N-30D 1 d180518dn30d.htm SPDR S&P 500 ETF TRUST SPDR S&P 500 ETF TRUST
Table of Contents

Semi-Annual Report

March 31, 2016

 

SPDR® S&P® 500 ETF Trust

A Unit Investment Trust

“Standard & Poor’s®”, “S&P®”, “S&P 500®”, “Standard & Poor’s 500®”, “500®”, “Standard & Poor’s Depositary Receipts®”, “SPDR®” and “SPDRs®” are trademarks of Standard & Poor’s Financial Services LLC and have been licensed for use by S&P Dow Jones Indices LLC (“S&P”) and sublicensed for use by State Street Global Markets, LLC. SPDR® S&P 500® ETF Trust is permitted to use these trademarks pursuant to a sublicense from State Street Global Markets, LLC. SPDR® S&P 500® ETF Trust is not sponsored, endorsed, sold or promoted by S&P, its affiliates or its third party licensors.

 

LOGO

Table of Contents

SPDR S&P 500 ETF TRUST

Semi-Annual Report

March 31, 2016

(Unaudited)

Table of Contents

 

Schedule of Investments

      1   

Statement of Assets and Liabilities

      9   

Statements of Operations

      10   

Statements of Changes in Net Assets

      11   

Financial Highlights

      12   

Notes to Financial Statements

      13   

Other Information

      20   

Table of Contents

SPDR S&P 500 ETF Trust

Schedule of Investments

March 31, 2016 (Unaudited)

 

 

 

Common Stocks    Shares      Value  
               

3M Co.

      6,122,867       $ 1,020,253,328   

Abbott Laboratories

      14,910,945         623,724,829   

AbbVie, Inc.

      16,307,231         931,469,035   

Accenture PLC Class A

      6,357,146         733,614,648   

Activision Blizzard, Inc.

      5,134,164         173,740,110   

Adobe Systems, Inc.(a)

      5,027,540         471,583,252   

ADT Corp.

      1,661,891         68,569,623   

Advance Auto Parts, Inc.

      733,957         117,682,665   

AES Corp.

      6,817,885         80,451,043   

Aetna, Inc.

      3,538,914         397,596,988   

Affiliated Managers Group, Inc.(a)

      547,244         88,872,426   

Aflac, Inc.

      4,250,503         268,376,759   

Agilent Technologies, Inc.

      3,346,735         133,367,390   

AGL Resources, Inc.

      1,211,844         78,939,518   

Air Products & Chemicals, Inc.

      1,954,261         281,511,297   

Airgas, Inc.

      653,384         92,545,310   

Akamai Technologies, Inc.(a)

      1,782,345         99,044,912   

Alcoa, Inc.

      13,310,952         127,518,920   

Alexion Pharmaceuticals, Inc.(a)

      2,280,650         317,512,093   

Allegion PLC

      954,143         60,788,451   

Allergan PLC(a)

      3,995,590         1,070,937,988   

Alliance Data Systems Corp.(a)

      599,936         131,985,920   

Allstate Corp.

      3,828,261         257,909,944   

Alphabet, Inc. Class A(a)

      2,962,312         2,259,947,825   

Alphabet, Inc. Class C(a)

      3,008,146         2,240,918,363   

Altria Group, Inc.

      19,819,555         1,241,893,316   

Amazon.com, Inc.(a)

      3,908,608         2,320,306,053   

Ameren Corp.

      2,450,215         122,755,772   

American Airlines Group, Inc.

      6,100,079         250,164,240   

American Electric Power Co., Inc.

      4,946,709         328,461,478   

American Express Co.

      8,292,516         509,160,482   

American International Group, Inc.

      11,635,546         628,901,261   

American Tower Corp. REIT

      4,291,218         439,291,987   

American Water Works Co., Inc.

      1,813,406         124,998,076   

Ameriprise Financial, Inc.

      1,709,766         160,735,102   

AmerisourceBergen Corp. Class A

      1,967,277         170,267,824   

AMETEK, Inc.

      2,397,460         119,825,051   

Amgen, Inc.

      7,613,181         1,141,444,227   

Amphenol Corp. Class A

      3,118,012         180,283,454   

Anadarko Petroleum Corp.

      5,146,950         239,693,462   

Analog Devices, Inc.

      3,133,341         185,462,454   

Anthem, Inc.

      2,645,697         367,725,426   

Aon PLC

      2,734,046         285,571,105   

Apache Corp.

      3,810,480         185,989,529   
Common Stocks    Shares      Value  
     

Apartment Investment & Management Co. Class A, REIT

      1,558,820       $ 65,189,852   

Apple, Inc.

      56,123,264         6,116,874,543   

Applied Materials, Inc.

      11,446,523         242,437,357   

Archer-Daniels-Midland Co.

      6,012,968         218,330,868   

Assurant, Inc.

      668,977         51,611,576   

AT&T, Inc.

      62,268,355         2,439,051,465   

Autodesk, Inc.(a)

      2,262,617         131,933,197   

Automatic Data Processing, Inc.

      4,644,459         416,654,417   

AutoNation, Inc.(a)

      783,871         36,591,098   

AutoZone, Inc.(a)

      307,141         244,696,163   

AvalonBay Communities, Inc. REIT

      1,380,381         262,548,466   

Avery Dennison Corp.

      907,000         65,403,770   

Baker Hughes, Inc.

      4,432,757         194,287,739   

Ball Corp.

      1,435,244         102,318,545   

Bank of America Corp.

      104,512,748         1,413,012,353   

Bank of New York Mellon Corp.

      10,887,704         400,994,138   

Baxalta, Inc.

      6,865,810         277,378,724   

Baxter International, Inc.

      5,546,284         227,841,347   

BB&T Corp.

      7,862,911         261,599,049   

Becton Dickinson and Co.

      2,144,313         325,549,600   

Bed Bath & Beyond, Inc.(a)

      1,681,699         83,479,538   

Berkshire Hathaway, Inc. Class B(a)

      18,965,954         2,690,889,554   

Best Buy Co., Inc.

      2,849,275         92,430,481   

Biogen, Inc.(a)

      2,212,837         576,045,728   

BlackRock, Inc.

      1,277,808         435,183,071   

Boeing Co.

      6,303,318         800,143,187   

BorgWarner, Inc.

      2,269,932         87,165,389   

Boston Properties, Inc. REIT

      1,554,947         197,602,665   

Boston Scientific Corp.(a)

      13,558,744         255,039,975   

Bristol-Myers Squibb Co.

      16,900,189         1,079,584,073   

Broadcom, Ltd.

      3,750,822         579,501,999   

Brown-Forman Corp. Class B

      1,023,515         100,785,522   

C.H. Robinson Worldwide, Inc.

      1,449,915         107,627,190   

C.R. Bard, Inc.

      741,646         150,309,395   

CA, Inc.

      2,982,224         91,822,677   

Cablevision Systems Corp. Class A

      2,203,871         72,727,743   

Cabot Oil & Gas Corp.

      4,614,997         104,806,582   

California Resources Corp.

      141,300         145,540   

Cameron International Corp.(a)

      1,918,847         128,658,691   

Campbell Soup Co.

      1,820,438         116,125,740   

Capital One Financial Corp.

      5,360,027         371,503,471   
 

 

See accompanying notes to financial statements.

 

1

Table of Contents

SPDR S&P 500 ETF Trust

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

 

 

 

Common Stocks    Shares      Value  
     

Cardinal Health, Inc.

      3,316,810       $ 271,812,579   

CarMax, Inc.(a)

      1,981,418         101,250,460   

Carnival Corp.

      4,560,325         240,648,350   

Caterpillar, Inc.

      5,894,549         451,168,780   

CBRE Group, Inc. Class A(a)

      2,908,116         83,811,903   

CBS Corp. Class B

      4,268,532         235,153,428   

Celgene Corp.(a)

      7,915,584         792,270,803   

Centene Corp.(a)

      1,726,692         106,312,426   

CenterPoint Energy, Inc.

      4,355,555         91,118,211   

CenturyLink, Inc.

      5,531,111         176,774,308   

Cerner Corp.(a)

      3,059,886         162,051,563   

CF Industries Holdings, Inc.

      2,337,694         73,263,330   

Charles Schwab Corp.

      12,165,046         340,864,589   

Chesapeake Energy Corp.

      5,157,490         21,248,859   

Chevron Corp.

      19,063,221         1,818,631,283   

Chipotle Mexican Grill, Inc.(a)

      303,846         143,102,351   

Chubb, Ltd.

      4,665,288         555,869,065   

Church & Dwight Co., Inc.

      1,303,869         120,190,644   

Cigna Corp.

      2,595,993         356,274,079   

Cimarex Energy Co.

