nv30d

SPDR^® S&P 500^® ETF Trust

A Unit Investment Trust

Semi-Annual Report

March 31, 2011

(Unaudited)

“Standard & Poor’s^®”, “S&P^®”, “S&P 500^®”, “Standard & Poor’s 500^®”, “500”, “Standard & Poor’s Depositary Receipts^®”, “SPDR^®” and “SPDR” are trademarks of Standard & Poor’s Financial Services LLC, an affiliate of The McGraw-Hill Companies, Inc. State Street Global Markets, LLC is permitted to use these trademarks pursuant to a “License Agreement” with Standard & Poor’s Financial Services LLC, and SPDR S&P 500 ETF Trust, is permitted to use these trademarks pursuant to a sublicense from State Street Global Markets, LLC. SPDR S&P 500 ETF Trust is not, however, sponsored by or affiliated with Standard & Poor’s Financial Services LLC or The McGraw-Hill Companies, Inc.


*Precise in a world that isn’t.* TM

SPDR S&P 500 ETF Trust

Schedule of Investments

March 31, 2011 (Unaudited)


Common Stocks	Shares		Value


3M Co.		5,281,786	$	493,846,991
Abbott Laboratories		11,483,533		563,267,294
Abercrombie & Fitch Co. (Class A)		647,353		37,999,621
ACE, Ltd.		2,491,446		161,196,556
Adobe Systems, Inc.*		3,757,833		124,609,742
Advanced Micro Devices, Inc.*		4,276,096		36,774,426
Aetna, Inc.		2,852,213		106,758,333
AFLAC, Inc.		3,492,698		184,344,600
Agilent Technologies, Inc.*		2,560,964		114,679,968
Air Products & Chemicals, Inc.		1,596,770		143,996,719
Airgas, Inc.		552,961		36,727,670
AK Steel Holding Corp.		814,956		12,860,006
Akamai Technologies, Inc.*		1,391,300		52,869,400
Alcoa, Inc.		7,885,502		139,179,110
Allegheny Technologies, Inc.		731,222		49,518,354
Allergan, Inc.		2,269,601		161,187,063
Altera Corp.		2,378,537		104,703,199
Altria Group, Inc.		15,523,133		404,067,152
Amazon.com, Inc.*		2,643,741		476,217,066
Ameren Corp.		1,775,964		49,851,309
American Electric Power Co., Inc.		3,571,626		125,506,938
American Express Co.		7,761,264		350,809,133
American International Group, Inc.*		1,064,083		37,391,877
American Tower Corp. (Class A)*		2,950,424		152,890,972
Ameriprise Financial, Inc.		1,830,405		111,801,137
AmerisourceBergen Corp.		2,035,369		80,519,198
Amgen, Inc.*		6,922,872		370,027,508
Amphenol Corp. (Class A)		1,306,905		71,082,563
Anadarko Petroleum Corp.		3,682,401		301,662,290
Analog Devices, Inc.		2,225,533		87,641,490
Aon Corp.		2,474,844		131,067,738
Apache Corp.		2,840,141		371,831,260
Apartment Investment & Management Co. (Class A)		867,046		22,083,662
Apollo Group, Inc. (Class A)*		913,100		38,085,401
Apple, Inc.*		6,836,158		2,382,059,255
Applied Materials, Inc.		9,796,373		153,019,346
Archer-Daniels-Midland Co.		4,734,973		170,506,378
Assurant, Inc.		742,136		28,579,657
AT&T, Inc.		43,864,477		1,342,252,996
Autodesk, Inc.*		1,700,348		75,002,350
Automatic Data Processing, Inc.		3,683,572		189,004,079
AutoNation, Inc.*		465,354		16,459,571
Autozone, Inc.*		198,098		54,191,689
AvalonBay Communities, Inc.		639,642		76,808,211
Avery Dennison Corp.		793,031		33,275,581
Avon Products, Inc.		3,182,273		86,048,662
Baker Hughes, Inc.		3,222,369		236,618,556
Ball Corp.		1,254,713		44,981,461
Bank of America Corp.		75,101,856		1,001,107,740
Baxter International, Inc.		4,303,241		231,385,269
BB&T Corp.		5,159,896		141,639,145
Becton, Dickinson & Co.		1,640,281		130,599,173
Bed Bath & Beyond, Inc.*		1,890,947		91,276,012
Bemis Co., Inc.		794,273		26,060,097
Berkshire Hathaway, Inc. (Class B)*		12,844,105		1,074,152,501
Best Buy Co., Inc.		2,429,195		69,766,480
Big Lots, Inc.*		560,506		24,342,776
Biogen Idec, Inc.*		1,790,028		131,370,155
BMC Software, Inc.*		1,327,179		66,013,883
Boston Properties, Inc.		1,060,035		100,544,320
Boston Scientific Corp.*		11,272,556		81,049,678
Bristol-Myers Squibb Co.		12,632,452		333,875,706
Broadcom Corp. (Class A)		3,528,829		138,965,286
Brown-Forman Corp. (Class B)		765,241		52,265,960
C.H. Robinson Worldwide, Inc.		1,231,087		91,260,479
C.R. Bard, Inc.		629,415		62,507,204
CA, Inc.		2,846,093		68,818,529
Cablevision Systems Corp.		1,725,207		59,709,414
Cabot Oil & Gas Corp.		771,112		40,845,803
Cameron International Corp.*		1,818,735		103,849,768
Campbell Soup Co.		1,353,571		44,816,736
Capital One Financial Corp.		3,397,423		176,530,099
Cardinal Health, Inc.		2,598,196		106,863,801
CareFusion Corp.*		1,652,323		46,595,509
CarMax Inc.*		1,675,641		53,788,076
Carnival Corp.		3,205,898		122,978,247
Caterpillar, Inc.		4,740,255		527,827,394
CB Richard Ellis Group, Inc. (Class A)*		2,155,142		57,542,291
CBS Corp. (Class B)		4,992,446		125,010,848
Celgene Corp.*		3,451,826		198,583,550
CenterPoint Energy, Inc.		3,156,194		55,422,767
CenturyLink, Inc.		2,270,656		94,345,757
Cephalon, Inc.*		557,758		42,266,901
Cerner Corp.*		532,866		59,254,699
CF Industries Holdings, Inc.		527,485		72,154,673
Chesapeake Energy Corp.		4,886,025		163,779,558
Chevron Corp.		14,895,885		1,600,264,926
Chubb Corp.		2,190,394		134,293,056
CIGNA Corp.		2,009,082		88,962,151
Cincinnati Financial Corp.		1,208,797		39,648,542
Cintas Corp.		938,817		28,417,991
Cisco Systems, Inc.		41,019,296		703,480,926
Citigroup, Inc.*		215,604,065		952,969,967
Citrix Systems, Inc.*		1,393,502		102,366,657
Cliffs Natural Resources, Inc.		1,004,806		98,752,334

See accompanying notes to financial statements.

