SSGA SPDR ETFs Europe II plc Interim Report and ......SSGA SPDR ETFs Europe II plc (the...

SSGA SPDR ETFs Europe II plc

Interim Report and Unaudited Condensed Financial Statements

for the financial period ended 30 September 2020

An investment company with variable capital incorporated with limited liability in Ireland with registered number 525004 and establishedas an umbrella fund with segregated liability between sub-funds pursuant to the European Communities (Undertakings for CollectiveInvestment in Transferable Securities) Regulations 2011 (as amended) (the “UCITS Regulations”).

Page

Administration of the Company 1

Background to the Company 2

Investment Managers’ Reports 13

Company Statements 19

SPDR Bloomberg Barclays 0-5 Year Sterling Corporate Bond UCITS ETF 23

SPDR Bloomberg Barclays 3-5 Year Euro Government Bond UCITS ETF 35

SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF 43

SPDR EURO STOXX Low Volatility UCITS ETF 56

SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF 64

SPDR MSCI Europe UCITS ETF 102

SPDR MSCI Europe Consumer Discretionary UCITS ETF 114

SPDR MSCI Europe Consumer Staples UCITS ETF 122

SPDR MSCI Europe Energy UCITS ETF 130

SPDR MSCI Europe Financials UCITS ETF 136

SPDR MSCI Europe Health Care UCITS ETF 144

SPDR MSCI Europe Industrials UCITS ETF 152

SPDR MSCI Europe Materials UCITS ETF 160

SPDR MSCI Europe Small Cap UCITS ETF 167

SPDR MSCI Europe Small Cap Value Weighted UCITS ETF 185

SPDR MSCI Europe Technology UCITS ETF 201

SPDR MSCI Europe Communication Services UCITS ETF 208

SPDR MSCI Europe Utilities UCITS ETF 216

SPDR MSCI Europe Value UCITS ETF 223

SPDR MSCI USA Small Cap Value Weighted UCITS ETF 231

SPDR MSCI USA Value UCITS ETF 255

SPDR MSCI World Consumer Discretionary UCITS ETF 263

SPDR MSCI World Consumer Staples UCITS ETF 272

SPDR MSCI World Energy UCITS ETF 281

SPDR MSCI World Financials UCITS ETF 289

SPDR MSCI World Health Care UCITS ETF 299

SPDR MSCI World Industrials UCITS ETF 308

SPDR MSCI World Materials UCITS ETF 318

SPDR MSCI World Small Cap UCITS ETF 327

SPDR MSCI World Technology UCITS ETF 372

SPDR MSCI World Communication Services UCITS ETF 381

SPDR MSCI World Utilities UCITS ETF 390

SPDR MSCI World Value UCITS ETF 398

SPDR Russell 2000 U.S. Small Cap UCITS ETF 408

SPDR STOXX Europe 600 ESG Screened UCITS ETF 434

SPDR S&P U.S. Communication Services Select Sector UCITS ETF 448

SPDR S&P U.S. Consumer Discretionary Select Sector UCITS ETF 455

SPDR S&P U.S. Consumer Staples Select Sector UCITS ETF 462

SPDR S&P U.S. Energy Select Sector UCITS ETF 469

SPDR S&P U.S. Financials Select Sector UCITS ETF 476

SPDR S&P U.S. Health Care Select Sector UCITS ETF 483

SPDR S&P U.S. Industrials Select Sector UCITS ETF 491

SPDR S&P U.S. Materials Select Sector UCITS ETF 499

SPDR S&P U.S. Technology Select Sector UCITS ETF 506

SPDR S&P U.S. Utilities Select Sector UCITS ETF 514

SPDR Refinitiv Global Convertible Bond UCITS ETF 521


Interim Report and Unaudited Condensed Financial Statements 2020

Contents

Page

Notes to the Financial Statements 534

Appendix I - Securities Financing Transactions Regulations 567



Contents (continued)

Directors

Mr. Tom Finlay* (Irish)

Mr. Patrick J. Riley* (U.S.)

Ms. Barbara Healy* (Irish)

Ms. Kathleen Gallagher (U.K.)

Ms. Ellen Needham (U.S.) (appointed 1 May 2020)

* Independent Directors

Registered Office

78 Sir John Rogerson’s Quay

Dublin D02 HD32

Ireland

Investment Manager and Sub Distributor

State Street Global Advisors Limited

20 Churchill Place

Canary Wharf

London E14 5HJ

United Kingdom

Sub-Investment Manager

StateStreetGlobal Advisors Trust Company (previously a division

of State Street Bank & Trust Company)

Channel Center

1 Iron Street

Massachusetts 02210

USA

Administrator, Transfer Agent & Registrar

State Street Fund Services (Ireland) Limited


Dublin D02 HD32

Ireland

Depositary

State Street Custodial Services (Ireland) Limited


Dublin D02 HD32

Ireland

Global Distributor

State Street Global Advisors Ireland Limited


Dublin D02 HD32

Ireland

Company Secretary

Sanne Corporate Administration Services Ireland Limited

Fourth Floor

76 Lower Baggot Street

Dublin D02 EK81

Ireland

Legal Advisors in Ireland

Matheson


Dublin D02 R296

Ireland

Independent Auditors

PricewaterhouseCoopers

Chartered Accountants and Statutory Audit Firm

Leggettsrath Business Park

Dublin Road

Kilkenny R95 YTD5

Ireland

Securities Lending Agent

State Street Bank GmBH, London branch

20 Churchill Place

London E14 5HJ

United Kingdom

Registered office

Brienner Strasse 59

80333 Munchen

Germany

Registration number: 525004



Administration of the Company

1

SSGA SPDR ETFs Europe II plc (the “Company”) wasincorporatedon12March2013under registration number 525004and operates in Ireland as a public limited company under theCompanies Act 2014 (the “Companies Act”). It was authorisedby the Central Bank of Ireland (the “Central Bank”) on 12March2013.

TheCompany is anopen-ended investment companywith variablecapital which is authorised by the Central Bank, under theEuropeanCommunities (Undertakings for Collective Investmentin Transferable Securities) Regulations 2011, as amended andis authorised and regulated by the Central Bank of Ireland (theCentral Bank), under the Central Bank (Supervision andEnforcement)Act 2013 (Section48(1)) (Undertakings forCollectiveInvestment in Transferable Securities) Regulations 2019 (the“UCITS Regulations”).

The Company is an umbrella investment company and hassegregated liability between its sub-funds (each a “Fund”,collectively the “Funds”) and accordingly any liability incurredon behalf of or attributable to any Fund shall be dischargedsolely out of the assets of that Fund. The Company currentlyhas forty-six live constituent Funds and various classes of shares.

Net Assets under management for the Company at 30 September 2020 amounted to USD 9,884,719,290 (31 March 2020: USD7,675,700,599). The Net Assets under management for each Fund is detailed below, the published Net asset value per share isdisclosed on the Statement of Financial Position of each Fund.

Fund

Launch date of

Active Funds

Functional

Currency

Net Assets

30 September 2020

Net Assets

31 March 2020

Net Assets

31 March 2019

SPDR Bloomberg Barclays 0-5 Year Sterling

Corporate Bond UCITS ETF 17 February 2014 GBP 188,587,682 134,323,845 121,376,735

SPDR Bloomberg Barclays 3-5 Year Euro

Government Bond UCITS ETF 3 December 2014 EUR 8,900,925 22,678,232 7,058,203

SPDR ICE BofA 0-5 Year EM USD Government

Bond UCITS ETF** 12 November 2014 USD 217,229,134 190,148,204 146,741,379

SPDR EURO STOXX Low Volatility UCITS ETF 24 March 2014 EUR 98,775,162 111,876,316 184,732,343

SPDR Morningstar Multi-Asset Global Infrastructure

UCITS ETF 14 April 2015 USD 1,042,136,842 769,720,822 489,227,846

SPDR MSCI Europe UCITS ETF 5 December 2014 EUR 412,026,801 438,363,728 575,706,400

SPDR MSCI Europe Consumer Discretionary UCITS

ETF 5 December 2014 EUR 63,019,109 23,329,870 116,226,293

SPDR MSCI Europe Consumer Staples UCITS ETF 5 December 2014 EUR 556,859,619 561,271,303 359,285,819

SPDR MSCI Europe Energy UCITS ETF 5 December 2014 EUR 65,945,376 80,746,784 303,106,788

SPDR MSCI Europe Financials UCITS ETF 5 December 2014 EUR 582,342,507 600,089,817 728,605,396

SPDR MSCI Europe Health Care UCITS ETF 5 December 2014 EUR 421,191,462 328,302,413 72,887,446

SPDR MSCI Europe Industrials UCITS ETF 5 December 2014 EUR 322,668,008 213,035,401 14,539,798

SPDR MSCI Europe Materials UCITS ETF 5 December 2014 EUR 30,931,482 16,022,748 9,751,664

SPDR MSCI Europe Small Cap UCITS ETF 5 December 2014 EUR 114,633,981 86,403,408 94,461,862

SPDR MSCI Europe Small Cap Value Weighted

UCITS ETF 18 February 2015 EUR 20,862,080 14,995,894 27,052,766

SPDR MSCI Europe Technology UCITS ETF 5 December 2014 EUR 58,805,558 27,416,950 17,398,981

SPDR MSCI Europe Communication Services

UCITS ETF 5 December 2014 EUR 17,193,510 11,093,395 8,601,365

SPDR MSCI Europe Utilities UCITS ETF 5 December 2014 EUR 38,941,308 68,368,386 23,618,007

SPDR MSCI Europe Value UCITS ETF 18 February 2015 EUR 2,808,138 2,533,729 3,227,237

SPDR MSCI USA Small Cap Value Weighted UCITS

ETF 18 February 2015 USD 46,609,097 21,266,136 35,992,810

SPDR MSCI USA Value UCITS ETF 18 February 2015 USD 100,321,500 62,320,569 40,313,959



