriptions 45,882,603 61,817,250 Payments for redemptions (76,740,649) (104,320,512)
Net cash used in financing activities (30,858,046) (42,503,262)
Net decrease in cash and cash equivalents (231,350) (1,809,608)
Cash and cash equivalents at the start of the financial period 1,067,489 2,064,721
Cash and cash equivalents at the end of the financial period 836,139 255,113
Supplementary information Taxation received/paid 321 (608) Interest received 3,716,951 4,889,410 Distribution paid (1,074,568) (1,788,529)
The accompanying notes form an integral part of these financial statements.
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Holding Investment Fair Value USD
% of Net Assets Transferable Securities - 97.82% (March 2025: 98.20%) Corporate Bonds - 7.73% (March 2025: 8.40%) United States Dollar - 7.73% 500,000 5.375% Abu Dhabi Developmental Holding Co. PJSC 08/05/2029 520,228 0.40 200,000 4.500% Abu Dhabi Developmental Holding Co. PJSC 06/05/2030 202,346 0.16 200,000 4.375% Banco Nacional de Comercio Exterior SNC 14/10/2025 200,227 0.15 200,000 5.875% Banco Nacional de Comercio Exterior SNC 07/05/2030 207,142 0.16 600,000 4.375% Charming Light Investments Ltd. 21/12/2027 598,396 0.46 300,000 3.000% China Development Bank 01/06/2026 298,028 0.23 200,000 3.875% China Great Wall International Holdings III Ltd. 31/08/2027 197,831 0.15 300,000 4.781% Clifford Capital Credit Solutions Pte. Ltd. 14/01/2030 309,455 0.24 310,000 5.500% Eagle Funding Luxco Sarl 17/08/2030 314,514 0.24 300,000 1.639% Emirates Development Bank PJSC 15/06/2026 293,199 0.23 337,000 5.000% Gaci First Investment Co. 13/10/2027 341,194 0.26 700,000 5.000% Gaci First Investment Co. 29/01/2029 715,840 0.55 800,000 5.250% Gaci First Investment Co. 29/01/2030 825,401 0.63 200,000 3.835% Indian Railway Finance Corp. Ltd. 13/12/2027 197,934 0.15 200,000 3.249% Indian Railway Finance Corp. Ltd. 13/02/2030 190,124 0.15 300,000 5.500% Joy Treasure Assets Holdings, Inc. 01/02/2027 303,105 0.23 600,000 5.750% Joy Treasure Assets Holdings, Inc. 06/06/2029 621,650 0.48 300,000 4.484% Khazanah Global Sukuk Bhd. 05/09/2029 303,767 0.23 500,000 4.500% MDGH GMTN RSC Ltd. 07/11/2028 506,848 0.39 450,000 3.750% MDGH GMTN RSC Ltd. 19/04/2029 445,124 0.34 200,000 2.875% MDGH GMTN RSC Ltd. 07/11/2029 190,690 0.15 300,000 2.875% MDGH GMTN RSC Ltd. 21/05/2030 282,750 0.22 600,000 6.875% Southern Gas Corridor CJSC 24/03/2026 606,206 0.47 200,000 5.000% SRC Sukuk Ltd. 27/02/2028 202,833 0.16 300,000 6.000% Suci Second Investment Co. 25/10/2028 314,606 0.24 650,000 3.625% Temasek Financial I Ltd. 01/08/2028 647,984 0.50
Holding Investment Fair Value USD
% of Net Assets Transferable Securities - 97.82% (March 2025: 98.20%) (continued) Corporate Bonds - 7.73% (March 2025: 8.40%) (continued) United States Dollar - 7.73% (continued) 200,000 8.250% Turkiye Varlik Fonu Yonetimi AS 14/02/2029 211,328 0.16 Total Corporate Bonds 10,048,750 7.73 Government Bond - 90.09% (March 2025: 89.80%) United States Dollar - 90.09% 800,000 3.125% Abu Dhabi Government International Bonds 03/05/2026 796,307 0.61 1,600,000 3.125% Abu Dhabi Government International Bonds 11/10/2027 1,583,001 1.22 400,000 3.625% Abu Dhabi Government International Bonds 02/10/2028 398,272 0.31 400,000 4.875% Abu Dhabi Government International Bonds 30/04/2029 413,991 0.32 900,000 2.500% Abu Dhabi Government International Bonds 30/09/2029 855,773 0.66 800,000 3.125% Abu Dhabi Government International Bonds 16/04/2030 776,540 0.60 650,000 1.750% Airport Authority 12/01/2027 632,719 0.49 600,000 4.750% Airport Authority 12/01/2028 611,355 0.47 200,000 4.750% Airport Authority 15/07/2028 204,439 0.16 450,000 4.875% Airport Authority 15/07/2030 467,782 0.36 200,000 9.500% Angola Government International Bonds 12/11/2025 200,375 0.15 600,000 8.250% Angola Government International Bonds 09/05/2028 602,882 0.46 450,000 8.000% Angola Government International Bonds 26/11/2029 437,980 0.34 320,000 1.000% Argentina Republic Government International Bonds 09/07/2029 231,776 0.18 3,800,000 0.750% Argentina Republic Government International Bonds 09/07/2030 2,551,700 1.96 300,000 7.000% Bahrain Government International Bonds 26/01/2026 301,671 0.23 200,000 4.250% Bahrain Government International Bonds 25/01/2028 195,973 0.15 450,000 7.000% Bahrain Government International Bonds 12/10/2028 470,957 0.36 250,000 6.750% Bahrain Government International Bonds 20/09/2029 261,444 0.20 200,000 7.375% Bahrain Government International Bonds 14/05/2030 215,063 0.17 200,000 5.450% Baiterek National Managing Holding JSC 08/05/2028 203,906 0.16
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Holding Investment Fair Value USD
% of Net Assets Transferable Securities - 97.82% (March 2025: 98.20%) (continued) Government Bond - 90.09% (March 2025: 89.80%) (continued) United States Dollar - 90.09% (continued) 750,000 6.000% Brazil Government International Bonds 07/04/2026 755,175 0.58 1,000,000 4.625% Brazil Government International Bonds 13/01/2028 1,000,000 0.77 350,000 4.500% Brazil Government International Bonds 30/05/2029 347,165 0.27 1,000,000 3.875% Brazil Government International Bonds 12/06/2030 958,000 0.74 538,000 6.875% CBB International Sukuk Co. 7 SPC 05/10/2025 538,145 0.41 300,000 3.950% CBB International Sukuk Programme Co. WLL 16/09/2027 293,563 0.23 500,000 3.875% CBB International Sukuk Programme Co. WLL 18/05/2029 479,064 0.37 300,000 2.750% Chile Government International Bonds 31/01/2027 294,537 0.23 800,000 3.240% Chile Government International Bonds 06/02/2028 784,360 0.60 505,000 4.850% Chile Government International Bonds 22/01/2029 516,312 0.40 1,650,000 1.000% China Development Bank 27/10/2025 1,646,502 1.27 955,000 0.550% China Government International Bonds 21/10/2025 953,090 0.73 1,200,000 2.625% China Government International Bonds 02/11/2027 1,181,896 0.91 300,000 2.125% China Government International Bonds 03/12/2029 286,429 0.22 200,000 4.500% Colombia Government International Bonds 28/01/2026 199,450 0.15 200,000 3.875% Colombia Government International Bonds 25/04/2027 197,980 0.15 300,000 4.500% Colombia Government International Bonds 15/03/2029 295,050 0.23 300,000 3.000% Colombia Government International Bonds 30/01/2030 270,420 0.21 600,000 7.375% Colombia Government International Bonds 25/04/2030 637,980 0.49 200,000 5.500% Development Bank of Kazakhstan JSC 15/04/2027 202,717 0.16 200,000 5.625% Development Bank of Kazakhstan JSC 07/04/2030 207,229 0.16 207,000 5.950% Dominican Republic International Bonds 25/01/2027 210,364 0.16 350,000 6.000% Dominican Republic International Bonds 19/07/2028 361,060 0.28 650,000 5.500% Dominican Republic International Bonds 22/02/2029 662,512 0.51 650,000 4.500% Dominican Republic International Bonds 30/01/2030 635,928 0.49
Holding Investment Fair Value USD
% of Net Assets Transferable Securities - 97.82% (March 2025: 98.20%) (continued) Government Bond - 90.09% (March 2025: 89.80%) (continued) United States Dollar - 90.09% (continued) 300,000 5.250% Egypt Government International Bonds 06/10/2025 299,233 0.23 750,000 7.500% Egypt Government International Bonds 31/01/2027 758,993 0.58 550,000 5.800% Egypt Government International Bonds 30/09/2027 546,866 0.42 575,000 6.588% Egypt Government International Bonds 21/02/2028 580,851 0.45 250,000 7.600% Egypt Government International Bonds 01/03/2029 258,257 0.20 700,000 8.625% Egypt Government International Bonds 04/02/2030 741,968 0.57 317,000 10.875% Egyptian Financial Co. for Sovereign Taskeek 28/02/2026 322,896 0.25 183,000 8.625% El Salvador Government International Bonds 28/02/2029 195,387 0.15 300,000 9.250% El Salvador Government International Bonds 17/04/2030 327,000 0.25 750,000 2.875% Export-Import Bank of China 26/04/2026 745,295 0.57 350,000 3.875% Export-Import Bank of India 01/02/2028 346,287 0.27 400,000 3.250% Export-Import Bank of India 15/01/2030 381,497 0.29 900,000 2.625% Export-Import Bank of Korea 26/05/2026 891,646 0.69 500,000 2.375% Export-Import Bank of Korea 21/04/2027 488,303 0.38 400,000 4.000% Export-Import Bank of Korea 11/09/2027 400,496 0.31 1,200,000 4.250% Export-Import Bank of Korea 15/09/2027 1,207,289 0.93 400,000 4.125% Export-Import Bank of Korea 17/10/2027 401,495 0.31 600,000 5.000% Export-Import Bank of Korea 11/01/2028 614,048 0.47 400,000 5.125% Export-Import Bank of Korea 18/09/2028 413,363 0.32 600,000 4.875% Export-Import Bank of Korea 14/01/2030 620,931 0.48 150,000 4.625% Fondo MIVIVIENDA SA 12/04/2027 150,482 0.12 200,000 9.500% Gabon Government International Bonds 18/02/2029 187,227 0.14 200,000 2.750% Georgia Government International Bonds 22/04/2026 195,720 0.15 900,000 5.000% Ghana Government International Bonds 03/07/2029 875,144 0.67 350,000 4.375% Guatemala Government Bonds 05/06/2027 347,375 0.27
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Holding Investment Fair Value USD
% of Net Assets Transferable Securities - 97.82% (March 2025: 98.20%) (continued) Government Bond - 90.09% (March 2025: 89.80%) (continued) United States Dollar - 90.09% (continued) 400,000 5.250% Guatemala Government Bonds 10/08/2029 402,800 0.31 850,000 9.758% Hazine Mustesarligi Varlik Kiralama AS 13/11/2025 855,516 0.66 550,000 5.125% Hazine Mustesarligi Varlik Kiralama AS 22/06/2026 552,598 0.42 1,343,000 8.509% Hazine Mustesarligi Varlik Kiralama AS 14/01/2029 1,463,802 1.13 200,000 6.750% Hazine Mustesarligi Varlik Kiralama AS 01/09/2030 206,925 0.16 200,000 6.250% Honduras Government International Bonds 19/01/2027 202,100 0.16 150,000 5.625% Honduras Government International Bonds 24/06/2030 148,500 0.11 850,000 0.625% Hong Kong Government International Bonds 02/02/2026 840,949 0.65 200,000 4.500% Hong Kong Government International Bonds 11/01/2028 203,357 0.16 550,000 4.000% Hong Kong Government International Bonds 07/06/2028 553,797 0.43 250,000 4.125% Hong Kong Government International Bonds 10/06/2030 254,236 0.20 900,000 6.125% Hungary Government International Bonds 22/05/2028 939,472 0.72 300,000 5.250% Hungary Government International Bonds 16/06/2029 306,831 0.24 300,000 5.375% Hungary Government International Bonds 26/09/2030 308,656 0.24 610,000 4.750% Indonesia Government International Bonds 08/01/2026 611,524 0.47 750,000 3.850% Indonesia Government International Bonds 18/07/2027 747,322 0.57 300,000 4.150% Indonesia Government International Bonds 20/09/2027 300,396 0.23 400,000 3.500% Indonesia Government International Bonds 11/01/2028 395,413 0.30 400,000 4.550% Indonesia Government International Bonds 11/01/2028 403,560 0.31 600,000 4.750% Indonesia Government International Bonds 11/02/2029 610,215 0.47 400,000 4.400% Indonesia Government International Bonds 10/03/2029 403,241 0.31 500,000 5.250% Indonesia Government International Bonds 15/01/2030 520,196 0.40 200,000 5.375% Industrial Bank of Korea 04/10/2028 208,362 0.16 500,000 4.375% Industrial Bank of Korea 24/06/2030 507,851 0.39 265,625 5.800% Iraq International Bonds 15/01/2028 263,987 0.20
Holding Investment Fair Value USD
