|
||||||||||||||||||||||||||
| SEC Info℠ | | | Home | | | Search | | | My Interests | | | Help | | | Sign In | | | Please Sign In | |||||||
|
||||||||||||||||||||||||||
As Of Filer Filing For·On·As Docs:Size Issuer Agent 12/01/14 SPDR S&P 500 ETF Trust N-30D 9/30/13 1:751K RR Donnelley/FA |
Document/Exhibit Description Pages Size 1: N-30D Spdr S&P 500 Etf Trust HTML 497K
| <![CDATA[SPDR S&P 500 ETF Trust]]> |
SPDR® S&P 500® ETF Trust
A Unit Investment Trust
Annual Report
“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.
| Precise in a world that isn’t.TM |
|
SPDR S&P 500 ETF Trust
Trust Overview
INVESTMENT OBJECTIVE
SPDR S&P 500 ETF Trust (the “Trust”) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P 500® Index (the “Index”).
INVESTMENT STRATEGY
The Trust seeks to achieve this investment objective by holding a portfolio of the common stocks that are included in the Index (the “Portfolio”), with the weight of each stock in the Portfolio substantially corresponding to the weight of such stock in the Index.
PERFORMANCE OVERVIEW
The Trust ended its fiscal year on September 30, 2014, with a 12-month total return of 19.57% based on net asset value (“NAV”), as compared to the S&P 500 Index return of 19.73%.
The Trust’s performance reflects the operating expenses of the Trust, including brokerage expenses, marketing expenses, license fees, expenses relating to legal and audit services and Trustee fees. The Trust’s performance also reflects the impact of an expense waiver, and without this waiver, such performance would be lower. Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.
1
SPDR S&P 500 ETF Trust
Schedule of Investments
| Common Stocks | Shares | Value | ||||||
| 3M Co. |
6,643,877 | $ | 941,304,493 | |||||
| Abbott Laboratories |
15,409,242 | 640,870,375 | ||||||
| AbbVie, Inc. |
16,309,704 | 942,048,503 | ||||||
| Accenture PLC (Class A) |
6,505,188 | 529,001,888 | ||||||
| ACE, Ltd. |
3,461,308 | 362,987,370 | ||||||
| Actavis PLC(a) |
2,713,220 | 654,645,722 | ||||||
| Adobe Systems, Inc.(a) |
4,845,824 | 335,282,563 | ||||||
| Aetna, Inc. |
3,637,730 | 294,656,130 | ||||||
| Affiliated Managers Group, Inc.(a) |
565,100 | 113,223,436 | ||||||
| AFLAC, Inc. |
4,658,480 | 271,356,460 | ||||||
| Agilent Technologies, Inc. |
3,404,818 | 194,006,530 | ||||||
| AGL Resources, Inc. |
1,210,185 | 62,130,898 | ||||||
| Air Products & Chemicals, Inc. |
1,968,603 | 256,272,739 | ||||||
| Airgas, Inc. |
679,228 | 75,156,578 | ||||||
| Akamai Technologies, Inc.(a) |
1,809,359 | 108,199,668 | ||||||
| Alcoa, Inc. |
11,958,797 | 192,417,044 | ||||||
| Alexion Pharmaceuticals, Inc.(a) |
2,020,162 | 334,983,263 | ||||||
| Allegheny Technologies, Inc. |
1,103,109 | 40,925,344 | ||||||
| Allegion PLC |
984,891 | 46,920,207 | ||||||
| Allergan, Inc. |
3,048,233 | 543,164,638 | ||||||
| Alliance Data Systems Corp.(a) |
569,323 | 141,345,821 | ||||||
| Altera Corp. |
3,169,898 | 113,418,950 | ||||||
| Altria Group, Inc. |
20,350,716 | 934,911,893 | ||||||
| Amazon.com, Inc.(a) |
3,885,649 | 1,252,888,664 | ||||||
| Ameren Corp. |
2,475,154 | 94,872,653 | ||||||
| American Electric Power Co., Inc. |
5,005,768 | 261,351,147 | ||||||
| American Express Co. |
9,233,368 | 808,289,035 | ||||||
| American International Group, Inc. |
14,638,628 | 790,778,685 | ||||||
| American Tower Corp. |
4,058,612 | 380,007,842 | ||||||
| Ameriprise Financial, Inc. |
1,920,569 | 236,959,803 | ||||||
| AmerisourceBergen Corp. |
2,187,896 | 169,124,361 | ||||||
| AMETEK, Inc. |
2,516,072 | 126,331,975 | ||||||
| Amgen, Inc. |
7,791,538 | 1,094,399,427 | ||||||
| Amphenol Corp. (Class A) |
1,609,933 | 160,767,909 | ||||||
| Anadarko Petroleum Corp. |
5,180,192 | 525,478,676 | ||||||
| Analog Devices, Inc. |
3,192,575 | 158,000,537 | ||||||
| Aon PLC |
2,980,091 | 261,264,578 | ||||||
| Apache Corp. |
3,923,710 | 368,318,658 | ||||||
| Apartment Investment & Management Co. (Class A) |
1,484,559 | 47,238,667 | ||||||
| Apple, Inc. |
61,425,804 | 6,188,649,753 | ||||||
| Applied Materials, Inc. |
12,485,726 | 269,816,539 | ||||||
| Archer-Daniels-Midland Co. |
6,622,509 | 338,410,210 | ||||||
| Assurant, Inc. |
742,557 | 47,746,415 | ||||||
| AT&T, Inc. |
53,198,804 | 1,874,725,853 | ||||||
| Autodesk, Inc.(a) |
2,337,031 | 128,770,408 | ||||||
| Automatic Data Processing, Inc. |
4,944,853 | 360,396,079 | ||||||
| Common Stocks | Shares | Value | ||||||
| AutoNation, Inc.(a) |
801,075 | $ | 40,302,083 | |||||
| Autozone, Inc.(a) |
334,531 | 170,497,069 | ||||||
| Avago Technologies, Ltd. |
2,581,190 | 224,563,530 | ||||||
| AvalonBay Communities, Inc. |
1,344,647 | 189,554,888 | ||||||
| Avery Dennison Corp. |
981,103 | 43,806,249 | ||||||
| Avon Products, Inc. |
4,410,434 | 55,571,468 | ||||||
| Baker Hughes, Inc. |
4,467,125 | 290,631,152 | ||||||
| Ball Corp. |
1,420,097 | 89,849,537 | ||||||
| Bank of America Corp. |
107,958,026 | 1,840,684,343 | ||||||
| Baxter International, Inc. |
5,548,615 | 398,224,099 | ||||||
| BB&T Corp. |
7,368,859 | 274,195,243 | ||||||
| Becton, Dickinson & Co. |
1,975,771 | 224,862,497 | ||||||
| Bed Bath & Beyond, Inc.(a) |
2,093,711 | 137,828,995 | ||||||
| Bemis Co., Inc. |
1,037,468 | 39,444,533 | ||||||
| Berkshire Hathaway, Inc. (Class B)(a) |
18,697,496 | 2,582,872,097 | ||||||
| Best Buy Co., Inc. |
2,975,133 | 99,934,717 | ||||||
| Biogen Idec, Inc.(a) |
2,422,422 | 801,361,422 | ||||||
| BlackRock, Inc. |
1,293,915 | 424,818,173 | ||||||
| BorgWarner, Inc. |
2,344,503 | 123,344,303 | ||||||
| Boston Properties, Inc. |
1,562,914 | 180,922,925 | ||||||
| Boston Scientific Corp.(a) |
13,585,419 | 160,443,798 | ||||||
| Bristol-Myers Squibb Co. |
16,995,465 | 869,827,899 | ||||||
| Broadcom Corp. (Class A) |
5,518,479 | 223,056,921 | ||||||
| Brown-Forman Corp. (Class B) |
1,648,865 | 148,760,600 | ||||||
| C.H. Robinson Worldwide, Inc. |
1,547,967 | 102,661,171 | ||||||
| C.R. Bard, Inc. |
765,838 | 109,292,741 | ||||||
| CA, Inc. |
3,318,189 | 92,710,201 | ||||||
| Cablevision Systems Corp. (Class A) |
2,180,831 | 38,186,351 | ||||||
| Cabot Oil & Gas Corp. |
4,282,933 | 140,009,080 | ||||||
| Cameron International Corp.(a) |
2,094,443 | 139,029,126 | ||||||
| Campbell Soup Co. |
1,831,170 | 78,245,894 | ||||||
| Capital One Financial Corp. |
5,758,880 | 470,039,786 | ||||||
| Cardinal Health, Inc. |
3,453,577 | 258,741,989 | ||||||
| CareFusion Corp.(a) |
2,081,263 | 94,177,151 | ||||||
| CarMax, Inc.(a) |
2,271,344 | 105,503,929 | ||||||
| Carnival Corp. |
4,618,643 | 185,530,889 | ||||||
| Caterpillar, Inc. |
6,439,935 | 637,746,763 | ||||||
| CBRE Group, Inc. (Class A)(a) |
2,845,554 | 84,626,776 | ||||||
| CBS Corp. (Class B) |
4,999,354 | 267,465,439 | ||||||
| CDK Global Inc.(b) |
70,188 | 2,147,051 | ||||||
| Celgene Corp.(a) |
8,214,845 | 778,603,009 | ||||||
| CenterPoint Energy, Inc. |
4,368,888 | 106,906,689 | ||||||
| CenturyLink, Inc. |
5,904,840 | 241,448,908 | ||||||
| Cerner Corp.(a) |
3,112,790 | 185,428,900 | ||||||
| CF Industries Holdings, Inc. |
509,702 | 142,318,992 | ||||||
| Chesapeake Energy Corp. |
5,325,433 | 122,431,705 | ||||||
| Chevron Corp. |
19,478,978 | 2,324,231,655 | ||||||
| Chipotle Mexican Grill, Inc.(a) |
318,229 | 212,128,269 | ||||||
See accompanying notes to financial statements.