      959,748         93,354,688   

Cincinnati Financial Corp.

      1,497,357         97,867,254   

Cintas Corp.

      881,009         79,123,418   

Cisco Systems, Inc.

      50,933,157         1,450,066,980   

Citigroup, Inc.

      29,838,850         1,245,771,987   

Citizens Financial Group, Inc.

      5,316,412         111,378,831   

Citrix Systems, Inc.(a)

      1,549,154         121,732,521   

Clorox Co.

      1,310,241         165,168,980   

CME Group, Inc.

      3,425,699         329,038,389   

CMS Energy Corp.

      2,805,792         119,077,812   

Coach, Inc.

      2,797,307         112,144,038   

Coca-Cola Co.

      39,433,404         1,829,315,612   

Coca-Cola Enterprises, Inc.

      2,110,524         107,087,988   

Cognizant Technology Solutions Corp. Class A(a)

      6,140,383         385,002,014   

Colgate-Palmolive Co.

      9,032,720         638,161,668   

Columbia Pipeline Group, Inc.

      4,049,099         101,632,385   

Comcast Corp. Class A

      24,601,204         1,502,641,540   

Comerica, Inc.

      1,792,684         67,888,943   

ConAgra Foods, Inc.

      4,395,041         196,106,729   

Concho Resources, Inc.(a)

      1,301,512         131,504,772   

ConocoPhillips

      12,514,408         503,955,210   

Consolidated Edison, Inc.

      2,960,698         226,848,681   

Constellation Brands, Inc. Class A

      1,780,832         269,065,907   

Corning, Inc.

      11,218,798         234,360,690   

Costco Wholesale Corp.

      4,452,297         701,592,961   

Crown Castle International Corp. REIT

      3,378,700         292,257,550   

CSRA, Inc.

      1,397,698         37,598,076   

CSX Corp.

      9,819,539         252,853,129   
Common Stocks    Shares      Value  
     

Cummins, Inc.

      1,654,502       $ 181,895,950   

CVS Health Corp.

      11,118,666         1,153,339,224   

D.R. Horton, Inc.

      3,291,564         99,503,980   

Danaher Corp.

      6,051,740         574,068,056   

Darden Restaurants, Inc.

      1,168,233         77,453,848   

DaVita HealthCare Partners,
Inc.(a)

      1,679,290         123,226,300   

Deere & Co.

      3,030,785         233,340,137   

Delphi Automotive PLC

      2,821,628         211,678,533   

Delta Air Lines, Inc.

      7,922,994         385,691,348   

DENTSPLY SIRONA, Inc.

      2,417,675         149,001,310   

Devon Energy Corp.

      5,141,489         141,082,458   

Diamond Offshore Drilling, Inc.

      689,078         14,973,665   

Discover Financial Services

      4,190,969         213,404,141   

Discovery Communications, Inc. Class A(a)

      1,474,672         42,219,859   

Discovery Communications, Inc. Class C(a)

      2,405,994         64,961,838   

Dollar General Corp.

      2,931,455         250,932,548   

Dollar Tree, Inc.(a)

      2,376,601         195,974,518   

Dominion Resources, Inc.

      6,037,531         453,539,329   

Dover Corp.

      1,569,465         100,963,683   

Dow Chemical Co.

      11,327,145         576,098,595   

Dr. Pepper Snapple Group, Inc.

      1,902,693         170,138,808   

DTE Energy Co.

      1,816,914         164,721,423   

Duke Energy Corp.

      6,968,388         562,209,544   

Dun & Bradstreet Corp.

      361,679         37,281,871   

E*TRADE Financial Corp.(a)

      2,896,138         70,926,420   

E.I. du Pont de Nemours & Co.

      8,827,947         558,985,604   

Eastman Chemical Co.

      1,481,735         107,025,719   

Eaton Corp. PLC

      4,662,124         291,662,477   

eBay, Inc.(a)

      10,974,539         261,852,501   

Ecolab, Inc.

      2,697,201         300,791,856   

Edison International

      3,290,123         236,526,942   

Edwards Lifesciences Corp.(a)

      2,172,154         191,605,704   

Electronic Arts, Inc.(a)

      3,138,223         207,467,923   

Eli Lilly & Co.

      9,837,001         708,362,442   

EMC Corp.

      19,711,236         525,304,439   

Emerson Electric Co.

      6,508,323         353,922,605   

Endo International PLC(a)

      2,088,001         58,777,228   

Entergy Corp.

      1,806,668         143,232,639   

EOG Resources, Inc.

      5,566,500         404,016,570   

EQT Corp.

      1,616,215         108,706,621   

Equifax, Inc.

      1,197,227         136,831,074   

Equinix, Inc. REIT

      697,429         230,646,745   

Equity Residential REIT

      3,696,529         277,350,571   

Essex Property Trust, Inc. REIT

      658,777         154,061,589   
 

 

See accompanying notes to financial statements.

 

2

Table of Contents

SPDR S&P 500 ETF Trust

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

 

 

 

Common Stocks    Shares      Value  
     

Estee Lauder Cos., Inc. Class A

      2,238,488       $ 211,111,803   

Eversource Energy

      3,203,034         186,865,004   

Exelon Corp.

      9,312,500         333,946,250   

Expedia, Inc.

      1,199,689         129,350,468   

Expeditors International of Washington, Inc.

      1,843,523         89,982,358   

Express Scripts Holding Co.(a)

      6,761,684         464,460,074   

Extra Space Storage, Inc. REIT

      1,266,352         118,353,258   

Exxon Mobil Corp.

      42,036,743         3,513,851,347   

F5 Networks, Inc.(a)

      711,736         75,337,256   

Facebook, Inc. Class A(a)

      23,235,356         2,651,154,120   

Fastenal Co.

      2,912,397         142,707,453   

Federal Realty Investment Trust REIT

      699,380         109,138,249   

FedEx Corp.

      2,593,686         422,044,586   

Fidelity National Information Services, Inc.

      2,796,070         177,019,192   

Fifth Third Bancorp

      8,044,793         134,267,595   

First Solar, Inc.(a)

      772,806         52,914,027   

FirstEnergy Corp.

      4,272,177         153,670,207   

Fiserv, Inc.(a)

      2,256,057         231,426,327   

FLIR Systems, Inc.

      1,413,783         46,584,150   

Flowserve Corp.

      1,318,141         58,538,642   

Fluor Corp.

      1,427,118         76,636,237   

FMC Corp.

      1,319,171         53,254,933   

FMC Technologies, Inc.(a)

      2,296,772         62,839,682   

Ford Motor Co.

      39,465,850         532,788,975   

Four Corners Property Trust, Inc.

      2         36   

Franklin Resources, Inc.

      3,818,555         149,114,573   

Freeport-McMoRan, Inc.

      12,599,771         130,281,632   

Frontier Communications Corp.

      11,532,048         64,464,148   

GameStop Corp. Class A

      1,079,375         34,248,569   

Gap, Inc.

      2,308,933         67,882,630   

Garmin, Ltd.

      1,202,517         48,052,579   

General Dynamics Corp.

      2,960,108         388,869,388   

General Electric Co.

      94,437,148         3,002,156,935   

General Growth Properties, Inc. REIT

      5,842,815         173,706,890   

General Mills, Inc.

      6,013,295         380,942,238   

General Motors Co.

      14,267,244         448,419,479   

Genuine Parts Co.

      1,520,831         151,109,768   

Gilead Sciences, Inc.

      13,836,903         1,271,057,910   

Goldman Sachs Group, Inc.

      3,976,198         624,183,562   

Goodyear Tire & Rubber Co.

      2,728,266         89,978,213   

H&R Block, Inc.

      2,362,986         62,430,090   

Halliburton Co.

      8,689,252         310,380,081   
Common Stocks    Shares      Value  
     

Hanesbrands, Inc.

      3,947,149       $ 111,862,203   

Harley-Davidson, Inc.

      1,862,917         95,623,530   

Harman International Industries, Inc.

      710,524         63,265,057   

Harris Corp.

      1,256,121         97,801,581   

Hartford Financial Services Group, Inc.

      4,013,619         184,947,564   

Hasbro, Inc.

      1,135,781         90,976,058   

HCA Holdings, Inc.(a)

      3,092,838         241,396,006   

HCP, Inc. REIT

      4,688,173         152,740,676   

Helmerich & Payne, Inc.

      1,074,441         63,091,176   

Henry Schein, Inc.(a)

      835,509         144,233,919   

Hershey Co.

      1,447,571         133,306,813   

Hess Corp.

      2,681,112         141,160,547   

Hewlett Packard Enterprise Co.

      17,364,384         307,870,528   

Hologic, Inc.(a)

      2,509,176         86,566,572   

Home Depot, Inc.

