nvcsrs

Security, or portion thereof, was on loan at December 31, 2010.

Investments of cash collateral for securities loaned.

Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)

The rate shown is the annualized seven-day yield at period end.

Unless otherwise indicated, the value of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

TABLE OF CONTENTS


Performance & Portfolio Summary
SPDR Dow Jones Total Market ETF (TMW)		1
SPDR Dow Jones Large Cap ETF (ELR)		4
SPDR S&P^® 500 Growth ETF (SPYG) (formerly SPDR Dow Jones Large Cap Growth ETF (ELG))		7
SPDR S&P 500 Value ETF (SPYV) (formerly SPDR Dow Jones Large Cap Value ETF (ELV))		10
SPDR Dow Jones Mid Cap ETF (EMM)		13
SPDR S&P 400 Mid Cap Growth ETF (MDYG) (formerly SPDR Dow Jones Mid Cap Growth ETF (EMG))		16
SPDR S&P 400 Mid Cap Value ETF (MDYV) (formerly SPDR Dow Jones Mid Cap Value ETF (EMV))		19
SPDR S&P 600 Small Cap ETF (SLY) (formerly SPDR Dow Jones Small Cap ETF (DSC))		22
SPDR S&P 600 Small Cap Growth ETF (SLYG) (formerly SPDR Dow Jones Small Cap Growth ETF (DSG))		25
SPDR S&P 600 Small Cap Value ETF (SLYV) (formerly SPDR Dow Jones Small Cap Value ETF (DSV))		28
SPDR DJ Global Titans ETF (DGT)		31
SPDR Dow Jones REIT ETF (RWR)		34
SPDR KBW Bank ETF (KBE)		37
SPDR KBW Capital Markets ETF (KCE)		40
SPDR KBW Insurance ETF (KIE)		43
SPDR KBW Mortgage Finance^(sm) ETF (KME)		46
SPDR KBW Regional Banking^(sm) ETF (KRE)		49
SPDR Morgan Stanley Technology ETF (MTK)		52
SPDR S&P Dividend ETF (SDY)		55
SPDR S&P Biotech ETF (XBI)		58
SPDR S&P Homebuilders ETF (XHB)		61
SPDR S&P Metals & Mining ETF (XME)		64
SPDR S&P Oil & Gas Equipment & Services ETF (XES)		67
SPDR S&P Oil & Gas Exploration & Production ETF (XOP)		70
SPDR S&P Pharmaceuticals ETF (XPH)		73
SPDR S&P Retail ETF (XRT)		76
SPDR S&P Semiconductor ETF (XSD)		79
SPDR Wells Fargo^® Preferred Stock ETF (PSK)		82
Summary Schedules of Investments
SPDR Dow Jones Total Market ETF (TMW)		85
SPDR Dow Jones Large Cap ETF (ELR)		88
SPDR S&P 500 Growth ETF (SPYG)		91
SPDR S&P 500 Value ETF (SPYV)		94
SPDR Dow Jones Mid Cap ETF (EMM)		97
SPDR S&P 400 Mid Cap Growth ETF (MDYG)		100
SPDR S&P 400 Mid Cap Value ETF (MDYV)		103
SPDR S&P 600 Small Cap ETF (SLY)		106
SPDR S&P 600 Small Cap Growth ETF (SLYG)		109
SPDR S&P 600 Small Cap Value ETF (SLYV)		112

SPDR Dow Jones Total Market ETF —
Performance Summary

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

An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund’s performance is negatively impacted by these deductions.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Dow Jones Total Market ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.20%.

PERFORMANCE AS OF DECEMBER 31, 2010




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

					DOW JONES						DOW JONES
	NET ASSET		MARKET		U.S. TOTAL STOCK		NET ASSET		MARKET		U.S. TOTAL STOCK
	VALUE		VALUE		MARKET INDEX		VALUE		VALUE		MARKET INDEX

SIX MONTHS ENDED		24.03%		24.14%		24.52%		N/A		N/A		N/A

ONE YEAR		16.98%		17.14%		17.49%		16.98%		17.14%		17.49%

THREE YEARS		−5.30%		−5.57%		−5.18%		−1.80%		−1.89%		−1.76%

FIVE YEARS		14.74%		14.61%		15.94%		2.79%		2.77%		3.00%

TEN YEARS (1)		20.88%		20.93%		28.66%		1.91%		1.92%		2.55%


(1)		Effective June 14, 2005, the Fund changed its benchmark index to the Dow Jones U.S. Total Stock Market Index from the FORTUNE 500 Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index.

SPDR Dow Jones Total Market ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2010




DESCRIPTION	EXXON MOBIL CORP.	APPLE, INC.	MICROSOFT CORP.	GENERAL ELECTRIC CO.	CHEVRON CORP.

MARKET VALUE	$5,459,285	4,263,598	3,218,618	2,863,958	2,695,525

% OF NET ASSETS	2.7	2.1	1.6	1.4	1.3

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2010*



	PERCENT OF
INDUSTRY	NET ASSETS

Oil, Gas & Consumable Fuels		9.1	%
Pharmaceuticals		4.6
Software		4.1
Computers & Peripherals		4.0
Insurance		4.0
Diversified Financial Services		3.5
Media		3.1
Commercial Banks		2.9
Semiconductors & Semiconductor Equipment		2.9
IT Services		2.7
Machinery		2.7
Diversified Telecommunication Services		2.4
Real Estate Investment Trusts		2.4
Aerospace & Defense		2.3
Capital Markets		2.3
Communications Equipment		2.3
Energy Equipment & Services		2.3
Specialty Retail		2.3
Health Care Providers & Services		2.2
Hotels, Restaurants & Leisure		2.1
Beverages		2.0
Chemicals		2.0
Food & Staples Retailing		2.0
Health Care Equipment & Supplies		2.0
Industrial Conglomerates		2.0
Household Products		1.9
Biotechnology		1.7
Food Products		1.7
Internet Software & Services		1.7
Electric Utilities		1.6
Metals & Mining		1.4
Tobacco		1.4
Electronic Equipment, Instruments & Components		1.0
Multi-Utilities		1.0
Road & Rail		1.0
Air Freight & Logistics		0.9
Multiline Retail		0.9
Electrical Equipment		0.7
Household Durables		0.7
Internet & Catalog Retail		0.7
Commercial Services & Supplies		0.6
Consumer Finance		0.6
Life Sciences Tools & Services		0.6
Textiles, Apparel & Luxury Goods		0.6
Automobiles		0.5
Wireless Telecommunication Services		0.5
Auto Components		0.4
Construction & Engineering		0.3
Diversified Consumer Services		0.3
Paper & Forest Products		0.3
Thrifts & Mortgage Finance		0.3
Airlines		0.2
Containers & Packaging		0.2
Independent Power Producers & Energy Traders		0.2
Leisure Equipment & Products		0.2
Office Electronics		0.2
Personal Products		0.2
Professional Services		0.2
Trading Companies & Distributors		0.2
Building Products		0.1
Construction Materials		0.1
Distributors		0.1
Gas Utilities		0.1
Real Estate Management & Development		0.1
Water Utilities		0.1
Health Care Technology		0.0	**
Marine		0.0	**
Short Term Investments		4.6
Other Assets & Liabilities		(4.3	)

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**		Amount represents less than 0.05% of net assets.

SPDR Dow Jones Large Cap ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (11/8/05, 11/15/05, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Dow Jones Large Cap ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.20%.

PERFORMANCE AS OF DECEMBER 31, 2010

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

DOW JONES U.S.

LARGE-CAP

NET ASSET

MARKET

TOTAL STOCK

NET ASSET

MARKET

TOTAL STOCK

VALUE

MARKET INDEX

VALUE

MARKET INDEX

SIX MONTHS ENDED

23.61%

23.76%

23.83%

N/A

ONE YEAR

15.84%

16.01%

16.07%

15.84%

16.01%

16.07%

THREE YEARS

−7.24%

−7.01%

−7.23%

−2.47%

−2.39%

−2.47%

FIVE YEARS

13.68%

13.81%

14.13%

2.60%

2.62%

2.68%

SINCE INCEPTION (1)

16.84%

16.93%

17.33%

3.07%

3.08%

3.14%


(1)		For the period November 8, 2005 to December 31, 2010.

SPDR Dow Jones Large Cap ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2010




DESCRIPTION	EXXON MOBIL CORP.	APPLE, INC.	MICROSOFT CORP.	GENERAL ELECTRIC CO.	CHEVRON CORP.

MARKET VALUE	$1,223,663	978,002	706,655	647,374	606,904

% OF NET ASSETS	3.0	2.4	1.7	1.6	1.5

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2010*



	PERCENT OF
INDUSTRY	NET ASSETS

Oil, Gas & Consumable Fuels		9.5	%
Pharmaceuticals		5.1
Insurance		4.1
Computers & Peripherals		4.1
Diversified Financial Services		4.0
Software		3.9
IT Services		3.1
Media		3.1
Commercial Banks		2.8
Diversified Telecommunication Services		2.6
Semiconductors & Semiconductor Equipment		2.5
Capital Markets		2.5
Aerospace & Defense		2.3
Chemicals		2.3
Energy Equipment & Services		2.3
Machinery		2.3
Beverages		2.3
Industrial Conglomerates		2.3
Food & Staples Retailing		2.2
Household Products		2.1
Communications Equipment		2.0
Health Care Equipment & Supplies		2.0
Specialty Retail		2.0
Health Care Providers & Services		1.9
Hotels, Restaurants & Leisure		1.9
Real Estate Investment Trusts		1.8
Electric Utilities		1.7
Food Products		1.7
Internet Software & Services		1.7
Tobacco		1.5
Biotechnology		1.4
Metals & Mining		1.3
Multi-Utilities		1.3
Road & Rail		0.9
Electronic Equipment, Instruments & Components		0.9
Internet & Catalog Retail		0.8
Air Freight & Logistics		0.8
Multiline Retail		0.8
Automobiles		0.7
Consumer Finance		0.7
Electrical Equipment		0.7
Commercial Services & Supplies		0.5
Wireless Telecommunication Services		0.5
Life Sciences Tools & Services		0.5
Household Durables		0.5
Textiles, Apparel & Luxury Goods		0.5
Auto Components		0.4
Construction & Engineering		0.3
Containers & Packaging		0.3
Personal Products		0.2
Airlines		0.2
Professional Services		0.2
Gas Utilities		0.2
Paper & Forest Products		0.2
Independent Power Producers & Energy Traders		0.2
Thrifts & Mortgage Finance		0.2
Trading Companies & Distributors		0.2
Diversified Consumer Services		0.1
Office Electronics		0.1
Leisure Equipment & Products		0.1
Real Estate Management & Development		0.1
Construction Materials		0.1
Distributors		0.1
Building Products		0.1
Water Utilities		0.1
Health Care Technology		0.1
Short Term Investments		7.3
Other Assets & Liabilities		(7.2	)

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.

SPDR S&P 500 Growth ETF —
Performance Summary

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P 500 Growth ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.20%.

PERFORMANCE AS OF DECEMBER 31, 2010

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

DOW JONES U.S.

LARGE-CAP

GROWTH TOTAL

S&P 500

NET ASSET

MARKET

STOCK MARKET

S&P 500

NET ASSET

MARKET

STOCK MARKET

GROWTH

VALUE

INDEX

GROWTH INDEX

VALUE

INDEX

SIX MONTHS ENDED (1)

26.25%

26.31%

26.91%

25.04%

N/A

ONE YEAR (1)

16.34%

16.39%

17.03%

15.05%

16.34%

16.39%

17.03%

15.05%

THREE YEARS (1)

−0.28%

−0.60%

0.50%

−1.49%

−0.09%

−0.20%

0.17%

−0.50%

FIVE YEARS (1)

20.33%

21.73%

19.33%

3.77%

4.01%

3.60%

TEN YEARS (1)

−14.57%

−14.60%

5.95%

−1.05%

−1.56%

−1.57%

0.58%

−0.11%


(1)		Effective December 17, 2010, the Fund has changed its benchmark index to the S&P 500 Growth Index from the Dow Jones U.S. Large-Cap Growth Total Stock Market Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index.

SPDR S&P 500 Growth ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2010




			INTERNATIONAL BUSINESS
DESCRIPTION	APPLE, INC.	MICROSOFT CORP.	MACHINES CORP.	THE COCA-COLA CO.	GOOGLE, INC. (CLASS A)

MARKET VALUE	$9,602,934	6,835,347	5,929,104	4,965,635	4,817,691

% OF NET ASSETS	5.0	3.6	3.1	2.6	2.5

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2010*



	PERCENT OF
INDUSTRY	NET ASSETS

Software		7.5	%
Computers & Peripherals		7.5
Pharmaceuticals		6.0
IT Services		5.1
Beverages		4.8
Media		4.0
Oil, Gas & Consumable Fuels		3.7
Semiconductors & Semiconductor Equipment		3.6
Internet Software & Services		3.5
Energy Equipment & Services		3.5
Hotels, Restaurants & Leisure		3.1
Communications Equipment		3.1
Machinery		3.1
Aerospace & Defense		2.9
Household Products		2.5
Chemicals		2.4
Diversified Telecommunication Services		2.4
Tobacco		2.3
Health Care Equipment & Supplies		2.3
Biotechnology		2.1
Specialty Retail		1.8
Real Estate Investment Trusts		1.8
Metals & Mining		1.7
Internet & Catalog Retail		1.6
Health Care Providers & Services		1.6
Food Products		1.6
Commercial Banks		1.4
Capital Markets		1.1
Textiles, Apparel & Luxury Goods		1.0
Air Freight & Logistics		1.0
Multiline Retail		0.9
Road & Rail		0.9
Electronic Equipment, Instruments & Components		0.8
Industrial Conglomerates		0.7
Electrical Equipment		0.7
Automobiles		0.7
Life Sciences Tools & Services		0.6
Consumer Finance		0.4
Wireless Telecommunication Services		0.4
Commercial Services & Supplies		0.4
Personal Products		0.4
Trading Companies & Distributors		0.3
Insurance		0.3
Diversified Financial Services		0.3
Multi-Utilities		0.2
Electric Utilities		0.2
Leisure Equipment & Products		0.2
Household Durables		0.2
Professional Services		0.1
Diversified Consumer Services		0.1
Food & Staples Retailing		0.1
Construction & Engineering		0.1
Health Care Technology		0.1
Containers & Packaging		0.1
Real Estate Management & Development		0.1
Airlines		0.1
Thrifts & Mortgage Finance		0.1
Short Term Investments		1.7
Other Assets & Liabilities		(1.2	)

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.

SPDR S&P 500 Value ETF —
Performance Summary

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P 500 Value ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.20%.

PERFORMANCE AS OF DECEMBER 31, 2010




	CUMULATIVE TOTAL RETURN								AVERAGE ANNUAL TOTAL RETURN

					DOW JONES U.S.								DOW JONES U.S.
					LARGE-CAP VALUE								LARGE-CAP VALUE		S&P 500
	NET ASSET		MARKET		TOTAL STOCK		S&P 500 VALUE		NET ASSET		MARKET		TOTAL STOCK		VALUE
	VALUE		VALUE		MARKET INDEX		INDEX		VALUE		VALUE		MARKET INDEX		INDEX

SIX MONTHS ENDED (1)		21.38%		21.53%		21.08%		21.54%		N/A		N/A		N/A		N/A

ONE YEAR (1)		15.39%		15.47%		15.16%		15.10%		15.39%		15.47%		15.16%		15.10%

THREE YEARS (1)		−14.13%		−13.97%		−14.45%		−15.23%		−4.95%		−4.89%		−5.07%		−5.36%

FIVE YEARS (1)		6.14%		6.15%		6.17%		4.44%		1.20%		1.20%		1.21%		0.87%

TEN YEARS (1)		22.73%		22.81%		34.25%		30.39%		2.07%		2.08%		2.99%		2.69%


(1)		Effective December 17, 2010, the Fund has changed its benchmark index to the S&P 500 Value Index from the Dow Jones U.S. Large-Cap Value Total Stock Market Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index.

SPDR S&P 500 Value ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2010




	EXXON MOBIL	GENERAL	CHEVRON	JPMORGAN	PFIZER,
DESCRIPTION	CORP.	ELECTRIC CO.	CORP.	CHASE & CO.	INC.

MARKET VALUE	$11,064,226	5,847,404	5,511,865	4,974,763	4,208,178

% OF NET ASSETS	6.6	3.5	3.3	3.0	2.5

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2010*



	PERCENT OF
INDUSTRY	NET ASSETS

Oil, Gas & Consumable Fuels		16.3	%
Diversified Financial Services		8.5
Insurance		7.7
Pharmaceuticals		4.8
Food & Staples Retailing		4.7
Commercial Banks		4.6
Industrial Conglomerates		4.3
Capital Markets		4.1
Electric Utilities		3.4
Diversified Telecommunication Services		3.1
Aerospace & Defense		2.4
Multi-Utilities		2.4
Health Care Providers & Services		2.3
Specialty Retail		2.2
Media		2.1
Household Products		1.9
Food Products		1.9
Chemicals		1.7
Machinery		1.5
Semiconductors & Semiconductor Equipment		1.4
Communications Equipment		1.3
Computers & Peripherals		1.2
Air Freight & Logistics		1.2
Consumer Finance		1.0
Health Care Equipment & Supplies		1.0
Real Estate Investment Trusts		1.0
Tobacco		0.8
Energy Equipment & Services		0.8
Road & Rail		0.8
Metals & Mining		0.7
Multiline Retail		0.7
Household Durables		0.7
IT Services		0.6
Commercial Services & Supplies		0.5
Automobiles		0.5
Auto Components		0.5
Biotechnology		0.5
Paper & Forest Products		0.5
Electrical Equipment		0.3
Independent Power Producers & Energy Traders		0.3
Electronic Equipment, Instruments & Components		0.3
Software		0.3
Office Electronics		0.3
Internet Software & Services		0.3
Construction & Engineering		0.3
Hotels, Restaurants & Leisure		0.2
Wireless Telecommunication Services		0.2
Beverages		0.2
Containers & Packaging		0.2
Life Sciences Tools & Services		0.2
Gas Utilities		0.1
Thrifts & Mortgage Finance		0.1
Distributors		0.1
Construction Materials		0.1
Airlines		0.1
Professional Services		0.1
Building Products		0.1
Leisure Equipment & Products		0.1
Diversified Consumer Services		0.1
Textiles, Apparel & Luxury Goods		0.1
Short Term Investments		2.4
Other Assets & Liabilities		(2.1	)

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.

SPDR Dow Jones Mid Cap ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (11/8/05, 11/15/05, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Dow Jones Mid Cap ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.25%.

PERFORMANCE AS OF DECEMBER 31, 2010




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

					DOW JONES						DOW JONES
					U.S. MID-CAP						U.S. MID-CAP
	NET ASSET		MARKET		TOTAL STOCK		NET ASSET		MARKET		TOTAL STOCK
	VALUE		VALUE		MARKET INDEX		VALUE		VALUE		MARKET INDEX

SIX MONTHS ENDED		27.75%		27.98%		27.99%		N/A		N/A		N/A

ONE YEAR		25.01%		25.21%		25.39%		25.01%		25.21%		25.39%

THREE YEARS		10.45%		10.33%		10.81%		3.37%		3.33%		3.48%

FIVE YEARS		32.10%		31.72%		32.81%		5.73%		5.66%		5.84%

SINCE INCEPTION (1)		37.88%		38.05%		38.67%		6.44%		6.46%		6.56%


(1)		For the period November 8, 2005 to December 31, 2010.

SPDR Dow Jones Mid Cap ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2010




	CONCHO			UNITED CONTINENTAL	ALEXION
DESCRIPTION	RESOURCES, INC.	BORGWARNER, INC.	TIFFANY & CO.	HOLDINGS, INC.	PHARMACEUTICALS, INC.

MARKET VALUE	$314,998	314,621	300,204	287,483	275,239

% OF NET ASSETS	0.5	0.5	0.5	0.5	0.5

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2010*



	PERCENT OF
INDUSTRY	NET ASSETS

Real Estate Investment Trusts		7.0	%
Insurance		5.9
Machinery		4.4
Specialty Retail		4.4
Oil, Gas & Consumable Fuels		4.3
Software		3.5
Commercial Banks		3.2
Chemicals		3.0
Semiconductors & Semiconductor Equipment		3.0
Electronic Equipment, Instruments & Components		2.6
Energy Equipment & Services		2.6
Capital Markets		2.5
Household Durables		2.5
Health Care Equipment & Supplies		2.4
Health Care Providers & Services		2.4
Media		2.3
Multi-Utilities		2.3
Electric Utilities		2.2
Commercial Services & Supplies		2.1
Containers & Packaging		2.1
Biotechnology		2.0
Hotels, Restaurants & Leisure		2.0
Metals & Mining		2.0
Gas Utilities		1.8
Professional Services		1.7
Auto Components		1.6
Construction & Engineering		1.6
IT Services		1.6
Electrical Equipment		1.5
Food Products		1.5
Communications Equipment		1.3
Road & Rail		1.2
Life Sciences Tools & Services		1.1
Computers & Peripherals		1.0
Internet Software & Services		1.0
Pharmaceuticals		1.0
Industrial Conglomerates		0.9
Airlines		0.8
Diversified Consumer Services		0.8
Wireless Telecommunication Services		0.8
Aerospace & Defense		0.7
Real Estate Management & Development		0.7
Diversified Financial Services		0.6
Textiles, Apparel & Luxury Goods		0.6
Beverages		0.5
Building Products		0.5
Paper & Forest Products		0.5
Personal Products		0.5
Thrifts & Mortgage Finance		0.5
Water Utilities		0.5
Construction Materials		0.3
Diversified Telecommunication Services		0.3
Food & Staples Retailing		0.3
Household Products		0.3
Distributors		0.2
Health Care Technology		0.2
Marine		0.2
Trading Companies & Distributors		0.2
Air Freight & Logistics		0.1
Multiline Retail		0.1
Office Electronics		0.1
Consumer Finance		0.0	**
Short Term Investments		27.9
Other Assets & Liabilities		(27.7	)

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**		Amount shown represents less than 0.05% of net assets.

SPDR S&P 400 Mid Cap Growth ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (11/8/05, 11/15/05, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P 400 Mid Cap Growth ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.25%.

PERFORMANCE AS OF DECEMBER 31, 2010




	CUMULATIVE TOTAL RETURN								AVERAGE ANNUAL TOTAL RETURN

					DOW JONES U.S.								DOW JONES U.S.		S&P
					MID-CAP GROWTH		S&P						MID-CAP GROWTH		MIDCAP 400
	NET ASSET		MARKET		TOTAL STOCK		MIDCAP 400		NET ASSET		MARKET		TOTAL STOCK		GROWTH
	VALUE		VALUE		MARKET INDEX		GROWTH INDEX		VALUE		VALUE		MARKET INDEX		INDEX

SIX MONTHS ENDED (1)		31.17%		31.33%		32.59%		31.49%		N/A		N/A		N/A		N/A

ONE YEAR (1)		26.70%		26.83%		28.21%		30.57%		26.70%		26.83%		28.21%		30.57%

THREE YEARS (1)		15.06%		14.84%		16.38%		14.92%		4.79%		4.72%		5.19%		4.74%

FIVE YEARS (1)		42.23%		42.39%		44.43%		38.01%		7.30%		7.32%		7.63%		6.65%

SINCE INCEPTION (1)(2)		48.45%		48.58%		50.84%		42.96%		7.98%		8.00%		8.31%		7.19%


(1)		Effective December 17, 2010, the Fund has changed its benchmark index to the S&P MidCap 400 Growth Index from the Dow Jones U.S. Mid-Cap Growth Total Stock Market Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index.
(2)		For the period November 8, 2005 to December 31, 2010.

SPDR S&P 400 Mid Cap Growth ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2010




	EDWARDS	JOY	BUCYRUS		LUBRIZOL
DESCRIPTION	LIFESCIENCES CORP.	GLOBAL, INC.	INTERNATIONAL, INC.	CREE, INC.	CORP.

MARKET VALUE	$1,190,935	1,156,117	929,760	922,855	905,915

% OF NET ASSETS	1.7	1.6	1.3	1.3	1.3

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2010*



	PERCENT OF
INDUSTRY	NET ASSETS

Real Estate Investment Trust		7.9	%
Software		7.9
Machinery		7.4
Specialty Retail		6.5
Health Care Equipment & Supplies		6.1
Semiconductors & Semiconductor Equipment		5.2
Hotels, Restaurants & Leisure		3.5
IT Services		3.2
Health Care Providers & Services		3.1
Textiles, Apparel & Luxury Goods		3.0
Chemicals		2.9
Communications Equipment		2.9
Oil, Gas & Consumable Fuels		2.8
Electrical Equipment		2.6
Capital Markets		2.2
Electronic Equipment, Instruments & Components		2.2
Energy Equipment & Services		2.1
Pharmaceuticals		2.0
Commercial Services & Supplies		1.7
Auto Components		1.6
Internet Software & Services		1.6
Diversified Consumer Services		1.4
Food Products		1.4
Multiline Retail		1.3
Biotechnology		1.2
Life Sciences Tools & Services		1.2
Media		1.0
Containers & Packaging		0.9
Road & Rail		0.9
Diversified Financial Services		0.8
Household Products		0.8
Aerospace & Defense		0.7
Beverages		0.7
Health Care Technology		0.7
Distributors		0.6
Metals & Mining		0.6
Real Estate Management & Development		0.6
Diversified Telecommunication Services		0.5
Gas Utilities		0.5
Household Durables		0.5
Insurance		0.5
Leisure Equipment & Products		0.5
Professional Services		0.5
Trading Companies & Distributors		0.5
Commercial Banks		0.4
Office Electronics		0.4
Wireless Telecommunication Services		0.4
Construction Materials		0.3
Electric Utilities		0.3
Personal Products		0.3
Water Utilities		0.3
Airlines		0.2
Building Products		0.2
Marine		0.2
Multi-Utilities		0.1
Short Term Investments		3.3
Other Assets & Liabilities		(3.1	)

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.

SPDR S&P 400 Mid Cap Value ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (11/8/05, 11/15/05, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P 400 Mid Cap Value ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.25%.

PERFORMANCE AS OF DECEMBER 31, 2010




	CUMULATIVE TOTAL RETURN								AVERAGE ANNUAL TOTAL RETURN

					DOW JONES U.S.		S&P						DOW JONES U.S.		S&P
					MID-CAP VALUE		MIDCAP 400						MID-CAP VALUE		MIDCAP 400
	NET ASSET		MARKET		TOTAL STOCK		VALUE		NET ASSET		MARKET		TOTAL STOCK		VALUE
	VALUE		VALUE		MARKET INDEX		INDEX		VALUE		VALUE		MARKET INDEX		INDEX

SIX MONTHS ENDED (1)		22.32%		22.37%		22.45%		25.28%		N/A		N/A		N/A		N/A

ONE YEAR (1)		21.69%		21.77%		21.88%		22.78%		21.69%		21.77%		21.88%		22.78%

THREE YEARS (1)		4.70%		4.50%		4.93%		6.93%		1.54%		1.48%		1.62%		2.26%

FIVE YEARS (1)		19.01%		19.12%		19.85%		25.81%		3.54%		3.56%		3.69%		4.70%

SINCE INCEPTION (1)(2)		24.22%		24.27%		25.11%		29.63%		4.30%		4.31%		4.45%		5.18%


(1)		Effective December 17, 2010, the Fund has changed its benchmark index to the S&P MidCap 400 Value Index from the Dow Jones U.S. Mid-Cap Value Total Stock Market Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index.
(2)		For the period November 8, 2005 to December 31, 2010.

SPDR S&P 400 Mid Cap Value ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2010




	NEW YORK COMMUNITY	PRIDE INTERNATIONAL,			EVEREST RE
DESCRIPTION	BANCORP, INC.	INC.	MANPOWER, INC.	AVNET, INC.	GROUP, LTD.

MARKET VALUE	$396,868	280,698	247,902	243,134	224,858

% OF NET ASSETS	1.5	1.0	0.9	0.9	0.8

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2010*



	PERCENT OF
INDUSTRY	NET ASSETS

Insurance		7.4	%
Real Estate Investment Trusts		7.2
Commercial Banks		6.8
Machinery		5.6
Oil, Gas & Consumable Fuels		4.0
Chemicals		3.8
Gas Utilities		3.6
Multi-Utilities		3.4
Electronic Equipment, Instruments & Components		3.3
Health Care Providers & Services		3.2
Electric Utilities		3.0
Energy Equipment & Services		2.9
Thrifts & Mortgage Finance		2.8
Construction & Engineering		2.7
Capital Markets		2.5
Household Durables		2.4
Containers & Packaging		2.2
Health Care Equipment & Supplies		2.2
Metals & Mining		2.1
Specialty Retail		2.1
Food Products		1.8
Professional Services		1.7
Commercial Services & Supplies		1.6
Road & Rail		1.5
Electrical Equipment		1.4
IT Services		1.4
Semiconductors & Semiconductor Equipment		1.4
Life Sciences Tools & Services		1.1
Hotels, Restaurants & Leisure		1.0
Household Products		1.0
Software		1.0
Computers & Peripherals		0.8
Diversified Consumer Services		0.8
Food & Staples Retailing		0.8
Trading Companies & Distributions		0.8
Biotechnology		0.7
Airlines		0.6
Auto Components		0.6
Media		0.6
Wireless Telecommunication Services		0.6
Construction Materials		0.5
Internet Software & Services		0.5
Marine		0.5
Aerospace & Defense		0.4
Industrial Conglomerates		0.4
Multiline Retail		0.4
Textiles, Apparel & Luxury Goods		0.4
Communications Equipment		0.3
Water Utilities		0.3
Automobiles		0.2
Building Products		0.2
Leisure Equipment & Products		0.2
Paper & Forest Products		0.2
Personal Products		0.2
Tobacco		0.2
Diversified Telecommunication Services		0.1
Independent Power Producers & Energy Traders		0.1
Short Term Investments		26.7
Other Assets & Liabilities		(26.2	)

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.

SPDR S&P 600 Small Cap ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (11/8/05, 11/15/05, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund share. The total expense ratio for SPDR S&P 600 Small Cap ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.25%. As of December 17, 2010, the total expense ratio for SPDR S&P 600 Small Cap ETF was decreased to 0.20% as reflected in the prospectus as supplemented December 17, 2010.

PERFORMANCE AS OF DECEMBER 31, 2010




	CUMULATIVE TOTAL RETURN								AVERAGE ANNUAL TOTAL RETURN

					DOW JONES U.S.		S&P						DOW JONES U.S.		S&P
					SMALL-CAP		SMALLCAP						SMALL-CAP		SMALLCAP
	NET ASSET		MARKET		TOTAL STOCK		600		NET ASSET		MARKET		TOTAL STOCK		600
	VALUE		VALUE		MARKET INDEX		INDEX		VALUE		VALUE		MARKET INDEX		INDEX

SIX MONTHS ENDED (1)		28.77%		28.88%		29.97%		27.43%		N/A		N/A		N/A		N/A

ONE YEAR (1)		27.38%		27.66%		28.61%		26.31%		27.38%		27.66%		28.61%		26.31%

THREE YEARS (1)		12.47%		12.30%		13.62%		9.32%		4.00%		3.94%		4.35%		3.01%

FIVE YEARS (1)		33.34%		33.62%		35.44%		25.48%		5.92%		5.97%		6.25%		4.64%

SINCE INCEPTION (1)(2)		38.13%		38.27%		40.39%		27.21%		6.48%		6.50%		6.82%		4.79%


(1)		Effective December 17, 2010, the Fund changed its benchmark index to the S&P SmallCap 600 Index from the Dow Jones U.S. Small-Cap Total Stock Market Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index.
(2)		For the period November 8, 2005 to December 31, 2010.

SPDR S&P 600 Small Cap ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2010




	OIL STATES	CYPRESS	SALIX
	INTERNATIONAL,	SEMICONDUCTOR	PHARMACEUTICALS,	VARIAN SEMICONDUCTOR	THE COOPER
DESCRIPTION	INC.	CORP.	LTD.	EQUIPMENT ASSOCIATES, INC.	COS., INC.

