# EDGAR Filing Document

**Accession Number:** 0001064642
**File Stem:** 0001193125-26-155136
**Filing Date:** 2026-4
**Character Count:** 435873
**Document Hash:** 0d62212082e6b3bfafb6725a8ff811e8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-155136.hdr.sgml**: 20260414

**ACCESSION NUMBER**: 0001193125-26-155136

**CONFORMED SUBMISSION TYPE**: 485APOS

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20260414

**DATE AS OF CHANGE**: 20260414

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SPDR SERIES TRUST
- **CENTRAL INDEX KEY:** 0001064642

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** 485APOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08839
- **FILM NUMBER:** 26861813

**BUSINESS ADDRESS:**
- **STREET 1:** ONE CONGRESS STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02114
- **BUSINESS PHONE:** 6176643920

**MAIL ADDRESS:**
- **STREET 1:** ONE CONGRESS STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02114

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** STREETTRACKS SERIES TRUST
- **DATE OF NAME CHANGE:** 20000925

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INDEX EXCHANGE LISTED SECURITIES TRUST
- **DATE OF NAME CHANGE:** 19980622
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SPDR SERIES TRUST
- **CENTRAL INDEX KEY:** 0001064642

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** 485APOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-57793
- **FILM NUMBER:** 26861812

**BUSINESS ADDRESS:**
- **STREET 1:** ONE CONGRESS STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02114
- **BUSINESS PHONE:** 6176643920

**MAIL ADDRESS:**
- **STREET 1:** ONE CONGRESS STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02114

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** STREETTRACKS SERIES TRUST
- **DATE OF NAME CHANGE:** 20000925

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INDEX EXCHANGE LISTED SECURITIES TRUST
- **DATE OF NAME CHANGE:** 19980622

## Series and Classes Contracts Data

### State Street(R) SPDR(R) Portfolio S&P 500(R) ETF (Series ID: S000006983)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000019036 | State Street(R) SPDR(R) Portfolio S&P 500(R) ETF | SPYM            |

##### [**Table of Contents**](#toc)
**As filed with the U.S. Securities and Exchange Commission on April 14, 2026**

**Securities Act File No. 333-57793** <br>**Investment Company Act of 1940 File No. 811-08839**

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**UNITED STATES** <br>**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

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**FORM N-1A** <br>**REGISTRATION STATEMENT** 

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ***UNDER*** <br> ***THE SECURITIES ACT OF 1933***<br>| **☒**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pre-Effective Amendment No.**<br> **Post-Effective Amendment No. 335**<br>| **☒**  |

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**and/or**

**REGISTRATION STATEMENT** 

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ***UNDER*** <br> ***THE INVESTMENT COMPANY ACT OF 1940***<br>| **☒**  |
| **Amendment No. 337** | **☒**  |

---

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**SPDR SERIES TRUST**

**(Exact Name of Registrant as Specified in Charter)**

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**One Congress Street** <br>**Boston, Massachusetts 02114**

**(Address of Principal Executive Offices)**

**(617) 664-3920** <br>

**(Registrant's Telephone Number)**

**Andrew J. DeLorme, Esq.** <br>**Chief Legal Officer**

**c/o SSGA Funds Management, Inc.** <br>**One Congress Street** <br>**Boston, Massachusetts 02114**

**(Name and Address of Agent for Service)**

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***Copies to:***

**W. John McGuire, Esq.** <br>**Morgan, Lewis & Bockius LLP** <br>**1111 Pennsylvania Avenue, NW** <br>**Washington, D.C. 20004**

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It is proposed that this filing will become effective:

☐ immediately upon filing pursuant to Rule 485, paragraph (b)

☐ on pursuant to Rule 485, paragraph (b) 

☒ 60 days after filing pursuant to Rule 485, paragraph (a)(1)

☐ on _________________ pursuant to Rule 485, paragraph (a)(1) 

☐ 75 days after filing pursuant to Rule 485, paragraph (a)(2) 

☐ On _________________ pursuant to Rule 485, paragraph (a)(2)

If appropriate, check the following box:

☐ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

------

##### [**Table of Contents**](#toc)
[ ], 2026

**SUBJECT TO COMPLETION. THE INFORMATION IN THIS PROSPECTUS IS NOT COMPLETE AND MAY BE CHANGED. WE MAY NOT SELL THESE SECURITIES UNTIL THE REGISTRATION STATEMENT FILED WITH THE SECURITIES AND EXCHANGE COMMISSION IS EFFECTIVE. THIS PROSPECTUS IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT SOLICITING AN OFFER TO BUY THESE SECURITIES IN ANY STATE WHERE THE OFFER OR SALE IS NOT PERMITTED.** 

## State Street S&P 500<sup>®</sup> Index Fund – Institutional Shares
The U.S. Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.

An investment in the Fund offered by this Prospectus is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

**The Fund may offer multiple classes of shares. This Prospectus covers only the State Street S&P 500 Index Fund – Institutional Shares, a mutual fund share class of the Fund (defined below). In addition to the State Street S&P 500 Index Fund – Institutional Shares, the Fund also offers ETF Class Shares (defined below) in a separate prospectus.** 

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##### [**Table of Contents**](#toc)
**Table of Contents** 

---

| | |
|:---|:---|
|  [Fund Summary](#toc132738_1) |  |
|  [State Street S&P 500 Index Fund – Institutional Shares](#toc132738_2) | 1 |
|  [Additional Strategies Information](#toc132738_3) | 7 |
|  [Additional Risk Information](#toc132738_4) | 8 |
|  [Management](#toc132738_5) | 14 |
|  [Index/Trademark Licenses/Disclaimers](#toc132738_6) | 16 |
|  [Additional Purchase and Sale Information](#toc132738_7) | 18 |
|  [Distributions](#toc132738_8) | 23 |
|  [Financial Intermediary Arrangements](#toc132738_8a) | 24 |
|  [Portfolio Holdings Disclosure](#toc132738_9) | 24 |
|  [Additional Tax Information](#toc132738_10) | 24 |
|  [General Information](#toc132738_11) | 27 |
|  [Management and Organization](#toc132738_11a) | 27 |
|  [Multi-Class ETF Structure](#toc132738_11b) | 28 |
|  [Financial Highlights](#toc132738_12) | 28 |
|  [Where to Learn More About the Fund](#toc132738_13) | Back Cover |

---

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##### [**Table of Contents**](#toc)
**State Street S&P 500 Index Fund – Institutional Shares** 

**Investment Objective** 

The State Street SPDR Portfolio S&P 500 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 large capitalization exchange traded U.S. equity securities.

**Fees and Expenses of the Fund** 

The table below describes the fees and expenses that you may pay if you buy, hold and sell State Street S&P 500 Index Fund – Institutional Shares ("Institutional Class Shares") of the Fund, which are a conventional mutual fund share class. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.**

**ANNUAL FUND OPERATING EXPENSES** (expenses that you pay each year as a percentage of the value of your investment):

---

| | |
|:---|:---|
| Management fees | [0.XX]% |
| Distribution and service (12b-1) fees |  |
| Other expenses<sup>1</sup> | [0.XX]% |
| **Total annual Fund operating expenses** | **[0.XX]%** |

---

<sup>1</sup> The Institutional Class Shares of the Fund are new. "Other Expenses" are based on estimated amounts for the current fiscal year. 

**Example:** 

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Institutional Class Shares of the Fund for the time periods indicated, and then sell or hold all of your Institutional Class Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Institutional Class Share's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| **Year 1** | **Year 3** |
| [ ] | [ ] |

---

**PORTFOLIO TURNOVER:** 

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was [3]% of the average value of its portfolio.

**Principal Investment Strategies** 

In seeking to track the performance of the S&P 500 Index (the "Index"), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. ("SSGA FM" or the "Adviser"), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective. The Fund is classified as "diversified" under the Investment Company Act of 1940, as amended; however, the Fund may become "non-diversified" solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). When the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers.

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##### [**Table of Contents**](#toc)
Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index. In addition, in seeking to track the Index, the Fund may invest in equity securities that are not included in the Index (including common stock, preferred stock, depositary receipts and shares of other investment companies). The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.

The Index is designed to measure the performance of the large-capitalization segment of the U.S. equity market. The selection universe for the Index includes all U.S. common equities listed on the NYSE, NYSE Arca, NYSE American, NASDAQ Global Select Market, NASDAQ Global Market, NASDAQ Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA, or Cboe EDGX with unadjusted market capitalizations of at least $18 billion and float-adjusted market capitalizations of at least $9 billion at the time of inclusion. These capitalization ranges may be revised by the Index Provider (as defined below) at any time. To be included in the Index, a security (or issuer of a security, as applicable) should (i) have an annual dollar value traded to float-adjusted market capitalization ratio of 0.75 or greater at the time of addition to the S&P Composite 1500 Index (the Index's parent index); (ii) trade a minimum of 250,000 shares in each of the six months leading up to the evaluation date; (iii) have a public float of at least 10%; and (iv) have positive aggregate earnings over the four most recent quarters and for the most recent quarter. In selecting securities for inclusion in the Index, the Index Provider also considers sector balance by comparing the weight of each GICS (Global Industry Classification Standard) sector in the Index to its weight in the relevant market capitalization range of the S&P Total Market Index. The Index is float-adjusted market capitalization weighted. Index constituents are added and removed on an as needed basis. The Index is rebalanced on a quarterly basis in March, June, September and December. As of [ ], a significant portion of the Fund comprised companies in the [technology sector], although this may change from time to time. As of [ ], the Index comprised [ ] stocks.

The Index is sponsored by S&P Dow Jones Indices LLC (the "Index Provider"), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index.

**Principal Risks** 

The Fund is subject to the following principal risks. You could lose money by investing in the Fund. Certain risks relating to instruments and strategies used in the management of the Fund are placed first. The significance of any specific risk to an investment in the Fund will vary over time, depending on the composition of the Fund's portfolio, market conditions, and other factors. You should read all of the risk information presented below carefully, because any one or more of these risks may result in losses to the Fund. **An investment in the Fund is subject to investment risks, including possible loss of principal, is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency.** The Fund may not achieve its investment objective. The Fund is not intended to be a complete investment program, but rather is intended for investment as part of a diversified investment portfolio. Investors should consult their own advisers as to the role of the Fund in their overall investment programs.

**Market Risk:** The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.

**Equity Investing Risk**: The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.

**Large-Capitalization Securities Risk**: Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or other market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.

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##### [**Table of Contents**](#toc)
**Futures Contract Risk**: A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.

**Indexing Strategy/Index Tracking Risk:** The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (*i.e.*, achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.

**Non-Diversification Risk:** To the extent the Fund becomes "non-diversified," the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund shares may be more volatile than the values of shares of more diversified funds. The Fund may become non-diversified for periods of time solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities).

**Technology Sector Risk:** Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a major effect on the value of the Fund's investments. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.

**Unconstrained Sector Risk:** The Fund may invest a substantial portion of its assets within one or more economic sectors or industries, which may change from time to time. Greater investment focus on one or more sectors or industries increases the potential for volatility and the risk that events negatively affecting such sectors or industries could reduce returns, potentially causing the value of the Fund's shares to decrease, perhaps significantly.

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##### [**Table of Contents**](#toc)
**Performance** 

The following bar chart and table provide an indication of the risks of investing in the Fund. The Institutional Class Shares are a new mutual fund class of shares for which performance information is not available; and, therefore, the bar chart and table shows performance of the Fund's class of exchange-traded class shares ("ETF Class Shares"). The ETF Class Shares are offered through a separate prospectus. Returns of the Institutional Class Shares and ETF Class Shares may vary due to differences in their expenses. The bar chart and table show changes in the ETF Class Shares' from year to year and how the ETF Class Shares' average annual returns for certain time periods compare with the average annual returns of the Index. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling [1-866-787-2257] or visiting our website at <u>www.statestreet.com/im</u>.

**Annual Total Returns** (years ended 12/31)

![LOGO](g132738g0331042019303.jpg)

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| | | |
|:---|:---|:---|
|  | **Returns** | **Quarter/Year** |
|  **Highest Quarterly Return** | [20.54]% | [Q2 2020] |
|  **Lowest Quarterly Return** | [-19.54%] | [Q1 2020] |
|  **Year-to-Date** | [ ] | [ ] |

---

**Average Annual Total Returns** (for periods ended 12/31/25)

The Institutional Class Shares are a new class of shares for which Average Annual Total Returns information is not available; and, therefore, the Average Annual Total Returns are of the ETF Class Shares, which are offered through a separate prospectus. The after-tax returns of the ETF Class Shares presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of shares. Effective November 16, 2017, the Fund's benchmark index changed from the Russell 1000 Index to the SSGA Large Cap Index. Effective January 24, 2020, the Fund's benchmark index changed from the SSGA Large Cap Index to the S&P 500 Index. Each benchmark index change was consistent with a change in the Fund's principal investment strategy to track the performance of a new index. Performance of the Fund prior to January 24, 2020 is therefore based on the Fund's investment strategy to track the applicable prior index and may have been different had the Fund tracked the current index.

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| | | | |
|:---|:---|:---|:---|
|  | **One**<br>**Year** | **Five**<br>**Years** | **Ten**<br>**Years** |
|  Return Before Taxes – *ETF Class Shares* | XX.XX% | XX.XX% | XX.XX% |
|  Return After Taxes on Distributions – *ETF Class Shares* | XX.XX% | XX.XX% | XX.XX% |
|  Return After Taxes on Distributions and Sale of Fund Shares – *ETF Class Shares* | XX.XX% | XX.XX% | XX.XX% |
|  S&P 500 Index/SSGA Large Cap Index/Russell 1000 Index<sup>1</sup> (reflects no deduction for fees, expenses or taxes) | XX.XX% | XX.XX% | XX.XX% |
|  S&P 500 Index (reflects no deduction for fees, expenses or taxes) | XX.XX% | XX.XX% | XX.XX% |

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<sup>1</sup> Returns shown are reflective of the S&P 500 Index for the period January 24, 2020 to December 31, 2025, the SSGA Large Cap Index for the period from November 16, 2017 to January 23, 2020, and the Russell 1000 Index for the period from January 1, 2015 to November 15, 2017.

**Investment Adviser** 

SSGA FM serves as the investment adviser to the Fund.

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##### [**Table of Contents**](#toc)
**Portfolio Managers** 

The professionals primarily responsible for the day-to-day management of the Fund are Karl Schneider, John Law, and Emiliano Rabinovich.

Karl Schneider, CAIA, is a Managing Director of the Adviser and Co-Head of the Systematic Equity Team in the Americas. He joined the Adviser in 1997.

John Law, CFA, is a Vice President of the Adviser and a Senior Portfolio Manager in the Systematic Equity Team. He joined the Adviser in 2016.

Emiliano Rabinovich, CFA, is a Managing Director of the Adviser and Co-Head of the Systematic Equity Team in the Americas. He joined the Adviser in 2006.

**Purchase and Sale of Institutional Class Shares** 

**Subject to a plan's broker/dealer, recordkeeper, or other financial intermediary having an agreement with the Adviser and/or SSGA FD** (as defined herein), Institutional Class Shares are generally available to employer- and state-sponsored retirement plans that qualify as defined contribution plans (collectively, "Eligible Plans").

Certain other institutional investors may be eligible to purchase Institutional Class Shares **subject to having an agreement regarding the Institutional Class Shares through the transfer agent, or with a broker/dealer, recordkeeper, or other financial intermediary having an agreement with the Adviser and/or SSGA FD** to utilize Institutional Class Shares (collectively, the "Other Eligible Investors"), including:

• Endowments and foundations;

• Defined benefit plans;

• States, counties or cities or their instrumentalities;

• Insurance companies, trust companies and bank trust departments; and

• 529 plans.

Except as specifically provided above, **Institutional Class Shares may not be purchased by**:

• Individual investors and/or retail accounts (i.e., natural persons directly) including accounts purchased
through wrap programs.

Neither the Fund nor the Adviser or its affiliates will provide any distribution, shareholder or participant servicing, account maintenance, sub-accounting, sub-transfer agency, administrative, recordkeeping or reporting, transaction processing, support or similar payments, or "revenue sharing" payments, in connection with investments in, or conversions into Institutional Class Shares. With respect to Eligible Plans, Institutional Class Shares have no investment minimum. With respect to Other Eligible Investors, Institutional Class Shares initial [and subsequent] investment minimums generally are $100 million, although the Fund may reduce or waive the minimums in some cases.

*[Written Requests and Wire Transfers*. You may purchase or redeem Institutional Class Shares by written request or wire transfer.

Written requests should be sent to:

<u>By Mail:</u> 

State Street Funds

State Street Bank & Trust,

Attn: Transfer Agency, P.O. Box 5493

Quincy, MA 02171-2197

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##### [**Table of Contents**](#toc)
<u>By Overnight/Registered, Express, Certified Mail:</u> 

State Street Funds

State Street Bank & Trust,

Attn: Transfer Agency, 1776 Heritage Drive

Quincy, MA 02171-2197 JAB/3SE.

<u>By Intermediary:</u> 

[If you wish to purchase or redeem Institutional Class Shares through a broker, bank, recordkeeper or other financial intermediary ("Financial Intermediary"), please contact that Financial Intermediary directly. Your Financial Intermediary may have different or additional requirements for opening an account and/or for the processing of purchase and redemption orders, or may be closed at times when the Fund is open. Financial Intermediaries may contact State Street Bank and Trust Company ("State Street"), part of State Street Corporation, at (617) 662-7300 or via email at broker-dealerservices@statestreet.com with questions.]

<u>[Trade Threshold Notification</u> 

Financial Intermediaries, Eligible Plans, and Other Eligible Investors are required to provide at least thirty (30) business days' notice in advance of trades (contributions and redemptions) of $100 million or more ("Trade Threshold"), State Street Global Advisors Funds Distributors, LLC ("SSGA FD") requires notice via unsecure email be sent to: as-mgd-ops@statestreet.com. The Trade Threshold may vary and be updated at any time with no notice.

The Trade Threshold is determined by SSGA FD. For trades that exceed the Trade Threshold, SSGA FD expects to transact in-kind. For avoidance of doubt, SSGA FD reserves the right to transact in-kind, in a combination of cash and in-kind, or solely in cash, or to delay payment when, in SSGA FD's sole discretion, such action would be in the best interest of the Fund.]

**Tax Information** 

The Fund's distributions are expected to be taxed as ordinary income, qualified dividend income and/or capital gains, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or individual retirement account. Any withdrawals made from a tax-advantaged arrangement may be taxable to you.

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##### [**Table of Contents**](#toc)
ADDITIONAL STRATEGIES INFORMATION

**Principal Strategies** 

*General*. Please see "The Fund's Principal Investment Strategy" section under "Fund Summary" above for a discussion of the Fund's principal investment strategy. The Fund may invest in various types of securities and engage in various investment techniques which are not the principal focus of the Fund and therefore are not described in this Prospectus. These securities, techniques and practices, together with their risks, are described in the Statement of Additional Information (the "SAI"), which you may obtain free of charge by contacting shareholder services (see the back cover of this Prospectus for the address and phone number).

The Adviser seeks to track the performance of the Fund's Index as closely as possible *(i.e*., obtain a high degree of correlation with the Index). A number of factors may affect the Fund's ability to achieve a high degree of correlation with its Index, and there can be no guarantee that the Fund will achieve a high degree of correlation. For example, the Fund may not be able to achieve a high degree of correlation with its Index when there are practical difficulties or substantial costs involved in compiling a portfolio of securities to follow the Index, when a security in the Index becomes temporarily illiquid, unavailable or less liquid, or legal restrictions exist that prohibit the Fund from investing in a security in the Index.

The Adviser will utilize a sampling strategy in managing the Fund. Sampling means that the Adviser uses quantitative analysis to select securities, including securities in the Index, outside of the Index and derivatives that have a similar investment profile as the Index in terms of key risk factors, performance attributes and other economic characteristics. These include industry weightings, market capitalization, and other financial characteristics of securities. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. In addition, from time to time, securities are added to or removed from the Index. The Adviser may sell securities that are represented in the Index, or purchase securities that are not yet represented in the Index, in anticipation of their removal from or addition to the Index. Further, the Adviser may choose to overweight securities in the Index, purchase or sell securities not in the Index, or utilize various combinations of other available techniques, in seeking to track the Index.

The Fund has adopted a non-fundamental investment policy to invest at least 80% of its net assets, plus the amount of borrowings for investment purposes, in investments suggested by its name. The Fund will provide shareholders with at least 60 days' notice prior to any change in this non-fundamental 80% investment policy. The Board of Trustees (the "Board") of SPDR Series Trust (the "Trust") may change the Fund's investment strategy, Index and other policies without shareholder approval, except as otherwise indicated in this Prospectus or in the SAI. The Board may also change the Fund's investment objective without shareholder approval.

**Non-Principal Strategies** 

*Certain Other Investments*. The Fund may invest in structured notes (notes on which the amount of principal repayment and interest payments are based on the movement of one or more specified factors such as the movement of a particular security or index), swaps, options and futures contracts. Swaps, options, futures contracts and structured notes may be used by the Fund in seeking performance that corresponds to its Index and in managing cash flows.

*Temporary Defensive Positions*. In certain situations or market conditions, the Fund may temporarily depart from its normal investment policies and strategies, provided that the alternative is consistent with the Fund's investment objective and is in the best interest of the Fund. For example, the Fund may make larger than normal investments in derivatives to maintain exposure to its Index if it is unable to invest directly in a component security.

*Borrowing Money*. The Fund may borrow money from a bank as permitted by the Investment Company Act of 1940, as amended ("1940 Act"), or other governing statute, by the rules thereunder, or by the U.S. Securities and Exchange Commission ("SEC") or other regulatory agency with authority over the Fund, but only for temporary or emergency purposes. The 1940 Act presently allows the Fund to borrow from any bank (including pledging, mortgaging or hypothecating assets) in an amount up to 33 1/3% of its total assets (not including temporary borrowings not in excess of 5% of its total assets). The Fund may also invest in reverse repurchase agreements or similar financing transactions. Consistent with a rule under the 1940 Act, the Fund may treat such investments as either borrowings or derivatives transactions. To the extent the Fund treats reverse repurchase agreements or similar financing transactions as borrowings, such investments will also be included in the 33 1/3% limit. Under normal circumstances, any borrowings by the Fund (including investments in reverse repurchase agreements or similar financing transactions treated as borrowings) will not exceed 10% of the Fund's total assets.

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*Lending of Securities*. The Fund may lend its portfolio securities in an amount not to exceed 40% of the value of its net assets via a securities lending program through its securities lending agent, State Street Bank and Trust Company ("State Street" or the "Lending Agent"), to brokers, dealers and other financial institutions desiring to borrow securities to complete transactions and for other purposes. A securities lending program allows the Fund to receive a portion of the income generated by lending its securities and investing the respective collateral. The Fund will receive collateral for each loaned security which is at least equal to the market value of that security, marked to market each trading day. To the extent the Fund receives cash collateral, as of the date of this Prospectus, the Adviser expects to invest such cash collateral in the Fund managed by the Adviser that invests in: a broad range of money market instruments; certificates of deposit and time deposits of U.S. and foreign banks; commercial paper and other high quality obligations of U.S. or foreign companies; asset-backed securities; mortgage-related securities; repurchase agreements; and shares of money market funds. With respect to loans that are collateralized by cash, the borrower may be entitled to receive a fee based on the amount of cash collateral. The Fund is compensated by the difference between the amount earned on the reinvestment of cash collateral and the fee paid to the borrower. In the case of collateral other than cash, the Fund is compensated by a fee paid by the borrower equal to a percentage of the market value of the loaned securities. In the securities lending program, the borrower generally has the right to vote the loaned securities; however, the Fund may call loans to vote proxies if a material issue affecting the Fund's economic interest in the investment is to be voted upon. Security loans may be terminated at any time by the Fund.

ADDITIONAL RISK INFORMATION

The following section provides information regarding the principal risks identified under "Principal Risks of Investing in the Fund" in the Fund Summary along with additional risk information. The risks are described in alphabetical order and not in the order of importance or potential exposure.

**Principal Risks** 

*Counterparty Risk*. The Fund will be subject to credit risk with respect to the counterparties with which the Fund enters into derivatives contracts and other transactions such as repurchase agreements or reverse repurchase agreements. The Fund's ability to profit from these types of investments and transactions will depend on the willingness and ability of its counterparty to perform its obligations. If a counterparty fails to meet its contractual obligations, the Fund may be unable to terminate or realize any gain on the investment or transaction, resulting in a loss to the Fund. The Fund may experience significant delays in obtaining any recovery in an insolvency, bankruptcy, or other reorganization proceeding involving its counterparty (including recovery of any collateral posted by it) and may obtain only a limited recovery or may obtain no recovery in such circumstances. If the Fund holds collateral posted by its counterparty, it may be delayed or prevented from realizing on the collateral in the event of a bankruptcy or insolvency proceeding relating to the counterparty. Under applicable law or contractual provisions, including if the Fund enters into an investment or transaction with a financial institution and such financial institution (or an affiliate of the financial institution) experiences financial difficulties, then the Fund may in certain situations be prevented or delayed from exercising its rights to terminate the investment or transaction, or to realize on any collateral and may result in the suspension of payment and delivery obligations of the parties under such investment or transactions or in another institution being substituted for that financial institution without the consent of the Fund. Further, the Fund may be subject to "bail-in" risk under applicable law whereby, if required by the financial institution's authority, the financial institution's liabilities could be written down, eliminated or converted into equity or an alternative instrument of ownership. A bail-in of a financial institution may result in a reduction in value of some or all of its securities and, if the Fund holds such securities or has entered into a transaction with such a financial security when a bail-in occurs, such Fund may also be similarly impacted.

*Derivatives Risk*. A derivative is a financial contract the value of which depends on, or is derived from, the value of an underlying asset, interest rate, or index. Derivative transactions typically involve leverage and may have significant volatility. It is possible that a derivative transaction will result in a loss greater than the principal amount invested, and the Fund may not be able to close out a derivative transaction at a favorable time or price. Risks associated with derivative instruments include potential changes in value in response to interest rate changes or other market developments or as a result of the counterparty's credit quality; the potential for the derivative transaction not to have

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the effect the Adviser anticipated or a different or less favorable effect than the Adviser anticipated; the failure of the counterparty to the derivative transaction to perform its obligations under the transaction or to settle a trade; possible mispricing or improper valuation of the derivative instrument; imperfect correlation in the value of a derivative with the asset, rate, or index underlying the derivative; the risk that the Fund may be required to post collateral or margin with its counterparty, and will not be able to recover the collateral or margin in the event of the counterparty's insolvency or bankruptcy; the risk that the Fund will experience losses on its derivatives investments and on its other portfolio investments, even when the derivatives investments may be intended in part or entirely to hedge those portfolio investments; the risks specific to the asset underlying the derivative instrument; lack of liquidity for the derivative instrument, including, without limitation, absence of a secondary trading market; the potential for reduced returns to the Fund due to losses on the transaction and an increase in volatility; the potential for the derivative transaction to have the effect of accelerating the recognition of gain; and legal risks arising from the documentation relating to the derivative transaction.

*Futures Contract Risk*. The risk of loss relating to the use of futures contracts is potentially unlimited. The ability to establish and close out positions in futures contracts will be subject to the development and maintenance of a liquid market. There is no assurance that a liquid market on an exchange will exist for any particular futures contract or at any particular time. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate the futures contract. In using futures contracts, the Fund will be reliant on the ability of the Adviser to predict market and price movements correctly; the skills needed to use such futures contracts successfully are different from those needed for traditional portfolio management. If the Fund uses futures contracts for hedging purposes, there is a risk of imperfect correlation between movements in the prices of the futures contracts and movements in the securities or index underlying the futures contracts or movements in the prices of the Fund's investments that are the subject of such hedge. The prices of futures contracts, for a number of reasons, may not correlate perfectly with movements in the securities or index underlying them. For example, participants in the futures markets are subject to margin deposit requirements. Such requirements may cause investors to take actions with respect to their futures positions that they would not otherwise take. The margin requirements in the futures markets may be less onerous than margin requirements in the securities markets in general, and as a result those markets may attract more speculators than the securities markets do. Increased participation by speculators in those markets may cause temporary price distortions. Due to the possibility of price distortion, even a correct forecast of general market trends by the Adviser still may not result in a successful futures activity over a very short time period. The risk of a position in a futures contract may be very large compared to the relatively low level of margin the Fund is required to deposit. The Fund will typically be required to post margin with its futures commission merchant in connection with its transactions in futures contracts. In many cases, a relatively small price movement in a futures contract may result in immediate and substantial loss or gain to the investor relative to the size of a required margin deposit. The Fund will incur brokerage fees in connection with its futures transactions. In the event of an insolvency of the futures commission merchant or a clearing house, the Fund may not be able to recover all (or any) of the margin it has posted with the futures commission merchant, or to realize the value of any increase in the price of its positions, or it may experience a significant delay in doing so. The Commodity Futures Trading Commission (the "CFTC"), certain foreign regulators, and many futures exchanges have established limits referred to as "position limits" on the maximum net long or net short positions that any person and certain affiliated entities may hold or control in a particular futures and options contract. In addition, federal position limits apply to swaps that are economically equivalent to futures contracts on certain agricultural, metals and energy commodities. All positions owned or controlled by the same person or entity, even if in different accounts, must be aggregated for purposes of complying with position limits. It is possible that the positions of different clients managed by the Adviser may be aggregated for this purpose. Therefore, the trading decisions of the Adviser may have to be modified and positions held by the Fund liquidated in order to avoid exceeding such limits. The modification of investment decisions or the elimination of open positions, if it occurs, may adversely affect the performance of the Fund. A violation of position limits could also lead to regulatory action materially adverse to the Fund's investment strategy. In addition, exchanges may establish accountability levels applicable to a futures contract instead of position limits, provided that the futures contract is not subject to federal position limits. An exchange may order a person who holds or controls a position in excess of a position accountability level not to further increase its position, to comply with any prospective limit that exceeds the size of the position owned or controlled, or to reduce any open position that exceeds the position accountability level if the exchange determines that such action is necessary to maintain an orderly market. Position accountability levels could adversely affect the Fund's ability to establish and maintain positions in commodity futures contracts to which such levels apply, if the Fund were to trade in such contracts, and the Fund's ability to achieve its investment objective.

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The Fund may also be affected by other regimes, including those of the European Union and United Kingdom, and trading venues that impose position limits on commodity derivative contracts. Futures contracts traded on markets outside the U.S. are not generally subject to the same level of regulation by the CFTC or other U.S. regulatory entities as contracts traded in the U.S., including without limitation as to the execution, delivery, and clearing of transactions. U.S. regulators neither regulate the activities of a foreign exchange, nor have the power to compel enforcement of the rules of the foreign exchange or the laws of the foreign country in question. Margin and other payments made by the Fund may not be afforded the same protections as are afforded those payments in the U.S., including in connection with the insolvency of an executing or clearing broker or a clearinghouse or exchange. Certain foreign futures contracts may be less liquid and more volatile than U.S. contracts.

*Equity Investing Risk.* The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer, such as management performance, financial leverage, non-compliance with regulatory requirements, and reduced demand for the issuer's goods or services. The values of equity securities also may decline due to general industry or market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment generally. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.

*Indexing Strategy/Index Tracking Risk*. Each Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities. Each Fund will seek to provide investment results that correspond generally to the performance of the Index, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. Each Fund generally will buy and will not sell a security included in the Index as long as the security is part of the Index regardless of any sudden or material decline in value or foreseeable material decline in value of the security, even though the Adviser may make a different investment decision for other actively managed accounts or portfolios that hold the security. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index (in absolute terms and by comparison with other indices) and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, an Index may include, and the corresponding Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index for a number of reasons. For example, the return on the sample of securities purchased by the Fund (or the return on securities not included in the Index) may not correlate precisely with the return of the Index. Each Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, either as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index. Changes in the composition of the Index and regulatory requirements also may impact the Fund's ability to match the return of the Index. The Adviser may apply one or more "screens" or investment techniques to refine or limit the number or types of issuers included in the Index in which the Fund may invest. Application of such screens or techniques may result in investment performance below that of the Index and may not produce results expected by the Adviser. Index tracking risk may be heightened during times of increased market volatility or other unusual market conditions.

Pursuant to each Index methodology, a security may be removed from an Index in the event that it does not comply with the eligibility requirements of the Index. As a result, the Fund may be forced to sell securities at inopportune times and/or unfavorable prices due to these changes in the Index components. When there are changes made to the component securities of an Index and the corresponding Fund in turn makes similar changes to its portfolio to attempt to increase

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the correlation between the Fund's portfolio and the Index, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. Unscheduled changes to an Index may expose the corresponding Fund to additional tracking error risk. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the corresponding Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences.

*Large-Capitalization Securities Risk*. Securities issued by large-capitalization companies may present risks not present in smaller companies. For example, larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or other market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies, especially during strong economic periods. Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies.

*Leveraging Risk*. Borrowing transactions, reverse repurchase agreements, certain derivatives transactions, securities lending transactions and other investment transactions such as when-issued, delayed-delivery, or forward commitment transactions may create investment leverage. If the Fund engages in transactions that have a leveraging effect on the Fund's investment portfolio, the value of the Fund will be potentially more volatile and all other risks will tend to be compounded. This is because leverage generally creates investment risk with respect to a larger base of assets than the Fund would otherwise have and so magnifies the effect of any increase or decrease in the value of the Fund's underlying assets. The use of leverage is considered to be a speculative investment practice and may result in losses to the Fund. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. The use of leverage may cause the Fund to liquidate positions when it may not be advantageous to do so to satisfy repayment, interest payment, or margin obligations or to meet asset coverage requirements.

*Liquidity Risk*. Liquidity risk is the risk that the Fund may not be able to dispose of investments readily at a favorable time or prices (or at all) or at prices approximating those at which the Fund currently values them. For example, certain investments may be subject to restrictions on resale, may trade in the over-the-counter market or in limited volume, or may not have an active trading market. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. It may be difficult for the Fund to value illiquid investments accurately. The market for certain investments may become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer. Disposal of illiquid investments may entail registration expenses and other transaction costs that are higher than those for liquid investments. The Fund may seek to borrow money to meet its obligations (including among other things redemption obligations) if it is unable to dispose of illiquid investments, resulting in borrowing expenses and possible leveraging of the Fund.

*Market Risk*. Market prices of investments held by the Fund will go up or down, sometimes rapidly or unpredictably. The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile, and prices of investments can change substantially due to various factors, including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in actual or perceived creditworthiness of issuers and general market liquidity. Even if general economic conditions do not change, the value of an investment in the Fund could decline if the particular industries, sectors or companies in which the Fund invests do not perform well or are adversely affected by events. Further, legal, political, regulatory and tax changes also may cause fluctuations in markets and securities prices. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, public health issues, or other events could have a significant impact on the Fund and its investments. Due to the interconnectedness of economies and financial markets throughout the world, whether or not the Fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the Fund's investments may be negatively affected. A widespread outbreak of an infectious illness, such as COVID-19, and efforts to contain its spread, may result in market volatility, inflation, reduced liquidity of certain instruments, disruption in the trading of certain instruments, and systemic economic weakness. The foregoing could impact the Fund and its investments and result in disruptions to the services provided to the Fund by its service providers.

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*Non-Diversification Risk.* Funds classified as "non-diversified" may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund shares may be more volatile than the values of shares of more diversified funds. The Fund may become non-diversified for periods of time solely as a result of tracking its Index (e.g., changes in weightings of one or more component securities).

*Technology Sector Risk*. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a major effect on the value of the Fund's investments. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Technology companies may have limited product lines, markets, financial resources or personnel. Stocks of technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.

*Unconstrained Sector Risk*. The Fund may invest a substantial portion of its assets within one or more economic sectors or industries, which may change from time to time. When the Fund focuses its investments in a particular industry or sector, financial, economic, business, and other developments affecting issuers in that industry, market, or economic sector will have a greater effect on the Fund than if it had not focused its assets in that industry, market, or economic sector, which may increase the volatility of the Fund.

**Non-Principal Risks** 

*Concentration Risk.* The Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Fund's underlying Index concentrates in a particular industry or group of industries. When the Fund focuses its investments in a particular industry or sector, financial, economic, business, and other developments affecting issuers in that industry, market, or economic sector will have a greater effect on the Fund than if it had not focused its assets in that industry, market, or economic sector, which may increase the volatility of the Fund.

*Conflicts of Interest Risk.* An investment in the Fund will be subject to a number of actual or potential conflicts of interest. For example, the Adviser or its affiliates may provide services to the Fund, such as securities lending agency services, custodial, administrative, bookkeeping, and accounting services, transfer agency and shareholder servicing, securities brokerage services, and other services for which the Fund would compensate the Adviser and/or such affiliates. The Fund may invest in other pooled investment vehicles sponsored, managed, or otherwise affiliated with the Adviser. There is no assurance that the rates at which the Fund pays fees or expenses to the Adviser or its affiliates, or the terms on which it enters into transactions with the Adviser or its affiliates will be the most favorable available in the market generally or as favorable as the rates the Adviser or its affiliates make available to other clients. Because of its financial interest, the Adviser will have an incentive to enter into transactions or arrangements on behalf of the Fund with itself or its affiliates in circumstances where it might not have done so in the absence of that interest, provided that the Adviser will comply with applicable regulatory requirements.

The Adviser and its affiliates serve as investment adviser to other clients and may make investment decisions that may be different from those that will be made by the Adviser on behalf of the Fund. For example, the Adviser may provide asset allocation advice to some clients that may include a recommendation to invest in or redeem from particular issuers while not providing that same recommendation to all clients invested in the same or similar issuers. The Adviser may (subject to applicable law) be simultaneously seeking to purchase (or sell) investments for the Fund and to sell (or purchase) the same investment for accounts, funds, or structured products for which it serves as asset manager, or for other clients or affiliates. The Adviser and its affiliates may invest for clients in various securities that are senior, *pari passu* or junior to, or have interests different from or adverse to, the securities that are owned by the Fund. The Adviser or its affiliates, in connection with its other business activities, may acquire material nonpublic confidential information that may restrict the Adviser from purchasing securities or selling securities for itself or its clients (including the Fund) or otherwise using such information for the benefit of its clients or itself.

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The foregoing does not purport to be a comprehensive list or complete explanation of all potential conflicts of interests which may affect the Fund. The Fund may encounter circumstances, or enter into transactions, in which conflicts of interest that are not listed or discussed above may arise.

*Cybersecurity Risk*. With the increased use of technologies such as the Internet and the dependence on computer systems to perform business and operational functions, funds (such as the Fund) and their service providers (including the Adviser) may be prone to operational and information security risks resulting from cyber-attacks and/or technological malfunctions. Furthermore, geopolitical tensions may have increased the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing. In general, cyber-attacks are deliberate, but unintentional events may have similar effects. Cyber-attacks include, among others, stealing or corrupting data maintained online or digitally, preventing legitimate users from accessing information or services on a website, releasing confidential information without authorization, and causing operational disruption. Successful cyber-attacks against, or security breakdowns of, the Fund, the Adviser a custodian, transfer agent, or other affiliated or third-party service provider may adversely affect the Fund or its shareholders. For instance, cyber-attacks or technical malfunctions may interfere with the processing of shareholder or other transactions, affect the Fund's ability to calculate its NAV, cause the release of private shareholder information or confidential Fund information, impede trading, cause reputational damage, and subject the Fund to regulatory fines, penalties or financial losses, reimbursement or other compensation costs, and additional compliance costs. Cyber-attacks or technical malfunctions may render records of Fund assets and transactions, shareholder ownership of shares, and other data integral to the functioning of the Fund inaccessible or inaccurate or incomplete. The Fund may also incur substantial costs for cybersecurity risk management in order to prevent cyber incidents in the future. The Fund and its shareholders could be negatively impacted as a result. While the Adviser has established a business continuity plan and systems designed to minimize the risk of cyber-attacks through the use of technology, processes and controls, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified, given the evolving nature of this threat. The use of artificial intelligence and machine learning could exacerbate these risks or result in cyber security incidents that implicate personal data. The Fund relies on third-party service providers for many of its day-to-day operations, and will be subject to the risk that the protections and protocols implemented by those service providers will be ineffective to protect the Fund from cyber-attack. The Adviser does not control the cybersecurity plans and systems put in place by third-party service providers, and such third-party service providers may have limited indemnification obligations to the Adviser or the Fund. Similar types of cybersecurity risks or technical malfunctions also are present for issuers of securities in which the Fund invests, which could result in material adverse consequences for such issuers, and may cause the Fund's investment in such securities to lose value.