      12,834,803         1,712,547,764   

Honeywell International, Inc.

      7,787,359         872,573,576   

Hormel Foods Corp.

      2,724,457         117,805,521   

Host Hotels & Resorts, Inc. REIT

      7,615,592         127,180,386   

HP, Inc.

      17,466,891         215,192,097   

Humana, Inc.

      1,492,694         273,088,367   

Huntington Bancshares, Inc.

      8,101,493         77,288,243   

Illinois Tool Works, Inc.

      3,298,379         337,885,945   

Illumina, Inc.(a)

      1,488,207         241,253,237   

Ingersoll-Rand PLC

      2,629,395         163,048,784   

Intel Corp.

      47,821,602         1,547,028,825   

Intercontinental Exchange, Inc.(b)

      1,197,475         281,574,271   

International Business Machines Corp.

      8,947,520         1,355,101,904   

International Flavors & Fragrances, Inc.

      805,121         91,598,616   

International Paper Co.

      4,176,306         171,395,598   

Interpublic Group of Cos., Inc.

      4,115,060         94,440,627   

Intuit, Inc.

      2,598,739         270,294,843   

Intuitive Surgical, Inc.(a)

      376,500         226,295,325   

Invesco, Ltd.

      4,287,121         131,914,713   

Iron Mountain, Inc. REIT

      1,923,280         65,218,425   

J.M. Smucker Co.

      1,211,928         157,356,732   

Jacobs Engineering Group,
Inc.(a)

      1,241,517         54,068,065   

JB Hunt Transport Services, Inc.

      911,835         76,812,980   

Johnson & Johnson

      27,931,684         3,022,208,209   

Johnson Controls, Inc.

      6,525,544         254,300,450   

JPMorgan Chase & Co.

      37,152,726         2,200,184,434   

Juniper Networks, Inc.

      3,547,753         90,503,179   
 

 

See accompanying notes to financial statements.

 

3

Table of Contents

SPDR S&P 500 ETF Trust

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

 

 

 

Common Stocks    Shares      Value  
     

Kansas City Southern

      1,091,243       $ 93,246,714   

Kellogg Co.

      2,551,421         195,311,278   

KeyCorp

      8,416,450         92,917,608   

Kimberly-Clark Corp.

      3,657,159         491,924,457   

Kimco Realty Corp. REIT

      4,188,150         120,534,957   

Kinder Morgan, Inc.

      18,448,827         329,496,050   

KLA-Tencor Corp.

      1,566,884         114,084,824   

Kohl’s Corp.

      1,911,907         89,113,985   

Kraft Heinz Co.

      6,018,827         472,839,049   

Kroger Co.

      9,867,330         377,425,372   

L Brands, Inc.

      2,566,254         225,342,764   

L-3 Communications Holdings, Inc.

      789,988         93,613,578   

Laboratory Corp. of America Holdings(a)

      1,020,142         119,489,232   

Lam Research Corp.

      1,608,566         132,867,552   

Legg Mason, Inc.

      1,102,653         38,240,006   

Leggett & Platt, Inc.

      1,358,037         65,728,991   

Lennar Corp. Class A

      1,805,859         87,331,341   

Leucadia National Corp.

      3,385,417         54,742,193   

Level 3 Communications, Inc.(a)

      2,925,924         154,635,083   

Lincoln National Corp.

      2,492,314         97,698,709   

Linear Technology Corp.

      2,402,270         107,045,151   

Lockheed Martin Corp.

      2,661,674         589,560,791   

Loews Corp.

      2,709,127         103,651,199   

Lowe’s Cos., Inc.

      9,263,603         701,717,927   

LyondellBasell Industries NV Class A

      3,497,963         299,355,674   

M&T Bank Corp.

      1,612,255         178,960,305   

Macerich Co. REIT

      1,283,498         101,704,382   

Macy’s, Inc.

      3,168,078         139,680,559   

Mallinckrodt PLC(a)

      1,153,744         70,701,432   

Marathon Oil Corp.

      8,543,354         95,172,964   

Marathon Petroleum Corp.

      5,368,687         199,607,783   

Marriott International, Inc. Class A

      1,942,732         138,283,664   

Marsh & McLennan Cos., Inc.

      5,255,754         319,497,286   

Martin Marietta Materials, Inc.

      666,078         106,246,102   

Masco Corp.

      3,389,509         106,600,058   

MasterCard, Inc. Class A

      9,982,275         943,324,987   

Mattel, Inc.

      3,442,110         115,723,738   

McCormick & Co., Inc.

      1,158,447         115,242,308   

McDonald’s Corp.

      9,124,281         1,146,739,636   

McGraw Hill Financial, Inc.

      2,684,833         265,744,770   

McKesson Corp.

      2,321,128         364,997,378   

Mead Johnson Nutrition Co.

      1,878,875         159,648,009   

Medtronic PLC

      14,234,251         1,067,568,825   

Merck & Co., Inc.

      28,094,589         1,486,484,704   

MetLife, Inc.

      11,099,388         487,707,109   
Common Stocks    Shares      Value  
     

Michael Kors Holdings, Ltd.(a)

      1,853,883       $ 105,597,176   

Microchip Technology, Inc.

      2,046,755         98,653,591   

Micron Technology, Inc.(a)

      10,494,789         109,880,441   

Microsoft Corp.

      80,053,983         4,421,381,481   

Mohawk Industries, Inc.(a)

      637,301         121,660,761   

Molson Coors Brewing Co. Class B

      1,861,275         179,017,430   

Mondelez International, Inc. Class A

      15,878,240         637,034,989   

Monsanto Co.

      4,441,995         389,740,641   

Monster Beverage Corp.(a)

      1,511,602         201,617,475   

Moody’s Corp.

      1,732,502         167,290,393   

Morgan Stanley

      15,467,455         386,841,050   

Mosaic Co.

      3,571,122         96,420,294   

Motorola Solutions, Inc.

      1,622,154         122,797,058   

Murphy Oil Corp.

      1,653,772         41,658,517   

Mylan NV(a)

      4,163,276         192,967,843   

Nasdaq, Inc.

      1,158,533         76,903,421   

National Oilwell Varco, Inc.

      3,785,312         117,723,203   

Navient Corp.

      3,647,256         43,657,654   

NetApp, Inc.

      2,945,895         80,393,475   

Netflix, Inc.(a)

      4,333,620         443,025,973   

Newell Rubbermaid, Inc.

      2,686,382         118,979,859   

Newfield Exploration Co.(a)

      2,006,626         66,720,315   

Newmont Mining Corp.

      5,356,773         142,383,026   

News Corp. Class A

      3,782,113         48,297,583   

News Corp. Class B

      1,112,423         14,739,605   

NextEra Energy, Inc.

      4,662,749         551,789,717   

Nielsen Holdings PLC

      3,667,727         193,142,504   

NIKE, Inc. Class B

      13,664,969         839,985,644   

NiSource, Inc.

      3,236,979         76,263,225   

Noble Energy, Inc.

      4,342,128         136,386,240   

Nordstrom, Inc.

      1,300,059         74,376,375   

Norfolk Southern Corp.

      3,018,471         251,287,711   

Northern Trust Corp.

      2,192,883         142,910,185   

Northrop Grumman Corp.

      1,837,341         363,609,784   

NRG Energy, Inc.

      3,166,631         41,197,869   

Nucor Corp.

      3,189,764         150,875,837   

NVIDIA Corp.

      5,174,125         184,354,074   

O’Reilly Automotive, Inc.(a)

      983,849         269,240,117   

Occidental Petroleum Corp.

      7,732,180         529,113,077   

Omnicom Group, Inc.

      2,436,635         202,801,131   

ONEOK, Inc.

      2,125,765         63,475,343   

Oracle Corp.

      31,888,913         1,304,575,431   

Owens-Illinois, Inc.(a)

      1,627,206         25,970,208   

PACCAR, Inc.

      3,556,474         194,503,563   

Parker-Hannifin Corp.

      1,369,909         152,169,492   

Patterson Cos., Inc.

      828,687         38,558,806   

Paychex, Inc.

      3,244,543         175,237,767   
 

 

See accompanying notes to financial statements.

 

4

Table of Contents

SPDR S&P 500 ETF Trust

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

 

 

 

Common Stocks    Shares      Value  
     

PayPal Holdings, Inc.(a)

      11,263,288       $ 434,762,917   

Pentair PLC

      1,818,490         98,671,267   

People’s United Financial, Inc.

      3,134,877         49,938,591   

PepsiCo, Inc.

      14,630,335         1,499,316,731   

PerkinElmer, Inc.

      1,100,257         54,418,711   

Perrigo Co. PLC

      1,478,628         189,160,880   

Pfizer, Inc.

      61,206,166         1,814,150,760   

PG&E Corp.