MARKET VALUE	$438,119	419,425	372,956	371,881	352,294

% OF NET ASSETS	0.7	0.6	0.6	0.6	0.5

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2010*



	PERCENT OF
INDUSTRY	NET ASSETS

Real Estate Investment Trusts		7.6	%
Commercial Banks		5.9
Semiconductors & Semiconductor Equipment		5.9
Health Care Providers & Services		4.9
Specialty Retail		4.2
Machinery		4.1
Electronic Equipment, Instruments & Components		4.0
Health Care Equipment & Supplies		3.9
Software		3.9
Energy Equipment & Services		3.2
Hotels, Restaurants & Leisure		3.0
Aerospace & Defense		2.9
Commercial Services & Supplies		2.5
Insurance		2.5
Communications Equipment		2.4
Textiles, Apparel & Luxury Goods		2.4
Oil, Gas & Consumable Fuels		2.2
Chemicals		2.0
Gas Utilities		1.9
Food Products		1.8
IT Services		1.7
Biotechnology		1.3
Diversified Consumer Services		1.3
Electrical Equipment		1.3
Building Products		1.2
Internet Software & Services		1.2
Pharmaceuticals		1.2
Electric Utilities		1.1
Capital Markets		1.0
Food & Staples Retailing		1.0
Household Durables		1.0
Leisure Equipment & Products		1.0
Paper & Forest Products		1.0
Professional Services		1.0
Computers & Peripherals		0.9
Construction & Engineering		0.9
Consumer Finance		0.9
Life Sciences Tools & Services		0.9
Metals & Mining		0.9
Road & Rail		0.8
Construction Materials		0.6
Internet & Catalog Retail		0.6
Media		0.6
Multi-Utilities		0.6
Thrifts & Mortgage Finance		0.5
Air Freight & Logistics		0.4
Diversified Financial Services		0.4
Diversified Telecommunication Services		0.4
Trading Companies & Distributors		0.4
Airlines		0.3
Auto Components		0.3
Household Products		0.3
Beverages		0.2
Health Care Technology		0.2
Industrial Conglomerates		0.2
Multiline Retail		0.2
Wireless Telecommunication Services		0.2
Automobiles		0.1
Containers & Packaging		0.1
Personal Products		0.1
Real Estate Management & Development		0.1
Tobacco		0.1
Water Utilities		0.1
Distributors		0.0	**
Short Term Investments		27.1
Other Assets & Liabilities		(26.9	)

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**		Represents less than 0.05%.

SPDR S&P 600 Small Cap Growth Etf —
Performance Summary

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund share. The total expense ratio for SPDR S&P 600 Small Cap Growth ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.25%.

PERFORMANCE AS OF DECEMBER 31, 2010




	CUMULATIVE TOTAL RETURN								AVERAGE ANNUAL TOTAL RETURN

					DOW JONES								DOW JONES
					U.S. SMALL-								U.S. SMALL-
					CAP		S&P						CAP		S&P
					GROWTH		SMALLCAP						GROWTH		SMALLCAP
					TOTAL STOCK		600						TOTAL STOCK		600
	NET ASSET		MARKET		MARKET		GROWTH		NET ASSET		MARKET		MARKET		GROWTH
	VALUE		VALUE		INDEX		INDEX		VALUE		VALUE		INDEX		INDEX

SIX MONTHS ENDED (1)		32.32%		32.45%		34.09%		28.23%		N/A		N/A		N/A		N/A

ONE YEAR (1)		30.23%		30.43%		31.97%		27.99%		30.23%		30.43%		31.97%		27.99%

THREE YEARS (1)		12.84%		12.59%		14.25%		10.16%		4.11%		4.03%		4.54%		3.28%

FIVE YEARS (1)		38.01%		37.91%		40.48%		28.59%		6.66%		6.64%		7.03%		5.16%

TEN YEARS (1)		42.36%		42.41%		82.05%		103.42%		3.60%		3.60%		6.17%		7.36%


(1)		Effective December 17, 2010, the Fund has changed its benchmark index to the S&P SmallCap 600 Growth Index from the Dow Jones U.S. Small-Cap Growth Total Stock Market Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index.

SPDR S&P 600 Small Cap Growth ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2010




	OIL STATES	CYPRESS	SALIX	THE COOPER	REGENERON
DESCRIPTION	INTERNATIONAL, INC.	SEMINCONDUCTOR CORP.	PHARMACEUTICALS, LTD.	COS., INC.	PHARMACEUTICALS, INC.

MARKET VALUE	$2,368,062	2,252,918	1,991,104	1,878,545	1,745,735

% OF NET ASSETS	1.4	1.3	1.1	1.1	1.0

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2010*



	PERCENT OF
INDUSTRY	NET ASSETS

Semiconductors & Semiconductor Equipment		8.5	%
Real Estate Investment Trusts		7.6
Software		7.2
Health Care Providers & Services		6.0
Health Care Equipment & Supplies		5.9
Specialty Retail		4.7
Hotels, Restaurants & Leisure		4.2
Energy Equipment & Services		3.5
Textiles, Apparel & Luxury Goods		3.5
Electronic Equipment, Instruments & Components		3.1
Machinery		2.6
Communications Equipment		2.5
Pharmaceuticals		2.4
Food Products		2.3
Diversified Consumer Services		2.2
IT Services		2.2
Biotechnology		2.0
Commercial Banks		1.9
Commercial Services & Supplies		1.8
Consumer Finance		1.8
Internet Software & Services		1.8
Aerospace & Defense		1.6
Chemicals		1.6
Life Sciences Tools & Services		1.5
Oil, Gas & Consumable Fuels		1.3
Capital Markets		1.2
Computers & Peripherals		1.2
Paper & Forest Products		1.2
Electrical Equipment		1.1
Internet & Catalog Retail		1.1
Gas Utilities		0.8
Diversified Telecommunication Services		0.7
Professional Services		0.7
Road & Rail		0.7
Food & Staples Retailing		0.6
Household Durables		0.6
Leisure Equipment & Products		0.6
Metals & Mining		0.6
Diversified Financial Services		0.5
Insurance		0.5
Media		0.5
Air Freight & Logistics		0.4
Beverages		0.4
Building Products		0.4
Airlines		0.3
Health Care Technology		0.3
Construction Materials		0.2
Electric Utilities		0.2
Personal Products		0.2
Real Estate Management & Development		0.2
Thrifts & Mortgage Finance		0.2
Wireless Telecommunication Services		0.2
Auto Components		0.1
Construction & Engineering		0.1
Household Products		0.1
Water Utilities		0.1
Short Term Investments		12.8
Other Assets & Liabilities		(12.5	)

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.

SPDR S&P 600 Small Cap Value ETF —
Performance Summary

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund share. The total expense ratio for SPDR S&P 600 Small Cap Value ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.25%.

PERFORMANCE AS OF DECEMBER 31, 2010




	CUMULATIVE TOTAL RETURN								AVERAGE ANNUAL TOTAL RETURN

					DOW JONES								DOW JONES
					U.S.		S&P						U.S.		S&P
					SMALL-CAP VALUE		SMALLCAP						SMALL-CAP		SMALLCAP
					TOTAL STOCK		600						VALUE		600
	NET ASSET		MARKET		MARKET		VALUE		NET ASSET		MARKET		TOTAL STOCK MARKET		VALUE
	VALUE		VALUE		INDEX		INDEX		VALUE		VALUE		INDEX		INDEX

SIX MONTHS ENDED		24.81%		24.92%		25.54%		26.63%		N/A		N/A		N/A		N/A

ONE YEAR		24.21%		24.30%		24.98%		24.72%		24.21%		24.30%		24.98%		24.72%

THREE YEARS		12.67%		12.44%		13.00%		8.01%		4.06%		3.99%		4.16%		2.60%

FIVE YEARS		29.13%		29.33%		30.04%		21.99%		5.25%		5.28%		5.39%		4.06%

TEN YEARS (1)		151.85%		151.97%		147.54%		112.21%		9.68%		9.68%		9.49%		7.81%


(1)		Effective December 17, 2010, the Fund has changed its benchmark index to the S&P SmallCap 600 Value Index from the Dow Jones U.S. Small-Cap Value Total Stock Market Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index.

SPDR S&P 600 Small Cap Value ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2010




	WORLD FUEL SERVICES	ESTERLINE	EMCOR GROUP,	PROASSURANCE	ACTUANT CORP.
DESCRIPTION	CORP.	TECHNOLOGIES CORP.	INC.	CORP.	(CLASS A)

MARKET VALUE	$1,366,848	1,131,255	1,057,770	1,018,868	992,926

% OF NET ASSETS	1.0	0.8	0.8	0.8	0.7

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2010*



	PERCENT OF
INDUSTRY	NET ASSETS

Commercial Banks		9.8	%
Real Estate Investment Trusts		7.7
Machinery		5.4
Electronic Equipment, Instruments & Components		4.8
Insurance		4.4
Aerospace & Defense		4.1
Specialty Retail		3.8
Health Care Providers & Services		3.7
Semiconductors & Semiconductor Equipment		3.4
Commercial Services & Supplies		3.1
Gas Utilities		3.0
Oil, Gas & Consumable Fuels		3.0
Energy Equipment & Services		2.8
Chemicals		2.5
Communications Equipment		2.2
Building Products		2.0
Electric Utilities		2.0
Health Care Equipment & Supplies		1.9
Hotels, Restaurants & Leisure		1.8
Construction & Engineering		1.6
Electrical Equipment		1.5
Household Durables		1.5
Food & Staples Retailing		1.4
Textiles, Apparel & Luxury Goods		1.4
Food Products		1.3
Leisure Equipment & Products		1.3
Metals & Mining		1.3
Multi-Utilities		1.3
Professional Services		1.3
IT Services		1.2
Construction Materials		1.0
Road & Rail		1.0
Thrifts & Mortgage Finance		0.9
Trading Companies & Distributors		0.9
Media		0.8
Paper & Forest Products		0.8
Capital Markets		0.7
Internet Software & Services		0.7
Software		0.7
Biotechnology		0.6
Computers & Peripherals		0.6
Air Freight & Logistics		0.5
Auto Components		0.5
Diversified Consumer Services		0.5
Airlines		0.4
Diversified Financial Services		0.3
Household Products		0.3
Industrial Conglomerates		0.3
Life Sciences Tools & Services		0.3
Multiline Retail		0.3
Automobiles		0.2
Wireless Telecommunication Services		0.2
Containers & Packaging		0.1
Distributors		0.1
Diversified Telecommunication Services		0.1
Health Care Technology		0.1
Internet & Catalog Retail		0.1
Real Estate Management & Development		0.1
Tobacco		0.1
Water Utilities		0.1
Short Term Investments		9.7
Other Assets & Liabilities		(9.5	)

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.

SPDR DJ Global Titans ETF —
Performance Summary

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund share. The total expense ratio for SPDR DJ Global Titans ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.50%.

PERFORMANCE AS OF DECEMBER 31, 2010

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

DOW JONES

NET ASSET

MARKET

GLOBAL TITANS 50

NET ASSET

MARKET

GLOBAL TITANS 50

VALUE

INDEX

VALUE

INDEX

SIX MONTHS ENDED

21.58%

21.95%

21.59%

N/A

ONE YEAR

4.73%

5.08%

4.57%

4.73%

5.08%

4.57%

THREE YEARS

−19.52%

−19.25%

−19.98%

−6.98%

−6.88%

−7.16%

FIVE YEARS

2.18%

2.29%

2.44%

0.43%

0.45%

0.48%

TEN YEARS

−5.90%

−5.50%

−3.14%

−0.61%

−0.56%

−0.32%

SPDR DJ Global Titans ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2010




	EXXON			GENERAL
DESCRIPTION	MOBIL CORP.	APPLE, INC.	MICROSOFT CORP.	ELECTRIC CO.	NESTLE SA

MARKET VALUE	$6,993,197	5,617,060	4,030,754	3,707,840	3,655,874

% OF NET ASSETS	5.7	4.6	3.3	3.0	3.0

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2010*



	PERCENT OF
INDUSTRY**	NET ASSETS

Oil, Gas & Consumable Fuels		18.9	%
Pharmaceuticals		14.2
Commercial Banks		6.3
Computers & Peripherals		6.1
Diversified Telecommunication Services		5.7
Software		5.1
Industrial Conglomerates		4.7
Diversified Financial Services		4.6
Beverages		3.8
Semiconductors & Semiconductor Equipment		3.2
Food Products		3.0
IT Services		2.8
Household Products		2.8
Metals & Mining		2.4
Internet Software & Services		2.3
Wireless Telecommunication Services		2.2
Automobiles		1.8
Energy Equipment & Services		1.8
Communications Equipment		1.7
Food & Staples Retailing		1.7
Tobacco		1.7
Capital Markets		1.1
Electric Utilities		1.0
Insurance		0.8
Short Term Investments		3.8
Other Assets & Liabilities		(3.5	)

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**		Each security is valued based on Level 1 inputs. (Note 2)

SPDR Dow Jones REIT ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (4/23/01, 4/27/01, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Dow Jones REIT ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.25%.

PERFORMANCE AS OF DECEMBER 31, 2010




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

					DOW JONES U.S.						DOW JONES U.S.
	NET ASSET		MARKET		SELECT REIT		NET ASSET		MARKET		SELECT REIT
	VALUE		VALUE		INDEX		VALUE		VALUE		INDEX

SIX MONTHS ENDED		21.45%		21.48%		21.65%		N/A		N/A		N/A

ONE YEAR		27.83%		27.95%		28.07%		27.83%		27.96%		28.07%

THREE YEARS		0.30%		0.62%		0.03%		0.10%		0.21%		0.01%

FIVE YEARS		11.88%		12.02%		12.13%		2.27%		2.30%		2.32%

SINCE INCEPTION (1)		168.16%		168.41%		173.07%		10.71%		10.72%		10.92%


(1)		For the period April 23, 2001 to December 31, 2010.

SPDR KBW Bank ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (11/8/05, 11/15/05, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR KBW Bank ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.35%.

PERFORMANCE AS OF DECEMBER 31, 2010

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

KBW BANK

NET ASSET

MARKET

KBW BANK

VALUE

INDEX

VALUE

INDEX

SIX MONTHS ENDED

13.50%

13.59%

13.73%

N/A

ONE YEAR

22.93%

23.03%

23.36%

22.93%

23.03%

23.36%

THREE YEARS

−36.26%

−36.18%

−36.44%

−13.94%

−13.90%

−14.02%

FIVE YEARS

−41.94%

−41.89%

−41.85%

−10.30%

−10.29%

−10.28%

SINCE INCEPTION (1)

−39.73%

−39.69%

−39.59%

−9.37%

−9.36%

−9.33%


(1)		For the period November 8, 2005 to December 31, 2010.

SPDR KBW Capital Markets ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (11/8/05, 11/15/05, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR KBW Capital Markets ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.35%.

PERFORMANCE AS OF DECEMBER 31, 2010

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

KBW CAPITAL

NET ASSET

MARKET

KBW CAPITAL

VALUE

MARKETS INDEX

VALUE

MARKETS INDEX

SIX MONTHS ENDED

25.19%

25.31%

25.51%

N/A

ONE YEAR

6.30%

6.35%

6.71%

6.30%

6.35%

6.71%

THREE YEARS

−40.48%

−40.63%

−40.04%

−15.88%

−15.95%

−15.67%

FIVE YEARS

−22.82%

−22.76%

−21.68%

−5.05%

−5.04%

−4.77%

SINCE INCEPTION (1)

−20.56%

−20.53%

−19.34%

−4.37%

−4.36%

−4.10%


(1)		For the period November 8, 2005 to December 31, 2010.

SPDR KBW Insurance ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (11/8/05, 11/15/05, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR KBW Insurance ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.35%.

PERFORMANCE AS OF DECEMBER 31, 2010

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

KBW INSURANCE

NET ASSET

MARKET

KBW INSURANCE

VALUE

INDEX

VALUE

INDEX

SIX MONTHS ENDED

23.54%

23.56%

24.05%

N/A

ONE YEAR

26.10%

26.11%

26.86%

26.10%

26.11%

26.86%

THREE YEARS

−13.82%

−13.73%

−12.84%

−4.84%

−4.81%

−4.48%

FIVE YEARS

−10.56%

−10.94%

−8.89%

−2.21%

−2.29%

−1.84%

SINCE INCEPTION (1)

−9.73%

−9.72%

−7.99%

−1.97%

−1.61%


(1) For the period November 8, 2005 to December 31, 2010.

SPDR KBW Mortgage Finance ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (4/29/09, 4/30/09, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR KBW Mortgage Finance ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.35%.

PERFORMANCE AS OF DECEMBER 31, 2010




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

	NET ASSET		MARKET		KBW MORTGAGE		NET ASSET		MARKET		KBW MORTGAGE
	VALUE		VALUE		FINANCE INDEX		VALUE		VALUE		FINANCE INDEX

SIX MONTHS ENDED		9.78%		9.77%		10.01%		N/A		N/A		N/A

ONE YEAR		5.72%		5.72%		5.90%		5.72%		5.72%		5.90%

SINCE INCEPTION (1)		7.24%		7.24%		7.65%		4.25%		4.26%		4.50%


(1) For the period April 29, 2009 to December 31, 2010.

SPDR KBW Regional Banking ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (6/19/06, 6/22/06, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR KBW Regional Banking ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.35%.

PERFORMANCE AS OF DECEMBER 31, 2010

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

KBW REGIONAL

NET ASSET

MARKET

KBW REGIONAL

VALUE

BANKING INDEX

VALUE

BANKING INDEX

SIX MONTHS ENDED

15.23%

15.47%

15.45%

N/A

ONE YEAR

20.04%

20.31%

20.40%

20.04%

20.31%

20.40%

THREE YEARS

−23.54%

−23.56%

23.65%

−8.56%

−8.57%

−8.60%

SINCE INCEPTION (1)

−36.83%

−36.71%

−36.29%

−9.63%

−9.59%

−9.46%


(1)		For the period June 19, 2006 to December 31, 2010.

SPDR Morgan Stanley Technology ETF —
Performance Summary

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund share. The total expense ratio for SPDR Morgan Stanley Technology ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.50%.

PERFORMANCE AS OF DECEMBER 31, 2010




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

	NET ASSET		MARKET		MORGAN STANLEY		NET ASSET		MARKET		MORGAN STANLEY
	VALUE		VALUE		TECHNOLOGY INDEX		VALUE		VALUE		TECHNOLOGY INDEX

SIX MONTHS ENDED		28.89%		28.96%		29.30%		N/A		N/A		N/A

ONE YEAR		15.41%		15.38%		16.03%		15.41%		15.38%		16.03%

THREE YEARS		8.22%		7.78%		9.68%		2.67%		2.53%		3.13%

FIVE YEARS		29.23%		29.18%		32.28%		5.26%		5.25%		5.75%

TEN YEARS		0.05%		0.20%		5.12%		0.01%		0.02%		0.50%

SPDR Morgan Stanley Technology ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2010




DESCRIPTION	NVIDIA CORP.	ADOBE SYSTEMS, INC.	CISCO SYSTEMS, INC.	NOKIA OYJ ADR	APPLIED MATERIALS, INC.

MARKET VALUE	$6,630,023	6,603,080	6,406,153	6,405,748	6,375,286

% OF NET ASSETS	3.0	3.0	2.9	2.9	2.9

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2010*



	PERCENT OF
INDUSTRY	NET ASSETS

Software		20.0	%
Communications Equipment		17.2
Semiconductors & Semiconductor Equipment		17.2
Computers & Peripherals		17.1
IT Services		11.3
Internet Software & Services		8.4
Electronic Equipment, Instruments & Components		2.9
Household Durables		2.9
Internet & Catalog Retail		2.9
Short Term Investments		5.4
Other Assets & Liabilities		(5.3	)

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.

SPDR S&P Dividend ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (11/8/05, 11/15/05, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund share. The total expense ratio for SPDR S&P Dividend ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.35%.

PERFORMANCE AS OF DECEMBER 31, 2010




			CUMULATIVE TOTAL RETURN				AVERAGE ANNUAL TOTAL RETURN

					S&P HIGH YIELD						S&P HIGH YIELD
	NET ASSET		MARKET		DIVIDEND		NET ASSET		MARKET		DIVIDEND
	VALUE		VALUE		ARISTOCRATS INDEX		VALUE		VALUE		ARISTOCRATS INDEX

SIX MONTHS ENDED		17.19%		17.29%		17.40%		N/A		N/A		N/A

ONE YEAR		16.43%		16.50%		16.80%		16.43%		16.50%		16.80%

THREE YEARS		6.76%		6.24%		6.96%		2.20%		2.04%		2.27%

FIVE YEARS		17.66%		17.68%		18.27%		3.31%		3.31%		3.42%

SINCE INCEPTION (1)		19.67%		19.77%		20.29%		3.55%		3.57%		3.66%


(1)		For the period November 8, 2005 to December 31, 2010.

SPDR S&P Dividend ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2010




DESCRIPTION	PITNEY BOWES, INC.	CENTURYLINK, INC.	HCP, INC.	LEGGETT & PLATT, INC.	CINCINNATI FINANCIAL CORP.

MARKET VALUE	$209,927,230	204,874,065	180,628,562	164,203,955	153,787,102

% OF NET ASSETS	4.2	4.1	3.6	3.3	3.1

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2010*



	PERCENT OF
INDUSTRY	NET ASSETS

Household Products		8.1	%
Gas Utilities		7.2
Insurance		6.6
Multi-Utilities		6.0
Chemicals		5.8
Real Estate Investment Trusts		5.4
Household Durables		4.7
Beverages		4.5
Commercial Services & Supplies		4.2
Pharmaceuticals		4.2
Diversified Telecommunication Services		4.1
Food Products		4.0
Oil, Gas & Consumable Fuels		3.8
Containers & Packaging		3.1
Machinery		2.7
Commercial Banks		2.5
Food & Staples Retailing		2.5
Specialty Retail		2.5
Distributors		2.1
IT Services		1.9
Textiles, Apparel & Luxury Goods		1.8
Hotels, Restaurants, & Leisure		1.7
Media		1.6
Electrical Equipment		1.5
Industrial Conglomerates		1.5
Capital Markets		1.4
Health Care Equipment & Supplies		1.3
Health Care Providers & Services		1.3
Computers & Peripherals		1.0
Tobacco		0.8
Short Term Investments		9.6
Other Assets & Liabilities		(9.4	)

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.

SPDR S&P Biotech ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (1/31/06, 2/6/06, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Biotech ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.35%.

PERFORMANCE AS OF DECEMBER 31, 2010




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

					S&P BIOTECHNOLOGY						S&P BIOTECHNOLOGY
	NET ASSET		MARKET		SELECT INDUSTRY		NET ASSET		MARKET		SELECT INDUSTRY
	VALUE		VALUE		INDEX		VALUE		VALUE		INDEX

SIX MONTHS ENDED		21.69%		21.73%		21.89%		N/A		N/A		N/A

ONE YEAR		17.59%		17.60%		17.93%		17.59%		17.60%		17.93%

THREE YEARS		7.74%		7.66%		8.54%		2.52%		2.49%		2.77%

SINCE INCEPTION (1)		29.23%		29.24%		31.22%		5.35%		5.35%		5.68%


(1)		For the period January 31, 2006 to December 31, 2010.

SPDR S&P Homebuilders ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (1/31/06, 2/6/06, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Homebuilders ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.35%.

PERFORMANCE AS OF DECEMBER 31, 2010

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

S&P HOMEBUILDERS

NET ASSET

MARKET

S&P HOMEBUILDERS

VALUE

SELECT INDUSTRY INDEX

VALUE

SELECT INDUSTRY INDEX

SIX MONTHS ENDED

23.41%

23.45%

23.70%

N/A

ONE YEAR

17.49%

17.54%

17.89%

17.49%

17.54%

17.89%

THREE YEARS

−4.92%

−4.84%

−5.28%

−1.67%

−1.64%

−1.79%

SINCE INCEPTION (1)

−60.15%

−60.13%

−60.30%

−17.06%

−17.05%

−17.12%


(1)		For the period January 31, 2006 to December 31, 2010.

SPDR S&P Metals & Mining ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (6/19/06, 6/22/06, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Metals & Mining ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.35%.

PERFORMANCE AS OF DECEMBER 31, 2010




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

	NET ASSET		MARKET		S&P METALS & MINING		NET ASSET		MARKET		S&P METALS & MINING
	VALUE		VALUE		SELECT INDUSTRY INDEX		VALUE		VALUE		SELECT INDUSTRY INDEX

SIX MONTHS ENDED		51.24%		51.44%		51.65%		N/A		N/A		N/A

ONE YEAR		34.08%		34.15%		34.59%		34.08%		34.15%		34.59%

THREE YEARS		1.97%		1.98%		2.68%		0.65%		0.65%		0.89%

SINCE INCEPTION (1)		65.59%		65.65%		67.55%		11.76%		11.77%		12.04%


(1)		For the period June 19, 2006 to December 31, 2010.

SPDR S&P Oil & Gas Equipment & Services ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (6/19/06, 6/22/06, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Oil & Gas Equipment & Services ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.35%.

PERFORMANCE AS OF DECEMBER 31, 2010

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P OIL & GAS

NET ASSET

MARKET

EQUIPMENT & SERVICES

NET ASSET

MARKET

EQUIPMENT & SERVICES

VALUE

SELECT INDUSTRY INDEX

VALUE

SELECT INDUSTRY INDEX

SIX MONTHS ENDED

47.54%

47.71%

47.86%

N/A

ONE YEAR

30.23%

30.30%

30.70%

30.23%

30.30%

30.70%

THREE YEARS

−7.51%

−7.87%

−6.83%

−2.57%

−2.70%

−2.33%

SINCE INCEPTION (1)

34.87%

34.93%

36.60%

6.82%

6.83%

7.12%


(1)		For the period June 19, 2006 to December 31, 2010.

SPDR S&P Oil & Gas Exploration & Production ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (6/19/06, 6/22/06, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Oil & Gas Exploration & Production ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.35%.

PERFORMANCE AS OF DECEMBER 31, 2010




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

					S&P OIL & GAS						S&P OIL & GAS
	NET ASSET		MARKET		EXPLORATION & PRODUCTION		NET ASSET		MARKET		EXPLORATION & PRODUCTION
	VALUE		VALUE		SELECT INDUSTRY INDEX		VALUE		VALUE		SELECT INDUSTRY INDEX

SIX MONTHS ENDED		35.40%		35.53%		35.71%		N/A		N/A		N/A

ONE YEAR		28.54%		28.59%		29.04%		28.54%		28.59%		29.04%

THREE YEARS		3.00%		2.74%		3.82%		0.99%		0.90%		1.26%

SINCE INCEPTION (1)		59.30%		59.38%		61.32%		10.81%		10.82%		11.11%


(1)		For the period June 19, 2006 to December 31, 2010.

SPDR S&P Pharmaceuticals ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (6/19/06, 6/22/06, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund share. The total expense ratio for SPDR S&P Pharmaceuticals ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.35%.

PERFORMANCE AS OF DECEMBER 31, 2010




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

	NET ASSET		MARKET		S&P PHARMACEUTICALS		NET ASSET		MARKET		S&P PHARMACEUTICALS
	VALUE		VALUE		SELECT INDUSTRY INDEX		VALUE		VALUE		SELECT INDUSTRY INDEX

SIX MONTHS ENDED		20.05%		20.06%		20.28%		N/A		N/A		N/A

ONE YEAR		22.32%		22.41%		22.73%		22.32%		22.41%		22.73%

THREE YEARS		42.26%		42.01%		42.80%		12.47%		12.40%		12.61%

SINCE INCEPTION (1)		55.20%		55.31%		56.59%		10.17%		10.19%		10.38%


(1)		For the period June 19, 2006 to December 31, 2010.

SPDR S&P Retail ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (6/19/06, 6/22/06, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Retail ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.35%.

PERFORMANCE AS OF DECEMBER 31, 2010




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

	NET ASSET		MARKET		S&P RETAIL SELECT		NET ASSET		MARKET		S&P RETAIL SELECT
	VALUE		VALUE		INDUSTRY INDEX		VALUE		VALUE		INDUSTRY INDEX

SIX MONTHS ENDED		36.48%		36.62%		36.73%		N/A		N/A		N/A

ONE YEAR		37.08%		37.23%		37.41%		37.08%		37.23%		37.41%

THREE YEARS		49.06%		48.66%		50.48%		14.23%		14.13%		14.59%

SINCE INCEPTION (1)		38.81%		38.92%		40.95%		7.50%		7.51%		7.86%


(1)		For the period June 19, 2006 to December 31, 2010.

SPDR S&P Retail ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2010




DESCRIPTION	JO-ANN STORES, INC.	OFFICE DEPOT, INC.	SUPERVALU, INC.	THE KROGER CO.	SEARS HOLDINGS CORP.

MARKET VALUE	$19,755,352	16,789,432	16,759,802	16,395,358	16,379,285

% OF NET ASSETS	2.0	1.7	1.7	1.7	1.7

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2010*



	PERCENT OF
INDUSTRY	NET ASSETS

Apparel Retail		32.1	%
Specialty Stores		17.8
Automotive Retail		10.8
Food Retail		8.1
Department Stores		7.8
Computer & Electronics Retail		6.0
General Merchandise Stores		4.7
Internet Retail		4.5
Drug Retail		3.2
Hypermarkets & Super Centers		3.1
Catalog Retail		1.6
Short Term Investments		7.1
Other Assets & Liabilities		(6.8	)

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.

SPDR S&P Semiconductor ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (1/31/06, 2/6/06, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Semiconductor ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.35%.

PERFORMANCE AS OF DECEMBER 31, 2010




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

	NET ASSET		MARKET		S&P SEMICONDUCTOR		NET ASSET		MARKET		S&P SEMICONDUCTOR
	VALUE		VALUE		SELECT INDUSTRY INDEX		VALUE		VALUE		SELECT INDUSTRY INDEX

SIX MONTHS ENDED		30.98%		31.09%		31.27%		N/A		N/A		N/A

ONE YEAR		15.84%		15.94%		16.26%		15.84%		15.94%		16.26%

THREE YEARS		20.43%		20.24%		19.24%		6.39%		6.34%		6.04%

SINCE INCEPTION (1)		5.71%		5.81%		5.34%		1.14%		1.15%		1.06%


(1)		For the period January 31, 2006 to December 31, 2010.

SPDR Wells Fargo Preferred Stock ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (9/16/09, 9/23/09, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Wells Fargo Preferred Stock ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.45%.

PERFORMANCE AS OF DECEMBER 31, 2010




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

					WELLS FARGO HYBRID AND						WELLS FARGO HYBRID AND
	NET ASSET		MARKET		PREFERRED SECURITIES		NET ASSET		MARKET		PREFERRED SECURITIES
	VALUE		VALUE		AGGREGATE INDEX		VALUE		VALUE		AGGREGATE INDEX

SIX MONTHS ENDED		10.06%		10.00%		10.31%		N/A		N/A		N/A

ONE YEAR		14.39%		14.14%		14.98%		14.39%		14.14%		14.98%

SINCE INCEPTION (1)		21.12%		20.95%		22.05%		15.97%		15.85%		16.69%


(1)		For the period September 16, 2009 to December 31, 2010.

SPDR Wells Fargo Preferred Stock ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2010




	BARCLAYS BANK PLC	HSBC HOLDINGS PLC,	CREDIT SUISSE	METLIFE, INC.	COUNTRYWIDE CAPITAL
DESCRIPTION	SERIES 5, 8.13%	8.00%	GUERNSEY, 7.90%	SERIES B, 6.50%	V, 7.00%

MARKET VALUE	$2,369,026	2,063,296	1,784,084	1,625,119	1,606,847

% OF NET ASSETS	2.3	2.0	1.7	1.6	1.6

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2010*



	PERCENT OF
INDUSTRY	NET ASSETS

Commercial Banks		38.1	%
Diversified Financial Services		24.9
Insurance		11.1
Capital Markets		9.1
Real Estate Investment Trusts		4.6
Media		3.8
Electric Utilities		3.4
Wireless Telecommunication Services		1.8
Consumer Finance		1.4
Multi-Utilities		1.3
Independent Power Producers & Enery Traders		0.3
Short Term Investments		12.6
Other Assets & Liabilities		(12.4	)

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.

