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SSGA SPDR ETFs Europe I 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 493329 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’ Report 15 Company Statements 22 SPDR Bloomberg 0-3 Year Euro Corporate Bond UCITS ETF 26 SPDR Bloomberg 0-3 Year Euro Corporate Scored UCITS ETF 55 SPDR Bloomberg 0-3 Year U.S. Corporate Bond UCITS ETF 70 SPDR Bloomberg 1-3 Month T-Bill UCITS ETF 90 SPDR Bloomberg 1-3 Year Euro Government Bond UCITS ETF 96 SPDR Bloomberg 1-3 Year U.S. Treasury Bond UCITS ETF 103 SPDR Bloomberg 1-5 Year Gilt UCITS ETF 109 SPDR Bloomberg 1-5 Year U.S. Corporate Bond UCITS ETF 114 SPDR Bloomberg 1-10 Year U.S. Corporate Bond UCITS ETF 161 SPDR Bloomberg 3-7 Year U.S. Treasury Bond UCITS ETF 207 SPDR Bloomberg 7-10 Year U.S. Treasury Bond UCITS ETF 213 SPDR Bloomberg 10+ Year Euro Government Bond UCITS ETF 218 SPDR Bloomberg 10+ Year U.S. Corporate Bond UCITS ETF 226 SPDR Bloomberg 10+ Year U.S. Treasury Bond UCITS ETF 252 SPDR Bloomberg 15+ Year Gilt UCITS ETF 258 SPDR Bloomberg Emerging Markets Local Bond UCITS ETF 263 SPDR Bloomberg Euro Aggregate Bond UCITS ETF 281 SPDR Bloomberg Euro Corporate Bond UCITS ETF 327 SPDR Bloomberg Euro Government Bond UCITS ETF 382 SPDR Bloomberg Euro High Yield Bond UCITS ETF 395 SPDR Bloomberg Global Aggregate Bond UCITS ETF 407 SPDR Bloomberg Sterling Corporate Bond UCITS ETF 597 SPDR Bloomberg U.K. Gilt UCITS ETF 614 SPDR Bloomberg U.S. Aggregate Bond UCITS ETF 620 SPDR Bloomberg U.S. Corporate Scored UCITS ETF 665 SPDR Bloomberg U.S. High Yield Corporate Scored UCITS ETF 697 SPDR Bloomberg U.S. TIPS UCITS ETF 713 SPDR Bloomberg U.S. Treasury Bond UCITS ETF 719 SPDR Dow Jones Global Real Estate UCITS ETF 726 SPDR FTSE EPRA Europe Ex UK Real Estate UCITS ETF 734 SPDR FTSE U.K. All Share UCITS ETF 740 SPDR J.P. P. Morgan Saudi Arabia Aggregate Bond UCITS ETF 752 SPDR MSCI All Country World UCITS ETF 759 SPDR MSCI All Country World Investable Market UCITS ETF 795 SPDR MSCI EM Asia UCITS ETF 852 SPDR MSCI Emerging Markets UCITS ETF 868 SPDR MSCI Emerging Markets Small Cap UCITS ETF 889 SPDR MSCI EMU UCITS ETF 918 SPDR MSCI Japan UCITS ETF 926 SPDR MSCI World UCITS ETF 934 SPDR S&P 400 U.S. Mid Cap UCITS ETF 957 SPDR S&P 400 U.S. Mid Cap Leaders UCITS ETF 967 SPDR S&P 500 Leaders UCITS ETF 974 SPDR S&P 500 UCITS ETF 982 SPDR S&P 500 Low Volatility UCITS ETF 994 SPDR S&P 500 Quality Aristocrats UCITS ETF 1000
SSGA SPDR ETFs Europe I plc Interim Report and Unaudited Condensed Financial Statements 2025
Contents
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Page SPDR S&P Developed Quality Aristocrats UCITS ETF 1006 SPDR S&P Emerging Markets Dividend Aristocrats UCITS ETF 1012 SPDR S&P Euro Dividend Aristocrats Screened UCITS ETF 1018 SPDR S&P Euro Dividend Aristocrats UCITS ETF 1023 SPDR S&P Global Dividend Aristocrats Screened UCITS ETF 1029 SPDR S&P Global Dividend Aristocrats UCITS ETF 1036 SPDR S&P Pan Asia Dividend Aristocrats UCITS ETF 1043 SPDR S&P U.K. Dividend Aristocrats UCITS ETF 1049 SPDR S&P U.S. Dividend Aristocrats Screened UCITS ETF 1055 SPDR S&P U.S. Dividend Aristocrats UCITS ETF 1061 Notes to the Financial Statements 1068 Appendix I - Securities Financing Transactions Regulations 1119 Appendix II - Schedule of Significant Portfolio Changes 1160
SSGA SPDR ETFs Europe I 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 D02 HD32 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
Sub Distributor State Street Global Advisors Limited 20 Churchill Place Canary Wharf London E14 5HJ United Kingdom
Depositary State Street Custodial Services (Ireland) Limited 78 Sir John Rogerson’s Quay Dublin D02 HD32 Ireland
Company Secretary Matsack Trust Limited 70 Sir John Rogerson’s Quay Dublin D02 R296 Ireland
Legal Advisors in Ireland Matheson 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
Swiss Paying Agent State Street Bank International GmbH Brienner Strasse 59 80333 Munich Germany
SSGA SPDR ETFs Europe I plc Interim Report and Unaudited Condensed Financial Statements 2025
Administration of the Company
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Securities Lending Agent State Street Bank & Trust Company, London Branch 20 Churchill Place London E14 5HJ United Kingdom
Registered Office of the Securities Lending Agent One Congress Street Boston, Massachusetts 02114-2016 USA
Registration number: 493329
SSGA SPDR ETFs Europe I plc Interim Report and Unaudited Condensed Financial Statements 2025
Administration of the Company (continued)
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SSGA SPDR ETFs Europe I plc (the “Company”) was incorporated on 5 January 2011 under registration number 493329 and operates in Ireland as a public limited company under the Companies Act 2014. It was authorised by the Central Bank of Ireland (the “Central Bank”) on 7 March 2011. 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-six live constituent Funds and various classes of shares.
Net Assets under management for the Company at 30 September 2025 amounted to USD 107,543,559,373 (31 March 2025: USD 86,670,120,144). 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 SPDR Bloomberg 0-3 Year Euro Corporate Bond UCITS ETF 27 August 2013 EUR 783,439,700 858,556,457 1,157,827,409 SPDR Bloomberg 0-3 Year Euro Corporate Scored UCITS ETF* 3 May 2022 EUR 434,943,278 423,038,569 415,971,320 SPDR Bloomberg 0-3 Year U.S. Corporate Bond UCITS ETF 27 August 2013 USD 104,282,123 120,259,082 183,196,994 SPDR Bloomberg 1-3 Month T-Bill UCITS ETF 17 July 2019 USD 709,937,707 951,057,715 576,662,538 SPDR Bloomberg 1-3 Year Euro Government Bond UCITS ETF 14 November 2011 EUR 985,312,303 959,321,819 909,064,746 SPDR Bloomberg 1-3 Year U.S. Treasury Bond UCITS ETF 27 August 2013 USD 134,053,534 132,639,142 44,949,478 SPDR Bloomberg 1-5 Year Gilt UCITS ETF 17 May 2012 GBP 251,535,434 248,114,924 250,619,401 SPDR Bloomberg 1-5 Year U.S. Corporate Bond UCITS ETF** 14 August 2025 USD 5,000,742,861 - SPDR Bloomberg 1-10 Year U.S. Corporate Bond UCITS ETF 17 February 2016 USD 525,058,021 420,929,875 319,486,983 SPDR Bloomberg 3-7 Year U.S. Treasury Bond UCITS ETF 17 February 2016 USD 148,174,886 171,625,163 45,754,026 SPDR Bloomberg 7-10 Year U.S. Treasury Bond UCITS ETF 17 February 2016 USD 27,750,516 28,357,509 10,079,852 SPDR Bloomberg 10+ Year Euro Government Bond UCITS ETF 17 February 2016 EUR 132,932,909 146,728,817 52,235,325 SPDR Bloomberg 10+ Year U.S. Corporate Bond UCITS ETF 2 December 2015 USD 70,156,373 82,042,805 93,762,286 SPDR Bloomberg 10+ Year U.S. Treasury Bond UCITS ETF 17 February 2016 USD 94,653,809 50,748,511 82,351,450 SPDR Bloomberg 15+ Year Gilt UCITS ETF 17 May 2012 GBP 625,955,847 728,870,576 513,675,562 SPDR Bloomberg Emerging Markets Local Bond UCITS ETF 13 May 2011 USD 1,627,759,018 1,572,439,784 1,710,716,246 SPDR Bloomberg Euro Aggregate Bond UCITS ETF 23 May 2011 EUR 554,742,245 522,228,800 583,974,009 SPDR Bloomberg Euro Corporate Bond UCITS ETF 23 May 2011 EUR 790,474,317 792,200,513 787,069,967
SSGA SPDR ETFs Europe I plc Interim Report and Unaudited Condensed Financial Statements 2025
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 Bloomberg Euro Government Bond UCITS ETF 23 May 2011 EUR 1,182,432,010 1,551,170,628 1,491,068,152 SPDR Bloomberg Euro High Yield Bond UCITS ETF 3 February 2012 EUR 577,374,261 616,386,396 483,662,906 SPDR Bloomberg Global Aggregate Bond UCITS ETF 26 January 2018 USD 4,315,405,374 3,895,762,061 3,791,152,309 SPDR Bloomberg Sterling Corporate Bond UCITS ETF 17 May 2012 GBP 195,916,642 402,053,967 397,374,495 SPDR Bloomberg U.K. Gilt UCITS ETF 17 May 2012 GBP 781,669,513 644,163,407 601,049,961 SPDR Bloomberg U.S. Aggregate Bond UCITS ETF 3 June 2011 USD 162,154,501 150,353,904 143,674,804 SPDR Bloomberg U.S. Corporate Scored UCITS ETF* 23 October 2020 USD 709,014,354 7,394,501,175 7,533,244,075 SPDR Bloomberg U.S. High Yield Corporate Scored UCITS ETF* 19 September 2013 USD 452,287,869 430,028,413 382,662,535 SPDR Bloomberg U.S. TIPS UCITS ETF 2 December 2015 USD 872,270,954 338,991,581 310,206,799 SPDR Bloomberg U.S. Treasury Bond UCITS ETF 3 June 2011 USD 300,633,303 350,220,156 397,772,607 SPDR Dow Jones Global Real Estate UCITS ETF 23 October 2012 USD 357,734,417 305,016,748 318,293,244 SPDR FTSE EPRA Europe Ex UK Real Estate UCITS ETF 10 August 2015 EUR 135,515,015 118,502,175 109,183,259 SPDR FTSE U.K. All Share UCITS ETF 28 February 2012 GBP 478,243,110 463,293,202 471,981,643 SPDR J.P. P. Morgan Saudi Arabia Aggregate Bond UCITS ETF 11 December 2024 USD 222,854,395 239,042,537 SPDR MSCI All Country World UCITS ETF 13 May 2011 USD 8,273,362,470 4,715,822,788 3,541,642,784 SPDR MSCI All Country World Investable Market UCITS ETF 13 May 2011 USD 4,076,712,724 2,748,852,311 2,049,233,621 SPDR MSCI EM Asia UCITS ETF 13 May 2011 USD 1,195,565,235 872,941,243 933,295,122 SPDR MSCI Emerging Markets UCITS ETF 13 May 2011 USD 1,197,561,995 736,042,745 685,325,418 SPDR MSCI Emerging Markets Small Cap UCITS ETF 13 May 2011 USD 393,895,190 342,944,631 403,654,499 SPDR MSCI EMU UCITS ETF 25 January 2013 EUR 285,407,441 252,783,737 257,974,842 SPDR MSCI Japan UCITS ETF 30 November 2015 JPY 126,424,801,522 103,476,121,831 96,352,814,683 SPDR MSCI World UCITS ETF 28 February 2019 USD 15,843,430,727 11,082,616,801 8,903,776,463 SPDR S&P 400 U.S. Mid Cap UCITS ETF 30 January 2012 USD 4,454,778,037 5,293,061,667 2,375,174,322 SPDR S&P 400 U.S. Mid Cap Leaders UCITS ETF*** 29 September 2025 USD 3,000,585 - SPDR S&P 500 Leaders UCITS ETF 2 December 2019 USD 5,152,753,637 3,840,878,809 3,998,966,497 SPDR S&P 500 UCITS ETF 19 March 2012 USD 32,562,862,067 23,148,982,025 18,400,418,463 SPDR S&P 500 Low Volatility UCITS ETF 3 October 2012 USD 122,701,975 133,691,404 146,713,752 SPDR S&P 500 Quality Aristocrats UCITS ETF 6 December 2024 USD 595,974,733 5,792,354 SPDR S&P Developed Quality Aristocrats UCITS ETF 6 December 2024 USD 43,357,893 17,374,568 SPDR S&P Emerging Markets Dividend Aristocrats UCITS ETF 14 October 2011 USD 146,075,904 136,202,917 121,912,424 SPDR S&P Euro Dividend Aristocrats Screened UCITS ETF 3 June 2021 EUR 11,442,302 8,003,916 6,525,569
SSGA SPDR ETFs Europe I plc Interim Report and Unaudited Condensed Financial Statements 2025
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 Euro Dividend Aristocrats UCITS ETF 28 February 2012 EUR 1,276,670,126 1,013,660,389 1,031,542,605 SPDR S&P Global Dividend Aristocrats Screened UCITS ETF 3 June 2021 USD 21,371,100 20,314,214 18,554,245 SPDR S&P Global Dividend Aristocrats UCITS ETF 14 May 2013 USD 1,382,536,431 1,183,816,004 1,328,649,558 SPDR S&P Pan Asia Dividend Aristocrats UCITS ETF 14 May 2013 USD 204,250,603 173,734,049 190,902,712 SPDR S&P U.K. Dividend Aristocrats UCITS ETF 28 February 2012 GBP 130,839,030 86,843,041 139,587,016 SPDR S&P U.S. Dividend Aristocrats Screened UCITS ETF 3 June 2021 USD 21,521,727 27,552,004 27,026,724 SPDR S&P U.S. Dividend Aristocrats UCITS ETF 14 October 2011 USD 3,441,391,884 3,696,889,362 3,960,508,907
* The name of the Fund changed on 1 May 2025. Please refer to Note 15. ** The Fund launched on 14 August 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.
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
Singapore Exchange SPDR Bloomberg 0-3 Year Euro Corporate Bond UCITS ETF Yes Yes Yes Yes Yes - Yes - SPDR Bloomberg 0-3 Year Euro Corporate Scored UCITS ETF** Yes - - - Yes Yes - - SPDR Bloomberg 0-3 Year U.S. Corporate Bond UCITS ETF Yes Yes - Yes Yes - Yes - SPDR Bloomberg 1-3 Month T-Bill UCITS ETF Yes - - Yes - - - Yes SPDR Bloomberg 1-3 Year Euro Government Bond UCITS ETF Yes Yes Yes Yes Yes - - - SPDR Bloomberg 1-3 Year U.S. Treasury Bond UCITS ETF Yes Yes - Yes Yes - - - SPDR Bloomberg 1-5 Year Gilt UCITS ETF Yes Yes - - - - - - SPDR Bloomberg 1-5 Year U.S. Corporate Bond UCITS ETF*** Yes Yes - - - - - - SPDR Bloomberg 1-10 Year U.S. Corporate Bond UCITS ETF Yes Yes - Yes Yes - - - SPDR Bloomberg 3-7 Year U.S. Treasury Bond UCITS ETF Yes Yes - - Yes - - - SPDR Bloomberg 7-10 Year U.S. Treasury Bond UCITS ETF Yes Yes - - Yes - - - SPDR Bloomberg 10+ Year Euro Government Bond UCITS ETF Yes - - - Yes - - - -
SSGA SPDR ETFs Europe I 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
Singapore Exchange SPDR Bloomberg 10+ Year U.S. Corporate Bond UCITS ETF Yes Yes - - Yes - - - SPDR Bloomberg 10+ Year U.S. Treasury Bond UCITS ETF Yes Yes - - Yes - Yes Yes SPDR Bloomberg 15+ Year Gilt UCITS ETF Yes Yes - - - - - - SPDR Bloomberg Emerging Markets Local Bond UCITS ETF Yes Yes Yes Yes Yes - - - SPDR Bloomberg Euro Aggregate Bond UCITS ETF Yes - Yes Yes Yes - - - SPDR Bloomberg Euro Corporate Bond UCITS ETF Yes Yes Yes - Yes - - - SPDR Bloomberg Euro Government Bond UCITS ETF Yes - - Yes Yes Yes - - SPDR Bloomberg Euro High Yield Bond UCITS ETF Yes Yes Yes Yes Yes - - - SPDR Bloomberg Global Aggregate Bond UCITS ETF Yes Yes - Yes Yes - - Yes SPDR Bloomberg Sterling Corporate Bond UCITS ETF Yes Yes - - - - - - SPDR Bloomberg U.K. Gilt UCITS ETF Yes Yes - - - - - - SPDR Bloomberg U.S. Aggregate Bond UCITS ETF Yes Yes - - - - Yes Yes SPDR Bloomberg U.S. Corporate Scored UCITS ETF** Yes Yes - Yes Yes Yes - Yes SPDR Bloomberg U.S. High Yield Corporate Scored UCITS ETF** Yes Yes - Yes Yes - Yes Yes SPDR Bloomberg U.S. TIPS UCITS ETF Yes Yes - Yes Yes - - - SPDR Bloomberg U.S. Treasury Bond UCITS ETF Yes Yes Yes Yes Yes - - - SPDR Dow Jones Global Real Estate UCITS ETF Yes Yes - Yes Yes - - - SPDR FTSE EPRA Europe Ex UK Real Estate UCITS ETF Yes - - Yes - - - - SPDR FTSE U.K. All Share UCITS ETF Yes Yes - Yes - - - - SPDR J.P. P. Morgan Saudi Arabia Aggregate Bond UCITS ETF Yes Yes - - Yes - - - Yes SPDR MSCI All Country World UCITS ETF Yes Yes Yes Yes Yes - - Yes SPDR MSCI All Country World Investable Market UCITS ETF Yes Yes Yes Yes Yes - - - SPDR MSCI EM Asia UCITS ETF Yes Yes - Yes Yes - - Yes SPDR MSCI Emerging Markets UCITS ETF Yes Yes Yes Yes Yes - - - SPDR MSCI Emerging Markets Small Cap UCITS ETF Yes Yes - - - - - Yes SPDR MSCI EMU UCITS ETF Yes - Yes Yes Yes - - - -
SSGA SPDR ETFs Europe I 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
Singapore Exchange SPDR MSCI Japan UCITS ETF Yes Yes Yes Yes Yes - - - SPDR MSCI World UCITS ETF Yes Yes - Yes Yes Yes Yes - SPDR S&P 400 U.S. Mid Cap UCITS ETF Yes Yes Yes Yes Yes - - Yes SPDR S&P 400 U.S. Mid Cap Leaders UCITS ETF**** Yes - - - - Yes - - SPDR S&P 500 Leaders UCITS ETF Yes Yes - Yes Yes Yes - - SPDR S&P 500 UCITS ETF Yes Yes Yes Yes Yes Yes Yes Yes SPDR S&P 500 Low Volatility UCITS ETF Yes Yes Yes Yes Yes - - - SPDR S&P 500 Quality Aristocrats UCITS ETF Yes Yes - Yes - - - - SPDR S&P Developed Quality Aristocrats UCITS ETF Yes Yes - - - - - - SPDR S&P Emerging Markets Dividend Aristocrats UCITS ETF Yes Yes - Yes Yes - - - SPDR S&P Euro Dividend Aristocrats Screened UCITS ETF Yes - - - - Yes - - SPDR S&P Euro Dividend Aristocrats UCITS ETF Yes Yes Yes Yes Yes - - - SPDR S&P Global Dividend Aristocrats Screened UCITS ETF Yes Yes - - - Yes - - SPDR S&P Global Dividend Aristocrats UCITS ETF Yes Yes - Yes Yes - - - SPDR S&P Pan Asia Dividend Aristocrats UCITS ETF Yes Yes - Yes Yes - - - SPDR S&P U.K. Dividend Aristocrats UCITS ETF Yes Yes - Yes - - - - SPDR S&P U.S. Dividend Aristocrats Screened UCITS ETF Yes Yes - - Yes Yes - - SPDR S&P U.S. Dividend Aristocrats UCITS ETF Yes Yes - Yes Yes - - - -
* Not all share classes are listed on each exchange. **The name of the Fund changed on 1 May 2025. Please refer to Note 15. ***The Fund launched on 14 August 2025. ****The Fund launched on 29 September 2025.
SSGA SPDR ETFs Europe I plc Interim Report and Unaudited Condensed Financial Statements 2025
Background to the Company (continued)
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INVESTMENT OBJECTIVE
SPDR Bloomberg 0-3 Year Euro Corporate Bond UCITS ETF The investment objective of the Fund is to track the performance of the short-dated, fixed-rate, investment-grade Euro-denominated corporate bond market. The investment policy of the Fund is to track the performance of the Bloomberg Euro 0-3 Year Corporate Bond Index (or any other index determined by the Directors from time to time to track substantially the same market as the Bloomberg Euro 0-3 Year 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 error between the Fund’s performance and that of the Index.
SPDR Bloomberg 0-3 Year Euro Corporate Scored UCITS ETF* The objective of the Fund is to seek to provide investors with a total return, taking into account both capital and income returns, which generally reflects the return of the Bloomberg 0-3 Year Euro Corporate Scored Ex-Controversies Select Index (the Index ). The investment policy of the Fund is to track the performance of the Index (or any other index determined by the Directors from time to time to track substantially the same market as the Index) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index. * The name of the Fund changed on 1 May 2025. Please refer to Note 15.
SPDR Bloomberg 0-3 Year U.S. Corporate Bond UCITS ETF The investment objective of the Fund is to track the performance of the short-dated, fixed-rate, investment-grade U.S. Dollar denominated corporate bond market. The investment policy of the Fund is to track the performance of the Bloomberg U.S. 0-3 Year Corporate Bond Index (or any other index determined by the Directors from time to time to track substantially the same market as the Bloomberg U.S. 0-3 Year 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 error between the Fund’s performance and that of the Index.
SPDR Bloomberg 1-3 Month T-Bill UCITS ETF The investment objective of the Fund is to track the performance of the short-term U.S. Treasury Bill market. The investment policy of the Fund is to track the performance of the Bloomberg U.S. Treasury Bills 1-3 Month Index (or any other index determined by the Directors from time to time to track substantially the same market as the Bloomberg U.S. Treasury Bills 1-3 Month 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 1-3 Year Euro Government Bond UCITS ETF The investment objective of the Fund is to track the performance of the short-dated Eurozone government bond market. The investment policy of the Fund is to track the performance of the Bloomberg 1-3 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 1-3 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 error between the Fund’s performance and that of the Index.
SPDR Bloomberg 1-3 Year U.S. Treasury Bond UCITS ETF The investment objective of the Fund is to track the performance of the short-dated U.S. Treasury bond market. The investment policy of the Fund is to track the performance of the Bloomberg U.S. 1-3 Year Treasury Bond Index (or any other index determined by the Directors from time to time to track substantially the same market as the Bloomberg U.S. 1-3 Year 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 error between the Fund’s performance and that of the Index.
SPDR Bloomberg 1-5 Year Gilt UCITS ETF The investment objective of the Fund is to track the performance of the short-dated U.K. Government bond (Gilt) market. The investment policy of the Fund is to track the performance of the Bloomberg Sterling 1-5 Year Aggregate Gilts Bond Index (or any other index determined by the Directors from time to time to track substantially the same market as the Bloomberg Sterling 1-5 Year Aggregate Gilts 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 error between the Fund’s performance and that of the Index.
SPDR Bloomberg 1-5 Year U.S. Corporate Bond UCITS ETF* The investment objective of the Fund is to seek to track the performance of the short and medium-dated, fixed-rate, investment-grade U.S. Dollar-denominated corporate bond market. The investment policy of the Fund is to track the performance of the Bloomberg USD Corporate bonds 1-5 years Index (or any other index determined by the Directors from time to time to track substantially the same market as the Bloomberg USD Corporate bonds 1-5 years 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 error between the Fund’s performance and that of the Index. * The Fund launched on 14 August 2025.
SSGA SPDR ETFs Europe I plc Interim Report and Unaudited Condensed Financial Statements 2025
Background to the Company (continued)
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INVESTMENT OBJECTIVE (continued) SPDR Bloomberg 1-10 Year U.S. Corporate Bond UCITS ETF The investment objective of the Fund is to track the performance of the intermediate maturity, fixed-rate, investment-grade U.S. Dollar-denominated corporate bond market. The investment policy of the Fund is to track the performance of the Bloomberg U.S. Intermediate Corporate Bond Index (or any other index determined by the Directors from time to time to track substantially the same market as the Bloomberg U.S. Intermediate 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 3-7 Year U.S. Treasury Bond UCITS ETF The investment objective of the Fund is to track the performance of the intermediate maturity U.S. Treasury bond market. The investment policy of the Fund is to track the performance of the Bloomberg U.S. 3-7 Year Treasury Bond Index (or any other index determined by the Directors from time to time to track substantially the same market as the Bloomberg U.S. 3-7 Year 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 Bloomberg 7-10 Year U.S. Treasury Bond UCITS ETF The investment objective of the Fund is to track the performance of the intermediate maturity U.S. Treasury bond market. The investment policy of the Fund is to track the performance of the Bloomberg U.S. 7-10 Year Treasury Bond Index (or any other index determined by the Directors from time to time to track substantially the same market as the Bloomberg U.S. 7-10 Year 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 Bloomberg 10+ Year Euro Government Bond UCITS ETF The investment objective of the Fund is to track the performance of the long-dated Eurozone government bond market. The investment policy of the Fund is to track the performance of the Bloomberg Euro 10+ Year Treasury Bond Index (or any other index determined by the Directors from time to time to track substantially the same market as the Bloomberg Euro 10+ Year 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 Bloomberg 10+ Year U.S. Treasury Bond UCITS ETF The investment objective of the Fund is to track the performance of the long dated, U.S. Treasury bond market. The investment policy of the Fund is to track the performance of the Bloomberg U.S. 10+ Year Treasury Bond Index (or any other index determined by the Directors from time to time to track substantially the same market as the Bloomberg U.S. 10+ Year 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 Bloomberg 10+ Year U.S. Corporate Bond UCITS ETF The investment objective of the Fund is to track the performance of the long maturity, fixed-rate, investment-grade U.S. Dollar denominated corporate bond market. The investment policy of the Fund is to track the performance of the Bloomberg U.S. 10+ Year Corporate Bond Index (or any other index determined by the Directors from time to time to track substantially the same market as the Bloomberg U.S. 10+ Year 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 15+ Year Gilt UCITS ETF The investment objective of the Fund is to track the performance of the long-dated U.K. Government bond (Gilt) market. The investment policy of the Fund is to track the performance of the Bloomberg Sterling 15+ Year Aggregate Gilts Bond Index (or any other index determined by the Directors from time to time to track substantially the same market as the Bloomberg Sterling 15+ Year Aggregate Gilts 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 error between the Fund’s performance and that of the Index.
SPDR Bloomberg Emerging Markets Local Bond UCITS ETF The investment objective of the Fund is to track the performance of investible local currency emerging markets bonds. The investment policy of the Fund is to track the performance of the Bloomberg EM Local Currency Liquid Government Bond Index (or any other index determined by the Directors from time to time to track substantially the same market as the Bloomberg Emerging Markets Local Currency Liquid Government 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 error between the Fund’s performance and that of the Index.
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INVESTMENT OBJECTIVE (continued) SPDR Bloomberg Euro Aggregate Bond UCITS ETF The investment objective of the Fund is to track the performance of the fixed-rate, investment-grade Euro-denominated bond market. The investment policy of the Fund is to track the performance of the Bloomberg Euro Aggregate Bond Index (or any other index determined by the Directors from time to time to track substantially the same market as the Bloomberg Euro Aggregate 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 error between the Fund’s performance and that of the Index.
SPDR Bloomberg Euro Corporate Bond UCITS ETF The investment objective of the Fund is to track the performance of the fixed-rate, investment-grade Euro-denominated corporate bond market. The investment policy of the Fund is to track the performance of the Bloomberg Euro Corporate Bond Index (or any other index determined by the Directors from time to time to track substantially the same market as the Bloomberg Euro 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 error between the Fund’s performance and that of the Index.
SPDR Bloomberg Euro Government Bond UCITS ETF The investment objective of the Fund is to track the performance of the Eurozone government bond market. The investment policy of the Fund is to track the performance of the Bloomberg 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 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 error between the Fund’s performance and that of the Index.
SPDR Bloomberg Euro High Yield Bond UCITS ETF The investment objective of the Fund is to track the performance of the fixed-rate, Euro-denominated high yield corporate bond market. The investment policy of the Fund is to track the performance of the Bloomberg Liquidity Screened Euro High Yield Bond Index (or any other index determined by the Directors from time to time to track substantially the same market as the Bloomberg Liquidity Screened Euro High Yield 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 error between the Fund’s performance and that of the Index.
SPDR Bloomberg Global Aggregate Bond UCITS ETF The investment objective of the Fund is to track the performance of global investment grade fixed rate bond markets. The investment policy of the Fund is to track the performance of the Bloomberg Global Aggregate Bond Index (or any other index determined by the Directors from time to time to track substantially the same market as the Bloomberg Global Aggregate 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 Sterling Corporate Bond UCITS ETF The investment objective of the Fund is to track the performance of the fixed-rate, investment-grade Sterling-denominated corporate bond market. The investment policy of the Fund is to track the performance of the Bloomberg 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 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 error between the Fund’s performance and that of the Index.
SPDR Bloomberg U.K. Gilt UCITS ETF The investment objective of the Fund is to track the performance of the U.K. Government bond (Gilt) market. The investment policy of the Fund is to track the performance of the Bloomberg UK Gilt Bond Index (or any other index determined by the Directors from time to time to track substantially the same market as the Bloomberg UK Gilt 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 error between the Fund’s performance and that of the Index.
SPDR Bloomberg U.S. Aggregate Bond UCITS ETF The investment objective of the Fund is to track the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The investment policy of the Fund is to track the performance of the Bloomberg U.S. Aggregate Bond Index (or any other index determined by the Directors from time to time to track substantially the same market as the Bloomberg U.S. Aggregate 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 error between the Fund’s performance and that of the Index.
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INVESTMENT OBJECTIVE (continued) SPDR Bloomberg U.S. Corporate Scored UCITS ETF* The objective of the Fund is to track the performance of the U.S. Dollar-denominated investment grade, fixed-rate, taxable, corporate bond market. The investment policy of the Fund is to track the performance of the Bloomberg U.S. Corporate Scored Ex-Controversies Select Index (or any other index determined by the Directors from time to time to track substantially the same market as the Bloomberg U.S. Corporate Scored Ex-Controversies 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 error between the Fund’s performance and that of the Index. * The name of the Fund changed on 1 May 2025. Please refer to Note 15.
SPDR Bloomberg U.S. High Yield Corporate Scored EUR Hdg UCITS ETF* The investment objective of the Fund is to track the performance of the fixed-rate, short-term U.S. Dollar denominated high yield corporate bond market. The investment policy of the Fund is to track the performance of the Bloomberg U.S. High Yield Corporate Scored EUR Hdg Ex-Controversies Select Index (or any other index determined by the Directors from time to time to track substantially the same market as the Bloomberg U.S. High Yield Corporate Scored EUR Hdg Ex-Controversies 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 error between the Fund’s performance and that of the Index. * The name of the Fund changed on 1 May 2025. Please refer to Note 15.
SPDR Bloomberg U.S. TIPS UCITS ETF The investment objective of the Fund is to track the performance of the U.S. inflation-linked government bond market (otherwise known as Treasury Inflation Protected Securities, or “TIPS”). The investment policy of the Fund is to track the performance of the Bloomberg U.S. Government Inflation-Linked Bond Index (or any other index determined by the Directors from time to time to track substantially the same market as the Bloomberg U.S. Government Inflation-Linked 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 U.S. Treasury Bond UCITS ETF The investment objective of the Fund is to track the performance of the U.S. Treasury bond market. The investment policy of the Fund is to track the performance of the Bloomberg U.S. Treasury Bond Index (or any other index determined by the Directors from time to time to track substantially the same market as the Bloomberg U.S. 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 error between the Fund’s performance and that of the Index.