SPDR S&P 500 ETF Trust

Schedule of Investments (continued)

March 31, 2011 (Unaudited)


Common Stocks	Shares		Value


Clorox Co.		1,021,747	$	71,593,812
CME Group, Inc.		496,432		149,699,070
CMS Energy Corp.		1,875,048		36,825,943
Coach, Inc.		2,196,793		114,321,108
Coca-Cola Enterprises Inc.		2,450,231		66,891,306
Cognizant Technology Solutions Corp. (Class A)*		2,260,012		183,964,977
Colgate-Palmolive Co.		3,667,052		296,151,120
Comcast Corp. (Class A)		20,602,439		509,292,292
Comerica, Inc.		1,308,756		48,057,520
Computer Sciences Corp.		1,145,402		55,815,439
Compuware Corp.*		1,628,043		18,803,897
ConAgra Foods, Inc.		3,235,237		76,836,879
ConocoPhillips		10,609,124		847,244,643
CONSOL Energy, Inc.		1,674,596		89,808,583
Consolidated Edison, Inc.		2,169,343		110,029,077
Constellation Brands, Inc. (Class A)*		1,316,500		26,698,620
Constellation Energy Group, Inc.		1,481,793		46,128,216
Corning, Inc.		11,618,034		239,680,041
Costco Wholesale Corp.		3,239,155		237,494,845
Coventry Health Care, Inc.*		1,100,339		35,089,811
Covidien PLC		3,665,445		190,383,213
CSX Corp.		2,750,285		216,172,401
Cummins, Inc.		1,465,899		160,691,848
CVS Caremark Corp.		10,152,210		348,423,847
D.R. Horton, Inc.		2,065,375		24,061,619
Danaher Corp.		4,010,874		208,164,361
Darden Restaurants, Inc.		1,026,425		50,428,260
DaVita, Inc.*		712,710		60,943,832
Dean Foods Co.*		1,354,613		13,546,130
Deere & Co.		3,124,256		302,709,164
Dell, Inc.*		12,474,260		181,001,513
Denbury Resources, Inc.*		2,963,889		72,318,892
DENTSPLY International, Inc.		1,055,307		39,035,806
Devon Energy Corp.		3,170,461		290,953,206
DeVry, Inc.		457,237		25,180,042
Diamond Offshore Drilling, Inc.		515,617		40,063,441
DIRECTV*		5,883,668		275,355,662
Discover Financial Services		4,038,350		97,405,002
Discovery Communications, Inc. (Class A)*		2,090,456		83,409,194
Dominion Resources, Inc.		4,314,662		192,865,391
Dover Corp.		1,385,359		91,073,501
Dr. Pepper Snapple Group, Inc.		1,663,029		61,798,158
DTE Energy Co.		1,253,060		61,349,818
Duke Energy Corp.		9,873,816		179,209,760
Dun & Bradstreet Corp.		369,350		29,636,644
ETRADE Financial Corp.		1,643,714		25,691,250
E. I. du Pont de Nemours & Co.		6,838,831		375,930,540
Eastman Chemical Co.		524,877		52,130,784
Eaton Corp.		2,529,613		140,241,745
eBay, Inc.*		8,483,635		263,332,030
Ecolab, Inc.		1,721,407		87,826,185
Edison International		2,416,202		88,408,831
Edwards Lifesciences Corp.*		854,500		74,341,500
El Paso Corp.		5,221,159		93,980,862
Electronic Arts, Inc.*		2,483,804		48,508,692
Eli Lilly & Co.		7,559,348		265,862,269
EMC Corp.*		15,349,513		407,529,570
Emerson Electric Co.		5,595,700		326,956,751
Entergy Corp.		1,329,610		89,363,088
EOG Resources, Inc.		1,988,823		235,695,414
EQT Corp.		1,105,872		55,183,013
Equifax, Inc.		914,601		35,532,249
Equity Residential		2,181,464		123,056,384
Exelon Corp.		4,911,239		202,539,496
Expedia, Inc.		1,485,389		33,658,915
Expeditors International of Washington, Inc.		1,575,046		78,972,806
Express Scripts, Inc.*		3,919,994		217,990,866
Exxon Mobil Corp.		36,794,240		3,095,499,411
F5 Networks Inc.*		599,816		61,523,127
Family Dollar Stores, Inc.		933,566		47,910,607
Fastenal Co.		1,093,289		70,877,926
Federated Investors, Inc. (Class B)		688,139		18,407,718
FedEx Corp.		2,337,537		218,676,586
Fidelity National Information Services, Inc.		1,978,080		64,663,435
Fifth Third Bancorp		6,802,063		94,412,634
First Horizon National Corp.		1,938,770		21,733,612
First Solar Inc.*		399,951		64,328,119
FirstEnergy Corp.		3,100,806		115,008,895
Fiserv, Inc.*		1,084,633		68,028,182
FLIR Systems, Inc.		1,175,652		40,689,316
Flowserve Corp.		413,497		53,258,414
Fluor Corp.		1,310,829		96,555,664
FMC Corp.		530,869		45,086,704
FMC Technologies, Inc.*		892,275		84,302,142
Ford Motor Co.*		28,068,781		418,505,525
Forest Laboratories, Inc.*		2,116,779		68,371,962
Fortune Brands, Inc.		1,139,723		70,537,456
Franklin Resources, Inc.		1,075,832		134,565,067
Freeport-McMoRan Copper & Gold, Inc.		7,023,300		390,144,315
Frontier Communications Corp.		7,370,712		60,587,253
GameStop Corp. (Class A)*		1,119,845		25,218,909
Gannett Co., Inc.		1,772,447		26,994,368

See accompanying notes to financial statements.

SPDR S&P 500 ETF Trust

Schedule of Investments (continued)

March 31, 2011 (Unaudited)