Background to the Company

2

Fund

Launch date of

Active Funds

Functional

Currency

Net Assets

30 September 2020

Net Assets

31 March 2020

Net Assets

31 March 2019

SPDR MSCI World Consumer Discretionary UCITS

ETF 29 April 2016 USD 29,741,734 16,175,207 26,540,901

SPDR MSCI World Consumer Staples UCITS ETF 29 April 2016 USD 92,922,594 38,478,623 40,469,463

SPDR MSCI World Energy UCITS ETF 29 April 2016 USD 156,848,299 162,965,692 263,021,765

SPDR MSCI World Financials UCITS ETF 29 April 2016 USD 72,820,190 79,897,927 156,866,646

SPDR MSCI World Health Care UCITS ETF 29 April 2016 USD 298,009,693 192,186,972 111,591,200

SPDR MSCI World Industrials UCITS ETF 29 April 2016 USD 41,365,271 26,346,551 39,807,295

SPDR MSCI World Materials UCITS ETF 29 April 2016 USD 27,883,954 11,916,503 14,706,861

SPDR MSCI World Small Cap UCITS ETF 25 November 2013 USD 427,900,516 298,959,653 377,522,976

SPDR MSCI World Technology UCITS ETF 29 April 2016 USD 357,631,835 206,381,670 158,493,835

SPDR MSCI World Communication Services UCITS

ETF 29 April 2016 USD 27,429,696 17,120,229 13,765,128

SPDR MSCI World Utilities UCITS ETF 29 April 2016 USD 11,423,777 12,057,866 31,383,119

SPDR MSCI World Value UCITS ETF * 2 September 2020 USD 6,760,444 - -

SPDR Russell 2000 U.S. Small Cap UCITS ETF 30 June 2014 USD 686,705,093 393,568,209 528,347,864

SPDR STOXX Europe 600 ESG Screened UCITS

ETF 30 September 2019 EUR 41,557,147 19,774,172 -

SPDR S&P U.S. Communication Services Select

Sector UCITS ETF 15 August 2018 USD 170,203,640 163,167,749 134,763,177

SPDR S&P U.S. Consumer Discretionary Select

Sector UCITS ETF 7 July 2015 USD 98,558,821 56,167,420 77,350,807

SPDR S&P U.S. Consumer Staples Select Sector

UCITS ETF 7 July 2015 USD 285,406,631 222,007,084 149,737,601

SPDR S&P U.S. Energy Select Sector UCITS ETF 7 July 2015 USD 52,573,994 58,378,227 173,974,817

SPDR S&P U.S. Financials Select Sector UCITS

ETF 7 July 2015 USD 139,532,709 123,911,248 195,202,022

SPDR S&P U.S. Health Care Select Sector UCITS

ETF 7 July 2015 USD 173,700,750 209,584,122 181,661,360

SPDR S&P U.S. Industrials Select Sector UCITS

ETF 7 July 2015 USD 185,929,164 51,182,127 50,413,330

SPDR S&P U.S. Materials Select Sector UCITS ETF 7 July 2015 USD 11,613,030 7,135,789 12,286,481

SPDR S&P U.S. Technology Select Sector UCITS

ETF 7 July 2015 USD 270,108,821 224,585,964 78,642,474

SPDR S&P U.S. Utilities Select Sector UCITS ETF 7 July 2015 USD 37,403,118 31,435,432 15,266,344

SPDR Refinitiv Global Convertible Bond UCITS

ETF** 14 October 2014 USD 1,221,338,369 980,368,206 713,535,994

* The Fund launched on 2 September 2020.

** The name of the Fund changed on 1 June 2020. Please refer to Note 14.

Funds may be established from time to time.

Potential Implication of Brexit

Pursuant to the European Referendum Act 2015, a referendum on the United Kingdom’s membership of the EU was held on 23 June2016 with the majority voting to leave the EU. On 29 March 2017, the UK Government exercised its right under Article 50 of theTreaty of the European Union (“Article 50”) to leave the EU. The UK formally left the EU on 31 January 2020 with a transition periodlasting until 31 December 2020 (the “Transition Period”) during which EU law will continue to apply to the UK as if it were a memberstate. Arrangements are not yet in place to govern the relationship between the UK and the remaining member states of the EU atthe end of the transition period.



Background to the Company (continued)

3

Potential Implication of Brexit (continued)

The Investment Manager’s Brexit plans have assumed that there is no trade deal or mutual equivalence for financial services agreedat the end of the Transition Period and is well positioned to continue to operate the business and service clients in such circumstances.While the Investment Manager has conducted a detailed analysis and assumed the above for its planning purposes no assurancecan be given that such matters could not adversely affect the company however the Investment Manager continues to monitor thestatus of the trade negotiations and changes to the financial services regimes in the EU to ensure it takes appropriate action ascircumstances develop.

Due to the current status of the UK an EU trade negotiations there is a risk that the UK will leave the EU without any trade deal at theend of the Transition Period on 31 December 2020.

Whilst the medium to long-term consequences of the decision to leave the EU remain uncertain, there could be short-term volatilityaround the UK failing to secure a trade deal by the end of the Transition Period which could have a negative impact on generaleconomic conditions in the UK and business and consumer confidence in the UK, which may in turn have a negative impact elsewherein the EU and more widely. The longer-term consequences may be affected by the terms of any future arrangements the UK haswith the remaining member states of the EU once agreed. Among other things, the UK’s decision to leave the EU could lead toinstability in the foreign exchange markets, including volatility in the value of the pound sterling or the euro. Deteriorating business,consumer or investor confidence could lead to (i) reduced levels of business activity; (ii) higher levels of default rates and impairment;and (iii) mark to market losses in trading portfolios resulting from changes in credit ratings, share prices and solvency of counterparties.

In order to mitigate the potential impact of Brexit on the Company, it appointed State Street Global Advisors Ireland Limited as GlobalDistributor to facilitate distribution into the EU directly and through the branches of State Street Global Advisors Ireland Limited. Asthe Third Country provisions of UCITS permit the delegation of portfolio management to third countries (subject to conditions includingthe existence of a regulatory cooperation agreement between the Financial Conduct Authority and the Central Bank of Ireland) StateStreet Global Advisors Limited will continue to provide portfolio management services to the Company at the end of the TransitionPeriod. Sub-Funds that are currently registered for distribution in the UK have been registered under the UK’s Temporary PermissionsRegime to ensure continued post-Brexit access to those funds for UK investors.

Impact of COVID-19

An outbreak of a respiratory disease caused by a novel coronavirus (known as COVID-19) first detected in China in December 2019has resulted in a global pandemic and major disruptions to economies and markets around the world. Beginning in January 2020,global financial markets have experienced andmay continue to experience significant volatility resulting from the spread of coronavirusCOVID-19. Trading in many instruments has been disrupted along with liquidity for many instruments being greatly reduced for periodsof time. Interest rates in major currencies are very low and in some cases yields are negative. Governments and central banks havetaken extraordinary and unprecedented actions to support local, global economies and the financial markets. The impact of thesemeasures, and whether they will be effective to mitigate the economic and market disruption, will not be known for some time. Theoutbreak of coronavirus COVID-19 has also resulted in travel and border restrictions, quarantines, supply chain disruptions, lowerconsumer demand and general market uncertainty.

Whilst restrictions have been lifted in some cases, local lockdowns may continue to be deployed as necessary and the emergence ofsignificant further outbreaks or a “second wave” are being seen. The pandemic and the measures taken to tackle COVID-19 continueto affect economies and equity markets globally, all of which may negatively impact a Fund’s performance.

In addition, the outbreak of coronavirus COVID-19, andmeasures taken to mitigate its effects, could result in disruptions to the servicesprovided to the Funds by their service providers.

The Directors of the Company and the Company’s delegates are closely monitoring the developments and the advice relating to thespread of coronavirus COVID-19. State Street Corporation has a robust global business continuity programme that prioritises thehealth and safety of employees. The continuity programme continues to evolve from supporting staff in work from home arrangementsthrough a comprehensive programme to plan for the return of staff to the office environment.




4

The live Funds of the Company are listed on the following exchanges at 30 September 2020* :