SPDR Dow Jones Global Real Estate UCITS ETF The investment objective of the Fund is to track the performance of the global listed real estate securities market. The investment policy of the Fund is to track the performance of the Dow Jones Global Select Real Estate Securities Index (“RESI”) (or any other index determined by the Directors from time to time to track substantially the same markets as RESI 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 error between the Fund’s performance and that of the Index.
SPDR FTSE EPRA Europe Ex UK Real Estate UCITS ETF The investment objective of the Fund is to track the performance of the listed real estate market in Europe. The investment policy of the Fund is to track the performance of the FTSE EPRA/ NAREIT Developed Europe ex-UK Index (or any other index determined by the Directors from time to time to track substantially the same markets as the FTSE EPRA/NAREIT Developed Europe ex UK 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 error between the Fund’s performance and that of the Index.
SPDR FTSE U.K. All Share UCITS ETF The investment objective of the Fund is to track the performance of the broad U.K. equity market. The investment policy of the Fund is to track the performance of the FTSE All-Share Index (or any other index determined by the Directors from time to time to track substantially the same market as the FTSE All-Share 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 error between the Fund’s performance and that of the Index.
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INVESTMENT OBJECTIVE (continued) SPDR J.P. Morgan Saudi Arabia Aggregate Bond UCITS ETF The investment objective of the Fund is to track the performance of liquid, USD-denominated sovereign and quasi-sovereign instruments and SAR-denominated Sukuk government bonds from Saudi Arabia. The investment policy of the Fund is to track the performance of J.P. P. Morgan Saudi Arabia Aggregate Index (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 All Country World 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 (All Country World Index) Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI ACWI (All Country World Index) 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 error between the Fund’s performance and that of the Index.
SPDR MSCI All Country World Investable Market 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 IMI (All Country World Investable Market Index) Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI All Country World Investable Market 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 error between the Fund’s performance and that of the Index.
SPDR MSCI EM Asia UCITS ETF The investment objective of the Fund is to track the equity market performance of emerging markets in Asia. The investment policy of the Fund is to track the performance of the MSCI EM (“Emerging Markets”) Asia Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI Emerging Markets Asia 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 error between the Fund’s performance and that of the Index.
SPDR MSCI Emerging Markets 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 Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI Emerging Markets 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 error between the Fund’s performance and that of the Index.
SPDR MSCI Emerging Markets Small Cap UCITS ETF The investment objective of the Fund is to track the equity market performance of the small capitalisation segment of emerging markets. The investment policy of the Fund is to track the performance of the MSCI Emerging Markets Small Cap Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI Emerging Markets 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 error between the Fund’s performance and that of the Index.
SPDR MSCI EMU UCITS ETF The investment objective of the Fund is to track the performance of large and mid-cap Eurozone equity securities issued by companies from developed Eurozone countries. The investment policy of the Fund is to track the performance of the MSCI EMU Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI EMU 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 error between the Fund’s performance and that of the Index.
SPDR MSCI Japan UCITS ETF The investment objective of the Fund is to track the performance of the Japanese equity market. The investment policy of the Fund is to track the performance of the MSCI Japan Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI Japan 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 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 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 error between the Fund’s performance and that of the Index.
SPDR S&P 400 U.S. Mid Cap UCITS ETF The investment objective of the Fund is to track the performance of mid-sized U.S. companies. The investment policy of the Fund is to track the performance of the S&P Mid Cap 400 Index (or any other index determined by the Directors from time to time to track substantially the same market as the S&P Mid Cap 400 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 error between the Fund’s performance and that of the Index.
SPDR S&P 400 U.S. Mid Cap Leaders UCITS ETF* The objective of the Fund is to track the U.S. equity market performance of mid cap equity securities. The S&P MidCap 400 Scored & Screened Leaders Index measures the equity performance of the 400 mid cap companies in the U.S. equity market by market capitalization, known as the S&P MidCap 400 Index (the “Standard Index”), while excluding companies based on their involvement in certain controversial business activities (including controversial weapons, small arms, military contracting, coal, thermal coal, oil sands, shale oil and gas, Arctic drilling, nuclear, tobacco, alcohol and gambling) as determined by the index provider as outlined in the Index methodology (the “Exclusions”). The Index targets the top 50% of the float-adjusted market capitalization of each GICS® industry group within the S&P 400 using the S&P Global ESG Score for constituent selection. The indices also apply exclusions based on companies’ involvement in specific business activities, performance against the principles of United Nations’ Global Compact (UNGC), and involvement in relevant ESG controversies. * The Fund launched on 29 September 2025.
SPDR S&P 500 Leaders UCITS ETF The objective of the Fund is to track the U.S. equity market performance of large cap equity securities. The investment policy of the Fund is to track the performance of the S&P 500 ESG Leaders Index (or any other index determined by the Directors from time to time to track substantially the same market as the S&P 500 ESG Leaders 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 500 UCITS ETF The investment objective of the Fund is to track the U.S. equity market performance of large cap equity securities. The investment policy of the Fund is to track the performance of 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 500 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 error between the Fund’s performance and that of the Index.
SPDR S&P 500 Low Volatility UCITS ETF The investment objective of the Fund is to track the performance of U.S. large cap equity securities which historically have exhibited low volatility characteristics. The investment policy of the Fund is to track the performance of the S&P 500 Low Volatility Index (or any other index determined by the Directors from time to time to track substantially the same market as the S&P 500 Low Volatility 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 error between the Fund’s performance and that of the Index.
SPDR S&P 500 Quality Aristocrats UCITS ETF The investment objective of the Fund is to track the U.S. equity market performance of large cap equity securities. The investment policy of the Fund is to track the performance of S&P 500 Quality FCF Aristocrats Index (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 Developed Quality Aristocrats UCITS ETF The investment objective of the Fund is to track the performance of large and mid-sized equities in ‘developed markets” (as such term is defined by the Index Provider) globally (“Developed Markets”). The investment policy of the Fund is to track the performance of S&P Developed Quality FCF Aristocrats Index (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 Emerging Markets Dividend Aristocrats UCITS ETF The investment objective of the Fund is to track the equity market performance of high dividend yielding stocks from emerging markets. The investment policy of the Fund is to track the performance of the S&P Emerging Markets High Yield Dividend Aristocrats Index (or any other index determined by the Directors from time to time to track substantially the same market as the S&P Emerging Markets High Yield Dividend Aristocrats 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 error between the Fund’s performance and that of the Index.
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INVESTMENT OBJECTIVE (continued) SPDR S&P Euro Dividend Aristocrats Screened UCITS ETF The investment objective of the Fund is to track the performance of certain high dividend yielding equity securities issued by companies from within the Eurozone. The investment policy of the Fund is to track the performance of the S&P Euro High Yield Dividend Aristocrats Screened Index (or any other index determined by the Directors from time to time to track substantially the same market as the S&P Euro High Yield Dividend Aristocrats Screened 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 error between the Fund’s performance and that of the Index.
SPDR S&P Euro Dividend Aristocrats UCITS ETF The investment objective of the Fund is to track the performance of certain high dividend yielding equity securities issued by companies from within the Eurozone. The investment policy of the Fund is to track the performance of the S&P Euro High Yield Dividend Aristocrats Index (or any other index determined by the Directors from time to time to track substantially the same market as the S&P Euro High Yield Dividend Aristocrats 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 error between the Fund’s performance and that of the Index.
SPDR S&P Global Dividend Aristocrats Screened UCITS ETF The investment objective of the Fund is to track the performance of high dividend yielding equities globally. The investment policy of the Fund is to track the performance of the S&P Global Dividend Aristocrats Screened Quality Income Index (or any other index determined by the Directors from time to time to track substantially the same market as the S&P Global Dividend Aristocrats Screened Quality Income 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 error between the Fund’s performance and that of the Index.
SPDR S&P Global Dividend Aristocrats UCITS ETF The investment objective of the Fund is to track the performance of high dividend yielding equities globally. The investment policy of the Fund is to track the performance of the S&P Global Dividend Aristocrats Quality Income Index (or any other index determined by the Directors from time to time to track substantially the same market as the S&P Global Dividend Aristocrats Quality Income 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 error between the Fund’s performance and that of the Index.
SPDR S&P Pan Asia Dividend Aristocrats UCITS ETF The investment objective of the Fund is to track the performance of high dividend yielding equities from the Asia Pacific region. The investment policy of the Fund is to track the performance of the S&P Pan Asia Dividend Aristocrats Index (or any other index determined by the Directors from time to time to track substantially the same market as the S&P Pan Asia Dividend Aristocrats 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 error between the Fund’s performance and that of the Index.
SPDR S&P U.K. Dividend Aristocrats UCITS ETF The investment objective of the Fund is to track the performance of certain high dividend yielding equity securities issued by companies from within the U.K. The investment policy of the Fund is to track the performance of the S&P U.K. High Yield Dividend Aristocrats Index (or any other index determined by the Directors from time to time to track substantially the same market as the S&P U.K. High Yield Dividend Aristocrats 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 error between the Fund’s performance and that of the Index.
SPDR S&P U.S. Dividend Aristocrats Screened UCITS ETF The investment objective of the Fund is to track the U.S. equity market performance of certain high dividend yielding equity securities. The investment policy of the Fund is to track the performance of the S&P High Yield Dividend Aristocrats Screened Index (or any other index determined by the Directors from time to time to track substantially the same market as the S&P High Yield Dividend Aristocrats Screened 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 error between the Fund’s performance and that of the Index.
SPDR S&P U.S. Dividend Aristocrats UCITS ETF The investment objective of the Fund is to track the U.S. equity market performance of certain high dividend yielding equity securities. The investment policy of the Fund is to track the performance of the S&P High Yield Dividend Aristocrats Index (or any other index determined by the Directors from time to time to track substantially the same market as the S&P High Yield Dividend Aristocrats 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 error between the Fund’s performance and that of the Index.
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Fund Performance
Passive Fixed Income Funds Overall the Fixed Income Europe I SPDR ETFs performed reasonably closely in line with their respective benchmark indices for the period 1 April 2025 – 30 September 2025 (the “Reporting Period”). The Funds where performance tracking was wider than we would usually anticipate are explained wherever applicable.
Developed Market Government Developed Market Government Funds consist of both treasury and government-related exposures across Eurozone, U.S. and UK gilt markets. All Funds tracked benchmark performance closely and delivered results within +/- 3 bps, except the below. These funds invested in U.S. treasuries outperformed their respective benchmarks, majorly driven by evolving U.S. economic conditions and market volatility across the yield curve segments induced by uncertainties during the Reporting Period. SPDR Bloomberg U.S. Treasury Bond UCITS ETF had a tracking difference of +9.1 bps compared to its benchmark. Even though all exposures of the Fund were within the limit, value add through sampling and trading gains contributed to outperformance. The Fund had net inflow of USD 237 million and its assets under management (“AUM”) increased by around 35% during the Reporting Period. SPDR Bloomberg 1-3 Year U.S. Treasury Bond UCITS ETF had a tracking difference of +7.0 bps compared to its benchmark. The Fund is invested in short term U.S. treasuries which had experienced volatility over the period, influenced by shifting monetary policy expectations. Even though all exposures of the Fund were within the limit, value add through sampling and trading gains contributed to outperformance. The Fund’s AUM was fairly stable during the Reporting Period. SPDR Bloomberg 3-7 Year U.S. Treasury Bond UCITS ETF had a tracking difference of +7.3 bps compared to its benchmark, mainly due to effects from trading gains and sampling, driven by market volatility during the period. The Fund had net outflow of USD 28 million and its AUM decreased by around 14% during the Reporting Period. SPDR Bloomberg 7-10 Year U.S. Treasury Bond UCITS ETF had a tracking difference of +6.5 bps compared to its benchmark, mainly due to effects from trading gains sampling. The Fund’s AUM was fairly stable during the Reporting Period. SPDR Bloomberg 7-10 Year U.S. Treasury Bond UCITS ETF had a tracking difference of +6.5 bps compared to its benchmark, mainly due to effects from trading gains. The Fund’s AUM was fairly stable during the Reporting Period.
SPDR Bloomberg 10+ Year U.S. Treasury Bond UCITS ETF had a tracking difference of +8.1 bps compared to its benchmark, mainly due to effects from sampling and trading gains. The Fund had net inflow of USD 42 million and its AUM increased significantly by around 87% during the Reporting Period. SPDR Bloomberg Euro Government Bond UCITS ETF had a tracking difference of +5.8 bps compared to its benchmark, mainly due to effects from security selection. The Fund had net outflow of EUR 391 million and its AUM decreased by around 24% during the Reporting Period.
Investment Grade Corporates
Investment grade (“IG”) corporate bond Funds, covering exposures across U.S., euro and sterling markets, all tracked benchmark performance closely within +/-15 bps, well within their respective risk and performance tolerances.
Aggregates Aggregate Funds consist of a broad range of bond exposures covering treasury, government-related, corporate and securitized. Both of the Funds delivered results within +/- 10 bps, well within their respective risk and performance tolerances.
High Yield The sub-investment grade (or high yield) Funds invest in corporate bonds of a lower credit quality. Tracking tolerances are wider (+/- 15 bps) for these Funds given the inherent volatility and lower liquidity of the asset class. In the context of high yield strategy, we apply stratified sampling (not buying all the bonds) and trading cost are not as low as government bonds. Over the Reporting Period, all Funds tracked benchmark performance closely and delivered results within +/- 15 bps with the exception of the following: SPDR 0-5 Year U.S High Yield Bond UCITS ETF had a tracking difference of +18.7 bps compared to its benchmark. The excess performance was majorly driven by effects from security selection (+15.3 bps), predominantly from industrial sector which contributed +21.3 bps. SPDR Euro High Yield Bond UCITS ETF had a tracking difference of +18.0 bps compared to its benchmark. The excess performance was majorly driven by effects from security selection (+13.0 bps), predominantly from industrial sector which contributed +12.0 bps.
Emerging Markets Emerging Market (“EM”) Funds also have wider risk and tracking tolerances, due to the higher volatility and lower liquidity inherent to the sector. Local currency debt funds generally have a greater tracking difference (+/- 15 bps) due to tax charges inherent to some local markets. For the Reporting Period, the SPDR Bloomberg Emerging Markets Local Bond UCITS ETF underperformed its benchmark by -20.3 bps.
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Emerging Markets (continued)
This underperformance was driven by taxes (-16.0 bps), paid out of issues from Brazil (-6.5 bps), India (-4.0 bps), Indonesia (-3.9 bps) and Philippines (-2.5 bps).
Passive Equity Funds There were two new ETFs launched over the Reporting Period: SPDR Bloomberg 1-5 Year U.S. Corporate Bond UCITS ETF and SPDR S&P 400 U.S. Mid Cap Leaders UCITS ETF. Most of SPDR I 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 SPDR S&P Euro Dividend Aristocrats ESG UCITS ETF outperformance (0.57%) is mainly attributed to tax withholdings. SPDR S&P Global Dividend Aristocrats ESG UCITS ETF outperformance (0.30%) is mainly attributed to tax withholdings. SPDR S&P U.S. Dividend Aristocrats ESG UCITS ETF outperformance (0.25%) is mainly attributed to tax-withholdings. SPDR MSCI ACWI UCITS ETF outperformance (0.26%) is mainly attributed to security mis-weights. SPDR MSCI EM Asia UCITS ETF outperformance (0.11%) is mainly attributed to tax withholdings. SPDR MSCI Emerging Markets Small Cap UCITS ETF underperformance (-0.20%) is mainly attributed to security mis-weights. SPDR MSCI Emerging Markets UCITS ETF outperformance (0.26%) is mainly attributed to tax withholdings. SPDR S&P 500 Low Volatility UCITS ETF outperformance (0.27%) is mainly attributed to tax withholdings. SPDR S&P Emerging Markets Dividend Aristocrats UCITS ETF underperformance (-0.28%) is mainly attributed to dividend drag. SPDR S&P Euro Dividend Aristocrats UCITS ETF outperformance (0.71%) is mainly attributed to tax withholdings. SPDR S&P Global Dividend Aristocrats UCITS ETF outperformance (0.32%) is mainly attributed to tax withholdings.
SPDR S&P Pan Asia Dividend Aristocrats UCITS ETF outperformance (0.46%) is mainly attributed to tax withholdings and trading strategy. SPDR S&P UK Dividend Aristocrats UCITS ETF underperformance (-0.20%) is mainly attributed to transaction cost. SPDR S&P U.S. Dividend Aristocrats UCITS ETF outperformance (0.30%) is mainly attributed to tax withholdings. SPDR MSCI EMU UCITS ETF outperformance (0.41%) is mainly attributed to tax withholdings. SPDR FTSE EPRA Europe ex UK Real Estate UCITS ETF underperformance (-0.29%) is mainly attributed to tax withholdings. SPDR MSCI World UCITS ETF outperformance (0.13%) is mainly attributed to tax withholdings. SPDR S&P 500 ESG Screened UCITS ETF outperformance (0.11%) is mainly attributed to tax withholdings.
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Investment Managers’ Report (continued)
Passive Fixed Income and Passive Equity Funds (continued)
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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)**
Developed Market Government
SPDR Bloomberg 1-3 Month T-Bill UCITS ETF 2.19 2.18 0.01 17.64 17.76 -0.12 17-Jul-19 1 0.01 SPDR Bloomberg 1-3 Year Euro Government Bond UCITS ETF 1.18 1.17 0.01 13.71 13.72 -0.01 14-Nov-11 1 0.02 SPDR Bloomberg 1-3 Year U.S. Treasury Bond UCITS ETF 2.40 2.33 0.07 20.63 20.32 0.31 27-Aug-13 1 0.03 SPDR Bloomberg 1-5 Year Gilt UCITS ETF 2.38 2.37 0.01 12.95 12.89 0.06 17-May-12 1 0.03 SPDR Bloomberg 3-7 Year U.S. Treasury Bond UCITS ETF 3.09 3.01 0.08 14.77 14.49 0.28 17-Feb-16 1 0.03 SPDR Bloomberg 7-10 Year U.S. Treasury Bond UCITS ETF 3.25 3.19 0.06 9.26 8.99 0.27 17-Feb-16 1 0.04 SPDR Bloomberg 10+ Year Euro Government Bond UCITS ETF 1.18 1.18 0.00 -9.32 -9.49 0.17 17-Feb-16 1 0.22 SPDR Bloomberg 10+ Year U.S. Treasury Bond UCITS ETF 1.00 0.92 0.08 -6.03 -6.22 0.19 17-Feb-16 1 0.06 SPDR Bloomberg 15+ Year Gilt UCITS ETF -1.07 -1.09 0.02 -5.01 -5.31 0.30 17-May-12 1 0.06 SPDR Bloomberg Euro Government Bond UCITS ETF 1.69 1.64 0.05 36.85 35.92 0.93 23-May-11 1 0.11 SPDR Bloomberg U.K. Gilt UCITS ETF 1.27 1.25 0.02 7.08 6.95 0.13 17-May-12 1 0.05 SPDR Bloomberg U.S. Corporate Scored UCITS ETF 4.58 4.46 0.12 1.05 1.31 -0.26 23-Oct-20 1 0.14 SPDR Bloomberg U.S. TIPS UCITS ETF 2.53 2.51 0.02 34.06 33.96 0.10 2-Dec-15 1 0.09 SPDR Bloomberg U.S. Treasury Bond UCITS ETF 2.46 2.37 0.09 27.94 27.35 0.59 3-Jun-11 1 0.04
SPDR J.P.
P. Morgan Saudi Arabia Aggregate Bond UCITS ETF 4.73 4.73 0.00 5.37 5.38 -0.01 11-Dec-24 1 n/a
Investment Grade Corporates
SPDR Bloomberg 0-3 Year Euro Corporate Bond UCITS ETF 1.74 1.72 0.02 13.93 14.91 -0.98 27-Aug-13 1 0.03
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Passive Fixed Income 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 Bloomberg 0-3 Year U.S. Corporate Bond UCITS ETF 2.80 2.75 0.05 33.06 33.15 -0.09 27-Aug-13 1 0.04 SPDR Bloomberg 1-5 Year U.S. Corporate Bond UCITS ETF n/a n/a n/a 0.78 0.84 -0.06 14-Aug-25 1 n/a
SPDR Bloomberg 1-10 Year U.S. Corporate Bond UCITS ETF 4.29 4.21 0.08 40.07 39.29
0.78 17-Feb-16 1 0.04
SPDR Bloomberg 10+ Year U.S. Corporate Bond UCITS ETF 5.30 5.06 0.24 38.77 37.00
1.77 2-Dec-15 2 0.12 SPDR Bloomberg Euro Corporate Bond UCITS ETF 2.81 2.77 0.04 43.38 43.72 -0.34 23-May-11 1 0.07
SPDR Bloomberg Sterling Corporate Bond UCITS ETF 3.96 3.91 0.05 61.19 61.18
0.01 17-May-12 1 0.08
Aggregates
SPDR Bloomberg Euro Aggregate Bond UCITS ETF 1.93 1.92 0.01 35.61 34.73
0.88 23-May-11 1 0.09 SPDR Bloomberg Global Aggregate Bond UCITS ETF 5.17 5.14 0.03 1.37 1.77 -0.40 26-Jan-18 1 0.05 SPDR Bloomberg U.S. Aggregate Bond UCITS ETF 3.31 3.26 0.05 36.23 37.18 -0.95 3-Jun-11 1 0.04
High Yield
SPDR Bloomberg Euro High Yield Bond UCITS ETF 4.09 3.91 0.18 93.16 92.35
0.81 3-Feb-12 2 0.10
SPDR Bloomberg U.S. High Yield Corporate Scored UCITS ETF 6.18 5.99 0.19 73.70 73.26
0.44 19-Sep-13 2 0.26
Emerging Markets
SPDR Bloomberg 0-3 Year Euro Corporate Scored UCITS ETF 1.71 1.70 0.01 9.86 10.13 -0.27 3-May-22 1 -0.01 SPDR Bloomberg Emerging Markets Local Bond UCITS ETF 9.91 10.11 -0.20 19.91 25.15 -5.24 13-May-11 2 0.06
* Annualised for periods over 1-year performance.
** Calculated using the root mean square of the monthly excess returns (i.e. the Difference) over one year ending 30 September 2025.
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Passive Fixed Income Funds: (continued)
Performance figures gross of fees as at 30 September 2025
(continued)
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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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)** SPDR Dow Jones Global Real Estate UCITS ETF 6.65 6.60 0.05 73.18 70.64 2.54 23-Oct-12 2 0.10 SPDR FTSE EPRA Europe ex UK Real Estate UCITS ETF 8.65 8.93 -0.28 23.02 25.63 -2.61 10-Aug-15 2 0.17 SPDR FTSE U.K. All Share UCITS ETF 11.49 11.56 -0.07 171.24 169.65 1.59 28-Feb-12 1 0.05 SPDR MSCI All Country World UCITS ETF 20.29 20.03 0.26 294.34 276.81 17.53 13-May-11 2 0.12 SPDR MSCI All Country World Investable Market UCITS ETF 20.20 20.18 0.02 296.83 268.10 28.73 13-May-11 2 0.35 SPDR MSCI EM Asia UCITS ETF 24.81 24.70 0.11 114.11 112.84 1.27 13-May-11 2 0.89 SPDR MSCI Emerging Markets UCITS ETF 24.16 23.91 0.25 72.35 68.18 4.17 13-May-11 2 0.69 SPDR MSCI Emerging Markets Small Cap UCITS ETF 23.26 23.46 -0.20 97.45 88.61 8.84 13-May-11 2 0.65 SPDR MSCI EMU UCITS ETF 9.84 9.43 0.41 200.36 181.48 18.88 25-Jan-13 1 0.21 SPDR MSCI Japan UCITS ETF 18.80 18.80 0.00 141.98 142.68 -0.70 30-Nov-15 1 0.06 SPDR MSCI World UCITS ETF 19.71 19.58 0.13 133.28 129.27 4.01 28-Feb-19 1 0.04 SPDR S&P 400 U.S. Mid Cap UCITS ETF 12.48 12.38 0.10 314.71 304.42 10.29 30-Jan-12 1 0.03 SPDR S&P 400 U.S. Mid Cap Leaders UCITS ETF n/a n/a n/a 0.13 0.15 -0.02 29-Sep-25 1 n/a SPDR S&P 500 Leaders UCITS ETF 20.63 20.52 0.11 141.70 138.67 3.03 2-Dec-19 1 0.01 SPDR S&P 500 UCITS ETF 19.81 19.72 0.09 486.79 465.52 21.27 19-Mar-12 1 0.02 SPDR S&P 500 Low Volatility UCITS ETF -0.60 -0.88 0.28 239.82 224.74 15.08 3-Oct-12 1 0.09 SPDR S&P 500 Quality Aristocrats UCITS ETF 19.79 19.72 0.07 14.84 14.68 0.16 6-Dec-24 2 n/a SPDR S&P Developed Quality Aristocrats UCITS ETF 19.99 19.91 0.08 14.72 14.60 0.12 6-Dec-24 2 n/a
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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 S&P Emerging Markets Dividend Aristocrats UCITS ETF 19.12 19.40 -0.28 36.25 44.91 -8.66 14-Oct-11 2 0.79 SPDR S&P Euro Dividend Aristocrats Screened UCITS ETF 3.15 2.58 0.57 32.15 28.77 3.38 3-Jun-21 1 0.42 SPDR S&P Euro Dividend Aristocrats UCITS ETF 5.28 4.57 0.71 193.93 168.86 25.07 28-Feb-12 1 0.48 SPDR S&P Global Dividend Aristocrats Screened UCITS ETF 8.08 7.78 0.30 27.81 25.59 2.22 3-Jun-21 2 0.13 SPDR S&P Global Dividend Aristocrats UCITS ETF 9.78 9.46 0.32 103.87 93.76 10.11 14-May-13 2 0.16 SPDR S&P Pan Asia Dividend Aristocrats UCITS ETF 16.24 15.78 0.46 100.58 98.92 1.66 14-May-13 2 0.28 SPDR S&P U.K. Dividend Aristocrats UCITS ETF 10.22 10.42 -0.20 105.40 110.87 -5.47 28-Feb-12 1 0.17 SPDR S&P U.S. Dividend Aristocrats Screened UCITS ETF 2.98 2.73 0.25 19.50 17.24 2.26 3-Jun-21 1 0.06 SPDR S&P U.S. Dividend Aristocrats UCITS ETF 4.64 4.34 0.30 333.48 308.86 24.62 14-Oct-11 1 0.06
* Annualised for periods over 1-year performance.
** Calculated using the root mean square of the monthly excess returns (i.e. the Difference) over one year 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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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 106,828,680,929 86,108,398,423 Financial derivative instruments 50,426,574 160,101,895 106,879,107,503 86,268,500,318
Cash and cash equivalents 411,135,372 373,188,818 Cash held with brokers and counterparties for open financial derivative instruments 15,948,942 8,630,923 Debtors: Dividends receivable 80,858,479 88,049,751 Interest receivable 247,133,481 266,084,814 Receivable for investments sold 523,770,019 882,982,370 Receivable for fund shares sold 100,750,053 51,797,036 Securities lending income receivable 859,599 923,165 Total current assets 108,259,563,448 87,940,157,195
Current liabilities Financial liabilities at fair value through profit or loss: Financial derivative instruments (14,810,127) (35,453,944)
Bank overdraft (4,801,707) (3,086,866) Cash due to brokers and counterparties for open financial derivative instruments - (92,251) Creditors - Amounts falling due within one year: Accrued expenses (12,071,814) (10,987,584) Distribution payable - (75,351,407) Other payables - (3,289) Payable for investments purchased (642,154,613) (1,066,427,193) Payable for fund shares repurchased (28,060,662) (62,568,582) Capital gains tax accrual (14,105,152) (16,065,935) Total current liabilities (716,004,075) (1,270,037,051)
Net assets attributable to holders of redeemable participating shares 107,543,559,373 86,670,120,144
The accompanying notes form an integral part of these financial statements.
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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 704,067,625 474,106,826 Income from financial assets at fair value 519,999,026 449,084,724 Securities lending income 10 5,377,616 5,016,879 Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 11,912,812,049 4,525,063,216 Bank interest income 7,150,437 4,977,585 Miscellaneous income 633,643 382,016 Total investment income 13,150,040,396 5,458,631,246
Operating expenses 3 (68,950,777) (55,311,504) Net profit for the financial period before finance costs and tax 13,081,089,619 5,403,319,742
Finance costs Interest expense (619) (3,377) Distributions to holders of redeemable participating shares 6 (491,081,597) (386,400,810)
Profit for the financial period before tax 12,590,007,403 5,016,915,555
Capital gains tax 2 (15,997,386) (27,718,163) Withholding tax on investment income 2 (93,781,850) (63,450,704)
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 12,480,228,167 4,925,746,688
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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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 financial period 86,670,120,144 59,888,020,909
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 12,480,228,167 4,925,746,688
Share transactions Proceeds from redeemable participating shares issued 28,121,515,912 16,851,331,342 Costs of redeemable participating shares redeemed (20,564,372,970) (7,121,645,560) Increase in net assets from share transactions 7,557,142,942 9,729,685,782 Total increase in net assets attributable to holders of redeemable participating shares 20,037,371,109 14,655,432,470 Currency Translation 836,068,120 476,243,448 Net assets attributable to holders of redeemable participating shares at the end of the period 107,543,559,373 75,019,696,827
The accompanying notes form an integral part of these financial statements.
SSGA SPDR ETFs Europe I plc Interim Report and Unaudited Condensed Financial Statements 2025
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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 12,480,228,167 4,925,746,688 Adjustment for: Movement in cash with/due to broker (7,384,125) (452,649) Movement in financial assets at fair value through profit or loss (19,961,432,769) (14,512,929,153) Unrealised movement on derivative assets and liabilities 89,016,423 (22,459,432)
Operating cash flows before movements in working capital (7,399,572,304) (9,610,094,546)
Movement in receivables 34,889,845 2,952,480 Movement in payables (77,182,547) 104,622,255
Cash (outflow)/inflow from operations (42,292,702) 107,574,735
Net cash outflow from operating activities (7,441,865,006) (9,502,519,811)
Financing activities Proceeds from subscriptions 28,073,433,418 16,957,963,041 Payments for redemptions (20,601,669,141) (7,305,940,720)
Net cash generated by financing activities 7,471,764,277 9,652,022,321
Net increase in cash and cash equivalents 29,899,271 149,502,510
Cash and cash equivalents at the start of the financial period 370,101,952 243,213,911
Currency translation 6,332,442 3,423,478 Cash and cash equivalents at the end of the financial period 406,333,665 396,139,899
Cash and cash equivalents - Statement of Financial Position 411,135,372 399,979,109 Bank overdraft - Statement of Financial Position (4,801,707) (3,839,210)
Cash and cash equivalents - Statement of Cash Flows 406,333,665 396,139,899
Supplementary information Taxation paid (95,674,084) (65,336,581) Interest received 501,141,480 395,190,284 Interest paid (619) (3,376) Dividend received 712,433,768 485,295,785 Distribution paid (567,255,382) (292,082,444)
The accompanying notes form an integral part of these financial statements.
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SPDR Bloomberg 0-3 Year Euro Corporate 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 751,314,923 853,668,510 Financial derivative instruments 2,434 32,544 751,317,357 853,701,054
Cash and cash equivalents 24,248,175 32,839,741 Debtors: Interest receivable 7,798,075 8,296,779 Receivable for investments sold 203,912 2,587,812 Receivable for fund shares sold - 3,906,325 Securities lending income receivable 8,604 15,341 Total current assets 783,576,123 901,347,052
Current liabilities Financial liabilities at fair value through profit or loss: Financial derivative instruments (10,211) (374,867) Creditors - Amounts falling due within one year: Accrued expenses (126,212) (146,702) Payable for investment purchased - (42,269,026) Total current liabilities (136,423) (42,790,595)
Net assets attributable to holders of redeemable participating shares 783,439,700 858,556,457
30 September 2025
31 March 2025
30 September 2024
Net asset value per share EUR Unhedged (Dist) 4 EUR 30.07 EUR 30.04 EUR 30.01 EUR Unhedged (Acc) 4 EUR 10.65 EUR 10.48 EUR 10.31 GBP Hedged (Dist) 4 GBP 10.50 GBP 10.37 GBP 10.28 USD Hedged (Acc) 4 USD 10.95 USD 10.66 USD 10.40 USD Hedged (Dist) 4 USD 10.50 USD 10.39 USD 10.29
The accompanying notes form an integral part of these financial statements.