SPDR Dow Jones Total Market ETF
SUMMARY SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


					% of
					Net
Security Description	Shares		Value		Assets

COMMON STOCKS
AEROSPACE & DEFENSE
United Technologies Corp.		12,685	$	998,563		0.49	%
Other Securities (a)				3,597,473		1.78

				4,596,036		2.27

AIR FREIGHT & LOGISTICS
United Parcel Service, Inc. (Class B)		11,069		803,388		0.40
Other Securities (b)				952,729		0.47

				1,756,117		0.87

AIRLINES
Other Securities (a)(b)				470,349		0.23

AUTO COMPONENTS
Other Securities (a)(b)				755,364		0.37

AUTOMOBILES
Ford Motor Co. (a)		45,467		763,391		0.37
Other Securities (b)				174,017		0.09

				937,408		0.46

BEVERAGES
PepsiCo, Inc.		22,485		1,468,945		0.72
The Coca-Cola Co.		29,581		1,945,542		0.96
Other Securities (a)				556,509		0.28

				3,970,996		1.96

BIOTECHNOLOGY
Amgen, Inc. (a)		15,468		849,193		0.42
Other Securities (a)(b)				2,694,268		1.33

				3,543,461		1.75

BUILDING PRODUCTS
Other Securities (a)(b)				151,706		0.08

CAPITAL MARKETS
State Street Corp. (c)		7,405		343,148		0.17
The Goldman Sachs Group, Inc.		6,399		1,076,056		0.53
Other Securities (a)(b)				3,258,520		1.61

				4,677,724		2.31

CHEMICALS
Other Securities (a)(b)				4,134,031		2.04

COMMERCIAL BANKS
Wells Fargo & Co.		72,115		2,234,844		1.10
Other Securities (a)(b)				3,753,478		1.85

				5,988,322		2.95

COMMERCIAL SERVICES & SUPPLIES
Other Securities (a)(b)				1,293,896		0.64

COMMUNICATIONS EQUIPMENT
Cisco Systems, Inc. (a)		85,246		1,724,527		0.85
QUALCOMM, Inc.		24,201		1,197,707		0.59
Other Securities (a)(b)				1,670,425		0.82

				4,592,659		2.26

COMPUTERS & PERIPHERALS
Apple, Inc. (a)		13,218		4,263,598		2.10
EMC Corp. (a)		30,282		693,458		0.34
Hewlett-Packard Co.		36,065		1,518,336		0.75
Other Securities (a)(b)				1,625,001		0.80

				8,100,393		3.99

CONSTRUCTION & ENGINEERING
Other Securities (a)(b)				581,531		0.29

CONSTRUCTION MATERIALS
Other Securities (b)				202,749		0.10

CONSUMER FINANCE
American Express Co.		16,219		696,120		0.34
Other Securities (a)				523,507		0.26

				1,219,627		0.60

CONTAINERS & PACKAGING
Other Securities (a)				393,163		0.19

DISTRIBUTORS
Other Securities (a)				137,058		0.07

DIVERSIFIED CONSUMER SERVICES
Other Securities (a)(b)				524,847		0.26

DIVERSIFIED FINANCIAL SERVICES
Bank of America Corp.		148,833		1,985,432		0.98
Citigroup, Inc. (a)		313,139		1,481,148		0.73
JPMorgan Chase & Co.		59,229		2,512,494		1.24
Other Securities (a)(b)				1,141,479		0.56

				7,120,553		3.51

DIVERSIFIED TELECOMMUNICATION SERVICES
AT&T, Inc.		86,335		2,536,522		1.25
Verizon Communications, Inc.		40,833		1,461,005		0.72
Other Securities (a)(b)				842,403		0.42

				4,839,930		2.39

ELECTRIC UTILITIES
Other Securities (b)				339,003		0.17

ELECTRICAL EQUIPMENT
Other Securities (a)(b)				1,402,267		0.69

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS
Other Securities (a)(b)				2,129,952		1.05

ENERGY EQUIPMENT & SERVICES
Schlumberger, Ltd.		20,843		1,740,391		0.86
Other Securities (a)(b)				2,949,446		1.45

				4,689,837		2.31

FOOD & STAPLES RETAILING
CVS Caremark Corp.		22,117		769,008		0.38
Wal-Mart Stores, Inc.		27,272		1,470,779		0.72
Other Securities (a)(b)				1,807,222		0.89

				4,047,009		1.99

FOOD PRODUCTS
Other Securities (a)(b)				3,445,369		1.70

GAS UTILITIES
Other Securities (b)				206,417		0.10

HEALTH CARE EQUIPMENT & SUPPLIES
Other Securities (a)(b)				4,000,869		1.97

HEALTH CARE PROVIDERS & SERVICES
Other Securities (a)(b)				4,479,271		2.21

See accompanying notes to financial statements.

SPDR Dow Jones Total Market ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


					% of
					Net
Security Description	Shares		Value		Assets

HEALTH CARE TECHNOLOGY
Other Securities (a)			$	7,287		0.00	(d)%

HOTELS, RESTAURANTS & LEISURE
McDonald’s Corp.		14,617		1,122,001		0.55
Other Securities (a)(b)				3,158,143		1.56

				4,280,144		2.11

HOUSEHOLD DURABLES
Other Securities (a)(b)				1,362,323		0.67

HOUSEHOLD PRODUCTS
Procter & Gamble Co.		41,182		2,649,238		1.31
Other Securities (a)(b)				1,287,576		0.63

				3,936,814		1.94

INDEPENDENT POWER PRODUCERS & ENERGY TRADERS
Other Securities (a)				70,199		0.03

INDUSTRIAL CONGLOMERATES
3M Co.		9,437		814,413		0.40
General Electric Co.		156,586		2,863,958		1.41
Other Securities (a)(b)				291,145		0.15

				3,969,516		1.96

INSURANCE
Berkshire Hathaway, Inc. (Class B) (a)		28,233		2,261,746		1.11
Other Securities (a)(b)				5,796,678		2.86

				8,058,424		3.97

INTERNET & CATALOG RETAIL
Amazon.com, Inc. (a)		4,827		868,860		0.43
Other Securities (a)(b)				620,768		0.30

				1,489,628		0.73

INTERNET SOFTWARE & SERVICES
Google, Inc. (Class A) (a)		3,354		1,992,175		0.98
Other Securities (a)(b)				1,438,035		0.71

				3,430,210		1.69

IT SERVICES
International Business Machines Corp.		17,578		2,579,747		1.27
Other Securities (a)(b)				2,923,053		1.44

				5,502,800		2.71

LEISURE EQUIPMENT & PRODUCTS
Other Securities (a)(b)				504,178		0.25

LIFE SCIENCES TOOLS & SERVICES
Other Securities (a)(b)				1,203,817		0.59

MACHINERY
Caterpillar, Inc.		9,065		849,028		0.42
Other Securities (a)(b)				4,645,804		2.29

				5,494,832		2.71

MARINE
Other Securities (a)(b)				6,048		0.00	(d)

MEDIA
Comcast Corp. (Class A)		40,990		900,550		0.44
The Walt Disney Co.		26,822		1,006,093		0.50
Other Securities (a)(b)				4,472,600		2.20

				6,379,243		3.14

METALS & MINING
Freeport-McMoRan Copper & Gold, Inc. (b)		6,859		823,697		0.41
Other Securities (a)(b)				2,019,873		0.99

				2,843,570		1.40

MULTI-UTILITIES
Other Securities (a)(b)				5,940,118		2.93

MULTILINE RETAIL
Other Securities (a)(b)				1,794,019		0.88

OFFICE ELECTRONICS
Other Securities (a)				379,727		0.19

OIL, GAS & CONSUMABLE FUELS
Chevron Corp.		29,540		2,695,525		1.33
ConocoPhillips		19,651		1,338,233		0.66
Exxon Mobil Corp.		74,662		5,459,285		2.69
Occidental Petroleum Corp.		12,203		1,197,114		0.59
Other Securities (a)(b)				7,138,096		3.52

				17,828,253		8.79

PAPER & FOREST PRODUCTS
Other Securities (a)(b)				531,737		0.26

PERSONAL PRODUCTS
Other Securities				516,364		0.25

PHARMACEUTICALS
Abbott Laboratories		21,631		1,036,341		0.51
Bristol-Myers Squibb Co.		27,649		732,146		0.36
Johnson & Johnson		38,483		2,380,174		1.17
Merck & Co., Inc.		44,937		1,619,529		0.80
Pfizer, Inc.		117,400		2,055,674		1.01
Other Securities (a)(b)				1,572,942		0.78

				9,396,806		4.63

PROFESSIONAL SERVICES
Other Securities (a)(b)				519,242		0.26

REAL ESTATE INVESTMENT TRUSTS
Other Securities (a)(b)				4,857,569		2.39

REAL ESTATE MANAGEMENT & DEVELOPMENT
Other Securities (a)(b)				294,437		0.15

ROAD & RAIL
Other Securities (a)				1,950,288		0.96

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
Intel Corp.		81,803		1,720,317		0.85
Other Securities (a)(b)				4,139,893		2.04

				5,860,210		2.89

SOFTWARE
Microsoft Corp.		115,280		3,218,618		1.59
Oracle Corp.		58,108		1,818,780		0.90
Other Securities (a)(b)				3,345,322		1.64

				8,382,720		4.13

SPECIALTY RETAIL
The Home Depot, Inc.		25,719		901,708		0.44

See accompanying notes to financial statements.

SPDR Dow Jones Total Market ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


						% of
						Net
Security Description	Shares		Value			Assets

Other Securities (a)(b)			$	3,830,135			1.89	%

				4,731,843			2.33

TEXTILES, APPAREL & LUXURY GOODS
Other Securities (a)(b)				1,129,063			0.56

THRIFTS & MORTGAGE FINANCE
Other Securities (a)(b)				596,113			0.29

TOBACCO
Altria Group, Inc.		30,387		748,128			0.37
Philip Morris International, Inc.		27,939		1,635,270			0.80
Other Securities				377,111			0.19

				2,760,509			1.36

TRADING COMPANIES & DISTRIBUTORS
Other Securities (a)(b)				354,612			0.17

WATER UTILITIES
Other Securities (a)(b)				210,443			0.10

WIRELESS TELECOMMUNICATION SERVICES
Other Securities (a)(b)				1,064,735			0.52

TOTAL COMMON STOCKS —
(Cost $180,807,646)				202,365,755			99.72

SHORT TERM INVESTMENTS
MONEY MARKET FUNDS
State Street Navigator Securities Lending Prime Portfolio (e)(f)		8,943,188		8,943,188			4.41
State Street Institutional Liquid Reserves Fund 0.18% (f)(g)		321,478		321,478			0.16

TOTAL SHORT TERM INVESTMENTS —
(Cost $9,264,666)				9,264,666			4.57

TOTAL INVESTMENTS (h)
(Cost $190,072,312)				211,630,421			104.29
OTHER ASSETS & LIABILITIES				(8,700,397	)		(4.29	)

NET ASSETS			$	202,930,024			100.00

Other Securities are those securities, which individually are not one of the 50 largest unaffiliated issuers and which represent less than one percent of the net assets of the Fund at December 31, 2010.


(a)		Non-income producing security.
(b)		Security, or portion thereof, was on loan at December 31, 2010.
(c)		Affiliated issuer. (Note 3)
(d)		Amount shown represents less than 0.005% of net assets.
(e)		Investments of cash collateral for securities loaned.
(f)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(g)		The rate shown is the annualized seven-day yield at period end.
(h)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

See accompanying notes to financial statements.

SPDR Dow Jones Large Cap ETF
SUMMARY SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


					% of
					Net
Security Description	Shares		Value		Assets

COMMON STOCKS
AEROSPACE & DEFENSE
United Technologies Corp.		2,823	$	222,227		0.54	%
Other Securities (a)(b)				734,460		1.78

				956,687		2.32

AIR FREIGHT & LOGISTICS
United Parcel Service, Inc. (Class B)		2,320		168,386		0.41
Other Securities (a)				178,149		0.43

				346,535		0.84

AIRLINES
Other Securities (a)(b)				95,207		0.23

AUTO COMPONENTS
Other Securities (a)(b)				150,666		0.37

AUTOMOBILES
Ford Motor Co. (a)(b)		11,392		191,271		0.46
Other Securities (a)(b)				94,327		0.23

				285,598		0.69

BEVERAGES
PepsiCo, Inc.		5,237		342,133		0.83
The Coca-Cola Co.		7,104		467,230		1.13
Other Securities (a)(b)				133,682		0.32

				943,045		2.28

BIOTECHNOLOGY
Amgen, Inc. (b)		3,159		173,429		0.42
Other Securities (a)(b)				402,724		0.98

				576,153		1.40

BUILDING PRODUCTS
Other Securities (a)				15,926		0.04

CAPITAL MARKETS
State Street Corp. (c)		1,691		78,361		0.19
The Goldman Sachs Group, Inc.		1,439		241,982		0.59
Other Securities (a)(b)				725,844		1.75

				1,046,187		2.53

CHEMICALS
Other Securities (a)(b)				955,291		2.31

COMMERCIAL BANKS
U.S. Bancorp (a)		6,330		170,720		0.41
Wells Fargo & Co.		16,576		513,690		1.24
Other Securities (a)(b)				453,443		1.11

				1,137,853		2.76

COMMERCIAL SERVICES & SUPPLIES
Other Securities (a)(b)				223,764		0.54

COMMUNICATIONS EQUIPMENT
Cisco Systems, Inc. (b)		18,377		371,767		0.90
QUALCOMM, Inc.		5,296		262,099		0.63
Other Securities (a)(b)				194,822		0.48

				828,688		2.01

COMPUTERS & PERIPHERALS
Apple, Inc. (b)		3,032		978,002		2.37
EMC Corp. (b)		6,730		154,117		0.37
Hewlett-Packard Co.		7,517		316,466		0.77
Other Securities (a)(b)				262,560		0.63

				1,711,145		4.14

CONSTRUCTION & ENGINEERING
Other Securities (a)(b)				133,367		0.32

CONSTRUCTION MATERIALS
Other Securities (a)				29,982		0.07

CONSUMER FINANCE
Other Securities (a)(b)				271,602		0.66

CONTAINERS & PACKAGING
Other Securities (a)(b)				109,111		0.26

DISTRIBUTORS
Other Securities (a)				28,340		0.07

DIVERSIFIED CONSUMER SERVICES
Other Securities (a)(b)				53,636		0.13

DIVERSIFIED FINANCIAL SERVICES
Bank of America Corp.		32,927		439,246		1.07
Citigroup, Inc. (b)		96,266		455,338		1.10
JPMorgan Chase & Co.		12,955		549,551		1.33
Other Securities (a)(b)				219,973		0.53

				1,664,108		4.03

DIVERSIFIED TELECOMMUNICATION SERVICES
AT&T, Inc.		19,757		580,461		1.41
Verizon Communications, Inc.		9,327		333,720		0.81
Other Securities (a)				137,725		0.33

				1,051,906		2.55

ELECTRIC UTILITIES
Other Securities (a)				29,406		0.07

ELECTRICAL EQUIPMENT
Other Securities (a)(b)				267,923		0.65

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS
Other Securities (a)(b)				357,034		0.86

ENERGY EQUIPMENT & SERVICES
Schlumberger, Ltd.		4,507		376,334		0.91
Other Securities (a)(b)				578,449		1.40

				954,783		2.31

FOOD & STAPLES RETAILING
CVS Caremark Corp.		4,569		158,864		0.38
Wal-Mart Stores, Inc.		6,715		362,140		0.88
Other Securities (a)(b)				389,259		0.94

				910,263		2.20

FOOD PRODUCTS
Kraft Foods, Inc. (Class A) (a)		5,371		169,240		0.41
Other Securities (a)(b)				534,120		1.29

				703,360		1.70

GAS UTILITIES
Other Securities (a)				51,178		0.12

HEALTH CARE EQUIPMENT & SUPPLIES
Other Securities (a)(b)				823,607		2.00

HEALTH CARE PROVIDERS & SERVICES
Other Securities (a)(b)				803,264		1.95

See accompanying notes to financial statements.

SPDR Dow Jones Large Cap ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


					% of
					Net
Security Description	Shares		Value		Assets

HEALTH CARE TECHNOLOGY
Other Securities (a)(b)			$	20,369		0.05	%

HOTELS, RESTAURANTS & LEISURE
McDonald’s Corp.		3,555		272,882		0.66
Other Securities (a)(b)				520,547		1.26

				793,429		1.92

HOUSEHOLD DURABLES
Other Securities (a)(b)				201,371		0.49

HOUSEHOLD PRODUCTS
Procter & Gamble Co.		9,305		598,591		1.45
Other Securities (a)(b)				267,007		0.65

				865,598		2.10

INDUSTRIAL CONGLOMERATES
3M Co.		2,194		189,342		0.46
General Electric Co.		35,395		647,374		1.57
Other Securities (a)(b)				101,606		0.24

				938,322		2.27

INSURANCE
Berkshire Hathaway, Inc. (Class B) (a)(b)		6,341		507,977		1.23
Other Securities (a)(b)				1,200,682		2.91

				1,708,659		4.14

INTERNET & CATALOG RETAIL
Amazon.com, Inc. (b)		1,148		206,640		0.50
Other Securities (a)(b)				142,064		0.34

				348,704		0.84

INTERNET SOFTWARE & SERVICES
Google, Inc. (Class A) (b)		768		456,169		1.11
Other Securities (a)(b)				246,895		0.59

				703,064		1.70

IT SERVICES
International Business Machines Corp.		4,092		600,542		1.45
Other Securities (a)(b)				676,178		1.64

				1,276,720		3.09

LEISURE EQUIPMENT & PRODUCTS
Other Securities (a)				51,548		0.13

LIFE SCIENCES TOOLS & SERVICES
Other Securities (a)(b)				206,577		0.50

MACHINERY
Caterpillar, Inc.		1,887		176,737		0.43
Other Securities (a)(b)				778,910		1.88

				955,647		2.31

MEDIA
Comcast Corp. (Class A)		9,338		205,156		0.50
The Walt Disney Co.		5,874		220,334		0.53
Other Securities (a)(b)				870,285		2.11

				1,295,775		3.14

METALS & MINING
Freeport-McMoRan Copper & Gold, Inc.		1,514		181,816		0.44
Other Securities (a)(b)				359,464		0.87

				541,280		1.31

MULTI-UTILITIES
Other Securities (a)(b)				1,503,270		3.64

MULTILINE RETAIL
Other Securities (a)(b)				324,932		0.79

OFFICE ELECTRONICS
Other Securities				51,921		0.13

OIL, GAS & CONSUMABLE FUELS
Chevron Corp.		6,651		606,904		1.47
ConocoPhillips		4,608		313,805		0.76
Exxon Mobil Corp.		16,735		1,223,663		2.96
Occidental Petroleum Corp.		2,691		263,987		0.64
Other Securities (a)(b)				1,360,982		3.30

				3,769,341		9.13

PAPER & FOREST PRODUCTS
Other Securities (a)				83,760		0.20

PERSONAL PRODUCTS
Other Securities (a)				99,478		0.24

PHARMACEUTICALS
Abbott Laboratories		5,124		245,491		0.60
Johnson & Johnson		9,149		565,866		1.37
Merck & Co., Inc.		10,206		367,824		0.89
Pfizer, Inc.		26,709		467,675		1.13
Other Securities (a)(b)				467,699		1.13

				2,114,555		5.12

PROFESSIONAL SERVICES
Other Securities (a)(b)				94,358		0.23

REAL ESTATE INVESTMENT TRUSTS
Other Securities (a)(b)				736,413		1.78

REAL ESTATE MANAGEMENT & DEVELOPMENT
Other Securities (a)(b)				40,862		0.10

ROAD & RAIL
Other Securities (a)(b)				357,267		0.87

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
Intel Corp.		18,469		388,403		0.94
Other Securities (a)(b)				662,533		1.61

				1,050,936		2.55

SOFTWARE
Microsoft Corp.		25,310		706,655		1.71
Oracle Corp.		12,653		396,039		0.96
Other Securities (a)(b)				515,745		1.25

				1,618,439		3.92

SPECIALTY RETAIL
The Home Depot, Inc. (a)		5,431		190,411		0.46
Other Securities (a)(b)				619,290		1.50

				809,701		1.96

TEXTILES, APPAREL & LUXURY GOODS
Other Securities (a)				201,102		0.49

THRIFTS & MORTGAGE FINANCE
Other Securities (a)				73,816		0.18

See accompanying notes to financial statements.

SPDR Dow Jones Large Cap ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


						% of
						Net
Security Description	Shares		Value			Assets

TOBACCO
Altria Group, Inc.		6,979	$	171,823			0.42	%
Philip Morris International, Inc.		6,046		353,872			0.86
Other Securities (a)				76,460			0.18

				602,155			1.46

TRADING COMPANIES & DISTRIBUTORS
Other Securities (a)				65,401			0.16

WIRELESS TELECOMMUNICATION SERVICES
Other Securities (a)(b)				215,395			0.52

TOTAL COMMON STOCKS —
(Cost $32,504,055)				41,235,780			99.87

SHORT TERM INVESTMENTS
MONEY MARKET FUNDS
State Street Navigator Securities Lending Prime Portfolio (d)(e)		3,000,511		3,000,511			7.27
State Street Institutional Liquid Reserves Fund 0.18% (e)(f)		16,977		16,977			0.04

TOTAL SHORT TERM INVESTMENTS —
(Cost $3,017,488)				3,017,488			7.31

TOTAL INVESTMENTS (g)
(Cost $35,521,543)				44,253,268			107.18
OTHER ASSETS & LIABILITIES				(2,963,539	)		(7.18	)

NET ASSETS			$	41,289,729			100.00

Other Securities are those securities, which individually are not one of the top 50 largest unaffiliated issuers and which represent less than one percent of the net assets of the Fund at December 31, 2010.


(a)		Security, or portion thereof, was on loan at December 31, 2010.
(b)		Non-income producing security.
(c)		Affiliated issuer. (Note 3)
(d)		Investments of cash collateral for securities loaned.
(e)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f)		The rate shown is the annualized seven-day yield at period end.
(g)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

See accompanying notes to financial statements.

SPDR S&P 500 Growth ETF
SUMMARY SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


					% of
					Net
Security Description	Shares		Value		Assets

COMMON STOCKS
AEROSPACE & DEFENSE
Boeing Co.		14,300	$	933,218		0.49	%
United Technologies Corp. (a)		19,500		1,535,040		0.81
Other Securities				3,072,064		1.61

				5,540,322		2.91

AIR FREIGHT & LOGISTICS
United Parcel Service, Inc. (Class B)		16,700		1,212,086		0.64
Other Securities				634,195		0.33

				1,846,281		0.97

AIRLINES
Other Securities				160,952		0.09

AUTOMOBILES
Ford Motor Co. (b)		71,900		1,207,201		0.64
Other Securities (a)				117,878		0.06

				1,325,079		0.70

BEVERAGES
PepsiCo, Inc.		51,538		3,366,978		1.77
The Coca-Cola Co.		75,500		4,965,635		2.61
Other Securities				775,285		0.40

				9,107,898		4.78

BIOTECHNOLOGY
Amgen, Inc. (b)		16,566		909,473		0.48
Gilead Sciences, Inc. (b)		26,568		962,824		0.50
Other Securities (a)(b)				2,087,724		1.10

				3,960,021		2.08

CAPITAL MARKETS
Other Securities				1,997,811		1.05

CHEMICALS
Praxair, Inc.		9,969		951,741		0.50
Other Securities (a)				3,618,801		1.90

				4,570,542		2.40

COMMERCIAL BANKS
Wells Fargo & Co.		83,600		2,590,764		1.36
Other Securities				102,564		0.05

				2,693,328		1.41

COMMERCIAL SERVICES & SUPPLIES
Other Securities (a)(b)				750,221		0.39

COMMUNICATIONS EQUIPMENT
Cisco Systems, Inc. (b)		102,761		2,078,855		1.09
QUALCOMM, Inc.		52,576		2,601,986		1.37
Other Securities (a)(b)				1,173,522		0.62

				5,854,363		3.08

COMPUTERS & PERIPHERALS
Apple, Inc. (b)		29,771		9,602,934		5.04
EMC Corp. (b)		66,992		1,534,117		0.81
Hewlett-Packard Co.		39,833		1,676,969		0.88
Other Securities (b)				1,539,843		0.81

				14,353,863		7.54

CONSTRUCTION & ENGINEERING
Other Securities				216,339		0.11

CONSUMER FINANCE
Other Securities (a)				802,604		0.42

CONTAINERS & PACKAGING
Other Securities				197,413		0.10

DIVERSIFIED CONSUMER SERVICES
Other Securities (a)(b)				260,007		0.14

DIVERSIFIED FINANCIAL SERVICES
Other Securities (a)(b)				483,286		0.25

DIVERSIFIED TELECOMMUNICATION SERVICES
AT&T, Inc.		80,700		2,370,966		1.24
Verizon Communications, Inc.		36,800		1,316,704		0.69
Other Securities				936,652		0.50

				4,624,322		2.43

ELECTRICAL EQUIPMENT
Other Securities (a)				1,327,956		0.70

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS
Other Securities (a)(b)				1,565,061		0.82

ENERGY EQUIPMENT & SERVICES
National-Oilwell Varco, Inc.		13,673		919,509		0.48
Schlumberger, Ltd.		44,363		3,704,310		1.94
Other Securities (a)(b)				1,952,904		1.03

				6,576,723		3.45

FOOD & STAPLES RETAILING
Other Securities (a)(b)				242,630		0.13

FOOD PRODUCTS
Other Securities (a)				2,960,083		1.56

HEALTH CARE EQUIPMENT & SUPPLIES
Other Securities (a)(b)				4,394,886		2.31

HEALTH CARE PROVIDERS & SERVICES
Express Scripts, Inc. (Class A) (b)		17,117		925,174		0.49
Other Securities (a)(b)				2,174,795		1.14

				3,099,969		1.63

HEALTH CARE TECHNOLOGY
Other Securities (a)(b)				211,175		0.11

HOTELS, RESTAURANTS & LEISURE
McDonald’s Corp.		34,400		2,640,544		1.39
Other Securities (a)				3,326,065		1.74

				5,966,609		3.13

HOUSEHOLD DURABLES
Other Securities (a)(b)				291,017		0.15

HOUSEHOLD PRODUCTS
Colgate-Palmolive Co.		15,578		1,252,004		0.66
Procter & Gamble Co. (a)		43,700		2,811,221		1.48
Other Securities				687,808		0.36

				4,751,033		2.50

INDUSTRIAL CONGLOMERATES
3M Co.		12,800		1,104,640		0.58
Other Securities				310,800		0.16

				1,415,440		0.74

See accompanying notes to financial statements.

SPDR S&P 500 Growth ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


					% of
					Net
Security Description	Shares		Value		Assets

INSURANCE
Other Securities			$	524,799		0.28	%

INTERNET & CATALOG RETAIL
Amazon.com, Inc. (b)		11,519		2,073,420		1.09
Other Securities (a)(b)				1,057,155		0.55

				3,130,575		1.64

INTERNET SOFTWARE & SERVICES
eBay, Inc. (b)		37,278		1,037,447		0.55
Google, Inc. (Class A) (b)		8,111		4,817,691		2.53
Other Securities (a)(b)				755,757		0.39

				6,610,895		3.47

IT SERVICES
International Business Machines Corp.		40,400		5,929,104		3.11
Visa, Inc. (Class A)		15,826		1,113,834		0.58
Other Securities (a)(b)				2,727,636		1.44

				9,770,574		5.13

LEISURE EQUIPMENT & PRODUCTS
Other Securities				395,774		0.21

LIFE SCIENCES TOOLS & SERVICES
Other Securities (b)				1,058,419		0.56

MACHINERY
Caterpillar, Inc.		11,161		1,045,339		0.55
Deere & Co.		13,765		1,143,183		0.60
Other Securities (a)				3,613,015		1.90

				5,801,537		3.05

MEDIA
Comcast Corp. (Class A)		90,705		1,992,789		1.05
DIRECTV (Class A) (b)		27,450		1,096,078		0.57
The Walt Disney Co.		33,300		1,249,083		0.66
Other Securities (a)(b)				3,360,836		1.76

				7,698,786		4.04

METALS & MINING
Freeport-McMoRan Copper & Gold, Inc.		15,340		1,842,181		0.97
Newmont Mining Corp.		16,049		985,890		0.52
Other Securities (a)(b)				490,544		0.25

				3,318,615		1.74

MULTI-UTILITIES
Other Securities				1,296,735		0.68

MULTILINE RETAIL
Other Securities (b)				1,787,780		0.94

OIL, GAS & CONSUMABLE FUELS
Occidental Petroleum Corp.		13,168		1,291,781		0.68
Other Securities (a)(b)				5,253,159		2.76

				6,544,940		3.44

PERSONAL PRODUCTS
Other Securities				716,486		0.38

PHARMACEUTICALS
Abbott Laboratories		50,300		2,409,873		1.27
Eli Lilly & Co.		33,000		1,156,320		0.61
Johnson & Johnson		53,600		3,315,160		1.74
Merck & Co., Inc.		65,100		2,346,204		1.23
Other Securities (b)				2,173,731		1.14

				11,401,288		5.99

PROFESSIONAL SERVICES
Other Securities (a)				275,002		0.14

REAL ESTATE INVESTMENT TRUSTS
Simon Property Group, Inc.		9,542		949,334		0.50
Other Securities				2,426,713		1.27

				3,376,047		1.77

REAL ESTATE MANAGEMENT & DEVELOPMENT
Other Securities (b)				191,099		0.10

ROAD & RAIL
Union Pacific Corp.		9,798		907,883		0.48
Other Securities (a)				770,152		0.40

				1,678,035		0.88

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
Intel Corp.		105,200		2,212,356		1.16
Texas Instruments, Inc.		38,200		1,241,500		0.65
Other Securities (a)(b)				3,370,918		1.77

				6,824,774		3.58

SOFTWARE
Microsoft Corp.		244,819		6,835,347		3.59
Oracle Corp.		125,922		3,941,359		2.07
Other Securities (a)(b)				3,446,936		1.81

				14,223,642		7.47

SPECIALTY RETAIL
Other Securities (a)(b)				3,515,170		1.85

TEXTILES, APPAREL & LUXURY GOODS
NIKE, Inc. (Class B)		12,429		1,061,685		0.56
Other Securities (a)				903,780		0.47

				1,965,465		1.03

THRIFTS & MORTGAGE FINANCE
Other Securities				120,087		0.06

TOBACCO
Philip Morris International, Inc.		59,000		3,453,270		1.81
Other Securities				949,160		0.50

				4,402,430		2.31

TRADING COMPANIES & DISTRIBUTORS
Other Securities (a)				554,413		0.29

WIRELESS TELECOMMUNICATION SERVICES
Other Securities (a)(b)				776,752		0.41

TOTAL COMMON STOCKS —
(Cost $169,880,101)				189,507,353		99.52

See accompanying notes to financial statements.

SPDR S&P 500 Growth ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


						% of
						Net
Security Description	Shares		Value			Assets

SHORT TERM INVESTMENTS
MONEY MARKET FUNDS
State Street Navigator Securities Lending Prime Portfolio (c)(d)		2,442,385	$	2,442,385			1.28	%
State Street Institutional Liquid Reserves Fund 0.18% (d)(e)		706,237		706,237			0.37

TOTAL SHORT TERM INVESTMENTS —
(Cost $3,148,622)				3,148,622			1.65

TOTAL INVESTMENTS (f)
(Cost $173,028,723)				192,655,975			101.17
OTHER ASSETS & LIABILITIES				(2,234,253	)		(1.17	)

NET ASSETS			$	190,421,722			100.00


(a)		Security, or portion thereof, was on loan at December 31, 2010.
(b)		Non-income producing security.
(c)		Investments of cash collateral for securities loaned
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

See accompanying notes to financial statements.