*Index Construction Risk*. A security included in the Index may not exhibit the characteristic or provide the specific exposure for which it was selected and consequently the Fund's holdings may not exhibit returns consistent with that characteristic or exposure.

*Index Licensing Risk*. It is possible that the license under which the Adviser or the Fund is permitted to replicate or otherwise use the Index will be terminated or may be disputed, impaired or cease to remain in effect. In such a case, the Adviser may be required to replace the Index with another index which it considers to be appropriate in light of the investment strategy of the Fund. The use of any such substitute index may have an adverse impact on the Fund's performance. In the event that the Adviser is unable to identify a suitable replacement for the Index, it may determine to terminate the Fund.

*Money Market Fund Investment Risk*. An investment in a money market fund is not a deposit of any bank and is not insured or guaranteed by the FDIC or any other government agency. Certain money market funds seek to preserve the value of their shares at $1.00 per share, although there can be no assurance that they will do so, and it is possible to lose money by investing in such a money market fund. A major or unexpected change in interest rates or a decline in the credit quality of an issuer or entity providing credit support, an inactive trading market for money market instruments, or adverse market, economic, industry, political, regulatory, geopolitical, and other conditions could cause the share price of such a money market fund to fall below $1.00. It is possible that such a money market fund will issue and redeem shares at $1.00 per share at times when the fair value of the money market fund's portfolio per share is more or less than $1.00. None of State Street Corporation, State Street, State Street Global Advisors, Inc. ("SSGA"), SSGA FM or their affiliates ("State Street Entities") guarantee the value of an investment in a money market fund at $1.00 per share. Investors should have no expectation of capital support to a money market fund from State Street Entities. Other money market funds price and transact at a "floating" NAV that will fluctuate along with changes in the market-based value of fund assets. Shares sold utilizing a floating NAV may be worth more or less than their original purchase price. Recent changes in the regulation of money market funds may affect the operations and structures of money market funds. A money market fund may be permitted or required to impose redemption fees during times of market stress.

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*Portfolio Turnover Risk.* The Fund may engage in frequent trading of its portfolio securities. Fund turnover generally involves a number of direct and indirect costs and expenses to the Fund, including, for example, brokerage commissions, dealer mark-ups and bid/asked spreads, and transaction costs on the sale of securities and reinvestment in other securities. The costs related to increased portfolio turnover have the effect of reducing the Fund's investment return, and the sale of securities by the Fund may result in the realization of taxable capital gains, including short-term capital gains. The Fund may engage in significant trading of its portfolio securities in connection with Index rebalancing.

*Regulatory Risk.* Governmental and regulatory actions may have unexpected or adverse consequences on particular markets, strategies, or investments, which may adversely impact the Fund and impair how it is managed. Policy and legislative changes in the United States and in other countries may affect aspects of financial regulation, and may in some instances contribute to decreased liquidity and increased volatility in the financial markets. The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time.

*Securities Lending Risk.* The Fund may lend portfolio securities in an amount not to exceed 40% of the value of its net assets. For these purposes, net assets shall exclude the value of all assets received as collateral for the loan. Such loans may be terminated at any time. Any such loans must be continuously secured by collateral maintained on a current basis in an amount at least equal to the market value of the securities loaned by the Fund, marked to market each trading day. The Fund will receive the amount of all dividends, interest and other distributions on the loaned securities; however, the borrower has the right to vote the loaned securities. The Fund will call loans to vote proxies if a material issue affecting the investment is to be voted upon. Efforts to recall such securities promptly may be unsuccessful, especially for foreign securities or thinly traded securities. Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. Should the borrower of the securities fail financially, the Fund may experience delays in recovering the securities or exercising its rights in the collateral. Loans are made only to borrowers that are deemed by the securities lending agent to be of good financial standing. In a loan transaction, the Fund will also bear the risk of any decline in value of securities provided as collateral or acquired with cash collateral. The Fund will attempt to minimize this risk by limiting the investment of cash collateral to high quality instruments of short maturity either directly on behalf of the lending Fund or through one or more joint accounts or funds, which may include those managed by the Adviser. To the extent the collateral provided or investments made with cash collateral differ from securities included in the Index, such collateral or investments may have a greater risk of loss than the securities included in the Index. In addition, the Fund will be subject to the risk that any income generated by lending its securities or reinvesting cash collateral is lower than any fees the Fund has agreed to pay a borrower. The Adviser will take into account the tax impact to shareholders of substitute payments for dividends when overseeing the Fund's securities lending activity.

**MANAGEMENT** 

**Investment Adviser** 

SSGA FM serves as the investment adviser to the Fund and, subject to the oversight of the Board, is responsible for the investment management of the Fund. The Adviser provides an investment management program for the Fund and manages the investment of the Fund's assets. In addition, the Adviser will provide administrative, compliance and general management services to the Fund. The Adviser is a wholly-owned subsidiary of State Street Investment Management, which is itself a wholly-owned subsidiary of State Street Corporation. The Adviser is registered with the SEC under the Investment Advisers Act of 1940, as amended. The Adviser and certain other affiliates of State Street Corporation make up State Street Investment Management. State Street Investment Management is one of the world's largest institutional money managers and the investment management arm of State Street Corporation. As of [ ], 2025, the Adviser managed approximately $[ ] trillion in assets and State Street Investment Management managed approximately $[ ] trillion in assets. The Adviser's principal business address is One Congress Street, Boston, Massachusetts 02114.

For the services provided to the Fund under the Investment Advisory Agreement, the Fund expects to pay the Adviser the annual fee based on a percentage of the Fund's average daily net assets as set forth below:

State Street S&P Index 500 Fund – Institutional Shares [ ]%

From time to time, the Adviser may waive all or a portion of its management fee. The Adviser pays all expenses of the Fund other than the management fee, brokerage expenses, taxes, interest, fees and expenses of the Independent Trustees (including any Trustee's counsel fees), litigation expenses, [acquired fund fees and expenses] and other extraordinary expenses.

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A discussion regarding the Board's consideration of the Investment Advisory Agreement is provided in the Fund's Form N-CSR filing with the SEC for the period ended June 30, 2025.

SSGA FM, as the investment adviser for the Fund, may hire one or more sub-advisers to oversee the day-to-day investment activities of the Fund. The sub-advisers are subject to oversight by the Adviser. The Adviser and the Trust have received an exemptive order from the SEC that permits the Adviser, with the approval of the Board, including a majority of the Independent Trustees, of the Trust, to retain and amend existing sub-advisory agreements with unaffiliated investment sub-advisers for the Fund without submitting the sub-advisory agreement to a vote of the Fund's shareholders. The Trust will notify shareholders in the event of any change in the identity of such sub-adviser or sub-advisers. The Adviser has ultimate responsibility for the investment performance of the Fund due to its responsibility to oversee each sub-adviser and recommend their hiring, termination and replacement. The Adviser is not required to disclose fees paid to any unaffiliated sub-adviser retained pursuant to the order.

**Portfolio Management** 

The Adviser manages the Fund using a team of investment professionals. The team approach is used to create an environment that encourages the flow of investment ideas. The portfolio managers within the team work together in a cohesive manner to develop and enhance techniques that drive the investment process for the investment strategy. This approach requires portfolio managers to share a variety of responsibilities, including investment strategy and analysis, while retaining responsibility for the implementation of the strategy within the portfolio. The approach also enables the team to draw upon the resources of other groups within State Street Investment Management. The portfolio management team is overseen by State Street Investment Management's internal governance.

The professionals primarily responsible for the day-to-day management of the Fund are Karl Schneider, John Law, and Emiliano Rabinovich.

John Law, CFA, is a Vice President of State Street Investment Management and a Senior Portfolio Manager in the Adviser's Systematic Equity Team, having joined State Street Investment Management in 2016. Previously, Mr. Law worked at Dimensional Fund Advisors as a portfolio manager on the international equities desk, where he oversaw the international small cap strategy and served as Global Process Lead for foreign exchange. Prior experience also includes mortgage banking, having worked at IndyMac Bank issuing mortgage backed securities, and investment banking, with Credit Suisse First Boston. Mr. Law has a Master of Business Administration from the University of Chicago Booth School of Business, where he was a Siebel Scholar, and Master's and Bachelor's degrees from Cambridge University and Princeton University, respectively. He also earned the Chartered Financial Analyst (CFA) designation and is a member of CFA Society Boston, Inc.

Emiliano Rabinovich, CFA, is a Managing Director of State Street Investment Management and Co-Head of the Adviser's Systematic Equity Team in the Americas. Within this team, he is the strategy leader for their Tax Aware, Smart Beta and ESG products. Mr. Rabinovich manages a varied mix of portfolios that include both traditional indexing as well as a variety of alternative beta mandates. He also manages local and global strategies and fund structures, which include separately managed accounts, commingled funds, mutual funds and ETFs. Mr. Rabinovich joined State Street Investment Management in Montreal in 2006, where he served as the Head of the Indexing team in Canada. He has been working in the investment management field since 2003. Mr. Rabinovich holds a Bachelor of Arts in Economics from the University of Buenos Aires and a Master of Arts in Economics from the University of CEMA. He has also earned the Chartered Financial Analyst (CFA) designation and is a member of CFA Society Boston, Inc.

Karl Schneider, CAIA, is a Managing Director of State Street Investment Management and Co-Head of the Adviser's Systematic Equity Team in the Americas. He also serves as a Senior Portfolio Manager for a number of the Systematic Equity Team's index equity portfolios. Previously within the Systematic Equity Team, he was the Deputy Head of the Americas, and prior to that served as a portfolio manager and product specialist for U.S. equity strategies and synthetic beta strategies, including commodities, buy/write, and hedge fund replication. He is a member of the S&P Dow Jones U.S. Equities Index Advisory Panel. Prior to joining the Systematic Equity Team, Mr. Schneider worked as a portfolio manager in State Street Investment Management's Currency Management Group, managing both active currency selection and traditional passive hedging overlay portfolios. He joined State Street Investment Management in 1997. Mr. Schneider holds a Bachelor of Science in Finance and Investments from Babson College and a Master of Science in Finance from the Carroll School of Management at Boston College. He has earned the Chartered Alternative Investment Analyst (CAIA) designation and is a member of the CAIA Association.

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Additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of the Fund is available in the SAI.

**Other Fund Services** 

<u>The Administrator, Sub-Administrator, Custodian, Transfer Agent and Dividend Disbursing Agent</u>

The Adviser serves as administrator of the Fund. State Street, part of State Street Corporation, is sub-administrator for the Fund and custodian for the Fund's assets, and serves as institutional transfer agent, and dividend disbursing agent.]

<u>[Lending Agent</u> 

State Street serves as the securities lending agent for the Fund. For its services, the lending agent would typically receive a portion of the net investment income, if any, earned on the collateral for the securities loaned.]

<u>The Distributor</u> 

SSGA FD serves as the Fund's distributor pursuant to the Distribution Agreement between SSGA FD and the Trust.

<u>Additional Information</u> 

The Board oversees generally the operations of the Fund and the Trust. The Trust enters into contractual arrangements with various parties, including, among others, the Fund's investment adviser, custodian, transfer agent, and accountants, who provide services to the Fund. Shareholders are not parties to any such contractual arrangements or intended beneficiaries of those contractual arrangements, and those contractual arrangements are not intended to create in any shareholder any right to enforce them directly against the service providers or to seek any remedy under them directly against the service providers.

This Prospectus provides information concerning the Trust and the Fund that you should consider in determining whether to purchase Institutional Class Shares. Neither this Prospectus, nor the related SAI, is intended, or should be read, to be or to give rise to an agreement or contract between the Trust or the Fund and any investor, or to give rise to any rights in any shareholder or other person other than any rights under federal or state law that may not be waived.

INDEX/TRADEMARK LICENSES/DISCLAIMERS

The Index Provider is not affiliated with the Trust, the Adviser, the Fund's administrator, sub-administrator, custodian, transfer agent, SSGA FD or any of their respective affiliates. The Adviser ("Licensee") has entered into a license agreement with the Index Provider pursuant to which the Adviser pays a fee to use the Index. The Adviser is sub-licensing rights to the Index to the Fund at no charge.

"S&P 500 Index" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI") and has been licensed for use by the Adviser. "S&P", "SPDR", and "S&P 500" are registered trademarks of Standard & Poor's Financial Services LLC ("S&P'); and these trademarks have been licensed for use by SPDJI and sub-licensed for certain purposes by the Adviser. It is not possible to invest directly in the Index.

The Fund is not sponsored, endorsed, sold or marketed by SPDJI, Dow Jones, S&P, or any of their respective affiliates (collectively, "S&P Dow Jones Indices"). S&P Dow Jones Indices does not make any representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of the Index to track general market performance. S&P Dow Jones Indices licenses to Licensee the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The Index is determined, composed and calculated by S&P Dow Jones Indices without regard to Licensee or the Fund. S&P Dow Jones Indices have no obligation to take the needs of Licensee or the owners of the Fund into consideration in determining, composing or calculating the Index. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of the Fund or the timing of the issuance or sale of the Fund or in the determination or calculation of the equation by which the Fund is to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the Fund. S&P Dow Jones Indices LLC is not an investment or tax advisor. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.

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NEITHER S&P DOW JONES INDICES NOR THIRD PARTY LICENSOR GUARANTEES THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES AND THIRD PARTY LICENSOR SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES AND THIRD PARTY LICENSOR MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OF THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES OR THIRD PARTY LICENSOR BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND LICENSEE, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

SHAREHOLDER INFORMATION

**Determination of Net Asset Value** 

[The Fund determines the NAV per share of the Institutional Class Shares once each business day as of the scheduled close of regular trading on the New York Stock Exchange (the "NYSE"). Pricing does not occur on NYSE holidays. A business day is one on which the NYSE is open for regular trading. The Federal Reserve is closed on certain holidays on which the NYSE is open. These holidays are Columbus Day and Veterans Day. On these holidays, you will not be able to purchase Institutional Class Shares by wiring federal funds because federal funds wiring does not occur on days when the Federal Reserve is closed. In unusual circumstances, such as an emergency or an unscheduled close or halt of trading on the NYSE, the time at which share prices are determined may be changed. The NAV per share of the Institutional Class Shares is based on the market value of the investments held in the Fund. The NAV of the Institutional Class Shares is calculated by dividing the value of the assets of the Fund attributable to the Institutional Class Shares less the liabilities of the Fund attributable to the Institutional Class Shares by the number of shares of the Institutional Class Shares outstanding. Purchase and redemption orders for Institutional Class Shares are processed, respectively, at the NAV next determined after the Fund accepts a purchase order or receives a redemption request in good form. The Fund values each security or other investment pursuant to guidelines adopted by the Board. The Board has appointed the Adviser as the valuation designee to fair value securities or other investments pursuant to procedures approved by the Board, under certain limited circumstances. For example, fair value pricing may be used when market quotations are not readily available or reliable, such as when (i) trading for a security is restricted; or (ii) a significant event, as determined by the Adviser, that may affect the value of one or more securities or other investments held by the Fund occurs after the close of a related exchange but before the determination of the Institutional Class Share's NAV. Attempts to determine the fair value of securities or other investments introduce an element of subjectivity to the pricing of securities or other investments. As a result, the price of a security or other investment determined through fair valuation techniques may differ from the price quoted or published by other sources and may not accurately reflect the price the Fund would have received had it sold the investment. To the extent that the Fund invests in the shares of other registered open-end investment companies that are not traded on an exchange (mutual funds), such shares are valued at their published NAVs per share as reported by the funds. The prospectuses of these funds explain the circumstances under which the funds will use fair value pricing and the effects of using fair value pricing.]

**Investing in the Institutional Class Shares** 

Mutual funds (including the Institutional Class Shares of a Multi-Class ETF Fund (as defined below)) advised by SSGA FM (the "State Street Funds") and their service providers have a legal obligation to collect from you certain personal information about you at the time you open an account in order to verify your identity and the source of your payment. If

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you do not provide this information, you may not be able to open an account with the State Street Funds. If the State Street Funds believe that they have uncovered unlawful activity, the State Street Funds and their service providers may close your account and take any action they deem reasonable or required by law. The State Street Funds reserve the right to reject any purchase order.

This section of the Prospectus explains the basics of doing business with the Fund. Carefully read each topic. The policies set forth below regarding the purchase and redemption of Institutional Class Shares are in addition to the "Purchase and Sale of Fund Shares" section contained in the "Fund Summary" portion of this Prospectus. The Fund reserves the right to change the following policies, without notice to shareholders. Please call your financial intermediary or recordkeeper or check online for current information. Requests for transactions in the Fund will be processed when they are received in "good order." "Good order" means that the request is in an accurate and complete form, and all applicable documents have been received in such accurate and complete form (including, typically, a signed application and medallion-guaranteed documents), and, for a purchase request, the wired funds have cleared.

**Purchasing Shares** 

The Fund offers Institutional Class Shares through this Prospectus. The Fund also issues ETF Class Shares, which are offered through a separate prospectus.

**Subject to a plan's broker/dealer, recordkeeper, or other financial intermediary having an agreement with the Adviser and/or SSGA FD,** Institutional Class Shares are generally available to Eligible Plans.

Other Eligible Investors may be eligible to purchase Institutional Class Shares **subject to having an agreement regarding the Institutional Class Shares through the transfer agent, or with a broker/dealer, recordkeeper, or other financial intermediary having an agreement with the Adviser and/or SSGA FD** to utilize Institutional Class Shares.

Neither the Fund nor the Adviser or its affiliates will provide any distribution, shareholder or participant servicing, account maintenance, sub-accounting, sub-transfer agency, administrative, recordkeeping or reporting, transaction processing, support or similar payments, or "revenue sharing" payments, in connection with investments in, or conversions into Institutional Class Shares. With respect to Eligible Plans, Institutional Class Shares have no investment minimum. With respect to Other Eligible Investors, Institutional Class Shares initial [and subsequent] investment minimums generally are $100 million, although the Fund may reduce or waive the minimums in some cases.

**How to Initiate a Purchase Request** 

<u>Investing in the Fund Through a Financial Intermediary</u> 

If you currently do not have an account with State Street Funds, you may establish a new account and purchase shares through a [Financial Intermediary, such as a bank, broker, or investment adviser]. Please consult your Financial Intermediary to determine which, if any, shares are available through that firm and to learn about other rules that may apply. [You may also submit a New Account Application. To open certain types of accounts, such as IRAs, you will be required to submit an account-specific application]. If you are opening an account through a Financial Intermediary, such as a bank or broker, the Financial Intermediary should have the documents that you will need.

*[Account Applications and Other Documents*. You may find the forms necessary to open an account by calling [ ] or writing to State Street Bank & Trust, PO Box 5493, Quincy, MA 02171-2197, or by calling or writing to the State Street Funds.

<u>How to Pay for a Purchase</u> 

*Opening Accounts and Purchasing By Telephone*. You may call the State Street Bank and Trust at [ ] to request that the account- opening forms be sent to you or for assistance in completing the necessary paperwork. Once an account has been established, you may also call to request a purchase of shares.

*[By Wire*. [ ]. See the *[ ]* section of this Prospectus. All wires should be in U.S. dollars and immediately available funds.]

*[In-Kind Purchase of Institutional Class Shares*. The Fund, in its sole discretion, may permit you to purchase Institutional Class Shares through the exchange of other securities that you own. The market value of any securities exchanged, plus any cash, must be at least [$]. Please consult your tax adviser regarding in-kind transactions. Please contact the State Street Funds for more information, including additional restrictions. See the *[ ]* section of this Prospectus.]

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<u>[Trade Threshold Notification</u> 

Financial Intermediaries, Eligible Plans, and Other Eligible Investors are required to provide at least thirty (30) business days' notice in advance of trades (contributions and redemptions) hitting the Trade Threshold, SSGA FD requires notice via unsecure email be sent to: as-mgd-ops@statestreet.com. The Trade Threshold may vary and be updated at any time with no notice.

The Trade Threshold is determined by SSGA FD in its sole discretion. For trades that exceed the Trade Threshold, SSGA FD expects to transact in-kind. For avoidance of doubt, SSGA FD reserves the right to transact in-kind, in a combination of cash and in-kind, or solely in cash, or to delay payment when, in SSGA FD's sole discretion, such action would be in the best interest of the Fund. ]

<u>Trade Dates-Purchases</u> 

The trade date for any purchase request received in good order will depend on the day and time the Fund receives your request, the manner in which you are paying, and the type of fund you are purchasing. The Fund's NAV is calculated only on business days, that is, those days that the NYSE is open for regular trading. Purchase orders are processed at the NAV next determined after the Fund accepts a purchase order.

*For Purchases by Wire*: [If the purchase request is received in good order by the Fund on a business day before the close of regular trading on the NYSE (ordinarily 4 p.m., Eastern time), the trade date will be the same day]. [If the purchase request is received in good order on a business day after the close of regular trading on the NYSE, or on a non-business day, the trade date will be the next business day].

If your purchase request is not in good order, it may be rejected.

<u>Other Purchase Policies You Should Know</u> 

*New Accounts*. We are required by law to obtain from you certain personal information that we will use to verify your identity. If you do not provide the information, we may not be able to open your account. If we are unable to verify your identity, the Fund reserves the right, without notice, to close your account or take such other steps as we deem reasonable.

*Refused or Rejected Purchase Requests*. [The Fund reserves the right to stop selling Institutional Class Shares or to reject any purchase request at any time and without notice]. This right also includes the right to reject any purchase request because of a history of frequent trading by the investor or because the purchase may negatively affect the Fund's operation or performance.

*Purchases Through Pension Plans*. If you are purchasing Institutional Class Shares through a pension or other participation plan, you should contact your plan administrator for further information on purchases.

**Redeeming Shares** 

If you wish to redeem Institutional Class Shares through a Financial Intermediary, please contact that Financial Intermediary directly. Your Financial Intermediary may have different or additional requirements for the processing of redemption orders, or may be closed at times when the Fund is open. Financial Intermediaries may contact State Street at (617) 662-7300 or via email at broker-dealerservices@statestreet.com with questions.

Please be sure to check *Frequent-Trading Limits* below.

<u>Trade Date-Redemptions</u> 

The trade date for any redemption request received in good order will depend on the day and time the Fund receives your request in good order and the manner in which you are redeeming.

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Your redemption will be executed using the NAV as calculated on the trade date. NAVs are calculated only on days that the NYSE is open for regular trading (a business day). If the redemption request is received in good order by the Fund on a business day before the close of regular trading on the NYSE (ordinarily 4 p.m., Eastern time), the request will be processed the same day using that day's NAV. If the redemption request is received in good order on a business day after the close of regular trading on the NYSE, or on a non-business day, the request will be processed the next business day.

<u>How to Receive Redemption Proceeds</u> 

Regardless of the method the Fund uses to make a redemption payment, the Fund typically expects to pay out redemption proceeds on the next business day after a redemption request is received in good order. [If you purchased the Institutional Class Shares by an automatic investment program and you elect to redeem shares within 15 days of the purchase, you may experience delays in receiving redemption proceeds.] In this case, the Fund generally will postpone sending redemption proceeds until it can verify that the automatic investment program investment has been collected, but in no event will this delay exceed 15 days. There will be no such delay for redemptions following purchases paid by federal funds wire. The Fund reserves the right to pay for redeemed shares within seven days after receiving a redemption order if, in the judgment of the Adviser, an earlier payment could adversely affect the Fund. The Fund reserves the right to suspend the right of shareholder redemption or postpone the date of payment for more than seven days to the extent permitted by the 1940 Act.

The transfer agent may temporarily delay for more than seven days the disbursement of redemption proceeds from the Fund account of a "Specified Adult" (as defined in Financial Industry Regulatory Authority, Inc. ("FINRA") Rule 2165) based on a reasonable belief that financial exploitation of the Specified Adult has occurred, is occurring, has been attempted, or will be attempted, subject to certain conditions.

Under normal circumstances, the Fund expects to meet redemption requests by using cash or cash equivalents in its portfolio and/or selling portfolio assets to generate cash. The Fund also may pay redemption proceeds using cash obtained through borrowing arrangements (including under the Fund's line of credit, which is shared across all registered funds advised by SSGA FM (other than money market funds)) that may be available from time to time.

The right of any investor to receive payment with respect to any redemption may be suspended or the payment of the redemption proceeds postponed beyond 7 days in accordance with Section 22(e) of the 1940 Act and the rules thereunder, including during any period in which the NYSE is closed (other than weekends or holidays) or trading on the NYSE is restricted or if an emergency exists as a result of which disposal by the Fund of securities owned by it is not reasonably practicable or it is not reasonably practicable for the Fund fairly to determine the value of its net assets. In addition, the SEC may by order permit suspension of redemptions for the protection of shareholders of the Fund.

The Fund may pay all or a portion of your redemption proceeds by giving you securities (for example, if the Fund reasonably believes that a cash redemption may have a substantial impact on the Fund and its remaining shareholders). A redemption is generally a taxable event for shareholders, regardless of whether the redemption is satisfied in cash or in kind. You may pay transaction costs and/or taxes (including through the realization of taxable gain) to dispose of the securities, and you may receive less for them than the price at which they were valued for purposes of the redemption. In addition, you will be subject to the market risks associated with such securities until such time as you choose to dispose of the security.

During periods of deteriorating or stressed market conditions, when an increased portion of the Fund's portfolio may be comprised of less liquid investments, or during extraordinary or emergency circumstances, the Fund may be more likely to pay redemption proceeds with cash obtained through short-term borrowing arrangements (if available) or by giving you securities.

*By Electronic Bank Transfer*. You may have the proceeds of a redemption sent directly to a designated bank account. To establish the electronic bank transfer option on an account, you must designate a bank account by completing a special form or filling out the appropriate section of your account registration form. After the option is set up on your account, you can redeem shares by electronic bank transfer on a regular schedule (Automatic Withdrawal Plan) or from time to time..

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*By Wire*. When redeeming shares of the Fund, you may instruct the Fund to wire your redemption proceeds [($1,000 minimum)] to a previously designated bank account. Shares will be redeemed from the account on the day that the redemption instructions are received in good order. The wire redemption option is not automatic; you must designate a bank account by completing a special form or filling out the appropriate section of your account registration form. The Fund typically does not charge you a fee for wiring redemption proceeds, although it reserves the right to do so. Your bank may charge a fee for receiving a wire. You are encouraged to check with your bank before initiating any transaction.

<u>Other Redemption Policies that You Should Know</u> 

*Address Changes.* If your address of record has been changed within thirty (30) days of the redemption request, the request must be in writing and bear a medallion guarantee.

*Significant/Unusual Economic or Market Activity.* During periods of significant or unusual economic or market activity, you may encounter delays attempting to give instructions by phone.

**Exchanging Shares** 

There is no exchangeability between Institutional Class Shares of the Fund and shares of another State Street Fund.

**Share Class Conversions** 

A shareholder holding shares of the Institutional Class Shares of the Fund may not convert those shares to ETF Class Shares of the Fund. The Fund's ETF Class Shares may not be converted into Institutional Class Shares.

**Frequent-Trading Limits** 

The Fund does not accommodate frequent purchases and redemptions of Institutional Class Shares shareholders. Excessive trading into and out of Institutional Class Shares may harm the Fund's performance by disrupting portfolio management strategies and by increasing expenses. These expenses are borne by all Fund shareholders, including long-term investors who do not generate such costs.

Excessive trading activity is generally evaluated based on roundtrip transactions in an account. A "roundtrip" transaction is defined generally as a purchase or exchange into the Fund followed, or preceded, by a redemption or exchange out of the Fund within 30 days. The Fund may, in its discretion, determine to apply a time period other than 30 days in connection with identifying roundtrip transactions. Shareholders with one or more roundtrip transactions may, in the discretion of the Fund, be blocked from making additional purchases or exchanges of Institutional Class Shares for a period of time. The Fund has discretion to determine that action is not necessary if it determines that a pattern of trading is not abusive or harmful to the Fund in a material way. Fund size and/or transaction size may be considered in evaluating any roundtrip transaction.

[The Board has adopted a "Market Timing/Excessive Trading Policy" (the "Policy")] to discourage excessive trading of Institutional Class Shares. Under the Policy, [the Fund reserves the right to reject any exchanges or purchase orders of Institutional Class Shares by any shareholder engaging in excessive trading activities].

As a means to protect the Fund and its shareholders from excessive trading of Institutional Class Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's transfer agent compiles, monitors and reports account-level information on omnibus and
underlying shareholder/participant activity in Institutional Class Shares. Depending on the account type, monitoring will be performed on a daily, monthly, quarterly and/or annual basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's distributor has obtained information from each Financial Intermediary holding Institutional
Class Shares in an omnibus account with the Fund regarding whether the Financial Intermediary has adopted and maintains procedures that are reasonably designed to protect the Fund against harmful short-term trading; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To the extent the Fund invests in securities that trade on foreign markets, pursuant to the fair valuation
procedures, pricing adjustments may be made based on information received from a third-party, multi-factor fair valuation pricing service.

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The Fund's distributor has detailed procedures that document the transparency oversight and monitoring processes performed by the Fund's transfer agent.

While the Fund attempts to discourage excessive trading of Institutional Class Shares, there can be no guarantee that it will be able to identify investors who are engaging in excessive trading or limit their trading practices. Additionally, frequent trades of small amounts may not be detected. The Fund recognizes that it may not always be able to detect or prevent excessive trading or other activity that may disadvantage the Fund or its shareholders.

A Fund shareholder's right to purchase shares through an automatic investment plan or redeem shares in full (or in part through a systematic withdrawal plan) are unaffected by excessive trading restrictions.

[The Fund does not impose any restrictions on the frequency of purchases and redemptions of ETF Class Shares]. When considering that no restriction or policy with respect to ETF Class Shares was necessary, the Board evaluated the risks posed by excessive trading, such as whether frequent purchases and redemptions of ETF Class Shares would interfere with the efficient implementation of the Fund's investment strategy, or whether they would cause the Fund to experience increased transaction costs. The Board considered that, unlike Institutional Class Shares, ETF Class Shares are issued and redeemed only in large quantities of shares known as creation units, available only from the Fund directly, and that most trading of ETF Class Shares occurs on an exchange at prevailing market prices and does not involve the Fund directly. Given this structure, the Board determined that it is unlikely that (a) market timing would be attempted by shareholders of the Fund's ETF Class Shares or (b) any attempts to market time the Fund's ETF Class Shares would result in negative impact to the Fund or its shareholders.]

**Service Options** 

<u>Dividend and Capital Gain Distribution Option</u> 

You may set up your account to reinvest any dividend or capital gains distribution that you receive as a Fund shareholder into the same [or a different State Street Fund], or have any dividend or capital gain distribution paid by wire.

Please refer to *Distributions* below for additional information.

**Additional Shareholder Information** 

<u>Account Transfers</u> 

[To effect a change in account registration (for example, to add a new joint owner), a shareholder may request to open a new account in the Fund (referred to as a "transfer"). To effect a transfer, the Fund requires a completed and signed new account application, including all necessary additional documents required by the form, and a letter of instruction. The letter of instruction must include the name of the Fund and the original account number, and must be signed by all registered owners of the original account and include a medallion guarantee.]

<u>Responsibility for Fraud</u> 

The Fund will not be responsible for any account losses because of fraud if we reasonably believe that the person transacting business on an account is authorized to do so. Please take precautions to protect yourself from fraud. Keep your account information private, and immediately review any account statements that we provide to you. It is important that you contact the Fund immediately about any transactions or changes to your account that you believe to be unauthorized.

<u>Right to Change Policies</u> 

[In addition to the rights expressly stated elsewhere in this Prospectus, the Fund reserves the right, in the future, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Alter, add, or discontinue any conditions of purchase (including eligibility requirements), redemption,
exchange, service, or privilege at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Freeze any account and/or suspend account services if the Fund has received reasonable notice of a dispute
regarding the assets in an account, including notice of a dispute between the registered or beneficial account owners, or if we reasonably believe a fraudulent transaction may occur or has occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Temporarily freeze any account and/or suspend account services upon initial notification to the Fund of the
death of the shareholder until the Fund receives required documentation in good order;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Alter, impose, discontinue, or waive any redemption fee, account service fee, or other fees charged to a group
of shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Redeem an account or suspend account privileges, without the owner's permission to do so, in cases of
threatening conduct or activity the Fund believes to be suspicious, fraudulent, or illegal.]

Changes may affect any or all investors. These actions will be taken when, at the sole discretion of SSGA FM, we reasonably believe they are deemed to be in the best interest of the Fund.

<u>Unclaimed Property</u> 

Many states have unclaimed property rules that provide for transfer to the state (also known as "escheatment") of unclaimed property under various circumstances. These circumstances include inactivity (e.g., no owner-initiated contact for a certain period), returned mail (e.g., when mail sent to a shareholder is returned by the post office as undeliverable), or a combination of both inactivity and returned mail. If the Fund's transfer agent identifies property as unclaimed, it will attempt to contact the shareholder, but if that attempt is unsuccessful, the account may be considered abandoned and escheated to the state after the passage of a certain period of time (as required by applicable state law).

It is your responsibility to ensure that you maintain a correct address for your account, and maintain contact in ways such as by contacting the Fund's transfer agent or accessing your account through the Fund's website. State requirements for maintaining contact with an account can vary and are subject to change. If you invest in the Fund through a Financial Intermediary, we encourage you to contact the Financial Intermediary regarding applicable state unclaimed property laws. The Fund, the transfer agent and the distributor will not be liable to shareholders or their representatives for good faith compliance with state unclaimed property laws. Please check your state's unclaimed or abandoned property website for specific information.

If you are a resident of the state of Texas, you may designate a representative to receive escheatment notifications by completing and submitting a designation form, which you can find on the website of the Texas Comptroller. Designating such a representative may be beneficial, since Texas law provides that the escheatment period will cease if the representative, after receiving an escheatment notification regarding your account, communicates knowledge of your location and confirms that you have not abandoned your account. You can mail a completed designation form to the Fund (if you hold shares directly with the Fund) or to your Financial Intermediary (if you do not hold shares directly with the Fund).

**DISTRIBUTIONS** 

[Income dividend distributions, if any, for the Fund are generally distributed quarterly, but may vary significantly from period to period. Net capital gains for the Fund are distributed at least annually]. Any investment income and capital gains that have not been distributed by December of each calendar year are generally distributed at such time. When the Fund distributes investment income or capital gains, the NAV per share is reduced by the amount of the distribution.

*Distribution Options.* You can choose from four different distribution options as indicated on the application:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [Reinvestment Option—Dividends and capital gain distributions will be automatically reinvested in
additional shares of the Fund. If you do not indicate a choice on the application, this option will be automatically assigned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Income-Earned Option—Capital gain distributions will be automatically reinvested, but a direct deposit or
wire will be sent for each dividend distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash Option—A wire or direct deposit will be sent for each dividend and capital gain distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct Dividends Option—Dividends and capital gain distributions will be automatically invested in another
identically registered State Street Fund of the same share class].

*Dividend Policy Upon Purchase*. A shareholder will receive a dividend or capital gain distribution only if the shareholder purchased Institutional Class Shares by the close of the record date of such dividend or capital gain distribution.

Delivery of Documents to Accounts Sharing an Address

To reduce expenses, we may mail only one copy of the Fund's Prospectus and each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call us at [(800) 647-7327], or contact your financial institution. We will begin sending you individual copies thirty (30) days after receiving your request.

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**FINANCIAL INTERMEDIARY ARRANGEMENTS** 

**Payments to Financial Intermediaries** 

[Neither the Institutional Class Shares nor SSGA FD or its affiliates will make any payments to Financial Intermediaries for providing certain administrative, recordkeeping, and account maintenance services].

Financial Intermediaries are firms that sell shares of mutual funds, including the Fund, and/or provide certain administrative and account maintenance services to mutual fund investors. Financial Intermediaries may include, among others, brokers, financial planners or advisers, banks, retirement plan recordkeepers and insurance companies.

[In some cases, a Financial Intermediary may hold its clients' Institutional Class Shares in nominee or street name and may utilize omnibus accounts]. Shareholder services provided by a Financial Intermediary may (though they will not necessarily) include, among other things: establishing and maintaining shareholder account registrations; receiving and processing purchase and redemption orders, including aggregated orders and delivering orders to the Fund's transfer agent; processing and mailing trade confirmations, periodic statements, prospectuses, annual reports, semiannual reports, shareholder notices, and other SEC-required communications; capturing and processing tax data; issuing and mailing dividend checks to shareholders who have selected cash distributions; preparing record date shareholder lists for proxy solicitations; and collecting and posting distributions to shareholder accounts.

[If you invest through a Financial Intermediary and meet the eligibility criteria for more than one share class, you should discuss with your Financial Intermediary which share class is appropriate for you]. Your financial adviser and the Financial Intermediary employing him or her may have an incentive to recommend one share class over another, when you are eligible to invest in more than one share class. Please speak with your financial adviser to learn more about the total amounts paid to your financial adviser and his or her firm by the Fund or its affiliates with respect to the different share classes offered by the Fund.

*Third-Party Transactions*. [The Fund has authorized certain Financial Intermediaries to accept purchase, redemption and exchange orders on the Fund's behalf]. Orders received for the Fund by a Financial Intermediary that has been authorized to accept orders on the Fund's behalf (or other Financial Intermediaries designated by the Financial Intermediary) will be deemed accepted by the Fund at the time they are received by the Financial Intermediary and will be priced based on the Fund's next NAV determination as long as the Financial Intermediary transmits the order in good form and in a timely manner to the Fund. The Fund will be the sole party to determine if a trade is received in good order. The Financial Intermediary is responsible for transmitting your orders and associated funds in good form and in a timely manner to the Fund. The Fund will not be responsible for delays by the Financial Intermediary in transmitting your orders, including timely transfer of payment, to the Fund.

[If you are purchasing, selling, or holding Institutional Class Shares through a program of services offered by a Financial Intermediary, you may be required by the Financial Intermediary to pay additional fees]. You should contact the Financial Intermediary for information concerning what additional fees, if any, may be charged.

**PORTFOLIO HOLDINGS DISCLOSURE** 

The Fund's portfolio holdings disclosure policy is described in the Statement of Additional Information ("SAI"). In addition, the identities and quantities of the securities held by the Fund are disclosed on the Fund's website.

**ADDITIONAL TAX INFORMATION** 

The following discussion is a summary of some important U.S. federal income tax considerations generally applicable to an investment in the Fund. Your investment in the Fund may have other tax implications. Please consult your tax advisor about federal, state, local, foreign or other tax laws applicable to you. Investors, including non-U.S. investors, may wish to consult the SAI tax section for additional disclosure.

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The Fund has elected to be a regulated investment company (a "RIC") and intends to qualify each year to be treated as such. A RIC is generally not subject to tax at the corporate level on income and gains that are distributed to shareholders. However, the Fund's failure to qualify for treatment as a RIC may result in corporate level taxation, and consequently, a reduction in income available for distribution to shareholders.

*Taxes on Distributions.* In general, your distributions are subject to federal income tax when they are paid, whether you take them in cash or reinvest them in the Fund. The income dividends and short-term capital gains distributions you receive from the Fund will be taxed as either ordinary income or qualified dividend income. Subject to certain limitations, dividends that are reported by the Fund as qualified dividend income are taxable to noncorporate shareholders at reduced rates. Any distributions of the Fund's net capital gains are taxable as long-term capital gain regardless of how long you have owned Fund Shares. Long-term capital gains are generally taxed to noncorporate shareholders at reduced rates. Distributions in excess of the Fund's current and accumulated earnings and profits are treated as a tax-free return of capital to the extent of your basis in the Fund's shares, and, in general, as capital gain thereafter.

In general, dividends may be reported by the Fund as qualified dividend income if they are attributable to qualified dividend income received by the Fund, which, in general, includes dividend income from taxable U.S. corporations and certain foreign corporations (*i.e*., certain foreign corporations incorporated in a possession of the United States or in certain countries with a comprehensive tax treaty with the United States, and certain other foreign corporations if the stock with respect to which the dividend is paid is readily tradable on an established securities market in the United States), provided that the Fund satisfies certain holding period requirements in respect of the stock of such corporations and has not hedged its position in the stock in certain ways. A dividend generally will not be treated as qualified dividend income if the dividend is received with respect to any share of stock held by the Fund for fewer than 61 days during the 121-day period beginning at the date which is 60 days before the date on which such share becomes ex-dividend with respect to such dividend or, in the case of certain preferred stock, for fewer than 91 days during the 181-day period beginning 90 days before such date. These holding period requirements will also apply to your ownership of Fund Shares. Holding periods may be suspended for these purposes for stock that is hedged. Additionally, income derived in connection with the Fund's securities lending activities will not be treated as qualified dividend income.