2
SPDR S&P 500 ETF Trust
Schedule of Investments (continued)
| Common Stocks | Shares | Value | ||||||
| Chubb Corp. |
2,467,197 | $ | 224,712,303 | |||||
| CIGNA Corp. |
2,706,652 | 245,466,270 | ||||||
| Cimarex Energy Co. |
883,595 | 111,801,275 | ||||||
| Cincinnati Financial Corp. |
1,498,594 | 70,508,848 | ||||||
| Cintas Corp. |
1,030,467 | 72,740,666 | ||||||
| Cisco Systems, Inc. |
52,308,205 | 1,316,597,520 | ||||||
| Citigroup, Inc. |
31,099,453 | 1,611,573,654 | ||||||
| Citrix Systems, Inc.(a) |
1,670,668 | 119,185,455 | ||||||
| Clorox Co. |
1,318,687 | 126,646,699 | ||||||
| CME Group, Inc. |
3,237,085 | 258,821,131 | ||||||
| CMS Energy Corp. |
2,763,455 | 81,964,075 | ||||||
| Coach, Inc. |
2,851,283 | 101,534,188 | ||||||
| Coca-Cola Enterprises, Inc. |
2,317,903 | 102,822,177 | ||||||
| Cognizant Technology Solutions Corp. (Class A)(a) |
6,240,642 | 279,393,542 | ||||||
| Colgate-Palmolive Co. |
8,807,403 | 574,418,824 | ||||||
| Comcast Corp. (Class A) |
26,549,029 | 1,427,806,780 | ||||||
| Comerica, Inc. |
1,869,723 | 93,224,389 | ||||||
| Computer Sciences Corp. |
1,496,766 | 91,527,241 | ||||||
| ConAgra Foods, Inc. |
4,294,556 | 141,892,130 | ||||||
| ConocoPhillips |
12,592,000 | 963,539,840 | ||||||
| CONSOL Energy, Inc. |
2,324,670 | 88,012,006 | ||||||
| Consolidated Edison, Inc. |
2,989,101 | 169,362,463 | ||||||
| Constellation Brands, Inc. (Class A)(a) |
1,731,162 | 150,888,080 | ||||||
| Corning, Inc. |
13,373,479 | 258,643,084 | ||||||
| Costco Wholesale Corp. |
4,490,542 | 562,754,723 | ||||||
| Covidien PLC |
4,633,843 | 400,873,758 | ||||||
| Crown Castle International Corp. |
3,423,335 | 275,681,168 | ||||||
| CSX Corp. |
10,313,072 | 330,637,088 | ||||||
| Cummins, Inc. |
1,771,476 | 233,799,402 | ||||||
| CVS Health Corp. |
11,880,831 | 945,595,339 | ||||||
| D.R. Horton, Inc. |
3,400,936 | 69,787,207 | ||||||
| Danaher Corp. |
6,252,231 | 475,044,511 | ||||||
| Darden Restaurants, Inc. |
1,323,480 | 68,106,281 | ||||||
| DaVita, Inc.(a) |
1,763,050 | 128,949,477 | ||||||
| Deere & Co. |
3,677,057 | 301,481,903 | ||||||
| Delphi Automotive PLC |
3,071,009 | 188,375,692 | ||||||
| Delta Air Lines, Inc. |
8,703,575 | 314,634,236 | ||||||
| Denbury Resources, Inc. |
3,742,195 | 56,245,191 | ||||||
| DENTSPLY International, Inc. |
1,449,606 | 66,102,034 | ||||||
| Devon Energy Corp. |
3,944,429 | 268,931,169 | ||||||
| Diamond Offshore Drilling, Inc. |
711,249 | 24,374,503 | ||||||
| DIRECTV(a) |
5,148,094 | 445,413,093 | ||||||
| Discover Financial Services |
4,738,555 | 305,115,556 | ||||||
| Discovery Communications, Inc. |
1,524,819 | 57,638,158 | ||||||
| Discovery Communications, Inc. |
2,797,240 | 104,281,107 | ||||||
| Dollar General Corp.(a) |
3,110,523 | 190,084,061 | ||||||
| Common Stocks | Shares | Value | ||||||
| Dollar Tree, Inc.(a) |
2,117,199 | $ | 118,711,348 | |||||
| Dominion Resources, Inc. |
5,965,394 | 412,149,071 | ||||||
| Dover Corp. |
1,732,272 | 139,153,410 | ||||||
| Dr. Pepper Snapple Group, Inc. |
2,001,624 | 128,724,439 | ||||||
| DTE Energy Co. |
1,805,587 | 137,369,059 | ||||||
| Duke Energy Corp. |
7,253,388 | 542,335,821 | ||||||
| Dun & Bradstreet Corp. |
387,743 | 45,548,170 | ||||||
| E*TRADE Financial Corp.(a) |
2,922,611 | 66,021,782 | ||||||
| E. I. du Pont de Nemours & Co. |
9,419,893 | 675,971,522 | ||||||
| Eastman Chemical Co. |
1,529,763 | 123,742,529 | ||||||
| Eaton Corp. PLC |
4,889,244 | 309,831,392 | ||||||
| eBay, Inc.(a) |
11,587,313 | 656,189,535 | ||||||
| Ecolab, Inc. |
2,759,995 | 316,930,226 | ||||||
| Edison International |
3,316,638 | 185,466,397 | ||||||
| Edwards Lifesciences Corp.(a) |
1,087,533 | 111,091,496 | ||||||
| Electronic Arts, Inc.(a) |
3,225,785 | 114,870,204 | ||||||
| Eli Lilly & Co. |
10,087,852 | 654,197,202 | ||||||
| EMC Corp. |
20,811,166 | 608,934,717 | ||||||
| Emerson Electric Co. |
7,197,138 | 450,396,896 | ||||||
| Ensco PLC (Class A) |
2,384,050 | 98,485,105 | ||||||
| Entergy Corp. |
1,840,020 | 142,288,747 | ||||||
| EOG Resources, Inc. |
5,605,298 | 555,036,608 | ||||||
| EQT Corp. |
1,555,949 | 142,431,571 | ||||||
| Equifax, Inc. |
1,235,902 | 92,371,315 | ||||||
| Equity Residential |
3,707,986 | 228,337,778 | ||||||
| Essex Property Trust, Inc. |
640,852 | 114,552,295 | ||||||
| Exelon Corp. |
8,806,320 | 300,207,449 | ||||||
| Expedia, Inc. |
1,018,082 | 89,204,345 | ||||||
| Expeditors International of Washington, Inc. |
2,001,677 | 81,228,053 | ||||||
| Express Scripts Holding Co.(a) |
7,649,420 | 540,278,535 | ||||||
| Exxon Mobil Corp. |
43,748,815 | 4,114,576,051 | ||||||
| F5 Networks, Inc.(a) |
777,115 | 92,274,635 | ||||||
| Facebook, Inc. (Class A)(a) |
19,979,069 | 1,579,145,614 | ||||||
| Family Dollar Stores, Inc. |
982,854 | 75,915,643 | ||||||
| Fastenal Co. |
2,778,311 | 124,746,164 | ||||||
| FedEx Corp. |
2,724,055 | 439,798,680 | ||||||
| Fidelity National Information Services, Inc. |
2,961,326 | 166,722,654 | ||||||
| Fifth Third Bancorp |
8,559,017 | 171,351,520 | ||||||
| First Solar, Inc.(a) |
770,427 | 50,701,801 | ||||||
| FirstEnergy Corp. |
4,269,786 | 143,336,716 | ||||||
| Fiserv, Inc.(a) |
2,556,692 | 165,251,787 | ||||||
| FLIR Systems, Inc. |
1,458,231 | 45,700,960 | ||||||
| Flowserve Corp. |
1,424,967 | 100,488,673 | ||||||
| Fluor Corp. |
1,615,868 | 107,923,824 | ||||||
| FMC Corp. |
1,360,423 | 77,802,591 | ||||||
| FMC Technologies, Inc.(a) |
2,407,357 | 130,743,559 | ||||||
| Ford Motor Co. |
39,791,715 | 588,519,465 | ||||||
| Fossil Group, Inc.(a) |
502,148 | 47,151,697 | ||||||
See accompanying notes to financial statements.
