SSGA SPDR ETFs Europe II plc
Unaudited Condensed Financial Statements for the financial period ended 30 September 2017
An investment company with variable capital incorporated with limited liability in Ireland with registered number 525004 and established as an umbrella fund with segregated liability between sub-funds pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended) (the “UCITS Regulations”). SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Contents
Page Administration of the Company 1 Background to the Company 2 Investment Managers’ Reports 12 Combined Statement 18 SPDR AEX UCITS ETF 22 SPDR Barclays 0-5 Year Sterling Corporate Bond UCITS ETF 28 SPDR Barclays 3-5 Year Euro Government Bond UCITS ETF 38 SPDR BofA Merrill Lynch 0-5 Year Emerging Markets USD Government Bond UCITS ETF 46 SPDR EURO STOXX Low Volatility UCITS ETF 55 SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF 63 SPDR MSCI EM Beyond BRIC UCITS ETF 83 SPDR MSCI Europe UCITS ETF 95 SPDR MSCI Europe Consumer Discretionary UCITS ETF 106 SPDR MSCI Europe Consumer Staples UCITS ETF 114 SPDR MSCI Europe Energy UCITS ETF 120 SPDR MSCI Europe Financials UCITS ETF 126 SPDR MSCI Europe Health Care UCITS ETF 134 SPDR MSCI Europe Industrials UCITS ETF 140 SPDR MSCI Europe Materials UCITS ETF 148 SPDR MSCI Europe Small Cap UCITS ETF 155 SPDR MSCI Europe Small Cap Value Weighted UCITS ETF 172 SPDR MSCI Europe Technology UCITS ETF 184 SPDR MSCI Europe Telecommunications UCITS ETF 190 SPDR MSCI Europe Utilities UCITS ETF 196 SPDR MSCI Europe Value Weighted UCITS ETF 203 SPDR MSCI USA Small Cap Value Weighted UCITS ETF 213 SPDR MSCI USA Value Weighted UCITS ETF 232 SPDR MSCI World Consumer Discretionary UCITS ETF 245 SPDR MSCI World Consumer Staples UCITS ETF 254 SPDR MSCI World Energy UCITS ETF 262 SPDR MSCI World Financials UCITS ETF 270 SPDR MSCI World Health Care UCITS ETF 279 SPDR MSCI World Industrials UCITS ETF 287 SPDR MSCI World Materials UCITS ETF 297 SPDR MSCI World Small Cap UCITS ETF 306 SPDR MSCI World Technology UCITS ETF 337 SPDR MSCI World Telecommunications UCITS ETF 346 SPDR MSCI World Utilities UCITS ETF 352 SPDR Russell 2000 U.S. Small Cap UCITS ETF 360 SPDR Russell 3000 U.S. Total Market UCITS ETF 383 SPDR S&P U.S. Consumer Discretionary Select Sector UCITS ETF 401 SPDR S&P U.S. Consumer Staples Select Sector UCITS ETF 408 SPDR S&P U.S. Energy Select Sector UCITS ETF 415 SPDR S&P U.S. Financials Select Sector UCITS ETF 422 SPDR S&P U.S. Health Care Select Sector UCITS ETF 429 SPDR S&P U.S. Industrials Select Sector UCITS ETF 436 SPDR S&P U.S. Materials Select Sector UCITS ETF 443 SPDR S&P U.S. Technology Select Sector UCITS ETF 450 SPDR S&P U.S. Utilities Select Sector UCITS ETF 457 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Contents (continued)
Page SPDR Thomson Reuters Global Convertible Bond UCITS ETF 464 Notes to the Financial Statements 474
Appendix I - Securities Financing Transactions Regulations (unaudited) 501 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Administration of the Company
DIRECTORS COMPANY SECRETARY Mr. Tom Finlay* (Irish) Sanne Corporate Administration Services Ireland Limited Mr. Patrick J. Riley* (U.S.) Fourth Floor Mr. William Street (U.K.) (resigned on 14 July 2017) 76 Lower Baggot Street Mr. Niall O'Leary (Irish) Dublin 2 Mr. James Ross (U.S.) Ireland Ms Barbara Healy* (Irish) (appointed on 31 May 2017) LEGAL ADVISERS IN IRELAND * Independent Directors Matheson 70 Sir John Rogerson’s Quay REGISTERED OFFICE Dublin 2 78 Sir John Rogerson’s Quay Ireland Dublin 2 Ireland INDEPENDENT AUDITORS PricewaterhouseCoopers INVESTMENT MANAGER & DISTRIBUTOR Chartered Accountants and Statutory Audit Firm State Street Global Advisors Limited One Spencer Dock 20 Churchill Place North Wall Quay Canary Wharf Dublin 1 London E14 5HJ Ireland United Kingdom SECURITIES LENDING AGENT ADMINISTRATOR & TRANSFER AGENT State Street Bank GmBH, London branch State Street Fund Services (Ireland) Limited 20 Churchill Place 78 Sir John Rogerson’s Quay London E14 5HJ Dublin 2 United Kingdom Ireland Registered office is Brienner Strasse 59, 80333 Munchen, DEPOSITARY Germany State Street Custodial Services (Ireland) Limited 78 Sir John Rogerson’s Quay Registration number: 525004 Dublin 2 Ireland
REGISTRAR** Computershare Investor Services (Ireland) Limited Heron House Corrig Road Sandyford Industrial Estate Dublin 18 Ireland ** Registrar in respect of Central Securities Depositary ("CSD") Funds.
REGISTRAR*** State Street Fund Services (Ireland) Limited 78 Sir John Rogerson’s Quay Dublin 2 Ireland *** Registrar in respect of International Central Securities Depositary ("ICSD") Funds.
1 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Background to the Company
SSGA SPDR ETFs Europe II plc (the “Company”) was The Company is an umbrella investment company and has incorporated on 12 March 2013 under registration number segregated liability between its sub-funds (each a “Fund”, 525004 and operates in Ireland as a public limited company collectively the “Funds”) and accordingly any liability incurred under the Companies Act 2014 (the “Companies Act”). It was on behalf of or attributable to any Fund shall be discharged solely authorised by the Central Bank of Ireland (the “Central Bank”) out of the assets of that Fund. The Company currently has forty on 12 March 2013. six constituent Funds and various classes of shares. 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 (the “UCITS Regulations”).
Net Assets under management for the Company at 30 September 2017 amounted to USD 6,286,279,425 (31 March 2017: 5,208,268,707) as follows:
Launch date of Functional Net Assets Net Assets Fund Active Funds Currency 30 September 2017 31 March 2017 SPDR AEX UCITS ETF** 5 December 2014 EUR 41,614,412 44,014,421 SPDR Barclays 0-5 Year Sterling Corporate Bond UCITS ETF* 17 February 2014 GBP 104,319,812 81,692,296 SPDR Barclays 3-5 Year Euro Government Bond UCITS ETF* 3 December 2014 EUR 8,972,371 6,825,406 SPDR BofA Merrill Lynch 0-5 Year Emerging Markets USD Government Bond UCITS ETF* 13 November 2014 USD 158,072,001 126,916,111 SPDR EURO STOXX Low Volatility UCITS ETF* 24 March 2014 EUR 96,329,733 91,144,309 SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF* 14 April 2015 USD 88,394,625 68,664,208 SPDR MSCI EM Beyond BRIC UCITS ETF* 6 November 2013 USD 4,107,961 3,733,546 SPDR MSCI Europe UCITS ETF** 5 December 2014 EUR 600,370,153 556,298,393 SPDR MSCI Europe Consumer Discretionary UCITS ETF** 5 December 2014 EUR 206,912,878 200,518,319 SPDR MSCI Europe Consumer Staples UCITS ETF** 5 December 2014 EUR 187,108,960 176,009,438 SPDR MSCI Europe Energy UCITS ETF** 5 December 2014 EUR 22,663,046 20,569,808 SPDR MSCI Europe Financials UCITS ETF** 5 December 2014 EUR 685,408,173 390,669,841 SPDR MSCI Europe Health Care UCITS ETF** 5 December 2014 EUR 83,021,560 94,417,207 SPDR MSCI Europe Industrials UCITS ETF** 5 December 2014 EUR 10,482,768 11,885,307 SPDR MSCI Europe Materials UCITS ETF** 5 December 2014 EUR 16,201,453 28,468,012 SPDR MSCI Europe Small Cap UCITS ETF** 5 December 2014 EUR 84,309,970 57,072,093 SPDR MSCI Europe Small Cap Value Weighted UCITS ETF* 18 February 2015 EUR 68,525,284 58,263,370 SPDR MSCI Europe Technology UCITS ETF** 5 December 2014 EUR 25,546,906 24,026,739 SPDR MSCI Europe Telecommunications UCITS ETF** 5 December 2014 EUR 7,737,316 7,846,501 SPDR MSCI Europe Utilities UCITS ETF** 5 December 2014 EUR 21,145,936 16,546,364 SPDR MSCI Europe Value Weighted UCITS ETF* 18 February 2015 EUR 3,351,096 3,207,123 SPDR MSCI USA Small Cap Value Weighted UCITS ETF* 18 February 2015 USD 56,574,500 77,862,695 SPDR MSCI USA Value Weighted UCITS ETF* 18 February 2015 USD 25,821,645 24,260,433 SPDR MSCI World Consumer Discretionary UCITS ETF** 29 April 2016 USD 23,286,276 21,734,998 SPDR MSCI World Consumer Staples UCITS ETF** 29 April 2016 USD 28,321,204 36,742,952 SPDR MSCI World Energy UCITS ETF** 29 April 2016 USD 52,115,235 50,246,297 SPDR MSCI World Financials UCITS ETF** 29 April 2016 USD 382,548,124 326,821,724 SPDR MSCI World Health Care UCITS ETF** 29 April 2016 USD 103,206,925 91,125,194 SPDR MSCI World Industrials UCITS ETF** 29 April 2016 USD 34,916,816 24,479,396 SPDR MSCI World Materials UCITS ETF** 29 April 2016 USD 22,463,008 27,006,863 SPDR MSCI World Small Cap UCITS ETF* 25 November 2013 USD 214,731,626 176,334,457 SPDR MSCI World Technology UCITS ETF** 29 April 2016 USD 95,127,001 126,383,790 SPDR MSCI World Telecommunications UCITS ETF** 29 April 2016 USD 4,192,706 4,068,813 SPDR MSCI World Utilities UCITS ETF** 29 April 2016 USD 7,858,709 4,189,663 SPDR Russell 2000 U.S. Small Cap UCITS ETF* 30 June 2014 USD 508,793,873 490,033,861
2 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Background to the Company (continued)
Launch date of Functional Net Assets Net Assets Fund Active Funds Currency 30 September 2017 31 March 2017 SPDR Russell 3000 U.S. Total Market UCITS ETF* 30 June 2014 USD 4,047,291 18,856,321 SPDR S&P U.S. Consumer Discretionary Select Sector UCITS ETF** 7 July 2015 USD 30,085,865 24,532,587 SPDR S&P U.S. Consumer Staples Select Sector UCITS ETF** 7 July 2015 USD 20,026,228 25,903,348 SPDR S&P U.S. Energy Select Sector UCITS ETF** 7 July 2015 USD 469,162,026 347,474,089 SPDR S&P U.S. Financials Select Sector UCITS ETF** 7 July 2015 USD 359,013,657 227,601,147 SPDR S&P U.S. Health Care Select Sector UCITS ETF** 7 July 2015 USD 115,993,390 80,367,878 SPDR S&P U.S. Industrials Select Sector UCITS ETF** 7 July 2015 USD 64,296,876 89,631,434 SPDR S&P U.S. Materials Select Sector UCITS ETF** 7 July 2015 USD 18,421,283 8,984,335 SPDR S&P U.S. Technology Select Sector UCITS ETF** 7 July 2015 USD 27,929,229 26,343,761 SPDR S&P U.S. Utilities Select Sector UCITS ETF** 7 July 2015 USD 10,671,830 7,637,908 SPDR Thomson Reuters Global Convertible Bond UCITS ETF* 14 October 2014 USD 651,119,287 656,050,140
* These Funds are the CSD Funds. ** These Funds are the ICSD Funds.
3 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Background to the Company (continued)
The active Funds of the Company are listed on the following exchanges:
London Deutsche Stock SIX Borsa Euronext Borse Exchange Euronext Swiss Italiana Amsterdam SPDR AEX UCITS ETF - - - - - Yes SPDR Barclays 0-5 Year Sterling Corporate Bond UCITS ETF Yes Yes - - - - SPDR Barclays 3-5 Year Euro Government Bond UCITS ETF Yes Yes - Yes Yes - SPDR BofA Merrill Lynch 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 EM Beyond BRIC UCITS ETF Yes 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 - SPDR MSCI Europe Consumer Staples UCITS ETF Yes Yes Yes Yes Yes - SPDR MSCI Europe Energy UCITS ETF Yes Yes Yes Yes Yes - SPDR MSCI Europe Financials UCITS ETF Yes Yes Yes Yes Yes - SPDR MSCI Europe Health Care UCITS ETF Yes Yes Yes Yes Yes - SPDR MSCI Europe Industrials UCITS ETF Yes Yes Yes Yes Yes - SPDR MSCI Europe Materials UCITS ETF Yes Yes Yes Yes Yes - SPDR MSCI Europe Small Cap UCITS ETF Yes 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 - SPDR MSCI Europe Telecommunications UCITS ETF Yes Yes Yes Yes Yes - SPDR MSCI Europe Utilities UCITS ETF Yes Yes Yes Yes Yes - SPDR MSCI Europe Value Weighted UCITS ETF Yes Yes - Yes - - SPDR MSCI USA Small Cap Value Weighted UCITS ETF Yes Yes - - - - SPDR MSCI USA Value Weighted 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 SPDR MSCI World Financials UCITS ETF - Yes - Yes - Yes SPDR MSCI World Health Care UCITS ETF - Yes - Yes - Yes SPDR MSCI World Industrials UCITS ETF - Yes - Yes - Yes SPDR MSCI World Materials UCITS ETF - Yes - Yes - Yes SPDR MSCI World Small Cap UCITS ETF Yes Yes - Yes - - SPDR MSCI World Technology UCITS ETF - Yes - Yes - Yes SPDR MSCI World Telecommunications UCITS ETF - Yes - Yes - Yes SPDR MSCI World Utilities UCITS ETF - Yes - Yes - Yes SPDR Russell 2000 U.S. Small Cap UCITS ETF Yes Yes Yes Yes Yes - SPDR Russell 3000 U.S. Total Market UCITS ETF Yes Yes - Yes - - SPDR S&P U.S. Consumer Discretionary Select Sector UCITS ETF Yes Yes - Yes Yes - SPDR S&P U.S. Consumer Staples Select Sector UCITS ETF Yes Yes - Yes Yes - SPDR S&P U.S. Energy Select Sector UCITS ETF Yes Yes - Yes Yes - SPDR S&P U.S. Financials Select Sector UCITS ETF Yes Yes - Yes Yes - SPDR S&P U.S. Health Care Select Sector UCITS ETF Yes Yes - Yes Yes - SPDR S&P U.S. Industrials Select Sector UCITS ETF Yes Yes - Yes Yes -
4 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Background to the Company (continued)
London Deutsche Stock SIX Borsa Euronext Borse Exchange Euronext Swiss Italiana Amsterdam SPDR S&P U.S. Materials Select Sector UCITS ETF Yes Yes - Yes Yes - SPDR S&P U.S. Technology Select Sector UCITS ETF Yes Yes - Yes Yes - SPDR S&P U.S. Utilities Select Sector UCITS ETF Yes Yes - Yes Yes - SPDR Thomson Reuters Global Convertible Bond UCITS ETF Yes Yes - Yes Yes -
Central Securities Depositary ("CSD") Funds Generally, Shares will be issued in dematerialised noncertificated form in one or more recognised clearing and settlement systems, subject to the issue of a global certificate (where required by a clearing system in which Shares are held). No individual certificates for Shares will be issued by the Company. The global certificates will be registered in the name of the relevant clearing system and the relevant clearing system (or its nominee) will appear as a Shareholder on the register of Shareholders in respect of such Shares. Where a global certificate is issued in respect of Shares, purchasers of such Shares in the CSD Funds will not generally be recorded as Shareholders on the register of Shareholders of the Company, but will hold a beneficial interest in such Shares and the rights of such investors will be governed by their agreement with their nominee, broker or clearing system as appropriate.
International Central Securities Depositary ("ICSD") Funds Generally, Shares will be issued in dematerialised noncertificated form in the International Central Securities Depositaries subject to the issue of a global share certificate (where required by the International Central Securities Depositary in which the Shares are held). The International Central Securities Depositaries for the ICSD Funds are currently Euroclear Bank S.A./N.V. and Clearstream Banking, Société Anonyme, Luxembourg, and any successor entity thereto. No individual certificates for Shares will be issued by the Company. The global share certificate will be deposited with the relevant common depositary (being the entity nominated by the relevant International Central Securities Depositary to hold the global share certificate) and registered in the name of the relevant common depositary (or its nominee). The common depositary (or its nominee) will appear as a Shareholder on the register of Shareholders in respect of such Shares. As a result, purchasers of Shares in the ICSD Funds will not generally be recorded as Shareholders on the register of Shareholders of the Company, but will hold a beneficial interest in such Shares and the rights of such investors will be governed by their agreement with their nominee, broker or central securities depositary as appropriate. The Funds which are CSD and ICSD are disclosed on pages 2 and 3.
5 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Background to the Company (continued)
INVESTMENT OBJECTIVE SPDR EURO STOXX Low Volatility UCITS ETF The investment objective of the Fund is to track the performance SPDR AEX UCITS ETF of Eurozone equity securities which historically have exhibited The investment objective of the Fund is to track the performance low volatility characteristics. The investment policy of the Fund of the largest and most actively traded Dutch companies listed is to track the performance of the EURO STOXX Low Risk on Euronext Amsterdam. The investment policy of the Fund Weighted 100 Index (or any other index determined by the is to track the performance of the AEX Index (or any other index Directors from time to time to track substantially the same market determined by the Directors from time to time to track as the EURO STOXX Low Risk Weighted 100 Index and which substantially the same market as the AEX Index and which is is considered by the Directors to be an appropriate index for considered by the Directors to be an appropriate index for the the Fund to track, in accordance with the Prospectus) (the Fund to track, in accordance with the Prospectus) (the “Index”) "Index") as closely as possible, while seeking to minimise as as closely as possible, while seeking to minimise as far as possible far as possible the tracking difference between the Fund's the tracking difference between the Fund’s performance and performance and that of the Index. that of the Index. SPDR Morningstar Multi-Asset Global Infrastructure UCITS SPDR Barclays 0-5 Sterling Corporate Bond UCITS ETF ETF The investment objective of the Fund is to track the performance The investment objective of the Fund is to track the performance of the shortdated, fixed-rate, investmentgrade sterling- of the global infrastructure market represented by publicly traded denominated corporate bond market. The investment policy infrastructure-related equity and bonds. The investment policy of the Fund is to track the performance of the Barclays of the Fund is to track the performance of the Morningstar Global 0-5 Year Sterling Corporate Bond Index (or any other index Multi-Asset Infrastructure Index (or any other index determined determined by the Directors from time to time to track by the Directors from time to time to track substantially the substantially the same market as the Barclays 0-5 Sterling same market as the Morningstar Global Multi-Asset Corporate Bond Index and which is considered by the Directors Infrastructure Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index. between the Fund’s performance and that of the Index.
SPDR Barclays 3-5 Year Euro Government Bond UCITS ETF SPDR MSCI EM Beyond BRIC UCITS ETF The investment objective of the Fund is to track the performance The investment objective of the Fund is to track the performance of the performance of Eurozone government bonds, with a of equities from emerging markets excluding Brazil, Russia, India remaining maturity between 3 and 5 years. The investment policy and China (“BRIC”). The investment policy of the Fund is to of the Fund is to track the performance of the Barclays 3-5 Year track the performance of the MSCI EM Beyond BRIC Index (or Euro Treasury Bond Index (or any other index determined by any other index determined by the Directors from time to time the Directors from time to time to track substantially the same to track substantially the same market as the MSCI EM Beyond market as the Barclays 3-5 Year Euro Treasury Bond Index and BRIC Index and which is considered by the Directors to be an which is considered by the Directors to be an appropriate index appropriate index for the Fund to track, in accordance with the for the Fund to track, in accordance with the Prospectus) (the Prospectus) (the “Index”) as closely as possible, while seeking “Index”) as closely as possible, while seeking to minimise as to minimise as far as possible the tracking difference between far as possible the tracking difference between the Fund’s the Fund’s performance and that of the Index. performance and that of the Index. SPDR MSCI Europe UCITS ETF SPDR BofA Merrill Lynch 0-5 Year Emerging Markets USD The investment objective of the Fund is to track the performance Government Bond UCITS ETF of European large and mid-sized companies in the Europe sector. The investment objective of the Fund is to track the performance The investment policy of the Fund is to track the performance of the short maturity (0-5 year) USD - issued emerging market of the MSCI Europe Index (or any other index determined by government bond market. The investment policy of the Fund the Directors from time to time to track substantially the same is to track the performance of the BofA Merrill Lynch 0-5 Year market as the MSCI Europe Index and which is considered by EM USD Government Bond ex-144a Index (or any other index the Directors to be an appropriate index for the Fund to track, determined by the Directors from time to time to track in accordance with the Prospectus) (the “Index”) as closely as substantially the same market as the BofA Merrill Lynch 0-5 possible, while seeking to minimise as far as possible the tracking Year EM USD Government Bond ex-144a Index and which is difference between the Fund’s performance and that of the Index. 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.
6 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Background to the Company (continued)
INVESTMENT OBJECTIVE (continued) SPDR MSCI Europe Health Care UCITS ETF The investment objective of the Fund is to track the performance SPDR MSCI Europe Consumer Discretionary UCITS ETF of European large and mid-sized companies in the Health Care The investment objective of the Fund is to track the performance sector. The investment policy of the Fund is to track the of European large and mid-sized companies in the Consumer performance of the MSCI Europe Health Care Index (or any Discretionary sector. The investment policy of the Fund is to other index determined by the Directors from time to time to track the performance of the MSCI Europe Consumer track substantially the same market as the MSCI Europe Health Discretionary Index (or any other index determined by the Care Index and which is considered by the Directors to be an Directors from time to time to track substantially the same market appropriate index for the Fund to track, in accordance with the as the MSCI Europe Consumer Discretionary Index and which Prospectus) (the “Index”) as closely as possible, while seeking is considered by the Directors to be an appropriate index for to minimise as far as possible the tracking difference between the Fund to track, in accordance with the Prospectus) (the the Fund’s performance and that of the Index. “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s SPDR MSCI Europe Industrials UCITS ETF performance and that of the Index. The investment objective of the Fund is to track the performance of European large and mid-sized companies in the Industrials SPDR MSCI Europe Consumer Staples UCITS ETF sector. The investment policy of the Fund is to track the The investment objective of the Fund is to track the performance performance of the MSCI Europe Industrials Index (or any other of European large and mid-sized companies in the Consumer index determined by the Directors from time to time to track Staples sector. The investment policy of the Fund is to track substantially the same market as the MSCI Europe Industrials the performance of the MSCI Europe Consumer Staples Index Index and which is considered by the Directors to be an (or any other index determined by the Directors from time to appropriate index for the Fund to track, in accordance with the time to track substantially the same market as the MSCI Europe Prospectus) (the “Index”) as closely as possible, while seeking Consumer Staples Index and which is considered by the Directors to minimise as far as possible the tracking difference between to be an appropriate index for the Fund to track, in accordance the Fund’s performance and that of the Index. with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference SPDR MSCI Europe Materials UCITS ETF between the Fund’s performance and that of the Index. The investment objective of the Fund is to track the performance of European large and mid-sized companies in the Materials SPDR MSCI Europe Energy UCITS ETF sector. The investment policy of the Fund is to track the The investment objective of the Fund is to track the performance performance of the MSCI Europe Materials Index (or any other of European large and mid-sized companies in the Energy sector. index determined by the Directors from time to time to track The investment policy of the Fund is to track the performance substantially the same market as the MSCI Europe Materials of the MSCI Europe Energy 35/20 Capped Index. (or any other Index and which is considered by the Directors to be an index determined by the Directors from time to time to track appropriate index for the Fund to track, in accordance with the substantially the same market as the MSCI Europe Energy 35/20 Prospectus) (the “Index”) as closely as possible, while seeking Capped Index and which is considered by the Directors to be to minimise as far as possible the tracking difference between an appropriate index for the Fund to track, in accordance with the Fund’s performance and that of the Index. the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between SPDR MSCI Europe Small Cap UCITS ETF the Fund’s performance and that of the Index. The investment objective of the Fund is to track the performance of European smaller companies. The investment policy of the SPDR MSCI Europe Financials UCITS ETF Fund is to track the performance of the MSCI Europe Small The investment objective of the Fund is to track the performance Cap Index (or any other index determined by the Directors from of European large and mid-sized companies in the Financials time to time to track substantially the same market as the MSCI sector. The investment policy of the Fund is to track the Europe Small Cap Index and which is considered by the Directors performance of the MSCI Europe Financials Index (or any other to be an appropriate index for the Fund to track, in accordance index determined by the Directors from time to time to track with the Prospectus) (the “Index”) as closely as possible, while substantially the same market as the MSCI Europe Financials seeking to minimise as far as possible the tracking difference Index and which is considered by the Directors to be an between the Fund’s performance and that of the Index. 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.
7 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Background to the Company (continued)
INVESTMENT OBJECTIVE (continued) SPDR MSCI Europe Value Weighted UCITS ETF The investment objective of the Fund is to track the performance SPDR MSCI Europe Small Cap Value Weighted UCITS ETF of European equities with a higher weighting applied to equities The investment objective of the Fund is to track the performance exhibiting low valuation characteristics. The investment policy of European small capitalisation equities with a higher weighting of the Fund is to track the performance of the MSCI Europe applied to equities exhibiting low valuation characteristics. The Value Weighted Index (or any other index determined by the investment policy of the Fund is to track the performance of Directors from time to time to track substantially the same market the MSCI Europe Small Cap Value Weighted Index (or any other as the MSCI Europe Value Weighted Index and which is index determined by the Directors from time to time to track considered by the Directors to be an appropriate index for the substantially the same market as the MSCI Europe Small Cap Fund to track, in accordance with the Prospectus) (the “Index”) Value Weighted Index and which is considered by the Directors as closely as possible, while seeking to minimise as far as possible to be an appropriate index for the Fund to track, in accordance the tracking difference between the Fund’s performance and with the Prospectus) (the “Index”) as closely as possible, while that of the Index. seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index. SPDR MSCI USA Small Cap Value Weighted UCITS ETF The investment objective of the Fund is to track the performance SPDR MSCI Europe Technology UCITS ETF of US small capitalisation equities with a higher weighting applied The investment objective of the Fund is to track the performance to equities exhibiting low valuation characteristics. The of European large and mid-sized companies in the Technology investment policy of the Fund is to track the performance of sector. The investment policy of the Fund is to track the the MSCI USA Small Cap Value Weighted Index (or any other performance of the MSCI Europe Technology Index (or any other index determined by the Directors from time to time to track index determined by the Directors from time to time to track substantially the same market as the MSCI USA Small Cap Value substantially the same market as the MSCI Europe Technology Weighted Index and which is considered by the Directors to Index and which is considered by the Directors to be an be an appropriate index for the Fund to track, in accordance appropriate index for the Fund to track, in accordance with the with the Prospectus) (the “Index”) as closely as possible, while Prospectus) (the “Index”) as closely as possible, while seeking seeking to minimise as far as possible the tracking difference to minimise as far as possible the tracking difference between between the Fund’s performance and that of the Index. the Fund’s performance and that of the Index. SPDR MSCI USA Value Weighted UCITS ETF SPDR MSCI Europe Telecommunications UCITS ETF The investment objective of the Fund is to track the performance The investment objective of the Fund is to track the Performance of US equities with a higher weighting applied to equities of European large and mid-sized companies in the exhibiting low valuation characteristics. The investment policy Telecommunications sector. The investment policy of the Fund of the Fund is to track the performance of the MSCI USA Value is to track the performance of the MSCI Europe Weighted Index (or any other index determined by the Directors Telecommunications Index (or any other index determined by from time to time to track substantially the same market as the the Directors from time to time to track substantially the same MSCI USA Value Weighted Index and which is considered by market as the MSCI Europe Telecommunications Index and the Directors to be an appropriate index for the Fund to track, which is considered by the Directors to be an appropriate index in accordance with the Prospectus) (the “Index”) as closely as for the Fund to track, in accordance with the Prospectus) (the possible, while seeking to minimise as far as possible the tracking “Index”) as closely as possible, while seeking to minimise as difference between the Fund’s performance and that of the Index. far as possible the tracking difference between the Fund’s performance and that of the Index. SPDR MSCI World Consumer Discretionary UCITS ETF The investment objective of the Fund is to track the performance SPDR MSCI Europe Utilities UCITS ETF of companies in the consumer discretionary sector, across The investment objective of the Fund is to track the performance developed markets globally. The investment policy of the Fund of European large and mid-sized companies in the Utilities sector. is to track the performance of the MSCI World Consumer The investment policy of the Fund is to track the performance Discretionary Index (or any other index determined by the of the MSCI Europe Utilities Index (or any other index determined Directors from time to time to track substantially the same market by the Directors from time to time to track substantially the as the Index) as closely as possible, while seeking to minimise same market as the MSCI Europe Utilities Index and which is as far as possible the tracking difference between the Fund’s considered by the Directors to be an appropriate index for the performance and that of the Index. Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible SPDR MSCI World Consumer Staples UCITS ETF the tracking difference between the Fund’s performance and The investment objective of the Fund is to track the performance that of the Index. of companies in the consumer staples sector, across developed markets globally. The investment policy of the Fund is to track the performance of the MSCI World Consumer Staples 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.
8 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Background to the Company (continued)
INVESTMENT OBJECTIVE (continued) SPDR MSCI World Small Cap UCITS ETF The investment objective of the Fund is to track the performance SPDR MSCI World Energy UCITS ETF of small cap equities in developed markets globally. The The investment objective of the Fund is to track the performance investment policy of the Fund is to track the performance of of companies in the energy sector, across developed markets the MSCI World Small Cap Index (or any other index determined globally. The investment policy of the Fund is to track the by the Directors from time to time to track substantially the performance of the MSCI World Energy Index (or any other same market as the MSCI World Small Cap Index and which index determined by the Directors from time to time to track is considered by the Directors to be an appropriate index for substantially the same market as the Index) as closely as possible, the Fund to track, in accordance with the Prospectus) (the while seeking to minimise as far as possible the tracking difference “Index”) as closely as possible, while seeking to minimise as between the Fund’s performance and that of the Index. far as possible the tracking error between the Fund’s performance and that of the Index. SPDR MSCI World Financials UCITS ETF The investment objective of the Fund is to track the performance SPDR MSCI World Technology UCITS ETF of companies in the financials sector, across developed markets The investment objective of the Fund is to track the performance globally. The investment policy of the Fund is to track the of companies in the technology sector, across developed markets performance of the MSCI World Financials Index (or any other globally. The investment policy of the Fund is to track the index determined by the Directors from time to time to track performance of the MSCI World Technology Index (or any other substantially the same market as the Index) as closely as possible, index determined by the Directors from time to time to track while seeking to minimise as far as possible the tracking difference substantially the same market as the Index) as closely as possible, between the Fund’s performance and that of the Index. while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index. SPDR MSCI World Health Care UCITS ETF The investment objective of the Fund is to track the performance SPDR MSCI World Telecommunications UCITS ETF of companies in the health care sector, across developed markets The investment objective of the Fund is to track the performance globally. The investment policy of the Fund is to track the of companies in the telecommunications sector, across developed performance of the MSCI World Health Care Index (or any other markets globally. The investment policy of the Fund is to track index determined by the Directors from time to time to track the performance of the MSCI World Telecommunications Index substantially the same market as the Index) as closely as possible, (or any other index determined by the Directors from time to while seeking to minimise as far as possible the tracking difference time to track substantially the same market as the Index) as between the Fund’s performance and that of the Index. closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and SPDR MSCI World Industrials UCITS ETF that of the Index. The investment objective of the Fund is to track the performance of companies in the industrials sector, across developed markets SPDR MSCI World Utilities UCITS ETF globally. The investment policy of the Fund is to track the The investment objective of the Fund is to track the performance performance of the MSCI World Industrials Index (or any other of companies in the utilities sector, across developed markets index determined by the Directors from time to time to track globally. The investment policy of the Fund is to track the substantially the same market as the Index) as closely as possible, performance of the MSCI World Utilities Index (or any other while seeking to minimise as far as possible the tracking difference index determined by the Directors from time to time to track between the Fund’s performance and that of the Index. substantially the same market as the Index) as closely as possible, while seeking to minimise as far as possible the tracking difference SPDR MSCI World Materials UCITS ETF between the Fund’s performance and that of the Index. The investment objective of the Fund is to track the performance of companies in the materials sector, across developed markets SPDR Russell 2000 U.S. Small Cap UCITS ETF globally. The investment policy of the Fund is to track the The investment objective of the Fund is to track the performance performance of the MSCI World Materials Index (or any other of smaller U.S. companies. The investment policy of the Fund index determined by the Directors from time to time to track is to track the performance of the Russell 2000 Index (or any substantially the same market as the Index) as closely as possible, other index determined by the Directors from time to time to while seeking to minimise as far as possible the tracking difference track substantially the same market as the Russell 2000 Index between the Fund’s performance and that of the 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.
9 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Background to the Company (continued)
INVESTMENT OBJECTIVE (continued) SPDR S&P U.S. Financials Select Sector UCITS ETF The investment objective of the Fund is to track the performance SPDR Russell 3000 U.S. Total Market UCITS ETF of large sized U.S. financial companies in the S&P 500 Index. The investment objective of the Fund is to track the performance The investment policy of the Fund is to track the performance of the broad investable U.S. equity market. The investment policy of the S&P Financials Select Sector Index (which is derived from of the Fund is to track the performance of the Russell 3000 Index the S&P 500 Index) (or any other index determined by the (or any other index determined by the Directors from time to Directors from time to time to track substantially the same market time to track substantially the same market as the Russell 3000 as the S&P Financials Select Sector Index and which is considered Index and which is considered by the Directors to be an by the Directors to be an appropriate index for the Fund to track, appropriate index for the Fund to track, in accordance with the in accordance with the Prospectus) (the “Index”) as closely as Prospectus) (the “Index”) as closely as possible, while seeking possible, while seeking to minimise as far as possible the tracking to minimise as far as possible the tracking difference between difference between the Fund’s performance and that of the Index. the Fund’s performance and that of the Index. SPDR S&P U.S. Health Care Select Sector UCITS ETF SPDR S&P U.S. Consumer Discretionary Select Sector UCITS The investment objective of the Fund is to track the performance ETF of large sized U.S. health care companies in the S&P 500 Index. The investment objective of the Fund is to track the performance The investment policy of the Fund is to track the performance of large sized U.S. consumer discretionary companies in the S&P of the S&P Health Care Select Sector Index (which is derived 500 Index. The investment policy of the Fund is to track the from the S&P 500 Index) (or any other index determined by performance of the S&P Consumer Discretionary Select Sector the Directors from time to time to track substantially the same Index (which is derived from the S&P 500 Index) (or any other market as the S&P Health Care Select Sector Index and which index determined by the Directors from time to time to track is considered by the Directors to be an appropriate index for substantially the same market as the S&P Consumer Discretionary the Fund to track, in accordance with the Prospectus) (the Select Sector Index and which is considered by the Directors “Index”) as closely as possible, while seeking to minimise as to be an appropriate index for the Fund to track, in accordance far as possible the tracking difference between the Fund’s with the Prospectus) (the “Index”) as closely as possible, while performance and that of the Index. seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index. SPDR S&P U.S. Industrials Select Sector UCITS ETF The investment objective of the Fund is to track the performance SPDR S&P U.S. Consumer Staples Select Sector UCITS ETF of large sized U.S. industrial companies in the S&P 500 Index. The investment objective of the Fund is to track the performance The investment policy of the Fund is to track the performance of large sized U.S. consumer staples companies in the S&P 500 of the S&P Industrials Select Sector Index (which is derived from Index. The investment policy of the Fund is to track the the S&P 500 Index) (or any other index determined by the performance of the S&P Consumer Staples Select Sector Index Directors from time to time to track substantially the same market (which is derived from the S&P 500 Index) (or any other index as the S&P Industrials Select Sector Index and which is considered determined by the Directors from time to time to track by the Directors to be an appropriate index for the Fund to track, substantially the same market as the S&P Consumer Staples in accordance with the Prospectus) (the “Index”) as closely as Select Sector Index and which is considered by the Directors possible, while seeking to minimise as far as possible the tracking to be an appropriate index for the Fund to track, in accordance difference between the Fund’s performance and that of the Index. with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference SPDR S&P U.S. Materials Select Sector UCITS ETF between the Fund’s performance and that of the Index. The investment objective of the Fund is to track the performance of large cap U.S. materials companies in the S&P 500 Index. SPDR S&P U.S. Energy Select Sector UCITS ETF The investment policy of the Fund is to track the performance The investment objective of the Fund is to track the performance of the S&P Materials Select Sector Index (which is derived from of large sized U.S. energy companies in the S&P 500 Index. The the S&P 500 Index) (or any other index determined by the investment policy of the Fund is to track the performance of Directors from time to time to track substantially the same market the S&P Energy Select Sector Index (which is derived from the as the S&P Materials Select Sector Index and which is considered S&P 500 Index) (or any other index determined by the Directors by the Directors to be an appropriate index for the Fund to track, from time to time to track substantially the same market as the in accordance with the Prospectus) (the “Index”) as closely as S&P Energy Select Sector Index and which is considered by the possible, while seeking to minimise as far as possible the tracking Directors to be an appropriate index for the Fund to track, in difference between the Fund’s performance and that of the Index. 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.
10 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Background to the Company (continued)
INVESTMENT OBJECTIVE (continued) SPDR S&P U.S. Technology Select Sector UCITS ETF The investment objective of the Fund is to track the performance of large sized U.S. information technology and telecommunication services companies in the S&P 500 Index. The investment policy of the Fund is to track the performance of the S&P Technology Select Sector Index (which is derived from the S&P 500 Index) (or any other index determined by the Directors from time to time to track substantially the same market as the S&P Technology Select Sector Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SPDR S&P U.S. Utilities Select Sector UCITS ETF The investment objective of the Fund is to track the performance of large sized U.S. utilities companies in the S&P 500 Index. The investment policy of the Fund is to track the performance of the S&P Utilities Select Sector Index (which is derived from the S&P 500 Index) (or any other index determined by the Directors from time to time to track substantially the same market as the S&P Utilities Select Sector 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 Thomson Reuters Global Convertible Bond UCITS ETF The investment objective of the Fund is to track the performance of the global convertible bond market. The investment policy of the Fund is to track the performance of the Thomson Reuters Qualified Global Convertible Index (or any other index determined by the Directors from time to time to track substantially the same market as the Thomson Reuters Qualified Global Convertible Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
11 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Investment Managers’ Reports Passive Fixed Income, Passive Equity and Passive Hybrid
Fund Performance - The SPDR S&P U.S. Consumer Staples Select Sector UCITS ETF, the SPDR S&P U.S. Materials Select Sector UCITS ETF Passive Fixed Income Funds and the SPDR S&P U.S. Utilities Select Sector UCITS ETF have largely outperformed this reporting period due to withholding Overall the SSGA SPDR ETFs Europe II plc four Fixed Income tax advantages and income impact. Funds have been performing closely in line with their respective indices over the six months to September 2017, and well within - The SPDR MSCI USA Small Cap Value Weighted UCITS ETF formal tolerance levels. Tracking error levels were also broadly outperformance can be mainly attributed to its optimised nature tight across the fund range. and withhold tax advantages
Passive Equity Funds Passive Hybrid Fund
Fund Performance Commentary The SPDR Morningstar Multi-Asset Global Infrastructure Fund (the “Fund”) seeks to track the performance of the global There were no new ETFs launched this quarter. Most of SSGA infrastructure market represented by publicly traded SPDR ETFs Europe II plc equity Funds are within the anticipated infrastructure related equity and bonds. deviation bands of their respective indices, on a since inception basis. The Fund’s benchmark is the Morningstar Global Multi-Asset Infrastructure Index (the “Index”). The Funds were within the anticipated 1-year annual tracking error number. However, it should be noted that 1-year ex-post For the 6 month period ended September 30, 2017 (the tracking error is a short period to understand whether a fund “Reporting Period”), the Fund delivered a total return of 7.70% is within acceptable tolerance, a 3-year figure is much more in with a tracking difference of 9bps against the benchmark return line with industry standards. of 7.78% for the same period. Contribution to performance came from both the equity and bond components during the Reporting From an excess performance standpoint, we highlight the “Since Period. The Fund is an index tracking fund and performed in inception” number from the SPDR Russell 3000 U.S. Total line with the respective index during the Reporting Period. Market UCITS ETF. This ETF has outperformed due to its optimised nature. Additional information is provided on Funds where the tracking difference was +/- 0.15% on a gross of fees basis or where the one-year tracking error may be perceived to be high. Over the semi-annual reporting period: - The SPDR EURO STOXX Low Volatility UCITS ETF outperformance is mainly attributed to “unit to sec” differences (e.g. tax reclaims and dividend adjustments or relating to the difference between how SSGA and custody each book accruals of tax reclaims) and withholding tax advantages. - the SPDR MSCI Europe Sector UCITS ETF’s outperformance over the semi-annual reporting can be largely attributed to withholding tax advantages and to a lesser extent “unit to sec” differences (e.g. tax reclaims and dividend adjustments or relating to the difference between how SSGA and custody each book accruals of tax reclaims) and class action impacts (for some of the ETFs). - The SPDR MSCI Europe Small Cap Value Weighted UCITS ETF underperformance is mainly attributed to its optimised nature and small size. - most of the SPDR MSCI World Sector UCITS ETFs, have largely outperformed this reporting period due to withholding tax advantages and to a lesser extent “unit to sec” differences (e.g. tax reclaims and dividend adjustments or relating to the difference between how SSGA and custody each book accruals of tax reclaims). - The SPDR MSCI USA Value Weighted UCITS ETF largely outperformed this reporting period due to withholding tax advantages.
12 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Investment Managers’ Reports (continued) Passive Fixed Income Sub-Funds
Appendix: Gross of fees performance as at 30 September 2017
6 months to Max. Anticipated Ex Post Tracking 30/09/2017 Since Inception* Fund Inception Annual Tracking Error % Fund Name Fund Index Diff Fund Index Diff Date error % (1 Year)** SPDR Barclays 0-5 Year Sterling Corporate Bond UCITS ETF 0.56 0.63 -0.07 3.02 3.13 -0.11 17-Feb-14 1 0.05 SPDR Barclays 3-5 Year Euro Government Bond UCITS ETF 0.63 0.62 0.01 1.18 1.16 0.02 3-Dec-14 1 0.02 SPDR BofA Merrill Lynch 0-5 Year Emerging Markets USD Government Bond UCITS ETF 2.20 2.19 0.01 3.51 3.46 0.05 13-Nov-14 2 0.04 SPDR Thomson Reuters Global Convertible Bond UCITS ETF 7.17 7.13 0.04 6.80 6.68 0.12 14-Oct-14 2 0.08
* Annualized for periods over 1-year performance ** Calculated using the root mean square of the monthly excess returns (i.e. the “Difference”) over one period ending September 2017.
Sources: Citigroup / Barclays Capital / JP Morgan / Bloomberg / SSGA Economic Research
13 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Investment Managers’ Reports (continued) Passive Equity Sub-Funds
Appendix: Gross of fees performance as at 30 September 2017
6 months to Max. Anticipated Realised 1 Yr. 30/09/2017 Since Inception* Fund Inception Annual Tracking Tracking Fund Name Fund Index Diff Fund Index Diff Date*** error % error %** SPDR AEX UCITS ETF 6.33 6.25 0.08 2.53 2.54 -0.01 05 Dec 14 1 0.12 SPDR EURO STOXX Low Volatility UCITS ETF 5.85 5.48 0.37 12.40 11.90 0.50 24 Mar 14 1 0.17 SPDR MSCI EM Beyond BRIC UCITS ETF 10.33 10.32 0.01 1.50 1.46 0.04 06 Nov 13 2 0.22 SPDR MSCI Europe Consumer Discretionary UCITS ETF 3.34 2.98 0.36 7.75 7.52 0.23 05 Dec 14 1 0.16 SPDR MSCI Europe Consumer Staples UCITS ETF -0.96 -1.15 0.19 8.59 8.58 0.01 05 Dec 14 1 0.08 SPDR MSCI Europe Energy UCITS ETF 2.99 2.56 0.43 3.22 3.01 0.21 05 Dec 14 1 0.17 SPDR MSCI Europe Financials UCITS ETF 7.58 7.26 0.32 0.57 0.26 0.31 05 Dec 14 1 0.24 SPDR MSCI Europe Health Care UCITS ETF -0.26 -0.44 0.18 5.52 5.40 0.12 05 Dec 14 1 0.17 SPDR MSCI Europe Industrials UCITS ETF 6.00 5.77 0.23 9.16 8.89 0.27 05 Dec 14 1 0.11 SPDR MSCI Europe Materials UCITS ETF 5.85 5.56 0.29 8.07 7.85 0.22 05 Dec 14 1 0.30 SPDR MSCI Europe Small Cap UCITS ETF 8.49 8.45 0.04 9.92 9.82 0.10 05 Dec 14 1 0.15 SPDR MSCI Europe Small Cap Value Weighted UCITS ETF 5.39 5.99 -0.60 7.11 7.19 -0.08 18 Feb 15 1 0.51 SPDR MSCI Europe Technology UCITS ETF 6.49 6.29 0.20 2.19 1.52 0.67 05 Dec 14 1 0.17 SPDR MSCI Europe Telecommunications UCITS ETF -1.24 -1.52 0.28 3.70 3.49 0.21 05 Dec 14 1 0.25 SPDR MSCI Europe UCITS ETF 3.66 3.40 0.26 3.36 3.06 0.30 05 Dec 14 1 0.12 SPDR MSCI Europe Utilities UCITS ETF 5.40 5.10 0.30 5.36 5.00 0.36 05 Dec 14 1 0.18 SPDR MSCI Europe Value Weighted UCITS ETF 4.00 3.93 0.07 4.09 3.59 0.50 18 Feb 15 1 0.22 SPDR MSCI USA Small Cap Value Weighted UCITS ETF 4.60 4.26 0.34 6.69 6.55 0.14 18 Feb 15 1 0.32 SPDR MSCI USA Value Weighted UCITS ETF 6.57 6.41 0.16 8.47 8.13 0.34 18 Feb 15 1 0.06
14 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Investment Managers’ Reports (continued) Passive Equity Sub-Funds (continued)
Appendix: Gross of fees performance as at 30 September 2017 (continued)
6 months to Max. Anticipated Realised 1 Yr. 30/09/2017 Since Inception* Fund Inception Annual Tracking Tracking Fund Name Fund Index Diff Fund Index Diff Date error % error %** SPDR MSCI World Consumer Discretionary UCITS ETF*** 7.30 7.12 0.18 18.97 18.78 0.19 29 Apr 16 1 0.07 SPDR MSCI World Consumer Staples UCITS ETF*** 3.73 3.45 0.28 14.06 13.93 0.13 29 Apr 16 1 0.08 SPDR MSCI World Energy UCITS ETF*** 3.88 3.55 0.33 4.94 4.81 0.13 29 Apr 16 1 0.09 SPDR MSCI World Financials UCITS ETF*** 11.05 10.89 0.16 16.24 15.74 0.50 29 Apr 16 1 0.11 SPDR MSCI World Health Care UCITS ETF 9.64 9.52 0.12 15.89 15.73 0.16 29 Apr 16 1 0.05 SPDR MSCI World Industrials UCITS ETF*** 11.62 11.45 0.17 16.75 16.81 -0.06 29 Apr 16 1 0.06 SPDR MSCI World Materials UCITS ETF*** 12.15 11.86 0.29 11.11 11.15 -0.04 29 Apr 16 1 0.15 SPDR MSCI World Small Cap UCITS ETF 6.20 6.24 -0.04 9.01 8.69 0.32 25 Nov 13 1 0.40 SPDR MSCI World Technology UCITS ETF*** 13.74 13.68 0.06 19.45 19.34 0.11 29 Apr 16 1 0.04 SPDR MSCI World Telecommunications UCITS ETF*** 3.20 2.90 0.30 7.82 7.92 -0.10 29 Apr 16 1 0.17 SPDR MSCI World Utilities UCITS ETF*** 7.47 7.18 0.29 7.15 7.32 -0.17 29 Apr 16 1 0.06 SPDR Russell 2000 U.S. Small Cap UCITS ETF 8.08 8.07 0.01 8.68 7.81 0.87 30 Jun 14 1 0.15 SPDR Russell 3000 U.S. Total Market UCITS ETF 7.45 7.42 0.03 9.42 9.00 0.42 30 Jun 14 1 0.17 SPDR S&P U.S. Consumer Discretionary Select Sector UCITS ETF 3.09 2.99 0.10 8.41 8.21 0.20 07 Jul 15 1 0.06 SPDR S&P U.S. Consumer Staples Select Sector UCITS ETF 0.13 -0.07 0.20 6.83 6.39 0.44 07 Jul 15 1 0.07 SPDR S&P U.S. Energy Select Sector UCITS ETF -0.36 -0.48 0.12 -0.91 -1.36 0.45 07 Jul 15 1 0.12 SPDR S&P U.S. Financials Select Sector UCITS ETF 9.56 9.42 0.14 14.09 13.88 0.21 07 Jul 15 1 0.05 SPDR S&P U.S. Health Care Select Sector UCITS ETF 10.78 10.65 0.13 5.43 5.13 0.30 07 Jul 15 1 0.03 SPDR S&P U.S. Industrials Select Sector UCITS ETF 9.97 9.84 0.13 14.81 14.44 0.37 07 Jul 15 1 0.06 SPDR S&P U.S. Materials Select Sector UCITS ETF 9.44 9.06 0.38 9.96 9.52 0.44 07 Jul 15 1 0.22 SPDR S&P U.S. Technology Select Sector UCITS ETF 11.68 11.58 0.10 18.95 18.66 0.29 07 Jul 15 1 0.04
15 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Investment Managers’ Reports (continued) Passive Equity Sub-Funds (continued)
Appendix: Gross of fees performance as at 30 September 2017 (continued)
6 months to Max. Anticipated Realised 1 Yr. 30/09/2017 Since Inception* Fund Inception Annual Tracking Tracking Fund Name Fund Index Diff Fund Index Diff Date error % error %** SPDR S&P U.S. Utilities Select Sector UCITS ETF 4.87 4.61 0.26 12.70 12.16 0.54 07 Jul 15 1 0.12
Please note there may be rounding differences. * Annualized for financial 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 2017. *** SPDR MSCI World Health Care UCITS ETF: Performance returns prior to May 2016 reflects the past performance of SSgA Health Care Index Equity Fund I USD Shares which was merged into the Fund on 29 April 2016. SPDR MSCI World Consumer Discretionary UCITS ETF: Performance returns prior to May 2016 reflects the past performance of SSgA Consumer Discretionary Index Equity Fund I USD Shares which was merged into the Fund on 29 April 2016. SPDR MSCI World Utilities UCITS ETF: Performance returns prior to May 2016 reflects the past performance of SSgA Utilities Index Equity Fund I USD Shares which was merged into the Fund on 29 April 2016 SPDR MSCI World Telecommunications UCITS ETF: Performance returns prior to May 2016 reflects the past performance of SSgA Telecommunications Index Equity Fund I USD Shares which was merged into the Fund on 29 April 2016 SPDR MSCI World Materials UCITS ETF: Performance returns prior to May 2016 reflects the past performance of SSgA Materials Index Equity Fund I USD Shares which was merged into the Fund on 29 April 2016 SPDR MSCI World Consumer Staples UCITS ETF: Performance returns prior to May 2016 reflects the past performance of SSgA Consumer Staples Index Equity Fund I USD Shares which was merged into the Fund on 29 April 2016 SPDR MSCI World Technology UCITS ETF: Performance returns prior to May 2016 reflects the past performance of SSgA Technology Index Equity Fund I USD Shares which was merged into the Fund on 29 April 2016 SPDR MSCI World Energy UCITS ETF: Performance returns prior to May 2016 reflects the past performance of SSgA Energy Index Equity Fund I USD Shares which was merged into the Fund on 29 April 2016 SPDR MSCI World Financials UCITS ETF: Performance returns prior to May 2016 reflects the past performance of SSgA Financials Index Equity Fund I USD Shares which was merged into the Fund on 29 April 2016 SPDR MSCI World Industrials UCITS ETF: Performance returns prior to May 2016 reflects the past performance of SSgA Industrials Index Equity Fund I USD Shares which was merged into the Fund on 29 April 2016
16 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Morningstar Multi-Asset Global Infrastructure Appendix: Gross of fees performance as at 30 September 2017
6 months to Max. Anticipated Realised 1 Yr. 30/09/2017 Since Inception Fund Inception Annual Tracking Tracking Fund Name Fund Index Diff Fund Index* Diff Date error % error %** SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF 7.70 7.78 -0.08 4.93 5.09 -0.16 14 Apr 15 2 0.10
* 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 2017.
17 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Combined Statement of Financial Position as at 30 September 2017
30 September 2017 31 March 2017 USD USD
Current assets Transferable securities 6,245,953,869 5,140,255,456 Financial derivative instruments 183,000 150,249 6,246,136,869 5,140,405,705 Cash and cash equivalents 33,279,196 92,173,679 Cash held as collateral with broker 1,132,297 835,454 Debtors: Dividends receivable 7,191,432 13,437,518 Interest receivable 6,862,829 6,101,342 Miscellaneous income receivable 39,249 276,735 Receiveable for investments sold 21,784,685 55,104,679 Receiveable for fund shares sold 14,696,506 8,160,622 Total current assets 6,331,123,063 5,316,495,734
Current liabilities Financial liabilities at fair value through profit or loss: Financial derivative instruments (6,342) (13,756)
Bank overdraft (371,462) (524,063) Cash due from broker (19,450) - Creditors - Amounts falling due within one financial year: Accrued expenses (1,419,108) (1,361,503) Payable for investments purchased (36,235,832) (44,701,916) Payable for fund shares repurchased (6,791,444) (61,625,789) Total current liabilities (44,843,638) (108,227,027)
Net assets attributable to holders of redeemable participating shares 6,286,279,425 5,208,268,707
The accompanying notes form an integral part of these financial statements.
18 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Combined Statement of Comprehensive Income for the financial period ended 30 September 2017
30 September 2017 30 September 2016 Notes USD USD
Dividend income 74,178,577 47,782,987 Interest income 7,444,090 4,839,749 Securities lending income 10 467,577 333,426 Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 240,612,207 91,849,053 Miscellaneous income 105,304 7,693 Total investment income 322,807,755 144,812,908
Operating expenses 3 (8,169,978) (4,460,812) Net profit for the financial period 314,637,777 140,352,096
Finance costs Interest expense (58,335) (149,888) Distributions to holders of redeemable participating shares 6 (7,778,860) (4,846,504)
Profit/(loss) for the period before tax 306,800,582 135,355,704
Capital gains tax 2 (1,322) (281) Withholding tax on investment income 2 (7,335,315) (4,105,808)
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 299,463,945 131,249,615
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.
19 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Combined Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial period ended 30 September 2017
30 September 2017 30 September 2016 USD USD
Net assets attributable to holders of redeemable shares at the beginning of the financial period 5,208,268,707 2,835,895,628
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 299,463,945 131,249,615
Share transactions Proceeds from redeemable participating shares issued 1,595,445,392 1,013,411,614 Proceeds from redeemable participating shares issued resulting from merger in - 207,538,860 Costs of redeemable participating shares redeemed (1,039,039,378) (935,332,745) Increase in net assets from share transactions 556,406,014 285,617,729 Total increase in net assets attributable to holders of redeemable participating shares 855,869,959 416,867,344 Currency Translation 222,140,759 (33,965,970)
Net assets attributable to holders of redeemable participating shares at the end of the financial period 6,286,279,425 3,218,797,002
The accompanying notes form an integral part of these financial statements.
20 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Combined Statement of Cash Flows for the financial period ended 30 September 2017
30 September 2017 30 September 2016 USD USD
Cash from/(used in): Operating activities Increase in net assets attributable to holders of redeemable participating shares 299,463,945 131,249,615
Adjustment for: Interest income (7,444,090) (4,839,749) Interest expense 58,335 149,888 Securities lending income (467,577) (333,425) Dividend income (74,178,577) (47,782,987) Distributions to holders of redeemable participating shares 7,778,860 4,846,504 Taxation on income 7,336,637 4,106,089
Total 232,547,533 87,395,935
Net movement in financial assets and financial liabilities at fair value through profit or loss (234,819,857) (86,953,910) Payments for purchases of investments* (2,185,469,564) (1,306,931,529) Proceeds from sale of investments 1,571,957,142 1,210,799,919 Cash paid to broker as collateral (204,079) (3,224) Movement in receivable 256,386 - Movement in payables 7,974 47,997 Cash used in operations (615,724,465) (95,644,812) Interest paid (58,335) (149,888) Interest received 6,878,255 4,766,738 Securities lending income received 467,577 335,445 Dividends received 81,238,223 50,900,573 Taxation paid (7,336,637) (4,106,089) Net cash used in operations (534,535,382) (43,898,033)
Financing activities Distributions paid to holders of redeemable participating shares (7,778,860) (4,846,504) Proceeds from redeemable participating shares issued* 1,577,350,405 996,510,177 Payments for redeemable participating shares redeemed (1,095,528,084) (935,476,814) Net cash generated from financing activities 474,043,461 56,186,859
Net (decrease)/increase in cash and cash equivalents (60,491,921) 12,288,826 Cash and cash equivalents at the beginning of the financial period 91,649,616 22,015,499
Currency translation 1,750,039 (259,921)
Cash and cash equivalents at end of the financial period 32,907,734 34,044,404 Cash and cash equivalents - Statement of Financial Position 33,279,196 34,108,054 Bank overdraft - Statement of Financial Position (371,462) (63,650)
Cash and cash equivalents - Statement of Cash Flows 32,907,734 34,044,404
* There were a number of non-cash subscriptions on the Fund during the financial period which are not included in the Statement of Cash Flows. The value of which were $11,559,114 in the financial period ended 30 September 2017 (30 September 2016: $Nil).
The accompanying notes form an integral part of these financial statements.
21 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR AEX UCITS ETF Statement of Financial Position as at 30 September 2017
30 September 2017 31 March 2017 EUR EUR
Current assets Financial assets at fair value through profit or loss: Transferable securities 41,151,475 43,375,922 Financial derivative instruments 11,120 8,220 41,162,595 43,384,142
Cash and cash equivalents 394,937 556,773 Cash held as collateral with broker 66,561 84,567 Debtors: Total current assets 41,624,093 44,025,482
Current liabilities Creditors - Amounts falling due within one financial year: Accrued expenses (9,681) (11,061) Total current liabilities (9,681) (11,061)
Net assets attributable to holders of redeemable participating shares 41,614,412 44,014,421
30 September 31 March 30 September 2017 2017 2016 Net asset value per share (please refer to note 4 for numbers of shares in issue) EUR 53.70 EUR 51.78 EUR 45.05
The accompanying notes form an integral part of these financial statements.
22 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR AEX UCITS ETF Statement of Comprehensive Income for the financial period ended 30 September 2017
30 September 2017 30 September 2016 Notes EUR EUR
Dividend income 1,030,381 1,189,767 Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 1,626,755 1,208,826 Miscellaneous income 183 103 Total investment income 2,657,319 2,398,696
Operating expenses 3 (62,018) (62,114) Net profit for the financial period 2,595,301 2,336,582
Finance costs Interest expense (1,394) (2,331)
Distributions to holders of redeemable participating shares 6 (998,327) (1,044,056) Profit for the financial period before tax 1,595,580 1,290,195 Witholding tax on investment income 2 (90,546) (112,947) Increase in net assets attributable to holders of redeemable participating shares resulting from operations 1,505,034 1,177,248
Gains and losses arose solely from continuing operations. There were no 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.
23 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR AEX UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial period ended 30 September 2017
30 September 2017 30 September 2016 EUR EUR
Net assets attributable to holders of redeemable shares at the beginning of the financial period 44,014,421 44,980,940
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 1,505,034 1,177,248
Share transactions Proceeds from redeemable participating shares issued 1,305,315 1,086,575 Costs of redeemable participating shares redeemed (5,210,358) (7,829,073) Decrease in net assets from share transactions (3,905,043) (6,742,498)
Total decrease in net assets attributable to holders of redeemable participating shares (2,400,009) (5,565,250)
Net assets attributable to holders of redeemable participating shares at the end of the financial period 41,614,412 39,415,690
The accompanying notes form an integral part of these financial statements.
24 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR AEX UCITS ETF Statement of Cash Flows for the financial period ended 30 September 2017
30 September 2017 30 September 2016 EUR EUR
Cash from/(used in):
Operating activities Increase in net assets attributable to holders of redeemable participating shares 1,505,034 1,177,248
Adjustment for: Interest expense 1,394 2,331 Dividend income (1,030,381) (1,189,767) Distributions to holders of redeemable participating shares 998,327 1,044,056 Taxation on income 90,546 112,947
Total 1,564,920 1,146,815
Net movement in financial assets and financial liabilities at fair value through profit or loss (1,601,742) (989,475) Payments for purchases of investments (4,663,724) (8,403,975) Proceeds from sale of investments 8,487,013 14,992,983 Cash paid to broker as collateral 18,006 47,748 Movement in payables (1,380) (1,702)
Cash generated from operations 3,803,093 6,792,394
Interest paid (1,394) (2,331) Dividends received 1,030,381 1,244,136 Taxation paid (90,546) (112,947) Net cash generated from operations 4,741,534 7,921,252
Financing activities Distributions paid to holders of redeemable participating shares (998,327) (1,044,056) Proceeds from redeemable participating shares issued 1,305,315 1,086,575 Payments for redeemable participating shares redeemed (5,210,358) (7,829,073) Net cash used in financing activities (4,903,370) (7,786,554)
Net (decrease)/increase in cash and cash equivalents (161,836) 134,698
Cash and cash equivalents at the beginning of the financial period 556,773 227,244
Cash and cash equivalents at the end of the financial period 394,937 361,942
The accompanying notes form an integral part of these financial statements.
25 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR AEX UCITS ETF Schedule of Investments as at 30 September 2017
%of Financial Derivatives Instruments - 0.02% (March 2017: 0.02%) Fair Value Net Futures Contracts – 0.02% (March 2017: 0.02%) Holding Investment EUR Assets Transferable Securities - 98.89% (March 2017: 98.55%) Unrealised Average Gain/ %of Common Stock - 77.95% (March 2017: 78.10%) Notional Cost (Loss) Net Euro - 77.92% Amount Price EUR Assets 8,042 Aalberts Industries 328,958 0.79 418,400 523 4 of Amsterdam Index Futures 142,242 Aegon 700,969 1.69 Long Futures Contracts Expiring 20 October 2017 11,120 0.02 20,319 Akzo Nobel 1,587,320 3.81 Net unrealised gain on futures contracts 11,120 0.02 48,157 Altice 816,020 1.96 53,593 ArcelorMittal 1,169,667 2.81 Total Financial Derivatives Instruments 11,120 0.02 30,108 ASML Holding 4,337,057 10.42 6,866 Boskalis Westminster 203,062 0.49 3,001 Galapagos 258,656 0.62 Fair Value %of 6,161 Gemalto 232,855 0.56 EUR Fund 18,581 Heineken 1,554,301 3.74 Total value of investments 41,162,595 98.91 312,841 ING Groep 4,880,320 11.73 Cash at bank* (March 2017: 1.27%) 394,937 0.95 103,234 Koninklijke Ahold Delhaize 1,633,162 3.93 Cash at broker* (March 2017: 0.19%) 66,561 0.16 14,663 Koninklijke DSM 1,015,559 2.44 Other net liabilities (March 276,147 Koninklijke KPN 802,207 1.93 2017: (0.03)%) (9,681) (0.02) 74,940 Koninklijke Philips 2,617,654 6.29 Net assets attributable to holders of 5,626 Koninklijke Vopak 208,753 0.50 redeemable participating shares 41,614,412 100.00 24,568 NN Group 869,953 2.09 *All cash holdings are held at State Street Bank and Trust Company, apart 9,621 Randstad Holding 503,563 1.21 from cash at broker which is held with Barclays Capital. 77,925 RELX (Netherlands listed) 1,403,429 3.37 The counterparty for the open futures contracts is Barclays Capital. 241,901 Royal Dutch Shell 6,185,409 14.86 13,657 SBM Offshore 209,567 0.50 All of the above securities are traded on a recognised stock exchange or 23,180 Wolters Kluwer 906,222 2.18 traded on a regulated market unless otherwise stated. 32,424,663 77.92 Pound Sterling - 0.03% %of Total 519 Royal Dutch Shell 13,244 0.03 Analysis of Total Assets Assets 13,244 0.03 Transferable securities admitted to an official exchange Total Common Stock 32,437,907 77.95 listing 98.86 Exchange traded financial derivatives instruments 0.03 Depository Receipts - 16.98% (March 2017: 16.06%) Other assets 1.11 Euro - 16.98% 27,926 ABN AMRO Group 707,645 1.70 Total Assets 100.00 127,031 Unilever 6,356,631 15.28 Total Depository Receipts 7,064,276 16.98 Real Estate Investment Trust - 3.96% (March 2017: 4.39%) Euro - 3.96% 8,016 Unibail-Rodamco 1,649,292 3.96 Total Real Estate Investment Trust 1,649,292 3.96
Total Transferable Securities 41,151,475 98.89
26 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR AEX UCITS ETF
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Purchases Cost EUR
Unilever 363,469 Royal Dutch Shell 329,216 Altice 277,440 ING Groep 274,992 ASML Holding 214,629 Koninklijke Philips 161,029 ABN AMRO Group 153,388 Unibail-Rodamco 100,681 Koninklijke Ahold Delhaize 96,523 Heineken 93,420 Akzo Nobel 83,501 RELX 75,235 NN Group 52,387 Koninklijke DSM 48,251 Wolters Kluwer 46,233 ArcelorMittal 44,640 Koninklijke KPN 43,482 Aegon 31,794 Randstad Holding 26,740 ArcelorMittal (post stock split) 20,228 Portfolio Sales Proceeds EUR
Royal Dutch Shell 1,137,633 Unilever 971,559 ING Groep 733,702 ASML Holding 590,207 Koninklijke Philips 455,173 Koninklijke Ahold Delhaize 296,445 Unibail-Rodamco 280,009 Akzo Nobel 270,873 NN Group 263,263 Heineken 247,945 Altice 234,666 RELX 213,480 Koninklijke DSM 169,810 Aegon 135,421 Wolters Kluwer 133,925 Koninklijke KPN 122,297 ArcelorMittal 98,782 ArcelorMittal (post stock split) 81,682 ABN AMRO Group 80,540 Randstad Holding 76,574
A copy of the list of changes in the portfolio during the financial period may be obtained free of charge from the Administrator.
27 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Barclays 0-5 Year Sterling Corporate Bond UCITS ETF Statement of Financial Position as at 30 September 2017
30 September 2017 31 March 2017 GBP GBP
Current assets Financial assets at fair value through profit or loss: Transferable securities 100,153,877 77,997,777 100,153,877 77,997,777
Cash and cash equivalents 1,953,096 1,924,239 Debtors: Interest receivable 2,229,152 1,883,811 Total current assets 104,336,125 81,805,827
Current liabilities Creditors - Amounts falling due within one financial year: Accrued expenses (16,313) (13,440) Payable for investment purchased - (100,091) Total current liabilities (16,313) (113,531)
Net assets attributable to holders of redeemable participating shares 104,319,812 81,692,296
30 September 31 March 30 September 2017 2017 2016 Net asset value per share (please refer to note 4 for numbers of shares in issue) GBP 30.46 GBP 30.69 GBP 30.76
The accompanying notes form an integral part of these financial statements.
28 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Barclays 0-5 Year Sterling Corporate Bond UCITS ETF Statement of Comprehensive Income for the financial period ended 30 September 2017
30 September 2017 30 September 2016 Notes GBP GBP Interest income 1,019,207 976,385 Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss (562,747) 1,222,063 Total investment income 456,460 2,198,448
Operating expenses 3 (92,896) (72,784) Net profit for the financial period 363,564 2,125,664
Finance costs Distributions to holders of redeemable participating shares 6 (1,235,411) (805,350) Loss for the financial period before tax (871,847) - Witholding tax on investment income 2 (48) - (Decrease)/increase in net assets attributable to holders of redeemable participating shares resulting from operations (871,895) 1,320,314
Gains and losses arose solely from continuing operations. There were no 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.
29 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Barclays 0-5 Year Sterling Corporate Bond UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial period ended 30 September 2017
30 September 2017 30 September 2016 GBP GBP
Net assets attributable to holders of redeemable shares at the beginning of the financial period 81,692,296 72,824,872
(Decrease)/increase in net assets attributable to holders of redeemable participating shares resulting from operations (871,895) 1,320,314
Share transactions Proceeds from redeemable participating shares issued 23,499,411 20,950,148 Costs of redeemable participating shares redeemed - (20,089,921) Increase in net assets from share transactions 23,499,411 860,227
Total increase in net assets attributable to holders of redeemable participating shares 22,627,516 2,180,541
Net assets attributable to holders of redeemable participating shares at the end of the financial period 104,319,812 75,005,413
The accompanying notes form an integral part of these financial statements.
30 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Barclays 0-5 Year Sterling Corporate Bond UCITS ETF Statement of Cash Flows for the financial period ended 30 September 2017
30 September 2017 30 September 2016 GBP GBP
Cash from/(used in):
Operating activities (Decrease)/increase in net assets attributable to holders of redeemable participating shares (871,895) 1,320,314
Adjustment for: Interest income (1,019,207) (976,385) Distributions to holders of redeemable participating shares 1,235,411 805,350 Taxation on income 48 -
Total (655,643) 1,149,279
Net movement in financial assets and financial liabilities at fair value through profit or loss 1,577,497 (437,495) Payments for purchases of investments (38,262,369) (27,372,937) Proceeds from sale of investments 14,428,681 26,325,968 Movement in payables 2,873 189
Cash used in operations (22,908,961) (334,996) Interest received 673,866 808,294 Taxation paid (48) - Net cash (used in)/ generated from operations (22,235,143) 473,298
Financing activities Distributions paid to holders of redeemable participating shares (1,235,411) (805,350) Proceeds from redeemable participating shares issued 23,499,411 20,950,148 Payments for redeemable participating shares redeemed - (20,089,921) Net cash generated from financing activities 22,264,000 54,877
Net increase in cash and cash equivalents 28,857 528,175
Cash and cash equivalents at the beginning of the financial period 1,924,239 1,290,697
Cash and cash equivalents at the end of the financial period 1,953,096 1,818,872
The accompanying notes form an integral part of these financial statements.
31 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Barclays 0-5 Year Sterling Corporate Bond UCITS ETF Schedule of Investments as at 30 September 2017
%of %of Fair Value Net Fair Value Net Holding Investment GBP Assets Holding Investment GBP Assets Transferable Securities - 96.01% (March 2017: 95.48%) Transferable Securities - 96.01% (March 2017: 95.48%) Corporate Bonds - 96.01% (March 2017: 95.48%) (continued) Pound Sterling - 96.01% Corporate Bonds - 96.01% (March 2017: 95.48%) (continued) 450,000 2.500% ABN AMRO Bank 18/12/2018 458,595 0.44 Pound Sterling - 96.01% (continued) 100,000 4.875% ABN AMRO Bank 16/01/2019 104,940 0.10 350,000 2.375% BNP Paribas 20/11/2019 360,609 0.35 400,000 1.000% ABN AMRO Bank 30/06/2020 398,346 0.39 200,000 5.750% BNP Paribas 24/01/2022 231,112 0.22 200,000 2.375% ABN AMRO Bank 07/12/2021 209,218 0.20 400,000 1.125% BNP Paribas 16/08/2022 393,736 0.38 500,000 6.375% America Movil 06/09/2073 549,645 0.53 750,000 4.325% BP Capital Markets 10/12/2018 780,127 0.75 400,000 1.300% American Honda Finance 300,000 8.625% British Telecommunications 21/03/2022 396,280 0.38 26/03/2020 354,162 0.34 200,000 5.837% Anglian Water Services Financing 350,000 3.375% BUPA Finance 17/06/2021 372,932 0.36 30/07/2022 240,972 0.23 200,000 6.125% BUPA Finance (Perpetual) 221,782 0.21 200,000 1.000% ASB Finance 07/09/2020 197,970 0.19 600,000 1.125% Cadent Finance 22/09/2021 594,978 0.57 100,000 6.375% ASIF II 05/10/2020 114,583 0.11 350,000 7.000% Centrica 19/09/2018 369,785 0.35 197,000 5.000% ASIF III Jersey 18/12/2018 206,393 0.20 450,000 6.375% Centrica 10/03/2022 541,930 0.52 200,000 7.125% AusNet Services Holdings 26/06/2018 208,972 0.20 200,000 6.750% Chorus 06/04/2020 225,062 0.22 350,000 6.250% Autostrade per l'Italia 09/06/2022 420,063 0.40 550,000 7.625% Citigroup 03/04/2018 568,892 0.55 400,000 6.625% Aviva 03/06/2041 456,268 0.44 650,000 5.125% Citigroup 12/12/2018 680,472 0.65 500,000 5.902% Aviva (Perpetual) 542,590 0.52 200,000 3.875% Close Brothers Finance 27/06/2021 216,342 0.21 150,000 6.875% Aviva (Perpetual) 164,098 0.16 300,000 7.375% CNP Assurances 30/09/2041 354,894 0.34 300,000 7.125% AXA 15/12/2020 350,025 0.34 350,000 2.250% Commonwealth Bank of Australia 200,000 6.772% AXA (Perpetual) 219,512 0.21 07/12/2018 355,726 0.34 400,000 4.125% BAE Systems 08/06/2022 444,776 0.43 350,000 3.250% Cooperatieve Rabobank 01/11/2017 350,714 0.34 850,000 7.750% Bank of America 30/04/2018 883,439 0.85 550,000 4.625% Cooperatieve Rabobank 13/01/2021 609,708 0.58 440,000 5.500% Bank of America 04/12/2019 480,141 0.46 500,000 2.250% Cooperatieve Rabobank 23/03/2022 518,245 0.50 700,000 6.125% Bank of America 15/09/2021 819,861 0.79 300,000 6.000% Coventry Building Society 16/10/2019 328,689 0.31 200,000 5.500% Bank of America 22/11/2021 228,154 0.22 300,000 1.000% Coventry Building Society 400,000 1.250% Bank of Nova Scotia 08/06/2022 395,172 0.38 05/05/2020 298,197 0.29 300,000 6.375% Bank of Scotland 16/08/2019 327,480 0.31 300,000 2.666% CPUK Finance 28/02/2042 307,884 0.30 350,000 9.375% Bank of Scotland 15/05/2021 442,172 0.42 200,000 5.500% Credit Agricole 17/12/2021 234,174 0.22 400,000 0.875% Banque Federative du Credit Mutuel 600,000 3.000% Credit Suisse Group Funding 08/06/2020 397,032 0.38 Guernsey 27/05/2022 630,228 0.60 1,950,000 10.000% Barclays Bank 21/05/2021 2,463,298 2.36 100,000 5.750% Daily Mail & General Trust 450,000 6.750% Barclays Bank 16/01/2023 456,894 0.44 07/12/2018 104,905 0.10 220,000 1.375% BASF 15/12/2017 220,306 0.21 150,000 1.750% Daimler 08/11/2017 150,162 0.14 400,000 6.375% BAT International Finance 300,000 1.250% Daimler 01/12/2017 300,324 0.29 12/12/2019 443,880 0.43 500,000 2.375% Daimler 16/07/2018 505,420 0.48 500,000 1.750% BAT International Finance 200,000 1.000% Daimler 20/12/2019 199,174 0.19 05/07/2021 504,300 0.48 850,000 2.750% Daimler 04/12/2020 886,745 0.85 200,000 6.000% BAT International Finance 29/06/2022 237,870 0.23 200,000 2.375% Daimler 16/12/2021 207,228 0.20 400,000 5.625% Bayer 23/05/2018 412,176 0.39 300,000 1.500% Daimler 13/01/2022 299,751 0.29 450,000 5.125% BG Energy Capital 07/12/2017 453,465 0.43 250,000 2.125% Daimler 07/06/2022 256,330 0.25 500,000 6.500% BG Energy Capital 30/11/2072 504,375 0.48 366,000 3.500% Daimler International Finance 06/06/2019 380,047 0.36 100,000 5.000% BMW Finance 02/10/2017 100,000 0.10 250,000 5.375% Danske Bank 29/09/2021 259,268 0.25 150,000 1.750% BMW Finance 20/11/2017 150,197 0.14 700,000 1.875% Deutsche Bank 28/02/2020 702,457 0.67 700,000 3.375% BMW Finance 14/12/2018 719,985 0.69 200,000 7.375% Deutsche Telekom International 300,000 1.875% BMW Finance 29/06/2020 305,694 0.29 Finance 04/12/2019 226,640 0.22 200,000 2.375% BMW Finance 01/12/2021 208,216 0.20 750,000 6.500% Deutsche Telekom International 450,000 0.875% BMW Finance 16/08/2022 436,684 0.42 Finance 08/04/2022 911,280 0.88 100,000 1.000% BMW International Investment 400,000 9.250% Direct Line Insurance Group 17/11/2021 98,629 0.09 27/04/2042 513,500 0.49 550,000 2.000% BMW US Capital 20/11/2019 560,208 0.54 300,000 4.250% DNB Bank 27/01/2020 321,807 0.31 200,000 6.907% Dwr Cymru Financing 31/03/2021 239,184 0.23
32 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Barclays 0-5 Year Sterling Corporate Bond UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment GBP Assets Holding Investment GBP Assets Transferable Securities - 96.01% (March 2017: 95.48%) Transferable Securities - 96.01% (March 2017: 95.48%) (continued) (continued) Corporate Bonds - 96.01% (March 2017: 95.48%) (continued) Corporate Bonds - 96.01% (March 2017: 95.48%) (continued) Pound Sterling - 96.01% (continued) Pound Sterling - 96.01% (continued) 750,000 6.000% E.ON International Finance 850,000 6.375% HSBC Holdings 18/10/2022 852,100 0.82 30/10/2019 824,483 0.79 100,000 6.000% Iberdrola Finanzas 01/07/2022 119,265 0.11 400,000 4.750% Eastern Power Networks 30/09/2021 451,700 0.43 100,000 6.250% Imperial Brands Finance 04/12/2018 105,829 0.10 400,000 4.375% EE Finance 28/03/2019 418,704 0.40 570,000 7.750% Imperial Brands Finance 24/06/2019 632,290 0.61 350,000 6.302% ELM for Swiss Reinsurance 800,000 9.000% Imperial Brands Finance 17/02/2022 1,039,264 1.00 (Perpetual) 373,933 0.36 400,000 5.375% ING Bank 15/04/2021 457,108 0.44 550,000 6.250% Enel 20/06/2019 597,014 0.57 750,000 6.875% ING Bank 29/05/2023 776,340 0.74 250,000 6.125% Engie 11/02/2021 290,900 0.28 450,000 6.500% Innogy Finance 20/04/2021 527,036 0.51 200,000 4.625% Engie (Perpetual) 207,294 0.20 450,000 5.500% Innogy Finance 06/07/2022 526,756 0.50 100,000 5.000% Eni Finance International 27/01/2019 104,824 0.10 650,000 2.750% International Business Machines 21/12/2020 682,877 0.65 200,000 6.125% ENW Finance 21/07/2021 234,700 0.22 200,000 2.625% International Business Machines 250,000 5.831% Eversholt Funding 02/12/2020 282,815 0.27 05/08/2022 211,082 0.20 300,000 4.750% Experian Finance 23/11/2018 312,573 0.30 350,000 4.500% Investec 05/05/2022 374,773 0.36 400,000 3.500% Experian Finance 15/10/2021 431,756 0.41 500,000 9.625% Investec Bank 17/02/2022 631,005 0.60 350,000 1.625% FCA Bank 29/09/2021 344,565 0.33 600,000 1.875% JPMorgan Chase & Co 10/02/2020 611,838 0.59 200,000 2.625% FCE Bank 20/11/2018 203,152 0.19 400,000 3.950% Kennedy Wilson Europe Real Estate 350,000 2.759% FCE Bank 13/11/2019 359,688 0.34 30/06/2022 411,892 0.39 200,000 3.250% FCE Bank 19/11/2020 209,222 0.20 350,000 10.000% Legal & General Group 23/07/2041 448,018 0.43 350,000 2.727% FCE Bank 03/06/2022 361,025 0.35 250,000 5.875% Legal & General Group (Perpetual) 263,825 0.25 200,000 6.750% Fidelity International 19/10/2020 227,912 0.22 200,000 6.125% Lendlease Europe Finance 12/10/2021 230,548 0.22 365,000 1.700% Fidelity National Information Services 200,000 2.750% Lloyds Bank 09/12/2018 204,298 0.20 30/06/2022 363,036 0.35 300,000 5.750% Lloyds Bank 09/07/2025 328,563 0.31 350,000 8.125% Firstgroup 19/09/2018 372,998 0.36 250,000 9.125% London Stock Exchange Group 200,000 6.125% Firstgroup 18/01/2019 212,128 0.20 18/10/2019 289,638 0.28 300,000 8.750% Firstgroup 08/04/2021 369,648 0.35 300,000 1.625% LVMH Moet Hennessy Louis Vuitton 400,000 8.250% Friends Life Holdings 21/04/2022 508,336 0.49 20/12/2017 300,588 0.29 300,000 7.750% G4S 13/05/2019 329,565 0.32 400,000 1.000% LVMH Moet Hennessy Louis Vuitton 14/06/2022 394,932 0.38 450,000 4.375% GE Capital UK Funding 31/07/2019 477,041 0.46 250,000 3.500% Macquarie Bank 18/12/2020 266,190 0.26 400,000 5.875% GE Capital UK Funding 04/11/2020 456,496 0.44 400,000 6.125% Marks & Spencer 02/12/2019 439,320 0.42 400,000 6.750% GE Capital UK Funding Unlimited 06/08/2018 419,696 0.40 200,000 6.125% Marks & Spencer 06/12/2021 232,176 0.22 300,000 6.250% General Electric 15/12/2017 303,372 0.29 100,000 6.375% McDonald's 03/02/2020 111,773 0.11 150,000 6.250% General Electric 29/09/2020 172,265 0.17 300,000 5.250% MetLife 29/06/2020 332,619 0.32 350,000 5.500% General Electric 07/06/2021 402,920 0.39 600,000 1.125% Metropolitan Life Global Funding I 15/12/2021 593,916 0.57 250,000 6.750% GKN Holdings 28/10/2019 277,663 0.27 300,000 6.625% Motability Operations Group 400,000 7.375% Glencore Canada Financial 10/12/2019 336,957 0.33 27/05/2020 459,412 0.44 300,000 5.375% Motability Operations Group 650,000 6.500% Glencore Finance Europe 27/02/2019 696,221 0.67 28/06/2022 355,359 0.34 400,000 6.000% Glencore Finance Europe 300,000 6.625% Muenchener Rueckversicherungs 03/04/2022 463,132 0.44 26/05/2042 355,707 0.34 450,000 5.500% Goldman Sachs Group 12/10/2021 512,932 0.49 450,000 7.625% Muenchener Rueckversicherungs- 300,000 6.250% Great Rolling Stock 27/07/2020 337,932 0.32 Gesellschaft 21/06/2028 469,939 0.45 200,000 6.875% Hammerson 31/03/2020 232,208 0.22 350,000 3.625% National Australia Bank 08/11/2017 351,047 0.34 400,000 6.250% Heathrow Funding 10/09/2018 418,840 0.40 400,000 1.875% National Australia Bank 20/02/2020 406,932 0.39 350,000 6.000% Heathrow Funding 20/03/2020 388,448 0.37 300,000 0.875% National Australia Bank 26/06/2020 297,474 0.29 200,000 9.200% Heathrow Funding 29/03/2023 251,830 0.24 500,000 5.125% National Australia Bank 09/12/2021 575,405 0.55 300,000 5.000% HSBC Bank 20/03/2023 305,076 0.29 450,000 7.125% National Australia Bank 12/06/2023 467,978 0.45 200,000 5.862% HSBC Bank Capital Funding Sterling 400,000 5.620% National Capital Trust I (Perpetual) 418,192 0.40 (Perpetual) 219,026 0.21 200,000 6.625% National Express Group 17/06/2020 226,662 0.22
33 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Barclays 0-5 Year Sterling Corporate Bond UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment GBP Assets Holding Investment GBP Assets Transferable Securities - 96.01% (March 2017: 95.48%) Transferable Securities - 96.01% (March 2017: 95.48%) (continued) (continued) Corporate Bonds - 96.01% (March 2017: 95.48%) (continued) Corporate Bonds - 96.01% (March 2017: 95.48%) (continued) Pound Sterling - 96.01% (continued) Pound Sterling - 96.01% (continued) 200,000 1.875% National Grid North America 400,000 1.250% Skandinaviska Enskilda Banken 06/08/2018 201,356 0.19 05/08/2022 395,632 0.38 660,000 5.625% Nationwide Building Society 300,000 1.750% Skipton Building Society 30/06/2022 297,225 0.28 09/09/2019 718,258 0.69 400,000 2.875% Sky 24/11/2020 418,796 0.40 400,000 2.250% Nationwide Building Society 300,000 5.750% Sky Group Finance 20/10/2017 300,651 0.29 29/04/2022 416,372 0.40 150,000 5.400% Societe Generale 30/01/2018 152,145 0.15 200,000 1.625% Nestle Holdings 11/12/2017 200,458 0.19 300,000 5.000% Societe Generale 20/12/2018 314,601 0.30 450,000 1.750% Nestle Holdings 09/12/2020 461,155 0.44 200,000 5.658% South East Water Finance 400,000 1.000% New York Life Global Funding 30/09/2019 216,904 0.21 15/12/2021 396,720 0.38 450,000 5.125% Southern Gas Networks 02/11/2018 469,786 0.45 300,000 5.375% Next 26/10/2021 341,784 0.33 100,000 4.875% Southern Gas Networks 21/12/2020 111,237 0.11 400,000 2.125% Nordea Bank 13/11/2019 409,568 0.39 650,000 6.125% Southern Water Services Finance 500,000 2.375% Nordea Bank 02/06/2022 523,425 0.50 31/03/2019 697,918 0.67 200,000 5.875% Northern Gas Networks Finance 200,000 4.500% Southern Water Services Finance 08/07/2019 216,722 0.21 31/03/2038 219,144 0.21 162,000 6.375% NRAM 02/12/2019 177,183 0.17 550,000 5.000% SSE 01/10/2018 571,599 0.55 350,000 2.500% OP Corporate Bank 20/05/2022 366,275 0.35 300,000 4.250% SSE 14/09/2021 333,975 0.32 200,000 8.000% Orange 20/12/2017 203,108 0.19 550,000 3.875% SSE (Perpetual) 570,251 0.55 300,000 7.250% Orange 10/11/2020 354,438 0.34 650,000 7.750% Standard Chartered Bank 03/04/2018 671,398 0.64 600,000 5.875% Orange (Perpetual) 668,310 0.64 100,000 5.375% Standard Chartered Bank (Perpetual) 106,040 0.10 200,000 1.513% PACCAR Financial Europe 200,000 6.546% Standard Life Aberdeen (Perpetual) 219,058 0.21 29/05/2018 201,014 0.19 400,000 4.000% Svenska Handelsbanken 18/01/2019 415,600 0.40 500,000 4.125% Phoenix Group Holdings 20/07/2022 526,260 0.50 200,000 3.000% Svenska Handelsbanken 20/11/2020 211,308 0.20 300,000 5.500% Porterbrook Rail Finance 20/04/2019 318,882 0.31 500,000 2.375% Svenska Handelsbanken 18/01/2022 522,130 0.50 100,000 6.500% Porterbrook Rail Finance 20/10/2020 114,550 0.11 200,000 1.625% Swedbank 15/04/2019 201,964 0.19 200,000 8.000% Provident Financial 23/10/2019 188,132 0.18 300,000 1.250% Swedbank 29/12/2021 299,502 0.29 200,000 1.375% Prudential 19/01/2018 200,440 0.19 200,000 6.750% Tate & Lyle International Finance 25/11/2019 223,156 0.22 400,000 1.750% Prudential 27/11/2018 403,904 0.39 600,000 5.375% Telefonica Emisiones 02/02/2018 608,844 0.58 250,000 11.375% Prudential 29/05/2039 289,860 0.28 700,000 5.597% Telefonica Emisiones 12/03/2020 770,749 0.74 250,000 5.556% Rabobank Capital Funding Trust IV (Perpetual) 268,993 0.26 200,000 4.250% Total Capital 08/12/2017 201,348 0.19 250,000 2.125% RCI Banque 06/10/2017 250,023 0.24 400,000 3.875% Total Capital 14/12/2018 414,396 0.40 350,000 3.250% RCI Banque 25/04/2018 354,312 0.34 300,000 2.250% Total Capital International 17/12/2020 310,806 0.30 200,000 3.000% RCI Banque 09/05/2019 205,338 0.20 500,000 2.250% Total Capital International 300,000 7.000% RELX Investments 11/12/2017 303,645 0.29 09/06/2022 521,735 0.50 200,000 2.750% RELX Investments 01/08/2019 204,988 0.20 200,000 4.000% Toyota Motor Credit 07/12/2017 201,236 0.19 350,000 6.750% Rolls-Royce 30/04/2019 381,230 0.37 350,000 1.125% Toyota Motor Credit 07/09/2021 348,275 0.33 550,000 6.625% Royal Bank of Scotland 17/09/2018 578,809 0.55 400,000 5.750% TSB Banking Group 06/05/2026 434,684 0.42 700,000 1.875% Santander UK 17/02/2020 712,068 0.68 850,000 6.625% UBS 11/04/2018 876,460 0.84 300,000 2.375% Scentre Group Trust 2 08/04/2022 310,152 0.30 200,000 2.000% Unilever 19/12/2018 202,856 0.19 200,000 5.625% Segro 07/12/2020 226,914 0.22 350,000 1.125% Unilever 03/02/2022 348,296 0.33 300,000 6.750% Segro 23/11/2021 364,338 0.35 300,000 5.750% United Utilities Water 25/03/2022 356,811 0.34 200,000 6.000% Severn Trent Utilities Finance 300,000 2.250% Virgin Money 21/04/2020 305,502 0.29 22/01/2018 203,130 0.19 500,000 5.375% Vodafone Group 05/12/2017 504,025 0.48 300,000 1.125% Severn Trent Utilities Finance 07/09/2021 297,597 0.29 450,000 6,546.000% Vodafone Group (Perpetual) 26/11/2018 486,139 0.47 450,000 2.000% Shell International Finance 20/12/2019 460,620 0.44 200,000 2.375% Volkswagen Financial Services 13/11/2018 202,618 0.19 300,000 3.000% Skandinaviska Enskilda Banken 18/12/2020 317,190 0.30 300,000 2.625% Volkswagen Financial Services 22/07/2019 306,936 0.29
34 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Barclays 0-5 Year Sterling Corporate Bond UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of Fair Value Net Holding Investment GBP Assets Transferable Securities - 96.01% (March 2017: 95.48%) (continued) Corporate Bonds - 96.01% (March 2017: 95.48%) (continued) Pound Sterling - 96.01% (continued) 250,000 1.750% Volkswagen Financial Services 17/04/2020 251,783 0.24 100,000 2.750% Volkswagen Financial Services 02/10/2020 103,496 0.10 743,000 1.500% Volkswagen Financial Services 12/04/2021 737,910 0.71 200,000 6.250% Wales & West Utilities Finance 30/11/2021 239,426 0.23 400,000 2.875% Walgreens Boots Alliance 20/11/2020 416,760 0.40 200,000 4.750% Wellcome Trust Finance 28/05/2021 226,860 0.22 900,000 2.125% Wells Fargo & Co 22/04/2022 920,403 0.88 440,000 1.375% Wells Fargo & Co 30/06/2022 434,478 0.42 300,000 4.000% Wessex Water Services Finance 24/09/2021 331,053 0.32 550,000 5.000% Westpac Banking 21/10/2019 593,890 0.57 300,000 2.500% Westpac Securities 13/01/2021 311,448 0.30 200,000 6.375% WPP Finance 06/11/2020 230,278 0.22 200,000 4.125% Yorkshire Building Society 20/11/2024 207,992 0.20 300,000 6.000% Yorkshire Water Services Bradford Finance 21/08/2019 327,375 0.31 Total Corporate Bonds 100,153,877 96.01
Total Transferable Securities 100,153,877 96.01
Fair Value %of GBP Fund Total value of investments 100,153,877 96.01 Cash at bank*(March 2017: 2.35%) 1,953,096 1.87 Other net assets(March 2017: 2.17%) 2,212,839 2.12 Net assets attributable to holders of redeemable participating shares 104,319,812 100.00
*All cash holdings are held at State Street Bank and Trust Company.
All of the above securities are traded on a recognised stock exchange or traded on a regulated market unless otherwise stated.
%of Total Analysis of Total Assets Assets Transferable securities admitted to an official exchange listing 95.24 Transferable securities dealt in on another regulated market 0.75 Other assets 4.01
Total Assets 100.00
35 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR Barclays 0-5 Year Sterling Corporate Bond UCITS ETF
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Purchases Cost GBP
2.125% Wells Fargo & Co 22/04/2022 931,673 6.500% Deutsche Telekom International Finance 04/08/2022 809,493 1.500% Volkswagen Financial Services 12/04/2021 744,028 10.000% Barclays Bank 21/05/2021 705,052 2.750% Daimler 04/12/2020 685,752 6.375% Centrica 10/03/2022 677,876 8.250% Friends Life Holdings 21/04/2022 650,034 3.000% Credit Suisse Group Funding Guernsey 27/05/2022 638,876 9.250% Direct Line Insurance Group 27/04/2042 636,195 2.250% Total Capital International 09/06/2022 629,883 1.125% Metropolitan Life Global Funding I 15/12/2021 601,263 2.000% BMW US Capital 20/11/2019 564,414 5.500% innogy Finance 06/07/2022 535,095 4.125% Phoenix Group Holdings 20/07/2022 534,531 2.375% Nordea Bank 02/06/2022 527,499 2.250% Cooperatieve Rabobank UA 23/03/2022 522,990 2.727% FCE Bank 03/06/2022 467,438 1.700% Fidelity National Information Services 30/06/2022 463,021 4.125% BAE Systems 08/06/2022 449,503 0.875% BMW Finance 16/08/2022 444,398 1.375% Wells Fargo & Co 30/06/2022 439,357 6.250% Autostrade per l'Italia 09/06/2022 425,247 7.750% Bank of America 30/04/2018 423,852 7.750% Standard Chartered Bank 03/04/2018 422,996 2.250% Nationwide Building Society 29/04/2022 420,152 3.950% Kennedy Wilson Europe Real Estate 30/06/2022 412,096 1.250% Skandinaviska Enskilda Banken 05/08/2022 402,756 1.000% New York Life Global Funding 15/12/2021 401,674 1.125% BNP Paribas 16/08/2022 401,272 0.875% Banque Federative du Credit Mutuel 08/06/2020 399,129 1.000% LVMH Moet Hennessy Louis Vuitton 14/06/2022 397,765 1.250% Bank of Nova Scotia 08/06/2022 397,542 Portfolio Sales Proceeds GBP
10.000% Barclays Bank 21/05/2021 386,821 7.750% Standard Chartered Bank 03/04/2018 263,070 8.000% Orange 20/12/2017 258,403 2.750% Lloyds Bank 09/12/2018 256,835 5.500% Bank of America 04/12/2019 221,834 2.625% Metropolitan Life Global Funding I 05/12/2022 214,814 5.000% SSE 01/10/2018 211,401 2.750% Daimler 04/12/2020 210,912 6.000% Severn Trent Utilities Finance 22/01/2018 205,869 2.000% BMW US Capital 20/11/2019 204,845 4.125% Santander UK 14/09/2017 150,134 8.250% Friends Life Holdings 21/04/2022 129,340 9.250% Direct Line Insurance Group 27/04/2042 129,090
36 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR Barclays 0-5 Year Sterling Corporate Bond UCITS ETF (continued)
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Sales (continued) Proceeds GBP
6.375% Centrica 10/03/2022 122,304 5.875% GE Capital UK Funding Unlimited 04/11/2020 117,313 4.875% Southern Gas Networks 21/12/2020 113,870 5.597% Telefonica Emisiones 12/03/2020 111,942 6.000% Yorkshire Water Services Bradford Finance 21/08/2019 111,733 5.875% Orange* 110,250 6.500% Glencore Finance Europe 27/02/2019 108,149 3.500% Macquarie Bank 18/12/2020 107,456 8.125% Firstgroup 19/09/2018 107,357 2.750% International Business Machines 21/12/2020 107,055 7.750% Bank of America 30/04/2018 106,880 6.250% Imperial Brands Finance 04/12/2018 106,513 5.125% Citigroup 12/12/2018 106,410 2.250% Total Capital International 09/06/2022 105,670 7.750% Bank of America 30/04/2018 105,541 5.125% Southern Gas Networks 02/11/2018 104,983 2.727% FCE Bank 03/06/2022 104,802 4.325% BP Capital Markets 10/12/2018 104,786 7.625% Citigroup 03/04/2018 104,550 6.875% ING Bank 29/05/2023 104,530 1.750% Nestle Holdings 09/12/2020 103,485 1.875% BMW Finance 29/06/2020 102,834 2.625% Volkswagen Financial Services 22/07/2019 102,795 7.000% RELX Investments 11/12/2017 102,670 2.500% ABN AMRO Bank 18/12/2018 102,449 1.875% National Australia Bank 20/02/2020 102,342 5.375% Vodafone Group 05/12/2017 101,935 2.375% Volkswagen Financial Services 13/11/2018 101,601 1.750% BAT International Finance 05/07/2021 101,557 6.375% HSBC Holdings 18/10/2022 101,420 3.250% Cooperatieve Rabobank UA 01/11/2017 100,910 1.625% Nestle Holdings 11/12/2017 100,754 1.700% Fidelity National Information Services 30/06/2022 100,670 1.875% Deutsche Bank 28/02/2020 100,514 1.250% Daimler 01/12/2017 100,288 2.125% RCI Banque 06/10/2017 100,213 1.750% Volkswagen Financial Services 21/08/2017 100,046 1.625% FCA Bank 29/09/2021 98,932 * Perpetual bond
A copy of the list of changes in the portfolio during the financial period may be obtained free of charge from the Administrator.
37 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Barclays 3-5 Year Euro Government Bond UCITS ETF Statement of Financial Position as at 30 September 2017
30 September 2017 31 March 2017 EUR EUR
Current assets Financial assets at fair value through profit or loss: Transferable securities 8,875,250 6,708,366 8,875,250 6,708,366
Cash and cash equivalents 52,470 34,832 Debtors: Interest receivable 78,081 83,078 Receivable for investments sold 711,076 - Total current assets 9,716,877 6,826,276
Current liabilities Creditors - Amounts falling due within one financial year: Accrued expenses (1,109) (870) Payable for investment purchased (743,397) - Total current liabilities (744,506) (870)
Net assets attributable to holders of redeemable participating shares 8,972,371 6,825,406
30 September 31 March 30 September 2017 2017 2016 Net asset value per share (please refer to note 4 for numbers of shares in issue) EUR 30.80 EUR 30.64 EUR 30.91
The accompanying notes form an integral part of these financial statements.
38 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Barclays 3-5 Year Euro Government Bond UCITS ETF Statement of Comprehensive Income for the financial period ended 30 September 2017
30 September 2017 30 September 2016 Notes EUR EUR Interest income - 9,264 Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 48,043 131,936 Total investment income 48,043 141,200
Operating expenses 3 (6,449) (10,585) Net profit for the financial period 41,594 130,615
Finance costs Interest expense (628) (69)
Distributions to holders of redeemable participating shares 6 - (1,474) Profit for the financial period before tax 40,966 129,072 Increase in net assets attributable to holders of redeemable participating shares resulting from operations 40,966 129,072
Gains and losses arose solely from continuing operations. There were no 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.
39 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Barclays 3-5 Year Euro Government Bond UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial period ended 30 September 2017
30 September 2017 30 September 2016 EUR EUR
Net assets attributable to holders of redeemable shares at the beginning of the financial period 6,825,406 16,796,497
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 40,966 129,072
Share transactions Proceeds from redeemable participating shares issued 3,003,879 6,767,162 Costs of redeemable participating shares redeemed (897,880) (16,649,859) Increase/(decrease) in net assets from share transactions 2,105,999 (9,882,697)
Total increase/(decrease) in net assets attributable to holders of redeemable participating shares 2,146,965 (9,753,625)
Net assets attributable to holders of redeemable participating shares at the end of the financial period 8,972,371 7,042,872
The accompanying notes form an integral part of these financial statements.
40 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Barclays 3-5 Year Euro Government Bond UCITS ETF Statement of Cash Flows for the financial period ended 30 September 2017
30 September 2017 30 September 2016 EUR EUR
Cash from/(used in):
Operating activities Increase in net assets attributable to holders of redeemable participating shares 40,966 129,072
Adjustment for: Interest income - (9,264) Interest expense 628 69 Distributions to holders of redeemable participating shares - 1,474 Total 41,594 121,351
Net movement in financial assets and financial liabilities at fair value through profit or loss 50,704 33,783 Payments for purchases of investments (5,245,366) (11,685,139) Proceeds from sale of investments 3,060,099 21,239,075 Movement in payables 239 (1,266)
Cash (used in)/ generated from operations (2,092,730) 9,707,804
Interest paid (628) (69) Interest received 4,997 142,567 Net cash (used in)/ generated from operations (2,088,361) 9,850,302
Financing activities Distributions paid to holders of redeemable participating shares - (1,474) Proceeds from redeemable participating shares issued 3,003,879 6,767,162 Payments for redeemable participating shares redeemed (897,880) (16,649,859) Net cash generated from/(used in) financing activities 2,105,999 (9,884,171)
Net increase/(decrease) in cash and cash equivalents 17,638 (33,869)
Cash and cash equivalents at the beginning of the financial period 34,832 56,528
Cash and cash equivalents at the end of the financial period 52,470 22,659
The accompanying notes form an integral part of these financial statements.
41 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Barclays 3-5 Year Euro Government Bond UCITS ETF Schedule of Investments as at 30 September 2017
%of %of Fair Value Net Fair Value Net Holding Investment EUR Assets Holding Investment EUR Assets Transferable Securities - 98.92%(March 2017: 98.29%) Transferable Securities - 98.92%(March 2017: 98.29%) Government Bonds - 98.92% (March 2017: 98.29%) (continued) Euro - 98.92% Government Bonds - 98.92% (March 2017: 98.29%) (continued) 2,000 3.750% Belgium Government Bond Euro - 98.92% (continued) 28/09/2020 2,256 0.02 142,000 0.450% Italy Buoni Poliennali Del Tesoro 140,000 4.250% Belgium Government Bond 01/06/2021 142,525 1.59 28/09/2021 166,057 1.85 231,000 3.750% Italy Buoni Poliennali Del Tesoro 118,000 4.000% Belgium Government Bond 01/08/2021 260,277 2.90 28/03/2022 140,887 1.57 216,000 4.750% Italy Buoni Poliennali Del Tesoro 140,000 4.250% Belgium Government Bond 01/09/2021 251,981 2.81 28/09/2022 171,270 1.91 132,000 0.350% Italy Buoni Poliennali Del Tesoro 178,500 0.250% Bundesobligation 16/10/2020 183,150 2.04 01/11/2021 131,234 1.46 189,000 0.000% Bundesobligation 09/04/2021 192,534 2.15 154,000 2.150% Italy Buoni Poliennali Del Tesoro 15/12/2021 164,070 1.83 161,000 0.000% Bundesobligation 08/10/2021 163,913 1.83 184,000 5.000% Italy Buoni Poliennali Del Tesoro 145,000 0.000% Bundesobligation 08/04/2022 147,388 1.64 01/03/2022 218,791 2.44 144,000 2.500% Bundesrepublik Deutschland 145,000 1.200% Italy Buoni Poliennali Del Tesoro 04/01/2021 158,580 1.77 01/04/2022 148,215 1.65 147,500 3.250% Bundesrepublik Deutschland 150,000 1.350% Italy Buoni Poliennali Del Tesoro 04/07/2021 168,522 1.88 15/04/2022 154,212 1.72 134,500 2.250% Bundesrepublik Deutschland 85,000 0.900% Italy Buoni Poliennali Del Tesoro 04/09/2021 149,050 1.66 01/08/2022 85,236 0.95 169,500 2.000% Bundesrepublik Deutschland 140,000 5.500% Italy Buoni Poliennali Del Tesoro 04/01/2022 187,118 2.09 01/09/2022 171,410 1.91 215,000 1.750% Bundesrepublik Deutschland 140,000 1.450% Italy Buoni Poliennali Del Tesoro 04/07/2022 236,532 2.64 15/09/2022 144,092 1.61 140,000 1.500% Bundesrepublik Deutschland 5,000 2.250% Luxembourg Government Bond 04/09/2022 152,524 1.70 21/03/2022 5,552 0.06 55,000 3.500% Finland Government Bond 140,000 3.250% Netherlands Government Bond 15/04/2021 62,642 0.70 15/07/2021 159,720 1.78 30,000 0.000% Finland Government Bond 132,750 0.000% Netherlands Government Bond 15/04/2022 30,313 0.34 15/01/2022 134,579 1.50 40,000 1.625% Finland Government Bond 125,000 2.250% Netherlands Government Bond 15/09/2022 43,555 0.48 15/07/2022 140,074 1.56 194,000 0.000% France Government Bond OAT 134,000 3.500% Republic of Austria Government 25/05/2021 196,458 2.19 Bond 15/09/2021 154,633 1.72 185,000 0.000% France Government Bond OAT 73,000 3.650% Republic of Austria Government 25/05/2022 186,465 2.08 Bond 20/04/2022 86,050 0.96 306,500 2.500% French Republic Government Bond 30,000 0.000% Republic of Austria Government OAT 25/10/2020 334,370 3.73 Bond 22/09/2022 30,224 0.34 209,000 0.250% French Republic Government Bond 11,000 4.375% Slovenia Government Bond OAT 25/11/2020 213,399 2.38 18/01/2021 12,679 0.14 327,250 3.750% French Republic Government Bond 11,000 3.000% Slovenia Government Bond OAT 25/04/2021 375,801 4.19 08/04/2021 12,242 0.14 347,500 3.250% French Republic Government Bond 10,000 2.250% Slovenia Government Bond OAT 25/10/2021 398,058 4.44 25/03/2022 11,040 0.12 379,000 3.000% French Republic Government Bond 171,000 4.850% Spain Government Bond 31/10/2020 196,891 2.19 OAT 25/04/2022 435,028 4.85 25,000 0.050% Spain Government Bond 31/01/2021 25,058 0.28 10,000 8.250% French Republic Government Bond OAT 25/04/2022 13,888 0.15 201,000 5.500% Spain Government Bond 30/04/2021 240,313 2.67 65,500 5.000% Ireland Government Bond 184,000 0.750% Spain Government Bond 30/07/2021 188,902 2.10 18/10/2020 76,352 0.85 195,000 5.850% Spain Government Bond 31/01/2022 242,699 2.70 59,000 0.800% Ireland Government Bond 175,000 0.400% Spain Government Bond 15/03/2022 61,530 0.69 30/04/2022 176,106 1.96 124,000 0.650% Italy Buoni Poliennali Del Tesoro Total Government Bonds 8,875,250 98.92 01/11/2020 125,771 1.40 214,000 3.750% Italy Buoni Poliennali Del Tesoro Total Transferable Securities 8,875,250 98.92 01/03/2021 239,232 2.67 155,000 3.750% Italy Buoni Poliennali Del Tesoro 01/05/2021 173,802 1.94
42 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Barclays 3-5 Year Euro Government Bond UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
Fair Value %of EUR Fund Total value of investments 8,875,250 98.92 Cash at bank* (March 2017: 0.51%) 52,470 0.58 Other net assets (March 2017: 1.20%) 44,651 0.50 Net assets attributable to holders of redeemable participating shares 8,972,371 100.00
*All cash holdings are held at State Street Bank and Trust Company.
All of the above securities are traded on a recognised stock exchange or traded on a regulated market unless otherwise stated.
%of Total Analysis of Total Assets Assets Transferable securities admitted to an official exchange listing 51.77 Transferable securities dealt in on another regulated market 39.57 Other assets 8.66
Total Assets 100.00
43 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR Barclays 3-5 Year Euro Government Bond UCITS ETF
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Purchases Cost EUR
3.000% French Republic Government Bond OAT 25/04/2022 504,437 0.000% French Republic Government Bond OAT 25/05/2022 241,882 1.750% Bundesrepublik Deutschland 04/07/2022 236,363 5.000% Italy Buoni Poliennali Del Tesoro 01/03/2022 218,713 1.200% Italy Buoni Poliennali Del Tesoro 01/04/2022 187,413 0.000% Bundesobligation 08/04/2022 183,226 0.400% Spain Government Bond 30/04/2022 175,485 5.500% Italy Buoni Poliennali Del Tesoro 01/09/2022 171,410 4.250% Kingdom of Belgium Government Bond 28/09/2022 171,270 1.350% Italy Buoni Poliennali Del Tesoro 15/04/2022 152,613 1.500% Bundesrepublik Deutschland 04/09/2022 152,524 2.250% Netherlands Government Bond 15/07/2022 151,352 1.450% Italy Buoni Poliennali Del Tesoro 15/09/2022 144,092 4.000% Kingdom of Belgium Government Bond 28/03/2022 142,719 3.250% French Republic Government Bond OAT 25/10/2021 132,918 4.750% Italy Buoni Poliennali Del Tesoro 01/09/2021 121,592 2.250% Bundesrepublik Deutschland 04/09/2021 116,266 3.750% French Republic Government Bond OAT 25/04/2021 116,203 0.250% Bundesobligation 16/10/2020 114,417 2.500% French Republic Government Bond OAT 25/10/2020 107,704 0.750% Spain Government Bond 30/07/2021 106,858 4.250% Kingdom of Belgium Government Bond 28/09/2021 102,300 4.000% Italy Buoni Poliennali Del Tesoro 01/09/2020 88,291 3.650% Republic of Austria Government Bond 20/04/2022 87,080 0.900% Italy Buoni Poliennali Del Tesoro 01/08/2022 85,205 3.750% Italy Buoni Poliennali Del Tesoro 01/03/2021 83,020 4.850% Spain Government Bond 31/10/2020 80,606 5.850% Spain Government Bond 31/01/2022 74,362 3.750% Italy Buoni Poliennali Del Tesoro 01/08/2021 72,181 0.000% Bundesobligation 09/04/2021 70,629 0.000% Bundesobligation 08/10/2021 70,399 0.350% Italy Buoni Poliennali Del Tesoro 15/06/2020 69,873 3.250% Netherlands Government Bond 15/07/2021 69,504 5.500% Spain Government Bond 30/04/2021 69,164 3.500% Republic of Austria Government Bond 15/09/2021 65,506 0.000% Netherlands Government Bond 15/01/2022 64,979 0.800% Ireland Government Bond 15/03/2022 61,298 Portfolio Sales Proceeds EUR
3.500% French Republic Government Bond OAT 25/04/2020 341,701 4.000% Italy Buoni Poliennali Del Tesoro 01/09/2020 274,857 3.750% Kingdom of Belgium Government Bond 28/09/2020 197,501 3.000% Bundesrepublik Deutschland 04/07/2020 187,034
44 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR Barclays 3-5 Year Euro Government Bond UCITS ETF (continued)
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Sales (continued) Proceeds EUR
4.000% Spain Government Bond 30/04/2020 175,052 4.250% Italy Buoni Poliennali Del Tesoro 01/03/2020 173,403 1.150% Spain Government Bond 30/07/2020 172,581 0.000% French Republic Government Bond OAT 25/05/2020 170,860 2.250% Bundesrepublik Deutschland 04/09/2020 169,500 0.000% Bundesobligation 17/04/2020 145,418 3.900% Republic of Austria Government Bond 15/07/2020 141,238 0.700% Italy Buoni Poliennali Del Tesoro 01/05/2020 132,715 3.500% Netherlands Government Bond 15/07/2020 131,348 4.500% Ireland Government Bond 18/04/2020 97,282 2.250% Bundesrepublik Deutschland 04/09/2021 88,928 3.750% French Republic Government Bond OAT 25/04/2021 86,510 0.375% Finland Government Bond 15/09/2020 77,970 0.350% Italy Buoni Poliennali Del Tesoro 15/06/2020 70,223 4.750% Italy Buoni Poliennali Del Tesoro 01/09/2021 70,084 0.750% Spain Government Bond 30/07/2021 66,673 3.000% French Republic Government Bond OAT 25/04/2022 65,514 4.250% Kingdom of Belgium Government Bond 28/09/2021 63,169 0.250% Bundesobligation 16/10/2020 61,687 0.000% French Republic Government Bond OAT 25/02/2022 55,465 3.375% Finland Government Bond 15/04/2020 41,308 1.200% Italy Buoni Poliennali Del Tesoro 01/04/2022 40,876 0.000% Bundesobligation 08/10/2021 40,776 4.000% Slovakia Government Bond 27/04/2020 40,756
A copy of the list of changes in the portfolio during the financial period may be obtained free of charge from the Administrator.
45 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR BofA Merrill Lynch 0-5 Year Emerging Markets USD Government Bond UCITS ETF Statement of Financial Position as at 30 September 2017
30 September 2017 31 March 2017 USD USD
Current assets Financial assets at fair value through profit or loss: Transferable securities 155,509,811 123,350,861 155,509,811 123,350,861
Cash and cash equivalents 698,037 1,980,210 Cash held as collateral with broker - 10,618 Debtors: Interest receivable 1,916,927 1,619,928 Total current assets 158,124,775 126,961,617
Current liabilities Creditors - Amounts falling due within one financial year: Accrued expenses (52,774) (45,506) Total current liabilities (52,774) (45,506)
Net assets attributable to holders of redeemable participating shares 158,072,001 126,916,111
30 September 31 March 30 September 2017 2017 2016 Net asset value per share (please refer to note 4 for numbers of shares in issue) USD 30.28 USD 30.18 USD 30.33
The accompanying notes form an integral part of these financial statements.
46 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR BofA Merrill Lynch 0-5 Year Emerging Markets USD Government Bond UCITS ETF Statement of Comprehensive Income for the financial period ended 30 September 2017
30 September 2017 30 September 2016 Notes USD USD Interest income 2,568,907 797,268 Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 839,345 608,383 Miscellaneous income 58 - Total investment income 3,408,310 1,405,651
Operating expenses 3 (334,428) (97,649) Net profit for the financial period 3,073,882 1,308,002
Finance costs Interest expense (844) (18)
Distributions to holders of redeemable participating shares 6 (2,615,955) (698,905) Profit for the financial period before tax 457,083 609,079 Witholding tax on investment income 2 1,718 (582) Increase in net assets attributable to holders of redeemable participating shares resulting from operations 458,801 608,497
Gains and losses arose solely from continuing operations. There were no 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.
47 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR BofA Merrill Lynch 0-5 Year Emerging Markets USD Government Bond UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial period ended 30 September 2017
30 September 2017 30 September 2016 USD USD
Net assets attributable to holders of redeemable shares at the beginning of the financial period 126,916,111 42,548,716
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 458,801 608,497
Share transactions Proceeds from redeemable participating shares issued 45,702,239 22,940,975 Costs of redeemable participating shares redeemed (15,005,150) - Increase in net assets from share transactions 30,697,089 22,940,975
Total increase in net assets attributable to holders of redeemable participating shares 31,155,890 23,549,472
Net assets attributable to holders of redeemable participating shares at the end of the financial period 158,072,001 66,098,188
The accompanying notes form an integral part of these financial statements.
48 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR BofA Merrill Lynch 0-5 Year Emerging Markets USD Government Bond UCITS ETF Statement of Cash Flows for the financial period ended 30 September 2017
30 September 2017 30 September 2016 USD USD
Cash from/(used in):
Operating activities Increase in net assets attributable to holders of redeemable participating shares 458,801 608,497
Adjustment for: Interest income (2,568,907) (797,268) Interest expense 844 18 Distributions to holders of redeemable participating shares 2,615,955 698,905 Taxation on income (1,718) 582
Total 504,975 510,734
Net movement in financial assets and financial liabilities at fair value through profit or loss 499,907 (192,568) Payments for purchases of investments (67,849,419) (30,410,507) Proceeds from sale of investments 35,190,562 7,913,639 Cash paid to broker as collateral 10,618 - Movement in payables 7,268 4,951
Cash used in operations (31,636,089) (22,173,751)
Interest paid (844) (18) Interest received 2,271,908 475,347 Taxation paid 1,718 (582) Net cash used in operations (29,363,307) (21,699,004)
Financing activities Distributions paid to holders of redeemable participating shares (2,615,955) (698,905) Proceeds from redeemable participating shares issued 45,702,239 22,940,975 Payments for redeemable participating shares redeemed (15,005,150) - Net cash generated from financing activities 28,081,134 22,242,070
Net (decrease)/increase in cash and cash equivalents (1,282,173) 543,066
Cash and cash equivalents at the beginning of the financial period 1,980,210 896,974
Cash and cash equivalents at the end of the financial period 698,037 1,440,040
The accompanying notes form an integral part of these financial statements.
49 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR BofA Merrill Lynch 0-5 Year Emerging Markets USD Government Bond UCITS ETF Schedule of Investments as at 30 September 2017
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 98.38% (March 2017: 97.19%) Transferable Securities - 98.38% (March 2017: 97.19%) Government Bonds - 87.65% (March 2017: 84.32%) (continued) United States Dollar - 87.65% Government Bonds - 87.65% (March 2017: 84.32%) (continued) 800,000 6.750% Abu Dhabi Government International United States Dollar - 87.65% (continued) Bond 08/04/2019 857,144 0.54 400,000 6.450% Dubai DOF Sukuk 02/05/2022 458,653 0.29 1,950,000 2.125% Abu Dhabi Government International 800,000 10.500% Ecuador Government International Bond 03/05/2021 1,949,142 1.23 Bond 24/03/2020 863,000 0.55 1,650,000 6.250% Argentine Republic Government 1,400,000 10.750% Ecuador Government International International Bond 22/04/2019 1,736,625 1.10 Bond 28/03/2022 1,564,500 0.99 2,600,000 6.875% Argentine Republic Government 700,000 5.750% Egypt Government International International Bond 22/04/2021 2,834,000 1.79 Bond 29/04/2020 724,780 0.46 2,035,000 5.625% Argentine Republic Government 1,400,000 6.125% Egypt Government International International Bond 26/01/2022 2,136,750 1.35 Bond 31/01/2022 1,448,846 0.92 700,000 5.500% Bahrain Government International 500,000 7.750% Emirate of Dubai Government Bond 31/03/2020 725,900 0.46 International Bonds 05/10/2020 572,238 0.36 600,000 5.875% Bahrain Government International 200,000 5.591% Emirate of Dubai Government Bond 26/01/2021 625,656 0.40 International Bonds 22/06/2021 218,500 0.14 900,000 6.125% Bahrain Government International 1,000,000 2.500% Export-Import Bank of China Bond 05/07/2022 947,781 0.60 31/07/2019 1,006,220 0.64 600,000 6.369% Banco Nacional de Desenvolvimento 600,000 2.625% Export-Import Bank of China Economico e Social 16/06/2018 615,888 0.39 14/03/2022 598,773 0.38 400,000 4.000% Banco Nacional de Desenvolvimento 250,000 3.875% Export-Import Bank of India Economico e Social 14/04/2019 407,520 0.26 02/10/2019 257,432 0.16 500,000 6.500% Banco Nacional de Desenvolvimento 400,000 2.750% Export-Import Bank of India Economico e Social 10/06/2019 529,750 0.33 01/04/2020 401,644 0.25 400,000 5.500% Banco Nacional de Desenvolvimento 200,000 2.750% Export-Import Bank of India Economico e Social 12/07/2020 420,500 0.27 12/08/2020 200,623 0.13 1,050,000 5.875% Brazilian Government International 400,000 3.125% Export-Import Bank of India Bond 15/01/2019 1,105,597 0.70 20/07/2021 404,313 0.26 425,000 8.875% Brazilian Government International 400,000 1.750% Export-Import Bank of Korea Bond 14/10/2019 483,225 0.31 27/02/2018 399,540 0.25 1,850,000 4.875% Brazilian Government International 400,000 2.875% Export-Import Bank of Korea Bond 22/01/2021 1,979,574 1.25 17/09/2018 402,772 0.25 400,000 6.273% CBB International Sukuk 22/11/2018 413,782 0.26 600,000 1.750% Export-Import Bank of Korea 400,000 3.875% Chile Government International Bond 26/05/2019 595,326 0.38 05/08/2020 421,352 0.27 200,000 2.375% Export-Import Bank of Korea 300,000 3.250% Chile Government International Bond 12/08/2019 200,338 0.13 14/09/2021 312,384 0.20 400,000 1.500% Export-Import Bank of Korea 700,000 1.625% China Development Bank 22/06/2019 692,959 0.44 21/10/2019 393,728 0.25 1,200,000 2.500% China Development Bank 700,000 2.250% Export-Import Bank of Korea 09/10/2020 1,201,892 0.76 21/01/2020 697,480 0.44 600,000 2.125% China Development Bank 01/06/2021 590,470 0.37 300,000 2.125% Export-Import Bank of Korea 25/01/2020 298,215 0.19 1,200,000 7.375% Colombia Government International Bond 18/03/2019 1,294,944 0.82 700,000 5.125% Export-Import Bank of Korea 29/06/2020 747,670 0.47 300,000 11.750% Colombia Government International Bond 25/02/2020 366,900 0.23 400,000 2.625% Export-Import Bank of Korea 30/12/2020 400,280 0.25 1,400,000 4.375% Colombia Government International Bond 12/07/2021 1,493,800 0.94 600,000 4.000% Export-Import Bank of Korea 29/01/2021 624,780 0.39 200,000 3.250% Corp Financiera de Desarrollo 15/07/2019 203,500 0.13 400,000 2.500% Export-Import Bank of Korea 10/05/2021 396,704 0.25 300,000 4.750% Corp Financiera de Desarrollo 08/02/2022 321,000 0.20 600,000 4.375% Export-Import Bank of Korea 15/09/2021 635,868 0.40 950,000 6.750% Croatia Government International Bond 05/11/2019 1,029,420 0.65 200,000 2.750% Export-Import Bank of Korea 25/01/2022 199,810 0.13 750,000 6.625% Croatia Government International Bond 14/07/2020 825,795 0.52 500,000 5.000% Export-Import Bank of Korea 11/04/2022 546,125 0.35 800,000 6.375% Croatia Government International Bond 24/03/2021 887,376 0.56 200,000 2.875% Export-Import Bank of Malaysia 14/12/2017 200,261 0.13 900,000 7.500% Dominican Republic International Bond 06/05/2021 1,001,250 0.63
50 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR BofA Merrill Lynch 0-5 Year Emerging Markets USD Government Bond UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 98.38% (March 2017: 97.19%) Transferable Securities - 98.38% (March 2017: 97.19%) (continued) (continued) Government Bonds - 87.65% (March 2017: 84.32%) (continued) Government Bonds - 87.65% (March 2017: 84.32%) (continued) United States Dollar - 87.65% (continued) United States Dollar - 87.65% (continued) 400,000 2.480% Export-Import Bank of Malaysia 200,000 1.875% Korea Expressway 22/10/2017 200,100 0.13 20/10/2021 398,134 0.25 900,000 7.125% Korea International Bond 16/04/2019 967,860 0.61 200,000 6.875% Georgia Government International 2,700,000 2.894% KSA Sukuk 20/04/2022 2,712,150 1.72 Bond 12/04/2021 223,440 0.14 2,050,000 2.750% Kuwait International Government 400,000 5.750% Guatemala Government Bond Bond 20/03/2022 2,072,448 1.31 06/06/2022 434,000 0.27 500,000 5.150% Lebanon Government International 800,000 2.803% Hazine Mustesarligi Varlik Kiralama Bond 12/06/2018 501,571 0.32 AS 26/03/2018 800,352 0.51 700,000 5.150% Lebanon Government International 800,000 4.557% Hazine Mustesarligi Varlik Kiralama Bond 12/11/2018 702,688 0.45 AS 10/10/2018 813,864 0.52 350,000 5.500% Lebanon Government International 600,000 4.251% Hazine Mustesarligi Varlik Kiralama Bond 23/04/2019 351,971 0.22 AS 08/06/2021 609,498 0.39 450,000 6.000% Lebanon Government International 200,000 8.750% Honduras Government International Bond 20/05/2019 455,625 0.29 Bond 16/12/2020 227,918 0.14 900,000 5.450% Lebanon Government International 600,000 2.005% Hong Kong Sukuk 2014 18/09/2019 598,314 0.38 Bond 28/11/2019 902,520 0.57 600,000 1.894% Hong Kong Sukuk 2015 03/06/2020 596,040 0.38 830,000 6.375% Lebanon Government International 370,000 4.125% Hungary Government International Bond 09/03/2020 846,497 0.54 Bond 19/02/2018 373,330 0.24 400,000 5.800% Lebanon Government International 400,000 4.000% Hungary Government International Bond 14/04/2020 400,627 0.25 Bond 25/03/2019 412,144 0.26 350,000 6.150% Lebanon Government International 1,300,000 6.250% Hungary Government International Bond 19/06/2020 352,893 0.22 Bond 29/01/2020 1,417,000 0.90 1,300,000 8.250% Lebanon Government International 1,850,000 6.375% Hungary Government International Bond 12/04/2021 1,401,920 0.88 Bond 29/03/2021 2,085,875 1.32 400,000 5.500% Magyar Export-Import Bank 1,200,000 6.875% Indonesia Government International 12/02/2018 405,000 0.26 Bond 17/01/2018 1,217,388 0.77 200,000 4.000% Magyar Export-Import Bank 1,100,000 11.625% Indonesia Government International 30/01/2020 206,174 0.13 Bond 04/03/2019 1,249,380 0.79 830,000 8.125% Mexico Government International 1,450,000 5.875% Indonesia Government International Bond 30/12/2019 956,575 0.60 Bond 13/03/2020 1,576,904 1.00 1,100,000 5.125% Mexico Government International 1,400,000 4.875% Indonesia Government International Bond 15/01/2020 1,180,850 0.75 Bond 05/05/2021 1,508,878 0.95 650,000 3.500% Mexico Government International 400,000 3.700% Indonesia Government International Bond 21/01/2021 680,550 0.43 Bond 08/01/2022 415,076 0.26 1,550,000 3.625% Mexico Government International 1,300,000 3.750% Indonesia Government International Bond 15/03/2022 1,624,400 1.03 Bond 25/04/2022 1,348,919 0.85 400,000 6.250% MFB Magyar Fejlesztesi Bank Zrt 900,000 5.125% Israel Government International Bond 21/10/2020 441,404 0.28 26/03/2019 943,650 0.60 400,000 4.125% Mongolia Government International 850,000 4.000% Israel Government International Bond 05/01/2018 401,480 0.25 Bond 30/06/2022 912,687 0.58 200,000 10.875% Mongolia Government International 400,000 5.875% Kenya Government International Bond 06/04/2021 232,052 0.15 Bond 24/06/2019 411,032 0.26 200,000 3.375% Nacional Financiera SNC 05/11/2020 207,250 0.13 400,000 1.500% Korea Development Bank 22/01/2018 399,356 0.25 200,000 5.500% Namibia International Bonds 200,000 2.875% Korea Development Bank 03/11/2021 213,622 0.13 22/08/2018 201,408 0.13 400,000 5.125% Nigeria Government International 500,000 3.000% Korea Development Bank Bond 12/07/2018 404,996 0.26 17/03/2019 505,150 0.32 200,000 6.750% Nigeria Government International 500,000 2.500% Korea Development Bank Bond 28/01/2021 212,514 0.13 11/03/2020 499,305 0.32 1,000,000 3.625% Oman Government International 300,000 2.250% Korea Development Bank Bond 15/06/2021 1,005,050 0.64 18/05/2020 297,651 0.19 600,000 3.875% Oman Government International 400,000 2.500% Korea Development Bank 13/01/2021 397,676 0.25 Bond 08/03/2022 605,100 0.38 400,000 4.625% Korea Development Bank 16/11/2021 429,076 0.27 800,000 7.250% Pakistan Government International 400,000 2.625% Korea Development Bank Bond 15/04/2019 836,592 0.53 27/02/2022 397,036 0.25 750,000 5.200% Panama Government International Bond 30/01/2020 804,750 0.51
51 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR BofA Merrill Lynch 0-5 Year Emerging Markets USD Government Bond UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 98.38% (March 2017: 97.19%) Transferable Securities - 98.38% (March 2017: 97.19%) (continued) (continued) Government Bonds - 87.65% (March 2017: 84.32%) (continued) Government Bonds - 87.65% (March 2017: 84.32%) (continued) United States Dollar - 87.65% (continued) United States Dollar - 87.65% (continued) 400,000 4.000% Perusahaan Penerbit SBSN Indonesia 200,000 6.750% Second Pakistan International Sukuk II 21/11/2018 408,640 0.26 03/12/2019 209,282 0.13 1,000,000 6.125% Perusahaan Penerbit SBSN Indonesia 400,000 8.750% Senegal Government International III 15/03/2019 1,056,300 0.67 Bond 13/05/2021 461,420 0.29 400,000 3.400% Perusahaan Penerbit SBSN Indonesia 500,000 5.250% Serbia International Bond 21/11/2017 501,910 0.32 III 29/03/2021 408,000 0.26 600,000 5.875% Serbia International Bond 600,000 3.400% Perusahaan Penerbit SBSN Indonesia 03/12/2018 622,266 0.39 III 29/03/2022 612,000 0.39 900,000 4.875% Serbia International Bond 325,000 9.875% Philippine Government International 25/02/2020 940,662 0.59 Bond 15/01/2019 359,613 0.23 1,200,000 7.250% Serbia International Bond 600,000 8.375% Philippine Government International 28/09/2021 1,385,400 0.88 Bond 17/06/2019 667,182 0.42 400,000 3.839% Sharjah Sukuk 2 27/01/2021 413,000 0.26 500,000 6.500% Philippine Government International 600,000 6.000% Sri Lanka Government International Bond 20/01/2020 551,880 0.35 Bond 14/01/2019 618,786 0.39 1,200,000 4.000% Philippine Government International 200,000 5.125% Sri Lanka Government International Bond 15/01/2021 1,272,720 0.80 Bond 11/04/2019 204,534 0.13 700,000 6.550% Qatar Government International 600,000 6.250% Sri Lanka Government International Bond 09/04/2019 745,850 0.47 Bond 04/10/2020 639,162 0.40 1,500,000 5.250% Qatar Government International 600,000 6.250% Sri Lanka Government International Bond 20/01/2020 1,590,510 1.01 Bond 27/07/2021 645,084 0.41 2,050,000 2.375% Qatar Government International Bond 400,000 5.750% Sri Lanka Government International 02/06/2021 2,019,311 1.28 Bond 18/01/2022 422,556 0.27 1,100,000 4.500% Qatar Government International 500,000 5.875% Sri Lanka Government International Bond 20/01/2022 1,167,848 0.74 Bond 25/07/2022 532,535 0.34 200,000 3.297% RAK Capital 21/10/2018 202,126 0.13 800,000 5.500% Third Pakistan International Sukuk 250,000 7.000% Republic of Angola Via Northern 13/10/2021 820,768 0.52 Lights III 17/08/2019 257,760 0.16 1,300,000 6.750% Turkey Government International 200,000 6.000% Republic of Armenia International Bond 03/04/2018 1,327,430 0.84 Bond 30/09/2020 211,200 0.13 900,000 7.000% Turkey Government International 500,000 8.950% Republic of Belarus International Bond 11/03/2019 953,487 0.60 Bond 26/01/2018 509,000 0.32 800,000 7.500% Turkey Government International 1,750,000 6.375% Republic of Poland Government Bond 07/11/2019 871,600 0.55 International Bond 15/07/2019 1,889,790 1.20 1,300,000 7.000% Turkey Government International 1,100,000 5.125% Republic of Poland Government Bond 05/06/2020 1,419,470 0.90 International Bond 21/04/2021 1,205,875 0.76 1,200,000 5.625% Turkey Government International 1,800,000 5.000% Republic of Poland Government Bond 30/03/2021 1,275,972 0.81 International Bond 23/03/2022 1,989,162 1.26 700,000 5.125% Turkey Government International 1,000,000 6.875% Republic of South Africa Government Bond 25/03/2022 732,949 0.46 International Bond 27/05/2019 1,071,300 0.68 1,000,000 7.750% Ukraine Government International 1,000,000 5.500% Republic of South Africa Government Bond 01/09/2019 1,053,750 0.67 International Bond 09/03/2020 1,063,520 0.67 900,000 7.750% Ukraine Government International 600,000 5.875% Republic of South Africa Government Bond 01/09/2020 954,000 0.60 International Bond 30/05/2022 658,758 0.42 900,000 7.750% Ukraine Government International 1,400,000 6.750% Romanian Government International Bond 01/09/2021 955,224 0.60 Bond 07/02/2022 1,618,764 1.02 500,000 6.750% Vietnam Government International 2,175,000 11.000% Russian Foreign Bond - Eurobond Bond 29/01/2020 545,945 0.35 24/07/2018 2,331,665 1.47 500,000 4.646% Wakala Global Sukuk 06/07/2021 538,735 0.34 800,000 3.500% Russian Foreign Bond - Eurobond 200,000 3.903% ZAR Sovereign Capital Fund 16/01/2019 811,744 0.51 24/06/2020 204,000 0.13 2,100,000 5.000% Russian Foreign Bond - Eurobond 29/04/2020 2,226,000 1.41 Total Government Bonds 138,550,900 87.65 1,200,000 4.500% Russian Foreign Bond - Eurobond Corporate Bonds - 10.73% (March 2017: 12.87%) 04/04/2022 1,281,000 0.81 United States Dollar - 10.73% 3,300,000 2.375% Saudi Government International Bond 26/10/2021 3,255,450 2.06 200,000 2.000% Amber Circle Funding 04/12/2017 199,850 0.13 200,000 2.850% Avi Funding 16/09/2020 200,218 0.13
52 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR BofA Merrill Lynch 0-5 Year Emerging Markets USD Government Bond UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of Fair Value %of Fair Value Net USD Fund Holding Investment USD Assets Total value of investments 155,509,811 98.38 Transferable Securities - 98.38% (March 2017: 97.19%) Cash at bank* (March 2017: 1.56%) 698,037 0.44 (continued) Cash at broker (March 2017: 0.01%) - 0.00 Corporate Bonds - 10.73% (March 2017: 12.87%) (continued) Other net assets (March United States Dollar - 10.73% (continued) 2017: 1.24%) 1,864,153 1.18 400,000 5.250% Banco de Costa Rica 12/08/2018 406,240 0.26 Net assets attributable to holders of 300,000 2.000% Banco del Estado de Chile 09/11/2017 300,024 0.19 redeemable participating shares 158,072,001 100.00 350,000 4.125% Banco del Estado de Chile 07/10/2020 369,030 0.23 *All cash holdings are held at State Street Bank and Trust Company. 450,000 3.875% Banco del Estado de Chile 08/02/2022 475,988 0.30 All of the above securities are traded on a recognised stock exchange or 400,000 3.800% Banco Nacional de Comercio Exterior traded on a regulated market unless otherwise stated. SNC/Cayman Islands 11/08/2026 400,500 0.25 400,000 4.875% Banco Nacional de Costa Rica %of 01/11/2018 405,828 0.26 Total 200,000 5.875% Banco Nacional de Costa Rica Analysis of Total Assets Assets 25/04/2021 207,696 0.13 Transferable securities admitted to an official exchange 400,000 4.750% Century Master Investment listing 89.08 19/09/2018 408,122 0.26 Transferable securities dealt in on another regulated 600,000 3.750% Charming Light Investments market 9.27 03/09/2019 609,973 0.39 Other assets 1.65 400,000 2.375% Charming Light Investments 30/08/2021 388,643 0.25 Total Assets 100.00 650,000 2.625% China Development Bank 24/01/2022 648,619 0.41 200,000 2.125% Doosan Heavy Industries & Construction 27/04/2020 196,662 0.12 850,000 2.000% Export-Import Bank of China 26/04/2021 834,403 0.53 200,000 3.917% Indian Railway FinanceLtd 26/02/2019 204,100 0.13 400,000 2.000% Industrial Bank of Korea 23/04/2020 394,408 0.25 1,000,000 5.000% IPIC GMTN 15/11/2020 1,079,500 0.68 900,000 5.500% IPIC GMTN 01/03/2022 1,003,410 0.63 400,000 1.375% Korea Development Bank 12/09/2019 392,804 0.25 250,000 7.625% MDC-GMTN 06/05/2019 272,225 0.17 400,000 5.500% MDC-GMTN 20/04/2021 440,120 0.28 500,000 3.250% MDC-GMTN 28/04/2022 511,820 0.32 400,000 4.000% Mumtalakat Sukuk Holding 25/11/2021 387,940 0.25 600,000 7.250% Power Sector Assets & Liabilities Management 27/05/2019 646,680 0.41 1,500,000 5.000% Qatari Diar Finance 21/07/2020 1,585,230 1.00 1,000,000 4.300% Temasek Financial I 25/10/2019 1,046,060 0.66 400,000 9.375% Trade & Development Bank of Mongolia 19/05/2020 431,476 0.27 300,000 5.450% Vnesheconombank Via VEB Finance 22/11/2017 301,242 0.19 450,000 4.224% Vnesheconombank Via VEB Finance 21/11/2018 455,400 0.29 925,000 6.902% Vnesheconombank Via VEB Finance 09/07/2020 1,000,240 0.63 700,000 6.025% Vnesheconombank Via VEB Finance 05/07/2022 754,460 0.48 Total Corporate Bonds 16,958,911 10.73
Total Transferable Securities 155,509,811 98.38
53 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR BofA Merrill Lynch 0-5 Year Emerging Markets USD Government Bond UCITS ETF
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Purchases Cost USD
2.894% KSA Sukuk 20/04/2022 3,100,152 5.000% Republic of Poland Government International Bond 23/03/2022 2,200,616 2.750% Kuwait International Government Bond 20/03/2022 2,055,000 10.750% Ecuador Government International Bond 28/03/2022 1,710,750 3.625% Mexico Government International Bond 15/03/2022 1,701,472 3.750% Indonesia Government International Bond 25/04/2022 1,542,852 4.500% Russian Foreign Bond - Eurobond 04/04/2022 1,499,960 5.500% IPIC GMTN 01/03/2022 1,225,257 7.750% Ukraine Government International Bond 01/09/2019 1,041,600 6.125% Bahrain Government International Bond 05/07/2022 950,310 7.750% Ukraine Government International Bond 01/09/2021 944,495 7.750% Ukraine Government International Bond 01/09/2020 939,960 4.000% Israel Government International Bond 30/06/2022 912,305 4.875% Brazilian Government International Bond 22/01/2021 793,350 5.000% Export-Import Bank of Korea 11/04/2022 772,667 6.750% Croatia Government International Bond 05/11/2021 762,583 6.025% Vnesheconombank Via VEB Finance 05/07/2022 750,050 2.125% Abu Dhabi Government International Bond 03/05/2021 744,958 5.125% Turkey Government International Bond 25/03/2022 715,632 5.875% Indonesia Government International Bond 13/03/2020 710,500 Portfolio Sales Proceeds USD
5.950% Mexico Government International Bond 19/03/2019 981,890 4.250% Caixa Economica Federal 13/05/2019 915,600 6.750% Croatia Government International Bond 05/11/2019 817,120 4.500% Caixa Economica Federal 03/10/2018 815,600 2.375% Caixa Economica Federal 06/11/2017 800,030 3.500% Korea Development Bank 22/08/2017 701,294 3.000% Korea Development Bank 17/03/2019 610,528 5.000% Russian Foreign Bond - Eurobond 29/04/2020 532,448 4.875% Brazilian Government International Bond 22/01/2021 525,660 5.125% Republic of Poland Government International Bond 21/04/2021 523,869 7.375% El Salvador Government International Bond 01/12/2019 502,625 5.000% Lebanon Government International Bond 12/10/2017 453,465 5.500% Namibia International Bonds 03/11/2021 431,422 7.000% Turkey Government International Bond 11/03/2019 426,666 3.250% Corp Financiera de Desarrollo 15/07/2019 407,700 2.894% KSA Sukuk 20/04/2022 400,620 2.375% Qatar Government International Bond 02/06/2021 392,442 5.125% Mexico Government International Bond 15/01/2020 379,400 6.625% Croatia Government International Bond 14/07/2020 330,596 6.875% Argentine Republic Government International Bond 22/04/2021 324,750
A copy of the list of changes in the portfolio during the financial period may be obtained free of charge from the Administrator.
54 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR EURO STOXX Low Volatility UCITS ETF Statement of Financial Position as at 30 September 2017
30 September 2017 31 March 2017 EUR EUR
Current assets Financial assets at fair value through profit or loss: Transferable securities 96,084,087 90,755,859 96,084,087 90,755,859
Cash and cash equivalents 59,522 195,421 Debtors: Dividends receivable 208,734 216,303 Total current assets 96,352,343 91,167,583
Current liabilities Creditors - Amounts falling due within one financial year: Accrued expenses (22,610) (23,274) Total current liabilities (22,610) (23,274)
Net assets attributable to holders of redeemable participating shares 96,329,733 91,144,309
30 September 31 March 30 September 2017 2017 2016 Net asset value per share (please refer to note 4 for numbers of shares in issue) EUR 37.05 EUR 35.06 EUR 32.70
The accompanying notes form an integral part of these financial statements.
55 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR EURO STOXX Low Volatility UCITS ETF Statement of Comprehensive Income for the financial period ended 30 September 2017
30 September 2017 30 September 2016 Notes EUR EUR
Dividend income 2,067,787 2,252,018 Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 3,201,098 2,774,157 Miscellaneous income 422 - Total investment income 5,269,307 5,026,175
Operating expenses 3 (139,958) (144,729) Net profit for the financial period 5,129,349 4,881,446
Finance costs Interest expense (1,142) (2,070) Profit for the financial period before tax 5,128,207 4,879,376 Witholding tax on investment income 2 (150,520) (175,515) Increase in net assets attributable to holders of redeemable participating shares resulting from operations 4,977,687 4,703,861
Gains and losses arose solely from continuing operations. There were no 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.
56 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR EURO STOXX Low Volatility UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial period ended 30 September 2017
30 September 2017 30 September 2016 EUR EUR
Net assets attributable to holders of redeemable shares at the beginning of the financial period 91,144,309 53,464,787
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 4,977,687 4,703,861
Share transactions Proceeds from redeemable participating shares issued 3,742,190 85,613,502 Costs of redeemable participating shares redeemed (3,534,453) (19,505,208) Increase in net assets from share transactions 207,737 66,108,294
Total increase in net assets attributable to holders of redeemable participating shares 5,185,424 70,812,155
Net assets attributable to holders of redeemable participating shares at the end of the financial period 96,329,733 124,276,942
The accompanying notes form an integral part of these financial statements.
57 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR EURO STOXX Low Volatility UCITS ETF Statement of Cash Flows for the financial period ended 30 September 2017
30 September 2017 30 September 2016 EUR EUR
Cash from/(used in):
Operating activities Increase in net assets attributable to holders of redeemable participating shares 4,977,687 4,703,861
Adjustment for: Interest expense 1,142 2,070 Dividend income (2,067,787) (2,252,018) Taxation on income 150,520 175,515
Total 3,061,562 2,629,428
Net movement in financial assets and financial liabilities at fair value through profit or loss (3,188,924) (2,632,490) Payments for purchases of investments (41,350,998) (103,855,633) Proceeds from sale of investments 39,211,694 52,701,100 Movement in payables (664) 15,291
Cash used in operations (2,267,330) (51,142,304)
Interest paid (1,142) (2,070) Dividends received 2,075,356 2,150,942 Taxation paid (150,520) (175,515) Net cash used in operations (343,636) (49,168,947)
Financing activities Proceeds from redeemable participating shares issued 3,742,190 85,613,502 Payments for redeemable participating shares redeemed (3,534,453) (19,505,208) Net cash generated from financing activities 207,737 66,108,294
Net (decrease)/increase in cash and cash equivalents (135,899) 16,939,347
Cash and cash equivalents at the beginning of the financial period 195,421 (36,603)
Cash and cash equivalents at the end of the financial period 59,522 16,902,744
The accompanying notes form an integral part of these financial statements.
58 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR EURO STOXX Low Volatility UCITS ETF Schedule of Investments as at 30 September 2017
%of %of Fair Value Net Fair Value Net Holding Investment EUR Assets Holding Investment EUR Assets Transferable Securities - 99.74%(March 2017: 99.57%) Transferable Securities - 99.74%(March 2017: 99.57%) Common Stock - 90.70%(March 2017:91.23%) (continued) Euro - 90.70% Common Stock - 90.70%(March 2017:91.23%) (continued) 11,482 Beiersdorf 1,045,206 1.08 Euro - 90.70% (continued) 26,477 Aalberts Industries 1,083,042 1.12 13,430 Heineken Holding 1,067,685 1.11 59,433 Abertis Infraestructuras 1,016,304 1.05 1,942 Hermes International 828,360 0.86 6,811 Ackermans & van Haaren 1,010,412 1.05 5,722 Hochtief 816,815 0.85 5,411 Aena 826,530 0.86 141,702 Iberdrola 931,266 0.97 6,309 Aeroports de Paris 863,071 0.90 3,711 Iliad 834,418 0.87 8,833 Air Liquide 996,804 1.03 10,842 Imerys 828,871 0.86 5,492 Allianz 1,043,205 1.08 30,468 Industria de Diseno Textil 971,472 1.01 16,653 Amadeus IT Group 915,748 0.95 19,106 Kesko 866,839 0.90 8,193 Anheuser-Busch InBev 829,951 0.86 18,871 Kone 845,421 0.88 8,628 Arkema 895,155 0.93 13,284 Koninklijke DSM 920,050 0.95 6,660 Atos 874,125 0.91 25,345 Koninklijke Philips 885,301 0.92 17,615 Axel Springer 957,728 0.99 16,735 Legrand 1,022,174 1.06 112,684 Bankinter 901,923 0.94 5,499 L'Oreal 989,270 1.03 11,300 BASF 1,017,452 1.06 3,921 LVMH Moet Hennessy Louis Vuitton 915,357 0.95 7,253 Bayer 836,271 0.87 25,049 MAN 2,391,929 2.48 10,105 Bayerische Motoren Werke (voting) 867,312 0.90 8,967 Merck 843,974 0.88 29,140 Bolsas y Mercados Espanoles 850,888 0.88 134,136 Metro 2,399,022 2.49 37,063 bpost 932,134 0.97 7,081 MTU Aero Engines 955,581 0.99 42,748 Bureau Veritas 933,403 0.97 5,918 Muenchener Rueckversicherungs 1,070,566 1.11 31,683 Buwog 803,481 0.83 66,953 Orange 927,969 0.96 3,071 Christian Dior 832,087 0.86 9,203 Orpea 922,141 0.96 17,046 Cie de Saint-Gobain 859,459 0.89 9,032 Pernod Ricard 1,057,196 1.10 8,009 Cie Generale des Etablissements Michelin 989,111 1.03 31,084 Proximus 906,254 0.94 24,449 Cie Plastic Omnium 884,932 0.92 46,202 Red Electrica 821,472 0.85 4,072 Continental 874,462 0.91 60,251 RELX (Netherlands listed) 1,085,120 1.13 14,719 Daimler 993,091 1.03 56,328 Repsol 878,154 0.91 13,713 Danone 910,132 0.94 13,788 RTL Group 882,984 0.92 668 Dassault Aviation 914,125 0.95 10,639 Safran 919,635 0.95 10,249 Dassault Systemes 877,212 0.91 22,512 Sampo 1,006,737 1.04 9,030 Deutsche Boerse 828,141 0.86 10,709 Sanofi 899,663 0.93 30,356 Deutsche EuroShop 963,196 1.00 11,808 SAP 1,094,483 1.14 27,570 Deutsche Post 1,038,424 1.08 24,146 SCOR 856,579 0.89 65,550 Deutsche Telekom 1,034,707 1.07 5,622 SEB 872,534 0.90 9,375 Eiffage 821,250 0.85 8,912 Sodexo 940,216 0.98 25,548 Elisa 930,458 0.97 7,465 Solvay 943,576 0.98 36,277 Enagas 864,300 0.90 12,938 Symrise 831,525 0.86 43,892 Endesa 837,240 0.87 16,747 Telenet Group Holding 937,497 0.97 15,012 Eurazeo 1,135,358 1.18 11,027 Thales 1,056,166 1.10 1,790 Eurofins Scientific 956,934 0.99 20,194 Total 917,716 0.95 28,607 Evonik Industries 864,504 0.90 10,268 Vinci 825,547 0.86 43,241 Ferrovial 805,364 0.84 23,319 Vonovia 839,484 0.87 36,020 Freenet 1,019,006 1.06 7,234 Wendel 991,420 1.03 42,516 Gas Natural 796,325 0.83 23,655 Wolters Kluwer 924,792 0.96 13,813 Gerresheimer 904,613 0.94 Total Common Stock 87,375,376 90.70 14,451 Groupe Bruxelles Lambert 1,286,139 1.33 9,144 Hannover Rueck 932,231 0.97 11,945 Heineken 999,199 1.04
59 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR EURO STOXX Low Volatility UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of Fair Value Net Holding Investment EUR Assets Transferable Securities - 99.74%(March 2017: 99.57%) (continued) Real Estate Investment Trust - 7.00%(March 2017:6.27%) Euro - 7.00% 10,468 Cofinimmo 1,137,348 1.18 11,930 Fonciere Des Regions 1,048,528 1.09 6,624 Gecina 908,813 0.94 13,201 ICADE 996,279 1.04 25,437 Klepierre 844,763 0.88 80,856 Merlin Properties Socimi 947,632 0.98 4,186 Unibail-Rodamco 861,270 0.89 Total Real Estate Investment Trust 6,744,633 7.00 Preferred Stock - 2.04%(March 2017:2.07%) Euro - 2.04% 19,381 Fuchs Petrolub 970,794 1.01 8,626 Henkel & Co 993,284 1.03 Total Preferred Stock 1,964,078 2.04
Total Transferable Securities 96,084,087 99.74
Fair Value %of EUR Fund Total value of investments 96,084,087 99.74 Cash at bank*(March 2017: 0.22%) 59,522 0.07 Other net assets (March 2017: 0.21%) 186,124 0.19 Net assets attributable to holders of redeemable participating shares 96,329,733 100.00
*All cash holdings are held at State Street Bank and Trust Company.
All of the above securities are traded on a recognised stock exchange or traded on a regulated market unless otherwise stated.
%of Total Analysis of Total Assets Assets Transferable securities admitted to an official exchange listing 99.72 Other assets 0.28
Total Assets 100.00
60 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR EURO STOXX Low Volatility UCITS ETF
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Purchases Cost EUR
METRO 2,252,844 Allianz 1,025,779 Ackermans & van Haaren 1,012,750 Orange 980,064 Daimler 975,353 HOCHTIEF 967,695 Merlin Properties Socimi 956,742 Kone 934,410 Fraport Frankfurt Airport Services Worldwide 928,205 Bayer 917,522 TOTAL 907,946 Safran 907,231 Eurofins Scientific 898,156 Deutsche Boerse 897,815 SEB 891,574 Bankinter 884,092 BioMerieux 878,579 Fresenius & Co 872,143 Christian Dior 867,885 Atos 860,909 Cie Plastic Omnium 860,560 Gas Natural 858,014 Bayerische Motoren Werke 857,400 Repsol 846,237 Evonik Industries 843,095 Continental 842,890 Cie de Saint-Gobain 839,914 Arkema 838,749 Iliad 833,945 SCOR 833,059 Ferrovial 824,359 Portfolio Sales Proceeds EUR
Innogy 1,227,782 TechnipFMC 1,183,032 Italgas 1,129,599 Uniper 1,088,744 Elior Group 1,075,159 ASML Holding 1,045,238 Umicore 1,044,427 Deutsche Boerse 1,044,162 Grifols 1,005,622 Fraport Frankfurt Airport Services Worldwide 988,534
61 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR EURO STOXX Low Volatility UCITS ETF (continued)
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Sales (continued) Proceeds EUR
LEG Immobilien 969,294 Teleperformance 968,434 Terna Rete Elettrica Nazionale 927,709 Gas Natural 925,805 BioMerieux 909,431 Societe BIC 894,557 Colruyt 886,693 Fresenius Medical Care & Co 886,247 Atlantia 882,687 Akzo Nobel 881,833 IMCD Group 869,825 Kerry Group 866,398 ANDRITZ 863,627 Viscofan 847,795 Jeronimo Martins 836,237 Publicis Groupe 796,547 Siemens 778,662 Koninklijke Ahold Delhaize 772,985 Fresenius & Co 768,138 Orion 720,567 Aeroports de Paris 419,357 Hermes International 417,046
A copy of the list of changes in the portfolio during the financial period may be obtained free of charge from the Administrator.
62 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF Statement of Financial Position as at 30 September 2017
30 September 2017 31 March 2017 USD USD
Current assets Financial assets at fair value through profit or loss: Transferable securities 86,969,570 67,444,506 Financial derivative instruments 1,303 257 86,970,873 67,444,763
Cash and cash equivalents 829,831 737,330 Cash held as collateral with broker 64,202 28,521 Debtors: Dividends receivable 84,074 78,759 Interest receivable 475,655 400,715 Receivable for investments sold 1,099,584 21,722 Total current assets 89,524,219 68,711,810
Current liabilities Financial liabilities at fair value through profit or loss: Financial derivative instruments (2,034) (470) Creditors - Amounts falling due within one financial year: Accrued expenses (28,251) (22,811) Payable for investment purchased (1,099,309) (24,321) Total current liabilities (1,129,594) (47,602)
Net assets attributable to holders of redeemable participating shares 88,394,625 68,664,208
30 September 31 March 30 September 2017 2017 2016 Net asset value per share (please refer to note 4 for numbers of shares in issue) USD 31.97 USD 30.04 USD 30.38
The accompanying notes form an integral part of these financial statements.
63 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF Statement of Comprehensive Income for the financial period ended 30 September 2017
30 September 2017 30 September 2016 Notes USD USD
Dividend income 697,559 457,712 Interest income 534,280 376,933 Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 4,363,830 2,071,203 Miscellaneous income - 127 Total investment income 5,595,669 2,905,975
Operating expenses 3 (153,910) (107,670) Net profit for the financial period 5,441,759 2,798,305
Finance costs Interest expense - (241) Distributions to holders of redeemable participating shares 6 (685,700) (508,833) Profit for the financial period before tax 4,756,059 2,289,231 Capital gains tax 2 (943) (15) Witholding tax on investment income 2 (78,194) (52,703) Increase in net assets attributable to holders of redeemable participating shares resulting from operations 4,676,922 2,236,513
Gains and losses arose solely from continuing operations. There were no 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.
64 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial period ended 30 September 2017
30 September 2017 30 September 2016 USD USD
Net assets attributable to holders of redeemable shares at the beginning of the financial period 68,664,208 48,566,538
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 4,676,922 2,236,513
Share transactions Proceeds from redeemable participating shares issued 15,053,495 6,818,893 Costs of redeemable participating shares redeemed - - Increase in net assets from share transactions 15,053,495 6,818,893
Total increase in net assets attributable to holders of redeemable participating shares 19,730,417 9,055,406
Net assets attributable to holders of redeemable participating shares at the end of the financial period 88,394,625 57,621,944
The accompanying notes form an integral part of these financial statements.
65 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF Statement of Cash Flows for the financial period ended 30 September 2017
30 September 2017 30 September 2016 USD USD
Cash from/(used in):
Operating activities Increase in net assets attributable to holders of redeemable participating shares 4,676,922 2,236,513
Adjustment for: Interest income (534,280) (376,933) Interest expense - 241 Dividend income (697,559) (457,712) Distributions to holders of redeemable participating shares 685,700 508,833 Taxation on income 79,137 52,718
Total 4,209,920 1,963,660
Net movement in financial assets and financial liabilities at fair value through profit or loss (4,149,767) (1,941,784) Payments for purchases of investments (20,596,273) (10,977,404) Proceeds from sale of investments 5,218,620 3,805,816 Cash paid to broker as collateral (35,681) 2,318 Movement in payables 5,440 2,874
Cash used in operations (15,347,741) (7,144,520)
Interest paid - 334,847 Interest received 459,340 (241) Dividends received 692,244 449,507 Taxation paid (79,137) (52,718) Net cash used in operations (14,275,294) (6,413,125)
Financing activities Distributions paid to holders of redeemable participating shares (685,700) (508,833.0) Proceeds from redeemable participating shares issued 15,053,495 6,818,893 Net cash generated from financing activities 14,367,795 6,310,060
Net increase/(decrease) in cash and cash equivalents 92,501 (103,065)
Cash and cash equivalents at the beginning of the financial period 737,330 499,590
Cash and cash equivalents at the end of the financial period 829,831 396,525
The accompanying notes form an integral part of these financial statements.
