SPDR Series Trust

Note to Performance Summary (Unaudited)

The performance chart of a Fund’s total return at net asset value (“NAV”), the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. A Fund’s per share NAV is the value of one share of a Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of a Fund and the market return is based on the market price per share of a Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of a Fund are listed for trading, as of the time that a Fund’s NAV is calculated. NAV and market returns assume that dividends and capital gain distributions have been reinvested in a Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, a Fund’s performance is negatively impacted by these deductions. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.

The Russell 1000 Yield Focused Factor Index is designed to reflect the performance of a segment of large-capitalization U.S. equity securities demonstrating a combination of core factors (high value, high quality, and low size characteristics), with a focus factor comprising high yield characteristics.

The Russell 1000 Momentum Focused Factor Index is designed to reflect the performance of a segment of large-capitalization U.S. equity securities demonstrating a combination of core factors (high value, high quality, and low size characteristics), with a focus factor comprising high momentum characteristics.

The Russell 1000 Low Volatility Focused Factor Index is designed to reflect the performance of a segment of large-capitalization U.S. equity securities demonstrating a combination of core factors (high value, high quality, and low size characteristics), with a focus factor comprising low volatility characteristics.

The S&P MidCap 400 Growth Index measures the performance of the mid-capitalization growth segment in the U.S. equity market.

The S&P MidCap 400 Value Index measures the performance of the mid-capitalization value segment in the U.S. equity market.

The S&P 500 ESG Index is designed to measure the performance of securities meeting certain sustainability criteria, while maintaining similar overall industry group weights as the S&P 500 Index.

The S&P SmallCap 600 Growth Index measures the performance of the small-capitalization growth segment in the U.S. equity market.

The S&P SmallCap 600 Value Index measures the performance of the small-capitalization value segment in the U.S. equity market.

The S&P 1500 Low Valuation Tilt Index applies an alternative weighting methodology to the S&P Composite 1500 Index so that stocks with relatively low valuations (i.e., relatively “cheap”) are overweight relative to the S&P Composite 1500 Index and stocks with relatively high valuations (i.e., relatively “rich”) are underweight.

The S&P 1500 Positive Momentum Tilt Index applies an alternative weighting methodology to the S&P Composite 1500 Index so that stocks with relatively high momentum are overweight relative to the S&P 1500 Index and stocks with relatively low momentum are underweight.

The S&P Kensho Clean Power Index is comprised of U.S.-listed equity securities (including depositary receipts) of companies domiciled across developed and emerging markets worldwide which are included in the Clean Power sector as determined by a classification standard produced by S&P Dow Jones Indices LLC (the "Index Provider"). The index is designed to capture companies whose products and services are driving innovation behind clean power.

The S&P Kensho Final Frontiers Index is comprised of U.S.-listed equity securities (including depositary receipts) of companies domiciled across developed and emerging markets worldwide which are included in the Final Frontiers sector as determined by a classification standard produced by S&P Dow Jones Indices LLC (the "Index Provider"). The index is designed to capture companies whose products and services are driving innovation behind the exploration of deep space and deep sea.

The S&P Kensho Future Security Index is comprised of U.S.-listed equity securities (including depositary receipts) of companies domiciled across developed and emerging markets worldwide which are included in the Future Security sector as determined by a classification standard produced by S&P Dow Jones Indices LLC. In particular, the Index comprises the components of the S&P Kensho Cyber Security Index and the S&P Kensho Smart Borders Index, and the military components of the S&P Kensho Robotics Index, the S&P Kensho Drones Index, the S&P Kensho Space Index, the S&P KenshoWearables Index and the S&P Kensho Virtual Reality Index as of the Index's annual reconstitution day on the third Friday in June, subject to certain liquidity thresholds.

The S&P Kensho Intelligent Infrastructure Index is comprised of U.S.-listed equity securities (including depositary receipts) of companies domiciled across developed and emerging markets worldwide which are included in the Intelligent Infrastructure sector as determined by a classification standard produced by S&P Dow Jones Indices LLC. The Index is designed to capture companies whose products and services are driving innovation behind intelligent infrastructure.

The S&P Kensho New Economies Composite Index is comprised of U.S.-listed equity securities (including depositary receipts) of companies domiciled across developed and emerging markets worldwide. The index is designed to capture companies whose products and services are driving innovation and transforming the global economy through the use of existing and emerging technologies, and rapid developments in robotics, automation, artificial intelligence, connectedness and processing power ("New Economies companies"). The index is comprised of each of the eligible Kensho New Economies Sub-Indexes. Each Kensho Sub-Index is weighted by its Sharpe ratio with an annual reconstitution. There are currently more than 20 Sub-Indexes in the Composite.

See accompanying notes to financial statements.

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Note to Performance Summary (Unaudited) (continued)

Kensho identifies companies in its New Economy Subsectors using its propriety Natural Language Processing "NLP", which leverages their artificial intelligence capabilities to screen regulatory forms for key words and phrases in the appropriate context relevant to the respective new economy sector to find companies for inclusion.

The S&P Kensho Smart Transportation Index is comprised of U.S.-listed equity securities (including depositary receipts) of companies domiciled across developed and emerging markets worldwide which are included in the Smart Transportation sector as determined by a classification standard produced by S&P Dow Jones Indices LLC. The Index is designed to capture companies whose products and services are driving innovation behind smart transportation.

The SSGA US Large Cap Low Volatility Index is designed to track the performance of U.S. large capitalization companies that exhibit low volatility. Volatility is a statistical measurement of the magnitude of movements in a stock’s price over time.

The SSGA US Small Cap Low Volatility Index is designed to track the performance of U.S. small capitalization companies that exhibit low volatility. Volatility is a statistical measurement of the magnitude of movements in a stock's price over time.

See accompanying notes to financial statements.

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SPDR MSCI USA Climate Paris Aligned ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR MSCI USA Climate Paris Aligned ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that provides exposure to U.S. large- and mid-capitalization companies and is designed to exceed the minimum standards of a “Paris Aligned Benchmark” under the European Union’s Low Carbon Benchmark Regulation (the “EU BMR”) by, in the aggregate, seeking to minimize exposure to physical and transition risks of climate change and target exposure to companies more favorably positioned to benefit from opportunities arising from the transition to a lower carbon economy. The Fund’s benchmark is the MSCI USA Climate Paris Aligned Index (the “Index”).

For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 20.25%, and the Index was 20.39%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag and the cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.

U.S. Equity investors have enjoyed strong returns over the fiscal year, with the MSCI USA Climate Paris Aligned Index posting an impressive 20.39%. For the first six months of 2023, the Index was up 19.46%.

From a macroeconomic perspective, last fiscal year was marked by Central Banks around the world lifting interest rates to combat persistent inflationary pressures. In the U.S. the Federal Funds Effective Rate moved from 1.21% in June 2022 to 5.08% at the end of June 2023. This strong increase in interest rates has impacted consumers and business alike. The U.S. Federal Reserve (“the Fed”) has committed to bring down inflation and will employ all means at its disposal to achieve this objective. The question for the U.S. economy is whether a soft landing can be achieved or will this restrictive monetary policy yield a mild recession.

