STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV Société d'Investissement à Capital Variable Audited Annual Report For the Year ended December 31, 2012 No subscriptions can be received on the basis of the financial report alone. Subscriptions are only valid if made on the basis of the current Prospectus supplemented by a copy of the latest available Annual Report and a copy of the latest available Semi-Annual Report, if published later than the Annual Report. RCS Number B0141816
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STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV
Société d'Investissement à Capital Variable
Audited Annual Report
For the Year ended December 31, 2012
No subscriptions can be received on the basis of the financial report alone.
Subscriptions are only valid if made on the basis of the current Prospectus supplemented by a copy of the latest available Annual Report
and a copy of the latest available Semi-Annual Report, if published later than the Annual Report.
RCS Number B0141816
Directors and Administration 1
Report of the Board of Directors 3
Report of the Investment Managers 5
Audit report 8
Combined Statement of Net Assets 10
Combined Statement of Operations 13
Combined Statement of Changes in Net Assets 16
Statistical Information 19
Schedules of Investments
SSgA Euro-Aggregate Corporate Bond Index Fund 21
SSgA Euro Treasury Bond Index Fund 42
SSgA Euro Sustainable Corporate Bond Index Fund 47
SSgA Euro Core Treasury Bond Index Fund 57
SSgA Global Treasury Bond Index Fund 60
SSgA US Issuer Scored Corporate Bond Index Fund 71
SSgA Active Global Inflation-Linked Bond Fund 78
SSgA Global Emerging Markets Local Currency Bond Fund 82
SSgA Europe Managed Volatility Equity Fund 86
SSgA Global Managed Volatility Equity Fund 89
SSgA EMU Alpha Equity Fund 94
SSgA Sectoral Healthcare Equity Fund 97
SSgA Active Fundamental Global Equity Spotlight Fund 99
SSgA Emerging Markets Select Equity Fund 101
SSgA Enhanced Emerging Markets Equity Fund 105
SSgA Emerging Markets SRI Enhanced Equity Fund 121
Notes to the Financial Statements 129
Risk Disclosure Information (Unaudited) 140
Note for Investors in Switzerland (Unaudited) 141
TABLE OF CONTENTS
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV
DIRECTORS AND ADMINISTRATION
BOARD OF DIRECTORS OF THE COMPANY
Patrick Armstrong (*), Managing Director, State Street Global Advisors France S.A. Susanne van Dootingh, Chairman, Managing Director, State Street Global Advisors Limited Benoît Fally, Senior Managing Director, State Street Global Advisors Limited John Li How Cheong (**), Independent Director
THE COMPANY
State Street Global Advisors Luxembourg SICAV 49, Avenue J.F. Kennedy L-1855 Luxembourg Luxembourg
MANAGEMENT COMPANY
State Street Global Advisors Luxembourg Management S.à r.l. 49, Avenue J.F. Kennedy L-1855 Luxembourg Luxembourg
INVESTMENT MANAGER
State Street Global Advisors France S.A. Defense Plaza 23 – 25 Rue Delariviere-Lefoullon 92064 Paris la Défense Cedex France
SUB-INVESTMENT MANAGER
State Street Global Advisors, a division of State Street Bank and Trust Company 1 Lincoln Street Boston Massachusetts 02111 United States
State Street Global Advisors Limited 20 Churchill Place Canary Wharf London E14 5HJ United Kingdom
State Street Global Advisors Ireland Limited Two Park Place, Upper Hatch Street, Dublin 2 Ireland
Rexiter Capital Management Limited (***) 80 Cannon Street London EC4N 6HL United Kingdom
Sectoral Asset Management 1000 Sherbrooke Street West Suite 2120 Montreal Qc H3A 3G4 Canada
* until August 24, 2012 ** from May 14, 2012 *** until July 6, 2012
1
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV
DIRECTORS AND ADMINISTRATION
PRINCIPAL DISTRIBUTOR
State Street Global Advisors Limited 20 Churchill Place Canary Wharf London E14 5HJ United Kingdom
The Board of Directors of the State Street Global Advisors Luxembourg SICAV (the ”SICAV”) Umbrella is pleased to present the Audited Annual Report for the financial year ended December 31st, 2012.
Fund Offer
The SICAV offers a wide choice of UCITS IV-compliant investment strategies and is composed of twenty-four (24) sub-funds as at December 31st, 2012. The SICAV now encompasses a range of sub-funds offering exposure to different asset classes including equity, fixed income and currency, including index-tracking, active and absolute return strategies. Investors can access opportunities in developed and emerging markets, as well as specialist strategies such as managed volatility and healthcare equities.
Sixteen (16) of the twenty-four (24) sub-funds offered were funded by the end of the financial year. The audited accounts for these sub-funds are presented in this report. By contrast, thirteen (13) sub-funds were funded as at December 31st, 2011, and twelve (12) sub-funds as at December 31st, 2010.
Assets Under Management
At December 31st, 2012, total net assets of the SICAV stood at EUR 4,433,736,672; this figure compares with EUR 2,182,339,310 at December 31st, 2011; and EUR 996,395,672 at December 31st, 2010.
Performance
The total returns per sub-fund and comparative benchmark data for the period under review are provided in the Report of the Investment Managers on pages 5 to 7. These figures are historical and are not necessarily indicative of future performance.
Fees and Expenses
The current Management Fees and Total Expense Ratio caps (TER-cap) for the sub-funds are listed in the note 3B on page 134.
Fund Launches and Closures
The SICAV range continues to expand providing investors with access to a comprehensive selection of investment strategies, asset classes and regions.
Three (3) new sub-funds were launched during the financial year:
SSgA Luxembourg SICAV Sub-fund Legal launch
SSgA Active Fundamental Global Equity Spotlight Fund March 2012
SSgA Absolute Return Global Bond Fund (see note 7) July 2012
SSgA Emerging Markets SRI Enhanced Equity Fund July 2012
One (1) sub-fund was closed during the financial year:
SSgA Luxembourg SICAV Sub-fund Legal closure
SSgA Europe Alpha Equity Fund July 2012
It is anticipated that the Board of Directors will continue to make changes to the range of sub-funds when this is in the best interest of investors.
3
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV
REPORT OF THE BOARD OF DIRECTORS
Share Class Launches
New share-class offerings for existing funds were launched during the financial year:
SSgA Luxembourg SICAV Sub-fund Share class Legal launch
All Sub-funds (see note 7) B March 2012
SSgA Euro Core Treasury Bond Index Fund I Distributing March 2012
SSgA Emerging Markets Select Equity Fund I EUR July 2012
Registration
The sub-funds qualify as UCITS IV-compliant vehicles and may therefore be offered for sale subject to registration in countries other than its home country, Luxembourg. During the financial year registration has been expanded and certain sub-funds and share classes are also registered for sale in France, Germany, Italy, Netherlands, Spain, Switzerland, Sweden, Ireland and the United Kingdom.
Changes to Board of Directors
During the financial year, Mr John Li How Cheong has been appointed as a new Director of the SICAV. Patrick Armstrong resigned from his role of Director of the SICAV effective on August 24th, 2012.
The composition of your Board of Directors as at December 31st, 2012 is detailed on page 1.
Annual General Meeting
The Annual General Meeting of shareholders shall be held in Luxembourg on the fourth Thursday of the month of April at 11.00 a.m. as per the Articles of Incorporation.
The next Annual General Meeting of the SICAV will be held on April 25th, 2013.
Periodic reports
These annual accounts are available within four months of the closing date of the financial year. The next semi-annual accounts will be published within two months of the end of the half-year.
No subscriptions can be received on the basis of this financial report only. Subscriptions are valid if made on the basis of the current prospectus, Key Investor Information Document and supplemented with the latest annual and semi-annual reports, if published thereafter.
Thank you for investing with us.
THE BOARD OF DIRECTORS Luxembourg, March 28, 2013
4
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV
REPORT OF THE INVESTMENT MANAGERS
The figures stated in this report are historical and not indicative of future performance.
Market Review
Equity investors enjoyed a healthy return for the calendar year, though the gains were hard-won at times as economic and political events unsettled investors on occasion. Although 2012 began well for the world’s stock markets, the benefits flowing to investors from positive sentiment on euro prospects and bountiful liquidity provided by the European Central Bank to Europe’s stricken banks began to fade by the end of February. Concerns about Greece’s finances were exacerbated by election rhetoric that threatened to renege on agreed austerity measures. At the same time worries were mounting about Italy and Spain, particularly for the latter as bank and state balance sheets came under scrutiny. Equity markets experienced a steep decline through April and May before the election of a euro-friendly government in Greece settled nerves. Nonetheless, a wariness remained and non-euro assets tended to outperform at this time as investors favoured ‘safe-haven’ investments. UK assets benefited from this trend even as the UK economy slipped into a double-dip recession.
The pivotal moment of 2012 arguably came in late July when ECB President Mario Draghi stated that the bank would do ‘whatever it takes’ to support the euro. This followed a cut in the benchmark interest rate and backed up by renewed bond purchase plans and commitments from other central banks to expand quantitative easing measures, equities enjoyed particularly strong gains in the third quarter. The Q3 advances were achieved even as US and Chinese economic data looked to have taken a turn for the worse and as Europe lurched towards another recession. Corporate earnings also provided a signal that economic growth prospects had deteriorated, but through this period the expectation that central banks would avert a return to the financial crisis depths underpinned sentiment.
With markets more convinced about the EU’s commitment to the Euro, investors began to reverse flows back into European assets, narrowing and in some cases exceeding the return gap between US and European equities. In local currency, capital only terms, Germany’s Dax index climbed 29.1% in the year, with the French CAC 40 index gaining 15.2%. While the UK’s FTSE 100 gained 5.8%, the S&P 500 posted a return of 13.4% as mounting concerns about the ‘fiscal cliff’ in the final weeks took the shine off US equities. The election of a new Japanese government committed to inflating the economy saw the Nikkei gain 10% in December for a full-year gain of 22.9%. Chinese shares surged 14.6% in the same month to creep into positive territory for 2012 as the country’s leadership transition passed without incident and plans for an economic stimulus bolstered investor confidence.
The nature of the year under review was such that equity sector leadership fluctuated as investors moved between ‘defensive’ sectors and those that are more economically sensitive. However, when the performance for the 12 months is collated, it is those cyclical industries that tended to produce the best returns. US banks rallied on the overall economic improvement, with consumer discretionary stocks also in demand. A decline in commodity prices amid Chinese economy worries meant that mining stocks had a mixed year, notwithstanding a robust end to 2012. The traditional defensive areas of consumer staples, healthcare and utilities were generally weaker as investors rotated into ‘riskier’ alternatives.
Reflecting an environment of economic uncertainty globally, core government fixed income markets performed well, particularly in the first half of the year when demand for high-quality sovereigns such as the US, UK, Germany and Japan, drove yields to record low levels in all of these markets bar Japan (where yields have been low for many years). Unsurprisingly perhaps, Europe’s peripheral bonds experienced a more volatile period as concerns about the capacity of Spain and Italy to avoid requesting a bailout kept their borrowing costs at an elevated level before firmer European commitments to the euro, backed up by bond purchases, in the second half of the year resulted in a much stronger performance. As was the case for a number of ’core’ European countries, German bond yields turned negative for a time at the short-end of the yield curve (out to two years duration), while 10-year German yields fell to new record lows below 1.20 in June at the height of the euro crisis, before ending the year at a still-remarkable low level of 1.31%. Similar-dated French bond yields dropped to 1.99% despite a ratings downgrade, while peripheral borrowing costs fell the most: Irish 9-year yields fell to 4.5% from 8.4% in 2012, while Italian yields dropped to 4.49% from a start-of-year position of 7.11%. UK gilts delivered positive returns in the year, although they tended to underperform as stubbornly sluggish economic prospects and a reversal of sterling gains meant that gilt prices finished the year largely unchanged.
5
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV
REPORT OF THE INVESTMENT MANAGERS
The figures stated in this report are historical and not indicative of future performance.
The array of economic data releases through the summer months indicated that the US, and global, economy was in softening mode. However, recent releases from employment to housing to retail sales indicate that the US may be stabilising and perhaps even re-gathering some positive momentum. US consumer confidence popped to a four-year high while manufacturing activity also improved. China also displayed some positivity, reporting a return to manufacturing growth, with a similar pattern also apparent in South Korea. Europe remains somewhat disconnected, with manufacturing activity continuing to contract across the region. Against this backdrop, much of the interest rate activity was loaded towards the first half of the year, when central banks in Brazil, India and Australia were most active in cutting official rates. The People’s Bank of China and the ECB cut rates mid-year as well. After notable weakness in the second quarter, the euro rebounded to finish at a higher level versus the US dollar than at the beginning of 2012. If that turnaround was remarkable in the context of the ‘euro crisis’, the slide of the Japanese yen in the final quarter ran it a close second. The yen lost 14% against the British pound following the newly-elected prime minister’s calls on the Bank of Japan to pursue further easing measures. Top performing currencies in the year were the Mexican peso, Korean won, Norwegian krone and New Zealand dollar.
Sub-funds’ Performance
The performance of the sub-funds for the period under review is presented below. Performance is shown gross of fees as at December 31st 2012. Where applicable, the performance of each sub-fund is compared to its benchmark as per prospectus and supplement(s).
SSgA Active Global Inflation - Linked Bond 31.08.10 8.02% 8.49% -0.47% 8.56% 8.82% -0.26%
SSgA Euro Core Treasury Bond Index Fund 30.06.11 7.12% 7.06% 0.06% 9.90% 9.85% 0.05%
SSgA Euro Sustainable Corporate Bond Index Fund 31.05.11 12.58% 12.51% 0.07% 7.79% 7.74% 0.05%
SSgA US Issuer Scored Corporate Bond Index Fund 03.10.12 NA NA NA 0.08% 0.85% -0.77%
SSgA Active Fundamental Global Equity Spotlight Fund
17.12.12 NA NA NA 1.06% 0.13% 0.93%
SSgA Emerging Market SRI Enhanced Equity 04.12.12 NA NA NA 4.92% 4.86% 0.06%
Data source: State Street Global Advisors - First net asset value taken into account for performance calculation corresponds to the first end of month following complete investment of the portfolio. Note: since inception figures are annualised. The benchmark for SSgA Emerging Markets Select Equity Fund is MSCI Emerging Markets Free IndexSM.
The benchmark for SSgA EMU Alpha Equity Fund is MSCI EMU® Index.
The benchmark for SSgA Global Treasury Bond Index Fund is Barclays Capital Global Treasury Bond Index.
The benchmark for SSgA Euro-Aggregate Corporate Bond Index Fund is the Barclays Capital Euro-Aggregate Corporate Bond Index.
The benchmark for SSgA Euro Treasury Bond Index Fund is Barclays Capital Euro Treasury Bond Index.
6
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV
REPORT OF THE INVESTMENT MANAGERS
The figures stated in this report are historical and not indicative of future performance.
The benchmark for SSgA Global Emerging Markets Local Currency Bond Fund is JP Morgan Government Bond Index - Emerging Markets Global Diversified Index.
The benchmark for SSgA Enhanced Emerging Markets Equity Fund is MSCI Emerging Markets IndexSM.
The benchmark for SSgA Global Managed Volatility Equity Fund is MSCI World Index (Net).
The benchmark for SSgA Europe Managed Volatility Equity Fund is MSCI Europe Index (Net).
The benchmark for SSgA Sectoral Healthcare Equity Fund is MSCI Daily TR World Net Health Care USD Index.
The benchmark for SSgA Active Global Inflation-Linked Bond Fund is Barclays Capital Global Inflation-Linked Bond Index.
The benchmark for SSgA Euro Core Treasury Bond Index Fund is Barclays Capital Global Treasury Bond Index (The Index is composed of the following weighted indices: 40% Barclays Capital Global Treasury Germany Bond Index, 40% Barclays Capital Global Treasury France Bond Index and 20% Barclays Capital Global Treasury Netherlands Bond Index).
The benchmark for SSgA Euro Sustainable Corporate Bond Index Fund is Markit iBoxx Euro Sustainable Corporate Bond Custom Index.
The benchmark for SSgA US Issuer Scored Corporate Bond Index Fund is BarclaysCapital US Issuer Scored Corporate Index
The benchmark for SSgA Active Fundamental Global Equity Spotlight Fund is MSCI World Index
The benchmark for SSgA Emerging Markets SRI Enhanced Equity is MSCI Emerging Markets IndexSM
THE INVESTMENT MANAGERS Luxembourg, March 28, 2013
7
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STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV
COMBINED STATEMENT OF NET ASSETS
The accompanying notes are an integral part of these financial statements.
Combined
SSgA Euro-Aggregate
Corporate Bond Index Fund
SSgA Euro Treasury Bond
Index Fund
SSgA Euro Sustainable
Corporate Bond Index Fund
SSgA Euro Core Treasury Bond
Index Fund
SSgA Global Treasury Bond
Index Fund
SSgA US Issuer Scored Corporate
Bond Index Fund (a) EUR EUR EUR EUR EUR USD USD
At December 31, 2012 Notes ASSETS Investments in securities, at market value 2C 4,347,091,413 756,260,974 157,411,527 323,352,902 659,429,188 143,105,068 49,319,206 Cash and liquid assets 48,697,209 7,381,532 25,499 3,656,269 2,215,030 467,343 358,876 Dividend and interest receivable 2H 43,946,345 17,849,326 2,857,990 7,889,300 11,405,374 1,130,527 516,246 Receivable for investment securities sold 9,553,678 – 961,246 – 5,425,355 1,506,644 – Deferred organisation expenses 2I 62,383 11,246 11,246 – – 16,269 – Receivable for fund shares sold 2,950,342 2,368,774 – 323,766 83,178 165,381 – Reimbursement receivable from Investment Manager 3B 118,631 – 1,558 2,808 6,960 15,731 22,034 Unrealised appreciation on forward foreign exchange contracts 2G 258,579 – – – – – – Unrealised appreciation on share class specific forward currency contracts 6 311,311 – – – – 410,433 – Unrealised appreciation on futures contracts 2E 400,235 – – – – – – Other assets 159,544 – – – – – 628 Total Assets 4,453,549,670 783,871,852 161,269,066 335,225,045 678,565,085 146,817,396 50,216,990 LIABILITIES Bank overdraft 94,311 – – – – – – Payable for investment securities purchased 12,475,768 – 865,159 – 6,249,871 1,784,268 130,977 Payable for shares redeemed 4,245,245 49,449 13,981 12,081 705,244 – – Accrued expenses and other liabilities 1,447,090 116,323 59,304 84,219 134,394 86,680 39,063 Investment Manager fees payable 3B 1,186,776 63,335 22,260 55,476 70,006 24,750 8,476 Unrealised depreciation on forward foreign exchange contracts 2G 283,795 – – – – – – Unrealised depreciation on share class specific forward currency contracts 6 71,919 – – – – – – Unrealised depreciation on futures contracts 2E 8,094 – – – – – – Total Liabilities 19,812,998 229,107 960,704 151,776 7,159,515 1,895,698 178,516
NET ASSETS 4,433,736,672 783,642,745 160,308,362 335,073,269 671,405,570 144,921,698 50,038,474
(a) SSgA US Issuer Scored Corporate Bond Index Fund was launched on October 3, 2012.
10
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV
COMBINED STATEMENT OF NET ASSETS
The accompanying notes are an integral part of these financial statements.
SSgA Active Global Inflation-
Linked Bond Fund
SSgA Global Emerging Markets
Local Currency Bond Fund *
SSgA Europe Managed Volatility
Equity Fund
SSgA Global Managed Volatility
Equity Fund
SSgA EMU Alpha Equity Fund
SSgA Sectoral Healthcare Equity
Fund
SSgA Active Fundamental Global Equity
Spotlight Fund (b) USD USD EUR USD EUR USD EUR
At December 31, 2012 Notes ASSETS Investments in securities, at market value 2C 15,691,832 13,340,081 48,310,774 112,652,223 75,555,652 52,609,808 28,717,081 Cash and liquid assets 304,901 876,385 136,843 795,175 3,420,885 403,572 1,571,568 Dividend and interest receivable 2H 63,768 227,692 153,941 253,007 228,141 29,461 4,060 Receivable for investment securities sold 20,064 – – – 38,520 – – Deferred organisation expenses 2I – 16,593 286 616 13,745 – – Receivable for fund shares sold 2,477 – – – – 62,366 – Reimbursement receivable from Investment Manager 3B 12,319 – 6,518 17,050 5,828 54,224 2,910 Unrealised appreciation on forward foreign exchange contracts 2G 65,828 275,082 – – – – – Unrealised appreciation on share class specific forward currency contracts 6 – – – – – – – Unrealised appreciation on futures contracts 2E 13,261 – – – – – – Other assets – – 50,705 95,476 – – 26,286 Total Assets 16,174,450 14,735,833 48,659,067 113,813,547 79,262,771 53,159,431 30,321,905 LIABILITIES Bank overdraft – 121,753 – – – – – Payable for investment securities purchased 1,365,267 203,496 – 48,739 – – – Payable for shares redeemed – – – – 3,421,173 57,109 – Accrued expenses and other liabilities 55,196 47,393 34,153 62,973 50,550 53,008 4,070 Investment Manager fees payable 3B 4,665 10,124 36,444 71,189 33,718 63,176 – Unrealised depreciation on forward foreign exchange contracts 2G 85,406 288,750 – – – – – Unrealised depreciation on share class specific forward currency contracts 6 94,818 – – – – – – Unrealised depreciation on futures contracts 2E 10,671 – – – – – – Total Liabilities 1,616,023 671,516 70,597 182,901 3,505,441 173,293 4,070
NET ASSETS 14,558,427 14,064,317 48,588,470 113,630,646 75,757,330 52,986,138 30,317,835
* Previously called SSgA Rexiter Global Emerging Markets Local Currency Bond Fund. (b) SSgA Active Fundamental Global Equity Spotlight Fund was launched on December 17, 2012.
11
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV
COMBINED STATEMENT OF NET ASSETS
The accompanying notes are an integral part of these financial statements.
SSgA Emerging Markets Select
Equity Fund
SSgA Enhanced Emerging Markets
Equity Fund
SSgA Emerging Markets SRI
Enhanced Equity Fund (c)
EUR USD USD At December 31, 2012 Notes ASSETS Investments in securities, at market value 2C 51,620,415 2,471,438,865 103,540,621 Cash and liquid assets 461,908 34,854,085 1,264,477 Dividend and interest receivable 2H 58,481 2,349,940 43,407 Receivable for investment securities sold 397,553 1,856,860 216,989 Deferred organisation expenses 2I – 616 – Receivable for fund shares sold – – – Reimbursement receivable from Investment Manager 3B – – – Unrealised appreciation on forward foreign exchange contracts 2G – – – Unrealised appreciation on share class specific forward currency contracts 6 – – – Unrealised appreciation on futures contracts 2E – 509,159 5,250 Other assets 9,659 – – Total Assets 52,548,016 2,511,009,525 105,070,744 LIABILITIES Bank overdraft 1,962 – – Payable for investment securities purchased 304,484 2,879,828 253,591 Payable for shares redeemed – – – Accrued expenses and other liabilities 53,913 840,130 15,518 Investment Manager fees payable 3B 40,860 921,122 36,489 Unrealised depreciation on forward foreign exchange contracts 2G – – – Unrealised depreciation on share class specific forward currency contracts 6 – – – Unrealised depreciation on futures contracts 2E – – – Total Liabilities 401,219 4,641,080 305,598
NET ASSETS 52,146,797 2,506,368,445 104,765,146
(c) SSgA Emerging Markets SRI Enhanced Equity Fund was launched on December 4, 2012.
12
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV
COMBINED STATEMENT OF OPERATIONS
The accompanying notes are an integral part of these financial statements.
Combined
SSgA Euro-Aggregate
Corporate Bond Index Fund
SSgA Euro Treasury Bond
Index Fund
SSgA Euro Sustainable
Corporate Bond Index Fund
SSgA Euro Core Treasury Bond
Index Fund
SSgA Global Treasury Bond
Index Fund
SSgA US Issuer Scored Corporate
Bond Index Fund (a) EUR EUR EUR EUR EUR USD USD
For the Year ended December 31, 2012 Notes INCOME Interest 2H 36,724,861 15,239,504 3,233,902 6,902,351 8,273,603 2,280,313 258,296 Dividends (net of withholding tax) 2H 53,534,607 – – – – – – Other income 26,286 – – – – – – Total income 90,285,753 15,239,504 3,233,902 6,902,351 8,273,603 2,280,313 258,296 EXPENSES Investment Manager Fees 3B 11,169,707 646,071 213,600 449,011 732,243 200,248 24,328 Custodian and sub-custodian fees 3A 3,651,852 239,625 56,622 156,701 271,175 157,277 36,454 Professional fees 250,853 21,806 24,560 21,683 31,415 20,520 4,094 Taxe d' abonnement 4 379,554 53,941 23,275 25,006 56,295 15,599 1,259 Other expenses 3C 689,749 53,383 44,513 54,860 34,676 71,884 1,691 Waiver, reimbursement from Investment Manager 3B (931,932) – (40,741) – (1,204) (146,676) (26,560) Total expenses 15,209,783 1,014,826 321,829 707,261 1,124,600 318,852 41,266 NET INVESTMENT INCOME / (LOSS) 75,075,970 14,224,678 2,912,073 6,195,090 7,149,003 1,961,461 217,030
(a) SSgA US Issuer Scored Corporate Bond Index Fund was launched on October 3, 2012.
13
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV
COMBINED STATEMENT OF OPERATIONS
The accompanying notes are an integral part of these financial statements.
SSgA Active Global Inflation-
Linked Bond Fund
SSgA Global Emerging Markets
Local Currency Bond Fund *
SSgA Europe Managed Volatility
Equity Fund
SSgA Global Managed Volatility
Equity Fund
SSgA EMU Alpha Equity Fund
SSgA Sectoral Healthcare Equity
Fund
SSgA Active Fundamental Global Equity
Spotlight Fund (b) USD USD EUR USD EUR USD EUR
For the Year ended December 31, 2012 Notes INCOME Interest 2H 258,108 1,155,903 – – – – – Dividends (net of withholding tax) 2H – – 1,468,228 2,557,062 2,344,410 571,543 4,049 Other income – – – – – – 26,286 Total income 258,108 1,155,903 1,468,228 2,557,062 2,344,410 571,543 30,335 EXPENSES Investment Manager Fees 3B 53,666 159,909 160,716 308,323 397,834 568,048 – Custodian and sub-custodian fees 3A 111,641 83,479 74,164 148,595 105,629 84,345 1,316 Professional fees 13,068 11,706 23,325 17,770 19,496 17,048 811 Taxe d' abonnement 4 1,405 1,947 4,756 9,873 7,909 16,028 751 Other expenses 3C 56,589 69,052 40,282 67,038 73,460 58,339 1,192 Waiver, reimbursement from Investment Manager 3B (168,538) (117,471) (95,135) (149,333) (126,727) (81,072) (2,909) Total expenses 67,831 208,622 208,108 402,266 477,601 662,736 1,161 NET INVESTMENT INCOME / (LOSS) 190,277 947,281 1,260,120 2,154,796 1,866,809 (91,193) 29,174
* Previously called SSgA Rexiter Global Emerging Markets Local Currency Bond Fund. (b) SSgA Active Fundamental Global Equity Spotlight Fund was launched on December 17, 2012.
14
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV
COMBINED STATEMENT OF OPERATIONS
The accompanying notes are an integral part of these financial statements.
SSgA Emerging Markets Select
Equity Fund
SSgA Enhanced Emerging Markets
Equity Fund
SSgA Emerging Markets SRI
Enhanced Equity Fund (c)
EUR USD USD For the Year ended December 31, 2012 Notes INCOME Interest 2H – – – Dividends (net of withholding tax) 2H 2,051,151 58,058,717 73,802 Other income – – – Total income 2,051,151 58,058,717 73,802 EXPENSES Investment Manager Fees 3B 499,743 9,021,146 36,489 Custodian and sub-custodian fees 3A 184,787 2,661,783 8,883 Professional fees 28,216 15,752 2,268 Taxe d' abonnement 4 6,313 209,995 2,614 Other expenses 3C 37,721 122,982 1,809 Waiver, reimbursement from Investment Manager 3B (128,605) – – Total expenses 628,175 12,031,658 52,063 NET INVESTMENT INCOME / (LOSS) 1,422,976 46,027,059 21,739
(c) SSgA Emerging Markets SRI Enhanced Equity Fund was launched on December 4, 2012.
15
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV
COMBINED STATEMENT OF CHANGES IN NET ASSETS
The accompanying notes are an integral part of these financial statements.
Combined
SSgA Euro-Aggregate
Corporate Bond Index Fund
SSgA Euro Treasury Bond
Index Fund
SSgA Euro Sustainable
Corporate Bond Index Fund
SSgA Euro Core Treasury Bond
Index Fund
SSgA Global Treasury Bond
Index Fund
SSgA US Issuer Scored Corporate
Bond Index Fund (a) EUR EUR EUR EUR EUR USD USD
For the Year ended December 31, 2012 Notes Net assets at the beginning of the year / period 2,182,339,310 276,113,362 19,862,133 139,200,669 269,143,755 93,229,311 – Net investment income / (loss) 75,075,970 14,224,678 2,912,073 6,195,090 7,149,003 1,961,461 217,030 Net realised gain/(loss) from: Investments (6,074,232) 549,054 46,254 2,476,007 1,988,346 690,735 (10,063) Futures contracts 2,681,177 – – – – – – Option contracts (4,377) – – – – – – Currencies 2D (8,534,831) – – – – 771,207 – Net change in unrealised appreciation/(depreciation) on Investments 372,249,937 35,651,678 8,195,809 15,531,624 24,667,104 (357,901) (445,014) Futures contracts 363,265 – – – – – – Currencies 452,988 – – – – 77,968 – Forward foreign exchange contracts (173,020) – – – – (68,605) – Net increase/(decrease) in net assets resulting from operations 436,036,878 50,425,410 11,154,136 24,202,721 33,804,453 3,074,865 (238,047) Subscriptions 2,240,277,090 482,557,756 139,151,813 181,611,053 508,667,056 68,861,067 50,276,521 Redemptions (376,762,474) (25,453,783) (9,859,720) (7,236,478) (140,209,694) (20,243,545) – Distributions (2,704,696) – – (2,704,696) – – – Net increase/(decrease) in net assets from fund share transactions 1,860,809,920 457,103,973 129,292,093 171,669,879 368,457,362 48,617,522 50,276,521 Increase/(decrease) in net assets 2,296,846,798 507,529,383 140,446,229 195,872,600 402,261,815 51,692,387 50,038,474 Currency adjustments 10 (45,449,436) – – – – – – Net assets at the end of the year/period 4,433,736,672 783,642,745 160,308,362 335,073,269 671,405,570 144,921,698 50,038,474
(a) SSgA US Issuer Scored Corporate Bond Index Fund was launched on October 3, 2012.
16
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV
COMBINED STATEMENT OF CHANGES IN NET ASSETS
The accompanying notes are an integral part of these financial statements.
SSgA Active Global Inflation-
Linked Bond Fund
SSgA Global Emerging Markets
Local Currency Bond Fund *
SSgA Europe Managed Volatility
Equity Fund
SSgA Global Managed Volatility
Equity Fund
SSgA EMU Alpha Equity Fund
SSgA Sectoral Healthcare Equity
Fund
SSgA Active Fundamental Global Equity
Spotlight Fund (b) USD USD EUR USD EUR USD EUR
For the Year ended December 31, 2012 Notes Net assets at the beginning of the year / period 13,964,708 19,960,240 43,674,610 62,110,082 73,471,550 91,928,788 – Net investment income / (loss) 190,277 947,281 1,260,120 2,154,796 1,866,809 (91,193) 29,174 Net realised gain/(loss) from: Investments 448,482 966,575 (1,594,825) 1,528,158 (3,134,971) 5,124,675 23,935 Futures contracts (14,289) – (6) – (576) – – Option contracts (5,625) – – – – – – Currencies 2D (257,170) (691,933) 365,112 (305,808) – (589,312) 82,723 Net change in unrealised appreciation/(depreciation) on Investments 615,477 1,580,892 6,587,313 7,455,209 16,733,666 5,200,633 181,992 Futures contracts 2,590 – – – – – – Currencies 4,835 24,335 (1,220) (11,545) 71 2,205 11 Forward foreign exchange contracts (124,130) (29,630) – – – – – Net increase/(decrease) in net assets resulting from operations 860,447 2,797,520 6,616,494 10,820,810 15,464,999 9,647,008 317,835 Subscriptions 14,624,428 2,553,356 6,966,708 62,878,535 17,088,203 19,591,494 30,000,000 Redemptions (14,891,156) (11,246,799) (8,669,342) (22,178,781) (30,267,422) (68,181,152) – Distributions – – – – – – – Net increase/(decrease) in net assets from fund share transactions (266,728) (8,693,443) (1,702,634) 40,699,754 (13,179,219) (48,589,658) 30,000,000 Increase/(decrease) in net assets 593,719 (5,895,923) 4,913,860 51,520,564 2,285,780 (38,942,650) 30,317,835 Currency adjustments 10 – – – – – – – Net assets at the end of the year/period 14,558,427 14,064,317 48,588,470 113,630,646 75,757,330 52,986,138 30,317,835
* Previously called SSgA Rexiter Global Emerging Markets Local Currency Bond Fund. (b) SSgA Active Fundamental Global Equity Spotlight Fund was launched on December 17, 2012.
17
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV
COMBINED STATEMENT OF CHANGES IN NET ASSETS
The accompanying notes are an integral part of these financial statements.
SSgA Emerging Markets Select
Equity Fund
SSgA Enhanced Emerging Markets
Equity Fund
SSgA Emerging Markets SRI
Enhanced Equity Fund (c)
EUR USD USD For the Year ended December 31, 2012 Notes Net assets at the beginning of the year / period 34,776,074 1,440,279,904 – Net investment income / (loss) 1,422,976 46,027,059 21,739 Net realised gain/(loss) from: Investments (97,052) (16,920,058) 34,948 Futures contracts (42,773) 3,346,366 169,480 Option contracts – – – Currencies 2D 1,469,167 (12,350,485) (9,149) Net change in unrealised appreciation/(depreciation) on Investments 6,628,225 313,084,734 4,539,659 Futures contracts – 459,027 5,250 Currencies (2,100) 485,323 3,219 Forward foreign exchange contracts – – – Net increase/(decrease) in net assets resulting from operations 9,378,443 334,131,966 4,765,146 Subscriptions 47,086,542 744,261,561 100,000,000 Redemptions (39,094,262) (12,304,986) – Distributions – – – Net increase/(decrease) in net assets from fund share transactions 7,992,280 731,956,575 100,000,000 Increase/(decrease) in net assets 17,370,723 1,066,088,541 104,765,146 Currency adjustments 10 – – – Net assets at the end of the year/period 52,146,797 2,506,368,445 104,765,146
(c) SSgA Emerging Markets SRI Enhanced Equity Fund was launched on December 4, 2012.
18
2012
Net Asset Value at December 31, 2012Class - I Shares € 48,588,470 $ 108,992,221 € 75,757,330 $ 23,805,944 – € 52,146,797 $ 2,290,412,953 $ 104,765,146Class - P Shares – – – $ 29,180,194 – – – –Class - I (USD-Hedged) Shares – – – – – – – –Class - I Distributing Shares – – – – – – – –Class - I (EUR) Shares – – – – – – € 163,801,192 –Class - B Shares – $ 4,638,425 – – € 30,317,835 – – –
Class - I Shares – 9,988,680 Class - P Shares – –Class - I (USD-Hedged) Shares – – –Class - I Distributing Shares – –Class - I (EUR) Shares – –Class - B Shares 442,233 3,000,000 – –
Net Asset Value per Share at December 31, 2012Class - I Shares € 12.62 $ 12.83 € 14.69 $ 12.05 – € 10.52 $ 12.08 $ 10.49Class - P Shares – – – $ 11.86 – – – –Class - I (USD-Hedged) Shares – – – – – – – –Class - I Distributing Shares – – – – – – – –Class - I (EUR) Shares – – – – – – € 10.08 –Class - B Shares – $ 10.49 – – € 10.11 – – –
2011
Net Asset Value at December 31, 2011Class - I Shares € 43,674,610 $ 62,110,082 € 73,471,550 $ 66,386,715 – € 34,776,074 $ 1,305,828,013 –Class - P Shares – – – $ 25,542,073 – – – –Class - I (USD-Hedged) Shares – – – – – – – –Class - I Distributing Shares – – – – – – – –Class - I (EUR) Shares – – – – – – € 134,451,891 –
Class - I Shares – –Class - P Shares – –Class - I (USD-Hedged) Shares – – –Class - I Distributing Shares – –Class - I (EUR) Shares – –
Net Asset Value per Share at December 31, 2011Class - I Shares € 10.99 $ 11.43 € 12.07 $ 10.00 – € 8.56 $ 10.08 –Class - P Shares – – – $ 9.91 – – – –Class - I (USD-Hedged) Shares – – – – – – – –Class - I Distributing Shares – – – – – – – –Class - I (EUR) Shares – – – – – – € 8.55 –
2010
Net Asset Value at December 31, 2010Class - I Shares € 6,552,380 $ 2,804,684 € 64,465,515 $ 42,004,573 – € 19,224,226 $ 524,409,768 –Class - P Shares – – € 5,813,618 $ 9,581,135 – – – –Class - I (USD-Hedged) Shares – – – – – – – –
Class - I Shares – –Class - P Shares – –Class - I (USD-Hedged) Shares – – –
Net Asset Value per Share at December 31, 2010Class - I Shares € 11.22 $ 11.22 € 14.92 $ 10.31 – € 10.05 $ 12.34 –Class - P Shares – – € 14.78 $ 10.30 – – – –Class - I (USD-Hedged) Shares – – – – – – – –
4,064,213
2,460,162 8,498,304
–
129,531,147 –
3,974,711 5,433,897 6,638,200
3,848,900 –
–––
––
SSgA Europe Managed Volatility Equity Fund
– ––
1,974,951
–
SSgA Emerging Markets SRI Enhanced Equity
Fund (c)
USD
– –
EUR USD
SSgA Emerging Markets Select Equity Fund
SSgA Enhanced Emerging Markets
Equity Fund
SSgA Global Managed Volatility Equity Fund
SSgA Sectoral Healthcare Equity Fund
189,652,145
SSgA EMU Alpha Equity Fund
EUR USD
4,959,251
– 16,245,764–
–
EUR USD
2,577,045 – –
–
– – –– 12,116,250
––– –
–– – – –
– – ––
42,509,863 583,852 250,000 4,073,989 930,647
– – – 393,411
–
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV
– – 1,912,780
–– –
EUR
–
6,088,975 –
4,319,904
5,157,070 ––––
(b) SSgA Active Fundamental Global Equity Spotlight Fund was launched on December 17, 2012.(c) SSgA Emerging Markets SRI Enhanced Equity Fund was launched on December 4, 2012.
Number of Shares Outstanding at December 31, 2012
Number of Shares Outstanding at December 31, 2011
Number of Shares Outstanding at December 31, 2010
STATISTICAL INFORMATION
– – –
SSgA Active Fundamental Global
Equity Spotlight Fund (b)
19
2012
Net Asset Value at December 31, 2012Class - I Shares € 48,588,470 $ 108,992,221 € 75,757,330 $ 23,805,944 – € 52,146,797 $ 2,290,412,953 $ 104,765,146Class - P Shares – – – $ 29,180,194 – – – –Class - I (USD-Hedged) Shares – – – – – – – –Class - I Distributing Shares – – – – – – – –Class - I (EUR) Shares – – – – – – € 163,801,192 –Class - B Shares – $ 4,638,425 – – € 30,317,835 – – –
Class - I Shares – 9,988,680 Class - P Shares – –Class - I (USD-Hedged) Shares – – –Class - I Distributing Shares – –Class - I (EUR) Shares – –Class - B Shares 442,233 3,000,000 – –
Net Asset Value per Share at December 31, 2012Class - I Shares € 12.62 $ 12.83 € 14.69 $ 12.05 – € 10.52 $ 12.08 $ 10.49Class - P Shares – – – $ 11.86 – – – –Class - I (USD-Hedged) Shares – – – – – – – –Class - I Distributing Shares – – – – – – – –Class - I (EUR) Shares – – – – – – € 10.08 –Class - B Shares – $ 10.49 – – € 10.11 – – –
2011
Net Asset Value at December 31, 2011Class - I Shares € 43,674,610 $ 62,110,082 € 73,471,550 $ 66,386,715 – € 34,776,074 $ 1,305,828,013 –Class - P Shares – – – $ 25,542,073 – – – –Class - I (USD-Hedged) Shares – – – – – – – –Class - I Distributing Shares – – – – – – – –Class - I (EUR) Shares – – – – – – € 134,451,891 –
Class - I Shares – –Class - P Shares – –Class - I (USD-Hedged) Shares – – –Class - I Distributing Shares – –Class - I (EUR) Shares – –
Net Asset Value per Share at December 31, 2011Class - I Shares € 10.99 $ 11.43 € 12.07 $ 10.00 – € 8.56 $ 10.08 –Class - P Shares – – – $ 9.91 – – – –Class - I (USD-Hedged) Shares – – – – – – – –Class - I Distributing Shares – – – – – – – –Class - I (EUR) Shares – – – – – – € 11.10 –
2010
Net Asset Value at December 31, 2010Class - I Shares € 6,552,380 $ 2,804,684 € 64,465,515 $ 42,004,573 – € 19,224,226 $ 524,409,768 –Class - P Shares – – € 5,813,618 $ 9,581,135 – – – –Class - I (USD-Hedged) Shares – – – – – – – –
Class - I Shares – –Class - P Shares – –Class - I (USD-Hedged) Shares – – –
Net Asset Value per Share at December 31, 2010Class - I Shares € 11.22 $ 11.22 € 14.92 $ 10.31 – € 10.05 $ 12.34 –Class - P Shares – – € 14.78 $ 10.30 – – – –Class - I (USD-Hedged) Shares – – – – – – – –
129,531,147 –
3,974,711 5,433,897 6,638,200 4,064,213
–––
–
2,460,162 8,498,304
SSgA Europe Managed Volatility Equity Fund
3,848,900
––
– –
– 16,245,764–
– –
–
EUR USD
SSgA Emerging Markets SRI Enhanced Equity
Fund (c)
USD
– ––
–
EUR USD
SSgA Emerging Markets Select Equity Fund
SSgA Enhanced Emerging Markets
Equity Fund
1,974,951 4,959,251
SSgA Global Managed Volatility Equity Fund
SSgA Sectoral Healthcare Equity Fund
189,652,145
SSgA EMU Alpha Equity Fund
EUR USD
2,577,045 – –
– –– 12,116,250
–– – – ––
––– –
– – ––
42,509,863 583,852 250,000 4,073,989 930,647
– – – 393,411
–
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV
– – 1,912,780
–– –
EUR
–
6,088,975 –
4,319,904
5,157,070 ––––
(b) SSgA Active Fundamental Global Equity Spotlight Fund was launched on December 17, 2012.(c) SSgA Emerging Markets SRI Enhanced Equity Fund was launched on December 4, 2012.
Number of Shares Outstanding at December 31, 2012
Number of Shares Outstanding at December 31, 2011
Number of Shares Outstanding at December 31, 2010
STATISTICAL INFORMATION
– – –
SSgA Active Fundamental Global
Equity Spotlight Fund (b)
20
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA EURO-AGGREGATE CORPORATE BOND INDEX FUND
Schedule of Investments at December 31, 2012 (Expressed in Euro)
The accompanying notes are an integral part of these financial statements.
Currency
NominalValue Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market
Total Australia 20,681,963 21,656,800 2.76 _______________________________________________ ____________________________________________________________ __________________________________________________
Austria Erste Group Bank AG, 4.250%, 12/04/16 EUR 700,000 744,509 765,835 0.10Erste Group Bank AG, 3.375%, 28/03/17 EUR 200,000 204,018 216,246 0.03Erste Group Bank AG, 7.125%, 10/10/22 EUR 350,000 374,774 396,599 0.05OMV AG, 6.250%, 07/04/14 EUR 300,000 321,434 321,147 0.04OMV AG, 4.375%, 10/02/20 EUR 150,000 154,169 175,998 0.02OMV AG, 4.250%, 12/10/21 EUR 300,000 353,993 352,362 0.05OMV AG, 2.625%, 27/09/22 EUR 400,000 398,467 413,376 0.05OMV AG, 3.500%, 27/09/27 EUR 700,000 713,588 738,724 0.09OMV AG, 6.750%, perpetual EUR 500,000 535,127 554,000 0.07Raiffeisen Bank International AG, 3.625%, 27/01/14 EUR 700,000 707,869 720,671 0.09Raiffeisen Bank International AG, 2.875%, 06/03/15 EUR 400,000 416,300 415,036 0.05Raiffeisen Bank International AG, 2.750%, 10/07/17 EUR 400,000 416,608 418,040 0.05Raiffeisen Bank International AG, 6.625%, 18/05/21 EUR 200,000 199,958 218,738 0.03Raiffeisen Zentralbank Oesterreich AG, 4.500%, 05/03/19 EUR 150,000 136,921 138,893 0.02Telekom Finanzmanagement GmbH, 6.375%, 29/01/16 EUR 650,000 712,746 742,566 0.10Telekom Finanzmanagement GmbH, 4.000%, 04/04/22 EUR 411,000 409,071 447,932 0.06
Total Austria 6,799,552 7,036,163 0.90 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Bermuda 316,592 325,650 0.04 _______________________________________________ ____________________________________________________________ __________________________________________________
Brazil Telemar Norte Leste SA, 5.125%, 15/12/17 EUR 150,000 148,394 161,138 0.02Vale SA, 4.375%, 24/03/18 EUR 600,000 648,383 664,500 0.09Vale SA, 3.750%, 10/01/23 EUR 500,000 510,717 524,115 0.07Votorantim Cimentos SA, 5.250%, 28/04/17 EUR 450,000 475,293 491,625 0.06
Total Brazil 1,782,787 1,841,378 0.24 _______________________________________________ ____________________________________________________________ __________________________________________________
British Virgin Islands Global Switch Holdings Ltd, 5.500%, 18/04/18 EUR 250,000 249,303 284,355 0.04
Total British Virgin Islands 249,303 284,355 0.04 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Denmark 6,127,213 6,319,651 0.81 _______________________________________________ ____________________________________________________________ __________________________________________________
Finland Elisa OYJ, 2.250%, 04/10/19 EUR 200,000 199,572 204,188 0.03Pohjola Bank PLC, 4.500%, 22/05/14 EUR 200,000 207,012 210,564 0.03Pohjola Bank PLC, 3.125%, 25/03/15 EUR 550,000 569,991 577,902 0.07Pohjola Bank PLC, 3.125%, 12/01/16 EUR 200,000 199,449 213,036 0.03Pohjola Bank PLC, 2.625%, 20/03/17 EUR 1,000,000 1,036,721 1,063,310 0.14Pohjola Bank PLC, 3.000%, 08/09/17 EUR 250,000 249,324 270,290 0.03Pohjola Bank PLC, 5.750%, 28/02/22 EUR 200,000 199,958 234,222 0.03Sampo, 4.250%, 27/02/17 EUR 500,000 520,821 550,070 0.07Teollisuuden Voima OYJ, 6.000%, 27/06/16 EUR 600,000 680,374 690,060 0.09Teollisuuden Voima OYJ, 4.625%, 04/02/19 EUR 300,000 315,813 339,651 0.04
Total Finland 4,179,035 4,353,293 0.56 _______________________________________________ ____________________________________________________________ __________________________________________________
France Accor SA, 7.500%, 04/02/14 EUR 200,000 205,981 213,458 0.03Accor SA, 2.875%, 19/06/17 EUR 400,000 409,801 414,336 0.05Air Liquide Finance SA, 5.250%, 18/07/17 EUR 300,000 343,271 357,672 0.05Air Liquide Finance SA, 3.889%, 09/06/20 EUR 150,000 153,825 174,002 0.02Air Liquide Finance SA, 2.125%, 15/10/21 EUR 600,000 600,966 606,606 0.08Air Liquide SA, 4.750%, 25/06/14 EUR 450,000 460,021 477,756 0.06Allianz France SA, 4.625%, perpetual EUR 150,000 129,597 150,000 0.02Alstom SA, 4.000%, 23/09/14 EUR 700,000 724,909 733,341 0.09Alstom SA, 2.875%, 05/10/15 EUR 300,000 308,778 312,942 0.04Alstom SA, 3.875%, 02/03/16 EUR 300,000 309,747 321,726 0.04Alstom SA, 4.125%, 01/02/17 EUR 300,000 306,192 328,419 0.04
23
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA EURO-AGGREGATE CORPORATE BOND INDEX FUND
Schedule of Investments at December 31, 2012 (Expressed in Euro)
The accompanying notes are an integral part of these financial statements.