66 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF Schedule of Investments as at 30 September 2017
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 98.39%(March 2017: 98.22%) Transferable Securities - 98.39%(March 2017: 98.22%) Common Stock - 47.31% (March 2017: 48.26%) (continued) Australian Dollar - 1.14% Common Stock - 47.31% (March 2017: 48.26%) (continued) 14,085 APA Group 92,282 0.10 Canadian Dollar - 4.73% (continued) 28,572 Aurizon Holdings 109,853 0.12 12,200 TransCanada 601,586 0.68 25,293 AusNet Services 33,540 0.04 393 Valener 6,932 0.01 1,701 CIMIC Group 59,007 0.07 3,723 Veresen 55,727 0.06 32,981 Cleanaway Waste Management 35,583 0.04 3,741 Waste Connections 261,016 0.30 19,463 Healthscope 25,504 0.03 397 Westshore Terminals Investment 7,615 0.01 9,241 Macquarie Atlas Roads Group 39,373 0.04 4,177,776 4.73 13,284 Qube Holdings 25,745 0.03 Chilean Peso - 0.19% 1,757 Ramsay Health Care 85,861 0.10 27,966 Aguas Andinas 17,819 0.02 3,007 Regis Healthcare 8,211 0.01 4,205 Banmedica 13,494 0.01 28,897 Spark Infrastructure Group 57,139 0.07 454,690 Enel Americas 93,232 0.11 30,087 Sydney Airport 167,851 0.19 213,158 Enel Chile 26,027 0.03 28,744 Transurban Group 267,941 0.30 5,163 Engie Energia Chile 11,138 0.01 1,007,890 1.14 4,305 Inversiones Aguas Metropolitanas 7,644 0.01 Brazilian Real - 0.67% 169,354 0.19 17,356 CCR 97,174 0.11 Colombian Peso - 0.06% 3,700 Centrais Eletricas Brasileiras 23,114 0.03 12,778 Celsia ESP 20,385 0.02 4,600 Cia de Saneamento Basico do Estado de Sao 20,789 Empresa de Energia de Bogota ESP 14,158 0.02 Paulo 48,397 0.06 3,291 Interconexion Electrica 15,330 0.02 1,100 Cia de Saneamento de Minas Gerais 14,884 0.02 49,873 0.06 1,500 Cia Energetica de Minas Gerais 3,794 0.00 Czech Koruna - 0.05% 7,000 CPFL Energia 60,237 0.07 2,335 CEZ 46,868 0.05 1,800 EcoRodovias Infraestrutura e Logistica 6,493 0.01 46,868 0.05 2,940 EDP - Energias do Brasil 14,072 0.02 Danish Krone - 0.75% 2,500 Energisa 20,249 0.02 92 AP Moller - Maersk 174,798 0.20 3,300 Equatorial Energia 63,900 0.07 49 AP Moller - Maersk (Class A Shares) 90,063 0.10 1,400 Light 8,688 0.01 460 Dfds 26,286 0.03 12,600 Rumo 48,159 0.05 3,051 DONG Energy 174,681 0.20 5,600 Transmissora Alianca de Energia Eletrica 39,391 0.04 2,556 DSV 193,401 0.22 5,900 Ultrapar Participacoes 140,470 0.16 659,229 0.75 589,022 0.67 Euro - 7.26% Canadian Dollar - 4.73% 10,432 Abertis Infraestructuras 210,889 0.24 1,100 Aecon Group 15,454 0.02 450 Acciona 36,202 0.04 2,600 AltaGas 59,748 0.07 3,794 ACS Actividades de Construccion y Servicios 140,636 0.16 10,500 Canadian National Railway 867,941 0.98 1,044 Aena 188,527 0.21 2,000 Canadian Pacific Railway 335,154 0.38 470 Aeroports de Paris 76,011 0.09 2,915 Chartwell Retirement Residences 34,729 0.04 1,072 Ansaldo STS 14,067 0.02 3,100 Emera 117,144 0.13 657 Arcadis 14,163 0.02 22,794 Enbridge 949,925 1.08 484 ASTM 12,559 0.01 1,800 Enbridge Income Fund Holdings 46,258 0.05 6,764 Atlantia 213,584 0.24 1,622 Extendicare 12,100 0.01 14,582 Bollore 72,903 0.08 5,574 Fortis 199,579 0.23 924 Boskalis Westminster 32,306 0.04 1,981 Gibson Energy 28,068 0.03 2,765 Bouygues 131,242 0.15 4,562 Hydro One 82,876 0.10 1,804 bpost 53,637 0.06 5,648 Inter Pipeline 116,740 0.13 335 Cia de Distribucion Integral Logista Holdings 8,057 0.01 5,900 Pembina Pipeline 206,534 0.23 127 Cie d'Entreprises 18,925 0.02 2,600 SNC-Lavalin Group 117,230 0.13 2,006 CTT-Correios de Portugal 12,090 0.01 1,600 Stantec 44,303 0.05 13,100 Deutsche Post 583,311 0.66 1,100 Superior Plus 11,117 0.01 271 Direct Energie 15,327 0.02
67 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 98.39%(March 2017: 98.22%) Transferable Securities - 98.39%(March 2017: 98.22%) (continued) (continued) Common Stock - 47.31% (March 2017: 48.26%) (continued) Common Stock - 47.31% (March 2017: 48.26%) (continued) Euro - 7.26% (continued) Euro - 7.26% (continued) 36,315 EDP - Energias de Portugal 136,737 0.16 18,667 Terna Rete Elettrica Nazionale 109,061 0.12 186 Ei Towers 11,005 0.01 7,457 Veolia Environnement 172,346 0.20 787 Eiffage 81,502 0.09 2,246 Verbund 52,958 0.06 1,444 Elecnor 20,127 0.02 7,232 Vinci 687,393 0.78 5,500 Electricite de France 66,809 0.08 1,648 YIT 13,482 0.02 619 Elia System Operator 35,850 0.04 6,418,724 7.26 3,035 Enagas 85,484 0.10 Hong Kong Dollar - 2.24% 4,413 Enav 20,221 0.02 14,000 Beijing Capital International Airport 20,864 0.02 4,784 Endesa 107,881 0.12 60,000 Beijing Enterprises Water Group 48,318 0.05 109,052 Enel 656,854 0.74 62,000 Brightoil Petroleum Holdings 11,907 0.01 1,230 Euronav 10,113 0.01 68,000 China Communications Construction 84,884 0.10 2,252 Eutelsat Communications 66,718 0.08 88,000 China Energy Engineering 16,111 0.02 1,015 EVN 15,857 0.02 36,000 China Everbright International 45,169 0.05 6,893 Ferrovial 151,773 0.17 34,000 China Gas Holdings 101,860 0.12 328 Flughafen Wien 12,796 0.01 18,636 China Merchants Port Holdings 57,502 0.06 1,100 Fomento de Construcciones y Contratas 11,028 0.01 27,500 China Railway Construction 34,856 0.04 6,563 Fortum 131,046 0.15 48,000 China Railway Group 39,699 0.04 525 Fraport Frankfurt Airport Services Worldwide 49,863 0.06 14,000 China Resources Gas Group 48,754 0.06 4,582 Gas Natural 101,457 0.12 3,500 China Resources Phoenix Healthcare 435 Gaztransport Et Technigaz 23,656 0.03 Holdings 4,365 0.00 7,052 Groupe Eurotunnel 85,036 0.10 28,000 China State Construction International Holdings 40,795 0.05 333 Hamburger Hafen und Logistik 10,491 0.01 12,000 China Water Affairs Group 8,511 0.01 468 Hapag-Lloyd 19,779 0.02 10,500 CK Infrastructure Holdings 90,338 0.10 175 Hochtief 29,533 0.03 27,500 CLP Holdings 281,841 0.32 83,387 Iberdrola 647,868 0.73 71,000 COSCO SHIPPING Development 16,090 0.02 1,680 Innogy 74,786 0.08 26,000 COSCO SHIPPING Energy Transportation 14,414 0.02 1,300 Irish Continental Group 8,691 0.01 43,000 COSCO SHIPPING Holdings 23,067 0.03 6,341 Italgas 35,608 0.04 18,157 COSCO Shipping Ports 20,201 0.02 4,308 Koninklijke BAM Groep 24,640 0.03 16,000 CT Environmental Group 2,294 0.00 935 Koninklijke Vopak 41,014 0.05 11,000 ENN Energy Holdings 79,711 0.09 890 Korian 29,308 0.03 50,000 Guangdong Investment 71,313 0.08 300 Lassila & Tikanoja 6,419 0.01 14,000 Guangshen Railway 8,209 0.01 1,131 Obrascon Huarte Lain 4,086 0.00 27,500 HK Electric Investments & HK Electric 475 Oesterreichische Post 21,934 0.03 Investments 25,068 0.03 733 Orpea 86,829 0.10 118,149 Hong Kong & China Gas 222,058 0.25 4,851 PostNL 20,898 0.02 24,000 Hopewell Highway Infrastructure 14,841 0.02 1,023 Public Power 2,407 0.00 22,000 Jiangsu Expressway 33,687 0.04 6,417 Red Electrica 134,882 0.15 7,000 Kerry Logistics Network 9,679 0.01 6,519 REN - Redes Energeticas Nacionais 21,224 0.02 38,000 Kunlun Energy 37,121 0.04 831 RHOEN-KLINIKUM 27,989 0.03 40,000 Metallurgical of China 13,161 0.01 1,373 Rubis 87,537 0.10 19,835 MTR 115,800 0.13 3,606 Sacyr 9,464 0.01 19,869 NWS Holdings 38,717 0.04 1,762 Salini Impregilo 6,949 0.01 2,500 Orient Overseas International 23,477 0.03 411 SAVE 10,199 0.01 63,000 Pacific Basin Shipping 14,196 0.02 31,849 Snam 153,469 0.17 19,000 Power Assets Holdings 164,563 0.19 782 Societa Iniziative Autostradali e Servizi 12,490 0.01 8,000 Shenzhen Expressway 7,764 0.01 1,028 SPIE 28,292 0.03 10,808 Shenzhen International Holdings 20,313 0.02 6,049 Suez 110,449 0.13 28,000 Sinopec Kantons Holdings 18,856 0.02
68 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 98.39%(March 2017: 98.22%) Transferable Securities - 98.39%(March 2017: 98.22%) (continued) (continued) Common Stock - 47.31% (March 2017: 48.26%) (continued) Common Stock - 47.31% (March 2017: 48.26%) (continued) Hong Kong Dollar - 2.24% (continued) Japanese Yen - 4.19% (continued) 16,000 Sinotrans 8,132 0.01 1,300 Iino Kaiun Kaisha 6,052 0.01 11,000 SITC International Holdings 9,971 0.01 800 Japan Airport Terminal 28,499 0.03 28,000 Tianjin Port Development Holdings 4,445 0.00 1,500 Kamigumi 34,713 0.04 8,198 Towngas China 5,752 0.01 2,000 Kandenko 20,983 0.02 10,000 Yuexiu Transport Infrastructure 7,515 0.01 11,700 Kansai Electric Power 149,622 0.17 14,000 Zhejiang Expressway 17,404 0.02 1,300 Kawasaki Kisen Kaisha 34,185 0.04 1,983,593 2.24 4,000 Keikyu 81,055 0.09 Indian Rupee - 0.62% 1,600 Keio 65,953 0.07 12,653 Adani Ports & Special Economic Zone 72,980 0.08 2,000 Keisei Electric Railway 55,346 0.06 700 Apollo Hospitals Enterprise 10,770 0.01 2,500 Kintetsu Group Holdings 92,946 0.11 7,588 Bharti Infratel 46,281 0.05 400 Kintetsu World Express 6,631 0.01 1,200 CESC 18,129 0.02 600 Konoike Transport 9,136 0.01 1,842 Container Of India 37,975 0.04 6,600 Kyushu Electric Power 70,066 0.08 10,951 GAIL India 70,254 0.08 1,900 Kyushu Railway 56,461 0.06 40,000 GMR Infrastructure 10,043 0.01 2,000 Maeda 24,430 0.03 2,627 Great Eastern Shipping 15,520 0.02 1,000 Maeda Road Construction 21,508 0.02 5,098 Gujarat Pipavav Port 10,427 0.01 1,000 Mitsubishi Logistics 24,866 0.03 6,101 Gujarat State Petronet 18,708 0.02 1,600 Mitsui OSK Lines 48,470 0.06 3,777 IRB Infrastructure Developers 12,308 0.02 3,000 Nagoya Railroad 64,576 0.07 11,450 NCC 14,540 0.02 1,400 Nankai Electric Railway 34,625 0.04 11,470 Petronet LNG 40,598 0.05 1,000 Nikkon Holdings 24,715 0.03 30,724 Power Gridof India 99,246 0.11 500 Nippon Densetsu Kogyo 10,514 0.01 1,300 Reliance Infrastructure 9,255 0.01 2,000 Nippon Yusen KK 41,558 0.05 22,938 Tata Power 27,321 0.03 800 Nishimatsu Construction 23,098 0.03 4,256 Voltas 32,972 0.04 1,200 Nishi-Nippon Railroad 28,858 0.03 547,327 0.62 4,600 Odakyu Electric Railway 87,247 0.10 Indonesian Rupiah - 0.10% 440 Okinawa Electric Power 9,671 0.01 34,104 Jasa Marga Persero 14,179 0.01 6,400 Osaka Gas 118,943 0.13 41,000 Mitra Keluarga Karyasehat 6,179 0.01 4,300 Penta-Ocean Construction 27,122 0.03 46,731 Pembangunan Perumahan Persero 8,015 0.01 300 Saibu Gas 7,516 0.01 217,400 Perusahaan Gas Negara Persero 25,422 0.03 800 Sankyu 33,829 0.04 11,200 Siloam International Hospitals 8,315 0.01 3,800 Senko Group Holdings 27,074 0.03 20,000 Tower Bersama Infrastructure 9,763 0.01 2,300 Shikoku Electric Power 27,032 0.03 82,111 Waskita Karya Persero 10,821 0.01 1,400 Shizuoka Gas 11,082 0.01 53,097 Wijaya Karya Persero 7,057 0.01 1,600 Sotetsu Holdings 38,662 0.04 89,751 0.10 2,000 Sumitomo Warehouse 13,272 0.02 Israeli Shekel - 0.01% 3,200 Tobu Railway 87,843 0.10 3,522 Shikun & Binui 8,624 0.01 1,200 Toho Gas 35,126 0.04 8,624 0.01 7,700 Tohoku Electric Power 97,887 0.11 Japanese Yen - 4.19% 12,700 Tokyo Electric Power Holdings 51,222 0.06 2,800 Central Japan Railway 490,774 0.56 6,000 Tokyo Gas 147,008 0.17 9,300 Chubu Electric Power 115,419 0.13 9,000 Tokyu 127,366 0.14 4,000 Chugoku Electric Power 42,464 0.05 800 Toshiba Plant Systems & Services 13,446 0.02 5,300 East Japan Railway 488,966 0.55 600 Totetsu Kogyo 19,749 0.02 3,300 Hankyu Hanshin Holdings 125,181 0.14 2,800 West Japan Railway 194,569 0.22 400 Hitachi Transport System 9,253 0.01 6,100 Yamato Holdings 123,095 0.14 4,300 Hokkaido Electric Power 30,675 0.03 800 Yokogawa Bridge Holdings 15,515 0.02 2,700 Hokuriku Electric Power 22,643 0.03 3,698,517 4.19
69 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 98.39%(March 2017: 98.22%) Transferable Securities - 98.39%(March 2017: 98.22%) (continued) (continued) Common Stock - 47.31% (March 2017: 48.26%) (continued) Common Stock - 47.31% (March 2017: 48.26%) (continued) Malaysian Ringgit - 0.44% Norwegian Krone - 0.08% 22,400 Gamuda 28,010 0.03 843 BW LPG 3,888 0.01 32,300 IHH Healthcare 43,985 0.05 945 Hoegh LNG Holdings 8,725 0.01 38,200 IJM 29,854 0.04 573 Stolt-Nielsen 8,638 0.01 24,000 KPJ Healthcare 5,911 0.01 1,198 Tomra Systems 17,984 0.02 10,038 Malaysia Airports Holdings 20,207 0.02 1,196 Veidekke 14,987 0.02 20,000 MISC 34,577 0.04 1,383 Wallenius Wilhelmsen Logistics 8,478 0.01 6,600 Petronas Gas 27,979 0.03 122 Wilh Wilhelmsen Holding 3,832 0.00 41,000 Tenaga Nasional 139,045 0.16 66,532 0.08 12,800 Westports Holdings 11,549 0.01 Peruvian Nouveau Sol - 0.01% 75,400 YTL 24,285 0.03 2,540 Luz del Sur 9,331 0.01 61,300 YTL Power International 19,889 0.02 9,331 0.01 385,291 0.44 Philippines Peso - 0.09% Mexican Peso - 0.28% 70,000 DMCI Holdings 21,496 0.02 5,500 Grupo Aeroportuario del Centro Norte 30,557 0.04 4,870 First Philippine Holdings 6,514 0.01 6,200 Grupo Aeroportuario del Pacifico 63,641 0.07 17,430 International Container Terminal Services 35,684 0.04 2,400 Grupo Aeroportuario del Sureste 45,807 0.05 2,110 Manila Electric 11,755 0.01 10,409 Impulsora del Desarrollo y el Empleo en 12,300 Manila Water 7,470 0.01 America Latina 19,489 0.02 82,919 0.09 6,270 Infraestructura Energetica Nova 35,205 0.04 Polish Zloty - 0.11% 2,375 Promotora y Operadora de Infraestructura 25,209 0.03 300 Budimex 18,030 0.02 1,206 Promotora y Operadora de Infraestructura 2,509 Enea 10,190 0.01 (Class L) 9,646 0.01 2,104 Energa 7,737 0.01 22,753 Telesites 17,516 0.02 13,210 PGE Polska Grupa Energetyczna 48,215 0.05 247,070 0.28 13,448 Tauron Polska Energia 13,840 0.02 New Taiwan Dollar - 0.10% 98,012 0.11 2,000 Cleanaway 11,212 0.01 Pound Sterling - 1.67% 24,240 Evergreen MarineTaiwan 13,989 0.02 9,955 Balfour Beatty 35,955 0.04 9,000 Sincere Navigation 6,396 0.01 12,255 BBA Aviation 49,063 0.06 34,000 Taiwan High Speed Rail 26,965 0.03 4,448 Carillion 3,058 0.00 8,000 U-Ming Marine Transport 9,049 0.01 135 Clarkson 5,182 0.01 16,000 Wan Hai Lines 9,761 0.01 435 Go-Ahead Group 9,939 0.01 6,690 Wisdom Marine Lines 6,045 0.01 363 James Fisher & Sons 7,573 0.01 10,747 Yang Ming Marine Transport 4,466 0.00 5,686 John Laing Group 21,757 0.02 87,883 0.10 2,214 Kier Group 34,546 0.04 New Zealand Dollar - 0.30% 900 Mediclinic International 7,849 0.01 12,480 Auckland International Airport 58,100 0.06 50,161 National Grid 622,242 0.70 11,634 Contact Energy 46,256 0.05 1,132 NMC Health 41,781 0.05 1,756 Freightways 9,876 0.01 5,851 Pennon Group 62,564 0.07 4,071 Genesis Energy 7,034 0.01 18,952 Renewi 25,872 0.03 7,091 Infratil 15,994 0.02 12,141 Royal Mail 62,582 0.07 831 Mainfreight 14,970 0.02 3,141 Severn Trent 91,573 0.10 6,567 Mercury 16,093 0.02 2,056 Spire Healthcare Group 6,204 0.01 3,810 Metlifecare 15,975 0.02 14,483 SSE 271,453 0.31 2,715 Port of Tauranga 8,400 0.01 990 Telecom Plus 14,424 0.02 8,374 Ryman Healthcare 56,117 0.06 8,894 United Utilities Group 101,964 0.11 2,948 Summerset Group Holdings 10,826 0.01 1,475,581 1.67 2,985 Vector 7,056 0.01 266,697 0.30
70 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 98.39%(March 2017: 98.22%) Transferable Securities - 98.39%(March 2017: 98.22%) (continued) (continued) Common Stock - 47.31% (March 2017: 48.26%) (continued) Common Stock - 47.31% (March 2017: 48.26%) (continued) Qatari Rial - 0.05% Thailand Baht - 0.40% (continued) 960 Gulf Warehousing 11,262 0.01 77,000 BTS Group Holdings 19,741 0.02 3,442 Qatar Gas Transport 14,928 0.02 4,100 Bumrungrad Hospital 26,432 0.03 925 Qatar Navigation QSC 14,075 0.02 15,000 CH Karnchang 12,594 0.01 40,265 0.05 115,000 Chularat Hospital 8,483 0.01 Singapore Dollar - 0.12% 21,400 Intouch Holdings 36,897 0.04 6,000 CWT 10,339 0.01 40,400 Italian-Thai Development 5,185 0.01 29,900 Keppel Infrastructure Trust 12,110 0.01 7,800 Thaicom 3,882 0.01 15,334 Raffles Medical Group 12,703 0.02 22,200 TTW 7,189 0.01 8,000 SATS 27,159 0.03 173,000 Vibhavadi Medical Center 14,628 0.02 4,200 SIA Engineering 10,794 0.01 355,243 0.40 9,500 SIIC Environment Holdings 3,743 0.00 Turkish Lira - 0.04% 14,000 Singapore Post 12,887 0.02 2,386 Aygaz 10,105 0.01 37,100 Yoma Strategic Holdings 15,983 0.02 14,944 Enka Insaat ve Sanayi 21,768 0.03 105,718 0.12 783 TAV Havalimanlari Holding 3,886 0.00 South African Rand - 0.16% 35,759 0.04 14,272 Grindrod 14,586 0.02 UAE Dirham - 0.02% 17,520 Life Healthcare Group Holdings 30,752 0.03 13,041 Aramex 17,683 0.02 4,931 Mediclinic International 42,914 0.05 17,683 0.02 25,862 Netcare 45,585 0.05 United States Dollar - 20.68% 731 Wilson Bayly Holmes-Ovcon 7,974 0.01 1,153 Acadia Healthcare 55,067 0.06 141,811 0.16 600 Advanced Disposal Services 15,114 0.02 South Korean Won - 0.32% 2,439 AECOM 89,780 0.10 476 Chabiotech 4,863 0.00 725 ALLETE 56,035 0.06 112 CJ Logistics 15,988 0.02 3,386 Alliant Energy 140,756 0.16 1,180 GS Engineering & Construction 27,456 0.03 3,278 Ameren 189,600 0.21 271 Hyundai Glovis 35,018 0.04 6,998 American Electric Power 491,539 0.56 2,067 Hyundai Merchant Marine 14,889 0.02 641 American States Water 31,569 0.04 4,243 Korea Electric Power 144,477 0.16 2,573 American Water Works 208,181 0.24 520 Korea Gas 19,114 0.02 2,471 Aqua America 82,012 0.09 3,390 Pan Ocean 15,953 0.02 400 Atlas Air Worldwide Holdings 26,320 0.03 87 SK Gas 7,163 0.01 1,572 Atmos Energy 131,796 0.15 284,921 0.32 765 Avangrid 36,276 0.04 Swedish Krona - 0.15% 3,280 Brookdale Senior Living 34,768 0.04 716 Attendo 8,224 0.01 500 California Water Service Group 19,075 0.02 5,480 Skanska 126,688 0.14 5,810 CenterPoint Energy 169,710 0.19 134,912 0.15 2,055 CH Robinson Worldwide 156,385 0.18 Swiss Franc - 0.28% 3,200 Cheniere Energy 144,128 0.16 284 BKW 17,068 0.02 697 Clean Harbors 39,520 0.04 247 Flughafen Zurich 55,904 0.06 4,095 CMS Energy 189,680 0.21 844 Kuehne + Nagel International 156,396 0.18 4,243 Consolidated Edison 342,325 0.39 144 Panalpina Welttransport Holding 21,118 0.02 1,296 Covanta Holding 19,246 0.02 250,486 0.28 12,886 CSX 699,194 0.79 Thailand Baht - 0.40% 2,726 DP World 61,226 0.07 61,000 Airports of Thailand 107,916 0.12 2,583 DTE Energy 277,311 0.31 8,750 Bangkok Aviation Fuel Services 12,659 0.01 9,801 Duke Energy 822,500 0.93 27,700 Bangkok Chain Hospital 12,625 0.01 4,552 Edison International 351,278 0.40 92,138 Bangkok Dusit Medical Services 56,636 0.06 544 El Paso Electric 30,056 0.03 125,843 Bangkok Expressway & Metro 30,376 0.04 2,649 Entergy 202,278 0.23
71 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 98.39%(March 2017: 98.22%) Transferable Securities - 98.39%(March 2017: 98.22%) (continued) (continued) Common Stock - 47.31% (March 2017: 48.26%) (continued) Common Stock - 47.31% (March 2017: 48.26%) (continued) United States Dollar - 20.68% (continued) United States Dollar - 20.68% (continued) 1,585 Envision Healthcare 71,246 0.08 1,064 South Jersey Industries 36,740 0.04 4,406 Eversource Energy 266,299 0.30 14,052 Southern 690,515 0.78 13,278 Exelon 500,182 0.57 638 Southwest Gas Holdings 49,522 0.06 2,346 Expeditors International of Washington 140,432 0.16 685 Spire 51,135 0.06 5,260,000 Federal Grid Co Unified Energy System 15,638 0.02 1,339 Stericycle 95,899 0.11 3,500 FedEx 789,530 0.89 2,816 Targa Resources 133,197 0.15 6,325 FirstEnergy 195,000 0.22 914 Tenet Healthcare 15,017 0.02 1,798 Fluor 75,696 0.09 989 Tetra Tech 46,038 0.05 465 Forward Air 26,612 0.03 2,350 UGI 110,121 0.12 1,063 Genesee & Wyoming 78,673 0.09 11,170 Union Pacific 1,295,385 1.47 543 Granite Construction 31,467 0.04 9,557 United Parcel Service 1,147,700 1.30 3,039 Great Plains Energy 92,082 0.10 1,290 Universal Health Services 143,113 0.16 1,265 Hawaiian Electric Industries 42,213 0.05 975 Vectren 64,126 0.07 3,930 HCA Healthcare 312,789 0.35 635 ViaSat 40,843 0.05 1,587 HealthSouth 73,557 0.08 5,571 Waste Management 436,042 0.49 319 Hub Group 13,701 0.02 4,496 WEC Energy Group 282,259 0.32 58,000 Hutchison Port Holdings Trust 24,940 0.03 1,974 Westar Energy 97,910 0.11 595 IDACORP 52,318 0.06 674 WGL Holdings 56,751 0.06 500,000 Inter Rao Ues 32,246 0.04 11,436 Williams 343,194 0.39 1,289 JB Hunt Transport Services 143,182 0.16 7,029 Xcel Energy 332,612 0.38 1,595 Kansas City Southern 173,345 0.20 1,165 XPO Logistics 78,964 0.09 1,387 KBR 24,800 0.03 18,283,125 20.68 26,228 Kinder Morgan 503,053 0.57 Total Common Stock 41,815,787 47.31 647 Kirby 42,670 0.05 Depository Receipts - 0.52% (March 2017: 0.53%) 724 Landstar System 72,147 0.08 Euro - 0.13% 552 LifePoint Health 31,961 0.04 5,099 SES 111,579 0.13 1,020 Macquarie Infrastructure 73,624 0.08 111,579 0.13 393 Matson 11,075 0.01 Thailand Baht - 0.03% 472 MGE Energy 30,491 0.03 38,900 Bangkok Dusit Medical Services 23,911 0.03 1,168 National Fuel Gas 66,120 0.07 23,911 0.03 1,192 New Jersey Resources 50,243 0.06 United States Dollar - 0.36% 6,540 NextEra Energy 958,437 1.08 16,959 Larsen & Toubro 299,326 0.34 4,154 NiSource 106,301 0.12 15,500 RusHydro 22,243 0.02 3,994 Norfolk Southern 528,167 0.60 321,569 0.36 460 Northwest Natural Gas 29,624 0.03 2,760 OGE Energy 99,443 0.11 Total Depository Receipts 457,059 0.52 735 ONE Gas 54,125 0.06 Real Estate Investment Trust - 1.84% (March 2017: 1.81%) 5,262 ONEOK 291,567 0.33 United States Dollar - 1.84% 850 Otter Tail 36,847 0.04 5,950 American Tower 813,246 0.92 7,286 PG&E 496,104 0.56 5,633 Crown Castle International 563,187 0.64 1,587 Pinnacle West Capital 134,197 0.15 1,736 SBA Communications 250,071 0.28 1,104 PNM Resources 44,491 0.05 Total Real Estate Investment Trust 1,626,504 1.84 1,166 Portland General Electric 53,216 0.06 9,499 PPL 360,487 0.41 Preferred Stock - 0.18% (March 2017: 0.22%) 3,282 Republic Services 216,809 0.25 Brazilian Real - 0.11% 2,097 SCANA 101,684 0.12 3,300 Centrais Eletricas Brasileiras 23,672 0.03 1,595 Select Medical Holdings 30,624 0.03 6,100 Cia de Saneamento do Parana 20,866 0.02 830 SemGroup 23,862 0.03
72 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 98.39%(March 2017: 98.22%) Transferable Securities - 98.39%(March 2017: 98.22%) (continued) (continued) Preferred Stock - 0.18% (March 2017: 0.22%) (continued) Corporate Bonds - 47.81%(March 2017:46.70%) Brazilian Real - 0.11% (continued) Australian Dollar - 0.29% 500 Cia de Transmissao de Energia Eletrica 90,000 5.750% Aurizon Network 28/10/2020 75,781 0.08 Paulista 10,799 0.01 20,000 4.400% AusNet Services Holdings 12,900 Cia Energetica de Minas Gerais 32,544 0.04 16/08/2027 16,057 0.02 1,300 Cia Paranaense de Energia 11,602 0.01 10,000 4.000% Australia Pacific Airports Melbourne 99,483 0.11 15/09/2022 8,024 0.01 United States Dollar - 0.07% 30,000 6.000% Brisbane Airport 21/10/2020 25,341 0.03 20 Transneft 61,643 0.07 20,000 5.750% ConnectEast Finance 02/09/2020 16,762 0.02 61,643 0.07 40,000 5.500% Perth Airport 25/03/2021 33,375 0.04 100,000 3.750% SGSP Australia Assets 28/06/2023 78,786 0.09 Total Preferred Stock 161,126 0.18 254,126 0.29 Rights - 0.00% (March 2017: 0.00%) Australian Dollar - 0.00% Canadian Dollar - 1.68% 1,395 Macquarie Atlas Roads Group - 0.00 25,000 4.990% 407 International 16/06/2020 21,491 0.02 - 0.00 30,000 5.960% 407 International 03/12/2035 31,427 0.04 Hong Kong Dollar - 0.00% 50,000 5.170% Aeroports de Montreal 17/09/2035 49,628 0.06 3,500 China State Construction International 35,000 3.668% AltaLink 06/11/2023 29,732 0.03 Holdings 23 0.00 20,000 3.990% AltaLink 30/06/2042 16,425 0.02 23 0.00 20,000 4.922% AltaLink 17/09/2043 18,904 0.02 New Taiwan Dollar - 0.00% 20,000 6.250% British Columbia Ferry Services 2,746 Yang Ming Marine Transport 54 0.00 13/10/2034 21,236 0.02 54 0.00 25,000 5.021% British Columbia Ferry Services 20/03/2037 23,745 0.03 Total Rights 77 0.00 40,000 2.844% Bruce Power 23/06/2021 32,230 0.04 Government Bonds - 0.73%(March 2017:0.70%) 75,000 6.450% Canadian Pacific Railway 17/11/2039 81,093 0.09 Australian Dollar - 0.01% 5,000 6.800% CU 13/08/2019 4,341 0.01 10,000 5.750% Korea South-East Power 25/09/2020 8,334 0.01 20,000 4.543% CU 24/10/2041 17,748 0.02 8,334 0.01 40,000 2.900% Emera 16/06/2023 31,939 0.04 10,000 4.770% Enbridge 02/09/2019 8,365 0.01 Euro - 0.14% 10,000 3.190% Enbridge 05/12/2022 8,082 0.01 100,000 1.875% Adif - Alta Velocidad 22/09/2022 125,168 0.14 15,000 4.240% Enbridge 27/08/2042 10,952 0.01 125,168 0.14 10,000 4.040% Enbridge Gas Distribution Swiss Franc - 0.13% 23/11/2020 8,431 0.01 55,000 1.125% Korea Gas 12/02/2020 58,149 0.07 5,000 5.210% Enbridge Gas Distribution 25,000 1.000% Korea Railroad 16/11/2018 26,199 0.03 25/02/2036 4,720 0.01 25,000 1.500% Korea Railroad 02/12/2019 26,664 0.03 5,000 4.100% Enbridge Income Fund 22/02/2019 4,100 0.00 25,000 3.940% Enbridge Income Fund 13/01/2023 20,825 0.02 111,012 0.13 15,000 6.620% Enbridge Pipelines 19/11/2018 12,610 0.01 United States Dollar - 0.45% 15,000 5.330% Enbridge Pipelines 06/04/2040 13,718 0.02 100,000 1.875% Korea Gas 18/07/2021 96,752 0.11 5,000 4.550% EPCOR Utilities 28/02/2042 4,431 0.01 200,000 3.250% Korea Hydro & Nuclear Power 20,000 5.800% FortisBC Energy 13/05/2038 20,427 0.02 15/06/2025 199,603 0.22 50,000 5.960% Greater Toronto Airports Authority 100,000 5.125% Kowloon-Canton Railway 20/05/2019 104,662 0.12 20/11/2019 43,149 0.05 401,017 0.45 140,000 1.510% Greater Toronto Airports Authority 16/02/2021 109,898 0.12 Total Government Bonds 645,531 0.73 25,000 6.450% Greater Toronto Airports Authority 03/12/2027 26,218 0.03 40,000 7.050% Greater Toronto Airports Authority 12/06/2030 44,838 0.05
73 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 98.39%(March 2017: 98.22%) Transferable Securities - 98.39%(March 2017: 98.22%) (continued) (continued) Corporate Bonds - 47.81%(March 2017:46.70%) (continued) Corporate Bonds - 47.81%(March 2017:46.70%) (continued) Canadian Dollar - 1.68% (continued) Euro - 13.69% (continued) 40,000 7.100% Greater Toronto Airports Authority 100,000 1.500% APRR 15/01/2024 123,567 0.14 04/06/2031 45,669 0.05 100,000 1.875% APRR 15/01/2025 125,888 0.14 40,000 6.980% Greater Toronto Airports Authority 100,000 1.250% APRR 06/01/2027 119,122 0.13 15/10/2032 46,240 0.05 100,000 1.875% APRR 06/01/2031 122,620 0.14 30,000 6.470% Greater Toronto Airports Authority 02/02/2034 33,555 0.04 100,000 1.375% APT Pipelines 22/03/2022 122,321 0.14 60,000 5.630% Greater Toronto Airports Authority 100,000 3.125% Aurizon Network 01/06/2026 131,637 0.15 07/06/2040 64,934 0.07 100,000 1.500% AusNet Services Holdings 50,000 5.300% Greater Toronto Airports Authority 26/02/2027 121,498 0.14 25/02/2041 52,283 0.06 100,000 1.750% Australia Pacific Airports Melbourne 30,000 4.530% Greater Toronto Airports Authority 15/10/2024 124,409 0.14 02/12/2041 28,508 0.03 100,000 2.375% Autostrada Brescia Verona Vicenza 40,000 1.480% Hydro One 18/11/2019 31,627 0.04 Padova 20/03/2020 124,750 0.14 50,000 1.620% Hydro One 30/04/2020 39,523 0.04 100,000 4.375% Autostrade per l'Italia 16/03/2020 131,086 0.15 40,000 1.840% Hydro One 24/02/2021 31,604 0.04 100,000 2.875% Autostrade per l'Italia 26/02/2021 129,075 0.15 15,000 3.200% Hydro One 13/01/2022 12,411 0.01 200,000 1.125% Autostrade per l'Italia 04/11/2021 244,878 0.28 10,000 7.350% Hydro One 03/06/2030 11,086 0.01 50,000 4.375% Autostrade per l'Italia 16/09/2025 73,778 0.08 20,000 6.350% Hydro One 31/01/2034 21,051 0.02 100,000 1.875% Autostrade per l'Italia 04/11/2025 124,081 0.14 25,000 5.360% Hydro One 20/05/2036 24,077 0.03 100,000 1.750% Autostrade per l'Italia 26/06/2026 121,711 0.14 10,000 4.890% Hydro One 13/03/2037 9,151 0.01 100,000 1.750% Autostrade per l'Italia 01/02/2027 120,961 0.14 15,000 5.490% Hydro One 16/07/2040 14,931 0.02 100,000 1.250% Avinor 09/02/2027 119,663 0.14 10,000 6.590% Hydro One 22/04/2043 11,495 0.01 100,000 1.750% Babcock International Group 06/10/2022 123,521 0.14 5,000 5.000% Hydro One 19/10/2046 4,776 0.01 100,000 3.250% Brussels Airport 01/07/2020 128,416 0.15 30,000 3.790% Hydro One 31/07/2062 23,053 0.03 75,000 5.000% CEZ 19/10/2021 105,146 0.12 20,000 4.397% NAV Canada 18/02/2021 17,158 0.02 100,000 0.875% Coentreprise de Transport 20,000 7.400% NAV Canada 01/06/2027 21,863 0.02 d'Electricite 29/09/2024 118,117 0.13 10,000 4.150% Nova Scotia Power 06/03/2042 8,259 0.01 40,000 1.500% Deutsche Post 09/10/2018 48,086 0.05 15,000 4.890% Pembina Pipeline 29/03/2021 12,841 0.01 80,000 0.375% Deutsche Post 01/04/2021 95,665 0.11 10,000 3.540% Toronto Hydro 18/11/2021 8,388 0.01 40,000 2.750% Deutsche Post 09/10/2023 53,683 0.06 20,000 5.000% TransAlta 25/11/2020 16,491 0.02 50,000 2.875% Deutsche Post 11/12/2024 68,301 0.08 70,000 3.650% TransCanada PipeLines 15/11/2021 58,750 0.07 35,000 1.250% Deutsche Post 01/04/2026 42,484 0.05 30,000 8.050% TransCanada PipeLines 17/02/2039 35,727 0.04 40,000 2.950% Deutsche Post Finance 27/06/2022 53,288 0.06 35,000 4.550% TransCanada PipeLines 15/11/2041 28,912 0.03 50,000 0.375% E.ON 23/08/2021 59,533 0.07 10,000 5.200% Union Gas 23/07/2040 9,609 0.01 20,000 0.875% E.ON 22/05/2024 23,749 0.03 10,000 5.600% Westcoast Energy 16/01/2019 8,332 0.01 30,000 1.625% E.ON 22/05/2029 35,581 0.04 30,000 4.570% Westcoast Energy 02/07/2020 25,280 0.03 50,000 5.750% E.ON International Finance 10,000 3.120% Westcoast Energy 05/12/2022 8,081 0.01 07/05/2020 68,124 0.08 1,486,368 1.68 100,000 1.500% Eastern Creation II Investment Holdings 29/07/2019 120,687 0.14 Euro - 13.69% 100,000 4.875% EDP Finance 14/09/2020 134,982 0.15 100,000 2.500% Abertis Infraestructuras 27/02/2025 129,711 0.15 100,000 2.375% EDP Finance 23/03/2023 128,124 0.14 100,000 1.375% Abertis Infraestructuras 20/05/2026 118,333 0.13 50,000 6.250% Electricite de France 25/01/2021 71,180 0.08 200,000 1.000% Abertis Infraestructuras 27/02/2027 226,998 0.26 100,000 2.250% Electricite de France 27/04/2021 127,220 0.14 100,000 1.625% Aeroporti di Roma 08/06/2027 119,796 0.14 100,000 3.875% Electricite de France 18/01/2022 136,578 0.15 100,000 3.886% Aeroports de Paris 10/05/2020 130,295 0.15 50,000 4.625% Electricite de France 11/09/2024 74,073 0.08 100,000 3.125% Aeroports de Paris 11/06/2024 137,363 0.16 100,000 4.125% Electricite de France 25/03/2027 147,536 0.17 100,000 1.500% Aeroports de Paris 07/04/2025 123,941 0.14 50,000 4.625% Electricite de France 26/04/2030 77,012 0.09 100,000 1.375% American Tower 04/04/2025 118,115 0.13 50,000 5.625% Electricite de France 21/02/2033 85,858 0.10 100,000 1.750% AP Moller - Maersk 18/03/2021 123,447 0.14 50,000 4.500% Electricite de France 12/11/2040 76,660 0.09 100,000 1.125% APRR 15/01/2021 121,710 0.14
74 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 98.39%(March 2017: 98.22%) Transferable Securities - 98.39%(March 2017: 98.22%) (continued) (continued) Corporate Bonds - 47.81%(March 2017:46.70%) (continued) Corporate Bonds - 47.81%(March 2017:46.70%) (continued) Euro - 13.69% (continued) Euro - 13.69% (continued) 75,000 4.875% EnBW International Finance 100,000 0.500% Italgas 19/01/2022 119,141 0.13 16/01/2025 114,908 0.13 100,000 0.750% National Grid North America 100,000 4.875% Enel Finance International 11/02/2022 119,994 0.14 11/03/2020 132,345 0.15 100,000 1.000% National Grid North America 100,000 0.875% Enexis Holding 28/04/2026 116,999 0.13 12/07/2024 118,772 0.13 100,000 3.125% Engie 21/01/2020 126,925 0.14 100,000 1.000% Nederlandse Gasunie 11/05/2026 119,428 0.13 50,000 6.375% Engie 18/01/2021 71,506 0.08 100,000 1.125% Red Electrica Financiaciones 100,000 3.000% Engie 01/02/2023 134,358 0.15 24/04/2025 120,437 0.14 100,000 0.875% Engie 27/03/2024 119,627 0.14 100,000 1.000% RTE Reseau de Transport d'Electricite 19/10/2026 117,509 0.13 30,000 5.750% Engie Alliance 24/06/2023 45,795 0.05 100,000 2.750% RTE Reseau de Transport d'Electricite 100,000 1.750% ESB Finance DAC 07/02/2029 122,143 0.14 20/06/2029 136,000 0.15 50,000 3.875% Eurogrid 22/10/2020 65,948 0.07 75,000 4.500% Societa Iniziative Autostradali e 25,000 5.250% EWE 16/07/2021 35,171 0.04 Servizi 26/10/2020 100,824 0.11 100,000 0.375% Ferrovial Emisiones 14/09/2022 117,487 0.13 100,000 3.750% SPP Infrastructure Financing 18/07/2020 129,849 0.15 100,000 1.375% Ferrovial Emisiones 31/03/2025 118,969 0.13 100,000 2.375% SSE 10/02/2022 128,939 0.15 100,000 4.000% Ferrovie dello Stato Italiane 22/07/2020 130,950 0.15 100,000 1.250% State Grid Overseas Investment 2016 19/05/2022 120,680 0.14 75,000 6.000% Fortum 20/03/2019 96,547 0.11 100,000 1.500% Statkraft 21/09/2023 124,182 0.14 60,000 0.875% Fresenius Finance Ireland 31/01/2022 71,897 0.08 50,000 6.250% Suez 08/04/2019 64,811 0.07 60,000 1.500% Fresenius Finance Ireland 100,000 1.250% Suez 19/05/2028 118,338 0.13 30/01/2024 72,525 0.08 100,000 2.750% Sydney Airport Finance 23/04/2024 131,521 0.15 60,000 2.125% Fresenius Finance Ireland 50,000 4.500% TenneT Holding 09/02/2022 70,151 0.08 01/02/2027 73,583 0.08 100,000 1.250% TenneT Holding 24/10/2033 111,357 0.13 40,000 3.000% Fresenius Finance Ireland 30/01/2032 50,098 0.06 100,000 0.875% Terna Rete Elettrica Nazionale 02/02/2022 121,183 0.14 100,000 1.375% Galp Gas Natural Distribuicao 19/09/2023 119,773 0.14 100,000 1.375% Terna Rete Elettrica Nazionale 26/07/2027 117,768 0.13 50,000 4.500% Gas Natural Capital Markets 27/01/2020 65,317 0.07 100,000 1.875% Transurban Finance 16/09/2024 124,907 0.14 50,000 5.125% Gas Natural Capital Markets 30,000 5.375% Vattenfall 29/04/2024 46,153 0.05 02/11/2021 70,928 0.08 40,000 6.750% Veolia Environnement 24/04/2019 52,349 0.06 100,000 1.125% Gas Natural Capital Markets 20,000 5.125% Veolia Environnement 24/05/2022 28,824 0.03 11/04/2024 119,547 0.13 100,000 1.496% Veolia Environnement 30/11/2026 121,941 0.14 100,000 3.875% Gas Natural Fenosa Finance 100,000 0.927% Veolia Environnement 04/01/2029 112,090 0.13 17/01/2023 138,198 0.16 15,000 6.125% Veolia Environnement 25/11/2033 28,447 0.03 100,000 1.375% GAS Networks Ireland 05/12/2026 120,523 0.14 200,000 1.500% Heathrow Funding 11/02/2030 236,229 0.27 12,101,328 13.69 100,000 1.875% Heathrow Funding 12/07/2032 120,942 0.14 Pound Sterling - 5.15% 100,000 4.875% Holding d'Infrastructures de 100,000 5.000% Asciano Finance 19/09/2023 150,145 0.17 Transport 27/10/2021 140,154 0.16 40,000 6.250% Autostrade per l'Italia 09/06/2022 64,409 0.07 100,000 2.250% Holding d'Infrastructures de Transport 24/03/2025 127,660 0.14 100,000 2.125% Cadent Finance 22/09/2028 129,592 0.15 50,000 4.125% Iberdrola Finanzas 23/03/2020 65,189 0.07 100,000 2.625% Cadent Finance 22/09/2038 126,957 0.14 100,000 2.500% Iberdrola International 24/10/2022 130,592 0.15 55,000 7.000% Centrica 19/09/2033 110,866 0.13 100,000 1.125% Iberdrola International 21/04/2026 117,688 0.13 105,000 3.125% Deutsche Bahn Finance 24/07/2026 155,419 0.18 50,000 6.625% Innogy Finance 31/01/2019 64,406 0.07 50,000 5.750% DONG Energy 09/04/2040 96,174 0.11 70,000 1.875% Innogy Finance 30/01/2020 86,430 0.10 70,000 6.375% E.ON International Finance 20,000 6.500% Innogy Finance 10/08/2021 29,434 0.03 07/06/2032 131,971 0.15 10,000 3.000% Innogy Finance 17/01/2024 13,492 0.01 50,000 4.750% East Japan Railway 08/12/2031 86,413 0.10 50,000 1.000% Innogy Finance 13/04/2025 59,441 0.07 50,000 4.875% East Japan Railway 14/06/2034 88,178 0.10 10,000 5.750% Innogy Finance 14/02/2033 17,651 0.02 50,000 5.875% Electricite de France 18/07/2031 88,403 0.10
75 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 98.39%(March 2017: 98.22%) Transferable Securities - 98.39%(March 2017: 98.22%) (continued) (continued) Corporate Bonds - 47.81%(March 2017:46.70%) (continued) Corporate Bonds - 47.81%(March 2017:46.70%) (continued) Pound Sterling - 5.15% (continued) Swiss Franc - 0.43% (continued) 50,000 6.125% Electricite de France 02/06/2034 90,588 0.10 15,000 2.750% Enel Finance International 100,000 5.125% Electricite de France 22/09/2050 171,408 0.19 17/12/2018 16,084 0.02 100,000 5.750% Enel 22/06/2037 179,635 0.20 15,000 1.125% Engie 09/10/2020 16,037 0.02 100,000 5.750% Enel Finance International 35,000 1.250% Flughafen Zurich 03/07/2020 37,655 0.04 14/09/2040 181,995 0.21 40,000 1.500% Flughafen Zurich 17/04/2023 44,605 0.05 50,000 5.000% Engie 01/10/2060 107,321 0.12 5,000 2.125% Gas Natural Fenosa Finance 50,000 8.750% Firstgroup 08/04/2021 82,656 0.09 08/02/2019 5,326 0.01 110,000 4.625% Gatwick Funding 27/03/2034 179,134 0.20 50,000 0.500% Heathrow Funding 17/05/2024 52,423 0.06 100,000 6.000% Heathrow Funding 20/03/2020 148,902 0.17 380,913 0.43 40,000 6.500% Innogy Finance 20/04/2021 62,853 0.07 United States Dollar - 26.57% 20,000 5.625% Innogy Finance 06/12/2023 32,396 0.04 200,000 3.875% Abu Dhabi National Energy 50,000 6.125% Innogy Finance 06/07/2039 97,904 0.11 06/05/2024 203,169 0.23 15,000 6.125% London Power Networks 07/06/2027 26,618 0.03 200,000 3.950% Adani Ports & Special Economic Zone 100,000 4.125% Manchester Airport Group Funding 19/01/2022 205,560 0.23 02/04/2024 150,873 0.17 50,000 3.375% Air Lease 01/06/2021 51,485 0.06 100,000 2.500% National Express Group 11/11/2023 135,173 0.15 150,000 3.625% Air Lease 01/04/2027 149,590 0.17 10,000 6.875% Northumbrian Water Finance 06/02/2023 16,869 0.02 20,000 2.450% Alabama Power 30/03/2022 20,015 0.02 100,000 1.625% Northumbrian Water Finance 100,000 3.750% Alabama Power 01/03/2045 100,160 0.11 11/10/2026 128,056 0.14 50,000 3.250% Ameren Illinois 01/03/2025 51,027 0.06 10,000 5.625% Northumbrian Water Finance 150,000 3.400% American Tower 15/02/2019 152,697 0.17 29/04/2033 18,503 0.02 80,000 3.300% American Tower 15/02/2021 81,945 0.09 50,000 6.250% Severn Trent Utilities Finance 07/06/2029 93,332 0.11 100,000 2.250% American Tower 15/01/2022 98,362 0.11 15,000 5.500% South Eastern Power Networks 150,000 4.700% American Tower 15/03/2022 162,405 0.18 05/06/2026 25,221 0.03 100,000 3.500% American Tower 31/01/2023 103,469 0.12 10,000 5.500% Southern Electric Power Distribution 150,000 5.000% American Tower 15/02/2024 165,250 0.19 07/06/2032 17,979 0.02 150,000 4.000% American Tower 01/06/2025 155,464 0.18 50,000 5.000% SSE 01/10/2018 69,717 0.08 50,000 3.375% American Tower 15/10/2026 49,379 0.06 100,000 4.000% Stagecoach Group 29/09/2025 144,643 0.16 50,000 3.550% American Tower 15/07/2027 49,541 0.06 100,000 1.875% Thames Water Utilities Cayman Finance 24/01/2024 131,923 0.15 15,000 2.950% American Water Capital 01/09/2027 14,939 0.02 100,000 2.875% Thames Water Utilities Cayman 20,000 3.750% American Water Capital 01/09/2047 19,874 0.02 Finance 03/05/2027 131,614 0.15 150,000 2.550% Amphenol 30/01/2019 151,065 0.17 20,000 6.750% Thames Water Utilities Finance 50,000 3.400% Appalachian Power 01/06/2025 51,154 0.06 16/11/2028 37,525 0.04 50,000 8.750% Arizona Public Service 01/03/2019 54,601 0.06 50,000 5.125% Thames Water Utilities Finance 28/09/2037 88,090 0.10 100,000 3.945% Ascension Health 15/11/2046 102,176 0.12 100,000 2.125% Transport for London 24/04/2025 138,947 0.16 30,000 3.500% Baltimore Gas & Electric 15/08/2046 28,625 0.03 100,000 4.000% Transport for London 12/09/2033 165,304 0.19 75,000 6.125% Berkshire Hathaway Energy 01/04/2036 96,421 0.11 100,000 4.000% Transport for London 07/04/2064 195,626 0.22 100,000 4.500% Berkshire Hathaway Energy 50,000 6.875% Vattenfall 15/04/2039 106,344 0.12 01/02/2045 108,487 0.12 50,000 6.125% Veolia Environnement 29/10/2037 97,974 0.11 50,000 4.750% Board of Trustees of The Leland 50,000 6.000% Yorkshire Water Services Bradford Finance 21/08/2019 73,204 0.08 Stanford Junior University 01/05/2019 52,321 0.06 75,000 5.750% Boardwalk Pipelines 15/09/2019 79,165 0.09 4,556,854 5.15 20,000 4.450% Boardwalk Pipelines 15/07/2027 20,387 0.02 Swiss Franc - 0.43% 25,000 5.600% Buckeye Partners 15/10/2044 25,878 0.03 5,000 1.125% AusNet Services Holdings 18/04/2019 5,279 0.01 200,000 4.700% Burlington Northern Santa Fe 60,000 1.750% Deutsche Bahn Finance 03/06/2020 65,730 0.07 01/10/2019 210,750 0.24 40,000 1.375% Deutsche Bahn Finance 24/07/2023 44,853 0.05 50,000 3.000% Burlington Northern Santa Fe 90,000 0.300% Electricite de France 14/10/2024 92,921 0.10 01/04/2025 50,650 0.06
76 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 98.39%(March 2017: 98.22%) Transferable Securities - 98.39%(March 2017: 98.22%) (continued) (continued) Corporate Bonds - 47.81%(March 2017:46.70%) (continued) Corporate Bonds - 47.81%(March 2017:46.70%) (continued) United States Dollar - 26.57% (continued) United States Dollar - 26.57% (continued) 100,000 3.250% Burlington Northern Santa Fe 100,000 3.650% Crown Castle International 15/06/2027 102,503 0.12 01/09/2027 99,925 0.11 100,000 4.550% Burlington Northern Santa Fe 35,000 4.750% Crown Castle International 01/09/2044 111,124 0.13 15/05/2047 35,669 0.04 225,000 4.150% Burlington Northern Santa Fe 200,000 2.600% CSX 01/11/2026 191,031 0.22 01/04/2045 238,145 0.27 200,000 3.250% CSX 01/06/2027 200,121 0.23 20,000 4.700% Burlington Northern Santa Fe 130,000 3.800% CSX 01/11/2046 124,854 0.14 01/09/2045 22,757 0.03 130,000 4.250% CSX 01/11/2066 125,312 0.14 50,000 3.900% Burlington Northern Santa Fe 01/08/2046 51,218 0.06 100,000 2.875% Delta Air Lines 13/03/2020 101,196 0.11 100,000 4.125% Burlington Northern Santa Fe 100,000 3.625% Delta Air Lines 15/03/2022 102,991 0.12 15/06/2047 105,803 0.12 100,000 5.267% Dignity Health 01/11/2064 104,281 0.12 100,000 2.750% Canadian National Railway 100,000 2.500% Dominion Energy 01/12/2019 100,782 0.11 01/03/2026 99,427 0.11 100,000 6.300% Dominion Energy 15/03/2033 125,674 0.14 100,000 6.250% Canadian National Railway 01/08/2034 131,619 0.15 100,000 7.000% Dominion Energy 15/06/2038 133,872 0.15 100,000 6.375% Canadian National Railway 200,000 6.850% DP World 02/07/2037 246,850 0.28 15/11/2037 135,867 0.15 25,000 3.700% DTE Electric 15/03/2045 24,841 0.03 150,000 2.900% Canadian Pacific Railway 01/02/2025 149,040 0.17 25,000 2.400% DTE Energy 01/12/2019 25,092 0.03 75,000 4.800% Canadian Pacific Railway 15/09/2035 84,554 0.10 50,000 2.850% DTE Energy 01/10/2026 47,848 0.05 50,000 6.125% Canadian Pacific Railway 15/09/2115 63,286 0.07 20,000 3.800% DTE Energy 15/03/2027 20,604 0.02 200,000 3.250% Castle Peak Power Finance 100,000 7.375% Dubai Electricity & Water Authority 25/07/2027 199,754 0.23 21/10/2020 114,373 0.13 150,000 3.849% CC Holdings GS V / Crown Castle GS 50,000 2.650% Duke Energy 01/09/2026 47,831 0.05 III 15/04/2023 156,978 0.18 200,000 3.750% Duke Energy 01/09/2046 192,440 0.22 50,000 3.000% CenterPoint Energy Houston Electric 01/02/2027 49,810 0.06 50,000 2.950% Duke Energy Carolinas 01/12/2026 49,788 0.06 50,000 4.268% Children's Hospital Medical Center 80,000 3.920% Duke University Health System 15/05/2044 52,577 0.06 01/06/2047 81,754 0.09 200,000 4.750% China Merchants Finance 20,000 2.125% Edison International 15/04/2020 19,997 0.02 03/08/2025 215,701 0.24 20,000 3.550% Emera US Finance 15/06/2026 20,118 0.02 200,000 3.250% China Railway Xunjie 28/07/2026 195,750 0.22 50,000 4.750% Emera US Finance 15/06/2046 53,737 0.06 200,000 3.500% China Southern Power Grid 100,000 4.750% Empresa de Transporte de Pasajeros International Finance BVI 08/05/2027 203,049 0.23 Metro 04/02/2024 108,757 0.12 100,000 4.750% CLP Power Hong Kong Financing 50,000 4.875% Empresa Electrica Angamos 19/03/2020 105,532 0.12 25/05/2029 51,115 0.06 100,000 4.875% Comision Federal de Electricidad 100,000 2.400% Enable Midstream Partners 15/01/2024 107,435 0.12 15/05/2019 99,629 0.11 200,000 4.750% Comision Federal de Electricidad 50,000 2.900% Enbridge 15/07/2022 50,233 0.06 23/02/2027 210,560 0.24 50,000 3.500% Enbridge 10/06/2024 50,620 0.06 150,000 4.625% Consolidated Edison Co of New York 01/12/2054 167,365 0.19 50,000 3.700% Enbridge 15/07/2027 50,514 0.06 70,000 3.875% Consolidated Edison of New York 75,000 5.875% Enbridge Energy Partners 15/10/2025 85,553 0.10 15/06/2047 71,687 0.08 50,000 4.250% Enel Generacion Chile 15/04/2024 52,609 0.06 100,000 3.400% Crown Castle International 100,000 4.150% Energy Transfer 01/10/2020 104,413 0.12 15/02/2021 102,939 0.12 50,000 4.050% Energy Transfer 15/03/2025 50,640 0.06 50,000 2.250% Crown Castle International 20,000 4.200% Energy Transfer 15/04/2027 20,258 0.02 01/09/2021 49,259 0.06 50,000 5.150% Energy Transfer 15/03/2045 48,562 0.05 80,000 3.200% Crown Castle International 01/09/2024 79,673 0.09 90,000 5.300% Energy Transfer 15/04/2047 90,088 0.10 50,000 4.450% Crown Castle International 50,000 4.500% Engie Energia Chile 29/01/2025 52,567 0.06 15/02/2026 52,913 0.06 50,000 4.400% EnLink Midstream Partners 125,000 3.700% Crown Castle International 01/04/2024 51,499 0.06 15/06/2026 125,778 0.14 20,000 5.450% EnLink Midstream Partners 50,000 4.000% Crown Castle International 01/06/2047 20,575 0.02 01/03/2027 51,115 0.06
77 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 98.39%(March 2017: 98.22%) Transferable Securities - 98.39%(March 2017: 98.22%) (continued) (continued) Corporate Bonds - 47.81%(March 2017:46.70%) (continued) Corporate Bonds - 47.81%(March 2017:46.70%) (continued) United States Dollar - 26.57% (continued) United States Dollar - 26.57% (continued) 50,000 3.250% Entergy Louisiana 01/04/2028 50,313 0.06 30,000 3.150% Kinder Morgan 15/01/2023 30,129 0.03 150,000 2.550% Enterprise Products Operating 150,000 5.300% Kinder Morgan 01/12/2034 156,323 0.18 15/10/2019 151,346 0.17 120,000 5.550% Kinder Morgan 01/06/2045 129,865 0.15 20,000 2.850% Enterprise Products Operating 100,000 5.050% Kinder Morgan 15/02/2046 102,654 0.12 15/04/2021 20,297 0.02 20,000 7.300% Kinder Morgan Energy Partners 150,000 3.750% Enterprise Products Operating 15/08/2033 24,342 0.03 15/02/2025 155,465 0.18 50,000 5.800% Kinder Morgan Energy Partners 20,000 3.950% Enterprise Products Operating 15/03/2035 54,300 0.06 15/02/2027 20,981 0.02 150,000 3.200% Laboratory Corp of America Holdings 50,000 4.900% Enterprise Products Operating 01/02/2022 153,020 0.17 15/05/2046 54,558 0.06 50,000 3.250% Laboratory Corp of America Holdings 100,000 4.875% EQT 15/11/2021 108,260 0.12 01/09/2024 50,220 0.06 50,000 3.150% Eversource Energy 15/01/2025 50,146 0.06 50,000 3.600% Laboratory Corp of America Holdings 50,000 2.850% Exelon 15/06/2020 50,983 0.06 01/02/2025 50,990 0.06 100,000 2.950% Exelon Generation 15/01/2020 101,764 0.11 50,000 3.600% Laboratory Corp of America Holdings 20,000 3.400% Exelon Generation 15/03/2022 20,528 0.02 01/09/2027 50,304 0.06 50,000 6.250% Exelon Generation 01/10/2039 54,972 0.06 150,000 4.700% Laboratory Corp of America Holdings 01/02/2045 155,155 0.18 40,000 3.900% FirstEnergy 15/07/2027 40,736 0.05 100,000 5.875% Lima Metro Line 2 Finance 100,000 7.375% FirstEnergy 15/11/2031 133,487 0.15 05/07/2034 110,000 0.12 50,000 4.850% FirstEnergy 15/07/2047 52,475 0.06 75,000 4.250% Magellan Midstream Partners 50,000 2.100% Fortis 04/10/2021 49,012 0.06 01/02/2021 79,080 0.09 50,000 3.055% Fortis 04/10/2026 48,193 0.05 100,000 5.600% Massachusetts Institute of Technology 01/07/2111 131,567 0.15 50,000 2.600% GATX 30/03/2020 50,383 0.06 50,000 4.125% Memorial Sloan-Kettering Cancer 100,000 3.850% GATX 30/03/2027 101,454 0.11 Center 01/07/2052 51,376 0.06 50,000 3.485% George Washington University 50,000 4.200% Memorial Sloan-Kettering Cancer 15/09/2022 51,816 0.06 Center 01/07/2055 52,540 0.06 20,000 2.000% Georgia Power 30/03/2020 20,004 0.02 200,000 4.250% Mexico City Airport Trust 31/10/2026 205,699 0.23 75,000 4.634% GNL Quintero 31/07/2029 78,103 0.09 100,000 3.750% Motorola Solutions 15/05/2022 102,944 0.12 20,000 3.300% Gulf Power 30/05/2027 20,204 0.02 150,000 4.000% Motorola Solutions 01/09/2024 153,284 0.17 50,000 3.832% Harris 27/04/2025 51,935 0.06 100,000 4.000% MPLX 15/02/2025 101,699 0.11 185,000 4.854% Harris 27/04/2035 204,059 0.23 30,000 4.125% MPLX 01/03/2027 30,687 0.03 30,000 5.054% Harris 27/04/2045 34,334 0.04 80,000 5.200% MPLX 01/03/2047 83,902 0.09 350,000 6.500% HCA 15/02/2020 381,142 0.43 50,000 5.250% MPT Operating Partnership / MPT 250,000 5.000% HCA 15/03/2024 266,589 0.30 Finance 01/08/2026 51,820 0.06 150,000 5.250% HCA 15/04/2025 162,126 0.18 100,000 3.563% New York and Presbyterian Hospital 01/08/2036 97,712 0.11 125,000 5.250% HCA 15/06/2026 134,475 0.15 25,000 4.024% New York and Presbyterian Hospital 120,000 4.500% HCA 15/02/2027 122,665 0.14 01/08/2045 25,737 0.03 150,000 5.500% HCA 15/06/2047 155,418 0.18 53,000 2.400% NextEra Energy Capital Holdings 100,000 4.250% Hongkong Electric Finance 15/09/2019 53,362 0.06 14/12/2020 105,268 0.12 30,000 3.490% NiSource Finance 15/05/2027 30,373 0.03 200,000 2.875% HPHT Finance 15 17/03/2020 201,383 0.23 70,000 4.375% NiSource Finance 15/05/2047 73,473 0.08 75,000 6.750% Iberdrola International 15/07/2036 97,915 0.11 150,000 3.850% Norfolk Southern 15/01/2024 158,822 0.18 150,000 6.875% Israel Electric 21/06/2023 176,425 0.20 50,000 2.900% Norfolk Southern 15/06/2026 49,544 0.06 50,000 3.650% ITC Holdings 15/06/2024 51,243 0.06 120,000 3.150% Norfolk Southern 01/06/2027 120,351 0.14 40,000 3.837% Johns Hopkins Health System 50,000 4.650% Norfolk Southern 15/01/2046 55,440 0.06 15/05/2046 40,086 0.04 50,000 3.200% NSTAR Electric 15/05/2027 50,286 0.06 100,000 3.000% Kansas City Southern 15/05/2023 100,040 0.11 200,000 4.250% NTPC 26/02/2026 207,749 0.23 250,000 6.950% Kazakhstan Temir Zholy Finance 10/07/2042 280,278 0.32 50,000 5.375% Ohio Power 01/10/2021 55,594 0.06 250,000 3.050% Kinder Morgan 01/12/2019 254,423 0.29 25,000 4.000% Oleoducto Central 07/05/2021 25,845 0.03 200,000 5.196% OmGrid Funding 16/05/2027 200,593 0.23
78 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 98.39%(March 2017: 98.22%) Transferable Securities - 98.39%(March 2017: 98.22%) (continued) (continued) Corporate Bonds - 47.81%(March 2017:46.70%) (continued) Corporate Bonds - 47.81%(March 2017:46.70%) (continued) United States Dollar - 26.57% (continued) United States Dollar - 26.57% (continued) 100,000 5.250% Oncor Electric Delivery 30/09/2040 120,637 0.14 200,000 4.125% State Grid Overseas Investment 2014 50,000 4.000% ONEOK 13/07/2027 50,495 0.06 07/05/2024 213,594 0.24 50,000 4.950% ONEOK 13/07/2047 50,204 0.06 200,000 2.875% State Grid Overseas Investment 2016 18/05/2026 195,423 0.22 50,000 4.900% ONEOK Partners 15/03/2025 53,699 0.06 75,000 6.100% Sunoco Logistics Partners Operations 200,000 6.050% Pacific Gas & Electric 01/03/2034 260,624 0.29 15/02/2042 80,169 0.09 120,000 4.000% Pacific Gas & Electric 01/12/2046 124,958 0.14 20,000 3.900% TC PipeLines 25/05/2027 20,052 0.02 50,000 4.150% PECO Energy 01/10/2044 52,842 0.06 200,000 3.150% Three Gorges Finance I Cayman 200,000 4.250% Pelabuhan Indonesia II 05/05/2025 205,471 0.23 Islands 02/06/2026 198,087 0.22 100,000 4.875% Pelabuhan Indonesia III Persero 100,000 2.500% TransCanada PipeLines 01/08/2022 100,033 0.11 01/10/2024 106,941 0.12 200,000 4.625% TransCanada PipeLines 01/03/2034 218,284 0.25 75,000 5.125% Perusahaan Gas Negara Persero 20,000 7.850% Transcontinental Gas Pipe Line 16/05/2024 80,984 0.09 01/02/2026 25,776 0.03 200,000 4.125% Perusahaan Listrik Negara 20,000 2.950% Union Electric 15/06/2027 19,803 0.02 15/05/2027 200,216 0.23 100,000 2.250% Union Pacific 19/06/2020 100,631 0.11 50,000 4.900% Phillips 66 Partners 01/10/2046 50,040 0.06 50,000 3.250% Union Pacific 15/08/2025 51,506 0.06 100,000 4.650% Plains All American Pipeline 15/10/2025 103,023 0.12 250,000 3.375% Union Pacific 01/02/2035 246,653 0.28 50,000 4.500% Plains All American Pipeline 100,000 4.050% Union Pacific 15/11/2045 104,656 0.12 15/12/2026 50,987 0.06 80,000 4.050% Union Pacific 01/03/2046 83,734 0.09 50,000 4.900% Plains All American Pipeline 50,000 3.350% Union Pacific 15/08/2046 46,908 0.05 15/02/2045 46,535 0.05 50,000 3.875% Union Pacific 01/02/2055 49,341 0.06 25,000 6.500% Potomac Electric Power 15/11/2037 33,798 0.04 100,000 4.375% Union Pacific 15/11/2065 106,217 0.12 50,000 3.950% PPL Capital Funding 15/03/2024 52,368 0.06 20,000 3.500% Virginia Electric & Power 15/03/2027 20,704 0.02 50,000 3.150% President & Fellows of Harvard 50,000 4.000% Virginia Electric & Power 15/11/2046 51,408 0.06 College 15/07/2046 47,699 0.05 15,000 3.925% Waha Aerospace 28/07/2020 15,320 0.02 50,000 3.300% President & Fellows of Harvard College 15/07/2056 48,111 0.05 50,000 2.450% WEC Energy Group 15/06/2020 50,377 0.06 100,000 4.950% Princeton University 01/03/2019 104,187 0.12 50,000 3.600% Williams Partners 15/03/2022 51,569 0.06 100,000 4.875% Progress Energy 01/12/2019 105,829 0.12 50,000 4.000% Williams Partners 15/09/2025 51,120 0.06 200,000 2.500% PSA Treasury 12/04/2026 193,692 0.22 60,000 3.750% Williams Partners 15/06/2027 59,916 0.07 100,000 2.375% Public Service Electric & Gas 20,000 4.900% Williams Partners 15/01/2045 20,274 0.02 15/05/2023 99,311 0.11 50,000 5.100% Williams Partners 15/09/2045 52,532 0.06 100,000 5.625% Sabine Pass Liquefaction 01/02/2021 108,188 0.12 50,000 3.350% Xcel Energy 01/12/2026 50,544 0.06 200,000 5.625% Sabine Pass Liquefaction 01/03/2025 220,517 0.25 23,483,897 26.57 50,000 4.200% Sabine Pass Liquefaction 15/03/2028 50,320 0.06 50,000 2.400% Sempra Energy 15/03/2020 50,221 0.06 Total Corporate Bonds 42,263,486 47.81 20,000 3.250% Sempra Energy 15/06/2027 19,747 0.02 Total Transferable Securities 86,969,570 98.39 100,000 6.000% Sempra Energy 15/10/2039 126,135 0.14 50,000 2.600% Sierra Pacific Power 01/05/2026 48,240 0.05 Financial Derivatives Instruments - 0.00%(March 2017: 0.00%) 50,000 1.850% Southern 01/07/2019 49,983 0.06 105,000 2.150% Southern 01/09/2019 105,274 0.12 Futures Contracts–0.00%(March 2017: 0.00%) 150,000 3.250% Southern 01/07/2026 148,347 0.17 Unrealised 225,000 4.400% Southern 01/07/2046 232,899 0.26 Average Gain/ %of 20,000 4.000% Southern California Edison Notional Cost (Loss) Net 01/04/2047 21,006 0.02 Amount Price USD Assets 120,000 2.450% Southern Gas Capital 01/10/2023 117,262 0.13 40,973 4,097 1 of Euro Stoxx 50 Index Futures 20,000 4.400% SouthernGas Capital 30/05/2047 20,754 0.02 Long Futures Contracts Expiring 15 December 2017 1,303 0.00 75,000 4.500% Spectra Energy Partners 15/03/2045 75,875 0.09 164,647 1,098 3 of MSCI Emerging Markets 200,000 3.000% SPIC 2016 US dollar Bond Index Futures Long Futures 06/12/2021 201,940 0.23 Contracts Expiring 15 December 2017 (1,253) 0.00
79 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
FinancialDerivativesInstruments-0.00%(March2017:0.00%)(continued) Futures Contracts–0.00%(March 2017: 0.00%) (continued) Unrealised Average Gain/ %of Notional Cost (Loss) Net Amount Price USD Assets 59,599 9,933 3 of SGX Nifty 50 Index Futures Long Futures Contracts Expiring 26 October 2017 (781) 0.00 Unrealised gain on futures contracts 1,303 0.00 Unrealised loss on futures contracts (2,034) 0.00 Net unrealised loss on futures contracts (731) 0.00 Total Financial Derivatives Instruments (731) 0.00
Fair Value %of USD Fund Total value of investments 86,968,839 98.39 Cash at bank*(March 2017: 1.08%) 829,831 0.94 Cash at broker* (March 2017: 0.04%) 64,202 0.07 Other net assets(March 2017: 0.66%) 531,753 0.60 Net assets attributable to holders of redeemable participating shares 88,394,625 100.00
*All cash holdings are held at State Street Bank and Trust Company, apart from cash at broker which is held with Goldman Sachs. The counterparty for the open futures contracts is Goldman Sachs. All of the above securities are traded on a recognised stock exchange or traded on a regulated market unless otherwise stated.
%of Total Analysis of Total Assets Assets Transferable securities admitted to an official exchange listing 87.84 Transferable securities dealt in on another regulated market 8.18 Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) 1.13 Other assets 2.85
Total Assets 100.00
80 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR Morningstar Multi- Asset Global Infrastructure UCITS ETF
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Purchases Cost USD
Union Pacific 246,499 4.750% China Merchants Finance 03/08/2025 217,376 4.250% Mexico City Airport Trust 31/10/2026 202,900 3.250% Korea Hydro & Nuclear Power 15/06/2025 202,302 3.250% CSX 01/06/2027 202,065 3.000% SPIC 2016 US dollar Bond 06/12/2021 201,782 3.500% China Southern Power Grid International Finance BVI 08/05/2027 201,736 5.196% OmGrid Funding 16/05/2027 201,240 3.250% Castle Peak Power Finance 25/07/2027 200,186 4.125% Perusahaan Listrik Negara 15/05/2027 196,380 2.875% State Grid Overseas Investment 2016 18/05/2026 195,830 United Parcel Service 193,242 NextEra Energy 185,196 Enbridge 170,083 4.000% Transport for London 12/09/2033 162,963 5.250% HCA 15/04/2025 160,776 American Tower 160,081 Crown Castle International 156,798 Duke Energy 155,758 5.500% HCA 15/06/2047 155,180 Portfolio Sales Proceeds USD
6.750% Heathrow Funding 03/12/2026 305,612 3.000% Gansu Provincial Highway Aviation Tourism Investment Group 18/11/2019 198,510 5.750% Norfolk Southern 01/04/2018 180,922 7.750% Majapahit Holding 20/01/2020 168,315 4.750% Enel 12/06/2018 143,084 3.250% Aeroporti di Roma 20/02/2021 125,645 1.875% Telefonaktiebolaget LM Ericsson 01/03/2024 114,816 Waste Connections 110,422 5.750% Berkshire Hathaway Energy 01/04/2018 103,362 4.125% Telefonaktiebolaget LM Ericsson 15/05/2022 101,567 2.900% Norfolk Southern 15/06/2026 100,225 1.875% TransCanada PipeLines 12/01/2018 100,110 Union Pacific 87,320 8.125% Firstgroup 19/09/2018 69,022 5.000% SSE 01/10/2018 66,281 4.750% Terna Rete Elettrica Nazionale 15/03/2021 62,472 5.625% Iberdrola Finanzas 09/05/2018 57,837 United Parcel Service 53,648 SBA Communications 49,728 PPL 49,365 CSX 43,749
81 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR Morningstar Multi- Asset Global Infrastructure UCITS ETF (continued)
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Sales (continued) Proceeds USD
Enel 42,044 Enbridge 41,767 5.850% Consolidated Edison of New York 01/04/2018 41,512 Duke Energy 40,921 Uniper 40,581 PG&E 40,374 American Tower 40,175 NextEra Energy 39,956
A copy of the list of changes in the portfolio during the financial period may be obtained free of charge from the Administrator.
82 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI EM Beyond BRIC UCITS ETF Statement of Financial Position as at 30 September 2017
30 September 2017 31 March 2017 USD USD
Current assets Financial assets at fair value through profit or loss: Transferable securities 4,050,552 3,685,486 4,050,552 3,685,486
Cash and cash equivalents 55,853 23,737 Debtors: Dividends receivable 3,587 24,133 Receivable for investments sold 37 2,301 Total current assets 4,110,029 3,735,657
Current liabilities Creditors - Amounts falling due within one financial year: Accrued expenses (1,827) (2,111) Payable for investment purchased (241) - Total current liabilities (2,068) (2,111)
Net assets attributable to holders of redeemable participating shares 4,107,961 3,733,546
30 September 31 March 30 September 2017 2017 2016 Net asset value per share (please refer to note 4 for numbers of shares in issue) USD 41.08 USD 37.34 USD 35.64
The accompanying notes form an integral part of these financial statements.
83 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI EM Beyond BRIC UCITS ETF Statement of Comprehensive Income for the financial period ended 30 September 2017
30 September 2017 30 September 2016 Notes USD USD
Dividend income 69,511 120,582 Interest income -3 Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 324,063 136,606 Miscellaneous income 845 153 Total investment income 394,419 257,344
Operating expenses 3 (10,996) (19,019) Net profit for the financial period 383,423 238,325
Finance costs Interest expense (1) (68) Profit for the financial period before tax 383,422 238,257 Witholding tax on investment income 2 (9,007) (15,525) Increase in net assets attributable to holders of redeemable participating shares resulting from operations 374,415 222,732
Gains and losses arose solely from continuing operations. There were no 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.
84 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI EM Beyond BRIC UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial period ended 30 September 2017
30 September 2017 30 September 2016 USD USD
Net assets attributable to holders of redeemable shares at the beginning of the financial period 3,733,546 6,906,112
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 374,415 222,732
Share transactions Proceeds from redeemable participating shares issued - - Costs of redeemable participating shares redeemed - - Increase in net assets from share transactions - -
Total increase in net assets attributable to holders of redeemable participating shares 374,415 222,732
Net assets attributable to holders of redeemable participating shares at the end of the financial period 4,107,961 7,128,844
The accompanying notes form an integral part of these financial statements.
85 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI EM Beyond BRIC UCITS ETF Statement of Cash Flows for the financial period ended 30 September 2017
30 September 2017 30 September 2016 USD USD
Cash from/(used in):
Operating activities Increase in net assets attributable to holders of redeemable participating shares 374,415 222,732
Adjustment for: Interest income - (3) Interest expense 168 Dividend income (69,511) (120,582) Taxation on income 9,007 15,525
Total 313,912 117,740
Net movement in financial assets and financial liabilities at fair value through profit or loss (324,778) (139,513) Payments for purchases of investments (174,354) (370,378) Proceeds from sale of investments 136,571 287,562 Movement in payables (284) 143
Cash used in operations (48,933) (104,446)
Interest paid (1) (68) Interest received -3 Dividends received 90,057 136,988 Taxation paid (9,007) (15,525) Net cash generated from operations 32,116 16,952
Financing activities
Net increase in cash and cash equivalents 32,116 16,952
Cash and cash equivalents at the beginning of the financial period 23,737 32,830
Cash and cash equivalents at the end of the financial period 55,853 49,782
The accompanying notes form an integral part of these financial statements.
86 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI EM Beyond BRIC UCITS ETF Schedule of Investments as at 30 September 2017
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 98.60% (March 2017: 98.71%) Transferable Securities - 98.60% (March 2017: 98.71%) Common Stock - 93.30% (March 2017: 93.32%) (continued) Chilean Peso - 1.90% Common Stock - 93.30% (March 2017: 93.32%) (continued) 7,746 AES Gener 2,714 0.07 Indonesian Rupiah - 6.99% (continued) 6,092 Aguas Andinas 3,882 0.09 7,800 Indofood CBP Sukses Makmur 5,053 0.12 97 Banco de Credito e Inversiones 6,144 0.15 10,900 Indofood Sukses Makmur 6,818 0.17 168,725 Banco Santander Chile 12,563 0.31 5,207 Jasa Marga Persero 2,165 0.05 19,677 Colbun 4,764 0.12 52,800 Kalbe Farma 6,527 0.16 447 Empresa Nacional de Telecomunicaciones 4,630 0.11 46,700 Lippo Karawaci 2,514 0.06 3,014 Empresas CMPC 7,945 0.19 5,900 Matahari Department Store 4,063 0.10 1,072 Empresas COPEC 14,056 0.34 11,800 Media Nusantara Citra 1,156 0.03 7,745 Enel Generacion Chile 6,772 0.16 67,800 Pakuwon Jati 3,071 0.07 1,493 SACI Falabella 14,581 0.36 27,300 Perusahaan Gas Negara Persero 3,192 0.08 78,051 1.90 7,500 Semen Indonesia Persero 5,638 0.14 Colombian Peso - 0.89% 22,600 Summarecon Agung 1,787 0.04 568 Bancolombia 6,332 0.15 12,600 Surya Citra Media 2,049 0.05 1,209 Cementos Argos 4,817 0.12 120,800 Telekomunikasi Indonesia Persero 41,974 1.02 13,047 Ecopetrol 6,220 0.15 6,700 Tower Bersama Infrastructure 3,271 0.08 769 Grupo Argos 5,530 0.14 4,000 Unilever Indonesia 14,544 0.35 583 Grupo de Inversiones Suramericana 8,115 0.20 4,400 United Tractors 10,454 0.25 1,183 Interconexion Electrica 5,511 0.13 11,793 Waskita Karya Persero 1,554 0.04 36,525 0.89 12,200 XL Axiata 3,388 0.08 Czech Koruna - 0.56% 287,176 6.99 430 CEZ 8,631 0.21 Malaysian Ringgit - 6.90% 194 Komercni Banka 8,471 0.21 3,700 AirAsia 3,023 0.07 1,192 Moneta Money Bank 4,197 0.10 2,800 Alliance Bank Malaysia 2,586 0.06 147 O2 Czech Republic 1,805 0.04 4,700 AMMB Holdings 4,853 0.12 23,104 0.56 4,300 Astro Malaysia Holdings 2,872 0.07 Egyptian Pound - 0.43% 6,300 Axiata Group 7,818 0.19 2,742 Commercial International Bank Egypt 12,680 0.31 400 British American Tobacco Malaysia 4,144 0.10 1,490 Egyptian Financial Group-Hermes Holding 1,871 0.04 8,835 CIMB Group Holdings 13,182 0.32 8,877 Global Telecom Holding 3,229 0.08 11,682 Dialog Group 5,533 0.13 17,780 0.43 8,100 DiGi.Com 9,400 0.23 Euro - 0.94% 3,300 Felda Global Ventures Holdings 1,321 0.03 3,236 Alpha Bank 6,389 0.15 4,400 Gamuda 5,502 0.13 4,473 Eurobank Ergasias 3,955 0.10 5,700 Genting 12,892 0.31 63 FF Group 1,370 0.03 6,800 Genting Malaysia 8,664 0.21 547 Hellenic Telecommunications Organization 6,615 0.16 700 Genting Plantations 1,708 0.04 229 JUMBO 3,787 0.09 1,600 HAP Seng Consolidated 3,448 0.08 12,924 National Bank of Greece 4,385 0.11 1,900 Hartalega Holdings 3,132 0.08 610 OPAP 6,454 0.16 1,512 Hong Leong Bank 5,679 0.14 807 Piraeus Bank 2,767 0.07 544 Hong Leong Financial Group 2,139 0.05 113 Titan Cement 2,862 0.07 5,100 IHH Healthcare 6,945 0.17 38,584 0.94 6,200 IJM 4,845 0.12 Hungarian Forint - 1.03% 7,000 IOI 7,526 0.18 952 MOL Hungarian Oil & Gas 10,868 0.27 3,625 IOI Properties Group 1,734 0.04 601 OTP Bank 22,631 0.55 1,100 Kuala Lumpur Kepong 6,398 0.16 344 Richter Gedeon 8,574 0.21 9,019 Malayan Banking 20,355 0.50 42,073 1.03 1,831 Malaysia Airports Holdings 3,686 0.09 Indonesian Rupiah - 6.99% 5,000 Maxis 6,868 0.17 33,600 Adaro Energy 4,553 0.11 3,600 MISC 6,224 0.15 4,500 AKR Corporindo 2,372 0.06 6,400 Petronas Chemicals Group 11,049 0.27 50,700 Astra International 29,737 0.72 700 Petronas Dagangan 4,032 0.10 24,600 Bank Central Asia 37,076 0.90 1,700 Petronas Gas 7,207 0.18 10,400 Bank Danamon Indonesia 4,015 0.10 1,100 PPB Group 4,392 0.11 46,200 Bank Mandiri Persero 23,067 0.56 7,214 Public Bank 34,921 0.85 18,400 Bank Negara Indonesia Persero 10,109 0.25 2,881 RHB Bank 3,432 0.08 27,800 Bank Rakyat Indonesia Persero 31,528 0.77 8,600 Sapura Energy 3,096 0.08 23,800 Bumi Serpong Damai 3,128 0.08 5,582 Sime Darby 11,924 0.29 18,500 Charoen Pokphand Indonesia 3,763 0.09 2,514 Telekom Malaysia 3,870 0.09 1,000 Gudang Garam 4,885 0.12 8,300 Tenaga Nasional 28,148 0.69 23,900 Hanjaya Mandala Sampoerna 6,849 0.17 1,400 UMW Holdings 1,840 0.05 4,900 Indocement Tunggal Prakarsa 6,876 0.17 1,900 Westports Holdings 1,714 0.04
87 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI EM Beyond BRIC UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 98.60% (March 2017: 98.71%) Transferable Securities - 98.60% (March 2017: 98.71%) (continued) (continued) Common Stock - 93.30% (March 2017: 93.32%) (continued) Common Stock - 93.30% (March 2017: 93.32%) (continued) Malaysian Ringgit - 6.90% (continued) New Taiwan Dollar - 14.63% (continued) 10,100 YTL 3,253 0.08 3,000 Formosa Chemicals & Fibre 9,122 0.22 6,450 YTL Power International 2,093 0.05 2,000 Formosa Petrochemical 6,892 0.17 283,448 6.90 4,000 Formosa Plastics 12,109 0.29 Mexican Peso - 10.18% 1,346 Foxconn Technology 3,884 0.09 6,866 Alfa 8,693 0.21 8,000 Fubon Financial Holding 12,479 0.30 81,651 America Movil 72,662 1.77 1,000 Highwealth Construction 1,327 0.03 1,043 Arca Continental 7,150 0.17 115 Hiwin Technologies 1,014 0.02 35,842 Cemex 32,666 0.80 16,112 Hon Hai Precision Industry 55,790 1.36 1,038 Coca-Cola Femsa 8,043 0.20 1,000 HTC 2,500 0.06 478 El Puerto de Liverpool 3,869 0.09 10,348 Hua Nan Financial Holdings 5,614 0.14 4,818 Fomento Economico Mexicano 46,176 1.12 10,253 Innolux 4,784 0.12 2,666 Gentera 4,332 0.11 3,000 Inventec 2,216 0.05 584 Gruma 8,562 0.21 2,105 Lite-On Technology 3,006 0.07 845 Grupo Aeroportuario del Pacifico 8,674 0.21 2,000 MediaTek 18,764 0.46 563 Grupo Aeroportuario del Sureste 10,745 0.26 10,110 Mega Financial Holding 7,902 0.19 4,046 Grupo Bimbo 9,797 0.24 1,000 Micro-Star International 2,150 0.05 1,216 Grupo Carso 4,807 0.12 5,000 Nan Ya Plastics 12,317 0.30 6,128 Grupo Financiero Banorte 42,378 1.03 1,000 Novatek Microelectronics 3,759 0.09 5,345 Grupo Financiero Inbursa 9,804 0.24 2,000 Pegatron 5,191 0.13 4,799 Grupo Financiero Santander Mexico 9,770 0.24 3,000 Pou Chen 3,764 0.09 1,473 Grupo Lala 2,498 0.06 1,000 Powertech Technology 2,882 0.07 9,349 Grupo Mexico 28,671 0.70 1,000 President Chain Store 8,426 0.20 6,022 Grupo Televisa 29,763 0.72 3,000 Quanta Computer 6,905 0.17 363 Industrias Penoles 9,042 0.22 1,000 Realtek Semiconductor 3,446 0.08 1,386 Infraestructura Energetica Nova 7,782 0.19 1,000 Ruentex Industries 1,481 0.04 3,863 Kimberly-Clark de Mexico 7,882 0.19 10,000 Shin Kong Financial Holding 2,994 0.07 2,698 Mexichem 7,143 0.17 2,326 Siliconware Precision Industries 3,720 0.09 672 Promotora y Operadora de Infraestructura 7,133 0.17 11,179 SinoPac Financial Holdings 3,347 0.08 1 Telesites 1 0.00 1,040 Standard Foods 2,538 0.06 13,191 Wal-Mart de Mexico 30,291 0.74 2,300 Synnex Technology International 2,761 0.07 418,334 10.18 10,751 Taishin Financial Holding 4,627 0.11 New Taiwan Dollar - 14.63% 3,000 Taiwan Cement 3,344 0.08 3,032 Acer 1,515 0.04 8,124 Taiwan Cooperative Financial Holding 4,193 0.10 7,468 Advanced Semiconductor Engineering 9,137 0.22 2,000 Taiwan Fertilizer 2,589 0.06 108 Advantech 769 0.02 2,000 Taiwan Mobile 7,123 0.17 3,180 Asia Cement 2,805 0.07 26,000 Taiwan Semiconductor Manufacturing 185,629 4.52 1,000 Asustek Computer 8,228 0.20 2,000 Teco Electric and Machinery 1,791 0.04 10,000 AU Optronics 4,007 0.10 5,603 Uni-President Enterprises 11,733 0.29 1,000 Catcher Technology 9,316 0.23 12,000 United Microelectronics 5,995 0.15 9,500 Cathay Financial Holding 15,100 0.37 1,000 Vanguard International Semiconductor 1,725 0.04 784 Chailease Holding 1,890 0.05 4,887 Wistron 3,908 0.09 4,571 Chang Hwa Commercial Bank 2,472 0.06 2,000 WPG Holdings 2,661 0.06 2,000 Cheng Shin Rubber Industry 4,003 0.10 10,294 Yuanta Financial Holding 4,430 0.11 1,005 Chicony Electronics 2,386 0.06 1,000 Zhen Ding Technology Holding 2,025 0.05 4,000 China Airlines 1,510 0.04 601,136 14.63 18,000 China Development Financial Holding 5,402 0.13 Philippines Peso - 3.36% 3,841 China Life Insurance 3,616 0.09 4,940 Aboitiz Equity Ventures 7,128 0.17 11,900 China Steel 9,556 0.23 3,000 Aboitiz Power 2,531 0.06 4,000 Chunghwa Telecom 13,784 0.34 11,400 Alliance Global Group 3,600 0.09 6,000 Compal Electronics 4,264 0.10 610 Ayala 11,648 0.28 17,727 CTBC Financial Holding 11,107 0.27 17,000 Ayala Land 14,557 0.35 2,210 Delta Electronics 11,369 0.28 2,050 Bank of the Philippine Islands 4,013 0.10 9,337 E.Sun Financial Holding 5,573 0.14 4,990 BDO Unibank 12,839 0.31 3,112 Eva Airways 1,519 0.04 7,900 DMCI Holdings 2,426 0.06 2,050 Evergreen MarineTaiwan 1,183 0.03 21,532 Energy Development 2,382 0.06 5,506 Far Eastern New Century 4,358 0.11 100 Globe Telecom 4,035 0.10 2,000 Far EasTone Telecommunications 4,755 0.12 170 GT Capital Holdings 3,885 0.09 120 Feng TAY Enterprise 546 0.01 1,110 International Container Terminal Services 2,272 0.06 9,525 First Financial Holding 6,109 0.15 7,380 JG Summit Holdings 10,896 0.27
88 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI EM Beyond BRIC UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 98.60% (March 2017: 98.71%) Transferable Securities - 98.60% (March 2017: 98.71%) (continued) (continued) Common Stock - 93.30% (March 2017: 93.32%) (continued) Common Stock - 93.30% (March 2017: 93.32%) (continued) Philippines Peso - 3.36% (continued) South African Rand - 13.23% (continued) 940 Jollibee Foods 4,511 0.11 645 Discovery 6,719 0.16 26,000 Megaworld 2,677 0.07 227 Exxaro Resources 2,065 0.05 34,300 Metro Pacific Investments 4,524 0.11 6,153 FirstRand 23,710 0.58 1,400 Metropolitan Bank & Trust 2,384 0.06 390 Foschini Group 3,921 0.10 225 PLDT 7,388 0.18 1,533 Gold Fields 6,696 0.16 4,100 Robinsons Land 2,042 0.05 1,142 Impala Platinum Holdings 2,622 0.06 370 Security Bank 1,771 0.04 290 Imperial Holdings 4,107 0.10 540 SM Investments 9,386 0.23 429 Investec 3,114 0.08 22,100 SM Prime Holdings 14,987 0.36 228 Liberty Holdings 1,777 0.04 2,100 Universal Robina 6,317 0.15 2,164 Life Healthcare Group Holdings 3,798 0.09 138,199 3.36 265 Massmart Holdings 2,189 0.05 Polish Zloty - 3.96% 1,797 MMI Holdings 2,309 0.06 277 Alior Bank 5,206 0.13 210 Mondi 5,622 0.14 102 Bank Handlowy w Warszawie 1,934 0.05 513 Mr Price Group 6,840 0.17 1,588 Bank Millennium 3,055 0.08 3,036 MTN Group 27,966 0.68 376 Bank Pekao 13,208 0.32 791 Naspers 171,059 4.16 87 Bank Zachodni WBK 8,340 0.20 366 Nedbank Group 5,493 0.13 76 CCC 5,756 0.14 421 NEPI Rockcastle 5,734 0.14 543 Cyfrowy Polsat 3,867 0.09 2,015 Netcare 3,552 0.09 256 Eurocash 2,713 0.07 273 Novus Holdings 132 0.00 89 Grupa Azoty 1,949 0.05 442 Pick n Pay Stores 1,886 0.05 275 Grupa Lotos 4,509 0.11 227 Pioneer Foods Group 1,896 0.05 130 Jastrzebska Spolka Weglowa 3,442 0.08 157 PSG Group 2,722 0.07 320 KGHM Polska Miedz 10,310 0.25 1,443 Rand Merchant Investment Holdings 4,432 0.11 3 LPP 6,728 0.16 998 Remgro 15,177 0.37 32 mBank 3,679 0.09 1,259 RMB Holdings 5,921 0.14 1,419 Orange Polska 2,060 0.05 2,524 Sanlam 12,648 0.31 1,743 PGE Polska Grupa Energetyczna 6,362 0.16 1,035 Sappi 7,057 0.17 766 Polski Koncern Naftowy ORLEN 25,583 0.62 1,009 Sasol 27,724 0.67 3,946 Polskie Gornictwo Naftowe i Gazownictwo 7,353 0.18 819 Shoprite Holdings 12,549 0.31 2,323 Powszechna Kasa Oszczednosci Bank Polski 22,523 0.55 3,301 Sibanye-Stillwater 3,721 0.09 1,498 Powszechny Zaklad Ubezpieczen 18,910 0.46 345 SPAR Group 4,269 0.10 1,838 Synthos 2,593 0.06 2,355 Standard Bank Group 27,524 0.67 2,418 Tauron Polska Energia 2,488 0.06 5,370 Steinhoff International Holdings 23,874 0.58 162,568 3.96 566 TelkomSOC 2,485 0.06 Qatari Rial - 1.74% 278 Tiger Brands 7,769 0.19 343 Barwa Real Estate 3,020 0.07 897 Truworths International 5,132 0.13 467 Commercial Bank 3,734 0.09 938 Vodacom Group 11,194 0.27 423 Doha Bank 3,369 0.08 1,837 Woolworths Holdings 8,148 0.20 1,922 Ezdan Holding Group 5,543 0.13 543,246 13.23 371 Industries Qatar 9,343 0.23 South Korean Won - 14.24% 868 Masraf Al Rayan 8,850 0.22 26 Amorepacific 5,891 0.14 165 Ooredoo 3,753 0.09 19 Amorepacific Group 2,049 0.05 75 Qatar Electricity & Water 3,601 0.09 21 BGF retail 1,522 0.04 640 Qatar Gas Transport 2,776 0.07 351 BNK Financial Group 3,065 0.07 322 Qatar Insurance 4,629 0.11 71 Celltrion 8,803 0.21 148 Qatar Islamic Bank 3,704 0.09 10 CJ 1,489 0.04 573 Qatar National Bank 19,201 0.47 6 CJ CheilJedang 1,857 0.05 71,523 1.74 9 CJ Logistics 1,285 0.03 South African Rand - 13.23% 37 Coway 3,037 0.07 122 Anglo American Platinum 3,117 0.08 33 Daelim Industrial 2,308 0.06 749 AngloGold Ashanti 7,061 0.17 141 DGB Financial Group 1,293 0.03 718 Aspen Pharmacare Holdings 16,144 0.39 40 Dongbu Insurance 2,549 0.06 1,222 Barclays Africa Group 12,580 0.31 40 Doosan Bobcat 1,276 0.03 630 Bid 14,179 0.35 63 Doosan Heavy Industries & Construction 941 0.02 559 Bidvest Group 7,148 0.17 15 E-MART 2,731 0.07 667 Brait 2,643 0.06 54 GS Engineering & Construction 1,256 0.03 50 Capitec Bank Holdings 3,181 0.08 42 GS Holdings 2,406 0.06 329 Coronation Fund Managers 1,640 0.04 241 Hana Financial Group 9,963 0.24
89 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI EM Beyond BRIC UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 98.60% (March 2017: 98.71%) Transferable Securities - 98.60% (March 2017: 98.71%) (continued) (continued) Common Stock - 93.30% (March 2017: 93.32%) (continued) Common Stock - 93.30% (March 2017: 93.32%) (continued) South Korean Won - 14.24% (continued) South Korean Won - 14.24% (continued) 50 Hankook Tire 2,628 0.06 23 Samsung SDS 3,384 0.08 5 Hanmi Pharm 1,984 0.05 78 Samsung Securities 2,353 0.06 11 Hanmi Science 883 0.02 328 Shinhan Financial Group 14,405 0.35 215 Hanon Systems 2,365 0.06 9 Shinsegae 1,532 0.04 10 Hanssem 1,323 0.03 26 SK Holdings 6,538 0.16 49 Hanwha 1,882 0.05 474 SK Hynix 34,308 0.84 77 Hanwha Chemical 2,182 0.05 55 SK Innovation 9,556 0.23 39 Hanwha Techwin 1,130 0.03 170 SK Networks 1,070 0.03 39 Hotel Shilla 1,982 0.05 20 SK Telecom 4,453 0.11 23 Hyosung 2,922 0.07 37 S-Oil 4,119 0.10 25 Hyundai Department Store 1,929 0.05 350 Woori Bank 5,455 0.13 40 Hyundai Development Co-Engineering & 8 Yuhan 1,442 0.04 Construction 1,247 0.03 585,080 14.24 86 Hyundai Engineering & Construction 2,880 0.07 Thailand Baht - 5.82% 18 Hyundai Glovis 2,326 0.06 2,500 Advanced Info Service 14,318 0.35 1 Hyundai Heavy Industries 127 0.00 10,400 Airports of Thailand 18,399 0.45 59 Hyundai Marine & Fire Insurance 2,333 0.06 500 Bangkok Bank 2,924 0.07 56 Hyundai Mobis 11,734 0.29 8,800 Bangkok Dusit Medical Services 5,409 0.13 126 Hyundai Motor 16,556 0.40 15,800 Bangkok Expressway & Metro 3,814 0.09 12 Hyundai Robotics 4,463 0.11 3,300 Banpu 1,741 0.04 55 Hyundai Steel 2,535 0.06 2,200 BEC World 1,075 0.03 24 Hyundai Wia 1,368 0.03 15,000 BTS Group Holdings 3,846 0.09 157 Industrial Bank of Korea 1,974 0.05 3,100 Central Pattana 7,250 0.18 26 Kakao 3,269 0.08 6,600 Charoen Pokphand Foods 5,294 0.13 87 Kangwon Land 2,659 0.06 12,200 CP ALL 24,052 0.59 352 KB Financial Group 17,241 0.42 1,700 Glow Energy 4,549 0.11 4 KCC 1,308 0.03 14,654 Home Product Center 5,273 0.13 251 Kia Motors 6,936 0.17 4,900 Indorama Ventures 6,208 0.15 59 Korea Aerospace Industries 2,251 0.05 34,700 IRPC 6,555 0.16 223 Korea Electric Power 7,593 0.18 2,900 Kasikornbank 18,609 0.45 39 Korea Gas 1,433 0.04 8,200 Krung Thai Bank 4,622 0.11 7 Korea Zinc 3,028 0.07 4,890 Minor International 5,975 0.15 49 Korean Air Lines 1,318 0.03 2,600 PTT 31,808 0.77 106 KT&G 9,764 0.24 3,600 PTT Exploration & Production 9,661 0.23 82 LG 5,770 0.14 5,300 PTT Global Chemical 12,237 0.30 37 LG Chem 12,663 0.31 700 Siam Cement 10,537 0.26 252 LG Display 6,722 0.16 4,800 Siam Commercial Bank 22,021 0.54 91 LG Electronics 6,547 0.16 2,200 Thai Oil 6,102 0.15 7 LG Household & Health Care 5,720 0.14 22,300 TMB Bank 1,685 0.04 15 Lotte Chemical 4,950 0.12 26,760 True 4,895 0.12 1 Lotte Chilsung Beverage 1,182 0.03 238,859 5.82 13 Lotte Shopping 2,798 0.07 Turkish Lira - 3.24% 340 Mirae Asset Daewoo 2,918 0.07 5,532 Akbank Turk 14,623 0.36 23 NAVER 14,960 0.36 475 Anadolu Efes Biracilik Ve Malt Sanayii 2,794 0.07 18 NCSoft 7,300 0.18 623 Arcelik 3,980 0.10 22 OCI 1,969 0.05 496 Aselsan Elektronik Sanayi Ve Ticaret 3,668 0.09 26 Orion 2,202 0.05 484 BIM Birlesik Magazalar 10,106 0.25 260 Pan Ocean 1,224 0.03 204 Coca-Cola Icecek 2,136 0.05 65 POSCO 17,990 0.44 2,911 Eregli Demir ve Celik Fabrikalari 6,328 0.15 59 Posco Daewoo 994 0.02 160 Ford Otomotiv Sanayi 2,052 0.05 22 S-1 1,713 0.04 2,402 Haci Omer Sabanci Holding 6,768 0.16 16 Samsung Biologics 4,715 0.11 1,977 KOC Holding 9,090 0.22 62 Samsung C&T 7,308 0.18 1,779 Petkim Petrokimya Holding 2,992 0.07 62 Samsung Electro-Mechanics 5,521 0.13 546 TAV Havalimanlari Holding 2,710 0.07 80 Samsung Electronics 179,089 4.36 356 Tofas Turk Otomobil Fabrikasi 3,091 0.07 20 Samsung Fire & Marine Insurance 4,889 0.12 321 Tupras Turkiye Petrol Rafinerileri 10,977 0.27 273 Samsung Heavy Industries 2,670 0.07 1,373 Turk Hava Yollari 3,378 0.08 61 Samsung Life Insurance 6,018 0.15 1,177 Turk Telekomunikasyon 2,247 0.05 54 Samsung SDI 9,359 0.23 2,158 Turkcell Iletisim Hizmetleri 7,701 0.19
90 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI EM Beyond BRIC UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 98.60% (March 2017: 98.71%) Transferable Securities - 98.60% (March 2017: 98.71%) (continued) (continued) Common Stock - 93.30% (March 2017: 93.32%) (continued) Real Estate Investment Trust - 1.05%(March 2017:1.21%) Turkish Lira - 3.24% (continued) (continued) 5,859 Turkiye Garanti Bankasi 15,949 0.39 South African Rand - 0.72% 1,510 Turkiye Halk Bankasi 5,146 0.12 2,289 Fortressome Fund 2,924 0.07 3,784 Turkiye Is Bankasi 7,215 0.18 1,454 Fortressome Fund 4,173 0.10 2,277 Turkiye Sise ve Cam Fabrikalari 2,625 0.06 3,721 Growthpoint Properties 6,696 0.16 1,763 Turkiye Vakiflar Bankasi 3,108 0.08 430 Hyprop Investments 3,367 0.08 351 Ulker Biskuvi Sanayi 1,910 0.05 421 New Europe Property Investments - 0.00 2,038 Yapi ve Kredi Bankasi 2,476 0.06 8,626 Redefine Properties 6,829 0.17 133,070 3.24 569 Resilient REIT 5,608 0.14 UAE Dirham - 2.01% 29,597 0.72 5,351 Abu Dhabi Commercial Bank 10,345 0.25 Turkish Lira - 0.07% 8,277 Aldar Properties 5,251 0.13 4,101 Emlak Konut Gayrimenkul Yatirim Ortakligi 3,091 0.07 4,498 DAMAC Properties Dubai 4,654 0.11 3,091 0.07 3,193 Dubai Islamic Bank 5,260 0.13 Total Real Estate Investment Trust 43,295 1.05 15,000 DXB Entertainments 3,104 0.08 5,279 Emaar Malls 3,349 0.08 Preferred Stock - 1.30% (March 2017: 1.35%) 8,667 Emaar Properties 20,035 0.49 Colombian Peso - 0.48% 4,385 Emirates Telecommunications Group 20,656 0.50 1,069 Bancolombia 12,296 0.30 3,489 Firstu Dhabi Bank 9,690 0.24 8,494 Grupo Aval Acciones y Valores 3,847 0.10 82,344 2.01 249 Grupo de Inversiones Suramericana 3,407 0.08 United States Dollar - 1.25% 19,550 0.48 172 Credicorp 35,263 0.86 South Korean Won - 0.82% 387 DP World 8,692 0.21 10 Amorepacific 1,362 0.03 188 Southern Copper (US listed) 7,475 0.18 26 Hyundai Motor (cumulative preference) 2,327 0.05 51,430 1.25 20 Hyundai Motor (non-cumulative preference) 1,634 0.04 7 LG Chem 1,549 0.04 Total Common Stock 3,832,530 93.30 15 Samsung Electronics 27,005 0.66 Depository Receipts - 2.95%(March 2017:2.82%) 33,877 0.82 Thailand Baht - 0.99% Total Preferred Stock 53,427 1.30 3,100 Berli Jucker 4,903 0.12 900 Bumrungrad Hospital 5,802 0.14 Total Transferable Securities 4,050,552 98.60 1,200 Delta Electronics Thailand 3,140 0.08 300 Electricity Generating 2,114 0.05 2,700 Energy Absolute 3,097 0.07 Fair Value %of 1,500 Kasikornbank 9,310 0.23 USD Fund 800 KCE Electronics 2,399 0.06 Total value of investments 4,050,552 98.60 1,200 Robinson 2,321 0.06 365 Siam Cement 5,472 0.13 Cash at bank* (March 2017: 0.64%) 55,853 1.36 3,600 Thai Union Group 2,159 0.05 Other net assets (March 2017: 0.65%) 1,556 0.04 40,717 0.99 Net assets attributable to holders of United States Dollar - 1.96% redeemable participating shares 4,107,961 100.00 93 Banco de Chile 8,479 0.21 1,231 Cencosud 11,306 0.27 *All cash holdings are held at State Street Bank and Trust Company. 182 Cia Cervecerias Unidas 4,901 0.12 483 Cia de Minas Buenaventura 6,178 0.15 All of the above securities are traded on a recognised stock exchange or 108 Embotelladora Andina 2,974 0.07 traded on a regulated market unless otherwise stated. 1,360 Enel Americas 13,899 0.34 984 Enel Chile 5,904 0.14 245 ItauBanca 3,405 0.08 %of Total 764 Latam Airlines Group 10,123 0.25 Analysis of Total Assets Assets 241 Sociedad Quimica y Minera de Chile 13,414 0.33 80,583 1.96 Transferable securities admitted to an official exchange listing 98.28 Total Depository Receipts 121,300 2.95 Other transferable securities of the type referred to in Real Estate Investment Trust - 1.05%(March 2017:1.21%) Regulation 68(1)(a), (b) and (c) 0.27 Mexican Peso - 0.26% Other assets 1.45 6,270 Fibra Uno Administracionde 10,607 0.26 10,607 0.26 Total Assets 100.00
91 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR MSCI EM Beyond BRIC UCITS ETF
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Purchases Cost USD
Taiwan Semiconductor Manufacturing 6,752 Barclays Africa Group 6,326 Bancolombia 5,929 Naspers 5,099 Damac Properties Dubai 3,673 Formosa Petrochemical 3,527 Hon Hai Precision Industry 3,159 MOL Hungarian Oil & Gas 3,080 Aselsan Elektronik Sanayi Ve Ticaret 3,080 Pakuwon Jati 2,955 Fomento Economico Mexicano 2,820 Standard Foods 2,691 Powszechna Kasa Oszczednosci Bank Polski 2,641 Indocement Tunggal Prakarsa 2,599 Chicony Electronics 2,576 KB Financial Group 2,546 Zhen Ding Technology Holding 2,461 Vodacom Group 2,414 CIMB Group Holdings 2,397 Micro-Star International 2,328 PTT 2,309 PTT Global Chemical 2,295 Public Bank 2,179 Egyptian Financial Group-Hermes Holding 2,120 Grupo Argos 2,065 Powszechny Zaklad Ubezpieczen 2,051 KOC Holding 2,001 MISC 1,902 Hanwha Techwin 1,741 Aspen Pharmacare Holdings 1,740 Unilever Indonesia 1,735 Malayan Banking 1,719 Wal-Mart de Mexico 1,713 SM Prime Holdings 1,694 OTP Bank 1,686 Kasikornbank 1,653 Astra International 1,644 Bank Rakyat Indonesia Persero 1,632 Alliance Global Group 1,557 Korean Air Lines 1,554 CJ Logistics 1,548 Siam Cement 1,545 Turkiye Garanti Bankasi 1,537
92 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR MSCI EM Beyond BRIC UCITS ETF (continued)
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Purchases (continued) Cost USD
Banco Santander Chile 1,511 Ruentex Industries 1,497 GS Engineering & Construction 1,481 Doosan Bobcat 1,333 Doosan Heavy Industries & Construction 1,284 Pan Ocean 1,278 Portfolio Purchases Proceeds USD
Taiwan Semiconductor Manufacturing 6,752 Barclays Africa Group 6,326 Bancolombia 5,929 Naspers 5,099 Damac Properties Dubai 3,673 Formosa Petrochemical 3,527 Hon Hai Precision Industry 3,159 MOL Hungarian Oil & Gas 3,080 Aselsan Elektronik Sanayi Ve Ticaret 3,080 Pakuwon Jati 2,955 Fomento Economico Mexicano 2,820 Standard Foods 2,691 Powszechna Kasa Oszczednosci Bank Polski 2,641 Indocement Tunggal Prakarsa 2,599 Chicony Electronics 2,576 KB Financial Group 2,546 Zhen Ding Technology Holding 2,461 Vodacom Group 2,414 CIMB Group Holdings 2,397 Micro-Star International 2,328 PTT 2,309 PTT Global Chemical 2,295 Public Bank 2,179 Egyptian Financial Group-Hermes Holding 2,120 Grupo Argos 2,065 Powszechny Zaklad Ubezpieczen 2,051 KOC Holding 2,001 MISC 1,902 Hanwha Techwin 1,741 Aspen Pharmacare Holdings 1,740 Unilever Indonesia 1,735 Malayan Banking 1,719 Wal-Mart de Mexico 1,713 SM Prime Holdings 1,694 OTP Bank 1,686
93 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR MSCI EM Beyond BRIC UCITS ETF (continued)
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Purchases (continued) Proceeds USD
Kasikornbank 1,653 Astra International 1,644 Bank Rakyat Indonesia Persero 1,632 Alliance Global Group 1,557 Korean Air Lines 1,554 CJ Logistics 1,548 Siam Cement 1,545 Turkiye Garanti Bankasi 1,537 Banco Santander Chile 1,511 Ruentex Industries 1,497 GS Engineering & Construction 1,481 Doosan Bobcat 1,333 Doosan Heavy Industries & Construction 1,284 Pan Ocean 1,278
A copy of the list of changes in the portfolio during the financial period may be obtained free of charge from the Administrator.
94 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe UCITS ETF Statement of Financial Position as at 30 September 2017
30 September 2017 31 March 2017 EUR EUR
Current assets Financial assets at fair value through profit or loss: Transferable securities 596,485,760 545,892,596 Financial derivative instruments 51,244 116,439 596,537,004 546,009,035
Cash and cash equivalents 2,491,036 7,110,824 Cash held as collateral with broker 247,660 565,245 Debtors: Dividends receivable 1,139,031 2,919,425 Miscellaneous income receivable 5,172 144,240 Receivable for investments sold 68,423 14,166,452 Total current assets 600,488,326 570,915,221
Current liabilities Financial liabilities at fair value through profit or loss: Financial derivative instruments (2,123) (12,422) Bank overdraft - (202,863) Cash due from broker (5,726) - Creditors - Amounts falling due within one financial year: Accrued expenses (100,045) (107,975) Payable for investment purchased (10,279) (177,213) Payable for fund shares repurchased - (14,116,355) Total current liabilities (118,173) (14,616,828)
Net assets attributable to holders of redeemable participating shares 600,370,153 556,298,393
30 September 31 March 30 September 2017 2017 2016 Net asset value per share (please refer to note 4 for numbers of shares in issue) EUR 195.24 EUR 188.58 EUR 167.73
The accompanying notes form an integral part of these financial statements.
95 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe UCITS ETF Statement of Comprehensive Income for the financial period ended 30 September 2017
30 September 2017 30 September 2016 Notes EUR EUR
Dividend income 11,881,191 13,245,453 Interest income 185 388 Securities lending income 10 101,352 45,355 Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 9,416,387 6,559,179 Miscellaneous income 4,693 2,292 Total investment income 21,403,808 19,852,667
Operating expenses 3 (721,496) (680,738) Net profit for the financial period 20,682,312 19,171,929
Finance costs Interest expense (13,600) (4,194) Profit for the financial period before tax 20,668,712 19,167,735 Witholding tax on investment income 2 (814,377) (930,300) Increase in net assets attributable to holders of redeemable participating shares resulting from operations 19,854,335 18,237,435
Gains and losses arose solely from continuing operations. There were no 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.
96 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial period ended 30 September 2017
30 September 2017 30 September 2016 EUR EUR
Net assets attributable to holders of redeemable shares at the beginning of the financial period 556,298,393 583,577,795
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 19,854,335 18,237,435
Share transactions Proceeds from redeemable participating shares issued 24,217,425 79,484,018 Costs of redeemable participating shares redeemed - (157,129,366) Increase/(decrease) in net assets from share transactions 24,217,425 (77,645,348)
Total increase/(decrease) in net assets attributable to holders of redeemable participating shares 44,071,760 (59,407,913)
Net assets attributable to holders of redeemable participating shares at the end of the financial period 600,370,153 524,169,882
The accompanying notes form an integral part of these financial statements.
97 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe UCITS ETF Statement of Cash Flows for the financial period ended 30 September 2017
30 September 2017 30 September 2016 EUR EUR
Cash from/(used in):
Operating activities Increase in net assets attributable to holders of redeemable participating shares 19,854,335 18,237,435
Adjustment for: Interest income (185) (388) Interest expense 13,600 4,194 Securities lending income (101,352) (45,355) Dividend income (11,881,191) (13,245,453) Taxation on income 814,377 930,300
Total 8,699,584 5,880,733
Net movement in financial assets and financial liabilities at fair value through profit or loss (8,583,737) (5,514,198) Payments for purchases of investments (63,806,065) (107,931,288) Proceeds from sale of investments 35,782,629 173,397,743 Cash paid to broker as collateral 323,311 58,375 Movement in receivables 139,068 - Movement in payables (7,930) (16,882)
Cash (used in)/ generated from operations (27,453,140) 65,874,483
Interest paid (13,600) (4,194) Interest received 185 388 Securities lending income received 101,352 159,954 Dividends received 13,661,585 14,523,208 Taxation paid (814,377) (930,300) Net cash (used in)/ generated from operations (14,517,995) 79,623,539
Financing activities Proceeds from redeemable participating shares issued 24,217,425 79,484,018 Payments for redeemable participating shares redeemed (14,116,355) (157,129,366) Net cash generated from/(used in) financing activities 10,101,070 (77,645,348)
Net (decrease)/increase in cash and cash equivalents (4,416,925) 1,978,191
Cash and cash equivalents at the beginning of the financial period 6,907,961 4,981,387
Cash and cash equivalents at the end of the financial period 2,491,036 6,959,578
The accompanying notes form an integral part of these financial statements.
98 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe UCITS ETF Schedule of Investments as at 30 September 2017
%of %of Fair Value Net Fair Value Net Holding Investment EUR Assets Holding Investment EUR Assets Transferable Securities - 99.35% (March 2017: 98.13%) Transferable Securities - 99.35% (March 2017: 98.13%) Common Stock - 96.32% (March 2017: 95.12%) (continued) Danish Krone - 2.83% Common Stock - 96.32% (March 2017: 95.12%) (continued) 484 AP Moller - Maersk 777,864 0.13 Euro - 47.85% (continued) 284 AP Moller - Maersk (Class A Shares) 441,549 0.07 395,052 Banco de Sabadell 697,662 0.12 8,128 Carlsberg 752,541 0.13 213,232 Banco Espirito Santo 21 0.00 7,819 Chr Hansen Holding 567,378 0.09 1,218,698 Banco Santander 7,198,849 1.20 9,254 Coloplast 635,445 0.11 68,051 Bank of Ireland 471,593 0.08 55,634 Danske Bank 1,882,450 0.31 76,403 Bankia 311,724 0.05 10,886 DONG Energy 527,206 0.09 52,729 Bankinter 422,043 0.07 14,182 DSV 907,706 0.15 69,462 BASF 6,254,358 1.04 4,432 Genmab 827,831 0.14 61,604 Bayer 7,102,941 1.18 5,186 H Lundbeck 253,178 0.04 25,330 Bayerische Motoren Werke (voting) 2,174,074 0.36 13,016 ISS 442,862 0.07 85,321 BNP Paribas 5,823,158 0.97 138,301 Novo Nordisk 5,593,957 0.93 65,439 Bollore 276,742 0.05 17,086 Novozymes 741,831 0.12 7,401 Boskalis Westminster 218,885 0.04 8,467 Pandora 707,128 0.12 15,829 Bouygues 635,534 0.11 57,203 TDC 283,566 0.05 11,903 Brenntag 560,810 0.09 7,766 Tryg 151,736 0.03 18,989 Bureau Veritas 414,625 0.07 16,952 Vestas Wind Systems 1,287,054 0.21 266,341 CaixaBank 1,129,286 0.19 9,816 William Demant Holding 219,227 0.04 12,372 Capgemini 1,226,808 0.20 17,000,509 2.83 44,768 Carrefour 765,309 0.13 Euro - 47.85% 4,345 Casino Guichard Perrachon 218,032 0.04 7,868 Beiersdorf 716,224 0.12 37,997 Cie de Saint-Gobain 1,915,809 0.32 52,442 Abertis Infraestructuras 896,758 0.15 13,933 Cie Generale des Etablissements Michelin 1,720,725 0.29 14,440 Accor 606,985 0.10 78,264 CNH Industrial 795,162 0.13 17,838 ACS Actividades de Construccion y Servicios 559,310 0.09 13,101 CNP Assurances 259,793 0.04 14,270 Adidas 2,731,278 0.46 15,577 Coca-Cola European Partners 552,594 0.09 147,761 Aegon 728,166 0.12 5,398 Colruyt 233,922 0.04 5,221 Aena 797,508 0.13 79,000 Commerzbank 909,290 0.15 2,343 Aeroports de Paris 320,522 0.05 8,223 Continental 1,765,889 0.29 14,458 Ageas 574,850 0.10 8,397 Covestro 610,882 0.10 29,638 Air Liquide 3,344,648 0.56 86,287 Credit Agricole 1,327,094 0.22 43,980 Airbus Group 3,536,432 0.59 63,312 CRH 2,043,395 0.34 18,826 Akzo Nobel 1,470,687 0.25 72,793 Daimler 4,911,344 0.82 34,705 Allianz 6,592,215 1.10 45,724 Danone 3,034,702 0.51 11,384 Alstom 409,084 0.07 172 Dassault Aviation 235,373 0.04 30,277 Altice 513,044 0.09 9,953 Dassault Systemes 851,877 0.14 8,350 Altice (Class B Shares) 141,115 0.02 158,054 Deutsche Bank 2,312,330 0.39 33,173 Amadeus IT Group 1,824,183 0.30 14,634 Deutsche Boerse 1,342,084 0.22 5,552 Andritz 271,521 0.05 17,974 Deutsche Lufthansa 422,569 0.07 57,873 Anheuser-Busch InBev 5,862,535 0.98 74,837 Deutsche Post 2,818,736 0.47 50,246 ArcelorMittal 1,096,619 0.18 254,816 Deutsche Telekom 4,022,271 0.67 5,167 Arkema 536,076 0.09 26,259 Deutsche Wohnen 943,223 0.16 28,393 ASML Holding 4,090,012 0.68 47,168 Distribuidora Internacional de Alimentacion 232,774 0.04 93,894 Assicurazioni Generali 1,479,769 0.25 171,829 E.ON 1,645,434 0.27 35,262 Atlantia 941,848 0.16 15,314 Edenred 352,222 0.06 7,103 Atos 932,269 0.16 176,387 EDP - Energias de Portugal 561,793 0.09 146,596 AXA 3,751,392 0.62 4,795 Eiffage 420,042 0.07 3,106 Axel Springer 168,873 0.03 43,518 Electricite de France 447,147 0.07 502,720 Banco Bilbao Vizcaya Argentaria 3,801,066 0.63 10,897 Elisa 396,869 0.07 16,562 Enagas 394,590 0.07
99 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment EUR Assets Holding Investment EUR Assets Transferable Securities - 99.35% (March 2017: 98.13%) Transferable Securities - 99.35% (March 2017: 98.13%) (continued) (continued) Common Stock - 96.32% (March 2017: 95.12%) (continued) Common Stock - 96.32% (March 2017: 95.12%) (continued) Euro - 47.85% (continued) Euro - 47.85% (continued) 23,572 Endesa 449,636 0.08 18,649 KBC Group 1,337,133 0.22 611,279 Enel 3,114,467 0.52 5,731 Kering 1,931,634 0.32 138,159 Engie 1,985,345 0.33 12,091 Kerry Group 982,877 0.16 192,679 Eni 2,697,506 0.45 3,850 KION Group 311,735 0.05 22,807 Erste Group Bank 833,482 0.14 25,679 Kone 1,150,419 0.19 15,646 Essilor International 1,638,919 0.27 95,490 Koninklijke Ahold Delhaize 1,510,652 0.25 3,559 Eurazeo 269,167 0.04 14,078 Koninklijke DSM 975,042 0.16 809 Eurofins Scientific 432,491 0.07 249,619 Koninklijke KPN 725,143 0.12 12,173 Eutelsat Communications 305,055 0.05 71,791 Koninklijke Philips 2,507,660 0.42 12,585 Evonik Industries 380,319 0.06 5,355 Koninklijke Vopak 198,697 0.03 8,274 EXOR 443,900 0.07 8,988 Lagardere 254,585 0.04 9,129 Ferrari 853,562 0.14 6,992 LANXESS 466,786 0.08 36,957 Ferrovial 688,324 0.11 20,033 Legrand 1,223,616 0.20 80,475 Fiat Chrysler Automobiles 1,220,001 0.20 30,966 Leonardo 490,811 0.08 34,889 Fortum 589,275 0.10 14,163 Linde 2,499,061 0.42 3,088 Fraport Frankfurt Airport Services Worldwide 248,090 0.04 19,063 L'Oreal 3,429,434 0.57 31,111 Fresenius & Co 2,123,326 0.35 12,546 Luxottica Group 593,300 0.10 16,432 Fresenius Medical Care 1,360,077 0.23 21,114 LVMH Moet Hennessy Louis Vuitton 4,929,063 0.82 37,116 Galp Energia 556,554 0.09 2,699 MAN 257,728 0.04 27,123 Gas Natural 508,014 0.08 80,632 Mapfre 222,061 0.04 14,168 GEA Group 545,326 0.09 40,651 Mediobanca 369,111 0.06 5,622 Gemalto 212,483 0.04 9,592 Merck 902,799 0.15 22,087 Grifols 544,445 0.09 13,167 Metro 235,492 0.04 6,082 Groupe Bruxelles Lambert 541,298 0.09 8,653 Metso 268,589 0.04 33,484 Groupe Eurotunnel 341,537 0.06 12,064 Muenchener Rueckversicherungs 2,182,378 0.36 4,678 Hannover Rueck 476,922 0.08 69,843 Natixis 472,837 0.08 9,853 HeidelbergCement 856,915 0.14 9,808 Neste 362,406 0.06 19,604 Heineken 1,639,875 0.27 23,276 NN Group 824,203 0.14 7,443 Heineken Holding 591,719 0.10 440,529 Nokia 2,237,887 0.37 7,712 Henkel 793,950 0.13 8,637 Nokian Renkaat 325,010 0.05 2,371 Hermes International 1,011,350 0.17 11,284 OMV 556,188 0.09 1,514 Hochtief 216,124 0.04 151,762 Orange 2,103,421 0.35 4,795 Hugo Boss 357,659 0.06 7,616 Orion 299,004 0.05 447,560 Iberdrola 2,941,364 0.49 6,844 Osram Licht 462,038 0.08 2,038 Iliad 458,244 0.08 5,813 Paddy Power Betfair 490,733 0.08 2,612 Imerys 199,687 0.03 16,256 Pernod Ricard 1,902,765 0.32 82,562 Industria de Diseno Textil 2,632,489 0.44 37,690 Peugeot 759,454 0.13 86,996 Infineon Technologies 1,850,405 0.31 37,601 Poste Italiane 234,254 0.04 293,703 ING Groep 4,581,767 0.76 17,252 ProSiebenSat.1 Media 497,461 0.08 4,395 Ingenico Group 352,479 0.06 12,198 Proximus 355,633 0.06 10,261 Innogy 386,378 0.06 15,723 Prysmian 449,363 0.08 48,225 International Consolidated Airlines Group 325,037 0.05 15,987 Publicis Groupe 944,672 0.16 961,051 Intesa Sanpaolo 2,875,465 0.48 16,271 QIAGEN 433,297 0.07 2,826 Ipsen 317,784 0.05 11,174 Raiffeisen Bank International 316,839 0.05 67,983 Irish Bank Resolution - 0.00 9,224 Randstad Holding 482,784 0.08 5,036 JCDecaux 159,540 0.03 7,859 Recordati 306,501 0.05 19,820 Jeronimo Martins SGPS 330,796 0.06 32,051 Red Electrica 569,867 0.10 14,073 K+S 324,383 0.05 74,532 RELX (Netherlands listed) 1,342,321 0.22
100 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment EUR Assets Holding Investment EUR Assets Transferable Securities - 99.35% (March 2017: 98.13%) Transferable Securities - 99.35% (March 2017: 98.13%) (continued) (continued) Common Stock - 96.32% (March 2017: 95.12%) (continued) Common Stock - 96.32% (March 2017: 95.12%) (continued) Euro - 47.85% (continued) Euro - 47.85% (continued) 1,954 Remy Cointreau 195,791 0.03 10,978 Wartsilap 657,582 0.11 14,247 Renault 1,184,068 0.20 2,079 Wendel 284,927 0.05 92,721 Repsol 1,445,520 0.24 22,751 Wolters Kluwer 889,450 0.15 22,234 Rexel 325,506 0.05 8,389 Zalando 355,694 0.06 2,965 RTL Group 189,879 0.03 14,916 Zodiac Aerospace 364,920 0.06 38,988 RWE 749,349 0.12 287,304,542 47.85 13,371 Ryanair Holdings 218,215 0.04 Norwegian Krone - 1.06% 23,447 Safran 2,026,759 0.34 73,502 DNB 1,253,586 0.21 46,560 Saipem 169,851 0.03 15,953 Gjensidige Forsikring 234,955 0.04 33,421 Sampo 1,494,587 0.25 27,573 Marine Harvest 461,471 0.08 84,525 Sanofi 7,100,945 1.18 101,959 Norsk Hydro 627,313 0.10 74,650 SAP 6,919,308 1.15 61,999 Orkla 538,253 0.09 42,962 Schneider Electric 3,163,292 0.53 5,440 Schibsted (Class A Shares) 118,620 0.02 12,771 SCOR 453,051 0.08 6,424 Schibsted (Class B Shares) 128,335 0.02 1,668 SEB 258,874 0.04 85,958 Statoil 1,455,063 0.24 57,811 Siemens 6,891,071 1.15 56,560 Telenor 1,012,118 0.17 17,918 Siemens Gamesa Renewable Energy 197,904 0.03 13,972 Yara International 529,592 0.09 181,637 Snam 740,352 0.12 6,359,306 1.06 2,182 Societe BIC 221,255 0.04 Pound Sterling - 26.98% 58,092 Societe Generale 2,877,587 0.48 73,077 3i Group 757,181 0.13 6,775 Sodexo 714,763 0.12 15,610 Admiral Group 321,889 0.05 5,687 Solvay 718,837 0.12 106,275 Anglo American 1,615,557 0.27 48,722 STMicroelectronics 797,579 0.13 30,136 Antofagasta 324,564 0.05 42,045 Stora Enso 502,438 0.08 36,965 Ashtead Group 754,693 0.13 26,722 Suez 412,721 0.07 26,438 Associated British Foods 958,023 0.16 9,070 Symrise 582,929 0.10 96,390 AstraZeneca 5,420,309 0.90 842,630 Telecom Italia 667,784 0.11 73,167 Auto Trader Group 325,914 0.06 345,895 Telefonica 3,179,467 0.53 309,464 Aviva 1,806,941 0.30 55,389 Telefonica Deutschland Holding 262,987 0.04 19,176 Babcock International Group 180,084 0.03 4,001 Telenet Group Holding 223,976 0.04 237,168 BAE Systems 1,699,722 0.28 36,085 Tenaris 433,020 0.07 1,293,518 Barclays 2,838,344 0.47 118,743 Terna Rete Elettrica Nazionale 586,828 0.10 74,535 Barratt Developments 519,793 0.09 7,855 Thales 752,352 0.13 9,584 Berkeley Group Holdings 404,285 0.07 28,057 Thyssenkrupp 703,529 0.12 161,380 BHP Billiton (UK listed) 2,407,458 0.40 177,585 Total 8,070,350 1.34 1,487,652 BP 8,058,259 1.34 9,582 UCB 577,124 0.10 174,939 British American Tobacco 9,275,512 1.55 6,801 Umicore 476,002 0.08 642,495 BT Group 2,070,063 0.35 152,770 UniCredit 2,752,915 0.46 26,017 Bunzl 669,356 0.11 83,431 UnipolSai Assicurazioni 164,860 0.03 33,223 Burberry Group 663,590 0.11 8,782 United Internet 462,548 0.08 53,215 Capita 341,217 0.06 40,689 UPM-Kymmene 932,999 0.16 14,555 Carnival 783,454 0.13 18,032 Valeo 1,132,049 0.19 363,584 Centrica 771,605 0.13 35,537 Veolia Environnement 694,748 0.12 182,837 Cobham 302,324 0.05 38,174 Vinci 3,069,190 0.51 13,206 Coca-Cola HBC 378,426 0.06 78,540 Vivendi 1,682,327 0.28 119,022 Compass Group 2,138,241 0.36 8,551 voestalpine 368,933 0.06 95,011 ConvaTec Group 295,335 0.05 2,618 Volkswagen 375,029 0.06 10,006 Croda International 430,717 0.07 36,263 Vonovia 1,305,468 0.22 6,588 DCC 541,677 0.09
101 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment EUR Assets Holding Investment EUR Assets Transferable Securities - 99.35% (March 2017: 98.13%) Transferable Securities - 99.35% (March 2017: 98.13%) (continued) (continued) Common Stock - 96.32% (March 2017: 95.12%) (continued) Common Stock - 96.32% (March 2017: 95.12%) (continued) Pound Sterling - 26.98% (continued) Pound Sterling - 26.98% (continued) 190,856 Diageo 5,313,147 0.89 66,492 Royal Mail 289,918 0.05 107,369 Direct Line Insurance Group 443,048 0.07 77,819 RSA Insurance Group 550,202 0.09 69,274 Dixons Carphone 152,046 0.03 84,212 Sage Group 667,558 0.11 12,166 easyJet 168,030 0.03 10,050 Schroders 382,655 0.06 71,209 Experian 1,211,393 0.20 18,316 Severn Trent 451,688 0.08 19,379 Ferguson 1,076,766 0.18 68,857 Shire 2,960,101 0.49 16,904 Fresnillo 269,534 0.05 77,331 Sky 803,014 0.13 119,839 G4S 378,495 0.06 65,681 Smith & Nephew 1,004,796 0.17 126,394 GKN 496,308 0.08 30,156 Smiths Group 539,702 0.09 373,530 GlaxoSmithKline 6,309,904 1.05 81,305 SSE 1,289,027 0.22 925,659 Glencore 3,592,738 0.60 40,440 St James's Place 525,950 0.09 19,358 Hargreaves Lansdown 325,140 0.05 250,085 Standard Chartered 2,104,776 0.35 10,336 Hikma Pharmaceuticals 142,051 0.02 198,866 Standard Life Aberdeen 978,359 0.16 1,509,115 HSBC Holdings 12,624,006 2.10 35,714 Tate & Lyle 262,843 0.04 20,728 IMI 292,400 0.05 246,405 Taylor Wimpey 546,694 0.09 72,143 Imperial Brands 2,606,848 0.43 611,214 Tesco 1,298,170 0.22 32,133 Inmarsat 234,665 0.04 17,780 Travis Perkins 292,179 0.05 13,490 InterContinental Hotels Group 604,418 0.10 36,041 TUI 517,820 0.09 12,319 Intertek Group 696,510 0.12 94,644 Unilever 4,639,004 0.77 48,716 Investec 301,312 0.05 50,489 United Utilities Group 489,618 0.08 275,650 ITV 546,512 0.09 2,010,640 Vodafone Group 4,764,455 0.79 117,637 J Sainsbury 317,605 0.05 15,520 Weir Group 346,101 0.06 14,705 Johnson Matthey 570,742 0.10 14,232 Whitbread 608,268 0.10 169,611 Kingfisher 574,575 0.10 163,865 Wm Morrison Supermarkets 435,347 0.07 454,776 Legal & General Group 1,341,381 0.22 153,063 Worldpay Group 706,990 0.12 5,445,110 Lloyds Banking Group 4,185,392 0.70 96,565 WPP 1,517,812 0.25 23,685 London Stock Exchange Group 1,029,486 0.17 161,948,184 26.98 120,969 Marks & Spencer Group 485,165 0.08 Swedish Krona - 4.46% 27,325 Mediclinic International 201,568 0.03 22,152 Alfa Laval 456,606 0.08 57,178 Meggitt 338,077 0.06 75,873 Assa Abloy 1,462,495 0.24 50,834 Merlin Entertainments 257,010 0.04 50,345 Atlas Copco (Class A Shares) 1,799,466 0.30 33,204 Micro Focus International 899,479 0.15 28,959 Atlas Copco (Class B Shares) 947,741 0.16 27,254 Mondi 620,145 0.10 20,888 Boliden 596,798 0.10 259,245 National Grid 2,720,274 0.45 19,043 Electrolux 545,860 0.09 10,545 Next 629,478 0.11 46,869 Essity 1,076,340 0.18 365,861 Old Mutual 806,332 0.14 2,166 Getinge (non-voting rights) 34,276 0.01 63,962 Pearson 444,244 0.07 15,312 Getinge (voting rights) 242,307 0.04 22,835 Persimmon 669,123 0.11 72,342 Hennes & Mauritz 1,581,856 0.26 11,728 Provident Financial 110,538 0.02 20,003 Hexagon 836,851 0.14 196,420 Prudential 3,982,329 0.66 31,027 Husqvarna 269,450 0.04 7,323 Randgold Resources 607,927 0.10 5,896 ICA Gruppen 187,032 0.03 50,204 Reckitt Benckiser Group 3,881,728 0.65 11,785 Industrivarden 251,955 0.04 82,704 RELX (UK listed) 1,536,468 0.26 34,493 Investor 1,438,054 0.24 94,266 Rio Tinto (UK listed) 3,715,423 0.62 18,681 Kinnevik 514,188 0.09 130,045 Rolls-Royce Holdings 1,309,079 0.22 2,810 L E Lundbergforetagen 189,575 0.03 262,641 Royal Bank of Scotland Group 799,708 0.13 13,428 Lundin Petroleum 247,978 0.04 340,886 Royal Dutch Shell 8,698,623 1.45 230,123 Nordea Bank 2,632,832 0.44 284,313 Royal Dutch Shell (Class B Shares) 7,403,434 1.23 85,119 Sandvik 1,239,358 0.21
102 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment EUR Assets Holding Investment EUR Assets Transferable Securities - 99.35% (March 2017: 98.13%) Transferable Securities - 99.35% (March 2017: 98.13%) (continued) (continued) Common Stock - 96.32% (March 2017: 95.12%) (continued) Common Stock - 96.32% (March 2017: 95.12%) (continued) Swedish Krona - 4.46% (continued) Swiss Franc - 12.65% (continued) 23,924 Securitas 338,176 0.06 3,675 Vifor Pharma 366,248 0.06 113,987 Skandinaviska Enskilda Banken 1,267,503 0.21 11,374 Zurich Insurance Group 2,937,224 0.49 26,229 Skanska 512,918 0.08 75,955,579 12.65 29,570 SKF 543,931 0.09 United States Dollar - 0.49% 117,381 Svenska Handelsbanken 1,495,009 0.25 12,269 AerCap Holdings 530,425 0.09 68,555 Swedbank 1,599,932 0.27 25,349 NXP Semiconductors 2,424,903 0.40 14,537 Swedish Match 430,407 0.07 2,955,328 0.49 27,386 Tele2 264,508 0.04 Total Common Stock 578,306,745 96.32 233,950 Telefonaktiebolaget LM Ericsson 1,133,925 0.19 Depository Receipts - 1.29% (March 2017: 1.19%) 192,372 Telia 764,741 0.13 Euro - 1.24% 115,624 Volvo 1,881,229 0.31 32,000 ABN AMRO Group 810,880 0.14 26,783,297 4.46 26,621 SES 492,755 0.08 Swiss Franc - 12.65% 122,785 Unilever 6,144,161 1.02 151,710 ABB 3,175,059 0.53 7,447,796 1.24 11,938 Adecco Group 786,894 0.13 Swedish Krona - 0.05% 3,683 Baloise Holding 493,258 0.08 4,907 Millicom International Cellular 273,331 0.05 165 Barry Callebaut 214,058 0.04 273,331 0.05 77 Chocoladefabriken Lindt & Spruengli (non- voting) 371,909 0.06 Total Depository Receipts 7,721,127 1.29 9 Chocoladefabriken Lindt & Spruengli (voting) 528,326 0.09 Real Estate Investment Trust - 0.85% (March 2017: 0.89%) 39,486 Cie Financiere Richemont 3,054,920 0.51 Euro - 0.50% 182,324 Credit Suisse Group 2,443,427 0.41 2,266 Fonciere Des Regions 199,159 0.03 3,337 Dufry 448,669 0.08 3,420 Gecina 469,224 0.08 629 EMS-Chemie Holding 354,120 0.06 2,704 ICADE 204,071 0.04 2,833 Geberit 1,134,541 0.19 16,929 Klepierre 562,212 0.09 680 Givaudan 1,252,526 0.21 7,624 Unibail-Rodamco 1,568,638 0.26 17,331 Julius Baer Group 868,144 0.14 3,003,304 0.50 4,217 Kuehne + Nagel International 660,994 0.11 Pound Sterling - 0.35% 33,286 LafargeHolcim 1,646,992 0.27 74,867 British Land 511,488 0.08 5,733 Lonza Group 1,273,002 0.21 58,195 Hammerson 354,657 0.06 233,973 Nestle 16,588,228 2.76 67,878 Intu Properties 177,561 0.03 169,326 Novartis 12,271,329 2.04 56,782 Land Securities Group 626,684 0.10 2,927 Pargesa Holding 205,983 0.03 74,662 Segro 454,164 0.08 1,349 Partners Group Holding 774,802 0.13 2,124,554 0.35 53,251 Roche Holding 11,507,730 1.92 3,178 Schindler Holding (non-voting rights) 594,262 0.10 Total Real Estate Investment Trust 5,127,858 0.85 1,567 Schindler Holding (voting rights) 285,346 0.05 Preferred Stock - 0.89% (March 2017: 0.89%) 398 SGS 808,250 0.13 Euro - 0.89% 162 Sika 1,020,381 0.17 4,138 Bayerische Motoren Werke 311,922 0.05 4,040 Sonova Holding 580,273 0.10 5,306 Fuchs Petrolub 265,778 0.04 716 Straumann Holding 389,329 0.07 13,470 Henkel & Co 1,551,070 0.26 2,378 Swatch Group (BR) 837,365 0.14 70,243 Intesa Sanpaolo 196,680 0.03 3,797 Swatch Group (REGD) 256,088 0.04 11,695 Porsche Automobil Holding 632,700 0.11 2,362 Swiss Life Holding 704,328 0.12 11,970 Schaeffler 163,391 0.03 5,713 Swiss Prime Site 434,757 0.07 433,212 Telecom Italia 275,523 0.05 24,434 Swiss Re 1,873,301 0.31 14,007 Volkswagen 1,932,966 0.32 1,951 Swisscom 846,306 0.14 Total Preferred Stock 5,330,030 0.89 274,204 UBS Group 3,967,210 0.66
103 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of Fair Value Net The counterparty for the open futures contracts is Barclays Capital. Holding Investment EUR Assets All of the above securities are traded on a recognised stock exchange or Transferable Securities - 99.35% (March 2017: 98.13%) traded on a regulated market unless otherwise stated. (continued) Preferred Stock - 0.89% (March 2017: 0.89%) %of Total Total Transferable Securities 596,485,760 99.35 Analysis of Total Assets Assets Transferable securities admitted to an official exchange Financial Derivatives Instruments - 0.01% (March 2017: 0.02%) listing 99.33 Futures Contracts – 0.01% (March 2017: 0.02%) Exchange traded financial derivatives instruments 0.01 Other assets 0.66 Unrealised Average Gain/ %of Total Assets 100.00 Notional Cost (Loss) Net Amount Price EUR Assets 1,494,610 3,476 43 of Euro Stoxx 50 Index Futures Long Futures Contracts Expiring 15 December 2017 43,070 0.01 750,749 8,341 9 of FTSE 100 Index Futures Long Futures Contracts Expiring 15 December 2017 (2,123) 0.00 390,944 7,819 5 of Swiss Market Index Futures Long Futures Contracts Expiring 15 December 2017 8,174 0.00 Unrealised gain on futures contracts 51,244 0.01 Unrealised loss on futures contracts (2,123) 0.00 Net unrealised gain on futures contracts 49,121 0.01 Total Financial Derivatives Instruments 49,121 0.01
Fair Value %of EUR Fund Total value of investments 596,534,881 99.36 Cash at bank* (March 2017: 0.11%) 2,491,036 0.42 Cash at broker* (March 2017: 0.11%) 247,660 0.04 Cash due from broker* (March 2017: Nil) (5,726) (0.00) Bank overdraft (March 2017: (0.04)%) - 0.00 Other net assets (March 2017: 0.52%) 1,102,302 0.18 Net assets attributable to holders of redeemable participating shares 600,370,153 100.00
*All cash holdings are held at State Street Bank and Trust Company, apart from cash at broker and cash due to broker which is held with Barclays Capital.
104 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR MSCI Europe UCITS ETF
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Purchases Cost EUR
British American Tobacco 2,580,208 Nestle 1,128,981 Micro Focus International 824,828 Roche Holding 810,992 Novartis 787,509 HSBC Holdings 717,877 Lloyds Banking Group 697,645 BNP Paribas 654,162 BP 581,329 TOTAL 547,807 Sanofi 521,657 GlaxoSmithKline 520,254 Royal Dutch Shell (Class A Shares) 495,857 Bayer 469,062 Royal Dutch Shell (Class B Shares) 456,830 SAP 452,820 Reckitt Benckiser Group 447,389 Siemens 435,904 Banco Santander 412,204 Anheuser-Busch InBev 408,815 Portfolio Sales Proceeds EUR
Novo Nordisk 312,021 Sanofi 304,544 Svenska Cellulosa 283,578 SFR Group 253,068 William Hill 216,673 Aryzta 165,565 Hermes International 161,425 Centrica 155,721 Banco Popular Espanol 152,948 Unilever 143,746 HeidelbergCement 131,950 Bayer 129,645 Zardoya Otis 129,097 CECONOMY 128,508 Nestle 116,722 International Consolidated Airlines Group 94,052 Petrofac 88,745 IDORSIA 87,641 NN Group 85,704 Rolls-Royce Holdings 74,675 Bankia 69,525
A copy of the list of changes in the portfolio during the financial period may be obtained free of charge from the Administrator.
105 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Consumer Discretionary UCITS ETF Statement of Financial Position as at 30 September 2017
30 September 2017 31 March 2017 EUR EUR
Current assets Financial assets at fair value through profit or loss: Transferable securities 206,350,658 199,044,573 Financial derivative instruments 4,210 - 206,354,868 199,044,573
Cash and cash equivalents 271,263 741,170 Cash held as collateral with broker 65,747 - Debtors: Dividends receivable 263,029 782,405 Miscellaneous income receivable 6,021 - Total current assets 206,960,928 200,568,148
Current liabilities Creditors - Amounts falling due within one financial year: Accrued expenses (48,050) (49,829) Total current liabilities (48,050) (49,829)
Net assets attributable to holders of redeemable participating shares 206,912,878 200,518,319
30 September 31 March 30 September 2017 2017 2016 Net asset value per share (please refer to note 4 for numbers of shares in issue) EUR 114.95 EUR 111.40 EUR 97.49
The accompanying notes form an integral part of these financial statements.
106 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Consumer Discretionary UCITS ETF Statement of Comprehensive Income for the financial period ended 30 September 2017
30 September 2017 30 September 2016 Notes EUR EUR
Dividend income 4,133,412 3,434,477 Securities lending income 10 40,529 18,305 Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 2,316,098 (6,971,580) Total investment income/(expense) 6,490,039 (3,518,798)
Operating expenses 3 (304,745) (175,182) Net profit/(loss) for the financial period 6,185,294 (3,693,980)
Finance costs Interest expense (1,941) (934) Profit/(loss) for the financial period before tax 6,183,353 (3,694,914) Witholding tax on investment income 2 (258,391) (251,984) Increase/(decrease) in net assets attributable to holders of redeemable participating shares resulting from operations 5,924,962 (3,946,898)
Gains and losses arose solely from continuing operations. There were no 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.
107 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Consumer Discretionary UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial period ended 30 September 2017
30 September 2017 30 September 2016 EUR EUR
Net assets attributable to holders of redeemable shares at the beginning of the financial period 200,518,319 147,655,710
Increase/(decrease) in net assets attributable to holders of redeemable participating shares resulting from operations 5,924,962 (3,946,898)
Share transactions Proceeds from redeemable participating shares issued 17,358,767 2,294,667 Costs of redeemable participating shares redeemed (16,889,170) (58,264,429) Increase/(decrease) in net assets from share transactions 469,597 (55,969,762)
Total increase/(decrease) in net assets attributable to holders of redeemable participating shares 6,394,559 (59,916,660)
Net assets attributable to holders of redeemable participating shares at the end of the financial period 206,912,878 87,739,050
The accompanying notes form an integral part of these financial statements.
108 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Consumer Discretionary UCITS ETF Statement of Cash Flows for the financial period ended 30 September 2017
30 September 2017 30 September 2016 EUR EUR
Cash from/(used in):
Operating activities Increase/(decrease) in net assets attributable to holders of redeemable participating shares 5,924,962 (3,946,898)
Adjustment for: Interest expense 1,941 934 Securities lending income (40,529) (18,305) Dividend income (4,133,412) (3,434,477) Taxation on income 258,391 251,984
Total 2,011,353 (7,146,762)
Net movement in financial assets and financial liabilities at fair value through profit or loss (2,301,292) 6,965,051 Payments for purchases of investments* (34,953,681) (17,689,953) Proceeds from sale of investments 32,852,762 70,561,478 Cash paid to broker as collateral (65,747) - Movement in receivables (6,021) - Movement in payables (1,779) (15,883)
Cash (used in)/ generated from operations (2,464,405) 52,673,931
Interest paid (1,941) (934) Securities lending income received 40,529 18,305 Dividends received 4,652,788 3,407,295 Taxation paid (258,391) (251,984) Net cash generated from operations 1,968,580 55,846,613
Financing activities Proceeds from redeemable participating shares issued* 14,450,683 2,294,667 Payments for redeemable participating shares redeemed (16,889,170) (58,264,429) Net cash used in financing activities (2,438,487) (55,969,762)
Net decrease in cash and cash equivalents (469,907) (123,149)
Cash and cash equivalents at the beginning of the financial period 741,170 384,575
Cash and cash equivalents at the end of the financial period 271,263 261,426
* There were a number of non-cash subscriptions on the Fund during the financial period which are not included in the Statement of Cash Flows. The value of which were €2,908,084 in the financial period ended 30 September 2017 (30 September 2016: €Nil).
The accompanying notes form an integral part of these financial statements.
109 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Consumer Discretionary UCITS ETF Schedule of Investments as at 30 September 2017
%of %of Fair Value Net Fair Value Net Holding Investment EUR Assets Holding Investment EUR Assets Transferable Securities - 99.73% (March 2017: 99.26%) Transferable Securities - 99.73% (March 2017: 99.26%) Common Stock - 94.09%(March 2017:93.55%) (continued) Danish Krone - 1.07% Common Stock - 94.09%(March 2017:93.55%) (continued) 26,486 Pandora 2,211,999 1.07 Pound Sterling - 21.28% (continued) 2,211,999 1.07 242,982 Dixons Carphone 533,309 0.26 Euro - 60.42% 425,746 GKN 1,671,765 0.81 45,886 Accor 1,928,818 0.93 44,655 InterContinental Hotels Group 2,000,763 0.97 46,754 Adidas 8,948,716 4.33 893,619 ITV 1,771,714 0.86 117,982 Altice 1,999,205 0.97 553,463 Kingfisher 1,874,914 0.91 22,820 Altice (Class B Shares) 385,658 0.19 403,539 Marks & Spencer Group 1,618,455 0.78 11,787 Axel Springer 640,859 0.31 175,294 Merlin Entertainments 886,264 0.43 81,908 Bayerische Motoren Werke (voting) 7,030,164 3.40 36,517 Next 2,179,863 1.05 42,443 Cie Generale des Etablissements Michelin 5,241,710 2.53 204,141 Pearson 1,417,849 0.68 27,304 Continental 5,863,534 2.83 76,575 Persimmon 2,243,839 1.08 238,601 Daimler 16,098,409 7.78 256,691 Sky 2,665,509 1.29 43,180 Eutelsat Communications 1,082,091 0.52 818,285 Taylor Wimpey 1,815,515 0.88 30,524 Ferrari 2,853,994 1.38 109,357 TUI 1,571,190 0.76 266,606 Fiat Chrysler Automobiles 4,041,747 1.95 45,493 Whitbread 1,944,345 0.94 7,856 Hermes International 3,350,977 1.62 315,969 WPP 4,966,411 2.40 15,849 Hugo Boss 1,182,177 0.57 44,023,894 21.28 270,836 Industria de Diseno Textil 8,635,606 4.17 Swedish Krona - 3.75% 18,574 JCDecaux 588,424 0.29 59,695 Electrolux 1,711,135 0.83 18,808 Kering 6,339,236 3.06 235,813 Hennes & Mauritz 5,156,372 2.49 29,413 Lagardere 833,123 0.40 103,167 Husqvarna 895,940 0.43 42,118 Luxottica Group 1,991,760 0.96 7,763,447 3.75 69,212 LVMH Moet Hennessy Louis Vuitton 16,157,541 7.81 Swiss Franc - 7.16% 28,648 Nokian Renkaat 1,078,024 0.52 129,610 Cie Financiere Richemont 10,027,558 4.85 19,947 Paddy Power Betfair 1,683,926 0.82 8,634 Dufry 1,160,865 0.56 127,495 Peugeot 2,569,024 1.24 7,650 Swatch Group (BR) 2,693,793 1.30 58,086 ProSiebenSat.1 Media 1,674,910 0.81 13,864 Swatch Group (REGD) 935,057 0.45 50,473 Publicis Groupe 2,982,450 1.44 14,817,273 7.16 44,023 Renault 3,658,752 1.77 Total Common Stock 194,683,450 94.09 9,626 RTL Group 616,449 0.30 Depository Receipts - 0.80%(March 2017:0.95%) 5,614 SEB 871,293 0.42 Euro - 0.80% 22,882 Sodexo 2,414,051 1.17 89,881 SES 1,663,698 0.80 13,058 Telenet Group Holding 730,987 0.35 Total Depository Receipts 1,663,698 0.80 59,328 Valeo 3,724,612 1.80 255,435 Vivendi 5,471,418 2.65 Preferred Stock - 4.84% (March 2017: 4.76%) 8,144 Volkswagen 1,166,628 0.56 Euro - 4.84% 27,738 Zalando 1,176,091 0.57 13,582 Bayerische Motoren Werke 1,023,811 0.50 125,012,364 60.42 38,184 Porsche Automobil Holding 2,065,754 1.00 Norwegian Krone - 0.41% 41,633 Schaeffler 568,291 0.27 18,058 Schibsted (Class A Shares) 393,756 0.19 45,983 Volkswagen 6,345,654 3.07 23,062 Schibsted (Class B Shares) 460,717 0.22 Total Preferred Stock 10,003,510 4.84 854,473 0.41 Pound Sterling - 21.28% Total Transferable Securities 206,350,658 99.73 251,722 Barratt Developments 1,755,462 0.85 32,467 Berkeley Group Holdings 1,369,567 0.66 109,304 Burberry Group 2,183,218 1.05 46,432 Carnival 2,499,303 1.21 392,686 Compass Group 7,054,639 3.41
110 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Consumer Discretionary UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
Financial Derivatives Instruments - 0.00%(March 2017:Nil) Futures Contracts–0.00%(March 2017:Nil)
Unrealised Average Gain/ %of Notional Cost (Loss) Net Amount Price EUR Assets 210,350 3,506 6 of Euro Stoxx 50 Index Futures Long Futures Contracts Expiring 15 December 2017 4,210 0.00 Net unrealised gain on futures contracts 4,210 0.00 Total Financial Derivatives Instruments 4,210 0.00
Fair Value %of EUR Fund Total value of investments 206,354,868 99.73 Cash at bank* (March 2017: 0.37%) 271,263 0.13 Cash at broker*(March 2017: Nil) 65,747 0.03 Other net assets (March 2017: 0.37%) 221,000 0.11 Net assets attributable to holders of redeemable participating shares 206,912,878 100.00
*All cash holdings are held at State Street Bank and Trust Company, apart from cash at broker which is held with Barclays Capital. All of the above securities are traded on a recognised stock exchange or traded on a regulated market unless otherwise stated.
%of Total Analysis of Total Assets Assets Transferable securities admitted to an official exchange listing 99.71 Other assets 0.29
Total Assets 100.00
111 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR MSCI Europe Consumer Discretionary UCITS ETF
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Purchases Cost EUR
Daimler 1,965,830 LVMH Moet Hennessy Louis Vuitton 1,864,626 Cie Financiere Richemont 1,155,274 Industria de Diseno Textil 1,136,119 Adidas 998,694 Bayerische Motoren Werke 857,153 Altice 777,975 Volkswagen 760,491 WPP 721,467 Fiat Chrysler Automobiles 698,498 Compass Group 685,285 Kering 664,437 Continental 660,298 Hennes & Mauritz 625,259 Cie Generale des Etablissements Michelin 608,826 Vivendi 588,139 Publicis Groupe 552,399 Valeo 462,543 Renault 433,672 Peugeot 397,215 Zalando 389,283 Sky 358,770 Swatch Group 324,287 Hermes International 320,583 Sodexo 314,166 Accor 312,168 Christian Dior 310,800 Pandora 299,883 Next 298,082 Carnival 290,578 Ferrari 288,458 ProSiebenSat.1 Media 274,469 Luxottica Group 273,866 Portfolio Sales Proceeds EUR
Daimler 1,371,845 LVMH Moet Hennessy Louis Vuitton 1,277,705 Cie Financiere Richemont 776,599 Industria de Diseno Textil 770,056 Hermes International 769,732 William Hill 729,077 Cie Generale des Etablissements Michelin 710,152 Adidas 674,147
112 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR MSCI Europe Consumer Discretionary UCITS ETF (continued)
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Sales (continued) Proceeds EUR
Bayerische Motoren Werke 610,281 Renault 582,041 WPP 526,495 Volkswagen 505,091 Dufry 476,373 Compass Group 470,565 Kering 451,543 Continental 440,433 Vivendi 417,833 Hennes & Mauritz 414,516 TUI 321,383 Publicis Groupe 311,741 Pandora 302,566 Valeo 297,654 Carnival 247,685 Sky 234,562 Sodexo 217,479 Swatch Group 209,367 Christian Dior 207,428 Fiat Chrysler Automobiles 203,461
A copy of the list of changes in the portfolio during the financial period may be obtained free of charge from the Administrator.
113 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Consumer Staples UCITS ETF Statement of Financial Position as at 30 September 2017
30 September 2017 31 March 2017 EUR EUR
Current assets Financial assets at fair value through profit or loss: Transferable securities 186,306,520 174,969,286 Financial derivative instruments 9,269 - 186,315,789 174,969,286
Cash and cash equivalents 483,987 516,504 Cash held as collateral with broker 97,774 - Debtors: Dividends receivable 255,257 567,020 Miscellaneous income receivable 1,354 - Total current assets 187,154,161 176,052,810
Current liabilities Financial liabilities at fair value through profit or loss: Financial derivative instruments (942) - Creditors - Amounts falling due within one financial year: Accrued expenses (44,259) (43,372) Total current liabilities (45,201) (43,372)
Net assets attributable to holders of redeemable participating shares 187,108,960 176,009,438
30 September 31 March 30 September 2017 2017 2016 Net asset value per share (please refer to note 4 for numbers of shares in issue) EUR 174.05 EUR 176.01 EUR 170.59
The accompanying notes form an integral part of these financial statements.
114 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Consumer Staples UCITS ETF Statement of Comprehensive Income for the financial period ended 30 September 2017
30 September 2017 30 September 2016 Notes EUR EUR
Dividend income 3,422,171 865,998 Securities lending income 10 27,472 3,709 Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss (5,303,765) 1,316,325 Miscellaneous income 512 236 Total investment (expense)/income (1,853,610) 2,186,268
Operating expenses 3 (275,298) (55,754) Net (loss)/profit for the financial period (2,128,908) 2,130,514
Finance costs Interest expense (3,075) (109) (Loss)/profit for the financial period before tax (2,131,983) 2,130,405 Witholding tax on investment income 2 (499,249) (148,287) (Decrease)/increase in net assets attributable to holders of redeemable participating shares resulting from operations (2,631,232) 1,982,118
Gains and losses arose solely from continuing operations. There were no 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.
115 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Consumer Staples UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial period ended 30 September 2017
30 September 2017 30 September 2016 EUR EUR
Net assets attributable to holders of redeemable shares at the beginning of the financial period 176,009,438 56,539,208
(Decrease)/increase in net assets attributable to holders of redeemable participating shares resulting from operations (2,631,232) 1,982,118
Share transactions Proceeds from redeemable participating shares issued 27,177,655 4,118,100 Costs of redeemable participating shares redeemed (13,446,901) (32,785,709) Increase/(decrease) in net assets from share transactions 13,730,754 (28,667,609)
Total increase/(decrease) in net assets attributable to holders of redeemable participating shares 11,099,522 (26,685,491)
Net assets attributable to holders of redeemable participating shares at the end of the financial period 187,108,960 29,853,717
The accompanying notes form an integral part of these financial statements.
116 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Consumer Staples UCITS ETF Statement of Cash Flows for the financial period ended 30 September 2017
30 September 2017 30 September 2016 EUR EUR
Cash from/(used in):
Operating activities (Decrease)/increase in net assets attributable to holders of redeemable participating shares (2,631,232) 1,982,118
Adjustment for: Interest expense 3,075 109 Securities lending income (27,472) (3,709) Dividend income (3,422,171) (865,998) Taxation on income 499,249 148,287
Total (5,578,551) 1,260,807
Net movement in financial assets and financial liabilities at fair value through profit or loss 5,385,648 (1,279,166) Payments for purchases of investments (36,094,973) (6,050,208) Proceeds from sale of investments 19,363,764 33,953,749 Cash paid to broker as collateral (97,774) - Movement in receivables (1,354) - Movement in payables 887 (6,607)
Cash (used in)/ generated from operations (17,022,353) 27,878,575
Interest paid (3,075) (109) Securities lending income received 27,472 3,709 Dividends received 3,733,934 1,008,853 Taxation paid (499,249) (148,287) Net cash (used in)/ generated from operations (13,763,271) 28,742,741
Financing activities Proceeds from redeemable participating shares issued 27,177,655 4,118,100 Payments for redeemable participating shares redeemed (13,446,901) (32,785,709) Net cash generated from/(used in) financing activities 13,730,754 (28,667,609)
Net (decrease)/increase in cash and cash equivalents (32,517) 75,132
Cash and cash equivalents at the beginning of the financial period 516,504 26,848
Cash and cash equivalents at the end of the financial period 483,987 101,980
The accompanying notes form an integral part of these financial statements.
117 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Consumer Staples UCITS ETF Schedule of Investments as at 30 September 2017
%of %of Fair Value Net Fair Value Net Holding Investment EUR Assets Holding Investment EUR Assets Transferable Securities - 99.57% (March 2017: 99.41%) Transferable Securities - 99.57% (March 2017: 99.41%) Common Stock - 90.16% (March 2017: 90.47%) (continued) Danish Krone - 0.93% Preferred Stock - 1.88% (March 2017: 1.96%) 18,833 Carlsberg 1,743,677 0.93 Euro - 1.88% 1,743,677 0.93 30,561 Henkel & Co 3,519,099 1.88 Euro - 28.22% Total Preferred Stock 3,519,099 1.88 17,464 Beiersdorf 1,589,748 0.85 131,651 Anheuser-Busch InBev 13,336,246 7.13 Total Transferable Securities 186,306,520 99.57 96,964 Carrefour 1,657,600 0.89 9,838 Casino Guichard Perrachon 493,671 0.26 36,620 Coca-Cola European Partners 1,299,094 0.69 Financial Derivatives Instruments - 0.01%(March 2017:Nil) 10,566 Colruyt 457,878 0.24 Futures Contracts–0.01%(March 2017:Nil) 102,074 Danone 6,774,651 3.62 109,801 Distribuidora Internacional de Alimentacion 541,868 0.29 Unrealised 44,590 Heineken 3,729,953 1.99 Average Gain/ %of 19,685 Heineken Holding 1,564,957 0.84 Notional Cost (Loss) Net 17,723 Henkel 1,824,583 0.98 Amount Price EUR Assets 44,546 Jeronimo Martins SGPS 743,473 0.40 208,560 3,476 6 of Euro Stoxx 50 Index Futures 27,461 Kerry Group 2,232,305 1.19 Long Futures Contracts Expiring 219,665 Koninklijke Ahold Delhaize 3,475,100 1.86 15 December 2017 6,000 0.01 43,594 L'Oreal 7,842,561 4.19 333,665 8,342 4 of FTSE 100 Index Futures 31,428 Metro 562,090 0.30 Long Futures Contracts Expiring 36,484 Pernod Ricard 4,270,452 2.28 15 December 2017 (942) 0.00 156,378 7,819 2 of Swiss Market Index Futures 4,023 Remy Cointreau 403,105 0.22 Long Futures Contracts Expiring 52,799,335 28.22 15 December 2017 3,269 0.00 Norwegian Krone - 1.30% Unrealised gain on futures contracts 9,269 0.01 72,186 Marine Harvest 1,208,129 0.65 141,269 Orkla 1,226,447 0.65 Unrealised loss on futures contracts (942) 0.00 2,434,576 1.30 Net unrealised gain on futures contracts 8,327 0.01 Pound Sterling - 36.04% 61,722 Associated British Foods 2,236,595 1.20 Total Financial Derivatives 398,163 British American Tobacco 21,111,163 11.28 Instruments 8,327 0.01 30,339 Coca-Cola HBC 869,383 0.47 436,235 Diageo 12,144,132 6.49 165,176 Imperial Brands 5,968,545 3.19 Fair Value %of 273,761 J Sainsbury 739,119 0.40 EUR Fund 115,699 Reckitt Benckiser Group 8,945,743 4.78 Total value of investments 186,314,847 99.58 76,731 Tate & Lyle 564,715 0.30 Cash at bank* (March 2017: 0.29%) 483,987 0.26 1,418,560 Tesco 3,012,909 1.61 221,090 Unilever 10,836,792 5.79 Cash at broker*(March 2017: Nil) 97,774 0.05 374,034 Wm Morrison Supermarkets 993,713 0.53 Other net assets (March 67,422,809 36.04 2017: 0.30%) 212,352 0.11 Swedish Krona - 2.02% Net assets attributable to holders of 104,196 Essity 2,392,847 1.28 redeemable participating shares 187,108,960 100.00 14,466 ICA Gruppen 458,887 0.24 31,498 Swedish Match 932,582 0.50 *All cash holdings are held at State Street Bank and Trust Company, apart 3,784,316 2.02 from cash at broker which is held with Barclays Capital. Swiss Franc - 21.65% 402 Barry Callebaut 521,523 0.28 179 Chocoladefabriken Lindt & Spruengli (non- The counterparty for the open futures contracts is Barclays Capital. voting) 864,567 0.46 All of the above securities are traded on a recognised stock exchange or 17 Chocoladefabriken Lindt & Spruengli (voting) 997,949 0.53 traded on a regulated market unless otherwise stated. 537,749 Nestle 38,125,353 20.38 40,509,392 21.65 %of Total Common Stock 168,694,105 90.16 Total Analysis of Total Assets Assets Depository Receipts - 7.53% (March 2017: 6.98%) Euro - 7.53% Transferable securities admitted to an official exchange 281,641 Unilever 14,093,316 7.53 listing 99.55 Total Depository Receipts 14,093,316 7.53 Other assets 0.45
Total Assets 100.00
118 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR MSCI Europe Consumer Staples UCITS ETF
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Purchases Cost EUR
British American Tobacco 7,224,860 Nestle 6,469,057 Unilever (Dutch Certificate) 2,202,610 Anheuser-Busch InBev 2,113,209 Reckitt Benckiser Group 2,111,126 Diageo 1,842,405 Unilever 1,705,200 L'Oreal 1,304,088 Imperial Brands 1,097,324 Danone 1,073,402 Heineken 980,947 Pernod Ricard 687,198 Henkel (Preferred) 628,336 Koninklijke Ahold Delhaize 599,883 Tesco 443,982 Heineken Holding 377,467 Carlsberg 365,727 Carrefour 326,381 Henkel 323,651 Kerry Group 322,014 Portfolio Sales Proceeds EUR
Nestle 3,810,196 British American Tobacco 1,397,511 Unilever (Dutch Certificate) 1,310,405 Anheuser-Busch InBev 1,259,831 Unilever 1,052,710 Diageo 1,044,817 Reckitt Benckiser Group 914,362 Danone 821,791 L'Oreal 746,948 Svenska Cellulosa 718,739 Imperial Brands 703,768 Pernod Ricard 429,169 Aryzta 395,350 Koninklijke Ahold Delhaize 393,031 Henkel (Preferred) 386,404 CECONOMY 338,811 Heineken 337,583 Carrefour 284,990 Tesco 256,694 Henkel 203,568 Carlsberg 200,622
A copy of the list of changes in the portfolio during the financial period may be obtained free of charge from the Administrator.