At the same time, international geopolitical tensions continued particularly in Europe with the ongoing war in Ukraine. This conflict has now extended for over one year with no clear end in sight. The U.S. and its NATO allies have committed to providing assistance to Ukraine to defeat Russia and this commitment seems to be unwavering. At the same time, the U.S.-China bilateral relationship has been tested. Risks of a potential war between China and Taiwan along with bilateral trade imbalances pose medium term risk for investors, although we believe this risk will moderate over the coming months.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were NVIDIA Corp., Apple, Inc. and Microsoft Corp.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were First Republic Bank, Pfizer, Inc. and SVB Financial Group.

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.

See accompanying notes to financial statements.

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SPDR MSCI USA Climate Paris Aligned ETF

Performance Summary (Unaudited)

Performance as of June 30, 2023

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	MSCI USA Climate Paris Aligned Index	Net Asset Value	Market Value	MSCI USA Climate Paris Aligned Index
ONE YEAR	20.25%	20.15%	20.39%	20.25%	20.15%	20.39%
SINCE INCEPTION⁽¹⁾	3.81%	2.13%	3.93%	3.19%	1.79%	3.29%

(1)

For the period April 22, 2022 to June 30, 2023. Since shares of the Fund did not trade in the secondary market until one day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (4/21/22, 4/30/22, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)

Line graph is based on cumulative total return.

The total expense ratio for SPDR MSCI USA Climate Paris Aligned ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.10%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.

See accompanying notes to financial statements.

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SPDR Russell 1000 Low Volatility Focus ETF

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR Russell 1000 Low Volatility Focus ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the Russell 1000 Low Volatility Focused Factor Index. The Fund’s benchmark is the Russell 1000 Low Volatility Focused Factor Index (the “Index”).

For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 12.87%, and the Index was 13.06%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

Industrials, Information Technology and Health Care were primary drivers of Fund performance during the Reporting Period. Utilities, Real Estate and Consumer Staples were the bottom sectors contributing to total return.

U.S. Equity investors have enjoyed strong returns over the past year, with the S&P 500 Index posting an impressive 18.05% total return. Small cap securities also progressed with the S&P 600 Index advancing 9.75% over this period. For the first six months of 2023, the S&P 500 Index was up 16.89% and the Bloomberg U.S. Aggregate Bond Index climbed 2.09%, resulting in a positive rebound for traditional 60/40 balanced investors, a welcome reprieve from 2022 strong losses.

From a macroeconomic perspective, last year was marked by Central Banks around the world lifting interest rates to combat persistent inflationary pressures. In the U.S. the Federal Funds Effective Rate moved from 1.21% in June 2022 to 5.08% at the end of June 2023. This strong increase in interest rates has impacted consumers and business alike. The U.S. Federal Reserve (“the Fed”) has committed to bring down inflation and will employ all means at its disposal to achieve this objective. The question for the U.S. economy is whether a soft landing can be achieved or will this restrictive monetary policy yield a mild recession.

The Fund used exchange-traded Index futures in order to replicate the index and equitize cash and receivables during the Reporting Period. The Fund’s use of exchange-traded Index futures helped the Fund track the Index.

On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Reliance Steel & Aluminum Co., McKesson Corp. and Cardinal Health, Inc.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Advance Auto Parts, Inc., Dollar General Cop. and Tyson Foods, Inc.

See accompanying notes to financial statements.

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SPDR Russell 1000 Low Volatility Focus ETF

Performance Summary (Unaudited)

Performance as of June 30, 2023

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	Russell 1000 Low Volatility Focused Factor Index	Net Asset Value	Market Value	Russell 1000 Low Volatility Focused Factor Index
ONE YEAR	12.87%	12.84%	13.06%	12.87%	12.84%	13.06%
FIVE YEARS	64.08%	63.98%	65.77%	10.41%	10.40%	10.64%
SINCE INCEPTION⁽¹⁾	123.99%	124.02%	127.71%	11.22%	11.23%	11.47%

(1)

For the period December 2, 2015 to June 30, 2023. Since shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (12/2/15, 12/3/15, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)

Line graph is based on cumulative total return.

The total expense ratio for SPDR Russell 1000 Low Volatility Focus ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.20%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.

See accompanying notes to financial statements.

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SPDR Russell 1000 Momentum Focus ETF

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR Russell 1000 Momentum Focus ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the Russell 1000 Momentum Focused Factor Index. The Fund’s benchmark is the Russell 1000 Momentum Focused Factor Index (the “Index”).

For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 16.40%, and the Index was 16.53%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag and cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.

Industrials, Information Technology and Consumer Discretionary were primary drivers of Fund performance during the Reporting Period. Utilities, Real Estate and Consumer Staples were the bottom contributors to Fund performance.

U.S. Equity investors have enjoyed strong returns over the past year, with the S&P 500 Index posting an impressive 18.05% total return. Small cap securities also progressed with the S&P 600 Small Cap Index advancing 9.75% over this period. For the first six months of 2023, the S&P 500 Index was up 16.89% and the Bloomberg U.S. Aggregate Bond Index climbed 2.09%, resulting in a positive rebound for traditional 60/40 balanced investors, a welcome reprieve from 2022 strong losses.

On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Nucor Corp., Steel Dynamics, Inc., and Jabil, Inc. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were HP, Inc., Tyson Foods, Inc. and Organon & Co.

See accompanying notes to financial statements.

Table of Contents

SPDR Russell 1000 Momentum Focus ETF

Performance Summary (Unaudited)

Performance as of June 30, 2023

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	Russell 1000 Momentum Focused Factor Index	Net Asset Value	Market Value	Russell 1000 Momentum Focused Factor Index
ONE YEAR	16.40%	16.33%	16.53%	16.40%	16.33%	16.53%
FIVE YEARS	45.82%	45.72%	47.14%	7.84%	7.82%	8.03%
SINCE INCEPTION⁽¹⁾	96.46%	96.40%	99.49%	9.32%	9.31%	9.54%

(1)

Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)

Line graph is based on cumulative total return.

The total expense ratio for SPDR Russell 1000 Momentum Focus ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.20%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.

See accompanying notes to financial statements.

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SPDR Russell 1000 Yield Focus ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR Russell 1000 Yield Focus ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the Russell 1000 Yield Focused Factor Index. The Fund’s benchmark is the Russell 1000 Yield Focused Factor Index (the “Index”).

For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 10.59%, and the Index was 10.70%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag, and the cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.

Although the performance of the broader market was strong during the Reporting Period, the performance of higher yielding stocks—which tend to be correlated with value stocks—was relatively weak. Although value stocks outperformed in the fourth quarter of 2022, value stocks lagged significantly behind when markets rebounded in 2023. This was the primary driver of the Fund’s 10.59% return, which significantly underperformed the Russell 1000’s 19.36% return during the Reporting Period. Separately, the Fund’s exposure to quality and size factors generally detracted from relative performance compared to the Russell 1000 Index, as the impacts of the exposures were generally negative.

The Reporting Period’s market environment was significantly influenced by the U.S. Federal Reserve (“the Fed”) as its efforts to combat the highest U.S. inflation in nearly 40 years took center stage, as did the immediate downstream effects of these large rate increases. But there were other themes connected to energy and tech that were also impactful.