% of Net Assets Transferable Securities - 97.82% (March 2025: 98.20%) (continued) Government Bond - 90.09% (March 2025: 89.80%) (continued) United States Dollar - 90.09% (continued) 300,000 3.250% Israel Government International Bonds 17/01/2028 293,033 0.23 500,000 5.375% Israel Government International Bonds 12/03/2029 513,688 0.40 1,450,000 5.375% Israel Government International Bonds 19/02/2030 1,495,630 1.15 200,000 6.375% Ivory Coast Government International Bonds 03/03/2028 202,903 0.16 400,000 6.750% Jamaica Government International Bonds 28/04/2028 415,920 0.32 400,000 6.125% Jordan Government International Bonds 29/01/2026 400,748 0.31 350,000 5.750% Jordan Government International Bonds 31/01/2027 349,889 0.27 500,000 7.500% Jordan Government International Bonds 13/01/2029 521,637 0.40 200,000 5.850% Jordan Government International Bonds 07/07/2030 199,209 0.15 900,000 3.000% Korea Development Bank 13/01/2026 897,054 0.69 700,000 1.000% Korea Development Bank 09/09/2026 680,506 0.52 450,000 4.625% Korea Development Bank 03/02/2028 457,094 0.35 700,000 4.375% Korea Development Bank 15/02/2028 707,528 0.54 600,000 4.500% Korea Development Bank 15/02/2029 609,444 0.47 1,150,000 4.875% Korea Development Bank 03/02/2030 1,189,615 0.91 200,000 5.000% Korea Expressway Corp. 14/05/2027 203,075 0.16 300,000 4.625% Korea Housing Finance Corp. 24/02/2028 304,040 0.23 400,000 3.875% Korea Housing Finance Corp. 17/09/2030 395,579 0.30 400,000 2.750% Korea International Bonds 19/01/2027 394,239 0.30 550,000 4.500% Korea International Bonds 03/07/2029 561,444 0.43 300,000 4.250% Korea Land & Housing Corp. 28/05/2027 300,687 0.23 200,000 5.375% Korea Mine Rehabilitation & Mineral Resources Corp. 11/05/2028 205,454 0.16 400,000 4.250% KSA Ijarah Sukuk Ltd. 09/09/2030 399,045 0.31 774,000 3.628% KSA Sukuk Ltd. 20/04/2027 766,974 0.59 400,000 5.268% KSA Sukuk Ltd. 25/10/2028 412,240 0.32 1,000,000 4.303% KSA Sukuk Ltd. 19/01/2029 1,002,126 0.77 300,000 5.250% KSA Sukuk Ltd. 04/06/2030 312,603 0.24
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Holding Investment Fair Value USD
% of Net Assets Transferable Securities - 97.82% (March 2025: 98.20%) (continued) Government Bond - 90.09% (March 2025: 89.80%) (continued) United States Dollar - 90.09% (continued) 1,180,000 3.500% Kuwait International Government Bonds 20/03/2027 1,169,740 0.90 250,000 3.179% Malaysia Sukuk Global Bhd. 27/04/2026 248,763 0.19 400,000 4.150% Mexico Government International Bonds 28/03/2027 398,940 0.31 650,000 3.750% Mexico Government International Bonds 11/01/2028 642,688 0.49 200,000 5.400% Mexico Government International Bonds 09/02/2028 204,860 0.16 800,000 4.500% Mexico Government International Bonds 22/04/2029 800,040 0.62 200,000 5.000% Mexico Government International Bonds 07/05/2029 203,568 0.16 400,000 3.250% Mexico Government International Bonds 16/04/2030 376,560 0.29 350,000 6.000% Mexico Government International Bonds 13/05/2030 367,430 0.28 200,000 6.500% MFB Magyar Fejlesztesi Bank Zrt 29/06/2028 209,649 0.16 200,000 8.650% Mongolia Government International Bonds 19/01/2028 212,351 0.16 200,000 6.625% Mongolia Government International Bonds 25/02/2030 202,844 0.16 300,000 2.375% Morocco Government International Bonds 15/12/2027 287,532 0.22 200,000 5.950% Morocco Government International Bonds 08/03/2028 207,141 0.16 300,000 5.250% Namibia International Bonds 29/10/2025 298,855 0.23 600,000 7.625% Nigeria Government International Bonds 21/11/2025 600,688 0.46 350,000 6.125% Nigeria Government International Bonds 28/09/2028 343,101 0.26 700,000 7.143% Nigeria Government International Bonds 23/02/2030 690,623 0.53 800,000 4.750% Oman Government International Bonds 15/06/2026 800,287 0.62 250,000 6.750% Oman Government International Bonds 28/10/2027 261,186 0.20 870,000 5.625% Oman Government International Bonds 17/01/2028 891,059 0.69 1,100,000 6.000% Oman Government International Bonds 01/08/2029 1,159,197 0.89 500,000 5.932% Oman Sovereign Sukuk Co. 31/10/2025 500,222 0.38 400,000 7.950% Pakistan Global Sukuk Programme Co. Ltd. 31/01/2029 405,346 0.31 500,000 6.000% Pakistan Government International Bonds 08/04/2026 497,914 0.38
Holding Investment Fair Value USD
% of Net Assets Transferable Securities - 97.82% (March 2025: 98.20%) (continued) Government Bond - 90.09% (March 2025: 89.80%) (continued) United States Dollar - 90.09% (continued) 200,000 6.875% Pakistan Government International Bonds 05/12/2027 199,785 0.15 1,150,000 3.875% Panama Government International Bonds 17/03/2028 1,128,035 0.87 500,000 3.160% Panama Government International Bonds 23/01/2030 465,085 0.36 200,000 8.375% Papua New Guinea Government International Bonds 04/10/2028 206,500 0.16 47,000 5.000% Paraguay Government International Bonds 15/04/2026 47,083 0.04 100,000 2.844% Peru Government International Bonds 20/06/2030 93,700 0.07 537,000 4.550% Perusahaan Penerbit SBSN Indonesia III 29/03/2026 538,649 0.41 321,000 4.400% Perusahaan Penerbit SBSN Indonesia III 06/06/2027 322,390 0.25 700,000 4.400% Perusahaan Penerbit SBSN Indonesia III 01/03/2028 705,301 0.54 800,000 5.400% Perusahaan Penerbit SBSN Indonesia III 15/11/2028 830,080 0.64 400,000 5.100% Perusahaan Penerbit SBSN Indonesia III 02/07/2029 410,867 0.32 500,000 5.000% Perusahaan Penerbit SBSN Indonesia III 25/05/2030 513,500 0.39 300,000 4.550% Perusahaan Penerbit SBSN Indonesia III 23/07/2030 301,786 0.23 400,000 3.229% Philippines Government International Bonds 29/03/2027 394,509 0.30 410,000 3.000% Philippines Government International Bonds 01/02/2028 400,304 0.31 200,000 4.625% Philippines Government International Bonds 17/07/2028 202,970 0.16 900,000 9.500% Philippines Government International Bonds 02/02/2030 1,085,507 0.83 750,000 3.250% Qatar Government International Bonds 02/06/2026 745,310 0.57 350,000 4.500% Qatar Government International Bonds 27/02/2028 355,442 0.27 400,000 4.500% Qatar Government International Bonds 23/04/2028 406,173 0.31 700,000 4.000% Qatar Government International Bonds 14/03/2029 702,581 0.54 200,000 4.625% Qatar Government International Bonds 29/05/2029 205,299 0.16 1,650,000 3.750% Qatar Government International Bonds 16/04/2030 1,638,476 1.26 200,000 3.950% Republic of Armenia International Bonds 26/09/2029 187,812 0.14 200,000 7.250% Republic of Kenya Government International Bonds 28/02/2028 205,201 0.16
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Holding Investment Fair Value USD
% of Net Assets Transferable Securities - 97.82% (March 2025: 98.20%) (continued) Government Bond - 90.09% (March 2025: 89.80%) (continued) United States Dollar - 90.09% (continued) 100,000 3.250% Republic of Poland Government International Bonds 06/04/2026 99,544 0.08 730,000 5.500% Republic of Poland Government International Bonds 16/11/2027 754,445 0.58 635,000 4.625% Republic of Poland Government International Bonds 18/03/2029 646,489 0.50 910,000 4.875% Republic of Poland Government International Bonds 12/02/2030 936,507 0.72 800,000 4.850% Republic of South Africa Government International Bonds 27/09/2027 805,008 0.62 700,000 4.300% Republic of South Africa Government International Bonds 12/10/2028 689,360 0.53 300,000 4.850% Republic of South Africa Government International Bonds 30/09/2029 296,654 0.23 400,000 5.875% Republic of South Africa Government International Bonds 22/06/2030 409,020 0.31 317,000 7.850% Republic of Uzbekistan International Bonds 12/10/2028 340,722 0.26 320,000 3.000% Romania Government International Bonds 27/02/2027 312,372 0.24 100,000 5.250% Romania Government International Bonds 25/11/2027 101,049 0.08 604,000 6.625% Romania Government International Bonds 17/02/2028 628,486 0.48 550,000 5.875% Romania Government International Bonds 30/01/2029 565,078 0.43 600,000 5.750% Romania Government International Bonds 16/09/2030 611,632 0.47 900,000 5.045% ROP Sukuk Trust 06/06/2029 921,852 0.71 400,000 2.900% Saudi Government International Bonds 22/10/2025 399,848 0.31 1,189,000 3.250% Saudi Government International Bonds 26/10/2026 1,176,837 0.91 1,200,000 5.125% Saudi Government International Bonds 13/01/2028 1,225,642 0.94 1,125,000 4.750% Saudi Government International Bonds 18/01/2028 1,140,363 0.88 1,025,000 3.625% Saudi Government International Bonds 04/03/2028 1,012,271 0.78 1,400,000 4.375% Saudi Government International Bonds 16/04/2029 1,409,024 1.08 500,000 4.750% Saudi Government International Bonds 16/01/2030 509,832 0.39
Holding Investment Fair Value USD
% of Net Assets Transferable Securities - 97.82% (March 2025: 98.20%) (continued) Government Bond - 90.09% (March 2025: 89.80%) (continued) United States Dollar - 90.09% (continued) 700,000 4.500% Saudi Government International Bonds 17/04/2030 707,840 0.54 200,000 6.250% Serbia International Bonds 26/05/2028 208,609 0.16 557,000 3.854% Sharjah Sukuk Program Ltd. 03/04/2026 554,219 0.43 200,000 2.942% Sharjah Sukuk Program Ltd. 10/06/2027 194,110 0.15 450,000 3.234% Sharjah Sukuk Program Ltd. 23/10/2029 426,240 0.33 292,000 4.000% Sri Lanka Government International Bonds 15/04/2028 279,006 0.21 350,000 3.100% Sri Lanka Government International Bonds 15/01/2030 327,250 0.25 350,000 6.250% State of Israel 21/11/2027 364,435 0.28 350,000 4.500% Trinidad & Tobago Government International Bonds 04/08/2026 348,415 0.27 400,000 4.750% Turkiye Government International Bonds 26/01/2026 400,392 0.31 1,487,000 4.875% Turkiye Government International Bonds 09/10/2026 1,492,193 1.15 275,000 6.000% Turkiye Government International Bonds 25/03/2027 279,239 0.21 1,650,000 9.875% Turkiye Government International Bonds 15/01/2028 1,810,812 1.39 1,100,000 5.125% Turkiye Government International Bonds 17/02/2028 1,097,356 0.84 400,000 6.125% Turkiye Government International Bonds 24/10/2028 407,361 0.31 1,300,000 9.375% Turkiye Government International Bonds 14/03/2029 1,450,515 1.12 808,000 7.625% Turkiye Government International Bonds 26/04/2029 857,736 0.66 1,050,000 5.250% Turkiye Government International Bonds 13/03/2030 1,023,739 0.79 250,000 9.125% Turkiye Government International Bonds 13/07/2030 282,728 0.22 300,000 4.375% Uruguay Government International Bonds 27/10/2027 300,960 0.23 Total Government Bonds 117,108,012 90.09 Total Transferable Securities 127,156,762 97.82
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Financial Derivative Instruments - 0.84% (March 2025: 2.01%) Forward Foreign Currency Exchange Contracts - 0.84% (March 2025: 2.01%)^
Currency Bought Currency Sold Amount Bought Amount Sold Maturity Date Counterparty
Unrealised Gain/(Loss) USD Fund % EUR USD 950,786 1,119,000 02/10/2025 BNP Paribas (1,826) (0.00) EUR USD 21,448,557 24,924,618 02/10/2025 BNP Paribas 277,431 0.21 EUR USD 21,062,249 24,469,618 02/10/2025 JP Morgan Chase Bank 278,520 0.22 EUR USD 21,062,750 24,469,618 02/10/2025 HSBC Bank 279,108 0.22 EUR USD 21,073,225 24,469,618 02/10/2025 Royal Bank of Canada 291,417 0.22 EUR USD 19,992,575 23,405,368 04/11/2025 Goldman Sachs 132,816 0.10 EUR USD 20,001,169 23,405,368 04/11/2025 State Street Bank and Trust Company 142,934 0.11 EUR USD 20,005,546 23,405,368 04/11/2025 HSBC Bank 148,087 0.11 EUR USD 20,016,403 23,405,368 04/11/2025 Deutsche Bank 160,869 0.12 USD EUR 23,405,368 20,056,574 02/10/2025 Deutsche Bank (161,102) (0.12) USD EUR 23,405,368 20,045,708 02/10/2025 HSBC Bank (148,334) (0.11) USD EUR 23,405,368 20,041,296 02/10/2025 State Street Bank and Trust Company (143,150) (0.11) USD EUR 23,405,368 20,032,668 02/10/2025 Goldman Sachs (133,012) (0.10) USD EUR 5,831,000 4,992,167 02/10/2025 BNP Paribas (34,795) (0.03) Unrealised Gain on Forward Foreign Currency Exchange Contracts 1,711,182 1.31 Unrealised Loss on Forward Foreign Currency Exchange Contracts (622,219) (0.47) Net Unrealised Gains on Forward Foreign Currency Exchange Contracts 1,088,963 0.84
Futures Contracts – 0.00% (March 2025: (0.00%))
Notional Amount
Average Cost Price Unrealised Gain USD % of Net Assets (2,840,125) (109) (26) of U.S. 5 Year Note Futures Expiring 19 December 2025 1,047 0.00 Net Unrealised Gain on Futures Contracts 1,047 0.00 Total Financial Derivative Instruments 1,090,010 0.84
Fair Value USD % of Fund Total value of investments 128,246,772 98.66 Cash at bank* (March 2025: 0.72%) 836,139 0.64 Cash at broker* (March 2025: 0.01%) 30,450 0.02 Other net assets (March 2025: (0.94%)) 877,902 0.68 Net assets attributable to holders of redeemable participating shares 129,991,263 100.00
^Forwards contracts are used for hedging purposes.