Common Stocks	Shares		Value


General Dynamics Corp.		2,766,986	$	211,840,448
General Electric Co.		78,792,193		1,579,783,470
General Mills, Inc.		4,721,589		172,574,078
Genuine Parts Co.		1,167,360		62,617,190
Genworth Financial, Inc. (Class A)*		3,631,039		48,873,785
Genzyme Corp.*		1,919,032		146,134,287
Gilead Sciences, Inc.*		5,902,751		250,512,752
Goodrich Corp.		929,568		79,505,951
Google, Inc. (Class A)*		1,860,918		1,090,888,741
H&R Block, Inc.		2,266,356		37,938,799
H.J. Heinz Co.		2,390,480		116,703,234
Halliburton Co.		6,777,404		337,785,815
Harley-Davidson, Inc.		1,745,573		74,169,397
Harman International Industries, Inc.		515,678		24,144,044
Harris Corp.		951,378		47,188,349
Hartford Financial Services Group, Inc.		3,296,540		88,775,822
Hasbro, Inc.		1,018,068		47,686,305
HCP, Inc.		2,977,182		112,954,285
Health Care REIT, Inc.		1,309,838		68,687,905
Helmerich & Payne, Inc.		785,957		53,987,386
Hess Corp.		2,232,713		190,249,475
Hewlett-Packard Co.		16,128,620		660,789,561
Honeywell International, Inc.		5,818,394		347,416,306
Hormel Foods Corp.		1,027,216		28,597,693
Hospira, Inc.*		1,237,067		68,286,098
Host Hotels & Resorts, Inc.		5,057,785		89,067,594
Hudson City Bancorp, Inc.		3,905,056		37,800,942
Humana, Inc.*		1,248,154		87,295,891
Huntington Bancshares, Inc.		6,401,336		42,504,871
Huntington Ingalls Industries Inc.*		31,437		1,304,636
Illinois Tool Works, Inc.		3,698,427		198,679,498
Ingersoll-Rand PLC		2,449,322		118,326,746
Integrys Energy Group, Inc.		572,564		28,920,208
Intel Corp.		40,722,529		821,373,410
IntercontinentalExchange, Inc.*		542,611		67,034,163
International Business Machines Corp.		9,049,273		1,475,664,948
International Flavors & Fragrances, Inc.		593,381		36,967,636
International Game Technology		2,211,116		35,886,413
International Paper Co.		3,266,946		98,596,430
Intuit, Inc.*		2,020,972		107,313,613
Intuitive Surgical, Inc.*		288,532		96,213,881
Invesco, Ltd.		3,416,134		87,316,385
Iron Mountain, Inc.		1,482,946		46,312,404
ITT Corp.		1,360,396		81,691,780
J.C. Penney Co., Inc.		1,751,953		62,912,632
Jabil Circuit, Inc.		1,446,912		29,560,412
Jacobs Engineering Group, Inc.*		932,174		47,941,709
Janus Capital Group, Inc.		1,361,201		16,974,176
JDS Uniphase Corp.*		1,653,408		34,457,023
Johnson & Johnson		20,296,088		1,202,543,214
Johnson Controls, Inc.		5,026,148		208,936,972
Joy Global Inc.		778,373		76,911,036
JPMorgan Chase & Co.		29,558,730		1,362,657,453
Juniper Networks, Inc.*		3,969,283		167,027,429
Kellogg Co.		1,870,901		100,991,236
KeyCorp		7,071,105		62,791,412
Kimberly-Clark Corp.		3,003,049		196,009,008
Kimco Realty Corp.		3,010,596		55,214,331
KLA-Tencor Corp.		1,238,685		58,676,508
Kohl’s Corp.		2,168,420		115,012,997
Kraft Foods, Inc. (Class A)		12,977,549		406,975,937
L-3 Communications Holdings, Inc.		839,496		65,740,932
Laboratory Corp. of America Holdings*		742,156		68,374,832
Legg Mason, Inc.		1,133,816		40,919,419
Leggett & Platt, Inc.		1,088,920		26,678,540
Lennar Corp. (Class A)		1,178,538		21,355,109
Leucadia National Corp.		1,461,369		54,859,792
Lexmark International, Inc. (Class A)*		584,651		21,655,473
Life Technologies Corp.*		1,335,422		70,002,821
Limited Brands, Inc.		1,960,165		64,450,225
Lincoln National Corp.		2,347,635		70,522,955
Linear Technology Corp.		1,685,589		56,686,358
Lockheed Martin Corp.		2,128,588		171,138,475
Loews Corp.		2,334,395		100,589,081
Lorillard, Inc.		1,080,121		102,622,296
Lowe’s Cos., Inc.		10,240,007		270,643,385
LSI Corp.*		4,577,364		31,126,075
M & T Bank Corp.		893,446		79,043,168
Macy’s, Inc.		3,140,303		76,183,751
Marathon Oil Corp.		5,270,446		280,967,476
Marriott International, Inc. (Class A)		2,159,566		76,837,358
Marsh & McLennan Cos., Inc.		4,029,928		120,132,154
Marshall & Ilsley Corp.		3,914,703		31,278,477
Masco Corp.		2,658,650		37,008,408
Massey Energy Co.		768,686		52,547,375
MasterCard, Inc. (Class A)		717,148		180,520,495
Mattel, Inc.		2,587,373		64,503,209
McCormick & Co., Inc.		985,160		47,120,203
McDonald’s Corp.		7,741,538		589,053,626

See accompanying notes to financial statements.

SPDR S&P 500 ETF Trust

Schedule of Investments (continued)

March 31, 2011 (Unaudited)


Common Stocks	Shares		Value


McKesson Corp.		1,888,670	$	149,299,363
Mead Johnson Nutrition Co.		1,517,056		87,883,054
MeadWestvaco Corp.		1,247,103		37,824,634
Medco Health Solutions, Inc.*		2,998,926		168,419,684
Medtronic, Inc.		7,940,459		312,457,062
MEMC Electronic Materials, Inc.*		1,686,100		21,851,856
Merck & Co., Inc.		22,877,313		755,180,102
MetLife, Inc.		7,829,534		350,215,056
MetroPCS Communications, Inc.*		1,943,162		31,556,951
Microchip Technology, Inc.		1,400,345		53,227,113
Micron Technology, Inc.*		6,353,755		72,814,032
Microsoft Corp.		54,866,261		1,391,408,379
Molex, Inc.		1,012,491		25,433,774
Molson Coors Brewing Co. (Class B)		1,172,999		55,001,923
Monsanto Co.		3,982,463		287,772,776
Monster Worldwide, Inc.*		967,472		15,382,805
Moody’s Corp.		1,481,050		50,222,406
Morgan Stanley		11,476,247		313,531,068
Motorola Mobility Holdings Inc.*		2,177,630		53,134,172
Motorola Solutions Inc.*		2,501,275		111,781,980
Murphy Oil Corp.		1,432,795		105,195,809
Mylan, Inc.*		3,247,077		73,611,236
Nabors Industries, Ltd.*		2,116,612		64,302,673
National Semiconductor Corp.		1,774,171		25,441,612
National-Oilwell Varco, Inc.		3,124,518		247,680,542
NetApp, Inc.*		2,734,231		131,735,250
Netflix Inc.*		326,136		77,401,857
Newell Rubbermaid, Inc.		2,152,789		41,182,854
Newfield Exploration Co.*		992,827		75,464,780
Newmont Mining Corp.		3,664,065		199,984,668
News Corp. (Class A)		16,945,883		297,569,705
NextEra Energy, Inc.		3,123,561		172,170,682
Nicor, Inc.		337,667		18,132,718
NIKE, Inc. (Class B)		2,840,424		215,020,097
NiSource, Inc.		2,062,587		39,560,419
Noble Corp.		1,873,083		85,450,046
Noble Energy, Inc.		1,305,756		126,201,317
Nordstrom, Inc.		1,243,615		55,813,441
Norfolk Southern Corp.		2,643,239		183,097,166
Northeast Utilities		1,307,299		45,232,545
Northern Trust Corp.		1,795,870		91,140,403
Northrop Grumman Corp.		2,163,982		135,703,311
Novell, Inc.*		2,602,666		15,433,809
Novellus Systems, Inc.*		668,384		24,817,098
NRG Energy, Inc.*		1,831,855		39,458,157
Nucor Corp.		2,341,551		107,758,177
NVIDIA Corp.*		4,308,943		79,543,088
NYSE Euronext (a)		1,934,344		68,030,878
O’Reilly Automotive Inc.*		1,048,642		60,254,969
Occidental Petroleum Corp.		6,031,605		630,242,406
Omnicom Group, Inc.		2,103,958		103,220,179
Oneok Inc.		789,754		52,818,748
Oracle Corp.		28,867,608		963,312,079
Owens-Illinois, Inc.*		1,212,451		36,603,896
PACCAR, Inc.		2,713,617		142,057,850
Pall Corp.		854,164		49,208,388
Parker-Hannifin Corp.		1,202,779		113,879,116
Patterson Cos., Inc.		710,837		22,881,843
Paychex, Inc.		2,386,819		74,850,644
Peabody Energy Corp.		2,009,742		144,621,034
People’s United Financial, Inc.		2,687,788		33,812,373
Pepco Holdings, Inc.		1,661,249		30,982,294
PepsiCo, Inc.		11,772,260		758,251,267
PerkinElmer, Inc.		840,912		22,090,758
Pfizer, Inc.		59,326,862		1,204,928,567
PG&E Corp.		2,944,317		130,079,925
Philip Morris International, Inc.		13,335,170		875,187,207
Pinnacle West Capital Corp.		805,969		34,487,414
Pioneer Natural Resources Co.		864,877		88,148,264
Pitney Bowes, Inc.		1,507,018		38,715,292
Plum Creek Timber Co., Inc.		1,198,227		52,254,679
PNC Financial Services Group, Inc.		3,899,435		245,625,411
Polo Ralph Lauren Corp.		486,165		60,114,302
PPG Industries, Inc.		1,192,465		113,534,593
PPL Corp.		3,583,455		90,661,412
Praxair, Inc.		2,252,029		228,806,146
Precision Castparts Corp.		1,065,739		156,855,466
priceline.com Inc.*		365,030		184,865,793
Principal Financial Group, Inc.		2,375,577		76,279,777
Progress Energy, Inc.		2,172,527		100,240,396
ProLogis		4,219,696		67,430,742
Prudential Financial, Inc.		3,606,218		222,070,904
Public Service Enterprise Group, Inc.		3,749,253		118,138,962
Public Storage, Inc.		1,035,497		114,846,972
Pulte Group, Inc.*		2,502,290		18,516,946
QEP Resources, Inc.		1,303,159		52,830,066
QUALCOMM, Inc.		12,197,045		668,763,977
Quanta Services, Inc.*		1,597,201		35,825,218
Quest Diagnostics, Inc.		1,157,180		66,792,430
Qwest Communications International, Inc.		12,924,174		88,272,108
R.R. Donnelley & Sons Co.		1,528,964		28,927,999
RadioShack Corp.		785,765		11,794,333
Range Resources Corp.		1,186,919		69,387,285
Raytheon Co.		2,670,596		135,853,219