Currency
NominalValue Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Corporate Bonds - (Continued)
France - (Continued) Alstom SA, 2.250%, 11/10/17 EUR 300,000 305,570 305,589 0.04Alstom SA, 3.625%, 05/10/18 EUR 300,000 321,919 324,651 0.04Alstom SA, 4.500%, 18/03/20 EUR 450,000 463,638 506,795 0.06Arkema SA, 4.000%, 25/10/17 EUR 250,000 256,564 276,018 0.04Arkema SA, 3.850%, 30/04/20 EUR 300,000 324,078 325,863 0.04Autoroutes du Sud de la France SA, 4.000%, 24/09/18 EUR 700,000 761,123 785,274 0.10Autoroutes du Sud de la France SA, 7.375%, 20/03/19 EUR 700,000 871,802 923,153 0.12Autoroutes du Sud de la France SA, 4.125%, 13/04/20 EUR 200,000 204,041 225,634 0.03Autoroutes du Sud de la France SA, 5.625%, 04/07/22 EUR 900,000 1,003,790 1,127,700 0.14AXA SA, 4.500%, 23/01/15 EUR 500,000 517,891 536,835 0.07AXA SA, 5.250%, 16/04/40 EUR 850,000 822,475 888,233 0.11AXA SA, 5.777%, perpetual EUR 700,000 634,418 689,500 0.09AXA SA, 6.211%, perpetual EUR 300,000 231,726 292,500 0.04Banque Federative du Credit Mutuel SA, 4.250%, 05/02/14 EUR 600,000 612,226 622,674 0.08Banque Federative du Credit Mutuel SA, 5.000%, 30/09/15 EUR 500,000 518,062 540,110 0.07Banque Federative du Credit Mutuel SA, 3.000%, 29/10/15 EUR 700,000 724,414 738,850 0.09Banque Federative du Credit Mutuel SA, 4.375%, 31/05/16 EUR 900,000 940,018 994,545 0.13Banque Federative du Credit Mutuel SA, 4.625%, 27/04/17 EUR 200,000 205,954 227,328 0.03Banque Federative du Credit Mutuel SA, 2.875%, 21/06/17 EUR 600,000 635,113 637,938 0.08Banque Federative du Credit Mutuel SA, 3.750%, 26/01/18 EUR 600,000 617,684 667,656 0.09Banque Federative du Credit Mutuel SA, 4.125%, 20/07/20 EUR 1,150,000 1,211,055 1,318,268 0.17Banque Federative du Credit Mutuel SA, 4.000%, 22/10/20 EUR 600,000 606,605 623,964 0.08Banque Federative du Credit Mutuel SA, 3.250%, 23/08/22 EUR 500,000 530,471 536,335 0.07Banque Federative du Credit Mutuel SA, 4.471%, perpetual EUR 200,000 181,038 186,000 0.02Banque PSA Finance SA, 3.500%, 17/01/14 EUR 150,000 149,978 151,500 0.02Banque PSA Finance SA, 3.625%, 29/04/14 EUR 280,000 278,777 283,220 0.04Banque PSA Finance SA, 6.000%, 16/07/14 EUR 800,000 836,507 842,000 0.11Banque PSA Finance SA, 3.875%, 14/01/15 EUR 500,000 499,919 508,750 0.07Banque PSA Finance SA, 4.000%, 24/06/15 EUR 500,000 502,327 510,000 0.07Banque PSA Finance SA, 4.875%, 25/09/15 EUR 500,000 512,253 522,200 0.07Banque PSA Finance SA, 4.250%, 25/02/16 EUR 400,000 398,486 411,000 0.05BNP Paribas SA, 5.000%, 16/12/13 EUR 700,000 716,589 729,197 0.09BNP Paribas SA, 2.875%, 13/07/15 EUR 950,000 972,911 995,619 0.13BNP Paribas SA, 3.500%, 07/03/16 EUR 1,300,000 1,368,372 1,397,630 0.18BNP Paribas SA, 3.000%, 24/02/17 EUR 700,000 727,273 747,446 0.10BNP Paribas SA, 5.431%, 07/09/17 EUR 950,000 1,012,666 1,086,030 0.14BNP Paribas SA, 5.200%, 28/09/17 EUR 200,000 195,096 218,916 0.03BNP Paribas SA, 2.875%, 27/11/17 EUR 900,000 926,971 962,307 0.12BNP Paribas SA, 4.375%, 22/01/19 EUR 400,000 402,626 399,324 0.05BNP Paribas SA, 2.500%, 23/08/19 EUR 800,000 812,939 831,496 0.11BNP Paribas SA, 3.750%, 25/11/20 EUR 1,150,000 1,197,565 1,288,724 0.16BNP Paribas SA, 4.125%, 14/01/22 EUR 750,000 782,470 862,912 0.11BNP Paribas SA, 2.875%, 24/10/22 EUR 950,000 968,499 989,966 0.13BNP Paribas SA, 4.500%, 21/03/23 EUR 600,000 633,447 726,198 0.09BNP Paribas SA, 5.019%, perpetual EUR 400,000 302,598 378,000 0.05BNP Paribas SA, 7.781%, perpetual EUR 500,000 553,381 555,000 0.07Bouygues SA, 4.375%, 29/10/14 EUR 600,000 629,327 635,358 0.08Bouygues SA, 6.125%, 03/07/15 EUR 1,000,000 1,097,652 1,125,500 0.14Bouygues SA, 3.641%, 29/10/19 EUR 1,000,000 1,032,175 1,088,100 0.14Bouygues SA, 4.250%, 22/07/20 EUR 300,000 303,215 336,219 0.04Bouygues SA, 4.500%, 09/02/22 EUR 500,000 546,829 567,510 0.07Bouygues SA, 3.625%, 16/01/23 EUR 600,000 627,360 633,600 0.08BPCE SA, 2.875%, 22/09/15 EUR 1,100,000 1,129,498 1,152,723 0.15BPCE SA, 1.750%, 14/03/16 EUR 500,000 506,593 508,430 0.06BPCE SA, 3.750%, 21/07/17 EUR 1,200,000 1,278,275 1,321,884 0.17BPCE SA, 2.000%, 24/04/18 EUR 300,000 298,651 305,673 0.04BPCE SA, 4.500%, 10/02/22 EUR 1,000,000 1,076,680 1,167,030 0.15BPCE SA, 4.250%, 06/02/23 EUR 300,000 330,140 343,257 0.04BRE Finance France SA, 2.750%, 12/10/15 EUR 300,000 299,006 301,053 0.04Caisse Centrale du Credit Immobilier de France SA, 3.750%, 10/03/14 EUR 500,000 503,339 507,505 0.06Caisse Centrale du Credit Immobilier de France SA, 3.750%, 22/01/15 EUR 800,000 809,125 814,504 0.10Caisse Centrale du Credit Immobilier de France SA, 4.000%, 12/01/18 EUR 200,000 194,565 201,002 0.03Cap Gemini SA, 5.250%, 29/11/16 EUR 200,000 211,843 222,662 0.03Carrefour Banque SA, 2.875%, 25/09/15 EUR 400,000 411,704 415,880 0.05Carrefour SA, 6.625%, 02/12/13 EUR 100,000 103,118 105,382 0.01Carrefour SA, 5.125%, 10/10/14 EUR 1,200,000 1,275,221 1,287,228 0.16Carrefour SA, 5.375%, 12/06/15 EUR 850,000 909,058 936,351 0.12Carrefour SA, 4.375%, 02/11/16 EUR 300,000 317,896 330,981 0.04
24
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA EURO-AGGREGATE CORPORATE BOND INDEX FUND
Schedule of Investments at December 31, 2012 (Expressed in Euro)
The accompanying notes are an integral part of these financial statements.
Currency
NominalValue Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Corporate Bonds - (Continued)
France - (Continued) Carrefour SA, 1.875%, 19/12/17 EUR 107,000 106,589 107,233 0.01Carrefour SA, 5.250%, 24/10/18 EUR 300,000 305,420 351,606 0.04Carrefour SA, 4.000%, 09/04/20 EUR 800,000 851,548 885,008 0.11Carrefour SA, 3.875%, 25/04/21 EUR 400,000 400,309 438,644 0.06Casino Guichard Perrachon SA, 5.500%, 30/01/15 EUR 900,000 961,826 978,453 0.13Casino Guichard Perrachon SA, 4.472%, 04/04/16 EUR 700,000 739,020 766,164 0.10Casino Guichard Perrachon SA, 4.379%, 08/02/17 EUR 650,000 657,286 717,243 0.09Casino Guichard Perrachon SA, 3.157%, 06/08/19 EUR 500,000 523,187 521,420 0.07Casino Guichard Perrachon SA, 4.726%, 26/05/21 EUR 700,000 735,734 797,846 0.10Cie de St-Gobain, 8.250%, 28/07/14 EUR 700,000 769,437 777,910 0.10Cie de St-Gobain, 3.500%, 30/09/15 EUR 600,000 623,221 635,796 0.08Cie de St-Gobain, 4.875%, 31/05/16 EUR 300,000 323,760 334,344 0.04Cie de St-Gobain, 4.750%, 11/04/17 EUR 950,000 1,017,344 1,068,636 0.14Cie de St-Gobain, 4.000%, 08/10/18 EUR 200,000 203,285 219,120 0.03Cie de St-Gobain, 4.500%, 30/09/19 EUR 610,000 647,813 681,431 0.09Cie de St-Gobain, 3.625%, 15/06/21 EUR 500,000 499,555 518,555 0.07Cie de St-Gobain, 3.625%, 28/03/22 EUR 600,000 608,539 618,678 0.08Cie Financiere et Industrielle des Autoroutes SA, 5.875%, 09/10/16 EUR 300,000 334,386 351,774 0.04Cie Financiere et Industrielle des Autoroutes SA, 5.250%, 30/04/18 EUR 200,000 221,477 237,128 0.03Cie Financiere et Industrielle des Autoroutes SA, 5.000%, 24/05/21 EUR 700,000 786,034 833,392 0.11CNP Assurances, 6.000%, 14/09/40 EUR 400,000 336,977 404,000 0.05CNP Assurances, 6.875%, 30/09/41 EUR 500,000 504,473 515,000 0.07CNP Assurances, 4.750%, perpetual EUR 850,000 660,809 722,500 0.09Credit Agricole SA, 3.000%, 20/07/15 EUR 750,000 752,735 787,072 0.10Credit Agricole SA, 3.625%, 08/03/16 EUR 700,000 733,517 755,104 0.10Credit Agricole SA, 1.875%, 18/10/17 EUR 800,000 807,831 809,760 0.10Credit Agricole SA, 5.971%, 01/02/18 EUR 1,550,000 1,641,123 1,754,677 0.22Credit Agricole SA, 3.875%, 13/02/19 EUR 600,000 599,360 667,638 0.09Credit Agricole SA, 5.875%, 11/06/19 EUR 800,000 859,471 913,392 0.12Credit Agricole SA, 3.900%, 19/04/21 EUR 700,000 666,024 706,923 0.09Credit Agricole SA, 5.125%, 18/04/23 EUR 600,000 711,226 746,556 0.10Credit Agricole SA, 7.875%, perpetual EUR 300,000 286,093 315,000 0.04Credit Agricole SA, 8.200%, perpetual EUR 700,000 706,076 752,500 0.10Credit Logement SA, 5.454%, 16/02/21 EUR 200,000 200,837 222,184 0.03Credit Mutuel Arkea SA, 5.375%, 22/04/14 EUR 800,000 840,204 846,856 0.11Credit Mutuel Arkea SA, 4.500%, 23/01/17 EUR 600,000 616,953 678,306 0.09Credit Mutuel Arkea SA, 5.000%, 28/06/17 EUR 450,000 476,682 519,354 0.07Danone SA, 6.375%, 04/02/14 EUR 600,000 628,669 637,908 0.08Danone SA, 2.500%, 29/09/16 EUR 300,000 311,561 317,850 0.04Danone SA, 1.125%, 27/11/17 EUR 700,000 700,133 703,899 0.09Danone SA, 3.600%, 23/11/20 EUR 300,000 340,719 342,528 0.04Dexia Credit Local SA, 5.375%, 21/07/14 EUR 800,000 812,146 818,000 0.10Edenred, 3.625%, 06/10/17 EUR 400,000 408,970 432,764 0.06Eutelsat SA, 4.125%, 27/03/17 EUR 350,000 360,321 389,158 0.05Eutelsat SA, 5.000%, 14/01/19 EUR 700,000 773,101 822,395 0.11Eutelsat SA, 3.125%, 10/10/22 EUR 300,000 307,488 308,514 0.04Fonciere Des Regions, 3.875%, 16/01/18 EUR 200,000 206,134 210,346 0.03France Telecom SA, 5.000%, 22/01/14 EUR 400,000 406,238 418,460 0.05France Telecom SA, 5.250%, 22/05/14 EUR 400,000 418,773 425,340 0.05France Telecom SA, 3.625%, 14/10/15 EUR 750,000 783,823 805,485 0.10France Telecom SA, 4.750%, 21/02/17 EUR 250,000 270,081 284,803 0.04France Telecom SA, 4.750%, 21/02/17 (traded in United States) EUR 1,000,000 1,125,543 1,139,210 0.15France Telecom SA, 5.625%, 22/05/18 EUR 950,000 1,089,823 1,144,161 0.15France Telecom SA, 4.125%, 23/01/19 EUR 300,000 303,656 339,429 0.04France Telecom SA, 3.875%, 09/04/20 EUR 850,000 899,107 951,337 0.12France Telecom SA, 3.875%, 14/01/21 EUR 1,000,000 1,080,076 1,117,630 0.14France Telecom SA, 3.000%, 15/06/22 EUR 700,000 714,306 727,972 0.09France Telecom SA, 2.500%, 01/03/23 EUR 700,000 692,286 692,097 0.09France Telecom SA, 8.125%, 28/01/33 EUR 600,000 848,131 945,216 0.12GDF Suez, 6.250%, 24/01/14 EUR 500,000 518,808 530,210 0.07GDF Suez, 5.000%, 23/02/15 EUR 400,000 425,386 435,472 0.06GDF Suez, 5.625%, 18/01/16 EUR 1,000,000 1,111,409 1,140,900 0.15GDF Suez, 1.500%, 01/02/16 EUR 700,000 711,778 712,565 0.09GDF Suez, 1.500%, 20/07/17 EUR 600,000 607,169 609,162 0.08GDF Suez, 2.750%, 18/10/17 EUR 750,000 767,213 802,867 0.10GDF Suez, 5.125%, 19/02/18 EUR 200,000 220,978 237,430 0.03GDF Suez, 2.250%, 01/06/18 EUR 939,000 959,627 980,494 0.13GDF Suez, 6.875%, 24/01/19 EUR 400,000 487,254 521,616 0.07
25
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA EURO-AGGREGATE CORPORATE BOND INDEX FUND
Schedule of Investments at December 31, 2012 (Expressed in Euro)
The accompanying notes are an integral part of these financial statements.
Currency
NominalValue Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Corporate Bonds - (Continued)
France - (Continued) GDF Suez, 3.125%, 21/01/20 EUR 700,000 749,470 758,093 0.10GDF Suez, 6.375%, 18/01/21 EUR 200,000 222,841 263,818 0.03GDF Suez, 2.625%, 20/07/22 EUR 400,000 400,192 409,336 0.05GDF Suez, 3.500%, 18/10/22 EUR 650,000 670,544 714,285 0.09GDF Suez, 3.000%, 01/02/23 EUR 900,000 913,793 944,694 0.12GDF Suez, 5.950%, perpetual EUR 100,000 96,521 106,500 0.01Gecina SA, 4.500%, 19/09/14 EUR 400,000 407,856 422,012 0.05Gecina SA, 4.250%, 03/02/16 EUR 100,000 99,597 107,545 0.01Gecina SA, 4.750%, 11/04/19 EUR 500,000 535,824 552,775 0.07Gie GDF Suez Alliance, 5.750%, 24/06/23 EUR 500,000 577,955 641,295 0.08Groupe Auchan SA, 5.125%, 18/07/14 EUR 500,000 532,215 533,810 0.07Groupe Auchan SA, 4.750%, 15/04/15 EUR 100,000 101,840 108,963 0.01Groupe Auchan SA, 3.000%, 02/12/16 EUR 400,000 415,815 430,940 0.06Groupe Auchan SA, 2.875%, 15/11/17 EUR 100,000 99,640 108,092 0.01Groupe Auchan SA, 3.625%, 19/10/18 EUR 200,000 199,682 224,310 0.03Groupe Auchan SA, 6.000%, 15/04/19 EUR 300,000 335,110 380,652 0.05Groupe Auchan SA, 2.375%, 12/12/22 EUR 200,000 199,179 201,864 0.03HSBC France SA, 4.875%, 15/01/14 EUR 600,000 619,075 627,066 0.08Imerys SA, 5.000%, 18/04/17 EUR 300,000 312,926 335,964 0.04Klepierre, 4.250%, 16/03/16 EUR 50,000 49,674 54,229 0.01Klepierre, 4.000%, 13/04/17 EUR 1,000,000 1,044,080 1,091,660 0.14Klepierre, 2.750%, 17/09/19 EUR 600,000 603,792 609,372 0.08Legrand SA, 4.375%, 21/03/18 EUR 200,000 201,678 228,824 0.03Legrand SA, 3.375%, 19/04/22 EUR 500,000 537,572 545,830 0.07LVMH Moet Hennessy Louis Vuitton SA, 4.375%, 12/05/14 EUR 700,000 724,924 734,573 0.09LVMH Moet Hennessy Louis Vuitton SA, 3.375%, 07/04/15 EUR 300,000 312,990 317,829 0.04LVMH Moet Hennessy Louis Vuitton SA, 4.000%, 06/04/18 EUR 200,000 203,893 228,616 0.03Mercialys SA, 4.125%, 26/03/19 EUR 300,000 313,772 328,968 0.04Natixis, 4.125%, 20/01/17 EUR 200,000 193,178 209,568 0.03Natixis, 4.500%, 14/05/19 EUR 500,000 460,979 476,875 0.06Pernod-Ricard SA, 7.000%, 15/01/15 EUR 500,000 540,940 559,120 0.07Pernod-Ricard SA, 4.875%, 18/03/16 EUR 900,000 970,960 998,559 0.13Pernod-Ricard SA, 5.000%, 15/03/17 EUR 600,000 654,792 686,280 0.09PPR, 8.625%, 03/04/14 EUR 450,000 481,393 491,927 0.06PPR, 3.750%, 08/04/15 EUR 550,000 578,047 583,479 0.07PPR, 3.125%, 23/04/19 EUR 105,000 104,288 113,648 0.01RCI Banque SA, 3.250%, 17/01/14 EUR 100,000 100,905 101,915 0.01RCI Banque SA, 3.750%, 07/07/14 EUR 500,000 503,586 516,275 0.07RCI Banque SA, 2.125%, 24/11/14 EUR 800,000 807,569 808,024 0.10RCI Banque SA, 4.375%, 27/01/15 EUR 50,000 49,890 52,659 0.01RCI Banque SA, 5.625%, 13/03/15 EUR 750,000 793,051 812,467 0.10RCI Banque SA, 4.000%, 25/01/16 EUR 700,000 710,999 740,509 0.09RCI Banque SA, 4.000%, 16/03/16 EUR 400,000 394,647 424,404 0.05RCI Banque SA, 4.250%, 27/04/17 EUR 819,000 855,229 884,242 0.11Rhodia SA, 7.000%, 15/05/18 EUR 600,000 660,880 669,000 0.09Sanofi, 3.125%, 10/10/14 EUR 800,000 825,760 837,848 0.11Sanofi, 4.500%, 18/05/16 EUR 1,050,000 1,143,113 1,181,785 0.15Sanofi, 1.000%, 14/11/17 EUR 655,000 656,662 657,234 0.08Sanofi, 4.125%, 11/10/19 EUR 100,000 102,783 118,027 0.02Schneider Electric SA, 5.375%, 08/01/15 EUR 400,000 436,742 436,692 0.06Schneider Electric SA, 5.375%, 08/01/15 (traded in Luxembourg) EUR 200,000 212,285 218,346 0.03Schneider Electric SA, 2.875%, 20/07/16 EUR 350,000 365,830 374,567 0.05Schneider Electric SA, 4.000%, 11/08/17 EUR 650,000 686,316 734,591 0.09Schneider Electric SA, 3.750%, 12/07/18 EUR 500,000 532,238 561,890 0.07Schneider Electric SA, 3.500%, 22/01/19 EUR 400,000 433,371 444,892 0.06Schneider Electric SA, 3.625%, 20/07/20 EUR 100,000 99,336 112,251 0.01SCOR SE, 6.154%, perpetual EUR 150,000 124,949 153,375 0.02Societe Des Autoroutes Paris-Rhin-Rhone, 7.500%, 12/01/15 EUR 500,000 550,262 561,580 0.07Societe Des Autoroutes Paris-Rhin-Rhone, 4.375%, 25/01/16 EUR 200,000 207,729 216,090 0.03Societe Des Autoroutes Paris-Rhin-Rhone, 5.000%, 12/01/17 EUR 800,000 866,898 895,512 0.11Societe Des Autoroutes Paris-Rhin-Rhone, 4.875%, 21/01/19 EUR 400,000 387,984 455,528 0.06Societe Fonciere Lyonnaise SA, 4.625%, 25/05/16 EUR 500,000 525,064 533,715 0.07Societe Fonciere Lyonnaise SA, 3.500%, 28/11/17 EUR 200,000 199,099 206,414 0.03Societe Generale SA, 3.750%, 21/08/14 EUR 850,000 875,550 890,647 0.11Societe Generale SA, 3.000%, 31/03/15 EUR 1,200,000 1,210,964 1,251,168 0.16Societe Generale SA, 6.625%, 27/04/15 EUR 200,000 212,934 219,090 0.03Societe Generale SA, 2.375%, 13/07/15 EUR 900,000 927,964 928,944 0.12Societe Generale SA, 4.000%, 20/04/16 EUR 500,000 496,882 544,770 0.07
26
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA EURO-AGGREGATE CORPORATE BOND INDEX FUND
Schedule of Investments at December 31, 2012 (Expressed in Euro)
The accompanying notes are an integral part of these financial statements.
Currency
NominalValue Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Corporate Bonds - (Continued)
France - (Continued) Societe Generale SA, 3.750%, 01/03/17 EUR 300,000 312,191 328,167 0.04Societe Generale SA, 3.125%, 21/09/17 EUR 600,000 593,419 644,748 0.08Societe Generale SA, 2.375%, 28/02/18 EUR 1,100,000 1,116,691 1,140,480 0.15Societe Generale SA, 6.125%, 20/08/18 EUR 700,000 769,210 800,380 0.10Societe Generale SA, 4.750%, 02/03/21 EUR 600,000 653,714 706,752 0.09Societe Generale SA, 4.250%, 13/07/22 EUR 700,000 764,498 791,938 0.10Sodexo, 4.500%, 28/03/14 EUR 400,000 413,293 416,988 0.05Sodexo, 6.250%, 30/01/15 EUR 600,000 652,981 665,424 0.09Solvay Finance SA, 6.375%, perpetual EUR 300,000 325,425 323,268 0.04Suez Environnement Co, 4.875%, 08/04/14 EUR 650,000 677,776 682,162 0.09Suez Environnement Co, 6.250%, 08/04/19 EUR 150,000 161,669 189,854 0.02Suez Environnement Co, 4.078%, 17/05/21 EUR 300,000 300,323 343,422 0.04Suez Environnement Co, 4.125%, 24/06/22 EUR 700,000 760,029 803,705 0.10Suez Environnement Co, 5.500%, 22/07/24 EUR 300,000 389,223 384,300 0.05Suez Environnement Co, 4.820%, perpetual EUR 300,000 289,714 306,750 0.04Thales SA, 2.750%, 19/10/16 EUR 300,000 308,250 315,708 0.04Total Capital International SA, 2.125%, 15/03/23 EUR 400,000 395,487 400,612 0.05Total Capital SA, 3.500%, 27/02/14 EUR 850,000 866,972 879,512 0.11Total Capital SA, 3.625%, 19/05/15 EUR 800,000 845,617 857,480 0.11Total Capital SA, 4.875%, 28/01/19 EUR 800,000 937,072 969,328 0.12Total Capital SA, 3.125%, 16/09/22 EUR 200,000 201,429 221,010 0.03Total Capital SA, 5.125%, 26/03/24 EUR 700,000 869,992 910,301 0.12Total Infrastructures Gaz France SA, 4.339%, 07/07/21 EUR 200,000 227,245 231,886 0.03TPSA Eurofinance France SA, 6.000%, 22/05/14 EUR 400,000 419,241 426,432 0.05Unibail-Rodamco SE, 3.375%, 11/03/15 EUR 250,000 251,625 263,085 0.03Unibail-Rodamco SE, 3.500%, 06/04/16 EUR 500,000 526,424 538,145 0.07Unibail-Rodamco SE, 4.625%, 23/09/16 EUR 400,000 435,708 448,536 0.06Unibail-Rodamco SE, 1.625%, 26/06/17 EUR 114,000 113,443 115,117 0.01Unibail-Rodamco SE, 3.875%, 13/12/17 EUR 100,000 99,365 111,315 0.01Unibail-Rodamco SE, 2.250%, 01/08/18 EUR 700,000 714,207 721,644 0.09Unibail-Rodamco SE, 3.000%, 22/03/19 EUR 500,000 501,136 534,440 0.07Unibail-Rodamco SE, 3.875%, 05/11/20 EUR 500,000 545,072 567,250 0.07Valeo SA, 5.750%, 19/01/17 EUR 300,000 322,316 338,643 0.04Valeo SA, 4.875%, 11/05/18 EUR 200,000 202,524 222,478 0.03Vallourec SA, 4.250%, 14/02/17 EUR 300,000 309,445 329,514 0.04Vallourec SA, 3.250%, 02/08/19 EUR 300,000 316,602 312,672 0.04Veolia Environnement SA, 5.250%, 24/04/14 EUR 600,000 628,147 634,122 0.08Veolia Environnement SA, 4.000%, 12/02/16 EUR 500,000 527,909 546,095 0.07Veolia Environnement SA, 4.375%, 16/01/17 EUR 1,000,000 1,048,400 1,127,550 0.14Veolia Environnement SA, 6.750%, 24/04/19 EUR 650,000 779,509 825,181 0.11Veolia Environnement SA, 4.247%, 06/01/21 EUR 300,000 307,811 338,367 0.04Veolia Environnement SA, 5.125%, 24/05/22 EUR 850,000 957,137 1,012,698 0.13Veolia Environnement SA, 4.625%, 30/03/27 EUR 700,000 746,823 788,739 0.10Veolia Environnement SA, 6.125%, 25/11/33 EUR 200,000 221,761 258,826 0.03Vinci SA, 4.125%, 20/02/17 EUR 600,000 652,693 668,724 0.09Vinci SA, 3.375%, 30/03/20 EUR 500,000 503,919 538,510 0.07Vinci SA, 6.250%, perpetual EUR 200,000 193,482 212,500 0.03Vivendi SA, 7.750%, 23/01/14 EUR 400,000 414,603 428,376 0.05Vivendi SA, 3.500%, 13/07/15 EUR 1,000,000 1,023,234 1,052,700 0.13Vivendi SA, 4.250%, 01/12/16 EUR 250,000 253,428 274,698 0.04Vivendi SA, 4.000%, 31/03/17 EUR 700,000 722,330 763,126 0.10Vivendi SA, 4.125%, 18/07/17 EUR 1,000,000 1,059,012 1,095,530 0.14Vivendi SA, 4.875%, 30/11/18 EUR 100,000 107,141 115,123 0.01Vivendi SA, 4.875%, 02/12/19 EUR 150,000 149,895 174,182 0.02Vivendi SA, 2.500%, 15/01/20 EUR 600,000 595,913 599,664 0.08Vivendi SA, 4.750%, 13/07/21 EUR 700,000 789,279 804,027 0.10WPP Finance SA, 5.250%, 30/01/15 EUR 500,000 538,101 542,570 0.07
Total France 150,338,904 156,719,935 20.00 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Japan 236,042 268,083 0.03 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Jersey 2,850,958 3,062,327 0.39 _______________________________________________ ____________________________________________________________ __________________________________________________
Luxembourg Aon Services Luxembourg & Co SCA, 6.250%, 01/07/14 EUR 100,000 102,991 107,260 0.01Belgelec Finance SA, 5.125%, 24/06/15 EUR 600,000 651,711 657,624 0.08Ciba Specialty Chemicals Finance Luxembourg SA, 4.875%, 20/06/18 EUR 400,000 447,963 477,752 0.06Finmeccanica Finance SA, 8.125%, 03/12/13 EUR 350,000 363,320 370,559 0.05Finmeccanica Finance SA, 4.375%, 05/12/17 EUR 606,000 629,040 636,300 0.08Finmeccanica Finance SA, 5.750%, 12/12/18 EUR 300,000 323,705 329,076 0.04Finmeccanica Finance SA, 5.250%, 21/01/22 EUR 400,000 383,149 409,000 0.05Glencore Finance Europe SA, 7.125%, 23/04/15 EUR 250,000 253,321 282,500 0.04Glencore Finance Europe SA, 5.250%, 22/03/17 EUR 800,000 849,285 897,600 0.11Glencore Finance Europe SA, 4.125%, 03/04/18 EUR 800,000 826,309 864,000 0.11Hannover Finance Luxembourg SA, 5.750%, 26/02/24 EUR 700,000 713,788 728,000 0.09Hannover Finance Luxembourg SA, 5.750%, 14/09/40 EUR 250,000 247,872 287,208 0.04Hannover Finance Luxembourg SA, 5.000%, 30/06/43 EUR 100,000 99,779 109,260 0.01Hannover Finance Luxembourg SA, 5.000%, perpetual EUR 200,000 174,574 205,000 0.03Holcim Finance Luxembourg SA, 9.000%, 26/03/14 EUR 400,000 427,881 438,700 0.06Holcim US Finance Sarl & Cie SCS, 2.625%, 07/09/20 EUR 600,000 604,740 608,592 0.08ITW Finance Europe SA, 5.250%, 01/10/14 EUR 300,000 315,528 324,186 0.04John Deere Bank SA, 3.250%, 22/06/16 EUR 400,000 433,433 432,636 0.06Michelin Luxembourg SCS, 8.625%, 24/04/14 EUR 650,000 707,320 716,202 0.09Michelin Luxembourg SCS, 2.750%, 20/06/19 EUR 200,000 201,858 210,794 0.03Nestle Finance International Ltd, 0.750%, 17/10/16 EUR 500,000 502,858 502,705 0.06Nestle Finance International Ltd, 1.500%, 19/07/19 EUR 100,000 99,600 101,603 0.01Nestle Finance International Ltd, 1.750%, 12/09/22 EUR 700,000 690,411 692,699 0.09Novartis Finance SA, 4.250%, 15/06/16 EUR 950,000 1,039,290 1,064,874 0.14Prologis International Funding SA, 5.875%, 23/10/14 EUR 200,000 213,969 213,620 0.03SES SA, 4.625%, 09/03/20 EUR 400,000 428,172 467,852 0.06SES SA, 4.750%, 11/03/21 EUR 200,000 199,158 236,170 0.03Talanx Finanz Luxembourg SA, 8.367%, 15/06/42 EUR 300,000 304,425 365,250 0.05Telecom Italia Finance SA, 7.750%, 24/01/33 EUR 375,000 404,282 431,381 0.05
Total Luxembourg 12,639,732 13,168,403 1.68 _______________________________________________ ____________________________________________________________ __________________________________________________
Mexico America Movil SAB de CV, 3.750%, 28/06/17 EUR 450,000 472,392 499,950 0.06America Movil SAB de CV, 4.125%, 25/10/19 EUR 550,000 579,023 632,335 0.08America Movil SAB de CV, 3.000%, 12/07/21 EUR 1,000,000 1,042,736 1,051,600 0.13America Movil SAB de CV, 4.750%, 28/06/22 EUR 300,000 308,810 358,962 0.05
Total Mexico 2,402,961 2,542,847 0.32 _______________________________________________ ____________________________________________________________ __________________________________________________
Total New Zealand 756,934 775,327 0.10 _______________________________________________ ____________________________________________________________ __________________________________________________
Norway DNB Bank ASA, 4.500%, 29/05/14 EUR 1,300,000 1,346,379 1,371,513 0.18DNB Bank ASA, 3.875%, 29/06/20 EUR 350,000 338,567 398,884 0.05DNB Bank ASA, 4.375%, 24/02/21 EUR 1,500,000 1,667,696 1,755,405 0.22DNB Bank ASA, 4.250%, 18/01/22 EUR 600,000 613,942 695,670 0.09DNB Bank ASA, 4.750%, 08/03/22 EUR 600,000 628,287 654,654 0.08SpareBank 1 SR Bank ASA, 3.625%, 24/03/15 EUR 300,000 317,750 315,930 0.04SpareBank 1 SR Bank ASA, 3.500%, 21/04/16 EUR 300,000 301,992 320,994 0.04SpareBank 1 SR Bank ASA, 3.500%, 27/03/17 EUR 400,000 424,674 432,900 0.06SpareBank 1 SR Bank ASA, 2.000%, 14/05/18 EUR 400,000 398,532 405,588 0.05
Total Norway 6,037,819 6,351,538 0.81 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Sweden 31,094,505 32,222,707 4.11 _______________________________________________ ____________________________________________________________ __________________________________________________
Total United Arab Emirates 1,597,228 1,604,434 0.20 _______________________________________________ ____________________________________________________________ __________________________________________________
United Kingdom 3i Group PLC, 5.625%, 17/03/17 EUR 100,000 100,352 110,160 0.01Abbey National Treasury Services PLC, 4.125%, 03/03/14 EUR 700,000 705,461 724,759 0.09Abbey National Treasury Services PLC, 3.375%, 20/10/15 EUR 700,000 729,205 742,980 0.09Anglian Water Services Ltd, 6.250%, 27/06/16 EUR 300,000 339,638 354,990 0.05Anglo American Capital PLC, 5.875%, 17/04/15 EUR 700,000 761,404 775,194 0.10Anglo American Capital PLC, 4.375%, 02/12/16 EUR 200,000 204,295 221,976 0.03Anglo American Capital PLC, 2.500%, 18/09/18 EUR 600,000 607,633 614,100 0.08Anglo American Capital PLC, 2.750%, 07/06/19 EUR 400,000 399,572 411,016 0.05Anglo American Capital PLC, 3.500%, 28/03/22 EUR 400,000 403,546 421,528 0.05AstraZeneca PLC, 5.125%, 15/01/15 EUR 300,000 318,712 328,209 0.04Aviva PLC, 6.875%, 22/05/38 EUR 200,000 195,447 218,000 0.03Aviva PLC, 4.729%, perpetual EUR 550,000 493,821 530,750 0.07Aviva PLC, 5.700%, perpetual EUR 450,000 439,564 441,000 0.06Barclays Bank PLC, 5.250%, 27/05/14 EUR 1,300,000 1,355,814 1,380,925 0.18Barclays Bank PLC, 3.500%, 18/03/15 EUR 700,000 716,938 740,915 0.09Barclays Bank PLC, 4.125%, 15/03/16 EUR 900,000 958,964 987,705 0.13Barclays Bank PLC, 4.000%, 20/01/17 EUR 1,600,000 1,717,024 1,778,528 0.23Barclays Bank PLC, 6.000%, 23/01/18 EUR 1,200,000 1,285,008 1,361,952 0.17Barclays Bank PLC, 4.500%, 04/03/19 EUR 400,000 382,278 402,000 0.05Barclays Bank PLC, 4.875%, 13/08/19 EUR 1,000,000 1,050,043 1,192,430 0.15Barclays Bank PLC, 6.000%, 14/01/21 EUR 800,000 758,879 901,208 0.11Barclays Bank PLC, 6.625%, 30/03/22 EUR 800,000 886,742 940,520 0.12BAT International Finance PLC, 5.875%, 12/03/15 EUR 1,000,000 1,083,256 1,108,900 0.14BAT International Finance PLC, 5.375%, 29/06/17 EUR 500,000 544,789 590,845 0.08BAT International Finance PLC, 3.625%, 09/11/21 EUR 200,000 203,605 222,952 0.03BG Energy Capital PLC, 3.000%, 16/11/18 EUR 800,000 840,029 867,832 0.11BG Energy Capital PLC, 3.625%, 16/07/19 EUR 400,000 415,915 448,696 0.06
37
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA EURO-AGGREGATE CORPORATE BOND INDEX FUND
Schedule of Investments at December 31, 2012 (Expressed in Euro)
The accompanying notes are an integral part of these financial statements.
Currency
NominalValue Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Total United Kingdom 77,241,231 81,333,749 10.38 _______________________________________________ ____________________________________________________________ __________________________________________________
United States 3M Co, 5.000%, 14/07/14 EUR 450,000 474,130 480,447 0.06American Honda Finance Corp, 3.875%, 16/09/14 EUR 400,000 411,164 421,796 0.05American International Group Inc, 4.375%, 26/04/16 EUR 1,000,000 1,015,177 1,081,330 0.14American International Group Inc, 8.000%, 22/05/38 EUR 700,000 733,000 806,057 0.10Amgen Inc, 4.375%, 05/12/18 EUR 200,000 211,748 232,540 0.03Amgen Inc, 2.125%, 13/09/19 EUR 600,000 609,933 612,822 0.08AT&T Inc, 6.125%, 02/04/15 EUR 50,000 54,944 56,057 0.01AT&T Inc, 6.125%, 02/04/15 EUR 550,000 584,435 616,621 0.08AT&T Inc, 1.875%, 04/12/20 EUR 650,000 650,399 650,858 0.08AT&T Inc, 3.550%, 17/12/32 EUR 300,000 299,240 315,093 0.04Bank of America Corp, 4.625%, 18/02/14 EUR 800,000 808,385 831,304 0.11Bank of America Corp, 5.125%, 26/09/14 EUR 900,000 961,738 961,092 0.12Bank of America Corp, 5.125%, 26/09/14 (traded in United Kingdom) EUR 550,000 561,966 587,334 0.08Bank of America Corp, 7.000%, 15/06/16 EUR 1,300,000 1,429,644 1,535,534 0.20Bank of America Corp, 4.750%, 03/04/17 EUR 900,000 950,743 1,012,626 0.13Bank of America Corp, 4.625%, 07/08/17 EUR 1,200,000 1,257,115 1,353,396 0.17Bank of America Corp, 4.750%, 06/05/19 EUR 650,000 556,423 632,125 0.08BMW US Capital LLC, 5.000%, 28/05/15 EUR 1,000,000 1,070,294 1,099,370 0.14BMW US Capital LLC, 1.250%, 20/07/16 EUR 556,000 559,442 562,555 0.07Bristol-Myers Squibb Co, 4.375%, 15/11/16 EUR 400,000 454,268 454,308 0.06Bristol-Myers Squibb Co, 4.625%, 15/11/21 EUR 350,000 388,110 427,959 0.06
39
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA EURO-AGGREGATE CORPORATE BOND INDEX FUND
Schedule of Investments at December 31, 2012 (Expressed in Euro)
The accompanying notes are an integral part of these financial statements.
Currency
NominalValue Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Total United States 73,926,078 77,621,393 9.91 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Corporate Bonds 725,165,435 756,260,974 96.51 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market 725,165,435 756,260,974 96.51 _______________________________________________ ____________________________________________________________ __________________________________________________
TOTAL INVESTMENTS 725,165,435 756,260,974 96.51 _______________________________________________ ____________________________________________________________ __________________________________________________
Other Net Assets/(Liabilities) 27,381,771 3.49 ____________________________________________________________ ___________________________________________________
TOTAL NET ASSETS 783,642,745 100.00 ____________________________________________________________ ___________________________________________________
41
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA EURO TREASURY BOND INDEX FUND
Schedule of Investments at December 31, 2012 (Expressed in Euro)
The accompanying notes are an integral part of these financial statements.
Currency
NominalValue Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market
Government Bonds - 98.19% Austria Austria Government Bond, 4.125%, 15/01/14 EUR 298,000 309,008 310,605 0.19Austria Government Bond, 3.400%, 20/10/14 EUR 462,000 479,149 489,849 0.30Austria Government Bond, 3.500%, 15/07/15 EUR 500,000 527,057 542,745 0.34Austria Government Bond, 4.000%, 15/09/16 EUR 328,000 356,326 371,998 0.23Austria Government Bond, 3.200%, 20/02/17 EUR 499,000 531,996 555,158 0.35Austria Government Bond, 4.300%, 15/09/17 EUR 187,000 206,343 219,261 0.14Austria Government Bond, 4.650%, 15/01/18 EUR 376,000 418,201 449,538 0.28Austria Government Bond, 4.350%, 15/03/19 EUR 465,000 508,679 558,772 0.35Austria Government Bond, 3.900%, 15/07/20 EUR 279,000 302,173 330,453 0.21Austria Government Bond, 3.500%, 15/09/21 EUR 251,000 260,819 290,816 0.18Austria Government Bond, 3.650%, 20/04/22 EUR 766,000 812,956 897,109 0.56Austria Government Bond, 3.400%, 22/11/22 EUR 200,000 212,925 229,836 0.14Austria Government Bond, 4.850%, 15/03/26 EUR 235,000 270,804 310,153 0.19Austria Government Bond, 6.250%, 15/07/27 EUR 32,000 41,768 48,287 0.03Austria Government Bond, 4.150%, 15/03/37 EUR 562,000 613,955 730,668 0.46Austria Government Bond, 3.800%, perpetual EUR 155,000 177,432 202,880 0.13
Total Austria 6,029,591 6,538,128 4.08 _______________________________________________ ____________________________________________________________ __________________________________________________
Belgium Belgium Government Bond, 4.000%, 28/03/14 EUR 442,000 456,348 463,366 0.29Belgium Government Bond, 4.250%, 28/09/14 EUR 337,000 352,787 361,352 0.23Belgium Government Bond, 3.500%, 28/03/15 EUR 352,000 364,017 378,344 0.24Belgium Government Bond, 8.000%, 28/03/15 EUR 187,000 212,843 219,746 0.14Belgium Government Bond, 3.750%, 28/09/15 EUR 434,000 454,893 475,677 0.30Belgium Government Bond, 2.750%, 28/03/16 EUR 231,000 236,730 248,826 0.15Belgium Government Bond, 3.250%, 28/09/16 EUR 328,000 341,267 361,495 0.23Belgium Government Bond, 4.000%, 28/03/17 EUR 480,000 507,262 547,008 0.34Belgium Government Bond, 3.500%, 28/06/17 EUR 694,000 745,533 778,189 0.48Belgium Government Bond, 5.500%, 28/09/17 EUR 617,000 697,260 751,697 0.47Belgium Government Bond, 4.000%, 28/03/18 EUR 440,000 469,189 509,679 0.32Belgium Government Bond, 4.000%, 28/03/19 EUR 141,000 150,412 164,925 0.10Belgium Government Bond, 3.750%, 28/09/20 EUR 377,000 388,293 435,887 0.27Belgium Government Bond, 4.250%, 28/09/21 EUR 324,000 345,480 387,128 0.24Belgium Government Bond, 4.000%, 28/03/22 EUR 354,000 369,967 416,506 0.26Belgium Government Bond, 4.250%, 28/09/22 EUR 659,000 723,673 786,312 0.49Belgium Government Bond, 4.500%, 28/03/26 EUR 468,000 504,279 577,400 0.36Belgium Government Bond, 5.500%, 28/03/28 EUR 647,000 765,695 888,441 0.55Belgium Government Bond, 4.000%, 28/03/32 EUR 290,000 317,220 340,712 0.21Belgium Government Bond, 5.000%, 28/03/35 EUR 393,000 451,901 524,942 0.33Belgium Government Bond, 4.250%, 28/03/41 EUR 427,000 443,113 524,548 0.33
Total Belgium 9,298,162 10,142,180 6.33 _______________________________________________ ____________________________________________________________ __________________________________________________
Finland Finland Government Bond, 3.125%, 15/09/14 EUR 233,000 242,581 245,270 0.15Finland Government Bond, 4.250%, 04/07/15 EUR 228,000 246,164 252,220 0.16Finland Government Bond, 1.750%, 15/04/16 EUR 187,000 191,311 197,116 0.12Finland Government Bond, 1.875%, 15/04/17 EUR 374,000 381,908 398,714 0.25Finland Government Bond, 3.875%, 15/09/17 EUR 42,000 44,341 48,740 0.03Finland Government Bond, 4.375%, 04/07/19 EUR 168,000 187,757 205,202 0.13Finland Government Bond, 3.375%, 15/04/20 EUR 202,000 221,655 234,696 0.15Finland Government Bond, 3.500%, 15/04/21 EUR 191,000 207,667 224,236 0.14Finland Government Bond, 4.000%, 04/07/25 EUR 231,000 259,321 288,503 0.18Finland Government Bond, 2.750%, 04/07/28 EUR 291,000 300,201 321,494 0.20
Total Finland 2,282,906 2,416,191 1.51 _______________________________________________ ____________________________________________________________ __________________________________________________
France France Government Bond OAT, 4.000%, 25/04/14 EUR 699,000 728,561 735,103 0.46France Government Bond OAT, 4.000%, 25/10/14 EUR 840,000 889,834 900,068 0.56
42
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA EURO TREASURY BOND INDEX FUND
Schedule of Investments at December 31, 2012 (Expressed in Euro)
The accompanying notes are an integral part of these financial statements.