The Reporting Period began with the U.S. in a technical recession following two consecutive quarters of economic contraction. But this drove investor speculation that the Fed would have to pivot on its aggressive inflation fighting regime and temper its rate increases, which in turn drove markets sharply higher. By mid-August 2022, though, it became clear that the Fed was not going to pivot off its hawkish approach anytime soon. This, coupled with spiking energy prices in Europe and other uncertainty surrounding the war in Ukraine, resulted in a steep sell-off, putting markets into the red for the third quarter of 2022.

The tug-of-war between markets and the Fed continued in the fourth quarter of 2022. When signs appeared that the global economy was beginning to cool, however, markets counterintuitively began to rise again, fueled by the same speculation that the Fed would have to roll back its tightening measures. A surging energy sector that was benefitting from higher energy prices also helped. After four consecutive 75 bps rate increases, the Fed tightened by only 50 bps in December. However, the Fed reiterated that it would maintain its staunchly hawkish stance, capping some market exuberance but maintaining the market’s gains for the quarter.

As 2023 began, markets continued to move higher as investors interpreted inflation, GDP and headline unemployment numbers as net positives, despite some weakening corporate earnings. But the sudden collapse of Silicon Valley Bank and the deposit vulnerability it exposed in regional banks—driven by depositors chasing higher yields available in money market funds and the like—significantly rattled investors. Fortunately, when regulatory bailouts appeared to limit bank failures and contain the financial contagion, the markets recovered with surprising strength connected to newfound enthusiasm for tech companies and all things AI-related.

This enthusiasm continued into the second quarter of 2023, assisted by falling inflation and a June pause in rate hikes. To a large degree, though, market gains were dominated by a handful of tech giants. The enthusiasm for AI lifted chip makers to tremendous gains, but many other large tech names benefitted too. The performance concentration in the largest tech names that drove markets to ever higher levels was definitely noted, but concerns about lack of market breadth did not seem to unsettle investors. A final surge into the end of the Reporting Period left markets with strong gains for the year-long period.

The Fund used S&P 500 Index futures in order to equitize cash and receivables during the Reporting Period, which helps the Fund to track the Index.

On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Cardinal Health, Inc., Marathon Petroleum Corp. and Gilead Sciences, Inc.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Lumen Technologies, Inc., VF Corp. and Advance Auto Parts, Inc.

See accompanying notes to financial statements.

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SPDR Russell 1000 Yield Focus ETF

Performance Summary (Unaudited)

Performance as of June 30, 2023

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	Russell 1000 Yield Focused Factor Index	Net Asset Value	Market Value	Russell 1000 Yield Focused Factor Index
ONE YEAR	10.59%	10.54%	10.70%	10.59%	10.54%	10.70%
FIVE YEARS	58.97%	58.90%	60.69%	9.71%	9.71%	9.95%
SINCE INCEPTION⁽¹⁾	124.59%	124.57%	128.58%	11.26%	11.26%	11.53%

(1)

For the period December 2, 2015 to June 30, 2022. Since shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (12/2/15, 12/3/15, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)

Line graph is based on cumulative total return.

The total expense ratio for SPDR Russell 1000 Yield Focus ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.20%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.

See accompanying notes to financial statements.

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SPDR S&P 400 Mid Cap Growth ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR S&P 400 Mid Cap Growth ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the performance of medium capitalization exchange traded U.S. equity securities exhibiting “growth” characteristics. The Fund’s benchmark is the S&P MidCap 400 Growth Index (the “Index”).

For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 19.07%, and the Index was 19.22%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees, expenses, cash drag and cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.

Performance was muted during the first quarter of the fiscal year as the economy muddled through a relatively challenging macro environment. Inflation continued to be generally well above the desired level by many Central Banks. This led to continued global monetary tightening and hawkish rhetoric with both acting as drags on the market. Additionally, geopolitical tensions continued to challenge the market with the most notable being the ongoing war in Ukraine. All of these factors contributed to rising recession fears and concerns regarding growth which both negatively weighed on the market. On a positive note, there were some signs that inflation could be cooling which slightly buoyed market spirits.

The last three quarters of the fiscal year was just the opposite as the S&P 400 Growth Index gained over 18% outpacing the standard S&P 400 Index. Despite being beset by a number of challenges including relatively high inflation, a number of bank failures, rising Federal Funds rate, and continued geopolitical concerns, the market succeeded in climbing its wall of worry. It was a period marked by resiliency as the U.S. consumer continued to drive the economy despite the challenges and costs associated with higher interest rates. Economic activity was generally better than anticipated during this period and inflation showed further warning signs. Hopes grew regarding a potential halt in interest rate hikes and possibly cuts by the end of 2023. The market was also fueled by returns in the Technology sector with thoughts that AI would usher in a new productivity boom.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Builders FirstSource, Inc., Axon Enterprise, Inc,. and Steel Dynamics, Inc.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were First Horizon Corp., Antero Resources Corp., and Syneos Helath, Inc. Class A.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 400 Mid Cap Growth ETF

Performance Summary (Unaudited)

Performance as of June 30, 2023

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	S&P MidCap 400 Growth Index	Net Asset Value	Market Value	S&P MidCap 400 Growth Index
ONE YEAR	19.07%	19.05%	19.22%	19.07%	19.05%	19.22%
FIVE YEARS	40.12%	40.10%	41.28%	6.98%	6.98%	7.16%
TEN YEARS	157.93%	157.55%	161.94%	9.94%	9.92%	10.11%

Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)

Line graph is based on cumulative total return.

The total expense ratio for SPDR S& P 400 Mid Cap Growth ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.15%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.

See accompanying notes to financial statements.

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The SPDR S&P 400 Mid Cap Value ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR S&P 400 Mid Cap Value ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the performance of medium capitalization exchange traded U.S. equity securities exhibiting “value” characteristics. The Fund’s benchmark is the S&P MidCap 400 Value Index (the “Index”).

For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 15.84%, and the Index was 15.97%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses and cash drag contributed to the difference between the Fund’s performance and that of the Index.

The Reporting Period’s market environment was significantly influenced by the U.S. Federal Reserve (“the Fed”), as its efforts to combat the highest U.S. inflation in nearly 40 years took center stage, as did the immediate downstream effects of these large rate increases. But there were other themes connected to energy and tech that were also impactful.

The tug-of-war between markets and the Fed continued in the fourth quarter of 2023. When signs appeared that the global economy was beginning to cool, however, markets counterintuitively began to rise again, fueled by the same speculation that the Fed would have to roll back its tightening measures. A surging energy sector that was benefitting from higher energy prices also helped. After four consecutive 75 bps rate increases, the Fed tightened by only 50 bps in December. However, the Fed reiterated that it would maintain its staunchly hawkish stance, capping some market exuberance but maintaining the market’s gains for the quarter.