SSGA SPDR ETFs Europe I plc Interim Report and Unaudited Condensed Financial Statements 2025
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SPDR Bloomberg 0-3 Year Euro Corporate 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 12,448,219 19,087,602 Securities lending income 10 77,833 139,904 Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 487,300 13,691,955 Bank interest income 176,676 313,080 Miscellaneous income 8,756 29,735 Total investment income 13,198,784 33,262,276
Operating expenses 3 (803,580) (1,220,035) Net profit for the financial period before finance costs and tax 12,395,204 32,042,241
Finance costs Distributions to holders of redeemable participating shares 6 (12,028,502) (16,970,788)
Profit for the financial period before tax 366,702 15,071,453 Withholding tax on investment income 2 (1,978) (4,212) Increase in net assets attributable to holders of redeemable participating shares resulting from operations 364,724 15,067,241
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 I plc Interim Report and Unaudited Condensed Financial Statements 2025
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SPDR Bloomberg 0-3 Year Euro 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 EUR
30 September 2024 EUR
Net assets attributable to holders of redeemable participating shares at the beginning of the financial period 858,556,457 1,255,533,336
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 364,724 15,067,241
Share transactions Proceeds from redeemable participating shares issued 144,774,739 299,336,256 Costs of redeemable participating shares redeemed (220,256,220) (412,109,424) Decrease in net assets from share transactions (75,481,481) (112,773,168)
Total decrease in net assets attributable to holders of redeemable participating shares (75,116,757) (97,705,927)
Net assets attributable to holders of redeemable participating shares at the end of the financial period 783,439,700 1,157,827,409
The accompanying notes form an integral part of these financial statements.
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SPDR Bloomberg 0-3 Year Euro Corporate 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 364,724 15,067,241
Adjustment for: Movement in financial assets at fair value through profit or loss 62,468,461 117,326,013 Unrealised movement on derivative assets and liabilities (334,546) 3,471 Operating cash flows before movements in working capital 62,498,639 132,396,725
Movement in receivables 505,441 1,056,530 Movement in payables (20,490) (56,556)
Cash inflow from operations 484,951 999,974
Net cash inflow from operating activities 62,983,590 133,396,699
Financing activities Proceeds from subscriptions 148,681,064 299,336,256 Payments for redemptions (220,256,220) (416,553,591)
Net cash used in financing activities (71,575,156) (117,217,335)
Net (decrease)/increase in cash and cash equivalents (8,591,566) 16,179,364
Cash and cash equivalents at the start of the financial period 32,839,741 23,218,063
Cash and cash equivalents at the end of the financial period 24,248,175 39,397,427
Supplementary information Taxation paid (1,978) (4,212) Interest received 8,691,368 12,284,066 Distribution paid (12,028,502) (16,970,788)
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 - 95.90% (March 2025: 99.43%) Corporate Bonds - 95.90% (March 2025: 99.43%) Euro - 95.90% 300,000 1.500% 3M Co. 09/11/2026 297,183 0.04 600,000 5.875% Aareal Bank AG 29/05/2026 612,282 0.08 400,000 0.500% Aareal Bank AG 07/04/2027 389,032 0.05 500,000 0.250% Aareal Bank AG 23/11/2027 475,325 0.06 200,000 0.500% Abanca Corp. Bancaria SA 08/09/2027 196,032 0.02 300,000 5.250% Abanca Corp. Bancaria SA 14/09/2028 315,438 0.04 100,000 3.250% ABB Finance BV 16/01/2027 101,073 0.01 800,000 1.500% Abbott Ireland Financing DAC 27/09/2026 794,432 0.10 400,000 0.375% Abbott Ireland Financing DAC 19/11/2027 383,396 0.05 500,000 0.750% AbbVie, Inc. 18/11/2027 483,500 0.06 800,000 2.500% Abertis France SAS 04/05/2027 797,216 0.10 600,000 1.375% Abertis Infraestructuras SA 20/05/2026 596,946 0.08 200,000 1.000% Abertis Infraestructuras SA 27/02/2027 196,230 0.02 300,000 2.375% Abertis Infraestructuras SA 27/09/2027 298,410 0.04 500,000 1.250% Abertis Infraestructuras SA 07/02/2028 484,965 0.06 1,100,000 1.125% Abertis Infraestructuras SA 26/03/2028 1,057,881 0.13 400,000 3.625% ABN AMRO Bank NV 10/01/2026 401,464 0.05 325,000 0.500% ABN AMRO Bank NV 15/04/2026 322,199 0.04 1,200,000 3.875% ABN AMRO Bank NV 21/12/2026 1,222,644 0.16 900,000 0.600% ABN AMRO Bank NV 15/01/2027 880,029 0.11 100,000 2.375% ABN AMRO Bank NV 01/06/2027 99,966 0.01 800,000 4.000% ABN AMRO Bank NV 16/01/2028 825,768 0.11 700,000 5.125% ABN AMRO Bank NV 22/02/2033 730,954 0.09 200,000 0.375% Acciona Energia Financiacion Filiales SA 07/10/2027 191,462 0.02 300,000 1.750% Accor SA 04/02/2026 299,373 0.04 600,000 0.750% ACEF Holding SCA 14/06/2028 569,454 0.07 200,000 2.750% Achmea Bank NV 10/12/2027 200,822 0.03 500,000 2.500% Achmea Bank NV 06/05/2028 499,820 0.06 350,000 1.500% Achmea BV 26/05/2027 345,433 0.04 200,000 1.000% Adecco International Financial Services BV 21/03/2082 193,776 0.02 300,000 3.000% adidas AG 21/11/2025 300,135 0.04 500,000 1.625% Aeroporti di Roma SpA 08/06/2027 492,985 0.06 300,000 3.500% AG Insurance SA 30/06/2047 304,407 0.04 400,000 0.500% AIB Group PLC 17/11/2027 391,508 0.05 700,000 2.250% AIB Group PLC 04/04/2028 697,515 0.09 500,000 5.750% AIB Group PLC 16/02/2029 534,555 0.07
Holding Investment Fair Value EUR
% of Net Assets Transferable Securities - 95.90% (March 2025: 99.43%) (continued) Corporate Bonds - 95.90% (March 2025: 99.43%) (continued) Euro - 95.90% (continued) 500,000 4.625% AIB Group PLC 23/07/2029 524,455 0.07 300,000 1.000% Air Liquide Finance SA 08/03/2027 295,134 0.04 300,000 1.250% Air Liquide Finance SA 13/06/2028 292,437 0.04 600,000 1.375% Airbus SE 09/06/2026 596,106 0.08 500,000 2.000% Airbus SE 07/04/2028 495,350 0.06 300,000 1.125% Akzo Nobel NV 08/04/2026 298,224 0.04 600,000 1.500% Akzo Nobel NV 28/03/2028 587,052 0.07 355,000 1.125% Albemarle New Holding GmbH 25/11/2025 354,318 0.05 200,000 2.375% Alcon Finance BV 31/05/2028 198,938 0.03 100,000 0.875% Alfa Laval Treasury International AB 18/02/2026 99,449 0.01 500,000 1.875% Alimentation Couche-Tard, Inc. 06/05/2026 498,435 0.06 500,000 0.875% Allianz Finance II BV 15/01/2026 498,415 0.06 200,000 0.000% Allianz Finance II BV 22/11/2026 195,156 0.02 600,000 3.000% Allianz Finance II BV 13/03/2028 609,738 0.08 800,000 3.099% Allianz SE 06/07/2047 803,944 0.10 300,000 7.500% Alpha Bank SA 16/06/2027 310,602 0.04 600,000 6.875% Alpha Bank SA 27/06/2029 663,216 0.08 200,000 0.250% Alstom SA 14/10/2026 195,844 0.02 200,000 0.125% Alstom SA 27/07/2027 191,228 0.02 300,000 1.875% Altarea SCA 17/01/2028 293,073 0.04 300,000 2.200% Altria Group, Inc. 15/06/2027 298,602 0.04 300,000 1.500% Amadeus IT Group SA 18/09/2026 297,603 0.04 100,000 2.875% Amadeus IT Group SA 20/05/2027 100,582 0.01 500,000 1.125% Amcor U.K. Finance PLC 23/06/2027 487,960 0.06 700,000 0.750% America Movil SAB de CV 26/06/2027 679,392 0.09 450,000 3.500% American Honda Finance Corp. 24/04/2026 452,907 0.06 225,000 3.750% American Honda Finance Corp. 25/10/2027 230,418 0.03 700,000 2.850% American Honda Finance Corp. 27/06/2028 702,177 0.09 850,000 0.300% American Honda Finance Corp. 07/07/2028 797,172 0.10 600,000 1.875% American International Group, Inc. 21/06/2027 592,800 0.08 300,000 1.375% American Medical Systems Europe BV 08/03/2028 291,741 0.04 250,000 1.950% American Tower Corp. 22/05/2026 249,355 0.03 485,000 0.450% American Tower Corp. 15/01/2027 472,729 0.06
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% of Net Assets Transferable Securities - 95.90% (March 2025: 99.43%) (continued) Corporate Bonds - 95.90% (March 2025: 99.43%) (continued) Euro - 95.90% (continued) 500,000 0.400% American Tower Corp. 15/02/2027 485,825 0.06 550,000 4.125% American Tower Corp. 16/05/2027 562,589 0.07 400,000 0.500% American Tower Corp. 15/01/2028 381,024 0.05 375,000 2.000% Amgen, Inc. 25/02/2026 374,528 0.05 500,000 0.750% Amphenol Technologies Holding GmbH 04/05/2026 495,580 0.06 800,000 3.450% Amprion GmbH 22/09/2027 810,840 0.10 400,000 1.625% Anglo American Capital PLC 11/03/2026 398,684 0.05 400,000 2.700% Anheuser-Busch InBev SA 31/03/2026 400,900 0.05 1,450,000 1.150% Anheuser-Busch InBev SA 22/01/2027 1,429,134 0.18 1,000,000 1.125% Anheuser-Busch InBev SA 01/07/2027 978,820 0.12 300,000 2.125% Anheuser-Busch InBev SA 02/12/2027 298,524 0.04 1,380,000 2.000% Anheuser-Busch InBev SA 17/03/2028 1,367,304 0.17 300,000 1.500% Anima Holding SpA 22/04/2028 289,518 0.04 680,000 0.200% ANZ New Zealand International Ltd. 23/09/2027 650,393 0.08 300,000 2.993% ANZ New Zealand International Ltd. 27/03/2028 303,048 0.04 250,000 2.875% Aon Global Ltd. 14/05/2026 250,483 0.03 400,000 1.750% AP Moller - Maersk AS 16/03/2026 399,148 0.05 550,000 2.000% APA Infrastructure Ltd. 22/03/2027 545,743 0.07 500,000 0.000% Apple, Inc. 15/11/2025 498,710 0.06 1,010,000 1.625% Apple, Inc. 10/11/2026 1,003,172 0.13 1,050,000 2.000% Apple, Inc. 17/09/2027 1,043,416 0.13 400,000 1.125% APRR SA 09/01/2026 398,804 0.05 600,000 1.250% APRR SA 06/01/2027 591,288 0.08 300,000 1.250% APRR SA 14/01/2027 295,428 0.04 100,000 1.250% APRR SA 18/01/2028 97,355 0.01 500,000 0.000% APRR SA 19/06/2028 466,865 0.06 400,000 4.875% Arbejdernes Landsbank AS 14/03/2029 415,428 0.05 550,000 4.875% Arcadis NV 28/02/2028 571,840 0.07 400,000 1.750% ArcelorMittal SA 19/11/2025 399,680 0.05 500,000 4.875% ArcelorMittal SA 26/09/2026 510,345 0.07 400,000 1.011% ARGAN SA 17/11/2026 391,064 0.05 200,000 1.000% Argenta Spaarbank NV 13/10/2026 199,918 0.03 400,000 1.000% Argenta Spaarbank NV 29/01/2027 391,760 0.05
Holding Investment Fair Value EUR
% of Net Assets Transferable Securities - 95.90% (March 2025: 99.43%) (continued) Corporate Bonds - 95.90% (March 2025: 99.43%) (continued) Euro - 95.90% (continued) 500,000 5.375% Argenta Spaarbank NV 29/11/2027 516,220 0.07 300,000 1.375% Argenta Spaarbank NV 08/02/2029 289,476 0.04 400,000 3.500% Argentum Netherlands BV for Zurich Insurance Co. Ltd. 01/10/2046 402,464 0.05 351,000 7.250% Arion Banki Hf. 25/05/2026 361,449 0.05 400,000 0.125% Arkema SA 14/10/2026 390,944 0.05 500,000 1.500% Arkema SA 20/04/2027 491,850 0.06 200,000 1.500% Aroundtown SA 28/05/2026 198,686 0.03 300,000 0.000% Aroundtown SA 16/07/2026 293,520 0.04 800,000 0.375% Aroundtown SA 15/04/2027 770,056 0.10 300,000 1.625% Aroundtown SA 31/01/2028 291,264 0.04 500,000 1.450% Aroundtown SA 09/07/2028 479,105 0.06 400,000 0.000% Arval Service Lease SA 01/10/2025 400,000 0.05 300,000 4.250% Arval Service Lease SA 11/11/2025 300,396 0.04 300,000 3.375% Arval Service Lease SA 04/01/2026 300,213 0.04 700,000 4.125% Arval Service Lease SA 13/04/2026 703,444 0.09 600,000 4.000% Arval Service Lease SA 22/09/2026 607,104 0.08 400,000 0.336% Asahi Group Holdings Ltd. 19/04/2027 386,760 0.05 600,000 4.500% ASB Bank Ltd. 16/03/2027 617,412 0.08 600,000 3.500% ASML Holding NV 06/12/2025 600,738 0.08 700,000 1.375% ASML Holding NV 07/07/2026 695,541 0.09 500,000 1.625% ASML Holding NV 28/05/2027 493,950 0.06 550,000 3.750% Assa Abloy AB 13/09/2026 557,018 0.07 500,000 1.000% ASTM SpA 25/11/2026 491,835 0.06 100,000 1.625% ASTM SpA 08/02/2028 97,474 0.01 300,000 3.625% AstraZeneca PLC 03/03/2027 305,073 0.04 650,000 1.250% AstraZeneca PLC 12/05/2028 631,059 0.08 300,000 3.550% AT&T, Inc. 18/11/2025 300,162 0.04 580,000 3.500% AT&T, Inc. 17/12/2025 581,467 0.07 700,000 0.250% AT&T, Inc. 04/03/2026 693,959 0.09 901,000 1.800% AT&T, Inc. 05/09/2026 896,783 0.11 1,500,000 1.600% AT&T, Inc. 19/05/2028 1,462,335 0.19 300,000 0.366% Athene Global Funding 10/09/2026 294,324 0.04 250,000 0.832% Athene Global Funding 08/01/2027 244,323 0.03 600,000 0.625% Athene Global Funding 12/01/2028 573,024 0.07
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% of Net Assets Transferable Securities - 95.90% (March 2025: 99.43%) (continued) Corporate Bonds - 95.90% (March 2025: 99.43%) (continued) Euro - 95.90% (continued) 500,000 2.875% Athene Global Funding 21/07/2028 499,240 0.06 200,000 6.625% Athora Holding Ltd. 16/06/2028 216,360 0.03 200,000 5.375% Athora Netherlands NV 31/08/2032 206,662 0.03 300,000 3.125% Aurizon Network Pty. Ltd. 01/06/2026 301,590 0.04 400,000 1.500% AusNet Services Holdings Pty. Ltd. 26/02/2027 393,868 0.05 400,000 1.625% AusNet Services Holdings Pty. Ltd. 11/03/2081 394,092 0.05 750,000 3.652% Australia & New Zealand Banking Group Ltd. 20/01/2026 753,150 0.10 600,000 0.750% Australia & New Zealand Banking Group Ltd. 29/09/2026 591,288 0.08 550,000 0.669% Australia & New Zealand Banking Group Ltd. 05/05/2031 543,548 0.07 350,000 5.101% Australia & New Zealand Banking Group Ltd. 03/02/2033 366,653 0.05 400,000 4.250% Autoliv, Inc. 15/03/2028 412,880 0.05 200,000 1.125% Autoroutes du Sud de la France SA 20/04/2026 198,848 0.03 500,000 1.000% Autoroutes du Sud de la France SA 13/05/2026 496,235 0.06 700,000 1.250% Autoroutes du Sud de la France SA 18/01/2027 690,116 0.09 400,000 1.375% Autoroutes du Sud de la France SA 27/06/2028 388,408 0.05 395,000 1.875% Autostrade per l’Italia SpA 04/11/2025 394,818 0.05 500,000 1.750% Autostrade per l’Italia SpA 26/06/2026 498,065 0.06 450,000 1.750% Autostrade per l’Italia SpA 01/02/2027 445,829 0.06 153,846 2.625% Avantor Funding, Inc. 01/11/2025 153,762 0.02 550,000 3.375% Aviva PLC 04/12/2045 550,808 0.07 300,000 0.375% AXA Logistics Europe Master SCA 15/11/2026 292,758 0.04 900,000 3.375% AXA SA 06/07/2047 908,874 0.12 750,000 3.875% AXA SA (Perpetual) 750,000 0.10 500,000 0.250% Ayvens Bank NV 23/02/2026 495,990 0.06 370,000 0.250% Ayvens Bank NV 07/09/2026 363,262 0.05 300,000 4.750% Ayvens SA 13/10/2025 300,183 0.04 100,000 1.250% Ayvens SA 02/03/2026 99,599 0.01 500,000 4.375% Ayvens SA 23/11/2026 509,420 0.06 400,000 4.250% Ayvens SA 18/01/2027 408,788 0.05 900,000 3.875% Ayvens SA 22/02/2027 916,992 0.12 300,000 4.000% Ayvens SA 05/07/2027 307,221 0.04 800,000 3.875% Ayvens SA 24/01/2028 821,664 0.10
Holding Investment Fair Value EUR
% of Net Assets Transferable Securities - 95.90% (March 2025: 99.43%) (continued) Corporate Bonds - 95.90% (March 2025: 99.43%) (continued) Euro - 95.90% (continued) 600,000 1.375% Babcock International Group PLC 13/09/2027 585,972 0.07 400,000 7.625% Banca Comerciala Romana SA 19/05/2027 412,372 0.05 200,000 5.035% Banca Mediolanum SpA 22/01/2027 201,522 0.03 600,000 1.250% Banca Popolare di Sondrio SpA 13/07/2027 594,084 0.08 300,000 5.500% Banca Popolare di Sondrio SpA 26/09/2028 316,182 0.04 500,000 1.750% Banco Bilbao Vizcaya Argentaria SA 26/11/2025 499,685 0.06 300,000 1.000% Banco Bilbao Vizcaya Argentaria SA 21/06/2026 297,489 0.04 900,000 0.375% Banco Bilbao Vizcaya Argentaria SA 15/11/2026 880,659 0.11 700,000 0.500% Banco Bilbao Vizcaya Argentaria SA 14/01/2027 683,088 0.09 800,000 3.500% Banco Bilbao Vizcaya Argentaria SA 10/02/2027 808,096 0.10 600,000 0.125% Banco Bilbao Vizcaya Argentaria SA 24/03/2027 593,976 0.08 800,000 3.375% Banco Bilbao Vizcaya Argentaria SA 20/09/2027 814,520 0.10 800,000 0.875% Banco Bilbao Vizcaya Argentaria SA 14/01/2029 769,248 0.10 300,000 0.875% Banco BPM SpA 15/07/2026 296,694 0.04 330,000 6.000% Banco BPM SpA 13/09/2026 340,445 0.04 850,000 4.875% Banco BPM SpA 18/01/2027 875,950 0.11 400,000 4.625% Banco BPM SpA 29/11/2027 416,496 0.05 250,000 6.000% Banco BPM SpA 14/06/2028 263,293 0.03 400,000 5.625% Banco Comercial Portugues SA 02/10/2026 400,000 0.05 300,000 1.125% Banco Comercial Portugues SA 12/02/2027 298,386 0.04 300,000 1.750% Banco Comercial Portugues SA 07/04/2028 296,175 0.04 200,000 1.750% Banco de Credito Social Cooperativo SA 09/03/2028 197,686 0.03 400,000 1.125% Banco de Sabadell SA 11/03/2027 397,836 0.05 500,000 0.875% Banco de Sabadell SA 16/06/2028 486,245 0.06 500,000 5.125% Banco de Sabadell SA 10/11/2028 526,000 0.07 300,000 5.250% Banco de Sabadell SA 07/02/2029 317,040 0.04 400,000 5.000% Banco de Sabadell SA 07/06/2029 424,008 0.05
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% of Net Assets Transferable Securities - 95.90% (March 2025: 99.43%) (continued) Corporate Bonds - 95.90% (March 2025: 99.43%) (continued) Euro - 95.90% (continued) 400,000 2.500% Banco de Sabadell SA 15/04/2031 399,732 0.05 600,000 1.375% Banco Santander SA 05/01/2026 598,710 0.08 400,000 3.750% Banco Santander SA 16/01/2026 401,772 0.05 100,000 0.300% Banco Santander SA 04/10/2026 98,072 0.01 700,000 0.500% Banco Santander SA 04/02/2027 683,193 0.09 500,000 0.500% Banco Santander SA 24/03/2027 495,695 0.06 300,000 1.125% Banco Santander SA 23/06/2027 293,931 0.04 1,100,000 4.625% Banco Santander SA 18/10/2027 1,124,431 0.14 1,000,000 3.500% Banco Santander SA 09/01/2028 1,013,670 0.13 500,000 3.875% Banco Santander SA 16/01/2028 515,200 0.07 800,000 2.125% Banco Santander SA 08/02/2028 793,368 0.10 1,300,000 0.200% Banco Santander SA 11/02/2028 1,232,439 0.16 1,300,000 3.250% Banco Santander SA 02/04/2029 1,315,938 0.17 800,000 0.625% Banco Santander SA 24/06/2029 755,928 0.10 800,000 5.750% Banco Santander SA 23/08/2033 852,744 0.11 700,000 1.949% Bank of America Corp. 27/10/2026 700,448 0.09 1,080,000 1.776% Bank of America Corp. 04/05/2027 1,076,620 0.14 1,000,000 1.662% Bank of America Corp. 25/04/2028 987,330 0.13 300,000 4.134% Bank of America Corp. 12/06/2028 312,336 0.04 700,000 0.583% Bank of America Corp. 24/08/2028 675,031 0.09 1,240,000 3.648% Bank of America Corp. 31/03/2029 1,267,850 0.16 400,000 0.580% Bank of America Corp. 08/08/2029 376,780 0.05 350,000 5.000% Bank of Cyprus Pcl 02/05/2029 366,748 0.05 700,000 0.375% Bank of Ireland Group PLC 10/05/2027 691,880 0.09 523,000 4.875% Bank of Ireland Group PLC 16/07/2028 544,286 0.07 350,000 1.375% Bank of Ireland Group PLC 11/08/2031 346,717 0.04 200,000 6.750% Bank of Ireland Group PLC 01/03/2033 214,628 0.03 150,000 2.750% Bank of Montreal 15/06/2027 150,942 0.02 50,000 0.125% Bank of Nova Scotia 04/09/2026 49,026 0.01 400,000 5.500% Bank Polska Kasa Opieki SA 23/11/2027 412,408 0.05 600,000 0.875% Bankinter SA 08/07/2026 593,928 0.08 100,000 0.625% Bankinter SA 06/10/2027 96,424 0.01 500,000 1.250% Bankinter SA 23/12/2032 485,675 0.06 600,000 1.625% Banque Federative du Credit Mutuel SA 19/01/2026 599,010 0.08
Holding Investment Fair Value EUR
% of Net Assets Transferable Securities - 95.90% (March 2025: 99.43%) (continued) Corporate Bonds - 95.90% (March 2025: 99.43%) (continued) Euro - 95.90% (continued) 500,000 2.375% Banque Federative du Credit Mutuel SA 24/03/2026 499,940 0.06 1,200,000 0.010% Banque Federative du Credit Mutuel SA 11/05/2026 1,184,460 0.15 800,000 0.750% Banque Federative du Credit Mutuel SA 08/06/2026 792,424 0.10 100,000 2.125% Banque Federative du Credit Mutuel SA 12/09/2026 99,653 0.01 300,000 1.875% Banque Federative du Credit Mutuel SA 04/11/2026 297,957 0.04 400,000 2.625% Banque Federative du Credit Mutuel SA 31/03/2027 400,292 0.05 900,000 1.250% Banque Federative du Credit Mutuel SA 26/05/2027 883,143 0.11 1,400,000 3.125% Banque Federative du Credit Mutuel SA 14/09/2027 1,416,884 0.18 1,000,000 0.100% Banque Federative du Credit Mutuel SA 08/10/2027 954,030 0.12 500,000 1.625% Banque Federative du Credit Mutuel SA 15/11/2027 488,165 0.06 300,000 0.625% Banque Federative du Credit Mutuel SA 19/11/2027 288,300 0.04 800,000 3.875% Banque Federative du Credit Mutuel SA 26/01/2028 822,608 0.10 600,000 0.250% Banque Federative du Credit Mutuel SA 29/06/2028 563,496 0.07 700,000 1.375% Banque Federative du Credit Mutuel SA 16/07/2028 677,866 0.09 600,000 0.250% Banque Federative du Credit Mutuel SA 19/07/2028 561,096 0.07 600,000 3.875% Banque Federative du Credit Mutuel SA 16/06/2032 608,562 0.08 200,000 3.875% Banque Stellantis France SACA 19/01/2026 200,646 0.03 500,000 4.000% Banque Stellantis France SACA 21/01/2027 508,700 0.06 400,000 3.500% Banque Stellantis France SACA 19/07/2027 405,828 0.05 300,000 3.125% Banque Stellantis France SACA 20/01/2028 301,995 0.04 750,000 2.885% Barclays PLC 31/01/2027 751,350 0.10 1,050,000 0.877% Barclays PLC 28/01/2028 1,028,380 0.13 900,000 0.577% Barclays PLC 09/08/2029 846,045 0.11 400,000 1.125% Barclays PLC 22/03/2031 397,184 0.05 700,000 3.750% Barry Callebaut Services NV 19/02/2028 709,408 0.09 400,000 0.750% BASF Finance Europe NV 10/11/2026 394,248 0.05 500,000 0.750% BASF SE 17/03/2026 496,585 0.06 800,000 0.250% BASF SE 05/06/2027 771,864 0.10
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% of Net Assets Transferable Securities - 95.90% (March 2025: 99.43%) (continued) Corporate Bonds - 95.90% (March 2025: 99.43%) (continued) Euro - 95.90% (continued) 600,000 0.875% BASF SE 15/11/2027 581,946 0.07 200,000 3.125% BASF SE 29/06/2028 203,336 0.03 500,000 1.250% BAT International Finance PLC 13/03/2027 491,805 0.06 400,000 3.125% BAT Netherlands Finance BV 07/04/2028 405,336 0.05 200,000 4.125% BAWAG PSK Bank fuer Arbeit und Wirtschaft und Oesterreichische Postsparkasse AG 18/01/2027 204,104 0.03 500,000 0.375% BAWAG PSK Bank fuer Arbeit und Wirtschaft und Oesterreichische Postsparkasse AG 03/09/2027 478,650 0.06 350,000 4.000% Bayer AG 26/08/2026 354,613 0.05 500,000 0.750% Bayer AG 06/01/2027 489,240 0.06 1,300,000 1.500% Bayer Capital Corp. BV 26/06/2026 1,292,382 0.16 200,000 2.375% BCR-Brisa Concessao Rodoviaria SA 10/05/2027 199,986 0.03 400,000 1.900% Becton Dickinson & Co. 15/12/2026 397,880 0.05 626,000 1.208% Becton Dickinson Euro Finance SARL 04/06/2026 621,687 0.08 400,000 0.334% Becton Dickinson Euro Finance SARL 13/08/2028 375,896 0.05 1,180,000 1.125% Berkshire Hathaway, Inc. 16/03/2027 1,160,058 0.15 150,000 1.500% Berry Global, Inc. 15/01/2027 148,056 0.02 400,000 1.125% Bertelsmann SE & Co. KGaA 27/04/2026 397,372 0.05 300,000 2.000% Bertelsmann SE & Co. KGaA 01/04/2028 296,727 0.04 550,000 1.500% Bevco Lux SARL 16/09/2027 538,114 0.07 800,000 3.250% BHP Billiton Finance Ltd. 24/09/2027 812,240 0.10 400,000 1.000% Blackstone Holdings Finance Co. LLC 05/10/2026 393,576 0.05 375,000 1.750% Blackstone Private Credit Fund 30/11/2026 369,041 0.05 500,000 1.000% Blackstone Property Partners Europe Holdings Sarl 04/05/2028 475,660 0.06 500,000 1.250% Blackstone Property Partners Europe Holdings SARL 26/04/2027 489,435 0.06 400,000 0.000% BMW Finance NV 11/01/2026 397,520 0.05 450,000 1.125% BMW Finance NV 22/05/2026 447,188 0.06 876,000 0.750% BMW Finance NV 13/07/2026 866,758 0.11 700,000 3.250% BMW Finance NV 22/11/2026 707,742 0.09 50,000 0.375% BMW Finance NV 14/01/2027 48,776 0.01 300,000 0.375% BMW Finance NV 24/09/2027 288,768 0.04 300,000 1.125% BMW Finance NV 10/01/2028 290,976 0.04
Holding Investment Fair Value EUR
% of Net Assets Transferable Securities - 95.90% (March 2025: 99.43%) (continued) Corporate Bonds - 95.90% (March 2025: 99.43%) (continued) Euro - 95.90% (continued) 800,000 2.625% BMW Finance NV 20/05/2028 801,408 0.10 400,000 1.000% BMW Finance NV 22/05/2028 384,360 0.05 600,000 3.000% BMW International Investment BV 27/08/2027 605,724 0.08 200,000 1.000% BMW U.S. Capital LLC 20/04/2027 196,014 0.02 400,000 3.000% BMW U.S. Capital LLC 02/11/2027 404,400 0.05 600,000 4.032% BNP Paribas Cardif SA (Perpetual) 600,684 0.08 595,000 1.500% BNP Paribas SA 17/11/2025 594,459 0.08 500,000 2.750% BNP Paribas SA 27/01/2026 500,530 0.06 575,000 1.625% BNP Paribas SA 23/02/2026 573,672 0.07 700,000 1.125% BNP Paribas SA 11/06/2026 694,883 0.09 400,000 0.125% BNP Paribas SA 04/09/2026 392,464 0.05 300,000 2.875% BNP Paribas SA 01/10/2026 300,804 0.04 500,000 2.250% BNP Paribas SA 11/01/2027 498,290 0.06 1,400,000 2.125% BNP Paribas SA 23/01/2027 1,399,090 0.18 1,000,000 0.250% BNP Paribas SA 13/04/2027 988,950 0.13 400,000 0.375% BNP Paribas SA 14/10/2027 391,612 0.05 1,100,000 0.500% BNP Paribas SA 19/02/2028 1,069,926 0.14 300,000 1.500% BNP Paribas SA 23/05/2028 291,960 0.04 200,000 1.500% BNP Paribas SA 25/05/2028 195,240 0.02 1,000,000 0.500% BNP Paribas SA 30/05/2028 966,730 0.12 700,000 2.750% BNP Paribas SA 25/07/2028 701,449 0.09 900,000 0.500% BNP Paribas SA 01/09/2028 865,098 0.11 800,000 4.375% BNP Paribas SA 13/01/2029 829,104 0.11 300,000 3.875% BNP Paribas SA 23/02/2029 308,730 0.04 1,000,000 1.125% BNP Paribas SA 17/04/2029 959,200 0.12 100,000 2.375% BNP Paribas SA 20/11/2030 99,974 0.01 700,000 1.125% BNP Paribas SA 15/01/2032 683,872 0.09 900,000 2.500% BNP Paribas SA 31/03/2032 894,087 0.11 700,000 0.875% BNP Paribas SA 31/08/2033 655,459 0.08 630,000 4.000% Booking Holdings, Inc. 15/11/2026 641,283 0.08 551,000 1.800% Booking Holdings, Inc. 03/03/2027 546,443 0.07 600,000 0.500% Booking Holdings, Inc. 08/03/2028 571,716 0.07 200,000 1.750% Borealis GmbH 10/12/2025 199,662 0.03 900,000 0.625% Boston Scientific Corp. 01/12/2027 864,450 0.11 700,000 1.375% Bouygues SA 07/06/2027 688,387 0.09 600,000 1.125% Bouygues SA 24/07/2028 578,226 0.07 600,000 2.972% BP Capital Markets PLC 27/02/2026 601,440 0.08 200,000 2.213% BP Capital Markets PLC 25/09/2026 200,058 0.03