119 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Energy UCITS ETF Statement of Financial Position as at 30 September 2017
30 September 2017 31 March 2017 EUR EUR
Current assets Financial assets at fair value through profit or loss: Transferable securities 22,511,752 20,428,655 22,511,752 20,428,655
Cash and cash equivalents 66,061 71,685 Debtors: Dividends receivable 90,093 74,144 Miscellaneous income receivable 425 - Total current assets 22,668,331 20,574,484
Current liabilities Creditors - Amounts falling due within one financial year: Accrued expenses (5,285) (4,676) Total current liabilities (5,285) (4,676)
Net assets attributable to holders of redeemable participating shares 22,663,046 20,569,808
30 September 31 March 30 September 2017 2017 2016 Net asset value per share (please refer to note 4 for numbers of shares in issue) EUR 120.87 EUR 117.54 EUR 103.62
The accompanying notes form an integral part of these financial statements.
120 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Energy UCITS ETF Statement of Comprehensive Income for the financial period ended 30 September 2017
30 September 2017 30 September 2016 Notes EUR EUR
Dividend income 650,276 844,108 Securities lending income 10 2,081 5,728 Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 12,605 2,006,517 Miscellaneous income 57 58 Total investment income 665,019 2,856,411
Operating expenses 3 (29,671) (35,949) Net profit for the financial period 635,348 2,820,462
Finance costs Interest expense (180) (177) Profit for the financial period before tax 635,168 2,820,285 Witholding tax on investment income 2 (23,856) (39,441) Increase in net assets attributable to holders of redeemable participating shares resulting from operations 611,312 2,780,844
Gains and losses arose solely from continuing operations. There were no 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.
121 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Energy UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial period ended 30 September 2017
30 September 2017 30 September 2016 EUR EUR
Net assets attributable to holders of redeemable shares at the beginning of the financial period 20,569,808 25,720,160
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 611,312 2,780,844
Share transactions Proceeds from redeemable participating shares issued 9,992,673 4,873,025 Costs of redeemable participating shares redeemed (8,510,747) (10,060,397) Increase/(decrease) in net assets from share transactions 1,481,926 (5,187,372)
Total increase/(decrease) in net assets attributable to holders of redeemable participating shares 2,093,238 (2,406,528)
Net assets attributable to holders of redeemable participating shares at the end of the financial period 22,663,046 23,313,632
The accompanying notes form an integral part of these financial statements.
122 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Energy UCITS ETF Statement of Cash Flows for the financial period ended 30 September 2017
30 September 2017 30 September 2016 EUR EUR
Cash from/(used in):
Operating activities Increase in net assets attributable to holders of redeemable participating shares 611,312 2,780,844
Adjustment for: Interest expense 180 177 Securities lending income (2,081) (5,728) Dividend income (650,276) (844,108) Taxation on income 23,856 39,441
Total (17,009) 1,970,626
Net movement in financial assets and financial liabilities at fair value through profit or loss (11,815) (2,011,512) Payments for purchases of investments (11,481,049) (8,924,437) Proceeds from sale of investments 9,409,767 13,271,472 Movement in receivables (425) - Movement in payables 609 (886)
Cash (used in)/ generated from operations (2,099,922) 4,305,263
Interest paid (180) (177) Securities lending income received 2,081 5,728 Dividends received 634,327 848,161 Taxation paid (23,856) (39,441) Net cash (used in)/ generated from operations (1,487,550) 5,119,534
Financing activities Proceeds from redeemable participating shares issued 9,992,673 4,873,025 Payments for redeemable participating shares redeemed (8,510,747) (10,060,397) Net cash generated from/(used in) financing activities 1,481,926 (5,187,372)
Net decrease in cash and cash equivalents (5,624) (67,838)
Cash and cash equivalents at the beginning of the financial period 71,685 110,165
Cash and cash equivalents at the end of the financial period 66,061 42,327
The accompanying notes form an integral part of these financial statements.
123 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Energy UCITS ETF Schedule of Investments as at 30 September 2017
%of Fair Value Net Holding Investment EUR Assets Transferable Securities - 99.33%(March 2017: 99.31%) Common Stock - 99.33%(March 2017:99.31%) Euro - 44.41% 14,267 Enagas 339,911 1.50 161,623 Eni 2,262,722 9.98 31,678 Galp Energia 475,012 2.10 4,373 Koninklijke Vopak 162,260 0.71 8,156 Neste 301,364 1.33 9,319 OMV 459,333 2.03 78,092 Repsol 1,217,454 5.37 37,717 Saipem 137,592 0.61 143,447 Snam 584,690 2.58 29,953 Tenaris 359,436 1.59 82,827 Total 3,764,073 16.61 10,063,847 44.41 Norwegian Krone - 5.39% 72,195 Statoil 1,222,089 5.39 1,222,089 5.39 Pound Sterling - 48.58% 757,243 BP 4,101,806 18.10 145,971 Royal Dutch Shell 3,724,843 16.43 122,282 Royal Dutch Shell (Class B Shares) 3,184,190 14.05 11,010,839 48.58 Swedish Krona - 0.95% 11,641 Lundin Petroleum 214,977 0.95 214,977 0.95 Total Common Stock 22,511,752 99.33
Total Transferable Securities 22,511,752 99.33
Fair Value %of EUR Fund Total value of investments 22,511,752 99.33 Cash at bank*(March 2017: 0.35%) 66,061 0.29 Other net assets(March 2017: 0.34%) 85,233 0.38 Net assets attributable to holders of redeemable participating shares 22,663,046 100.00
*All cash holdings are held at State Street Bank and Trust Company.
All of the above securities are traded on a recognised stock exchange or traded on a regulated market unless otherwise stated.
%of Total Analysis of Total Assets Assets Transferable securities admitted to an official exchange listing 99.31 Other assets 0.69
Total Assets 100.00
124 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR MSCI Europe Energy UCITS ETF
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Purchases* Cost EUR
BP 2,018,353 TOTAL 1,903,770 Royal Dutch Shell (Class A Shares) 1,809,597 Royal Dutch Shell (Class B Shares) 1,562,155 Eni 1,081,013 Repsol 587,816 Statoil 539,219 Snam 293,867 OMV 225,087 Galp Energia 221,330 Tenaris 201,033 Enagas 181,251 Neste 151,864 Lundin Petroleum 100,753 Koninklijke Vopak 84,844 Saipem 62,572 Petrofac 47,451 Portfolio Sales* Proceeds EUR
BP 1,610,887 TOTAL 1,558,881 Royal Dutch Shell (Class A Shares) 1,530,932 Royal Dutch Shell (Class B Shares) 1,303,139 Eni 929,768 Statoil 462,817 Repsol 430,040 Snam 289,714 Galp Energia 190,028 OMV 170,420 Tenaris 168,047 Enagas 149,719 Petrofac 130,045 Neste 127,198 Lundin Petroleum 85,502 Koninklijke Vopak 71,022 Saipem (Extinct) 29,824 Saipem 24,747 International Petroleum 12,720 * There were no other purchases and sales during the financial period ended 30 September 2017.
A copy of the list of changes in the portfolio during the financial period may be obtained free of charge from the Administrator.
125 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Financials UCITS ETF Statement of Financial Position as at 30 September 2017
30 September 2017 31 March 2017 EUR EUR
Current assets Financial assets at fair value through profit or loss: Transferable securities 684,055,225 385,122,257 Financial derivative instruments 9,130 - 684,064,355 385,122,257
Cash and cash equivalents 3,120,514 2,336,593 Cash held as collateral with broker 137,052 - Debtors: Dividends receivable 844,305 3,033,755 Miscellaneous income receivable 3,113 81,025 Receivable for investments sold - 195,545 Total current assets 688,169,339 390,769,175
Current liabilities Creditors - Amounts falling due within one financial year: Accrued expenses (153,727) (99,334) Payable for investment purchased (2,607,439) - Total current liabilities (2,761,166) (99,334)
Net assets attributable to holders of redeemable participating shares 685,408,173 390,669,841
30 September 31 March 30 September 2017 2017 2016 Net asset value per share (please refer to note 4 for numbers of shares in issue) EUR 58.09 EUR 54.07 EUR 43.17
The accompanying notes form an integral part of these financial statements.
126 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Financials UCITS ETF Statement of Comprehensive Income for the financial period ended 30 September 2017
30 September 2017 30 September 2016 Notes EUR EUR
Dividend income 11,237,136 7,718,164 Interest income 158 - Securities lending income 10 64,005 38,997 Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 23,638,189 (5,512,201) Miscellaneous income 975 - Total investment income 34,940,463 2,244,960
Operating expenses 3 (693,235) (397,537) Net profit for the financial period 34,247,228 1,847,423
Finance costs Interest expense (8,414) (1,643) Profit for the financial period before tax 34,238,814 1,845,780 Witholding tax on investment income 2 (746,501) (495,066) Increase in net assets attributable to holders of redeemable participating shares resulting from operations 33,492,313 1,350,714
Gains and losses arose solely from continuing operations. There were no 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.
127 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Financials UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial period ended 30 September 2017
30 September 2017 30 September 2016 EUR EUR
Net assets attributable to holders of redeemable shares at the beginning of the financial period 390,669,841 311,663,000
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 33,492,313 1,350,714
Share transactions Proceeds from redeemable participating shares issued 352,042,740 64,972,749 Costs of redeemable participating shares redeemed (90,796,721) (93,077,153) Increase/(decrease) in net assets from share transactions 261,246,019 (28,104,404)
Total increase/(decrease) in net assets attributable to holders of redeemable participating shares 294,738,332 (26,753,690)
Net assets attributable to holders of redeemable participating shares at the end of the financial period 685,408,173 284,909,310
The accompanying notes form an integral part of these financial statements.
128 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Financials UCITS ETF Statement of Cash Flows for the financial period ended 30 September 2017
30 September 2017 30 September 2016 EUR EUR
Cash from/(used in):
Operating activities Increase in net assets attributable to holders of redeemable participating shares 33,492,313 1,350,714
Adjustment for: Interest income (158) - Interest expense 8,414 1,643 Securities lending income (64,005) (38,997) Dividend income (11,237,136) (7,718,164) Taxation on income 746,501 495,066
Total 22,945,929 (5,909,738)
Net movement in financial assets and financial liabilities at fair value through profit or loss (22,849,597) 6,934,303 Payments for purchases of investments* (372,423,835) (111,819,844) Proceeds from sale of investments 106,281,738 130,266,804 Cash paid to broker as collateral (137,052) - Movement in receivables 77,912 - Movement in payables 54,393 (8,748)
Cash (used in)/ generated from operations (266,050,512) 19,462,777
Interest paid (8,414) - Interest received 158 (1,643) Securities lending income received 64,005 38,997 Dividends received 13,426,586 9,207,889 Taxation paid (746,501) (495,066) Net cash (used in)/ generated from operations (253,314,678) 28,212,954
Financing activities Proceeds from redeemable participating shares issued* 344,895,320 64,972,749 Payments for redeemable participating shares redeemed (90,796,721) (93,077,153) Net cash generated from/(used in) financing activities 254,098,599 (28,104,404)
Net increase in cash and cash equivalents 783,921 108,550
Cash and cash equivalents at the beginning of the financial period 2,336,593 643,277
Cash and cash equivalents at the end of the financial period 3,120,514 751,827
Cash and cash equivalents - Statement of Financial Position 3,120,514 753,224 Bank overdraft - Statement of Financial Position - (1,397)
Cash and cash equivalents - Statement of Cash Flows 3,120,514 751,827
* There were a number of non-cash subscriptions on the Fund during the financial period which are not included in the Statement of Cash Flows. The value of which were €7,147,420 in the financial period ended 30 September 2017 (30 September 2016: €Nil).
The accompanying notes form an integral part of these financial statements.
129 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Financials UCITS ETF Schedule of Investments as at 30 September 2017
%of %of Fair Value Net Fair Value Net Holding Investment EUR Assets Holding Investment EUR Assets Transferable Securities - 99.80% (March 2017: 99.58%) Transferable Securities - 99.80% (March 2017: 99.58%) Common Stock - 99.02% (March 2017: 97.99%) (continued) Danish Krone - 1.63% Common Stock - 99.02% (March 2017: 97.99%) (continued) 303,499 Danske Bank 10,269,288 1.50 Norwegian Krone - 1.16% 45,348 Tryg 886,033 0.13 395,505 DNB 6,745,386 0.99 11,155,321 1.63 80,957 Gjensidige Forsikring 1,192,333 0.17 Euro - 49.33% 7,937,719 1.16 733,131 Aegon 3,612,870 0.53 Pound Sterling - 28.35% 76,302 Ageas 3,033,768 0.44 396,413 3i Group 4,107,401 0.60 185,609 Allianz 35,256,430 5.14 81,306 Admiral Group 1,676,587 0.24 505,865 Assicurazioni Generali 7,972,432 1.16 1,646,494 Aviva 9,613,775 1.40 787,678 AXA 20,156,680 2.94 6,924,680 Barclays 15,194,707 2.22 2,709,634 Banco Bilbao Vizcaya Argentaria 20,487,543 2.99 556,560 Direct Line Insurance Group 2,296,594 0.34 2,162,811 Banco de Sabadell 3,819,524 0.56 105,542 Hargreaves Lansdown 1,772,701 0.26 332,262 Banco Espirito Santo 33 0.00 8,140,190 HSBC Holdings 68,094,084 9.93 6,514,362 Banco Santander 38,480,336 5.61 265,149 Investec 1,639,966 0.24 371,127 Bank of Ireland 2,571,910 0.38 2,416,107 Legal & General Group 7,126,411 1.04 406,261 Bankia 1,657,545 0.24 29,157,627 Lloyds Banking Group 22,412,055 3.27 272,983 Bankinter 2,184,956 0.32 127,459 London Stock Exchange Group 5,540,101 0.81 455,865 BNP Paribas 31,112,786 4.54 1,996,494 Old Mutual 4,400,132 0.64 1,459,096 CaixaBank 6,186,567 0.90 60,373 Provident Financial 569,024 0.08 69,572 CNP Assurances 1,379,613 0.20 1,050,750 Prudential 21,303,495 3.11 431,005 Commerzbank 4,960,868 0.72 1,439,020 Royal Bank of Scotland Group 4,381,632 0.64 461,370 Credit Agricole 7,095,871 1.04 412,676 RSA Insurance Group 2,917,734 0.43 840,020 Deutsche Bank 12,289,493 1.79 50,144 Schroders 1,909,237 0.28 78,125 Deutsche Boerse 7,164,844 1.05 214,729 St James's Place 2,792,697 0.41 121,811 Erste Group Bank 4,451,583 0.65 1,331,555 Standard Chartered 11,206,688 1.63 17,726 Eurazeo 1,340,617 0.20 1,084,970 Standard Life Aberdeen 5,337,714 0.78 43,971 EXOR 2,359,044 0.34 194,292,735 28.35 32,777 Groupe Bruxelles Lambert 2,917,153 0.43 Swedish Krona - 7.32% 24,427 Hannover Rueck 2,490,333 0.36 69,068 Industrivarden 1,476,625 0.22 1,578,295 ING Groep 24,621,402 3.59 184,619 Investor 7,696,982 1.12 41 Interamerican - 0.00 95,149 Kinnevik 2,618,945 0.38 5,141,727 Intesa Sanpaolo 15,384,047 2.25 15,347 L E Lundbergforetagen 1,035,377 0.15 64,662 Irish Bank Resolution - 0.00 1,230,907 Nordea Bank 14,082,779 2.05 101,583 KBC Group 7,283,501 1.06 614,901 Skandinaviska Enskilda Banken 6,837,526 1.00 436,372 Mapfre 1,201,768 0.18 618,903 Svenska Handelsbanken 7,882,583 1.15 229,630 Mediobanca 2,085,040 0.30 367,481 Swedbank 8,576,248 1.25 63,066 Muenchener Rueckversicherungs 11,408,639 1.67 50,207,065 7.32 383,631 Natixis 2,597,182 0.38 Swiss Franc - 11.23% 128,119 NN Group 4,536,694 0.66 20,238 Baloise Holding 2,710,440 0.40 211,449 Poste Italiane 1,317,327 0.19 983,421 Credit Suisse Group 13,179,382 1.92 60,501 Raiffeisen Bank International 1,715,506 0.25 91,170 Julius Baer Group 4,566,884 0.67 181,141 Sampo 8,100,625 1.18 15,473 Pargesa Holding 1,088,889 0.16 69,882 SCOR 2,479,064 0.36 7,033 Partners Group Holding 4,039,424 0.59 311,022 Societe Generale 15,406,475 2.25 13,123 Swiss Life Holding 3,913,166 0.57 811,320 UniCredit 14,619,986 2.13 131,369 Swiss Re 10,071,772 1.47 407,037 UnipolSai Assicurazioni 804,305 0.12 1,484,938 UBS Group 21,484,227 3.13 11,553 Wendel 1,583,339 0.23 61,509 Zurich Insurance Group 15,884,098 2.32 338,127,699 49.33 76,938,282 11.23 Total Common Stock 678,658,821 99.02
130 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Financials UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of Fair Value Net Holding Investment EUR Assets Transferable Securities - 99.80% (March 2017: 99.58%) (continued) Depository Receipts - 0.63% (March 2017: 0.40%) Euro - 0.63% 171,248 ABN AMRO Group 4,339,424 0.63 Total Depository Receipts 4,339,424 0.63 Preferred Stock - 0.15% (March 2017: Nil) Euro - 0.15% 377,493 Intesa Sanpaolo 1,056,980 0.15 Total Preferred Stock 1,056,980 0.15 Rights - Nil (March 2017: 0.19%) Total Transferable Securities 684,055,225 99.80
Financial Derivatives Instruments - 0.00% (March 2017: Nil) Futures Contracts – 0.00% (March 2017: Nil)
Unrealised Average Gain/ %of Notional Cost (Loss) Net Amount Price EUR Assets 384,230 3,493 11 of Euro Stoxx 50 Index Futures Long Futures Contracts Expiring 15 December 2017 9,130 0.00 Net unrealised gain on futures contracts 9,130 0.00 Total Financial Derivatives Instruments 9,130 0.00
Fair Value %of EUR Fund Total value of investments 684,064,355 99.80 Cash at bank* (March 2017: 0.60%) 3,120,514 0.46 Cash at broker* (March 2017: Nil) 137,052 0.02 Other net liabilities (March 2017: 0.82%) (1,913,748) (0.28) Net assets attributable to holders of redeemable participating shares 685,408,173 100.00
*All cash holdings are held at State Street Bank and Trust Company, apart from cash at broker which is held with Barclays Capital. All of the above securities are traded on a recognised stock exchange or traded on a regulated market unless otherwise stated.
%of Total Analysis of Total Assets Assets Transferable securities admitted to an official exchange listing 99.40 Other assets 0.60
Total Assets 100.00
131 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR MSCI Europe Financials UCITS ETF
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Purchases Cost EUR
HSBC Holdings 36,806,784 Banco Santander 19,766,485 Allianz 18,296,899 BNP Paribas 17,371,462 ING Groep 13,160,579 Lloyds Banking Group 12,857,761 UBS Group 11,789,181 Prudential 11,633,025 Banco Bilbao Vizcaya Argentaria 11,135,198 AXA 10,642,663 Zurich Insurance Group 8,540,562 Barclays 8,532,769 Societe Generale 8,136,939 Intesa Sanpaolo 7,841,028 UniCredit 7,578,017 Nordea Bank 7,312,051 Credit Suisse Group 6,930,311 Deutsche Bank 6,803,931 Muenchener Rueckversicherungs-Gesellschaft AG 6,269,897 Standard Chartered 6,217,827 Danske Bank 5,834,251 Swiss Re 5,704,554 Aviva 5,285,696 Sampo 4,438,809 Assicurazioni Generali 4,407,138 Swedbank 4,390,034 Svenska Handelsbanken 4,269,225 Investor 4,016,041 Legal & General Group 3,806,296 KBC Group 3,765,200 Portfolio Sales Proceeds EUR
HSBC Holdings 9,528,764 Banco Santander 4,998,738 Allianz 4,703,626 BNP Paribas 4,355,520 ING Groep 3,460,940 UBS Group 3,153,908 Prudential 3,102,877 Lloyds Banking Group 3,090,237 Banco Bilbao Vizcaya Argentaria 2,981,118 AXA 2,694,770 Barclays 2,396,410
132 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR MSCI Europe Financials UCITS ETF (continued)
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Sales (continued) Proceeds EUR
Zurich Insurance Group 2,238,150 Societe Generale 2,207,860 Nordea Bank 2,059,901 Deutsche Bank 2,056,439 Intesa Sanpaolo 2,037,872 Credit Suisse Group 1,999,447 Muenchener Rueckversicherungs-Gesellschaft AG 1,972,647 UniCredit 1,805,776 Standard Chartered 1,634,558 Swiss Re 1,553,613 Aviva 1,448,242 Danske Bank 1,334,342 Svenska Handelsbanken 1,180,231 Sampo 1,153,995 Swedbank 1,083,897 Investor 1,081,788 Assicurazioni Generali 1,025,033 Deutsche Boerse 994,312 Legal & General Group 981,231
A copy of the list of changes in the portfolio during the financial period may be obtained free of charge from the Administrator.
133 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Health Care UCITS ETF Statement of Financial Position as at 30 September 2017
30 September 2017 31 March 2017 EUR EUR
Current assets Financial assets at fair value through profit or loss: Transferable securities 82,643,010 93,848,937 Financial derivative instruments 2,645 - 82,645,655 93,848,937
Cash and cash equivalents 166,616 4,942,754 Cash held as collateral with broker 25,261 - Debtors: Dividends receivable 202,678 621,070 Miscellaneous income receivable 299 - Total current assets 83,040,509 99,412,761
Current liabilities Financial liabilities at fair value through profit or loss: Financial derivative instruments (233) - Bank overdraft - (287,019) Creditors - Amounts falling due within one financial year: Accrued expenses (18,716) (25,164) Payable for fund shares repurchased - (4,683,371) Total current liabilities (18,949) (4,995,554)
Net assets attributable to holders of redeemable participating shares 83,021,560 94,417,207
30 September 31 March 30 September 2017 2017 2016 Net asset value per share (please refer to note 4 for numbers of shares in issue) EUR 125.79 EUR 126.31 EUR 117.92
The accompanying notes form an integral part of these financial statements.
134 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Health Care UCITS ETF Statement of Comprehensive Income for the financial period ended 30 September 2017
30 September 2017 30 September 2016 Notes EUR EUR
Dividend income 953,577 953,126 Interest income 51 - Securities lending income 10 24,077 4,155 Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss (74,266) 2,363,293 Miscellaneous income 19,750 5 Total investment income 923,189 3,320,579
Operating expenses 3 (123,644) (126,817) Net profit for the financial period 799,545 3,193,762
Finance costs Interest expense (1,153) (897) Profit for the financial period before tax 798,392 3,192,865 Witholding tax on investment income 2 (56,581) (51,166) Increase in net assets attributable to holders of redeemable participating shares resulting from operations 741,811 3,141,699
Gains and losses arose solely from continuing operations. There were no 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.
135 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Health Care UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial period ended 30 September 2017
30 September 2017 30 September 2016 EUR EUR
Net assets attributable to holders of redeemable shares at the beginning of the financial period 94,417,207 95,870,477
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 741,811 3,141,699
Share transactions Proceeds from redeemable participating shares issued 7,856,535 2,867,739 Costs of redeemable participating shares redeemed (19,993,993) (24,054,829) Decrease in net assets from share transactions (12,137,458) (21,187,090)
Total decrease in net assets attributable to holders of redeemable participating shares (11,395,647) (18,045,391)
Net assets attributable to holders of redeemable participating shares at the end of the financial period 83,021,560 77,825,086
The accompanying notes form an integral part of these financial statements.
136 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Health Care UCITS ETF Statement of Cash Flows for the financial period ended 30 September 2017
30 September 2017 30 September 2016 EUR EUR
Cash from/(used in):
Operating activities Increase in net assets attributable to holders of redeemable participating shares 741,811 3,141,699
Adjustment for: Interest income (51) - Interest expense 1,153 897 Securities lending income (24,077) (4,155) Dividend income (953,577) (953,126) Taxation on income 56,581 51,166
Total (178,160) 2,236,481
Net movement in financial assets and financial liabilities at fair value through profit or loss 117,197 (2,345,942) Payments for purchases of investments (15,657,834) (6,327,334) Proceeds from sale of investments 26,744,152 26,479,289 Cash paid to broker as collateral (25,261) - Movement in receivables (299) - Movement in payables (6,448) (5,072)
Cash generated from operations 10,993,347 20,037,422
Interest paid (1,153) (897) Interest received 51 - Securities lending income received 24,077 4,155 Dividends received 1,371,969 1,169,493 Taxation paid (56,581) (51,166) Net cash generated from operations 12,331,710 21,159,007
Financing activities Proceeds from redeemable participating shares issued 7,856,535 2,867,739 Payments for redeemable participating shares redeemed (24,677,364) (24,054,829) Net cash used in financing activities (16,820,829) (21,187,090)
Net decrease in cash and cash equivalents (4,489,119) (28,083)
Cash and cash equivalents at the beginning of the financial period 4,655,735 139,530
Cash and cash equivalents at the end of the financial period 166,616 111,447
Cash and cash equivalents - Statement of Financial Position 166,616 112,619 Bank overdraft - Statement of Financial Position - (1,172)
Cash and cash equivalents - Statement of Cash Flows 166,616 111,447
The accompanying notes form an integral part of these financial statements.
137 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Health Care UCITS ETF Schedule of Investments as at 30 September 2017
%of Financial Derivatives Instruments - 0.00%(March 2017:Nil) Fair Value Net Futures Contracts–0.00%(March 2017:Nil) Holding Investment EUR Assets Transferable Securities - 99.55%(March 2017: 99.40%) Unrealised Average Gain/ %of Common Stock - 99.55%(March 2017:99.40%) Notional Cost (Loss) Net Danish Krone - 9.90% Amount Price EUR Assets 9,724 Coloplast 667,718 0.80 34,750 3,475 1 of Euro Stoxx 50 Index Futures 4,739 Genmab 885,174 1.07 Long Futures Contracts Expiring 15 December 2017 1,010 0.00 5,695 H Lundbeck 278,027 0.33 83,413 8,341 1 of FTSE 100 Index Futures 152,920 Novo Nordisk 6,185,262 7.45 Long Futures Contracts Expiring 9,220 William Demant Holding 205,916 0.25 15 December 2017 (233) 0.00 78,189 7,819 1 of Swiss Market Index Futures 8,222,097 9.90 Long Futures Contracts Expiring Euro - 33.75% 15 December 2017 1,635 0.00 67,690 Bayer 7,804,657 9.40 Unrealised gain on futures contracts 2,645 0.00 16,984 Essilor International 1,779,074 2.14 Unrealised loss on futures contracts (233) 0.00 882 Eurofins Scientific 471,517 0.57 Net unrealised gain on futures contracts 2,412 0.00 33,989 Fresenius & Co 2,319,749 2.80 Total Financial Derivatives 17,603 Fresenius Medical Care 1,457,001 1.76 Instruments 2,412 0.00 24,417 Grifols 601,879 0.73 3,170 Ipsen 356,467 0.43 76,096 Koninklijke Philips 2,658,033 3.20 Fair Value %of EUR Fund 10,577 Merck 995,507 1.20 8,692 Orion 341,248 0.41 Total value of investments 82,645,422 99.55 17,563 QIAGEN 467,703 0.56 Cash at bank*(March 2017: 5.23%) 166,616 0.20 8,809 Recordati 343,551 0.41 Cash at broker*(March 2017: Nil) 25,261 0.03 92,810 Sanofi 7,796,968 9.39 Other net assets(March 2017: (0.30)%) 184,261 0.22 10,349 UCB 623,320 0.75 28,016,674 33.75 Net assets attributable to holders of redeemable participating shares 83,021,560 100.00 Pound Sterling - 21.27% 103,608 AstraZeneca 5,826,200 7.02 *All cash holdings are held at State Street Bank and Trust Company, apart 111,815 ConvaTec Group 347,569 0.42 from cash at broker which is held with Barclays Capital. 402,549 GlaxoSmithKline 6,800,111 8.19 All of the above securities are traded on a recognised stock exchange or 12,084 Hikma Pharmaceuticals 166,075 0.20 traded on a regulated market unless otherwise stated. 30,689 Mediclinic International 226,383 0.27 74,303 Shire 3,194,220 3.85 %of 71,621 Smith & Nephew 1,095,667 1.32 Total Analysis of Total Assets Assets 17,656,225 21.27 Swedish Krona - 0.36% Transferable securities admitted to an official exchange listing 99.48 2,202 Getinge (non-voting rights) 34,846 0.04 Other transferable securities of the type referred to in 16,841 Getinge (voting rights) 266,502 0.32 Regulation 68(1)(a), (b) and (c) 0.04 301,348 0.36 Other assets 0.48 Swiss Franc - 34.27% Total Assets 6,095 Lonza Group 1,353,383 1.63 100.00 182,271 Novartis 13,209,474 15.91 57,571 Roche Holding 12,441,297 14.99 4,286 Sonova Holding 615,607 0.74 768 Straumann Holding 417,604 0.51 4,107 Vifor Pharma 409,301 0.49 28,446,666 34.27 Total Common Stock 82,643,010 99.55
Total Transferable Securities 82,643,010 99.55
138 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR MSCI Europe Health Care UCITS ETF
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Purchases Cost EUR
Koninklijke Philips 2,431,743 Novartis 1,608,622 Roche Holding 1,535,579 Sanofi 949,265 Bayer 940,456 GlaxoSmithKline 859,068 Novo Nordisk 722,859 AstraZeneca 705,230 Straumann Holding 443,816 ConvaTec Group 440,596 Shire 403,159 Ipsen 398,150 Recordati 352,371 H.Lundbeck 302,005 Fresenius & Co 291,366 Essilor International 221,158 Fresenius Medical Care & Co 195,901 Lonza Group 162,578 Merck 138,953 Smith & Nephew 130,324 Portfolio Sales Proceeds EUR
Roche Holding 3,771,682 Novartis 3,648,051 Sanofi 2,471,652 Bayer 2,163,185 GlaxoSmithKline 2,028,932 Novo Nordisk 1,725,878 AstraZeneca 1,662,498 Shire 1,033,497 Fresenius & Co 672,994 Essilor International 543,710 Actelion 426,308 Fresenius Medical Care & Co 406,576 Smith & Nephew 319,359 Merck 312,219 Lonza Group 309,425 Genmab 240,392 Coloplast 205,598 UCB 185,532 Sonova Holding 184,354 Grifols 159,062
A copy of the list of changes in the portfolio during the financial period may be obtained free of charge from the Administrator.
139 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Industrials UCITS ETF Statement of Financial Position as at 30 September 2017
30 September 2017 31 March 2017 EUR EUR
Current assets Financial assets at fair value through profit or loss: Transferable securities 10,450,740 11,804,352 10,450,740 11,804,352
Cash and cash equivalents 21,108 54,226 Debtors: Dividends receivable 13,256 29,682 Miscellaneous income receivable 88 - Total current assets 10,485,192 11,888,260
Current liabilities Creditors - Amounts falling due within one financial year: Accrued expenses (2,424) (2,953) Total current liabilities (2,424) (2,953)
Net assets attributable to holders of redeemable participating shares 10,482,768 11,885,307
30 September 31 March 30 September 2017 2017 2016 Net asset value per share (please refer to note 4 for numbers of shares in issue) EUR 167.72 EUR 158.47 EUR 138.75
The accompanying notes form an integral part of these financial statements.
140 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Industrials UCITS ETF Statement of Comprehensive Income for the financial period ended 30 September 2017
30 September 2017 30 September 2016 Notes EUR EUR
Dividend income 180,429 274,651 Securities lending income 10 2,152 2,339 Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 533,065 364,113 Miscellaneous income 835 41 Total investment income 716,481 641,144
Operating expenses 3 (16,306) (19,475) Net profit for the financial period 700,175 621,669
Finance costs Interest expense (27) (48) Profit for the financial period before tax 700,148 621,621 Witholding tax on investment income 2 (16,544) (15,644) Increase in net assets attributable to holders of redeemable participating shares resulting from operations 683,604 605,977
Gains and losses arose solely from continuing operations. There were no 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.
141 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Industrials UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial period ended 30 September 2017
30 September 2017 30 September 2016 EUR EUR
Net assets attributable to holders of redeemable shares at the beginning of the financial period 11,885,307 16,335,636
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 683,604 605,977
Share transactions Proceeds from redeemable participating shares issued - 3,345,879 Costs of redeemable participating shares redeemed (2,086,143) (9,881,501) Decrease in net assets from share transactions (2,086,143) (6,535,622)
Total decrease in net assets attributable to holders of redeemable participating shares (1,402,539) (5,929,645)
Net assets attributable to holders of redeemable participating shares at the end of the financial period 10,482,768 10,405,991
The accompanying notes form an integral part of these financial statements.
142 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Industrials UCITS ETF Statement of Cash Flows for the financial period ended 30 September 2017
30 September 2017 30 September 2016 EUR EUR
Cash from/(used in):
Operating activities Increase in net assets attributable to holders of redeemable participating shares 683,604 605,977
Adjustment for: Interest expense 27 48 Securities lending income (2,152) (2,339) Dividend income (180,429) (274,651) Taxation on income 16,544 15,644
Total 517,594 344,679
Net movement in financial assets and financial liabilities at fair value through profit or loss (518,872) (327,247) Payments for purchases of investments (650,252) (4,478,925) Proceeds from sale of investments 2,522,736 10,719,992 Movement in receivables (88) - Movement in payables (529) (1,520)
Cash generated from operations 1,870,589 6,256,979
Interest paid (27) (48) Securities lending income received 2,152 2,339 Dividends received 196,855 280,119 Taxation paid (16,544) (15,644) Net cash generated from operations 2,053,025 6,523,745
Financing activities Proceeds from redeemable participating shares issued - 3,345,879 Payments for redeemable participating shares redeemed (2,086,143) (9,881,501) Net cash used in financing activities (2,086,143) (6,535,622)
Net decrease in cash and cash equivalents (33,118) (11,877)
Cash and cash equivalents at the beginning of the financial period 54,226 36,361
Cash and cash equivalents at the end of the financial period 21,108 24,484
The accompanying notes form an integral part of these financial statements.
143 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Industrials UCITS ETF Schedule of Investments as at 30 September 2017
%of %of Fair Value Net Fair Value Net Holding Investment EUR Assets Holding Investment EUR Assets Transferable Securities - 99.69%(March 2017: 99.32%) Transferable Securities - 99.69%(March 2017: 99.32%) Common Stock - 99.69%(March 2017:99.32%) (continued) Danish Krone - 4.86% Common Stock - 99.69%(March 2017:99.32%) (continued) 65 AP Moller - Maersk 104,465 1.00 Euro - 56.53% (continued) 37 AP Moller - Maersk (Class A Shares) 57,526 0.55 2,565 Siemens Gamesa Renewable Energy 28,330 0.27 1,952 DSV 124,936 1.19 278 Societe BIC 28,189 0.27 1,707 ISS 58,080 0.55 1,090 Thales 104,400 1.00 2,165 Vestas Wind Systems 164,374 1.57 5,072 Vinci 407,789 3.89 509,381 4.86 1,544 Wartsilap 92,486 0.88 Euro - 56.53% 3,103 Wolters Kluwer 121,312 1.16 7,117 Abertis Infraestructuras 121,701 1.16 1,964 Zodiac Aerospace 48,049 0.46 2,353 ACS Actividades de Construccion y Servicios 73,778 0.70 5,926,334 56.53 667 Aena 101,884 0.97 Pound Sterling - 16.47% 283 Aeroports de Paris 38,714 0.37 4,957 Ashtead Group 101,204 0.97 5,841 Airbus Group 469,675 4.48 2,478 Babcock International Group 23,271 0.22 1,469 Alstom 52,789 0.50 31,519 BAE Systems 225,889 2.15 711 Andritz 34,771 0.33 3,388 Bunzl 87,165 0.83 4,461 Atlantia 119,153 1.14 7,022 Capita 45,025 0.43 8,954 Bollore 37,866 0.36 22,846 Cobham 37,776 0.36 830 Boskalis Westminster 24,547 0.23 904 DCC 74,329 0.71 2,153 Bouygues 86,443 0.83 1,508 easyJet 20,828 0.20 1,604 Brenntag 75,572 0.72 9,382 Experian 159,605 1.52 2,596 Bureau Veritas 56,684 0.54 2,596 Ferguson 144,243 1.38 5,090 Cie de Saint-Gobain 256,638 2.45 16,329 G4S 51,573 0.49 10,536 CNH Industrial 107,046 1.02 2,631 IMI 37,114 0.35 27 Dassault Aviation 36,948 0.35 1,685 Intertek Group 95,269 0.91 2,248 Deutsche Lufthansa 52,851 0.50 7,766 Meggitt 45,918 0.44 9,739 Deutsche Post 366,819 3.50 10,930 RELX (UK listed) 203,057 1.94 2,177 Edenred 50,071 0.48 16,928 Rolls-Royce Holdings 170,403 1.63 766 Eiffage 67,102 0.64 8,847 Royal Mail 38,575 0.37 4,711 Ferrovial 87,742 0.84 4,112 Smiths Group 73,592 0.70 410 Fraport Frankfurt Airport Services Worldwide 32,939 0.31 2,553 Travis Perkins 41,953 0.40 1,796 GEA Group 69,128 0.66 2,207 Weir Group 49,217 0.47 4,944 Groupe Eurotunnel 50,429 0.48 1,726,006 16.47 216 Hochtief 30,834 0.29 Swedish Krona - 11.78% 6,212 International Consolidated Airlines Group 41,869 0.40 3,089 Alfa Laval 63,672 0.61 700 KION Group 56,679 0.54 10,166 Assa Abloy 195,955 1.87 3,457 Kone 154,874 1.48 6,795 Atlas Copco (Class A Shares) 242,872 2.32 2,720 Legrand 166,138 1.59 3,862 Atlas Copco (Class B Shares) 126,392 1.20 4,047 Leonardo 64,145 0.61 11,446 Sandvik 166,657 1.59 377 MAN 36,000 0.34 3,340 Securitas 47,212 0.45 1,078 Metso 33,461 0.32 3,474 Skanska 67,935 0.65 890 Osram Licht 60,084 0.57 3,682 SKF 67,729 0.64 2,034 Prysmian 58,132 0.55 15,761 Volvo 256,435 2.45 1,215 Randstad Holding 63,593 0.61 1,234,859 11.78 9,588 RELX (Netherlands listed) 172,680 1.65 Swiss Franc - 9.45% 3,159 Rexel 46,248 0.44 20,051 ABB 419,637 4.00 1,719 Ryanair Holdings 28,054 0.27 1,625 Adecco Group 107,112 1.02 3,183 Safran 275,139 2.63 365 Geberit 146,173 1.39 5,669 Schneider Electric 417,408 3.98 565 Kuehne + Nagel International 88,561 0.85 7,711 Siemens 919,151 8.77 422 Schindler Holding (non-voting rights) 78,911 0.75 203 Schindler Holding (voting rights) 36,966 0.35
144 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Industrials UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of Fair Value Net Holding Investment EUR Assets Transferable Securities - 99.69%(March 2017: 99.32%) (continued) Common Stock - 99.69%(March 2017:99.32%) (continued) Swiss Franc - 9.45% (continued) 56 SGS 113,723 1.09 991,083 9.45 United States Dollar - 0.60% 1,459 AerCap Holdings 63,077 0.60 63,077 0.60 Total Common Stock 10,450,740 99.69
Total Transferable Securities 10,450,740 99.69
Fair Value %of EUR Fund Total value of investments 10,450,740 99.69 Cash at bank*(March 2017: 0.46%) 21,108 0.21 Other net assets(March 2017: 0.22%) 10,920 0.10 Net assets attributable to holders of redeemable participating shares 10,482,768 100.00
*All cash holdings are held at State Street Bank and Trust Company.
All of the above securities are traded on a recognised stock exchange or traded on a regulated market unless otherwise stated.
%of Total Analysis of Total Assets Assets Transferable securities admitted to an official exchange listing 99.67 Other assets 0.33
Total Assets 100.00
145 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR MSCI Europe Industrials UCITS ETF
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Purchases Cost EUR
Simens Gamesa Renewable Energy 58,546 KION Group 53,646 Siemens 44,365 ABB 43,340 Sandvik 22,392 Vinci 19,509 Abertis Infraestructuras 18,104 Atlantia 17,645 Eiffage 17,559 Safran 16,712 Cie de Saint-Gobain 15,469 Schneider Electric 15,270 Airbus 14,889 Rolls-Royce Holdings 13,126 Assa Abloy 12,631 Kone 12,371 Legrand 12,226 CNH Industrial 11,242 Deutsche Post 11,137 Volvo 10,968 Thales 10,766 Ferguson 10,529 Wolters Kluwer 10,411 DSV 9,949 ACS Actividades de Construccion y Servicios 9,891 SGS 9,849 Atlas Copco (Class A Shares) 8,205 RELX (Netherlands listed) 8,175 Brenntag 8,166 RELX (UK listed) 7,129 Atlas Copco (Class B Shares) 6,973 Bunzl 6,795 Capita 6,373 Aena SME 6,348 Portfolio Sales Proceeds EUR
Koninklijke Philips 360,251 Siemens 199,156 ABB 88,008 Airbus 85,908 Vinci 84,241 Schneider Electric 76,362 Deutsche Post 63,234
146 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR MSCI Europe Industrials UCITS ETF (continued)
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Sales (continued) Proceeds EUR
Rolls-Royce Holdings 54,689 Cie de Saint-Gobain 49,660 Safran 49,222 BAE Systems 48,407 Volvo 45,437 Atlas Copco (Class A Shares) 43,129 RELX (Netherlands listed) 41,197 RELX (UK listed) 41,103 Assa Abloy 39,501 Experian 34,397 Vestas Wind Systems 34,286 Legrand 32,404 Sandvik 30,870 Geberit 30,466 Kone 29,265 Ferguson 29,158
A copy of the list of changes in the portfolio during the financial period may be obtained free of charge from the Administrator.
147 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Materials UCITS ETF Statement of Financial Position as at 30 September 2017
30 September 2017 31 March 2017 EUR EUR
Current assets Financial assets at fair value through profit or loss: Transferable securities 16,053,172 28,296,741 Financial derivative instruments 2,000 - 16,055,172 28,296,741
Cash and cash equivalents 89,197 52,092 Cash held as collateral with broker 19,001 - Debtors: Dividends receivable 32,518 126,033 Miscellaneous income receivable 169 - Receivable for investments sold 9,359 - Total current assets 16,205,416 28,474,866
Current liabilities Bank overdraft - (101) Creditors - Amounts falling due within one financial year: Accrued expenses (3,963) (6,753) Total current liabilities (3,963) (6,854)
Net assets attributable to holders of redeemable participating shares 16,201,453 28,468,012
30 September 31 March 30 September 2017 2017 2016 Net asset value per share (please refer to note 4 for numbers of shares in issue) EUR 185.16 EUR 175.19 EUR 150.15
The accompanying notes form an integral part of these financial statements.
148 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Materials UCITS ETF Statement of Comprehensive Income for the financial period ended 30 September 2017
30 September 2017 30 September 2016 Notes EUR EUR
Dividend income 377,441 222,872 Interest income 36 - Securities lending income 10 5,043 910 Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 649,566 1,777,797 Miscellaneous income 99 55 Total investment income 1,032,185 2,001,634
Operating expenses 3 (31,046) (18,546) Net profit for the financial period 1,001,139 1,983,088
Finance costs Interest expense (361) (149) Profit for the financial period before tax 1,000,778 1,982,939 Witholding tax on investment income 2 (34,074) (22,655) Increase in net assets attributable to holders of redeemable participating shares resulting from operations 966,704 1,960,284
Gains and losses arose solely from continuing operations. There were no 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.
149 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Materials UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial period ended 30 September 2017
30 September 2017 30 September 2016 EUR EUR
Net assets attributable to holders of redeemable shares at the beginning of the financial period 28,468,012 9,625,617
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 966,704 1,960,284
Share transactions Proceeds from redeemable participating shares issued 2,241,117 7,182,421 Costs of redeemable participating shares redeemed (15,474,380) - (Decrease)/increase in net assets from share transactions (13,233,263) 7,182,421
Total (decrease)/increase in net assets attributable to holders of redeemable participating shares (12,266,559) 9,142,705
Net assets attributable to holders of redeemable participating shares at the end of the financial period 16,201,453 18,768,322
The accompanying notes form an integral part of these financial statements.
150 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Materials UCITS ETF Statement of Cash Flows for the financial period ended 30 September 2017
30 September 2017 30 September 2016 EUR EUR
Cash from/(used in):
Operating activities Increase in net assets attributable to holders of redeemable participating shares 966,704 1,960,284
Adjustment for: Interest income (36) - Interest expense 361 149 Securities lending income (5,043) (910) Dividend income (377,441) (222,872) Taxation on income 34,074 22,655
Total 618,619 1,759,306
Net movement in financial assets and financial liabilities at fair value through profit or loss (604,628) (1,769,685) Payments for purchases of investments (5,466,859) (7,640,065) Proceeds from sale of investments 18,303,697 249,757 Cash paid to broker as collateral (19,001) - Movement in receivables (169) - Movement in payables (2,790) 2,070
Cash generated from/(used in) operations 12,828,869 (7,398,617)
Interest paid (361) (149) Interest received 36 41 Securities lending income received 5,043 910 Dividends received 470,956 244,375 Taxation paid (34,074) (22,655) Net cash generated from/(used in) operations 13,270,469 (7,176,095)
Financing activities Proceeds from redeemable participating shares issued 2,241,117 7,182,421 Payments for redeemable participating shares redeemed (15,474,380) - Net cash (used in)/generated from financing activities (13,233,263) 7,182,421
Net increase in cash and cash equivalents 37,206 6,326
Cash and cash equivalents at the beginning of the financial period 51,991 39,027
Cash and cash equivalents at the end of the financial period 89,197 45,353
Cash and cash equivalents - Statement of Financial Position 89,197 46,404 Bank overdraft - Statement of Financial Position - (1,051)
Cash and cash equivalents - Statement of Cash Flows 89,197 45,353
The accompanying notes form an integral part of these financial statements.
151 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Materials UCITS ETF Schedule of Investments as at 30 September 2017
%of Financial Derivatives Instruments - 0.01% (March 2017: Nil) Fair Value Net Futures Contracts – 0.01% (March 2017: Nil) Holding Investment EUR Assets Transferable Securities - 99.09% (March 2017: 99.40%) Unrealised Common Stock - 98.54% (March 2017: 98.90%) Average Gain/ %of Danish Krone - 2.72% Notional Cost (Loss) Net 2,532 Chr Hansen Holding 183,732 1.13 Amount Price EUR Assets 5,935 Novozymes 257,683 1.59 69,520 3,476 2 of Euro Stoxx 50 Index Futures 441,415 2.72 Long Futures Contracts Expiring Euro - 53.52% 15 December 2017 2,000 0.01 10,059 Air Liquide 1,135,158 7.01 Net unrealised gain on futures contracts 2,000 0.01 6,487 Akzo Nobel 506,764 3.13 17,174 ArcelorMittal 374,823 2.31 Total Financial Derivatives Instruments 2,000 0.01 1,738 Arkema 180,317 1.11 23,713 BASF 2,135,118 13.18 2,852 Covestro 207,483 1.28 Fair Value %of 21,387 CRH 690,265 4.26 EUR Fund 4,213 Evonik Industries 127,317 0.79 3,851 HeidelbergCement 334,921 2.07 Total value of investments 16,055,172 99.10 928 Imerys 70,946 0.44 Cash at bank* (March 2017: 0.18%) 89,197 0.54 4,908 K+S 113,129 0.70 Cash at broker* (March 2017: Nil) 19,001 0.12 4,760 Koninklijke DSM 329,678 2.03 2,343 LANXESS 156,419 0.97 Bank overdraft (March 2017: 0.00%) - 0.00 4,803 Linde 847,489 5.23 Other net assets (March 1,897 Solvay 239,781 1.48 2017: 0.42%) 38,083 0.24 14,107 Stora Enso 168,579 1.04 Net assets attributable to holders of 3,156 Symrise 202,836 1.25 redeemable participating shares 16,201,453 100.00 9,413 Thyssenkrupp 236,031 1.46 2,439 Umicore 170,706 1.05 *All cash holdings are held at State Street Bank and Trust Company, apart 13,804 UPM-Kymmene 316,526 1.95 from cash at broker which is held with Barclays Capital. 2,931 voestalpine 126,458 0.78 8,670,744 53.52 The counterparty for the open futures contracts is Barclays Capital. Norwegian Krone - 2.37% 34,434 Norsk Hydro 211,859 1.31 All of the above securities are traded on a recognised stock exchange or 4,549 Yara International 172,424 1.06 traded on a regulated market unless otherwise stated. 384,283 2.37 Pound Sterling - 29.48% %of 34,556 Anglo American 525,309 3.24 Total 10,118 Antofagasta 108,971 0.67 Analysis of Total Assets Assets 54,606 BHP Billiton (UK listed) 814,609 5.03 3,359 Croda International 144,591 0.89 Transferable securities admitted to an official exchange listing 99.61 5,716 Fresnillo 91,142 0.56 316,109 Glencore 1,226,906 7.57 Exchange traded financial derivatives instruments 0.01 4,955 Johnson Matthey 192,317 1.19 Other assets 0.38 9,396 Mondi 213,799 1.32 Total Assets 2,450 Randgold Resources 203,390 1.26 100.00 31,834 Rio Tinto (UK listed) 1,254,713 7.75 4,775,747 29.48 Swedish Krona - 1.24% 7,002 Boliden 200,057 1.24 200,057 1.24 Swiss Franc - 9.21% 212 EMS-Chemie Holding 119,353 0.74 239 Givaudan 440,226 2.72 11,707 LafargeHolcim 579,263 3.57 56 Sika 352,724 2.18 1,491,566 9.21 Total Common Stock 15,963,812 98.54 Preferred Stock - 0.55% (March 2017: 0.50%) Euro - 0.55% 1,784 Fuchs Petrolub 89,360 0.55 Total Preferred Stock 89,360 0.55
Total Transferable Securities 16,053,172 99.09
152 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR MSCI Europe Materials UCITS ETF
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Purchases Cost EUR
BASF 509,469 Rio Tinto 306,704 Glencore 284,916 Air Liquide 280,933 Linde 212,678 BHP Billiton 204,805 CRH 174,910 LafargeHolcim 156,084 ArcelorMittal 126,875 Akzo Nobel 121,440 Givaudan 111,439 UPM-Kymmene 93,620 Covestro 92,953 Anglo American 85,104 HeidelbergCement 81,892 Sika 75,807 Koninklijke DSM 73,266 Solvay 60,029 thyssenkrupp 58,873 Mondi 54,016 Novozymes 53,839 Randgold Resources 52,633 Symrise 48,252 Norsk Hydro 43,232 Chr Hansen Holding 43,027 Arkema 42,744 Boliden 41,428 Stora Enso 39,657 Portfolio Sales Proceeds EUR
BASF 2,009,022 Rio Tinto 1,208,695 Glencore 1,156,443 Air Liquide 1,040,357 BHP Billiton 805,191 Linde 749,732 CRH 651,928 LafargeHolcim 601,196 Akzo Nobel 507,500 Anglo American 492,517 Syngenta 402,061 Givaudan 397,896 HeidelbergCement 315,486 Sika 307,815 UPM-Kymmene 305,362
153 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR MSCI Europe Materials UCITS ETF (continued)
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Sales (continued) Proceeds EUR
Koninklijke DSM 294,981 Novozymes 227,027 thyssenkrupp 224,708 Solvay 221,762 ArcelorMittal 218,433 Mondi 209,881 Randgold Resources 197,188 Boliden 194,928 Symrise 190,451 Norsk Hydro 189,855 Covestro 179,829 Chr Hansen Holding 162,232 Johnson Matthey 160,473 Arkema 160,142 Yara International 156,962 Stora Enso 155,722
A copy of the list of changes in the portfolio during the financial period may be obtained free of charge from the Administrator.
154 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Small Cap UCITS ETF Statement of Financial Position as at 30 September 2017
30 September 2017 31 March 2017 EUR EUR
Current assets Financial assets at fair value through profit or loss: Transferable securities 84,094,177 56,728,231 84,094,177 56,728,231
Cash and cash equivalents 130,943 189,751 Debtors: Dividends receivable 163,683 134,751 Miscellaneous income receivable 9,714 - Receivable for investments sold 17,069 33,378 Total current assets 84,415,586 57,086,111
Current liabilities Creditors - Amounts falling due within one financial year: Accrued expenses (19,583) (14,018) Payable for investment purchased (86,033) - Total current liabilities (105,616) (14,018)
Net assets attributable to holders of redeemable participating shares 84,309,970 57,072,093
30 September 31 March 30 September 2017 2017 2016 Net asset value per share (please refer to note 4 for numbers of shares in issue) EUR 224.83 EUR 207.53 EUR 188.39
The accompanying notes form an integral part of these financial statements.
155 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Small Cap UCITS ETF Statement of Comprehensive Income for the financial period ended 30 September 2017
30 September 2017 30 September 2016 Notes EUR EUR
Dividend income 1,338,981 778,655 Securities lending income 10 56,799 46,660 Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 4,350,872 296,412 Miscellaneous income 1,539 133 Total investment income 5,748,191 1,121,860
Operating expenses 3 (116,008) (63,818) Net profit for the financial period 5,632,183 -
Finance costs Interest expense (1,328) - Profit for the financial period before tax 5,630,855 1,058,042 Witholding tax on investment income 2 (102,194) (51,272) Increase in net assets attributable to holders of redeemable participating shares resulting from operations 5,528,661 1,006,770
Gains and losses arose solely from continuing operations. There were no 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.
156 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Small Cap UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial period ended 30 September 2017
30 September 2017 30 September 2016 EUR EUR
Net assets attributable to holders of redeemable shares at the beginning of the financial period 57,072,093 45,644,859
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 5,528,661 1,006,770
Share transactions Proceeds from redeemable participating shares issued 32,530,405 9,473,796 Costs of redeemable participating shares redeemed (10,821,189) (13,736,680) Increase/(decrease) in net assets from share transactions 21,709,216 (4,262,884)
Total increase/(decrease) in net assets attributable to holders of redeemable participating shares 27,237,877 (3,256,114)
Net assets attributable to holders of redeemable participating shares at the end of the financial period 84,309,970 42,388,745
The accompanying notes form an integral part of these financial statements.
157 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Small Cap UCITS ETF Statement of Cash Flows for the financial period ended 30 September 2017
30 September 2017 30 September 2016 EUR EUR
Cash from/(used in):
Operating activities Increase in net assets attributable to holders of redeemable participating shares 5,528,661 1,006,770
Adjustment for: Interest expense 1,328 - Securities lending income (56,799) (46,660) Dividend income (1,338,981) (778,655) Taxation on income 102,194 51,272
Total 4,236,403 232,727
Net movement in financial assets and financial liabilities at fair value through profit or loss (4,276,344) (470,725) Payments for purchases of investments (52,947,285) (16,687,369) Proceeds from sale of investments 29,960,025 20,509,729 Movement in receivables (9,714) - Movement in payables 5,565 (1,653)
Cash (used in)/ generated from operations (23,031,350) 3,582,709
Interest paid (1,328) - Securities lending income received 56,799 (67,939) Dividends received 1,310,049 789,282 Taxation paid (102,194) (51,272) Net cash (used in)/ generated from operations (21,768,024) 4,252,780
Financing activities Proceeds from redeemable participating shares issued 32,530,405 9,473,796 Payments for redeemable participating shares redeemed (10,821,189) (13,736,680) Net cash generated from/(used in) financing activities 21,709,216 (4,262,884)
Net decrease in cash and cash equivalents (58,808) (10,104)
Cash and cash equivalents at the beginning of the financial period 189,751 76,795
Cash and cash equivalents at the end of the financial period 130,943 66,691
Cash and cash equivalents - Statement of Financial Position 130,943 68,692 Bank overdraft - Statement of Financial Position - (2,001)
Cash and cash equivalents - Statement of Cash Flows 130,943 66,691
The accompanying notes form an integral part of these financial statements.
158 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Small Cap UCITS ETF Schedule of Investments as at 30 September 2017
%of %of Fair Value Net Fair Value Net Holding Investment EUR Assets Holding Investment EUR Assets Transferable Securities - 99.74%(March 2017: 99.40%) Transferable Securities - 99.74%(March 2017: 99.40%) Common Stock - 94.26%(March 2017:93.79%) (continued) Danish Krone - 3.03% Common Stock - 94.26%(March 2017:93.79%) (continued) 356 ALK-Abello 47,384 0.05 Euro - 41.57% (continued) 5,787 Alm Brand 48,214 0.06 7,333 AIXTRON 83,523 0.10 2,470 Amagerbanken - 0.00 2,262 Albioma 43,159 0.05 2,028 Ambu 132,771 0.16 6,152 Almirall 52,969 0.06 2,215 Bang & Olufsen 40,480 0.05 2,858 Altamir 43,727 0.05 1,924 Bavarian Nordic 72,780 0.09 1,991 Alten 152,331 0.18 1,783 D/S Norden 32,225 0.04 9,790 Altran Technologies 152,332 0.18 1,952 Dfds 94,351 0.11 4,246 Altri 18,971 0.02 2,667 FLSmidth & Co 149,196 0.18 560 Amadeus Fire 44,083 0.05 9,883 GN Store Nord 286,594 0.34 8,841 Amer Sports 198,392 0.24 531 IC Group 9,740 0.01 1,912 AMG Advanced Metallurgical Group 69,759 0.08 4,589 Jyske Bank 224,032 0.26 6,281 Amplifon 80,774 0.10 2,952 Matas 36,495 0.04 18,069 Anima Holding 123,411 0.15 7,991 Nets 175,031 0.21 3,303 APERAM 146,422 0.17 1,741 NKT 125,983 0.15 10,533 Applus Services 111,650 0.13 880 NNIT 22,468 0.03 3,582 Arcadis 65,318 0.08 925 Per Aarsleff Holding 22,995 0.03 4,853 Ascopiave 17,015 0.02 653 Rockwool International 149,962 0.18 3,488 ASM International 186,573 0.22 294 Roskilde Bank - 0.00 10,218 ASR Nederland 345,828 0.41 3,099 Royal Unibrew 143,671 0.17 613 Assystem 20,229 0.02 5,277 Scandinavian Tobacco Group 79,208 0.09 3,396 Astaldi 19,680 0.02 796 Schouw & Co 73,217 0.09 2,586 ASTM 56,763 0.07 2,827 SimCorp 146,066 0.17 6,757 Atresmedia Corp de Medios de Comunicacion 60,070 0.07 402 Solar 20,717 0.02 724 Atria 8,688 0.01 4,695 Spar Nord Bank 49,463 0.06 1,280 AURELIUS Equity Opportunities & Co 71,219 0.08 5,311 Sydbank 186,485 0.22 2,321 Aurubis 159,081 0.19 3,900 Topdanmark 129,813 0.15 1,778 Austria Technologie & Systemtechnik 21,336 0.03 1,720 TORM 14,677 0.02 9,279 Autogrill 102,069 0.12 2,728 Zealand Pharma 44,540 0.05 502 Axway Software 11,144 0.01 2,558,558 3.03 7,040 Azimut Holding 128,832 0.15 Euro - 41.57% 40,099 Banca Carige 9,223 0.01 100,727 A2A 146,558 0.17 3,680 Banca Generali 108,008 0.13 6,906 Aalberts Industries 282,490 0.34 1,612 Banca IFIS 74,571 0.09 3,673 Aareal Bank 131,585 0.16 16,276 Banca Mediolanum 120,442 0.14 1,548 AB Science 13,065 0.02 1,267 Banca Monte dei Paschi di Siena 9,553 0.01 2,203 ABC arbitrage 13,548 0.02 28,070 Banca Popolare di Sondrio 102,175 0.12 889,654 Abengoa 10,676 0.01 105,139 Banco BPM 368,828 0.44 3,784 Ablynx 46,619 0.06 634,351 Banco Comercial Portugues 155,606 0.18 1,364 Accell Group 35,669 0.04 644 Barco 58,791 0.07 1,818 Acciona 123,715 0.15 2,895 Basic-Fit 54,136 0.06 3,749 ACEA 49,187 0.06 1,483 BayWa 49,962 0.06 11,423 Acerinox 139,361 0.17 2,386 BE Semiconductor Industries 140,416 0.17 1,732 Ackermans & van Haaren 256,942 0.30 1,754 Bechtle 111,169 0.13 1,848 ADLER Real Estate 24,735 0.03 2,855 Bekaert 115,856 0.14 2,416 ADO Properties 101,025 0.12 2,982 Beneteau 43,835 0.05 4,451 ADVA Optical Networking 25,446 0.03 222 Bertrandt 18,910 0.02 14,382 AGFA-Gevaert 58,046 0.07 313 bet-at-home.com 37,106 0.04 9,111 Air France-KLM 121,541 0.14 1,300 Biesse 48,711 0.06 2,493 Bilfinger 88,327 0.10
159 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment EUR Assets Holding Investment EUR Assets Transferable Securities - 99.74%(March 2017: 99.40%) Transferable Securities - 99.74%(March 2017: 99.40%) (continued) (continued) Common Stock - 94.26%(March 2017:93.79%) (continued) Common Stock - 94.26%(March 2017:93.79%) (continued) Euro - 41.57% (continued) Euro - 41.57% (continued) 4,164 BinckBank 18,213 0.02 5,020 Credito Emiliano 38,177 0.05 1,386 Biocartis 14,442 0.02 6,504 Credito Valtellinese 26,432 0.03 478 Biotest 13,351 0.02 3,705 CTS Eventim & Co 136,826 0.16 341 Boiron 25,745 0.03 9,537 CTT-Correios de Portugal 48,620 0.06 4,814 Bolsas y Mercados Espanoles 140,569 0.17 15,170 Dalata Hotel Group 83,890 0.10 1,343 Bonduelle 51,168 0.06 846 Danieli & C Officine Meccaniche 18,697 0.02 4,211 Borussia Dortmund & Co 34,530 0.04 1,735 Datalogic 51,651 0.06 2,007 Bourbon 15,354 0.02 39,979 Davide Campari-Milano 245,471 0.29 33,895 BPER Banca 171,509 0.20 1,065 DBV Technologies 74,997 0.09 7,344 bpost 184,702 0.22 3,550 De' Longhi 96,702 0.11 10,376 Brembo 148,584 0.18 6,347 DeA Capital 8,689 0.01 1,391 Brunel International 18,751 0.02 5,193 Derichebourg 46,062 0.05 2,221 Brunello Cucinelli 58,279 0.07 1,069 Deutsche Beteiligungs 48,650 0.06 7,716 Buwog 195,678 0.23 2,871 Deutsche EuroShop 91,097 0.11 5,121 Buzzi Unicem 116,964 0.14 7,221 Deutsche Pfandbriefbank 91,418 0.11 17,014 C&C Group 51,893 0.06 7,303 Deutz 49,916 0.06 4,869 CA Immobilien Anlagen 118,317 0.14 346 Devoteam 27,213 0.03 48,871 Cairn Homes 83,936 0.10 5,459 Dialog Semiconductor 203,976 0.24 5,090 Cairo Communication 21,785 0.03 1,599 DiaSorin 120,645 0.14 990 CANCOM 62,865 0.07 4,512 DIC Asset 42,183 0.05 7,333 Capital Stage 46,293 0.06 627 Diebold Nixdorf 44,580 0.05 2,818 Cargotec 149,777 0.18 1,512 D'ieteren 58,696 0.07 2,793 Carl Zeiss Meditec 123,353 0.15 878 Direct Energie 42,004 0.05 6,191 Caverion 48,104 0.06 1,513 DMG Mori 79,432 0.09 11,200 CECONOMY 111,586 0.13 4,006 DNA 59,289 0.07 1,219 Cellectis 28,951 0.03 297 DO & CO 12,314 0.01 9,539 Cellnex Telecom 184,675 0.22 210 Draegerwerk & Co 14,952 0.02 2,745 Cementir Holding 19,572 0.02 3,237 Drillisch 192,084 0.23 618 CENTROTEC Sustainable 11,118 0.01 1,621 Duerr 183,416 0.22 12,320 Cerved Information Solutions 123,200 0.15 4,872 Ebro Foods 97,684 0.12 563 Cewe Stiftung & Co 45,271 0.05 9,467 Econocom Group 61,147 0.07 1,712 Chargeurs 43,998 0.05 690 EDAG Engineering Group 9,108 0.01 2,347 Cia de Distribucion Integral Logista Holdings 47,750 0.06 1,030 Ei Towers 51,551 0.06 3,847 CIE Automotive 86,904 0.10 747 El.En. 17,741 0.02 643 Cie d'Entreprises 81,050 0.10 1,689 Elia System Operator 82,744 0.10 588 Cie des Alpes 15,847 0.02 7,098 Elior Group 158,995 0.19 4,087 Cie Plastic Omnium 147,929 0.18 11,292 Elis 255,820 0.30 33,308 CIR-Compagnie Industriali Riunite 43,567 0.05 694 Elmos Semiconductor 15,206 0.02 34,174 Citycon 76,071 0.09 1,228 ElringKlinger 19,366 0.02 38,302 Codere SA/Spain 13,789 0.02 19,188 Enav 74,373 0.09 4,469 Coface 40,623 0.05 12,817 Ence Energia y Celulosa 56,395 0.07 1,989 comdirect bank 22,913 0.03 654 Eramet 37,592 0.04 1,663 CompuGroup Medical 79,691 0.09 3,936 ERG 53,175 0.06 1,209 Construcciones y Auxiliar de Ferrocarriles 41,384 0.05 1,989 Esprinet 9,917 0.01 4,102 Corbion 111,779 0.13 177 Esso SA Francaise 11,222 0.01 1,239 Corp Financiera Alba 63,994 0.08 6,369 Etablissements Maurel et Prom 23,947 0.03 3,827 Corticeira Amorim 45,407 0.05 1,184 Euler Hermes Group 118,400 0.14 2,156 Cramo 47,885 0.06 8,201 Euronav 57,038 0.07
160 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment EUR Assets Holding Investment EUR Assets Transferable Securities - 99.74%(March 2017: 99.40%) Transferable Securities - 99.74%(March 2017: 99.40%) (continued) (continued) Common Stock - 94.26%(March 2017:93.79%) (continued) Common Stock - 94.26%(March 2017:93.79%) (continued) Euro - 41.57% (continued) Euro - 41.57% (continued) 3,760 Euronext 193,602 0.23 11,278 Havas 104,333 0.12 5,783 Europcar Groupe 74,167 0.09 16,838 Heidelberger Druckmaschinen 58,091 0.07 7,528 Euskaltel 57,318 0.07 55,270 Hera 147,018 0.17 3,468 EVN 45,830 0.05 549 Hornbach Baumarkt 17,678 0.02 8,651 Evotec 173,799 0.21 5,827 Huhtamaki 198,992 0.24 662 EVS Broadcast Equipment 21,181 0.03 352 Hypoport 52,395 0.06 4,000 Exmar 17,992 0.02 177 ID Logistics Group 26,727 0.03 1,422 FACC 17,562 0.02 3,461 IMCD Group 179,557 0.21 26,007 Faes Farma 73,600 0.09 62,254 Immofinanz 135,963 0.16 3,082 Fagron 37,970 0.05 8,446 Indra Sistemas 112,881 0.13 8,043 Falck Renewables 12,901 0.02 1,411 Indus Holding 88,286 0.10 4,964 Faurecia 291,536 0.35 1,103 Industria Macchine Automatiche 88,626 0.11 824 Ferratum 22,042 0.03 16,902 Infrastrutture Wireless Italiane 94,651 0.11 498 FFP 51,792 0.06 1,942 Innate Pharma 19,964 0.02 548 FIGEAC-AERO 10,960 0.01 825 Interparfums 27,860 0.03 1,074 Fila 20,256 0.02 5,433 Interpump Group 142,997 0.17 50,545 Fincantieri 51,455 0.06 3,429 Intertrust 47,114 0.06 29,511 FinecoBank Banca Fineco 221,332 0.26 1,184 Ion Beam Applications 34,028 0.04 2,863 Finnair 32,094 0.04 2,895 IPSOS 84,780 0.10 2,216 Flow Traders 50,414 0.06 45,110 Iren 102,400 0.12 1,251 Fnac Darty 101,869 0.12 9,317 Irish Continental Group 52,688 0.06 5,336 Fomento de Construcciones y Contratas 45,249 0.05 282 Isra Vision 45,049 0.05 1,466 ForFarmers 16,126 0.02 31,409 Italgas 149,193 0.18 8,815 Freenet 249,376 0.30 631 Italmobiliare 14,406 0.02 6,612 F-Secure 28,233 0.03 829 Jacquet Metal Service 23,295 0.03 3,107 Galapagos 267,792 0.32 3,789 Jenoptik 106,225 0.13 1,810 Gaztransport Et Technigaz 83,260 0.10 27,816 Juventus Football Club 22,002 0.03 12,286 GEDI Gruppo Editoriale 9,215 0.01 380 Kapsch TrafficCom 17,138 0.02 2,315 Genfit 56,903 0.07 1,153 Kaufman & Broad 47,042 0.06 5,366 Geox 19,393 0.02 2,125 KBC Ancora 105,867 0.13 2,077 Gerresheimer 136,023 0.16 6,203 Kemira 68,977 0.08 1,707 Gerry Weber International 18,009 0.02 1,300 Kendrion 48,087 0.06 1,090 GFT Technologies 17,298 0.02 4,382 Kesko 198,811 0.24 1,278 Gimv 66,456 0.08 741 Kinepolis Group 41,637 0.05 565 GL Events 15,848 0.02 10,423 Kingspan Group 375,020 0.44 13,054 Glanbia 208,211 0.25 6,376 Kloeckner & Co 69,180 0.08 3,509 Global Dominion Access 14,387 0.02 763 Koenig & Bauer 53,204 0.06 564 Grammer 31,116 0.04 4,810 Konecranes 180,664 0.21 7,026 Grand City Properties 125,414 0.15 12,340 Koninklijke BAM Groep 59,701 0.07 1,072 Greenyard 20,732 0.02 3,264 Korian 90,919 0.11 2,052 GRENKE 161,800 0.19 1,028 Krones 120,841 0.14 194 Groupe Crit 15,669 0.02 131 KWS Saat 48,503 0.06 2,890 Grupo Catalana Occidente 102,971 0.12 749 La Doria 10,434 0.01 292 Guerbet 23,010 0.03 368 Le Noble Age 20,759 0.02 882 H&R & Co 12,374 0.01 4,148 LEG Immobilien 355,027 0.42 1,701 Hamburger Hafen und Logistik 45,332 0.05 1,407 Lehto Group 17,911 0.02 2,306 Hapag-Lloyd 82,439 0.10 919 Lenzing 112,761 0.13 866 Haulotte Group 13,856 0.02 2,227 Leoni 124,957 0.15
161 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment EUR Assets Holding Investment EUR Assets Transferable Securities - 99.74%(March 2017: 99.40%) Transferable Securities - 99.74%(March 2017: 99.40%) (continued) (continued) Common Stock - 94.26%(March 2017:93.79%) (continued) Common Stock - 94.26%(March 2017:93.79%) (continued) Euro - 41.57% (continued) Euro - 41.57% (continued) 1,655 Let's GOWEX - 0.00 2,743 Papeles y Cartones de Europa 21,807 0.03 25,756 Liberbank 20,115 0.02 1,249 Parrot 12,690 0.02 1,404 LISI 62,253 0.07 2,433 PATRIZIA Immobilien 42,894 0.05 8,606 Maire Tecnimont 40,293 0.05 16,149 Permanent TSB Group Holdings 29,876 0.04 2,575 Maisons du Monde 95,777 0.11 345 Pfeiffer Vacuum Technology 46,023 0.05 682 Manitou BF 21,654 0.03 14,218 Pharma Mar 46,777 0.06 294 Manz 11,278 0.01 6,355 Philips Lighting 217,023 0.26 1,120 Marie Brizard Wine & Spirits 15,882 0.02 11,190 Piaggio & C 29,653 0.04 177 Mariella Burani - 0.00 338 Pierre & Vacances 15,379 0.02 2,508 MARR 55,928 0.07 611 Plastivaloire 13,094 0.02 34,880 Mediaset 102,129 0.12 773 Ponsse Oy 18,436 0.02 10,947 Mediaset Espana Comunicacion 104,577 0.12 1,493 Porr 39,900 0.05 1,393 Melexis 113,947 0.14 29,662 PostNL 108,088 0.13 7,822 Melia Hotels International 95,663 0.11 3,243 Promotora de Informaciones 10,734 0.01 937 Mersen 28,541 0.03 16,192 Prosegur Cia de Seguridad 102,495 0.12 1,741 Metropole Television 34,063 0.04 5,598 RAI Way 25,583 0.03 12,149 Metsa Board 70,403 0.08 1,461 Rallye 22,908 0.03 659 MGI Coutier 24,647 0.03 6,092 Ramirent 53,244 0.06 1,419 Miquel y Costas & Miquel 43,606 0.05 233 Rational 135,653 0.16 4,139 MLP 24,143 0.03 15,573 Realia Business 17,130 0.02 11,299 Moncler 275,922 0.33 4,271 Refresco Group 72,778 0.09 1,885 MorphoSys 134,532 0.16 13,734 REN - Redes Energeticas Nacionais 37,823 0.05 6,556 Mota-Engil 20,796 0.02 398 Reply 80,953 0.10 3,721 MTU Aero Engines 502,149 0.60 3,039 Rheinmetall 289,799 0.34 569 Naturex 54,510 0.06 1,449 RHI 51,222 0.06 11,932 Navigator 49,208 0.06 2,571 RHOEN-KLINIKUM 73,248 0.09 1,193 Nemetschek 82,043 0.10 1,860 RIB Software SE 33,387 0.04 2,115 Neopost 69,541 0.08 3,819 Rocket Internet 83,082 0.10 1,894 Nexans 95,022 0.11 5,766 Rubis 310,960 0.37 2,874 Nexity 148,586 0.18 3,830 S IMMO 57,354 0.07 14,257 NH Hotel Group 80,837 0.10 2,546 S&T 47,407 0.06 5,161 Nordex 49,845 0.06 23,929 Sacyr 53,122 0.06 2,315 Norma Group 128,807 0.15 4,418 Saeta Yield 42,678 0.05 20,254 NOS SGPS 106,131 0.13 3,181 SAF-Holland 54,713 0.07 3,361 Nyrstar 22,620 0.03 2,162 Safilo Group 12,226 0.01 7,364 Obrascon Huarte Lain 22,504 0.03 8,713 Salini Impregilo 29,067 0.03 5,765 OCI 114,205 0.14 2,737 Salvatore Ferragamo 65,004 0.08 1,736 Oeneo 16,666 0.02 2,437 Salzgitter 93,532 0.11 2,072 Oesterreichische Post 80,932 0.10 4,192 Sanoma 38,692 0.05 362 OHB 14,800 0.02 33,486 Saras 75,946 0.09 5,545 Ontex Group 159,779 0.19 1,965 Sartorius Stedim Biotech 115,149 0.14 2,066 Orange Belgium 40,411 0.05 12,148 SBM Offshore 186,411 0.22 10,700 Origin Enterprises 71,262 0.08 879 Schoeller-Bleckmann Oilfield Equipment 59,517 0.07 5,164 Oriola 17,558 0.02 2,705 Semapa-Sociedade de Investimento e Gestao 43,848 0.05 2,756 Orpea 276,151 0.33 708 Semperit Holding 18,408 0.02 20,235 Outokumpu 177,866 0.21 1,831 Senvion 21,523 0.03 8,502 Outotec 56,921 0.07 3,052 SGL Carbon 43,659 0.05 9,375 OVS 60,562 0.07 616 SIF Holding 11,171 0.01
162 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment EUR Assets Holding Investment EUR Assets Transferable Securities - 99.74%(March 2017: 99.40%) Transferable Securities - 99.74%(March 2017: 99.40%) (continued) (continued) Common Stock - 94.26%(March 2017:93.79%) (continued) Common Stock - 94.26%(March 2017:93.79%) (continued) Euro - 41.57% (continued) Euro - 41.57% (continued) 1,306 Siltronic 137,130 0.16 497 Trigano 65,107 0.08 478 Sioen Industries 13,590 0.02 3,325 Tubacex 10,657 0.01 1,052 Sixt 70,873 0.08 4,811 Ubisoft Entertainment 279,808 0.33 853 Sixt Leasing 18,395 0.02 70,914 Unione di Banche Italiane 311,029 0.37 1,174 SLM Solutions Group 41,794 0.05 13,719 Uniper 318,281 0.38 831 SMA Solar Technology 27,560 0.03 26,291 Unipol Gruppo Finanziario 101,956 0.12 16,684 Smurfit Kappa Group 442,126 0.52 7,991 UNIQA Insurance Group 70,832 0.08 1,825 SNS REAAL - 0.00 4,556 Uponor 66,791 0.08 10,758 Societa Cattolica di Assicurazioni 79,071 0.09 20,294 Vallourec 102,079 0.12 5,526 Societa Iniziative Autostradali e Servizi 74,656 0.09 8,572 Valmet 142,552 0.17 1,087 Sofina 141,310 0.17 414 Van de Velde 19,551 0.02 3,497 Software 144,444 0.17 1,522 VERBIO Vereinigte BioEnergie 12,572 0.02 3,298 Sogefi 16,968 0.02 1,230 Vicat 79,409 0.09 1,071 SOITEC 59,430 0.07 3,102 Vienna Insurance Group Wiener Versicherung 39,945 Solocal Group 40,584 0.05 Gruppe 77,581 0.09 56,042 Sonae 57,219 0.07 298 Virbac 37,086 0.04 1,045 Sopra Steria Group 164,117 0.19 2,489 Viscofan 129,005 0.15 7,380 SPIE 171,806 0.20 593 Vossloh 33,872 0.04 1,782 SRP Groupe 30,829 0.04 1,193 VTG 56,071 0.07 1,719 STADA Arzneimittel 141,542 0.17 1,221 Wacker Chemie 148,107 0.18 273 Stallergenes Greer 11,676 0.01 1,422 Wacker Neuson 39,916 0.05 4,644 Ste Industrielle d'Aviation Latecoere 27,075 0.03 8,023 WCM Beteiligungs & Grundbesitz-AG 27,038 0.03 2,435 Stockmannp 14,610 0.02 5,010 Wessanen 79,659 0.09 413 STRATEC Biomedical 20,906 0.02 7,735 Wienerberger 160,037 0.19 1,976 Stroeer & Co 109,352 0.13 8,234 Wirecard 637,394 0.76 5,408 Suedzucker 98,290 0.12 2,131 Worldline 76,418 0.09 535 Surteco 13,830 0.02 2,312 Wuestenrot & Wuerttembergische 53,176 0.06 515 Synergie 23,021 0.03 132 XING 34,980 0.04 7,327 TAG Immobilien 104,190 0.12 9,648 YIT 66,764 0.08 1,226 Takeaway.com 45,613 0.05 3,845 Yoox Net-A-Porter Group 127,539 0.15 1,618 Takkt 31,389 0.04 14,683 Zardoya Otis 137,433 0.16 5,572 Talgo 26,233 0.03 492 Zeal Network 12,767 0.02 4,684 Tamburi Investment Partners 27,706 0.03 1,822 Zignago Vetro 14,795 0.02 2,267 Tarkett 86,418 0.10 336 zooplus 47,880 0.06 29,999 Technicolor 87,597 0.10 1,449 Zumtobel Group 21,300 0.03 6,256 Technogym 46,889 0.06 35,050,703 41.57 13,514 Technopolis 53,110 0.06 Norwegian Krone - 3.00% 2,370 Tecnicas Reunidas 63,386 0.08 10,399 Akastor 19,227 0.02 9,134 Telekom Austria 70,103 0.08 1,135 Aker 39,439 0.05 4,097 Teleperformance 517,451 0.61 7,036 Aker BP 115,140 0.14 8,788 Telepizza Group 42,710 0.05 12,148 Aker Solutions 54,397 0.07 2,951 Television Francaise 1 36,489 0.04 6,691 Atea 74,655 0.09 1,432 Tessenderlo Group 58,941 0.07 6,021 Austevoll Seafood 53,104 0.06 4,450 Tieto 114,765 0.14 12,629 B2Holding ASA 25,364 0.03 5,590 TLG Immobilien 109,061 0.13 3,210 Bakkafrost 124,809 0.15 745 Tod's 44,663 0.05 6,007 Borregaard 56,970 0.07 2,902 Tokmanni Group 20,749 0.02 5,369 BW LPG 20,944 0.03 6,953 TomTom 63,863 0.08 6,381 BW Offshore 18,918 0.02
163 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment EUR Assets Holding Investment EUR Assets Transferable Securities - 99.74%(March 2017: 99.40%) Transferable Securities - 99.74%(March 2017: 99.40%) (continued) (continued) Common Stock - 94.26%(March 2017:93.79%) (continued) Common Stock - 94.26%(March 2017:93.79%) (continued) Norwegian Krone - 3.00% (continued) Pound Sterling - 29.31% (continued) 50,603 DNO 58,719 0.07 20,668 AO World 26,153 0.03 6,297 Entra 72,936 0.09 12,762 Arrow Global Group 61,916 0.07 11,171 Europris 45,464 0.05 26,908 Ascential 104,895 0.12 5,584 Frontline 28,897 0.03 28,000 Ashmore Group 107,786 0.13 22,593 Gaming Innovation Group 11,020 0.01 3,773 ASOS 254,986 0.30 6,582 Golden Ocean Group 43,889 0.05 4,505 Aveva Group 124,492 0.15 5,135 Grieg Seafood 42,779 0.05 58,390 B&M European Value Retail 256,845 0.30 5,749 Hexagon Composites 16,922 0.02 51,415 Balfour Beatty 157,077 0.19 3,029 Hoegh LNG Holdings 23,657 0.03 72,677 BBA Aviation 246,118 0.29 22,357 IDEX 14,967 0.02 33,494 Beazley 182,265 0.22 26,603 Kongsberg Automotive 26,516 0.03 8,822 Bellway 330,092 0.39 18,493 Leroy Seafood Group 100,122 0.12 2,881 BGEO Group 106,588 0.13 4,266 Nordic Nanovector 36,265 0.04 17,606 Biffa 46,905 0.06 4,942 Nordic Semiconductor 23,107 0.03 2,637 Blue Prism Group 30,106 0.04 902 Norway Royal Salmon 16,055 0.02 11,841 Bodycote 123,160 0.15 1,691 Norwegian Air Shuttle 41,688 0.05 49,954 boohoo.com 119,903 0.14 9,004 Norwegian Finans Holding 86,589 0.10 116,528 Booker Group 271,102 0.32 11,354 Norwegian Property 12,186 0.01 10,182 Bovis Homes Group 126,415 0.15 3,575 Ocean Yield 27,162 0.03 17,578 Brewin Dolphin Holdings 69,641 0.08 12,439 Opera Software 30,137 0.04 20,086 Britvic 172,217 0.20 27,730 Petroleum Geo-Services 55,486 0.07 26,573 BTG 203,862 0.24 4,449 Protector Forsikring 36,994 0.04 11,773 Burford Capital 138,285 0.16 61,245 REC Silicon 6,606 0.01 47,391 Cairn Energy 102,994 0.12 4,100 Salmar 98,027 0.12 56,908 Capital & Counties Properties 170,953 0.20 5,957 Scatec Solar 26,460 0.03 15,451 Card Factory 54,025 0.06 2,912 Selvaag Bolig 10,521 0.01 38,484 Carillion 22,383 0.03 4,704 Skandiabanken 43,987 0.05 76,083 Centamin 125,114 0.15 6,567 SpareBank 1 Nord Norge 43,091 0.05 12,745 Chemring Group 26,035 0.03 9,081 SpareBank 1 SMN 78,404 0.09 9,793 Chesnara 43,816 0.05 1,596 Stolt-Nielsen 20,351 0.02 10,433 Cineworld Group 80,217 0.10 31,385 Storebrand 225,449 0.27 5,466 Clinigen Healthcare 66,126 0.08 17,800 Subsea 7 247,215 0.29 11,248 Close Brothers Group 188,285 0.22 7,135 TGS NOPEC Geophysical 143,676 0.17 7,952 CMC Markets 14,620 0.02 53,683 Thin Film Electronics 15,687 0.02 11,000 Conviviality 51,433 0.06 9,524 Wallenius Wilhelmsen Logistics 49,388 0.06 9,547 Costain Group 48,566 0.06 6,819 XXL 62,859 0.08 18,247 Countryside Properties 71,898 0.09 2,526,245 3.00 4,079 Countrywide 4,999 0.01 Pound Sterling - 29.31% 20,240 Crest Nicholson Holdings 127,023 0.15 14,980 888 Holdings 43,657 0.05 4,136 CVS Group 68,061 0.08 45,641 AA 87,796 0.10 64,715 CYBG 223,121 0.26 11,096 Abcam 128,444 0.15 19,899 Daily Mail & General Trust 146,450 0.17 14,128 Acacia Mining 31,153 0.04 9,789 Dairy Crest Group 68,267 0.08 9,827 Advanced Medical Solutions Group 32,314 0.04 7,070 Dart Group 43,046 0.05 17,371 Aggreko 185,114 0.22 7,719 De La Rue 56,809 0.07 21,011 Aldermore Group 54,939 0.07 116,819 Debenhams 65,625 0.08 15,513 Allied Minds 23,767 0.03 5,750 Dechra Pharmaceuticals 133,121 0.16 25,957 Amec 150,088 0.18 20,442 DFS Furniture 51,038 0.06 66,973 Amerisur Resources 15,771 0.02 1,683 Dialight 15,089 0.02
164 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment EUR Assets Holding Investment EUR Assets Transferable Securities - 99.74%(March 2017: 99.40%) Transferable Securities - 99.74%(March 2017: 99.40%) (continued) (continued) Common Stock - 94.26%(March 2017:93.79%) (continued) Common Stock - 94.26%(March 2017:93.79%) (continued) Pound Sterling - 29.31% (continued) Pound Sterling - 29.31% (continued) 2,833 Dignity 74,140 0.09 23,781 Ibstock 61,453 0.07 6,373 Diploma 76,954 0.09 26,301 IG Group Holdings 191,328 0.23 37,754 Domino's Pizza Group 132,909 0.16 24,344 Imagination Technologies Group 46,414 0.06 32,513 Drax Group 114,864 0.14 29,722 Inchcape 291,097 0.35 70,043 DS Smith 391,807 0.46 49,766 Indivior 191,857 0.23 5,034 Dunelm Group 40,419 0.05 56,683 Informa 432,285 0.51 27,117 EI Group 42,392 0.05 17,690 Intermediate Capital Group 187,911 0.22 32,547 Electrocomponents 229,378 0.27 15,697 International Personal Finance 37,410 0.04 37,599 Elementis 115,594 0.14 7,550 Interserve 10,132 0.01 5,179 EMIS Group 54,220 0.06 5,196 iomart Group 19,577 0.02 102,986 EnQuest 32,433 0.04 43,062 IQE 60,965 0.07 25,889 Entertainment One 75,802 0.09 19,095 ITE Group 38,953 0.05 16,877 Equiniti Group 57,690 0.07 50,349 IWG 176,848 0.21 20,120 Essentra 126,156 0.15 4,363 J D Wetherspoon 62,141 0.07 24,310 esure Group 77,883 0.09 1,500 Jackpotjoy 13,772 0.02 24,843 Evraz 88,246 0.10 29,132 JD Sports Fashion 123,814 0.15 21,310 Faroe Petroleum 23,761 0.03 8,068 Jimmy Choo 21,013 0.03 15,327 Fenner 58,662 0.07 21,498 John Laing Group 69,582 0.08 22,419 Ferrexpo 74,395 0.09 5,485 John Menzies 44,787 0.05 6,036 Fevertree Drinks 149,812 0.18 25,213 John Wood Group 194,716 0.23 80,647 Firstgroup 107,083 0.13 31,352 Jupiter Fund Management 196,405 0.23 11,500 Forterra 36,315 0.04 36,721 Just Eat 278,589 0.33 17,317 Foxtons Group 13,315 0.02 42,053 Just Group 70,108 0.08 4,489 Galliford Try 68,928 0.08 4,477 Kainos Group 14,811 0.02 9,886 GB Group 41,287 0.05 16,610 KAZ Minerals 145,807 0.17 4,242 Genus 101,001 0.12 16,574 Kcom Group 18,621 0.02 3,712 Go-Ahead Group 71,742 0.09 4,994 Keller Group 46,389 0.06 11,561 Gocompare.Com Group 13,711 0.02 3,650 Keywords Studios 57,371 0.07 16,111 Grafton Group 151,940 0.18 5,701 Kier Group 75,245 0.09 27,256 Grainger 82,960 0.10 90,443 Ladbrokes Coral Group 125,325 0.15 51,463 Greencore Group 114,589 0.14 26,488 Laird 42,911 0.05 22,418 Greene King 139,039 0.16 11,259 Lancashire Holdings 85,290 0.10 7,124 Greggs 100,818 0.12 10,610 Lonmin 8,489 0.01 19,184 GVC Holdings 178,744 0.21 25,168 Lookers 34,275 0.04 11,441 Halfords Group 45,509 0.05 5,548 Luceco 14,419 0.02 26,103 Halma 331,785 0.39 3,686 Majestic Wine 14,777 0.02 18,320 Hastings Group Holdings 63,246 0.08 122,266 Man Group 232,973 0.28 100,437 Hays 215,885 0.26 16,496 Marshalls 81,623 0.10 6,972 Helical 23,777 0.03 30,029 Marston's 37,044 0.04 5,378 Hill & Smith Holdings 77,147 0.09 36,971 McCarthy & Stone 62,726 0.07 20,248 Hiscox 294,131 0.35 129,884 Melrose Industries 313,672 0.37 17,460 Hochschild Mining 45,475 0.05 4,593 Metro Bank 176,182 0.21 21,159 HomeServe 199,787 0.24 13,615 Mitchells & Butlers 38,937 0.05 7,018 Hostelworld Group 28,613 0.03 17,647 Mitie Group 51,249 0.06 2,725 Hotel Chocolat Group 9,479 0.01 40,265 Moneysupermarket.com Group 145,313 0.17 43,261 Howden Joinery Group 211,603 0.25 17,155 Morgan Advanced Materials 60,567 0.07 7,358 Hunting 39,573 0.05 13,811 N Brown Group 55,046 0.07 86,394 Hurricane Energy 32,110 0.04 28,207 National Express Group 113,289 0.13
165 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment EUR Assets Holding Investment EUR Assets Transferable Securities - 99.74%(March 2017: 99.40%) Transferable Securities - 99.74%(March 2017: 99.40%) (continued) (continued) Common Stock - 94.26%(March 2017:93.79%) (continued) Common Stock - 94.26%(March 2017:93.79%) (continued) Pound Sterling - 29.31% (continued) Pound Sterling - 29.31% (continued) 24,684 NCC Group 60,649 0.07 28,724 Senior 89,938 0.11 21,755 NEX Group 163,443 0.19 78,572 Serco Group 102,812 0.12 5,197 NMC Health 162,253 0.19 40,737 SIG 82,246 0.10 7,652 Northgate 37,667 0.04 263,933 Sirius Minerals 76,321 0.09 7,876 Nostrum Oil & Gas 36,254 0.04 5,072 Smart Metering Systems 40,005 0.05 4,310 Novae Group 34,924 0.04 14,720 Soco International 19,295 0.02 38,057 Ocado Group 126,417 0.15 9,043 Softcat 43,155 0.05 9,811 On the Beach Group 43,980 0.05 46,925 SolGold 17,840 0.02 10,553 OneSavings Bank 48,277 0.06 19,645 Sophos Group 122,509 0.15 38,150 Ophir Energy 31,389 0.04 21,263 Sound Energy 11,764 0.01 3,972 Oxford Instruments 43,702 0.05 8,420 Spectris 230,291 0.27 25,596 Pagegroup 144,631 0.17 5,062 Spirax-Sarco Engineering 317,397 0.38 133,767 Pan African Resources 19,735 0.02 19,234 Spire Healthcare Group 49,092 0.06 15,558 Pantheon Resources 8,961 0.01 19,825 Sports Direct International 92,358 0.11 18,897 Paragon Banking Group 94,233 0.11 35,122 SSP Group 214,243 0.25 32,793 Paysafe Group 216,783 0.26 9,961 St Modwen Properties 42,256 0.05 122,725 Pendragon 44,569 0.05 1,345 Staffline Group 17,783 0.02 29,373 Pennon Group 265,678 0.32 21,116 Stagecoach Group 40,907 0.05 47,939 Petra Diamonds 45,700 0.05 21,941 Stobart Group 67,281 0.08 14,000 Petrofac 71,497 0.08 10,261 Stock Spirits Group 27,948 0.03 29,513 Pets at Home Group 71,576 0.08 4,208 SuperGroup 81,137 0.10 25,514 Phoenix Group Holdings 218,902 0.26 19,273 Synthomer 106,803 0.13 23,280 Photo-Me International 45,971 0.05 42,298 TalkTalk Telecom Group 100,662 0.12 21,449 Playtech 223,581 0.27 2,545 Ted Baker 76,539 0.09 6,115 Plus500 62,250 0.07 4,521 Telecom Plus 55,720 0.07 13,351 Polypipe Group 63,880 0.08 4,677 Telford Homes 21,152 0.03 45,962 Premier Foods 21,908 0.03 11,460 Telit Communications 22,760 0.03 34,079 Premier Oil 25,913 0.03 102,751 Thomas Cook Group 140,281 0.17 13,700 Purplebricks Group 60,248 0.07 36,556 TP ICAP 217,389 0.26 19,625 PZ Cussons 71,181 0.08 88,859 Tullow Oil 187,671 0.22 38,485 QinetiQ Group 107,835 0.13 26,896 UBM 208,324 0.25 17,671 Rank Group 44,521 0.05 15,017 UDG Healthcare 144,775 0.17 3,058 Rathbone Brothers 90,023 0.11 4,307 Ultra Electronics Holdings 87,885 0.10 21,407 Redde 43,730 0.05 55,985 Vectura Group 67,602 0.08 12,339 Redrow 82,969 0.10 6,564 Vedanta Resources 64,958 0.08 61,690 Renewi 71,236 0.08 12,350 Vesuvius 82,693 0.10 2,192 Renishaw 118,487 0.14 4,164 Victoria 29,653 0.04 128,311 Rentokil Initial 437,725 0.52 5,550 Victrex 149,339 0.18 17,684 Restaurant Group 60,589 0.07 16,099 Virgin Money Holdings 52,345 0.06 9,290 Restore 55,193 0.07 4,000 Watkin Jones 9,942 0.01 6,407 Rightmove 294,118 0.35 7,841 WH Smith 179,840 0.21 65,796 Rotork 194,441 0.23 56,740 William Hill 162,528 0.19 28,543 RPC Group 320,850 0.38 17,788 ZPG 73,017 0.09 8,828 RPS Group 28,904 0.03 24,711,101 29.31 3,576 SafeCharge International Group 11,607 0.01 Swedish Krona - 8.90% 71,208 Saga 160,332 0.19 1,916 AAK 122,412 0.14 11,426 Savills 120,788 0.14 3,591 AcadeMedia 24,189 0.03 7,887 Scapa Group 39,562 0.05 3,391 AF 66,839 0.08
166 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment EUR Assets Holding Investment EUR Assets Transferable Securities - 99.74%(March 2017: 99.40%) Transferable Securities - 99.74%(March 2017: 99.40%) (continued) (continued) Common Stock - 94.26%(March 2017:93.79%) (continued) Common Stock - 94.26%(March 2017:93.79%) (continued) Swedish Krona - 8.90% (continued) Swedish Krona - 8.90% (continued) 14,450 Ahlsell 79,217 0.09 5,095 Intrum Justitia 152,066 0.18 3,167 Alimak Group 48,738 0.06 1,450 Investment Oresund 20,436 0.02 744 Arcam 26,215 0.03 5,343 Inwido 57,447 0.07 5,798 Attendo 56,330 0.07 2,491 ITAB Shop Concept 16,457 0.02 1,692 Avanza Bank Holding 59,828 0.07 4,490 JM 119,072 0.14 7,485 Axfood 108,363 0.13 2,023 Kambi Group 16,562 0.02 2,554 Bergman & Beving 28,916 0.03 4,241 KappAhl 22,525 0.03 7,859 Betsson 60,472 0.07 29,589 Klovern 33,270 0.04 5,066 Bilia 47,250 0.06 12,801 Kungsleden 74,356 0.09 10,991 BillerudKorsnas 157,185 0.19 4,915 LeoVegas 35,145 0.04 638 BioGaia 20,034 0.02 4,540 Lindab International 40,650 0.05 6,753 Bonava 92,237 0.11 4,427 Loomis 148,507 0.18 13,793 Bravida Holding 85,264 0.10 913 Magnolia Bostad 7,759 0.01 2,281 Bufab 25,234 0.03 1,112 Mekonomen 21,262 0.03 4,113 Bure Equity 47,739 0.06 3,271 Modern Times Group 99,999 0.12 3,972 Byggmax Group 28,196 0.03 3,332 Mycronic 38,587 0.05 1,158 Camurus 14,911 0.02 6,307 NCC 126,277 0.15 8,444 Capio 41,741 0.05 9,728 NetEnt 63,714 0.08 17,852 Castellum 236,435 0.28 3,218 New Wave Group 19,342 0.02 2,148 Catena Media 16,918 0.02 26,239 Nibe Industrier 223,110 0.26 4,142 Cherry 23,072 0.03 7,476 Nobia 62,910 0.07 1,827 Clas Ohlson 28,590 0.03 4,902 Nobina 24,181 0.03 12,371 Cloetta 35,897 0.04 1,568 Nolato 63,861 0.08 2,121 Collector 20,607 0.02 9,820 Nordax Group 48,848 0.06 11,111 Com Hem Holding 134,029 0.16 2,932 Oriflame Holding 84,349 0.10 1,707 D Carnegie & Co 20,255 0.02 5,541 Pandox 89,062 0.11 9,029 Dios Fastigheter 48,656 0.06 1,457 Paradox Interactive 12,872 0.02 17,641 Dometic Group 126,601 0.15 12,911 Peab 120,286 0.14 1,826 Duni 24,222 0.03 782 Probi 28,364 0.03 5,986 Dustin Group 42,648 0.05 9,478 Ratos 39,151 0.05 1,157 Elanders 11,930 0.01 1,711 RaySearch Laboratories 30,764 0.04 26,785 Elekta 233,999 0.28 2,021 Recipharm 20,211 0.02 9,162 Eltel 24,876 0.03 8,011 Resurs Holding 47,819 0.06 1,301 Evolution Gaming Group 69,974 0.08 4,465 Saab 191,287 0.23 9,054 Fabege 156,694 0.19 5,694 SAS 15,401 0.02 7,771 Fastighets Balder 170,568 0.20 3,108 Scandi Standard 19,245 0.02 22,940 Fingerprint Cards 54,227 0.06 6,518 Scandic Hotels Group 75,484 0.09 4,752 Granges 45,922 0.05 2,081 SkiStar 40,975 0.05 2,897 Gunnebo 12,429 0.01 11,950 SSAB (Class A Shares) 48,595 0.06 3,759 Haldex 39,247 0.05 41,198 SSAB (Class B Shares) 138,031 0.16 1,581 Hansa Medical 35,226 0.04 11,898 Starbreeze AB 13,995 0.02 10,383 Hemfosa Fastigheter 111,367 0.13 41,739 Svenska Cellulosa 298,459 0.35 18,088 Hexpol 160,644 0.19 4,986 Sweco 103,084 0.12 3,694 Hoist Finance 32,157 0.04 12,048 Swedish Orphan Biovitrum 156,070 0.18 3,149 Holmen 124,432 0.15 3,466 Tethys Oil 22,359 0.03 7,556 Hufvudstaden 108,843 0.13 6,558 Thule Group 118,933 0.14 1,833 Humana 10,875 0.01 9,258 Tobii 47,012 0.06 6,884 Indutrade 153,310 0.18 16,220 Trelleborg 342,906 0.41
167 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment EUR Assets Holding Investment EUR Assets Transferable Securities - 99.74%(March 2017: 99.40%) Transferable Securities - 99.74%(March 2017: 99.40%) (continued) (continued) Common Stock - 94.26%(March 2017:93.79%) (continued) Common Stock - 94.26%(March 2017:93.79%) (continued) Swedish Krona - 8.90% (continued) Swiss Franc - 8.22% (continued) 6,646 Victoria Park 21,351 0.03 308 Komax Holding 75,055 0.09 896 Vitrolife 61,377 0.07 2,552 Kudelski 26,995 0.03 1,665 Volati 10,784 0.01 549 Leonteq 28,460 0.03 12,909 Wallenstam 108,494 0.13 10,646 Logitech International 328,623 0.39 4,871 Wihlborgs Fastigheter 100,555 0.12 47,345 Meyer Burger Technology 55,875 0.07 7,499,578 8.90 1,662 Mobilezone Holding 17,726 0.02 Swiss Franc - 8.22% 405 Mobimo Holding 92,585 0.11 995 Allreal Holding 147,611 0.18 645 Molecular Partners 14,379 0.02 369 ALSO Holding 44,097 0.05 925 Newron Pharmaceuticals 12,008 0.01 4,332 ams 265,851 0.32 13,451 OC Oerlikon 175,208 0.21 100 APG SGA 35,296 0.04 355 Orior 23,276 0.03 2,590 Arbonia 39,171 0.05 617 Panalpina Welttransport Holding 76,539 0.09 5,952 Aryzta 154,745 0.18 2,717 PSP Swiss Property 211,869 0.25 2,355 Ascom Holding 43,851 0.05 275 Rieter Holding 49,524 0.06 143 Autoneum Holding 33,847 0.04 368 Santhera Pharmaceuticals Holding 12,627 0.02 415 Bachem Holding 42,157 0.05 29,947 Schmolz + Bickenbach 23,300 0.03 173 Banque Cantonale Vaudoise 108,891 0.13 57 Schweiter Technologies 61,889 0.07 792 Basilea Pharmaceutica 54,559 0.07 1,296 SFS Group 133,690 0.16 50 Bell Food Group 19,670 0.02 237 Siegfried Holding 66,041 0.08 831 BKW 42,244 0.05 194 St Galler Kantonalbank 75,640 0.09 398 Bobst Group 37,020 0.04 804 Sulzer 80,407 0.10 421 Bossard Holding 82,478 0.10 2,435 Sunrise Communications Group 169,869 0.20 454 Bucher Industries 136,728 0.16 582 Swissquote Group Holding 18,494 0.02 274 Burckhardt Compression Holding 72,518 0.09 766 Tecan Group 134,196 0.16 347 Burkhalter Holding 37,464 0.04 3,900 Temenos Group 336,849 0.40 1,950 Cembra Money Bank 144,388 0.17 431 u-blox Holding 72,003 0.09 21,323 Clariant 432,464 0.51 1,032 Valiant Holding 94,909 0.11 484 Comet Holding 60,675 0.07 222 Valora Holding 65,791 0.08 78 Conzzeta 69,620 0.08 1,437 VAT Group 168,335 0.20 651 COSMO Pharmaceuticals 80,472 0.10 1,885 Vontobel Holding 102,580 0.12 570 Daetwyler Holding 76,339 0.09 235 VZ Holding 63,480 0.08 209 dormakaba Holding 180,425 0.21 248 Walter Meier 8,802 0.01 8,114 EFG International 59,442 0.07 355 Ypsomed Holding 46,489 0.06 128 Emmi 70,999 0.08 892 Zehnder Group 26,513 0.03 92 Feintool International Holding 8,831 0.01 6,928,878 8.22 1,415 Flughafen Zurich 270,903 0.32 United States Dollar - 0.23% 72 Forbo Holding 97,247 0.12 4,490 InterXion Holding 193,432 0.23 11,123 GAM Holding 145,857 0.17 193,432 0.23 267 Georg Fischer 278,695 0.33 Total Common Stock 79,468,495 94.26 46 Gurit Holding 44,677 0.05 Depository Receipts - 0.41% (March 2017: 0.40%) 422 Helvetia Holding 194,049 0.23 Euro - 0.24% 970 Huber + Suhner 50,328 0.06 5,365 Fugro 64,192 0.08 6,649 Idorsia 100,558 0.12 2,470 TKH Group 135,751 0.16 1,262 Implenia 70,663 0.08 199,943 0.24 135 Inficon Holding 74,292 0.09 71 Intershop Holding 29,793 0.04 221 Investis Holding 11,109 0.01 286 Kardex 28,828 0.03
168 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment EUR Assets Holding Investment EUR Assets Transferable Securities - 99.74%(March 2017: 99.40%) Transferable Securities - 99.74%(March 2017: 99.40%) (continued) (continued) Depository Receipts - 0.41% (March 2017: 0.40%) (continued) Real Estate Investment Trust - 4.36%(March 2017:4.28%) Swedish Krona - 0.17% (continued) 15,170 Kindred Group 147,306 0.17 Pound Sterling - 2.02% (continued) 147,306 0.17 12,766 Unite Group 99,604 0.12 9,164 Workspace Group 92,300 0.11 Total Depository Receipts 347,249 0.41 1,705,583 2.02 Real Estate Investment Trust - 4.36%(March 2017:4.28%) Total Real Estate Investment Trust 3,676,055 4.36 Euro - 2.34% 1,156 Aedifica 92,272 0.11 Preferred Stock - 0.64% (March 2017: 0.81%) 8,425 Alstria office 101,816 0.12 Euro - 0.64% 394 ANF Immobilier 8,676 0.01 1,483 Biotest 33,672 0.04 3,485 Axiare Patrimonio Socimi 60,256 0.07 1,474 Buzzi Unicem 19,280 0.02 1,601 Befimmo 85,445 0.10 2,644 Danieli & C Officine Meccaniche 41,352 0.05 75,267 Beni Stabili 55,246 0.07 558 Draegerwerk & Co 52,335 0.06 1,434 Cofinimmo 155,804 0.18 3,380 Jungheinrich 131,566 0.15 3,855 Eurocommercial Properties 139,474 0.17 2,414 Sartorius 195,244 0.23 32,888 Green 49,562 0.06 929 Sixt 48,401 0.06 6,142 Hamborner 56,199 0.07 175 STO & Co 22,173 0.03 55,933 Hibernia 85,298 0.10 Total Preferred Stock 544,023 0.64 7,823 Hispania Activos Inmobiliarios Socimi 119,301 0.14 Rights - 0.01% (March 2017: 0.02%) 28,629 Immobiliare Grande Distribuzione 25,265 0.03 Pound Sterling - 0.01% 20,841 Inmobiliaria Colonial Socimi 174,939 0.21 3,616 Equiniti Group 4,719 0.01 1,272 Intervest Offices & Warehouses 28,239 0.03 Total Rights 4,719 0.01 22,267 Irish Residential Properties 32,844 0.04 4,973 Lar Espana Real Estate Socimi 40,878 0.05 Equity Investment Instruments - 0.06%(March 2017:0.10%) 2,583 Mercialys 43,653 0.05 Pound Sterling - 0.06% 22,842 Merlin Properties Socimi 267,708 0.32 5,871 P2P Global Investment 53,636 0.06 1,204 NSI 40,129 0.05 Total Equity Investment Instruments 53,636 0.06 1,419 Vastned Retail 53,496 0.06 1,349 Warehouses De Pauw 128,830 0.15 Total Transferable Securities 84,094,177 99.74 3,136 Wereldhave 125,142 0.15 1,970,472 2.34 Pound Sterling - 2.02% 114,648 Assura 81,580 0.10 11,244 Big Yellow Group 96,597 0.12 35,104 Civitas Social Housing 44,420 0.05 7,592 Derwent London 240,730 0.29 39,146 Empiric Student Property 44,981 0.05 22,949 Great Portland Estates 159,131 0.19 43,889 Hansteen Holdings 68,736 0.08 55,816 LondonMetric Property 105,278 0.13 20,389 NewRiver 78,372 0.09 38,380 Primary Health Properties 53,248 0.06 120,004 Redefine International 51,752 0.06 15,664 Safestore Holdings 77,631 0.09 60,042 Schroder Real Estate Investment Trust 41,906 0.05 16,214 Shaftesbury 186,953 0.22 26,859 Standard Life Investment Property Income Trust 27,967 0.03 95,539 Tritax Big Box 154,397 0.18
169 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
Fair Value %of EUR Fund Total value of investments 84,094,177 99.74 Cash at bank*(March 2017: 0.33%) 130,943 0.16 Other net assets (March 2017: 0.27%) 84,850 0.10 Net assets attributable to holders of redeemable participating shares 84,309,970 100.00
*All cash holdings are held at State Street Bank and Trust Company.
All of the above securities are traded on a recognised stock exchange or traded on a regulated market unless otherwise stated.
%of Total Analysis of Total Assets Assets Transferable securities admitted to an official exchange listing 99.47 Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) 0.09 Investment Funds 0.06 Other assets 0.38
Total Assets 100.00
170 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR MSCI Europe Small Cap UCITS ETF
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Purchases Cost EUR
ASR Nederland 332,715 Svenska Cellulosa 284,804 Philips Lighting 229,571 William Hill 218,277 Aryzta 196,074 DS Smith 188,216 Wirecard 187,984 MTU Aero Engines 182,488 Micro Focus International 181,782 Teleperformance 180,119 Rentokil Initial 179,616 NEX Group 179,473 Informa 179,015 Delta Lloyd 175,487 Melrose Industries 175,349 Smurfit Kappa Group 172,755 Clariant 168,356 KION Group 167,550 Nets 166,744 Kingspan Group 161,979 Portfolio Sales Proceeds EUR
KION Group 426,284 Straumann Holding 390,451 Micro Focus International 365,655 Siemens Gamesa Renewable Energy 354,499 Ipsen 352,388 Recordati 340,335 STADA Arzneimittel 226,948 Henderson Group 203,808 Ubisoft Entertainment 130,598 Helvetia Holding 118,597 Jenoptik 115,607 Bechtle 113,005 Lifco 111,914 Indus Holding 111,841 Temenos Group 106,829 ams 105,925 Valiant Holding 99,853 Melrose Industries 99,326 Trelleborg 98,340 Sydbank 98,264
A copy of the list of changes in the portfolio during the financial period may be obtained free of charge from the Administrator.
171 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Small Cap Value Weighted UCITS ETF Statement of Financial Position as at 30 September 2017
30 September 2017 31 March 2017 EUR EUR
Current assets Financial assets at fair value through profit or loss: Transferable securities 68,267,193 57,855,318 68,267,193 57,855,318
Cash and cash equivalents 91,027 182,583 Debtors: Dividends receivable 180,032 175,523 Receivable for investments sold - 65,301 Total current assets 68,538,252 58,278,725
Current liabilities Creditors - Amounts falling due within one financial year: Accrued expenses (12,857) (15,355) Payable for investment purchased (111) - Total current liabilities (12,968) (15,355)
Net assets attributable to holders of redeemable participating shares 68,525,284 58,263,370
30 September 31 March 30 September 2017 2017 2016 Net asset value per share (please refer to note 4 for numbers of shares in issue) EUR 36.07 EUR 34.27 EUR 30.12
The accompanying notes form an integral part of these financial statements.
172 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Small Cap Value Weighted UCITS ETF Statement of Comprehensive Income for the financial period ended 30 September 2017
30 September 2017 30 September 2016 Notes EUR EUR
Dividend income 1,034,053 554,348 Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 2,196,431 (83,029) Miscellaneous income 452 173 Total investment income 3,230,936 471,492
Operating expenses 3 (76,106) (41,288) Net profit for the financial period 3,154,830 430,204
Finance costs Interest expense (316) (398) Profit for the financial period before tax 3,154,514 429,806 Witholding tax on investment income 2 (84,060) (42,889) Increase in net assets attributable to holders of redeemable participating shares resulting from operations 3,070,454 386,917
Gains and losses arose solely from continuing operations. There were no 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.
173 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Small Cap Value Weighted UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial period ended 30 September 2017
30 September 2017 30 September 2016 EUR EUR
Net assets attributable to holders of redeemable shares at the beginning of the financial period 58,263,370 29,596,852
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 3,070,454 386,917
Share transactions Proceeds from redeemable participating shares issued 17,682,220 3,010,541 Costs of redeemable participating shares redeemed (10,490,760) (2,878,502) Increase in net assets from share transactions 7,191,460 132,039
Total increase in net assets attributable to holders of redeemable participating shares 10,261,914 518,956
Net assets attributable to holders of redeemable participating shares at the end of the financial period 68,525,284 30,115,808
The accompanying notes form an integral part of these financial statements.
174 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Small Cap Value Weighted UCITS ETF Statement of Cash Flows for the financial period ended 30 September 2017
30 September 2017 30 September 2016 EUR EUR
Cash from/(used in):
Operating activities Increase in net assets attributable to holders of redeemable participating shares 3,070,454 386,917
Adjustment for: Interest expense 316 398 Dividend income (1,034,053) (554,348) Taxation on income 84,060 42,889
Total 2,120,777 (124,144)
Net movement in financial assets and financial liabilities at fair value through profit or loss (2,223,008) (208,876) Payments for purchases of investments (28,529,660) (13,354,084) Proceeds from sale of investments 20,406,205 13,068,595 Movement in payables (2,498) (55)
Cash used in operations (8,228,184) (618,564)
Interest paid (316) (398) Dividends received 1,029,544 565,928 Taxation paid (84,060) (42,889) Net cash used in operations (7,283,016) (95,923)
Financing activities Proceeds from redeemable participating shares issued 17,682,220 3,010,541 Payments for redeemable participating shares redeemed (10,490,760) (2,878,502) Net cash generated from financing activities 7,191,460 132,039
Net (decrease)/increase in cash and cash equivalents (91,556) 36,116
Cash and cash equivalents at the beginning of the financial period 182,583 (45,264)
Cash and cash equivalents at the end of the financial period 91,027 (9,148)
Cash and cash equivalents - Statement of Financial Position 91,027 23,423 Bank overdraft - Statement of Financial Position - (32,571)
Cash and cash equivalents - Statement of Cash Flows 91,027 (9,148)
The accompanying notes form an integral part of these financial statements.
175 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Small Cap Value Weighted UCITS ETF Schedule of Investments as at 30 September 2017
%of %of Fair Value Net Fair Value Net Holding Investment EUR Assets Holding Investment EUR Assets Transferable Securities - 99.62% (March 2017: 99.30%) Transferable Securities - 99.62% (March 2017: 99.30%) Common Stock - 95.24% (March 2017: 95.46%) (continued) Danish Krone - 2.66% Common Stock - 95.24% (March 2017: 95.46%) (continued) 352 ALK-Abello 46,852 0.07 Euro - 45.84% (continued) 1,090 Dfds 52,686 0.08 351,084 Banca Carige 80,749 0.12 2,614 FLSmidth & Co 146,231 0.21 3,325 Banca Generali 97,589 0.14 6,051 GN Store Nord 175,471 0.26 2,767 Banca IFIS 128,001 0.19 7,155 Jyske Bank 349,303 0.51 19,204 Banca Mediolanum 142,110 0.21 1,576 Nets 34,520 0.05 17,711 Banca Monte dei Paschi di Siena 133,541 0.19 1,510 NKT 109,267 0.16 73,315 Banca Popolare di Sondrio 266,867 0.39 1,853 Per Aarsleff Holding 46,065 0.07 277,017 Banco BPM 971,776 1.42 523 Rockwool International 120,108 0.17 1,431,448 Banco Comercial Portugues 351,134 0.51 2,921 Royal Unibrew 135,418 0.20 5,475 BayWa 184,453 0.27 3,012 Scandinavian Tobacco Group 45,210 0.07 733 BE Semiconductor Industries 43,137 0.06 298 Schouw & Co 27,411 0.04 2,202 Bechtle 139,563 0.20 12,073 Spar Nord Bank 127,192 0.18 2,959 Bekaert 120,076 0.18 6,828 Sydbank 239,751 0.35 1,095 Beneteau 16,097 0.02 5,026 Topdanmark 167,292 0.24 3,819 Bilfinger 135,307 0.20 1,822,777 2.66 4,030 Bolsas y Mercados Espanoles 117,676 0.17 Euro - 45.84% 1,016 Bonduelle 38,710 0.06 129,409 A2A 188,290 0.27 73,057 BPER Banca 369,668 0.54 5,855 Aalberts Industries 239,499 0.35 7,226 bpost 181,734 0.27 10,916 Aareal Bank 391,066 0.57 8,400 Brembo 120,288 0.18 3,942,216 Abengoa 47,307 0.07 5,177 Buwog 131,289 0.19 2,949 Accell Group 77,116 0.11 3,488 Buzzi Unicem 79,666 0.12 2,871 Acciona 195,372 0.29 31,825 C&C Group 97,066 0.14 4,795 ACEA 62,910 0.09 6,130 CA Immobilien Anlagen 148,959 0.22 10,349 Acerinox 126,258 0.18 33,265 Cairn Homes 57,133 0.08 1,799 Ackermans & van Haaren 266,882 0.39 1,661 CANCOM 105,473 0.15 2,955 ADO Properties 123,563 0.18 2,672 Cargotec 142,017 0.21 25,658 AGFA-Gevaert 103,556 0.15 11,860 Caverion 92,152 0.13 29,226 Air France-KLM 389,875 0.57 31,231 CECONOMY 311,154 0.45 2,839 Almirall 24,444 0.04 365 Cellnex Telecom 7,066 0.01 1,975 Altamir 30,218 0.04 3,036 Cerved Information Solutions 30,360 0.04 1,727 Alten 132,133 0.19 5,715 Cia de Distribucion Integral Logista Holdings 116,272 0.17 8,709 Altran Technologies 135,512 0.20 765 CIE Automotive 17,281 0.03 5,924 Amer Sports 132,935 0.19 193 Cie d'Entreprises 24,328 0.04 770 AMG Advanced Metallurgical Group 28,093 0.04 4,894 Cie Plastic Omnium 177,138 0.26 10,255 Anima Holding 70,042 0.10 60,766 CIR-Compagnie Industriali Riunite 79,482 0.12 3,024 APERAM 134,054 0.20 3,091 Citycon 6,881 0.01 11,675 Applus Services 123,755 0.18 14,906 Coface 135,496 0.20 8,390 Arcadis 152,992 0.22 1,695 Corbion 46,189 0.07 2,797 ASM International 149,612 0.22 2,644 Corp Financiera Alba 136,563 0.20 10,069 ASR Nederland 340,785 0.50 894 Cramo 19,856 0.03 5,975 Astaldi 34,625 0.05 14,237 Credito Emiliano 108,272 0.16 7,222 ASTM 158,523 0.23 30,716 Credito Valtellinese 124,830 0.18 1,556 AURELIUS Equity Opportunities & Co 86,576 0.13 4,507 CTT-Correios de Portugal 22,977 0.03 4,036 Aurubis 276,627 0.40 12,682 Dalata Hotel Group 70,131 0.10 2,693 Austria Technologie & Systemtechnik 32,316 0.05 20,698 Davide Campari-Milano 127,086 0.19 12,114 Autogrill 133,254 0.19 3,130 De' Longhi 85,261 0.12 7,455 Azimut Holding 136,426 0.20 4,682 Derichebourg 41,529 0.06 4,457 Deutsche EuroShop 141,421 0.21
176 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Small Cap Value Weighted UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment EUR Assets Holding Investment EUR Assets Transferable Securities - 99.62% (March 2017: 99.30%) Transferable Securities - 99.62% (March 2017: 99.30%) (continued) (continued) Common Stock - 95.24% (March 2017: 95.46%) (continued) Common Stock - 95.24% (March 2017: 95.46%) (continued) Euro - 45.84% (continued) Euro - 45.84% (continued) 21,130 Deutsche Pfandbriefbank 267,506 0.39 736 Indus Holding 46,052 0.07 3,766 Deutz 25,741 0.04 1,133 Interpump Group 29,821 0.04 4,001 Dialog Semiconductor 149,497 0.22 3,877 IPSOS 113,538 0.17 3,782 D'ieteren 146,817 0.21 67,331 Iren 152,841 0.22 1,745 DMG Mori 91,613 0.13 28,976 Italgas 137,636 0.20 3,770 DNA 55,796 0.08 3,405 Jenoptik 95,459 0.14 1,745 Duerr 197,447 0.29 2,264 KBC Ancora 112,792 0.16 5,121 Ebro Foods 102,676 0.15 7,784 Kemira 86,558 0.13 2,908 Elia System Operator 142,463 0.21 4,571 Kesko 207,386 0.30 8,257 Elior Group 184,957 0.27 4,036 Kingspan Group 145,215 0.21 7,576 Elis 171,634 0.25 14,298 Kloeckner & Co 155,133 0.23 4,364 ElringKlinger 68,820 0.10 406 Koenig & Bauer 28,310 0.04 5,143 Enav 19,934 0.03 2,565 Konecranes 96,341 0.14 534 Eramet 30,694 0.04 41,426 Koninklijke BAM Groep 200,419 0.29 8,500 ERG 114,835 0.17 3,672 Korian 102,284 0.15 7,683 Esprinet 38,307 0.06 1,052 Krones 123,663 0.18 1,555 Esso SA Francaise 98,587 0.14 2,827 LEG Immobilien 241,963 0.35 1,029 Euler Hermes Group 102,900 0.15 284 Lenzing 34,847 0.05 17,170 Euronav 119,417 0.17 3,630 Leoni 203,679 0.30 1,783 Euronext 91,807 0.13 93,689 Liberbank 73,171 0.11 2,881 Europcar Groupe 36,949 0.05 4,530 Maire Tecnimont 21,209 0.03 6,149 Euskaltel 46,818 0.07 36,732 Mediaset 107,551 0.16 893 Evotec 17,940 0.03 10,087 Mediaset Espana Comunicacion 96,361 0.14 8,945 Faurecia 525,340 0.77 1,091 Melia Hotels International 13,343 0.02 29,581 Fincantieri 30,113 0.04 891 Mersen 27,140 0.04 20,001 FinecoBank Banca Fineco 150,007 0.22 13,416 Metsa Board 77,746 0.11 4,809 Finnair 53,909 0.08 1,873 Moncler 45,739 0.07 1,018 Flow Traders 23,160 0.03 8,055 Mota-Engil 25,550 0.04 1,824 Fnac Darty 148,528 0.22 2,579 MTU Aero Engines 348,036 0.51 8,557 Freenet 242,078 0.35 4,204 Neopost 138,228 0.20 1,372 Gaztransport Et Technigaz 63,112 0.09 2,668 Nexans 133,854 0.20 2,020 Gerresheimer 132,290 0.19 3,108 Nexity 160,684 0.23 2,110 Gerry Weber International 22,261 0.03 6,075 NH Hotel Group 34,445 0.05 2,563 Gimv 133,276 0.19 3,522 Nordex 34,015 0.05 6,983 Glanbia 111,379 0.16 839 Norma Group 46,682 0.07 491 Grammer 27,088 0.04 20,359 NOS SGPS 106,681 0.16 9,085 Grand City Properties 162,167 0.24 12,391 Nyrstar 83,391 0.12 265 GRENKE 20,895 0.03 18,348 Obrascon Huarte Lain 56,071 0.08 3,428 Grupo Catalana Occidente 122,140 0.18 4,266 OCI 84,509 0.12 1,544 Hamburger Hafen und Logistik 41,148 0.06 2,946 Oesterreichische Post 115,071 0.17 2,866 Hapag-Lloyd 102,459 0.15 4,690 Ontex Group 135,142 0.20 11,073 Havas 102,436 0.15 372 Orange Belgium 7,276 0.01 29,553 Heidelberger Druckmaschinen 101,958 0.15 12,288 Origin Enterprises 81,838 0.12 68,352 Hera 181,816 0.27 1,600 Orpea 160,320 0.23 4,317 Huhtamaki 147,426 0.22 21,129 Outokumpu 185,724 0.27 2,597 IMCD Group 134,732 0.20 6,619 Outotec 44,314 0.06 52,970 Immofinanz 115,686 0.17 12,141 OVS 78,431 0.11 2,549 Indra Sistemas 34,067 0.05 1,585 PATRIZIA Immobilien 27,944 0.04
177 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Small Cap Value Weighted UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment EUR Assets Holding Investment EUR Assets Transferable Securities - 99.62% (March 2017: 99.30%) Transferable Securities - 99.62% (March 2017: 99.30%) (continued) (continued) Common Stock - 95.24% (March 2017: 95.46%) (continued) Common Stock - 95.24% (March 2017: 95.46%) (continued) Euro - 45.84% (continued) Euro - 45.84% (continued) 6,131 Philips Lighting 209,374 0.31 840 TLG Immobilien 16,388 0.02 8,941 Piaggio & C 23,694 0.03 4,913 Tokmanni Group 35,128 0.05 37,151 PostNL 135,378 0.20 186 Trigano 24,366 0.04 9,879 Promotora de Informaciones 32,699 0.05 2,450 Ubisoft Entertainment 142,492 0.21 21,556 Prosegur Cia de Seguridad 136,449 0.20 146,124 Unione di Banche Italiane 640,900 0.94 24,589 Rallye 385,556 0.56 65,711 Uniper 1,524,495 2.22 6,275 Refresco Group 106,926 0.16 92,194 Unipol Gruppo Finanziario 357,528 0.52 2,533 REN - Redes Energeticas Nacionais 6,976 0.01 23,246 UNIQA Insurance Group 206,053 0.30 2,986 Rheinmetall 284,745 0.42 18,054 Vallourec 90,812 0.13 3,002 RHI 106,121 0.15 6,391 Valmet 106,282 0.16 4,134 RHOEN-KLINIKUM 117,778 0.17 2,057 Vicat 132,800 0.19 4,129 Rubis 222,677 0.32 8,183 Vienna Insurance Group Wiener Versicherung 2,088 S IMMO 31,268 0.05 Gruppe 204,657 0.30 34,167 Sacyr 75,851 0.11 2,246 Viscofan 116,410 0.17 1,588 SAF-Holland 27,314 0.04 701 VTG 32,947 0.05 34,043 Salini Impregilo 113,567 0.17 1,346 Wacker Chemie 163,270 0.24 7,026 Salzgitter 269,658 0.39 1,143 Wacker Neuson 32,084 0.05 3,544 Sanoma 32,711 0.05 7,859 Wienerberger 162,603 0.24 66,748 Saras 151,384 0.22 3,008 Wirecard 232,849 0.34 12,877 SBM Offshore 197,598 0.29 4,779 Wuestenrot & Wuerttembergische 109,917 0.16 5,806 Semapa-Sociedade de Investimento e Gestao 94,115 0.14 10,882 YIT 75,303 0.11 355 Siltronic 37,275 0.05 956 Yoox Net-A-Porter Group 31,711 0.05 154 Sixt 10,375 0.02 3,858 Zumtobel Group 56,713 0.08 3,937 Sixt Leasing 84,901 0.12 31,412,696 45.84 18,082 Smurfit Kappa Group 479,173 0.70 Norwegian Krone - 4.25% 27,376 Societa Cattolica di Assicurazioni 201,214 0.29 35,497 Akastor 65,633 0.10 6,991 Societa Iniziative Autostradali e Servizi 94,448 0.14 3,740 Aker 129,957 0.19 1,811 Sofina 235,430 0.34 24,476 Aker Solutions 109,601 0.16 3,023 Software 124,865 0.18 9,148 Atea 102,069 0.15 36,303 Solocal Group 36,884 0.05 9,669 Austevoll Seafood 85,278 0.12 134,764 Sonae 137,594 0.20 2,552 Bakkafrost 99,225 0.15 1,075 Sopra Steria Group 168,829 0.25 26,329 BW LPG 102,707 0.15 6,538 SPIE 152,205 0.22 27,493 BW Offshore 81,509 0.12 2,393 STADA Arzneimittel 197,040 0.29 12,488 Entra 144,644 0.21 7,446 Suedzucker 135,331 0.20 5,869 Frontline 30,372 0.04 8,581 TAG Immobilien 122,022 0.18 2,305 Golden Ocean Group 15,370 0.02 4,157 Takkt 80,646 0.12 92,134 Kongsberg Automotive 91,834 0.13 12,015 Talgo 56,567 0.08 20,415 Leroy Seafood Group 110,528 0.16 826 Tarkett 31,487 0.05 1,648 Norwegian Air Shuttle 40,628 0.06 34,957 Technicolor 102,074 0.15 3,748 Norwegian Finans Holding 36,044 0.05 8,324 Technopolis 32,713 0.05 47,437 Petroleum Geo-Services 94,918 0.14 3,183 Tecnicas Reunidas 85,129 0.12 539,033 REC Silicon 58,138 0.09 3,965 Telekom Austria 30,431 0.04 2,721 Salmar 65,056 0.10 2,205 Teleperformance 278,491 0.41 2,420 Skandiabanken 22,630 0.03 14,166 Telepizza Group 68,847 0.10 25,551 SpareBank 1 Nord Norge 167,658 0.24 7,382 Television Francaise 1 91,278 0.13 28,256 SpareBank 1 SMN 243,957 0.36 561 Tessenderlo Group 23,091 0.03 2,394 Stolt-Nielsen 30,527 0.04 3,620 Tieto 93,360 0.14 48,645 Storebrand 349,434 0.51
178 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Small Cap Value Weighted UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment EUR Assets Holding Investment EUR Assets Transferable Securities - 99.62% (March 2017: 99.30%) Transferable Securities - 99.62% (March 2017: 99.30%) (continued) (continued) Common Stock - 95.24% (March 2017: 95.46%) (continued) Common Stock - 95.24% (March 2017: 95.46%) (continued) Norwegian Krone - 4.25% (continued) Pound Sterling - 28.41% (continued) 32,462 Subsea 7 450,848 0.66 33,474 Entertainment One 98,011 0.14 9,120 TGS NOPEC Geophysical 183,647 0.27 9,656 Equiniti Group 33,007 0.05 2,912,212 4.25 22,881 Essentra 143,468 0.21 Pound Sterling - 28.41% 27,477 Evraz 97,603 0.14 41,959 AA 80,713 0.12 7,249 Fenner 27,745 0.04 24,691 Aggreko 263,119 0.38 31,542 Ferrexpo 104,668 0.15 10,062 Aldermore Group 26,310 0.04 217,357 Firstgroup 288,608 0.42 49,863 Amec 288,318 0.42 49,716 Foxtons Group 38,226 0.06 4,387 Arrow Global Group 21,284 0.03 8,887 Galliford Try 136,459 0.20 8,389 Ascential 32,703 0.05 4,360 Genus 103,810 0.15 4,973 Ashmore Group 19,144 0.03 5,263 Go-Ahead Group 101,718 0.15 35,168 B&M European Value Retail 154,696 0.23 15,211 Grafton Group 143,452 0.21 51,798 Balfour Beatty 158,247 0.23 39,180 Grainger 119,254 0.17 54,986 BBA Aviation 186,208 0.27 42,222 Greencore Group 94,013 0.14 36,540 Beazley 198,841 0.29 25,708 Greene King 159,444 0.23 6,770 Bellway 253,312 0.37 2,715 Greggs 38,422 0.06 3,557 BGEO Group 131,598 0.19 12,875 GVC Holdings 119,961 0.18 14,415 Bodycote 149,932 0.22 28,994 Halfords Group 115,331 0.17 83,464 Booker Group 194,179 0.28 12,889 Halma 163,827 0.24 11,821 Bovis Homes Group 146,764 0.21 82,931 Hays 178,256 0.26 3,114 Brewin Dolphin Holdings 12,337 0.02 17,643 Hiscox 256,290 0.37 17,170 Britvic 147,215 0.21 3,911 HomeServe 36,928 0.05 16,343 BTG 125,380 0.18 14,918 Hostelworld Group 60,821 0.09 6,040 Burford Capital 70,946 0.10 30,403 Howden Joinery Group 148,711 0.22 45,227 Cairn Energy 98,291 0.14 13,239 Hunting 71,202 0.10 26,756 Capital & Counties Properties 80,375 0.12 10,187 Ibstock 26,324 0.04 71,991 Carillion 41,872 0.06 17,812 IG Group Holdings 129,574 0.19 73,618 Centamin 121,060 0.18 36,286 Inchcape 355,384 0.52 40,603 Chemring Group 82,943 0.12 49,097 Indivior 189,277 0.28 3,036 Cineworld Group 23,343 0.03 34,227 Informa 261,028 0.38 2,438 Clinigen Healthcare 29,494 0.04 14,905 Intermediate Capital Group 158,327 0.23 11,971 Close Brothers Group 200,388 0.29 33,398 International Personal Finance 79,595 0.12 5,211 Costain Group 26,509 0.04 48,479 Interserve 65,058 0.10 8,213 Countryside Properties 32,362 0.05 17,853 IQE 25,276 0.04 25,194 Countrywide 30,879 0.05 28,938 ITE Group 59,032 0.09 21,276 Crest Nicholson Holdings 133,525 0.20 36,777 IWG 129,177 0.19 73,289 CYBG 252,682 0.37 3,404 J D Wetherspoon 48,482 0.07 17,751 Daily Mail & General Trust 130,642 0.19 41,263 John Laing Group 133,555 0.20 11,533 Dart Group 70,220 0.10 14,389 John Menzies 117,492 0.17 2,954 De La Rue 21,740 0.03 34,198 John Wood Group 264,105 0.39 231,520 Debenhams 130,060 0.19 15,646 Jupiter Fund Management 98,015 0.14 32,764 DFS Furniture 81,803 0.12 7,040 Just Eat 53,410 0.08 52,648 Drax Group 185,998 0.27 63,025 Just Group 105,071 0.15 59,005 DS Smith 330,062 0.48 17,019 Kainos Group 56,302 0.08 101,696 EI Group 158,981 0.23 8,555 KAZ Minerals 75,098 0.11 19,630 Electrocomponents 138,344 0.20 67,146 Kcom Group 75,440 0.11 29,629 Elementis 91,091 0.13 10,913 Keller Group 101,370 0.15 244,802 EnQuest 77,095 0.11 9,545 Kier Group 125,981 0.18
179 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Small Cap Value Weighted UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment EUR Assets Holding Investment EUR Assets Transferable Securities - 99.62% (March 2017: 99.30%) Transferable Securities - 99.62% (March 2017: 99.30%) (continued) (continued) Common Stock - 95.24% (March 2017: 95.46%) (continued) Common Stock - 95.24% (March 2017: 95.46%) (continued) Pound Sterling - 28.41% (continued) Pound Sterling - 28.41% (continued) 27,808 Ladbrokes Coral Group 38,533 0.06 42,063 Rotork 124,305 0.18 65,793 Laird 106,587 0.16 16,344 RPC Group 183,722 0.27 13,433 Lancashire Holdings 101,759 0.15 7,700 RPS Group 25,211 0.04 70,091 Lonmin 56,079 0.08 36,224 Saga 81,562 0.12 83,463 Lookers 113,664 0.17 12,089 Savills 127,797 0.19 133,567 Man Group 254,506 0.37 43,135 Senior 135,061 0.20 4,671 Marshalls 23,112 0.03 70,326 Serco Group 92,022 0.13 77,802 Marston's 95,977 0.14 85,480 SIG 172,579 0.25 41,295 McCarthy & Stone 70,063 0.10 21,704 Soco International 28,449 0.04 36,380 Melrose Industries 87,858 0.13 6,781 Spectris 185,464 0.27 1,637 Metro Bank 62,793 0.09 2,210 Spirax-Sarco Engineering 138,571 0.20 41,486 Mitchells & Butlers 118,645 0.17 27,473 Spire Healthcare Group 70,120 0.10 43,549 Mitie Group 126,473 0.18 33,905 Sports Direct International 157,952 0.23 12,883 Moneysupermarket.com Group 46,494 0.07 24,966 SSP Group 152,292 0.22 8,183 Morgan Advanced Materials 28,891 0.04 29,069 St Modwen Properties 123,316 0.18 21,488 N Brown Group 85,644 0.13 71,955 Stagecoach Group 139,394 0.20 36,633 National Express Group 147,130 0.21 8,165 Stock Spirits Group 22,239 0.03 10,074 NCC Group 24,752 0.04 12,480 Synthomer 69,159 0.10 17,222 NEX Group 129,387 0.19 35,767 TalkTalk Telecom Group 85,120 0.12 1,150 NMC Health 35,904 0.05 15,931 Telford Homes 72,048 0.11 21,560 Northgate 106,130 0.16 293,027 Thomas Cook Group 400,057 0.58 3,292 Novae Group 26,675 0.04 24,759 TP ICAP 147,236 0.22 8,613 Ocado Group 28,611 0.04 102,931 Tullow Oil 217,391 0.32 5,227 OneSavings Bank 23,912 0.04 21,577 UBM 167,125 0.24 53,392 Ophir Energy 43,930 0.06 14,143 UDG Healthcare 136,349 0.20 2,028 Oxford Instruments 22,313 0.03 4,460 Ultra Electronics Holdings 91,007 0.13 15,702 Pagegroup 88,725 0.13 20,179 Vedanta Resources 199,694 0.29 30,629 Paragon Banking Group 152,736 0.22 19,221 Vesuvius 128,699 0.19 20,631 Paysafe Group 136,384 0.20 1,257 Victrex 33,823 0.05 381,575 Pendragon 138,573 0.20 19,852 Virgin Money Holdings 64,547 0.09 16,545 Pennon Group 149,649 0.22 29,149 Watkin Jones 72,446 0.11 32,447 Petra Diamonds 30,932 0.05 7,068 WH Smith 162,111 0.24 28,714 Petrofac 146,641 0.21 52,685 William Hill 150,912 0.22 37,669 Pets at Home Group 91,356 0.13 19,470,436 28.41 25,863 Phoenix Group Holdings 221,896 0.32 Swedish Krona - 7.54% 13,022 Playtech 135,739 0.20 1,917 AAK 122,475 0.18 4,556 Plus500 46,379 0.07 8,906 AcadeMedia 59,992 0.09 5,285 Polypipe Group 25,287 0.04 609 AF 12,004 0.02 182,887 Premier Foods 87,173 0.13 8,114 Axfood 117,470 0.17 408,535 Premier Oil 310,636 0.45 4,030 Bergman & Beving 45,627 0.07 1,877 PZ Cussons 6,808 0.01 6,430 Betsson 49,477 0.07 35,932 QinetiQ Group 100,682 0.15 6,429 Bilia 59,962 0.09 725 Rathbone Brothers 21,343 0.03 11,486 BillerudKorsnas 164,264 0.24 20,887 Redrow 140,447 0.21 7,859 Bonava 107,344 0.16 252 Renishaw 13,622 0.02 3,002 Bravida Holding 18,557 0.03 73,344 Rentokil Initial 250,208 0.37 3,930 Bure Equity 45,615 0.07 18,484 Restaurant Group 63,330 0.09 18,514 Castellum 245,203 0.36 2,302 Rightmove 105,675 0.15 6,764 Com Hem Holding 81,593 0.12
180 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Small Cap Value Weighted UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment EUR Assets Holding Investment EUR Assets Transferable Securities - 99.62% (March 2017: 99.30%) Transferable Securities - 99.62% (March 2017: 99.30%) (continued) (continued) Common Stock - 95.24% (March 2017: 95.46%) (continued) Common Stock - 95.24% (March 2017: 95.46%) (continued) Swedish Krona - 7.54% (continued) Swiss Franc - 6.48% (continued) 17,694 Dometic Group 126,981 0.18 107 Banque Cantonale Vaudoise 67,349 0.10 9,617 Dustin Group 68,518 0.10 373 BKW 18,961 0.03 13,209 Elekta 115,396 0.17 481 Bucher Industries 144,860 0.21 10,087 Eltel 27,388 0.04 1,993 Cembra Money Bank 147,572 0.22 200 Evolution Gaming Group 10,757 0.02 14,588 Clariant 295,867 0.43 6,282 Fabege 108,720 0.16 14 Conzzeta 12,496 0.02 7,808 Fastighets Balder 171,380 0.25 265 COSMO Pharmaceuticals 32,757 0.05 21,512 Fingerprint Cards 50,851 0.07 131 dormakaba Holding 113,089 0.17 3,268 Granges 31,581 0.05 1,987 EFG International 14,556 0.02 18,835 Hemfosa Fastigheter 202,023 0.29 35 Emmi 19,414 0.03 9,052 Hexpol 80,393 0.12 886 Flughafen Zurich 169,626 0.25 3,770 Holmen 148,971 0.22 28 Forbo Holding 37,818 0.06 9,133 Hufvudstaden 131,559 0.19 15,353 GAM Holding 201,325 0.29 8,839 Humana 52,441 0.08 237 Georg Fischer 247,381 0.36 1,238 Indutrade 27,571 0.04 642 Helvetia Holding 295,212 0.43 3,040 Intrum Justitia 90,732 0.13 1,514 Huber + Suhner 78,553 0.11 2,178 Investment Oresund 30,697 0.04 1,693 Implenia 94,796 0.14 4,803 JM 127,373 0.19 4,767 Logitech International 147,149 0.21 10,636 KappAhl 56,489 0.08 415 Mobimo Holding 94,871 0.14 113,707 Klovern 127,853 0.19 11,118 OC Oerlikon 144,819 0.21 1,400 LeoVegas 10,011 0.01 849 Panalpina Welttransport Holding 105,318 0.15 4,385 Loomis 147,098 0.21 2,267 PSP Swiss Property 176,779 0.26 5,094 Magnolia Bostad 43,288 0.06 469 Rieter Holding 84,461 0.12 4,024 Modern Times Group 123,019 0.18 80,298 Schmolz + Bickenbach 62,475 0.09 8,769 NCC 175,570 0.26 175 SFS Group 18,052 0.03 8,151 New Wave Group 48,993 0.07 334 Siegfried Holding 93,070 0.14 17,007 Nibe Industrier 144,611 0.21 350 St Galler Kantonalbank 136,463 0.20 10,958 Nobia 92,211 0.13 842 Sulzer 84,208 0.12 16,272 Peab 151,598 0.22 1,759 Sunrise Communications Group 122,711 0.18 23,172 Ratos 95,718 0.14 545 Tecan Group 95,479 0.14 5,202 Recipharm 52,023 0.08 1,356 Temenos Group 117,120 0.17 3,180 Saab 136,236 0.20 1,944 Valiant Holding 178,783 0.26 12,782 SAS 34,573 0.05 126 Valora Holding 37,341 0.05 10,945 Scandic Hotels Group 126,753 0.18 2,266 Vontobel Holding 123,314 0.18 22,226 SSAB (Class A Shares) 90,382 0.13 2,074 Zehnder Group 61,645 0.09 52,385 SSAB (Class B Shares) 175,512 0.26 4,436,430 6.48 23,173 Svenska Cellulosa 165,701 0.24 United States Dollar - 0.06% 1,341 Swedish Orphan Biovitrum 17,371 0.02 900 InterXion Holding 38,773 0.06 13,451 Trelleborg 284,367 0.41 38,773 0.06 839 Wallenstam 7,051 0.01 Total Common Stock 65,261,978 95.24 6,264 Wihlborgs Fastigheter 129,311 0.19 Depository Receipts - 0.47% (March 2017: 0.42%) 5,168,654 7.54 Euro - 0.37% Swiss Franc - 6.48% 8,247 Fugro 98,675 0.14 840 Allreal Holding 124,616 0.18 2,835 TKH Group 155,812 0.23 391 ALSO Holding 46,726 0.07 254,487 0.37 1,551 ams 95,184 0.14 9,614 Aryzta 249,953 0.37 187 Autoneum Holding 44,261 0.06
181 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Small Cap Value Weighted UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment EUR Assets Holding Investment EUR Assets Transferable Securities - 99.62% (March 2017: 99.30%) Transferable Securities - 99.62% (March 2017: 99.30%) (continued) (continued) Depository Receipts - 0.47% (March 2017: 0.42%) (continued) Rights - 0.00% (March 2017:0.06%) Swedish Krona - 0.10% Pound Sterling - 0.00% 6,903 Kindred Group 67,031 0.10 2,069 Equiniti Group 2,700 0.00 67,031 0.10 Total Rights 2,700 0.00 Total Depository Receipts 321,518 0.47 Warrants - 0.01%(March 2017:Nil) Real Estate Investment Trust - 3.03% (March 2017: 2.76%) Euro - 0.01% Euro - 1.79% 472,532 Abengoa 4,725 0.01 1,671 Alstria office 20,194 0.03 Total Warrants 4,725 0.01 2,222 Befimmo 118,588 0.17 1,271 Cofinimmo 138,094 0.20 Total Transferable Securities 68,267,193 99.62 3,576 Eurocommercial Properties 129,380 0.19 86,873 Green 130,918 0.19 Fair Value %of 85,234 Hibernia 129,982 0.19 EUR Fund 6,696 Hispania Activos Inmobiliarios Socimi 102,114 0.15 Total value of investments 68,267,193 99.62 9,058 Inmobiliaria Colonial Socimi 76,033 0.11 Cash at bank* (March 2017: 0.31%) 91,027 0.14 3,657 Lar Espana Real Estate Socimi 30,060 0.04 Other net assets (March 1,894 Mercialys 32,009 0.05 2017: 0.39%) 167,064 0.24 11,005 Merlin Properties Socimi 128,978 0.19 Net assets attributable to holders of 438 Vastned Retail 16,513 0.02 redeemable participating shares 68,525,284 100.00 206 Warehouses De Pauw 19,673 0.03 3,957 Wereldhave 157,904 0.23 *All cash holdings are held at State Street Bank and Trust Company. 1,230,440 1.79 All of the above securities are traded on a recognised stock exchange or Pound Sterling - 1.24% traded on a regulated market unless otherwise stated. 1,557 Big Yellow Group 13,376 0.02 5,293 Derwent London 167,833 0.24 %of 15,015 Great Portland Estates 104,115 0.15 Total Analysis of Total Assets Assets 103,054 Hansteen Holdings 161,396 0.24 3,774 LondonMetric Property 7,118 0.01 Transferable securities admitted to an official exchange listing 99.52 8,215 Shaftesbury 94,722 0.14 Other transferable securities of the type referred to in 74,319 Standard Life Investment Property Income Regulation 68(1)(a), (b) and (c) 0.08 Trust 77,384 0.11 Other assets 0.40 77,010 Tritax Big Box 124,453 0.18 Total Assets 10,405 Unite Group 81,183 0.12 100.00 1,748 Workspace Group 17,606 0.03 849,186 1.24 Total Real Estate Investment Trust 2,079,626 3.03 Preferred Stock - 0.87% (March 2017: 0.60%) Euro - 0.87% 970 Biotest 22,024 0.03 8,426 Danieli & C Officine Meccaniche 131,783 0.19 1,052 Draegerwerk & Co 98,667 0.14 3,151 Jungheinrich 122,653 0.18 386 Sartorius 31,220 0.05 1,532 Sixt 79,817 0.12 872 STO & Co 110,482 0.16 Total Preferred Stock 596,646 0.87
182 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR MSCI Europe Small Cap Value Weighted UCITS ETF
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Purchases Cost EUR
Uniper 1,055,325 Banco Popular Espanol 619,012 CECONOMY 301,330 Seadrill 275,192 Aryzta 263,969 Banco BPM 251,502 Unione di Banche Italiane 229,933 ASR Nederland 168,580 William Hill 167,336 Svenska Cellulosa 159,835 Aareal Bank 158,266 Pendragon 153,626 Abengoa 142,918 Faurecia 137,668 Philips Lighting 135,862 Petrofac 134,088 Smurfit Kappa Group 132,145 NEX Group 127,716 Paysafe Group 124,276 Subsea 7 112,843 Portfolio Sales Proceeds EUR
Unione di Banche Italiane 613,983 Banco BPM 529,841 KION Group 236,949 Air France-KLM 232,931 Rallye 225,568 Banco Comercial Portugues 216,505 CYBG 207,176 Seadrill 206,366 Mediaset 187,943 Ipsen 175,002 Micro Focus International 168,838 STADA Arzneimittel 161,290 Recordati 146,411 Subsea 7 142,990 ASTM 129,285 Leoni 124,581 Unipol Gruppo Finanziario 121,719 Deutsche Pfandbriefbank 115,708 Henderson Group 114,310 Simens Gemesa Renewable Energy 111,784
A copy of the list of changes in the portfolio during the financial period may be obtained free of charge from the Administrator.
183 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Technology UCITS ETF Statement of Financial Position as at 30 September 2017
30 September 2017 31 March 2017 EUR EUR
Current assets Financial assets at fair value through profit or loss: Transferable securities 25,524,186 23,993,551 25,524,186 23,993,551
Cash and cash equivalents 17,976 10,979 Debtors: Dividends receivable 10,408 28,169 Miscellaneous income receivable 287 - Total current assets 25,552,857 24,032,699
Current liabilities Creditors - Amounts falling due within one financial year: Accrued expenses (5,951) (5,960) Total current liabilities (5,951) (5,960)
Net assets attributable to holders of redeemable participating shares 25,546,906 24,026,739
30 September 31 March 30 September 2017 2017 2016 Net asset value per share (please refer to note 4 for numbers of shares in issue) EUR 63.87 EUR 60.07 EUR 54.41
The accompanying notes form an integral part of these financial statements.
184 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Technology UCITS ETF Statement of Comprehensive Income for the financial period ended 30 September 2017
30 September 2017 30 September 2016 Notes EUR EUR
Dividend income 325,550 118,385 Interest income 7- Securities lending income 10 4,728 429 Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 1,383,586 548,258 Miscellaneous income 940 Total investment income 1,713,880 667,112
Operating expenses 3 (41,280) (10,149) Net profit for the financial period 1,672,600 656,963
Finance costs Interest expense - (77) Profit for the financial period before tax 1,672,600 656,886 Witholding tax on investment income 2 (23,548) (5,595) Increase in net assets attributable to holders of redeemable participating shares resulting from operations 1,649,052 651,291
Gains and losses arose solely from continuing operations. There were no 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.
185 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Technology UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial period ended 30 September 2017
30 September 2017 30 September 2016 EUR EUR
Net assets attributable to holders of redeemable shares at the beginning of the financial period 24,026,739 7,281,953
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 1,649,052 651,291
Share transactions Proceeds from redeemable participating shares issued 4,490,830 1,297,881 Costs of redeemable participating shares redeemed (4,619,715) (2,429,793) Decrease in net assets from share transactions (128,885) (1,131,912)
Total increase/(decrease) in net assets attributable to holders of redeemable participating shares 1,520,167 (480,621)
Net assets attributable to holders of redeemable participating shares at the end of the financial period 25,546,906 6,801,332
The accompanying notes form an integral part of these financial statements.
186 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Technology UCITS ETF Statement of Cash Flows for the financial period ended 30 September 2017
30 September 2017 30 September 2016 EUR EUR
Cash from/(used in):
Operating activities Increase in net assets attributable to holders of redeemable participating shares 1,649,052 651,291
Adjustment for: Interest income (7) - Interest expense -77 Securities lending income (4,728) (429) Dividend income (325,550) (118,385) Taxation on income 23,548 5,595
Total 1,342,315 538,149
Net movement in financial assets and financial liabilities at fair value through profit or loss (1,385,007) (545,154) Payments for purchases of investments (6,049,132) (2,379,850) Proceeds from sale of investments 5,903,504 3,397,660 Movement in receivables (287) - Movement in payables (9) (62)
Cash (used in)/ generated from operations (188,616) 1,010,743
Interest paid - (77) Interest received 7- Securities lending income received 4,728 429 Dividends received 343,311 116,623 Taxation paid (23,548) (5,595) Net cash generated from operations 135,882 1,122,123
Financing activities Proceeds from redeemable participating shares issued 4,490,830 1,297,881 Payments for redeemable participating shares redeemed (4,619,715) (2,429,793) Net cash used in financing activities (128,885) (1,131,912)
Net increase/(decrease) in cash and cash equivalents 6,997 (9,789)
Cash and cash equivalents at the beginning of the financial period 10,979 12,419
Cash and cash equivalents at the end of the financial period 17,976 2,630
Cash and cash equivalents - Statement of Financial Position 17,976 3,747 Bank overdraft - Statement of Financial Position - (1,117)
Cash and cash equivalents - Statement of Cash Flows 17,976 2,630
The accompanying notes form an integral part of these financial statements.
187 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Technology UCITS ETF Schedule of Investments as at 30 September 2017
%of Fair Value %of Fair Value Net EUR Fund Holding Investment EUR Assets Total value of investments 25,524,186 99.91 Transferable Securities - 99.91%(March 2017: 99.86%) Cash at bank*(March 2017: 0.05%) 17,976 0.07 Common Stock - 99.91%(March 2017:99.86%) Other net assets (March Euro - 75.47% 2017: 0.09%) 4,744 0.02 29,493 Amadeus IT Group 1,621,820 6.35 Net assets attributable to holders of 25,090 ASML Holding 3,614,214 14.15 redeemable participating shares 25,546,906 100.00 6,364 Atos 835,275 3.27 10,800 Capgemini 1,070,928 4.19 *All cash holdings are held at State Street Bank and Trust Company. 8,676 Dassault Systemes 742,579 2.91 All of the above securities are traded on a recognised stock exchange or 5,470 Gemalto 206,739 0.81 traded on a regulated market unless otherwise stated. 76,307 Infineon Technologies 1,623,050 6.35 3,926 Ingenico Group 314,865 1.23 %of 392,242 Nokia 1,992,589 7.80 Total Analysis of Total Assets Assets 66,053 SAP 6,122,453 23.97 42,838 STMicroelectronics 701,258 2.74 Transferable securities admitted to an official exchange listing 99.89 8,267 United Internet 435,423 1.70 Other assets 0.11 19,281,193 75.47 Pound Sterling - 8.96% Total Assets 100.00 65,513 Auto Trader Group 291,820 1.14 29,490 Micro Focus International 798,869 3.13 72,644 Sage Group 575,857 2.26 134,417 Worldpay Group 620,865 2.43 2,287,411 8.96 Swedish Krona - 6.76% 17,375 Hexagon 726,905 2.84 206,491 Telefonaktiebolaget LM Ericsson 1,000,835 3.92 1,727,740 6.76 United States Dollar - 8.72% 23,289 NXP Semiconductors 2,227,842 8.72 2,227,842 8.72 Total Common Stock 25,524,186 99.91
Total Transferable Securities 25,524,186 99.91
188 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR MSCI Europe Technology UCITS ETF
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Purchases* Cost EUR
SAP 1,253,869 NXP Semiconductors 819,544 Micro Focus International 732,982 ASML Holding 651,013 Nokia 401,917 Infineon Technologies 298,079 Amadeus IT Group 293,791 Telefonaktiebolaget LM Ericsson 260,159 Capgemini 202,325 Atos 187,205 Dassault Systemes 155,497 Worldpay Group 149,935 Hexagon 137,664 STMicroelectronics 123,631 Sage Group 111,253 Ingenico Group 73,560 United Internet 66,097 Auto Trader Group 60,003 Gemalto 58,047 Portfolio Sales* Proceeds EUR
SAP 1,476,229 ASML Holding 811,518 NXP Semiconductors 536,714 Nokia 522,843 Amadeus IT Group 384,239 Infineon Technologies 348,864 Telefonaktiebolaget LM Ericsson 277,724 Capgemini 265,667 Dassault Systemes 189,535 Hexagon 179,896 Atos 177,933 STMicroelectronics 151,219 Worldpay Group 139,036 Sage Group 137,542 United Internet 101,265 Ingenico Group 75,790 Auto Trader Group 71,733 Gemalto 55,755 * There were no other purchases andles during the financial year ended 30 September 2017.
A copy of the list of changes in the portfolio during the financial period may be obtained free of charge from the Administrator.
189 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Telecommunications UCITS ETF Statement of Financial Position as at 30 September 2017
30 September 2017 31 March 2017 EUR EUR
Current assets Financial assets at fair value through profit or loss: Transferable securities 7,700,300 7,780,754 7,700,300 7,780,754
Cash and cash equivalents 24,412 42,297 Debtors: Dividends receivable 25,936 - Interest receivable - 25,421 Miscellaneous income receivable 128 - Receivable for investments sold 4,605,917 - Total current assets 12,356,693 7,848,472
Current liabilities Creditors - Amounts falling due within one financial year: Accrued expenses (2,916) (1,971) Payable for fund shares repurchased (4,616,461) - Total current liabilities (4,619,377) (1,971)
Net assets attributable to holders of redeemable participating shares 7,737,316 7,846,501
30 September 31 March 30 September 2017 2017 2016 Net asset value per share (please refer to note 4 for numbers of shares in issue) EUR 61.90 EUR 62.77 EUR 60.42
The accompanying notes form an integral part of these financial statements.
190 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Telecommunications UCITS ETF Statement of Comprehensive Income for the financial period ended 30 September 2017
30 September 2017 30 September 2016 Notes EUR EUR
Dividend income 295,746 399,887 Securities lending income 10 1,503 1,365 Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss (590,864) (1,379,140) Total investment expense (293,615) (977,888)
Operating expenses 3 (14,492) (17,859) Net loss for the financial period (308,107) (995,747)
Finance costs Interest expense (80) (132) Loss for the financial period before tax (308,187) (995,879) Witholding tax on investment income 2 (8,999) (12,398) Decrease in net assets attributable to holders of redeemable participating shares resulting from operations (317,186) (1,008,277)
Gains and losses arose solely from continuing operations. There were no 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.
191 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Telecommunications UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial period ended 30 September 2017
30 September 2017 30 September 2016 EUR EUR
Net assets attributable to holders of redeemable shares at the beginning of the financial period 7,846,501 14,715,519
Decrease in net assets attributable to holders of redeemable participating shares resulting from operations (317,186) (1,008,277)
Share transactions Proceeds from redeemable participating shares issued 11,115,418 3,088,243 Costs of redeemable participating shares redeemed (10,907,417) (7,732,201) Increase/(decrease) in net assets from share transactions 208,001 (4,643,958)
Total decrease in net assets attributable to holders of redeemable participating shares (109,185) (5,652,235)
Net assets attributable to holders of redeemable participating shares at the end of the financial period 7,737,316 9,063,284
The accompanying notes form an integral part of these financial statements.
192 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Telecommunications UCITS ETF Statement of Cash Flows for the financial period ended 30 September 2017
30 September 2017 30 September 2016 EUR EUR
Cash from/(used in):
Operating activities Decrease in net assets attributable to holders of redeemable participating shares (317,186) (1,008,277)
Adjustment for: Interest expense 80 132 Securities lending income (1,503) (1,365) Dividend income (295,746) (399,887) Taxation on income 8,999 12,398
Total (605,356) (1,396,999)
Net movement in financial assets and financial liabilities at fair value through profit or loss 586,812 1,406,689 Payments for purchases of investments (11,553,506) (3,647,285) Proceeds from sale of investments 6,441,231 17,736,448 Movement in receivables (128) - Movement in payables 945 (3,337)
Cash (used in)/ generated from operations (5,130,002) 14,095,516
Interest paid (80) (132) Interest received 25,421 - Securities lending income received 1,503 1,365 Dividends received 269,810 390,244 Taxation paid (8,999) (12,398) Net cash (used in)/ generated from operations (4,842,347) 14,474,595
Financing activities Proceeds from redeemable participating shares issued 11,115,418 3,088,243 Payments for redeemable participating shares redeemed (6,290,956) (17,540,906) Net cash generated from/(used in) financing activities 4,824,462 (14,452,663)
Net (decrease)/increase in cash and cash equivalents (17,885) 21,932
Cash and cash equivalents at the beginning of the financial period 42,297 22,335
Cash and cash equivalents at the end of the financial period 24,412 44,267
Cash and cash equivalents - Statement of Financial Position 24,412 49,055 Bank overdraft - Statement of Financial Position - (4,788)
Cash and cash equivalents - Statement of Cash Flows 24,412 44,267
The accompanying notes form an integral part of these financial statements.
193 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Telecommunications UCITS ETF Schedule of Investments as at 30 September 2017
%of Fair Value %of Fair Value Net EUR Fund Holding Investment EUR Assets Total value of investments 7,700,300 99.52 Transferable Securities - 99.52%(March 2017: 99.16%) Cash at bank*(March 2017: 0.54%) 24,412 0.32 Common Stock - 97.06%(March 2017:96.80%) Other net assets (March 2017: 0.30%) 12,604 0.16 Danish Krone - 1.33% Net assets attributable to holders of 20,748 TDC 102,852 1.33 redeemable participating shares 7,737,316 100.00 102,852 1.33 Euro - 52.27% *All cash holdings are held at State Street Bank and Trust Company. 83,316 Deutsche Telekom 1,315,143 17.00 All of the above securities are traded on a recognised stock exchange or 3,567 Elisa 129,910 1.68 traded on a regulated market unless otherwise stated. 675 Iliad 151,774 1.96 86,754 Koninklijke KPN 252,020 3.26 %of 50,786 Orange 703,894 9.10 Total 3,817 Proximus 111,285 1.44 Analysis of Total Assets Assets 289,621 Telecom Italia 229,524 2.96 Transferable securities admitted to an official exchange 115,396 Telefonica 1,060,720 13.71 listing 62.32 19,009 Telefonica Deutschland Holding 90,255 1.16 Other assets 37.68 4,044,525 52.27 Total Assets 100.00 Norwegian Krone - 4.41% 19,055 Telenor 340,982 4.41 340,982 4.41 Pound Sterling - 30.83% 215,528 BT Group 694,412 8.98 11,663 Inmarsat 85,174 1.10 677,517 Vodafone Group 1,605,459 20.75 2,385,045 30.83 Swedish Krona - 4.54% 9,240 Tele2 89,244 1.15 65,980 Telia 262,292 3.39 351,536 4.54 Swiss Franc - 3.68% 657 Swisscom 284,994 3.68 284,994 3.68 Total Common Stock 7,509,934 97.06 Depository Receipts - 1.19% (March 2017: 1.07%) Swedish Krona - 1.19% 1,659 Millicom International Cellular 92,410 1.19 Total Depository Receipts 92,410 1.19 Preferred Stock - 1.27%(March 2017:1.29%) Euro - 1.27% 154,018 Telecom Italia 97,956 1.27 Total Preferred Stock 97,956 1.27
Total Transferable Securities 7,700,300 99.52
194 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR MSCI Europe Telecommunications UCITS ETF
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Purchases Cost EUR
Vodafone Group 2,449,077 Deutsche Telekom 1,960,634 Telefonica 1,602,735 Orange 1,073,212 BT Group 1,046,159 Telenor 437,933 Swisscom 399,209 Koninklijke KPN 380,923 Telia 380,152 Telecom Italia 351,138 Iliad 212,959 Elisa 183,760 Proximus 171,145 TDC 151,121 Telecom Italia 150,237 Inmarsat 148,651 Tele2 127,987 Millicom International Cellular 127,350 Telefonica Deutschland Holding 126,990 SFR Group 13,688 Portfolio Sales Proceeds EUR
Vodafone Group 2,302,765 Deutsche Telekom 1,907,784 Telefonica 1,510,122 Orange 1,002,724 BT Group 1,001,382 Telenor 443,802 Swisscom 393,455 Telia 370,210 Koninklijke KPN 357,937 Telecom Italia 336,178 Iliad 204,276 Elisa 179,629 Proximus 161,934 TDC 146,832 Telecom Italia 142,353 Inmarsat 131,877 Millicom International Cellular 127,449 Tele2 124,563 Telefonica Deutschland Holding 121,172 SFR Group 80,702
A copy of the list of changes in the portfolio during the financial period may be obtained free of charge from the Administrator.