Deutsche

Borse

London

Stock

Exchange

Euronext

Paris

SIX

Swiss

Borsa

Italiana

Euronext

Amsterdam

Mexico

Stock

Exchange

SPDR Bloomberg Barclays 0-5 Year Sterling Corporate Bond

UCITS ETF Yes Yes - - - - -

SPDR Bloomberg Barclays 3-5 Year Euro Government Bond

UCITS ETF Yes Yes - Yes Yes - -

SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS

ETF Yes Yes - Yes Yes - -

SPDR EURO STOXX Low Volatility UCITS ETF Yes Yes Yes Yes Yes - -

SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF Yes Yes - Yes - - -

SPDR MSCI Europe UCITS ETF Yes Yes Yes Yes Yes - -

SPDR MSCI Europe Consumer Discretionary UCITS ETF Yes Yes Yes Yes Yes - Yes

SPDR MSCI Europe Consumer Staples UCITS ETF Yes Yes Yes Yes Yes - Yes

SPDR MSCI Europe Energy UCITS ETF Yes Yes Yes Yes Yes - Yes

SPDR MSCI Europe Financials UCITS ETF Yes Yes Yes Yes Yes - Yes

SPDR MSCI Europe Health Care UCITS ETF Yes Yes Yes Yes Yes - Yes

SPDR MSCI Europe Industrials UCITS ETF Yes Yes Yes Yes Yes - Yes

SPDR MSCI Europe Materials UCITS ETF Yes Yes Yes Yes Yes - Yes

SPDR MSCI Europe Small Cap UCITS ETF - Yes Yes Yes Yes - -

SPDR MSCI Europe Small Cap Value Weighted UCITS ETF Yes Yes - - - - -

SPDR MSCI Europe Technology UCITS ETF Yes Yes Yes Yes Yes - Yes

SPDR MSCI Europe Communication Services UCITS ETF Yes Yes Yes Yes Yes - Yes

SPDR MSCI Europe Utilities UCITS ETF Yes Yes Yes Yes Yes - Yes

SPDR MSCI Europe Value UCITS ETF Yes Yes - Yes - - -

SPDR MSCI USA Small Cap Value Weighted UCITS ETF Yes Yes - - - - -

SPDR MSCI USA Value UCITS ETF Yes Yes - Yes - - -

SPDR MSCI World Consumer Discretionary UCITS ETF - Yes - Yes - Yes -

SPDR MSCI World Consumer Staples UCITS ETF - Yes - Yes - Yes -

SPDR MSCI World Energy UCITS ETF - Yes - Yes Yes Yes Yes

SPDR MSCI World Financials UCITS ETF - Yes - Yes Yes Yes Yes

SPDR MSCI World Health Care UCITS ETF - Yes - Yes Yes Yes -

SPDR MSCI World Industrials UCITS ETF - Yes - Yes - Yes -

SPDR MSCI World Materials UCITS ETF - Yes - Yes - Yes Yes

SPDR MSCI World Small Cap UCITS ETF Yes Yes - Yes - - Yes

SPDR MSCI World Technology UCITS ETF - Yes - Yes Yes Yes Yes

SPDR MSCI World Communication Services UCITS ETF - Yes - Yes - Yes Yes

SPDR MSCI World Utilities UCITS ETF - Yes - Yes - Yes -

SPDR MSCI World Value UCITS ETF** - Yes - - - Yes -

SPDR Russell 2000 U.S. Small Cap UCITS ETF Yes Yes Yes Yes Yes - Yes

SPDR STOXX Europe 600 ESG Screened UCITS ETF Yes - - Yes Yes Yes -




5

Deutsche

Borse

London

Stock

Exchange

Euronext

Paris

SIX

Swiss

Borsa

Italiana

Euronext

Amsterdam

Mexico

Stock

Exchange

SPDR S&P U.S. Communication Services Select Sector UCITS

ETF Yes Yes - Yes Yes Yes Yes

SPDR S&P U.S. Consumer Discretionary Select Sector UCITS

ETF Yes Yes - Yes Yes Yes Yes

SPDR S&P U.S. Consumer Staples Select Sector UCITS ETF Yes Yes - Yes Yes Yes Yes

SPDR S&P U.S. Energy Select Sector UCITS ETF Yes Yes - Yes Yes Yes Yes

SPDR S&P U.S. Financials Select Sector UCITS ETF Yes Yes - Yes Yes Yes Yes

SPDR S&P U.S. Health Care Select Sector UCITS ETF Yes Yes - Yes Yes Yes Yes

SPDR S&P U.S. Industrials Select Sector UCITS ETF Yes Yes - Yes Yes Yes Yes

SPDR S&P U.S. Materials Select Sector UCITS ETF Yes Yes - Yes Yes Yes Yes

SPDR S&P U.S. Technology Select Sector UCITS ETF Yes Yes - Yes Yes Yes Yes

SPDR S&P U.S. Utilities Select Sector UCITS ETF Yes Yes - Yes Yes Yes Yes

SPDR Refinitiv Global Convertible Bond UCITS ETF Yes Yes - Yes Yes - -

* Not all share classes are listed on each exchange.

** The Fund launched on 2 September 2020. The Fund listed on Euronext Amsterdam on 3 September 2020 and the London Stock

Exchange on 4 September 2020.




6

INVESTMENT OBJECTIVE

SPDRBloombergBarclays 0-5YearSterlingCorporateBond

UCITS ETF

The investment objective of the Fund is to track the performanceof the shortdated, fixed-rate, investment grade sterling-denominated corporate bond market. The investment policy ofthe Fund is to track the performance of the Bloomberg Barclays0-5 Year Sterling Corporate Bond Index (or any other indexdetermined by theDirectors from time to time to track substantiallythe same market as the Bloomberg Barclays 0-5 Year SterlingCorporate Bond Index and which is considered by the Directorsto be an appropriate index for the Fund to track, in accordancewith the Prospectus) (the “Index”) as closely as possible, whileseeking to minimise as far as possible the tracking differencebetween the Fund’s performance and that of the Index.

SPDRBloombergBarclays 3-5 Year EuroGovernmentBond

UCITS ETF

The investment objective of the Fund is to track the performanceof Eurozone government bonds, with a remaining maturitybetween 3 and 5 years. The investment policy of the Fund isto track the performance of the Bloomberg Barclays 3-5 YearEuro Treasury Bond Index (or any other index determined bythe Directors from time to time to track substantially the samemarket as the Bloomberg Barclays 3-5 Year Euro Treasury BondIndex and which is considered by the Directors to be anappropriate index for the Fund to track, in accordance with theProspectus) (the “Index”) as closely as possible, while seekingto minimise as far as possible the tracking difference betweenthe Fund’s performance and that of the Index.

SPDR ICEBofA 0-5 Year EMUSDGovernment BondUCITS

ETF*

The investment objective of the Fund is to track the performanceof the short maturity (0-5 year) USD - issued emerging marketgovernment bond market. The investment policy of the Fundis to track the performance of the ICE BofA 0-5 Year EM USDGovernment Bond ex-144a Index (or any other index determinedby the Directors from time to time to track substantially the samemarket as the ICE BofA 0-5 Year EM USD Government Bondex-144a Index and which is considered by the Directors to bean appropriate index for the Fund to track, in accordance withtheProspectus) (the “Index”) as closely as possible, while seekingto minimise as far as possible the tracking difference betweenthe Fund’s performance and that of the Index.

* The name of the Fund changed on 1 June 2020. Please refer

to Note 14.

SPDR EURO STOXX Low Volatility UCITS ETF

The investment objective of the Fund is to track the performanceof Eurozone equity securities which historically have exhibitedlow volatility characteristics. The investment policy of the Fundis to track the performance of the EURO STOXX Low RiskWeighted 100 Index (or any other index determined by theDirectors from time to time to track substantially the samemarketas the EURO STOXX Low RiskWeighted 100 Index and whichis considered by the Directors to be an appropriate index fortheFund to track, in accordancewith theProspectus) (the Index)as closely as possible,while seeking tominimise as far as possiblethe tracking difference between the Fund’s performance andthat of the Index.

SPDRMorningstar Multi-Asset Global Infrastructure UCITS

ETF

The investment objective of the Fund is to track the performanceof the global infrastructuremarket represented by publicly tradedinfrastructure-related equity and bonds. The investment policyof the Fund is to track the performance of theMorningstar GlobalMulti-Asset Infrastructure Index (or any other index determinedby the Directors from time to time to track substantially the samemarket as theMorningstarGlobalMulti-Asset Infrastructure Indexand which is considered by the Directors to be an appropriateindex for the Fund to track, in accordance with the Prospectus)(the “Index”) as closely as possible, while seeking to minimiseas far as possible the tracking difference between the Fund’sperformance and that of the Index.

SPDR MSCI Europe UCITS ETF

The investment objective of the Fund is to track the performanceof European large andmid-sized companies in theEurope sector.The investment policy of the Fund is to track the performanceof the MSCI Europe Index (or any other index determined bythe Directors from time to time to track substantially the samemarket as the MSCI Europe Index and which is considered bythe Directors to be an appropriate index for the Fund to track,in accordance with the Prospectus) (the “Index”) as closely aspossible, while seeking tominimise as far as possible the trackingdifference between theFund’s performance and that of the Index.

SPDR MSCI Europe Consumer Discretionary UCITS ETF

The investment objective of the Fund is to track the performanceof European large and mid-sized companies in the ConsumerDiscretionary sector. The investment policy of the Fund is totrack the performance of the MSCI Europe ConsumerDiscretionary Index (or anyother indexdeterminedby theDirectorsfrom time to time to track substantially the same market as theMSCI Europe Consumer Discretionary Index and which isconsidered by the Directors to be an appropriate index for theFund to track, in accordance with the Prospectus) (the “Index”)as closely as possible,while seeking tominimise as far as possiblethe tracking difference between the Fund’s performance andthat of the Index.




7

INVESTMENT OBJECTIVE (continued)

SPDR MSCI Europe Consumer Staples UCITS ETF

The investment objective of the Fund is to track the performanceof European large and mid-sized companies in the ConsumerStaples sector. The investment policy of the Fund is to trackthe performance of the MSCI Europe Consumer Staples Index(or any other index determined by the Directors from time totime to track substantially the samemarket as theMSCI EuropeConsumerStaples Index andwhich is considered by theDirectorsto be an appropriate index for the Fund to track, in accordancewith the Prospectus) (the “Index”) as closely as possible, whileseeking to minimise as far as possible the tracking differencebetween the Fund’s performance and that of the Index.

SPDR MSCI Europe Energy UCITS ETF

The investment objective of the Fund is to track the performanceof European large andmid-sized companies in theEnergy sector.The investment policy of the Fund is to track the performanceof the MSCI Europe Energy 35/20 Capped Index. (or any otherindex determined by the Directors from time to time to tracksubstantially the samemarket as theMSCI EuropeEnergy 35/20Capped Index and which is considered by the Directors to bean appropriate index for the Fund to track, in accordance withtheProspectus) (the “Index”) as closely as possible, while seekingto minimise as far as possible the tracking difference betweenthe Fund’s performance and that of the Index.

SPDR MSCI Europe Financials UCITS ETF

The investment objective of the Fund is to track the performanceof European large and mid-sized companies in the Financialssector. The investment policy of the Fund is to track theperformance of theMSCI Europe Financials Index (or any otherindex determined by the Directors from time to time to tracksubstantially the same market as the MSCI Europe FinancialsIndex and which is considered by the Directors to be anappropriate index for the Fund to track, in accordance with theProspectus) (the “Index”) as closely as possible, while seekingto minimise as far as possible the tracking difference betweenthe Fund’s performance and that of the Index.