Although the index had solid performance during the Reporting Period, it did lag the S&P 400 Index over this time, which returned 17.61%. The difference in returns between the value and the core index can be contributed to the performance of the Financial and Information technology sectors of the index. Over this time period, performance of Financials were relatively flat, while Information Technology experienced high returns. The Midcap Value Index has a higher weight to Financials and a lower weight to Information Technology than the standard Midcap Index.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were XPO, Inc., Jabil, Inc. and Tenet Healthcare Corp.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were UGI Corp., Kilroy Realty Corp., and Medical Properties Trust, Inc.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 400 Mid Cap Value ETF

Performance Summary (Unaudited)

Performance as of June 30, 2023

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	S&P MidCap 400 Value Index	Net Asset Value	Market Value	S&P MidCap 400 Value Index
ONE YEAR	15.84%	15.81%	15.97%	15.84%	15.81%	15.97%
FIVE YEARS	45.93%	45.89%	46.96%	7.85%	7.85%	8.00%
TEN YEARS	154.31%	153.78%	158.51%	9.78%	9.76%	9.96%

Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)

Line graph is based on cumulative total return.

The total expense ratio for SPDR S& P 400 Mid Cap Value ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.15%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 500 ESG ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR S&P 500 ESG ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that provides exposure to securities that meet certain sustainability criteria (criteria related to environmental, social and governance (“ESG”) factors) while maintaining similar overall industry group weights as the S&P 500 Index. The Fund’s benchmark is the S&P 500 ESG Index (the “Index”).

For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 20.86%, and the Index was 20.99%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund's performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees, cash drag, cumulative effect of security misweights contributed to the difference between the Fund's performance and that of the Index.

U.S. Equity investors have enjoyed strong returns over the past year, with the S&P 500 Index posting an impressive 18.05% total return. S&P 500 ESG Index excluded 170 companies from the S&P 500 and outperformed the standard S&P 500 Index by over 1.3%. Information Technology, Consumer Discretionary and Industrials sectors were the top contributors to the Fund's return during the Reporting Period. Real Estate and Utilities were the only two sectors with negative returns for the Reporting Period. Compared to S&P 500 index, the Fund was overweight Information Technology and overweight to IT sector and selection effect within this sector were the main factors contributing to the Fund's outperformance compared to S&P 500 index.

The Fund used S&P 500 ESG Index Futures in order to equitize cash and receivables in the Fund during the Reporting Period. The Fund's use of futures helped the Fund track the Index and improved the Fund performance relative to the Index.

On an individual security level, the top positive contributors to the Fund's performance on an absolute basis during the Reporting Period were Apple, Inc., NVIDIA Corp. and Microsoft Corp.. The top negative contributors to the Fund's performance on an absolute basis during the Reporting Period were Pfizer, Inc., Verizon Communications, Inc. and CVS Health Corp.

The views expressed above reflect those of the Fund's portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 500 ESG ETF

Performance Summary (Unaudited)

Performance as of June 30, 2023

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	S&P 500 ESG Index	Net Asset Value	Market Value	S&P 500 ESG Index
ONE YEAR	20.86%	20.71%	20.99%	20.86%	20.71%	20.99%
SINCE INCEPTION⁽¹⁾	48.73%	49.90%	49.28%	14.53%	14.84%	14.67%

(1)

For the period July 27, 2020 to June 30, 2023. Since shares of the Fund did not trade in the secondary market until one day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (7/27/20, 7/28/20, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)

Line graph is based on cumulative total return.

The total expense ratio for SPDR S& P 500 ESG ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.10%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 Small Cap Growth ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR S&P 600 Small Cap Growth ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the performance of small capitalization exchange traded U.S. equity securities exhibiting “growth” characteristics. The Fund’s benchmark is the S&P SmallCap 600 Growth Index (the “Index”).

For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 10.53%, and the Index was 10.62%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Management fees, cash drag, and cumulative effects of individual security misweights contributed to the difference between the Fund’s performance and that of the Index.

The Fund had positive performance in three of the four quarters of the Reporting Period. Performance in the first quarter of the Reporting Period was negative due to central bank hawkishness, high inflation and geopolitical tensions from the Ukraine war. Performance in the second, third and fourth quarters of the Reporting Period were positive. The positive performance was driven by better inflation numbers, hopes of a halt in interest rate hikes by the U.S. Federal Reserve (“the Fed”), positive corporate earnings, stabilization measures by regulators to head off panic in the banking sector and expectations that inflation could moderate without negative impacts to unemployment.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were elf Beauty, Inc., Axcelis Technologies, Inc. and Rambus, Inc. The top negative contributors to the Fund’s performance during the Reporting Period were Rogers Corp., Trupanion, Inc. and ServisFirst Bancshares, Inc.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 Small Cap Growth ETF

Performance Summary (Unaudited)

Performance as of June 30, 2023

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	S&P SmallCap 600 Growth Index	Net Asset Value	Market Value	S&P SmallCap 600 Growth Index
ONE YEAR	10.53%	10.49%	10.62%	10.53%	10.49%	10.62%
FIVE YEARS	28.15%	28.06%	28.99%	5.09%	5.07%	5.22%
TEN YEARS	161.96%	161.85%	165.62%	10.11%	10.10%	10.26%

Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)

Line graph is based on cumulative total return.

The total expense ratio for SPDR S& P 600 Small Cap Growth ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.15%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 Small Cap Value ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR S&P 600 Small Cap Value ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the performance of small capitalization exchange traded U.S. equity securities exhibiting “value” characteristics. The Fund’s benchmark is the S&P SmallCap 600 Value Index (the “Index”).

For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 8.76%, and the Index was 8.88%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Management fees, cash drag and the cumulative effects of individual security misweights contributed to the difference between the Fund’s performance and that of the Index.

The Fund had positive performance in three of the four quarters of the Reporting Period. Performance in the first quarter of the Reporting Period was negative due to central bank hawkishness, high inflation and geopolitical tensions from the Ukraine war. Performance in the second, third and fourth quarters of the Reporting Period were positive. The positive performance was driven by better inflation numbers, hopes of a halt in interest rate hikes by the U.S. Federal Reserve’s (“the Fed”), positive corporate earnings, stabilization measures by regulators to head off panic in the banking sector and expectations that inflation could moderate without negative impacts to unemployment.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Insight Enterprises, Inc., Tri Pointe Homes, Inc. and Meritage Homes Corp.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Independent Bank Group, Inc., Hudson Pacific Properties, Inc. and United Natural Foods, Inc.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 Small Cap Value ETF

Performance Summary (Unaudited)

Performance as of June 30, 2023

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	S&P SmallCap 600 Value Index	Net Asset Value	Market Value	S&P SmallCap 600 Value Index
ONE YEAR	8.76%	8.71%	8.88%	8.76%	8.71%	8.88%
FIVE YEARS	26.75%	26.64%	27.40%	4.85%	4.84%	4.96%
TEN YEARS	137.57%	137.70%	140.87%	9.04%	9.04%	9.19%

Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)

Line graph is based on cumulative total return.

The total expense ratio for SPDR S& P 600 Small Cap Value ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.15%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 1500 MOMENTUM TILT ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR S&P 1500 Momentum Tilt ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the performance of U.S. equity securities exhibiting price momentum. The Fund’s benchmark is the S&P 1500 Positive Momentum Tilt Index (the “Index”).

For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 17.46%, and the Index was 17.70%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag, and the cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.