      4,989,289         297,960,339   

Philip Morris International, Inc.

      15,684,052         1,538,762,342   

Phillips 66

      4,776,174         413,568,907   

Pinnacle West Capital Corp.

      1,123,888         84,370,272   

Pioneer Natural Resources Co.

      1,652,850         232,622,109   

Pitney Bowes, Inc.

      1,970,959         42,454,457   

PNC Financial Services Group, Inc.

      5,071,677         428,911,724   

PPG Industries, Inc.

      2,714,917         302,686,096   

PPL Corp.

      6,821,621         259,699,111   

Praxair, Inc.

      2,873,292         328,848,269   

Priceline Group, Inc.(a)

      501,369         646,244,586   

Principal Financial Group, Inc.

      2,738,332         108,027,197   

Procter & Gamble Co.

      26,841,696         2,209,339,998   

Progressive Corp.

      5,886,510         206,851,961   

Prologis, Inc. REIT

      5,312,066         234,687,076   

Prudential Financial, Inc.

      4,525,028         326,797,522   

Public Service Enterprise Group, Inc.

      5,109,306         240,852,685   

Public Storage REIT

      1,486,098         409,910,411   

PulteGroup, Inc.

      3,215,914         60,169,751   

PVH Corp.

      817,839         81,015,131   

Qorvo, Inc.(a)

      1,301,552         65,611,236   

QUALCOMM, Inc.

      15,136,020         774,056,063   

Quanta Services, Inc.(a)

      1,631,485         36,806,302   

Quest Diagnostics, Inc.

      1,440,086         102,894,145   

Ralph Lauren Corp.

      592,468         57,030,970   

Range Resources Corp.

      1,678,109         54,337,169   

Raytheon Co.

      3,033,447         371,991,606   

Realty Income Corp. REIT

      2,534,963         158,460,537   

Red Hat, Inc.(a)

      1,829,026         136,280,727   

Regeneron Pharmaceuticals,
Inc.(a)

      790,567         284,951,969   

Regions Financial Corp.

      13,155,717         103,272,378   

Republic Services, Inc.

      2,408,975         114,787,659   

Reynolds American, Inc.

      8,351,077         420,142,684   

Robert Half International, Inc.

      1,336,491         62,253,751   

Rockwell Automation, Inc.

      1,329,965         151,283,519   

Rockwell Collins, Inc.

      1,324,227         122,106,972   

Roper Technologies, Inc.

      1,018,286         186,112,132   

Ross Stores, Inc.

      4,080,677         236,271,198   

Royal Caribbean Cruises, Ltd.

      1,720,733         141,358,216   
Common Stocks    Shares      Value  
     

Ryder System, Inc.

      541,727       $ 35,093,075   

salesforce.com, Inc.(a)

      6,385,037         471,407,282   

SanDisk Corp.

      2,022,116         153,842,585   

SCANA Corp.

      1,446,917         101,501,228   

Schlumberger, Ltd.

      12,710,088         937,368,990   

Scripps Networks Interactive, Inc. Class A(a)

      944,915         61,891,933   

Seagate Technology PLC

      3,021,050         104,075,173   

Sealed Air Corp.

      1,988,931         95,488,577   

Sempra Energy

      2,387,019         248,369,327   

Sherwin-Williams Co.

      794,754         226,242,621   

Signet Jewelers, Ltd.

      807,046         100,097,915   

Simon Property Group, Inc. REIT

      3,132,122         650,510,418   

Skyworks Solutions, Inc.

      1,940,336         151,152,174   

SL Green Realty Corp. REIT

      995,272         96,421,951   

Snap-on, Inc.

      588,034         92,315,458   

Southern Co.

      9,241,409         478,058,088   

Southwest Airlines Co.

      6,457,232         289,283,994   

Southwestern Energy Co.(a)

      3,834,148         30,941,574   

Spectra Energy Corp.

      6,767,203         207,076,412   

St. Jude Medical, Inc.

      2,849,042         156,697,310   

Stanley Black & Decker, Inc.

      1,542,495         162,285,899   

Staples, Inc.

      6,394,553         70,531,920   

Starbucks Corp.

      14,964,481         893,379,516   

Starwood Hotels & Resorts Worldwide, Inc.

      1,711,970         142,829,657   

State Street Corp.(c)

      4,064,687         237,865,483   

Stericycle, Inc.(a)

      860,523         108,589,397   

Stryker Corp.

      3,174,023         340,540,928   

SunTrust Banks, Inc.

      5,131,547         185,146,216   

Symantec Corp.

      6,598,602         121,282,305   

Synchrony Financial(a)

      8,393,638         240,561,665   

Sysco Corp.

      5,315,592         248,397,614   

T Rowe Price Group, Inc.

      2,529,039         185,783,205   

Target Corp.

      6,094,143         501,426,086   

TE Connectivity, Ltd.

      3,739,756         231,565,692   

TECO Energy, Inc.

      2,384,005         65,631,658   

TEGNA, Inc.

      2,245,037         52,668,568   

Tenet Healthcare Corp.(a)

      980,725         28,372,374   

Teradata Corp.(a)

      1,358,806         35,655,069   

Tesoro Corp.

      1,213,080         104,337,011   

Texas Instruments, Inc.

      10,176,408         584,329,347   

Textron, Inc.

      2,770,983         101,030,040   

Thermo Fisher Scientific, Inc.

      4,022,221         569,506,271   

Tiffany & Co.

      1,123,489         82,441,623   

Time Warner Cable, Inc.

      2,867,501         586,748,055   

Time Warner, Inc.

      7,997,194         580,196,425   

TJX Cos., Inc.

      6,777,595         531,024,568   

Torchmark Corp.

      1,162,563         62,964,412   
 

 

See accompanying notes to financial statements.

 

5

Table of Contents

SPDR S&P 500 ETF Trust

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

 

 

 

Common Stocks    Shares      Value  
     

Total System Services, Inc.

      1,695,956       $ 80,693,586   

Tractor Supply Co.

      1,353,541         122,441,319   

Transocean, Ltd.

      3,378,181         30,876,574   

Travelers Cos., Inc.

      2,984,688         348,342,936   

TripAdvisor, Inc.(a)

      1,153,392         76,700,568   

Twenty-First Century Fox, Inc. Class A

      11,324,347         315,722,794   

Twenty-First Century Fox, Inc. Class B

      4,320,009         121,824,254   

Tyco International PLC

      4,298,597         157,801,496   

Tyson Foods, Inc. Class A

      2,978,213         198,527,679   

UDR, Inc. REIT

      2,705,003         104,223,766   

Under Armour, Inc. Class A(a)

      1,838,892         155,993,208   

Union Pacific Corp.

      8,568,475         681,622,186   

United Continental Holdings, Inc.(a)

      3,637,164         217,720,637   

United Parcel Service, Inc. Class B

      6,986,830         736,900,960   

United Rentals, Inc.(a)

      934,925         58,142,986   

United Technologies Corp.

      7,874,279         788,215,328   

UnitedHealth Group, Inc.

      9,623,015         1,240,406,633   

Universal Health Services, Inc. Class B

      911,122         113,635,136   

Unum Group

      2,473,320         76,475,054   

Urban Outfitters, Inc.(a)

      875,262         28,962,420   

US Bancorp

      16,547,828         671,676,339   

Valero Energy Corp.

      4,759,994         305,306,015   

Varian Medical Systems,
Inc.(a)

      976,024         78,101,440   

Ventas, Inc. REIT

      3,402,212         214,203,268   

VeriSign, Inc.(a)

      988,291         87,503,285   

Verisk Analytics, Inc.(a)

      1,554,059         124,200,395   

Verizon Communications, Inc.

      41,240,445         2,230,283,266   

Vertex Pharmaceuticals, Inc.(a)

      2,476,822         196,882,581   

VF Corp.

      3,417,420         221,312,119   

Viacom, Inc. Class B

      3,478,373         143,587,237   

Visa, Inc. Class A

      19,423,126         1,485,480,676   

Vornado Realty Trust REIT

      1,794,259         169,431,877   
Common Stocks    Shares      Value  
     

Vulcan Materials Co.

      1,334,854       $ 140,920,537   

W.W. Grainger, Inc.

      581,940         135,842,254   

Wal-Mart Stores, Inc.

      15,881,883         1,087,750,167   

Walgreens Boots Alliance, Inc.

      8,736,310         735,946,754   

Walt Disney Co.

      15,191,836         1,508,701,233   

Waste Management, Inc.

      4,183,211         246,809,449   

Waters Corp.(a)

      825,145         108,853,128   

WEC Energy Group, Inc.

      3,195,362         191,945,395   

Wells Fargo & Co.