See accompanying notes to financial statements.

SPDR S&P 500 ETF Trust

Schedule of Investments (continued)

March 31, 2011 (Unaudited)


Common Stocks	Shares		Value


Red Hat, Inc.*		1,434,076	$	65,092,710
Regions Financial Corp.		9,308,153		67,577,191
Republic Services, Inc.		2,279,404		68,473,296
Reynolds American, Inc.		2,507,534		89,092,683
Robert Half International, Inc.		1,091,448		33,398,309
Rockwell Automation, Inc.		1,057,402		100,083,099
Rockwell Collins, Inc.		1,151,573		74,656,478
Roper Industries Inc.		708,371		61,245,757
Ross Stores Inc.		884,383		62,897,319
Rowan Cos., Inc.*		936,259		41,363,923
Ryder System, Inc.		380,113		19,233,718
Safeway, Inc.		2,734,001		64,358,384
SAIC, Inc.*		2,176,042		36,818,631
Salesforce.com, Inc.*		876,925		117,139,641
SanDisk Corp.*		1,758,980		81,071,388
Sara Lee Corp.		4,619,173		81,620,787
SCANA Corp.		837,947		32,989,973
Schlumberger, Ltd.		10,098,953		941,828,357
Scripps Networks Interactive (Class A)		668,480		33,484,163
Sealed Air Corp.		1,183,809		31,560,348
Sears Holdings Corp.*		323,235		26,715,373
Sempra Energy		1,779,965		95,228,127
Sherwin-Williams Co.		660,837		55,503,700
Sigma-Aldrich Corp.		906,053		57,661,213
Simon Property Group, Inc.		2,203,571		236,134,668
SLM Corp.*		3,907,203		59,780,206
Snap-on, Inc.		431,314		25,904,719
Southern Co.		6,274,726		239,129,808
Southwest Airlines Co.		5,540,605		69,977,841
Southwestern Energy Co.*		2,583,299		111,004,358
Spectra Energy Corp.		4,803,759		130,566,170
Sprint Nextel Corp.*		22,148,944		102,771,100
St. Jude Medical, Inc.		2,413,341		123,707,860
Stanley Black & Decker, Inc.		1,242,256		95,156,810
Staples, Inc.		5,342,073		103,743,058
Starbucks Corp.		5,535,531		204,537,870
Starwood Hotels & Resorts Worldwide, Inc.		1,427,939		82,991,815
State Street Corp. (a)		3,730,274		167,638,514
Stericycle, Inc.*		631,656		56,008,938
Stryker Corp.		2,497,987		151,877,610
Sunoco, Inc.		894,330		40,772,505
SunTrust Banks, Inc.		3,982,032		114,841,803
SUPERVALU, Inc.		1,572,541		14,042,791
Symantec Corp.*		5,666,166		105,050,718
Sysco Corp.		4,326,575		119,846,127
T. Rowe Price Group, Inc.		1,924,721		127,839,969
Target Corp.		5,254,112		262,758,141
TECO Energy, Inc.		1,591,262		29,852,075
Tellabs, Inc.		2,690,853		14,100,070
Tenet Healthcare Corp.*		3,597,968		26,804,862
Teradata Corp.*		1,242,016		62,970,211
Teradyne, Inc.*		1,377,906		24,540,506
Tesoro Corp.*		1,051,751		28,218,479
Texas Instruments, Inc.		8,701,835		300,735,418
Textron, Inc.		2,037,137		55,797,182
The AES Corp.*		4,909,267		63,820,471
The Allstate Corp.		3,932,872		124,986,672
The Bank of New York Mellon Corp.		9,214,698		275,243,029
The Boeing Co.		5,463,510		403,917,294
The Charles Schwab Corp.		7,420,759		133,796,285
The Coca-Cola Co.		17,024,489		1,129,574,845
The Dow Chemical Co.		8,666,285		327,152,259
The Estee Lauder Cos., Inc. (Class A)		850,853		81,988,195
The Gap, Inc.		3,238,888		73,393,202
The Goldman Sachs Group, Inc.		3,862,328		612,063,118
The Goodyear Tire & Rubber Co.*		1,801,651		26,988,732
The Hershey Co.		1,146,147		62,293,089
The Home Depot, Inc.		12,160,491		450,667,796
The Interpublic Group of Cos., Inc.		3,621,600		45,523,512
The JM Smucker Co.		883,402		63,066,069
The Kroger Co.		4,718,916		113,112,417
The McGraw-Hill Cos., Inc.		2,277,058		89,716,085
The NASDAQ OMX Group, Inc.*		1,102,362		28,485,034
The Procter & Gamble Co.		20,782,595		1,280,207,852
The Progressive Corp.		4,900,893		103,555,869
The Travelers Cos., Inc.		3,200,833		190,385,547
The Walt Disney Co.		14,091,685		607,210,707
The Washington Post Co. (Class B)		39,365		17,224,549
The Western Union Co.		4,802,137		99,740,385
The Williams Cos., Inc.		4,354,868		135,784,784
Thermo Fisher Scientific, Inc.*		2,899,701		161,078,391
Tiffany & Co.		937,684		57,611,305
Time Warner Cable, Inc.		2,547,381		181,730,161
Time Warner, Inc.		8,113,213		289,641,704
Titanium Metals Corp.*		669,468		12,438,715
TJX Cos., Inc.		2,933,270		145,871,517
Torchmark Corp.		578,075		38,430,426
Total System Services, Inc.		1,212,793		21,854,530
Tyco International, Ltd.		3,515,103		157,371,161
Tyson Foods, Inc. (Class A)		2,210,119		42,412,184
U.S. Bancorp		14,261,407		376,928,987
Union Pacific Corp.		3,643,394		358,254,932

See accompanying notes to financial statements.