Currency
NominalValue Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Government Bonds - (Continued)
France - (Continued) France Government Bond OAT, 3.500%, 25/04/15 EUR 574,000 603,539 618,778 0.39France Government Bond OAT, 3.000%, 25/10/15 EUR 1,171,000 1,218,264 1,263,685 0.79France Government Bond OAT, 3.250%, 25/04/16 EUR 574,000 614,631 630,017 0.39France Government Bond OAT, 5.000%, 25/10/16 EUR 1,068,000 1,194,683 1,253,020 0.78France Government Bond OAT, 3.750%, 25/04/17 EUR 1,183,000 1,275,400 1,344,846 0.84France Government Bond OAT, 4.250%, 25/10/17 EUR 816,000 899,204 953,341 0.59France Government Bond OAT, 4.000%, 25/04/18 EUR 701,000 793,908 816,427 0.51France Government Bond OAT, 4.250%, 25/10/18 EUR 877,000 962,961 1,039,552 0.65France Government Bond OAT, 4.250%, 25/04/19 EUR 664,000 725,772 791,309 0.49France Government Bond OAT, 8.500%, 25/10/19 EUR 361,000 493,701 533,100 0.33France Government Bond OAT, 3.750%, 25/10/19 EUR 1,223,000 1,336,418 1,422,936 0.89France Government Bond OAT, 3.500%, 25/04/20 EUR 919,000 966,424 1,054,727 0.66France Government Bond OAT, 2.500%, 25/10/20 EUR 795,000 780,071 853,091 0.53France Government Bond OAT, 3.750%, 25/04/21 EUR 793,000 836,575 922,838 0.58France Government Bond OAT, 3.250%, 25/10/21 EUR 968,000 1,030,116 1,085,457 0.68France Government Bond OAT, 3.000%, 25/04/22 EUR 1,255,000 1,260,659 1,374,965 0.86France Government Bond OAT, 8.250%, 25/04/22 EUR 975,000 1,401,129 1,515,657 0.94France Government Bond OAT, 8.500%, 25/04/23 EUR 558,000 814,901 894,669 0.56France Government Bond OAT, 4.250%, 25/10/23 EUR 902,000 1,023,231 1,086,621 0.68France Government Bond OAT, 6.000%, 25/10/25 EUR 599,000 758,151 845,441 0.53France Government Bond OAT, 3.500%, 25/04/26 EUR 95,000 95,896 106,999 0.07France Government Bond OAT, 3.500%, 25/04/26 EUR 653,000 683,221 735,474 0.46France Government Bond OAT, 5.500%, 25/04/29 EUR 982,000 1,205,713 1,364,410 0.85France Government Bond OAT, 5.750%, 25/10/32 EUR 906,000 1,165,296 1,328,169 0.83France Government Bond OAT, 4.750%, 25/04/35 EUR 848,000 994,989 1,113,772 0.69France Government Bond OAT, 4.000%, 25/10/38 EUR 573,000 603,247 683,663 0.43France Government Bond OAT, 4.500%, 25/04/41 EUR 578,000 650,475 747,169 0.47France Government Bond OAT, 4.000%, perpetual EUR 527,000 550,396 632,621 0.39France Government Bond OAT, 4.000%, perpetual EUR 477,000 512,008 573,788 0.36French Treasury Note BTAN, 2.500%, 12/01/14 EUR 1,149,000 1,170,455 1,177,966 0.73French Treasury Note BTAN, 3.000%, 12/07/14 EUR 1,363,000 1,411,370 1,424,212 0.89French Treasury Note BTAN, 2.500%, 15/01/15 EUR 728,000 746,277 763,898 0.48French Treasury Note BTAN, 2.000%, 12/07/15 EUR 1,029,000 1,049,280 1,076,910 0.67French Treasury Note BTAN, 2.250%, 25/02/16 EUR 1,049,000 1,075,069 1,114,762 0.69French Treasury Note BTAN, 2.500%, 25/07/16 EUR 374,000 385,702 402,488 0.25French Treasury Note BTAN, 1.750%, 25/02/17 EUR 2,153,000 2,163,502 2,263,513 1.41
Total France 35,071,029 37,445,462 23.36 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Luxembourg 120,025 130,275 0.08 _______________________________________________ ____________________________________________________________ __________________________________________________
Netherlands Netherlands Government Bond, 1.000%, 15/01/14 EUR 468,000 470,803 472,722 0.29Netherlands Government Bond, 3.750%, 15/07/14 EUR 764,000 799,395 807,357 0.50Netherlands Government Bond, 2.750%, 15/01/15 EUR 193,000 200,057 203,661 0.13Netherlands Government Bond, 0.750%, 15/04/15 EUR 234,000 233,917 237,739 0.15Netherlands Government Bond, 3.250%, 15/07/15 EUR 446,000 466,928 481,983 0.30Netherlands Government Bond, 4.000%, 15/07/16 EUR 1,029,000 1,128,429 1,166,299 0.73Netherlands Government Bond, 2.500%, 15/01/17 EUR 1,123,000 1,172,126 1,221,038 0.76Netherlands Government Bond, 4.500%, 15/07/17 EUR 357,000 400,580 422,402 0.26Netherlands Government Bond, 4.000%, 15/07/18 EUR 837,000 941,273 987,953 0.62Netherlands Government Bond, 3.500%, 15/07/20 EUR 199,000 206,778 233,268 0.15Netherlands Government Bond, 3.250%, 15/07/21 EUR 212,000 226,871 245,072 0.15Netherlands Government Bond, 2.250%, 15/07/22 EUR 658,000 659,274 702,658 0.44Netherlands Government Bond, 3.750%, 15/01/23 EUR 516,000 567,167 621,579 0.39Netherlands Government Bond, 7.500%, 15/01/23 EUR 209,000 299,964 325,660 0.20Netherlands Government Bond, 5.500%, 15/01/28 EUR 566,000 742,874 825,387 0.52Netherlands Government Bond, 2.500%, 15/01/33 EUR 230,000 223,588 242,287 0.15Netherlands Government Bond, 4.000%, 15/01/37 EUR 376,000 450,987 500,926 0.31Netherlands Government Bond, 3.750%, 15/01/42 EUR 471,000 557,198 623,854 0.39
Total Netherlands 9,748,209 10,321,845 6.44 _______________________________________________ ____________________________________________________________ __________________________________________________
Slovakia Slovakia Government Bond, 4.625%, 19/01/17 EUR 178,000 187,701 201,994 0.13Slovakia Government Bond, 4.000%, 27/04/20 EUR 338,000 338,901 380,108 0.24Slovakia Government Bond, 4.000%, 26/03/21 EUR 12,000 12,068 13,560 0.01Slovakia Government Bond, 3.375%, 15/11/24 EUR 70,000 71,570 71,597 0.04Slovakia Government International Bond, 4.500%, 20/05/14 EUR 152,000 156,912 160,330 0.10
Total Slovakia 767,152 827,589 0.52 _______________________________________________ ____________________________________________________________ __________________________________________________
Slovenia Slovenia Government Bond, 4.375%, 02/04/14 EUR 19,000 19,362 19,366 0.01Slovenia Government Bond, 3.500%, 23/03/17 EUR 83,961 83,998 80,913 0.05Slovenia Government Bond, 4.125%, 26/01/20 EUR 88,000 85,875 84,098 0.05Slovenia Government Bond, 4.625%, 09/09/24 EUR 191,000 181,535 172,179 0.11
Total Slovenia 370,770 356,556 0.22 _______________________________________________ ____________________________________________________________ __________________________________________________
Spain Spain Government Bond, 4.250%, 31/01/14 EUR 748,000 762,178 761,987 0.48Spain Government Bond, 3.400%, 30/04/14 EUR 1,438,000 1,455,576 1,452,610 0.91Spain Government Bond, 3.300%, 31/10/14 EUR 468,000 473,375 471,889 0.29
45
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA EURO TREASURY BOND INDEX FUND
Schedule of Investments at December 31, 2012 (Expressed in Euro)
The accompanying notes are an integral part of these financial statements.
Currency
NominalValue Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Government Bonds - (Continued)
Spain - (Continued) Spain Government Bond, 4.400%, 31/01/15 EUR 494,000 510,513 509,215 0.32Spain Government Bond, 3.000%, 30/04/15 EUR 471,000 468,532 470,435 0.29Spain Government Bond, 4.000%, 30/07/15 EUR 620,000 621,143 632,636 0.40Spain Government Bond, 3.150%, 31/01/16 EUR 546,000 541,200 541,790 0.34Spain Government Bond, 4.250%, 31/10/16 EUR 2,108,000 2,121,747 2,139,283 1.34Spain Government Bond, 3.800%, 31/01/17 EUR 842,000 831,897 839,247 0.52Spain Government Bond, 5.500%, 30/07/17 EUR 692,000 724,756 733,990 0.46Spain Government Bond, 4.100%, 30/07/18 EUR 612,000 597,439 605,672 0.38Spain Government Bond, 4.600%, 30/07/19 EUR 294,000 270,096 294,838 0.18Spain Government Bond, 4.300%, 31/10/19 EUR 781,000 762,918 766,255 0.48Spain Government Bond, 4.000%, 30/04/20 EUR 326,000 315,237 310,590 0.19Spain Government Bond, 4.850%, 31/10/20 EUR 328,000 322,334 325,727 0.20Spain Government Bond, 5.500%, 30/04/21 EUR 1,270,000 1,283,784 1,303,528 0.81Spain Government Bond, 5.850%, 31/01/22 EUR 952,000 982,735 993,793 0.62Spain Government Bond, 4.650%, 30/07/25 EUR 472,000 421,398 433,622 0.27Spain Government Bond, 5.900%, 30/07/26 EUR 752,000 749,012 772,199 0.48Spain Government Bond, 6.000%, 31/01/29 EUR 393,000 398,894 408,979 0.26Spain Government Bond, 5.750%, 30/07/32 EUR 513,000 491,275 519,171 0.32Spain Government Bond, 4.200%, 31/01/37 EUR 504,000 412,819 402,857 0.25Spain Government Bond, 4.900%, 30/07/40 EUR 355,000 300,297 311,867 0.19Spain Government Bond, 4.700%, 30/07/41 EUR 470,000 386,084 402,842 0.25
Total Spain 16,205,239 16,405,022 10.23 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Government Bonds 149,414,631 157,411,527 98.19 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market 149,414,631 157,411,527 98.19 _______________________________________________ ____________________________________________________________ __________________________________________________
TOTAL INVESTMENTS 149,414,631 157,411,527 98.19 _______________________________________________ ____________________________________________________________ __________________________________________________
Other Net Assets/(Liabilities) 2,896,835 1.81 ____________________________________________________________ ___________________________________________________
TOTAL NET ASSETS 160,308,362 100.00 ____________________________________________________________ ___________________________________________________
46
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA EURO SUSTAINABLE CORPORATE BOND INDEX FUND
Schedule of Investments at December 31, 2012 (Expressed in Euro)
The accompanying notes are an integral part of these financial statements.
Currency
NominalValue Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market
Corporate Bonds - 96.50% Australia Commonwealth Bank of Australia, 4.250%, 10/11/16 EUR 1,300,000 1,443,797 1,461,917 0.44Commonwealth Bank of Australia, 5.500%, 06/08/19 EUR 550,000 615,955 648,461 0.19Commonwealth Bank of Australia, 4.375%, 25/02/20 EUR 700,000 804,411 820,969 0.25National Australia Bank Ltd, 3.500%, 23/01/15 EUR 800,000 832,186 845,487 0.25National Australia Bank Ltd, 5.500%, 20/05/15 EUR 900,000 982,017 1,000,174 0.30National Australia Bank Ltd, 4.750%, 15/07/16 EUR 950,000 1,008,973 1,076,257 0.32National Australia Bank Ltd, 3.750%, 06/01/17 EUR 900,000 925,525 996,863 0.30National Australia Bank Ltd, 4.625%, 10/02/20 EUR 600,000 615,706 673,946 0.20National Australia Bank Ltd, 4.000%, 13/07/20 EUR 300,000 302,310 345,120 0.10National Australia Bank Ltd, 2.750%, 08/08/22 EUR 700,000 697,581 729,491 0.22National Australia Bank Ltd, 6.750%, 26/06/23 EUR 300,000 323,878 352,187 0.11Westpac Banking Corp, 4.250%, 22/09/16 EUR 1,150,000 1,234,699 1,288,505 0.38Westpac Banking Corp, 4.125%, 25/05/18 EUR 950,000 1,011,210 1,085,901 0.32
Total Australia 10,798,248 11,325,278 3.38 _______________________________________________ ____________________________________________________________ __________________________________________________
Austria Erste Group Bank AG, 4.250%, 12/04/16 EUR 500,000 527,997 546,902 0.16Erste Group Bank AG, 3.375%, 28/03/17 EUR 400,000 415,847 432,549 0.13Erste Group Bank AG, 7.125%, 10/10/22 EUR 350,000 363,457 396,518 0.12OMV AG, 4.375%, 10/02/20 EUR 600,000 656,786 704,706 0.21OMV AG, 4.250%, 12/10/21 EUR 600,000 663,274 705,959 0.21OMV AG, 2.625%, 27/09/22 EUR 500,000 496,062 517,677 0.15OMV AG, 3.500%, 27/09/27 EUR 300,000 295,924 317,640 0.09OMV AG, 6.750%, perpetual EUR 300,000 308,965 332,178 0.10Raiffeisen Bank International AG, 3.625%, 27/01/14 EUR 600,000 612,755 617,653 0.18Raiffeisen Bank International AG, 2.875%, 06/03/15 EUR 500,000 508,589 519,150 0.15Raiffeisen Bank International AG, 2.750%, 10/07/17 EUR 400,000 404,517 419,057 0.13Raiffeisen Bank International AG, 6.625%, 18/05/21 EUR 200,000 197,966 218,188 0.07Raiffeisen Zentralbank Oesterreich AG, 4.500%, 05/03/19 EUR 200,000 178,518 184,648 0.06VERBUND International Finance GmbH, 5.000%, 25/06/14 EUR 300,000 317,806 319,080 0.10VERBUND International Finance GmbH, 4.750%, 17/04/15 EUR 300,000 312,342 326,483 0.10VERBUND International Finance GmbH, 4.750%, 16/07/19 EUR 400,000 440,428 475,390 0.14
Total Austria 6,701,233 7,033,778 2.10 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Belgium 4,346,213 4,453,450 1.33 _______________________________________________ ____________________________________________________________ __________________________________________________
Brazil Banco do Brasil SA, 4.500%, 20/01/16 EUR 500,000 513,815 532,875 0.16Votorantim Cimentos SA, 5.250%, 28/04/17 EUR 400,000 430,235 435,152 0.13
Total Brazil 944,050 968,027 0.29 _______________________________________________ ____________________________________________________________ __________________________________________________
Canada Caisse Centrale Desjardins du Quebec, 5.375%, 23/01/14 EUR 200,000 208,249 209,066 0.06
47
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA EURO SUSTAINABLE CORPORATE BOND INDEX FUND
Schedule of Investments at December 31, 2012 (Expressed in Euro)
The accompanying notes are an integral part of these financial statements.
Currency
NominalValue Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Total Finland 2,453,681 2,528,298 0.75 _______________________________________________ ____________________________________________________________ __________________________________________________
France Accor SA, 2.875%, 19/06/17 EUR 400,000 409,621 413,779 0.12Aeroports de Paris, 3.886%, 10/05/20 EUR 400,000 433,412 453,827 0.14Aeroports de Paris, 3.125%, 11/06/24 EUR 600,000 615,586 633,183 0.19AXA SA, 4.500%, 23/01/15 EUR 600,000 643,936 644,384 0.19AXA SA, 5.250%, 16/04/40 EUR 700,000 644,571 729,861 0.22AXA SA, 6.211%, perpetual EUR 1,000,000 846,025 973,943 0.29Banque PSA Finance SA, 3.500%, 17/01/14 EUR 350,000 350,663 353,749 0.11Banque PSA Finance SA, 3.625%, 29/04/14 EUR 500,000 498,539 505,360 0.15Banque PSA Finance SA, 6.000%, 16/07/14 EUR 600,000 615,807 630,973 0.19Banque PSA Finance SA, 3.875%, 14/01/15 EUR 200,000 197,593 204,154 0.06Banque PSA Finance SA, 4.000%, 24/06/15 EUR 350,000 348,021 357,753 0.11Banque PSA Finance SA, 4.875%, 25/09/15 EUR 700,000 708,011 733,117 0.22Banque PSA Finance SA, 4.250%, 25/02/16 EUR 200,000 199,955 205,651 0.06Bouygues SA, 6.125%, 03/07/15 EUR 1,150,000 1,260,921 1,295,202 0.39Bouygues SA, 4.000%, 12/02/18 EUR 1,100,000 1,174,968 1,230,410 0.37Bouygues SA, 3.641%, 29/10/19 EUR 500,000 494,886 544,739 0.16Bouygues SA, 4.250%, 22/07/20 EUR 100,000 105,813 112,317 0.03Bouygues SA, 4.500%, 09/02/22 EUR 700,000 754,722 793,211 0.24Bouygues SA, 3.625%, 16/01/23 EUR 300,000 309,607 316,757 0.09Cap Gemini SA, 5.250%, 29/11/16 EUR 300,000 325,029 334,234 0.10CNP Assurances, 6.875%, 30/09/41 EUR 800,000 731,170 821,920 0.25CNP Assurances, 4.750%, perpetual EUR 750,000 546,358 630,487 0.19
48
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA EURO SUSTAINABLE CORPORATE BOND INDEX FUND
Schedule of Investments at December 31, 2012 (Expressed in Euro)
The accompanying notes are an integral part of these financial statements.
Currency
NominalValue Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Total France 37,029,592 38,507,329 11.49 _______________________________________________ ____________________________________________________________ __________________________________________________
Germany Allianz SE, 5.625%, 17/10/42 EUR 800,000 828,562 903,311 0.27Allianz SE, 5.500%, perpetual EUR 1,000,000 1,009,697 1,025,638 0.31Bertelsmann SE & Co KGaA, 7.875%, 16/01/14 EUR 600,000 633,803 643,734 0.19Bertelsmann SE & Co KGaA, 3.625%, 06/10/15 EUR 50,000 50,827 53,738 0.02Bertelsmann SE & Co KGaA, 4.750%, 26/09/16 EUR 800,000 880,997 902,309 0.27Bertelsmann SE & Co KGaA, 2.625%, 02/08/22 EUR 500,000 492,359 503,575 0.15DVB Bank SE, 2.500%, 15/05/15 EUR 600,000 614,890 619,672 0.19Linde AG, 1.750%, 17/09/20 EUR 700,000 696,708 702,718 0.21MAN SE, 1.000%, 21/09/15 EUR 600,000 601,485 605,540 0.18MAN SE, 2.125%, 13/03/17 EUR 500,000 516,307 519,518 0.16Merck Financial Services GmbH, 3.375%, 24/03/15 EUR 900,000 937,620 952,013 0.28Merck Financial Services GmbH, 4.500%, 24/03/20 EUR 800,000 880,879 944,884 0.28Metro AG, 5.750%, 14/07/14 EUR 400,000 426,863 427,672 0.13Metro AG, 7.625%, 05/03/15 EUR 350,000 383,669 395,850 0.12
49
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA EURO SUSTAINABLE CORPORATE BOND INDEX FUND
Schedule of Investments at December 31, 2012 (Expressed in Euro)
The accompanying notes are an integral part of these financial statements.
Currency
NominalValue Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Total Jersey 285,988 291,627 0.09 _______________________________________________ ____________________________________________________________ __________________________________________________
Luxembourg ITW Finance Europe SA, 5.250%, 01/10/14 EUR 450,000 486,199 485,782 0.15Michelin Luxembourg SCS, 8.625%, 24/04/14 EUR 500,000 552,354 552,061 0.16Telecom Italia Finance SA, 7.750%, 24/01/33 EUR 650,000 680,735 748,596 0.22
Total Luxembourg 1,719,288 1,786,439 0.53 _______________________________________________ ____________________________________________________________ __________________________________________________
Total New Zealand 521,200 553,701 0.17 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Sweden 23,995,804 24,923,670 7.44 _______________________________________________ ____________________________________________________________ __________________________________________________
Total United Kingdom 11,109,608 11,468,412 3.42 _______________________________________________ ____________________________________________________________ __________________________________________________
United States BMW US Capital LLC, 5.000%, 28/05/15 EUR 850,000 930,397 934,072 0.28BMW US Capital LLC, 1.250%, 20/07/16 EUR 606,000 607,502 612,775 0.18Deutsche Postbank Funding Trust IV, 5.983%, perpetual EUR 300,000 242,483 256,656 0.08GE Capital Trust II, 5.500%, perpetual EUR 600,000 577,601 592,100 0.18GE Capital Trust IV, 4.625%, perpetual EUR 800,000 764,307 785,856 0.23General Electric Capital Corp, 4.125%, 19/09/35 EUR 400,000 368,114 401,746 0.12International Business Machines Corp, 6.625%, 30/01/14 EUR 300,000 319,329 319,461 0.09International Business Machines Corp, 6.625%, 30/01/14 EUR 150,000 157,483 159,730 0.05International Business Machines Corp, 1.375%, 19/11/19 EUR 600,000 597,540 595,242 0.18John Deere Capital Corp, 7.500%, 24/01/14 EUR 250,000 264,132 268,201 0.08John Deere Capital Corp, 7.500%, 24/01/14 EUR 150,000 160,773 160,921 0.05Metropolitan Life Global Funding I, 4.625%, 16/05/17 EUR 550,000 592,255 630,287 0.19Metropolitan Life Global Funding I, 2.375%, 30/09/19 EUR 250,000 249,218 261,088 0.08NYSE Euronext, 5.375%, 30/06/15 EUR 550,000 585,617 600,597 0.18Roche Holdings Inc, 5.625%, 04/03/16 EUR 1,600,000 1,834,812 1,848,146 0.55Roche Holdings Inc, 6.500%, 04/03/21 EUR 1,300,000 1,753,604 1,775,512 0.53Swiss Re Treasury US Corp, 7.000%, 19/05/14 EUR 300,000 319,225 325,503 0.10Zurich Finance USA Inc, 4.500%, 17/09/14 EUR 900,000 953,753 957,243 0.28
55
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA EURO SUSTAINABLE CORPORATE BOND INDEX FUND
Schedule of Investments at December 31, 2012 (Expressed in Euro)
The accompanying notes are an integral part of these financial statements.
Currency
NominalValue Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Corporate Bonds - (Continued)
United States - (Continued) Zurich Finance USA Inc, 4.500%, 15/06/25 EUR 550,000 565,606 577,357 0.17
Total United States 11,843,751 12,062,493 3.60 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Corporate Bonds 310,488,631 323,352,902 96.50 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market 310,488,631 323,352,902 96.50 _______________________________________________ ____________________________________________________________ __________________________________________________
TOTAL INVESTMENTS 310,488,631 323,352,902 96.50 _______________________________________________ ____________________________________________________________ __________________________________________________
Other Net Assets/(Liabilities) 11,720,367 3.50 ____________________________________________________________ ___________________________________________________
TOTAL NET ASSETS 335,073,269 100.00 ____________________________________________________________ ___________________________________________________
56
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA EURO CORE TREASURY BOND INDEX FUND
Schedule of Investments at December 31, 2012 (Expressed in Euro)
The accompanying notes are an integral part of these financial statements.
Currency
NominalValue Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market
Government Bonds - 98.22% France France Government Bond OAT, 4.000%, 25/04/14 EUR 7,950,000 8,311,694 8,360,617 1.25France Government Bond OAT, 4.000%, 25/10/14 EUR 5,100,000 5,389,137 5,464,701 0.81France Government Bond OAT, 3.500%, 25/04/15 EUR 4,700,000 4,936,076 5,066,647 0.75France Government Bond OAT, 3.000%, 25/10/15 EUR 7,250,000 7,578,661 7,823,837 1.17France Government Bond OAT, 3.250%, 25/04/16 EUR 6,550,000 6,906,849 7,189,215 1.07France Government Bond OAT, 5.000%, 25/10/16 EUR 6,150,000 6,843,206 7,215,426 1.07France Government Bond OAT, 3.750%, 25/04/17 EUR 11,350,000 12,542,190 12,902,793 1.92France Government Bond OAT, 4.250%, 25/10/17 EUR 6,000,000 6,650,312 7,009,860 1.04France Government Bond OAT, 4.000%, 25/04/18 EUR 7,200,000 7,947,923 8,385,552 1.25France Government Bond OAT, 4.250%, 25/10/18 EUR 5,350,000 5,902,428 6,341,623 0.94France Government Bond OAT, 4.250%, 25/04/19 EUR 7,350,000 8,211,140 8,759,215 1.30France Government Bond OAT, 3.750%, 25/10/19 EUR 6,050,000 6,601,053 7,039,054 1.05France Government Bond OAT, 8.500%, 25/10/19 EUR 1,800,000 2,486,912 2,658,114 0.40France Government Bond OAT, 3.500%, 25/04/20 EUR 6,350,000 6,686,324 7,287,831 1.09France Government Bond OAT, 2.500%, 25/10/20 EUR 5,980,000 5,880,175 6,416,959 0.96France Government Bond OAT, 3.750%, 25/04/21 EUR 7,000,000 7,530,989 8,146,110 1.21France Government Bond OAT, 3.250%, 25/10/21 EUR 6,295,000 6,489,721 7,058,835 1.05France Government Bond OAT, 3.000%, 25/04/22 EUR 7,285,000 7,573,555 7,981,373 1.19France Government Bond OAT, 8.250%, 25/04/22 EUR 900,000 1,261,652 1,399,068 0.21France Government Bond OAT, 2.250%, 25/10/22 EUR 2,500,000 2,521,447 2,559,025 0.38France Government Bond OAT, 8.500%, 25/04/23 EUR 2,180,000 3,180,638 3,495,303 0.52France Government Bond OAT, 4.250%, 25/10/23 EUR 7,440,000 8,223,427 8,962,819 1.33France Government Bond OAT, 6.000%, 25/10/25 EUR 5,200,000 6,827,887 7,339,384 1.09France Government Bond OAT, 3.500%, 25/04/26 EUR 8,500,000 8,904,060 9,573,550 1.43France Government Bond OAT, 2.750%, 25/10/27 EUR 3,200,000 3,289,302 3,294,176 0.49France Government Bond OAT, 5.500%, 25/04/29 EUR 5,510,000 6,982,822 7,655,704 1.14France Government Bond OAT, 5.750%, 25/10/32 EUR 4,910,000 6,392,258 7,197,913 1.07France Government Bond OAT, 4.750%, 25/04/35 EUR 4,690,000 5,491,960 6,159,893 0.92France Government Bond OAT, 4.000%, 25/10/38 EUR 5,320,000 5,762,279 6,347,452 0.95France Government Bond OAT, 4.500%, 25/04/41 EUR 5,405,000 6,322,180 6,986,935 1.04France Government Bond OAT, 4.000%, perpetual EUR 3,720,000 4,023,519 4,465,562 0.67France Government Bond OAT, 4.000%, perpetual EUR 2,380,000 2,561,173 2,862,926 0.43French Treasury Note BTAN, 2.500%, 12/01/14 EUR 5,450,000 5,548,915 5,587,395 0.83French Treasury Note BTAN, 3.000%, 12/07/14 EUR 6,570,000 6,763,673 6,865,059 1.02French Treasury Note BTAN, 0.750%, 25/09/14 EUR 3,950,000 3,967,913 3,997,400 0.60French Treasury Note BTAN, 2.500%, 15/01/15 EUR 6,450,000 6,653,268 6,768,050 1.01French Treasury Note BTAN, 2.000%, 12/07/15 EUR 5,300,000 5,361,472 5,546,768 0.83French Treasury Note BTAN, 2.250%, 25/02/16 EUR 5,630,000 5,686,581 5,982,945 0.89French Treasury Note BTAN, 2.500%, 25/07/16 EUR 6,550,000 6,756,150 7,048,914 1.05French Treasury Note BTAN, 1.750%, 25/02/17 EUR 5,150,000 5,198,979 5,414,350 0.81French Treasury Note BTAN, 1.000%, 25/07/17 EUR 7,350,000 7,430,442 7,473,406 1.11
Total France 249,580,342 264,091,759 39.34 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Germany 254,206,382 263,521,771 39.25 _______________________________________________ ____________________________________________________________ __________________________________________________
Netherlands Netherlands Government Bond, 1.000%, 15/01/14 EUR 6,270,000 6,297,250 6,333,264 0.94Netherlands Government Bond, 3.750%, 15/07/14 EUR 9,530,000 10,007,442 10,070,827 1.50Netherlands Government Bond, 2.750%, 15/01/15 EUR 6,700,000 6,970,215 7,070,108 1.05Netherlands Government Bond, 0.750%, 15/04/15 EUR 4,050,000 4,070,289 4,114,719 0.61Netherlands Government Bond, 3.250%, 15/07/15 EUR 5,350,000 5,624,629 5,781,638 0.86Netherlands Government Bond, 4.000%, 15/07/16 EUR 6,050,000 6,618,274 6,857,251 1.02Netherlands Government Bond, 2.500%, 15/01/17 EUR 7,700,000 8,113,802 8,372,210 1.25Netherlands Government Bond, 4.500%, 15/07/17 EUR 8,450,000 9,642,667 9,998,040 1.49Netherlands Government Bond, 1.250%, 15/01/18 EUR 3,825,000 3,911,676 3,957,422 0.59Netherlands Government Bond, 4.000%, 15/07/18 EUR 5,300,000 5,869,344 6,255,855 0.93Netherlands Government Bond, 4.000%, 15/07/19 EUR 5,550,000 6,240,754 6,641,408 0.99Netherlands Government Bond, 3.500%, 15/07/20 EUR 5,800,000 6,322,371 6,798,760 1.01Netherlands Government Bond, 3.250%, 15/07/21 EUR 6,120,000 6,590,939 7,074,720 1.05Netherlands Government Bond, 2.250%, 15/07/22 EUR 6,125,000 6,308,629 6,540,704 0.98Netherlands Government Bond, 3.750%, 15/01/23 EUR 4,220,000 4,703,621 5,083,454 0.76Netherlands Government Bond, 7.500%, 15/01/23 EUR 1,350,000 1,980,197 2,103,543 0.31Netherlands Government Bond, 5.500%, 15/01/28 EUR 7,810,000 10,723,178 11,389,167 1.70Netherlands Government Bond, 2.500%, 15/01/33 EUR 3,240,000 3,212,852 3,413,081 0.51Netherlands Government Bond, 4.000%, 15/01/37 EUR 5,010,000 6,144,604 6,674,572 0.99Netherlands Government Bond, 3.750%, 15/01/42 EUR 5,500,000 6,645,567 7,284,915 1.09
Total Netherlands 125,998,300 131,815,658 19.63 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Government Bonds 629,785,024 659,429,188 98.22 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market 629,785,024 659,429,188 98.22 _______________________________________________ ____________________________________________________________ __________________________________________________
58
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA EURO CORE TREASURY BOND INDEX FUND
Schedule of Investments at December 31, 2012 (Expressed in Euro)
The accompanying notes are an integral part of these financial statements.
Currency
NominalValue Cost
MarketValue
% ofNet Assets
TOTAL INVESTMENTS 629,785,024 659,429,188 98.22 _______________________________________________ ____________________________________________________________ __________________________________________________
Other Net Assets/(Liabilities) 11,976,382 1.78 ____________________________________________________________ ___________________________________________________
TOTAL NET ASSETS 671,405,570 100.00 ____________________________________________________________ ___________________________________________________
59
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA GLOBAL TREASURY BOND INDEX FUND
Schedule of Investments at December 31, 2012 (Expressed in US Dollar)
The accompanying notes are an integral part of these financial statements.
Currency
NominalValue Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market
Government Bonds - 96.78% Australia Australia Government Bond, 6.250%, 15/06/14 AUD 110,000 100,127 120,080 0.08Australia Government Bond, 4.750%, 15/06/16 AUD 360,000 366,581 398,898 0.27Australia Government Bond, 6.000%, 15/02/17 AUD 100,000 118,497 117,062 0.08Australia Government Bond, 4.250%, 21/07/17 AUD 180,000 195,480 198,700 0.14Australia Government Bond, 5.500%, 21/01/18 AUD 50,000 58,516 58,390 0.04Australia Government Bond, 4.500%, 15/04/20 AUD 125,000 117,015 142,050 0.10Australia Government Bond, 5.750%, 15/07/22 AUD 100,000 128,691 125,176 0.09Australia Government Bond, 5.500%, 21/04/23 AUD 190,000 218,064 235,230 0.16Australia Government Bond, 3.250%, 21/04/29 AUD 30,000 29,996 29,113 0.02
Total Australia 1,332,967 1,424,699 0.98 _______________________________________________ ____________________________________________________________ __________________________________________________
Austria Austria Government Bond, 4.300%, 15/07/14 EUR 110,000 162,186 154,449 0.11Austria Government Bond, 3.400%, 20/10/14 EUR 80,000 106,388 111,830 0.08Austria Government Bond, 3.200%, 20/02/17 EUR 270,000 372,973 396,029 0.27Austria Government Bond, 4.300%, 15/09/17 EUR 30,000 42,835 46,375 0.03Austria Government Bond, 4.350%, 15/03/19 EUR 110,000 158,199 174,270 0.12Austria Government Bond, 3.500%, 15/09/21 EUR 80,000 121,167 122,203 0.09Austria Government Bond, 3.650%, 20/04/22 EUR 140,000 199,579 216,168 0.15Austria Government Bond, 3.400%, 22/11/22 EUR 30,000 41,489 45,452 0.03Austria Government Bond, 4.850%, 15/03/26 EUR 50,000 76,184 87,001 0.06Austria Government Bond, 4.150%, 15/03/37 EUR 110,000 165,485 188,549 0.13Austria Government Bond, 3.150%, 20/06/44 EUR 30,000 39,375 44,528 0.03
Total Austria 1,485,860 1,586,854 1.10 _______________________________________________ ____________________________________________________________ __________________________________________________
Belgium Belgium Government Bond, 4.000%, 28/03/14 EUR 60,000 77,241 82,928 0.06Belgium Government Bond, 4.250%, 28/09/14 EUR 220,000 314,989 311,007 0.21Belgium Government Bond, 3.750%, 28/09/15 EUR 130,000 182,838 187,851 0.13Belgium Government Bond, 4.000%, 28/03/17 EUR 80,000 109,773 120,196 0.08Belgium Government Bond, 3.500%, 28/06/17 EUR 270,000 382,076 399,151 0.28Belgium Government Bond, 4.000%, 28/03/18 EUR 50,000 74,210 76,359 0.05Belgium Government Bond, 4.000%, 28/03/19 EUR 70,000 102,342 107,948 0.07Belgium Government Bond, 3.000%, 28/09/19 EUR 80,000 114,724 116,584 0.08Belgium Government Bond, 3.750%, 28/09/20 EUR 90,000 117,880 137,190 0.10Belgium Government Bond, 4.250%, 28/09/22 EUR 70,000 98,113 110,117 0.08Belgium Government Bond, 4.500%, 28/03/26 EUR 150,000 214,447 243,988 0.17Belgium Government Bond, 5.500%, 28/03/28 EUR 145,000 225,172 262,506 0.18Belgium Government Bond, 5.000%, 28/03/35 EUR 90,000 140,519 158,492 0.11Belgium Government Bond, 4.250%, 28/03/41 EUR 70,000 98,905 113,371 0.08
Total Belgium 2,253,229 2,427,688 1.68 _______________________________________________ ____________________________________________________________ __________________________________________________
Canada Canadian Government Bond, 3.750%, 01/06/19 CAD 164,000 155,862 186,598 0.13
Total Canada 155,862 186,598 0.13 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Denmark 695,798 743,703 0.51 _______________________________________________ ____________________________________________________________ __________________________________________________
Finland Finland Government Bond, 3.125%, 15/09/14 EUR 100,000 144,959 138,783 0.10Finland Government Bond, 1.750%, 15/04/16 EUR 50,000 70,148 69,486 0.05Finland Government Bond, 1.875%, 15/04/17 EUR 40,000 52,386 56,221 0.04Finland Government Bond, 3.375%, 15/04/20 EUR 50,000 70,377 76,590 0.05Finland Government Bond, 3.500%, 15/04/21 EUR 70,000 98,190 108,347 0.07Finland Government Bond, 1.625%, 15/09/22 EUR 40,000 52,935 53,285 0.04Finland Government Bond, 4.000%, 04/07/25 EUR 30,000 45,451 49,398 0.03Finland Government Bond, 2.625%, 04/07/42 EUR 30,000 40,123 42,826 0.03
Total Finland 574,569 594,936 0.41 _______________________________________________ ____________________________________________________________ __________________________________________________
France France Government Bond OAT, 4.000%, 25/04/14 EUR 260,000 381,608 360,489 0.25France Government Bond OAT, 4.000%, 25/10/14 EUR 200,000 275,064 282,536 0.19France Government Bond OAT, 3.500%, 25/04/15 EUR 50,000 69,725 71,062 0.05France Government Bond OAT, 3.000%, 25/10/15 EUR 120,000 163,501 170,730 0.12France Government Bond OAT, 3.250%, 25/04/16 EUR 80,000 107,364 115,765 0.08France Government Bond OAT, 3.750%, 25/04/17 EUR 280,000 398,638 419,656 0.29France Government Bond OAT, 4.250%, 25/10/17 EUR 200,000 283,758 308,060 0.21France Government Bond OAT, 4.250%, 25/10/18 EUR 380,000 554,132 593,851 0.41France Government Bond OAT, 3.750%, 25/10/19 EUR 350,000 497,766 536,876 0.37France Government Bond OAT, 2.500%, 25/10/20 EUR 230,000 297,258 325,389 0.22France Government Bond OAT, 3.750%, 25/04/21 EUR 130,000 182,515 199,454 0.14France Government Bond OAT, 3.250%, 25/10/21 EUR 370,000 509,347 546,999 0.38France Government Bond OAT, 3.000%, 25/04/22 EUR 320,000 422,113 462,216 0.32France Government Bond OAT, 4.250%, 25/10/23 EUR 140,000 213,137 222,355 0.15France Government Bond OAT, 3.500%, 25/04/26 EUR 410,000 565,805 608,815 0.42France Government Bond OAT, 5.500%, 25/04/29 EUR 150,000 253,271 274,772 0.19France Government Bond OAT, 5.750%, 25/10/32 EUR 160,000 281,056 309,238 0.21France Government Bond OAT, 4.750%, 25/04/35 EUR 90,000 150,555 155,844 0.11France Government Bond OAT, 4.000%, 25/10/38 EUR 100,000 143,953 157,302 0.11France Government Bond OAT, 4.500%, 25/04/41 EUR 240,000 360,664 409,025 0.28France Government Bond OAT, 4.000%, perpetual EUR 110,000 158,501 174,451 0.12French Treasury Note BTAN, 2.500%, 12/01/14 EUR 30,000 40,144 40,549 0.03French Treasury Note BTAN, 3.000%, 12/07/14 EUR 220,000 285,357 303,074 0.21French Treasury Note BTAN, 0.750%, 25/09/14 EUR 30,000 39,452 40,027 0.03French Treasury Note BTAN, 2.500%, 15/01/15 EUR 280,000 384,006 387,355 0.27French Treasury Note BTAN, 2.000%, 12/07/15 EUR 300,000 413,239 413,935 0.29French Treasury Note BTAN, 2.250%, 25/02/16 EUR 150,000 211,112 210,158 0.14French Treasury Note BTAN, 2.500%, 25/07/16 EUR 300,000 420,772 425,647 0.29French Treasury Note BTAN, 1.750%, 25/02/17 EUR 190,000 248,649 263,354 0.18French Treasury Note BTAN, 1.000%, 25/07/17 EUR 150,000 197,710 201,080 0.14
Total France 8,510,172 8,990,064 6.20 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Germany 7,718,652 8,132,890 5.61 _______________________________________________ ____________________________________________________________ __________________________________________________
Ireland Ireland Government Bond, 4.000%, 15/01/14 EUR 10,000 14,485 13,522 0.01Ireland Government Bond, 4.500%, 18/02/15 EUR 100,000 131,845 140,017 0.10Ireland Government Bond, 4.500%, 18/10/18 EUR 90,000 109,932 124,016 0.09Ireland Government Bond, 4.400%, 18/06/19 EUR 175,000 227,391 233,428 0.16Ireland Government Bond, 5.000%, 18/10/20 EUR 80,000 94,702 109,191 0.07Ireland Government Bond, 5.400%, 13/03/25 EUR 75,000 88,807 101,173 0.07
Total Ireland 667,162 721,347 0.50 _______________________________________________ ____________________________________________________________ __________________________________________________
Israel Israel Government Bond - Fixed, 3.500%, 31/08/14 ILS 200,000 53,382 55,083 0.04Israel Government Bond - Fixed, 4.250%, 31/08/16 ILS 300,000 81,745 85,871 0.06Israel Government Bond - Fixed, 5.500%, 31/01/22 ILS 300,000 86,136 91,619 0.06Israel Government Bond - Fixed, 5.500%, 31/01/42 ILS 200,000 56,712 57,424 0.04
Total Israel 277,975 289,997 0.20 _______________________________________________ ____________________________________________________________ __________________________________________________
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA GLOBAL TREASURY BOND INDEX FUND
Schedule of Investments at December 31, 2012 (Expressed in US Dollar)
The accompanying notes are an integral part of these financial statements.
Currency
NominalValue Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Government Bonds - (Continued)
Italy - (Continued) Italy Buoni Poliennali Del Tesoro, 5.000%, 01/03/25 EUR 120,000 133,550 163,956 0.11Italy Buoni Poliennali Del Tesoro, 4.500%, 01/03/26 EUR 290,000 376,260 378,283 0.26Italy Buoni Poliennali Del Tesoro, 5.250%, 01/11/29 EUR 210,000 309,338 286,668 0.20Italy Buoni Poliennali Del Tesoro, 6.000%, 01/05/31 EUR 200,000 277,083 294,238 0.20Italy Buoni Poliennali Del Tesoro, 5.000%, 01/08/34 EUR 150,000 165,127 198,241 0.14Italy Buoni Poliennali Del Tesoro, 4.000%, 01/02/37 EUR 320,000 382,903 367,380 0.25Italy Buoni Poliennali Del Tesoro, 5.000%, 01/08/39 EUR 120,000 152,022 158,749 0.11Italy Buoni Poliennali Del Tesoro, 5.000%, 01/09/40 EUR 40,000 57,696 52,832 0.04Italy Certificati di Credito del Tesoro Zero Coupon, zero coupon, 31/01/14 EUR 150,000 189,697 194,588 0.13Italy Certificati di Credito del Tesoro Zero Coupon, zero coupon, 30/05/14 EUR 80,000 101,300 102,910 0.07
Total Italy 8,500,827 8,720,330 6.02 _______________________________________________ ____________________________________________________________ __________________________________________________
Japan Japan Government Five Year Bond, 0.800%, 20/03/14 JPY 46,000,000 572,078 536,492 0.37Japan Government Five Year Bond, 0.700%, 20/06/14 JPY 55,000,000 719,266 641,668 0.44Japan Government Five Year Bond, 0.900%, 20/06/14 JPY 43,000,000 559,563 503,105 0.35Japan Government Five Year Bond, 0.700%, 20/09/14 JPY 80,000,000 1,018,837 934,741 0.65Japan Government Five Year Bond, 0.500%, 20/12/14 JPY 34,000,000 423,223 396,325 0.27Japan Government Five Year Bond, 0.500%, 20/03/15 JPY 77,500,000 1,006,130 904,276 0.62Japan Government Five Year Bond, 0.400%, 20/06/15 JPY 53,000,000 655,663 617,531 0.43Japan Government Five Year Bond, 0.300%, 20/06/15 JPY 42,000,000 515,046 488,179 0.34Japan Government Five Year Bond, 0.300%, 20/09/15 JPY 44,000,000 565,427 511,685 0.35Japan Government Five Year Bond, 0.400%, 20/09/15 JPY 67,000,000 830,346 781,249 0.54Japan Government Five Year Bond, 0.600%, 20/12/15 JPY 39,000,000 484,755 457,752 0.32Japan Government Five Year Bond, 0.500%, 20/12/15 JPY 43,000,000 525,086 503,239 0.35Japan Government Five Year Bond, 0.500%, 20/03/16 JPY 20,000,000 242,583 234,220 0.16Japan Government Five Year Bond, 0.400%, 20/06/16 JPY 5,000,000 61,315 58,393 0.04Japan Government Five Year Bond, 0.400%, 20/12/16 JPY 26,000,000 325,364 303,773 0.21Japan Government Five Year Bond, 0.300%, 20/03/17 JPY 43,000,000 533,025 500,424 0.35Japan Government Five Year Bond, 0.200%, 20/06/17 JPY 60,000,000 767,502 695,151 0.48Japan Government Five Year Bond, 0.200%, 20/09/17 JPY 71,000,000 877,709 822,102 0.57Japan Government Five Year Bond, 0.200%, 20/12/17 JPY 23,000,000 267,433 266,200 0.18Japan Government Forty Year Bond, 2.200%, perpetual JPY 11,500,000 124,403 137,863 0.10Japan Government Forty Year Bond, 2.200%, perpetual JPY 10,000,000 130,061 119,315 0.08Japan Government Forty Year Bond, 2.200%, perpetual JPY 29,000,000 369,137 344,331 0.24Japan Government Ten Year Bond, 1.600%, 20/09/14 JPY 134,000,000 1,487,468 1,589,372 1.10Japan Government Ten Year Bond, 1.500%, 20/09/15 JPY 109,000,000 1,199,545 1,308,353 0.90Japan Government Ten Year Bond, 1.900%, 20/06/16 JPY 24,000,000 313,708 294,642 0.20Japan Government Ten Year Bond, 1.800%, 20/09/16 JPY 30,000,000 392,198 368,442 0.25Japan Government Ten Year Bond, 1.700%, 20/03/17 JPY 79,000,000 1,025,814 972,934 0.67Japan Government Ten Year Bond, 1.900%, 20/06/17 JPY 62,000,000 810,468 772,345 0.53Japan Government Ten Year Bond, 1.700%, 20/09/17 JPY 78,500,000 887,548 972,895 0.67Japan Government Ten Year Bond, 1.500%, 20/12/17 JPY 45,000,000 603,879 554,151 0.38Japan Government Ten Year Bond, 1.400%, 20/03/18 JPY 20,000,000 249,359 245,648 0.17Japan Government Ten Year Bond, 1.700%, 20/03/18 JPY 15,000,000 192,656 186,913 0.13Japan Government Ten Year Bond, 1.300%, 20/03/18 JPY 29,000,000 384,181 354,463 0.24Japan Government Ten Year Bond, 1.800%, 20/06/18 JPY 44,000,000 600,671 552,172 0.38Japan Government Ten Year Bond, 1.500%, 20/09/18 JPY 62,000,000 712,053 767,440 0.53Japan Government Ten Year Bond, 1.300%, 20/12/18 JPY 8,000,000 105,729 98,047 0.07Japan Government Ten Year Bond, 1.500%, 20/03/19 JPY 21,000,000 242,589 260,367 0.18Japan Government Ten Year Bond, 1.300%, 20/03/19 JPY 25,000,000 335,152 306,445 0.21Japan Government Ten Year Bond, 1.400%, 20/09/19 JPY 35,000,000 476,507 431,630 0.30Japan Government Ten Year Bond, 1.300%, 20/12/19 JPY 38,000,000 493,140 465,603 0.32Japan Government Ten Year Bond, 1.400%, 20/03/20 JPY 35,000,000 469,062 431,447 0.30Japan Government Ten Year Bond, 1.100%, 20/06/20 JPY 12,000,000 153,410 144,869 0.10Japan Government Ten Year Bond, 1.300%, 20/06/20 JPY 36,000,000 460,534 440,589 0.30Japan Government Ten Year Bond, 1.000%, 20/09/20 JPY 50,000,000 621,673 598,381 0.41Japan Government Ten Year Bond, 1.200%, 20/12/20 JPY 13,000,000 165,809 157,733 0.11Japan Government Ten Year Bond, 1.100%, 20/03/21 JPY 40,000,000 490,846 481,064 0.33Japan Government Ten Year Bond, 1.300%, 20/03/21 JPY 50,000,000 627,822 610,611 0.42Japan Government Ten Year Bond, 1.200%, 20/06/21 JPY 73,000,000 930,780 883,590 0.61Japan Government Ten Year Bond, 1.000%, 20/09/21 JPY 40,000,000 523,999 475,753 0.33Japan Government Ten Year Bond, 1.000%, 20/12/21 JPY 68,000,000 840,908 807,341 0.56Japan Government Ten Year Bond, 1.100%, 20/12/21 JPY 35,000,000 447,251 418,956 0.29Japan Government Ten Year Bond, 1.000%, 20/03/22 JPY 66,000,000 837,907 782,084 0.54Japan Government Ten Year Bond, 0.900%, 20/03/22 JPY 23,000,000 296,335 270,252 0.19
63
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA GLOBAL TREASURY BOND INDEX FUND
Schedule of Investments at December 31, 2012 (Expressed in US Dollar)
The accompanying notes are an integral part of these financial statements.