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% of Net Assets Transferable Securities - 95.90% (March 2025: 99.43%) (continued) Corporate Bonds - 95.90% (March 2025: 99.43%) (continued) Euro - 95.90% (continued) 350,000 1.573% BP Capital Markets PLC 16/02/2027 346,280 0.04 100,000 0.831% BP Capital Markets PLC 08/11/2027 96,672 0.01 600,000 2.519% BP Capital Markets PLC 07/04/2028 599,982 0.08 200,000 1.594% BP Capital Markets PLC 03/07/2028 195,062 0.02 1,800,000 3.250% BP Capital Markets PLC (Perpetual) 1,802,106 0.23 900,000 0.250% BPCE SA 15/01/2026 894,951 0.11 500,000 0.375% BPCE SA 02/02/2026 496,960 0.06 700,000 1.375% BPCE SA 23/03/2026 697,438 0.09 700,000 3.625% BPCE SA 17/04/2026 705,096 0.09 500,000 2.875% BPCE SA 22/04/2026 501,040 0.06 300,000 0.010% BPCE SA 14/01/2027 291,264 0.04 600,000 0.500% BPCE SA 24/02/2027 584,358 0.07 1,000,000 1.750% BPCE SA 26/04/2027 990,000 0.13 700,000 0.500% BPCE SA 15/09/2027 687,393 0.09 900,000 3.500% BPCE SA 25/01/2028 919,395 0.12 400,000 4.125% BPCE SA 10/07/2028 416,384 0.05 600,000 4.375% BPCE SA 13/07/2028 626,832 0.08 300,000 1.625% BPCE SA 02/03/2029 292,104 0.04 700,000 2.250% BPCE SA 02/03/2032 693,161 0.09 300,000 5.750% BPCE SA 01/06/2033 320,637 0.04 400,000 1.375% BPER Banca SpA 31/03/2027 397,796 0.05 300,000 1.500% Brambles Finance PLC 04/10/2027 294,198 0.04 200,000 3.750% Brenntag Finance BV 24/04/2028 205,176 0.03 700,000 3.000% British American Tobacco PLC (Perpetual) 698,285 0.09 825,000 1.750% British Telecommunications PLC 10/03/2026 823,169 0.10 900,000 1.500% British Telecommunications PLC 23/06/2027 886,041 0.11 400,000 2.750% British Telecommunications PLC 30/08/2027 401,896 0.05 200,000 1.200% Brown-Forman Corp. 07/07/2026 198,370 0.03 200,000 1.125% Bureau Veritas SA 18/01/2027 196,566 0.02 500,000 4.375% CA Auto Bank SpA 08/06/2026 506,090 0.06 200,000 4.750% CA Auto Bank SpA 25/01/2027 205,360 0.03 100,000 3.750% CA Auto Bank SpA 12/04/2027 101,795 0.01 100,000 2.750% CA Auto Bank SpA 07/07/2028 100,295 0.01 300,000 0.875% CA Immobilien Anlagen AG 05/02/2027 291,396 0.04 400,000 6.000% Caisse Nationale de Reassurance Mutuelle Agricole Groupama 23/01/2027 416,436 0.05
Holding Investment Fair Value EUR
% of Net Assets Transferable Securities - 95.90% (March 2025: 99.43%) (continued) Corporate Bonds - 95.90% (March 2025: 99.43%) (continued) Euro - 95.90% (continued) 200,000 3.500% Caixa Economica Montepio Geral Caixa Economica Bancaria SA 25/06/2029 201,708 0.03 200,000 1.125% CaixaBank SA 27/03/2026 198,958 0.03 700,000 1.375% CaixaBank SA 19/06/2026 695,688 0.09 700,000 0.750% CaixaBank SA 09/07/2026 692,356 0.09 500,000 1.125% CaixaBank SA 12/11/2026 493,540 0.06 600,000 0.375% CaixaBank SA 18/11/2026 598,470 0.08 900,000 4.625% CaixaBank SA 16/05/2027 912,285 0.12 700,000 0.625% CaixaBank SA 21/01/2028 684,152 0.09 500,000 0.750% CaixaBank SA 26/05/2028 485,905 0.06 1,000,000 0.500% CaixaBank SA 09/02/2029 952,120 0.12 700,000 5.000% CaixaBank SA 19/07/2029 741,468 0.09 300,000 1.250% CaixaBank SA 18/06/2031 297,657 0.04 600,000 1.625% Capgemini SE 15/04/2026 598,110 0.08 300,000 1.750% Capgemini SE 18/04/2028 294,405 0.04 400,000 3.500% Carlsberg Breweries AS 26/11/2026 404,872 0.05 700,000 0.375% Carlsberg Breweries AS 30/06/2027 675,675 0.09 200,000 1.750% Carrefour SA 04/05/2026 199,354 0.03 800,000 1.875% Carrefour SA 30/10/2026 795,448 0.10 500,000 2.625% Carrefour SA 15/12/2027 501,385 0.06 500,000 4.125% Carrier Global Corp. 29/05/2028 518,280 0.07 300,000 5.885% Cassa Centrale Banca - Credito Cooperativo Italiano SpA 16/02/2027 303,909 0.04 400,000 3.742% Caterpillar Financial Services Corp. 04/09/2026 405,400 0.05 750,000 3.023% Caterpillar Financial Services Corp. 03/09/2027 758,482 0.10 300,000 2.521% Caterpillar Financial Services Corp. 22/08/2028 299,859 0.04 200,000 0.500% CBRE Open-Ended Funds SCA SICAV-SIF 27/01/2028 189,596 0.02 800,000 2.250% Cellnex Finance Co. SA 12/04/2026 799,008 0.10 200,000 0.750% Cellnex Finance Co. SA 15/11/2026 196,256 0.02 300,000 1.000% Cellnex Finance Co. SA 15/09/2027 291,231 0.04 700,000 1.500% Cellnex Finance Co. SA 08/06/2028 677,334 0.09 300,000 1.000% Cellnex Telecom SA 20/04/2027 293,058 0.04 200,000 3.125% Cemex SAB de CV 19/03/2026 199,654 0.03 350,000 2.875% Cencora, Inc. 22/05/2028 352,072 0.04 400,000 5.943% Ceska sporitelna AS 29/06/2027 409,112 0.05 500,000 0.500% Ceska sporitelna AS 13/09/2028 476,470 0.06
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% of Net Assets Transferable Securities - 95.90% (March 2025: 99.43%) (continued) Corporate Bonds - 95.90% (March 2025: 99.43%) (continued) Euro - 95.90% (continued) 225,000 3.125% CETIN Group NV 14/04/2027 226,393 0.03 525,000 0.875% Chorus Ltd. 05/12/2026 515,077 0.07 500,000 0.875% Chubb INA Holdings LLC 15/06/2027 486,740 0.06 500,000 1.550% Chubb INA Holdings LLC 15/03/2028 487,940 0.06 500,000 1.125% Cie de Saint-Gobain SA 23/03/2026 497,465 0.06 500,000 3.750% Cie de Saint-Gobain SA 29/11/2026 507,405 0.06 200,000 1.375% Cie de Saint-Gobain SA 14/06/2027 196,948 0.03 500,000 2.375% Cie de Saint-Gobain SA 04/10/2027 499,575 0.06 600,000 2.750% Cie de Saint-Gobain SA 04/04/2028 602,892 0.08 400,000 2.125% Cie de Saint-Gobain SA 10/06/2028 395,668 0.05 350,000 1.750% Cie Generale des Etablissements Michelin SCA 28/05/2027 346,112 0.04 200,000 2.125% Citigroup, Inc. 10/09/2026 199,844 0.03 1,200,000 0.500% Citigroup, Inc. 08/10/2027 1,177,236 0.15 600,000 1.625% Citigroup, Inc. 21/03/2028 587,484 0.07 550,000 3.713% Citigroup, Inc. 22/09/2028 562,001 0.07 250,000 1.625% Citycon Treasury BV 12/03/2028 235,113 0.03 600,000 2.000% CK Hutchison Finance 16 Ltd. 06/04/2028 590,562 0.08 675,000 0.750% CK Hutchison Group Telecom Finance SA 17/04/2026 669,215 0.09 300,000 0.000% Clearstream Banking AG 01/12/2025 298,827 0.04 350,000 1.875% CNH Industrial Finance Europe SA 19/01/2026 349,447 0.04 300,000 1.750% CNH Industrial Finance Europe SA 25/03/2027 296,586 0.04 130,000 0.750% Coca-Cola Co. 22/09/2026 128,154 0.02 700,000 1.875% Coca-Cola Co. 22/09/2026 697,557 0.09 700,000 1.125% Coca-Cola Co. 09/03/2027 688,247 0.09 400,000 1.750% Coca-Cola Europacific Partners PLC 27/03/2026 399,012 0.05 100,000 1.500% Coca-Cola Europacific Partners PLC 08/11/2027 98,086 0.01 500,000 1.750% Coca-Cola Europacific Partners PLC 26/05/2028 490,370 0.06 350,000 1.000% Coca-Cola HBC Finance BV 14/05/2027 342,006 0.04 500,000 3.375% Coca-Cola HBC Finance BV 27/02/2028 509,000 0.06 600,000 1.000% Cofinimmo SA 24/01/2028 575,904 0.07
Holding Investment Fair Value EUR
% of Net Assets Transferable Securities - 95.90% (March 2025: 99.43%) (continued) Corporate Bonds - 95.90% (March 2025: 99.43%) (continued) Euro - 95.90% (continued) 300,000 1.125% Cofiroute SA 13/10/2027 293,115 0.04 250,000 0.500% Colgate-Palmolive Co. 06/03/2026 248,198 0.03 575,000 2.250% Coloplast Finance BV 19/05/2027 572,527 0.07 670,000 0.000% Comcast Corp. 14/09/2026 655,622 0.08 500,000 0.250% Comcast Corp. 20/05/2027 482,245 0.06 870,000 1.000% Commerzbank AG 04/03/2026 865,633 0.11 650,000 4.000% Commerzbank AG 23/03/2026 654,374 0.08 200,000 1.125% Commerzbank AG 22/06/2026 198,410 0.03 700,000 0.500% Commerzbank AG 04/12/2026 686,287 0.09 500,000 0.875% Commerzbank AG 22/01/2027 490,230 0.06 500,000 4.000% Commerzbank AG 30/03/2027 510,165 0.07 600,000 4.625% Commerzbank AG 21/03/2028 618,216 0.08 150,000 1.500% Commerzbank AG 28/08/2028 147,726 0.02 700,000 2.625% Commerzbank AG 08/12/2028 701,911 0.09 400,000 5.250% Commerzbank AG 25/03/2029 423,744 0.05 500,000 1.375% Commerzbank AG 29/12/2031 492,110 0.06 100,000 6.500% Commerzbank AG 06/12/2032 106,716 0.01 200,000 1.125% Commonwealth Bank of Australia 18/01/2028 193,874 0.02 225,000 2.500% Continental AG 27/08/2026 225,243 0.03 620,000 4.000% Continental AG 01/03/2027 632,301 0.08 300,000 3.625% Continental AG 30/11/2027 305,631 0.04 300,000 4.000% Continental AG 01/06/2028 309,171 0.04 1,265,000 1.250% Cooperatieve Rabobank UA 23/03/2026 1,259,598 0.16 400,000 0.250% Cooperatieve Rabobank UA 30/10/2026 391,364 0.05 700,000 3.913% Cooperatieve Rabobank UA 03/11/2026 712,488 0.09 350,000 1.375% Cooperatieve Rabobank UA 03/02/2027 345,919 0.04 900,000 0.375% Cooperatieve Rabobank UA 01/12/2027 879,111 0.11 300,000 4.625% Cooperatieve Rabobank UA 27/01/2028 308,115 0.04 1,000,000 0.875% Cooperatieve Rabobank UA 05/05/2028 974,830 0.12 900,000 4.233% Cooperatieve Rabobank UA 25/04/2029 933,435 0.12 300,000 3.875% Cooperatieve Rabobank UA 30/11/2032 305,652 0.04 300,000 3.875% Corning, Inc. 15/05/2026 302,169 0.04 400,000 3.875% Coty, Inc. 15/04/2026 400,036 0.05 168,000 0.875% Covestro AG 03/02/2026 167,162 0.02 400,000 1.875% Covivio SA 20/05/2026 399,040 0.05 100,000 1.500% Covivio SA 21/06/2027 98,473 0.01
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% of Net Assets Transferable Securities - 95.90% (March 2025: 99.43%) (continued) Corporate Bonds - 95.90% (March 2025: 99.43%) (continued) Euro - 95.90% (continued) 550,000 2.375% Covivio SA 20/02/2028 550,720 0.07 700,000 2.625% Credit Agricole Assurances SA 29/01/2048 690,669 0.09 400,000 0.375% Credit Agricole SA 21/10/2025 399,612 0.05 200,000 3.125% Credit Agricole SA 05/02/2026 200,708 0.03 800,000 1.250% Credit Agricole SA 14/04/2026 795,976 0.10 700,000 4.000% Credit Agricole SA 12/10/2026 700,315 0.09 1,100,000 1.875% Credit Agricole SA 20/12/2026 1,094,104 0.14 1,280,000 2.625% Credit Agricole SA 17/03/2027 1,280,384 0.16 700,000 1.875% Credit Agricole SA 22/04/2027 698,110 0.09 1,200,000 1.375% Credit Agricole SA 03/05/2027 1,181,796 0.15 400,000 3.375% Credit Agricole SA 28/07/2027 406,932 0.05 800,000 0.125% Credit Agricole SA 09/12/2027 759,256 0.10 600,000 0.625% Credit Agricole SA 12/01/2028 586,074 0.07 700,000 0.375% Credit Agricole SA 20/04/2028 661,423 0.08 500,000 3.125% Credit Agricole SA 26/01/2029 504,015 0.06 200,000 4.250% Credit Agricole SA 11/07/2029 207,464 0.03 700,000 5.500% Credit Agricole SA 28/08/2033 745,682 0.10 200,000 0.010% Credit Mutuel Arkea SA 28/01/2026 198,590 0.03 300,000 1.625% Credit Mutuel Arkea SA 15/04/2026 299,139 0.04 200,000 3.250% Credit Mutuel Arkea SA 01/06/2026 200,896 0.03 500,000 0.875% Credit Mutuel Arkea SA 07/05/2027 487,980 0.06 900,000 3.375% Credit Mutuel Arkea SA 19/09/2027 915,327 0.12 700,000 1.250% Credit Mutuel Arkea SA 11/06/2029 671,671 0.09 400,000 1.125% Credito Emiliano SpA 19/01/2028 392,640 0.05 100,000 5.375% Crelan SA 31/10/2025 100,238 0.01 400,000 5.750% Crelan SA 26/01/2028 426,876 0.05 300,000 1.250% CRH SMW Finance DAC 05/11/2026 296,421 0.04 500,000 4.000% CRH SMW Finance DAC 11/07/2027 512,940 0.07 300,000 0.875% Criteria Caixa SA 28/10/2027 290,010 0.04 171,000 0.875% CTP NV 20/01/2026 170,041 0.02 500,000 0.750% CTP NV 18/02/2027 486,935 0.06 500,000 3.875% Daimler Truck International Finance BV 19/06/2026 505,445 0.06 600,000 1.625% Daimler Truck International Finance BV 06/04/2027 592,374 0.08 100,000 3.125% Daimler Truck International Finance BV 23/03/2028 101,029 0.01 700,000 2.100% Danaher Corp. 30/09/2026 699,069 0.09
Holding Investment Fair Value EUR
% of Net Assets Transferable Securities - 95.90% (March 2025: 99.43%) (continued) Corporate Bonds - 95.90% (March 2025: 99.43%) (continued) Euro - 95.90% (continued) 600,000 0.125% Danfoss Finance I BV 28/04/2026 592,410 0.08 600,000 0.000% Danone SA 01/12/2025 597,756 0.08 200,000 0.571% Danone SA 17/03/2027 195,040 0.02 200,000 1.000% Danone SA (Perpetual) 195,866 0.02 600,000 4.000% Danske Bank AS 12/01/2027 602,886 0.08 450,000 1.375% Danske Bank AS 17/02/2027 448,312 0.06 400,000 4.500% Danske Bank AS 09/11/2028 415,240 0.05 200,000 0.750% Danske Bank AS 09/06/2029 189,684 0.02 600,000 1.000% Danske Bank AS 15/05/2031 595,890 0.08 300,000 0.125% Dassault Systemes SE 16/09/2026 293,481 0.04 600,000 0.500% Dell Bank International DAC 27/10/2026 588,426 0.07 100,000 4.500% Dell Bank International DAC 18/10/2027 103,288 0.01 200,000 2.625% Deutsche Bank AG 12/02/2026 200,276 0.03 500,000 4.500% Deutsche Bank AG 19/05/2026 505,630 0.06 1,100,000 1.625% Deutsche Bank AG 20/01/2027 1,086,833 0.14 600,000 0.750% Deutsche Bank AG 17/02/2027 596,316 0.08 200,000 4.000% Deutsche Bank AG 29/11/2027 206,416 0.03 600,000 1.750% Deutsche Bank AG 17/01/2028 587,802 0.07 1,000,000 1.875% Deutsche Bank AG 23/02/2028 990,020 0.13 700,000 3.250% Deutsche Bank AG 24/05/2028 706,776 0.09 700,000 2.625% Deutsche Bank AG 13/08/2028 698,229 0.09 400,000 5.375% Deutsche Bank AG 11/01/2029 422,444 0.05 900,000 3.000% Deutsche Bank AG 16/06/2029 901,431 0.11 800,000 5.625% Deutsche Bank AG 19/05/2031 808,976 0.10 1,400,000 4.000% Deutsche Bank AG 24/06/2032 1,417,934 0.18 200,000 0.000% Deutsche Boerse AG 22/02/2026 198,278 0.03 700,000 3.875% Deutsche Boerse AG 28/09/2026 710,507 0.09 200,000 1.125% Deutsche Boerse AG 26/03/2028 194,196 0.02 500,000 1.250% Deutsche Boerse AG 16/06/2047 487,065 0.06 300,000 2.000% Deutsche Boerse AG 23/06/2048 292,293 0.04 300,000 3.000% Deutsche Lufthansa AG 29/05/2026 300,696 0.04 600,000 2.875% Deutsche Lufthansa AG 16/05/2027 601,602 0.08 700,000 3.750% Deutsche Lufthansa AG 11/02/2028 713,041 0.09 500,000 0.250% Deutsche Pfandbriefbank AG 27/10/2025 499,075 0.06 400,000 0.100% Deutsche Pfandbriefbank AG 02/02/2026 395,700 0.05 350,000 4.000% Deutsche Pfandbriefbank AG 27/01/2028 356,227 0.05 407,000 1.250% Deutsche Post AG 01/04/2026 405,034 0.05
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% of Net Assets Transferable Securities - 95.90% (March 2025: 99.43%) (continued) Corporate Bonds - 95.90% (March 2025: 99.43%) (continued) Euro - 95.90% (continued) 550,000 0.375% Deutsche Post AG 20/05/2026 543,719 0.07 229,000 0.875% Deutsche Telekom AG 25/03/2026 227,557 0.03 550,000 0.500% Deutsche Telekom AG 05/07/2027 533,802 0.07 500,000 1.375% Deutsche Telekom International Finance BV 01/12/2025 499,310 0.06 683,000 1.125% Deutsche Telekom International Finance BV 22/05/2026 678,349 0.09 200,000 3.250% Deutsche Telekom International Finance BV 17/01/2028 204,166 0.03 1,000,000 1.500% Deutsche Telekom International Finance BV 03/04/2028 978,440 0.12 750,000 0.200% DH Europe Finance II SARL 18/03/2026 743,190 0.09 770,000 0.450% DH Europe Finance II SARL 18/03/2028 732,647 0.09 400,000 2.375% Diageo Finance PLC 20/05/2026 400,140 0.05 800,000 1.875% Diageo Finance PLC 27/03/2027 794,208 0.10 500,000 2.500% Digital Euro Finco LLC 16/01/2026 499,850 0.06 1,100,000 1.125% Digital Euro Finco LLC 09/04/2028 1,056,671 0.13 600,000 3.625% DNB Bank ASA 16/02/2027 602,940 0.08 500,000 3.125% DNB Bank ASA 21/09/2027 503,980 0.06 900,000 0.375% DNB Bank ASA 18/01/2028 876,996 0.11 382,000 4.500% DNB Bank ASA 19/07/2028 395,347 0.05 950,000 0.250% DNB Bank ASA 23/02/2029 896,315 0.11 550,000 4.000% DNB Bank ASA 14/03/2029 567,842 0.07 450,000 4.625% DNB Bank ASA 28/02/2033 465,993 0.06 670,000 1.250% Dover Corp. 09/11/2026 661,350 0.08 200,000 0.750% Dover Corp. 04/11/2027 192,524 0.02 300,000 1.875% Dragados SA 20/04/2026 299,211 0.04 651,000 0.875% DS Smith PLC 12/09/2026 641,085 0.08 500,000 4.375% DS Smith PLC 27/07/2027 515,135 0.07 200,000 0.750% DSM BV 28/09/2026 197,138 0.03 300,000 0.250% DSM BV 23/06/2028 283,218 0.04 200,000 0.375% DSV AS 26/02/2027 194,460 0.02 450,000 2.875% DSV Finance BV 06/11/2026 452,137 0.06 650,000 3.100% Duke Energy Corp. 15/06/2028 655,681 0.08 200,000 0.450% DXC Capital Funding DAC 15/09/2027 190,870 0.02 500,000 1.750% DXC Technology Co. 15/01/2026 499,315 0.06 200,000 3.125% e& PPF Telecom Group BV 27/03/2026 200,012 0.03 200,000 3.250% e& PPF Telecom Group BV 29/09/2027 201,280 0.03 300,000 1.625% E.ON International Finance BV 30/05/2026 298,731 0.04
Holding Investment Fair Value EUR
% of Net Assets Transferable Securities - 95.90% (March 2025: 99.43%) (continued) Corporate Bonds - 95.90% (March 2025: 99.43%) (continued) Euro - 95.90% (continued) 600,000 1.250% E.ON International Finance BV 19/10/2027 586,182 0.07 245,000 1.000% E.ON SE 07/10/2025 244,958 0.03 1,043,000 0.250% E.ON SE 24/10/2026 1,020,774 0.13 400,000 0.375% E.ON SE 29/09/2027 384,820 0.05 700,000 3.500% E.ON SE 12/01/2028 715,386 0.09 250,000 0.750% E.ON SE 20/02/2028 240,070 0.03 300,000 2.875% E.ON SE 26/08/2028 303,333 0.04 100,000 1.875% Eastman Chemical Co. 23/11/2026 99,360 0.01 900,000 1.875% easyJet FinCo BV 03/03/2028 883,161 0.11 500,000 0.128% Eaton Capital ULC 08/03/2026 495,380 0.06 300,000 1.875% Edenred SE 06/03/2026 299,514 0.04 300,000 1.875% Edenred SE 30/03/2027 297,789 0.04 300,000 1.875% EDP Finance BV 13/10/2025 299,964 0.04 400,000 1.625% EDP Finance BV 26/01/2026 399,236 0.05 550,000 0.375% EDP Finance BV 16/09/2026 540,012 0.07 400,000 1.500% EDP Finance BV 22/11/2027 392,848 0.05 300,000 2.875% EDP SA 01/06/2026 300,738 0.04 200,000 1.625% EDP SA 15/04/2027 197,660 0.03 200,000 3.875% EDP SA 26/06/2028 206,538 0.03 479,000 0.375% Elenia Verkko OYJ 06/02/2027 465,832 0.06 200,000 1.625% Eli Lilly & Co. 02/06/2026 199,198 0.03 300,000 1.375% Elia Transmission Belgium SA 14/01/2026 299,337 0.04 600,000 3.250% Elia Transmission Belgium SA 04/04/2028 610,446 0.08 400,000 2.875% Elis SA 15/02/2026 400,032 0.05 300,000 4.125% Elis SA 24/05/2027 306,174 0.04 200,000 1.625% Elis SA 03/04/2028 194,242 0.02 500,000 4.500% ELM BV for Swiss Life Insurance & Pension Group (Perpetual) 513,545 0.07 400,000 1.250% Emerson Electric Co. 15/10/2025 399,852 0.05 700,000 0.750% Enagas Financiaciones SA 27/10/2026 688,226 0.09 300,000 1.375% Enagas Financiaciones SA 05/05/2028 290,562 0.04 600,000 0.500% Enel Finance International NV 17/11/2025 598,638 0.08 750,000 0.250% Enel Finance International NV 28/05/2026 740,115 0.09 400,000 1.375% Enel Finance International NV 01/06/2026 397,704 0.05 911,000 1.125% Enel Finance International NV 16/09/2026 901,152 0.11 900,000 0.250% Enel Finance International NV 17/06/2027 867,861 0.11
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% of Net Assets Transferable Securities - 95.90% (March 2025: 99.43%) (continued) Corporate Bonds - 95.90% (March 2025: 99.43%) (continued) Euro - 95.90% (continued) 670,000 0.375% Enel Finance International NV 17/06/2027 647,408 0.08 500,000 2.625% Enel Finance International NV 24/02/2028 500,890 0.06 500,000 3.375% Enel Finance International NV 23/07/2028 510,280 0.07 100,000 5.625% Enel SpA 21/06/2027 105,475 0.01 800,000 1.375% Enel SpA (Perpetual) 774,936 0.10 400,000 2.250% Enel SpA (Perpetual) 395,576 0.05 200,000 3.375% Enel SpA (Perpetual) 200,830 0.03 600,000 6.375% Enel SpA (Perpetual) 644,004 0.08 200,000 2.125% Energa Finance AB 07/03/2027 197,822 0.03 400,000 1.000% Engie SA 13/03/2026 397,708 0.05 600,000 2.375% Engie SA 19/05/2026 600,600 0.08 600,000 3.625% Engie SA 06/12/2026 607,836 0.08 400,000 0.000% Engie SA 04/03/2027 386,860 0.05 400,000 0.375% Engie SA 11/06/2027 386,504 0.05 700,000 0.375% Engie SA 21/06/2027 676,704 0.09 600,000 1.500% Engie SA 27/03/2028 585,438 0.07 500,000 1.750% Engie SA 27/03/2028 490,880 0.06 700,000 1.500% Eni SpA 02/02/2026 698,124 0.09 800,000 1.250% Eni SpA 18/05/2026 794,704 0.10 300,000 1.500% Eni SpA 17/01/2027 296,811 0.04 672,000 3.625% Eni SpA 19/05/2027 684,540 0.09 700,000 1.625% Eni SpA 17/05/2028 683,935 0.09 400,000 0.375% Eni SpA 14/06/2028 377,672 0.05 450,000 2.000% Eni SpA (Perpetual) 441,212 0.06 300,000 1.698% EP Infrastructure AS 30/07/2026 297,297 0.04 800,000 2.375% EQT AB 06/04/2028 792,912 0.10 300,000 0.250% Equinix, Inc. 15/03/2027 290,223 0.04 400,000 0.600% Equitable Financial Life Global Funding 16/06/2028 378,560 0.05 200,000 0.500% ERG SpA 11/09/2027 191,916 0.02 500,000 1.500% Erste Group Bank AG 07/04/2026 498,215 0.06 200,000 0.875% Erste Group Bank AG 22/05/2026 198,376 0.03 100,000 0.875% Erste Group Bank AG 13/05/2027 97,658 0.01 200,000 0.125% Erste Group Bank AG 17/05/2028 188,212 0.02 600,000 0.100% Erste Group Bank AG 16/11/2028 570,054 0.07 200,000 1.625% Erste Group Bank AG 08/09/2031 198,284 0.03 500,000 0.875% Erste Group Bank AG 15/11/2032 480,355 0.06 400,000 4.000% Erste Group Bank AG 07/06/2033 406,916 0.05 500,000 0.375% EssilorLuxottica SA 05/01/2026 497,580 0.06 1,200,000 0.375% EssilorLuxottica SA 27/11/2027 1,150,008 0.15 500,000 0.500% EssilorLuxottica SA 05/06/2028 475,420 0.06
Holding Investment Fair Value EUR
% of Net Assets Transferable Securities - 95.90% (March 2025: 99.43%) (continued) Corporate Bonds - 95.90% (March 2025: 99.43%) (continued) Euro - 95.90% (continued) 350,000 1.625% Essity AB 30/03/2027 345,538 0.04 400,000 2.000% Eurobank SA 05/05/2027 398,424 0.05 300,000 2.250% Eurobank SA 14/03/2028 298,347 0.04 300,000 2.875% Eurobank SA 07/07/2028 300,573 0.04 150,000 7.000% Eurobank SA 26/01/2029 164,127 0.02 400,000 3.625% Euroclear Bank SA 13/10/2027 408,168 0.05 500,000 1.125% Euroclear Holding NV 07/12/2026 493,545 0.06 200,000 2.625% Euroclear Holding NV 11/04/2048 198,040 0.03 284,000 3.750% Eurofins Scientific SE 17/07/2026 285,960 0.04 700,000 3.075% Eurogrid GmbH 18/10/2027 707,420 0.09 400,000 1.500% Eurogrid GmbH 18/04/2028 389,724 0.05 400,000 1.375% Euronet Worldwide, Inc. 22/05/2026 396,364 0.05 400,000 0.125% Euronext NV 17/05/2026 394,856 0.05 200,000 2.250% Evonik Industries AG 25/09/2027 198,950 0.03 350,000 1.750% EXOR NV 18/01/2028 342,619 0.04 250,000 1.375% Experian Finance PLC 25/06/2026 248,308 0.03 800,000 0.524% Exxon Mobil Corp. 26/06/2028 760,376 0.10 750,000 2.750% Fairfax Financial Holdings Ltd. 29/03/2028 747,697 0.10 144,000 1.875% Fastighets AB Balder 23/01/2026 143,672 0.02 700,000 1.125% Fastighets AB Balder 29/01/2027 684,789 0.09 200,000 1.250% Fastighets AB Balder 28/01/2028 192,446 0.02 550,000 2.629% FCC Aqualia SA 08/06/2027 550,616 0.07 500,000 1.661% FCC Servicios Medio Ambiente Holding SA 04/12/2026 494,555 0.06 637,000 1.625% FedEx Corp. 11/01/2027 630,477 0.08 300,000 1.382% Ferrovial Emisiones SA 14/05/2026 298,116 0.04 200,000 4.250% Fidelidade - Co. De Seguros SA 04/09/2031 202,304 0.03 150,000 0.625% Fidelity National Information Services, Inc. 03/12/2025 149,574 0.02 700,000 1.500% Fidelity National Information Services, Inc. 21/05/2027 688,002 0.09 300,000 2.500% FIL Ltd. 04/11/2026 299,721 0.04 300,000 0.500% FinecoBank Banca Fineco SpA 21/10/2027 293,682 0.04 720,000 1.375% Firmenich Productions Participations SAS 30/10/2026 712,714 0.09 400,000 2.875% Fiserv Funding ULC 15/06/2028 401,840 0.05 300,000 1.125% Fiserv, Inc. 01/07/2027 293,259 0.04 514,000 2.330% Ford Motor Credit Co. LLC 25/11/2025 513,902 0.07 350,000 2.386% Ford Motor Credit Co. LLC 17/02/2026 349,741 0.04