SPDR S&P 500 Value ETF
SUMMARY SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


					% of
					Net
Security Description	Shares		Value		Assets

COMMON STOCKS
AEROSPACE & DEFENSE
United Technologies Corp.		9,711	$	764,450		0.45	%
Other Securities (a)				3,208,032		1.91

				3,972,482		2.36

AIR FREIGHT & LOGISTICS
FedEx Corp.		9,400		874,294		0.52
United Parcel Service, Inc. (Class B)		14,269		1,035,644		0.62
Other Securities				152,880		0.09

				2,062,818		1.23

AIRLINES
Other Securities				143,053		0.08

AUTO COMPONENTS
Johnson Controls, Inc.		20,200		771,640		0.46
Other Securities (b)				86,505		0.05

				858,145		0.51

AUTOMOBILES
Ford Motor Co. (b)		46,100		774,019		0.46
Other Securities				136,912		0.08

				910,931		0.54

BEVERAGES
Other Securities (b)				356,756		0.21

BIOTECHNOLOGY
Other Securities (a)(b)				800,108		0.48

BUILDING PRODUCTS
Other Securities				123,043		0.07

CAPITAL MARKETS
Morgan Stanley		45,388		1,235,007		0.73
State Street Corp. (c)		15,100		699,734		0.42
The Bank of New York Mellon Corp.		37,220		1,124,044		0.67
The Goldman Sachs Group, Inc.		15,293		2,571,671		1.53
Other Securities (a)(b)				1,220,677		0.72

				6,851,133		4.07

CHEMICALS
The Dow Chemical Co.		34,786		1,187,594		0.71
Other Securities (a)				1,628,608		0.96

				2,816,202		1.67

COMMERCIAL BANKS
PNC Financial Services Group, Inc.		15,824		960,833		0.57
U.S. Bancorp		57,601		1,553,499		0.92
Wells Fargo & Co.		80,374		2,490,790		1.48
Other Securities (a)(b)				2,793,136		1.67

				7,798,258		4.64

COMMERCIAL SERVICES & SUPPLIES
Other Securities (a)				928,625		0.55

COMMUNICATIONS EQUIPMENT
Cisco Systems, Inc. (b)		71,500		1,446,445		0.86
Other Securities (b)				791,703		0.47

				2,238,148		1.33

COMPUTERS & PERIPHERALS
Hewlett-Packard Co.		31,300		1,317,730		0.78
Other Securities (b)				766,488		0.46

				2,084,218		1.24

CONSTRUCTION & ENGINEERING
Other Securities (b)				456,108		0.27

CONSTRUCTION MATERIALS
Other Securities				169,721		0.10

CONSUMER FINANCE
Other Securities (b)				1,676,370		1.00

CONTAINERS & PACKAGING
Other Securities (b)				352,831		0.21

DISTRIBUTORS
Other Securities				241,041		0.14

DIVERSIFIED CONSUMER SERVICES
Other Securities (a)				100,628		0.06

DIVERSIFIED FINANCIAL SERVICES
Bank of America Corp.		302,652		4,037,378		2.40
Citigroup, Inc. (b)		871,779		4,123,515		2.45
JPMorgan Chase & Co.		117,274		4,974,763		2.96
Other Securities (b)				1,122,079		0.67

				14,257,735		8.48

DIVERSIFIED TELECOMMUNICATION SERVICES
AT&T, Inc.		102,851		3,021,762		1.80
Verizon Communications, Inc.		50,846		1,819,270		1.08
Other Securities (a)				443,081		0.26

				5,284,113		3.14

ELECTRICAL EQUIPMENT
Other Securities				583,134		0.35

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS
Other Securities (a)				530,538		0.32

ENERGY EQUIPMENT & SERVICES
Other Securities (b)				1,348,783		0.80

FOOD & STAPLES RETAILING
Costco Wholesale Corp.		13,000		938,730		0.56
CVS Caremark Corp.		40,800		1,418,616		0.84
Wal-Mart Stores, Inc.		58,800		3,171,084		1.89
Walgreen Co.		27,800		1,083,088		0.64
Other Securities (a)				1,247,080		0.74

				7,858,598		4.67

FOOD PRODUCTS
Kraft Foods, Inc. (Class A)		27,253		858,742		0.51
Other Securities (a)(b)				2,340,519		1.39

				3,199,261		1.90

GAS UTILITIES
Other Securities (a)				69,888		0.04

HEALTH CARE EQUIPMENT & SUPPLIES
Other Securities (a)(b)				1,657,726		0.99

See accompanying notes to financial statements.

SPDR S&P 500 Value ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


					% of
					Net
Security Description	Shares		Value		Assets

HEALTH CARE PROVIDERS & SERVICES
UnitedHealth Group, Inc.		33,000	$	1,191,630		0.71	%
Other Securities (b)				2,623,865		1.56

				3,815,495		2.27

HOTELS, RESTAURANTS & LEISURE
Other Securities (a)				380,804		0.23

HOUSEHOLD DURABLES
Other Securities (a)(b)				1,131,203		0.67

HOUSEHOLD PRODUCTS
Procter & Gamble Co.		43,679		2,809,870		1.67
Other Securities				399,484		0.24

				3,209,354		1.91

INDUSTRIAL CONGLOMERATES
3M Co.		9,620		830,206		0.49
General Electric Co.		319,705		5,847,404		3.48
Other Securities (a)				514,801		0.31

				7,192,411		4.28

INSURANCE
Berkshire Hathaway, Inc. (Class B) (b)		51,900		4,157,709		2.47
MetLife, Inc.		27,207		1,209,079		0.72
Prudential Financial, Inc.		14,564		855,052		0.51
The Travelers Cos., Inc.		13,763		766,737		0.46
Other Securities (b)				5,894,219		3.50

				12,882,796		7.66

INTERNET SOFTWARE & SERVICES
Other Securities (b)				464,279		0.28

IT SERVICES
Other Securities (b)				1,052,915		0.63

LEISURE EQUIPMENT & PRODUCTS
Other Securities				101,135		0.06

LIFE SCIENCES TOOLS & SERVICES
Other Securities (b)				307,040		0.18

MACHINERY
Caterpillar, Inc.		8,800		824,208		0.49
Other Securities (a)				1,671,737		0.99

				2,495,945		1.48

MEDIA
The Walt Disney Co.		26,128		980,061		0.58
Time Warner, Inc.		33,291		1,070,972		0.64
Other Securities (a)				1,567,938		0.93

				3,618,971		2.15

METALS & MINING
Other Securities (a)(b)				1,262,382		0.75

MULTI-UTILITIES
Exelon Corp.		19,874		827,553		0.49
Other Securities (a)(b)				10,375,598		6.17

				11,203,151		6.66

MULTILINE RETAIL
Other Securities (a)(b)				1,224,051		0.73

OFFICE ELECTRONICS
Other Securities				479,612		0.28

OIL, GAS & CONSUMABLE FUELS
Anadarko Petroleum Corp.		9,500		723,520		0.43
Chevron Corp.		60,404		5,511,865		3.28
ConocoPhillips		44,083		3,002,052		1.78
Exxon Mobil Corp.		151,316		11,064,226		6.58
Marathon Oil Corp.		21,325		789,665		0.47
Occidental Petroleum Corp.		12,200		1,196,820		0.71
Other Securities (a)(b)				4,285,267		2.55

				26,573,415		15.80

PAPER & FOREST PRODUCTS
Other Securities				783,121		0.47

PHARMACEUTICALS
Johnson & Johnson		32,928		2,036,597		1.21
Merck & Co., Inc.		32,377		1,166,867		0.70
Pfizer, Inc.		240,330		4,208,178		2.50
Other Securities (b)				721,416		0.43

				8,133,058		4.84

PROFESSIONAL SERVICES
Other Securities (a)				129,900		0.08

REAL ESTATE INVESTMENT TRUSTS
Other Securities				1,616,414		0.96

ROAD & RAIL
Other Securities				1,306,717		0.78

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
Intel Corp.		70,289		1,478,177		0.88
Other Securities (a)(b)				826,462		0.49

				2,304,639		1.37

SOFTWARE
Other Securities (a)(b)				502,163		0.30

SPECIALTY RETAIL
Lowe’s Cos., Inc.		41,400		1,038,312		0.62
The Home Depot, Inc.		49,217		1,725,548		1.02
Other Securities (a)(b)				910,837		0.54

				3,674,697		2.18

TEXTILES, APPAREL & LUXURY GOODS
Other Securities				97,125		0.06

THRIFTS & MORTGAGE FINANCE
Other Securities				246,147		0.15

TOBACCO
Altria Group, Inc. (a)		40,723		1,002,600		0.60
Other Securities				367,324		0.21

				1,369,924		0.81

WIRELESS TELECOMMUNICATION SERVICES
Other Securities (b)				379,063		0.23

TOTAL COMMON STOCKS —
(Cost $166,510,982)				167,668,322		99.70

See accompanying notes to financial statements.

SPDR S&P 500 Value ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


						% of
						Net
Security Description	Shares		Value			Assets

SHORT TERM INVESTMENTS
MONEY MARKET FUNDS
State Street Navigator Securities Lending Prime Portfolio (d)(e)		3,776,338	$	3,776,338			2.25	%
State Street Institutional Liquid Reserves Fund 0.18% (e)(f)		310,954		310,954			0.18

TOTAL SHORT TERM INVESTMENTS —
(Cost $4,087,292)				4,087,292			2.43

TOTAL INVESTMENTS (g)
(Cost $170,598,274)				171,755,614			102.13
OTHER ASSETS & LIABILITIES				(3,584,270	)		(2.13	)

NET ASSETS			$	168,171,344			100.00


(a)		Security, or portion thereof, was on loan at December 31, 2010.
(b)		Non-income producing security.
(c)		Affiliated issuer. (Note 3)
(d)		Investments of cash collateral for securities loaned.
(e)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f)		The rate shown is the annualized seven-day yield at period end.
(g)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

See accompanying notes to financial statements.

SPDR Dow Jones Mid Cap ETF
SUMMARY SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


					% of
					Net
Security Description	Shares		Value		Assets

COMMON STOCKS
AEROSPACE & DEFENSE
Other Securities (a)(b)			$	408,023		0.69	%

AIR FREIGHT & LOGISTICS
Other Securities				81,048		0.14

AIRLINES
United Continental Holdings, Inc. (b)		12,069		287,483		0.49
Other Securities (a)(b)				157,930		0.26

				445,413		0.75

AUTO COMPONENTS
BorgWarner, Inc. (a)(b)		4,348		314,621		0.53
TRW Automotive Holdings Corp. (a)(b)		3,845		202,632		0.34
Other Securities (a)(b)				446,637		0.76

				963,890		1.63

BEVERAGES
Other Securities (b)				297,878		0.50

BIOTECHNOLOGY
Alexion Pharmaceuticals, Inc. (a)(b)		3,417		275,239		0.47
Dendreon Corp. (a)(b)		5,491		191,746		0.32
Other Securities (a)(b)				692,299		1.17

				1,159,284		1.96

BUILDING PRODUCTS
Other Securities (a)				294,377		0.50

CAPITAL MARKETS
Affiliated Managers Group, Inc. (a)(b)		1,953		193,777		0.33
Legg Mason, Inc. (a)		5,494		199,267		0.34
Other Securities (a)(b)				1,093,862		1.84

				1,486,906		2.51

CHEMICALS
Albemarle Corp. (a)		3,492		194,784		0.33
Celanese Corp. (Series A)		5,981		246,238		0.42
Eastman Chemical Co. (a)		2,608		219,281		0.37
Other Securities (a)(b)				1,119,874		1.89

				1,780,177		3.01

COMMERCIAL BANKS
Huntington Bancshares, Inc.		32,629		224,161		0.38
Other Securities (a)(b)				1,659,612		2.81

				1,883,773		3.19

COMMERCIAL SERVICES & SUPPLIES
Pitney Bowes, Inc. (a)		7,929		191,723		0.32
Other Securities (a)(b)				1,036,024		1.76

				1,227,747		2.08

COMMUNICATIONS EQUIPMENT
Riverbed Technology, Inc. (a)(b)		5,544		194,982		0.33
Other Securities (a)(b)				571,894		0.97

				766,876		1.30

COMPUTERS & PERIPHERALS
Teradata Corp. (b)		6,357		261,654		0.44
Other Securities (a)(b)				348,799		0.59

				610,453		1.03

CONSTRUCTION & ENGINEERING
Other Securities (a)(b)				919,325		1.55

CONSTRUCTION MATERIALS
Other Securities (a)				160,036		0.27

CONSUMER FINANCE
Other Securities (a)(b)				17,987		0.03

CONTAINERS & PACKAGING
Owens-Illinois, Inc. (b)		6,300		193,410		0.33
Other Securities (a)(b)				1,030,759		1.74

				1,224,169		2.07

DISTRIBUTORS
Other Securities (b)				121,643		0.21

DIVERSIFIED CONSUMER SERVICES
Other Securities (a)(b)				475,434		0.80

DIVERSIFIED FINANCIAL SERVICES
Other Securities (a)(b)				328,187		0.55

DIVERSIFIED TELECOMMUNICATION SERVICES
Other Securities (a)(b)				158,725		0.27

ELECTRIC UTILITIES
Other Securities (a)				716,165		1.21

ELECTRICAL EQUIPMENT
AMETEK, Inc.		6,071		238,267		0.40
Other Securities (a)(b)				664,708		1.13

				902,975		1.53

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS
Avnet, Inc. (a)(b)		5,780		190,913		0.32
Mettler-Toledo International, Inc. (b)		1,281		193,700		0.33
Other Securities (a)(b)				1,160,565		1.96

				1,545,178		2.61

ENERGY EQUIPMENT & SERVICES
Pride International, Inc. (a)(b)		6,068		200,244		0.34
Other Securities (a)(b)				1,337,105		2.26

				1,537,349		2.60

FOOD & STAPLES RETAILING
Other Securities (a)(b)				173,384		0.29

FOOD PRODUCTS
Other Securities (a)(b)				896,632		1.52

GAS UTILITIES
Other Securities (a)				879,856		1.49

HEALTH CARE EQUIPMENT & SUPPLIES
Beckman Coulter, Inc. (a)		2,606		196,049		0.33
ResMed, Inc. (a)(b)		5,779		200,185		0.34
Other Securities (a)(b)				1,027,334		1.74

				1,423,568		2.41

HEALTH CARE PROVIDERS & SERVICES
Other Securities (a)(b)				1,412,443		2.39

See accompanying notes to financial statements.

SPDR Dow Jones Mid Cap ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


					% of
					Net
Security Description	Shares		Value		Assets

HEALTH CARE TECHNOLOGY
Other Securities (b)			$	135,661		0.23	%

HOTELS, RESTAURANTS & LEISURE
Chipotle Mexican Grill, Inc. (b)		1,187		252,427		0.43
Wyndham Worldwide Corp.		6,818		204,267		0.34
Other Securities (a)(b)				755,016		1.28

				1,211,710		2.05

HOUSEHOLD DURABLES
Newell Rubbermaid, Inc.		11,052		200,925		0.34
Other Securities (a)(b)				1,263,997		2.14

				1,464,922		2.48

HOUSEHOLD PRODUCTS
Energizer Holdings, Inc. (b)		2,651		193,258		0.33

INDUSTRIAL CONGLOMERATES
Textron, Inc. (a)		10,310		243,728		0.41
Other Securities (a)(b)				304,653		0.52

				548,381		0.93

INSURANCE
American International Group, Inc. (a)(b)		4,512		259,981		0.44
Other Securities (a)(b)				3,231,574		5.46

				3,491,555		5.90

INTERNET SOFTWARE & SERVICES
Other Securities (a)(b)				561,707		0.95

IT SERVICES
Other Securities (a)(b)				970,461		1.64

LIFE SCIENCES TOOLS & SERVICES
Other Securities (a)(b)				652,840		1.10

MACHINERY
Pall Corp.		4,364		216,367		0.37
Other Securities (a)(b)				2,396,280		4.05

				2,612,647		4.42

MARINE
Other Securities (a)(b)				88,937		0.15

MEDIA
Sirius XM Radio, Inc. (a)(b)		147,302		241,575		0.41
The Interpublic Group of Cos., Inc. (a)(b)		18,559		197,097		0.33
Other Securities (a)(b)				939,718		1.59

				1,378,390		2.33

METALS & MINING
Allegheny Technologies, Inc. (a)		3,549		195,834		0.33
Walter Energy, Inc. (a)		2,022		258,492		0.44
Other Securities (a)(b)				703,294		1.19

				1,157,620		1.96

MULTI-UTILITIES
Other Securities (a)				2,398,262		4.06

MULTILINE RETAIL
Other Securities (a)(b)				86,720		0.15

OFFICE ELECTRONICS
Other Securities (a)(b)				82,400		0.14

OIL, GAS & CONSUMABLE FUELS
Arch Coal, Inc. (a)		6,207		217,617		0.37
Concho Resources, Inc. (a)(b)		3,593		314,998		0.53
Massey Energy Co.		3,870		207,626		0.35
Whiting Petroleum Corp. (b)		2,233		261,685		0.44
Other Securities (a)(b)				1,545,027		2.62

				2,546,953		4.31

PAPER & FOREST PRODUCTS
Other Securities (a)				290,396		0.49

PERSONAL PRODUCTS
Other Securities (a)				276,569		0.47

PHARMACEUTICALS
Perrigo Co. (a)		3,248		205,696		0.35
Other Securities (a)(b)				365,505		0.62

				571,201		0.97

PROFESSIONAL SERVICES
Manpower, Inc. (a)		3,129		196,376		0.33
Other Securities (a)(b)				813,532		1.38

				1,009,908		1.71

REAL ESTATE INVESTMENT TRUSTS
AMB Property Corp. (a)		6,424		203,705		0.34
SL Green Realty Corp. (a)		2,976		200,910		0.34
The Macerich Co. (a)		4,950		234,482		0.40
Other Securities (a)				3,506,407		5.93

				4,145,504		7.01

REAL ESTATE MANAGEMENT & DEVELOPMENT
CB Richard Ellis Group, Inc. (Class A) (a)(b)		11,220		229,786		0.39
Other Securities (a)(b)				208,056		0.35

				437,842		0.74

ROAD & RAIL
Other Securities (a)(b)				699,535		1.18

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
Atmel Corp. (b)		17,619		217,066		0.37
Lam Research Corp. (b)		4,624		239,431		0.40
Skyworks Solutions, Inc. (a)(b)		6,752		193,310		0.33
Other Securities (a)(b)				1,150,582		1.94

				1,800,389		3.04

SOFTWARE
Rovi Corp. (a)(b)		3,937		244,133		0.41
Other Securities (a)(b)				1,848,069		3.13

				2,092,202		3.54

SPECIALTY RETAIL
Abercrombie & Fitch Co. (Class A) (a)		3,316		191,101		0.32
CarMax, Inc. (a)(b)		8,498		270,916		0.46
Tiffany & Co. (a)		4,821		300,204		0.51
Other Securities (a)(b)				1,817,697		3.07

				2,579,918		4.36

See accompanying notes to financial statements.

SPDR Dow Jones Mid Cap ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


						% of
						Net
Security Description	Shares		Value			Assets

TEXTILES, APPAREL & LUXURY GOODS
Other Securities (a)(b)			$	361,511			0.61	%

THRIFTS & MORTGAGE FINANCE
Other Securities (a)				288,666			0.49

TRADING COMPANIES & DISTRIBUTORS
Other Securities (a)				106,997			0.18

WIRELESS TELECOMMUNICATION SERVICES
Other Securities (a)(b)				458,630			0.78

TOTAL COMMON STOCKS —
(Cost $50,655,569)				59,000,593			99.79

SHORT TERM INVESTMENTS
MONEY MARKET FUNDS
State Street Navigator Securities Lending Prime Portfolio (c)(d)		16,390,393		16,390,393			27.72
State Street Institutional Liquid Reserves Fund 0.18% (d)(e)		134,458		134,458			0.23

TOTAL SHORT TERM INVESTMENTS —
(Cost $16,524,851)				16,524,851			27.95

TOTAL INVESTMENTS (f)
(Cost $67,180,420)				75,525,444			127.74
OTHER ASSETS & LIABILITIES				(16,400,238	)		(27.74	)

NET ASSETS			$	59,125,206			100.00


(a)		Security, or portion thereof, was on loan at December 31, 2010.
(b)		Non-income producing security.
(c)		Investments of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

See accompanying notes to financial statements.

SPDR S&P 400 Mid Cap Growth ETF
SUMMARY SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


					% of
					Net
Security Description	Shares		Value		Assets

COMMON STOCKS
AEROSPACE & DEFENSE
BE Aerospace, Inc. (a)		13,094	$	484,871		0.68	%

AIRLINES
Other Securities (a)				158,732		0.22

AUTO COMPONENTS
BorgWarner, Inc. (a)		8,650		625,914		0.88
Gentex Corp. (b)		18,000		532,080		0.75

				1,157,994		1.63

BEVERAGES
Hansen Natural Corp. (a)		8,852		462,783		0.65

BIOTECHNOLOGY
Vertex Pharmaceuticals, Inc. (a)(b)		12,387		433,916		0.61
Other Securities (a)				410,867		0.58

				844,783		1.19

BUILDING PRODUCTS
Other Securities				108,767		0.15

CAPITAL MARKETS
Other Securities (a)(b)				1,545,572		2.18

CHEMICALS
Albemarle Corp. (b)		11,844		660,658		0.93
Lubrizol Corp.		8,476		905,915		1.28
Other Securities (a)(b)				523,678		0.73

				2,090,251		2.94

COMMERCIAL BANKS
Other Securities (a)				293,409		0.41

COMMERCIAL SERVICES & SUPPLIES
Other Securities (a)(b)				1,169,619		1.65

COMMUNICATIONS EQUIPMENT
Polycom, Inc. (a)(b)		11,076		431,743		0.61
Riverbed Technology, Inc. (a)		18,867		663,552		0.94
Other Securities (a)(b)				942,258		1.32

				2,037,553		2.87

CONSTRUCTION MATERIALS
Other Securities (b)				186,970		0.26

CONTAINERS & PACKAGING
Other Securities				642,474		0.91

DISTRIBUTORS
Other Securities (a)(b)				420,093		0.59

DIVERSIFIED CONSUMER SERVICES
Other Securities (a)(b)				1,001,209		1.41

DIVERSIFIED FINANCIAL SERVICES
MSCI, Inc. (Class A) (a)		15,369		598,776		0.84

DIVERSIFIED TELECOMMUNICATION SERVICES
Other Securities (a)(b)				330,190		0.47

ELECTRIC UTILITIES
Other Securities				187,683		0.26

ELECTRICAL EQUIPMENT
AMETEK, Inc.		12,954		508,444		0.72
Other Securities (a)				1,368,623		1.92

				1,877,067		2.64

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS
Mettler-Toledo International, Inc. (a)		4,214		637,199		0.90
Other Securities (a)(b)				919,044		1.29

				1,556,243		2.19

ENERGY EQUIPMENT & SERVICES
Oceaneering International, Inc. (a)		6,953		511,949		0.72
Other Securities (a)(b)				970,043		1.37

				1,481,992		2.09

FOOD PRODUCTS
Green Mountain Coffee Roasters, Inc. (a)(b)		15,023		493,656		0.70
Other Securities (b)				500,988		0.70

				994,644		1.40

HEALTH CARE EQUIPMENT & SUPPLIES
Edwards Lifesciences Corp. (a)		14,732		1,190,935		1.68
IDEXX Laboratories, Inc. (a)(b)		7,447		515,481		0.73
ResMed, Inc. (a)(b)		19,551		677,247		0.95
Other Securities (a)(b)				1,918,171		2.70

				4,301,834		6.06

HEALTH CARE PROVIDERS & SERVICES
Universal Health Services, Inc. (Class B)		12,465		541,230		0.76
Other Securities (a)(b)				1,664,198		2.35

				2,205,428		3.11

HEALTH CARE TECHNOLOGY
Allscripts-Misys Healthcare Solutions, Inc. (a)		23,955		461,613		0.65

HOTELS, RESTAURANTS & LEISURE
Chipotle Mexican Grill, Inc. (a)(b)		3,997		850,002		1.20
Other Securities (a)(b)				1,597,275		2.25

				2,447,277		3.45

HOUSEHOLD DURABLES
Other Securities				386,127		0.54

HOUSEHOLD PRODUCTS
Other Securities (a)(b)				600,271		0.85

INSURANCE
Other Securities				333,539		0.47

INTERNET SOFTWARE & SERVICES
Equinix, Inc. (a)(b)		5,922		481,221		0.68
Other Securities (a)(b)				673,715		0.95

				1,154,936		1.63

IT SERVICES
Alliance Data Systems Corp. (a)(b)		6,739		478,671		0.67
Global Payments, Inc.		10,257		473,976		0.67

See accompanying notes to financial statements.

100

SPDR S&P 400 Mid Cap Growth ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


						% of
						Net
Security Description	Shares		Value			Assets

Other Securities (a)(b)			$	1,322,457			1.87	%

				2,275,104			3.21

LEISURE EQUIPMENT & PRODUCTS
Other Securities				343,600			0.48

LIFE SCIENCES TOOLS & SERVICES
Other Securities (a)(b)				863,156			1.22

MACHINERY
Bucyrus International, Inc. (b)		10,400		929,760			1.31
Gardner Denver, Inc.		6,761		465,292			0.66
Joy Global, Inc.		13,327		1,156,117			1.63
Other Securities (a)(b)				2,693,087			3.79

				5,244,256			7.39

MARINE
Other Securities (a)(b)				173,381			0.24

MEDIA
Other Securities (a)(b)				727,798			1.03

METALS & MINING
Other Securities				459,349			0.65

MULTI-UTILITIES
Other Securities				638,230			0.90

MULTILINE RETAIL
Dollar Tree, Inc. (a)(b)		16,100		902,888			1.27
Other Securities (a)				47,820			0.07

				950,708			1.34

OFFICE ELECTRONICS
Other Securities (a)				275,883			0.39

OIL, GAS & CONSUMABLE FUELS
Cimarex Energy Co.		6,300		557,739			0.79
Other Securities (a)(b)				1,423,552			2.00

				1,981,291			2.79

PERSONAL PRODUCTS
Other Securities				228,500			0.32

PHARMACEUTICALS
Endo Pharmaceuticals Holdings, Inc. (a)		14,970		534,579			0.75
Perrigo Co. (b)		10,673		675,921			0.95
Other Securities				208,962			0.30

				1,419,462			2.00

PROFESSIONAL SERVICES
Other Securities (a)(b)				333,463			0.47

REAL ESTATE INVESTMENT TRUSTS
SL Green Realty Corp.		10,052		678,611			0.96
The Macerich Co.		16,700		791,079			1.11
Other Securities (b)				4,152,016			5.85

				5,621,706			7.92

REAL ESTATE MANAGEMENT & DEVELOPMENT
Jones Lang LaSalle, Inc.		5,459		458,119			0.65

ROAD & RAIL
Other Securities (a)				622,752			0.88

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
Atmel Corp. (a)		59,245		729,899			1.03
Cree, Inc. (a)(b)		14,006		922,855			1.30
Skyworks Solutions, Inc. (a)		23,545		674,093			0.95
Other Securities (a)(b)				1,379,811			1.94

				3,706,658			5.22

SOFTWARE
Ansys, Inc. (a)		11,680		608,178			0.86
Factset Research Systems, Inc. (b)		6,002		562,747			0.79
Informatica Corp. (a)(b)		12,054		530,738			0.75
MICROS Systems, Inc. (a)		10,316		452,460			0.64
Rovi Corp. (a)(b)		13,502		837,259			1.18
Solera Holdings, Inc.		9,017		462,752			0.65
Other Securities (a)(b)				2,167,879			3.05

				5,622,013			7.92

SPECIALTY RETAIL
Advance Auto Parts, Inc.		10,800		714,420			1.01
Dick’s Sporting Goods, Inc. (a)(b)		11,369		426,337			0.60
PetSmart, Inc.		15,217		605,941			0.85
Tractor Supply Co.		9,342		452,994			0.64
Williams-Sonoma, Inc. (b)		13,600		485,384			0.68
Other Securities (a)(b)				1,904,991			2.69

				4,590,067			6.47

TEXTILES, APPAREL & LUXURY GOODS
Fossil, Inc. (a)		6,597		464,957			0.66
Phillips-Van Heusen Corp.		8,500		535,585			0.75
Other Securities (a)(b)				1,132,614			1.60

				2,133,156			3.01

TRADING COMPANIES & DISTRIBUTORS
Other Securities (a)				365,823			0.52

WIRELESS TELECOMMUNICATION SERVICES
Other Securities (a)				277,650			0.39

TOTAL COMMON STOCKS —
(Cost $71,187,047)				70,834,825			99.80

SHORT TERM INVESTMENTS
MONEY MARKET FUNDS
State Street Navigator Securities Lending Prime Portfolio (c)(d)		2,202,278		2,202,278			3.10
State Street Institutional Liquid Reserves Fund 0.18% (d)(e)		115,732		115,732			0.16

TOTAL SHORT TERM INVESTMENTS —
(Cost $2,318,010)				2,318,010			3.26

TOTAL INVESTMENTS (f)
(Cost $73,505,057)				73,152,835			103.06
OTHER ASSETS & LIABILITIES				(2,175,173	)		(3.06	)

NET ASSETS			$	70,977,662			100.00

See accompanying notes to financial statements.

101

SPDR S&P 400 Mid Cap Value ETF
SUMMARY SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


					% of
					Net
Security Description	Shares		Value		Assets

COMMON STOCKS
AEROSPACE & DEFENSE
Other Securities (a)(b)			$	118,493		0.44	%

AIRLINES
Other Securities (a)				151,174		0.56

AUTO COMPONENTS
BorgWarner, Inc. (a)(b)		2,240		162,086		0.60

AUTOMOBILES
Other Securities				67,920		0.25

BIOTECHNOLOGY
Vertex Pharmaceuticals, Inc. (a)		5,160		180,755		0.67

BUILDING PRODUCTS
Other Securities (b)				59,775		0.22

CAPITAL MARKETS
Raymond James Financial, Inc. (b)		4,805		157,124		0.58
Other Securities (a)(b)				518,337		1.92

				675,461		2.50

CHEMICALS
Ashland, Inc.		3,825		194,540		0.72
The Valspar Corp. (b)		4,783		164,918		0.61
Other Securities (b)				667,462		2.47

				1,026,920		3.80

COMMERCIAL BANKS
Commerce Bancshares, Inc. (b)		3,740		148,608		0.55
Cullen/Frost Bankers, Inc. (b)		2,957		180,732		0.67
Other Securities (a)(b)				1,508,744		5.57

				1,838,084		6.79

COMMERCIAL SERVICES & SUPPLIES
Other Securities (a)				427,252		1.58

COMMUNICATIONS EQUIPMENT
Other Securities (a)				78,191		0.29

COMPUTERS & PERIPHERALS
Other Securities (a)(b)				219,564		0.81

CONSTRUCTION & ENGINEERING
Aecom Technology Corp. (a)		5,700		159,429		0.59
KBR, Inc.		7,318		222,979		0.82
URS Corp. (a)		3,950		164,360		0.61
Other Securities (a)				184,231		0.68

				730,999		2.70

CONSTRUCTION MATERIALS
Other Securities				132,826		0.49

CONTAINERS & PACKAGING
Sonoco Products Co.		4,997		168,249		0.62
Other Securities (b)				429,303		1.59

				597,552		2.21

DIVERSIFIED CONSUMER SERVICES
Other Securities (a)(b)				205,608		0.76

DIVERSIFIED TELECOMMUNICATION SERVICES
Other Securities (a)				26,880		0.10

ELECTRIC UTILITIES
Other Securities (b)				667,590		2.47

ELECTRICAL EQUIPMENT
Other Securities (a)(b)				386,743		1.43

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS
Arrow Electronics, Inc. (a)(b)		5,618		192,416		0.71
Avnet, Inc. (a)		7,361		243,134		0.90
Other Securities (a)				457,908		1.69

				893,458		3.30

ENERGY EQUIPMENT & SERVICES
Patterson-UTI Energy, Inc. (b)		7,384		159,125		0.59
Pride International, Inc. (a)		8,506		280,698		1.04
Other Securities (a)(b)				352,592		1.30

				792,415		2.93

FOOD & STAPLES RETAILING
Other Securities (a)(b)				204,667		0.76

FOOD PRODUCTS
Ralcorp Holdings, Inc. (a)		2,667		173,382		0.64
Smithfield Foods, Inc. (a)(b)		7,956		164,132		0.61
Other Securities (b)				163,112		0.60

				500,626		1.85

GAS UTILITIES
Energen Corp.		3,491		168,476		0.62
UGI Corp.		5,364		169,395		0.62
Other Securities (b)				501,710		1.86

				839,581		3.10

HEALTH CARE EQUIPMENT & SUPPLIES
Beckman Coulter, Inc.		1,953		146,924		0.54
Hologic, Inc. (a)		8,200		154,324		0.57
Other Securities (a)(b)				287,385		1.07

				588,633		2.18

HEALTH CARE PROVIDERS & SERVICES
Community Health Systems, Inc. (a)		4,495		167,978		0.62
Other Securities (a)(b)				696,765		2.58

				864,743		3.20

HOTELS, RESTAURANTS & LEISURE
Other Securities (a)(b)				262,856		0.97

HOUSEHOLD DURABLES
Mohawk Industries, Inc. (a)(b)		2,700		153,252		0.57
NVR, Inc. (a)(b)		274		189,340		0.70
Other Securities (a)(b)				306,163		1.13

				648,755		2.40

HOUSEHOLD PRODUCTS
Other Securities (a)				259,926		0.96

INDEPENDENT POWER PRODUCERS & ENERGY TRADERS
Other Securities (a)(b)				27,538		0.10

INDUSTRIAL CONGLOMERATES
Other Securities (b)				116,478		0.43

INSURANCE
Everest Re Group, Ltd.		2,651		224,858		0.83
Fidelity National Financial, Inc. (Class A)		10,864		148,619		0.55

See accompanying notes to financial statements.