SPDR S&P 500 ETF Trust

Schedule of Investments (continued)

March 31, 2011 (Unaudited)


Common Stocks	Shares		Value


United Parcel Service, Inc. (Class B)		7,324,742	$	544,374,825
United States Steel Corp.		1,064,916		57,441,569
United Technologies Corp.		6,830,104		578,168,304
UnitedHealth Group, Inc.		8,115,504		366,820,781
Unum Group		2,298,305		60,330,506
Urban Outfitters, Inc.*		954,939		28,485,830
V.F. Corp.		642,404		63,296,066
Valero Energy Corp.		4,227,242		126,056,356
Varian Medical Systems, Inc.*		892,019		60,336,165
Ventas, Inc.		1,211,866		65,804,324
VeriSign, Inc.		1,288,985		46,674,147
Verizon Communications, Inc.		20,985,084		808,765,137
Viacom, Inc. (Class B)		4,432,290		206,190,131
Visa Inc. (Class A)		3,596,097		264,744,661
Vornado Realty Trust		1,214,385		106,258,687
Vulcan Materials Co.		951,939		43,408,418
W.W. Grainger, Inc.		433,274		59,653,164
Wal-Mart Stores, Inc.		14,537,064		756,654,181
Walgreen Co.		6,849,112		274,923,356
Waste Management, Inc.		3,526,006		131,661,064
Waters Corp.*		677,338		58,860,672
Watson Pharmaceuticals, Inc.*		929,122		52,040,123
WellPoint, Inc.		2,784,539		194,332,977
Wells Fargo & Co.		39,090,606		1,239,172,210
Western Digital Corp.*		1,721,286		64,186,755
Weyerhaeuser Co.		3,990,325		98,161,995
Whirlpool Corp.		564,589		48,193,317
Whole Foods Market, Inc.		1,095,775		72,211,573
Windstream Corp.		3,751,242		48,278,485
Wisconsin Energy Corp.		1,733,930		52,884,865
Wyndham Worldwide Corp.		1,286,540		40,924,837
Wynn Resorts, Ltd.		564,840		71,875,890
Xcel Energy, Inc.		3,581,696		85,566,717
Xerox Corp.		10,398,301		110,741,906
Xilinx, Inc.		1,939,799		63,625,407
XL Group PLC		2,306,963		56,751,290
Yahoo!, Inc.*		9,727,839		161,968,519
Yum! Brands, Inc.		3,472,530		178,418,591
Zimmer Holdings, Inc.*		1,425,957		86,313,177
Zions Bancorporation		1,361,167		31,388,511

Total Common Stocks (b) (Cost 87,353,562,440)			$	89,617,452,687

* Non-income producing security


(a)	Affiliated Issuer. See following table for more information.
(b)	The values of the securities of the Trust are determined based on Level 1 inputs. (Note 2)

REIT = Real Estate Investment Trust

Trasactions with Affiliates

SPDR S&P 500 ETF Trust has invested in companies that may be considered affiliates of the Trustee (State Street Corp.) and Sponsor (NYSE Euronext). Amounts related to these investments at March 31, 2011, and for the period then ended are:


	Number														Number
	of Shares														of Shares
	Held at		Cost at		Value at		Purchased				Sold				Held at		Value at		Dividend		Realized
	9/30/10		9/30/10		9/30/10		Cost		Shares		Proceeds		Shares		3/31/11		3/31/11		Income		Gain

State Street Corp.		3,790,256	$	173,797,049	$	142,741,041	$	171,483,799		3,888,336	$	174,181,709		3,948,318		3,730,274	$	167,638,514	$	725,119	$	7,058,192
NYSE Euronext		1,971,626		58,879,912		56,329,355		64,200,817		2,013,624		65,608,712		2,050,906		1,934,344		68,030,878		1,163,787		5,496,393

See accompanying notes to financial statements.

SPDR S&P 500 ETF Trust

Schedule of Investments (continued)

March 31, 2011 (Unaudited)

INDUSTRY BREAKDOWN AS OF MARCH 31, 2011*


INDUSTRY**	VALUE


Oil, Gas & Consumable Fuels	$	9,647,325,800
Pharmaceuticals		4,749,153,634
Computers & Peripherals		3,930,028,765
Diversified Financial Services		3,735,066,503
Insurance		3,442,574,371
Software		3,268,874,699
Media		2,951,282,674
IT Services		2,778,640,617
Commercial Banks		2,596,994,952
Aerospace & Defense		2,499,589,782
Diversified Telecommunication Services		2,442,501,736
Energy Equipment & Services		2,237,232,649
Industrial Conglomerates		2,231,001,622
Semiconductors & Semiconductor Equipment		2,219,890,347
Machinery		2,208,933,780
Capital Markets		2,156,927,538
Beverages		2,150,482,079
Food & Staples Retailing		2,001,067,521
Chemicals		1,921,251,598
Communications Equipment		1,861,457,053
Health Care Providers & Services		1,848,150,655
Household Products		1,843,961,792
Health Care Equipment & Supplies		1,686,803,107
Specialty Retail		1,678,513,297
Internet Software & Services		1,631,115,642
Food Products		1,515,943,687
Electric Utilities		1,512,941,559
Tobacco		1,470,969,338
Hotels, Restaurants & Leisure		1,453,932,907
Real Estate Investment Trusts (REITs)		1,389,308,759
Biotechnology		1,138,895,153
Multi-Utilities		1,119,565,576
Metals & Mining		1,068,077,248
Air Freight & Logistics		933,284,696
Internet & Catalog Retail		772,143,631
Road & Rail		776,758,217
Consumer Finance		684,524,440
Multiline Retail		671,649,718
Automobiles		492,674,922
Electrical Equipment		488,285,607
Textiles, Apparel & Luxury Goods		452,751,573
Commercial Services & Supplies		431,792,565
Life Sciences Tools & Services		426,712,610
Electronic Equipment, Instruments & Components		406,446,106
Household Durables		369,826,695
Wireless Telecommunication Services		287,219,023
Auto Components		235,925,704
Construction & Engineering		180,322,591
Personal Products		168,036,857
Independent Power Producers & Energy Traders		149,406,844
Containers & Packaging		139,205,802
Paper & Forest Products		136,421,064
Trading Companies & Distributors		130,531,090
Leisure Equipment & Products		112,189,514
Office Electronics		110,741,906
Diversified Consumer Services		101,204,242
Professional Services		98,567,202
Thrifts & Mortgage Finance		71,613,315
Gas Utilities		70,951,466
Airlines		69,977,841
Distributors		62,617,190
Health Care Technology		59,254,699
Real Estate Management & Development		57,542,291
Construction Materials		43,408,418
Building Products		37,008,408

TOTAL	$	89,617,452,687


*		SPDR S&P 500 ETF Trust’s industry breakdown is expressed as market value by industry and may change over time.

**		Each security is valued based on Level 1 inputs.

See accompanying notes to financial statements.