U.S. individuals with income exceeding specified thresholds are subject to a 3.8% Medicare contribution tax on all or a portion of their "net investment income," which includes taxable interest, dividends and certain capital gains (generally including capital gain distributions and capital gains realized upon the redemption of other taxable disposition of Fund Shares). This 3.8% tax also applies to all or a portion of the undistributed net investment income of certain shareholders that are estates and trusts.

Certain tax-exempt educational institutions will be subject to an excise tax on net investment income. For these purposes, certain dividends and capital gain distributions, and certain gains from the disposition of Fund Shares (among other categories of income), are generally taken into account in computing a shareholder's net investment income.

If you lend your Fund Shares pursuant to securities lending arrangements you may lose the ability to treat Fund dividends (paid while the Fund Shares are held by the borrower) as qualified dividend income. You should consult your Financial Intermediary or tax advisor to discuss your particular circumstances.

Distributions paid in January, but declared by the Fund in October, November or December of the previous year, payable to shareholders of record in such a month, may be taxable to you in the calendar year in which they were declared. The Fund will inform you of the amount of your ordinary income dividends, qualified dividend income and capital gain distributions shortly after the close of each calendar year.

A distribution will reduce the Fund's NAV per Fund Share and may be taxable to you as ordinary income or capital gain even though, from an investment standpoint, the distribution may constitute a return of capital.

*Derivatives and Other Complex Securities.* The Fund may invest in complex securities. These investments may be subject to numerous special and complex rules. These rules could affect whether gains and losses recognized by the Fund are treated as ordinary income or capital gain, accelerate the recognition of income to the Fund and/or defer the Fund's ability to recognize losses. In turn, these rules may affect the amount, timing or character of the income distributed to you by the Fund. You should consult your personal tax advisor regarding the application of these rules.

*Foreign Currency Transactions.* The Fund's transactions in foreign currencies, foreign currency denominated debt obligations and certain foreign currency options, futures contracts and forward contracts (and similar instruments) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned.

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*Foreign Income Taxes.* Investment income received by the Fund from sources within foreign countries may be subject to foreign income taxes withheld at the source. The United States has entered into tax treaties with many foreign countries which may entitle the Fund to a reduced rate of such taxes or exemption from taxes on such income. It is impossible to determine the effective rate of foreign tax for the Fund in advance since the amount of the assets to be invested within various countries is not known. If more than 50% of the total assets of the Fund at the close of its taxable year consist of certain foreign stocks or securities, the Fund may elect to "pass through" to you certain foreign income taxes (including withholding taxes) paid by the Fund. If the Fund in which you hold Fund Shares makes such an election, you will be considered to have received as an additional dividend your share of such foreign taxes, but you may be entitled to either a corresponding tax deduction in calculating your taxable income, or, subject to certain limitations, a credit in calculating your federal income tax. No deduction for such taxes will be permitted to individuals in computing their alternative minimum tax liability. If the Fund does not so elect, the Fund will be entitled to claim a deduction for certain foreign taxes incurred by the Fund. Under certain circumstances, if the Fund receives a refund of foreign taxes paid in respect of a prior year, the value of Fund Shares could be affected or any foreign tax credits or deductions passed through to shareholders in respect of the Fund's foreign taxes for the current year could be reduced.

*Real Estate Investments.* A noncorporate taxpayer is generally eligible for a deduction of up to 20% of the taxpayer's "qualified REIT dividends." If the Fund receives dividends (other than capital gain dividends) in respect of U.S. REIT shares, the Fund may report its own dividends as eligible for the 20% deduction, to the extent the Fund's income is derived from such qualified REIT dividends, as reduced by allocable Fund expenses. In order for the Fund's dividends to be eligible for this deduction when received by a noncorporate shareholder, the Fund must meet certain holding period requirements with respect to the U.S. REIT shares on which the Fund received the eligible dividends, and the noncorporate shareholder must meet certain holding period requirements with respect to the Fund Shares.

*Index Concentration*. In order to qualify for the favorable tax treatment generally available to RICs, the Fund must satisfy certain diversification requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund's assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund's assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. Given the concentration of the index tracked by the Fund in a relatively small number of securities, it may not be possible for the Fund to fully implement its strategy while satisfying these diversification requirements. The Fund's efforts to satisfy the diversification requirements may affect the Fund's execution of its investment strategy and may cause the Fund's return to deviate from that of the Index, and the Fund's efforts to track the Index may cause it inadvertently to fail to satisfy the diversification requirements. If the Fund were to fail to qualify as a RIC, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.

*Taxes on Redemptions.* Any capital gain or loss realized upon a redemption (or other taxable disposition) of Fund Shares is generally treated as long-term capital gain or loss if Fund Shares have been held for more than one year and as short-term capital gain or loss if Fund Shares have been held for one year or less, except that any capital loss on the redemption of Fund Shares held for six months or less is treated as long-term capital loss to the extent that capital gain dividends were paid with respect to such Fund Shares.

*Certain Tax-Exempt Investors.* The Fund, if investing in certain limited real estate investments and other publicly traded partnerships, may be required to pass through certain "excess inclusion income" and other income as "unrelated business taxable income" ("UBTI"). Prior to investing in the Fund, tax-exempt investors sensitive to UBTI should consult their tax advisors regarding this issue and Internal Revenue Service ("IRS") pronouncements addressing the treatment of such income in the hands of such investors.

*Investments In Certain Foreign Corporations.* The Fund may invest in foreign entities classified as passive foreign investment companies or "PFICs" or controlled foreign corporations or "CFCs" under the Code. PFIC and CFC investments are subject to complex rules that may under certain circumstances adversely affect the Fund. Accordingly, investors should consult their own tax advisors and carefully consider the tax consequences of PFIC and CFC investments by the Fund before making an investment in such Fund. Fund dividends attributable to dividends received from PFICs generally will not be treated as qualified dividend income. Additional information pertaining to the potential tax consequences to the Fund, and to the shareholders, from the Fund's potential investment in PFICs and CFCs can be found in the SAI.

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*Non-U.S. Investors.* Ordinary income dividends paid by the Fund to shareholders who are non-resident aliens or foreign entities will generally be subject to a 30% U.S. withholding tax (other than distributions reported by the Fund as interest-related dividends and short-term capital gain dividends), unless a lower treaty rate applies or unless such income is effectively connected with a U.S. trade or business. In general, the Fund may report interest-related dividends to the extent of its net income derived from U.S.-source interest, and the Fund may report short-term capital gain dividends to the extent its net short-term capital gain for the taxable year exceeds its net long-term capital loss. Gains on the redemption of Fund Shares and dividends that are, in each case, effectively connected with the conduct of a trade or business within the U.S. will generally be subject to U.S. federal net income taxation at regular income tax rates. Non-U.S. shareholders that own, directly or indirectly, more than 5% of the Fund's shares are urged to consult their own tax advisors concerning special tax rules that may apply to their investment.

Unless certain non-U.S. entities that hold Fund Shares comply with IRS requirements that will generally require them to report information regarding U.S. persons investing in, or holding accounts with, such entities, a 30% withholding tax may apply to distributions payable to such entities. A non-U.S. shareholder may be exempt from the withholding described in this paragraph under an applicable intergovernmental agreement between the U.S. and a foreign government, provided that the shareholder and the applicable foreign government comply with the terms of such agreement.

*Backup Withholding.* The Fund will be required in certain cases to withhold (as "backup withholding") on amounts payable to any shareholder who (1) has provided the Fund either an incorrect tax identification number or no number at all, (2) is subject to backup withholding by the IRS for failure to properly report payments of interest or dividends, (3) has failed to certify to the Fund that such shareholder is not subject to backup withholding, or (4) has not certified that such shareholder is a U.S. person (including a U.S. resident alien). The backup withholding rate is currently 24%. Backup withholding will not be applied to payments that have been subject to the 30% withholding tax on shareholders who are neither citizens nor permanent residents of the United States.

*Cost Basis Reporting.* U.S. Treasury regulations mandate cost basis reporting to shareholders and the IRS for redemptions of Fund Shares. [If you acquire and hold Fund Shares directly through the Fund and not through a Financial Intermediary, the transfer agent will, by default, use an average cost basis methodology for tracking and reporting your cost basis on Fund Shares, unless you request, in writing, another cost basis reporting methodology.]

*Other Tax Issues.* The Fund may be subject to tax in certain states where the Fund does business (or is treated as doing business as a result of its investments). Furthermore, in those states which have income tax laws, the tax treatment of the Fund and of Fund shareholders with respect to distributions by the Fund may differ from federal tax treatment.

The foregoing discussion summarizes some of the consequences under current federal income tax law of an investment in the Fund. It is not a substitute for personal tax advice. Consult your personal tax advisor about the potential tax consequences of an investment in the Fund under all applicable tax laws.

**GENERAL INFORMATION** 

The Trust was organized as a Massachusetts business trust on June 12, 1998. If shareholders of the Fund are required to vote on any matters, shareholders are entitled to one vote for each Fund Share they own. Annual meetings of shareholders will not be held except as required by the 1940 Act and other applicable law. See the SAI for more information concerning the Trust's form of organization.

**MANAGEMENT AND ORGANIZATION** 

The Fund is a separate series of the Trust, which is an open-end registered management investment company.

From time to time, the Fund may advertise yield and total return figures. Yield is a historical measure of dividend income, and total return is a measure of past dividend income (assuming that it has been reinvested) plus capital appreciation. Neither yield nor total return should be used to predict the future performance of the Fund.

Morgan, Lewis & Bockius LLP serves as counsel to the Trust, including the Fund. [ ] serves as the independent registered public accounting firm and will audit the Fund's financial statements annually.

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**MULTI-CLASS ETF FUND STRUCTURE** 

The Adviser and the Trust, on behalf of its series, have received an exemptive order from the SEC that permits each series of the Trust to offer one class of exchange-traded shares that operates as an exchange-traded fund (an "ETF") and one or more mutual fund share classes (each such fund, a "Multi-Class ETF Fund"). Under this structure, the ETF Class Shares are listed and traded on a national securities exchange and are generally bought and sold at market-determined prices, whereas the mutual fund class shares are purchased and redeemed at the Multi-Class ETF Fund's net asset value next determined after receipt of the order. The Fund's Institutional Class Shares are described in this prospectus. In addition to Institutional Class Shares, the Fund also offers ETF Class Shares in a separate prospectus.

Due to the structural and operational differences of mutual funds and ETFs, shareholders of the mutual fund class shares and ETF class shares of a Multi-Class ETF Fund will have differing shareholder rights with respect to how shares are purchased and redeemed, the timing of dividend declarations and payments, and the timing and ability to automatically reinvest dividends. In addition, because all of the classes of a Multi-Class ETF Fund are based on the same portfolio, transactions through one class could generate portfolio transaction costs and tax consequences for shareholders in other classes. For example, shareholders of the ETF class shares of a Multi-Class ETF Fund (i.e., as opposed to shareholders of a standalone ETF) have the potential to experience greater portfolio transaction costs and taxable capital gains distributions as a result of purchases and redemptions by shareholders of the mutual fund class, as well as costs due to cash drag associated with the fund holding the cash necessary to satisfy redemptions of the mutual fund class shares, which could negatively impact the ETF class shares' performance. At the same time, shareholders of all classes of a Multi-Class ETF Fund might benefit from cost savings and economies of scale to the extent that the multiple classes draw additional assets to the Multi-Class ETF Fund.

A Multi-Class ETF Fund is required to comply with certain requirements of Rule 6c-11 under the 1940 Act in order to permit ETF operations, which are requirements that do not normally apply to a mutual fund. For example, a Multi-Class ETF Fund is required to provide daily transparency of its holdings, which has the potential to make the fund more susceptible to front running than a traditional mutual fund that provides more limited public disclosure of portfolio holdings. Also, unlike a traditional mutual fund, a Multi-Class ETF Fund may not have the same flexibility to close to new purchases.

The use of this structure is subject to terms and conditions set forth in the SEC exemptive order that are designed to ensure that the Adviser and the Board focus on these potential issues on an initial and ongoing basis. The conditions include that the Board, and a majority of the independent trustees, approve (initially, and at least annually thereafter) the operation of a Multi-Class ETF Fund pursuant to a multiple-class plan, finding that the plan is in the best interests of each mutual fund class and the ETF class individually, and in the best interests of the Multi-Class ETF Fund as a whole. The Adviser shall prepare written reports to assist the Board's findings that contain information regarding, among other items, the potential and/or observed benefits and costs to each class individually and the Multi-Class ETF Fund as a whole due to the structure, the appropriateness of the Multi-Class ETF Fund's investment strategy for the structure, and the potential and/or observed material conflicts of interest between the classes and/or material negative consequences resulting from the structure.

**FINANCIAL HIGHLIGHTS** 

[The financial highlights table is intended to help you understand the financial performance of the Fund's ETF Class Shares for the past five fiscal years. The ETF Class Shares of the Fund would have substantially similar returns as the Institutional Class Shares because the shares are invested in the same portfolio securities; however, returns for the ETF Class Shares and Institutional Class Shares may vary due to differences in their expenses. Institutional Class Shares of the Fund have not commenced operations as of the date of this Prospectus and financial highlights are not yet available.

Certain information reflects the performance results for a single ETF Class Share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been audited by [ ], the Trust's independent registered public accounting firm, whose report, along with the Fund's financial highlights and financial statements, are included in the Fund's Form N-CSR filing, which are available upon request. Any references to Notes in these financial highlight tables refer to the "Notes to Financial Statements" section of the Fund's financial statements, and the financial information included in this table should be read in conjunction with the financial statements incorporated by reference in the SAI.]

**[FINANCIAL HIGHLIGHTS OF THE FUND'S ETF CLASS SHARES** 

**TO BE PROVIDED BY SUBSEQUENT AMENDMENT]** 

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WHERE TO LEARN MORE ABOUT THE FUND

This Prospectus does not contain all the information included in the Registration Statement filed with the SEC with respect to Institutional Class Shares. An SAI, Form N-CSR and the annual and semi-annual reports to shareholders, each of which has been or will be filed with the SEC, provide more information about the Fund. The Prospectus and SAI may be supplemented from time to time. In the annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the Fund's performance during the Fund's last fiscal year, as applicable. In the Form N-CSR, you will find the Fund's annual and semi-annual financial statements. The SAI is incorporated herein by reference (i.e., it is legally part of this Prospectus). These materials may be obtained without charge, upon request, by writing to the Distributor, State Street Global Advisors Funds Distributors, LLC, One Congress Street, Boston, Massachusetts 02114, by visiting the Fund's website at www.statestreet.com/im or by calling the following number:

**Investor Information: [ ]** 

The Registration Statement, including this Prospectus, the SAI, and the exhibits as well as any shareholder reports may be reviewed on the EDGAR Database on the SEC's website (http://www.sec.gov). You may also obtain copies of this and other information, after paying a duplicating fee, by electronic request at the following E-mail address: publicinfo@sec.gov.

Shareholder inquiries may be directed to the Fund in writing to State Street Global Advisors Funds Distributors, LLC, One Congress Street, Boston, Massachusetts 02114, or by calling the Investor Information number listed above.

**No person has been authorized to give any information or to make any representations other than those contained in this Prospectus in connection with the offer of Fund Shares, and, if given or made, the information or representations must not be relied upon as having been authorized by the Trust or the Fund. Neither the delivery of this Prospectus nor any sale of Institutional Class Shares shall under any circumstance imply that the information contained herein is correct as of any date after the date of this Prospectus.** 

**Dealers effecting transactions in Institutional Class Shares, whether or not participating in this distribution, are generally required to deliver a Prospectus. This is in addition to any obligation of dealers to deliver a Prospectus when acting as underwriters.** 

SPDR[ ]PRO The Trust's Investment Company Act Number is 811-08839.

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**SUBJECT TO COMPLETION. THE INFORMATION IN THIS STATEMENT OF ADDITIONAL INFORMATION IS NOT COMPLETE AND MAY BE CHANGED. THIS STATEMENT OF ADDITIONAL INFORMATION IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT SOLICITING AN OFFER TO BUY THESE SECURITIES IN ANY STATE WHERE THE OFFER OR SALE IS NOT PERMITTED.** 

**SPDR<sup>®</sup> SERIES TRUST (THE "TRUST")** 

**STATEMENT OF ADDITIONAL INFORMATION** 

[ ], 2026

This Statement of Additional Information ("SAI") relates to the State Street S&P 500 Index Fund – Institutional Shares. This SAI is not a prospectus and should be read in conjunction with the prospectus dated [ ], 2026 (the "Prospectus"), as may be revised from time to time. State Street S&P 500 Index Fund – Institutional Shares is a mutual fund share class of the State Street SPDR Portfolio S&P 500 ETF (the "Fund"). In addition to the State Street S&P 500 Index Fund – Institutional Shares, the Fund also offers ETF Class Shares in a separate prospectus and statement of additional information.

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| **Fund** | **TICKER** |  |
|  State Street S&P 500<sup>®</sup> Index Fund – Institutional Shares | [ | ()] |

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Capitalized terms used herein that are not defined have the same meaning as in the Prospectus, unless otherwise noted. Copies of the Prospectus, the Trust's Form N-CSR filing and the Fund's Annual Reports to Shareholders dated June 30, 2025 (with respect to ETF Class Shares) may be obtained without charge by writing to State Street Global Advisors Funds Distributors, LLC, the Trust's principal underwriter (referred to herein as "Distributor" or "Principal Underwriter"), One Congress Street, Boston, Massachusetts 02114, by visiting the Trust's website at <u>www.statestreet.com/im</u> or by calling 1-866-787-2257. [The Report of Independent Registered Public Accounting Firm, financial highlights and financial statements of the Fund included in the Trust's Form N-CSR filing for the fiscal year ended [ ] (with respect to ETF Class Shares) are incorporated by reference into this SAI.] Institutional Class Shares of the Fund had not commenced operations as of the date of this SAI.

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**TABLE OF CONTENTS** 

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| | |
|:---|:---|
|  [General](#sai132738_1) | 3 |
|  [Investment Policies](#sai132738_2) | 3 |
|  [Special Considerations and Risks](#sai132738_3) | 14 |
|  [Investment Restrictions](#sai132738_4) | 18 |
|  [Management of the Trust](#sai132738_5) | 19 |
|  [Investment Advisory and Other Services](#sai132738_8) | 29 |
|  [Brokerage Transactions](#sai132738_10) | 33 |
|  [Control Persons and Principal Holders of Securities](#sai132738_11) | 35 |
|  [Determination of Net Asset Value](#sai132738_12) | 35 |
|  [Dividends, Distributions](#sai132738_13) | 36 |
|  [Taxes](#sai132738_14) | 37 |
|  [Capital Stock and Other Information](#sai132738_15) | 43 |
|  [Counsel and Independent Registered Public Accounting Firm](#sai132738_15a) | 43 |
|  [Financial Statements](#sai132738_16) | 43 |
|  [Appendices](#sai132738_17) | A-44 |

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**GENERAL** 

The Trust is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust was organized as a Massachusetts business trust on June 12, 1998 and consists of multiple investment series, including the Fund. The Fund was established on August 22, 2005. This SAI pertains to the Institutional Class Shares of the Fund, which were established on April 1, 2026. Institutional Class Shares are available only to Eligible Plans and Other Eligible Investors. The ETF Class Shares of the Fund, which are listed for trading on a national security exchange and, unlike the Institutional Class Shares, are not individually redeemable, are described in a separate SAI. The offering of the Fund's shares is registered under the Securities Act of 1933, as amended (the "Securities Act"). The investment objective of the Fund is to provide investment results that, before fees and expenses, correspond generally to the total return of a specified market index (the "Index"). SSGA Funds Management, Inc. ("SSGA FM" or the "Adviser") serves as the investment adviser for the Fund. State Street Investment Management, consisting of the Adviser and other investment advisory affiliates of State Street Corporation, is the investment management arm of State Street Corporation.

**INVESTMENT POLICIES** 

The Fund may invest in the following types of investments, consistent with its investment strategies and objective. Please see the Fund's Prospectus for additional information regarding its principal investment strategies.

**DIVERSIFICATION STATUS** 

The Fund is classified as a "non-diversified" investment company under the 1940 Act. A "non-diversified" classification means that the Fund is not limited by the 1940 Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means that the Fund may invest a greater portion of its assets in the securities of a single issuer than a diversified fund. The securities of a particular issuer may constitute a greater portion of the Index and, therefore, the securities may constitute a greater portion of the Fund's portfolio. This may have an adverse effect on the Fund's performance or subject the Fund's shares to greater price volatility than more diversified investment companies.

The Fund intends to maintain the required level of diversification and otherwise conduct its operations so as to qualify as a "regulated investment company" ("RIC") for purposes of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), and to relieve the Fund of any liability for federal income tax to the extent that its earnings are distributed to shareholders. Compliance with the diversification requirements of the Internal Revenue Code may severely limit the investment flexibility of the Fund and may make it less likely that the Fund will meet its investment objective.

**COMMON STOCK** 

Risks inherent in investing in equity securities include the risk that the financial condition of issuers may become impaired or that the general condition of the stock market may deteriorate (either of which may cause a decrease in the value of the Fund's portfolio securities and therefore a decrease in the value of shares of the Fund). Common stock is susceptible to general stock market fluctuation and to volatile increases and decreases in value as market confidence and perceptions change. These investor perceptions are based on various and unpredictable factors, including expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic or banking crises.

Holders of common stock incur more risk than holders of preferred stock and debt obligations because common stockholders, as owners of the issuer, have generally inferior rights to receive payments from the issuer in comparison with the rights of creditors of, or holders of debt obligations or preferred stock issued by, the issuer. Further, unlike debt securities which typically have a stated principal amount payable at maturity (whose value, however, will be subject to market fluctuations prior thereto), or preferred stock which typically has a liquidation preference and which may have stated optional or mandatory redemption provisions, common stock has neither a fixed principal amount nor a maturity. Common stock values are subject to market fluctuations as long as the common stock remains outstanding.

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**CONCENTRATION** 

The Fund will concentrate its investments in securities of issuers in the same industry as may be necessary to approximate the composition of the Fund's underlying Index. The securities of issuers in particular industries may dominate the benchmark Index of the Fund and consequently the Fund's investment portfolio. This may adversely affect the Fund's performance or subject its shares to greater price volatility than that experienced by less concentrated investment companies. The Trust's general policy is to exclude securities of the U.S. government and its agencies or instrumentalities, and tax-exempt securities of state, territory, possession or municipal governments and their authorities, agencies, instrumentalities or political subdivisions (except to the extent that the income from a municipal bond is derived principally from the assets and revenues of non-governmental users) when measuring industry concentration.

In pursuing its objective, the Fund may hold the securities of a single issuer in an amount exceeding 10% of the market value of the outstanding securities of the issuer, subject to restrictions imposed by the Internal Revenue Code. In particular, as the Fund's size grows and its assets increase, it will be more likely to hold more than 10% of the securities of a single issuer if the issuer has a relatively small public float as compared to other components in its benchmark Index.

**CONVERTIBLE SECURITIES** 

Convertible securities are bonds, debentures, notes, preferred stock or other securities that may be converted or exchanged (by the holder or by the issuer) into shares of the underlying common stock (or cash or securities of equivalent value) at a stated exchange ratio. A convertible security may also be called for redemption or conversion by the issuer after a particular date and under certain circumstances (including a specified price) established upon issue. If a convertible security held by the Fund is called for redemption or conversion, the Fund could be required to tender it for redemption, convert it into the underlying common stock, or sell it to a third party.

Convertible securities generally have less potential for gain or loss than common stock. Convertible securities generally provide yields higher than the underlying common stock, but generally lower than comparable non-convertible securities. Because of this higher yield, convertible securities generally sell at a price above their "conversion value," which is the current market value of the stock to be received upon conversion. The difference between this conversion value and the price of convertible securities will vary over time depending on changes in the value of the underlying common stock and interest rates. When the underlying common stock declines in value, convertible securities will tend not to decline to the same extent because of the interest or dividend payments and the repayment of principal at maturity for certain types of convertible securities. However, securities that are convertible other than at the option of the holder generally do not limit the potential for loss to the same extent as securities convertible at the option of the holder. When the underlying common stock rises in value, the value of convertible securities may also be expected to increase. At the same time, however, the difference between the market value of convertible securities and their conversion value will narrow, which means that the value of convertible securities will generally not increase to the same extent as the value of the underlying common stock. Because convertible securities may also be interest-rate sensitive, their value may increase as interest rates fall and decrease as interest rates rise. Convertible securities are also subject to credit risk, and are often lower-quality securities.

**EXCHANGE-TRADED FUNDS** 

The Fund may invest in other exchange-traded funds ("ETFs") (including ETFs managed by the Adviser). ETFs may be structured as investment companies that are registered under the 1940 Act, typically as open-end funds or unit investment trusts. These ETFs are generally based on specific domestic and foreign market securities indices. An "index-based ETF" seeks to provide investment results that match the performance of an index by holding in its portfolio either the contents of the index or a representative sample of the securities in the index. An "actively-managed ETF" invests in securities based on an adviser's investment strategy. An "enhanced ETF" seeks to provide investment results that match a positive or negative multiple of the performance of an underlying index. In seeking to provide such results, an ETF and, in particular, an enhanced ETF, may engage in short sales of securities included in the underlying index and may invest in derivatives instruments, such as equity index swaps, futures contracts, and options on securities, futures contracts, and stock indices. Alternatively, ETFs may be structured as grantor trusts or other forms of pooled investment vehicles that are not registered or regulated under the 1940 Act. These ETFs typically hold commodities, precious metals, currency or other non-securities investments. ETFs, like mutual funds, have expenses associated with their operation, such as advisory and custody fees. When the Fund invests in an ETF, in addition to directly bearing expenses associated with its own operations, including the brokerage costs associated with the purchase and sale of shares of the ETF, the Fund will bear a pro rata portion of the ETF's expenses. In addition, it may be more costly to own an ETF than to directly own the securities or other investments held by the ETF because of ETF expenses. The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities or other investments held by the ETF, although lack of liquidity in the market for the shares of an ETF could result in the ETF's value being more volatile than the underlying securities or other investments.

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**FOREIGN CURRENCY TRANSACTIONS** 

The Fund may conduct foreign currency transactions on a spot (i.e., cash) or forward basis (i.e., by entering into forward contracts to purchase or sell foreign currencies). Although foreign exchange dealers generally do not charge a fee for such conversions, they do realize a profit based on the difference between the prices at which they are buying and selling various currencies. Thus, a dealer may offer to sell a foreign currency at one rate, while offering a lesser rate of exchange should the counterparty desire to resell that currency to the dealer. Forward contracts are customized transactions that generally require a specific amount of a currency to be delivered at a specific exchange rate on a specific date or range of dates in the future, although the Fund may also enter into non-deliverable currency forward contracts ("NDFs") that contractually require the netting of the parties' liabilities. Forwards, including NDFs, can have substantial price volatility. While foreign currency transactions on a spot and forward basis are exempt from the definition of "swap" under the Commodity Exchange Act ("CEA"), NDFs are not, and, thus, are subject to the jurisdiction of the Commodity Futures Trading Commission ("CFTC"). Forward contracts are generally traded in an interbank market directly between currency traders (usually large commercial banks) and their customers. The parties to a forward contract may agree to offset or terminate the contract before its maturity, or may hold the contract to maturity and complete the contemplated currency exchange. In the event that the parties to a forward contract agree to offset or terminate the contract before its maturity, the contract is no longer exempt from the definition of "swap" under the CEA and shall be treated as a swap. At the discretion of the Adviser, the Fund may enter into forward currency exchange contracts for hedging purposes to help reduce the risks and volatility caused by changes in foreign currency exchange rates, or to gain exposure to certain currencies in an effort to track the composition of the applicable Index. When used for hedging purposes, they tend to limit any potential gain that may be realized if the value of the Fund's foreign holdings increases because of currency fluctuations.

**FUTURES CONTRACTS, OPTIONS AND SWAP AGREEMENTS** 

The Fund may invest in derivatives, including exchange-traded futures on indices, exchange-traded futures on Treasuries or Eurodollars, U.S. exchange-traded or OTC put and call options contracts and exchange-traded or OTC swap transactions (including NDFs, interest rate swaps, total return swaps, excess return swaps, and credit default swaps).

<u>Futures and Options on Futures:</u> Futures contracts generally provide for the future sale by one party and purchase by another party of a specified commodity or security at a specified future time and at a specified price. Index futures contracts are settled daily with a payment by one party to the other of a cash amount based on the difference between the level of the index specified in the contract from one day to the next. A futures contract on an index is an agreement pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of the index at the close of the last trading day of the contract and the price at which the index contract originally was written. Although the value of an index might be a function of the value of certain specified securities, physical delivery of these securities is not always made. A public market exists in futures contracts covering a number of indexes, as well as financial instruments, including, without limitation: U.S. Treasury bonds; U.S. Treasury notes; GNMA Certificates; three-month U.S. Treasury bills; 90-day commercial paper; bank certificates of deposit; Eurodollar certificates of deposit; the Australian Dollar; the Canadian Dollar; the British Pound; the Japanese Yen; the Swiss Franc; the Mexican Peso; and certain multinational currencies, such as the Euro. It is expected that other futures contracts will be developed and traded in the future. Futures contracts are standardized as to maturity date and underlying instrument and are traded on futures exchanges.

The Fund may purchase and write (sell) call and put options on futures. Options on futures give the holder the right, in return for the premium paid, to assume a long position (call) or short position (put) in a futures contract at a specified exercise price upon expiration of, or at any time during the period of, the option. Upon exercise of a call option, the holder acquires a long position in the futures contract and the writer is assigned the opposite short position. In the case of a put option, the opposite is true.

The Fund is required to make a good faith margin deposit in cash or U.S. government securities (or other eligible collateral) with a broker or custodian to initiate and maintain open positions in futures contracts. A margin deposit is intended to assure completion of the contract (delivery or acceptance of the underlying commodity or payment of the cash settlement amount) if it is not terminated prior to the specified delivery date. Brokers may establish deposit requirements which are higher than the exchange minimums. Futures contracts are customarily purchased and sold on margin deposits which may range upward from less than 5% of the value of the contract being traded.

After a futures contract position is opened, the value of the contract is marked to market daily. If the futures contract price changes to the extent that the margin on deposit does not satisfy price changes, additional payments will be required. Conversely, change in the contract value may reduce the required margin, resulting in a repayment of excess margin to the contract holder. Variation margin payments are made to and from the futures broker for as long as the contract remains open. In such case, the Fund would expect to earn interest income on its margin deposits. Although some futures contracts call for making or taking delivery of the underlying commodity, generally these obligations are closed out prior to delivery by offsetting purchases or sales of matching futures contracts (involving the same exchange, underlying commodity, security or index and delivery month). If an offsetting purchase price is less than the original sale price, the Fund realizes a capital gain, or if it is more, the Fund realizes a capital loss. Conversely, if an offsetting sale price is more than the original purchase price, the Fund realizes a capital gain, or if it is less, the Fund realizes a capital loss. The transaction costs also must be included in these calculations.

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<u>Options:</u> The Fund may purchase and sell put and call options. Such options may relate to particular securities and may or may not be listed on a national securities exchange and issued by the Options Clearing Corporation. Options trading is a highly specialized activity that entails greater than ordinary investment risk. Options on particular securities may be more volatile than the underlying securities, and therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than an investment in the underlying securities themselves.

<u>Short Sales "Against the Box":</u> The Fund may engage in short sales "against the box." In a short sale against the box, the Fund agrees to sell at a future date a security that it either contemporaneously owns or has the right to acquire at no extra cost. If the price of the security has declined at the time the Fund is required to deliver the security, the Fund will benefit from the difference in the price. If the price of the security has increased, the Fund will be required to pay the difference.

<u>Swap Transactions:</u> The Fund may enter into swap transactions, including interest rate swap, credit default swap, NDF, and total return swap transactions. Swap transactions are contracts between parties in which one party agrees to make periodic payments to the other party based on the change in market value or level of a specified rate, index or asset. In return, the other party agrees to make payments to the first party based on the return of a different specified rate, index or asset. Swap transactions will usually be done on a net basis, i.e., where the two parties make net payments with the Fund receiving or paying, as the case may be, only the net amount of the two payments. The net amount of the excess, if any, of the Fund's obligations over its entitlements with respect to each swap is accrued on a daily basis and an amount of cash or equivalents having an aggregate value at least equal to the accrued excess is maintained by the Fund. Swaps may be used in conjunction with other instruments to offset interest rate, currency or other underlying risks. For example, interest rate swaps may be offset with "caps," "floors" or "collars." A "cap" is essentially a call option which places a limit on the amount of floating rate interest that must be paid on a certain principal amount. A "floor" is essentially a put option which places a limit on the minimum amount that would be paid on a certain principal amount. A "collar" is essentially a combination of a long cap and a short floor where the limits are set at different levels.

The use of swap transactions by the Fund entails certain risks, which may be different from, or possibly greater than, the risks associated with investing directly in the securities and other investments that are the referenced asset for the swap agreement. Swaps are highly specialized instruments that require investment techniques, risk analyses, and tax planning different from those associated with stocks, bonds, and other traditional investments. The use of a swap requires an understanding not only of the referenced asset, reference rate, or index, but also of the swap itself, without the benefit of observing the performance of the swap under all the possible market conditions. Because some swap transactions have a leverage component, adverse changes in the value or level of the underlying asset, reference rate, or index can result in a loss substantially greater than the amount invested in the swap itself. Certain swaps have the potential for unlimited loss, regardless of the size of the initial investment.

Bilateral OTC transactions differ from exchange-traded or cleared derivatives transactions in several respects. Bilateral OTC transactions are transacted directly with dealers and not with a clearing corporation. Without the availability of a clearing corporation, bilateral OTC transaction pricing is normally done by reference to information from market makers and/or available index data, which information is carefully monitored by the Adviser and verified in appropriate cases. As bilateral OTC transactions are entered into directly with a dealer, there is a risk of nonperformance by the dealer as a result of its insolvency or otherwise. Under regulations adopted by the CFTC and federal banking regulators ("Margin Rules"), the Fund is required to post collateral (known as variation margin) to cover the mark-to-market exposure in respect of its uncleared swaps. The Margin Rules also mandate that collateral in the form of initial margin be posted to cover potential future exposure attributable to uncleared swap transactions. In the event the Fund is required to post collateral in the form of initial margin or variation margin in respect of its uncleared swap transactions, all such collateral will be posted with a third party custodian pursuant to a triparty custody agreement between the Fund, its dealer counterparty and an unaffiliated custodian.

The requirement to execute certain OTC derivatives contracts on exchanges or electronic trading platforms called swap execution facilities ("SEFs") may offer certain advantages over traditional bilateral OTC trading, such as ease of execution, price transparency, increased liquidity and/or favorable pricing. However, SEF trading may make it more difficult and costly for the Fund to enter into highly tailored or customized transactions and may result in additional costs and risks. Market participants such as the Fund that execute derivatives contracts through a SEF, whether directly or through a broker intermediary, are required to submit to the jurisdiction of the SEF and comply with SEF and CFTC rules and regulations which impose, among other things disclosure and recordkeeping obligations. In addition, the Fund will generally incur SEF or broker intermediary fees when it trades on a SEF. The Fund may also be required to indemnify the SEF or broker intermediary for any losses or costs that may result from the Fund's transactions on the SEF.

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<u>Total Return Swaps:</u> The Fund may enter into total return swap transactions for investment purposes. Total return swaps are transactions in which one party agrees to make periodic payments based on the change in market value of the underlying assets, which may include a specified security, basket of securities or security indexes during the specified period, in return for periodic payments based on a fixed or variable interest rate of the total return from other underlying assets. Total return swaps may be used to obtain exposure to a security or market without owning or taking physical custody of such security or market, including in cases in which there may be disadvantages associated with direct ownership of a particular security. In a typical total return equity swap, payments made by the Fund or the counterparty are based on the total return of a particular reference asset or assets (such as an equity security, a combination of such securities, or an index). That is, one party agrees to pay another party the return on a stock, basket of stocks, or stock index in return for a specified interest rate. By entering into an equity index swap, for example, the index receiver can gain exposure to stocks making up the index of securities without actually purchasing those stocks. Total return swaps involve not only the risk associated with the investment in the underlying securities, but also the risk of the counterparty not fulfilling its obligations under the agreement.

<u>Credit Default Swaps:</u> The Fund may enter into credit default swap transactions for investment purposes. A credit default swap transaction may have as reference obligations one or more securities that are not currently held by the Fund. The Fund may be either the protection buyer or protection seller in the transaction. Credit default swaps may also be structured based on the debt of a basket of issuers, rather than a single issuer, and may be customized with respect to the default event that triggers purchase or other factors. As a protection seller, the Fund would generally receive an upfront payment or a fixed rate of income throughout the term of the swap, which typically is between six months and three years, provided that there is no credit event. If a credit event occurs, generally the protection seller must pay the protection buyer the full face amount of the reference obligations that may have little or no value. If the Fund were a protection buyer and no credit event occurred during the term of the swap, the Fund would recover nothing if the swap were held through its termination date. However, if a credit event occurred, the protection buyer may elect to receive the full notional value of the swap in exchange for an equal face amount of the reference obligation that may have little or no value. Where the Fund is the protection buyer, credit default swaps involve the risk that the seller may fail to satisfy its payment obligations to the Fund in the event of a default. The purchase of credit default swaps involves costs, which will reduce the Fund's return.

<u>Currency Swaps:</u> The Fund may enter into currency swap transactions for investment purposes. Currency swaps are similar to interest rate swaps, except that they involve multiple currencies. The Fund may enter into a currency swap when it has exposure to one currency and desires exposure to a different currency. Typically, the interest rates that determine the currency swap payments are fixed, although occasionally one or both parties may pay a floating rate of interest. Unlike an interest rate swap, however, the principal amounts are exchanged at the beginning of the contract and returned at the end of the contract. In addition to paying and receiving amounts at the beginning and end of the transaction, both sides will have to pay in full on a periodic basis based upon the currency they have borrowed. Change in foreign exchange rates and changes in interest rates, as described above, may negatively affect currency swaps.

<u>Interest Rate Swaps:</u> The Fund may enter into an interest rate swap in an effort to protect against declines in the value of fixed income securities held by the Fund. In such an instance, the Fund may agree to pay a fixed rate (multiplied by a notional amount) while a counterparty agrees to pay a floating rate (multiplied by the same notional amount). If interest rates rise, resulting in a diminution in the value of the Fund's portfolio, the Fund would receive payments under the swap that would offset, in whole or in part, such diminution in value.

<u>Options on Swaps:</u> An option on a swap agreement, or a "swaption," is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. In return, the purchaser pays a "premium" to the seller of the contract. The seller of the contract receives the premium and bears the risk of unfavorable changes on the underlying swap. The Fund may write (sell) and purchase put and call swaptions. The Fund may also enter into swaptions on either an asset-based or liability-based basis, depending on whether the Fund is hedging its assets or its liabilities. The Fund may write (sell) and purchase put and call swaptions to the same extent it may make use of standard options on securities or other instruments. The Fund may enter into these transactions primarily to preserve a return or spread on a particular investment or portion of its holdings, as a duration management technique, to protect against an increase in the price of securities the Fund anticipates purchasing at a later date, or for any other purposes, such as for speculation to increase returns. Swaptions are generally subject to the same risks involved in the Fund's use of options.

Depending on the terms of the particular option agreement, the Fund will generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When the Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when the Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement.

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<u>Government Regulation:</u> The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") that was signed into law on July 21, 2010 created a new statutory framework that comprehensively regulated the over-the-counter ("OTC") derivatives markets for the first time. Prior to the Dodd-Frank Act, the OTC derivatives markets were traditionally traded on a bilateral basis (so-called "bilateral OTC transactions"). Under the Dodd-Frank Act, certain OTC derivatives transactions are now required to be centrally cleared and traded on SEFs.