SPDR MSCI Europe Health Care UCITS ETF

The investment objective of the Fund is to track the performanceof European large andmid-sized companies in the Health Caresector. The investment policy of the Fund is to track theperformance of the MSCI Europe Health Care Index (or anyother index determined by the Directors from time to time totrack substantially the samemarket as theMSCI Europe HealthCare Index and which is considered by the Directors to be anappropriate index for the Fund to track, in accordance with theProspectus) (the “Index”) as closely as possible, while seekingto minimise as far as possible the tracking difference betweenthe Fund’s performance and that of the Index.

SPDR MSCI Europe Industrials UCITS ETF

The investment objective of the Fund is to track the performanceof European large and mid-sized companies in the Industrialssector. The investment policy of the Fund is to track theperformance of theMSCI Europe Industrials Index (or any otherindex determined by the Directors from time to time to tracksubstantially the same market as the MSCI Europe IndustrialsIndex and which is considered by the Directors to be anappropriate index for the Fund to track, in accordance with theProspectus) (the “Index”) as closely as possible, while seekingto minimise as far as possible the tracking difference betweenthe Fund’s performance and that of the Index.

SPDR MSCI Europe Materials UCITS ETF

The investment objective of the Fund is to track the performanceof European large and mid-sized companies in the Materialssector. The investment policy of the Fund is to track theperformance of the MSCI Europe Materials Index (or any otherindex determined by the Directors from time to time to tracksubstantially the same market as the MSCI Europe MaterialsIndex and which is considered by the Directors to be anappropriate index for the Fund to track, in accordance with theProspectus) (the “Index”) as closely as possible, while seekingto minimise as far as possible the tracking difference betweenthe Fund’s performance and that of the Index.

SPDR MSCI Europe Small Cap UCITS ETF

The investment objective of the Fund is to track the performanceof European smaller companies. The investment policy of theFund is to track the performance of the MSCI Europe SmallCap Index (or any other index determined by the Directors fromtime to time to track substantially the samemarket as the MSCIEuropeSmall Cap Index andwhich is considered by theDirectorsto be an appropriate index for the Fund to track, in accordancewith the Prospectus) (the “Index”) as closely as possible, whileseeking to minimise as far as possible the tracking differencebetween the Fund’s performance and that of the Index.

SPDRMSCI Europe Small Cap ValueWeighted UCITS ETF

The investment objective of the Fund is to track the performanceof European small capitalisation equities with a higher weightingapplied to equities exhibiting low valuation characteristics. Theinvestment policy of the Fund is to track the performance oftheMSCI Europe Small Cap ValueWeighted Index (or any otherindex determined by the Directors from time to time to tracksubstantially the same market as the MSCI Europe Small CapValueWeighted Index and which is considered by the Directorsto be an appropriate index for the Fund to track, in accordancewith the Prospectus) (the “Index”) as closely as possible, whileseeking to minimise as far as possible the tracking differencebetween the Fund’s performance and that of the Index.




8


SPDR MSCI Europe Technology UCITS ETF

The investment objective of the Fund is to track the performanceof European large and mid-sized companies in the Technologysector. The investment policy of the Fund is to track theperformance of theMSCI Europe Information Technology Index(or any other index determined by the Directors from time totime to track substantially the same market as the MSCIEurope Information Technology Index and which is consideredby the Directors to be an appropriate index for the Fund to track,in accordance with the Prospectus) (the “Index”) as closely aspossible, while seeking tominimise as far as possible the trackingdifference between theFund’s performance and that of the Index.

SPDRMSCI Europe Communications Services UCITS ETF

The investment objective of the Fund is to track the performanceof European large and mid-sized companies in thecommunications sector. The investment policy of the Fund isto track the performance of the MSCI Europe CommunicationServices Index (or any other index determined by the Directorsfrom time to time to track substantially the same market as theMSCI Europe Communication Services Index and which isconsidered by the Directors to be an appropriate index for theFund to track, in accordance with the Prospectus) (the “Index”)as closely as possible,while seeking tominimise as far as possiblethe tracking difference between the Fund’s performance andthat of the Index.

SPDR MSCI Europe Utilities UCITS ETF

The investment objective of the Fund is to track the performanceof European large andmid-sized companies in theUtilities sector.The investment policy of the Fund is to track the performanceof theMSCI EuropeUtilities Index (or any other index determinedby the Directors from time to time to track substantially the samemarket as theMSCIEuropeUtilities Indexandwhich is consideredby the Directors to be an appropriate index for the Fund to track,in accordance with the Prospectus) (the “Index”) as closely aspossible, while seeking tominimise as far as possible the trackingdifference between theFund’s performance and that of the Index.

SPDR MSCI Europe Value UCITS ETF

The investment objective of the Fund is to track the performanceof European equities with a higher weighting applied to equitiesexhibiting low valuation characteristics. The investment policyof the Fund is to track the performance of the MSCI EuropeValue Exposure Select Index (or any other index determinedby the Directors from time to time to track substantially the samemarket as the MSCI Europe Value Exposure Select Index andwhich is considered by the Directors to be an appropriate indexfor the Fund to track, in accordance with the Prospectus) (theIndex) as closely as possible, while seeking to minimise asfar as possible the tracking difference between the Fund’sperformance and that of the Index.

SPDR MSCI USA Small Cap Value Weighted UCITS ETF

The investment objective of the Fund is to track the performanceof US small capitalisation equitieswith a higher weighting appliedto equities exhibiting low valuation characteristics. The investmentpolicy of the Fund is to track the performance of the MSCI USASmall Cap ValueWeighted Index (or any other index determinedby the Directors from time to time to track substantially the samemarket as the MSCI USA Small Cap ValueWeighted Index andwhich is considered by the Directors to be an appropriate indexfor the Fund to track, in accordance with the Prospectus) (the“Index”) as closely as possible, while seeking to minimise asfar as possible the tracking difference between the Fund’sperformance and that of the Index.

SPDR MSCI USA Value UCITS ETF

The investment objective of the Fund is to track the performanceof USequitieswith a higherweighting applied to equities exhibitinglow valuation characteristics. The investment policy of the Fundis to track the performance of the MSCI USA Value ExposureSelect Index (or any other index determined by the Directorsfrom time to time to track substantially the same market as theMSCIUSAValueExposureSelect Index andwhich is consideredby the Directors to be an appropriate index for the Fund to track,in accordance with the Prospectus) (the Index) as closely aspossible, while seeking tominimise as far as possible the trackingdifference between theFund’s performance and that of the Index.

SPDR MSCI World Consumer Discretionary UCITS ETF

The investment objective of the Fund is to track the performanceof companies in the consumer discretionary sector, acrossdeveloped markets globally. The investment policy of the Fundis to track the performance of the MSCI World ConsumerDiscretionary Index (or anyother indexdeterminedby theDirectorsfrom time to time to track substantially the same market as theMSCI World Consumer Discretionary Index and which isconsidered by the Directors to be an appropriate index for theFund to track, in accordance with the Prospectus) (the Index)as closely as possible,while seeking tominimise as far as possiblethe tracking difference between the Fund’s performance andthat of the Index.

SPDR MSCI World Consumer Staples UCITS ETF

The investment objective of the Fund is to track the performanceof companies in the consumer staples sector, across developedmarkets globally. The investment policy of the Fund is to trackthe performance of the MSCI World Consumer Staples Index(or any other index determined by the Directors from time totime to track substantially the same market as the MSCI WorldConsumerStaples Index andwhich is considered by theDirectorsto be an appropriate index for the Fund to track, in accordancewith the Prospectus) (the Index) as closely as possible, whileseeking to minimise as far as possible the tracking differencebetween the Fund’s performance and that of the Index.




9


SPDR MSCI World Energy UCITS ETF

The investment objective of the Fund is to track the performanceof companies in the energy sector, across developed marketsglobally. The investment policy of the Fund is to track theperformance of the MSCI World Energy Index (or any otherindex determined by the Directors from time to time to tracksubstantially the samemarket as the MSCIWorld Energy Indexand which is considered by the Directors to be an appropriateindex for the Fund to track, in accordance with the Prospectus)(the Index) as closely as possible, while seeking to minimiseas far as possible the tracking difference between the Fund’sperformance and that of the Index.

SPDR MSCI World Financials UCITS ETF

The investment objective of the Fund is to track the performanceof companies in the financials sector, across developedmarketsglobally. The investment policy of the Fund is to track theperformance of the MSCI World Financials Index (or any otherindex determined by the Directors from time to time to tracksubstantially the same market as the MSCI World FinancialsIndex and which is considered by the Directors to be anappropriate index for the Fund to track, in accordance with theProspectus) (the Index) as closely as possible, while seekingto minimise as far as possible the tracking difference betweenthe Fund’s performance and that of the Index.

SPDR MSCI World Health Care UCITS ETF

The investment objective of the Fund is to track the performanceof companies in the health care sector, across developedmarketsglobally. The investment policy of the Fund is to track theperformance of theMSCIWorld Health Care Index (or any otherindex determined by the Directors from time to time to tracksubstantially the same market as the MSCI World Health CareIndex and which is considered by the Directors to be anappropriate index for the Fund to track, in accordance with theProspectus) (the Index) as closely as possible, while seekingto minimise as far as possible the tracking difference betweenthe Fund’s performance and that of the Index.

SPDR MSCI World Industrials UCITS ETF

The investment objective of the Fund is to track the performanceof companies in the industrials sector, across developedmarketsglobally. The investment policy of the Fund is to track theperformance of the MSCI World Industrials Index (or any otherindex determined by the Directors from time to time to tracksubstantially the same market as the MSCI World IndustrialsIndex and which is considered by the Directors to be anappropriate index for the Fund to track, in accordance with theProspectus) (the Index) as closely as possible, while seekingto minimise as far as possible the tracking difference betweenthe Fund’s performance and that of the Index.