SPDR S&P 500 ETF Trust

Statement of Assets and Liabilities

March 31, 2011 (Unaudited)


ASSETS
Investments in unaffiliated issuers, at value	$	89,381,783,295
Investments in affiliated issuers, at value		235,669,392

Total investments		89,617,452,687
Cash		364,134,177
Receivable for investments sold		56,942,578
Dividends receivable — unaffiliated issuers		114,123,145
Dividends receivable — affiliated issuers		685,211

Total Assets		90,153,337,798

LIABILITIES
Payable for investments purchased		74,341,500
Payable for units of fractional undivided interest (“Units”) redeemed in-kind		554,222
Income distribution payable		397,135,534
Accrued trustee expense		2,563,376
Accrued expenses and other liabilities		18,571,735

Total Liabilities		493,166,367

NET ASSETS	$	89,660,171,431

NET ASSETS CONSIST OF:
Paid in Capital (Note 4)	$	96,247,876,300
Distribution in excess of net investment income		(471,714,147	)
Accumulated net realized loss on investments		(8,379,880,969	)
Net unrealized appreciation on investments		2,263,890,247

NET ASSETS	$	89,660,171,431

NET ASSET VALUE PER UNIT	$	132.55

UNITS OUTSTANDING, UNLIMITED UNITS AUTHORIZED, $0.00 PAR VALUE		676,432,116

COST OF INVESTMENTS:
Unaffiliated issuers	$	87,112,436,700
Affiliated issuers		241,125,740

Total Cost of Investments	$	87,353,562,440

See accompanying notes to financial statements.

SPDR S&P 500 ETF Trust

Statements of Operations


	For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended
	March 31, 2011			September 30,			September 30,			September 30,
	(Unaudited)			2010			2009			2008

INVESTMENT INCOME
Dividend income — unaffiliated issuers	$	897,957,096		$	1,516,348,569		$	1,899,322,298		$	1,628,431,147
Dividend income — affiliated issuers		1,888,906			155,923			2,239,900			2,890,454

Total Investment Income		899,846,002			1,516,504,492			1,901,562,198			1,631,321,601

EXPENSES
Trustee expense		24,831,518			40,693,484			37,299,801			36,310,380
S&P license fee		13,982,036			21,931,368			21,492,906			23,977,390
Marketing expense		8,841,701			14,620,912			14,233,147			18,115,010
Legal and audit services		157,498			422,917			277,642			155,059
Other expenses		705,539			1,543,741			1,050,269			2,341,136

Total Expenses		48,518,292			79,212,422			74,353,765			80,898,975
Trustee expense waiver		(6,741,256	)		(10,128,612	)		(7,102,147	)		(6,923,474	)

Net Expenses		41,777,036			69,083,810			67,251,618			73,975,501

NET INVESTMENT INCOME		858,068,966			1,447,420,682			1,834,310,580			1,557,346,100

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investment transactions — unaffiliated issuers		8,300,795,836			16,730,164,234			(44,584,311,986	)		(8,458,807,396	)
Investment transactions — affiliated issuers		12,554,585			8,836,491			(166,785,981	)		19,363,771
Net change in unrealized appreciation (depreciation) on:
Investment transactions — unaffiliated issuers		4,437,117,468			(11,825,602,638	)		29,208,992,488			(12,549,019,477	)
Investment transactions — affiliated issuers		28,150,217			(66,024,806	)		90,665,805			(54,343,615	)

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		12,778,618,106			4,847,373,281			(15,451,439,674	)		(21,042,806,717	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	13,636,687,072		$	6,294,793,963		$	(13,617,129,094	)	$	(19,485,460,617	)

See accompanying notes to financial statements.

SPDR S&P 500 ETF Trust

Statements of Changes in Net Assets


	For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended
	March 31, 2011			September 30,			September 30,			September 30,
	(Unaudited)			2010			2009			2008
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income	$	858,068,966		$	1,447,420,682		$	1,834,310,580		$	1,557,346,100
Net realized gain (loss) on investment transactions		8,313,350,421			16,739,000,725			(44,751,097,967	)		(8,439,443,625	)
Net change in unrealized appreciation (depreciation)		4,465,267,685			(11,891,627,444	)		29,299,658,293			(12,603,363,092	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		13,636,687,072			6,294,793,963			(13,617,129,094	)		(19,485,460,617	)

NET EQUALIZATION CREDITS AND CHARGES		50,272,459			102,137,436			79,929,657			218,645,921

DISTRIBUTIONS TO UNITHOLDERS FROM NET INVESTMENT INCOME		(903,078,136	)		(1,549,861,683	)		(1,938,730,332	)		(1,782,447,532	)


INCREASE (DECREASE) IN NET ASSETS FROM UNIT TRANSACTIONS:
Proceeds from sale of Units		188,279,014,772			400,829,082,743			343,468,772,184			445,910,262,535
Proceeds from reinvestment of distributions		—			2,216,596			12,270,791			13,008,992
Cost of Units repurchased		(189,543,333,679	)		(399,041,216,070	)		(349,232,583,429	)		(410,330,564,199	)
Net income equalization (Note 2)		(50,272,459	)		(102,137,436	)		(79,929,657	)		(218,645,921	)

NET INCREASE (DECREASE) IN NET ASSETS FROM ISSUANCE AND REDEMPTION OF UNITS		(1,314,591,366	)		1,687,945,833			(5,831,470,111	)		35,374,061,407

NET INCREASE (DECREASE) IN NET ASSETS DURING THE PERIOD		11,469,290,029			6,535,015,549			(21,307,399,880	)		14,324,799,179
NET ASSETS AT BEGINNING OF PERIOD		78,190,881,402			71,655,865,853			92,963,265,733			78,638,466,554

NET ASSETS AT END OF PERIOD*	$	89,660,171,431		$	78,190,881,402		$	71,655,865,853		$	92,963,265,733


UNIT TRANSACTIONS:
Units sold		1,501,000,000			3,614,350,000			3,788,050,000			3,304,850,000
Units issued from reinvestment of distributions		—			21,395			135,148			95,213
Units redeemed		(1,509,650,000	)		(3,607,000,000	)		(3,908,300,000	)		(3,022,850,000	)

NET INCREASE (DECREASE)		(8,650,000	)		7,371,395			(120,114,852	)		282,095,213

* Includes undistributed (distribution in excess of) net investment income	$	(471,714,147	)	$	(426,704,977	)	$	(336,373,142	)	$	(439,719,151	)

See accompanying notes to financial statements.

SPDR S&P 500 ETF Trust

Financial Highlights

Selected data for a Unit outstanding throughout each period


	For the Six			For the			For the			For the			For the			For the
	Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	March 31, 2011			September 30,			September 30,			September 30,			September 30,			September 30,
	(Unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of year	$	114.13		$	105.73		$	116.52		$	152.48		$	133.53		$	122.85

Investment Operations:
Net investment income(1)		1.21			2.20			2.32			2.72			2.66			2.32
Net realized and unrealized gain (loss) on investments		18.35			8.24			(10.90	)		(36.28	)		18.75			10.54

Total from investment operations		19.56			10.44			(8.58	)		(33.56	)		21.41			12.86

Net equalization credits and charges(1)		0.07			0.16			0.10			0.38			0.26			0.15

Less distributions from:
Net investment income		(1.21	)		(2.20	)		(2.31	)		(2.78	)		(2.72	)		(2.33	)

Net asset value, end of year	$	132.55		$	114.13		$	105.73		$	116.52		$	152.48		$	133.53

Total investment return(2)		17.21	%		10.08	%		(6.90	)%		(21.84	)%		16.31	%		10.64	%

Ratios and supplemental data
Ratio to average net assets:
Net investment income		1.94	%(5)		1.98	%		2.58	%		1.99	%		1.86	%		1.83	%
Total expenses(3)		0.09	%(5)		0.09	%		0.09	%		0.09	%		0.08	%		0.08	%
Total expenses excluding Trustee earnings credit		0.11	%(5)		0.11	%		0.10	%		0.11	%		0.11	%		0.10	%
Total expenses excluding Trustee earnings credit and fee waivers		0.11	%(5)		0.11	%		0.10	%		0.11	%		0.12	%		0.12	%
Portfolio turnover rate(4)		1.95	%		5.38	%		6.68	%		4.56	%		2.95	%		3.70	%
Net assets, end of year (000’s)	$	89,660,171		$	78,190,881		$	71,655,866		$	92,963,266		$	78,638,467		$	57,585,885


(1)	Per Unit numbers have been calculated using the average shares method, which more appropriately presents per unit data for the period.