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% of Net Assets Transferable Securities - 95.90% (March 2025: 99.43%) (continued) Corporate Bonds - 95.90% (March 2025: 99.43%) (continued) Euro - 95.90% (continued) 200,000 4.867% Ford Motor Credit Co. LLC 03/08/2027 206,198 0.03 300,000 6.125% Ford Motor Credit Co. LLC 15/05/2028 319,809 0.04 650,000 3.622% Ford Motor Credit Co. LLC 27/07/2028 650,871 0.08 208,000 0.000% Fresenius Finance Ireland PLC 01/10/2025 208,000 0.03 500,000 2.125% Fresenius Finance Ireland PLC 01/02/2027 497,590 0.06 300,000 1.000% Fresenius Medical Care AG 29/05/2026 297,510 0.04 500,000 3.875% Fresenius Medical Care AG 20/09/2027 511,965 0.07 200,000 4.250% Fresenius SE & Co. KGaA 28/05/2026 202,018 0.03 200,000 0.375% Fresenius SE & Co. KGaA 28/09/2026 196,040 0.02 700,000 1.625% Fresenius SE & Co. KGaA 08/10/2027 687,897 0.09 200,000 0.750% Fresenius SE & Co. KGaA 15/01/2028 192,382 0.02 400,000 1.375% Gecina SA 30/06/2027 392,600 0.05 400,000 1.375% Gecina SA 26/01/2028 389,812 0.05 500,000 1.875% General Electric Co. 28/05/2027 495,975 0.06 300,000 0.125% General Mills, Inc. 15/11/2025 299,187 0.04 300,000 0.450% General Mills, Inc. 15/01/2026 298,461 0.04 300,000 1.500% General Mills, Inc. 27/04/2027 295,647 0.04 500,000 0.850% General Motors Financial Co., Inc. 26/02/2026 497,095 0.06 576,000 0.600% General Motors Financial Co., Inc. 20/05/2027 557,758 0.07 400,000 4.500% General Motors Financial Co., Inc. 22/11/2027 414,896 0.05 600,000 3.900% General Motors Financial Co., Inc. 12/01/2028 615,402 0.08 500,000 4.125% Generali 04/05/2026 504,260 0.06 900,000 5.500% Generali 27/10/2047 946,107 0.12 400,000 4.250% Generali 14/12/2047 409,804 0.05 200,000 5.000% Generali 08/06/2048 210,772 0.03 400,000 1.000% Givaudan Finance Europe BV 22/04/2027 392,316 0.05 400,000 1.250% GlaxoSmithKline Capital PLC 21/05/2026 397,684 0.05 700,000 1.000% GlaxoSmithKline Capital PLC 12/09/2026 691,964 0.09 670,000 1.125% Glencore Capital Finance DAC 10/03/2028 644,386 0.08
Holding Investment Fair Value EUR
% of Net Assets Transferable Securities - 95.90% (March 2025: 99.43%) (continued) Corporate Bonds - 95.90% (March 2025: 99.43%) (continued) Euro - 95.90% (continued) 200,000 3.750% Glencore Finance Europe Ltd. 01/04/2026 200,646 0.03 450,000 1.500% Glencore Finance Europe Ltd. 15/10/2026 445,415 0.06 400,000 2.250% Global Switch Holdings Ltd. 31/05/2027 396,124 0.05 750,000 2.875% Goldman Sachs Group, Inc. 03/06/2026 753,217 0.10 1,223,000 1.625% Goldman Sachs Group, Inc. 27/07/2026 1,217,240 0.16 1,200,000 0.250% Goldman Sachs Group, Inc. 26/01/2028 1,140,060 0.15 200,000 2.000% Goldman Sachs Group, Inc. 22/03/2028 198,124 0.03 100,000 1.375% Grand City Properties SA 03/08/2026 98,835 0.01 200,000 1.500% Grand City Properties SA 22/02/2027 196,450 0.02 800,000 0.125% Grand City Properties SA 11/01/2028 751,680 0.10 400,000 1.750% Great-West Lifeco, Inc. 07/12/2026 396,676 0.05 500,000 3.000% GSK Capital BV 28/11/2027 505,480 0.06 600,000 0.875% H Lundbeck AS 14/10/2027 578,010 0.07 500,000 1.250% Haleon Netherlands Capital BV 29/03/2026 497,565 0.06 300,000 0.375% Hamburg Commercial Bank AG 09/03/2026 297,453 0.04 400,000 4.875% Hamburg Commercial Bank AG 30/03/2027 412,420 0.05 400,000 4.500% Hamburg Commercial Bank AG 24/07/2028 414,580 0.05 705,000 1.750% Hammerson Ireland Finance DAC 03/06/2027 695,200 0.09 600,000 1.125% Hannover Rueck SE 18/04/2028 579,906 0.07 400,000 5.125% Harley-Davidson Financial Services, Inc. 05/04/2026 404,320 0.05 550,000 1.500% Heathrow Funding Ltd. 12/10/2027 549,868 0.07 467,000 1.625% Heidelberg Materials Finance Luxembourg SA 07/04/2026 465,464 0.06 508,000 1.500% Heidelberg Materials Finance Luxembourg SA 14/06/2027 500,253 0.06 300,000 1.125% Heidelberg Materials Finance Luxembourg SA 01/12/2027 291,408 0.04 800,000 1.750% Heidelberg Materials Finance Luxembourg SA 24/04/2028 784,176 0.10 200,000 1.125% Heimstaden Bostad AB 21/01/2026 199,032 0.03 650,000 1.375% Heimstaden Bostad Treasury BV 03/03/2027 637,299 0.08
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% of Net Assets Transferable Securities - 95.90% (March 2025: 99.43%) (continued) Corporate Bonds - 95.90% (March 2025: 99.43%) (continued) Euro - 95.90% (continued) 600,000 1.000% Heimstaden Bostad Treasury BV 13/04/2028 570,312 0.07 300,000 1.375% Heimstaden Bostad Treasury BV 24/07/2028 285,972 0.04 550,000 1.000% Heineken NV 04/05/2026 546,001 0.07 265,000 3.625% Heineken NV 15/11/2026 268,578 0.03 400,000 1.375% Heineken NV 29/01/2027 395,204 0.05 450,000 1.250% Heineken NV 17/03/2027 443,201 0.06 600,000 0.000% Hemso Treasury OYJ 19/01/2028 563,082 0.07 200,000 2.625% Henkel AG & Co. KGaA 13/09/2027 201,188 0.03 500,000 2.625% Heraeus Finance GmbH 09/06/2027 495,140 0.06 375,000 0.318% Highland Holdings SARL 15/12/2026 365,558 0.05 500,000 2.875% Highland Holdings SARL 19/11/2027 502,760 0.06 500,000 0.500% HOCHTIEF AG 03/09/2027 480,800 0.06 200,000 0.500% Holcim Finance Luxembourg SA 29/11/2026 195,878 0.02 100,000 0.125% Holcim Finance Luxembourg SA 19/07/2027 96,064 0.01 750,000 2.250% Holcim Finance Luxembourg SA 26/05/2028 745,612 0.10 500,000 3.500% Honeywell International, Inc. 17/05/2027 507,745 0.06 300,000 2.250% Honeywell International, Inc. 22/02/2028 298,026 0.04 900,000 0.100% HSBC Continental Europe SA 03/09/2027 860,760 0.11 300,000 0.309% HSBC Holdings PLC 13/11/2026 299,301 0.04 725,000 2.500% HSBC Holdings PLC 15/03/2027 726,638 0.09 1,350,000 3.019% HSBC Holdings PLC 15/06/2027 1,356,372 0.17 900,000 4.752% HSBC Holdings PLC 10/03/2028 928,305 0.12 400,000 3.125% HSBC Holdings PLC 07/06/2028 406,376 0.05 500,000 3.755% HSBC Holdings PLC 20/05/2029 511,900 0.07 1,000,000 6.364% HSBC Holdings PLC 16/11/2032 1,068,680 0.14 400,000 2.875% Hyundai Capital America 26/06/2028 401,096 0.05 600,000 5.625% Ibercaja Banco SA 07/06/2027 612,606 0.08 700,000 1.250% Iberdrola Finanzas SA 28/10/2026 691,628 0.09 200,000 1.250% Iberdrola Finanzas SA 13/09/2027 195,948 0.02 200,000 2.625% Iberdrola Finanzas SA 30/03/2028 200,620 0.03 400,000 1.575% Iberdrola Finanzas SA (Perpetual) 387,064 0.05 600,000 4.875% Iberdrola Finanzas SA (Perpetual) 623,250 0.08 600,000 1.125% Iberdrola International BV 21/04/2026 596,268 0.08
Holding Investment Fair Value EUR
% of Net Assets Transferable Securities - 95.90% (March 2025: 99.43%) (continued) Corporate Bonds - 95.90% (March 2025: 99.43%) (continued) Euro - 95.90% (continued) 600,000 1.450% Iberdrola International BV (Perpetual) 587,328 0.07 1,000,000 1.874% Iberdrola International BV (Perpetual) 995,200 0.13 300,000 1.125% ICADE 17/11/2025 299,589 0.04 400,000 1.750% ICADE 10/06/2026 398,264 0.05 100,000 1.500% ICADE 13/09/2027 98,225 0.01 350,000 2.125% Iccrea Banca SpA 17/01/2027 349,682 0.04 300,000 6.375% Iccrea Banca SpA 20/09/2027 310,632 0.04 500,000 6.875% Iccrea Banca SpA 20/01/2028 526,725 0.07 100,000 1.625% ICG PLC 17/02/2027 98,132 0.01 200,000 0.625% Illinois Tool Works, Inc. 05/12/2027 192,468 0.02 500,000 3.250% Illinois Tool Works, Inc. 17/05/2028 508,450 0.06 200,000 2.125% IMCD NV 31/03/2027 198,006 0.03 300,000 1.500% Imerys SA 15/01/2027 294,651 0.04 300,000 1.875% Imerys SA 31/03/2028 293,334 0.04 400,000 3.375% Imperial Brands Finance PLC 26/02/2026 400,424 0.05 700,000 2.125% Imperial Brands Finance PLC 12/02/2027 696,654 0.09 500,000 1.625% Indigo Group SAS 19/04/2028 486,540 0.06 400,000 1.125% Infineon Technologies AG 24/06/2026 396,628 0.05 300,000 3.375% Infineon Technologies AG 26/02/2027 303,462 0.04 500,000 3.625% Infineon Technologies AG (Perpetual) 502,625 0.06 500,000 2.125% Informa PLC 06/10/2025 499,985 0.06 225,000 3.000% Informa PLC 23/10/2027 226,937 0.03 600,000 1.250% Informa PLC 22/04/2028 579,012 0.07 300,000 4.125% ING Bank NV 02/10/2026 305,625 0.04 200,000 2.125% ING Groep NV 10/01/2026 199,974 0.03 800,000 1.250% ING Groep NV 16/02/2027 796,632 0.10 1,100,000 4.875% ING Groep NV 14/11/2027 1,129,469 0.14 400,000 1.375% ING Groep NV 11/01/2028 390,164 0.05 1,000,000 0.375% ING Groep NV 29/09/2028 956,970 0.12 800,000 0.250% ING Groep NV 18/02/2029 754,824 0.10 1,000,000 4.500% ING Groep NV 23/05/2029 1,043,760 0.13 900,000 3.875% ING Groep NV 12/08/2029 926,487 0.12 700,000 1.000% ING Groep NV 13/11/2030 698,523 0.09 900,000 2.125% ING Groep NV 26/05/2031 897,552 0.11 500,000 0.875% ING Groep NV 09/06/2032 485,325 0.06 800,000 1.000% ING Groep NV 16/11/2032 771,136 0.10
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% of Net Assets Transferable Securities - 95.90% (March 2025: 99.43%) (continued) Corporate Bonds - 95.90% (March 2025: 99.43%) (continued) Euro - 95.90% (continued) 200,000 1.625% Inmobiliaria Colonial Socimi SA 28/11/2025 199,720 0.03 500,000 2.000% Inmobiliaria Colonial Socimi SA 17/04/2026 498,920 0.06 300,000 2.125% InterContinental Hotels Group PLC 15/05/2027 298,173 0.04 700,000 2.875% International Business Machines Corp. 07/11/2025 700,413 0.09 600,000 1.250% International Business Machines Corp. 29/01/2027 591,570 0.08 950,000 3.375% International Business Machines Corp. 06/02/2027 961,153 0.12 900,000 0.300% International Business Machines Corp. 11/02/2028 855,162 0.11 600,000 1.250% International Distribution Services PLC 08/10/2026 591,918 0.08 350,000 1.800% International Flavors & Fragrances, Inc. 25/09/2026 347,113 0.04 200,000 4.500% Intesa Sanpaolo SpA 02/10/2025 200,000 0.03 700,000 0.625% Intesa Sanpaolo SpA 24/02/2026 695,506 0.09 800,000 4.000% Intesa Sanpaolo SpA 19/05/2026 808,960 0.10 400,000 3.928% Intesa Sanpaolo SpA 15/09/2026 405,060 0.05 1,085,000 1.000% Intesa Sanpaolo SpA 19/11/2026 1,069,116 0.14 350,000 4.375% Intesa Sanpaolo SpA 29/08/2027 362,513 0.05 200,000 4.750% Intesa Sanpaolo SpA 06/09/2027 208,370 0.03 1,100,000 5.000% Intesa Sanpaolo SpA 08/03/2028 1,136,685 0.14 400,000 0.750% Intesa Sanpaolo SpA 16/03/2028 382,708 0.05 1,050,000 1.750% Intesa Sanpaolo SpA 20/03/2028 1,029,682 0.13 500,000 1.500% Iren SpA 24/10/2027 489,770 0.06 517,000 0.875% ISS Global AS 18/06/2026 511,783 0.07 400,000 1.500% ISS Global AS 31/08/2027 391,924 0.05 200,000 1.750% Italgas Reti SpA 28/08/2026 198,890 0.03 700,000 1.608% Italgas Reti SpA 31/10/2027 686,329 0.09 200,000 1.625% Italgas SpA 19/01/2027 197,684 0.03 300,000 0.000% Italgas SpA 16/02/2028 281,799 0.04 200,000 1.375% ITV PLC 26/09/2026 197,940 0.03 800,000 1.750% JAB Holdings BV 25/06/2026 797,240 0.10 200,000 2.500% JAB Holdings BV 17/04/2027 199,804 0.03 300,000 1.000% JAB Holdings BV 20/12/2027 289,281 0.04 500,000 2.000% JAB Holdings BV 18/05/2028 492,190 0.06 500,000 2.625% JCDecaux SE 24/04/2028 496,950 0.06 550,000 0.000% JDE Peet’s NV 16/01/2026 546,381 0.07 400,000 0.625% JDE Peet’s NV 09/02/2028 382,060 0.05 400,000 3.875% Jefferies Financial Group, Inc. 16/04/2026 403,280 0.05 400,000 2.500% John Deere Bank SA 14/09/2026 400,772 0.05
Holding Investment Fair Value EUR
% of Net Assets Transferable Securities - 95.90% (March 2025: 99.43%) (continued) Corporate Bonds - 95.90% (March 2025: 99.43%) (continued) Euro - 95.90% (continued) 300,000 2.500% John Deere Capital Corp. 11/09/2028 299,961 0.04 583,000 1.850% John Deere Cash Management SARL 02/04/2028 574,325 0.07 650,000 0.375% Johnson Controls International PLC/Tyco Fire & Security Finance SCA 15/09/2027 623,142 0.08 200,000 3.000% JPMorgan Chase & Co. 19/02/2026 200,608 0.03 600,000 1.500% JPMorgan Chase & Co. 29/10/2026 595,638 0.08 1,157,000 1.090% JPMorgan Chase & Co. 11/03/2027 1,150,509 0.15 1,000,000 0.389% JPMorgan Chase & Co. 24/02/2028 971,490 0.12 1,600,000 1.638% JPMorgan Chase & Co. 18/05/2028 1,577,984 0.20 650,000 2.875% JPMorgan Chase & Co. 24/05/2028 655,570 0.08 930,000 3.674% JPMorgan Chase & Co. 06/06/2028 947,856 0.12 500,000 1.812% JPMorgan Chase & Co. 12/06/2029 489,455 0.06 600,000 5.500% Jyske Bank AS 16/11/2027 619,872 0.08 300,000 0.250% Jyske Bank AS 17/02/2028 291,105 0.04 600,000 2.875% Jyske Bank AS 05/05/2029 601,626 0.08 400,000 0.250% KBC Group NV 01/03/2027 396,660 0.05 400,000 0.375% KBC Group NV 16/06/2027 394,636 0.05 600,000 4.375% KBC Group NV 23/11/2027 613,122 0.08 800,000 0.750% KBC Group NV 21/01/2028 782,384 0.10 300,000 0.125% KBC Group NV 14/01/2029 283,680 0.04 400,000 4.875% KBC Group NV 25/04/2033 416,176 0.05 500,000 1.250% Kering SA 10/05/2026 496,605 0.06 200,000 3.625% Kering SA 05/09/2027 203,764 0.03 300,000 0.750% Kering SA 13/05/2028 286,254 0.04 400,000 2.250% Kinder Morgan, Inc. 16/03/2027 397,632 0.05 300,000 1.875% Klepierre SA 19/02/2026 299,595 0.04 200,000 1.375% Klepierre SA 16/02/2027 197,402 0.03 300,000 3.250% Knorr-Bremse AG 21/09/2027 303,810 0.04 100,000 1.875% Kojamo OYJ 27/05/2027 98,866 0.01 400,000 1.125% Koninklijke Ahold Delhaize NV 19/03/2026 397,976 0.05 400,000 1.750% Koninklijke Ahold Delhaize NV 02/04/2027 396,436 0.05 200,000 3.500% Koninklijke Ahold Delhaize NV 04/04/2028 204,148 0.03 175,000 0.500% Koninklijke Philips NV 22/05/2026 173,156 0.02 400,000 1.875% Koninklijke Philips NV 05/05/2027 396,348 0.05
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% of Net Assets Transferable Securities - 95.90% (March 2025: 99.43%) (continued) Corporate Bonds - 95.90% (March 2025: 99.43%) (continued) Euro - 95.90% (continued) 250,000 1.375% Koninklijke Philips NV 02/05/2028 242,805 0.03 900,000 2.250% Kraft Heinz Foods Co. 25/05/2028 889,731 0.11 300,000 4.750% Kutxabank SA 15/06/2027 304,536 0.04 700,000 0.500% Kutxabank SA 14/10/2027 685,454 0.09 200,000 4.000% Kutxabank SA 01/02/2028 204,098 0.03 400,000 0.750% La Mondiale SAM 20/04/2026 396,592 0.05 200,000 5.050% La Mondiale SAM (Perpetual) 200,740 0.03 500,000 0.050% Lansforsakringar Bank AB 15/04/2026 494,385 0.06 200,000 4.000% Lansforsakringar Bank AB 18/01/2027 204,202 0.03 50,000 1.000% Lanxess AG 07/10/2026 49,241 0.01 600,000 0.000% Lanxess AG 08/09/2027 570,492 0.07 200,000 1.750% Lanxess AG 22/03/2028 195,090 0.02 450,000 4.500% Leasys SpA 26/07/2026 457,096 0.06 300,000 4.625% Leasys SpA 16/02/2027 307,479 0.04 400,000 3.875% Leasys SpA 12/10/2027 409,100 0.05 200,000 3.875% Leasys SpA 01/03/2028 204,860 0.03 100,000 0.375% LEG Immobilien SE 17/01/2026 99,401 0.01 600,000 0.875% LEG Immobilien SE 28/11/2027 576,654 0.07 200,000 1.000% Legrand SA 06/03/2026 199,032 0.03 500,000 0.625% Legrand SA 24/06/2028 474,735 0.06 450,000 2.375% Leonardo SpA 08/01/2026 449,842 0.06 350,000 2.750% Liberty Mutual Group, Inc. 04/05/2026 350,207 0.04 600,000 0.250% Linde Finance BV 19/05/2027 579,138 0.07 200,000 1.000% Linde Finance BV 20/04/2028 193,890 0.02 700,000 0.000% Linde PLC 30/09/2026 684,355 0.09 300,000 1.000% Linde PLC 31/03/2027 294,279 0.04 400,000 3.000% Linde PLC 14/02/2028 404,508 0.05 350,000 1.625% Linde, Inc. 01/12/2025 349,615 0.04 525,000 2.375% Lloyds Bank Corporate Markets PLC 09/04/2026 525,404 0.07 600,000 1.500% Lloyds Banking Group PLC 12/09/2027 589,608 0.08 700,000 4.500% Lloyds Banking Group PLC 11/01/2029 728,798 0.09 100,000 1.750% London Stock Exchange Group PLC 06/12/2027 98,288 0.01 400,000 1.625% Lonza Finance International NV 21/04/2027 395,428 0.05 800,000 0.875% L’Oreal SA 29/06/2026 792,344 0.10 700,000 3.375% L’Oreal SA 23/01/2027 709,541 0.09 700,000 2.500% L’Oreal SA 06/11/2027 701,974 0.09 400,000 2.875% L’Oreal SA 19/05/2028 404,672 0.05
Holding Investment Fair Value EUR
% of Net Assets Transferable Securities - 95.90% (March 2025: 99.43%) (continued) Corporate Bonds - 95.90% (March 2025: 99.43%) (continued) Euro - 95.90% (continued) 400,000 2.375% Louis Dreyfus Co. Finance BV 27/11/2025 399,940 0.05 450,000 1.625% Louis Dreyfus Co. Finance BV 28/04/2028 437,387 0.06 550,000 4.125% Lseg Netherlands BV 29/09/2026 558,992 0.07 400,000 2.750% Lseg Netherlands BV 20/09/2027 402,000 0.05 300,000 7.750% Luminor Bank AS 08/06/2027 309,390 0.04 500,000 3.375% LVMH Moet Hennessy Louis Vuitton SE 21/10/2025 500,195 0.06 600,000 0.000% LVMH Moet Hennessy Louis Vuitton SE 11/02/2026 595,344 0.08 500,000 2.750% LVMH Moet Hennessy Louis Vuitton SE 07/11/2027 504,130 0.06 1,300,000 0.125% LVMH Moet Hennessy Louis Vuitton SE 11/02/2028 1,233,414 0.16 700,000 0.625% Macquarie Group Ltd. 03/02/2027 683,438 0.09 300,000 0.350% Macquarie Group Ltd. 03/03/2028 284,499 0.04 300,000 1.750% ManpowerGroup, Inc. 22/06/2026 298,659 0.04 300,000 1.625% Mapfre SA 19/05/2026 298,821 0.04 600,000 4.375% Mapfre SA 31/03/2047 612,774 0.08 350,000 8.375% Marex Group PLC 02/02/2028 380,009 0.05 350,000 1.349% Marsh & McLennan Cos., Inc. 21/09/2026 345,356 0.04 600,000 2.100% Mastercard, Inc. 01/12/2027 596,772 0.08 300,000 8.375% mBank SA 11/09/2027 314,703 0.04 200,000 0.966% mBank SA 21/09/2027 196,024 0.02 600,000 0.900% McDonald’s Corp. 15/06/2026 594,480 0.08 100,000 1.875% McDonald’s Corp. 26/05/2027 99,194 0.01 400,000 3.625% McDonald’s Corp. 28/11/2027 409,832 0.05 700,000 1.750% McDonald’s Corp. 03/05/2028 688,471 0.09 400,000 1.500% McKesson Corp. 17/11/2025 399,584 0.05 225,000 1.625% McKesson Corp. 30/10/2026 223,351 0.03 200,000 0.875% Mediobanca Banca di Credito Finanziario SpA 15/01/2026 199,214 0.03 300,000 0.750% Mediobanca Banca di Credito Finanziario SpA 15/07/2027 290,319 0.04 500,000 4.875% Mediobanca Banca di Credito Finanziario SpA 13/09/2027 510,500 0.07 400,000 4.750% Mediobanca Banca di Credito Finanziario SpA 14/03/2028 412,052 0.05 750,000 4.625% Mediobanca Banca di Credito Finanziario SpA 07/02/2029 780,345 0.10 200,000 1.000% Mediobanca Banca di Credito Finanziario SpA 17/07/2029 190,018 0.02 400,000 0.000% Medtronic Global Holdings SCA 15/10/2025 399,656 0.05 1,250,000 1.125% Medtronic Global Holdings SCA 07/03/2027 1,228,737 0.16
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% of Net Assets Transferable Securities - 95.90% (March 2025: 99.43%) (continued) Corporate Bonds - 95.90% (March 2025: 99.43%) (continued) Euro - 95.90% (continued) 458,000 3.000% Mercedes-Benz Finance Canada, Inc. 23/02/2027 461,888 0.06 574,000 1.000% Mercedes-Benz Group AG 15/11/2027 556,327 0.07 500,000 1.375% Mercedes-Benz Group AG 11/05/2028 486,260 0.06 750,000 1.000% Mercedes-Benz International Finance BV 11/11/2025 749,010 0.10 500,000 1.500% Mercedes-Benz International Finance BV 09/03/2026 498,415 0.06 900,000 3.500% Mercedes-Benz International Finance BV 30/05/2026 907,371 0.12 550,000 1.375% Mercedes-Benz International Finance BV 26/06/2026 546,562 0.07 770,000 2.000% Mercedes-Benz International Finance BV 22/08/2026 768,067 0.10 671,000 0.375% Mercedes-Benz International Finance BV 08/11/2026 656,976 0.08 400,000 1.500% Mercedes-Benz International Finance BV 09/02/2027 395,908 0.05 579,000 0.625% Mercedes-Benz International Finance BV 06/05/2027 563,408 0.07 700,000 3.000% Mercedes-Benz International Finance BV 10/07/2027 707,595 0.09 100,000 3.250% Mercedes-Benz International Finance BV 15/09/2027 101,457 0.01 200,000 1.800% Mercialys SA 27/02/2026 199,408 0.03 500,000 1.875% Merck & Co., Inc. 15/10/2026 498,250 0.06 400,000 1.875% Merck Financial Services GmbH 15/06/2026 399,028 0.05 500,000 0.375% Merck Financial Services GmbH 05/07/2027 482,845 0.06 400,000 1.625% Merck KGaA 09/09/2080 395,992 0.05 300,000 1.875% Merlin Properties Socimi SA 02/11/2026 298,164 0.04 200,000 2.375% Merlin Properties Socimi SA 13/07/2027 199,620 0.03 300,000 0.550% Metropolitan Life Global Funding I 16/06/2027 290,820 0.04 600,000 4.000% Metropolitan Life Global Funding I 05/04/2028 622,014 0.08 100,000 0.875% Metso OYJ 26/05/2028 95,482 0.01 200,000 3.733% Mitsubishi HC Capital U.K. PLC 02/02/2027 202,724 0.02 500,000 3.616% Mitsubishi HC Capital U.K. PLC 02/08/2027 509,445 0.06 300,000 0.337% Mitsubishi UFJ Financial Group, Inc. 08/06/2027 295,911 0.04 150,000 0.214% Mizuho Financial Group, Inc. 07/10/2025 149,958 0.02
Holding Investment Fair Value EUR
% of Net Assets Transferable Securities - 95.90% (March 2025: 99.43%) (continued) Corporate Bonds - 95.90% (March 2025: 99.43%) (continued) Euro - 95.90% (continued) 600,000 0.184% Mizuho Financial Group, Inc. 13/04/2026 593,688 0.08 850,000 1.631% Mizuho Financial Group, Inc. 08/04/2027 839,740 0.11 300,000 1.598% Mizuho Financial Group, Inc. 10/04/2028 293,655 0.04 700,000 4.157% Mizuho Financial Group, Inc. 20/05/2028 729,092 0.09 400,000 1.250% MMS USA Holdings, Inc. 13/06/2028 385,592 0.05 400,000 1.750% Mohawk Capital Finance SA 12/06/2027 393,544 0.05 100,000 1.500% MOL Hungarian Oil & Gas PLC 08/10/2027 97,175 0.01 440,000 0.000% Mondelez International Holdings Netherlands BV 22/09/2026 430,241 0.05 300,000 1.625% Mondelez International, Inc. 08/03/2027 296,487 0.04 600,000 0.250% Mondelez International, Inc. 17/03/2028 568,086 0.07 100,000 2.375% Mondi Finance Europe GmbH 01/04/2028 99,378 0.01 525,000 1.625% Mondi Finance PLC 27/04/2026 523,015 0.07 400,000 1.750% Moody’s Corp. 09/03/2027 396,492 0.05 500,000 1.342% Morgan Stanley 23/10/2026 499,750 0.06 975,000 1.375% Morgan Stanley 27/10/2026 966,176 0.12 1,020,000 1.875% Morgan Stanley 27/04/2027 1,011,667 0.13 1,401,000 0.406% Morgan Stanley 29/10/2027 1,371,579 0.17 651,000 4.813% Morgan Stanley 25/10/2028 680,243 0.09 1,300,000 4.656% Morgan Stanley 02/03/2029 1,357,200 0.17 300,000 0.375% Motability Operations Group PLC 03/01/2026 298,521 0.04 500,000 0.125% Motability Operations Group PLC 20/07/2028 466,595 0.06 200,000 0.500% Muenchener Hypothekenbank eG 08/06/2026 197,458 0.03 500,000 0.625% Mutuelle Assurance Des Commercants et Industriels de France et Des Cadres et Sal 21/06/2027 480,825 0.06 400,000 1.250% National Australia Bank Ltd. 18/05/2026 397,672 0.05 1,000,000 2.125% National Australia Bank Ltd. 24/05/2028 990,030 0.13 700,000 1.375% National Australia Bank Ltd. 30/08/2028 677,404 0.09 100,000 7.250% National Bank of Greece SA 22/11/2027 105,537 0.01 650,000 4.500% National Bank of Greece SA 29/01/2029 677,261 0.09
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% of Net Assets Transferable Securities - 95.90% (March 2025: 99.43%) (continued) Corporate Bonds - 95.90% (March 2025: 99.43%) (continued) Euro - 95.90% (continued) 600,000 2.750% National Bank of Greece SA 21/07/2029 598,230 0.08 225,000 0.410% National Grid North America, Inc. 20/01/2026 223,729 0.03 500,000 2.179% National Grid PLC 30/06/2026 499,515 0.06 550,000 0.163% National Grid PLC 20/01/2028 520,646 0.07 753,000 4.500% Nationwide Building Society 01/11/2026 770,470 0.10 100,000 2.000% Nationwide Building Society 28/04/2027 99,329 0.01 750,000 4.000% Nationwide Building Society 18/03/2028 764,617 0.10 300,000 4.625% Nationwide Building Society 29/10/2028 311,883 0.04 100,000 1.250% Naturgy Finance Iberia SA 19/04/2026 99,476 0.01 900,000 1.500% Naturgy Finance Iberia SA 29/01/2028 878,328 0.11 191,000 4.699% NatWest Group PLC 14/03/2028 196,929 0.03 800,000 4.067% NatWest Group PLC 06/09/2028 821,672 0.10 150,000 4.771% NatWest Group PLC 16/02/2029 157,011 0.02 750,000 1.043% NatWest Group PLC 14/09/2032 725,827 0.09 550,000 0.125% NatWest Markets PLC 12/11/2025 548,696 0.07 400,000 0.125% NatWest Markets PLC 18/06/2026 394,228 0.05 900,000 1.375% NatWest Markets PLC 02/03/2027 888,318 0.11 1,200,000 2.750% NatWest Markets PLC 04/11/2027 1,206,444 0.15 500,000 4.250% NatWest Markets PLC 13/01/2028 518,595 0.07 200,000 1.875% NE Property BV 09/10/2026 198,794 0.03 350,000 3.375% NE Property BV 14/07/2027 354,403 0.05 600,000 0.750% Neste OYJ 25/03/2028 569,898 0.07 169,000 0.000% Nestle Finance International Ltd. 03/12/2025 168,358 0.02 450,000 1.125% Nestle Finance International Ltd. 01/04/2026 447,619 0.06 900,000 0.000% Nestle Finance International Ltd. 14/06/2026 886,176 0.11 100,000 0.875% Nestle Finance International Ltd. 29/03/2027 98,052 0.01 300,000 0.125% Nestle Finance International Ltd. 12/11/2027 286,776 0.04 750,000 3.500% Nestle Finance International Ltd. 13/12/2027 767,475 0.10 300,000 3.000% Nestle Finance International Ltd. 15/03/2028 306,564 0.04 1,100,000 3.625% Netflix, Inc. 15/05/2027 1,120,526 0.14 350,000 0.250% New York Life Global Funding 23/01/2027 340,032 0.04 500,000 1.625% Nexi SpA 30/04/2026 496,865 0.06
Holding Investment Fair Value EUR