3
SPDR S&P 500 ETF Trust
Schedule of Investments (continued)
| Common Stocks | Shares | Value | ||||||
| Franklin Resources, Inc. |
4,041,728 | $ | 220,718,766 | |||||
| Freeport-McMoRan, Inc. |
10,609,818 | 346,410,558 | ||||||
| Frontier Communications Corp. |
10,213,242 | 66,488,205 | ||||||
| GameStop Corp. (Class A) |
1,197,869 | 49,352,203 | ||||||
| Gannett Co., Inc. |
2,318,737 | 68,796,927 | ||||||
| Garmin, Ltd. |
1,260,007 | 65,507,764 | ||||||
| General Dynamics Corp. |
3,258,632 | 414,139,541 | ||||||
| General Electric Co. |
102,848,087 | 2,634,967,989 | ||||||
| General Growth Properties, Inc. |
6,425,863 | 151,329,074 | ||||||
| General Mills, Inc. |
6,303,407 | 318,006,883 | ||||||
| General Motors Co. |
13,823,271 | 441,515,276 | ||||||
| Genuine Parts Co. |
1,570,367 | 137,736,890 | ||||||
| Genworth Financial, Inc. (Class A)(a) |
5,044,997 | 66,089,461 | ||||||
| Gilead Sciences, Inc.(a) |
15,508,768 | 1,650,908,354 | ||||||
| Google, Inc. (Class A)(a) |
2,914,122 | 1,714,698,526 | ||||||
| Google, Inc. (Class C)(a) |
2,913,822 | 1,682,324,270 | ||||||
| H&R Block, Inc. |
2,773,450 | 86,004,684 | ||||||
| Halliburton Co. |
8,723,765 | 562,770,080 | ||||||
| Harley-Davidson, Inc. |
2,249,344 | 130,911,821 | ||||||
| Harman International Industries, Inc. |
687,785 | 67,430,441 | ||||||
| Harris Corp. |
1,087,979 | 72,241,806 | ||||||
| Hartford Financial Services Group, Inc. |
4,568,103 | 170,161,837 | ||||||
| Hasbro, Inc. |
1,171,209 | 64,410,639 | ||||||
| HCP, Inc. |
4,699,083 | 186,600,586 | ||||||
| Health Care REIT, Inc. |
3,323,538 | 207,289,065 | ||||||
| Helmerich & Payne, Inc. |
1,109,296 | 108,566,799 | ||||||
| Hess Corp. |
2,707,677 | 255,388,095 | ||||||
| Hewlett-Packard Co. |
19,195,016 | 680,847,217 | ||||||
| Honeywell International, Inc. |
8,032,163 | 747,955,019 | ||||||
| Hormel Foods Corp. |
1,378,677 | 70,850,211 | ||||||
| Hospira, Inc.(a) |
1,694,061 | 88,141,994 | ||||||
| Host Hotels & Resorts, Inc. |
7,724,042 | 164,753,816 | ||||||
| Hudson City Bancorp, Inc. |
4,853,264 | 47,173,726 | ||||||
| Humana, Inc. |
1,586,897 | 206,756,810 | ||||||
| Huntington Bancshares, Inc. |
8,505,426 | 82,757,795 | ||||||
| Illinois Tool Works, Inc. |
3,743,372 | 316,015,464 | ||||||
| Ingersoll-Rand PLC |
2,742,329 | 154,557,662 | ||||||
| Integrys Energy Group, Inc. |
802,432 | 52,013,642 | ||||||
| Intel Corp. |
50,788,466 | 1,768,454,386 | ||||||
| Intercontinental Exchange, Inc.(c) |
1,163,922 | 227,022,986 | ||||||
| International Business Machines Corp. |
9,519,039 | 1,806,999,173 | ||||||
| International Flavors & Fragrances, Inc. |
832,711 | 79,840,331 | ||||||
| International Paper Co. |
4,380,862 | 209,142,352 | ||||||
| Intuit, Inc. |
2,898,817 | 254,081,310 | ||||||
| Common Stocks | Shares | Value | ||||||
| Intuitive Surgical, Inc.(a) |
368,234 | $ | 170,057,826 | |||||
| Invesco, Ltd. |
4,427,723 | 174,806,504 | ||||||
| Iron Mountain, Inc. |
1,752,212 | 57,209,722 | ||||||
| Jabil Circuit, Inc. |
2,048,213 | 41,312,456 | ||||||
| Jacobs Engineering Group, Inc.(a) |
1,347,683 | 65,793,884 | ||||||
| Johnson & Johnson |
28,930,418 | 3,083,693,255 | ||||||
| Johnson Controls, Inc. |
6,790,251 | 298,771,044 | ||||||
| Joy Global, Inc. |
1,024,296 | 55,865,104 | ||||||
| JPMorgan Chase & Co. |
38,584,385 | 2,324,323,352 | ||||||
| Juniper Networks, Inc. |
4,126,452 | 91,400,912 | ||||||
| Kansas City Southern |
1,125,082 | 136,359,938 | ||||||
| Kellogg Co. |
2,615,676 | 161,125,642 | ||||||
| Keurig Green Mountain, Inc. |
1,249,984 | 162,660,418 | ||||||
| KeyCorp |
9,154,554 | 122,030,205 | ||||||
| Kimberly-Clark Corp. |
3,835,941 | 412,632,173 | ||||||
| Kimco Realty Corp. |
4,157,421 | 91,089,094 | ||||||
| Kinder Morgan, Inc. |
6,749,151 | 258,762,449 | ||||||
| KLA-Tencor Corp. |
1,697,002 | 133,689,818 | ||||||
| Kohl’s Corp. |
2,098,328 | 128,060,958 | ||||||
| Kraft Foods Group, Inc. |
6,091,207 | 343,544,075 | ||||||
| L Brands, Inc. |
2,515,278 | 168,473,320 | ||||||
| L-3 Communications Holdings, Inc. |
877,318 | 104,330,657 | ||||||
| Laboratory Corp. of America Holdings(a) |
892,295 | 90,791,016 | ||||||
| Lam Research Corp. |
1,657,024 | 123,779,693 | ||||||
| Legg Mason, Inc. |
1,083,954 | 55,455,087 | ||||||
| Leggett & Platt, Inc. |
1,436,348 | 50,157,272 | ||||||
| Lennar Corp. (Class A) |
1,796,500 | 69,758,095 | ||||||
| Leucadia National Corp. |
3,193,534 | 76,133,851 | ||||||
| Lincoln National Corp. |
2,704,876 | 144,927,256 | ||||||
| Linear Technology Corp. |
2,426,265 | 107,701,903 | ||||||
| Lockheed Martin Corp. |
2,767,068 | 505,764,689 | ||||||
| Loews Corp. |
3,112,429 | 129,663,792 | ||||||
| Lorillard, Inc. |
3,700,889 | 221,720,260 | ||||||
| Lowe’s Cos., Inc. |
10,126,443 | 535,891,364 | ||||||
| LyondellBasell Industries NV (Class A) |
4,361,008 | 473,867,129 | ||||||
| M & T Bank Corp. |
1,339,189 | 165,108,612 | ||||||
| Macy’s, Inc. |
3,622,909 | 210,780,846 | ||||||
| Mallinckrodt PLC(a) |
1,172,480 | 105,699,072 | ||||||
| Marathon Oil Corp. |
6,936,512 | 260,743,486 | ||||||
| Marathon Petroleum Corp. |
2,906,742 | 246,113,845 | ||||||
| Marriott International, Inc. (Class A) |
2,235,519 | 156,262,778 | ||||||
| Marsh & McLennan Cos., Inc. |
5,584,013 | 292,267,240 | ||||||
| Martin Marietta Materials, Inc. |
619,457 | 79,872,786 | ||||||
| Masco Corp. |
3,650,916 | 87,329,911 | ||||||
| MasterCard, Inc. (Class A) |
10,098,372 | 746,471,658 | ||||||
See accompanying notes to financial statements.