(2)	Total return is calculated assuming a purchase of a Unit at net asset value per Unit on the first day and a sale at net asset value per Unit on the last day of each period reported. Distributions are assumed, for the purposes of this calculation, to be reinvested at the net asset value per Unit on the respective payment dates of the Trust. Total return for a period of less than one year is not annualized. Broker commission charges are not included in this calculation.

(3)	Net of expenses waived by the Trustee.

(4)	Portfolio turnover ratio does not include securities received or delivered from processing creations or redemptions of Units.

(5)	Annualized.

See accompanying notes to financial statements.

SPDR S&P 500 ETF Trust

Notes to Financial Statements

March 31, 2011 (Unaudited)


Note 1 —	Organization

SPDR S&P 500 ETF Trust (the “Trust”), formerly the SPDR Trust, Series 1, is a unit investment trust created under the laws of the State of New York and registered under the Investment Company Act of 1940, as amended. The Trust was created to provide investors with the opportunity to purchase a security representing a proportionate undivided interest in a portfolio of securities consisting of substantially all of the component common stocks, in substantially the same weighting, which comprise the Standard & Poor’s 500 Composite Price Index (the “S&P 500 Index”). Each unit of fractional undivided interest in the Trust is referred to as a “Unit”. The Trust commenced operations on January 22, 1993 upon the initial issuance of 150,000 Units (equivalent to three “Creation Units” — see Note 4) in exchange for a portfolio of securities assembled to reflect the intended portfolio composition of the Trust.

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

On February 15, 2011, NYSE Euronext (the parent of the Sponsor) and Deutsche Boerse AG announced that they have entered into a business combination agreement subject to approval by their shareholders as well as approval by the relevant regulatory authorities in the U.S. and Europe, and other closing conditions.


Note 2 —	Significant Accounting Policies

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

The preparation of financial statements in accordance with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Security Valuation

The value of the Trust’s portfolio securities is based on the market price of the securities, which generally means a valuation obtained from an exchange or other market (or based on a price quotation or other equivalent indication of value supplied by an exchange or other market) or a valuation obtained from an independent pricing service. If a security’s market price is not readily available or does not otherwise accurately reflect the fair value of the security, the security will be valued by another method that the Trustee believes will better reflect fair value in accordance with the Trust’s valuation policies and procedures. The Trustee has established a Pricing and Investment Committee (the “Committee”) for the purpose of valuing securities for which market quotations are not readily available or do not otherwise accurately reflect the fair value of the security. The Committee, subject to oversight by the Trustee, may use fair value pricing in a variety of circumstances, including but not limited to, situations when trading in a security has been suspended or halted. Accordingly, the Trust’s net asset value may reflect certain portfolio securities’ fair values rather than their market prices. Fair value pricing involves subjective judgments and it is possible that the fair value determination for a security is materially different than the value that could be received on the sale of the security.

SPDR S&P 500 ETF Trust

Notes to Financial Statements (continued)

March 31, 2011 (Unaudited)


Note 2 —	Significant Accounting Policies – (continued)

The Trust continues to follow the authoritative guidance for fair value measurements and the fair value option for financial assets and financial liabilities. The guidance for the fair value option for financial assets and financial liabilities provides the Trust the irrevocable option to measure many financial assets and liabilities at fair value with changes in fair value recognized in earnings. The guidance also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The guidance establishes three levels of inputs that may be used to measure fair value:


•	Level 1 — quoted prices in active markets for identical investments

•	Level 2 — other significant observable inputs (including, but not limited to, quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•	Level 3 — significant unobservable inputs (including the Trust’s own assumptions in determining the fair value of investments)

Investments that use Level 2 or Level 3 inputs may include, but are not limited to: (i) an unlisted security related to corporate actions; (ii) a restricted security (e.g., one that may not be publicly sold without registration under the Securities Act of 1933, as amended); (iii) a security whose trading has been suspended or which has been de-listed from its primary trading exchange; (iv) a security that is thinly traded; (v) a security in default or bankruptcy proceedings for which there is no current market quotation; (vi) a security affected by currency controls or restrictions; and (vii) a security affected by a significant event (e.g., an event that occurs after the close of the markets on which the security is traded but before the time as of which the Trust’s net assets are computed and that may materially affect the value of the Trust’s investments). Examples of events that may be “significant events” are government actions, natural disasters, armed conflicts, acts of terrorism, and significant market fluctuations.

Fair value pricing could result in a difference between the prices used to calculate the Trust’s net asset value and the prices used by the S&P 500 Index, which, in turn, could result in a difference between the Trust’s performance and the performance of the S&P 500 Index. The inputs or methodology used for valuation are not necessarily an indication of the risk associated with investing in those investments. The type of inputs used to value each security is identified in the Schedule of Investments, which also includes a breakdown of the Trust’s investment by industry.

Subsequent Events

Management has determined that there are no subsequent events or transactions that would have materially impacted the Trust’s financial statements as presented.

Investment Risk

The Trust’s investments are exposed to risks, such as market risk. Due to the level of risk associated with certain investments it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the financial statements.

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

SPDR S&P 500 ETF Trust

Notes to Financial Statements (continued)

March 31, 2011 (Unaudited)


Note 2 —	Significant Accounting Policies – (continued)

an equity security because the security’s issuer was in financial trouble unless that security is removed from the S&P 500 Index.

Investment Transactions

Investment transactions are recorded on the trade date. Realized gains and losses from the sale or disposition of securities are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date.

Distributions to Unitholders

The Trust declares and distributes dividends from net investment income to its unitholders quarterly. The Trust declares and distributes net realized capital gains, if any, at least annually.

Broker-dealers, at their own discretion, may offer a dividend reinvestment service under which additional Units may be purchased in the secondary market at current market prices. Investors should consult their broker-dealer for further information regarding any dividend reinvestment service offered by such broker-dealer.

Equalization

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

U.S. Federal Income Tax

For U.S. federal income tax purposes, the Trust has qualified as a “regulated investment company” under Subchapter M of the Internal Revenue Code of 1986, as amended (a “RIC”) and intends to continue to qualify as a RIC. As a RIC, the Trust will generally not be subject to U.S. federal income tax for any taxable year on income, including net capital gains, that it distributes to the holders of Units, provided that it distributes on a timely basis at least 90% of its “investment company taxable income” (generally, its taxable income other than net capital gain) for such taxable year. In addition, provided that the Trust distributes during each calendar year substantially all of its ordinary income and capital gains, the Trust will not be subject to U.S. federal excise tax.