Momentum’s relative performance during the Reporting Period was mixed compared to the broader U.S. market. During the first half of the Reporting Period, momentum stocks outperformed, benefitting the Fund commensurately. However, momentum stocks experienced a significant reversal in the first quarter of 2023, generating significant underperformance that undid all of the prior relative performance. But while momentum was once again able to right itself and outperform in the final quarter of the Reporting Period, it could not do so with sufficient strength to recover. As a result, the Fund’s 17.46% return underperformed the S&P 1500 Composite Index 19.24% return during the Reporting Period.

This enthusiasm continued into the second quarter of 2023, assisted by falling inflation and a June pause in rate hikes. To a large degree, though, market gains were dominated by a handful of tech giants. The enthusiasm for AI lifted NVIDIA Corp. and other chip makers to tremendous gains, but many other large tech names benefitted too. The performance concentration in the largest tech names that drove markets to ever higher levels was definitely noted, but concerns about lack of market breadth did not seem to unsettle investors. A final surge into the end of the Reporting Period left markets with strong gains for the year-long period.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Apple, Inc., NVIDIA Corp. and Microsoft Corp.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Tesla, Inc., Alphabet, Inc. Class A and Alphabet, Inc. Class C.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 1500 Momentum Tilt ETF

Performance Summary (Unaudited)

Performance as of June 30, 2023

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	S&P 1500 Positive Momentum Tilt Index	Net Asset Value	Market Value	S&P 1500 Positive Momentum Tilt Index
ONE YEAR	17.46%	17.44%	17.70%	17.46%	17.44%	17.70%
FIVE YEARS	67.65%	67.54%	69.03%	10.89%	10.87%	11.07%
TEN YEARS	221.45%	221.20%	227.30%	12.39%	12.38%	12.59%

Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)

Line graph is based on cumulative total return.

The total expense ratio for SPDR S& P 1500 Momentum Tilt ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.12%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 1500 Value Tilt ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR S&P 1500 Value Tilt ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the performance of U.S. equity securities exhibiting “value” characteristics. The Fund’s benchmark is the S&P 1500 Low Valuation Tilt Index (the “Index”).

For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 13.29%, and the Index was 13.35%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag and the cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.

The tug-of-war between markets and the Fed continued in the December quarter. When signs appeared that the global economy was beginning to cool, however, markets counterintuitively began to rise again, fueled by the same speculation that the Fed would have to roll back its tightening measures. A surging energy sector that was benefitting from higher energy prices also helped. After four consecutive 75 bps rate increases, the Fed tightened by only 50 bps in December. However, the Fed reiterated that it would maintain its staunchly hawkish stance, capping some market exuberance but maintaining the market’s gains for the quarter.

This enthusiasm continued into the second quarter, assisted by falling inflation and a June pause in rate hikes. To a large degree, though, market gains were dominated by a handful of tech giants. The enthusiasm for AI lifted NVIDIA Corp. and other chip makers to tremendous gains, but many other large tech names benefitted too. The performance concentration in the largest tech names that drove markets to ever higher levels was definitely noted, but concerns about lack of market breadth did not seem to unsettle investors. A final surge into the end of the Reporting Period left markets with strong gains for the year-long period.

Although the performance of the broader market was strong during the Reporting Period, the performance of the value premium was relatively weak. Value stocks significantly outperformed in 2022 after several years of extended weakness, and the Fund was able to capture this outperformance in the first half of the Reporting Period. But as U.S. markets began to rise again in 2023, value stocks returned to their underperforming ways and with enough intensity to undo the outperformance of the first half. As a result, the Fund’s 13.29% return during the Reporting Period underperformed the S&P 1500 Composite Index’s 19.24% return over the same period.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Apple, Inc., Meta Platforms, Inc. Class A and Berkshire Hathaway, Inc. Class B. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were CVS Health Corp., Verizon Communications, Inc. and Pfizer, Inc.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 1500 Value Tilt ETF

Performance Summary (Unaudited)

Performance as of June 30, 2023

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	S&P 1500 Low Valuation Tilt Index	Net Asset Value	Market Value	S&P 1500 Low Valuation Tilt Index
ONE YEAR	13.29%	13.38%	13.35%	13.29%	13.38%	13.35%
FIVE YEARS	63.64%	63.77%	65.08%	10.35%	10.37%	10.54%
TEN YEARS	187.79%	188.17%	193.10%	11.15%	11.16%	11.35%

Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)

Line graph is based on cumulative total return.

The total expense ratio for SPDR S& P 1500 Value Tilt ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.12%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P Kensho Clean Power ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR S&P Kensho Clean Power ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P Kensho Clean Power Index. The Fund’s benchmark is the S&P Kensho Clean Power Index (the “Index”).

For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 9.35%, and the Index was 9.78%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses and cash drag contributed to the difference between the Fund’s performance and that of the Index.

As 2023 began, markets continued to move higher as investors interpreted inflation, GDP and headline unemployment numbers as net positives, despite some weakening corporate earnings. But the sudden collapse of Silicon Valley Bank and the deposit vulnerability it exposed in regional banks-driven by depositors chasing higher yields available in money market funds and the like-significantly rattled investors. Fortunately, when regulatory bailouts appeared to limit bank failures and contain the financial contagion, the markets recovered with surprising strength connected to newfound enthusiasm for tech companies and all things AI-related.

This enthusiasm continued into the second quarter, assisted by falling inflation and a June pause in rate hikes. To a large degree, though, market gains were dominated by a handful of tech giants. The performance concentration in the largest tech names that drove markets to ever higher levels was definitely noted, but concerns about lack of market breadth did not seem to unsettle investors. A final surge into the end of the Reporting Period left markets with strong gains for the year-long period.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were First Solar, Inc., General Electric Co. and Array Technologies, Inc.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were FuelCell Energy, Inc., Daqo New Energy Corp., and Plug Power, Inc.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P Kensho Clean Power ETF

Performance Summary (Unaudited)

Performance as of June 30, 2023

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	S&P Kensho Clean Power Index	Net Asset Value	Market Value	S&P Kensho Clean Power Index
ONE YEAR	9.35%	9.26%	9.78%	9.35%	9.26%	9.78%
SINCE INCEPTION⁽¹⁾	200.84%	200.62%	204.58%	26.49%	26.47%	26.82%

(1)

For the period October 22, 2018 to June 30, 2023. Since shares of the Fund did not trade in the secondary market until one day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (10/22/18, 10/23/18, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)

Line graph is based on cumulative total return.

The total expense ratio for SPDR S& P Kensho Clean Power ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.45%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P Kensho Final Frontiers ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR S&P Kensho Final Frontiers ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P Kensho Final Frontiers Index. The Fund’s benchmark is the S&P Kensho Final Frontiers Index (the “Index”).

For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 24.43%, and the Index was 24.92%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Cash, security misweights, transaction costs, securities lending income and compounding (the exponential growth of outperformance or underperformance) also contributed to the difference between the Fund’s performance and that of the Index.