SPDR MSCI World Materials UCITS ETF

The investment objective of the Fund is to track the performanceof companies in thematerials sector, across developedmarketsglobally. The investment policy of the Fund is to track theperformance of the MSCI World Materials Index (or any otherindex determined by the Directors from time to time to tracksubstantially the samemarket as theMSCIWorldMaterials Indexand which is considered by the Directors to be an appropriateindex for the Fund to track, in accordance with the Prospectus)(the Index) as closely as possible, while seeking to minimiseas far as possible the tracking difference between the Fund’sperformance and that of the Index.

SPDR MSCI World Small Cap UCITS ETF

The investment objective of the Fund is to track the performanceof small capequities in developedmarkets globally. The investmentpolicy of the Fund is to track the performance of theMSCIWorldSmall Cap Index (or any other index determined by the Directorsfrom time to time to track substantially the same market as theMSCI World Small Cap Index and which is considered by theDirectors to be an appropriate index for the Fund to track, inaccordance with the Prospectus) (the “Index”) as closely aspossible, while seeking tominimise as far as possible the trackingerror between the Fund’s performance and that of the Index.

SPDR MSCI World Technology UCITS ETF

The investment objective of the Fund is to track the performanceof companies in the technology sector, across developedmarketsglobally. The investment policy of the Fund is to track theperformance of the MSCIWorld Information Technology Index(or any other index determined by the Directors from time totime to track substantially the same market as the MSCI WorldInformation Technology Index and which is considered by theDirectors to be an appropriate index for the Fund to track, inaccordance with the Prospectus) (the Index) as closely aspossible, while seeking tominimise as far as possible the trackingdifference between theFund’s performance and that of the Index.

SPDR MSCI World Communication Services UCITS ETF

The investment objective of the Fund is to track the performanceof companies in the communications sector, across developedmarkets globally. The investment policy of the Fund is to trackthe performance of the MSCI World Communication ServicesIndex (or any other index determined by the Directors from timeto time to track substantially the samemarket as theMSCIWorldCommunication Services Index and which is considered by theDirectors to be an appropriate index for the Fund to track, inaccordance with the Prospectus) (the Index) as closely aspossible, while seeking tominimise as far as possible the trackingdifference between theFund’s performance and that of the Index.




10


SPDR MSCI World Utilities UCITS ETF

The investment objective of the Fund is to track the performanceof companies in the utilities sector, across developed marketsglobally. The investment policy of the Fund is to track theperformance of the MSCI World Utilities Index (or any otherindex determined by the Directors from time to time to tracksubstantially the samemarket as the MSCIWorld Utilities Indexand which is considered by the Directors to be an appropriateindex for the Fund to track, in accordance with the Prospectus)(the Index) as closely as possible, while seeking to minimiseas far as possible the tracking difference between the Fund’sperformance and that of the Index.

SPDR MSCI World Value UCITS ETF*

The investment objective of the Fund is to track the performanceof global developedmarket equitieswith ahigherweightingappliedto equities exhibiting low valuation characteristics. The investmentpolicy of the Fund is to track the performance of the stocksthat exhibit relatively higher exposure to the value factor (asdefined in the Index methodology) within developed marketcountries that compose the parent index, MSCI World Index(or any other index determined by the Directors from time totime to track substantially the same market as the MSCI WorldIndex and which is considered by the Directors to be anappropriate index for the Fund to track, in accordance with theProspectus) (the Index) as closely as possible, while seekingto minimise as far as possible the tracking difference betweenthe Fund’s performance and that of the Index.

* The Fund launched on 2 September 2020.

SPDR Russell 2000 U.S. Small Cap UCITS ETF

The investment objective of the Fund is to track the performanceof smaller U.S. companies. The investment policy of the Fundis to track the performance of the Russell 2000 Index (or anyother index determined by the Directors from time to time totrack substantially the same market as the Russell 2000 Indexand which is considered by the Directors to be an appropriateindex for the Fund to track, in accordance with the Prospectus)(the “Index”) as closely as possible, while seeking to minimiseas far as possible the tracking difference between the Fund’sperformance and that of the Index.

SPDR STOXX Europe 600 ESG Screened UCITS ETF

The investment objective of the Fund is to track the performanceof European equities. The investment policy of the Fund is totrack the performance of the STOXXEurope 600 ESG - X Index(or any other index determined by the Directors from time totime to track substantially the samemarket as theSTOXXEurope600 ESG - X Index and which is considered by the Directorsto be an appropriate index for the Fund to track, in accordancewith the Prospectus) (the “Index”) as closely as possible, whileseeking tominimise as far as possible the tracking error betweenthe Fund’s performance and that of the Index.

SPDR S&P U.S. Communication Services Select Sector

UCITS ETF

The investment objective of the Fund is to track the performanceof large sized U.S. communication services companies in theS&P 500 Index. The investment policy of the Fund is to trackthe performance of the S&P Communication Services SelectSector Daily Capped 25/20 Index (which is derived from theS&P 500 Index or any other index determined by the Directorsfrom time to time to track substantially the same market as theS&PCommunication ServicesSelect Sector Daily Capped 25/20Index and which is considered by the Directors to be anappropriate index for the Fund to track, in accordance with theProspectus) (the “Index”) as closely as possible, while seekingto minimise as far as possible the tracking difference betweenthe Fund’s performance and that of the Index.

SPDRS&PU.S.ConsumerDiscretionarySelectSectorUCITS

ETF

The investment objective of the Fund is to track the performanceof large sized U.S. consumer discretionary companies in theS&P 500 Index. The investment policy of the Fund is to trackthe performance of the S&P Consumer Discretionary SelectSector Daily Capped 25/20 Index (which is derived from theS&P 500 Index or any other index determined by the Directorsfrom time to time to track substantially the same market as theS&PConsumer Discretionary Select Sector Daily Capped 25/20Index and which is considered by the Directors to be anappropriate index for the Fund to track, in accordance with theProspectus) (the “Index”) as closely as possible, while seekingto minimise as far as possible the tracking difference betweenthe Fund’s performance and that of the Index.

SPDRS&PU.S. Consumer Staples Select Sector UCITSETF

The investment objective of the Fund is to track the performanceof large sized U.S. consumer staples companies in the S&P500 Index. The investment policy of the Fund is to track theperformance of the S&PConsumer Staples Select Sector DailyCapped 25/20 Index (which is derived from the S&P 500 Indexor any other index determined by the Directors from time totime to track substantially the samemarket as theS&PConsumerStaples Select Sector Daily Capped 25/20 Index and which isconsidered by the Directors to be an appropriate index for theFund to track, in accordance with the Prospectus) (the “Index”)as closely as possible,while seeking tominimise as far as possiblethe tracking difference between the Fund’s performance andthat of the Index.




11


SPDR S&P U.S. Energy Select Sector UCITS ETF

The investment objective of the Fund is to track the performanceof large sized U.S. energy companies in the S&P 500 Index.The investment policy of the Fund is to track the performanceof the S&P Energy Select Sector Daily Capped 25/20 Index(which is derived from the S&P 500 Index or any other indexdetermined by theDirectors from time to time to track substantiallythe samemarket as the S&PEnergy Select Sector Daily Capped25/20 Index and which is considered by the Directors to be anappropriate index for the Fund to track, in accordance with theProspectus) (the “Index”) as closely as possible, while seekingto minimise as far as possible the tracking difference betweenthe Fund’s performance and that of the Index.

SPDR S&P U.S. Financials Select Sector UCITS ETF

The investment objective of the Fund is to track the performanceof large sized U.S. financial companies in the S&P 500 Index.The investment policy of the Fund is to track the performanceof the S&P Financials Select Sector Daily Capped 25/20 Index(which is derived from the S&P 500 Index or any other indexdetermined by theDirectors from time to time to track substantiallythe same market as the S&P Financials Select Sector DailyCapped 25/20 Index and which is considered by the Directorsto be an appropriate index for the Fund to track, in accordancewith the Prospectus) (the “Index”) as closely as possible, whileseeking to minimise as far as possible the tracking differencebetween the Fund’s performance and that of the Index.

SPDR S&P U.S. Health Care Select Sector UCITS ETF

The investment objective of the Fund is to track the performanceof large sized U.S. health care companies in the S&P 500 Index.The investment policy of the Fund is to track the performanceof the S&PHealth Care Select Sector Daily Capped 25/20 Index(which is derived from the S&P 500 Index or any other indexdetermined by theDirectors from time to time to track substantiallythe same market as the S&P Health Care Select Sector DailyCapped 25/20 Index and which is considered by the Directorsto be an appropriate index for the Fund to track, in accordancewith the Prospectus) (the “Index”) as closely as possible, whileseeking to minimise as far as possible the tracking differencebetween the Fund’s performance and that of the Index.

SPDR S&P U.S. Industrials Select Sector UCITS ETF

The investment objective of the Fund is to track the performanceof large sized U.S. industrial companies in the S&P 500 Index.The investment policy of the Fund is to track the performanceof the S&P Industrials Select Sector Daily Capped 25/20 Index(which is derived from the S&P 500 Index or any other indexdetermined by theDirectors from time to time to track substantiallythe same market as the S&P Industrials Select Sector DailyCapped 25/20 Index and which is considered by the Directorsto be an appropriate index for the Fund to track, in accordancewith the Prospectus) (the “Index”) as closely as possible, whileseeking to minimise as far as possible the tracking differencebetween the Fund’s performance and that of the Index.

SPDR S&P U.S. Materials Select Sector UCITS ETF

The investment objective of the Fund is to track the performanceof large cap U.S. materials companies in the S&P 500 Index.The investment policy of the Fund is to track the performanceof the S&P Materials Select Sector Daily Capped 25/20 Index(which is derived from the S&P 500 Index or any other indexdetermined by theDirectors from time to time to track substantiallythe samemarket as theS&PMaterialsSelectSectorDailyCapped25/20 Index and which is considered by the Directors to be anappropriate index for the Fund to track, in accordance with theProspectus) (the “Index”) as closely as possible, while seekingto minimise as far as possible the tracking difference betweenthe Fund’s performance and that of the Index.