% of Net Assets Transferable Securities - 95.90% (March 2025: 99.43%) (continued) Corporate Bonds - 95.90% (March 2025: 99.43%) (continued) Euro - 95.90% (continued) 100,000 6.375% NIBC Bank NV 01/12/2025 100,663 0.01 600,000 0.250% NIBC Bank NV 09/09/2026 588,018 0.07 100,000 0.875% NIBC Bank NV 24/06/2027 97,174 0.01 350,000 0.046% NIDEC Corp. 30/03/2026 342,902 0.04 700,000 1.625% NN Group NV 01/06/2027 690,886 0.09 200,000 4.625% NN Group NV 13/01/2048 207,086 0.03 600,000 2.000% Nokia OYJ 11/03/2026 598,938 0.08 420,000 0.375% Nordea Bank Abp 28/05/2026 415,233 0.05 600,000 1.125% Nordea Bank Abp 16/02/2027 589,818 0.08 1,200,000 0.500% Nordea Bank Abp 14/05/2027 1,165,764 0.15 650,000 1.125% Nordea Bank Abp 27/09/2027 634,367 0.08 500,000 4.125% Nordea Bank Abp 05/05/2028 520,120 0.07 650,000 0.625% Nordea Bank Abp 18/08/2031 640,536 0.08 200,000 2.065% NorteGas Energia Distribucion SA 28/09/2027 196,396 0.02 400,000 7.125% Nova Ljubljanska Banka DD 27/06/2027 411,748 0.05 200,000 3.500% Nova Ljubljanska Banka DD 21/01/2029 201,964 0.03 600,000 1.625% Novartis Finance SA 09/11/2026 595,782 0.08 200,000 4.250% Novo Banco SA 08/03/2028 204,574 0.03 500,000 3.500% Novo Banco SA 09/03/2029 509,205 0.06 800,000 3.375% Novo Nordisk Finance Netherlands BV 21/05/2026 804,824 0.10 300,000 1.125% Novo Nordisk Finance Netherlands BV 30/09/2027 292,710 0.04 1,100,000 2.375% Novo Nordisk Finance Netherlands BV 27/05/2028 1,096,821 0.14 400,000 0.125% Novo Nordisk Finance Netherlands BV 04/06/2028 376,056 0.05 400,000 0.082% NTT Finance Corp. 13/12/2025 398,184 0.05 200,000 0.250% Nykredit Realkredit AS 13/01/2026 198,854 0.03 600,000 0.750% Nykredit Realkredit AS 20/01/2027 587,592 0.07 600,000 3.875% Nykredit Realkredit AS 05/07/2027 614,478 0.08 300,000 1.375% Nykredit Realkredit AS 12/07/2027 294,570 0.04 350,000 0.375% Nykredit Realkredit AS 17/01/2028 333,463 0.04 500,000 4.000% Nykredit Realkredit AS 17/07/2028 518,055 0.07 300,000 0.875% Nykredit Realkredit AS 28/07/2031 296,346 0.04 100,000 5.625% Oldenburgische Landesbank AG 02/02/2026 100,930 0.01
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% of Net Assets Transferable Securities - 95.90% (March 2025: 99.43%) (continued) Corporate Bonds - 95.90% (March 2025: 99.43%) (continued) Euro - 95.90% (continued) 100,000 0.800% Omnicom Finance Holdings PLC 08/07/2027 96,973 0.01 600,000 1.000% OMV AG 14/12/2026 590,664 0.08 500,000 3.500% OMV AG 27/09/2027 510,105 0.06 300,000 2.000% OMV AG 09/04/2028 297,372 0.04 700,000 2.500% OMV AG (Perpetual) 695,982 0.09 700,000 2.875% OP Corporate Bank PLC 15/12/2025 700,903 0.09 218,000 0.250% OP Corporate Bank PLC 24/03/2026 216,058 0.03 600,000 0.600% OP Corporate Bank PLC 18/01/2027 585,822 0.07 300,000 4.125% OP Corporate Bank PLC 18/04/2027 307,692 0.04 300,000 0.625% OP Corporate Bank PLC 27/07/2027 289,890 0.04 500,000 0.100% OP Corporate Bank PLC 16/11/2027 475,580 0.06 500,000 4.000% OP Corporate Bank PLC 13/06/2028 518,140 0.07 250,000 0.375% OP Corporate Bank PLC 16/06/2028 235,770 0.03 600,000 0.000% Orange SA 29/06/2026 590,280 0.08 400,000 0.000% Orange SA 04/09/2026 391,828 0.05 500,000 0.875% Orange SA 03/02/2027 490,005 0.06 500,000 1.250% Orange SA 07/07/2027 489,900 0.06 100,000 1.500% Orange SA 09/09/2027 98,129 0.01 700,000 1.375% Orange SA 20/03/2028 681,191 0.09 100,000 1.750% Orange SA (Perpetual) 98,098 0.01 500,000 5.000% Orange SA (Perpetual) 509,590 0.06 300,000 1.919% ORIX Corp. 20/04/2026 299,319 0.04 100,000 0.875% OTE PLC 24/09/2026 98,701 0.01 100,000 6.125% OTP Bank Nyrt 05/10/2027 103,224 0.01 700,000 4.750% OTP Bank Nyrt 12/06/2028 719,404 0.09 600,000 5.000% OTP Bank Nyrt 31/01/2029 627,048 0.08 400,000 4.750% OTP Banka DD 03/04/2028 410,044 0.05 350,000 0.000% PACCAR Financial Europe BV 01/03/2026 346,700 0.04 425,000 3.375% PACCAR Financial Europe BV 15/05/2026 427,678 0.05 250,000 3.000% PACCAR Financial Europe BV 29/08/2027 252,190 0.03 400,000 2.750% PACCAR Financial Europe BV 19/05/2028 401,084 0.05 400,000 4.500% Pandora AS 10/04/2028 415,988 0.05 400,000 1.250% PartnerRe Ireland Finance DAC 15/09/2026 396,348 0.05 400,000 2.625% PepsiCo, Inc. 28/04/2026 400,432 0.05
Holding Investment Fair Value EUR
% of Net Assets Transferable Securities - 95.90% (March 2025: 99.43%) (continued) Corporate Bonds - 95.90% (March 2025: 99.43%) (continued) Euro - 95.90% (continued) 252,000 0.750% PepsiCo, Inc. 18/03/2027 246,212 0.03 800,000 0.500% PepsiCo, Inc. 06/05/2028 760,864 0.10 550,000 0.875% PepsiCo, Inc. 18/07/2028 526,460 0.07 400,000 1.500% Pernod Ricard SA 18/05/2026 398,200 0.05 200,000 3.750% Pernod Ricard SA 15/09/2027 204,384 0.03 100,000 0.500% Pernod Ricard SA 24/10/2027 96,108 0.01 150,000 1.000% Pfizer, Inc. 06/03/2027 147,357 0.02 600,000 2.875% Philip Morris International, Inc. 03/03/2026 601,710 0.08 500,000 0.125% Philip Morris International, Inc. 03/08/2026 490,845 0.06 500,000 3.000% Piraeus Bank SA 03/12/2028 501,570 0.06 500,000 4.625% Piraeus Bank SA 17/07/2029 522,700 0.07 700,000 4.250% Pirelli & C SpA 18/01/2028 722,309 0.09 300,000 3.875% Powszechna Kasa Oszczednosci Bank Polski SA 12/09/2027 302,730 0.04 600,000 4.500% Powszechna Kasa Oszczednosci Bank Polski SA 27/03/2028 612,294 0.08 300,000 3.375% Powszechna Kasa Oszczednosci Bank Polski SA 16/06/2028 302,601 0.04 400,000 4.500% Powszechna Kasa Oszczednosci Bank Polski SA 18/06/2029 414,016 0.05 150,000 0.875% PPG Industries, Inc. 03/11/2025 149,801 0.02 500,000 1.400% PPG Industries, Inc. 13/03/2027 492,470 0.06 754,000 3.250% Procter & Gamble Co. 02/08/2026 760,258 0.10 400,000 4.875% Procter & Gamble Co. 11/05/2027 416,232 0.05 783,000 0.250% Prologis Euro Finance LLC 10/09/2027 748,039 0.10 100,000 3.000% Prologis LP 02/06/2026 100,287 0.01 300,000 1.375% Prosegur Cash SA 04/02/2026 298,890 0.04 300,000 1.207% Prosus NV 19/01/2026 298,527 0.04 400,000 1.539% Prosus NV 03/08/2028 385,540 0.05 300,000 3.125% PVH Corp. 15/12/2027 302,076 0.04 100,000 0.375% Raiffeisen Bank International AG 25/09/2026 98,200 0.01 700,000 4.750% Raiffeisen Bank International AG 26/01/2027 704,718 0.09 300,000 6.000% Raiffeisen Bank International AG 15/09/2028 317,760 0.04 300,000 4.625% Raiffeisen Bank International AG 21/08/2029 312,324 0.04 700,000 2.875% Raiffeisen Bank International AG 18/06/2032 695,919 0.09 400,000 7.375% Raiffeisen Bank International AG 20/12/2032 431,760 0.05 500,000 1.375% Raiffeisen Bank International AG 17/06/2033 476,505 0.06 100,000 7.000% Raiffeisen Bank SA 12/10/2027 103,825 0.01
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% of Net Assets Transferable Securities - 95.90% (March 2025: 99.43%) (continued) Corporate Bonds - 95.90% (March 2025: 99.43%) (continued) Euro - 95.90% (continued) 200,000 5.230% Raiffeisen Schweiz Genossenschaft 01/11/2027 210,386 0.03 200,000 3.625% Raiffeisenbank Austria DD 21/05/2029 200,310 0.03 300,000 1.750% RCI Banque SA 10/04/2026 299,001 0.04 500,000 1.625% RCI Banque SA 26/05/2026 497,475 0.06 476,000 4.625% RCI Banque SA 13/07/2026 481,450 0.06 437,000 4.625% RCI Banque SA 02/10/2026 444,005 0.06 700,000 1.125% RCI Banque SA 15/01/2027 686,791 0.09 598,000 4.500% RCI Banque SA 06/04/2027 611,341 0.08 750,000 3.750% RCI Banque SA 04/10/2027 761,932 0.10 200,000 3.500% RCI Banque SA 17/01/2028 202,500 0.03 150,000 4.875% RCI Banque SA 14/06/2028 156,581 0.02 700,000 0.375% Reckitt Benckiser Treasury Services Nederland BV 19/05/2026 692,160 0.09 500,000 1.000% Red Electrica Financiaciones SA 21/04/2026 496,895 0.06 100,000 1.250% Red Electrica Financiaciones SA 13/03/2027 98,518 0.01 400,000 0.375% Red Electrica Financiaciones SA 24/07/2028 378,076 0.05 400,000 1.875% Redexis Gas Finance BV 27/04/2027 395,324 0.05 558,000 1.375% RELX Finance BV 12/05/2026 555,322 0.07 500,000 1.500% RELX Finance BV 13/05/2027 493,105 0.06 500,000 0.500% RELX Finance BV 10/03/2028 476,610 0.06 200,000 1.750% Ren Finance BV 18/01/2028 196,026 0.02 300,000 3.875% Rentokil Initial Finance BV 27/06/2027 306,321 0.04 446,000 0.875% Rentokil Initial PLC 30/05/2026 441,883 0.06 200,000 2.000% Repsol International Finance BV 15/12/2025 199,866 0.03 400,000 2.250% Repsol International Finance BV 10/12/2026 399,656 0.05 600,000 0.250% Repsol International Finance BV 02/08/2027 576,648 0.07 600,000 2.500% Repsol International Finance BV (Perpetual) 594,918 0.08 500,000 1.875% Revvity, Inc. 19/07/2026 498,030 0.06 200,000 2.750% REWE International Finance BV 03/07/2028 199,932 0.03 1,050,000 1.000% Richemont International Holding SA 26/03/2026 1,043,983 0.13 450,000 0.750% Richemont International Holding SA 26/05/2028 429,494 0.05 800,000 2.750% Robert Bosch Finance LLC 28/05/2028 802,216 0.10 400,000 3.625% Robert Bosch GmbH 02/06/2027 407,312 0.05
Holding Investment Fair Value EUR
% of Net Assets Transferable Securities - 95.90% (March 2025: 99.43%) (continued) Corporate Bonds - 95.90% (March 2025: 99.43%) (continued) Euro - 95.90% (continued) 500,000 2.625% Robert Bosch Investment Nederland BV 24/05/2028 500,335 0.06 100,000 3.312% Roche Finance Europe BV 04/12/2027 101,975 0.01 200,000 4.625% Rolls-Royce PLC 16/02/2026 200,564 0.03 300,000 1.625% Rolls-Royce PLC 09/05/2028 292,779 0.04 200,000 4.125% Royal Bank of Canada 05/07/2028 208,872 0.03 550,000 2.125% RWE AG 24/05/2026 549,186 0.07 950,000 0.875% Ryanair DAC 25/05/2026 941,554 0.12 500,000 0.125% Safran SA 16/03/2026 495,395 0.06 360,000 1.125% Sagax AB 30/01/2027 353,736 0.05 100,000 1.625% Sagax Euro Mtn NL BV 24/02/2026 99,648 0.01 400,000 0.750% Sagax Euro Mtn NL BV 26/01/2028 382,424 0.05 600,000 3.820% Sage Group PLC 15/02/2028 613,434 0.08 750,000 3.970% Sandoz Finance BV 17/04/2027 764,467 0.10 300,000 3.000% Sandvik AB 18/06/2026 301,371 0.04 200,000 2.125% Sandvik AB 07/06/2027 198,852 0.03 400,000 1.875% SANEF SA 16/03/2026 398,904 0.05 1,000,000 1.000% Sanofi SA 21/03/2026 994,840 0.13 1,100,000 1.750% Sanofi SA 10/09/2026 1,095,523 0.14 500,000 0.500% Sanofi SA 13/01/2027 489,110 0.06 300,000 1.125% Sanofi SA 05/04/2028 290,940 0.04 400,000 4.500% Santander Consumer Bank AG 30/06/2026 406,532 0.05 500,000 4.375% Santander Consumer Bank AG 13/09/2027 517,155 0.07 400,000 0.125% Santander Consumer Bank AS 14/04/2026 395,488 0.05 500,000 0.500% Santander Consumer Finance SA 14/11/2026 490,135 0.06 700,000 0.500% Santander Consumer Finance SA 14/01/2027 683,711 0.09 200,000 3.530% Santander U.K. Group Holdings PLC 25/08/2028 203,458 0.03 400,000 1.000% SAP SE 13/03/2026 397,824 0.05 400,000 0.125% SAP SE 18/05/2026 394,900 0.05 50,000 1.750% SAP SE 22/02/2027 49,689 0.01 700,000 1.250% SAP SE 10/03/2028 682,010 0.09 500,000 4.250% Sartorius Finance BV 14/09/2026 507,440 0.06 100,000 1.375% SATO Oyj 24/02/2028 97,029 0.01 300,000 1.750% Scentre Group Trust 1/Scentre Group Trust 2 11/04/2028 294,363 0.04 800,000 1.375% Schlumberger Finance BV 28/10/2026 791,744 0.10
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% of Net Assets Transferable Securities - 95.90% (March 2025: 99.43%) (continued) Corporate Bonds - 95.90% (March 2025: 99.43%) (continued) Euro - 95.90% (continued) 400,000 0.250% Schlumberger Finance BV 15/10/2027 382,816 0.05 300,000 1.000% Schlumberger Finance France SAS 18/02/2026 298,458 0.04 200,000 0.875% Schneider Electric SE 13/12/2026 196,800 0.03 700,000 1.000% Schneider Electric SE 09/04/2027 686,280 0.09 300,000 1.375% Schneider Electric SE 21/06/2027 294,936 0.04 100,000 3.250% Schneider Electric SE 09/11/2027 101,463 0.01 300,000 1.500% Schneider Electric SE 15/01/2028 294,090 0.04 200,000 3.250% Schneider Electric SE 12/06/2028 204,238 0.03 400,000 3.625% SCOR SE 27/05/2048 404,592 0.05 600,000 4.250% Securitas Treasury Ireland DAC 04/04/2027 612,786 0.08 475,000 1.250% Segro Capital SARL 23/03/2026 472,416 0.06 150,000 1.500% SELP Finance SARL 20/11/2025 149,765 0.02 400,000 1.500% SELP Finance SARL 20/12/2026 394,488 0.05 550,000 3.750% SELP Finance SARL 10/08/2027 558,613 0.07 500,000 1.625% SES SA 22/03/2026 498,405 0.06 600,000 0.125% SGS Nederland Holding BV 21/04/2027 578,364 0.07 800,000 2.500% Shell International Finance BV 24/03/2026 800,912 0.10 887,000 1.625% Shell International Finance BV 20/01/2027 879,159 0.11 400,000 0.125% Shell International Finance BV 08/11/2027 381,980 0.05 800,000 1.500% Shell International Finance BV 07/04/2028 782,224 0.10 500,000 1.250% Shell International Finance BV 12/05/2028 485,355 0.06 300,000 0.750% Shell International Finance BV 15/08/2028 286,368 0.04 500,000 4.000% Siemens Energy Finance BV 05/04/2026 503,280 0.06 300,000 0.000% Siemens Financieringsmaatschappij NV 20/02/2026 297,549 0.04 700,000 0.375% Siemens Financieringsmaatschappij NV 05/06/2026 691,488 0.09 700,000 0.625% Siemens Financieringsmaatschappij NV 25/02/2027 684,719 0.09 600,000 2.500% Siemens Financieringsmaatschappij NV 08/09/2027 602,124 0.08 400,000 0.900% Siemens Financieringsmaatschappij NV 28/02/2028 387,124 0.05 400,000 2.875% Siemens Financieringsmaatschappij NV 10/03/2028 407,080 0.05 200,000 2.375% Signify NV 11/05/2027 199,130 0.03 800,000 3.750% Sika Capital BV 03/11/2026 811,088 0.10 170,000 0.875% Sika Capital BV 29/04/2027 165,895 0.02
Holding Investment Fair Value EUR
% of Net Assets Transferable Securities - 95.90% (March 2025: 99.43%) (continued) Corporate Bonds - 95.90% (March 2025: 99.43%) (continued) Euro - 95.90% (continued) 100,000 2.875% Silfin NV 11/04/2027 99,774 0.01 400,000 1.125% Sirius Real Estate Ltd. 22/06/2026 395,224 0.05 500,000 0.000% SIX Finance Luxembourg SA 02/12/2025 498,060 0.06 300,000 5.125% Sixt SE 09/10/2027 313,320 0.04 373,000 3.250% Skandinaviska Enskilda Banken AB 24/11/2025 373,567 0.05 300,000 4.000% Skandinaviska Enskilda Banken AB 09/11/2026 305,469 0.04 950,000 1.750% Skandinaviska Enskilda Banken AB 11/11/2026 944,794 0.12 400,000 0.375% Skandinaviska Enskilda Banken AB 11/02/2027 389,428 0.05 700,000 4.125% Skandinaviska Enskilda Banken AB 29/06/2027 720,391 0.09 1,000,000 0.750% Skandinaviska Enskilda Banken AB 09/08/2027 969,470 0.12 1,000,000 3.875% Skandinaviska Enskilda Banken AB 09/05/2028 1,034,430 0.13 900,000 0.375% Skandinaviska Enskilda Banken AB 21/06/2028 848,700 0.11 300,000 0.750% Skandinaviska Enskilda Banken AB 03/11/2031 293,388 0.04 100,000 2.250% Sky Ltd. 17/11/2025 100,002 0.01 700,000 2.500% Sky Ltd. 15/09/2026 700,749 0.09 750,000 2.000% Smiths Group PLC 23/02/2027 742,965 0.09 700,000 1.500% Smurfit Kappa Treasury ULC 15/09/2027 686,560 0.09 900,000 0.875% Snam SpA 25/10/2026 886,482 0.11 450,000 1.375% Snam SpA 25/10/2027 440,294 0.06 200,000 3.375% Snam SpA 19/02/2028 203,840 0.03 400,000 1.500% Societe Fonciere Lyonnaise SA 05/06/2027 392,700 0.05 400,000 0.500% Societe Fonciere Lyonnaise SA 21/04/2028 379,524 0.05 800,000 0.125% Societe Generale SA 24/02/2026 793,464 0.10 400,000 0.875% Societe Generale SA 01/07/2026 396,064 0.05 1,200,000 4.250% Societe Generale SA 28/09/2026 1,222,896 0.16 1,000,000 0.750% Societe Generale SA 25/01/2027 978,150 0.12 300,000 3.000% Societe Generale SA 12/02/2027 302,115 0.04 700,000 4.125% Societe Generale SA 02/06/2027 718,606 0.09 700,000 0.250% Societe Generale SA 08/07/2027 673,610 0.09 1,000,000 4.000% Societe Generale SA 16/11/2027 1,031,510 0.13 800,000 0.625% Societe Generale SA 02/12/2027 782,984 0.10 400,000 1.375% Societe Generale SA 13/01/2028 389,388 0.05 600,000 0.125% Societe Generale SA 18/02/2028 566,814 0.07 800,000 0.875% Societe Generale SA 22/09/2028 772,568 0.10
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% of Net Assets Transferable Securities - 95.90% (March 2025: 99.43%) (continued) Corporate Bonds - 95.90% (March 2025: 99.43%) (continued) Euro - 95.90% (continued) 400,000 0.500% Societe Generale SA 12/06/2029 375,644 0.05 800,000 1.000% Societe Generale SA 24/11/2030 798,032 0.10 400,000 1.125% Societe Generale SA 30/06/2031 394,800 0.05 300,000 5.250% Societe Generale SA 06/09/2032 312,933 0.04 300,000 0.750% Sodexo SA 14/04/2027 294,219 0.04 500,000 1.000% Sodexo SA 17/07/2028 480,190 0.06 600,000 3.875% Solvay SA 03/04/2028 613,656 0.08 1,000,000 1.875% Southern Co. 15/09/2081 963,090 0.12 100,000 1.850% Southern Power Co. 20/06/2026 98,766 0.01 500,000 4.875% S-Pankki OYJ 08/03/2028 512,030 0.07 100,000 1.750% Sparebank 1 Oestlandet 27/04/2027 98,876 0.01 300,000 0.125% Sparebank 1 Oestlandet 03/03/2028 283,056 0.04 300,000 3.125% SpareBank 1 SMN 22/12/2025 300,594 0.04 641,000 0.125% SpareBank 1 SMN 11/09/2026 628,539 0.08 400,000 0.250% SpareBank 1 Sor-Norge ASA 09/11/2026 391,172 0.05 600,000 0.375% SpareBank 1 Sor-Norge ASA 15/07/2027 590,646 0.08 700,000 3.750% SpareBank 1 Sor-Norge ASA 23/11/2027 717,759 0.09 200,000 4.875% SpareBank 1 Sor-Norge ASA 24/08/2028 212,178 0.03 800,000 1.375% SSE PLC 04/09/2027 783,184 0.10 250,000 3.125% SSE PLC (Perpetual) 249,468 0.03 600,000 4.000% SSE PLC (Perpetual) 607,356 0.08 150,000 0.900% Standard Chartered PLC 02/07/2027 148,325 0.02 700,000 1.625% Standard Chartered PLC 03/10/2027 694,253 0.09 500,000 0.850% Standard Chartered PLC 27/01/2028 489,335 0.06 600,000 1.200% Standard Chartered PLC 23/09/2031 590,412 0.08 650,000 3.875% Stellantis NV 05/01/2026 650,643 0.08 700,000 2.750% Stellantis NV 15/05/2026 700,973 0.09 500,000 0.625% Stellantis NV 30/03/2027 485,765 0.06 500,000 4.500% Stellantis NV 07/07/2028 520,560 0.07 500,000 4.000% Stora Enso OYJ 01/06/2026 504,775 0.06 200,000 2.500% Stora Enso OYJ 07/06/2027 199,446 0.03 300,000 2.500% Stora Enso OYJ 21/03/2028 298,887 0.04 300,000 2.125% Stryker Corp. 30/11/2027 297,831 0.04 400,000 1.000% Sudzucker International Finance BV 28/11/2025 398,948 0.05 700,000 1.875% Suez SACA 24/05/2027 691,061 0.09
Holding Investment Fair Value EUR
% of Net Assets Transferable Securities - 95.90% (March 2025: 99.43%) (continued) Corporate Bonds - 95.90% (March 2025: 99.43%) (continued) Euro - 95.90% (continued) 1,007,000 1.546% Sumitomo Mitsui Financial Group, Inc. 15/06/2026 1,002,569 0.13 200,000 1.413% Sumitomo Mitsui Financial Group, Inc. 14/06/2027 196,602 0.02 1,000,000 3.750% Svenska Handelsbanken AB 05/05/2026 1,008,910 0.13 100,000 0.050% Svenska Handelsbanken AB 03/09/2026 98,067 0.01 500,000 0.125% Svenska Handelsbanken AB 03/11/2026 488,760 0.06 738,000 3.875% Svenska Handelsbanken AB 10/05/2027 755,587 0.10 700,000 3.750% Svenska Handelsbanken AB 01/11/2027 719,145 0.09 300,000 0.000% Svenska Handelsbanken AB 02/12/2027 284,859 0.04 400,000 3.375% Svenska Handelsbanken AB 17/02/2028 408,004 0.05 480,000 3.750% Swedbank AB 14/11/2025 480,845 0.06 600,000 0.250% Swedbank AB 02/11/2026 587,586 0.07 800,000 1.300% Swedbank AB 17/02/2027 788,744 0.10 650,000 0.300% Swedbank AB 20/05/2027 641,745 0.08 800,000 2.100% Swedbank AB 25/05/2027 796,632 0.10 200,000 0.200% Swedbank AB 12/01/2028 189,956 0.02 300,000 4.250% Swedbank AB 11/07/2028 313,647 0.04 500,000 3.625% Swedbank AB 23/08/2032 506,880 0.06 300,000 1.200% Swedish Match AB 10/11/2025 299,556 0.04 150,000 0.875% Swedish Match AB 26/02/2027 146,546 0.02 300,000 0.500% Sydbank AS 10/11/2026 299,367 0.04 600,000 4.125% Sydbank AS 30/09/2027 610,026 0.08 500,000 1.750% Sydney Airport Finance Co. Pty. Ltd. 26/04/2028 486,915 0.06 500,000 2.500% Syensqo SA (Perpetual) 498,825 0.06 800,000 2.250% Takeda Pharmaceutical Co. Ltd. 21/11/2026 799,216 0.10 600,000 0.750% Takeda Pharmaceutical Co. Ltd. 09/07/2027 580,590 0.07 200,000 2.500% Talanx AG 23/07/2026 200,506 0.03 700,000 2.250% Talanx AG 05/12/2047 687,008 0.09 200,000 0.500% Tatra Banka AS 23/04/2028 191,502 0.02 200,000 5.056% TDC Net AS 31/05/2028 208,546 0.03 500,000 5.625% TDF Infrastructure SASU 21/07/2028 528,955 0.07 300,000 1.125% Technip Energies NV 28/05/2028 287,637 0.04 600,000 2.125% Tele2 AB 15/05/2028 591,624 0.08 500,000 1.125% Telefonaktiebolaget LM Ericsson 08/02/2027 489,810 0.06
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% of Net Assets Transferable Securities - 95.90% (March 2025: 99.43%) (continued) Corporate Bonds - 95.90% (March 2025: 99.43%) (continued) Euro - 95.90% (continued) 400,000 5.375% Telefonaktiebolaget LM Ericsson 29/05/2028 424,844 0.05 900,000 1.460% Telefonica Emisiones SA 13/04/2026 895,887 0.11 300,000 1.447% Telefonica Emisiones SA 22/01/2027 296,628 0.04 600,000 1.201% Telefonica Emisiones SA 21/08/2027 586,164 0.07 1,000,000 1.715% Telefonica Emisiones SA 12/01/2028 981,210 0.13 300,000 1.500% Telekom Finanzmanagement GmbH 07/12/2026 297,168 0.04 180,000 3.875% Telia Co. AB 01/10/2025 180,000 0.02 300,000 3.000% Telia Co. AB 07/09/2027 303,750 0.04 200,000 1.375% Telia Co. AB 11/05/2081 198,126 0.03 400,000 4.625% Telia Co. AB 21/12/2082 413,056 0.05 600,000 2.750% Telia Co. AB 30/06/2083 592,644 0.08 500,000 1.125% Telstra Group Ltd. 14/04/2026 497,140 0.06 600,000 2.625% Teollisuuden Voima OYJ 31/03/2027 600,366 0.08 500,000 1.375% Teollisuuden Voima OYJ 23/06/2028 481,155 0.06 200,000 0.625% Terega SASU 27/02/2028 189,910 0.02 375,000 1.000% Terna - Rete Elettrica Nazionale 10/04/2026 372,563 0.05 700,000 1.375% Terna - Rete Elettrica Nazionale 26/07/2027 687,470 0.09 700,000 0.875% Tesco Corporate Treasury Services PLC 29/05/2026 693,721 0.09 100,000 4.000% Thales SA 18/10/2025 100,068 0.01 300,000 0.000% Thales SA 26/03/2026 296,646 0.04 400,000 0.250% Thales SA 29/01/2027 388,764 0.05 500,000 1.000% Thales SA 15/05/2028 482,010 0.06 210,000 0.000% Thermo Fisher Scientific Finance I BV 18/11/2025 209,383 0.03 250,000 3.200% Thermo Fisher Scientific, Inc. 21/01/2026 250,503 0.03 500,000 1.400% Thermo Fisher Scientific, Inc. 23/01/2026 498,855 0.06 400,000 1.450% Thermo Fisher Scientific, Inc. 16/03/2027 394,548 0.05 400,000 1.750% Thermo Fisher Scientific, Inc. 15/04/2027 396,184 0.05 500,000 0.500% Thermo Fisher Scientific, Inc. 01/03/2028 476,790 0.06 600,000 0.950% Titanium Ruth Holdco Ltd. 02/06/2026 593,208 0.08 100,000 1.250% Tornator OYJ 14/10/2026 98,625 0.01
Holding Investment Fair Value EUR
% of Net Assets Transferable Securities - 95.90% (March 2025: 99.43%) (continued) Corporate Bonds - 95.90% (March 2025: 99.43%) (continued) Euro - 95.90% (continued) 910,000 0.500% Toronto-Dominion Bank 18/01/2027 887,623 0.11 500,000 2.551% Toronto-Dominion Bank 03/08/2027 500,570 0.06 100,000 2.875% TotalEnergies Capital International SA 19/11/2025 100,076 0.01 800,000 2.500% TotalEnergies Capital International SA 25/03/2026 800,816 0.10 100,000 1.023% TotalEnergies Capital International SA 04/03/2027 98,178 0.01 1,400,000 1.491% TotalEnergies Capital International SA 08/04/2027 1,382,332 0.18 500,000 0.696% TotalEnergies Capital International SA 31/05/2028 477,560 0.06 800,000 0.750% TotalEnergies Capital International SA 12/07/2028 765,312 0.10 900,000 1.625% TotalEnergies SE (Perpetual) 868,527 0.11 500,000 2.000% TotalEnergies SE (Perpetual) 492,595 0.06 900,000 3.369% TotalEnergies SE (Perpetual) 902,853 0.12 200,000 3.434% Toyota Finance Australia Ltd. 18/06/2026 201,646 0.03 600,000 2.280% Toyota Finance Australia Ltd. 21/10/2027 596,904 0.08 621,000 0.250% Toyota Motor Credit Corp. 16/07/2026 611,592 0.08 300,000 0.125% Toyota Motor Credit Corp. 05/11/2027 285,423 0.04 504,000 0.000% Toyota Motor Finance Netherlands BV 27/10/2025 503,269 0.06 432,000 3.375% Toyota Motor Finance Netherlands BV 13/01/2026 433,179 0.06 150,000 3.125% Toyota Motor Finance Netherlands BV 11/01/2027 151,335 0.02 900,000 4.000% Toyota Motor Finance Netherlands BV 02/04/2027 920,187 0.12 100,000 3.500% Toyota Motor Finance Netherlands BV 13/01/2028 101,986 0.01 500,000 0.000% Toyota Motor Finance Netherlands BV 25/02/2028 470,585 0.06 600,000 3.125% Toyota Motor Finance Netherlands BV 21/04/2028 607,938 0.08 200,000 0.375% Transmission Finance DAC 18/06/2028 187,776 0.02 600,000 1.750% Transurban Finance Co. Pty. Ltd. 29/03/2028 587,778 0.07 400,000 4.125% Traton Finance Luxembourg SA 22/11/2025 400,596 0.05 800,000 4.500% Traton Finance Luxembourg SA 23/11/2026 816,024 0.10 500,000 3.750% Traton Finance Luxembourg SA 27/03/2027 507,470 0.06