      46,761,826         2,261,401,905   

Welltower, Inc. REIT

      3,595,002         249,277,439   

Western Digital Corp.

      2,356,386         111,315,675   

Western Union Co.

      5,092,127         98,227,130   

WestRock Co.

      2,603,478         101,613,746   

Weyerhaeuser Co. REIT

      7,942,039         246,044,368   

Whirlpool Corp.

      785,594         141,674,022   

Whole Foods Market, Inc.

      3,283,668         102,154,911   

Williams Cos., Inc.

      6,838,198         109,889,842   

Willis Towers Watson PLC

      1,398,828         165,984,930   

Wyndham Worldwide Corp.

      1,169,137         89,357,141   

Wynn Resorts, Ltd.

      824,209         77,005,847   

Xcel Energy, Inc.

      5,138,198         214,879,440   

Xerox Corp.

      9,546,685         106,541,005   

Xilinx, Inc.

      2,603,728         123,494,819   

XL Group PLC Class A

      2,998,662         110,350,762   

Xylem, Inc.

      1,818,221         74,365,239   

Yahoo!, Inc.(a)

      8,818,214         324,598,457   

Yum! Brands, Inc.

      4,120,247         337,242,217   

Zimmer Biomet Holdings, Inc.

      1,803,674         192,325,759   

Zions Bancorp

      2,015,876         48,804,358   

Zoetis, Inc.

      4,629,926         205,244,575   
     

 

 

  

Total Common Stocks
(Cost $195,526,529,123)

   

    $ 181,760,028,556   
     

 

 

  

 

(a) Non-income producing security.
(b) Affiliate of the Sponsor. See the table below for more information.
(c) Affiliate of the Trustee. See the table below for more information.

REIT = Real Estate Investment Trust

 

Description

    Level 1 —
Quoted Prices		      Level 2 —
Other
Significant
Observable
Inputs		      Level 3 —
Significant
Unobservable
Inputs		      Total  

ASSETS:

            

INVESTMENTS:

            

Common Stocks

    $ 181,760,028,556       $ —       $ —       $ 181,760,028,556   

 

 

See accompanying notes to financial statements.

 

6

Table of Contents

SPDR S&P 500 ETF Trust

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

 

 

 

INVESTMENTS IN AFFILIATES OF THE TRUSTEE AND THE SPONSOR

SPDR S&P 500 ETF Trust has invested in State Street Corp., which is considered an affiliate of the Trustee, and Intercontinental Exchange, Inc., which is considered an affiliate of the Sponsor. Amounts related to these investments at March 31, 2016 and for the period then ended are (Note 3):

 

    Number of
Shares Held
at 9/30/15		     Value At 9/30/15     Purchased*     Sold*     Number of
Shares Held
at 3/31/16		     Value at 3/31/16     Dividend
Income		     Realized
Gain (Loss)		  
      Cost     Shares     Proceeds     Shares          

Intercontinental Exchange, Inc.

     1,087,396      $ 255,527,186      $ 176,929,459        714,886      $ 149,779,507        604,807        1,197,475      $ 281,574,271      $ 1,821,037      $ 14,240,337   

State Street Corp.

     4,038,276        271,412,530        139,369,746        2,200,550        137,839,244        2,174,139        4,064,687        237,865,483        2,819,920        (1,558,315 ) 

 

* Purchased and Sold figures include securities received or delivered from processing creations or redemption of Units.

 

See accompanying notes to financial statements.

 

7

Table of Contents

SPDR S&P 500 ETF Trust

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

 

 

 

INDUSTRY BREAKDOWN AS OF MARCH 31, 2016*

 

INDUSTRY    PERCENT OF
NET ASSETS		  

Oil, Gas & Consumable Fuels

              5.9 % 

Pharmaceuticals

      5.4   

Banks

      5.2   

Software

      4.5   

Internet Software & Services

      4.3   

Technology Hardware, Storage & Peripherals

      4.3   

IT Services

      3.6   

Biotechnology

      3.2   

Real Estate Investment Trusts (REITs)

      3.1   

Health Care Providers & Services

      2.9   

Media

      2.9   

Semiconductors & Semiconductor Equipment

      2.9   

Diversified Telecommunication Services

      2.7   

Industrial Conglomerates

      2.7   

Insurance

      2.7   

Aerospace & Defense

      2.5   

Specialty Retail

      2.5   

Beverages

      2.4   

Food & Staples Retailing

      2.4   

Chemicals

      2.3   

Diversified Financial Services

      2.1   

Electric Utilities

      2.1   

Health Care Equipment & Supplies

      2.1   

Household Products

      2.1   

Internet & Catalog Retail

      2.0   

Food Products

      1.9   

Hotels, Restaurants & Leisure

      1.8   

Capital Markets

      1.7   

Tobacco

      1.7   

Machinery

      1.3   

Multi-Utilities

      1.1   

Communications Equipment

      1.0   

Energy Equipment & Services

      1.0   

Textiles, Apparel & Luxury Goods

      1.0   

Air Freight & Logistics

      0.7   

Consumer Finance

      0.7   

Road & Rail

      0.7   

Airlines

      0.6   

Automobiles

      0.6   

Electrical Equipment

      0.6   

Life Sciences Tools & Services

      0.6   

Multiline Retail

      0.6   

Commercial Services & Supplies

      0.4   

Containers & Packaging

      0.4   

Household Durables

      0.4   

Metals & Mining

      0.4   

Electronic Equipment, Instruments & Components

      0.3   

 

INDUSTRY    PERCENT OF
NET ASSETS		  

Professional Services

              0.3 % 

Auto Components

      0.2   

Construction Materials

      0.2   

Leisure Equipment & Products

      0.2   

Trading Companies & Distributors

      0.2   

Building Products

      0.1   

Distributors

      0.1   

Health Care Technology

      0.1   

Personal Products

      0.1   

Water Utilities

      0.1   

Construction & Engineering

      0.0 ** 

Diversified Consumer Services

      0.0 ** 

Gas Utilities

      0.0 ** 

Independent Power Producers & Energy Traders

      0.0 ** 

Real Estate Management & Development

      0.0 ** 

Other Assets in Excess of Liabilities

      0.1   

 

  

Total

      100.0 % 

 

  

 

* SPDR S&P 500 ETF Trust’s industry breakdown is expressed as a percentage of net assets and may change over time.

 

** Amount shown represents less than 0.05% of net assets.
 

 

See accompanying notes to financial statements.

 

8

Table of Contents

SPDR S&P 500 ETF Trust

Statement of Assets and Liabilities

March 31, 2016 (Unaudited)

 

 

 

ASSETS

   

Investments in unaffiliated issuers, at value (Note 2)

    $ 181,240,588,802   

Investments in affiliates of the Trustee and the Sponsor, at value

      519,439,754   
  

 

 

  

Total Investments

      181,760,028,556   

Cash

      977,638,989   

Receivable for investment sold

      65,008,969   

Dividends receivable — unaffiliated issuers (Note 2)

      219,613,217   

Dividends receivable — affiliated issuers (Note 2)

      1,394,763   
  

 

 

  

Total Assets

      183,023,684,494   
  

 

 

  

LIABILITIES

   

Payable for investments purchased

      196,462,668   

Payable for units of fractional undivided interest (“Units”) redeemed in-kind

      5,615,389   

Accrued Trustee expense (Note 3)

      6,495,513   

Accrued Marketing expense (Note 3)

      8,014,824   

Distribution payable

      927,726,204   

Accrued expenses and other liabilities

      24,470,651   
  

 

 

  

Total Liabilities

      1,168,785,249   
  

 

 

  

NET ASSETS

    $ 181,854,899,245   
  

 

 

  

NET ASSETS CONSIST OF:

   

Paid in capital (Note 4)

    $ 202,717,494,161   

Distribution in excess of net investment income

      (935,744,873 ) 

Accumulated net realized gain (loss) on investments

      (6,160,349,476 ) 

Net unrealized appreciation (depreciation) on investments

     (13,766,500,567 ) 
  

 

 

  

NET ASSETS

    $ 181,854,899,245   
  

 

 

  

NET ASSET VALUE PER UNIT

    $ 205.58   
  

 

 

  

UNITS OUTSTANDING (UNLIMITED UNITS AUTHORIZED)

      884,582,116   
  

 

 

  

COST OF INVESTMENTS:

   

Unaffiliated issuers

    $ 194,928,997,728   

Affiliates of the Trustee and the Sponsor (Note 3)

      597,531,395   
  

 

 

  

Total Cost of Investments

    $ 195,526,529,123   
  

 

 

  

 

See accompanying notes to financial statements.