4
SPDR S&P 500 ETF Trust
Schedule of Investments (continued)
| Common Stocks | Shares | Value | ||||||
| Mattel, Inc. |
3,457,863 | $ | 105,983,501 | |||||
| McCormick & Co., Inc. |
1,351,213 | 90,396,150 | ||||||
| McDonald’s Corp. |
10,072,965 | 955,017,812 | ||||||
| McKesson Corp. |
2,375,664 | 462,470,511 | ||||||
| Mead Johnson Nutrition Co. |
2,056,851 | 197,910,203 | ||||||
| MeadWestvaco Corp. |
1,722,138 | 70,504,330 | ||||||
| Medtronic, Inc. |
10,049,474 | 622,564,914 | ||||||
| Merck & Co., Inc. |
29,593,372 | 1,754,295,092 | ||||||
| MetLife, Inc. |
11,542,925 | 620,085,931 | ||||||
| Michael Kors Holdings, Ltd.(a) |
2,094,699 | 149,540,562 | ||||||
| Microchip Technology, Inc. |
2,035,146 | 96,119,946 | ||||||
| Micron Technology, Inc.(a) |
10,976,038 | 376,039,062 | ||||||
| Microsoft Corp. |
84,446,761 | 3,914,951,840 | ||||||
| Mohawk Industries, Inc.(a) |
622,739 | 83,957,672 | ||||||
| Molson Coors Brewing Co. (Class B) |
1,608,164 | 119,711,728 | ||||||
| Mondelez International, Inc. (Class A) |
17,293,790 | 592,571,714 | ||||||
| Monsanto Co. |
5,375,510 | 604,798,630 | ||||||
| Monster Beverage Corp.(a) |
1,473,904 | 135,112,780 | ||||||
| Moody’s Corp. |
1,933,106 | 182,678,517 | ||||||
| Morgan Stanley |
15,695,132 | 542,580,713 | ||||||
| Motorola Solutions, Inc. |
2,307,808 | 146,038,090 | ||||||
| Murphy Oil Corp. |
1,730,611 | 98,489,072 | ||||||
| Mylan, Inc.(a) |
3,803,627 | 173,026,992 | ||||||
| Nabors Industries, Ltd. |
2,969,110 | 67,576,944 | ||||||
| National-Oilwell Varco, Inc. |
4,400,511 | 334,878,887 | ||||||
| Navient Corp. |
4,432,697 | 78,503,064 | ||||||
| NetApp, Inc. |
3,276,024 | 140,737,991 | ||||||
| Netflix, Inc.(a) |
616,476 | 278,141,642 | ||||||
| Newell Rubbermaid, Inc. |
2,808,805 | 96,650,980 | ||||||
| Newfield Exploration Co.(a) |
1,379,019 | 51,120,234 | ||||||
| Newmont Mining Corp. |
5,065,739 | 116,765,284 | ||||||
| News Corp. (Class A)(a) |
5,066,977 | 82,845,074 | ||||||
| NextEra Energy, Inc. |
4,473,012 | 419,926,367 | ||||||
| Nielsen Holdings NV |
3,108,783 | 137,812,350 | ||||||
| NIKE, Inc. (Class B) |
7,217,895 | 643,836,234 | ||||||
| NiSource, Inc. |
3,194,093 | 130,893,931 | ||||||
| Noble Corp. PLC |
2,579,240 | 57,310,713 | ||||||
| Noble Energy, Inc. |
3,684,788 | 251,892,108 | ||||||
| Nordstrom, Inc. |
1,455,063 | 99,482,657 | ||||||
| Norfolk Southern Corp. |
3,163,922 | 353,093,695 | ||||||
| Northeast Utilities |
3,205,116 | 141,986,639 | ||||||
| Northern Trust Corp. |
2,285,377 | 155,474,197 | ||||||
| Northrop Grumman Corp. |
2,133,539 | 281,115,099 | ||||||
| NRG Energy, Inc. |
3,456,613 | 105,357,564 | ||||||
| Nucor Corp. |
3,239,885 | 175,860,958 | ||||||
| NVIDIA Corp. |
5,285,175 | 97,511,479 | ||||||
| O’Reilly Automotive, Inc.(a) |
1,064,737 | 160,093,855 | ||||||
| Occidental Petroleum Corp. |
7,997,766 | 768,985,201 | ||||||
| Common Stocks | Shares | Value | ||||||
| Omnicom Group, Inc. |
2,576,966 | $ | 177,449,879 | |||||
| Oneok, Inc. |
2,132,163 | 139,763,285 | ||||||
| Oracle Corp. |
33,377,242 | 1,277,680,824 | ||||||
| Owens-Illinois, Inc.(a) |
1,683,641 | 43,858,848 | ||||||
| PACCAR, Inc. |
3,637,483 | 206,881,846 | ||||||
| Pall Corp. |
1,127,871 | 94,402,803 | ||||||
| Parker-Hannifin Corp. |
1,523,096 | 173,861,408 | ||||||
| Patterson Cos., Inc. |
855,131 | 35,428,077 | ||||||
| Paychex, Inc. |
3,351,776 | 148,148,499 | ||||||
| Pentair PLC |
1,975,376 | 129,367,374 | ||||||
| People’s United Financial, Inc. |
3,231,125 | 46,754,379 | ||||||
| Pepco Holdings, Inc. |
2,541,057 | 67,998,685 | ||||||
| PepsiCo, Inc. |
15,457,198 | 1,438,910,562 | ||||||
| PerkinElmer, Inc. |
1,139,868 | 49,698,245 | ||||||
| Perrigo Co. PLC |
1,366,455 | 205,227,876 | ||||||
| PetSmart, Inc. |
1,053,318 | 73,827,059 | ||||||
| Pfizer, Inc. |
65,046,320 | 1,923,419,682 | ||||||
| PG&E Corp. |
4,834,891 | 217,763,491 | ||||||
| Philip Morris International, Inc. |
16,024,787 | 1,336,467,236 | ||||||
| Phillips 66 |
5,733,639 | 466,202,187 | ||||||
| Pinnacle West Capital Corp. |
1,120,029 | 61,198,385 | ||||||
| Pioneer Natural Resources Co. |
1,466,729 | 288,901,611 | ||||||
| Pitney Bowes, Inc. |
2,035,869 | 50,876,366 | ||||||
| Plum Creek Timber Co., Inc. |
1,796,397 | 70,077,447 | ||||||
| PNC Financial Services Group, Inc. |
5,544,270 | 474,478,627 | ||||||
| PPG Industries, Inc. |
1,416,254 | 278,633,812 | ||||||
| PPL Corp. |
6,810,031 | 223,641,418 | ||||||
| Praxair, Inc. |
2,996,083 | 386,494,707 | ||||||
| Precision Castparts Corp. |
1,471,838 | 348,648,985 | ||||||
| priceline.com, Inc.(a) |
537,129 | 622,306,917 | ||||||
| Principal Financial Group, Inc. |
2,786,656 | 146,215,840 | ||||||
| ProLogis, Inc. |
5,125,351 | 193,225,733 | ||||||
| Prudential Financial, Inc. |
4,729,126 | 415,879,340 | ||||||
| Public Service Enterprise Group, Inc. |
5,148,870 | 191,743,919 | ||||||
| Public Storage, Inc. |
1,486,021 | 246,441,723 | ||||||
| Pulte Group, Inc. |
3,520,662 | 62,174,891 | ||||||
| PVH Corp. |
843,545 | 102,195,477 | ||||||
| QEP Resources, Inc. |
1,701,024 | 52,357,519 | ||||||
| QUALCOMM, Inc. |
17,193,277 | 1,285,541,321 | ||||||
| Quanta Services, Inc.(a) |
2,223,458 | 80,689,291 | ||||||
| Quest Diagnostics, Inc. |
1,486,386 | 90,193,902 | ||||||
| Ralph Lauren Corp. |
622,216 | 102,497,642 | ||||||
| Range Resources Corp. |
1,729,688 | 117,290,143 | ||||||
| Raytheon Co. |
3,213,575 | 326,563,491 | ||||||
| Red Hat, Inc.(a) |
1,928,605 | 108,291,171 | ||||||
| Regeneron Pharmaceuticals, Inc.(a) |
757,432 | 273,069,385 | ||||||
| Regions Financial Corp. |
14,148,384 | 142,049,775 | ||||||
See accompanying notes to financial statements.
5
SPDR S&P 500 ETF Trust
Schedule of Investments (continued)
| Common Stocks | Shares | Value | ||||||
| Republic Services, Inc. |
2,592,042 | $ | 101,141,479 | |||||
| Reynolds American, Inc. |
3,190,006 | 188,210,354 | ||||||
| Robert Half International, Inc. |
1,409,924 | 69,086,276 | ||||||
| Rockwell Automation, Inc. |
1,411,312 | 155,074,963 | ||||||
| Rockwell Collins, Inc. |
1,375,161 | 107,950,138 | ||||||
| Roper Industries, Inc. |
1,023,375 | 149,709,529 | ||||||
| Ross Stores, Inc. |
2,152,623 | 162,695,246 | ||||||
| Ryder System, Inc. |
531,726 | 47,839,388 | ||||||
| Safeway, Inc. |
2,345,596 | 80,453,943 | ||||||
| Salesforce.com, Inc.(a) |
5,903,877 | 339,650,044 | ||||||
| SanDisk Corp. |
2,319,827 | 227,227,055 | ||||||
| SCANA Corp. |
1,424,263 | 70,657,687 | ||||||
| Schlumberger, Ltd. |
13,298,774 | 1,352,352,328 | ||||||
| Scripps Networks Interactive (Class A) |
1,063,909 | 83,080,654 | ||||||
| Seagate Technology PLC |
3,355,772 | 192,185,062 | ||||||
| Sealed Air Corp. |
2,173,035 | 75,795,461 | ||||||
| Sempra Energy |
2,370,578 | 249,811,510 | ||||||
| Sherwin-Williams Co. |
852,870 | 186,770,001 | ||||||
| Sigma-Aldrich Corp. |
1,217,980 | 165,657,460 | ||||||
| Simon Property Group, Inc. |
3,186,427 | 523,912,327 | ||||||
| Snap-on, Inc. |
596,042 | 72,168,765 | ||||||
| Southern Co. |
9,187,161 | 401,019,578 | ||||||
| Southwest Airlines Co. |
7,028,703 | 237,359,300 | ||||||
| Southwestern Energy Co.(a) |
3,605,252 | 126,003,557 | ||||||
| Spectra Energy Corp. |
6,879,024 | 270,070,482 | ||||||
| St. Jude Medical, Inc. |
2,902,328 | 174,516,983 | ||||||
| Stanley Black & Decker, Inc. |
1,586,627 | 140,876,611 | ||||||
| Staples, Inc. |
6,715,923 | 81,262,668 | ||||||
| Starbucks Corp. |
7,719,797 | 582,535,882 | ||||||
| Starwood Hotels & Resorts Worldwide, Inc. |
1,949,976 | 162,257,503 | ||||||
| State Street Corp.(d) |
4,345,108 | 319,843,400 | ||||||
| Stericycle, Inc.(a) |
876,290 | 102,140,362 | ||||||
| Stryker Corp. |
3,067,456 | 247,697,072 | ||||||
| SunTrust Banks, Inc. |
5,446,459 | 207,128,836 | ||||||
| Symantec Corp. |
7,083,416 | 166,531,110 | ||||||
| Sysco Corp. |
5,973,717 | 226,702,560 | ||||||
| T. Rowe Price Group, Inc. |
2,677,577 | 209,922,037 | ||||||
| Target Corp. |
6,497,409 | 407,257,596 | ||||||
| TE Connectivity, Ltd. |
4,176,654 | 230,927,200 | ||||||
| TECO Energy, Inc. |
2,393,080 | 41,591,730 | ||||||