SPDR S&P U.S. Technology Select Sector UCITS ETF

The investment objective of the Fund is to track the performanceof large sized U.S. information technology companies in theS&P 500 Index. The investment policy of the Fund is to trackthe performance of the S&P Technology Select Sector DailyCapped 25/20 Index (which is derived from the S&P 500 Indexor any other index determined by the Directors from time totime to track substantially the samemarket as theS&PTechnologySelect Sector Daily Capped 25/20 Index andwhich is consideredby the Directors to be an appropriate index for the Fund to track,in accordance with the Prospectus) (the “Index”) as closely aspossible, while seeking tominimise as far as possible the trackingdifference between theFund’s performance and that of the Index.

SPDR S&P U.S. Utilities Select Sector UCITS ETF

The investment objective of the Fund is to track the performanceof large sized U.S. utilities companies in the S&P 500 Index.The investment policy of the Fund is to track the performanceof the S&P Utilities Select Sector Daily Capped 25/20 Index(which is derived from the S&P 500 Index or any other indexdetermined by theDirectors from time to time to track substantiallythe samemarket as the S&PUtilities Select Sector Daily Capped25/20 Index and which is considered by the Directors to be anappropriate index for the Fund to track, in accordance with theProspectus) (the “Index”) as closely as possible, while seekingto minimise as far as possible the tracking difference betweenthe Fund’s performance and that of the Index.

SPDR Refinitiv Global Convertible Bond UCITS ETF*

The investment objective of the Fund is to track the performanceof the global convertible bond market. The investment policyof the Fund is to track the performance of the Refinitiv QualifiedGlobal Convertible Index (or any other index determined by theDirectors from time to time to track substantially the samemarketas the Refinitiv Qualified Global Convertible Index and whichis considered by the Directors to be an appropriate index fortheFund to track, in accordancewith theProspectus) (the “Index”)as closely as possible,while seeking tominimise as far as possiblethe tracking difference between the Fund’s performance andthat of the Index.

* The name of the Fund changed on 1 June 2020. Please refer

to Note 14.




12

Fund Performance

Passive Fixed Income Funds

Overall theFixed IncomeETFs in theSSGASPDRETFsEurope IIplc performed reasonably in line with their respective benchmarkindices (+/- 15bps), for the period under review (1 April 2020 –30September 2020), with the exception of one fund.Wehighlightthe reason for the deviation below.

The SPDR Refinitiv Global Convertible Bond UCITS ETF sawa tracking difference of +33 basis points (bps) over the 6monthsending 30th September 2020. The majority of this originatedfrom the European sleeve where the fund has benefitted fromsecurity selection, especially surrounding key risk events. InJune, contribution to outperformance were from strategicpositioning includingWirecard (market fraud): +8bps (underweight~12bps), Cellnex: +4bps (overweight 10bps, skewed to 2026vs 2028), Smizch+4bps (overweight 6bps). InAugust, the trackingdifference of ~8 bps was mostly related to a new issuancepremium and an overall overweight in some of the IT andtechnology names such as Tesla (20 bps) and Sea (4 bps) whichadded to further uplift to the portfolio in Q3.

In addition, the fund continued to benefit from a portfoliomanagement decision tobecautiousaroundequity linkedsyntheticissuance (representing a modest ~60bps at fund level) - whichheavily underperformed during the Q2 rally that commencedin April, where these bonds servedmerely as a cash proxy. Mostof the bonds in the fund were within their tolerance limit withthe exception of a small number which have exceeded theirlimits due to a rebalancing and cost turnover reduction strategy.

Passive Equity Funds

There was one new ETF launched over the reporting period(six months to 30 September 2020): the SPDR MSCI WorldValue UCITS ETF – USD Unhedged (Acc).

Most of the SPDR II Equity Funds are within the anticipateddeviation bands of their respective indices, on a semi-annualand since inception basis (as of 30th September 2020).

All the funds were within the anticipated 1 year annual ex-posttracking error number. However, it should be noted that 1-yearex-post tracking error is a short period to understand whethera fund is within acceptable tolerance, a 3-year figure is muchmore in line with industry standards.

Additional information is provided on Funds where the trackingdifference was +/- 0.10% on a gross-of-fees basis or wherethe one-year tracking error may be perceived to be high.

For the following funds there was outperformance over +0.10%.This can be mainly attributed to a combination of withholdingtax impact, securities misweights, income effect, compoundingand corporate actions.

• SPDR MSCI World Energy UCITS ETF (+0.63%)• SPDR MSCI Europe Energy UCITS ETF (+0.59%)• SPDR S&P U.S. Energy Select Sector UCITS ETF (+0.47%)• SPDR MSCI Europe Financials UCITS ETF (+0.46%)• SPDR EURO STOXX Low Volatility UCITS ETF (+0.37%)• SPDR MSCI World Utilities UCITS ETF (+0.35%)• SPDR MSCI World Financials UCITS ETF (+0.34%)• SPDR MSCI World Industrials UCITS ETF (+0.33%)• SPDR MSCI World Materials UCITS ETF (+0.33%)• SPDR MSCI Europe Utilities UCITS ETF (+0.29%)• SPDR MSCI Europe Communication Services UCITS ETF(+0.28%)• SPDR MSCI Europe Health Care UCITS ETF (+0.27%)• SPDR S&P U.S. Utilities Select Sector UCITS ETF (+0.26%)• SPDRS&PU.S. Consumer Staples Select Sector UCITS ETF(+0.24%)• SPDRMSCI World Consumer Staples UCITS ETF (+0.23%)• SPDR MSCI Europe UCITS ETF (+0.22%)• SPDR MSCI Europe Materials UCITS ETF (+0.21%)• SPDRS&PU.S. Financials Select Sector UCITSETF (+0.21%)• SPDRS&PU.S. Materials Select Sector UCITS ETF (+0.21%)• SPDR MSCI Europe Value UCITS ETF (+0.20%)•SPDRSTOXXEurope600ESGScreenedUCITSETF (+0.20%)• SPDR MSCI Europe Small Cap UCITS ETF (+0.17%)• SPDR MSCI USA Value UCITS ETF (+0.18%)• SPDR MSCI Europe Industrials UCITS ETF (+0.17%)• SPDR MSCI World Communication Services UCITS ETF(+0.15%)• SPDRS&PU.S. Industrials Select Sector UCITSETF (+0.13%)• SPDRMSCI Europe Consumer Staples UCITS ETF (+0.12%)•SPDRS&PU.S.HealthCareSelectSectorUCITSETF (+0.11%)

• The SPDR MSCI Europe Small Cap Value Weighted UCITSETF’s underperformance (-0.63%) was mainly attributed tosecurities misweights and cash drag.• TheSPDRMSCIUSASmall CapValueWeightedUCITSETF’sunderperformance (-0.33%) was mainly attributed to securitiesmisweights, management fees, cash drag and trading costs.• The SPDR MSCI World Small Cap UCITS ETF’sunderperformance (-0.31%) was mainly attributed to securitiesmisweights.• TheSPDRMSCIEuropeConsumerDiscretionaryUCITSETF’sunderperformance (-0.27%) was mainly attributed to cash dragincluding impact of withholding tax reclaims.

Passive Multi Asset Fund

For the six-month period to 30 September 2020 (the “ReportingPeriod”), the total return for the theSPDRMorningstarMulti-AssetGlobal Infrastructure was 16.44%, and the Index was 16.36%.The outperformance is attributed to the fixed income component.The fixed income component returned 13.83%over the reportingperiod, higher than its respective index return of 13.59%. Thereturn of the equity component was 18.90% over the six-monthperiod, lower than the return of its underlying index of 19.02%.



Investment Managers’ Reports

Passive Fixed Income, Passive Equity and Passive Multi Asset Funds

13

Passive Fixed Income Funds

Performance figures gross of fees as at 30 September 2020

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 Barclays 0-5 Year Sterling Corporate Bond

UCITS ETF 5.22 5.25 -0.03 2.70 2.80 -0.10 17-Feb-14 1 0.11

SPDR Bloomberg Barclays 3-5 Year Euro Government Bond

UCITS 1.22 1.24 -0.02 1.06 1.04 0.02 3-Dec-14 1 0.03

SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS

ETF 6.82 6.96 -0.14 2.93 2.99 -0.06 12-Nov-14 2 0.18

SPDR Refinitiv Global Convertible Bond UCITS ETF 33.72 33.39 0.33 8.10 7.87 0.23 14-Oct-14 2 0.22

* Annualised for periods over 1-year performance.

** Calculated using the root mean square of the monthly excess returns (i.e. the Difference) over one financial year ending September 2020.

Sources: Citigroup / Barclays Capital / JP Morgan / Bloomberg / SSGA Economic Research



Investment Managers’ Reports (continued)

14

Passive Equity Funds


Fund Name Fund

6 months %

Index Diff Fund

Since Inception*

Index Diff

Fund Inception

Date

Max. Anticipated

Annual Tracking

Error %

Realised 1 Yr.