On October 28, 2020, the SEC adopted Rule 18f-4 (the "Derivatives Rule") under the 1940 Act which replaced prior SEC and staff guidance with an updated, comprehensive framework for registered funds' use of derivatives. The Derivatives Rule permits the Fund to enter into derivatives transactions and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act. The Derivatives Rule requires the Fund to trade derivatives and certain other instruments that create future payment or delivery obligations subject to a value-at-risk ("VaR") leverage limit, develop and implement a derivatives risk management program and new testing requirements, and comply with new requirements related to board and SEC reporting. These requirements apply unless the Fund qualifies as a "limited derivatives user," as defined in the Derivatives Rule. Complying with the Derivatives Rule may increase the cost of the Fund's investments and cost of doing business, which could adversely affect investors. Other new regulations could adversely affect the value, availability and performance of certain derivative instruments, may make them more costly, and may limit or restrict their use by the Fund.

<u>Regulation Under the Commodity Exchange Act:</u> The Fund intends to use commodity interests, such as futures, swaps and options on futures in accordance with Rule 4.5 of the CEA. The Fund may use exchange-traded futures and options on futures, together with positions in cash and money market instruments, to simulate full investment in its underlying Index. Exchange-traded futures and options on futures contracts may not be currently available for an Index. Under such circumstances, the Adviser may seek to utilize other instruments that it believes to be correlated to the applicable Index components or a subset of the components. An exclusion from the definition of the term "commodity pool operator" has been claimed with respect to each series of the Trust in accordance with Rule 4.5 such that registration or regulation as a commodity pool operator under the CEA is not necessary.

<u>Restrictions on Trading in Commodity Interests:</u> The Fund reserves the right to engage in transactions involving futures, options thereon and swaps to the extent allowed by the CFTC regulations in effect from time to time and in accordance with the Fund's policies.

Certain additional risk factors related to derivatives are discussed below:

<u>Derivatives Risk:</u> Under recently adopted rules by the CFTC, transactions in some types of interest rate swaps and index credit default swaps on North American and European indices are required to be cleared. In addition, the CFTC may promulgate additional regulations that require clearing of other classes of swaps. In a cleared derivatives transaction (which includes futures, options on futures, and cleared swaps transactions), the Fund's counterparty is a clearing house (such as CME, ICE Clear Credit or LCH.Clearnet), rather than a bank or broker. Since the Fund is not a member of a clearing house and only members of a clearing house can participate directly in the clearing house, the Fund holds cleared derivatives through accounts at clearing members, who are futures commission merchants that are members of the clearing houses and who have the appropriate regulatory approvals to engage in cleared derivatives transactions. The Fund makes and receives payments owed under cleared derivatives transactions (including margin payments) through its accounts at clearing members. Clearing members guarantee performance of their clients' obligations to the clearing house. In contrast to bilateral OTC transactions, clearing members generally can require termination of existing cleared derivatives transactions at any time and increases in margin above the margin that it required at the beginning of a transaction. Clearing houses also have broad rights to increase margin requirements for existing transactions and to terminate transactions in accordance with their rules. Any such increase or termination could interfere with the ability of the Fund to pursue its investment strategy. Also, the Fund is subject to execution risk if it enters into a derivatives transaction that is required to be cleared (or that the Advisor expects to be cleared), and no clearing member is willing or able to clear the transaction on the Fund's behalf. While the documentation in place between the Fund and its clearing members generally provides that the clearing members will accept for clearing all transactions submitted for clearing that are within credit limits specified by the clearing members in advance, the Fund could be subject to this execution risk if the Fund submits for clearing transactions that exceed such credit limits, if the clearing house does not accept the transactions for clearing, or if the clearing members do not comply with their agreement to clear such transactions. In that case, the transaction might have to be terminated, and the Fund could lose some or all of the benefit of any increase in the value of the transaction after the time of the transaction. In addition, new regulations could, among other things, restrict the Fund's ability to engage in, or increase the cost to the Fund of, derivatives transactions, for example, by making some types of derivatives no longer available to the Fund or increasing margin or capital requirements. If the Fund is not able to enter into a particular derivatives transaction, the Fund's investment performance and risk profile could be adversely affected as a result.

<u>Counterparty Risk:</u> Counterparty risk with respect to OTC derivatives may be affected by new regulations promulgated by the CFTC and SEC affecting the derivatives market. As described under "Derivatives Risk" above, all futures and options on futures and some swap transactions are required to be cleared, and a party to a cleared derivatives transaction is subject to the credit risk of the clearing house and the clearing member through which it holds its cleared derivatives position, rather than

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the credit risk of its original counterparty to the derivative transaction. Clearing members are required to segregate all funds received from customers with respect to cleared derivatives transactions from the clearing member's proprietary assets. However, all funds and other property received by a clearing broker from its customers are generally held by the clearing broker on a commingled basis in an omnibus account, and the clearing broker may also invest those funds in certain instruments permitted under the applicable regulations. Also, the clearing member transfers to the clearing house the amount of margin required by the clearing house for cleared derivatives transactions, which amounts are generally held in the relevant omnibus account at the clearing house for all customers of the clearing member.

For commodities futures positions, the clearing house may use all of the collateral held in the clearing member's omnibus account to meet a loss in that account, without regard to which customer in fact supplied that collateral. Accordingly, in addition to bearing the credit risk of its clearing member, each customer to a futures transaction also bears "fellow customer" risk from other customers of the clearing member. However, with respect to cleared swaps positions, recent regulations promulgated by the CFTC require that the clearing member notify the clearing house of the amount of initial margin provided by the clearing member to the clearing house that is attributable to each customer. Because margin in respect of cleared swaps must be earmarked for specific clearing member customers, the clearing house may not use the collateral of one customer to cover the obligations of another customer. However, if the clearing member does not provide accurate reporting, the Fund is subject to the risk that a clearing house will use the Fund's assets held in an omnibus account at the clearing house to satisfy payment obligations of a defaulting customer of the clearing member to the clearing house. In addition, clearing members may generally choose to provide to the clearing house the net amount of variation margin required for cleared swaps for all of its customers in the aggregate, rather than the gross amount for each customer.

**FUTURE DEVELOPMENTS** 

The Fund may take advantage of opportunities in the area of options and futures contracts, options on futures contracts, warrants, swaps and any other investments which are not presently contemplated for use by the Fund or which are not currently available but which may be developed, to the extent such opportunities are both consistent with the Fund's investment objective and legally permissible for the Fund. Before entering into such transactions or making any such investment, the Fund will provide appropriate disclosure.

**ILLIQUID INVESTMENTS** 

The Fund may invest in illiquid investments. The Fund may not acquire any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment means any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If illiquid investments exceed 15% of the Fund's net assets, certain remedial actions will be taken as required by Rule 22e-4 under the 1940 Act and the Fund's policies and procedures.

**INVESTMENT COMPANIES** 

The Fund may invest in the securities of other investment companies, including affiliated funds and money market funds, subject to applicable limitations under Section 12(d)(1) of the 1940 Act. Pursuant to Section 12(d)(1), the Fund may invest in the securities of another investment company (the "acquired company") provided that the Fund, immediately after such purchase or acquisition, does not own in the aggregate: (i) more than 3% of the total outstanding voting stock of the acquired company; (ii) securities issued by the acquired company having an aggregate value in excess of 5% of the value of the total assets of the Fund; or (iii) securities issued by the acquired company and all other investment companies (other than Treasury stock of the Fund) having an aggregate value in excess of 10% of the value of the total assets of the Fund. To the extent allowed by law, regulation, and/or the Fund's investment restrictions, the Fund may invest its assets in securities of investment companies, including affiliated funds and/or money market funds, in excess of the limits discussed above.

If the Fund invests in and, thus, is a shareholder of, another investment company, the Fund's shareholders will indirectly bear the Fund's proportionate share of the fees and expenses paid by such other investment company, including advisory fees, in addition to both the management fees payable directly by the Fund to the Fund's own investment adviser and the other expenses that the Fund bears directly in connection with the Fund's own operations.

**INVESTMENTS IN VARIABLE INTEREST ENTITY STRUCTURES** 

The Fund may gain investment exposure to certain Chinese companies through variable interest entity ("VIE") structures. Such investments are subject to the investment risks associated with the Chinese-based company. The VIE structure enables foreign investors, such as the Fund, to obtain investment exposure to a Chinese company in situations in which the Chinese government has limited or prohibited non-Chinese ownership of such company. The VIE structure does not involve direct

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equity ownership in a China-based company, but rather involves claims to the China-based company's profits and control of the assets that belong to the China-based company through contractual arrangements. The contractual arrangements in place with the China-based company provide limited ability to exercise control over the China-based company and the China-based company's actions may negatively impact the value of an investment through a VIE structure. Control may also be jeopardized if a natural person who holds an equity interest in the China-based company breaches the terms of the contractual arrangements or is subject to legal proceedings, or if any physical instruments such as chops and seals are used without authorization.

Intervention by the Chinese government with respect to the VIE structure could significantly affect the Chinese operating company's performance and thus, the value of the Fund's investment through a VIE structure, as well as the enforceability of the contractual arrangements of the VIE structure. In the event of such an occurrence, the Fund, as a foreign investor, may have little or no legal recourse. If the Chinese government were to determine that the contractual arrangements establishing the VIE structure did not comply with Chinese law or regulations, the Chinese operating company could be subject to penalties, revocation of its business and operating license, or forfeiture of ownership interests. In addition to the risk of government intervention, investments through a VIE structure are subject to the risk that the China-based company (or its officers, directors, or Chinese equity owners) may breach the contractual arrangements, or Chinese law changes in a way that adversely affects the enforceability of the arrangements, or the contracts are otherwise not enforceable under Chinese law, in which case the Fund may suffer significant losses on its investments through a VIE structure with little or no recourse available.

**LENDING PORTFOLIO SECURITIES** 

The Fund may lend portfolio securities to certain creditworthy borrowers in U.S. and non-U.S. markets in an amount not to exceed 40% of the value of its net assets. The borrowers provide collateral that is marked to market daily in an amount at least equal to the current market value of the securities loaned. The Fund may terminate a loan at any time and obtain the securities loaned. The Fund receives the value of any interest or cash or non-cash distributions paid on the loaned securities. The Fund cannot vote proxies for securities on loan, but may recall loans to vote proxies if a material issue affecting the Fund's economic interest in the investment is to be voted upon. Efforts to recall such securities promptly may be unsuccessful, especially for foreign securities or thinly traded securities. Distributions received on loaned securities in lieu of dividend payments (i.e., substitute payments) would not be considered qualified dividend income.

With respect to loans that are collateralized by cash, the borrower may be entitled to receive a fee based on the amount of cash collateral. The Fund is compensated by the difference between the amount earned on the reinvestment of cash collateral and the fee paid to the borrower. In the case of collateral other than cash, the Fund is compensated by a fee paid by the borrower equal to a percentage of the market value of the loaned securities. Any cash collateral may be reinvested in certain high quality short-term instruments either directly on behalf of the lending Fund or through one or more joint accounts or funds, which may include those managed by the Adviser. The Fund could lose money due to a decline in the value of collateral provided for loaned securities or any investments made with cash collateral. Certain non-cash collateral or investments made with cash collateral may have a greater risk of loss than other non-cash collateral or investments.

The Fund may pay a portion of the interest or fees earned from securities lending to a borrower as described above, and to one or more securities lending agents approved by the Board of Trustees of the Trust (the "Board") who administer the lending program for the Fund in accordance with guidelines approved by the Board. In such capacity, the lending agent provides the following services to the Fund in connection with the Fund's securities lending activities: (i) locating borrowers among an approved list of prospective borrowers; (ii) causing the delivery of loaned securities from the Fund to borrowers; (iii) monitoring the value of loaned securities, the value of collateral received, and other lending parameters; (iv) seeking additional collateral, as necessary, from borrowers; (v) receiving and holding collateral from borrowers, and facilitating the investment and reinvestment of all or substantially all cash collateral in an investment vehicle designated by the Fund; (vi) returning collateral to borrowers; (vii) facilitating substitute dividend, interest, and other distribution payments to the Fund from borrowers; (viii) negotiating the terms of each loan of securities, including but not limited to the amount of any loan premium, and monitoring the terms of securities loan agreements with prospective borrowers for consistency with the requirements of the Fund's Securities Lending Authorization Agreement; (ix) selecting securities, including amounts (percentages), to be loaned; (x) recordkeeping and accounting servicing; and (xi) arranging for return of loaned securities to the Fund in accordance with the terms of the Securities Lending Authorization Agreement. State Street Bank and Trust Company ("State Street"), an affiliate of the Trust, has been approved by the Board to serve as securities lending agent for the Fund and the Trust has entered into an agreement with State Street for such services. Among other matters, the Trust has agreed to indemnify State Street for certain liabilities. State Street has received an order of exemption from the SEC under Sections 17(a) and 12(d)(1) under the 1940 Act to serve as the lending agent for affiliated investment companies such as the Trust and to invest the cash collateral received from loan transactions to be invested in an affiliated cash collateral fund.

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Securities lending involves exposure to certain risks, including operational risk (i.e., the risk of losses resulting from problems in the settlement and accounting process especially so in certain international markets such as Taiwan), "gap" risk (i.e., the risk of a mismatch between the return on cash collateral reinvestments and the fees the Fund has agreed to pay a borrower), risk of loss of collateral, credit, legal, counterparty and market risk. If a securities lending counterparty were to default, the Fund would be subject to the risk of a possible delay in receiving collateral or in recovering the loaned securities, or to a possible loss of rights in the collateral. In the event a borrower does not return the Fund's securities as agreed, the Fund may experience losses if the proceeds received from liquidating the collateral do not at least equal the value of the loaned security at the time the collateral is liquidated, plus the transaction costs incurred in purchasing replacement securities. Although State Street has agreed to provide the Fund with indemnification in the event of a borrower default, the Fund is still exposed to the risk of losses in the event a borrower does not return the Fund's securities as agreed. For example, delays in recovery of lent securities may cause the Fund to lose the opportunity to sell the securities at a desirable price.

**LEVERAGING** 

While the Fund does not anticipate doing so, the Fund may borrow money in an amount greater than 5% of the value of the Fund's total assets. However, under normal circumstances, the Fund will not borrow money from a bank in an amount greater than 33 1/3 % of the value of the Fund's total assets. Borrowing for investment purposes is one form of leverage. Leveraging investments, by purchasing securities with borrowed money, is a speculative technique that increases investment risk, but also increases investment opportunity. Because substantially all of the Fund's assets will fluctuate in value, whereas the interest obligations on borrowings may be fixed, the NAV of the Fund will increase more when the Fund's portfolio assets increase in value and decrease more when the Fund's portfolio assets decrease in value than would otherwise be the case. Moreover, interest costs on borrowings may fluctuate with changing market rates of interest and may partially offset or exceed the returns on the borrowed funds.

**OTHER SHORT-TERM INSTRUMENTS** 

The Fund may invest in short-term instruments, including money market instruments, (including money market funds advised by the Adviser), cash and cash equivalents, on an ongoing basis to provide liquidity or for other reasons. Money market instruments are generally short-term investments that may include but are not limited to: (i) shares of money market funds (including those advised by the Adviser); (ii) obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities (including government-sponsored enterprises); (iii) negotiable certificates of deposit ("CDs"), bankers' acceptances, fixed time deposits and other obligations of U.S. and foreign banks (including foreign branches) and similar institutions; (iv) commercial paper rated at the date of purchase "Prime-1" by Moody's Investors Service ("Moody's") or "A-1" by S&P Global Ratings ("S&P"), or if unrated, of comparable quality as determined by the Adviser; (v) non-convertible corporate debt securities (e.g., bonds and debentures) with remaining maturities at the date of purchase of not more than 397 days and that present minimal credit risk; and (vi) short-term U.S. dollar-denominated obligations of foreign banks (including U.S. branches) that, in the opinion of the Adviser, are of comparable quality to obligations of U.S. banks which may be purchased by the Fund. Any of these instruments may be purchased on a current or a forward-settled basis. Time deposits are non-negotiable deposits maintained in banking institutions for specified periods of time at stated interest rates. Bankers' acceptances are time drafts drawn on commercial banks by borrowers, usually in connection with international transactions. Money market instruments also include shares of money market funds. The SEC and other government agencies continue to review the regulation of money market funds. The SEC has adopted changes to the rules that govern money market funds over the years, most recently in July 2023. Legislative developments may also affect money market funds. These changes and developments may affect the investment strategies, performance, yield, operating expenses and continued viability of a money market fund.

**PREFERRED SECURITIES** 

Preferred securities pay fixed or adjustable rate interest or dividends to investors, and are generally senior to common stock, but may be subordinated to bonds and other debt instruments in a company's capital structure and therefore may be subject to greater credit risk than those debt instruments. There is no assurance that interest payments, dividends or distributions on the preferred securities in which the Fund invests will be declared or otherwise made payable. In the case of preferred stock, in order to be payable, distributions on preferred securities must be declared by the issuer's board of directors. The market value of preferred securities may be affected by favorable and unfavorable changes impacting companies in the utilities and financial services sectors, which are prominent issuers of preferred securities, and by actual and anticipated changes in tax laws.

Because the claim on an issuer's earnings represented by preferred securities may become onerous when interest rates fall below the rate payable on such securities, the issuer may redeem the securities. Thus, in declining interest rate environments in particular, the Fund's holdings of higher rate-paying fixed rate preferred securities may be reduced and the Fund would be unable to acquire securities paying comparable rates with the redemption proceeds.

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**PRIVATE PLACEMENTS AND RESTRICTED SECURITIES** 

The Fund may invest in securities that are purchased in private placements and, accordingly, are subject to restrictions on resale as a matter of contract or under federal securities laws. While such private placements may offer attractive opportunities for investment not otherwise available on the open market, the securities so purchased are often "restricted securities," i.e., securities which cannot be sold to the public without registration under the Securities Act or the availability of an exemption from registration (such as Rules 144 or 144A), or which are not readily marketable because they are subject to other legal or contractual delays in or restrictions on resale. Generally speaking, restricted securities may be sold only to qualified institutional buyers, or in a privately negotiated transaction to a limited number of purchasers, or in limited quantities after they have been held for a specified period of time and other conditions are met pursuant to an exemption from registration, or in a public offering for which a registration statement is in effect under the Securities Act.

Because there may be relatively few potential purchasers for such investments, especially under adverse market or economic conditions or in the event of adverse changes in the financial condition of the issuer, the Fund could find it more difficult to sell such securities when the Adviser believes it advisable to do so or may be able to sell such securities only at prices lower than if such securities were more widely held. Market quotations for such securities are generally less readily available than for publicly traded securities. The absence of a trading market can make it difficult to ascertain a market value for such securities for purposes of computing the Fund's net asset value, and the judgment of the Adviser may at times play a greater role in valuing these securities than in the case of publicly traded securities. Disposing of such securities, which may be illiquid investments, can involve time-consuming negotiation and legal expenses, and it may be difficult or impossible for the Fund to sell them promptly at an acceptable price. The Fund may have to bear the extra expense of registering such securities for resale and the risk of substantial delay in effecting such registration.

The Fund may be deemed to be an "underwriter" for purposes of the Securities Act when selling restricted securities to the public, and in such event the Fund may be liable to purchasers of such securities if the registration statement prepared by the issuer, or the prospectus forming a part of it, is materially inaccurate or misleading.

**REAL ESTATE INVESTMENT TRUSTS ("REITs")** 

REITs pool investors' funds for investment primarily in income producing real estate or real estate loans or interests. A REIT is not taxed on income distributed to shareholders if it complies with several requirements relating to its organization, ownership, assets, and income and a requirement that it distribute to its shareholders at least 90% of its taxable income (other than net capital gains) for each taxable year. REITs can generally be classified as Equity REITs, Mortgage REITs and Hybrid REITs. Equity REITs, which invest the majority of their assets directly in real property, derive their income primarily from rents. Equity REITs can also realize capital gains by selling properties that have appreciated in value. Mortgage REITs, which invest the majority of their assets in real estate mortgages, derive their income primarily from interest payments. Hybrid REITs combine the characteristics of both Equity REITs and Mortgage REITs. The Fund will not invest in real estate directly, but only in securities issued by real estate companies. However, the Fund may be subject to risks similar to those associated with the direct ownership of real estate (in addition to securities markets risks) to the extent they invest in the securities of companies in the real estate industry. These include declines in the value of real estate, risks related to general and local economic conditions, dependency on management skill, heavy cash flow dependency, possible lack of availability of mortgage funds, overbuilding, extended vacancies of properties, increased competition, increases in property taxes and operating expenses, changes in zoning laws, losses due to costs resulting from the clean-up of environmental problems, liability to third parties for damages resulting from environmental problems, casualty or condemnation losses, limitations on rents, changes in neighborhood values, the appeal of properties to tenants and changes in interest rates. Investments in REITs may subject Fund shareholders to duplicate management and administrative fees.

In addition to these risks, Equity REITs may be affected by changes in the value of the underlying property owned by the trusts, while Mortgage REITs may be affected by the quality of any credit extended. Further, Equity and Mortgage REITs are dependent upon management skills and generally may not be diversified. Equity and Mortgage REITs are also subject to heavy cash flow dependency, defaults by borrowers and self-liquidation. In addition, Equity and Mortgage REITs could possibly fail to qualify for the beneficial tax treatment available to REITs under the Internal Revenue Code, or to maintain their exemptions from registration under the 1940 Act. The above factors may also adversely affect a borrower's or a lessee's ability to meet its obligations to the REIT. In the event of a default by a borrower or lessee, the REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting investments.

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**REPURCHASE AGREEMENTS** 

The Fund may invest in repurchase agreements with commercial banks, brokers or dealers to generate income from its excess cash balances and to invest securities lending cash collateral. A repurchase agreement is an agreement under which the Fund acquires a financial instrument (e.g., a security issued by the U.S. government or an agency thereof, a banker's acceptance or a certificate of deposit) from a seller, subject to resale to the seller at an agreed upon price and date (normally, the next Business Day—as defined below). A repurchase agreement may be considered a loan collateralized by securities. The resale price reflects an agreed upon interest rate effective for the period the instrument is held by the Fund and is unrelated to the interest rate on the underlying instrument.

In these repurchase agreement transactions, the securities acquired by the Fund (including accrued interest earned thereon) must have a total value in excess of the value of the repurchase agreement and are held by the Custodian until repurchased. No more than an aggregate of 15% of the Fund's net assets will be invested in illiquid investments, including repurchase agreements having maturities longer than seven days and securities subject to legal or contractual restrictions on resale, or for which there are no readily available market quotations.

The use of repurchase agreements involves certain risks. For example, if the other party to the agreement defaults on its obligation to repurchase the underlying security at a time when the value of the security has declined, the Fund may incur a loss upon disposition of the security. If the other party to the agreement becomes insolvent and subject to liquidation or reorganization under the U.S. Bankruptcy Code or other laws, a court may determine that the underlying security is collateral for a loan by the Fund not within the control of the Fund and, therefore, the Fund may not be able to substantiate its interest in the underlying security and may be deemed an unsecured creditor of the other party to the agreement.

**REVERSE REPURCHASE AGREEMENTS** 

The Fund may enter into reverse repurchase agreements, which involve the sale of securities with an agreement to repurchase the securities at an agreed-upon price, date and interest payment and have the characteristics of borrowing. The securities purchased with the funds obtained from the agreement and securities collateralizing the agreement will have maturity dates no later than the repayment date. Generally the effect of such transactions is that the Fund can recover all or most of the cash invested in the portfolio securities involved during the term of the reverse repurchase agreement, while in many cases the Fund is able to keep some of the interest income associated with those securities. Such transactions are only advantageous if the Fund has an opportunity to earn a greater rate of interest on the cash derived from these transactions than the interest cost of obtaining the same amount of cash. Opportunities to realize earnings from the use of the proceeds equal to or greater than the interest required to be paid may not always be available and the Fund intends to use the reverse repurchase technique only when the Adviser believes it will be advantageous to the Fund. The use of reverse repurchase agreements may exaggerate any interim increase or decrease in the value of the Fund's assets. The Fund may enter into reverse repurchase agreements if it either meets the relevant asset coverage requirements of Section 18 of the 1940 Act for senior securities representing indebtedness, or elects to treat such arrangements as derivatives transactions under the Derivatives Rule. The Fund does not expect to engage, under normal circumstances, in reverse repurchase agreements with respect to more than 10% of its total assets.

**U.S. GOVERNMENT OBLIGATIONS** 

U.S. Government obligations are a type of bond. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities.

One type of U.S. Government obligation, U.S. Treasury obligations, are backed by the full faith and credit of the U.S. Treasury and differ only in their interest rates, maturities, and times of issuance. U.S. Treasury bills have initial maturities of one-year or less; U.S. Treasury notes have initial maturities of one to ten years; and U.S. Treasury bonds generally have initial maturities of greater than ten years.

Other U.S. Government obligations are issued or guaranteed by agencies or instrumentalities of the U.S. Government including, but not limited to, Federal National Mortgage Association ("Fannie Mae"), Government National Mortgage Association ("Ginnie Mae"), the Small Business Administration, the Federal Farm Credit Administration, the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the Federal Home Loan Banks ("FHLB"), Banks for Cooperatives (including the Central Bank for Cooperatives), the Federal Land Banks, the Federal Intermediate Credit Banks, the Tennessee Valley Authority, the Export-Import Bank of the United States, the Commodity Credit Corporation, the Federal Financing Bank, the Student Loan Marketing Association, the National Credit Union Administration and the Federal Agricultural Mortgage Corporation (Farmer Mac). Some obligations issued or guaranteed by U.S. Government agencies and instrumentalities, including, for example, Ginnie Mae pass-through certificates, are supported by the full faith and credit of the U.S. Treasury. Other obligations issued by or guaranteed by federal agencies, such as those securities issued by Fannie Mae, are supported

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by the discretionary authority of the U.S. Government to purchase certain obligations of the federal agency, while other obligations issued by or guaranteed by federal agencies, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Treasury. While the U.S. Government provides financial support to such U.S. Government-sponsored federal agencies, no assurance can be given that the U.S. Government will always do so, since the U.S. Government is not so obligated by law.

In September 2008, the U.S. Treasury announced a federal takeover of Fannie Mae and Freddie Mac, placing the two federal instrumentalities in conservatorship. Under the terms of the takeover, the U.S. Treasury agreed to acquire $1 billion of senior preferred stock of each instrumentality and obtained warrants for the purchase of common stock of each instrumentality. Under these Senior Preferred Stock Purchase Agreements ("SPAs"), the U.S. Treasury has pledged to provide a limited amount of capital per instrumentality as needed, including the contribution of cash capital to the instrumentalities in the event their liabilities exceed their assets. In May 2009, the U.S. Treasury increased its maximum commitment to each instrumentality under the SPAs from $100 billion to $200 billion per instrumentality. In December 2009, the U.S. Treasury amended the SPAs to provide Fannie Mae and Freddie Mac with some additional flexibility to meet the requirement to reduce their mortgage portfolios. Also in December 2009, the U.S. Treasury further amended the SPAs to allow the cap on the U.S. Treasury's funding commitment to increase as necessary to accommodate any cumulative reduction in Fannie Mae's and Freddie Mac's net worth through the end of 2012. On August 17, 2012, the U.S. Treasury announced that it was again amending the SPAs to terminate the requirement that Fannie Mae and Freddie Mac each pay a 10% dividend annually on all amounts received under the funding commitment. Instead, they were required to transfer to the U.S. Treasury on a quarterly basis all profits earned during a quarter that exceeded a capital reserve amount of $3 billion. On September 30, 2019, the U.S. Treasury announced amendments to the SPAs permitting Fannie Mae and Freddie Mac to maintain capital reserves of $25 billion and $20 billion, respectively. It is believed that the amendment puts Fannie Mae and Freddie Mac in a better position to service their debt because the companies no longer have to borrow from the U.S. Treasury to make fixed dividend payments.

Fannie Mae and Freddie Mac are the subject of several continuing class action lawsuits and investigations by federal regulators over certain accounting, disclosure or corporate governance matters, which (along with any resulting financial restatements) may adversely affect the guaranteeing entities. Importantly, the future of the entities is in serious question as the U.S. government reportedly is considering multiple options, ranging from nationalization, privatization, consolidation, or abolishment of the entities.

**U.S. REGISTERED SECURITIES OF FOREIGN ISSUERS** 

Investing in U.S. registered, dollar-denominated, securities issued by non-U.S. issuers involves some risks and considerations not typically associated with investing in U.S. companies. These include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations, political instability which could affect U.S. investments in foreign countries, and potential restrictions of the flow of international capital. Foreign companies may be subject to less governmental regulation than U.S. issuers. Moreover, individual foreign economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payment positions. The Fund's investment in equity securities of foreign corporations may also be in the form of American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs") and European Depositary Receipts ("EDRs") (collectively "Depositary Receipts"). Depositary Receipts are receipts, typically issued by a bank or trust company, which evidence ownership of underlying securities issued by a foreign corporation. For ADRs, the depository is typically a U.S. financial institution and the underlying securities are issued by a foreign issuer. For other Depositary Receipts, the depository may be a foreign or a U.S. entity, and the underlying securities may have a foreign or a U.S. issuer. Depositary Receipts will not necessarily be denominated in the same currency as their underlying securities. Generally, ADRs, in registered form, are designed for use in the U.S. securities markets, and EDRs, in bearer form, are designated for use in European securities markets. GDRs are tradable both in the United States and in Europe and are designed for use throughout the world. The Fund may invest in unsponsored Depositary Receipts. The issuers of unsponsored Depositary Receipts are not obligated to disclose material information in the United States, and, therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the market value of the Depositary Receipts.

**SPECIAL CONSIDERATIONS AND RISKS** 

A discussion of the risks associated with an investment in the Fund is contained in the Prospectus. The discussion below supplements, and should be read in conjunction with, the Prospectus.

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**GENERAL** 

Investment in the Fund should be made with an understanding that the value of the Fund's portfolio securities may fluctuate in accordance with changes in the financial condition of the issuers of the portfolio securities, the value of securities generally and other factors.

An investment in the Fund should also be made with an understanding of the risks inherent in an investment in securities, including the risk that the financial condition of issuers may become impaired or that the general condition of the securities markets may deteriorate (either of which may cause a decrease in the value of the portfolio securities and thus in the value of shares). Securities are susceptible to general market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. These investor perceptions are based on various and unpredictable factors including expectations regarding government, economic, monetary and fiscal policies, inflation and interest rates, economic expansion or contraction, and global or regional political, economic and banking crises. Securities of issuers traded on exchanges may be suspended on certain exchanges by the issuers themselves, by an exchange or by government authorities. The likelihood of such suspensions may be higher for securities of issuers in emerging or less-developed market countries than in countries with more developed markets. Trading suspensions may be applied from time to time to the securities of individual issuers for reasons specific to that issuer, or may be applied broadly by exchanges or governmental authorities in response to market events. Suspensions may last for significant periods of time, during which trading in the securities and instruments that reference the securities, such as participatory notes (or "P-notes") or other derivative instruments, may be halted.

The principal trading market for some of the securities in an Index may be in the OTC market. The existence of a liquid trading market for certain securities may depend on whether dealers will make a market in such securities. There can be no assurance that a market will be made or maintained or that any such market will be or remain liquid. The price at which securities may be sold and the value of the Fund's shares will be adversely affected if trading markets for the Fund's portfolio securities are limited or absent or if bid/ask spreads are wide.

**CONFLICTS OF INTEREST RISK** 

An investment in the Fund may be subject to a number of actual or potential conflicts of interest. For example, the Adviser or its affiliates may provide services to the Fund, such as securities lending agency services, custodial, administrative, bookkeeping, and accounting services, transfer agency and shareholder servicing, securities brokerage services, and other services for which the Fund would compensate the Adviser and/or such affiliates. The Fund may invest in other pooled investment vehicles sponsored, managed, or otherwise affiliated with the Adviser. There is no assurance that the rates at which the Fund pays fees or expenses to the Adviser or its affiliates, or the terms on which it enters into transactions with the Adviser or its affiliates, will be the most favorable available in the market generally or as favorable as the rates the Adviser makes available to other clients. Because of its financial interest, the Adviser may have an incentive to enter into transactions or arrangements on behalf of the Fund with itself or its affiliates in circumstances where it might not have done so in the absence of that interest.

**COUNTERPARTY RISK** 

Counterparty risk with respect to derivatives has been and may continue to be affected by new rules and regulations affecting the derivatives market. Some derivatives transactions are required to be centrally cleared, and a party to a cleared derivatives transaction is subject to the credit risk of the clearing house and the clearing member through which it holds its cleared position, rather than the credit risk of its original counterparty to the derivatives transaction. Credit risk of market participants with respect to derivatives that are centrally cleared is concentrated in a few clearing houses, and it is not clear how an insolvency proceeding of a clearing house would be conducted, what effect the insolvency proceeding would have on any recovery by the Fund, and what impact an insolvency of a clearing house would have on the financial system more generally.

**FUTURES AND OPTIONS TRANSACTIONS** 

There can be no assurance that a liquid secondary market will exist for any particular futures contract or option at any specific time. Thus, it may not be possible to close a futures or options position. In the event of adverse price movements, the Fund would continue to be required to make daily cash payments to maintain its required margin. In such situations, if the Fund has insufficient cash, it may have to sell portfolio securities to meet daily margin requirements at a time when it may be disadvantageous to do so. In addition, the Fund may be required to make delivery of the instruments underlying futures contracts it has sold.

The Fund will minimize the risk that it will be unable to close out a futures or options contract by only entering into futures and options for which there appears to be a liquid secondary market.

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The risk of loss in trading futures contracts or uncovered call options in some strategies (e.g., selling uncovered index futures contracts) is potentially unlimited. The Fund does not plan to use futures and options contracts, when available, in this manner. The risk of a futures position may still be large as traditionally measured due to the low margin deposits required. In many cases, a relatively small price movement in a futures contract may result in immediate and substantial loss or gain to the investor relative to the size of a required margin deposit. The Fund, however, may utilize futures and options contracts in a manner designed to limit its risk exposure to that which is comparable to what it would have incurred through direct investment in securities.

Utilization of futures transactions by the Fund involves the risk of imperfect or even negative correlation to its benchmark Index if the index underlying the futures contracts differs from the benchmark Index or if the futures contracts do not track the benchmark Index as expected. There is also the risk of loss by the Fund of margin deposits in the event of bankruptcy of a broker with whom the Fund has an open position in the futures contract or option.

Certain financial futures exchanges limit the amount of fluctuation permitted in futures contract prices during a single trading day. The "daily price fluctuation limit" or "daily limit" establishes the maximum amount that the price of a futures contract may vary either up or down from the previous day's settlement price at the end of a trading session. Once the daily limit has been reached in a particular type of contract, generally no trades may be made on that day at a price beyond that limit. The daily limit governs only price movement during a particular trading day and therefore does not limit potential losses, because the limit may prevent the liquidation of unfavorable positions. Futures contract prices have occasionally moved to the daily limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and subjecting some futures traders to substantial losses.

**RISKS OF SWAP AGREEMENTS** 

Swap agreements are subject to the risk that the swap counterparty will default on its obligations. If such a default occurs, the Fund will have contractual remedies pursuant to the agreements related to the transaction, but such remedies may be subject to bankruptcy and insolvency laws which could affect the Fund's rights as a creditor.

The use of interest-rate and index swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio security transactions. The use of a swap requires an understanding not only of the referenced asset, reference rate, or index, but also of the swap itself, without the benefit of observing the performance of the swap under all possible market conditions. These transactions generally do not involve the delivery of securities or other underlying assets or principal.

The absence of a regulated execution facility or contract market and lack of liquidity for swap transactions has led, in some instances, to difficulties in trading and valuation, especially in the event of market disruptions. Under recently adopted rules and regulations, transactions in some types of swaps are required to be centrally cleared. In a cleared derivatives transaction, the Fund's counterparty to the transaction is a central derivatives clearing organization, or clearing house, rather than a bank or broker. Because the Fund is not a member of a clearing house, and only members of a clearing house can participate directly in the clearing house, the Fund holds cleared derivatives through accounts at clearing members. In cleared derivatives transactions, the Fund will make payments (including margin payments) to and receive payments from a clearing house through its accounts at clearing members. Clearing members guarantee performance of their clients' obligations to the clearing house. Centrally cleared derivative arrangements may be less favorable to the Fund than bilateral (non-cleared) arrangements. For example, the Fund may be required to provide greater amounts of margin for cleared derivatives transactions than for bilateral derivatives transactions. Also, in contrast to bilateral derivatives transactions, in some cases following a period of notice to the Fund, a clearing member generally can require termination of existing cleared derivatives transactions at any time or an increase in margin requirements above the margin that the clearing member required at the beginning of a transaction. Clearing houses also have broad rights to increase margin requirements for existing transactions or to terminate transactions at any time in accordance with their rules. The Fund is subject to risk if it enters into a derivatives transaction that is required to be cleared (or which SSGA FM expects to be cleared), and no clearing member is willing or able to clear the transaction on the Fund's behalf. In that case, the transaction might have to be terminated, and the Fund could lose some or all of the benefit of the transaction, including loss of an increase in the value of the transaction and loss of hedging protection. In addition, the documentation governing the relationship between the Fund and clearing members is drafted by the clearing members and generally is less favorable to the Fund than typical bilateral derivatives documentation.

These clearing rules and other new rules and regulations could, among other things, restrict the Fund's ability to engage in, or increase the cost to the Fund of, derivatives transactions, for example, by making some types of derivatives no longer available to the Fund, increasing margin or capital requirements, or otherwise limiting liquidity or increasing transaction costs. These regulations, as applicable to swaps, are relatively new and evolving, so their potential impact on the Fund and the financial system are not yet known.

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Because they are two party contracts that may be subject to contractual restrictions on transferability and termination and because they may have terms of greater than seven days, swap agreements may be considered to be illiquid and subject to the Fund's limitation on investments in illiquid investments. To the extent that a swap is not liquid, it may not be possible to initiate a transaction or liquidate a position at an advantageous time or price, which may result in significant losses. Like most other investments, swap agreements are subject to the risk that the market value of the instrument will change in a way detrimental to the Fund's interest.

If the Fund uses a swap as a hedge against, or as a substitute for, a portfolio investment, the Fund will be exposed to the risk that the swap will have or will develop imperfect or no correlation with the portfolio investment. This could cause substantial losses for the Fund. While hedging strategies involving swap instruments can reduce the risk of loss, they can also reduce the opportunity for gain or even result in losses by offsetting favorable price movements in other Fund investments. Many swaps are complex and often valued subjectively.

**EUROPE – RECENT EVENTS** 

A number of countries in Europe, including Greece, Spain, Italy, and Portugal, have substantial government debt levels. The concern over these debt levels has led to volatility in the European financial markets, which has adversely affected the exchange rate of the euro and may continue to significantly affect every country in Europe. For some countries, the ability to repay sovereign debt is in question, and default is possible, which could affect their ability to borrow in the future. Several countries have agreed to multi-year bailout loans from the European Central Bank, the IMF, and other institutions. A default or debt restructuring by any European country can adversely impact holders of that country's debt and can affect exposures to other European Union ("EU") countries and their financial companies as well. These financial difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences.

Uncertainties regarding the viability of the EU have impacted and may continue to impact markets in the United States and around the world. On January 31, 2020, the United Kingdom ("UK") formally withdrew from the EU (commonly known as "Brexit"). An agreement between the UK and the EU governing their future trade relationship became effective January 1, 2021, but that agreement does not include an agreement on financial services, and it is unlikely that such agreement will be concluded. Moreover, the UK government has started a program of financial services law reform with the ultimate aim of repealing many EU financial services laws that were assimilated into UK law from January 1, 2021, and replacing them with legislation or rules made by the UK government or financial services regulators. Accordingly, uncertainty remains in certain areas as to the future relationship between the UK and the EU. Brexit has already had a significant impact on the UK, Europe, and global economies, and could continue to result in volatility and illiquidity, legal, political, economic and regulatory uncertainties and lower economic growth for these economies that could in turn have an adverse effect on the value of the Fund's investments. Any further exits from the EU, or the possibility of such exits, or the abandonment of the euro, may cause additional market disruption globally and introduce new legal and regulatory uncertainties.