195 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Utilities UCITS ETF Statement of Financial Position as at 30 September 2017
30 September 2017 31 March 2017 EUR EUR
Current assets Financial assets at fair value through profit or loss: Transferable securities 21,091,701 16,510,997 21,091,701 16,510,997
Cash and cash equivalents 38,116 41,595 Debtors: Dividends receivable 20,893 28,324 Miscellaneous income receivable 311 - Total current assets 21,151,021 16,580,916
Current liabilities Creditors - Amounts falling due within one financial year: Accrued expenses (5,085) (4,053) Payable for investment purchased - (30,499) Total current liabilities (5,085) (34,552)
Net assets attributable to holders of redeemable participating shares 21,145,936 16,546,364
30 September 31 March 30 September 2017 2017 2016 Net asset value per share (please refer to note 4 for numbers of shares in issue) EUR 99.51 EUR 94.55 EUR 92.01
The accompanying notes form an integral part of these financial statements.
196 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Utilities UCITS ETF Statement of Comprehensive Income for the financial period ended 30 September 2017
30 September 2017 30 September 2016 Notes EUR EUR
Dividend income 587,744 542,324 Securities lending income 10 3,641 1,659 Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 63,155 50,288 Miscellaneous income 36 59 Total investment income 654,576 594,330
Operating expenses 3 (24,631) (23,055) Net profit for the financial period 629,945 571,275
Finance costs Interest expense (237) (294) Profit for the financial period before tax 629,708 570,981 Witholding tax on investment income 2 (15,290) (29,871) Increase in net assets attributable to holders of redeemable participating shares resulting from operations 614,418 541,110
Gains and losses arose solely from continuing operations. There were no 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.
197 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Utilities UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial period ended 30 September 2017
30 September 2017 30 September 2016 EUR EUR
Net assets attributable to holders of redeemable shares at the beginning of the financial period 16,546,364 17,850,337
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 614,418 541,110
Share transactions Proceeds from redeemable participating shares issued 9,890,266 4,528,587 Costs of redeemable participating shares redeemed (5,905,112) (9,119,237) Increase/(decrease) in net assets from share transactions 3,985,154 (4,590,650)
Total increase/(decrease) in net assets attributable to holders of redeemable participating shares 4,599,572 (4,049,540)
Net assets attributable to holders of redeemable participating shares at the end of the financial period 21,145,936 13,800,797
The accompanying notes form an integral part of these financial statements.
198 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Utilities UCITS ETF Statement of Cash Flows for the financial period ended 30 September 2017
30 September 2017 30 September 2016 EUR EUR
Cash from/(used in):
Operating activities Increase in net assets attributable to holders of redeemable participating shares 614,418 541,110
Adjustment for: Interest expense 237 294 Securities lending income (3,641) (1,659) Dividend income (587,744) (542,324) Taxation on income 15,290 29,871
Total 38,560 27,292
Net movement in financial assets and financial liabilities at fair value through profit or loss (73,856) (59,602) Payments for purchases of investments (13,022,380) (5,604,484) Proceeds from sale of investments 8,485,033 9,726,982 Movement in receivables (311) - Movement in payables 1,032 (771)
Cash (used in)/ generated from operations (4,571,922) 4,089,417
Interest paid (237) (294) Interest received -18 Securities lending income received 3,641 1,659 Dividends received 595,175 531,945 Taxation paid (15,290) (29,871) Net cash (used in)/ generated from operations (3,988,633) 4,592,874
Financing activities Proceeds from redeemable participating shares issued 9,890,266 4,528,587 Payments for redeemable participating shares redeemed (5,905,112) (9,119,237) Net cash generated from/(used in) financing activities 3,985,154 (4,590,650)
Net (decrease)/increase in cash and cash equivalents (3,479) 2,224
Cash and cash equivalents at the beginning of the financial period 41,595 34,131
Cash and cash equivalents at the end of the financial period 38,116 36,355
The accompanying notes form an integral part of these financial statements.
199 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Utilities UCITS ETF Schedule of Investments as at 30 September 2017
%of Fair Value %of Fair Value Net EUR Fund Holding Investment EUR Assets Total value of investments 21,091,701 99.74 Transferable Securities - 99.74%(March 2017: 99.79%) Cash at bank*(March 2017: 0.25%) 38,116 0.18 Common Stock - 99.74%(March 2017:99.79%) Other net assets(March Danish Krone - 2.83% 2017: (0.04)%) 16,119 0.08 12,343 DONG Energy 597,768 2.83 Net assets attributable to holders of 597,768 2.83 redeemable participating shares 21,145,936 100.00 Euro - 70.63% 160,332 E.ON 1,535,339 7.26 *All cash holdings are held at State Street Bank and Trust Company. 174,458 EDP - Energias de Portugal 555,649 2.63 All of the above securities are traded on a recognised stock exchange or 40,252 Electricite de France 413,589 1.96 traded on a regulated market unless otherwise stated. 22,979 Endesa 438,324 2.07 593,073 Enel 3,021,707 14.29 %of 133,385 Engie 1,916,742 9.06 Total Analysis of Total Assets Assets 32,604 Fortum 550,682 2.60 25,708 Gas Natural 481,511 2.28 Transferable securities admitted to an official exchange listing 99.72 418,196 Iberdrola 2,748,384 13.00 Other assets 0.28 10,195 Innogy 383,893 1.82 31,426 Red Electrica 558,754 2.64 Total Assets 100.00 37,673 RWE 724,075 3.42 27,014 Suez 417,231 1.97 103,276 Terna Rete Elettrica Nazionale 510,390 2.41 34,792 Veolia Environnement 680,184 3.22 14,936,454 70.63 Pound Sterling - 26.28% 403,184 Centrica 855,645 4.05 250,584 National Grid 2,629,394 12.43 17,327 Severn Trent 427,299 2.02 73,581 SSE 1,166,569 5.52 49,350 United Utilities Group 478,572 2.26 5,557,479 26.28 Total Common Stock 21,091,701 99.74
Total Transferable Securities 21,091,701 99.74
200 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR MSCI Europe Utilities UCITS ETF
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Purchases Cost EUR
Iberdrola 1,532,523 Enel 1,521,416 National Grid 1,344,251 Engie 1,023,710 E.ON 704,221 SSE 584,054 Centrica 432,971 RWE 370,996 Veolia Environnement 334,276 Red Electrica Corp 297,386 DONG Energy 289,336 EDP - Energias de Portugal 269,394 Gas Natural 265,921 Electricite de France 263,026 Terna Rete Elettrica Nazionale 255,644 United Utilities Group 253,754 Endesa 242,430 Fortum 232,299 Suez 226,211 Severn Trent 219,298 Innogy 183648 Portfolio Sales Proceeds EUR
Iberdrola 933,308 Enel 774,181 National Grid 586,803 Engie 461,093 SSE 435,771 E.ON 414,905 National Grid 394,652 Centrica 313,379 Veolia Environnement 206,699 Red Electrica 185,346 Terna Rete Elettrica Nazionale 182,256 RWE 182,036 United Utilities Group 177,289 Gas Natural 165,011 EDP - Energias de Portugal 161,815 Endesa 158,819 Severn Trent 142,684 Suez 138,641 Fortum 132,952 DONG Energy 125,266
201 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR MSCI Europe Utilities UCITS ETF (continued)
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Sales (continued) Proceeds EUR
Innogy 110,073 Electricite de France 91,606
A copy of the list of changes in the portfolio during the financial period may be obtained free of charge from the Administrator.
202 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Value Weighted UCITS ETF Statement of Financial Position as at 30 September 2017
30 September 2017 31 March 2017 EUR EUR
Current assets Financial assets at fair value through profit or loss: Transferable securities 3,328,815 3,178,420 3,328,815 3,178,420
Cash and cash equivalents 10,945 8,412 Debtors: Dividends receivable 11,565 21,897 Receivable for investments sold 496 416 Total current assets 3,351,821 3,209,145
Current liabilities Creditors - Amounts falling due within one financial year: Accrued expenses (649) (671) Payable for investment purchased (76) (1,351) Total current liabilities (725) (2,022)
Net assets attributable to holders of redeemable participating shares 3,351,096 3,207,123
30 September 31 March 30 September 2017 2017 2016 Net asset value per share (please refer to note 4 for numbers of shares in issue) EUR 33.51 EUR 32.07 EUR 27.38
The accompanying notes form an integral part of these financial statements.
203 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Value Weighted UCITS ETF Statement of Comprehensive Income for the financial period ended 30 September 2017
30 September 2017 30 September 2016 Notes EUR EUR
Dividend income 75,038 67,302 Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 78,234 58,415 Miscellaneous income 707 271 Total investment income 153,979 125,988
Operating expenses 3 (4,063) (3,353) Profit for the financial period before tax 149,916 122,635 Witholding tax on investment income 2 (5,943) (3,948) Increase in net assets attributable to holders of redeemable participating shares resulting from operations 143,973 118,687
Gains and losses arose solely from continuing operations. There were no 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.
204 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Value Weighted UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial period ended 30 September 2017
30 September 2017 30 September 2016 EUR EUR
Net assets attributable to holders of redeemable shares at the beginning of the financial period 3,207,123 2,618,883
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 143,973 118,687
Share transactions Proceeds from redeemable participating shares issued - - Costs of redeemable participating shares redeemed - - Increase in net assets from share transactions - -
Total increase in net assets attributable to holders of redeemable participating shares 143,973 118,687
Net assets attributable to holders of redeemable participating shares at the end of the financial period 3,351,096 2,737,570
The accompanying notes form an integral part of these financial statements.
205 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Value Weighted UCITS ETF Statement of Cash Flows for the financial period ended 30 September 2017
30 September 2017 30 September 2016 EUR EUR
Cash from/(used in):
Operating activities Increase in net assets attributable to holders of redeemable participating shares 143,973 118,687
Adjustment for: Dividend income (75,038) (67,302) Taxation on income 5,943 3,948
Total 74,878 55,333
Net movement in financial assets and financial liabilities at fair value through profit or loss (75,087) (53,708) Payments for purchases of investments (312,693) (422,088) Proceeds from sale of investments 236,030 368,392 Movement in payables (22) 3
Cash used in operations (76,894) (52,068) Dividends received 85,370 75,103 Taxation paid (5,943) (3,948) Net cash generated from operations 2,533 19,087
Financing activities
Net increase in cash and cash equivalents 2,533 19,087
Cash and cash equivalents at the beginning of the financial period 8,412 (8,621)
Cash and cash equivalents at the end of the financial period 10,945 10,466
Cash and cash equivalents - Statement of Financial Position 10,945 10,709 Bank overdraft - Statement of Financial Position - (243)
Cash and cash equivalents - Statement of Cash Flows 10,945 10,466
The accompanying notes form an integral part of these financial statements.
206 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Value Weighted UCITS ETF Schedule of Investments as at 30 September 2017
%of %of Fair Value Net Fair Value Net Holding Investment EUR Assets Holding Investment EUR Assets Transferable Securities - 99.34% (March 2017: 99.11%) Transferable Securities - 99.34% (March 2017: 99.11%) Common Stock - 96.07%(March 2017:95.96%) (continued) Danish Krone - 1.80% Common Stock - 96.07%(March 2017:95.96%) (continued) 5 AP Moller - Maersk 8,036 0.24 Euro - 51.75% (continued) 70 Carlsberg 6,481 0.19 217 Cie de Saint-Gobain 10,941 0.33 435 Danske Bank 14,719 0.44 75 Cie Generale des Etablissements Michelin 9,263 0.28 57 DSV 3,648 0.11 649 CNH Industrial 6,594 0.20 86 ISS 2,926 0.09 199 CNP Assurances 3,946 0.12 406 Novo Nordisk 16,422 0.49 1,536 Commerzbank 17,679 0.53 597 TDC 2,959 0.09 40 Continental 8,590 0.26 65 Vestas Wind Systems 4,935 0.15 63 Covestro 4,583 0.14 60,126 1.80 1,043 Credit Agricole 16,041 0.48 Euro - 51.75% 286 CRH 9,231 0.28 42 Beiersdorf 3,823 0.11 807 Daimler 54,448 1.62 197 Abertis Infraestructuras 3,369 0.10 153 Danone 10,155 0.30 54 Accor 2,270 0.07 1,542 Deutsche Bank 22,560 0.67 166 ACS Actividades de Construccion y Servicios 5,205 0.15 55 Deutsche Boerse 5,044 0.15 33 Adidas 6,316 0.19 285 Deutsche Lufthansa 6,700 0.20 2,831 Aegon 13,951 0.42 407 Deutsche Post 15,330 0.46 15 Aena 2,291 0.07 1,567 Deutsche Telekom 24,735 0.74 156 Ageas 6,203 0.18 101 Deutsche Wohnen 3,628 0.11 112 Air Liquide 12,639 0.38 378 Distribuidora Internacional de Alimentacion 1,865 0.06 219 Airbus Group 17,610 0.53 1,305 E.ON 12,497 0.37 85 Akzo Nobel 6,640 0.20 1,649 EDP - Energias de Portugal 5,252 0.16 264 Allianz 50,147 1.50 59 Eiffage 5,168 0.15 83 Amadeus IT Group 4,564 0.14 676 Electricite de France 6,946 0.21 141 Anheuser-Busch InBev 14,283 0.43 215 Endesa 4,101 0.12 352 ArcelorMittal 7,682 0.23 6,305 Enel 32,124 0.96 43 Arkema 4,461 0.13 1,508 Engie 21,670 0.65 54 ASML Holding 7,779 0.23 1,304 Eni 18,256 0.54 1,222 Assicurazioni Generali 19,259 0.57 180 Erste Group Bank 6,578 0.20 232 Atlantia 6,197 0.18 39 Essilor International 4,085 0.12 44 Atos 5,775 0.17 117 Evonik Industries 3,536 0.11 1,525 AXA 39,025 1.16 115 EXOR 6,170 0.18 4,254 Banco Bilbao Vizcaya Argentaria 32,165 0.96 225 Ferrovial 4,191 0.12 5,020 Banco de Sabadell 8,865 0.26 1,630 Fiat Chrysler Automobiles 24,711 0.74 11,685 Banco Santander 69,023 2.06 193 Fortum 3,260 0.10 941 Bank of Ireland 6,521 0.19 110 Fresenius & Co 7,508 0.22 542 Bankia 2,211 0.07 81 Fresenius Medical Care 6,704 0.20 508 Bankinter 4,066 0.12 251 Galp Energia 3,764 0.11 356 BASF 32,054 0.96 190 Gas Natural 3,559 0.11 223 Bayer 25,712 0.77 64 Groupe Bruxelles Lambert 5,696 0.17 273 Bayerische Motoren Werke (voting) 23,432 0.70 21 Hannover Rueck 2,141 0.06 893 BNP Paribas 60,947 1.82 94 HeidelbergCement 8,175 0.24 138 Boskalis Westminster 4,081 0.12 67 Heineken 5,605 0.17 152 Bouygues 6,103 0.18 14 Henkel 1,441 0.04 75 Brenntag 3,534 0.11 2 Hermes International 853 0.03 1,826 CaixaBank 7,742 0.23 3,038 Iberdrola 19,966 0.60 60 Capgemini 5,950 0.18 144 Industria de Diseno Textil 4,591 0.14 618 Carrefour 10,565 0.31 320 Infineon Technologies 6,806 0.20 114 Casino Guichard Perrachon 5,721 0.17 2,562 ING Groep 39,967 1.19 117 Innogy 4,406 0.13
207 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Value Weighted UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment EUR Assets Holding Investment EUR Assets Transferable Securities - 99.34% (March 2017: 99.11%) Transferable Securities - 99.34% (March 2017: 99.11%) (continued) (continued) Common Stock - 96.07%(March 2017:95.96%) (continued) Common Stock - 96.07%(March 2017:95.96%) (continued) Euro - 51.75% (continued) Euro - 51.75% (continued) 353 International Consolidated Airlines Group 2,379 0.07 141 SCOR 5,002 0.15 9,263 Intesa Sanpaolo 27,715 0.83 241 Siemens 28,727 0.86 111 K+S 2,559 0.08 809 Snam 3,298 0.10 159 KBC Group 11,400 0.34 727 Societe Generale 36,012 1.07 24 Kering 8,089 0.24 42 Sodexo 4,431 0.13 49 Kerry Group 3,983 0.12 505 Stora Enso 6,035 0.18 83 Kone 3,718 0.11 226 Suez 3,491 0.10 787 Koninklijke Ahold Delhaize 12,450 0.37 9,450 Telecom Italia 7,489 0.22 91 Koninklijke DSM 6,303 0.19 2,510 Telefonica 23,072 0.69 795 Koninklijke KPN 2,310 0.07 207 Terna Rete Elettrica Nazionale 1,023 0.03 344 Koninklijke Philips 12,016 0.36 39 Thales 3,735 0.11 109 Lagardere 3,087 0.09 220 Thyssenkrupp 5,517 0.16 54 LANXESS 3,605 0.11 1,399 Total 63,578 1.90 67 Legrand 4,092 0.12 54 UCB 3,252 0.10 245 Leonardo 3,883 0.12 82 Umicore 5,739 0.17 55 Linde 9,705 0.29 1,022 UniCredit 18,416 0.55 44 L'Oreal 7,916 0.24 199 UPM-Kymmene 4,563 0.14 69 LVMH Moet Hennessy Louis Vuitton 16,108 0.48 111 Valeo 6,969 0.21 933 Mapfre 2,570 0.08 397 Veolia Environnement 7,761 0.23 340 Mediobanca 3,087 0.09 221 Vinci 17,768 0.53 40 Merck 3,765 0.11 291 Vivendi 6,233 0.19 202 Metro 3,613 0.11 97 voestalpine 4,185 0.12 136 Muenchener Rueckversicherungs 24,602 0.73 33 Volkswagen 4,727 0.14 725 Natixis 4,908 0.15 92 Vonovia 3,312 0.10 380 NN Group 13,456 0.40 86 Wartsilap 5,151 0.15 2,185 Nokia 11,100 0.33 1,734,260 51.75 87 OMV 4,288 0.13 Norwegian Krone - 1.17% 1,091 Orange 15,121 0.45 761 DNB 12,979 0.39 56 Pernod Ricard 6,555 0.20 507 Norsk Hydro 3,120 0.09 504 Peugeot 10,156 0.30 309 Orkla 2,683 0.08 643 Poste Italiane 4,006 0.12 620 Statoil 10,495 0.31 118 ProSiebenSat.1 Media 3,403 0.10 253 Telenor 4,527 0.14 117 Proximus 3,411 0.10 143 Yara International 5,420 0.16 65 Publicis Groupe 3,841 0.11 39,224 1.17 159 Raiffeisen Bank International 4,508 0.13 Pound Sterling - 27.46% 69 Randstad Holding 3,611 0.11 469 3i Group 4,859 0.15 164 Red Electrica 2,916 0.09 1,044 Anglo American 15,871 0.47 393 RELX (Netherlands listed) 7,078 0.21 194 Ashtead Group 3,961 0.12 155 Renault 12,882 0.38 72 Associated British Foods 2,609 0.08 881 Repsol 13,735 0.41 423 AstraZeneca 23,787 0.71 242 Rexel 3,543 0.11 2,486 Aviva 14,516 0.43 627 RWE 12,051 0.36 971 BAE Systems 6,959 0.21 78 Safran 6,742 0.20 17,024 Barclays 37,355 1.12 471 Saipem 1,718 0.05 443 Barratt Developments 3,089 0.09 149 Sampo 6,663 0.20 108 Berkeley Group Holdings 4,556 0.14 348 Sanofi 29,236 0.87 1,141 BHP Billiton (UK listed) 17,021 0.51 181 SAP 16,777 0.50 10,984 BP 59,498 1.78 202 Schneider Electric 14,873 0.44 329 British American Tobacco 17,444 0.52
208 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Value Weighted UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment EUR Assets Holding Investment EUR Assets Transferable Securities - 99.34% (March 2017: 99.11%) Transferable Securities - 99.34% (March 2017: 99.11%) (continued) (continued) Common Stock - 96.07%(March 2017:95.96%) (continued) Common Stock - 96.07%(March 2017:95.96%) (continued) Pound Sterling - 27.46% (continued) Pound Sterling - 27.46% (continued) 3,828 BT Group 12,333 0.37 239 Smith & Nephew 3,656 0.11 117 Burberry Group 2,337 0.07 175 Smiths Group 3,132 0.09 178 Capita 1,141 0.03 547 SSE 8,672 0.26 69 Carnival 3,714 0.11 2,563 Standard Chartered 21,571 0.64 4,299 Centrica 9,123 0.27 605 Standard Life Aberdeen 2,976 0.09 1,261 Cobham 2,085 0.06 241 Tate & Lyle 1,774 0.05 241 Compass Group 4,330 0.13 2,246 Taylor Wimpey 4,983 0.15 71 DCC 5,838 0.17 8,195 Tesco 17,405 0.52 439 Diageo 12,221 0.36 135 Travis Perkins 2,218 0.07 813 Direct Line Insurance Group 3,355 0.10 420 TUI 6,034 0.18 615 Dixons Carphone 1,350 0.04 273 Unilever 13,381 0.40 225 Experian 3,828 0.11 223 United Utilities Group 2,163 0.06 55 Ferguson 3,056 0.09 16,445 Vodafone Group 38,968 1.16 1,109 G4S 3,503 0.10 45 Whitbread 1,923 0.06 1,005 GKN 3,946 0.12 1,176 Wm Morrison Supermarkets 3,124 0.09 1,100 GlaxoSmithKline 18,582 0.55 1,476 Worldpay Group 6,818 0.20 9,904 Glencore 38,440 1.15 547 WPP 8,598 0.26 12,294 HSBC Holdings 102,841 3.07 920,181 27.46 288 Imperial Brands 10,407 0.31 Swedish Krona - 4.24% 623 Investec 3,853 0.12 225 Assa Abloy 4,337 0.13 941 ITV 1,866 0.06 94 Atlas Copco (Class A Shares) 3,360 0.10 1,303 J Sainsbury 3,518 0.11 167 Boliden 4,771 0.14 82 Johnson Matthey 3,183 0.10 135 Electrolux 3,870 0.11 1,355 Kingfisher 4,590 0.14 186 Essity 4,271 0.13 3,426 Legal & General Group 10,105 0.30 29 Getinge (non-voting rights) 459 0.01 28,204 Lloyds Banking Group 21,679 0.65 209 Getinge (voting rights) 3,307 0.10 85 London Stock Exchange Group 3,695 0.11 209 Hennes & Mauritz 4,570 0.14 1,105 Marks & Spencer Group 4,432 0.13 240 Industrivarden 5,131 0.15 441 Meggitt 2,607 0.08 477 Investor 19,887 0.59 278 Mondi 6,326 0.19 186 Kinnevik 5,119 0.15 1,349 National Grid 14,155 0.42 1,986 Nordea Bank 22,722 0.68 35 Next 2,089 0.06 160 Securitas 2,262 0.07 2,186 Old Mutual 4,818 0.14 693 Skandinaviska Enskilda Banken 7,706 0.23 629 Pearson 4,369 0.13 163 SKF 2,998 0.09 165 Persimmon 4,835 0.14 627 Svenska Handelsbanken 7,986 0.24 948 Prudential 19,220 0.57 368 Swedbank 8,588 0.26 121 Reckitt Benckiser Group 9,356 0.28 225 Swedish Match 6,662 0.20 614 Rio Tinto (UK listed) 24,200 0.72 1,802 Telefonaktiebolaget LM Ericsson 8,734 0.26 727 Rolls-Royce Holdings 7,318 0.22 1,137 Telia 4,520 0.13 2,610 Royal Bank of Scotland Group 7,947 0.24 673 Volvo 10,950 0.33 2,744 Royal Dutch Shell 70,021 2.09 142,210 4.24 2,032 Royal Dutch Shell (Class B Shares) 52,913 1.58 Swiss Franc - 9.37% 1,315 Royal Mail 5,734 0.17 611 ABB 12,787 0.38 866 RSA Insurance Group 6,123 0.18 85 Adecco Group 5,603 0.17 827 Sage Group 6,556 0.20 40 Baloise Holding 5,357 0.16 24 Severn Trent 592 0.02 157 Cie Financiere Richemont 12,147 0.36 221 Shire 9,501 0.28 1,439 Credit Suisse Group 19,285 0.57 311 Sky 3,229 0.10 14 Geberit 5,606 0.17
209 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI Europe Value Weighted UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment EUR Assets Holding Investment EUR Assets Transferable Securities - 99.34% (March 2017: 99.11%) Transferable Securities - 99.34% (March 2017: 99.11%) (continued) (continued) Common Stock - 96.07%(March 2017:95.96%) (continued) Preferred Stock - 1.58%(March 2017:1.71%) Swiss Franc - 9.37% (continued) Euro - 1.58% 2 Givaudan 3,684 0.11 39 Bayerische Motoren Werke 2,940 0.09 86 Julius Baer Group 4,308 0.13 38 Henkel & Co 4,376 0.13 27 Kuehne + Nagel International 4,232 0.13 157 Porsche Automobil Holding 8,493 0.25 187 LafargeHolcim 9,253 0.28 5,151 Telecom Italia 3,276 0.10 725 Nestle 51,401 1.53 245 Volkswagen 33,810 1.01 617 Novartis 44,715 1.33 Total Preferred Stock 52,895 1.58 138 Roche Holding 29,822 0.89 28 Schindler Holding (non-voting rights) 5,236 0.16 Total Transferable Securities 3,328,815 99.34 3 SGS 6,092 0.18 12 Swatch Group (BR) 4,225 0.13 Fair Value %of 31 Swiss Life Holding 9,244 0.27 EUR Fund 39 Swiss Prime Site 2,968 0.09 Total value of investments 3,328,815 99.34 265 Swiss Re 20,317 0.61 Cash at bank* (March 2017: 0.26%) 10,945 0.32 6 Swisscom 2,603 0.08 Other net assets (March 2017: 0.63%) 11,336 0.34 2,420 UBS Group 35,013 1.04 78 Zurich Insurance Group 20,143 0.60 Net assets attributable to holders of redeemable participating shares 3,351,096 100.00 314,041 9.37 United States Dollar - 0.28% *All cash holdings are held at State Street Bank and Trust Company. 149 AerCap Holdings 6,442 0.19 29 NXP Semiconductors 2,774 0.09 All of the above securities are traded on a recognised stock exchange or traded on a regulated market unless otherwise stated. 9,216 0.28 Total Common Stock 3,219,258 96.07 %of Total Depository Receipts - 0.75% (March 2017: 0.60%) Analysis of Total Assets Assets Euro - 0.61% Transferable securities admitted to an official exchange 123 ABN AMRO Group 3,117 0.09 listing 99.30 81 SES 1,499 0.05 Other transferable securities of the type referred to in 317 Unilever 15,863 0.47 Regulation 68(1)(a), (b) and (c) 0.01 20,479 0.61 Other assets 0.69 Swedish Krona - 0.14% Total Assets 100.00 81 Millicom International Cellular 4,512 0.14 4,512 0.14 Total Depository Receipts 24,991 0.75 Real Estate Investment Trust - 0.94% (March 2017: 0.73%) Euro - 0.44% 43 Gecina 5,900 0.18 43 Unibail-Rodamco 8,847 0.26 14,747 0.44 Pound Sterling - 0.50% 740 British Land 5,056 0.15 352 Hammerson 2,145 0.06 278 Land Securities Group 3,068 0.09 1,094 Segro 6,655 0.20 16,924 0.50 Total Real Estate Investment Trust 31,671 0.94
210 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR MSCI Europe Value Weighted UCITS ETF
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Purchases Cost EUR
Daimler 9,500 ING Groep 8,914 Koninklijke Ahold Delhaize 8,777 Segro 7,442 Barclays 7,244 Swedish Match 6,764 RSA Insurance Group 6,251 Atos 5,637 Legal & General Group 5,297 Worldpay Group 5,291 Taylor Wimpey 5,264 WPP 5,207 UBS Group 4,998 Royal Mail 4,936 Aegon 4,792 Persimmon 4,675 Volkswagen 4,603 Tesco 4,446 Bank of Ireland 4,416 HeidelbergCement 4,394 Investec 4,371 Vodafone Group 4,301 Actelion 4,298 Innogy 4,275 Millicom International Cellular 4,227 BNP Paribas 4,224 LafargeHolcim 4,223 Covestro 4,195 G4S 4,159 NN Group 4,129 Boliden 4,074 Berkeley Group Holdings 4,058 CRH 3,202 British American Tobacco 3,134 Danske Bank 3,036 Bayerische Motoren Werke 2,973 Swiss Re 2,435 Sanofi 2,380 Getinge 2,380 Unibail-Rodamco 2,338 Vonovia 2,302
211 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR MSCI Europe Value Weighted UCITS ETF (continued)
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Sales Proceeds EUR
UniCredit 25,887 BP 19,700 Deutsche Bank 13,033 HSBC Holdings 9,918 Royal Dutch Shell 9,455 Banco Santander 6,358 E.ON 5,801 Eni 5,395 Credit Suisse Group 5,186 Standard Chartered 5,057 AP Moller - Maersk 4,846 Aena 4,491 RWE 4,447 Actelion 4,312 Cie Financiere Richemont 4,232 Industrivarden 4,231 Telefonica 4,183 Fiat Chrysler Automobiles 4,158 Glencore 4,067 Volkswagen 4,012 OMV 3,944 Banco Popular Espanol 3,555 Aryzta 2,304 CECONOMY 1,988
A copy of the list of changes in the portfolio during the financial period may be obtained free of charge from the Administrator.
212 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI USA Small Cap Value Weighted UCITS ETF Statement of Financial Position as at 30 September 2017
30 September 2017 31 March 2017 USD USD
Current assets Financial assets at fair value through profit or loss: Transferable securities 56,414,530 77,625,467 56,414,530 77,625,467
Cash and cash equivalents 113,057 543,075 Debtors: Dividends receivable 59,857 92,581 Interest receivable -33 Receivable for investments sold - 37,180 Total current assets 56,587,444 78,298,336
Current liabilities Creditors - Amounts falling due within one financial year: Accrued expenses (12,944) (21,236) Payable for investment purchased - (414,405) Total current liabilities (12,944) (435,641)
Net assets attributable to holders of redeemable participating shares 56,574,500 77,862,695
30 September 31 March 30 September 2017 2017 2016 Net asset value per share (please refer to note 4 for numbers of shares in issue) USD 35.36 USD 33.85 USD 30.36
The accompanying notes form an integral part of these financial statements.
213 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI USA Small Cap Value Weighted UCITS ETF Statement of Comprehensive Income for the financial period ended 30 September 2017
30 September 2017 30 September 2016 Notes USD USD
Dividend income 507,025 219,002 Interest income 147 - Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 1,852,115 1,725,151 Miscellaneous income 3,607 135 Total investment income 2,362,894 1,944,288
Operating expenses 3 (89,279) (33,923) Profit for the financial period before tax 2,273,615 1,910,365 Witholding tax on investment income 2 (102,462) (39,650) Increase in net assets attributable to holders of redeemable participating shares resulting from operations 2,171,153 1,870,715
Gains and losses arose solely from continuing operations. There were no 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.
214 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI USA Small Cap Value Weighted UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial period ended 30 September 2017
30 September 2017 30 September 2016 USD USD
Net assets attributable to holders of redeemable shares at the beginning of the financial period 77,862,695 16,620,593
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 2,171,153 1,870,715
Share transactions Proceeds from redeemable participating shares issued - 20,810,165 Costs of redeemable participating shares redeemed (23,459,348) (2,872,641) (Decrease)/increase in net assets from share transactions (23,459,348) 17,937,524
Total (decrease)/increase in net assets attributable to holders of redeemable participating shares (21,288,195) 19,808,239
Net assets attributable to holders of redeemable participating shares at the end of the financial period 56,574,500 36,428,832
The accompanying notes form an integral part of these financial statements.
215 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI USA Small Cap Value Weighted UCITS ETF Statement of Cash Flows for the financial period ended 30 September 2017
30 September 2017 30 September 2016 USD USD
Cash from/(used in):
Operating activities Increase in net assets attributable to holders of redeemable participating shares 2,171,153 1,870,715
Adjustment for: Interest income (147) - Dividend income (507,025) (219,002) Taxation on income 102,462 39,650
Total 1,766,443 1,691,363
Net movement in financial assets and financial liabilities at fair value through profit or loss (1,849,348) (1,724,839) Payments for purchases of investments (7,985,321) (23,101,239) Proceeds from sale of investments 30,668,381 5,098,041 Movement in payables (8,292) 4,385
Cash generated from/(used in) operations 22,591,863 (18,032,289) Interest received 180 - Dividends received 539,749 203,827 Taxation paid (102,462) (39,650) Net cash generated from/(used in) operations 23,029,330 (17,868,112)
Financing activities Proceeds from redeemable participating shares issued - 20,810,165 Payments for redeemable participating shares redeemed (23,459,348) (2,872,641) Net cash (used in)/generated from financing activities (23,459,348) 17,937,524
Net (decrease)/increase in cash and cash equivalents (430,018) 69,412
Cash and cash equivalents at the beginning of the financial period 543,075 57,401
Cash and cash equivalents at the end of the financial period 113,057 126,813
The accompanying notes form an integral part of these financial statements.
216 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI USA Small Cap Value Weighted UCITS ETF Schedule of Investments as at 30 September 2017
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.72% (March 2017: 99.69%) Transferable Securities - 99.72% (March 2017: 99.69%) Common Stock - 90.25% (March 2017: 90.24%) (continued) United States Dollar - 90.25% Common Stock - 90.25% (March 2017: 90.24%) (continued) 669 1st Source 33,985 0.06 United States Dollar - 90.25% (continued) 492 3D Systems 6,588 0.01 1,977 American Equity Investment Life Holding 57,491 0.10 1,088 A Schulman 37,155 0.07 502 American National Insurance 59,276 0.10 1,492 AAR 56,368 0.10 802 American Outdoor Brands 12,231 0.02 2,898 Aaron's 126,440 0.22 430 American States Water 21,178 0.04 4,101 Abercrombie & Fitch 59,218 0.10 669 Ameris Bancorp 32,112 0.06 203 Abiomed 34,226 0.06 271 AMERISAFE 15,772 0.03 1,457 ABM Industries 60,771 0.11 3,613 Amkor Technology 38,117 0.07 960 Acadia Healthcare 45,850 0.08 669 AMN Healthcare Services 30,573 0.05 2,345 ACCO Brands 27,906 0.05 4,661 AmTrust Financial Services 62,737 0.11 374 Aceto 4,200 0.01 239 Analogic 20,016 0.04 1,248 ACI Worldwide 28,429 0.05 1,438 Andersons 49,251 0.09 509 Acorda Therapeutics 12,038 0.02 1,604 AngioDynamics 27,412 0.05 1,633 Actuant 41,805 0.07 969 Anixter International 82,365 0.15 897 Acxiom 22,102 0.04 326 Apogee Enterprises 15,733 0.03 1,962 Adient 164,788 0.29 740 Applied Industrial Technologies 48,692 0.09 1,356 Adtalem Global Education 48,613 0.09 723 AptarGroup 62,402 0.11 510 ADTRAN 12,240 0.02 2,010 Aqua America 66,712 0.12 465 Advanced Energy Industries 37,553 0.07 1,855 ArcBest 62,050 0.11 534 Advisory Board 28,636 0.05 3,848 Archrock 48,292 0.09 5,245 AECOM 193,068 0.34 975 Argo Group International Holdings 59,962 0.11 532 Aegion 12,385 0.02 667 Arlington Asset Investment 8,491 0.01 934 Aerojet Rocketdyne Holdings 32,699 0.06 1,343 Armstrong Flooring 21,152 0.04 2,334 Air Lease 99,475 0.18 509 Armstrong World Industries 26,086 0.05 2,516 Aircastle 56,082 0.10 4,187 ARRIS International 119,288 0.21 9,952 AK Steel Holding 55,632 0.10 994 Asbury Automotive Group 60,733 0.11 834 Akorn 27,680 0.05 32,865 Ascena Retail Group 80,519 0.14 401 Alamo Group 43,055 0.08 1,516 Ashland Global Holdings 99,131 0.18 225 Albany International 12,915 0.02 2,019 Aspen Insurance Holdings 81,568 0.14 4,400 Alcoa 205,128 0.36 534 Aspen Technology 33,541 0.06 483 Alder Biopharmaceuticals 5,917 0.01 3,751 Associated Banc-Corp 90,962 0.16 1,357 Alere 69,193 0.12 5,490 Assured Guaranty 207,247 0.37 3,247 Allegheny Technologies 77,603 0.14 171 Astec Industries 9,578 0.02 883 ALLETE 68,247 0.12 2,720 Astoria Financial 58,480 0.10 1,656 Allison Transmission Holdings 62,150 0.11 580 Astronics 17,255 0.03 2,912 Allscripts Healthcare Solutions 41,438 0.07 203 athenahealth 25,245 0.04 280 Almost Family 15,036 0.03 123 ATN International 6,482 0.01 252 Alnylam Pharmaceuticals 29,607 0.05 10,398 Atwood Oceanics 97,637 0.17 596 Altisource Portfolio Solutions 15,419 0.03 7,676 Avis Budget Group 292,149 0.52 801 Altra Industrial Motion 38,528 0.07 1,137 Avista 58,862 0.10 780 AMAG Pharmaceuticals 14,391 0.03 11,857 Avon Products 27,627 0.05 4,727 Ambac Financial Group 81,588 0.14 1,741 AVX 31,738 0.06 401 Ambarella 19,653 0.03 305 AZZ 14,854 0.03 771 AMC Entertainment Holdings 11,334 0.02 490 B&G Foods 15,607 0.03 1,136 AMC Networks 66,422 0.12 2,917 Babcock & Wilcox Enterprises 9,714 0.02 223 Amedisys 12,479 0.02 401 Balchem 32,597 0.06 4,156 American Axle & Manufacturing Holdings 73,062 0.13 1,071 Banc of California 22,223 0.04 5,863 American Eagle Outfitters 83,841 0.15 802 BancFirst 45,513 0.08 1,173 Bancorp 9,701 0.02
217 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI USA Small Cap Value Weighted UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.72% (March 2017: 99.69%) Transferable Securities - 99.72% (March 2017: 99.69%) (continued) (continued) Common Stock - 90.25% (March 2017: 90.24%) (continued) Common Stock - 90.25% (March 2017: 90.24%) (continued) United States Dollar - 90.25% (continued) United States Dollar - 90.25% (continued) 2,177 BancorpSouth 69,773 0.12 1,296 Brinker International 41,291 0.07 707 Bank of Hawaii 58,936 0.10 457 Brink's 38,502 0.07 2,018 Bank of the Ozarks 96,965 0.17 2,636 Bristow Group 24,647 0.04 2,947 Bankrate 41,111 0.07 7,964 Brocade Communications Systems 95,170 0.17 2,648 BankUnited 94,189 0.17 4,780 Brookdale Senior Living 50,668 0.09 534 Banner 32,724 0.06 1,628 Brookline Bancorp 25,234 0.04 5,991 Barnes & Noble 45,532 0.08 769 Brooks Automation 23,347 0.04 2,749 Barnes & Noble Education 17,896 0.03 1,311 Brown & Brown 63,177 0.11 643 Barnes Group 45,293 0.08 813 Bruker 24,187 0.04 2,736 Bazaarvoice 13,543 0.02 1,437 Brunswick 80,429 0.14 906 Beacon Roofing Supply 46,432 0.08 1,050 Buckle 17,693 0.03 4,333 Beazer Homes USA 81,200 0.14 224 Buffalo Wild Wings 23,677 0.04 731 Belden 58,867 0.10 2,009 Builders FirstSource 36,142 0.06 2,138 Belmond 29,184 0.05 698 Burlington Stores 66,631 0.12 1,800 Bemis 82,026 0.14 700 BWX Technologies 39,214 0.07 2,385 Benchmark Electronics 81,448 0.14 66 Cable One 47,660 0.08 960 Beneficial Bancorp 15,936 0.03 1,342 Cabot 74,884 0.13 718 Berkshire Hills Bancorp 27,823 0.05 174 Cabot Microelectronics 13,908 0.02 1,359 Berry Global Group 76,987 0.14 605 CACI International 84,307 0.15 1,235 BGC Partners 17,870 0.03 1,516 Caesars Acquisition 32,518 0.06 1,411 Big 5 Sporting Goods 10,794 0.02 2,705 Caesars Entertainment 36,112 0.06 1,151 Big Lots 61,659 0.11 2,010 CalAtlantic Group 73,626 0.13 52 Biglari Holdings 17,331 0.03 160 Calavo Growers 11,712 0.02 4,061 Bill Barrett 17,422 0.03 1,748 Caleres 53,349 0.09 145 Bio-Rad Laboratories 32,222 0.06 548 Calgon Carbon 11,727 0.02 219 Bio-Techne 26,475 0.05 1,563 California Resources 16,349 0.03 1,233 Bioverativ 70,367 0.12 619 California Water Service Group 23,615 0.04 669 BJ's Restaurants 20,371 0.04 2,138 Callaway Golf 30,851 0.05 882 Black Hills 60,743 0.11 1,684 Callon Petroleum 18,928 0.03 401 Blackbaud 35,208 0.06 754 Cal-Maine Foods 30,989 0.05 801 Blackhawk Network Holdings 35,084 0.06 13,054 Calpine 192,546 0.34 2,978 Bloomin' Brands 52,413 0.09 534 Cambrex 29,370 0.05 2,138 Blucora 54,091 0.10 1,095 Camping World Holdings 44,610 0.08 401 Bluebird Bio 55,077 0.10 243 Cantel Medical 22,883 0.04 541 Blueprint Medicines 37,691 0.07 401 Capella Education 28,130 0.05 1,202 BMC Stock Holdings 25,663 0.05 303 Capital Bank Financial 12,438 0.02 254 Bob Evans Farms 19,688 0.03 2,966 Capitol Federal Financial 43,600 0.08 1,470 BofI Holding 41,851 0.07 1,886 CARBO Ceramics 16,276 0.03 1,229 Boise Cascade 42,892 0.08 458 Cardtronics 10,539 0.02 605 BOK Financial 53,893 0.10 908 Carlisle Cos 91,063 0.16 1,839 Booz Allen Hamilton Holding 68,760 0.12 1,649 Carpenter Technology 79,201 0.14 132 Boston Beer 20,618 0.04 670 Carrizo Oil & Gas 11,477 0.02 1,633 Boston Private Financial Holdings 27,026 0.05 1,414 Cars.com 37,627 0.07 1,202 Boyd Gaming 31,312 0.06 768 Carter's 75,840 0.13 415 Brady 15,749 0.03 795 Casey's General Stores 87,013 0.15 417 Bridge Bancorp 14,157 0.03 2,192 Catalent 87,505 0.15 576 Briggs & Stratton 13,536 0.02 1,517 Cathay General Bancorp 60,983 0.11 172 Bright Horizons Family Solutions 14,828 0.03 1,841 Cato 24,356 0.04
218 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI USA Small Cap Value Weighted UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.72% (March 2017: 99.69%) Transferable Securities - 99.72% (March 2017: 99.69%) (continued) (continued) Common Stock - 90.25% (March 2017: 90.24%) (continued) Common Stock - 90.25% (March 2017: 90.24%) (continued) United States Dollar - 90.25% (continued) United States Dollar - 90.25% (continued) 90 Cavium 5,935 0.01 4,474 Conduent 70,108 0.12 2,138 CBIZ 34,742 0.06 459 CONMED 24,084 0.04 1,470 CenterState Bank 39,396 0.07 750 ConnectOne Bancorp 18,450 0.03 509 Central Garden & Pet 18,930 0.03 1,355 Conn's 38,143 0.07 866 Central Pacific Financial 27,868 0.05 5,720 CONSOL Energy 96,897 0.17 995 Century Aluminum 16,497 0.03 1,326 Consolidated Communications Holdings 25,300 0.04 333 Charles River Laboratories International 35,971 0.06 2,490 Convergys 64,466 0.11 448 Chart Industries 17,575 0.03 1,659 Cooper Tire & Rubber 62,047 0.11 898 Cheesecake Factory 37,824 0.07 404 Cooper-Standard Holdings 46,852 0.08 500 Chefs' Warehouse 9,650 0.02 1,780 Copart 61,179 0.11 155 Chemed 31,318 0.06 1,168 CoreLogic 53,985 0.10 1,594 Chemical Financial 83,302 0.15 2,674 Core-Mark Holding 85,942 0.15 1,277 Chemours 64,629 0.11 779 Covanta Holding 11,568 0.02 18,293 Chesapeake Energy 78,660 0.14 826 Cowen 14,703 0.03 251 Chesapeake Utilities 19,641 0.03 243 Cracker Barrel Old Country Store 36,844 0.07 8,358 Chicago Bridge & Iron 140,414 0.25 737 Crane 58,953 0.10 4,469 Chico's FAS 39,998 0.07 643 Cray 12,506 0.02 253 Children's Place 29,892 0.05 43 Credit Acceptance 12,047 0.02 534 Choice Hotels International 34,123 0.06 1,972 Cree 55,591 0.10 204 Churchill Downs 42,065 0.07 716 Crocs 6,945 0.01 1,470 Ciena 32,296 0.06 269 CSG Systems International 10,787 0.02 115 Cimpress 11,231 0.02 2,126 CSRA 68,606 0.12 533 Cincinnati Bell 10,580 0.02 332 CSS Industries 9,568 0.02 1,549 Cinemark Holdings 56,089 0.10 669 CSW Industrials 29,670 0.05 164 CIRCOR International 8,927 0.02 1,202 CTS 28,968 0.05 563 Cirrus Logic 30,019 0.05 474 Cubic 24,174 0.04 366 City Holding 26,319 0.05 1,171 Cullen/Frost Bankers 111,151 0.20 1,141 Clean Harbors 64,695 0.11 628 Curtiss-Wright 65,651 0.12 622 Clearwater Paper 30,633 0.05 416 Customers Bancorp 13,570 0.02 3,339 Cleveland-Cliffs 23,874 0.04 1,438 CVB Financial 34,756 0.06 6,223 CNO Financial Group 145,245 0.26 960 CVR Energy 24,864 0.04 96 Coca-Cola Bottling Consolidated 20,712 0.04 3,902 Cypress Semiconductor 58,608 0.10 3,575 Coeur Mining 32,854 0.06 6,036 Dana 168,767 0.30 313 Cognex 34,518 0.06 3,738 Darling Ingredients 65,490 0.12 148 Coherent 34,805 0.06 210 Dave & Buster's Entertainment 11,021 0.02 2,541 Colfax 105,807 0.19 4,203 Dean Foods 45,729 0.08 1,600 Columbia Banking System 67,376 0.12 660 Deckers Outdoor 45,151 0.08 439 Columbia Sportswear 27,034 0.05 944 Del Taco Restaurants 14,481 0.03 1,470 Columbus McKinnon 55,669 0.10 4,032 Delek US Holdings 107,775 0.19 278 Comfort Systems USA 9,925 0.02 740 Deluxe 53,990 0.10 1,469 Commerce Bancshares 84,864 0.15 79,060 Denbury Resources 105,940 0.19 4,017 Commercial Metals 76,444 0.14 1,202 Depomed 6,960 0.01 675 Community Bank System 37,294 0.07 3,822 Diamond Offshore Drilling 55,419 0.10 19,900 Community Health Systems 152,832 0.27 1,267 Diebold Nixdorf 28,951 0.05 459 Community Trust Bancorp 21,344 0.04 1,013 DigitalGlobe 35,708 0.06 475 CommVault Systems 28,880 0.05 1,297 Dillard's 72,723 0.13 683 Compass Minerals International 44,327 0.08 1,017 Dime Community Bancshares 21,866 0.04 787 Computer Programs & Systems 23,256 0.04 114 DineEquity 4,900 0.01
219 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI USA Small Cap Value Weighted UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.72% (March 2017: 99.69%) Transferable Securities - 99.72% (March 2017: 99.69%) (continued) (continued) Common Stock - 90.25% (March 2017: 90.24%) (continued) Common Stock - 90.25% (March 2017: 90.24%) (continued) United States Dollar - 90.25% (continued) United States Dollar - 90.25% (continued) 931 Diodes 27,865 0.05 669 Envestnet 34,119 0.06 1,071 Diplomat Pharmacy 22,180 0.04 221 EPAM Systems 19,433 0.03 765 Dolby Laboratories 44,003 0.08 537 ePlus 49,646 0.09 3,213 Domtar 139,412 0.25 430 Erie Indemnity 51,845 0.09 1,501 Donaldson 68,956 0.12 221 ESCO Technologies 13,249 0.02 907 Donnelley Financial Solutions 19,555 0.03 261 Esperion Therapeutics 13,081 0.02 162 Dorman Products 11,602 0.02 3,082 Essendant 40,590 0.07 801 Douglas Dynamics 31,559 0.06 1,017 Essent Group 41,188 0.07 761 Dril-Quip 33,598 0.06 421 Esterline Technologies 37,953 0.07 1,677 Drive Shack 6,054 0.01 253 Ethan Allen Interiors 8,197 0.01 1,159 DST Systems 63,606 0.11 363 Euronet Worldwide 34,409 0.06 2,138 DSW 45,924 0.08 564 Evercore 45,261 0.08 421 Dun & Bradstreet 49,009 0.09 1,470 EVERTEC 23,300 0.04 849 Dunkin' Brands Group 45,065 0.08 628 Exact Sciences 29,591 0.05 840 DXP Enterprises 26,452 0.05 326 ExlService Holdings 19,012 0.03 36 Dyax 88 0.00 5,314 Express 35,923 0.06 254 Dycom Industries 21,814 0.04 2,300 Extended Stay America 46,000 0.08 4,749 Dynegy 46,493 0.08 407 Exterran 12,865 0.02 509 Eagle Bancorp 34,128 0.06 2,329 EZCORP 22,126 0.04 311 Eagle Materials 33,184 0.06 480 Fabrinet 17,789 0.03 1,470 Eastman Kodak 10,805 0.02 227 FactSet Research Systems 40,885 0.07 401 Ebix 26,165 0.05 199 Fair Isaac 27,960 0.05 938 Echo Global Logistics 17,681 0.03 3,010 Fairmount Santrol Holdings 14,388 0.03 1,137 EchoStar 65,071 0.12 401 FBL Financial Group 29,874 0.05 674 Edgewell Personal Care 49,047 0.09 669 FCB Financial Holdings 32,313 0.06 233 Editas Medicine 5,594 0.01 178 Federal Agricultural Mortgage 12,948 0.02 543 El Paso Electric 30,001 0.05 1,597 Federal Signal 33,984 0.06 251 Electronics For Imaging 10,713 0.02 1,292 Federated Investors 38,372 0.07 1,441 EMCOR Group 99,977 0.18 1,741 Ferro 38,824 0.07 674 Emergent BioSolutions 27,263 0.05 338 Fiesta Restaurant Group 6,422 0.01 478 Employers Holdings 21,725 0.04 801 Financial Engines 27,835 0.05 387 Enanta Pharmaceuticals 18,112 0.03 1,295 Finisar 28,710 0.05 670 Encore Capital Group 29,681 0.05 2,689 Finish Line 32,349 0.06 492 Encore Wire 22,029 0.04 1,741 FireEye 29,197 0.05 8,179 Endo International 70,053 0.12 2,675 First American Financial 133,670 0.24 1,117 Energen 61,078 0.11 9,233 First BanCorp/Puerto Rico 47,273 0.08 534 Energizer Holdings 24,591 0.04 471 First BanCorp/Southern Pines NC 16,207 0.03 880 EnerSys 60,870 0.11 758 First Busey 23,771 0.04 801 Engility Holdings 27,779 0.05 220 First Citizens BancShares 82,256 0.15 2,455 EnLink Midstream 42,349 0.07 2,765 First Commonwealth Financial 39,069 0.07 1,470 Ennis 28,885 0.05 1,071 First Community Bancshares 31,177 0.06 1,131 Enova International 15,212 0.03 1,123 First Financial Bancorp 29,366 0.05 373 EnPro Industries 30,038 0.05 605 First Financial Bankshares 27,346 0.05 23,246 Ensco 138,779 0.25 1,264 First Hawaiian 38,287 0.07 738 Ensign Group 16,671 0.03 4,555 First Horizon National 87,228 0.15 250 Enstar Group 55,587 0.10 590 First Interstate BancSystem 22,568 0.04 1,326 Entegris 38,255 0.07 860 First Merchants 36,920 0.07 430 Enterprise Financial Services 18,211 0.03 1,331 First Midwest Bancorp 31,172 0.06
220 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI USA Small Cap Value Weighted UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.72% (March 2017: 99.69%) Transferable Securities - 99.72% (March 2017: 99.69%) (continued) (continued) Common Stock - 90.25% (March 2017: 90.24%) (continued) Common Stock - 90.25% (March 2017: 90.24%) (continued) United States Dollar - 90.25% (continued) United States Dollar - 90.25% (continued) 2,805 First Solar 128,693 0.23 6,244 Graphic Packaging Holding 87,104 0.15 787 FirstCash 49,699 0.09 2,138 Gray Television 33,567 0.06 801 Fitbit 5,575 0.01 1,445 Great Lakes Dredge & Dock 7,008 0.01 534 Five Below 29,306 0.05 4,845 Great Plains Energy 146,803 0.26 534 Five Prime Therapeutics 21,846 0.04 534 Great Southern Bancorp 29,717 0.05 938 Flagstar Bancorp 33,280 0.06 1,486 Great Western Bancorp 61,342 0.11 4,146 Flowers Foods 77,986 0.14 417 Green Dot 20,675 0.04 806 Flushing Financial 23,954 0.04 2,382 Green Plains 47,997 0.08 7,971 FNB 111,833 0.20 1,611 Greenbrier Cos 77,570 0.14 2,375 FNFV Group 40,731 0.07 627 Greenlight Capital Re 13,575 0.02 928 FormFactor 15,637 0.03 589 Greif (Class A Share) 34,480 0.06 724 Forum Energy Technologies 11,512 0.02 1,125 Griffon 24,975 0.04 461 Forward Air 26,383 0.05 1,656 Group 1 Automotive 119,994 0.21 5,410 Fossil Group 50,475 0.09 7,025 Groupon 36,530 0.06 335 Franklin Electric 15,025 0.03 669 GrubHub 35,230 0.06 839 Frank's International 6,477 0.01 2,580 Guess? 43,937 0.08 1,677 Fred's 10,800 0.02 254 Guidewire Software 19,776 0.03 833 Fresh Del Monte Produce 37,868 0.07 1,735 Gulfport Energy 24,880 0.04 7,986 Frontier Communications 94,155 0.17 1,470 H&E Equipment Services 42,924 0.08 960 FTI Consulting 34,061 0.06 729 Haemonetics 32,710 0.06 3,700 Fulton Financial 69,375 0.12 1,484 Hain Celestial Group 61,067 0.11 6,150 GameStop 127,059 0.22 669 Halyard Health 30,125 0.05 4,695 Gannett 42,255 0.07 2,120 Hancock Holding 102,714 0.18 912 GATX 56,143 0.10 801 Hanmi Financial 24,791 0.04 674 GCP Applied Technologies 20,692 0.04 1,389 Hanover Insurance Group 134,636 0.24 4,129 Gener8 Maritime 18,622 0.03 3,669 Harmonic 11,190 0.02 630 Generac Holdings 28,936 0.05 2,597 Harsco 54,277 0.10 1,703 General Cable 32,102 0.06 1,202 Haverty Furniture Cos 31,432 0.06 527 General Communication 21,496 0.04 2,297 Hawaiian Electric Industries 76,651 0.14 1,219 Genesco 32,425 0.06 464 Haynes International 16,662 0.03 1,061 Genesee & Wyoming 78,525 0.14 922 HB Fuller 53,531 0.09 3,678 Gentex 72,824 0.13 509 Healthcare Services Group 27,471 0.05 301 Gentherm 11,182 0.02 1,314 HealthSouth 60,904 0.11 61,214 Genworth Financial 235,674 0.42 1,343 Heartland Express 33,682 0.06 1,003 German American Bancorp 38,144 0.07 368 Heartland Financial USA 18,179 0.03 669 Gibraltar Industries 20,839 0.04 3,359 Hecla Mining 16,862 0.03 2,050 G-III Apparel Group 59,491 0.11 360 HEICO (Class A Share) 27,432 0.05 1,168 Glacier Bancorp 44,104 0.08 434 Helen of Troy 42,055 0.07 304 Global Brass & Copper Holdings 10,275 0.02 2,864 Helix Energy Solutions Group 21,165 0.04 678 Globus Medical 20,150 0.04 1,298 Herbalife 88,043 0.16 6,454 GNC Holdings 57,053 0.10 1,103 Herc Holdings 54,190 0.10 669 GoDaddy 29,108 0.05 991 Heritage Financial 29,234 0.05 1,741 GoPro 19,168 0.03 1,871 Heritage Insurance Holdings 24,716 0.04 307 Graco 37,973 0.07 682 Herman Miller 24,484 0.04 168 Graham Holdings 98,297 0.17 12,204 Hertz Global Holdings 272,881 0.48 6,748 Gran Tierra Energy 15,385 0.03 1,215 Hexcel 69,765 0.12 533 Grand Canyon Education 48,407 0.09 801 HFF 31,688 0.06 866 Granite Construction 50,185 0.09 1,537 Hibbett Sports 21,902 0.04
221 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI USA Small Cap Value Weighted UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.72% (March 2017: 99.69%) Transferable Securities - 99.72% (March 2017: 99.69%) (continued) (continued) Common Stock - 90.25% (March 2017: 90.24%) (continued) Common Stock - 90.25% (March 2017: 90.24%) (continued) United States Dollar - 90.25% (continued) United States Dollar - 90.25% (continued) 1,216 Hillenbrand 47,242 0.08 653 Interactive Brokers Group 29,411 0.05 918 Hill-Rom Holdings 67,932 0.12 465 InterDigital 34,294 0.06 2,325 Hilltop Holdings 60,450 0.11 1,097 Interface 24,024 0.04 758 Hilton Grand Vacations 29,282 0.05 1,990 International Bancshares 79,799 0.14 1,007 HMS Holdings 19,999 0.04 494 International Speedway 17,784 0.03 614 HNI 25,463 0.04 801 INTL. FCStone 30,694 0.05 1,994 Home BancShares 50,289 0.09 2,009 Invacare 31,642 0.06 422 HomeStreet 11,394 0.02 484 Investment Technology Group 10,716 0.02 3,748 Hope Bancorp 66,377 0.12 6,653 Investors Bancorp 90,747 0.16 1,213 Horace Mann Educators 47,732 0.08 426 IPG Photonics 78,836 0.14 1,129 Horizon Pharma 14,316 0.03 2,345 Iridium Communications 24,154 0.04 1,131 Hostess Brands 15,449 0.03 164 iRobot 12,638 0.02 1,995 Houghton Mifflin Harcourt 24,040 0.04 526 Itron 40,739 0.07 11,361 Hovnanian Enterprises 21,927 0.04 2,009 ITT 88,938 0.16 212 Howard Hughes 25,001 0.04 90 J&J Snack Foods 11,817 0.02 1,644 HRG Group 25,663 0.05 443 j2 Global 32,729 0.06 842 HSN 32,880 0.06 6,010 Jabil 171,585 0.30 1,147 Hub Group 49,264 0.09 434 Jack in the Box 44,233 0.08 544 Hubbell 63,115 0.11 522 James River Group Holdings 21,653 0.04 4,823 Huntsman 132,247 0.23 22,975 JC Penney 87,535 0.15 326 Huron Consulting Group 11,182 0.02 158 John B Sanfilippo & Son 10,635 0.02 155 Hyster-Yale Materials Handling 11,848 0.02 142 John Bean Technologies 14,356 0.03 635 IAC/InterActiveCorp 74,663 0.13 946 John Wiley & Sons 50,611 0.09 1,221 IBERIABANK 100,305 0.18 482 Juno Therapeutics 21,623 0.04 517 ICF International 27,892 0.05 1,329 K12 23,709 0.04 4,652 Iconix Brand Group 26,470 0.05 98 Kaiser Aluminum 10,108 0.02 203 ICU Medical 37,728 0.07 302 Kaman 16,846 0.03 877 IDACORP 77,115 0.14 3,467 KapStone Paper and Packaging 74,506 0.13 1,604 IDT 22,584 0.04 1,671 KAR Auction Services 79,774 0.14 892 II-VI 36,706 0.06 4,965 KB Home 119,756 0.21 1,343 ILG 35,898 0.06 3,509 KBR 62,741 0.11 1,934 IMAX 43,805 0.08 1,871 Kearny Financial 28,720 0.05 1,850 Impax Laboratories 37,555 0.07 1,533 Kelly Services 38,463 0.07 534 INC Research Holdings 27,928 0.05 2,125 Kemper 112,625 0.20 205 Independent Bank Group 12,362 0.02 915 Kennametal 36,911 0.07 526 Independent Bank/MA 39,266 0.07 1,072 Kennedy-Wilson Holdings 19,886 0.04 1,937 Infinera 17,181 0.03 4,621 Keysight Technologies 192,511 0.34 288 Infinity Property & Casualty 27,130 0.05 1,294 Kimball Electronics 28,015 0.05 500 Ingevity 31,235 0.06 2,009 Kimball International 39,718 0.07 517 Ingles Markets 13,287 0.02 5,270 Kindred Healthcare 35,836 0.06 2,815 InnerWorkings 31,669 0.06 130 Kirby 8,574 0.02 263 Innophos Holdings 12,937 0.02 869 KLX 45,996 0.08 353 Innospec 21,762 0.04 786 Knoll 15,720 0.03 1,968 Insight Enterprises 90,371 0.16 763 Knowles 11,651 0.02 132 Insperity 11,616 0.02 349 Koppers Holdings 16,106 0.03 1,071 Integer Holdings 54,782 0.10 707 Korn/Ferry International 27,877 0.05 530 Integra LifeSciences Holdings 26,754 0.05 1,547 Kosmos Energy 12,314 0.02 763 Integrated Device Technology 20,281 0.04 801 Kraton 32,392 0.06
222 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI USA Small Cap Value Weighted UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.72% (March 2017: 99.69%) Transferable Securities - 99.72% (March 2017: 99.69%) (continued) (continued) Common Stock - 90.25% (March 2017: 90.24%) (continued) Common Stock - 90.25% (March 2017: 90.24%) (continued) United States Dollar - 90.25% (continued) United States Dollar - 90.25% (continued) 961 Kulicke & Soffa Industries 20,729 0.04 401 Manhattan Associates 16,670 0.03 2,138 La Quinta Holdings 37,415 0.07 3,825 Manitowoc 34,425 0.06 1,167 Lakeland Bancorp 23,807 0.04 352 ManTech International 15,541 0.03 481 Lakeland Financial 23,434 0.04 1,202 MarineMax 19,893 0.04 554 Lamb Weston Holdings 25,977 0.05 74 MarketAxess Holdings 13,654 0.02 149 Lancaster Colony 17,898 0.03 382 Marriott Vacations Worldwide 47,570 0.08 1,604 Lands' End 21,173 0.04 1,786 Marten Transport 36,702 0.06 698 Landstar System 69,556 0.12 347 Masimo 30,036 0.05 723 Lannett 13,339 0.02 278 Masonite International 19,238 0.03 834 La-Z-Boy 22,435 0.04 1,663 MasTec 77,163 0.14 143 LCI Industries 16,567 0.03 476 Matador Resources 12,923 0.02 698 LegacyTexas Financial Group 27,864 0.05 810 Materion 34,951 0.06 2,265 Legg Mason 89,037 0.16 1,343 Matrix Service 20,414 0.04 1,216 LendingClub 7,405 0.01 358 Matthews International 22,286 0.04 377 LGI Homes 18,311 0.03 727 MAXIMUS 46,891 0.08 669 LHC Group 47,445 0.08 1,580 MB Financial 71,132 0.13 1,343 Libbey 12,436 0.02 10,896 MBIA 94,795 0.17 1,857 Liberty Expedia Holdings 98,625 0.17 4,512 McDermott International 32,802 0.06 1,010 Liberty Global LiLAC (Class A Shares) 23,998 0.04 539 McGrath RentCorp 23,581 0.04 2,611 Liberty Global LiLAC (Class C Shares) 60,836 0.11 1,041 MDC Holdings 34,572 0.06 352 Liberty Media Corp-Liberty Braves (Class C 1,516 MDC Partners 16,676 0.03 Shares) 8,895 0.02 3,375 MDU Resources Group 87,581 0.15 1,047 Liberty Media-Liberty Formula One 39,880 0.07 1,554 Media General 155 0.00 1,168 Liberty TripAdvisor Holdings 14,425 0.03 332 Medicines 12,297 0.02 1,206 Liberty Ventures 69,405 0.12 401 Medidata Solutions 31,302 0.06 1,489 LifePoint Health 86,213 0.15 534 Mellanox Technologies 25,178 0.04 269 Ligand Pharmaceuticals 36,624 0.06 938 Mercantile Bank 32,736 0.06 866 Lincoln Electric Holdings 79,395 0.14 2,947 Mercer International 34,922 0.06 215 Lindsay 19,759 0.03 707 Mercury General 40,080 0.07 1,548 Lions Gate Entertainment (Class A Shares) 51,781 0.09 702 Meredith 38,961 0.07 3,107 Lions Gate Entertainment (Class B Shares) 98,772 0.17 1,604 Meridian Bancorp 29,915 0.05 911 Lithia Motors 109,602 0.19 866 Merit Medical Systems 36,675 0.06 117 Littelfuse 22,918 0.04 1,230 Meritage Homes 54,612 0.10 697 LivaNova 48,832 0.09 4,523 Meritor 117,643 0.21 2,137 Live Nation Entertainment 93,066 0.16 513 Methode Electronics 21,726 0.04 337 LogMeIn 37,087 0.07 396 MGE Energy 25,582 0.05 1,976 Louisiana-Pacific 53,510 0.09 15,575 MGIC Investment 195,155 0.34 2,010 LPL Financial Holdings 103,656 0.18 2,648 Michaels 56,853 0.10 2,169 LSC Communications 35,810 0.06 788 Microsemi 40,566 0.07 486 Lumber Liquidators Holdings 18,944 0.03 132 MicroStrategy 16,858 0.03 379 Lumentum Holdings 20,599 0.04 416 Minerals Technologies 29,390 0.05 1,071 Luminex 21,773 0.04 2,947 Mitel Networks 24,725 0.04 534 Lydall 30,598 0.05 542 MKS Instruments 51,192 0.09 1,393 M/I Homes 37,235 0.07 507 Mobile Mini 17,466 0.03 214 Madison Square Garden 45,817 0.08 1,151 Modine Manufacturing 22,157 0.04 842 Magellan Health 72,665 0.13 1,247 Molina Healthcare 85,744 0.15 3,914 Maiden Holdings 31,116 0.05 1,405 MoneyGram International 22,635 0.04 604 MainSource Financial Group 21,659 0.04 349 Monro 19,561 0.03
223 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI USA Small Cap Value Weighted UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.72% (March 2017: 99.69%) Transferable Securities - 99.72% (March 2017: 99.69%) (continued) (continued) Common Stock - 90.25% (March 2017: 90.24%) (continued) Common Stock - 90.25% (March 2017: 90.24%) (continued) United States Dollar - 90.25% (continued) United States Dollar - 90.25% (continued) 928 Moog 77,423 0.14 938 NorthWestern 53,410 0.09 269 Morningstar 22,862 0.04 2,629 NOW 36,306 0.06 283 Movado Group 7,924 0.01 8,844 NRG Energy 226,318 0.40 2,023 MRC Global 35,382 0.06 623 NRG Yield (Class A Share) 11,818 0.02 254 MSA Safety 20,196 0.04 1,343 NRG Yield (Class C Share) 25,920 0.05 637 MSC Industrial Direct 48,138 0.09 1,359 Nu Skin Enterprises 83,551 0.15 793 MSG Networks 16,812 0.03 285 NuVasive 15,806 0.03 534 MTS Systems 28,542 0.05 5,392 Oasis Petroleum 49,175 0.09 1,232 Mueller Industries 43,058 0.08 2,607 Oceaneering International 68,486 0.12 2,070 Mueller Water Products 26,496 0.05 3,101 Ocwen Financial 10,667 0.02 401 Multi-Color 32,862 0.06 30,770 Office Depot 139,696 0.25 1,836 Murphy USA 126,684 0.22 2,394 OFG Bancorp 21,905 0.04 330 MYR Group 9,616 0.02 1,695 Oil States International 42,968 0.08 2,213 Myriad Genetics 80,066 0.14 781 Old Dominion Freight Line 85,996 0.15 11,787 Nabors Industries 95,121 0.17 2,931 Old National Bancorp 53,637 0.09 1,071 National Bank Holdings 38,224 0.07 7,400 Old Republic International 145,706 0.26 1,647 National Fuel Gas 93,237 0.16 3,105 Olin 106,346 0.19 876 National General Holdings 16,740 0.03 505 Ollie's Bargain Outlet Holdings 23,432 0.04 235 National HealthCare 14,704 0.03 349 Omnicell 17,816 0.03 739 National Instruments 31,164 0.06 2,675 OMNOVA Solutions 29,291 0.05 46 National Western Life Group 16,054 0.03 681 On Assignment 36,556 0.06 2,534 Nationstar Mortgage Holdings 47,056 0.08 7,377 ON Semiconductor 136,253 0.24 818 Natural Grocers by Vitamin Cottage 4,564 0.01 859 ONE Gas 63,257 0.11 300 Natural Health Trends 7,170 0.01 1,339 OneMain Holdings 37,746 0.07 669 Natus Medical 25,088 0.04 2,408 OPKO Health 16,519 0.03 1,262 Navigant Consulting 21,353 0.04 1,010 Opus Bank 24,240 0.04 548 Navigators Group 31,976 0.06 946 Orbital ATK 125,969 0.22 1,222 Navistar International 53,854 0.10 1,121 Oritani Financial 18,833 0.03 811 NBT Bancorp 29,780 0.05 572 Ormat Technologies 34,921 0.06 2,334 NCR 87,572 0.15 352 Orthofix International 16,632 0.03 131 Neenah Paper 11,207 0.02 1,959 Oshkosh 161,696 0.29 1,326 Nelnet 66,963 0.12 401 OSI Systems 36,639 0.06 401 Neogen 31,061 0.05 635 Otter Tail 27,527 0.05 3,096 Net 1 UEPS Technologies 30,155 0.05 691 Overstock.com 20,523 0.04 438 NETGEAR 20,849 0.04 3,013 Owens & Minor 87,980 0.16 1,003 NetScout Systems 32,447 0.06 2,201 Owens Corning 170,247 0.30 1,500 New Jersey Resources 63,225 0.11 3,670 Owens-Illinois 92,337 0.16 1,097 New Media Investment Group 16,225 0.03 116 Oxford Industries 7,371 0.01 1,644 New York Times 32,222 0.06 674 Pacific Premier Bancorp 25,444 0.04 59 NewMarket 25,119 0.04 146 Pacira Pharmaceuticals 5,482 0.01 1,959 Newpark Resources 19,590 0.03 3,054 PacWest Bancorp 154,258 0.27 658 Nexstar Media Group 40,993 0.07 1,741 Pandora Media 13,406 0.02 1,470 NextEra Energy Partners 59,226 0.10 141 Papa John's International 10,303 0.02 35,999 Noble 165,595 0.29 819 Par Pacific Holdings 17,035 0.03 542 Nordson 64,227 0.11 639 PAREXEL International 56,283 0.10 1,097 Northfield Bancorp 19,033 0.03 268 Park National 28,941 0.05 2,226 Northwest Bancshares 38,443 0.07 11,381 Parker Drilling 12,519 0.02 384 Northwest Natural Gas 24,730 0.04 669 Park-Ohio Holdings 30,506 0.05
224 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI USA Small Cap Value Weighted UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.72% (March 2017: 99.69%) Transferable Securities - 99.72% (March 2017: 99.69%) (continued) (continued) Common Stock - 90.25% (March 2017: 90.24%) (continued) Common Stock - 90.25% (March 2017: 90.24%) (continued) United States Dollar - 90.25% (continued) United States Dollar - 90.25% (continued) 516 Pattern Energy Group 12,436 0.02 272 Qualys 14,090 0.02 2,565 Patterson-UTI Energy 53,711 0.09 1,202 Quanex Building Products 27,586 0.05 7,480 PBF Energy 206,523 0.37 4,123 Quanta Services 154,077 0.27 938 PC Connection 26,442 0.05 10,560 Radian Group 197,366 0.35 812 PDC Energy 39,812 0.07 1,871 Rambus 24,978 0.04 18,624 PDL BioPharma 63,135 0.11 107 Raven Industries 3,467 0.01 2,427 Penn National Gaming 56,768 0.10 1,420 Rayonier Advanced Materials 19,454 0.03 1,944 Penske Automotive Group 92,476 0.16 141 RBC Bearings 17,646 0.03 1,202 Perficient 23,643 0.04 3,247 Realogy Holdings 106,989 0.19 3,930 Performance Food Group 111,022 0.20 405 Red Robin Gourmet Burgers 27,135 0.05 1,097 PerkinElmer 75,660 0.13 1,055 Regal Beloit 83,345 0.15 1,088 PH Glatfelter 21,162 0.04 1,788 Regal Entertainment Group 28,608 0.05 739 PharMerica 21,653 0.04 1,109 Regis 15,825 0.03 4,764 PHH 66,363 0.12 2,060 Reliance Steel & Aluminum 156,910 0.28 1,660 Photronics 14,691 0.03 810 Renasant 34,749 0.06 4,018 Pier 1 Imports 16,835 0.03 1,104 Renewable Energy Group 13,414 0.02 2,138 Pinnacle Entertainment 45,561 0.08 6,976 Rent-A-Center 80,084 0.14 1,116 Pinnacle Financial Partners 74,716 0.13 7,316 Resolute Forest Products 36,946 0.07 1,184 Pinnacle Foods 67,689 0.12 962 Resources Connection 13,372 0.02 258 Piper Jaffray 15,312 0.03 2,237 Rexnord 56,842 0.10 4,633 Pitney Bowes 64,908 0.11 675 RH 47,466 0.08 659 Plantronics 29,141 0.05 1,442 Rice Energy 41,731 0.07 2,316 Platform Specialty Products 25,823 0.05 94,362 Rite Aid 184,950 0.33 609 Plexus 34,153 0.06 348 RLI 19,961 0.04 1,802 PNM Resources 72,621 0.13 1,740 Roadrunner Transportation Systems 16,582 0.03 1,469 PolyOne 58,804 0.10 175 Rogers 23,324 0.04 374 Pool 40,456 0.07 6,744 Rowan 86,660 0.15 4,414 Popular 158,639 0.28 637 Royal Gold 54,807 0.10 1,819 Portland General Electric 83,019 0.15 560 RPC 13,882 0.02 883 Post Holdings 77,942 0.14 1,644 RPM International 84,403 0.15 274 Power Integrations 20,057 0.04 2,279 RPX 30,265 0.05 885 PRA Group 25,355 0.04 10,867 RR Donnelley & Sons 111,930 0.20 534 PRA Health Sciences 40,675 0.07 669 RSP Permian 23,141 0.04 395 Preferred Bank 23,838 0.04 1,237 Rush Enterprises 57,261 0.10 1,818 Premier 59,212 0.10 2,481 Ryder System 209,769 0.37 711 Prestige Brands Holdings 35,614 0.06 714 Ryerson Holding 7,747 0.01 215 PriceSmart 19,189 0.03 896 S&T Bancorp 35,464 0.06 507 Primerica 41,346 0.07 302 Safety Insurance Group 23,043 0.04 493 Primoris Services 14,504 0.03 383 Saia 23,995 0.04 955 ProAssurance 52,191 0.09 3,260 Sally Beauty Holdings 63,831 0.11 665 Progress Software 25,383 0.04 3,214 Sanchez Energy 15,491 0.03 1,707 Prosperity Bancshares 112,201 0.20 676 Sanderson Farms 109,188 0.19 534 Providence Service 28,879 0.05 621 Sandy Spring Bancorp 25,734 0.05 1,669 Provident Financial Services 44,512 0.08 2,894 Sanmina 107,512 0.19 770 PTC 43,336 0.08 649 ScanSource 28,329 0.05 7,054 QEP Resources 60,453 0.11 1,135 Schnitzer Steel Industries 31,950 0.06 2,137 Quad/Graphics 48,318 0.09 494 Scholastic 18,377 0.03 221 Quaker Chemical 32,697 0.06 1,169 Schweitzer-Mauduit International 48,467 0.09
225 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI USA Small Cap Value Weighted UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.72% (March 2017: 99.69%) Transferable Securities - 99.72% (March 2017: 99.69%) (continued) (continued) Common Stock - 90.25% (March 2017: 90.24%) (continued) Common Stock - 90.25% (March 2017: 90.24%) (continued) United States Dollar - 90.25% (continued) United States Dollar - 90.25% (continued) 1,391 SciClone Pharmaceuticals 15,579 0.03 499 Spok Holdings 7,660 0.01 901 Science Applications International 60,232 0.11 1,900 Sprouts Farmers Market 35,663 0.06 2,074 Scientific Games 95,093 0.17 915 SPX 26,846 0.05 566 Scotts Miracle-Gro 55,094 0.10 820 SPX FLOW 31,619 0.06 11 Seaboard 49,555 0.09 3,748 SRC Energy 36,243 0.06 236 SEACOR Holdings 10,882 0.02 622 St Joe 11,725 0.02 237 SEACOR Marine Holdings 3,707 0.01 182 Standard Motor Products 8,782 0.02 5,169 Sears Holdings 37,734 0.07 269 Standex International 28,568 0.05 1,581 SeaWorld Entertainment 20,537 0.04 1,071 State Auto Financial 28,092 0.05 864 Select Comfort 26,827 0.05 1,071 State Bank Financial 30,684 0.05 3,583 Select Medical Holdings 68,794 0.12 1,740 Steelcase 26,796 0.05 1,441 Selective Insurance Group 77,598 0.14 257 Stepan 21,501 0.04 1,295 SemGroup 37,231 0.07 866 Steris 76,554 0.14 739 Semtech 27,749 0.05 2,434 Sterling Bancorp 59,998 0.11 215 Seneca Foods 7,418 0.01 1,045 Steven Madden 45,248 0.08 411 Sensient Technologies 31,614 0.06 596 Stewart Information Services 22,505 0.04 2,109 Service Corp International 72,760 0.13 1,724 Stifel Financial 92,165 0.16 1,458 ServiceMaster Global Holdings 68,132 0.12 496 Stock Yards Bancorp 18,848 0.03 819 ServisFirst Bancshares 31,818 0.06 314 Sturm Ruger & Co 16,234 0.03 279 Shenandoah Telecommunications 10,379 0.02 2,644 Summit Materials 84,687 0.15 357 Shutterfly 17,307 0.03 1,327 SunCoke Energy 12,129 0.02 1,555 Silgan Holdings 45,764 0.08 1,910 SunPower 13,924 0.02 458 Silicon Laboratories 36,594 0.06 996 Super Micro Computer 22,012 0.04 518 Simmons First National 29,992 0.05 3,726 Superior Energy Services 39,794 0.07 507 Simpson Manufacturing 24,863 0.04 306 Superior Industries International 5,095 0.01 1,360 Sinclair Broadcast Group 43,588 0.08 4,994 SUPERVALU 108,619 0.19 337 SiteOne Landscape Supply 19,580 0.03 621 Sykes Enterprises 18,108 0.03 484 Six Flags Entertainment 29,495 0.05 548 Synaptics 21,471 0.04 669 SJW Group 37,865 0.07 333 Synchronoss Technologies 3,107 0.01 2,042 Skechers U.S.A. 51,234 0.09 1,048 SYNNEX 132,582 0.23 938 SkyWest 41,178 0.07 2,513 Synovus Financial 115,749 0.20 8,823 SLM 101,200 0.18 917 Syntel 18,019 0.03 3,864 SM Energy 68,547 0.12 157 Tableau Software 11,758 0.02 1,512 Smart & Final Stores 11,869 0.02 2,341 Tailored Brands 33,804 0.06 866 Snyder's-Lance 33,029 0.06 667 Take-Two Interactive Software 68,187 0.12 2,675 Sonic Automotive 54,570 0.10 2,329 Taylor Morrison Home 51,354 0.09 1,852 Sonoco Products 93,433 0.17 4,754 TCF Financial 81,008 0.14 410 Sotheby's 18,905 0.03 801 Team 10,693 0.02 785 South Jersey Industries 27,106 0.05 2,381 Tech Data 211,552 0.37 531 South State 47,817 0.08 5,466 TEGNA 72,862 0.13 820 Southside Bancshares 29,815 0.05 564 Teledyne Technologies 89,778 0.16 739 Southwest Gas Holdings 57,361 0.10 4,246 Telephone & Data Systems 118,421 0.21 7,159 Southwestern Energy 43,741 0.08 801 TeleTech Holdings 33,442 0.06 700 SP Plus 27,650 0.05 811 Tempur Sealy International 52,326 0.09 2,200 SpartanNash 58,014 0.10 10,147 Tenet Healthcare 166,715 0.29 794 Spire 59,272 0.10 401 Tennant 26,546 0.05 2,750 Spirit AeroSystems Holdings 213,730 0.38 1,978 Tenneco 120,005 0.21 158 Spirit Airlines 5,279 0.01 2,050 Teradata 69,269 0.12
226 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI USA Small Cap Value Weighted UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.72% (March 2017: 99.69%) Transferable Securities - 99.72% (March 2017: 99.69%) (continued) (continued) Common Stock - 90.25% (March 2017: 90.24%) (continued) Common Stock - 90.25% (March 2017: 90.24%) (continued) United States Dollar - 90.25% (continued) United States Dollar - 90.25% (continued) 1,919 Teradyne 71,560 0.13 132 Ultimate Software Group 25,027 0.04 3,286 Terex 147,936 0.26 885 UMB Financial 65,924 0.12 771 TerraForm Global 3,662 0.01 6,835 Umpqua Holdings 133,351 0.24 875 Tetra Tech 40,731 0.07 142 UniFirst 21,513 0.04 4,149 TETRA Technologies 11,866 0.02 1,006 Union Bankshares 35,512 0.06 684 Texas Capital Bancshares 58,687 0.10 3,041 Unisys 25,849 0.05 558 Texas Roadhouse 27,420 0.05 1,391 Unit 28,627 0.05 1,343 TFS Financial 21,663 0.04 2,119 United Bankshares 78,721 0.14 2,058 Third Point Reinsurance 32,105 0.06 1,897 United Community Banks 54,140 0.10 699 Thor Industries 88,011 0.16 1,741 United Financial Bancorp 31,843 0.06 4,916 Time 66,366 0.12 497 United Fire Group 22,773 0.04 1,173 Timken 56,949 0.10 2,139 United Natural Foods 88,961 0.16 788 TimkenSteel 13,002 0.02 188 United States Cellular 6,655 0.01 1,168 Titan International 11,855 0.02 6,024 United States Steel 154,576 0.27 653 Titan Machinery 10,141 0.02 534 Unitil 26,412 0.05 1,071 Tivity Health 43,697 0.08 2,036 Univar 58,901 0.10 1,770 TiVo 35,134 0.06 794 Universal 45,496 0.08 288 Tompkins Financial 24,808 0.04 63 Universal Display 8,118 0.01 938 TopBuild 61,129 0.11 335 Universal Forest Products 32,884 0.06 550 Toro 34,133 0.06 1,072 Universal Insurance Holdings 24,656 0.04 1,680 Tower International 45,696 0.08 1,071 Univest Corp of Pennsylvania 34,272 0.06 747 Towne Bank 25,025 0.04 2,893 Urban Outfitters 69,143 0.12 48,111 Transocean 517,674 0.92 534 US Ecology 28,729 0.05 801 TransUnion 37,855 0.07 5,685 US Foods Holding 151,789 0.27 13,540 TravelCenters of America 57,545 0.10 742 US Silica Holdings 23,054 0.04 1,711 Travelport Worldwide 26,863 0.05 2,090 USG 68,238 0.12 1,343 Tredegar 24,174 0.04 2,010 Validus Holdings 98,912 0.17 956 TreeHouse Foods 64,750 0.11 5,044 Valley National Bancorp 60,780 0.11 401 Trex 36,118 0.06 417 Valmont Industries 65,928 0.12 4,493 TRI Pointe Group 62,048 0.11 1,769 Valvoline 41,483 0.07 1,358 Tribune Media 55,488 0.10 674 Varex Imaging 22,808 0.04 938 TriCo Bancshares 38,223 0.07 349 Vector Group 7,144 0.01 706 TriMas 19,062 0.03 1,071 Vectren 70,440 0.12 1,202 TriNet Group 40,411 0.07 860 Veeco Instruments 18,404 0.03 5,700 Trinity Industries 181,830 0.32 1,817 VeriFone Systems 36,849 0.07 854 Trinseo 57,303 0.10 564 Verint Systems 23,603 0.04 1,382 Triple-S Management 32,726 0.06 1,198 Veritiv 38,935 0.07 874 TriState Capital Holdings 20,015 0.04 977 Versum Materials 37,927 0.07 1,644 Triton International 54,712 0.10 538 Viad 32,764 0.06 2,087 Triumph Group 62,088 0.11 532 ViaSat 34,218 0.06 1,533 Tronox 32,346 0.06 2,026 Viavi Solutions 19,166 0.03 896 TrueBlue 20,115 0.04 801 Village Super Market 19,817 0.04 2,973 TrustCo Bank NY 26,460 0.05 269 Virtus Investment Partners 31,217 0.06 1,475 Trustmark 48,852 0.09 417 Virtusa 15,754 0.03 2,137 TTM Technologies 32,846 0.06 4,017 Vishay Intertechnology 75,520 0.13 886 Tupperware Brands 54,773 0.10 1,691 Vista Outdoor 38,792 0.07 1,915 Tutor Perini 54,386 0.10 526 Visteon 65,103 0.12 132 Tyler Technologies 23,010 0.04 3,284 Vitamin Shoppe 17,569 0.03
227 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI USA Small Cap Value Weighted UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.72% (March 2017: 99.69%) Transferable Securities - 99.72% (March 2017: 99.69%) (continued) (continued) Common Stock - 90.25% (March 2017: 90.24%) (continued) Common Stock - 90.25% (March 2017: 90.24%) (continued) United States Dollar - 90.25% (continued) United States Dollar - 90.25% (continued) 4,149 Vonage Holdings 33,773 0.06 7,102 Zynga 26,846 0.05 1,775 VWR 58,770 0.10 Total Common Stock 51,055,461 90.25 851 Wabash National 19,420 0.03 Corporate Bonds - Nil (March 2017: 0.01%) 2,835 Waddell & Reed Financial 56,898 0.10 Real Estate Investment Trust - 9.47% (March 2017: 9.44%) 620 Walker & Dunlop 32,445 0.06 United States Dollar - 9.47% 2,433 Washington Federal 81,870 0.14 606 Acadia Realty Trust 17,344 0.03 669 Washington Trust Bancorp 38,300 0.07 534 Agree Realty 26,209 0.05 357 Watsco 57,502 0.10 273 Alexander & Baldwin 12,648 0.02 211 Watts Water Technologies 14,601 0.03 22 Alexander's 9,330 0.02 1,723 Webster Financial 90,544 0.16 1,979 Altisource Residential 21,987 0.04 630 Weight Watchers International 27,437 0.05 534 American Assets Trust 21,237 0.04 221 Weis Markets 9,614 0.02 1,164 American Campus Communities 51,391 0.09 3,068 Welbilt 70,717 0.12 1,871 American Homes 4 Rent 40,619 0.07 750 WellCare Health Plans 128,805 0.23 3,628 Anworth Mortgage Asset 21,804 0.04 2,435 Wendy's 37,816 0.07 834 Apartment Investment & Management 36,579 0.06 774 Werner Enterprises 28,290 0.05 3,149 Apollo Commercial Real Estate Finance 57,028 0.10 1,202 WesBanco 49,306 0.09 3,078 Apple Hospitality 58,205 0.10 960 Wesco Aircraft Holdings 9,024 0.02 711 ARMOUR Residential REIT 19,126 0.03 1,910 WESCO International 111,257 0.20 2,851 Ashford Hospitality Trust 19,016 0.03 851 West 19,973 0.04 1,788 Blackstone Mortgage Trust 55,464 0.10 405 West Pharmaceutical Services 38,985 0.07 2,518 Brandywine Realty Trust 44,040 0.08 401 Westamerica Bancorporation 23,876 0.04 3,934 Capstead Mortgage 37,963 0.07 1,502 Western Alliance Bancorp 79,726 0.14 6,495 CBL & Associates Properties 54,493 0.10 478 WEX 53,641 0.09 1,374 Cedar Realty Trust 7,722 0.01 818 WGL Holdings 68,876 0.12 1,072 Chatham Lodging Trust 22,855 0.04 83 White Mountains Insurance Group 71,131 0.13 874 Chesapeake Lodging Trust 23,572 0.04 9,644 Whiting Petroleum 52,656 0.09 5,387 Chimera Investment 101,922 0.18 613 William Lyon Homes 14,093 0.02 2,169 Columbia Property Trust 47,219 0.08 1,811 Williams-Sonoma 90,296 0.16 2,047 CoreCivic 54,798 0.10 22,504 Windstream Holdings 39,832 0.07 269 CoreSite Realty 30,101 0.05 1,071 Winnebago Industries 47,927 0.08 1,326 Corporate Office Properties Trust 43,533 0.08 1,049 Wintrust Financial 82,147 0.15 4,672 Cousins Properties 43,636 0.08 2,500 Wolverine World Wide 72,125 0.13 1,883 CubeSmart 48,883 0.09 676 Woodward 52,464 0.09 259 CyrusOne 15,263 0.03 172 World Acceptance 14,257 0.03 4,611 CYS Investments 39,839 0.07 7,146 World Fuel Services 242,321 0.43 875 DCT Industrial Trust 50,680 0.09 994 Worthington Industries 45,724 0.08 5,962 DDR 54,612 0.10 7,962 WPX Energy 91,563 0.16 3,231 DiamondRock Hospitality 35,379 0.06 1,071 Wright Medical Group 27,707 0.05 1,097 Douglas Emmett 43,244 0.08 565 WSFS Financial 27,544 0.05 2,914 Dynex Capital 21,185 0.04 1,343 Xcerra 13,229 0.02 1,375 Easterly Government Properties 28,421 0.05 801 Xperi 20,265 0.04 275 EastGroup Properties 24,233 0.04 1,788 XPO Logistics 121,191 0.21 702 Education Realty Trust 25,223 0.04 669 Yelp 28,968 0.05 1,202 Empire State Realty Trust 24,689 0.04 4,616 YRC Worldwide 63,701 0.11 746 EPR Properties 52,026 0.09 486 Zebra Technologies 52,770 0.09 1,231 Equity Commonwealth 37,422 0.07 495 Zumiez 8,960 0.02 398 Equity LifeStyle Properties 33,862 0.06
228 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI USA Small Cap Value Weighted UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.72% (March 2017: 99.69%) Transferable Securities - 99.72% (March 2017: 99.69%) (continued) (continued) Real Estate Investment Trust - 9.47% (March 2017: 9.44%) Real Estate Investment Trust - 9.47% (March 2017: 9.44%) (continued) (continued) United States Dollar - 9.47% (continued) United States Dollar - 9.47% (continued) 723 First Industrial Realty Trust 21,755 0.04 944 Pebblebrook Hotel Trust 34,116 0.06 2,408 First Potomac Realty Trust 26,825 0.05 806 Pennsylvania Real Estate Investment Trust 8,455 0.01 3,586 Forest City Realty Trust 91,479 0.16 3,041 PennyMac Mortgage Investment Trust 52,883 0.09 758 Four Corners Property Trust 18,889 0.03 1,472 Physicians Realty Trust 26,099 0.05 1,595 Franklin Street Properties 16,939 0.03 2,289 Piedmont Office Realty Trust 46,146 0.08 1,687 Gaming and Leisure Properties 62,233 0.11 496 Potlatch 25,296 0.04 2,467 GEO Group 66,362 0.12 177 PS Business Parks 23,630 0.04 1,129 Global Net Lease 24,714 0.04 401 QTS Realty Trust 20,996 0.04 699 Government Properties Income Trust 13,120 0.02 3,906 Quality Care Properties 60,543 0.11 1,796 Gramercy Property Trust 54,329 0.10 1,611 Ramco-Gershenson Properties Trust 20,959 0.04 1,317 Healthcare Realty Trust 42,592 0.08 1,918 Rayonier 55,411 0.10 1,373 Healthcare Trust of America 40,915 0.07 2,580 Redwood Trust 42,028 0.07 1,202 Hersha Hospitality Trust 22,441 0.04 2,645 Resource Capital 28,513 0.05 713 Highwoods Properties 37,140 0.07 844 Retail Opportunity Investments 16,044 0.03 2,814 Hospitality Properties Trust 80,171 0.14 3,250 Retail Properties of America 42,673 0.08 1,693 Hudson Pacific Properties 56,766 0.10 1,071 Rexford Industrial Realty 30,652 0.05 1,025 Independence Realty Trust 10,424 0.02 2,660 RLJ Lodging Trust 58,520 0.10 912 InfraREIT 20,401 0.04 374 Ryman Hospitality Properties 23,371 0.04 5,052 Invesco Mortgage Capital 86,541 0.15 3,212 Sabra Health Care 70,471 0.12 3,616 Investors Real Estate Trust 22,094 0.04 729 Select Income REIT 17,073 0.03 2,138 iStar 25,228 0.04 3,412 Senior Housing Properties Trust 66,705 0.12 900 JBG SMITH Properties 30,789 0.05 230 Seritage Growth Properties 10,596 0.02 946 Kilroy Realty 67,280 0.12 10,109 Spirit Realty Capital 86,634 0.15 1,327 Kite Realty Group Trust 26,872 0.05 938 STAG Industrial 25,767 0.05 1,883 Ladder Capital 25,948 0.05 5,351 Starwood Property Trust 116,224 0.21 750 Lamar Advertising 51,398 0.09 801 Starwood Waypoint Homes 29,132 0.05 2,356 LaSalle Hotel Properties 68,371 0.12 1,923 STORE Capital 47,825 0.08 2,424 Lexington Realty Trust 24,773 0.04 2,039 Summit Hotel Properties 32,604 0.06 785 Life Storage 64,221 0.11 665 Sun Communities 56,977 0.10 357 LTC Properties 16,772 0.03 4,540 Sunstone Hotel Investors 72,958 0.13 883 Mack-Cali Realty 20,936 0.04 1,054 Tanger Factory Outlet Centers 25,739 0.05 3,853 Medical Properties Trust 50,590 0.09 172 Taubman Centers 8,548 0.02 8,663 MFA Financial 75,888 0.13 938 Terreno Realty 33,937 0.06 1,818 MGM Growth Properties 54,922 0.10 580 Tier REIT 11,194 0.02 930 MTGE Investment 18,042 0.03 8,566 Two Harbors Investment 86,345 0.15 315 National Health Investors 24,346 0.04 2,691 Uniti Group 39,450 0.07 1,202 National Storage Affiliates Trust 29,136 0.05 350 Urban Edge Properties 8,442 0.01 6,466 New Residential Investment 108,176 0.19 4,175 Washington Prime Group 34,778 0.06 985 New Senior Investment Group 9,013 0.02 613 Washington Real Estate Investment Trust 20,082 0.04 6,250 New York Mortgage Trust 38,438 0.07 1,039 Weingarten Realty Investors 32,978 0.06 1,955 New York REIT 15,347 0.03 1,629 Western Asset Mortgage Capital 17,056 0.03 3,077 NorthStar Realty Europe 39,416 0.07 1,338 WP Carey 90,168 0.16 2,927 Omega Healthcare Investors 93,401 0.16 2,670 Xenia Hotels & Resorts 56,204 0.10 2,281 Outfront Media 57,436 0.10 Total Real Estate Investment Trust 5,359,069 9.47 10,864 Paramount Group 173,824 0.31 2,261 Park Hotels & Resorts 62,313 0.11 Total Transferable Securities 56,414,530 99.72 1,782 Parkway 41,039 0.07
229 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI USA Small Cap Value Weighted UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
Fair Value %of USD Fund Total value of investments 56,414,530 99.72 Cash at bank* (March 2017: 0.70%) 113,057 0.20 Other net assets (March 2017: (0.39)%) 46,913 0.08 Net assets attributable to holders of redeemable participating shares 56,574,500 100.00
*All cash holdings are held at State Street Bank and Trust Company.
All of the above securities are traded on a recognised stock exchange or traded on a regulated market unless otherwise stated.
%of Total Analysis of Total Assets Assets Transferable securities admitted to an official exchange listing 99.69 Other assets 0.31
Total Assets 100.00
230 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR MSCI USA Small Cap Value Weighted UCITS ETF
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Purchases Cost USD
Rite Aid 378,945 Calpine 199,214 Frontier Communications (Extinct) 171,544 US Foods Holding 143,820 Ashland Global Holdings 118,626 Frontier Communications 99,624 Avis Budget Group 89,281 TEGNA 84,727 Spirit AeroSystems Holdings 81,739 Liberty Expedia Holdings 78,259 Chicago Bridge & Iron 74,560 JC Penney 68,657 Liberty Global LiLAC (Class C Shares) 64,984 Alcoa 62,591 Edgewell Personal Care 58,514 AECOM 57,803 Hertz Global Holdings 57,321 ARRIS International 56,085 Ryder System 53,138 Quality Care Properties 52,460 Portfolio Sales Proceeds USD
Community Health Systems 296,654 Zions Bancorporation 295,567 Transocean 212,361 East West Bancorp 206,961 SVB Financial Group 188,069 Leidos Holdings 188,061 American Financial Group 186,571 Steel Dynamics 182,233 Allied World Assurance Holdings 179,907 Chesapeake Energy 174,725 Keysight Technologies 172,097 Jabil 167,224 Tech Data 158,001 TESORO 153,635 NVR 153,122 NRG Energy 150,567 Assured Guaranty 148,543 Huntsman 147,199 Trinity Industries 138,529 HD Supply Holdings 126,458
A copy of the list of changes in the portfolio during the financial period may be obtained free of charge from the Administrator.
231 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI USA Value Weighted UCITS ETF Statement of Financial Position as at 30 September 2017
30 September 2017 31 March 2017 USD USD
Current assets Financial assets at fair value through profit or loss: Transferable securities 25,737,355 24,190,451 25,737,355 24,190,451
Cash and cash equivalents 68,776 51,010 Debtors: Dividends receivable 20,548 24,148 Total current assets 25,826,679 24,265,609
Current liabilities Creditors - Amounts falling due within one financial year: Accrued expenses (5,034) (5,176) Total current liabilities (5,034) (5,176)
Net assets attributable to holders of redeemable participating shares 25,821,645 24,260,433
30 September 31 March 30 September 2017 2017 2016 Net asset value per share (please refer to note 4 for numbers of shares in issue) USD 36.89 USD 34.66 USD 30.92
The accompanying notes form an integral part of these financial statements.
232 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI USA Value Weighted UCITS ETF Statement of Comprehensive Income for the financial period ended 30 September 2017
30 September 2017 30 September 2016 Notes USD USD
Dividend income 290,953 218,373 Interest income 33 - Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 1,343,840 320,134 Miscellaneous income 339 266 Total investment income 1,635,165 538,773
Operating expenses 3 (30,845) (23,197) Profit for the financial period before tax 1,604,320 515,576 Witholding tax on investment income 2 (43,108) (33,026) Increase in net assets attributable to holders of redeemable participating shares resulting from operations 1,561,212 482,550
Gains and losses arose solely from continuing operations. There were no 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.
233 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI USA Value Weighted UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial period ended 30 September 2017
30 September 2017 30 September 2016 USD USD
Net assets attributable to holders of redeemable shares at the beginning of the financial period 24,260,433 5,794,077
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 1,561,212 482,550
Share transactions Proceeds from redeemable participating shares issued - 52,410,049 Costs of redeemable participating shares redeemed - (3,030,665) Increase in net assets from share transactions - 49,379,384
Total increase in net assets attributable to holders of redeemable participating shares 1,561,212 49,861,934
Net assets attributable to holders of redeemable participating shares at the end of the financial period 25,821,645 55,656,011
The accompanying notes form an integral part of these financial statements.
234 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI USA Value Weighted UCITS ETF Statement of Cash Flows for the financial period ended 30 September 2017
30 September 2017 30 September 2016 USD USD
Cash from/(used in):
Operating activities Increase in net assets attributable to holders of redeemable participating shares 1,561,212 482,550
Adjustment for: Interest income (33) - Dividend income (290,953) (218,373) Taxation on income 43,108 33,026
Total 1,313,334 297,203
Net movement in financial assets and financial liabilities at fair value through profit or loss (1,343,840) (320,134) Payments for purchases of investments (1,909,753) (53,536,730) Proceeds from sale of investments 1,706,689 4,217,465 Movement in payables (142) 9,914
Cash used in operations (233,712) (49,332,282) Interest received 33 - Dividends received 294,553 172,891 Taxation paid (43,108) (33,026) Net cash generated from/(used in) operations 17,766 (49,192,417)
Financing activities Proceeds from redeemable participating shares issued - 52,410,049 Payments for redeemable participating shares redeemed - (3,030,665) Net cash generated from financing activities - 49,379,384
Net increase in cash and cash equivalents 17,766 186,967
Cash and cash equivalents at the beginning of the financial period 51,010 24,283
Cash and cash equivalents at the end of the financial period 68,776 211,250
The accompanying notes form an integral part of these financial statements.
235 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI USA Value Weighted UCITS ETF Schedule of Investments as at 30 September 2017
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.67%(March 2017: 99.71%) Transferable Securities - 99.67%(March 2017: 99.71%) Common Stock - 97.77%(March 2017:97.84%) (continued) United States Dollar - 97.77% Common Stock - 97.77%(March 2017:97.84%) (continued) 414 3M 86,899 0.34 United States Dollar - 97.77% (continued) 1,366 Abbott Laboratories 72,890 0.28 51 ANSYS 6,259 0.02 1,000 AbbVie 88,860 0.34 374 Antero Resources 7,443 0.03 501 Accenture 67,670 0.26 505 Anthem 95,889 0.37 392 Activision Blizzard 25,288 0.10 83 AO Smith 4,933 0.02 33 Acuity Brands 5,652 0.02 215 Aon 31,412 0.12 124 Adobe Systems 18,498 0.07 623 Apache 28,533 0.11 74 Advance Auto Parts 7,341 0.03 4,871 Apple 750,719 2.91 267 Advanced Micro Devices 3,404 0.01 683 Applied Materials 35,577 0.14 2,061 AES 22,712 0.09 402 Aramark 16,325 0.06 509 Aetna 80,936 0.31 181 Arch Capital Group 17,829 0.07 62 Affiliated Managers Group 11,769 0.05 1,775 Archer-Daniels-Midland 75,455 0.29 822 Aflac 66,903 0.26 893 Arconic 22,218 0.09 175 AGCO 12,910 0.05 21 Arista Networks 3,982 0.02 216 Agilent Technologies 13,867 0.05 287 Arrow Electronics 23,078 0.09 205 Air Products & Chemicals 31,000 0.12 184 Arthur J Gallagher & Co 11,325 0.04 202 Akamai Technologies 9,841 0.04 144 Assurant 13,755 0.05 98 Albemarle 13,358 0.05 10,140 AT&T 397,184 1.54 136 Alexion Pharmaceuticals 19,079 0.07 115 Athene Holding 6,192 0.02 23 Align Technology 4,284 0.02 105 Atmos Energy 8,803 0.03 36 Alkermes 1,830 0.01 15 Autodesk 1,684 0.01 32 Alleghany 17,728 0.07 134 Autoliv 16,562 0.06 45 Allegion 3,891 0.02 276 Automatic Data Processing 30,172 0.12 418 Allergan 85,669 0.33 284 AutoNation 13,479 0.05 55 Alliance Data Systems 12,185 0.05 27 AutoZone 16,068 0.06 272 Alliant Energy 11,307 0.04 84 Avery Dennison 8,261 0.03 742 Allstate 68,197 0.26 641 Avnet 25,191 0.10 1,457 Ally Financial 35,347 0.14 170 Axalta Coating Systems 4,916 0.02 157 Alphabet (Class A) 152,874 0.59 232 Axis Capital Holdings 13,296 0.05 170 Alphabet (Class C) 163,049 0.63 387 Baker Hughes 14,172 0.05 1,129 Altria Group 71,601 0.28 262 Ball 10,821 0.04 89 Amazon.com 85,560 0.33 24,500 Bank of America 620,830 2.40 12 AMERCO 4,499 0.02 1,979 Bank of New York Mellon 104,927 0.41 312 Ameren 18,046 0.07 566 Baxter International 35,517 0.14 415 American Airlines Group 19,708 0.08 1,726 BB&T 81,018 0.31 717 American Electric Power 50,362 0.20 135 Becton Dickinson and Co 26,453 0.10 1,154 American Express 104,391 0.40 559 Bed Bath & Beyond 13,120 0.05 110 American Financial Group 11,380 0.04 1,828 Berkshire Hathaway 335,109 1.30 2,353 American International Group 144,451 0.56 699 Best Buy 39,815 0.15 167 American Water Works 13,512 0.05 217 Biogen 67,947 0.26 231 Ameriprise Financial 34,306 0.13 29 BioMarin Pharmaceutical 2,699 0.01 644 AmerisourceBergen 53,291 0.21 123 BlackRock 54,992 0.21 201 AMETEK 13,274 0.05 577 Boeing 146,679 0.57 737 Amgen 137,414 0.53 399 BorgWarner 20,441 0.08 209 Amphenol 17,690 0.07 774 Boston Scientific 22,578 0.09 545 Anadarko Petroleum 26,623 0.10 219 Brighthouse Financial 13,315 0.05 241 Analog Devices 20,767 0.08 978 Bristol-Myers Squibb 62,338 0.24 515 Andeavor 53,122 0.21 147 Broadcom 35,653 0.14 65 Broadridge Financial Solutions 5,253 0.02
236 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI USA Value Weighted UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.67%(March 2017: 99.71%) Transferable Securities - 99.67%(March 2017: 99.71%) (continued) (continued) Common Stock - 97.77%(March 2017:97.84%) (continued) Common Stock - 97.77%(March 2017:97.84%) (continued) United States Dollar - 97.77% (continued) United States Dollar - 97.77% (continued) 97 Brown-Forman 5,267 0.02 317 Comerica 24,174 0.09 568 Bunge 39,453 0.15 162 CommScope Holding 5,380 0.02 367 CA 12,250 0.05 402 Conagra Brands 13,563 0.05 251 Cabot Oil & Gas 6,714 0.03 125 Concho Resources 16,465 0.06 159 Cadence Design Systems 6,276 0.02 1,671 ConocoPhillips 83,634 0.32 160 Campbell Soup 7,491 0.03 454 Consolidated Edison 36,629 0.14 1,299 Capital One Financial 109,973 0.43 127 Constellation Brands 25,330 0.10 1,006 Cardinal Health 67,322 0.26 94 Continental Resources 3,629 0.01 242 CarMax 18,346 0.07 33 Cooper 7,825 0.03 416 Carnival 26,861 0.10 20 Core Laboratories 1,974 0.01 670 Caterpillar 83,556 0.32 1,459 Corning 43,653 0.17 52 CBOE Holdings 5,597 0.02 15 CoStar Group 4,024 0.02 435 CBRE Group 16,478 0.06 561 Costco Wholesale 92,167 0.36 452 CBS 26,216 0.10 307 Coty 5,075 0.02 52 CDK Global 3,281 0.01 29 CR Bard 9,295 0.04 217 CDW 14,322 0.06 214 Crown Holdings 12,780 0.05 150 Celanese 15,641 0.06 789 CSX 42,811 0.17 273 Celgene 39,809 0.15 217 Cummins 36,463 0.14 296 Centene 28,644 0.11 2,316 CVS Health 188,337 0.73 428 CenterPoint Energy 12,502 0.05 640 Danaher 54,899 0.21 1,728 CenturyLink 32,659 0.13 120 Darden Restaurants 9,454 0.04 219 Cerner 15,619 0.06 248 DaVita 14,729 0.06 567 CF Industries Holdings 19,936 0.08 347 Deere & Co 43,580 0.17 194 CH Robinson Worldwide 14,763 0.06 379 Dell Technologies 29,263 0.11 723 Charles Schwab 31,624 0.12 304 Delphi Automotive 29,914 0.12 251 Charter Communications 91,218 0.35 381 Delta Air Lines 18,372 0.07 34 Cheniere Energy 1,531 0.01 195 Dentsply Sirona 11,663 0.05 3,311 Chevron 389,043 1.51 655 Devon Energy 24,045 0.09 19 Chipotle Mexican Grill 5,849 0.02 24 DexCom 1,174 0.00 700 Chubb 99,785 0.39 51 Diamondback Energy 4,996 0.02 143 Church & Dwight 6,928 0.03 153 Dick's Sporting Goods 4,133 0.02 337 Cigna 62,999 0.24 760 Discover Financial Services 49,005 0.19 67 Cimarex Energy 7,616 0.03 257 Discovery Communications (Class A Shares) 5,472 0.02 221 Cincinnati Financial 16,922 0.07 392 Discovery Communications (Class C Shares) 7,942 0.03 65 Cintas 9,378 0.04 226 DISH Network 12,256 0.05 5,996 Cisco Systems 201,645 0.78 394 Dollar General 31,934 0.12 411 CIT Group 20,160 0.08 253 Dollar Tree 21,965 0.09 8,614 Citigroup 626,582 2.43 548 Dominion Energy 42,158 0.16 1,308 Citizens Financial Group 49,534 0.19 20 Domino's Pizza 3,971 0.02 109 Citrix Systems 8,373 0.03 175 Dover 15,993 0.06 86 Clorox 11,344 0.04 2,555 DowDuPont 176,883 0.69 379 CME Group 51,423 0.20 493 DR Horton 19,686 0.08 355 CMS Energy 16,444 0.06 142 Dr Pepper Snapple Group 12,563 0.05 293 Coach 11,802 0.05 267 DTE Energy 28,665 0.11 2,631 Coca-Cola 118,421 0.46 1,037 Duke Energy 87,025 0.34 514 Cognizant Technology Solutions 37,286 0.14 263 DXC Technology 22,586 0.09 422 Colgate-Palmolive 30,743 0.12 462 E*TRADE Financial 20,148 0.08 5,054 Comcast 194,478 0.75 200 East West Bancorp 11,956 0.05
237 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI USA Value Weighted UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.67%(March 2017: 99.71%) Transferable Securities - 99.67%(March 2017: 99.71%) (continued) (continued) Common Stock - 97.77%(March 2017:97.84%) (continued) Common Stock - 97.77%(March 2017:97.84%) (continued) United States Dollar - 97.77% (continued) United States Dollar - 97.77% (continued) 277 Eastman Chemical 25,066 0.10 133 Garmin 7,178 0.03 595 Eaton 45,690 0.18 40 Gartner 4,976 0.02 101 Eaton Vance 4,986 0.02 262 General Dynamics 53,862 0.21 1,424 eBay 54,767 0.21 8,672 General Electric 209,689 0.81 208 Ecolab 26,751 0.10 581 General Mills 30,073 0.12 489 Edison International 37,736 0.15 6,244 General Motors 252,133 0.98 66 Edwards Lifesciences 7,214 0.03 198 Genuine Parts 18,939 0.07 120 Electronic Arts 14,167 0.05 2,941 Gilead Sciences 238,280 0.92 678 Eli Lilly & Co 57,996 0.22 102 Global Payments 9,693 0.04 735 Emerson Electric 46,187 0.18 809 Goldman Sachs Group 191,887 0.74 336 Entergy 25,657 0.10 974 Goodyear Tire & Rubber 32,386 0.13 359 Envision Healthcare 16,137 0.06 327 H&R Block 8,659 0.03 417 EOG Resources 40,341 0.16 774 Halliburton 35,627 0.14 186 EQT 12,135 0.05 435 Hanesbrands 10,718 0.04 75 Equifax 7,949 0.03 229 Harley-Davidson 11,040 0.04 167 Estee Lauder 18,009 0.07 120 Harris 15,802 0.06 90 Everest Re Group 20,555 0.08 821 Hartford Financial Services Group 45,508 0.18 437 Eversource Energy 26,412 0.10 75 Hasbro 7,325 0.03 2,089 Exelon 78,693 0.30 501 HCA Healthcare 39,875 0.15 92 Expedia 13,242 0.05 211 HD Supply Holdings 7,611 0.03 162 Expeditors International of Washington 9,697 0.04 214 Helmerich & Payne 11,152 0.04 1,660 Express Scripts Holding 105,111 0.41 168 Henry Schein 13,774 0.05 6,879 Exxon Mobil 563,940 2.18 98 Hershey 10,699 0.04 50 F5 Networks 6,028 0.02 339 Hess 15,896 0.06 681 Facebook 116,362 0.45 4,533 Hewlett Packard Enterprise 66,680 0.26 241 Fastenal 10,985 0.04 204 Hilton Worldwide Holdings 14,168 0.05 349 FedEx 78,727 0.30 599 HollyFrontier 21,546 0.08 245 Fidelity National Information Services 22,881 0.09 148 Hologic 5,430 0.02 1,955 Fifth Third Bancorp 54,701 0.21 834 Home Depot 136,409 0.53 261 First Data 4,708 0.02 632 Honeywell International 89,580 0.35 197 First Republic Bank 20,579 0.08 301 Hormel Foods 9,674 0.04 1,331 FirstEnergy 41,035 0.16 5,755 HP 114,870 0.44 113 Fiserv 14,572 0.06 215 Humana 52,380 0.20 61 FleetCor Technologies 9,441 0.04 1,944 Huntington Bancshares 27,138 0.11 1,323 Flex 21,922 0.08 53 Huntington Ingalls Industries 12,001 0.05 129 FLIR Systems 5,019 0.02 53 IDEX 6,438 0.02 161 Flowserve 6,857 0.03 29 IDEXX Laboratories 4,509 0.02 404 Fluor 17,008 0.07 222 IHS Markit 9,786 0.04 85 FMC 7,591 0.03 218 Illinois Tool Works 32,255 0.12 334 FNF Group 15,852 0.06 53 Illumina 10,558 0.04 216 Foot Locker 7,608 0.03 19 Incyte 2,218 0.01 15,865 Ford Motor 189,904 0.74 255 Ingersoll-Rand 22,738 0.09 37 Fortinet 1,326 0.01 88 Ingredion 10,616 0.04 220 Fortive 15,574 0.06 6,913 Intel 263,247 1.02 115 Fortune Brands Home & Security 7,731 0.03 497 Intercontinental Exchange 34,144 0.13 513 Franklin Resources 22,834 0.09 1,411 International Business Machines 204,708 0.79 1,621 Freeport-McMoRan 22,759 0.09 49 International Flavors & Fragrances 7,003 0.03 546 Gap 16,123 0.06 583 International Paper 33,126 0.13
238 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI USA Value Weighted UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.67%(March 2017: 99.71%) Transferable Securities - 99.67%(March 2017: 99.71%) (continued) (continued) Common Stock - 97.77%(March 2017:97.84%) (continued) Common Stock - 97.77%(March 2017:97.84%) (continued) United States Dollar - 97.77% (continued) United States Dollar - 97.77% (continued) 489 Interpublic Group of Cos 10,166 0.04 736 LyondellBasell Industries 72,901 0.28 89 Intuit 12,650 0.05 239 M&T Bank 38,489 0.15 17 Intuitive Surgical 17,780 0.07 63 Macquarie Infrastructure 4,547 0.02 568 Invesco 19,903 0.08 1,535 Macy's 33,494 0.13 42 Jack Henry & Associates 4,317 0.02 267 Mallinckrodt 9,978 0.04 246 Jacobs Engineering Group 14,334 0.06 186 ManpowerGroup 21,915 0.08 32 Jazz Pharmaceuticals 4,680 0.02 1,733 Marathon Oil 23,499 0.09 83 JB Hunt Transport Services 9,220 0.04 1,500 Marathon Petroleum 84,120 0.33 131 JM Smucker 13,746 0.05 17 Markel 18,156 0.07 2,246 Johnson & Johnson 292,002 1.13 190 Marriott International 20,949 0.08 915 Johnson Controls International 36,865 0.14 427 Marsh & McLennan 35,787 0.14 102 Jones Lang LaSalle 12,597 0.05 37 Martin Marietta Materials 7,631 0.03 8,030 JPMorgan Chase & Co 766,945 2.97 399 Marvell Technology Group 7,142 0.03 447 Juniper Networks 12,440 0.05 273 Masco 10,650 0.04 121 Kansas City Southern 13,150 0.05 402 Mastercard 56,762 0.22 180 Kellogg 11,227 0.04 448 Mattel 6,935 0.03 1,966 KeyCorp 37,000 0.14 202 Maxim Integrated Products 9,637 0.04 267 Kimberly-Clark 31,421 0.12 71 McCormick & Co 7,287 0.03 2,968 Kinder Morgan 56,926 0.22 470 McDonald's 73,640 0.29 105 KLA-Tencor 11,130 0.04 762 McKesson 117,051 0.45 182 Knight-Swift Transportation Holdings 7,562 0.03 136 Mednax 5,864 0.02 707 Kohl's 32,275 0.12 1,249 Medtronic 97,135 0.38 443 Kraft Heinz 34,355 0.13 12 MercadoLibre 3,107 0.01 3,075 Kroger 61,685 0.24 2,025 Merck & Co 129,661 0.50 343 L Brands 14,272 0.06 2,464 MetLife 128,005 0.50 111 L3 Technologies 20,916 0.08 12 Mettler-Toledo International 7,514 0.03 119 Laboratory Corporation of America Holdings 17,965 0.07 511 MGM Resorts International 16,654 0.06 112 Lam Research 20,724 0.08 342 Michael Kors Holdings 16,365 0.06 353 Las Vegas Sands 22,648 0.09 121 Microchip Technology 10,863 0.04 143 Lear 24,750 0.10 1,698 Micron Technology 66,782 0.26 108 Leggett & Platt 5,155 0.02 4,618 Microsoft 343,995 1.33 174 Leidos Holdings 10,304 0.04 33 Middleby 4,230 0.02 332 Lennar 17,530 0.07 65 Mohawk Industries 16,088 0.06 23 Lennox International 4,116 0.02 166 Molson Coors Brewing 13,552 0.05 599 Leucadia National 15,125 0.06 1,646 Mondelez International 66,926 0.26 338 Level 3 Communications 18,012 0.07 331 Monsanto 39,660 0.15 59 Liberty Broadband (Class C Shares) 5,623 0.02 173 Monster Beverage 9,558 0.04 347 Liberty Global (Class A Shares) 11,767 0.05 90 Moody's 12,529 0.05 919 Liberty Global (Class C Shares) 30,051 0.12 2,446 Morgan Stanley 117,824 0.46 778 Liberty Interactive QVC Group 18,337 0.07 897 Mosaic 19,366 0.07 99 Liberty Media Corp-Liberty SiriusXM 4,148 0.02 84 Motorola Solutions 7,129 0.03 210 Liberty Media-Liberty SiriusXM 8,793 0.03 53 MSCI 6,196 0.02 481 Lincoln National 35,344 0.14 486 Murphy Oil 12,908 0.05 381 LKQ 13,712 0.05 621 Mylan 19,481 0.08 219 Lockheed Martin 67,954 0.26 110 Nasdaq 8,533 0.03 581 Loews 27,807 0.11 822 National Oilwell Varco 29,370 0.11 831 Lowe's 66,430 0.26 1,312 Navient 19,706 0.08 102 Lululemon Athletica 6,350 0.02 311 NetApp 13,609 0.05
239 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI USA Value Weighted UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.67%(March 2017: 99.71%) Transferable Securities - 99.67%(March 2017: 99.71%) (continued) (continued) Common Stock - 97.77%(March 2017:97.84%) (continued) Common Stock - 97.77%(March 2017:97.84%) (continued) United States Dollar - 97.77% (continued) United States Dollar - 97.77% (continued) 143 Netflix 25,933 0.10 969 PPL 36,774 0.14 1,134 New York Community Bancorp 14,617 0.06 256 Praxair 35,773 0.14 384 Newell Brands 16,385 0.06 23 Priceline Group 42,109 0.16 151 Newfield Exploration 4,480 0.02 400 Principal Financial Group 25,736 0.10 630 Newmont Mining 23,631 0.09 2,351 Procter & Gamble 213,894 0.83 960 News 12,730 0.05 803 Progressive 38,881 0.15 520 NextEra Energy 76,206 0.30 1,023 Prudential Financial 108,765 0.42 396 Nielsen Holdings 16,414 0.06 861 Public Service Enterprise Group 39,821 0.15 960 Nike 49,776 0.19 504 PulteGroup 13,774 0.05 530 NiSource 13,563 0.05 137 PVH 17,270 0.07 506 Noble Energy 14,350 0.06 88 Qorvo 6,220 0.02 300 Nordstrom 14,145 0.05 1,867 QUALCOMM 96,785 0.37 349 Norfolk Southern 46,152 0.18 144 Quest Diagnostics 13,484 0.05 265 Northern Trust 24,361 0.09 116 Quintiles IMS Holdings 11,028 0.04 158 Northrop Grumman 45,460 0.18 147 Ralph Lauren 12,979 0.05 155 Norwegian Cruise Line Holdings 8,378 0.03 342 Range Resources 6,693 0.03 152 Nuance Communications 2,389 0.01 140 Raymond James Financial 11,806 0.05 448 Nucor 25,106 0.10 276 Raytheon 51,496 0.20 134 NVIDIA 23,955 0.09 61 Red Hat 6,762 0.03 4 NVR 11,420 0.04 19 Regeneron Pharmaceuticals 8,495 0.03 803 Occidental Petroleum 51,561 0.20 2,979 Regions Financial 45,370 0.18 247 OGE Energy 8,899 0.03 147 Reinsurance Group of America 20,511 0.08 263 Omnicom Group 19,480 0.08 83 RenaissanceRe Holdings 11,217 0.04 218 ONEOK 12,079 0.05 270 Republic Services 17,836 0.07 3,077 Oracle 148,773 0.58 85 ResMed 6,542 0.03 62 O'Reilly Automotive 13,353 0.05 152 Robert Half International 7,652 0.03 511 PACCAR 36,966 0.14 88 Rockwell Automation 15,682 0.06 108 Packaging of America 12,385 0.05 139 Rockwell Collins 18,169 0.07 19 Palo Alto Networks 2,738 0.01 61 Rollins 2,815 0.01 152 Parker-Hannifin 26,603 0.10 65 Roper Technologies 15,821 0.06 140 Parsley Energy 3,688 0.01 328 Ross Stores 21,179 0.08 93 Patterson 3,594 0.01 191 Royal Caribbean Cruises 22,641 0.09 147 Paychex 8,814 0.03 86 S&P Global 13,443 0.05 636 PayPal Holdings 40,723 0.16 161 Sabre 2,914 0.01 171 Pentair 11,621 0.04 127 salesforce.com 11,864 0.05 820 People's United Financial 14,875 0.06 210 SCANA 10,183 0.04 1,035 PepsiCo 115,330 0.45 1,411 Schlumberger 98,431 0.38 211 Perrigo 17,861 0.07 141 Scripps Networks Interactive 12,110 0.05 5,761 Pfizer 205,668 0.80 572 Seagate Technology 18,973 0.07 729 PG&E 49,638 0.19 219 Sealed Air 9,356 0.04 805 Philip Morris International 89,363 0.35 31 Seattle Genetics 1,687 0.01 1,275 Phillips 66 116,803 0.45 102 SEI Investments 6,228 0.02 145 Pinnacle West Capital 12,261 0.05 309 Sempra Energy 35,266 0.14 108 Pioneer Natural Resources 15,934 0.06 163 Sensata Technologies Holding 7,835 0.03 761 Plains GP Holdings 16,643 0.06 19 ServiceNow 2,233 0.01 1,100 PNC Financial Services Group 148,247 0.57 55 Sherwin-Williams 19,692 0.08 80 Polaris Industries 8,370 0.03 77 Signature Bank 9,859 0.04 264 PPG Industries 28,686 0.11 165 Signet Jewelers 10,981 0.04
240 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI USA Value Weighted UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.67%(March 2017: 99.71%) Transferable Securities - 99.67%(March 2017: 99.71%) (continued) (continued) Common Stock - 97.77%(March 2017:97.84%) (continued) Common Stock - 97.77%(March 2017:97.84%) (continued) United States Dollar - 97.77% (continued) United States Dollar - 97.77% (continued) 714 Sirius XM Holdings 3,941 0.02 591 Tyson Foods 41,636 0.16 134 Skyworks Solutions 13,655 0.05 209 UGI 9,794 0.04 47 Snap-on 7,003 0.03 28 Ulta Salon Cosmetics & Fragrance 6,330 0.02 1,266 Southern 62,211 0.24 114 Under Armour (Class A) 1,879 0.01 174 Southwest Airlines 9,741 0.04 130 Under Armour (Class C) 1,953 0.01 20 Spectrum Brands Holdings 2,118 0.01 797 Union Pacific 92,428 0.36 34 Splunk 2,259 0.01 226 United Continental Holdings 13,759 0.05 1,311 Sprint 10,200 0.04 580 United Parcel Service 69,652 0.27 98 SS&C Technologies Holdings 3,935 0.02 145 United Rentals 20,117 0.08 159 Stanley Black & Decker 24,004 0.09 905 United Technologies 105,052 0.41 725 Starbucks 38,940 0.15 68 United Therapeutics 7,969 0.03 538 State Street 51,401 0.20 1,033 UnitedHealth Group 202,313 0.78 288 Steel Dynamics 9,927 0.04 129 Universal Health Services 14,311 0.06 102 Stericycle 7,305 0.03 528 Unum Group 26,997 0.10 186 Stryker 26,416 0.10 2,896 US Bancorp 155,197 0.60 1,155 SunTrust Banks 69,034 0.27 18 Vail Resorts 4,106 0.02 60 SVB Financial Group 11,225 0.04 1,719 Valero Energy 132,243 0.51 494 Symantec 16,208 0.06 93 Vantiv 6,554 0.03 1,588 Synchrony Financial 49,307 0.19 80 Varian Medical Systems 8,005 0.03 118 Synopsys 9,503 0.04 37 Veeva Systems 2,087 0.01 653 Sysco 35,229 0.14 43 VeriSign 4,575 0.02 275 T Rowe Price Group 24,929 0.10 72 Verisk Analytics 5,990 0.02 223 Targa Resources 10,548 0.04 6,398 Verizon Communications 316,637 1.23 1,406 Target 82,968 0.32 13 Vertex Pharmaceuticals 1,977 0.01 219 TD Ameritrade Holding 10,687 0.04 412 VF 26,191 0.10 470 TE Connectivity 39,038 0.15 1,214 Viacom 33,798 0.13 560 TechnipFMC 15,635 0.06 923 Visa 97,137 0.38 35 Teleflex 8,469 0.03 70 VMware 7,643 0.03 13 TESARO 1,678 0.01 731 Voya Financial 29,160 0.11 25 Tesla 8,528 0.03 76 Vulcan Materials 9,090 0.04 644 Texas Instruments 57,728 0.22 45 WABCO Holdings 6,660 0.03 421 Textron 22,683 0.09 80 Wabtec 6,060 0.02 308 Thermo Fisher Scientific 58,274 0.23 1,251 Walgreens Boots Alliance 96,602 0.37 113 Tiffany & Co 10,371 0.04 3,214 Wal-Mart Stores 251,142 0.97 1,100 Time Warner 112,695 0.44 1,516 Walt Disney 149,432 0.58 612 TJX 45,123 0.17 190 Waste Connections 13,292 0.05 300 T-Mobile US 18,498 0.07 417 Waste Management 32,639 0.13 267 Toll Brothers 11,072 0.04 50 Waters 8,976 0.03 161 Torchmark 12,894 0.05 1,233 Weatherford International 5,647 0.02 140 Total System Services 9,170 0.04 331 WEC Energy Group 20,780 0.08 181 Tractor Supply 11,455 0.04 10,486 Wells Fargo & Co 578,303 2.24 22 TransDigm Group 5,624 0.02 149 Westar Energy 7,390 0.03 600 Travelers 73,512 0.28 390 Western Digital 33,696 0.13 216 Trimble 8,478 0.03 623 Western Union 11,962 0.05 74 TripAdvisor 2,999 0.01 442 WestRock 25,075 0.10 1,503 Twenty-First Century Fox (Class A) 39,649 0.15 152 Whirlpool 28,035 0.11 555 Twenty-First Century Fox (Class B) 14,313 0.06 653 Williams 19,597 0.08 204 Twitter 3,441 0.01 150 Willis Towers Watson 23,135 0.09
241 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI USA Value Weighted UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.67%(March 2017: 99.71%) Transferable Securities - 99.67%(March 2017: 99.71%) (continued) (continued) Common Stock - 97.77%(March 2017:97.84%) (continued) Real Estate Investment Trust - 1.90% (March 2017: 1.87%) United States Dollar - 97.77% (continued) (continued) 22 Workday 2,319 0.01 United States Dollar - 1.90% (continued) 174 WR Berkley 11,613 0.04 82 Public Storage 17,547 0.07 52 WR Grace & Co 3,752 0.01 172 Realty Income 9,837 0.04 81 WW Grainger 14,560 0.06 56 Regency Centers 3,474 0.01 124 Wyndham Worldwide 13,071 0.05 21 SBA Communications 3,025 0.01 55 Wynn Resorts 8,191 0.03 190 Simon Property Group 30,592 0.12 707 Xcel Energy 33,455 0.13 117 SL Green Realty 11,854 0.05 637 Xerox 21,206 0.08 111 UDR 4,221 0.02 151 Xilinx 10,695 0.04 287 Ventas 18,692 0.07 590 XL Group 23,276 0.09 1,283 VEREIT 10,636 0.04 152 Xylem 9,520 0.04 133 Vornado Realty Trust 10,225 0.04 198 Yum! Brands 14,575 0.06 302 Welltower 21,225 0.08 53 Zayo Group Holdings 1,824 0.01 621 Weyerhaeuser 21,133 0.08 54 Zillow Group (Class C Shares) 2,171 0.01 Total Real Estate Investment Trust 492,208 1.90 189 Zimmer Biomet Holdings 22,130 0.09 Total Transferable Securities 25,737,355 99.67 398 Zions Bancorporation 18,778 0.07 163 Zoetis 10,393 0.04 Total Common Stock 25,245,147 97.77 Fair Value %of USD Fund Real Estate Investment Trust - 1.90% (March 2017: 1.87%) Total value of investments 25,737,355 99.67 United States Dollar - 1.90% Cash at bank*(March 2017: 0.21%) 68,776 0.27 459 AGNC Investment 9,951 0.04 Other net assets (March 56 Alexandria Real Estate Equities 6,662 0.03 2017: 0.08%) 15,514 0.06 177 American Tower 24,192 0.09 Net assets attributable to holders of 1,837 Annaly Capital Management 22,393 0.09 redeemable participating shares 25,821,645 100.00 98 AvalonBay Communities 17,485 0.07 106 Boston Properties 13,025 0.05 *All cash holdings are held at State Street Bank and Trust Company. 359 Brixmor Property Group 6,749 0.03 All of the above securities are traded on a recognised stock exchange or 98 Camden Property Trust 8,962 0.03 traded on a regulated market unless otherwise stated. 630 Colony NorthStar 7,913 0.03 181 Crown Castle International 18,096 0.07 %of 68 Digital Realty Trust 8,046 0.03 Total Analysis of Total Assets Assets 253 Duke Realty 7,292 0.03 26 Equinix 11,604 0.04 Transferable securities admitted to an official exchange listing 99.65 354 Equity Residential 23,339 0.09 Other assets 0.35 44 Essex Property Trust 11,177 0.04 58 Extra Space Storage 4,635 0.02 Total Assets 100.00 48 Federal Realty Investment Trust 5,962 0.02 541 GGP 11,237 0.04 464 HCP 12,913 0.05 936 Host Hotels & Resorts 17,307 0.07 205 Iron Mountain 7,975 0.03 623 Kimco Realty 12,180 0.05 137 Liberty Property Trust 5,625 0.02 185 Macerich 10,170 0.04 96 Mid-America Apartment Communities 10,261 0.04 116 National Retail Properties 4,833 0.02 469 Prologis 29,763 0.11
242 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR MSCI USA Value Weighted UCITS ETF
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Purchases Cost USD
Gilead Sciences 75,525 Verizon Communications 45,144 General Motors 41,149 Berkshire Hathaway 37,125 Wells Fargo & Co 35,538 Express Scripts Holding 29,936 Intel 27,951 Target 25,480 CVS Health 25,441 Kroger 25,256 Facebook 23,628 JPMorgan Chase & Co 23,200 Ford Motor 21,907 Walt Disney 20,078 Walgreens Boots Alliance 19,851 AT&T 19,315 QUALCOMM 18,900 Biogen 18,335 Macy's 17,274 Allergan 16,334 Portfolio Sales Proceeds USD
Apple 156,726 Yahoo! 68,184 Dell Technologies 57,174 Exxon Mobil 53,530 Chevron 52,876 HP 40,497 ConocoPhillips 40,352 Alphabet 29,612 Philip Morris International 27,313 Reynolds American 27,270 DXC Technology 24,728 American International Group 23,351 Wal-Mart Stores 20,749 Micron Technology 19,968 Marathon Petroleum 19,410 Caterpillar 19,398 Micro Focus International 18,407 Deere & Co 18,001 Microsoft 17,599 Anthem 17,505 CSX 17,496
243 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR MSCI USA Value Weighted UCITS ETF (continued)
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Sales (continued) Proceeds USD
Bank of America 15,483 National Oilwell Varco 14,700 CIT Group 14,505 Annaly Capital Management 14,433 Occidental Petroleum 14,378 Calpine 14,240 McDonald's 14,183 Pfizer 13,940
A copy of the list of changes in the portfolio during the financial period may be obtained free of charge from the Administrator.
244 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Consumer Discretionary UCITS ETF Statement of Financial Position as at 30 September 2017
30 September 2017 31 March 2017* USD USD
Current assets Financial assets at fair value through profit or loss: Transferable securities 23,138,537 21,656,841 Financial derivative instruments 2,605 - 23,141,142 21,656,841
Cash and cash equivalents 96,945 30,431 Cash held as collateral with broker 9,022 - Debtors: Dividends receivable 44,207 53,476 Miscellaneous income receivable 737 - Receivable for investments sold 12,529 - Total current assets 23,304,582 21,740,748
Current liabilities Creditors - Amounts falling due within one financial year: Accrued expenses (5,777) (5,750) Payable for investment purchased (12,529) - Total current liabilities (18,306) (5,750)
Net assets attributable to holders of redeemable participating shares 23,286,276 21,734,998
30 September 31 March 30 September 2017 2017 2016* Net asset value per share (please refer to note 4 for numbers of shares in issue) USD 35.83 USD 33.45 USD 30.59
* This Fund launched via merger into the SSGA SPDR ETF Europe II plc from the SPDR® ETF Funds, which were previously domiciled in France. The effective date of the merger was 29 April 2016.
The accompanying notes form an integral part of these financial statements.
245 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Consumer Discretionary UCITS ETF Statement of Comprehensive Income for the financial period ended 30 September 2017
30 September 2017 30 September 2016* Notes USD USD
Dividend income 246,971 234,676 Interest income 5- Securities lending income 10 4,628 3,556 Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 1,381,004 391,115 Miscellaneous income 676 1,019 Total investment income 1,633,284 630,366
Operating expenses 3 (35,459) (31,877) Profit for the financial period before tax 1,597,825 598,489 Witholding tax on investment income 2 (27,581) (30,607) Increase in net assets attributable to holders of redeemable participating shares resulting from operations 1,570,244 567,882
* This Fund launched via merger into the SSGA SPDR ETF Europe II plc from the SPDR® ETF Funds, which were previously domiciled in France. The effective date of the merger was 29 April 2016. Gains and losses arose solely from continuing operations. There were no 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.
246 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Consumer Discretionary UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial period ended 30 September 2017
30 September 2017 30 September 2016* USD USD
Net assets attributable to holders of redeemable shares at the beginning of the financial period 21,734,998 -
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 1,570,244 567,882
Share transactions Proceeds from redeemable participating shares issued 7,080,891 2,929,765 Proceeds from redeemable participating shares issued resulting from merger in* - 22,495,980 Costs of redeemable participating shares redeemed (7,099,857) - (Decrease)/increase in net assets from share transactions (18,966) 25,425,745
Total increase in net assets attributable to holders of redeemable participating shares 1,551,278 25,993,627
Net assets attributable to holders of redeemable participating shares at the end of the financial period 23,286,276 25,993,627
* This Fund launched via merger into the SSGA SPDR ETF Europe II plc from the SPDR® ETF Funds, which were previously domiciled in France. The effective date of the merger was 29 April 2016.
The accompanying notes form an integral part of these financial statements.
247 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Consumer Discretionary UCITS ETF Statement of Cash Flows for the financial period ended 30 September 2017
30 September 2017 30 September 2016* USD USD
Cash from/(used in):
Operating activities Increase in net assets attributable to holders of redeemable participating shares 1,570,244 567,882
Adjustment for: Interest income (5) - Securities lending income (4,628) (3,556) Dividend income (246,971) (234,676) Taxation on income 27,581 30,607
Total 1,346,221 360,257
Net movement in financial assets and financial liabilities at fair value through profit or loss (1,375,546) (391,524) Payments for purchases of investments (7,767,163) (4,876,282) Proceeds from sale of investments 7,658,408 1,793,759 Cash paid to broker as collateral (9,022) - Movement in receivables (737) - Movement in payables 27 6,675
Cash used in operations (147,812) (3,107,115) Interest received 5- Securities lending income received 4,628 3,612 Dividends received 256,240 241,323 Taxation paid (27,581) (30,607) Net cash generated from/(used in) operations 85,480 (2,892,787)
Financing activities Proceeds from redeemable participating shares issued 7,080,891 2,988,961 Payments for redeemable participating shares redeemed (7,099,857) - Net cash (used in)/generated from financing activities (18,966) 2,988,961
Net increase in cash and cash equivalents 66,514 96,174
Cash and cash equivalents at the beginning of the financial period 30,431 -
Cash and cash equivalents at the end of the financial period 96,945 96,174
* This Fund launched via merger into the SSGA SPDR ETF Europe II plc from the SPDR® ETF Funds, which were previously domiciled in France. The effective date of the merger was 29 April 2016.
The accompanying notes form an integral part of these financial statements.
248 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Consumer Discretionary UCITS ETF Schedule of Investments as at 30 September 2017
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.37%(March 2017: 99.64%) Transferable Securities - 99.37%(March 2017: 99.64%) Common Stock - 98.11%(March 2017:98.48%) (continued) Australian Dollar - 0.60% Common Stock - 98.11%(March 2017:98.48%) (continued) 2,857 Aristocrat Leisure 47,077 0.20 Euro - 12.69% (continued) 1,684 Crown Resorts 14,944 0.07 132 RTL Group 9,993 0.04 281 Domino's Pizza Enterprises 10,103 0.04 119 SEB 21,834 0.09 121 Flight Centre Travel Group 4,273 0.02 444 Sodexo 55,377 0.24 4,052 Harvey Norman Holdings 12,336 0.05 221 Telenet Group Holding 14,626 0.06 149 REA Group 7,833 0.04 1,220 Valeo 90,547 0.39 4,958 Tabcorp Holdings 16,612 0.07 5,065 Vivendi 128,260 0.55 8,166 Tatts Group 25,502 0.11 161 Volkswagen 27,265 0.12 138,680 0.60 624 Zalando 31,278 0.13 Canadian Dollar - 1.62% 2,955,901 12.69 347 Canadian TireLtd 43,100 0.19 Hong Kong Dollar - 1.16% 615 Dollarama 67,138 0.29 12,000 Galaxy Entertainment Group 84,500 0.36 935 Gildan Activewear 29,149 0.13 32,000 Li & Fung 16,060 0.07 161 Linamar 9,802 0.04 5,164 MGM China Holdings 12,377 0.06 1,902 Magna International 101,271 0.43 11,800 Sands China 61,412 0.27 1,219 Restaurant Brands International 77,702 0.33 8,888 Shangri-La Asia 16,477 0.07 2,166 Shaw Communications 49,740 0.21 13,252 SJM Holdings 12,131 0.05 377,902 1.62 7,500 Techtronic Industries 40,041 0.17 Danish Krone - 0.22% 6,000 Wynn Macau 16,170 0.07 527 Pandora 52,032 0.22 2,500 Yue Yuen Industrial Holdings 9,506 0.04 52,032 0.22 268,674 1.16 Euro - 12.69% Japanese Yen - 14.46% 985 Accor 48,948 0.21 200 ABC-Mart 10,554 0.05 936 Adidas 211,791 0.91 1,000 Aisin Seiki 52,681 0.23 1,979 Altice 39,644 0.17 1,000 Asics 14,889 0.06 592 Altice (Class B Shares) 11,828 0.05 1,100 Bandai Namco Holdings 37,720 0.16 221 Axel Springer 14,205 0.06 300 Benesse Holdings 10,820 0.05 1,631 Bayerische Motoren Werke (voting) 165,495 0.71 3,100 Bridgestone 140,617 0.60 908 Cie Generale des Etablissements Michelin 132,569 0.57 1,000 Casio Computer 14,072 0.06 551 Continental 139,886 0.60 2,200 Denso 111,265 0.48 4,783 Daimler 381,506 1.64 1,100 Dentsu 48,274 0.21 910 Eutelsat Communications 26,960 0.12 600 Don Quijote Holdings 22,414 0.10 650 Ferrari 71,848 0.31 300 Fast Retailing 88,456 0.38 5,280 Fiat Chrysler Automobiles 94,629 0.41 1,400 Hakuhodo DY Holdings 18,382 0.08 152 Hermes International 76,649 0.33 100 Hikari Tsushin 12,526 0.05 371 Hugo Boss 32,715 0.14 8,500 Honda Motor 251,606 1.08 5,379 Industria de Diseno Textil 202,758 0.87 900 Iida Group Holdings 16,039 0.07 266 JCDecaux 9,962 0.04 1,340 Isetan Mitsukoshi Holdings 13,987 0.06 384 Kering 153,009 0.66 3,200 Isuzu Motors 42,386 0.18 599 Lagardere 20,058 0.09 800 J Front Retailing 11,051 0.05 750 Luxottica Group 41,930 0.18 600 Koito Manufacturing 37,632 0.16 1,388 LVMH Moet Hennessy Louis Vuitton 383,066 1.64 1,100 Marui Group 15,743 0.07 605 Nokian Renkaat 26,914 0.11 3,100 Mazda Motor 47,506 0.20 333 Paddy Power Betfair 33,234 0.14 500 McDonald's 22,121 0.09 2,530 Peugeot 60,268 0.26 3,300 Mitsubishi Motors 26,092 0.11 1,343 ProSiebenSat.1 Media 45,781 0.20 1,000 NGK Spark Plug 21,277 0.09 960 Publicis Groupe 67,062 0.29 1,800 Nikon 31,198 0.13 855 Renault 84,006 0.36 11,300 Nissan Motor 111,881 0.48 400 Nitori Holdings 57,176 0.25
249 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Consumer Discretionary UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.37%(March 2017: 99.64%) Transferable Securities - 99.37%(March 2017: 99.64%) (continued) (continued) Common Stock - 98.11%(March 2017:98.48%) (continued) Common Stock - 98.11%(March 2017:98.48%) (continued) Japanese Yen - 14.46% (continued) Pound Sterling - 4.41% (continued) 700 NOK 15,671 0.07 645 Next 45,518 0.19 1,100 Oriental Land 83,786 0.36 3,856 Pearson 31,661 0.14 11,100 Panasonic 160,783 0.69 1,594 Persimmon 55,218 0.24 4,300 Rakuten 46,872 0.20 5,007 Sky 61,467 0.26 200 Rinnai 17,110 0.07 15,650 Taylor Wimpey 41,049 0.18 100 Ryohin Keikaku 29,450 0.13 2,123 TUI 36,060 0.15 200 Sankyo 6,378 0.03 951 Whitbread 48,051 0.21 600 Sega Sammy Holdings 8,379 0.04 6,376 WPP 118,478 0.51 1,700 Sekisui Chemical 33,437 0.14 1,026,528 4.41 2,700 Sekisui House 45,490 0.20 Singapore Dollar - 0.26% 700 Sharp 21,112 0.09 34,200 Genting Singapore 29,466 0.13 100 Shimamura 11,993 0.05 610 Jardine Cycle & Carriage 17,672 0.07 400 Shimano 53,267 0.23 6,950 Singapore Press Holdings 13,921 0.06 6,400 Sony 237,999 1.02 61,059 0.26 700 Stanley Electric 23,973 0.10 Swedish Krona - 0.77% 1,000 Start Today 31,671 0.14 1,122 Electrolux 38,021 0.17 3,000 Subaru 108,204 0.46 4,798 Hennes & Mauritz 124,030 0.53 3,400 Sumitomo Electric Industries 55,516 0.24 1,551 Husqvarna 15,924 0.07 600 Sumitomo Rubber Industries 10,991 0.05 177,975 0.77 1,700 Suzuki Motor 89,134 0.38 Swiss Franc - 1.50% 2,000 Takashimaya 18,727 0.08 2,577 Cie Financiere Richemont 235,701 1.01 500 Toho 17,434 0.07 212 Dufry 33,698 0.15 500 Toyoda Gosei 11,811 0.05 146 Swatch Group (BR) 60,778 0.26 900 Toyota Industries 51,730 0.22 229 Swatch Group (REGD) 18,259 0.08 13,000 Toyota Motor 774,930 3.33 348,436 1.50 800 USS 16,133 0.07 United States Dollar - 60.35% 3,200 Yamada Denki 17,483 0.07 360 Advance Auto Parts 35,712 0.15 1,000 Yamaha 36,868 0.16 2,016 Amazon.com 1,938,082 8.32 1,300 Yamaha Motor 38,920 0.17 1,287 Aramark 52,265 0.22 200 Yokohama Rubber 4,122 0.02 422 Autoliv 52,159 0.22 3,367,739 14.46 318 AutoNation 15,092 0.07 Norwegian Krone - 0.07% 145 AutoZone 86,291 0.37 309 Schibsted (Class A Shares) 7,965 0.03 639 Bed Bath & Beyond 14,997 0.06 390 Schibsted (Class B Shares) 9,211 0.04 1,391 Best Buy 79,231 0.34 17,176 0.07 1,062 BorgWarner 54,406 0.23 Pound Sterling - 4.41% 920 CarMax 69,745 0.30 4,365 Barratt Developments 35,987 0.15 1,654 Carnival 106,799 0.46 588 Berkeley Group Holdings 29,323 0.13 1,839 CBS 106,662 0.46 2,348 Burberry Group 55,443 0.24 1,059 Charter Communications 384,862 1.65 1,086 Carnival 69,107 0.30 139 Chipotle Mexican Grill 42,788 0.18 7,775 Compass Group 165,128 0.71 1,286 Coach 51,800 0.22 5,238 Dixons Carphone 13,591 0.06 23,732 Comcast 913,207 3.92 8,371 GKN 38,859 0.17 563 Darden Restaurants 44,353 0.19 813 InterContinental Hotels Group 43,063 0.18 1,360 Delphi Automotive 133,824 0.58 17,199 ITV 40,312 0.17 533 Dick's Sporting Goods 14,396 0.06 10,965 Kingfisher 43,913 0.19 613 Discovery Communications (Class A Shares) 13,051 0.06 8,055 Marks & Spencer Group 38,192 0.16 1,223 Discovery Communications (Class C Shares) 24,778 0.11 2,695 Merlin Entertainments 16,108 0.07 1,086 DISH Network 58,894 0.25
250 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Consumer Discretionary UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.37%(March 2017: 99.64%) Transferable Securities - 99.37%(March 2017: 99.64%) (continued) (continued) Common Stock - 98.11%(March 2017:98.48%) (continued) Common Stock - 98.11%(March 2017:98.48%) (continued) United States Dollar - 60.35% (continued) United States Dollar - 60.35% (continued) 1,461 Dollar General 118,414 0.51 1,146 Omnicom Group 84,884 0.36 1,176 Dollar Tree 102,100 0.44 447 O'Reilly Automotive 96,270 0.41 228 Domino's Pizza 45,269 0.19 329 Polaris Industries 34,423 0.15 1,917 DR Horton 76,546 0.33 239 Priceline Group 437,566 1.88 648 Expedia 93,273 0.40 1,650 PulteGroup 45,095 0.19 605 Foot Locker 21,308 0.09 435 PVH 54,836 0.24 18,989 Ford Motor 227,298 0.98 245 Ralph Lauren 21,631 0.09 1,085 Gap 32,040 0.14 2,052 Ross Stores 132,498 0.57 632 Garmin 34,109 0.15 821 Royal Caribbean Cruises 97,321 0.42 6,759 General Motors 272,928 1.17 336 Scripps Networks Interactive 28,859 0.12 682 Genuine Parts 65,233 0.28 359 Signet Jewelers 23,891 0.10 1,147 Goodyear Tire & Rubber 38,138 0.16 8,165 Sirius XM Holdings 45,071 0.19 1,196 H&R Block 31,670 0.14 7,293 Starbucks 391,707 1.68 1,875 Hanesbrands 46,200 0.20 2,577 Target 152,069 0.65 915 Harley-Davidson 44,112 0.19 630 Tesla 214,893 0.92 610 Hasbro 59,579 0.26 646 Tiffany & Co 59,290 0.25 907 Hilton Worldwide Holdings 62,991 0.27 3,828 Time Warner 392,179 1.68 5,954 Home Depot 973,836 4.18 3,231 TJX 238,222 1.02 1,772 Interpublic Group of Cos 36,840 0.16 782 Toll Brothers 32,430 0.14 942 Kohl's 43,002 0.18 675 Tractor Supply 42,721 0.18 1,130 L Brands 47,019 0.20 608 TripAdvisor 24,642 0.11 1,992 Las Vegas Sands 127,807 0.55 5,342 Twenty-First Century Fox (Class A) 140,922 0.61 346 Lear 59,886 0.26 2,052 Twenty-First Century Fox (Class B) 52,921 0.23 629 Leggett & Platt 30,022 0.13 299 Ulta Salon Cosmetics & Fragrance 67,592 0.29 999 Lennar 52,747 0.23 945 Under Armour (Class A) 15,574 0.07 540 Liberty Broadband (Class C Shares) 51,462 0.22 951 Under Armour (Class C) 14,284 0.06 1,258 Liberty Global (Class A Shares) 42,659 0.18 199 Vail Resorts 45,396 0.20 2,894 Liberty Global (Class C Shares) 94,634 0.41 1,647 VF 104,700 0.45 2,132 Liberty Interactive QVC Group 50,251 0.22 1,681 Viacom 46,799 0.20 537 Liberty Media Corp-Liberty SiriusXM 22,500 0.10 7,810 Walt Disney 769,832 3.31 888 Liberty Media-Liberty SiriusXM 37,181 0.16 339 Whirlpool 62,525 0.27 1,586 LKQ 57,080 0.25 613 Wyndham Worldwide 64,616 0.28 4,289 Lowe's 342,863 1.47 428 Wynn Resorts 63,738 0.27 570 Lululemon Athletica 35,483 0.15 1,619 Yum! Brands 119,175 0.51 1,375 Macy's 30,003 0.13 14,053,664 60.35 1,655 Marriott International 182,480 0.78 Total Common Stock 22,845,766 98.11 1,645 Mattel 25,465 0.11 Depository Receipts - 0.27% (March 2017: 0.24%) 4,051 McDonald's 634,711 2.73 Euro - 0.14% 2,293 MGM Resorts International 74,729 0.32 1,502 SES 32,867 0.14 928 Michael Kors Holdings 44,405 0.19 32,867 0.14 307 Mohawk Industries 75,986 0.33 United States Dollar - 0.13% 2,183 Netflix 395,887 1.70 1,216 Melco Resorts & Entertainment 29,330 0.13 2,347 Newell Brands 100,147 0.43 29,330 0.13 1,671 News 22,157 0.10 6,684 Nike 346,565 1.49 Total Depository Receipts 62,197 0.27 714 Nordstrom 33,665 0.14 934 Norwegian Cruise Line Holdings 50,483 0.22 17 NVR 48,535 0.21
251 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Consumer Discretionary UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of Fair Value Net Holding Investment USD Assets Transferable Securities - 99.37%(March 2017: 99.64%) (continued) Preferred Stock - 0.99% (March 2017: 0.92%) Euro - 0.99% 223 Bayerische Motoren Werke 19,873 0.09 761 Porsche Automobil Holding 48,671 0.21 760 Schaeffler 12,264 0.05 918 Volkswagen 149,766 0.64 Total Preferred Stock 230,574 0.99
Total Transferable Securities 23,138,537 99.37
Financial Derivatives Instruments - 0.01% (March 2017: 0.00%) Futures Contracts – 0.01% (March 2017: 0.00%)
Unrealised Average Gain/ %of Notional Cost (Loss) Net Amount Price USD Assets 81,945 4,097 2 of Euro Stoxx 50 Index Futures Long Futures Contracts Expiring 15 December 2017 2,605 0.01 Net unrealised gain on futures contracts 2,605 0.01 Total Financial Derivatives Instruments 2,605 0.01
Fair Value %of USD Fund Total value of investments 23,141,142 99.38 Cash at bank*(March 2017: 0.14%) 96,945 0.41 Cash at broker*(March 2017: Nil) 9,022 0.04 Other net assets (March 2017: 0.22%) 39,167 0.17 Net assets attributable to holders of redeemable participating shares 23,286,276 100.00
*All cash holdings are held at State Street Bank and Trust Company, apart from cash at broker which is held with Goldman Sachs.
The counterparty for the open futures contracts is Goldman Sachs. The counterparty for the open futures contracts is Goldman Sachs. All of the above securities are traded on a recognised stock exchange or traded on a regulated market unless otherwise stated.
%of Total Analysis of Total Assets Assets Transferable securities admitted to an official exchange listing 99.25 Exchange traded financial derivatives instruments 0.01 Other assets 0.74
Total Assets 100.00
252 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR MSCI World Consumer Discretionary UCITS ETF
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Purchases Cost USD
Amazon.com 651,628 Comcast 305,177 Walt Disney 293,657 Home Depot 283,329 Toyota Motor 227,492 McDonald's 193,856 Priceline Group 146,889 Starbucks 143,131 Netflix 130,387 NIKE 125,176 Charter Communications 120,657 Time Warner 119,252 LVMH Moet Hennessy Louis Vuitton 117,973 Daimler 116,700 Lowe's 103,262 Honda Motor 84,837 TJX 79,323 Sony 78,059 Ford Motor 73,812 General Motors 71,076 Portfolio Sales Proceeds USD
Amazon.com 611,846 Home Depot 296,038 Comcast 287,328 Walt Disney 263,833 Toyota Motor 225,594 McDonald's 212,476 Priceline Group 154,115 Charter Communications 126,041 Starbucks 124,046 NIKE 121,835 Time Warner 121,174 Netflix 117,925 LVMH Moet Hennessy Louis Vuitton 110,818 Daimler 104,508 Lowe's 103,613 Sony 80,072 Honda Motor 75,026 General Motors 71,691 Cie Financiere Richemont 69,515 TJX 69,317
A copy of the list of changes in the portfolio during the financial period may be obtained free of charge from the Administrator.
253 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Consumer Staples UCITS ETF Statement of Financial Position as at 30 September 2017
30 September 2017 31 March 2017* USD USD
Current assets Financial assets at fair value through profit or loss: Transferable securities 28,113,793 36,555,295 Financial derivative instruments 2,819 - 28,116,612 36,555,295
Cash and cash equivalents 94,368 107,066 Cash held as collateral with broker 42,461 - Debtors: Dividends receivable 75,263 131,539 Miscellaneous income receivable 183 - Total current assets 28,328,887 36,793,900
Current liabilities Creditors - Amounts falling due within one financial year: Accrued expenses (7,683) (9,774) Payable for investment purchased - (41,174) Total current liabilities (7,683) (50,948)
Net assets attributable to holders of redeemable participating shares 28,321,204 36,742,952
30 September 31 March 30 September 2017 2017 2016* Net asset value per share (please refer to note 4 for numbers of shares in issue) USD 32.45 USD 31.33 USD 30.98
* This Fund launched via merger into the SSGA SPDR ETF Europe II plc from the SPDR® ETF Funds, which were previously domiciled in France. The effective date of the merger was 29 April 2016.
The accompanying notes form an integral part of these financial statements.
254 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Consumer Staples UCITS ETF Statement of Comprehensive Income for the financial period ended 30 September 2017
30 September 2017 30 September 2016* Notes USD USD
Dividend income 574,867 348,545 Interest income 28 - Securities lending income 10 3,120 1,598 Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 1,027,826 856,003 Miscellaneous income 126 - Total investment income 1,605,967 1,206,146
Operating expenses 3 (54,458) (45,209) Net profit for the financial period 1,551,509 1,160,937
Finance costs Interest expense (192) (25) Profit for the financial period before tax 1,551,317 1,160,912 Witholding tax on investment income 2 (77,260) (38,452) Increase in net assets attributable to holders of redeemable participating shares resulting from operations 1,474,057 1,122,460
* This Fund launched via merger into the SSGA SPDR ETF Europe II plc from the SPDR® ETF Funds, which were previously domiciled in France. The effective date of the merger was 29 April 2016. Gains and losses arose solely from continuing operations. There were no 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.
255 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Consumer Staples UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial period ended 30 September 2017
30 September 2017 30 September 2016* USD USD
Net assets attributable to holders of redeemable shares at the beginning of the financial period 36,742,952 -
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 1,474,057 1,122,460
Share transactions Proceeds from redeemable participating shares issued - 3,030,841 Proceeds from redeemable participating shares issued resulting from merger in* - 32,186,910 Costs of redeemable participating shares redeemed (9,895,805) - (Decrease)/increase in net assets from share transactions (9,895,805) 35,217,751
Total (decrease)/increase in net assets attributable to holders of redeemable participating shares (8,421,748) 36,340,211
Net assets attributable to holders of redeemable participating shares at the end of the financial period 28,321,204 36,340,211
* This Fund launched via merger into the SSGA SPDR ETF Europe II plc from the SPDR® ETF Funds, which were previously domiciled in France. The effective date of the merger was 29 April 2016.
The accompanying notes form an integral part of these financial statements.
256 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Consumer Staples UCITS ETF Statement of Cash Flows for the financial period ended 30 September 2017
30 September 2017 30 September 2016 USD USD
Cash from/(used in):
Operating activities Increase in net assets attributable to holders of redeemable participating shares 1,474,057 1,122,460
Adjustment for: Interest income (28) - Interest expense 192 25 Securities lending income (3,120) (1,598) Dividend income (574,867) (348,545) Taxation on income 77,260 38,452
Total 973,494 810,794
Net movement in financial assets and financial liabilities at fair value through profit or loss (1,004,172) (844,965) Payments for purchases of investments (2,434,889) (4,196,884) Proceeds from sale of investments 11,836,570 865,019 Cash paid to broker as collateral (42,461) - Movement in receivables (183) - Movement in payables (2,091) 9,387
Cash generated from/(used in) operations 9,326,268 (3,356,649)
Interest paid (192) (25) Interest received 28 - Securities lending income received 3,120 1,704 Dividends received 631,143 360,270 Taxation paid (77,260) (38,452) Net cash generated from/(used in) operations 9,883,107 (3,033,152)
Financing activities Proceeds from redeemable participating shares issued - 3,137,361 Payments for redeemable participating shares redeemed (9,895,805) - Net cash (used in)/generated from financing activities (9,895,805) 3,137,361
Net (decrease)/increase in cash and cash equivalents (12,698) 104,209
Cash and cash equivalents at the beginning of the financial period 107,066 -
Cash and cash equivalents at the end of the financial period 94,368 104,209
The accompanying notes form an integral part of these financial statements.