Tracking

Error %**

SPDR MSCI Europe Consumer Discretionary UCITS ETF 25.83 26.10 -0.27 6.65 6.44 0.21 30-Sep-01 2 0.37

SPDR MSCI Europe Consumer Staples UCITS ETF 9.21 9.09 0.12 7.79 7.76 0.03 30-Sep-01 1 0.09

SPDR MSCI Europe Energy UCITS ETF -19.38 -19.97 0.59 0.24 0.00 0.24 31-Aug-01 1 0.47

SPDR MSCI Europe Financials UCITS ETF 3.08 2.62 0.46 -1.52 -1.86 0.34 31-Aug-01 1 0.29

SPDR MSCI Europe Health Care UCITS ETF 7.96 7.69 0.27 5.95 5.82 0.13 30-Sep-01 1 0.21

SPDR MSCI Europe Industrials UCITS ETF 28.19 28.02 0.17 8.17 7.88 0.29 30-Sep-01 1 0.08

SPDR MSCI Europe Materials UCITS ETF 28.89 28.68 0.21 7.41 7.18 0.23 30-Sep-01 1 0.12

SPDR MSCI Europe Small Cap UCITS ETF 26.23 26.06 0.17 8.13 7.97 0.16 31-Mar-05 1 0.13

SPDR MSCI Europe Technology UCITS ETF 27.71 27.74 -0.03 3.56 2.99 0.57 31-Aug-01 1 0.77

SPDR MSCI Europe Communication Services UCITS ETF 3.48 3.20 0.28 1.54 1.28 0.26 30-Sep-01 1 0.13

SPDR MSCI Europe UCITS ETF 12.93 12.71 0.22 2.83 2.53 0.30 31-May-01 1 0.07

SPDR MSCI Europe Utilities UCITS ETF 14.09 13.80 0.29 6.02 5.64 0.38 30-Sep-01 1 0.15

SPDR MSCI World Small Cap UCITS ETF 33.56 33.87 -0.31 6.15 5.85 0.30 25-Nov-13 1 0.26

SPDR EURO STOXX Low Volatility UCITS ETF 15.63 15.26 0.37 7.07 6.52 0.55 24-Mar-14 1 0.15

SPDR Russell 2000 U.S. Small CAP UCITS ETF 31.32 31.36 -0.04 5.21 4.66 0.55 1-Jul-14 1 0.23

SPDR STOXX Europe 600 ESG Screened UCITS ETF 14.70 14.50 0.20 -5.75 -5.82 0.07 30-Sep-19 1 0.17

SPDR MSCI Europe Small Cap Value Weighted UCITS ETF 19.42 20.05 -0.63 -0.04 -0.19 0.15 18-Feb-15 1 0.34

SPDR MSCI Europe Value UCITS ETF 10.94 10.74 0.20 -1.15 -1.62 0.47 18-Feb-15 1 0.17




15

Passive Equity Funds (continued)

Performance figures gross of fees as at 30 September 2020 (continued)

Fund Name Fund

6 months %

Index Diff Fund

Since Inception*

Index Diff

Fund Inception

Date

Max. Anticipated

Annual Tracking

Error %

Realised 1 Yr.

Tracking

Error %**

SPDR MSCI USA Small Cap Value Weighted UCITS ETF 31.70 32.03 -0.33 0.88 0.80 0.08 18-Feb-15 1 0.26

SPDR MSCI USA Value UCITS ETF 23.95 23.77 0.18 4.83 4.45 0.38 18-Feb-15 1 0.12

SPDR S&P U.S. Consumer Staples Select Sector UCITS ETF 19.17 18.93 0.24 7.84 7.37 0.47 7-Jul-15 1 0.07

SPDR S&P U.S. Energy Select Sector UCITS ETF 6.28 5.81 0.47 -12.56 -13.08 0.52 7-Jul-15 1 0.47

SPDR S&P U.S. Financials Select Sector UCITS ETF 16.94 16.73 0.21 5.52 5.23 0.29 7-Jul-15 1 0.07

SPDR S&P U.S. Health Care Select Sector UCITS ETF 20.04 19.93 0.11 8.45 8.16 0.29 7-Jul-15 1 0.06

SPDR S&P U.S. Industrials Select Sector UCITS ETF 31.36 31.23 0.13 8.89 8.55 0.34 7-Jul-15 1 0.12

SPDR S&P U.S. Consumer Discretionary Select Sector UCITS

ETF 50.52 50.44 0.08 14.28 14.01 0.27 7-Jul-15 1 0.07

SPDR S&P U.S. Utilities Select Sector UCITS ETF 8.72 8.46 0.26 9.39 8.84 0.55 7-Jul-15 1 0.17

SPDR S&P U.S. Materials Select Sector UCITS ETF 42.51 42.30 0.21 7.61 7.17 0.44 7-Jul-15 1 0.16

SPDR S&P U.S. Technology Select Sector UCITS ETF 45.77 45.74 0.03 23.52 23.28 0.24 7-Jul-15 1 0.06

SPDR MSCI World Consumer Discretionary UCITS ETF 50.66 50.65 0.01 17.94 17.74 0.20 28-Feb-09 1 0.07

SPDR MSCI World Consumer Staples UCITS ETF 17.08 16.85 0.23 11.93 11.74 0.19 28-Feb-09 1 0.06

SPDR MSCI World Energy UCITS ETF -1.42 -2.05 0.63 -1.56 -1.76 0.20 31-Jan-09 1 0.36

SPDR MSCI World Financials UCITS ETF 15.27 14.93 0.34 10.47 10.03 0.44 28-Feb-09 1 0.13

SPDR MSCI World Health Care UCITS ETF 20.07 20.03 0.04 14.57 14.39 0.18 28-Feb-09 1 0.12

SPDR MSCI World Industrials UCITS ETF 31.43 31.10 0.33 13.28 13.23 0.05 28-Feb-09 1 0.12

SPDR MSCI World Materials UCITS ETF 40.98 40.65 0.33 9.45 9.41 0.04 28-Feb-09 1 0.11




16

Passive Equity Funds (continued)

Performance figures gross of fees as at 30 September 2020 (continued)

Fund Name Fund

6 months %

Index Diff Fund

Since Inception*

Index Diff

Fund Inception

Date

Max. Anticipated

Annual Tracking

Error %

Realised 1 Yr.

Tracking

Error %**

SPDR MSCI World Technology UCITS ETF 46.60 46.66 -0.06 21.06 20.93 0.13 28-Feb-09 1 0.05

SPDR MSCI World Communication Services UCITS ETF 29.06 28.91 0.15 7.79 7.80 -0.01 31-Dec-08 1 0.12

SPDR MSCI World Utilities UCITS ETF 11.61 11.26 0.35 6.98 6.99 -0.01 28-Feb-09 1 0.11

SPDR MSCI World Value UCITS ETF*** N/A N/A N/A -2.49 -2.49 - 2-Sept-20 1 N/A

SPDR S&P U.S. Communication Services Select Sector UCITS

ETF 34.65 34.57 0.08 10.85 10.65 0.20 15-Aug-18 1 0.04

* Annualised for periods over 1-year performance.

** Calculated using the root mean square of the monthly excess returns (i.e. the Difference) over one financial year ending September 2020.

***This fund launched on 2 September 2020. Performance provided is since that date.





17

Passive Multi Asset


Fund Name Fund

6 Months %

Index Diff Fund

Since Inception*

Index Diff

Fund Inception

Date

Max. Anticipated

Annual Tracking

Error %

Realised 1 Yr.

Tracking

Error %**

SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF 16.44 16.36 0.08 4.98 5.14 -0.16 14-Apr-15 2 0.18

* Annualized 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 September 2020.





18

Company Statement of Financial Position as at 30 September 2020

30 September 2020USD

31 March 2020USD

Current assets

Financial assets at fair value through profit or loss:

Transferable securities 9,797,162,536 7,608,656,797

Financial derivative instruments 891,068 3,837,648

9,798,053,604 7,612,494,445

Cash and cash equivalents 79,797,965 80,872,959

Cash held with brokers and counterparties for open financial derivative instruments 4,074,232 1,789,365

Debtors:

Dividends receivable 11,573,295 18,241,476

Interest receivable 12,879,305 11,523,655

Miscellaneous income receivable 68,640 159,678

Receivable for investments sold 65,709,568 23,677,153

Receivable for fund shares sold 5,535,936 49,538,116

Total current assets 9,977,692,545 7,798,296,847

Current liabilities

Financial liabilities at fair value through profit or loss:

Financial derivative instruments (5,385,946) (15,704,439)

Bank overdraft - (48,249)

Cash due to broker - (293,421)

Creditors - Amounts falling due within one financial year:

Accrued expenses (2,638,199) (2,155,496)

Payable for investments purchased (8,176,645) (61,280,962)

Payable for fund shares repurchased (76,772,465) (43,113,681)

Total current liabilities (92,973,255) (122,596,248)

Net assets attributable to holders of redeemable participating shares 9,884,719,290 7,675,700,599

The accompanying notes form an integral part of these financial statements.



19

Company Statement of Comprehensive Income for the financial period ended

30 September 2020

Notes

30 September 2020

USD

30 September 2019

USD

Dividend income 95,005,227 117,990,007

Income from financial assets at fair value 16,300,328 14,371,302

Negative yield (24,039) -

Securities lending income 10 814,047 949,132

Net changes in fair value of financial assets and financial liabilities at

fair value through profit or loss 1,503,457,536 132,267,786

Miscellaneous income 19,670 251,275

Total investment income 1,615,572,769 265,829,502

Operating expenses 3 (14,915,426) (12,418,817)

Net profit for the financial period 1,600,657,343 253,410,685

Finance costs

Interest expense (160,417) (82,001)

Distributions to holders of redeemable participating shares 6 (14,532,664) (11,947,894)

Profit for the period before tax 1,585,964,262 241,380,790

Capital gains tax 2 (6,960) (14,157)

Withholding tax on investment income 2 (12,853,283) (12,635,578)

Increase in net assets attributable to holders of redeemable

participating shares resulting from operations 1,573,104,019 228,731,055

Gains and losses arose solely from continuing operations. There were no recognised gains or losses other than those dealt with in theStatement of Comprehensive Income.