 

9

Table of Contents

SPDR S&P 500 ETF Trust

Statements of Operations

 

 

 

    Six Months
Ended
3/31/16
(Unaudited)		     Year Ended
9/30/15		     Year Ended
9/30/14		     Year Ended
9/30/13		  

INVESTMENT INCOME

        

Dividend income — unaffiliated issuers (Note 2)

   $ 2,059,631,010      $ 4,005,208,734      $ 3,282,246,167      $ 2,928,179,277   

Dividend income — affiliates of the Trustee and the Sponsor

     4,640,957        8,629,447        7,737,949        7,182,288   

Foreign taxes withheld

     —        (400,124 )      (55,714 )      (2,155,873 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Total Investment Income

     2,064,271,967        4,013,438,057        3,289,928,402        2,933,205,692   
 

 

 

    

 

 

    

 

 

    

 

 

  

EXPENSES

        

Trustee expense (Note 3)

     49,528,246        105,581,093        94,051,423        74,263,542   

Legal and audit fees

     151,130        558,523        31,642        475,897   

Marketing expense (Note 3)

     17,552,794        36,786,924        32,539,910        26,083,464   

S&P license fee (Note 3)

     26,630,011        55,780,384        49,409,863        39,725,196   

Other expenses

     1,000,916        3,771,679        2,594,912        3,081,480   
 

 

 

    

 

 

    

 

 

    

 

 

  

Total Expenses

     94,863,097        202,478,603        178,627,750        143,629,579   
 

 

 

    

 

 

    

 

 

    

 

 

  

Trustee expense waiver

     (11,919,742 )      (28,513,292 )      (24,863,548 )      (20,385,210 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Net Expenses

     82,943,355        173,965,311        153,764,202        123,244,369   
 

 

 

    

 

 

    

 

 

    

 

 

  

NET INVESTMENT INCOME

     1,981,328,612        3,839,472,746        3,136,164,200        2,809,961,323   
 

 

 

    

 

 

    

 

 

    

 

 

  

REALIZED AND UNREALIZED GAIN (LOSS):

        

Net realized gain (loss) on:

        

Investment transactions — unaffiliated issuers

     5,132,529,487        20,747,712,041        19,553,859,588        16,411,092,129   

Investment transactions — affiliates of the Trustee and the Sponsor

     12,682,022        50,429,127        71,893,864        75,913,401   
 

 

 

    

 

 

    

 

 

    

 

 

  

Net realized gain (loss)

     5,145,211,509        20,798,141,168        19,625,753,452        16,487,005,530   
 

 

 

    

 

 

    

 

 

    

 

 

  

Net change in unrealized appreciation/depreciation on:

        

Investment transactions — unaffiliated issuers

     7,026,787,700        (25,396,805,455 )      4,246,483,070        2,965,943,531   

Investment transactions — affiliates of the Trustee and the Sponsor

     (48,862,436 )      (34,779,514 )      (15,568,822 )      65,931,190   
 

 

 

    

 

 

    

 

 

    

 

 

  

Net change in unrealized appreciation/depreciation

     6,977,925,264        (25,431,584,969 )      4,230,914,248        3,031,874,721   
 

 

 

    

 

 

    

 

 

    

 

 

  

NET REALIZED AND UNREALIZED GAIN (LOSS)

     12,123,136,773        (4,633,443,801 )      23,856,667,700        19,518,880,251   
 

 

 

    

 

 

    

 

 

    

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

   $ 14,104,465,385      $ (793,971,055 )    $ 26,992,831,900      $ 22,328,841,574   
 

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

 

10

Table of Contents

SPDR S&P 500 ETF Trust

Statements of Changes in Net Assets

 

 

 

    Six Months
Ended
3/31/16
(Unaudited)		     Year Ended
9/30/15		     Year Ended
9/30/14		     Year Ended
9/30/13		  

INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS:

        

Net investment income (loss)

   $ 1,981,328,612      $ 3,839,472,746      $ 3,136,164,200      $ 2,809,961,323   

Net realized gain (loss)

     5,145,211,509        20,798,141,168        19,625,753,452        16,487,005,530   

Net change in unrealized appreciation/depreciation

     6,977,925,264        (25,431,584,969 )      4,230,914,248        3,031,874,721   
 

 

 

    

 

 

    

 

 

    

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

     14,104,465,385        (793,971,055 )      26,992,831,900        22,328,841,574   
 

 

 

    

 

 

    

 

 

    

 

 

  

NET EQUALIZATION CREDITS AND CHARGES (NOTE 2)

     16,624,851        69,539,438        62,384,940        69,879,138   
 

 

 

    

 

 

    

 

 

    

 

 

  

DISTRIBUTIONS TO UNITHOLDERS FROM NET INVESTMENT INCOME

     (1,997,442,610 )      (3,768,615,848 )      (3,236,399,773 )      (2,898,906,428 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

INCREASE (DECREASE) IN NET ASSETS FROM UNIT TRANSACTIONS:

        

Proceeds from issuance of Units

     240,727,295,156        515,823,857,164        384,831,248,199        421,569,465,638   

Cost of Units redeemed

     (237,663,319,578 )      (524,519,686,326 )      (373,296,420,608 )      (414,539,883,142 ) 

Net income equalization (Note 2)

     (16,624,851 )      (69,539,438 )      (62,384,940 )      (69,879,138 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

NET INCREASE IN NET ASSETS FROM ISSUANCE AND REDEMPTION OF UNITS

     3,047,350,727        (8,765,368,600 )      11,472,442,651        6,959,703,358   
 

 

 

    

 

 

    

 

 

    

 

 

  

Contribution by Trustee (Note 3)

     —        26,920,521        —        —   
 

 

 

    

 

 

    

 

 

    

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS DURING THE PERIOD

     15,170,998,353        (13,231,495,544 )      35,291,259,718        26,459,517,642   

NET ASSETS AT BEGINNING OF PERIOD

     166,683,900,892        179,915,396,436        144,624,136,718        118,164,619,076   
 

 

 

    

 

 

    

 

 

    

 

 

  

NET ASSETS AT END OF PERIOD

   $ 181,854,899,245      $ 166,683,900,892      $ 179,915,396,436      $ 144,624,136,718   
 

 

 

    

 

 

    

 

 

    

 

 

  

DISTRIBUTION IN EXCESS OF NET INVESTMENT INCOME

   $ (935,744,873 )    $ (919,630,875 )    $ (804,394,943 )    $ (704,159,370 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

UNIT TRANSACTIONS:

        

Units sold

     1,202,000,000        2,537,300,000        2,061,700,000        2,724,700,000   

Units redeemed

     (1,186,600,000 )      (2,581,500,000 )      (2,009,400,000 )      (2,684,200,000 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

NET INCREASE (DECREASE)

     15,400,000        (44,200,000 )      52,300,000        40,500,000   
 

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

 

11

Table of Contents

SPDR S&P 500 ETF Trust

Financial Highlights

Selected data for a unit outstanding throughout each period

 

 

 

    Six Months
Ended
3/31/16
(Unaudited)		     Year Ended
9/30/15		     Year Ended
9/30/14		     Year Ended
9/30/13		     Year Ended
9/30/12		     Year Ended
9/30/11		  

Net asset value, beginning of period

   $ 191.77      $ 196.98      $ 167.96      $ 144.00      $ 113.12      $ 114.13   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income (loss) from investment operations:

            

Net investment income(a)

     2.26        4.28        3.60        3.36        2.77        2.42   

Net realized and unrealized gain (loss)

     13.79        (5.47 )      29.03        23.91        30.80        (1.16 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

     16.05        (1.19 )      32.63        27.27        33.57        1.26   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equalization credits and charges(a)

     0.02        0.08        0.07        0.08        0.16        0.19   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contribution by Trustee

     —        0.03 (b)      —        —        —        —   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to unitholders from net investment income

     (2.26 )      (4.13 )      (3.68 )      (3.39 )      (2.85 )      (2.46 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value, end of period

   $ 205.58      $ 191.77      $ 196.98      $ 167.96      $ 144.00      $ 113.12   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total return(c)

     8.43 %      (0.64 )%(d)      19.57 %      19.09 %      29.96 %      1.01 % 

Ratios and Supplemental Data:

            

Net assets, end of period (in 000s)

   $ 181,854,899      $ 166,683,901      $ 179,915,396      $ 144,624,137      $ 118,164,619      $ 80,865,260   

Ratios to average net assets:

            

Total expenses (excluding Trustee earnings credit)

     0.11 %(e)      0.11 %      0.11 %      0.11 %      0.11 %      0.11 % 

Total expenses (excluding Trustee earnings credit and fee waivers)

     0.11 %(e)      0.11 %      0.11 %      0.11 %      0.11 %      0.11 % 

Total expenses(f)

     0.09 %(e)      0.09 %      0.09 %      0.09 %      0.09 %      0.09 % 

Net investment income (loss)

     2.26 %(e)      2.09 %      1.93 %      2.15 %      2.08 %      1.92 % 

Portfolio turnover rate(g)

     2 %      3 %      4 %      3 %      4 %      4 % 

 

(a) Per Unit numbers have been calculated using the average shares method, which more appropriately presents per Unit data for the period.
(b) Contribution paid by the Trustee in the amount of $26,920,521. (See Note 3).
(c) Total return is calculated assuming a purchase of Units at net asset value per Unit on the first day and a sale at net asset value per Unit on the last day of each period reported. Distributions are assumed, for the purposes of this calculation, to be reinvested at the net asset value per Unit on the respective payment dates of the Trust. Total return for a period of less than one year is not annualized. Broker commission charges are not included in this calculation.
(d) Total return would have been lower by 0.01% if the Trustee had not made a contribution. (See Note 3).
(e) The ratios for periods less than one year are annualized.
(f) Net of expenses waived by the Trustee.
(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

 

See accompanying notes to financial statements.