| Tenet Healthcare Corp.(a) |
1,013,247 | 60,176,739 | ||||||
| Teradata Corp.(a) |
1,590,249 | 66,663,238 | ||||||
| Tesoro Corp. |
1,356,665 | 82,729,432 | ||||||
| Texas Instruments, Inc. |
10,951,760 | 522,289,434 | ||||||
| Textron, Inc. |
2,883,942 | 103,793,073 | ||||||
| The ADT Corp. |
1,859,903 | 65,952,160 | ||||||
| The AES Corp. |
6,704,671 | 95,072,235 | ||||||
| The Allstate Corp. |
4,452,757 | 273,265,697 | ||||||
| Common Stocks | Shares | Value | ||||||
| The Bank of New York Mellon Corp. |
11,608,485 | $ | 449,596,624 | |||||
| The Boeing Co. |
6,882,481 | 876,690,430 | ||||||
| The Charles Schwab Corp. |
11,767,462 | 345,845,708 | ||||||
| The Coca-Cola Co. |
40,473,020 | 1,726,579,033 | ||||||
| The Dow Chemical Co. |
11,522,092 | 604,218,504 | ||||||
| The Estee Lauder Cos., Inc. (Class A) |
2,310,576 | 172,646,239 | ||||||
| The Gap, Inc. |
2,808,794 | 117,098,622 | ||||||
| The Goldman Sachs Group, Inc. |
4,203,655 | 771,664,948 | ||||||
| The Goodyear Tire & Rubber Co. |
2,815,465 | 63,587,277 | ||||||
| The Hershey Co. |
1,524,369 | 145,470,534 | ||||||
| The Home Depot, Inc. |
13,808,172 | 1,266,761,699 | ||||||
| The Interpublic Group of Cos., Inc. |
4,345,087 | 79,601,994 | ||||||
| The JM Smucker Co. |
1,069,509 | 105,870,696 | ||||||
| The Kroger Co. |
5,017,279 | 260,898,508 | ||||||
| The Macerich Co. |
1,430,318 | 91,297,198 | ||||||
| The McGraw-Hill Cos., Inc. |
2,791,735 | 235,762,021 | ||||||
| The Mosaic Co. |
3,319,673 | 147,426,678 | ||||||
| The NASDAQ OMX Group, Inc. |
1,184,196 | 50,233,594 | ||||||
| The Procter & Gamble Co. |
27,753,318 | 2,324,062,849 | ||||||
| The Progressive Corp. |
5,615,704 | 141,964,997 | ||||||
| The Travelers Cos., Inc. |
3,478,623 | 326,781,845 | ||||||
| The Walt Disney Co. |
16,202,426 | 1,442,501,987 | ||||||
| The Western Union Co. |
5,435,234 | 87,181,153 | ||||||
| The Williams Cos., Inc. |
6,905,950 | 382,244,332 | ||||||
| Thermo Fisher Scientific, Inc. |
4,090,738 | 497,842,815 | ||||||
| Tiffany & Co. |
1,137,899 | 109,591,053 | ||||||
| Time Warner Cable, Inc. |
2,857,168 | 409,975,036 | ||||||
| Time Warner, Inc. |
8,771,349 | 659,693,158 | ||||||
| TJX Cos., Inc. |
7,108,611 | 420,616,513 | ||||||
| Torchmark Corp. |
1,378,025 | 72,167,169 | ||||||
| Total System Services, Inc. |
1,700,258 | 52,639,988 | ||||||
| Tractor Supply Co. |
1,420,455 | 87,372,187 | ||||||
| Transocean, Ltd. |
3,489,675 | 111,564,910 | ||||||
| TripAdvisor, Inc.(a) |
1,128,087 | 103,129,714 | ||||||
| Twenty-First Century Fox, Inc. (Class A) |
19,322,938 | 662,583,544 | ||||||
| Tyco International, Ltd. |
4,551,252 | 202,849,302 | ||||||
| Tyson Foods, Inc. (Class A) |
3,015,446 | 118,718,109 | ||||||
| U.S. Bancorp |
18,484,980 | 773,226,713 | ||||||
| Under Armour, Inc. (Class A)(a) |
1,705,917 | 117,878,865 | ||||||
| Union Pacific Corp. |
9,206,447 | 998,162,984 | ||||||
| United Parcel Service, Inc. (Class B) |
7,229,971 | 710,633,850 | ||||||
| United Rentals, Inc.(a) |
973,854 | 108,195,179 | ||||||
| United Technologies Corp. |
8,726,273 | 921,494,429 | ||||||
See accompanying notes to financial statements.
6
SPDR S&P 500 ETF Trust
Schedule of Investments (continued)
| Common Stocks | Shares | Value | ||||||
| UnitedHealth Group, Inc. |
9,967,352 | $ | 859,684,110 | |||||
| Universal Health Services, Inc. (Class B) |
926,301 | 96,798,454 | ||||||
| Unum Group |
2,668,776 | 91,752,519 | ||||||
| Urban Outfitters, Inc.(a) |
1,109,820 | 40,730,394 | ||||||
| V.F. Corp. |
3,531,424 | 233,179,927 | ||||||
| Valero Energy Corp. |
5,473,066 | 253,238,764 | ||||||
| Varian Medical Systems, Inc.(a) |
1,079,904 | 86,521,908 | ||||||
| Ventas, Inc. |
2,998,445 | 185,753,668 | ||||||
| VeriSign, Inc.(a) |
1,155,248 | 63,677,270 | ||||||
| Verizon Communications, Inc. |
42,519,909 | 2,125,570,251 | ||||||
| Vertex Pharmaceuticals, Inc.(a) |
2,442,033 | 274,264,726 | ||||||
| Viacom, Inc. (Class B) |
3,906,481 | 300,564,648 | ||||||
| Visa, Inc. (Class A) |
5,050,636 | 1,077,654,203 | ||||||
| Vornado Realty Trust |
1,787,578 | 178,686,297 | ||||||
| Vulcan Materials Co. |
1,320,142 | 79,512,153 | ||||||
| W.W. Grainger, Inc. |
628,016 | 158,040,226 | ||||||
| Wal-Mart Stores, Inc. |
16,200,434 | 1,238,847,188 | ||||||
| Walgreen Co. |
9,004,493 | 533,696,300 | ||||||
| Waste Management, Inc. |
4,439,810 | 211,024,169 | ||||||
| Waters Corp.(a) |
866,305 | 85,868,152 | ||||||
| WellPoint, Inc. |
2,813,645 | 336,568,215 | ||||||
| Wells Fargo & Co. |
48,733,921 | 2,527,828,482 | ||||||
| Western Digital Corp. |
2,255,366 | 219,492,219 | ||||||
| Weyerhaeuser Co. |
5,403,316 | 172,149,648 | ||||||
| Whirlpool Corp. |
799,463 | 116,441,786 | ||||||
| Whole Foods Market, Inc. |
3,706,088 | 141,239,014 | ||||||
| Windstream Holdings, Inc. |
6,068,997 | 65,423,788 | ||||||
| Wisconsin Energy Corp. |
2,305,645 | 99,142,735 | ||||||
| Wyndham Worldwide Corp. |
1,284,141 | 104,349,298 | ||||||
| Wynn Resorts, Ltd. |
830,534 | 155,376,301 | ||||||
| Common Stocks | Shares | Value | ||||||
| Xcel Energy, Inc. |
5,148,163 | $ | 156,504,155 | |||||
| Xerox Corp. |
11,119,842 | 147,115,510 | ||||||
| Xilinx, Inc. |
2,741,175 | 116,088,761 | ||||||
| XL Group PLC |
2,784,786 | 92,371,352 | ||||||
| Xylem, Inc. |
1,877,236 | 66,623,106 | ||||||
| Yahoo!, Inc.(a) |
9,489,338 | 386,690,523 | ||||||
| Yum! Brands, Inc. |
4,530,652 | 326,116,331 | ||||||
| Zimmer Holdings, Inc. |
1,726,802 | 173,629,941 | ||||||
| Zions Bancorporation |
2,080,047 | 60,446,166 | ||||||
| Zoetis, Inc. |
5,089,325 | 188,050,559 | ||||||
|
|
|
|||||||
| Total Common Stocks(e) |
$ | 179,655,913,963 | ||||||
|
|
|
|||||||
| (a) | Non-income producing security |
| (b) | When-Issued Security — when issued securities are securities that are authorized but are not yet issued in the market. A fund will generally purchase securities on a when-issued basis with the intention of acquiring the securities for its portfolio. The Trust received CDK Global, Inc. through a spin-off from Automatic Data Processing, Inc. on October 1, 2014. A portion of CDK Global, Inc. was sold as a forward commitment on September 30, 2014. The effects of the spin-off and the forward commitment sale of CDK Global, Inc. have been recorded in the financial statements and financial highlights. |
| (c) | Affiliate of the Sponsor. See the table below for more information. |
| (d) | Affiliate of the Trustee. See the table below for more information. |
| (e) | The values of the securities of the Trust are determined based on Level 1 inputs. (Note 2) |
REIT = Real Estate Investment Trust
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, Intercontinental Exchange, Inc., and NYSE Euronext Holdings LLC (now NYSE Holdings LLC (Note1), which was acquired by Intercontinental Exchange, Inc. on November 13, 2013), which are considered affiliates of the Sponsor. Amounts related to these investments at September 30, 2014, and for the year then ended are (Note 3):
| Number of Shares Held at 9/30/13 |
Cost at 9/30/13 | Value at 9/30/13 | Purchased* | Sold* | Number of Shares Held at 9/30/14 |
Value at 9/30/14 | Dividend Income |
Realized Gain |
||||||||||||||||||||||||||||||||||||
| Cost | Shares | Proceeds | Shares | |||||||||||||||||||||||||||||||||||||||||
| State Street Corp. |
4,311,620 | $ | 267,282,534 | $ | 283,489,015 | $ | 314,024,172 | 4,521,976 | $ | 308,999,721 | 4,488,488 | 4,345,108 | $ | 319,843,400 | $ | 4,831,810 | $ | 31,756,021 | ||||||||||||||||||||||||||
| NYSE Euronext Holdings LLC |
2,341,254 | 93,373,193 | 98,285,843 | 16,451,278 | 372,504 | 121,957,641 | 2,713,758 | — | — | — | 12,133,170 | |||||||||||||||||||||||||||||||||
| Intercontinental Exchange, Inc. |
700,086 | 116,441,088 | 127,009,602 | 311,274,120 | 1,549,592 | 218,466,810 | 1,085,756 | 1,163,922 | 227,022,986 | 2,906,139 | 28,004,673 | |||||||||||||||||||||||||||||||||
| * | Purchased and Sold figures include securities received or delivered from processing creations or redemptions of Units. |
See accompanying notes to financial statements.