257 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Consumer Staples UCITS ETF Schedule of Investments as at 30 September 2017
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.27%(March 2017: 99.49%) Transferable Securities - 99.27%(March 2017: 99.49%) Common Stock - 95.82%(March 2017:96.54%) (continued) Australian Dollar - 2.07% Common Stock - 95.82%(March 2017:96.54%) (continued) 3,906 Coca-Cola Amatil 23,691 0.08 Japanese Yen - 7.17% (continued) 6,043 Treasury Wine Estates 64,913 0.23 3,086 Shiseido 123,424 0.44 9,121 Wesfarmers 295,790 1.05 500 Sundrug 20,699 0.07 10,182 Woolworths 201,411 0.71 1,200 Suntory Beverage & Food 53,409 0.19 585,805 2.07 493 Toyo Suisan Kaisha 18,110 0.06 Canadian Dollar - 1.56% 400 Tsuruha Holdings 47,795 0.17 3,376 Alimentation Couche-Tard 153,596 0.54 3,100 Unicharm 70,942 0.25 1,460 Empire 25,776 0.09 696 Yakult Honsha 50,145 0.18 349 George Weston 30,319 0.11 1,193 Yamazaki Baking 21,536 0.08 549 Jean Coutu Group 10,667 0.04 2,030,104 7.17 1,747 Loblaw Cos 95,127 0.34 Norwegian Krone - 0.47% 1,671 Metro 57,332 0.20 3,312 Marine Harvest 65,530 0.23 2,014 Saputo 69,552 0.24 6,679 Orkla 68,550 0.24 442,369 1.56 134,080 0.47 Danish Krone - 0.36% Pound Sterling - 13.15% 922 Carlsberg 100,918 0.36 3,063 Associated British Foods 131,216 0.46 100,918 0.36 18,539 British American Tobacco 1,162,059 4.10 Euro - 10.30% 1,434 Coca-Cola HBC 48,579 0.17 747 Beiersdorf 80,389 0.29 20,291 Diageo 667,790 2.36 6,155 Anheuser-Busch InBev 737,103 2.60 7,851 Imperial Brands 335,380 1.19 4,509 Carrefour 91,126 0.32 13,246 J Sainsbury 42,278 0.15 471 Casino Guichard Perrachon 27,941 0.10 5,321 Reckitt Benckiser Group 486,375 1.72 1,811 Coca-Cola European Partners 75,951 0.27 3,994 Tate & Lyle 34,750 0.12 538 Colruyt 27,562 0.10 63,968 Tesco 160,617 0.57 4,710 Danone 369,559 1.31 10,325 Unilever 598,291 2.11 5,005 Distribuidora Internacional de Alimentacion 29,200 0.10 18,388 Wm Morrison Supermarkets 57,753 0.20 2,089 Heineken 206,583 0.73 3,725,088 13.15 929 Heineken Holding 87,312 0.31 Singapore Dollar - 0.15% 882 Henkel 107,346 0.38 33,520 Goldenri-Resources 9,257 0.03 2,069 Jeronimo Martins SGPS 40,823 0.15 14,200 Wilmar International 33,253 0.12 1,278 Kerry Group 122,817 0.43 42,510 0.15 10,319 Koninklijke Ahold Delhaize 192,990 0.68 Swedish Krona - 0.72% 2,053 L'Oreal 436,627 1.54 4,786 Essity 129,935 0.46 1,221 Metro 25,816 0.09 622 ICA Gruppen 23,326 0.08 1,725 Pernod Ricard 238,699 0.84 1,461 Swedish Match 51,138 0.18 151 Remy Cointreau 17,887 0.06 204,399 0.72 2,915,731 10.30 Swiss Franc - 7.93% Hong Kong Dollar - 0.26% 23 Barry Callebaut 35,275 0.12 69,487 WH Group 73,840 0.26 7 Chocoladefabriken Lindt & Spruengli (non- 73,840 0.26 voting) 39,970 0.14 Japanese Yen - 7.17% 1 Chocoladefabriken Lindt & Spruengli (voting) 69,398 0.25 4,673 Aeon 69,017 0.24 25,084 Nestle 2,102,431 7.42 4,472 Ajinomoto 87,243 0.31 2,247,074 7.93 3,134 Asahi Group Holdings 126,847 0.45 United States Dollar - 51.68% 600 Calbee 21,081 0.07 15,587 Altria Group 988,528 3.49 1,000 Coca-Cola Bottlers Japan 32,426 0.11 4,566 Archer-Daniels-Midland 194,101 0.68 548 FamilyMart 28,869 0.10 1,635 Brown-Forman 88,780 0.31 8,900 Japan Tobacco 291,593 1.03 1,129 Bunge 78,420 0.28 3,879 Kao 228,126 0.81 1,444 Campbell Soup 67,608 0.24 1,193 Kikkoman 36,670 0.13 1,983 Church & Dwight 96,076 0.34 6,565 Kirin Holdings 154,436 0.55 1,049 Clorox 138,374 0.49 300 Kose 34,354 0.12 32,673 Coca-Cola 1,470,612 5.19 697 Lawson 46,130 0.16 6,704 Colgate-Palmolive 488,386 1.72 2,400 Lion 43,793 0.15 3,668 Conagra Brands 123,758 0.44 1,000 MEIJI Holdings 79,243 0.28 1,393 Constellation Brands 277,834 0.98 1,493 NH Foods 41,050 0.15 3,543 Costco Wholesale 582,079 2.05 1,600 Nisshin Seifun Group 26,793 0.09 3,637 Coty 60,120 0.21 446 Nissin Foods Holdings 27,101 0.10 8,227 CVS Health 669,020 2.36 500 Pola Orbis Holdings 15,125 0.05 1,394 Dr Pepper Snapple Group 123,327 0.44 6,066 Seven & I Holdings 234,147 0.83 1,846 Estee Lauder 199,073 0.70
258 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Consumer Staples UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of Fair Value %of Fair Value Net USD Fund Holding Investment USD Assets Total value of investments 28,116,612 99.28 Transferable Securities - 99.27%(March 2017: 99.49%) (continued) Cash at bank*(March 2017: 0.29%) 94,368 0.33 Common Stock - 95.82%(March 2017:96.54%) (continued) Cash at broker*(March 2017: Nil) 42,461 0.15 United States Dollar - 51.68% (continued) Other net assets (March 4,685 General Mills 242,496 0.86 2017: 0.22%) 67,763 0.24 1,120 Hershey 122,270 0.43 Net assets attributable to holders of 2,120 Hormel Foods 68,137 0.24 redeemable participating shares 28,321,204 100.00 601 Ingredion 72,505 0.26 981 JM Smucker 102,936 0.36 *All cash holdings are held at State Street Bank and Trust Company, apart 1,986 Kellogg 123,867 0.44 from cash at broker which is held with Goldman Sachs. 2,870 Kimberly-Clark 337,742 1.19 4,845 Kraft Heinz 375,730 1.33 The counterparty for the open futures contracts is Goldman Sachs. 7,462 Kroger 149,688 0.53 1,037 McCormick & Co 106,438 0.38 All of the above securities are traded on a recognised stock exchange or 1,457 Molson Coors Brewing 118,949 0.42 traded on a regulated market unless otherwise stated. 12,371 Mondelez International 503,005 1.78 3,142 Monster Beverage 173,595 0.61 %of 11,531 PepsiCo 1,284,899 4.54 Total 12,505 Philip Morris International 1,388,180 4.90 Analysis of Total Assets Assets 20,607 Procter & Gamble 1,874,825 6.62 Transferable securities admitted to an official exchange 3,982 Safeway - 0.00 listing 99.08 3,982 Safeway Casa Ley Casa 4,041 0.01 Other transferable securities of the type referred to in 203 Spectrum Brands Holdings 21,502 0.08 Regulation 68(1)(a), (b) and (c) 0.01 4,204 Sysco 226,806 0.80 2,363 Tyson Foods 166,473 0.59 Exchange traded financial derivatives instruments 0.01 7,434 Walgreens Boots Alliance 574,053 2.03 Other assets 0.90 12,183 Wal-Mart Stores 951,980 3.36 Total Assets 14,636,213 51.68 100.00 Total Common Stock 27,138,131 95.82 Depository Receipts - 2.75% (March 2017: 2.30%) Euro - 2.75% 13,156 Unilever 778,273 2.75 Total Depository Receipts 778,273 2.75 Preferred Stock - 0.70%(March 2017:0.65%) Euro - 0.70% 1,450 Henkel & Co 197,389 0.70 Total Preferred Stock 197,389 0.70
Total Transferable Securities 28,113,793 99.27
Financial Derivatives Instruments - 0.01%(March 2017:Nil) Futures Contracts–0.01%(March 2017:Nil)
Unrealised Average Gain/ %of Notional Cost (Loss) Net Amount Price USD Assets 40,973 4,097 1 of Euro Stoxx 50 Index Futures Long Futures Contracts Expiring 15 December 2017 1,303 0.00 124,289 2,486 1 of S&P 500 E Mini Index Futures Long Futures Contracts Expiring 15 December 2017 1,516 0.01 Net unrealised gain on futures contracts 2,819 0.01 Total Financial Derivatives Instruments 2,819 0.01
259 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR MSCI World Consumer Staples UCITS ETF
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Purchases Cost USD
Nestle 108,396 Procter & Gamble 99,594 Philip Morris International 69,715 Reckitt Benckiser Group 57,235 PepsiCo 57,146 Coca-Cola 45,974 Unilever (Dutch Certificate) 40,816 Anheuser-Busch InBev 37,227 Costco Wholesale 34,545 Diageo 34,289 Altria Group 34,052 British American Tobacco 33,133 Unilever 28,433 Heineken 27,869 Walgreens Boots Alliance 24,635 L'Oreal 22,209 Wal-Mart Stores 21,946 Imperial Brands 21,878 McCormick & 20,831 Estee Lauder 20,596 Lawson 20,427 Associated British Foods 19,985 Conagra Brands 19,271 Reynolds American 19,192 Kraft Heinz 17,941 General Mills 17,257 Wesfarmers 16,854 Woolworths 16,677 Aryzta 16,661 CVS Health 16,617 Barry Callebaut 15,806 Sysco 15,571 Koninklijke Ahold Delhaize 15,394 Carlsberg 15,313 Henkel 15,016 Colgate-Palmolive 14,601 Heineken Holding 14,516 Clorox 13,891 Japan Tobacco 13,709 Kroger 13,562 Portfolio Sales Proceeds USD
Nestle 741,458
260 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR MSCI World Consumer Staples UCITS ETF (continued)
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Sales (continued) Proceeds USD
Procter & Gamble 658,829 Coca-Cola 521,959 Philip Morris International 505,815 PepsiCo 465,424 British American Tobacco 403,353 Altria Group 346,259 Wal-Mart Stores 341,980 Unilever (Dutch Certificate) 267,299 CVS Health 251,397 Anheuser-Busch InBev 251,193 Diageo 233,481 Walgreens Boots Alliance 207,677 Unilever 205,752 Costco Wholesale 195,801 Mondelez International 181,947 Reckitt Benckiser Group 174,462 Colgate-Palmolive 167,749 L'Oreal 145,630 Kraft Heinz 143,128 Danone 129,854 Kimberly-Clark 120,234 Imperial Brands 112,287 Wesfarmers 103,659 Japan Tobacco 101,559
A copy of the list of changes in the portfolio during the financial period may be obtained free of charge from the Administrator.
261 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Energy UCITS ETF Statement of Financial Position as at 30 September 2017
30 September 2017 31 March 2017* USD USD
Current assets Financial assets at fair value through profit or loss: Transferable securities 51,877,046 50,040,191 Financial derivative instruments 1,516 - 51,878,562 50,040,191
Cash and cash equivalents 400,807 130,902 Cash held as collateral with broker 32,381 - Debtors: Dividends receivable 103,461 129,243 Miscellaneous income receivable 1,101 - Total current assets 52,416,312 50,300,336
Current liabilities Creditors - Amounts falling due within one financial year: Accrued expenses (12,249) (13,032) Payable for investment purchased (288,828) (41,007) Total current liabilities (301,077) (54,039)
Net assets attributable to holders of redeemable participating shares 52,115,235 50,246,297
30 September 31 March 30 September 2017 2017 2016* Net asset value per share (please refer to note 4 for numbers of shares in issue) USD 32.85 USD 31.67 USD 31.01
* This Fund launched via merger into the SSGA SPDR ETF Europe II plc from the SPDR® ETF Funds, which were previously domiciled in France. The effective date of the merger was 29 April 2016.
The accompanying notes form an integral part of these financial statements.
262 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Energy UCITS ETF Statement of Comprehensive Income for the financial period ended 30 September 2017
30 September 2017 30 September 2016* Notes USD USD
Dividend income 1,113,300 499,217 Interest income 11 - Securities lending income 10 13,516 3,857 Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 934,863 645,101 Miscellaneous income 1,008 - Total investment income 2,062,698 1,148,175
Operating expenses 3 (73,313) (33,761) Profit for the financial period before tax 1,989,385 1,114,414 Witholding tax on investment income 2 (120,447) (51,018) Increase in net assets attributable to holders of redeemable participating shares resulting from operations 1,868,938 1,063,396
* This Fund launched via merger into the SSGA SPDR ETF Europe II plc from the SPDR® ETF Funds, which were previously domiciled in France. The effective date of the merger was 29 April 2016. Gains and losses arose solely from continuing operations. There were no 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.
263 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Energy UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial period ended 30 September 2017
30 September 2017 30 September 2016* USD USD
Net assets attributable to holders of redeemable shares at the beginning of the financial period 50,246,297 -
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 1,868,938 1,063,396
Share transactions Proceeds from redeemable participating shares issued - 11,876,453 Proceeds from redeemable participating shares issued resulting from merger in* - 23,595,570 Costs of redeemable participating shares redeemed - (12,143,482) Increase in net assets from share transactions - 23,328,541
Total increase in net assets attributable to holders of redeemable participating shares 1,868,938 24,391,937
Net assets attributable to holders of redeemable participating shares at the end of the financial period 52,115,235 24,391,937
* This Fund launched via merger into the SSGA SPDR ETF Europe II plc from the SPDR® ETF Funds, which were previously domiciled in France. The effective date of the merger was 29 April 2016.
The accompanying notes form an integral part of these financial statements.
264 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Energy UCITS ETF Statement of Cash Flows for the financial period ended 30 September 2017
30 September 2017 30 September 2016* USD USD
Cash from/(used in):
Operating activities Increase in net assets attributable to holders of redeemable participating shares 1,868,938 1,063,396
Adjustment for: Interest income (11) - Securities lending income (13,516) (3,857) Dividend income (1,113,300) (499,217) Taxation on income 120,447 51,018
Total 862,558 611,340
Net movement in financial assets and financial liabilities at fair value through profit or loss (917,406) (651,211) Payments for purchases of investments (2,839,708) (12,719,922) Proceeds from sale of investments 2,166,564 12,633,698 Cash paid to broker as collateral (32,381) - Movement in receivables (1,101) - Movement in payables (783) 6,116
Cash used in operations (762,257) (119,979) Interest received 11 - Securities lending income received 13,516 4,375 Dividends received 1,139,082 459,881 Taxation paid (120,447) (51,018) Net cash generated from operations 269,905 293,259
Financing activities Proceeds from redeemable participating shares issued - 11,956,813 Payments for redeemable participating shares redeemed - (12,143,482) Net cash used in financing activities - (186,669)
Net increase in cash and cash equivalents 269,905 106,590
Cash and cash equivalents at the beginning of the financial period 130,902 -
Cash and cash equivalents at the end of the financial period 400,807 106,590
Cash and cash equivalents - Statement of Financial Position 400,807 111,267 Bank overdraft - Statement of Financial Position - (4,677)
Cash and cash equivalents - Statement of Cash Flows 400,807 106,590
* This Fund launched via merger into the SSGA SPDR ETFs Europe II plc from the SPDR® ETF Funds, which were previously domiciled in France. The effective date of the merger was 29 April 2016.
The accompanying notes form an integral part of these financial statements.
265 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Energy UCITS ETF Schedule of Investments as at 30 September 2017
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.55%(March 2017: 99.59%) Transferable Securities - 99.55%(March 2017: 99.59%) Common Stock - 99.55%(March 2017:99.59%) (continued) Australian Dollar - 1.96% Common Stock - 99.55%(March 2017:99.59%) (continued) 5,515 Caltex Australia 138,908 0.27 Norwegian Krone - 0.95% 29,597 Oil Search 162,563 0.31 24,811 Statoil 496,513 0.95 37,783 Origin Energy 221,755 0.43 496,513 0.95 39,923 Santos 125,929 0.24 Pound Sterling - 15.52% 16,222 Woodside Petroleum 370,402 0.71 422,738 BP 2,707,085 5.20 1,019,557 1.96 96,155 Royal Dutch Shell 2,900,707 5.57 Canadian Dollar - 12.87% 80,467 Royal Dutch Shell (Class B Shares) 2,477,109 4.75 3,648 AltaGas 83,831 0.16 8,084,901 15.52 7,802 ARC Resources 107,237 0.21 Swedish Krona - 0.17% 8,499 Cameco 81,888 0.16 3,986 Lundin Petroleum 87,022 0.17 23,986 Canadian Natural Resources 801,483 1.54 87,022 0.17 21,896 Cenovus Energy 219,021 0.42 United States Dollar - 56.82% 11,966 Crescent Point Energy 95,870 0.18 12,097 Anadarko Petroleum 590,938 1.13 35,211 Enbridge 1,467,395 2.82 3,327 Andeavor 343,180 0.66 20,927 Encana 245,806 0.47 4,695 Antero Resources 93,430 0.18 7,499 Husky Energy 93,659 0.18 8,091 Apache 370,568 0.71 6,487 Imperial Oil 206,750 0.40 8,660 Baker Hughes 317,129 0.61 8,142 Inter Pipeline 168,289 0.32 10,088 Cabot Oil & Gas 269,854 0.52 3,974 Keyera 121,192 0.23 4,379 Cheniere Energy 197,230 0.38 8,635 Pembina Pipeline 302,275 0.58 40,671 Chevron 4,778,842 9.17 3,353 Peyto Exploration & Development 54,692 0.10 2,049 Cimarex Energy 232,910 0.45 4,465 PrairieSky Royalty 113,995 0.22 3,213 Concho Resources 423,216 0.81 5,211 Seven Generations Energy 82,249 0.16 26,508 ConocoPhillips 1,326,725 2.55 35,957 Suncor Energy 1,257,266 2.41 1,952 Continental Resources 75,367 0.14 4,933 Tourmaline Oil 100,068 0.19 942 Core Laboratories 92,975 0.18 18,548 TransCanada 914,609 1.75 10,612 Devon Energy 389,566 0.75 6,952 Veresen 104,059 0.20 1,906 Diamondback Energy 186,712 0.36 2,444 Vermilion Energy 86,668 0.17 12,422 EOG Resources 1,201,704 2.31 6,708,302 12.87 3,707 EQT 241,845 0.46 Euro - 9.95% 90,937 Exxon Mobil 7,455,015 14.30 5,004 Enagas 140,942 0.27 18,611 Halliburton 856,664 1.64 54,168 Eni 896,523 1.72 2,322 Helmerich & Payne 120,999 0.23 10,673 Galp Energia 189,201 0.36 6,164 Hess 289,030 0.55 1,585 Koninklijke Vopak 69,527 0.13 3,700 HollyFrontier 133,089 0.25 2,730 Neste 119,253 0.23 43,130 Kinder Morgan 827,233 1.59 3,061 OMV 178,366 0.34 18,502 Marathon Oil 250,887 0.48 26,239 Repsol 483,598 0.93 11,057 Marathon Petroleum 620,077 1.19 12,845 Saipem 55,396 0.11 3,678 Murphy Oil 97,688 0.19 48,450 Snam 233,463 0.45 8,109 National Oilwell Varco 289,735 0.56 10,255 Tenaris 145,482 0.28 4,282 Newfield Exploration 127,047 0.24 49,764 Total 2,673,574 5.13 10,019 Noble Energy 284,139 0.54 5,185,325 9.95 16,460 Occidental Petroleum 1,056,897 2.03 Japanese Yen - 1.31% 8,177 ONEOK 453,088 0.87 2,900 Idemitsu Kosan 81,797 0.15 4,694 Parsley Energy 123,640 0.24 20,600 Inpex 218,783 0.42 9,372 Phillips 66 858,569 1.65 65,642 JXTG Holdings 337,584 0.65 3,640 Pioneer Natural Resources 537,046 1.03 4,000 Showa Shell Sekiyu 46,018 0.09 3,234 Plains GP Holdings 70,728 0.14 684,182 1.31 5,270 Range Resources 103,134 0.20 29,861 Schlumberger 2,083,103 4.00
266 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Energy UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of Fair Value Net Holding Investment USD Assets Transferable Securities - 99.55%(March 2017: 99.59%) (continued) Common Stock - 99.55%(March 2017:99.59%) (continued) United States Dollar - 56.82% (continued) 4,552 Targa Resources 215,310 0.41 9,454 TechnipFMC 263,956 0.51 9,604 Valero Energy 738,836 1.42 19,962 Weatherford International 91,426 0.17 17,718 Williams 531,717 1.02 29,611,244 56.82 Total Common Stock 51,877,046 99.55
Total Transferable Securities 51,877,046 99.55
Financial Derivatives Instruments - 0.00%(March 2017:Nil) Futures Contracts–0.00%(March 2017:Nil)
Unrealised Average Gain/ %of Notional Cost (Loss) Net Amount Price USD Assets 124,289 2,486 1 of S&P 500 E Mini Index Futures Long Futures Contracts Expiring 15 December 2017 1,516 0.00 Net unrealised gain on futures contracts 1,516 0.00 Total Financial Derivatives Instruments 1,516 0.00
Fair Value %of USD Fund Total value of investments 51,878,562 99.55 Cash at bank*(March 2017: 0.26%) 400,807 0.77 Cash at broker*(March 2017: Nil) 32,381 0.06 Other net liabilities (March 2017: 0.15%) (196,515) (0.38) Net assets attributable to holders of redeemable participating shares 52,115,235 100.00
*All cash holdings are held at State Street Bank and Trust Company, apart from cash at broker which is held with Goldman Sachs. All of the above securities are traded on a recognised stock exchange or traded on a regulated market unless otherwise stated.
%of Total Analysis of Total Assets Assets Transferable securities admitted to an official exchange listing 98.91 Other assets 1.09
Total Assets 100.00
267 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR MSCI World Energy UCITS ETF
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Purchases Cost USD
Exxon Mobil 220,825 ONEOK 189,662 BP 95,108 Andeavor 75,688 Chevron 67,036 TOTAL 59,947 Royal Dutch Shell (Class A Shares) 47,355 Cenovus Energy 46,151 Kinder Morgan 42,417 Schlumberger 34,926 Targa Resources 32,153 Royal Dutch Shell (Class B Shares) 29,113 Antero Resources 28,904 Range Resources 27,675 Noble Energy 26,005 Occidental Petroleum 25,643 Anadarko Petroleum 23,064 Idemitsu Kosan 21,879 Enbridge 20,605 ConocoPhillips 16,834 Repsol 16,641 TransCanada 14,262 Suncor Energy 13,900 Canadian Natural Resources 13,605 Portfolio Sales Proceeds USD
Southwestern Energy 64,777 Exxon Mobil 63,994 BP 53,472 TOTAL 52,440 Phillips 66 51,600 Royal Dutch Shell (Class A Shares) 51,546 Chevron 43,816 Schlumberger 32,516 Petrofac 29,619 Royal Dutch Shell (Class B Shares) 18,020 Snam 17,957 Occidental Petroleum 16,107 Enbridge 15,397 ConocoPhillips 14,836 Eni 11,801 Marathon Petroleum 10,856 Valero Energy 9,650
268 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR MSCI World Energy UCITS ETF (continued)
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Sales (continued) Proceeds USD
Suncor Energy 9,389 Neste 7,281 Lundin Petroleum 6,926 Anadarko Petroleum 6,872 Showa Shell Sekiyu 6,538
A copy of the list of changes in the portfolio during the financial period may be obtained free of charge from the Administrator.
269 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Financials UCITS ETF Statement of Financial Position as at 30 September 2017
30 September 2017 31 March 2017* USD USD
Current assets Financial assets at fair value through profit or loss: Transferable securities 380,817,863 324,795,094 Financial derivative instruments 19,158 - 380,837,021 324,795,094
Cash and cash equivalents 1,471,275 675,422 Cash held as collateral with broker 88,137 - Debtors: Dividends receivable 708,687 1,356,939 Miscellaneous income receivable 2,820 35,802 Receivable for investments sold 604,449 44,031 Receivable for fund shares sold 4,015,225 - Total current assets 387,727,614 326,907,288
Current liabilities Bank overdraft (166,013) - Creditors - Amounts falling due within one financial year: Accrued expenses (69,154) (83,129) Payable for investment purchased (4,944,323) (2,435) Total current liabilities (5,179,490) (85,564)
Net assets attributable to holders of redeemable participating shares 382,548,124 326,821,724
30 September 31 March 30 September 2017 2017 2016* Net asset value per share (please refer to note 4 for numbers of shares in issue) USD 40.30 USD 36.35 USD 30.33
* This Fund launched via merger into the SSGA SPDR ETF Europe II plc from the SPDR® ETF Funds, which were previously domiciled in France. The effective date of the merger was 29 April 2016.
The accompanying notes form an integral part of these financial statements.
270 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Financials UCITS ETF Statement of Comprehensive Income for the financial period ended 30 September 2017
30 September 2017 30 September 2016* Notes USD USD
Dividend income 4,425,137 336,110 Interest income 444 - Securities lending income 10 34,926 2,625 Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 21,520,389 (207,912) Miscellaneous income 1,421 - Total investment income 25,982,317 130,823
Operating expenses 3 (376,338) (27,442) Net profit for the financial period 25,605,979 103,381
Finance costs Interest expense (4,428) - Profit for the financial period before tax 25,601,551 103,381 Witholding tax on investment income 2 (437,572) (40,867) Increase in net assets attributable to holders of redeemable participating shares resulting from operations 25,163,979 62,514
* This Fund launched via merger into the SSGA SPDR ETF Europe II plc from the SPDR® ETF Funds, which were previously domiciled in France. The effective date of the merger was 29 April 2016. Gains and losses arose solely from continuing operations. There were no 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.
271 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Financials UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial period ended 30 September 2017
30 September 2017 30 September 2016* USD USD
Net assets attributable to holders of redeemable shares at the beginning of the financial period 326,821,724 -
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 25,163,979 62,514
Share transactions Proceeds from redeemable participating shares issued 214,062,975 23,765,880 Costs of redeemable participating shares redeemed (183,500,554) (2,836,221) Increase in net assets from share transactions 30,562,421 20,929,659
Total increase in net assets attributable to holders of redeemable participating shares 55,726,400 20,992,173
Net assets attributable to holders of redeemable participating shares at the end of the financial period 382,548,124 20,992,173
* This Fund launched via merger into the SSGA SPDR ETF Europe II plc from the SPDR® ETF Funds, which were previously domiciled in France. The effective date of the merger was 29 April 2016.
The accompanying notes form an integral part of these financial statements.
272 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Financials UCITS ETF Statement of Cash Flows for the financial period ended 30 September 2017
30 September 2017 30 September 2016* USD USD
Cash from/(used in):
Operating activities Increase in net assets attributable to holders of redeemable participating shares 25,163,979 62,514
Adjustment for: Interest income (444) - Interest expense 4,428 - Securities lending income (34,926) (2,625) Dividend income (4,425,137) (336,110) Taxation on income 437,572 40,867
Total 21,145,472 (235,354)
Net movement in financial assets and financial liabilities at fair value through profit or loss (21,297,112) 222,255 Payments for purchases of investments (217,361,500) (4,491,942) Proceeds from sale of investments 186,998,155 7,002,687 Cash paid to broker as collateral (88,137) - Movement in receivables 32,982 - Movement in payables (13,975) 5,658
Cash (used in)/ generated from operations (30,584,115) 2,503,304
Interest paid (4,428) - Interest received 444 - Securities lending income received 34,926 3,390 Dividends received 5,073,389 368,801 Taxation paid (437,572) (40,867) Net cash (used in)/ generated from operations (25,917,356) 2,834,628
Financing activities Proceeds from redeemable participating shares issued 210,047,750 61,620 Payments for redeemable participating shares redeemed (183,500,554) (2,836,221) Net cash generated from/(used in) financing activities 26,547,196 (2,774,601)
Net increase in cash and cash equivalents 629,840 60,027
Cash and cash equivalents at the beginning of the financial period 675,422 -
Cash and cash equivalents at the end of the financial period 1,305,262 60,027
Cash and cash equivalents - Statement of Financial Position 1,471,275 60,027 Bank overdraft - Statement of Financial Position (166,013) -
Cash and cash equivalents - Statement of Cash Flows 1,305,262 60,027
* This Fund launched via merger into the SSGA SPDR ETF Europe II plc from the SPDR® ETF Funds, which were previously domiciled in France. The effective date of the merger was 29 April 2016.
The accompanying notes form an integral part of these financial statements.
273 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Financials UCITS ETF Schedule of Investments as at 30 September 2017
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.55% (March 2017: 99.38%) Transferable Securities - 99.55% (March 2017: 99.38%) Common Stock - 99.02% (March 2017: 98.94%) (continued) Australian Dollar - 5.97% Common Stock - 99.02% (March 2017: 98.94%) (continued) 159,395 AMP 604,084 0.16 Euro - 14.11% (continued) 10,329 ASX 424,927 0.11 366,610 Banco Bilbao Vizcaya Argentaria 3,276,984 0.86 160,619 Australia & New Zealand Banking Group 3,730,478 0.97 284,496 Banco de Sabadell 593,961 0.15 21,059 Bank of Queensland 214,481 0.06 21,537 Banco Espirito Santo 2 0.00 27,482 Bendigo & Adelaide Bank 250,355 0.07 877,829 Banco Santander 6,130,101 1.60 31,409 Challenger 306,831 0.08 49,058 Bank of Ireland 401,915 0.10 93,484 Commonwealth Bank of Australia 5,519,753 1.44 56,835 Bankia 274,136 0.07 132,850 Insurance Australia Group 664,013 0.17 36,064 Bankinter 341,249 0.09 17,645 Macquarie Group 1,258,801 0.33 61,290 BNP Paribas 4,945,190 1.29 151,905 Medibank 348,041 0.09 199,221 CaixaBank 998,600 0.26 146,140 National Australia Bank 3,612,064 0.94 8,966 CNP Assurances 210,190 0.05 73,686 QBE Insurance Group 578,755 0.15 58,172 Commerzbank 791,553 0.21 70,428 Suncorp Group 721,160 0.19 62,971 Credit Agricole 1,144,953 0.30 184,153 Westpac Banking 4,612,300 1.21 113,567 Deutsche Bank 1,964,207 0.51 22,846,043 5.97 10,444 Deutsche Boerse 1,132,333 0.30 Canadian Dollar - 8.35% 16,531 Erste Group Bank 714,197 0.19 35,556 Bank of Montreal 2,684,646 0.70 2,275 Eurazeo 203,407 0.05 65,968 Bank of Nova Scotia 4,230,307 1.11 6,088 EXOR 386,131 0.10 48,616 Brookfield Asset Management 2,002,716 0.52 4,422 Groupe Bruxelles Lambert 465,264 0.12 23,501 Canadian Imperial Bank of Commerce 2,051,417 0.54 3,429 Hannover Rueck 413,281 0.11 14,138 CI Financial 308,500 0.08 212,735 ING Groep 3,923,325 1.03 21,323 Element Fleet Management 157,708 0.04 698,717 Intesa Sanpaolo 2,471,460 0.65 1,551 Fairfax Financial Holdings 805,270 0.21 13,603 KBC Group 1,153,041 0.30 15,905 Great-West Lifeco 456,681 0.12 55,998 Mapfre 182,317 0.05 4,816 IGM Financial 161,502 0.04 31,472 Mediobanca 337,832 0.09 5,817 Industrial Alliance Insurance & Financial 8,668 Muenchener Rueckversicherungs 1,853,737 0.48 Services 262,792 0.07 52,585 Natixis 420,864 0.11 7,139 Intact Financial 588,347 0.15 17,093 NN Group 715,542 0.19 108,772 Manulife Financial 2,201,271 0.57 27,848 Poste Italiane 205,103 0.05 18,793 National Bank of Canada 902,347 0.24 8,376 Raiffeisen Bank International 280,774 0.07 4,365 Onex 336,070 0.09 24,529 Sampo 1,296,798 0.34 13,326 Power Financial 368,779 0.10 8,938 SCOR 374,847 0.10 19,680 Power of Canada 498,983 0.13 42,215 Societe Generale 2,472,121 0.65 79,807 Royal Bank of Canada 6,160,451 1.61 109,277 UniCredit 2,327,953 0.61 33,898 Sun Life Financial 1,346,813 0.35 58,642 UnipolSai Assicurazioni 136,989 0.04 15,808 Thomson Reuters 723,630 0.19 1,552 Wendel 251,456 0.07 101,255 Toronto-Dominion Bank 5,687,573 1.49 53,987,412 14.11 31,935,803 8.35 Hong Kong Dollar - 2.36% Danish Krone - 0.46% 660,800 AIA Group 4,873,069 1.28 40,480 Danske Bank 1,619,251 0.42 71,712 Bank of East Asia 309,867 0.08 5,908 Tryg 136,466 0.04 194,500 BOC Hong Kong Holdings 945,021 0.25 1,755,717 0.46 188,000 First Pacific 149,953 0.04 Euro - 14.11% 39,500 Hang Seng Bank 962,884 0.25 103,292 Aegon 601,767 0.16 65,492 Hong Kong Exchanges & Clearing 1,760,831 0.46 10,631 Ageas 499,702 0.13 9,001,625 2.36 24,958 Allianz 5,604,538 1.46 Israeli Shekel - 0.25% 68,132 Assicurazioni Generali 1,269,399 0.33 56,648 Bank Hapoalim BM 396,565 0.10 106,430 AXA 3,219,772 0.84 79,997 Bank Leumi Le-Israel BM 424,601 0.11 26,852 AZ BGP 421 0.00
274 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Financials UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.55% (March 2017: 99.38%) Transferable Securities - 99.55% (March 2017: 99.38%) (continued) (continued) Common Stock - 99.02% (March 2017: 98.94%) (continued) Common Stock - 99.02% (March 2017: 98.94%) (continued) Israeli Shekel - 0.25% (continued) Pound Sterling - 8.09% (continued) 7,425 Mizrahi Tefahot Bank 133,110 0.04 222,782 Aviva 1,537,817 0.40 954,276 0.25 930,245 Barclays 2,413,130 0.63 Japanese Yen - 5.97% 73,473 Direct Line Insurance Group 358,419 0.10 20,400 Acom 79,016 0.02 13,880 Hargreaves Lansdown 275,607 0.07 7,200 AEON Financial Service 150,377 0.04 1,098,543 HSBC Holdings 10,863,822 2.84 9,000 Aozora Bank 342,202 0.09 35,852 Investec 262,149 0.07 2,600 Bank of Kyoto 132,119 0.03 330,390 Legal & General Group 1,152,053 0.30 28,000 Chiba Bank 200,240 0.05 3,905,532 Lloyds Banking Group 3,548,955 0.93 9,700 Chugoku Bank 132,878 0.03 17,167 London Stock Exchange Group 882,129 0.23 67,100 Concordia Financial Group 331,491 0.09 266,309 Old Mutual 693,864 0.18 9,100 Credit Saison 188,767 0.05 7,995 Provident Financial 89,083 0.02 56,500 Dai-ichi Life Holdings 1,013,401 0.26 141,716 Prudential 3,396,730 0.89 93,000 Daiwa Securities Group 526,530 0.14 194,142 Royal Bank of Scotland Group 698,843 0.18 29,000 Fukuoka Financial Group 133,967 0.04 56,025 RSA Insurance Group 468,284 0.12 18,400 Hachijuni Bank 114,913 0.03 6,955 Schroders 313,061 0.08 6,500 Hiroshima Bank 52,605 0.01 28,968 St James's Place 445,392 0.12 28,300 Japan Exchange Group 500,558 0.13 179,387 Standard Chartered 1,784,842 0.47 19,600 Japan Post Bank 242,029 0.06 144,610 Standard Life Aberdeen 841,059 0.22 52,700 Japan Post Holdings 622,203 0.16 30,950,440 8.09 18,400 Kyushu Financial Group 113,115 0.03 Singapore Dollar - 1.15% 50,500 Mebuki Financial Group 195,154 0.05 96,070 DBS Group Holdings 1,472,939 0.38 657,200 Mitsubishi UFJ Financial Group 4,266,122 1.12 170,596 Oversea-Chinese Banking 1,402,004 0.37 27,400 Mitsubishi UFJ Lease & Finance 145,075 0.04 46,600 Singapore Exchange 253,598 0.07 1,317,400 Mizuho Financial Group 2,306,752 0.60 73,868 United Overseas Bank 1,278,323 0.33 27,300 MS&AD Insurance Group Holdings 878,674 0.23 4,406,864 1.15 199,000 Nomura Holdings 1,113,757 0.29 Swedish Krona - 2.09% 75,500 ORIX 1,217,028 0.32 8,646 Industrivarden 218,524 0.06 121,600 Resona Holdings 624,393 0.16 24,827 Investor 1,223,655 0.32 10,200 SBI Holdings 153,501 0.04 12,751 Kinnevik 414,913 0.11 27,600 Seven Bank 99,548 0.03 2,067 L E Lundbergforetagen 164,857 0.04 10,800 Shinsei Bank 172,796 0.05 165,792 Nordea Bank 2,242,422 0.59 21,000 Shizuoka Bank 188,798 0.05 82,896 Skandinaviska Enskilda Banken 1,089,728 0.28 18,900 Sompo Holdings 735,079 0.19 83,471 Svenska Handelsbanken 1,256,818 0.33 10,000 Sony Financial Holdings 163,994 0.04 49,841 Swedbank 1,375,118 0.36 74,600 Sumitomo Mitsui Financial Group 2,862,986 0.75 7,986,035 2.09 18,900 Sumitomo Mitsui Trust Holdings 681,854 0.18 Swiss Franc - 3.21% 9,700 Suruga Bank 209,054 0.05 2,646 Baloise Holding 418,941 0.11 28,700 T&D Holdings 416,483 0.11 133,039 Credit Suisse Group 2,107,780 0.55 37,900 Tokio Marine Holdings 1,482,129 0.39 12,070 Julius Baer Group 714,770 0.19 5,000 Yamaguchi Financial Group 58,500 0.02 2,094 Pargesa Holding 174,211 0.05 22,848,088 5.97 960 Partners Group Holding 651,840 0.17 Norwegian Krone - 0.33% 1,797 Swiss Life Holding 633,481 0.17 52,544 DNB 1,059,421 0.28 17,899 Swiss Re 1,622,305 0.42 11,344 Gjensidige Forsikring 197,515 0.05 199,942 UBS Group 3,419,843 0.89 1,256,936 0.33 8,310 Zurich Insurance Group 2,536,972 0.66 Pound Sterling - 8.09% 12,280,143 3.21 53,158 3i Group 651,146 0.17 11,242 Admiral Group 274,055 0.07
275 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Financials UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.55% (March 2017: 99.38%) Transferable Securities - 99.55% (March 2017: 99.38%) (continued) (continued) Common Stock - 99.02% (March 2017: 98.94%) (continued) Common Stock - 99.02% (March 2017: 98.94%) (continued) United States Dollar - 46.68% United States Dollar - 46.68% (continued) 3,137 Affiliated Managers Group 595,497 0.16 12,742 Lincoln National 936,282 0.24 21,971 Aflac 1,788,220 0.47 15,653 Loews 749,153 0.20 847 Alleghany 469,246 0.12 7,646 M&T Bank 1,231,312 0.32 20,057 Allstate 1,843,439 0.48 763 Markel 814,869 0.21 24,545 Ally Financial 595,462 0.16 28,014 Marsh & McLennan 2,347,853 0.61 41,787 American Express 3,780,052 0.99 50,109 MetLife 2,603,163 0.68 4,022 American Financial Group 416,076 0.11 9,404 Moody's 1,309,131 0.34 50,529 American International Group 3,101,975 0.81 76,635 Morgan Stanley 3,691,508 0.97 8,378 Ameriprise Financial 1,244,217 0.33 5,005 MSCI 585,084 0.15 14,321 Aon 2,092,298 0.55 6,288 Nasdaq 487,760 0.13 7,006 Arch Capital Group 690,091 0.18 17,721 Navient 266,169 0.07 9,847 Arthur J Gallagher & Co 606,083 0.16 26,081 New York Community Bancorp 336,184 0.09 3,259 Assurant 311,300 0.08 11,751 Northern Trust 1,080,269 0.28 5,848 Athene Holding 314,856 0.08 18,753 People's United Financial 340,179 0.09 4,815 Axis Capital Holdings 275,948 0.07 26,447 PNC Financial Services Group 3,564,262 0.93 545,267 Bank of America 13,817,066 3.61 15,655 Principal Financial Group 1,007,243 0.26 56,670 Bank of New York Mellon 3,004,643 0.79 31,399 Progressive 1,520,340 0.40 44,378 BB&T 2,083,103 0.54 23,445 Prudential Financial 2,492,672 0.65 68,358 Berkshire Hathaway 12,531,389 3.28 6,853 Raymond James Financial 577,913 0.15 6,633 BlackRock 2,965,548 0.78 67,448 Regions Financial 1,027,233 0.27 4,612 Brighthouse Financial 280,410 0.07 3,432 Reinsurance Group of America 478,867 0.13 26,122 Capital One Financial 2,211,489 0.58 2,269 RenaissanceRe Holdings 306,633 0.08 5,532 CBOE Holdings 595,409 0.16 14,193 S&P Global 2,218,508 0.58 65,524 Charles Schwab 2,866,020 0.75 7,282 SEI Investments 444,639 0.12 25,477 Chubb 3,631,746 0.95 2,946 Signature Bank 377,206 0.10 8,384 Cincinnati Financial 641,963 0.17 20,620 State Street 1,970,035 0.52 7,909 CIT Group 387,936 0.10 26,863 SunTrust Banks 1,605,601 0.42 151,139 Citigroup 10,993,851 2.87 2,820 SVB Financial Group 527,594 0.14 28,335 Citizens Financial Group 1,073,046 0.28 44,641 Synchrony Financial 1,386,103 0.36 18,650 CME Group 2,530,432 0.66 13,343 T Rowe Price Group 1,209,543 0.32 9,649 Comerica 735,833 0.19 14,199 TD Ameritrade Holding 692,911 0.18 20,941 Discover Financial Services 1,350,276 0.35 6,243 Torchmark 500,002 0.13 14,935 E*TRADE Financial 651,315 0.17 15,263 Travelers 1,870,023 0.49 7,912 East West Bancorp 472,979 0.12 12,849 Unum Group 656,969 0.17 6,369 Eaton Vance 314,438 0.08 92,692 US Bancorp 4,967,364 1.30 2,252 Everest Re Group 514,334 0.13 10,727 Voya Financial 427,900 0.11 40,984 Fifth Third Bancorp 1,146,732 0.30 260,332 Wells Fargo & Co 14,357,310 3.75 8,615 First Republic Bank 899,923 0.24 7,110 Willis Towers Watson 1,096,575 0.29 13,847 FNF Group 657,179 0.17 5,399 WR Berkley 360,329 0.09 18,472 Franklin Resources 822,189 0.21 14,796 XL Group 583,702 0.15 19,562 Goldman Sachs Group 4,639,911 1.21 11,018 Zions Bancorporation 519,829 0.14 20,169 Hartford Financial Services Group 1,117,968 0.29 178,577,305 46.68 58,795 Huntington Bancshares 820,778 0.21 Total Common Stock 378,786,687 99.02 32,621 Intercontinental Exchange 2,241,063 0.59 Depository Receipts - 0.18% (March 2017: 0.11%) 22,336 Invesco 782,653 0.20 Euro - 0.18% 194,654 JPMorgan Chase & Co 18,591,404 4.86 23,170 ABN AMRO Group 694,102 0.18 58,834 KeyCorp 1,107,256 0.29 17,665 Leucadia National 446,041 0.12 Total Depository Receipts 694,102 0.18
276 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Financials UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of Fair Value %of Fair Value Net USD Fund Holding Investment USD Assets Total value of investments 380,837,021 99.55 Transferable Securities - 99.55% (March 2017: 99.38%) Cash at bank (March 2017: 0.21%) 1,471,275 0.39 (continued) Cash at broker* (March 2017: Nil) 88,137 0.02 Real Estate Investment Trust - 0.31% (March 2017: 0.28%) Bank overdraft* (March 2017: Nil) (166,013) (0.04) United States Dollar - 0.31% Other net assets (March 20,057 AGNC Investment 434,836 0.12 2017: 0.41%) 317,704 0.08 60,135 Annaly Capital Management 733,046 0.19 Net assets attributable to holders of Total Real Estate Investment Trust 1,167,882 0.31 redeemable participating shares 382,548,124 100.00 Preferred Stock - 0.04% (March 2017: 0.04%) *All cash holdings are held at State Street Bank and Trust Company, apart Euro - 0.04% from cash at broker which is held with Goldman Sachs. 51,113 Intesa Sanpaolo 169,192 0.04 All of the above securities are traded on a recognised stock exchange or Total Preferred Stock 169,192 0.04 traded on a regulated market unless otherwise stated. Rights - Nil (March 2017: 0.05%) %of Total Transferable Securities 380,817,863 99.55 Total Analysis of Total Assets Assets
Financial Derivatives Instruments - 0.00% (March 2017: Nil) Transferable securities admitted to an official exchange listing 98.60 Futures Contracts – 0.00% (March 2017: Nil) Exchange traded financial derivatives instruments 0.01 Unrealised Other assets 1.39 Average Gain/ %of Total Assets Notional Cost (Loss) Net 100.00 Amount Price USD Assets 410,904 4,109 10 of Euro Stoxx 50 Index Futures Long Futures Contracts Expiring 15 December 2017 11,850 0.00 495,912 2,480 4 of S&P 500 E Mini Index Futures Long Futures Contracts Expiring 15 December 2017 7,308 0.00 Net unrealised gain on futures contracts 19,158 0.00 Total Financial Derivatives Instruments 19,158 0.00
277 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR MSCI World Financials UCITS ETF
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Purchases Cost USD
JPMorgan Chase & Co 10,531,918 Wells Fargo & Co 8,116,330 Bank of America 7,739,945 Berkshire Hathaway 7,135,560 HSBC Holdings 6,161,984 Citigroup 6,045,279 Royal Bank of Canada 3,475,121 Commonwealth Bank of Australia 3,394,612 Banco Santander 3,382,799 Allianz 3,145,646 Toronto-Dominion Bank 3,133,423 AIA Group 2,972,286 BNP Paribas 2,971,552 US Bancorp 2,807,051 Westpac Banking 2,731,868 Goldman Sachs Group 2,601,474 Mitsubishi UFJ Financial Group 2,444,706 Bank of Nova Scotia 2,385,920 ING Groep 2,236,936 Australia & New Zealand Banking Group 2,210,244 Portfolio Sales Proceeds USD
JPMorgan Chase & Co 8,982,880 Wells Fargo & Co 7,310,627 Bank of America 6,957,007 Berkshire Hathaway 5,793,493 Citigroup 5,184,072 HSBC Holdings 5,007,236 Commonwealth Bank of Australia 3,076,031 Royal Bank of Canada 3,004,486 Banco Santander 2,765,416 Allianz 2,543,615 US Bancorp 2,522,322 Toronto-Dominion Bank 2,515,643 AIA Group 2,436,930 Westpac Banking 2,391,965 BNP Paribas 2,354,830 Mitsubishi UFJ Financial Group 2,347,703 Goldman Sachs Group 2,276,657 American International Group 2,031,715 Bank of Nova Scotia 1,952,986 ING Groep 1,881,248 Chubb 1,863,646
A copy of the list of changes in the portfolio during the financial period may be obtained free of charge from the Administrator.
278 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Health Care UCITS ETF Statement of Financial Position as at 30 September 2017
30 September 2017 31 March 2017* USD USD
Current assets Financial assets at fair value through profit or loss: Transferable securities 102,903,134 90,816,397 Financial derivative instruments 2,760 - 102,905,894 90,816,397
Cash and cash equivalents 127,870 165,456 Cash held as collateral with broker 46,749 - Debtors: Dividends receivable 152,285 155,348 Miscellaneous income receivable 794 - Receivable for investments sold - 13,300 Total current assets 103,233,592 91,150,501
Current liabilities Creditors - Amounts falling due within one financial year: Accrued expenses (26,667) (25,307) Total current liabilities (26,667) (25,307)
Net assets attributable to holders of redeemable participating shares 103,206,925 91,125,194
30 September 31 March 30 September 2017 2017 2016* Net asset value per share (please refer to note 4 for numbers of shares in issue) USD 34.48 USD 31.49 USD 30.69
* This Fund launched via merger into the SSGA SPDR ETF Europe II plc from the SPDR® ETF Funds, which were previously domiciled in France. The effective date of the merger was 29 April 2016.
The accompanying notes form an integral part of these financial statements.
279 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Health Care UCITS ETF Statement of Comprehensive Income for the financial period ended 30 September 2017
30 September 2017 30 September 2016* Notes USD USD
Dividend income 872,616 368,664 Interest income 76 40 Securities lending income 10 12,591 1,028 Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 7,985,279 706,416 Miscellaneous income 1,370 - Total investment income 8,871,932 1,076,148
Operating expenses 3 (145,071) (54,529) Net profit for the financial period 8,726,861 1,021,619
Finance costs Interest expense (203) (95) Profit for the financial period before tax 8,726,658 1,021,524 Witholding tax on investment income 2 (99,741) (47,226) Increase in net assets attributable to holders of redeemable participating shares resulting from operations 8,626,917 974,298
* This Fund launched via merger into the SSGA SPDR ETF Europe II plc from the SPDR® ETF Funds, which were previously domiciled in France. The effective date of the merger was 29 April 2016. Gains and losses arose solely from continuing operations. There were no 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.
280 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Health Care UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial period ended 30 September 2017
30 September 2017 30 September 2016* USD USD
Net assets attributable to holders of redeemable shares at the beginning of the financial period 91,125,194 -
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 8,626,917 974,298
Share transactions Proceeds from redeemable participating shares issued 13,390,199 9,195,289 Proceeds from redeemable participating shares issued resulting from merger in* - 41,800,440 Costs of redeemable participating shares redeemed (9,935,385) (6,132,102) Increase in net assets from share transactions 3,454,814 44,863,627
Total increase in net assets attributable to holders of redeemable participating shares 12,081,731 45,837,925
Net assets attributable to holders of redeemable participating shares at the end of the financial period 103,206,925 45,837,925
* This Fund launched via merger into the SSGA SPDR ETF Europe II plc from the SPDR® ETF Funds, which were previously domiciled in France. The effective date of the merger was 29 April 2016.
The accompanying notes form an integral part of these financial statements.
281 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Health Care UCITS ETF Statement of Cash Flows for the financial period ended 30 September 2017
30 September 2017 30 September 2016* USD USD
Cash from/(used in):
Operating activities Increase in net assets attributable to holders of redeemable participating shares 8,626,917 974,298
Adjustment for: Interest income (76) (40) Interest expense 203 95 Securities lending income (12,591) (1,028) Dividend income (872,616) (368,664) Taxation on income 99,741 47,226
Total 7,841,578 651,887
Net movement in financial assets and financial liabilities at fair value through profit or loss (7,961,811) (708,172) Payments for purchases of investments (16,750,651) (10,524,764) Proceeds from sale of investments 12,636,265 7,499,673 Cash paid to broker as collateral (46,749) - Movement in receivables (794) - Movement in payables 1,360 12,329
Cash used in operations (4,280,802) (3,069,047)
Interest paid (203) (95) Interest received 76 40 Securities lending income received 12,591 1,040 Dividends received 875,679 340,777 Taxation paid (99,741) (47,226) Net cash used in operations (3,492,400) (2,774,511)
Financing activities Proceeds from redeemable participating shares issued 13,390,199 9,240,524 Payments for redeemable participating shares redeemed (9,935,385) (6,132,102) Net cash generated from financing activities 3,454,814 3,108,422
Net (decrease)/increase in cash and cash equivalents (37,586) 333,911
Cash and cash equivalents at the beginning of the financial period 165,456 -
Cash and cash equivalents at the end of the financial period 127,870 333,911
* This Fund launched via merger into the SSGA SPDR ETFs Europe II plc from the SPDR® ETF Funds, which were previously domiciled in France. The effective date of the merger was 29 April 2016.
The accompanying notes form an integral part of these financial statements.
282 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Health Care UCITS ETF Schedule of Investments as at 30 September 2017
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.71%(March 2017: 99.66%) Transferable Securities - 99.71%(March 2017: 99.66%) Common Stock - 99.37%(March 2017:98.99%) (continued) Australian Dollar - 1.49% Common Stock - 99.37%(March 2017:98.99%) (continued) 1,324 Cochlear 165,399 0.16 New Zealand Dollar - 0.05% 9,813 CSL 1,031,461 1.00 7,201 Ryman Healthcare 48,256 0.05 34,985 Healthscope 45,843 0.05 48,256 0.05 3,026 Ramsay Health Care 147,875 0.14 Pound Sterling - 5.38% 8,894 Sonic Healthcare 145,924 0.14 27,672 AstraZeneca 1,839,600 1.78 1,536,502 1.49 25,187 ConvaTec Group 92,557 0.09 Canadian Dollar - 0.10% 107,287 GlaxoSmithKline 2,142,570 2.07 7,318 Valeant Pharmaceuticals International 104,622 0.10 3,080 Hikma Pharmaceuticals 50,042 0.05 104,622 0.10 8,008 Mediclinic International 69,835 0.07 Danish Krone - 2.48% 19,854 Shire 1,009,014 0.98 2,505 Coloplast 203,351 0.20 19,465 Smith & Nephew 352,033 0.34 1,281 Genmab 282,867 0.27 5,555,651 5.38 1,500 H Lundbeck 86,572 0.08 Swedish Krona - 0.09% 40,375 Novo Nordisk 1,930,621 1.87 664 Getinge (non-voting rights) 12,422 0.01 2,188 William Demant Holding 57,769 0.06 4,322 Getinge (voting rights) 80,855 0.08 2,561,180 2.48 93,277 0.09 Euro - 8.52% Swiss Franc - 8.69% 18,063 Bayer 2,462,124 2.39 1,666 Lonza Group 437,334 0.42 4,584 Essilor International 567,662 0.55 48,590 Novartis 4,162,992 4.03 224 Eurofins Scientific 141,569 0.14 15,287 Roche Holding 3,905,484 3.79 9,138 Fresenius & Co 737,301 0.71 1,164 Sonova Holding 197,649 0.19 4,645 Fresenius Medical Care 454,516 0.44 206 Straumann Holding 132,423 0.13 6,719 Grifols 195,800 0.19 1,142 Vifor Pharma 134,547 0.13 813 Ipsen 108,079 0.11 8,970,429 8.69 19,923 Koninklijke Philips 822,705 0.80 United States Dollar - 67.56% 2,760 Merck 307,101 0.30 37,798 Abbott Laboratories 2,016,901 1.95 2,126 Orion 98,674 0.10 34,500 AbbVie 3,065,670 2.97 5,050 QIAGEN 158,984 0.15 7,099 Aetna 1,128,812 1.09 2,261 Recordati 104,245 0.10 7,015 Agilent Technologies 450,363 0.44 24,450 Sanofi 2,428,290 2.35 4,797 Alexion Pharmaceuticals 672,971 0.65 2,812 UCB 200,225 0.19 1,661 Align Technology 309,394 0.30 8,787,275 8.52 3,301 Alkermes 167,823 0.16 Japanese Yen - 5.01% 7,245 Allergan 1,484,863 1.44 3,792 Alfresa Holdings 69,362 0.07 3,564 AmerisourceBergen 294,921 0.29 43,661 Astellas Pharma 555,241 0.54 15,971 Amgen 2,977,793 2.89 4,894 Chugai Pharmaceutical 203,038 0.20 5,711 Anthem 1,084,405 1.05 2,500 Cyberdyne 33,292 0.03 10,561 Baxter International 662,703 0.64 12,657 Daiichi Sankyo 285,377 0.28 4,938 Becton Dickinson and Co 967,601 0.94 5,768 Eisai 295,971 0.29 4,671 Biogen 1,462,584 1.42 1,100 Hisamitsu Pharmaceutical 52,770 0.05 3,774 BioMarin Pharmaceutical 351,246 0.34 8,400 Hoya 453,338 0.44 30,027 Boston Scientific 875,888 0.85 5,723 Kyowa Hakko Kirin 97,311 0.09 36,158 Bristol-Myers Squibb 2,304,711 2.23 4,671 M3 132,995 0.13 6,966 Cardinal Health 466,165 0.45 4,246 Medipal Holdings 73,706 0.07 17,009 Celgene 2,480,252 2.40 1,008 Miraca Holdings 46,834 0.04 3,632 Centene 351,469 0.34 4,942 Mitsubishi Tanabe Pharma 113,271 0.11 6,592 Cerner 470,141 0.46 6,102 Olympus 206,535 0.20 5,596 Cigna 1,046,116 1.01 8,800 Ono Pharmaceutical 199,312 0.19 1,023 Cooper 242,564 0.24 8,651 Otsuka Holdings 343,612 0.33 1,569 CR Bard 502,865 0.49 8,379 Santen Pharmaceutical 131,977 0.13 13,536 Danaher 1,161,118 1.13 6,555 Shionogi & Co 358,191 0.35 3,348 DaVita 198,838 0.19 3,907 Sumitomo Dainippon Pharma 50,814 0.05 5,058 Dentsply Sirona 302,519 0.29 1,684 Suzuken 59,841 0.06 1,680 DexCom 82,194 0.08 3,526 Sysmex 224,907 0.22 4,556 Edwards Lifesciences 498,016 0.48 600 Taisho Pharmaceutical Holdings 45,520 0.04 21,545 Eli Lilly & Co 1,842,959 1.79 15,605 Takeda Pharmaceutical 861,453 0.83 2,559 Envision Healthcare 115,027 0.11 7,070 Terumo 277,926 0.27 13,102 Express Scripts Holding 829,619 0.80 5,172,594 5.01 28,293 Gilead Sciences 2,292,299 2.22 6,359 HCA Healthcare 506,113 0.49 3,496 Henry Schein 286,637 0.28
283 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Health Care UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of Financial Derivatives Instruments - 0.00%(March 2017:Nil) Fair Value Net Futures Contracts–0.00%(March 2017:Nil) Holding Investment USD Assets Transferable Securities - 99.71%(March 2017: 99.66%) Unrealised (continued) Average Gain/ %of Common Stock - 99.37%(March 2017:98.99%) (continued) Notional Cost (Loss) Net United States Dollar - 67.56% (continued) Amount Price USD Assets 5,996 Hologic 219,993 0.21 123,045 2,461 1 of S&P 500 E Mini Index 3,071 Humana 748,188 0.73 Futures Long Futures Contracts 1,959 IDEXX Laboratories 304,605 0.30 Expiring 15 December 2017 2,760 0.00 3,178 Illumina 633,058 0.61 Net unrealised gain on futures contracts 2,760 0.00 3,676 Incyte 429,136 0.42 784 Intuitive Surgical 819,970 0.79 Total Financial Derivatives Instruments 2,760 0.00 1,342 Jazz Pharmaceuticals 196,268 0.19 58,738 Johnson & Johnson 7,636,527 7.40 2,194 Laboratory Corporation of America Holdings 331,228 0.32 Fair Value %of 2,258 Mallinckrodt 84,381 0.08 USD Fund 4,550 McKesson 698,925 0.68 1,974 Mednax 85,119 0.08 Total value of investments 102,905,894 99.71 30,005 Medtronic 2,333,489 2.26 Cash at bank*(March 2017: 0.18%) 127,870 0.12 59,797 Merck & Co 3,828,802 3.71 Cash at broker*(March 2017: Nil) 46,749 0.05 567 Mettler-Toledo International 355,033 0.34 9,767 Mylan 306,391 0.30 Other net assets (March 2017: 0.16%) 126,412 0.12 1,802 Patterson 69,647 0.07 2,761 Perrigo 233,719 0.23 Net assets attributable to holders of 129,829 Pfizer 4,634,895 4.49 redeemable participating shares 103,206,925 100.00 3,031 Quest Diagnostics 283,823 0.28 3,081 Quintiles IMS Holdings 292,911 0.28 *All cash holdings are held at State Street Bank and Trust Company, apart 1,721 Regeneron Pharmaceuticals 769,494 0.75 from cash at broker which is held with Goldman Sachs. 2,997 ResMed 230,649 0.22 2,317 Seattle Genetics 126,068 0.12 All of the above securities are traded on a recognised stock exchange or 7,323 Stryker 1,040,012 1.01 traded on a regulated market unless otherwise stated. 330 Taro Pharmaceutical Industries 37,188 0.04 997 Teleflex 241,244 0.23 %of 854 TESARO 110,251 0.11 Total 8,590 Thermo Fisher Scientific 1,625,228 1.57 Analysis of Total Assets Assets 1,013 United Therapeutics 118,713 0.12 Transferable securities admitted to an official exchange 20,890 UnitedHealth Group 4,091,306 3.96 listing 99.63 1,906 Universal Health Services 211,452 0.21 Other transferable securities of the type referred to in 1,980 Varian Medical Systems 198,119 0.19 Regulation 68(1)(a), (b) and (c) 0.01 2,356 Veeva Systems 132,902 0.13 Other assets 0.36 5,461 Vertex Pharmaceuticals 830,290 0.80 1,714 Waters 307,697 0.30 Total Assets 100.00 4,261 Zimmer Biomet Holdings 498,920 0.48 10,594 Zoetis 675,473 0.65 69,724,674 67.56 Total Common Stock 102,554,460 99.37 Depository Receipts - 0.34% (March 2017: 0.67%) United States Dollar - 0.34% 19,811 Teva Pharmaceutical Industries 348,674 0.34 Total Depository Receipts 348,674 0.34
Total Transferable Securities 102,903,134 99.71
284 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR MSCI World Health Care UCITS ETF
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Purchases Cost USD
Johnson & Johnson 1,149,717 Koninklijke Philips 777,115 Novartis 637,493 Pfizer 613,445 Merck & Co 578,347 Roche Holding 578,291 UnitedHealth Group 563,156 Medtronic 407,675 Sanofi 375,787 Amgen 367,242 Bayer 349,009 AbbVie 333,851 GlaxoSmithKline 330,172 Celgene 322,760 Bristol-Myers Squibb 314,236 Novo Nordisk 285,092 Gilead Sciences 274,669 Abbott Laboratories 271,936 AstraZeneca 266,162 Eli Lilly & Co 235,371 Allergan 234,301 Thermo Fisher Scientific 217,244 Becton Dickinson and Co 185,857 Biogen 175,200 VCA 169,209 Shire 167,575 Portfolio Sales Proceeds USD
Johnson & Johnson 907,234 Pfizer 535,104 Novartis 445,040 Merck & Co 443,987 Roche Holding 424,165 UnitedHealth Group 398,410 Allergan 353,965 Sanofi 335,042 Medtronic 325,240 Amgen 308,302 AbbVie 295,746 Bristol-Myers Squibb 251,967 Novo Nordisk 250,994 Gilead Sciences 240,208 Celgene 225,586
285 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR MSCI World Health Care UCITS ETF (continued)
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Sales (continued) Proceeds USD
Bayer 225,105 GlaxoSmithKline 213,472 Aetna 191,910 Abbott Laboratories 182,080 Eli Lilly & Co 174,384 Biogen 167,540 AstraZeneca 162,808 Thermo Fisher Scientific 150,922 Intuitive Surgical 137,502 Humana 131,999 McKesson 116,658
A copy of the list of changes in the portfolio during the financial period may be obtained free of charge from the Administrator.
286 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Industrials UCITS ETF Statement of Financial Position as at 30 September 2017
30 September 2017 31 March 2017* USD USD
Current assets Financial assets at fair value through profit or loss: Transferable securities 34,779,416 24,357,359 Financial derivative instruments 2,606 - 34,782,022 24,357,359
Cash and cash equivalents 66,341 66,121 Cash held as collateral with broker 8,046 - Debtors: Dividends receivable 68,355 62,341 Miscellaneous income receivable 437 - Receivable for investments sold 631,056 - Total current assets 35,556,257 24,485,821
Current liabilities Creditors - Amounts falling due within one financial year: Accrued expenses (8,385) (6,425) Payable for investment purchased (631,056) - Total current liabilities (639,441) (6,425)
Net assets attributable to holders of redeemable participating shares 34,916,816 24,479,396
30 September 31 March 30 September 2017 2017 2016* Net asset value per share (please refer to note 4 for numbers of shares in issue) USD 38.17 USD 34.25 USD 31.40
* This Fund launched via merger into the SSGA SPDR ETF Europe II plc from the SPDR® ETF Funds, which were previously domiciled in France. The effective date of the merger was 29 April 2016.
The accompanying notes form an integral part of these financial statements.
287 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Industrials UCITS ETF Statement of Comprehensive Income for the financial period ended 30 September 2017
30 September 2017 30 September 2016* Notes USD USD
Dividend income 358,368 203,118 Interest income 5- Securities lending income 10 3,138 1,584 Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 2,863,780 781,797 Miscellaneous income 748 1,030 Total investment income 3,226,039 987,529
Operating expenses 3 (44,069) (25,184) Net profit for the financial period 3,181,970 962,345
Finance costs Interest expense - (433) Profit for the financial period before tax 3,181,970 961,912 Witholding tax on investment income 2 (41,763) (24,426) Increase in net assets attributable to holders of redeemable participating shares resulting from operations 3,140,207 937,486
* This Fund launched via merger into the SSGA SPDR ETF Europe II plc from the SPDR® ETF Funds, which were previously domiciled in France. The effective date of the merger was 29 April 2016. Gains and losses arose solely from continuing operations. There were no 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.
288 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Industrials UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial period ended 30 September 2017
30 September 2017 30 September 2016* USD USD
Net assets attributable to holders of redeemable shares at the beginning of the financial period 24,479,396 -
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 3,140,207 937,486
Share transactions Proceeds from redeemable participating shares issued 7,297,213 2,979,471 Proceeds from redeemable participating shares issued resulting from merger in* - 18,442,980 Costs of redeemable participating shares redeemed - (3,054,549) Increase in net assets from share transactions 7,297,213 18,367,902
Total increase in net assets attributable to holders of redeemable participating shares 10,437,420 19,305,388
Net assets attributable to holders of redeemable participating shares at the end of the financial period 34,916,816 19,305,388
* This Fund launched via merger into the SSGA SPDR ETF Europe II plc from the SPDR® ETF Funds, which were previously domiciled in France. The effective date of the merger was 29 April 2016.
The accompanying notes form an integral part of these financial statements.
289 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Industrials UCITS ETF Statement of Cash Flows for the financial period ended 30 September 2017
30 September 2017 30 September 2016* USD USD
Cash from/(used in):
Operating activities Increase in net assets attributable to holders of redeemable participating shares 3,140,207 937,486
Adjustment for: Interest income (5) - Interest expense - 433 Securities lending income (3,138) (1,584) Dividend income (358,368) (203,118) Taxation on income 41,763 24,426
Total 2,820,459 757,643
Net movement in financial assets and financial liabilities at fair value through profit or loss (2,851,997) (775,618) Payments for purchases of investments (8,372,997) (4,581,059) Proceeds from sale of investments 800,331 4,445,094 Cash paid to broker as collateral (8,046) - Movement in receivables (437) - Movement in payables 1,960 4,946
Cash used in operations (7,610,727) (148,994)
Interest paid - (433) Interest received 5- Securities lending income received 3,138 1,993 Dividends received 352,354 213,436 Taxation paid (41,763) (24,426) Net cash (used in)/ generated from operations (7,296,993) 41,576
Financing activities Proceeds from redeemable participating shares issued 7,297,213 3,067,251 Payments for redeemable participating shares redeemed - (3,054,549) Net cash generated from financing activities 7,297,213 12,702
Net increase in cash and cash equivalents 220 54,278
Cash and cash equivalents at the beginning of the financial period 66,121 -
Cash and cash equivalents at the end of the financial period 66,341 54,278
Cash and cash equivalents - Statement of Financial Position 66,341 54,584 Bank overdraft - Statement of Financial Position - (306)
Cash and cash equivalents - Statement of Cash Flows 66,341 54,278
* This Fund launched via merger into the SSGA SPDR ETFs Europe II plc from the SPDR® ETF Funds, which were previously domiciled in France. The effective date of the merger was 29 April 2016.
The accompanying notes form an integral part of these financial statements.
290 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Industrials UCITS ETF Schedule of Investments as at 30 September 2017
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.60%(March 2017: 99.50%) Transferable Securities - 99.60%(March 2017: 99.50%) Common Stock - 99.60%(March 2017:99.50%) (continued) Australian Dollar - 1.19% Common Stock - 99.60%(March 2017:99.50%) (continued) 16,066 Aurizon Holdings 61,770 0.18 Euro - 15.65% (continued) 12,427 Brambles 87,758 0.25 2,156 Legrand 155,682 0.45 666 CIMIC Group 23,103 0.07 3,483 Leonardo 65,264 0.19 2,608 Qantas Airways 11,930 0.03 324 MAN 36,576 0.10 2,571 SEEK 33,508 0.10 1,004 Metso 36,842 0.11 8,287 Sydney Airport 46,232 0.13 715 Osram Licht 57,064 0.16 16,142 Transurban Group 150,470 0.43 1,612 Prysmian 54,465 0.16 414,771 1.19 916 Randstad Holding 56,679 0.16 Canadian Dollar - 2.48% 7,502 RELX (Netherlands listed) 159,728 0.46 14,728 Bombardier 26,614 0.08 2,635 Rexel 45,605 0.13 2,431 CAE 42,433 0.12 1,239 Ryanair Holdings 23,905 0.07 5,932 Canadian National Railway 490,345 1.40 2,470 Safran 252,408 0.72 1,198 Canadian Pacific Railway 200,757 0.58 4,194 Schneider Electric 365,068 1.05 1,452 Finning International 33,123 0.09 220 Schneider Electric 19,065 0.05 1,196 SNC-Lavalin Group 53,926 0.15 6,018 Siemens 848,045 2.43 278 Waste Connections 19,397 0.06 1,687 Siemens Gamesa Renewable Energy 22,028 0.06 866,595 2.48 197 Societe BIC 23,615 0.07 Danish Krone - 1.33% 803 Thales 90,925 0.26 49 AP Moller - Maersk 93,099 0.27 3,895 Vinci 370,215 1.06 28 AP Moller - Maersk (Class A Shares) 51,465 0.15 1,144 Wartsilap 81,011 0.23 1,504 DSV 113,801 0.32 2,408 Wolters Kluwer 111,293 0.32 1,308 ISS 52,613 0.15 1,655 Zodiac Aerospace 47,867 0.14 1,724 Vestas Wind Systems 154,740 0.44 5,462,968 15.65 465,718 1.33 Hong Kong Dollar - 1.03% Euro - 15.65% 20,966 CK Hutchison Holdings 268,024 0.77 5,108 Abertis Infraestructuras 103,261 0.30 12,552 MTR 73,281 0.21 1,949 ACS Actividades de Construccion y Servicios 72,245 0.21 9,978 NWS Holdings 19,443 0.05 528 Aena 95,347 0.27 360,748 1.03 269 Aeroports de Paris 43,504 0.12 Israeli Shekel - 0.06% 4,565 Airbus Group 433,952 1.24 154 Elbit Systems 22,638 0.06 1,102 Alstom 46,816 0.13 22,638 0.06 605 Andritz 34,978 0.10 Japanese Yen - 15.57% 3,389 Atlantia 107,013 0.31 2,417 Amada Holdings 26,518 0.08 7,970 Bollore 39,846 0.11 800 ANA Holdings 30,269 0.09 651 Boskalis Westminster 22,761 0.06 1,750 Asahi Glass 64,907 0.19 1,661 Bouygues 78,840 0.23 1,100 Central Japan Railway 192,804 0.55 1,180 Brenntag 65,725 0.19 2,170 Dai Nippon Printing 51,915 0.15 1,884 Bureau Veritas 48,632 0.14 1,911 Daikin Industries 193,451 0.55 4,013 Cie de Saint-Gobain 239,201 0.68 2,600 East Japan Railway 239,870 0.69 7,824 CNH Industrial 93,975 0.27 1,598 FANUC 323,532 0.93 15 Dassault Aviation 24,267 0.07 3,084 Fuji Electric 17,096 0.05 1,711 Deutsche Lufthansa 47,555 0.14 1,800 Hankyu Hanshin Holdings 68,281 0.20 7,692 Deutsche Post 342,506 0.98 2,300 Hino Motors 28,115 0.08 1,787 Edenred 48,590 0.14 1,100 Hitachi Construction Machinery 32,590 0.09 578 Eiffage 59,858 0.17 400 Hoshizaki 35,144 0.10 3,651 Ferrovial 80,389 0.23 1,074 IHI 37,306 0.11 324 Fraport Frankfurt Airport Services Worldwide 30,773 0.09 11,793 ITOCHU 193,084 0.55 1,381 GEA Group 62,839 0.18 1,100 Japan Airlines 37,212 0.11 4,034 Groupe Eurotunnel 48,644 0.14 200 Japan Airport Terminal 7,125 0.02 157 Hochtief 26,495 0.08 1,400 JGC 22,648 0.06 5,850 International Consolidated Airlines Group 46,613 0.13 1,900 JTEKT 26,298 0.08 557 KION Group 53,318 0.15 7,306 Kajima 72,564 0.21 2,675 Kone 141,675 0.41 1,000 Kamigumi 23,142 0.07 958 Kawasaki Heavy Industries 31,745 0.09
291 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Industrials UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.60%(March 2017: 99.50%) Transferable Securities - 99.60%(March 2017: 99.50%) (continued) (continued) Common Stock - 99.60%(March 2017:99.50%) (continued) Common Stock - 99.60%(March 2017:99.50%) (continued) Japanese Yen - 15.57% (continued) Pound Sterling - 4.55% 600 Keihan Holdings 17,563 0.05 3,851 Ashtead Group 92,949 0.27 1,581 Keikyu 32,037 0.09 1,945 Babcock International Group 21,594 0.06 804 Keio 33,141 0.09 25,100 BAE Systems 212,660 0.61 900 Keisei Electric Railway 24,906 0.07 2,658 Bunzl 80,844 0.23 1,522 Kintetsu Group Holdings 56,586 0.16 5,077 Capita 38,485 0.11 7,370 Komatsu 209,580 0.60 18,041 Cobham 35,266 0.10 8,124 Kubota 147,627 0.42 682 DCC 66,292 0.19 902 Kurita Water Industries 26,043 0.07 1,437 easyJet 23,463 0.07 1,200 Kyushu Railway 35,659 0.10 7,738 Experian 155,621 0.45 2,118 LIXIL Group 56,184 0.16 1,973 Ferguson 129,601 0.37 400 Mabuchi Motor 20,006 0.06 11,542 G4S 43,096 0.12 1,800 Makita 72,518 0.21 1,939 IMI 32,336 0.09 13,511 Marubeni 92,242 0.26 1,323 Intertek Group 88,431 0.25 2,900 Minebea 45,343 0.13 6,963 Meggitt 48,671 0.14 1,900 MISUMI Group 50,013 0.14 8,465 RELX (UK listed) 185,915 0.53 11,676 Mitsubishi 271,297 0.78 12,853 Rolls-Royce Holdings 152,956 0.44 15,080 Mitsubishi Electric 235,514 0.67 7,157 Royal Mail 36,892 0.11 2,610 Mitsubishi Heavy Industries 103,157 0.30 2,808 Smiths Group 59,411 0.17 13,507 Mitsui & Co 199,548 0.57 1,852 Travis Perkins 35,979 0.10 1,087 Mitsui OSK Lines 32,929 0.09 1,835 Weir Group 48,377 0.14 1,000 Nabtesco 37,134 0.11 1,588,839 4.55 1,600 Nagoya Railroad 34,441 0.10 Singapore Dollar - 0.54% 1,700 NGK Insulators 31,836 0.09 14,400 ComfortDelGro 22,057 0.06 1,900 Nidec 233,270 0.67 11,998 KeppelLtd 57,342 0.17 665 Nippon Express 43,303 0.12 4,400 SATS 14,937 0.04 1,004 Nippon Yusen KK 20,862 0.06 8,705 Sembcorp Industries 18,975 0.06 3,257 NSK 43,894 0.13 4,420 Singapore Airlines 32,679 0.09 4,904 Obayashi 58,771 0.17 11,254 Singapore Technologies Engineering 28,509 0.08 2,587 Odakyu Electric Railway 49,067 0.14 12,600 Yangzijiang Shipbuilding Holdings 13,268 0.04 1,000 Park24 24,342 0.07 187,767 0.54 8,700 Recruit Holdings 188,353 0.54 Swedish Krona - 3.25% 1,632 Secom 118,915 0.34 2,292 Alfa Laval 55,851 0.16 1,500 Seibu Holdings 25,612 0.07 7,937 Assa Abloy 180,865 0.52 4,500 Shimizu 49,851 0.14 5,253 Atlas Copco (Class A Shares) 221,965 0.64 452 SMC 159,374 0.46 3,090 Atlas Copco (Class B Shares) 119,552 0.34 700 Sohgo Security Services 32,088 0.09 8,552 Sandvik 147,207 0.42 8,962 Sumitomo 128,859 0.37 2,671 Securitas 44,635 0.13 808 Sumitomo Heavy Industries 32,373 0.09 2,839 Skanska 65,633 0.19 1,787 Taisei 93,664 0.27 3,050 SKF 66,326 0.19 900 THK 30,622 0.09 12,066 Volvo 232,085 0.66 1,622 Tobu Railway 44,525 0.13 1,134,119 3.25 4,543 Tokyu 64,292 0.18 Swiss Franc - 2.58% 4,161 Toppan Printing 41,253 0.12 15,327 ABB 379,215 1.08 31,000 Toshiba 86,750 0.25 1,289 Adecco Group 100,445 0.29 1,000 TOTO 42,109 0.12 296 Geberit 140,138 0.40 1,800 Toyota Tsusho 59,086 0.17 400 Kuehne + Nagel International 74,122 0.21 1,300 West Japan Railway 90,335 0.26 336 Schindler Holding (non-voting rights) 74,277 0.21 2,638 Yamato Holdings 53,233 0.15 157 Schindler Holding (voting rights) 33,798 0.10 5,435,723 15.57 42 SGS 100,833 0.29 New Zealand Dollar - 0.12% 902,828 2.58 8,864 Auckland International Airport 41,266 0.12 United States Dollar - 51.25% 41,266 0.12 4,653 3M 976,665 2.80 362 Acuity Brands 62,003 0.18
292 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Industrials UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.60%(March 2017: 99.50%) Transferable Securities - 99.60%(March 2017: 99.50%) (continued) (continued) Common Stock - 99.60%(March 2017:99.50%) (continued) Common Stock - 99.60%(March 2017:99.50%) (continued) United States Dollar - 51.25% (continued) United States Dollar - 51.25% (continued) 1,267 AerCap Holdings 64,756 0.19 1,320 Northrop Grumman 379,790 1.09 516 AGCO 38,065 0.11 2,736 PACCAR 197,922 0.57 762 Allegion 65,890 0.19 1,021 Parker-Hannifin 178,695 0.51 49 AMERCO 18,370 0.05 1,366 Pentair 92,833 0.27 1,130 American Airlines Group 53,664 0.15 2,275 Raytheon 424,470 1.22 1,788 AMETEK 118,080 0.34 1,890 Republic Services 124,853 0.36 1,148 AO Smith 68,226 0.20 966 Robert Half International 48,628 0.14 3,045 Arconic 75,760 0.22 1,029 Rockwell Automation 183,378 0.52 4,554 Boeing 1,157,672 3.32 1,285 Rockwell Collins 167,962 0.48 4,662 Caterpillar 581,398 1.66 768 Rollins 35,436 0.10 1,160 CH Robinson Worldwide 88,276 0.25 804 Roper Technologies 195,694 0.56 693 Cintas 99,986 0.29 1,335 Sensata Technologies Holding 64,173 0.18 7,203 CSX 390,835 1.12 446 Snap-on 66,458 0.19 1,259 Cummins 211,550 0.61 1,200 Southwest Airlines 67,176 0.19 2,136 Deere & Co 268,260 0.77 1,184 Stanley Black & Decker 178,749 0.51 1,386 Delta Air Lines 66,833 0.19 716 Stericycle 51,280 0.15 1,241 Dover 113,415 0.32 2,103 Textron 113,310 0.32 3,496 Eaton 268,458 0.77 410 TransDigm Group 104,817 0.30 5,082 Emerson Electric 319,353 0.91 6,333 Union Pacific 734,438 2.10 939 Equifax 99,525 0.28 604 United Continental Holdings 36,772 0.10 1,398 Expeditors International of Washington 83,684 0.24 5,467 United Parcel Service 656,532 1.88 2,305 Fastenal 105,062 0.30 687 United Rentals 95,314 0.27 1,953 FedEx 440,558 1.26 5,983 United Technologies 694,507 1.99 1,032 Flowserve 43,953 0.13 1,285 Verisk Analytics 106,899 0.31 1,099 Fluor 46,268 0.13 433 WABCO Holdings 64,084 0.18 2,416 Fortive 171,029 0.49 706 Wabtec 53,480 0.15 1,194 Fortune Brands Home & Security 80,273 0.23 1,825 Waste Connections 127,677 0.37 2,019 General Dynamics 415,066 1.19 3,494 Waste Management 273,475 0.78 68,240 General Electric 1,650,043 4.73 443 WW Grainger 79,629 0.23 1,444 HD Supply Holdings 52,085 0.15 1,412 Xylem 88,434 0.25 5,740 Honeywell International 813,588 2.33 17,895,436 51.25 318 Huntington Ingalls Industries 72,008 0.21 Total Common Stock 34,779,416 99.60 45,700 Hutchison Port Holdings Trust 19,651 0.06 630 IDEX 76,526 0.22 Total Transferable Securities 34,779,416 99.60 3,213 IHS Markit 141,629 0.41 2,439 Illinois Tool Works 360,874 1.03 Financial Derivatives Instruments - 0.01%(March 2017:Nil) 2,061 Ingersoll-Rand 183,779 0.53 Futures Contracts–0.01%(March 2017:Nil) 1,008 Jacobs Engineering Group 58,736 0.17 1,850 Jardine Matheson Holdings 117,216 0.34 Unrealised 1,900 Jardine Strategic Holdings 82,080 0.23 Average Gain/ %of 727 JB Hunt Transport Services 80,755 0.23 Notional Cost (Loss) Net 7,293 Johnson Controls International 293,835 0.84 Amount Price USD Assets 833 Kansas City Southern 90,530 0.26 81,945 4,097 2 of Euro Stoxx 50 Index Futures 1,000 Knight-Swift Transportation Holdings 41,550 0.12 Long Futures Contracts Expiring 597 L3 Technologies 112,493 0.32 15 December 2017 2,606 0.01 266 Lennox International 47,606 0.14 Net unrealised gain on futures contracts 2,606 0.01 2,051 Lockheed Martin 636,405 1.82 Total Financial Derivatives 599 Macquarie Infrastructure 43,236 0.12 Instruments 2,606 0.01 555 ManpowerGroup 65,390 0.19 2,443 Masco 95,301 0.27 447 Middleby 57,292 0.16 2,734 Nielsen Holdings 113,324 0.32 2,342 Norfolk Southern 309,706 0.89
293 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Industrials UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
Fair Value %of USD Fund Total value of investments 34,782,022 99.61 Cash at bank*(March 2017: 0.27%) 66,341 0.20 Cash at broker*(March 2017: Nil) 8,046 0.02 Other net assets (March 2017: 0.23%) 60,407 0.17 Net assets attributable to holders of redeemable participating shares 34,916,816 100.00
*All cash holdings are held at State Street Bank and Trust Company, apart from cash at broker which is held with Goldman Sachs. The counterparty for the open futures contracts is Goldman Sachs.
All of the above securities are traded on a recognised stock exchange or traded on a regulated market unless otherwise stated.
%of Total Analysis of Total Assets Assets Transferable securities admitted to an official exchange listing 97.79 Exchange traded financial derivatives instruments 0.01 Other assets 2.20
Total Assets 100.00
294 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR MSCI World Industrials UCITS ETF
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Purchases Cost USD
General Electric 420,109 3M 212,689 Siemens 199,650 Boeing 197,553 Honeywell International 179,664 United Technologies 158,744 Union Pacific 151,886 United Parcel Service 140,453 Lockheed Martin 125,732 Caterpillar 118,251 Canadian National Railway 105,681 ABB 102,657 Airbus 93,097 Raytheon 92,988 FedEx 90,172 General Dynamics 88,001 CSX 85,028 FANUC 79,719 Illinois Tool Works 77,528 Vinci 75,737 Portfolio Sales Proceeds USD
Koninklijke Philips 281,481 General Electric 32,852 Dun & Bradstreet 29,303 Raytheon 16,400 Rolls-Royce Holdings 15,383 CK Hutchison Holdings 13,023 Mitsubishi Logistics 12,684 United Technologies 12,127 Cathay Pacific Airways 11,636 Union Pacific 11,030 Zardoya Otis 9,735 Ingersoll-Rand 8,960 Dover 8,255 Arconic 8,240 Verisk Analytics 8,089 Canadian National Railway 7,753 Eaton 7,738 NWS Holdings 7,731 Secom 7,300 RELX 7,102 Vinci 6,729
295 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR MSCI World Industrials UCITS ETF (continued)
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Sales (continued) Proceeds USD
Deutsche Lufthansa 6,416 Thales 6,190 AMETEK 6,102
A copy of the list of changes in the portfolio during the financial period may be obtained free of charge from the Administrator.
296 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Materials UCITS ETF Statement of Financial Position as at 30 September 2017
30 September 2017 31 March 2017* USD USD
Current assets Financial assets at fair value through profit or loss: Transferable securities 22,278,742 26,809,681 Financial derivative instruments 1,303 - 22,280,045 26,809,681
Cash and cash equivalents 114,407 92,988 Cash held as collateral with broker 10,585 - Debtors: Dividends receivable 58,244 134,876 Miscellaneous income receivable 368 - Receivable for investments sold 227,868 3,452,251 Total current assets 22,691,517 30,489,796
Current liabilities Creditors - Amounts falling due within one financial year: Accrued expenses (5,511) (9,613) Payable for investment purchased (222,998) - Payable for fund shares repurchased - (3,473,320) Total current liabilities (228,509) (3,482,933)
Net assets attributable to holders of redeemable participating shares 22,463,008 27,006,863
30 September 31 March 30 September 2017 2017 2016* Net asset value per share (please refer to note 4 for numbers of shares in issue) USD 38.90 USD 34.74 USD 31.61
* This Fund launched via merger into the SSGA SPDR ETF Europe II plc from the SPDR® ETF Funds, which were previously domiciled in France. The effective date of the merger was 29 April 2016.
The accompanying notes form an integral part of these financial statements.
297 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Materials UCITS ETF Statement of Comprehensive Income for the financial period ended 30 September 2017
30 September 2017 30 September 2016* Notes USD USD
Dividend income 288,617 162,013 Securities lending income 10 3,356 805 Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 2,213,146 725,406 Miscellaneous income 160 - Total investment income 2,505,279 888,224
Operating expenses 3 (32,092) (18,583) Net profit for the financial period 2,473,187 869,641
Finance costs Interest expense (101) - Profit for the financial period before tax 2,473,086 869,641 Witholding tax on investment income 2 (29,721) (19,223) Increase in net assets attributable to holders of redeemable participating shares resulting from operations 2,443,365 850,418
* This Fund launched via merger into the SSGA SPDR ETF Europe II plc from the SPDR® ETF Funds, which were previously domiciled in France. The effective date of the merger was 29 April 2016. Gains and losses arose solely from continuing operations. There were no 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.
298 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Materials UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial period ended 30 September 2017
30 September 2017 30 September 2016* USD USD
Net assets attributable to holders of redeemable shares at the beginning of the financial period 27,006,863 -
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 2,443,365 850,418
Share transactions Proceeds from redeemable participating shares issued - 5,760,523 Proceeds from redeemable participating shares issued resulting from merger in* - 11,324,550 Costs of redeemable participating shares redeemed (6,987,220) (2,842,843) (Decrease)/increase in net assets from share transactions (6,987,220) 14,242,230
Total (decrease)/increase in net assets attributable to holders of redeemable participating shares (4,543,855) 15,092,648
Net assets attributable to holders of redeemable participating shares at the end of the financial period 22,463,008 15,092,648
* This Fund launched via merger into the SSGA SPDR ETF Europe II plc from the SPDR® ETF Funds, which were previously domiciled in France. The effective date of the merger was 29 April 2016.
The accompanying notes form an integral part of these financial statements.
299 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Materials UCITS ETF Statement of Cash Flows for the financial period ended 30 September 2017
30 September 2017 30 September 2016 USD USD
Cash from/(used in):
Operating activities Increase in net assets attributable to holders of redeemable participating shares 2,443,365 850,418
Adjustment for: Interest expense 101 - Securities lending income (3,356) (805) Dividend income (288,617) (162,013) Taxation on income 29,721 19,223
Total 2,181,214 706,823
Net movement in financial assets and financial liabilities at fair value through profit or loss (2,181,150) (720,457) Payments for purchases of investments (3,204,266) (6,413,723) Proceeds from sale of investments 13,362,433 3,381,178 Cash paid to broker as collateral (10,585) - Movement in receivables (368) - Movement in payables (4,102) 3,844
Cash generated from/(used in) operations 10,143,176 (3,042,335)
Interest paid (101) - Securities lending income received 3,356 949 Dividends received 365,249 159,517 Taxation paid (29,721) (19,223) Net cash generated from/(used in) operations 10,481,959 (2,901,092)
Financing activities Proceeds from redeemable participating shares issued - 5,796,735 Payments for redeemable participating shares redeemed (10,460,540) (2,842,843) Net cash (used in)/generated from financing activities (10,460,540) 2,953,892
Net increase in cash and cash equivalents 21,419 52,800
Cash and cash equivalents at the beginning of the financial period 92,988 -
Cash and cash equivalents at the end of the financial period 114,407 52,800
Cash and cash equivalents - Statement of Financial Position 114,407 52,924 Bank overdraft - Statement of Financial Position - (124)
Cash and cash equivalents - Statement of Cash Flows 114,407 52,800
The accompanying notes form an integral part of these financial statements.
300 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Materials UCITS ETF Schedule of Investments as at 30 September 2017
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.18%(March 2017: 99.27%) Transferable Securities - 99.18%(March 2017: 99.27%) Common Stock - 98.66%(March 2017:98.72%) (continued) Australian Dollar - 8.09% Common Stock - 98.66%(March 2017:98.72%) (continued) 26,830 Alumina 46,315 0.21 Euro - 20.10% (continued) 13,209 Amcor 157,643 0.70 840 Solvay 125,521 0.56 36,529 BHP Billiton (Australia listed) 738,919 3.29 6,266 Stora Enso 88,522 0.39 6,513 BlueScope Steel 56,061 0.25 1,410 Symrise 107,132 0.48 13,334 Boral 70,831 0.32 4,184 Thyssenkrupp 124,029 0.55 17,860 Fortescue Metals Group 72,031 0.32 1,091 Umicore 90,272 0.40 19,401 Incitec Pivot 54,803 0.24 6,071 UPM-Kymmene 164,572 0.73 8,721 Newcrest Mining 143,839 0.64 1,294 voestalpine 66,002 0.29 4,472 Orica 69,372 0.31 4,515,461 20.10 4,833 Rio Tinto (Australia listed) 252,296 1.12 Israeli Shekel - 0.24% 60,290 South32 154,692 0.69 402 Frutarom Industries 30,941 0.14 1,816,802 8.09 5,186 Israel Chemicals 23,019 0.10 Canadian Dollar - 7.07% 53,960 0.24 2,704 Agnico Eagle Mines 121,919 0.54 Japanese Yen - 11.18% 1,595 Agrium 170,538 0.76 1,600 Air Water 29,508 0.13 13,321 Barrick Gold 213,877 0.95 15,000 Asahi Kasei 184,560 0.82 1,600 CCL Industries 77,246 0.34 3,100 Daicel 37,344 0.17 7,789 First Quantum Minerals 87,254 0.39 1,300 Hitachi Chemical 35,628 0.16 2,051 Franco-Nevada 158,517 0.71 2,200 Hitachi Metals 30,606 0.14 10,009 Goldcorp 129,649 0.58 6,000 JFE Holdings 117,132 0.52 14,725 Kinross Gold 62,284 0.28 2,300 JSR 43,685 0.19 936 Methanex 46,925 0.21 3,000 Kaneka 23,293 0.10 9,538 Potash of Saskatchewan 183,187 0.81 2,400 Kansai Paint 60,381 0.27 6,439 Teck Resources 135,252 0.60 3,200 Kobe Steel 36,559 0.16 10,426 Turquoise Hill Resources 32,179 0.14 4,100 Kuraray 76,635 0.34 861 West Fraser Timber 49,568 0.22 600 Maruichi Steel Tube 17,457 0.08 4,934 Wheaton Precious Metals 93,895 0.42 16,300 Mitsubishi Chemical Holdings 155,231 0.69 9,854 Yamana Gold 26,001 0.12 2,100 Mitsubishi Gas Chemical 49,196 0.22 1,588,291 7.07 1,300 Mitsubishi Materials 44,925 0.20 Danish Krone - 1.01% 2,200 Mitsui Chemicals 66,841 0.30 1,123 Chr Hansen Holding 96,337 0.43 1,800 Nippon Paint Holdings 61,165 0.27 2,558 Novozymes 131,297 0.58 8,800 Nippon Steel & Sumitomo Metal 201,970 0.90 227,634 1.01 1,300 Nissan Chemical Industries 45,734 0.20 Euro - 20.10% 1,900 Nitto Denko 158,360 0.71 4,423 Air Liquide 590,078 2.63 10,000 Oji Holdings 53,924 0.24 2,853 Akzo Nobel 263,484 1.17 4,400 Shin-Etsu Chemical 393,231 1.75 7,555 ArcelorMittal 194,930 0.87 18,000 Sumitomo Chemical 112,415 0.50 773 Arkema 94,811 0.42 3,000 Sumitomo Metal Mining 96,318 0.43 10,446 BASF 1,111,927 4.95 1,400 Taiheiyo Cement 54,040 0.24 1,229 Covestro 105,700 0.47 1,400 Taiyo Nippon Sanso 16,566 0.07 9,471 CRH 361,371 1.61 2,000 Teijin 39,408 0.18 1,891 Evonik Industries 67,558 0.30 16,700 Toray Industries 161,934 0.72 1,693 HeidelbergCement 174,067 0.78 3,500 Tosoh 78,852 0.35 373 Imerys 33,711 0.15 1,700 Toyo Seikan Group Holdings 28,393 0.13 2,270 K+S 61,857 0.28 2,511,291 11.18 2,042 Koninklijke DSM 167,197 0.74 New Zealand Dollar - 0.19% 1,041 LANXESS 82,159 0.37 7,195 Fletcher Building 41,558 0.19 2,112 Linde 440,561 1.96 41,558 0.19
301 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Materials UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.18%(March 2017: 99.27%) Transferable Securities - 99.18%(March 2017: 99.27%) (continued) (continued) Common Stock - 98.66%(March 2017:98.72%) (continued) Common Stock - 98.66%(March 2017:98.72%) (continued) Norwegian Krone - 0.90% United States Dollar - 34.88% (continued) 15,267 Norsk Hydro 111,046 0.49 3,320 Praxair 463,937 2.06 2,034 Yara International 91,143 0.41 2,181 Sealed Air 93,172 0.41 202,189 0.90 947 Sherwin-Williams 339,064 1.51 Pound Sterling - 11.09% 2,800 Steel Dynamics 96,516 0.43 15,151 Anglo American 272,285 1.21 1,500 Vulcan Materials 179,400 0.80 4,542 Antofagasta 57,830 0.26 2,833 WestRock 160,716 0.71 24,022 BHP Billiton (UK listed) 423,652 1.89 769 WR Grace & Co 55,483 0.25 1,498 Croda International 76,231 0.34 7,836,137 34.88 2,542 Fresnillo 47,917 0.21 Total Common Stock 22,161,109 98.66 139,163 Glencore 638,541 2.84 Depository Receipts - 0.31% (March 2017: 0.37%) 2,215 Johnson Matthey 101,634 0.45 Australian Dollar - 0.31% 4,163 Mondi 111,985 0.50 5,049 James Hardie Industries 70,201 0.31 1,066 Randgold Resources 104,619 0.47 14,074 Rio Tinto (UK listed) 655,785 2.92 Total Depository Receipts 70,201 0.31 2,490,479 11.09 Preferred Stock - 0.21% (March 2017: 0.18%) Swedish Krona - 0.45% Euro - 0.21% 2,976 Boliden 100,520 0.45 801 Fuchs Petrolub 47,432 0.21 100,520 0.45 Total Preferred Stock 47,432 0.21 Swiss Franc - 3.46% 93 EMS-Chemie Holding 61,898 0.27 Total Transferable Securities 22,278,742 99.18 107 Givaudan 232,998 1.04 5,183 LafargeHolcim 303,181 1.35 Financial Derivatives Instruments - 0.01%(March 2017:Nil) 24 Sika 178,710 0.80 Futures Contracts–0.01%(March 2017:Nil) 776,787 3.46 United States Dollar - 34.88% Unrealised 2,537 Air Products & Chemicals 383,645 1.71 Average Gain/ %of 1,268 Albemarle 172,841 0.77 Notional Cost (Loss) Net Amount Price USD Assets 1,008 Avery Dennison 99,127 0.44 40,973 4,097 1 of Euro Stoxx 50 Index Futures 2,399 Axalta Coating Systems 69,379 0.31 Long Futures Contracts Expiring 3,816 Ball 157,601 0.70 15 December 2017 1,303 0.01 1,661 Celanese 173,193 0.77 Net unrealised gain on futures contracts 1,303 0.01 2,628 CF Industries Holdings 92,401 0.41 Total Financial Derivatives 1,585 Crown Holdings 94,656 0.42 Instruments 1,303 0.01 26,564 DowDuPont 1,839,026 8.19 1,678 Eastman Chemical 151,842 0.67 2,989 Ecolab 384,415 1.71 1,501 FMC 134,054 0.60 15,642 Freeport-McMoRan 219,614 0.98 895 International Flavors & Fragrances 127,905 0.57 4,420 International Paper 251,144 1.12 3,953 LyondellBasell Industries 391,545 1.74 780 Martin Marietta Materials 160,859 0.72 5,001 Monsanto 599,220 2.67 3,649 Mosaic 78,782 0.35 6,037 Newmont Mining 226,448 1.01 3,636 Nucor 203,761 0.91 1,067 Packaging of America 122,364 0.54 2,890 PPG Industries 314,027 1.40
302 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Materials UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
Fair Value %of USD Fund Total value of investments 22,280,045 99.19 Cash at bank*(March 2017: 0.34%) 114,407 0.50 Cash at broker*(March 2017: Nil) 10,585 0.05 Other net assets (March 2017: 0.39%) 57,971 0.26 Net assets attributable to holders of redeemable participating shares 22,463,008 100.00
*All cash holdings are held at State Street Bank and Trust Company, apart from cash at broker which is held with Goldman Sachs. The counterparty for the open futures contracts is Goldman Sachs.
All of the above securities are traded on a recognised stock exchange or traded on a regulated market unless otherwise stated.
%of Total Analysis of Total Assets Assets Transferable securities admitted to an official exchange listing 98.13 Exchange traded financial derivatives instruments 0.01 Other assets 1.86
Total Assets 100.00
303 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR MSCI World Materials UCITS ETF
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Purchases Cost USD
Steel Dynamics 95,271 Dow Chemical 86,836 Tosoh 59,405 BlueScope Steel 55,828 Air Products & Chemicals 43,516 BASF 34,338 Sherwin-Williams 30,838 Praxair 26,233 Monsanto 23,218 Martin Marietta Materials 22,478 Rio Tinto (UK listed) 20,825 ArcelorMittal 18,956 Linde 16,701 EI du Pont de Nemours & Co 15,839 BHP Billiton (Australia listed) 15,730 Air Liquide 13,831 Goldcorp 13,616 Mitsubishi Chemical Holdings 12,855 Ecolab 12,727 Freeport-McMoRan 12,642 Covestro 12,440 Sumitomo Metal Mining 12,139 Ball 11,958 Asahi Kasei 11,667 Nucor 11,523 Glencore 11,246 Valspar 11,229 Portfolio Sales Proceeds USD
BASF 524,025 Dow Chemical 410,733 EI du Pont de Nemours & Co 402,684 BHP Billiton (Australia listed) 352,395 Monsanto 291,442 Rio Tinto (UK listed) 289,017 Glencore 279,057 Air Liquide 257,890 Syngenta 238,018 Shin-Etsu Chemical 197,562 Praxair 196,743 BHP Billiton (UK listed) 195,941 Ecolab 190,789 Linde 180,574
304 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR MSCI World Materials UCITS ETF (continued)
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Sales (continued) Proceeds USD
LyondellBasell Industries 179,087 PPG Industries 171,804 CRH 167,907 Air Products & Chemicals 161,357 LafargeHolcim 154,083 Valspar 149,452 Sherwin-Williams 141,941 Anglo American 132,554 Barrick Gold 129,906 Akzo Nobel 122,402 International Paper 114,207 Rio Tinto (Australia listed) 112,341 Nucor 110,438 Nippon Steel & Sumitomo Metal 108,392
A copy of the list of changes in the portfolio during the financial period may be obtained free of charge from the Administrator.
305 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Small Cap UCITS ETF Statement of Financial Position as at 30 September 2017
30 September 2017 31 March 2017 USD USD
Current assets Financial assets at fair value through profit or loss: Transferable securities 214,090,434 174,889,248 Financial derivative instruments 9,304 9,608 214,099,738 174,898,856
Cash and cash equivalents 260,865 964,946 Cash held as collateral with broker 51,579 80,818 Debtors: Dividends receivable 395,148 368,840 Interest receivable -59 Receivable for investments sold 2,408,180 308,145 Total current assets 217,215,510 176,621,664
Current liabilities Financial liabilities at fair value through profit or loss: Financial derivative instruments (409) - Creditors - Amounts falling due within one financial year: Accrued expenses (74,847) (71,464) Payable for investment purchased (2,408,628) (215,743) Total current liabilities (2,483,884) (287,207)
Net assets attributable to holders of redeemable participating shares 214,731,626 176,334,457
30 September 31 March 30 September 2017 2017 2016 Net asset value per share (please refer to note 4 for numbers of shares in issue) USD 69.27 USD 62.98 USD 58.26
The accompanying notes form an integral part of these financial statements.
306 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Small Cap UCITS ETF Statement of Comprehensive Income for the financial period ended 30 September 2017
30 September 2017 30 September 2016 Notes USD USD
Dividend income 1,953,794 876,316 Interest income 488 13 Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 16,757,635 4,889,490 Total investment income 18,711,917 5,765,819
Operating expenses 3 (413,013) (175,328) Net profit for the financial period 18,298,904 5,590,491
Finance costs Interest expense (1,571) (327) Profit for the financial period before tax 18,297,333 5,590,164 Capital gains tax 2 (379) (266) Witholding tax on investment income 2 (273,828) (121,624) Increase in net assets attributable to holders of redeemable participating shares resulting from operations 18,023,126 5,468,274
Gains and losses arose solely from continuing operations. There were no 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.
307 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Small Cap UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial period ended 30 September 2017
30 September 2017 30 September 2016 USD USD
Net assets attributable to holders of redeemable shares at the beginning of the financial period 176,334,457 85,933,139
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 18,023,126 5,468,274
Share transactions Proceeds from redeemable participating shares issued 45,903,331 38,888,455 Costs of redeemable participating shares redeemed (25,529,288) (54,557,491) Increase/(decrease) in net assets from share transactions 20,374,043 (15,669,036)
Total increase/(decrease) in net assets attributable to holders of redeemable participating shares 38,397,169 (10,200,762)
Net assets attributable to holders of redeemable participating shares at the end of the financial period 214,731,626 75,732,377
The accompanying notes form an integral part of these financial statements.
308 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Small Cap UCITS ETF Statement of Cash Flows for the financial period ended 30 September 2017
30 September 2017 30 September 2016 USD USD
Cash from/(used in):
Operating activities Increase in net assets attributable to holders of redeemable participating shares 18,023,126 5,468,274
Adjustment for: Interest income (488) (13) Interest expense 1,571 327 Dividend income (1,953,794) (876,316) Taxation on income 274,207 121,890
Total 16,344,622 4,714,162
Net movement in financial assets and financial liabilities at fair value through profit or loss (16,687,542) (4,886,005) Payments for purchases of investments (86,253,898) (44,848,758) Proceeds from sale of investments 63,833,817 60,165,535 Cash paid to broker as collateral 29,239 (20,803) Movement in payables 3,383 (2,031)
Cash (used in)/ generated from operations (22,730,379) 15,122,100
Interest paid (1,571) (327) Interest received 547 13 Dividends received 1,927,486 907,958 Taxation paid (274,207) (121,890) Net cash (used in)/ generated from operations (21,078,124) 15,907,854
Financing activities Proceeds from redeemable participating shares issued 45,903,331 38,888,455 Payments for redeemable participating shares redeemed (25,529,288) (54,557,491) Net cash generated from/(used in) financing activities 20,374,043 (15,669,036)
Net (decrease)/increase in cash and cash equivalents (704,081) 238,818
Cash and cash equivalents at the beginning of the financial period 964,946 238,839
Cash and cash equivalents at the end of the financial period 260,865 477,657
The accompanying notes form an integral part of these financial statements.
309 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Small Cap UCITS ETF Schedule of Investments as at 30 September 2017
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.70% (March 2017: 99.18%) Transferable Securities - 99.70% (March 2017: 99.18%) Common Stock - 90.30% (March 2017:89.62%) (continued) Australian Dollar - 2.29% Common Stock - 90.30% (March 2017:89.62%) (continued) 63,971 ACN 004 410 833 - 0.00 Australian Dollar - 2.29% (continued) 15,030 Adelaide Brighton 68,755 0.03 14,335 NEXTDC 49,041 0.02 21,735 ALS 133,365 0.06 26,286 Northern Star Resources 101,889 0.05 7,736 Altium 65,617 0.03 3,428 OFX Group 4,680 0.00 5,998 Ansell 104,857 0.05 42,100 Orora 102,405 0.05 4,054 ARB 55,031 0.03 14,067 OZ Minerals 81,899 0.04 62,539 Ardent Leisure Group 89,310 0.04 2,794 Perpetual 113,606 0.05 20,648 Australian Pharmaceutical Industries 24,140 0.01 10,544 Premier Investments 107,636 0.05 13,729 Aveo Group 25,746 0.01 22,443 Primary Health Care 54,238 0.03 11,448 Bapcor 47,069 0.02 33,837 Qube Holdings 65,579 0.03 84,081 Beach Energy 54,429 0.03 25,704 Regis Resources 72,607 0.03 8,887 Bega Cheese 47,627 0.02 51,597 Saracen Mineral Holdings 53,238 0.02 3,572 Bellamy's Australia 21,105 0.01 29,289 Seven West Media 15,283 0.01 752 Blackmores 69,627 0.03 7,669 Sims Metal Management 81,116 0.04 5,605 Breville Group 49,785 0.02 3,392 Sirtex Medical 35,558 0.02 9,599 BT Investment Management 83,227 0.04 75,480 Spark Infrastructure Group 149,248 0.07 12,834 carsales.com 129,201 0.06 21,869 St Barbara 45,129 0.02 99,945 Cleanaway Waste Management 107,830 0.05 39,074 Star Entertainment Group 160,655 0.08 4,766 Corporate Travel Management 81,749 0.04 28,778 Steadfast Group 63,000 0.03 11,661 Costa Group Holdings 51,056 0.02 8,718 Super Retail Group 55,203 0.03 27,006 CSR 100,230 0.05 30,013 Vocus Group 56,284 0.03 25,039 Downer EDI 133,009 0.06 21,534 Whitehaven Coal 62,180 0.03 21,335 DuluxGroup 117,183 0.05 8,526 WorleyParsons 90,314 0.04 68,388 Energy World 20,928 0.01 4,908,652 2.29 55,551 Evolution Mining 96,330 0.05 Canadian Dollar - 3.92% 100,218 Fairfax Media 74,311 0.03 12,818 Advantage Oil & Gas 80,148 0.04 22,153 FlexiGroup 27,030 0.01 4,865 Aimia 9,608 0.00 19,390 G8 Education 61,922 0.03 2,500 Air Canada 52,453 0.02 9,184 GrainCorp 58,803 0.03 9,074 Alamos Gold 61,163 0.03 7,082 GUD Holdings 60,570 0.03 15,070 Algonquin Power & Utilities 158,936 0.07 17,425 Iluka Resources 129,889 0.06 1,800 Altus Group 45,725 0.02 9,970 Independence Group 27,067 0.01 3,218 Atlantic Power 7,899 0.00 4,830 InvoCare 59,501 0.03 6,618 ATS Automation Tooling Systems 70,167 0.03 13,426 IOOF Holdings 117,462 0.05 34,834 B2Gold 95,813 0.04 8,309 IRESS 74,259 0.03 403 Badger Daylighting 8,562 0.00 6,284 JB Hi-Fi 113,012 0.05 10,228 Baytex Energy 30,750 0.01 26,469 Karoon Gas Australia 26,688 0.01 17,000 Birchcliff Energy 82,237 0.04 18,223 Link Administration Holdings 107,669 0.05 15,494 Bonavista Energy 36,918 0.02 7,807 Liquefied Natural Gas 2,420 0.00 1,500 BRP 48,407 0.02 20,521 Macquarie Atlas Roads Group 87,433 0.04 5,585 Canadian Western Bank 150,538 0.07 6,523 Magellan Financial Group 125,705 0.06 4,525 Canfor 84,809 0.04 21,739 Mantra Group 54,413 0.03 5,736 Canopy Growth 49,166 0.02 91,687 Mayne Pharma Group 47,482 0.02 6,585 Capital Power 129,894 0.06 27,022 Metcash 54,279 0.03 4,000 Cascades 47,847 0.02 6,335 Mineral Resources 80,824 0.04 8,058 Celestica 99,481 0.05 3,153 Monadelphous Group 38,842 0.02 12,905 Centerra Gold 90,701 0.04 60,842 Myer Holdings 36,998 0.02 18,634 CES Energy Solutions 94,015 0.04 12,401 Navitas 44,079 0.02 2,598 Cineplex 81,099 0.04 2,152 Colliers International Group 106,512 0.05
310 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.70% (March 2017: 99.18%) Transferable Securities - 99.70% (March 2017: 99.18%) (continued) (continued) Common Stock - 90.30% (March 2017:89.62%) (continued) Common Stock - 90.30% (March 2017:89.62%) (continued) Canadian Dollar - 3.92% (continued) Canadian Dollar - 3.92% (continued) 5,873 Corus Entertainment 60,953 0.03 5,301 Obsidian Energy 5,595 0.00 6,858 Cott 102,597 0.05 22,594 OceanaGold 68,108 0.03 3,100 Descartes Systems Group 84,350 0.04 4,301 Osisko Gold Royalties 55,368 0.03 5,281 Detour Gold 58,103 0.03 1,463 Painted Pony Energy 3,907 0.00 1,612 Dirtt Environmental Solutions 7,063 0.00 6,482 Pan American Silver 110,137 0.05 3,400 Dominion Diamond 48,092 0.02 3,196 Paramount Resources 63,120 0.03 1,839 Domtar 79,595 0.04 8,405 Parex Resources 101,144 0.05 22,600 ECN Capital 71,560 0.03 6,008 Parkland Fuel 121,923 0.06 32,948 Eldorado Gold 72,184 0.03 3,030 Pason Systems 45,499 0.02 3,007 Enbridge Income Fund Holdings 77,276 0.04 11,553 Pengrowth Energy 11,732 0.01 3,800 Endeavour Mining 75,839 0.04 20,725 Precision Drilling 64,297 0.03 6,329 Enercare 103,489 0.05 1,204 Premium Brands Holdings 95,789 0.04 3,521 Enerflex 51,802 0.02 6,190 Pretium Resources 57,166 0.03 6,995 Enerplus 68,851 0.03 11,023 ProMetic Life Sciences 14,102 0.01 12,251 Ensign Energy Services 69,060 0.03 4,183 Quebecor 156,831 0.07 8,029 First Majestic Silver 54,697 0.03 7,055 Raging River Exploration 44,395 0.02 1,894 FirstService 124,167 0.06 4,277 Ritchie Bros Auctioneers 134,912 0.06 7,000 Freehold Royalties 82,501 0.04 2,929 Russel Metals 64,592 0.03 1,700 Genworth MI Canada 50,335 0.02 10,159 Sandstorm Gold 45,814 0.02 5,110 Gibson Energy 72,402 0.03 12,251 Secure Energy Services 84,831 0.04 14,559 Gran Tierra Energy 32,944 0.02 8,249 SEMAFO 21,766 0.01 2,100 Great Canadian Gaming 53,900 0.03 2,428 ShawCor 53,602 0.03 715 Home Capital Group 7,941 0.00 403 Sierra Wireless 8,626 0.00 8,689 Hudbay Minerals 64,265 0.03 2,604 Sleep Country Canada Holdings 75,123 0.04 4,096 Hudson's Bay 41,626 0.02 3,872 Spartan Energy 21,146 0.01 14,416 IAMGOLD 87,949 0.04 1,200 Spin Master 46,229 0.02 2,932 Interfor 46,372 0.02 6,300 SSR Mining 66,594 0.03 2,900 Intertape Polymer Group 42,202 0.02 5,198 Stantec 143,930 0.07 18,142 Ivanhoe Mines 57,589 0.03 3,968 Stars Group 80,905 0.04 7,694 Just Energy Group 44,479 0.02 3,004 Stella-Jones 115,342 0.05 1,829 Kelt Exploration 10,427 0.00 11,740 Superior Plus 118,653 0.06 1,064 Kinaxis 62,701 0.03 2,741 Surge Energy 4,953 0.00 6,314 Kirkland Lake Gold 81,181 0.04 14,320 Tahoe Resources 75,112 0.04 1,001 Labrador Iron Ore Royalty 15,848 0.01 5,641 TFI International 145,056 0.07 2,591 Laurentian Bank of Canada 124,946 0.06 1,500 TMX Group 84,556 0.04 27,770 Lundin Mining 190,070 0.09 14,712 TORC Oil & Gas 72,345 0.03 2,021 MacDonald Dettwiler & Associates 114,701 0.05 4,020 Torex Gold Resources 62,840 0.03 5,400 MAG Silver 60,319 0.03 3,911 Toromont Industries 178,937 0.08 3,971 Maple Leaf Foods 107,987 0.05 13,290 TransAlta 77,573 0.04 15,572 MEG Energy 68,357 0.03 8,285 TransAlta Renewables 91,220 0.04 8,232 Mullen Group 112,226 0.05 2,900 Transcontinental 59,802 0.03 1,900 New Flyer Industries 78,254 0.04 2,532 Uni-Select 54,582 0.03 20,515 New Gold 75,948 0.04 2,400 Westshore Terminals Investment 46,037 0.02 20,800 NexGen Energy 46,069 0.02 15,148 Whitecap Resources 117,487 0.05 5,211 North West 124,624 0.06 3,163 WSP Global 131,285 0.06 6,885 Northland Power 127,499 0.06 8,413,364 3.92 13,914 Novagold Resources 56,740 0.03 5,876 NuVista Energy 35,473 0.02
311 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.70% (March 2017: 99.18%) Transferable Securities - 99.70% (March 2017: 99.18%) (continued) (continued) Common Stock - 90.30% (March 2017:89.62%) (continued) Common Stock - 90.30% (March 2017:89.62%) (continued) Danish Krone - 0.86% Euro - 9.45% (continued) 1,255 Ambu 97,133 0.05 16,570 Banca Mediolanum 144,959 0.07 2,400 Bang & Olufsen 51,852 0.02 813 Banca Monte dei Paschi di Siena 7,247 0.00 1,580 Bavarian Nordic 70,657 0.03 27,090 Banca Popolare di Sondrio 116,574 0.05 1,564 Dfds 89,371 0.04 50,266 Banco BPM 208,461 0.10 1,811 FLSmidth & Co 119,769 0.06 368,703 Banco Comercial Portugues 106,921 0.05 5,378 GN Store Nord 184,370 0.09 1,287 BE Semiconductor Industries 89,540 0.04 3,145 Jyske Bank 181,511 0.08 1,200 Bechtle 89,913 0.04 4,364 Nets 113,003 0.05 1,506 Bekaert 72,248 0.03 1,017 NKT 87,001 0.04 1,877 Bilfinger 78,619 0.04 1,400 Per Aarsleff Holding 41,145 0.02 2,996 Bolsas y Mercados Espanoles 103,423 0.05 439 Rockwool International 119,186 0.06 16,526 BPER Banca 98,857 0.05 2,994 Royal Unibrew 164,093 0.08 5,632 bpost 167,452 0.08 2,674 Scandinavian Tobacco Group 47,450 0.02 3,358 Brembo 56,848 0.03 2,032 SimCorp 124,119 0.06 2,937 Buwog 88,053 0.04 5,045 Spar Nord Bank 62,834 0.03 5,531 Buzzi Unicem 149,345 0.07 3,341 Sydbank 138,686 0.06 18,916 C&C Group 68,206 0.03 3,752 Topdanmark 147,641 0.07 4,799 CA Immobilien Anlagen 137,863 0.06 1,839,821 0.86 23,987 Cairn Homes 48,704 0.02 Euro - 9.45% 644 CANCOM 48,345 0.02 3,186 Aalberts Industries 154,068 0.07 1,725 Cargotec 108,388 0.05 2,903 Aareal Bank 122,949 0.06 1,593 Carl Zeiss Meditec 83,173 0.04 1,147 Acciona 92,275 0.04 6,880 CECONOMY 81,034 0.04 4,646 ACEA 72,062 0.03 782 Cellectis 21,956 0.01 7,328 Acerinox 105,691 0.05 4,176 Cellnex Telecom 95,578 0.04 845 Ackermans & van Haaren 148,196 0.07 5,300 Cerved Information Solutions 62,657 0.03 2,495 ADVA Optical Networking 16,863 0.01 300 Cie d'Entreprises 44,705 0.02 11,287 AGFA-Gevaert 53,854 0.03 3,417 Cie Plastic Omnium 146,212 0.07 5,687 Air France-KLM 89,687 0.04 28,366 CIR-Compagnie Industriali Riunite 43,863 0.02 2,477 AIXTRON 33,353 0.02 4,707 Coface 50,582 0.02 987 Almirall 10,046 0.01 782 CompuGroup Medical 44,301 0.02 1,197 Alten 108,269 0.05 2,726 Corbion 87,818 0.04 7,258 Altran Technologies 133,511 0.06 5,333 Credito Valtellinese 25,622 0.01 6,006 Amer Sports 159,331 0.07 2,463 CTS Eventim & Co 107,531 0.05 1,295 AMG Advanced Metallurgical Group 55,857 0.03 16,875 Dalata Hotel Group 110,321 0.05 3,238 Amplifon 49,228 0.02 26,198 Davide Campari-Milano 190,164 0.09 9,222 Anima Holding 74,462 0.04 925 DBV Technologies 77,007 0.04 2,786 APERAM 146,006 0.07 1,698 De' Longhi 54,681 0.03 3,414 Arcadis 73,597 0.03 4,696 Derichebourg 49,243 0.02 1,949 ASM International 123,247 0.06 2,189 Deutsche EuroShop 82,112 0.04 5,107 ASR Nederland 204,339 0.10 3,164 Deutsche Pfandbriefbank 47,354 0.02 1,894 ASTM 49,148 0.02 6,125 Deutz 49,492 0.02 6,344 Atresmedia Corp de Medios de Comunicacion 66,674 0.03 930 Devoteam 86,471 0.04 1,211 AURELIUS Equity Opportunities & Co 79,657 0.04 2,686 Dialog Semiconductor 118,648 0.06 1,693 Aurubis 137,180 0.06 534 DiaSorin 47,631 0.02 3,526 Autogrill 45,853 0.02 244 Diebold Nixdorf 20,509 0.01 4,083 Azimut Holding 88,333 0.04 1,505 D'ieteren 69,069 0.03 3,267 Banca Generali 113,357 0.05 692 DMG Mori 42,949 0.02 929 Banca IFIS 50,806 0.02 505 DO & CO 24,752 0.01
312 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.70% (March 2017: 99.18%) Transferable Securities - 99.70% (March 2017: 99.18%) (continued) (continued) Common Stock - 90.30% (March 2017:89.62%) (continued) Common Stock - 90.30% (March 2017:89.62%) (continued) Euro - 9.45% (continued) Euro - 9.45% (continued) 803 Draegerwerk & Co 67,591 0.03 3,528 Kesko 189,229 0.09 1,583 Drillisch 111,050 0.05 5,540 Kingspan Group 235,647 0.11 1,116 Duerr 149,283 0.07 3,421 Kloeckner & Co 43,881 0.02 2,209 Ebro Foods 52,360 0.02 623 Koenig & Bauer 51,357 0.02 6,054 Econocom Group 46,227 0.02 3,205 Konecranes 142,313 0.07 1,601 Ei Towers 94,730 0.04 7,289 Koninklijke BAM Groep 41,689 0.02 4,965 Elior Group 131,479 0.06 1,860 Korian 61,250 0.03 4,659 Elis 124,781 0.06 2,597 LEG Immobilien 262,776 0.12 12,000 Ence Energia y Celulosa 62,420 0.03 563 Lenzing 81,666 0.04 7,105 Euronav 58,419 0.03 1,597 Leoni 105,934 0.05 2,338 Euronext 142,317 0.07 7,466 Maire Tecnimont 41,325 0.02 3,213 Europcar Groupe 48,715 0.02 1,522 Maisons du Monde 66,925 0.03 7,227 EVN 112,906 0.05 16,807 Mediaset 58,177 0.03 5,762 Evotec 136,850 0.06 9,324 Mediaset Espana Comunicacion 105,301 0.05 798 Fagron 11,623 0.01 888 Melexis 85,873 0.04 3,025 Faurecia 210,027 0.10 3,032 Metropole Television 70,129 0.03 16,738 FinecoBank Banca Fineco 148,407 0.07 7,419 Moncler 214,181 0.10 583 Fnac Darty 56,123 0.03 1,375 MorphoSys 116,014 0.05 4,008 Freenet 134,045 0.06 18,392 Mota-Engil 68,969 0.03 1,568 Galapagos 159,769 0.07 1,594 MTU Aero Engines 254,303 0.12 914 Gaztransport Et Technigaz 49,704 0.02 1,054 Nemetschek 85,690 0.04 267 Genfit 7,759 0.00 1,470 Neopost 57,140 0.03 1,342 Gerresheimer 103,901 0.05 1,168 Nexans 69,275 0.03 6,338 Glanbia 119,510 0.06 1,261 Nexity 77,072 0.04 5,638 Grand City Properties 118,975 0.06 7,466 NH Hotel Group 50,045 0.02 921 GRENKE 85,852 0.04 2,332 Nordex 26,626 0.01 2,995 Grupo Catalana Occidente 126,155 0.06 1,930 Norma Group 126,951 0.06 689 Guerbet 64,185 0.03 6,665 NOS SGPS 41,288 0.02 1,230 Hapag-Lloyd 51,984 0.02 5,481 Obrascon Huarte Lain 19,802 0.01 10,707 Havas 117,097 0.05 3,977 OCI 93,139 0.04 13,036 Heidelberger Druckmaschinen 53,168 0.03 2,244 Oesterreichische Post 103,621 0.05 30,490 Hera 95,880 0.04 3,465 Ontex Group 118,035 0.06 2,653 Huhtamaki 107,107 0.05 5,814 Origin Enterprises 45,776 0.02 1,468 IMCD Group 90,036 0.04 1,815 Orpea 214,998 0.10 44,527 Immofinanz 114,965 0.05 10,309 Outokumpu 107,126 0.05 3,889 Indra Sistemas 61,447 0.03 10,392 Outotec 82,251 0.04 647 Indus Holding 47,859 0.02 6,049 OVS 46,196 0.02 640 Industria Macchine Automatiche 60,793 0.03 1,324 Parrot 15,903 0.01 8,902 Infrastrutture Wireless Italiane 58,934 0.03 204 Pfeiffer Vacuum Technology 32,172 0.02 2,499 Interpump Group 77,758 0.04 3,153 Philips Lighting 127,293 0.06 2,686 Intertrust 43,630 0.02 18,510 PostNL 79,740 0.04 1,393 Ion Beam Applications 47,329 0.02 7,447 Prosegur Cia de Seguridad 55,728 0.03 1,224 IPSOS 42,376 0.02 2,375 Refresco Group 47,844 0.02 32,897 Iren 88,282 0.04 220 Reply 52,901 0.02 7,705 Irish Continental Group 51,511 0.02 1,654 Rheinmetall 186,463 0.09 14,711 Italgas 82,609 0.04 1,243 RHI 51,946 0.02 1,795 Jenoptik 59,492 0.03 1,504 RHOEN-KLINIKUM 50,656 0.02 6,225 Kemira 81,834 0.04 2,927 Rocket Internet 75,279 0.04
313 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.70% (March 2017: 99.18%) Transferable Securities - 99.70% (March 2017: 99.18%) (continued) (continued) Common Stock - 90.30% (March 2017:89.62%) (continued) Common Stock - 90.30% (March 2017:89.62%) (continued) Euro - 9.45% (continued) Euro - 9.45% (continued) 3,450 Rubis 219,958 0.10 1,109 Worldline 47,015 0.02 2,248 S&T 49,484 0.02 8,361 YIT 68,400 0.03 1,610 Salvatore Ferragamo 45,204 0.02 2,780 Yoox Net-A-Porter Group 109,014 0.05 2,442 Salzgitter 110,800 0.05 4,428 Zardoya Otis 48,998 0.02 19,926 Saras 53,426 0.03 306 zooplus 51,550 0.02 795 Sartorius Stedim Biotech 55,075 0.03 20,296,370 9.45 8,550 SBM Offshore 155,104 0.07 Hong Kong Dollar - 0.82% 3,427 SGL Carbon 57,955 0.03 436,000 Beijing Gas Blue Sky Holdings 29,027 0.01 798 Siltronic 99,056 0.05 64,000 Brightoil Petroleum Holdings 12,291 0.01 1,171 Sixt Leasing 29,854 0.01 36,369 Cafe de Coral Holdings 113,148 0.05 268 SMA Solar Technology 10,508 0.01 60,000 China Financial International Investments 1,813 0.00 6,462 Smurfit Kappa Group 202,443 0.09 10,000 China LNG Group 1,536 0.00 6,952 Societa Cattolica di Assicurazioni 60,407 0.03 21,000 CITIC Telecom International Holdings 6,049 0.00 3,003 Societa Iniziative Autostradali e Servizi 47,962 0.02 8,800 Dah Sing Financial Holdings 59,826 0.03 494 Sofina 75,921 0.04 94,900 Esprit Holdings 52,974 0.03 2,158 Software 105,377 0.05 153,020 Freeman FinTech 9,012 0.00 787 SOITEC 51,627 0.02 136,000 Giordano International 81,662 0.04 85,811 Sonae 103,576 0.05 276,000 Global Brands Group Holding 26,502 0.01 859 Sopra Steria Group 159,486 0.07 80,000 Good Resources Holdings 3,995 0.00 3,868 SPIE 106,454 0.05 12,000 Great Eagle Holdings 63,144 0.03 1,218 STADA Arzneimittel 118,563 0.06 321,000 G-Resources Group 4,233 0.00 1,500 Stroeer & Co 98,134 0.05 83,000 Guotai Junan International Holdings 26,460 0.01 2,465 Suedzucker 52,964 0.02 120,789 Haitong International Securities Group 69,591 0.03 10,130 TAG Immobilien 170,294 0.08 60,000 HKBN 62,683 0.03 1,302 Tarkett 58,675 0.03 32,000 Hopewell Holdings 124,547 0.06 13,846 Technicolor 47,797 0.02 18,500 Johnson Electric Holdings 70,701 0.03 4,721 Telekom Austria 42,835 0.02 2,855,000 Landing International Development 57,387 0.03 2,346 Teleperformance 350,285 0.16 19,000 Luk Fook Holdings International 76,747 0.04 7,500 Telepizza Group 43,091 0.02 80,800 Man Wah Holdings 72,414 0.03 3,887 Television Francaise 1 56,820 0.03 30,000 Melco International Development 86,420 0.04 1,287 Tieto 39,239 0.02 9,500 Orient Overseas International 89,214 0.04 674 Tod's 47,768 0.02 297,000 Pacific Basin Shipping 66,924 0.03 6,275 TomTom 68,137 0.03 73,000 SITC International Holdings 66,171 0.03 341 Trigano 52,810 0.02 59,082 SmarTone Telecommunications Holdings 70,877 0.03 2,544 Ubisoft Entertainment 174,917 0.08 14,231 Summit Ascent Holdings 1,986 0.00 38,497 Unione di Banche Italiane 199,612 0.09 17,300 Television Broadcasts 57,477 0.03 7,001 Uniper 192,017 0.09 242,000 Town Health International Medical Group 21,688 0.01 21,273 Unipol Gruppo Finanziario 97,528 0.05 58,000 Value Partners Group 52,351 0.03 3,125 Uponor 54,160 0.03 9,600 VTech Holdings 139,870 0.07 8,336 Vallourec 49,570 0.02 81,000 Xinyi Glass Holdings 80,059 0.04 5,138 Valmet 101,013 0.05 1,758,779 0.82 285 Virbac 41,931 0.02 Israeli Shekel - 0.35% 2,032 Viscofan 124,508 0.06 3,527 Airport City 45,558 0.02 374 Wacker Chemie 53,632 0.03 4,587 Cellcom Israel 42,707 0.02 1,602 Wacker Neuson 53,161 0.03 5,138 First International Bank Of Israel 95,979 0.04 4,527 Wessanen 85,094 0.04 7,949 Gazit-Globe 76,529 0.04 5,508 Wienerberger 134,724 0.06 2,170 Harel Insurance Investments & Financial 3,737 Wirecard 341,988 0.16 Services 13,576 0.01
314 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.70% (March 2017: 99.18%) Transferable Securities - 99.70% (March 2017: 99.18%) (continued) (continued) Common Stock - 90.30% (March 2017:89.62%) (continued) Common Stock - 90.30% (March 2017:89.62%) (continued) Israeli Shekel - 0.35% (continued) Japanese Yen - 10.66% (continued) 989 IDI Insurance 62,936 0.03 1,400 Daido Steel 82,956 0.04 60,913 Israel Discount Bank 153,636 0.07 3,900 Daifuku 191,942 0.09 2,402 Mazor Robotics 57,320 0.03 6,000 Daihen 53,196 0.02 243 Paz Oil 40,041 0.02 2,700 Daiichikosho 129,045 0.06 2,374 Sapiens International 30,940 0.01 100 Daikokutenbussan 4,717 0.00 4,002 Tower Semiconductor 123,030 0.06 3,300 Daikyonishikawa 53,121 0.02 742,252 0.35 2,700 Daiseki 67,977 0.03 Japanese Yen - 10.66% 1,820 Daishi Bank 85,693 0.04 3,800 77 Bank 93,882 0.04 4,240 Denka 139,557 0.07 400 Adastria 9,026 0.00 3,400 DIC 123,084 0.06 6,560 ADEKA 119,585 0.06 2,600 Dip 59,384 0.03 5,900 Advantest 110,332 0.05 6,100 DMG Mori 109,466 0.05 4,240 Aica Kogyo 142,382 0.07 1,800 Dowa Holdings 65,962 0.03 18,200 Aiful 60,632 0.03 2,500 DTS 68,516 0.03 900 Ain Holdings 62,044 0.03 3,200 Duskin 90,117 0.04 2,200 Amano 52,046 0.02 3,740 Ebara 124,096 0.06 1,400 Anicom Holdings 36,006 0.02 1,400 Eizo 55,346 0.03 8,200 Anritsu 67,966 0.03 300 en-japan 10,994 0.01 2,300 Aomori Bank 80,300 0.04 1,900 Ezaki Glico 100,262 0.05 2,820 Aoyama Trading 100,835 0.05 2,000 Fancl 43,175 0.02 14,100 Ardepro 14,029 0.01 6,000 Financial Products Group 66,575 0.03 400 Ariake Japan 28,712 0.01 2,700 Foster Electric 54,473 0.03 2,100 Asahi Intecc 109,323 0.05 1,000 FP 51,082 0.02 3,400 Asatsu-DK 96,051 0.04 2,900 Fuji Machine Manufacturing 53,999 0.03 300 ASKUL 8,448 0.00 3,000 Fuji Oil Holdings 78,328 0.04 6,500 Autobacs Seven 105,326 0.05 1,500 Fuji Seal International 45,307 0.02 17,477 Awa Bank 115,204 0.05 11,800 Fujikura 94,765 0.04 3,395 Azbil 145,524 0.07 3,300 Fujitsu General 66,724 0.03 2,000 Bank of Iwate 80,753 0.04 700 Funai Soken Holdings 21,548 0.01 2,300 Bank of Okinawa 92,458 0.04 2,700 Furukawa Electric 148,234 0.07 3,200 Benefit One 63,025 0.03 3,251 Glory 115,091 0.05 4,400 Bic Camera 48,900 0.02 3,300 GMO internet 40,193 0.02 2,200 Capcom 54,059 0.03 200 GMO Payment Gateway 12,508 0.01 3,300 Cawachi 78,920 0.04 6,100 Gree 41,673 0.02 495 Central Glass 10,783 0.01 19,200 GS Yuasa 100,806 0.05 2,700 Chiyoda Integre 63,275 0.03 21,600 Gunma Bank 133,555 0.06 1,300 Ci:z Holdings 45,791 0.02 1,500 Gunze 68,494 0.03 9,900 Citizen Watch 68,161 0.03 2,800 Gurunavi 40,545 0.02 2,900 CKD 56,936 0.03 5,726 H2O Retailing 102,042 0.05 800 cocokara fine 45,627 0.02 3,040 Hanwa 108,972 0.05 6,560 COMSYS Holdings 156,708 0.07 1,300 Harmonic Drive Systems 67,099 0.03 2,000 COOKPAD 13,841 0.01 9,380 Haseko 124,994 0.06 2,600 Cosmo Energy Holdings 59,477 0.03 10,985 Hazama Ando 76,802 0.04 500 Cosmos Pharmaceutical 111,580 0.05 3,000 Heiwa Real Estate 51,090 0.02 6,400 Create Restaurants Holdings 66,351 0.03 5,900 Hiramatsu 31,973 0.02 2,900 Create SD Holdings 76,696 0.04 400 Hirata 40,439 0.02 300 CROOZ 6,290 0.00 1,600 HIS 50,460 0.02 3,668 CyberAgent 106,881 0.05 3,200 Hitachi Capital 76,016 0.04
315 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.70% (March 2017: 99.18%) Transferable Securities - 99.70% (March 2017: 99.18%) (continued) (continued) Common Stock - 90.30% (March 2017:89.62%) (continued) Common Stock - 90.30% (March 2017:89.62%) (continued) Japanese Yen - 10.66% (continued) Japanese Yen - 10.66% (continued) 2,000 Hitachi Kokusai Electric 54,724 0.03 1,200 KYB 72,491 0.03 8,800 Hokkaido Electric Power 62,776 0.03 5,840 KYORIN Holdings 117,511 0.05 2,400 Hokkoku Bank 105,113 0.05 3,300 Kyowa Exeo 65,522 0.03 6,100 Hokuhoku Financial Group 98,086 0.05 1,900 Kyudenko 73,593 0.03 1,920 Horiba 108,481 0.05 200 Laox 883 0.00 2,700 Hosiden 43,991 0.02 12,600 Leopalace21 87,757 0.04 3,100 House Foods Group 92,120 0.04 2,600 LIFULL 22,590 0.01 28,200 Hyakugo Bank 126,013 0.06 3,395 Lintec 91,989 0.04 24,000 Hyakujushi Bank 83,152 0.04 3,600 Macnica Fuji Electronics Holdings 66,266 0.03 5,500 Ibiden 87,607 0.04 5,000 Maeda 61,076 0.03 3,164 Inaba Denki Sangyo 131,265 0.06 2,500 Maeda Kosen 41,176 0.02 4,200 Ines 38,953 0.02 1,700 Maruha Nichiro 49,989 0.02 6,100 Infomart 43,786 0.02 9,200 Marusan Securities 75,928 0.04 3,400 Internet Initiative Japan 63,460 0.03 1,800 Matsumotokiyoshi Holdings 120,410 0.06 1,000 Iriso Electronics 52,325 0.02 800 Matsuya 7,107 0.00 2,200 Ito En 74,170 0.03 1,100 Megachips 36,059 0.02 1,500 Itochu Techno-Solutions 55,968 0.03 2,100 Megmilk Snow Brand 57,087 0.03 500 Itochu-Shokuhin 22,520 0.01 400 Meitec 20,042 0.01 1,000 Iwatani 30,427 0.01 200 Micronics Japan 1,842 0.00 15,600 Iyo Bank 126,252 0.06 200 Mie Bank 4,678 0.00 1,800 Izumi 92,267 0.04 400 Milbon 24,270 0.01 1,000 J Trust 8,573 0.00 200 Mitsuba 3,100 0.00 3,200 Jaccs 79,001 0.04 1,800 Mitsubishi Pencil 45,142 0.02 1,800 Jafco 91,947 0.04 600 Mitsui High-Tec 12,430 0.01 10,700 Japan Communications 13,308 0.01 1,000 Mitsui Home 6,512 0.00 1,000 Japan Lifeline 49,394 0.02 2,100 Mitsui Mining & Smelting 108,764 0.05 400 Japan Petroleum Exploration 8,639 0.00 4,116 Miura 90,609 0.04 3,400 Japan Steel Works 78,230 0.04 3,300 MonotaRO 88,242 0.04 3,200 Japan Tissue Engineering 34,142 0.02 1,600 Morinaga 88,980 0.04 5,000 Jeol 25,408 0.01 1,800 Morinaga Milk Industry 68,760 0.03 2,820 Juroku Bank 92,693 0.04 3,300 MOS Food Services 102,754 0.05 2,000 Justsystems 42,269 0.02 2,800 Musashino Bank 83,205 0.04 4,100 Kagome 128,575 0.06 6,449 Nagase 107,994 0.05 1,776 Kaken Pharmaceutical 90,248 0.04 5,600 Nankai Electric Railway 138,501 0.06 1,400 Kanamoto 44,152 0.02 2,300 NanoCarrier 14,201 0.01 5,000 Kandenko 52,459 0.02 300 Nanto Bank 8,422 0.00 4,200 Kawasaki Kisen Kaisha 110,443 0.05 4,500 NET One Systems 47,572 0.02 28,200 Keiyo Bank 130,772 0.06 12,100 NHK Spring 130,390 0.06 15,100 Kenedix 83,840 0.04 8,000 Nichias 98,716 0.05 5,640 Kewpie 135,983 0.06 2,500 Nichiha 93,724 0.04 3,500 KEY Coffee 67,348 0.03 2,700 Nichi-iko Pharmaceutical 41,952 0.02 5,700 Kinden 91,755 0.04 5,600 Nichirei 140,541 0.07 3,500 Kisoji 85,320 0.04 2,820 Nifco 172,109 0.08 6,560 Kiyo Bank 110,028 0.05 3,940 Nihon Kohden 85,125 0.04 2,600 Kobayashi Pharmaceutical 147,133 0.07 2,600 Nihon M&A Center 127,038 0.06 3,700 Kokuyo 62,617 0.03 4,200 Nihon Parkerizing 67,161 0.03 4,000 K's Holdings 88,589 0.04 2,700 Nippon Gas 83,832 0.04 1,900 Kumagai Gumi 57,305 0.03 6,000 Nippon Kayaku 92,373 0.04
316 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.70% (March 2017: 99.18%) Transferable Securities - 99.70% (March 2017: 99.18%) (continued) (continued) Common Stock - 90.30% (March 2017:89.62%) (continued) Common Stock - 90.30% (March 2017:89.62%) (continued) Japanese Yen - 10.66% (continued) Japanese Yen - 10.66% (continued) 38,700 Nippon Light Metal Holdings 110,016 0.05 1,800 Sankyu 76,116 0.04 6,500 Nippon Paper Industries 120,801 0.06 11,500 Sanwa Holdings 131,893 0.06 3,100 Nippon Shinyaku 215,085 0.10 4,000 Sapporo Holdings 107,849 0.05 1,300 Nippon Shokubai 91,814 0.04 1,876 Sawai Pharmaceutical 106,495 0.05 1,200 Nippon Steel & Sumikin Bussan 66,095 0.03 800 SCREEN Holdings 55,435 0.03 10,800 Nippon Suisan Kaisha 60,349 0.03 3,000 SCSK 127,260 0.06 7,600 Nipro 104,651 0.05 4,300 Seino Holdings 60,318 0.03 2,600 Nishimatsu Construction 75,068 0.04 2,700 Seiren 49,723 0.02 3,418 Nishi-Nippon Financial Holdings 37,379 0.02 11,500 Senshu Ikeda Holdings 44,237 0.02 1,000 Nishi-Nippon Railroad 24,048 0.01 1,400 Seria 77,733 0.04 4,100 Nissan Shatai 45,238 0.02 19,200 Shiga Bank 106,776 0.05 1,700 Nissha Printing 46,138 0.02 6,800 Shikoku Electric Power 79,922 0.04 1,200 Nisshin Oillio Group 39,337 0.02 1,100 Shima Seiki Manufacturing 57,851 0.03 7,100 Nisshinbo Holdings 83,952 0.04 4,040 Shimachu 106,092 0.05 400 Nissin 10,366 0.00 3,400 Ship Healthcare Holdings 104,962 0.05 1,600 Nitto Boseki 49,038 0.02 5,100 Showa Denko KK 158,802 0.07 500 Noevir Holdings 27,540 0.01 5,400 Skylark 79,778 0.04 2,500 NOF 70,626 0.03 1,500 SMS 47,772 0.02 2,600 Nomura 57,583 0.03 46,200 Sojitz 127,644 0.06 24,744 North Pacific Bank 78,256 0.04 200 Sosei Group 16,879 0.01 2,700 NS Solutions 59,534 0.03 5,640 Sotetsu Holdings 136,284 0.06 17,500 NTN 74,002 0.03 9,100 Sparx Group 16,734 0.01 2,820 Ogaki Kyoritsu Bank 78,914 0.04 3,200 Square Enix Holdings 120,250 0.06 1,000 Okamoto Industries 10,403 0.00 2,020 Sugi Holdings 107,312 0.05 4,600 Oki Electric Industry 61,257 0.03 9,200 SUMCO 144,663 0.07 8,000 Onward Holdings 60,765 0.03 8,000 Sumitomo Bakelite 58,917 0.03 1,400 Open House 48,878 0.02 6,560 Sumitomo Forestry 102,568 0.05 42,700 Orient 69,419 0.03 8,260 Sumitomo Mitsui Construction 47,697 0.02 2,900 OSJB Holdings 8,553 0.00 17,000 Sumitomo Osaka Cement 75,210 0.04 3,500 Outsourcing 48,661 0.02 5,600 Tadano 65,420 0.03 1,300 PALTAC 50,642 0.02 5,700 Taiyo Yuden 84,311 0.04 23,910 Penta-Ocean Construction 150,812 0.07 9,500 Takara Leben 46,418 0.02 3,000 PeptiDream 92,480 0.04 4,000 Takuma 48,612 0.02 5,900 Persol Holdings 137,482 0.06 2,800 TechnoPro Holdings 132,581 0.06 3,395 Pigeon 115,967 0.05 3,800 TIS 112,077 0.05 2,000 Pilot 95,589 0.04 8,900 Toagosei 119,152 0.06 2,400 Piolax 67,907 0.03 3,000 Toda 23,373 0.01 18,800 Pioneer 34,906 0.02 23,000 Toho Bank 86,430 0.04 7,000 Prima Meat Packers 47,324 0.02 5,900 Toho Titanium 42,508 0.02 4,600 Relo Group 105,024 0.05 7,400 Tokai Carbon 69,553 0.03 3,600 Resorttrust 64,379 0.03 3,395 Tokai Rika 67,137 0.03 4,200 Rohto Pharmaceutical 94,585 0.04 21,600 Tokai Tokyo Financial Holdings 127,990 0.06 4,000 Round One 53,764 0.03 300 Token 35,686 0.02 2,295 Ryosan 91,033 0.04 2,800 Tokuyama 66,241 0.03 2,800 Sac's Bar Holdings 36,267 0.02 3,200 Tokyo Century 143,846 0.07 1,400 Sakata Seed 39,799 0.02 2,600 Tokyo Ohka Kogyo 92,391 0.04 11,900 San-In Godo Bank 103,074 0.05 1,900 Tokyo Seimitsu 67,263 0.03 6,000 Sanken Electric 32,941 0.02 2,500 Tokyo TY Financial Group 63,896 0.03
317 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.70% (March 2017: 99.18%) Transferable Securities - 99.70% (March 2017: 99.18%) (continued) (continued) Common Stock - 90.30% (March 2017:89.62%) (continued) Common Stock - 90.30% (March 2017:89.62%) (continued) Japanese Yen - 10.66% (continued) Norwegian Krone - 0.66% (continued) 8,100 Tokyu Construction 66,418 0.03 3,579 Atea 47,209 0.02 13,200 TOMONY Holdings 59,688 0.03 1,224 Bakkafrost 56,262 0.03 3,800 Tomy 52,494 0.02 3,700 Borregaard 41,484 0.02 3,100 Topcon 54,584 0.03 6,413 BW LPG 29,574 0.01 1,700 Toridoll Holdings 51,046 0.02 34,994 DNO 48,005 0.02 700 Tosei 6,144 0.00 5,987 Entra 81,980 0.04 400 Tosho 9,836 0.00 26,017 IDEX 20,591 0.01 20,200 Toyo Ink SC Holdings 113,593 0.05 6,896 Leroy Seafood Group 44,138 0.02 3,326 Toyo Tire & Rubber 74,725 0.03 1,401 Nordic Semiconductor 7,744 0.00 5,900 Toyobo 112,324 0.05 542 Norwegian Air Shuttle 15,796 0.01 3,300 Toyota Boshoku 69,861 0.03 4,918 Norwegian Finans Holding 55,912 0.03 2,300 Trusco Nakayama 56,026 0.03 2,983 Opera Software 8,544 0.00 3,400 TS Tech 114,174 0.05 7,020 Petroleum Geo-Services 16,606 0.01 1,900 Tsukuba Bank 6,363 0.00 6,462 Protector Forsikring 63,522 0.03 5,900 Tsukui 40,778 0.02 1,838 Salmar 51,951 0.02 3,300 Tsumura & Co 118,731 0.06 6,947 Skandiabanken 76,798 0.04 4,400 Ube Industries 127,038 0.06 5,415 SpareBank 1 SMN 55,270 0.02 1,900 Ulvac 119,335 0.06 17,991 Storebrand 152,782 0.07 2,800 Unipres 77,857 0.04 9,391 Subsea 7 154,191 0.07 1,200 United Arrows 43,601 0.02 5,204 TGS NOPEC Geophysical 123,884 0.06 6,560 Ushio 87,474 0.04 9,355 XXL 101,949 0.05 6,400 VT Holdings 36,615 0.02 1,426,148 0.66 3,000 Wacoal Holdings 85,551 0.04 Pound Sterling - 7.04% 1,800 Welcia Holdings 67,721 0.03 23,963 AA 54,494 0.03 3,640 Yamagata Bank 84,464 0.04 7,903 Abcam 108,151 0.05 3,000 Yamanashi Chuo Bank 12,606 0.01 16,904 Advanced Medical Solutions Group 65,713 0.03 6,000 Yokohama Reito 56,501 0.03 9,315 Aggreko 117,351 0.05 3,300 Yoshinoya Holdings 54,353 0.03 1,107 Allied Minds 2,005 0.00 1,900 Zenkoku Hosho 79,754 0.04 19,825 Amec 135,518 0.06 6,400 Zensho Holdings 115,475 0.05 11,857 Arrow Global Group 68,006 0.03 8,000 Zeon 103,691 0.05 18,238 Ascential 84,051 0.04 2,900 Zojirushi 27,772 0.01 26,997 Ashmore Group 122,860 0.06 22,898,991 10.66 1,896 ASOS 151,481 0.07 New Zealand Dollar - 0.41% 4,039 Aveva Group 131,951 0.06 25,043 a2 Milk 116,406 0.05 26,859 B&M European Value Retail 139,673 0.06 22,599 Air New Zealand 55,055 0.02 23,107 Balfour Beatty 83,456 0.04 13,600 Chorus 38,539 0.02 37,576 BBA Aviation 150,435 0.07 24,808 Fisher & Paykel Healthcare 229,193 0.11 22,111 Beazley 142,245 0.07 20,703 SKY Network Television 40,409 0.02 4,139 Bellway 183,085 0.09 41,097 SKYCITY Entertainment Group 111,409 0.05 2,566 BGEO Group 112,231 0.05 16,134 Summerset Group Holdings 59,249 0.03 9,829 Bodycote 120,860 0.06 29,669 Trade Me Group 98,016 0.05 26,942 boohoo.com 76,450 0.04 2,979 Xero 66,544 0.03 69,285 Booker Group 190,560 0.09 13,477 Z Energy 71,705 0.03 7,359 Bovis Homes Group 108,013 0.05 886,525 0.41 9,855 Britvic 99,892 0.05 Norwegian Krone - 0.66% 13,660 BTG 123,890 0.06 1,746 Aker 71,724 0.03 6,617 Burford Capital 91,884 0.04 5,181 Aker BP 100,232 0.05 28,880 Cairn Energy 74,200 0.03
318 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.70% (March 2017: 99.18%) Transferable Securities - 99.70% (March 2017: 99.18%) (continued) (continued) Common Stock - 90.30% (March 2017:89.62%) (continued) Common Stock - 90.30% (March 2017:89.62%) (continued) Pound Sterling - 7.04% (continued) Pound Sterling - 7.04% (continued) 34,193 Capital & Counties Properties 121,431 0.06 7,918 Hunting 50,343 0.02 16,171 Card Factory 66,845 0.03 17,952 Ibstock 54,842 0.03 21,267 Carillion 14,623 0.01 9,384 IG Group Holdings 80,702 0.04 25,563 Centamin 49,696 0.02 13,472 Inchcape 155,985 0.07 9,000 Cineworld Group 81,807 0.04 28,874 Indivior 131,596 0.06 4,367 Clinigen Healthcare 62,457 0.03 24,250 Informa 218,635 0.10 7,074 Close Brothers Group 139,990 0.06 11,097 Intermediate Capital Group 139,354 0.06 8,912 Conviviality 49,262 0.02 19,458 International Personal Finance 54,822 0.03 11,038 Costain Group 66,382 0.03 17,802 Interserve 28,243 0.01 11,983 Countryside Properties 55,819 0.03 27,029 IQE 45,239 0.02 8,484 Crest Nicholson Holdings 62,946 0.03 20,799 IWG 86,366 0.04 3,386 CVS Group 65,871 0.03 546 Jackpotjoy 5,926 0.00 22,345 CYBG 91,077 0.04 14,666 JD Sports Fashion 73,689 0.03 13,094 Daily Mail & General Trust 113,926 0.05 14,622 John Laing Group 55,949 0.03 7,947 Dairy Crest Group 65,519 0.03 15,688 John Wood Group 143,230 0.07 4,683 Dart Group 33,708 0.02 17,617 Jupiter Fund Management 130,470 0.06 103,228 Debenhams 68,555 0.03 14,804 Just Eat 132,776 0.06 5,282 Dechra Pharmaceuticals 144,567 0.07 23,417 Just Group 46,152 0.02 2,495 Dignity 77,191 0.04 9,144 KAZ Minerals 94,893 0.04 20,460 Domino's Pizza Group 85,150 0.04 5,158 Kier Group 80,482 0.04 20,735 Drax Group 86,601 0.04 57,856 Ladbrokes Coral Group 94,777 0.04 28,757 DS Smith 190,170 0.09 21,835 Laird 41,819 0.02 15,608 Electrocomponents 130,040 0.06 12,843 Lancashire Holdings 115,016 0.05 27,093 Elementis 98,470 0.05 882 Lonmin 834 0.00 22,751 EnQuest 8,470 0.00 62,565 Man Group 140,936 0.07 19,808 Entertainment One 68,565 0.03 7,797 Marshalls 45,609 0.02 15,460 Equiniti Group 62,475 0.03 40,675 Marston's 59,319 0.03 8,510 Essentra 63,081 0.03 31,822 McCarthy & Stone 63,828 0.03 16,687 Evraz 70,075 0.03 68,136 Melrose Industries 194,530 0.09 16,610 Fenner 75,156 0.03 3,096 Metro Bank 140,397 0.07 13,355 Ferrexpo 52,391 0.02 18,865 Mitie Group 64,769 0.03 3,286 Fevertree Drinks 96,417 0.04 14,943 Moneysupermarket.com Group 63,754 0.03 52,474 Firstgroup 82,370 0.04 20,834 National Express Group 98,922 0.05 5,296 Galliford Try 96,136 0.04 7,010 NEX Group 62,261 0.03 8,965 Grafton Group 99,952 0.05 3,474 NMC Health 128,221 0.06 25,368 Grainger 91,282 0.04 25,347 Ocado Group 99,538 0.05 34,651 Greencore Group 91,212 0.04 7,114 Ophir Energy 6,920 0.00 10,878 Greene King 79,759 0.04 12,944 Pagegroup 86,467 0.04 4,082 Greggs 68,293 0.03 18,288 Paragon Banking Group 107,812 0.05 6,394 GVC Holdings 70,430 0.03 19,544 Paysafe Group 152,739 0.07 19,110 Halfords Group 89,864 0.04 13,594 Pennon Group 145,360 0.07 16,948 Halma 254,669 0.12 10,571 Phoenix Group Holdings 107,220 0.05 49,502 Hays 125,789 0.06 9,691 Playtech 119,423 0.06 4,118 Hill & Smith Holdings 69,835 0.03 3,935 Plus500 47,356 0.02 12,635 Hiscox 216,982 0.10 10,900 Polypipe Group 61,655 0.03 13,763 Hochschild Mining 42,377 0.02 6,357 Premier Oil 5,714 0.00 10,462 HomeServe 116,782 0.05 11,595 Purplebricks Group 60,281 0.03 18,040 Howden Joinery Group 104,316 0.05 15,868 PZ Cussons 68,041 0.03
319 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.70% (March 2017: 99.18%) Transferable Securities - 99.70% (March 2017: 99.18%) (continued) (continued) Common Stock - 90.30% (March 2017:89.62%) (continued) Common Stock - 90.30% (March 2017:89.62%) (continued) Pound Sterling - 7.04% (continued) Singapore Dollar - 0.29% (continued) 26,958 QinetiQ Group 89,299 0.04 112,800 Singapore Post 103,833 0.05 2,108 Rathbone Brothers 73,363 0.03 27,800 United Engineers 55,479 0.03 7,640 Redrow 60,732 0.03 12,054 Venture 156,584 0.07 43,258 Renewi 59,053 0.03 613,785 0.29 966 Renishaw 61,730 0.03 Swedish Krona - 2.05% 63,630 Rentokil Initial 256,620 0.12 1,561 AAK 117,902 0.06 10,329 Restaurant Group 41,837 0.02 4,980 AF 116,044 0.05 3,278 Rightmove 177,896 0.08 5,495 Attendo 63,114 0.03 42,928 Rotork 149,976 0.07 1,273 Avanza Bank Holding 53,213 0.03 15,440 RPC Group 205,183 0.10 5,983 Axfood 102,400 0.05 22,048 RPS Group 85,340 0.04 4,176 Bergman & Beving 55,894 0.03 57,886 Saga 154,083 0.07 6,760 Betsson 61,493 0.03 8,329 Savills 104,091 0.05 7,784 Bilia 85,828 0.04 23,865 Senior 88,339 0.04 7,885 BillerudKorsnas 133,311 0.06 49,238 Serco Group 76,167 0.04 3,185 Bonava 51,429 0.02 32,380 SIG 77,284 0.04 13,130 Castellum 205,580 0.10 66,860 Sirius Minerals 22,856 0.01 12,258 Cloetta 42,050 0.02 13,279 Sophos Group 97,898 0.05 4,620 Collector 53,064 0.02 5,167 Spectris 167,069 0.08 6,422 Com Hem Holding 91,582 0.04 1,971 Spirax-Sarco Engineering 146,103 0.07 14,346 Dometic Group 121,713 0.06 10,349 Sports Direct International 56,997 0.03 11,857 Elekta 122,458 0.06 21,760 SSP Group 156,919 0.07 748 Evolution Gaming Group 47,561 0.02 27,311 Stagecoach Group 62,548 0.03 7,710 Fabege 157,745 0.07 12,170 Stobart Group 44,118 0.02 4,328 Fastighets Balder 112,305 0.05 17,890 Synthomer 117,202 0.05 9,925 Fingerprint Cards 27,736 0.01 28,651 TalkTalk Telecom Group 80,608 0.04 9,755 Hexpol 102,422 0.05 800 Ted Baker 28,443 0.01 7,169 Hoist Finance 73,777 0.03 53,559 Thomas Cook Group 86,444 0.04 2,873 Holmen 134,211 0.06 11,639 TP ICAP 81,825 0.04 5,812 Hufvudstaden 98,975 0.05 59,928 Tullow Oil 149,629 0.07 3,660 Indutrade 96,361 0.05 14,259 UBM 130,566 0.06 3,426 Intrum Justitia 120,883 0.06 10,213 UDG Healthcare 116,401 0.05 3,889 JM 121,925 0.06 2,995 Ultra Electronics Holdings 72,248 0.03 3,638 LeoVegas 30,754 0.01 10,696 Vesuvius 84,667 0.04 4,140 Loomis 164,183 0.08 3,784 Victrex 120,371 0.06 2,465 Modern Times Group 89,089 0.04 8,698 Virgin Money Holdings 33,434 0.02 3,185 NCC 75,388 0.04 5,600 WH Smith 151,843 0.07 8,359 NetEnt 64,723 0.03 31,056 William Hill 105,166 0.05 11,874 Nibe Industrier 119,360 0.06 20,047 ZPG 97,283 0.05 1,095 Nolato 52,722 0.02 15,122,079 7.04 2,188 Oriflame Holding 74,413 0.03 Singapore Dollar - 0.29% 8,330 Peab 91,746 0.04 63,700 Asian Pay Television Trust 26,738 0.01 18,554 Ratos 90,607 0.04 293,170 Ezion Holdings 42,531 0.02 2,523 Saab 127,783 0.06 27,900 M1 36,571 0.02 3,360 Scandic Hotels Group 46,001 0.02 32,380 Noble Group 9,419 0.00 19,378 SSAB (Class A Shares) 93,158 0.04 50,297 Raffles Medical Group 41,669 0.02 12,803 SSAB (Class B Shares) 50,711 0.02 125,100 RHT Health Trust 78,766 0.04 18,514 Svenska Cellulosa 156,507 0.07 48,400 Sembcorp Marine 62,195 0.03 2,886 Sweco 70,538 0.03
320 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.70% (March 2017: 99.18%) Transferable Securities - 99.70% (March 2017: 99.18%) (continued) (continued) Common Stock - 90.30% (March 2017:89.62%) (continued) Common Stock - 90.30% (March 2017:89.62%) (continued) Swedish Krona - 2.05% (continued) United States Dollar - 49.54% 7,705 Swedish Orphan Biovitrum 117,996 0.06 2,604 2U 145,928 0.07 6,477 Tobii 38,883 0.02 3,309 3D Systems 44,308 0.02 8,672 Trelleborg 216,738 0.10 3,382 8x8 45,657 0.02 811 Vitrolife 65,676 0.03 2,064 A Schulman 70,486 0.03 4,407,952 2.05 1,500 AAON 51,713 0.02 Swiss Franc - 1.96% 1,180 AAR 44,580 0.02 829 Allreal Holding 145,392 0.07 2,540 Aaron's 110,820 0.05 2,378 ams 172,525 0.08 1,200 Abaxis 53,580 0.03 4,921 Arbonia 87,984 0.04 4,837 Abercrombie & Fitch 69,846 0.03 3,629 Aryzta 111,540 0.05 1,923 Abiomed 324,218 0.15 1,067 Basilea Pharmaceutica 86,895 0.04 3,161 ABM Industries 131,845 0.06 1,210 BKW 72,718 0.03 2,669 Acadia Healthcare 127,471 0.06 413 Bobst Group 45,415 0.02 3,454 ACADIA Pharmaceuticals 130,112 0.06 276 Bossard Holding 63,923 0.03 2,507 Accelerate Diagnostics 56,282 0.03 292 Bucher Industries 103,962 0.05 1,283 Acceleron Pharma 47,882 0.02 222 Burckhardt Compression Holding 69,461 0.03 5,000 ACCO Brands 59,500 0.03 1,055 Cembra Money Bank 92,351 0.04 2,112 Aceto 23,718 0.01 8,272 Clariant 198,337 0.09 2,712 Achillion Pharmaceuticals 12,177 0.01 310 Comet Holding 45,943 0.02 5,118 ACI Worldwide 116,588 0.05 45 Conzzeta 47,483 0.02 2,824 Acorda Therapeutics 66,788 0.03 377 COSMO Pharmaceuticals 55,093 0.03 2,867 Actuant 73,395 0.03 212 dormakaba Holding 216,360 0.10 3,412 Acxiom 84,072 0.04 764 Flughafen Zurich 172,919 0.08 3,576 Adient 300,348 0.14 65 Forbo Holding 103,788 0.05 2,865 Adtalem Global Education 102,710 0.05 5,728 GAM Holding 88,797 0.04 2,379 ADTRAN 57,096 0.03 153 Georg Fischer 188,799 0.09 1,200 Advanced Energy Industries 96,912 0.05 183 Helvetia Holding 99,481 0.05 1,500 AdvanSix 59,625 0.03 3,503 Idorsia 62,631 0.03 392 Advaxis 1,639 0.00 81 Inficon Holding 52,697 0.02 1,687 Advisory Board 90,465 0.04 75 Intershop Holding 37,205 0.02 5,356 AECOM 197,154 0.09 373 Leonteq 22,860 0.01 1,054 Aerie Pharmaceuticals 51,224 0.02 6,175 Logitech International 225,340 0.11 2,200 Aerojet Rocketdyne Holdings 77,022 0.04 7,308 Meyer Burger Technology 10,196 0.00 1,051 Agios Pharmaceuticals 70,154 0.03 437 Mobimo Holding 118,102 0.06 3,243 Air Lease 138,217 0.06 8,704 OC Oerlikon 134,032 0.06 3,897 Aircastle 86,864 0.04 642 Panalpina Welttransport Holding 94,150 0.04 11,042 AK Steel Holding 61,725 0.03 1,725 PSP Swiss Property 159,022 0.07 2,854 Akorn 94,724 0.04 497 SFS Group 60,610 0.03 2,404 Albany International 137,990 0.06 563 Sulzer 66,564 0.03 6,638 Alcoa 309,464 0.14 1,438 Sunrise Communications Group 118,595 0.06 2,498 Alder Biopharmaceuticals 30,601 0.01 588 Tecan Group 121,781 0.06 2,875 Alere 146,596 0.07 2,719 Temenos Group 277,632 0.13 5,941 Allegheny Technologies 141,990 0.07 475 u-blox Holding 93,812 0.04 2,113 ALLETE 163,314 0.08 1,003 Valiant Holding 109,049 0.05 3,729 Allison Transmission Holdings 139,949 0.07 1,011 VAT Group 140,010 0.07 6,551 Allscripts Healthcare Solutions 93,221 0.04 1,189 Zehnder Group 41,780 0.02 2,768 Alnylam Pharmaceuticals 325,212 0.15 4,215,234 1.96 172 Altisource Portfolio Solutions 4,450 0.00 1,200 Altra Industrial Motion 57,720 0.03
321 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.70% (March 2017: 99.18%) Transferable Securities - 99.70% (March 2017: 99.18%) (continued) (continued) Common Stock - 90.30% (March 2017:89.62%) (continued) Common Stock - 90.30% (March 2017:89.62%) (continued) United States Dollar - 49.54% (continued) United States Dollar - 49.54% (continued) 135 AMAG Pharmaceuticals 2,491 0.00 650 Avexis 62,875 0.03 2,600 Ambac Financial Group 44,876 0.02 3,004 Avis Budget Group 114,332 0.05 1,045 Ambarella 51,215 0.02 1,905 Avista 98,622 0.05 1,945 AMC Networks 113,724 0.05 12,314 Avon Products 28,692 0.01 1,565 Amedisys 87,577 0.04 1,039 Axon Enterprise 23,554 0.01 4,200 American Axle & Manufacturing Holdings 73,836 0.03 1,694 AZZ 82,498 0.04 6,326 American Eagle Outfitters 90,462 0.04 2,693 B&G Foods 85,772 0.04 4,304 American Equity Investment Life Holding 125,160 0.06 3,348 Babcock & Wilcox Enterprises 11,149 0.01 3,004 American Outdoor Brands 45,811 0.02 1,000 Badger Meter 49,000 0.02 1,100 American States Water 54,175 0.03 2,179 Balchem 177,131 0.08 534 American Woodmark 51,398 0.02 900 BancFirst 51,075 0.02 2,204 Ameris Bancorp 105,792 0.05 4,067 BancorpSouth 130,347 0.06 900 AMERISAFE 52,380 0.02 5,472 Bank Mutual 55,541 0.03 3,407 Amicus Therapeutics 51,378 0.02 1,962 Bank of Hawaii 163,552 0.08 6,842 Amkor Technology 72,183 0.03 3,335 Bank of the Ozarks 160,247 0.07 2,341 AMN Healthcare Services 106,984 0.05 3,245 BankUnited 115,425 0.05 3,453 AmTrust Financial Services 46,477 0.02 3,154 Barnes & Noble Education 20,533 0.01 474 Analogic 39,698 0.02 2,493 Barnes Group 175,607 0.08 1,909 Andersons 65,383 0.03 2,641 Beacon Roofing Supply 135,351 0.06 1,516 Anixter International 128,860 0.06 1,854 Belden 149,303 0.07 1,251 Apogee Enterprises 60,373 0.03 4,983 Belmond 68,018 0.03 2,279 Applied Industrial Technologies 149,958 0.07 2,514 Bemis 114,563 0.05 700 Applied Optoelectronics 45,269 0.02 2,349 Benchmark Electronics 80,218 0.04 3,163 AptarGroup 272,999 0.13 6,788 Beneficial Bancorp 112,681 0.05 3,820 Aqua America 126,786 0.06 3,879 Berry Global Group 219,745 0.10 900 Arch Coal 64,566 0.03 4,400 BGC Partners 63,668 0.03 1,195 Archrock 14,997 0.01 2,396 Big Lots 128,354 0.06 451 Arena Pharmaceuticals 11,501 0.01 1,430 BioCryst Pharmaceuticals 7,493 0.00 800 Argan 53,800 0.03 683 Bio-Rad Laboratories 151,776 0.07 2,429 Armstrong Flooring 38,257 0.02 979 Bio-Techne 118,351 0.06 1,913 Armstrong World Industries 98,041 0.05 1,300 BioTelemetry 42,900 0.02 5,658 Array BioPharma 69,593 0.03 4,016 Bioverativ 229,193 0.11 5,095 ARRIS International 145,157 0.07 3,191 Black Hills 219,764 0.10 1,852 Arrow Financial 63,616 0.03 2,535 Blackbaud 222,573 0.10 1,700 Artisan Partners Asset Management 55,420 0.03 2,619 Blackhawk Network Holdings 114,712 0.05 1,000 Asbury Automotive Group 61,100 0.03 5,479 Bloomin' Brands 96,430 0.04 7,768 Ascena Retail Group 19,032 0.01 2,000 Blucora 50,600 0.02 2,304 Ashland Global Holdings 150,659 0.07 2,900 Blue Buffalo Pet Products 82,215 0.04 2,773 Aspen Insurance Holdings 112,029 0.05 1,838 Bluebird Bio 252,449 0.12 2,797 Aspen Technology 175,680 0.08 900 Blueprint Medicines 62,703 0.03 5,661 Associated Banc-Corp 137,279 0.06 2,600 BMC Stock Holdings 55,510 0.03 5,435 Assured Guaranty 205,171 0.10 762 Bob Evans Farms 59,063 0.03 1,100 Astec Industries 61,611 0.03 2,879 BofI Holding 81,965 0.04 2,700 Astoria Financial 58,050 0.03 1,700 Boise Cascade 59,330 0.03 330 Atara Biotherapeutics 5,462 0.00 4,970 Booz Allen Hamilton Holding 185,828 0.09 1,472 athenahealth 183,058 0.09 253 Boston Beer 39,519 0.02 100 Atrion 67,200 0.03 1,800 Bottomline Technologies de 57,294 0.03 3,991 Atwood Oceanics 37,475 0.02 3,000 Box 57,960 0.03
322 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.70% (March 2017: 99.18%) Transferable Securities - 99.70% (March 2017: 99.18%) (continued) (continued) Common Stock - 90.30% (March 2017:89.62%) (continued) Common Stock - 90.30% (March 2017:89.62%) (continued) United States Dollar - 49.54% (continued) United States Dollar - 49.54% (continued) 2,500 Boyd Gaming 65,125 0.03 5,404 Catalent 215,728 0.10 3,749 Brady 142,275 0.07 3,581 Cathay General Bancorp 143,956 0.07 2,200 Briggs & Stratton 51,700 0.02 400 Cavco Industries 59,020 0.03 1,180 Bright Horizons Family Solutions 101,728 0.05 2,274 Cavium 149,948 0.07 2,242 Brinker International 71,430 0.03 4,397 Celldex Therapeutics 12,575 0.01 1,611 Brink's 135,727 0.06 255 Cempra 829 0.00 457 Bristow Group 4,273 0.00 4,000 Centennial Resource Development 71,880 0.03 1,064 BroadSoft 53,519 0.02 1,754 Central Garden & Pet 65,231 0.03 17,406 Brocade Communications Systems 208,002 0.10 2,800 Century Aluminum 46,424 0.02 6,658 Brookdale Senior Living 70,575 0.03 1,100 CEVA 47,080 0.02 2,600 Brooks Automation 78,936 0.04 2,407 ChannelAdvisor 27,681 0.01 3,401 Brown & Brown 163,894 0.08 2,272 Charles River Laboratories International 245,421 0.11 4,915 Bruker 146,221 0.07 2,195 Chart Industries 86,110 0.04 2,536 Brunswick 141,940 0.07 206 Chase 22,948 0.01 656 Buffalo Wild Wings 69,339 0.03 2,228 Cheesecake Factory 93,843 0.04 5,008 Builders FirstSource 90,094 0.04 3,400 Chegg 50,456 0.02 2,643 Burlington Stores 252,301 0.12 694 Chemed 140,223 0.07 2,820 BWX Technologies 157,976 0.07 1,814 Chemical Financial 94,800 0.04 206 Cable One 148,757 0.07 6,654 Chemours 336,759 0.16 2,579 Cabot 143,908 0.07 26,315 Chesapeake Energy 113,154 0.05 700 Cabot Microelectronics 55,951 0.03 2,455 Chicago Bridge & Iron 41,244 0.02 1,006 CACI International 140,186 0.07 3,942 Chico's FAS 35,281 0.02 1,933 Caesars Acquisition 41,463 0.02 600 Children's Place 70,890 0.03 2,770 CalAmp 64,403 0.03 963 Chimerix 5,056 0.00 2,903 CalAtlantic Group 106,337 0.05 2,176 Choice Hotels International 139,046 0.06 600 Calavo Growers 43,920 0.02 235 Churchill Downs 48,457 0.02 2,200 Caleres 67,144 0.03 5,118 Ciena 112,442 0.05 242 California Resources 2,531 0.00 952 Cimpress 92,972 0.04 1,400 California Water Service Group 53,410 0.02 3,007 Cinemark Holdings 108,883 0.05 3,700 Callaway Golf 53,391 0.02 2,511 Cirrus Logic 133,887 0.06 2,700 Callidus Software 66,555 0.03 2,225 Civitas Solutions 41,051 0.02 4,989 Callon Petroleum 56,076 0.03 2,432 Clean Harbors 137,894 0.06 1,076 Cal-Maine Foods 44,224 0.02 8,055 Cleveland-Cliffs 57,593 0.03 12,700 Calpine 187,325 0.09 1,180 Clovis Oncology 97,232 0.05 1,840 Cambrex 101,200 0.05 6,354 CNO Financial Group 148,302 0.07 1,018 Camden National 44,426 0.02 260 Coca-Cola Bottling Consolidated 56,095 0.03 1,566 Cantel Medical 147,470 0.07 6,108 Coeur Mining 56,133 0.03 700 Capella Education 49,105 0.02 2,179 Cogent Communications Holdings 106,553 0.05 8,232 Capitol Federal Financial 121,010 0.06 2,954 Cognex 325,767 0.15 340 CARBO Ceramics 2,934 0.00 695 Coherent 163,443 0.08 1,800 Cardiovascular Systems 50,670 0.02 3,529 Colfax 146,948 0.07 2,084 Cardtronics 47,953 0.02 2,400 Columbia Banking System 101,064 0.05 2,406 Carlisle Cos 241,298 0.11 1,206 Columbia Sportswear 74,265 0.03 1,960 Carpenter Technology 94,139 0.04 1,400 Comfort Systems USA 49,980 0.02 3,651 Carrizo Oil & Gas 62,542 0.03 2,542 Commerce Bancshares 146,851 0.07 2,000 Cars.com 53,220 0.02 290 CommerceHub (Class A Shares) 6,545 0.00 1,176 Carter's 116,130 0.05 596 CommerceHub (Class C Shares) 12,725 0.01 981 Casey's General Stores 107,370 0.05 6,493 Commercial Metals 123,562 0.06
323 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.70% (March 2017: 99.18%) Transferable Securities - 99.70% (March 2017: 99.18%) (continued) (continued) Common Stock - 90.30% (March 2017:89.62%) (continued) Common Stock - 90.30% (March 2017:89.62%) (continued) United States Dollar - 49.54% (continued) United States Dollar - 49.54% (continued) 2,748 Community Bank System 151,827 0.07 577 Diplomat Pharmacy 11,950 0.01 3,400 Community Health Systems 26,112 0.01 3,030 Dolby Laboratories 174,286 0.08 2,056 CommVault Systems 125,005 0.06 590 Domtar 25,600 0.01 1,206 Compass Minerals International 78,269 0.04 5,225 Donaldson 240,036 0.11 5,922 Conduent 92,798 0.04 554 Donnelley Financial Solutions 11,944 0.01 2,878 ConnectOne Bancorp 70,799 0.03 1,477 Dorman Products 105,783 0.05 229 Conn's 6,446 0.00 1,300 Douglas Dynamics 51,220 0.02 8,421 CONSOL Energy 142,652 0.07 1,996 Dril-Quip 88,123 0.04 2,846 Consolidated Communications Holdings 54,302 0.03 11,056 Drive Shack 39,912 0.02 2,500 Continental Building Products 65,000 0.03 1,692 DST Systems 92,857 0.04 5,095 Convergys 131,910 0.06 4,070 DSW 87,424 0.04 2,592 Cooper Tire & Rubber 96,941 0.05 1,000 Dun & Bradstreet 116,410 0.05 706 Cooper-Standard Holdings 81,875 0.04 2,348 Dunkin' Brands Group 124,632 0.06 5,336 Copart 183,398 0.09 1,354 Dyax 3,317 0.00 2,008 Corcept Therapeutics 38,754 0.02 1,235 Dycom Industries 106,062 0.05 2,979 CoreLogic 137,689 0.06 2,690 Dynavax Technologies 57,835 0.03 2,305 Core-Mark Holding 74,083 0.03 4,094 Dynegy 40,080 0.02 2,420 Cornerstone OnDemand 98,276 0.05 2,046 Eagle Bancorp 137,184 0.06 1,500 Cotiviti Holdings 53,970 0.03 1,985 Eagle Materials 211,799 0.10 1,904 Coupa Software 59,310 0.03 110 Eagle Pharmaceuticals 6,560 0.00 5,779 Covanta Holding 85,818 0.04 1,176 Ebix 76,734 0.04 848 Cracker Barrel Old Country Store 128,574 0.06 2,130 EchoStar 121,900 0.06 1,998 Crane 159,820 0.07 1,804 Edgewell Personal Care 131,277 0.06 2,112 Cray 41,078 0.02 3,137 El Paso Electric 173,319 0.08 241 Credit Acceptance 67,521 0.03 2,000 Eldorado Resorts 51,300 0.02 3,878 Cree 109,321 0.05 1,217 Electronics For Imaging 51,942 0.02 5,691 CSRA 183,649 0.09 1,440 Ellie Mae 118,267 0.06 1,100 Cubic 56,100 0.03 2,564 EMCOR Group 177,890 0.08 1,853 Cullen/Frost Bankers 175,887 0.08 1,200 Emergent BioSolutions 48,540 0.02 2,113 Curtiss-Wright 220,893 0.10 1,100 Employers Holdings 49,995 0.02 4,300 CVB Financial 103,931 0.05 2,766 Enbridge Energy Management 42,762 0.02 2,032 CyberArk Software 83,312 0.04 1,200 Encore Capital Group 53,160 0.02 10,427 Cypress Semiconductor 156,614 0.07 1,300 Encore Wire 58,208 0.03 6,601 Dana 184,564 0.09 5,366 Endo International 45,960 0.02 6,257 Darling Ingredients 109,623 0.05 3,955 Energen 216,259 0.10 1,200 Dave & Buster's Entertainment 62,976 0.03 2,828 Energizer Holdings 130,229 0.06 5,541 Dean Foods 60,286 0.03 1,915 EnerSys 132,461 0.06 1,664 Deckers Outdoor 113,834 0.05 900 EnPro Industries 72,477 0.03 3,200 Delek US Holdings 85,536 0.04 14,635 Ensco 87,371 0.04 2,539 Deluxe 185,245 0.09 2,112 Ensign Group 47,710 0.02 12,133 Denbury Resources 16,258 0.01 526 Enstar Group 116,956 0.05 3,900 Denny's 48,555 0.02 6,821 Entegris 196,786 0.09 1,002 Depomed 5,802 0.00 1,800 Envestnet 91,800 0.04 928 Dermira 25,056 0.01 1,173 EPAM Systems 103,142 0.05 3,056 Diebold Nixdorf 69,830 0.03 600 ePlus 55,470 0.03 3,083 DigitalGlobe 108,676 0.05 719 Erie Indemnity 86,690 0.04 476 Dillard's 26,689 0.01 1,000 ESCO Technologies 59,950 0.03 1,700 Diodes 50,881 0.02 153 Esperion Therapeutics 7,668 0.00
324 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.70% (March 2017: 99.18%) Transferable Securities - 99.70% (March 2017: 99.18%) (continued) (continued) Common Stock - 90.30% (March 2017:89.62%) (continued) Common Stock - 90.30% (March 2017:89.62%) (continued) United States Dollar - 49.54% (continued) United States Dollar - 49.54% (continued) 3,823 Essendant 50,349 0.02 1,200 Fox Factory Holding 51,720 0.02 1,804 Essent Group 73,062 0.03 2,825 Franklin Electric 126,701 0.06 946 Esterline Technologies 85,282 0.04 1,696 Fresh Del Monte Produce 77,100 0.04 3,200 Etsy 54,016 0.03 3,404 Frontier Communications 40,133 0.02 2,141 Euronet Worldwide 202,945 0.09 1,987 FTI Consulting 70,499 0.03 1,054 Evercore 84,584 0.04 7,419 Fulton Financial 139,106 0.06 4,009 EVERTEC 63,543 0.03 2,280 GameStop 47,105 0.02 2,700 Evolent Health 48,060 0.02 6,138 Gannett 55,242 0.03 2,900 EW Scripps 55,419 0.03 2,324 GATX 143,065 0.07 4,817 Exact Sciences 226,977 0.11 2,204 GCP Applied Technologies 67,663 0.03 9,772 Exelixis 236,776 0.11 3,439 Generac Holdings 157,953 0.07 1,335 Exponent 98,657 0.05 2,700 General Cable 50,895 0.02 6,683 Express 45,177 0.02 1,004 General Communication 40,953 0.02 5,100 Extended Stay America 102,000 0.05 1,869 Genesco 49,715 0.02 596 Exterran 18,840 0.01 2,204 Genesee & Wyoming 163,118 0.08 5,808 Extraction Oil & Gas 89,385 0.04 5,084 GenMark Diagnostics 48,959 0.02 4,300 Extreme Networks 51,127 0.02 2,170 Genomic Health 69,635 0.03 1,517 FactSet Research Systems 273,227 0.13 9,422 Gentex 186,556 0.09 1,834 Fair Isaac 257,677 0.12 1,700 Gentherm 63,155 0.03 1,206 FCB Financial Holdings 58,250 0.03 18,108 Genworth Financial 69,716 0.03 639 Federal Agricultural Mortgage 46,481 0.02 998 Geron 2,176 0.00 2,500 Federal Signal 53,200 0.02 1,465 Gibraltar Industries 45,635 0.02 3,269 Federated Investors 97,089 0.05 1,075 Gigamon 45,311 0.02 2,600 Ferro 57,980 0.03 2,283 G-III Apparel Group 66,253 0.03 2,246 FibroGen 120,835 0.06 3,666 Glacier Bancorp 138,428 0.06 2,904 Fidelity & Guaranty Life 90,169 0.04 1,800 Global Blood Therapeutics 55,890 0.03 3,056 Financial Engines 106,196 0.05 25,809 Globalstar 42,069 0.02 4,425 Finisar 98,102 0.05 2,300 Globus Medical 68,356 0.03 4,176 Finish Line 50,237 0.02 1,398 Glu Mobile 5,256 0.00 5,246 FireEye 87,975 0.04 2,790 GNC Holdings 24,664 0.01 4,252 First American Financial 212,472 0.10 3,900 GoDaddy 169,689 0.08 13,237 First BanCorp/Puerto Rico 67,773 0.03 1,800 GoPro 19,818 0.01 200 First Citizens BancShares 74,778 0.03 1,680 Graco 207,799 0.10 2,900 First Financial Bancorp 75,835 0.04 204 Graham Holdings 119,360 0.06 3,056 First Financial Bankshares 138,131 0.06 10,698 Gran Tierra Energy 24,391 0.01 8,339 First Horizon National 159,692 0.07 1,710 Grand Canyon Education 155,302 0.07 1,800 First Merchants 77,274 0.04 1,969 Granite Construction 114,104 0.05 2,458 First Solar 112,773 0.05 8,620 Graphic Packaging Holding 120,249 0.06 2,281 FirstCash 144,045 0.07 3,500 Gray Television 54,950 0.03 2,200 Fitbit 15,312 0.01 10,268 Great Lakes Dredge & Dock 49,800 0.02 2,403 Five Below 131,877 0.06 7,188 Great Plains Energy 217,796 0.10 794 Five Prime Therapeutics 32,483 0.02 2,904 Great Western Bancorp 119,877 0.06 2,200 Five9 52,580 0.02 1,904 Green Dot 94,400 0.04 4,276 Flowers Foods 80,432 0.04 344 Green Plains 6,932 0.00 8,113 FNB 113,825 0.05 1,158 Greenbrier Cos 55,758 0.03 3,200 FormFactor 53,920 0.03 800 Greif (Class A Share) 46,832 0.02 2,432 Forward Air 139,183 0.06 1,122 Group 1 Automotive 81,300 0.04 144 Fossil Group 1,344 0.00 19,750 Groupon 102,700 0.05