Currency
NominalValue Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Government Bonds - (Continued)
Japan - (Continued) Japan Government Ten Year Bond, 0.900%, 20/06/22 JPY 30,000,000 379,339 351,708 0.24Japan Government Ten Year Bond, 0.800%, 20/06/22 JPY 55,000,000 698,463 638,901 0.44Japan Government Ten Year Bond, 0.800%, 20/09/22 JPY 60,000,000 749,102 695,491 0.48Japan Government Ten Year Bond, 0.700%, 20/12/22 JPY 15,000,000 173,083 171,961 0.12Japan Government Thirty Year Bond, 1.800%, 22/11/32 JPY 12,500,000 141,038 145,956 0.10Japan Government Thirty Year Bond, 1.700%, 20/06/33 JPY 26,000,000 297,282 297,317 0.21Japan Government Thirty Year Bond, 2.300%, 20/03/35 JPY 36,000,000 510,276 451,881 0.31Japan Government Thirty Year Bond, 2.300%, 20/12/35 JPY 21,000,000 244,727 263,451 0.18Japan Government Thirty Year Bond, 2.400%, 20/03/37 JPY 23,000,000 320,119 293,399 0.20Japan Government Thirty Year Bond, 2.500%, 20/03/38 JPY 20,000,000 287,688 259,825 0.18Japan Government Thirty Year Bond, 2.200%, 20/09/39 JPY 34,000,000 419,059 416,702 0.29Japan Government Thirty Year Bond, 2.000%, 20/09/40 JPY 5,000,000 61,189 58,716 0.04Japan Government Thirty Year Bond, 2.200%, 20/03/41 JPY 31,500,000 417,207 385,082 0.27Japan Government Thirty Year Bond, 2.000%, 20/09/41 JPY 26,000,000 339,152 304,305 0.21Japan Government Thirty Year Bond, 2.000%, 20/03/42 JPY 17,000,000 211,303 198,625 0.14Japan Government Thirty Year Bond, 1.900%, 20/09/42 JPY 5,000,000 57,606 57,015 0.04Japan Government Twenty Year Bond, 1.900%, 22/03/21 JPY 35,000,000 407,803 446,801 0.31Japan Government Twenty Year Bond, 1.900%, 20/06/22 JPY 47,000,000 589,053 600,055 0.41Japan Government Twenty Year Bond, 1.800%, 20/12/23 JPY 16,000,000 207,633 202,152 0.14Japan Government Twenty Year Bond, 2.100%, 20/09/24 JPY 49,000,000 555,147 635,331 0.44Japan Government Twenty Year Bond, 2.000%, 20/12/25 JPY 10,000,000 141,289 127,597 0.09Japan Government Twenty Year Bond, 2.100%, 20/12/26 JPY 87,000,000 1,050,445 1,114,403 0.77Japan Government Twenty Year Bond, 2.100%, 20/12/27 JPY 50,000,000 686,550 636,176 0.44Japan Government Twenty Year Bond, 2.100%, 20/09/28 JPY 21,000,000 295,049 265,441 0.18Japan Government Twenty Year Bond, 2.200%, 20/06/29 JPY 47,000,000 528,120 597,718 0.41Japan Government Twenty Year Bond, 2.100%, 20/03/30 JPY 10,000,000 138,206 124,630 0.09Japan Government Twenty Year Bond, 1.800%, 20/06/30 JPY 15,000,000 185,705 178,701 0.12Japan Government Twenty Year Bond, 1.900%, 20/09/30 JPY 19,500,000 246,861 235,182 0.16Japan Government Twenty Year Bond, 2.100%, 20/12/30 JPY 22,500,000 301,425 278,754 0.19Japan Government Twenty Year Bond, 2.200%, 20/03/31 JPY 29,000,000 377,074 363,757 0.25Japan Government Twenty Year Bond, 1.900%, 20/03/31 JPY 27,000,000 335,081 324,097 0.22Japan Government Twenty Year Bond, 1.900%, 20/06/31 JPY 34,000,000 430,749 407,127 0.28Japan Government Twenty Year Bond, 1.800%, 20/09/31 JPY 25,000,000 317,833 294,281 0.20Japan Government Twenty Year Bond, 1.700%, 20/12/31 JPY 26,000,000 319,412 300,483 0.21Japan Government Twenty Year Bond, 1.800%, 20/12/31 JPY 39,000,000 490,013 457,842 0.32Japan Government Twenty Year Bond, 1.700%, 20/06/32 JPY 20,000,000 235,480 230,297 0.16Japan Government Twenty Year Bond, 1.500%, 20/06/32 JPY 17,000,000 214,305 189,343 0.13Japan Government Twenty Year Bond, 1.700%, 20/09/32 JPY 42,000,000 518,749 482,185 0.33Japan Government Two Year Bond, 0.100%, 15/01/14 JPY 18,000,000 223,168 208,187 0.14Japan Government Two Year Bond, 0.100%, 15/05/14 JPY 52,000,000 650,907 601,442 0.42Japan Government Two Year Bond, 0.100%, 15/07/14 JPY 50,000,000 639,186 578,315 0.40Japan Government Two Year Bond, 0.100%, 15/11/14 JPY 43,000,000 525,623 497,356 0.34
Total Japan 44,870,452 43,130,534 29.76 _______________________________________________ ____________________________________________________________ __________________________________________________
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA GLOBAL TREASURY BOND INDEX FUND
Schedule of Investments at December 31, 2012 (Expressed in US Dollar)
The accompanying notes are an integral part of these financial statements.
Currency
NominalValue Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Government Bonds - (Continued)
Korea - (Continued) Korea Treasury Bond, 4.000%, 10/12/31 KRW 40,000,000 42,211 41,207 0.03
Total Korea 2,279,300 2,481,586 1.71 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Mexico 767,982 813,468 0.56 _______________________________________________ ____________________________________________________________ __________________________________________________
Netherlands Netherlands Government Bond, 1.000%, 15/01/14 EUR 130,000 172,660 173,121 0.12Netherlands Government Bond, 3.750%, 15/07/14 EUR 150,000 219,537 208,983 0.14Netherlands Government Bond, 2.750%, 15/01/15 EUR 100,000 136,320 139,123 0.10Netherlands Government Bond, 0.750%, 15/04/15 EUR 170,000 224,824 227,710 0.16Netherlands Government Bond, 2.500%, 15/01/17 EUR 140,000 196,624 200,690 0.14Netherlands Government Bond, 4.500%, 15/07/17 EUR 100,000 143,934 155,993 0.11Netherlands Government Bond, 4.000%, 15/07/19 EUR 180,000 257,392 283,979 0.20Netherlands Government Bond, 3.250%, 15/07/21 EUR 310,000 444,472 472,462 0.32Netherlands Government Bond, 2.250%, 15/07/22 EUR 140,000 184,597 197,103 0.14Netherlands Government Bond, 2.500%, 15/01/33 EUR 30,000 38,165 41,665 0.03Netherlands Government Bond, 4.000%, 15/01/37 EUR 160,000 243,396 281,030 0.19Netherlands Government Bond, 3.750%, 15/01/42 EUR 60,000 99,356 104,776 0.07
Total Netherlands 2,361,277 2,486,635 1.72 _______________________________________________ ____________________________________________________________ __________________________________________________
New Zealand New Zealand Government Bond, 6.000%, 15/04/15 NZD 70,000 56,873 62,139 0.04New Zealand Government Bond, 6.000%, 15/12/17 NZD 70,000 61,774 65,886 0.05New Zealand Government Bond, 5.000%, 15/03/19 NZD 60,000 55,897 54,652 0.04New Zealand Government Bond, 6.000%, 15/05/21 NZD 90,000 79,675 88,261 0.06New Zealand Government Bond, 5.500%, 15/04/23 NZD 50,000 47,752 48,164 0.03
Total New Zealand 301,971 319,102 0.22 _______________________________________________ ____________________________________________________________ __________________________________________________
Norway Norway Government Bond, 5.000%, 15/05/15 NOK 500,000 87,072 97,103 0.07Norway Government Bond, 4.250%, 19/05/17 NOK 150,000 27,527 30,026 0.02Norway Government Bond, 4.500%, 22/05/19 NOK 150,000 31,050 31,427 0.02Norway Government Bond, 3.750%, 25/05/21 NOK 430,000 80,299 88,051 0.06
Total Norway 225,948 246,607 0.17 _______________________________________________ ____________________________________________________________ __________________________________________________
Poland Poland Government Bond, zero coupon, 25/01/14 PLN 580,000 170,265 181,408 0.13Poland Government Bond, 5.750%, 25/04/14 PLN 150,000 46,427 50,074 0.03Poland Government Bond, 5.500%, 25/04/15 PLN 100,000 31,079 34,008 0.02Poland Government Bond, 5.000%, 25/04/16 PLN 180,000 65,142 61,475 0.04Poland Government Bond, 5.500%, 25/10/19 PLN 740,000 244,361 270,438 0.19Poland Government Bond, 5.750%, 25/10/21 PLN 100,000 36,064 37,505 0.03Poland Government Bond, 5.750%, 23/09/22 PLN 100,000 34,322 37,877 0.03
65
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA GLOBAL TREASURY BOND INDEX FUND
Schedule of Investments at December 31, 2012 (Expressed in US Dollar)
The accompanying notes are an integral part of these financial statements.
Currency
NominalValue Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Total Slovenia 58,458 66,776 0.05 _______________________________________________ ____________________________________________________________ __________________________________________________
South Africa South Africa Government Bond, 8.750%, 21/12/14 ZAR 720,000 97,497 90,694 0.06South Africa Government Bond, 8.250%, 15/09/17 ZAR 600,000 79,488 77,829 0.05South Africa Government Bond, 7.250%, 15/01/20 ZAR 1,100,000 135,886 136,795 0.10South Africa Government Bond, 6.750%, 31/03/21 ZAR 1,300,000 158,713 156,900 0.11South Africa Government Bond, 6.250%, 31/03/36 ZAR 1,100,000 119,056 105,286 0.07
Total South Africa 590,640 567,504 0.39 _______________________________________________ ____________________________________________________________ __________________________________________________
Spain Spain Government Bond, 3.400%, 30/04/14 EUR 280,000 380,884 372,903 0.26Spain Government Bond, 3.300%, 31/10/14 EUR 170,000 209,457 225,991 0.16Spain Government Bond, 4.400%, 31/01/15 EUR 100,000 130,887 135,901 0.09Spain Government Bond, 3.000%, 30/04/15 EUR 200,000 275,168 263,364 0.18Spain Government Bond, 3.150%, 31/01/16 EUR 170,000 244,836 222,400 0.15Spain Government Bond, 3.250%, 30/04/16 EUR 100,000 136,692 130,622 0.09Spain Government Bond, 4.250%, 31/10/16 EUR 150,000 198,594 200,695 0.14Spain Government Bond, 3.800%, 31/01/17 EUR 270,000 340,917 354,804 0.24Spain Government Bond, 5.500%, 30/07/17 EUR 130,000 162,285 181,792 0.13Spain Government Bond, 4.100%, 30/07/18 EUR 100,000 110,410 130,477 0.09Spain Government Bond, 4.600%, 30/07/19 EUR 160,000 225,687 211,545 0.15Spain Government Bond, 4.850%, 31/10/20 EUR 160,000 216,315 209,482 0.14Spain Government Bond, 5.500%, 30/04/21 EUR 210,000 280,111 284,173 0.20Spain Government Bond, 5.850%, 31/01/22 EUR 140,000 167,873 192,679 0.13Spain Government Bond, 4.650%, 30/07/25 EUR 160,000 197,555 193,792 0.13Spain Government Bond, 5.900%, 30/07/26 EUR 50,000 72,885 67,691 0.05Spain Government Bond, 6.000%, 31/01/29 EUR 160,000 235,961 219,521 0.15Spain Government Bond, 4.200%, 31/01/37 EUR 190,000 217,623 200,226 0.14Spain Government Bond, 4.900%, 30/07/40 EUR 85,000 102,020 98,448 0.07Spain Government Bond, 4.700%, 30/07/41 EUR 30,000 33,000 33,900 0.02
Total Spain 3,939,160 3,930,406 2.71 _______________________________________________ ____________________________________________________________ __________________________________________________
Sweden Sweden Government Bond, 4.500%, 12/08/15 SEK 400,000 60,105 67,260 0.05Sweden Government Bond, 3.750%, 12/08/17 SEK 450,000 77,244 77,722 0.05Sweden Government Bond, 4.250%, 12/03/19 SEK 800,000 124,427 145,198 0.10
66
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA GLOBAL TREASURY BOND INDEX FUND
Schedule of Investments at December 31, 2012 (Expressed in US Dollar)
The accompanying notes are an integral part of these financial statements.
Currency
NominalValue Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Government Bonds - (Continued)
Sweden - (Continued) Sweden Government Bond, 3.500%, 01/06/22 SEK 1,330,000 222,830 239,345 0.17Sweden Government Bond, 3.500%, 30/03/39 SEK 150,000 29,673 28,609 0.02
Total Sweden 514,279 558,134 0.39 _______________________________________________ ____________________________________________________________ __________________________________________________
Switzerland Switzerland Government Bond, 3.750%, 10/06/15 CHF 60,000 72,951 72,084 0.05Switzerland Government Bond, 2.500%, 12/03/16 CHF 50,000 58,944 59,130 0.04Switzerland Government Bond, 3.000%, 08/01/18 CHF 90,000 91,232 112,708 0.08Switzerland Government Bond, 2.000%, 28/04/21 CHF 50,000 54,339 62,162 0.04Switzerland Government Bond, 4.000%, 08/04/28 CHF 145,000 209,070 229,218 0.16Switzerland Government Bond, 3.500%, 08/04/33 CHF 50,000 76,113 79,789 0.05
Total Switzerland 562,649 615,091 0.42 _______________________________________________ ____________________________________________________________ __________________________________________________
Thailand Thailand Government Bond, 3.625%, 22/05/15 THB 900,000 29,827 29,881 0.02Thailand Government Bond, 3.125%, 11/12/15 THB 2,500,000 81,000 82,085 0.06Thailand Government Bond, 3.875%, 13/06/19 THB 7,000,000 226,852 236,538 0.16Thailand Government Bond, 3.650%, 17/12/21 THB 3,500,000 115,084 116,097 0.08Thailand Government Bond, 3.650%, 20/06/31 THB 1,300,000 39,481 40,390 0.03
Total Thailand 492,244 504,991 0.35 _______________________________________________ ____________________________________________________________ __________________________________________________
Total United Kingdom 10,196,293 11,108,706 7.67 _______________________________________________ ____________________________________________________________ __________________________________________________
United States United States Treasury Note/Bond, 4.000%, 15/02/14 USD 100,000 104,206 104,233 0.07United States Treasury Note/Bond, 1.250%, 15/02/14 USD 190,000 191,566 192,212 0.13United States Treasury Note/Bond, 0.250%, 28/02/14 USD 650,000 649,630 650,318 0.45United States Treasury Note/Bond, 1.875%, 28/02/14 USD 500,000 509,512 509,620 0.35United States Treasury Note/Bond, 1.250%, 15/03/14 USD 500,000 506,077 506,195 0.35United States Treasury Note/Bond, 0.250%, 31/03/14 USD 500,000 499,912 500,235 0.35
67
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA GLOBAL TREASURY BOND INDEX FUND
Schedule of Investments at December 31, 2012 (Expressed in US Dollar)
The accompanying notes are an integral part of these financial statements.
Currency
NominalValue Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Government Bonds - (Continued)
United States - (Continued) United States Treasury Note/Bond, 1.750%, 31/03/14 USD 400,000 407,427 407,596 0.28United States Treasury Note/Bond, 1.250%, 15/04/14 USD 550,000 556,537 557,276 0.38United States Treasury Note/Bond, 0.250%, 30/04/14 USD 200,000 199,965 200,092 0.14United States Treasury Note/Bond, 1.875%, 30/04/14 USD 150,000 153,217 153,291 0.11United States Treasury Note/Bond, 1.000%, 15/05/14 USD 400,000 404,182 404,260 0.28United States Treasury Note/Bond, 0.250%, 31/05/14 USD 130,000 129,960 130,056 0.09United States Treasury Note/Bond, 0.750%, 15/06/14 USD 500,000 499,643 503,840 0.35United States Treasury Note/Bond, 0.250%, 30/06/14 USD 500,000 499,545 500,205 0.35United States Treasury Note/Bond, 0.250%, 15/09/14 USD 500,000 499,168 500,115 0.34United States Treasury Note/Bond, 2.375%, 31/10/14 USD 250,000 259,597 259,630 0.18United States Treasury Note/Bond, 4.250%, 15/11/14 USD 1,885,000 1,942,316 2,024,942 1.40United States Treasury Note/Bond, 2.125%, 30/11/14 USD 560,000 559,330 579,858 0.40United States Treasury Note/Bond, 2.250%, 31/01/15 USD 150,000 156,014 156,129 0.11United States Treasury Note/Bond, 0.250%, 15/02/15 USD 300,000 298,939 299,853 0.21United States Treasury Note/Bond, 0.375%, 15/03/15 USD 350,000 350,526 350,679 0.24United States Treasury Note/Bond, 0.375%, 15/04/15 USD 400,000 400,856 400,680 0.28United States Treasury Note/Bond, 0.250%, 15/05/15 USD 500,000 499,527 499,380 0.34United States Treasury Note/Bond, 2.125%, 31/05/15 USD 380,000 389,320 396,492 0.27United States Treasury Note/Bond, 0.375%, 15/06/15 USD 400,000 400,846 400,624 0.28United States Treasury Note/Bond, 0.250%, 15/07/15 USD 50,000 49,933 49,916 0.03United States Treasury Note/Bond, 1.750%, 31/07/15 USD 540,000 545,264 559,721 0.39United States Treasury Note/Bond, 0.250%, 15/08/15 USD 350,000 349,394 349,377 0.24United States Treasury Note/Bond, 1.250%, 31/08/15 USD 460,000 459,195 471,192 0.33United States Treasury Note/Bond, 0.250%, 15/09/15 USD 250,000 249,441 249,462 0.17United States Treasury Note/Bond, 1.250%, 30/09/15 USD 590,000 590,778 604,774 0.42United States Treasury Note/Bond, 0.250%, 15/10/15 USD 250,000 249,483 249,420 0.17United States Treasury Note/Bond, 1.250%, 31/10/15 USD 410,000 412,317 420,496 0.29United States Treasury Note/Bond, 0.375%, 15/11/15 USD 230,000 230,432 230,209 0.16United States Treasury Note/Bond, 1.375%, 30/11/15 USD 360,000 365,347 370,602 0.26United States Treasury Note/Bond, 0.250%, 15/12/15 USD 80,000 79,760 79,759 0.05United States Treasury Note/Bond, 2.000%, 31/01/16 USD 430,000 443,978 451,298 0.31United States Treasury Note/Bond, 2.125%, 29/02/16 USD 300,000 305,295 316,368 0.22United States Treasury Note/Bond, 2.250%, 31/03/16 USD 350,000 356,294 370,860 0.26United States Treasury Note/Bond, 1.750%, 31/05/16 USD 300,000 300,516 313,422 0.22United States Treasury Note/Bond, 1.500%, 30/06/16 USD 300,000 297,636 311,001 0.21United States Treasury Note/Bond, 3.250%, 31/07/16 USD 270,000 279,845 296,749 0.20United States Treasury Note/Bond, 1.000%, 30/09/16 USD 150,000 152,279 152,858 0.11United States Treasury Note/Bond, 3.125%, 31/10/16 USD 365,000 366,474 401,255 0.28United States Treasury Note/Bond, 0.875%, 30/11/16 USD 350,000 350,736 354,994 0.24United States Treasury Note/Bond, 0.875%, 31/01/17 USD 620,000 618,795 628,308 0.43United States Treasury Note/Bond, 3.125%, 31/01/17 USD 500,000 552,551 552,005 0.38United States Treasury Note/Bond, 0.875%, 28/02/17 USD 230,000 232,401 233,038 0.16United States Treasury Note/Bond, 3.000%, 28/02/17 USD 250,000 275,713 275,040 0.19United States Treasury Note/Bond, 1.000%, 31/03/17 USD 530,000 533,637 539,535 0.37United States Treasury Note/Bond, 3.250%, 31/03/17 USD 300,000 332,870 333,660 0.23United States Treasury Note/Bond, 3.125%, 30/04/17 USD 555,000 593,207 615,101 0.42United States Treasury Note/Bond, 0.875%, 30/04/17 USD 300,000 302,659 303,723 0.21United States Treasury Note/Bond, 0.625%, 31/05/17 USD 500,000 499,008 500,765 0.35United States Treasury Note/Bond, 0.750%, 30/06/17 USD 300,000 301,511 301,791 0.21United States Treasury Note/Bond, 0.500%, 31/07/17 USD 400,000 397,758 397,604 0.27United States Treasury Note/Bond, 2.375%, 31/07/17 USD 220,000 232,893 237,255 0.16United States Treasury Note/Bond, 1.875%, 31/08/17 USD 300,000 314,881 316,887 0.22United States Treasury Note/Bond, 0.625%, 31/08/17 USD 420,000 419,902 419,639 0.29United States Treasury Note/Bond, 0.625%, 30/09/17 USD 150,000 149,525 149,732 0.10United States Treasury Note/Bond, 1.875%, 31/10/17 USD 300,000 316,576 316,923 0.22United States Treasury Note/Bond, 0.750%, 31/10/17 USD 200,000 201,100 200,662 0.14United States Treasury Note/Bond, 0.625%, 30/11/17 USD 500,000 500,079 498,350 0.34United States Treasury Note/Bond, 2.250%, 30/11/17 USD 310,000 314,292 333,377 0.23United States Treasury Note/Bond, 2.750%, 31/12/17 USD 350,000 368,829 385,185 0.27United States Treasury Note/Bond, 2.625%, 30/04/18 USD 250,000 252,486 274,042 0.19United States Treasury Note/Bond, 2.375%, 31/05/18 USD 100,000 99,983 108,355 0.07United States Treasury Note/Bond, 2.375%, 30/06/18 USD 80,000 79,518 86,713 0.06United States Treasury Note/Bond, 1.375%, 30/09/18 USD 150,000 148,297 154,228 0.11United States Treasury Note/Bond, 1.375%, 30/11/18 USD 200,000 199,271 205,320 0.14United States Treasury Note/Bond, 1.375%, 28/02/19 USD 150,000 149,731 153,748 0.11United States Treasury Note/Bond, 1.000%, 30/06/19 USD 200,000 199,652 199,438 0.14United States Treasury Note/Bond, 8.125%, 15/08/19 USD 1,090,000 1,362,382 1,586,244 1.09United States Treasury Note/Bond, 3.625%, 15/08/19 USD 510,000 517,822 593,987 0.41
68
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA GLOBAL TREASURY BOND INDEX FUND
Schedule of Investments at December 31, 2012 (Expressed in US Dollar)
The accompanying notes are an integral part of these financial statements.
Currency
NominalValue Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Government Bonds - (Continued)
United States - (Continued) United States Treasury Note/Bond, 3.625%, 15/02/20 USD 200,000 211,848 233,688 0.16United States Treasury Note/Bond, 3.500%, 15/05/20 USD 380,000 399,330 441,188 0.30United States Treasury Note/Bond, 2.625%, 15/08/20 USD 350,000 348,984 384,513 0.27United States Treasury Note/Bond, 2.625%, 15/11/20 USD 430,000 446,751 471,671 0.33United States Treasury Note/Bond, 3.625%, 15/02/21 USD 490,000 520,817 575,108 0.40United States Treasury Note/Bond, 3.125%, 15/05/21 USD 360,000 375,969 408,226 0.28United States Treasury Note/Bond, 2.000%, 15/11/21 USD 410,000 412,327 425,490 0.29United States Treasury Note/Bond, 2.000%, 15/02/22 USD 560,000 568,217 579,074 0.40United States Treasury Note/Bond, 1.750%, 15/05/22 USD 530,000 537,692 534,553 0.37United States Treasury Note/Bond, 1.625%, 15/08/22 USD 380,000 378,694 377,488 0.26United States Treasury Note/Bond, 1.625%, 15/11/22 USD 300,000 299,378 296,694 0.20United States Treasury Note/Bond, 6.250%, 15/08/23 USD 50,000 66,975 71,713 0.05United States Treasury Note/Bond, 6.125%, 15/11/27 USD 150,000 221,706 222,867 0.15United States Treasury Note/Bond, 6.125%, 15/08/29 USD 170,000 207,153 257,638 0.18United States Treasury Note/Bond, 6.250%, 15/05/30 USD 60,000 79,208 92,801 0.06United States Treasury Note/Bond, 5.375%, 15/02/31 USD 110,000 160,310 157,047 0.11United States Treasury Note/Bond, 4.500%, 15/02/36 USD 250,000 307,739 329,057 0.23United States Treasury Note/Bond, 4.375%, 15/02/38 USD 100,000 117,174 129,754 0.09United States Treasury Note/Bond, 4.250%, 15/05/39 USD 50,000 64,529 63,743 0.04United States Treasury Note/Bond, 4.500%, 15/08/39 USD 517,000 533,362 684,648 0.47United States Treasury Note/Bond, 3.875%, 15/08/40 USD 240,000 233,447 288,331 0.20United States Treasury Note/Bond, 4.250%, 15/11/40 USD 250,000 262,806 319,077 0.22United States Treasury Note/Bond, 4.750%, 15/02/41 USD 280,000 309,663 385,818 0.27United States Treasury Note/Bond, 4.375%, 15/05/41 USD 370,000 407,374 481,792 0.33United States Treasury Note/Bond, 3.750%, 15/08/41 USD 30,000 36,138 35,243 0.02United States Treasury Note/Bond, 3.125%, 15/11/41 USD 260,000 260,984 271,983 0.19United States Treasury Note/Bond, 3.125%, 15/02/42 USD 230,000 250,953 240,359 0.17United States Treasury Note/Bond, 3.000%, 15/05/42 USD 330,000 354,927 336,029 0.23United States Treasury Note/Bond, 2.750%, 15/08/42 USD 240,000 237,916 231,643 0.16
Total United States 36,581,915 38,019,435 26.23 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Government Bonds 137,382,948 140,256,517 96.78 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market 137,382,948 140,256,517 96.78 _______________________________________________ ____________________________________________________________ __________________________________________________
Other transferable securities
Government Bonds - 1.97%
Canada Canadian Government Bond, 1.000%, 01/02/14 CAD 150,000 147,802 150,475 0.10Canadian Government Bond, 0.750%, 01/05/14 CAD 100,000 99,492 99,929 0.07Canadian Government Bond, 2.250%, 01/08/14 CAD 100,000 105,118 102,175 0.07Canadian Government Bond, 1.000%, 01/11/14 CAD 50,000 50,322 50,088 0.04Canadian Government Bond, 2.000%, 01/12/14 CAD 190,000 175,605 193,868 0.13Canadian Government Bond, 1.500%, 01/08/15 CAD 70,000 71,078 70,787 0.05Canadian Government Bond, 3.000%, 01/12/15 CAD 180,000 180,805 189,753 0.13Canadian Government Bond, 2.750%, 01/09/16 CAD 290,000 300,723 305,870 0.21Canadian Government Bond, 4.000%, 01/06/17 CAD 100,000 111,168 111,667 0.08Canadian Government Bond, 1.500%, 01/09/17 CAD 150,000 151,818 151,363 0.10Canadian Government Bond, 3.250%, 01/06/21 CAD 60,000 62,530 67,437 0.05Canadian Government Bond, 2.750%, 01/06/22 CAD 50,000 53,318 54,264 0.04Canadian Government Bond, 1.500%, 01/06/23 CAD 100,000 96,422 96,524 0.07Canadian Government Bond, 5.750%, 01/06/29 CAD 150,000 173,894 223,727 0.15Canadian Government Bond, 5.750%, 01/06/33 CAD 100,000 154,895 155,984 0.11Canadian Government Bond, 5.000%, 01/06/37 CAD 30,000 44,778 44,543 0.03Canadian Government Bond, 4.000%, 01/06/41 CAD 162,000 183,559 217,458 0.15
69
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA GLOBAL TREASURY BOND INDEX FUND
Schedule of Investments at December 31, 2012 (Expressed in US Dollar)
The accompanying notes are an integral part of these financial statements.
Currency
NominalValue Cost
MarketValue
% ofNet Assets
Other transferable securities - (Continued)
Government Bonds - (Continued)
Canada - (Continued) Canadian Government Bond, 3.500%, 01/12/45 CAD 50,000 63,832 63,318 0.04
Total Canada 2,227,159 2,349,230 1.62 _______________________________________________ ____________________________________________________________ __________________________________________________
Malaysia Malaysia Government Bond, 3.434%, 15/08/14 MYR 380,000 123,549 125,035 0.09Malaysia Government Bond, 3.814%, 15/02/17 MYR 500,000 146,568 167,503 0.12Malaysia Government Bond, 4.012%, 15/09/17 MYR 100,000 33,278 33,793 0.02Malaysia Government Bond, 4.378%, 29/11/19 MYR 150,000 51,682 51,937 0.04Malaysia Government Bond, 4.392%, 15/04/26 MYR 200,000 66,482 70,505 0.05Malaysia Government Bond, 4.127%, 15/04/32 MYR 150,000 50,659 50,548 0.03
Total Malaysia 472,218 499,321 0.35 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Government Bonds 2,699,377 2,848,551 1.97 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Other transferable securities 2,699,377 2,848,551 1.97 _______________________________________________ ____________________________________________________________ __________________________________________________
TOTAL INVESTMENTS 140,082,325 143,105,068 98.75 _______________________________________________ ____________________________________________________________ __________________________________________________
Other Net Assets/(Liabilities) 1,816,630 1.25 ____________________________________________________________ ___________________________________________________
TOTAL NET ASSETS 144,921,698 100.00 ____________________________________________________________ ___________________________________________________
70
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA US ISSUER SCORED CORPORATE BOND INDEX FUND
Schedule of Investments at December 31, 2012 (Expressed in US Dollar)
The accompanying notes are an integral part of these financial statements.
Currency
NominalValue Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market
Corporate Bonds - 98.56% Australia BHP Billiton Finance USA Ltd, 1.000%, 24/02/15 USD 150,000 151,581 150,981 0.30BHP Billiton Finance USA Ltd, 3.250%, 21/11/21 USD 50,000 53,518 53,603 0.11BHP Billiton Finance USA Ltd, 4.125%, 24/02/42 USD 50,000 54,214 52,606 0.10
Total Australia 259,313 257,190 0.51 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Cayman Islands 608,170 608,224 1.22 _______________________________________________ ____________________________________________________________ __________________________________________________
France BNP Paribas SA, 3.250%, 11/03/15 USD 100,000 104,087 104,198 0.21BNP Paribas SA, 2.375%, 14/09/17 USD 125,000 125,980 126,718 0.25France Telecom SA, 2.125%, 16/09/15 USD 100,000 103,269 102,720 0.20France Telecom SA, 4.125%, 14/09/21 USD 100,000 111,278 109,787 0.22France Telecom SA, 8.500%, 01/03/31 USD 50,000 76,156 74,422 0.15
Total France 520,770 517,845 1.03 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Ireland 323,632 318,904 0.64 _______________________________________________ ____________________________________________________________ __________________________________________________
Isle Of Man AngloGold Ashanti Holdings PLC, 5.125%, 01/08/22 USD 200,000 206,203 202,683 0.41
Total Isle Of Man 206,203 202,683 0.41 _______________________________________________ ____________________________________________________________ __________________________________________________
Japan ORIX Corp, 5.000%, 12/01/16 USD 200,000 217,988 216,841 0.43
Total Japan 217,988 216,841 0.43 _______________________________________________ ____________________________________________________________ __________________________________________________
Luxembourg Covidien International Finance SA, 6.000%, 15/10/17 USD 100,000 122,071 120,632 0.24Covidien International Finance SA, 3.200%, 15/06/22 USD 50,000 53,560 52,665 0.10Telecom Italia Capital SA, 6.175%, 18/06/14 USD 150,000 157,732 158,250 0.32
Total Luxembourg 333,363 331,547 0.66 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Sweden 104,270 104,328 0.21 _______________________________________________ ____________________________________________________________ __________________________________________________
Total United Kingdom 2,128,315 2,119,839 4.24 _______________________________________________ ____________________________________________________________ __________________________________________________
United States 3M Co, 2.000%, 26/06/22 USD 200,000 201,427 196,981 0.39
72
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA US ISSUER SCORED CORPORATE BOND INDEX FUND
Schedule of Investments at December 31, 2012 (Expressed in US Dollar)
The accompanying notes are an integral part of these financial statements.
Currency
NominalValue Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Total United States 40,844,699 40,447,626 80.83 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Corporate Bonds 49,764,220 49,319,206 98.56 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market 49,764,220 49,319,206 98.56 _______________________________________________ ____________________________________________________________ __________________________________________________
TOTAL INVESTMENTS 49,764,220 49,319,206 98.56 _______________________________________________ ____________________________________________________________ __________________________________________________
Other Net Assets/(Liabilities) 719,268 1.44 ____________________________________________________________ ___________________________________________________
TOTAL NET ASSETS 50,038,474 100.00 ____________________________________________________________ ___________________________________________________
77
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA ACTIVE GLOBAL INFLATION LINKED BOND FUND
Schedule of Investments at December 31, 2012 (Expressed in US Dollar)
The accompanying notes are an integral part of these financial statements.
Currency
NominalValue Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market
Asset Backed Obligations - 9.36% United States Fannie Mae Pool, 3.000%, TBA USD 1,300,000 1,363,781 1,362,156 9.36
Total United States 1,363,781 1,362,156 9.36 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Asset Backed Obligations 1,363,781 1,362,156 9.36 _______________________________________________ ____________________________________________________________ __________________________________________________
Government Bonds - 92.90% Australia Australia Government Bond, 4.000%, 20/08/15 AUD 40,000 67,922 75,288 0.52Australia Government Bond, 4.000%, 20/08/20 AUD 55,000 97,853 110,086 0.76Australia Government Bond, 3.000%, 20/09/25 AUD 35,000 44,913 49,906 0.34
Total Australia 210,688 235,280 1.62 _______________________________________________ ____________________________________________________________ __________________________________________________
France France Government Bond OAT, 2.100%, 25/07/23 EUR 264,413 409,442 423,263 2.91France Government Bond OAT, 3.150%, 25/07/32 EUR 67,380 116,118 131,343 0.90France Government Bond OAT, 1.800%, 25/07/40 EUR 68,103 113,686 115,897 0.80French Treasury Note BTAN, 0.450%, 25/07/16 EUR 5,199 7,262 7,298 0.05
Total France 646,508 677,801 4.66 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Italy 1,068,751 1,139,184 7.82 _______________________________________________ ____________________________________________________________ __________________________________________________
Sweden Sweden Government Bond, 3.500%, 01/12/15 SEK 150,000 24,125 31,337 0.21Sweden Government Bond, 4.000%, 01/12/20 SEK 1,700,000 378,652 441,719 3.03Sweden Government Bond, 0.250%, 01/06/22 SEK 4,900,000 726,743 778,590 5.35Sweden Government Bond, 3.500%, 01/12/28 SEK 150,000 40,021 43,031 0.30
Total Sweden 1,169,541 1,294,677 8.89 _______________________________________________ ____________________________________________________________ __________________________________________________
United Kingdom United Kingdom Gilt Inflation Linked, 2.500%, 16/08/13 GBP 20,000 60,760 91,126 0.63United Kingdom Gilt Inflation Linked, 2.500%, 26/07/16 GBP 55,000 264,649 306,934 2.11United Kingdom Gilt Inflation Linked, 2.500%, 16/04/20 GBP 85,000 454,857 514,192 3.53United Kingdom Gilt Inflation Linked, 2.500%, 17/07/24 GBP 80,000 411,715 441,647 3.03United Kingdom Gilt Inflation Linked, 1.250%, 22/11/27 GBP 158,193 276,678 319,358 2.19United Kingdom Gilt Inflation Linked, 4.125%, 22/07/30 GBP 65,000 247,674 336,428 2.31United Kingdom Gilt Inflation Linked, 1.250%, 22/11/32 GBP 62,211 124,455 128,784 0.88United Kingdom Gilt Inflation Linked, 0.750%, 22/03/34 GBP 74,031 125,408 139,651 0.96United Kingdom Gilt Inflation Linked, 2.000%, 26/01/35 GBP 105,000 296,525 344,581 2.37United Kingdom Gilt Inflation Linked, 0.625%, 22/03/40 GBP 164,472 304,122 306,152 2.10United Kingdom Gilt Inflation Linked, 0.125%, 22/03/44 GBP 82,062 129,931 131,966 0.91United Kingdom Gilt Inflation Linked, 0.750%, 22/11/47 GBP 171,404 317,420 336,989 2.32United Kingdom Gilt Inflation Linked, 1.250%, perpetual GBP 164,841 324,303 391,970 2.69
78
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA ACTIVE GLOBAL INFLATION LINKED BOND FUND
Schedule of Investments at December 31, 2012 (Expressed in US Dollar)
The accompanying notes are an integral part of these financial statements.
Currency
NominalValue Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Government Bonds - (Continued)
United Kingdom - (Continued) United Kingdom Gilt Inflation Linked, 0.375%, perpetual GBP 91,646 160,143 166,147 1.14
Total United Kingdom 3,498,640 3,955,925 27.17 _______________________________________________ ____________________________________________________________ __________________________________________________
Total United States 4,944,247 5,197,888 35.70 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Government Bonds 12,507,573 13,525,154 92.90 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market 13,871,354 14,887,310 102.26 _______________________________________________ ____________________________________________________________ __________________________________________________
Other transferable securities
Government Bonds - 5.53%
Canada Canadian Government Bond, 4.250%, 01/12/21 CAD 44,114 58,368 62,430 0.43Canadian Government Bond, 4.250%, 01/12/26 CAD 62,593 84,522 100,682 0.69Canadian Government Bond, 4.000%, 01/12/31 CAD 80,209 128,267 139,120 0.96Canadian Government Bond, 2.000%, 01/12/41 CAD 120,824 143,379 175,283 1.20
Total Canada 414,536 477,515 3.28 _______________________________________________ ____________________________________________________________ __________________________________________________
Japan Japanese Government CPI Linked Bond, 0.500%, 10/12/14 JPY 997,000 12,117 11,767 0.08Japanese Government CPI Linked Bond, 0.800%, 10/03/16 JPY 9,481,000 115,710 114,750 0.79Japanese Government CPI Linked Bond, 1.200%, 10/12/17 JPY 15,904,000 201,579 200,490 1.38
Total Japan 329,406 327,007 2.25 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Government Bonds 743,942 804,522 5.53 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Other transferable securities 743,942 804,522 5.53 _______________________________________________ ____________________________________________________________ __________________________________________________
TOTAL INVESTMENTS 14,615,296 15,691,832 107.79 _______________________________________________ ____________________________________________________________ __________________________________________________
79
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA ACTIVE GLOBAL INFLATION LINKED BOND FUND
Schedule of Investments at December 31, 2012 (Expressed in US Dollar)
The accompanying notes are an integral part of these financial statements.
Derivatives
Forward Foreign Exchange Contracts - (0.14)%
Description
AmountBought
AmountSold
UnrealisedGain
% ofNet Assets
Bought CHF / Sold USD, due 15/02/13 219,000 236,713 2,741 0.02Bought EUR / Sold USD, due 08/01/13 822,400 1,070,378 13,920 0.10Bought EUR / Sold USD, due 15/02/13 49,000 63,232 1,393 0.01Bought EUR / Sold USD, due 13/03/13 190,269 249,000 2,003 0.01Bought GBP / Sold USD, due 08/01/13 56,521 91,802 73 0.00Bought GBP / Sold USD, due 15/02/13 288,000 461,681 6,405 0.04Bought NOK / Sold USD, due 15/02/13 2,222,000 386,624 12,012 0.08Bought NZD / Sold USD, due 15/02/13 527,000 432,583 1,007 0.01Bought SEK / Sold USD, due 08/01/13 6,827,000 1,048,946 358 0.00Bought SEK / Sold USD, due 15/02/13 2,889,000 433,853 9,789 0.07Bought USD / Sold AUD, due 08/01/13 38,496 37,000 97 0.00Bought USD / Sold AUD, due 15/02/13 379,921 366,000 1,154 0.01Bought USD / Sold CAD, due 08/01/13 7,042 7,000 12 0.00Bought USD / Sold CAD, due 15/02/13 432,967 431,000 491 0.00Bought USD / Sold JPY, due 08/01/13 11,224 924,400 533 0.00Bought USD / Sold JPY, due 15/02/13 231,662 18,828,000 13,840 0.10
Total Unrealised Gain on Forward Foreign Exchange Contracts 65,828 0.45 ____________________________________________________________ ___________________________________________________
Description
AmountBought
AmountSold
UnrealisedLoss
% ofNet Assets
Bought AUD / Sold USD, due 08/01/13 37,000 38,503 (104) (0.00)Bought AUD / Sold USD, due 15/02/13 439,000 456,162 (1,848) (0.01)Bought CAD / Sold USD, due 08/01/13 7,000 7,040 (11) (0.00)Bought CAD / Sold USD, due 15/02/13 419,000 420,904 (468) (0.00)Bought EUR / Sold USD, due 06/02/13 378,400 499,042 (14) (0.00)Bought JPY / Sold USD, due 08/01/13 924,400 10,691 (0) (0.00)Bought JPY / Sold USD, due 15/02/13 13,158,000 158,853 (6,627) (0.05)Bought USD / Sold AUD, due 06/02/13 34,174 33,000 (0) (0.00)Bought USD / Sold CAD, due 06/02/13 8,029 8,000 (0) (0.00)Bought USD / Sold CHF, due 15/02/13 459,521 429,000 (9,546) (0.07)Bought USD / Sold CHF, due 13/03/13 249,000 229,827 (2,413) (0.02)Bought USD / Sold EUR, due 08/01/13 1,078,032 822,400 (6,267) (0.04)Bought USD / Sold EUR, due 06/02/13 54,069 41,000 (1) (0.00)Bought USD / Sold EUR, due 15/02/13 354,522 277,000 (10,811) (0.07)Bought USD / Sold EUR, due 13/03/13 205,000 156,577 (1,557) (0.01)Bought USD / Sold GBP, due 08/01/13 90,580 56,521 (1,295) (0.01)Bought USD / Sold GBP, due 06/02/13 67,486 41,521 (1) (0.00)Bought USD / Sold GBP, due 15/02/13 352,964 220,000 (4,602) (0.03)Bought USD / Sold JPY, due 06/02/13 10,693 924,400 (0) (0.00)Bought USD / Sold NOK, due 15/02/13 89,385 503,000 (855) (0.01)Bought USD / Sold NZD, due 15/02/13 271,285 331,000 (1,045) (0.01)Bought USD / Sold SEK, due 08/01/13 1,024,248 6,827,000 (25,057) (0.17)Bought USD / Sold SEK, due 06/02/13 1,032,899 6,725,000 (26) (0.00)Bought USD / Sold SEK, due 15/02/13 430,784 2,889,000 (12,858) (0.09)
Total Unrealised Loss on Forward Foreign Exchange Contracts (85,406) (0.59) ____________________________________________________________ ___________________________________________________
Total Forward Foreign Exchange Contracts (19,578) (0.14) ____________________________________________________________ ___________________________________________________
80
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA ACTIVE GLOBAL INFLATION LINKED BOND FUND
Schedule of Investments at December 31, 2012 (Expressed in US Dollar)
The accompanying notes are an integral part of these financial statements.