**MARKET TURBULENCE RESULTING FROM INFECTIOUS ILLNESS** 

A widespread outbreak of an infectious illness, such as COVID-19, may lead to governments and businesses world-wide taking aggressive measures, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations. As occurred in the wake of COVID-19, the spread of such an illness may result in the disruption of and delays in the delivery of healthcare services and processes, the cancellation of organized events and educational institutions, the disruption of production and supply chains, a decline in consumer demand for certain goods and services, and general concern and uncertainty, all of which may contribute to increased volatility in global markets. COVID-19, and other epidemics and pandemics that may arise in the future, could adversely affect the economies of many nations, the global economy, individual companies, sectors and industries, and capital markets in ways that cannot be foreseen at the present time. In addition, the impact of infectious diseases in developing or emerging market countries may be greater due to limited health care resources. Political, economic and social stresses caused by infectious illness also may exacerbate other pre-existing political, social and economic risks in certain countries. The duration of such an illness and its effects are unpredictable, but the effects could be present for an extended period of time.

**RUSSIA SANCTIONS RISK** 

Sanctions threatened or imposed by a number of jurisdictions, including the United States, the European Union and the United Kingdom, and other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or Russian individuals, may result in the devaluation of Russian currency, a downgrade in the country's credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Fund. The scope and scale of sanctions in place at a particular

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time may be expanded or otherwise modified in a way that have negative effects on the Fund. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Fund to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Fund, even if the Fund does not have direct exposure to securities of Russian issuers. As a collective result of the imposition of sanctions, Russian government countermeasures and the impact that they have had on the trading markets for Russian securities, the Fund may use fair valuation procedures approved by the Fund's Board to value certain Russian securities, which could result in such securities being deemed to have a zero value.

**TAX RISKS** 

As with any investment, you should consider how your investment in shares of the Fund will be taxed. The tax information in the Prospectus and this SAI is provided as general information. You should consult your own tax professional about the tax consequences of an investment in shares of the Fund.

Unless your investment in shares is made through a tax-exempt entity or tax-advantaged retirement account, such as an individual retirement account, you need to be aware of the possible tax consequences when the Fund makes distributions or you sell shares.

**INVESTMENT RESTRICTIONS** 

The Trust has adopted the following investment restrictions as fundamental policies with respect to the Fund. These restrictions cannot be changed without the approval of the holders of a majority of the Fund's outstanding voting securities. For purposes of the 1940 Act, a majority of the outstanding voting securities of the Fund means the vote, at an annual or a special meeting of the security holders of the Trust, of the lesser of (1) 67% or more of the voting securities of the Fund present at such meeting, if the holders of more than 50% of the outstanding voting securities of the Fund are present or represented by proxy, or (2) more than 50% of the outstanding voting securities of the Fund. Except with the approval of a majority of the outstanding voting securities, the Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Concentrate its investments in securities of issuers in the same industry, except as may be necessary to
approximate the composition of the Fund's underlying Index;<sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Make loans to another person except as permitted by the 1940 Act or other governing statute, by the Rules
thereunder, or by the SEC or other regulatory agency with authority over the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Issue senior securities or borrow money except as permitted by the 1940 Act or other governing statute, by the
Rules thereunder, or by the SEC or other regulatory agency with authority over the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Invest directly in real estate unless the real estate is acquired as a result of ownership of securities or
other instruments. This restriction shall not preclude the Fund from investing in companies that deal in real estate or in instruments that are backed or secured by real estate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Act as an underwriter of another issuer's securities, except to the extent the Fund may be deemed to be
an underwriter within the meaning of the Securities Act in connection with the Fund's purchase and sale of portfolio securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Invest in commodities except as permitted by the 1940 Act or other governing statute, by the Rules thereunder,
or by the SEC or other regulatory agency with authority over the Fund.

<sup>(1)</sup> The SEC Staff considers concentration to involve more than 25% of the Fund's assets to be invested in an industry or group of industries. 

In addition to the investment restrictions adopted as fundamental policies as set forth above, the Fund observes the following restrictions, which may be changed by the Board without a shareholder vote. The Fund will not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Invest in the securities of a company for the purpose of exercising management or control, provided that the
Trust may vote the investment securities owned by the Fund in accordance with its views.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Under normal circumstances, invest less than 80% of its total assets in securities that comprise its Index.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Under normal circumstances, invest less than 80% of its net assets, plus the amount of borrowings for
investment purposes, in securities of large-capitalization companies. Prior to any change in the Fund's 80% investment policy, the Fund will provide shareholders with 60 days' written notice.

The Fund defines the foregoing terms in accordance with the definition of such terms per the Index. If a percentage limitation is adhered to at the time of investment or contract, a later increase or decrease in percentage resulting from any change in value or total or net assets will not result in a violation of such restriction, except that the percentage limitations with respect to the borrowing of money will be observed continuously. With respect to the limitation on borrowing, in the event that a subsequent change in net assets or other circumstances cause the Fund to exceed its limitation, the Fund will take steps to bring the aggregate amount of borrowing back within the limitations within three days thereafter (not including Sundays and holidays).

The 1940 Act currently permits the Fund to loan up to 33 1/3% of its total assets. With respect to borrowing, the 1940 Act presently allows the Fund to: (1) borrow from any bank (including pledging, mortgaging or hypothecating assets) in an amount up to 33 1/3% of its total assets, (2) borrow money for temporary purposes in an amount not exceeding 5% of the value of the Fund's total assets at the time of the loan, and (3) enter into reverse repurchase agreements. However, under normal circumstances any borrowings by the Fund will not exceed 10% of the Fund's total assets. The 1940 Act generally prohibits funds from issuing senior securities, although it does not treat certain transactions as senior securities, such as certain borrowings, with appropriate asset coverage. With respect to investments in commodities, the 1940 Act presently permits the Fund to invest in commodities in accordance with investment policies contained in its prospectus and SAI. Any such investment shall also comply with the CEA and the rules and regulations thereunder. The 1940 Act does not directly restrict an investment company's ability to invest in real estate, but does require that every investment company have the fundamental investment policy governing such investments. The Fund will not purchase or sell real estate, except that the Fund may invest in companies that deal in real estate (including REITs) or in instruments that are backed or secured by real estate.

**MANAGEMENT OF THE TRUST** 

The following information supplements and should be read in conjunction with the section in the Prospectus entitled "MANAGEMENT."

**BOARD RESPONSIBILITIES** 

The management and affairs of the Trust and its series, including the Fund described in this SAI, are overseen by the Trustees. The Board has approved contracts, as described in this SAI, under which certain companies provide essential management services to the Trust.

Like most mutual funds, the day-to-day business of the Trust, including the management of risk, is performed by third party service providers, such as the Adviser, Distributor, Administrator, and Sub-Administrator. The Trustees are responsible for overseeing the Trust's service providers and, thus, have oversight responsibility with respect to risk management performed by those service providers. Risk management seeks to identify and address risks, *i.e*., events or circumstances that could have material adverse effects on the business, operations, shareholder services, investment performance or reputation of the Fund. The Fund and its service providers employ a variety of processes, procedures and controls to identify various of those possible events or circumstances, to lessen the probability of their occurrence and/or to mitigate the effects of such events or circumstances if they do occur. Each service provider is responsible for one or more discrete aspects of the Trust's business and, consequently, for managing the risks associated with that business. The Board has emphasized to the Fund's service providers the importance of maintaining vigorous risk management.

The Trustees' role in risk oversight begins before the inception of the Fund, at which time the Fund's Adviser presents the Board with information concerning the investment objectives, strategies and risks of the Fund, as well as proposed investment limitations for the Fund. Additionally, the Fund's Adviser provides the Board with an overview of, among other things, their investment philosophies, brokerage practices and compliance infrastructures. Thereafter, the Board continues its oversight function as various personnel, including the Trust's Chief Compliance Officer, as well as personnel of the Adviser and other service providers, such as the Fund's independent accountants, make periodic reports to the Audit Committee or to the Board with respect to various aspects of risk management. The Board and the Audit Committee oversee efforts by management and service providers to manage risks to which the Fund may be exposed.

The Board is responsible for overseeing the nature, extent and quality of the services provided to the Fund by the Adviser and receives information about those services at its regular meetings. In addition, on an annual basis, in connection with its consideration of whether to renew the Investment Advisory Agreement with the Adviser, the Board meets with the Adviser to review such services. Among other things, the Board regularly considers the Adviser's adherence to the Fund's investment restrictions and compliance with various Fund policies and procedures and with applicable securities regulations. The Board also reviews information about the Fund's investments.

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The Trust's Chief Compliance Officer reports regularly to the Board to review and discuss compliance issues. At least annually, the Trust's Chief Compliance Officer provides the Board with a report reviewing the adequacy and effectiveness of the Trust's policies and procedures and those of its service providers, including the Adviser. The report addresses the operation of the policies and procedures of the Trust and each service provider since the date of the last report; any material changes to the policies and procedures since the date of the last report; any recommendations for material changes to the policies and procedures; and any material compliance matters since the date of the last report.

The Board receives reports from the Fund's service providers regarding operational risks and risks related to the valuation and liquidity of portfolio securities. Regular reports are made to the Board concerning investments for which market quotations are not readily available. Annually, the independent registered public accounting firm reviews with the Audit Committee its audit of the Fund's financial statements, focusing on major areas of risk encountered by the Fund and noting any significant deficiencies or material weaknesses in the Fund's internal controls. Additionally, in connection with its oversight function, the Board oversees Fund management's implementation of disclosure controls and procedures, which are designed to ensure that information required to be disclosed by the Trust in its periodic reports with the SEC are recorded, processed, summarized, and reported within the required time periods. The Board also oversees the Trust's internal controls over financial reporting, which comprise policies and procedures designed to provide reasonable assurance regarding the reliability of the Trust's financial reporting and the preparation of the Trust's financial statements.

From their review of these reports and discussions with the Adviser, the Chief Compliance Officer, the independent registered public accounting firm and other service providers, the Board and the Audit Committee learn in detail about the material risks of the Fund, thereby facilitating a dialogue about how management and service providers identify and mitigate those risks.

The Board recognizes that not all risks that may affect the Fund can be identified and/or quantified, that it may not be practical or cost-effective to eliminate or mitigate certain risks, that it may be necessary to bear certain risks (such as investment-related risks) to achieve the Fund's goals, and that the processes, procedures and controls employed to address certain risks may be limited in their effectiveness. Moreover, reports received by the Trustees as to risk management matters are typically summaries of the relevant information. Most of the Fund's investment management and business affairs are carried out by or through the Fund's Adviser and other service providers, each of which has an independent interest in risk management but whose policies and the methods by which one or more risk management functions are carried out may differ from the Fund's and each other's in the setting of priorities, the resources available or the effectiveness of relevant controls. As a result of the foregoing and other factors, the Board's ability to monitor and manage risk, as a practical matter, is subject to limitations.

**TRUSTEES AND OFFICERS** 

There are eight members of the Board of Trustees, seven of whom are not interested persons of the Trust, as that term is defined in the 1940 Act ("Independent Trustees"). Dwight D. Churchill, an Independent Trustee, serves as Chairman of the Board. The Board has determined its leadership structure is appropriate given the specific characteristics and circumstances of the Trust. The Board made this determination in consideration of, among other things, the fact that the Independent Trustees constitute a super-majority (87.5%) of the Board, the fact that the chairperson of each Committee of the Board is an Independent Trustee, the amount of assets under management in the Trust, and the number of funds overseen by the Board. The Board also believes that its leadership structure facilitates the orderly and efficient flow of information to the Independent Trustees from fund management.

The Board of Trustees has two standing committees: the Audit Committee and Trustee Committee. The Audit Committee and Trustee Committee are each chaired by an Independent Trustee and composed of all of the Independent Trustees.

Set forth below are the names, year of birth, position with the Trust, length of term of office, and the principal occupations during the last five years and other directorships held of each of the persons currently serving as a Trustee or Officer of the Trust.

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**TRUSTEES** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address**<br> **and Year of Birth** | **Position(s)**<br> **With**<br> **Fund** | **Term of**<br> **Office and**<br> **Length of**<br> **Time Served** | **Principal**<br> **Occupation(s)**<br> **During Past**<br> **Five Years** | **Number of**<br>**Portfolios**<br>**in Fund**<br>**Complex**<br>**Overseen**<br>**by Trustee†** | **Other**<br> **Directorships**<br> **Held by**<br> **Trustee**<br> **During Past**<br> **Five Years** |
|  **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** |
| DWIGHT D. CHURCHILL<br> c/o SPDR Series Trust<br> One Congress Street<br> Boston, MA 02114<br> 1953 | Independent<br> Trustee,<br> Chairman;<br> Trustee<br> Committee,<br> Chairman | Term:<br> Unlimited<br> Served:<br> since April<br> 2010 | Self-employed<br> consultant since 2010. | [ ] | Affiliated Managers Group, Inc. (Director) (2010 - present). |
| CARL G. VERBONCOEUR<br> c/o SPDR Series Trust<br> One Congress Street<br> Boston, MA 02114<br> 1952 | Independent<br> Trustee | Term:<br> Unlimited<br> Served:<br> since April<br> 2010 | Self-employed<br> consultant since 2009. | [ ] | None. |
| CLARE S. RICHER<br> c/o SPDR Series Trust<br> One Congress Street<br> Boston, MA 02114<br> 1958 | Independent<br> Trustee | Term:<br> Unlimited<br> Served:<br> since July<br> 2018 | Retired. | [ ] | Principal Financial Group (Director and Financial Committee Chair) (2020 – present); Bain Capital Specialty Finance (Director) (2019 – present); Bain Capital Private Credit (Director) (2022 – present); University of Notre Dame (Trustee) (2015 – present). |
| SANDRA G. SPONEM<br> c/o SPDR Series Trust<br> One Congress Street<br> Boston, MA 02114<br> 1958 | Independent<br> Trustee, Audit Committee<br> Chair | Term:<br> Unlimited<br> Served:<br> since July<br> 2018 | Retired. | [ ] | Rydex Series Funds (52 portfolios), Rydex Dynamic Funds (8 portfolios) and Rydex Variable Trust (49 portfolios) (Trustee) (2016 – present); Guggenheim Strategy Funds Trust (3 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address**<br> **and Year of Birth** | **Position(s)**<br> **With**<br> **Fund** | **Term of**<br> **Office and**<br> **Length of**<br> **Time Served** | **Principal**<br> **Occupation(s)**<br> **During Past**<br> **Five Years** | **Number of**<br>**Portfolios**<br>**in Fund**<br>**Complex**<br>**Overseen**<br>**by Trustee†** | **Other**<br> **Directorships**<br> **Held by**<br> **Trustee**<br> **During Past**<br> **Five Years** |
|  |  |  |  |  | portfolios), Guggenheim Funds Trust (18 portfolios), Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust, Guggenheim Strategic Opportunities Fund, Guggenheim Variable Funds Trust (14 portfolios), and Transparent Value Trust (5 portfolios) (Trustee) (2019-present); Guggenheim Active Allocation Fund (Trustee) (2021-present); Fiduciary/Claymore Energy Infrastructure Fund (Trustee) (2019-2022); Guggenheim Enhanced Equity Income Fund and Guggenheim Credit Allocation Fund (Trustee) (2019-2021); and Guggenheim Energy & Income Fund (Trustee) (2015 - 2023). |
| CAROLYN M. CLANCY c/o SPDR Series Trust One Congress Street Boston, MA 02114 1960 | Independent Trustee | Term<br> Unlimited<br> Served:<br> since<br> October<br> 2022 | Retired. Executive Vice President, Head of Strategy, Analytics and Market Readiness, Fidelity Investments (April 2020 – June 2021); Executive Vice President, Head of Broker Dealer Business, Fidelity Investments (July 2017 – March 2020). | [ ] | Assumption University (Trustee) (2011 – 2021) and (2022 – present); Big Sister Association of Greater Boston (Director) (2016 – 2023). |
| KRISTI L. ROWSELL<br> c/o SPDR Series Trust<br> One Congress Street<br> Boston, MA 02114<br> 1966 | Independent<br> Trustee | Term<br> Unlimited<br> Served:<br> since<br> October<br> 2022 | Partner and President, Harris Associates (2010 – 2021). | [ ] | Harris Oakmark ETF Trust (1 portfolio) (Trustee) 2024-present); Harris Associates Investment Trust (8 portfolios) (Trustee) (2010 – present); Board of Governors, Investment Company Institute (Member) (2018 – present); Habitat for Humanity Chicago (Director) (2015 – present). |
| JAMES E. ROSS\*<br> c/o SPDR Series Trust<br> One Congress Street<br> Boston, MA 02114<br> 1965 | Independent<br> Trustee | Term:<br> Unlimited<br> Served:<br> since April<br> 2010 | President, Winnisquam Capital LLC (December 2022 – present); Non-Executive Chairman, Fusion Acquisition Corp II (February 2020 – present); Non-Executive Chairman, Fusion Acquisition Corp. (June | [ ] | Investment Managers Series Trust (50 Portfolios) (2022 – present); The Select Sector SPDR Trust (11 portfolios) (2005 – present); SSGA SPDR ETFs Europe I plc (Director) (2016 – 2020); SSGA SPDR ETFs |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address**<br> **and Year of Birth** | **Position(s)**<br> **With**<br> **Fund** | **Term of**<br> **Office and**<br> **Length of**<br> **Time Served** | **Principal**<br> **Occupation(s)**<br> **During Past**<br> **Five Years** | **Number of**<br>**Portfolios**<br>**in Fund**<br>**Complex**<br>**Overseen**<br>**by Trustee†** | **Other**<br> **Directorships**<br> **Held by**<br> **Trustee**<br> **During Past**<br> **Five Years** |
|  |  |  | 2020 – September<br> 2021); Retired Chairman and Director, SSGA<br> Funds Management, Inc. (2005 – March 2020); Retired Executive Vice President, State Street Investment Management (2012 – March 2020); Retired Chief Executive Officer and Manager, State<br> Street Global Advisors Funds Distributors, LLC (May 2017 – March<br> 2020). |  | Europe II plc (Director) (2016 – 2020); State Street Navigator<br> Securities Lending Trust (2016 – 2020); SSGA Funds (2014 – 2020); State Street Institutional Investment Trust (2007 –2020); State Street Master Funds (2007 –2020). |
| **INTERESTED TRUSTEE** | **INTERESTED TRUSTEE** |  |  |  |  |
| JEANNE LAPORTA\*\*<br> c/o SPDR Series Trust<br> One Congress Street<br> Boston, MA 02114<br> 1965 | Interested<br> Trustee | Term<br> Unlimited<br> Served:<br> since<br> November<br> 2024 | Senior Managing<br> Director and Head of Global Funds<br> Management, State<br> Street Global Advisors (August 2024 –<br> Present); Chief Adminis-trative Officer at<br> ClearAlpha<br> Technologies LP<br> (FinTech startup)<br> (January 2021 – August 2024); Senior Managing Director at State Street Investment Management (July 2016 – 2021); Manager of State Street Global Advisors Funds<br> Distributors, LLC (May 2017 – 2021); Director of SSGA Funds<br> Management, Inc.<br> (March 2020 - 2021); President of State Street Institutional Funds and State Street Variable Insurance Series Funds, Inc. (April 2014 – March 2020). | [ ] | Interested Trustee, Select Sector SPDR Trust (November 2024-present). Interested Trustee/ Director of Elfun Diversified Fund, Elfun Government Money Market Fund, Elfun Income Fund, Elfun International Equity Fund, Elfun Tax-Exempt Income Fund, Elfun Trusts, State Street Navigator Securities Lending Trust, SSGA Funds, State Street Variable Insurance Series Funds, Inc., State Street Master Funds, and State Street Institutional Investment Trust (January 2025 – present). Interested Trustee, Elfun Government Money Market Fund, Elfun Tax-Exempt Income Fund, Elfun Income Fund, Elfun Diversified Fund, Elfun International Equity Fund, and Elfun Trusts (2016 – 2021). |

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† For the purpose of determining the number of portfolios overseen by the Trustees, "Fund Complex"
comprises registered investment companies for which SSGA Funds Management, Inc. serves as investment adviser, which includes series of the SPDR Series Trust, SSGA Active Trust and SPDR Index Shares Funds.

\* Mr. Ross previously served as an Interested Trustee from November 2005 to December 2009 and from April 2010 to May 2024. He became an Independent Trustee on May 16, 2024.

\*\* Ms. LaPorta is an Interested Trustee because of her positions with the Adviser.

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**OFFICERS** 

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| | | | |
|:---|:---|:---|:---|
| **Name, Address**<br> **and Year of Birth** | **Position(s)**<br> **With Fund** | **Term of**<br> **Office and**<br> **Length of**<br> **Time Served** | **Principal Occupation(s)**<br> **During Past Five Years** |
| ANN M. CARPENTER<br> SSGA Funds Management, Inc.<br> One Congress Street<br> Boston, MA 02114<br> 1966 | President and<br> Principal Executive Officer; Deputy<br> Treasurer | Term: Unlimited Served: since May 2023 (with respect to<br> President and Principal<br> Executive<br> Officer);<br> Term: Unlimited Served: since February 2016 (with respect to Deputy<br> Treasurer) | Chief Operating Officer, SSGA Funds Management, Inc. (April 2005 - present)\*; Managing Director, State Street Investment Management (April 2005 - present).\* |
| BRUCE S. ROSENBERG<br> SSGA Funds Management, Inc.<br> One Congress Street<br> Boston, MA 02114<br> 1961 | Treasurer and<br> Principal Financial Officer | Term: Unlimited Served: since February 2016 | Managing Director, State Street Investment Management and SSGA Funds Management, Inc. (July 2015 - present). |
| CHAD C. HALLETT<br> SSGA Funds Management, Inc.<br> One Congress Street<br> Boston, MA 02114<br> 1969 | Deputy Treasurer | Term: Unlimited Served: since February 2016 | Vice President, State Street Investment Management and SSGA Funds Management, Inc. (November 2014 - present). |
| ANDREW J. DELORME<br> SSGA Funds Management, Inc.<br> One Congress Street<br> Boston, MA 02114<br> 1975 | Chief Legal Officer | Term: Unlimited Served: since February 2024 | Managing Director and Managing Counsel, State Street Investment Management (March 2023 - present); Counsel, K&L Gates (February 2021 - March 2023); Vice President and Senior Counsel, State Street Investment Management (August 2014 - February 2021). |
| DAVID URMAN<br> SSGA Funds Management, Inc.<br> One Congress Street<br> Boston, MA 02114<br> 1985 | Secretary | Term: Unlimited Served: since August 2019 | Vice President and Senior Counsel, State Street Investment Management (April 2019 - present). |
| DAVID BARR<br> SSGA Funds Management, Inc.<br> One Congress Street<br> Boston, MA 02114<br> 1974 | Assistant Secretary | Term: Unlimited Served: since November 2020 | Vice President and Senior Counsel, State Street Investment Management (October 2019 - present). |
| E. GERARD MAIORANA, JR.<br> SSGA Funds Management, Inc.<br> One Congress Street<br> Boston, MA 02114<br> 1971 | Assistant Secretary | Term: Unlimited Served: since May 2023 | Assistant Vice President, State Street Investment Management (July 2014 - present). |
| DARLENE ANDERSON-VASQUEZ<br> SSGA Funds Management, Inc.<br> One Congress Street<br> Boston, MA 02114<br> 1968 | Deputy Treasurer | Term: Unlimited Served: since November 2016 | Managing Director, State Street Investment Management and SSGA Funds Management, Inc. (May 2016 - present). |
| ARTHUR A. JENSEN<br> SSGA Funds Management, Inc.<br> 1600 Summer Street<br> Stamford, CT 06905<br> 1966 | Deputy Treasurer | Term: Unlimited Served: since August 2017 | Vice President, State Street Investment Management and SSGA Funds Management, Inc. (July 2016 - present). |
| DAVID LANCASTER<br> SSGA Funds Management, Inc.<br> One Congress Street<br> Boston, MA 02114<br> 1971 | Assistant Treasurer | Term: Unlimited Served: since November 2020 | Vice President, State Street Investment Management and SSGA Funds Management, Inc. (July 2017 - present).\* |

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##### [**Table of Contents**](#toc)

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| | | | |
|:---|:---|:---|:---|
| **Name, Address**<br> **and Year of Birth** | **Position(s)**<br> **With Fund** | **Term of**<br> **Office and**<br> **Length of**<br> **Time Served** | **Principal Occupation(s)**<br> **During Past Five Years** |
| JOHN BETTENCOURT<br> SSGA Funds Management, Inc.<br> One Congress Street<br> Boston, MA 02114<br> 1976 | Assistant Treasurer | Term: Unlimited Served: since May 2022 | Vice President, State Street Investment Management and SSGA Funds Management Inc. (March 2020 – present); Assistant Vice President, State Street Investment Management (June 2007 – March 2020). |
| VEDRAN VUKOVIC<br> SSGA Funds Management, Inc.<br> One Congress Street<br> Boston, MA 02114<br> 1985 | Assistant Treasurer | Term: Unlimited Served: since February 2024 | Vice President, State Street Investment Management (2023 – present); Assistant Vice President, Brown Brothers Harriman & Co. (2011 – 2023). |
| BRIAN HARRIS<br> SSGA Funds Management, Inc.<br> One Congress Street<br> Boston, MA 02114<br> 1973 | Chief Compliance Officer; Anti-Money Laundering Officer; Code of Ethics<br> Compliance Officer | Term: Unlimited Served: since November 2013 | Managing Director, State Street Investment Management and SSGA Funds Management, Inc. (June 2013 - present).\* |

---

\* Served in various capacities and/or with various affiliated entities during the noted time period.

<u>Summary of Trustees' Qualifications</u> 

The Board has concluded that each of the Trustees should serve on the Board because of his or her ability to review and understand information about the Fund provided to him or her by management, to identify and request other information he or she may deem relevant to the performance of his or her duties, to question management and other service providers regarding material factors bearing on the management and administration of the Fund, and to exercise his or her business judgment in a manner that serves the best interests of the Fund's shareholders. The Board has concluded that each of the Trustees should serve as a Trustee based on his or her own experience, qualifications, attributes and skills as described below.

The Board has concluded that Mr. Churchill should serve as Trustee because of the experience he gained serving as the Head of the Fixed Income Division of one of the nation's leading mutual fund companies and provider of financial services and his knowledge of the financial services industry. Mr. Churchill was elected to serve as Trustee of the Trust in April 2010.

The Board has concluded that Mr. Verboncoeur should serve as Trustee because of the experience he gained serving as the Chief Executive Officer of a large financial services and investment management company, his knowledge of the financial services industry and his experience serving on the boards of other investment companies. Mr. Verboncoeur was elected to serve as Trustee of the Trust in April 2010.

The Board has concluded that Ms. Richer should serve as Trustee because of the experience she gained serving as the Chief Financial Officer of a large financial services and investment management company, her knowledge of the financial services industry and her experience serving on the board of a major educational institution. Ms. Richer was appointed to serve as Trustee of the Trust in July 2018 and elected to serve as Trustee of the Trust in October 2022.

The Board has concluded that Ms. Sponem should serve as Trustee because of the experience she gained serving as the Chief Financial Officer of a large financial services company, her knowledge of the financial services industry and her experience serving on the boards of other investment companies. Ms. Sponem was appointed to serve as Trustee of the Trust in July 2018 and elected to serve as Trustee of the Trust in October 2022.

The Board has concluded that Ms. Clancy should serve as Trustee because of the experience she gained serving as an Executive Vice President of a large financial services company, her knowledge of the financial services industry and her experience serving on the boards of a major educational institution and a charitable foundation. Ms. Clancy was elected to serve as Trustee of the Trust in October 2022.

The Board has concluded that Ms. Rowsell should serve as Trustee because of the experience she gained serving as the President and Chief Financial Officer of a large financial services company, her knowledge of the financial services industry and her experience serving on the boards of a financial services company, a leading association representing regulated investment funds and a charitable foundation. Ms. Clancy was elected to serve as Trustee of the Trust in October 2022.

The Board has concluded that Mr. Ross should serve as Trustee because of the experience he has gained in his various roles with the Adviser, his knowledge of the financial services industry, and the experience he has gained serving as Trustee of the Trust since 2005 (Mr. Ross did not serve as Trustee from December 2009 until April 2010).

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##### [**Table of Contents**](#toc)
The Board has concluded that Ms. LaPorta should serve as Trustee because of the experience she has gained in her various roles with the Adviser and her knowledge of the financial services industry. Ms. LaPorta was appointed to serve as Trustee of the Trust in November 2024.

In its periodic assessment of the effectiveness of the Board, the Board considers the complementary individual skills and experience of the individual Trustees primarily in the broader context of the Board's overall composition so that the Board, as a body, possesses the appropriate (and appropriately diverse) skills and experience to oversee the business of the Fund.

<u>Standing Committees</u> 

<u>Audit Committee:</u> The Board has an Audit Committee consisting of all the Independent Trustees. Ms. Sponem serves as Chair. The Audit Committee meets with the Trust's independent auditors to review and approve the scope and results of their professional services; to review the procedures for evaluating the adequacy of the Trust's accounting controls; to consider the range of audit fees; and to make recommendations to the Board regarding the engagement of the Trust's independent auditors. The Audit Committee met [ ()] times during the fiscal year ended December 31, 2025.

<u>Trustee Committee:</u> The Board has established a Trustee Committee consisting of all the Independent Trustees. Mr. Churchill serves as Chairman. The responsibilities of the Trustee Committee are to: 1) nominate Independent Trustees; 2) review on a periodic basis the governance structures and procedures of the Fund; 3) review proposed resolutions and conflicts of interest that may arise in the business of the Fund and may have an impact on the investors of the Fund; 4) select any independent counsel of the Independent Trustees as well as make determinations as to that counsel's independence; 5) review matters that are referred to the Committee by the Chief Legal Officer or other counsel to the Trust; and 6) provide general oversight of the Fund on behalf of the investors of the Fund. The Trustee Committee does not have specific procedures in place with respect to the consideration of nominees recommended by security holders, but may consider such nominees in the event that one is recommended. The Trustee Committee met [ ()] times during the fiscal year ended December 31, 2025.

<u>Trustee Ownership of Securities of the Trust, Adviser and Distributor</u> 

[As of December 31, 2025, neither the Independent Trustees nor their immediate family members owned beneficially or of record any securities in the Adviser, Principal Underwriter or any person directly or indirectly controlling, controlled by, or under common control with the Adviser or Principal Underwriter.]

[The following table shows, as of December 31, 2025, the amount of equity securities beneficially owned by the Trustees in the Trust.

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| | | | |
|:---|:---|:---|:---|
| **Name of Trustee** | **Fund** | **Dollar Range of<br>Equity**<br>**Securities in the<br>Trust** | **Aggregate Dollar<br>Range of Equity**<br>**Securities in All**<br>**Funds Overseen**<br>**by Trustee in Family<br>of**<br>**Investment<br>Companies(1)** |
|  *Independent Trustees:* |  |  |  |
|  Dwight D. Churchill | State Street SPDR S&P 500<sup>®</sup> ESG ETF | Over $100,000 | Over $100,000 |
|  | State Street SPDR Nuveen ICE High Yield Municipal Bond ETF | Over $100,000 |  |
|  | State Street SPDR Portfolio Short Term Corporate Bond ETF | Over $100,000 |  |
|  | State Street SPDR Portfolio Intermediate Term Treasury ETF | Over $100,000 |  |
|  Carl G. Verboncoeur | State Street SPDR S&P Dividend ETF | $10001-$50000 | $50001-$100000 |
|  | State Street SPDR S&P Kensho New Economies Composite ETF | $10001-$50000 |  |
|  | State Street SPDR S&P 600 Small Cap Value ETF | $10001-$50000 |  |
|  Clare S. Richer | State Street SPDR Portfolio S&P 500 Value ETF | Over $100,000 | Over $100,000 |
|  | State Street SPDR S&P Kensho New Economies Composite ETF | Over $100,000 |  |
|  Sandra G. Sponem | State Street SPDR S&P Kensho New Economies Composite ETF | Over $100,000 | Over $100,000 |
|  Carolyn M. Clancy | State Street SPDR Portfolio S&P 500 Value ETF | Over $100,000 | Over $100,000 |
|  | State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF | Over $100,000 |  |
|  | State Street SPDR Portfolio S&P 600 Small Cap ETF | Over $100,000 |  |
|  | State Street SPDR S&P Dividend ETF | $10001-$50000 |  |
|  Kristi L. Rowsell | State Street SPDR Bloomberg 1-3 Month T-Bill ETF | Over $100,000 | Over $100,000 |
|  | State Street SPDR Bloomberg 1-10 Year TIPS ETF | $50001-$100000 |  |
|  James E. Ross | State Street SPDR Dow Jones REIT ETF | $10001-$50000 | Over $100,000 |
|  | State Street SPDR Bloomberg 1-3 Month T-Bill ETF | $1-$10000 |  |
|  | State Street SPDR Portfolio S&P 400 Mid Cap ETF | $10001-$50000 |  |
|  | State Street SPDR Portfolio S&P 500 ETF | Over $100,000 |  |
|  | State Street SPDR S&P 400 Mid Cap Growth ETF | $50001-$100000 |  |
|  | State Street SPDR S&P 600 Small Cap Growth ETF | $50001-$100000 |  |
|  | State Street SPDR S&P Biotech ETF | $1-$10000 |  |
|  | State Street SPDR S&P Dividend ETF | $50001-$100000 |  |
|  *Interested Trustee:* |  |  |  |
|  Jeanne LaPorta |  |  |  |

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(1) The family of investment companies includes series of SSGA Active Trust, SPDR Series Trust and SPDR Index
Shares Funds.]

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##### [**Table of Contents**](#toc)
<u>Trustee Compensation</u> 

The Trust, SSGA Active Trust and SPDR Index Shares Funds (together with the Trust, the "Trusts") pay, in the aggregate, each Trustee (other than Ms. LaPorta) an annual fee of $320,000 (prior to January 1, 2026, $300,000) plus $15,000 (prior to January 1, 2025, $12,500) per in-person meeting attended and $5,000 (prior to January 1, 2026, $2,500) for each telephonic or video conference meeting attended. The Chairman of the Board receives an additional annual fee of $125,000 (prior to January 1, 2026, $115,000) and the Chairman of the Audit Committee receives an additional annual fee of $45,000 (prior to January 1, 2026, $40,000). The Trusts also reimburse each Trustee (other than Ms. LaPorta) for travel and other out-of-pocket expenses incurred by him/her in connection with attending such meetings and in connection with attending industry seminars and meetings. Trustee fees are allocated between the Trusts and each of their respective series in such a manner as deemed equitable, taking into consideration the relative net assets of the series. During the fiscal year ended [ ], no officer of the Trust received compensation in excess of $60,000 from the Trust. Additionally, no Trustee or officer of the Trust is entitled to any pension or retirement benefits from the Trust.

The table below shows the compensation that the Trustees received during the Trust's fiscal year ended [ ].

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of**<br> **Trustee** | **Aggregate**<br>**Compensation**<br>**from the<br>Trust** | **Pension or**<br>**Retirement**<br>**Benefits**<br>**Accrued**<br>**as Part**<br>**of Trust**<br>**Expenses** | **Estimated**<br>**Annual**<br>**Benefits**<br>**Upon**<br>**Retirement** | **Total**<br>**Compensation**<br>**from the**<br>**Trust and**<br>**Fund<br>Complex**<br>**Paid to**<br>**Trustees<sup>(1)</sup>** |
|  *Independent Trustees:* |  |  |  |  |
|  Dwight D. Churchill | $[] | N/A | N/A | $[] |
|  Carl G. Verboncoeur | $[] | N/A | N/A | $[] |
|  Clare S. Richer | $[] | N/A | N/A | $[] |
|  Sandra G. Sponem | $[] | N/A | N/A | $[] |
|  Carolyn M. Clancy | $[] | N/A | N/A | $[] |
|  Kristi L. Rowsell | $[] | N/A | N/A | $[] |
|  James E. Ross | $[] | N/A | N/A | $[] |
|  Interested Trustee: |  |  |  |  |
|  Jeanne LaPorta<sup>(2)</sup> | N/A | N/A | N/A | N/A |

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<sup>(1)</sup> The Fund Complex includes SPDR Series Trust, SSGA Active Trust and SPDR Index Shares Funds.

<sup>(2)</sup> Not compensated by the Trust due to Ms. LaPorta's positions with the Adviser.

**CODES OF ETHICS** 

The Trust and the Adviser (which includes applicable reporting personnel of the Distributor) each have adopted a Code of Ethics pursuant to Rule 17j-1 of the 1940 Act, which is designed to prevent affiliated persons of the Trust, the Adviser and the Distributor from engaging in deceptive, manipulative or fraudulent activities in connection with securities held or to be acquired by the Fund (which may also be held by persons subject to the Codes of Ethics). Each Code of Ethics permits personnel, subject to that Code of Ethics, to invest in securities for their personal investment accounts, subject to certain limitations, including securities that may be purchased or held by the Fund.

There can be no assurance that the Codes of Ethics will be effective in preventing such activities. Each Code of Ethics, filed as exhibits to this registration statement, may be examined at the office of the SEC in Washington, D.C. or on the Internet at the SEC's website at https://www.sec.gov.

**PROXY VOTING PROCEDURES** 

The Board has delegated the responsibility to vote proxies on securities held by the Fund to the Adviser, subject to certain exceptions. The Board has retained authority to vote proxies for certain bank and bank holding company securities ("Bank Securities") that may be held by the Fund from time to time. The Board has adopted the Institutional Shareholder Services, Inc.'s ("ISS") benchmark proxy voting policy with respect to voting such Bank Securities' proxies. The Board has retained this authority in order to permit the Adviser to utilize exemptions from limitations arising under the Bank Holding Company Act of 1956, as amended, that might otherwise prevent the Adviser from acquiring Bank Securities on behalf of the Fund.

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[Certain Funds that employ an equity index strategy (each such Fund, an "Eligible Fund" and, collectively, the "Eligible Funds") participate in a proxy voting program (the "Program") administered by the Adviser through which Eligible Fund shareholders identified by Broadridge Financial Solutions, Inc. (as described below) have the option of selecting an alternative, third-party proxy voting policy that the Fund will use to vote proxies on securities, including Bank Securities, corresponding to the percentage of the Eligible Fund owned by the shareholder as of the record date of the applicable shareholder meeting. The proxy voting policies made available through the Program comprise proxy voting policies maintained by ISS (each such proxy voting policy, a "Program Proxy Voting Policy"). If an Eligible Fund shareholder does not make a Program Proxy Voting Policy selection, the Eligible Fund's proxies corresponding to the percentage of such shareholder's ownership of the Eligible Fund will be voted in accordance with the Adviser's proxy voting policy, except with respect to proxies on Bank Securities, which will be voted in accordance with the ISS benchmark proxy voting policy. In an unusual case, the Adviser may override a vote that would otherwise be made pursuant to a Program Proxy Voting Policy if the Adviser determines that it is not in the best interests of the Eligible Fund and its shareholders to vote pursuant to such Program Proxy Voting Policy. This might be the case, for example, if the Adviser becomes aware that ISS is planning to vote in a way that creates material concerns related to a conflict of interest with ISS; if the Adviser believes that the voting position, if successful, might have a material impact on an Eligible Fund's ability to trade the security; if the Adviser determines that sanctions affecting a company or an individual prevent such a vote; if issuer specific documentation or market confirmation is required; or if the Adviser determines that custodial restrictions or expenses make voting in accordance with the policy inadvisable or impracticable. In the unusual event the Adviser overrides a proxy vote that would otherwise be made pursuant to a Program Proxy Voting Policy, such proxy will be voted in accordance with the Adviser's proxy voting policy, except with respect to proxies on Bank Securities, which will be voted in accordance with the ISS benchmark proxy voting policy.