103

SPDR S&P 400 Mid Cap Value ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


					% of
					Net
Security Description	Shares		Value		Assets

HCC Insurance Holdings, Inc.		5,524	$	159,865		0.59	%
Old Republic International Corp. (b)		12,163		165,782		0.61
Reinsurance Group of America, Inc.		3,523		189,220		0.70
Transatlantic Holdings, Inc.		3,072		158,577		0.59
W.R. Berkley Corp. (b)		5,685		155,655		0.57
Other Securities (b)				794,651		2.94

				1,997,227		7.38

INTERNET SOFTWARE & SERVICES
Other Securities (a)(b)				142,471		0.53

IT SERVICES
Other Securities (a)				367,904		1.36

LEISURE EQUIPMENT & PRODUCTS
Other Securities (a)(b)				68,608		0.25

LIFE SCIENCES TOOLS & SERVICES
Other Securities (a)				311,067		1.15

MACHINERY
Pentair, Inc. (b)		4,748		173,350		0.64
Terex Corp. (a)		5,200		161,408		0.60
Other Securities (a)(b)				1,178,202		4.35

				1,512,960		5.59

MARINE
Other Securities (a)(b)				128,515		0.48

MEDIA
Other Securities (a)(b)				152,353		0.56

METALS & MINING
Reliance Steel & Aluminum Co.		3,600		183,960		0.68
Steel Dynamics, Inc.		10,400		190,320		0.71
Other Securities (b)				190,169		0.70

				564,449		2.09

MULTI-UTILITIES
Alliant Energy Corp.		5,332		196,058		0.72
MDU Resources Group, Inc.		9,136		185,187		0.68
NSTAR (b)		4,961		209,305		0.77
NV Energy, Inc. (b)		11,264		158,259		0.59
OGE Energy Corp.		4,689		213,537		0.79
Other Securities (b)				325,821		1.21

				1,288,167		4.76

MULTILINE RETAIL
Other Securities (a)(b)				99,924		0.37

OIL, GAS & CONSUMABLE FUELS
Arch Coal, Inc.		4,200		147,252		0.54
Cimarex Energy Co.		1,700		150,501		0.56
Plains Exploration & Production Co. (a)		6,700		215,338		0.80
Other Securities (a)(b)				569,233		2.10

				1,082,324		4.00

PAPER & FOREST PRODUCTS
Other Securities (a)				59,598		0.22

PERSONAL PRODUCTS
Other Securities (b)				68,339		0.25

PROFESSIONAL SERVICES
Manpower, Inc.		3,950		247,902		0.91
Other Securities (a)				207,483		0.77

				455,385		1.68

REAL ESTATE INVESTMENT TRUSTS
AMB Property Corp. (b)		5,335		169,173		0.62
Other Securities (b)				1,775,764		6.57

				1,944,937		7.19

ROAD & RAIL
Other Securities (a)(b)				414,116		1.53

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
Lam Research Corp. (a)		2,900		150,162		0.56
Other Securities (a)(b)				231,178		0.85

				381,340		1.41

SOFTWARE
Other Securities (a)(b)				279,474		1.03

SPECIALTY RETAIL
Foot Locker, Inc.		7,464		146,444		0.54
Other Securities (a)(b)				413,293		1.53

				559,737		2.07

TEXTILES, APPAREL & LUXURY GOODS
Other Securities (a)				97,467		0.36

THRIFTS & MORTGAGE FINANCE
New York Community Bancorp, Inc.		21,054		396,868		1.47
Other Securities (b)				362,042		1.34

				758,910		2.81

TOBACCO
Other Securities				47,985		0.18

TRADING COMPANIES & DISTRIBUTORS
Other Securities (a)				231,284		0.85

WIRELESS TELECOMMUNICATION SERVICES
Telephone & Data Systems, Inc. (b)		4,395		160,637		0.59

TOTAL COMMON STOCKS —
(Cost $25,955,605)				26,928,727		99.54

SHORT TERM INVESTMENTS
MONEY MARKET FUNDS
State Street Navigator Securities Lending Prime Portfolio (c)(d)		7,127,929		7,127,929		26.35
State Street Institutional Liquid Reserves Fund 0.18% (d)(e)		98,137		98,137		0.36

TOTAL SHORT TERM INVESTMENTS —
(Cost $7,226,066)				7,226,066		26.71

See accompanying notes to financial statements.

104

SPDR S&P 400 Mid Cap Value ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


				% of
				Net
Security Description	Value			Assets

TOTAL INVESTMENTS (f)
(Cost $33,181,671)	$	34,154,793			126.25	%
OTHER ASSETS & LIABILITIES		(7,101,133	)		(26.25	)

NET ASSETS	$	27,053,660			100.00


(a)		Non-income producing security.
(b)		Security, or portion thereof, was on loan at December 31, 2010.
(c)		Investments of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

See accompanying notes to financial statements.

105

SPDR S&P 600 Small Cap ETF
SUMMARY SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


					% of
					Net
Security Description	Shares		Value		Assets

COMMON STOCKS
AEROSPACE & DEFENSE
Esterline Technologies Corp. (a)		4,100	$	281,219		0.43	%
Moog, Inc. (Class A) (a)(b)		6,141		244,412		0.37
Other Securities (a)(b)				1,386,309		2.10

				1,911,940		2.90

AIR FREIGHT & LOGISTICS
Other Securities (a)(b)				291,822		0.44

AIRLINES
Other Securities (b)				217,436		0.33

AUTO COMPONENTS
Other Securities (b)				190,179		0.29

AUTOMOBILES
Other Securities (a)(b)				60,055		0.09

BEVERAGES
Other Securities (a)(b)				116,390		0.18

BIOTECHNOLOGY
Regeneron Pharmaceuticals, Inc. (a)(b)		9,923		325,772		0.49
Other Securities (a)(b)				521,153		0.80

				846,925		1.29

BUILDING PRODUCTS
Other Securities (a)(b)				806,811		1.22

CAPITAL MARKETS
Stifel Financial Corp. (a)(b)		4,749		294,628		0.45
Other Securities (a)(b)				333,909		0.50

				628,537		0.95

CHEMICALS
Other Securities (a)(b)				1,339,997		2.03

COMMERCIAL BANKS
Signature Bank (a)(b)		5,518		275,900		0.42
Other Securities (a)(b)				3,616,237		5.49

				3,892,137		5.91

COMMERCIAL SERVICES & SUPPLIES
Other Securities (a)(b)				1,622,790		2.46

COMMUNICATIONS EQUIPMENT
ViaSat, Inc. (a)(b)		5,545		246,253		0.37
Other Securities (a)(b)				1,303,899		1.98

				1,550,152		2.35

COMPUTERS & PERIPHERALS
Other Securities (a)(b)				602,491		0.91

CONSTRUCTION & ENGINEERING
EMCOR Group, Inc. (a)		9,043		262,066		0.40
Other Securities (a)(b)				320,791		0.48

				582,857		0.88

CONSTRUCTION MATERIALS
Other Securities (a)(b)				383,124		0.58

CONSUMER FINANCE
Other Securities (a)(b)				573,864		0.87

CONTAINERS & PACKAGING
Other Securities (b)				47,054		0.07

DISTRIBUTORS
Other Securities (a)				21,532		0.03

DIVERSIFIED CONSUMER SERVICES
Coinstar, Inc. (a)(b)		4,281		241,620		0.37
Other Securities (a)(b)				623,073		0.94

				864,693		1.31

DIVERSIFIED FINANCIAL SERVICES
Other Securities (a)(b)				275,837		0.42

DIVERSIFIED TELECOMMUNICATION SERVICES
Other Securities (a)(b)				242,057		0.37

ELECTRIC UTILITIES
Other Securities (a)(b)				738,661		1.12

ELECTRICAL EQUIPMENT
Belden CDT, Inc. (b)		6,349		233,770		0.36
Brady Corp. (Class A)		7,130		232,509		0.35
Other Securities (a)(b)				377,079		0.57

				843,358		1.28

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS
Other Securities (a)(b)				2,605,542		3.95

ENERGY EQUIPMENT & SERVICES
Bristow Group, Inc. (a)(b)		4,899		231,968		0.35
CARBO Ceramics, Inc. (b)		2,603		269,515		0.41
Lufkin Industries, Inc. (b)		4,059		253,241		0.38
Oil States International, Inc. (a)(b)		6,836		438,119		0.66
SEACOR Holdings, Inc. (b)		2,897		292,858		0.44
Other Securities (a)(b)				592,912		0.91

				2,078,613		3.15

FOOD & STAPLES RETAILING
United Natural Foods, Inc. (a)(b)		6,560		240,621		0.36
Other Securities (b)				430,209		0.66

				670,830		1.02

FOOD PRODUCTS
TreeHouse Foods, Inc. (a)(b)		4,775		243,955		0.37
Other Securities (a)(b)				940,200		1.43

				1,184,155		1.80

GAS UTILITIES
New Jersey Resources Corp. (b)		5,602		241,502		0.37
Piedmont Natural Gas Co., Inc. (b)		9,821		274,595		0.42
Other Securities (b)				722,164		1.09

				1,238,261		1.88

HEALTH CARE EQUIPMENT & SUPPLIES
The Cooper Cos., Inc.		6,253		352,294		0.54
Other Securities (a)(b)				2,230,400		3.38

				2,582,694		3.92

HEALTH CARE PROVIDERS & SERVICES
AMERIGROUP Corp. (a)(b)		6,739		295,977		0.45

See accompanying notes to financial statements.

106

SPDR S&P 600 Small Cap ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


					% of
					Net
Security Description	Shares		Value		Assets

Catalyst Health Solutions, Inc. (a)		5,360	$	249,186		0.38	%
HMS Holdings Corp. (a)(b)		3,774		244,442		0.37
Other Securities (a)(b)				2,416,217		3.66

				3,205,822		4.86

HEALTH CARE TECHNOLOGY
Other Securities (a)(b)				135,018		0.21

HOTELS, RESTAURANTS & LEISURE
Other Securities (a)(b)				1,990,360		3.02

HOUSEHOLD DURABLES
Other Securities (a)(b)				688,720		1.05

HOUSEHOLD PRODUCTS
Other Securities (a)(b)				163,935		0.25

INDUSTRIAL CONGLOMERATES
Other Securities (b)				112,895		0.17

INSURANCE
ProAssurance Corp. (a)(b)		4,184		253,550		0.38
Other Securities (a)(b)				1,376,132		2.09

				1,629,682		2.47

INTERNET & CATALOG RETAIL
Vitacost.com, Inc. (c)		857		0		0.00
Other Securities (a)(b)				404,965		0.62

				404,965		0.62

INTERNET SOFTWARE & SERVICES
Other Securities (a)(b)				808,449		1.23

IT SERVICES
Wright Express Corp. (a)		5,214		239,844		0.36
Other Securities (a)(b)				873,128		1.33

				1,112,972		1.69

LEISURE EQUIPMENT & PRODUCTS
Other Securities (a)(b)				647,168		0.98

LIFE SCIENCES TOOLS & SERVICES
Dionex Corp. (a)(b)		2,344		276,615		0.42
Other Securities (a)(b)				327,706		0.50

				604,321		0.92

MACHINERY
Actuant Corp. (Class A) (b)		9,324		248,205		0.38
CLARCOR, Inc. (b)		6,881		295,126		0.45
The Toro Co.		4,274		263,449		0.40
Other Securities (a)(b)				1,862,697		2.82

				2,669,477		4.05

MEDIA
Live Nation, Inc. (a)(b)		20,291		231,723		0.35
Other Securities (a)(b)				195,036		0.30

				426,759		0.65

METALS & MINING
Other Securities (a)(b)				622,815		0.95

MULTI-UTILITIES
Other Securities (b)				419,878		0.64

MULTILINE RETAIL
Other Securities (a)(b)				99,683		0.15

OIL, GAS & CONSUMABLE FUELS
Holly Corp.		6,030		245,843		0.37
World Fuel Services Corp. (b)		9,399		339,868		0.52
Other Securities (a)(b)				862,485		1.31

				1,448,196		2.20

PAPER & FOREST PRODUCTS
Other Securities (a)(b)				650,945		0.99

PERSONAL PRODUCTS
Other Securities (a)				54,179		0.08

PHARMACEUTICALS
Salix Pharmaceuticals, Ltd. (a)(b)		7,942		372,956		0.57
Other Securities (a)(b)				404,406		0.61

				777,362		1.18

PROFESSIONAL SERVICES
Other Securities (a)(b)				660,609		1.00

REAL ESTATE INVESTMENT TRUSTS
BioMed Realty Trust, Inc. (b)		17,818		332,306		0.50
DiamondRock Hospitality Co. (a)(b)		21,055		252,660		0.38
Entertainment Properties Trust (b)		6,307		291,699		0.44
Home Properties, Inc. (b)		5,137		285,052		0.43
Kilroy Realty Corp. (b)		7,165		261,308		0.40
LaSalle Hotel Properties (b)		9,950		262,680		0.40
Mid-America Apartment Communities, Inc. (b)		4,647		295,038		0.45
National Retail Properties, Inc. (b)		11,367		301,226		0.46
Post Properties, Inc.		6,620		240,306		0.37
Tanger Factory Outlet Centers, Inc. (b)		5,526		282,876		0.43
Other Securities (b)				2,205,518		3.34

				5,010,669		7.60

REAL ESTATE MANAGEMENT & DEVELOPMENT
Other Securities (a)(b)				92,563		0.14

ROAD & RAIL
Other Securities (a)(b)				551,474		0.84

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
Cypress Semiconductor Corp. (a)(b)		22,574		419,425		0.64
Microsemi Corp. (a)		11,331		259,480		0.39
TriQuint Semiconductor, Inc. (a)(b)		21,683		253,474		0.39
Varian Semiconductor Equipment Associates, Inc. (a)		10,059		371,881		0.57
Veeco Instruments, Inc. (a)(b)		5,389		231,512		0.35
Other Securities (a)(b)				2,362,018		3.58

				3,897,790		5.92

See accompanying notes to financial statements.

107

SPDR S&P 600 Small Cap ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


						% of
						Net
Security Description	Shares		Value			Assets

SOFTWARE
Progress Software Corp. (a)		5,940	$	251,381			0.38	%
Other Securities (a)(b)				2,324,872			3.53

				2,576,253			3.91

SPECIALTY RETAIL
Other Securities (a)(b)				2,777,002			4.21

TEXTILES, APPAREL & LUXURY GOODS
Other Securities (a)(b)				1,608,874			2.44

THRIFTS & MORTGAGE FINANCE
Other Securities (b)				345,100			0.52

TOBACCO
Other Securities (a)(b)				50,146			0.08

TRADING COMPANIES & DISTRIBUTORS
Other Securities (b)				284,190			0.43

WATER UTILITIES
Other Securities (b)				85,830			0.13

WIRELESS TELECOMMUNICATION SERVICES
Other Securities (b)				129,767			0.20

TOTAL COMMON STOCKS —
(Cost $67,018,394)				65,754,662			99.78

	Principal
	Amount
CORPORATE BONDS & NOTES
CAPITAL MARKETS
Gamco Investors, Inc. Zero Coupon, 12/31/2015 (c) (Cost $474)		474	$	0			0.00

	Shares
SHORT TERM INVESTMENTS
MONEY MARKET FUNDS
State Street Navigator Securities Lending Prime Portfolio (d)(e)		17,762,102	$	17,762,102			26.95
State Street Institutional Liquid Reserves Fund 0.18% (e)(f)		126,568		126,568			0.19

TOTAL SHORT TERM INVESTMENTS —
(Cost $17,888,670)				17,888,670			27.14

TOTAL INVESTMENTS (g)
(Cost $84,907,538)				83,643,332			126.92
OTHER ASSETS & LIABILITIES				(17,739,576	)		(26.92	)

NET ASSETS			$	65,903,756			100.00


(a)		Non-income producing security.
(b)		Security, or portion thereof, was on loan at December 31, 2010.
(c)		Securities are valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs. (Note 2)
(d)		Investments of cash collateral for securities loaned.
(e)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f)		The rate shown is the annualized seven-day yield at period end.
(g)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

See accompanying notes to financial statements.

108

SPDR S&P 600 Small Cap Growth ETF
SUMMARY SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


					% of
					Net
Security Description	Shares		Value		Assets

COMMON STOCKS
AEROSPACE & DEFENSE
Triumph Group, Inc.		12,076	$	1,079,715		0.62	%
Other Securities (a)				1,800,528		1.03

				2,880,243		1.65

AIR FREIGHT & LOGISTICS
Other Securities (a)				740,205		0.42

AIRLINES
Other Securities				540,409		0.31

AUTO COMPONENTS
Other Securities				129,251		0.07

BEVERAGES
Other Securities (a)				634,155		0.36

BIOTECHNOLOGY
Cubist Pharmaceuticals, Inc. (a)		43,398		928,717		0.53
Regeneron Pharmaceuticals, Inc. (a)		53,175		1,745,735		1.00
Other Securities (a)(b)				735,969		0.42

				3,410,421		1.95

BUILDING PRODUCTS
Other Securities (a)				719,082		0.41

CAPITAL MARKETS
Stifel Financial Corp. (a)		25,771		1,598,833		0.91
Other Securities				485,832		0.28

				2,084,665		1.19

CHEMICALS
Other Securities (a)				2,767,245		1.59

COMMERCIAL BANKS
Signature Bank (a)		29,647		1,482,350		0.85
Other Securities (b)				1,852,908		1.06

				3,335,258		1.91

COMMERCIAL SERVICES & SUPPLIES
Other Securities (a)				3,088,373		1.77

COMMUNICATIONS EQUIPMENT
Blue Coat Systems, Inc. (a)		31,582		943,354		0.54
Netgear, Inc. (a)		26,178		881,675		0.50
ViaSat, Inc. (a)		30,012		1,332,833		0.76
Other Securities (a)				1,240,817		0.72

				4,398,679		2.52

COMPUTERS & PERIPHERALS
Other Securities (a)				2,120,048		1.22

CONSTRUCTION & ENGINEERING
Other Securities (a)				227,140		0.13

CONSTRUCTION MATERIALS
Other Securities				282,867		0.16

CONSUMER FINANCE
Ezcorp, Inc. (a)		36,358		986,392		0.56
Other Securities (a)(b)				2,087,751		1.20

				3,074,143		1.76

DIVERSIFIED CONSUMER SERVICES
Coinstar, Inc. (a)		23,113		1,304,498		0.75
Other Securities (a)(b)				2,481,493		1.42

				3,785,991		2.17

DIVERSIFIED FINANCIAL SERVICES
Portfolio Recovery Associates, Inc. (a)		12,465		937,368		0.54

DIVERSIFIED TELECOMMUNICATION SERVICES
Other Securities (a)				1,153,595		0.66

ELECTRIC UTILITIES
Other Securities (a)				383,713		0.22

ELECTRICAL EQUIPMENT
Other Securities (a)(b)				1,916,839		1.10

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS
Other Securities (a)(b)				5,346,762		3.06

ENERGY EQUIPMENT & SERVICES
CARBO Ceramics, Inc.		13,844		1,433,408		0.82
Oil States International, Inc. (a)		36,949		2,368,062		1.36
SEACOR Holdings, Inc.		10,425		1,053,863		0.60
Other Securities (a)				1,323,761		0.76

				6,179,094		3.54

FOOD & STAPLES RETAILING
Other Securities (a)				1,034,960		0.59

FOOD PRODUCTS
TreeHouse Foods, Inc. (a)		25,844		1,320,370		0.76
Other Securities (a)(b)				2,733,712		1.56

				4,054,082		2.32

GAS UTILITIES
Other Securities				1,353,355		0.78

HEALTH CARE EQUIPMENT & SUPPLIES
Align Technology, Inc. (a)		49,536		967,933		0.55
American Medical Systems Holdings, Inc. (a)		55,870		1,053,708		0.60
Haemonetics Corp. (a)		18,109		1,144,127		0.66
The Cooper Cos., Inc.		33,343		1,878,545		1.08
Other Securities (a)(b)				5,308,104		3.04

				10,352,417		5.93

HEALTH CARE PROVIDERS & SERVICES
AMERIGROUP Corp. (a)		22,096		970,456		0.56
Catalyst Health Solutions, Inc. (a)		28,587		1,329,010		0.76
Chemed Corp.		16,663		1,058,267		0.61
Healthspring, Inc. (a)		41,752		1,107,681		0.63
HMS Holdings Corp. (a)		20,115		1,302,849		0.75
Other Securities (a)(b)				4,747,594		2.72

				10,515,857		6.03

HEALTH CARE TECHNOLOGY
Other Securities (a)				546,466		0.31

HOTELS, RESTAURANTS & LEISURE
Cracker Barrel Old Country Store, Inc.		17,033		932,897		0.53
Other Securities (a)				6,401,434		3.67

				7,334,331		4.20

See accompanying notes to financial statements.

109

SPDR S&P 600 Small Cap Growth ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


					% of
					Net
Security Description	Shares		Value		Assets

HOUSEHOLD DURABLES
Other Securities (a)			$	978,812		0.56	%

HOUSEHOLD PRODUCTS
Other Securities				266,090		0.15

INSURANCE
Other Securities (a)				874,403		0.50

INTERNET & CATALOG RETAIL
Vitacost.com, Inc. (c)		4,573		0		0.00
Other Securities (a)				1,959,178		1.12

				1,959,178		1.12

INTERNET SOFTWARE & SERVICES
j2 Global Communications, Inc. (a)		33,351		965,512		0.55
Other Securities (a)				2,125,535		1.22

				3,091,047		1.77

IT SERVICES
Wright Express Corp. (a)		27,987		1,287,402		0.74
Other Securities (a)				2,513,346		1.44

				3,800,748		2.18

LEISURE EQUIPMENT & PRODUCTS
Other Securities (a)				1,092,366		0.63

LIFE SCIENCES TOOLS & SERVICES
Dionex Corp. (a)		12,708		1,499,671		0.86
PAREXEL International Corp. (a)		42,429		900,768		0.52
Other Securities (a)				239,390		0.13

				2,639,829		1.51

MACHINERY
Other Securities (a)(b)				4,600,843		2.64

MEDIA
Other Securities (a)(b)				906,598		0.52

METALS & MINING
Other Securities (a)(b)				1,096,782		0.63

OIL, GAS & CONSUMABLE FUELS
Other Securities (a)				2,300,027		1.32

PAPER & FOREST PRODUCTS
Other Securities (a)				2,050,533		1.18

PERSONAL PRODUCTS
Other Securities (a)				283,515		0.16

PHARMACEUTICALS
Par Pharmaceutical Cos., Inc. (a)(b)		26,013		1,001,761		0.57
Salix Pharmaceuticals, Ltd. (a)		42,400		1,991,104		1.14
ViroPharma, Inc. (a)		56,969		986,703		0.57
Other Securities (a)				227,840		0.13

				4,207,408		2.41

PROFESSIONAL SERVICES
Other Securities (a)				1,172,549		0.67

REAL ESTATE INVESTMENT TRUSTS
Home Properties, Inc.		15,998		887,729		0.51
Mid-America Apartment Communities, Inc.		14,781		938,446		0.54
National Retail Properties, Inc.		37,163		984,820		0.56
Tanger Factory Outlet Centers, Inc.		29,618		1,516,145		0.87
Other Securities (a)(b)				8,869,662		5.08

				13,196,802		7.56

REAL ESTATE MANAGEMENT & DEVELOPMENT
Other Securities (a)				302,875		0.17

ROAD & RAIL
Other Securities (a)				1,184,461		0.68

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
Cypress Semiconductor Corp. (a)		121,255		2,252,918		1.29
Hittite Microwave Corp. (a)		17,973		1,097,072		0.63
TriQuint Semiconductor, Inc. (a)		116,265		1,359,138		0.78
Varian Semiconductor Equipment Associates, Inc. (a)		27,000		998,190		0.57
Veeco Instruments, Inc. (a)(b)		29,211		1,254,905		0.72
Other Securities (a)(b)				7,796,791		4.47

				14,759,014		8.46

SOFTWARE
Commvault Systems, Inc. (a)		31,436		899,698		0.52
JDA Software Group, Inc. (a)		31,999		895,972		0.51
Progress Software Corp. (a)		31,651		1,339,470		0.77
Quality Systems, Inc.		13,998		977,340		0.56
Other Securities (a)(b)				8,506,135		4.87

				12,618,615		7.23

SPECIALTY RETAIL
Jo-Ann Stores, Inc. (a)		19,201		1,156,284		0.66
Other Securities (a)(b)				6,969,183		4.00

				8,125,467		4.66

TEXTILES, APPAREL & LUXURY GOODS
Carter’s, Inc. (a)		42,033		1,240,394		0.71
Crocs, Inc. (a)		63,820		1,092,598		0.63
Iconix Brand Group, Inc. (a)		53,071		1,024,801		0.59
Other Securities (a)				2,812,125		1.61

				6,169,918		3.54

THRIFTS & MORTGAGE FINANCE
Other Securities				318,519		0.18

WATER UTILITIES
Other Securities				249,046		0.14

WIRELESS TELECOMMUNICATION SERVICES
Other Securities				338,042		0.19

TOTAL COMMON STOCKS —
(Cost $177,022,451)				173,910,501		99.63

See accompanying notes to financial statements.

110

SPDR S&P 600 Small Cap Growth ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


						% of
						Net
Security Description	Shares		Value			Assets

SHORT TERM INVESTMENTS
MONEY MARKET FUNDS
State Street Navigator Securities Lending Prime Portfolio (d)(e)		21,802,253	$	21,802,253			12.49	%
State Street Institutional Liquid Reserves Fund 0.18% (e)(f)		590,869		590,869			0.34

TOTAL SHORT TERM INVESTMENTS —
(Cost $22,393,122)				22,393,122			12.83

TOTAL INVESTMENTS (g)
(Cost $199,415,573)				196,303,623			112.46
OTHER ASSETS & LIABILITIES				(21,745,280	)		(12.46	)

NET ASSETS			$	174,558,343			100.00


(a)		Non-income producing security.
(b)		Security, or portion thereof, was on loan at December 31, 2010.
(c)		Security is valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 2 inputs. (Note 2)
(d)		Investments of cash collateral for securities loaned
(e)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f)		The rate shown is the annualized seven-day yield at period end.
(g)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

See accompanying notes to financial statements.

111

SPDR S&P 600 Small Cap Value ETF
SUMMARY SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


					% of
					Net
Security Description	Shares		Value		Assets

COMMON STOCKS
AEROSPACE & DEFENSE
Curtiss-Wright Corp.		25,190	$	836,308		0.62	%
Esterline Technologies Corp. (a)		16,493		1,131,255		0.84
Moog, Inc. (Class A) (a)		24,800		987,040		0.73
Teledyne Technologies, Inc. (a)		19,900		875,003		0.65
Other Securities (a)				1,712,524		1.28

				5,542,130		4.12

AIR FREIGHT & LOGISTICS
Other Securities (a)				615,340		0.46

AIRLINES
Other Securities				473,239		0.35

AUTO COMPONENTS
Other Securities (b)				667,634		0.50

AUTOMOBILES
Other Securities (a)(b)				243,154		0.18

BIOTECHNOLOGY
Other Securities (a)(b)				849,597		0.63

BUILDING PRODUCTS
Simpson Manufacturing Co., Inc.		21,723		671,458		0.50
Other Securities (a)				2,037,647		1.52

				2,709,105		2.02

CAPITAL MARKETS
Other Securities (a)				983,632		0.73

CHEMICALS
Other Securities (a)(b)				3,300,450		2.46

COMMERCIAL BANKS
Glacier Bancorp, Inc. (b)		39,281		593,536		0.44
Old National Bancorp		51,982		618,066		0.46
Susquehanna Bancshares, Inc.		71,368		690,842		0.51
Umpqua Holdings Corp. (b)		62,953		766,768		0.57
United Bankshares, Inc. (b)		20,919		610,835		0.45
Whitney Holding Corp. (b)		53,173		752,398		0.56
Wintrust Financial Corp.		18,870		623,276		0.46
Other Securities (a)(b)				8,530,083		6.36

				13,185,804		9.81

COMMERCIAL SERVICES & SUPPLIES
ABM Industries, Inc.		25,815		678,935		0.50
The Geo Group, Inc. (a)		35,400		872,964		0.65
United Stationers, Inc. (a)		12,641		806,622		0.60
Other Securities (a)(b)				1,854,415		1.38

				4,212,936		3.13

COMMUNICATIONS EQUIPMENT
Arris Group, Inc. (a)		67,900		761,838		0.57
Other Securities (a)(b)				2,181,761		1.62

				2,943,599		2.19

COMPUTERS & PERIPHERALS
Other Securities (a)(b)				836,848		0.62

CONSTRUCTION & ENGINEERING
EMCOR Group, Inc. (a)		36,500		1,057,770		0.79
Other Securities (a)				1,126,565		0.83

				2,184,335		1.62

CONSTRUCTION MATERIALS
Texas Industries, Inc. (b)		15,274		699,244		0.52
Other Securities (a)(b)				621,238		0.46

				1,320,482		0.98

CONTAINERS & PACKAGING
Other Securities				189,112		0.14

DISTRIBUTORS
Other Securities (a)				88,026		0.07

DIVERSIFIED CONSUMER SERVICES
Other Securities (a)(b)				634,137		0.47

DIVERSIFIED FINANCIAL SERVICES
Other Securities				413,424		0.31

DIVERSIFIED TELECOMMUNICATION SERVICES
Other Securities (a)				113,940		0.08

ELECTRIC UTILITIES
ALLETE, Inc.		17,044		635,060		0.47
UIL Holdings Corp. (b)		27,551		825,428		0.61
Unisource Energy Corp. (b)		19,961		715,402		0.53
Other Securities (a)				513,622		0.39

				2,689,512		2.00

ELECTRICAL EQUIPMENT
Brady Corp. (Class A)		28,804		939,298		0.70
Other Securities (a)				1,028,549		0.76

				1,967,847		1.46

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS
Anixter International, Inc.		15,400		919,842		0.68
Benchmark Electronics, Inc. (a)		33,507		608,487		0.45
Other Securities (a)(b)				4,930,362		3.67

				6,458,691		4.80

ENERGY EQUIPMENT & SERVICES
Bristow Group, Inc. (a)		19,846		939,708		0.70
Other Securities (a)(b)				2,820,137		2.10

				3,759,845		2.80

FOOD & STAPLES RETAILING
Casey’s General Stores, Inc.		20,713		880,510		0.65
Other Securities (a)(b)				1,054,075		0.79

				1,934,585		1.44

FOOD PRODUCTS
Other Securities (a)(b)				1,719,240		1.28

GAS UTILITIES
New Jersey Resources Corp. (b)		22,637		975,881		0.72
Piedmont Natural Gas Co., Inc.		25,369		709,317		0.53
Southwest Gas Corp.		24,893		912,826		0.68
Other Securities				1,371,676		1.02

				3,969,700		2.95

See accompanying notes to financial statements.