7
SPDR S&P 500 ETF Trust
Schedule of Investments (continued)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*
| INDUSTRY | PERCENT OF NET ASSETS** |
|||
| Oil, Gas & Consumable Fuels |
7.79 | % | ||
| Pharmaceuticals |
6.57 | |||
| Technology Hardware, Storage & Peripherals |
4.59 | |||
| Insurance |
4.22 | |||
| Software |
3.81 | |||
| Diversified Financial Services |
3.65 | |||
| Media |
3.64 | |||
| Internet Software & Services |
3.44 | |||
| IT Services |
3.26 | |||
| Biotechnology |
2.89 | |||
| Banks |
2.83 | |||
| Aerospace & Defense |
2.63 | |||
| Chemicals |
2.55 | |||
| Semiconductors & Semiconductor Equipment |
2.44 | |||
| Diversified Telecommunication Services |
2.43 | |||
| Industrial Conglomerates |
2.36 | |||
| Capital Markets |
2.27 | |||
| Food & Staples Retailing |
2.22 | |||
| Beverages |
2.20 | |||
| Health Care Providers & Services |
2.15 | |||
| Specialty Retail |
2.13 | |||
| Real Estate Investment Trusts (REITs) |
2.00 | |||
| Household Products |
1.91 | |||
| Energy Equipment & Services |
1.82 | |||
| Health Care Equipment & Supplies |
1.69 | |||
| Communications Equipment |
1.67 | |||
| Hotels, Restaurants & Leisure |
1.62 | |||
| Electric Utilities |
1.61 | |||
| Food Products |
1.59 | |||
| Machinery |
1.57 | |||
| Tobacco |
1.49 | |||
| Internet & Catalog Retail |
1.30 | |||
| Multi-Utilities |
1.23 | |||
| Road & Rail |
1.04 | |||
| Consumer Finance |
0.92 | |||
| Textiles, Apparel & Luxury Goods |
0.83 | |||
| Air Freight & Logistics |
0.74 | |||
| Multiline Retail |
0.68 | |||
| Electrical Equipment |
0.66 | |||
| Automobiles |
0.65 | |||
| Metals & Mining |
0.49 | |||
| Life Sciences Tools & Services |
0.46 | |||
| Electronic Equipment, Instruments & Components |
0.41 | |||
| Commercial Services & Supplies |
0.39 | |||
| Household Durables |
0.38 | |||
| Auto Components |
0.38 | |||
| Airlines |
0.31 | |||
| INDUSTRY | PERCENT OF NET ASSETS** |
|||
| Trading Companies & Distributors |
0.22 | % | ||
| Professional Services |
0.19 | |||
| Paper & Forest Products |
0.16 | |||
| Wireless Telecommunication Services |
0.15 | |||
| Construction & Engineering |
0.14 | |||
| Containers & Packaging |
0.14 | |||
| Personal Products |
0.13 | |||
| Gas Utilities |
0.11 | |||
| Independent Power & Renewable Electricity Producers |
0.11 | |||
| Health Care Technology |
0.10 | |||
| Leisure Products |
0.10 | |||
| Construction Materials |
0.09 | |||
| Distributors |
0.08 | |||
| Building Products |
0.07 | |||
| Thrifts & Mortgage Finance |
0.05 | |||
| Diversified Consumer Services |
0.05 | |||
| Real Estate Management & Development |
0.05 | |||
| Other Assets & Liabilities |
0.15 | |||
|
|
||||
| Total |
100.00 | % | ||
|
|
||||
| * | SPDR S&P 500 ETF Trust’s industry breakdown is expressed as a percentage of net assets and may change over time. |
| ** | Each security is valued based on Level 1 inputs. (Note 2) |
See accompanying notes to financial statements.
8
SPDR S&P 500 ETF Trust
Statement of Assets and Liabilities
| ASSETS |
||||
| Investments in unaffiliated issuers, at value |
$ | 179,109,047,577 | ||
| Investments in affiliates of the Trustee and the Sponsor, at value |
546,866,386 | |||
|
|
|
|||
| Total investments |
179,655,913,963 | |||
| Cash |
897,429,515 | |||
| Receivable for investments sold; when issued security |
48,275,257 | |||
| Dividends receivable — unaffiliated issuers net of withholding tax |
206,225,582 | |||
| Dividends receivable — affiliated issuers |
2,046,093 | |||
|
|
|
|||
| Total Assets |
180,809,890,410 | |||
|
|
|
|||
| LIABILITIES |
||||
| Payable for units of fractional undivided interest (“Units”) redeemed in-kind |
1,240,571 | |||
| Income distribution payable |
846,803,867 | |||
| Accrued Trustee expense (Note 3) |
5,862,067 | |||
| Accrued marketing expense (Note 3) |
17,964,869 | |||
| Accrued expenses and other liabilities |
22,622,600 | |||
|
|
|
|||
| Total Liabilities |
894,493,974 | |||
|
|
|
|||
| NET ASSETS |
$ | 179,915,396,436 | ||
|
|
|
|||
| NET ASSETS CONSIST OF: |
||||
| Paid in Capital (Note 4) |
$ | 182,270,886,444 | ||
| Distribution in excess of net investment income |
(804,394,943 | ) | ||
| Accumulated net realized gain on investments |
(6,238,254,203 | ) | ||
| Net unrealized appreciation on investments |
4,687,159,138 | |||
|
|
|
|||
| NET ASSETS |
$ | 179,915,396,436 | ||
|
|
|
|||
| NET ASSET VALUE PER UNIT |
$ | 196.98 | ||
|
|
|
|||
| UNITS OUTSTANDING, UNLIMITED UNITS AUTHORIZED |
913,382,116 | |||
|
|
|
|||
| COST OF INVESTMENTS: |
||||
| Unaffiliated issuers |
$ | 174,427,438,748 | ||
| Affiliates of the Trustee and the Sponsor (Note 3) |
541,316,077 | |||
|
|
|
|||
| Total Cost of Investments |
$ | 174,968,754,825 | ||
|
|
|
See accompanying notes to financial statements.
9
SPDR S&P 500 ETF Trust
Statements of Operations
| For the Year Ended September 30, 2014 |
For the Year Ended September 30, 2013 |
For the Year Ended September 30, 2012 |
||||||||||
| INVESTMENT INCOME |
||||||||||||
| Dividend income — unaffiliated issuers |
$ | 3,282,246,167 | $ | 2,928,179,277 | $ | 2,135,559,412 | ||||||
| Dividend income — affiliates of the Trustee and the Sponsor |
7,737,949 | 7,182,288 | 6,306,634 | |||||||||
| Foreign taxes withheld |
(55,714 | ) | (2,155,873 | ) | — | |||||||
|
|
|
|
|
|
|
|||||||
| Total Investment Income |
3,289,928,402 | 2,933,205,692 | 2,141,866,046 | |||||||||
| EXPENSES |
||||||||||||
| Trustee expense (Note 3) |
94,051,423 | 74,263,542 | 55,224,103 | |||||||||
| S&P license fee (Note 3) |
49,409,863 | 39,725,196 | 30,163,235 | |||||||||
| Marketing expense (Note 3) |
32,539,910 | 26,083,464 | 19,708,823 | |||||||||
| Legal and audit services |
31,642 | 475,897 | 895,131 | |||||||||
| Other expenses |
2,594,912 | 3,081,480 | 2,692,302 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Expenses |
178,627,750 | 143,629,579 | 108,683,594 | |||||||||
| Trustee expense waiver |
(24,863,548 | ) | (20,385,210 | ) | (15,559,404 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| Net Expenses |
153,764,202 | 123,244,369 | 93,124,190 | |||||||||
|
|
|
|
|
|
|
|||||||
| NET INVESTMENT INCOME |
3,136,164,200 | 2,809,961,323 | 2,048,741,856 | |||||||||
|
|
|
|
|
|
|
|||||||
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS |
||||||||||||
| Net realized gain (loss) on: |
||||||||||||
| Investment transactions — unaffiliated issuers |
19,553,859,588 | 16,411,092,129 | 8,742,019,176 | |||||||||
| Investment transactions — affiliates of the Trustee and the Sponsor |
71,893,864 | 75,913,401 | (418,387 | ) | ||||||||
| Net change in unrealized appreciation (depreciation) on: |
||||||||||||
| Investment transactions — unaffiliated issuers |
4,246,483,070 | 2,965,943,531 | 13,032,032,478 | |||||||||
| Investment transactions — affiliates of the Trustee and the Sponsor |
(15,568,822 | ) | 65,931,190 | 35,928,935 | ||||||||
|
|
|
|
|
|
|
|||||||
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS |
23,856,667,700 | 19,518,880,251 | 21,809,562,202 | |||||||||
|
|
|
|
|
|
|
|||||||
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 26,992,831,900 | $ | 22,328,841,574 | $ | 23,858,304,058 | ||||||
|
|
|
|
|
|
|
|||||||
See accompanying notes to financial statements.