The Adviser has engaged Broadridge Financial Solutions, Inc. ("Broadridge") to periodically, but at least annually, identify beneficial owners of Eligible Fund shares held through a financial intermediary for participation in the Program. Eligible Fund shareholders that do not own their Eligible Fund shares as of the most recent date used by Broadridge for shareholder identification purposes will not be able to participate in the Program (but may be eligible to participate in the future if identified as an Eligible Fund shareholder by Broadridge at a later date). It is also possible that some Eligible Fund shareholders that own Eligible Fund shares as of the most recent date used by Broadridge for shareholder identification purposes may not be able to participate in the Program if the beneficial ownership information for their shares is not immediately available to Broadridge (e.g., where a shareholder's financial intermediary is not part of Broadridge's network of financial intermediaries that provides shareholder information to Broadridge or where a shareholder has objected to its financial intermediary releasing the shareholder's personal information to issuers for proxy voting purposes). Eligible Fund shareholders identified by Broadridge will receive a communication that will invite such shareholders to participate in the Program by selecting a Program Proxy Voting Policy on the Program's website. Shareholders should carefully read Program communications and the Program's website for more details regarding how Eligible Fund shareholders may participate in the Program, how Eligible Fund shareholders may change or cancel their Program Proxy Voting Policy selection, risk factors associated with the Program and how an Eligible Fund shareholder's selection of a specific Program Proxy Voting Policy will be implemented. Shareholders may call 1-866-787-2257 for a list of Funds that are currently participating in the Program.]

Each of the Trust's and the Adviser's proxy voting policies, ISS' benchmark proxy voting policy, [as well as each Program Proxy Voting Policy,] is attached as an appendix to this SAI. Information regarding how the Fund voted proxies relating to its portfolio securities during the most recent twelve-month period ended June 30 is available: (1) without charge by calling 1-866-787-2257; (2) on the Fund's website at https://www.ssga.com; and (3) on the SEC's website at https://www.sec.gov.

**DISCLOSURE OF PORTFOLIO HOLDINGS POLICY** 

The Trust has adopted a policy regarding the disclosure of information about the Trust's portfolio holdings. The Board must approve all material amendments to this policy. The Fund's portfolio holdings are publicly disseminated each day the Fund is open for business through financial reporting and news services including publicly accessible Internet web sites. In addition, a basket composition file, which includes the security names and share quantities to deliver in exchange for ETF Class Shares, together with estimates and actual cash components, is publicly disseminated daily prior to the opening of the exchange via the National Securities Clearing Corporation ("NSCC"). The basket represents one creation unit of ETF Class Shares the Fund. The Trust, the Adviser, or State Street will not disseminate non-public information concerning the Trust, except information may be made available prior to its public availability: (i) to a party for a legitimate business purpose related to the day-to-day operations of the Fund, including (a) a service provider, (b) the stock exchanges upon which the Fund's ETF Class Shares are listed, (c) the NSCC, (d) the Depository Trust Company, and (e) financial data/research companies such as Morningstar, Bloomberg L.P., and Reuters, or (ii) to any other party for a legitimate business or regulatory purpose, upon waiver or exception, with the consent of an applicable Trust officer.

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**INVESTMENT ADVISORY AND OTHER SERVICES** 

**THE INVESTMENT ADVISER** 

SSGA FM acts as investment adviser to the Trust and, subject to the oversight of the Board, is responsible for the investment management of the Fund. As of [ ], 2026, the Adviser managed approximately $[ ] trillion in assets. The Adviser's principal address is One Congress Street, Boston, Massachusetts 02114. The Adviser, a Massachusetts corporation, is a wholly-owned subsidiary of State Street Global Advisors, Inc., which itself is a wholly-owned subsidiary of State Street Corporation, a publicly held financial holding company. The Adviser, along with other advisory affiliates, make up State Street Investment Management, the investment management arm of State Street Corporation.

The Adviser serves as investment adviser to the Fund pursuant to an investment advisory agreement ("Investment Advisory Agreement") between the Trust and the Adviser. The Investment Advisory Agreement, with respect to the Fund, continues in effect for two years from its effective date, and thereafter is subject to annual approval by (1) the Board or (2) vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of the Fund, provided that in either event such continuance also is approved by a majority of the Board who are not interested persons (as defined in the 1940 Act) of the Trust by a vote cast in person at a meeting called for the purpose of voting on such approval. The Investment Advisory Agreement with respect to the Fund is terminable without penalty, on 60 days' notice, by the Board or by a vote of the holders of a majority (as defined in the 1940 Act) of the Fund's outstanding voting securities. The Investment Advisory Agreement is also terminable upon 90 days' notice by the Adviser and will terminate automatically in the event of its assignment (as defined in the 1940 Act).

Under the Investment Advisory Agreement, the Adviser, subject to the oversight of the Board and in conformity with the stated investment policies of the Fund, manages the investment of the Fund's assets. The Adviser is responsible for placing purchase and sale orders and providing continuous supervision of the investment portfolio of the Fund. Pursuant to the Investment Advisory Agreement, the Adviser is not liable for certain liabilities, including certain liabilities arising under the federal securities laws, in the absence of (a) willful misfeasance, bad faith or gross negligence in the performance of its duties; (b) the reckless disregard of its obligations and duties; or (c) a loss resulting from a breach of fiduciary duties with respect to the receipt of compensation for services.

A discussion regarding the basis for the Board's approval of the continuation of the Investment Advisory Agreement regarding the Fund is available in the Trust's Form N-CSR filing with the SEC for the period ended June 30, 2025.

For the services provided to the Fund under the Investment Advisory Agreement, the Fund pays the Adviser monthly fees based on a percentage of the Fund's average daily net assets as set forth in the Fund's Prospectus. The Adviser pays all expenses of the Fund other than the management fee, brokerage, taxes, interest, fees and expenses of the Independent Trustees (including any Trustee's counsel fees), acquired fund fees and expenses, litigation expenses and other extraordinary expenses.

For the past three fiscal years ended June 30, the Fund paid the following amounts to the Adviser:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **2025** | **2024** | **2023** |
|  State Street SPDR Portfolio S&P 500 ETF<sup>(1)</sup> | $10768280 | $5525776 | $4588400 |

---

<sup>(1)</sup> Represents amounts paid by the Fund's ETF Class Shares. Institutional Class Shares had not commenced operations as of the date of this SAI. 

From time to time, the Adviser may waive all or a portion of its fee. As of the date of this SAI, the Adviser has agreed to waive its management fee and/or reimburse certain expenses in an amount equal to any acquired fund fees and expenses ("AFFE"), excluding AFFE derived from the Fund's holdings in acquired funds for cash management purpose, if any, until October 31, 2026.

**PORTFOLIO MANAGERS** 

The Adviser manages the Fund using a team of investment professionals. The professionals primarily responsible for the day to day management of the Fund are Karl Schneider, John Law and Emiliano Rabinovich. The following table lists the number and types of accounts managed by each of the key professionals involved in the day-to-day portfolio management for the Fund and assets under management in those accounts.

**Other Accounts Managed as of [ ]** 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **Registered**<br>**Investment**<br>**Company**<br>**Accounts** | **Assets**<br>**Managed**<br>**(billions)\*** | **Other<br>Pooled**<br>**Investment**<br>**Vehicle**<br>**Accounts** | **Assets**<br>**Managed**<br>**(billions)\*** | **Other**<br>**Accounts** | **Assets**<br>**Managed**<br>**(billions)\*** | **Total**<br>**Assets**<br>**Managed**<br>**(billions)** |
|  John Law | [__] | $[___] | [__] | $[___] | [__] | $[___] | $[___] |
|  Emiliano Rabinovich | [__] | $[___] | [__] | $[___] | [__] | $[___] | $[___] |
|  Karl Schneider | [__] | $[___] | [__] | $[___] | [__] | $[___] | $[___] |

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\* There are no performance-based fees associated with these accounts.

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[None of the portfolio managers listed above beneficially owned ETF Class Shares of the Fund as of [ ], except as noted in the table below:]

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Fund** | **Dollar Range of Trust Shares**<br>**Beneficially Owned** |
|  John Law | State Street SPDR Portfolio S&P 500 ETF | [$10,001 -$50,000] |

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<u>Conflicts of Interest.</u> A portfolio manager that has responsibility for managing more than one account may be subject to potential conflicts of interest because he or she is responsible for other accounts in addition to the Funds. Those conflicts could include preferential treatment of one account over others in terms of: (a) the portfolio manager's execution of different investment strategies for various accounts; or (b) the allocation of resources or of investment opportunities.

Portfolio managers may manage numerous accounts for multiple clients. These accounts may include registered investment companies, other types of pooled accounts (e.g., collective investment funds), and separate accounts (i.e., accounts managed on behalf of individuals or public or private institutions). Portfolio managers make investment decisions for each account based on the investment objectives and policies and other relevant investment considerations applicable to that portfolio. A potential conflict of interest may arise as a result of a portfolio manager's responsibility for multiple accounts with similar investment guidelines. Under these circumstances, a potential investment may be suitable for more than one of the portfolio manager's accounts, but the quantity of the investment available for purchase is less than the aggregate amount the accounts would ideally allocate to the opportunity. Similar conflicts may arise when multiple accounts seek to dispose of the same investment. The portfolio managers may also manage accounts whose objectives and policies differ from that of the Funds. These differences may be such that under certain circumstances, trading activity appropriate for one account managed by the portfolio manager may have adverse consequences for another account managed by the portfolio manager. For example, an account may sell a significant position in a security, which could cause the market price of that security to decrease, while thea Fund maintained its position in that security.

A potential conflict may arise when the portfolio managers are responsible for accounts that have different advisory fees—the difference in fees could create an incentive for the portfolio manager to favor one account over another, for example, in terms of access to investment opportunities. This conflict may be heightened if an account is subject to a performance-based fee, as applicable. Another potential conflict may arise when the portfolio manager has a personal investment in one or more accounts that participate in transactions with other accounts. His or her personal investment(s) may create an incentive for the portfolio manager to favor one account over another. The Adviser has adopted policies and procedures reasonably designed to address these potential material conflicts. For instance, portfolio managers are normally responsible for all accounts within a certain investment discipline and do not, absent special circumstances, differentiate among the various accounts when allocating resources. Additionally, the Adviser and its advisory affiliates have processes and procedures for allocating investment opportunities among portfolios that are designed to provide a fair and equitable allocation. With respect to conflicts arising from personal investments, all employees, including portfolio managers, must comply with personal trading controls established by each of the Adviser's and Trust's Code of Ethics.

For more information regarding the potential conflicts of interest with respect to funds operating a multi-class ETF fund structure, please see the "Multi-Class ETF Fund Structure" section of the Prospectus.

<u>Compensation.</u> State Street Investment Management's ("State Street IM") culture is complemented and reinforced by a total rewards strategy that is based on a pay for performance philosophy which seeks to offer a competitive pay mix of base salary, benefits, cash incentives and deferred compensation.

Salary is based on a number of factors, including external benchmarking data and market trends, and performance both at the business and individual level. State Street IM's Global Human Resources department regularly participates in compensation surveys in order to provide State Street IM with market-based compensation information that helps support individual pay decisions.

Additionally, subject to State Street and State Street IM business results, an incentive pool is allocated to State Street IM to reward its employees. The size of the incentive pool for most business units is based on the firm's overall profitability and other factors, including performance against risk-related goals. For most State Street IM investment teams, State Street IM recognizes and rewards performance by linking annual incentive decisions for investment teams to the firm's or business unit's profitability and business unit investment performance over a multi-year period.

Incentive pool funding for most active investment teams is driven in part by the post-tax investment performance of fund(s) managed by the team versus the return levels of the benchmark index(es) of the fund(s) on a one-, three- and, in some cases, five-year basis. For most active investment teams, a material portion of incentive compensation for senior staff is deferred over a four-year period into the State Street Investment Management Long-Term Incentive ("State Street Investment Management

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##### [**Table of Contents**](#toc)
LTI") program. For these teams, the State Street Investment Management LTI program indexes the performance of these deferred awards against the post-tax investment performance of fund(s) managed by the team. This is intended to align State Street IM's investment team's compensation with client interests, both through annual incentive compensation awards and through the long-term value of deferred awards in the State Street Investment Management LTI program.

For the index equity investment team, incentive pool funding is driven in part by the post-tax 1 and 3-year tracking error of the funds managed by the team against the benchmark indexes of the funds.

The discretionary allocation of the incentive pool to the business units within State Street IM is influenced by market-based compensation data, as well as the overall performance of each business unit. Individual compensation decisions are made by the employee's manager, in conjunction with the senior management of the employee's business unit. These decisions are based on the overall performance of the employee and, as mentioned above, on the performance of the firm and business unit. Depending on the job level, a portion of the annual incentive may be awarded in deferred compensation, which may include cash and/or Deferred Stock Awards (State Street stock), which typically vest over a four-year period. This helps to retain staff and further aligns State Street IM employees' interests with State Street IM clients' and shareholders' long-term interests.

State Street IM recognizes and rewards outstanding performance by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Promoting employee ownership to connect employees directly to the company's success.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Using rewards to reinforce mission, vision, values and business strategy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Seeking to recognize and preserve the firm's unique culture and team orientation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Providing all employees the opportunity to share in the success of State Street IM.

**THE ADMINISTRATOR, SUB-ADMINISTRATOR, CUSTODIAN AND TRANSFER AGENT** 

<u>Administrator:</u> SSGA FM serves as the administrator to each series of the Trust, pursuant to an Administration Agreement dated June 1, 2015 (the "SSGA FM Administration Agreement"). Pursuant to the SSGA FM Administration Agreement, SSGA FM is obligated to continuously provide business management services to the Trust and its series and will generally, subject to the general oversight of the Trustees and except as otherwise provided in the SSGA FM Administration Agreement, manage all of the business and affairs of the Trust.

<u>Sub-Administrator, Custodian and Transfer Agent:</u> State Street serves as the sub-administrator to each series of the Trust, pursuant to a Sub-Administration Agreement dated June 1, 2015 (the "Sub-Administration Agreement"). Under the Sub-Administration Agreement, State Street is obligated to provide certain sub-administrative services to the Trust and its series. State Street is a wholly-owned subsidiary of State Street Corporation, a publicly held financial holding company, and is affiliated with the Adviser. State Street's mailing address is One Congress Street, Boston, Massachusetts 02114.

State Street also serves as Custodian for the Trust's series pursuant to a custodian agreement ("Custodian Agreement"). As Custodian, State Street holds Fund assets, calculates the net asset value of the shares and calculates net income and realized capital gains or losses. State Street and the Trust will comply with the self-custodian provisions of Rule 17f-2 under the 1940 Act.

State Street also serves as Transfer Agent for each series of the Trust pursuant to a transfer agency agreement ("Transfer Agency Agreement").

<u>Compensation:</u> As compensation for its services provided under the SSGA FM Administration Agreement, SSGA FM shall receive fees for the services, calculated based on the average aggregate net assets of the Trust and SIS, which are accrued daily and paid monthly out of its management fee.

As compensation for its services under the Sub-Administration Agreement, Custodian Agreement and Transfer Agency Agreement, State Street shall receive a fee for the services, calculated based on the average aggregate net assets of the Trust and SIS, which are accrued daily and paid monthly by the Adviser from its management fee. For each series of the Trust and SIS, an annual minimum fee applies. In addition, State Street shall receive global safekeeping and transaction fees, which are calculated on a per-country basis, in-kind creation (purchase) and redemption transaction fees (with respect to ETF Class Shares), and revenue on certain cash balances. State Street may be reimbursed for its out-of-pocket expenses. The Investment Advisory Agreement provides that the Adviser will pay certain operating expenses of the Trust, including the fees due to State Street under the Custodian Agreement and the Transfer Agency Agreement.

<u>Additional Sub-Administration Services:</u> Also under the Sub-Administration Agreement, State Street receives: (i) an annual per Fund fee for certain services required in the preparation (including preparing a schedule of quarterly portfolio investments) and filing of Form N-PORT and Form N-CEN with the SEC ("N-PORT Related Services"); (ii) an annual per Fund fee for services regarding certain liquidity analytics ("Liquidity Risk Measurement Services") under the Sub-Administration Agreement; and (iii) an annual per Fund fee for certain services related to the preparation of tailored shareholder reports ("Tailored Shareholder Report Services"). N-PORT Related Services, Liquidity Risk Measurement Services, and Tailored Shareholder Report Services fees are paid by the Adviser from its management fee.

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**SECURITIES LENDING ACTIVITIES** 

The Trust's Board has approved the Fund's participation in a securities lending program. Under the securities lending program, the Fund has retained State Street to serve as the securities lending agent.

For the fiscal year ended June 30, 2025, the Fund earned income by participating in the securities lending program. That income, as well as the fees and/or compensation paid by the Fund (in dollars) pursuant to the Master Amended and Restated Securities Lending Authorization Agreement among SPDR Series Trust, SPDR Index Shares Funds and SSGA Active Trust, each on behalf of its respective series, and State Street (the "Securities Lending Authorization Agreement") were as follows:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross**<br>**income**<br>**earned by**<br>**the Fund**<br>**from**<br>**securities**<br>**lending**<br>**activities** | ***Fees and/or compensation paid by the Fund for securities lending activities***<br>***and***<br>***related services*** | ***Fees and/or compensation paid by the Fund for securities lending activities***<br>***and***<br>***related services*** | ***Fees and/or compensation paid by the Fund for securities lending activities***<br>***and***<br>***related services*** | ***Fees and/or compensation paid by the Fund for securities lending activities***<br>***and***<br>***related services*** | ***Fees and/or compensation paid by the Fund for securities lending activities***<br>***and***<br>***related services*** | ***Fees and/or compensation paid by the Fund for securities lending activities***<br>***and***<br>***related services*** | **Aggregate**<br>**fees**<br>**and/or**<br>**compensation**<br>**paid by**<br>**the Fund**<br>**for**<br>**securities**<br>**lending**<br>**activities**<br>**and related**<br>**services** | **Net<br>income**<br>**from**<br>**securities**<br>**lending**<br>**activities** |
|  | **Gross**<br>**income**<br>**earned by**<br>**the Fund**<br>**from**<br>**securities**<br>**lending**<br>**activities** | **Fees**<br>**paid**<br>**to State**<br>**Street**<br>**from a**<br>**revenue**<br>**split** | **Fees**<br>**paid for**<br>**any cash**<br>**collateral**<br>**management**<br>**service**<br>**(including**<br>**fees**<br>**deducted**<br>**from a**<br>**pooled cash**<br>**collateral**<br>**reinvestment**<br>**vehicle)**<br>**that are not**<br>**included in a**<br>**revenue split** | **Admini-**<br>**strative**<br>**fees not**<br>**included**<br>**in a**<br>**revenue**<br>**split** | **Indemnifi-**<br>**cation**<br>**fees**<br>**not**<br>**included<br>in**<br>**a revenue**<br>**split** | **Rebate**<br>**(paid to**<br>**borrower)** | **Other**<br>**fees**<br>**not**<br>**included**<br>**in a**<br>**revenue**<br>**split** | **Aggregate**<br>**fees**<br>**and/or**<br>**compensation**<br>**paid by**<br>**the Fund**<br>**for**<br>**securities**<br>**lending**<br>**activities**<br>**and related**<br>**services** | **Net<br>income**<br>**from**<br>**securities**<br>**lending**<br>**activities** |
|  State Street SPDR Portfolio S&P 500 ETF | $7381322 | $46224 | $61336 | $0 | $0 | $6939236 | $0 | $7046796 | $334526 |

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For the fiscal year ended June 30, 2025, State Street, acting as agent of the Fund, provided the following services to the Fund in connection with the Fund's securities lending activities: (i) locating borrowers among an approved list of prospective borrowers; (ii) causing the delivery of loaned securities from the Fund to borrowers; (iii) monitoring the value of loaned securities, the value of collateral received, and other lending parameters; (iv) seeking additional collateral, as necessary, from borrowers; (v) receiving and holding collateral from borrowers, and facilitating the investment and reinvestment of all or substantially all cash collateral in an investment vehicle designated by the Fund; (vi) returning collateral to borrowers; (vii) facilitating substitute dividend, interest, and other distribution payments to the Fund from borrowers; (viii) negotiating the terms of each loan of securities, including but not limited to the amount of any loan premium, and monitoring the terms of securities loan agreements with prospective borrowers for consistency with the requirements of the Fund's Securities Lending Authorization Agreement; (ix) selecting securities, including amounts (percentages), to be loaned; (x) recordkeeping and accounting services; and (xi) arranging for return of loaned securities to the Fund in accordance with the terms of the Securities Lending Authorization Agreement.

**THE DISTRIBUTOR** 

State Street Global Advisors Funds Distributors, LLC serves as the principal underwriter and Distributor of shares. Its principal address is One Congress Street, Boston, Massachusetts 02114. Investor information can be obtained by calling 1-866-787-2257. The Distributor has entered into a distribution agreement ("Distribution Agreement") with the Trust pursuant to which it distributes shares of each Fund. The Distribution Agreement continues for two years from its effective date and is renewable annually thereafter. The Distributor is a broker-dealer registered under the Securities Exchange Act of 1934, as amended (the "Exchange Act") and a member of the Financial Industry Regulatory Authority ("FINRA"). The Distributor has no role in determining the investment policies of the Trust or which securities are to be purchased or sold by the Trust.

The Distribution Agreement provides that it may be terminated at any time, without the payment of any penalty, as to a Fund: (i) by vote of a majority of the Independent Trustees or (ii) by vote of a majority (as defined in the 1940 Act) of the outstanding voting securities of the Fund, on at least 60 days' written notice to the Distributor. The Distribution Agreement is also terminable upon 60 days' notice by the Distributor and will terminate automatically in the event of its assignment (as defined in the 1940 Act).

The continuation of the Distribution Agreement and any other related agreements is subject to annual approval of the Board, including by a majority of the Independent Trustees, as described above.

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The allocation among the Trust's series of fees and expenses payable under the Distribution Agreement will be made pro rata in accordance with the daily net assets of the respective series.

Pursuant to the Distribution Agreement, the Trust has agreed to indemnify the Distributor for certain liabilities, including certain liabilities arising under the federal securities laws, unless such loss or liability results from willful misfeasance, bad faith or gross negligence in the performance of its duties or the reckless disregard of its obligations and duties under the Distribution Agreement or other agreement, as applicable.

**BROKERAGE TRANSACTIONS** 

All portfolio transactions are placed on behalf of the Fund by the Adviser. Purchases and sales of securities on a securities exchange are affected through brokers who charge a commission for their services. Ordinarily commissions are not charged on over-the-counter orders (e.g., fixed income securities) because the Fund pays a spread which is included in the cost of the security and represents the difference between the dealer's quoted price at which it is willing to sell the security and the dealer's quoted price at which it is willing to buy the security. When the Fund executes an over-the-counter order with an electronic communications network or an alternative trading system, a commission is charged by such electronic communications networks and alternative trading systems as they execute such orders on an agency basis. Securities may be purchased from underwriters at prices that include underwriting fees.

In placing a portfolio transaction, the Adviser seeks to achieve best execution. The Adviser's duty to seek best execution requires the Adviser to take reasonable steps to obtain for the client as favorable an overall result as possible for Fund portfolio transactions under the circumstances, taking into account various factors that are relevant to the particular transaction.

The Adviser refers to and selects from the list of approved trading counterparties maintained by the Adviser's Credit Risk Management team. In selecting a trading counterparty for a particular trade, the Adviser seeks to weigh relevant factors including, but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prompt and reliable execution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The competitiveness of commission rates and spreads, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The financial strength, stability and/or reputation of the trading counterparty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The willingness and ability of the executing trading counterparty to execute transactions (and commit capital) of
size in liquid and illiquid markets without disrupting the market for the security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Local laws, regulations or restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The ability of the trading counterparty to maintain confidentiality;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The availability and capability of execution venues, including electronic communications networks for trading and
execution management systems made available to Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Market share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Liquidity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Execution related costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• History of execution of orders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Likelihood of execution and settlement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Order size and nature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Clearance and settlement capabilities, especially in high volatility market environments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Availability of lendable securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sophistication of the trading counterparty's trading capabilities and infrastructure/facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The operational efficiency with which transactions are processed and cleared, taking into account the order size
and complexity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Speed and responsiveness to the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access to secondary markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Counterparty exposure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Depending upon the circumstances, the Adviser may take other relevant factors into account if the Adviser
believes that these are important in taking all sufficient steps to obtain the best possible result for execution of the order.

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In selecting a trading counterparty, the price of the transaction and costs related to the execution of the transaction typically merit a high relative importance, depending on the circumstances. The Adviser does not necessarily select a trading counterparty based upon price and costs but may take other relevant factors into account if it believes that these are important in taking reasonable steps to obtain the best possible result for the Fund under the circumstances. Consequently, the Adviser may cause a client to pay a trading counterparty more than another trading counterparty might have charged for the same transaction in recognition of the value and quality of the brokerage services provided. The following matters may influence the relative importance that the Adviser places upon the relevant factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The nature and characteristics of the order or transaction. For example, size of order, market impact of order,
limits, or other instructions relating to the order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The characteristics of the financial instrument(s) or other assets which are the subject of that order. For
example, whether the order pertains to an equity, fixed income, derivative or convertible instrument;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The characteristics of the execution venues to which that order can be directed, if relevant. For example,
availability and capabilities of electronic trading systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Whether the transaction is a 'delivery versus payment' or 'over-the-counter'
transaction. The creditworthiness of the trading counterparty, the amount of existing exposure to a trading counterparty and trading counterparty settlement capabilities may be given a higher relative importance in the case of
'over-the-counter' transactions; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Any other circumstances that the Adviser believes are relevant at the time.

The process by which trading counterparties are selected to effect transactions is designed to exclude consideration of the sales efforts conducted by broker-dealers in relation to the Fund.

The Adviser does not currently use the Fund's assets in connection with third-party soft dollar arrangements. While the Adviser does not currently use "soft" or commission dollars paid by the Fund for the purchase of third-party research, the Adviser reserves the right to do so in the future.

The table below shows the aggregate dollar amount of brokerage commissions paid by the Fund for the past three fiscal years ended June 30. None of the brokerage commissions paid were paid to affiliated brokers. Brokerage commissions paid by the Fund may be substantially different from year to year for multiple reasons, including market volatility, the demand for the Fund, or increases or decreases in trading volume.

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **2025** | **2024** | **2023** |
|  State Street SPDR Portfolio S&P 500 ETF | $81170 | $41212 | $26713 |

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<u>Securities of "Regular Broker-Dealers":</u> The Trust is required to identify any securities of its "regular brokers and dealers" (as such term is defined in the 1940 Act) which it may hold at the close of its most recent fiscal year. "Regular brokers or dealers" of the Trust are the ten brokers or dealers that, during the most recent fiscal year: (i) received the greatest dollar amounts of brokerage commissions from the Trust's portfolio transactions; (ii) engaged as principal in the largest dollar amounts of portfolio transactions of the Trust; or (iii) sold the largest dollar amounts of the Trust's shares.

The Fund's holdings in Securities of Regular Broker-Dealers as of June 30, 2025 are as follows:

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| | | | |
|:---|:---|:---|:---|
|  JPMorgan Chase & Co. | $| [____ | ] |
|  Bank of America Corp. | $| [____ | ] |
|  Goldman Sachs Group, Inc. | $| [____ | ] |
|  Morgan Stanley | $| [____ | ] |
|  Citigroup, Inc. | $| [____ | ] |
|  Bank of New York Mellon Corp. | $| [____ | ] |
|  Fidelity National Financial, Inc. | $| [____ | ] |
|  Piper Sandler Cos. | $| [____ | ] |
|  Virtu Financial, Inc. | $| [____ | ] |
|  Banco Santander SA | $| [____ | ] |

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<u>Portfolio Turnover:</u> Portfolio turnover may vary from year to year, as well as within a year. The Fund may experience higher portfolio turnover when migrating to a different benchmark index. High turnover rates are likely to result in comparatively greater brokerage expenses or transaction costs. The overall reasonableness of brokerage commissions and transaction costs is evaluated by the Adviser based upon its knowledge of available information as to the general level of commissions and transaction costs paid by other institutional investors for comparable services.

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**CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES** 

Although the Fund does not have information concerning beneficial ownership of ETF Class Shares held in the names of DTC Participants, as of [ ], 2026, the names, addresses and percentage ownership of each DTC Participant that owned of record 5% or more of the outstanding ETF Class Shares of the Fund were as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Name and Address** | **%<br>Ownership** |
| STATE STREET SPDR PORTFOLIO S&P 500 ETF – ETF Share Class | Charles Schwab & Co., Inc.<br> 211 Main St<br> San Francisco, CA 94105 | [__]% |
|  | National Financial Services LLC<br> 499 Washington Blvd<br> Jersey City, NJ 07310 | [__]% |
|  | LPL Financial Corporation<br> 4707 Executive Drive<br> San Diego, CA 92121 | [__]% |
|  | JPMorgan Chase Bank, National Association<br> 1111 Polaris Parkway<br> Columbus, OH 43240 | [__]% |
|  | APEX Clearing Corporation<br> One Dallas Center<br> 350 N. St. Paul, Suite 1300<br> Dallas, TX 75201 | [__]% |
|  | Citibank, N.A.<br> 390 Greenwich Street<br> 3rd Floor<br> New York, NY 10013 | [__]% |
|  | Edward D. Jones & Co.<br> 12555 Manchester Road<br> St. Louis, MO 63131 | [__]% |
|  | American Enterprise Investment Services, Inc<br> 707 2ND Avenue South<br> Minneapolis, MN 55402 | [__]% |

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An authorized participant may hold of record more than 25% of the outstanding shares of the Fund. From time to time, authorized participants may be a beneficial and/or legal owner of the Fund, may be affiliated with an index provider, may be deemed to have control of the Fund and/or may be able to affect the outcome of matters presented for a vote of the shareholders of the Fund. Authorized participants may execute an irrevocable proxy granting the Distributor or another affiliate of State Street (the "Agent") power to vote or abstain from voting such authorized participant's beneficially or legally owned shares of the Fund. In such cases, the Agent shall mirror vote (or abstain from voting) such shares in the same proportion as all other beneficial owners of the Fund.

[As of [ ], 2026, to the knowledge of the Trust, no persons held of record or beneficially through one or more accounts 25% or more of the outstanding shares of the Fund.]

The Trustees and Officers of the Trust, as a group, own less than 1% of the Trust's voting securities as of the date of this SAI.

**DETERMINATION OF NET ASSET VALUE** 

NAV per Share for each class of the Fund is computed by dividing the value of the net assets of the Fund attributable to that class (i.e., the value of the class's total assets less the class's total liabilities) by the total number of shares of the class outstanding. Expenses and fees, including the management fees, are accrued daily and taken into account for purposes of determining NAV. The Fund's NAV is calculated by State Street and determined once daily as of the close of the regular trading session on the NYSE (ordinarily 4:00 p.m. Eastern time) on each day that such exchange is open. Any assets or liabilities denominated in currencies other than the U.S. dollar are converted into U.S. dollars at market rates on the date of valuation (generally as of 4:00 p.m. London time) as quoted by one or more sources.

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In calculating the Fund's NAV, the Fund's investments are generally valued using market valuations. A market valuation generally means a valuation (i) obtained from an exchange, a pricing service, or a major market maker (or dealer) or (ii) based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service, or a major market maker (or dealer). The Fund relies on a third-party service provider for assistance with the daily calculation of the Fund's NAV. The third-party service provider, in turn, relies on other parties for certain pricing data and other inputs used in the calculation of the Fund's NAV. Therefore, the Fund is subject to certain operational risks associated with reliance on its service provider and that service provider's sources of pricing and other data. NAV calculation may be adversely affected by operational risks arising from factors such as errors or failures in systems and technology. Such errors or failures may result in inaccurately calculated NAVs, delays in the calculation of NAVs and/or the inability to calculate NAV over extended time periods. The Fund may be unable to recover any losses associated with such failures. In the case of shares of other funds that are not traded on an exchange, a market valuation means such fund's published net asset value per share. The Fund may use various pricing services, or discontinue the use of any pricing service. Fixed-income assets (other than U.S. fixed-income assets) are generally valued as of the announced closing time for trading in fixed-income instruments in a particular market or exchange. U.S. fixed-income assets are generally valued at 4:00 p.m. Eastern time. Fixed-income assets are generally valued at the mean of the bid and ask prices for bank loans and inflation protected securities, and at the bid price for all other fixed-income assets.

Pursuant to Board approved valuation procedures, the Board has designated the Adviser as the valuation designee for the Fund. These procedures address, among other things, (i) determining (a) when market quotations are not readily available or reliable and (b) the methodologies to be used for determining the fair value of investments, and (ii) the use and oversight of third-party pricing services for fair valuation. The Adviser is responsible for periodically reviewing the procedures, and the selected methodologies used, for their continuing appropriateness and accuracy, and making any changes or adjustments to the procedures and methodologies as appropriate.

In the event that current market valuations are not readily available or are deemed unreliable, the Trust's procedures require the Adviser to determine a security's fair value. In determining a fair value, the Adviser may consider, among other things, (i) price comparisons among multiple sources, (ii) a review of corporate actions and news events, and (iii) a review of relevant financial indicators (e.g., movement in interest rates, market indices, and prices from the Fund's index provider). In these cases, the Fund's net asset value may reflect certain portfolio securities' fair values rather than their market prices. The fair value of a portfolio instrument is generally the price which the Fund might reasonably expect to receive upon its current sale in an orderly market between market participants. Ascertaining fair value requires a determination of the amount that an arm's-length buyer, under the circumstances, would currently pay for the portfolio instrument. 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 realized upon the sale of the security. In addition, fair value pricing could result in a difference between the prices used to calculate the Fund's net asset value and the prices used by the Index. This may result in a difference between the Fund's performance and the performance of the Index.

**DIVIDENDS AND DISTRIBUTIONS** 

The following information supplements and should be read in conjunction with the section in each Prospectus entitled "DISTRIBUTIONS."

**GENERAL POLICIES** 

Dividends from net investment income, if any, are generally declared and paid quarterly, but may vary significantly from period to period. Distributions of net realized securities gains, if any, generally are declared and paid once a year, but the Trust may make distributions on a more frequent basis for a Fund to improve index tracking or to comply with the distribution requirements of the Internal Revenue Code, in all events in a manner consistent with the provisions of the 1940 Act.

Management of the Trust reserves the right to declare special dividends if, in its reasonable discretion, such action is necessary or advisable to preserve a Fund's eligibility for treatment as a RIC under the Internal Revenue Code or to avoid imposition of income or excise taxes at the Fund level.

**DIVIDEND REINVESTMENT** 

[Dividends from net investment income and distributions of net realized securities gains will be automatically reinvested in additional shares of Institutional Class Shares of the Fund and deposited in the shareholder's account.

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**TAXES** 

The following is a summary of certain federal income tax considerations generally affecting the Fund and its shareholders that supplements the discussions in the Prospectus. No attempt is made to present a comprehensive explanation of the federal, state, local or foreign tax treatment of the Fund or its shareholders, and the discussion here and in the Prospectus is not intended to be a substitute for careful tax planning.

The following general discussion of certain federal income tax consequences is based on the Internal Revenue Code and the regulations issued thereunder as in effect on the date of this SAI. New legislation, as well as administrative changes or court decisions, may significantly change the conclusions expressed herein, and may have a retroactive effect with respect to the transactions contemplated herein.

The following information should be read in conjunction with the section in the Prospectus entitled "ADDITIONAL TAX INFORMATION."

**TAXATION OF THE FUNDS** 

The Fund is treated as a separate corporation for federal income tax purposes. The Fund therefore is considered to be a separate entity in determining its treatment under the rules for RICs described herein and in the Prospectus. Losses in one series of the Trust do not offset gains in any other series of the Trust and the requirements (other than certain organizational requirements) for qualifying for treatment as a RIC are determined at the Fund level rather than at the Trust level. The Mutual Fund Class Shares and the ETF Class Shares are nevertheless treated for tax purposes as shares of the Fund, and not as shares of two separate funds. The Fund has elected or will elect and intends to qualify each year to be treated as a separate RIC under Subchapter M of the Internal Revenue Code. As such, the Fund should not be subject to federal income tax on its net investment income and capital gains, if any, to the extent that it timely distributes such income and capital gains to its shareholders. In order to qualify for treatment as a RIC, the Fund must distribute annually to its shareholders at least the sum of 90% of its taxable net investment income (generally including the excess of net short-term capital gains over net long-term capital losses) and 90% of its net tax-exempt interest income, if any (the "Distribution Requirement") and also must meet several additional requirements. Among these requirements are the following: (i) at least 90% of the Fund's gross income each taxable year must be derived from dividends, interest, payments with respect to certain securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, or other income derived with respect to its business of investing in such stock, securities or currencies, and net income derived from interests in qualified publicly traded partnerships (the "Qualifying Income Requirement"); and (ii) at the end of each quarter of the Fund's taxable year, its assets must be diversified so that (a) at least 50% of the market value of its total assets must be represented by cash and cash items, U.S. government securities, securities of other RICs and other securities, with such other securities limited, in respect to any one issuer, to an amount not greater in value than 5% of the value of the Fund's total assets and to not more than 10% of the outstanding voting securities of such issuer, and (b) not more than 25% of the value of its total assets is invested in the securities (other than U.S. government securities or securities of other RICs) of any one issuer, the securities (other than securities of other RICs) of two or more issuers that it controls and that are engaged in the same, similar, or related trades or businesses, or the securities of one or more qualified publicly traded partnerships (the "Diversification Requirement").

If the Fund fails to satisfy the Qualifying Income Requirement or the Diversification Requirement in any taxable year, the Fund may be eligible for relief provisions if the failures are due to reasonable cause and not willful neglect and if a penalty tax is paid with respect to each failure to satisfy the applicable requirements. Additionally, relief is provided for certain de minimis failures of the Diversification Requirement where the Fund corrects the failure within a specified period of time. In order to be eligible for the relief provisions with respect to a failure to meet the Diversification Requirement, the Fund may be required to dispose of certain assets. If these relief provisions were not available to the Fund and it were to fail to qualify for treatment as a RIC for a taxable year, all of its taxable income would be subject to tax at the applicable corporate rate without any deduction for distributions to shareholders, and its distributions (including capital gains distributions) generally would be taxable as ordinary income dividends to its shareholders, subject to the dividends-received deduction for corporate shareholders and the lower tax rates on qualified dividend income received by noncorporate shareholders. To requalify for treatment as a RIC in a subsequent taxable year, the Fund would be required to satisfy the RIC qualification requirements for that year and to distribute any earnings and profits from any year in which the Fund failed to qualify for tax treatment as a RIC. If the Fund failed to qualify as a RIC for a period greater than two taxable years, it would generally be required to pay a Fund-level tax on certain net built-in gains recognized with respect to certain of its assets upon a disposition of such assets within five years of qualifying as a RIC in a subsequent year. The Board reserves the right not to maintain the qualification of the Fund for treatment as a RIC if it determines such course of action to be beneficial to shareholders.

As discussed more fully below, the Fund intends to distribute substantially all of its net investment income and its capital gains for each taxable year.

If the Fund meets the Distribution Requirement but retains some or all of its income or gains, it will be subject to federal income tax to the extent any such income or gains are not distributed. The Fund may designate certain amounts retained as undistributed net capital gain in a notice to its shareholders, who (i) will be required to include in income for U.S. federal income tax purposes, as long-term capital gain, their proportionate shares of the undistributed amount so designated, (ii) will be entitled to credit their proportionate shares of the income tax paid by the Fund on that undistributed amount against their federal

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income tax liabilities and to claim refunds to the extent such credits exceed their liabilities and (iii) will be entitled to increase their tax basis, for federal income tax purposes, in their shares by an amount equal to the excess of the amount of undistributed net capital gain included in their respective income over their respective income tax credits. If the Fund failed to satisfy the Distribution Requirement for any taxable year, it would be taxed as a regular corporation, with consequences generally similar to those described in the preceding paragraph.

The Fund will be subject to a 4% excise tax on certain undistributed income if it does not distribute to its shareholders in each calendar year an amount at least equal to 98% of its ordinary income for the calendar year plus 98.2% of its capital gain net income for the twelve months ended October 31 of such year, subject to an increase for any shortfall in the prior year's distribution. The Fund intends to declare and distribute dividends and distributions in the amounts and at the times necessary to avoid the application of this 4% excise tax.

The Fund may elect to treat part or all of any "qualified late year loss" as if it had been incurred in the succeeding taxable year in determining the Fund's taxable income, net capital gain, net short-term capital gain, and earnings and profits. The effect of this election is to treat any such "qualified late year loss" as if it had been incurred in the succeeding taxable year in characterizing Fund distributions for any calendar year. A "qualified late year loss" generally includes net capital loss, net long-term capital loss, or net short-term capital loss incurred after October 31 of the current taxable year (commonly referred to as "post-October losses") and certain other late-year losses.