112

SPDR S&P 600 Small Cap Value ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


					% of
					Net
Security Description	Shares		Value		Assets

HEALTH CARE EQUIPMENT & SUPPLIES
Other Securities (a)(b)			$	2,619,513		1.95	%

HEALTH CARE PROVIDERS & SERVICES
Centene Corp. (a)		27,100		686,714		0.51
Other Securities (a)(b)				4,326,730		3.22

				5,013,444		3.73

HEALTH CARE TECHNOLOGY
Other Securities (a)				131,495		0.10

HOTELS, RESTAURANTS & LEISURE
Jack in the Box, Inc. (a)		29,058		613,995		0.46
Other Securities (a)(b)				1,864,064		1.38

				2,478,059		1.84

HOUSEHOLD DURABLES
Other Securities (a)(b)				2,040,250		1.52

HOUSEHOLD PRODUCTS
Other Securities (a)				469,639		0.35

INDUSTRIAL CONGLOMERATES
Other Securities				452,123		0.34

INSURANCE
Delphi Financial Group		29,722		857,182		0.64
ProAssurance Corp. (a)		16,813		1,018,868		0.76
Other Securities (a)				4,022,854		2.99

				5,898,904		4.39

INTERNET & CATALOG RETAIL
Other Securities (b)				157,725		0.12

INTERNET SOFTWARE & SERVICES
Other Securities (a)(b)				925,858		0.69

IT SERVICES
CACI International, Inc. (Class A) (a)		16,651		889,164		0.66
Other Securities (a)(b)				738,542		0.55

				1,627,706		1.21

LEISURE EQUIPMENT & PRODUCTS
Pool Corp.		27,158		612,141		0.46
Other Securities (a)				1,167,914		0.86

				1,780,055		1.32

LIFE SCIENCES TOOLS & SERVICES
Other Securities (a)(b)				460,826		0.34

MACHINERY
Actuant Corp. (Class A) (b)		37,300		992,926		0.74
CLARCOR, Inc.		14,400		617,616		0.46
Mueller Industries, Inc.		20,774		679,310		0.51
Other Securities (a)(b)				4,970,699		3.69

				7,260,551		5.40

MEDIA
Live Nation, Inc. (a)(b)		81,700		933,014		0.69
Other Securities (a)(b)				104,981		0.08

				1,037,995		0.77

METALS & MINING
Other Securities (a)(b)				1,683,369		1.25

MULTI-UTILITIES
Avista Corp.		30,953		697,062		0.52
Other Securities (b)				997,869		0.74

				1,694,931		1.26

MULTILINE RETAIL
Other Securities (a)				402,243		0.30

OIL, GAS & CONSUMABLE FUELS
Holly Corp.		24,193		986,349		0.73
World Fuel Services Corp.		37,800		1,366,848		1.02
Other Securities (a)(b)				1,737,162		1.29

				4,090,359		3.04

PAPER & FOREST PRODUCTS
Other Securities (a)(b)				1,071,122		0.80

PROFESSIONAL SERVICES
Other Securities (a)(b)				1,759,756		1.31

REAL ESTATE INVESTMENT TRUSTS
BioMed Realty Trust, Inc.		38,132		711,162		0.53
Entertainment Properties Trust		12,989		600,741		0.45
Kilroy Realty Corp. (b)		16,405		598,290		0.45
LaSalle Hotel Properties		25,300		667,920		0.50
Other Securities (a)(b)				7,720,181		5.73

				10,298,294		7.66

REAL ESTATE MANAGEMENT & DEVELOPMENT
Other Securities (a)				147,375		0.11

ROAD & RAIL
Other Securities (a)(b)				1,321,380		0.98

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
Varian Semiconductor Equipment Associates, Inc. (a)		20,300		750,491		0.56
Other Securities (a)(b)				3,867,709		2.88

				4,618,200		3.44

SOFTWARE
Other Securities (a)(b)				888,074		0.66

SPECIALTY RETAIL
OfficeMax, Inc. (a)		46,740		827,298		0.62
Other Securities (a)(b)				4,259,887		3.16

				5,087,185		3.78

TEXTILES, APPAREL & LUXURY GOODS
Other Securities (a)(b)				1,849,103		1.38

THRIFTS & MORTGAGE FINANCE
Other Securities (b)				1,154,631		0.86

TOBACCO
Other Securities (a)(b)				202,863		0.15

TRADING COMPANIES & DISTRIBUTORS
Applied Industrial Technologies, Inc.		20,769		674,577		0.50
Other Securities				470,779		0.35

				1,145,356		0.85

WATER UTILITIES
Other Securities				163,836		0.12

See accompanying notes to financial statements.

113

SPDR S&P 600 Small Cap Value ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


						% of
						Net
Security Description	Shares		Value			Assets

WIRELESS TELECOMMUNICATION SERVICES
Other Securities			$	271,684			0.20	%

TOTAL COMMON STOCKS —
(Cost $135,673,471)				134,210,248			99.82

	Principal
	Amount
CORPORATE BONDS & NOTES
CAPITAL MARKETS
Gamco Investors, Inc. Zero Coupon, 12/31/2015 (c) (Cost $2,339)		2,339	$	0			0.00

	Shares
SHORT TERM INVESTMENTS
MONEY MARKET FUNDS
State Street Navigator Securities Lending Prime Portfolio (d)(e)		12,885,505	$	12,885,505			9.58
State Street Institutional Liquid Reserves Fund 0.18% (e)(f)		188,824		188,824			0.14

TOTAL SHORT TERM INVESTMENTS —
(Cost $13,074,329)				13,074,329			9.72

TOTAL INVESTMENTS (g)
(Cost $148,750,139)				147,284,577			109.54
OTHER ASSETS & LIABILITIES				(12,832,556	)		(9.54	)

NET ASSETS			$	134,452,021			100.00


(a)		Non-income producing security.
(b)		Security, or portion thereof, was on loan at December 31, 2010.
(c)		Security is valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 2 inputs. (Note 2)
(d)		Investments of cash collateral for securities loaned
(e)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f)		The rate shown is the annualized seven-day yield at period end.
(g)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

See accompanying notes to financial statements.

114

SPDR DJ Global Titans ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.7%
AUSTRALIA — 2.4%
BHP Billiton, Ltd. ADR (a)		31,816	$	2,956,343

BRAZIL — 1.1%
Petroleo Brasileiro SA ADR		40,416		1,381,015

FRANCE — 3.9%
BNP Paribas		18,942		1,209,849
Sanofi-Aventis SA ADR		41,740		1,345,280
Total SA ADR		42,258		2,259,958

				4,815,087

GERMANY — 3.5%
Allianz SE		8,576		1,023,152
E.ON AG		37,960		1,167,971
Siemens AG ADR		16,309		2,026,393

				4,217,516

ITALY — 0.8%
Eni SpA ADR		23,120		1,011,269

JAPAN — 3.0%
Mitsubishi UFJ Financial Group, Inc. ADR		263,938		1,427,904
Toyota Motor Corp. ADR		28,182		2,215,951

				3,643,855

NETHERLANDS ANTILLES — 1.8%
Schlumberger, Ltd.		25,889		2,161,731

RUSSIA — 1.2%
Gazprom OAO ADR		57,161		1,443,315

SOUTH KOREA — 1.4%
Samsung Electronics Co., Ltd. GDR (b)		4,135		1,744,557

SPAIN — 2.8%
Banco Santander SA ADR (a)		156,197		1,663,500
Telefonica SA ADR		25,146		1,720,490

				3,383,990

SWITZERLAND — 6.8%
Nestle SA		62,240		3,655,874
Novartis AG ADR (a)		46,547		2,743,946
Roche Holding AG		13,277		1,951,452

				8,351,272

UNITED KINGDOM — 10.5%
BP PLC ADR		59,251		2,617,117
GlaxoSmithKline PLC ADR		49,262		1,932,056
HSBC Holdings PLC ADR		66,791		3,409,012
Royal Dutch Shell PLC ADR		33,682		2,249,284
Vodafone Group PLC ADR (a)		100,363		2,652,594

				12,860,063

UNITED STATES — 60.5%
Abbott Laboratories		29,227		1,400,266
Apple, Inc. (c)		17,414		5,617,060
AT&T, Inc.		112,873		3,316,209
Bank of America Corp.		188,224		2,510,908
Chevron Corp.		37,959		3,463,759
Cisco Systems, Inc. (c)		105,119		2,126,557
ConocoPhillips		26,283		1,789,872
Exxon Mobil Corp.		95,640		6,993,197
General Electric Co.		202,725		3,707,840
Google, Inc. (Class A) (c)		4,719		2,802,944
Hewlett-Packard Co.		43,018		1,811,058
Intel Corp.		105,432		2,217,235
International Business Machines Corp.		23,539		3,454,584
Johnson & Johnson		52,419		3,242,115
JPMorgan Chase & Co.		74,157		3,145,740
Merck & Co., Inc.		58,322		2,101,925
Microsoft Corp.		144,368		4,030,754
Oracle Corp.		72,780		2,278,014
PepsiCo, Inc.		30,186		1,972,051
Pfizer, Inc.		152,631		2,672,569
Philip Morris International, Inc.		34,780		2,035,673
Procter & Gamble Co.		53,069		3,413,929
The Coca-Cola Co.		40,369		2,655,069
The Goldman Sachs Group, Inc.		8,155		1,371,345
Verizon Communications, Inc.		53,631		1,918,917
Wal-Mart Stores, Inc.		38,332		2,067,245

				74,116,835

TOTAL COMMON STOCKS —
(Cost $130,590,064)				122,086,848

SHORT TERM INVESTMENTS — 3.8%
MONEY MARKET FUNDS — 3.8%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		4,516,533		4,516,533
State Street Institutional Liquid Reserves Fund 0.18% (e)(f)		162,231		162,231

TOTAL SHORT TERM INVESTMENTS —
(Cost $4,678,764)				4,678,764

TOTAL INVESTMENTS — 103.5% (g)
(Cost $135,268,828)				126,765,612
OTHER ASSETS & LIABILITIES — (3.5)%				(4,293,275	)

NET ASSETS — 100.0%			$	122,472,337


(a)		Security, or portion thereof, was on loan at December 31, 2010.
(b)		Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 1.4% of net assets as of December 31, 2010, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(c)		Non-income producing security.
(d)		Investments of cash collateral for securities loaned.
(e)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f)		The rate shown is the annualized seven-day yield at period end.
(g)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

See accompanying notes to financial statements.

115

SPDR Dow Jones REIT ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.6%
DIVERSIFIED REITS — 8.0%
Colonial Properties Trust (a)		354,913	$	6,406,180
Cousins Properties, Inc. (a)		413,784		3,450,958
Liberty Property Trust (a)		517,374		16,514,578
PS Business Parks, Inc.		87,371		4,868,312
Vornado Realty Trust		824,184		68,679,253
Washington Real Estate Investment Trust (a)		292,801		9,073,903

				108,993,184

INDUSTRIAL REITS — 6.1%
AMB Property Corp. (a)		769,305		24,394,662
DCT Industrial Trust, Inc. (a)		970,422		5,152,941
DuPont Fabros Technology, Inc. (a)		272,246		5,790,672
EastGroup Properties, Inc.		123,746		5,236,931
First Industrial Realty Trust, Inc. (a)(b)		267,956		2,347,295
First Potomac Realty Trust (a)		226,982		3,817,837
ProLogis		2,603,060		37,588,186

				84,328,524

OFFICE REITS — 16.7%
Alexandria Real Estate Equities, Inc. (a)		253,121		18,543,644
BioMed Realty Trust, Inc.		597,824		11,149,418
Boston Properties, Inc.		634,000		54,587,400
Brandywine Realty Trust		614,328		7,156,921
CommonWealth REIT		329,366		8,402,127
Corporate Office Properties Trust (a)		298,893		10,446,310
Digital Realty Trust, Inc. (a)		413,849		21,329,777
Douglas Emmett, Inc. (a)		564,215		9,365,969
Duke Realty Corp.		1,151,871		14,352,313
Franklin Street Properties Corp. (a)		331,030		4,717,178
Highwoods Properties, Inc. (a)		327,046		10,416,415
Kilroy Realty Corp. (a)		238,944		8,714,288
Mack-Cali Realty Corp.		361,798		11,961,042
Parkway Properties, Inc. (a)		100,765		1,765,403
Piedmont Office Realty Trust, Inc. (Class A) (a)		607,439		12,233,821
SL Green Realty Corp. (a)		356,659		24,078,049

				229,220,075

RESIDENTIAL REITS — 17.6%
American Campus Communities, Inc. (a)		305,068		9,688,960
Apartment Investment & Management Co. (Class A)		533,865		13,795,072
AvalonBay Communities, Inc.		389,624		43,852,181
BRE Properties, Inc.		291,460		12,678,510
Camden Property Trust		313,794		16,938,600
Education Realty Trust, Inc.		269,390		2,093,160
Equity Lifestyle Properties, Inc. (a)		140,898		7,880,425
Equity Residential		1,294,318		67,239,820
Essex Property Trust, Inc. (a)		143,335		16,371,724
Home Properties, Inc. (a)		171,307		9,505,826
Mid-America Apartment Communities, Inc.		156,190		9,916,503
Post Properties, Inc. (a)		221,421		8,037,582
Sun Communities, Inc. (a)		81,955		2,729,921
UDR, Inc. (a)		833,256		19,598,181

				240,326,465

RETAIL REITS — 25.3%
Acadia Realty Trust (a)		184,359		3,362,708
Alexander’s, Inc. (a)		15,858		6,537,936
CBL & Associates Properties, Inc. (a)		629,813		11,021,728
Cedar Shopping Centers, Inc. (a)		236,094		1,485,031
Developers Diversified Realty Corp. (a)		885,841		12,481,500
Equity One, Inc. (a)		254,311		4,623,374
Federal Realty Investment Trust		278,617		21,712,623
General Growth Properties, Inc. (b)		1,757,500		27,206,100
Inland Real Estate Corp. (a)		347,855		3,061,124
Kimco Realty Corp. (a)		1,837,821		33,154,291
Kite Realty Group Trust (a)		289,384		1,565,567
Pennsylvania Real Estate Investment Trust (a)		254,494		3,697,798
Ramco-Gershenson Properties Trust (a)		174,421		2,171,541
Regency Centers Corp. (a)		373,670		15,783,821
Saul Centers, Inc. (a)		35,463		1,679,173
Simon Property Group, Inc.		1,339,520		133,268,845
Tanger Factory Outlet Centers, Inc.		184,056		9,421,827
Taubman Centers, Inc. (a)		249,426		12,591,024
The Macerich Co. (a)		593,546		28,116,274
Weingarten Realty Investors (a)		546,392		12,982,274

				345,924,559

SPECIALIZED REITS — 25.9%
Ashford Hospitality Trust (a)(b)		267,866		2,584,907
DiamondRock Hospitality Co. (a)(b)		706,192		8,474,304
Extra Space Storage, Inc. (a)		394,865		6,870,651
FelCor Lodging Trust, Inc. (b)		446,001		3,139,847
HCP, Inc.		1,658,518		61,016,877
Health Care REIT, Inc.		663,343		31,601,661
Healthcare Realty Trust, Inc. (a)		295,949		6,265,240
Hersha Hospitality Trust		690,149		4,554,983
Hospitality Properties Trust		563,659		12,986,703
Host Hotels & Resorts, Inc.		3,011,057		53,807,589
LaSalle Hotel Properties		318,874		8,418,274
Nationwide Health Properties, Inc.		618,165		22,488,843
Public Storage		645,108		65,426,853
Senior Housing Properties Trust		580,082		12,726,999
Sovran Self Storage, Inc.		126,278		4,648,293
Sunstone Hotel Investors, Inc. (b)		540,934		5,587,848
U-Store-It Trust (a)		388,427		3,701,709
Universal Health Realty Income Trust (a)		53,653		1,959,944

See accompanying notes to financial statements.

116

SPDR Dow Jones REIT ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

Ventas, Inc.		716,003	$	37,575,838

				353,837,363

TOTAL COMMON STOCKS —
(Cost $1,395,024,847)				1,362,630,170

SHORT TERM INVESTMENTS — 9.4%
MONEY MARKET FUNDS — 9.4%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		126,544,636		126,544,636
State Street Institutional Liquid Reserves Fund 0.18% (d)(e)		1,606,198		1,606,198

TOTAL SHORT TERM INVESTMENTS —
(Cost $128,150,834)				128,150,834

TOTAL INVESTMENTS — 109.0% (f)
(Cost $1,523,175,681)				1,490,781,004
OTHER ASSETS & LIABILITIES — (9.0)%				(123,474,495	)

NET ASSETS — 100.0%			$	1,367,306,509


(a)		Security, or portion thereof, was on loan at December 31, 2010.
(b)		Non-income producing security.
(c)		Investments of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

117

SPDR KBW Bank ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.9%
ASSET MANAGEMENT & CUSTODY BANKS — 8.4%
Northern Trust Corp. (a)		715,066	$	39,621,807
State Street Corp. (b)		1,109,137		51,397,409
The Bank of New York Mellon Corp.		2,456,379		74,182,646

				165,201,862

CONSUMER FINANCE — 3.5%
Capital One Financial Corp.		1,605,159		68,315,567

DIVERSIFIED BANKS — 17.0%
Comerica, Inc. (a)		1,861,358		78,623,762
U.S. Bancorp		4,474,696		120,682,551
Wells Fargo & Co.		4,443,462		137,702,887

				337,009,200

OTHER DIVERSIFIED FINANCIAL SERVICES — 22.6%
Bank of America Corp.		10,435,406		139,208,316
Citigroup, Inc. (c)		31,636,487		149,640,584
JPMorgan Chase & Co.		3,723,958		157,970,298

				446,819,198

REGIONAL BANKS — 41.4%
BB&T Corp. (a)		2,622,118		68,935,482
Commerce Bancshares, Inc.		1,024,166		40,690,099
Cullen/Frost Bankers, Inc. (a)		702,225		42,919,992
Fifth Third Bancorp (a)		6,199,032		91,001,790
Huntington Bancshares, Inc.		14,182,680		97,435,012
Keycorp		7,428,267		65,740,163
M&T Bank Corp. (a)		884,626		77,006,693
PNC Financial Services Group, Inc.		1,268,700		77,035,464
Regions Financial Corp. (a)		12,350,146		86,451,022
SunTrust Banks, Inc. (a)		3,107,778		91,710,529
Zions Bancorporation (a)		3,267,193		79,164,086

				818,090,332

THRIFTS & MORTGAGE FINANCE — 7.0%
First Niagara Financial Group, Inc. (a)		2,019,451		28,231,925
New York Community Bancorp, Inc. (a)		4,119,510		77,652,764
People’s United Financial, Inc.		2,394,245		33,543,372

				139,428,061

TOTAL COMMON STOCKS —
(Cost $2,016,032,425)				1,974,864,220

SHORT TERM INVESTMENTS — 9.6%
MONEY MARKET FUNDS — 9.6%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		187,562,073		187,562,073
State Street Institutional Liquid Reserves Fund 0.18% (e)(f)		1,431,503		1,431,503

TOTAL SHORT TERM INVESTMENTS —
(Cost $188,993,576)				188,993,576

TOTAL INVESTMENTS — 109.5% (g)
(Cost $2,205,026,001)				2,163,857,796
OTHER ASSETS & LIABILITIES — (9.5)%				(187,190,174	)

NET ASSETS — 100.0%			$	1,976,667,622


(a)		Security, or portion thereof, was on loan at December 31, 2010.
(b)		Affiliated issuer. (Note 3)
(c)		Non-income producing security.
(d)		Investments of cash collateral for securities loaned.
(e)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f)		The rate shown is the annualized seven-day yield at period end.
(g)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

See accompanying notes to financial statements.

118

SPDR KBW Capital Markets ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.8%
ASSET MANAGEMENT & CUSTODY BANKS — 28.8%
Franklin Resources, Inc.		27,695	$	3,079,961
Janus Capital Group, Inc.		265,012		3,437,205
Legg Mason, Inc.		81,536		2,957,311
SEI Investments Co.		125,529		2,986,335
State Street Corp. (a)		127,515		5,909,045
T. Rowe Price Group, Inc. (b)		58,059		3,747,128

				22,116,985

INVESTMENT BANKING & BROKERAGE — 52.4%
Greenhill & Co., Inc.		19,262		1,573,320
Investment Technology Group, Inc. (c)		93,925		1,537,552
Jefferies Group, Inc.		127,442		3,393,781
Knight Capital Group, Inc. (Class A) (b)(c)		137,454		1,895,491
Lazard, Ltd. (Class A)		94,754		3,741,836
Morgan Stanley		225,309		6,130,658
optionsXpress Holdings, Inc. (b)		159,755		2,503,361
Piper Jaffray Co., Inc. (b)(c)		28,211		987,667
Raymond James Financial, Inc.		95,252		3,114,740
Stifel Financial Corp. (b)(c)		38,211		2,370,611
TD Ameritrade Holding Corp.		148,263		2,815,514
The Charles Schwab Corp.		258,401		4,421,241
The Goldman Sachs Group, Inc.		34,046		5,725,175

				40,210,947

SPECIALIZED FINANCE — 18.6%
CME Group, Inc.		15,902		5,116,468
Interactive Brokers Group, Inc. (Class A)		85,166		1,517,658
Intercontinental Exchange, Inc. (c)		25,214		3,004,248
NYSE Euronext		92,270		2,766,255
The NASDAQ OMX Group, Inc. (c)		79,528		1,885,609

				14,290,238

TOTAL COMMON STOCKS —
(Cost $94,549,828)				76,618,170

SHORT TERM INVESTMENTS — 6.9%
MONEY MARKET FUNDS — 6.9%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		4,317,432		4,317,432
State Street Institutional Liquid Reserves Fund 0.18% (e)(f)		957,273		957,273

TOTAL SHORT TERM INVESTMENTS —
(Cost $5,274,705)				5,274,705

TOTAL INVESTMENTS — 106.7% (g)
(Cost $99,824,533)				81,892,875
OTHER ASSETS & LIABILITIES — (6.7)%				(5,127,253	)

NET ASSETS — 100.0%			$	76,765,622


(a)		Affiliated issuer. (Note 3)
(b)		Security, or portion thereof, was on loan at December 31, 2010.
(c)		Non-income producing security.
(d)		Investments of cash collateral for securities loaned.
(e)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f)		The rate shown is the annualized seven-day yield at period end.
(g)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

See accompanying notes to financial statements.

119

SPDR KBW Insurance ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.9%
ASSET MANAGEMENT & CUSTODY BANKS — 4.6%
Ameriprise Financial, Inc.		186,818	$	10,751,376

INSURANCE BROKERS — 8.3%
AON Corp.		231,176		10,636,408
Marsh & McLennan Cos., Inc.		320,515		8,762,880

				19,399,288

LIFE & HEALTH INSURANCE — 35.2%
AFLAC, Inc.		305,807		17,256,689
Lincoln National Corp.		332,458		9,245,657
MetLife, Inc.		489,602		21,757,913
Principal Financial Group, Inc.		320,917		10,449,057
Prudential Financial, Inc.		258,594		15,182,054
Unum Group		358,941		8,693,551

				82,584,921

MULTI-LINE INSURANCE — 11.1%
Assurant, Inc.		169,040		6,511,421
Genworth Financial, Inc. (Class A) (a)		771,107		10,132,346
Hartford Financial Services Group, Inc.		358,126		9,486,757

				26,130,524

PROPERTY & CASUALTY INSURANCE — 29.5%
Axis Capital Holdings, Ltd.		214,355		7,691,057
Chubb Corp. (b)		142,400		8,492,736
Cincinnati Financial Corp. (b)		218,549		6,925,818
Fidelity National Financial, Inc. (Class A) (b)		286,483		3,919,088
MBIA, Inc. (a)		633,680		7,597,823
The Allstate Corp.		260,531		8,305,728
The Progressive Corp.		397,277		7,893,894
The Travelers Cos., Inc.		332,117		18,502,238

				69,328,382

REINSURANCE — 7.1%
Arch Capital Group, Ltd. (a)		44,391		3,908,628
Everest Re Group, Ltd.		51,384		4,358,391
XL Group PLC		380,565		8,303,928

				16,570,947

THRIFTS & MORTGAGE FINANCE — 4.1%
MGIC Investment Corp. (a)(b)		934,866		9,526,285

TOTAL COMMON STOCKS —
(Cost $236,651,612)				234,291,723

SHORT TERM INVESTMENTS — 2.9%
MONEY MARKET FUNDS — 2.9%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		6,228,238		6,228,238
State Street Institutional Liquid Reserves Fund 0.18% (d)(e)		591,819		591,819

TOTAL SHORT TERM INVESTMENTS —
(Cost $6,820,057)				6,820,057

TOTAL INVESTMENTS — 102.8% (f)
(Cost $243,471,669)				241,111,780
OTHER ASSETS & LIABILITIES — (2.8)%				(6,454,694	)

NET ASSETS — 100.0%			$	234,657,086


(a)		Non-income producing security.
(b)		Security, or portion thereof, was on loan at December 31, 2010.
(c)		Investments of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

See accompanying notes to financial statements.

120

SPDR KBW Mortgage Finance ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.9%
COMMERCIAL BANKS — 6.7%
Popular, Inc. (a)		30,971	$	97,249
United Community Banks, Inc. (a)(b)		22,551		43,974

				141,223

DIVERSIFIED FINANCIAL SERVICES — 5.3%
PHH Corp. (a)(b)		4,800		111,120

HOUSEHOLD DURABLES — 33.0%
D.R. Horton, Inc. (b)		12,614		150,485
KB HOME		5,644		76,137
Lennar Corp. (Class A) (b)		5,556		104,175
M.D.C. Holdings, Inc. (b)		2,410		69,336
Meritage Homes Corp. (a)(b)		3,693		81,985
Pulte Group, Inc. (a)(b)		13,510		101,595
Ryland Group, Inc. (b)		2,665		45,385
Toll Brothers, Inc. (a)(b)		3,564		67,716

				696,814

INSURANCE — 13.4%
Fidelity National Financial, Inc. (Class A) (b)		5,326		72,860
First American Financial Corp. (b)		6,175		92,254
Old Republic International Corp. (b)		8,633		117,668

				282,782

IT SERVICES — 5.7%
Lender Processing Services, Inc. (b)		4,092		120,796

REAL ESTATE MANAGEMENT & DEVELOPMENT — 2.6%
Avatar Holdings, Inc. (a)(b)		2,827		56,031

THRIFTS & MORTGAGE FINANCE — 33.2%
Astoria Financial Corp. (b)		5,130		71,358
Capitol Federal Financial, Inc.		13,639		162,441
Hudson City Bancorp, Inc. (b)		10,625		135,363
MGIC Investment Corp. (a)(b)		8,647		88,113
Ocwen Financial Corp. (a)(b)		7,554		72,065
Radian Group, Inc.		8,403		67,812
TFS Financial Corp. (b)		3,834		34,583
Washington Federal, Inc. (b)		4,119		69,693

				701,428

TOTAL COMMON STOCKS —
(Cost $2,271,191)				2,110,194

SHORT TERM INVESTMENTS — 29.0%
MONEY MARKET FUNDS — 29.0%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		609,532		609,532
State Street Institutional Liquid Reserves Fund 0.18% (d)(e)		2,564		2,564

TOTAL SHORT TERM INVESTMENTS —
(Cost $612,096)				612,096

TOTAL INVESTMENTS — 128.9% (f)
(Cost $2,883,287)				2,722,290
OTHER ASSETS & LIABILITIES — (28.9)%				(610,873	)

NET ASSETS — 100.0%			$	2,111,417


(a)		Non-income producing security.
(b)		Security, or portion thereof, was on loan at December 31, 2010.
(c)		Investments of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

See accompanying notes to financial statements.

121

SPDR KBW Regional Banking ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.8%
REGIONAL BANKS — 92.3%
Associated Ban-Corp.		1,435,372	$	21,745,886
BancorpSouth, Inc. (a)		566,564		9,036,696
Bank of Hawaii Corp. (a)		347,524		16,406,608
BOK Financial Corp. (a)		256,822		13,714,295
Boston Private Financial Holdings, Inc. (a)		2,764,899		18,110,088
Cathay General Bancorp		982,092		16,400,936
City Holding Co. (a)		377,676		13,683,201
City National Corp. (a)		302,139		18,539,249
Columbia Banking System, Inc. (a)		815,926		17,183,402
Community Bank System, Inc. (a)		710,070		19,718,644
CVB Financial Corp. (a)		2,069,945		17,946,423
East West Bancorp, Inc.		1,118,062		21,858,112
F.N.B. Corp. (a)		2,288,988		22,477,862
First Commonwealth Financial Corp. (a)		1,767,739		12,515,592
First Financial Bancorp. (a)		1,057,580		19,544,078
First Horizon National Corp. (b)		921,647		10,857,005
First Midwest Bancorp, Inc.		1,526,015		17,579,693
FirstMerit Corp.		982,076		19,435,284
Fulton Financial Corp.		2,251,245		23,277,873
Glacier Bancorp, Inc. (a)		861,252		13,013,518
Hancock Holding Co. (a)		294,661		10,271,882
IBERIABANK Corp.		226,631		13,400,691
MB Financial, Inc. (a)		891,437		15,439,689
National Penn Bancshares, Inc. (a)		1,888,609		15,165,530
Old National Bancorp (a)		1,359,803		16,168,058
PacWest Bancorp (a)		815,907		17,444,092
Pinnacle Financial Partners, Inc. (a)(b)		1,080,318		14,670,718
PrivateBancorp, Inc. (a)		740,329		10,645,931
Prosperity Bancshares, Inc. (a)		355,062		13,946,835
S&T Bancorp, Inc.		566,552		12,798,410
Signature Bank (b)		317,303		15,865,150
Sterling Bancshares, Inc. (a)		2,153,024		15,114,229
Susquehanna Bancshares, Inc. (a)		1,707,260		16,526,277
SVB Financial Group (a)(b)		377,758		20,040,062
Synovus Financial Corp. (a)		6,421,339		16,952,335
TCF Financial Corp. (a)		815,840		12,082,590
Texas Capital Bancshares, Inc. (a)(b)		951,895		20,246,807
Trustmark Corp. (a)		619,502		15,388,430
UMB Financial Corp. (a)		264,414		10,952,028
Umpqua Holdings Corp. (a)		1,435,357		17,482,648
United Bankshares, Inc. (a)		528,771		15,440,113
Valley National Bancorp (a)		1,125,567		16,095,608
Westamerica Bancorporation (a)		203,983		11,314,937
Whitney Holding Corp. (a)		1,556,190		22,020,089
Wilmington Trust Corp.		1,148,263		4,983,461
Wintrust Financial Corp. (a)		574,007		18,959,451

				732,460,496

THRIFTS & MORTGAGE FINANCE — 7.5%
Brookline Bancorp, Inc.		1,269,137		13,770,136
Hudson City Bancorp, Inc.		846,112		10,779,467
Provident Financial Services, Inc. (a)		1,201,192		18,174,035
Webster Financial Corp.		876,285		17,262,815

				59,986,453

TOTAL COMMON STOCKS —
(Cost $907,364,662)				792,446,949

SHORT TERM INVESTMENTS — 13.7%
MONEY MARKET FUNDS — 13.7%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		108,326,494		108,326,494
State Street Institutional Liquid Reserves Fund 0.18% (d)(e)		195,316		195,316

TOTAL SHORT TERM INVESTMENTS —
(Cost $108,521,810)				108,521,810

TOTAL INVESTMENTS — 113.5% (f)
(Cost $1,015,886,472)				900,968,759
OTHER ASSETS & LIABILITIES — (13.5)%				(107,443,905	)

NET ASSETS — 100.0%			$	793,524,854


(a)		Security, or portion thereof, was on loan at December 31, 2010.
(b)		Non-income producing security.
(c)		Investments of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

See accompanying notes to financial statements.