325 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.70% (March 2017: 99.18%) Transferable Securities - 99.70% (March 2017: 99.18%) (continued) (continued) Common Stock - 90.30% (March 2017:89.62%) (continued) Common Stock - 90.30% (March 2017:89.62%) (continued) United States Dollar - 49.54% (continued) United States Dollar - 49.54% (continued) 2,409 GrubHub 126,858 0.06 1,910 Hubbell 221,598 0.10 2,404 GTT Communications 76,087 0.04 1,502 HubSpot 126,243 0.06 1,841 Guess? 31,352 0.01 8,576 Huntsman 235,154 0.11 2,383 Guidewire Software 185,540 0.09 1,043 Huron Consulting Group 35,775 0.02 6,058 Gulfport Energy 86,872 0.04 2,513 IAC/InterActiveCorp 295,479 0.14 1,819 Hackett Group 27,631 0.01 1,893 IBERIABANK 155,510 0.07 3,157 Haemonetics 141,655 0.07 1,000 ICF International 53,950 0.03 3,232 Hain Celestial Group 132,997 0.06 895 Iconix Brand Group 5,093 0.00 6,510 Halozyme Therapeutics 113,079 0.05 592 ICU Medical 110,023 0.05 1,800 Halyard Health 81,054 0.04 2,072 IDACORP 182,191 0.08 3,731 Hancock Holding 180,767 0.08 2,330 IDT 32,806 0.02 1,226 Hanover Insurance Group 118,836 0.06 2,546 II-VI 104,768 0.05 1,386 Harsco 28,967 0.01 4,004 ILG 107,027 0.05 3,372 Hawaiian Electric Industries 112,524 0.05 2,616 IMAX 59,252 0.03 3,608 HB Fuller 209,480 0.10 1,423 ImmunoGen 10,886 0.01 3,242 Healthcare Services Group 174,971 0.08 5,000 Immunomedics 69,900 0.03 1,938 HealthEquity 98,024 0.05 2,642 Impax Laboratories 53,633 0.03 3,083 HealthSouth 142,897 0.07 1,008 Imperva 43,747 0.02 9,923 Hecla Mining 49,813 0.02 1,844 INC Research Holdings 96,441 0.04 1,735 HEICO 155,820 0.07 1,904 Independent Bank/MA 142,134 0.07 1,900 HEICO (Class A Share) 144,780 0.07 5,458 Infinera 48,412 0.02 1,148 Helen of Troy 111,241 0.05 500 Infinity Property & Casualty 47,100 0.02 3,620 Helix Energy Solutions Group 26,752 0.01 2,046 Ingevity 127,814 0.06 2,072 Herbalife 140,544 0.07 1,133 Innophos Holdings 55,732 0.03 300 Herc Holdings 14,739 0.01 1,100 Innospec 67,815 0.03 3,676 Heritage Financial 108,442 0.05 4,000 Innoviva 56,480 0.03 3,205 Herman Miller 115,059 0.05 500 Inogen 47,550 0.02 440 Heron Therapeutics 7,106 0.00 1,759 Inphi 69,815 0.03 1,157 Hertz Global Holdings 25,871 0.01 1,819 Insight Enterprises 83,528 0.04 2,618 Hexcel 150,326 0.07 2,336 Insmed 72,907 0.03 1,663 HFF 65,788 0.03 700 Insperity 61,600 0.03 2,022 Hibbett Sports 28,814 0.01 1,212 Installed Building Products 78,538 0.04 3,294 Hillenbrand 127,972 0.06 1,836 Insteel Industries 47,938 0.02 2,379 Hill-Rom Holdings 176,046 0.08 2,288 Insulet 126,023 0.06 5,280 Hilltop Holdings 137,280 0.06 440 Insys Therapeutics 3,907 0.00 2,604 Hilton Grand Vacations 100,593 0.05 1,000 Integer Holdings 51,150 0.02 5,324 HMS Holdings 105,735 0.05 2,503 Integra LifeSciences Holdings 126,351 0.06 2,722 HNI 112,881 0.05 5,357 Integrated Device Technology 142,389 0.07 5,646 Home BancShares 142,392 0.07 2,982 Interactive Brokers Group 134,309 0.06 2,431 HomeTrust Bancshares 62,355 0.03 747 Intercept Pharmaceuticals 43,356 0.02 5,925 Hope Bancorp 104,932 0.05 1,075 InterDigital 79,281 0.04 3,402 Horace Mann Educators 133,869 0.06 5,660 Interface 123,954 0.06 5,486 Horizon Pharma 69,562 0.03 3,795 International Bancshares 152,179 0.07 5,164 Houghton Mifflin Harcourt 62,226 0.03 1,500 Intersect ENT 46,725 0.02 918 Howard Hughes 108,260 0.05 2,124 InterXion Holding 108,175 0.05 2,900 HRG Group 45,269 0.02 1,839 INTL. FCStone 70,470 0.03 1,497 HSN 58,458 0.03 1,146 Intra-Cellular Therapies 18,084 0.01 1,423 Hub Group 61,118 0.03 2,098 Intrexon 39,883 0.02
326 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.70% (March 2017: 99.18%) Transferable Securities - 99.70% (March 2017: 99.18%) (continued) (continued) Common Stock - 90.30% (March 2017:89.62%) (continued) Common Stock - 90.30% (March 2017:89.62%) (continued) United States Dollar - 49.54% (continued) United States Dollar - 49.54% (continued) 9,870 Investors Bancorp 134,627 0.06 198 Lannett 3,653 0.00 4,669 Ionis Pharmaceuticals 236,718 0.11 6,737 Laredo Petroleum 87,109 0.04 1,094 IPG Photonics 202,456 0.09 3,826 La-Z-Boy 102,919 0.05 4,500 Iridium Communications 46,350 0.02 1,022 LCI Industries 118,399 0.06 972 iRobot 74,902 0.03 2,178 LegacyTexas Financial Group 86,946 0.04 3,708 Ironwood Pharmaceuticals 58,475 0.03 3,414 Legg Mason 134,204 0.06 1,459 Itron 113,000 0.05 7,180 LendingClub 43,726 0.02 2,719 ITT 120,370 0.06 310 LendingTree 75,780 0.04 815 J&J Snack Foods 107,010 0.05 839 LGI Homes 40,750 0.02 2,281 j2 Global 168,520 0.08 700 LHC Group 49,644 0.02 4,945 Jabil 141,180 0.07 1,844 Liberty Expedia Holdings 97,935 0.05 1,248 Jack in the Box 127,196 0.06 3,504 Liberty Global LiLAC (Class A Shares) 83,255 0.04 1,206 James River Group Holdings 50,025 0.02 2,904 Liberty Global LiLAC (Class C Shares) 67,663 0.03 7,080 Janus Henderson Group 246,667 0.11 2,200 Liberty Media Corp-Liberty Braves (Class A 17,846 JC Penney 67,993 0.03 Shares) 55,814 0.03 1,600 JELD-WEN Holding 56,832 0.03 5,612 Liberty Media-Liberty Formula One 213,761 0.10 1,022 John Bean Technologies 103,324 0.05 3,230 Liberty TripAdvisor Holdings 39,891 0.02 3,234 John Wiley & Sons 173,019 0.08 2,677 Liberty Ventures 154,061 0.07 2,539 Juno Therapeutics 113,900 0.05 2,023 LifePoint Health 117,132 0.05 500 Kadant 49,275 0.02 1,119 Ligand Pharmaceuticals 152,352 0.07 1,146 Kaiser Aluminum 118,198 0.06 2,200 Lincoln Electric Holdings 201,696 0.09 1,880 Kaman 104,866 0.05 1,263 Lions Gate Entertainment (Class A Shares) 42,247 0.02 3,841 KapStone Paper and Packaging 82,543 0.04 2,923 Lions Gate Entertainment (Class B Shares) 92,922 0.04 4,304 KAR Auction Services 205,473 0.10 955 Lithia Motors 114,896 0.05 2,200 KB Home 53,064 0.02 898 Littelfuse 175,900 0.08 5,710 KBR 102,095 0.05 2,076 LivaNova 145,445 0.07 2,300 KEMET 48,599 0.02 4,916 Live Nation Entertainment 214,092 0.10 1,826 Kemper 96,778 0.05 1,944 LogMeIn 213,937 0.10 4,023 Kennametal 162,288 0.08 6,277 Louisiana-Pacific 169,981 0.08 3,100 Kennedy-Wilson Holdings 57,505 0.03 700 Loxo Oncology 64,484 0.03 332 Keryx Biopharmaceuticals 2,357 0.00 2,378 LPL Financial Holdings 122,633 0.06 6,573 Keysight Technologies 273,831 0.13 554 LSC Communications 9,147 0.00 3,890 KeyW Holding 29,603 0.01 1,468 Lumber Liquidators Holdings 57,223 0.03 1,200 Kinsale Capital Group 51,804 0.02 2,459 Lumentum Holdings 133,647 0.06 1,003 Kirby 66,148 0.03 1,000 Lydall 57,300 0.03 1,871 Kite Pharma 336,425 0.16 1,200 MACOM Technology Solutions Holdings 53,532 0.03 2,504 KLX 132,537 0.06 3,034 MacroGenics 56,068 0.03 548 Knowles 8,368 0.00 485 Madison Square Garden 103,839 0.05 3,670 Korn/Ferry International 144,708 0.07 930 Magellan Health 80,259 0.04 12,015 Kosmos Energy 95,639 0.04 1,208 Maiden Holdings 9,604 0.00 1,300 Kraton 52,572 0.02 2,824 Manhattan Associates 117,394 0.05 3,700 Kratos Defense & Security Solutions 48,396 0.02 6,484 Manitowoc 58,356 0.03 2,600 Kulicke & Soffa Industries 56,082 0.03 1,200 ManTech International 52,980 0.02 300 La Jolla Pharmaceutical 10,434 0.00 225 Marcus & Millichap 6,073 0.00 2,900 La Quinta Holdings 50,750 0.02 1,152 MarketAxess Holdings 212,556 0.10 3,949 Lamb Weston Holdings 185,169 0.09 1,227 Marriott Vacations Worldwide 152,798 0.07 1,019 Lancaster Colony 122,402 0.06 1,790 Masimo 154,942 0.07 2,151 Landstar System 214,347 0.10 900 Masonite International 62,280 0.03
327 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.70% (March 2017: 99.18%) Transferable Securities - 99.70% (March 2017: 99.18%) (continued) (continued) Common Stock - 90.30% (March 2017:89.62%) (continued) Common Stock - 90.30% (March 2017:89.62%) (continued) United States Dollar - 49.54% (continued) United States Dollar - 49.54% (continued) 2,838 MasTec 131,683 0.06 7,834 Mueller Water Products 100,275 0.05 4,090 Matador Resources 111,043 0.05 1,643 Murphy USA 113,367 0.05 1,600 Materion 69,040 0.03 1,000 MyoKardia 42,850 0.02 2,401 Matthews International 149,462 0.07 2,507 Myriad Genetics 90,703 0.04 2,203 MAXIMUS 142,093 0.07 11,185 Nabors Industries 90,263 0.04 2,619 MaxLinear 62,201 0.03 400 National Beverage 49,620 0.02 3,206 MB Financial 144,334 0.07 2,397 National CineMedia 16,731 0.01 4,301 MBIA 37,419 0.02 2,644 National Fuel Gas 149,677 0.07 13,295 McDermott International 96,655 0.05 956 National HealthCare 59,817 0.03 1,200 McGrath RentCorp 52,500 0.02 5,168 National Instruments 217,935 0.10 1,400 MDC Holdings 46,494 0.02 956 National Presto Industries 101,766 0.05 5,354 MDU Resources Group 138,936 0.06 1,500 Natus Medical 56,250 0.03 3,398 Medicines 125,862 0.06 960 Nautilus 16,224 0.01 2,489 Medidata Solutions 194,291 0.09 2,721 Navistar International 119,914 0.06 2,124 Mellanox Technologies 100,147 0.05 4,911 NCR 184,261 0.09 800 Mercury General 45,352 0.02 6,381 Nektar Therapeutics 153,144 0.07 2,404 Mercury Systems 124,720 0.06 1,539 Nelnet 77,720 0.04 2,129 Meredith 118,159 0.06 2,166 Neogen 167,778 0.08 4,217 Meridian Bancorp 78,647 0.04 1,500 NETGEAR 71,400 0.03 1,800 Merit Medical Systems 76,230 0.04 4,048 NetScout Systems 130,953 0.06 1,500 Meritage Homes 66,600 0.03 3,139 Neurocrine Biosciences 192,358 0.09 3,300 Meritor 85,833 0.04 828 Nevro 75,249 0.04 1,297 Merrimack Pharmaceuticals 18,858 0.01 2,314 New Jersey Resources 97,535 0.05 1,200 Methode Electronics 50,820 0.02 2,592 New Media Investment Group 38,336 0.02 1,524 MGE Energy 98,450 0.05 1,406 New Relic 70,019 0.03 14,588 MGIC Investment 182,788 0.09 4,731 New York Times 92,728 0.04 5,582 Michaels 119,846 0.06 241 NewLink Genetics 2,453 0.00 4,233 Microsemi 217,915 0.10 287 NewMarket 122,190 0.06 400 MicroStrategy 51,084 0.02 894 Nexstar Media Group 55,696 0.03 3,200 Milacron Holdings 53,952 0.03 1,636 NextEra Energy Partners 65,914 0.03 4,578 MiMedx Group 54,387 0.03 2,670 NIC 45,791 0.02 2,097 Minerals Technologies 148,153 0.07 10,981 Noble 50,513 0.02 2,079 MKS Instruments 196,362 0.09 1,901 Nordson 225,268 0.10 2,370 Mobile Mini 81,647 0.04 3,391 Northfield Bancorp 58,834 0.03 2,900 Modine Manufacturing 55,825 0.03 8,953 Northwest Bancshares 154,618 0.07 1,200 Moelis & Co 51,660 0.02 2,281 Northwest Natural Gas 146,896 0.07 1,998 Molina Healthcare 137,382 0.06 2,192 NorthWestern 124,812 0.06 3,286 Momenta Pharmaceuticals 60,791 0.03 1,200 Novanta 52,320 0.02 2,281 Monolithic Power Systems 243,041 0.11 11,715 Novavax 13,355 0.01 3,627 Monotype Imaging Holdings 69,820 0.03 2,400 Novocure 47,640 0.02 1,072 Monro 60,086 0.03 6,222 NOW 85,926 0.04 1,892 Moog 157,850 0.07 11,190 NRG Energy 286,352 0.13 1,121 Morningstar 95,274 0.04 4,992 NRG Yield (Class C Share) 96,346 0.04 3,235 MRC Global 56,580 0.03 1,867 Nu Skin Enterprises 114,783 0.05 1,421 MSA Safety 112,984 0.05 1,265 Nutrisystem 70,714 0.03 1,785 MSC Industrial Direct 134,892 0.06 2,024 NuVasive 112,251 0.05 3,780 MSG Networks 80,136 0.04 3,236 NxStage Medical 89,314 0.04 3,259 Mueller Industries 113,902 0.05 4,198 Oasis Petroleum 38,286 0.02
328 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.70% (March 2017: 99.18%) Transferable Securities - 99.70% (March 2017: 99.18%) (continued) (continued) Common Stock - 90.30% (March 2017:89.62%) (continued) Common Stock - 90.30% (March 2017:89.62%) (continued) United States Dollar - 49.54% (continued) United States Dollar - 49.54% (continued) 2,046 Oceaneering International 53,748 0.03 3,104 Performance Food Group 87,688 0.04 6,585 Oclaro 56,829 0.03 4,249 PerkinElmer 293,054 0.14 1,985 Ocwen Financial 6,828 0.00 1,100 PetMed Express 36,465 0.02 16,527 Office Depot 75,033 0.04 2,785 PH Glatfelter 54,168 0.03 2,958 Oil States International 74,985 0.03 1,500 PharMerica 43,950 0.02 2,064 Old Dominion Freight Line 227,267 0.11 5,248 Pier 1 Imports 21,989 0.01 6,813 Old National Bancorp 124,678 0.06 2,672 Pinnacle Entertainment 56,940 0.03 9,277 Old Republic International 182,664 0.09 2,253 Pinnacle Financial Partners 150,838 0.07 5,620 Olin 192,485 0.09 3,268 Pinnacle Foods 186,832 0.09 2,204 Ollie's Bargain Outlet Holdings 102,266 0.05 4,891 Pitney Bowes 68,523 0.03 2,112 Omega Protein 35,165 0.02 2,500 Planet Fitness 67,450 0.03 429 Omeros 9,275 0.00 1,544 Plantronics 68,276 0.03 1,500 Omnicell 76,575 0.04 8,207 Platform Specialty Products 91,508 0.04 2,722 On Assignment 146,117 0.07 2,485 Plexus 139,359 0.06 13,216 ON Semiconductor 244,100 0.11 3,798 PNM Resources 153,059 0.07 1,206 ONE Gas 88,810 0.04 3,163 PolyOne 126,615 0.06 1,774 OneMain Holdings 50,009 0.02 1,897 Pool 205,198 0.10 12,065 OPKO Health 82,766 0.04 3,547 Popular 127,479 0.06 2,400 OraSure Technologies 54,000 0.03 3,180 Portland General Electric 145,135 0.07 2,229 Orbital ATK 296,814 0.14 2,479 Portola Pharmaceuticals 133,940 0.06 2,158 Orbotech 91,089 0.04 2,101 Post Holdings 185,455 0.09 14,188 Organovo Holdings 31,497 0.01 1,304 Power Integrations 95,453 0.04 2,511 Ormat Technologies 153,297 0.07 1,403 PRA Group 40,196 0.02 900 Orthofix International 42,525 0.02 1,806 PRA Health Sciences 137,563 0.06 2,429 Oshkosh 200,490 0.09 900 Preferred Bank 54,315 0.03 600 OSI Systems 54,822 0.03 2,904 Prestige Brands Holdings 145,461 0.07 2,774 Owens & Minor 81,001 0.04 1,230 PriceSmart 109,778 0.05 2,955 Owens Corning 228,569 0.11 2,306 Primerica 188,054 0.09 6,380 Owens-Illinois 160,521 0.07 1,900 Primoris Services 55,898 0.03 898 Oxford Industries 57,059 0.03 2,460 ProAssurance 134,439 0.06 2,230 Pacific Biosciences of California 11,708 0.01 6,312 Progenics Pharmaceuticals 46,456 0.02 1,600 Pacific Premier Bancorp 60,400 0.03 2,099 Progress Software 80,119 0.04 2,297 Pacira Pharmaceuticals 86,252 0.04 1,144 Proofpoint 99,780 0.05 3,722 PacWest Bancorp 187,998 0.09 2,880 Prosperity Bancshares 189,302 0.09 10,346 Pandora Media 79,664 0.04 1,173 Prothena 75,975 0.04 1,000 Papa John's International 73,070 0.03 1,000 Proto Labs 80,300 0.04 2,256 PAREXEL International 198,708 0.09 3,188 PTC 179,421 0.08 1,069 Patrick Industries 89,903 0.04 241 PTC Therapeutics 4,822 0.00 2,000 Pattern Energy Group 48,200 0.02 1,198 Puma Biotechnology 143,460 0.07 6,895 Patterson-UTI Energy 144,381 0.07 3,500 Pure Storage 55,965 0.03 1,895 Paycom Software 142,049 0.07 346 Pzena Investment Management 3,768 0.00 1,200 Paylocity Holding 58,584 0.03 2,112 Q2 Holdings 87,965 0.04 3,216 PBF Energy 88,794 0.04 6,681 QEP Resources 57,256 0.03 1,961 PDC Energy 96,148 0.04 400 Quaker Chemical 59,180 0.03 1,804 Pegasystems 104,001 0.05 1,200 Qualys 62,160 0.03 3,604 Penn National Gaming 84,298 0.04 6,700 Quanta Services 250,379 0.12 1,802 Penske Automotive Group 85,721 0.04 1,400 Quidel 61,404 0.03 1,196 Penumbra 107,999 0.05 3,100 Quotient Technology 48,515 0.02
329 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.70% (March 2017: 99.18%) Transferable Securities - 99.70% (March 2017: 99.18%) (continued) (continued) Common Stock - 90.30% (March 2017:89.62%) (continued) Common Stock - 90.30% (March 2017:89.62%) (continued) United States Dollar - 49.54% (continued) United States Dollar - 49.54% (continued) 6,914 Radian Group 129,223 0.06 1,629 SEACOR Marine Holdings 25,478 0.01 972 Radius Health 37,471 0.02 3,500 SeaWorld Entertainment 45,465 0.02 5,457 Rambus 72,851 0.03 1,700 Select Comfort 52,785 0.02 1,780 Raven Industries 57,672 0.03 4,200 Select Medical Holdings 80,640 0.04 1,205 RBC Bearings 150,806 0.07 2,570 Selective Insurance Group 138,394 0.06 800 RE/MAX Holdings 50,840 0.02 3,059 SemGroup 87,946 0.04 5,105 Realogy Holdings 168,210 0.08 3,164 Semtech 118,808 0.06 1,900 RealPage 75,810 0.04 2,000 Sensient Technologies 153,840 0.07 721 Red Robin Gourmet Burgers 48,307 0.02 5,402 Service Corp International 186,369 0.09 2,043 Regal Beloit 161,397 0.08 4,312 ServiceMaster Global Holdings 201,500 0.09 5,587 Regal Entertainment Group 89,392 0.04 2,704 ServisFirst Bancshares 105,050 0.05 2,567 Reliance Steel & Aluminum 195,528 0.09 72 Shake Shack 2,393 0.00 287 Rent-A-Center 3,295 0.00 2,383 Shenandoah Telecommunications 88,648 0.04 1,260 Repligen 48,283 0.02 1,307 Shutterfly 63,363 0.03 2,800 Retrophin 69,692 0.03 1,170 Silgan Holdings 34,433 0.02 4,438 Rexnord 112,770 0.05 1,733 Silicon Laboratories 138,467 0.06 939 RH 66,030 0.03 2,123 Simpson Manufacturing 104,112 0.05 6,152 Rice Energy 178,039 0.08 3,136 Sinclair Broadcast Group 100,509 0.05 2,619 RingCentral 109,343 0.05 1,300 SiteOne Landscape Supply 75,530 0.04 40,558 Rite Aid 79,494 0.04 2,538 Six Flags Entertainment 154,666 0.07 2,115 RLI 121,316 0.06 3,772 Skechers U.S.A. 94,639 0.04 40 RMR Group 2,054 0.00 17,533 SLM 201,104 0.09 2,001 Rockwell Medical 17,129 0.01 3,244 SM Energy 57,549 0.03 807 Rogers 107,557 0.05 3,176 Snyder's-Lance 121,133 0.06 7,211 Rowan 92,661 0.04 1,700 SodaStream International 112,965 0.05 2,668 Royal Gold 229,555 0.11 2,000 Sonic 50,900 0.02 3,200 RPC 79,328 0.04 3,398 Sonoco Products 171,429 0.08 3,944 RPM International 202,485 0.09 1,621 Sotheby's 74,744 0.03 1,745 RR Donnelley & Sons 17,974 0.01 2,253 South Jersey Industries 77,796 0.04 4,746 RSP Permian 164,164 0.08 1,813 South State 163,261 0.08 2,104 Rush Enterprises 91,776 0.04 1,276 Southwest Gas Holdings 99,043 0.05 1,967 Ryder System 166,310 0.08 20,929 Southwestern Energy 127,876 0.06 2,644 S&T Bancorp 104,650 0.05 1,300 SP Plus 51,350 0.02 1,246 Sage Therapeutics 77,626 0.04 1,434 Spark Therapeutics 127,855 0.06 900 Saia 56,385 0.03 1,800 SpartanNash 47,466 0.02 5,159 Sally Beauty Holdings 101,013 0.05 5,200 Spectrum Pharmaceuticals 73,164 0.03 806 Sanderson Farms 130,185 0.06 1,923 Spire 143,552 0.07 1,344 Sangamo Therapeutics 20,160 0.01 3,869 Spirit AeroSystems Holdings 300,699 0.14 2,879 Sanmina 106,955 0.05 4,173 Sprouts Farmers Market 78,327 0.04 1,251 Sarepta Therapeutics 56,745 0.03 1,900 SPX 55,746 0.03 2,407 ScanSource 105,066 0.05 2,400 SPX FLOW 92,544 0.04 3,008 Schweitzer-Mauduit International 124,712 0.06 7,258 Square 209,103 0.10 3,061 SciClone Pharmaceuticals 34,283 0.02 6,841 SRC Energy 66,152 0.03 1,952 Science Applications International 130,491 0.06 341 Stamps.com 69,104 0.03 2,129 Scientific Games 97,615 0.05 2,104 Standard Motor Products 101,518 0.05 1,151 Scotts Miracle-Gro 112,038 0.05 1,031 State Auto Financial 27,043 0.01 11 Seaboard 49,555 0.02 6,168 Steelcase 94,987 0.04 925 SEACOR Holdings 42,652 0.02 600 Stepan 50,196 0.02
330 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.70% (March 2017: 99.18%) Transferable Securities - 99.70% (March 2017: 99.18%) (continued) (continued) Common Stock - 90.30% (March 2017:89.62%) (continued) Common Stock - 90.30% (March 2017:89.62%) (continued) United States Dollar - 49.54% (continued) United States Dollar - 49.54% (continued) 2,962 Steris 261,841 0.12 532 TimkenSteel 8,778 0.00 5,046 Sterling Bancorp 124,384 0.06 1,400 Tivity Health 57,120 0.03 2,907 Steven Madden 125,873 0.06 3,577 TiVo 71,003 0.03 2,403 Stifel Financial 128,464 0.06 1,694 TopBuild 110,398 0.05 300 Straight Pathmmunications 54,201 0.03 2,776 Toro 172,279 0.08 600 Strayer Education 52,362 0.02 2,600 Towne Bank 87,100 0.04 1,178 Sturm Ruger & Co 60,903 0.03 1,100 Trade Desk 67,661 0.03 3,991 Summit Materials 127,832 0.06 12,425 Transocean 133,693 0.06 1,000 Sun Hydraulics 54,000 0.03 4,146 TransUnion 195,940 0.09 4,919 SunCoke Energy 44,960 0.02 3,800 Travelport Worldwide 59,660 0.03 1,700 Super Micro Computer 37,570 0.02 1,870 TreeHouse Foods 126,655 0.06 7,157 Superior Energy Services 76,437 0.04 1,372 Trex 123,576 0.06 2,350 Supernus Pharmaceuticals 94,000 0.04 8,056 TRI Pointe Group 111,253 0.05 2,000 SUPERVALU 43,500 0.02 2,190 Tribune Media 89,483 0.04 1,700 Sykes Enterprises 49,572 0.02 2,903 TriMas 78,381 0.04 1,105 Synaptics 43,294 0.02 1,400 TriNet Group 47,068 0.02 1,310 Synchronoss Technologies 12,222 0.01 3,808 Trinity Industries 121,475 0.06 11,373 Synergy Pharmaceuticals 32,982 0.02 1,504 Trinseo 100,918 0.05 1,143 SYNNEX 144,601 0.07 1,214 TriState Capital Holdings 27,801 0.01 3,888 Synovus Financial 179,081 0.08 2,220 Triton International 73,882 0.03 2,028 Tableau Software 151,877 0.07 2,773 Triumph Group 82,497 0.04 2,485 Tailored Brands 35,883 0.02 1,213 Tronox 25,594 0.01 3,480 Take-Two Interactive Software 355,760 0.17 2,645 TrueBlue 59,380 0.03 3,417 Tallgrass Energy GP LP 96,530 0.05 2,700 TrueCar 42,633 0.02 2,400 Taylor Morrison Home 52,920 0.02 3,904 Trustmark 129,300 0.06 6,457 TCF Financial 110,027 0.05 4,898 TTM Technologies 75,282 0.04 1,198 Tech Data 106,442 0.05 2,375 Tupperware Brands 146,822 0.07 6,000 TEGNA 79,980 0.04 2,082 Tutor Perini 59,129 0.03 1,600 Teladoc 53,040 0.02 2,400 Twilio 71,640 0.03 878 Teledyne Technologies 139,760 0.07 1,338 Tyler Technologies 233,240 0.11 3,418 Telephone & Data Systems 95,328 0.04 1,064 Ubiquiti Networks 59,605 0.03 1,545 Tempur Sealy International 99,683 0.05 757 Ultimate Software Group 143,527 0.07 4,888 Tenet Healthcare 80,310 0.04 1,143 Ultragenyx Pharmaceutical 60,876 0.03 1,118 Tennant 74,012 0.03 2,179 UMB Financial 162,314 0.08 2,235 Tenneco 135,597 0.06 6,045 Umpqua Holdings 117,938 0.05 4,378 Teradata 147,933 0.07 762 UniFirst 115,443 0.05 5,956 Teradyne 222,099 0.10 2,300 Union Bankshares 81,190 0.04 4,014 Terex 180,710 0.08 2,143 Unit 44,103 0.02 2,370 Tetra Tech 110,323 0.05 3,005 United Bankshares 111,636 0.05 3,593 TETRA Technologies 10,276 0.00 2,900 United Community Banks 82,766 0.04 2,098 Texas Capital Bancshares 180,008 0.08 2,617 United Natural Foods 108,841 0.05 3,242 Texas Roadhouse 159,312 0.07 5,880 United States Steel 150,881 0.07 6,302 TFS Financial 101,651 0.05 956 Unitil 47,284 0.02 9,051 TherapeuticsMD 47,880 0.02 3,418 Univar 98,883 0.05 2,057 Theravance Biopharma 70,432 0.03 1,923 Universal 110,188 0.05 2,113 Thor Industries 266,048 0.12 1,567 Universal Display 201,908 0.09 2,718 Time 36,693 0.02 1,000 Universal Electronics 63,400 0.03 3,205 Timken 155,603 0.07 928 Universal Forest Products 91,092 0.04
331 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.70% (March 2017: 99.18%) Transferable Securities - 99.70% (March 2017: 99.18%) (continued) (continued) Common Stock - 90.30% (March 2017:89.62%) (continued) Common Stock - 90.30% (March 2017:89.62%) (continued) United States Dollar - 49.54% (continued) United States Dollar - 49.54% (continued) 2,112 Universal Insurance Holdings 48,576 0.02 1,718 WESCO International 100,074 0.05 2,431 Urban Outfitters 58,101 0.03 2,297 West Pharmaceutical Services 221,109 0.10 534 US Concrete 40,744 0.02 3,891 Western Alliance Bancorp 206,534 0.10 6,700 US Foods Holding 178,890 0.08 917 WEX 102,906 0.05 1,206 US Physical Therapy 74,109 0.03 2,190 WGL Holdings 184,398 0.09 2,114 US Silica Holdings 65,682 0.03 130 White Mountains Insurance Group 111,410 0.05 3,805 USG 124,233 0.06 14,635 Whiting Petroleum 79,907 0.04 2,747 Validus Holdings 135,180 0.06 2,101 Williams-Sonoma 104,756 0.05 9,398 Valley National Bancorp 113,246 0.05 11,484 Windstream Holdings 20,327 0.01 956 Valmont Industries 151,144 0.07 1,300 Wingstop 43,225 0.02 7,008 Valvoline 164,338 0.08 205 Winmark 27,009 0.01 1,700 Varex Imaging 57,528 0.03 1,400 Winnebago Industries 62,650 0.03 369 VASCO Data Security International 4,446 0.00 2,217 Wintrust Financial 173,613 0.08 5,452 Vector Group 111,602 0.05 3,918 WisdomTree Investments 39,885 0.02 2,721 Vectren 178,960 0.08 1,511 Wix.com 108,565 0.05 2,400 Veeco Instruments 51,360 0.02 4,200 Wolverine World Wide 121,170 0.06 4,067 VeriFone Systems 82,479 0.04 2,539 Woodward 197,052 0.09 2,668 Verint Systems 111,656 0.05 2,540 World Fuel Services 86,131 0.04 979 Versartis 2,399 0.00 2,536 Worthington Industries 116,656 0.05 4,480 Versum Materials 173,914 0.08 13,010 WPX Energy 149,615 0.07 1,000 Viad 60,900 0.03 3,204 Wright Medical Group 82,887 0.04 1,842 ViaSat 118,477 0.06 2,082 Xencor 47,719 0.02 11,748 Viavi Solutions 111,136 0.05 2,100 Xperi 53,130 0.02 1,300 Virtusa 49,114 0.02 3,895 XPO Logistics 264,003 0.12 6,456 Vishay Intertechnology 121,373 0.06 3,030 Yelp 131,199 0.06 3,399 Vista Outdoor 77,973 0.04 2,038 Zebra Technologies 221,286 0.10 877 Visteon 108,546 0.05 3,192 Zendesk 92,919 0.04 6,313 Vonage Holdings 51,388 0.02 5,766 ZIOPHARM Oncology 35,403 0.02 2,904 VWR 96,151 0.04 32,176 Zynga 121,625 0.06 2,200 Wabash National 50,204 0.02 106,370,140 49.54 3,217 Waddell & Reed Financial 64,565 0.03 Total Common Stock 193,900,092 90.30 1,855 WageWorks 112,598 0.05 Corporate Bonds - Nil (March 2017: 0.01%) 1,327 Walker & Dunlop 69,442 0.03 Depository Receipts - 0.12% (March 2017:0.09%) 4,972 Washington Federal 167,308 0.08 Euro - 0.07% 5,837 Waterstone Financial 113,821 0.05 5,478 Fugro 77,486 0.03 794 Watsco 127,890 0.06 1,289 TKH Group 83,751 0.04 1,770 Watts Water Technologies 122,484 0.06 161,237 0.07 794 Wayfair 53,516 0.02 Swedish Krona - 0.05% 1,116 WD-40 124,880 0.06 8,772 Kindred Group 100,699 0.05 3,004 Web.com Group 75,100 0.04 100,699 0.05 3,233 Webster Financial 169,894 0.08 1,440 Weight Watchers International 62,712 0.03 Total Depository Receipts 261,936 0.12 8,007 Welbilt 184,561 0.09 Real Estate Investment Trust - 9.09% (March 2017:9.30%) 1,226 WellCare Health Plans 210,553 0.10 Australian Dollar - 0.15% 9,233 Wendy's 143,388 0.07 27,265 Charter Hall Group 114,883 0.05 1,400 Werner Enterprises 51,170 0.02 97,306 GDI Property Group 86,277 0.04 2,400 WesBanco 98,448 0.05 5,790 Wesco Aircraft Holdings 54,426 0.03
332 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.70% (March 2017: 99.18%) Transferable Securities - 99.70% (March 2017: 99.18%) (continued) (continued) Real Estate Investment Trust - 9.09% (March 2017:9.30%) Real Estate Investment Trust - 9.09% (March 2017:9.30%) (continued) (continued) Australian Dollar - 0.15% (continued) Japanese Yen - 1.30% (continued) 32,642 Investa Office Fund 115,256 0.06 97 Japan Rental Housing Investments 68,421 0.03 316,416 0.15 19 Kenedix Office Investment 104,482 0.05 Canadian Dollar - 0.00% 27 Kenedix Residential Investment 69,392 0.03 846 InterRent Real Estate Investment Trust 5,445 0.00 31 Kenedix Retail REIT 64,388 0.03 5,445 0.00 27 MCUBS MidCity Investment 82,272 0.04 Euro - 0.80% 119 Mori Hills REIT Investment 142,612 0.07 7,332 Alstria office 104,751 0.05 63 Mori Trust Sogo Reit 94,250 0.04 6,047 Axiare Patrimonio Socimi 123,602 0.06 26 Nippon Accommodations Fund 100,937 0.05 1,687 Befimmo 106,440 0.05 98 Orix JREIT 140,603 0.07 1,461 Cofinimmo 187,660 0.09 119 Premier Investment 112,905 0.05 2,460 Eurocommercial Properties 105,219 0.05 67 Sekisui House Residential Investment 65,592 0.03 57,056 Green 101,649 0.05 63 Tokyu REIT 76,732 0.04 45,599 Hibernia 82,208 0.04 2,792,921 1.30 7,225 Hispania Activos Inmobiliarios Socimi 130,256 0.06 New Zealand Dollar - 0.05% 8,518 Immobiliare Grande Distribuzione 8,887 0.00 119,040 Kiwi Property Group 116,173 0.05 17,737 Inmobiliaria Colonial Socimi 176,011 0.08 116,173 0.05 12,723 Lar Espana Real Estate Socimi 123,638 0.06 Pound Sterling - 0.38% 14,439 Merlin Properties Socimi 200,058 0.09 110,312 Assura 92,796 0.04 1,459 Warehouses De Pauw 164,721 0.08 8,088 Big Yellow Group 82,144 0.04 1,940 Wereldhave 91,521 0.04 4,926 Derwent London 184,655 0.09 1,706,621 0.80 8,214 Great Portland Estates 67,334 0.03 Hong Kong Dollar - 0.04% 13,244 Safestore Holdings 77,596 0.04 123,182 Champion REIT 85,005 0.04 8,479 Shaftesbury 115,579 0.05 85,005 0.04 53,251 Tritax Big Box 101,737 0.05 Israeli Shekel - 0.04% 9,316 Unite Group 85,929 0.04 22,387 Reit 1 87,011 0.04 807,770 0.38 87,011 0.04 Singapore Dollar - 0.31% Japanese Yen - 1.30% 129,100 Ascott Residence Trust 111,707 0.05 30 Activia Properties 124,461 0.06 126,808 Keppel REIT 110,191 0.05 59 Advance Residence Investment 145,082 0.07 128,298 Mapletree Commercial Trust 143,608 0.07 95 AEON REIT Investment 96,127 0.04 81,900 Mapletree Greater China Commercial Trust 69,660 0.03 31 Comforia Residential REIT 65,517 0.03 51,186 Mapletree Industrial Trust 70,675 0.03 19 Daiwa Office Investment 95,030 0.04 128,997 Mapletree Logistics Trust 117,792 0.06 28 Frontier Real Estate Investment 113,552 0.05 67,500 Starhill Global REIT 37,778 0.02 57 Fukuoka REIT 81,121 0.04 661,411 0.31 26 Global One Real Estate Investment 84,653 0.04 United States Dollar - 6.02% 93 GLP J-Reit 96,912 0.05 2,928 Acadia Realty Trust 83,799 0.04 62 Hankyu Reit 73,751 0.03 2,957 Alexander & Baldwin 136,998 0.06 2 Hoshino Resorts REIT 9,950 0.00 3,993 American Campus Communities 176,291 0.08 58 Hulic Reit 85,533 0.04 8,004 American Homes 4 Rent 173,767 0.08 57 Ichigo Office REIT Investment 38,484 0.02 6,379 Apartment Investment & Management 279,783 0.13 30 Industrial & Infrastructure Fund Investment 127,127 0.06 6,574 Apple Hospitality 124,314 0.06 98 Invesco Office J-Reit 93,329 0.04 3,391 ARMOUR Residential REIT 91,218 0.04 150 Invincible Investment 61,898 0.03 822 Ashford Hospitality Prime 7,809 0.00 88 Japan Excellent 104,523 0.05 7,623 Ashford Hospitality Trust 50,845 0.02 183 Japan Hotel REIT Investment 115,589 0.05 3,666 Blackstone Mortgage Trust 113,719 0.05 31 Japan Logistics Fund 57,696 0.03 7,207 Brandywine Realty Trust 126,050 0.06
333 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.70% (March 2017: 99.18%) Transferable Securities - 99.70% (March 2017: 99.18%) (continued) (continued) Real Estate Investment Trust - 9.09% (March 2017:9.30%) Real Estate Investment Trust - 9.09% (March 2017:9.30%) (continued) (continued) United States Dollar - 6.02% (continued) United States Dollar - 6.02% (continued) 2,382 CareTrust REIT 45,353 0.02 4,281 Mack-Cali Realty 101,503 0.05 8,678 CatchMark Timber Trust 109,430 0.05 12,571 Medical Properties Trust 165,057 0.08 10,084 CBL & Associates Properties 84,605 0.04 15,097 MFA Financial 132,250 0.06 2,700 Chesapeake Lodging Trust 72,819 0.03 1,969 National Health Investors 152,184 0.07 7,107 Chimera Investment 134,465 0.06 2,300 National Storage Affiliates Trust 55,752 0.03 4,913 Columbia Property Trust 106,956 0.05 8,344 New Residential Investment 139,595 0.07 5,587 CoreCivic 149,564 0.07 7,420 New Senior Investment Group 67,893 0.03 719 CoreSite Realty 80,456 0.04 8,757 NorthStar Realty Europe 112,177 0.05 4,509 Corporate Office Properties Trust 148,031 0.07 5,878 Omega Healthcare Investors 187,567 0.09 15,860 Cousins Properties 148,132 0.07 849 One Liberty Properties 20,682 0.01 5,715 CubeSmart 148,361 0.07 4,067 Outfront Media 102,407 0.05 3,082 CyrusOne 181,622 0.08 5,356 Paramount Group 85,696 0.04 13,397 CYS Investments 115,750 0.05 3,781 Park Hotels & Resorts 104,204 0.05 3,031 DCT Industrial Trust 175,556 0.08 2,172 Parkway 50,021 0.02 10,079 DDR 92,324 0.04 3,204 Pebblebrook Hotel Trust 115,793 0.05 9,076 DiamondRock Hospitality 99,382 0.05 6,941 PennyMac Mortgage Investment Trust 120,704 0.06 5,842 Douglas Emmett 230,292 0.11 4,129 Physicians Realty Trust 73,207 0.03 2,670 Easterly Government Properties 55,189 0.03 5,185 Piedmont Office Realty Trust 104,530 0.05 2,116 EastGroup Properties 186,462 0.09 2,543 Potlatch 129,693 0.06 2,190 Education Realty Trust 78,687 0.04 600 PS Business Parks 80,100 0.04 5,784 Empire State Realty Trust 118,803 0.06 828 QTS Realty Trust 43,354 0.02 1,962 EPR Properties 136,830 0.06 3,378 Quality Care Properties 52,359 0.02 3,822 Equity Commonwealth 116,189 0.05 5,431 Rayonier 156,902 0.07 2,430 Equity LifeStyle Properties 206,744 0.10 6,078 Redwood Trust 99,011 0.05 5,457 First Industrial Realty Trust 164,201 0.08 3,469 Retail Opportunity Investments 65,946 0.03 6,863 Forest City Realty Trust 175,075 0.08 6,655 Retail Properties of America 87,380 0.04 1,800 Four Corners Property Trust 44,856 0.02 1,800 Rexford Industrial Realty 51,516 0.02 6,602 Gaming and Leisure Properties 243,548 0.11 6,949 RLJ Lodging Trust 152,878 0.07 4,970 GEO Group 133,693 0.06 2,376 Ryman Hospitality Properties 148,476 0.07 3,900 Government Properties Income Trust 73,203 0.03 7,158 Sabra Health Care 157,047 0.07 4,125 Gramercy Property Trust 124,781 0.06 8,073 Senior Housing Properties Trust 157,827 0.07 3,963 Hannon Armstrong Sustainable 1,300 Seritage Growth Properties 59,891 0.03 Infrastructure Capital 96,578 0.05 12,932 Spirit Realty Capital 110,827 0.05 4,067 Healthcare Realty Trust 131,527 0.06 6,756 Starwood Property Trust 146,740 0.07 8,077 Healthcare Trust of America 240,695 0.11 4,024 Starwood Waypoint Homes 146,353 0.07 2,695 Highwoods Properties 140,383 0.07 5,937 STORE Capital 147,653 0.07 4,997 Hospitality Properties Trust 142,365 0.07 3,900 Summit Hotel Properties 62,361 0.03 3,996 Hudson Pacific Properties 133,986 0.06 2,462 Sun Communities 210,944 0.10 2,100 InfraREIT 46,977 0.02 8,444 Sunstone Hotel Investors 135,695 0.06 7,257 Invesco Mortgage Capital 124,312 0.06 4,864 Tanger Factory Outlet Centers 118,779 0.06 2,000 JBG SMITH Properties 68,420 0.03 2,752 Taubman Centers 136,774 0.06 4,470 Kilroy Realty 317,906 0.15 1,300 Terreno Realty 47,034 0.02 4,129 Kite Realty Group Trust 83,612 0.04 11,793 Two Harbors Investment 118,873 0.06 2,459 Lamar Advertising 168,515 0.08 7,191 Uniti Group 105,420 0.05 5,661 LaSalle Hotel Properties 164,282 0.08 5,586 Urban Edge Properties 134,734 0.06 15,676 Lexington Realty Trust 160,209 0.07 7,035 Washington Prime Group 58,602 0.03 1,050 Life Storage 85,901 0.04 4,014 Weingarten Realty Investors 127,404 0.06
334 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of Fair Value %of Fair Value Net USD Fund Holding Investment USD Assets Total value of investments 214,099,329 99.71 Transferable Securities - 99.70% (March 2017: 99.18%) Cash at bank*(March 2017: 0.04%) 260,865 0.12 (continued) Cash at broker* (March Real Estate Investment Trust - 9.09% (March 2017:9.30%) 2017: 0.04%) 51,579 0.02 (continued) Other net assets (March United States Dollar - 6.02% (continued) 2017: 0.22%) 319,853 0.15 3,034 WP Carey 204,461 0.10 Net assets attributable to holders of 5,208 WPT Industrial Real Estate Investment Trust 69,579 0.03 redeemable participating shares 214,731,626 100.00 3,100 Xenia Hotels & Resorts 65,255 0.03 12,932,710 6.02 *All cash holdings are held at State Street Bank and Trust Company, apart from cash at broker which is held with Goldman Sachs. Total Real Estate Investment Trust 19,511,483 9.09 The counterparty for the open futures contracts is Goldman Sachs. Preferred Stock - 0.19% (March 2017:0.16%) Euro - 0.19% All of the above securities are traded on a recognised stock exchange or 1,839 Biotest 49,362 0.02 traded on a regulated market unless otherwise stated. 1,557 Danieli & C Officine Meccaniche 28,788 0.02 2,781 Jungheinrich 127,974 0.06 %of Total 1,629 Sartorius 155,759 0.07 Analysis of Total Assets Assets 796 Sixt 49,028 0.02 Transferable securities admitted to an official exchange Total Preferred Stock 410,911 0.19 listing 98.52 Other transferable securities of the type referred to in Rights - 0.00% (March 2017:0.00%) Regulation 68(1)(a), (b) and (c) 0.02 Australian Dollar - 0.00% Other assets 1.46 3,099 Macquarie Atlas Roads Group - 0.00 Total Assets - 0.00 100.00 Pound Sterling - 0.00% 3,312 Equiniti Group 5,110 0.00 5,110 0.00 Singapore Dollar - 0.00% 12,899 Mapletree Logistics Trust 902 0.00 902 0.00 Total Rights 6,012 0.00
Total Transferable Securities 214,090,434 99.70
Financial Derivatives Instruments - 0.01% (March 2017: 0.01%) Futures Contracts – 0.01% (March 2017: 0.01%)
Unrealised Average Gain/ %of Notional Cost (Loss) Net Amount Price USD Assets 98,745 9,874 1 of FTSE 100 Index Futures Long Futures Contracts Expiring 15 December 2017 (409) 0.00 139,986 1,400 2 of Russel 2000 Mini Long Futures Contracts Expiring 15 December 2017 9,304 0.01 Unrealised gain on futures contracts 9,304 0.01 Unrealised loss on futures contracts (409) 0.00 Net unrealised gain on futures contracts 8,895 0.01 Total Financial Derivatives Instruments 8,895 0.01
335 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR MSCI World Small Cap UCITS ETF
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Purchases Cost USD
Independent Bank 131,949 Albany International 128,738 Forbo Holding 113,281 WesBanco 87,846 Bechtle 85,645 Descartes Systems Group 83,983 Pool 81,243 Towne Bank 79,957 BNC Bancorp 79,551 DTS 76,773 Builders FirstSource 76,622 Sanken Electric 76,402 TKH Group 75,670 Air France-KLM 71,683 Vitrolife 70,338 NOF 69,300 First Citizens BancShares 68,747 Luk Fook Holdings International 68,534 Donaldson 65,643 KYB 64,723 Portfolio Sales Proceeds USD
Ipsen 220,235 Tosoh 217,106 Orient Overseas International 207,651 Recordati 178,969 Panera Bread 169,225 Electrocomponents 142,434 Ubisoft Entertainment 135,492 Salzgitter 109,035 Worthington Industries 90,424 Potlatch 89,320 Television Francaise 1 88,656 GATX 87,423 Unione di Banche Italiane 86,995 Cott Corp 83,937 Israel Discount Bank 78,671 Jungheinrich 76,159 Fisher & Paykel Healthcare 73,715 Tennant 71,365 AGFA-Gevaert 70,496 Jafco 69,822
A copy of the list of changes in the portfolio during the financial period may be obtained free of charge from the Administrator.
336 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Technology UCITS ETF Statement of Financial Position as at 30 September 2017
30 September 2017 31 March 2017* USD USD
Current assets Financial assets at fair value through profit or loss: Transferable securities 94,990,653 126,068,351 94,990,653 126,068,351
Cash and cash equivalents 55,225 229,047 Debtors: Dividends receivable 53,521 118,337 Miscellaneous income receivable 630 - Receivable for investments sold 348,616 - Total current assets 95,448,645 126,415,735
Current liabilities Bank overdraft (205,449) - Creditors - Amounts falling due within one financial year: Accrued expenses (23,391) (31,945) Payable for investment purchased (92,804) - Total current liabilities (321,644) (31,945)
Net assets attributable to holders of redeemable participating shares 95,127,001 126,383,790
30 September 31 March 30 September 2017 2017 2016* Net asset value per share (please refer to note 4 for numbers of shares in issue) USD 44.00 USD 38.75 USD 34.48
* This Fund launched via merger into the SSGA SPDR ETF Europe II plc from the SPDR® ETF Funds, which were previously domiciled in France. The effective date of the merger was 29 April 2016.
The accompanying notes form an integral part of these financial statements.
337 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Technology UCITS ETF Statement of Comprehensive Income for the financial period ended 30 September 2017
30 September 2017 30 September 2016* Notes USD USD
Dividend income 810,840 348,902 Interest income 14 - Securities lending income 10 7,440 884 Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 13,218,490 6,626,350 Miscellaneous income 111 - Total investment income 14,036,895 6,976,136
Operating expenses 3 (169,736) (60,827) Net profit for the financial period 13,867,159 6,915,309
Finance costs Interest expense (128) (25) Profit for the financial period before tax 13,867,031 6,915,284 Witholding tax on investment income 2 (106,841) (47,821) Increase in net assets attributable to holders of redeemable participating shares resulting from operations 13,760,190 6,867,463
* This Fund launched via merger into the SSGA SPDR ETF Europe II plc from the SPDR® ETF Funds, which were previously domiciled in France. The effective date of the merger was 29 April 2016. Gains and losses arose solely from continuing operations. There were no 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.
338 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Technology UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial period ended 30 September 2017
30 September 2017 30 September 2016* USD USD
Net assets attributable to holders of redeemable shares at the beginning of the financial period 126,383,790 -
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 13,760,190 6,867,463
Share transactions Proceeds from redeemable participating shares issued 11,910,158 35,451,968 Proceeds from redeemable participating shares issued resulting from merger in* - 31,852,410 Costs of redeemable participating shares redeemed (56,927,137) (3,083,547) (Decrease)/increase in net assets from share transactions (45,016,979) 64,220,831
Total (decrease)/increase in net assets attributable to holders of redeemable participating shares (31,256,789) 71,088,294
Net assets attributable to holders of redeemable participating shares at the end of the financial period 95,127,001 71,088,294
* This Fund launched via merger into the SSGA SPDR ETF Europe II plc from the SPDR® ETF Funds, which were previously domiciled in France. The effective date of the merger was 29 April 2016.
The accompanying notes form an integral part of these financial statements.
339 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Technology UCITS ETF Statement of Cash Flows for the financial period ended 30 September 2017
30 September 2017 30 September 2016* USD USD
Cash from/(used in):
Operating activities Increase in net assets attributable to holders of redeemable participating shares 13,760,190 6,867,463
Adjustment for: Interest income (14) - Interest expense 128 25 Securities lending income (7,440) (884) Dividend income (810,840) (348,902) Taxation on income 106,841 47,821
Total 13,048,865 6,565,523
Net movement in financial assets and financial liabilities at fair value through profit or loss (13,219,625) (6,626,036) Payments for purchases of investments (15,664,809) (37,812,118) Proceeds from sale of investments 59,706,320 5,446,212 Movement in receivables (630) - Movement in payables (8,554) 17,417
Cash generated from/(used in) operations 43,861,567 (32,409,002)
Interest paid (128) (25) Interest received 14 - Securities lending income received 7,440 892 Dividends received 875,656 335,694 Taxation paid (106,841) (47,821) Net cash generated from/(used in) operations 44,637,708 (32,120,262)
Financing activities Proceeds from redeemable participating shares issued 11,910,158 35,560,964 Payments for redeemable participating shares redeemed (56,927,137) (3,083,547) Net cash (used in)/generated from financing activities (45,016,979) 32,477,417
Net (decrease)/increase in cash and cash equivalents (379,271) 357,155
Cash and cash equivalents at the beginning of the financial period 229,047 -
Cash and cash equivalents at the end of the financial period (150,224) 357,155
Cash and cash equivalents - Statement of Financial Position 55,225 357,155 Bank overdraft - Statement of Financial Position (205,449) -
Cash and cash equivalents - Statement of Cash Flows (150,224) 357,155
* This Fund launched via merger into the SSGA SPDR ETF Europe II plc from the SPDR® ETF Funds, which were previously domiciled in France. The effective date of the merger was 29 April 2016.
The accompanying notes form an integral part of these financial statements.
340 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Technology UCITS ETF Schedule of Investments as at 30 September 2017
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.86% (March 2017: 99.75%) Transferable Securities - 99.86% (March 2017: 99.75%) Common Stock - 99.73% (March 2017: 99.75%) (continued) Australian Dollar - 0.08% Common Stock - 99.73% (March 2017: 99.75%) (continued) 6,688 Computershare 75,935 0.08 Japanese Yen - 6.79% (continued) 75,935 0.08 2,977 Murata Manufacturing 437,432 0.46 Canadian Dollar - 0.74% 3,878 NEC 105,076 0.11 7,064 BlackBerry 78,793 0.08 3,571 Nexon 93,141 0.10 3,462 CGI Group 179,100 0.19 1,660 Nintendo 612,887 0.64 348 Constellation Software 189,419 0.20 1,137 Nippon Electric Glass 43,989 0.05 4,220 Open Text 135,847 0.14 2,100 Nomura Research Institute 81,899 0.09 1,083 Shopify 125,667 0.13 10,555 NTT Data 112,897 0.12 708,826 0.74 1,100 Obic 69,187 0.07 Euro - 5.44% 3,279 Omron 166,914 0.18 6,743 Amadeus IT Group 438,357 0.46 657 Oracle Japan 51,596 0.05 5,654 ASML Holding 962,853 1.01 820 Otsuka 52,523 0.06 1,463 Atos 227,004 0.24 7,300 Renesas Electronics 79,508 0.08 2,511 Capgemini 294,357 0.31 9,757 Ricoh 94,827 0.10 1,940 Dassault Systemes 196,298 0.21 1,250 Rohm 107,049 0.11 1,300 Gemalto 58,086 0.06 3,952 Seiko Epson 95,601 0.10 17,211 Infineon Technologies 432,777 0.46 4,198 Shimadzu 82,643 0.09 846 Ingenico Group 80,211 0.08 2,135 TDK 144,906 0.15 90,646 Nokia 544,381 0.57 2,374 Tokyo Electron 364,436 0.38 15,034 SAP 1,647,396 1.73 1,810 Trend Micro 89,081 0.09 9,055 STMicroelectronics 175,238 0.18 20,603 Yahoo Japan 97,739 0.10 1,919 United Internet 119,489 0.13 3,732 Yaskawa Electric 118,195 0.12 5,176,447 5.44 3,649 Yokogawa Electric 62,111 0.07 Hong Kong Dollar - 0.06% 6,456,726 6.79 3,821 ASM Pacific Technology 55,035 0.06 Pound Sterling - 0.50% 55,035 0.06 14,293 Auto Trader Group 75,267 0.08 Israeli Shekel - 0.08% 2,391 Micro Focus International 76,572 0.08 912 Nice 72,751 0.08 16,689 Sage Group 156,400 0.16 72,751 0.08 31,263 Worldpay Group 170,712 0.18 Japanese Yen - 6.79% 478,951 0.50 3,200 Alps Electric 84,403 0.09 Swedish Krona - 0.48% 3,791 Brother Industries 88,170 0.09 4,058 Hexagon 200,704 0.21 15,828 Canon 540,653 0.57 44,868 Telefonaktiebolaget LM Ericsson 257,092 0.27 1,300 DeNA 29,126 0.03 457,796 0.48 500 Disco 101,675 0.11 United States Dollar - 85.56% 6,482 FUJIFILM Holdings 251,471 0.26 9,522 Accenture 1,286,137 1.35 30,526 Fujitsu 226,684 0.24 10,790 Activision Blizzard 696,063 0.73 2,060 Hamamatsu Photonics KK 62,222 0.07 7,550 Adobe Systems 1,126,309 1.18 502 Hirose Electric 70,641 0.07 12,791 Advanced Micro Devices 163,085 0.17 74,164 Hitachi 522,406 0.55 2,788 Akamai Technologies 135,831 0.14 1,118 Hitachi High-Technologies 40,523 0.04 814 Alliance Data Systems 180,342 0.19 2,081 Kakaku.com 26,510 0.03 4,506 Alphabet (Class A) 4,387,582 4.61 1,400 Keyence 743,126 0.78 4,757 Alphabet (Class C) 4,562,486 4.80 1,378 Konami Holdings 66,228 0.07 4,661 Amphenol 394,507 0.41 6,406 Konica Minolta 52,584 0.06 5,548 Analog Devices 478,071 0.50 5,101 Kyocera 316,397 0.33 1,234 ANSYS 151,449 0.16 940 LINE 33,946 0.04 79,546 Apple 12,259,629 12.89 753 Mixi 36,324 0.04 16,323 Applied Materials 850,265 0.89 647 Arista Networks 122,678 0.13
341 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Technology UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.86% (March 2017: 99.75%) Transferable Securities - 99.86% (March 2017: 99.75%) (continued) (continued) Common Stock - 99.73% (March 2017: 99.75%) (continued) Common Stock - 99.73% (March 2017: 99.75%) (continued) United States Dollar - 85.56% (continued) United States Dollar - 85.56% (continued) 1,348 Arrow Electronics 108,393 0.11 16,047 Micron Technology 631,128 0.66 3,078 Autodesk 345,536 0.36 111,720 Microsoft 8,322,023 8.75 6,869 Automatic Data Processing 750,919 0.79 2,506 Motorola Solutions 212,684 0.22 1,908 Avnet 74,984 0.08 4,233 NetApp 185,236 0.19 6,134 Broadcom 1,487,740 1.56 4,658 Nuance Communications 73,224 0.08 1,708 Broadridge Financial Solutions 138,041 0.15 9,065 NVIDIA 1,620,550 1.70 4,822 CA 160,958 0.17 5,304 NXP Semiconductors 599,829 0.63 4,616 Cadence Design Systems 182,193 0.19 46,950 Oracle 2,270,032 2.39 2,101 CDK Global 132,552 0.14 1,385 Palo Alto Networks 199,578 0.21 2,525 CDW 166,650 0.18 5,008 Paychex 300,280 0.32 1,998 Check Point Software Technologies 227,812 0.24 17,618 PayPal Holdings 1,128,081 1.19 76,193 Cisco Systems 2,562,371 2.69 1,879 Qorvo 132,808 0.14 2,380 Citrix Systems 182,832 0.19 22,509 QUALCOMM 1,166,867 1.23 9,024 Cognizant Technology Solutions 654,601 0.69 2,630 Red Hat 291,562 0.31 2,694 CommScope Holding 89,468 0.09 3,058 Sabre 55,350 0.06 14,214 Corning 425,283 0.45 10,101 salesforce.com 943,635 0.99 524 CoStar Group 140,563 0.15 4,543 Seagate Technology 150,691 0.16 3,224 Dell Technologies 248,925 0.26 2,505 ServiceNow 294,413 0.31 4,329 DXC Technology 371,774 0.39 2,874 Skyworks Solutions 292,861 0.31 15,697 eBay 603,707 0.63 2,144 Splunk 142,426 0.15 4,677 Electronic Arts 552,167 0.58 2,458 SS&C Technologies Holdings 98,689 0.10 986 F5 Networks 118,872 0.13 9,268 Symantec 304,083 0.32 35,957 Facebook 6,143,973 6.46 2,196 Synopsys 176,844 0.19 5,069 Fidelity National Information Services 473,394 0.50 5,421 TE Connectivity 450,268 0.47 6,701 First Data 120,886 0.13 15,374 Texas Instruments 1,378,125 1.45 3,343 Fiserv 431,113 0.45 2,358 Total System Services 154,449 0.16 1,424 FleetCor Technologies 220,392 0.23 3,615 Trimble 141,889 0.15 8,030 Flex 133,057 0.14 9,598 Twitter 161,918 0.17 1,988 FLIR Systems 77,353 0.08 2,429 Vantiv 171,172 0.18 2,277 Fortinet 81,608 0.09 1,546 VeriSign 164,479 0.17 1,347 Gartner 167,580 0.18 28,140 Visa 2,961,454 3.11 2,369 Global Payments 225,126 0.24 1,135 VMware 123,931 0.13 1,860 Harris 244,925 0.26 4,473 Western Digital 386,467 0.41 26,027 Hewlett Packard Enterprise 382,857 0.40 7,969 Western Union 153,005 0.16 25,700 HP 512,972 0.54 1,980 Workday 208,672 0.22 72,017 Intel 2,742,407 2.88 3,283 Xerox 109,291 0.12 13,590 International Business Machines 1,971,637 2.07 3,672 Xilinx 260,088 0.27 3,657 Intuit 519,806 0.55 1,570 Zillow Group (Class C Shares) 63,130 0.07 1,095 Jack Henry & Associates 112,555 0.12 81,389,103 85.56 5,912 Juniper Networks 164,531 0.17 Total Common Stock 94,871,570 99.73 2,409 KLA-Tencor 255,354 0.27 Depository Receipts - 0.13% (March 2017: Nil) 2,425 Lam Research 448,722 0.47 United States Dollar - 0.13% 1,989 Leidos Holdings 117,789 0.12 3,733 Micro Focus International 119,083 0.13 6,230 Marvell Technology Group 111,517 0.12 14,557 Mastercard 2,055,448 2.16 Total Depository Receipts 119,083 0.13 4,399 Maxim Integrated Products 209,876 0.22 Total Transferable Securities 94,990,653 99.86 642 MercadoLibre 166,233 0.18 3,297 Microchip Technology 296,005 0.31
342 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Technology UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
Fair Value %of USD Fund Total value of investments 94,990,653 99.86 Cash at bank* (March 2017: 0.18%) 55,225 0.06 Bank overdraft (March 2017: Nil) (205,449) (0.22) Other net assets (March 2017: 0.07%) 286,572 0.30 Net assets attributable to holders of redeemable participating shares 95,127,001 100.00
*All cash holdings are held at State Street Bank and Trust Company.
All of the above securities are traded on a recognised stock exchange or traded on a regulated market unless otherwise stated.
%of Total Analysis of Total Assets Assets Transferable securities admitted to an official exchange listing 99.52 Other assets 0.48
Total Assets 100.00
343 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR MSCI World Technology UCITS ETF
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Purchases Cost USD
Apple 1,863,221 Microsoft 1,172,044 Facebook 802,396 Alphabet (Class C Shares) 622,272 Alphabet (Class A Shares) 569,626 Visa 396,441 Intel 382,813 Cisco Systems 381,524 NVIDIA 304,229 International Business Machines 301,673 Oracle 287,623 Mastercard 260,907 Keyence 260,739 SAP 233,246 Activision Blizzard 219,865 Broadcom 192,407 PayPal Holdings 190,544 Jack Henry & Associates 180,502 QUALCOMM 173,892 Leidos Holdings 172,255 Texas Instruments 167,099 salesforce.com 161,990 Shopify 156,983 Accenture 156,200 CommScope Holding 155,488 Portfolio Sales Proceeds USD
Apple 8,103,126 Microsoft 5,221,844 Facebook 3,538,395 Alphabet (Class C Shares) 2,821,914 Alphabet (Class A Shares) 2,740,503 Visa 1,796,997 Intel 1,651,878 Cisco Systems 1,602,811 Oracle 1,472,640 International Business Machines 1,403,860 Mastercard 1,192,042 Yahoo! 1,168,099 SAP 1,003,766 Broadcom 926,811 QUALCOMM 799,148 Texas Instruments 770,720
344 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR MSCI World Technology UCITS ETF (continued)
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Sales (continued) Proceeds USD
Accenture 752,886 NVIDIA 745,882 Keyence 707,136 Adobe Systems 686,987
A copy of the list of changes in the portfolio during the financial period may be obtained free of charge from the Administrator.
345 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Telecommunications UCITS ETF Statement of Financial Position as at 30 September 2017
30 September 2017 31 March 2017* USD USD
Current assets Financial assets at fair value through profit or loss: Transferable securities 4,175,524 4,050,014 4,175,524 4,050,014
Cash and cash equivalents 7,174 7,322 Debtors: Dividends receivable 10,877 12,523 Miscellaneous income receivable 124 - Total current assets 4,193,699 4,069,859
Current liabilities Creditors - Amounts falling due within one financial year: Accrued expenses (993) (1,046) Total current liabilities (993) (1,046)
Net assets attributable to holders of redeemable participating shares 4,192,706 4,068,813
30 September 31 March 30 September 2017 2017 2016* Net asset value per share (please refer to note 4 for numbers of shares in issue) USD 30.95 USD 30.04 USD 30.17
* This Fund launched via merger into the SSGA SPDR ETF Europe II plc from the SPDR® ETF Funds, which were previously domiciled in France. The effective date of the merger was 29 April 2016.
The accompanying notes form an integral part of these financial statements.
346 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Telecommunications UCITS ETF Statement of Comprehensive Income for the financial period ended 30 September 2017
30 September 2017 30 September 2016* Notes USD USD
Dividend income 99,303 112,378 Securities lending income 10 951 202 Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 39,108 (44,703) Miscellaneous income 1- Total investment income 139,363 67,877
Operating expenses 3 (6,139) (8,168) Profit for the financial period before tax 133,224 59,709 Witholding tax on investment income 2 (9,331) (9,525) Increase in net assets attributable to holders of redeemable participating shares resulting from operations 123,893 50,184
* This Fund launched via merger into the SSGA SPDR ETF Europe II plc from the SPDR® ETF Funds, which were previously domiciled in France. The effective date of the merger was 29 April 2016. Gains and losses arose solely from continuing operations. There were no 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.
347 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Telecommunications UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial period ended 30 September 2017
30 September 2017 30 September 2016* USD USD
Net assets attributable to holders of redeemable shares at the beginning of the financial period 4,068,813 -
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 123,893 50,184
Share transactions Proceeds from redeemable participating shares issued - 5,988,868 Proceeds from redeemable participating shares issued resulting from merger in* - 1,063,740 Costs of redeemable participating shares redeemed - - Increase in net assets from share transactions - 7,052,608
Total increase in net assets attributable to holders of redeemable participating shares 123,893 7,102,792
Net assets attributable to holders of redeemable participating shares at the end of the financial period 4,192,706 7,102,792
* This Fund launched via merger into the SSGA SPDR ETF Europe II plc from the SPDR® ETF Funds, which were previously domiciled in France. The effective date of the merger was 29 April 2016.
The accompanying notes form an integral part of these financial statements.
348 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Telecommunications UCITS ETF Statement of Cash Flows for the financial period ended 30 September 2017
30 September 2017 30 September 2016* USD USD
Cash from/(used in):
Operating activities Increase in net assets attributable to holders of redeemable participating shares 123,893 50,184
Adjustment for: Securities lending income (951) (202) Dividend income (99,303) (112,378) Taxation on income 9,331 9,525
Total 32,970 (52,871)
Net movement in financial assets and financial liabilities at fair value through profit or loss (38,421) 51,442 Payments for purchases of investments (133,925) (6,072,339) Proceeds from sale of investments 46,836 18,975 Movement in receivables (124) - Movement in payables (53) 1,765
Cash used in operations (92,717) (6,053,028) Securities lending income received 951 204 Dividends received 100,949 100,592 Taxation paid (9,331) (9,525) Net cash used in operations (148) (5,961,757)
Financing activities Proceeds from redeemable participating shares issued - 5,993,883 Net cash generated from financing activities - 5,993,883
Net (decrease)/increase in cash and cash equivalents (148) 32,126
Cash and cash equivalents at the beginning of the financial period 7,322 -
Cash and cash equivalents at the end of the financial period 7,174 32,126
* This Fund launched via merger into the SSGA SPDR ETF Europe II plc from the SPDR® ETF Funds, which were previously domiciled in France. The effective date of the merger was 29 April 2016.
The accompanying notes form an integral part of these financial statements.
349 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Telecommunications UCITS ETF Schedule of Investments as at 30 September 2017
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.59% (March 2017: 99.54%) Transferable Securities - 99.59% (March 2017: 99.54%) Common Stock - 98.85% (March 2017: 98.85%) (continued) Australian Dollar - 1.13% Common Stock - 98.85% (March 2017: 98.85%) (continued) 15,822 Telstra 43,327 1.03 United States Dollar - 44.55% (continued) 1,080 TPG Telecom 4,127 0.10 1,143 Level 3 Communications 60,910 1.45 47,454 1.13 3,279 Sprint 25,511 0.61 Canadian Dollar - 2.96% 1,076 T-Mobile US 66,346 1.58 629 BCE 29,402 0.70 15,195 Verizon Communications 752,001 17.94 1,347 Rogers Communications 69,297 1.65 753 Zayo Group Holdings 25,918 0.62 710 TELUS 25,478 0.61 1,867,676 44.55 124,177 2.96 Total Common Stock 4,144,496 98.85 Danish Krone - 0.43% 3,038 TDC 17,804 0.43 Depository Receipts - 0.37% (March 2017: 0.32%) 17,804 0.43 Swedish Krona - 0.37% Euro - 16.74% 234 Millicom International Cellular 15,409 0.37 12,150 Deutsche Telekom 226,731 5.41 Total Depository Receipts 15,409 0.37 566 Elisa 24,370 0.58 Preferred Stock - 0.37% (March 2017: 0.37%) 105 Iliad 27,911 0.66 Euro - 0.37% 12,409 Koninklijke KPN 42,616 1.02 20,773 Telecom Italia 15,619 0.37 7,322 Orange 119,973 2.86 605 Proximus 20,853 0.50 Total Preferred Stock 15,619 0.37 42,916 Telecom Italia 40,208 0.96 16,971 Telefonica 184,420 4.40 Total Transferable Securities 4,175,524 99.59 2,607 Telefonica Deutschland Holding 14,633 0.35 701,715 16.74 Hong Kong Dollar - 0.63% Fair Value %of USD Fund 15,000 HKT Trust & HKT 18,225 0.43 15,155 PCCW 8,207 0.20 Total value of investments 4,175,524 99.59 26,432 0.63 Cash at bank* (March 2017: 0.18%) 7,174 0.17 Israeli Shekel - 0.23% Other net assets (March 2017: 0.28%) 10,008 0.24 6,845 Bezeq The Israeli Telecommunication 9,787 0.23 9,787 0.23 Net assets attributable to holders of Japanese Yen - 15.73% redeemable participating shares 4,192,706 100.00 6,747 KDDI 177,838 4.24 2,564 Nippon Telegraph & Telephone 117,466 2.80 *All cash holdings are held at State Street Bank and Trust Company. 5,165 NTT DoCoMo 117,947 2.82 3,050 SoftBank Group 246,135 5.87 All of the above securities are traded on a recognised stock exchange or 659,386 15.73 traded on a regulated market unless otherwise stated. New Zealand Dollar - 0.46% 7,243 Spark New Zealand 19,111 0.46 %of 19,111 0.46 Total Norwegian Krone - 1.41% Analysis of Total Assets Assets 2,800 Telenor 59,234 1.41 Transferable securities admitted to an official exchange 59,234 1.41 listing 99.57 Pound Sterling - 9.91% 31,593 BT Group 120,336 2.87 Other assets 0.43 1,825 Inmarsat 15,756 0.37 Total Assets 100.00 99,783 Vodafone Group 279,529 6.67 415,621 9.91 Singapore Dollar - 2.03% 30,071 Singapore Telecommunications 81,492 1.94 1,953 StarHub 3,739 0.09 85,231 2.03 Swedish Krona - 1.47% 1,256 Tele2 14,341 0.34 10,064 Telia 47,297 1.13 61,638 1.47 Swiss Franc - 1.17% 96 Swisscom 49,230 1.17 49,230 1.17 United States Dollar - 44.55% 22,931 AT&T 898,207 21.42 2,052 CenturyLink 38,783 0.93
350 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR MSCI World Telecommunications UCITS ETF
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Purchases Cost USD
AT&T 23,262 Verizon Communications 17,358 BCE 9,236 Vodafone Group 7,849 Zayo Group Holdings 7,593 Telia 5,110 Nippon Telegraph & Telephone 4,946 Sprint 4,396 Telstra 4,256 Telefonica 4,212 Iliad 4,168 BT Group 4,085 Deutsche Telekom 3,486 T-Mobile US 3,342 Level 3 Communications 3,174 Proximus 3,147 Elisa 3,125 Inmarsat 2,831 KDDI 2,765 Swisscom 2,607 NTT DOCOMO 2,453 Spark New Zealand 2,052 Portfolio Sales* Proceeds USD
SFR Group 15,237 Deutsche Telekom 8,195 Frontier Communications 5,203 Nippon Telegraph & Telephone 4,945 BCE 4,531 TELUS 3,401 Vocus Group 3,220 Zayo Group Holdings 2,105 * There were no other sales during the financial period ended 30 September 2017.
A copy of the list of changes in the portfolio during the financial period may be obtained free of charge from the Administrator.
351 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Utilities UCITS ETF Statement of Financial Position as at 30 September 2017
30 September 2017 31 March 2017* USD USD
Current assets Financial assets at fair value through profit or loss: Transferable securities 7,831,108 4,167,673 7,831,108 4,167,673
Cash and cash equivalents 14,132 14,665 Debtors: Dividends receivable 15,402 8,434 Miscellaneous income receivable 40 - Receivable for investments sold 125,721 - Total current assets 7,986,403 4,190,772
Current liabilities Creditors - Amounts falling due within one financial year: Accrued expenses (1,973) (1,109) Payable for investment purchased (125,721) - Total current liabilities (127,694) (1,109)
Net assets attributable to holders of redeemable participating shares 7,858,709 4,189,663
30 September 31 March 30 September 2017 2017 2016* Net asset value per share (please refer to note 4 for numbers of shares in issue) USD 33.63 USD 31.34 USD 30.38
* This Fund launched via merger into the SSGA SPDR ETF Europe II plc from the SPDR® ETF Funds, which were previously domiciled in France. The effective date of the merger was 29 April 2016.
The accompanying notes form an integral part of these financial statements.
352 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Utilities UCITS ETF Statement of Comprehensive Income for the financial period ended 30 September 2017
30 September 2017 30 September 2016* Notes USD USD
Dividend income 141,514 78,084 Securities lending income 10 678 240 Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 280,507 (97,779) Miscellaneous income 16 - Total investment income/(expense) 422,715 (19,455)
Operating expenses 3 (9,058) (4,833) Net profit/(loss) for the financial period 413,657 (24,288)
Finance costs Interest expense (28) - Profit for the financial period before tax 413,629 - Witholding tax on investment income 2 (12,435) (8,870) Increase/(decrease) in net assets attributable to holders of redeemable participating shares resulting from operations 401,194 (33,158)
* This Fund launched via merger into the SSGA SPDR ETF Europe II plc from the SPDR® ETF Funds, which were previously domiciled in France. The effective date of the merger was 29 April 2016. Gains and losses arose solely from continuing operations. There were no 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.
353 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Utilities UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial period ended 30 September 2017
30 September 2017 30 September 2016* USD USD
Net assets attributable to holders of redeemable shares at the beginning of the financial period 4,189,663 -
Increase/(decrease) in net assets attributable to holders of redeemable participating shares resulting from operations 401,194 (33,158)
Share transactions Proceeds from redeemable participating shares issued 3,267,852 15,187,505 Proceeds from redeemable participating shares issued resulting from merger in* - 1,010,400 Costs of redeemable participating shares redeemed - (2,984,841) Increase in net assets from share transactions 3,267,852 13,213,064
Total increase in net assets attributable to holders of redeemable participating shares 3,669,046 13,179,906
Net assets attributable to holders of redeemable participating shares at the end of the financial period 7,858,709 13,179,906
* This Fund launched via merger into the SSGA SPDR ETF Europe II plc from the SPDR® ETF Funds, which were previously domiciled in France. The effective date of the merger was 29 April 2016.
The accompanying notes form an integral part of these financial statements.
354 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Utilities UCITS ETF Statement of Cash Flows for the financial period ended 30 September 2017
30 September 2017 30 September 2016* USD USD
Cash from/(used in):
Operating activities Increase/(decrease) in net assets attributable to holders of redeemable participating shares 401,194 (33,158)
Adjustment for: Interest expense 28 - Securities lending income (678) (240) Dividend income (141,514) (78,084) Taxation on income 12,435 8,870
Total 271,465 (102,612)
Net movement in financial assets and financial liabilities at fair value through profit or loss (278,674) 98,254 Payments for purchases of investments (3,680,464) (6,279,455) Proceeds from sale of investments 295,703 3,156,123 Movement in receivables (40) - Movement in payables 864 1,063
Cash used in operations (3,391,146) (3,126,627)
Interest paid (28) - Securities lending income received 678 240 Dividends received 134,546 66,218 Taxation paid (12,435) (8,870) Net cash used in operations (3,268,385) (3,069,039)
Financing activities Proceeds from redeemable participating shares issued 3,267,852 6,072,810 Payments for redeemable participating shares redeemed - (2,984,841) Net cash generated from financing activities 3,267,852 3,087,969
Net (decrease)/increase in cash and cash equivalents (533) 18,930
Cash and cash equivalents at the beginning of the financial period 14,665 -
Cash and cash equivalents at the end of the financial period 14,132 18,930
Cash and cash equivalents - Statement of Financial Position 14,132 27,644 Bank overdraft - Statement of Financial Position - (8,714)
Cash and cash equivalents - Statement of Cash Flows 14,132 18,930
* This Fund launched via merger into the SSGA SPDR ETF Europe II plc from the SPDR® ETF Funds, which were previously domiciled in France. The effective date of the merger was 29 April 2016.
The accompanying notes form an integral part of these financial statements.
355 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Utilities UCITS ETF Schedule of Investments as at 30 September 2017
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.65% (March 2017: 99.48%) Transferable Securities - 99.65% (March 2017: 99.48%) Common Stock - 99.65% (March 2017: 99.48%) (continued) Australian Dollar - 1.79% Common Stock - 99.65% (March 2017: 99.48%) (continued) 4,308 AGL Energy 78,997 1.00 Japanese Yen - 4.89% (continued) 7,115 APA Group 46,616 0.59 2,521 Tokyo Gas 61,768 0.79 11,583 AusNet Services 15,360 0.20 383,929 4.89 140,973 1.79 New Zealand Dollar - 0.60% Canadian Dollar - 2.40% 4,561 Contact Energy 18,134 0.23 517 Atco 18,933 0.24 4,928 Mercury 12,077 0.15 788 Canadian Utilities 24,415 0.31 8,240 Meridian Energy 16,947 0.22 346 Emera 13,075 0.17 47,158 0.60 2,661 Fortis 95,278 1.21 Pound Sterling - 7.48% 2,026 Hydro One 36,806 0.47 36,065 Centrica 90,483 1.15 188,507 2.40 22,414 National Grid 278,043 3.54 Danish Krone - 0.80% 1,503 Severn Trent 43,818 0.56 1,095 DONG Energy 62,693 0.80 6,624 SSE 124,153 1.58 62,693 0.80 4,476 United Utilities Group 51,315 0.65 Euro - 20.07% 587,812 7.48 14,316 E.ON 162,068 2.06 United States Dollar - 57.25% 15,362 EDP - Energias de Portugal 57,843 0.74 4,338 AES 47,805 0.61 3,704 Electricite de France 44,993 0.57 1,477 Alliant Energy 61,399 0.78 2,130 Endesa 48,033 0.61 1,557 Ameren 90,057 1.15 53,002 Enel 319,247 4.06 3,191 American Electric Power 224,136 2.85 11,863 Engie 201,531 2.57 1,164 American Water Works 94,179 1.20 2,878 Fortum 57,466 0.73 668 Atmos Energy 56,005 0.71 2,273 Gas Natural 50,330 0.64 2,679 CenterPoint Energy 78,254 1.00 37,258 Iberdrola 289,473 3.68 1,889 CMS Energy 87,499 1.11 912 Innogy 40,598 0.52 1,980 Consolidated Edison 159,746 2.03 2,774 Red Electrica 58,308 0.74 4,073 Dominion Energy 313,336 3.99 3,433 RWE 78,004 0.99 1,167 DTE Energy 125,289 1.59 2,400 Suez 43,822 0.56 4,533 Duke Energy 380,409 4.84 9,073 Terna Rete Elettrica Nazionale 53,008 0.68 2,118 Edison International 163,446 2.08 3,137 Veolia Environnement 72,502 0.92 1,148 Entergy 87,661 1.12 1,577,226 20.07 2,052 Eversource Energy 124,023 1.58 Hong Kong Dollar - 4.37% 6,002 Exelon 226,095 2.88 4,672 CK Infrastructure Holdings 40,196 0.51 2,892 FirstEnergy 89,160 1.13 10,500 CLP Holdings 107,612 1.37 3,028 NextEra Energy 443,753 5.65 17,884 HK Electric Investments & HK Electric 2,106 NiSource 53,893 0.69 Investments 16,302 0.21 1,314 OGE Energy 47,343 0.60 54,103 Hong Kong & China Gas 101,685 1.29 3,387 PG&E 230,621 2.94 9,000 Power Assets Holdings 77,951 0.99 728 Pinnacle West Capital 61,560 0.78 343,746 4.37 4,480 PPL 170,016 2.16 Japanese Yen - 4.89% 3,347 Public Service Enterprise Group 154,799 1.97 4,100 Chubu Electric Power 50,883 0.65 963 SCANA 46,696 0.59 1,900 Chugoku Electric Power 20,171 0.26 1,531 Sempra Energy 174,733 2.22 900 Electric Power Development 22,595 0.29 6,526 Southern 320,688 4.08 4,655 Kansai Electric Power 59,529 0.76 1,143 UGI 53,561 0.68 2,900 Kyushu Electric Power 30,787 0.39 2,030 WEC Energy Group 127,443 1.62 2,400 Osaka Gas 44,603 0.57 932 Westar Energy 46,227 0.59 600 Toho Gas 17,563 0.22 3,000 Tohoku Electric Power 38,138 0.48 9,395 Tokyo Electric Power Holdings 37,892 0.48
356 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR MSCI World Utilities UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of Fair Value Net Holding Investment USD Assets Transferable Securities - 99.65% (March 2017: 99.48%) (continued) Common Stock - 99.65% (March 2017: 99.48%) (continued) United States Dollar - 57.25% (continued) 3,365 Xcel Energy 159,232 2.03 4,499,064 57.25 Total Common Stock 7,831,108 99.65
Total Transferable Securities 7,831,108 99.65
Fair Value %of USD Fund Total value of investments 7,831,108 99.65 Cash at bank* (March 2017: 0.35%) 14,132 0.18 Other net assets (March 2017: 0.17%) 13,469 0.17 Net assets attributable to holders of redeemable participating shares 7,858,709 100.00
*All cash holdings are held at State Street Bank and Trust Company.
All of the above securities are traded on a recognised stock exchange or traded on a regulated market unless otherwise stated.
%of Total Analysis of Total Assets Assets Transferable securities admitted to an official exchange listing 98.06 Other assets 1.94
Total Assets 100.00
357 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR MSCI World Utilities UCITS ETF
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Purchases Cost USD
NextEra Energy 187,465 Duke Energy 168,224 Southern 140,833 Dominion Energy 139,304 Enel 135,966 Iberdrola 134,354 National Grid 120,536 PG&E 104,106 American Electric Power 99,419 Exelon 96,280 Engie 92,751 PPL 76,838 Sempra Energy 74,419 Edison International 72,813 Xcel Energy 69,319 Consolidated Edison 68,458 Public Service Enterprise Group 64,755 E.ON 57,491 SSE 56,243 DTE Energy 54,682 WEC Energy Group 53,772 Eversource Energy 53,427 CLP Holdings 47,679 Hong Kong & China Gas 43,310 Fortis 42,631 Centrica 41,807 American Water Works 41,115 CMS Energy 40,538 FirstEnergy 39,226 Entergy 38,233 Ameren 36,849 AGL Energy 36,557 Power Assets Holdings 35,378
358 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR MSCI World Utilities UCITS ETF (continued)
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Sales* Proceeds USD
DUET Group 20,845 Calpine 17,511 Iberdrola 8,783 Hokuriku Electric Power 6,815 SSE 5,678 Engie 4,093 Terna Rete Elettrica Nazionale 3,031 Centrica 2,233 * There were no other sales during the financial period ended 30 September 2017.
A copy of the list of changes in the portfolio during the financial period may be obtained free of charge from the Administrator.
359 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Russell 2000 U.S. Small Cap UCITS ETF Statement of Financial Position as at 30 September 2017
30 September 2017 31 March 2017 USD USD
Current assets Financial assets at fair value through profit or loss: Transferable securities 507,719,911 484,894,662 Financial derivative instruments 33,680 7,055 507,753,591 484,901,717
Cash and cash equivalents 4,745,744 4,797,846 Cash held as collateral with broker - 20,489 Debtors: Dividends receivable 371,430 421,643 Interest receivable - 275 Receivable for investments sold 24,840 16,524 Total current assets 512,895,605 490,158,494
Current liabilities Cash due from broker (12,681) - Creditors - Amounts falling due within one financial year: Accrued expenses (111,024) (124,633) Payable for investment purchased (3,978,027) - Total current liabilities (4,101,732) (124,633)
Net assets attributable to holders of redeemable participating shares 508,793,873 490,033,861
30 September 31 March 30 September 2017 2017 2016 Net asset value per share (please refer to note 4 for numbers of shares in issue) USD 40.06 USD 37.12 USD 33.32
The accompanying notes form an integral part of these financial statements.
360 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Russell 2000 U.S. Small Cap UCITS ETF Statement of Comprehensive Income for the financial period ended 30 September 2017
30 September 2017 30 September 2016 Notes USD USD
Dividend income 3,217,917 650,275 Interest income 1,134 - Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 34,539,579 6,893,727 Miscellaneous income 50,621 - Total investment income 37,809,251 7,544,002
Operating expenses 3 (711,643) (121,811) Net profit for the financial period 37,097,608 7,422,191
Finance costs Interest expense - (177) Profit for the financial period before tax 37,097,608 7,422,014 Witholding tax on investment income 2 (662,721) (131,906) Increase in net assets attributable to holders of redeemable participating shares resulting from operations 36,434,887 7,290,108
Gains and losses arose solely from continuing operations. There were no 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.
361 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Russell 2000 U.S. Small Cap UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial period ended 30 September 2017
30 September 2017 30 September 2016 USD USD
Net assets attributable to holders of redeemable shares at the beginning of the financial period 490,033,861 35,468,790
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 36,434,887 7,290,108
Share transactions Proceeds from redeemable participating shares issued 75,989,970 172,248,267 Costs of redeemable participating shares redeemed (93,664,845) (38,432,903) (Decrease)/increase in net assets from share transactions (17,674,875) 133,815,364
Total increase in net assets attributable to holders of redeemable participating shares 18,760,012 141,105,472
Net assets attributable to holders of redeemable participating shares at the end of the financial period 508,793,873 176,574,262
The accompanying notes form an integral part of these financial statements.
362 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Russell 2000 U.S. Small Cap UCITS ETF Statement of Cash Flows for the financial period ended 30 September 2017
30 September 2017 30 September 2016 USD USD
Cash from/(used in):
Operating activities Increase in net assets attributable to holders of redeemable participating shares 36,434,887 7,290,108
Adjustment for: Interest income (1,134) - Interest expense -177 Dividend income (3,217,917) (650,275) Taxation on income 662,721 131,906
Total 33,878,557 6,771,916
Net movement in financial assets and financial liabilities at fair value through profit or loss (34,518,205) (6,664,250) Payments for purchases of investments (162,877,233) (174,945,045) Proceeds from sale of investments 178,513,275 44,644,714 Cash paid to broker as collateral 33,170 (103,679) Movement in payables (13,609) 33,323
Cash generated from/(used in) operations 15,015,955 (130,263,021)
Interest paid - (177) Interest received 1,409 - Dividends received 3,268,130 537,387 Taxation paid (662,721) (131,906) Net cash generated from/(used in) operations 17,622,773 (129,857,717)
Financing activities Proceeds from redeemable participating shares issued 75,989,970 172,248,267 Payments for redeemable participating shares redeemed (93,664,845) (38,432,903) Net cash (used in)/generated from financing activities (17,674,875) 133,815,364
Net (decrease)/increase in cash and cash equivalents (52,102) 3,957,647
Cash and cash equivalents at the beginning of the financial period 4,797,846 197,709
Cash and cash equivalents at the end of the financial period 4,745,744 4,155,356
The accompanying notes form an integral part of these financial statements.
363 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Russell 2000 U.S. Small Cap UCITS ETF Schedule of Investments as at 30 September 2017
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.79% (March 2017: 98.95%) Transferable Securities - 99.79% (March 2017: 98.95%) Common Stock - 92.24% (March 2017: 90.70%) (continued) United States Dollar - 92.24% Common Stock - 92.24% (March 2017: 90.70%) (continued) 10,188 1-800-Flowers.com 100,352 0.02 United States Dollar - 92.24% (continued) 4,231 1st Source 214,935 0.04 8,166 Aimmune Therapeutics 202,435 0.04 11,853 2U 664,242 0.13 14,782 Air Transport Services Group 359,794 0.07 26,635 3D Systems 356,643 0.07 12,338 Aircastle 275,014 0.05 23,525 8x8 317,587 0.06 80,073 AK Steel Holding 447,608 0.09 8,071 A Schulman 275,625 0.05 12,052 Akebia Therapeutics 237,063 0.05 11,448 A10 Networks 86,547 0.02 2,409 Alamo Group 258,654 0.05 10,842 AAON 373,778 0.07 4,468 Alarm.com Holdings 201,864 0.04 9,417 AAR 355,774 0.07 7,311 Albany International 419,651 0.08 15,902 Aaron's 693,804 0.14 13,768 Alder Biopharmaceuticals 168,658 0.03 4,706 Abaxis 210,123 0.04 25,997 Allegheny Technologies 621,328 0.12 17,316 Abercrombie & Fitch 250,043 0.05 3,296 Allegiance Bancshares 121,293 0.02 14,146 ABM Industries 590,030 0.12 3,147 Allegiant Travel 414,460 0.08 55,282 Abraxas Petroleum 103,930 0.02 12,643 ALLETE 977,177 0.19 4,507 Acacia Communications 212,280 0.04 39,964 Allscripts Healthcare Solutions 568,688 0.11 17,890 Acacia Research 81,400 0.02 2,724 Almost Family 146,279 0.03 7,180 Accelerate Diagnostics 161,191 0.03 5,632 Alpha & Omega Semiconductor 92,872 0.02 7,943 Acceleron Pharma 296,433 0.06 2,652 Altisource Portfolio Solutions 68,607 0.01 4,556 Access National 130,575 0.03 7,697 Altra Industrial Motion 370,226 0.07 29,750 ACCO Brands 354,025 0.07 8,947 AMAG Pharmaceuticals 165,072 0.03 25,874 Accuray 103,496 0.02 11,172 Ambac Financial Group 192,829 0.04 7,682 Aceto 86,269 0.02 8,165 Ambarella 400,167 0.08 8,672 Achaogen 138,318 0.03 13,315 AMC Entertainment Holdings 195,731 0.04 37,501 Achillion Pharmaceuticals 168,379 0.03 7,213 Amedisys 403,639 0.08 28,945 ACI Worldwide 659,367 0.13 20,411 American Axle & Manufacturing Holdings 358,825 0.07 4,625 Aclaris Therapeutics 119,371 0.02 39,072 American Eagle Outfitters 558,730 0.11 11,877 Acorda Therapeutics 280,891 0.06 22,052 American Equity Investment Life Holding 641,272 0.13 6,402 Actua 97,951 0.02 2,557 American National Bankshares 105,348 0.02 13,639 Actuant 349,158 0.07 13,311 American Outdoor Brands 202,993 0.04 5,040 Acushnet Holdings 89,510 0.02 4,786 American Public Education 100,745 0.02 19,818 Acxiom 488,316 0.10 2,392 American Railcar Industries 92,331 0.02 5,728 Adamas Pharmaceuticals 121,262 0.02 8,732 American Software 99,196 0.02 2,616 Addus HomeCare 92,345 0.02 8,723 American States Water 429,608 0.08 15,912 Adtalem Global Education 570,445 0.11 8,327 American Vanguard 190,688 0.04 14,148 ADTRAN 339,552 0.07 3,821 American Woodmark 367,771 0.07 11,297 Aduro Biotech 120,313 0.02 2,616 America's Car-Mart 107,583 0.02 5,040 Advanced Disposal Services 126,958 0.02 9,985 Ameris Bancorp 479,280 0.09 9,208 Advanced Drainage Systems 186,462 0.04 5,274 AMERISAFE 306,947 0.06 10,081 Advanced Emissions Solutions 110,589 0.02 3,296 Ames National 98,386 0.02 10,109 Advanced Energy Industries 816,403 0.16 40,073 Amicus Therapeutics 604,301 0.12 7,172 AdvanSix 285,087 0.06 26,048 Amkor Technology 274,806 0.05 11,680 Advaxis 48,822 0.01 11,949 AMN Healthcare Services 546,069 0.11 10,245 Advisory Board 549,388 0.11 11,006 Amphastar Pharmaceuticals 196,677 0.04 10,597 Aegion 246,698 0.05 8,945 Amplify Snack Brands 63,420 0.01 7,818 Aerie Pharmaceuticals 379,955 0.07 21,834 AmTrust Financial Services 293,886 0.06 15,836 Aerojet Rocketdyne Holdings 554,418 0.11 3,406 Analogic 285,253 0.06 4,193 Aerovironment 226,925 0.04 17,750 Anavex Life Sciences 73,485 0.01 27,517 Agenus 121,350 0.02 8,070 Andersons 276,398 0.05 9,775 Angie's List 121,797 0.02
364 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Russell 2000 U.S. Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.79% (March 2017: 98.95%) Transferable Securities - 99.79% (March 2017: 98.95%) (continued) (continued) Common Stock - 92.24% (March 2017: 90.70%) (continued) Common Stock - 92.24% (March 2017: 90.70%) (continued) United States Dollar - 92.24% (continued) United States Dollar - 92.24% (continued) 7,840 AngioDynamics 133,986 0.03 7,672 AxoGen 148,453 0.03 2,392 ANI Pharmaceuticals 125,556 0.02 14,149 Axon Enterprise 320,758 0.06 3,780 Anika Therapeutics 219,240 0.04 7,924 Axovant Sciences 54,517 0.01 6,936 Anixter International 589,560 0.12 14,644 AXT 133,993 0.03 36,466 Antares Pharma 118,150 0.02 6,892 AZZ 335,640 0.07 7,618 Apogee Enterprises 367,645 0.07 16,180 B&G Foods 515,333 0.10 3,004 Appfolio 144,042 0.03 5,632 B. Riley Financial 96,026 0.02 9,337 Applied Industrial Technologies 614,375 0.12 13,067 Babcock & Wilcox Enterprises 43,513 0.01 5,188 Applied Optoelectronics 335,508 0.07 7,820 Badger Meter 383,180 0.08 5,524 Apptio 102,028 0.02 7,977 Balchem 648,450 0.13 8,152 Aqua Metals 55,841 0.01 1,425 Baldwin & Lyons 32,134 0.01 14,160 Aratana Therapeutics 86,801 0.02 9,876 Banc of California 204,927 0.04 6,813 ArcBest 227,895 0.04 4,264 BancFirst 241,982 0.05 5,334 Arch Coal 382,661 0.08 8,821 Banco Latinoamericano de Comercio Exterior 259,690 0.05 19,812 Archrock 248,641 0.05 17,115 Bancorp 141,541 0.03 12,709 Ardmore Shipping 104,849 0.02 21,080 BancorpSouth 675,614 0.13 9,269 Arena Pharmaceuticals 236,360 0.05 10,768 Bank Mutual 109,295 0.02 3,937 Argan 264,763 0.05 1,596 Bank of Marin Bancorp 109,326 0.02 6,735 Argo Group International Holdings 414,202 0.08 13,676 Bank of NT Butterfield & Son 501,089 0.10 6,600 Arlington Asset Investment 84,018 0.02 6,504 BankFinancial 103,349 0.02 7,180 Armstrong Flooring 113,085 0.02 8,039 Bankrate 112,144 0.02 42,323 Array BioPharma 520,573 0.10 8,922 Banner 546,740 0.11 3,203 Arrow Financial 110,023 0.02 4,968 Bar Harbor Bankshares 155,796 0.03 2,908 Artesian Resources 109,922 0.02 17,662 Barnes & Noble 134,231 0.03 8,338 Artisan Partners Asset Management 271,819 0.05 12,496 Barnes & Noble Education 81,349 0.02 5,075 Asbury Automotive Group 310,083 0.06 11,880 Barnes Group 836,827 0.16 43,609 Ascena Retail Group 106,842 0.02 5,244 Barracuda Networks 127,062 0.02 19,207 Aspen Technology 1,206,392 0.24 1,648 Barrett Business Services 93,161 0.02 4,468 Assembly Biosciences 156,023 0.03 4,652 Basic Energy Services 89,784 0.02 5,199 Astec Industries 291,196 0.06 3,937 Bassett Furniture Industries 148,425 0.03 22,814 Astoria Financial 490,501 0.10 29,778 Bazaarvoice 147,401 0.03 5,392 Astronics 160,412 0.03 15,859 Beacon Roofing Supply 812,774 0.16 7,184 Atara Biotherapeutics 118,895 0.02 10,188 Bear State Financial 104,529 0.02 6,892 Atkore International Group 134,463 0.03 5,933 Beazer Homes USA 111,184 0.02 5,816 Atlantic Capital Bancshares 105,560 0.02 3,984 Bel Fuse 124,301 0.02 32,402 Atlantic Power 79,385 0.02 10,454 Belden 841,861 0.17 6,061 Atlas Air Worldwide Holdings 398,814 0.08 7,666 Bellicum Pharmaceuticals 88,542 0.02 2,308 ATN International 121,632 0.02 18,503 Belmond 252,566 0.05 6,084 AtriCure 136,099 0.03 12,774 Benchmark Electronics 436,232 0.09 344 Atrion 231,168 0.05 19,564 Beneficial Bancorp 324,762 0.06 18,629 Atwood Oceanics 174,926 0.03 4,162 Benefitfocus 140,051 0.03 5,428 Audentes Therapeutics 152,038 0.03 9,535 Berkshire Hills Bancorp 369,481 0.07 5,136 AV Homes 88,082 0.02 7,376 Big 5 Sporting Goods 56,426 0.01 6,266 Avexis 606,110 0.12 11,905 Big Lots 637,751 0.13 18,868 Avis Budget Group 718,116 0.14 187 Biglari Holdings 62,325 0.01 16,208 Avista 839,088 0.16 15,753 Bill Barrett 67,580 0.01 14,278 AVX 260,288 0.05 20,750 BioCryst Pharmaceuticals 108,730 0.02 8,765 Axcelis Technologies 239,723 0.05 3,596 Biohaven Pharmaceutical Holding 134,418 0.03
365 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Russell 2000 U.S. Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.79% (March 2017: 98.95%) Transferable Securities - 99.79% (March 2017: 98.95%) (continued) (continued) Common Stock - 92.24% (March 2017: 90.70%) (continued) Common Stock - 92.24% (March 2017: 90.70%) (continued) United States Dollar - 92.24% (continued) United States Dollar - 92.24% (continued) 38,025 BioScrip 104,569 0.02 6,386 Caesarstone 190,303 0.04 1,940 BioSpecifics Technologies 90,249 0.02 4,168 CAI International 126,374 0.02 5,899 BioTelemetry 194,667 0.04 6,329 CalAmp 147,149 0.03 32,591 BioTime 92,558 0.02 4,327 Calavo Growers 316,736 0.06 5,937 BJ's Restaurants 180,782 0.04 11,308 Caleres 345,120 0.07 13,636 Black Hills 939,111 0.18 15,020 Calgon Carbon 321,428 0.06 11,632 Blackbaud 1,021,290 0.20 13,773 California Resources 144,066 0.03 13,369 Blackhawk Network Holdings 585,562 0.12 12,898 California Water Service Group 492,059 0.10 2,616 Blackline 89,258 0.02 7,666 Calithera Biosciences 120,740 0.02 22,310 Bloomin' Brands 392,656 0.08 5,050 Calix 25,503 0.01 9,407 Blucora 237,997 0.05 22,804 Callaway Golf 329,062 0.06 7,860 Blue Hills Bancorp 150,912 0.03 17,175 Callidus Software 423,364 0.08 11,175 Bluebird Bio 1,534,886 0.30 47,732 Callon Petroleum 536,508 0.11 10,017 Blueprint Medicines 697,884 0.14 7,783 Cal-Maine Foods 319,881 0.06 14,792 BMC Stock Holdings 315,809 0.06 7,818 Cambrex 429,990 0.08 4,315 Bob Evans Farms 334,456 0.07 3,233 Camden National 141,088 0.03 15,269 BofI Holding 434,708 0.09 3,202 Camping World Holdings 130,449 0.03 11,956 Boingo Wireless 255,500 0.05 8,948 Cantel Medical 842,633 0.17 10,574 Boise Cascade 369,033 0.07 2,364 Capella Education 165,835 0.03 6,116 Bojangles' 82,566 0.02 6,789 Capital Bank Financial 278,688 0.05 5,040 Bonanza Creek Energy 166,270 0.03 5,040 Capital City Bank Group 121,010 0.02 2,290 Boston Beer 357,698 0.07 8,586 Capital Senior Living 107,754 0.02 22,843 Boston Private Financial Holdings 378,052 0.07 30,206 Capitol Federal Financial 444,028 0.09 7,934 Bottomline Technologies de 252,539 0.05 6,459 Cara Therapeutics 88,424 0.02 20,013 Box 386,651 0.08 5,912 Carbonite 130,064 0.03 19,062 Boyd Gaming 496,565 0.10 6,489 Cardiovascular Systems 182,665 0.04 11,384 Brady 432,023 0.08 11,369 Cardtronics 261,601 0.05 4,228 Bridge Bancorp 143,541 0.03 6,405 Care.com 101,775 0.02 6,784 Bridgepoint Education 65,126 0.01 20,490 Career Education 212,891 0.04 10,804 Briggs & Stratton 253,894 0.05 4,468 Carolina Financial 160,312 0.03 15,914 Brightcove 114,581 0.02 11,754 Carpenter Technology 564,545 0.11 10,672 Brinker International 340,010 0.07 5,238 Carriage Services 134,093 0.03 11,758 Brink's 990,611 0.19 16,713 Carrizo Oil & Gas 286,294 0.06 8,260 Bristow Group 77,231 0.02 5,679 Carrols Restaurant Group 61,901 0.01 7,793 BroadSoft 391,988 0.08 17,068 Cars.com 454,179 0.09 19,443 Brookline Bancorp 301,367 0.06 4,945 Carvana 72,593 0.01 18,786 Brooks Automation 570,343 0.11 10,380 Casella Waste Systems 195,144 0.04 4,737 Bryn Mawr Bank 207,481 0.04 2,037 Cass Information Systems 129,227 0.03 3,296 BSB Bancorp 98,715 0.02 24,251 Castlight Health 104,279 0.02 7,841 Buckle 132,121 0.03 29,268 Catalent 1,168,379 0.23 3,738 Buffalo Wild Wings 395,107 0.08 19,464 Cathay General Bancorp 782,453 0.15 20,946 Builders FirstSource 376,819 0.07 7,744 Cato 102,453 0.02 12,416 C&J Energyrvices 372,108 0.07 1,606 Cavco Industries 236,965 0.05 5,929 Cabot Microelectronics 473,905 0.09 15,409 CBIZ 250,396 0.05 5,799 CACI International 808,091 0.16 10,470 CECO Environmental 88,576 0.02 7,172 Cadiz 91,084 0.02 28,981 Celldex Therapeutics 82,886 0.02 14,530 Caesars Acquisition 311,669 0.06 16,333 Cempra 53,082 0.01 17,293 Caesars Entertainment 230,862 0.05 14,654 CenterState Bank 392,727 0.08
366 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Russell 2000 U.S. Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.79% (March 2017: 98.95%) Transferable Securities - 99.79% (March 2017: 98.95%) (continued) (continued) Common Stock - 92.24% (March 2017: 90.70%) (continued) Common Stock - 92.24% (March 2017: 90.70%) (continued) United States Dollar - 92.24% (continued) United States Dollar - 92.24% (continued) 23,380 Central European Media Enterprises 94,689 0.02 3,596 Codorus Valley Bancorp 110,433 0.02 10,380 Central Garden & Pet 403,159 0.08 47,344 Coeur Mining 435,091 0.09 6,592 Central Pacific Financial 212,131 0.04 10,473 Cogent Communications Holdings 512,130 0.10 4,468 Central Valley Community Bancorp 99,636 0.02 6,078 Cohen & Steers 240,020 0.05 14,875 Century Aluminum 246,628 0.05 9,986 Coherus Biosciences 133,313 0.03 3,984 Century Communities 98,405 0.02 5,017 Cohu 119,605 0.02 30,219 Cerus 82,498 0.02 775 Collectors Universe 18,577 0.00 5,922 CEVA 253,462 0.05 5,188 Collegium Pharmaceutical 54,422 0.01 10,046 ChannelAdvisor 115,529 0.02 15,285 Columbia Banking System 643,651 0.13 7,841 Chart Industries 307,602 0.06 6,681 Columbia Sportswear 411,416 0.08 5,524 Charter Financial 102,360 0.02 3,496 Columbus McKinnon 132,394 0.03 1,520 Chase 169,328 0.03 10,425 Comfort Systems USA 372,172 0.07 10,315 Cheesecake Factory 434,468 0.09 5,632 CommerceHub (Class A Shares) 127,114 0.03 7,313 Chefs' Warehouse 141,141 0.03 5,632 CommerceHub (Class C Shares) 120,243 0.02 19,391 Chegg 287,762 0.06 31,020 Commercial Metals 590,311 0.12 4,133 Chemed 835,073 0.16 12,750 Community Bank System 704,437 0.14 17,502 Chemical Financial 914,655 0.18 28,729 Community Health Systems 220,639 0.04 11,932 ChemoCentryx 88,535 0.02 4,154 Community Trust Bancorp 193,161 0.04 3,420 Chesapeake Utilities 267,615 0.05 9,716 CommVault Systems 590,733 0.12 25,688 Chicago Bridge & Iron 431,558 0.08 8,338 Compass Minerals International 541,136 0.11 32,512 Chico's FAS 290,982 0.06 4,095 Computer Programs & Systems 121,007 0.02 3,736 Children's Place 441,408 0.09 7,439 Comtech Telecommunications 152,723 0.03 18,234 Chimerix 95,729 0.02 6,988 Concert Pharmaceuticals 103,073 0.02 3,507 Churchill Downs 723,143 0.14 7,336 CONMED 384,920 0.08 5,163 Chuy's Holdings 108,681 0.02 3,129 Connecticut Water Service 185,550 0.04 35,148 Ciena 772,202 0.15 6,641 ConnectOne Bancorp 163,369 0.03 6,394 Cimpress 624,438 0.12 5,428 Conn's 152,798 0.03 7,911 Cincinnati Bell 157,033 0.03 18,838 Consolidated Communications Holdings 359,429 0.07 4,292 CIRCOR International 233,614 0.05 1,744 Consolidated-Tomoka Land 104,762 0.02 16,630 Cirrus Logic 886,712 0.17 9,383 Continental Building Products 243,958 0.05 5,862 Citi Trends 116,478 0.02 5,728 Control4 168,747 0.03 17,091 Citizens 125,619 0.02 22,008 Convergys 569,787 0.11 4,168 Citizens & Northern 102,366 0.02 13,393 Cooper Tire & Rubber 500,898 0.10 3,806 City Holding 273,689 0.05 4,399 Cooper-Standard Holdings 510,152 0.10 5,728 Civitas Solutions 105,682 0.02 16,292 Corbus Pharmaceuticals Holdings 116,488 0.02 32,140 Clean Energy Fuels 79,707 0.02 26,016 Corcept Therapeutics 502,109 0.10 4,800 Clearwater Paper 236,400 0.05 11,423 Core-Mark Holding 367,135 0.07 75,065 Cleveland-Cliffs 536,715 0.11 13,378 Cornerstone OnDemand 543,281 0.11 5,912 Clifton Bancorp 98,849 0.02 1,529 CorVel 83,178 0.02 30,554 Cloud Peak Energy 111,828 0.02 14,841 Costamare 91,717 0.02 5,728 Cloudera 95,199 0.02 8,206 Cotiviti Holdings 295,252 0.06 10,986 Clovis Oncology 905,246 0.18 7,172 Coupa Software 223,408 0.04 4,938 CNB Financial 134,906 0.03 25,704 Covanta Holding 381,704 0.08 41,901 CNO Financial Group 977,969 0.19 4,042 Covenant Transportation Group 117,137 0.02 1 Cobalt International Energy 1 0.00 8,889 Cowen 158,224 0.03 8,541 CoBiz Financial 167,745 0.03 2,812 CRA International 115,433 0.02 1,010 Coca-Cola Bottling Consolidated 217,908 0.04 5,008 Cracker Barrel Old Country Store 759,313 0.15 19,792 Codexis 131,617 0.03 5,816 Craft Brew Alliance 102,071 0.02
367 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Russell 2000 U.S. Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.79% (March 2017: 98.95%) Transferable Securities - 99.79% (March 2017: 98.95%) (continued) (continued) Common Stock - 92.24% (March 2017: 90.70%) (continued) Common Stock - 92.24% (March 2017: 90.70%) (continued) United States Dollar - 92.24% (continued) United States Dollar - 92.24% (continued) 10,558 Cray 205,353 0.04 11,462 Diplomat Pharmacy 237,378 0.05 22,014 Cree 620,575 0.12 6,018 Donnelley Financial Solutions 129,748 0.03 19,942 Crocs 193,437 0.04 6,430 Dorman Products 460,517 0.09 10,112 Cross Country Healthcare 143,894 0.03 6,687 Douglas Dynamics 263,468 0.05 8,152 CryoLife 185,050 0.04 10,188 Dril-Quip 449,800 0.09 7,949 CSG Systems International 318,755 0.06 29,778 Drive Shack 107,499 0.02 3,684 CSS Industries 106,173 0.02 8,338 DSP Group 108,394 0.02 4,752 CSW Industrials 210,751 0.04 17,339 DSW 372,442 0.07 5,819 CTS 140,238 0.03 3,110 Ducommun 99,676 0.02 3,743 CU Bancorp 145,135 0.03 66,929 Durect 118,464 0.02 6,962 Cubic 355,062 0.07 4,154 DXP Enterprises 130,809 0.03 3,650 Culp 119,538 0.02 3,311 Dyax 8,112 0.00 47,531 Curis 70,821 0.01 7,578 Dycom Industries 650,799 0.13 11,305 Curtiss-Wright 1,181,825 0.23 16,613 Dynavax Technologies 357,179 0.07 8,124 Customers Bancorp 265,005 0.05 30,555 Dynegy 299,133 0.06 3,984 Cutera 164,738 0.03 8,078 Eagle Bancorp 541,630 0.11 26,320 CVB Financial 636,154 0.13 2,546 Eagle Pharmaceuticals 151,843 0.03 4,543 CVR Energy 117,664 0.02 6,331 Ebix 413,098 0.08 10,795 Cytokinetics 156,528 0.03 7,948 Echo Global Logistics 149,820 0.03 7,484 CytomX Therapeutics 135,984 0.03 42,085 Eclipse Resources 105,213 0.02 484 Daily Journal 105,807 0.02 9,412 Edge Therapeutics 100,991 0.02 13,817 Daktronics 146,046 0.03 8,066 Editas Medicine 193,665 0.04 37,984 Dana 1,062,033 0.21 5,632 eHealth 134,548 0.03 39,768 Darling Ingredients 696,735 0.14 10,506 El Paso Electric 580,456 0.11 9,412 Daseke 122,827 0.02 6,988 El Pollo Loco Holdings 84,904 0.02 10,661 Dave & Buster's Entertainment 559,489 0.11 12,068 Eldorado Resorts 309,544 0.06 22,435 Dean Foods 244,093 0.05 11,730 Electro Scientific Industries 163,282 0.03 8,005 Deckers Outdoor 547,622 0.11 10,805 Electronics For Imaging 461,157 0.09 8,327 Del Frisco's Restaurant Group 121,158 0.02 3,876 elf Beauty 87,404 0.02 6,988 Del Taco Restaurants 107,196 0.02 8,419 Ellie Mae 691,452 0.14 19,941 Delek US Holdings 533,023 0.10 3,488 EMC Insurance Group 98,187 0.02 3,028 Deltic Timber 267,766 0.05 15,101 EMCOR Group 1,047,707 0.21 11,451 Deluxe 835,465 0.16 8,636 EMCORE 70,815 0.01 119,870 Denbury Resources 160,626 0.03 4,556 Emerald Expositions Events 105,881 0.02 13,219 Denny's 164,577 0.03 8,820 Emergent BioSolutions 356,769 0.07 15,709 Depomed 90,955 0.02 7,977 Employers Holdings 362,555 0.07 8,492 Dermira 229,284 0.05 4,925 Enanta Pharmaceuticals 230,490 0.05 25,056 DHT Holdings 99,723 0.02 6,927 Encore Capital Group 306,866 0.06 881 Diamond Hill Investment Group 187,080 0.04 5,178 Encore Wire 231,845 0.05 17,655 Diamond Offshore Drilling 255,998 0.05 21,285 Endologix 94,931 0.02 18,237 Diebold Nixdorf 416,715 0.08 18,286 Endurance International Group Holdings 149,945 0.03 10,188 Digi International 107,993 0.02 6,600 Energous 83,556 0.02 2,588 Digimarc 94,721 0.02 9,105 Energy Recovery 71,930 0.01 16,653 DigitalGlobe 587,018 0.12 8,248 Energy XXI Gulfast 85,284 0.02 3,524 Dillard's 197,591 0.04 10,735 EnerSys 742,540 0.15 6,079 Dime Community Bancshares 130,699 0.03 5,552 Engility Holdings 192,543 0.04 4,437 DineEquity 190,702 0.04 3,681 Ennis 72,332 0.01 10,497 Diodes 314,175 0.06 6,892 Enova International 92,697 0.02
368 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Russell 2000 U.S. Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.79% (March 2017: 98.95%) Transferable Securities - 99.79% (March 2017: 98.95%) (continued) (continued) Common Stock - 92.24% (March 2017: 90.70%) (continued) Common Stock - 92.24% (March 2017: 90.70%) (continued) United States Dollar - 92.24% (continued) United States Dollar - 92.24% (continued) 5,954 EnPro Industries 479,476 0.09 8,344 FCB Financial Holdings 403,015 0.08 82,145 Ensco 490,406 0.10 2,684 Federal Agricultural Mortgage 195,234 0.04 13,481 Ensign Group 304,536 0.06 17,246 Federal Signal 366,995 0.07 2,749 Enstar Group 611,240 0.12 6,116 Federated National Holding 95,471 0.02 34,145 Entegris 985,083 0.19 20,567 Ferro 458,644 0.09 10,770 Entercom Communications 123,317 0.02 11,690 Ferroglobe Warrants - 0.00 2,812 Enterprise Bancorp 102,104 0.02 16,265 FibroGen 875,057 0.17 4,410 Enterprise Financial Services 186,764 0.04 3,110 Fidelity & Guaranty Life 96,566 0.02 20,915 Entravision Communications 119,216 0.02 5,632 Fidelity Southern 133,140 0.03 10,877 Envestnet 554,727 0.11 7,697 Fiesta Restaurant Group 146,243 0.03 9,120 Enzo Biochem 95,486 0.02 13,617 Financial Engines 473,191 0.09 11,654 EPAM Systems 1,024,736 0.20 3,296 Financial Institutions 94,925 0.02 13,389 Epizyme 255,060 0.05 26,601 Finisar 589,744 0.12 3,537 ePlus 326,996 0.06 10,716 Finish Line 128,913 0.03 3,202 Equity Bancshares 113,927 0.02 3,684 First BanCorp 111,662 0.02 9,951 Eros International 142,299 0.03 40,755 First BanCorp/Puerto Rico 208,666 0.04 6,932 ESCO Technologies 415,573 0.08 6,504 First BanCorp/Southern Pines NC 223,803 0.04 4,312 Esperion Therapeutics 216,117 0.04 3,488 First Bancshares 105,163 0.02 10,973 Essendant 144,514 0.03 6,808 First Busey 213,499 0.04 19,823 Essent Group 802,831 0.16 1,688 First Citizens BancShares 631,126 0.12 5,828 Esterline Technologies 525,394 0.10 20,488 First Commonwealth Financial 289,495 0.06 6,740 Ethan Allen Interiors 218,376 0.04 4,970 First Community Bancshares 144,677 0.03 26,127 Etsy 441,024 0.09 4,264 First Connecticut Bancorp 114,062 0.02 3,876 Everbridge 102,404 0.02 3,305 First Defiance Financial 173,479 0.03 10,203 Evercore 818,791 0.16 3,110 First Financial 148,036 0.03 15,914 Everi Holdings 120,787 0.02 16,425 First Financial Bancorp 429,514 0.08 16,678 EVERTEC 264,346 0.05 16,534 First Financial Bankshares 747,337 0.15 10,426 Evolent Health 185,583 0.04 7,666 First Foundation 137,145 0.03 16,420 EW Scripps 313,786 0.06 6,299 First Interstate BancSystem 240,937 0.05 6,892 Exa 166,649 0.03 9,572 First Merchants 410,926 0.08 29,100 Exact Sciences 1,371,192 0.27 3,296 First Mid-Illinois Bancshares 126,566 0.02 3,202 Exactech 105,506 0.02 25,752 First Midwest Bancorp 603,112 0.12 7,946 ExlService Holdings 463,411 0.09 6,031 First of Long Island 183,644 0.04 6,431 Exponent 475,251 0.09 10,422 FirstCash 658,149 0.13 20,491 Express 138,519 0.03 42,588 Fitbit 296,412 0.06 6,751 Exterran 213,399 0.04 13,137 Five Below 720,959 0.14 26,953 Extreme Networks 320,471 0.06 7,309 Five Prime Therapeutics 299,011 0.06 15,452 EZCORP 146,794 0.03 15,087 Five9 360,579 0.07 9,201 Fabrinet 340,989 0.07 6,555 Flagstar Bancorp 232,571 0.05 7,678 Fair Isaac 1,078,759 0.21 7,715 Flexion Therapeutics 186,549 0.04 49,376 Fairmount Santrol Holdings 236,017 0.05 1,840 Flexsteel Industries 93,288 0.02 3,296 Farmer Brothers 108,274 0.02 15,074 Flotek Industries 70,094 0.01 2,682 Farmers & Merchants Bancorp 97,759 0.02 7,059 Flushing Financial 209,793 0.04 2,520 Farmers Capital Bank 105,966 0.02 12,945 FNFV Group 222,007 0.04 8,577 Farmers National Banc 129,084 0.03 11,288 Forestar Group 194,154 0.04 5,035 FARO Technologies 192,589 0.04 18,417 FormFactor 310,326 0.06 2,724 FB Financial 102,749 0.02 3,305 Forrester Research 138,314 0.03 3,019 FBL Financial Group 224,916 0.04 19,074 Forum Energy Technologies 303,277 0.06
369 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Russell 2000 U.S. Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.79% (March 2017: 98.95%) Transferable Securities - 99.79% (March 2017: 98.95%) (continued) (continued) Common Stock - 92.24% (March 2017: 90.70%) (continued) Common Stock - 92.24% (March 2017: 90.70%) (continued) United States Dollar - 92.24% (continued) United States Dollar - 92.24% (continued) 7,075 Forward Air 404,902 0.08 17,910 Gogo 211,517 0.04 9,579 Fossil Group 89,372 0.02 24,109 Golar LNG 545,104 0.11 3,788 Foundation Medicine 152,278 0.03 17,502 Gold Resource 65,633 0.01 7,715 Fox Factory Holding 332,516 0.07 4,758 Golden Entertainment 116,000 0.02 11,634 Francesca's Holdings 85,626 0.02 26,563 GoPro 292,459 0.06 11,972 Franklin Electric 536,944 0.11 2,966 Gorman-Rupp 96,603 0.02 4,022 Franklin Financial Network 143,384 0.03 4,786 GP Strategies 147,648 0.03 16,196 Frank's International 125,033 0.02 955 Graham 19,893 0.00 10,960 Fred's 70,582 0.01 11,916 Grand Canyon Education 1,082,211 0.21 5,912 FreightCar America 115,639 0.02 9,955 Granite Construction 576,892 0.11 7,995 Fresh Del Monte Produce 363,453 0.07 17,306 Gray Television 271,704 0.05 6,892 Freshpet 107,860 0.02 21,414 Great Lakes Dredge & Dock 103,858 0.02 19,837 Frontier Communications 233,878 0.05 3,007 Great Southern Bancorp 167,340 0.03 17,041 Frontline 102,928 0.02 14,185 Great Western Bancorp 585,557 0.12 2,132 FRP Holdings 96,473 0.02 5,816 Green Bancorp 137,548 0.03 5,672 FTDs 73,963 0.01 8,926 Green Brick Partners 88,367 0.02 10,213 FTI Consulting 362,357 0.07 11,551 Green Dot 572,699 0.11 42,073 Fulton Financial 788,869 0.16 8,733 Green Plains 175,970 0.03 9,494 FutureFuel 149,436 0.03 6,806 Greenbrier Cos 327,709 0.06 17,068 GAIN Capital Holdings 109,065 0.02 8,072 Greenhill & Co 133,995 0.03 31,385 Gannett 282,465 0.06 9,090 Greenlight Capital Re 196,799 0.04 11,528 GasLog 201,164 0.04 5,459 Greif (Class A Share) 319,570 0.06 8,964 GATX 551,824 0.11 1,552 Greif (Class B Share) 99,716 0.02 17,372 GCP Applied Technologies 533,320 0.10 9,073 Griffon 201,421 0.04 17,068 Gener8 Maritime 76,977 0.02 5,679 Group 1 Automotive 411,500 0.08 15,482 Generac Holdings 711,088 0.14 74,980 Groupon 389,896 0.08 13,529 General Cable 255,022 0.05 22,234 GrubHub 1,170,842 0.23 6,699 General Communication 273,252 0.05 8,443 GTT Communications 267,221 0.05 5,808 Genesco 154,493 0.03 6,600 Guaranty Bancorp 183,480 0.04 12,485 GenMark Diagnostics 120,231 0.02 15,606 Guess? 265,770 0.05 3,923 Genomic Health 125,889 0.02 8,650 H&E Equipment Services 252,580 0.05 9,610 Gentherm 357,011 0.07 5,328 Habit Restaurants 69,530 0.01 124,943 Genworth Financial 481,031 0.09 6,396 Hackett Group 97,155 0.02 5,559 German American Bancorp 211,409 0.04 13,023 Haemonetics 584,342 0.11 52,511 Geron 114,474 0.02 25,220 Halcon Resources 171,496 0.03 8,195 Gibraltar Industries 255,274 0.05 30,078 Halozyme Therapeutics 522,455 0.10 8,553 Gigamon 360,509 0.07 11,729 Halyard Health 528,157 0.10 10,461 G-III Apparel Group 303,578 0.06 4,468 Hamilton Lane 119,966 0.02 19,942 Glacier Bancorp 753,010 0.15 21,382 Hancock Holding 1,035,958 0.20 7,026 Glaukos 231,858 0.05 9,073 Hanmi Financial 280,809 0.06 9,065 Global Blood Therapeutics 281,468 0.06 5,040 HarborOne Bancorp 94,802 0.02 6,305 Global Brass & Copper Holdings 213,109 0.04 24,375 Harmonic 74,344 0.01 1,736 Global Indemnity 73,606 0.01 20,517 Harsco 428,805 0.08 111,422 Globalstar 181,618 0.04 3,379 Haverty Furniture Cos 88,361 0.02 17,975 Globus Medical 534,217 0.11 12,884 Hawaiian Holdings 483,794 0.10 37,056 Glu Mobile 139,331 0.03 1,489 Hawkins 60,751 0.01 4,652 GMS 164,681 0.03 3,937 Haynes International 141,378 0.03 18,118 GNC Holdings 160,163 0.03 11,764 HB Fuller 683,018 0.13
370 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Russell 2000 U.S. Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.79% (March 2017: 98.95%) Transferable Securities - 99.79% (March 2017: 98.95%) (continued) (continued) Common Stock - 92.24% (March 2017: 90.70%) (continued) Common Stock - 92.24% (March 2017: 90.70%) (continued) United States Dollar - 92.24% (continued) United States Dollar - 92.24% (continued) 17,456 HC2 Holdings 92,168 0.02 11,544 Hudson Technologies 90,159 0.02 2,876 HCI Group 110,007 0.02 3,004 Hurco Cos 124,966 0.02 4,074 Health Insurance Innovations 59,073 0.01 5,797 Huron Consulting Group 198,837 0.04 16,850 Healthcare Services Group 909,394 0.18 2,893 Hyster-Yale Materials Handling 221,141 0.04 11,505 HealthEquity 581,923 0.11 12,589 IBERIABANK 1,034,186 0.20 22,610 HealthSouth 1,047,973 0.21 5,045 ICF International 272,178 0.05 7,725 HealthStream 180,533 0.04 4,168 Ichor Holdings 111,702 0.02 10,238 Heartland Express 256,769 0.05 14,527 Iconix Brand Group 82,659 0.02 7,119 Heartland Financial USA 351,679 0.07 3,925 ICU Medical 729,461 0.14 94,021 Hecla Mining 471,985 0.09 12,979 IDACORP 1,141,243 0.22 3,451 Heidrick & Struggles International 72,989 0.01 6,504 IDT 91,576 0.02 7,006 Helen of Troy 678,881 0.13 11,832 Ignyta 146,125 0.03 33,545 Helix Energy Solutions Group 247,898 0.05 16,038 II-VI 659,964 0.13 5,728 Herc Holdings 281,417 0.06 26,785 ILG 715,963 0.14 10,188 Heritage Commerce 144,975 0.03 14,606 IMAX 330,826 0.07 7,235 Heritage Financial 213,433 0.04 11,156 Immersion 91,145 0.02 8,830 Heritage Insurance Holdings 116,644 0.02 20,310 ImmunoGen 155,372 0.03 6,504 Heritage-Crystal Clean 141,462 0.03 28,132 Immunomedics 393,285 0.08 15,628 Herman Miller 561,045 0.11 20,210 Impax Laboratories 410,263 0.08 11,954 Heron Therapeutics 193,057 0.04 7,664 Imperva 332,618 0.07 13,330 Hertz Global Holdings 298,059 0.06 4,372 Impinj 181,919 0.04 1,576 Heska 138,830 0.03 12,890 INC Research Holdings 674,147 0.13 8,847 HFF 349,987 0.07 4,437 Independent Bank Group 267,551 0.05 6,075 Hibbett Sports 86,569 0.02 7,185 Independent Bank/MA 536,360 0.11 15,741 Hillenbrand 611,538 0.12 4,201 Independent Bank/MI 95,153 0.02 19,364 Hilltop Holdings 503,464 0.10 37,300 Infinera 330,851 0.07 580 Hingham Institution for Savings 110,357 0.02 3,107 Infinity Property & Casualty 292,679 0.06 21,997 HMS Holdings 436,860 0.09 10,700 Ingevity 668,429 0.13 9,786 HNI 405,825 0.08 4,472 Ingles Markets 114,930 0.02 2,520 Home Bancorp 105,386 0.02 9,018 InnerWorkings 101,453 0.02 37,986 Home BancShares 958,007 0.19 5,422 Innophos Holdings 266,708 0.05 7,314 HomeStreet 197,478 0.04 6,190 Innospec 381,613 0.08 4,758 HomeTrust Bancshares 122,043 0.02 15,373 Innoviva 217,067 0.04 1,942 Hooker Furniture 92,731 0.02 3,824 Inogen 363,662 0.07 28,269 Hope Bancorp 500,644 0.10 13,969 Inovalon Holdings 238,171 0.05 9,327 Horace Mann Educators 367,017 0.07 22,074 Inovio Pharmaceuticals 139,949 0.03 5,428 Horizon Bancorp 158,335 0.03 10,085 Inphi 400,274 0.08 6,094 Horizon Global 107,498 0.02 9,994 Insight Enterprises 458,924 0.09 39,969 Horizon Pharma 506,807 0.10 17,539 Insmed 547,392 0.11 12,496 Hortonworks 211,807 0.04 4,533 Insperity 398,904 0.08 18,920 Hostess Brands 258,447 0.05 5,652 Installed Building Products 366,250 0.07 24,025 Houghton Mifflin Harcourt 289,501 0.06 5,164 Insteel Industries 134,832 0.03 4,162 Houlihan Lokey 162,859 0.03 5,244 Instructure 173,839 0.03 39,092 Hovnanian Enterprises 75,448 0.01 14,154 Insulet 779,602 0.15 28,898 HRG Group 451,098 0.09 7,715 Insys Therapeutics 68,509 0.01 7,317 HSN 285,729 0.06 6,848 Integer Holdings 350,275 0.07 8,453 Hub Group 363,056 0.07 15,519 Integra LifeSciences Holdings 783,399 0.15 7,942 HubSpot 667,525 0.13 32,752 Integrated Device Technology 870,548 0.17
371 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Russell 2000 U.S. Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.79% (March 2017: 98.95%) Transferable Securities - 99.79% (March 2017: 98.95%) (continued) (continued) Common Stock - 92.24% (March 2017: 90.70%) (continued) Common Stock - 92.24% (March 2017: 90.70%) (continued) United States Dollar - 92.24% (continued) United States Dollar - 92.24% (continued) 6,504 Intellia Therapeutics 161,624 0.03 9,614 Kemper 509,542 0.10 5,169 Inter Parfums 213,221 0.04 19,068 Kennametal 769,203 0.15 8,075 InterDigital 595,531 0.12 22,721 Kennedy-Wilson Holdings 421,475 0.08 16,790 Interface 367,701 0.07 23,951 Keryx Biopharmaceuticals 170,052 0.03 28,224 Internap 122,774 0.02 15,281 KeyW Holding 116,288 0.02 12,164 International Bancshares 487,776 0.10 8,059 Kforce 162,792 0.03 9,398 International Seaways 185,141 0.04 3,954 Kimball Electronics 85,604 0.02 6,580 International Speedway 236,880 0.05 7,613 Kimball International 150,509 0.03 7,960 Intersect ENT 247,954 0.05 22,713 Kindred Healthcare 154,448 0.03 8,248 Intevac 69,696 0.01 3,596 Kinsale Capital Group 155,239 0.03 4,786 INTL. FCStone 183,400 0.04 12,011 Kite Pharma 2,159,698 0.42 10,752 Intra-Cellular Therapies 169,667 0.03 4,556 KKR Real Estate Finance Trust 95,858 0.02 45,974 Intrepid Potash 200,447 0.04 47,234 Klondex Mines 171,932 0.03 10,615 Invacare 167,186 0.03 13,869 KLX 734,086 0.14 5,282 Investment Technology Group 116,943 0.02 2,228 KMG Chemicals 122,273 0.02 56,906 Investors Bancorp 776,198 0.15 28,616 Knight-Swift Transportation Holdings 1,188,995 0.23 484 Investors Title 86,670 0.02 13,109 Knoll 262,180 0.05 10,081 Invitae 94,459 0.02 22,170 Knowles 338,536 0.07 13,839 Iovance Biotherapeutics 107,252 0.02 26,772 Kopin 111,639 0.02 3,202 iRhythm Technologies 166,120 0.03 6,206 Koppers Holdings 286,407 0.06 23,105 Iridium Communications 237,982 0.05 10,050 Korn/Ferry International 396,271 0.08 6,297 iRobot 485,247 0.10 7,714 Kraton 311,954 0.06 32,901 Ironwood Pharmaceuticals 518,849 0.10 18,933 Kratos Defense & Security Solutions 247,644 0.05 8,703 Itron 674,047 0.13 5,428 Kronos Worldwide 123,921 0.02 4,102 IXYS 97,217 0.02 4,584 La Jolla Pharmaceutical 159,432 0.03 3,902 J&J Snack Foods 512,333 0.10 21,915 La Quinta Holdings 383,512 0.08 11,890 j2 Global 878,433 0.17 41,417 Ladenburg Thalmann Financial Services 119,281 0.02 7,837 Jack in the Box 798,747 0.16 12,422 Lakeland Bancorp 253,409 0.05 15,014 Jagged Peak Energy 205,091 0.04 6,803 Lakeland Financial 331,442 0.07 4,786 James River Group Holdings 198,523 0.04 4,920 Lancaster Colony 590,990 0.12 72,477 JC Penney 276,137 0.05 3,017 Landauer 203,044 0.04 7,884 JELD-WEN Holding 280,040 0.06 6,892 Landec 89,251 0.02 2,709 John B Sanfilippo & Son 182,343 0.04 5,937 Lands' End 78,368 0.02 7,738 John Bean Technologies 782,312 0.15 7,823 Lannett 144,334 0.03 2,132 Johnson Outdoors 156,233 0.03 6,900 Lantheus Holdings 122,820 0.02 11,097 K12 197,970 0.04 29,263 Lattice Semiconductor 152,460 0.03 11,889 K2M Group Holdings 252,166 0.05 7,949 Laureate Education 115,658 0.02 2,444 Kadant 240,856 0.05 12,900 La-Z-Boy 347,010 0.07 4,160 Kaiser Aluminum 429,062 0.08 5,970 LCI Industries 691,624 0.14 7,074 Kaman 394,588 0.08 12,115 LegacyTexas Financial Group 483,631 0.10 21,573 KapStone Paper and Packaging 463,604 0.09 3,780 LeMaitre Vascular 141,448 0.03 10,188 Karyopharm Therapeutics 111,864 0.02 81,844 LendingClub 498,430 0.10 21,572 KB Home 520,317 0.10 1,772 LendingTree 433,165 0.09 34,274 KBR 612,819 0.12 13,332 Lexicon Pharmaceuticals 163,850 0.03 6,988 Keane Group 116,560 0.02 4,282 LGI Homes 207,977 0.04 17,774 Kearny Financial 272,831 0.05 3,548 LHC Group 251,624 0.05 8,989 Kelly Services 225,534 0.04 4,168 Liberty Media Corp-Liberty Braves (Class A 11,252 KEMET 237,755 0.05 Shares) 105,742 0.02
372 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Russell 2000 U.S. Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.79% (March 2017: 98.95%) Transferable Securities - 99.79% (March 2017: 98.95%) (continued) (continued) Common Stock - 92.24% (March 2017: 90.70%) (continued) Common Stock - 92.24% (March 2017: 90.70%) (continued) United States Dollar - 92.24% (continued) United States Dollar - 92.24% (continued) 10,112 Liberty Media Corp-Liberty Braves (Class C 8,453 Matthews International 526,199 0.10 Shares) 255,530 0.05 15,276 MAXIMUS 985,302 0.19 19,616 Liberty TripAdvisor Holdings 242,258 0.05 14,026 MaxLinear 333,117 0.07 5,053 Ligand Pharmaceuticals 687,966 0.14 17,272 Maxwell Technologies 88,605 0.02 19,792 Lilis Energy 88,470 0.02 20,881 MB Financial 940,063 0.18 34,728 Limelight Networks 137,870 0.03 31,190 MBIA 271,353 0.05 4,372 Limoneira 101,299 0.02 5,136 MCBC Holdings 104,672 0.02 9,896 Lindblad Expeditions Holdings 105,887 0.02 74,028 McDermott International 538,184 0.11 3,150 Lindsay 289,485 0.06 6,826 McGrath RentCorp 298,638 0.06 5,765 Lithia Motors 693,587 0.14 7,044 MDC Holdings 233,931 0.05 5,600 Littelfuse 1,096,928 0.22 15,829 MDC Partners 174,119 0.03 11,544 LivaNova 808,773 0.16 25,419 Media General 2,542 0.00 6,206 Live Oak Bancshares 145,531 0.03 16,688 Medicines 618,124 0.12 12,790 LivePerson 173,305 0.03 14,371 Medidata Solutions 1,121,800 0.22 1,618 Loral Space & Communications 80,091 0.02 3,248 Medifast 192,834 0.04 34,790 Louisiana-Pacific 942,113 0.19 3,392 Medpace Holdings 108,205 0.02 5,586 Loxo Oncology 514,582 0.10 21,052 Meet Group 76,629 0.02 4,786 LSB Industries 38,001 0.01 4,868 Mercantile Bank 169,893 0.03 7,949 LSC Communications 131,238 0.03 11,845 Mercury Systems 614,519 0.12 11,156 LSI Industries 73,741 0.01 10,594 Meredith 587,967 0.12 7,309 Lumber Liquidators Holdings 284,905 0.06 14,656 Meridian Bancorp 273,334 0.05 14,976 Lumentum Holdings 813,946 0.16 12,127 Meridian Bioscience 173,416 0.03 11,082 Luminex 225,297 0.04 11,942 Merit Medical Systems 505,744 0.10 5,428 Lumos Networks 97,270 0.02 9,585 Meritage Homes 425,574 0.08 5,069 Lydall 290,454 0.06 22,550 Meritor 586,525 0.12 7,566 M/I Homes 202,239 0.04 466 Mesa Laboratories 69,583 0.01 12,124 Macatawa Bank 124,392 0.02 1,982 Meta Financial Group 155,389 0.03 9,575 MACOM Technology Solutions Holdings 427,141 0.08 9,465 Methode Electronics 400,843 0.08 9,114 MacroGenics 168,427 0.03 8,543 MGE Energy 551,878 0.11 5,925 Magellan Health 511,327 0.10 87,882 MGIC Investment 1,101,161 0.22 18,296 Maiden Holdings 145,453 0.03 4,162 MGP Ingredients 252,342 0.05 5,999 MainSource Financial Group 215,124 0.04 2,511 MicroStrategy 320,680 0.06 3,977 Malibu Boats 125,832 0.02 4,302 Middlesex Water 168,940 0.03 33,578 Manitowoc 302,202 0.06 4,168 Midland States Bancorp 132,042 0.03 6,679 ManTech International 294,878 0.06 3,110 MidWestOne Financial Group 104,994 0.02 3,955 Marcus 109,554 0.02 8,338 Milacron Holdings 140,579 0.03 4,438 Marcus & Millichap 119,782 0.02 3,876 Miller Industries 108,334 0.02 7,185 MarineMax 118,912 0.02 25,267 MiMedx Group 300,172 0.06 3,984 Marlin Business Services 114,540 0.02 8,732 MINDBODY 225,722 0.04 5,677 Marriott Vacations Worldwide 706,957 0.14 8,843 Minerals Technologies 624,758 0.12 10,723 Marten Transport 220,358 0.04 9,349 Minerva Neurosciences 71,052 0.01 10,572 Masimo 915,112 0.18 5,672 Mistras Group 116,276 0.02 7,182 Masonite International 496,994 0.10 11,060 Mitek Systems 105,070 0.02 16,475 MasTec 764,440 0.15 13,239 MKS Instruments 1,250,424 0.25 21,210 Matador Resources 575,851 0.11 12,230 Mobile Mini 421,323 0.08 3,939 Materion 169,968 0.03 15,138 MobileIron 56,011 0.01 8,945 Matrix Service 135,964 0.03 5,105 Model N 76,320 0.02 11,601 Matson 326,916 0.06 13,415 Modine Manufacturing 258,239 0.05
373 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Russell 2000 U.S. Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.79% (March 2017: 98.95%) Transferable Securities - 99.79% (March 2017: 98.95%) (continued) (continued) Common Stock - 92.24% (March 2017: 90.70%) (continued) Common Stock - 92.24% (March 2017: 90.70%) (continued) United States Dollar - 92.24% (continued) United States Dollar - 92.24% (continued) 5,937 Moelis & Co 255,588 0.05 7,943 NCI Building Systems 123,911 0.02 11,120 Molina Healthcare 764,611 0.15 4,372 NCS Multistage Holdings 105,278 0.02 18,036 Momenta Pharmaceuticals 333,666 0.07 4,129 Neenah Paper 353,236 0.07 3,202 Monarch Casino & Resort 126,575 0.02 36,147 Nektar Therapeutics 867,528 0.17 6,908 MoneyGram International 111,288 0.02 5,547 Nelnet 280,124 0.06 10,050 Monolithic Power Systems 1,070,827 0.21 9,333 Neogen 722,934 0.14 11,752 Monotype Imaging Holdings 226,226 0.04 14,875 NeoGenomics 165,559 0.03 7,865 Monro 440,833 0.09 8,821 NeoPhotonics 49,045 0.01 8,322 Moog 694,304 0.14 7,821 NETGEAR 372,280 0.07 5,164 Motorcar Parts of America 152,131 0.03 22,042 NetScout Systems 713,059 0.14 4,786 Movado Group 134,008 0.03 7,304 Nevro 663,788 0.13 24,840 MRC Global 434,452 0.09 21,330 New Jersey Resources 899,059 0.18 8,737 MSA Safety 694,679 0.14 12,758 New Media Investment Group 188,691 0.04 15,408 MSG Networks 326,650 0.06 6,432 New Relic 320,314 0.06 4,821 MTS Systems 257,682 0.05 30,936 New York Times 606,346 0.12 14,624 Mueller Industries 511,109 0.10 26,660 Newpark Resources 266,600 0.05 35,653 Mueller Water Products 456,358 0.09 9,210 NewStar Financial 108,125 0.02 4,196 MuleSoft 84,507 0.02 11,832 Nexeo Solutions 86,374 0.02 2,819 Multi-Color 231,017 0.05 11,149 Nexstar Media Group 694,583 0.14 2,724 MutualFirst Financial 104,738 0.02 18,088 NIC 310,209 0.06 7,715 Myers Industries 161,629 0.03 2,741 Nicolet Bankshares 157,690 0.03 7,077 MyoKardia 303,249 0.06 16,040 NMI Holdings 198,896 0.04 3,537 MYR Group 103,068 0.02 8,104 NN 235,016 0.05 16,545 Myriad Genetics 598,598 0.12 62,947 Noble 289,556 0.06 1,260 NACCO Industries 108,108 0.02 64 Nordic American Offshore 90 0.00 4,247 Nanometrics 122,314 0.02 24,907 Nordic American Tankers 133,003 0.03 6,018 NanoString Technologies 97,251 0.02 7,164 Northfield Bancorp 124,295 0.02 13,872 NantKwest 76,019 0.01 3,202 Northrim BanCorp 111,910 0.02 8,944 Natera 115,288 0.02 23,773 Northwest Bancshares 410,560 0.08 5,473 National Bank Holdings 195,331 0.04 7,742 Northwest Natural Gas 498,585 0.10 2,336 National Bankshares 105,003 0.02 11,353 NorthWestern 646,440 0.13 2,971 National Beverage 368,553 0.07 7,793 Novanta 339,775 0.07 18,550 National CineMedia 129,479 0.03 78,941 Novavax 89,993 0.02 3,202 National Commerce 137,046 0.03 14,278 Novocure 283,418 0.06 11,822 National General Holdings 225,918 0.04 26,573 NOW 366,973 0.07 3,398 National HealthCare 212,613 0.04 14,295 NRG Yield (Class A Share) 271,176 0.05 789 National Presto Industries 83,989 0.02 9,508 NRG Yield (Class C Share) 183,504 0.04 3,596 National Research 135,569 0.03 12,464 Nutanix 279,069 0.05 705 National Western Life Group 246,045 0.05 7,313 Nutrisystem 408,797 0.08 9,216 Nationstar Mortgage Holdings 171,141 0.03 12,674 NuVasive 702,900 0.14 5,188 Natural Gas Services Group 147,339 0.03 2,336 NV5 Global 127,662 0.03 3,392 Natural Health Trends 81,069 0.02 1,639 NVE 129,432 0.03 8,229 Natus Medical 308,588 0.06 16,781 NxStage Medical 463,156 0.09 8,452 Nautilus 142,839 0.03 62,420 Oasis Petroleum 569,270 0.11 13,656 Navigant Consulting 231,060 0.05 9,215 OceanFirst Financial 253,320 0.05 3,979 Navigators Group 232,175 0.05 39,568 Oclaro 341,472 0.07 11,998 Navistar International 528,752 0.10 8,821 Ocular Therapeutix 54,514 0.01 9,608 NBT Bancorp 352,806 0.07 26,980 Ocwen Financial 92,811 0.02
374 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Russell 2000 U.S. Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.79% (March 2017: 98.95%) Transferable Securities - 99.79% (March 2017: 98.95%) (continued) (continued) Common Stock - 92.24% (March 2017: 90.70%) (continued) Common Stock - 92.24% (March 2017: 90.70%) (continued) United States Dollar - 92.24% (continued) United States Dollar - 92.24% (continued) 135,492 Office Depot 615,134 0.12 17,791 Pattern Energy Group 428,763 0.08 14,920 OFG Bancorp 136,518 0.03 11,660 Paycom Software 874,034 0.17 13,147 Oil States International 333,276 0.07 5,679 Paylocity Holding 277,249 0.05 2,520 Oil-Dri of America 123,304 0.02 3,780 PC Connection 106,558 0.02 3,780 Okta 106,634 0.02 5,632 PCSB Financial 106,220 0.02 3,488 Old Line Bancshares 97,664 0.02 16,704 PDC Energy 818,997 0.16 31,020 Old National Bancorp 567,666 0.11 7,216 PDF Solutions 111,776 0.02 8,732 Old Second Bancorp 117,445 0.02 50,771 PDL BioPharma 172,114 0.03 10,565 Ollie's Bargain Outlet Holdings 490,216 0.10 4,168 pdvWireless 124,206 0.02 10,716 OM Asset Management 159,883 0.03 13,828 Peabody Energy 401,150 0.08 7,631 Omega Protein 127,056 0.02 4,264 Peapack Gladstone Financial 143,867 0.03 11,182 Omeros 241,755 0.05 9,593 Pegasystems 553,036 0.11 9,335 Omnicell 476,552 0.09 20,926 Penn National Gaming 489,459 0.10 13,059 OMNOVA Solutions 142,996 0.03 3,876 Penn Virginia 154,962 0.03 12,233 On Assignment 656,667 0.13 5,912 PennyMac Financial Services 105,234 0.02 22,119 On Deck Capital 103,296 0.02 6,908 Penumbra 623,792 0.12 12,393 ONE Gas 912,621 0.18 5,195 Peoples Bancorp 174,500 0.03 6,199 Opus Bank 148,776 0.03 2,336 Peoples Financial Services 111,661 0.02 13,225 OraSure Technologies 297,563 0.06 4,372 People's Utah Bancorp 141,871 0.03 19,583 ORBCOMM 205,034 0.04 10,068 Perficient 198,038 0.04 32,741 Organovo Holdings 72,685 0.01 16,273 Performance Food Group 459,712 0.09 4,481 Oritani Financial 75,281 0.01 5,524 Perry Ellis International 130,698 0.03 9,891 Ormat Technologies 603,846 0.12 4,631 PetMed Express 153,518 0.03 4,407 Orthofix International 208,231 0.04 14,896 PGT Innovations 222,695 0.04 4,670 OSI Systems 426,698 0.08 12,511 PH Glatfelter 243,339 0.05 8,339 Otonomy 27,102 0.01 8,836 PharMerica 258,895 0.05 9,687 Otter Tail 419,931 0.08 14,396 PHH 200,536 0.04 5,912 Overstock.com 175,586 0.03 3,843 Phibro Animal Health 142,383 0.03 13,943 Owens & Minor 407,136 0.08 19,555 Photronics 173,062 0.03 5,923 Oxford Immunotec Global 99,506 0.02 8,357 PICO Holdings 139,562 0.03 3,937 Oxford Industries 250,157 0.05 25,114 Pier 1 Imports 105,228 0.02 24,053 Pacific Biosciences of California 126,278 0.02 12,004 Pinnacle Entertainment 255,805 0.05 5,728 Pacific Continental 154,370 0.03 3,924 Piper Jaffray 232,889 0.05 16,680 Pacific Ethanol 92,574 0.02 4,786 PJT Partners 183,352 0.04 10,072 Pacific Premier Bancorp 380,218 0.07 18,937 Planet Fitness 510,920 0.10 9,595 Pacira Pharmaceuticals 360,292 0.07 8,820 Plantronics 390,020 0.08 2,008 Panhandle Oil and Gas 47,790 0.01 8,201 Plexus 459,912 0.09 6,625 Papa John's International 484,089 0.10 56,480 Plug Power 147,413 0.03 10,446 Par Pacific Holdings 217,277 0.04 7,631 Ply Gem Holdings 130,109 0.03 1,840 Paragon Commercial 103,886 0.02 19,942 PNM Resources 803,663 0.16 5,828 Paratek Pharmaceuticals 146,283 0.03 20,818 PolyOne 833,345 0.16 12,265 PAREXEL International 1,080,301 0.21 22,147 Portland General Electric 1,010,789 0.20 2,803 Park Electrochemical 51,856 0.01 13,955 Portola Pharmaceuticals 753,989 0.15 3,230 Park National 348,808 0.07 8,636 Potbelly 107,086 0.02 13,013 Park Sterling 161,621 0.03 3,110 Powell Industries 93,269 0.02 2,893 Park-Ohio Holdings 131,921 0.03 7,184 Power Integrations 525,869 0.10 8,459 Party City Holdco 114,619 0.02 11,979 PRA Group 343,198 0.07 4,033 Patrick Industries 339,175 0.07 10,919 PRA Health Sciences 831,700 0.16
375 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Russell 2000 U.S. Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.79% (March 2017: 98.95%) Transferable Securities - 99.79% (March 2017: 98.95%) (continued) (continued) Common Stock - 92.24% (March 2017: 90.70%) (continued) Common Stock - 92.24% (March 2017: 90.70%) (continued) United States Dollar - 92.24% (continued) United States Dollar - 92.24% (continued) 3,416 Preferred Bank 206,156 0.04 14,613 Red Rock Resorts 338,437 0.07 4,652 Premier Financial Bancorp 101,367 0.02 6,959 REGENXBIO 229,299 0.05 6,206 Presidio 87,815 0.02 4,294 Regional Management 103,958 0.02 13,324 Prestige Brands Holdings 667,399 0.13 13,041 Regis 186,095 0.04 5,421 PriceSmart 483,824 0.10 11,784 Renasant 505,534 0.10 11,203 Primerica 913,605 0.18 13,067 Renewable Energy Group 158,764 0.03 7,172 Primo Water 84,988 0.02 8,826 Rent-A-Center 101,322 0.02 7,809 Primoris Services 229,741 0.05 8,976 Repligen 343,960 0.07 20,890 Progenics Pharmaceuticals 153,750 0.03 2,724 Republic Bancorp 105,936 0.02 13,279 Progress Software 506,859 0.10 13,678 Republic First Bancorp 126,522 0.02 10,649 Proofpoint 928,806 0.18 5,428 Resolute Energy 161,157 0.03 7,949 ProPetro Holding 114,068 0.02 10,618 Resources Connection 147,590 0.03 8,135 PROS Holdings 196,298 0.04 10,701 Retrophin 266,348 0.05 10,276 Prothena 665,577 0.13 3,296 REV Group 94,793 0.02 6,052 Proto Labs 485,976 0.10 6,936 Revance Therapeutics 191,087 0.04 3,798 Providence Service 205,396 0.04 3,937 Revlon 96,653 0.02 16,547 Provident Financial Services 441,308 0.09 1,804 REX American Resources 169,269 0.03 9,885 PTC Therapeutics 197,799 0.04 23,008 Rexnord 584,633 0.11 2,812 Pulse Biosciences 52,331 0.01 8,366 RH 588,297 0.12 7,147 Puma Biotechnology 855,853 0.17 42,921 Rigel Pharmaceuticals 109,019 0.02 25,385 Pure Storage 405,906 0.08 5,912 RigNet 101,686 0.02 7,715 Q2 Holdings 321,330 0.06 13,657 Ring Energy 197,890 0.04 3,110 QAD 106,829 0.02 15,379 RingCentral 642,073 0.13 3,876 QCR Holdings 176,358 0.03 9,263 RLI 531,326 0.10 8,197 Quad/Graphics 185,334 0.04 2,031 RMR Group 104,292 0.02 3,272 Quaker Chemical 484,092 0.10 14,358 Roadrunner Transportation Systems 136,832 0.03 15,290 Quality Systems 240,512 0.05 17,384 Rockwell Medical 148,807 0.03 7,793 Qualys 403,677 0.08 4,778 Rogers 636,812 0.13 10,813 Quanex Building Products 248,158 0.05 29,390 Rowan 377,661 0.07 4,758 Quantenna Communications 79,982 0.02 7,793 RPX 103,491 0.02 8,577 Quidel 376,187 0.07 17,241 RR Donnelley & Sons 177,582 0.03 19,555 Quotient Technology 306,036 0.06 17,940 RTI Surgical 81,627 0.02 26,381 R1 RCM 97,874 0.02 12,003 Rubicon Project 46,692 0.01 4,264 Ra Pharmaceuticals 62,254 0.01 8,945 Rudolph Technologies 235,254 0.05 50,954 Radian Group 952,330 0.19 6,795 Rush Enterprises 314,541 0.06 8,833 Radius Health 340,512 0.07 5,772 Ruth's Hospitality Group 120,923 0.02 13,097 RadNet 151,270 0.03 8,931 S&T Bancorp 353,489 0.07 27,548 Rambus 367,766 0.07 8,432 Safeguard Scientifics 112,567 0.02 5,728 Rapid7 100,813 0.02 3,937 Safety Insurance Group 300,393 0.06 7,937 Raven Industries 257,159 0.05 8,795 Sage Therapeutics 547,928 0.11 10,668 Rayonier Advanced Materials 146,152 0.03 7,191 Saia 450,516 0.09 5,527 RBC Bearings 691,704 0.14 16,795 Sanchez Energy 80,952 0.02 4,264 RCI Hospitality Holdings 105,534 0.02 4,785 Sanderson Farms 772,873 0.15 4,752 RE/MAX Holdings 301,990 0.06 9,120 SandRidge Energy 183,221 0.04 6,206 Reading International 97,558 0.02 5,383 Sandy Spring Bancorp 223,072 0.04 14,769 RealPage 589,283 0.12 20,517 Sangamo Therapeutics 307,755 0.06 3,392 Reata Pharmaceuticals 105,491 0.02 17,356 Sanmina 644,775 0.13 2,589 Red Robin Gourmet Burgers 173,463 0.03 14,657 Sarepta Therapeutics 664,842 0.13
376 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Russell 2000 U.S. Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.79% (March 2017: 98.95%) Transferable Securities - 99.79% (March 2017: 98.95%) (continued) (continued) Common Stock - 92.24% (March 2017: 90.70%) (continued) Common Stock - 92.24% (March 2017: 90.70%) (continued) United States Dollar - 92.24% (continued) United States Dollar - 92.24% (continued) 6,912 ScanSource 301,709 0.06 19,195 South Jersey Industries 662,803 0.13 6,300 Schneider National 159,390 0.03 6,848 South State 616,662 0.12 8,716 Schnitzer Steel Industries 245,355 0.05 2,812 Southern First Bancshares 102,216 0.02 7,186 Scholastic 267,319 0.05 6,179 Southside Bancshares 224,668 0.04 8,075 Schweitzer-Mauduit International 334,789 0.07 4,168 Southwest Bancorp 114,828 0.02 15,656 SciClone Pharmaceuticals 175,347 0.03 12,139 Southwest Gas Holdings 942,229 0.19 10,220 Science Applications International 683,207 0.13 3,388 SP Plus 133,826 0.03 14,161 Scientific Games 649,282 0.13 4,264 Spark Energy 63,960 0.01 15,436 Scorpio Bulkers 108,824 0.02 6,259 Spark Therapeutics 558,052 0.11 39,951 Scorpio Tankers 137,032 0.03 11,640 Spartan Motors 128,622 0.03 9,825 Seacoast Banking Corp of Florida 234,719 0.05 9,721 SpartanNash 256,343 0.05 4,658 SEACOR Holdings 214,780 0.04 17,871 Spectrum Pharmaceuticals 251,445 0.05 4,684 SEACOR Marine Holdings 73,258 0.01 5,244 Speedway Motorsports 111,697 0.02 16,028 SeaWorld Entertainment 208,204 0.04 11,477 Spire 856,758 0.17 8,863 Select Comfort 275,196 0.05 7,180 Spok Holdings 110,213 0.02 27,133 Select Medical Holdings 520,954 0.10 4,913 SPS Commerce 278,616 0.05 5,816 Selecta Biosciences 106,142 0.02 11,880 SPX 348,559 0.07 14,971 Selective Insurance Group 806,188 0.16 8,946 SPX FLOW 344,958 0.07 15,852 SemGroup 455,745 0.09 48,203 SRC Energy 466,123 0.09 16,226 Semtech 609,286 0.12 12,685 St Joe 239,112 0.05 3,110 Seneca Foods 107,295 0.02 13,067 STAAR Surgical 162,684 0.03 11,505 Sensient Technologies 884,965 0.17 4,032 Stamps.com 817,085 0.16 7,460 Seres Therapeutics 119,658 0.02 5,937 Standard Motor Products 286,460 0.06 27,257 ServiceSource International 94,309 0.02 3,273 Standex International 347,593 0.07 10,202 ServisFirst Bancshares 396,348 0.08 3,130 State Auto Financial 82,100 0.02 6,397 Shake Shack 212,572 0.04 7,637 State Bank Financial 218,800 0.04 11,832 Shenandoah Telecommunications 440,150 0.09 6,355 State National Cos 133,391 0.03 11,101 Ship Finance International 160,965 0.03 22,150 Steelcase 341,110 0.07 4,786 Shoe Carnival 107,111 0.02 4,926 Stepan 412,109 0.08 5,912 Shore Bancshares 98,435 0.02 32,158 Sterling Bancorp 792,695 0.16 8,208 Shutterfly 397,924 0.08 9,120 Sterling Construction 138,898 0.03 5,156 Shutterstock 171,643 0.03 15,317 Steven Madden 663,226 0.13 3,984 Sierra Bancorp 108,166 0.02 6,163 Stewart Information Services 232,715 0.05 14,396 Sigma Designs 90,695 0.02 16,705 Stifel Financial 893,049 0.18 10,335 Silicon Laboratories 825,766 0.16 5,478 Stock Yards Bancorp 208,164 0.04 12,432 Silver Spring Networks 201,025 0.04 4,945 Stone Energy 143,702 0.03 8,181 Simmons First National 473,680 0.09 8,837 Stoneridge 175,061 0.03 9,858 Simpson Manufacturing 483,436 0.10 2,324 Straight Pathmmunications 419,877 0.08 17,854 Sinclair Broadcast Group 572,221 0.11 12,729 Stratasys 294,294 0.06 8,248 SiteOne Landscape Supply 479,209 0.09 2,776 Strayer Education 242,262 0.05 3,331 SJW Group 188,535 0.04 4,793 Sturm Ruger & Co 247,798 0.05 12,758 SkyWest 560,076 0.11 9,412 Sucampo Pharmaceuticals 111,062 0.02 9,369 Smart & Final Stores 73,547 0.01 4,556 Summit Financial Group 116,907 0.02 21,652 Snyder's-Lance 825,807 0.16 26,033 Summit Materials 833,837 0.16 10,996 Sonic 279,848 0.06 3,876 Sun Bancorp 96,319 0.02 8,565 Sonic Automotive 174,726 0.03 5,020 Sun Hydraulics 271,080 0.05 8,371 Sonus Networks 64,038 0.01 16,472 SunCoke Energy 150,554 0.03 8,814 Sotheby's 406,414 0.08 14,812 SunPower 107,979 0.02
377 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Russell 2000 U.S. Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.79% (March 2017: 98.95%) Transferable Securities - 99.79% (March 2017: 98.95%) (continued) (continued) Common Stock - 92.24% (March 2017: 90.70%) (continued) Common Stock - 92.24% (March 2017: 90.70%) (continued) United States Dollar - 92.24% (continued) United States Dollar - 92.24% (continued) 19,048 Sunrun 105,716 0.02 11,494 TimkenSteel 189,651 0.04 9,708 Super Micro Computer 214,547 0.04 11,540 Titan International 117,131 0.02 39,381 Superior Energy Services 420,589 0.08 5,244 Titan Machinery 81,439 0.02 7,327 Superior Industries International 121,995 0.02 10,158 Tivity Health 414,446 0.08 12,521 Supernus Pharmaceuticals 500,840 0.10 30,240 TiVo 600,264 0.12 9,750 SUPERVALU 212,063 0.04 3,487 Tompkins Financial 300,370 0.06 5,355 Surgery Partners 55,424 0.01 2,518 Tootsie Roll Industries 95,684 0.02 2,207 Surmodics 68,417 0.01 9,704 TopBuild 632,410 0.12 10,111 Sykes Enterprises 294,837 0.06 5,451 Tower International 148,267 0.03 8,703 Synaptics 340,984 0.07 15,010 Towne Bank 502,835 0.10 12,962 Synchronoss Technologies 120,935 0.02 5,368 Trade Desk 330,186 0.06 50,935 Synergy Pharmaceuticals 147,712 0.03 27,620 Travelport Worldwide 433,634 0.09 6,932 SYNNEX 876,967 0.17 8,732 Trecora Resources 116,136 0.02 9,508 Syntel 186,832 0.04 4,970 Tredegar 89,460 0.02 5,632 Syros Pharmaceuticals 82,903 0.02 7,267 Trex 654,539 0.13 5,040 Systemax 133,207 0.03 40,340 TRI Pointe Group 557,095 0.11 3,684 Tactile Systems Technology 114,020 0.02 5,102 TriCo Bancshares 207,907 0.04 12,951 Tailored Brands 187,012 0.04 12,769 TriMas 344,763 0.07 13,565 Taylor Morrison Home 299,108 0.06 11,085 TriNet Group 372,678 0.07 7,948 Team 106,106 0.02 10,127 Trinseo 679,522 0.13 8,716 Tech Data 774,417 0.15 8,049 Triple-S Management 190,600 0.04 15,452 Teekay 137,986 0.03 6,206 TriState Capital Holdings 142,117 0.03 45,905 Teekay Tankers 74,366 0.01 11,213 Triton International 373,169 0.07 773 Tejon Ranch 16,310 0.00 4,264 Triumph Bancorp 137,514 0.03 13,218 Teladoc 438,177 0.09 12,823 Triumph Group 381,484 0.07 11,932 Telenav 75,768 0.01 7,309 tronc 106,200 0.02 2,802 TeleTech Holdings 116,984 0.02 15,521 Tronox 327,493 0.06 10,470 Teligent 70,254 0.01 10,879 TrueBlue 244,234 0.05 14,266 Tellurian 152,361 0.03 16,040 TrueCar 253,272 0.05 19,105 Tenet Healthcare 313,895 0.06 5,632 Trupanion 148,741 0.03 3,694 Tennant 244,543 0.05 17,383 TrustCo Bank NY 154,709 0.03 13,839 Tenneco 839,612 0.17 17,909 Trustmark 593,146 0.12 29,726 TerraForm Global 141,199 0.03 24,486 TTM Technologies 376,350 0.07 21,611 TerraForm Power 285,697 0.06 2,132 Tucows 124,829 0.02 3,202 Territorial Bancorp 101,087 0.02 9,486 Tutor Perini 269,402 0.05 14,150 Tetra Tech 658,682 0.13 14,936 Twilio 445,840 0.09 39,418 TETRA Technologies 112,735 0.02 6,061 Ubiquiti Networks 339,537 0.07 12,224 Tetraphase Pharmaceuticals 83,612 0.02 8,276 Ultra Clean Holdings 253,411 0.05 12,463 Texas Capital Bancshares 1,069,325 0.21 48,788 Ultra Petroleum 422,992 0.08 17,567 Texas Roadhouse 863,242 0.17 10,116 Ultragenyx Pharmaceutical 538,778 0.11 7,715 Textainer Group Holdings 132,312 0.03 10,771 UMB Financial 802,332 0.16 14,309 TG Therapeutics 169,562 0.03 53,650 Umpqua Holdings 1,046,711 0.21 41,055 TherapeuticsMD 217,181 0.04 4,786 Unifi 170,525 0.03 10,621 Theravance Biopharma 363,663 0.07 3,563 UniFirst 539,794 0.11 10,082 Thermon Group Holdings 181,375 0.04 11,602 Union Bankshares 409,551 0.08 20,582 Third Point Reinsurance 321,079 0.06 14,169 Unisys 120,437 0.02 9,719 Tile Shop Holdings 123,431 0.02 13,387 Unit 275,504 0.05 26,533 Time 358,195 0.07 24,712 United Bankshares 918,051 0.18
378 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Russell 2000 U.S. Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.79% (March 2017: 98.95%) Transferable Securities - 99.79% (March 2017: 98.95%) (continued) (continued) Common Stock - 92.24% (March 2017: 90.70%) (continued) Common Stock - 92.24% (March 2017: 90.70%) (continued) United States Dollar - 92.24% (continued) United States Dollar - 92.24% (continued) 18,319 United Community Banks 522,824 0.10 9,072 WageWorks 550,670 0.11 11,730 United Community Financial 112,608 0.02 6,021 Walker & Dunlop 315,079 0.06 11,002 United Financial Bancorp 201,227 0.04 6,300 Warrior Met Coal 148,491 0.03 5,937 United Fire Group 272,033 0.05 21,684 Washington Federal 729,667 0.14 5,937 United Insurance Holdings 96,773 0.02 2,874 Washington Trust Bancorp 164,537 0.03 12,391 United Natural Foods 515,342 0.10 3,202 WashingtonFirst Bankshares 113,959 0.02 4,271 Unitil 211,244 0.04 6,116 Waterstone Financial 119,262 0.02 5,808 Universal 332,798 0.07 6,681 Watts Water Technologies 462,325 0.09 4,077 Universal Electronics 258,482 0.05 2,586 WaVe Life Sciences 56,246 0.01 5,385 Universal Forest Products 528,592 0.10 3,236 WD-40 362,108 0.07 8,689 Universal Insurance Holdings 199,847 0.04 8,017 Web.com Group 200,425 0.04 6,066 Univest Corp of Pennsylvania 194,112 0.04 8,183 Weight Watchers International 356,370 0.07 3,664 US Concrete 279,563 0.05 1,744 Weis Markets 75,864 0.01 6,188 US Ecology 332,914 0.07 12,475 Werner Enterprises 455,961 0.09 2,062 US Physical Therapy 126,710 0.02 9,315 WesBanco 382,101 0.08 21,301 US Silica Holdings 661,822 0.13 18,612 Wesco Aircraft Holdings 174,953 0.03 18,622 USA Technologies 116,388 0.02 11,249 West 264,014 0.05 2,755 USANA Health Sciences 158,964 0.03 5,164 West Bancorporation 126,002 0.02 770 Utah Medical Products 56,634 0.01 6,866 Westamerica Bancorporation 408,802 0.08 62,061 Valley National Bancorp 747,835 0.15 9,598 Western New England Bancorp 104,618 0.02 12,258 Vanda Pharmaceuticals 219,418 0.04 1,084 Westwood Holdings Group 72,921 0.01 8,821 Varex Imaging 298,503 0.06 13,144 WGL Holdings 1,106,725 0.22 4,168 Varonis Systems 174,639 0.03 8,540 WildHorse Resource Development 113,753 0.02 3,989 VASCO Data Security International 48,067 0.01 3,392 Willdan Group 110,104 0.02 22,954 Vector Group 469,868 0.09 7,321 William Lyon Homes 168,310 0.03 3,202 Vectrus 98,750 0.02 54,376 Windstream Holdings 96,246 0.02 12,034 Veeco Instruments 257,528 0.05 8,534 Wingstop 283,756 0.06 24,832 VeriFone Systems 503,593 0.10 776 Winmark 102,238 0.02 16,083 Verint Systems 673,074 0.13 7,967 Winnebago Industries 356,523 0.07 4,074 Veritex Holdings 109,835 0.02 12,697 Wintrust Financial 994,302 0.20 2,392 Veritiv 77,740 0.02 28,872 WisdomTree Investments 293,917 0.06 9,494 Versartis 23,260 0.00 79,724 WMIH 75,738 0.01 4,074 Viad 248,107 0.05 23,250 Wolverine World Wide 670,762 0.13 13,201 ViaSat 849,088 0.17 13,477 Woodward 1,045,950 0.21 56,293 Viavi Solutions 532,532 0.10 5,244 Workiva 109,337 0.02 5,334 Vicor 125,882 0.02 2,042 World Acceptance 169,261 0.03 19,048 VirnetX Holding 74,287 0.01 9,992 World Wrestling Entertainment 235,312 0.05 7,180 Virtu Financial 116,316 0.02 10,496 Worthington Industries 482,816 0.09 1,384 Virtus Investment Partners 160,613 0.03 25,034 Wright Medical Group 647,630 0.13 7,437 Virtusa 280,970 0.06 8,177 WSFS Financial 398,629 0.08 33,023 Vishay Intertechnology 620,832 0.12 10,173 Xcerra 100,204 0.02 13,192 Vista Outdoor 302,624 0.06 9,744 Xencor 223,332 0.04 6,826 Vitamin Shoppe 36,519 0.01 4,715 XO Group 92,744 0.02 7,715 Vocera Communications 242,020 0.05 12,519 Xperi 316,731 0.06 51,622 Vonage Holdings 420,203 0.08 18,434 Yelp 798,192 0.16 1,728 VSE 98,254 0.02 3,649 York Water 123,701 0.02 15,379 Wabash National 350,949 0.07 8,672 YRC Worldwide 119,674 0.02 17,708 Waddell & Reed Financial 355,400 0.07 11,448 ZAGG 180,306 0.04
379 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Russell 2000 U.S. Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.79% (March 2017: 98.95%) Transferable Securities - 99.79% (March 2017: 98.95%) (continued) (continued) Common Stock - 92.24% (March 2017: 90.70%) (continued) Real Estate Investment Trust - 7.55% (March 2017: 8.23%) United States Dollar - 92.24% (continued) (continued) 24,233 Zendesk 705,423 0.14 United States Dollar - 7.55% (continued) 34,874 ZIOPHARM Oncology 214,126 0.04 23,441 Franklin Street Properties 248,943 0.05 16,680 Zix 81,565 0.02 30,453 GEO Group 819,186 0.16 6,200 Zoe's Kitchen 78,306 0.02 8,201 Getty Realty 234,631 0.05 6,504 Zogenix 227,965 0.04 5,136 Gladstone Commercial 114,379 0.02 6,555 Zumiez 118,646 0.02 17,055 Global Net Lease 373,334 0.07 5,334 Zynerba Pharmaceuticals 44,592 0.01 21,221 Government Properties Income Trust 398,318 0.08 38,465 Gramercy Property Trust 1,163,566 0.23 Total Common Stock 469,316,292 92.24 6,892 Great Ajax 97,108 0.02 Real Estate Investment Trust - 7.55% (March 2017: 8.23%) 14,232 Hannon Armstrong Sustainable United States Dollar - 7.55% Infrastructure Capital 346,834 0.07 19,853 Acadia Realty Trust 568,193 0.11 27,608 Healthcare Realty Trust 892,843 0.18 9,358 AG Mortgage Investment Trust 180,048 0.04 11,806 Hersha Hospitality Trust 220,418 0.04 7,192 Agree Realty 352,983 0.07 13,969 Independence Realty Trust 142,065 0.03 12,058 Alexander & Baldwin 558,647 0.11 12,353 InfraREIT 276,337 0.05 633 Alexander's 268,449 0.05 30,093 Invesco Mortgage Capital 515,493 0.10 9,214 Altisource Residential 102,368 0.02 28,000 Investors Real Estate Trust 171,080 0.03 10,372 American Assets Trust 412,494 0.08 13,389 iStar 157,990 0.03 14,216 Anworth Mortgage Asset 85,438 0.02 3,984 Jernigan Capital 81,871 0.02 20,824 Apollo Commercial Real Estate Finance 377,123 0.07 21,551 Kite Realty Group Trust 436,408 0.09 3,000 Aresmmercial Real Estate 39,930 0.01 19,456 Ladder Capital 268,104 0.05 8,248 Armada Hoffler Properties 113,905 0.02 28,201 LaSalle Hotel Properties 818,393 0.16 5,849 ARMOUR Residential REIT 157,338 0.03 51,938 Lexington Realty Trust 530,806 0.10 11,164 Ashford Hospitality Prime 106,058 0.02 9,828 LTC Properties 461,719 0.09 23,087 Ashford Hospitality Trust 153,990 0.03 20,956 Mack-Cali Realty 496,867 0.10 7,466 Bluerock Residential Growth REIT 82,574 0.02 8,432 MedEquities Realty Trust 99,076 0.02 27,551 Capstead Mortgage 265,867 0.05 15,247 Monmouth Real Estate Investment 246,849 0.05 19,924 CareTrust REIT 379,353 0.07 12,647 MTGE Investment 245,352 0.05 6,755 CatchMark Timber Trust 85,181 0.02 10,130 National Health Investors 782,948 0.15 40,340 CBL & Associates Properties 338,453 0.07 12,188 National Storage Affiliates Trust 295,437 0.06 13,730 Cedar Realty Trust 77,163 0.01 22,710 New Senior Investment Group 207,796 0.04 10,365 Chatham Lodging Trust 220,982 0.04 33,596 New York Mortgage Trust 206,615 0.04 5,244 Cherry Hill Mortgage Investment 94,916 0.02 4,652 NexPoint Residential Trust 110,392 0.02 15,786 Chesapeake Lodging Trust 425,748 0.08 10,761 NorthStar Realty Europe 137,848 0.03 7,666 City Office REIT 105,561 0.02 2,544 One Liberty Properties 61,972 0.01 3,780 Community Healthcare Trust 101,909 0.02 9,598 Orchid Island Capital 97,804 0.02 4,162 CorEnergy Infrastructure Trust 147,127 0.03 12,228 Parkway 281,611 0.06 96,147 Cousins Properties 898,013 0.18 17,043 Pebblebrook Hotel Trust 615,934 0.12 38,355 CYS Investments 331,387 0.06 17,784 Pennsylvania Real Estate Investment Trust 186,554 0.04 49,203 DiamondRock Hospitality 538,773 0.11 10,743 PennyMac Mortgage Investment Trust 186,821 0.04 13,676 Dynex Capital 99,424 0.02 39,061 Physicians Realty Trust 692,552 0.14 7,949 Easterly Government Properties 164,306 0.03 11,000 Potlatch 561,000 0.11 8,195 EastGroup Properties 722,143 0.14 7,666 Preferred Apartment Communities 144,734 0.03 17,797 Education Realty Trust 639,446 0.13 5,152 PS Business Parks 687,792 0.14 10,963 Farmland Partners 99,106 0.02 11,297 QTS Realty Trust 591,511 0.12 28,787 First Industrial Realty Trust 866,201 0.17 23,863 Quality Care Properties 369,876 0.07 13,856 First Potomac Realty Trust 154,356 0.03 27,703 RAIT Financial Trust 20,223 0.00 16,714 Four Corners Property Trust 416,513 0.08 22,320 Ramco-Gershenson Properties Trust 290,383 0.06
380 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Russell 2000 U.S. Small Cap UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of Fair Value %of Fair Value Net USD Fund Holding Investment USD Assets Total value of investments 507,753,591 99.80 Transferable Securities - 99.79% (March 2017: 98.95%) Cash at bank* (March 2017: 0.98%) 4,745,744 0.93 (continued) Cash due from broker* (March Real Estate Investment Trust - 7.55% (March 2017: 8.23%) 2017: 0.00%) (12,681) (0.00) (continued) Other net liabilities (March United States Dollar - 7.55% (continued) 2017: 0.07%) (3,692,781) (0.73) 20,783 Redwood Trust 338,555 0.07 Net assets attributable to holders of 11,690 Resource Capital 126,018 0.02 redeemable participating shares 508,793,873 100.00 26,218 Retail Opportunity Investments 498,404 0.10 15,143 Rexford Industrial Realty 433,393 0.08 *All cash holdings are held at State Street Bank and Trust Company, apart 41,257 RLJ Lodging Trust 907,654 0.18 from cash due to broker which is held with Goldman Sachs. 10,468 Ryman Hospitality Properties 654,145 0.13 The counterparty for the open futures contracts is Goldman Sachs. 38,981 Sabra Health Care 855,243 0.17 All of the above securities are traded on a recognised stock exchange or 2,271 Saul Centers 140,598 0.03 traded on a regulated market unless otherwise stated. 17,070 Select Income REIT 399,779 0.08 6,332 Seritage Growth Properties 291,715 0.06 %of 21,997 STAG Industrial 604,258 0.12 Total 30,997 Starwood Waypoint Homes 1,127,361 0.22 Analysis of Total Assets Assets 27,862 Summit Hotel Properties 445,513 0.09 Transferable securities admitted to an official exchange 56,726 Sunstone Hotel Investors 911,587 0.18 listing 98.97 6,396 Sutherland Asset Management 100,417 0.02 Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) 0.02 12,807 Terreno Realty 463,357 0.09 Exchange traded financial derivatives instruments 0.01 9,367 Tier REIT 180,783 0.04 Other assets 1.00 7,281 UMH Properties 113,220 0.02 2,848 Universal Health Realty Income Trust 214,995 0.04 Total Assets 100.00 26,310 Urban Edge Properties 634,597 0.12 5,126 Urstadt Biddle Properties 111,234 0.02 44,872 Washington Prime Group 373,784 0.07 19,017 Washington Real Estate Investment Trust 622,997 0.12 13,136 Western Asset Mortgage Capital 137,534 0.03 4,951 Whitestone REIT 64,611 0.01 25,303 Xenia Hotels & Resorts 532,628 0.10 Total Real Estate Investment Trust 38,403,619 7.55
Total Transferable Securities 507,719,911 99.79
Financial Derivatives Instruments - 0.01% (March 2017: 0.00%) Futures Contracts – 0.01% (March 2017: 0.00%)
Unrealised Average Gain/ %of Notional Cost (Loss) Net Amount Price USD Assets 488,835 1,397 7 of Russel 2000 Mini Long Futures Contracts Expiring 15 December 2017 33,680 0.01 Net unrealised gain on futures contracts 33,680 0.01 Total Financial Derivatives Instruments 33,680 0.01
381 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR Russell 2000 U.S. Small Cap UCITS ETF
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Purchases Cost USD
LivaNova 811,569 Starwood Waypoint 673,957 Yelp 650,917 Cree 623,642 Compass Minerals International 610,883 KBR 584,484 Allscripts Healthcare Solutions 574,209 Care Capital Properties 569,758 Dril-Quip 551,282 Ultra Petroleum 540,834 Cars.Com 535,581 Avis Budget Group 527,223 Bank of NT Butterfield & Son 510,211 PRA Health Sciences 506,857 Twilio 497,156 VeriFone Systems 493,783 Quality Care Properties 488,738 Ensco 484,524 SiteOne Landscape Supply 475,939 Brinker International 444,662 Portfolio Sales Proceeds USD
Advanced Micro Devices 2,925,613 Take-Two Interactive Software 1,948,210 Chemours 1,832,056 XPO Logistics 1,656,728 Coherent 1,612,288 LogMeIn 1,599,378 Microsemi 1,484,430 Exelixis 1,466,073 DuPont Fabros Technology 1,343,569 Universal Display 1,342,110 Olin 1,318,482 New Residential Investment 1,295,764 Pinnacle Financial Partners 1,222,965 Cavium 1,222,456 FNB 1,165,165 TESARO 1,159,757 Webster Financial 1,133,014 Bank of the Ozarks 1,121,738 Prosperity Bancshares 1,084,351 Teledyne Technologies 1,058,454
A copy of the list of changes in the portfolio during the financial period may be obtained free of charge from the Administrator.