20

Company Statement of Changes in Net Assets Attributable to Holders of

Redeemable Participating Shares for the financial period ended 30 September

2020

30 September 2020

USD

30 September 2019

USD

Net assets attributable to holders of redeemable participating shares at the

beginning of the financial period 7,675,700,599 7,274,855,863

Increase in net assets attributable to holders of redeemable participating

shares resulting from operations 1,573,104,019 228,731,055

Share transactions

Proceeds from redeemable participating shares issued 2,953,921,370 3,147,620,359

Costs of redeemable participating shares redeemed (2,530,136,141) (1,446,905,569)

Increase in net assets from share transactions 423,785,229 1,700,714,790

Total increase in net assets attributable to holders of redeemable

participating shares 1,996,889,248 1,929,445,845

Currency Translation 212,129,443 (107,264,123)


end of the financial period 9,884,719,290 9,097,037,585




21

Company Statement of Cash Flows for the financial period ended

30 September 2020



Increase in net assets attributable to holders of

redeemable participating shares resulting from

operations 1,573,104,019 228,731,055

Adjustment for:Movement in cash with/due to broker (2,480,487) (561,912)Movement in financial assets at fair valuethrough profit or loss (2,017,903,572) (1,867,000,853)Unrealised movement on derivativeassets and liabilities (7,351,614) 3,944,970

Operating cash flows before movements in working

capital (454,631,654) (1,634,886,740)

Movement in receivables 6,239,199 6,250,030Movement in payables 430,754 338,403

Cash inflow/(outflow) from operations 6,669,953 6,588,433

Net cash outflow from operating activities (447,961,701) (1,628,298,307)

Financing activitiesProceeds from subscriptions 2,940,296,062 3,102,188,922Payments for redemptions (2,495,482,326) (1,471,669,212)

Net cash generated by financing activities 444,813,736 1,630,519,710

Net (decrease)/increase in cash and cash equivalents (3,147,965) 2,221,403

Cash and cash equivalents at the start of the financial period 80,824,710 78,191,950

Currency translation 2,121,220 (595,946)

Cash and cash equivalents at the end of the financialyear 79,797,965 79,817,407

Cash and cash equivalents - Statement of Financial Position 79,797,965 79,859,106Bank overdraft - Statement of Financial Position - (41,699)

Cash and cash equivalents - Statement of Cash Flows 79,797,965 79,817,407

Supplementary informationTaxation paid (12,860,243) (12,649,736)Interest received 15,084,814 11,482,622Interest paid (160,417) (82,001)Dividend received 102,362,161 127,118,511Distribution paid (14,532,663) (11,947,894)

* There may be a number of non-cash subscriptions and redemptions on the Funds during the period which are not included in the

Statement of Cash Flows. The value of which were USD 57,627,488 in the financial period ended 30 September 2020 (30 September

2019: USD 66,131,022) for subscriptions and USD 2,479,636 in the financial period ended 30 September 2020 (30 September

2019: USD 12,608,108) for redemptions.




22

SPDR Bloomberg Barclays 0-5 Year Sterling Corporate Bond UCITS ETF

Statement of Financial Position as at 30 September 2020

30 September 2020GBP

31 March 2020GBP

Current assets

Financial assets at fair value through profit or loss:

Transferable securities 182,991,322 129,862,757

182,991,322 129,862,757

Cash and cash equivalents 2,866,552 1,373,690

Debtors:

Interest receivable 2,860,619 2,251,003

Receivable for investments sold - 859,887

Total current assets 188,718,493 134,347,337

Current liabilities

Creditors - Amounts falling due within one financial year:

Accrued expenses (30,939) (23,492)

Payable for investment purchased (99,872) -

Total current liabilities (130,811) (23,492)

Net assets attributable to holders of redeemable participating shares 188,587,682 134,323,845

30 September

2020

31 March

2020

30 September

2019

Net asset value per share

4 GBP 30.61 GBP 29.40 GBP 30.58




23


Statement of Comprehensive Income for the financial period ended

30 September 2020

Notes

30 September 2020

GBP

30 September 2019

GBP

Income from financial assets at fair value 1,898,068 1,444,839

Net changes in fair value of financial assets and financial liabilities at

fair value through profit or loss 6,520,245 1,291,195

Miscellaneous income - 391

Total investment income 8,418,313 2,736,425

Operating expenses 3 (178,968) (128,157)

Net profit for the financial period 8,239,345 2,608,268

Finance costs

Interest expense (31) -

Distributions to holders of redeemable participating shares 6 (1,755,271) (1,391,892)

Profit for the financial period before tax 6,484,043 1,216,376

Withholding tax on investment income 2 (2,487) (2,567)

Increase in net assets attributable to holders of redeemable

participating shares resulting from operations 6,481,556 1,213,809

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.




24


Statement of Changes in Net Assets Attributable to Holders of Redeemable

Participating Shares for the financial period ended 30 September 2020

30 September 2020

GBP

30 September 2019

GBP


beginning of the financial period 134,323,845 121,376,735

Increase in net assets attributable to holders of

redeemable participating shares resulting from operations 6,481,556 1,213,809

Share transactions

Proceeds from redeemable participating shares issued 63,109,805 26,185,352

Costs of redeemable participating shares redeemed (15,327,524) (10,347,774)

Increase in net assets from share transactions 47,782,281 15,837,578

Total increase in net assets attributable to holders of

redeemable participating shares 54,263,837 17,051,387

Net assets attributable to holders of redeemable participating shares

at the end of the financial period 188,587,682 138,428,122




25


Statement of Cash Flows for the financial period ended 30 September 2020



Increase in net assets attributable to holders of redeemable participating

shares resulting from operations 6,481,556 1,213,809

Adjustment for:

Movement in financial assets at fair value

through profit or loss (52,168,806) (18,500,702)

Operating cash flows before movements in working capital (45,687,250) (17,286,893)

Movement in receivables (609,616) (138,225)

Movement in payables 7,447 2,459

Cash outflow from operations (602,169) (135,766)

Net cash outflow from operating activities (46,289,419) (17,422,659)

Financing activities

Proceeds from subscriptions 63,109,805 26,185,352

Payments for redemptions (15,327,524) (10,347,774)

Net cash generated by financing activities 47,782,281 15,837,578

Net increase/(decrease) in cash and cash equivalents 1,492,862 (1,585,081)

Cash and cash equivalents at the start of the financial period 1,373,690 1,572,835

Cash and cash equivalents at the end of the financial period 2,866,552 (12,246)

Cash and cash equivalents - Statement of Financial Position 2,866,552 -

Bank overdraft - Statement of Financial Position - (12,246)

Cash and cash equivalents - Statement of Cash Flows 2,866,552 (12,246)

Supplementary information

Taxation paid (2,487) (2,567)

Interest received 1,288,452 1,306,614

Interest paid (31) -

Distribution paid (1,755,271) (1,391,892)




26

Holding InvestmentFair Value

GBP

% ofNet

Assets

Transferable Securities - 97.03% (March 2020: 96.68%)

Corporate Bonds - 97.03% (March 2020: 96.68%)

Pound Sterling - 97.03%

300,000 6.875% 3i Group 09/03/2023 338,268 0.18

300,000 2.375% ABN AMRO Bank 07/12/2021 307,200 0.16

600,000 1.375% ABN AMRO Bank 07/06/2022 609,342 0.32

800,000 1.375% ABN AMRO Bank 16/01/2025 822,272 0.44

300,000 5.500% Admiral Group 25/07/2024 345,588 0.18

400,000 2.375% Akelius Residential Property15/08/2025 417,188 0.22

550,000 1.300% American Honda Finance21/03/2022 552,684 0.29

200,000 2.625% American Honda Finance14/10/2022 206,606 0.11

750,000 5.000% American International Group26/04/2023 820,642 0.44

350,000 5.837% Anglian Water Services Financing30/07/2022 383,110 0.20



600,000 9.750% Anheuser-Busch InBev30/07/2024 804,012 0.43

200,000 4.000% Anheuser-Busch InBev24/09/2025 230,856 0.12

700,000 2.646% Annington Funding 12/07/2025 747,579 0.40

400,000 4.000% AP Moller - Maersk 04/04/2025 433,628 0.23

400,000 4.250% APT Pipelines 26/11/2024 451,004 0.24

400,000 4.750% Aroundtown (Perpetual) 402,320 0.21

400,000 5.000% Asciano Finance 19/09/2023 435,040 0.23

100,000 6.375% ASIF II 05/10/2020 100,000 0.05

600,000 6.625% Aviva 03/06/2041 620,664 0.33

1,050,000 6.125% Aviva (Perpetual) 1,129,337 0.60

350,000 7.125% AXA 15/12/2020 354,631 0.19

500,000 4.125% BAE Systems 08/06/2022 526,430 0.28

700,000 2.750% Banco Santander 12/09/2023 731,892 0.39

900,000 1.375% Banco Santander 31/07/2024 909,936 0.48

950,000 6.125% Bank of America 15/09/2021 1,000,910 0.53

300,000 5.500% Bank of America 22/11/2021 316,101 0.17

800,000 2.300% Bank of America 25/07/2025 854,256 0.45

465,000 1.375% Bank of Montreal 29/12/2021 470,487 0.25

300,000 1.625% Bank of Montreal 21/06/2022 306,090 0.16

700,000 1.500% Bank of Montreal 18/12/2024 724,836 0.38

400,000 1.250% Bank of Nova Scotia 08/06/2022 405,128 0.21



700,000 1.375% Banque Federative du CreditMutuel 20/12/2021 708,547 0.38

Holding InvestmentFair Value

GBP

% ofNet

Assets

Transferable Securities - 97.03% (March 2020: 96.68%)(continued)

Corporate Bonds - 97.03% (March 2020: 96.68%) (continued)

Pound Sterling - 97.03% (continued)




2,550,000 10.000% Barclays Bank 21/05/2021 2,689,663 1.43

1,550,000 2.375% Barclays Bank 06/10/2023 1,582,798 0.84

1,500,000 3.125% Barclays Bank 17/01/2024 1,577,235 0.84

335,000 1.375% BASF 21/06/2022 340,035 0.18

300,000 0.875% BASF 06/10/2023 303,927 0.16

400,000 1.750% BASF 11/03/2025 420,756 0.22

400,000 2.125% BAT Capital 15/08/2025 413,824 0.22

700,000 1.750% BAT International Finance05/07/2021 705,012 0.37



400,000 3.020% Becton Dickinson & Co24/05/2025 429,208 0.23

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