Derivatives – (continued)
Futures Contracts - 0.02%
Description Currency
Number ofContracts
UnrealisedGain
% ofNet Assets
10YR US TREASURY NOTE FUTURE, due 03/13 USD (13) 8,995 0.06ULTRA LONG US TREASURY BOND FUTURE, due 03/13 USD (1) 4,266 0.03
Unrealised Gain on Futures Contracts 13,261 0.09 ____________________________________________________________ ___________________________________________________
Description Currency
Number ofContracts
UnrealisedLoss
% ofNet Assets
10YR AUSTRALIAN TREASURY BOND FUTURE, due 03/13 AUD 5 (2,504) (0.02)5YR US TREASURY NOTE FUTURE, due 03/13 USD 1 (125) (0.00)EURO BTP ITALIAN GOVERNMENT BOND FUTURE, due 03/13 EUR 3 (1,226) (0.01)GERMAN EURO BOBL FUTURE, due 03/13 EUR (3) (3,362) (0.02)GERMAN EURO BUND FUTURE, due 03/13 EUR (2) (3,454) (0.02)
Unrealised Loss on Futures Contracts (10,671) (0.07) ____________________________________________________________ ___________________________________________________
Total Futures Contracts 2,590 0.02 ____________________________________________________________ ___________________________________________________
Other Net Assets/(Liabilities) (1,116,417) (7.67) ____________________________________________________________ ___________________________________________________
TOTAL NET ASSETS 14,558,427 100.00 ____________________________________________________________ ___________________________________________________
81
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA GLOBAL EMERGING MARKETS LOCAL CURRENCY BOND FUND
Schedule of Investments at December 31, 2012 (Expressed in US Dollar)
The accompanying notes are an integral part of these financial statements.
Currency
NominalValue Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market
Government Bonds - 86.03% Brazil Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/17 BRL 3,115,000 1,597,421 1,603,070 11.40Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/23 BRL 80,000 41,019 41,142 0.29
Total Brazil 1,638,440 1,644,212 11.69 _______________________________________________ ____________________________________________________________ __________________________________________________
Chile Chile Government International Bond, 5.500%, 05/08/20 CLP 65,000,000 148,508 152,737 1.09
Total Chile 148,508 152,737 1.09 _______________________________________________ ____________________________________________________________ __________________________________________________
Columbia Colombia Government International Bond, 12.000%, 22/10/15 COP 613,000,000 388,048 423,570 3.01Colombia Government International Bond, 4.375%, 21/03/23 COP 75,000,000 41,109 43,287 0.31
Total Columbia 429,157 466,857 3.32 _______________________________________________ ____________________________________________________________ __________________________________________________
Hungary Hungary Government Bond, 5.500%, 12/02/14 HUF 58,800,000 246,005 266,781 1.90Hungary Government Bond, 6.750%, 24/11/17 HUF 57,000,000 249,764 267,335 1.90Hungary Government Bond, 6.000%, 24/11/23 HUF 42,300,000 170,106 190,008 1.35
Total Hungary 665,875 724,124 5.15 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Indonesia 1,298,615 1,336,693 9.51 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Mexico 1,312,995 1,326,815 9.43 _______________________________________________ ____________________________________________________________ __________________________________________________
Philippines Philippine Government International Bond, 4.950%, 15/01/21 PHP 12,000,000 303,389 324,384 2.31
Total Philippines 303,389 324,384 2.31 _______________________________________________ ____________________________________________________________ __________________________________________________
Poland Poland Government Bond, zero coupon, 25/07/14 PLN 350,000 108,616 107,378 0.76Poland Government Bond, 5.500%, 25/04/15 PLN 750,000 232,983 255,129 1.81Poland Government Bond, 6.250%, 24/10/15 PLN 400,000 141,191 140,050 1.00Poland Government Bond, 5.000%, 25/04/16 PLN 500,000 173,600 170,999 1.22Poland Government Bond, 5.250%, 25/10/17 PLN 828,000 268,361 291,682 2.07Poland Government Bond, 5.500%, 25/10/19 PLN 549,000 183,008 200,768 1.43Poland Government Bond, 5.750%, 23/09/22 PLN 610,000 197,013 231,128 1.64
Total Poland 1,304,772 1,397,134 9.93 _______________________________________________ ____________________________________________________________ __________________________________________________
Russia Russian Federal Bond - OFZ, 6.880%, 15/07/15 RUB 7,300,000 234,657 242,433 1.72Russian Federal Bond - OFZ, 7.600%, 14/04/21 RUB 15,000,000 498,048 520,001 3.70Russian Federal Bond - OFZ, 8.150%, 03/02/27 RUB 3,000,000 99,144 108,616 0.77
82
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA GLOBAL EMERGING MARKETS LOCAL CURRENCY BOND FUND
Schedule of Investments at December 31, 2012 (Expressed in US Dollar)
The accompanying notes are an integral part of these financial statements.
Currency
NominalValue Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Government Bonds - (Continued)
Russia - (Continued) Russian Foreign Bond - Eurobond, 7.850%, 10/03/18 RUB 5,000,000 165,186 178,408 1.27
Total Russia 997,035 1,049,458 7.46 _______________________________________________ ____________________________________________________________ __________________________________________________
South Africa South Africa Government Bond, 8.750%, 21/12/14 ZAR 1,000,000 125,914 125,953 0.90South Africa Government Bond, 8.250%, 15/09/17 ZAR 970,000 126,457 125,879 0.89South Africa Government Bond, 8.000%, 21/12/18 ZAR 3,550,000 460,798 459,734 3.27South Africa Government Bond, 10.500%, 21/12/26 ZAR 3,695,000 599,684 558,268 3.97South Africa Government Bond, 6.500%, 28/02/41 ZAR 1,150,000 108,244 111,702 0.79
Total South Africa 1,421,097 1,381,536 9.82 _______________________________________________ ____________________________________________________________ __________________________________________________
Thailand Thailand Government Bond, 5.250%, 12/05/14 THB 7,540,000 248,837 254,372 1.81Thailand Government Bond, 2.800%, 10/10/17 THB 12,000,000 378,302 387,367 2.75Thailand Government Bond, 3.650%, 17/12/21 THB 10,700,000 356,093 355,826 2.53
Total Thailand 983,232 997,565 7.09 _______________________________________________ ____________________________________________________________ __________________________________________________
Turkey Turkey Government Bond, 9.000%, 05/03/14 TRY 830,000 460,125 480,318 3.42Turkey Government Bond, 4.500%, 11/02/15 TRY 295,612 210,371 178,805 1.27Turkey Government Bond, 10.500%, 15/01/20 TRY 820,000 507,263 562,840 4.00Turkey Government Bond, 8.500%, 14/09/22 TRY 120,000 76,476 76,652 0.54
Total Turkey 1,254,235 1,298,615 9.23 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Government Bonds 11,757,350 12,100,130 86.03 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market 11,757,350 12,100,130 86.03 _______________________________________________ ____________________________________________________________ __________________________________________________
Other transferable securities
Government Bonds - 8.82%
Malaysia Malaysia Government Bond, 3.741%, 27/02/15 MYR 165,000 53,456 54,710 0.39Malaysia Government Bond, 3.835%, 12/08/15 MYR 1,240,000 395,371 413,218 2.94Malaysia Government Bond, 3.314%, 31/10/17 MYR 850,000 271,475 279,002 1.98Malaysia Government Bond, 4.378%, 29/11/19 MYR 490,000 150,548 169,850 1.21Malaysia Government Bond, 4.160%, 15/07/21 MYR 446,000 150,075 152,993 1.09Malaysia Government Bond, 4.127%, 15/04/32 MYR 229,000 74,342 77,282 0.55
Total Malaysia 1,095,267 1,147,055 8.16 _______________________________________________ ____________________________________________________________ __________________________________________________
Peru Peruvian Government International Bond, 7.840%, 12/08/20 PEN 121,000 49,939 59,830 0.43
83
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA GLOBAL EMERGING MARKETS LOCAL CURRENCY BOND FUND
Schedule of Investments at December 31, 2012 (Expressed in US Dollar)
The accompanying notes are an integral part of these financial statements.
Currency
NominalValue Cost
MarketValue
% ofNet Assets
Other transferable securities - (Continued)
Government Bonds - (Continued)
Peru - (Continued) Peruvian Government International Bond, 8.200%, 12/08/26 PEN 60,000 26,724 33,066 0.23
Total Peru 76,663 92,896 0.66 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Government Bonds 1,171,930 1,239,951 8.82 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Other transferable securities 1,171,930 1,239,951 8.82 _______________________________________________ ____________________________________________________________ __________________________________________________
TOTAL INVESTMENTS 12,929,280 13,340,081 94.85 _______________________________________________ ____________________________________________________________ __________________________________________________
Derivatives
Forward Foreign Exchange Contracts - (0.10)%
Description
AmountBought
AmountSold
UnrealisedGain
% ofNet Assets
Bought ARS / Sold USD, due 11/01/13 3,423,000 684,503 7,747 0.06Bought BRL / Sold USD, due 10/01/13 207,000 98,403 2,600 0.02Bought BRL / Sold USD, due 11/01/13 1,295,000 626,135 5,657 0.04Bought CLP / Sold USD, due 11/01/13 410,575,000 853,559 3,010 0.02Bought CNY / Sold USD, due 11/01/13 6,697,000 1,061,195 13,382 0.10Bought CNY / Sold USD, due 10/04/13 361,000 57,146 409 0.00Bought COP / Sold USD, due 10/01/13 81,510,000 45,026 1,080 0.01Bought COP / Sold USD, due 11/01/13 717,998,000 395,370 10,737 0.08Bought COP / Sold USD, due 10/04/13 346,023,000 193,522 562 0.00Bought CZK / Sold USD, due 11/01/13 4,036,000 211,339 707 0.01Bought CZK / Sold USD, due 10/04/13 1,252,000 65,640 195 0.00Bought HKD / Sold USD, due 11/01/13 12,073,000 1,557,665 25 0.00Bought HUF / Sold USD, due 11/01/13 267,251,000 1,207,498 1,241 0.01Bought IDR / Sold USD, due 10/01/13 399,500,000 41,071 347 0.00Bought IDR / Sold USD, due 11/01/13 6,550,236,000 670,300 8,728 0.06Bought ILS / Sold USD, due 11/01/13 2,925,000 763,373 20,358 0.14Bought ILS / Sold USD, due 10/04/13 239,000 63,861 21 0.00Bought INR / Sold USD, due 10/04/13 14,951,000 266,388 1,629 0.01Bought KRW / Sold USD, due 11/01/13 873,739,000 786,957 28,764 0.20Bought KRW / Sold USD, due 10/04/13 389,626,000 360,488 1,438 0.01Bought MYR / Sold USD, due 11/01/13 970,000 315,620 1,405 0.01Bought NGN / Sold USD, due 10/01/13 15,691,000 98,883 1,601 0.01Bought PEN / Sold USD, due 10/01/13 500,600 194,086 1,952 0.01Bought PEN / Sold USD, due 11/01/13 538,000 207,082 3,588 0.03Bought PEN / Sold USD, due 10/04/13 232,000 90,031 486 0.00Bought PHP / Sold USD, due 11/01/13 35,839,000 869,043 4,010 0.03Bought PLN / Sold USD, due 11/01/13 3,556,000 1,109,194 38,812 0.28Bought RUB / Sold USD, due 10/01/13 9,934,227 319,725 5,121 0.04Bought RUB / Sold USD, due 11/01/13 51,790,000 1,655,155 38,057 0.27Bought RUB / Sold USD, due 10/04/13 12,442,000 397,919 3,041 0.02Bought SGD / Sold USD, due 11/01/13 942,000 770,196 976 0.01Bought THB / Sold USD, due 11/01/13 19,866,000 646,168 2,963 0.02Bought THB / Sold USD, due 10/04/13 695,000 22,586 10 0.00Bought TRY / Sold USD, due 10/01/13 74,000 41,249 170 0.00Bought TRY / Sold USD, due 11/01/13 1,444,000 795,442 12,699 0.09Bought TRY / Sold USD, due 10/04/13 522,000 287,097 1,695 0.01Bought TWD / Sold USD, due 11/01/13 23,533,000 809,215 1,195 0.01Bought USD / Sold HKD, due 10/04/13 555,961 4,307,000 109 0.00Bought USD / Sold HUF, due 11/01/13 1,220,607 267,251,000 11,868 0.08Bought USD / Sold INR, due 11/01/13 896,989 48,990,000 4,289 0.03Bought USD / Sold MXN, due 10/01/13 28,536 370,000 62 0.00Bought USD / Sold MYR, due 10/01/13 14,710 45,000 1 0.00Bought USD / Sold PHP, due 10/01/13 263,155 10,790,000 315 0.00Bought USD / Sold SGD, due 10/04/13 326,944 399,000 312 0.00Bought USD / Sold TWD, due 10/04/13 414,529 11,960,000 2,459 0.02
84
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA GLOBAL EMERGING MARKETS LOCAL CURRENCY BOND FUND
Schedule of Investments at December 31, 2012 (Expressed in US Dollar)
The accompanying notes are an integral part of these financial statements.
Derivatives - (Continued)
Forward Foreign Exchange Contracts - (continued)
Description
AmountBought
AmountSold
UnrealisedGain
% ofNet Assets
Bought ZAR / Sold USD, due 10/01/13 220,000 24,943 962 0.01Bought ZAR / Sold USD, due 11/01/13 6,105,000 691,743 27,019 0.19Bought ZAR / Sold USD, due 10/04/13 1,671,000 193,080 1,268 0.01
Total Unrealised Gain on Forward Foreign Exchange Contracts 275,082 1.95 ____________________________________________________________ ___________________________________________________
Description
AmountBought
AmountSold
UnrealisedLoss
% ofNet Assets
Bought ARS / Sold USD, due 10/04/13 278,000 53,431 (554) (0.00)Bought BRL / Sold USD, due 10/04/13 113,000 54,556 (61) (0.00)Bought CLP / Sold USD, due 10/04/13 95,545,000 197,648 (675) (0.00)Bought HUF / Sold USD, due 10/04/13 107,474,000 491,316 (9,781) (0.07)Bought INR / Sold USD, due 11/01/13 48,990,000 912,447 (19,746) (0.14)Bought MXN / Sold USD, due 10/01/13 496,100 38,199 (21) (0.00)Bought MXN / Sold USD, due 11/01/13 8,593,000 663,159 (1,928) (0.01)Bought MXN / Sold USD, due 10/04/13 1,616,000 124,283 (976) (0.01)Bought MYR / Sold USD, due 10/01/13 620,600 203,042 (197) (0.00)Bought MYR / Sold USD, due 10/04/13 333,000 108,187 (20) (0.00)Bought PHP / Sold USD, due 10/01/13 409,000 10,016 (53) (0.00)Bought PLN / Sold USD, due 10/04/13 1,592,000 513,578 (4,019) (0.03)Bought USD / Sold ARS, due 11/01/13 685,486 3,423,000 (6,763) (0.05)Bought USD / Sold BRL, due 10/01/13 410,059 863,800 (11,420) (0.08)Bought USD / Sold BRL, due 11/01/13 623,544 1,295,000 (8,248) (0.06)Bought USD / Sold BRL, due 10/04/13 272,856 576,000 (4,924) (0.04)Bought USD / Sold CLP, due 10/01/13 125,919 60,869,170 (1,088) (0.01)Bought USD / Sold CLP, due 11/01/13 854,032 410,575,000 (2,537) (0.02)Bought USD / Sold CNY, due 11/01/13 1,058,234 6,697,000 (16,343) (0.12)Bought USD / Sold CNY, due 10/04/13 343,582 2,168,000 (2,070) (0.01)Bought USD / Sold COP, due 11/01/13 394,380 717,998,000 (11,728) (0.08)Bought USD / Sold CZK, due 11/01/13 206,806 4,036,000 (5,241) (0.04)Bought USD / Sold CZK, due 10/04/13 125,059 2,379,000 (37) (0.00)Bought USD / Sold HKD, due 11/01/13 1,557,352 12,073,000 (338) (0.00)Bought USD / Sold HUF, due 10/04/13 195,900 43,789,000 (296) (0.00)Bought USD / Sold IDR, due 10/01/13 55,341 535,460,000 (174) (0.00)Bought USD / Sold IDR, due 11/01/13 675,969 6,550,236,000 (3,058) (0.02)Bought USD / Sold IDR, due 10/04/13 337,114 3,339,784,000 (5,420) (0.04)Bought USD / Sold ILS, due 11/01/13 745,712 2,925,000 (38,018) (0.27)Bought USD / Sold ILS, due 10/04/13 106,372 400,000 (544) (0.00)Bought USD / Sold INR, due 10/04/13 40,421 2,260,000 (93) (0.00)Bought USD / Sold KRW, due 11/01/13 798,366 873,739,000 (17,355) (0.12)Bought USD / Sold MXN, due 11/01/13 658,742 8,593,000 (2,489) (0.02)Bought USD / Sold MXN, due 10/04/13 208,280 2,734,000 (335) (0.00)Bought USD / Sold MYR, due 11/01/13 315,948 970,000 (1,077) (0.01)Bought USD / Sold PEN, due 11/01/13 207,966 538,000 (2,704) (0.02)Bought USD / Sold PHP, due 11/01/13 862,143 35,839,000 (10,909) (0.08)Bought USD / Sold PHP, due 10/04/13 321,076 13,183,000 (128) (0.00)Bought USD / Sold PLN, due 11/01/13 1,128,440 3,556,000 (19,566) (0.14)Bought USD / Sold RUB, due 11/01/13 1,651,452 51,790,000 (41,760) (0.30)Bought USD / Sold SGD, due 11/01/13 769,539 942,000 (1,633) (0.01)Bought USD / Sold THB, due 10/01/13 70,778 2,171,000 (165) (0.00)Bought USD / Sold THB, due 11/01/13 642,757 19,866,000 (6,374) (0.05)Bought USD / Sold THB, due 10/04/13 270,935 8,341,000 (241) (0.00)Bought USD / Sold TRY, due 11/01/13 794,610 1,444,000 (13,531) (0.10)Bought USD / Sold TWD, due 11/01/13 805,720 23,533,000 (4,690) (0.03)Bought USD / Sold ZAR, due 11/01/13 709,340 6,105,000 (9,422) (0.07)
Total Unrealised Loss on Forward Foreign Exchange Contracts (288,750) (2.05) ____________________________________________________________ ___________________________________________________
Total Forward Foreign Exchange Contracts (13,668) (0.10) ____________________________________________________________ ___________________________________________________
Other Net Assets/(Liabilities) 737,904 5.25 ____________________________________________________________ ___________________________________________________
TOTAL NET ASSETS 14,064,317 100.00 ____________________________________________________________ ___________________________________________________
85
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA EUROPE MANAGED VOLATILITY EQUITY FUND
Schedule of Investments at December 31, 2012 (Expressed in Euro)
The accompanying notes are an integral part of these financial statements.
Currency Quantity Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market
Common and Preferred Stocks - 99.43% Austria Telekom Austria AG EUR 5,820 49,906 33,407 0.07
Total Austria 49,906 33,407 0.07 _______________________________________________ ____________________________________________________________ __________________________________________________
Belgium Belgacom SA EUR 8,418 201,298 186,922 0.38Colruyt SA EUR 19,125 704,575 717,187 1.48UCB SA EUR 7,316 195,171 316,198 0.65
Total Belgium 1,101,044 1,220,307 2.51 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Finland 829,889 1,009,260 2.08 _______________________________________________ ____________________________________________________________ __________________________________________________
France Cie Generale d'Optique Essilor International SA EUR 15,781 823,918 1,199,672 2.47Eutelsat Communications SA EUR 12,865 388,680 322,911 0.67Fonciere Des Regions REIT EUR 676 49,429 42,791 0.09ICADE REIT EUR 3,806 321,733 254,697 0.52Iliad SA EUR 8,931 809,373 1,161,477 2.39Klepierre REIT EUR 10,279 297,589 308,576 0.64SCOR SE EUR 7,386 124,564 150,748 0.31Societe BIC SA EUR 4,906 296,512 443,110 0.91Sodexo EUR 16,038 846,465 1,021,941 2.10
Total France 3,958,263 4,905,923 10.10 _______________________________________________ ____________________________________________________________ __________________________________________________
Germany Axel Springer AG EUR 5,387 206,934 173,919 0.36Beiersdorf AG EUR 19,770 863,094 1,223,368 2.52Deutsche Telekom AG EUR 29,998 284,524 257,833 0.53Fresenius Medical Care AG & Co KGaA EUR 15,458 767,994 808,608 1.66Fresenius SE & Co KGaA EUR 4,658 316,218 405,712 0.83Hannover Rueckversicherung AG EUR 650 26,560 38,324 0.08Henkel AG & Co KGaA EUR 13,943 522,038 724,060 1.49Merck KGaA EUR 3,245 209,068 323,948 0.67Suedzucker AG EUR 17,391 426,091 538,947 1.11
Total Germany 3,622,521 4,494,719 9.25 _______________________________________________ ____________________________________________________________ __________________________________________________
Greece Coca Cola Hellenic Bottling Co SA EUR 30,684 516,412 543,107 1.12OPAP SA EUR 35,522 162,217 191,819 0.39
Total Greece 678,629 734,926 1.51 _______________________________________________ ____________________________________________________________ __________________________________________________
Ireland Kerry Group PLC EUR 14,377 410,073 575,871 1.19
86
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA EUROPE MANAGED VOLATILITY EQUITY FUND
Schedule of Investments at December 31, 2012 (Expressed in Euro)
The accompanying notes are an integral part of these financial statements.
Currency Quantity Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Total Netherlands 3,598,143 3,870,299 7.96 _______________________________________________ ____________________________________________________________ __________________________________________________
Portugal Jeronimo Martins SGPS SA EUR 54,152 740,024 790,619 1.63Portugal Telecom SGPS SA EUR 22,184 180,863 83,168 0.17
Total Portugal 920,887 873,787 1.80 _______________________________________________ ____________________________________________________________ __________________________________________________
Spain Inditex SA EUR 11,229 786,697 1,184,660 2.44Zardoya Otis SA EUR 71,680 691,579 774,144 1.59
Total Spain 1,478,276 1,958,804 4.03 _______________________________________________ ____________________________________________________________ __________________________________________________
Sweden Getinge AB SEK 19,256 375,319 493,929 1.02Hennes & Mauritz AB SEK 5,707 153,380 149,382 0.31Swedish Match AB SEK 1,453 44,710 36,965 0.07
Total Sweden 573,409 680,276 1.40 _______________________________________________ ____________________________________________________________ __________________________________________________
Switzerland Baloise Holding AG CHF 2,361 180,680 153,579 0.32Banque Cantonale Vaudoise CHF 455 187,424 182,766 0.38Lindt & Spruengli AG CHF 373 827,240 921,066 1.89Lindt & Spruengli AG Reg. S CHF 11 243,902 314,605 0.65Nestle SA CHF 17,673 733,488 872,815 1.80Novartis AG CHF 24,554 989,367 1,168,901 2.40Pargesa Holding SA CHF 1,019 69,824 52,901 0.11Partners Group Holding AG CHF 4,719 630,292 825,866 1.70SGS SA CHF 687 898,520 1,153,351 2.37Swiss Prime Site AG CHF 15,837 1,029,013 1,001,953 2.06
87
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA EUROPE MANAGED VOLATILITY EQUITY FUND
Schedule of Investments at December 31, 2012 (Expressed in Euro)
The accompanying notes are an integral part of these financial statements.
Currency Quantity Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Common and Preferred Stocks - (Continued)
Switzerland - (Continued) Swisscom AG CHF 3,434 1,029,489 1,120,576 2.31
Total Switzerland 6,819,239 7,768,379 15.99 _______________________________________________ ____________________________________________________________ __________________________________________________
Total United Kingdom 14,255,241 15,700,725 32.31 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Common and Preferred Stocks 42,288,151 48,310,774 99.43 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market 42,288,151 48,310,774 99.43 _______________________________________________ ____________________________________________________________ __________________________________________________
TOTAL INVESTMENTS 42,288,151 48,310,774 99.43 _______________________________________________ ____________________________________________________________ __________________________________________________
Other Net Assets/(Liabilities) 277,696 0.57 ____________________________________________________________ ___________________________________________________
TOTAL NET ASSETS 48,588,470 100.00 ____________________________________________________________ ___________________________________________________
88
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA GLOBAL MANAGED VOLATILITY EQUITY FUND
Schedule of Investments at December 31, 2012 (Expressed in US Dollar)
The accompanying notes are an integral part of these financial statements.
Currency Quantity Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market
Common and Preferred Stocks - 99.14% Australia AGL Energy Ltd AUD 8,447 126,480 134,878 0.12Centro Retail Australia REIT AUD 181,057 359,689 426,699 0.38Ramsay Health Care Ltd AUD 9,718 269,082 275,234 0.24Telstra Corp Ltd AUD 25,985 87,313 117,892 0.10
Total Australia 842,564 954,703 0.84 _______________________________________________ ____________________________________________________________ __________________________________________________
Bermuda Axis Capital Holdings Ltd USD 429 14,276 14,861 0.01Everest Re Group Ltd USD 55 5,081 6,047 0.01RenaissanceRe Holdings Ltd USD 2,277 158,966 185,029 0.16
Total Bermuda 178,323 205,937 0.18 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Denmark 1,936,677 2,349,250 2.07 _______________________________________________ ____________________________________________________________ __________________________________________________
France Iliad SA EUR 4,689 628,134 803,967 0.71Klepierre REIT EUR 11,296 426,799 447,077 0.39
Total France 1,054,933 1,251,044 1.10 _______________________________________________ ____________________________________________________________ __________________________________________________
Germany Deutsche Telekom AG EUR 7,657 94,126 86,766 0.08Fresenius Medical Care AG & Co KGaA EUR 4,800 344,000 331,035 0.29Fresenius SE & Co KGaA EUR 3,669 414,174 421,321 0.37
Total Germany 852,300 839,122 0.74 _______________________________________________ ____________________________________________________________ __________________________________________________
Hong Kong CLP Holdings Ltd HKD 127,418 1,086,123 1,066,084 0.94Hong Kong & China Gas Co Ltd HKD 494,507 1,092,721 1,349,378 1.19Hongkong Electric Holdings Ltd HKD 125,892 947,722 1,075,243 0.94Hopewell Holdings Ltd HKD 126,349 365,462 542,018 0.48Link REIT HKD 138,866 502,307 693,358 0.61
89
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA GLOBAL MANAGED VOLATILITY EQUITY FUND
Schedule of Investments at December 31, 2012 (Expressed in US Dollar)
The accompanying notes are an integral part of these financial statements.
Currency Quantity Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Common and Preferred Stocks - (Continued)
Hong Kong - (Continued) MTR Corp Ltd HKD 56,000 188,029 220,363 0.19
Total Hong Kong 4,182,364 4,946,444 4.35 _______________________________________________ ____________________________________________________________ __________________________________________________
Israel Elbit Systems Ltd ILS 13,698 474,224 550,328 0.48Mizrahi Tefahot Bank Ltd ILS 12,977 126,186 136,862 0.12Teva Pharmaceutical Industries Ltd ILS 29,836 1,218,752 1,118,720 0.99
Total Israel 1,819,162 1,805,910 1.59 _______________________________________________ ____________________________________________________________ __________________________________________________
Japan Alfresa Holdings Corp JPY 9,828 393,084 383,049 0.34Benesse Holdings Inc JPY 1,400 59,642 58,127 0.05Coca-Cola West Co Ltd JPY 10,400 163,967 160,333 0.14Eisai Co Ltd JPY 4,800 188,536 199,850 0.18Lawson Inc JPY 11,702 718,031 794,434 0.70McDonald's Holdings Co Japan Ltd JPY 40,821 1,109,615 1,078,772 0.95MEIJI Holding Co Ltd JPY 2,800 120,054 121,113 0.11Miraca Holdings Inc JPY 14,100 571,300 566,674 0.50Nippon Telegraph & Telephone Corp JPY 8,141 374,759 341,778 0.30Nisshin Seifun Group Inc JPY 7,500 88,815 93,506 0.08Nissin Foods Holding Co Ltd JPY 28,855 1,079,321 1,092,929 0.96NTT DoCoMo Inc JPY 247 437,268 354,224 0.31Ono Pharmaceutical Co Ltd JPY 9,937 539,603 506,820 0.45Oracle Corp Japan JPY 17,006 681,238 706,084 0.62Osaka Gas Co Ltd JPY 44,000 162,437 159,787 0.14Otsuka Holding Co Ltd JPY 36,058 1,019,565 1,015,037 0.89Sankyo Co Ltd JPY 3,500 173,341 138,640 0.12Suzuken Co Ltd JPY 4,800 121,791 134,843 0.12Takeda Pharmaceutical Co Ltd JPY 18,177 839,974 810,413 0.71Tobu Railway Co Ltd JPY 50,752 255,775 268,243 0.24Toho Co Ltd/Tokyo JPY 59,989 1,023,986 1,053,875 0.93Toyo Suisan Kaisha Ltd JPY 7,000 164,294 186,041 0.16Unicharm Corp JPY 21,666 1,089,845 1,126,336 0.99USS Co Ltd JPY 11,406 1,071,201 1,185,913 1.04
Total Japan 12,447,442 12,536,821 11.03 _______________________________________________ ____________________________________________________________ __________________________________________________
New Zealand Auckland International Airport Ltd NZD 25,817 49,305 56,868 0.05
Total New Zealand 49,305 56,868 0.05 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Singapore 3,607,249 4,246,192 3.74 _______________________________________________ ____________________________________________________________ __________________________________________________
Switzerland Lindt & Spruengli AG CHF 172 522,804 559,961 0.49Nestle SA CHF 17,176 1,009,601 1,118,359 0.98Novartis AG CHF 18,197 1,012,078 1,142,096 1.00Partners Group Holding AG CHF 5,222 966,859 1,204,879 1.06Roche Holding AG CHF 878 148,442 176,492 0.16Swiss Prime Site AG CHF 13,579 1,115,388 1,132,634 1.00
90
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA GLOBAL MANAGED VOLATILITY EQUITY FUND
Schedule of Investments at December 31, 2012 (Expressed in US Dollar)
The accompanying notes are an integral part of these financial statements.
Currency Quantity Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Common and Preferred Stocks - (Continued)
Switzerland - (Continued) Swisscom AG CHF 2,739 1,091,344 1,178,367 1.04
Total Switzerland 5,866,516 6,512,788 5.73 _______________________________________________ ____________________________________________________________ __________________________________________________
Total United Kingdom 7,243,159 7,563,940 6.66 _______________________________________________ ____________________________________________________________ __________________________________________________
United States Abbott Laboratories USD 19,499 1,133,686 1,277,184 1.12Alliant Energy Corp USD 23,753 1,025,979 1,042,994 0.92Altria Group Inc USD 36,952 1,127,789 1,161,032 1.02Ameren Corp USD 31,054 1,022,273 953,979 0.84American Electric Power Co Inc USD 25,904 1,026,622 1,105,583 0.97American Tower Corp REIT USD 1,750 111,031 135,222 0.12American Water Works Co Inc USD 33,427 1,106,270 1,241,145 1.09AmerisourceBergen Corp USD 3,490 133,184 150,698 0.13Amgen Inc USD 1,780 118,757 153,650 0.14AT&T Inc USD 36,202 1,173,082 1,220,369 1.07Automatic Data Processing Inc USD 16,544 919,750 943,173 0.83Baxter International Inc USD 2,947 163,458 196,447 0.17Becton Dickinson and Co USD 14,933 1,155,632 1,167,611 1.03Biogen Idec Inc USD 1,831 277,166 268,553 0.24Bristol-Myers Squibb Co USD 30,322 1,003,178 988,194 0.87Brown-Forman Corp USD 286 15,119 18,090 0.02Campbell Soup Co USD 12,455 422,386 434,555 0.38Center Point Energy Inc USD 6,278 122,479 120,851 0.11CenturyLink Inc USD 11,720 457,810 458,486 0.40Chubb Corp USD 2,011 131,092 151,469 0.13Church & Dwight Co Inc USD 20,847 985,075 1,116,774 0.98Clorox Co USD 16,529 1,159,454 1,210,253 1.06CMS Energy Corp USD 17,700 413,385 431,526 0.38Coca-Cola Co USD 11,643 400,705 422,059 0.37Colgate-Palmolive Co USD 11,938 1,135,339 1,247,999 1.10ConAgra Foods Inc USD 3,193 79,847 94,194 0.08Consolidated Edison Inc USD 17,910 1,039,552 994,721 0.88Costco Wholesale Corp USD 900 92,326 88,893 0.08CR Bard Inc USD 10,901 1,113,764 1,065,464 0.94Crown Castle International Corp USD 4,853 282,638 350,192 0.31CVS Caremark Corp USD 2,784 119,619 134,606 0.12DaVita HealthCare Partners Inc USD 10,360 942,519 1,145,091 1.01Dominion Resources Inc USD 20,438 1,041,866 1,058,688 0.93DTE Energy Co USD 19,896 1,109,593 1,194,755 1.05Duke Energy Corp USD 20,720 1,274,308 1,321,936 1.16Entergy Corp USD 13,733 937,776 875,479 0.77Federal Realty Investment Trust USD 11,223 1,181,564 1,167,416 1.03Fidelity National Information Services Inc USD 706 22,248 24,576 0.02FirstEnergy Corp USD 2,674 123,105 111,666 0.10General Mills Inc USD 27,709 1,089,160 1,119,721 0.99
91
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA GLOBAL MANAGED VOLATILITY EQUITY FUND
Schedule of Investments at December 31, 2012 (Expressed in US Dollar)
The accompanying notes are an integral part of these financial statements.
Currency Quantity Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Total United States 58,427,570 61,566,209 54.18 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Common and Preferred Stocks 105,589,287 112,652,223 99.14 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market 105,589,287 112,652,223 99.14 _______________________________________________ ____________________________________________________________ __________________________________________________
92
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA GLOBAL MANAGED VOLATILITY EQUITY FUND
Schedule of Investments at December 31, 2012 (Expressed in US Dollar)
The accompanying notes are an integral part of these financial statements.
Currency Quantity Cost
MarketValue
% ofNet Assets
TOTAL INVESTMENTS 105,589,287 112,652,223 99.14 _______________________________________________ ____________________________________________________________ __________________________________________________
Other Net Assets/(Liabilities) 978,423 0.86 ____________________________________________________________ ___________________________________________________
TOTAL NET ASSETS 113,630,646 100.00 ____________________________________________________________ ___________________________________________________
93
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA EMU ALPHA EQUITY FUND
Schedule of Investments at December 31, 2012 (Expressed in Euro)
The accompanying notes are an integral part of these financial statements.
Currency Quantity Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market
Common and Preferred Stocks - 99.73% Austria Immoeast EUR 12,402 0 0 0.00IMMOFINANZ AG EUR 143,912 349,215 457,064 0.60Oesterreichische Post AG EUR 3,014 78,917 94,037 0.12OMV AG EUR 10,968 273,173 300,030 0.40Voestalpine AG EUR 6,588 196,472 182,224 0.24
Total Austria 897,777 1,033,355 1.36 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Finland 1,969,978 2,105,539 2.78 _______________________________________________ ____________________________________________________________ __________________________________________________
France Alstom SA EUR 9,038 258,236 272,360 0.36AXA SA EUR 154,764 2,006,239 2,066,099 2.73BNP Paribas SA EUR 41,616 1,869,658 1,772,217 2.34Bouygues SA EUR 5,188 148,526 116,211 0.15Christian Dior SA EUR 10,176 1,015,198 1,305,072 1.72Cie de St-Gobain EUR 18,411 630,293 593,202 0.78Cie Generale des Etablissements Michelin EUR 24,450 1,284,208 1,750,375 2.31Credit Agricole SA EUR 111,465 1,027,786 678,153 0.90Danone SA EUR 3,464 177,937 172,871 0.23Dassault Systemes SA EUR 2,985 194,685 251,427 0.33Derichebourg SA EUR 91,674 344,203 288,773 0.38Eiffage SA EUR 5,535 155,466 185,810 0.25Electricite de France SA EUR 45,751 749,773 639,599 0.84European Aeronautic Defence and Space Co NV EUR 23,507 603,197 693,457 0.92Lafarge SA EUR 17,752 581,721 856,179 1.13PPR EUR 4,064 458,354 572,414 0.76Sanofi EUR 43,005 2,496,814 3,070,127 4.05Societe Generale SA EUR 39,640 1,226,553 1,123,398 1.48Teleperformance SA EUR 15,806 342,693 433,480 0.57Total SA EUR 97,208 3,824,098 3,792,084 5.01Vivendi SA EUR 118,007 1,676,671 2,000,219 2.64Wendel SA EUR 3,043 165,377 236,654 0.31
Total France 21,237,686 22,870,181 30.19 _______________________________________________ ____________________________________________________________ __________________________________________________
Germany Adidas AG EUR 10,118 567,844 681,245 0.90Allianz SE EUR 5,751 498,317 602,705 0.80BASF SE EUR 34,922 2,034,188 2,484,700 3.28Bayer AG EUR 44,203 2,390,030 3,177,754 4.19Continental AG EUR 9,053 664,804 792,952 1.05Daimler AG EUR 6,251 271,577 258,291 0.34Deutsche Bank AG EUR 44,416 1,680,108 1,463,507 1.93Deutsche Lufthansa AG EUR 31,853 419,003 453,587 0.60Deutsche Post AG EUR 84,655 1,168,506 1,405,273 1.85Deutsche Telekom AG EUR 87,223 796,658 749,682 0.99Draegerwerk AG & Co KGaA—Preferred Stock EUR 2,156 173,173 164,977 0.22
94
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA EMU ALPHA EQUITY FUND
Schedule of Investments at December 31, 2012 (Expressed in Euro)
The accompanying notes are an integral part of these financial statements.
Currency Quantity Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Common and Preferred Stocks - (Continued)
Germany - (Continued) E.ON SE EUR 28,255 541,124 398,113 0.53Freenet AG EUR 32,761 393,303 458,654 0.61Henkel AG & Co KGaA—Preferred Stock EUR 19,841 895,488 1,234,110 1.63Kabel Deutschland Holding AG EUR 11,780 488,485 666,395 0.88Linde AG EUR 3,271 399,271 431,772 0.57Muenchener Rueckversicherungs AG EUR 4,083 470,279 555,288 0.73RWE AG EUR 21,142 819,599 660,476 0.87SAP AG EUR 40,555 1,819,610 2,461,283 3.25Siemens AG EUR 25,299 1,980,098 2,079,578 2.74Suedzucker AG EUR 31,372 817,484 972,218 1.28Volkswagen AG—Preferred Stock EUR 8,220 958,143 1,415,073 1.87
Total Germany 20,247,092 23,567,633 31.11 _______________________________________________ ____________________________________________________________ __________________________________________________
Greece Hellenic Telecommunications Organization SA EUR 41,870 131,344 213,537 0.28
Total Greece 131,344 213,537 0.28 _______________________________________________ ____________________________________________________________ __________________________________________________
Ireland Smurfit Kappa Group PLC EUR 68,836 522,777 619,524 0.82
Total Ireland 522,777 619,524 0.82 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Netherlands 6,863,541 7,616,937 10.05 _______________________________________________ ____________________________________________________________ __________________________________________________
95
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA EMU ALPHA EQUITY FUND
Schedule of Investments at December 31, 2012 (Expressed in Euro)
The accompanying notes are an integral part of these financial statements.
Currency Quantity Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Common and Preferred Stocks - (Continued)
Portugal EDP - Energias de Portugal SA EUR 192,287 478,631 440,337 0.58
Total Portugal 478,631 440,337 0.58 _______________________________________________ ____________________________________________________________ __________________________________________________
Spain ACS Actividades de Construccion y Servicios SA EUR 21,222 374,290 404,067 0.53Amadeus IT Holding SA EUR 12,468 196,794 237,515 0.31Banco Bilbao Vizcaya Argentaria SA EUR 71,076 581,897 494,689 0.65Banco Santander SA EUR 179,488 1,448,308 1,094,877 1.44Distribuidora Internacional de Alimentacion SA EUR 265,773 1,074,530 1,278,368 1.69Gas Natural SDG SA EUR 31,586 389,062 428,938 0.57Inditex SA EUR 2,253 143,056 237,692 0.31Obrascon Huarte Lain SA EUR 11,095 215,047 243,535 0.32Red Electrica Corp SA EUR 6,404 222,770 238,869 0.32Repsol SA EUR 60,765 1,106,018 931,831 1.23Repsol SA - Rights EUR 60,765 — 28,074 0.04Telefonica SA EUR 62,169 949,045 633,502 0.84Viscofan SA EUR 10,986 271,582 470,311 0.62
Total Spain 6,972,399 6,722,268 8.87 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Common and Preferred Stocks 69,660,457 75,555,652 99.73 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market 69,660,457 75,555,652 99.73 _______________________________________________ ____________________________________________________________ __________________________________________________
TOTAL INVESTMENTS 69,660,457 75,555,652 99.73 _______________________________________________ ____________________________________________________________ __________________________________________________
Other Net Assets/(Liabilities) 201,678 0.27 ____________________________________________________________ ___________________________________________________
TOTAL NET ASSETS 75,757,330 100.00 ____________________________________________________________ ___________________________________________________
96
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA SECTORAL HEALTHCARE EQUITY FUND
Schedule of Investments at December 31, 2012 (Expressed in US Dollar)
The accompanying notes are an integral part of these financial statements.
Currency Quantity Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market
Common and Preferred Stocks - 99.29% Canada Valeant Pharmaceuticals International Inc USD 28,658 1,444,100 1,712,889 3.23
Total Canada 1,444,100 1,712,889 3.23 _______________________________________________ ____________________________________________________________ __________________________________________________
Denmark Novo Nordisk A/S DKK 13,863 1,736,708 2,245,134 4.24
Total Denmark 1,736,708 2,245,134 4.24 _______________________________________________ ____________________________________________________________ __________________________________________________
France Sanofi EUR 37,232 3,296,047 3,504,298 6.62
Total France 3,296,047 3,504,298 6.62 _______________________________________________ ____________________________________________________________ __________________________________________________
India Lupin Ltd INR 116,784 1,153,679 1,310,223 2.47
Total India 1,153,679 1,310,223 2.47 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Ireland 2,798,685 2,883,453 5.44 _______________________________________________ ____________________________________________________________ __________________________________________________
Israel Given Imaging Ltd USD 29,005 498,067 506,718 0.96
Total Israel 498,067 506,718 0.96 _______________________________________________ ____________________________________________________________ __________________________________________________
Japan Sawai Pharmaceutical Co Ltd JPY 4,923 444,978 494,777 0.93Towa Pharmaceutical Co Ltd JPY 12,332 679,439 646,087 1.22
Total Japan 1,124,417 1,140,864 2.15 _______________________________________________ ____________________________________________________________ __________________________________________________
Norway Algeta ASA NOK 48,793 1,478,056 1,357,200 2.56
Total Norway 1,478,056 1,357,200 2.56 _______________________________________________ ____________________________________________________________ __________________________________________________
Russia Pharmstandard—GDR USD 40,091 875,890 672,326 1.27
Total Russia 875,890 672,326 1.27 _______________________________________________ ____________________________________________________________ __________________________________________________
South Africa Aspen Pharmacare Holdings Ltd ZAR 75,347 978,409 1,500,830 2.83
Total South Africa 978,409 1,500,830 2.83 _______________________________________________ ____________________________________________________________ __________________________________________________
Switzerland Novartis AG CHF 71,473 4,119,831 4,485,851 8.46
97
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA SECTORAL HEALTHCARE EQUITY FUND
Schedule of Investments at December 31, 2012 (Expressed in US Dollar)
The accompanying notes are an integral part of these financial statements.
Currency Quantity Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Total Switzerland 7,651,901 8,808,097 16.62 _______________________________________________ ____________________________________________________________ __________________________________________________
United Kingdom Hikma Pharmaceuticals PLC GBP 122,316 1,471,883 1,513,057 2.86
Total United Kingdom 1,471,883 1,513,057 2.86 _______________________________________________ ____________________________________________________________ __________________________________________________
Total United States 23,431,085 25,454,719 48.04 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Common and Preferred Stocks 47,938,927 52,609,808 99.29 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market 47,938,927 52,609,808 99.29 _______________________________________________ ____________________________________________________________ __________________________________________________
TOTAL INVESTMENTS 47,938,927 52,609,808 99.29 _______________________________________________ ____________________________________________________________ __________________________________________________
Other Net Assets/(Liabilities) 376,330 0.71 ____________________________________________________________ ___________________________________________________
TOTAL NET ASSETS 52,986,138 100.00 ____________________________________________________________ ___________________________________________________
98
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA ACTIVE FUNDAMENTAL GLOBAL EQUITY SPOTLIGHT FUND
Schedule of Investments at December 31, 2012 (Expressed in Euro)
The accompanying notes are an integral part of these financial statements.
Currency Quantity Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market
Common and Preferred Stocks - 94.72% Canada Suncor Energy Inc CAD 36,700 911,917 914,473 3.02
Total Canada 911,917 914,473 3.02 _______________________________________________ ____________________________________________________________ __________________________________________________
France BNP Paribas SA EUR 16,799 738,025 715,386 2.36Safran SA EUR 23,725 771,892 773,316 2.55Thales SA EUR 33,821 922,618 887,632 2.93Total SA EUR 22,917 898,765 893,992 2.95
Total France 3,331,300 3,270,326 10.79 _______________________________________________ ____________________________________________________________ __________________________________________________
Germany Deutsche Boerse AG EUR 19,354 881,188 894,348 2.95
Total Germany 881,188 894,348 2.95 _______________________________________________ ____________________________________________________________ __________________________________________________
Hong Kong Shanghai Industrial Holdings Ltd HKD 309,000 778,111 824,002 2.72
Total Hong Kong 778,111 824,002 2.72 _______________________________________________ ____________________________________________________________ __________________________________________________
Ireland CRH PLC EUR 62,469 902,872 955,776 3.15
Total Ireland 902,872 955,776 3.15 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Italy 1,060,582 1,111,686 3.67 _______________________________________________ ____________________________________________________________ __________________________________________________
Japan Denso Corp JPY 30,800 783,290 803,263 2.65Fuji Media Holdings Inc JPY 413 438,789 471,346 1.55Hirose Electric Co Ltd JPY 6,600 594,623 595,760 1.96JSR Corp JPY 75,200 1,073,918 1,081,208 3.57Keyence Corp JPY 3,400 714,440 711,941 2.35Kurita Water Industries Ltd JPY 62,100 1,032,204 1,030,683 3.40
Total Japan 4,637,264 4,694,201 15.48 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Korea 1,669,675 1,636,932 5.40 _______________________________________________ ____________________________________________________________ __________________________________________________
Switzerland Novartis AG CHF 10,585 510,809 503,902 1.66UBS AG CHF 49,322 611,170 583,217 1.92
Total Switzerland 1,121,979 1,087,119 3.58 _______________________________________________ ____________________________________________________________ __________________________________________________
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA ACTIVE FUNDAMENTAL GLOBAL EQUITY SPOTLIGHT FUND
Schedule of Investments at December 31, 2012 (Expressed in Euro)
The accompanying notes are an integral part of these financial statements.