10
SPDR S&P 500 ETF Trust
Statements of Changes in Net Assets
| For the Year Ended September 30, 2014 |
For the Year Ended September 30, 2013 |
For the Year Ended September 30, 2012 |
||||||||||
| INCREASE IN NET ASSETS RESULTING FROM OPERATIONS: |
||||||||||||
| Net investment income |
$ | 3,136,164,200 | $ | 2,809,961,323 | $ | 2,048,741,856 | ||||||
| Net realized gain (loss) on investment transactions |
19,625,753,452 | 16,487,005,530 | 8,741,600,789 | |||||||||
| Net change in unrealized appreciation (depreciation) on investment transactions |
4,230,914,248 | 3,031,874,721 | 13,067,961,413 | |||||||||
|
|
|
|
|
|
|
|||||||
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
26,992,831,900 | 22,328,841,574 | 23,858,304,058 | |||||||||
|
|
|
|
|
|
|
|||||||
| NET EQUALIZATION CREDITS AND CHARGES |
62,384,940 | 69,879,138 | 115,422,459 | |||||||||
|
|
|
|
|
|
|
|||||||
| DISTRIBUTIONS TO UNITHOLDERS FROM NET INVESTMENT INCOME |
(3,236,399,773 | ) | (2,898,906,428 | ) | (2,209,395,148 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| INCREASE (DECREASE) IN NET ASSETS FROM UNIT TRANSACTIONS: |
||||||||||||
| Proceeds from issuance of Units |
384,831,248,199 | 421,569,465,638 | 412,781,633,972 | |||||||||
| Cost of Units redeemed |
(373,296,420,608 | ) | (414,539,883,142 | ) | (397,131,183,744 | ) | ||||||
| Net income equalization (Note 2) |
(62,384,940 | ) | (69,879,138 | ) | (115,422,459 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| NET INCREASE IN NET ASSETS FROM ISSUANCE AND REDEMPTION OF UNITS |
11,472,442,651 | 6,959,703,358 | 15,535,027,769 | |||||||||
|
|
|
|
|
|
|
|||||||
| NET INCREASE IN NET ASSETS DURING THE YEAR |
35,291,259,718 | 26,459,517,642 | 37,299,359,138 | |||||||||
| NET ASSETS AT BEGINNING OF YEAR |
144,624,136,718 | 118,164,619,076 | 80,865,259,938 | |||||||||
|
|
|
|
|
|
|
|||||||
| NET ASSETS AT END OF YEAR* |
$ | 179,915,396,436 | $ | 144,624,136,718 | $ | 118,164,619,076 | ||||||
|
|
|
|
|
|
|
|||||||
| UNIT TRANSACTIONS: |
||||||||||||
| Units sold |
2,061,700,000 | 2,724,700,000 | 3,116,800,000 | |||||||||
| Units redeemed |
(2,009,400,000 | ) | (2,684,200,000 | ) | (3,011,050,000 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| NET INCREASE |
52,300,000 | 40,500,000 | 105,750,000 | |||||||||
|
|
|
|
|
|
|
|||||||
| *INCLUDES UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME |
$ | (804,394,943 | ) | $ | (704,159,370 | ) | $ | (615,214,265 | ) | |||
|
|
|
|
|
|
|
|||||||
See accompanying notes to financial statements.
11
SPDR S&P 500 ETF Trust
Financial Highlights
Selected data for a Unit outstanding throughout each year
| For the Year Ended September 30, 2014 |
For the Year Ended September 30, 2013 |
For the Year Ended September 30, 2012 |
For the Year Ended September 30, 2011 |
For the Year Ended September 30, 2010 |
||||||||||||||||
| Net asset value, beginning of year |
$ | 167.96 | $ | 144.00 | $ | 113.12 | $ | 114.13 | $ | 105.73 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Investment operations: |
||||||||||||||||||||
| Net investment income(1) |
3.60 | 3.36 | 2.77 | 2.42 | 2.20 | |||||||||||||||
| Net realized and unrealized gain (loss) on investments |
29.03 | 23.91 | 30.80 | (1.16 | ) | 8.24 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total from investment operations |
32.63 | 27.27 | 33.57 | 1.26 | 10.44 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net equalization credits and charges(1) |
0.07 | 0.08 | 0.16 | 0.19 | 0.16 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Less distributions from: |
||||||||||||||||||||
| Net investment income |
(3.68 | ) | (3.39 | ) | (2.85 | ) | (2.46 | ) | (2.20 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net asset value, end of year |
$ | 196.98 | $ | 167.96 | $ | 144.00 | $ | 113.12 | $ | 114.13 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total return(2) |
19.57 | % | 19.09 | % | 29.96 | % | 1.01 | % | 10.08 | % | ||||||||||
| Ratios and supplemental data |
||||||||||||||||||||
| Ratio to average net assets: |
||||||||||||||||||||
| Net investment income |
1.93 | % | 2.15 | % | 2.08 | % | 1.92 | % | 1.98 | % | ||||||||||
| Total expenses(3) |
0.09 | % | 0.09 | % | 0.09 | % | 0.09 | % | 0.09 | % | ||||||||||
| Total expenses excluding Trustee earnings credit |
0.11 | % | 0.11 | % | 0.11 | % | 0.11 | % | 0.11 | % | ||||||||||
| Total expenses excluding Trustee earnings credit and fee waivers |
0.11 | % | 0.11 | % | 0.11 | % | 0.11 | % | 0.11 | % | ||||||||||
| Portfolio turnover rate(4) |
3.54 | % | 2.99 | % | 3.80 | % | 3.72 | % | 5.38 | % | ||||||||||
| Net assets, end of year (000’s) |
$ | 179,915,396 | $ | 144,624,137 | $ | 118,164,619 | $ | 80,865,260 | $ | 78,190,881 | ||||||||||
| (1) | Per Unit numbers have been calculated using the average shares method, which more appropriately presents per Unit data for the year. |
| (2) | 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. Broker commission charges are not included in this calculation. |
| (3) | Net of expenses waived by the Trustee. |
| (4) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions of Units. |
See accompanying notes to financial statements.
12
SPDR S&P 500 ETF Trust
Notes to Financial Statements
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 Trust expects the risk of material loss to be remote.
On November 13, 2013, Intercontinental Exchange, Inc. (formerly known as IntercontinentalExchange Group, Inc.) (“ICE”) announced the completion of its acquisition of NYSE Holdings LLC (the parent company of the Sponsor, formerly known as NYSE Euronext Holdings LLC) (“NYSE Holdings”). Upon the closing of the acquisition, Intercontinental Exchange Holdings, Inc. (formerly known as IntercontinentalExchange, Inc.) and NYSE Holdings became wholly owned subsidiaries of 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 requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The financial statements are presented in United States dollars.
Security Valuation
The value of the Trust’s portfolio securities is based on the market price of the securities, which generally means a valuation obtained from an exchange or other market (or based on a price quotation or other equivalent indication of value supplied by an exchange or other market) or a valuation obtained from an independent pricing service. If a security’s market price is not readily available or does not otherwise accurately reflect the fair value of the security, the security will be valued by another method that the Trustee believes will better reflect fair value in accordance with the Trust’s valuation policies and procedures. The Trustee has adopted procedures concerning securities valuation pursuant to which an Oversight Committee makes determinations as to whether market quotations are not readily available or do not otherwise accurately reflect the fair value of the security. The Oversight Committee, or a subgroup thereof, subject to oversight by the Trustee, may use fair value pricing in a variety of circumstances,
13
SPDR S&P 500 ETF Trust
Notes to Financial Statements (continued)
Note 2 — Significant Accounting Policies – (continued)
including but not limited to, situations when trading in a security has been suspended or halted. Fair value pricing involves subjective judgments and it is possible that the fair value determination for a security is materially different than the value that could be received on the sale of the security.
The Trust continues to follow the authoritative guidance for fair value measurements and the fair value option for financial assets and financial liabilities. The guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The guidance establishes three levels of inputs that may be used to measure fair value:
| • | Level 1 — quoted prices in active markets for identical investments |
| • | Level 2 — other significant observable inputs (including, but not limited to, quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| • | Level 3 — significant unobservable inputs (including the Trust’s own assumptions in determining the fair value of investments) |
Investments that use Level 2 or Level 3 inputs may include, but are not limited to: (i) an unlisted security related to corporate actions; (ii) a restricted security (i.e., one that may not be publicly sold without registration under the Securities Act of 1933, as amended); (iii) a security whose trading has been suspended or which has been de-listed from its primary trading exchange; (iv) a security that is thinly traded; (v) a security in default or bankruptcy proceedings for which there is no current market quotation; (vi) a security affected by currency controls or restrictions; and (vii) a security affected by a significant event (i.e., an event that occurs after the close of the markets on which the security is traded but before the time as of which the Trust’s net assets are computed and that may materially affect the value of the Trust’s investments). Examples of events that may be “significant events” are government actions, natural disasters, armed conflicts, acts of terrorism and significant market fluctuations.