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% of Net Assets Transferable Securities - 95.90% (March 2025: 99.43%) (continued) Corporate Bonds - 95.90% (March 2025: 99.43%) (continued) Euro - 95.90% (continued) 600,000 3.375% Traton Finance Luxembourg SA 14/01/2028 606,618 0.08 300,000 2.875% Traton Finance Luxembourg SA 26/08/2028 299,442 0.04 400,000 2.500% Tyco Electronics Group SA 06/05/2028 400,556 0.05 850,000 0.250% UBS AG 05/01/2026 845,716 0.11 1,050,000 0.000% UBS AG 31/03/2026 1,039,038 0.13 900,000 1.500% UBS AG 10/04/2026 896,814 0.11 300,000 0.010% UBS AG 29/06/2026 295,236 0.04 890,000 5.500% UBS AG 20/08/2026 915,027 0.12 500,000 1.250% UBS Group AG 01/09/2026 495,770 0.06 997,000 2.125% UBS Group AG 13/10/2026 996,970 0.13 670,000 0.250% UBS Group AG 03/11/2026 668,747 0.09 600,000 2.750% UBS Group AG 15/06/2027 601,500 0.08 900,000 1.000% UBS Group AG 24/06/2027 890,955 0.11 800,000 0.650% UBS Group AG 14/01/2028 780,896 0.10 300,000 0.250% UBS Group AG 24/02/2028 284,259 0.04 500,000 4.625% UBS Group AG 17/03/2028 514,500 0.07 800,000 0.250% UBS Group AG 05/11/2028 761,576 0.10 2,100,000 7.750% UBS Group AG 01/03/2029 2,340,828 0.30 300,000 1.375% Unibail-Rodamco-Westfield SE 09/03/2026 298,842 0.04 450,000 2.500% Unibail-Rodamco-Westfield SE 04/06/2026 450,553 0.06 500,000 1.000% Unibail-Rodamco-Westfield SE 27/02/2027 490,550 0.06 350,000 1.125% Unibail-Rodamco-Westfield SE 28/04/2027 343,252 0.04 700,000 0.625% Unibail-Rodamco-Westfield SE 04/05/2027 680,036 0.09 200,000 1.500% Unibail-Rodamco-Westfield SE 22/02/2028 195,626 0.02 400,000 1.000% Unicaja Banco SA 01/12/2026 398,992 0.06 300,000 7.250% Unicaja Banco SA 15/11/2027 314,925 0.04 400,000 5.125% Unicaja Banco SA 21/02/2029 421,924 0.05 500,000 0.325% UniCredit SpA 19/01/2026 497,200 0.06 590,000 2.125% UniCredit SpA 24/10/2026 589,168 0.08 1,000,000 2.200% UniCredit SpA 22/07/2027 999,200 0.13 950,000 5.850% UniCredit SpA 15/11/2027 984,257 0.13 900,000 0.925% UniCredit SpA 18/01/2028 882,315 0.11 900,000 3.875% UniCredit SpA 11/06/2028 919,143 0.12 400,000 4.800% UniCredit SpA 17/01/2029 418,832 0.05 200,000 4.450% UniCredit SpA 16/02/2029 207,438 0.03 550,000 0.800% UniCredit SpA 05/07/2029 522,219 0.07 600,000 3.300% UniCredit SpA 16/07/2029 607,092 0.08
Holding Investment Fair Value EUR
% of Net Assets Transferable Securities - 95.90% (March 2025: 99.43%) (continued) Corporate Bonds - 95.90% (March 2025: 99.43%) (continued) Euro - 95.90% (continued) 800,000 2.731% UniCredit SpA 15/01/2032 798,016 0.10 300,000 0.750% Unilever Finance Netherlands BV 28/02/2026 298,302 0.04 200,000 1.125% Unilever Finance Netherlands BV 12/02/2027 197,138 0.03 400,000 1.000% Unilever Finance Netherlands BV 14/02/2027 393,656 0.05 500,000 1.125% Unilever Finance Netherlands BV 29/04/2028 484,485 0.06 500,000 3.500% Unipol Assicurazioni SpA 29/11/2027 508,560 0.06 300,000 6.000% UNIQA Insurance Group AG 27/07/2046 306,687 0.04 500,000 1.625% United Parcel Service, Inc. 15/11/2025 499,560 0.06 300,000 3.000% Universal Music Group NV 30/06/2027 302,100 0.04 500,000 1.362% Upjohn Finance BV 23/06/2027 488,435 0.06 300,000 0.000% Veolia Environnement SA 09/06/2026 295,431 0.04 100,000 1.496% Veolia Environnement SA 30/11/2026 99,038 0.01 800,000 0.000% Veolia Environnement SA 14/01/2027 776,624 0.10 700,000 1.250% Veolia Environnement SA 02/04/2027 687,890 0.09 100,000 1.590% Veolia Environnement SA 10/01/2028 98,098 0.01 400,000 1.250% Veolia Environnement SA 15/04/2028 388,716 0.05 400,000 1.250% Veolia Environnement SA 19/05/2028 386,776 0.05 700,000 1.625% Veolia Environnement SA (Perpetual) 689,500 0.09 600,000 1.375% Verizon Communications, Inc. 27/10/2026 593,946 0.08 400,000 0.875% Verizon Communications, Inc. 08/04/2027 391,076 0.05 465,000 4.125% Vestas Wind Systems AS 15/06/2026 470,217 0.06 350,000 2.000% Vesteda Finance BV 10/07/2026 348,733 0.04 350,000 1.500% Vesteda Finance BV 24/05/2027 343,158 0.04 100,000 1.625% VGP NV 17/01/2027 98,561 0.01 400,000 4.000% Vier Gas Transport GmbH 26/09/2027 409,968 0.05 800,000 1.500% Visa, Inc. 15/06/2026 796,032 0.10 900,000 2.250% Visa, Inc. 15/05/2028 895,662 0.11 369,000 1.125% Vodafone Group PLC 20/11/2025 368,461 0.05 1,150,000 0.900% Vodafone Group PLC 24/11/2026 1,131,956 0.14
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Holding Investment Fair Value EUR
% of Net Assets Transferable Securities - 95.90% (March 2025: 99.43%) (continued) Corporate Bonds - 95.90% (March 2025: 99.43%) (continued) Euro - 95.90% (continued) 300,000 1.500% Vodafone Group PLC 24/07/2027 295,191 0.04 600,000 0.875% Volksbank Wien AG 23/03/2026 595,200 0.08 100,000 4.750% Volksbank Wien AG 15/03/2027 103,033 0.01 250,000 1.250% Volkswagen Bank GmbH 15/12/2025 249,398 0.03 500,000 4.250% Volkswagen Bank GmbH 07/01/2026 502,300 0.06 500,000 2.500% Volkswagen Bank GmbH 31/07/2026 499,900 0.06 100,000 4.375% Volkswagen Bank GmbH 03/05/2028 103,584 0.01 400,000 2.750% Volkswagen Bank GmbH 19/06/2028 398,720 0.05 530,000 2.250% Volkswagen Financial Services AG 16/10/2026 528,701 0.07 300,000 0.125% Volkswagen Financial Services AG 12/02/2027 289,920 0.04 500,000 3.250% Volkswagen Financial Services AG 19/05/2027 504,190 0.06 200,000 0.875% Volkswagen Financial Services AG 31/01/2028 191,382 0.02 400,000 3.375% Volkswagen Financial Services AG 06/04/2028 405,628 0.05 600,000 4.125% Volkswagen International Finance NV 15/11/2025 601,182 0.08 700,000 3.875% Volkswagen International Finance NV 29/03/2026 704,907 0.09 1,000,000 1.875% Volkswagen International Finance NV 30/03/2027 988,360 0.13 600,000 3.750% Volkswagen International Finance NV 28/09/2027 611,508 0.08 700,000 2.625% Volkswagen International Finance NV 16/11/2027 698,929 0.09 200,000 4.250% Volkswagen International Finance NV 15/02/2028 205,872 0.03 200,000 0.875% Volkswagen International Finance NV 22/09/2028 188,794 0.02 800,000 3.748% Volkswagen International Finance NV (Perpetual) 798,360 0.10 1,400,000 3.875% Volkswagen International Finance NV (Perpetual) 1,400,840 0.18 2,325,000 4.625% Volkswagen International Finance NV (Perpetual) 2,346,374 0.30 600,000 0.250% Volkswagen Leasing GmbH 12/01/2026 596,382 0.08 700,000 4.500% Volkswagen Leasing GmbH 25/03/2026 706,846 0.09 500,000 1.500% Volkswagen Leasing GmbH 19/06/2026 496,815 0.06 990,000 0.375% Volkswagen Leasing GmbH 20/07/2026 973,685 0.12
Holding Investment Fair Value EUR
% of Net Assets Transferable Securities - 95.90% (March 2025: 99.43%) (continued) Corporate Bonds - 95.90% (March 2025: 99.43%) (continued) Euro - 95.90% (continued) 704,000 3.625% Volkswagen Leasing GmbH 11/10/2026 712,131 0.09 300,000 3.500% Volvo Treasury AB 17/11/2025 300,180 0.04 300,000 2.625% Volvo Treasury AB 20/02/2026 300,126 0.04 500,000 0.000% Volvo Treasury AB 18/05/2026 492,870 0.06 600,000 3.875% Volvo Treasury AB 29/08/2026 607,800 0.08 900,000 3.125% Volvo Treasury AB 08/09/2026 906,543 0.12 500,000 2.000% Volvo Treasury AB 19/08/2027 495,565 0.06 300,000 3.125% Volvo Treasury AB 26/08/2027 303,390 0.04 600,000 0.000% Vonovia SE 01/12/2025 597,876 0.08 300,000 1.375% Vonovia SE 28/01/2026 299,076 0.04 400,000 1.500% Vonovia SE 22/03/2026 398,672 0.05 300,000 1.500% Vonovia SE 10/06/2026 298,425 0.04 300,000 0.625% Vonovia SE 09/07/2026 296,340 0.04 300,000 1.750% Vonovia SE 25/01/2027 297,822 0.04 400,000 4.750% Vonovia SE 23/05/2027 414,380 0.05 1,000,000 0.375% Vonovia SE 16/06/2027 963,190 0.12 400,000 1.875% Vonovia SE 28/06/2028 392,044 0.05 150,000 1.250% Wabtec Transportation Netherlands BV 03/12/2027 145,374 0.02 186,000 2.550% Walmart, Inc. 08/04/2026 186,166 0.02 200,000 1.125% Wellcome Trust Ltd. 21/01/2027 196,922 0.03 450,000 2.000% Wells Fargo & Co. 27/04/2026 449,496 0.06 1,418,000 1.375% Wells Fargo & Co. 26/10/2026 1,405,720 0.18 1,300,000 1.000% Wells Fargo & Co. 02/02/2027 1,275,924 0.16 1,200,000 1.500% Wells Fargo & Co. 24/05/2027 1,181,544 0.15 1,000,000 2.766% Wells Fargo & Co. 23/07/2029 999,030 0.13 100,000 0.500% Werfen SA 28/10/2026 97,966 0.01 400,000 4.625% Werfen SA 06/06/2028 416,876 0.05 370,000 3.703% Westpac Banking Corp. 16/01/2026 371,550 0.05 200,000 0.875% Westpac Banking Corp. 17/04/2027 195,522 0.02 400,000 1.125% Westpac Banking Corp. 05/09/2027 390,056 0.05 600,000 1.450% Westpac Banking Corp. 17/07/2028 583,146 0.07 779,000 0.766% Westpac Banking Corp. 13/05/2031 769,574 0.10 450,000 1.099% Westpac Securities NZ Ltd. 24/03/2026 447,633 0.06 900,000 0.427% Westpac Securities NZ Ltd. 14/12/2026 879,336 0.11 400,000 0.100% Westpac Securities NZ Ltd. 13/07/2027 383,668 0.05 464,000 3.000% Wolters Kluwer NV 23/09/2026 466,120 0.06
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Holding Investment Fair Value EUR
% of Net Assets Transferable Securities - 95.90% (March 2025: 99.43%) (continued) Corporate Bonds - 95.90% (March 2025: 99.43%) (continued) Euro - 95.90% (continued) 300,000 1.500% Wolters Kluwer NV 22/03/2027 295,977 0.04 200,000 0.875% Worley U.S. Finance Sub Ltd. 09/06/2026 197,738 0.03 300,000 2.250% WPC Eurobond BV 09/04/2026 299,157 0.04 500,000 2.125% WPC Eurobond BV 15/04/2027 495,355 0.06 300,000 1.350% WPC Eurobond BV 15/04/2028 289,284 0.04 300,000 2.250% WPP Finance SA 22/09/2026 298,890 0.04 400,000 2.375% WPP Finance SA 19/05/2027 398,336 0.05 250,000 4.125% WPP Finance SA 30/05/2028 257,798 0.03 214,000 0.750% Wurth Finance International BV 22/11/2027 206,786 0.03
Holding Investment Fair Value EUR
% of Net Assets Transferable Securities - 95.90% (March 2025: 99.43%) (continued) Corporate Bonds - 95.90% (March 2025: 99.43%) (continued) Euro - 95.90% (continued) 500,000 0.500% Yorkshire Building Society 01/07/2028 471,160 0.06 710,000 2.425% Zimmer Biomet Holdings, Inc. 13/12/2026 709,510 0.09 250,000 1.164% Zimmer Biomet Holdings, Inc. 15/11/2027 242,728 0.03 Total Corporate Bonds 751,314,923 95.90 Total Transferable Securities 751,314,923 95.90
Financial Derivative Instruments - (0.00%) (March 2025: (0.04%)) Forward Foreign Currency Exchange Contracts - (0.00%) (March 2025: (0.04%))^
Currency Bought Currency Sold Amount Bought Amount Sold Maturity Date Counterparty
Unrealised Gain/(Loss) EUR Fund % EUR GBP 40,500 35,357 02/10/2025 Deutsche Bank (10) (0.00) EUR GBP 40,500 35,328 02/10/2025 JP Morgan Chase Bank 23 0.00 EUR GBP 40,500 35,321 02/10/2025 Westpac Banking Corporation 31 0.00 EUR GBP 43,000 37,488 02/10/2025 State Street Bank and Trust Company 48 0.00 EUR GBP 43,000 37,488 02/10/2025 Goldman Sachs 48 0.00 EUR GBP 45,000 39,224 02/10/2025 BNP Paribas 59 0.00 EUR GBP 83,500 72,824 02/10/2025 Barclays Bank 62 0.00 EUR USD 28,000 32,837 02/10/2025 Morgan Stanley 54 0.00 EUR USD 81,500 95,516 02/10/2025 Westpac Banking Corporation 210 0.00 EUR USD 43,000 50,242 02/10/2025 Goldman Sachs 241 0.00 EUR USD 81,500 95,477 02/10/2025 Citibank 243 0.00 EUR USD 81,500 95,464 02/10/2025 Deutsche Bank 253 0.00 EUR USD 170,500 200,021 02/10/2025 State Street Bank and Trust Company 269 0.00 EUR USD 170,500 200,021 02/10/2025 Barclays Bank 269 0.00 EUR USD 409,500 480,442 02/10/2025 BNP Paribas 614 0.00 GBP EUR 33,684 39,000 02/10/2025 Goldman Sachs (407) (0.00) GBP EUR 33,686 39,000 02/10/2025 JP Morgan Chase Bank (404) (0.00) GBP EUR 33,715 39,000 02/10/2025 HSBC Bank (371) (0.00) GBP EUR 38,956 45,000 02/10/2025 BNP Paribas (367) (0.00) GBP EUR 38,956 45,000 02/10/2025 Barclays Bank (366) (0.00) GBP EUR 38,956 45,000 02/10/2025 State Street Bank and Trust Company (366) (0.00) GBP EUR 33,720 39,000 02/10/2025 Deutsche Bank (365) (0.00) GBP EUR 38,958 45,000 02/10/2025 Westpac Banking Corporation (364) (0.00) GBP EUR 35,386 40,500 04/11/2025 Westpac Banking Corporation (30) (0.00) GBP EUR 35,393 40,500 04/11/2025 JP Morgan Chase Bank (22) (0.00) GBP EUR 35,401 40,500 04/11/2025 Barclays Bank (13) (0.00) GBP EUR 35,421 40,500 04/11/2025 Deutsche Bank 10 0.00 USD EUR 258,103 221,500 02/10/2025 Deutsche Bank (1,838) (0.00) USD EUR 258,463 221,500 02/10/2025 Royal Bank of Canada (1,531) (0.00) USD EUR 258,480 221,500 02/10/2025 UBS AG (1,518) (0.00) USD EUR 259,049 221,500 02/10/2025 HSBC Bank (1,032) (0.00) USD EUR 52,798 45,000 02/10/2025 Barclays Bank (65) (0.00) USD EUR 52,799 45,000 02/10/2025 BNP Paribas (65) (0.00) USD EUR 52,798 45,000 02/10/2025 State Street Bank and Trust Company (65) (0.00) USD EUR 52,801 45,000 02/10/2025 Westpac Banking Corporation (63) (0.00) USD EUR 95,657 81,500 04/11/2025 Deutsche Bank (253) (0.00)
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Financial Derivative Instruments - (0.00%) (March 2025: (0.04%)) (continued) Forward Foreign Currency Exchange Contracts - (0.00%) (March 2025: (0.04%))^ (continued)
Currency Bought Currency Sold Amount Bought Amount Sold Maturity Date Counterparty
Unrealised Gain/(Loss) EUR Fund % USD EUR 95,664 81,500 04/11/2025 BNP Paribas (247) (0.00) USD EUR 95,670 81,500 04/11/2025 Citibank (241) (0.00) USD EUR 95,708 81,500 04/11/2025 Westpac Banking Corporation (208) (0.00) Unrealised Gain on Forward Foreign Currency Exchange Contracts 2,434 0.00 Unrealised Loss on Forward Foreign Currency Exchange Contracts (10,211) (0.00) Net Unrealised Losses on Forward Foreign Currency Exchange Contracts (7,777) (0.00) Total Financial Derivative Instruments (7,777) (0.00)
Fair Value EUR % of Fund Total value of investments 751,307,146 95.90 Cash at bank* (March 2025: 3.82%) 24,248,175 3.10 Other net assets (March 2025: (3.21%)) 7,884,379 1.00 Net assets attributable to holders of redeemable participating shares 783,439,700 100.00
^Forwards contracts are used for hedging purposes.
*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 95.60 Transferable securities dealt in on another regulated market 0.11 Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) 0.17 Over the counter financial derivative instruments 0.00 Other assets 4.12 Total Assets 100.00
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SPDR Bloomberg 0-3 Year Euro Corporate Scored 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 429,559,692 418,498,167 429,559,692 418,498,167
Cash and cash equivalents 12,266,184 13,354,070 Debtors: Interest receivable 5,350,884 5,127,900 Receivable for investments sold 21,103,948 20,059,625 Receivable for fund shares sold - 2,583,146 Total current assets 468,280,708 459,622,908
Current liabilities Creditors - Amounts falling due within one year: Accrued expenses (42,758) (43,221) Payable for investment purchased (33,294,672) (36,541,118) Total current liabilities (33,337,430) (36,584,339)
Net assets attributable to holders of redeemable participating shares 434,943,278 423,038,569
30 September 2025
31 March 2025
30 September 2024
Net asset value per share 4 EUR 32.82 EUR 32.29 EUR 31.75
* The name of the Fund changed on 1 May 2025. Please refer to Note 15.
The accompanying notes form an integral part of these financial statements.
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SPDR Bloomberg 0-3 Year Euro Corporate Scored 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 6,373,216 12,222,576 Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 717,718 6,241,817 Bank interest income 99,641 136,606 Miscellaneous income 753 1,313 Total investment income 7,191,328 18,602,312
Operating expenses 3 (255,894) (430,068) Net profit for the financial period before finance costs and tax 6,935,434 18,172,244
Profit for the financial period before tax 6,935,434 18,172,244 Withholding tax on investment income 2 (1,036) (31,272) Increase in net assets attributable to holders of redeemable participating shares resulting from operations 6,934,398 18,140,972
* The name of the Fund changed on 1 May 2025. Please refer to Note 15. 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 0-3 Year Euro Corporate Scored 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 423,038,569 808,463,469
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 6,934,398 18,140,972
Share transactions Proceeds from redeemable participating shares issued 27,165,500 35,840,278 Costs of redeemable participating shares redeemed (22,195,189) (446,473,399) Increase/(decrease) in net assets from share transactions 4,970,311 (410,633,121)
Total increase/(decrease) in net assets attributable to holders of redeemable participating shares 11,904,709 (392,492,149)
Net assets attributable to holders of redeemable participating shares at the end of the financial period 434,943,278 415,971,320
* The name of the Fund changed on 1 May 2025. Please refer to Note 15.
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 EUR
30 September 2024 EUR
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 6,934,398 18,140,972
Adjustment for: Movement in financial assets at fair value through profit or loss (15,352,294) 384,651,717 Operating cash flows before movements in working capital (8,417,896) 402,792,689
Movement in receivables (222,984) 4,075,589 Movement in payables (463) (40,818)
Cash (outflow)/inflow from operations (223,447) 4,034,771
Net cash (outflow)/inflow from operating activities (8,641,343) 406,827,460
Financing activities Proceeds from subscriptions 29,748,646 38,467,740 Payments for redemptions (22,195,189) (446,473,399)
Net cash generated by/(used in) financing activities 7,553,457 (408,005,659)
Net decrease in cash and cash equivalents (1,087,886) (1,178,199)
Cash and cash equivalents at the start of the financial period 13,354,070 6,132,583
Cash and cash equivalents at the end of the financial period 12,266,184 4,954,384
Supplementary information Taxation paid (1,036) (31,272) Interest received 4,785,326 11,856,605
* The name of the Fund changed on 1 May 2025. Please refer to Note 15.
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 - 98.76% (March 2025: 98.93%) Corporate Bonds - 98.76% (March 2025: 98.93%) Euro - 98.76% 1,850,000 3.250% ABB Finance BV 16/01/2027 1,869,850 0.43 263,000 1.500% Abbott Ireland Financing DAC 27/09/2026 261,170 0.06 200,000 0.375% Abbott Ireland Financing DAC 19/11/2027 191,698 0.04 2,700,000 3.875% ABN AMRO Bank NV 21/12/2026 2,751,173 0.63 300,000 0.600% ABN AMRO Bank NV 15/01/2027 293,343 0.07 200,000 2.375% ABN AMRO Bank NV 01/06/2027 199,932 0.05 500,000 4.000% ABN AMRO Bank NV 16/01/2028 516,105 0.12 700,000 5.125% ABN AMRO Bank NV 22/02/2033 730,954 0.17 2,300,000 0.375% Acciona Energia Financiacion Filiales SA 07/10/2027 2,201,772 0.51 900,000 1.000% Adecco International Financial Services BV 21/03/2082 871,992 0.20 200,000 0.500% AIB Group PLC 17/11/2027 195,754 0.05 500,000 2.250% AIB Group PLC 04/04/2028 498,225 0.11 250,000 5.750% AIB Group PLC 16/02/2029 267,277 0.06 300,000 4.625% AIB Group PLC 23/07/2029 314,673 0.07 600,000 1.500% Akzo Nobel NV 28/03/2028 587,052 0.14 200,000 2.375% Alcon Finance BV 31/05/2028 198,938 0.05 300,000 0.875% Allianz Finance II BV 15/01/2026 299,049 0.07 2,500,000 0.000% Allianz Finance II BV 22/11/2026 2,439,450 0.56 600,000 3.000% Allianz Finance II BV 13/03/2028 609,804 0.14 400,000 3.099% Allianz SE 06/07/2047 401,972 0.09 2,500,000 0.250% Alstom SA 14/10/2026 2,448,050 0.56 200,000 0.125% Alstom SA 27/07/2027 191,396 0.04 2,177,000 3.500% American Honda Finance Corp. 24/04/2026 2,191,063 0.50 749,000 3.750% American Honda Finance Corp. 25/10/2027 767,036 0.18 2,300,000 1.625% Anglo American Capital PLC 11/03/2026 2,292,433 0.53 1,000,000 1.150% Anheuser-Busch InBev SA 22/01/2027 985,610 0.23 300,000 1.125% Anheuser-Busch InBev SA 01/07/2027 293,646 0.07 500,000 2.125% Anheuser-Busch InBev SA 02/12/2027 497,540 0.11 700,000 2.000% Anheuser-Busch InBev SA 17/03/2028 693,560 0.16 1,400,000 1.500% Anima Holding SpA 22/04/2028 1,351,084 0.31 2,237,000 0.000% Apple, Inc. 15/11/2025 2,231,229 0.51 900,000 1.625% Apple, Inc. 10/11/2026 893,916 0.21 100,000 2.000% Apple, Inc. 17/09/2027 99,373 0.02 200,000 4.875% Arcadis NV 28/02/2028 207,942 0.05 1,700,000 0.125% Arkema SA 14/10/2026 1,661,512 0.38 500,000 1.500% Arkema SA 20/04/2027 491,850 0.11
Holding Investment Fair Value EUR
% of Net Assets Transferable Securities - 98.76% (March 2025: 98.93%) (continued) Corporate Bonds - 98.76% (March 2025: 98.93%) (continued) Euro - 98.76% (continued) 600,000 1.500% Arkema SA (Perpetual) 597,114 0.14 100,000 4.250% Arval Service Lease SA 11/11/2025 100,132 0.02 100,000 3.375% Arval Service Lease SA 04/01/2026 100,071 0.02 300,000 4.125% Arval Service Lease SA 13/04/2026 301,476 0.07 500,000 4.000% Arval Service Lease SA 22/09/2026 505,920 0.12 2,000,000 4.750% Arval Service Lease SA 22/05/2027 2,062,440 0.47 300,000 0.336% Asahi Group Holdings Ltd. 19/04/2027 290,070 0.07 2,600,000 4.500% ASB Bank Ltd. 16/03/2027 2,675,880 0.62 2,000,000 3.500% ASML Holding NV 06/12/2025 2,002,460 0.46 700,000 1.375% ASML Holding NV 07/07/2026 695,541 0.16 100,000 1.625% ASML Holding NV 28/05/2027 98,790 0.02 500,000 1.250% AstraZeneca PLC 12/05/2028 485,430 0.11 200,000 3.550% AT&T, Inc. 18/11/2025 200,108 0.05 500,000 3.500% AT&T, Inc. 17/12/2025 501,265 0.12 400,000 1.800% AT&T, Inc. 05/09/2026 397,823 0.09 2,300,000 3.375% AXA SA 06/07/2047 2,322,678 0.53 600,000 3.875% AXA SA (Perpetual) 600,000 0.14 2,000,000 7.625% Banca Comerciala Romana SA 19/05/2027 2,062,889 0.47 2,000,000 7.250% Banca Transilvania SA 07/12/2028 2,151,818 0.49 100,000 1.750% Banco Bilbao Vizcaya Argentaria SA 26/11/2025 99,937 0.02 300,000 1.000% Banco Bilbao Vizcaya Argentaria SA 21/06/2026 297,489 0.07 300,000 0.375% Banco Bilbao Vizcaya Argentaria SA 15/11/2026 293,553 0.07 900,000 0.500% Banco Bilbao Vizcaya Argentaria SA 14/01/2027 878,256 0.20 600,000 0.125% Banco Bilbao Vizcaya Argentaria SA 24/03/2027 593,976 0.14 2,300,000 3.375% Banco Bilbao Vizcaya Argentaria SA 20/09/2027 2,341,745 0.54 600,000 0.875% Banco Bilbao Vizcaya Argentaria SA 14/01/2029 576,936 0.13 200,000 1.125% Banco de Sabadell SA 11/03/2027 198,912 0.05 500,000 0.875% Banco de Sabadell SA 16/06/2028 486,245 0.11 300,000 5.250% Banco de Sabadell SA 07/02/2029 317,040 0.07 600,000 2.500% Banco de Sabadell SA 15/04/2031 599,598 0.14
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% of Net Assets Transferable Securities - 98.76% (March 2025: 98.93%) (continued) Corporate Bonds - 98.76% (March 2025: 98.93%) (continued) Euro - 98.76% (continued) 400,000 0.300% Banco Santander SA 04/10/2026 392,288 0.09 100,000 0.500% Banco Santander SA 04/02/2027 97,599 0.02 800,000 0.500% Banco Santander SA 24/03/2027 793,112 0.18 100,000 1.125% Banco Santander SA 23/06/2027 97,977 0.02 900,000 4.625% Banco Santander SA 18/10/2027 919,989 0.21 2,500,000 3.500% Banco Santander SA 09/01/2028 2,534,175 0.58 400,000 3.875% Banco Santander SA 16/01/2028 412,160 0.09 100,000 2.125% Banco Santander SA 08/02/2028 99,171 0.02 1,100,000 3.250% Banco Santander SA 02/04/2029 1,113,486 0.26 100,000 0.625% Banco Santander SA 24/06/2029 94,491 0.02 800,000 5.750% Banco Santander SA 23/08/2033 852,744 0.20 300,000 0.583% Bank of America Corp. 24/08/2028 289,299 0.07 600,000 3.648% Bank of America Corp. 31/03/2029 613,476 0.14 200,000 0.580% Bank of America Corp. 08/08/2029 188,390 0.04 2,300,000 2.750% Bank of Montreal 15/06/2027 2,314,444 0.53 200,000 0.125% Bank of Nova Scotia 04/09/2026 196,102 0.05 2,100,000 2.885% Barclays PLC 31/01/2027 2,103,780 0.48 200,000 0.877% Barclays PLC 28/01/2028 195,882 0.05 800,000 0.577% Barclays PLC 09/08/2029 752,212 0.17 900,000 1.125% Barclays PLC 22/03/2031 893,664 0.21 200,000 3.750% Barry Callebaut Services NV 19/02/2028 202,623 0.05 800,000 0.750% BASF SE 17/03/2026 794,536 0.18 500,000 0.875% BASF SE 15/11/2027 484,955 0.11 300,000 3.125% BASF SE 29/06/2028 305,004 0.07 300,000 4.125% BAWAG PSK Bank fuer Arbeit und Wirtschaft und Oesterreichische Postsparkasse AG 18/01/2027 306,156 0.07 300,000 0.375% BAWAG PSK Bank fuer Arbeit und Wirtschaft und Oesterreichische Postsparkasse AG 03/09/2027 287,190 0.07 300,000 1.900% Becton Dickinson & Co. 15/12/2026 298,410 0.07 200,000 1.208% Becton Dickinson Euro Finance SARL 04/06/2026 198,594 0.05 500,000 3.250% BHP Billiton Finance Ltd. 24/09/2027 507,650 0.12 300,000 0.000% BMW Finance NV 11/01/2026 298,140 0.07 200,000 1.125% BMW Finance NV 22/05/2026 198,750 0.05 100,000 3.250% BMW Finance NV 22/11/2026 101,106 0.02 200,000 0.375% BMW Finance NV 14/01/2027 195,104 0.04 300,000 2.625% BMW Finance NV 20/05/2028 300,528 0.07 200,000 1.000% BMW Finance NV 22/05/2028 192,163 0.04
Holding Investment Fair Value EUR