382 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Russell 3000 U.S. Total Market UCITS ETF Statement of Financial Position as at 30 September 2017
30 September 2017 31 March 2017 USD USD
Current assets Financial assets at fair value through profit or loss: Transferable securities 4,016,018 18,790,852 4,016,018 18,790,852
Cash and cash equivalents 28,713 52,647 Debtors: Dividends receivable 3,351 16,827 Total current assets 4,048,082 18,860,326
Current liabilities Creditors - Amounts falling due within one financial year: Accrued expenses (791) (4,005) Total current liabilities (791) (4,005)
Net assets attributable to holders of redeemable participating shares 4,047,291 18,856,321
30 September 31 March 30 September 2017 2017 2016 Net asset value per share (please refer to note 4 for numbers of shares in issue) USD 40.47 USD 37.71 USD 34.34
The accompanying notes form an integral part of these financial statements.
383 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Russell 3000 U.S. Total Market UCITS ETF Statement of Comprehensive Income for the financial period ended 30 September 2017
30 September 2017 30 September 2016 Notes USD USD
Dividend income 67,876 35,492 Interest income 2- Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 343,138 208,530 Miscellaneous income 491 403 Total investment income 411,507 244,425
Operating expenses 3 (8,709) (4,218) Profit for the financial period before tax 402,798 240,207 Witholding tax on investment income 2 (10,360) (5,649) Increase in net assets attributable to holders of redeemable participating shares resulting from operations 392,438 234,558
Gains and losses arose solely from continuing operations. There were no 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.
384 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Russell 3000 U.S. Total Market UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial period ended 30 September 2017
30 September 2017 30 September 2016 USD USD
Net assets attributable to holders of redeemable shares at the beginning of the financial period 18,856,321 3,213,999
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 392,438 234,558
Share transactions Proceeds from redeemable participating shares issued - 3,419,520 Costs of redeemable participating shares redeemed (15,201,468) - (Decrease)/increase in net assets from share transactions (15,201,468) 3,419,520
Total (decrease)/increase in net assets attributable to holders of redeemable participating shares (14,809,030) 3,654,078
Net assets attributable to holders of redeemable participating shares at the end of the financial period 4,047,291 6,868,077
The accompanying notes form an integral part of these financial statements.
385 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Russell 3000 U.S. Total Market UCITS ETF Statement of Cash Flows for the financial period ended 30 September 2017
30 September 2017 30 September 2016 USD USD
Cash from/(used in):
Operating activities Increase in net assets attributable to holders of redeemable participating shares 392,438 234,558
Adjustment for: Interest income (2) - Dividend income (67,876) (35,492) Taxation on income 10,360 5,649
Total 334,920 204,715
Net movement in financial assets and financial liabilities at fair value through profit or loss (343,110) (208,502) Payments for purchases of investments (273,427) (3,561,579) Proceeds from sale of investments 15,391,371 130,629 Movement in payables (3,214) 55
Cash generated from/(used in) operations 15,106,540 (3,434,682) Interest received 2- Dividends received 81,352 34,580 Taxation paid (10,360) (5,649) Net cash generated from/(used in) operations 15,177,534 (3,405,751)
Financing activities Proceeds from redeemable participating shares issued - 3,419,520 Payments for redeemable participating shares redeemed (15,201,468) - Net cash (used in)/generated from financing activities (15,201,468) 3,419,520
Net (decrease)/increase in cash and cash equivalents (23,934) 13,769
Cash and cash equivalents at the beginning of the financial period 52,647 17,549
Cash and cash equivalents at the end of the financial period 28,713 31,318
The accompanying notes form an integral part of these financial statements.
386 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Russell 3000 U.S. Total Market UCITS ETF Schedule of Investments as at 30 September 2017
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.23% (March 2017: 99.65%) Transferable Securities - 99.23% (March 2017: 99.65%) Common Stock - 95.06% (March 2017: 95.60%) (continued) United States Dollar - 95.06% Common Stock - 95.06% (March 2017: 95.60%) (continued) 32 3D Systems 428 0.01 United States Dollar - 95.06% (continued) 97 3M 20,360 0.50 58 Ally Financial 1,407 0.03 31 Aaron's 1,353 0.03 9 Alnylam Pharmaceuticals 1,057 0.03 275 Abbott Laboratories 14,674 0.36 44 Alphabet (Class A) 42,844 1.06 250 AbbVie 22,215 0.55 46 Alphabet (Class C) 44,119 1.09 28 Abercrombie & Fitch 404 0.01 299 Altria Group 18,963 0.47 16 Abiomed 2,698 0.07 59 Amazon.com 56,720 1.40 22 Acadia Healthcare 1,051 0.03 7 Ambarella 343 0.01 15 ACADIA Pharmaceuticals 565 0.01 1 Amdocs 64 0.00 81 Accenture 10,941 0.27 1 AMERCO 375 0.01 105 Activision Blizzard 6,774 0.17 61 Ameren 3,528 0.09 6 Acuity Brands 1,028 0.03 93 American Airlines Group 4,417 0.11 2 Adient 168 0.00 7 American Eagle Outfitters 100 0.00 66 Adobe Systems 9,846 0.24 69 American Electric Power 4,847 0.12 45 Adtalem Global Education 1,613 0.04 60 American Equity Investment Life Holding 1,745 0.04 15 Advance Auto Parts 1,488 0.04 123 American Express 11,127 0.27 112 Advanced Micro Devices 1,428 0.04 4 American Financial Group 414 0.01 4 AdvanSix 159 0.00 152 American International Group 9,331 0.23 19 Advisory Board 1,019 0.03 10 American Water Works 809 0.02 19 AECOM 699 0.02 29 Ameriprise Financial 4,307 0.11 77 AES 849 0.02 22 AmerisourceBergen 1,820 0.04 41 Aetna 6,519 0.16 20 AMETEK 1,321 0.03 14 Affiliated Managers Group 2,658 0.07 121 Amgen 22,560 0.56 64 Aflac 5,209 0.13 27 Amphenol 2,285 0.06 2 AGCO 148 0.00 44 AmTrust Financial Services 592 0.01 72 Agilent Technologies 4,622 0.11 115 Anadarko Petroleum 5,618 0.14 7 Agios Pharmaceuticals 467 0.01 48 Analog Devices 4,136 0.10 52 Air Lease 2,216 0.05 28 Andeavor 2,888 0.07 28 Air Products & Chemicals 4,234 0.10 26 ANSYS 3,191 0.08 42 AK Steel Holding 235 0.01 36 Antero Resources 716 0.02 16 Akamai Technologies 780 0.02 33 Anthem 6,266 0.15 16 Akorn 531 0.01 35 Aon 5,113 0.13 16 Alaska Air Group 1,220 0.03 49 Apache 2,244 0.06 30 Albemarle 4,089 0.10 15 Apogee Enterprises 724 0.02 17 Alcoa 793 0.02 805 Apple 124,067 3.07 23 Alere 1,173 0.03 126 Applied Materials 6,563 0.16 34 Alexion Pharmaceuticals 4,770 0.12 30 AptarGroup 2,589 0.06 18 Align Technology 3,353 0.08 10 Aqua America 332 0.01 36 Alkermes 1,830 0.05 9 Arch Capital Group 886 0.02 9 Allegheny Technologies 215 0.01 79 Archer-Daniels-Midland 3,358 0.08 3 Allegiant Travel 395 0.01 51 Arconic 1,269 0.03 9 Allegion 778 0.02 6 Arista Networks 1,138 0.03 59 Allergan 12,092 0.30 30 Array BioPharma 369 0.01 6 Alliance Data Systems 1,329 0.03 24 ARRIS International 684 0.02 80 Alliant Energy 3,326 0.08 35 Arrow Electronics 2,814 0.07 67 Allison Transmission Holdings 2,515 0.06 52 Arrow Financial 1,786 0.04 88 Allscripts Healthcare Solutions 1,252 0.03 46 Artesian Resources 1,739 0.04 57 Allstate 5,239 0.13 53 Arthur J Gallagher & Co 3,262 0.08 20 Ashland Global Holdings 1,308 0.03
387 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Russell 3000 U.S. Total Market UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.23% (March 2017: 99.65%) Transferable Securities - 99.23% (March 2017: 99.65%) (continued) (continued) Common Stock - 95.06% (March 2017: 95.60%) (continued) Common Stock - 95.06% (March 2017: 95.60%) (continued) United States Dollar - 95.06% (continued) United States Dollar - 95.06% (continued) 18 Aspen Technology 1,131 0.03 56 Brocade Communications Systems 669 0.02 44 Assured Guaranty 1,661 0.04 35 Brown-Forman 1,900 0.05 961 AT&T 37,642 0.93 49 Bruker 1,458 0.04 12 athenahealth 1,492 0.04 7 Buffalo Wild Wings 740 0.02 16 Atwood Oceanics 150 0.00 36 Bunge 2,501 0.06 24 Autodesk 2,694 0.07 15 Burlington Stores 1,432 0.04 68 Automatic Data Processing 7,434 0.18 36 BWX Technologies 2,017 0.05 29 AutoNation 1,376 0.03 76 CA 2,537 0.06 4 AutoZone 2,380 0.06 36 Cabot 2,009 0.05 21 Avangrid 996 0.02 62 Cabot Oil & Gas 1,658 0.04 28 Avis Budget Group 1,066 0.03 77 Cadence Design Systems 3,039 0.08 35 Axalta Coating Systems 1,012 0.03 46 California First National Bancorp 833 0.02 5 Axis Capital Holdings 287 0.01 10 California Resources 105 0.00 45 B&G Foods 1,433 0.04 80 Calpine 1,180 0.03 29 Babcock & Wilcox Enterprises 97 0.00 45 Camden National 1,964 0.05 38 Badger Meter 1,862 0.05 47 Campbell Soup 2,201 0.05 83 Baker Hughes 3,039 0.08 29 Cantel Medical 2,731 0.07 17 Balchem 1,382 0.03 82 Capital One Financial 6,942 0.17 81 Ball 3,345 0.08 50 Cardinal Health 3,346 0.08 1,512 Bank of America 38,314 0.95 3 Carlisle Cos 301 0.01 162 Bank of New York Mellon 8,589 0.21 19 CarMax 1,440 0.04 16 Bank of the Ozarks 769 0.02 49 Carnival 3,164 0.08 56 Baxter International 3,514 0.09 21 Carrizo Oil & Gas 360 0.01 126 BB&T 5,914 0.15 16 Cars.com 426 0.01 32 Becton Dickinson and Co 6,270 0.15 22 Carter's 2,172 0.05 9 Bed Bath & Beyond 211 0.01 10 Casey's General Stores 1,094 0.03 7 Belden 564 0.01 81 Caterpillar 10,102 0.25 24 Bemis 1,094 0.03 22 Cavium 1,451 0.04 285 Berkshire Hathaway 52,246 1.29 95 CBIZ 1,544 0.04 26 Best Buy 1,481 0.04 36 CBOE Holdings 3,875 0.10 29 Big Lots 1,554 0.04 32 CBRE Group 1,212 0.03 32 Biogen 10,020 0.25 56 CBS 3,248 0.08 25 BioMarin Pharmaceutical 2,327 0.06 14 CDK Global 883 0.02 15 Bio-Techne 1,813 0.04 21 CDW 1,386 0.03 16 Bioverativ 913 0.02 19 Celanese 1,981 0.05 23 Blackhawk Network Holdings 1,007 0.02 133 Celgene 19,394 0.48 19 BlackRock 8,495 0.21 9 Celldex Therapeutics 26 0.00 45 Bloomin' Brands 792 0.02 26 Centene 2,516 0.06 7 Bluebird Bio 961 0.02 122 CenterPoint Energy 3,564 0.09 89 Boeing 22,625 0.56 67 CenturyLink 1,266 0.03 19 BOK Financial 1,693 0.04 24 Cerner 1,712 0.04 15 BorgWarner 768 0.02 43 CF Industries Holdings 1,512 0.04 4 Boston Beer 625 0.02 43 CH Robinson Worldwide 3,272 0.08 145 Boston Scientific 4,230 0.10 22 Charles River Laboratories International 2,376 0.06 11 Brighthouse Financial 669 0.02 154 Charles Schwab 6,736 0.17 251 Bristol-Myers Squibb 15,999 0.40 28 Charter Communications 10,176 0.25 66 Broadcom 16,008 0.40 24 Chemours 1,215 0.03 29 Broadridge Financial Solutions 2,344 0.06 29 Cheniere Energy 1,306 0.03
388 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Russell 3000 U.S. Total Market UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.23% (March 2017: 99.65%) Transferable Securities - 99.23% (March 2017: 99.65%) (continued) (continued) Common Stock - 95.06% (March 2017: 95.60%) (continued) Common Stock - 95.06% (March 2017: 95.60%) (continued) United States Dollar - 95.06% (continued) United States Dollar - 95.06% (continued) 87 Chesapeake Energy 374 0.01 60 CONSOL Energy 1,016 0.03 15 Chesapeake Utilities 1,174 0.03 2 Consolidated Communications Holdings 38 0.00 303 Chevron 35,602 0.88 64 Consolidated Edison 5,164 0.13 25 Chicago Bridge & Iron 420 0.01 23 Constellation Brands 4,587 0.11 111 Chico's FAS 993 0.02 5 Continental Resources 193 0.00 4 Chipotle Mexican Grill 1,231 0.03 11 Cooper 2,608 0.06 70 Chubb 9,978 0.25 10 Copa Holdings 1,245 0.03 29 Church & Dwight 1,405 0.03 45 CoreLogic 2,080 0.05 20 Ciena 439 0.01 26 Cornerstone OnDemand 1,056 0.03 40 Cigna 7,478 0.18 147 Corning 4,398 0.11 16 Cimarex Energy 1,819 0.04 5 CoStar Group 1,341 0.03 15 Cimpress 1,465 0.04 62 Costco Wholesale 10,186 0.25 36 Cincinnati Financial 2,757 0.07 39 Coty 645 0.02 43 Cinemark Holdings 1,557 0.04 17 CR Bard 5,448 0.13 9 Cintas 1,299 0.03 29 Cree 818 0.02 28 Cirrus Logic 1,493 0.04 8 CSRA 258 0.01 823 Cisco Systems 27,677 0.68 126 CSX 6,837 0.17 36 CIT Group 1,766 0.04 25 Cullen/Frost Bankers 2,373 0.06 443 Citigroup 32,224 0.80 22 Cummins 3,697 0.09 93 Citizens Financial Group 3,522 0.09 103 CVB Financial 2,490 0.06 21 Citrix Systems 1,613 0.04 165 CVS Health 13,418 0.33 29 Clean Harbors 1,644 0.04 97 Cypress Semiconductor 1,457 0.04 30 Cleveland-Cliffs 215 0.01 88 Dana 2,460 0.06 19 Clorox 2,506 0.06 83 Danaher 7,120 0.18 2 Clovis Oncology 165 0.00 34 Darden Restaurants 2,679 0.07 65 CME Group 8,819 0.22 65 Darling Ingredients 1,139 0.03 33 CMS Energy 1,529 0.04 10 DaVita 594 0.01 29 CNA Financial 1,457 0.04 46 Dean Foods 500 0.01 69 CNO Financial Group 1,610 0.04 13 Deckers Outdoor 889 0.02 76 Coach 3,061 0.08 49 Deere & Co 6,154 0.15 612 Coca-Cola 27,546 0.68 62 Dell Technologies 4,787 0.12 27 Coeur Mining 248 0.01 33 Delphi Automotive 3,247 0.08 25 Cognex 2,757 0.07 105 Delta Air Lines 5,063 0.13 75 Cognizant Technology Solutions 5,440 0.13 77 Denbury Resources 103 0.00 9 Coherent 2,117 0.05 39 Dentsply Sirona 2,333 0.06 45 Colfax 1,874 0.05 65 Devon Energy 2,386 0.06 149 Colgate-Palmolive 10,855 0.27 18 DexCom 881 0.02 696 Comcast 26,782 0.66 24 Diamond Offshore Drilling 348 0.01 19 Comerica 1,449 0.04 22 Diamondback Energy 2,155 0.05 4 CommerceHub (Class A Shares) 90 0.00 45 DigitalGlobe 1,586 0.04 8 CommerceHub (Class C Shares) 171 0.00 15 Dillard's 841 0.02 29 CommScope Holding 963 0.02 56 Discover Financial Services 3,611 0.09 31 Community Health Systems 238 0.01 19 Discovery Communications (Class A Shares) 405 0.01 42 Conagra Brands 1,417 0.04 24 Discovery Communications (Class C Shares) 486 0.01 24 Concho Resources 3,161 0.08 22 DISH Network 1,193 0.03 19 Conduent 298 0.01 31 Dollar General 2,513 0.06 24 Connecticut Water Service 1,423 0.04 29 Dollar Tree 2,518 0.06 181 ConocoPhillips 9,059 0.22 81 Dominion Energy 6,231 0.15
389 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Russell 3000 U.S. Total Market UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.23% (March 2017: 99.65%) Transferable Securities - 99.23% (March 2017: 99.65%) (continued) (continued) Common Stock - 95.06% (March 2017: 95.60%) (continued) Common Stock - 95.06% (March 2017: 95.60%) (continued) United States Dollar - 95.06% (continued) United States Dollar - 95.06% (continued) 3 Domino's Pizza 596 0.01 119 Exelon 4,483 0.11 6 Donaldson 276 0.01 27 Expedia 3,886 0.10 6 Donnelley Financial Solutions 129 0.00 61 Expeditors International of Washington 3,651 0.09 14 Dover 1,279 0.03 95 Express Scripts Holding 6,015 0.15 369 DowDuPont 25,546 0.63 670 Exxon Mobil 54,927 1.36 50 DR Horton 1,996 0.05 21 F5 Networks 2,532 0.06 26 Dr Pepper Snapple Group 2,300 0.06 372 Facebook 63,564 1.57 22 Dril-Quip 971 0.02 32 Fastenal 1,459 0.04 45 DSW 967 0.02 40 FedEx 9,023 0.22 26 DTE Energy 2,791 0.07 66 Fidelity National Information Services 6,164 0.15 116 Duke Energy 9,735 0.24 22 Fiesta Restaurant Group 418 0.01 17 Dunkin' Brands Group 902 0.02 109 Fifth Third Bancorp 3,050 0.08 61 DXC Technology 5,239 0.13 26 Financial Engines 903 0.02 15 Dyax 37 0.00 56 Finisar 1,242 0.03 35 Dynegy 343 0.01 15 FireEye 252 0.01 79 E*TRADE Financial 3,445 0.09 34 First American Financial 1,699 0.04 18 Eagle Materials 1,921 0.05 4 First Citizens BancShares 1,496 0.04 30 East West Bancorp 1,793 0.04 59 First Community Bancshares 1,717 0.04 31 Eastman Chemical 2,805 0.07 31 First Data 559 0.01 57 Eaton 4,377 0.11 13 First Mid-Illinois Bancshares 499 0.01 172 eBay 6,615 0.16 98 First Midwest Bancorp 2,295 0.06 30 Ecolab 3,858 0.10 33 First Republic Bank 3,447 0.09 5 Edgewell Personal Care 364 0.01 4 First Solar 184 0.00 36 Edison International 2,778 0.07 50 FirstEnergy 1,541 0.04 30 Edwards Lifesciences 3,279 0.08 41 Fiserv 5,287 0.13 41 Electronic Arts 4,840 0.12 21 Five Below 1,152 0.03 175 Eli Lilly & Co 14,969 0.37 19 FleetCor Technologies 2,941 0.07 83 Emerson Electric 5,216 0.13 67 FLIR Systems 2,607 0.06 42 Endo International 360 0.01 41 Flowserve 1,746 0.04 17 Energen 930 0.02 11 Fluor 463 0.01 5 Energizer Holdings 230 0.01 11 FMC 982 0.02 73 Ennis 1,434 0.04 77 FNF Group 3,654 0.09 41 Ensco 245 0.01 20 FNFV Group 343 0.01 56 Entegris 1,616 0.04 38 Foot Locker 1,338 0.03 20 Entergy 1,527 0.04 495 Ford Motor 5,925 0.15 1 Enterprise Bancorp 36 0.00 39 FormFactor 657 0.02 15 Envision Healthcare 674 0.02 32 Fortinet 1,147 0.03 99 EOG Resources 9,577 0.24 42 Fortive 2,973 0.07 17 EPAM Systems 1,495 0.04 14 Fortune Brands Home & Security 941 0.02 26 EQT 1,696 0.04 30 Franklin Electric 1,345 0.03 31 Equifax 3,286 0.08 49 Franklin Resources 2,181 0.05 18 Erie Indemnity 2,170 0.05 195 Freeport-McMoRan 2,738 0.07 31 Estee Lauder 3,343 0.08 18 Frontier Communications 212 0.01 24 Euronet Worldwide 2,275 0.06 26 GameStop 537 0.01 12 Everest Re Group 2,741 0.07 25 Gannett 225 0.01 38 Eversource Energy 2,297 0.06 60 Gap 1,772 0.04 6 Exact Sciences 283 0.01 49 Garmin 2,645 0.07 35 Exelixis 848 0.02 21 Gartner 2,613 0.06
390 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Russell 3000 U.S. Total Market UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.23% (March 2017: 99.65%) Transferable Securities - 99.23% (March 2017: 99.65%) (continued) (continued) Common Stock - 95.06% (March 2017: 95.60%) (continued) Common Stock - 95.06% (March 2017: 95.60%) (continued) United States Dollar - 95.06% (continued) United States Dollar - 95.06% (continued) 17 GCP Applied Technologies 522 0.01 15 Helmerich & Payne 782 0.02 29 Generac Holdings 1,332 0.03 18 Henry Schein 1,476 0.04 44 General Dynamics 9,046 0.22 8 Herbalife 543 0.01 1,336 General Electric 32,304 0.80 2 Herc Holdings 98 0.00 68 General Mills 3,520 0.09 38 Hershey 4,148 0.10 220 General Motors 8,884 0.22 7 Hertz Global Holdings 157 0.00 20 Genesee & Wyoming 1,480 0.04 43 Hess 2,016 0.05 80 Genpact 2,300 0.06 247 Hewlett Packard Enterprise 3,633 0.09 117 Gentex 2,317 0.06 23 Hexcel 1,321 0.03 39 Genuine Parts 3,730 0.09 6 Hilton Grand Vacations 232 0.01 102 Genworth Financial 393 0.01 21 Hilton Worldwide Holdings 1,458 0.04 18 G-III Apparel Group 522 0.01 52 HMS Holdings 1,033 0.03 213 Gilead Sciences 17,257 0.43 41 HollyFrontier 1,475 0.04 65 Glacier Bancorp 2,454 0.06 55 Hologic 2,018 0.05 26 Global Payments 2,471 0.06 187 Home Depot 30,586 0.76 1 GNC Holdings 9 0.00 115 Honeywell International 16,300 0.40 16 Golar LNG 362 0.01 27 Horizon Pharma 342 0.01 64 Goldman Sachs Group 15,180 0.38 79 Hormel Foods 2,539 0.06 22 Goodyear Tire & Rubber 731 0.02 14 Howard Hughes 1,651 0.04 14 GoPro 154 0.00 247 HP 4,930 0.12 54 Graphic Packaging Holding 753 0.02 22 Hubbell 2,552 0.06 27 Great Southern Bancorp 1,503 0.04 18 Humana 4,385 0.11 75 Griffon 1,665 0.04 103 Huntington Bancshares 1,438 0.04 159 Groupon 827 0.02 5 Huntington Ingalls Industries 1,132 0.03 17 GrubHub 895 0.02 47 Huntsman 1,289 0.03 36 Guidewire Software 2,803 0.07 3 IAC/InterActiveCorp 353 0.01 32 Gulfport Energy 459 0.01 24 IDEXX Laboratories 3,732 0.09 78 H&R Block 2,065 0.05 96 IHS Markit 4,232 0.10 36 Haemonetics 1,615 0.04 6 ILG 160 0.00 182 Halliburton 8,377 0.21 50 Illinois Tool Works 7,398 0.18 2 Hallmark Financial Services 23 0.00 23 Illumina 4,582 0.11 42 Halozyme Therapeutics 730 0.02 26 Impax Laboratories 528 0.01 15 Halyard Health 675 0.02 29 Incyte 3,385 0.08 40 Hanesbrands 986 0.02 29 Independent Bank/MA 2,165 0.05 60 Hanmi Financial 1,857 0.05 58 Infinera 514 0.01 43 Harley-Davidson 2,073 0.05 32 Ingersoll-Rand 2,853 0.07 14 Harris 1,844 0.05 8 Ingevity 500 0.01 70 Hartford Financial Services Group 3,880 0.10 25 Ingredion 3,016 0.07 7 Hasbro 684 0.02 10 Inphi 397 0.01 60 Hawaiian Electric Industries 2,002 0.05 25 Insulet 1,377 0.03 39 Hawaiian Telcom Holdco 1,163 0.03 53 Integrated Device Technology 1,409 0.03 24 Hawkins 979 0.02 689 Intel 26,237 0.65 36 HCA Healthcare 2,865 0.07 2 Intercept Pharmaceuticals 116 0.00 32 HD Supply Holdings 1,154 0.03 79 Intercontinental Exchange 5,427 0.13 36 HealthSouth 1,669 0.04 63 International Bancshares 2,526 0.06 55 Hecla Mining 276 0.01 130 International Business Machines 18,860 0.47 3 HEICO 269 0.01 4 International Flavors & Fragrances 572 0.01 67 Helix Energy Solutions Group 495 0.01 53 International Paper 3,011 0.07
391 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Russell 3000 U.S. Total Market UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.23% (March 2017: 99.65%) Transferable Securities - 99.23% (March 2017: 99.65%) (continued) (continued) Common Stock - 95.06% (March 2017: 95.60%) (continued) Common Stock - 95.06% (March 2017: 95.60%) (continued) United States Dollar - 95.06% (continued) United States Dollar - 95.06% (continued) 117 Interpublic Group of Cos 2,432 0.06 20 LCNB 419 0.01 13 Intrexon 247 0.01 15 Lear 2,596 0.06 29 Intuit 4,122 0.10 25 LegacyTexas Financial Group 998 0.02 4 Intuitive Surgical 4,184 0.10 20 Leggett & Platt 955 0.02 56 Invesco 1,962 0.05 20 Leidos Holdings 1,184 0.03 26 Ionis Pharmaceuticals 1,318 0.03 47 Lennar 2,482 0.06 17 IPG Photonics 3,146 0.08 13 Lennox International 2,327 0.06 62 Ironwood Pharmaceuticals 978 0.02 103 Leucadia National 2,601 0.06 3 J Alexander's Holdings 35 0.00 30 Level 3 Communications 1,599 0.04 20 Jack Henry & Associates 2,056 0.05 10 Liberty Broadband (Class A Shares) 942 0.02 22 Jack in the Box 2,242 0.06 27 Liberty Broadband (Class C Shares) 2,573 0.06 54 Jacobs Engineering Group 3,147 0.08 4 Liberty Expedia Holdings 212 0.01 7 JB Hunt Transport Services 778 0.02 45 Liberty Interactive QVC Group 1,061 0.03 61 JC Penney 232 0.01 4 Liberty Media Corp-Liberty Braves (Class A 108 JetBlue Airways 2,001 0.05 Shares) 101 0.00 21 JM Smucker 2,204 0.05 2 Liberty Media Corp-Liberty Braves (Class C Shares) 51 0.00 425 Johnson & Johnson 55,254 1.37 40 Liberty Media Corp-Liberty SiriusXM 1,676 0.04 125 Johnson Controls International 5,036 0.12 10 Liberty Media-Liberty Formula One 365 0.01 10 Jones Lang LaSalle 1,235 0.03 21 Liberty TripAdvisor Holdings 259 0.01 551 JPMorgan Chase & Co 52,626 1.30 37 Liberty Ventures 2,129 0.05 25 Juniper Networks 696 0.02 22 LifePoint Health 1,274 0.03 15 Juno Therapeutics 673 0.02 21 Lincoln Electric Holdings 1,925 0.05 14 Kadant 1,380 0.03 24 Lincoln National 1,764 0.04 36 Kaman 2,008 0.05 18 Lions Gate Entertainment (Class A Shares) 602 0.01 28 Kansas City Southern 3,043 0.08 20 Lions Gate Entertainment (Class B Shares) 636 0.02 22 KapStone Paper and Packaging 473 0.01 11 Lithia Motors 1,323 0.03 47 KAR Auction Services 2,244 0.06 43 LKQ 1,548 0.04 35 Kellogg 2,183 0.05 44 Lockheed Martin 13,653 0.34 52 Kennametal 2,098 0.05 36 Loews 1,723 0.04 234 KeyCorp 4,404 0.11 19 LogMeIn 2,091 0.05 65 Keysight Technologies 2,708 0.07 80 Louisiana-Pacific 2,166 0.05 56 Kimberly-Clark 6,590 0.16 119 Lowe's 9,513 0.24 272 Kinder Morgan 5,217 0.13 6 LSC Communications 99 0.00 39 Kindred Healthcare 265 0.01 15 Lululemon Athletica 934 0.02 8 Kite Pharma 1,438 0.04 15 Lumber Liquidators Holdings 585 0.01 46 KLA-Tencor 4,876 0.12 28 Lumentum Holdings 1,522 0.04 25 KLX 1,323 0.03 55 LyondellBasell Industries 5,448 0.13 31 Knowles 473 0.01 19 M&T Bank 3,060 0.08 43 Kohl's 1,963 0.05 30 Macy's 655 0.02 75 Kraft Heinz 5,816 0.14 13 Mallinckrodt 486 0.01 130 Kroger 2,608 0.06 28 Manhattan Associates 1,164 0.03 31 L Brands 1,290 0.03 52 Manitowoc 468 0.01 9 L3 Technologies 1,696 0.04 25 ManpowerGroup 2,945 0.07 26 Laboratory Corporation of America Holdings 3,925 0.10 151 Marathon Oil 2,048 0.05 37 Lam Research 6,846 0.17 78 Marathon Petroleum 4,374 0.11 14 Lamb Weston Holdings 656 0.02 1 Markel 1,068 0.03 45 Las Vegas Sands 2,887 0.07 5 MarketAxess Holdings 923 0.02 39 Lazard 1,764 0.04
392 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Russell 3000 U.S. Total Market UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.23% (March 2017: 99.65%) Transferable Securities - 99.23% (March 2017: 99.65%) (continued) (continued) Common Stock - 95.06% (March 2017: 95.60%) (continued) Common Stock - 95.06% (March 2017: 95.60%) (continued) United States Dollar - 95.06% (continued) United States Dollar - 95.06% (continued) 64 Marriott International 7,057 0.17 27 Myriad Genetics 977 0.02 76 Marsh & McLennan 6,370 0.16 66 Nabors Industries 533 0.01 14 Martin Marietta Materials 2,887 0.07 41 Nasdaq 3,180 0.08 39 Marvell Technology Group 698 0.02 36 National Fuel Gas 2,038 0.05 38 Masco 1,482 0.04 45 National Oilwell Varco 1,608 0.04 133 Mastercard 18,780 0.46 100 Navient 1,502 0.04 29 Matador Resources 787 0.02 45 Navistar International 1,983 0.05 23 Mattel 356 0.01 47 NCR 1,763 0.04 27 Matthews International 1,681 0.04 55 Nektar Therapeutics 1,320 0.03 72 Maxim Integrated Products 3,435 0.08 29 Neogen 2,246 0.06 29 MAXIMUS 1,870 0.05 90 NetApp 3,938 0.10 20 MaxLinear 475 0.01 62 Netflix 11,244 0.28 32 McCormick & Co 3,284 0.08 16 Neurocrine Biosciences 980 0.02 132 McDonald's 20,682 0.51 56 New York Community Bancorp 722 0.02 29 McKesson 4,455 0.11 96 New York Times 1,882 0.05 88 MDU Resources Group 2,284 0.06 56 Newell Brands 2,390 0.06 32 Medicines 1,185 0.03 32 Newfield Exploration 949 0.02 22 Medidata Solutions 1,717 0.04 68 Newmont Mining 2,551 0.06 31 Mednax 1,337 0.03 151 News 2,002 0.05 200 Medtronic 15,554 0.38 64 NextEra Energy 9,379 0.23 409 Merck & Co 26,188 0.65 71 Nielsen Holdings 2,943 0.07 29 Mercury General 1,644 0.04 204 Nike 10,577 0.26 125 MetLife 6,494 0.16 29 NiSource 742 0.02 7 Mettler-Toledo International 4,383 0.11 44 Noble 202 0.01 6 MGE Energy 388 0.01 84 Noble Energy 2,382 0.06 106 MGM Resorts International 3,455 0.09 27 Nordstrom 1,273 0.03 13 Michael Kors Holdings 622 0.02 48 Norfolk Southern 6,348 0.16 53 Microchip Technology 4,758 0.12 27 Northern Trust 2,482 0.06 149 Micron Technology 5,860 0.14 28 Northrop Grumman 8,056 0.20 20 Microsemi 1,030 0.03 36 Norwegian Cruise Line Holdings 1,946 0.05 1,153 Microsoft 85,887 2.12 116 Novavax 132 0.00 15 Middleby 1,923 0.05 8 NOW 110 0.00 33 Middlesex Water 1,296 0.03 121 NRG Energy 3,096 0.08 22 Minerals Technologies 1,554 0.04 25 Nu Skin Enterprises 1,537 0.04 15 Mohawk Industries 3,713 0.09 80 Nuance Communications 1,258 0.03 25 Molson Coors Brewing 2,041 0.05 48 Nucor 2,690 0.07 229 Mondelez International 9,311 0.23 29 NuVasive 1,608 0.04 61 Monsanto 7,309 0.18 96 NVIDIA 17,162 0.42 57 Monster Beverage 3,149 0.08 40 NXP Semiconductors 4,524 0.11 19 Moody's 2,645 0.07 29 Oasis Petroleum 264 0.01 213 Morgan Stanley 10,260 0.25 103 Occidental Petroleum 6,614 0.16 47 Mosaic 1,015 0.03 27 Oceaneering International 709 0.02 25 Motorola Solutions 2,122 0.05 34 Office Depot 154 0.00 5 MSCI 584 0.01 58 OGE Energy 2,090 0.05 2 MSG Networks 42 0.00 133 Old Republic International 2,619 0.06 48 Murphy Oil 1,275 0.03 34 Olin 1,164 0.03 13 Murphy USA 897 0.02 19 Olympic Steel 418 0.01 61 Mylan 1,914 0.05 22 Omnicom Group 1,630 0.04
393 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Russell 3000 U.S. Total Market UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.23% (March 2017: 99.65%) Transferable Securities - 99.23% (March 2017: 99.65%) (continued) (continued) Common Stock - 95.06% (March 2017: 95.60%) (continued) Common Stock - 95.06% (March 2017: 95.60%) (continued) United States Dollar - 95.06% (continued) United States Dollar - 95.06% (continued) 84 ON Semiconductor 1,551 0.04 104 Progressive 5,036 0.12 20 ONE Gas 1,473 0.04 17 Proofpoint 1,483 0.04 18 ONEOK 997 0.02 15 Proto Labs 1,204 0.03 80 OPKO Health 549 0.01 22 Provident Bancorp 509 0.01 447 Oracle 21,612 0.53 60 Prudential Financial 6,379 0.16 16 Orbital ATK 2,131 0.05 33 PTC 1,857 0.05 11 O'Reilly Automotive 2,369 0.06 62 Public Service Enterprise Group 2,867 0.07 4 Oshkosh 330 0.01 116 PulteGroup 3,170 0.08 53 Otter Tail 2,298 0.06 7 Puma Biotechnology 838 0.02 8 Owens Corning 619 0.02 18 PVH 2,269 0.06 67 Owens-Illinois 1,686 0.04 50 QEP Resources 429 0.01 48 PACCAR 3,472 0.09 28 Qorvo 1,979 0.05 1 Pacira Pharmaceuticals 38 0.00 224 QUALCOMM 11,612 0.29 29 Packaging of America 3,326 0.08 60 Quanex Building Products 1,377 0.03 53 PacWest Bancorp 2,677 0.07 71 Quanta Services 2,653 0.07 12 Palo Alto Networks 1,729 0.04 34 Quest Diagnostics 3,184 0.08 46 Pandora Media 354 0.01 39 Quintiles IMS Holdings 3,708 0.09 15 Parker-Hannifin 2,625 0.06 7 Radius Health 270 0.01 44 Parsley Energy 1,159 0.03 12 Ralph Lauren 1,059 0.03 54 Patterson-UTI Energy 1,131 0.03 40 Range Resources 783 0.02 70 Paychex 4,197 0.10 43 Raytheon 8,023 0.20 172 PayPal Holdings 11,013 0.27 45 Realogy Holdings 1,483 0.04 25 PBF Energy 690 0.02 15 Red Hat 1,663 0.04 1 PDC Energy 49 0.00 11 Regeneron Pharmaceuticals 4,918 0.12 17 Pentair 1,155 0.03 144 Regions Financial 2,193 0.05 213 PepsiCo 23,735 0.59 2 Reinsurance Group of America 279 0.01 45 PerkinElmer 3,104 0.08 12 Reliance Steel & Aluminum 914 0.02 23 Perrigo 1,947 0.05 14 RenaissanceRe Holdings 1,892 0.05 894 Pfizer 31,916 0.79 34 Republic Services 2,246 0.06 63 PG&E 4,290 0.11 28 ResMed 2,155 0.05 222 Philip Morris International 24,644 0.61 15 RH 1,055 0.03 76 Phillips 66 6,962 0.17 16 Rice Energy 463 0.01 26 Pioneer Natural Resources 3,836 0.09 92 Rite Aid 180 0.00 88 Pitney Bowes 1,233 0.03 7 Robert Half International 352 0.01 52 Platform Specialty Products 580 0.01 27 Rockwell Automation 4,812 0.12 89 PNC Financial Services Group 11,995 0.30 18 Rockwell Collins 2,353 0.06 15 Polaris Industries 1,569 0.04 12 Rollins 554 0.01 20 Portola Pharmaceuticals 1,081 0.03 10 Roper Technologies 2,434 0.06 15 Post Holdings 1,324 0.03 35 Ross Stores 2,260 0.06 33 PPG Industries 3,586 0.09 25 Rowan 321 0.01 77 PPL 2,922 0.07 29 Royal Caribbean Cruises 3,438 0.08 29 PRA Group 831 0.02 27 Royal Gold 2,323 0.06 39 Praxair 5,450 0.13 17 RR Donnelley & Sons 175 0.00 23 Prestige Brands Holdings 1,152 0.03 14 Ryder System 1,184 0.03 7 Priceline Group 12,816 0.32 29 S&P Global 4,533 0.11 21 Primerica 1,713 0.04 91 salesforce.com 8,501 0.21 25 Principal Financial Group 1,608 0.04 9 Sanderson Farms 1,454 0.04 388 Procter & Gamble 35,300 0.87 52 Santander Consumer USA Holdings 799 0.02
394 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Russell 3000 U.S. Total Market UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.23% (March 2017: 99.65%) Transferable Securities - 99.23% (March 2017: 99.65%) (continued) (continued) Common Stock - 95.06% (March 2017: 95.60%) (continued) Common Stock - 95.06% (March 2017: 95.60%) (continued) United States Dollar - 95.06% (continued) United States Dollar - 95.06% (continued) 9 Sarepta Therapeutics 408 0.01 48 Superior Energy Services 513 0.01 36 SCANA 1,746 0.04 17 SVB Financial Group 3,181 0.08 198 Schlumberger 13,812 0.34 60 Symantec 1,969 0.05 22 Science Applications International 1,471 0.04 11 Synaptics 431 0.01 22 Scripps Networks Interactive 1,890 0.05 125 Synchrony Financial 3,881 0.10 45 Sealed Air 1,922 0.05 15 SYNNEX 1,898 0.05 29 Seattle Genetics 1,578 0.04 48 Synopsys 3,865 0.10 11 SEI Investments 672 0.02 65 Sysco 3,507 0.09 22 SemGroup 632 0.02 31 T Rowe Price Group 2,810 0.07 29 Sempra Energy 3,310 0.08 9 Tableau Software 674 0.02 4 Seneca Foods 138 0.00 35 Tahoe Resources 184 0.00 70 Sensata Technologies Holding 3,365 0.08 29 Take-Two Interactive Software 2,965 0.07 26 ServiceMaster Global Holdings 1,215 0.03 22 Targa Resources 1,041 0.03 34 ServiceNow 3,996 0.10 77 Target 4,544 0.11 13 Sherwin-Williams 4,655 0.12 72 TD Ameritrade Holding 3,514 0.09 7 Signature Bank 896 0.02 29 Teekay 259 0.01 8 Signet Jewelers 532 0.01 50 TEGNA 666 0.02 569 Sirius XM Holdings 3,141 0.08 60 Telephone & Data Systems 1,673 0.04 36 Six Flags Entertainment 2,194 0.05 10 Tempur Sealy International 645 0.02 24 Skechers U.S.A. 602 0.01 19 Tenet Healthcare 312 0.01 31 Skyworks Solutions 3,159 0.08 19 Tenneco 1,153 0.03 41 SLM 470 0.01 41 Teradata 1,385 0.03 44 SM Energy 781 0.02 15 Terex 675 0.02 6 Snap-on 894 0.02 28 Territorial Bancorp 884 0.02 36 Sotheby's 1,660 0.04 4 TESARO 516 0.01 142 Southern 6,978 0.17 25 Tesla 8,527 0.21 30 Southern Copper (US listed) 1,193 0.03 11 Texas Capital Bancshares 944 0.02 93 Southwest Airlines 5,206 0.13 134 Texas Instruments 12,012 0.30 61 Southwestern Energy 373 0.01 26 Textron 1,401 0.03 11 Spirit AeroSystems Holdings 855 0.02 95 TFS Financial 1,532 0.04 29 Spirit Airlines 969 0.02 58 Thermo Fisher Scientific 10,974 0.27 27 Splunk 1,794 0.04 14 Tiffany & Co 1,285 0.03 286 Sprint 2,225 0.05 75 Time 1,012 0.03 40 Sprouts Farmers Market 751 0.02 114 Time Warner 11,679 0.29 15 SPX 440 0.01 34 Timken 1,651 0.04 15 SPX FLOW 578 0.01 24 TimkenSteel 396 0.01 60 SS&C Technologies Holdings 2,409 0.06 79 TJX 5,825 0.14 35 Stanley Black & Decker 5,284 0.13 69 T-Mobile US 4,255 0.11 198 Starbucks 10,635 0.26 67 Toll Brothers 2,778 0.07 39 State Bank Financial 1,117 0.03 3 Tompkins Financial 258 0.01 55 State Street 5,255 0.13 4 TopBuild 261 0.01 53 Steel Dynamics 1,827 0.05 70 Towne Bank 2,345 0.06 8 Stericycle 573 0.01 31 Tractor Supply 1,962 0.05 28 Steven Madden 1,212 0.03 8 TransDigm Group 2,045 0.05 15 Stratasys 347 0.01 47 Transocean 506 0.01 49 Stryker 6,959 0.17 44 Travelers 5,391 0.13 38 Sun Bancorp 944 0.02 14 TreeHouse Foods 948 0.02 83 SunTrust Banks 4,961 0.12 10 Trex 901 0.02
395 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Russell 3000 U.S. Total Market UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.23% (March 2017: 99.65%) Transferable Securities - 99.23% (March 2017: 99.65%) (continued) (continued) Common Stock - 95.06% (March 2017: 95.60%) (continued) Common Stock - 95.06% (March 2017: 95.60%) (continued) United States Dollar - 95.06% (continued) United States Dollar - 95.06% (continued) 80 TRI Pointe Group 1,105 0.03 44 Viacom 1,225 0.03 9 Tribune Media 368 0.01 22 ViaSat 1,415 0.03 22 Trimble 863 0.02 140 Viavi Solutions 1,324 0.03 53 Trinity Industries 1,691 0.04 273 Visa 28,731 0.71 24 TripAdvisor 973 0.02 29 Vista Outdoor 665 0.02 67 Trustmark 2,219 0.05 15 Visteon 1,857 0.05 224 Twenty-First Century Fox (Class A) 5,909 0.15 19 VMware 2,075 0.05 70 Twenty-First Century Fox (Class B) 1,805 0.04 52 Voya Financial 2,074 0.05 79 Twitter 1,333 0.03 31 Vulcan Materials 3,708 0.09 15 Tyler Technologies 2,615 0.06 4 WABCO Holdings 592 0.01 36 Tyson Foods 2,536 0.06 9 Wabtec 682 0.02 44 UGI 2,062 0.05 25 Waddell & Reed Financial 502 0.01 9 Ulta Salon Cosmetics & Fragrance 2,035 0.05 22 WageWorks 1,335 0.03 4 Ultimate Software Group 758 0.02 131 Walgreens Boots Alliance 10,116 0.25 9 Ultragenyx Pharmaceutical 479 0.01 231 Wal-Mart Stores 18,050 0.45 21 Under Armour (Class A) 346 0.01 244 Walt Disney 24,051 0.59 21 Under Armour (Class C) 315 0.01 67 Waste Management 5,244 0.13 10 Union Bankshares 484 0.01 18 Waters 3,231 0.08 123 Union Pacific 14,264 0.35 120 Weatherford International 550 0.01 11 Unit 226 0.01 38 WEC Energy Group 2,386 0.06 49 United Continental Holdings 2,983 0.07 52 Welbilt 1,199 0.03 8 United Natural Foods 333 0.01 17 WellCare Health Plans 2,920 0.07 98 United Parcel Service 11,769 0.29 688 Wells Fargo & Co 37,943 0.94 12 United Rentals 1,665 0.04 80 Wendy's 1,242 0.03 29 United States Steel 744 0.02 29 WesBanco 1,190 0.03 123 United Technologies 14,278 0.35 13 WESCO International 757 0.02 6 United Therapeutics 703 0.02 21 West Pharmaceutical Services 2,021 0.05 142 UnitedHealth Group 27,811 0.69 25 Westar Energy 1,240 0.03 8 Unitil 396 0.01 36 Western Digital 3,110 0.08 9 Universal Display 1,160 0.03 111 Western Union 2,131 0.05 25 Universal Health Services 2,773 0.07 15 Westlake Chemical 1,246 0.03 57 Unum Group 2,914 0.07 48 WestRock 2,723 0.07 269 US Bancorp 14,416 0.36 4 WEX 449 0.01 11 US Silica Holdings 342 0.01 8 Whirlpool 1,476 0.04 9 Vail Resorts 2,053 0.05 1 White Mountains Insurance Group 857 0.02 72 Valero Energy 5,539 0.14 20 Whiting Petroleum 109 0.00 54 Valvoline 1,266 0.03 192 Williams 5,762 0.14 40 Vantiv 2,819 0.07 26 Williams-Sonoma 1,296 0.03 8 Varex Imaging 271 0.01 30 Willis Towers Watson 4,627 0.11 22 Varian Medical Systems 2,201 0.05 28 Windstream Holdings 50 0.00 36 Vectren 2,368 0.06 52 WisdomTree Investments 529 0.01 48 Veeva Systems 2,708 0.07 67 Wolverine World Wide 1,933 0.05 22 VeriSign 2,341 0.06 36 Woodward 2,794 0.07 42 Verisk Analytics 3,494 0.09 28 Workday 2,951 0.07 595 Verizon Communications 29,447 0.73 29 World Fuel Services 983 0.02 14 Versum Materials 543 0.01 56 WPX Energy 644 0.02 37 Vertex Pharmaceuticals 5,625 0.14 17 WR Grace & Co 1,227 0.03 49 VF 3,115 0.08 49 Wright Medical Group 1,268 0.03
396 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Russell 3000 U.S. Total Market UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.23% (March 2017: 99.65%) Transferable Securities - 99.23% (March 2017: 99.65%) (continued) (continued) Common Stock - 95.06% (March 2017: 95.60%) (continued) Real Estate Investment Trust - 4.14% (March 2017: 4.05%) United States Dollar - 95.06% (continued) (continued) 7 WW Grainger 1,258 0.03 United States Dollar - 4.14% (continued) 29 Wyndham Worldwide 3,057 0.08 67 Columbia Property Trust 1,459 0.04 15 Wynn Resorts 2,234 0.06 16 Community Healthcare Trust 431 0.01 103 Xcel Energy 4,874 0.12 12 CoreCivic 321 0.01 24 Xerox 799 0.02 75 Crown Castle International 7,498 0.19 19 Xilinx 1,346 0.03 74 CubeSmart 1,921 0.05 54 XL Group 2,130 0.05 62 DiamondRock Hospitality 679 0.02 23 XPO Logistics 1,559 0.04 22 Digital Realty Trust 2,603 0.06 17 Xylem 1,065 0.03 36 Duke Realty 1,038 0.03 13 Yelp 563 0.01 14 Dynex Capital 102 0.00 10 York Water 339 0.01 21 Easterly Government Properties 434 0.01 74 Yum China Holdings 2,958 0.07 60 Education Realty Trust 2,156 0.05 74 Yum! Brands 5,447 0.13 11 Equinix 4,909 0.12 30 Zayo Group Holdings 1,033 0.03 67 Equity Commonwealth 2,037 0.05 11 Zebra Technologies 1,194 0.03 5 Equity LifeStyle Properties 425 0.01 11 Zillow Group (Class A Shares) 442 0.01 56 Equity Residential 3,692 0.09 22 Zillow Group (Class C Shares) 885 0.02 9 Essex Property Trust 2,286 0.06 20 Zimmer Biomet Holdings 2,342 0.06 39 Extra Space Storage 3,117 0.08 63 Zoetis 4,017 0.10 5 Federal Realty Investment Trust 621 0.02 214 Zynga 809 0.02 29 Forest City Realty Trust 740 0.02 15 Four Corners Property Trust 374 0.01 Total Common Stock 3,847,381 95.06 16 Gaming and Leisure Properties 590 0.01 Depository Receipts - 0.03% (March 2017: Nil) 24 GEO Group 646 0.02 United States Dollar - 0.03% 87 GGP 1,807 0.04 1 British American Tobacco 62 0.00 92 Gladstone Commercial 2,049 0.05 33 Micro Focus International 1,053 0.03 65 HCP 1,809 0.04 Total Depository Receipts 1,115 0.03 35 Healthcare Realty Trust 1,132 0.03 32 Healthcare Trust of America 954 0.02 Real Estate Investment Trust - 4.14% (March 2017: 4.05%) 11 Hospitality Properties Trust 313 0.01 United States Dollar - 4.14% 83 Host Hotels & Resorts 1,535 0.04 88 AG Mortgage Investment Trust 1,693 0.04 49 Independence Realty Trust 498 0.01 71 AGNC Investment 1,539 0.04 53 Iron Mountain 2,062 0.05 2 Alexander's 848 0.02 14 JBG SMITH Properties 479 0.01 13 Alexandria Real Estate Equities 1,547 0.04 43 Kilroy Realty 3,058 0.08 28 American Campus Communities 1,236 0.03 46 Kimco Realty 899 0.02 27 American Homes 4 Rent 586 0.01 43 Lamar Advertising 2,947 0.07 59 American Tower 8,064 0.20 60 LaSalle Hotel Properties 1,741 0.04 187 Annaly Capital Management 2,280 0.06 163 Lexington Realty Trust 1,666 0.04 58 Apartment Investment & Management 2,544 0.06 8 Liberty Property Trust 328 0.01 40 Apple Hospitality 756 0.02 21 Macerich 1,154 0.03 90 Armada Hoffler Properties 1,243 0.03 10 Mid-America Apartment Communities 1,069 0.03 20 AvalonBay Communities 3,568 0.09 9 Monmouth Real Estate Investment 146 0.00 28 Boston Properties 3,441 0.09 53 National Retail Properties 2,208 0.05 14 Brixmor Property Group 263 0.01 11 NorthStar Realty Europe 141 0.00 6 Camden Property Trust 549 0.01 67 Omega Healthcare Investors 2,138 0.05 52 CatchMark Timber Trust 656 0.02 73 One Liberty Properties 1,778 0.04 88 CBL & Associates Properties 738 0.02 63 Outfront Media 1,586 0.04 84 Colony NorthStar 1,055 0.03 20 Owens Realty Mortgage 364 0.01
397 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Russell 3000 U.S. Total Market UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of Fair Value %of Fair Value Net USD Fund Holding Investment USD Assets Total value of investments 4,016,018 99.23 Transferable Securities - 99.23% (March 2017: 99.65%) Cash at bank* (March 2017: 0.28%) 28,713 0.71 (continued) Other net assets (March 2017: 0.07%) 2,560 0.06 Real Estate Investment Trust - 4.14% (March 2017: 4.05%) (continued) Net assets attributable to holders of United States Dollar - 4.14% (continued) redeemable participating shares 4,047,291 100.00 15 Park Hotels & Resorts 413 0.01 33 Pebblebrook Hotel Trust 1,193 0.03 *All cash holdings are held at State Street Bank and Trust Company. 117 PennyMac Mortgage Investment Trust 2,035 0.05 All of the above securities are traded on a recognised stock exchange or 27 Physicians Realty Trust 479 0.01 traded on a regulated market unless otherwise stated. 79 Prologis 5,013 0.12 25 Public Storage 5,350 0.13 %of Total 13 Quality Care Properties 202 0.01 Analysis of Total Assets Assets 67 Rayonier 1,936 0.05 Transferable securities admitted to an official exchange 63 Realty Income 3,603 0.09 listing 99.21 22 Regency Centers 1,365 0.03 Other assets 0.79 72 Rexford Industrial Realty 2,061 0.05 Total Assets 12 Sabra Health Care 263 0.01 100.00 25 SBA Communications 3,601 0.09 49 Simon Property Group 7,889 0.19 18 SL Green Realty 1,824 0.05 28 Spirit Realty Capital 240 0.01 1 Summit Hotel Properties 16 0.00 29 Sun Communities 2,485 0.06 107 Sunstone Hotel Investors 1,719 0.04 35 Terreno Realty 1,266 0.03 29 UDR 1,103 0.03 29 UMH Properties 451 0.01 33 Uniti Group 484 0.01 19 Urban Edge Properties 458 0.01 45 Ventas 2,931 0.07 181 VEREIT 1,500 0.04 29 Vornado Realty Trust 2,230 0.06 111 Washington Prime Group 925 0.02 54 Welltower 3,795 0.09 141 Weyerhaeuser 4,798 0.12 20 WP Carey 1,348 0.03 Total Real Estate Investment Trust 167,522 4.14
Total Transferable Securities 4,016,018 99.23
398 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR Russell 3000 U.S. Total Market UCITS ETF
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Purchases Cost USD
Exxon Mobil 10,528 Cisco Systems 9,068 Ihs Markit 8,984 NXP Semiconductors 8,877 Willis Towers Watson 8,867 Lockheed Martin 7,862 Lam Research 7,437 Facebook 7,072 Coca-Cola 6,961 Fidelity National Information Services 6,702 Agilent Technologies 6,635 Johnson & Johnson 6,508 Dow Chemical 6,474 NVIDIA 6,153 Celgene 6,044 AT&T 5,937 Abbott Laboratories 5,792 PacWest Bancorp 5,647 Rockwell Automation 4,992 Gartner 4,734 Glacier Bancorp 4,604 Dell Technologies Class V 4,517 Becton Dickinson and Co 4,488 First Midwest Bancorp 4,470 International Bancshares 4,318 PennyMac Mortgage Investment Trust 4,308 UnitedHealth Group 4,261 Synopsys 3,708 Sherwin-Williams 3,571 Tesla 3,285 Sensata Technologies Holding 3,120 Veeva Systems 3,028 Kilroy Realty 2,993 Education Realty Trust 2,987 Chevron 2,962 Williams Cos 2,909 IPG Photonics 2,850 Lamar Advertising 2,843 Crown Castle International 2,755 Eli Lilly & Co 2,602 Halliburton 2,449 Berkshire Hathaway 2,341
399 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR Russell 3000 U.S. Total Market UCITS ETF (continued)
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Sales Proceeds USD
Apple 504,616 Microsoft 319,010 Amazon.com 220,181 Johnson & Johnson 216,711 Facebook 211,011 Exxon Mobil 209,519 JPMorgan Chase & Co 199,397 Berkshire Hathaway 194,942 Alphabet (Class C Shares) 159,903 General Electric 158,894 Alphabet (Class A Shares) 156,206 Wells Fargo & Co 153,919 AT&T 151,442 Bank of America 146,779 Procter & Gamble 143,768 Pfizer 125,037 Chevron 123,819 Verizon Communications 119,730 Home Depot 113,919 Citigroup 112,621
A copy of the list of changes in the portfolio during the financial period may be obtained free of charge from the Administrator.
400 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR S&P U.S. Consumer Discretionary Select Sector UCITS ETF Statement of Financial Position as at 30 September 2017
30 September 2017 31 March 2017 USD USD
Current assets Financial assets at fair value through profit or loss: Transferable securities 29,996,430 24,486,372 29,996,430 24,486,372
Cash and cash equivalents 77,558 35,211 Debtors: Dividends receivable 15,440 14,089 Total current assets 30,089,428 24,535,672
Current liabilities Creditors - Amounts falling due within one financial year: Accrued expenses (3,563) (3,085) Total current liabilities (3,563) (3,085)
Net assets attributable to holders of redeemable participating shares 30,085,865 24,532,587
30 September 31 March 30 September 2017 2017 2016 Net asset value per share (please refer to note 4 for numbers of shares in issue) USD 24.07 USD 23.36 USD 21.11
The accompanying notes form an integral part of these financial statements.
401 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR S&P U.S. Consumer Discretionary Select Sector UCITS ETF Statement of Comprehensive Income for the financial period ended 30 September 2017
30 September 2017 30 September 2016 Notes USD USD
Dividend income 183,884 91,325 Interest income 272 - Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 481,812 199,582 Miscellaneous income 8 439 Total investment income 665,976 291,346
Operating expenses 3 (19,064) (8,468) Net profit for the financial period 646,912 282,878
Finance costs Interest expense (401) - Profit for the financial period before tax 646,511 282,878 Witholding tax on investment income 2 (26,073) (13,159) Increase in net assets attributable to holders of redeemable participating shares resulting from operations 620,438 269,719
Gains and losses arose solely from continuing operations. There were no 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.
402 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR S&P U.S. Consumer Discretionary Select Sector UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial period ended 30 September 2017
30 September 2017 30 September 2016 USD USD
Net assets attributable to holders of redeemable shares at the beginning of the financial period 24,532,587 9,331,956
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 620,438 269,719
Share transactions Proceeds from redeemable participating shares issued 19,235,033 12,580,936 Costs of redeemable participating shares redeemed (14,302,193) (1,068,728) Increase in net assets from share transactions 4,932,840 11,512,208
Total increase in net assets attributable to holders of redeemable participating shares 5,553,278 11,781,927
Net assets attributable to holders of redeemable participating shares at the end of the financial period 30,085,865 21,113,883
The accompanying notes form an integral part of these financial statements.
403 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR S&P U.S. Consumer Discretionary Select Sector UCITS ETF Statement of Cash Flows for the financial period ended 30 September 2017
30 September 2017 30 September 2016 USD USD
Cash from/(used in):
Operating activities Increase in net assets attributable to holders of redeemable participating shares 620,438 269,719
Adjustment for: Interest income (272) - Interest expense 401 - Dividend income (183,884) (91,325) Taxation on income 26,073 13,159
Total 462,756 191,553
Net movement in financial assets and financial liabilities at fair value through profit or loss (481,811) (199,582) Payments for purchases of investments (19,891,159) (12,901,287) Proceeds from sale of investments 14,862,912 2,410,627 Movement in payables 478 393
Cash used in operations (5,046,824) (10,498,296)
Interest paid (401) - Interest received 272 - Dividends received 182,533 89,994 Taxation paid (26,073) (13,159) Net cash used in operations (4,890,493) (10,421,461)
Financing activities Proceeds from redeemable participating shares issued 19,235,033 4,203,260 Payments for redeemable participating shares redeemed (14,302,193) (1,068,728) Net cash generated from financing activities 4,932,840 3,134,532
Net increase/(decrease) in cash and cash equivalents 42,347 (7,286,929)
Cash and cash equivalents at the beginning of the financial period 35,211 17,620
Cash and cash equivalents at the end of the financial period 77,558 (7,269,309)
Cash and cash equivalents - Statement of Financial Position 77,558 - Bank overdraft - Statement of Financial Position - (7,269,309)
Cash and cash equivalents - Statement of Cash Flows 77,558 (7,269,309)
The accompanying notes form an integral part of these financial statements.
404 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR S&P U.S. Consumer Discretionary Select Sector UCITS ETF Schedule of Investments as at 30 September 2017
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.70%(March 2017: 99.81%) Transferable Securities - 99.70%(March 2017: 99.81%) Common Stock - 99.70%(March 2017:99.81%) (continued) United States Dollar - 99.70% Common Stock - 99.70%(March 2017:99.81%) (continued) 866 Advance Auto Parts 85,907 0.29 United States Dollar - 99.70% (continued) 4,675 Amazon.com 4,494,311 14.94 4,553 Ross Stores 293,987 0.98 327 AutoZone 194,601 0.65 2,014 Royal Caribbean Cruises 238,740 0.79 3,100 Best Buy 176,576 0.59 1,116 Scripps Networks Interactive 95,853 0.32 2,345 BorgWarner 120,134 0.40 714 Signet Jewelers 47,517 0.16 2,144 CarMax 162,537 0.54 16,941 Starbucks 909,901 3.02 4,783 Carnival 308,838 1.03 6,413 Target 378,431 1.26 4,280 CBS 248,240 0.82 1,199 Tiffany & Co 110,044 0.37 2,361 Charter Communications 858,035 2.85 9,128 Time Warner 935,164 3.11 290 Chipotle Mexican Grill 89,271 0.30 7,483 TJX 551,722 1.83 3,288 Coach 132,441 0.44 1,521 Tractor Supply 96,264 0.32 55,186 Comcast 2,123,557 7.06 1,304 TripAdvisor 52,851 0.18 1,472 Darden Restaurants 115,964 0.38 12,343 Twenty-First Century Fox (Class A) 325,608 1.08 3,133 Delphi Automotive 308,287 1.02 5,154 Twenty-First Century Fox (Class B) 132,922 0.44 1,787 Discovery Communications (Class A Shares) 38,045 0.13 682 Ulta Salon Cosmetics & Fragrance 154,173 0.51 2,470 Discovery Communications (Class C Shares) 50,042 0.17 2,166 Under Armour (Class A) 35,696 0.12 2,658 DISH Network 144,143 0.48 2,149 Under Armour (Class C) 32,278 0.11 3,058 Dollar General 247,851 0.82 3,837 VF 243,918 0.81 2,780 Dollar Tree 241,360 0.80 4,094 Viacom 113,977 0.38 3,973 DR Horton 158,642 0.53 18,102 Walt Disney 1,784,314 5.93 1,423 Expedia 204,827 0.68 856 Whirlpool 157,881 0.52 1,545 Foot Locker 54,415 0.18 1,222 Wyndham Worldwide 128,811 0.43 45,878 Ford Motor 549,160 1.82 937 Wynn Resorts 139,538 0.46 2,569 Gap 75,863 0.25 4,041 Yum! Brands 297,458 0.99 1,343 Garmin 72,482 0.24 Total Common Stock 29,996,430 99.70 15,389 General Motors 621,408 2.07 1,724 Genuine Parts 164,901 0.55 Total Transferable Securities 29,996,430 99.70 2,938 Goodyear Tire & Rubber 97,688 0.32 2,413 H&R Block 63,896 0.21 4,269 Hanesbrands 105,188 0.35 Fair Value %of 2,004 Harley-Davidson 96,613 0.32 USD Fund 1,333 Hasbro 130,194 0.43 Total value of investments 29,996,430 99.70 2,397 Hilton Worldwide Holdings 166,472 0.55 13,826 Home Depot 2,261,381 7.52 Cash at bank*(March 2017: 0.14%) 77,558 0.26 4,607 Interpublic Group of Cos 95,780 0.32 Other net assets(March 2017: 0.05%) 11,877 0.04 2,020 Kohl's 92,213 0.31 2,925 L Brands 121,709 0.40 Net assets attributable to holders of redeemable participating shares 30,085,865 100.00 1,550 Leggett & Platt 73,981 0.25 2,371 Lennar 125,189 0.42 *All cash holdings are held at State Street Bank and Trust Company. 3,613 LKQ 130,032 0.43 9,908 Lowe's 792,045 2.63 All of the above securities are traded on a recognised stock exchange or 3,548 Macy's 77,417 0.26 traded on a regulated market unless otherwise stated. 3,673 Marriott International 404,985 1.35 4,015 Mattel 62,152 0.21 9,493 McDonald's 1,487,363 4.94 %of Total 6,072 MGM Resorts International 197,886 0.66 Analysis of Total Assets Assets 1,823 Michael Kors Holdings 87,231 0.29 741 Mohawk Industries 183,405 0.61 Transferable securities admitted to an official exchange 5,067 Netflix 918,900 3.05 listing 99.69 5,753 Newell Brands 245,480 0.82 Other assets 0.31 4,469 News 59,259 0.20 1,378 News (Class B) 18,810 0.06 Total Assets 100.00 15,428 Nike 799,942 2.66 1,367 Nordstrom 64,454 0.21 2,701 Omnicom Group 200,063 0.66 1,035 O'Reilly Automotive 222,908 0.74 575 Priceline Group 1,052,721 3.50 3,322 PulteGroup 90,790 0.30 903 PVH 113,832 0.38 652 Ralph Lauren 57,565 0.19
405 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR S&P U.S. Consumer Discretionary Select Sector UCITS ETF
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Purchases Cost USD
Amazon.com 3,080,072 Comcast 1,397,526 Home Depot 1,378,313 Walt Disney 1,265,180 McDonald's 955,575 Priceline Group 725,968 Starbucks 641,668 Time Warner 592,002 NIKE 579,003 Charter Communications 559,046 Netflix 545,482 Lowe's 493,425 General Motors 372,850 Ford Motor 345,991 TJX 337,043 Marriott International 243,779 MGM Resorts International 230,279 Twenty-First Century Fox (Class A Shares) 227,696 Target 215,644 Carnival 209,433 Newell Brands 200,493 Portfolio Sales Proceeds USD
Amazon.com 2,164,617 Home Depot 1,088,138 Comcast 1,084,168 Walt Disney 878,356 McDonald's 703,062 Priceline Group 505,682 Starbucks 493,896 Charter Communications 479,935 Time Warner 438,979 NIKE 402,196 Lowe's 398,144 Netflix 386,702 General Motors 291,728 TJX 277,228 Ford Motor 246,457 Marriott International 185,075 Target 180,617 Twenty-First Century Fox (Class A Shares) 168,791 Carnival 157,980 Newell Brands 141,635
406 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR S&P U.S. Consumer Discretionary Select Sector UCITS ETF (continued)
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
A copy of the list of changes in the portfolio during the financial period may be obtained free of charge from the Administrator.
407 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR S&P U.S. Consumer Staples Select Sector UCITS ETF Statement of Financial Position as at 30 September 2017
30 September 2017 31 March 2017 USD USD
Current assets Financial assets at fair value through profit or loss: Transferable securities 19,963,381 25,810,471 19,963,381 25,810,471
Cash and cash equivalents 22,899 16,113 Debtors: Dividends receivable 48,861 80,122 Receivable for investments sold 993,524 - Total current assets 21,028,665 25,906,706
Current liabilities Creditors - Amounts falling due within one financial year: Accrued expenses (2,649) (3,358) Payable for investment purchased (999,788) - Total current liabilities (1,002,437) (3,358)
Net assets attributable to holders of redeemable participating shares 20,026,228 25,903,348
30 September 31 March 30 September 2017 2017 2016 Net asset value per share (please refer to note 4 for numbers of shares in issue) USD 23.56 USD 23.55 USD 22.70
The accompanying notes form an integral part of these financial statements.
408 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR S&P U.S. Consumer Staples Select Sector UCITS ETF Statement of Comprehensive Income for the financial period ended 30 September 2017
30 September 2017 30 September 2016 Notes USD USD
Dividend income 353,699 180,824 Interest income 112 - Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss (247,957) (246,822) Miscellaneous income 3- Total investment income/(expense) 105,857 (65,998)
Operating expenses 3 (18,210) (10,432) Profit/(loss) for the financial period before tax 87,647 (76,430) Witholding tax on investment income 2 (47,419) (25,413) Increase/(decrease) in net assets attributable to holders of redeemable participating shares resulting from operations 40,228 (101,843)
Gains and losses arose solely from continuing operations. There were no 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.
409 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR S&P U.S. Consumer Staples Select Sector UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial period ended 30 September 2017
30 September 2017 30 September 2016 USD USD
Net assets attributable to holders of redeemable shares at the beginning of the financial period 25,903,348 5,598,803
Increase/(decrease) in net assets attributable to holders of redeemable participating shares resulting from operations 40,228 (101,843)
Share transactions Proceeds from redeemable participating shares issued 17,916,984 14,951,345 Costs of redeemable participating shares redeemed (23,834,332) (6,828,940) (Decrease)/increase in net assets from share transactions (5,917,348) 8,122,405
Total (decrease)/increase in net assets attributable to holders of redeemable participating shares (5,877,120) 8,020,562
Net assets attributable to holders of redeemable participating shares at the end of the financial period 20,026,228 13,619,365
The accompanying notes form an integral part of these financial statements.
410 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR S&P U.S. Consumer Staples Select Sector UCITS ETF Statement of Cash Flows for the financial period ended 30 September 2017
30 September 2017 30 September 2016 USD USD
Cash from/(used in):
Operating activities Increase/(decrease) in net assets attributable to holders of redeemable participating shares 40,228 (101,843)
Adjustment for: Interest income (112) - Dividend income (353,699) (180,824) Taxation on income 47,419 25,413
Total (266,164) (257,254)
Net movement in financial assets and financial liabilities at fair value through profit or loss 247,957 246,822 Payments for purchases of investments (20,526,205) (15,235,542) Proceeds from sale of investments 26,131,602 3,628,147 Movement in payables (709) 1,411
Cash generated from/(used in) operations 5,586,481 (11,616,416) Interest received 112 - Dividends received 384,960 152,668 Taxation paid (47,419) (25,413) Net cash generated from/(used in) operations 5,924,134 (11,489,161)
Financing activities Proceeds from redeemable participating shares issued 17,916,984 14,951,345 Payments for redeemable participating shares redeemed (23,834,332) (3,457,153) Net cash (used in)/generated from financing activities (5,917,348) 11,494,192
Net increase in cash and cash equivalents 6,786 5,031
Cash and cash equivalents at the beginning of the financial period 16,113 8,442
Cash and cash equivalents at the end of the financial period 22,899 13,473
The accompanying notes form an integral part of these financial statements.
411 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR S&P U.S. Consumer Staples Select Sector UCITS ETF Schedule of Investments as at 30 September 2017
%of Fair Value %of Fair Value Net USD Fund Holding Investment USD Assets Total value of investments 19,963,381 99.69 Transferable Securities - 99.69%(March 2017: 99.64%) Cash at bank*(March 2017: 0.06%) 22,899 0.11 Common Stock - 99.69%(March 2017:99.64%) Other net assets(March United States Dollar - 99.69% 2017: 0.30%) 39,948 0.20 21,548 Altria Group 1,366,574 6.82 Net assets attributable to holders of 6,649 Archer-Daniels-Midland 282,649 1.41 redeemable participating shares 20,026,228 100.00 2,466 Brown-Forman 133,904 0.67 2,481 Campbell Soup 116,160 0.58 *All cash holdings are held at State Street Bank and Trust Company. 3,099 Church & Dwight 150,147 0.75 All of the above securities are traded on a recognised stock exchange or 1,560 Clorox 205,780 1.03 traded on a regulated market unless otherwise stated. 43,114 Coca-Cola 1,940,561 9.69 10,088 Colgate-Palmolive 734,911 3.67 %of 5,096 Conagra Brands 171,939 0.86 Total Analysis of Total Assets Assets 2,002 Constellation Brands 399,299 1.99 5,013 Costco Wholesale 823,586 4.11 Transferable securities admitted to an official exchange listing 94.93 6,171 Coty 102,007 0.51 Other assets 5.07 11,417 CVS Health 928,430 4.64 2,204 Dr Pepper Snapple Group 194,988 0.97 Total Assets 100.00 2,646 Estee Lauder 285,345 1.42 6,753 General Mills 349,535 1.74 1,719 Hershey 187,663 0.94 3,482 Hormel Foods 111,912 0.56 1,409 JM Smucker 147,846 0.74 3,017 Kellogg 188,170 0.94 4,090 Kimberly-Clark 481,311 2.40 6,887 Kraft Heinz 534,087 2.67 10,783 Kroger 216,307 1.08 1,483 McCormick & Co 152,215 0.76 2,248 Molson Coors Brewing 183,527 0.92 17,284 Mondelez International 702,767 3.51 4,918 Monster Beverage 271,720 1.36 16,044 PepsiCo 1,787,783 8.93 17,444 Philip Morris International 1,936,458 9.67 28,640 Procter & Gamble 2,605,667 13.01 5,718 Sysco 308,486 1.54 3,464 Tyson Foods 244,039 1.22 10,518 Walgreens Boots Alliance 812,200 4.06 11,587 Wal-Mart Stores 905,408 4.52 Total Common Stock 19,963,381 99.69
Total Transferable Securities 19,963,381 99.69
412 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR S&P U.S. Consumer Staples Select Sector UCITS ETF
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Purchases Cost USD
Procter & Gamble 2,355,925 Philip Morris International 1,919,995 Coca-Cola 1,795,265 PepsiCo 1,755,227 Altria Group 1,461,806 Wal-Mart Stores 1,175,599 CVS Health 858,268 Walgreens Boots Alliance 828,061 Costco Wholesale 760,736 Mondelez International 708,089 Colgate-Palmolive 697,734 Kraft Heinz 556,903 Constellation Brands 514,854 Reynolds American 511,081 Kimberly-Clark 491,135 General Mills 352,516 Sysco 289,714 Archer-Daniels-Midland 273,613 Kroger 260,017 Monster Beverage 259,987 Estee Lauder 257,053 Tyson Foods 247,514 Molson Coors Brewing 219,494 Clorox 215,642 Dr Pepper Snapple Group 208,987 Portfolio Sales Proceeds USD
Procter & Gamble 2,963,146 Philip Morris International 2,308,901 Coca-Cola 2,229,244 Wal-Mart Stores 1,886,104 Altria Group 1,522,879 PepsiCo 1,207,622 CVS Health 1,092,685 Walgreens Boots Alliance 1,006,268 Costco Wholesale 1,003,572 Colgate-Palmolive 861,616 Constellation Brands 809,502 Mondelez International 797,652 Kraft Heinz 654,044 Kimberly-Clark 613,378 British American Tobacco 517,544 General Mills 448,315
413 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR S&P U.S. Consumer Staples Select Sector UCITS ETF (continued)
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Sales (continued) Proceeds USD
Reynolds American 401,403 Sysco 392,882 Tyson Foods 358,113 Kroger 352,718 Estee Lauder 352,445 Archer-Daniels-Midland 349,628 Monster Beverage 333,900 Molson Coors Brewing 303,477 Clorox 283,630 Dr Pepper Snapple Group 277,703 Kellogg 266,266
A copy of the list of changes in the portfolio during the financial period may be obtained free of charge from the Administrator.
414 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR S&P U.S. Energy Select Sector UCITS ETF Statement of Financial Position as at 30 September 2017
30 September 2017 31 March 2017 USD USD
Current assets Financial assets at fair value through profit or loss: Transferable securities 468,546,292 349,320,095 468,546,292 349,320,095
Cash and cash equivalents 410,095 146,850 Debtors: Dividends receivable 447,170 319,837 Receivable for investments sold 6,092,348 33,134,423 Total current assets 475,495,905 382,921,205
Current liabilities Creditors - Amounts falling due within one financial year: Accrued expenses (54,051) (43,930) Payable for investment purchased (6,279,828) (35,403,186) Total current liabilities (6,333,879) (35,447,116)
Net assets attributable to holders of redeemable participating shares 469,162,026 347,474,089
30 September 31 March 30 September 2017 2017 2016 Net asset value per share (please refer to note 4 for numbers of shares in issue) USD 19.71 USD 19.80 USD 19.80
The accompanying notes form an integral part of these financial statements.
415 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR S&P U.S. Energy Select Sector UCITS ETF Statement of Comprehensive Income for the financial period ended 30 September 2017
30 September 2017 30 September 2016 Notes USD USD
Dividend income 8,189,953 3,840,624 Interest income 1,251 44 Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss (2,608,265) 37,339,540 Miscellaneous income - 106 Total investment income 5,582,939 41,180,314
Operating expenses 3 (294,983) (218,264) Net profit for the financial period 5,287,956 40,962,050
Finance costs Interest expense (348) - Profit for the financial period before tax 5,287,608 40,962,050 Witholding tax on investment income 2 (1,158,141) (528,757) Increase in net assets attributable to holders of redeemable participating shares resulting from operations 4,129,467 40,433,293
Gains and losses arose solely from continuing operations. There were no 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.
416 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR S&P U.S. Energy Select Sector UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial period ended 30 September 2017
30 September 2017 30 September 2016 USD USD
Net assets attributable to holders of redeemable shares at the beginning of the financial period 347,474,089 264,463,183
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 4,129,467 40,433,293
Share transactions Proceeds from redeemable participating shares issued 146,080,763 28,941,873 Costs of redeemable participating shares redeemed (28,522,293) (27,903,022) Increase in net assets from share transactions 117,558,470 1,038,851
Total increase in net assets attributable to holders of redeemable participating shares 121,687,937 41,472,144
Net assets attributable to holders of redeemable participating shares at the end of the financial period 469,162,026 305,935,327
The accompanying notes form an integral part of these financial statements.
417 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR S&P U.S. Energy Select Sector UCITS ETF Statement of Cash Flows for the financial period ended 30 September 2017
30 September 2017 30 September 2016 USD USD
Cash from/(used in):
Operating activities Increase in net assets attributable to holders of redeemable participating shares 4,129,467 40,433,293
Adjustment for: Interest income (1,251) (44) Interest expense 348 - Dividend income (8,189,953) (3,840,624) Taxation on income 1,158,141 528,757
Total (2,903,248) 37,121,382
Net movement in financial assets and financial liabilities at fair value through profit or loss 2,608,097 (37,339,539) Payments for purchases of investments (219,455,710) (43,065,848) Proceeds from sale of investments 95,540,133 37,804,747 Movement in payables 10,121 3,635
Cash used in operations (124,200,607) (5,475,623)
Interest paid (348) - Interest received 1,251 44 Dividends received 8,062,620 3,814,750 Taxation paid (1,158,141) (528,757) Net cash used in operations (117,295,225) (2,189,586)
Financing activities Proceeds from redeemable participating shares issued 146,080,763 28,941,873 Payments for redeemable participating shares redeemed (28,522,293) (26,926,073) Net cash generated from financing activities 117,558,470 2,015,800
Net increase/(decrease) in cash and cash equivalents 263,245 (173,786)
Cash and cash equivalents at the beginning of the financial period 146,850 336,335
Cash and cash equivalents at the end of the financial period 410,095 162,549
The accompanying notes form an integral part of these financial statements.
418 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR S&P U.S. Energy Select Sector UCITS ETF Schedule of Investments as at 30 September 2017
%of Fair Value %of Fair Value Net USD Fund Holding Investment USD Assets Total value of investments 468,546,292 99.87 Transferable Securities - 99.87%(March 2017: 100.53%) Cash at bank*(March 2017: 0.04%) 410,095 0.09 Common Stock - 99.87%(March 2017:100.53%) Other net assets(March United States Dollar - 99.87% 2017: (0.57)%) 205,639 0.04 209,838 Anadarko Petroleum 10,250,586 2.19 Net assets attributable to holders of 56,266 Andeavor 5,803,838 1.24 redeemable participating shares 469,162,026 100.00 146,521 Apache 6,710,662 1.43 165,953 Baker Hughes 6,077,199 1.30 *All cash holdings are held at State Street Bank and Trust Company. 183,296 Cabot Oil & Gas 4,903,168 1.05 All of the above securities are traded on a recognised stock exchange or 435,551 Chesapeake Energy 1,872,869 0.40 traded on a regulated market unless otherwise stated. 679,734 Chevron 79,868,745 17.02 38,211 Cimarex Energy 4,343,444 0.93 %of 56,749 Concho Resources 7,474,978 1.59 Total Analysis of Total Assets Assets 443,636 ConocoPhillips 22,203,982 4.73 200,663 Devon Energy 7,366,339 1.57 Transferable securities admitted to an official exchange listing 98.54 210,966 EOG Resources 20,408,851 4.35 Other assets 1.46 69,373 EQT 4,525,895 0.97 1,322,533 Exxon Mobil 108,421,255 23.11 Total Assets 100.00 320,217 Halliburton 14,739,589 3.14 47,976 Helmerich & Payne 2,500,029 0.53 106,889 Hess 5,012,025 1.07 710,054 Kinder Morgan 13,618,836 2.90 339,014 Marathon Oil 4,597,030 0.98 189,459 Marathon Petroleum 10,624,861 2.26 149,134 National Oilwell Varco 5,328,558 1.14 87,621 Newfield Exploration 2,599,715 0.55 190,922 Noble Energy 5,414,548 1.15 280,179 Occidental Petroleum 17,990,294 3.83 144,298 ONEOK 7,995,552 1.70 158,582 Phillips 66 14,527,697 3.10 63,936 Pioneer Natural Resources 9,433,118 2.01 104,683 Range Resources 2,048,646 0.44 502,512 Schlumberger 35,055,237 7.47 174,620 TechnipFMC 4,875,390 1.04 163,995 Valero Energy 12,616,135 2.69 311,137 Williams 9,337,221 1.99 Total Common Stock 468,546,292 99.87
Total Transferable Securities 468,546,292 99.87
419 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR S&P U.S. Energy Select Sector UCITS ETF
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Purchases Cost USD
Exxon Mobil 44,019,043 Chevron 25,354,549 Schlumberger 12,311,522 ConocoPhillips 7,261,480 EOG Resources 6,996,050 Occidental Petroleum 6,211,025 ONEOK 5,612,742 Halliburton 5,168,431 Kinder Morgan 5,147,217 Phillips 66 4,756,521 Valero Energy 4,024,382 Anadarko Petroleum 3,800,317 Pioneer Natural Resources 3,771,628 Marathon Petroleum 3,755,300 Williams Cos 3,537,762 Andeavor 2,727,414 Concho Resources 2,727,136 Devon Energy 2,717,266 Apache 2,647,902 Noble Energy 2,590,569 TechnipFMC 2,070,605 National Oilwell Varco 1,998,909 Hess 1,926,927 Marathon Oil 1,826,802 Cabot Oil & Gas 1,809,656 Portfolio Sales Proceeds USD
Exxon Mobil 15,886,508 Chevron 5,871,049 Schlumberger 2,931,679 ConocoPhillips 2,050,823 Murphy Oil 2,011,045 Transocean 1,784,309 EOG Resources 1,699,833 Occidental Petroleum 1,545,695 Phillips 66 1,528,404 Andeavor 1,504,633 Halliburton 1,296,489 Marathon Petroleum 1,289,557 Southwestern Energy 1,276,798 Valero Energy 1,223,977 ONEOK 1,212,221 Kinder Morgan 1,202,153
420 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR S&P U.S. Energy Select Sector UCITS ETF (continued)
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Sales (continued) Proceeds USD
Anadarko Petroleum 935,155 Williams Cos 876,080 Pioneer Natural Resources 833,504 Devon Energy 778,630 TechnipFMC 744,205 Concho Resources 732,358 Cabot Oil & Gas 619,682 Apache 603,145 Cimarex Energy 596,684 Noble Energy 568,141 National Oilwell Varco 563,153 Marathon Oil 556,656
A copy of the list of changes in the portfolio during the financial period may be obtained free of charge from the Administrator.
421 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR S&P U.S. Financials Select Sector UCITS ETF Statement of Financial Position as at 30 September 2017
30 September 2017 31 March 2017 USD USD
Current assets Financial assets at fair value through profit or loss: Transferable securities 358,204,071 227,039,169 358,204,071 227,039,169
Cash and cash equivalents 674,934 35,849,316 Debtors: Dividends receivable 167,438 237,068 Receivable for fund shares sold 10,681,281 - Total current assets 369,727,724 263,125,553
Current liabilities Creditors - Amounts falling due within one financial year: Accrued expenses (31,996) (34,886) Payable for investment purchased (10,682,071) - Payable for fund shares repurchased - (35,489,520) Total current liabilities (10,714,067) (35,524,406)
Net assets attributable to holders of redeemable participating shares 359,013,657 227,601,147
30 September 31 March 30 September 2017 2017 2016 Net asset value per share (please refer to note 4 for numbers of shares in issue) USD 26.79 USD 24.47 USD 19.77
The accompanying notes form an integral part of these financial statements.
422 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR S&P U.S. Financials Select Sector UCITS ETF Statement of Comprehensive Income for the financial period ended 30 September 2017
30 September 2017 30 September 2016 Notes USD USD
Dividend income 2,154,533 156,758 Interest income 1,013 - Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 21,192,576 574,458 Total investment income 23,348,122 731,216
Operating expenses 3 (180,517) (10,833) Net profit for the financial period 23,167,605 -
Finance costs Interest expense (549) - Profit for the financial period before tax 23,167,056 720,383 Witholding tax on investment income 2 (304,902) (29,422) Increase in net assets attributable to holders of redeemable participating shares resulting from operations 22,862,154 690,961
Gains and losses arose solely from continuing operations. There were no 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.
423 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR S&P U.S. Financials Select Sector UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial period ended 30 September 2017
30 September 2017 30 September 2016 USD USD
Net assets attributable to holders of redeemable shares at the beginning of the financial period 227,601,147 12,996,088
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 22,862,154 690,961
Share transactions Proceeds from redeemable participating shares issued 172,604,569 15,901,501 Costs of redeemable participating shares redeemed (64,054,213) (5,869,970) Increase in net assets from share transactions 108,550,356 10,031,531
Total increase in net assets attributable to holders of redeemable participating shares 131,412,510 10,722,492
Net assets attributable to holders of redeemable participating shares at the end of the financial period 359,013,657 23,718,580
The accompanying notes form an integral part of these financial statements.
424 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR S&P U.S. Financials Select Sector UCITS ETF Statement of Cash Flows for the financial period ended 30 September 2017
30 September 2017 30 September 2016 USD USD
Cash from/(used in):
Operating activities Increase in net assets attributable to holders of redeemable participating shares 22,862,154 690,961
Adjustment for: Interest income (1,013) - Interest expense 549 - Dividend income (2,154,533) (156,758) Taxation on income 304,902 29,422
Total 21,012,059 563,625
Net movement in financial assets and financial liabilities at fair value through profit or loss (21,192,952) (574,458) Payments for purchases of investments (165,767,374) (20,462,720) Proceeds from sale of investments 66,477,495 10,356,168 Movement in payables (2,890) 811
Cash used in operations (99,473,662) (10,116,574)
Interest paid (549) - Interest received 1,013 - Dividends received 2,224,163 154,644 Taxation paid (304,902) (29,422) Net cash used in operations (97,553,937) (9,991,352)
Financing activities Proceeds from redeemable participating shares issued 161,923,288 15,901,501 Payments for redeemable participating shares redeemed (99,543,733) (5,869,970) Net cash generated from financing activities 62,379,555 10,031,531
Net (decrease)/increase in cash and cash equivalents (35,174,382) 40,179
Cash and cash equivalents at the beginning of the financial period 35,849,316 43,589
Cash and cash equivalents at the end of the financial period 674,934 83,768
The accompanying notes form an integral part of these financial statements.
425 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR S&P U.S. Financials Select Sector UCITS ETF Schedule of Investments as at 30 September 2017
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.77%(March 2017: 99.75%) Transferable Securities - 99.77%(March 2017: 99.75%) Common Stock - 99.77%(March 2017:99.75%) (continued) United States Dollar - 99.77% Common Stock - 99.77%(March 2017:99.75%) (continued) 6,374 Affiliated Managers Group 1,209,976 0.34 United States Dollar - 99.77% (continued) 44,920 Aflac 3,656,039 1.02 54,484 PNC Financial Services Group 7,342,809 2.05 41,096 Allstate 3,777,133 1.05 30,528 Principal Financial Group 1,964,172 0.55 83,397 American Express 7,544,093 2.10 66,113 Progressive 3,201,191 0.89 102,676 American International Group 6,303,280 1.76 48,498 Prudential Financial 5,156,307 1.44 17,059 Ameriprise Financial 2,533,432 0.71 14,614 Raymond James Financial 1,232,399 0.34 28,899 Aon 4,222,144 1.18 135,827 Regions Financial 2,068,645 0.58 20,503 Arthur J Gallagher & Co 1,261,960 0.35 29,194 S&P Global 4,563,314 1.27 6,131 Assurant 585,633 0.16 42,504 State Street 4,060,832 1.13 1,115,069 Bank of America 28,255,848 7.87 54,547 SunTrust Banks 3,260,274 0.91 117,413 Bank of New York Mellon 6,225,237 1.73 84,983 Synchrony Financial 2,638,722 0.73 91,812 BB&T 4,309,655 1.20 27,307 T Rowe Price Group 2,475,380 0.69 218,696 Berkshire Hathaway 40,091,351 11.17 12,296 Torchmark 984,787 0.27 14,108 BlackRock 6,307,546 1.76 31,344 Travelers 3,840,267 1.07 10,908 Brighthouse Financial 663,206 0.18 25,654 Unum Group 1,311,689 0.37 54,999 Capital One Financial 4,656,215 1.30 180,581 US Bancorp 9,677,336 2.70 12,822 CBOE Holdings 1,380,032 0.38 507,692 Wells Fargo & Co 27,999,214 7.80 135,417 Charles Schwab 5,923,140 1.65 15,257 Willis Towers Watson 2,353,087 0.66 52,907 Chubb 7,541,893 2.10 29,339 XL Group 1,157,424 0.32 16,932 Cincinnati Financial 1,296,483 0.36 22,982 Zions Bancorporation 1,084,291 0.30 309,650 Citigroup 22,523,941 6.27 Total Common Stock 358,204,071 99.77 56,915 Citizens Financial Group 2,155,371 0.60 Total Transferable Securities 358,204,071 99.77 38,601 CME Group 5,237,384 1.46 20,008 Comerica 1,525,810 0.42 42,302 Discover Financial Services 2,727,633 0.76 Fair Value %of 31,267 E*TRADE Financial 1,363,554 0.38 USD Fund 4,638 Everest Re Group 1,059,273 0.29 Total value of investments 358,204,071 99.77 83,722 Fifth Third Bancorp 2,342,542 0.65 Cash at bank*(March 2017:15.75%) 674,934 0.19 37,406 Franklin Resources 1,664,941 0.46 Other net assets(March 40,896 Goldman Sachs Group 9,700,122 2.70 2017: (15.50)%) 134,652 0.04 41,414 Hartford Financial Services Group 2,295,578 0.64 Net assets attributable to holders of 123,864 Huntington Bancshares 1,729,141 0.48 redeemable participating shares 359,013,657 100.00 66,875 Intercontinental Exchange 4,594,312 1.28 *All cash holdings are held at State Street Bank and Trust Company. 46,245 Invesco 1,620,425 0.45 399,895 JPMorgan Chase & Co 38,193,971 10.64 All of the above securities are traded on a recognised stock exchange or 123,586 KeyCorp 2,325,888 0.65 traded on a regulated market unless otherwise stated. 36,014 Leucadia National 909,353 0.25 25,167 Lincoln National 1,849,271 0.51 %of Total 31,349 Loews 1,500,363 0.42 Analysis of Total Assets Assets 17,295 M&T Bank 2,785,187 0.78 Transferable securities admitted to an official exchange 58,260 Marsh & McLennan 4,882,771 1.36 listing 96.88 120,813 MetLife 6,276,235 1.75 Other assets 3.12 18,909 Moody's 2,632,322 0.73 Total Assets 160,719 Morgan Stanley 7,741,834 2.16 100.00 13,294 Nasdaq 1,031,216 0.29 31,120 Navient 467,422 0.13 24,391 Northern Trust 2,242,265 0.62 39,113 People's United Financial 709,510 0.20
426 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR S&P U.S. Financials Select Sector UCITS ETF
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Purchases Cost USD
Berkshire Hathaway 19,797,406 JPMorgan Chase & Co 18,600,152 Wells Fargo & Co 13,843,616 Bank of America 13,815,077 Citigroup 10,655,323 US Bancorp 4,843,228 Goldman Sachs Group 4,750,972 Chubb 3,825,890 Morgan Stanley 3,749,355 American Express 3,639,864 PNC Financial Services Group 3,547,637 American International Group 3,311,354 MetLife 3,184,381 BlackRock 3,079,865 Bank of New York Mellon 3,051,655 Charles Schwab 2,901,006 Prudential Financial 2,607,922 CME Group 2,495,966 Marsh & McLennan 2,364,824 Capital One Financial 2,318,354 Intercontinental Exchange 2,210,708 S&P Global 2,200,963 BB&T 2,099,371 State Street 2,078,042 Aon 2,053,442 Travelers 1,970,580 Allstate 1,843,867 Aflac 1,822,993 Portfolio Sales Proceeds USD
JPMorgan Chase & Co 7,066,743 Berkshire Hathaway 6,999,067 Bank of America 5,447,469 Wells Fargo & Co 5,294,762 Citigroup 3,999,772 Goldman Sachs Group 1,947,217 US Bancorp 1,824,938 American Express 1,473,325 American International Group 1,466,195 Chubb 1,451,885 Morgan Stanley 1,433,923 PNC Financial Services Group 1,346,240 MetLife 1,298,090
427 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR S&P U.S. Financials Select Sector UCITS ETF (continued)
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Sales (continued) Proceeds USD
Charles Schwab 1,134,194 Bank of New York Mellon 1,126,465 BlackRock 1,078,820 Prudential Financial 992,573 CME Group 895,646 Marsh & McLennan 867,950 Capital One Financial 855,500 Aon 835,895 Intercontinental Exchange 830,178 S&P Global 813,170 Travelers 783,500 BB&T 775,972 Allstate 708,494 State Street 703,672 Aflac 692,003
A copy of the list of changes in the portfolio during the financial period may be obtained free of charge from the Administrator.
428 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR S&P U.S. Health Care Select Sector UCITS ETF Statement of Financial Position as at 30 September 2017
30 September 2017 31 March 2017 USD USD
Current assets Financial assets at fair value through profit or loss: Transferable securities 115,667,792 80,116,411 115,667,792 80,116,411
Cash and cash equivalents 251,070 190,614 Debtors: Dividends receivable 88,609 66,720 Receivable for fund shares sold - 8,160,622 Total current assets 116,007,471 88,534,367
Current liabilities Creditors - Amounts falling due within one financial year: Accrued expenses (14,081) (9,942) Payable for investment purchased - (8,156,547) Total current liabilities (14,081) (8,166,489)
Net assets attributable to holders of redeemable participating shares 115,993,390 80,367,878
30 September 31 March 30 September 2017 2017 2016 Net asset value per share (please refer to note 4 for numbers of shares in issue) USD 22.52 USD 20.35 USD 19.60
The accompanying notes form an integral part of these financial statements.
429 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR S&P U.S. Health Care Select Sector UCITS ETF Statement of Comprehensive Income for the financial period ended 30 September 2017
30 September 2017 30 September 2016 Notes USD USD
Dividend income 835,572 282,862 Interest income 454 38 Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 9,067,555 (3,361,883) Miscellaneous income -87 Total investment income/(expense) 9,903,581 (3,078,896)
Operating expenses 3 (73,360) (27,355) Net profit/(loss) for the financial period 9,830,221 (3,106,251)
Finance costs Interest expense (946) (706) Profit/(loss) for the financial period before tax 9,829,275 (3,106,957) Witholding tax on investment income 2 (116,099) (37,444) Increase/(decrease) in net assets attributable to holders of redeemable participating shares resulting from operations 9,713,176 (3,144,401)
Gains and losses arose solely from continuing operations. There were no 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.
430 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR S&P U.S. Health Care Select Sector UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial period ended 30 September 2017
30 September 2017 30 September 2016 USD USD
Net assets attributable to holders of redeemable shares at the beginning of the financial period 80,367,878 10,075,121
Increase/(decrease) in net assets attributable to holders of redeemable participating shares resulting from operations 9,713,176 (3,144,401)
Share transactions Proceeds from redeemable participating shares issued 48,307,816 134,135,586 Costs of redeemable participating shares redeemed (22,395,480) (1,914,493) Increase in net assets from share transactions 25,912,336 132,221,093
Total increase in net assets attributable to holders of redeemable participating shares 35,625,512 129,076,692
Net assets attributable to holders of redeemable participating shares at the end of the financial period 115,993,390 139,151,813
The accompanying notes form an integral part of these financial statements.
431 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR S&P U.S. Health Care Select Sector UCITS ETF Statement of Cash Flows for the financial period ended 30 September 2017
30 September 2017 30 September 2016 USD USD
Cash from/(used in):
Operating activities Increase/(decrease) in net assets attributable to holders of redeemable participating shares 9,713,176 (3,144,401)
Adjustment for: Interest income (454) (38) Interest expense 946 706 Dividend income (835,572) (282,862) Taxation on income 116,099 37,444
Total 8,994,195 (3,389,151)
Net movement in financial assets and financial liabilities at fair value through profit or loss (9,067,554) 3,361,883 Payments for purchases of investments (58,595,283) (136,090,548) Proceeds from sale of investments 23,954,909 3,816,759 Movement in payables 4,139 15,782
Cash used in operations (34,709,594) (132,285,275)
Interest paid (946) (706) Interest received 454 38 Dividends received 813,683 176,208 Taxation paid (116,099) (37,444) Net cash used in operations (34,012,502) (132,147,179)
Financing activities Proceeds from redeemable participating shares issued 56,468,438 134,135,586 Payments for redeemable participating shares redeemed (22,395,480) (1,914,493) Net cash generated from financing activities 34,072,958 132,221,093
Net increase in cash and cash equivalents 60,456 73,914
Cash and cash equivalents at the beginning of the financial period 190,614 5,872
Cash and cash equivalents at the end of the financial period 251,070 79,786
The accompanying notes form an integral part of these financial statements.
432 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR S&P U.S. Health Care Select Sector UCITS ETF Schedule of Investments as at 30 September 2017
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.72%(March 2017: 99.68%) Transferable Securities - 99.72%(March 2017: 99.68%) Common Stock - 99.72%(March 2017:99.68%) (continued) United States Dollar - 99.72% Common Stock - 99.72%(March 2017:99.68%) (continued) 54,124 Abbott Laboratories 2,888,057 2.49 United States Dollar - 99.72% (continued) 58,645 AbbVie 5,211,195 4.49 219,662 Pfizer 7,841,933 6.76 12,570 Aetna 1,998,756 1.72 5,254 Quest Diagnostics 491,985 0.42 11,782 Agilent Technologies 756,404 0.65 5,613 Quintiles IMS Holdings 533,628 0.46 8,165 Alexion Pharmaceuticals 1,145,468 0.99 2,865 Regeneron Pharmaceuticals 1,280,999 1.10 2,629 Align Technology 489,704 0.42 5,200 ResMed 400,192 0.35 12,987 Allergan 2,661,686 2.29 12,045 Stryker 1,710,631 1.47 6,161 AmerisourceBergen 509,823 0.44 14,723 Thermo Fisher Scientific 2,785,592 2.40 26,826 Amgen 5,001,708 4.31 35,930 UnitedHealth Group 7,036,890 6.07 9,933 Anthem 1,886,078 1.63 3,294 Universal Health Services 365,436 0.32 18,687 Baxter International 1,172,609 1.01 3,415 Varian Medical Systems 341,705 0.29 8,615 Becton Dickinson and Co 1,688,109 1.46 9,245 Vertex Pharmaceuticals 1,405,610 1.21 7,939 Biogen 2,485,860 2.14 2,944 Waters 528,507 0.46 50,883 Boston Scientific 1,484,257 1.28 7,574 Zimmer Biomet Holdings 886,840 0.76 60,647 Bristol-Myers Squibb 3,865,640 3.33 18,050 Zoetis 1,150,868 0.99 11,698 Cardinal Health 782,830 0.68 Total Common Stock 115,667,792 99.72 28,786 Celgene 4,197,574 3.62 Total Transferable Securities 115,667,792 99.72 6,304 Centene 610,038 0.53 11,625 Cerner 829,095 0.71 9,549 Cigna 1,785,090 1.54 Fair Value %of 1,806 Cooper 428,221 0.37 USD Fund 2,875 CR Bard 921,437 0.79 Total value of investments 115,667,792 99.72 22,448 Danaher 1,925,589 1.66 Cash at bank*(March 2017: 0.24%) 251,070 0.22 5,678 DaVita 337,216 0.29 Other net assets(March 8,393 Dentsply Sirona 501,985 0.43 2017: 0.08%) 74,528 0.06 7,732 Edwards Lifesciences 845,185 0.73 Net assets attributable to holders of 35,637 Eli Lilly & Co 3,048,389 2.63 redeemable participating shares 115,993,390 100.00 4,796 Envision Healthcare 215,580 0.19 *All cash holdings are held at State Street Bank and Trust Company. 22,390 Express Scripts Holding 1,417,735 1.22 48,088 Gilead Sciences 3,896,090 3.36 All of the above securities are traded on a recognised stock exchange or 10,656 HCA Healthcare 848,111 0.73 traded on a regulated market unless otherwise stated. 5,882 Henry Schein 482,265 0.42 10,349 Hologic 379,705 0.33 %of Total 5,744 Humana 1,399,411 1.21 Analysis of Total Assets Assets 3,416 IDEXX Laboratories 531,154 0.46 Transferable securities admitted to an official exchange 5,405 Illumina 1,076,676 0.93 listing 99.71 6,303 Incyte 735,812 0.63 Other assets 0.29 1,392 Intuitive Surgical 1,455,865 1.26 Total Assets 98,775 Johnson & Johnson 12,841,738 11.07 100.00 3,790 Laboratory Corporation of America Holdings 572,176 0.49 7,988 McKesson 1,227,037 1.06 50,089 Medtronic 3,895,421 3.36 100,714 Merck & Co 6,448,717 5.56 952 Mettler-Toledo International 596,104 0.51 19,776 Mylan 620,373 0.54 2,990 Patterson 115,563 0.10 4,039 PerkinElmer 278,570 0.24 4,901 Perrigo 414,870 0.36
433 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR S&P U.S. Health Care Select Sector UCITS ETF
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Purchases Cost USD
Johnson & Johnson 5,675,355 Pfizer 3,221,343 UnitedHealth Group 2,949,504 Merck & Co 2,791,325 Amgen 2,061,052 AbbVie 1,914,084 Medtronic 1,874,307 Celgene 1,684,402 Gilead Sciences 1,527,028 Bristol-Myers Squibb 1,509,988 Allergan 1,333,394 Eli Lilly & Co 1,278,292 Thermo Fisher Scientific 1,173,706 Abbott Laboratories 1,149,983 Biogen 988,942 Aetna 846,074 Danaher 825,525 Anthem 814,809 Becton Dickinson and Co 797,584 Stryker 793,465 Cigna 724,488 Express Scripts Holding 628,519 Regeneron Pharmaceuticals 618,898 Humana 617,981 Boston Scientific 616,641 Quintiles IMS Holdings 597,845 Vertex Pharmaceuticals 572,327 McKesson 550,348 Intuitive Surgical 549,540 Baxter International 519,025 Portfolio Sales Proceeds USD
Johnson & Johnson 2,797,850 Pfizer 1,511,589 UnitedHealth Group 1,392,170 Merck & Co 1,330,491 Amgen 1,045,557 AbbVie 970,861 Medtronic 898,935 Celgene 798,270 Bristol-Myers Squibb 791,219 Gilead Sciences 751,162 Allergan 603,748
434 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR S&P U.S. Health Care Select Sector UCITS ETF (continued)
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Sales (continued) Proceeds USD
Eli Lilly & Co 602,336 Abbott Laboratories 543,550 Biogen 535,290 Thermo Fisher Scientific 530,712 Aetna 483,771 Danaher 395,003 Cigna 394,664 Anthem 385,868 Express Scripts Holding 351,058 Stryker 347,728 Becton Dickinson and Co 331,066 Humana 323,531 Boston Scientific 284,310 Vertex Pharmaceuticals 280,680 McKesson 259,638 Intuitive Surgical 259,496 Regeneron Pharmaceuticals 251,974 Alexion Pharmaceuticals 251,523
A copy of the list of changes in the portfolio during the financial period may be obtained free of charge from the Administrator.
435 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR S&P U.S. Industrials Select Sector UCITS ETF Statement of Financial Position as at 30 September 2017
30 September 2017 31 March 2017 USD USD
Current assets Financial assets at fair value through profit or loss: Transferable securities 64,012,390 89,325,942 64,012,390 89,325,942
Cash and cash equivalents 232,363 203,691 Debtors: Dividends receivable 59,395 113,074 Total current assets 64,304,148 89,642,707
Current liabilities Creditors - Amounts falling due within one financial year: Accrued expenses (7,272) (11,273) Total current liabilities (7,272) (11,273)
Net assets attributable to holders of redeemable participating shares 64,296,876 89,631,434
30 September 31 March 30 September 2017 2017 2016 Net asset value per share (please refer to note 4 for numbers of shares in issue) USD 27.36 USD 24.90 USD 22.13
The accompanying notes form an integral part of these financial statements.
436 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR S&P U.S. Industrials Select Sector UCITS ETF Statement of Comprehensive Income for the financial period ended 30 September 2017
30 September 2017 30 September 2016 Notes USD USD
Dividend income 662,680 55,990 Interest income 296 - Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 5,156,226 283,948 Miscellaneous income -25 Total investment income 5,819,202 339,963
Operating expenses 3 (47,054) (3,691) Net profit for the financial period 5,772,148 336,272
Finance costs Interest expense (424) - Profit for the financial period before tax 5,771,724 336,272 Witholding tax on investment income 2 (92,260) (7,845) Increase in net assets attributable to holders of redeemable participating shares resulting from operations 5,679,464 328,427
Gains and losses arose solely from continuing operations. There were no 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.
437 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR S&P U.S. Industrials Select Sector UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial period ended 30 September 2017
30 September 2017 30 September 2016 USD USD
Net assets attributable to holders of redeemable shares at the beginning of the financial period 89,631,434 4,169,158
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 5,679,464 328,427
Share transactions Proceeds from redeemable participating shares issued 22,464,500 7,418,340 Costs of redeemable participating shares redeemed (53,478,522) (6,382,644) (Decrease)/increase in net assets from share transactions (31,014,022) 1,035,696
Total (decrease)/increase in net assets attributable to holders of redeemable participating shares (25,334,558) 1,364,123
Net assets attributable to holders of redeemable participating shares at the end of the financial period 64,296,876 5,533,281
The accompanying notes form an integral part of these financial statements.
438 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR S&P U.S. Industrials Select Sector UCITS ETF Statement of Cash Flows for the financial period ended 30 September 2017
30 September 2017 30 September 2016 USD USD
Cash from/(used in):
Operating activities Increase in net assets attributable to holders of redeemable participating shares 5,679,464 328,427
Adjustment for: Interest income (296) - Interest expense 424 - Dividend income (662,680) (55,990) Taxation on income 92,260 7,845
Total 5,109,172 280,282
Net movement in financial assets and financial liabilities at fair value through profit or loss (5,156,227) (283,949) Payments for purchases of investments (24,156,053) (7,660,645) Proceeds from sale of investments 54,625,832 5,484,772 Movement in payables (4,001) 292
Cash generated from/(used in) operations 30,418,723 (2,179,248)
Interest paid (424) - Interest received 296 - Dividends received 716,359 53,592 Taxation paid (92,260) (7,845) Net cash generated from/(used in) operations 31,042,694 (2,133,501)
Financing activities Proceeds from redeemable participating shares issued 22,464,500 7,418,340 Payments for redeemable participating shares redeemed (53,478,522) (5,285,917) Net cash (used in)/generated from financing activities (31,014,022) 2,132,423
Net increase/(decrease) in cash and cash equivalents 28,672 (1,078)
Cash and cash equivalents at the beginning of the financial period 203,691 8,949
Cash and cash equivalents at the end of the financial period 232,363 7,871
The accompanying notes form an integral part of these financial statements.
439 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR S&P U.S. Industrials Select Sector UCITS ETF Schedule of Investments as at 30 September 2017
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.56%(March 2017: 99.66%) Transferable Securities - 99.56%(March 2017: 99.66%) Common Stock - 99.56%(March 2017:99.66%) (continued) United States Dollar - 99.56% Common Stock - 99.56%(March 2017:99.66%) (continued) 16,888 3M 3,544,791 5.51 United States Dollar - 99.56% (continued) 1,163 Acuity Brands 199,199 0.31 6,324 Republic Services 417,763 0.65 3,378 Alaska Air Group 257,640 0.40 4,928 Robert Half International 248,076 0.39 2,593 Allegion 224,217 0.35 4,577 Rockwell Automation 815,667 1.27 11,966 American Airlines Group 568,265 0.88 5,796 Rockwell Collins 757,595 1.18 6,373 AMETEK 420,873 0.65 2,821 Roper Technologies 686,631 1.07 4,058 AO Smith 241,167 0.38 1,580 Snap-on 235,436 0.37 10,721 Arconic 266,738 0.42 16,666 Southwest Airlines 932,963 1.45 16,014 Boeing 4,070,919 6.33 4,227 Stanley Black & Decker 638,150 0.99 17,394 Caterpillar 2,169,206 3.37 2,317 Stericycle 165,944 0.26 3,851 CH Robinson Worldwide 293,061 0.46 9,193 Textron 495,319 0.77 2,863 Cintas 413,074 0.64 1,341 TransDigm Group 342,827 0.53 30,386 CSX 1,648,744 2.56 24,041 Union Pacific 2,788,035 4.34 8,010 Cummins 1,345,920 2.09 7,139 United Continental Holdings 434,622 0.68 9,858 Deere & Co 1,238,066 1.93 19,353 United Parcel Service 2,324,102 3.62 18,386 Delta Air Lines 886,573 1.38 2,335 United Rentals 323,958 0.50 5,176 Dover 473,035 0.74 21,299 United Technologies 2,472,388 3.85 14,999 Eaton 1,151,773 1.79 4,293 Verisk Analytics 357,135 0.56 18,742 Emerson Electric 1,177,747 1.83 12,181 Waste Management 953,407 1.48 4,495 Equifax 476,425 0.74 1,902 WW Grainger 341,884 0.53 4,926 Expeditors International of Washington 294,870 0.46 4,901 Xylem 306,950 0.48 7,945 Fastenal 362,133 0.56 Total Common Stock 64,012,390 99.56 7,303 FedEx 1,647,411 2.56 Total Transferable Securities 64,012,390 99.56 3,570 Flowserve 152,046 0.24 5,544 Fluor 233,402 0.36 9,456 Fortive 669,390 1.04 Fair Value %of 4,197 Fortune Brands Home & Security 282,164 0.44 USD Fund 8,365 General Dynamics 1,719,677 2.68 Total value of investments 64,012,390 99.56 176,909 General Electric 4,277,660 6.65 Cash at bank*(March 2017: 0.23%) 232,363 0.36 22,196 Honeywell International 3,146,061 4.89 Other net assets(March 2017: 0.11%) 52,123 0.08 10,030 IHS Markit 442,122 0.69 Net assets attributable to holders of 9,076 Illinois Tool Works 1,342,885 2.09 redeemable participating shares 64,296,876 100.00 7,031 Ingersoll-Rand 626,954 0.98 3,300 Jacobs Engineering Group 192,291 0.30 *All cash holdings are held at State Street Bank and Trust Company. 2,369 JB Hunt Transport Services 263,149 0.41 All of the above securities are traded on a recognised stock exchange or 25,762 Johnson Controls International 1,037,951 1.61 traded on a regulated market unless otherwise stated. 2,914 Kansas City Southern 316,693 0.49 2,160 L3 Technologies 407,009 0.63 %of 7,324 Lockheed Martin 2,272,564 3.53 Total Analysis of Total Assets Assets 9,741 Masco 379,996 0.59 9,275 Nielsen Holdings 384,449 0.60 Transferable securities admitted to an official exchange listing 99.55 9,344 Norfolk Southern 1,235,651 1.92 Other assets 0.45 5,193 Northrop Grumman 1,494,130 2.32 11,283 PACCAR 816,212 1.27 Total Assets 100.00 4,616 Parker-Hannifin 807,892 1.26 4,558 Pentair 309,762 0.48 4,180 Quanta Services 156,207 0.24 8,765 Raytheon 1,635,374 2.54
440 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR S&P U.S. Industrials Select Sector UCITS ETF
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Purchases Cost USD
General Electric 1,754,811 3M 1,342,336 Boeing 1,251,437 Honeywell International 1,136,680 Union Pacific 969,017 United Technologies 958,240 United Parcel Service 813,494 Lockheed Martin 800,417 Caterpillar 734,438 General Dynamics 628,545 CSX 607,520 FedEx 598,302 IHS Markit 594,755 Raytheon 545,110 Deere & Co 518,000 Northrop Grumman 515,253 Cummins 511,347 Illinois Tool Works 488,902 Eaton 436,818 Norfolk Southern 423,485 Emerson Electric 422,179 Johnson Controls International 409,965 Delta Air Lines 404,134 Rockwell Collins 402,332 Southwest Airlines 399,686 Waste Management 344,549 PACCAR 292,333 Rockwell Automation 285,247 Parker-Hannifin 282,734 American Airlines Group 252,991 Roper Technologies 250,973 Portfolio Sales Proceeds USD
General Electric 4,562,574 3M 3,018,975 Boeing 2,798,521 Honeywell International 2,587,844 Union Pacific 2,382,549 United Technologies 2,277,683 United Parcel Service 1,865,190 Lockheed Martin 1,801,552 Caterpillar 1,545,097 General Dynamics 1,507,214
441 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR S&P U.S. Industrials Select Sector UCITS ETF (continued)
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Sales (continued) Proceeds USD
CSX 1,435,657 FedEx 1,287,819 Raytheon 1,248,615 Northrop Grumman 1,169,969 Illinois Tool Works 1,134,427 Cummins 1,081,833 Southwest Airlines 1,057,992 Eaton 1,026,322 Emerson Electric 996,323 Norfolk Southern 990,429 Johnson Controls International 978,427 Delta Air Lines 970,499 Deere & Co 928,732 Waste Management 800,981 PACCAR 660,362 American Airlines Group 656,075 Parker-Hannifin 653,335 Rockwell Automation 646,317 Ingersoll-Rand 560,670 Equifax 556,608 United Continental Holdings 555,961 Roper Technologies 552,569
A copy of the list of changes in the portfolio during the financial period may be obtained free of charge from the Administrator.
442 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR S&P U.S. Materials Select Sector UCITS ETF Statement of Financial Position as at 30 September 2017
30 September 2017 31 March 2017 USD USD
Current assets Financial assets at fair value through profit or loss: Transferable securities 18,380,166 8,966,284 18,380,166 8,966,284
Cash and cash equivalents 24,067 5,155 Debtors: Dividends receivable 19,951 14,548 Receivable for investments sold 393,549 53,680 Total current assets 18,817,733 9,039,667
Current liabilities Creditors - Amounts falling due within one financial year: Accrued expenses (2,205) (997) Payable for investment purchased (394,245) (54,335) Total current liabilities (396,450) (55,332)
Net assets attributable to holders of redeemable participating shares 18,421,283 8,984,335
30 September 31 March 30 September 2017 2017 2016 Net asset value per share (please refer to note 4 for numbers of shares in issue) USD 24.56 USD 22.46 USD 20.30
The accompanying notes form an integral part of these financial statements.
443 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR S&P U.S. Materials Select Sector UCITS ETF Statement of Comprehensive Income for the financial period ended 30 September 2017
30 September 2017 30 September 2016 Notes USD USD
Dividend income 110,313 78,316 Interest income 118 - Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 1,079,863 388,206 Miscellaneous income 61 - Total investment income 1,190,355 466,522
Operating expenses 3 (8,600) (5,444) Profit for the financial period before tax 1,181,755 461,078 Witholding tax on investment income 2 (14,795) (10,840) Increase in net assets attributable to holders of redeemable participating shares resulting from operations 1,166,960 450,238
Gains and losses arose solely from continuing operations. There were no 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.
444 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR S&P U.S. Materials Select Sector UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial period ended 30 September 2017
30 September 2017 30 September 2016 USD USD
Net assets attributable to holders of redeemable shares at the beginning of the financial period 8,984,335 4,722,209
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 1,166,960 450,238
Share transactions Proceeds from redeemable participating shares issued 15,271,642 7,016,415 Costs of redeemable participating shares redeemed (7,001,654) (8,128,176) Increase/(decrease) in net assets from share transactions 8,269,988 (1,111,761)
Total increase/(decrease) in net assets attributable to holders of redeemable participating shares 9,436,948 (661,523)
Net assets attributable to holders of redeemable participating shares at the end of the financial period 18,421,283 4,060,686
The accompanying notes form an integral part of these financial statements.
445 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR S&P U.S. Materials Select Sector UCITS ETF Statement of Cash Flows for the financial period ended 30 September 2017
30 September 2017 30 September 2016 USD USD
Cash from/(used in):
Operating activities Increase in net assets attributable to holders of redeemable participating shares 1,166,960 450,238
Adjustment for: Interest income (118) - Dividend income (110,313) (78,316) Taxation on income 14,795 10,840
Total 1,071,324 382,762
Net movement in financial assets and financial liabilities at fair value through profit or loss (1,079,864) (388,206) Payments for purchases of investments (20,049,585) (7,559,563) Proceeds from sale of investments 11,715,608 5,587,826 Movement in payables 1,208 375
Cash used in operations (8,341,309) (1,976,806) Interest received 118 - Dividends received 104,910 75,601 Taxation paid (14,795) (10,840) Net cash used in operations (8,251,076) (1,912,045)
Financing activities Proceeds from redeemable participating shares issued 15,271,642 7,016,415 Payments for redeemable participating shares redeemed (7,001,654) (5,104,437) Net cash generated from financing activities 8,269,988 1,911,978
Net increase/(decrease) in cash and cash equivalents 18,912 (67)
Cash and cash equivalents at the beginning of the financial period 5,155 6,167
Cash and cash equivalents at the end of the financial period 24,067 6,100
The accompanying notes form an integral part of these financial statements.
446 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR S&P U.S. Materials Select Sector UCITS ETF Schedule of Investments as at 30 September 2017
%of Fair Value Net Holding Investment USD Assets Transferable Securities - 99.78%(March 2017: 99.80%) Common Stock - 99.78%(March 2017:99.80%) United States Dollar - 99.78% 6,338 Air Products & Chemicals 958,432 5.20 3,325 Albemarle 453,231 2.46 2,745 Avery Dennison 269,943 1.47 10,586 Ball 437,202 2.37 7,287 CF Industries Holdings 256,211 1.39 61,007 DowDuPont 4,223,515 22.93 4,390 Eastman Chemical 397,251 2.16 7,572 Ecolab 973,835 5.29 4,083 FMC 364,653 1.98 40,016 Freeport-McMoRan 561,825 3.05 2,412 International Flavors & Fragrances 344,699 1.87 12,187 International Paper 692,465 3.76 8,413 LyondellBasell Industries 833,308 4.52 1,904 Martin Marietta Materials 392,662 2.13 12,695 Monsanto 1,521,115 8.26 11,047 Mosaic 238,505 1.29 15,827 Newmont Mining 593,671 3.22 9,522 Nucor 533,613 2.90 2,886 Packaging of America 330,966 1.80 7,533 PPG Industries 818,536 4.44 8,295 Praxair 1,159,143 6.29 5,943 Sealed Air 253,885 1.38 2,412 Sherwin-Williams 863,592 4.69 3,964 Vulcan Materials 474,094 2.57 7,647 WestRock 433,814 2.36 Total Common Stock 18,380,166 99.78
Total Transferable Securities 18,380,166 99.78
Fair Value %of USD Fund Total value of investments 18,380,166 99.78 Cash at bank*(March 2017: 0.06%) 24,067 0.13 Other net assets(March 2017: 0.14%) 17,050 0.09 Net assets attributable to holders of redeemable participating shares 18,421,283 100.00
*All cash holdings are held at State Street Bank and Trust Company.
All of the above securities are traded on a recognised stock exchange or traded on a regulated market unless otherwise stated.
%of Total Analysis of Total Assets Assets Transferable securities admitted to an official exchange listing 97.67 Other assets 2.33
Total Assets 100.00
447 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR S&P U.S. Materials Select Sector UCITS ETF
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Purchases Cost USD
Dow Chemical 1,852,363 EI du Pont de Nemours & Co 1,830,737 Monsanto 1,320,588 Praxair 978,321 Ecolab 886,222 Air Products & Chemicals 828,748 Sherwin-Williams 734,745 PPG Industries 721,763 LyondellBasell Industries 660,325 International Paper 604,456 Newmont Mining 492,005 Nucor 484,824 Freeport-McMoRan 476,840 Vulcan Materials 431,537 Ball 387,622 WestRock 387,418 Martin Marietta Materials 367,967 Packaging of America 337,692 Albemarle 335,782 Eastman Chemical 331,252 International Flavors & Fragrances 287,053 FMC 285,726 Sealed Air 246,647 Avery Dennison 225,852 Mosaic 222,825 CF Industries Holdings 190,393 Portfolio Sales Proceeds USD
Dow Chemical 730,500 EI du Pont de Nemours & Co 719,873 DowDuPont 673,811 Monsanto 630,620 Praxair 466,933 Ecolab 424,917 Sherwin-Williams 344,273 Air Products & Chemicals 343,568 PPG Industries 337,837 LyondellBasell Industries 320,971 International Paper 287,394 Newmont Mining 231,176 Nucor 230,286 Vulcan Materials 208,979 Freeport-McMoRan 206,807
448 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR S&P U.S. Materials Select Sector UCITS ETF (continued)
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Sales (continued) Proceeds USD
Ball 182,238 WestRock 177,265 Martin Marietta Materials 176,570 Albemarle 163,369 Eastman Chemical 157,823 International Flavors & Fragrances 135,617 FMC 133,395 Sealed Air 119,428 Avery Dennison 105,176 Mosaic 101,603 CF Industries Holdings 88,533
A copy of the list of changes in the portfolio during the financial period may be obtained free of charge from the Administrator.
449 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR S&P U.S. Technology Select Sector UCITS ETF Statement of Financial Position as at 30 September 2017
30 September 2017 31 March 2017 USD USD
Current assets Financial assets at fair value through profit or loss: Transferable securities 27,833,426 26,264,625 27,833,426 26,264,625
Cash and cash equivalents 93,291 74,306 Debtors: Dividends receivable 5,804 7,899 Total current assets 27,932,521 26,346,830
Current liabilities Creditors - Amounts falling due within one financial year: Accrued expenses (3,292) (3,069) Total current liabilities (3,292) (3,069)
Net assets attributable to holders of redeemable participating shares 27,929,229 26,343,761
30 September 31 March 30 September 2017 2017 2016 Net asset value per share (please refer to note 4 for numbers of shares in issue) USD 29.40 USD 26.34 USD 23.45
The accompanying notes form an integral part of these financial statements.
450 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR S&P U.S. Technology Select Sector UCITS ETF Statement of Comprehensive Income for the financial period ended 30 September 2017
30 September 2017 30 September 2016 Notes USD USD
Dividend income 272,454 121,392 Interest income 153 - Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 3,131,402 1,036,242 Miscellaneous income -18 Total investment income 3,404,009 1,157,652
Operating expenses 3 (23,092) (9,619) Profit for the financial period before tax 3,380,917 1,148,033 Witholding tax on investment income 2 (38,972) (17,398) Increase in net assets attributable to holders of redeemable participating shares resulting from operations 3,341,945 1,130,635
Gains and losses arose solely from continuing operations. There were no 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.
451 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR S&P U.S. Technology Select Sector UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial period ended 30 September 2017
30 September 2017 30 September 2016 USD USD
Net assets attributable to holders of redeemable shares at the beginning of the financial period 26,343,761 11,886,157
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 3,341,945 1,130,635
Share transactions Proceeds from redeemable participating shares issued 14,998,983 11,191,552 Costs of redeemable participating shares redeemed (16,755,460) (12,482,753) Decrease in net assets from share transactions (1,756,477) (1,291,201)
Total increase/(decrease) in net assets attributable to holders of redeemable participating shares 1,585,468 (160,566)
Net assets attributable to holders of redeemable participating shares at the end of the financial period 27,929,229 11,725,591
The accompanying notes form an integral part of these financial statements.
452 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR S&P U.S. Technology Select Sector UCITS ETF Statement of Cash Flows for the financial period ended 30 September 2017
30 September 2017 30 September 2016 USD USD
Cash from/(used in):
Operating activities Increase in net assets attributable to holders of redeemable participating shares 3,341,945 1,130,635
Adjustment for: Interest income (153) - Dividend income (272,454) (121,392) Taxation on income 38,972 17,398
Total 3,108,310 1,026,641
Net movement in financial assets and financial liabilities at fair value through profit or loss (3,131,555) (1,036,242) Payments for purchases of investments (15,716,744) (12,030,129) Proceeds from sale of investments 17,279,498 12,049,591 Movement in payables 223 169
Cash generated from operations 1,539,732 10,030 Interest received 153 - Dividends received 274,549 121,414 Taxation paid (38,972) (17,398) Net cash generated from operations 1,775,462 114,046
Financing activities Proceeds from redeemable participating shares issued 14,998,983 11,191,552 Payments for redeemable participating shares redeemed (16,755,460) (11,310,273) Net cash used in financing activities (1,756,477) (118,721)
Net increase/(decrease) in cash and cash equivalents 18,985 (4,675)
Cash and cash equivalents at the beginning of the financial period 74,306 43,109
Cash and cash equivalents at the end of the financial period 93,291 38,434
The accompanying notes form an integral part of these financial statements.