*All cash holdings are held at State Street Bank and Trust Company, apart from cash at broker which is held with Goldman Sachs.
The broker for the open futures contracts is Goldman Sachs. All of the above securities are traded on a recognised stock exchange or traded on a regulated market unless otherwise stated.
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Analysis of Total Assets
% of Total Assets Transferable securities admitted to an official exchange listing 95.14 Transferable securities dealt in on another regulated market 0.54 Exchange traded financial derivatives instruments 0.00 Over the counter financial derivative instruments 1.29 Other assets 3.03 Total Assets 100.00
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SPDR EURO STOXX Low Volatility UCITS ETF
Statement of Financial Position as at 30 September 2025
30 September 2025 EUR
31 March 2025 EUR
Current assets Financial assets at fair value through profit or loss: Transferable securities 46,409,045 16,856,983 Financial derivative instruments 6,832 46,415,877 16,856,983
Cash and cash equivalents 131,224 32,789 Cash held with brokers and counterparties for open financial derivative instruments 20,633 Debtors: Dividends receivable 248,349 225,211 Securities lending income receivable 176 Total current assets 46,816,259 17,114,983
Current liabilities Creditors - Amounts falling due within one year: Accrued expenses (11,696) (4,577) Other payables - (99) Total current liabilities (11,696) (4,676)
Net assets attributable to holders of redeemable participating shares 46,804,563 17,110,307
30 September 2025
31 March 2025
30 September 2024
Net asset value per share 4 EUR 55.72 EUR 53.47 EUR 50.01
The accompanying notes form an integral part of these financial statements.
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SPDR EURO STOXX Low Volatility UCITS ETF
Statement of Comprehensive Income for the financial period ended
30 September 2025
Notes
30 September 2025 EUR
30 September 2024 EUR
Dividend income 1,427,016 719,539 Income from financial assets at fair value 113 409 Securities lending income 10 2,842 2,467 Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 160,641 395,232 Bank interest income 2,379 1,756 Miscellaneous income 331 597 Total investment income 1,593,322 1,120,000
Operating expenses 3 (71,390) (31,518) Net profit for the financial period before finance costs and tax 1,521,932 1,088,482
Profit for the financial period before tax 1,521,932 1,088,482 Withholding tax on investment income 2 (86,243) (36,866) Increase in net assets attributable to holders of redeemable participating shares resulting from operations 1,435,689 1,051,616
Gains and losses arose solely from continuing operations. There were no recognised gains or losses other than those dealt with in the Statement of Comprehensive Income.
The accompanying notes form an integral part of these financial statements.
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SPDR EURO STOXX Low Volatility UCITS ETF
Statement of Changes in Net Assets Attributable to Holders of Redeemable
Participating Shares for the financial period ended 30 September 2025
30 September 2025 EUR
30 September 2024 EUR
Net assets attributable to holders of redeemable participating shares at the beginning of the financial period 17,110,307 23,735,638
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 1,435,689 1,051,616
Share transactions Proceeds from redeemable participating shares issued 32,715,663 Costs of redeemable participating shares redeemed (4,457,096) (5,782,792) Increase/(decrease) in net assets from share transactions 28,258,567 (5,782,792)
Total increase/(decrease) in net assets attributable to holders of redeemable participating shares 29,694,256 (4,731,176)
Net assets attributable to holders of redeemable participating shares at the end of the financial period 46,804,563 19,004,462
The accompanying notes form an integral part of these financial statements.
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SPDR EURO STOXX Low Volatility UCITS ETF
Statement of Cash Flows for the financial period ended 30 September 2025
30 September 2025 EUR
30 September 2024 EUR
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 1,435,689 1,051,616
Adjustment for: Movement in cash with/due to broker (20,633) 643 Movement in financial assets at fair value through profit or loss (29,552,062) 4,760,483 Unrealised movement on derivative assets and liabilities (6,832) 130 Operating cash flows before movements in working capital (28,143,838) 5,812,872
Movement in receivables (23,314) 13,506 Movement in payables 7,020 (2,337)
Cash (outflow)/inflow from operations (16,294) 11,169
Net cash (outflow)/inflow from operating activities (28,160,132) 5,824,041
Financing activities Proceeds from subscriptions 32,715,663 Payments for redemptions (4,457,096) (5,782,792)
Net cash generated by/(used in) financing activities 28,258,567 (5,782,792)
Net increase in cash and cash equivalents 98,435 41,249
Cash and cash equivalents at the start of the financial period 32,789 50,327
Cash and cash equivalents at the end of the financial period 131,224 91,576
Supplementary information Taxation paid (86,243) (36,866) Interest received 2,492 2,165 Dividend received 1,403,878 732,247
The accompanying notes form an integral part of these financial statements.
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Holding Investment Fair Value EUR
% of Net Assets Transferable Securities - 99.16% (March 2025: 98.52%) Common Stock - 90.63% (March 2025: 92.66%) Euro - 90.63% 197,014 A2A SpA 438,750 0.94 2,091 Ackermans & van Haaren NV 455,838 0.97 5,980 ACS Actividades de Construccion y Servicios SA 406,640 0.87 21,839 Aena SME SA 508,194 1.09 3,497 Aeroports de Paris SA 392,713 0.84 9,878 Ageas SA 581,814 1.24 2,952 Air Liquide SA 522,091 1.12 1,403 Allianz SE 501,432 1.07 6,119 Amadeus IT Group SA 413,033 0.88 7,857 Anheuser-Busch InBev SA 399,136 0.85 8,734 ASR Nederland NV 504,651 1.08 10,983 AXA SA 446,349 0.95 7,933 Banca Generali SpA 376,183 0.80 4,581 Beiersdorf AG 407,709 0.87 3,869 BioMerieux 440,292 0.94 110,900 Bollore SE 534,094 1.14 12,514 Bouygues SA 479,536 1.02 18,609 Bureau Veritas SA 495,744 1.06 33,451 Carrefour SA 431,351 0.92 13,145 Cie Generale des Etablissements Michelin SCA 401,448 0.86 28,026 Credit Agricole SA 468,595 1.00 7,392 Danone SA 548,191 1.17 2,035 Deutsche Boerse AG 464,183 0.99 14,866 Deutsche Telekom AG 431,263 0.92 5,354 DiaSorin SpA 404,334 0.86 5,597 DSM-Firmenich AG 405,894 0.87 31,226 E.ON SE 500,084 1.07 11,394 Elisa OYJ 508,856 1.09 39,700 Enagas SA 528,407 1.13 18,684 Endesa SA 508,392 1.09 66,774 Enel SpA 538,599 1.15 28,888 Engie SA 527,350 1.13 31,625 Eni SpA 470,137 1.00 1,470 EssilorLuxottica SA 405,720 0.87 3,848 Euronext NV 490,235 1.05 5,194 EXOR NV 432,141 0.92 9,918 Ferrovial SE 483,800 1.03 9,412 Fresenius SE & Co. KGaA 446,129 0.95 7,120 GEA Group AG 447,492 0.96 14,617 Generali 488,354 1.04 38,456 Getlink SE 602,221 1.29 7,060 Groupe Bruxelles Lambert NV 536,913 1.15 1,862 Hannover Rueck SE 477,789 1.02
Holding Investment Fair Value EUR
% of Net Assets Transferable Securities - 99.16% (March 2025: 98.52%) (continued) Common Stock - 90.63% (March 2025: 92.66%) (continued) Euro - 90.63% (continued) 6,864 Heineken Holding NV 400,514 0.86 5,905 Heineken NV 392,210 0.84 129,405 Hera SpA 495,621 1.06 13,540 Huhtamaki OYJ 399,159 0.85 35,008 Iberdrola SA 563,804 1.21 8,655 Industria de Diseno Textil SA 406,525 0.87 47,713 Infrastrutture Wireless Italiane SpA 477,607 1.02 18,815 ING Groep NV 415,341 0.89 67,271 Italgas SpA 527,068 1.13 6,916 KBC Ancora 466,138 1.00 3,894 KBC Group NV 395,046 0.84 5,633 Kerry Group PLC 432,333 0.92 23,298 Kesko OYJ 421,694 0.90 8,583 Kone OYJ 497,814 1.06 15,686 Koninklijke Ahold Delhaize NV 540,383 1.16 143,399 Koninklijke KPN NV 586,072 1.25 10,579 Koninklijke Vopak NV 413,004 0.88 17,805 Lottomatica Group SpA 408,091 0.87 67,686 Mandatum OYJ 386,352 0.83 108,196 Mapfre SA 436,030 0.93 19,509 Naturgy Energy Group SA 516,208 1.10 8,995 NN Group NV 538,800 1.15 30,630 Nordea Bank Abp 428,054 0.92 8,922 OMV AG 405,237 0.87 40,605 Orange SA 560,755 1.20 28,214 Poste Italiane SpA 569,641 1.22 11,594 Qiagen NV 437,036 0.93 608 Rational AG 394,592 0.84 7,594 Recordati Industria Chimica e Farmaceutica SpA 392,610 0.84 32,452 Redeia Corp. SA 533,511 1.14 28,266 Repsol SA 425,827 0.91 12,283 RWE AG 464,543 0.99 55,663 Sampo OYJ 544,273 1.16 5,356 Sanofi SA 420,714 0.90 3,917 Scout24 SE 417,552 0.89 8,469 Siemens Healthineers AG 389,743 0.83 110,440 Snam SpA 565,232 1.21 5,241 Symrise AG 388,044 0.83 110,308 Telefonica SA 485,135 1.04 66,236 Terna - Rete Elettrica Nazionale 572,147 1.22 8,603 TotalEnergies SE 445,033 0.95 16,169 Veolia Environnement SA 468,578 1.00 6,757 Verbund AG 418,258 0.89
SSGA SPDR ETFs Europe II plc Interim Report and Unaudited Condensed Financial Statements 2025
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Schedule of Investments as at 30 September 2025
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Holding Investment Fair Value EUR
% of Net Assets Transferable Securities - 99.16% (March 2025: 98.52%) (continued) Common Stock - 90.63% (March 2025: 92.66%) (continued) Euro - 90.63% (continued) 4,895 Vidrala SA 440,550 0.94 3,858 Vinci SA 455,051 0.97 9,786 Viscofan SA 568,567 1.22 5,149 Wendel SE 419,644 0.90 3,776 Wolters Kluwer NV 438,582 0.94 Total Common Stock 42,416,800 90.63 Real Estate Investment Trust - 6.77% (March 2025: 4.78%) Euro - 6.77% 7,472 Aedifica SA 471,110 1.00 5,376 Cofinimmo SA 396,749 0.85 7,197 Covivio SA 411,668 0.88 5,721 Gecina SA 488,001 1.04 17,600 Klepierre SA 583,616 1.25 4,567 Unibail-Rodamco-Westfield 408,473 0.87 19,319 Warehouses De Pauw CVA 411,108 0.88 Total Real Estate Investment Trust 3,170,725 6.77 Preferred Stock - 1.76% (March 2025: 1.08%) Euro - 1.76% 6,572 Henkel AG & Co. KGaA 451,496 0.97 11,062 Porsche Automobil Holding SE 370,024 0.79 Total Preferred Stock 821,520 1.76 Total Transferable Securities 46,409,045 99.16
Financial Derivative Instruments - 0.01% (March 2025: Nil) Futures Contracts – 0.01% (March 2025: Nil)
Notional Amount
Average Cost Price
Unrealised Gain EUR
% of Net Assets 381,038 5,443 7 of Euro STOXX 50 Index Futures Long Futures Contracts Expiring 19 December 2025 6,832 0.01 Net Unrealised Gain on Futures Contracts 6,832 0.01 Total Financial Derivative Instruments 6,832 0.01
Fair Value EUR % of Fund Total value of investments 46,415,877 99.17 Cash at bank* (March 2025: 0.19%) 131,224 0.28 Cash at broker* (March 2025: Nil) 20,633 0.04 Other net assets (March 2025: 1.29%) 236,829 0.51 Net assets attributable to holders of redeemable participating shares 46,804,563 100.00
*All cash holdings are held at State Street Bank and Trust Company, apart from cash at broker which is held with Goldman Sachs.