Capital losses in excess of capital gains ("net capital losses") are not permitted to be deducted against a RIC's net investment income. Instead, for U.S. federal income tax purposes, potentially subject to certain limitations, the Fund may carry a net capital loss from any taxable year forward indefinitely to offset its capital gains, if any, in years following the year of the loss. To the extent subsequent capital gains are offset by such losses, they will not result in U.S. federal income tax liability to the Fund and may not be distributed as capital gains to its shareholders. Generally, the Fund may not carry forward any losses other than net capital losses.

**TAXATION OF SHAREHOLDERS—DISTRIBUTIONS** 

The Fund intends to distribute annually to its shareholders substantially all of its investment company taxable income (computed without regard to the deduction for dividends paid), its net tax-exempt income, if any, and any net capital gain (net recognized long-term capital gains in excess of net recognized short-term capital losses, taking into account any capital loss carryforwards). The Fund will report to shareholders annually the amounts of dividends paid from ordinary income, the amount of distributions of net capital gain, the portion of dividends which may qualify for the dividends-received deduction, and the portion of dividends which may qualify for treatment as qualified dividend income.

Subject to certain limitations, dividends reported by the Fund as qualified dividend income will be taxable to noncorporate shareholders at reduced rates. Dividends may be reported by the Fund as qualified dividend income if they are attributable to qualified dividend income received by the Fund. Qualified dividend income includes, in general, subject to certain holding period requirements and other requirements, dividend income from certain U.S. and foreign corporations. Subject to certain limitations, eligible foreign corporations include those incorporated in possessions of the United States, those incorporated in certain countries with comprehensive tax treaties with the United States and other foreign corporations if the stock with respect to which the dividends are paid is tradable on an established securities market in the United States. A dividend generally will not be treated as qualified dividend income to the extent that (i) the shareholder has not held the stock on which the dividend was paid for more than 60 days during the 121-day period that begins on the date that is 60 days before the date on which the stock becomes ex-dividend with respect to such dividend or, in the case of certain preferred stock, for more than 90 days during the 181-day period beginning 90 days before such date, (ii) the shareholder is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to substantially similar or related property, or (iii) the shareholder elects to treat such dividend as investment income under section 163(d)(4)(B) of the Internal Revenue Code. The holding period requirements described in this paragraph apply to shareholders' investments in the Fund and to the Fund's investments in underlying dividend-paying stocks. Dividends treated as received by the Fund from a REIT or another RIC may be treated as qualified dividend income generally only to the extent the dividend distributions are attributable to qualified dividend income received by such REIT or RIC. It is expected that dividends received by the Fund from a REIT and distributed by the Fund to a shareholder generally will be taxable to the shareholder as ordinary income. Additionally, income derived in connection with the Fund's securities lending activities, will, in general, not be treated as qualified dividend income. If 95% or more of the Fund's gross income (calculated without taking into account net capital gain derived from sales or other dispositions of stock or securities) consists of qualified dividend income, the Fund may report all distributions of such income as qualified dividend income.

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Certain dividends received by the Fund from U.S. corporations (generally, dividends received by the Fund in respect of any share of stock (1) with a tax holding period of at least 46 days during the 91-day period beginning on the date that is 45 days before the date on which the stock becomes ex-dividend as to that dividend and (2) that is held in an unleveraged position) when distributed and appropriately so reported by the Fund may be eligible for the 50% dividends-received deduction generally available to corporations under the Internal Revenue Code. Dividends received by the Fund from REITs will not be eligible for that deduction. In order to qualify for the deduction, corporate shareholders must meet the minimum holding period requirement stated above with respect to their shares, taking into account any holding period reductions from certain hedging or other transactions or positions that diminish their risk of loss with respect to their shares, and, if they borrow to acquire or otherwise incur debt attributable to shares, they may be denied a portion of the dividends-received deduction with respect to those shares. Any corporate shareholder should consult its tax adviser regarding the possibility that its tax basis in its shares may be reduced, for U.S. federal income tax purposes, by reason of "extraordinary dividends" received with respect to the shares and, to the extent such basis would be reduced below zero, current recognition of income may be required.

Distributions from the Fund's net short-term capital gains will generally be taxable to shareholders as ordinary income. Distributions from the Fund's net capital gain will be taxable to shareholders at long-term capital gains rates, regardless of how long shareholders have held their shares. Long-term capital gains are generally taxed to noncorporate shareholders at reduced rates. Certain capital gain dividends attributable to dividends the Fund receives from REITs may be taxable to noncorporate shareholders at a rate other than the reduced rates generally applicable to long-term capital gains.

Although dividends generally will be treated as distributed when paid, any dividend declared by the Fund in October, November or December and payable to shareholders of record in such a month that is paid during the following January will be treated for U.S. federal income tax purposes as received by shareholders on December 31 of the calendar year in which it was declared.

If the Fund's distributions exceed its earnings and profits, all or a portion of the distributions made in the taxable year may be treated as a return of capital to shareholders. A return of capital distribution generally will not be taxable but will reduce the shareholder's cost basis and result in a higher capital gain or lower capital loss when the shares on which the distribution was received are sold. After a shareholder's basis in the shares has been reduced to zero, distributions in excess of earnings and profits will be treated as gain from the sale of the shareholder's shares.

Under Section 163(j) of the Code, a taxpayer's business interest expense is generally deductible to the extent of its business interest income plus certain other amounts. If the Fund earns business interest income, it may report a portion of its dividends as "Section 163(j) interest dividends," which its shareholders may be able to treat as business interest income for purposes of Section 163(j) of the Code. The Fund's "Section 163(j) interest dividend" for a tax year will be limited to the excess of its business interest income over the sum of its business interest expense and other deductions properly allocable to its business interest income. In general, the Fund's shareholders may treat a distribution reported as a Section 163(j) interest dividend as interest income only to the extent the distribution exceeds the sum of the portions of the distribution reported as other types of tax-favored income. To be eligible to treat a Section 163(j) interest dividend as interest income, a shareholder may need to meet certain holding period requirements in respect of shares and must not have hedged its position in shares in certain ways.

Distributions that are reinvested in additional shares of the Fund through the means of a dividend reinvestment service, if offered by your broker-dealer, will nevertheless be taxable dividends to the same extent as if such dividends had been received in cash.

A 3.8% Medicare contribution tax generally applies to all or a portion of the net investment income of a shareholder who is an individual and not a nonresident alien for federal income tax purposes and who has adjusted gross income (subject to certain adjustments) that exceeds a threshold amount ($250,000 if married filing jointly or if considered a "surviving spouse" for federal income tax purposes, $125,000 if married filing separately, and $200,000 in other cases). This 3.8% tax also applies to all or a portion of the undistributed net investment income of certain shareholders that are estates and trusts. For these purposes, interest, dividends and certain capital gains (generally including capital gain distributions and capital gains realized on the redemption of shares) are generally taken into account in computing a shareholder's net investment income.

Distributions of ordinary income and capital gains may also be subject to foreign, state and local taxes depending on a shareholder's circumstances.

**TAXATION OF SHAREHOLDERS—SALE OF SHARES** 

In general, a redemption (or other taxable disposition) of shares results in capital gain or loss, and for individual shareholders, is taxable at a federal rate dependent upon the length of time the shares were held. A redemption of shares held for a period of one year or less at the time of redemption will, for tax purposes, generally result in short-term capital gains or losses, and a redemption of those held for more than one year will generally result in long-term capital gains or losses. Long-term capital gains are generally taxed to noncorporate shareholders at reduced rates.

Gain or loss on the redemption of shares is measured by the difference between the amount received and the adjusted tax basis of the shares. Shareholders should keep records of investments made (including shares acquired through reinvestment of dividends and distributions) so they can compute the tax basis of their shares.

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A loss realized on a redemption of shares may be disallowed if substantially identical shares are acquired (whether through the reinvestment of dividends or otherwise) within a sixty-one (61) day period beginning thirty (30) days before and ending thirty (30) days after the date that the shares are disposed of. In such a case, the basis of the shares acquired must be adjusted to reflect the disallowed loss. Any loss upon the redemption of shares held for six (6) months or less will be treated as long-term capital loss to the extent of any amounts treated as distributions to the shareholder of long-term capital gain (including any amounts credited to the shareholder as undistributed capital gains).

**COST BASIS REPORTING** 

The cost basis of shares acquired by purchase will generally be based on the amount paid for the shares and then may be subsequently adjusted for other applicable transactions as required by the Internal Revenue Code. The difference between the selling price and the cost basis of shares generally determines the amount of the capital gain or loss realized on the redemption of shares. Upon the redemption or exchange of shares of the Fund, the Fund or, in the case of shares purchased through a financial intermediary, the financial intermediary may be required to provide you and the IRS with cost basis and certain other related tax information about the Fund shares you redeemed or exchanged. See the Prospectus for more information.

**TAXATION OF FUND INVESTMENTS** 

Dividends and interest received by the Fund on foreign securities may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. The Fund does not expect to satisfy the requirements for passing through to its shareholders any share of any foreign taxes paid by the Fund, with the result that shareholders will not include such taxes in their gross incomes and will not be entitled to a tax deduction or credit for such taxes on their own returns.

Certain of the Fund's investments may be subject to complex provisions of the Internal Revenue Code (including provisions relating to hedging transactions, straddles, integrated transactions, foreign currency contracts, forward foreign currency contracts, and notional principal contracts) that, among other things, may affect the character of gains and losses realized by the Fund (e.g., may affect whether gains or losses are ordinary or capital), accelerate recognition of income to the Fund and defer losses. These rules could therefore affect the character, amount and timing of distributions to shareholders. These provisions also may require the Fund to mark-to-market certain types of positions in its portfolio (i.e., treat them as if they were closed out) which may cause the Fund to recognize income without receiving cash with which to make distributions to its shareholders in amounts necessary to satisfy the RIC distribution requirements for avoiding income and excise taxes. The Fund intends to monitor its transactions, intends to make appropriate tax elections, and intends to make appropriate entries in its books and records in order to mitigate the effect of these rules and preserve the Fund's qualification for treatment as a RIC.

Certain investments made by the Fund may be treated as equity in passive foreign investment companies or "PFICs" for federal income tax purposes. In general, a passive foreign investment company is a foreign corporation (i) that receives at least 75% of its annual gross income from passive sources (such as interest, dividends, certain rents and royalties, or capital gains) or (ii) where at least 50% of its assets (computed based on average fair market value) either produce or are held for the production of passive income. If the Fund acquires any equity interest (under Treasury regulations that may be promulgated in the future, generally including not only stock but also an option to acquire stock such as is inherent in a convertible bond) in a PFIC, the Fund could be subject to U.S. federal income tax and nondeductible interest charges on "excess distributions" received from such companies or on gain from the sale of stock in such companies, even if all income or gain actually received by the Fund is timely distributed by the Fund to its shareholders. The Fund would not be able to pass through to its shareholders any credit or deduction for such a tax. A "qualified electing fund" election or a "mark to market" election may be available that would ameliorate these adverse tax consequences, but such elections could require the Fund to recognize taxable income or gain (subject to the distribution requirements applicable to RICs, as described above) without the concurrent receipt of cash. In order to satisfy the distribution requirements and avoid a tax at the Fund level, the Fund may be required to liquidate portfolio securities that it might otherwise have continued to hold, potentially resulting in additional taxable gain or loss to the Fund. Gains from the sale of stock of PFICs may also be treated as ordinary income. In order for the Fund to make a qualified electing fund election with respect to a PFIC, the PFIC would have to agree to provide certain tax information to the Fund on an annual basis, which it might not agree to do. The Fund may limit and/or manage its holdings in PFICs to limit its tax liability or maximize its returns from these investments.

If a sufficient portion of the interests in a foreign issuer are held or deemed held by the Fund, independently or together with certain other U.S. persons, that issuer may be treated as a "controlled foreign corporation" (a "CFC") with respect to the Fund, in which case the Fund will be required to take into account each year, as ordinary income, its share of certain portions of that issuer's income, whether or not such amounts are distributed. The Fund may have to dispose of its portfolio securities (potentially resulting in the recognition of taxable gain or loss, and potentially under disadvantageous circumstances) to generate cash, or may have to borrow the cash, to meet its distribution requirements and avoid Fund-level taxes. In addition, some Fund gains on the disposition of interests in such an issuer may be treated as ordinary income. The Fund may limit and/or manage its holdings in issuers that could be treated as CFCs in order to limit its tax liability or maximize its after-tax return from these investments.

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The Fund is required for federal income tax purposes to mark-to-market and recognize as income for each taxable year its net unrealized gains and losses on certain futures contracts as of the end of the year as well as those actually realized during the year. Gain or loss from futures and options contracts on broad-based indexes required to be marked to market will be 60% long-term and 40% short-term capital gain or loss. Application of this rule may alter the timing and character of distributions to shareholders. The Fund may be required to defer the recognition of losses on futures contracts, options contracts and swaps to the extent of any unrecognized gains on offsetting positions held by the Fund. It is anticipated that certain net gain realized from the closing out of futures or options contracts will be considered gain from the sale of securities and therefore will be qualifying income for purposes of the Qualifying Income Requirement.

Investments by the Fund in zero coupon or other discount securities will result in income to the Fund equal to a portion of the excess face value of the securities over their issue price (the "original issue discount" or "OID") each year that the securities are held, even though the Fund may receive no cash interest payments or may receive cash interest payments that are less than the income recognized for tax purposes. In other circumstances, whether pursuant to the terms of a security or as a result of other factors outside the control of the Fund, the Fund may recognize income without receiving a commensurate amount of cash. Such income is included in determining the amount of income that the Fund must distribute to maintain its eligibility for treatment as a RIC and to avoid the payment of federal income tax, including the nondeductible 4% excise tax described above.

Any market discount recognized on a market discount bond is taxable as ordinary income. A market discount bond is a bond acquired in the secondary market at a price below redemption value, or below adjusted issue price if issued with original issue discount. Absent an election by the Fund to include the market discount in income as it accrues, gain on the Fund's disposition of such an obligation will be treated as ordinary income rather than capital gain to the extent of the accrued market discount. Where the income required to be recognized as a result of the OID and/or market discount rules is not matched by a corresponding cash receipt by the Fund, the Fund may be required to borrow money or dispose of securities to enable the Fund to make distributions to its shareholders in order to qualify for treatment as a RIC and eliminate taxes at the Fund level.

Special rules apply if the Fund holds inflation-indexed bonds, such as Treasury Inflation-Protected Securities (TIPS). Generally, all stated interest on inflation-indexed bonds is taken into income by the Fund under its regular method of accounting for interest income. The amount of any positive inflation adjustment for a taxable year, which results from an increase in the inflation-adjusted principal amount of the bond, is treated as OID. The amount of the Fund's OID in a taxable year with respect to a bond will increase the Fund's taxable income for such year without a corresponding receipt of cash, until the bond matures. As a result, the Fund may need to use other sources of cash to satisfy its distribution requirements for the applicable year. The amount of any negative inflation adjustments, which result from a decrease in the inflation-adjusted principal amount of the bond, first reduces the amount of interest (including stated interest, OID, and market discount, if any) otherwise includable in the Fund's taxable income with respect to the bond for the taxable year; any remaining negative adjustments will be either treated as ordinary loss or, in certain circumstances, carried forward to reduce the amount of interest income taken into account with respect to the bond in future taxable years.

A noncorporate taxpayer is generally eligible for a deduction of up to 20% of the taxpayer's "qualified REIT dividends." If the Fund receives dividends (other than capital gain dividends) in respect of U.S. REIT shares, the Fund may report its own dividends as eligible for the 20% deduction, to the extent the Fund's income is derived from such qualified REIT dividends, as reduced by allocable Fund expenses. In order for the Fund's dividends to be eligible for this deduction when received by a noncorporate shareholder, the Fund must meet certain holding period requirements with respect to the U.S. REIT shares on which the Fund received the eligible dividends, and the noncorporate shareholder must meet certain holding period requirements with respect to the shares.

**TAX-EXEMPT SHAREHOLDERS** 

Certain tax-exempt shareholders, including qualified pension plans, individual retirement accounts, salary deferral arrangements, 401(k) plans, and other tax-exempt entities, generally are exempt from federal income taxation except with respect to their unrelated business taxable income ("UBTI"). Under current law, the Fund generally serves to block UBTI from being realized by its tax-exempt shareholders. However, notwithstanding the foregoing, tax-exempt shareholders could realize UBTI by virtue of their investment in the Fund where, for example, (i) the Fund invests in REITs that hold residual interests in real estate mortgage investment conduits ("REMICs") or (ii) shares constitute debt-financed property in the hands of the tax-exempt shareholders within the meaning of section 514(b) of the Internal Revenue Code. Charitable remainder trusts are subject to special rules and should consult their tax advisors. The Internal Revenue Service (the "IRS") has issued guidance with respect to these issues and prospective shareholders, especially charitable remainder trusts, are strongly encouraged to consult with their tax advisors regarding these issues.

Certain tax-exempt educational institutions will be subject to an excise tax on net investment income. For these purposes, certain dividends and capital gain distributions, and certain gains from the disposition of shares (among other categories of income), are generally taken into account in computing a shareholder's net investment income.

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**FOREIGN SHAREHOLDERS** 

Dividends, other than capital gains dividends, "short-term capital gain dividends" and "interest-related dividends" (described below), paid by the Fund to shareholders who are nonresident aliens or foreign entities will be subject to a 30% United States withholding tax unless a reduced rate of withholding or a withholding exemption is provided under applicable treaty law to the extent derived from investment income and short-term capital gain or unless such income is effectively connected with a U.S. trade or business carried on through a permanent establishment in the United States. Nonresident shareholders are urged to consult their own tax advisors concerning the applicability of the United States withholding tax and the proper withholding form(s) to be submitted to the Fund. A non-U.S. shareholder who fails to provide an appropriate IRS Form W-8 may be subject to backup withholding at the appropriate rate.

Dividends reported by the Fund as (i) interest-related dividends, to the extent such dividends are derived from the Fund's "qualified net interest income," or (ii) short-term capital gain dividends, to the extent such dividends are derived from the Fund's "qualified short-term gain," are generally exempt from this 30% withholding tax. "Qualified net interest income" is the Fund's net income derived from U.S.-source interest and original issue discount, subject to certain exceptions and limitations. "Qualified short-term gain" generally means the excess of the Fund's net short-term capital gain for the taxable year over its net long-term capital loss, if any. In the case of shares held through an intermediary, the intermediary may withhold even if the Fund reports the payment as an interest-related dividend or as a short-term capital gain dividend. Non-U.S. shareholders should contact their intermediaries with respect to the application of these rules to their accounts.

Unless certain non-U.S. entities that hold shares comply with IRS requirements that will generally require them to report information regarding U.S. persons investing in, or holding accounts with, such entities, a 30% withholding tax may apply to Fund distributions payable to such entities. A non-U.S. shareholder may be exempt from the withholding described in this paragraph under an applicable intergovernmental agreement between the U.S. and a foreign government, provided that the shareholder and the applicable foreign government comply with the terms of such agreement.

Non-U.S. persons are subject to U.S. tax on disposition of a "United States real property interest" (a "USRPI"). Gain on such a disposition is sometimes referred to as "FIRPTA gain." The Internal Revenue Code provides a look-through rule for distributions of "FIRPTA gain" if certain requirements are met. If the look-through rule applies, certain distributions attributable to income treated as received by the Fund from REITs may be treated as gain from the disposition of a USRPI, causing distributions to be subject to U.S. withholding taxes, and requiring non-U.S. investors to file nonresident U.S. income tax returns. Also, FIRPTA gain may be subject to a 30% branch profits tax in the hands of a non-U.S. shareholder that is treated as a corporation for federal income tax purposes. Under certain circumstances, shares may qualify as USRPIs, which could result in 15% withholding on certain distributions and gross redemption proceeds paid to certain non-U.S. investors.

**BACKUP WITHHOLDING** 

The Fund will be required in certain cases to withhold (as "backup withholding") on amounts payable to any shareholder who (1) has provided the Fund either an incorrect tax identification number or no number at all, (2) is subject to backup withholding by the IRS for failure to properly report payments of interest or dividends, (3) has failed to certify to the Fund that such shareholder is not subject to backup withholding, or (4) has not certified that such shareholder is a U.S. person (including a U.S. resident alien). The backup withholding rate is currently 24%. Backup withholding will not be applied to payments that have been subject to the 30% withholding tax on shareholders who are neither citizens nor permanent residents of the U.S.

**CERTAIN POTENTIAL TAX REPORTING REQUIREMENTS** 

Under Treasury regulations, if a shareholder recognizes a loss on disposition of the Fund's shares of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder (or certain greater amounts over a combination of years), the shareholder must file with the IRS a disclosure statement on IRS Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC are not excepted. A shareholder who fails to make the required disclosure to the IRS may be subject to adverse tax consequences, including significant penalties. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisers to determine the applicability of these regulations in light of their individual circumstances.

The foregoing discussion is a summary only and is not intended as a substitute for careful tax planning. Purchasers of shares should consult their own tax advisors as to the tax consequences of investing in such shares, including under state, local and other tax laws. Finally, the foregoing discussion is based on applicable provisions of the Internal Revenue Code, regulations, judicial authority and administrative interpretations in effect on the date hereof. Changes in applicable authority could materially affect the conclusions discussed above, and such changes often occur.

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**STATE TAX MATTERS** 

The discussion of state and local tax treatment is based on the assumptions that the Fund will qualify for treatment under Subchapter M of the Internal Revenue Code as a RIC and that the Fund will distribute all interest and dividends it receives to its shareholders. The tax discussion summarizes general state and local tax laws which are currently in effect and which are subject to change by legislative, judicial or administrative action; any such changes may be retroactive with respect to the Fund's applicable transactions. Investors should consult a tax advisor for more detailed information about state and local taxes to which they may be subject.

Many states grant tax-free status to dividends paid to you from interest earned on direct obligations of the U.S. government, subject in some states to minimum investment requirements that must be met by the Fund. Investment in Ginnie Mae or Fannie Mae securities, banker's acceptances, commercial paper, and repurchase agreements collateralized by U.S. government securities do not generally qualify for such tax-free treatment. The rules on exclusion of this income are different for corporate shareholders.

**CAPITAL STOCK AND OTHER INFORMATION** 

The Fund issues shares of beneficial interest, par value $.01 per Share. As of the date of this SAI, the Board has authorized the issuance of two classes of shares of the Fund, designated as ETF Class Shares and Institutional Class Shares. The Board may establish additional series of the Trust and designate additional classes of the Fund and other series of the Trust. Due to the structural and operational differences of mutual funds and ETFs, shareholders of the Institutional Class Shares and ETF Class Shares will have differing shareholder rights with respect to how shares are purchased and redeemed, the timing of dividend declarations and payments, and the timing and ability to automatically reinvest dividends. Each Share of the Fund has a pro rata interest in the assets of the Fund. Shares have no preemptive, exchange, subscription or conversion rights and are freely transferable. Each Share is entitled to participate equally in dividends and distributions declared by the Board with respect to the Fund, and in the net distributable assets of the Fund on liquidation.

Each Share has one vote with respect to matters upon which a shareholder vote is required consistent with the requirements of the 1940 Act and the rules promulgated thereunder. Shares of all series of the Trust vote together as a single class except that if the matter being voted on affects only a particular fund it will be voted on only by that fund and if a matter affects a particular fund differently from other funds, that fund will vote separately on such matter. Each class of the Fund will vote together as a single class except that if the matter being voted on affects only a particular class it will be voted on only by that class and if a matter affects a particular class differently from the other class, that class will vote separately on such matter. Under Massachusetts law, the Trust is not required to hold an annual meeting of shareholders unless required to do so under the 1940 Act. The policy of the Trust is not to hold an annual meeting of shareholders unless required to do so under the 1940 Act. All shares of the Trust (regardless of the fund) have noncumulative voting rights for the election of Trustees. Under Massachusetts law, Trustees of the Trust may be removed by vote of the shareholders.

Under Massachusetts law, shareholders of a business trust may, under certain circumstances, be held personally liable as partners for obligations of the Trust. However, the Declaration of Trust contains an express disclaimer of shareholder liability for acts or obligations of the Trust, requires that Trust obligations include such disclaimer, and provides for indemnification and reimbursement of expenses out of the Trust's property for any shareholder held personally liable for the obligations of the Trust. Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances in which the Trust itself would be unable to meet its obligations. Given the above limitations on shareholder personal liability, and the nature of the Fund's assets and operations, the risk to shareholders of personal liability is believed to be remote.

Shareholder inquiries may be made by writing to the Trust, c/o the Distributor, State Street Global Advisors Funds Distributors, LLC at One Congress Street, Boston, Massachusetts 02114.

**COUNSEL AND INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

Morgan, Lewis & Bockius LLP, located at 1111 Pennsylvania Avenue NW, Washington, DC 20004, serves as counsel to the Trust. [__] serves as the independent registered public accounting firm of the Trust. [ ] performs annual audits of the Funds' financial statements and provides other audit, tax and related services.

**FINANCIAL STATEMENTS** 

[The financial statements and financial highlights of the Fund's ETF Class Shares for the fiscal year ended [ ], along with the Report of [__], the Trust's Independent Registered Public Accounting Firm, are included in the Trust's Form N-CSR filing, and are incorporated by reference into this SAI.] The Fund's Institutional Class Shares had not commenced operations prior to the date of this Prospectus and therefore do not have financial information.

------

##### [**Table of Contents**](#toc)
**[Proxy Voting Policies and other Appendices to be added by subsequent amendment]** 

------

##### [**Table of Contents**](#toc)
**PART C** <br>**OTHER INFORMATION** 

**Item 28.**

**Exhibits** 

---

| | |
|:---|:---|
| (a)(i)(1) | &nbsp;&nbsp; [<u>First Amended and Restated Declaration of Trust of streetTracks(SM) Series Trust (now, SPDR</u><sup>®</sup> <u>Series Trust) (the</u>](https://www.sec.gov/Archives/edgar/data/1064642/000095013500004418/b36800btex99-aii.txt)<br> [<u>"Trust" or the "Registrant"), dated June 9, 1998, as amended September 6, 2000 (the "Declaration of Trust"), is</u>](https://www.sec.gov/Archives/edgar/data/1064642/000095013500004418/b36800btex99-aii.txt)<br> [<u>incorporated herein by reference to Exhibit (a)(ii) to Pre-Effective Amendment No. 3 to the Registrant's Registration</u>](https://www.sec.gov/Archives/edgar/data/1064642/000095013500004418/b36800btex99-aii.txt)<br> [<u>Statement on Form N-1A, as filed with the U.S. Securities and Exchange Commission (the "SEC") on September 25,</u>](https://www.sec.gov/Archives/edgar/data/1064642/000095013500004418/b36800btex99-aii.txt)<br> [<u>2000.</u>](https://www.sec.gov/Archives/edgar/data/1064642/000095013500004418/b36800btex99-aii.txt)<br>|
| (a)(i)(2) | &nbsp;&nbsp; [<u>Amendment No. 1, dated August 1, 2007, to the Declaration of Trust is incorporated herein by reference to Exhibit</u>](http://www.sec.gov/Archives/edgar/data/1064642/000095013507004921/b66476a1exv99wxayxiiy.txt)<br> [<u>(a)(ii) to Post-Effective Amendment No. 23 to the Registrant's Registration Statement on Form N-1A, as filed with the</u>](http://www.sec.gov/Archives/edgar/data/1064642/000095013507004921/b66476a1exv99wxayxiiy.txt)<br> [<u>SEC on August 10, 2007.</u>](http://www.sec.gov/Archives/edgar/data/1064642/000095013507004921/b66476a1exv99wxayxiiy.txt)<br>|
| (a)(i)(3) | &nbsp;&nbsp; [<u>Amendment No. 2, dated February 20, 2025, to the Declaration of the Trust is incorporated herein by reference to</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312525093669/d940940dex99aiii.htm)<br> [<u>Exhibit (a)(iii) to Post-Effective Amendment No. 321 to the Registrant's Registration Statement on Form N-1A, as</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312525093669/d940940dex99aiii.htm)<br> [<u>filed with the SEC on April 24, 2025.</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312525093669/d940940dex99aiii.htm)<br>|
| (b) | &nbsp;&nbsp; [<u>Registrant's Amended and Restated By-Laws, amended and restated as of February 20, 2025, are incorporated herein</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312525093669/d940940dex99b.htm)<br> [<u>by reference to Exhibit (b) to Post-Effective Amendment No. 321 to the Registrant's Registration Statement on Form</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312525093669/d940940dex99b.htm)<br> [<u>N-1A, as filed with the SEC on April 24, 2025.</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312525093669/d940940dex99b.htm)<br>|
| (c) | &nbsp;&nbsp; [<u>Global Certificates of Beneficial Interest Evidencing Shares of Beneficial Interest, $.01 par value, are incorporated</u>](http://www.sec.gov/Archives/edgar/data/1064642/000095013500004418/b36800btex99-c.txt)<br> [<u>herein by reference to Exhibit (c) of Pre-Effective Amendment No. 3 to the Registrant's Registration Statement on</u>](http://www.sec.gov/Archives/edgar/data/1064642/000095013500004418/b36800btex99-c.txt)<br> [<u>Form N-1A, as filed with the SEC on September 25, 2000.</u>](http://www.sec.gov/Archives/edgar/data/1064642/000095013500004418/b36800btex99-c.txt)<br>|
| (d)(i)(1) | &nbsp;&nbsp; [<u>Amended and Restated Investment Advisory Agreement, dated September 1, 2003, between the Trust and SSGA</u>](http://www.sec.gov/Archives/edgar/data/1064642/000095013503005340/b48110stexv99wxdyxiy.txt)<br> [<u>Funds Management, Inc. ("SSGA FM") (the "Advisory Agreement") is incorporated herein by reference to Exhibit</u>](http://www.sec.gov/Archives/edgar/data/1064642/000095013503005340/b48110stexv99wxdyxiy.txt)<br> [<u>(d)(i(1)) to Post-Effective Amendment No. 4 to the Registrant's Registration Statement on Form N-1A, as filed with</u>](http://www.sec.gov/Archives/edgar/data/1064642/000095013503005340/b48110stexv99wxdyxiy.txt)<br> [<u>the SEC on October 28, 2003.</u>](http://www.sec.gov/Archives/edgar/data/1064642/000095013503005340/b48110stexv99wxdyxiy.txt)<br>|
| (d)(i)(2) | &nbsp;&nbsp; [<u>Exhibit A (Schedule of Series), dated March 1, 2026, to the Advisory Agreement is incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312526072137/d11871dex99di2.htm)<br> [<u>to Exhibit (d)(i)(2) to Post-Effective Amendment No. 333 to the Registrant's Registration Statement on Form N-1A, as</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312526072137/d11871dex99di2.htm)<br> [<u>filed with the SEC on February 25, 2026.</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312526072137/d11871dex99di2.htm)<br>|
| (d)(i)(3) | &nbsp;&nbsp; Exhibit A (Schedule of Series) to the Advisory Agreement, reflecting the addition of the State Street SPDR Nasdaq <br> 100 ETF, to be filed by amendment.<br>|
| (d)(ii)(1) | &nbsp;&nbsp; [<u>Fee Waiver Letter Agreement, dated April 30, 2025, between the Trust and SSGA FM, with respect to the SPDR</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312525093669/d940940dex99dii3.htm)<br> [<u>Bloomberg Emerging Markets Local Bond ETF, SPDR Bloomberg International Corporate Bond ETF, SPDR</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312525093669/d940940dex99dii3.htm)<br> [<u>Bloomberg International Treasury Bond ETF, SPDR Bloomberg Short Term International Treasury Bond ETF, and</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312525093669/d940940dex99dii3.htm)<br> [<u>SPDR FTSE International Government Inflation-Protected Bond ETF, is incorporated herein by reference to Exhibit</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312525093669/d940940dex99dii3.htm)<br> [<u>(d)(ii)(3) to Post-Effective Amendment No. 321 to the Registrant's Registration Statement on Form N-1A, as filed</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312525093669/d940940dex99dii3.htm)<br> [<u>with the SEC on April 24, 2025.</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312525093669/d940940dex99dii3.htm)<br>|
| (d)(ii)(2) | &nbsp;&nbsp; [<u>Fee Waiver Letter Agreement, dated October 31, 2025, between the Trust and SSGA FM, is incorporated herein by</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312525250041/d74009dex99dii2.htm)<br> [<u>reference to Exhibit (d)(ii)(2) to Post-Effective Amendment No. 329 to the Registrant's Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312525250041/d74009dex99dii2.htm)<br> [<u>Form N-1A, as filed with the SEC on October 24, 2025.</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312525250041/d74009dex99dii2.htm)<br>|
| (d)(ii)(3) | &nbsp;&nbsp; [<u>Fee Waiver Letter Agreement, dated October 31, 2025, between the Trust and SSGA FM, with respect to the State</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312525250041/d74009dex99dii3.htm)<br> [<u>Street SPDR MarketAxess Investment Grade 400 Corporate Bond ETF, is incorporated herein by reference to Exhibit</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312525250041/d74009dex99dii3.htm)<br> [<u>(d)(ii)(3) to Post-Effective Amendment No. 329 to the Registrant's Registration Statement on Form N-1A, as filed</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312525250041/d74009dex99dii3.htm)<br> [<u>with the SEC on October 24, 2025.</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312525250041/d74009dex99dii3.htm)<br>|
| (d)(iii) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement, dated November 20, 2014, between SSGA FM and Nuveen Asset Management, LLC</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312517270482/d436720dex99dvii.htm)<br> [<u>("Nuveen Asset Management") is incorporated herein by reference to Exhibit (d)(vii) to Post-Effective Amendment</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312517270482/d436720dex99dvii.htm)<br> [<u>No. 200 to the Registrant's Registration Statement on Form N-1A, as filed with the SEC on August 28, 2017.</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312517270482/d436720dex99dvii.htm)<br>|
| (e)(i)(1) | &nbsp;&nbsp; [<u>Amended and Restated Distribution Agreement, dated May 1, 2017, between the Trust and State Street Global</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312517270482/d436720dex99ei1.htm)<br> [<u>Advisors Funds Distributors, LLC ("SSGA FD") (the "Distribution Agreement") is incorporated herein by reference</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312517270482/d436720dex99ei1.htm)<br> [<u>to Exhibit (e)(i)(1) to Post-Effective Amendment No. 200 to the Registrant's Registration Statement on Form N-1A, as</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312517270482/d436720dex99ei1.htm)<br> [<u>filed with the SEC on August 28, 2017.</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312517270482/d436720dex99ei1.htm)<br>|
| (e)(i)(2) | &nbsp;&nbsp; [<u>Annex I (Schedule of Series), dated March 1, 2026, to the Distribution Agreement is incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312526072137/d11871dex99ei2.htm)<br> [<u>to Exhibit (e)(i)(2) to Post-Effective Amendment No. 333 to the Registrant's Registration Statement on Form N-1A, as</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312526072137/d11871dex99ei2.htm)<br> [<u>filed with the SEC on February 25, 2026.</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312526072137/d11871dex99ei2.htm)<br>|
| (e)(i)(3) | &nbsp;&nbsp; Annex I (Schedule of Series) to the Distribution Agreement, reflecting the addition of the State Street SPDR Nasdaq <br> 100 ETF, to be filed by amendment.<br>|
| (f) | Not applicable. |
| (g)(i)(1) | &nbsp;&nbsp; [<u>Custodian Agreement, dated September 22, 2000, between the Trust and State Street Bank and Trust Company (the</u>](http://www.sec.gov/Archives/edgar/data/1064642/000095013500004418/b36800btex99-g.txt)<br> [<u>"Custodian Agreement") is incorporated herein by reference to Exhibit (g) of Pre-Effective Amendment No. 3 to the</u>](http://www.sec.gov/Archives/edgar/data/1064642/000095013500004418/b36800btex99-g.txt)<br> [<u>Registrant's Registration Statement on Form N-1A, as filed with the SEC on September 25, 2000.</u>](http://www.sec.gov/Archives/edgar/data/1064642/000095013500004418/b36800btex99-g.txt)<br>|