 

12

Table of Contents

SPDR S&P 500 ETF Trust

Notes to Financial Statements

March 31, 2016 (Unaudited)

 

 

 

Note 1 — Organization

 

SPDR S&P 500 ETF Trust (the “Trust”) is a unit investment trust created under the laws of the State of New York and registered under the Investment Company Act of 1940, as amended. The Trust was created to provide investors with the opportunity to purchase a security representing a proportionate undivided interest in a portfolio of securities consisting of substantially all of the component common stocks, in substantially the same weighting, which comprise the Standard & Poor’s 500® Index (the “S&P 500 Index”). Each unit of fractional undivided interest in the Trust is referred to as a “Unit”. The Trust commenced operations on January 22, 1993 upon the initial issuance of 150,000 Units (equivalent to three “Creation Units” — see Note 4) in exchange for a portfolio of securities assembled to reflect the intended portfolio composition of the Trust.

Under the Amended and Restated Standard Terms and Conditions of the Trust, as amended (the “Trust Agreement”), PDR Services LLC, as sponsor of the Trust (the “Sponsor”), and State Street Bank and Trust Company, as trustee of the Trust (the “Trustee”), are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trustee expects the risk of material loss to be remote.

On November 13, 2013, the Sponsor became an indirect, wholly-owned subsidiary of Intercontinental Exchange, Inc. (“ICE”), following the acquisition of NYSE Holdings LLC (the parent company of the Sponsor) by ICE. As the parent company, ICE is the publicly-traded entity, trading on the New York Stock Exchange under the symbol “ICE.”

Note 2 — Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires the Trustee to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Trust is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in Financial Accounting Standards Board Accounting Standards Codification 946, Financial Services Investment Companies.

Security Valuation

The Trust’s investments are valued at fair value each day that the Trust’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Trust’s listing exchange is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of the Trust are valued pursuant to the policy and procedures developed by the oversight committee

 

13

Table of Contents

SPDR S&P 500 ETF Trust

Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

 

 

 

Note 2 — Significant Accounting Policies – (continued)

 

of the Trustee (the “Committee”). The Committee provides oversight of the valuation of investments for the Trust. Valuation techniques used to value the Trust’s equity investments are as follows:

Equity investments (including preferred stocks) traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.

In the event that prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Trustee.

Fair value pricing could result in a difference between the prices used to calculate the Trust’s net asset value and the prices used by the Trust’s underlying index, “S&P 500 Index”, which in turn could result in a difference between the Trust’s performance and the performance of the S&P 500 Index.

The Trust values its assets and liabilities at fair value using a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with the investment.

The three levels of the fair value hierarchy are as follows:

 

•  

Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities;

 

•  

Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

 

•  

Level 3 — Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy. Transfers between different levels of the fair value hierarchy are recognized at the end of the reporting period. The Trust did not hold any investments valued using Level 2 or Level 3 inputs as of March 31, 2016 and did not have any transfers between levels for the six months ended March 31, 2016 (the “Reporting Period”).

 

14

Table of Contents

SPDR S&P 500 ETF Trust

Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

 

 

 

Note 2 — Significant Accounting Policies – (continued)

 

Investment Transactions and Income Recognition

Investment transactions are accounted for on the trade date for financial reporting purposes. Dividend income and capital gain distributions, if any, are recognized daily on the ex-dividend date, net of any foreign taxes withheld at source, if any. Non-cash dividends received in the form of stock, if any, are recorded as dividend income at fair value. Distributions received by the Trust may include a return of capital that is estimated by the Trustee. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. The Trust invests in real estate investment trusts (“REITs”). REITs determine the characterization of their income annually and may characterize a portion of their distributions as a return of capital or capital gain. The Trust’s policy is to record all REIT distributions as dividend income initially and re-designate the prior calendar year’s return of capital or capital gain distributions at year end. Realized gains and losses from the sale or disposition of investments are determined using the identified cost method.

Distributions

The Trust declares and distributes dividends from net investment income to its holders of Units (“unitholders”), if any, quarterly. Capital gain distributions, if any, are generally declared and paid annually. Additional distributions may be paid by the Trust to avoid imposition of federal income and excise tax on any remaining undistributed net investment income and capital gains. The amount and character of income and gains to be distributed are determined in accordance with federal tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.

Equalization

The Trust follows the accounting practice known as “Equalization” by which a portion of the proceeds from sales and costs of reacquiring the Trust’s Units, equivalent on a per Unit basis to the amount of distributable net investment income on the date of the transaction, is credited or charged to undistributed net investment income. As a result, undistributed net investment income per Unit is unaffected by sales or reacquisitions of the Trust’s Units. Amounts related to Equalization can be found on the Statements of Changes in Net Assets.

Federal Income Taxes

For U.S. federal income tax purposes, the Trust has qualified as a “regulated investment company” under Subchapter M of the Internal Revenue Code of 1986, as amended (a “RIC”), and intends to continue to qualify as a RIC. As a RIC, the Trust will generally not be subject to U.S. federal income tax for any taxable year on income, including net capital gains, that it distributes to its Unitholders, provided that it distributes on a timely basis at least 90% of its “investment company taxable income” determined prior to the deduction for dividends paid by the Trust (generally, its taxable income other than net capital gain) for such taxable year. In addition, provided that the Trust distributes substantially all of its ordinary income and capital gains during each calendar year, the Trust will not be subject to U.S. federal excise tax. Income and capital gain distributions are determined in accordance with tax regulations which may differ from U.S. GAAP. These book-tax differences are primarily due to differing treatments for Equalization, in-kind transactions, REITs and losses deferred due to wash sales.

U.S. GAAP requires the evaluation of tax positions taken in the course of preparing the Trust’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. For U.S. GAAP purposes, the Trust recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities.

 

15

Table of Contents

SPDR S&P 500 ETF Trust

Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

 

 

 

Note 2 — Significant Accounting Policies – (continued)

 

The Trust has reviewed its tax positions for the open tax years as of September 30, 2015 and has determined that no provision for income tax is required in the Trust’s financial statements. The Trust’s federal tax returns for the prior three fiscal years remain subject to examinations by the Trust’s major tax jurisdictions, which include the United States of America, the Commonwealth of Massachusetts and the State of New York. The Trust recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statements of Operations. There were no such expenses for the year ending September 30, 2015.

No income tax returns are currently under examination. The Trustee has analyzed the relevant tax laws and regulations and their application to the Trust’s facts and circumstances and does not believe there are any uncertain tax positions that require recognition of any tax liabilities. Any potential tax liability is also subject to ongoing interpretation of laws by taxing authorities. The tax treatment of the Trust’s investments may change over time based on factors including, but not limited to, new tax laws, regulations and interpretations thereof.

During the Reporting Period, the Trust reclassified $5,982,206,509 of non-taxable security gains realized from the in-kind redemption of Creation Units (Note 4) as an increase to paid in capital in the Statement of Assets and Liabilities.

At September 30, 2015, the Trust had the following capital loss carryforwards that may be utilized to offset any net realized gains, expiring September 30:

 

2016

    $ 917,820,735   

2017

      2,553,965,847   

2018

      188,539,023   

Non-Expiring – Short Term

      225,974,901   

Non-Expiring – Long Term

      1,431,208,137   

At March 31, 2016, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

 

Tax Cost   

Gross Unrealized
Appreciation

    Gross Unrealized
Depreciation		    Net Unrealized
Depreciation
$195,526,529,123    $6,138,988,529    $19,905,489,096    $(13,766,500,567)

Note 3 — Transactions with the Trustee and Sponsor

In accordance with the Trust Agreement, the Trustee maintains the Trust’s accounting records, acts as custodian and transfer agent to the Trust, and provides administrative services, including the filing of certain regulatory reports. The Trustee is also responsible for determining the composition of the portfolio of securities which must be delivered and/or received in exchange for the issuance and/or redemption of Creation Units of the Trust, and for adjusting the composition of the Trust’s portfolio from time to time to conform to changes in the composition and/or weighting structure of the S&P 500 Index. For these services, the Trustee received a fee at the following annual rates for the Reporting Period.