Currency Quantity Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Common and Preferred Stocks - (Continued)
United Kingdom - (Continued) Standard Chartered PLC HKD 33,250 612,053 637,751 2.10
Total United Kingdom 2,567,994 2,595,696 8.56 _______________________________________________ ____________________________________________________________ __________________________________________________
Total United States 10,672,207 10,732,522 35.40 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Common and Preferred Stocks 28,535,089 28,717,081 94.72 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market 28,535,089 28,717,081 94.72 _______________________________________________ ____________________________________________________________ __________________________________________________
TOTAL INVESTMENTS 28,535,089 28,717,081 94.72 _______________________________________________ ____________________________________________________________ __________________________________________________
Other Net Assets/(Liabilities) 1,600,754 5.28 ____________________________________________________________ ___________________________________________________
TOTAL NET ASSETS 30,317,835 100.00 ____________________________________________________________ ___________________________________________________
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STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA EMERGING MARKETS SELECT EQUITY FUND
Schedule of Investments at December 31, 2012 (Expressed in Euro)
The accompanying notes are an integral part of these financial statements.
Currency Quantity Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market
Common and Preferred Stocks - 98.99% Brazil Arteris SA BRL 33,800 237,963 237,276 0.46Banco do Brasil SA BRL 51,100 475,760 484,607 0.93Cia de Bebidas das Americas—ADR USD 12,600 353,553 401,300 0.77Cia de Saneamento Basico do Estado de Sao Paulo BRL 2,700 59,187 86,889 0.17Cia de Saneamento Basico do Estado de Sao Paulo—ADR USD 8,300 423,757 526,116 1.01Cia Energetica de Minas Gerais—Preferred Stock BRL 36,439 443,393 305,073 0.59Cosan SA Industria e Comercio BRL 32,200 467,172 498,014 0.95Itausa - Investimentos Itau SA—Preferred Stock BRL 27,717 126,853 99,494 0.19Natura Cosmeticos SA BRL 10,900 220,710 236,782 0.45Petroleo Brasileiro SA—ADR USD 23,671 474,318 346,519 0.66Souza Cruz SA BRL 25,200 233,993 287,621 0.55Vale SA BRL 42,300 655,983 662,528 1.27Vale SA—ADR USD 46,925 925,121 746,016 1.43
Total Brazil 5,097,763 4,918,235 9.43 _______________________________________________ ____________________________________________________________ __________________________________________________
Chile Aguas Andinas SA CLP 274,270 142,085 147,608 0.28Banco de Chile CLP 2,552,160 288,642 312,890 0.60Banco de Credito e Inversiones CLP 5,957 302,071 310,906 0.60Banco Santander Chile—ADR USD 12,804 315,831 276,688 0.53Cia Cervecerias Unidas SA—ADR USD 7,228 134,525 173,397 0.33ENTEL Chile SA CLP 17,101 247,055 268,179 0.52Sociedad Quimica y Minera de Chile SA—ADR USD 7,800 356,550 341,013 0.65
Total Chile 1,786,759 1,830,681 3.51 _______________________________________________ ____________________________________________________________ __________________________________________________
China Bank of China Ltd HKD 1,822,000 581,299 616,919 1.18China Citic Bank Corp Ltd HKD 463,000 218,675 208,421 0.40China Construction Bank Corp HKD 907,000 525,082 552,079 1.06China Minsheng Banking Corp Ltd HKD 296,000 216,313 259,539 0.50CNOOC Ltd HKD 351,000 548,076 576,372 1.10Evergrande Real Estate Group Ltd HKD 1,399,049 490,613 581,869 1.12Great Wall Motor Co Ltd HKD 53,500 101,920 128,008 0.25Guangzhou R&F Properties Co Ltd HKD 204,000 153,187 257,527 0.49Industrial & Commercial Bank of China Ltd HKD 484,000 241,152 260,502 0.50
Total China 3,076,317 3,441,236 6.60 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Columbia 988,673 1,094,650 2.10 _______________________________________________ ____________________________________________________________ __________________________________________________
Czech Republic CEZ AS CZK 17,745 545,108 480,826 0.92Komercni Banka AS CZK 2,925 435,199 467,384 0.90
Total Czech Republic 980,307 948,210 1.82 _______________________________________________ ____________________________________________________________ __________________________________________________
Egypt Commercial International Bank Egypt SAE EGP 41,947 184,735 172,822 0.33Commercial International Bank Egypt SAE—GDR USD 39,600 149,434 163,698 0.32Orascom Construction Industries—GDR USD 19,029 597,473 580,223 1.11
Total Egypt 931,642 916,743 1.76 _______________________________________________ ____________________________________________________________ __________________________________________________
Hong Kong China Mobile Ltd HKD 108,500 826,879 958,253 1.84
101
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA EMERGING MARKETS SELECT EQUITY FUND
Schedule of Investments at December 31, 2012 (Expressed in Euro)
The accompanying notes are an integral part of these financial statements.
Currency Quantity Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Common and Preferred Stocks - (Continued)
Hong Kong - (Continued) Shimao Property Holdings Ltd HKD 189,500 150,153 271,119 0.52
Total Hong Kong 977,032 1,229,372 2.36 _______________________________________________ ____________________________________________________________ __________________________________________________
Hungary MOL Hungarian Oil and Gas PLC HUF 4,590 287,736 279,846 0.53OTP Bank PLC HUF 48,949 683,023 697,554 1.34
Total Hungary 970,759 977,400 1.87 _______________________________________________ ____________________________________________________________ __________________________________________________
Total India 4,181,756 4,788,282 9.18 _______________________________________________ ____________________________________________________________ __________________________________________________
Indonesia Astra International Tbk PT IDR 723,000 405,590 432,454 0.83Bank Rakyat Indonesia Persero Tbk PT IDR 806,000 433,116 440,868 0.85Indo Tambangraya Megah Tbk PT IDR 80,000 256,717 261,607 0.50Indofood Sukses Makmur Tbk PT IDR 208,000 82,789 95,765 0.18Telekomunikasi Indonesia Persero Tbk PT IDR 757,500 598,282 539,535 1.03
Total Indonesia 1,776,494 1,770,229 3.39 _______________________________________________ ____________________________________________________________ __________________________________________________
Korea Hyundai Motor Co KRW 2,969 441,110 459,618 0.88Samsung Electronics Co Ltd KRW 3,078 2,306,967 3,319,089 6.37SK Holdings Co Ltd KRW 4,198 443,224 532,392 1.02SK Telecom Co Ltd KRW 860 84,962 92,919 0.18Woori Finance Holdings Co Ltd KRW 40,720 336,947 340,428 0.65
Total Korea 3,613,210 4,744,446 9.10 _______________________________________________ ____________________________________________________________ __________________________________________________
Malaysia Alliance Financial Group Bhd MYR 65,000 62,661 70,938 0.14DiGi.Com Bhd MYR 187,600 162,629 246,152 0.47Hong Leong Financial Group Bhd MYR 32,200 87,938 105,425 0.20Malayan Banking Bhd MYR 381,100 799,435 869,645 1.67UMW Holdings Bhd MYR 73,000 140,315 216,194 0.41YTL Corp Bhd MYR 610,373 258,045 287,650 0.55
Total Malaysia 1,511,023 1,796,004 3.44 _______________________________________________ ____________________________________________________________ __________________________________________________
Mexico America Movil SAB de CV—ADR USD 17,790 331,852 312,243 0.60Coca-Cola Femsa SAB de CV—ADR USD 2,300 174,469 260,006 0.50Grupo Mexico SAB de CV MXN 433,749 1,015,655 1,184,397 2.27
Total Mexico 1,521,976 1,756,646 3.37 _______________________________________________ ____________________________________________________________ __________________________________________________
102
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA EMERGING MARKETS SELECT EQUITY FUND
Schedule of Investments at December 31, 2012 (Expressed in Euro)
The accompanying notes are an integral part of these financial statements.
Currency Quantity Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Common and Preferred Stocks - (Continued)
Morocco Attijariwafa Bank MAD 3,162 105,158 88,736 0.17Douja Promotion Groupe Addoha SA MAD 27,318 174,542 154,307 0.30Maroc Telecom SA MAD 23,309 290,782 221,526 0.42
Total Morocco 570,482 464,569 0.89 _______________________________________________ ____________________________________________________________ __________________________________________________
Peru Cia de Minas Buenaventura SA—ADR USD 2,100 56,266 57,263 0.11Credicorp Ltd USD 6,983 609,698 776,265 1.49Volcan Cia Minera SAA PEN 252,614 231,095 194,421 0.37
Total Peru 897,059 1,027,949 1.97 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Philippines 1,008,431 1,159,272 2.22 _______________________________________________ ____________________________________________________________ __________________________________________________
Poland KGHM Polska Miedz SA PLN 15,973 574,726 743,783 1.43Synthos SA PLN 63,026 84,256 83,565 0.16
Total Poland 658,982 827,348 1.59 _______________________________________________ ____________________________________________________________ __________________________________________________
Russia AK Transneft OAO—Preferred Stock USD 216 262,447 368,419 0.71Gazprom Neft OAO—ADR USD 4,668 84,501 82,072 0.16Gazprom OAO—ADR USD 131,100 1,255,196 940,690 1.80Lukoil OAO—ADR USD 27,196 1,199,433 1,392,392 2.67Rosneft OAO—GDR USD 54,528 254,280 368,511 0.71Sberbank of Russia USD 174,539 412,165 405,766 0.78Sberbank of Russia—ADR USD 48,167 442,753 449,374 0.86Uralkali OJSC—GDR USD 15,942 476,943 462,033 0.88
Total Russia 4,387,718 4,469,257 8.57 _______________________________________________ ____________________________________________________________ __________________________________________________
Total South Africa 4,303,249 4,884,707 9.37 _______________________________________________ ____________________________________________________________ __________________________________________________
103
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA EMERGING MARKETS SELECT EQUITY FUND
Schedule of Investments at December 31, 2012 (Expressed in Euro)
The accompanying notes are an integral part of these financial statements.
Currency Quantity Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Total Taiwan 4,706,771 4,691,213 9.00 _______________________________________________ ____________________________________________________________ __________________________________________________
Thailand Advanced Info Service PCL THB 121,400 573,052 629,127 1.20Krung Thai Bank PCL THB 898,200 357,840 436,518 0.84Krung Thai Bank PCL—Receipt THB 114,900 54,109 55,840 0.11PTT PCL THB 75,500 605,422 621,525 1.19
Total Thailand 1,590,423 1,743,010 3.34 _______________________________________________ ____________________________________________________________ __________________________________________________
Turkey Ford Otomotiv Sanayi AS TRY 11,312 89,216 102,882 0.20Koza Altin Isletmeleri AS TRY 4,115 51,147 75,202 0.14Tupras Turkiye Petrol Rafinerileri AS TRY 26,214 454,528 573,757 1.10Turkiye Garanti Bankasi AS TRY 37,237 128,106 146,546 0.28Turkiye Halk Bankasi AS TRY 92,890 492,280 690,867 1.33Turkiye Sise ve Cam Fabrikalari AS TRY 147,093 184,780 184,417 0.35
Total Turkey 1,400,057 1,773,671 3.40 _______________________________________________ ____________________________________________________________ __________________________________________________
Ukraine Kernel Holding SA PLN 15,781 238,455 258,162 0.50
Total Ukraine 238,455 258,162 0.50 _______________________________________________ ____________________________________________________________ __________________________________________________
United States Southern Copper Corp USD 3,800 102,953 109,123 0.21
Total United States 102,953 109,123 0.21 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Common and Preferred Stocks 47,278,291 51,620,415 98.99 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market 47,278,291 51,620,415 98.99 _______________________________________________ ____________________________________________________________ __________________________________________________
TOTAL INVESTMENTS 47,278,291 51,620,415 98.99 _______________________________________________ ____________________________________________________________ __________________________________________________
Other Net Assets/(Liabilities) 526,382 1.01 ____________________________________________________________ ___________________________________________________
TOTAL NET ASSETS 52,146,797 100.00 ____________________________________________________________ ___________________________________________________
104
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA ENHANCED EMERGING MARKETS EQUITY FUND
Schedule of Investments at December 31, 2012 (Expressed in US Dollar)
The accompanying notes are an integral part of these financial statements.
Currency Quantity Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market
Common and Preferred Stocks - 98.61% Brazil AES Tiete SA BRL 19,900 185,114 203,908 0.01AES Tiete SA—Preferred Stock BRL 274,709 3,747,465 3,165,023 0.13Arteris SA BRL 231,195 2,007,123 2,139,753 0.09Banco Bradesco SA BRL 49,400 720,611 818,870 0.03Banco Bradesco SA—ADR USD 1,493,130 27,159,695 25,935,668 1.04Banco do Brasil SA BRL 856,500 12,731,780 10,708,864 0.43Banco do Estado do Rio Grande do Sul SA—Preferred Stock BRL 507,468 5,386,494 3,844,117 0.15Banco Santander Brasil SA BRL 8,000 86,644 58,491 0.00Banco Santander Brasil SA—ADR USD 178,440 2,059,792 1,297,259 0.05BM&FBovespa SA BRL 864,770 5,614,224 5,912,957 0.24Bradespa SA—Preferred Stock BRL 220,804 4,847,056 3,540,413 0.14Brasil Insurance Participacoes e Administracao SA BRL 58,300 605,696 569,475 0.02Braskem SA—ADR USD 50,900 974,952 679,515 0.03Brazil Pharma SA BRL 50,000 307,179 351,648 0.01BRF - Brasil Foods SA BRL 124,900 2,230,479 2,573,641 0.10BRF - Brasil Foods SA—ADR USD 37,400 686,566 789,514 0.03CCR SA BRL 749,700 5,506,552 7,121,692 0.28Centrais Eletricas Brasileiras SA BRL 236,800 1,475,906 732,085 0.03Centrais Eletricas Brasileiras SA—ADR USD 42,900 820,230 214,929 0.01Centrais Eletricas Brasileiras SA—Preferred Stock BRL 50,500 729,809 258,481 0.01Centrais Eletricas Brasileiras SA—Sponsored ADR USD 295,100 3,703,607 920,712 0.04CETIP SA - Mercados Organizados BRL 171,169 2,594,339 2,122,579 0.09Cia Brasileira de Distribuicao Grupo Pao de Acucar—ADR USD 24,217 868,509 1,074,993 0.04Cia de Bebidas das Americas—ADR USD 604,800 19,702,561 25,395,552 1.01Cia de Bebidas das Americas—Preferred Stock BRL 11,928 377,101 498,558 0.02Cia de Saneamento Basico do Estado de Sao Paulo BRL 13,900 378,159 589,740 0.02Cia de Saneamento Basico do Estado de Sao Paulo—ADR USD 53,776 3,938,388 4,494,060 0.18Cia Energetica de Minas Gerais—ADR USD 461,331 8,175,381 5,010,055 0.20Cia Energetica de Sao Paulo—Preferred Stock BRL 9,810 139,274 92,901 0.00Cia Hering BRL 115,400 2,345,878 2,366,616 0.10Cia Paranaense de Energia—ADR USD 65,800 1,580,876 1,010,030 0.04Cia Paranaense de Energia—Preferred Stock BRL 2,900 56,040 44,899 0.00Cia Siderurgica Nacional SA—ADR USD 132,000 1,942,177 778,800 0.03Cielo SA BRL 375,284 8,580,508 10,445,634 0.42Cosan SA Industria e Comercio BRL 36,238 503,068 738,919 0.03Cyrela Brazil Realty SA Empreendimentos e Participacoes BRL 29,200 315,009 255,135 0.01Duratex SA BRL 87,125 679,554 631,896 0.03Eletropaulo Metropolitana Eletricidade de Sao Paulo SA—Preferred Stock BRL 28,284 579,796 232,074 0.01Embraer SA BRL 20,600 150,862 145,382 0.01Embraer SA—ADR USD 80,000 2,280,925 2,280,800 0.09Estacio Participacoes SA BRL 34,100 632,889 694,824 0.03Ez Tec Empreendimentos e Participacoes SA BRL 88,600 1,072,262 1,112,098 0.04Fibria Celulose SA—ADR USD 142,700 1,412,473 1,622,499 0.07Gafisa SA—ADR USD 441,500 1,619,290 2,052,975 0.08Gerdau SA—ADR USD 168,951 2,095,439 1,518,869 0.06Helbor Empreendimentos SA BRL 50,500 270,174 309,536 0.01Iochpe-Maxion SA BRL 5,400 104,320 72,132 0.00Itau Unibanco Holding SA—ADR USD 1,352,100 27,701,771 22,255,566 0.89Itau Unibanco Holding SA—Preferred Stock BRL 51,700 1,037,423 843,108 0.03Itausa - Investimentos Itau SA—Preferred Stock BRL 867,009 5,428,159 4,103,207 0.16JBS SA BRL 356,400 1,187,522 1,044,396 0.04Klabin SA—Preferred Stock BRL 233,900 1,354,433 1,461,090 0.06Localiza Rent a Car SA BRL 12,703 150,838 232,656 0.01Lojas Americanas SA—Preferred Stock BRL 783,700 5,641,063 7,015,981 0.28Lojas Renner SA BRL 92,700 3,201,054 3,610,659 0.14M Dias Branco SA BRL 11,595 366,992 442,224 0.02Mahle-Metal Leve SA Industria e Comercio BRL 20,603 263,915 251,563 0.01Marfrig Alimentos SA BRL 182,700 1,037,041 756,677 0.03Metalurgica Gerdau SA—Preferred Stock BRL 251,500 3,097,692 2,812,869 0.11Minerva SA BRL 45,539 254,900 249,992 0.01MRV Engenharia e Participacoes SA BRL 77,837 588,596 455,427 0.02Multiplus SA BRL 232,845 4,517,813 5,426,795 0.22Natura Cosmeticos SA BRL 293,600 7,165,578 8,408,647 0.34Odontoprev SA BRL 199,200 861,394 1,043,915 0.04Oi SA BRL 13,170 129,059 58,919 0.00Oi SA—ADR USD 19,114 153,250 82,190 0.00Oi SA—ADR USD 578,539 4,573,057 2,319,941 0.09Oi SA—Preferred Stock BRL 23,620 172,768 95,980 0.00
105
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA ENHANCED EMERGING MARKETS EQUITY FUND
Schedule of Investments at December 31, 2012 (Expressed in US Dollar)
The accompanying notes are an integral part of these financial statements.
Currency Quantity Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Common and Preferred Stocks - (Continued)
Brazil - (Continued) OSX Brasil SA BRL 32,975 390,923 171,518 0.01PDG Realty SA Empreendimentos e Participacoes BRL 194,224 1,079,424 313,984 0.01Petroleo Brasileiro SA—ADR USD 2,158,200 68,722,058 42,020,154 1.68Petroleo Brasileiro SA—Preferred Stock BRL 37,100 632,698 353,696 0.01Porto Seguro SA BRL 205,164 2,843,989 2,353,750 0.09SLC Agricola SA BRL 11,516 142,729 111,645 0.01Souza Cruz SA BRL 616,900 7,647,614 9,282,876 0.37Sul America SA BRL 99,252 850,544 858,003 0.03Tecnisa SA BRL 64 426 252 0.00Telefonica Brasil SA—ADR USD 353,726 8,993,652 8,510,648 0.34Totvs SA BRL 33,000 614,122 650,974 0.03Tractebel Energia SA BRL 9,200 120,088 149,851 0.01Usinas Siderurgicas de Minas Gerais SA—Preferred Stock BRL 43,400 234,470 271,316 0.01Vale SA—ADR USD 2,187,600 59,661,411 45,852,096 1.83Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA BRL 35,100 431,837 780,000 0.03
Total Brazil 365,232,529 312,081,136 12.45 _______________________________________________ ____________________________________________________________ __________________________________________________
Chile Administradora de Fondos de Pensiones Provida SA CLP 131,011 756,430 889,277 0.04AES Gener SA CLP 277,302 159,094 178,063 0.01Aguas Andinas SA CLP 1,108,847 680,191 786,776 0.03Banco de Chile CLP 468,775 63,168 69,406 0.00Banco de Chile CLP 10,475,963 1,459,797 1,693,264 0.07Banco de Credito e Inversiones CLP 25,727 1,489,767 1,770,263 0.07Banco Santander Chile—ADR USD 99,338 2,956,362 2,830,140 0.11CAP SA CLP 170,072 7,463,199 5,702,811 0.23Cencosud SA CLP 135,972 990,194 737,083 0.03Cia Cervecerias Unidas SA CLP 44,550 382,957 701,355 0.03Cia Cervecerias Unidas SA—ADR USD 40,380 1,009,831 1,277,219 0.05Embotelladora Andina SA—Preferred Stock CLP 61,644 392,323 387,747 0.02Empresa Nacional de Electricidad SA CLP 45,589 69,569 74,088 0.00Empresa Nacional de Electricidad SA—ADR USD 104,384 5,494,469 5,094,983 0.20Empresas CMPC SA CLP 369,059 1,584,827 1,362,697 0.05Enersis SA—ADR USD 75,162 1,529,786 1,369,452 0.06ENTEL Chile SA CLP 145,389 2,650,439 3,005,951 0.12Inversiones Aguas Metropolitanas SA CLP 57,772 103,795 116,417 0.00Latam Airlines Group SA—ADR USD 105,671 2,483,279 2,489,609 0.10Sigdo Koppers SA CLP 116,818 268,948 281,603 0.01Sociedad Matriz SAAM SA CLP 1,112,584 121,168 133,380 0.01Sociedad Quimica y Minera de Chile SA—ADR USD 147,554 8,428,477 8,505,012 0.34Socovesa SA CLP 184,334 93,113 87,355 0.00
Total Chile 40,631,183 39,543,951 1.58 _______________________________________________ ____________________________________________________________ __________________________________________________
China AAC Technologies Holdings Inc HKD 258,000 803,147 902,069 0.04Agile Property Holdings Ltd HKD 1,145,900 1,653,080 1,611,476 0.06Agricultural Bank of China Ltd HKD 25,326,000 12,451,007 12,514,573 0.50Air China Ltd HKD 1,190,600 1,189,389 1,006,139 0.04Anhui Conch Cement Co Ltd HKD 329,000 1,183,211 1,197,004 0.05Anhui Expressway Co HKD 458,000 387,152 259,406 0.01Bank of China Ltd HKD 61,545,800 27,635,302 27,474,208 1.10Bank of Communications Co Ltd HKD 2,324,300 1,981,987 1,751,280 0.07BBMG Corp HKD 1,899,300 2,526,024 1,725,110 0.07Beijing Capital International Airport Co Ltd HKD 2,178,000 1,169,156 1,559,558 0.06Beijing Capital Land Ltd HKD 492,000 118,977 204,396 0.01Biostime International Holdings Ltd HKD 182,000 474,113 568,247 0.02Chaowei Power Holdings Ltd HKD 1,178,000 571,055 609,453 0.02China BlueChemical Ltd HKD 196,000 131,057 131,495 0.01China Citic Bank Corp Ltd HKD 13,782,520 8,373,353 8,179,695 0.33China Communications Construction Co Ltd HKD 6,802,200 5,928,110 6,564,500 0.26China Communications Services Corp Ltd HKD 754,000 464,184 435,813 0.02China Construction Bank Corp HKD 50,205,070 40,297,537 40,289,199 1.61
106
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA ENHANCED EMERGING MARKETS EQUITY FUND
Schedule of Investments at December 31, 2012 (Expressed in US Dollar)
The accompanying notes are an integral part of these financial statements.
Currency Quantity Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Common and Preferred Stocks - (Continued)
China - (Continued) China Eastern Airlines Corp Ltd HKD 9,492,000 4,132,834 3,784,137 0.15China Liansu Group Holdings Ltd HKD 3,908,000 2,816,458 2,677,317 0.11China Life Insurance Co Ltd HKD 4,381,000 14,430,693 14,300,277 0.57China Lilang Ltd HKD 115,000 137,365 68,102 0.00China Merchants Bank Co Ltd HKD 4,295,200 8,977,867 9,476,112 0.38China Minsheng Banking Corp Ltd HKD 8,665,900 7,839,992 10,017,800 0.40China National Building Material Co Ltd HKD 4,252,600 6,074,087 6,221,832 0.25China Oilfield Services Ltd HKD 386,000 508,022 795,820 0.03China Petroleum & Chemical Corp HKD 16,212,000 16,450,665 18,364,613 0.73China Railway Construction Corp Ltd HKD 2,715,700 2,675,084 3,086,799 0.12China Railway Group Ltd HKD 1,194,000 458,350 697,836 0.03China Shanshui Cement Group Ltd HKD 4,480,000 4,209,301 3,277,266 0.13China Shenhua Energy Co Ltd HKD 3,180,500 13,728,823 13,931,114 0.56China Shipping Container Lines Co Ltd HKD 1,514,000 614,395 435,593 0.02China Southern Airlines Co Ltd HKD 2,780,000 1,533,860 1,402,401 0.06China Telecom Corp Ltd HKD 2,048,000 1,134,900 1,138,827 0.05China Vanke Co Ltd HKD 1,478,815 1,815,582 2,384,924 0.10Chongqing Rural Commercial Bank HKD 3,866,000 1,587,071 2,114,844 0.08CNOOC Ltd HKD 14,131,000 30,180,048 30,592,539 1.22Country Garden Holdings Co Ltd HKD 1,433,082 509,191 750,668 0.03Datang International Power Generation Co Ltd HKD 1,164,000 402,191 444,524 0.02Dongfeng Motor Group Co Ltd HKD 1,398,000 2,445,592 2,157,193 0.09ENN Energy Holdings Ltd HKD 246,000 830,567 1,071,173 0.04Evergrande Real Estate Group Ltd HKD 11,448,935 6,157,352 6,277,760 0.25Great Wall Motor Co Ltd HKD 386,000 642,188 1,217,634 0.05Greentown China Holdings Ltd HKD 974,500 925,050 1,785,340 0.07Guangshen Railway Co Ltd HKD 3,894,000 1,531,355 1,547,381 0.06Guangzhou R&F Properties Co Ltd HKD 2,343,600 3,098,466 3,900,532 0.16Haitian International Holdings Ltd HKD 220,000 206,956 262,552 0.01Harbin Electric Co Ltd HKD 110,000 113,984 94,519 0.00Huadian Power International Co HKD 928,000 218,890 325,662 0.01Huaneng Power International Inc HKD 4,032,000 2,942,918 3,729,841 0.15Hunan Nonferrous Metal Corp Ltd HKD 468,000 140,866 181,141 0.01Industrial & Commercial Bank of China Ltd HKD 47,492,000 34,669,293 33,700,304 1.34Inner Mongolia Yitai Coal Co Ltd USD 19,000 110,061 108,091 0.00Jiangsu Expressway Co Ltd HKD 902,000 950,137 929,831 0.04Jiangsu Future Land Co Ltd USD 260,102 162,285 221,087 0.01Jiangxi Copper Co Ltd HKD 221,000 565,914 581,665 0.02Kingsoft Corp Ltd HKD 318,000 186,450 224,012 0.01Lenovo Group Ltd HKD 7,392,000 5,695,420 6,694,987 0.27Lianhua Supermarket Holdings Co Ltd HKD 624,800 1,479,208 598,130 0.02Metallurgical Corp of China Ltd HKD 2,137,000 921,014 416,325 0.02MIE Holdings Corp HKD 3,996,000 1,328,919 1,252,802 0.05NetEase Inc—ADR USD 29,000 1,268,669 1,233,950 0.05PetroChina Co Ltd HKD 13,870,000 18,901,350 19,648,503 0.78PICC Property & Casualty Co Ltd HKD 5,362,000 7,046,474 7,512,895 0.30Ping An Insurance Group Co of China Ltd HKD 538,000 4,893,239 4,504,822 0.18Real Gold Mining Ltd HKD 1,256,500 2,040,034 359,076 0.01Renhe Commercial Holdings Co Ltd HKD 9,812,000 1,577,219 1,025,400 0.04Shandong Chenming Paper Holdings Ltd "H" HKD 30,500 25,501 11,923 0.00Shenguan Holdings Group Ltd HKD 1,292,000 739,646 698,437 0.03Shenzhen Expressway Co Ltd HKD 164,000 95,254 63,265 0.00Shenzhou International Group Holdings Ltd HKD 237,000 422,421 535,103 0.02Sino-Ocean Land Holdings Ltd HKD 489,447 328,149 365,624 0.01Sinotrans Ltd HKD 572,000 148,102 92,248 0.00SOHO China Ltd HKD 39,800 20,791 31,939 0.00Sunac China Holdings Ltd HKD 2,785,000 1,204,222 2,155,893 0.09Tech Pro Technology Development Ltd HKD 576,000 224,334 211,053 0.01Tencent Holdings Ltd HKD 809,900 20,549,456 26,018,450 1.04Trony Solar Holding Co Ltd HKD 639,000 327,207 0.00 0.00Want Want China Holdings Ltd HKD 4,722,000 5,223,668 6,506,507 0.26Weichai Power Co Ltd HKD 393,600 1,883,359 1,746,884 0.07Wumart Stores Inc HKD 223,700 502,916 481,407 0.02Yangzijiang Shipbuilding Holdings Ltd SGD 2,815,000 2,186,319 2,212,362 0.09Yantai Changyu Pioneer Wine Co Ltd HKD 20,800 181,874 122,586 0.00Yuanda China Holdings Ltd HKD 1,986,000 274,291 235,732 0.01Zhaojin Mining Industry Co Ltd HKD 843,600 1,686,809 1,316,960 0.05Zhuzhou CSR Times Electric Co Ltd HKD 362,000 1,377,356 1,340,421 0.05
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STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA ENHANCED EMERGING MARKETS EQUITY FUND
Schedule of Investments at December 31, 2012 (Expressed in US Dollar)
The accompanying notes are an integral part of these financial statements.
Currency Quantity Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Common and Preferred Stocks - (Continued)
China - (Continued) Zijin Mining Group Co Ltd HKD 3,451,000 1,620,395 1,357,987 0.05Zoomlion Heavy Industry Science and Technology Co Ltd HKD 151,840 281,319 223,719 0.01
Total China 367,907,879 380,238,074 15.17 _______________________________________________ ____________________________________________________________ __________________________________________________
Columbia Almacenes Exito SA COP 33,994 536,428 682,958 0.03Bancolombia SA—ADR USD 165,740 10,066,728 11,034,969 0.44Cementos Argos SA COP 114,319 507,065 653,436 0.02Corp Financiera Colombiana SA COP 13,688 256,861 282,591 0.01Ecopetrol SA COP 4,696,806 11,258,102 14,513,051 0.58Ecopetrol SA—ADR USD 6,998 387,331 417,571 0.02Grupo Argos SA COP 18,639 170,341 221,516 0.01Grupo de Inversiones Suramericana SA COP 55,813 1,049,466 1,200,280 0.05Grupo Nutresa SA COP 28,819 383,776 414,589 0.01Isagen SA ESP COP 155,977 209,244 221,122 0.01
Total Columbia 24,825,342 29,642,083 1.18 _______________________________________________ ____________________________________________________________ __________________________________________________
Czech Republic CEZ AS CZK 232,544 10,219,137 8,307,390 0.33Komercni Banka AS CZK 15,251 3,265,591 3,212,871 0.13Pegas Nonwovens SA CZK 3,290 77,986 85,210 0.00Philip Morris CR AS CZK 158 98,108 88,816 0.01
Total Czech Republic 13,660,822 11,694,287 0.47 _______________________________________________ ____________________________________________________________ __________________________________________________
Egypt Alexandria Mineral Oils Co EGP 6,764 102,030 77,786 0.00Commercial International Bank Egypt SAE EGP 72,029 309,377 391,249 0.02Egyptian Financial Group-Hermes Holding EGP 5,553 26,757 9,606 0.00Egyptian Kuwaiti Holding Co SAE USD 39,623 53,321 50,718 0.00National Societe Generale Bank SAE EGP 48,086 288,319 266,030 0.01Orascom Construction Industries EGP 48,390 1,985,254 1,918,766 0.08Orascom Telecom Holding SAE EGP 1,309,973 815,701 817,144 0.03Orascom Telecom Media And Technology Holding SAE EGP 688,092 160,375 59,464 0.00Sidi Kerir Petrochemcials Co EGP 76,889 175,948 160,076 0.01Talaat Moustafa Group EGP 1,539,168 1,189,188 1,071,361 0.04
Total Egypt 5,106,270 4,822,200 0.19 _______________________________________________ ____________________________________________________________ __________________________________________________
Hong Kong 361 Degrees International Ltd HKD 1,428,200 1,082,238 409,065 0.02Anxin-China Holdings Ltd HKD 4,888,000 1,006,137 1,198,217 0.05Apollo Solar Energy Technology Holdings Ltd HKD 9,540,000 380,295 430,791 0.02Asian Citrus Holdings Ltd HKD 251,000 163,553 119,171 0.00Beijing Enterprises Holdings Ltd HKD 67,500 389,169 439,790 0.02Belle International Holdings Ltd HKD 462,000 868,570 1,002,579 0.04China Agri-Industries Holdings Ltd HKD 342,600 407,466 191,835 0.01China Everbright Ltd HKD 430,000 968,213 828,838 0.03China Lumena New Materials Corp HKD 6,817,700 2,591,794 1,477,739 0.06China Metal Recycling Holdings Ltd HKD 1,608,600 1,626,967 1,664,459 0.07China Mobile Ltd HKD 3,879,000 38,419,926 45,166,627 1.80China Ocean Resources Co Ltd KRW 99,830 690,575 230,325 0.01China Overseas Grand Oceans Group Ltd HKD 309,000 321,916 371,557 0.01China Overseas Land & Investment Ltd HKD 1,310,000 2,743,994 3,904,217 0.16China Power International Development Ltd HKD 1,056,000 283,137 335,158 0.01China Resources Gas Group Ltd HKD 626,000 876,474 1,292,245 0.05China Resources Power Holdings Co Ltd HKD 694,000 1,522,944 1,771,073 0.07China State Construction International Holdings Ltd HKD 1,872,800 1,729,901 2,247,114 0.09China Unicom Hong Kong Ltd HKD 1,436,000 2,641,316 2,301,053 0.09Citic Pacific Ltd HKD 431,000 1,066,716 642,815 0.03Citic Resources Holdings Ltd HKD 1,814,000 266,519 278,506 0.01
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STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA ENHANCED EMERGING MARKETS EQUITY FUND
Schedule of Investments at December 31, 2012 (Expressed in US Dollar)
The accompanying notes are an integral part of these financial statements.
Currency Quantity Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Common and Preferred Stocks - (Continued)
Hong Kong - (Continued) COSCO Pacific Ltd HKD 69,285 92,387 98,687 0.00CP Pokphand Co Ltd HKD 576,000 72,587 70,599 0.00Franshion Properties China Ltd HKD 542,000 146,841 195,099 0.01Fufeng Group Ltd HKD 1,602,000 1,327,227 706,870 0.03Global Bio-Chem Technology Group Co Ltd HKD 4,884,000 703,123 554,509 0.02Guangdong Investment Ltd HKD 2,152,000 1,397,729 1,690,870 0.07Haier Electronics Group Co Ltd HKD 1,686,000 1,988,412 2,466,728 0.10Huabao International Holdings Ltd HKD 2,890,000 1,534,211 1,431,791 0.06Ju Teng International Holdings Ltd HKD 1,152,000 514,096 543,982 0.02KWG Property Holding Ltd HKD 191,540 107,316 143,825 0.01MMG Ltd HKD 2,704,000 1,280,524 1,119,856 0.04Poly Property Group Co Ltd HKD 934,000 494,038 730,248 0.03Real Nutriceutical Group Ltd HKD 2,135,000 650,192 776,779 0.03Shanghai Industrial Holdings Ltd HKD 210,000 728,067 738,306 0.03Shenzhen International Holdings Ltd HKD 4,117,500 304,348 430,298 0.02Shenzhen Investment Ltd HKD 2,023,134 467,080 819,606 0.03Shimao Property Holdings Ltd HKD 593,000 650,563 1,118,543 0.04TCL Multimedia Technology Holdings Ltd HKD 404,000 236,754 225,173 0.01Tianneng Power International Ltd HKD 2,372,000 1,220,204 1,524,034 0.06Yuexiu Property Co Ltd HKD 38,000 7,872 12,012 0.00
Total Hong Kong 73,971,391 81,700,989 3.26 _______________________________________________ ____________________________________________________________ __________________________________________________
Hungary Egis Pharmaceuticals PLC HUF 8,925 917,390 710,532 0.03MOL Hungarian Oil and Gas PLC HUF 64,164 6,555,155 5,157,573 0.21OTP Bank PLC HUF 193,888 5,008,852 3,642,775 0.14
Total Hungary 12,481,397 9,510,880 0.38 _______________________________________________ ____________________________________________________________ __________________________________________________
Total India 168,349,519 169,785,735 6.77 _______________________________________________ ____________________________________________________________ __________________________________________________
Indonesia Agis Tbk PT IDR 5,741,000 322,150 282,955 0.01Astra Agro Lestari Tbk PT IDR 190,500 526,324 389,401 0.02Astra International Tbk PT IDR 6,587,000 4,433,040 5,194,418 0.21Bakrie Sumatera Plantations Tbk PT IDR 19,893,000 269,771 191,964 0.01Bank Central Asia Tbk PT IDR 4,213,500 3,356,149 3,978,506 0.16Bank Danamon Indonesia Tbk PT IDR 4,615,000 3,256,154 2,705,551 0.11Bank Mandiri Persero Tbk PT IDR 2,286,500 1,801,752 1,921,728 0.08Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT IDR 2,519,500 397,211 277,112 0.01Bank Rakyat Indonesia Persero Tbk PT IDR 13,644,000 9,544,475 9,839,253 0.39Bumi Resources Tbk PT IDR 7,982,500 2,188,555 488,682 0.02BW Plantation Tbk PT IDR 1,937,000 330,876 277,360 0.01Charoen Pokphand Indonesia Tbk PT IDR 7,721,500 2,261,440 2,924,355 0.12Garuda Indonesia Persero Tbk PT IDR 2,424,000 157,981 166,002 0.01Harum Energy Tbk PT IDR 2,597,000 2,089,513 1,616,809 0.06Holcim Indonesia Tbk PT IDR 659,000 187,820 198,298 0.01Indo Tambangraya Megah Tbk PT IDR 626,000 3,267,342 2,698,864 0.11Indofood Sukses Makmur Tbk PT IDR 941,500 463,166 571,494 0.02Kalbe Farma Tbk PT IDR 10,087,500 852,744 1,109,494 0.04Perusahaan Gas Negara Persero Tbk PT IDR 11,025,000 4,777,804 5,262,257 0.21Perusahaan Perkebunan London Sumatra Indonesia Tbk PT IDR 2,274,000 706,077 542,693 0.02Sampoerna Agro PT IDR 349,000 131,890 90,532 0.00Semen Gresik Persero Tbk PT IDR 1,642,500 2,018,329 2,701,284 0.11Surya Semesta Internusa Tbk PT IDR 2,586,500 317,155 289,849 0.01Tambang Batubara Bukit Asam Tbk PT IDR 1,023,000 2,280,025 1,602,833 0.06Telekomunikasi Indonesia Persero Tbk PT IDR 1,367,500 1,135,929 1,284,137 0.05Telekomunikasi Indonesia Persero Tbk PT—ADR USD 233,100 8,432,620 8,613,045 0.34
110
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA ENHANCED EMERGING MARKETS EQUITY FUND
Schedule of Investments at December 31, 2012 (Expressed in US Dollar)
The accompanying notes are an integral part of these financial statements.
Currency Quantity Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Common and Preferred Stocks - (Continued)
Indonesia - (Continued) Unilever Indonesia Tbk PT IDR 1,616,000 3,216,031 3,496,093 0.14
Total Indonesia 58,722,323 58,714,969 2.34 _______________________________________________ ____________________________________________________________ __________________________________________________
Korea Asiana Airlines Inc KRW 74,930 688,354 433,241 0.02Binggrae Co Ltd KRW 7,096 570,103 742,360 0.03BS Financial Group Inc KRW 129,830 1,525,457 1,600,781 0.06Capro Corp KRW 9,060 214,286 105,784 0.00CJ CGV Co Ltd KRW 43,770 1,100,898 1,314,439 0.05CJ CheilJedang Corp KRW 2,589 543,832 859,715 0.03CJ Corp KRW 957 78,688 105,929 0.00CJ Korea Express Co Ltd KRW 5,150 419,786 483,455 0.02Coway Co Ltd KRW 140 4,290 5,695 0.00Daelim Industrial Co Ltd KRW 16,617 1,306,967 1,350,376 0.05Daesang Corp KRW 40,800 691,480 998,491 0.04Daewoo Securities Co Ltd KRW 720 12,151 8,070 0.00Daewoo Shipbuilding & Marine Engineering Co Ltd KRW 29,260 888,336 742,040 0.03Daishin Securities Co Ltd KRW 490 6,250 4,563 0.00DGB Financial Group Inc KRW 62,360 932,221 847,524 0.03Dongbu Insurance Co Ltd KRW 117,035 4,854,654 5,023,243 0.20Dongwon Industries Co Ltd KRW 655 138,324 174,675 0.01Doosan Corp KRW 7,691 866,421 926,735 0.04Doosan Heavy Industries and Construction Co Ltd KRW 660 42,700 27,865 0.00Doosan Infracore Co Ltd KRW 25,830 497,941 410,163 0.02DuzonBIzon Co Ltd KRW 53,780 452,380 577,699 0.02Grand Korea Leisure Co Ltd KRW 170,140 3,162,283 4,553,171 0.18GS Holdings KRW 17,551 1,453,109 1,180,368 0.05Hana Financial Group Inc KRW 273,060 8,899,181 8,850,554 0.35Hansol Paper Co KRW 74,760 615,806 636,864 0.03HMC Investment Securities Co Ltd KRW 222,880 4,137,142 2,956,258 0.12Hwa Shin Co Ltd KRW 24,070 193,757 225,957 0.01Hyosung Corp KRW 825 54,199 56,717 0.00Hyundai Corp KRW 67,620 1,682,411 1,307,460 0.05Hyundai Department Store Co Ltd KRW 10,809 1,440,268 1,605,335 0.06Hyundai Development Co KRW 2,360 56,315 47,726 0.00Hyundai Engineering & Construction Co Ltd KRW 1,374 70,538 89,840 0.00Hyundai Glovis Co Ltd KRW 8,776 1,557,506 1,815,738 0.07Hyundai Heavy Industries Co Ltd KRW 23,900 7,518,639 5,402,517 0.22Hyundai Hysco Co Ltd KRW 20,760 913,503 881,341 0.04Hyundai Marine & Fire Insurance Co Ltd KRW 155,030 4,321,930 4,822,174 0.19Hyundai Mobis KRW 44,591 11,685,146 11,995,617 0.48Hyundai Motor Co KRW 110,062 20,532,245 22,463,206 0.90Hyundai Motor Co—2nd Preferred Stock KRW 67,919 4,399,288 4,796,186 0.19Hyundai Motor Co—3rd Preferred Stock KRW 5,370 198,663 273,372 0.01Hyundai Securities Co Ltd KRW 13,250 149,270 111,513 0.00Hyundai Steel Co KRW 4,698 535,743 385,292 0.02Hyundai Wia Corp KRW 7,598 1,057,986 1,227,802 0.05ICD Co Ltd KRW 26,720 370,775 274,544 0.01Industrial Bank of Korea KRW 88,300 1,087,984 977,377 0.04KB Financial Group Inc KRW 295,359 12,200,035 10,456,162 0.42KCC Corp KRW 2,540 653,141 704,649 0.03KEPCO Engineering & Construction Co Inc KRW 10,630 597,157 696,040 0.03Kia Motors Corp KRW 187,699 10,934,714 9,905,886 0.40Korea Electric Power Corp KRW 360,710 8,870,754 10,259,552 0.41Korea Exchange Bank KRW 213,530 1,854,017 1,519,836 0.06Korea Gas Corp KRW 79,090 2,980,603 5,548,102 0.22Korea Investment Holdings Co Ltd KRW 29,320 1,184,901 1,165,323 0.05Korea Life Insurance Co Ltd KRW 335,200 2,254,284 2,429,678 0.10Korea Zinc Co Ltd KRW 4,068 1,385,684 1,538,930 0.06Korean Air Lines Co Ltd KRW 8,552 415,960 361,867 0.01KT Corp KRW 131,690 4,542,801 4,366,808 0.17KT&G Corp KRW 36,958 2,255,012 2,789,348 0.11Kumho Petro chemical Co Ltd KRW 19,942 2,540,087 2,430,872 0.10Kumho Tire Co Inc KRW 161,960 2,049,429 1,966,681 0.08LG Chem Ltd KRW 35,057 11,743,466 10,806,165 0.43LG Corp KRW 83,402 5,809,591 5,079,336 0.20
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STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA ENHANCED EMERGING MARKETS EQUITY FUND
Schedule of Investments at December 31, 2012 (Expressed in US Dollar)
The accompanying notes are an integral part of these financial statements.