The Index started off the period in negative territory for the first quarter of the Reporting Period, returning –5.7%. Fortunately, the demand for Artificial Intelligence (AI), automation, power processing and the robotics industries continued to grow, helping the Index to gain over 18% the final quarter of 2022. Maxar Technologies stock, in particular, contributed large gains to the return when they agreed in December to be taken over by Advent International for $6.4 billion. Unfortunately, although the war in Ukraine may have helped earnings for some of the defense companies, like Northrop Grumman Corp. and Lockhead Martin Corp., rapidly rising fuel prices continued to negatively impact space travel. Despite these rising costs of travel, space satellite communication stocks continued in positive territory, allowing Index to gain an additional 11% during the first 6 months of 2023. The Index finished the Reporting Period with strong positive return of almost 25%, beating standard S&P 500 returns by over 5%.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Maxar Technologies, Inc., Iridium Communications, Inc. and TehcnipFMC PLC.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Virgin Galactic Holdings, Inc., Astra Space, Inc. Class A, and L3Harris Technologies, Inc.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P Kensho Final Frontiers ETF

Performance Summary (Unaudited)

Performance as of June 30, 2023

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	S&P Kensho Final Frontiers Index	Net Asset Value	Market Value	S&P Kensho Final Frontiers Index
ONE YEAR	24.43%	24.42%	24.92%	24.43%	24.42%	24.92%
SINCE INCEPTION⁽¹⁾	51.23%	51.26%	54.24%	9.23%	9.23%	9.69%

(1)

Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)

Line graph is based on cumulative total return.

The total expense ratio for SPDR S& P Kensho Final Frontiers ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.45%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P KENSHO FUTURE SECURITY ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR S&P Kensho Future Security ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P Kensho Future Security Index. The Fund’s benchmark is the S&P Kensho Future Security Index (the “Index”).

For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 11.16%, and the Index was 11.44%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Cash, cumulation of security misweights, transaction costs, tax withholding differences and compounding (the exponential growth of outperformance or underperformance) also contributed to the difference between the Fund’s performance and that of the Index.

The Index started off the period barely achieving positive performance toward the end of 2022. Inflation continued to be generally well above the desired level by many Central Banks. This led to continued global monetary tightening and hawkish rhetoric, with both acting as drags on the market. Additionally, geopolitical tensions continued to challenge the market with the most notable being the ongoing war in Ukraine. All of these factors contributed to rising recession fears and concerns regarding growth which both negatively weighed on the market. On a positive note, there were some signs that inflation could be cooling which slightly buoyed market spirits.

The second half of the fiscal year was just the opposite as the S&P 500 Index gained nearly 17% and the Index was up over 13% during the same six month period. Despite being beset by a number of challenges including relatively high inflation, a number of bank failures, rising Federal Funds rate, and continued geopolitical concerns, the market succeeded in climbing its wall of worry. It was a period marked by resiliency as the U.S. consumer continued to drive the economy despite the challenges and costs associated with higher interest rates. Hopes grew regarding a potential halt in interest rate hikes and possibly cuts by the end of 2023. The market was also fueled by returns in the Technology sector with thoughts that AI would usher in a new productivity boom. The demand for “smart home” security, increased reliance on mobile apps and heightened demand for cybersecurity protection also helped bolster performance and earnings for future security industry as a whole.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Maxar Technologies, Inc., Broadcom, Inc. and Iridium Communications, Inc.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Edgio, Inc., 908 Devices, Inc. and Telos Corp.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P Kensho Future Security ETF

Performance Summary (Unaudited)

Performance as of June 30, 2023

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	S&P Kensho Future Security Index	Net Asset Value	Market Value	S&P Kensho Future Security Index
ONE YEAR	11.16%	11.10%	11.44%	11.16%	11.10%	11.44%
FIVE YEARS	55.48%	55.40%	57.50%	9.23%	9.22%	9.51%
SINCE INCEPTION⁽¹⁾	70.34%	69.93%	73.05%	10.15%	10.10%	10.47%

(1)

For the period December 26, 2017 to June 30, 2023. Since shares of the Fund did not trade in the secondary market until one day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (12/26/17, 12/27/17, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)

Line graph is based on cumulative total return.

The total expense ratio for SPDR S& P Kensho Future Security ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.45%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P Kensho Intelligent Structures ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR S&P Kensho Intelligent Structures ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P Kensho Intelligent Infrastructure Index. The Fund’s benchmark is the S&P Kensho Intelligent Infrastructure Index (the “Index”).

For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 13.75%, and the Index was 12.67%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag, cumulative effect of security misweights and tax withholdings contributed to the difference between the Fund’s performance and that of the Index.

Concerns over persistent inflation, hawkish central bank actions and the ongoing Russia-Ukraine war weighed heavily on sentiment. Global markets declined and growth stumbled in the third quarter of 2022, as inflation remained persistently high, geopolitical tensions escalated, and central banks raised aggressively, signaling larger-than-expected future hikes. After rallying early in the third quarter, risk assets declined in August and September as central banks struggled with inflation amid slowing economic growth. After three consecutive quarters of negative performance, the last quarter of 2022 ended the year positively for global equities largely due to the equity rallies seen during October and November. However, the sustainability of these gains was in doubt, as the high inflationary environment continued globally, with no end in sight for the Russia-Ukraine war. The first quarter of 2023 with inflation in decline and prospects of easier monetary policy the markets started with a strong rally in equities in January. The rally was short lived due to sticky core inflation, which together with strong economic data forced investors to reassess their interest rate expectations. In March, the collapse of Silicon Valley Bank and broader concerns around the financial sector hit bank shares hard. However, investors took comfort as regulators and central banks once again intervened to stabilize the sector. The second quarter of 2023 started with investors worried about the potential for further rate hikes, slow growth in China, and the turmoil of the U.S. debt ceiling negotiations. Towards the end of the quarter investors took encouragement from economic data, which indicated that U.S. inflation was moving in the right direction while the job markets remained healthy. The yield curve was still warning of a possible recession, but investors were happy to add to holdings in the U.S. data from Europe was mixed with some countries seeing steady falls in inflation while for others it remained stubbornly high.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Badger Meter, Inc., Vivint Smart Home and Xylem, Inc.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Blink Charging Co., Proterra, Inc. and Ideanomics, Inc.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P Kensho Intelligent Structures ETF

Performance Summary (Unaudited)

Performance as of June 30, 2023

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	S&P Kensho Intelligent Infrastructure Index	Net Asset Value	Market Value	S&P Kensho Intelligent Infrastructure Index
ONE YEAR	13.75%	13.79%	12.67%	13.75%	13.79%	12.67%
FIVE YEARS	31.45%	31.35%	30.23%	5.62%	5.61%	5.42%
SINCE INCEPTION⁽¹⁾	27.42%	26.96%	26.33%	4.50%	4.43%	4.33%

(1)

Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)

Line graph is based on cumulative total return.

The total expense ratio for SPDR S& P Kensho Intelligent Structures ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.45%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P Kensho New Economies Composite ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR S&P Kensho New Economies Composite ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P Kensho New Economies Composite Index. The Fund’s benchmark is the S&P Kensho New Economies Composite Index (the “Index”).

For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 11.41%, and the Index was 10.97%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag, cumulative effect of security misweights and tax withholdings contributed to the difference between the Fund’s performance and that of the Index.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Hut 8 Mining Corp., Meta Platforms, Inc. Class A, and NVIDIA Corp.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were View, Inc., Ouster, Inc., and Workhorse Group, Inc.

See accompanying notes to financial statements.