Fair value pricing could result in a difference between the prices used to calculate the Trust’s NAV and the prices used by the 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 inputs or methodology used for valuation are not necessarily an indication of the risk associated with investing in those investments. The types of inputs used to value each security are identified in the Schedule of Investments, which also includes a breakdown of the Trust’s investments by industry.
The Trust did not hold any investments valued using Level 2 or Level 3 inputs as of September 30, 2014 and did not have any transfers between levels for the year ended September 30, 2014.
Investment Risk
The Trust’s investments are exposed to risks, such as 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
14
SPDR S&P 500 ETF Trust
Notes to Financial Statements (continued)
Note 2 — Significant Accounting Policies – (continued)
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.
Investment Transactions
Investment transactions are recorded on the trade date. Realized gains and losses from the sale or disposition of securities are recorded on the identified cost basis. Dividend income, which may be subject to withholding tax, is recorded on the ex-dividend date.
Distributions to Unitholders
The Trust declares and distributes dividends from net investment income to its holders of Units (“Unitholders”) quarterly. The Trust declares and distributes net realized capital gains, if any, at least annually.
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 Statement of Changes in Net Assets.
U.S. Federal Income Tax and Certain Other Tax Matters
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.
Accounting Standards Codification 740, Income Taxes (“ASC 740”) established financial accounting and disclosure requirements for recognition and measurement of tax positions taken, and whether those tax positions are more likely than not to be sustained upon examination by the applicable taxing authority based on the technical merits of the position. The Trust has not recognized any liabilities relating to tax positions considered to be uncertain tax positions for the current year or prior years. The Trust may be subject to potential examinations by certain taxing authorities for all open tax years (the current and prior years, as applicable). 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.
The Trust has reviewed the tax positions for the open tax years as of September 30, 2014 and has determined that no provision for income tax is required in the Trust’s financial statements. The Trust’s U.S. federal tax returns for the prior three fiscal years remain subject to examination by the Trust’s major tax jurisdictions, which include the
15
SPDR S&P 500 ETF Trust
Notes to Financial Statements (continued)
Note 2 — Significant Accounting Policies – (continued)
United States of America and the State of New York. The Trust would recognize 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, 2014.
At September 30, 2014, the Trust had the following capital loss carryforwards that may be utilized to offset any net realized gains, expiring September 30 of the year indicated:
| 2015 |
$ | 1,056,971,322 | ||
| 2016 |
917,820,735 | |||
| 2017 |
2,553,965,847 | |||
| 2018 |
188,539,023 | |||
| Non-Expiring – Short Term |
416,362,178 | |||
| Non-Expiring – Long Term |
1,096,002,821 |
During the tax year ended September 30, 2014, the Trust utilized capital loss carryforwards of $0 and had $1,174,140,896 of capital loss carryforwards expire.
During the year ended September 30, 2014, the Trust reclassified $20,045,595,976 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, 2014, the cost of investments for U.S. federal income tax purposes was $174,977,347,102. Gross unrealized appreciation was $9,145,606,731 and gross unrealized depreciation was $4,467,039,870, resulting in net unrealized appreciation of $4,678,566,861.
The tax character of distributions paid during the years ended September 30, 2014, 2013 and 2012 were as follows:
| Tax Year of Distribution |
2014 | 2013 | 2012 | |||||||||
| Ordinary Income |
$ | 3,236,399,773 | $ | 2,898,906,428 | $ | 2,209,395,148 | ||||||
As of September 30, 2014, the components of distributable earnings (excluding unrealized appreciation/(depreciation)) were undistributed ordinary income of $42,408,924 and undistributed net capital gain of $0.
Net capital losses realized by the Trust after October 31 and ordinary losses realized by the Trust after December 31 may be deferred and treated as occurring on the first day of the following fiscal year. The Trust elected for U.S. federal income tax purposes to defer the following current year post October 31 and post December 31 losses, as applicable, as though the losses were incurred on the first day of the next fiscal year:
| Post October Loss Deferral |
$ | 0 | ||
| Late Year Ordinary Loss Deferral |
0 |
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
16
SPDR S&P 500 ETF Trust
Notes to Financial Statements (continued)
Note 3 — Transactions with the Trustee and Sponsor – (continued)
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 year ended September 30, 2014:
| 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 |
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 year ended September 30, 2014, the Adjustment Amount reduced the Trustee’s fee by $4,168,306. The Adjustment Amount included an excess of net transaction fees from processing orders of $3,644,973 and a Trustee earnings credit of $523,333.
The Trustee has voluntarily agreed to waive a portion of its fee, as needed, for one year until February 1, 2015, so that the total operating expenses would not exceed 0.0945% per annum of the daily NAV of the Trust. The total amount of such waivers by the Trustee for the years ended September 30, 2012, September 30, 2013 and September 30, 2014 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.
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 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 a 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.
17
SPDR S&P 500 ETF Trust
Notes to Financial Statements (continued)
Note 3 — Transactions with the Trustee and Sponsor – (continued)
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 Group, Inc., which is considered an affiliate of the Sponsor. Such investments were made according to the representative portion of the S&P 500 Index. The market value of these investments at September 30, 2014 is listed in the Schedule of Investments.
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 (“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 year ended September 30, 2014, the Trust had in-kind contributions, in-kind redemptions, purchases and sales of investment securities of $171,984,211,083, $160,517,711,791, $5,958,935,567 and $5,766,195,390, respectively. Net realized gain (loss) on investment transactions in the Statements of Operations includes net gains resulting from in-kind transactions of $20,056,112,897.
18
SPDR S&P 500 ETF Trust
Report of Independent Registered Public Accounting Firm
To the Trustee and Unitholders of
SPDR S&P 500 ETF Trust:
In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the SPDR S&P 500 ETF Trust at September 30, 2014, the results of its operations, the changes in its net assets, and the financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Trustee. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at September 30, 2014 by correspondence with the custodian and the application of alternative auditing procedures where securities purchased had not been received, provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
19
SPDR S&P 500 ETF Trust
Other Information
September 30, 2014 (Unaudited)
For U.S. federal income tax purposes, the percentage of Trust distributions that qualify for the corporate dividends received deduction for the fiscal year ended September 30, 2014 is 97.74%.
For the fiscal year ended September 30, 2014, certain dividends paid by the Trust may be designated as qualified dividend income for U.S. federal income tax purposes and subject to a maximum U.S. federal income tax rate of 20%. Complete information will be reported in conjunction with your 2014 Form 1099-DIV.
FREQUENCY DISTRIBUTION OF DISCOUNTS AND PREMIUMS
Bid/Ask Price(1) vs Net Asset Value
As of September 30, 2014
| Bid/Ask Price Above NAV | Bid/Ask Price Below NAV | |||||||||||||||||||||||
| 50-99 BASIS POINTS |
100-199 BASIS POINTS |
>200 BASIS POINTS |
50-99 BASIS POINTS |
100-199 BASIS POINTS |
>200 BASIS POINTS |
|||||||||||||||||||
| 2014 |
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| 2013 |
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| 2012 |
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| 2011 |
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| 2010 |
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
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 |
19.57 | % | 105.73 | % | 115.89 | % | ||||||
| Return Based on Bid/Ask Price |
19.54 | % | 106.06 | % | 116.16 | % | ||||||
| S&P 500 Index |
19.73 | % | 107.30 | % | 118.04 | % | ||||||
Average Annual Total Return
| 1 Year | 5 Year | 10 Year | ||||||||||
| SPDR S&P 500 ETF Trust |
||||||||||||
| Return Based on NAV |
19.57 | % | 15.52 | % | 8.00 | % | ||||||
| Return Based on Bid/Ask Price |
19.54 | % | 15.56 | % | 8.01 | % | ||||||
| S&P 500 Index |
19.73 | % | 15.70 | % | 8.11 | % | ||||||
| (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. |
20
SPDR S&P 500 ETF Trust
(Unaudited)
Sponsor
PDR Services LLC
c/o NYSE Holdings LLC
11 Wall Street
Trustee
State Street Bank and Trust Company
One Lincoln Street
Distributor
ALPS Distributors, Inc.
1290 Broadway Suite 1100
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
125 High Street
SPDRAR
| This ‘N-30D’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| 12/31/17 | ||||
| 2/1/15 | ||||
| Filed on / Effective on: | 12/1/14 | |||
| 11/26/14 | ||||
| 10/1/14 | ||||
| 9/30/14 | ||||
| 11/13/13 | ||||
| For Period End: | 9/30/13 | 24F-2NT, N-30D, NSAR-U | ||
| 9/30/12 | 24F-2NT, N-30D, NSAR-U | |||
| 9/30/11 | 24F-2NT, N-30D, N-30D/A, NSAR-U | |||
| 9/30/10 | 24F-2NT, N-30D, NSAR-U | |||
| 11/28/08 | ||||
| 1/22/93 | ||||
| List all Filings | ||||