The Trust has reviewed the tax positions for the open tax years as of September 30, 2010 and has determined that no provision for income tax is required in the Trust’s financial statements. The Trust’s federal tax returns for the prior three fiscal years remain subject to examination by the Trust’s major tax jurisdictions, which include the United States of America and the State of New York.

During the six months ended March 31, 2011, the Trust reclassified $8,434,336,807 of non-taxable net security gains realized from the in-kind redemption of Creation Units (Note 4) as an increase to paid in capital in the Statement of Assets and Liabilities. At March 31, 2011, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, the cost was $87,353,562,440, gross unrealized appreciation was $4,830,499,337 and gross unrealized depreciation was $2,566,609,090, resulting in net unrealized appreciation of $2,263,890,247.

SPDR S&P 500 ETF Trust

Notes to Financial Statements (continued)

March 31, 2011 (Unaudited)


Note 2 —	Significant Accounting Policies – (continued)

At September 30, 2010, the Trust had capital loss carryforwards which may be used to offset any net realized gains, expiring September 30:


2011	$	1,530,834,020
2012		445,024,832
2013		380,379,645
2014		1,174,140,896
2015		1,056,971,322
2016		917,820,735
2017		2,553,965,847
2018		190,637,430


Note 3 —	Transactions with the Trustee and Sponsor

In accordance with the Trust Agreement, the Trustee maintains the Trust’s accounting records, acts as custodian and transfer agent to the Trust, and provides administrative services, including filing of certain regulatory reports. The Trustee is also responsible for determining the composition of the portfolio of securities which must be delivered and/or received in exchange for the issuance and/or redemption of Creation Units of the Trust, and for adjusting the composition of the Trust’s portfolio from time to time to conform to changes in the composition and/or weighting structure of the S&P 500 Index. For these services, the Trustee received a fee at the following annual rates for the six months ended March 31, 2011:


Net asset value of the Trust		Fee as a percentage of net asset value of the Trust

$0 - $499,999,999		10/100 of 1% per annum plus or minus the Adjustment Amount
$500,000,000 - $2,499,999,999		8/100 of 1% per annum plus or minus the Adjustment Amount
$2,500,000,000 - and above		6/100 of 1% per annum plus or minus the Adjustment Amount

The Adjustment Amount is the sum of (a) the excess or deficiency of transaction fees received by the Trustee, less the expenses incurred in processing orders for creation and redemption of Units and (b) the amounts earned by the Trustee with respect to the cash held by the Trustee for the benefit of the Trust. During the six months ended March 31, 2011, the Adjustment Amount reduced the Trustee’s fee by $2,119,030. The Adjustment Amount included an excess of net transaction fees from processing orders of $1,870,013 and a Trustee earnings credit of $249,017. Prior to 2008, the Trustee earnings credit was presented separately on the Statement of Operations.

The Trustee voluntarily agreed to waive a portion of its fee, as needed, for one year through February 1, 2012, so that the total operating expenses would not exceed 9.45/100 of 1% (0.0945%) per annum of the daily net asset value. The total amount of such waivers by the Trustee for the years ended September 30, 2008, September 30, 2009, September 30, 2010 and the six months ended March 31, 2011 was $6,923,474, $7,102,147, $10,128,612 and $6,741,256, respectively. The Trustee has not entered into an agreement with the Trust to recapture waived fees in subsequent periods and the Trustee may discontinue the voluntary waiver.

Standard and Poor’s Financial Services LLC (“S&P”), an affiliate of The McGraw Hill Companies, Inc. and State Street Global Markets, LLC (“SSGM”) have entered into a License Agreement. The License Agreement grants SSGM, an affiliate of the Trustee, a license to use the S&P 500 Index as a basis for determining the composition of the Portfolio and to

SPDR S&P 500 ETF Trust

Notes to Financial Statements (continued)

March 31, 2011 (Unaudited)


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

use certain trade names and trademarks of S&P in connection with the Portfolio. The Trustee, on behalf of the Trust, NYSE Arca, Inc. (“NYSE Arca”) and the Sponsor have each received a sublicense from SSGM and S&P for the use of the S&P 500 Index and such trade names and trademarks in connection with their rights and duties with respect to the Trust. The License Agreement may be amended without the consent of any of the owners of beneficial interests of Units. Currently, the License Agreement is scheduled to terminate on December 31, 2017, but its term may be extended without the consent of any of the owners of beneficial interests of Units. Pursuant to such arrangements and in accordance with the Trust agreement, the Trust reimburses the Sponsor for payment of fees under the License Agreement to S&P equal to 0.03% of the daily size of the Trust (based on Unit closing price and outstanding Units) plus an annual fee of $600,000.

Transactions with Affiliated Issuers

The Trust has invested in companies that may be considered affiliates of the Trustee (State Street Corp.) and Sponsor (NYSE Euronext). Such investments were made according to the representative portion of the S&P 500 Index. The market value of these investments at March 31, 2011 is listed in the Schedule of Investments.


Note 4 —	Shareholder Transactions

Units are issued and redeemed by the Trust only in Creation Unit size aggregations of 50,000 Units. Such transactions are only permitted on an in-kind basis, with a separate cash payment which is equivalent to the undistributed net investment income per Unit (income equalization) and a balancing cash component to equate the transaction to the net asset value per unit of the Trust on the transaction date. A transaction fee of $3,000 is charged in connection with each creation or redemption of Creation Units through the clearing process per participating party per day, regardless of the number of Creation Units created or redeemed. In the case of redemptions outside the clearing process, the Transaction Fee plus an additional amount not to exceed three (3) times the Transaction Fee applicable for one Creation Unit per Creation Unit redeemed, and such amount is deducted from the amount delivered to the redeemer. Transaction fees are received by the Trustee and used to defray the expense of processing orders.


Note 5 —	Investment Transactions

For the six months ended March 31, 2011, the Trust had in-kind contributions, in-kind redemptions, purchases and sales of investment securities of $87,527,226,099, $88,941,243,004, $1,873,994,741, and $1,688,060,005, respectively. Net realized gain (loss) on investment transactions in the Statement of Operations includes net gains resulting from in-kind transactions of $8,434,336,807.

SPDR S&P 500 ETF Trust

Other Information

March 31, 2011 (Unaudited)

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

The table below is provided to compare the Trust’s total pre-tax returns at NAV with the total pre-tax returns based on bid/ask price and the performance of the S&P 500 Index. Past performance is not necessarily an indication of how the Trust will perform in the future.


Cummulative Total Return
	1 Year	5 Year	10 Year

SPDR S&P 500 ETF Trust
Return Based on NAV	15.49%	13.57%	37.29%
Return Based on Bid/Ask Price	15.51%	13.48%	36.85%
S&P 500 Index	15.65%	13.83%	38.28%


Average Annual Total Return
	1 Year	5 Year	10 Year

SPDR S&P 500 ETF Trust
Return Based on NAV	15.49%	2.58%	3.22%
Return Based on Bid/Ask Price	15.51%	2.56%	3.19%
S&P 500 Index	15.65%	2.62%	3.29%


(1)		The Bid/Ask Price is the midpoint of the Consolidated Bid/Ask price at the time the Trust’s NAV is calculated. From April 3, 2001 to November 28, 2008, the Bid/Ask was the Bid/Ask price on the NYSE Amex (formerly the American Stock Exchange), ordinarily 4:00 p.m. Prior to April 3, 2001, the Bid/Ask price was the Bid/Ask price on the close of trading on the American Stock Exchange, ordinarily 4:15 p.m.