Notes to Performance Summaries (Unaudited)	1
Management’s Discussion of Fund Performance, Performance Summaries & Portfolio Statistics (Unaudited)
SPDR MSCI USA Climate Paris Aligned ETF (NZUS)	3
SPDR Russell 1000 Low Volatility Focus ETF (ONEV)	6
SPDR Russell 1000 Momentum Focus ETF (ONEO)	9
SPDR Russell 1000 Yield Focus ETF (ONEY)	12
SPDR S&P 400 Mid Cap Growth ETF (MDYG)	15
SPDR S&P 400 Mid Cap Value ETF (MDYV)	18
SPDR S&P 500 ESG ETF (EFIV)	21
SPDR S&P 600 Small Cap Growth ETF (SLYG)	24
SPDR S&P 600 Small Cap Value ETF (SLYV)	27
SPDR S&P 1500 Momentum Tilt ETF (MMTM)	30
SPDR S&P 1500 Value Tilt ETF (VLU)	33
SPDR S&P Kensho Clean Power ETF (CNRG)	36
SPDR S&P Kensho Final Frontiers ETF (ROKT)	39
SPDR S&P Kensho Future Security ETF (FITE)	42
SPDR S&P Kensho Intelligent Structures ETF (SIMS)	45
SPDR S&P Kensho New Economies Composite ETF (KOMP)	48
SPDR S&P Kensho Smart Mobility ETF (HAIL)	51
SPDR S&P SmallCap 600 ESG ETF (ESIX)	54
SPDR SSGA US Large Cap Low Volatility Index ETF (LGLV)	58
SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV)	61
Schedules of Investments
SPDR MSCI USA Climate Paris Aligned ETF (NZUS)	64
SPDR Russell 1000 Low Volatility Focus ETF (ONEV)	69
SPDR Russell 1000 Momentum Focus ETF (ONEO)	77
SPDR Russell 1000 Yield Focus ETF (ONEY)	89
SPDR S&P 400 Mid Cap Growth ETF (MDYG)	95
SPDR S&P 400 Mid Cap Value ETF (MDYV)	100
SPDR S&P 500 ESG ETF (EFIV)	106
SPDR S&P 600 Small Cap Growth ETF (SLYG)	112
SPDR S&P 600 Small Cap Value ETF (SLYV)	118
SPDR S&P 1500 Momentum Tilt ETF (MMTM)	126
SPDR S&P 1500 Value Tilt ETF (VLU)	143
SPDR S&P Kensho Clean Power ETF (CNRG)	160
SPDR S&P Kensho Final Frontiers ETF (ROKT)	162
SPDR S&P Kensho Future Security ETF (FITE)	164
SPDR S&P Kensho Intelligent Structures ETF (SIMS)	166
SPDR S&P Kensho New Economies Composite ETF (KOMP)	168
SPDR S&P Kensho Smart Mobility ETF (HAIL)	176
SPDR S&P SmallCap 600 ESG ETF (ESIX)	178
SPDR SSGA US Large Cap Low Volatility Index ETF (LGLV)	184
SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV)	187
Financial Statements	194
Financial Highlights	214
Notes to Financial Statements	234
Report of Independent Registered Public Accounting Firm	247
Other Information (Unaudited)	250


	Description	% of Net Assets
	Devon Energy Corp.	1.5%
	Pioneer Natural Resources Co.	1.5
	Dow, Inc.	1.5
	3M Co.	1.3
	T Rowe Price Group, Inc.	1.2
	Cardinal Health, Inc.	1.2
	LyondellBasell Industries NV Class A	1.2
	Ford Motor Co.	1.2
	Diamondback Energy, Inc.	1.2
	Valero Energy Corp.	1.1
	TOTAL	12.9%


	Description	% of Net Assets
	Hubbell, Inc.	1.5%
	Builders FirstSource, Inc.	1.5
	Reliance Steel & Aluminum Co.	1.3
	Deckers Outdoor Corp.	1.2
	Lattice Semiconductor Corp.	1.1
	Carlisle Cos., Inc.	1.1
	Watsco, Inc.	1.1
	RPM International, Inc.	1.0
	Lincoln Electric Holdings, Inc.	1.0
	Dynatrace, Inc.	0.9
	TOTAL	11.7%


		% of Net Assets
	Information Technology	19.3%
	Industrials	19.2
	Financials	13.9
	Health Care	13.4
	Consumer Discretionary	8.3
	Materials	6.6
	Consumer Staples	6.1
	Energy	5.4
	Real Estate	3.6
	Utilities	2.4
	Communication Services	1.6
	Short-Term Investments	7.9
	Liabilities in Excess of Other Assets	(7.7)
	TOTAL	100.0%


	Description	% of Net Assets
	Eos Energy Enterprises, Inc.	3.5%
	Generac Holdings, Inc.	2.9
	Tesla, Inc.	2.6
	Plug Power, Inc.	2.5
	JinkoSolar Holding Co. Ltd. ADR	2.5
	Cummins, Inc.	2.5
	Centrais Eletricas Brasileiras SA ADR	2.4
	Shoals Technologies Group, Inc. Class A	2.4
	General Electric Co.	2.3
	Bloom Energy Corp. Class A	2.3
	TOTAL	25.9%


	Description	% of Net Assets
	Apple, Inc.	8.9%
	Microsoft Corp.	7.1
	NVIDIA Corp.	3.3
	Amazon.com, Inc.	3.0
	Tesla, Inc.	2.6
	Visa, Inc. Class A	1.8
	Meta Platforms, Inc. Class A	1.7
	Eli Lilly & Co.	1.6
	Alphabet, Inc. Class C	1.6
	Digital Realty Trust, Inc. REIT	1.4
	TOTAL	33.0%


		% of Net Assets
	Information Technology	34.0%
	Health Care	15.0
	Financials	11.9
	Consumer Discretionary	11.8
	Industrials	9.0
	Real Estate	7.4
	Communication Services	6.7
	Consumer Staples	1.4
	Materials	1.4
	Utilities	1.2
	Short-Term Investment	0.2
	Other Assets in Excess of Liabilities	0.0 *
	TOTAL	100.0%
*	Amount shown represents less than 0.05% of net assets.