% of Net Assets Transferable Securities - 98.76% (March 2025: 98.93%) (continued) Corporate Bonds - 98.76% (March 2025: 98.93%) (continued) Euro - 98.76% (continued) 700,000 3.000% BMW International Investment BV 27/08/2027 706,678 0.16 400,000 1.000% BMW U.S. Capital LLC 20/04/2027 392,028 0.09 800,000 3.000% BMW U.S. Capital LLC 02/11/2027 808,800 0.19 800,000 4.032% BNP Paribas Cardif SA (Perpetual) 800,912 0.18 150,000 1.500% BNP Paribas SA 17/11/2025 149,864 0.03 100,000 1.125% BNP Paribas SA 11/06/2026 99,269 0.02 800,000 2.250% BNP Paribas SA 11/01/2027 797,264 0.18 500,000 2.125% BNP Paribas SA 23/01/2027 499,675 0.12 200,000 0.250% BNP Paribas SA 13/04/2027 197,712 0.05 600,000 0.375% BNP Paribas SA 14/10/2027 587,418 0.14 900,000 0.500% BNP Paribas SA 19/02/2028 875,394 0.20 300,000 1.500% BNP Paribas SA 23/05/2028 291,960 0.07 700,000 2.750% BNP Paribas SA 25/07/2028 701,449 0.16 500,000 0.500% BNP Paribas SA 01/09/2028 480,610 0.11 300,000 4.375% BNP Paribas SA 13/01/2029 310,914 0.07 700,000 3.875% BNP Paribas SA 23/02/2029 720,298 0.17 700,000 1.125% BNP Paribas SA 17/04/2029 671,446 0.15 300,000 1.125% BNP Paribas SA 15/01/2032 293,088 0.07 900,000 2.500% BNP Paribas SA 31/03/2032 894,087 0.21 2,500,000 0.875% BNP Paribas SA 31/08/2033 2,338,808 0.54 200,000 3.250% BP Capital Markets PLC (Perpetual) 200,234 0.05 2,600,000 1.125% Bureau Veritas SA 18/01/2027 2,556,290 0.59 400,000 1.375% CaixaBank SA 19/06/2026 397,480 0.09 300,000 1.125% CaixaBank SA 12/11/2026 296,124 0.07 600,000 0.375% CaixaBank SA 18/11/2026 598,470 0.14 2,500,000 4.625% CaixaBank SA 16/05/2027 2,534,125 0.58 800,000 0.625% CaixaBank SA 21/01/2028 781,888 0.18 300,000 0.750% CaixaBank SA 26/05/2028 291,543 0.07 200,000 0.500% CaixaBank SA 09/02/2029 190,424 0.04 300,000 5.000% CaixaBank SA 19/07/2029 317,772 0.07 400,000 1.250% CaixaBank SA 18/06/2031 396,876 0.09 400,000 1.625% Capgemini SE 15/04/2026 398,740 0.09 200,000 2.500% Capgemini SE 25/09/2028 199,620 0.05 2,000,000 3.500% Carlsberg Breweries AS 26/11/2026 2,024,360 0.47 443,000 0.375% Carlsberg Breweries AS 30/06/2027 427,606 0.10 1,900,000 4.079% Carrefour Banque SA 05/05/2027 1,934,675 0.44 600,000 1.875% Carrefour SA 30/10/2026 596,586 0.14 500,000 2.625% Carrefour SA 15/12/2027 501,385 0.12
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Holding Investment Fair Value EUR
% of Net Assets Transferable Securities - 98.76% (March 2025: 98.93%) (continued) Corporate Bonds - 98.76% (March 2025: 98.93%) (continued) Euro - 98.76% (continued) 100,000 4.125% Carrier Global Corp. 29/05/2028 103,656 0.02 300,000 3.742% Caterpillar Financial Services Corp. 04/09/2026 303,982 0.07 100,000 3.023% Caterpillar Financial Services Corp. 03/09/2027 101,131 0.02 400,000 3.125% Cemex SAB de CV 19/03/2026 399,308 0.09 1,700,000 5.943% Ceska sporitelna AS 29/06/2027 1,738,551 0.40 200,000 5.737% Ceska sporitelna AS 08/03/2028 208,274 0.05 700,000 0.500% Ceska sporitelna AS 13/09/2028 668,787 0.15 100,000 5.737% Ceska Sporitelna AS 08/03/2028 104,142 0.02 2,500,000 3.750% Cie de Saint-Gobain SA 29/11/2026 2,537,360 0.58 600,000 1.375% Cie de Saint-Gobain SA 14/06/2027 590,844 0.14 400,000 2.375% Cie de Saint-Gobain SA 04/10/2027 399,660 0.09 200,000 2.125% Cie de Saint-Gobain SA 10/06/2028 197,834 0.05 925,000 0.500% Citigroup, Inc. 08/10/2027 907,453 0.21 2,400,000 3.713% Citigroup, Inc. 22/09/2028 2,452,368 0.56 500,000 2.000% CK Hutchison Finance 16 Ltd. 06/04/2028 493,295 0.11 600,000 0.750% CK Hutchison Group Telecom Finance SA 17/04/2026 594,858 0.14 200,000 1.875% CNH Industrial Finance Europe SA 19/01/2026 199,580 0.05 2,400,000 1.750% CNH Industrial Finance Europe SA 25/03/2027 2,372,688 0.55 200,000 1.500% Coca-Cola Europacific Partners PLC 08/11/2027 196,172 0.05 500,000 1.750% Coca-Cola Europacific Partners PLC 26/05/2028 490,370 0.11 400,000 1.000% Coca-Cola HBC Finance BV 14/05/2027 390,864 0.09 400,000 3.375% Coca-Cola HBC Finance BV 27/02/2028 407,200 0.09 200,000 1.000% Cofinimmo SA 24/01/2028 191,968 0.04 500,000 0.500% Colgate-Palmolive Co. 06/03/2026 496,395 0.11 300,000 2.250% Coloplast Finance BV 19/05/2027 298,710 0.07 100,000 0.250% Comcast Corp. 20/05/2027 96,449 0.02 100,000 0.875% Commerzbank AG 22/01/2027 98,046 0.02 200,000 3.000% Commerzbank AG 14/09/2027 201,086 0.05 1,200,000 1.375% Commerzbank AG 29/12/2031 1,181,064 0.27 400,000 6.500% Commerzbank AG 06/12/2032 426,864 0.10 300,000 1.125% Commonwealth Bank of Australia 18/01/2028 290,811 0.07 400,000 3.875% Coty, Inc. 15/04/2026 400,034 0.09 200,000 0.875% Covestro AG 03/02/2026 199,002 0.05
Holding Investment Fair Value EUR
% of Net Assets Transferable Securities - 98.76% (March 2025: 98.93%) (continued) Corporate Bonds - 98.76% (March 2025: 98.93%) (continued) Euro - 98.76% (continued) 600,000 1.875% Covivio SA 20/05/2026 598,740 0.14 2,000,000 1.500% Covivio SA 21/06/2027 1,969,460 0.45 1,100,000 2.625% Credit Agricole Assurances SA 29/01/2048 1,085,550 0.25 900,000 1.875% Credit Agricole SA 20/12/2026 895,176 0.21 600,000 2.625% Credit Agricole SA 17/03/2027 600,310 0.14 200,000 1.875% Credit Agricole SA 22/04/2027 199,460 0.05 100,000 1.375% Credit Agricole SA 03/05/2027 98,483 0.02 400,000 3.375% Credit Agricole SA 28/07/2027 406,932 0.09 700,000 0.625% Credit Agricole SA 12/01/2028 683,753 0.16 300,000 5.500% Credit Agricole SA 28/08/2033 319,050 0.07 2,225,000 1.250% CRH SMW Finance DAC 05/11/2026 2,198,456 0.51 500,000 4.000% CRH SMW Finance DAC 11/07/2027 512,940 0.12 600,000 3.875% Daimler Truck International Finance BV 19/06/2026 606,534 0.14 200,000 2.100% Danaher Corp. 30/09/2026 199,734 0.05 500,000 0.000% Danone SA 01/12/2025 498,142 0.11 400,000 0.571% Danone SA 17/03/2027 390,080 0.09 2,000,000 1.000% Danone SA (Perpetual) 1,959,000 0.45 200,000 0.125% Dassault Systemes SE 16/09/2026 195,462 0.05 2,600,000 4.500% Dell Bank International DAC 18/10/2027 2,685,708 0.62 900,000 1.625% Deutsche Bank AG 20/01/2027 889,227 0.20 100,000 0.750% Deutsche Bank AG 17/02/2027 99,410 0.02 500,000 1.750% Deutsche Bank AG 17/01/2028 489,835 0.11 800,000 1.875% Deutsche Bank AG 23/02/2028 792,016 0.18 600,000 3.250% Deutsche Bank AG 24/05/2028 605,808 0.14 600,000 4.000% Deutsche Bank AG 12/07/2028 612,672 0.14 800,000 2.625% Deutsche Bank AG 13/08/2028 798,095 0.18 600,000 5.375% Deutsche Bank AG 11/01/2029 633,666 0.15 900,000 3.000% Deutsche Bank AG 16/06/2029 901,311 0.21 600,000 5.625% Deutsche Bank AG 19/05/2031 606,732 0.14 700,000 4.000% Deutsche Bank AG 24/06/2032 708,967 0.16 300,000 3.875% Deutsche Boerse AG 28/09/2026 304,503 0.07 500,000 1.125% Deutsche Boerse AG 26/03/2028 485,490 0.11 600,000 1.250% Deutsche Boerse AG 16/06/2047 585,864 0.13 200,000 2.000% Deutsche Boerse AG 23/06/2048 194,862 0.04 700,000 3.000% Deutsche Lufthansa AG 29/05/2026 701,624 0.16 400,000 2.875% Deutsche Lufthansa AG 16/05/2027 401,068 0.09 800,000 0.500% Deutsche Telekom AG 05/07/2027 776,440 0.18
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% of Net Assets Transferable Securities - 98.76% (March 2025: 98.93%) (continued) Corporate Bonds - 98.76% (March 2025: 98.93%) (continued) Euro - 98.76% (continued) 100,000 1.375% Deutsche Telekom International Finance BV 01/12/2025 99,862 0.02 258,000 1.125% Deutsche Telekom International Finance BV 22/05/2026 256,243 0.06 500,000 1.375% Deutsche Telekom International Finance BV 30/01/2027 493,840 0.11 100,000 3.250% Deutsche Telekom International Finance BV 17/01/2028 102,083 0.02 200,000 1.500% Deutsche Telekom International Finance BV 03/04/2028 195,688 0.05 500,000 0.200% DH Europe Finance II SARL 18/03/2026 495,460 0.11 300,000 0.450% DH Europe Finance II SARL 18/03/2028 285,353 0.07 200,000 1.200% DH Europe Finance SARL 30/06/2027 196,028 0.05 200,000 2.375% Diageo Finance PLC 20/05/2026 200,150 0.05 452,000 1.875% Diageo Finance PLC 27/03/2027 448,728 0.10 200,000 1.500% Diageo Finance PLC 22/10/2027 196,444 0.05 400,000 0.250% DNB Bank ASA 23/02/2029 377,396 0.09 200,000 4.625% DNB Bank ASA 28/02/2033 207,108 0.05 200,000 0.500% Dow Chemical Co. 15/03/2027 194,146 0.04 600,000 4.375% DS Smith PLC 27/07/2027 618,066 0.14 300,000 1.875% easyJet FinCo BV 03/03/2028 294,387 0.07 450,000 0.375% EDP Finance BV 16/09/2026 441,828 0.10 615,000 1.500% EDP Finance BV 22/11/2027 604,004 0.14 200,000 2.875% EDP SA 01/06/2026 200,492 0.05 2,400,000 1.625% EDP SA 15/04/2027 2,371,920 0.55 2,400,000 0.750% Enagas Financiaciones SA 27/10/2026 2,359,632 0.54 2,165,000 0.500% Enel Finance International NV 17/11/2025 2,160,085 0.50 500,000 0.250% Enel Finance International NV 28/05/2026 493,410 0.11 200,000 1.125% Enel Finance International NV 16/09/2026 197,838 0.05 824,000 0.250% Enel Finance International NV 17/06/2027 794,575 0.18 500,000 0.375% Enel Finance International NV 17/06/2027 483,140 0.11 200,000 2.625% Enel Finance International NV 24/02/2028 200,356 0.05 300,000 3.375% Enel Finance International NV 23/07/2028 306,168 0.07 300,000 1.375% Enel SpA (Perpetual) 290,601 0.07 675,000 2.250% Enel SpA (Perpetual) 667,534 0.15 300,000 3.375% Enel SpA (Perpetual) 301,245 0.07 300,000 6.375% Enel SpA (Perpetual) 322,002 0.07
Holding Investment Fair Value EUR
% of Net Assets Transferable Securities - 98.76% (March 2025: 98.93%) (continued) Corporate Bonds - 98.76% (March 2025: 98.93%) (continued) Euro - 98.76% (continued) 100,000 1.000% Engie SA 13/03/2026 99,427 0.02 200,000 2.375% Engie SA 19/05/2026 200,094 0.05 2,500,000 3.625% Engie SA 06/12/2026 2,532,650 0.58 400,000 0.375% Engie SA 11/06/2027 386,504 0.09 500,000 0.375% Engie SA 21/06/2027 483,360 0.11 700,000 1.750% Engie SA 27/03/2028 687,232 0.16 150,000 1.500% Eni SpA 02/02/2026 149,598 0.03 800,000 1.250% Eni SpA 18/05/2026 794,704 0.18 300,000 3.625% Eni SpA 19/05/2027 305,598 0.07 400,000 1.625% Eni SpA 17/05/2028 390,820 0.09 200,000 0.375% Eni SpA 14/06/2028 188,836 0.04 600,000 2.000% Eni SpA (Perpetual) 588,282 0.14 400,000 2.375% EQT AB 06/04/2028 397,008 0.09 500,000 0.250% Equinix, Inc. 15/03/2027 483,935 0.11 500,000 0.500% ERG SpA 11/09/2027 480,035 0.11 2,500,000 1.500% Erste Group Bank AG 07/04/2026 2,491,075 0.57 700,000 0.875% Erste Group Bank AG 13/05/2027 683,606 0.16 600,000 0.875% Erste Group Bank AG 15/11/2032 576,426 0.13 600,000 1.625% Essity AB 30/03/2027 593,186 0.14 700,000 2.875% Eurobank SA 07/07/2028 701,582 0.16 2,200,000 7.000% Eurobank SA 26/01/2029 2,407,196 0.55 200,000 2.250% Evonik Industries AG 25/09/2027 198,950 0.05 2,300,000 1.375% Experian Finance PLC 25/06/2026 2,284,429 0.53 100,000 1.382% Ferrovial Emisiones SA 14/05/2026 99,473 0.02 600,000 0.500% FinecoBank Banca Fineco SpA 21/10/2027 588,174 0.14 300,000 2.386% Ford Motor Credit Co. LLC 17/02/2026 299,778 0.07 700,000 4.867% Ford Motor Credit Co. LLC 03/08/2027 721,693 0.17 200,000 6.125% Ford Motor Credit Co. LLC 15/05/2028 213,206 0.05 2,300,000 3.622% Ford Motor Credit Co. LLC 27/07/2028 2,303,602 0.53 200,000 1.375% Gecina SA 30/06/2027 196,300 0.05 2,200,000 1.375% Gecina SA 26/01/2028 2,143,966 0.49 400,000 1.500% General Mills, Inc. 27/04/2027 394,170 0.09 500,000 4.500% General Motors Financial Co., Inc. 22/11/2027 518,620 0.12 600,000 3.900% General Motors Financial Co., Inc. 12/01/2028 615,402 0.14 400,000 0.650% General Motors Financial Co., Inc. 07/09/2028 375,692 0.09 400,000 4.125% Generali 04/05/2026 403,408 0.09
SSGA SPDR ETFs Europe I plc Interim Report and Unaudited Condensed Financial Statements 2025
SPDR Bloomberg 0-3 Year Euro Corporate Scored UCITS ETF*
Schedule of Investments as at 30 September 2025 (continued)
62
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Holding Investment Fair Value EUR
% of Net Assets Transferable Securities - 98.76% (March 2025: 98.93%) (continued) Corporate Bonds - 98.76% (March 2025: 98.93%) (continued) Euro - 98.76% (continued) 100,000 5.500% Generali 27/10/2047 105,123 0.02 600,000 4.250% Generali 14/12/2047 614,706 0.14 2,275,000 1.250% GlaxoSmithKline Capital PLC 21/05/2026 2,261,828 0.52 300,000 2.875% Goldman Sachs Group, Inc. 03/06/2026 301,287 0.07 700,000 1.625% Goldman Sachs Group, Inc. 27/07/2026 696,703 0.16 800,000 0.250% Goldman Sachs Group, Inc. 26/01/2028 760,040 0.17 500,000 3.000% GSK Capital BV 28/11/2027 505,786 0.12 1,700,000 1.750% Hammerson Ireland Finance DAC 03/06/2027 1,676,370 0.39 500,000 1.000% Heineken NV 04/05/2026 496,311 0.11 2,150,000 3.625% Heineken NV 15/11/2026 2,179,025 0.50 200,000 1.375% Heineken NV 29/01/2027 197,602 0.05 2,400,000 2.625% Henkel AG & Co. KGaA 13/09/2027 2,414,256 0.56 500,000 0.500% HOCHTIEF AG 03/09/2027 481,010 0.11 200,000 0.125% Holcim Finance Luxembourg SA 19/07/2027 192,128 0.04 400,000 2.250% Holcim Finance Luxembourg SA 26/05/2028 397,660 0.09 700,000 3.755% HSBC Holdings PLC 20/05/2029 716,552 0.16 300,000 0.641% HSBC Holdings PLC 24/09/2029 281,907 0.06 800,000 6.364% HSBC Holdings PLC 16/11/2032 854,944 0.20 200,000 1.250% Iberdrola Finanzas SA 28/10/2026 197,608 0.05 300,000 1.250% Iberdrola Finanzas SA 13/09/2027 293,922 0.07 400,000 2.625% Iberdrola Finanzas SA 30/03/2028 401,240 0.09 200,000 1.575% Iberdrola Finanzas SA (Perpetual) 193,532 0.04 300,000 4.875% Iberdrola Finanzas SA (Perpetual) 311,625 0.07 400,000 1.125% Iberdrola International BV 21/04/2026 397,312 0.09 2,500,000 1.450% Iberdrola International BV (Perpetual) 2,447,200 0.56 300,000 1.874% Iberdrola International BV (Perpetual) 298,560 0.07 1,900,000 1.125% ICADE 17/11/2025 1,897,397 0.44 600,000 1.750% ICADE 10/06/2026 597,396 0.14 100,000 1.500% ICADE 13/09/2027 98,339 0.02 600,000 3.375% Infineon Technologies AG 26/02/2027 607,560 0.14 2,200,000 4.125% ING Bank NV 02/10/2026 2,241,250 0.52 900,000 1.250% ING Groep NV 16/02/2027 896,211 0.21 400,000 4.875% ING Groep NV 14/11/2027 410,716 0.09 300,000 1.375% ING Groep NV 11/01/2028 292,623 0.07 600,000 0.375% ING Groep NV 29/09/2028 574,182 0.13
Holding Investment Fair Value EUR
% of Net Assets Transferable Securities - 98.76% (March 2025: 98.93%) (continued) Corporate Bonds - 98.76% (March 2025: 98.93%) (continued) Euro - 98.76% (continued) 800,000 0.250% ING Groep NV 18/02/2029 754,824 0.17 200,000 4.500% ING Groep NV 23/05/2029 208,752 0.05 300,000 1.000% ING Groep NV 13/11/2030 299,367 0.07 200,000 2.125% ING Groep NV 26/05/2031 199,456 0.05 200,000 0.875% ING Groep NV 09/06/2032 194,130 0.04 200,000 1.000% ING Groep NV 16/11/2032 192,784 0.04 100,000 1.625% Inmobiliaria Colonial Socimi SA 28/11/2025 99,860 0.02 2,400,000 2.000% Inmobiliaria Colonial Socimi SA 17/04/2026 2,394,816 0.55 200,000 2.875% International Business Machines Corp. 07/11/2025 200,118 0.05 700,000 1.250% International Business Machines Corp. 29/01/2027 690,165 0.16 700,000 3.375% International Business Machines Corp. 06/02/2027 708,218 0.16 200,000 0.300% International Business Machines Corp. 11/02/2028 190,036 0.04 2,375,000 4.500% Intesa Sanpaolo SpA 02/10/2025 2,375,000 0.55 300,000 3.928% Intesa Sanpaolo SpA 15/09/2026 303,795 0.07 500,000 1.000% Intesa Sanpaolo SpA 19/11/2026 492,680 0.11 500,000 4.375% Intesa Sanpaolo SpA 29/08/2027 517,875 0.12 150,000 4.750% Intesa Sanpaolo SpA 06/09/2027 156,208 0.04 904,000 5.000% Intesa Sanpaolo SpA 08/03/2028 933,881 0.21 100,000 0.750% Intesa Sanpaolo SpA 16/03/2028 95,677 0.02 500,000 1.750% Intesa Sanpaolo SpA 20/03/2028 490,325 0.11 300,000 1.500% Iren SpA 24/10/2027 293,862 0.07 700,000 1.608% Italgas Reti SpA 31/10/2027 686,329 0.16 300,000 1.625% Italgas SpA 19/01/2027 296,526 0.07 100,000 0.000% Italgas SpA 16/02/2028 93,933 0.02 300,000 0.000% JDE Peet’s NV 16/01/2026 298,026 0.07 300,000 2.500% John Deere Bank SA 14/09/2026 300,579 0.07 100,000 2.500% John Deere Capital Corp. 11/09/2028 99,927 0.02 400,000 3.000% JPMorgan Chase & Co. 19/02/2026 401,216 0.09 915,000 1.500% JPMorgan Chase & Co. 29/10/2026 908,348 0.21 1,100,000 1.090% JPMorgan Chase & Co. 11/03/2027 1,093,829 0.25 840,000 0.389% JPMorgan Chase & Co. 24/02/2028 816,052 0.19 1,050,000 1.638% JPMorgan Chase & Co. 18/05/2028 1,035,552 0.24 600,000 2.875% JPMorgan Chase & Co. 24/05/2028 605,142 0.14 800,000 3.674% JPMorgan Chase & Co. 06/06/2028 815,360 0.19
SSGA SPDR ETFs Europe I plc Interim Report and Unaudited Condensed Financial Statements 2025
SPDR Bloomberg 0-3 Year Euro Corporate Scored UCITS ETF*
Schedule of Investments as at 30 September 2025 (continued)
63
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Holding Investment Fair Value EUR
% of Net Assets Transferable Securities - 98.76% (March 2025: 98.93%) (continued) Corporate Bonds - 98.76% (March 2025: 98.93%) (continued) Euro - 98.76% (continued) 300,000 1.812% JPMorgan Chase & Co. 12/06/2029 293,673 0.07 200,000 0.375% KBC Group NV 16/06/2027 197,318 0.05 500,000 4.375% KBC Group NV 23/11/2027 510,935 0.12 500,000 0.750% KBC Group NV 21/01/2028 489,015 0.11 300,000 0.625% KBC Group NV 07/12/2031 293,538 0.07 300,000 1.250% Kering SA 10/05/2026 297,963 0.07 100,000 1.500% Kering SA 05/04/2027 98,531 0.02 300,000 3.625% Kering SA 05/09/2027 305,666 0.07 700,000 1.875% Klepierre SA 19/02/2026 699,055 0.16 400,000 1.375% Klepierre SA 16/02/2027 394,804 0.09 400,000 3.250% Knorr-Bremse AG 21/09/2027 405,080 0.09 200,000 0.500% Koninklijke Philips NV 22/05/2026 197,892 0.05 275,000 1.875% Koninklijke Philips NV 05/05/2027 272,489 0.06 400,000 1.000% Lanxess AG 07/10/2026 393,928 0.09 400,000 0.625% Legrand SA 24/06/2028 379,788 0.09 300,000 0.250% Linde Finance BV 19/05/2027 289,569 0.07 100,000 1.000% Linde Finance BV 20/04/2028 96,945 0.02 400,000 0.000% Linde PLC 30/09/2026 391,060 0.09 400,000 1.625% Linde, Inc. 01/12/2025 399,560 0.09 200,000 2.375% Lloyds Bank Corporate Markets PLC 09/04/2026 200,154 0.05 300,000 4.125% Lloyds Bank Corporate Markets PLC 30/05/2027 308,154 0.07 400,000 1.500% Lloyds Banking Group PLC 12/09/2027 393,072 0.09 150,000 4.500% Lloyds Banking Group PLC 11/01/2029 156,171 0.04 400,000 0.875% L’Oreal SA 29/06/2026 396,172 0.09 2,300,000 3.375% L’Oreal SA 23/01/2027 2,331,545 0.54 300,000 2.500% L’Oreal SA 06/11/2027 300,846 0.07 400,000 2.875% L’Oreal SA 19/05/2028 404,672 0.09 200,000 1.750% ManpowerGroup, Inc. 22/06/2026 199,106 0.05 1,200,000 1.625% Mapfre SA 19/05/2026 1,194,384 0.27 400,000 4.375% Mapfre SA 31/03/2047 408,516 0.09 300,000 8.375% mBank SA 11/09/2027 314,703 0.07 900,000 1.125% Medtronic Global Holdings SCA 07/03/2027 884,691 0.20 700,000 3.000% Mercedes-Benz Finance Canada, Inc. 23/02/2027 705,943 0.16 300,000 1.375% Mercedes-Benz Group AG 11/05/2028 291,308 0.07 100,000 1.000% Mercedes-Benz International Finance BV 11/11/2025 99,868 0.02 700,000 1.500% Mercedes-Benz International Finance BV 09/03/2026 697,781 0.16
Holding Investment Fair Value EUR
% of Net Assets Transferable Securities - 98.76% (March 2025: 98.93%) (continued) Corporate Bonds - 98.76% (March 2025: 98.93%) (continued) Euro - 98.76% (continued) 600,000 3.500% Mercedes-Benz International Finance BV 30/05/2026 604,914 0.14 600,000 1.375% Mercedes-Benz International Finance BV 26/06/2026 596,250 0.14 200,000 2.000% Mercedes-Benz International Finance BV 22/08/2026 199,498 0.05 500,000 0.375% Mercedes-Benz International Finance BV 08/11/2026 489,550 0.11 200,000 1.500% Mercedes-Benz International Finance BV 09/02/2027 197,954 0.05 200,000 0.625% Mercedes-Benz International Finance BV 06/05/2027 194,614 0.04 500,000 3.000% Mercedes-Benz International Finance BV 10/07/2027 505,425 0.12 1,900,000 3.250% Mercedes-Benz International Finance BV 15/09/2027 1,927,683 0.44 1,300,000 1.800% Mercialys SA 27/02/2026 1,296,152 0.30 600,000 1.875% Merck & Co., Inc. 15/10/2026 598,122 0.14 1,900,000 1.875% Merck Financial Services GmbH 15/06/2026 1,895,383 0.44 600,000 0.375% Merck Financial Services GmbH 05/07/2027 579,414 0.13 400,000 0.500% Merck Financial Services GmbH 16/07/2028 379,796 0.09 100,000 1.625% Merck KGaA 09/09/2080 98,998 0.02 100,000 1.250% MMS USA Holdings, Inc. 13/06/2028 96,398 0.02 300,000 0.000% Mondelez International Holdings Netherlands BV 22/09/2026 293,346 0.07 200,000 0.250% Mondelez International, Inc. 17/03/2028 189,362 0.04 2,530,000 1.625% Mondi Finance PLC 27/04/2026 2,520,422 0.58 200,000 1.375% Morgan Stanley 27/10/2026 198,190 0.05 425,000 1.875% Morgan Stanley 27/04/2027 421,528 0.10 1,026,000 0.406% Morgan Stanley 29/10/2027 1,004,454 0.23 700,000 4.813% Morgan Stanley 25/10/2028 731,444 0.17 2,900,000 4.656% Morgan Stanley 02/03/2029 3,027,600 0.70 400,000 7.250% National Bank of Greece SA 22/11/2027 422,148 0.10 500,000 2.750% National Bank of Greece SA 21/07/2029 498,775 0.11 200,000 1.250% Naturgy Finance Iberia SA 19/04/2026 198,952 0.05 400,000 1.500% Naturgy Finance Iberia SA 29/01/2028 390,368 0.09 200,000 4.699% NatWest Group PLC 14/03/2028 206,208 0.05 600,000 4.067% NatWest Group PLC 06/09/2028 616,254 0.14 500,000 4.771% NatWest Group PLC 16/02/2029 523,370 0.12 400,000 0.670% NatWest Group PLC 14/09/2029 376,148 0.09
SSGA SPDR ETFs Europe I plc Interim Report and Unaudited Condensed Financial Statements 2025
SPDR Bloomberg 0-3 Year Euro Corporate Scored UCITS ETF*
Schedule of Investments as at 30 September 2025 (continued)
64
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Holding Investment Fair Value EUR
% of Net Assets Transferable Securities - 98.76% (March 2025: 98.93%) (continued) Corporate Bonds - 98.76% (March 2025: 98.93%) (continued) Euro - 98.76% (continued) 600,000 1.043% NatWest Group PLC 14/09/2032 580,662 0.13 400,000 0.125% NatWest Markets PLC 18/06/2026 394,228 0.09 1,800,000 2.750% NatWest Markets PLC 04/11/2027 1,809,546 0.42 600,000 4.250% NatWest Markets PLC 13/01/2028 622,314 0.14 400,000 1.875% NE Property BV 09/10/2026 398,120 0.09 200,000 3.375% NE Property BV 14/07/2027 202,516 0.05 600,000 0.000% Nestle Finance International Ltd. 03/12/2025 597,720 0.14 300,000 1.125% Nestle Finance International Ltd. 01/04/2026 298,413 0.07 1,850,000 0.000% Nestle Finance International Ltd. 14/06/2026 1,821,584 0.42 500,000 3.500% Nestle Finance International Ltd. 13/12/2027 511,650 0.12 2,570,000 2.000% Nokia OYJ 11/03/2026 2,565,451 0.59 2,700,000 3.500% Nova Ljubljanska Banka DD 21/01/2029 2,728,803 0.63 2,725,000 1.625% Novartis Finance SA 09/11/2026 2,706,451 0.62 300,000 1.125% Novartis Finance SA 30/09/2027 293,112 0.07 300,000 0.000% Novartis Finance SA 23/09/2028 279,348 0.06 500,000 3.375% Novo Nordisk Finance Netherlands BV 21/05/2026 503,015 0.12 600,000 2.375% Novo Nordisk Finance Netherlands BV 27/05/2028 598,266 0.14 200,000 0.125% Novo Nordisk Finance Netherlands BV 04/06/2028 188,028 0.04 273,000 1.000% OMV AG 14/12/2026 268,752 0.06 400,000 3.500% OMV AG 27/09/2027 408,084 0.09 150,000 2.000% OMV AG 09/04/2028 148,686 0.03 300,000 2.500% OMV AG (Perpetual) 298,278 0.07 200,000 0.750% PepsiCo, Inc. 18/03/2027 195,406 0.05 400,000 0.500% PepsiCo, Inc. 06/05/2028 380,432 0.09 600,000 0.875% PepsiCo, Inc. 18/07/2028 574,320 0.13 100,000 1.500% Pernod Ricard SA 18/05/2026 99,550 0.02 400,000 3.750% Pernod Ricard SA 15/09/2027 408,768 0.09 100,000 1.000% Pfizer, Inc. 06/03/2027 98,286 0.02 2,500,000 4.250% Pirelli & C SpA 18/01/2028 2,579,675 0.59 2,600,000 4.750% Raiffeisen Bank International AG 26/01/2027 2,617,524 0.60 500,000 6.000% Raiffeisen Bank International AG 15/09/2028 529,829 0.12 600,000 4.625% Raiffeisen Bank International AG 21/08/2029 625,143 0.14 200,000 2.875% Raiffeisen Bank International AG 18/06/2032 198,834 0.05 100,000 7.375% Raiffeisen Bank International AG 20/12/2032 107,940 0.02
Holding Investment Fair Value EUR
% of Net Assets Transferable Securities - 98.76% (March 2025: 98.93%) (continued) Corporate Bonds - 98.76% (March 2025: 98.93%) (continued) Euro - 98.76% (continued) 1,700,000 1.000% Raiffeisenbank AS 09/06/2028 1,638,477 0.38 600,000 1.750% RCI Banque SA 10/04/2026 598,002 0.14 300,000 1.625% RCI Banque SA 26/05/2026 298,485 0.07 700,000 4.625% RCI Banque SA 13/07/2026 708,015 0.16 1,979,000 4.625% RCI Banque SA 02/10/2026 2,010,723 0.46 200,000 1.125% RCI Banque SA 15/01/2027 196,226 0.05 400,000 4.500% RCI Banque SA 06/04/2027 408,924 0.09 350,000 4.750% RCI Banque SA 06/07/2027 360,314 0.08 200,000 0.375% Reckitt Benckiser Treasury
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