122

SPDR Morgan Stanley Technology ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.9%
COMMUNICATIONS EQUIPMENT — 17.2%
Cisco Systems, Inc. (a)		316,666	$	6,406,153
Juniper Networks, Inc. (a)		169,236		6,248,193
Nokia Oyj ADR (b)		620,712		6,405,748
QUALCOMM, Inc.		125,256		6,198,919
Research In Motion, Ltd. (a)		102,537		5,960,476
Telefonaktiebolaget LM Ericsson (Class B) ADR		547,939		6,317,737

				37,537,226

COMPUTERS & PERIPHERALS — 17.1%
Apple, Inc. (a)		19,228		6,202,184
Dell, Inc. (a)		452,686		6,133,895
EMC Corp. (a)		268,911		6,158,062
Hewlett-Packard Co.		147,148		6,194,931
NetApp, Inc. (a)		114,494		6,292,590
Seagate Technology (a)		420,089		6,313,938

				37,295,600

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.9%
Flextronics International, Ltd. (a)		807,228		6,336,740

HOUSEHOLD DURABLES — 2.9%
Sony Corp, ADR (b)		174,505		6,231,573

INTERNET & CATALOG RETAIL — 2.9%
Amazon.com, Inc. (a)		34,740		6,253,200

INTERNET SOFTWARE & SERVICES — 8.4%
eBay, Inc. (a)		207,356		5,770,717
Google, Inc. (Class A) (a)		10,483		6,226,588
Yahoo!, Inc. (a)(b)		378,346		6,291,894

				18,289,199

IT SERVICES — 11.3%
Accenture PLC (Class A)		122,740		5,951,663
Automatic Data Processing, Inc.		131,350		6,078,878
Infosys Technologies, Ltd. ADR		83,643		6,363,559
International Business Machines Corp.		42,591		6,250,655

				24,644,755

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 17.2%
Analog Devices, Inc.		165,024		6,216,454
Applied Materials, Inc.		453,757		6,375,286
Broadcom Corp. (Class A)		140,890		6,135,759
Intel Corp.		287,785		6,052,119
NVIDIA Corp. (a)		430,521		6,630,023
Texas Instruments, Inc.		189,866		6,170,645

				37,580,286

SOFTWARE — 20.0%
Activision Blizzard, Inc.		508,200		6,322,008
Adobe Systems, Inc. (a)		214,525		6,603,080
Intuit, Inc. (a)		124,660		6,145,738
Microsoft Corp.		222,169		6,202,959
Oracle Corp.		196,758		6,158,525
Salesforce.com, Inc. (a)(b)		45,209		5,967,588
SAP AG ADR (b)		123,545		6,252,612

				43,652,510

TOTAL COMMON STOCKS —
(Cost $215,575,727)				217,821,089

SHORT TERM INVESTMENTS — 5.4%
MONEY MARKET FUNDS — 5.4%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		11,454,787		11,454,787
State Street Institutional Liquid Reserves Fund 0.18% (d)(e)		193,635		193,635

TOTAL SHORT TERM INVESTMENTS —
(Cost $11,648,422)				11,648,422

TOTAL INVESTMENTS — 105.3% (f)
(Cost $227,224,149)				229,469,511
OTHER ASSETS & LIABILITIES — (5.3)%				(11,495,032	)

NET ASSETS — 100.0%			$	217,974,479


(a)		Non-income producing security.
(b)		Security, or portion thereof, was on loan at December 31, 2010.
(c)		Investment of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

ADR = American Depositary Receipt

See accompanying notes to financial statements.

123

SPDR S&P Dividend ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.8%
BEVERAGES — 4.5%
Brown-Forman Corp. (Class B) (a)		856,054	$	59,598,479
PepsiCo, Inc.		1,315,757		85,958,405
The Coca-Cola Co.		1,262,454		83,031,600

				228,588,484

CAPITAL MARKETS — 1.4%
Eaton Vance Corp. (a)		2,333,226		70,533,422

CHEMICALS — 5.8%
Air Products & Chemicals, Inc. (a)		754,685		68,638,601
PPG Industries, Inc. (a)		1,036,074		87,102,741
RPM International, Inc.		3,443,111		76,092,753
The Valspar Corp.		1,678,112		57,861,302

				289,695,397

COMMERCIAL BANKS — 2.5%
Commerce Bancshares, Inc. (a)		1,978,107		78,590,173
Westamerica Bancorporation (a)		841,190		46,660,809

				125,250,982

COMMERCIAL SERVICES & SUPPLIES — 4.2%
Pitney Bowes, Inc. (a)		8,681,854		209,927,230

COMPUTERS & PERIPHERALS — 1.0%
Diebold, Inc. (a)		1,556,516		49,886,338

CONTAINERS & PACKAGING — 3.1%
Bemis Co., Inc. (a)		2,667,517		87,121,105
Sonoco Products Co.		2,010,746		67,701,818

				154,822,923

DISTRIBUTORS — 2.1%
Genuine Parts Co.		2,025,688		103,998,822

DIVERSIFIED TELECOMMUNICATION SERVICES — 4.1%
CenturyLink, Inc. (a)		4,437,385		204,874,065

ELECTRICAL EQUIPMENT — 1.5%
Emerson Electric Co.		1,302,543		74,466,383

FOOD & STAPLES RETAILING — 2.5%
Wal-Mart Stores, Inc. (a)		1,183,763		63,840,339
Walgreen Co.		1,649,763		64,274,766

				128,115,105

FOOD PRODUCTS — 4.0%
Archer-Daniels-Midland Co.		2,043,529		61,469,352
Hormel Foods Corp. (a)		1,212,014		62,127,838
McCormick & Co., Inc. (a)		1,655,210		77,016,921

				200,614,111

GAS UTILITIES — 7.2%
Atmos Energy Corp. (a)		1,919,893		59,900,662
Northwest Natural Gas Co. (a)		512,408		23,811,600
Piedmont Natural Gas Co., Inc. (a)		1,703,319		47,624,799
Questar Corp.		5,810,083		101,153,545
UGI Corp.		2,558,368		80,793,261
WGL Holdings, Inc. (a)		1,440,711		51,534,232

				364,818,099

HEALTH CARE EQUIPMENT & SUPPLIES — 1.3%
Becton, Dickinson & Co. (a)		772,961		65,330,664

HEALTH CARE PROVIDERS & SERVICES — 1.3%
Cardinal Health, Inc.		1,763,654		67,565,585

HOTELS, RESTAURANTS & LEISURE — 1.7%
McDonald’s Corp.		1,139,213		87,445,990

HOUSEHOLD DURABLES — 4.7%
Leggett & Platt, Inc. (a)		7,214,585		164,203,955
Stanley Black & Decker, Inc. (a)		1,098,498		73,456,561

				237,660,516

HOUSEHOLD PRODUCTS — 8.1%
Colgate-Palmolive Co.		1,035,525		83,225,144
Kimberly-Clark Corp.		1,972,867		124,369,536
Procter & Gamble Co.		1,478,993		95,143,620
The Clorox Co. (a)		1,648,340		104,306,955

				407,045,255

INDUSTRIAL CONGLOMERATES — 1.5%
3M Co.		852,296		73,553,145

INSURANCE — 6.6%
AFLAC, Inc.		1,295,071		73,080,856
Chubb Corp.		1,303,451		77,737,818
Cincinnati Financial Corp. (a)		4,852,859		153,787,102
Mercury General Corp. (a)		651,488		28,020,499

				332,626,275

IT SERVICES — 1.9%
Automatic Data Processing, Inc. (a)		2,074,963		96,029,288

MACHINERY — 2.7%
Dover Corp.		1,048,147		61,264,192
Pentair, Inc. (a)		2,009,752		73,376,046

				134,640,238

MEDIA — 1.6%
The McGraw-Hill Cos., Inc. (a)		2,261,876		82,354,905

MULTI-UTILITIES — 6.0%
Black Hills Corp. (a)		1,712,409		51,372,270
Consolidated Edison, Inc. (a)		2,911,794		144,337,629
National Fuel Gas Co. (a)		983,939		64,566,077
Vectren Corp.		1,729,775		43,901,689

				304,177,665

OIL, GAS & CONSUMABLE FUELS — 3.8%
Chevron Corp.		1,257,361		114,734,191
Exxon Mobil Corp.		1,041,183		76,131,301

				190,865,492

PHARMACEUTICALS — 4.2%
Abbott Laboratories		2,328,907		111,577,935
Johnson & Johnson		1,631,998		100,939,076

				212,517,011

REAL ESTATE INVESTMENT TRUSTS — 5.4%
HCP, Inc.		4,909,719		180,628,562
National Retail Properties, Inc.		3,475,730		92,106,845

				272,735,407

See accompanying notes to financial statements.

124

SPDR S&P Dividend ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

SPECIALTY RETAIL — 2.5%
Lowe’s Cos., Inc.		2,444,172	$	61,299,834
The Sherwin-Williams Co. (a)		749,259		62,750,441

				124,050,275

TEXTILES, APPAREL & LUXURY GOODS — 1.8%
V.F. Corp. (a)		1,050,134		90,500,548

TOBACCO — 0.8%
Universal Corp. (a)		995,399		40,512,739

TOTAL COMMON STOCKS —
(Cost $4,568,213,224)				5,025,202,359

SHORT TERM INVESTMENTS — 9.6%
MONEY MARKET FUNDS — 9.6%
State Street Navigator Securities Lending Prime Portfolio (b)(c)		473,296,663		473,296,663
State Street Institutional Liquid Reserves Fund 0.18% (c)(d)		12,261,187		12,261,187

TOTAL SHORT TERM INVESTMENTS —
(Cost $485,557,850)				485,557,850

TOTAL INVESTMENTS — 109.4% (e)
(Cost $5,053,771,074)				5,510,760,209
OTHER ASSETS & LIABILITIES — (9.4)%				(473,647,475	)

NET ASSETS — 100.0%			$	5,037,112,734

See accompanying notes to financial statements.

125

SPDR S&P Biotech ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 100.0%
BIOTECHNOLOGY — 100.0%
Acorda Therapeutics, Inc. (a)		583,850	$	15,915,751
Alexion Pharmaceuticals, Inc. (a)		209,818		16,900,840
Alkermes, Inc. (a)		1,419,519		17,431,693
Amgen, Inc. (a)		296,827		16,295,802
Amylin Pharmaceuticals, Inc. (a)(b)		1,161,807		17,090,181
Biogen Idec, Inc. (a)		241,271		16,177,221
BioMarin Pharmaceutical, Inc. (a)(b)		586,899		15,805,190
Celgene Corp. (a)		278,410		16,465,168
Cephalon, Inc. (a)(b)		252,986		15,614,296
Cepheid, Inc. (a)(b)		686,934		15,627,749
Cubist Pharmaceuticals, Inc. (a)		737,590		15,784,426
Dendreon Corp. (a)		424,916		14,838,067
Enzon Pharmaceuticals, Inc. (a)		1,398,424		17,018,820
Genzyme Corp. (a)		229,105		16,312,276
Gilead Sciences, Inc. (a)		425,413		15,416,967
Human Genome Sciences, Inc. (a)(b)		666,328		15,918,576
Incyte Corp. (a)(b)		1,031,530		17,082,137
Isis Pharmaceuticals, Inc. (a)(b)		1,661,350		16,812,862
Martek Biosciences Corp. (a)(b)		711,367		22,265,787
Micromet, Inc. (a)		2,091,343		16,981,705
Myriad Genetics, Inc. (a)		701,112		16,013,398
Onyx Pharmaceuticals, Inc. (a)		481,105		17,738,341
Pharmasset, Inc. (a)(b)		327,388		14,211,913
Regeneron Pharmaceuticals, Inc. (a)(b)		529,751		17,391,725
Savient Pharmaceuticals, Inc. (a)(b)		1,344,395		14,976,560
Seattle Genetics, Inc. (a)(b)		1,053,909		15,755,940
Talecris Biotherapeutics Holdings Corp. (a)		717,754		16,723,668
Theravance, Inc. (a)(b)		590,359		14,800,300
United Therapeutics Corp. (a)(b)		252,965		15,992,447
Vertex Pharmaceuticals, Inc. (a)		468,715		16,419,087

TOTAL COMMON STOCKS —
(Cost $473,292,769)				491,778,893

SHORT TERM INVESTMENTS — 15.8%
MONEY MARKET FUNDS — 15.8%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		77,544,250		77,544,250
State Street Institutional Liquid Reserves Fund 0.18% (d)(e)		255,131		255,131

TOTAL SHORT TERM INVESTMENTS —
(Cost $77,799,381)				77,799,381

TOTAL INVESTMENTS — 115.8% (f)
(Cost $551,092,150)				569,578,274
OTHER ASSETS & LIABILITIES — (15.8)%				(77,675,010	)

NET ASSETS — 100.0%			$	491,903,264


(a)		Non-income producing security.
(b)		Security, or portion thereof, was on loan at December 31, 2010.
(c)		Investments of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

See accompanying notes to financial statements.

126

SPDR S&P Homebuilders ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 100.0%
BUILDING PRODUCTS — 31.7%
A.O. Smith Corp.		782,933	$	29,814,089
Ameron International Corp. (a)		421,786		32,211,797
Armstrong World Industries, Inc. (a)		848,972		36,505,796
Lennox International, Inc.		719,511		34,025,675
Masco Corp.		2,492,362		31,553,303
Owens Corning, Inc. (a)(b)		1,172,915		36,536,302
Simpson Manufacturing Co., Inc. (a)		1,186,617		36,678,331
USG Corp. (a)(b)		2,301,889		38,740,792

				276,066,085

HOME FURNISHINGS — 12.0%
Leggett & Platt, Inc.		1,520,372		34,603,667
Mohawk Industries, Inc. (a)(b)		581,415		33,001,115
Tempur-Pedic International, Inc. (b)		909,189		36,422,111

				104,026,893

HOME FURNISHING RETAIL — 15.7%
Aaron’s, Inc. (a)		1,633,038		33,297,645
Bed Bath & Beyond, Inc. (b)		721,162		35,445,112
Pier 1 Imports, Inc. (a)(b)		3,199,440		33,594,120
Williams-Sonoma, Inc. (a)		968,463		34,564,445

				136,901,322

HOME IMPROVEMENT RETAIL — 7.8%
Lowe’s Cos., Inc.		1,337,105		33,534,593
The Home Depot, Inc.		980,324		34,370,160

				67,904,753

HOMEBUILDING — 32.8%
D.R. Horton, Inc. (a)		3,027,083		36,113,100
KB HOME (a)		2,672,085		36,046,427
Lennar Corp. (Class A) (a)		1,906,254		35,742,263
M.D.C. Holdings, Inc. (a)		1,268,735		36,501,506
NVR, Inc. (b)		50,351		34,793,548
Pulte Group, Inc. (a)(b)		4,803,717		36,123,952
Ryland Group, Inc. (a)		2,081,577		35,449,256
Toll Brothers, Inc. (a)(b)		1,802,425		34,246,075

				285,016,127

TOTAL COMMON STOCKS —
(Cost $886,802,809)				869,915,180

SHORT TERM INVESTMENTS — 12.2%
MONEY MARKET FUNDS — 12.2%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		106,342,200		106,342,200
State Street Institutional Liquid Reserves Fund 0.18% (d)(e)		182,238		182,238

TOTAL SHORT TERM INVESTMENTS —
(Cost $106,524,438)				106,524,438

TOTAL INVESTMENTS — 112.2% (f)
(Cost $993,327,247)				976,439,618
OTHER ASSETS & LIABILITIES — (12.2)%				(106,063,437	)

NET ASSETS — 100.0%			$	870,376,181


(a)		Security, or portion thereof, was on loan at December 31, 2010.
(b)		Non-income producing security.
(c)		Investments of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

See accompanying notes to financial statements.

127

SPDR S&P Metals & Mining ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.9%
ALUMINUM — 7.6%
Alcoa, Inc.		3,080,476	$	47,408,525
Century Aluminum Co. (a)(b)		2,740,145		42,554,452

				89,962,977

COAL & CONSUMABLE FUELS — 23.2%
Alpha Natural Resources, Inc. (b)		830,278		49,841,588
Arch Coal, Inc.		1,367,109		47,930,842
Consol Energy, Inc.		997,901		48,637,695
International Coal Group, Inc. (b)		5,194,938		40,208,820
Massey Energy Co.		844,546		45,309,893
Peabody Energy Corp.		708,305		45,317,354

				277,246,192

DIVERSIFIED METALS & MINING — 15.2%
Compass Minerals International, Inc. (a)		489,572		43,704,092
Freeport-McMoRan Copper & Gold, Inc.		388,975		46,712,008
Titanium Metals Corp. (b)		2,478,726		42,584,513
Walter Energy, Inc.		374,477		47,873,140

				180,873,753

GOLD — 7.4%
Newmont Mining Corp.		714,665		43,901,871
Royal Gold, Inc.		817,424		44,655,873

				88,557,744

PRECIOUS METALS & MINERALS — 11.6%
Coeur d’Alene Mines Corp. (a)(b)		1,659,006		45,324,044
Hecla Mining Co. (a)(b)		4,110,191		46,280,750
Stillwater Mining Co. (b)		2,187,222		46,697,190

				138,301,984

STEEL — 34.9%
AK Steel Holding Corp. (a)		3,010,736		49,285,748
Allegheny Technologies, Inc. (a)		822,165		45,367,065
Carpenter Technology Corp.		1,140,779		45,904,947
Cliffs Natural Resources, Inc.		590,565		46,069,976
Commercial Metals Co. (a)		2,589,804		42,964,848
Nucor Corp. (a)		1,048,201		45,932,168
Reliance Steel & Aluminum Co.		886,488		45,299,537
Steel Dynamics, Inc. (a)		2,625,379		48,044,436
United States Steel Corp. (a)		818,749		47,831,316

				416,700,041

TOTAL COMMON STOCKS —
(Cost $1,106,105,339)				1,191,642,691

SHORT TERM INVESTMENTS — 8.5%
MONEY MARKET FUNDS — 8.5%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		100,826,120		100,826,120
State Street Institutional Liquid Reserves Fund 0.18% (d)(e)		1,196,936		1,196,936

TOTAL SHORT TERM INVESTMENTS —
(Cost $102,023,056)				102,023,056

TOTAL INVESTMENTS — 108.4% (f)
(Cost $1,208,128,395)				1,293,665,747
OTHER ASSETS & LIABILITIES — (8.4)%				(100,257,671	)

NET ASSETS — 100.0%			$	1,193,408,076


(a)		Security, or portion thereof, was on loan at December 31, 2010.
(b)		Non-income producing security.
(c)		Investments of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

See accompanying notes to financial statements.

128

SPDR S&P Oil & Gas Equipment & Services ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.9%
OIL & GAS DRILLING — 35.5%
Atwood Oceanics, Inc. (a)(b)		470,256	$	17,573,467
Diamond Offshore Drilling, Inc. (a)		269,149		17,997,994
Helmerich & Payne, Inc. (a)		369,203		17,898,961
Nabors Industries, Ltd. (b)		770,345		18,072,294
Noble Corp. (a)		508,341		18,183,358
Patterson-UTI Energy, Inc.		806,300		17,375,765
Pride International, Inc. (b)		549,622		18,137,526
Rowan Cos., Inc. (b)		524,563		18,312,494
Transocean, Ltd. (a)(b)		244,097		16,967,182

				160,519,041

OIL & GAS EQUIPMENT & SERVICES — 64.4%
Baker Hughes, Inc.		326,853		18,686,186
Cameron International Corp. (b)		357,139		18,117,661
Core Laboratories NV		198,215		17,651,046
Dresser-Rand Group, Inc. (b)		432,553		18,422,432
Dril-Quip, Inc. (a)(b)		217,344		16,891,976
FMC Technologies, Inc. (b)		200,697		17,843,970
Halliburton Co.		438,176		17,890,726
McDermott International, Inc. (b)		881,721		18,242,807
National-Oilwell Varco, Inc.		281,275		18,915,744
Oceaneering International, Inc. (b)		245,774		18,096,340
Oil States International, Inc. (b)		279,946		17,941,739
Schlumberger, Ltd.		216,141		18,047,774
SEACOR Holdings, Inc.		176,743		17,866,950
Superior Energy Services, Inc. (b)		509,375		17,823,031
Tidewater, Inc. (a)		345,923		18,624,494
Weatherford International, Ltd. (b)		851,837		19,421,884

				290,484,760

TOTAL COMMON STOCKS —
(Cost $380,768,896)				451,003,801

SHORT TERM INVESTMENTS — 4.7%
MONEY MARKET FUNDS — 4.7%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		19,256,971		19,256,971
State Street Institutional Liquid Reserves Fund 0.18% (d)(e)		1,794,494		1,794,494

TOTAL SHORT TERM INVESTMENTS —
(Cost $21,051,465)				21,051,465

TOTAL INVESTMENTS — 104.6% (f)
(Cost $401,820,361)				472,055,266
OTHER ASSETS & LIABILITIES — (4.6)%				(20,831,641	)

NET ASSETS — 100.0%			$	451,223,625


(a)		Security, or portion thereof, was on loan at December 31, 2010.
(b)		Non-income producing security.
(c)		Investments of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

See accompanying notes to financial statements.

129

SPDR S&P Oil & Gas Exploration & Production ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 100.0%
INTEGRATED OIL & GAS — 10.8%
Chevron Corp.		219,027	$	19,986,214
ConocoPhillips		295,166		20,100,805
Exxon Mobil Corp.		264,000		19,303,680
Occidental Petroleum Corp.		204,823		20,093,136

				79,483,835

OIL & GAS EXPLORATION & PRODUCTION — 72.7%
Anadarko Petroleum Corp.		276,156		21,032,041
Apache Corp.		165,842		19,773,342
Atlas Energy, Inc. (a)		438,260		19,270,292
Brigham Exploration Co. (a)		709,794		19,334,788
Cabot Oil & Gas Corp.		539,024		20,402,058
Chesapeake Energy Corp. (b)		831,524		21,544,787
Cimarex Energy Co.		222,326		19,682,521
Concho Resources, Inc. (a)		227,835		19,974,294
Continental Resources, Inc. (a)(b)		326,952		19,241,125
Denbury Resources, Inc. (a)		969,862		18,514,666
Devon Energy Corp.		260,034		20,415,269
EOG Resources, Inc.		210,021		19,198,020
EQT Corp.		442,735		19,852,237
EXCO Resources, Inc.		1,029,626		19,995,337
Forest Oil Corp. (a)		549,122		20,850,162
Newfield Exploration Co. (a)		263,334		18,989,015
Noble Energy, Inc.		231,274		19,908,066
Petrohawk Energy Corp. (a)		1,002,055		18,287,504
Pioneer Natural Resources Co. (b)		226,099		19,629,915
Plains Exploration & Production Co. (a)		624,861		20,083,032
QEP Resources, Inc.		514,089		18,666,572
Range Resources Corp. (b)		449,940		20,238,301
Rosetta Resources, Inc. (a)		524,717		19,750,348
SM Energy Co.		351,282		20,701,048
Southwestern Energy Co. (a)		534,648		20,011,875
Ultra Petroleum Corp. (a)(b)		396,358		18,934,022
Whiting Petroleum Corp. (a)		167,784		19,662,607

				533,943,244

OIL & GAS REFINING & MARKETING — 16.5%
Frontier Oil Corp. (a)		1,111,279		20,014,135
Holly Corp. (b)		496,285		20,233,539
Sunoco, Inc.		475,979		19,186,714
Tesoro Corp. (a)(b)		1,094,088		20,284,392
Valero Energy Corp.		881,545		20,381,320
World Fuel Services Corp. (b)		588,259		21,271,445

				121,371,545

TOTAL COMMON STOCKS —
(Cost $718,976,349)				734,798,624

SHORT TERM INVESTMENTS — 5.9%
MONEY MARKET FUNDS — 5.9%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		41,854,886		41,854,886
State Street Institutional Liquid Reserves Fund 0.18% (d)(e)		1,582,950		1,582,950

TOTAL SHORT TERM INVESTMENTS —
(Cost $43,437,836)				43,437,836

TOTAL INVESTMENTS — 105.9% (f)
(Cost $762,414,185)				778,236,460
OTHER ASSETS & LIABILITIES — (5.9)%				(43,015,239	)

NET ASSETS — 100.0%			$	735,221,221


(a)		Non-income producing security.
(b)		Security, or portion thereof, was on loan at December 31, 2010.
(c)		Investments of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

See accompanying notes to financial statements.

130

SPDR S&P Pharmaceuticals ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 100.0%
PHARMACEUTICALS — 100.0%
Abbott Laboratories		181,818	$	8,710,900
Allergan, Inc.		124,992		8,583,201
Auxilium Pharmaceuticals, Inc. (a)(b)		431,400		9,102,540
Bristol-Myers Squibb Co.		332,496		8,804,494
Eli Lilly & Co.		247,518		8,673,031
Endo Pharmaceuticals Holdings, Inc. (b)		237,601		8,484,732
Forest Laboratories, Inc. (b)		264,939		8,472,749
Hospira, Inc. (b)		153,869		8,568,965
Impax Laboratories, Inc. (b)		453,071		9,111,258
Johnson & Johnson		139,851		8,649,784
Medicis Pharmaceutical Corp. (Class A) (a)		315,647		8,456,183
Merck & Co., Inc.		240,572		8,670,215
Mylan, Inc. (b)		429,900		9,083,787
Nektar Therapeutics (a)(b)		615,803		7,913,069
Par Pharmaceutical Cos., Inc. (b)		227,847		8,774,388
Perrigo Co. (a)		131,066		8,300,410
Pfizer, Inc.		508,707		8,907,460
Questcor Pharmaceuticals, Inc. (a)(b)		571,121		8,412,612
Salix Pharmaceuticals, Ltd. (a)(b)		197,180		9,259,573
The Medicines Co. (b)		619,327		8,751,090
ViroPharma, Inc. (b)		512,623		8,878,630
VIVUS, Inc. (a)(b)		921,085		8,630,566
Warner Chilcott PLC		406,297		9,166,060
Watson Pharmaceuticals, Inc. (b)		175,267		9,052,541

TOTAL COMMON STOCKS —
(Cost $189,215,587)				209,418,238

SHORT TERM INVESTMENTS — 5.4%
MONEY MARKET FUNDS — 5.4%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		11,344,263		11,344,263
State Street Institutional Liquid Reserves Fund 0.18% (d)(e)		56,769		56,769

TOTAL SHORT TERM INVESTMENTS —
(Cost $11,401,032)				11,401,032

TOTAL INVESTMENTS — 105.4% (f)
(Cost $200,616,619)				220,819,270
OTHER ASSETS & LIABILITIES — (5.4)%				(11,298,800	)

NET ASSETS — 100.0%			$	209,520,470


(a)		Security, or portion thereof, was on loan at December 31, 2010.
(b)		Non-income producing security.
(c)		Investments of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

See accompanying notes to financial statements.

131

SPDR S&P Retail ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.7%
APPAREL RETAIL — 32.1%
Abercrombie & Fitch Co. (Class A)		270,495	$	15,588,627
Aeropostale, Inc. (a)		621,073		15,303,239
American Eagle Outfitters, Inc.		981,300		14,356,419
AnnTaylor Stores Corp. (a)(b)		565,199		15,480,801
Ascena Retail Group, Inc. (a)		577,943		15,269,254
Chico’s FAS, Inc.		1,227,049		14,761,399
Collective Brands, Inc. (a)(b)		723,791		15,271,990
Foot Locker, Inc.		784,121		15,384,454
Genesco, Inc. (a)		405,525		15,203,132
Guess ?, Inc.		315,270		14,918,576
J. Crew Group, Inc. (a)		345,592		14,908,839
Jos. A. Bank Clothiers, Inc. (a)(b)		371,627		14,984,001
Limited Brands, Inc.		480,098		14,753,412
Ross Stores, Inc.		232,689		14,717,579
The Buckle, Inc. (b)		391,777		14,797,417
The Children’s Place Retail Stores, Inc. (a)(b)		286,480		14,220,867
The Finish Line, Inc. (Class A)		790,250		13,584,397
The Gap, Inc.		704,851		15,605,401
The Men’s Wearhouse, Inc. (b)		608,580		15,202,328
The TJX Cos., Inc.		335,930		14,911,933
Urban Outfitters, Inc. (a)		407,017		14,575,279

				313,799,344

AUTOMOTIVE RETAIL — 10.8%
Advance Auto Parts, Inc.		222,853		14,741,726
AutoNation, Inc. (a)(b)		571,338		16,111,732
AutoZone, Inc. (a)		57,194		15,590,512
CarMax, Inc. (a)(b)		438,602		13,982,632
Group 1 Automotive, Inc.		362,905		15,154,913
Monro Muffler Brake, Inc. (b)		431,052		14,910,089
O’Reilly Automotive, Inc. (a)		246,425		14,888,998

				105,380,602

CATALOG RETAIL — 1.6%
HSN, Inc. (a)(b)		501,706		15,372,272

COMPUTER & ELECTRONICS RETAIL — 6.0%
Best Buy Co., Inc.		362,218		12,420,455
GameStop Corp. (Class A) (a)(b)		680,776		15,576,155
RadioShack Corp. (b)		782,096		14,460,955
Rent-A-Center, Inc.		499,238		16,115,403

				58,572,968

DEPARTMENT STORES — 7.8%
J.C. Penney Co., Inc.		445,862		14,405,801
Kohl’s Corp. (a)		282,303		15,340,345
Macy’s, Inc.		594,011		15,028,479
Nordstrom, Inc.		359,008		15,214,759
Sears Holdings Corp. (a)(b)		222,092		16,379,285

				76,368,669

DRUG RETAIL — 3.2%
CVS Caremark Corp.		450,014		15,646,987
Walgreen Co.		415,630		16,192,945

				31,839,932

FOOD RETAIL — 8.1%
Ruddick Corp. (b)		396,266		14,598,440
Safeway, Inc. (b)		705,913		15,875,983
SUPERVALU, Inc. (b)		1,740,374		16,759,802
The Kroger Co.		733,245		16,395,358
Whole Foods Market, Inc. (a)(b)		305,873		15,474,115

				79,103,698

GENERAL MERCHANDISE STORES — 4.7%
Dollar Tree, Inc. (a)		267,220		14,985,697
Family Dollar Stores, Inc.		304,276		15,125,560
Target Corp.		256,845		15,444,090

				45,555,347

HYPERMARKETS & SUPER CENTERS — 3.1%
Costco Wholesale Corp.		212,529		15,346,719
Wal-Mart Stores, Inc.		278,940		15,043,234

				30,389,953

INTERNET RETAIL — 4.5%
Amazon.com, Inc. (a)		86,219		15,519,420
Netflix, Inc. (a)(b)		77,874		13,682,462
Priceline.com, Inc. (a)		36,068		14,410,969

				43,612,851

SPECIALTY STORES — 17.8%
Dick’s Sporting Goods, Inc. (a)(b)		417,205		15,645,187
Jo-Ann Stores, Inc. (a)(b)		328,053		19,755,352
Office Depot, Inc. (a)		3,109,154		16,789,432
OfficeMax, Inc. (a)(b)		834,712		14,774,402
PetSmart, Inc.		384,486		15,310,232
Sally Beauty Holdings, Inc. (a)		1,038,505		15,089,478
Signet Jewelers, Ltd. (a)		360,973		15,666,228
Staples, Inc.		683,634		15,566,346
Tiffany & Co.		237,784		14,806,810
Tractor Supply Co. (b)		317,620		15,401,394
Ulta Salon Cosmetics & Fragrance, Inc. (a)		436,230		14,831,820

				173,636,681

TOTAL COMMON STOCKS —
(Cost $984,977,654)				973,632,317

SHORT TERM INVESTMENTS — 7.1%
MONEY MARKET FUNDS — 7.1%
State Street Navigator Security Lending Prime Portfolio (c)(d)		66,607,568		66,607,568
State Street Institutional Liquid Reserves Fund 0.18% (d)(e)		2,747,592		2,747,592

TOTAL SHORT TERM INVESTMENTS —
(Cost $69,355,160)				69,355,160

See accompanying notes to financial statements.