Currency Quantity Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Common and Preferred Stocks - (Continued)
Korea - (Continued) LG Display Co Ltd KRW 44,770 1,451,474 1,298,469 0.05LG Electronics Inc KRW 36,864 3,335,148 2,534,330 0.10LG International Corp KRW 10,520 407,257 475,111 0.02LIG Insurance Co Ltd KRW 124,920 2,701,795 3,016,306 0.12Lotte Chilsung Beverage Co Ltd KRW 698 610,127 987,759 0.04Lotte Confectionery Co Ltd KRW 371 488,019 564,865 0.02Lotte Samkang Co Ltd KRW 764 367,676 469,572 0.02Lotte Shopping Co Ltd KRW 1,526 561,768 537,377 0.02Macquarie Korea Infrastructure Fund KRW 83,870 456,578 535,853 0.02Mirae Asset Securities Co Ltd KRW 200 9,187 6,651 0.00Namyang Dairy Products Co Ltd KRW 160 128,073 140,784 0.01NHN Corp KRW 12,619 2,286,168 2,675,677 0.11Ottogi Corp KRW 100 12,229 20,410 0.00Partron Co Ltd KRW 115,301 1,166,411 2,105,536 0.08POSCO KRW 27,792 10,605,390 9,059,999 0.36POSCO—ADR USD 29,996 3,249,501 2,464,171 0.10S-Oil Corp KRW 48,302 5,260,192 4,692,252 0.19Samchully Co Ltd KRW 1,068 100,673 124,201 0.01Samsung C&T Corp KRW 4,991 303,797 291,840 0.01Samsung Electronics Co Ltd KRW 81,815 72,529,305 116,313,598 4.64Samsung Engineering Co Ltd KRW 51,306 9,134,861 7,931,385 0.32Samsung Fire & Marine Insurance Co Ltd KRW 11,674 2,241,574 2,377,164 0.09Samsung Heavy Industries Co Ltd KRW 43,620 1,494,086 1,570,699 0.06Samsung Life Insurance Co Ltd KRW 35,613 3,178,849 3,136,918 0.13Samsung SDI Co Ltd KRW 11,707 1,867,837 1,651,222 0.07Seegene Inc KRW 16,660 762,699 1,187,360 0.05Shinhan Financial Group Co Ltd KRW 431,590 17,270,800 15,661,931 0.63Simm Tech Co Ltd KRW 12,038 156,652 115,818 0.00Sindoh Co Ltd KRW 2,120 124,694 124,755 0.01SK Energy Co Ltd KRW 62,611 9,635,143 10,176,133 0.41SK Gas Co Ltd KRW 3,030 225,550 249,062 0.01SK Holdings Co Ltd KRW 48,581 6,040,152 8,122,737 0.32SK Hynix Inc KRW 109,040 2,724,443 2,622,684 0.10SK Networks Co Ltd KRW 30,910 309,986 243,971 0.01SK Telecom Co Ltd KRW 16,296 2,393,766 2,321,313 0.09SM Entertainment Co KRW 23 957 979 0.00Soulbrain Co Ltd KRW 13,514 451,716 590,131 0.02STX Offshore & Shipbuilding Co Ltd KRW 211,800 2,714,702 1,444,215 0.06Taekwang Industrial Co Ltd KRW 356 326,628 314,242 0.01Woori Finance Holdings Co Ltd KRW 722,540 8,195,813 7,963,918 0.32Woori Investment & Securities Co Ltd KRW 1,843 22,237 20,400 0.00Youngone Corp KRW 47,580 481,741 1,466,632 0.06
Total Korea 339,986,496 383,313,437 15.29 _______________________________________________ ____________________________________________________________ __________________________________________________
Luxembourg Brait SE ZAR 72,096 250,606 312,197 0.01
Total Luxembourg 250,606 312,197 0.01 _______________________________________________ ____________________________________________________________ __________________________________________________
Malaysia Alliance Financial Group Bhd MYR 448,600 571,597 645,468 0.03AMMB Holdings Bhd MYR 177,900 317,660 395,592 0.02Axiata Group Bhd MYR 287,700 447,453 619,994 0.02Benalec Holdings Bhd MYR 50 21 23 0.00Berjaya Corp Bhd MYR 50 18 10 0.00Berjaya Sports Toto Bhd MYR 3,328,600 4,659,029 4,843,777 0.19BIMB Holding Bhd MYR 199,500 115,137 183,321 0.01Boustead Holding Bhd MYR 50,050 80,379 85,108 0.00British American Tobacco Malaysia Bhd MYR 284,650 4,469,834 5,771,190 0.23CIMB Group Holdings Bhd MYR 1,234,100 3,162,810 3,079,197 0.12DiGi.Com Bhd MYR 5,115,500 5,677,588 8,849,246 0.35Felda Global Ventures Holdings Bhd MYR 1,083,000 1,677,816 1,636,187 0.06Gamuda Bhd MYR 63,500 69,177 75,585 0.00Genting Plantations Bhd MYR 231,000 695,771 679,856 0.03
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STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA ENHANCED EMERGING MARKETS EQUITY FUND
Schedule of Investments at December 31, 2012 (Expressed in US Dollar)
The accompanying notes are an integral part of these financial statements.
Currency Quantity Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Common and Preferred Stocks - (Continued)
Malaysia - (Continued) HAP Seng Consolidated Bhd MYR 226,400 99,831 128,821 0.01Hartalega Holdings Bhd MYR 113,600 150,469 176,455 0.01Hartalega Holdings Bhd—Warrant MYR 11,360 — 4,198 0.00Hong Leong Bank Bhd MYR 497,800 1,687,483 2,405,979 0.10Hong Leong Financial Group Bhd MYR 544,900 1,760,013 2,352,086 0.09IGB Corp Bhd MYR 270,400 247,366 203,375 0.01IOI Corp Bhd MYR 212,900 371,839 355,065 0.01Kuala Lumpur Kepong Bhd MYR 132,800 910,157 1,042,250 0.04Kulim Malaysia Bhd MYR 2,456,000 2,580,446 3,935,383 0.16Lafarge Malayan Cement Bhd MYR 170,000 486,944 534,794 0.02Malayan Banking Bhd MYR 2,238,800 6,088,007 6,735,435 0.27Maxis Bhd MYR 357,600 663,941 777,645 0.03MISC Bhd MYR 2,000 5,425 2,812 0.00MMC Corp Bhd MYR 176,400 157,648 151,711 0.01Multi-Purpose Holdings Bhd MYR 223,900 180,755 255,530 0.01Petronas Chemicals Group Bhd MYR 262,000 637,862 548,332 0.02Petronas Gas Bhd MYR 149,900 618,354 956,850 0.04POS Malaysia BHD MYR 339,000 341,839 385,782 0.02Public Bank Bhd MYR 1,727,400 7,604,336 9,207,528 0.37RHB Capital Bhd MYR 229,348 597,537 576,745 0.02Sapurakencana Petroleum Bhd MYR 1,011,204 847,808 1,041,626 0.04Sime Darby Bhd MYR 3,162,300 10,015,734 9,844,701 0.39Sunway Bhd MYR 91,200 65,167 70,980 0.00Telekom Malaysia Bhd MYR 1,269,700 1,788,608 2,507,844 0.10Tenaga Nasional Bhd MYR 2,191,525 4,502,578 4,973,572 0.20Time dotCom Bhd MYR 400,720 471,082 517,608 0.02Top Glove Corp Bhd MYR 101,200 183,996 186,317 0.01UMW Holdings Bhd MYR 1,133,600 2,861,407 4,426,156 0.18UOA Development Bhd MYR 416,600 205,689 237,045 0.01YTL Corp Bhd MYR 32,000 13,653 19,882 0.00YTL Power International Bhd MYR 312,000 217,825 159,163 0.01
Total Malaysia 68,308,089 81,586,224 3.26 _______________________________________________ ____________________________________________________________ __________________________________________________
Mexico Alfa SAB de CV MXN 3,662,100 4,985,579 7,721,261 0.31America Movil SAB de CV MXN 17,913,692 21,940,389 20,553,982 0.82America Movil SAB de CV—ADR USD 587,500 15,422,385 13,594,750 0.54Cemex SAB de CV—ADR USD 498,156 2,803,302 4,916,800 0.20Coca-Cola Femsa SAB de CV—ADR USD 39,300 3,517,545 5,857,272 0.23Compartamos SAB de CV MXN 1,178,600 1,972,100 1,667,248 0.07Controladora Comercial Mexicana SAB de CV MXN 103,600 318,036 361,236 0.01Corp GEO SAB de CV MXN 121,800 355,736 141,815 0.01Desarrolladora Homex SAB de CV MXN 5,400 23,614 11,111 0.00Desarrolladora Homex SAB de CV—ADR USD 42,800 858,502 534,144 0.02Fomento Economico Mexicano SAB de CV—ADR USD 142,005 10,088,606 14,299,903 0.57Genomma Lab Internacional SAB de CV MXN 736,200 1,773,564 1,507,436 0.06Gruma SAB de CV MXN 415,200 893,004 1,252,378 0.05Grupo Aeromexico SAB de CV MXN 44,800 84,122 66,582 0.00Grupo Aeroportuario del Pacifico SAB de CV—ADR USD 4,800 246,232 274,416 0.01Grupo Aeroportuario del Sureste SAB de CV—ADR USD 11,700 945,843 1,333,800 0.05Grupo Carso SAB de CV MXN 335,128 1,080,754 1,614,220 0.06Grupo Financiero Banorte SAB de CV MXN 561,442 2,475,520 3,607,911 0.14Grupo Financiero Santander Mexico SAB de CV MXN 505,000 1,426,381 1,626,298 0.07Grupo Mexico SAB de CV MXN 4,127,814 12,979,090 14,860,258 0.59Grupo Modelo SAB de CV MXN 56,700 306,544 506,571 0.02Grupo Simec SAB de CV MXN 33,500 133,256 157,233 0.01Grupo Televisa SAB MXN 250,000 1,168,582 1,313,915 0.05Grupo Televisa SAB—ADR USD 80,200 1,676,483 2,131,716 0.09Industrias CH SAB de CV MXN 99,100 435,497 744,967 0.03Industrias Penoles SAB de CV MXN 34,745 1,333,427 1,741,611 0.07Kimberly-Clark de Mexico SAB de CV MXN 1,623,100 3,217,212 4,119,619 0.17Mexichem SAB de CV MXN 1,538,363 5,874,783 8,542,381 0.34Minera Frisco SAB de CV MXN 295,655 1,195,515 1,239,447 0.05OHL Mexico SAB de CV MXN 371,700 639,078 812,897 0.03Organizacion Soriana SAB de CV MXN 43,400 147,364 164,764 0.01TV Azteca SAB de CV MXN 367,600 206,419 240,047 0.01
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Schedule of Investments at December 31, 2012 (Expressed in US Dollar)
The accompanying notes are an integral part of these financial statements.
Currency Quantity Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Common and Preferred Stocks - (Continued)
Mexico - (Continued) Wal-Mart de Mexico SAB de CV MXN 1,717,500 4,893,067 5,598,473 0.22
Total Mexico 105,417,531 123,116,462 4.91 _______________________________________________ ____________________________________________________________ __________________________________________________
Morocco Attijariwafa Bank MAD 30,741 1,348,233 1,137,378 0.04Maroc Telecom SA EUR 91,186 1,773,506 1,203,399 0.05
Total Morocco 3,121,739 2,340,777 0.09 _______________________________________________ ____________________________________________________________ __________________________________________________
Peru Cia de Minas Buenaventura SA—ADR USD 66,962 2,525,233 2,407,284 0.10Credicorp Ltd USD 10,100 1,347,855 1,480,256 0.06Volcan Cia Minera SAA PEN 488,475 570,581 495,651 0.02
Total Peru 4,443,669 4,383,191 0.18 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Philippines 14,127,298 19,056,866 0.76 _______________________________________________ ____________________________________________________________ __________________________________________________
Poland BRE Bank SA PLN 7,734 937,619 814,658 0.03Ciech SA PLN 12,136 71,369 87,053 0.00Cyfrowy Polsat SA PLN 605,521 3,297,310 3,210,637 0.13Eurocash SA PLN 196,851 2,344,348 2,779,537 0.11Getin Noble Bank SA PLN 327,706 211,556 189,535 0.01Globe Trade Centre SA PLN 197,632 390,627 632,187 0.02Grupa Lotos SA PLN 40,189 386,845 535,005 0.02ING Bank Slaski SA PLN 302 6,944 8,880 0.00Jastrzebska Spolka Weglowa SA PLN 99,914 3,099,656 2,982,989 0.12KGHM Polska Miedz SA PLN 179,072 9,455,811 10,993,467 0.44PGE SA PLN 116,342 905,060 684,542 0.03Polski Koncern Naftowy Orlen SA PLN 152,843 2,143,681 2,444,579 0.10Powszechna Kasa Oszczednosci Bank Polski SA PLN 290,530 4,052,101 3,463,943 0.14Powszechny Zaklad Ubezpieczen SA PLN 17,977 2,123,592 2,538,353 0.10Synthos SA PLN 652,941 1,067,428 1,141,365 0.05Tauron Polska Energia SA PLN 1,110,094 2,336,524 1,703,753 0.07
Total Poland 32,830,471 34,210,483 1.37 _______________________________________________ ____________________________________________________________ __________________________________________________
Russia AK Transneft OAO—Preferred Stock USD 3,633 5,632,407 8,169,612 0.33Federal Grid Co Unified Energy System JSC USD 197,246,879 1,503,661 1,274,215 0.05Gazprom OAO USD 86,100 466,662 405,613 0.02Gazprom OAO—ADR USD 84,547 788,372 822,642 0.03Gazprom OAO—ADR (traded in United Kingdom) USD 3,733,431 46,086,505 35,318,257 1.41IDGC Holding JSC USD 8,058,410 490,062 517,302 0.02
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Schedule of Investments at December 31, 2012 (Expressed in US Dollar)
The accompanying notes are an integral part of these financial statements.
Currency Quantity Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Total Russia 172,177,270 151,338,949 6.04 _______________________________________________ ____________________________________________________________ __________________________________________________
Total South Africa 171,462,244 195,693,112 7.81 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Thailand 42,997,310 57,907,715 2.31 _______________________________________________ ____________________________________________________________ __________________________________________________
Turkey Arcelik AS TRY 27,281 115,436 178,847 0.01BIM Birlesik Magazalar AS TRY 188,514 6,873,151 9,216,029 0.37Haci Omer Sabanci Holding AS TRY 390,712 1,276,579 2,145,446 0.08Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS TRY 2,037,212 1,315,298 1,438,274 0.06KOC Holding AS TRY 223,262 920,988 1,158,405 0.05Koza Altin Isletmeleri AS TRY 207,085 3,124,233 4,989,441 0.20Koza Anadolu Metal Madencilik Isletmeleri AS TRY 1,297,587 2,758,050 4,115,169 0.16Sekerbank TAS TRY 160,610 117,685 161,987 0.01Sinpas Gayrimenkul Yatirim Ortakligi AS REIT TRY 586,738 369,344 463,552 0.02Turk Telekomunikasyon AS TRY 1,205,994 5,324,732 4,676,124 0.19Turk Traktor ve Ziraat Makineleri AS TRY 48,257 907,165 1,575,038 0.06Turkiye Garanti Bankasi AS TRY 496,916 2,327,883 2,578,272 0.10Turkiye Halk Bankasi AS TRY 684,429 4,765,289 6,711,216 0.27
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STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA ENHANCED EMERGING MARKETS EQUITY FUND
Schedule of Investments at December 31, 2012 (Expressed in US Dollar)
The accompanying notes are an integral part of these financial statements.
Currency Quantity Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Common and Preferred Stocks - (Continued)
Turkey - (Continued) Turkiye Sinai Kalkinma Bankasi AS TRY 730,637 826,008 937,501 0.04Turkiye Sise ve Cam Fabrikalari AS TRY 530,191 904,688 876,373 0.03Yapi ve Kredi Bankasi AS TRY 820,662 2,325,325 2,391,126 0.09
Total Turkey 34,251,854 43,612,800 1.74 _______________________________________________ ____________________________________________________________ __________________________________________________
Ukraine Kernel Holding SA PLN 47,094 1,091,867 1,015,711 0.04
Total Ukraine 1,091,867 1,015,711 0.04 _______________________________________________ ____________________________________________________________ __________________________________________________
United States Southern Copper Corp USD 268,815 8,734,262 10,177,336 0.41
Total United States 8,734,262 10,177,336 0.41 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Common and Preferred Stocks 2,379,195,963 2,471,438,824 98.61 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market 2,379,195,963 2,471,438,824 98.61 _______________________________________________ ____________________________________________________________ __________________________________________________
Other transferable securities
Common and Preferred Stocks - 0.00%
Hong Kong China Agri-Industries Holdings Ltd - Rights HKD 363 — 41 0.00
Total Hong Kong — 41 0.00 _______________________________________________ ____________________________________________________________ __________________________________________________
Korea Neo Holdings Co Ltd KRW 7,691 — 0 0.00
Total Korea — 0 0.00 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Common and Preferred Stocks — 41 0.00 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Other transferable securities — 41 0.00 _______________________________________________ ____________________________________________________________ __________________________________________________
TOTAL INVESTMENTS 2,379,195,963 2,471,438,865 98.61 _______________________________________________ ____________________________________________________________ __________________________________________________
119
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA ENHANCED EMERGING MARKETS EQUITY FUND
Schedule of Investments at December 31, 2012 (Expressed in US Dollar)
The accompanying notes are an integral part of these financial statements.
Derivatives
Futures Contracts - 0.02%
Description Currency
Number ofContracts
UnrealisedGain
% ofNet Assets
MSCI EMERGING MARKET MINI FUTURE, due 03/13 USD 344 509,159 0.02
Unrealised Gain on Futures 509,159 0.02 ____________________________________________________________ ___________________________________________________
Other Net Assets/(Liabilities) 34,420,421 1.37 ____________________________________________________________ ___________________________________________________
TOTAL NET ASSETS 2,506,368,445 100.00 ____________________________________________________________ ___________________________________________________
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STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA EMERGING MARKETS SRI ENHANCED EQUITY FUND
Schedule of Investments at December 31, 2012 (Expressed in US Dollar)
The accompanying notes are an integral part of these financial statements.
Currency Quantity Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market
Common and Preferred Stocks - 98.83% Brazil AES Tiete SA—Preferred Stock BRL 21,700 235,987 250,014 0.24Banco Bradesco SA BRL 2,100 32,204 34,810 0.03Banco Bradesco SA—ADR USD 51,500 859,200 894,555 0.85Banco do Brasil SA BRL 33,100 346,299 413,851 0.40Banco do Estado do Rio Grande do Sul SA—Preferred Stock BRL 11,900 84,637 90,144 0.09BM&FBovespa SA BRL 35,200 215,450 240,684 0.23Braskem SA—ADR USD 4,700 61,210 62,745 0.06BRF - Brasil Foods SA—ADR USD 27,900 517,643 588,969 0.56CCR SA BRL 32,400 283,940 307,780 0.29Cia Brasileira de Distribuicao Grupo Pao de Acucar—ADR USD 3,600 157,657 159,804 0.15Cia de Bebidas das Americas—ADR USD 24,500 1,008,996 1,028,755 0.98Cia de Saneamento Basico do Estado de Sao Paulo—ADR USD 1,800 147,066 150,426 0.14Cia Energetica de Sao Paulo—Preferred Stock BRL 15,200 134,865 143,945 0.14Cia Siderurgica Nacional SA—ADR USD 18,500 90,465 109,150 0.10Cielo SA BRL 15,200 393,561 423,076 0.40Cosan SA Industria e Comercio BRL 13,500 247,890 275,275 0.26Embraer SA—ADR USD 3,700 94,289 105,487 0.10Fibria Celulose SA—ADR USD 7,400 81,722 84,138 0.08Itau Unibanco Holding SA—ADR USD 48,200 736,665 793,372 0.76Itausa - Investimentos Itau SA—Preferred Stock BRL 24,000 110,458 113,582 0.11JBS SA BRL 79,900 213,816 234,139 0.22Klabin SA—Preferred Stock BRL 31,800 180,758 198,643 0.19Lojas Americanas SA—Preferred Stock BRL 35,300 303,659 316,019 0.30Lojas Renner SA BRL 6,400 236,858 249,280 0.24Marfrig Alimentos SA BRL 34,700 149,002 143,715 0.14Metalurgica Gerdau SA—Preferred Stock BRL 25,100 267,996 280,728 0.27Multiplus SA BRL 10,300 232,137 240,057 0.23Natura Cosmeticos SA BRL 11,900 321,216 340,814 0.33Oi SA—ADR USD 79,000 308,218 316,790 0.30Petroleo Brasileiro SA—ADR USD 85,600 1,544,524 1,666,632 1.59Porto Seguro SA BRL 21,200 225,273 243,217 0.23Sul America SA BRL 11,800 90,981 102,007 0.10Tim Participacoes SA—ADR USD 1,100 18,858 21,802 0.02Totvs SA BRL 13,600 266,181 268,280 0.26Tractebel Energia SA BRL 10,900 178,375 177,541 0.17Usinas Siderurgicas de Minas Gerais SA—Preferred Stock BRL 22,800 140,526 142,535 0.14Vale SA—ADR USD 93,500 1,609,462 1,959,760 1.87
Total Brazil 12,128,044 13,172,521 12.57 _______________________________________________ ____________________________________________________________ __________________________________________________
Chile Aguas Andinas SA CLP 81,791 58,470 58,034 0.06Banco de Chile CLP 2,850,000 453,712 460,655 0.44Banco de Credito e Inversiones CLP 3,940 275,184 271,109 0.26Banco Santander Chile—ADR USD 3,400 92,254 96,866 0.09Cencosud SA CLP 6,180 33,871 33,501 0.03Cia Cervecerias Unidas SA—ADR USD 8,425 248,219 266,483 0.26Corpbanca SA CLP 7,950,800 105,201 106,941 0.10Enersis SA—ADR USD 8,300 142,789 151,226 0.14ENTEL Chile SA CLP 12,950 271,201 267,744 0.26Sociedad Quimica y Minera de Chile SA—ADR USD 6,000 333,441 345,840 0.33
Total Chile 2,014,342 2,058,399 1.97 _______________________________________________ ____________________________________________________________ __________________________________________________
China Agricultural Bank of China Ltd HKD 1,027,000 444,066 507,481 0.48Bank of China Ltd HKD 2,499,000 1,047,058 1,115,560 1.07Bank of Communications Co Ltd HKD 426,000 305,917 320,976 0.31Chaowei Power Holdings Ltd HKD 381,000 180,899 197,115 0.19China BlueChemical Ltd HKD 196,000 123,472 131,495 0.13China Citic Bank Corp Ltd HKD 582,000 299,386 345,407 0.33China Coal Energy Co Ltd HKD 148,000 143,819 160,777 0.15China Communications Services Corp Ltd HKD 416,000 231,680 240,448 0.23China Construction Bank Corp HKD 2,199,000 1,668,020 1,764,681 1.68China Life Insurance Co Ltd HKD 133,000 386,401 434,133 0.41China Merchants Bank Co Ltd HKD 210,000 401,634 463,304 0.44
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Schedule of Investments at December 31, 2012 (Expressed in US Dollar)
The accompanying notes are an integral part of these financial statements.
Currency Quantity Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Common and Preferred Stocks - (Continued)
China - (Continued) China Minsheng Banking Corp Ltd HKD 343,500 337,117 397,087 0.38China National Building Material Co Ltd HKD 234,000 307,720 342,357 0.33China Oilfield Services Ltd HKD 142,000 280,470 292,763 0.28China Railway Construction Corp Ltd HKD 243,000 269,798 276,206 0.26China Railway Group Ltd HKD 464,000 267,862 271,186 0.26China Shanshui Cement Group Ltd HKD 209,000 143,607 152,890 0.15China Shenhua Energy Co Ltd HKD 122,500 486,548 536,570 0.51China Shipping Development Co Ltd HKD 102,000 51,009 58,430 0.06China Telecom Corp Ltd HKD 458,000 250,620 254,679 0.24China Vanke Co Ltd HKD 173,700 265,249 280,131 0.27China Yurun Food Group Ltd HKD 130,000 83,341 94,428 0.09China Zhongwang Holdings Ltd HKD 84,800 30,177 31,619 0.03Chongqing Rural Commercial Bank HKD 503,000 226,131 275,159 0.26Country Garden Holdings Co Ltd HKD 61,000 29,069 31,953 0.03ENN Energy Holdings Ltd HKD 24,000 108,392 104,505 0.10Evergrande Real Estate Group Ltd HKD 202,000 98,322 110,762 0.11Great Wall Motor Co Ltd HKD 50,500 158,969 159,302 0.15Huaneng Power International Inc HKD 146,000 129,818 135,059 0.13Industrial & Commercial Bank of China Ltd HKD 2,044,000 1,363,812 1,450,422 1.38Inner Mongolia Yitai Coal Co Ltd USD 52,550 290,318 298,957 0.29Jiangsu Future Land Co Ltd USD 312,700 205,048 265,795 0.25Jiangxi Copper Co Ltd HKD 60,000 153,266 157,918 0.15Lenovo Group Ltd HKD 114,000 106,673 103,251 0.10PICC Property & Casualty Co Ltd HKD 138,000 176,321 193,357 0.18Ping An Insurance Group Co of China Ltd HKD 24,500 182,436 205,145 0.20Sunac China Holdings Ltd HKD 311,000 202,605 240,748 0.23Tencent Holdings Ltd HKD 32,600 1,029,409 1,047,292 1.00Want Want China Holdings Ltd HKD 270,000 391,861 372,037 0.36Zhaojin Mining Industry Co Ltd HKD 136,000 232,579 212,312 0.20Zoomlion Heavy Industry Science and Technology Co Ltd HKD 180,000 226,827 265,210 0.25
Total China 13,317,726 14,298,907 13.65 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Columbia 1,055,767 1,099,128 1.05 _______________________________________________ ____________________________________________________________ __________________________________________________
Czech Republic CEZ AS CZK 10,000 338,208 357,239 0.34
Total Czech Republic 338,208 357,239 0.34 _______________________________________________ ____________________________________________________________ __________________________________________________
Egypt Commercial International Bank Egypt SAE EGP 47,900 268,902 260,184 0.25
Total Egypt 268,902 260,184 0.25 _______________________________________________ ____________________________________________________________ __________________________________________________
Hong Kong Belle International Holdings Ltd HKD 28,000 57,654 60,763 0.06Brilliance China Automotive Holdings Ltd HKD 166,000 195,776 204,318 0.20China Agri-Industries Holdings Ltd HKD 77,000 41,196 43,115 0.04China Gas Holdings Ltd HKD 80,000 62,394 62,961 0.06China Metal Recycling Holdings Ltd HKD 193,800 202,373 200,530 0.19China Mobile Ltd HKD 179,500 2,050,016 2,090,077 1.99China Overseas Land & Investment Ltd HKD 92,000 267,193 274,189 0.26China Resources Cement Holdings Ltd HKD 190,000 117,998 124,528 0.12China Resources Power Holdings Co Ltd HKD 30,000 68,400 76,559 0.07Far East Horizon Ltd HKD 80,000 56,491 64,406 0.06
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STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA EMERGING MARKETS SRI ENHANCED EQUITY FUND
Schedule of Investments at December 31, 2012 (Expressed in US Dollar)
The accompanying notes are an integral part of these financial statements.
Currency Quantity Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Common and Preferred Stocks - (Continued)
Hong Kong - (Continued) Franshion Properties China Ltd HKD 428,000 148,699 154,063 0.15Guangdong Investment Ltd HKD 314,000 255,624 246,716 0.24Haier Electronics Group Co Ltd HKD 79,000 107,921 115,582 0.11Kunlun Energy Co Ltd HKD 28,000 57,003 58,450 0.06MMG Ltd HKD 544,000 211,432 225,297 0.21Real Nutriceutical Group Ltd HKD 578,000 214,459 210,294 0.20Shougang Fushan Resources Group Ltd HKD 346,000 129,233 127,225 0.12Yingde Gases HKD 32,500 32,068 33,042 0.03Yuexiu Property Co Ltd HKD 528,000 164,679 166,898 0.16
Total Hong Kong 4,440,609 4,539,013 4.33 _______________________________________________ ____________________________________________________________ __________________________________________________
Hungary OTP Bank PLC HUF 11,100 207,043 208,547 0.20
Total Hungary 207,043 208,547 0.20 _______________________________________________ ____________________________________________________________ __________________________________________________
Total India 6,982,982 7,081,612 6.76 _______________________________________________ ____________________________________________________________ __________________________________________________
Indonesia Astra Agro Lestari Tbk PT IDR 62,400 119,464 127,552 0.12Astra International Tbk PT IDR 291,400 209,716 229,794 0.22Bank Central Asia Tbk PT IDR 117,400 107,614 110,852 0.11Bank Mandiri Tbk PT IDR 192,100 163,895 161,454 0.15Bank Rakyat Indonesia Persero Tbk PT IDR 515,000 379,503 371,388 0.36Charoen Pokphand Indonesia Tbk PT IDR 779,400 277,781 295,181 0.28Indo Tambangraya Megah Tbk PT IDR 57,900 232,807 249,623 0.24Perusahaan Gas Negara Persero Tbk PT IDR 706,200 339,715 337,071 0.32Semen Gresik Persero Tbk PT IDR 84,500 132,203 138,970 0.13Surya Semesta Internusa Tbk PT IDR 1,669,900 198,558 187,133 0.18Telekomunikasi Indonesia Persero Tbk PT—ADR USD 11,700 428,890 432,315 0.41Unilever Indonesia Tbk PT IDR 114,000 311,456 246,630 0.24
Total Indonesia 2,901,602 2,887,963 2.76 _______________________________________________ ____________________________________________________________ __________________________________________________
Korea BS Financial Group Inc KRW 22,510 252,608 277,544 0.26CJ Corp KRW 2,160 228,431 239,086 0.23Daelim Industrial Co Ltd KRW 2,180 155,442 177,157 0.17Daewoo Engineering & Construction Co Ltd KRW 9,080 78,246 84,390 0.08Daewoo Shipbuilding & Marine Engineering Co Ltd KRW 3,600 79,801 91,297 0.09Dongbu Insurance Co Ltd KRW 5,720 241,439 245,507 0.23Dongkuk Steel Mill Co Ltd KRW 16,300 194,963 208,589 0.20E-Mart Co Ltd KRW 870 178,790 193,410 0.18Grand Korea Leisure Co Ltd KRW 7,120 212,740 190,541 0.18GS Holdings KRW 2,250 148,380 151,321 0.14Hana Financial Group Inc KRW 6,500 196,316 210,681 0.20Hankook Tire Worldwide Co Ltd KRW 14,200 197,388 262,625 0.25Hansol Paper Co KRW 22,890 196,704 194,995 0.19Honam Petrochemical Corp KRW 1,117 214,410 256,146 0.24Hyosung Corp KRW 3,780 234,266 259,868 0.25Hyundai Heavy Industries Co Ltd KRW 1,120 217,754 253,172 0.24Hyundai Hysco Co Ltd KRW 3,290 137,046 139,673 0.13Hyundai Marine & Fire Insurance Co Ltd KRW 8,030 239,559 249,771 0.24
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STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA EMERGING MARKETS SRI ENHANCED EQUITY FUND
Schedule of Investments at December 31, 2012 (Expressed in US Dollar)
The accompanying notes are an integral part of these financial statements.
Currency Quantity Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Common and Preferred Stocks - (Continued)
Korea - (Continued) Hyundai Mobis KRW 1,080 279,803 290,535 0.28Hyundai Motor Co KRW 4,540 956,061 926,595 0.88Hyundai Motor Co—Preferred Stock KRW 4,430 326,514 312,830 0.30Hyundai Securities Co Ltd KRW 6,800 49,868 57,229 0.05Hyundai Steel Co KRW 4,140 300,169 339,530 0.32Hyundai Wia Corp KRW 1,610 261,718 260,169 0.25KB Financial Group Inc KRW 3,800 123,719 134,526 0.13KCC Corp KRW 316 83,473 87,665 0.08Kia Motors Corp KRW 6,570 378,049 346,734 0.33Korea Exchange Bank KRW 25,830 171,772 183,849 0.18Korea Life Insurance Co Ltd KRW 32,900 226,949 238,474 0.23KT Corp KRW 6,400 227,581 212,222 0.20LG Chem Ltd KRW 630 180,675 194,195 0.19LG Corp KRW 1,660 101,346 101,097 0.10LG Display Co Ltd KRW 6,600 210,614 191,420 0.18Lotte Confectionery Co Ltd KRW 31 41,288 47,199 0.05Lotte Shopping Co Ltd KRW 121 39,898 42,610 0.04LS Corp KRW 488 41,467 42,985 0.04LS Industrial Systems Co Ltd KRW 1,430 96,417 89,628 0.09Mirae Asset Securities Co Ltd KRW 1,830 50,284 60,853 0.06NHN Corp KRW 273 66,441 57,886 0.06S-Oil Corp KRW 3,360 300,407 326,404 0.31Samsung Electro-Mechanics Co Ltd KRW 1,480 146,265 137,137 0.13Samsung Electronics Co Ltd KRW 3,470 4,583,113 4,933,181 4.71Samsung Fire & Marine Insurance Co Ltd KRW 351 71,322 71,474 0.07Samsung Heavy Industries Co Ltd KRW 10,380 351,851 373,770 0.36Samsung SDI Co Ltd KRW 1,700 244,945 239,778 0.23Shinhan Financial Group Co Ltd KRW 7,570 238,422 274,707 0.26SK Holdings Co Ltd KRW 1,840 311,852 307,648 0.29SK Hynix Inc KRW 5,670 128,043 136,378 0.13SK Innovation Co Ltd KRW 2,920 443,653 474,586 0.45SK Networks Co Ltd KRW 17,930 132,816 141,521 0.14SK Telecom Co Ltd KRW 1,680 237,408 239,311 0.23STX Offshore & Shipbuilding Co Ltd KRW 32,680 203,072 222,837 0.21Woori Finance Holdings Co Ltd KRW 31,090 286,580 342,678 0.33Woori Investment & Securities Co Ltd KRW 11,290 110,534 124,967 0.12
Total Korea 15,408,672 16,250,381 15.51 _______________________________________________ ____________________________________________________________ __________________________________________________
Malaysia AMMB Holdings Bhd MYR 138,700 293,438 308,424 0.29Axiata Group Bhd MYR 33,800 65,999 72,839 0.07Berjaya Sports Toto Bhd MYR 102,700 149,726 149,449 0.14CIMB Group Holdings Bhd MYR 50,200 123,586 125,254 0.12DiGi.Com Bhd MYR 215,300 342,142 372,445 0.35Felda Global Ventures Holdings Bhd MYR 30,400 46,147 45,928 0.04Hong Leong Bank Bhd MYR 40,600 196,124 196,229 0.19Hong Leong Financial Group Bhd MYR 35,900 150,986 154,964 0.15Lafarge Malayan Cement Bhd MYR 42,500 132,321 133,698 0.13Malayan Banking Bhd MYR 72,900 217,330 219,320 0.21Malaysia Airports Holdings Bhd MYR 50,500 88,442 86,038 0.08Maxis Bhd MYR 154,600 327,578 336,197 0.32MMC Corp Bhd MYR 55,800 49,609 47,990 0.05Public Bank Bhd MYR 67,300 345,425 358,728 0.34Sapurakencana Petroleum Bhd MYR 132,200 119,656 136,177 0.13Sime Darby Bhd MYR 9,700 28,651 30,198 0.03Tenaga Nasional Bhd MYR 160,600 367,232 364,475 0.35UMW Holdings Bhd MYR 72,100 260,957 281,515 0.27
Total Malaysia 3,305,349 3,419,868 3.26 _______________________________________________ ____________________________________________________________ __________________________________________________
Mexico Alfa SAB de CV MXN 165,400 350,854 348,733 0.33America Movil SAB de CV MXN 1,214,800 1,419,011 1,393,849 1.33Arca Continental SAB de CV MXN 28,400 208,202 210,146 0.20
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Schedule of Investments at December 31, 2012 (Expressed in US Dollar)
The accompanying notes are an integral part of these financial statements.
Currency Quantity Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Common and Preferred Stocks - (Continued)
Mexico - (Continued) Cemex SAB de CV—ADR USD 6,600 59,004 65,142 0.06Coca-Cola Femsa SAB de CV—ADR USD 800 113,595 119,232 0.11Compartamos SAB de CV MXN 168,200 250,105 237,936 0.23Fomento Economico Mexicano SAB de CV—ADR USD 7,200 713,473 725,040 0.69Grupo Aeroportuario del Pacifico SAB de CV—ADR USD 4,700 244,434 268,699 0.26Grupo Financiero Banorte SAB de CV MXN 15,600 95,041 100,248 0.10Grupo Financiero Santander Mexico SAB de CV MXN 83,500 251,227 268,903 0.26Grupo Modelo SAB de CV MXN 12,900 115,619 115,252 0.11Grupo Televisa SAB—ADR USD 15,500 361,049 411,990 0.39Industrias Penoles SAB de CV MXN 7,600 378,454 380,954 0.36Kimberly-Clark de Mexico SAB de CV MXN 22,500 56,552 57,107 0.06Mexichem SAB de CV MXN 66,400 351,498 368,713 0.35
Total Mexico 4,968,118 5,071,944 4.84 _______________________________________________ ____________________________________________________________ __________________________________________________
Peru Cia de Minas Buenaventura SA—ADR USD 600 19,436 21,570 0.02Credicorp Ltd USD 300 41,497 43,968 0.04Grana y Montero SAA PEN 15,900 57,971 60,423 0.06Sociedad Minera Cerro Verde SAA USD 1,570 60,450 59,660 0.06Volcan Cia Minera SAA PEN 197,700 197,883 200,605 0.19
Total Peru 377,237 386,226 0.37 _______________________________________________ ____________________________________________________________ __________________________________________________
Philippines Aboitiz Equity Ventures Inc PHP 113,200 144,893 145,971 0.14Aboitiz Power Corp PHP 87,700 78,417 78,917 0.08Alliance Global Group Inc PHP 440,000 175,694 179,589 0.17DMCI Holdings Inc PHP 170,100 227,517 223,486 0.21Energy Development Corp PHP 1,269,700 216,173 208,718 0.20
Total Philippines 842,694 836,681 0.80 _______________________________________________ ____________________________________________________________ __________________________________________________
Poland Cyfrowy Polsat SA PLN 12,500 61,373 66,278 0.06Eurocash SA PLN 11,100 161,140 156,732 0.15Grupa Lotos SA PLN 19,100 235,504 254,263 0.24KGHM Polska Miedz SA PLN 7,200 419,462 442,017 0.42Polski Koncern Naftowy Orlen SA PLN 22,200 316,651 355,068 0.34Polskie Gornictwo Naftowe i Gazownictwo SA PLN 30,900 43,683 52,018 0.05Powszechna Kasa Oszczednosci Bank Polski SA PLN 2,390 26,514 28,496 0.03Synthos SA PLN 55,700 102,400 97,366 0.09Tauron Polska Energia SA PLN 168,900 238,770 259,225 0.25
Total Poland 1,605,497 1,711,463 1.63 _______________________________________________ ____________________________________________________________ __________________________________________________
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA EMERGING MARKETS SRI ENHANCED EQUITY FUND
Schedule of Investments at December 31, 2012 (Expressed in US Dollar)
The accompanying notes are an integral part of these financial statements.
Currency Quantity Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Common and Preferred Stocks - (Continued)
Russia - (Continued) Uralkali OJSC—GDR USD 1,800 66,813 68,778 0.07
Total Russia 6,115,595 6,477,481 6.18 _______________________________________________ ____________________________________________________________ __________________________________________________
Total South Africa 7,558,623 8,170,008 7.80 _______________________________________________ ____________________________________________________________ __________________________________________________
Taiwan Asustek Computer Inc TWD 36,000 396,136 404,766 0.39Chang Hwa Commercial Bank TWD 487,000 267,998 267,490 0.25Cheng Shin Rubber Industry Co Ltd TWD 106,000 279,760 275,230 0.26Chicony Electronics Co Ltd TWD 99,000 225,089 228,758 0.22China Steel Corp TWD 86,000 78,031 80,998 0.08Chinatrust Financial Holding Co Ltd TWD 396,000 239,261 233,872 0.22Chunghwa Telecom Co Ltd—ADR USD 3,900 124,970 126,126 0.12CTCI Corp TWD 36,000 68,869 71,160 0.07E.Sun Financial Holding Co Ltd TWD 470,000 267,479 263,008 0.25Farglory Land Development Co Ltd TWD 104,000 188,901 186,591 0.18First Financial Holding Co Ltd TWD 502,000 310,618 305,982 0.29Formosa International Hotels Corp TWD 17,000 209,006 228,021 0.22Formosa Plastics Corp TWD 29,000 77,682 78,495 0.07Fubon Financial Holding Co Ltd TWD 330,000 382,969 398,877 0.38Highwealth Construction Corp TWD 119,000 225,004 223,747 0.21Hon Hai Precision Industry Co Ltd TWD 317,000 1,048,154 970,464 0.93Huang Hsiang Construction Co TWD 79,000 197,574 201,043 0.19Innolux Corp TWD 627,000 315,090 336,830 0.32Inventec Corp TWD 398,000 152,381 152,819 0.15Largan Precision Co Ltd TWD 4,000 119,451 107,166 0.10MediaTek Inc TWD 12,000 137,703 133,682 0.13Mega Financial Holding Co Ltd TWD 470,000 367,915 365,784 0.35Nan Ya Plastics Corp TWD 14,000 25,550 26,998 0.03Novatek Microelectronics Corp TWD 63,000 262,295 254,916 0.24Pegatron Corp TWD 27,000 34,733 34,913 0.03Phison Electronics Corp TWD 20,000 133,065 132,580 0.13Pou Chen Corp TWD 96,000 103,584 100,830 0.10
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STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA EMERGING MARKETS SRI ENHANCED EQUITY FUND
Schedule of Investments at December 31, 2012 (Expressed in US Dollar)
The accompanying notes are an integral part of these financial statements.
Currency Quantity Cost
MarketValue
% ofNet Assets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market - (Continued)
Common and Preferred Stocks - (Continued)
Taiwan - (Continued) Radiant Opto-Electronics Corp TWD 19,000 86,044 78,188 0.07Ruentex Development Co Ltd TWD 119,000 238,118 245,057 0.23Shin Kong Financial Holding Co Ltd TWD 302,000 85,831 85,174 0.08SinoPac Financial Holdings Co Ltd TWD 638,000 274,971 273,532 0.26St Shine Optical Co Ltd TWD 13,000 197,577 197,872 0.19Taishin Financial Holding Co Ltd TWD 708,000 277,257 281,601 0.27Taiwan Fertilizer Co Ltd TWD 24,000 61,957 62,647 0.06Taiwan Mobile Co Ltd TWD 102,000 374,633 375,839 0.36Taiwan Semiconductor Manufacturing Co Ltd TWD 692,000 2,335,340 2,311,512 2.21Teco Electric and Machinery Co Ltd TWD 296,000 220,772 226,799 0.22TPK Holding Co Ltd TWD 19,000 329,552 335,652 0.32Transcend Information Inc TWD 46,000 127,728 127,993 0.12TSRC Corp TWD 47,000 95,315 95,492 0.09Uni-President Enterprises Corp TWD 78,000 144,922 143,166 0.14
Total Taiwan 11,089,285 11,031,670 10.53 _______________________________________________ ____________________________________________________________ __________________________________________________
Thailand Advanced Info Service PCL THB 61,700 440,860 421,553 0.40Bangkok Bank PCL THB 5,000 30,995 34,161 0.03BEC World PCL THB 126,500 240,251 293,609 0.28Kasikornbank PCL THB 64,800 401,699 409,899 0.39Krung Thai Bank PCL THB 432,900 258,470 277,373 0.27PTT Global Chemical PCL THB 140,200 300,757 320,824 0.31PTT PCL THB 23,900 254,987 259,392 0.25Siam Commercial Bank PCL THB 11,100 59,394 65,860 0.06Thai Oil PCL THB 115,000 249,512 253,759 0.24
Total Thailand 2,236,925 2,336,430 2.23 _______________________________________________ ____________________________________________________________ __________________________________________________
Turkey Akbank TAS TRY 5,500 26,817 27,119 0.03BIM Birlesik Magazalar AS TRY 7,100 332,256 347,103 0.33Coca-Cola Icecek AS TRY 6,300 123,577 130,610 0.12Ford Otomotiv Sanayi AS TRY 3,800 39,186 45,565 0.04Koza Altin Isletmeleri AS TRY 9,200 232,537 221,662 0.21Turk Hava Yollari TRY 82,800 272,857 290,429 0.28Turk Telekomunikasyon AS TRY 67,800 256,865 262,888 0.25Turkiye Garanti Bankasi AS TRY 19,700 99,145 102,214 0.10Turkiye Halk Bankasi AS TRY 29,500 289,327 289,264 0.28Turkiye Is Bankasi TRY 25,500 84,604 88,301 0.08
Total Turkey 1,757,171 1,805,155 1.72 _______________________________________________ ____________________________________________________________ __________________________________________________
Ukraine Kernel Holding SA PLN 3,700 80,570 79,801 0.08
Total Ukraine 80,570 79,801 0.08 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Common and Preferred Stocks 99,000,961 103,540,621 98.83 _______________________________________________ ____________________________________________________________ __________________________________________________
Total Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market 99,000,961 103,540,621 98.83 _______________________________________________ ____________________________________________________________ __________________________________________________
TOTAL INVESTMENTS 99,000,961 103,540,621 98.83 _______________________________________________ ____________________________________________________________ __________________________________________________
127
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV — SSGA EMERGING MARKETS SRI ENHANCED EQUITY FUND
Schedule of Investments at December 31, 2012 (Expressed in US Dollar)
The accompanying notes are an integral part of these financial statements.
Derivatives
Futures Contracts - 0.01%
Description Currency
Number ofContracts
UnrealisedGain
% ofNet Assets
MSCI TAIWAN INDEX FUTURE, due 01/13 USD 14 5,250 0.01
Total Unrealised Gain on Futures Contracts 5,250 0.01 ____________________________________________________________ ___________________________________________________
Total Futures Contracts 5,250 0.01 ____________________________________________________________ ___________________________________________________
Other Net Assets/(Liabilities) 1,219,275 1.16 ____________________________________________________________ ___________________________________________________
TOTAL NET ASSETS 104,765,146 100.00 ____________________________________________________________ ___________________________________________________
128
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV
NOTES TO THE FINANCIAL STATEMENTS AT DECEMBER 31, 2012
Note 1 Description of the Fund State Street Global Advisors Luxembourg SICAV (the “Company”) is a "Société d'Investissement à Capital Variable" (“SICAV”) established on September 22, 2008 in accordance with the Luxembourg law of 10 August 1915 in its current version (the “1915 Law”) and is authorised as an undertaking for collective investments (“UCITS”) under Part I of the law dated December 17, 2010 (the “2010 Law”). The Company is structured as an umbrella fund. From time to time, Sub-funds ("Sub-funds"), reflecting different investment portfolios, can be created. Each Sub-fund can issue different share classes. Events that have occurred during the financial year under review (launch of new Sub-funds and share classes) have been listed in the report here below. At December 31, 2012, the following Sub-funds/Share classes were active:
Name of the Sub-fund Sub-fund Base Currency
Class of Shares / Currency
Launch Date
SSgA Euro-Aggregate Corporate Bond Index Fund Euro Class B (EUR) Class I (EUR)
June 29, 2012 July 21, 2009
SSgA Euro Treasury Bond Index Fund Euro
Class B (EUR) Class I (EUR) Class P (EUR)
September 12, 2012 March 21, 2012 August 25, 2009
SSgA Euro Sustainable Corporate Bond Index Fund Euro Class I Distributing (EUR)
Class I (EUR) May 16, 2011 July 6, 2011
SSgA Euro Core Treasury Bond Index Fund Euro
Class B (EUR) Class I Distributing (EUR)
Class I (EUR) Class P (EUR)
June 29,2012 May 31, 2012 June 17, 2011 May 2, 2012
SSgA Global Treasury Bond Index Fund US Dollar
Class B (USD) Class I (USD) Class P (USD)
Class I (USD-Hedged)
June 29, 2012 August 28, 2009 June 14, 2010 August 9, 2010
SSgA US Issuer Scored Corporate Bond Index Fund US Dollar Class I (USD) October 3, 2012
SSgA Active Global Inflation-Linked Bond Fund US Dollar Class I (USD) Class I (USD-Hedged)
August 27, 2010 January 4, 2012
SSgA Global Emerging Markets Local Currency Bond Fund *
US Dollar Class B (USD) Class I (USD)
June 29, 2012 August 26, 2009
SSgA Europe Managed Volatility Equity Fund Euro Class I (EUR) March 3, 2010
SSgA Global Managed Volatility Equity Fund US Dollar Class B (USD) Class I (USD)
June 29, 2012 March 24, 2010
SSgA EMU Alpha Equity Fund Euro Class I (EUR) January 21, 2009
SSgA Sectoral Healthcare Equity Fund US Dollar Class I (USD) Class P (USD)
October 4, 2010 October 15, 2010
SSgA Active Fundamental Global Equity Spotlight Fund Euro Class B (EUR) December 17, 2012
SSgA Emerging Markets Select Equity Fund Euro Class I (EUR) December 6, 2010
SSgA Enhanced Emerging Markets Equity Fund US Dollar Class I (USD) Class I (EUR)
May 6, 2010 April 6, 2011
SSgA Emerging Markets SRI Enhanced Equity Fund US Dollar Class I (USD) December 4, 2012
* Previously called SSgA Rexiter Global Emerging Markets Local Currency Bond Fund. At December 31, 2012 the following Sub-funds were also in existence, but not seeded: SSgA Global Aggregate Bond Index Fund, SSgA Global Corporate Bond Index Fund, SSgA Active Euro Aggregate Bond Fund, SSgA Active Euro Corporate Bond Fund, SSgA Stable Duration Fund, SSgA Euro Issuer Scored Corporate Bond Index Fund, SSgA Absolute Return Currency Fund and SSgA Absolute Return Global Bond Fund (see note 7). The investment objectives set out below are for information only. The complete investment objectives and investment policy for each Sub-fund are set out in the Prospectus. Further, the Company may, at a future date, create and offer additional Share classes for the Sub-funds. The investment objectives determined by the Board of Directors of the Company for the SSgA Euro-Aggregate Corporate Bond Index Fund is to seek to track as closely as reasonably possible the performance of the Barclays Capital Euro-Aggregate Corporate Bond Index (the “Index”). The index is the corporate component of the Barclays Capital Euro-Aggregate Credit Index, itself a sub-sector of the Barclays Capital Euro-Aggregate Bond Index.