	Description	% of Net Assets
	AmerisourceBergen Corp.	1.3%
	Centene Corp.	1.1
	Archer-Daniels-Midland Co.	1.1
	Cognizant Technology Solutions Corp. Class A	1.0
	McKesson Corp.	1.0
	Cardinal Health, Inc.	1.0
	Reliance Steel & Aluminum Co.	0.8
	NVR, Inc.	0.7
	CDW Corp.	0.7
	Marathon Petroleum Corp.	0.7
	TOTAL	9.4%


		% of Net Assets
	Industrials	20.7%
	Consumer Discretionary	12.9
	Health Care	11.6
	Information Technology	10.6
	Financials	8.5
	Materials	7.6
	Consumer Staples	7.5
	Utilities	7.1
	Real Estate	6.2
	Energy	4.4
	Communication Services	2.7
	Short-Term Investments	0.5
	Liabilities in Excess of Other Assets	(0.3)
	TOTAL	100.0%


		% of Net Assets
	Industrials	20.9%
	Information Technology	18.4
	Consumer Discretionary	16.1
	Health Care	9.7
	Financials	8.3
	Materials	7.4
	Energy	5.9
	Consumer Staples	5.6
	Real Estate	2.6
	Utilities	2.6
	Communication Services	2.3
	Short-Term Investments	0.7
	Liabilities in Excess of Other Assets	(0.5)
	TOTAL	100.0%


		% of Net Assets
	Financials	16.9%
	Consumer Discretionary	12.0
	Energy	11.5
	Materials	10.7
	Real Estate	10.5
	Industrials	10.4
	Utilities	10.1
	Consumer Staples	8.2
	Information Technology	4.6
	Health Care	2.9
	Communication Services	1.8
	Short-Term Investments	0.8
	Liabilities in Excess of Other Assets	(0.4)
	TOTAL	100.0%


		% of Net Assets
	Industrials	25.6%
	Consumer Discretionary	12.9
	Health Care	11.1
	Financials	10.1
	Information Technology	9.7
	Materials	8.6
	Energy	7.3
	Real Estate	4.8
	Consumer Staples	4.3
	Utilities	3.3
	Communication Services	2.1
	Short-Term Investments	6.8
	Liabilities in Excess of Other Assets	(6.6)
	TOTAL	100.0%


	Description	% of Net Assets
	Jabil, Inc.	1.3%
	Regal Rexnord Corp.	0.9
	Reinsurance Group of America, Inc.	0.8
	Fortune Brands Innovations, Inc.	0.8
	Unum Group	0.8
	Cleveland-Cliffs, Inc.	0.8
	Lear Corp.	0.8
	Lithia Motors, Inc.	0.8
	Tenet Healthcare Corp.	0.8
	Toll Brothers, Inc.	0.7
	TOTAL	8.5%


		% of Net Assets
	Industrials	20.0%
	Financials	17.1
	Consumer Discretionary	17.1
	Information Technology	11.1
	Real Estate	10.1
	Health Care	7.7
	Materials	6.0
	Consumer Staples	4.4
	Utilities	3.4
	Communication Services	2.1
	Energy	0.8
	Short-Term Investments	6.7
	Liabilities in Excess of Other Assets	(6.5)
	TOTAL	100.0%


		% of Net Assets
	Information Technology	31.0%
	Health Care	13.2
	Financials	12.2
	Consumer Discretionary	12.1
	Communication Services	8.2
	Industrials	6.8
	Consumer Staples	6.6
	Energy	3.5
	Real Estate	2.4
	Materials	2.3
	Utilities	1.5
	Short-Term Investment	0.1
	Other Assets in Excess of Liabilities	0.1
	TOTAL	100.0%


	Description	% of Net Assets
	SPS Commerce, Inc.	1.4%
	Rambus, Inc.	1.4
	Axcelis Technologies, Inc.	1.2
	Comfort Systems USA, Inc.	1.2
	elf Beauty, Inc.	1.2
	Onto Innovation, Inc.	1.1
	Applied Industrial Technologies, Inc.	1.1
	Ensign Group, Inc.	1.1
	Mueller Industries, Inc.	1.0
	Livent Corp.	1.0
	TOTAL	11.7%


	Description	% of Net Assets
	Meritage Homes Corp.	1.1%
	Insight Enterprises, Inc.	0.9
	Radian Group, Inc.	0.8
	John Bean Technologies Corp.	0.8
	Group 1 Automotive, Inc.	0.7
	Essential Properties Realty Trust, Inc. REIT	0.7
	Select Medical Holdings Corp.	0.7
	Tri Pointe Homes, Inc.	0.7
	Itron, Inc.	0.7
	Viasat, Inc.	0.6
	TOTAL	7.7%


		% of Net Assets
	Consumer Discretionary	19.0%
	Financials	18.3
	Industrials	16.3
	Real Estate	11.8
	Information Technology	8.7
	Health Care	8.1
	Materials	4.8
	Energy	3.8
	Consumer Staples	3.8
	Communication Services	3.4
	Utilities	1.7
	Short-Term Investments	9.6
	Liabilities in Excess of Other Assets	(9.3)
	TOTAL	100.0%


	Description	% of Net Assets
	Berkshire Hathaway, Inc. Class B	2.4%
	Apple, Inc.	2.2
	Amazon.com, Inc.	2.1
	JPMorgan Chase & Co.	2.0
	Exxon Mobil Corp.	1.7
	Microsoft Corp.	1.7
	Verizon Communications, Inc.	1.7
	Walmart, Inc.	1.4
	Meta Platforms, Inc. Class A	1.4
	Bank of America Corp.	1.3
	TOTAL	17.9%


		% of Net Assets
	Financials	21.4%
	Information Technology	12.5
	Health Care	12.4
	Consumer Discretionary	10.0
	Communication Services	9.3
	Industrials	8.9
	Consumer Staples	7.9
	Energy	7.7
	Materials	3.8
	Utilities	3.2
	Real Estate	2.7
	Short-Term Investments	0.5
	Liabilities in Excess of Other Assets	(0.3)
	TOTAL	100.0%


		% of Net Assets
	Industrials	41.7%
	Utilities	32.2
	Information Technology	19.0
	Consumer Discretionary	4.8
	Energy	2.2
	Short-Term Investments	9.9
	Liabilities in Excess of Other Assets	(9.8)
	TOTAL	100.0%


	Description	% of Net Assets
	HEICO Corp.	4.3%
	L3Harris Technologies, Inc.	4.1
	Honeywell International, Inc.	4.1
	Teledyne Technologies, Inc.	4.1
	Hexcel Corp.	4.1
	Aerojet Rocketdyne Holdings, Inc.	4.0
	Northrop Grumman Corp.	3.9
	Rocket Lab USA, Inc.	3.9
	Lockheed Martin Corp.	3.9
	Boeing Co.	3.9
	TOTAL	40.3%


		% of Net Assets
	Industrials	70.1%
	Information Technology	16.8
	Energy	6.4
	Communication Services	3.8
	Materials	2.8
	Short-Term Investments	7.3
	Liabilities in Excess of Other Assets	(7.2)
	TOTAL	100.0%


	Description	% of Net Assets
	Palo Alto Networks, Inc.	2.0%
	Rocket Lab USA, Inc.	2.0
	Fortinet, Inc.	1.9
	SentinelOne, Inc. Class A	1.8
	Tenable Holdings, Inc.	1.8
	Broadcom, Inc.	1.8
	VMware, Inc. Class A	1.8
	HEICO Corp.	1.8
	Leonardo DRS, Inc.	1.8
	Leidos Holdings, Inc.	1.8
	TOTAL	18.5%


		% of Net Assets
	Information Technology	53.1%
	Industrials	40.2
	Communication Services	3.3
	Health Care	3.2
	Short-Term Investments	7.1
	Liabilities in Excess of Other Assets	(6.9)
	TOTAL	100.0%


		% of Net Assets
	Industrials	56.7%
	Information Technology	23.3
	Communication Services	6.9
	Energy	5.1
	Consumer Discretionary	4.8
	Utilities	2.9
	Short-Term Investments	9.5
	Liabilities in Excess of Other Assets	(9.2)
	TOTAL	100.0%