The broker for the open futures contracts is Goldman Sachs. All of the above securities are traded on a recognised stock exchange or traded on a regulated market unless otherwise stated.
Analysis of Total Assets
% of Total Assets Transferable securities admitted to an official exchange listing 99.13 Exchange traded financial derivatives instruments 0.02 Other assets 0.85 Total Assets 100.00
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Statement of Financial Position as at 30 September 2025
30 September 2025 USD 31 March 2025 USD
Current assets Financial assets at fair value through profit or loss: Transferable securities 1,514,559,374 1,402,561,777 Financial derivative instruments 66,778 1,514,626,152 1,402,561,777
Cash and cash equivalents 10,373,135 13,106,644 Cash held with brokers and counterparties for open financial derivative instruments 281,413 314,377 Debtors: Dividends receivable 1,859,698 1,688,696 Interest receivable 9,208,021 8,522,546 Receivable for investments sold - 25,278,409 Securities lending income receivable 6,168 6,547 Total current assets 1,536,354,587 1,451,478,996
Current liabilities Financial liabilities at fair value through profit or loss: Financial derivative instruments - (18,171) Creditors - Amounts falling due within one year: Accrued expenses (498,963) (485,263) Payable for investment purchased (23,616) (14,035,894) Total current liabilities (522,579) (14,539,328)
Net assets attributable to holders of redeemable participating shares 1,535,832,008 1,436,939,668
30 September 2025
31 March 2025
30 September 2024
Net asset value per share 4 USD 36.88 USD 34.62 USD 35.85
The accompanying notes form an integral part of these financial statements.
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Statement of Comprehensive Income for the financial period ended
30 September 2025
Notes
30 September 2025 USD
30 September 2024 USD
Dividend income 13,632,503 11,228,830 Income from financial assets at fair value 15,345,337 11,948,844 Securities lending income 10 48,186 87,715 Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 90,188,949 90,819,162 Bank interest income 155,178 100,726 Miscellaneous income 220 453 Total investment income 119,370,373 114,185,730
Operating expenses 3 (2,977,694) (2,488,746) Net profit for the financial period before finance costs and tax 116,392,679 111,696,984
Finance costs Distributions to holders of redeemable participating shares 6 (19,774,502) (15,743,704)
Profit for the financial period before tax 96,618,177 95,953,280
Capital gains tax 2 (53,612) (247,866) Withholding tax on investment income 2 (1,711,400) (1,472,143) Increase in net assets attributable to holders of redeemable participating shares resulting from operations 94,853,165 94,233,271
Gains and losses arose solely from continuing operations. There were no recognised gains or losses other than those dealt with in the Statement of Comprehensive Income.
The accompanying notes form an integral part of these financial statements.
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Statement of Changes in Net Assets Attributable to Holders of Redeemable
Participating Shares for the financial period ended 30 September 2025
30 September 2025 USD
30 September 2024 USD
Net assets attributable to holders of redeemable participating shares at the beginning of the financial period 1,436,939,668 1,183,411,752
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 94,853,165 94,233,271
Share transactions Proceeds from redeemable participating shares issued 14,841,872 92,004,800 Costs of redeemable participating shares redeemed (10,802,697) Increase in net assets from share transactions 4,039,175 92,004,800
Total increase in net assets attributable to holders of redeemable participating shares 98,892,340 186,238,071
Net assets attributable to holders of redeemable participating shares at the end of the financial period 1,535,832,008 1,369,649,823
The accompanying notes form an integral part of these financial statements.
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Statement of Cash Flows for the financial period ended 30 September 2025
30 September 2025 USD 30 September 2024 USD
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 94,853,165 94,233,271
Adjustment for: Movement in cash with/due to broker 32,964 43,620 Movement in financial assets at fair value through profit or loss (100,731,466) (193,443,017) Unrealised movement on derivative assets and liabilities (84,949) 7,906 Operating cash flows before movements in working capital (5,930,286) (99,158,220)
Movement in receivables (856,098) (845,911) Movement in payables 13,700 17,127
Cash outflow from operations (842,398) (828,784)
Net cash outflow from operating activities (6,772,684) (99,987,004)
Financing activities Proceeds from subscriptions 14,841,872 92,004,800 Payments for redemptions (10,802,697) -
Net cash generated by financing activities 4,039,175 92,004,800
Net decrease in cash and cash equivalents (2,733,509) (7,982,204)
Cash and cash equivalents at the start of the financial period 13,106,644 15,117,064
Cash and cash equivalents at the end of the financial period 10,373,135 7,134,860
Supplementary information Taxation paid (1,765,012) (1,720,009) Interest received 14,526,484 10,855,788 Dividend received 13,461,501 11,450,880 Distribution paid (19,774,502) (15,743,704)
The accompanying notes form an integral part of these financial statements.
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Holding Investment Fair Value USD
% of Net Assets Transferable Securities - 98.62% (March 2025: 97.61%) Common Stock - 48.05% (March 2025: 47.36%) Australian Dollar - 0.79% 214,507 APA Group 1,262,421 0.08 176,648 Atlas Arteria Ltd. 574,831 0.04 310,530 Aurizon Holdings Ltd. 656,514 0.04 339,297 Cleanaway Waste Management Ltd. 622,887 0.04 47,385 Dalrymple Bay Infrastructure Ltd. 137,237 0.01 111,871 Downer EDI Ltd. 546,430 0.03 277,821 Origin Energy Ltd. 2,301,573 0.15 276,310 Qube Holdings Ltd. 752,641 0.05 31,888 Ramsay Health Care Ltd. 670,574 0.04 32,727 Regis Healthcare Ltd. 130,573 0.01 498,032 Transurban Group 4,554,974 0.30 12,210,655 0.79 Brazilian Real - 0.72% 28,570 Alupar Investimento SA 171,617 0.01 72,400 Ambipar Participacoes e Empreendimentos SA 115,828 0.01 164,611 Centrais Eletricas Brasileiras SA 1,623,376 0.11 74,620 Cia de Saneamento Basico do Estado de Sao Paulo SABESP 1,851,926 0.12 37,900 Cia de Saneamento de Minas Gerais Copasa MG 245,453 0.02 48,060 Cia De Sanena Do Parana 334,355 0.02 69,540 Cia Energetica de Minas Gerais 189,077 0.01 139,400 Cia Paranaense de Energia - Copel 316,203 0.02 35,600 CPFL Energia SA 263,379 0.02 53,648 Energisa SA 512,349 0.03 210,497 Equatorial Energia SA 1,460,481 0.09 150,565 Motiva Infraestrutura de Mobilidade SA 420,690 0.03 102,300 Neoenergia SA 551,306 0.04 211,000 Rede D’Or Sao Luiz SA 1,667,223 0.11 179,400 Rumo SA 537,976 0.03 33,931 Transmissora Alianca de Energia Eletrica SA 233,574 0.01 134,582 Ultrapar Participacoes SA 555,204 0.04 24,700 Wilson Sons SA 84,644 0.00 11,134,661 0.72 Canadian Dollar - 4.94% 121,000 Algonquin Power & Utilities Corp. 650,481 0.04 47,718 AltaGas Ltd. 1,470,568 0.10 29,736 AtkinsRealis Group, Inc. 2,146,531 0.14 20,150 Brookfield Infrastructure Corp. 827,781 0.05 90,118 Canadian National Railway Co. 8,500,134 0.55 153,980 Canadian Pacific Kansas City Ltd. 11,470,481 0.75 21,415 Chartwell Retirement Residences 310,590 0.02 48,593 Emera, Inc. 2,331,863 0.15
Holding Investment Fair Value USD
% of Net Assets Transferable Securities - 98.62% (March 2025: 97.61%) (continued) Common Stock - 48.05% (March 2025: 47.36%) (continued) Canadian Dollar - 4.94% (continued) 361,551 Enbridge, Inc. 18,243,852 1.19 82,520 Fortis, Inc. 4,186,493 0.27 28,781 Gibson Energy, Inc. 535,119 0.04 50,965 Hydro One Ltd. 1,818,609 0.12 36,555 Keyera Corp. 1,226,644 0.08 95,817 Pembina Pipeline Corp. 3,874,962 0.25 33,000 South Bow Corp. 933,980 0.06 36,200 Superior Plus Corp. 205,274 0.01 171,625 TC Energy Corp. 9,333,667 0.61 19,100 Topaz Energy Corp. 354,573 0.02 42,247 Waste Connections, Inc. 7,428,598 0.48 5,397 Westshore Terminals Investment Corp. 96,583 0.01 75,946,783 4.94 Chilean Peso - 0.07% 429,331 Aguas Andinas SA 162,973 0.01 3,431,213 Cia Sud Americana de Vapores SA 179,492 0.01 2,619,673 Enel Americas SA 264,271 0.02 3,436,022 Enel Chile SA 265,864 0.02 110,439 Engie Energia Chile SA 159,650 0.01 628,087 Sociedad Matriz SAAM SA 80,344 0.00 1,112,594 0.07 Colombian Peso - 0.06% 97,394 Celsia SA 116,892 0.01 576,840 Grupo Energia Bogota SA ESP 431,597 0.03 62,875 Interconexion Electrica SA ESP 375,064 0.02 923,553 0.06 Czech Koruna - 0.11% 26,824 CEZ AS 1,667,342 0.11 1,667,342 0.11 Danish Krone - 0.59% 403 AP Moller - Maersk AS (Class A) 788,517 0.05 705 AP Moller - Maersk AS (Class B) 1,383,300 0.09 31,591 DSV AS 6,288,065 0.41 3,141 Per Aarsleff Holding AS 339,177 0.02 10,931 TORM PLC 224,804 0.02 9,023,863 0.59 Euro - 6.08% 3,941 Acciona SA 791,382 0.05 33,544 ACS Actividades de Construccion y Servicios SA 2,680,165 0.18 123,660 Aena SME SA 3,381,142 0.22 6,396 Aeroports de Paris SA 843,968 0.06 8,815 Aktor SA Holding Co. Technical & Energy Projects 89,179 0.01