129
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV
NOTES TO THE FINANCIAL STATEMENTS AT DECEMBER 31, 2012 (continued)
The investment objectives determined by the Board of Directors of the Company for the SSgA Euro Treasury Bond Index Fund is to seek to track as closely as reasonably possible the performance of the Barclays Capital Euro Treasury Bond Index (the “Index”). The index is the Treasury component of the Barclays Capital Euro Government Bond Index, itself a sub-sector of the Barclays Capital Euro-Aggregate Bond Index. The investment objective determined by the Board of Directors of the Company for the SSgA Euro Sustainable Corporate Bond Index Fund is to seek to track as closely as reasonably possible the performance of the Markit iBoxx Euro Sustainable Corporate Bond Custom Index. The investment objective determined by the Board of Directors of the Company for the SSgA Euro Core Treasury Bond Index Fund is to seek to track as closely as reasonably possible the performance of a customised subset of the Barclays Capital Global Treasury Bond Index (the “Index”). The Index is composed of the following weighted indices: 40% Barclays Capital Global Treasury Germany Bond Index, 40% Barclays Capital Global Treasury France Bond Index and 20% Barclays Capital Global Treasury Netherlands Bond Index. The weights are rebalanced once a month. The investment objective determined by the Board of Directors of the Company for the SSgA Global Treasury Bond Index Fund is to seek to track as closely as reasonably possible the performance of the Barclays Capital Global Treasury Bond Index (the “Index”), a sub-sector of the Barclays Capital Global Aggregate Bond Index. The index for the class I USD Hedged Shares is the Barclays Capital Global Treasury Bond Index hedged into USD. The investment objective determined by the Board of Directors of the Company for the SSgA US Issuer Scored Corporate Bond Index Fund is to seek to track as closely as reasonably possible the performance of the Barclays Capital US Issuer Scored Corporate Index. The investment objective determined by the Board of Directors of the Company for the SSgA Active Global Inflation-Linked Bond Fund is to seek to outperform the performance of the Barclays Capital Global Inflation-Linked Bond Index over the long term. The investment objectives determined by the Board of Directors of the Company for the SSgA Global Emerging Markets Local Currency Bond Fund is to seek to provide a total investment return in excess of the performance of the JP Morgan Government Bond Index – Emerging Markets Global Diversified (the “Index”) over the long term. The Index provides investors with a benchmark that tracks local currency government bonds issued by emerging markets. The Index is ‘diversified’ as this version of the benchmark limits the weights of those Index countries with larger debt stocks and redistributes those weights to the countries with smaller weights. The maximum weight to a country is capped at 10%. Benchmark construction within this asset class is still in its infancy and the opportunity set is changing rapidly. The Sub-Investment Manager recognises these Index limitations and, consequently, the investment and portfolio construction process is designed to take both non-benchmark positions and positioning away from benchmark weightings, within defined risk tolerances. The investment objective determined by the Board of Directors of the Company for the SSgA Europe Managed Volatility Equity Fund is to seek to provide competitive returns relative to the MSCI Europe Index (Net) over the long term, while maintaining relatively low volatility. The investment objective determined by the Board of Directors of the Company for the SSgA Global Managed Volatility Equity Fund is to seek to provide competitive returns relative to the MSCI World Index (Net) over the long term, while maintaining relatively low volatility. The investment objectives determined by the Board of Directors of the Company for the SSgA EMU Alpha Equity Fund is to seek to provide an investment return in excess of the performance of the MSCI EMU® Index over the long term. The investment objective determined by the Board of Directors of the Company for the SSgA Sectoral Healthcare Equity Fund is to seek to outperform the MSCI Daily TR World Net Health Care USD Index over the long term. The investment objective determined by the Board of Directors of the Company for the SSgA Active Fundamental Global Equity Spotlight Fund is to seek to outperform the MSCI World Index by 3-4% per annum over rolling three years period. The investment objective determined by the Board of Directors of the Company for the SSgA Emerging Markets Select Equity Fund is to seek to outperform the MSCI Emerging Markets Free IndexSM over the long term. The investment objective determined by the Board of Directors of the Company for the SSgA Enhanced Emerging Markets Equity Fund is to seek to provide competitive returns relative to the MSCI Emerging Markets IndexSM over the long term. The investment objective determined by the Board of Directors of the Company for the SSgA Emerging Markets SRI Enhanced Equity Fund is to seek to provide an investment return in excess of the performance of the MSCI Emerging Markets IndexSM over the long term.
130
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV
NOTES TO THE FINANCIAL STATEMENTS AT DECEMBER 31, 2012 (continued)
Note 2 Summary of Significant Accounting Policies
A) Presentation of Financial Statements The financial statements are presented in accordance with Luxembourg regulations relating to undertakings for collective investment.
B) Calculation of the Net Asset Value The Net Asset Value of a Sub-fund and the Net Asset Value of the Share classes issued within that Sub-fund are determined in the relevant currency on every Dealing Day. The total Net Asset Value of a Sub-fund represents the market value of its assets less its liabilities. The Net Asset Value per Share in a Share class issued in a Sub-fund is determined by dividing the total Net Asset Value of all Shares in that class within the relevant Sub-fund by all outstanding Shares in the same class in the relevant Sub-fund. The Net Asset Values of the Sub-funds are calculated in accordance with the valuation regulations and guidelines (“valuation regulations") set forth in the Articles and issued by the Board of Directors.
C) Investment Valuation The valuation of securities held by a Sub-fund and listed on a stock exchange or on another regulated market is based on the latest available price on the principal market on which the securities are traded, using a procedure for determining prices accepted by the Board of Directors. Unless otherwise provided for in the management regulations of the Company, the valuation of the assets of the Company shall be based, in the case of securities admitted to official listing on a stock exchange, on the last known stock exchange quotation, unless such quotation is not representative. For securities not so admitted on such a stock exchange and for securities which are so admitted on such a stock exchange but for which the latest quotation is not representative, the valuation shall be based on the probable realisation value, estimated with care and in good faith.
D) Foreign Exchange Transactions Combined Statements are presented in Euro. Transactions expressed into currencies other than each Sub-fund's currency are translated into the respective Sub-fund currency at the exchange rates applicable on the transaction dates. Assets and Liabilities designated in currencies other than the Sub-fund's currency are translated into the respective Sub-fund currency at the exchange rates applicable as at the end of the fiscal year. Gains and losses on foreign exchange transactions are recognised in the "Statement of Changes in Net Assets" in determining the results for the accounting year. The rate of exchange used for translation of United States Dollar based Funds as of December 31, 2012 was:
Argentine Peso (ARS) 4.91600 = US Dollar (USD) 1.00
Australian Dollar (AUD) 0.96321 = US Dollar (USD) 1.00
Brasilian Real (BRL) 2.04750 = US Dollar (USD) 1.00
British Pound (GBP) 0.61520 = US Dollar (USD) 1.00
Canadian Dollar (CAD) 0.99570 = US Dollar (USD) 1.00Chilean Peso (CLP) 478.80000 = US Dollar (USD) 1.00Chinese Yuan (CNY) 6.23030 = US Dollar (USD) 1.00
Colombian Peso (COP) 1,767.00000 = US Dollar (USD) 1.00
Czech Koruna (CZK) 19.03485 = US Dollar (USD) 1.00
Danish Krone (DKK) 5.65910 = US Dollar (USD) 1.00Egyptian Pound (EGP) 6.36435 = US Dollar (USD) 1.00
Euro (EUR) 0.75850 = US Dollar (USD) 1.00
Hungarian Forint (HUF) 220.88525 = US Dollar (USD) 1.00Hong Kong Dollar (HKD) 7.75085 = US Dollar (USD) 1.00Indian Rupee (INR) 54.79000 = US Dollar (USD) 1.00Indonesian Rupiah (IDR) 9,637.50000 = US Dollar (USD) 1.00
Israeli Shekel (ILS) 3.73110 = US Dollar (USD) 1.00
Japanese Yen (JPY) 86.46500 = US Dollar (USD) 1.00
Malaysian Ringgit (MYR) 3.05800 = US Dollar (USD) 1.00
Mexican Peso (MXN) 12.98600 = US Dollar (USD) 1.00
131
STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV
NOTES TO THE FINANCIAL STATEMENTS AT DECEMBER 31, 2012 (continued)
Moroccan Dirham (MAD) 8.45975 = US Dollar (USD) 1.00New Taiwan Dollar (TWD) 29.03900 = US Dollar (USD) 1.00
New Zealand Dollar (NZD) 1.21212 = US Dollar (USD) 1.00
Nigerian Nerira (NGN) 156.15000 = US Dollar (USD) 1.00
Norwegian Krone (NOK) 5.56525 = US Dollar (USD) 1.00Peruvian Nuevo Sol (PEN) 2.55250 = US Dollar (USD) 1.00Philippine Peso (PHP) 41.06250 = US Dollar (USD) 1.00
Polish Zloty (PLN) 3.09490 = US Dollar (USD) 1.00
Russian Rouble (RUB) 30.54800 = US Dollar (USD) 1.00
Singapore Dollar (SGD) 1.22150 = US Dollar (USD) 1.00
South Korean Won (KRW) 1,070.57500 = US Dollar (USD) 1.00
Swedish Krona (SEK) 6.50545 = US Dollar (USD) 1.00
Swiss Franc (CHF) 0.91535 = US Dollar (USD) 1.00
South African Rand (ZAR) 8.48440 = US Dollar (USD) 1.00
Taiwan New Dollar (TWD) 29.03900 = US Dollar (USD) 1.00
Thai Baht (THB) 30.59000 = US Dollar (USD) 1.00Turkish Lira (TRY) 1.78470 = US Dollar (USD) 1.00
The rate of exchange used for translation of Euro based Funds as of December 31, 2012 was: Brasilian Real (BRL) 2.69942 = Euro (EUR) 1.00
British Pound (GBP) 0.81107 = Euro (EUR) 1.00
Chilean Peso (CLP) 631.25004 = Euro (EUR) 1.00
Colombian Peso (COP) 2,329.61325 = Euro (EUR) 1.00
Czech Koruna (CZK) 25.09556 = Euro (EUR) 1.00
Danish Krone (DKK) 7.46096 = Euro (EUR) 1.00
Egyptian Pound (EGP) 8.39076 = Euro (EUR) 1.00
Hong Kong Dollar (HKD) 10.21872 = Euro (EUR) 1.00
Hungarian Forint (HUF) 291.21517 = Euro (EUR) 1.00
Indonesian Rupiah (IDR) 12,706.08244 = Euro (EUR) 1.00Indian Rupee (INR) 72.23515 = Euro (EUR) 1.00
Malaysian Ringgit (MYR) 4.03167 = Euro (EUR) 1.00
Mexican Peso (MXN) 17.12075 = Euro (EUR) 1.00
Moroccan Dirham (MAD) 11.15334 = Euro (EUR) 1.00
New Taiwan Dollar (TWD) 38.28502 = Euro (EUR) 1.00
Norwegian Krone (NOK) 7.33723 = Euro (EUR) 1.00Peruvian Nuevo Sol (PEN) 3.36522 = Euro (EUR) 1.00
Philippine Peso (PHP) 54.13681 = Euro (EUR) 1.00
Polish Zloty (PLN) 4.08032 = Euro (EUR) 1.00
South African Rand (ZAR) 11.18584 = Euro (EUR) 1.00
South Korean Won (KRW) 1,411.44635 = Euro (EUR) 1.00
Swedish Krona (SEK) 8.57679 = Euro (EUR) 1.00
Swiss Franc (CHF) 1.20680 = Euro (EUR) 1.00
Thai Baht (THB) 40.32986 = Euro (EUR) 1.00
Turkish Lira (TRY) 2.35295 = Euro (EUR) 1.00
US Dollar (USD) 1.31840 = Euro (EUR) 1.00
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STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV
NOTES TO THE FINANCIAL STATEMENTS AT DECEMBER 31, 2012 (continued)
E) Options, Futures and Swaps Contracts Valuation of the derivatives and structured products used is performed at each valuation date by use of the mark-to-market principle. The value of futures contracts which are quoted or traded on any exchange is based on the last available price on that exchange on the applicable Valuation Day. The value of futures contracts traded on another market is based on the last available price on this market on the applicable Valuation Day. In the event that any of these assets on the Valuation Day is not quoted or traded on any exchange or other market or if the price is not representative of the fair value, the value of such an asset is determined prudently and in good faith on the basis of the estimated settlement or sales price. Futures contracts involve, to varying degrees, risk of loss in excess of the values reflected in the Sub-Fund’s Statement of Net Assets. The underlying face amount at value of any open futures contracts at the period-end is shown in the Schedule of Investments of the relevant Sub-funds. This amount reflects each contract’s exposure to the underlying instrument at the period-end. Losses may arise from changes in the value of the underlying instruments or if the counterparties do not perform under the contracts’ terms. Gains (losses) are realised upon expiration or closing of the futures contracts. Options are contracts entitling the holder to purchase or sell a specified number of shares or units of a particular security at a specified price at any time until the contract-stated expiration date. Options purchased are recorded as investments; options written (sold) are recorded as liabilities. When the exercise of an option results in a cash settlement, the difference between the premium (original option value) and the settlement proceeds is accounted for as a realised gain or loss. When securities are acquired or delivered upon exercise of an option, the acquisition cost or sale proceeds are adjusted by the amount of the premium. When an option is closed, the difference between the premium and the cost to close the position is accounted for as a realised gain or loss. When an option expires, the premium is accounted for as a realised gain or loss for options written or as a realised loss for options purchased. The risks include price movements in the underlying securities, the possibility there may be an illiquid options market, and/or the inability of the counterparties to fulfil their obligations under the contract. (a) Hedges against market risks and risks associated with stock market performance:
For the purpose of hedging against poor market performance, the Company may, for each Sub-fund, sell forward transactions and call options on share price indexes, bond market indexes or other indexes or financial instruments or buy put options on share price indexes, bond market indexes or other indexes or buy financial instruments or enter into swaps in which the payments between the Company and the counterparty depend on the development of certain share price indexes, bond market indexes or other indexes or financial instruments. As these call and put transactions are for hedging purposes, there must be a sufficient correlation between the structure of the securities portfolio to be hedged and the composition of the stock index employed.
(b) Hedges against interest rate risks: For the purpose of hedging against the risks associated with changes in interest rates the Company may sell interest rate futures and call options on interest rates, buy put options on interest rates and enter into interest rate swaps, forward rate agreements and options on interest rate swaps (swaptions) with highly rated financial institutions specialising in this kind of transactions as part of OTC transactions for each Sub-fund.
(c) Hedges against inflation risks: For the purpose of hedging against risks resulting from an unexpected acceleration of inflation, the Company may conclude so-called inflation swaps with highly rated financial institutions specialising in this type of transaction as part of OTC transactions or make use of other instruments to hedge against inflation for each Sub-fund.
(d) Hedges against credit default risk and the risk of a deterioration in a borrower's credit standing: For the purpose of hedging against credit default risk and the risk of losses owing to a deterioration in the borrower's credit standing, the Company may engage in credit options, credit spread swaps ("CSS"), credit default swaps ("CDS"), CDS (index) baskets, credit-linked total return swaps and similar credit derivatives with highly rated financial institutions specialising in this kind of transactions as part of OTC transactions for each Sub-fund. As at December 31, 2012, the Company had outstanding futures contracts that are detailed in the schedule of investments. There are no swaps or OTC contracts open at the year end.
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STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV
NOTES TO THE FINANCIAL STATEMENTS AT DECEMBER 31, 2012 (continued)
F) Repurchase Agreements (Repos) The Company may as buyer or seller enter into repurchase agreements. A repurchase agreement is an agreement under which, on payment of the purchase price, the fund receives (purchases) securities from a seller who agrees to repurchase them at or within a specified time at a specified price. A repurchase agreement is similar in effect to a loan by the fund to the seller collateralised by the securities. The fund does not record the purchase of the securities received but does record the repurchase agreement as if it were a loan, and is disclosed in the Combined Statement of Net Assets under “Receivable for repurchase agreements”, including any interest receivable on such transaction. Because a repurchase agreement between the two specific parties involved is generally for a relatively short time and is not transferable, it is not readily marketable. The fund carries repurchase agreements at cost, which, combined with accrued interest, approximates market value. The interest received is recorded in the Combined Statement of Operations and Changes in Net Assets under “Interest income”. There was no outstanding repurchase agreement made by the Company as at December 31, 2012.
G) Forward Foreign Exchange Contracts Each Sub-fund may buy and sell forward currency contracts, which are agreements between two parties to buy and sell currencies at a set price on a future date. These contracts are used to protect against a decline in value relative to the sub fund’s currency as compared to the currencies in which its portfolio securities are denominated or for other investment purposes. The value of forward currency contracts is determined using current forward currency exchange rates supplied by a quotation service. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked to market daily and the change in market value is recorded as an unrealised gain or loss. When the contract is closed, the fund records a realised gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The fund could be exposed to risk if the value of the currency changes unfavourably, if the counterparties to the contracts are unable to meet the terms of their contracts or if the fund is unable to enter into a closing position. Risks may exceed amounts recognised on the Combined Statement of Net Assets. Forward currency contracts outstanding at period end, if any, are listed in the Schedule of Investments of the relevant Sub-funds.
H) Security transactions and related investment income Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Gains or losses on securities are determined on the average cost basis. Interest income is recorded on the accrual basis. Dividend income, net of applicable withholding taxes, is recognised on the ex-dividend date or as soon as the fund is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. All premiums/discounts are amortised/accreted on a yield-to maturity basis.
I) Organisation Costs The organisation costs and expenses of the Company or individual Sub-funds and the initial issue of its shares have been capitalised and are amortised on a straight-line basis over a period of five years from the date of commencement of the Company or individual Sub-funds.
J) To be announced securities The Company may invest in mortgage-backed securities To Be Announced (“TBA”) commitments. These commitments reflect future dated purchases and sales of agency Mortgage Backed Securities (“MBS”).
Note 3 Fees and Expenses
A) Custodian, Central Administrator, Registrar and Transfer Agent and Paying Agent Fees The fees payable to the Custodian and to the Central Administrator, Registrar and Transfer Agent and Paying Agent are at such rates and/or amounts as may be agreed from time to time with the Company in accordance with customary banking practice in Luxembourg. The maximum fee payable to the Custodian is 0.50% per annum and to the Central Administrator, Registrar and Transfer Agent and Paying Agent is 0.025% per annum (excluding specific fees payable for the processing of multiple Share Classes), in each case based on the Net Asset Value of the relevant Sub-fund. In addition, the Custodian and the Central Administrator, Paying Agent, Registrar and Transfer Agent are entitled, as the case may be, to a charge per transaction, a flat fee for certain services or products, reimbursements by the Company for out-of-pocket expenses and disbursements and for charges of any correspondents.
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STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV
NOTES TO THE FINANCIAL STATEMENTS AT DECEMBER 31, 2012 (continued)
B) Investment Management Fees The Sub-funds listed in this report, funded as at December 31, 2012 paid the following management fees:
Name of the Sub-fund Share Classes Management Fee in %
SSgA Euro-Aggregate Corporate Bond Index Fund Class B (EUR) 0.00%
Class I (EUR) 0.15%
SSgA Euro Treasury Bond Index Fund
Class B (EUR) 0.00%
Class I (EUR) 0.15%
Class P (EUR) 0.30%
SSgA Euro Sustainable Corporate Bond index Fund Class I Distributing (EUR) 0.20%
Class I (EUR) 0.20%
SSgA Euro Core Treasury Bond Index Fund
Class B (EUR) 0.00%
Class I Distributing (EUR) 0.15%
Class I (EUR) 0.15%
Class P (EUR) 0.30%
SSgA Global Treasury Bond Index Fund
Class B (USD) 0.00%
Class I (USD) 0.15%
Class P (USD) 0.30%
Class I (USD-Hedged) 0.18%
SSgA US Issuer Scored Corporate Bond Index Fund Class I (USD) 0.20%
SSgA Active Global Inflation-Linked Bond Fund Class I (USD) 0.35%
Class I (USD-Hedged) 0.38%
SSgA Global Emerging Markets Local Currency Bond Fund * Class B (USD) 0.00%
Class I (USD) 0.85%
SSgA Europe Managed Volatility Equity Fund Class I (EUR) 0.20%
SSgA Global Managed Volatility Equity Fund Class B (USD) 0.00%
Class I (USD) 0.20%
SSgA EMU Alpha Equity Fund Class I (EUR) 0.50%
SSgA Sectoral Healthcare Equity Fund Class I (USD) 0.75%
Class P (USD) 1.50%
SSgA Active Fundamental Global Equity Spotlight Fund Class B (EUR) 0.00%
SSgA Emerging Markets Select Equity Fund Class I (EUR) 0.98%
SSgA Enhanced Emerging Markets Equity Fund Class I (USD) 0.45%
Class I (EUR) 0.45%
SSgA Emerging Markets SRI Enhanced Equity Fund Class I (USD) 0.48%
* Previously called SSgA Rexiter Global Emerging Markets Local Currency Bond Fund. These management fees will be accrued daily based on the Net Asset Value of the Sub-funds as of the relevant Dealing Day and will be paid monthly in arrears. The total expense ratios (“TER”) attributable to the Share classes of the Sub-funds, as set out below, incorporate the fees and expenses of the Investment Manager, Central Administrator, Custodian, any distribution fee not covered by the Subscription Fee where appropriate, and certain other expenses of the relevant Sub-fund set forth in the Prospectus. The Investment Manager has voluntarily agreed to reimburse such portions of its fees as is necessary to ensure that the total expense ratio attributable to all Shares shall currently not exceed the following rates set forth below. The Investment Manager reserves the right, at a future date, to cease any such reimbursements. The below table discloses the applicable rates as at December 31, 2012.
Name of the Sub-fund Share Classes Maximum TER in %
SSgA Euro-Aggregate Corporate Bond Index Fund Class B (EUR) 0.10%
Class I (EUR) 0.25%
SSgA Euro Treasury Bond Index Fund
Class B (EUR) 0.10%
Class I (EUR) 0.25%
Class P (EUR) 0.40%
SSgA Euro Sustainable Corporate Bond Index Fund Class I Distributing (EUR) 0.32%
Class I (EUR) 0.32%
SSgA Euro Core Treasury Bond Index Fund
Class B (EUR) 0.10%
Class I Distributing (EUR) 0.25%
Class I (EUR) 0.25%
Class P (EUR) 0.40%
SSgA Global Treasury Bond Index Fund Class B (USD) 0.10%
Class I (USD) 0.25%
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STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV
NOTES TO THE FINANCIAL STATEMENTS AT DECEMBER 31, 2012 (continued)
Class P (USD) 0.40%
Class I (USD-Hedged) 0.28%
SSgA US Issuer Scored Corporate Bond Index Fund Class I (USD) 0.32%
SSgA Active Global Inflation-Linked Bond Fund Class I (USD) 0.45%
Class I (USD-Hedged) 0.48%
SSgA Global Emerging Markets Local Currency Bond Fund * Class B (USD) 0.25%
Class I (USD) 1.10%
SSgA Europe Managed Volatility Equity Fund Class I (EUR) 0.30%**
SSgA Global Managed Volatility Equity Fund Class B (USD) 0.10%
Class I (USD) 0.30%**
SSgA EMU Alpha Equity Fund Class I (EUR) 0.60%
SSgA Sectoral Healthcare Equity Fund Class I (USD) 0.95%
Class P (USD) 1.70%
SSgA Active Fundamental Global Equity Spotlight Fund Class B (EUR) 0.10%
SSgA Emerging Markets Select Equity Fund Class I (EUR) 1.23%
SSgA Enhanced Emerging Markets Equity Fund Class I (USD) 0.70%
Class I (EUR) 0.70%
SSgA Emerging Markets SRI Enhanced Equity Fund Class I (USD) 0.76%
* Previously called SSgA Rexiter Global Emerging Markets Local Currency Bond Fund. ** The rate was 0.55% until July 31, 2012.
C) Other expenses Other expenses as reported on the Combined Statement of Operations include but are not limited to costs related to registration fees, translation fees and publication fees.
D) Director fees The directors are not paid for their duties, except for the independent directors named below, who are entitled to the following remuneration: - John Li: flat fee of EUR 20,000 per annum (not including VAT). For the fiscal year ending December 31, 2012 a pro-rata amount of EUR 12,637.36 was paid to the independent director.
Note 4 Taxation The Company is subject to the Luxembourg tax jurisdiction. Under Luxembourg law and the current practice, the Company is subject neither to income tax nor to any tax on capital gains in respect of realised or unrealised valuation profits. No taxes are payable in Luxembourg on the issue of Shares. The Net Asset Value corresponding to the “P” Shares (Shares for retail and institutional investors) is subject to the taxe d’abonnement at the rate of 0.05% per annum of the Net Asset Value as valued at the end of each quarter, and which is payable quarterly. The “P” Shares classes are available to retail and institutional investors. To the extent that parts of the Company's assets are invested in other Luxembourg UCITS which are subject to the taxe d’abonnement, assets will not be subject to additional tax. The Net Asset Value corresponding to the "I" Shares (Shares for institutional investors) is subject to a reduced tax rate of 0.01% per annum, on the basis that the Company classifies the investors in this Share class as institutional investors as defined in Articles 174 to 176 of the 2010 Law. This classification is based on the Company's understanding of the current legal situation. Capital gains and income from dividends, interest and interest payments originating in other countries may be subject to a non-recoverable withholding tax or capital gains tax in such countries.
Note 5 Changes in Investment Portfolio The list containing all the sales and purchases of the investment portfolio is available at the registered offices of the SICAV where it may be inspected and copies may be obtained.
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STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV
NOTES TO THE FINANCIAL STATEMENTS AT DECEMBER 31, 2012 (continued)
Note 6 Share Class Specific Forward Currency Contracts Certain Sub-funds of the SICAV may engage in forward currency contracts for the purpose of hedging the currency exposure of certain Share Classes. Gains and losses on these forward currency transactions are allocated to the respective Share Classes. The Class I (USD-Hedged) of SSgA Global Treasury Bond Index Fund has entered into Class specific forward currency contracts, implying an unrealised gain of USD 410,433 as of December 31, 2012:
Currency Amount Bought Currency Amount Sold Maturity Date Unrealised Gain/Loss
NOTES TO THE FINANCIAL STATEMENTS AT DECEMBER 31, 2012 (continued)
Currency Amount Bought Currency Amount Sold Maturity Date Unrealised Gain/Loss
USD
USD 77,910 NZD 95,000 04/01/13 (465)
USD 79,113 NZD 95,000 05/02/13 901
USD 183,761 PLN 584,000 04/01/13 (4,917)
USD 189,252 PLN 584,000 05/02/13 1,216
USD 155,223 SEK 1,028,000 04/01/13 (2,795)
USD 156,920 SEK 1,028,000 05/02/13 (979)
USD 108,777 SGD 133,000 04/01/13 (105)
USD 109,146 SGD 133,000 05/02/13 270
USD 126,777 THB 3,900,000 04/01/13 (708)
USD 127,109 THB 3,900,000 05/02/13 (144)
USD 141,523 ZAR 1,262,000 04/01/13 (7,201)
USD 147,155 ZAR 1,262,000 05/02/13 (915)
ZAR 1,262,000 USD 147,832 04/01/13 890410,433
The Class I (USD-Hedged) of SSgA Active Global Inflation-Linked Bond Fund has entered into Class specific forward currency contracts, implying an unrealised loss of USD 94,818 as of December 31, 2012:
Currency Amount Bought Currency Amount Sold Maturity Date Unrealised Gain/Loss
USD
AUD 190,000 USD 199,269 08/01/13 (2,085)
CAD 458,000 USD 462,884 08/01/13 (2,961)
EUR 2,466,000 USD 3,269,617 08/01/13 (18,303)
GBP 2,336,000 USD 3,801,487 08/01/13 (4,368)
JPY 27,215,000 USD 322,950 08/01/13 (8,196)
SEK 1,716,000 USD 263,025 08/01/13 723
USD 197,819 AUD 190,000 08/01/13 634
USD 198,833 AUD 190,000 06/02/13 2,074
USD 460,436 CAD 458,000 08/01/13 512
USD 462,584 CAD 458,000 06/02/13 2,926
USD 3,199,365 EUR 2,466,000 08/01/13 (51,949)
USD 3,270,485 EUR 2,466,000 06/02/13 18,364
USD 3,741,023 GBP 2,336,000 08/01/13 (56,096)
USD 3,801,167 GBP 2,336,000 06/02/13 4,351
USD 331,559 JPY 27,215,000 08/01/13 16,805
USD 323,011 JPY 27,215,000 06/02/13 8,183
USD 259,045 SEK 1,716,000 08/01/13 (4,703)
USD 262,840 SEK 1,716,000 06/02/13 (729)
(94,818)
Note 7 Other information At December 31, 2012, the following Sub-funds were launched but not active/seeded:
SSgA Luxembourg SICAV Sub-funds
Legal launch
SSgA Global Aggregate Bond Index Fund July 2009
SSgA Global Corporate Bond Index Fund January 2010
SSgA Active Euro Aggregate Bond Fund July 2010
SSgA Active Euro Corporate Bond Fund July 2010
SSgA Stable Duration Fund July 2010
SSgA Euro Issuer Scored Corporate Bond Index Fund November 2011
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NOTES TO THE FINANCIAL STATEMENTS AT DECEMBER 31, 2012 (continued)
SSgA Absolute Return Currency Fund November 2011
SSgA Absolute Return Global Bond Fund July 2012
The Sub-fund SSgA Rexiter Global Emerging Markets Local Currency Bond Fund has been renamed into SSgA Global Emerging Markets Local Currency Bond Fund in the latest Prospectus dated July 2012. The Sub-Funds SSgA US Issuer Scored Corporate Bond Index Fund, SSgA Active Fundamental Global Equity Spotlight Fund and SSgA Emerging Markets SRI Enhanced Equity Fund were launched during the year, respectively on October 3, 2012, December 17, 2012 and December 4, 2012.
Note 8 Transaction Costs For the period from January 1, 2012 to December 31, 2012, the SSgA SICAV incurred transaction costs related to purchase and sale of transferable securities. The below table represents the transaction costs that can be isolated.
SSgA Luxembourg SICAV Sub-funds
Sub-funds Currency
Transaction Costs
SSgA Euro-Aggregate Corporate Bond Index Fund EUR - SSgA Euro Treasury Bond Index Fund EUR - SSgA Euro Sustainable Corporate Bond Index Fund EUR - SSgA Euro Core Treasury Bond Index Fund EUR - SSgA Global Treasury Bond Index Fund USD 571 SSgA US Issuer Scored Corporate Bond Index Fund USD - SSgA Active Global Inflation-Linked Bond Fund USD - SSgA Global Emerging Markets Local Currency Bond Fund * USD 45,621 SSgA Europe Managed Volatility Equity Fund EUR 28,759 SSgA Global Managed Volatility Equity Fund USD 54,653 SSgA EMU Alpha Equity Fund EUR 142,416 SSgA Sectoral Healthcare Equity Fund USD 93,783 SSgA Active Fundamental Global Equity Spotlight Fund EUR 25,247 SSgA Emerging Markets Select Equity Fund EUR 170,333 SSgA Enhanced Emerging Markets Equity Fund USD 1,863,140 SSgA Emerging Markets SRI Enhanced Equity Fund USD 117,768
* Previously called SSgA Rexiter Global Emerging Markets Local Currency Bond Fund. Transactions costs have been defined as broker commission fees, market fees and taxes relating to purchase or sale of equity and investments in other funds. For most of the bonds those fees are included in the price of the bonds and therefore cannot be isolated, except for SSgA Global Emerging Markets Local Currency Bond Fund and SSgA Global Treasury Bond Index Fund on which transaction costs are booked for some Bonds.
Note 9 Currency Adjustments The opening value of the Fund has been restated at the exchange rate ruling at December 31, 2012. The resulting loss of EUR 45,449,436 represents the movement in exchange rates between January 1, 2012 and December 31, 2012. This is a translation loss, which has no impact on the Net Asset Value of the individual Portfolios.
Note 10 Cash Collateral Information The table below provides the cash collateral balances due from / (due to) the brokers as at December 31, 2012.
Portfolios Currency Due from / (due to) brokers
Cash collateral balances
SSgA Active Global Inflation-Linked Bond Fund USD Due from 77,374Due to (3,844)
SSgA Europe Managed Volatility Equity Fund EUR Due from 5,296 SSgA EMU Alpha Equity Fund EUR Due from 6,187 SSgA Emerging Markets Select Equity Fund EUR Due to (2,526)SSgA Enhanced Emerging Markets Equity Fund USD Due from 1,069,341SSgA Emerging Markets SRI Enhanced Equity Fund USD Due from 770,008
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STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV
RISK DISCLOSURE INFORMATION (Unaudited)
The below table shows the Risk Management Process as per the CSSF circular 11/512.
*Previously called SSgA Rexiter Global Emerging Markets Local Currency Bond Fund.
Sub-fund Name Market Risk Limit
Maximum usage of reg limit
Minimum usage of reg limit
Benchmark Model
Confidence Interval
Holding period
Effective observation period
Max Leverage (sum of notional)
SSgA Euro-Aggregate Corporate Bond Index Fund Commitment N/A N/A N/A N/A N/A N/A N/A N/A N/A
SSgA Euro Treasury Bond Index Fund Commitment N/A N/A N/A N/A N/A N/A N/A N/A N/A SSgA Euro Sustainable Corporate Bond Index Fund Commitment N/A N/A N/A N/A N/A N/A N/A N/A N/A
SSgA Euro Core Treasury Bond Index Fund Commitment N/A N/A N/A N/A N/A N/A N/A N/A N/A
SSgA Global Treasury Bond Index Fund Commitment N/A N/A N/A N/A N/A N/A N/A N/A N/A SSgA US Issuer Scored Corporate Bond Index Fund Commitment N/A N/A N/A N/A N/A N/A N/A N/A N/A
SSgA Active Global Inflation-Linked Bond Fund Relative VaR 2x 1.02x 0.92x Barclays Capital Global Inflation-Linked Bond Index
Semi-Parametric 99% 1 Month > 1 Year 0.55x
SSgA Global Emerging Markets Local Currency Bond Fund* Relative VaR 2x 1.10x 0.90x
JP Morgan Government Bond Index – Emerging Markets Global Diversified
Semi-Parametric 99% 1 Month > 1 Year 0.65x
SSgA Europe Managed Volatility Equity Fund Commitment N/A N/A N/A N/A N/A N/A N/A N/A N/A
SSgA Global Managed Volatility Equity Fund Commitment N/A N/A N/A N/A N/A N/A N/A N/A N/A
For shares distributed in and from Switzerland, Wegelin Fund Management Ltd., Bahnhofstrasse 8, 9001 St. Gallen, was the Representative Agent in Switzerland for 2011 while State Street Bank GmbH is the Paying Agent in Switzerland. Place of performance and jurisdiction for shares sold in and from Switzerland is the registred office of the Representative in Switzerland. The sales prospectus, the simplified sales prospectus, the Articles of Association and the annual and semi-annual reports as well as the list of the purchase and sales carried out during the business year may be obtained without charge from the Representative in Switzerland. The publication of information is purely for information purposes. It does not constitute an offer to subscribe for, or redeem Shares at the published Subscription Price or Redemption Price or Net Asset Value per Shares. Portfolio Turnover Rate (PTR) The “Portfolio Turnover Rate” indicates the relevance of ancillary costs accruing to the Sub-fund from the purchase and sale of investments. The PTR shall be determined for the same period as the TER. The manner of calculating the PTR of the Sub-funds in these documents corresponds to the method recommended by the Swiss Funds Association (SFA), and is then calculating using the following formula: PTR % = (Total 1 – Total 2) * 100 Average fund assets in CU* *CU = Currency units in the fund’s accounting currency Total 1 = Total securities transactions = X + Y Securities purchases in CU = X Securities sales in CU = Y Total 2 in CU = Total transactions involving fund units = S + T Issues of fund units in CU = S Redemptions of fund units in CU = T
PTR in %
SSgA Euro-Aggregate Corporate Bond Index Fund 41
SSgA Euro Treasury Bond Index Fund 22
SSgA Euro Sustainable Corporate Bond Index Fund 119
SSgA Euro Core Treasury Bond Index Fund (9)
SSgA Global Treasury Bond Index Fund 29
SSgA US Issuer Scored Corporate Bond Index Fund 1) 19
SSgA Active Global Inflation-Linked Bond Fund 172
SSgA Global Emerging Markets Local Currency Bond Fund* 208
SSgA Europe Managed Volatility Equity Fund 28
SSgA Global Managed Volatility Equity Fund 49
SSgA EMU Alpha Equity Fund 142
SSgA Sectoral Healthcare Equity Fund 52
SSgA Active Fundamental Global Equity Spotlight Fund 2) (1)
SSgA Emerging Markets Select Equity Fund 81
SSgA Enhanced Emerging Markets Equity Fund 41
SSgA Emerging Markets SRI Enhanced Equity Fund 3) 10
*Previously called SSgA Rexiter Global Emerging Markets Local Currency Bond Fund. 1) For the period from October 3, 2012 (launch date) to December 31, 2012. 2) For the period from December 17, 2012 (launch date) to December 31, 2012. 3) For the period from December 4, 2012 (launch date) to December 31, 2012.
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STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV
NOTE FOR INVESTORS IN SWITZERLAND (Unaudited) (continued)
Total Expense Ratio (TER) In Switzerland the “total expense ratio” (TER) taking account of Swiss requirements is reported and explained in each of the annual and semi-annual reports as well as in the simplified sales prospectus. The manner of calculating the TER and the performance of the Sub-fund in these documents corresponds to the method recommended by the Swiss Funds Association (SFA), and is then calculating using the following formula: TER % = Total operating expenses in CU* Average fund assets in CU* *CU = Currency units in the fund’s accounting currency
Name of the Sub-fund Share class
TER in%
SSgA Euro-Aggregate Corporate Bond Index Fund B (EUR) 1) 0.08% I (EUR) 0.23%
SSgA Euro Treasury Bond Index Fund B (EUR) 2) 0.10% I (EUR) 3) 0.25% P (EUR) 0.33%
SSgA Euro Sustainable Corporate Bond Index Fund I (EUR) 0.31%
I (EUR Distributing) 0.32%
SSgA Euro Core Treasury Bond Index Fund
B (EUR) 4) 0.10% I (EUR) 0.23%
P (EUR) 5) 0.40% I (EUR Distributing) 6) 0.23%
SSgA Global Treasury Bond Index Fund
B (USD) 7) 0.10% I (USD) 0.25% P (USD) 0.40%
I (USD-Hedged) 0.28% SSgA US Issuer Scored Corporate Bond Index Fund I (USD) 8) 0.32%
SSgA Active Global Inflation-Linked Bond Fund I (USD) 0.45%
I (USD-Hedged) 9) 0.48%
SSgA Global Emerging Markets Local Currency Bond Fund* B (USD) 10) 0.25% I (USD) 1.10%
SSgA Europe Managed Volatility Equity Fund I (EUR) 0.44%
SSgA Global Managed Volatility Equity Fund B (USD) 11) 0.10%
I (USD) 0.45% SSgA EMU Alpha Equity Fund I (EUR) 0.60%
SSgA Sectoral Healthcare Equity Fund I (USD) 0.95% P (USD) 1.70%
SSgA Active Fundamental Global Equity Spotlight Fund B (EUR) 12) 0.10% SSgA Emerging Markets Select Equity Fund I (EUR) 1.23%
SSgA Enhanced Emerging Markets Equity Fund I (USD) 0.60% I (EUR) 0.60%
SSgA Emerging Markets SRI Enhanced Equity Fund I (USD) 13) 0.62% *Previously called SSgA Rexiter Global Emerging Markets Local Currency Bond Fund.
1) For the period from June 29, 2012 (launch date) to December 31, 2012. 2) For the period from September 12, 2012 (launch date) to December 31, 2012. 3) For the period from March 21, 2012 (launch date) to December 31, 2012. 4) For the period from June 29, 2012 (launch date) to December 31, 2012. 5) For the period from May 2, 2012 (launch date) to December 31, 2012. 6) For the period from May 31, 2012 (launch date) to December 31, 2012. 7) For the period from June 29, 2012 (launch date) to December 31, 2012. 8) For the period from October 3, 2012 (launch date) to December 31, 2012. 9) For the period from January 4, 2012 (launch date) to December 31, 2012. 10) For the period from June 29, 2012 (launch date) to December 31, 2012. 11) For the period from June 29, 2012 (launch date) to December 31, 2012. 12) For the period from December 17, 2012 (launch date) to December 31, 2012. 13) For the period from December 4, 2012 (launch date) to December 31, 2012.
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STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV
NOTE FOR INVESTORS IN SWITZERLAND (Unaudited) (continued)
Performance Data The performance of each Sub-fund is defined as the total return of one class over a specified period, expressed in the Sub-fund’ s accounting currency. As Sub-funds pay no distribution, the performance data corresponds to the change in net asset value during the observation period. Performance data is then calculated using the following formula: Performance in % = NAV (end p) - NAV (start p) NAV (start p)
Name of the Sub-fund Share Class NAV as of
31 Dec 11*
NAV as of
31 Dec 12
Performance
2010
Performance
2011
Perfomance2012
SSgA Euro-Aggregate Corporate Bond Index Fund
B (EUR) 1) 10.00 10.75 - - 7.50% I (EUR) 11.05 12.52 4.41% 1.27% 13.30%
SSgA Euro Treasury Bond Index Fund B (EUR) 2) 10.00 10.33 - - 3.30% I (EUR) 3) 10.00 10.71 - - 7.10% P (EUR) 10.42 11.52 0.73% 3.16% 10.56%
SSgA Euro Sustainable Corporate Bond Index Fund
I (EUR Distributing) 10.01 11.04 - 0.14% 10.29% I (EUR) 10.01 11.24 - 0.11% 12.29%
SSgA Euro Core Treasury Bond Index Fund
B (EUR) 4) 10.00 10.41 - - 4.10% I (EUR) 10.72 11.43 - 7.19% 6.62%
P (EUR) 5) 10.00 10.50 - - 5.00% I (EUR Distributing) 6) 10.00 10.14 - - 1.40%
SSgA Global Treasury Bond Index Fund
B (USD) 7) 10.00 10.12 - - 1.20% I (USD) 11.19 11.43 5.64% 5.47% 2.14% P (USD) 11.17 11.40 8.41% 5.31% 2.06%
I (USD-Hedge) 10.38 10.82 -1.37% 5.22% 4.24% SSgA US Issuer Scored Corporate Bond Index Fund I (USD) 8) 10.00 10.01 - - 0.10%
SSgA Active Global Inflation-Linked Bond Fund
I (USD) 11.21 12.06 2.03% 9.90% 7.58% I (USD-Hedge) 9) 10.00 10.62 - - 6.20%
SSgA Global Emerging Markets Local Currency Bond Fund**
B (USD) 10) 10.00 10.90 - - 9.00% I (USD) 11.98 13.86 16.07% -2.20% 15.69%
SSgA Europe Managed Volatility Equity Fund I (EUR) 10.99 12.62 12.23% -2.09% 14.83%
SSgA Global Managed Volatility Equity Fund
B (USD) 11) 10.00 10.49 - - 4.90% I (USD) 11.43 12.83 12.19% 1.88% 12.25%
SSgA EMU Alpha Equity Fund I (EUR) 12.07 14.69 4.45% -19.14% 21.71%
SSgA Sectoral Healthcare Equity Fund I (USD) 10.00 12.05 3.10% -3.00% 20.50% P (USD) 9.91 11.86 -0.32% -3.73% 19.68%
SSgA Active Fundamental Global Equity Spotlight Fund B (EUR) 12) 10.00 10.11 - - 1.10%
SSgA Emerging Markets Select Equity Fund I (EUR) 8.56 10.52 0.50% -14.86% 22.90%
SSgA Enhanced Emerging Markets Equity Fund
I (USD) 10.08 12.08 23.36% -18.28% 19.84% I (EUR) 11.10 13.29 - 10.97% 19.73%
SSgA Emerging Markets SRI Enhanced Equity Fund I (USD) 13) 10.00 10.49 - - 4.90%
The figures stated in this report are historical and not necessarily indicative of future performance. * NAV as at launch date for the classes launched during the year. **Previously called SSgA Rexiter Global Emerging Markets Local Currency Bond Fund.
1) For the period from June 29, 2012 (launch date) to December 31, 2012. 2) For the period from September 12, 2012 (launch date) to December 31, 2012. 3) For the period from March 21, 2012 (launch date) to December 31, 2012. 4) For the period from June 29, 2012 (launch date) to December 31, 2012. 5) For the period from May 2, 2012 (launch date) to December 31, 2012. 6) For the period from May 31, 2012 (launch date) to December 31, 2012. 7) For the period from June 29, 2012 (launch date) to December 31, 2012. 8) For the period from October 3, 2012 (launch date) to December 31, 2012. 9) For the period from January 4, 2012 (launch date) to December 31, 2012. 10) For the period from June 29, 2012 (launch date) to December 31, 2012. 11) For the period from June 29, 2012 (launch date) to December 31, 2012. 12) For the period from December 17, 2012 (launch date) to December 31, 2012. 13) For the period from December 4, 2012 (launch date) to December 31, 2012.
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STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV
NOTE FOR INVESTORS IN SWITZERLAND (Unaudited) (continued)
Statements of Operations The Statement of Operations of each Sub-funds is shown on pages 13 to 15 of this report.