---

------

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| | |
|:---|:---|
| (g)(i)(2) | &nbsp;&nbsp; [<u>Amendment, dated October 14, 2005, to the Custodian Agreement is incorporated herein by reference to Exhibit</u>](http://www.sec.gov/Archives/edgar/data/1064642/000095013505006065/b57394ohexv99w23xgyxivy.txt)<br> [<u>(g)(iv) to Post-Effective Amendment No. 13 to the Registrant's Registration Statement on Form N-1A, as filed with</u>](http://www.sec.gov/Archives/edgar/data/1064642/000095013505006065/b57394ohexv99w23xgyxivy.txt)<br> [<u>the SEC on October 28, 2005.</u>](http://www.sec.gov/Archives/edgar/data/1064642/000095013505006065/b57394ohexv99w23xgyxivy.txt)<br>|
| (g)(i)(3) | &nbsp;&nbsp; [<u>Second Amendment, dated September 30, 2020, to the Custodian Agreement is incorporated herein by reference to</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312520279819/d75232dex99giii.htm)<br> [<u>Exhibit (g)(iii) to Post-Effective Amendment No. 246 to the Registrant's Registration Statement on Form N-1A, as</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312520279819/d75232dex99giii.htm)<br> [<u>filed with the SEC on October 28, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312520279819/d75232dex99giii.htm)<br>|
| (g)(i)(4) | &nbsp;&nbsp; [<u>Schedule of Series, dated March 1, 2026, to the Custodian Agreement is incorporated herein by reference to Exhibit</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312526072137/d11871dex99gi4.htm)<br> [<u>(g)(i)(4) to Post-Effective Amendment No. 333 to the Registrant's Registration Statement on Form N-1A, as filed with</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312526072137/d11871dex99gi4.htm)<br> [<u>the SEC on February 25, 2026.</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312526072137/d11871dex99gi4.htm)<br>|
| (g)(i)(5) | &nbsp;&nbsp; Schedule of Series to the Custodian Agreement, reflecting the addition of the State Street SPDR Nasdaq 100 ETF, to <br> be filed by amendment.<br>|
| (h)(i)(1) | &nbsp;&nbsp; [<u>Administration Agreement, dated June 1, 2015, between the Trust and SSGA FM (the "Administration Agreement") is</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312515356460/d26524dex99hi1.htm)<br> [<u>incorporated herein by reference to Exhibit (h)(i)(1) to Post-Effective Amendment No. 146 to the Registrant's</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312515356460/d26524dex99hi1.htm)<br> [<u>Registration Statement on Form N-1A, as filed with the SEC on October 28, 2015.</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312515356460/d26524dex99hi1.htm)<br>|
| (h)(i)(2) | &nbsp;&nbsp; [<u>Schedule A (Schedule of Series), dated March 1, 2026, to the Administration Agreement is incorporated herein by</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312526072137/d11871dex99hi2.htm)<br> [<u>reference to Exhibit (h)(i)(2) to Post-Effective Amendment No. 333 to the Registrant's Registration Statement on Form</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312526072137/d11871dex99hi2.htm)<br> [<u>N-1A, as filed with the SEC on February 25, 2026.</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312526072137/d11871dex99hi2.htm)<br>|
| (h)(i)(3) | &nbsp;&nbsp; Schedule A (Schedule of Series) to the Administration Agreement, reflecting the addition of the State Street SPDR <br> Nasdaq 100 ETF, to be filed by amendment.<br>|
| (h)(ii)(1) | &nbsp;&nbsp; [<u>Master Sub-Administration Agreement, dated June 1, 2015, between SSGA FM and State Street Bank and Trust</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312515356460/d26524dex99hii1.htm)<br> [<u>Company (the "Sub-Administration Agreement") is incorporated herein by reference to Exhibit (h)(ii)(1) to Post-</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312515356460/d26524dex99hii1.htm)<br> [<u>Effective Amendment No. 146 to the Registrant's Registration Statement on Form N-1A, as filed with the SEC on</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312515356460/d26524dex99hii1.htm)<br> [<u>October 28, 2015.</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312515356460/d26524dex99hii1.htm)<br>|
| (h)(ii)(2) | &nbsp;&nbsp; [<u>Amendment, dated June 29, 2018, to the Sub-Administration Agreement is incorporated herein by reference to Exhibit</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312518310734/d631546dex99hii2.htm)<br> [<u>(h)(ii)(2) to Post-Effective Amendment No. 211 to the Registrant's Registration Statement on Form N-1A, as filed</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312518310734/d631546dex99hii2.htm)<br> [<u>with the SEC on October 29, 2018.</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312518310734/d631546dex99hii2.htm)<br>|
| (h)(ii)(3) | &nbsp;&nbsp; [<u>Amendment, dated August 14, 2019, to the Sub-Administration Agreement is incorporated herein by reference to</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312523118670/d477844dex99hii3.htm)<br> [<u>Exhibit (h)(ii)(3) to Post-Effective Amendment No. 306 to the Registrant's Registration Statement on Form N-1A, as</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312523118670/d477844dex99hii3.htm)<br> [<u>filed with the SEC on April 26, 2023.</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312523118670/d477844dex99hii3.htm)<br>|
| (h)(ii)(4) | &nbsp;&nbsp; [<u>Schedule A (Schedule of Series), dated March 1, 2026, to the Sub-Administration Agreement is incorporated herein</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312526072137/d11871dex99hii4.htm)<br> [<u>by reference to Exhibit (h)(ii)(4) to Post-Effective Amendment No. 333 to the Registrant's Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312526072137/d11871dex99hii4.htm)<br> [<u>Form N-1A, as filed with the SEC on February 25, 2026.</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312526072137/d11871dex99hii4.htm)<br>|
| (h)(ii)(5) | &nbsp;&nbsp; Schedule A (Schedule of Series) to the Sub-Administration Agreement, reflecting the addition of the State Street <br> SPDR Nasdaq 100 ETF, to be filed by amendment.<br>|
| (h)(iii)(1) | &nbsp;&nbsp; [<u>Transfer Agency and Service Agreement, dated September 22, 2000, between the Trust and State Street Bank and</u>](http://www.sec.gov/Archives/edgar/data/1064642/000095013500004418/b36800btex99-hii.txt)<br> [<u>Trust Company (the "Transfer Agency and Service Agreement") is incorporated herein by reference to Exhibit (h)(ii)</u>](http://www.sec.gov/Archives/edgar/data/1064642/000095013500004418/b36800btex99-hii.txt)<br> [<u>of Pre-Effective Amendment No. 3 to the Registrant's Registration Statement on Form N-1A, as filed with the SEC on</u>](http://www.sec.gov/Archives/edgar/data/1064642/000095013500004418/b36800btex99-hii.txt)<br> [<u>September 25, 2000.</u>](http://www.sec.gov/Archives/edgar/data/1064642/000095013500004418/b36800btex99-hii.txt)<br>|
| (h)(iii)(2) | &nbsp;&nbsp; [<u>Amendment, dated April 5, 2004, to the Transfer Agency and Service Agreement is incorporated herein by reference</u>](http://www.sec.gov/Archives/edgar/data/1064642/000095013505006065/b57394ohexv99w23xhyxiiiy.txt)<br> [<u>to Exhibit (h)(iii) to Post-Effective Amendment No. 13 to the Registrant's Registration Statement on Form N-1A, as</u>](http://www.sec.gov/Archives/edgar/data/1064642/000095013505006065/b57394ohexv99w23xhyxiiiy.txt)<br> [<u>filed with the SEC on October 28, 2005.</u>](http://www.sec.gov/Archives/edgar/data/1064642/000095013505006065/b57394ohexv99w23xhyxiiiy.txt)<br>|
| (h)(iii)(3) | &nbsp;&nbsp; [<u>Amendment, dated October 31, 2006, to the Transfer Agency and Service Agreement is incorporated herein by</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312520077028/d865588dex99hiii3.htm)<br> [<u>reference to Exhibit (h)(iii)(3) to Post-Effective Amendment No. 223 to the Registrant's Registration Statement on</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312520077028/d865588dex99hiii3.htm)<br> [<u>Form N-1A, as filed with the SEC on March 18, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312520077028/d865588dex99hiii3.htm)<br>|
| (h)(iii)(4) | &nbsp;&nbsp; [<u>Amendment, dated May 23, 2012, to the Transfer Agency and Service Agreement is incorporated herein by reference</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312520077028/d865588dex99hiii4.htm)<br> [<u>to Exhibit (h)(iii)(4) to Post-Effective Amendment No. 223 to the Registrant's Registration Statement on Form N-1A,</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312520077028/d865588dex99hiii4.htm)<br> [<u>as filed with the SEC on March 18, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312520077028/d865588dex99hiii4.htm)<br>|
| (h)(iii)(5) | &nbsp;&nbsp; [<u>Amendment, dated December 17, 2018, to the Transfer Agency and Service Agreement is incorporated herein by</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312520077028/d865588dex99hiii5.htm)<br> [<u>reference to Exhibit (h)(iii)(5) to Post-Effective Amendment No. 223 to the Registrant's Registration Statement on</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312520077028/d865588dex99hiii5.htm)<br> [<u>Form N-1A, as filed with the SEC on March 18, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312520077028/d865588dex99hiii5.htm)<br>|
| (h)(iii)(6) | &nbsp;&nbsp; [<u>Annex A (Schedule of Series), dated March 1, 2026, to the Transfer Agency and Service Agreement is incorporated</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312526072137/d11871dex99hiii6.htm)<br> [<u>herein by reference to Exhibit (h)(iii)(6) to Post-Effective Amendment No. 333 to the Registrant's Registration</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312526072137/d11871dex99hiii6.htm)<br> [<u>Statement on Form N-1A, as filed with the SEC on February 25, 2026.</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312526072137/d11871dex99hiii6.htm)<br>|
| (h)(iii)(7) | &nbsp;&nbsp; Annex A (Schedule of Series) to the Transfer Agency and Service Agreement, reflecting the addition of the State <br> Street SPDR Nasdaq 100 ETF, to be filed by amendment.<br>|
| (h)(iv) | &nbsp;&nbsp; [<u>Form of Participant Agreement is incorporated herein by reference to Exhibit (h)(iv) to Post-Effective Amendment No.</u>](http://www.sec.gov/Archives/edgar/data/1064642/000095012309038209/b77021a1exv99w23xhyxivy.txt)<br> [<u>43 to the Registrant's Registration Statement on Form N-1A, as filed with the SEC on August 26, 2009.</u>](http://www.sec.gov/Archives/edgar/data/1064642/000095012309038209/b77021a1exv99w23xhyxivy.txt)<br>|
| (h)(v) | &nbsp;&nbsp; [<u>Form of Investor Services Agreement is incorporated herein by reference to Exhibit (h)(iv) of Pre-Effective</u>](http://www.sec.gov/Archives/edgar/data/1064642/000095013500004418/b36800btex99-hiv.txt)<br> [<u>Amendment No. 3 to the Registrant's Registration Statement on Form N-1A, as filed with the SEC on September 25,</u>](http://www.sec.gov/Archives/edgar/data/1064642/000095013500004418/b36800btex99-hiv.txt)<br> [<u>2000.</u>](http://www.sec.gov/Archives/edgar/data/1064642/000095013500004418/b36800btex99-hiv.txt)<br>|

---

------

---

| | |
|:---|:---|
| (h)(vi)(1) | &nbsp;&nbsp; [<u>Master Amended and Restated Securities Lending Authorization Agreement, dated January 6, 2017, between the Trust</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312518261786/d601697dex99hviii1.htm)<br> [<u>and State Street Bank and Trust Company (the "Securities Lending Authorization Agreement") is incorporated herein</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312518261786/d601697dex99hviii1.htm)<br> [<u>by reference to Exhibit (h)(viii)(1) to Post-Effective Amendment No. 209 to the Registrant's Registration Statement on</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312518261786/d601697dex99hviii1.htm)<br> [<u>Form N-1A, as filed with the SEC on August 29, 2018.</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312518261786/d601697dex99hviii1.htm)<br>|
| (h)(vi)(2) | &nbsp;&nbsp; [<u>Redemption and Purchase Request and First Amendment, dated April 12, 2019, to the Securities Lending</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312519233764/d768123dex99hviii2.htm)<br> [<u>Authorization Agreement is incorporated herein by reference to Exhibit (h)(viii)(2) to Post-Effective Amendment No.</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312519233764/d768123dex99hviii2.htm)<br> [<u>214 to the Registrant's Registration Statement on Form N-1A, as filed with the SEC on August 29, 2019.</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312519233764/d768123dex99hviii2.htm)<br>|
| (h)(vi)(3) | &nbsp;&nbsp; [<u>Second Amendment, dated September 6, 2019, to the Securities Lending Authorization Agreement is incorporated</u>](http://www.sec.gov/Archives/edgar/data/1064642/000139834420008419/fp0052825_ex9928hvi3.htm)<br> [<u>herein by reference to Exhibit (h)(vi)(3) to Post-Effective Amendment No. 225 to the Registrant's Registration</u>](http://www.sec.gov/Archives/edgar/data/1064642/000139834420008419/fp0052825_ex9928hvi3.htm)<br> [<u>Statement on Form N-1A, as filed with the SEC on April 24, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1064642/000139834420008419/fp0052825_ex9928hvi3.htm)<br>|
| (h)(vi)(4) | &nbsp;&nbsp; [<u>Third Amendment, dated October 31, 2019, to the Securities Lending Authorization Agreement is incorporated herein</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312523118670/d477844dex99hvi4.htm)<br> [<u>by reference to Exhibit (h)(vi)(4) to Post-Effective Amendment No. 306 to the Registrant's Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312523118670/d477844dex99hvi4.htm)<br> [<u>Form N-1A, as filed with the SEC on April 26, 2023.</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312523118670/d477844dex99hvi4.htm)<br>|
| (h)(vi)(5) | &nbsp;&nbsp; [<u>Fourth Amendment, dated November 15, 2021, to the Securities Lending Authorization Agreement is incorporated</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312523118670/d477844dex99hvi5.htm)<br> [<u>herein by reference to Exhibit (h)(vi)(5) to Post-Effective Amendment No. 306 to the Registrant's Registration</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312523118670/d477844dex99hvi5.htm)<br> [<u>Statement on Form N-1A, as filed with the SEC on April 26, 2023.</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312523118670/d477844dex99hvi5.htm)<br>|
| (h)(vi)(6) | &nbsp;&nbsp; [<u>Fifth Amendment, dated February 24, 2022, to the Securities Lending Authorization Agreement is incorporated herein</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312523118670/d477844dex99hvi6.htm)<br> [<u>by reference to Exhibit (h)(vi)(6) to Post-Effective Amendment No. 306 to the Registrant's Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312523118670/d477844dex99hvi6.htm)<br> [<u>Form N-1A, as filed with the SEC on April 26, 2023.</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312523118670/d477844dex99hvi6.htm)<br>|
| (h)(vi)(7) | &nbsp;&nbsp; [<u>Sixth Amendment, dated September 6, 2023, to the Securities Lending Authorization Agreement is incorporated</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312523264158/d378461dex99hvi7.htm)<br> [<u>herein by reference to Exhibit (h)(vi)(7) to Post-Effective Amendment No. 311 to the Registrant's Registration</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312523264158/d378461dex99hvi7.htm)<br> [<u>Statement on Form N-1A, as filed with the SEC on October 26, 2023.</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312523264158/d378461dex99hvi7.htm)<br>|
| (h)(vi)(8) | &nbsp;&nbsp; [<u>Seventh Amendment, dated March 28, 2024, to the Securities Lending Authorization Agreement is incorporated</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312524141903/d823853dex99hvi8.htm)<br> [<u>herein by reference to Exhibit (h)(vi)(8) to Post-Effective Amendment No. 315 to the Registrant's Registration</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312524141903/d823853dex99hvi8.htm)<br> [<u>Statement on Form N-1A, as filed with the SEC on May 20, 2024.</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312524141903/d823853dex99hvi8.htm)<br>|
| (h)(vi)(9) | &nbsp;&nbsp; [<u>Eighth Amendment, dated July 3, 2024, to the Securities Lending Authorization Agreement is incorporated herein by</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312524242957/d823190dex99hvi9.htm)<br> [<u>reference to Exhibit (h)(vi)(9) to Post-Effective Amendment No. 319 to the Registrant's Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312524242957/d823190dex99hvi9.htm)<br> [<u>Form N-1A, as filed with the SEC on October 24, 2024.</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312524242957/d823190dex99hvi9.htm)<br>|
| (h)(vi)(10) | &nbsp;&nbsp; [<u>Ninth Amendment, dated January 3, 2025, to the Securities Lending Authorization Agreement is incorporated herein</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312525035396/d894866dex99hvi10.htm)<br> [<u>by reference to Exhibit (h)(vi)(10) to Post-Effective Amendment No. 320 to the Registrant's Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312525035396/d894866dex99hvi10.htm)<br> [<u>Form N-1A, as filed with the SEC on February 26, 2025.</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312525035396/d894866dex99hvi10.htm)<br>|
| (h)(vii) | &nbsp;&nbsp; [<u>Form of Fund of Funds Investment Agreement is incorporated herein by reference to Exhibit (h)(vii) to Post-Effective</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312522028290/d298640dex99hvii.htm)<br> [<u>Amendment No. 282 to the Registrant's Registration Statement on Form N-1A, as filed with the SEC on February 4,</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312522028290/d298640dex99hvii.htm)<br> [<u>2022.</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312522028290/d298640dex99hvii.htm)<br>|
| (i)(i) | &nbsp;&nbsp; [<u>Opinion and consent of counsel, Morgan, Lewis & Bockius LLP, is incorporated herein by reference to Exhibit (i) to</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312515356460/d26524dex99i.htm)<br> [<u>Post-Effective Amendment No. 146 to the Registrant's Registration Statement on Form N-1A, as filed with the SEC on</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312515356460/d26524dex99i.htm)<br> [<u>October 28, 2015.</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312515356460/d26524dex99i.htm)<br>|
| (i)(ii) | &nbsp;&nbsp; [<u>Opinion and consent of counsel, Morgan, Lewis & Bockius LLP, is incorporated herein by reference to Exhibit (i) to</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312515385427/d51058dex99i.htm)<br> [<u>Post-Effective Amendment No. 152 to the Registrant's Registration Statement on Form N-1A, as filed with the SEC on</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312515385427/d51058dex99i.htm)<br> [<u>November 23, 2015.</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312515385427/d51058dex99i.htm)<br>|
| (i)(iii) | &nbsp;&nbsp; [<u>Opinion and consent of counsel, Morgan, Lewis & Bockius LLP, is incorporated herein by reference to Exhibit (i) to</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312515387394/d47473dex99i.htm)<br> [<u>Post-Effective Amendment No. 153 to the Registrant's Registration Statement on Form N-1A, as filed with the SEC on</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312515387394/d47473dex99i.htm)<br> [<u>November 25, 2015.</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312515387394/d47473dex99i.htm)<br>|
| (i)(iv) | &nbsp;&nbsp; [<u>Opinion and consent of counsel, Morgan, Lewis & Bockius LLP, is incorporated herein by reference to Exhibit (i) to</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312516428032/d121396dex99i.htm)<br> [<u>Post-Effective Amendment No. 164 to the Registrant's Registration Statement on Form N-1A, as filed with the SEC on</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312516428032/d121396dex99i.htm)<br> [<u>January 12, 2016.</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312516428032/d121396dex99i.htm)<br>|
| (i)(v) | &nbsp;&nbsp; [<u>Opinion and consent of counsel, Morgan, Lewis & Bockius LLP, is incorporated herein by reference to Exhibit (i) to</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312516492935/d153869dex99i.htm)<br> [<u>Post-Effective Amendment No. 172 to the Registrant's Registration Statement on Form N-1A, as filed with the SEC on</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312516492935/d153869dex99i.htm)<br> [<u>March 4, 2016.</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312516492935/d153869dex99i.htm)<br>|
| (i)(vi) | &nbsp;&nbsp; [<u>Opinion and consent of counsel, Morgan, Lewis & Bockius LLP, is incorporated herein by reference to Exhibit (i) to</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312516608807/d197396dex99i.htm)<br> [<u>Post-Effective Amendment No. 183 to the Registrant's Registration Statement on Form N-1A, as filed with the SEC on</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312516608807/d197396dex99i.htm)<br> [<u>June 1, 2016.</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312516608807/d197396dex99i.htm)<br>|
| (i)(vii) | &nbsp;&nbsp; [<u>Opinion and consent of counsel, Morgan, Lewis & Bockius LLP, is incorporated herein by reference to Exhibit (i) to</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312516631639/d214616dex99i.htm)<br> [<u>Post-Effective Amendment No. 187 to the Registrant's Registration Statement on Form N-1A, as filed with the SEC on</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312516631639/d214616dex99i.htm)<br> [<u>June 24, 2016.</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312516631639/d214616dex99i.htm)<br>|
| (i)(viii) | &nbsp;&nbsp; [<u>Opinion and consent of counsel, Morgan, Lewis & Bockius LLP, is incorporated herein by reference to Exhibit (i) to</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312517376660/d506883dex99iviii.htm)<br> [<u>Post-Effective Amendment No. 206 to the Registrant's Registration Statement on Form N-1A, as filed with the SEC on</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312517376660/d506883dex99iviii.htm)<br> [<u>December 21, 2017.</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312517376660/d506883dex99iviii.htm)<br>|

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| | |
|:---|:---|
| (i)(ix) | &nbsp;&nbsp; [<u>Opinion and consent of counsel, Morgan, Lewis & Bockius LLP, is incorporated herein by reference to Exhibit (i)(ix)</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312518303112/d639330dex99iix.htm)<br> [<u>to Post-Effective Amendment No. 210 to the Registrant's Registration Statement on Form N-1A, as filed with the SEC</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312518303112/d639330dex99iix.htm)<br> [<u>on October 19, 2018.</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312518303112/d639330dex99iix.htm)<br>|
| (i)(x) | &nbsp;&nbsp; [<u>Opinion and consent of counsel, Morgan, Lewis & Bockius LLP, is incorporated herein by reference to Exhibit (i)(xii)</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312520198505/d114392dex99ixii.htm)<br> [<u>to Post-Effective Amendment No. 236 to the Registrant's Registration Statement on Form N-1A, as filed with the SEC</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312520198505/d114392dex99ixii.htm)<br> [<u>on July 24, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312520198505/d114392dex99ixii.htm)<br>|
| (i)(xi) | &nbsp;&nbsp; [<u>Opinion and consent of counsel, Morgan, Lewis & Bockius LLP, is incorporated herein by reference to Exhibit (i)(xi)</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312520251286/d78482dex99ixi.htm)<br> [<u>to Post-Effective Amendment No. 243 to the Registrant's Registration Statement on Form N-1A, as filed with the SEC</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312520251286/d78482dex99ixi.htm)<br> [<u>on September 22, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312520251286/d78482dex99ixi.htm)<br>|
| (i)(xii) | &nbsp;&nbsp; [<u>Opinion and consent of counsel, Morgan, Lewis & Bockius LLP, is incorporated herein by reference to Exhibit (i)(xii)</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312520287756/d64974dex99ixii.htm)<br> [<u>to Post-Effective Amendment No. 248 to the Registrant's Registration Statement on Form N-1A, as filed with the SEC</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312520287756/d64974dex99ixii.htm)<br> [<u>on November 6, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312520287756/d64974dex99ixii.htm)<br>|
| (i)(xiii) | &nbsp;&nbsp; [<u>Opinion and consent of counsel, Morgan, Lewis & Bockius LLP, is incorporated herein by reference to Exhibit (i)(xiii)</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312521106343/d166681dex99ixiii.htm)<br> [<u>to Post-Effective Amendment No. 261 to the Registrant's Registration Statement on Form N-1A, as filed with the SEC</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312521106343/d166681dex99ixiii.htm)<br> [<u>on April 5, 2021.</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312521106343/d166681dex99ixiii.htm)<br>|
| (i)(xiv) | &nbsp;&nbsp; [<u>Opinion and consent of counsel, Morgan, Lewis & Bockius LLP, is incorporated herein by reference to Exhibit (i)(xiv)</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312522005328/d260294dex99ixiv.htm)<br> [<u>to Post-Effective Amendment No. 280 to the Registrant's Registration Statement on Form N-1A, as filed with the SEC</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312522005328/d260294dex99ixiv.htm)<br> [<u>on January 10, 2022.</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312522005328/d260294dex99ixiv.htm)<br>|
| (i)(xv) | &nbsp;&nbsp; [<u>Opinion and consent of counsel, Morgan, Lewis & Bockius LLP, is incorporated herein by reference to Exhibit (i)(xv)</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312522111113/d296755dex99ixv.htm)<br> [<u>to Post-Effective Amendment No. 288 to the Registrant's Registration Statement on Form N-1A, as filed with the SEC</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312522111113/d296755dex99ixv.htm)<br> [<u>on April 20, 2022.</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312522111113/d296755dex99ixv.htm)<br>|
| (i)(xvi) | &nbsp;&nbsp; [<u>Opinion and consent of counsel, Morgan, Lewis & Bockius LLP, is incorporated herein by reference to Exhibit (i)(xvi)</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312522146527/d335410dex99ixvi.htm)<br> [<u>to Post-Effective Amendment No. 292 to the Registrant's Registration Statement on Form N-1A, as filed with the SEC</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312522146527/d335410dex99ixvi.htm)<br> [<u>on May 11, 2022.</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312522146527/d335410dex99ixvi.htm)<br>|
| (i)(xvii) | &nbsp;&nbsp; [<u>Opinion and consent of counsel, Morgan, Lewis & Bockius LLP is incorporated herein by reference to Exhibit</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312523231685/d549197dex99ixvii.htm)<br> [<u>(i)(xvii) to Post-Effective Amendment No. 310 to the Registrant's Registration Statement on Form N-1A, as filed with</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312523231685/d549197dex99ixvii.htm)<br> [<u>the SEC on September 11, 2023.</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312523231685/d549197dex99ixvii.htm)<br>|
| (i)(xviii) | &nbsp;&nbsp; [<u>Opinion and consent of counsel, Morgan, Lewis & Bockius LLP is incorporated herein by reference to Exhibit</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312524141903/d823853dex99ixviii.htm)<br> [<u>(i)(xviii) to Post-Effective Amendment No. 315 to the Registrant's Registration Statement on Form N-1A, as filed with</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312524141903/d823853dex99ixviii.htm)<br> [<u>the SEC on May 20, 2024.</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312524141903/d823853dex99ixviii.htm)<br>|
| (i)(xix) | &nbsp;&nbsp; [<u>Opinion and consent of counsel, Morgan, Lewis & Bockius LLP is incorporated herein by reference to Exhibit (i)(xiv)</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312524212277/d847212dex99ixiv.htm)<br> [<u>to Post-Effective Amendment No. 318 to the Registrant's Registration Statement on Form N-1A, as filed with the SEC</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312524212277/d847212dex99ixiv.htm)<br> [<u>on September 4, 2024.</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312524212277/d847212dex99ixiv.htm)<br>|
| (i)(xx) | &nbsp;&nbsp; [<u>Opinion and consent of counsel, Morgan, Lewis & Bockius LLP is incorporated herein by reference to Exhibit (i)(xx)</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312525223552/d37144dex99ixx.htm)<br> [<u>to Post-Effective Amendment No. 327 to the Registrant's Registration Statement on Form N-1A, as filed with the SEC</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312525223552/d37144dex99ixx.htm)<br> [<u>on September 30, 2025.</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312525223552/d37144dex99ixx.htm)<br>|
| (i)(xxi) | &nbsp;&nbsp; [<u>Opinion and consent of counsel, Morgan, Lewis & Bockius LLP is incorporated herein by reference to Exhibit (i)(xxi)</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312525274538/d38334dex99ixxi.htm)<br> [<u>to Post-Effective Amendment No. 332 to the Registrant's Registration Statement on Form N-1A, as filed with the SEC</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312525274538/d38334dex99ixxi.htm)<br> [<u>on November 10, 2025.</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312525274538/d38334dex99ixxi.htm)<br>|
| (i)(xxii) | &nbsp;&nbsp; Opinion and consent of counsel, Morgan, Lewis & Bockius LLP, with respect to the State Street SPDR Nasdaq ETF, to <br> be filed by amendment.<br>|
| (i)(xxiii) | &nbsp;&nbsp; Opinion and consent of counsel, Morgan, Lewis & Bockius LLP, with respect to the State Street S&P 500 Index Fund <br> - Institutional Shares, to be filed by amendment.<br>|
| (j) | Consent of independent registered public accounting firm to be filed by amendment. |
| (k) | Not applicable. |
| (l) | &nbsp;&nbsp; [<u>Subscription Agreement, dated September 22, 2000, between the Trust and State Street Capital Markets, LLC is</u>](http://www.sec.gov/Archives/edgar/data/1064642/000095013500004418/b36800btex99-l.txt)<br> [<u>incorporated herein by reference to Exhibit (l) of Pre-Effective Amendment No. 3 to the Registrant's Registration</u>](http://www.sec.gov/Archives/edgar/data/1064642/000095013500004418/b36800btex99-l.txt)<br> [<u>Statement on Form N-1A, as filed with the SEC on September 25, 2000.</u>](http://www.sec.gov/Archives/edgar/data/1064642/000095013500004418/b36800btex99-l.txt)<br>|
| (m) | Not applicable. |
| (n) | &nbsp;&nbsp; Multiple Class Expense Allocation Plan Pursuant to Rule 18f-3, with respect to the State Street SPDR Portfolio S&P <br> 500 ETF, to be filed by amendment.<br>|
| (p)(i) | &nbsp;&nbsp; [<u>Registrant's Revised Code of Ethics, as adopted November 15, 2004 and last revised September 23, 2020, is</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312525093669/d940940dex99pi.htm)<br> [<u>incorporated herein by reference to Exhibit (p)(i) to Post-Effective Amendment No. 321 to the Registrant's</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312525093669/d940940dex99pi.htm)<br> [<u>Registration Statement on Form N-1A, as filed with the SEC on April 24, 2025.</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312525093669/d940940dex99pi.htm)<br>|
| (p)(ii) | &nbsp;&nbsp; [<u>Code of Ethics of SSGA FM, effective March 31, 2025, is incorporated herein by reference to Exhibit (p)(ii) to Post-</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312525093669/d940940dex99pii.htm)<br> [<u>Effective Amendment No. 321 to the Registrant's Registration Statement on Form N-1A, as filed with the SEC on</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312525093669/d940940dex99pii.htm)<br> [<u>April 24, 2025.</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312525093669/d940940dex99pii.htm)<br>|

---

------

---

| | |
|:---|:---|
| (p)(iii) | &nbsp;&nbsp; [<u>Code of Ethics of Nuveen Asset Management, dated July 30, 2025, is incorporated herein by reference to Exhibit</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312525250041/d74009dex99piii.htm)<br> [<u>(p)(iii) to Post-Effective Amendment No. 329 to the Registrant's Registration Statement on Form N-1A, as filed with</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312525250041/d74009dex99piii.htm)<br> [<u>the SEC on October 24, 2025.</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312525250041/d74009dex99piii.htm)<br>|
| (p)(iv) | &nbsp;&nbsp; [<u>Code of Ethics for the Independent Trustees is incorporated herein by reference to Exhibit (p)(iv) to Post-Effective</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312522111113/d296755dex99piv.htm)<br> [<u>Amendment No. 288 to the Registrant's Registration Statement on Form N-1A, as filed with the SEC on April 20,</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312522111113/d296755dex99piv.htm)<br> [<u>2022.</u>](http://www.sec.gov/Archives/edgar/data/1064642/000119312522111113/d296755dex99piv.htm)<br>|
| (q)(i) | &nbsp;&nbsp; [<u>Power of Attorney for Mses. Clancy, Richer, Rowsell, Sponem and Carpenter and Messrs. Churchill, Ross,</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312523163513/d501212dex99q.htm)<br> [<u>Verboncoeur and Rosenberg, dated May 18, 2023, is incorporated herein by reference to Exhibit (q) to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312523163513/d501212dex99q.htm)<br> [<u>Amendment No. 307 to the Registrant's Registration Statement on Form N-1A, as filed with the SEC on June 8, 2023.</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312523163513/d501212dex99q.htm)<br>|
| (q)(ii) | &nbsp;&nbsp; [<u>Power of Attorney, dated November 8, 2024, for Ms. LaPorta is incorporated herein by reference to Exhibit (q)(ii) to</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312525035396/d894866dex99qii.htm)<br> [<u>Post-Effective Amendment No. 320 to the Registrant's Registration Statement on Form N-1A, as filed with the SEC on</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312525035396/d894866dex99qii.htm)<br> [<u>February 26, 2025.</u>](https://www.sec.gov/Archives/edgar/data/1064642/000119312525035396/d894866dex99qii.htm)<br>|

---

**Item 29.**

**Persons Controlled By or Under Common Control With Registrant** 

The Board of Trustees of the Trust is the same as the Boards of Trustees of SPDR Index Shares Funds and SSGA Active Trust. In addition, the officers of the Trust are substantially identical to the officers of SPDR Index Shares Funds and SSGA Active Trust. Additionally, the Trust's investment adviser, SSGA FM, also serves as investment adviser to each series of SPDR Index Shares Funds and SSGA Active Trust. Nonetheless, the Trust takes the position that it is not under common control with other trusts because the power residing in the respective boards and officers arises as the result of an official position with the respective trusts.

Additionally, see the "Control Persons and Principal Holders of Securities" section of the Statement of Additional Information for a list of shareholders who own more than 5% of a specific fund's outstanding shares and such information is incorporated by reference to this Item.

**Item 30.**

**Indemnification** 

Pursuant to Section 5.3 of the Registrant's Amended and Restated Declaration of Trust and under Section 4.9 of the Registrant's By-Laws, the Trust will indemnify any person who is, or has been, a Trustee, officer, employee or agent of the Trust against all expenses reasonably incurred or paid by him/her in connection with any claim, action, suit or proceeding in which he/she becomes involved as a party or otherwise by virtue of his/her being or having been a Trustee, officer, employee or agent and against amounts paid or incurred by him/her in the settlement thereof, if he/she acted in good faith and in a manner he/she reasonably believed to be in or not opposed to the best interests of the Trust, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his/her conduct was unlawful. In addition, indemnification is permitted only if it is determined that the actions in question did not render him/her liable by reason of willful misfeasance, bad faith or gross negligence in the performance of his/her duties or by reason of reckless disregard of his/her obligations and duties to the Registrant. The Registrant may also advance money for litigation expenses provided that Trustees, officers, employees and/or agents give their undertakings to repay the Registrant unless their conduct is later determined to permit indemnification.

Pursuant to Section 5.2 of the Registrant's Amended and Restated Declaration of Trust, no Trustee, officer, employee or agent of the Registrant shall be liable for any action or failure to act, except in the case of willful misfeasance, bad faith or gross negligence or reckless disregard of duties to the Registrant. Pursuant to paragraph 9 of the Registrant's Investment Advisory Agreement, the Adviser shall not be liable for any action or failure to act, except in the case of willful misfeasance, bad faith or gross negligence or reckless disregard of duties to the Registrant.

Insofar as indemnification for liability arising under the Securities Act of 1933 (the "Act") may be permitted to directors, officers and controlling persons of the Registrant pursuant to the provisions of Rule 484 under the Act, or otherwise, the Registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

The Registrant hereby undertakes that it will apply the indemnification provision of its By-Laws in a manner consistent with Release 11330 of the SEC under the Investment Company Act of 1940, as amended (the "1940 Act"), so long as the interpretation of Sections 17(h) and 17(i) thereunder remains in effect.

The Registrant maintains insurance on behalf of any person who is or was a Trustee, officer, employee or agent of the Registrant, or who is or was serving at the request of the Registrant as a trustee, director, officer, employee or agent of another trust or corporation, against any liability asserted against him/her and incurred by him/her or arising out of his/her position. However, in no event will the Registrant maintain insurance to indemnify any such person for any act for which the Registrant itself is not permitted to indemnify him/her.

------

**Item 31.**

**Business and Other Connections of Investment Adviser** 

Any other business, profession, vocation or employment of a substantial nature in which each director or principal officer of each investment adviser is or has been, at any time during the last two fiscal years (June 30, 2024 and June 30, 2025), engaged for his or her own account or in the capacity of director, officer, employee, partner or trustee are as follows:

**SSGA FUNDS MANAGEMENT, INC.:**

SSGA FM serves as the investment adviser for each series of the Trust. SSGA FM is a wholly-owned subsidiary of State Street Global Advisors, Inc., which itself is a wholly-owned subsidiary of State Street Corporation. SSGA FM and other advisory affiliates of State Street Corporation make up State Street Investment Management, the investment management arm of State Street Corporation. The principal address of SSGA FM is One Congress Street, Boston, Massachusetts 02114. SSGA FM is an investment adviser registered under the Investment Advisers Act of 1940, as amended.

Below is a list of the directors and principal executive officers of SSGA FM and their principal occupation(s). Unless otherwise noted, the address of each person listed is One Congress Street, Boston, Massachusetts 02114.

---

| | |
|:---|:---|
| **Name** | **Principal Occupation** |
| Jeanne LaPorta | &nbsp;&nbsp; Chairperson, Director, and President; Senior Vice President of State Street Global Advisors Trust <br> Company<br>|
| Mark Alberici | Director; Senior Vice President of State Street Global Advisors Trust Company |
| Apea Amoa | Director; Chief Financial Officer of State Street Global Advisors Trust Company |
| Allison Bonds | Director; Senior Vice President of State Street Global Advisors Trust Company |
| Tim Corbett | Director and Chief Risk Officer; Senior Vice President of State Street Global Advisors Trust Company  |
| James Ferrarelli | Director; Executive Vice President of State Street Global Advisors Trust Company |
| John Tucker | Director; Executive Vice President of State Street Global Advisors Trust Company |
| Ann Carpenter | Chief Operating Officer; Managing Director of State Street Global Advisors Trust Company |
| Brian Harris | Chief Compliance Officer; Managing Director of State Street Global Advisors Trust Company |
| Steven Hamm | Treasurer; Vice President of State Street Global Advisors Trust Company |
| Sean O'Malley, Esq. | Chief Legal Officer; Senior Vice President of State Street Global Advisors Trust Company |
| Christyann Weltens | Derivatives Risk Manager; Vice President of State Street Global Advisors Trust Company |
| David Ireland | CTA Chief Marketing Officer; Senior Vice President of State Street Global Advisors Trust Company |
| Jessica Cross | Clerk; Vice President of State Street Global Advisors Trust Company |

---

**NUVEEN ASSET MANAGEMENT, LLC:** 

Nuveen Asset Management serves as the investment sub-adviser to the Registrant's SPDR Nuveen ICE Municipal Bond ETF, SPDR Nuveen ICE Short Term Municipal Bond ETF and SPDR Nuveen ICE High Yield Municipal Bond ETF. The principal business address of Nuveen Asset Management is 333 West Wacker Drive, Chicago, Illinois 60606. Nuveen Asset Management is an investment adviser registered under the Investment Advisers Act of 1940.

Below is a list of the directors and principal executive officers of Nuveen Asset Management and their principal occupation(s). Unless otherwise noted, the address of each person listed is 333 West Wacker Drive, Chicago, Illinois 60606.

---

| | |
|:---|:---|
| **Name** | **Position with and Name of Other Company** |
| William T. Huffman | President |
| Stuart J. Cohen | Managing Director and Head of Legal |
| Travis M. Pauley | Chief Compliance Officer |
| Jon Stevens | Senior Managing Director |
| Kehinde Akibayo | Controller |
| Saira Malik | Executive Vice President |

---

**Item 32.**

**Principal Underwriters** 

(a) SSGA FD, One Congress Street, Boston, Massachusetts 02114, serves as the Trust's principal underwriter and also serves as the principal underwriter for the following investment companies: SPDR Index Shares Funds, SSGA Active Trust, Select Sector

------

SPDR Trust, State Street Institutional Investment Trust, SSGA Funds, State Street Institutional Funds, State Street Variable Insurance Series Funds, Inc., Elfun Diversified Fund, Elfun Tax-Exempt Income Fund, Elfun Income Fund, Elfun International Equity Fund, Elfun Government Money Market Fund and Elfun Trusts.

(b) To the best of the Trust's knowledge, the managers and executive officers of SSGA FD are as follows:

---

| | | |
|:---|:---|:---|
| **Name and Principal** <br> **Business Address\***<br>| **Positions and Offices with Underwriter** | **Positions and Offices** <br> **with the Trust**<br>|
| Jeanne LaPorta | &nbsp;&nbsp; Chairperson and Manager; Senior Vice President of State Street Global <br> Advisors Trust Company<br>| Interested Trustee |
| Mark Alberici | &nbsp;&nbsp; Manager; Senior Vice President of State Street Global Advisors Trust <br> Company<br>| None |
| Apea Amoa | &nbsp;&nbsp; Manager; Senior Vice President of State Street Global Advisors Trust <br> Company<br>| None |
| Allison Bonds | &nbsp;&nbsp; Manager and President; Senior Vice President of State Street Global <br> Advisors Trust Company<br>| None |
| Tim Corbett | &nbsp;&nbsp; Manager; Senior Vice President of State Street Global Advisors Trust <br> Company <br>| None |
| James Ferrarelli | &nbsp;&nbsp; Manager; Executive Vice President of State Street Global Advisors Trust <br> Company<br>| None |
| John Tucker | &nbsp;&nbsp; Manager; Executive Vice President of State Street Global Advisors Trust <br> Company<br>| None |
| Mark Trabucco | &nbsp;&nbsp; Chief Compliance Officer and Anti-Money Laundering Officer; Managing <br> Director of State Street Global Advisors Trust Company<br>| None |
| Editha V. Tenorio | &nbsp;&nbsp; Chief Financial Officer; Vice President of State Street Global Advisors <br> Trust Company<br>| None |
| Sean O'Malley, Esq. | &nbsp;&nbsp; Chief Legal Officer; Senior Vice President of State Street Global Advisors <br> Trust Company<br>| None |
| Jessica Cross | Secretary; Vice President of State Street Global Advisors Trust Company | None |

---

\*

The principal business address for each of the above managers and executive officers is One Congress Street, Boston, Massachusetts 02114.

(c) Not applicable.

**Item 33.**

**Location of Accounts and Records** 

All accounts, books and other documents required to be maintained by Section 31(a) of the 1940 Act and the Rules thereunder are maintained at the offices of SSGA FM and/or State Street Bank and Trust Company, with offices located at One Congress Street, Boston, Massachusetts 02114.

**Item 34.**

**Management Services** 

Not applicable.

**Item 35.**

**Undertakings** 

Not applicable.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, SPDR<sup>®</sup> Series Trust has duly caused this registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of Boston and the Commonwealth of Massachusetts on the 14<sup>th</sup> day of April, 2026.

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| | |
|:---|:---|
| SPDR SERIES TRUST | SPDR SERIES TRUST |
| By: | /s/ Ann M. Carpenter |
|  | Ann M. Carpenter |
|  | President |

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed below by the following persons in the capacities and on the date indicated:

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Carolyn M. Clancy\* | Trustee | April 14, 2026 |
| Carolyn M. Clancy |  |  |
| /s/ Dwight D. Churchill\* | Trustee | April 14, 2026 |
| Dwight D. Churchill |  |  |
| /s/ Clare S. Richer\* | Trustee | April 14, 2026 |
| Clare S. Richer |  |  |
| /s/ Kristi L. Rowsell\* | Trustee | April 14, 2026 |
| Kristi L. Rowsell |  |  |
| /s/ Sandra G. Sponem\* | Trustee | April 14, 2026 |
| Sandra G. Sponem |  |  |
| /s/ Carl G. Verboncoeur\* | Trustee | April 14, 2026 |
| Carl G. Verboncoeur |  |  |
| /s/ Jeanne LaPorta\* | Trustee | April 14, 2026 |
| Jeanne LaPorta |  |  |
| /s/ James E. Ross\* | Trustee | April 14, 2026 |
| James E. Ross |  |  |
| /s/ Ann M. Carpenter | President and Principal Executive Officer | April 14, 2026 |
| Ann M. Carpenter |  |  |
| /s/ Bruce S. Rosenberg | &nbsp;&nbsp; Treasurer and Principal Financial Officer<br> (Principal Accounting Officer) | April 14, 2026 |
| Bruce S. Rosenberg | &nbsp;&nbsp; Treasurer and Principal Financial Officer<br> (Principal Accounting Officer) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \*By: | /s/ Edmund Gerard Maiorana, Jr. |
|  | Edmund Gerard Maiorana, Jr.<br> As Attorney-in-Fact<br> Pursuant to Power of Attorney<br>|

---

------