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% of Net Assets Transferable Securities - 98.62% (March 2025: 97.61%) (continued) Common Stock - 48.05% (March 2025: 47.36%) (continued) Euro - 6.08% (continued) 12,386 Arcadis NV 624,347 0.04 13,675 Athens International Airport SA 166,787 0.01 30,312 Bouygues SA 1,364,828 0.09 25,656 Clariane SE 142,650 0.01 13,871 CTT-Correios de Portugal SA 118,164 0.01 156,462 Deutsche Post AG 6,974,996 0.45 455,107 EDP SA 2,158,788 0.14 12,062 Eiffage SA 1,540,589 0.10 5,696 Elecnor SA 162,300 0.01 7,137 Elia Group SA 823,083 0.05 11,892 Emeis SA 206,243 0.01 41,019 Enagas SA 641,506 0.04 53,767 Enav SpA 273,048 0.02 51,674 Endesa SA 1,652,108 0.11 1,287,378 Enel SpA 12,201,187 0.79 27,051 Eutelsat Communications SACA 108,546 0.01 8,057 EVN AG 221,527 0.01 75,715 Ferrovial SE 4,339,718 0.28 14,239 Fomento de Construcciones y Contratas SA 187,720 0.01 71,848 Fortum OYJ 1,359,606 0.09 5,237 Fraport AG Frankfurt Airport Services Worldwide 452,588 0.03 5,637 Gaztransport Et Technigaz SA 1,043,860 0.07 10,250 GEK Terna SA 269,057 0.02 50,737 Getlink SE 933,586 0.06 2,473 HOCHTIEF AG 661,935 0.04 1,008,066 Iberdrola SA 19,076,007 1.24 27,219 Irish Continental Group PLC 184,858 0.01 98,876 Italgas SpA 910,265 0.06 45,460 Koninklijke BAM Groep NV 429,194 0.03 10,405 Koninklijke Vopak NV 477,298 0.03 9,001 Logista Integral SA 305,651 0.02 17,460 Naturgy Energy Group SA 542,840 0.04 5,142 Oesterreichische Post AG 178,839 0.01 694 Piraeus Port Authority SA 36,002 0.00 35,217 Public Power Corp. SA 580,147 0.04 65,651 Redeia Corp. SA 1,268,180 0.08 79,225 REN - Redes Energeticas Nacionais SGPS SA 284,853 0.02 89,790 Sacyr SA 375,803 0.03 363,018 Snam SpA 2,183,063 0.14 23,379 SPIE SA 1,258,141 0.08 1,887 Strabag SE 172,057 0.01
Holding Investment Fair Value USD
% of Net Assets Transferable Securities - 98.62% (March 2025: 97.61%) (continued) Common Stock - 48.05% (March 2025: 47.36%) (continued) Euro - 6.08% (continued) 238,689 Terna - Rete Elettrica Nazionale 2,422,609 0.16 105,129 Veolia Environnement SA 3,579,799 0.23 11,381 Verbund AG 827,768 0.05 83,084 Vinci SA 11,514,713 0.75 66,057 Webuild SpA 274,454 0.02 25,862 YIT OYJ 90,373 0.01 93,387,517 6.08 Hong Kong Dollar - 1.32% 54,000 Anhui Expressway Co. Ltd. (Class H) 79,400 0.00 75,000 Beijing Enterprises Holdings Ltd. 320,613 0.02 796,000 Beijing Enterprises Water Group Ltd. 244,517 0.02 62,000 Brightoil Petroleum Holdings Ltd. - 220,000 China Conch Venture Holdings Ltd. 310,190 0.02 507,407 China Everbright Environment Group Ltd. 289,559 0.02 459,743 China Gas Holdings Ltd. 450,265 0.03 176,330 China Merchants Port Holdings Co. Ltd. 330,205 0.02 565,000 China Railway Group Ltd. (Class H) 285,390 0.02 149,200 China Resources Gas Group Ltd. 380,460 0.02 223,000 China Suntien Green Energy Corp. Ltd. 121,813 0.01 164,000 China Water Affairs Group Ltd. 124,996 0.01 106,500 CK Infrastructure Holdings Ltd. 699,469 0.05 305,000 CLP Holdings Ltd. 2,526,509 0.16 128,000 COSCO SHIPPING Energy Transportation Co. Ltd. (Class H) 148,393 0.01 429,400 COSCO SHIPPING Holdings Co. Ltd. (Class H) 668,350 0.04 139,425 COSCO SHIPPING Ports Ltd. 101,965 0.01 189,466 CTF Services Ltd. 205,041 0.01 125,200 ENN Energy Holdings Ltd. 1,035,502 0.07 458,000 Guangdong Investment Ltd. 416,182 0.03 54,100 Guangdong Provincial Expressway Development Co. Ltd. 57,226 0.00 467,500 HK Electric Investments & HK Electric Investments Ltd. 355,714 0.02 1,760,724 Hong Kong & China Gas Co. Ltd. 1,529,805 0.10 53,000 Hygeia Healthcare Holdings Co. Ltd. 97,480 0.01 1,049,600 J&T Global Express Ltd. 1,319,352 0.09 392,300 JD Logistics, Inc. 660,523 0.04 218,000 Jiangsu Expressway Co. Ltd. (Class H) 252,733 0.02 48,530 KLN Logistics Group Ltd. 46,157 0.00 638,000 Kunlun Energy Co. Ltd. 570,726 0.04 470,000 Metallurgical Corp. of China Ltd. (Class H) 163,706 0.01 254,705 MTR Corp. Ltd. 863,595 0.06
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% of Net Assets Transferable Securities - 98.62% (March 2025: 97.61%) (continued) Common Stock - 48.05% (March 2025: 47.36%) (continued) Hong Kong Dollar - 1.32% (continued) 22,500 Orient Overseas International Ltd. 365,245 0.02 757,000 Pacific Basin Shipping Ltd. 244,212 0.02 219,910 Power Assets Holdings Ltd. 1,392,880 0.09 148,000 Qingdao Port International Co. Ltd. (Class H) 137,150 0.01 23,600 SF Holding Co. Ltd. (Class H) 112,655 0.01 98,000 Shenzhen Expressway Corp. Ltd. 92,831 0.01 233,152 Shenzhen International Holdings Ltd. 234,039 0.01 214,000 Sichuan Expressway Co. Ltd. 125,973 0.01 198,000 Sinopec Kantons Holdings Ltd. 111,974 0.01 414,000 Sinotrans Ltd. 259,136 0.02 213,000 SITC International Holdings Co. Ltd. 820,200 0.05 158,439 Towngas Smart Energy Co. Ltd. 80,234 0.00 26,000 TS Lines Ltd. 28,572 0.00 229,440 Zhejiang Expressway Co. Ltd. 212,029 0.01 139,000 Zhongyu Energy Holdings Ltd. 57,884 0.00 69,450 ZTO Express Cayman, Inc. 1,316,626 0.09 20,247,476 1.32 Indian Rupee - 1.22% 49,990 Adani Energy Solutions Ltd. 491,096 0.03 152,456 Adani Ports & Special Economic Zone Ltd. 2,409,900 0.16 32,309 Adani Total Gas Ltd. 227,538 0.01 17,841 Aegis Logistics Ltd. 153,868 0.01 18,801 Apollo Hospitals Enterprise Ltd. 1,568,854 0.10 33,189 Aster DM Healthcare Ltd. 234,352 0.01 10,025 Bharti Hexacom Ltd. 187,405 0.01 842 Blue Dart Express Ltd. 54,083 0.00 9,788 Cemindia Projects Ltd. 89,321 0.01 119,390 CESC Ltd. 217,766 0.01 54,441 Container Corp. of India Ltd. 322,395 0.02 101,555 Delhivery Ltd. 514,759 0.03 78,266 Fortis Healthcare Ltd. 854,865 0.06 8,023 G R Infraprojects Ltd. 110,348 0.01 486,436 GAIL India Ltd. 965,818 0.06 12,611 Global Health Ltd. 186,632 0.01 458,055 GMR Airports Ltd. 449,859 0.03 20,976 Great Eastern Shipping Co. Ltd. 234,770 0.02 30,622 Gujarat Gas Ltd. 148,146 0.01 44,719 Gujarat State Petronet Ltd. 155,907 0.01 112,308 Indraprastha Gas Ltd. 263,780 0.02 217,755 Indus Towers Ltd. 840,965 0.05 275,035 IRB Infrastructure Developers Ltd. 127,592 0.01 55,721 IRCON International Ltd. 107,302 0.01
Holding Investment Fair Value USD
% of Net Assets Transferable Securities - 98.62% (March 2025: 97.61%) (continued) Common Stock - 48.05% (March 2025: 47.36%) (continued) Indian Rupee - 1.22% (continued) 62,271 JSW Infrastructure Ltd. 221,097 0.01 40,705 Krishna Institute of Medical Sciences Ltd. 320,982 0.02 12,427 Mahanagar Gas Ltd. 181,264 0.01 111,707 Max Healthcare Institute Ltd. 1,402,428 0.09 14,303 Narayana Hrudayalaya Ltd. 279,910 0.02 89,128 NCC Ltd. 208,373 0.01 142,159 Petronet LNG Ltd. 446,385 0.03 768,355 Power Grid Corp. of India Ltd. 2,425,211 0.16 7,376 Rainbow Children’s Medicare Ltd. 112,648 0.01 37,581 Reliance Infrastructure Ltd. 102,472 0.01 28,924 RITES Ltd. 80,151 0.00 34,368 Shipping Corp. of India Ltd. 86,198 0.01 118,312 SJVN Ltd. 120,352 0.01 281,354 Tata Power Co. Ltd. 1,231,555 0.08 6,518 Techno Electric & Engineering Co. Ltd. 97,885 0.01 31,541 Torrent Power Ltd. 432,998 0.03 7,614 Transport Corp. of India Ltd. 101,301 0.01 18,768,531 1.22 Indonesian Rupiah - 0.08% 787,200 Indosat Tbk. PT 82,664 0.01 449,004 Jasa Marga Persero Tbk. PT 93,761 0.01 1,379,700 Medikaloka Hermina Tbk. PT 139,088 0.01 1,005,500 Mitra Keluarga Karyasehat Tbk. PT 148,427 0.01 1,999,200 Perusahaan Gas Negara Tbk. PT 202,739 0.01 2,208,200 Sarana Menara Nusantara Tbk. PT 77,516 0.01 582,700 Sejahteraraya Anugrahjaya Tbk. PT 371,508 0.02 382,500 Tower Bersama Infrastructure Tbk. PT 39,937 0.00 152,700 Transcoal Pacific Tbk. PT 53,374 0.00 1,075,416 Waskita Karya Persero Tbk. PT 6,518 0.00 1,215,532 0.08 Israeli New Shekel - 0.05% 8,433 Ashtrom Group Ltd. 177,825 0.01 305 Electra Ltd. 178,153 0.01 27,681 Shapir Engineering & Industry Ltd. 226,911 0.02 46,487 Shikun & Binui Ltd. 212,488 0.01 795,377 0.05 Japanese Yen - 3.14% 11,200 AZ-COM MARUWA Holdings, Inc. 81,070 0.01 163,400 Central Japan Railway Co. 4,694,493 0.31 121,952 Chubu Electric Power Co., Inc. 1,699,822 0.11 54,600 Chugoku Electric Power Co., Inc. 311,773 0.02 8,500 Daiei Kankyo Co. Ltd. 192,521 0.01 5,580 Daiseki Co. Ltd. 129,218 0.01
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Holding Investment Fair Value USD
% of Net Assets Transferable Securities - 98.62% (March 2025: 97.61%) (continued) Common Stock - 48.05% (March 2025: 47.36%) (continued) Japanese Yen - 3.14% (continued) 180,800 East Japan Railway Co. 4,431,703 0.29 10,700 Hamakyorex Co. Ltd. 113,676 0.01 36,700 Hankyu Hanshin Holdings, Inc. 1,084,462 0.07 33,900 Hokkaido Electric Power Co., Inc. 248,824 0.02 36,700 Hokuriku Electric Power Co. 210,084 0.01 14,200 Iino Kaiun Kaisha Ltd. 113,842 0.01 14,000 Japan Airport Terminal Co. Ltd. 447,723 0.03 75,200 Kajima Corp. 2,197,672 0.14 16,500 Kamigumi Co. Ltd. 501,865 0.03 174,300 Kansai Electric Power Co., Inc. 2,500,285 0.16 61,200 Kawasaki Kisen Kaisha Ltd. 872,717 0.06 45,700 Keikyu Corp. 464,473 0.03 18,900 Keio Corp. 489,505 0.03 72,300 Keisei Electric Railway Co. Ltd. 671,425 0.04 32,700 Kintetsu Group Holdings Co. Ltd. 682,629 0.04 2,700 Konoike Transport Co. Ltd. 59,966 0.00 75,700 Kyushu Electric Power Co., Inc. 758,358 0.05 26,000 Kyushu Railway Co. 689,941 0.05 1,600 Maruzen Showa Unyu Co. Ltd. 75,295 0.00 58,500 Mitsubishi Logistics Corp. 480,287 0.03 55,000 Mitsui OSK Lines Ltd. 1,673,630 0.11 14,100 Mitsui-Soko Holdings Co. Ltd. 394,783 0.03 35,500 Nagoya Railroad Co. Ltd. 424,865 0.03 19,300 Nankai Electric Railway Co. Ltd. 364,607 0.02 16,014 Nikkon Holdings Co. Ltd. 369,975 0.02 3,900 Nippon Densetsu Kogyo Co. Ltd. 75,499 0.01 40,800 Nippon Express Holdings, Inc. 928,522 0.06 16,000 Nippon Gas Co. Ltd. 299,882 0.02 70,400 Nippon Yusen KK 2,407,763 0.16 14,600 Nishi-Nippon Railroad Co. Ltd. 231,083 0.02 1,200 NS United Kaiun Kaisha Ltd. 41,196 0.00 115,800 Obayashi Corp. 1,904,582 0.12 53,200 Odakyu Electric Railway Co. Ltd. 599,596 0.04 65,900 Osaka Gas Co. Ltd. 1,913,838 0.12 10,200 Sanki Engineering Co. Ltd. 340,495 0.02 7,700 Sankyu, Inc. 422,318 0.03 5,100 SBS Holdings, Inc. 126,391 0.01 24,900 Senko Group Holdings Co. Ltd. 342,937 0.02 68,500 SG Holdings Co. Ltd. 709,189 0.05 32,000 Shikoku Electric Power Co., Inc. 284,931 0.02 15,400 Sotetsu Holdings, Inc. 277,896 0.02 7,600 Sumitomo Warehouse Co. Ltd. 160,301 0.01 29,600 Tobu Railway Co. Ltd. 529,327 0.03