453 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR S&P U.S. Technology Select Sector UCITS ETF Schedule of Investments as at 30 September 2017
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 99.66%(March 2017: 99.70%) Transferable Securities - 99.66%(March 2017: 99.70%) Common Stock - 99.66%(March 2017:99.70%) (continued) United States Dollar - 99.66% Common Stock - 99.66%(March 2017:99.70%) (continued) 3,162 Accenture 427,091 1.53 United States Dollar - 99.66% (continued) 3,937 Activision Blizzard 253,976 0.91 975 Skyworks Solutions 99,352 0.36 2,532 Adobe Systems 377,724 1.35 3,270 Symantec 107,289 0.38 4,680 Advanced Micro Devices 59,670 0.21 757 Synopsys 60,961 0.22 923 Akamai Technologies 44,969 0.16 1,851 TE Connectivity 153,744 0.55 257 Alliance Data Systems 56,938 0.20 5,058 Texas Instruments 453,399 1.62 1,508 Alphabet (Class A) 1,468,370 5.26 906 Total System Services 59,343 0.21 1,527 Alphabet (Class C) 1,464,561 5.24 473 VeriSign 50,322 0.18 1,598 Amphenol 135,255 0.48 17,075 Verizon Communications 845,042 3.03 1,922 Analog Devices 165,619 0.59 9,294 Visa 978,101 3.50 436 ANSYS 53,510 0.19 1,562 Western Digital 134,957 0.48 26,134 Apple 4,027,772 14.42 2,497 Western Union 47,942 0.17 5,526 Applied Materials 287,849 1.03 1,128 Xerox 37,551 0.13 31,065 AT&T 1,216,816 4.36 1,321 Xilinx 93,566 0.34 1,165 Autodesk 130,783 0.47 Total Common Stock 27,833,426 99.66 2,281 Automatic Data Processing 249,359 0.89 2,079 Broadcom 504,241 1.81 Total Transferable Securities 27,833,426 99.66 1,698 CA 56,679 0.20 1,400 Cadence Design Systems 55,258 0.20 2,902 CenturyLink 54,848 0.20 Fair Value %of 25,404 Cisco Systems 854,337 3.06 USD Fund 763 Citrix Systems 58,614 0.21 Total value of investments 27,833,426 99.66 3,034 Cognizant Technology Solutions 220,086 0.79 4,698 Corning 140,564 0.50 Cash at bank*(March 2017: 0.28%) 93,291 0.33 985 CSRA 31,786 0.11 Other net assets(March 2017: 0.02%) 2,512 0.01 1,438 DXC Technology 123,495 0.44 5,180 eBay 199,223 0.71 Net assets attributable to holders of redeemable participating shares 27,929,229 100.00 1,613 Electronic Arts 190,431 0.68 342 F5 Networks 41,232 0.15 *All cash holdings are held at State Street Bank and Trust Company. 11,993 Facebook 2,049,244 7.34 1,725 Fidelity National Information Services 161,098 0.58 All of the above securities are traded on a recognised stock exchange or 1,096 Fiserv 141,340 0.51 traded on a regulated market unless otherwise stated. 793 FLIR Systems 30,856 0.11 463 Gartner 57,602 0.21 805 Global Payments 76,499 0.27 %of Total 641 Harris 84,407 0.30 Analysis of Total Assets Assets 8,479 Hewlett Packard Enterprise 124,726 0.45 8,696 HP 173,572 0.62 Transferable securities admitted to an official exchange 23,868 Intel 908,893 3.25 listing 99.65 4,405 International Business Machines 639,077 2.29 Other assets 0.35 1,258 Intuit 178,812 0.64 2,040 Juniper Networks 56,773 0.20 Total Assets 100.00 840 KLA-Tencor 89,040 0.32 859 Lam Research 158,949 0.57 1,547 Level 3 Communications 82,440 0.30 4,756 Mastercard 671,547 2.40 1,242 Microchip Technology 111,507 0.40 5,881 Micron Technology 231,300 0.83 38,957 Microsoft 2,901,907 10.39 874 Motorola Solutions 74,176 0.27 1,503 NetApp 65,771 0.24 3,112 NVIDIA 556,332 1.99 15,352 Oracle 742,269 2.66 1,657 Paychex 99,354 0.36 5,805 PayPal Holdings 371,694 1.33 691 Qorvo 48,840 0.18 7,521 QUALCOMM 389,889 1.40 937 Red Hat 103,876 0.37 3,495 salesforce.com 326,503 1.17 1,583 Seagate Technology 52,508 0.19
454 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR S&P U.S. Technology Select Sector UCITS ETF
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Purchases Cost USD
Apple 2,290,735 Microsoft 1,575,362 Facebook 1,074,945 Alphabet (Class C) 840,471 Alphabet (Class A) 833,180 AT&T 725,512 Visa 509,526 Intel 502,776 Cisco Systems 491,032 Verizon Communications 478,327 Oracle 423,372 International Business Machines 416,498 Mastercard 332,465 Broadcom 286,262 QUALCOMM 249,284 Texas Instruments 239,871 NVIDIA 239,298 Accenture 224,619 Adobe Systems 204,118 salesforce.com 186,968 PayPal Holdings 170,562 Portfolio Sales Proceeds USD
Apple 2,617,325 Microsoft 1,755,613 Facebook 1,213,436 Alphabet (Class A) 874,101 Alphabet (Class C) 858,496 AT&T 765,673 Visa 590,576 Intel 545192 Cisco Systems 524189 Verizon Communications 517430 Oracle 458,246 International Business Machines 421,986 Mastercard 381,628 Yahoo! 340,741 Broadcom 313,005 NVIDIA 280,604 Texas Instruments 264,068 QUALCOMM 262,501 Accenture 250,454 Adobe Systems 230,274
455 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR S&P U.S. Technology Select Sector UCITS ETF (continued)
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Sales (continued) Proceeds USD
PayPal Holdings 196,465 salesforce.com 191,450
A copy of the list of changes in the portfolio during the financial period may be obtained free of charge from the Administrator.
456 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR S&P U.S. Utilities Select Sector UCITS ETF Statement of Financial Position as at 30 September 2017
30 September 2017 31 March 2017 USD USD
Current assets Financial assets at fair value through profit or loss: Transferable securities 10,615,289 7,588,776 10,615,289 7,588,776
Cash and cash equivalents 39,134 25,444 Debtors: Dividends receivable 18,382 26,493 Receivable for investments sold 1,334,142 2,554,217 Total current assets 12,006,947 10,194,930
Current liabilities Creditors - Amounts falling due within one financial year: Accrued expenses (1,248) (1,376) Payable for fund shares repurchased (1,333,869) (2,555,646) Total current liabilities (1,335,117) (2,557,022)
Net assets attributable to holders of redeemable participating shares 10,671,830 7,637,908
30 September 31 March 30 September 2017 2017 2016 Net asset value per share (please refer to note 4 for numbers of shares in issue) USD 26.68 USD 25.46 USD 23.98
The accompanying notes form an integral part of these financial statements.
457 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR S&P U.S. Utilities Select Sector UCITS ETF Statement of Comprehensive Income for the financial period ended 30 September 2017
30 September 2017 30 September 2016 Notes USD USD
Dividend income 168,379 202,596 Interest income 234 - Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 133,287 (176,429) Total investment income 301,900 26,167
Operating expenses 3 (7,037) (8,978) Profit for the financial period before tax 294,863 17,189 Witholding tax on investment income 2 (25,257) (30,433) Increase/(decrease) in net assets attributable to holders of redeemable participating shares resulting from operations 269,606 (13,244)
Gains and losses arose solely from continuing operations. There were no 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.
458 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR S&P U.S. Utilities Select Sector UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial period ended 30 September 2017
30 September 2017 30 September 2016 USD USD
Net assets attributable to holders of redeemable shares at the beginning of the financial period 7,637,908 10,777,674
Increase/(decrease) in net assets attributable to holders of redeemable participating shares resulting from operations 269,606 (13,244)
Share transactions Proceeds from redeemable participating shares issued 26,421,076 13,499,591 Costs of redeemable participating shares redeemed (23,656,760) (15,869,853) Increase/(decrease) in net assets from share transactions 2,764,316 (2,370,262)
Total increase/(decrease) in net assets attributable to holders of redeemable participating shares 3,033,922 (2,383,506)
Net assets attributable to holders of redeemable participating shares at the end of the financial period 10,671,830 8,394,168
The accompanying notes form an integral part of these financial statements.
459 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR S&P U.S. Utilities Select Sector UCITS ETF Statement of Cash Flows for the financial period ended 30 September 2017
30 September 2017 30 September 2016 USD USD
Cash from/(used in):
Operating activities Increase/(decrease) in net assets attributable to holders of redeemable participating shares 269,606 (13,244)
Adjustment for: Interest income (234) - Dividend income (168,379) (202,596) Taxation on income 25,257 30,433
Total 126,250 (185,407)
Net movement in financial assets and financial liabilities at fair value through profit or loss (133,295) 176,429 Payments for purchases of investments (26,554,338) (14,072,997) Proceeds from sale of investments 24,881,195 14,959,094 Movement in payables (128) (129)
Cash (used in)/ generated from operations (1,680,316) 876,990 Interest received 234 - Dividends received 176,490 203,710 Taxation paid (25,257) (30,433) Net cash (used in)/ generated from operations (1,528,849) 1,050,267
Financing activities Proceeds from redeemable participating shares issued 26,421,076 13,499,591 Payments for redeemable participating shares redeemed (24,878,537) (14,662,257) Net cash generated from/(used in) financing activities 1,542,539 (1,162,666)
Net increase/(decrease) in cash and cash equivalents 13,690 (112,399)
Cash and cash equivalents at the beginning of the financial period 25,444 146,334
Cash and cash equivalents at the end of the financial period 39,134 33,935
The accompanying notes form an integral part of these financial statements.
460 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR S&P U.S. Utilities Select Sector UCITS ETF Schedule of Investments as at 30 September 2017
%of Fair Value %of Fair Value Net USD Fund Holding Investment USD Assets Total value of investments 10,615,289 99.47 Transferable Securities - 99.47%(March 2017: 99.36%) Cash at bank*(March 2017: 0.33%) 39,134 0.37 Common Stock - 99.47%(March 2017:99.36%) Other net assets(March 2017: 0.31%) 17,407 0.16 United States Dollar - 99.47% Net assets attributable to holders of 10,515 AES 115,875 1.09 redeemable participating shares 10,671,830 100.00 3,658 Alliant Energy 152,063 1.42 3,875 Ameren 224,130 2.10 *All cash holdings are held at State Street Bank and Trust Company. 7,824 American Electric Power 549,558 5.15 All of the above securities are traded on a recognised stock exchange or 2,822 American Water Works 228,328 2.14 traded on a regulated market unless otherwise stated. 6,924 CenterPoint Energy 202,250 1.90 4,563 CMS Energy 211,358 1.98 %of 4,938 Consolidated Edison 398,398 3.73 Total 10,173 Dominion Energy 782,609 7.33 Analysis of Total Assets Assets 2,872 DTE Energy 308,338 2.89 Transferable securities admitted to an official exchange 10,225 Duke Energy 858,082 8.04 listing 88.41 5,184 Edison International 400,049 3.75 Other assets 11.59 2,843 Entergy 217,091 2.03 Total Assets 100.00 5,018 Eversource Energy 303,288 2.84 15,200 Exelon 572,584 5.37 7,030 FirstEnergy 216,735 2.03 7,414 NextEra Energy 1,086,522 10.18 5,240 NiSource 134,092 1.26 4,761 NRG Energy 121,834 1.14 8,162 PG&E 555,751 5.21 1,808 Pinnacle West Capital 152,884 1.43 10,859 PPL 412,099 3.86 8,010 Public Service Enterprise Group 370,463 3.47 2,264 SCANA 109,781 1.03 3,995 Sempra Energy 455,949 4.27 15,824 Southern 777,591 7.29 4,998 WEC Energy Group 313,774 2.94 8,111 Xcel Energy 383,813 3.60 Total Common Stock 10,615,289 99.47
Total Transferable Securities 10,615,289 99.47
461 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR S&P U.S. Utilities Select Sector UCITS ETF
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Purchases Cost USD
NextEra Energy 2,611,177 Duke Energy 2,177,099 Dominion Energy 1,979,075 Southern 1,961,825 PG&E 1,391,726 American Electric Power 1,378,724 Exelon 1,371,282 Sempra Energy 1,143,229 PPL 1,052,197 Edison International 1,040,405 Consolidated Edison 1,004,475 Xcel Energy 952,411 Public Service Enterprise Group 901,322 WEC Energy Group 788,307 DTE Energy 775,070 Eversource Energy 769,964 American Water Works 564,427 Entergy 554,003 Ameren 549,627 FirstEnergy 540,712 CMS Energy 533,121 CenterPoint Energy 494,000 Pinnacle West Capital 394,082 Alliant Energy 373,508 SCANA 368,789 NiSource 334,017 AES 300,056 Portfolio Sales Proceeds USD
NextEra Energy 2,334,532 Duke Energy 1,944,969 Dominion Energy 1,751,642 Southern 1,750,296 PG&E 1,234,409 American Electric Power 1,234,139 Exelon 1,214,810 Sempra Energy 1,018,231 PPL 939,516 Edison International 927,571 Consolidated Edison 890,991 Xcel Energy 850,403 Public Service Enterprise Group 804,280 WEC Energy Group 701,844
462 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR S&P U.S. Utilities Select Sector UCITS ETF (continued)
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Sales (continued) Proceeds USD
DTE Energy 690,700 Eversource Energy 688,148 American Water Works 504,131 Entergy 493,427 Ameren 488,971 FirstEnergy 485,056 CMS Energy 474,404 CenterPoint Energy 439,614 Pinnacle West Capital 351,160 Alliant Energy 331,134 SCANA 330,061 NiSource 297,514 AES 266,190
A copy of the list of changes in the portfolio during the financial period may be obtained free of charge from the Administrator.
463 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Thomson Reuters Global Convertible Bond UCITS ETF Statement of Financial Position as at 30 September 2017
30 September 2017 31 March 2017 USD USD
Current assets Financial assets at fair value through profit or loss: Transferable securities 638,247,859 630,470,327 638,247,859 630,470,327
Cash and cash equivalents 10,681,882 24,273,540 Debtors: Interest receivable 1,387,198 1,608,669 Receivable for investments sold 1,089,779 - Total current assets 651,406,718 656,352,536
Current liabilities Creditors - Amounts falling due within one financial year: Accrued expenses (287,431) (302,396) Total current liabilities (287,431) (302,396)
Net assets attributable to holders of redeemable participating shares 651,119,287 656,050,140
30 September 31 March 30 September 2017 2017 2016 Net asset value per share (please refer to note 4 for numbers of shares in issue) USD 35.25 USD 33.06 USD 32.25
The accompanying notes form an integral part of these financial statements.
464 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Thomson Reuters Global Convertible Bond UCITS ETF Statement of Comprehensive Income for the financial period ended 30 September 2017
30 September 2017 30 September 2016 Notes USD USD Interest income 3,003,954 2,324,458 Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 42,075,706 20,737,388 Miscellaneous income 8,839 - Total investment income 45,088,499 23,061,846
Operating expenses 3 (1,597,014) (1,050,502) Net profit for the financial period 43,491,485 22,011,344
Finance costs Interest expense (9,230) (5,668)
Distributions to holders of redeemable participating shares 6 (1,717,276) (1,369,830) Profit for the financial period before tax 41,764,979 20,635,846 Witholding tax on investment income 2 (1,784) (8,891) Increase in net assets attributable to holders of redeemable participating shares resulting from operations 41,763,195 20,626,955
Gains and losses arose solely from continuing operations. There were no 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.
465 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Thomson Reuters Global Convertible Bond UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial period ended 30 September 2017
30 September 2017 30 September 2016 USD USD
Net assets attributable to holders of redeemable shares at the beginning of the financial period 656,050,140 465,689,863
Increase in net assets attributable to holders of redeemable participating shares resulting from operations 41,763,195 20,626,955
Share transactions Proceeds from redeemable participating shares issued 38,718,891 10,991,492 Costs of redeemable participating shares redeemed (85,412,939) (168,233,941) Decrease in net assets from share transactions (46,694,048) (157,242,449)
Total decrease in net assets attributable to holders of redeemable participating shares (4,930,853) (136,615,494)
Net assets attributable to holders of redeemable participating shares at the end of the financial period 651,119,287 329,074,369
The accompanying notes form an integral part of these financial statements.
466 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Thomson Reuters Global Convertible Bond UCITS ETF Statement of Cash Flows for the financial period ended 30 September 2017
30 September 2017 30 September 2016 USD USD
Cash from/(used in):
Operating activities Increase in net assets attributable to holders of redeemable participating shares 41,763,195 20,626,955
Adjustment for: Interest income (3,003,954) (2,324,458) Interest expense 9,230 5,668 Distributions to holders of redeemable participating shares 1,717,276 1,369,830 Taxation on income 1,784 8,891
Total 40,487,531 19,686,886
Net movement in financial assets and financial liabilities at fair value through profit or loss (41,881,782) (20,683,109) Payments for purchases of investments (129,181,520) (71,173,178) Proceeds from sale of investments 162,195,991 219,699,573 Movement in payables (14,965) (45,047)
Cash generated from operations 31,605,255 147,485,125
Interest paid (9,230) (5,668) Interest received 3,225,425 2,694,977 Taxation paid (1,784) (8,891) Net cash generated from operations 34,819,666 150,165,543
Financing activities Distributions paid to holders of redeemable participating shares (1,717,276) (1,369,830) Proceeds from redeemable participating shares issued 38,718,891 10,991,492 Payments for redeemable participating shares redeemed (85,412,939) (168,233,941) Net cash used in financing activities (48,411,324) (158,612,279)
Net decrease in cash and cash equivalents (13,591,658) (8,446,736)
Cash and cash equivalents at the beginning of the financial period 24,273,540 9,943,659
Cash and cash equivalents at the end of the financial period 10,681,882 1,496,923
The accompanying notes form an integral part of these financial statements.
467 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Thomson Reuters Global Convertible Bond UCITS ETF Schedule of Investments as at 30 September 2017
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 98.02%(March 2017: 99.10%) Transferable Securities - 98.02%(March 2017: 99.10%) Corporate Bonds - 98.02%(March 2017:99.10%) (continued) Chinese Yuan Renminbi - 0.66% Corporate Bonds - 98.02%(March 2017:99.10%) (continued) 14,000,000 1.500% China Railway ConstructionLtd Euro - 23.46% (continued) 21/12/2021 2,050,894 0.32 1,800,000 4.000% Steinhoff Finance Holding 13,000,000 1.625% Kunlun Energy 25/07/2019 2,232,944 0.34 30/01/2021 2,482,094 0.38 4,300,000 1.250% Steinhoff Finance Holding 4,283,838 0.66 11/08/2022 4,533,783 0.70 Euro - 23.46% 4,100,000 1.250% Steinhoff Finance Holding 21/10/2023 4,207,987 0.65 3,900,000 0.500% Aabar Investments 27/03/2020 4,109,177 0.63 1,100,000 0.000% Strategic International Group 3,700,000 1.000% Aabar Investments 27/03/2022 3,682,455 0.56 21/07/2022 1,435,819 0.22 1,100,000 2.625% ACS Actividades Finance 22/10/2018 1,577,812 0.24 1,500,000 0.237% Symrise 20/06/2024 1,863,613 0.29 900,000 1.625% ACS Actividades Finance 2 1,700,000 0.875% TechnipFMC 25/01/2021 2,330,855 0.36 27/03/2019 1,221,714 0.19 7,500,000 1.125% Telecom Italia 26/03/2022 8,883,430 1.36 2,081,630 2.030% Air France-KLM 15/02/2023 3,182,267 0.49 2,300,000 0.000% Telefonica Participaciones 4,000,000 0.000% Airbus 14/06/2021 5,536,240 0.85 09/03/2021 2,717,427 0.42 1,800,000 0.000% Airbus 01/07/2022 2,283,640 0.35 1,561,459 0.000% Ubisoft Entertainment 27/09/2021 2,446,144 0.37 11,300,000 0.000% America Movil 28/05/2020 13,191,867 2.03 1,930,002 0.000% Unibail-Rodamco 01/07/2021 2,359,714 0.36 1,500,000 3.375% Amorim Energia 03/06/2018 1,876,842 0.29 1,893,910 0.000% Unibail-Rodamco 01/01/2022 2,186,082 0.34 300,000 0.000% Archer Obligations 31/03/2023 363,643 0.06 2,643,618 0.000% Veolia Environnement 15/03/2021 3,092,666 0.47 3,700,000 0.050% Bayer 15/06/2020 4,867,716 0.75 1,923,780 0.000% Wendel 31/07/2019 2,515,065 0.39 1,500,000 0.000% Bekaert 09/06/2021 1,882,286 0.29 1,400,000 0.000% Zhejiang Expressway 21/04/2022 1,683,629 0.26 2,800,000 1.000% Criteria Caixa 25/11/2017 3,334,488 0.51 152,710,158 23.46 1,600,000 0.600% Deutsche Post 06/12/2019 3,470,956 0.53 Hong Kong Dollar - 0.48% 1,500,000 0.875% Deutsche Wohnen 08/09/2021 3,189,119 0.49 8,000,000 2.000% ASM Pacific Technology 28/03/2019 1,284,771 0.20 3,000,000 0.325% Deutsche Wohnen 26/07/2024 3,631,929 0.56 14,000,000 0.000% Haitong International Securities 1,500,000 0.000% Eni 13/04/2022 1,827,385 0.28 Group 25/10/2021 1,855,291 0.28 1,900,000 0.000% Fresenius 24/09/2019 3,145,010 0.48 1,900,000 0.000% Fresenius 31/01/2024 2,246,314 0.34 3,140,062 0.48 1,500,000 1.125% Fresenius Medical Care 31/01/2020 2,199,547 0.34 Japanese Yen - 12.09% 1,700,000 0.250% Grand City Properties 02/03/2022 2,024,209 0.31 120,000,000 0.000% Advantest 14/03/2019 1,407,187 0.22 1,900,000 0.000% Haniel Finance Deutschland GmbH 115,000,000 0.000% AEON Financial Service 13/09/2019 1,094,505 0.17 12/05/2020 2,278,748 0.35 20,000,000 0.000% ANA Holdings 19/09/2024 185,226 0.03 1,900,000 0.000% Iberdrola International 11/11/2022 2,257,971 0.35 100,000,000 0.000% Asics 01/03/2019 891,814 0.14 1,914,308 0.000% Ingenico Group 26/06/2022 2,196,877 0.34 180,000,000 0.000% Chugoku Electric Power 23/03/2018 1,591,081 0.24 1,900,000 0.250% International Consolidated Airlines 190,000,000 0.000% Chugoku Electric Power 25/03/2020 1,676,942 0.26 Group 17/11/2020 2,189,688 0.34 110,000,000 0.000% Daio Paper 17/09/2020 1,006,647 0.15 1,900,000 0.625% International Consolidated Airlines 110,000,000 0.000% Ezaki Glico 30/01/2024 1,048,217 0.16 Group 17/11/2022 2,181,152 0.33 90,000,000 0.000% GS Yuasa 13/03/2019 809,932 0.12 1,500,000 0.875% LEG Immobilien 01/09/2025 1,796,281 0.28 110,000,000 0.000% Iida Group Holdings 18/06/2020 1,006,403 0.15 3,400,000 3.375% Magyar Nemzeti Vagyonkezelo 120,000,000 0.000% Iwatani 22/10/2020 1,121,219 0.17 02/04/2019 4,731,247 0.73 150,000,000 0.000% Kansai Paint 17/06/2019 1,508,129 0.23 1,900,000 0.125% MTU Aero Engines 17/05/2023 2,863,204 0.44 230,000,000 0.000% Kansai Paint 17/06/2022 2,213,611 0.34 1,800,000 0.000% Prysmian 17/01/2022 2,312,730 0.35 190,000,000 0.000% Kawasaki Kisen Kaisha 26/09/2018 1,752,898 0.27 2,300,000 0.000% RAG-Stiftung 31/12/2018 2,780,237 0.43 110,000,000 0.000% K's Holdings 20/12/2019 1,346,111 0.21 1,900,000 0.000% RAG-Stiftung 18/02/2021 2,483,982 0.38 280,000,000 0.000% Kyushu Electric Power 31/03/2020 2,555,235 0.39 1,900,000 0.000% RAG-Stiftung 16/03/2023 2,394,090 0.37 280,000,000 0.000% Kyushu Electric Power 31/03/2022 2,565,185 0.39 1,441,469 1.000% Rallye 02/10/2020 1,793,369 0.27 230,000,000 0.000% LIXIL Group 04/03/2020 2,102,641 0.32 1,400,000 3.000% Rocket Internet 22/07/2022 1,690,250 0.26 230,000,000 0.000% LIXIL Group 04/03/2022 2,157,421 0.33 2,456,300 0.000% Safran 31/12/2020 3,258,396 0.50 290,000,000 0.000% Mitsubishi Chemical Holdings 1,600,000 0.375% Sagerpar 09/10/2018 2,082,317 0.32 30/03/2022 2,778,528 0.43 1,500,000 0.000% Snam 20/03/2022 1,836,695 0.28
468 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Thomson Reuters Global Convertible Bond UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 98.02%(March 2017: 99.10%) Transferable Securities - 98.02%(March 2017: 99.10%) (continued) (continued) Corporate Bonds - 98.02%(March 2017:99.10%) (continued) Corporate Bonds - 98.02%(March 2017:99.10%) (continued) Japanese Yen - 12.09% (continued) Swedish Krona - 0.33% 280,000,000 0.000% Mitsubishi Chemical Holdings 16,000,000 0.000% Industrivarden 15/05/2019 2,147,676 0.33 29/03/2024 2,738,983 0.42 2,147,676 0.33 100,000,000 0.000% Nagoya Railroad 03/10/2023 1,121,574 0.17 140,000,000 0.000% Nagoya Railroad 11/12/2024 1,307,927 0.20 Swiss Franc - 0.35% 100,000,000 0.000% Nipro 29/01/2021 1,049,722 0.16 1,505,000 0.000% Swiss Life Holding 02/12/2020 2,284,206 0.35 120,000,000 0.000% Resorttrust 01/12/2021 1,074,046 0.17 2,284,206 0.35 110,000,000 0.000% SBI Holdings 02/11/2017 1,165,854 0.18 United States Dollar - 56.31% 110,000,000 0.000% SBI Holdings 14/09/2022 1,078,961 0.17 3,075,000 2.125% Advanced Micro Devices 01/09/2026 5,452,590 0.84 110,000,000 0.000% Shimizu 16/10/2020 1,095,085 0.17 2,685,000 0.000% Akamai Technologies 15/02/2019 2,615,681 0.40 452,000,000 0.000% Sony 30/09/2022 4,587,861 0.70 5,390,000 0.000% Altaba 01/12/2018 7,013,091 1.08 380,000,000 0.000% Suzuki Motor 31/03/2021 4,883,978 0.75 1,918,000 2.750% Anthem 15/10/2042 4,986,493 0.77 380,000,000 0.000% Suzuki Motor 31/03/2023 4,919,424 0.76 1,200,000 0.500% AYC Finance 02/05/2019 1,314,744 0.20 110,000,000 0.000% T&D Holdings 05/06/2020 993,093 0.15 1,600,000 0.000% Bagan Capital 23/09/2021 1,726,800 0.27 150,000,000 0.000% Takashimaya 11/12/2018 1,333,056 0.21 1,900,000 0.000% Baosteel Hong Kong Investment 100,000,000 0.000% Takashimaya 11/12/2020 923,573 0.14 01/12/2018 1,969,350 0.30 190,000,000 0.000% Terumo 04/12/2019 2,006,507 0.31 2,250,000 0.925% BASF 09/03/2023 2,358,517 0.36 180,000,000 0.000% Terumo 06/12/2021 1,948,474 0.30 1,480,000 0.750% BioMarin Pharmaceutical 15/10/2018 1,649,623 0.25 180,000,000 0.000% Tohoku Electric Power 03/12/2018 1,592,280 0.24 1,450,000 1.500% BioMarin Pharmaceutical 15/10/2020 1,756,791 0.27 270,000,000 0.000% Tohoku Electric Power 03/12/2020 2,404,899 0.37 1,750,000 0.599% BioMarin Pharmaceutical 150,000,000 0.000% Toppan Printing 19/12/2019 1,476,307 0.23 01/08/2024 1,778,140 0.27 190,000,000 0.000% Toray Industries 30/08/2019 2,109,470 0.32 1,900,000 1.500% Blackhawk Network Holdings 190,000,000 0.000% Toray Industries 31/08/2021 2,272,776 0.35 15/01/2022 2,113,199 0.32 180,000,000 0.000% Unicharm 25/09/2020 1,856,719 0.29 1,750,000 1.875% Brenntag Finance 02/12/2022 1,784,125 0.27 380,000,000 0.000% Yamada Denki 28/06/2019 3,979,662 0.61 2,150,000 1.375% Brocade Communications Systems 78,739,163 12.09 01/01/2020 2,154,042 0.33 Pound Sterling - 3.17% 1,800,000 0.000% Cahaya Capital 18/09/2021 1,775,700 0.27 1,500,000 1.000% BP Capital Markets 28/04/2023 2,379,751 0.37 1,800,000 0.000% Carrefour 14/06/2023 1,685,808 0.26 1,300,000 2.750% Brait 18/09/2020 1,597,113 0.25 1,400,000 3.750% Cemex 15/03/2018 1,599,556 0.25 1,300,000 0.000% British Land White 2015 1,258,000 3.720% Cemex 15/03/2020 1,411,614 0.22 09/06/2020 1,678,739 0.26 2,350,000 4.250% Cheniere Energy 15/03/2045 1,624,172 0.25 1,100,000 2.500% Intu Jersey 04/10/2018 1,478,029 0.23 5,600,000 0.000% China Overseas Finance Investment 1,400,000 2.875% Intu Jersey 2 01/11/2022 1,779,924 0.27 Cayman V 05/01/2023 5,948,600 0.91 1,700,000 1.250% J Sainsbury 21/11/2019 2,311,778 0.35 1,750,000 0.000% China Railway ConstructionLtd 1,500,000 0.900% National Grid North America 29/01/2021 1,944,250 0.30 02/11/2020 2,024,147 0.31 1,100,000 0.000% China Yangtze Power International 2,000,000 0.375% Orange 27/06/2021 2,688,666 0.41 BVI 1 09/11/2021 1,151,975 0.18 1,300,000 2.625% Remgro Jersey GBP 22/03/2021 1,713,622 0.26 2,200,000 0.000% Cie Generale des Etablissements 2,300,000 0.000% Vodafone Group 26/11/2020 3,004,021 0.46 Michelin 10/01/2022 2,411,750 0.37 5,400,000 0.500% Citrix Systems 15/04/2019 6,272,586 0.96 20,655,790 3.17 1,550,000 3.875% Colony NorthStar 15/01/2021 1,558,680 0.24 Singapore Dollar - 1.17% 1,000,000 0.500% Cosmos Boom Investment 2,500,000 1.850% CapitaLand 19/06/2020 1,820,759 0.28 23/06/2020 990,870 0.15 3,000,000 1.950% CapitaLand 17/10/2023 2,281,012 0.35 1,200,000 0.500% CP Foods Holdings 22/09/2021 1,247,844 0.19 2,500,000 2.800% CapitaLand 08/06/2025 1,845,613 0.28 2,250,000 0.000% CRRCLtd 05/02/2021 2,323,687 0.36 2,250,000 0.000% Indah Capital 24/10/2018 1,690,660 0.26 1,785,000 1.250% Ctrip.com International 15/10/2018 2,469,137 0.38 7,638,044 1.17 2,625,000 1.000% Ctrip.com International 01/07/2020 2,984,100 0.46 1,500,000 1.990% Ctrip.com International 01/07/2025 1,817,820 0.28 11,350,000 3.375% DISH Network 15/08/2026 12,724,598 1.95
469 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Thomson Reuters Global Convertible Bond UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of %of Fair Value Net Fair Value Net Holding Investment USD Assets Holding Investment USD Assets Transferable Securities - 98.02%(March 2017: 99.10%) Transferable Securities - 98.02%(March 2017: 99.10%) (continued) (continued) Corporate Bonds - 98.02%(March 2017:99.10%) (continued) Corporate Bonds - 98.02%(March 2017:99.10%) (continued) United States Dollar - 56.31% (continued) United States Dollar - 56.31% (continued) 3,800,000 1.750% DP World 19/06/2024 3,892,150 0.60 2,650,000 1.000% ON Semiconductor 01/12/2020 3,160,125 0.49 1,885,000 0.750% Dycom Industries 15/09/2021 2,151,011 0.33 2,125,000 0.000% Palo Alto Networks 01/07/2019 2,927,931 0.45 1,750,000 0.000% ENN Energy Holdings 26/02/2018 2,082,938 0.32 3,460,000 1.000% Priceline Group 15/03/2018 6,693,162 1.03 1,525,000 1.500% Euronet Worldwide 01/10/2044 2,065,994 0.32 3,845,000 0.350% Priceline Group 15/06/2020 5,523,727 0.85 1,750,000 1.000% FireEye 01/06/2035 1,652,875 0.25 3,625,000 0.900% Priceline Group 15/09/2021 4,177,051 0.64 1,675,000 1.625% FireEye 01/06/2035 1,550,380 0.24 1,500,000 4.750% Prospect Capital 15/04/2020 1,516,275 0.23 1,800,000 1.000% Firstu Dhabi Bank 12/03/2018 1,792,494 0.28 1,600,000 0.375% QIAGEN 19/03/2019 1,855,680 0.29 1,620,000 4.500% General Cable 15/11/2029 1,440,504 0.22 3,000,000 0.250% Red Hat 01/10/2019 4,617,600 0.71 800,000 0.000% Gunma Bank 11/10/2019 848,096 0.13 1,450,000 2.875% Royal Gold 15/06/2019 1,588,867 0.24 4,275,000 2.000% Herbalife 15/08/2019 4,292,228 0.66 1,555,000 1.625% RTI International Metals 15/10/2019 1,707,981 0.26 990,000 2.000% Hologic 01/03/2042 1,193,613 0.18 4,320,000 0.250% salesforce.com 01/04/2018 6,056,035 0.93 1,020,000 1.000% Hologic 15/12/2043 1,230,365 0.19 1,750,000 0.000% Semiconductor Manufacturing 1,425,000 2.500% Horizon Pharma Investment International 07/07/2022 2,012,990 0.31 15/03/2022 1,290,338 0.20 2,185,000 0.000% ServiceNow 01/11/2018 3,513,152 0.54 2,400,000 0.000% Illumina 15/06/2019 2,538,648 0.39 1,800,000 0.000% Shanghai Port Group BVI Holding 1,925,000 0.500% Illumina 15/06/2021 2,190,842 0.34 09/08/2021 1,808,244 0.28 2,250,000 2.000% Impax Laboratories 15/06/2022 2,032,594 0.31 1,800,000 0.000% Shanghai Port Group BVI Holding 09/08/2022 1,802,088 0.28 2,400,000 3.875% Inmarsat 09/09/2023 2,595,600 0.40 700,000 0.000% Shiga Bank 23/06/2020 718,375 0.11 1,475,000 0.875% Integrated Device Technology 15/11/2022 1,575,153 0.24 1,900,000 0.000% Shizuoka Bank 25/04/2018 1,875,053 0.29 5,985,000 3.493% Intel 15/12/2035 8,515,219 1.31 400,000 1.875% Sibanye-Stillwater 26/09/2023 385,000 0.06 1,675,000 3.250% Intercept Pharmaceuticals 5,000,000 1.650% Siemens Financieringsmaatschappij 01/07/2023 1,300,477 0.20 16/08/2019 6,082,050 0.93 2,600,000 1.000% Ionis Pharmaceuticals 15/11/2021 2,755,324 0.42 1,500,000 0.000% Siliconware Precision Industries 31/10/2019 1,710,180 0.26 1,490,000 3.250% j2 Global 15/06/2029 1,840,597 0.28 1,200,000 8.500% Sirius Minerals Finance 28/11/2023 1,506,000 0.23 2,150,000 1.875% Jazz Investments I 15/08/2021 2,266,186 0.35 2,125,000 1.625% SolarCity 01/11/2019 2,010,356 0.31 1,682,000 1.250% Lam Research 15/05/2018 5,167,541 0.79 1,580,000 2.875% Spirit Realty Capital 15/05/2019 1,594,236 0.25 1,700,000 2.250% Liberty Media 30/09/2046 1,807,100 0.28 1,460,000 3.750% Starwood Property Trust 15/10/2017 1,460,876 0.22 2,855,000 0.000% LVMH Moet Hennessy Louis Vuitton 16/02/2021 3,386,315 0.52 1,410,000 4.550% Starwood Property Trust 01/03/2018 1,486,267 0.23 1,325,000 2.875% Macquarie Infrastructure 15/07/2019 1,403,639 0.22 1,320,000 4.000% Starwood Property Trust 15/01/2019 1,464,817 0.23 1,500,000 2.000% Macquarie Infrastructure 01/10/2023 1,454,325 0.22 1,600,000 1.000% STMicroelectronics 03/07/2021 2,523,648 0.39 1,200,000 0.000% Mebuki Financial Group 24/04/2019 1,186,500 0.18 2,800,000 0.000% STMicroelectronics 03/07/2022 3,180,660 0.49 1,480,000 2.500% Medicines 15/01/2022 1,870,735 0.29 2,800,000 0.250% STMicroelectronics 03/07/2024 3,186,988 0.49 1,600,000 2.750% Medicines 15/07/2023 1,681,872 0.26 800,000 1.000% Subsea 7 05/10/2017 797,600 0.12 6,480,000 1.625% Microchip Technology 15/02/2025 11,288,290 1.73 1,650,000 4.000% SunPower 15/01/2023 1,363,519 0.21 3,819,000 3.000% Micron Technology 15/11/2043 5,285,000 0.81 3,800,000 0.250% Telenor East Holding II AS 20/09/2019 4,237,000 0.65 1,100,000 0.000% Mitsui OSK Lines 24/04/2018 1,083,500 0.17 3,540,000 0.250% Tesla 01/03/2019 3,884,796 0.60 800,000 0.000% Mitsui OSK Lines 24/04/2020 767,000 0.12 5,230,000 1.250% Tesla 01/03/2021 5,890,026 0.90 2,050,000 1.125% Molina Healthcare 15/01/2020 3,542,195 0.54 3,600,000 2.375% Tesla 15/03/2022 4,432,068 0.68 1,800,000 0.000% Nanya Technology 24/01/2022 3,071,844 0.47 1,975,000 0.250% Teva Pharmaceutical Finance 1,600,000 4.750% Navistar International 15/04/2019 1,751,520 0.27 01/02/2026 1,788,353 0.28 2,375,000 2.625% Novellus Systems 15/05/2041 13,094,729 2.01 4,600,000 0.500% TOTAL 02/12/2022 4,698,900 0.72 1,325,000 2.750% Nuance Communications 01/11/2031 1,327,915 0.20 1,755,000 3.875% Trinity Industries 01/06/2036 2,362,370 0.36 2,600,000 1.000% Nuance Communications 15/12/2035 2,437,500 0.37 3,400,000 0.250% Twitter 15/09/2019 3,213,031 0.49 2,500,000 2.250% NuVasive 15/03/2021 2,858,375 0.44 3,700,000 1.000% Twitter 15/09/2021 3,389,500 0.52 4,390,000 1.000% NXP Semiconductors 01/12/2019 5,306,369 0.82 2,200,000 0.000% United Microelectronics 18/05/2020 2,431,000 0.37 2,075,000 3.750% Old Republic International 2,200,000 0.000% Valeo 16/06/2021 2,532,266 0.39 15/03/2018 2,656,975 0.41
470 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
SPDR Thomson Reuters Global Convertible Bond UCITS ETF Schedule of Investments as at 30 September 2017 (continued)
%of Fair Value %of Fair Value Net USD Fund Holding Investment USD Assets Total value of investments 638,247,859 98.02 Transferable Securities - 98.02%(March 2017: 99.10%) Cash at bank*(March 2017: 3.70%) 10,681,882 1.64 (continued) Other net assets(March Corporate Bonds - 98.02%(March 2017:99.10%) (continued) 2017: 0.20%) 2,189,546 0.34 United States Dollar - 56.31% (continued) Net assets attributable to holders of 1,400,000 0.000% Valin Mining Investments Singapore redeemable participating shares 651,119,287 100.00 Pte 15/11/2021 1,440,012 0.22 2,275,000 3.000% VEREIT 01/08/2018 2,284,919 0.35 *All cash holdings are held at State Street Bank and Trust Company. 1,490,000 3.750% VEREIT 15/12/2020 1,550,956 0.24 1,560,000 1.500% Verint Systems 01/06/2021 1,525,836 0.23 All of the above securities are traded on a recognised stock exchange or 1,750,000 0.625% Viavi Solutions 15/08/2033 1,829,100 0.28 traded on a regulated market unless otherwise stated. 2,200,000 0.375% Vinci 16/02/2022 2,438,876 0.37 %of 2,370,000 1.500% Vipshop Holdings 15/03/2019 2,302,820 0.35 Total 4,750,000 5.875% Weatherford International Analysis of Total Assets Assets 01/07/2021 5,205,287 0.80 Transferable securities admitted to an official exchange 2,175,000 1.250% Whiting Petroleum 01/04/2020 1,937,653 0.30 listing 54.83 1,303,000 0.750% Workday 15/07/2018 1,669,273 0.26 Transferable securities dealt in on another regulated 2,250,000 2.000% Wright Medical Group 15/02/2020 2,436,840 0.37 market 41.26 1,500,000 2.250% Wright Medical Group 15/11/2021 2,011,980 0.31 Other transferable securities of the type referred to in 1,100,000 0.000% Yamaguchi Financial Group Regulation 68(1)(a), (b) and (c) 1.89 20/12/2018 1,259,357 0.19 Other assets 2.02 1,100,000 0.796% Yamaguchi Financial Group Total Assets 26/03/2020 1,150,732 0.18 100.00 1,210,000 1.125% Yandex 15/12/2018 1,206,140 0.19 1,100,000 0.000% Zhen Ding Technology Holding 26/06/2019 1,094,500 0.17 366,648,922 56.31 Total Corporate Bonds 638,247,859 98.02
Total Transferable Securities 638,247,859 98.02
471 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR Thomson Reuters Global Convertible Bond UCITS ETF
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Purchases Cost USD
3.375% DISH Network 15/08/2026 12,769,329 0.050% Bayer 15/06/2020 4,815,770 2.375% Tesla 15/03/2022 4,639,399 2.250% NuVasive 15/03/2021 3,834,349 0.250% Twitter 15/09/2019 3,459,203 0.000% STMicroelectronics 03/07/2022 3,155,040 0.250% STMicroelectronics 03/07/2024 3,130,420 0.000% Kyushu Electric Power 31/03/2022 3,060,868 0.000% Mitsubishi Chemical Holdings 30/03/2022 2,886,854 0.000% Mitsubishi Chemical Holdings 29/03/2024 2,884,371 0.000% Kyushu Electric Power 31/03/2020 2,860,596 0.375% Orange 27/06/2021 2,585,694 0.925% BASF 09/03/2023 2,565,000 0.000% RAG-Stiftung 16/03/2023 2,464,210 0.000% Prysmian 17/01/2022 2,395,002 1.500% Blackhawk Network Holdings 15/01/2022 2,173,402 2.250% Wright Medical Group 15/11/2021 2,102,916 0.000% Shanghai Port Group BVI Holding 09/08/2022 2,015,600 0.000% Shanghai Port Group BVI Holding 09/08/2021 2,014,800 0.238% Symrise 20/06/2024 1,887,461 1.000% FireEye 01/06/2035 1,886,390 0.875% LEG Immobilien 01/09/2025 1,824,236 2.250% Liberty Media 30/09/2046 1,805,167 2.750% Medicines 15/07/2023 1,791,736 0.599% BioMarin Pharmaceutical 01/08/2024 1,781,876 0.000% Carrefour 14/06/2023 1,746,000 0.000% Snam 20/03/2022 1,732,164 0.000% Zhejiang Expressway 21/04/2022 1,679,580 0.000% Strategic International Group 21/07/2022 1,455,318 Portfolio Sales Proceeds USD
1.050% Siemens Financieringsmaatschappij 16/08/2017 6,522,550 1.375% Liberty Media 15/10/2023 5,010,664 2.625% Xilinx 15/06/2017 4,308,669 0.250% Twitter 15/09/2019 4,020,300 2.625% Novellus Systems 15/05/2041 3,710,539 0.000% STMicroelectronics 03/07/2019 2,972,594 0.500% Shenzhou International Group Holdings 18/06/2019 2,854,956 0.250% adidas 14/06/2019 2,784,013 0.000% Prysmian 17/01/2022 2,643,454 3.000% Aroundtown Property Holdings 05/05/2020 2,544,760 0.875% Marine Harvest 06/05/2019 2,497,090 1.625% Microchip Technology 15/02/2025 2,283,977
472 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Schedule of Significant Portfolio Changes for SPDR Thomson Reuters Global Convertible Bond UCITS ETF (continued)
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2017 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
Portfolio Sales (continued) Proceeds USD
0.000% CEZ MH 04/08/2017 2,215,037 1.000% Priceline Group 15/03/2018 2,118,695 0.000% Advanced Semiconductor Engineering 05/09/2018 2,112,038 2.500% WebMD Health 31/01/2018 1,999,212 0.000% Shine Power International 28/07/2019 1,997,077 1.250% Ctrip.com International 15/10/2018 1,964,571 1.750% Stillwater Mining 15/10/2032 1,834,998 4.250% IMMOFINANZ 08/03/2018 1,737,016 3.493% Intel 15/12/2035 1,679,264 0.000% America Movil 28/05/2020 1,669,191 3.750% Cemex 15/03/2018 1,660,625
A copy of the list of changes in the portfolio during the financial period may be obtained free of charge from the Administrator.
473 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Notes to the Financial Statements for the financial period ended 30 September 2017
1. SIGNIFICANT ACCOUNTING POLICIES Comparative figures In accordance with IAS 34, comparative figures are for the The condensed interim financial statements as at 30 September previous interim period ended 30 September 2016, and as at 2017 are unaudited. We note that the statutory auditor’s report the previous year end date 31 March 2017. in the audited year end financial statements as at 31 March 2017 was unqualified. 2. TAXATION
The principal accounting policies applied in the preparation of The Company qualifies as an investment undertaking as defined these financial statements are set out below. These policies have in Section 739B of the Taxes Consolidation Act 1997, as amended. been consistently applied throughout the financial period. Under current Irish law and practice, the Company is not liable to Irish tax in respect of its income and gains, other than on (a) Basis of preparation the occurrence of a chargeable event. Generally a chargeable The condensed financial statements for the financial period ended event arises on any distribution, redemption, repurchase, 30 September 2017 are presented in accordance with International cancellation, transfer of shares or on the ending of a “Relevant Accounting Standard 34, “Interim financial reporting” (“IAS 34”) Period”. A “Relevant Period” being an eight year period beginning and the UCITS Regulations. with the acquisition of the shares by the shareholder and each subsequent period of eight years beginning immediately after These condensed unaudited Financial Statements should be read the preceding Relevant Period. in conjunction with the Company’s annual audited Financial Statements for the year ended 31 March 2017 which have been A chargeable event does not include: prepared in accordance with IFRS as adopted by the EU, the interpretations adopted by International Accounting Standard i) Any transactions in relation to shares held in a recognised Board (“IASB”) and Irish statute comprising the Companies Act clearing system as designated by order of the Revenue 2014 and the UCITS Regulations. Commissioners of Ireland; or The financial statements have been prepared on a historical cost ii) An exchange of shares representing one Fund for another basis as modified by the revaluation of financial assets and Fund of the Company; or financial liabilities (including derivative financial instruments) iii) An exchange of shares arising on a qualifying amalgamation at fair value through profit or loss. or reconstruction of the Company with another fund; or iv) Certain exchanges of shares between spouses and former (b) Accounting policies spouses. The accounting policies and methods of calculation applied in these condensed interim financial statements are consistent with No tax will arise on the Company in respect of chargeable events those applied in the audited financial statements for the financial relating to: year ended 31 March 2017. New standards, amendments and interpretations issued but not i) A shareholder who is neither Irish resident nor ordinarily effective for the financial period resident in Ireland for tax purposes, at the time of the IFRS 9 “Financial Instruments” was issued in July 2014 and will chargeable event, provided appropriate valid declarations become effective for the periods beginning on or after 1 January in accordance with the provisions of the Taxes Consolidation 2018. The new standard is not expected to have a significant Act, 1997, as amended, are held by the Company; impact on the Company’s financial position, performance or ii) Certain exempted Irish tax resident shareholders who have disclosures in its financial statements. provided the Company with the necessary signed statutory declarations; or There are no other standards, interpretations or amendments to existing standards that are not yet effective that would be iii) Any transaction (which might otherwise be a chargeable expected to have a significant impact on the Company. event) in relation to shares held in a recognised clearing system as designated by order of the Irish Revenue Estimates policy Commissioners (such as CREST). The preparation of the condensed unaudited financial statements requires management to make judgements, estimates and Capital gains, dividends and interest received may be subject assumptions that affect the application of accounting policies to withholding taxes imposed by the country of origin and such and the reported amounts of assets and liabilities, income and taxes may not be recoverable by the Company or its shareholders. expenses. Actual results may differ from these estimates 3. FEES & EXPENSES In preparing these condensed unaudited interim financial statements, the significant judgements made by management All of the fees and expenses payable in respect of a Fund are in applying the Company’s accounting policies and the key sources paid as one single fee. This is referred to as the “Total Expense of estimation uncertainty were the same as those applied to the Ratio” or “TER”. The TER does not include extraordinary costs audited financial statements for the financial year ended 31 March and expenses, or certain transaction costs. 2017.
474 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Notes to the Financial Statements for the financial period ended 30 September 2017 (continued)
3. FEES & EXPENSES (CONTINUED)
After deduction and payment of Directors' fees and expenses and the Auditors' fees and expenses, (which are included in the TER), the balance of the TER is paid to the Investment Manager, and the Investment Manager is then responsible for the payment of all operational expenses of the Company. This includes, but is not limited to, fees and expenses of the Investment Manager, Depositary, Administrator and Company Secretary. The Investment Manager may pay part or all of its fees to any person that invests in or provides services to the Company or in respect of any Fund.
The Investment Manager will also be responsible for the payment of the following fees and expenses: i) the cost of listing and maintaining a listing of shares on any Listing Stock Exchange; ii) the cost of convening and holding Directors’ and shareholders’ meetings; iii) professional fees and expenses for legal and other consulting services; iv) the costs and expenses of preparing, printing, publishing and distributing Prospectuses, Supplements, annual and semi-annual reports and other documents to current and prospective shareholders; v) the costs and expenses arising from any licensing or other fees payable to any Index Provider or other licensor of intellectual property, trademarks or service marks used by the Company; vi) the costs and expenses of any investment adviser appointed by the Investment Manager; and vii) such other costs and expenses (excluding non- recurring and extraordinary costs and expenses) as may arise from time to time and which have been approved by the Directors as necessary or appropriate for the continued operation of the Company or of any Fund.
The TER is calculated and accrued daily from the Net Asset Value of each Fund and payable monthly in arrears. The TER of each Fund of the Company is as listed in the below table. If a Fund’s expenses exceed the TER outlined overleaf in relation to operating the Funds, the Investment Manager will cover any shortfall from its own assets.
475 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Notes to the Financial Statements for the financial period ended 30 September 2017 (continued)
3. FEES & EXPENSES (CONTINUED)
30 September 2017 30 September 2016 Fund TER % TER % SPDR AEX UCITS ETF 0.30 0.30 SPDR Barclays 0-5 Year Sterling Corporate Bond UCITS ETF 0.20 0.20 SPDR Barclays 3-5 Year Euro Government Bond UCITS ETF 0.15 0.15 SPDR BofA Merrill Lynch 0-5 Year EM USD Government Bond UCITS ETF 0.42 0.42 SPDR EURO STOXX Low Volatility UCITS ETF 0.30 0.30 SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF 0.40 0.40 SPDR MSCI EM Beyond BRIC UCITS ETF 0.55 0.55 SPDR MSCI Europe UCITS ETF 0.25 0.25 SPDR MSCI Europe Consumer Discretionary UCITS ETF 0.30 0.30 SPDR MSCI Europe Consumer Staples UCITS ETF 0.30 0.30 SPDR MSCI Europe Energy UCITS ETF 0.30 0.30 SPDR MSCI Europe Financials UCITS ETF 0.30 0.30 SPDR MSCI Europe Health Care UCITS ETF 0.30 0.30 SPDR MSCI Europe Industrials UCITS ETF 0.30 0.30 SPDR MSCI Europe Materials UCITS ETF 0.30 0.30 SPDR MSCI Europe Small Cap UCITS ETF 0.30 0.30 SPDR MSCI Europe Small Cap Value Weighted UCITS ETF 0.30 0.30 SPDR MSCI Europe Technology UCITS ETF 0.30 0.30 SPDR MSCI Europe Telecommunications UCITS ETF 0.30 0.30 SPDR MSCI Europe Utilities UCITS ETF 0.30 0.30 SPDR MSCI Europe Value Weighted UCITS ETF 0.25 0.25 SPDR MSCI USA Small Cap Value Weighted UCITS ETF 0.30 0.30 SPDR MSCI USA Value Weighted UCITS ETF 0.25 0.25 SPDR MSCI World Consumer Discretionary UCITS ETF 0.30 0.30 SPDR MSCI World Consumer Staples UCITS ETF 0.30 0.30 SPDR MSCI World Energy UCITS ETF 0.30 0.30 SPDR MSCI World Financials UCITS ETF 0.30 0.30 SPDR MSCI World Health Care UCITS ETF 0.30 0.30 SPDR MSCI World Industrials UCITS ETF 0.30 0.30 SPDR MSCI World Materials UCITS ETF 0.30 0.30 SPDR MSCI World Small Cap UCITS ETF 0.45 0.45 SPDR MSCI World Technology UCITS ETF 0.30 0.30 SPDR MSCI World Telecommunications UCITS ETF 0.30 0.30 SPDR MSCI World Utilities UCITS ETF 0.30 0.30 SPDR Russell 2000 U.S. Small Cap UCITS ETF 0.30 0.30 SPDR Russell 3000 U.S. Total Market UCITS ETF 0.25 0.25 SPDR S&P U.S. Consumer Discretionary Select Sector UCITS ETF 0.15 0.15 SPDR S&P U.S. Consumer Staples Select Sector UCITS ETF 0.15 0.15 SPDR S&P U.S. Energy Select Sector UCITS ETF 0.15 0.15 SPDR S&P U.S. Financials Select Sector UCITS ETF 0.15 0.15 SPDR S&P U.S. Health Care Select Sector UCITS ETF 0.15 0.15 SPDR S&P U.S. Industrials Select Sector UCITS ETF 0.15 0.15 SPDR S&P U.S. Materials Select Sector UCITS ETF 0.15 0.15 SPDR S&P U.S. Technology Select Sector UCITS ETF 0.15 0.15 SPDR S&P U.S. Utilities Select Sector UCITS ETF 0.15 0.15 SPDR Thomson Reuters Global Convertible Bond UCITS ETF 0.50 0.50
476 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Notes to the Financial Statements for the financial period ended 30 September 2017 (continued)
4. SHARE CAPITAL
The authorised share capital of the Company is 500,000,000,002 (five hundred billion and two) shares of no par value divided SPDR Barclays 3-5 Year Euro Government 30 September 31 March into two subscriber shares of no par value and 500,000,000,000 Bond UCITS ETF 2017 2017 (five hundred billion) shares of no par value. The Directors are empowered to issue up to all of the shares of the Company on Shares in issue at the beginning of the such terms as they think fit. period/year 222,788 547,838 Subscriptions 97,700 300,000 The subscriber shares entitle the holders to attend and vote at Redemptions (29,224) (625,050) general meetings of the Company but do not entitle the holders to participate in the profits or assets of the Company, except Shares in issue at the end of the financial for a return of capital on a winding-up. For the purpose of period/year 291,264 222,788 complying with minimum initial capital requirements, the Company has issued 300,000 shares of no par value for €1.00 30 September 31 March each (“capitalisation shares”). The capitalisation shares have been SPDR BofA Merrill Lynch 0-5 YR EM USD 2017 2017 issued on the same terms as the subscriber shares. Shares in issue at the beginning of the The shares entitle the holders to attend and vote at general period/year 4,205,505 1,423,005 meetings of the Company and to participate equally (subject to Subscriptions 1,510,000 3,149,500 any differences between fees, charges and expenses applicable to different classes) in the profits and assets of the Fund to which Redemptions (495,000) (367,000) the shares relate. Shares in issue at the end of the financial period/year 5,220,505 4,205,505 Each of the shares entitles the shareholder to participate equally on a pro rata basis in the dividends and net assets of the Fund in respect of which they are issued, save in the case of dividends SPDR EURO STOXX Low Volatility UCITS 30 September 31 March declared prior to becoming a shareholder. ETF 2017 2017
The subscriber shares and capitalisation shares do not form part Shares in issue at the beginning of the of the net assets of the Funds or the Company and are disclosed period/year 2,600,000 1,700,000 by way of this note only. Subscriptions 100,000 3,200,000 Redemptions (100,000) (2,300,000) Share capital transactions (number of shares) in the Funds for the financial period ended 30 September 2017 and financial year Shares in issue at the end of the financial ended 31 March 2017 were as follows: period/year 2,600,000 2,600,000
30 September 31 March SPDR Morningstar Multi-Asset Global 30 September 31 March SPDR AEX UCITS ETF 2017 2017 Infrastructure UCITS ETF 2017 2017
Shares in issue at the beginning of the Shares in issue at the beginning of the period/year 850,005 1,025,005 period/year 2,285,667 1,666,667 Subscriptions 25,000 50,000 Subscriptions 479,500 619,000 Redemptions (100,000) (225,000) Shares in issue at the end of the financial period/year 2,765,167 2,285,667 Shares in issue at the end of the financial period/year 775,005 850,005 30 September 31 March SPDR MSCI EM Beyond BRIC UCITS ETF 2017 2017 SPDR Barclays 0-5 Year Sterling Corporate 30 September 31 March Bond UCITS ETF 2017 2017 Shares in issue at the beginning of the period/year 100,000 200,000 Shares in issue at the beginning of the period/year 2,661,429 2,410,767 Redemptions - (100,000) Subscriptions 763,000 1,082,662 Shares in issue at the end of the financial Redemptions - (832,000) period/year 100,000 100,000
Shares in issue at the end of the financial period/year 3,424,429 2,661,429
477 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Notes to the Financial Statements for the financial period ended 30 September 2017 (continued)
4. SHARE CAPITAL (CONTINUED) SPDR MSCI Europe Health Care UCITS 30 September 31 March ETF 2017 2017 30 September 31 March SPDR MSCI Europe UCITS ETF 2017 2017 Shares in issue at the beginning of the period/year 747,500 835,000 Shares in issue at the beginning of the Subscriptions 62,500 250,000 period/year 2,950,000 3,625,000 Redemptions (150,000) (337,500) Subscriptions 125,000 775,000 Redemptions - (1,450,000) Shares in issue at the end of the financial period/year 660,000 747,500 Shares in issue at the end of the financial period/year 3,075,000 2,950,000 SPDR MSCI Europe Industrials UCITS 30 September 31 March ETF 2017 2017 SPDR MSCI Europe Consumer 30 September 31 March Discretionary UCITS ETF 2017 2017 Shares in issue at the beginning of the period/year 75,000 125,000 Shares in issue at the beginning of the Subscriptions - 50,000 period/year 1,800,000 1,500,000 Redemptions (12,500) (100,000) Subscriptions 150,000 1,150,000 Redemptions (150,000) (850,000) Shares in issue at the end of the financial period/year 62,500 75,000 Shares in issue at the end of the financial period/year 1,800,000 1,800,000 30 September 31 March SPDR MSCI Europe Materials UCITS ETF 2017 2017 SPDR MSCI Europe Consumer Staples 30 September 31 March UCITS ETF 2017 2017 Shares in issue at the beginning of the period/year 162,500 75,000 Shares in issue at the beginning of the Subscriptions 12,500 100,000 period/year 1,000,000 350,000 Redemptions (87,500) (12,500) Subscriptions 150,000 850,000 Redemptions (75,000) (200,000) Shares in issue at the end of the financial period/year 87,500 162,500 Shares in issue at the end of the financial period/year 1,075,000 1,000,000 30 September 31 March SPDR MSCI Europe Small Cap UCITS ETF 2017 2017 30 September 31 March SPDR MSCI Europe Energy UCITS ETF 2017 2017 Shares in issue at the beginning of the period/year 275,001 250,001 Shares in issue at the beginning of the Subscriptions 150,000 100,000 period/year 175,000 275,000 Redemptions (50,000) (75,000) Subscriptions 87,500 150,000 Redemptions (75,000) (250,000) Shares in issue at the end of the financial period/year 375,001 275,001 Shares in issue at the end of the financial period/year 187,500 175,000 SPDR MSCI Europe Small Cap Value 30 September 31 March Weighted UCITS ETF 2017 2017 30 September 31 March SPDR MSCI Europe Financials UCITS ETF 2017 2017 Shares in issue at the beginning of the period/year 1,700,000 1,000,000 Shares in issue at the beginning of the Subscriptions 500,000 1,100,000 period/year 7,225,000 7,250,000 Redemptions (300,000) (400,000) Subscriptions 6,200,000 5,975,000 Redemptions (1,625,000) (6,000,000) Shares in issue at the end of the financial period/year 1,900,000 1,700,000 Shares in issue at the end of the financial period/year 11,800,000 7,225,000
478 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Notes to the Financial Statements for the financial period ended 30 September 2017 (continued)
4. SHARE CAPITAL (CONTINUED) SPDR MSCI USA Value Weighted UCITS 30 September 31 March ETF 2017 2017 SPDR MSCI Europe Technology UCITS 30 September 31 March ETF 2017 2017 Shares in issue at the beginning of the period/year 700,000 200,000 Shares in issue at the beginning of the Subscriptions - 2,500,000 period/year 400,000 150,000 Redemptions - (2,000,000) Subscriptions 75,000 350,000 Redemptions (75,000) (100,000) Shares in issue at the end of the financial period/year 700,000 700,000 Shares in issue at the end of the financial period/year 400,000 400,000 SPDR MSCI World Consumer 30 September 31 March Discretionary ETF 2017 2017 SPDR MSCI Europe Telecommunications 30 September 31 March UCITS ETF 2017 2017 Shares in issue at the beginning of the period/year 649,866 - Shares in issue at the beginning of the Subscriptions 200,000 300,000 period/year 125,000 225,000 Merged in - 749,866 Subscriptions 175,000 50,000 Redemptions (200,000) (400,000) Redemptions (175,000) (150,000) Shares in issue at the end of the financial Shares in issue at the end of the financial period/year 649,866 649,866 period/year 125,000 125,000
SPDR MSCI World Consumer Staples 30 September 31 March 30 September 31 March UCITS ETF 2017 2017* SPDR MSCI Europe Utilities UCITS ETF 2017 2017 Shares in issue at the beginning of the Shares in issue at the beginning of the period/year 1,172,897 - period/year 175,000 200,000 Subscriptions - 300,000 Subscriptions 100,000 125,000 Merged in - 1,072,897 Redemptions (62,500) (150,000) Redemptions (300,000) (200,000) Shares in issue at the end of the financial Shares in issue at the end of the financial period/year 212,500 175,000 period/year 872,897 1,172,897
SPDR MSCI Europe Value Weighted UCITS 30 September 31 March ETF 2017 2017 30 September 31 March SPDR MSCI World Energy UCITS ETF 2017 2017* Shares in issue at the beginning of the period/year 100,000 100,000 Shares in issue at the beginning of the period/year 1,586,519 - Shares in issue at the end of the financial period/year 100,000 100,000 Subscriptions - 1,200,000 Merged in - 786,519
SPDR MSCI USA Small Cap Value 30 September 31 March Redemptions - (400,000) Weighted UCITS ETF 2017 2017 Shares in issue at the end of the financial Shares in issue at the beginning of the period/year 1,586,519 1,586,519 period/year 2,300,000 600,000 Subscriptions - 2,000,000 *The Funds launched via merge into the SSGA SPDR ETFs Europe II plc from the SPDR® ETF Funds, which were previously domiciled in France. The effective Redemptions (700,000) (300,000) date of the merger was 29 April 2016.
Shares in issue at the end of the financial period/year 1,600,000 2,300,000
479 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Notes to the Financial Statements for the financial period ended 30 September 2017 (continued)
4. SHARE CAPITAL (CONTINUED) 30 September 31 March SPDR MSCI World Small Cap UCITS ETF 2017 2017 30 September 31 March SPDR MSCI World Financials UCITS ETF 2017 2017* Shares in issue at the beginning of the period/year 2,800,000 1,600,000 Shares in issue at the beginning of the Subscriptions 700,000 2,600,000 period/year 8,992,196 - Redemptions (400,000) (1,400,000) Subscriptions 5,500,000 8,400,000 Merged in - 792,196 Shares in issue at the end of the financial period/year 3,100,000 2,800,000 Redemptions (5,000,000) (200,000)
Shares in issue at the end of the financial 30 September 31 March period/year 9,492,196 8,992,196 SPDR MSCI World Technology UCITS ETF 2017 2017*
Shares in issue at the beginning of the 30 September 31 March period/year 3,261,747 - SPDR MSCI World Health UCITS ETF 2017 2017* Subscriptions 300,000 3,000,000 Shares in issue at the beginning of the Merged in - 1,061,747 period/year 2,893,348 - Redemptions (1,400,000) (800,000) Subscriptions 400,000 1,900,000 Shares in issue at the end of the financial Merged in - 1,393,348 period/year 2,161,747 3,261,747 Redemptions (300,000) (400,000)
Shares in issue at the end of the financial SPDR MSCI World Telecommunications 30 September 31 March period/year 2,993,348 2,893,348 UCITS ETF 2017 2017*
Shares in issue at the beginning of the 30 September 31 March period/year 135,458 - SPDR MSCI World Industrials UCITS ETF 2017 2017* Subscriptions - 200,000 Shares in issue at the beginning of the Merged in - 35,458 period/year 714,766 - Redemptions - (100,000) Subscriptions 200,000 200,000 Shares in issue at the end of the financial Merged in - 614,766 period/year 135,458 135,458 Redemptions - (100,000)
Shares in issue at the end of the financial 30 September 31 March period/year 914,766 714,766 SPDR MSCI World Utilities UCITS ETF 2017 2017*
Shares in issue at the beginning of the 30 September 31 March period/year 133,680 - SPDR MSCI World Materials UCITS ETF 2017 2017* Subscriptions 100,000 500,000 Shares in issue at the beginning of the Merged in - 33,680 period/year 777,485 - Redemptions - (400,000) Subscriptions - 1,000,000 Shares in issue at the end of the financial Merged in - 377,485 period/year 233,680 133,680 Redemptions (200,000) (600,000)
Shares in issue at the end of the financial *The Funds launched via merge into the SSGA SPDR ETFs Europe II plc from the SPDR® ETF Funds, which were previously domiciled in France. The effective period/year 577,485 777,485 date of the merger was 29 April 2016.
480 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Notes to the Financial Statements for the financial period ended 30 September 2017 (continued)
4. SHARE CAPITAL (CONTINUED) SPDR S&P U.S. Financials Select Sector 30 September 31 March UCITS ETF 2017 2017 SPDR Russell 2000 U.S. Small Cap UCITS 30 September 31 March ETF 2017 2017 Shares in issue at the beginning of the period/year 9,300,000 700,000 Shares in issue at the beginning of the Subscriptions 6,700,000 12,400,000 period/year 13,200,000 1,200,000 Redemptions (2,600,000) (3,800,000) Subscriptions 2,000,000 14,200,000 Redemptions (2,500,000) (2,200,000) Shares in issue at the end of the financial period/year 13,400,000 9,300,000 Shares in issue at the end of the financial period/year 12,700,000 13,200,000 SPDR S&P U.S. Health Care Select Sector 30 September 31 March UCITS ETF 2017 2017 SPDR Russell 3000 U.S. Total Market 30 September 31 March UCITS ETF 2017 2017 Shares in issue at the beginning of the period/year 3,950,000 550,000 Shares in issue at the beginning of the Subscriptions 2,200,000 10,000,000 period/year 500,000 100,000 Redemptions (1,000,000) (6,600,000) Subscriptions - 500,000 Redemptions (400,000) (100,000) Shares in issue at the end of the financial period/year 5,150,000 3,950,000 Shares in issue at the end of the financial period/year 100,000 500,000 SPDR S&P U.S. Industrials Select Sector 30 September 31 March UCITS ETF 2017 2017 SPDR S&P U.S. Consumer Discretionary 30 September 31 March Select Sector UCITS ETF 2017 2017 Shares in issue at the beginning of the period/year 3,600,000 200,000 Shares in issue at the beginning of the Subscriptions 850,000 4,150,000 period/year 1,050,000 450,000 Redemptions (2,100,000) (750,000) Subscriptions 800,000 1,250,000 Redemptions (600,000) (650,000) Shares in issue at the end of the financial period/year 2,350,000 3,600,000 Shares in issue at the end of the financial period/year 1,250,000 1,050,000 SPDR S&P U.S. Materials Select Sector 30 September 31 March UCITS ETF 2017 2017 SPDR S&P U.S. Consumer Staples Select 30 September 31 March Sector UCITS ETF 2017 2017 Shares in issue at the beginning of the period/year 400,000 250,000 Shares in issue at the beginning of the Subscriptions 650,000 700,000 period/year 1,100,000 250,000 Redemptions (300,000) (550,000) Subscriptions 750,000 1,450,000 Redemptions (1,000,000) (600,000) Shares in issue at the end of the financial period/year 750,000 400,000 Shares in issue at the end of the financial period/year 850,000 1,100,000 SPDR S&P U.S. Technology Select Sector 30 September 31 March UCITS ETF 2017 2017 SPDR S&P U.S. Energy Select Sector UCITS 30 September 31 March ETF 2017 2017 Shares in issue at the beginning of the period/year 1,000,000 550,000 Shares in issue at the beginning of the Subscriptions 550,000 1,000,000 period/year 17,550,000 15,400,000 Redemptions (600,000) (550,000) Subscriptions 7,750,000 8,050,000 Redemptions (1,500,000) (5,900,000) Shares in issue at the end of the financial period/year 950,000 1,000,000 Shares in issue at the end of the financial period/year 23,800,000 17,550,000
481 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Notes to the Financial Statements for the financial period ended 30 September 2017 (continued)
4. SHARE CAPITAL (CONTINUED) Mr Niall O’Leary is a Managing Director at SSGA Ireland and Head of EMEA Fixed Income Portfolio Strategy.
SPDR S&P U.S. Utilities Select Sector 30 September 31 March Mr James Ross is an Executive Vice President of State Street UCITS ETF 2017 2017 Global Advisors (“SSGA”) and is Chairman of the Global SPDR Business. He also serves as Chairman of the Board of SSGA Funds Shares in issue at the beginning of the Management, Inc. (SSGA FM), SSGA’s Registered Investment period/year 300,000 450,000 Advisor. Subscriptions 1,000,000 1,200,000 Redemptions (950,000) (1,350,000) At 30 September 2017 the below Funds held shares in State Street Corporation which is the ultimate parent company of the Shares in issue at the end of the financial Investment Manager: period/year 350,000 300,000 Fund Shares Fair Value SPDR Thomson Reuters Global Convertible 30 September 31 March SPDR MSCI USA Value Weighted UCITS Bond UCITS ETF 2017 2017 ETF 538 51,401 SPDR MSCI World Financials UCITS ETF 20,620 1,970,035 Shares in issue at the beginning of the SPDR Russell 3000 U.S. Total Market period/year 19,842,613 15,176,613 UCITS ETF 55 5,255 Subscriptions 1,119,000 10,584,000 SPDR S&P U.S. Financials Select Sector Redemptions (2,490,000) (5,918,000) UCITS ETF 42,504 4,060,832 Connected Party Transactions Shares in issue at the end of the financial period/year 18,471,613 19,842,613 Regulation 41 of the UCITS Regulations “Restrictions of transactions with connected persons” states that “A responsible person shall ensure that any transaction between a UCITS and 5. RELATED PARTIES a connected person is conducted a) at arm’s length; and b) in the best interest of the unit-holders of the UCITS”. Parties are considered to be related if one party has the ability As required under UCITS Regulation 78.4, the Directors, as to control the other party or is able to exercise significant influence responsible persons are satisfied that there are in place over the other party, in making financial or operational decisions. arrangements, evidenced by written procedures, to ensure that Entities with joint control the obligations that are prescribed by Regulation 41(1) are applied In the opinion of the Directors, the Investment Manager, to all transactions with a connected party; and all transactions Sub-Investment Manager, Distributor, Administrator, Directors, with connected parties that were entered into during the financial Registrar of the ICSD Funds, Depositary, Promoter, Transfer year to which the report relates complied with the obligations Agent and Securities Lending Agent are all related parties to the that are prescribed by Regulation 41(1). Company. Please refer to Note 3, Fees and Expenses, for an explanation of the fee structure of the Company. All transactions 6. DISTRIBUTIONS were entered into in the normal course of business. The following Funds distribute semi-annually in or around Directors January and July and made distributions during the financial The Directors are entitled to receive fees and expenses, which period ended 30 September 2017: form part of the TER rates as set out in Note 3. Total Directors’ fees for the financial period amounted to USD 46,653 (30 September 2016: USD 42,029) of which USD Nil (31 March August 2017: USD Nil) was payable at the financial period end. Fund 2017 Total SPDR Barclays 0-5 Year Sterling Corporate Bond Mr. William Street up to his resignation received nil fees for the UCITS ETF GBP 1,235,411 1,235,411 financial period ended 30 September 2017 and 30 September 2016. Mr James Ross and Mr Niall O’Leary received nil fees for SPDR BofA Merrill Lynch 0-5 Year Emerging the financial period ended 30 September 2017. Markets USD Government Bond UCITS ETF USD 2,615,955 2,615,955
The interests of the Directors in related parties are as follows: SPDR Thomson Reuters Global Convertible Bond UCITS ETF USD 1,717,276 1,717,276 Mr. William Street is a Senior Managing Director of SSGA and Head of Investments for EMEA.
Mr. Patrick Riley is a non-excecutive member of the Board of Trustees of SSGA mutual funds complex in the United States.
482 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Notes to the Financial Statements for the financial period ended 30 September 2017 (continued)
6. DISTRIBUTIONS (CONTINUED) May The following Fund distribute semi-annually in or around March Fund 2016 Total and September and made distributions during the financial period ended 30 September 2017: SPDR AEX UCITS ETF EUR 1,044,056 1,044,056 The remaining Funds of the Company did not make distributions April during the financial period ended 30 September 2016. Fund 2017 Total 7. SOFT COMMISSIONS SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF USD 685,700 685,700 SSGA enters into commission sharing agreements with top global equity broker-dealers who may execute trades on behalf of the The following Fund distributes annually in or around May and Funds. Pursuant to these commission sharing agreements, SSGA made distributions during the financial period ended may receive research services purchased through credits, 30 September 2017: including credits generated by trades executed for the Funds. SSGA enters into commission sharing agreements only with May respect to equity trades placed with broker-dealers by SSGA Fund 2017 Total on behalf of the Funds. SSGA does not enter into commission sharing agreements with respect to any fixed income and currency SPDR AEX UCITS ETF EUR 998,327 998,327 trades.
The remaining Funds of the Company did not make distributions As at 30 September 2017 and 31 March 2017, there were no Funds during the financial period ended 30 September 2017. eligible for commission sharing agreements.
The following Funds distribute semi-annually in or around 8. EFFICIENT PORTFOLIO MANAGEMENT January and July and made distributions during the financial period ended 30 September 2016: The Funds may, for the purpose of efficient portfolio management and in accordance with the conditions and limits imposed by the Central Bank, use financial derivative instruments (“FDIs”) August including warrants, futures and forward foreign currency Fund 2016 Total exchange contracts including nondeliverable forwards (“NDFs”). SPDR Barclays 0-5 Year Sterling Corporate Bond Efficient portfolio management means investment decisions UCITS ETF GBP 805,350 805,350 involving transactions that are entered into for one or more of the following specific aims: the reduction of risk, the reduction SPDR Barclays 3-5 Year Euro Government Bond of cost or the generation of additional capital or income for a UCITS ETF EUR 1,474 1,474 Fund with an appropriate level of risk, taking into account the risk profile of the Fund. In particular, FDIs may be used for SPDR BofA Merrill Lynch 0-5 Year Emerging the purpose of minimising tracking error, i.e., the risk that the Markets USD Government Bond UCITS ETF USD 698,905 698,905 Fund return varies from the Index return.
July To the extent that the Investment Manager, on behalf of a Fund, Fund 2016 Total uses FDIs, there may be a risk that the volatility of the Fund may increase. It is expected that the volatility level of each Fund SPDR Thomson Reuters Global Convertible Bond will be closely correlated with the volatility of the Index. Investors UCITS ETF USD 1,369,830 1,369,830 should note that there can be no assurance that the historical volatility levels of the Index will continue to be observed in the The following Fund distribute semi-annually in or around March future or that the Fund will have a similar volatility level, and and September and made distributions during the financial period that therefore there is a risk that the Fund volatility may be ended 30 September 2016: relatively high when compared to other investments and may change significantly over time and an investment in the Fund April may not be appropriate for all investors. Fund 2016 Total That notwithstanding, each Fund is not expected to have an above SPDR Morningstar Multi-Asset Global average risk profile as a result of its use of or investment in FDIs. Infrastructure UCITS ETF USD 508,833 508,833 FDIs will be used within the limits stipulated by the Central Bank and positions taken for hedging purposes will not be allowed The following Fund distributes annually in or around May and to exceed materially the value of the assets that they seek to made distributions during the financial period ended offset. Accordingly, although FDIs will be inherently leveraged, 30 September 2016. the primary purpose of the use of FDIs is to reduce tracking
483 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Notes to the Financial Statements for the financial period ended 30 September 2017 (continued)
8. EFFICIENT PORTFOLIO the financial period recognised in the Statement of MANAGEMENT (CONTINUED) Comprehensive Income, purchases, sales, issues and settlements, and a sensitivity analysis of assumptions used in determining error, and while the Fund will be leveraged as a result of its the fair value of Level 3 positions. investments in FDIs, such leverage will not exceed 100% of the Fund’s total NAV. The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the The Fund, subject to the restrictions imposed on the use of FDIs basis of the lowest level input that is significant to the fair value described above and by the UCITS Regulations, may buy and measurement in its entirety. For this purpose, the significance sell futures contracts to either create exposure or reduce exposure of an input is assessed against the fair value measurement in to various securities included in the Index or to reduce certain its entirety. If a fair value measurement uses observable inputs aspects of risk inherent in specific trades. Futures contracts are that require significant adjustment based on unobservable inputs, agreements to buy or sell a fixed amount of an index, equity, that measurement is a Level 3 measurement. Assessing the bond or currency at a fixed date in the future. Futures contracts significance of a particular input to the fair value measurement are exchangetraded instruments and their dealing is subject to in its entirety requires judgment, considering factors specific the rules of the exchanges on which they are dealt. Forward foreign to the asset or liability. currency exchange contracts may be used for efficient portfolio management purposes. For example, forward foreign currency The determination of what constitutes ‘observable’ requires exchange contracts may be used to manage currency exposures significant judgment by the Company. The Company considers represented in the Index. Nondeliverable forward foreign currency observable data to be that market data that is readily available, exchange contracts may be used for the same reasons. They differ regularly distributed or updated, reliable and verifiable, not from standard forward foreign currency exchange contracts in proprietary, and provided by independent sources that are actively that at least one of the currencies in the transaction is not involved in the relevant market. permitted to be delivered in settlement of any profit or loss resulting from the transaction. Typically, profit or loss in this For each class of assets and liabilities not measured at fair value case will be delivered in U.S. Dollars or Euros. in the Statement of Financial Position but for which fair value is disclosed, IFRS13 requires the Company to disclose the level The Funds enter into futures contracts and securities lending within the fair value hierarchy which the fair value measurement for efficient portfolio management purposes. would be categorised and a description of the valuation technique and inputs used in the technique. Assets and liabilities not carried The gains/(losses) associated with each financial derivative at fair value are carried at amortised cost; their carrying values instrument are included within net changes in fair value of are a reasonable approximation of fair value. financial assets and liabilities at fair value through the profit and loss in the Statement of Comprehensive Income. The Cash and cash equivalents and cash held as collateral with brokers counterparties to the FDI’s are identified on the relevant Schedule are categorised as Level 1. of Investments. All receivable and payable balances are categorised as Level 2. Please refer to Note 10 for further details on securities lending. The following tables analyse within the fair value hierarchy the 9. FAIR VALUE HIERARCHY Company’s financial assets and liabilities measured at fair value at 30 September 2017 and 31 March 2017. Fair valuation hierarchy 30 September 2017 IFRS 7 requires the Company to classify fair value measurements using a fair value hierarchy that reflects the significance of the SPDR AEX UCITS ETF inputs used in making the measurements. Level 1 Level 2 Level 3 Total The fair value hierarchy has the following levels as defined under EUR EUR EUR EUR IFRS 7: Financial assets at fair value through profit or Level 1- Quoted prices (unadjusted) in active markets for identical loss: assets or liabilities. Equities 41,151,475 - - 41,151,475 Level 2- Inputs other than quoted prices included within Level 1 Futures Contracts 11,120 - - 11,120 that are observable for the asset or liability, either directly (as 41,162,595 - - 41,162,595 prices) or indirectly (derived from prices). Level 3- Inputs for the asset or liability that are not based on observable market data (unobservable inputs).
Furthermore, for those instruments which have significant unobservable inputs (Level 3), the amendment requires disclosures on the transfers into and out of Level 3, a reconciliation of the opening and closing balances, total gains and losses for
484 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Notes to the Financial Statements for the financial period ended 30 September 2017 (continued)
9. FAIR VALUE HIERARCHY (CONTINUED) SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF 30 September 2017 (continued) Level 1 Level 2 Level 3 Total SPDR Barclays 0-5 Year Sterling Corporate Bond UCITS USD USD USD USD ETF Financial assets at fair value Level 1 Level 2 Level 3 Total through profit or GBP GBP GBP GBP loss: Bonds - 42,909,017 - 42,909,017 Financial assets Equities 44,060,476 - - 44,060,476 at fair value Rights 77 - - 77 through profit or Futures Contracts 1,303 - - 1,303 loss: Bonds - 100,153,877 - 100,153,877 44,061,856 42,909,017 - 86,970,873 Financial - 100,153,877 - 100,153,877 liabilities at fair value through SPDR Barclays 3-5 Year Euro Government Bond UCITS profit or loss: Rights - - - - ETF Futures Contracts (2,034) - - (2,034) Level 1 Level 2 Level 3 Total (2,034) - - (2,034) EUR EUR EUR EUR Financial assets SPDR MSCI EM Beyond BRIC UCITS ETF at fair value through profit or Level 1 Level 2 Level 3 Total loss: Bonds - 8,875,250 - 8,875,250 USD USD USD USD Financial assets - 8,875,250 - 8,875,250 at fair value through profit or loss: SPDR BofA Merrill Lynch 0-5 Year Emerging Markets USD Equities 4,050,552 - - 4,050,552 Government Bond UCITS ETF 4,050,552 - - 4,050,552 Level 1 Level 2 Level 3 Total USD USD USD USD SPDR MSCI Europe UCITS ETF Financial assets at fair value Level 1 Level 2 Level 3 Total through profit or loss: EUR EUR EUR EUR Bonds - 155,509,811 - 155,509,811 Financial assets at fair value - 155,509,811 - 155,509,811 through profit or loss: Equities 596,485,739 - 21 596,485,760 SPDR EURO STOXX Low Volatility UCITS ETF Futures Contracts 51,244 - - 51,244 Level 1 Level 2 Level 3 Total 596,536,983 - 21 596,537,004 EUR EUR EUR EUR Financial liabilities at fair Financial assets value through at fair value profit or loss: through profit or Futures Contracts (2,123) - - (2,123) loss: Equities 96,084,087 - - 96,084,087 (2,123) - - (2,123) 96,084,087 - - 96,084,087 SPDR MSCI Europe Consumer Discretionary UCITS ETF
Level 1 Level 2 Level 3 Total EUR EUR EUR EUR Financial assets at fair value through profit or loss: Equities 206,350,658 - - 206,350,658 Futures Contracts 4,210 - - 4,210 206,354,868 - - 206,354,868
485 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Notes to the Financial Statements for the financial period ended 30 September 2017 (continued)
9. FAIR VALUE HIERARCHY (CONTINUED) SPDR MSCI Europe Industrials UCITS ETF
30 September 2017 (continued) Level 1 Level 2 Level 3 Total EUR EUR EUR EUR SPDR MSCI Europe Consumer Staples UCITS ETF Financial assets at fair value Level 1 Level 2 Level 3 Total through profit or EUR EUR EUR EUR loss: Equities 10,450,740 - - 10,450,740 Financial assets at fair value 10,450,740 - - 10,450,740 through profit or loss: Equities 186,306,520 - - 186,306,520 SPDR MSCI Europe Materials UCITS ETF Futures Contracts 9,269 - - 9,269 Level 1 Level 2 Level 3 Total 186,315,789 - - 186,315,789 EUR EUR EUR EUR Financial liabilities at fair Financial assets value through at fair value profit or loss: through profit or Futures Contracts (942) - - (942) loss: Equities 16,053,172 - - 16,053,172 (942) - - (942) Futures Contracts 2,000 - - 2,000 16,055,172 - - 16,055,172 SPDR MSCI Europe Energy UCITS ETF
Level 1 Level 2 Level 3 Total SPDR MSCI Europe Small Cap UCITS ETF EUR EUR EUR EUR Level 1 Level 2 Level 3 Total Financial assets EUR EUR EUR EUR at fair value through profit or Financial assets loss: at fair value Equities 22,511,752 - - 22,511,752 through profit or loss: 22,511,752 - - 22,511,752 Equities 84,026,269 - 9,553 84,035,822 Equity Investment SPDR MSCI Europe Financials UCITS ETF Instruments 53,636 - - 53,636 Rights 4,719 - - 4,719 Level 1 Level 2 Level 3 Total EUR EUR EUR EUR 84,084,624 - 9,553 84,094,177 Financial assets at fair value SPDR MSCI Europe Small Cap Value Weighted UCITS ETF through profit or loss: Level 1 Level 2 Level 3 Total Equities 684,055,192 - 33 684,055,225 EUR EUR EUR EUR Futures Contracts 9,130 - - 9,130 Financial assets 684,064,322 - 33 684,064,355 at fair value through profit or loss: SPDR MSCI Europe Health Care UCITS ETF Equities 68,126,227 - 133,541 68,259,768 Rights 2,700 - - 2,700 Level 1 Level 2 Level 3 Total Warrants 4,725 - - 4,725 EUR EUR EUR EUR 68,133,652 - 133,541 68,267,193 Financial assets at fair value through profit or SPDR MSCI Europe Technology UCITS ETF loss: Equities 82,643,010 - - 82,643,010 Level 1 Level 2 Level 3 Total Futures Contracts 2,645 - - 2,645 EUR EUR EUR EUR 82,645,655 - - 82,645,655 Financial assets Financial at fair value liabilities at fair through profit or value through loss: profit or loss: Equities 25,524,186 - - 25,524,186 Futures Contracts (233) - - (233) 25,524,186 - - 25,524,186 (233) - - (233)
486 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Notes to the Financial Statements for the financial period ended 30 September 2017 (continued)
9. FAIR VALUE HIERARCHY (CONTINUED) SPDR MSCI World Consumer Discretionary UCITS ETF
30 September 2017 (continued) Level 1 Level 2 Level 3 Total USD USD USD USD SPDR MSCI Europe Telecommunications UCITS ETF Financial assets at fair value Level 1 Level 2 Level 3 Total through profit or EUR EUR EUR EUR loss: Equities 23,138,537 - - 23,138,537 Financial assets Futures Contracts 2,605 - - 2,605 at fair value through profit or 23,141,142 - - 23,141,142 loss: Equities 7,700,300 - - 7,700,300 SPDR MSCI World Consumer Staples UCITS ETF 7,700,300 - - 7,700,300 Level 1 Level 2 Level 3 Total SPDR MSCI Europe Utilities UCITS ETF USD USD USD USD Financial assets Level 1 Level 2 Level 3 Total at fair value EUR EUR EUR EUR through profit or loss: Financial assets Equities 28,109,752 - 4,041 28,113,793 at fair value Futures Contracts 2,819 - - 2,819 through profit or loss: 28,112,571 - 4,041 28,116,612 Equities 21,091,701 - - 21,091,701 21,091,701 - - 21,091,701 SPDR MSCI World Energy UCITS ETF
Level 1 Level 2 Level 3 Total SPDR MSCI Europe Value Weighted UCITS ETF USD USD USD USD Level 1 Level 2 Level 3 Total Financial assets EUR EUR EUR EUR at fair value through profit or Financial assets loss: at fair value Equities 51,877,046 - - 51,877,046 through profit or Futures Contracts 1,516 - - 1,516 loss: Equities 3,328,815 - - 3,328,815 51,878,562 - - 51,878,562 3,328,815 - - 3,328,815 SPDR MSCI World Financials UCITS ETF
SPDR MSCI USA Small Cap Value Weighted UCITS ETF Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total USD USD USD USD USD USD USD USD Financial assets at fair value Financial assets through profit or at fair value loss: through profit or Equities 380,817,861 - 2 380,817,863 loss: Futures Contracts 19,158 - - 19,158 Equities 56,414,287 - 243 56,414,530 380,837,019 - 2 380,837,021 56,414,287 - 243 56,414,530 SPDR MSCI World Health Care UCITS ETF SPDR MSCI USA Value Weighted UCITS ETF Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total USD USD USD USD USD USD USD USD Financial assets Financial assets at fair value at fair value through profit or through profit or loss: loss: Equities 102,903,134 - - 102,903,134 Equities 25,737,355 - - 25,737,355 Futures Contracts 2,760 - - 2,760 25,737,355 - - 25,737,355 102,905,894 - - 102,905,894
487 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Notes to the Financial Statements for the financial period ended 30 September 2017 (continued)
9. FAIR VALUE HIERARCHY (CONTINUED) SPDR MSCI World Telecommunications UCITS ETF
30 September 2017 (continued) Level 1 Level 2 Level 3 Total USD USD USD USD SPDR MSCI World Industrials UCITS ETF Financial assets at fair value Level 1 Level 2 Level 3 Total through profit or USD USD USD USD loss: Equities 4,175,524 - - 4,175,524 Financial assets at fair value 4,175,524 - - 4,175,524 through profit or loss: Equities 34,779,416 - - 34,779,416 SPDR MSCI World Utilities UCITS ETF Futures Contracts 2,606 - - 2,606 Level 1 Level 2 Level 3 Total 34,782,022 - - 34,782,022 USD USD USD USD Financial assets SPDR MSCI World Materials UCITS ETF at fair value through profit or Level 1 Level 2 Level 3 Total loss: USD USD USD USD Equities 7,831,108 - - 7,831,108 Financial assets 7,831,108 - - 7,831,108 at fair value through profit or loss: SPDR Russell 2000 U.S. Small Cap UCITS ETF Equities 22,278,742 - - 22,278,742 Futures Contracts 1,303 - - 1,303 Level 1 Level 2 Level 3 Total USD USD USD USD 22,280,045 - - 22,280,045 Financial assets at fair value SPDR MSCI World Small Cap UCITS ETF through profit or loss: Level 1 Level 2 Level 3 Total Equities 507,709,257 - 10,654 507,719,911 USD USD USD USD Futures Contracts 33,680 - - 33,680 Financial assets 507,742,937 - 10,654 507,753,591 at fair value through profit or loss: SPDR Russell 3000 U.S. Total Market UCITS ETF Equities 214,073,858 - 10,564 214,084,422 Rights 6,012 - - 6,012 Level 1 Level 2 Level 3 Total Futures Contracts 9,304 - - 9,304 USD USD USD USD 214,089,174 - 10,564 214,099,738 Financial assets Financial at fair value liabilities at fair through profit or value through loss: profit or loss: Equities 4,015,981 - 37 4,016,018 Rights - - - - 4,015,981 - 37 4,016,018 Futures Contracts (409) - - (409) (409) - - (409) SPDR S&P U.S. Consumer Discretionary Select Sector UCITS ETF SPDR MSCI World Technology UCITS ETF Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total USD USD USD USD USD USD USD USD Financial assets Financial assets at fair value at fair value through profit or through profit or loss: loss: Equities 29,996,430 - - 29,996,430 Equities 94,990,653 - - 94,990,653 29,996,430 - - 29,996,430 94,990,653 - - 94,990,653
488 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Notes to the Financial Statements for the financial period ended 30 September 2017 (continued)
9. FAIR VALUE HIERARCHY (CONTINUED) SPDR S&P U.S. Materials Select Sector UCITS ETF
30 September 2017 (continued) Level 1 Level 2 Level 3 Total USD USD USD USD SPDR S&P U.S. Consumer Staples Select Sector UCITS ETF Financial assets at fair value Level 1 Level 2 Level 3 Total through profit or USD USD USD USD loss: Equities 18,380,166 - - 18,380,166 Financial assets at fair value 18,380,166 - - 18,380,166 through profit or loss: Equities 19,963,381 - - 19,963,381 SPDR S&P U.S. Technology Select Sector UCITS ETF
19,963,381 - - 19,963,381 Level 1 Level 2 Level 3 Total USD USD USD USD SPDR S&P U.S. Energy Select Sector UCITS ETF Financial assets at fair value Level 1 Level 2 Level 3 Total through profit or USD USD USD USD loss: Equities 27,833,426 - - 27,833,426 Financial assets at fair value 27,833,426 - - 27,833,426 through profit or loss: Equities 468,546,292 - - 468,546,292 SPDR S&P U.S. Utilities Select Sector UCITS ETF
468,546,292 - - 468,546,292 Level 1 Level 2 Level 3 Total USD USD USD USD SPDR S&P U.S. Financials Select Sector UCITS ETF Financial assets at fair value Level 1 Level 2 Level 3 Total through profit or USD USD USD USD loss: Equities 10,615,289 - - 10,615,289 Financial assets at fair value 10,615,289 - - 10,615,289 through profit or loss: Equities 358,204,071 - - 358,204,071 SPDR Thomson Reuters Global Convertible Bond UCITS ETF 358,204,071 - - 358,204,071 Level 1 Level 2 Level 3 Total SPDR S&P U.S. Health Care Select Sector UCITS ETF USD USD USD USD Financial assets Level 1 Level 2 Level 3 Total at fair value USD USD USD USD through profit or loss: Financial assets Bonds - 638,247,859 - 638,247,859 at fair value through profit or - 638,247,859 - 638,247,859 loss: Equities 115,667,792 - - 115,667,792 31 March 2017 115,667,792 - - 115,667,792 SPDR AEX UCITS ETF SPDR S&P U.S. Industrials Select Sector UCITS ETF Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total EUR EUR EUR EUR USD USD USD USD Financial assets Financial assets at fair value at fair value through profit or through profit or loss: loss: Equities 43,375,922 - - 43,375,922 Equities 64,012,390 - - 64,012,390 Futures Contracts 8,220 - - 8,220 64,012,390 - - 64,012,390 43,384,142 - - 43,384,142
489 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Notes to the Financial Statements for the financial period ended 30 September 2017 (continued)
9. FAIR VALUE HIERARCHY (CONTINUED) SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF 31 March 2017 (continued) Level 1 Level 2 Level 3 Total SPDR Barclays 0-5 Year Sterling Corporate Bond UCITS USD USD USD USD ETF Financial assets at fair value Level 1 Level 2 Level 3 Total through profit or GBP GBP GBP GBP loss: Bonds - 32,549,994 - 32,549,994 Financial assets Equities 34,893,033 - - 34,893,033 at fair value Rights 1,479 - - 1,479 through profit or Futures Contracts 257 - - 257 loss: Bonds - 77,997,777 - 77,997,777 34,894,769 32,549,994 - 67,444,763 Financial - 77,997,777 - 77,997,777 liabilities at fair value through SPDR Barclays 3-5 Year Euro Government Bond UCITS profit or loss: ETF Futures Contracts (470) - - (470) (470) - - (470) Level 1 Level 2 Level 3 Total EUR EUR EUR EUR SPDR MSCI EM Beyond BRIC UCITS ETF Financial assets at fair value Level 1 Level 2 Level 3 Total through profit or loss: USD USD USD USD Bonds - 6,708,365 - 6,708,365 Financial assets at fair value - 6,708,365 - 6,708,365 through profit or loss: Equities 3,685,129 - - 3,685,129 SPDR BofA Merrill Lynch 0-5 Year Emerging Markets USD Rights 357 - - 357 Government Bond UCITS ETF 3,685,486 - - 3,685,486 Level 1 Level 2 Level 3 Total USD USD USD USD SPDR MSCI Europe UCITS ETF Financial assets at fair value Level 1 Level 2 Level 3 Total through profit or loss: EUR EUR EUR EUR Bonds - 123,350,861 - 123,350,861 Financial assets at fair value - 123,350,861 - 123,350,861 through profit or loss: Equities 545,653,920 - - 545,653,920 SPDR EURO STOXX Low Volatility UCITS ETF Rights 238,676 - - 238,676 Futures Contracts 116,439 - - 116,439 Level 1 Level 2 Level 3 Total 546,009,035 - - 546,009,035 EUR EUR EUR EUR Financial Financial assets liabilities at fair at fair value value through through profit or profit or loss: loss: Equities - - - - Equities 90,755,859 - - 90,755,859 Futures Contracts (12,422) - - (12,422) 90,755,859 - - 90,755,859 Total Liabilities (12,422) - - (12,422)
SPDR MSCI Europe Consumer Discretionary UCITS ETF
Level 1 Level 2 Level 3 Total EUR EUR EUR EUR Financial assets at fair value through profit or loss: Equities 199,044,573 - - 199,044,573 199,044,573 - - 199,044,573
490 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Notes to the Financial Statements for the financial period ended 30 September 2017 (continued)
9. FAIR VALUE HIERARCHY (CONTINUED) SPDR MSCI Europe Materials UCITS ETF
31 March 2017 (continued) Level 1 Level 2 Level 3 Total EUR EUR EUR EUR SPDR MSCI Europe Consumer Staples UCITS ETF Financial assets at fair value Level 1 Level 2 Level 3 Total through profit or EUR EUR EUR EUR loss: Equities 28,296,741 - - 28,296,741 Financial assets at fair value 28,296,741 - - 28,296,741 through profit or loss: Equities 174,969,286 - - 174,969,286 SPDR MSCI Europe Small Cap UCITS ETF
174,969,286 - - 174,969,286 Level 1 Level 2 Level 3 Total EUR EUR EUR EUR SPDR MSCI Europe Energy UCITS ETF Financial assets at fair value Level 1 Level 2 Level 3 Total through profit or EUR EUR EUR EUR loss: Equities 56,639,233 - 19,106 56,658,339 Financial assets Equity at fair value Investment through profit or Instruments 60,325 - - 60,325 loss: Rights 9,568 - - 9,568 Equities 20,428,655 - - 20,428,655 56,709,126 - 19,106 56,728,232 20,428,655 - - 20,428,655 SPDR MSCI Europe Small Cap Value Weighted UCITS ETF SPDR MSCI Europe Financials UCITS ETF Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total EUR EUR EUR EUR EUR EUR EUR EUR Financial assets Financial assets at fair value at fair value through profit or through profit or loss: loss: Equities 57,551,495 - 267,082 57,818,577 Equities 384,397,468 - 33 384,397,501 Rights 36,741 - - 36,741 Rights 724,756 - - 724,756 57,588,236 - 267,082 57,855,318 385,122,224 - 33 385,122,257 SPDR MSCI Europe Technology UCITS ETF SPDR MSCI Europe Health Care UCITS ETF Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total EUR EUR EUR EUR EUR EUR EUR EUR Financial assets Financial assets at fair value at fair value through profit or through profit or loss: loss: Equities 23,993,530 - 21 23,993,551 Equities 93,848,937 - - 93,848,937 23,993,530 - 21 23,993,551 93,848,937 - - 93,848,937 SPDR MSCI Europe Telecommunications UCITS ETF SPDR MSCI Europe Industrials UCITS ETF Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total EUR EUR EUR EUR EUR EUR EUR EUR Financial assets Financial assets at fair value at fair value through profit or through profit or loss: loss: Equities 7,780,754 - - 7,780,754 Equities 11,804,352 - - 11,804,352 7,780,754 - - 7,780,754 11,804,352 - - 11,804,352
491 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Notes to the Financial Statements for the financial period ended 30 September 2017 (continued)
9. FAIR VALUE HIERARCHY (CONTINUED) SPDR MSCI World Consumer Staples UCITS ETF
31 March 2017 (continued) Level 1 Level 2 Level 3 Total USD USD USD USD SPDR MSCI Europe Utilities UCITS ETF Financial assets at fair value Level 1 Level 2 Level 3 Total through profit or EUR EUR EUR EUR loss: Equities 36,551,060 - 4,235 36,555,295 Financial assets at fair value 36,551,060 - 4,235 36,555,295 through profit or loss: Equities 16,510,997 - - 16,510,997 SPDR MSCI World Energy UCITS ETF
16,510,997 - - 16,510,997 Level 1 Level 2 Level 3 Total USD USD USD USD SPDR MSCI Europe Value Weighted UCITS ETF Financial assets at fair value Level 1 Level 2 Level 3 Total through profit or EUR EUR EUR EUR loss: Equities 50,040,191 - - 50,040,191 Financial assets at fair value 50,040,191 - - 50,040,191 through profit or loss: Equities 3,174,867 - - 3,174,867 SPDR MSCI World Financials UCITS ETF Rights 3,553 - - 3,553 Level 1 Level 2 Level 3 Total 3,178,420 - - 3,178,420 USD USD USD USD Financial assets SPDR MSCI USA Small Cap Value Weighted UCITS ETF at fair value through profit or Level 1 Level 2 Level 3 Total loss: USD USD USD USD Equities 324,626,876 - 2 324,626,878 Rights 168,216 - - 168,216 Financial assets at fair value 324,795,092 - 2 324,795,094 through profit or loss: Equities 77,256,443 - - 77,616,546 SPDR MSCI World Health Care UCITS ETF Bonds - 8,921 - 8,921 Level 1 Level 2 Level 3 Total 77,256,443 8,921 - 77,625,467 USD USD USD USD Financial assets SPDR MSCI USA Value Weighted UCITS ETF at fair value through profit or Level 1 Level 2 Level 3 Total loss: USD USD USD USD Equities 90,816,397 - - 90,816,397 Financial assets 90,816,397 - - 90,816,397 at fair value through profit or loss: SPDR MSCI World Industrials UCITS ETF Equities 24,190,451 - - 24,190,451 Level 1 Level 2 Level 3 Total 24,190,451 - - 24,190,451 USD USD USD USD Financial assets SPDR MSCI World Consumer Discretionary UCITS ETF at fair value through profit or Level 1 Level 2 Level 3 Total loss: USD USD USD USD Equities 24,357,359 - - 24,357,359 Financial assets 24,357,359 - - 24,357,359 at fair value through profit or loss: Equities 21,656,841 - - 21,656,841 21,656,841 - - 21,656,841
492 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Notes to the Financial Statements for the financial period ended 30 September 2017 (continued)
9. FAIR VALUE HIERARCHY (CONTINUED) SPDR Russell 2000 U.S. Small Cap UCITS ETF
31 March 2017 (continued) Level 1 Level 2 Level 3 Total USD USD USD USD SPDR MSCI World Materials UCITS ETF Financial assets at fair value Level 1 Level 2 Level 3 Total through profit or USD USD USD USD loss: Equities 444,429,573 - 51,971 444,481,544 Financial assets Real Estate at fair value Investment Trust 40,338,774 - - 40,338,774 through profit or Corporate Bonds - 74,344 - 74,344 loss: Futures Contracts 7,055 - - 7,055 Equities 26,809,681 - - 26,809,681 484,775,402 74,344 51,971 484,901,717 26,809,681 - - 26,809,681 SPDR Russell 3000 U.S. Total Market UCITS ETF SPDR MSCI World Small Cap UCITS ETF Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total USD USD USD USD USD USD USD USD Financial assets Financial assets at fair value at fair value through profit or through profit or loss: loss: Equities 18,790,835 - 17 18,790,852 Equities 174,808,975 - 53,519 174,862,494 Bonds - 15,860 - 15,860 18,790,835 - 17 18,790,852 Rights 10,894 - - 10,894 Futures Contracts 9,608 - - 9,608 SPDR S&P U.S. Consumer Discretionary Select Sector 174,829,477 15,860 53,519 174,898,856 UCITS ETF
SPDR MSCI World Technology UCITS ETF Level 1 Level 2 Level 3 Total USD USD USD USD Level 1 Level 2 Level 3 Total Financial assets USD USD USD USD at fair value through profit or Financial assets loss: at fair value Equities 24,486,372 - - 24,486,372 through profit or loss: 24,486,372 - - 24,486,372 Equities 126,068,351 - - 126,068,351 126,068,351 - - 126,068,351 SPDR S&P U.S. Consumer Staples Select Sector UCITS ETF SPDR MSCI World Telecommunications UCITS ETF Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total USD USD USD USD USD USD USD USD Financial assets at fair value Financial assets through profit or at fair value loss: through profit or loss: Equities 25,810,471 - - 25,810,471 Equities 4,050,014 - - 4,050,014 25,810,471 - - 25,810,471 4,050,014 - - 4,050,014 SPDR S&P U.S. Energy Select Sector UCITS ETF SPDR MSCI World Utilities UCITS ETF Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total USD USD USD USD USD USD USD USD Financial assets at fair value Financial assets through profit or at fair value loss: through profit or loss: Equities 349,320,095 - - 349,320,095 Equities 4,167,673 - - 4,167,673 349,320,095 - - 349,320,095 4,167,673 - - 4,167,673
493 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Notes to the Financial Statements for the financial period ended 30 September 2017 (continued)
9. FAIR VALUE HIERARCHY (CONTINUED) SPDR S&P U.S. Utilities Select Sector UCITS ETF
31 March 2017 (continued) Level 1 Level 2 Level 3 Total USD USD USD USD SPDR S&P U.S. Financials Select Sector UCITS ETF Financial assets at fair value Level 1 Level 2 Level 3 Total through profit or USD USD USD USD loss: Equities 7,588,776 - - 7,588,776 Financial assets at fair value 7,588,776 - - 7,588,776 through profit or loss: Equities 227,039,169 - - 227,039,169 SPDR Thomson Reuters Global Convertible Bond UCITS ETF 227,039,169 - - 227,039,169 Level 1 Level 2 Level 3 Total SPDR S&P U.S. Health Care Select Sector UCITS ETF USD USD USD USD Financial assets Level 1 Level 2 Level 3 Total at fair value USD USD USD USD through profit or loss: Financial assets Bonds - 630,470,327 - 630,470,327 at fair value through profit or - 630,470,327 - 630,470,327 loss: Equities 80,116,411 - - 80,116,411 Level 3 Reconciliation 80,116,411 - - 80,116,411 The following tables show a reconciliation of all movements in the fair value of financial instruments categorised within Level 3 SPDR S&P U.S. Industrials Select Sector UCITS ETF for the financial period ended 30 September 2017 and financial year ended 31 March 2017. Level 1 Level 2 Level 3 Total USD USD USD USD SPDR MSCI Europe UCITS ETF Financial assets Total Total at fair value through profit or 30 September 31 March loss: 2017 2017 Equities 89,325,942 - - 89,325,942 EUR EUR 89,325,942 - - 89,325,942 Opening balance 21 21 Gains and losses recognised in profit and loss - - SPDR S&P U.S. Materials Select Sector UCITS ETF Purchases - - Sales - - Level 1 Level 2 Level 3 Total Transfers out of Level 3 - - USD USD USD USD Transfers into Level 3 - - Financial assets Closing balance 21 21 at fair value Total gains or losses for the financial through profit or period included in the Statement of loss: Comprehensive Income for assets held at Equities 8,966,284 - - 8,966,284 the end of the financial period/year -- 8,966,284 - - 8,966,284 SPDR MSCI Europe Financials UCITS ETF SPDR S&P U.S. Technology Select Sector UCITS ETF Total Total 30 September 31 March Level 1 Level 2 Level 3 Total 2017 2017 USD USD USD USD EUR EUR Financial assets Opening balance 33 33 at fair value Gains and losses recognised in profit and through profit or loss - - loss: Purchases - - Equities 26,264,625 - - 26,264,625 Sales - - Transfers out of Level 3 - - 26,264,625 - - 26,264,625 Transfers into Level 3 - - Closing balance 33 33 Total gains or losses for the financial period included in the Statement of Comprehensive Income for assets held at the end of the financial period/year --
494 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Notes to the Financial Statements for the financial period ended 30 September 2017 (continued)
9. FAIR VALUE HIERARCHY (CONTINUED) SPDR MSCI World Consumer Staples UCITS ETF Total Total Level 3 Reconciliation (continued) 30 September 31 March 2017 2017 SPDR MSCI Europe Small Cap UCITS ETF USD USD Total Total Opening balance 4,235 - 30 September 31 March Gains and losses recognised in profit and 2017 2017 loss (194) - EUR EUR Purchases - - Sales - - Opening balance 19,106 - Transfers out of Level 3 - - Gains and losses recognised in profit and Transfers into Level 3 - 4,235 loss (9,553) - Purchases - - Closing balance 4,041 4,235 Sales - - Total gains or losses for the financial Transfers out of Level 3 - - period included in the Statement of Transfers into Level 3 - 19,106 Comprehensive Income for assets held at Closing balance 9,553 19,106 the end of the financial period/year (194) 4,235 Total gains or losses for the financial period included in the Statement of SPDR MSCI World Financials UCITS ETF Comprehensive Income for assets held at Total Total the end of the financial period/year (9,553) - 30 September 31 March 2017 2017 SPDR MSCI Europe Small Cap Value Weighted UCITS ETF USD USD Total Total Opening balance 2 - 30 September 31 March Gains and losses recognised in profit and 2017 2017 loss - - EUR EUR Purchases - - Sales - - Opening balance 267,082 - Transfers out of Level 3 - - Gains and losses recognised in profit and Transfers into Level 3 - 2 loss (133,541) - Purchases - - Closing balance 22 Sales - - Total gains or losses for the financial Transfers out of Level 3 - - period included in the Statement of Transfers into Level 3 - 267,082 Comprehensive Income for assets held at Closing balance 133,541 267,082 the end of the financial period/year -2 Total gains or losses for the financial period included in the Statement of SPDR MSCI World Small Cap UCITS ETF Comprehensive Income for assets held at Total Total the end of the financial period/year (133,541) 267,082 30 September 31 March 2017 2017 SPDR MSCI USA Small Cap Value Weighted UCITS ETF USD USD Total Total Opening balance 53,519 1,503 30 September 31 March Gains and losses recognised in profit and 2017 2017 loss (35,708) - USD USD Purchases - - Sales (7,247) - Opening balance 2,993 40 Transfers out of Level 3 - - Gains and losses recognised in profit and Transfers into Level 3 - 52,016 loss (2,750) - Purchases - - Closing balance 10,564 53,519 Sales - - Total gains or losses for the financial Transfers out of Level 3 - - period included in the Statement of Transfers into Level 3 - 2,953 Comprehensive Income for assets held at Closing balance 243 2,993 the end of the financial period/year (35,708) - Total gains or losses for the financial period included in the Statement of Comprehensive Income for assets held at the end of the financial period/year (2,750) -
495 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Notes to the Financial Statements for the financial period ended 30 September 2017 (continued)
9. FAIR VALUE HIERARCHY (CONTINUED) The Company receives securities as non-cash collateral, for a value in excess of the market value of the securities loaned. Level 3 Reconciliation (continued) The Securities Lending Agent monitors the value of the securities SPDR Russell 2000 U.S. Small Cap UCITS ETF loaned and additional collateral is obtained, if necessary. Total Total 30 September 31 March As at 30 September 2017 and 30 September 2016 the income 2017 2017 earned, by the Fund, for securities on loan, the total value of USD USD outstanding securities on loan and the value of collateral received Opening balance 51,971 3,675 by the relevant Funds is disclosed separately below. Gains and losses recognised in profit and loss (41,317) - SPDR MSCI Europe UCITS ETF Purchases - - Sales - - 30 September 30 September Transfers out of Level 3 - - 2017 2016 Transfers into Level 3 - 48,296 EUR EUR Closing balance 10,654 51,971 Income earned during the financial period 101,352 45,355 Total gains or losses for the financial Value of securities on loan at financial period included in the Statement of period end 49,339,427 49,984,022 Comprehensive Income for assets held at the end of the financial period/year (41,317) - Value of collateral held by the Company at financial period end 53,137,752 54,101,470 SPDR Russell 3000 U.S. Total Market UCITS ETF Total Total SPDR MSCI Europe Consumer Discretionary UCITS ETF 30 September 31 March 30 September 30 September 2017 2017 2017 2016 USD USD EUR EUR Opening balance 17 17 Income earned during the financial Gains and losses recognised in profit and period 40,529 18,305 loss 20 - Value of securities on loan at financial Purchases - - period end 42,982,444 24,318,626 Sales - - Value of collateral held by the Company Transfers out of Level 3 - - at financial period end 46,363,994 26,275,830 Transfers into Level 3 - - Closing balance 37 17 SPDR MSCI Europe Consumer Staples Total gains or losses for the financial UCITS ETF period included in the Statement of Comprehensive Income for assets held at 30 September 30 September the end of the financial period/year 20 - 2017 2016 EUR EUR Income earned during the financial There were no transfers during the financial period between period 27,472 3,709 Level 1 and Level 2 of the fair value hierarchy for financial assets Value of securities on loan at financial and financial liabilities which are recorded at fair value. period end 12,602,618 1,924,620 Value of collateral held by the Company 10. SECURITIES LENDING at financial period end 13,559,267 2,074,072
During the financial period some of the Funds engaged in SPDR MSCI Europe Energy UCITS ETF securities lending, subject to the conditions and within the limits 30 September 30 September from time to time laid down by the Central Bank of Ireland and 2017 2016 the Prospectus pursuant to the securities lending agreement dated EUR EUR Income earned during the financial 8 December 2014 between the Investment Manager and State period 2,081 5,728 Street Bank GmBH, the Securities Lending Agent. Value of securities on loan at financial period end 1,850,293 2,642,905 State Street Bank GmBH has been appointed to act as Securities Value of collateral held by the Company Lending Agent for the Funds for the purposes of lending securities at financial period end 2,001,405 2,846,047 to brokers, dealers and other financial institutions. In lending their securities, the Funds will receive income while retaining the securities' potential for capital appreciation and depreciation. The securities lending income was split between the Funds and the Securities Lending Agent in a ratio of 70:30 in favour of the Fund.
The securities lending borrowers that received Securities on loan during the financial period are included in Appendix I.
496 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Notes to the Financial Statements for the financial period ended 30 September 2017 (continued)
10. SECURITIES LENDING (CONTINUED) SPDR MSCI Europe Technology UCITS ETF SPDR MSCI Europe Financials UCITS 30 September 30 September ETF 2017 2016 EUR EUR 30 September 30 September 2017 2016 Income earned during the financial EUR EUR period 4,728 429 Income earned during the financial Value of securities on loan at financial period 64,005 38,997 period end 1,256,317 525,792 Value of securities on loan at financial Value of collateral held by the Company period end 51,583,084 26,930,477 at financial period end 1,340,457 565,676 Value of collateral held by the Company at financial period end 55,635,860 29,045,074 SPDR MSCI Europe Telecommunications UCITS ETF SPDR MSCI Europe Health Care UCITS 30 September 30 September ETF 2017 2016 EUR EUR 30 September 30 September 2017 2016 Income earned during the financial EUR EUR period 1,503 1,365 Income earned during the financial Value of securities on loan at financial period 24,077 4,155 period end 1,519,779 2,926,450 Value of securities on loan at financial Value of collateral held by the Company period end 2,576,270 2,468,875 at financial period end 1,645,938 3,232,144 Value of collateral held by the Company at financial period end 2,753,152 2,665,514 SPDR MSCI Europe Utilities UCITS ETF SPDR MSCI Europe Industrials UCITS 30 September 30 September ETF 2017 2016 EUR EUR 30 September 30 September 2017 2016 Income earned during the financial EUR EUR period 3,641 1,659 Income earned during the financial Value of securities on loan at financial period 2,152 2,339 period end 3,264,563 830,819 Value of securities on loan at financial Value of collateral held by the Company period end 1,522,628 3,133,784 at financial period end 3,536,176 901,098 Value of collateral held by the Company at financial period end 1,632,822 3,375,441 SPDR MSCI World Consumer Discretionary UCITS ETF SPDR MSCI Europe Materials UCITS 30 September 30 September ETF 2017 2016 USD USD 30 September 30 September 2017 2016 Income earned during the financial EUR EUR period 4,628 3,556 Income earned during the financial Value of securities on loan at financial period 5,043 910 period end 3,769,022 6,812,382 Value of securities on loan at financial Value of collateral held by the Company period end 1,857,161 2,006,345 at financial period end 4,109,204 7,378,939 Value of collateral held by the Company at financial period end 2,006,476 2,164,298 SPDR MSCI World Consumer Staples UCITS ETF SPDR MSCI Europe Small Cap UCITS 30 September 30 September ETF 2017 2016 USD USD 30 September 30 September 2017 2016 Income earned during the financial EUR EUR period 3,120 1,598 Income earned during the financial Value of securities on loan at financial period 56,799 46,660 period end 1,384,016 3,015,461 Value of securities on loan at financial Value of collateral held by the Company period end 20,870,219 8,604,073 at financial period end 1,501,625 3,251,628 Value of collateral held by the Company at financial period end 22,470,572 9,308,317
497 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Notes to the Financial Statements for the financial period ended 30 September 2017 (continued)
10. SECURITIES LENDING (CONTINUED) SPDR MSCI World Technology UCITS ETF SPDR MSCI World Energy UCITS ETF 30 September 30 September 2017 2016 30 September 30 September USD USD 2017 2016 USD USD Income earned during the financial period 7,440 884 Income earned during the financial period 13,516 3,857 Value of securities on loan at financial period end 6,329,832 10,129,649 Value of securities on loan at financial period end 4,128,548 3,976,443 Value of collateral held by the Company at financial period end 7,158,835 10,880,777 Value of collateral held by the Company at financial period end 4,471,217 4,259,882 SPDR MSCI World Telecommunications UCITS ETF SPDR MSCI World Financials UCITS ETF 30 September 30 September 2017 2016 30 September 30 September USD USD 2017 2016 USD USD Income earned during the financial period 951 202 Income earned during the financial period 34,926 2,625 Value of securities on loan at financial period end 461,726 1,239,608 Value of securities on loan at financial period end 19,475,546 2,316,417 Value of collateral held by the Company at financial period end 500,877 1,365,926 Value of collateral held by the Company at financial period end 20,891,474 2,511,731 SPDR MSCI World Utilities UCITS ETF SPDR MSCI World Health Care UCITS 30 September 30 September ETF 2017 2016 USD USD 30 September 30 September 2017 2016 Income earned during the financial USD USD period 678 240 Income earned during the financial Value of securities on loan at financial period 12,591 1,028 period end 448,284 836,778 Value of securities on loan at financial Value of collateral held by the Company period end 5,319,804 5,144,529 at financial period end 484,321 912,802 Value of collateral held by the Company at financial period end 5,808,990 5,530,998 11. SEGMENT INFORMATION
SPDR MSCI World Industrials UCITS IFRS 8 “Operating Segments” requires a “management ETF approach”, under which segment information is presented on 30 September 30 September the same basis as that used for internal reporting purposes. 2017 2016 USD USD The Directors are charged with the overall governance of the Income earned during the financial period 3,138 1,584 Company in accordance with the Prospectus, Articles of Value of securities on loan at financial Association and Memorandum of Association. The Directors period end 4,325,195 4,414,137 have appointed State Street Global Advisors Limited as the Value of collateral held by the Company Investment Manager and Distributor. The Directors and State at financial period end 4,673,495 4,770,785 Street Global Advisors Limited are considered the Chief Operating Decision Maker (“CODM”) for the purposes of IFRS 8. SPDR MSCI World Materials UCITS ETF For management purposes, the Company is organised into one 30 September 30 September main operating segment, which invests in equity securities, debt 2017 2016 instruments and related derivatives. All of the Company’s USD USD activities are interrelated, and each activity is dependent on the Income earned during the financial period 3,356 805 others. Accordingly, all significant operating decisions are based Value of securities on loan at financial upon analysis of the Company as one segment. The financial period end 2,966,275 3,093,412 results from this segment are equivalent to the financial Value of collateral held by the Company statements of the Company as a whole. at financial period end 3,263,958 3,341,905 The Company has no assets classified as non-current assets.
498 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Notes to the Financial Statements for the financial period ended 30 September 2017 (continued)
11. SEGMENT INFORMATION (CONTINUED) As at As at 30 September 2017 31 March 2017 The Funds have highly diversified portfolios of investments, and USD USD no single investment accounts for a significant portion of the Company’s income. Philippines Peso 50.79950 50.17500 Polish Zloty 3.64395 3.96195 Products and services Pound Sterling 0.74535 0.79971 All of the Company’s revenues are derived from one product Qatari Riyal 3.64075 3.64110 grouping, namely the portfolio securities and derivative Singapore Dollar 1.35795 1.39730 instruments invested in by the Funds in order to track the performance of their respective indices. South African Rand 13.50250 13.40875 South Korean Won 1,145.35000 1,118.30000 Geographical areas Swedish Krona 8.16235 8.92830 The Company does not separately monitor revenues from different Swiss Franc 0.96760 1.00095 geographical areas. However, by their nature of tracking indices which represent specific markets in specific regions, each Fund’s Thailand Baht 33.35000 34.36250 revenue may be considered as being attributed to the region stated Turkish Lira 3.55610 3.64165 in its investment objective. United Arab Emirates Dirham 3.67265 3.67300 Major customers Yaun Renminbi 6.64280 6.89180 As the Company is an investment company, its distinct major customers are the institutional investors who make the primary As at As at market for the Funds’ shares. 30 September 2017 31 March 2017 EUR EUR The investments are allocated across forty six distinct Funds Canadian Dollar 1.47852 1.42640 which each have a separate Schedule of Investments. Danish Krone 7.44171 7.43631 12. EXCHANGE RATES Norwegian Krone 9.41066 9.18625 Pound Sterling 0.88115 0.85533 The exchange rates used to convert (where relevant) a Fund's Swedish Krona 9.64953 9.54926 balances denominated in foreign currencies to the Company’s Swiss Franc 1.14390 1.07057 presentation currency in USD at the financial period/year end US Dollar 1.18220 1.06955 were as follows The average exchange rates for the financial period ended As at As at 30 September 2017 used to convert (where relevant) a Fund’s 30 September 2017 31 March 2017 functional currency to the Company’s presentation currency in USD USD USD were as follows: Australian Dollar 1.27445 1.31087 Brazilian Real 3.16315 3.17495 Financial period Financial year Canadian Dollar 1.25065 1.33365 ended ended Chilean Peso 639.13000 662.10500 30 September 2017 31 March 2017 Colombian Pesos 2,936.73500 2,893.87000 USD USD Czech Koruna 21.98570 25.26625 Euro 0.86992 0.91316 Danish Krone 6.29480 6.95275 Pound Sterling 0.76623 0.76927 Egypt Pound 17.65000 18.05000 Euro 0.84588 0.93497 13. SIGNIFICANT EVENTS DURING THE FINANCIAL Hong Kong Dollar 7.81070 7.77150 PERIOD Hungary Forint 262.78130 288.73830 Indian Rupee 65.32000 64.93500 On 31 May 2017, Barbara Healy was appointed as a Director of the Company. Indonesian Rupiah 13,469.00000 13,325.50000 Israeli New Shekel 3.53260 3.63050 On 14 July 2017, William Street resigned as a Director of the Japanese Yen 112.56500 111.43000 Company. Malaysian Ringgit 4.22250 4.42550 Mexican Peso 18.15925 18.83415 On 15 September 2017, Chartered Corporate Services, acting Morocco Dirham 9.43750 10.03505 as the secretary to the Company, has changed its name to New Taiwan Dollar 30.32400 30.34250 Sanne Corporate Administration Services Ireland Limited. New Zealand Dollar 1.38332 1.43051 There have been no other significant events affecting the Norwegian Krone 7.96030 8.58890 Company during the financial period. Peruvian Nuevo Sol 3.26650 3.25050
499 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Notes to the Financial Statements for the financial period ended 30 September 2017 (continued)
14. SIGNIFICANT EVENTS POST THE FINANCIAL PERIOD END
On 10 November 2017 the following Funds terminated:
• SPDR AEX UCITS ETF • SPDR MSCI EM Beyond BRIC UCITS ETF • SPDR Russell 3000 U.S. Total Market UCITS ETF
There have been no other significant events affecting the Company since the financial period end. 15. APPROVAL OF ACCOUNTS
The financial statements were approved by the Board of Directors on 27 November 2017.
500 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Appendix I Securities Financing Transactions Regulations (unaudited)
Securities Financing Transactions Regulation (Regulation (EU) 2015/2365) (“SFTR”) came into force on 12 January 2016 and, amongst other requirements, introduces new disclosure requirements in the Company’s financial statements published after 13 January 2017 detailing the Fund’s use of securities financing transactions and total return swaps. As a result, additional disclosures have been included in this appendix.
Securities Lending
The following table details the value of securities on loan as a proportion of the Funds’ total lendable assets and NAV disclosed in EUR as at 30 September 2017. Total lendable assets represents the aggregate value of assets forming part of the Funds’ securities lending programme. This excludes any assets held by the Funds that are not considered lendable due to any market, regulatory, investment or other restriction.
Fund %of Market % of Lendable Fund Currency NAV NAV Value Assets SPDR MSCI Europe Consumer Discretionary UCITS ETF EUR 206,912,878 20.77% 206,575,868 20.81% SPDR MSCI Europe Consumer Staples UCITS ETF EUR 187,108,960 6.74% 186,527,199 6.76% SPDR MSCI Europe Energy UCITS ETF EUR 22,663,046 8.16% 22,596,985 8.19% SPDR MSCI Europe Financials UCITS ETF EUR 685,408,173 7.53% 682,150,607 7.56% SPDR MSCI Europe Health Care UCITS ETF EUR 83,021,560 3.1% 82,829,683 3.11% SPDR MSCI Europe Industrials UCITS ETF EUR 10,482,768 14.53% 10,461,660 14.55% SPDR MSCI Europe Materials UCITS ETF EUR 16,201,453 11.46% 16,093,255 11.54% SPDR MSCI Europe Small Cap UCITS ETF EUR 84,309,970 24.75% 84,179,027 24.79% SPDR MSCI Europe Technology UCITS ETF EUR 25,546,906 4.92% 25,528,930 4.92% SPDR MSCI Europe Telecommunications UCITS ETF EUR 7,737,316 19.64% 7,712,904 19.7% SPDR MSCI Europe UCITS ETF EUR 600,370,153 8.22% 597,637,183 8.26% SPDR MSCI Europe Utilities UCITS ETF EUR 21,145,936 15.44% 21,107,820 15.47% SPDR MSCI World Consumer Discretionary UCITS ETF USD 23,286,276 13.69% 23,180,309 13.75% SPDR MSCI World Consumer Staples UCITS ETF USD 28,321,204 4.13% 28,184,375 4.15% SPDR MSCI World Energy ETF USD 52,115,235 6.7% 51,682,047 6.76% SPDR MSCI World Financials UCITS ETF USD 382,548,124 4.31% 381,154,725 4.32% SPDR MSCI World Health Care UCITS ETF USD 103,206,925 4.36% 103,032,306 4.37% SPDR MSCI World Industrials UCITS ETF USD 34,916,816 10.48% 34,842,429 10.5% SPDR MSCI World Materials UCITS ETF USD 22,463,008 11.17% 22,338,016 11.23% SPDR MSCI World Technology UCITS ETF USD 95,127,001 5.63% 95,277,225 5.62% SPDR MSCI World Telecommunications UCITS ETF USD 4,192,706 9.32% 4,185,532 9.33% SPDR MSCI World Utilities UCITS ETF USD 7,858,709 4.83% 7,844,577 4.83%
The total income earned from securities lending transactions is split between the relevant Fund and the Securities Lending Agent, details of which can be found in Note 10 to the financial statements. Income earned by the Funds during the year from securities lending transactions is disclosed in Note 10 to the financial statements.
For all Funds, the maturity tenor of securities on loan is open, as these are equity positions and are not subject to a contractual maturity date.
The following table details the value of securities on loan and associated non-cash collateral received, analysed by borrowing counterparty, as at 30 September 2017.
No cash is received as collateral in relation to securities lending activities.
501 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Appendix I Securities Financing Transactions Regulations (unaudited) (continued)
Securities Lending (continued) The values are disclosed in EUR. The currency in which the noncash collateral is received is EUR.
Counterparty’s Securities Non-Cash country of on loan Collateral received Counterparty incorporation EUR EUR
SPDR MSCI Europe Consumer Discretionary UCITS ETF Credit Suisse AG, Dublin Branch Ireland 29,637,913 31,932,351 Deutsche Bank AG Germany 5,184,712 5,602,479 UBS AG Switzerland 3,281,992 3,545,070 JP Morgan Securities Plc United Kingdom 2,750,853 2,974,413 ING Bank NV Netherlands 975,861 1,066,164 Credit Suisse Securities (Europe) Limited United Kingdom 778,349 841,114 Merrill Lynch International United Kingdom 251,562 271,422 Citigroup Global Markets Limited United Kingdom 121,180 130,957 Societe Generale SA France 22 24 42,982,444 46,363,994 SPDR MSCI Europe Consumer Staples UCITS ETF Deutsche Bank AG Germany 5,203,719 5,597,219 UBS AG Switzerland 2,741,344 2,921,423 Credit Suisse AG, Dublin Branch Ireland 1,993,633 2,161,380 JP Morgan Securities Plc United Kingdom 1,304,352 1,410,392 BNP Paribas Arbitrage SNC France 613,192 662,376 Societe Generale SA France 415,496 448,738 Merrill Lynch International United Kingdom 275,677 298,070 Credit Suisse Securities (Europe) Limited United Kingdom 55,205 59,669 12,602,618 13,559,267 SPDR MSCI Europe Energy UCITS ETF JP Morgan Securities Plc United Kingdom 1,188,881 1,285,601 Credit Suisse AG, Dublin Branch Ireland 586,986 635,738 Macquarie Bank Limited Australia 39,071 42,364 Societe Generale SA France 18,467 19,945 Credit Suisse Securities (Europe) Limited United Kingdom 16,876 17,744 UBS AG Switzerland 12 13 1,850,293 2,001,405 SPDR MSCI Europe Financials UCITS ETF Credit Suisse AG, Dublin Branch Ireland 40,149,644 43,253,279 Macquarie Bank Limited Australia 6,313,398 6,845,475 Deutsche Bank AG Germany 2,283,874 2,468,635 BNP Paribas Arbitrage SNC France 1,528,423 1,654,973 JP Morgan Securities Plc United Kingdom 600,704 649,559 Credit Suisse Securities (Europe) Limited United Kingdom 457,242 494,118 UBS AG Switzerland 249,799 269,821 51,583,084 55,635,860
502 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Appendix I Securities Financing Transactions Regulations (unaudited) (continued)
Securities Lending (continued)
Counterparty’s Securities Non-Cash country of on loan Collateral received Counterparty incorporation EUR EUR
SPDR MSCI Europe Health Care UCITS ETF JP Morgan Securities Plc United Kingdom 973,780 1,052,947 UBS AG Switzerland 534,606 576,970 Merrill Lynch International United Kingdom 442,060 465,245 Morgan Stanley & Co. International Plc. United Kingdom 429,429 451,521 Credit Suisse Securities (Europe) Limited United Kingdom 196,395 206,470 2,576,270 2,753,152 SPDR MSCI Europe Industrials UCITS ETF Credit Suisse AG, Dublin Branch Ireland 1,054,820 1,129,883 Deutsche Bank AG Germany 140,467 151,835 UBS AG Switzerland 101,552 109,694 BNP Paribas Arbitrage SNC France 90,441 95,129 Credit Suisse Securities (Europe) Limited United Kingdom 87,356 94,451 Societe Generale SA France 47,970 51,807 JP Morgan Securities Plc United Kingdom 22 23 1,522,628 1,632,822 SPDR MSCI Europe Materials UCITS ETF BNP Paribas Arbitrage SNC France 639,208 690,478 Credit Suisse AG, Dublin Branch Ireland 488,318 528,824 Deutsche Bank AG Germany 344,315 372,180 JP Morgan Securities Plc United Kingdom 217,434 233,601 Credit Suisse Securities (Europe) Limited United Kingdom 90,949 98,283 UBS AG Switzerland 76,937 83,110 1,857,161 2,006,476 SPDR MSCI Europe Small Cap UCITS ETF Deutsche Bank AG Germany 5,953,479 6,425,797 UBS AG Switzerland 4,670,776 5,033,211 JP Morgan Securities Plc United Kingdom 3,466,792 3,738,953 Credit Suisse AG, Dublin Branch Ireland 3,339,509 3,592,331 Credit Suisse Securities (Europe) Limited United Kingdom 1,408,097 1,510,290 Merrill Lynch International United Kingdom 982,482 1,049,659 Citigroup Global Markets Limited United Kingdom 576,796 614,207 Societe Generale SA France 203,002 219,038 BNP Paribas Arbitrage SNC France 199,931 214,132 HSBC Bank Plc United Kingdom 43,296 45,530 Nomura International Plc United Kingdom 26,059 27,424 20,870,219 22,470,572 SPDR MSCI Europe Technology UCITS ETF Credit Suisse AG, Dublin Branch Ireland 980,745 1,042,583 Deutsche Bank AG Germany 275,572 297,874 1,256,317 1,340,457
503 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Appendix I Securities Financing Transactions Regulations (unaudited) (continued)
Securities Lending (continued)
Counterparty’s Securities Non-Cash country of on loan Collateral received Counterparty incorporation EUR EUR
SPDR MSCI Europe Telecommunications UCITS ETF Credit Suisse AG, Dublin Branch Ireland 1,245,908 1,350,435 Deutsche Bank AG Germany 186,388 201,472 Credit Suisse Securities (Europe) Limited United Kingdom 48,682 52,607 JP Morgan Securities Plc United Kingdom 38,801 41,424 1,519,779 1,645,938 SPDR MSCI Europe UCITS ETF Credit Suisse AG, Dublin Branch Ireland 27,074,360 29,142,539 Deutsche Bank AG Germany 8,618,169 9,314,913 UBS AG Switzerland 4,358,743 4,696,246 JP Morgan Securities Plc United Kingdom 3,304,164 3,573,211 BNP Paribas Arbitrage SNC France 2,521,024 2,702,839 Credit Suisse Securities (Europe) Limited United Kingdom 1,271,271 1,374,118 Merrill Lynch International United Kingdom 872,445 927,967 HSBC Bank Plc United Kingdom 638,941 671,915 Societe Generale SA France 537,260 580,243 Citigroup Global Markets Limited United Kingdom 133,148 143,024 Macquarie Bank Limited Australia 9,902 10,737 49,339,427 53,137,752 SPDR MSCI Europe Utilities UCITS ETF Credit Suisse AG, Dublin Branch Ireland 2,379,721 2,579,954 Deutsche Bank AG Germany 553,250 598,024 UBS AG Switzerland 331,592 358,198 3,264,563 3,536,176
504 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Appendix I Securities Financing Transactions Regulations (unaudited) (continued)
Securities Lending (continued)
Counterparty’s Securities Non-Cash country of on loan Collateral received Counterparty incorporation USD USD
SPDR MSCI World Consumer Discretionary UCITS ETF Barclays Capital Securities Limited United Kingdom 1,029,247 1,095,437 UBS AG Switzerland 807,150 872,315 Credit Suisse AG, Dublin Branch Ireland 785,056 841,728 Societe Generale SA France 703,526 823,267 Credit Suisse Securities (Europe) Limited United Kingdom 159,286 172,093 JP Morgan Securities Plc United Kingdom 82,375 88,804 Morgan Stanley & Co. International Plc. United Kingdom 81,976 86,307 Citigroup Global Markets Limited United Kingdom 72,694 77,126 ING Bank NV Netherlands 47,712 52,127 3,769,022 4,109,204 SPDR MSCI World Consumer Staples UCITS ETF UBS AG Switzerland 527,311 569,644 Barclays Capital Securities Limited United Kingdom 302,164 326,705 Societe Generale SA France 226,991 251,817 Credit Suisse Securities (Europe) Limited United Kingdom 145,148 156,853 JP Morgan Securities Plc United Kingdom 69,724 75,393 Macquarie Bank Limited Australia 67,938 73,663 Citigroup Global Markets Limited United Kingdom 41,468 44,109 Morgan Stanley & Co. International Plc. United Kingdom 3,272 3,441 1,384,016 1,501,625 SPDR MSCI World Energy ETF UBS AG Switzerland 2,473,234 2,637,605 Barclays Capital Securities Limited United Kingdom 724,443 777,048 Societe Generale SA France 434,439 520,521 JP Morgan Securities Plc United Kingdom 293,118 316,974 Citigroup Global Markets Limited United Kingdom 72,136 77,063 Macquarie Bank Limited Australia 71,015 77,000 Credit Suisse Securities (Europe) Limited United Kingdom 60,163 65,006 4,128,548 4,471,217 SPDR MSCI World Financials UCITS ETF Barclays Capital Securities Limited United Kingdom 7,757,883 8,337,205 UBS AG Switzerland 6,478,496 6,891,883 Credit Suisse Securities (Europe) Limited United Kingdom 3,015,495 3,258,411 Macquarie Bank Limited Australia 1,228,007 1,331,501 JP Morgan Securities Plc United Kingdom 852,299 921,593 Morgan Stanley & Co. International Plc. United Kingdom 138,460 145,583 Societe Generale SA France 4,906 5,298 19,475,546 20,891,474
505 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Appendix I Securities Financing Transactions Regulations (unaudited) (continued)
Securities Lending (continued)
Counterparty’s Securities Non-Cash country of on loan Collateral received Counterparty incorporation USD USD
SPDR MSCI World Health Care UCITS ETF Barclays Capital Securities Limited United Kingdom 2,655,139 2,850,307 UBS AG Switzerland 895,735 973,205 Societe Generale SA France 813,900 966,611 JP Morgan Securities Plc United Kingdom 731,706 778,790 Credit Suisse Securities (Europe) Limited United Kingdom 160,328 173,286 Citigroup Global Markets Limited United Kingdom 52,092 54,999 Morgan Stanley & Co. International Plc. United Kingdom 10,904 11,792 5,319,804 5,808,990 SPDR MSCI World Industrials UCITS ETF UBS AG Switzerland 2,257,020 2,431,564 Barclays Capital Securities Limited United Kingdom 831,303 888,975 JP Morgan Securities Plc United Kingdom 536,598 579,312 Credit Suisse Securities (Europe) Limited United Kingdom 466,025 503,644 Societe Generale SA France 234,249 270,000 4,325,195 4,673,495 SPDR MSCI World Materials UCITS ETF Barclays Capital Securities Limited United Kingdom 836,684 904,389 UBS AG Switzerland 748,165 806,120 Societe Generale SA France 517,308 614,458 ING Bank NV Netherlands 429,422 469,159 Credit Suisse Securities (Europe) Limited United Kingdom 262,900 284,100 JP Morgan Securities Plc United Kingdom 128,889 139,367 Citigroup Global Markets Limited United Kingdom 42,907 46,365 2,966,275 3,263,958 SPDR MSCI World Technology UCITS ETF Societe Generale SA France 2,698,786 3,235,677 UBS AG Switzerland 1,451,843 1,568,177 Barclays Capital Securities Limited United Kingdom 916,663 989,997 JP Morgan Securities Plc United Kingdom 697,896 754,756 Credit Suisse Securities (Europe) Limited United Kingdom 433,513 468,468 Macquarie Bank Limited Australia 90,845 98,501 Citigroup Global Markets Limited United Kingdom 30,782 33,265 HSBC Bank Plc United Kingdom 9,504 9,994 6,329,832 7,158,835
506 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Appendix I Securities Financing Transactions Regulations (unaudited) (continued)
Securities Lending (continued)
Counterparty’s Securities Non-Cash country of on loan Collateral received Counterparty incorporation USD USD
SPDR MSCI World Telecommunications UCITS ETF Barclays Capital Securities Limited United Kingdom 223,997 241,977 UBS AG Switzerland 152,190 164,514 JP Morgan Securities Plc United Kingdom 37,196 40,147 Societe Generale SA France 17,352 20,813 Citigroup Global Markets Limited United Kingdom 12,608 13,625 Credit Suisse Securities (Europe) Limited United Kingdom 12,323 13,317 HSBC Bank Plc United Kingdom 6,060 6,484 461,726 500,877 SPDR MSCI World Utilities UCITS ETF Barclays Capital Securities Limited United Kingdom 172,282 186,114 Credit Suisse Securities (Europe) Limited United Kingdom 139,706 150,971 UBS AG Switzerland 128,672 138,996 Citigroup Global Markets Limited United Kingdom 7,624 8,240 448,284 484,321
Collateral
The Funds engage in activities which may require collateral to be provided to a counterparty (“collateral posted”) or may hold collateral received (“collateral received”) from a counterparty.
The following table provides an analysis by currency of the underlying non-cash collateral received by way of title transfer collateral arrangement by the Funds, in respect of securities lending transactions, as at 30 September 2017.
SPDR MSCI Europe Consumer Discretionary SPDR MSCI Europe Consumer Staples UCITS UCITS ETF Value ETF Value Currency € Currency € AUD 284,621 AUD 48,778 CAD 2,842,953 CAD 415,144 CHF 904,802 CHF 194,683 CNY 513,023 CNY 135,179 DKK 495,761 DKK 90,716 EUR 17,484,924 EUR 4,994,274 GBP 5,977,416 GBP 2,095,676 HKD 2,468,068 HKD 466,989 HUF 3 HUF 57,491 JPY 567,454 JPY 126,977 NOK 312,874 NOK 128,861 SEK 598,779 SEK 238,317 SGD 273,157 SGD 68,035 USD 13,640,159 USD 4,431,349 46,363,994 ZAR 66,798 13,559,267
507 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Appendix I Securities Financing Transactions Regulations (unaudited) (continued)
Collateral (continued)
SPDR MSCI Europe Energy UCITS ETF Value SPDR MSCI Europe Financials UCITS ETF Value Currency € Currency € AUD 32,600 AUD 1,612,566 CAD 63,846 CAD 3,201,010 CHF 17,725 CHF 1,172,713 CNY 40,219 CNY 1,914,746 DKK 7,517 DKK 625,530 EUR 748,720 EUR 21,141,638 GBP 261,377 GBP 6,050,807 HKD 211,293 HKD 5,422,746 HUF 2,555 JPY 871,054 JPY 32,490 NOK 261,591 NOK 44,273 SEK 658,967 SEK 20,509 SGD 262,220 SGD 40,726 USD 12,274,560 USD 477,548 ZAR 165,712 ZAR 7 55,635,860 2,001,405
SPDR MSCI Europe Health Care UCITS ETF Value SPDR MSCI Europe Industrials UCITS ETF Value Currency € Currency € AUD 18,693 AUD 6,225 CAD 171,793 CAD 84,895 CHF 4,163 CHF 33,791 CNY 23,978 CNY 11,975 EUR 1,265,769 DKK 13,660 GBP 376,701 EUR 632,624 HKD 103,827 GBP 234,287 JPY 21,436 HKD 55,307 NOK 37,037 HUF 6,637 SEK 38,866 JPY 14,948 SGD 35,440 NOK 8,730 USD 655,449 SEK 18,746 2,753,152 SGD 4,792 USD 506,188 ZAR 17 1,632,822
508 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Appendix I Securities Financing Transactions Regulations (unaudited) (continued)
Collateral (continued)
SPDR MSCI Europe Materials UCITS ETF Value SPDR MSCI Europe Small Cap UCITS ETF Value Currency € Currency € AUD 6,323 AUD 52,143 CAD 79,327 CAD 1,189,708 CHF 17,059 CHF 219,346 CNY 14,698 CNY 165,991 DKK 10,191 DKK 141,913 EUR 748,997 EUR 6,852,625 GBP 370,492 GBP 3,306,590 HKD 98,773 HKD 545,901 JPY 13,512 HUF 27,132 NOK 12,057 JPY 144,904 SEK 37,716 NOK 181,928 SGD 8,281 SEK 345,666 USD 519,825 SGD 75,663 ZAR 69,225 USD 9,206,255 2,006,476 ZAR 14,807 22,470,572
SPDR MSCI Europe Telecommunications SPDR MSCI Europe Technology UCITS ETF Value UCITS ETF Value Currency € Currency € AUD 2,293 AUD 12,600 CAD 35,388 CAD 131,387 CHF 10,812 CHF 47,463 CNY 8,143 CNY 22,605 DKK 7,663 DKK 25,809 EUR 481,291 EUR 660,448 GBP 224,967 GBP 164,266 HKD 51,917 HKD 108,622 JPY 7,428 JPY 26,559 NOK 4,519 NOK 10,181 SEK 11,734 SEK 28,287 SGD 1,697 SGD 9,327 USD 492,605 USD 398,384 1,340,457 1,645,938
509 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Appendix I Securities Financing Transactions Regulations (unaudited) (continued)
Collateral (continued)
SPDR MSCI Europe UCITS ETF Value SPDR MSCI Europe Utilities UCITS ETF Value Currency € Currency € AUD 246,952 AUD 24,245 CAD 2,855,449 CAD 302,884 CHF 912,350 CHF 95,024 CNY 544,065 CNY 46,742 DKK 472,773 DKK 52,052 EUR 19,743,453 EUR 1,312,602 GBP 7,421,425 GBP 395,177 HKD 2,512,617 HKD 215,617 HUF 74,339 JPY 53,196 JPY 573,663 NOK 21,738 NOK 351,549 SEK 59,735 SEK 852,552 SGD 18,801 SGD 241,540 USD 938,363 USD 16,142,839 3,536,176 ZAR 192,186 53,137,752
SPDR MSCI World Consumer Discretionary SPDR MSCI World Consumer Staples UCITS UCITS ETF Value ETF Value Currency $ Currency $ AUD 43,805 AUD 22,478 CAD 187,654 CAD 60,019 CHF 304,532 CHF 78,195 CNY 26,834 CNY 32,594 DKK 9,165 DKK 2 EUR 1,509,103 EUR 244,116 GBP 553,415 GBP 120,004 HKD 273,506 HKD 249,656 HUF 23,863 HUF 23,689 JPY 59,242 JPY 12,537 NOK 35,817 NOK 12,103 NZD 2,115 NZD 1,549 SEK 18,083 SEK 10,646 SGD 10,493 SGD 4,205 USD 1,051,248 USD 629,754 ZAR 329 ZAR 78 4,109,204 1,501,625
510 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Appendix I Securities Financing Transactions Regulations (unaudited) (continued)
Collateral (continued)
SPDR MSCI World Energy ETF Value SPDR MSCI World Financials UCITS ETF Value Currency $ Currency $ AUD 58,746 AUD 275,180 CAD 42,622 CAD 601,186 CHF 235,458 CHF 84,390 CNY 51,831 CNY 327,769 DKK 16 EUR 6,277,561 EUR 1,934,039 GBP 3,137,357 GBP 415,220 HKD 1,970,365 HKD 339,304 HUF 679 HUF 677 JPY 36,312 JPY 44,567 NOK 32,304 NOK 26,441 NZD 3,539 NZD 3,913 SEK 109,481 SEK 38,187 SGD 34,954 SGD 18,279 USD 8,000,395 USD 1,261,475 ZAR 2 ZAR 442 20,891,474 4,471,217
SPDR MSCI World Health Care UCITS ETF Value SPDR MSCI World Industrials UCITS ETF Value Currency $ Currency $ AUD 55,990 AUD 24,778 CAD 162,710 CAD 326,474 CHF 363,126 CHF 131,269 CNY 29,898 CNY 36,870 DKK 443 DKK 253 EUR 1,561,010 EUR 1,142,660 GBP 643,300 GBP 708,428 HKD 468,183 HKD 269,934 JPY 69,265 HUF 12,715 NOK 41,772 JPY 26,035 NZD 1,960 NOK 27,920 SEK 14,328 NZD 2,862 SGD 12,298 SEK 17,069 USD 2,384,471 SGD 21,953 ZAR 236 USD 1,924,200 5,808,990 ZAR 75 4,673,495
511 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Appendix I Securities Financing Transactions Regulations (unaudited) (continued)
Collateral (continued)
SPDR MSCI World Materials UCITS ETF Value SPDR MSCI World Technology UCITS ETF Value Currency $ Currency $ AUD 31,878 AUD 204,676 CAD 137,936 CAD 144,238 CHF 224,416 CHF 1,240,372 CNY 11,630 CNY 86,182 DKK 17 DKK 100 EUR 607,790 EUR 1,781,571 GBP 332,201 GBP 578,641 HKD 168,534 HKD 812,200 HUF 7,004 HUF 1,728 JPY 41,389 JPY 228,455 NOK 26,367 NOK 120,048 NZD 963 NZD 7,863 SEK 7,047 SEK 21,488 SGD 6,290 SGD 24,109 USD 1,660,338 USD 1,906,261 ZAR 158 ZAR 903 3,263,958 7,158,835
SPDR MSCI World Telecommunications UCITS ETF Value SPDR MSCI World Utilities UCITS ETF Value Currency $ Currency $ AUD 1,410 CAD 42,062 CAD 25,579 CHF 2,447 CHF 10,588 CNY 706 CNY 1,258 EUR 31,617 DKK 1 GBP 103,090 EUR 43,672 HKD 25,557 GBP 111,405 SGD 331 HKD 21,449 USD 278,511 JPY 1,470 484,321 NOK 650 NZD 155 SEK 62 SGD 437 USD 282,736 ZAR 5 500,877
512 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Appendix I Securities Financing Transactions Regulations (unaudited) (continued)
Collateral (continued) The following table provides an analysis of the maturity tenor of cash and non-cash collateral received by way of title transfer collateral arrangement by the Funds in respect of securities lending transactions as at 30 September 2017.
All collateral with a maturity tenor are bond holdings with an investment grade rating. The open transactions are equity holdings and no credit ratings apply.
SPDR MSCI Europe Consumer SPDR MSCI Europe SPDR MSCI Europe SPDR MSCI Europe SPDR MSCI Discretionary Consumer Staples SPDR MSCI Europe Financials UCITS Health Care UCITS Europe Industrials Maturity Tenor UCITS ETF UCITS ETF Energy UCITS ETF ETF ETF UCITS ETF 1 day to 1 month 37,042 15,608 - 100,124 60,678 1,310 1 to 3 months 1,375,947 316,820 4 105,292 193,411 41,132 3 months to 1 year 316,086 427,104 - 380,633 217,235 56,520 Greater than 1 year 9,533,249 3,709,551 27,638 10,095,879 1,206,619 619,418 Open transactions 35,101,670 9,090,184 1,973,763 44,953,932 1,075,209 914,442
46,363,994 13,559,267 2,001,405 55,635,860 2,753,152 1,632,822
SPDR MSCI Europe SPDR MSCI Europe SPDR MSCI Europe SPDR MSCI Europe Materials UCITS Small Cap UCITS Technology UCITS Telecommunications SPDR MSCI Europe SPDR MSCI Europe Maturity Tenor ETF ETF ETF UCITS ETF UCITS ETF Utilities UCITS ETF 1 day to 1 month 12,918 378,397 - 5,643 301,995 6,110 1 to 3 months 29,110 1,671,706 - 181 1,578,520 124,008 3 months to 1 year 1,954 348,275 29,934 966 776,511 3,276 Greater than 1 year 155,596 7,060,095 687,537 76,083 12,800,173 291,612 Open transactions 1,806,898 13,012,099 622,986 1,563,065 37,680,553 3,111,170
2,006,476 22,470,572 1,340,457 1,645,938 53,137,752 3,536,176
SPDR MSCI World Consumer SPDR MSCI World SPDR MSCI World SPDR MSCI World SPDR MSCI World Discretionary Consumer Staples SPDR MSCI World Financials UCITS Health Care UCITS Industrials UCITS Maturity Tenor UCITS ETF UCITS ETF Energy UCITS ETF ETF ETF ETF 1 day to 1 month 10,947 10,094 2,095 11,090 116,824 31,652 1 to 3 months 203,100 81,508 47,401 296,693 255,414 520,420 3 months to 1 year 76,808 12,481 214,185 762,161 77,403 74,060 Greater than 1 year 1,567,853 274,921 2,015,540 8,556,731 1,784,469 1,866,313 Open transactions 2,250,496 1,122,621 2,191,996 11,264,799 3,574,880 2,181,050
4,109,204 1,501,625 4,471,217 20,891,474 5,808,990 4,673,495
SPDR MSCI World SPDR MSCI World SPDR MSCI World Materials UCITS Technology UCITS Telecommunications SPDR MSCI World Maturity Tenor ETF ETF UCITS ETF Utilities UCITS ETF 1 day to 1 month 10,304 7,735 3,069 2,371 1 to 3 months 218,178 165,191 50,782 50,287 3 months to 1 year 14,328 24,815 314 301 Greater than 1 year 597,440 652,233 107,343 140,993 Open transactions 2,423,708 6,308,861 339,369 290,369
3,263,958 7,158,835 500,877 484,321
513 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Appendix I Securities Financing Transactions Regulations (unaudited) (continued)
Collateral (continued) The following table lists the ten largest issuers by value of non-cash collateral received by the Funds by way of title transfer collateral arrangement across securities lending transactions as at 30 September 2017.
Value Value Issuer € Issuer €
SPDR MSCI Europe Consumer Discretionary SPDR MSCI Europe Consumer Staples UCITS UCITS ETF ETF
United States 5,037,230 United States 1,358,796 United Kingdom 2,534,147 United Kingdom 797,115 Kingdom of Belgium 1,820,300 Federal Republic of Germany 659,215 Glencore PLC 1,662,570 Republic of France 592,170 Essilor International SA 1,590,500 Kingdom of the Netherlands 453,375 Republic of France 1,567,298 Kingdom of Belgium 402,985 Heineken NV 984,710 HSBC Holdings PLC 265,782 Hong Kong Exchanges & Clearing Ltd 918,046 Banco Santander SA 241,306 Banco Santander SA 814,573 Time Warner Inc 234,256 E.ON SE 749,208 Canada 169,159 Other 28,685,412 Other 8,385,108 46,363,994 13,559,267
SPDR MSCI Europe Energy UCITS ETF SPDR MSCI Europe Financials UCITS ETF
Banco Santander SA 118,919 United States 4,476,879 HSBC Holdings PLC 109,694 Glencore PLC 2,281,057 Volkswagen AG 102,798 Essilor International SA 2,192,303 Vodafone Group PLC 64,803 Kingdom of Belgium 2,089,865 Assicurazioni Generali SpA 50,561 United Kingdom 2,081,071 Hong Kong Exchanges & Clearing Ltd 34,984 Republic of France 1,821,566 Iberdrola SA 33,634 Heineken NV 1,353,282 Enel SpA 31,773 Hong Kong Exchanges & Clearing Ltd 1,197,597 China Life Insurance Co Ltd 29,349 Ping An Insurance Group Co of China Ltd 1,017,439 Glencore PLC 28,801 E.ON SE 1,012,179 Other 1,396,089 Other 36,112,622 2,001,405 55,635,860
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Appendix I Securities Financing Transactions Regulations (unaudited) (continued)
Collateral (continued)
Value Value Issuer € Issuer €
SPDR MSCI Europe Health Care UCITS ETF SPDR MSCI Europe Industrials UCITS ETF
United States 439,557 United States 263,182 Republic of France 219,928 United Kingdom 156,328 United Kingdom 196,700 Kingdom of Belgium 125,265 Kingdom of the Netherlands 195,119 Republic of France 117,114 Canada 171,793 Glencore PLC 44,636 Federal Republic of Germany 170,233 Essilor International SA 43,465 Kingdom of Belgium 124,119 Heineken NV 26,435 Banco Santander SA 99,817 Hong Kong Exchanges & Clearing Ltd 23,325 HSBC Holdings PLC 99,149 Canada 22,662 Volkswagen AG 93,127 E.ON SE 20,035 Other 943,610 Other 790,375 2,753,152 1,632,822
SPDR MSCI Europe Materials UCITS ETF SPDR MSCI Europe Small Cap UCITS ETF
HSBC Holdings PLC 84,959 United States 3,299,911 United States 80,119 United Kingdom 1,849,005 Assicurazioni Generali SpA 78,337 Federal Republic of Germany 996,699 Royal Dutch Shell PLC 74,106 Kingdom of Belgium 976,285 GlaxoSmithKline PLC 71,015 Republic of France 880,153 Anheuser-Busch InBev SA 69,225 Canada 870,751 Eni SpA 69,206 Kingdom of the Netherlands 447,280 Banco Santander SA 60,454 Time Warner Inc 330,401 United Kingdom 58,948 Banco Santander SA 270,700 BT Group PLC 37,517 HSBC Holdings PLC 264,884 Other 1,322,590 Other 12,284,503 2,006,476 22,470,572
SPDR MSCI Europe Telecommunications SPDR MSCI Europe Technology UCITS ETF UCITS ETF
United States 288,461 Glencore PLC 90,270 United Kingdom 149,386 Essilor International SA 86,427 Republic of France 139,469 Heineken NV 53,509 Kingdom of Belgium 139,356 Hong Kong Exchanges & Clearing Ltd 47,180 Hong Kong Exchanges & Clearing Ltd 18,606 E.ON SE 39,741 Glencore PLC 16,618 Novartis AG 38,697 Essilor International SA 15,725 United States 37,179 Time Warner Inc 15,047 Henkel AG & Co KGaA 32,033 Zodiac Aerospace 14,387 Deutsche Lufthansa AG 32,015 Seven Generations Energy Ltd 13,710 Banco Santander SA 28,288 Other 529,692 Other 1,160,599 1,340,457 1,645,938
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Appendix I Securities Financing Transactions Regulations (unaudited) (continued)
Collateral (continued)
Value Value Issuer € Issuer €
SPDR MSCI Europe UCITS ETF SPDR MSCI Europe Utilities UCITS ETF
United States 5,563,217 United States 245,375 United Kingdom 3,265,080 Glencore PLC 173,857 Kingdom of Belgium 2,412,752 Essilor International SA 166,307 Republic of France 1,947,835 Heineken NV 102,964 Glencore PLC 1,403,769 Hong Kong Exchanges & Clearing Ltd 90,853 Essilor International SA 1,346,128 United Kingdom 90,534 Hong Kong Exchanges & Clearing Ltd 871,422 E.ON SE 76,472 Heineken NV 829,401 Novartis AG 74,462 Banco Santander SA 827,862 Deutsche Lufthansa AG 62,266 Federal Republic of Germany 726,590 Henkel AG & Co KGaA 61,640 Other 33,943,696 Other 2,391,446 53,137,752 3,536,176
Value Value Issuer $ Issuer $
SPDR MSCI World Consumer Discretionary SPDR MSCI World Consumer Staples UCITS UCITS ETF ETF
United States 442,418 United States 133,160 United Kingdom 405,832 United Kingdom 84,147 Kingdom of Belgium 313,634 Canada 56,940 Republic of France 239,387 Bank of America Corp 43,666 Federal Republic of Germany 177,158 Tencent Holdings Ltd 42,460 Canada 136,785 Amazon.com Inc 36,357 Kingdom of the Netherlands 130,354 Federal Republic of Germany 31,067 Nestle SA 71,129 Kingdom of Belgium 28,494 ING Groep NV 71,003 AIA Group Ltd 26,082 Novartis AG 51,156 adidas AG 23,689 Other 2,070,348 Other 995,563 4,109,204 1,501,625
516 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Appendix I Securities Financing Transactions Regulations (unaudited) (continued)
Collateral (continued)
Value Value Issuer $ Issuer $
SPDR MSCI World Energy ETF SPDR MSCI World Financials UCITS ETF
Federal Republic of Germany 417,343 United Kingdom 1,880,349 Kingdom of the Netherlands 406,670 Federal Republic of Germany 1,546,882 Republic of France 371,214 Kingdom of the Netherlands 1,454,400 United States 367,073 Republic of France 1,389,784 United Kingdom 325,700 Kingdom of Belgium 1,338,666 Kingdom of Belgium 322,353 United States 1,280,712 Bank of America Corp 100,621 Canada 593,788 Tencent Holdings Ltd 95,401 Weir Group PLC 261,803 Aurizon Holdings Ltd 82,214 Exact Sciences Corp 261,799 ING Groep NV 59,439 Monsanto Co 254,071 Other 1,923,189 Other 10,629,220 4,471,217 20,891,474
SPDR MSCI World Health Care UCITS ETF SPDR MSCI World Industrials UCITS ETF
United States 578,764 United States 857,101 United Kingdom 459,288 United Kingdom 525,534 Republic of France 309,498 Canada 320,627 Federal Republic of Germany 306,076 Kingdom of Belgium 258,376 Kingdom of Belgium 245,011 Federal Republic of Germany 194,981 Kingdom of the Netherlands 166,477 Republic of France 172,650 Canada 160,509 Kingdom of the Netherlands 155,194 Monsanto Co 125,081 Bank of America Corp 79,530 Honeywell International Inc 124,782 Tencent Holdings Ltd 67,978 Centene Corp 107,405 Vodafone Group PLC 57,250 Other 3,226,099 Other 1,984,274 5,808,990 4,673,495
SPDR MSCI World Materials UCITS ETF SPDR MSCI World Technology UCITS ETF
United States 335,177 ING Groep NV 361,376 United Kingdom 183,876 Nestle SA 359,789 Canada 137,070 United States 270,248 Microsoft Corp 75,825 United Kingdom 200,549 Federal Republic of Germany 63,012 Novartis AG 182,654 Kingdom of Belgium 62,880 UBS AG 176,169 ING Groep NV 62,735 Bank of America Corp 139,954 Nestle SA 62,506 Banco Santander SA 136,065 BNP Paribas SA 61,731 Koninklijke Philips NV 133,727 Micron Technology Inc 58,147 Canada 133,158 Other 2,160,999 Other 5,065,146 3,263,958 7,158,835
517 SSGA SPDR ETFs Europe II plc Unaudited Condensed Financial Statements 2017
Appendix I Securities Financing Transactions Regulations (unaudited) (continued)
Collateral (continued)
Value Value Issuer $ Issuer $
SPDR MSCI World Telecommunications UCITS ETF SPDR MSCI World Utilities UCITS ETF
United States 73,853 United States 72,616 United Kingdom 36,302 United Kingdom 54,467 Canada 25,088 Canada 42,062 Weir Group PLC 20,727 Weir Group PLC 13,676 Exact Sciences Corp 20,727 Exact Sciences Corp 13,676 Tate & Lyle PLC 19,569 Tate & Lyle PLC 12,912 Imperva Inc 19,078 Imperva Inc 12,588 Eldorado Resorts Inc 18,573 Kingdom of Belgium 12,484 MRC Global Inc 15,258 Eldorado Resorts Inc 12,255 Ferrexpo PLC 14,593 MRC Global Inc 10,067 Other 237,109 Other 227,518 500,877 484,321
The Company has collateral both bilaterally (State Street Bank and Trust) and via tri-party agents (Bank of New York and JP Morgan Chase Bank). In the case of Bank of New York and JP Morgan Chase Bank agents, State Street Bank and Trust delegates some collateral management duties to these tri-party agents. In all cases the Depositary has delegated collateral management duties to State Street Bank and Trust. State Street Bank and Trust is then permitted to further delegate responsibilities to triparty agents if they see fit.
518