 

Net asset value of the Trust

   

Fee as a percentage of net asset value of the Trust

$0 – $499,999,999    0.10% per annum plus or minus the Adjustment Amount
$500,000,000 – $2,499,999,999    0.08% per annum plus or minus the Adjustment Amount
$2,500,000,000 and above    0.06% per annum plus or minus the Adjustment Amount

 

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Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

 

 

 

Note 3 — Transactions with the Trustee and Sponsor – (continued)

 

The adjustment amount (the “Adjustment Amount”) is the sum of (a) the excess or deficiency of transaction fees received by the Trustee, less the expenses incurred in processing orders for the creation and redemption of Units and (b) the amounts earned by the Trustee with respect to the cash held by the Trustee for the benefit of the Trust. During the Reporting Period, the Adjustment Amount reduced the Trustee’s fee by $3,430,135. The Adjustment Amount included an excess of net transaction fees from processing orders of $2,675,139 and a Trustee earnings credit of $754,996.

The Trustee has voluntarily agreed to waive a portion of its fee, as needed, for one year until February 1, 2017, so that the total operating expenses would not exceed 0.0945% per annum of the daily Net Asset Value (“NAV”) of the Trust. The total amount of such waivers by the Trustee for the Reporting Period and years ended September 30, 2015, 2014 and 2013 are identified in the Statements of Operations. The Trustee has not entered into an agreement with the Trust to recapture waived fees in subsequent periods, and the Trustee may discontinue the voluntary waiver.

In accordance with the Trust Agreement and under the terms of an exemptive order issued by the Securities and Exchange Commission, dated December 30, 1997, the Sponsor is reimbursed by the Trust for certain expenses up to a maximum of 0.20% of the Trust’s net asset value on an annualized basis. The expenses reimbursed to the Sponsor for the Reporting Period and the years ended September 30, 2015, 2014 and 2013, did not exceed 0.20% per annum.

S&P Dow Jones Indices LLC (“S&P”), per a license from Standard & Poor’s Financial Services LLC, and State Street Global Markets, LLC (“SSGM” or the “Marketing Agent”) have entered into a license agreement (the “License Agreement”). The License Agreement grants SSGM, an affiliate of the Trustee, a license to use the S&P 500 Index and to use certain trade names and trademarks of S&P in connection with the Trust. The S&P 500 Index also serves as the basis for determining the composition of the Trust’s portfolio. The Trustee (on behalf of the Trust), the Sponsor and NYSE Arca, Inc. (“NYSE Arca”) have each received a sublicense from SSGM for the use of the S&P 500 Index and certain trade names and trademarks in connection with their rights and duties with respect to the Trust. The License Agreement may be amended without the consent of any of the owners of beneficial interests of Units. Currently, the License Agreement is scheduled to terminate on December 31, 2017, but its term may be extended without the consent of any of the owners of beneficial interests of Units. Pursuant to such arrangements and in accordance with the Trust Agreement, the Trust reimburses the Sponsor for payment of fees under the License Agreement to S&P equal to 0.03% of the daily size of the Trust (based on Unit closing price and outstanding Units) plus an annual license fee of $600,000.

The Sponsor has entered into an agreement with the Marketing Agent pursuant to which the Marketing Agent has agreed to market and promote the Trust. The Marketing Agent is reimbursed by the Sponsor for the expenses it incurs for providing such services out of amounts that the Trust reimburses the Sponsor. Expenses incurred by the Marketing Agent include, but are not limited to: printing and distribution of marketing materials describing the Trust, associated legal, consulting, advertising and marketing costs and other out-of-pocket expenses.

ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of the Units. The Sponsor pays the Distributor for its services a flat annual fee of $35,000, and the Trust does not reimburse the Sponsor for this fee.

 

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Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

 

 

 

Note 3 — Transactions with the Trustee and Sponsor – (continued)

 

Investments in Affiliates of the Trustee and the Sponsor

The Trust has invested in companies that are considered affiliates of the Trustee (State Street Corp.) and the Sponsor (ICE). Such investments were made according to the representative portion of the S&P 500 Index. The market value of these investments at March 31, 2016 are listed in the Schedule of Investments.

Contribution from the Trustee

On July 20, 2015, the Trustee made a cash contribution to the Trust in connection with the correction of a class action processing error.

Note 4 — Unitholder Transactions

Units are issued and redeemed by the Trust only in Creation Unit size aggregations of 50,000 Units. Such transactions are only permitted on an in-kind basis, with a separate cash payment that is equivalent to the undistributed net investment income per Unit (income equalization) and a balancing cash component to equate the transaction to the NAV per Unit of the Trust on the transaction date. There is a transaction fee payable to the Trustee in connection with each creation and redemption of Creation Units made through the clearing process (the “Transaction Fee”). The Transaction Fee is non-refundable, regardless of the NAV of the Trust. The Transaction Fee is the lesser of $3,000 or 0.10% (10 basis points) of the value of one Creation Unit at the time of creation per participating party per day, regardless of the number of Creation Units created or redeemed on such day. The Transaction Fee is currently $3,000. For creations and redemptions outside the clearing process, including orders from a participating party restricted from engaging in transactions in one or more of the common stocks that are included in the S&P 500 Index, an additional amount not to exceed three (3) times the Transaction Fee applicable for one Creation Unit is charged per Creation Unit per day.

Note 5 — Investment Transactions

For the Reporting Period, the Trust had in-kind contributions, in-kind redemptions, purchases and sales of investment securities of $95,321,515,897, $92,264,273,812, $3,676,947,271, and $3,133,037,941, respectively. Net realized gain (loss) on investment transactions in the Statements of Operations includes net gains resulting from in-kind transactions of $5,982,206,509.

Note 6 — Market Risk

In the normal course of business, the Trust invests in securities and enters into transactions where risks exist due to fluctuations in the market (market risk). Due to the level of risk associated with certain investments, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the financial statements.

An investment in the Trust involves risks similar to those of investing in any fund of equity securities, such as market fluctuations caused by such factors as economic and political developments, changes in interest rates and perceived trends in stock prices. The value of a Unit will decline, more or less, in correlation with any decline in value of the S&P 500 Index. The values of equity securities could decline generally or could underperform other investments. The Trust would not sell an equity security because the security’s issuer was in financial trouble unless that security was removed from the S&P 500 Index.

 

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Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

 

 

 

Note 7 — Subsequent Events

 

The Trustee has evaluated the impact of all subsequent events on the Trust through the date on which the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.

 

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Other Information

March 31, 2016 (Unaudited)

 

 

 

Comparison of Total Returns Based on NAV and Bid/Ask Price(1)

The table below is provided to compare the Trust’s total pre-tax return at NAV with the total pre-tax returns based on bid/ask price and the performance of the S&P 500 Index. Past performance is not necessarily an indication of how the Trust will perform in the future. The return based on NAV shown in the table below reflects the impact of a fee waiver and, without this waiver, returns would have been lower.

Cumulative Total Return

 

     1 Year     5 Year     10 Year  

SPDR S&P 500 ETF Trust

       

Return Based on NAV

      1.69 %      71.76 %      95.05 % 

Return Based on Bid/Ask Price

      1.70 %      71.71 %      94.83 % 

S&P 500 Index

      1.78 %      72.95 %      96.87 % 

Average Annual Total Return

 

     1 Year     5 Year     10 Year  

SPDR S&P 500 ETF Trust

       

Return Based on NAV

      1.69 %      11.43 %      6.91 % 

Return Based on Bid/Ask Price

      1.70 %      11.42 %      6.90 % 

S&P 500 Index

      1.78 %      11.58 %      7.01 % 

 

(1) Currently, the bid/ask price is the midpoint of the best bid and best offer prices on NYSE Arca at the time the Trust’s NAV is calculated, ordinarily 4:00 p.m. Through November 28, 2008, the bid/ask price was the midpoint of the best bid and best offer prices on NYSE Alternext US (formerly the American Stock Exchange and now NYSE MKT) at the close of trading, ordinarily 4:00 p.m.

 

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Sponsor

PDR Services LLC

c/o NYSE Holdings LLC

11 Wall Street

New York, NY 10005

Trustee

State Street Bank and Trust Company

One Lincoln Street

Boston, MA 02111

Distributor

ALPS Distributors, Inc.

1290 Broadway Suite 1100

Denver, CO 80203

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

101 Seaport Boulevard, Suite 500

Boston, MA 02210

 

SPDRSAR

IBG-19507