Holding Investment Fair Value USD
% of Net Assets Transferable Securities - 98.62% (March 2025: 97.61%) (continued) Common Stock - 48.05% (March 2025: 47.36%) (continued) Japanese Yen - 3.14% (continued) 17,900 Toho Gas Co. Ltd. 552,447 0.04 83,800 Tohoku Electric Power Co., Inc. 610,548 0.04 254,700 Tokyo Electric Power Co. Holdings, Inc. 1,197,229 0.08 60,883 Tokyo Gas Co. Ltd. 2,170,079 0.14 48,300 Tokyo Metro Co. Ltd. 554,182 0.04 97,400 Tokyu Corp. 1,189,759 0.08 5,700 Totetsu Kogyo Co. Ltd. 166,926 0.01 78,600 West Japan Railway Co. 1,725,969 0.11 50,200 Yamato Holdings Co. Ltd. 804,233 0.05 8,000 Yokogawa Bridge Holdings Corp. 153,299 0.01 48,151,906 3.14 Kuwaiti Dinar - 0.01% 275,236 Agility Public Warehousing Co. KSC 135,118 0.01 135,118 0.01 Malaysian Ringgit - 0.47% 503,400 Axiata Group Bhd. 320,568 0.02 868,825 Gamuda Bhd. 1,141,643 0.08 353,600 IHH Healthcare Bhd. 634,354 0.04 544,800 IJM Corp. Bhd. 365,056 0.02 326,100 KPJ Healthcare Bhd. 213,087 0.01 108,800 Mega First Corp. Bhd. 98,239 0.01 383,000 MISC Bhd. 664,346 0.04 161,700 Petronas Gas Bhd. 710,811 0.05 732,600 Tenaga Nasional Bhd. 2,301,288 0.15 215,478 Westports Holdings Bhd. 274,436 0.02 761,248 YTL Corp. Bhd. 502,856 0.03 7,226,684 0.47 Mexican Peso - 0.43% 2,958,700 America Movil SAB de CV 3,093,865 0.20 69,300 GMexico Transportes SAB de CV 134,914 0.01 44,192 Grupo Aeroportuario del Centro Norte SAB de CV 571,260 0.04 64,275 Grupo Aeroportuario del Pacifico SAB de CV 1,517,777 0.10 27,907 Grupo Aeroportuario del Sureste SAB de CV 900,285 0.06 23,810 Promotora y Operadora de Infraestructura SAB de CV 324,489 0.02 6,542,590 0.43 New Russian Ruble - 0.00% 93,627,965 Federal Grid Co-Rosseti PJSC - 7,531,274 Inter RAO UES PJSC - 3,000,000 Mosenergo PJSC - -
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% of Net Assets Transferable Securities - 98.62% (March 2025: 97.61%) (continued) Common Stock - 48.05% (March 2025: 47.36%) (continued) New Russian Ruble - 0.00% (continued) 22,431,700 RusHydro PJSC - -New Taiwan Dolar - 0.23% 11,000 Cleanaway Co. Ltd. 72,905 0.00 117,720 CTCI Corp. 122,247 0.01 130,000 Evergreen International Storage & Transport Corp. 149,288 0.01 175,989 Evergreen Marine Corp. Taiwan Ltd. 1,033,599 0.07 79,000 Great Taipei Gas Co. Ltd. 78,020 0.00 44,460 Hwang Chang General Contractor Co. Ltd. 107,948 0.01 85,000 Kerry TJ Logistics Co. Ltd. 95,799 0.01 56,000 Kuo Toong International Co. Ltd. 93,523 0.01 334,000 Taiwan High Speed Rail Corp. 307,940 0.02 90,000 U-Ming Marine Transport Corp. 168,613 0.01 233,605 Wan Hai Lines Ltd. 569,488 0.04 89,037 Wisdom Marine Lines Co. Ltd. 171,483 0.01 290,493 Yang Ming Marine Transport Corp. 505,156 0.03 3,476,009 0.23 New Zealand Dollar - 0.26% 247,469 Auckland International Airport Ltd. 1,132,300 0.07 137,978 Contact Energy Ltd. 729,064 0.05 26,905 Freightways Group Ltd. 214,026 0.01 89,905 Genesis Energy Ltd. 122,678 0.01 14,753 Mainfreight Ltd. 538,822 0.04 106,731 Mercury NZ Ltd. 413,982 0.03 50,127 Port of Tauranga Ltd. 218,006 0.01 137,748 Ryman Healthcare Ltd. 207,157 0.01 44,790 Summerset Group Holdings Ltd. 277,758 0.02 47,524 Vector Ltd. 131,903 0.01 3,985,696 0.26 Norwegian Krone - 0.10% 19,448 Hoegh Autoliners ASA 208,557 0.01 65,836 MPC Container Ships ASA 108,739 0.01 131 Odfjell SE 1,612 0.00 1,539 Okeanis Eco Tankers Corp. 45,347 0.00 4,200 Stolt-Nielsen Ltd. 144,591 0.01 35,404 TOMRA Systems ASA 528,693 0.03 18,851 Veidekke ASA 298,509 0.02 17,316 Wallenius Wilhelmsen ASA 153,935 0.01 2,215 Wilh Wilhelmsen Holding ASA 112,328 0.01 1,602,311 0.10
Holding Investment Fair Value USD
% of Net Assets Transferable Securities - 98.62% (March 2025: 97.61%) (continued) Common Stock - 48.05% (March 2025: 47.36%) (continued) Philippines Peso - 0.12% 218,500 Aboitiz Power Corp. 155,052 0.01 133,214 International Container Terminal Services, Inc. 1,079,445 0.07 47,750 Manila Electric Co. 434,837 0.03 176,500 Manila Water Co., Inc. 116,150 0.01 83,300 Synergy Grid & Development Phils, Inc. 21,899 0.00 1,807,383 0.12 Polish Zloty - 0.08% 1,886 Budimex SA 264,716 0.02 27,507 Enea SA 133,901 0.01 127,210 PGE Polska Grupa Energetyczna SA 376,597 0.02 193,965 Tauron Polska Energia SA 486,323 0.03 1,261,537 0.08 Pound Sterling - 1.39% 77,628 Balfour Beatty PLC 676,158 0.04 4,422 Clarkson PLC 218,480 0.02 154,076 Helios Towers PLC 309,063 0.02 811,528 National Grid PLC 11,662,648 0.76 77,086 Pennon Group PLC 485,262 0.03 43,829 Severn Trent PLC 1,527,044 0.10 57,858 Spire Healthcare Group PLC 193,949 0.01 180,618 SSE PLC 4,234,579 0.28 9,325 Telecom Plus PLC 235,258 0.02 113,118 United Utilities Group PLC 1,745,949 0.11 21,288,390 1.39 Qatari Rial - 0.08% 556,848 Qatar Gas Transport Co. Ltd. 703,516 0.05 145,622 Qatar Navigation QSC 451,944 0.03 1,155,460 0.08 Saudi Riyal - 0.23% 10,159 Al Hammadi Holding 93,241 0.01 2,364 AlKhorayef Water & Power Technologies Co. 88,315 0.01 1,900 Almoosa Health Co. 85,166 0.01 4,912 Dallah Healthcare Co. 197,387 0.01 9,342 Dr. Soliman Abdel Kader Fakeeh Hospital Co. 103,130 0.01 15,875 Dr. Sulaiman Al Habib Medical Services Group Co. 1,142,939 0.07 12,570 Miahona 83,293 0.00 5,061 Middle East Healthcare Co. 77,193 0.00 15,688 Mouwasat Medical Services Co. 308,096 0.02 6,596 National Gas & Industrialization Co. 145,104 0.01 2,879 National Medical Care Co. 135,344 0.01
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% of Net Assets Transferable Securities - 98.62% (March 2025: 97.61%) (continued) Common Stock - 48.05% (March 2025: 47.36%) (continued) Saudi Riyal - 0.23% (continued) 12,614 Power & Water Utility Co. for Jubail & Yanbu 132,928 0.01 3,602 SAL Saudi Logistics Services 173,847 0.01 137,818 Saudi Electricity Co. 558,225 0.04 14,519 Saudi Ground Services Co. 180,258 0.01 3,504,466 0.23 Singapore Dollar - 0.04% 47,927 Raffles Medical Group Ltd. 36,432 0.00 153,340 SATS Ltd. 403,213 0.03 54,200 SIA Engineering Co. Ltd. 148,827 0.01 238,900 Singapore Post Ltd. 77,830 0.00 666,302 0.04 South African Rand - 0.02% 191,219 Life Healthcare Group Holdings Ltd. 128,458 0.01 210,242 Netcare Ltd. 173,044 0.01 7,418 Wilson Bayly Holmes-Ovcon Ltd. 64,624 0.00 366,126 0.02 South Korean Won - 0.20% 11,320 Chabiotech Co. Ltd. 89,395 0.01 999 CJ Logistics Corp. 59,952 0.00 50,169 HMM Co. Ltd. 716,930 0.05 6,138 Hyundai Glovis Co. Ltd. 723,585 0.05 43,277 Korea Electric Power Corp. 1,111,960 0.07 4,267 Korea Gas Corp. 118,912 0.01 44,826 Pan Ocean Co. Ltd. 123,323 0.01 414 SK Gas Ltd. 68,309 0.00 3,012,366 0.20 Swedish Krona - 0.02% 2,161 Ambea AB 31,226 0.00 27,567 Attendo AB 206,640 0.02 237,866 0.02 Swiss Franc - 0.22% 3,184 BKW AG 679,899 0.04 3,129 Flughafen Zurich AG 954,057 0.06 544 Jungfraubahn Holding AG 150,760 0.01 7,956 Kuehne & Nagel International AG 1,481,407 0.10 1,297 Naturenergie Holding AG 54,120 0.00 1,767 Romande Energie Holding SA 92,386 0.01 3,412,629 0.22 Thailand Baht - 0.01% 1,274,969 Bangkok Expressway & Metro PCL 198,691 0.01 198,691 0.01
Holding Investment Fair Value USD
% of Net Assets Transferable Securities - 98.62% (March 2025: 97.61%) (continued) Common Stock - 48.05% (March 2025: 47.36%) (continued) Turkish Lira - 0.05% 101,695 Ahlatci Dogal Gaz Dagitim Enerji VE Yatirim AS 70,682 0.00 13,894 Aygaz AS 60,948 0.00 38,969 Enerjisa Enerji AS 74,554 0.01 479,296 Enerya Enerji AS 109,967 0.01 9,224 MLP Saglik Hizmetleri AS 73,649 0.01 33,665 Pasifik Eurasia Lojistik Dis Ticaret AS 92,298 0.01 183,167 Reysas Tasimacilik ve Lojistik Ticaret AS 64,095 0.00 26,912 TAV Havalimanlari Holding AS 155,334 0.01 701,527 0.05 United Arab Emirates Dirham - 0.11% 48,764 Abu Dhabi Aviation Co. 76,206 0.00 114,096 Abu Dhabi Ports Co. PJSC 115,867 0.01 216,246 ADNOC Logistics & Services 340,294 0.02 129,250 Burjeel Holdings PLC 45,394 0.00 55,272 Gulf Navigation Holding PJSC 135,735 0.01 136,439 National Central Cooling Co. PJSC 106,610 0.01 494,499 Pure Health Holding PJSC 383,698 0.03 292,208 Salik Co. PJSC 478,130 0.03 1,681,934 0.11 United States Dollar - 24.57% 20,800 AECOM 2,713,776 0.18 9,664 ALLETE, Inc. 641,690 0.04 41,458 Alliant Energy Corp. 2,794,684 0.18 44,416 Ameren Corp. 4,636,142 0.30 84,625 American Electric Power Co., Inc. 9,520,312 0.62 5,741 American States Water Co. 420,930 0.03 31,804 American Water Works Co., Inc. 4,426,799 0.29 49,848 Antero Midstream Corp. 969,045 0.06 26,169 Atmos Energy Corp. 4,468,357 0.29 11,700 Black Hills Corp. 720,603 0.05 10,226 Casella Waste Systems, Inc. 970,243 0.06 107,941 CenterPoint Energy, Inc. 4,188,111 0.27 19,128 CH Robinson Worldwide, Inc. 2,532,547 0.17 36,965 Cheniere Energy, Inc. 8,686,036 0.57 8,297 Clean Harbors, Inc. 1,926,729 0.13 49,326 CMS Energy Corp. 3,613,623 0.24 58,686 Consolidated Edison, Inc. 5,899,117 0.38 7,400 Construction Partners, Inc. 939,800 0.06 308,973 CSX Corp. 10,971,631 0.71 140,000 Dominion Energy, Inc. 8,563,800 0.56 16,100 DT Midstream, Inc. 1,820,266 0.12 33,906 DTE Energy Co. 4,795,326 0.31 128,695 Duke Energy Corp. 15,926,006 1.04
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% of Net Assets Transferable Securities - 98.62% (March 2025: 97.61%) (continued) Common Stock - 48.05% (March 2025: 47.36%) (continued) United States Dollar - 24.57% (continued) 22,100 EchoStar Corp. 1,687,556 0.11 63,534 Edison International 3,512,159 0.23 15,586 Encompass Health Corp. 1,979,734 0.13 9,506 Ensign Group, Inc. 1,642,352 0.11 72,980 Entergy Corp. 6,801,006 0.44 41,514 Essential Utilities, Inc. 1,656,409 0.11 37,326 Evergy, Inc. 2,837,523 0.18 57,207 Eversource Energy 4,069,706 0.27 165,776 Exelon Corp. 7,461,578 0.49 21,655 Expeditors International of Washington, Inc. 2,654,686 0.17 36,988 FedEx Corp. 8,722,140 0.57 84,418 FirstEnergy Corp. 3,868,033 0.25 5,276 FLEX LNG Ltd. 132,955 0.01 26,300 Fluor Corp. 1,106,441 0.07 6,800 Granite Construction, Inc. 745,620 0.05 18,300 GXO Logistics, Inc. 967,887 0.06 28,727 HCA Healthcare, Inc. 12,243,447 0.80 1,061,900 Hutchison Port Holdings Trust 212,380 0.01 8,198 IDACORP, P, Inc. 1,083,366 0.07 12,926 JB Hunt Transport Services, Inc. 1,734,281 0.11 20,960 KBR, Inc. 991,198 0.06 324,010 Kinder Morgan, Inc. 9,172,723 0.60 8,606 Kirby Corp. 718,171 0.05 5,424 Landstar System, Inc. 664,765 0.04 4,500 Matson, Inc. 443,655 0.03 6,054 MGE Energy, Inc. 509,626 0.03 15,097 National Fuel Gas Co. 1,394,510 0.09 15,146 New Jersey Resources Corp. 729,280 0.05 338,568 NextEra Energy, Inc. 25,558,498 1.66 76,082 NiSource, Inc. 3,294,351 0.21 37,158 Norfolk Southern Corp. 11,162,635 0.73 9,200 Northwestern Energy Group, Inc. 539,212 0.04 33,238 OGE Energy Corp. 1,537,922 0.10 9,641 ONE Gas, Inc. 780,343 0.05 101,920 ONEOK, Inc. 7,437,102 0.48 358,808 PG&E Corp. 5,410,825 0.35 19,305 Pinnacle West Capital Corp. 1,730,886 0.11 18,151 Portland General Electric Co. 798,644 0.05 115,407 PPL Corp. 4,288,524 0.28 81,700 Public Service Enterprise Group, Inc. 6,818,682 0.44 23,950 Quanta Services, Inc. 9,925,359 0.65 33,604 Republic Services, Inc. 7,711,446 0.50 182,066 Southern Co. 17,254,395 1.12
Holding Investment Fair Value USD
% of Net Assets Transferable Securities - 98.62% (March 2025: 97.61%) (continued) Common Stock - 48.05% (March 2025: 47.36%) (continued) United States Dollar - 24.57% (continued) 9,280 Southwest Gas Holdings, Inc. 726,995 0.05 9,200 Spire, Inc. 749,984 0.05 5,000 Sterling Infrastructure, Inc. 1,698,400 0.11 35,526 Targa Resources Corp. 5,952,026 0.39 15,214 Tenet Healthcare Corp. 3,089,051 0.20 15,117 TXNM Energy, Inc. 854,866 0.06 35,043 UGI Corp. 1,165,530 0.08 98,292 Union Pacific Corp. 23,233,280 1.51 120,119 United Parcel Service, Inc. 10,033,540 0.65 9,020 Universal Health Services, Inc. 1,844,049 0.12 60,581 Waste Management, Inc. 13,378,102 0.87 50,656 WEC Energy Group, Inc. 5,804,671 0.38 200,133 Williams Cos., Inc. 12,678,426 0.83 94,219 Xcel Energy, Inc. 7,598,762 0.49 19,122 XPO, Inc. 2,471,901 0.16 377,417,167 24.57 Yuan Renminbi - 0.24% 9,600 Anhui Expressway Co. Ltd. (Class A) 17,977 0.00 61,200 Chengdu Xingrong Environment Co. Ltd. 57,258 0.00 115,900 China Merchants Energy Shipping Co. Ltd. 144,581 0.01 110,400 China Merchants Expressway Network & Technology Holdings Co. Ltd. 151,058 0.01 254,800 China Railway Group Ltd. (Class A) 197,227 0.01 56,300 China Southern Power Grid Energy Storage Co. Ltd. 97,835 0.01 17,100 Citic Offshore Helicopter Co. Ltd. 53,209 0.00 75,300 COSCO SHIPPING Energy Transportation Co. Ltd. (Class A) 128,207 0.01 161,800 COSCO SHIPPING Holdings Co. Ltd. (Class A) 325,943 0.02 231,200 Daqin Railway Co. Ltd. 191,301 0.01 40,200 Eastern Air Logistics Co. Ltd. 88,945 0.01 56,600 ENN Natural Gas Co. Ltd. 142,962 0.01 6,800 Grandblue Environment Co. Ltd. 25,821 0.00 181,000 Guangshen Railway Co. Ltd. 84,926 0.01 67,200 Guangzhou Baiyun International Airport Co. Ltd. 89,494 0.01 97,700 Guangzhou Development Group, Inc. 90,447 0.01 45,700 Jiangsu Expressway Co. Ltd. (Class A) 80,634 0.01 185,600 Liaoning Port Co. Ltd. 45,367 0.00 215,900 Metallurgical Corp. of China Ltd. (Class A) 116,769 0.01 151,100 Ningbo Zhoushan Port Co. Ltd. 77,477 0.00 266,300 Power Construction Corp. of China Ltd. 208,747 0.01
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% of Net Assets Transferable Securities - 98.62% (March 2025: 97.61%) (continued) Common Stock - 48.05% (March 2025: 47.36%) (continued) Yuan Renminbi - 0.24% (continued) 74,400 Qingdao Port International Co. Ltd. (Class A) 87,585 0.01 62,000 SF Holding Co. Ltd. (Class A) 351,265 0.02 67,700 Shandong Hi-speed Co. Ltd. 81,885 0.01 26,100 Shanghai International Airport Co. Ltd. 116,925 0.01 170,900 Shanghai International Port Group Co. Ltd. 130,844 0.01 62,500 Shanghai Tunnel Engineering Co. Ltd. 56,192 0.00 69,300 Sichuan Road & Bridge Group Co. Ltd. 78,758 0.00 95,200 TangShan Port Group Co. Ltd. 50,954 0.00 60,000 YTO Express Group Co. Ltd. 154,668 0.01 34,600 YUNDA Holding Group Co. Ltd. 36,066 0.00 28,730 Zhejiang Weiming Environment Protection Co. Ltd. 79,590 0.01 3,640,917 0.24 Total Common Stock 737,906,959 48.05 Corporate Bonds - 48.32% (March 2025: 47.65%) Australian Dollar - 0.42% 300,000 6.018% Arc Infrastructure Wa Pty. Ltd. 27/05/2031 205,317 0.01 400,000 5.452% Auckland International Airport Ltd. 04/12/2031 271,107 0.02 300,000 6.100% Aurizon Network Pty. Ltd. 12/09/2031 206,712 0.01 200,000 5.408% Ausgrid Finance Pty. Ltd. 28/03/2031 135,421 0.01 500,000 5.981% AusNet Services Holdings Pty. Ltd. 16/05/2034 342,539 0.02 400,000 5.598% Australia Pacific Airports Melbourne Pty. Ltd. 01/11/2032 273,721 0.02 500,000 5.598% Australian Rail Track Corp. Ltd. 12/06/2031 342,224 0.02 400,000 5.900% Brisbane Airport Corp. Pty. Ltd. 08/03/2034 275,826 0.02 300,000 5.600% ConnectEast Finance Pty. Ltd. 27/06/2031 205,008 0.01 1,000,000 5.302% EnBW International Finance BV 30/10/2029 682,692 0.05 500,000 6.048% EnBW International Finance BV 30/10/2034 347,331 0.02 100,000 5.634% ETSA Utilities Finance Pty. Ltd. 03/12/2032 69,180 0.01 200,000 5.380% Iberdrola Finanzas SA 28/11/2030 135,951 0.01
Holding Investment Fair Value USD
% of Net Assets Transferable Securities - 98.62% (March 2025: 97.61%) (continued) Corporate Bonds - 48.32% (March 2025: 47.65%) (continued) Australian Dollar - 0.42% (continued) 200,000 5.870% Iberdrola Finanzas SA 28/11/2034 137,761 0.01 400,000 5.500% Lonsdale Finance Pty. Ltd. 19/11/2031 272,462 0.02 300,000 5.667% New Terminal Financing Co. Pty. Ltd. 18/04/2031 204,798 0.01 200,000 5.042% NSW Ports Finance Co. Pty. Ltd. 19/09/2031 133,450 0.01 300,000 5.432% NSW Ports Finance Co. Pty. Ltd. 19/09/2034 199,058 0.01 200,000 5.350% Origin Energy Finance Ltd. 26/09/2031 133,434 0.01 500,000 5.400% Pacific National Finance Pty. Ltd. 12/05/2027 331,951 0.02 200,000 5.600% Perth Airport Pty. Ltd. 05/03/2031 136,232 0.01 200,000 6.100% Port of Newcastle Investments Financing Pty. Ltd. 18/07/2033 136,169 0.01 300,000 5.600% Qube Treasury Pty. Ltd. 11/12/2031 204,016 0.01 300,000 5.900% Qube Treasury Pty. Ltd. 11/12/2034 203,322 0.01 500,000 5.900% Sydney Airport Finance Co. Pty. Ltd. 19/04/2034 345,163 0.02 200,000 5.417% United Energy Distribution Pty. Ltd. 03/02/2032 136,329 0.01 700,000 5.057% Victoria Power Networks Finance Pty. Ltd. 14/03/2029 472,285 0.03 6,539,459 0.42 Canadian Dollar - 1.16% 500,000 5.750% 407 International, Inc. 14/02/2036 403,180 0.03 300,000 4.450% 407 International, Inc. 11/09/2052 205,886 0.01 300,000 4.890% 407 International, Inc. 04/04/2054 220,246 0.01 500,000 4.540% 407 International, Inc. 09/10/2054 346,651 0.02 350,000 5.170% Aeroports de Montreal 17/09/2035 273,264 0.02 200,000 4.627% Alectra, Inc. 13/06/2034 151,542 0.01 150,000 4.309% Alectra, Inc. 30/10/2034 110,796 0.01 200,000 4.672% AltaGas Ltd. 08/01/2029 149,579 0.01 200,000 5.141% AltaGas Ltd. 14/03/2034 152,659 0.01 300,000 5.597% AltaGas Ltd. 14/03/2054 228,864 0.02 200,000 4.462% AltaLink LP 08/11/2041 139,978 0.01 120,000 3.990% AltaLink LP 30/06/2042 78,766 0.01 300,000 4.742% AltaLink LP 22/05/2054 216,067 0.01 200,000 3.878% Atco Ltd. 27/05/2030 145,991 0.01
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% of Net Assets Transferable Securities - 98.62% (March 2025: 97.61%) (continued) Corporate Bonds - 48.32% (March 2025: 47.65%) (continued) Canadian Dollar - 1.16% (continued) 220,000 6.250% British Columbia Ferry Services, Inc. 13/10/2034 183,461 0.01 225,000 5.021% British Columbia Ferry Services, Inc. 20/03/2037 169,604 0.01 100,000 4.542% Brookfield Renewable Partners ULC 12/10/2035 72,531 0.00 400,000 5.318% Brookfield Renewable Partners ULC 10/01/2054 294,521 0.02 200,000 4.700% Bruce Power LP 21/06/2031 151,298 0.01 200,000 4.270% Bruce Power LP 21/12/2034 144,706 0.01 700,000 4.600% Canadian National Railway Co. 02/05/2029 527,299 0.03 300,000 4.200% Canadian National Railway Co. 10/06/2035 217,531 0.01 600,000 5.100% Canadian National Railway Co. 02/05/2054 453,424 0.03 200,000 4.000% Canadian Pacific Railway Co. 13/06/2032 146,020 0.01 200,000 4.400% Canadian Pacific Railway Co. 13/01/2036 146,185 0.01 280,000 6.450% Canadian Pacific Railway Co. 17/11/2039 235,418 0.02 300,000 4.800% Canadian Pacific Railway Co. 13/06/2055 213,379 0.01 100,000 4.412% Canadian Utilities Ltd. 24/06/2035 73,651 0.01 200,000 4.831% Capital Power Corp. 16/09/2031 149,774 0.01 400,000 4.673% Coastal Gaslink Pipeline LP 30/06/2027 295,806 0.02 200,000 4.691% Coastal Gaslink Pipeline LP 30/09/2029 151,072 0.01 400,000 4.907% Coastal Gaslink Pipeline LP 30/06/2031 307,227 0.02 200,000 5.187% Coastal Gaslink Pipeline LP 30/09/2034 156,103 0.01 200,000 5.538% Coastal Gaslink Pipeline LP 30/06/2039 157,763 0.01 200,000 5.606% Coastal Gaslink Pipeline LP 30/09/2042 156,093 0.01 900,000 5.607% Coastal Gaslink Pipeline LP 30/06/2044 705,104 0.05 200,000 5.606% Coastal Gaslink Pipeline LP 30/03/2047 157,766 0.01 200,000 4.664% CU, Inc. 11/09/2054 141,718 0.01 500,000 5.379% Electricite de France SA 17/05/2034 381,874 0.03 65,000 5.330% Enbridge Pipelines, Inc. 06/04/2040 47,766 0.00 100,000 3.550% Enbridge, Inc. 25/02/2028 72,582 0.01 200,000 4.210% Enbridge, Inc. 22/02/2030 147,863 0.01
Holding Investment Fair Value USD
% of Net Assets Transferable Securities - 98.62% (March 2025: 97.61%) (continued) Corporate Bonds - 48.32% (March 2025: 47.65%) (continued) Canadian Dollar - 1.16% (continued) 415,000 4.240% Enbridge, Inc. 27/08/2042 268,324 0.02 100,000 3.771% ENMAX Corp. 06/06/2030 72,669 0.01 200,000 4.695% ENMAX Corp. 09/10/2034 149,057 0.01 300,000 4.990% EPCOR Utilities, Inc. 31/05/2054 222,801 0.01 200,000 4.171% Fortis, Inc. 09/09/2031 147,055 0.01 200,000 4.090% Fortis, Inc. 26/03/2032 145,925 0.01 100,000 4.763% FortisAlberta, Inc. 07/07/2055 71,746 0.00 50,000 6.000% FortisBC Energy, Inc. 02/10/2037 40,549 0.00 70,000 5.800% FortisBC Energy, Inc. 13/05/2038 55,435 0.00 100,000 4.450% Gibson Energy, Inc. 12/11/2031 73,701 0.01 320,000 7.100% Greater Toronto Airports Authority 04/06/2031 270,629 0.02 40,000 6.980% Greater Toronto Airports Authority 15/10/2032 34,288 0.00 520,000 6.470% Greater Toronto Airports Authority 02/02/2034 439,634 0.03 860,000 5.630% Greater Toronto Airports Authority 07/06/2040 684,224 0.04 750,000 5.300% Greater Toronto Airports Authority 25/02/2041 580,498 0.04 300,000 4.530% Greater Toronto Airports Authority 02/12/2041 212,973 0.01 300,000 6.930% Hydro One, Inc. 01/06/2032 255,138 0.02 200,000 4.390% Hydro One, Inc. 01/03/2034 149,257 0.01 200,000 4.250% Hydro One, Inc. 04/01/2035 146,667 0.01 625,000 5.360% Hydro One, Inc. 20/05/2036 495,207 0.03 110,000 4.890% Hydro One, Inc. 13/03/2037 83,310 0.01 315,000 5.490% Hydro One, Inc. 16/07/2040 245,817 0.02 200,000 4.390% Hydro One, Inc. 26/09/2041 138,844 0.01 10,000 6.590% Hydro One, Inc. 22/04/2043 8,778 0.00 300,000 3.830% NextEra Energy Capital Holdings, Inc. 12/06/2030 218,909 0.01 600,000 4.850% NextEra Energy Capital Holdings, Inc. 30/04/2031 457,637 0.03 400,000 4.670% NextEra Energy Capital Holdings, Inc. 12/06/2035 295,932 0.02 100,000 5.610% Nova Scotia Power, Inc. 15/06/2040 76,349 0.01 200,000 4.568% Noverco, Inc. 28/01/2035 147,815 0.01 200,000 4.831% Ontario Power Generation, Inc. 28/06/2034 151,951 0.01 200,000 4.319% Ontario Power Generation, Inc. 13/03/2035 145,596 0.01 200,000 4.990% Ontario Power Generation, Inc. 28/06/2054 145,709 0.01
SSGA SPDR ETFs Europe II plc Interim Report and Unaudited Condensed Financial Statements 2025
SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF
Schedule of Investments as at 30 September 2025 (continued)
80
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Holding Investment Fair Value USD
% of Net Assets Transferable Securities - 98.62% (March 2025: 97.61%) (continued) Corporate Bonds - 48.32% (March 2025: 47.65%) (continued) Canadian Dollar - 1.16% (continued) 200,000 4.866% Ontario Power Generation, Inc. 13/03/2055 142,743 0.01 200,000 5.020% Pembina Pipeline Corp. 12/01/2032 152,186 0.01 200,000 5.220% Pembina Pipeline Corp. 28/06/2033 153,568 0.01 200,000 5.210% Pembina Pipeline Corp. 12/01/2034 152,964 0.01 200,000 5.670% Pembina Pipeline Corp. 12/01/2054 153,674 0.01 200,000 4.323% South Bow Canadian Infrastructure Holdings Ltd. 01/02/2030 147,574 0.01 100,000 3.990% Toronto Hydro Corp. 26/09/2034 72,388 0.00 500,000 4.575% TransCanada PipeLines Ltd. 20/02/2035 365,912 0.02 230,000 8.050% TransCanada PipeLines Ltd. 17/02/2039 212,022 0.01 535,000 4.550% TransCanada PipeLines Ltd. 15/11/2041 361,938 0.02 500,000 5.100% Ventas Canada Finance Ltd. 05/03/2029 377,749 0.02 17,806,150 1.16 Euro - 14.10% 100,000 1.500% A2A SpA 16/03/2028 114,980 0.01 500,000 4.500% A2A SpA 19/09/2030 625,422 0.04 200,000 0.625% A2A SpA 15/07/2031 203,310 0.01 200,000 1.000% A2A SpA 02/11/2033 193,561 0.01 200,000 4.375% A2A SpA 03/02/2034 246,793 0.02 200,000 3.625% A2A SpA 30/01/2035 233,032 0.01 400,000 1.625% Abertis France SAS 27/11/2027 460,950 0.03 500,000 3.375% Abertis France SAS 21/04/2029 593,755 0.04 300,000 1.625% Abertis France SAS 18/09/2029 333,206 0.02 600,000 4.250% Abertis France SAS 18/03/2030 737,287 0.05 1,300,000 1.475% Abertis France SAS 18/01/2031 1,390,733 0.09 700,000 2.375% Abertis Infraestructuras SA 27/09/2027 817,939 0.05 400,000 4.125% Abertis Infraestructuras SA 31/01/2028 485,424 0.03 200,000 1.250% Abertis Infraestructuras SA 07/02/2028 227,972 0.01 1,000,000 1.125% Abertis Infraestructuras SA 26/03/2028 1,130,509 0.07 1,000,000 2.250% Abertis Infraestructuras SA 29/03/2029 1,152,629 0.07 500,000 1.625% Abertis Infraestructuras SA 15/07/2029 560,612 0.04 900,000 4.125% Abertis Infraestructuras SA 07/08/2029 1,100,481 0.07
Holding Investment Fair Value USD
% of Net Assets Transferable Securities - 98.62% (March 2025: 97.61%) (continued) Corporate Bonds - 48.32% (March 2025: 47.65%) (continued) Euro - 14.10% (continued) 500,000 3.125% Abertis Infraestructuras SA 07/07/2030 586,553 0.04 200,000 3.000% Abertis Infraestructuras SA 27/03/2031 232,324 0.01 500,000 1.875% Abertis Infraestructuras SA 26/03/2032 541,351 0.04 200,000 1.500% ACEA SpA 08/06/2027 231,197 0.01 200,000 1.750% ACEA SpA 23/05/2028 229,855 0.01 200,000 0.250% ACEA SpA 28/07/2030 208,207 0.01 500,000 3.875% ACEA SpA 24/01/2031 607,824 0.04 500,000 4.250% Aena SME SA 13/10/2030 618,938 0.04 400,000 1.750% Aeroporti di Roma SpA 30/07/2031 434,282 0.03 400,000 3.625% Aeroporti di Roma SpA 15/06/2032 474,338 0.03 400,000 1.000% Aeroports de Paris SA 13/12/2027 456,198 0.03 700,000 2.750% Aeroports de Paris SA 05/06/2028 827,071 0.05 1,200,000 1.000% Aeroports de Paris SA 05/01/2029 1,332,685 0.09 300,000 2.750% Aeroports de Paris SA 02/04/2030 347,847 0.02 600,000 3.375% Aeroports de Paris SA 16/05/2031 712,811 0.05 700,000 1.500% Aeroports de Paris SA 02/07/2032 733,172 0.05 400,000 3.500% Aeroports de Paris SA 20/03/2033 472,599 0.03 600,000 1.125% Aeroports de Paris SA 18/06/2034 579,424 0.04 400,000 3.750% Aeroports de Paris SA 20/03/2036 476,463 0.03 500,000 2.125% Aeroports de Paris SA 11/10/2038 488,806 0.03 400,000 0.800% AGCO International Holdings BV 06/10/2028 441,268 0.03 400,000 3.250% Alliander NV 13/06/2028 478,272 0.03 100,000 0.375% Alliander NV 10/06/2030 105,056 0.01 300,000 3.000% Alliander NV 07/10/2034 343,365 0.02 400,000 3.704% Altrad Investment Authority SAS 23/06/2029 473,778 0.03 600,000 4.429% Altrad Investment Authority SAS 23/06/2032 717,097 0.05 500,000 0.400% American Tower Corp. 15/02/2027 571,083 0.04 1,000,000 4.125% American Tower Corp. 16/05/2027 1,202,140 0.08 745,000 0.500% American Tower Corp. 15/01/2028 833,956 0.05
SSGA SPDR ETFs Europe II plc Interim Report and Unaudited Condensed Financial Statements 2025
SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF
Schedule of Investments as at 30 September 2025 (continued)
81
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Holding Investment Fair Value USD
% of Net Assets Transferable Securities - 98.62% (March 2025: 97.61%) (continued) Corporate Bonds - 48.32% (March 2025: 47.65%) (continued) Euro - 14.10% (continued) 600,000 0.875% American Tower Corp. 21/05/2029 655,533 0.04 400,000 3.900% American Tower Corp. 16/05/2030 486,422 0.03 400,000 4.625% American Tower Corp. 16/05/2031 502,291 0.03 895,000 1.000% American Tower Corp. 15/01/2032 912,998 0.06 700,000 4.100% American Tower Corp. 16/05/2034 844,305 0.05 200,000 3.875% Amprion GmbH 07/09/2028 241,889 0.02 200,000 3.000% Amprion GmbH 05/12/2029 236,102 0.02 200,000 3.125% Amprion GmbH 27/08/2030 236,166 0.02 200,000 3.625% Amprion GmbH 21/05/2031 240,413 0.02 600,000 3.971% Amprion GmbH 22/09/2032 731,785 0.05 200,000 0.625% Amprion GmbH 23/09/2033 188,908 0.01 200,000 4.125% Amprion GmbH 07/09/2034 243,838 0.02 200,000 3.875% Amprion GmbH 05/06/2036 236,464 0.02 200,000 3.850% Amprion GmbH 27/08/2039 231,356 0.01 200,000 4.000% Amprion GmbH 21/05/2044 227,604 0.01 500,000 0.750% AP Moller - Maersk AS 25/11/2031 510,651 0.03 400,000 3.750% AP Moller - Maersk AS 05/03/2032 485,368 0.03 400,000 4.125% AP Moller - Maersk AS 05/03/2036 487,379 0.03 200,000 0.750% APA Infrastructure Ltd. 15/03/2029 218,620 0.01 215,000 2.000% APA Infrastructure Ltd. 15/07/2030 239,736 0.02 200,000 1.250% APA Infrastructure Ltd.
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