132

SPDR S&P Semiconductor ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.7%
SEMICONDUCTORS — 99.7%
Advanced Micro Devices, Inc. (a)		507,041	$	4,147,595
Altera Corp. (b)		110,074		3,916,433
Analog Devices, Inc.		108,366		4,082,147
Atheros Communications, Inc. (a)		116,783		4,194,845
Atmel Corp. (a)		329,712		4,062,052
Broadcom Corp. (Class A)		88,875		3,870,506
Cree, Inc. (a)		56,745		3,738,928
Cypress Semiconductor Corp. (a)		226,770		4,213,387
First Solar, Inc. (a)(b)		29,662		3,860,213
Intel Corp.		186,795		3,928,299
International Rectifier Corp. (a)		134,172		3,983,567
Linear Technology Corp. (b)		118,165		4,087,327
LSI Corp. (a)		683,098		4,091,757
Marvell Technology Group, Ltd. (a)		209,262		3,881,810
Maxim Integrated Products, Inc.		166,299		3,927,982
Microchip Technology, Inc. (b)		116,395		3,981,873
Micron Technology, Inc. (a)		495,327		3,972,522
National Semiconductor Corp.		296,286		4,076,895
NVIDIA Corp. (a)		273,709		4,215,119
ON Semiconductor Corp. (a)		442,810		4,374,963
Rambus, Inc. (a)(b)		199,087		4,077,302
RF Micro Devices, Inc. (a)		520,542		3,825,984
Silicon Laboratories, Inc. (a)		87,328		4,018,835
Skyworks Solutions, Inc. (a)		145,949		4,178,520
Texas Instruments, Inc.		124,756		4,054,570
TriQuint Semiconductor, Inc. (a)		333,234		3,895,505
Xilinx, Inc. (b)		142,867		4,140,286

TOTAL COMMON STOCKS —
(Cost $111,699,009)				108,799,222

SHORT TERM INVESTMENTS — 6.4%
MONEY MARKET FUNDS — 6.4%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		6,612,265		6,612,265
State Street Institutional Liquid Reserves Fund 0.18% (d)(e)		385,063		385,063

TOTAL SHORT TERM INVESTMENTS —
(Cost $6,997,328)				6,997,328

TOTAL INVESTMENTS — 106.1% (f)
(Cost $118,696,337)				115,796,550
OTHER ASSETS & LIABILITIES — (6.1)%				(6,616,191	)

NET ASSETS — 100.0%			$	109,180,359


(a)		Non-income producing security.
(b)		Security, or portion thereof, was on loan at December 31, 2010.
(c)		Investments of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 input. (Note 2)

See accompanying notes to financial statements.

134

SPDR Wells Fargo Preferred Stock ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


Security Description	Shares		Value

PREFERRED STOCKS — 99.8%
CAPITAL MARKETS — 9.1%
Morgan Stanley Capital Trust III, 6.25%		38,507	$	863,327
Morgan Stanley Capital Trust IV, 6.25% (a)		27,056		616,877
Morgan Stanley Capital Trust V, 5.75% (a)		21,861		478,100
Morgan Stanley Capital Trust VI, 6.60%		37,661		892,566
Morgan Stanley Capital Trust VII, 6.60%		48,064		1,141,520
Morgan Stanley Capital Trust VIII, 6.45%		36,052		845,419
The Bank of New York Capital V Series F, 5.95%		15,256		380,790
The Goldman Sachs Group, Inc., 6.13% (a)		57,956		1,341,682
The Goldman Sachs Group, Inc. Series A, 3.75% (b)		32,769		688,804
The Goldman Sachs Group, Inc. Series B, 6.20%		34,935		843,680
The Goldman Sachs Group, Inc. Series D, 4.00% (a)(b)		59,040		1,270,541

				9,363,306

COMMERCIAL BANKS — 38.1%
BAC Capital Trust I, 7.00%		24,689		600,436
BAC Capital Trust II, 7.00% (a)		38,663		943,377
BAC Capital Trust III, 7.00%		21,443		521,494
BAC Capital Trust IV, 5.88%		16,130		345,666
BAC Capital Trust V, 6.00%		22,208		481,692
BAC Capital Trust VIII, 6.00%		21,458		462,849
BAC Capital Trust X Series B, 6.25% (a)		38,663		850,586
BAC Capital Trust XII, 6.88%		37,040		898,220
Bank One Capital Trust VI, 7.20%		22,925		584,817
Barclays Bank PLC Series 2, 6.63% (a)		26,056		607,887
Barclays Bank PLC Series 3, 7.10% (a)		47,882		1,193,698
Barclays Bank PLC Series 4, 7.75%		39,978		1,016,241
Barclays Bank PLC Series 5, 8.13%		92,180		2,369,026
BB&T Capital Trust V, 8.95% (b)		19,681		540,243
BB&T Capital Trust VI, 9.60% (a)		25,091		725,130
BB&T Capital Trust VII, 8.10%		15,256		419,387
Fifth Third Capital Trust V, 7.25% (b)		25,091		624,264
Fifth Third Capital Trust VI, 7.25% (a)(b)		37,732		943,677
Fifth Third Capital Trust VII, 8.88% (b)		17,518		462,475
Fleet Capital Trust VIII, 7.20% (a)		23,320		576,004
HSBC Holdings PLC, 8.00% (a)		77,422		2,063,296
HSBC Holdings PLC, 8.13%		44,802		1,202,038
HSBC Holdings PLC, Series A, 6.20% (a)		29,542		676,512
HSBC USA, Inc. Series F, 3.50% (a)(b)		10,556		224,737
HSBC USA, Inc. Series G, 4.00% (a)(b)		7,614		180,223
KeyCorp Capital IX, 6.75% (a)		14,425		346,200
KeyCorp Capital X, 8.00%		24,793		630,238
Lloyds Banking Group PLC, 7.75%		37,741		979,379
M&T Capital Trust IV, 8.50% (a)		15,256		406,115
National City Capital Trust II, 6.63% (a)		32,769		818,570
National City Capital Trust III, 6.63% (a)		21,840		542,942
National City Capital Trust IV, 8.00%		22,599		588,026
PNC Capital Trust D, 6.13% (a)		13,091		326,490
PNC Capital Trust E, 7.75%		19,682		517,243
Santander Finance Preferred SA Unipersonal, 10.50% (a)		36,021		1,003,545
Suntrust Cap IX, 7.88%		29,959		773,242
UBS Preferred Funding Trust IV Series D, 0.96% (a)(b)		13,086		221,415
US Bancorp Capital VI, 5.75% (a)		12,006		297,869
US Bancorp Capital VII, 5.88%		13,086		322,832
US Bancorp Capital VIII Series 1, 6.35%		16,434		408,549
US Bancorp Capital X, 6.50% (a)		21,843		556,778
US Bancorp Capital XI, 6.60% (a)		33,420		838,842
US Bancorp Capital XII, 6.30%		23,364		580,362
US Bancorp Series B, 3.50% (a)(b)		43,693		983,966
US Bancorp Series D, 7.88%		21,842		589,516
Wachovia Capital Trust IV, 6.38% (a)		38,277		940,849
Wachovia Capital Trust IX, 6.38%		34,935		862,196
Wachovia Capital Trust X, 7.85% (a)		36,654		965,833
Wells Fargo & Co. Series J, 8.00%		54,444		1,480,332
Wells Fargo Capital IX, 5.63% (a)		12,660		305,739
Wells Fargo Capital Trust IV, 7.00% (a)		32,913		833,686
Wells Fargo Capital VII, 5.85% (a)		12,660		316,500
Wells Fargo Capital XI, 6.25% (a)		25,324		636,139
Wells Fargo Capital XII, 7.88% (a)		39,881		1,069,608
Wells Fargo Capital XIV, 8.63% (a)		17,467		481,565

				39,138,541

CONSUMER FINANCE — 1.4%
Capital One Capital II, 7.50% (a)		15,129		385,185
HSBC Finance Corp., 6.36%		11,701		267,251
HSBC USA, Inc. Series H, 6.50% (a)		7,574		185,033
MBNA Capital D Series D, 8.13%		13,091		331,202
SLM Corp., 6.00% (a)		13,086		266,169

				1,434,840

DIVERSIFIED FINANCIAL SERVICES — 24.9%
Countrywide Capital IV, 6.75%		21,840		517,608
Countrywide Capital V, 7.00% (a)		65,319		1,606,847
Credit Suisse Guernsey, 7.90%		66,620		1,784,084
Deutsche Bank Capital Funding Trust IX, 6.63% (a)		35,796		824,024
Deutsche Bank Capital Funding Trust VIII, 6.38% (a)		18,720		420,264

See accompanying notes to financial statements.

135

SPDR Wells Fargo Preferred Stock ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

Deutsche Bank Capital Funding Trust X, 7.35%		25,106	$	631,416
Deutsche Bank Contingent Capital Trust II, 6.55%		24,953		577,662
Deutsche Bank Contingent Capital Trust III, 7.60% (a)		61,512		1,564,250
Deutsche Bank Contingent Capital Trust V, 8.05% (a)		43,201		1,129,274
General Electric Capital Corp., 6.50%		9,883		258,737
General Electric Capital Corp., 6.00% (a)		39,450		1,005,975
General Electric Capital Corp., 6.05%		23,730		606,776
General Electric Capital Corp., 5.88% (a)		29,665		739,548
General Electric Capital Corp., 6.10% (a)		39,450		995,323
General Electric Capital Corp., 6.63%		39,450		1,005,186
General Electric Capital Corp. Series A, 6.45%		19,776		504,288
HSBC Finance Corp., 6.88%		6,146		155,985
HSBC Finance Corp., 6.00% (a)		6,149		147,515
JP Morgan Chase & Co., 8.63%		30,790		848,265
JP Morgan Chase Capital X, 7.00%		17,117		433,231
JP Morgan Chase Capital XI Series K, 5.88%		18,407		448,210
JP Morgan Chase Capital XII, 6.25%		6,886		173,734
JP Morgan Chase Capital XIV, 6.20%		10,231		256,184
JP Morgan Chase Capital XIX Series S, 6.63% (a)		9,586		242,142
JP Morgan Chase Capital XVI, 6.35% (a)		8,603		216,021
JP Morgan Chase Capital XXIV Series X, 6.88%		11,953		308,268
JP Morgan Chase Capital XXIX, 6.70% (a)		25,725		657,017
JP Morgan Chase Capital XXVI, 8.00% (a)(b)		31,043		835,367
JP Morgan Chase Capital XXVIII, 7.20% (a)(b)		25,726		694,345
Merrill Lynch Capital Trust I Series K, 6.45% (a)(b)		45,851		1,017,892
Merrill Lynch Capital Trust II, 6.45% (b)		41,522		917,636
Merrill Lynch Capital Trust III, 7.00% (a)		32,769		782,524
Merrill Lynch Capital Trust III, 7.38% (a)		32,769		821,847
Merrill Lynch Capital Trust IV, 7.12% (a)		17,514		430,494
Merrill Lynch Capital Trust V Series F, 7.28%		37,200		911,400
Repsol International Capital, Ltd. Series A, 7.45%		30,597		785,731
Tennessee Valley Authority Series A, 4.50% (a)(b)		11,946		298,531

				25,553,601

ELECTRIC UTILITIES — 3.4%
Alabama Power Co. Series B, 5.88% (a)		10,921		283,946
American Electric Power, 8.75% (a)		13,737		382,438
BGE Capital Trust II, 6.20%		10,921		273,462
FPC Capital I Series A, 7.10%		13,091		333,821
FPL Group Capital Trust I, 5.88%		13,091		325,442
Georgia Power Co. Series D, 6.38% (a)		13,091		350,315
NextEra Energy Capital Holdings, Inc., 8.75%		16,434		459,166
NextEra Energy Capital Holdings, Inc., 6.60%		15,256		390,706
NextEra Energy Capital Holdings, Inc., 7.45% (a)		15,256		398,944
PPL Energy Supply LLC, 7.00% (a)		10,920		283,702

				3,481,942

INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.3%
Tennessee Valley Authority Series D, 4.73% (b)		14,402		361,202

INSURANCE — 11.1%
Aegon NV, 6.88% (a)		24,006		546,857
Aegon NV, 7.25% (a)		45,851		1,096,756
Aegon NV, 6.38% (a)		43,693		945,516
Aegon NV, 6.50% (a)		21,860		475,455
Aegon NV Series 1, 4.00% (a)(b)		10,921		228,686
American International Group, Inc., 7.70% (a)(b)		48,116		1,174,030
American International Group, Inc. Series A-4, 6.45% (b)		32,769		706,827
Axis Capital Holdings Series A, 7.25%		10,921		273,571
Everest RE Capital Trust II Series B, 6.20%		13,951		310,549
Lincoln National Corp., 6.75% (a)		12,006		301,831
MetLife, Inc. Series A, 4.00% (a)(b)		26,272		623,697
MetLife, Inc. Series B, 6.50%		65,529		1,625,119
PartnerRe, Ltd. Series C, 6.75%		12,651		311,215
Principal Financial Group, Inc. Series B, 6.52% (b)		10,921		271,278
Prudential Financial, Inc., 9.00%		40,231		1,105,950
Prudential PLC, 6.75% (a)		10,921		273,899
Prudential PLC, 6.50%		13,091		322,824
RenaissanceRe Holdings, Ltd. Series C, 6.08% (a)		10,921		248,344
RenaissanceRe Holdings, Ltd. Series D, 6.60% (a)		13,086		322,308
W.R. Berkley Capital Trust II, 6.75%		10,921		272,916

				11,437,628

MEDIA — 3.8%
CBS Corp., 6.75%		30,597		773,186
Comcast Corp., 7.00%		15,129		383,520

See accompanying notes to financial statements.

136

SPDR Wells Fargo Preferred Stock ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

Comcast Corp., 6.63% (a)		25,091	$	638,566
Comcast Corp. Series B, 7.00%		49,203		1,244,836
Viacom, Inc., 6.85%		32,769		831,677

				3,871,785

MULTI-UTILITIES — 1.3%
Dominion Resources Inc. Series A, 8.38%		29,959		849,038
Xcel Energy, Inc., 7.60%		17,518		480,519

				1,329,557

REAL ESTATE INVESTMENT TRUSTS — 4.6%
Harris Preferred Capital Corp. Series A, 7.38%		10,921		275,318
Hospitality Properties Trust Series C, 7.00% (a)		13,841		331,907
Kimco Realty Corp. Series G, 7.75% (a)		20,114		531,009
Public Storage Series I, 7.25% (a)		22,599		571,981
Public Storage Series K, 7.25%		18,588		472,693
Public Storage Series M, 6.63% (a)		20,835		520,042
Vornado Realty LP, 7.88%		20,114		536,440
Vornado Realty Trust Series I, 6.63% (a)		11,783		278,550
Wachovia Preferred Funding Corp. Series A, 7.25% (a)		32,769		838,559
Weingarten Realty Investors Series F, 6.50% (a)		15,256		355,465

				4,711,964

WIRELESS TELECOMMUNICATION SERVICES — 1.8%
AT&T, Inc., 6.38% (a)		52,451		1,395,721
Telephone & Data Systems, 7.60% (a)		3,592		90,554
US Cellular Corp., 7.50%		14,391		366,251

				1,852,526

TOTAL PREFERRED STOCKS —
(Cost $99,495,779)				102,536,892

SHORT TERM INVESTMENTS — 12.6%
MONEY MARKET FUNDS — 12.6%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		12,506,166		12,506,166
State Street Institutional Liquid Reserves Fund 0.18% (d)(e)		513,787		513,787

TOTAL SHORT TERM INVESTMENTS —
(Cost $13,019,953)				13,019,953

TOTAL INVESTMENTS — 112.4% (f)
(Cost $112,515,732)				115,556,845
OTHER ASSETS & LIABILITIES — (12.4)%				(12,786,257	)

NET ASSETS — 100.0%			$	102,770,588


(a)		Security, or portion thereof, was on loan at December 31, 2010.
(b)		Variable rate security. The rate shown reflects the rate as of December 31, 2010.
(c)		Investments of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

See accompanying notes to financial statements.

137

SPDR SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2010 (Unaudited)


	SPDR Dow Jones Total Market ETF			SPDR Dow Jones Large Cap ETF			SPDR S&P 500 Growth ETF			SPDR S&P 500 Value ETF			SPDR Dow Jones Mid Cap ETF			SPDR S&P 400 Mid Cap Growth ETF			SPDR S&P 400 Mid Cap Value ETF			SPDR S&P 600 Small Cap ETF			SPDR S&P 600 Small Cap Growth ETF

ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	202,022,607		$	41,157,419		$	189,507,353		$	166,968,588		$	59,000,593		$	70,834,825		$	26,928,727		$	65,754,662		$	173,910,501
Investments in securities of affiliated issuers, at value (Note 3)		9,607,814			3,095,849			3,148,622			4,787,026			16,524,851			2,318,010			7,226,066			17,888,670			22,393,122

Total Investments		211,630,421			44,253,268			192,655,975			171,755,614			75,525,444			73,152,835			34,154,793			83,643,332			196,303,623
Cash		780			—			—			—			22			—			—			—			—
Receivable for investments sold		47,915			—			—			1,932			—			—			1,840			14,607			86,501
Receivable for fund shares sold in-kind		—			—			48,900			—			—			—			—			19			—
Dividends receivable — unaffiliated issuers		225,498			47,928			191,115			217,860			54,354			42,715			30,168			43,434			78,420
Dividends receivable — affiliated issuers		3,176			885			730			655			3,017			618			674			2,460			6,011

TOTAL ASSETS		211,907,790			44,302,081			192,896,720			171,976,061			75,582,837			73,196,168			34,187,475			83,703,852			196,474,555

LIABILITIES
Payable upon return of securities loaned		8,943,188			3,000,511			2,442,385			3,776,338			16,390,393			2,202,278			7,127,929			17,762,102			21,802,253
Payable for investments purchased		—			4,764			—			40			54,782			—			—			25,328			76,863
Accrued advisory fee (Note 3)		34,008			6,924			32,050			28,084			12,225			15,858			5,818			12,459			36,579
Accrued trustees’ fees and expenses (Note 3)		570			153			563			255			231			370			68			207			517

TOTAL LIABILITIES		8,977,766			3,012,352			2,474,998			3,804,717			16,457,631			2,218,506			7,133,815			17,800,096			21,916,212

NET ASSETS	$	202,930,024		$	41,289,729		$	190,421,722		$	168,171,344		$	59,125,206		$	70,977,662		$	27,053,660		$	65,903,756		$	174,558,343

NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	197,883,141		$	33,753,546		$	223,007,988		$	185,738,322		$	52,341,929		$	77,292,552		$	28,108,932		$	69,729,751		$	199,385,047
Undistributed (distribution in excess of) net investment income		4,752			(246	)		59,487			(325,244	)		2,362			15,801			(1,403	)		(609	)		109,170
Accumulated net realized gain (loss) on investments		(16,515,978	)		(1,195,296	)		(52,273,005	)		(18,399,074	)		(1,564,109	)		(5,978,469	)		(2,026,991	)		(2,561,180	)		(21,823,924	)
Net unrealized appreciation (depreciation) on:
Investments		21,558,109			8,731,725			19,627,252			1,157,340			8,345,024			(352,222	)		973,122			(1,264,206	)		(3,111,950	)

NET ASSETS	$	202,930,024		$	41,289,729		$	190,421,722		$	168,171,344		$	59,125,206		$	70,977,662		$	27,053,660		$	65,903,756		$	174,558,343

NET ASSET VALUE PER SHARE
Net asset value per share	$	94.38		$	58.99		$	56.84		$	64.66		$	59.13		$	74.71		$	54.11		$	65.90		$	109.09

Shares outstanding (unlimited amount authorized, $0.01 par value)		2,150,138			700,000			3,350,130			2,600,870			1,000,000			950,000			500,000			1,000,023			1,600,107

COST OF INVESTMENTS:
Unaffiliated issuers	$	180,441,460		$	32,428,646		$	169,880,101		$	165,824,412		$	50,655,569		$	71,187,047		$	25,955,605		$	67,018,868		$	177,022,451
Affiliated issuers		9,630,852			3,092,897			3,148,622			4,773,862			16,524,851			2,318,010			7,226,066			17,888,670			22,393,122

Total cost of investments	$	190,072,312		$	35,521,543		$	173,028,723		$	170,598,274		$	67,180,420		$	73,505,057		$	33,181,671		$	84,907,538		$	199,415,573

* Includes investments in securities on loan, at value	$	8,709,399		$	3,022,283		$	2,379,495		$	3,675,624		$	16,137,823		$	2,137,787		$	6,909,551		$	17,118,426		$	20,986,287

See accompanying notes to financial statements.

138

SPDR SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES (continued)

December 31, 2010 (Unaudited)


	SPDR S&P 600																		SPDR KBW			SPDR KBW
	Small Cap			SPDR DJ Global			SPDR Dow Jones			SPDR KBW			SPDR KBW Capital			SPDR KBW			Mortgage			Regional			SPDR Morgan Stanley
	Value ETF			Titans ETF			REIT ETF			Bank ETF			Markets ETF			Insurance ETF			Finance ETF			Banking ETF			Technology ETF

ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	134,210,248		$	122,086,848		$	1,362,630,170		$	1,923,466,811		$	70,709,125		$	234,291,723		$	2,110,194		$	792,446,949		$	217,821,089
Investments in securities of affiliated issuers, at value (Note 3)		13,074,329			4,678,764			128,150,834			240,390,985			11,183,750			6,820,057			612,096			108,521,810			11,648,422

Total Investments		147,284,577			126,765,612			1,490,781,004			2,163,857,796			81,892,875			241,111,780			2,722,290			900,968,759			229,469,511
Cash		—			—			746			—			—			—			—			—			—
Foreign currency, at value		—			11,054			—			—			—			—			—			—			—
Receivable for investments sold		—			5			—			—			—			—			111,656			1,718,066			—
Receivable for fund shares sold in-kind		—			—			—			4,602			—			128			—			—			—
Receivable for foreign taxes recoverable		—			47,735			—			—			—			—			—			—			4,358
Dividends receivable — unaffiliated issuers		128,826			214,298			4,523,759			840,722			23,418			231,332			654			1,098,971			44,946
Dividends receivable — affiliated issuers		2,105			778			18,562			27,421			1,845			1,839			114			24,236			2,868

TOTAL ASSETS		147,415,508			127,039,482			1,495,324,071			2,164,730,541			81,918,138			241,345,079			2,834,714			903,810,032			229,521,683

LIABILITIES
Payable upon return of securities loaned		12,885,505			4,516,533			126,544,636			187,562,073			4,317,432			6,228,238			609,532			108,326,494			11,454,787
Payable for investments purchased		49,075			—			1,185,159			—			815,408			398,390			113,137			1,749,227			—
Payable for fund shares repurchased in-kind		—			—			—			—			—			—			—			4,376			—
Accrued advisory fee (Note 3)		28,293			50,338			284,189			498,571			19,455			60,475			612			201,545			91,642
Accrued trustees’ fees and expenses (Note 3)		614			274			3,578			2,275			221			890			16			3,536			775

TOTAL LIABILITIES		12,963,487			4,567,145			128,017,562			188,062,919			5,152,516			6,687,993			723,297			110,285,178			11,547,204

NET ASSETS	$	134,452,021		$	122,472,337		$	1,367,306,509		$	1,976,667,622		$	76,765,622		$	234,657,086		$	2,111,417		$	793,524,854		$	217,974,479

NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	145,075,269		$	158,887,703		$	1,677,513,482		$	2,530,112,461		$	160,291,440		$	258,550,501		$	2,224,165		$	1,158,814,874		$	283,537,476
Undistributed (distribution in excess of) net investment income		(3,960	)		(46,608	)		246,737			(730,170	)		116,682			(152,132	)		1,343			71,262			(1,922	)
Accumulated net realized gain (loss) on investments and foreign currency transactions		(9,153,726	)		(27,868,721	)		(278,059,033	)		(511,546,464	)		(65,710,842	)		(21,381,394	)		46,906			(250,443,569	)		(67,806,437	)
Net unrealized appreciation (depreciation) on:
Investments		(1,465,562	)		(8,503,216	)		(32,394,677	)		(41,168,205	)		(17,931,658	)		(2,359,889	)		(160,997	)		(114,917,713	)		2,245,362
Foreign currency		—			3,179			—			—			—			—			—			—			—

NET ASSETS	$	134,452,021		$	122,472,337		$	1,367,306,509		$	1,976,667,622		$	76,765,622		$	234,657,086		$	2,111,417		$	793,524,854		$	217,974,479

NET ASSET VALUE PER SHARE
Net asset value per share	$	68.90		$	58.30		$	60.95		$	25.92		$	38.38		$	43.06		$	42.23		$	26.36		$	66.05

Shares outstanding (unlimited amount authorized, $0.01 par value)		1,951,340			2,100,583			22,431,892			76,252,118			2,000,000			5,450,000			50,000			30,102,585			3,300,108

COST OF INVESTMENTS:
Unaffiliated issuers	$	135,675,810		$	130,590,064		$	1,395,024,847		$	1,960,273,669		$	86,596,539		$	236,651,612		$	2,271,191		$	907,364,662		$	215,575,727
Affiliated issuers		13,074,329			4,678,764			128,150,834			244,752,332			13,227,994			6,820,057			612,096			108,521,810			11,648,422

Total cost of investments	$	148,750,139		$	135,268,828		$	1,523,175,681		$	2,205,026,001		$	99,824,533		$	243,471,669		$	2,883,287		$	1,015,886,472		$	227,224,149

Foreign currency, at cost	$	—		$	12,233		$	—		$	—		$	—		$	—		$	—		$	—		$	—

* Includes investments in securities on loan, at value	$	12,312,209		$	4,429,337		$	127,909,537		$	182,145,207		$	4,204,030		$	6,046,178		$	589,917		$	104,004,590		$	11,187,894

See accompanying notes to financial statements.

140

SPDR SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES (continued)

December 31, 2010 (Unaudited)


													SPDR S&P			SPDR S&P
										SPDR S&P			Oil & Gas			Oil & Gas
	SPDR S&P			SPDR S&P			SPDR S&P			Metals &			Equipment &			Exploration &			SPDR S&P			SPDR S&P			SPDR S&P			SPDR Wells Fargo
	Dividend ETF			Biotech ETF			Homebuilders ETF			Mining ETF			Services ETF			Production ETF			Pharmaceuticals ETF			Retail ETF			Semiconductor ETF			Preferred Stock ETF

ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	5,025,202,359		$	491,778,893		$	869,915,180		$	1,191,642,691		$	451,003,801		$	734,798,624		$	209,418,238		$	973,632,317		$	108,799,222		$	102,536,892
Investments in securities of affiliated issuers, at value (Note 3)		485,557,850			77,799,381			106,524,438			102,023,056			21,051,465			43,437,836			11,401,032			69,355,160			6,997,328			13,019,953

Total Investments		5,510,760,209			569,578,274			976,439,618			1,293,665,747			472,055,266			778,236,460			220,819,270			1,042,987,477			115,796,550			115,556,845
Receivable for investments sold		—			—			—			—			—			—			—			—			—			1,134,742
Receivable for fund shares sold in-kind		1,272			141			8,197			—			161			—			—			—			—			—
Dividends receivable — unaffiliated issuers		10,968,053			—			513,038			921,030			43,642			293,675			105,273			495,330			23,764			218,031
Dividends receivable — affiliated issuers		71,934			23,416			18,477			17,341			5,989			7,469			3,296			63,004			4,026			6,852
Due from Adviser		—			—			—			—			—			—			—			11,147			—			—

TOTAL ASSETS		5,521,801,468			569,601,831			976,979,330			1,294,604,118			472,105,058			778,537,604			220,927,839			1,043,556,958			115,824,340			116,916,470

LIABILITIES
Payable upon return of securities loaned		473,296,663			77,544,250			106,342,200			100,826,120			19,256,971			41,854,886			11,344,263			66,607,568			6,612,265			12,506,166
Payable for investments purchased		9,954,119			—			—			—			1,497,197			1,219,403			—			—			—			1,601,047
Payable for fund shares repurchased in-kind		—			—			—			7,151			—			3,080			—			1,490			—			—
Accrued advisory fee (Note 3)		1,433,116			152,712			257,948			359,154			125,983			236,225			62,756			261,681			31,023			38,508
Accrued trustees’ fees and expenses (Note 3)		4,836			1,605			3,001			3,617			1,282			2,789			350			3,302			693			161

TOTAL LIABILITIES		484,688,734			77,698,567			106,603,149			101,196,042			20,881,433			43,316,383			11,407,369			66,874,041			6,643,981			14,145,882

NET ASSETS	$	5,037,112,734		$	491,903,264		$	870,376,181		$	1,193,408,076		$	451,223,625		$	735,221,221		$	209,520,470		$	976,682,917		$	109,180,359		$	102,770,588

NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	4,728,806,272		$	623,931,149		$	1,056,089,419		$	1,413,024,571		$	459,755,070		$	873,684,373		$	184,367,549		$	1,030,137,042		$	134,615,682		$	100,497,732
Undistributed (distribution in excess of) net investment income		(11,338,135	)		(789,616	)		(872,934	)		(33,396	)		(202,568	)		(238,131	)		(4,296	)		(1,549,799	)		9,425			(421,243	)
Accumulated net realized gain (loss) on investments		(137,344,538	)		(149,724,393	)		(167,952,675	)		(305,120,451	)		(78,563,782	)		(154,047,296	)		4,954,566			(40,558,989	)		(22,544,961	)		(347,014	)
Net unrealized appreciation (depreciation) on:
Investments		456,989,135			18,486,124			(16,887,629	)		85,537,352			70,234,905			15,822,275			20,202,651			(11,345,337	)		(2,899,787	)		3,041,113

NET ASSETS	$	5,037,112,734		$	491,903,264		$	870,376,181		$	1,193,408,076		$	451,223,625		$	735,221,221		$	209,520,470		$	976,682,917		$	109,180,359		$	102,770,588

NET ASSET VALUE PER SHARE
Net asset value per share	$	51.93		$	63.06		$	17.39		$	68.78		$	36.68		$	52.70		$	46.05		$	48.35		$	54.59		$	44.68

Shares outstanding (unlimited amount authorized, $0.01 par value)		97,003,658			7,800,000			50,050,016			17,350,230			12,300,000			13,950,000			4,550,135			20,200,113			2,000,000			2,300,000

COST OF INVESTMENTS:
Unaffiliated issuers	$	4,568,213,224		$	473,292,769		$	886,802,809		$	1,106,105,339		$	380,768,896		$	718,976,349		$	189,215,587		$	984,977,654		$	111,699,009		$	99,495,779
Affiliated issuers		485,557,850			77,799,381			106,524,438			102,023,056			21,051,465			43,437,836			11,401,032			69,355,160			6,997,328			13,019,953

Total cost of investments	$	5,053,771,074		$	551,092,150		$	993,327,247		$	1,208,128,395		$	401,820,361		$	762,414,185		$	200,616,619		$	1,054,332,814		$	118,696,337		$	112,515,732

* Includes investments in securities on loan, at value	$	460,353,143		$	74,686,626		$	103,421,640		$	105,850,550		$	18,887,157		$	45,797,734		$	10,914,975		$	64,778,142		$	6,451,063		$	12,266,881

See accompanying notes to financial statements.

142

SPDR SERIES TRUST
STATEMENTS OF OPERATIONS

For the Six Months Ended December 31, 2010 (Unaudited)


															SPDR		SPDR		SPDR			SPDR
	SPDR Dow			SPDR Dow			SPDR			SPDR			SPDR Dow		S&P 400		S&P 400		S&P 600			S&P 600
	Jones Total			Jones Large			S&P 500			S&P 500			Jones Mid		Mid Cap		Mid Cap		Small			Small Cap
	Market ETF			Cap ETF			Growth ETF			Value ETF			Cap ETF		Growth ETF		Value ETF		Cap ETF			Growth ETF

INVESTMENT INCOME
Dividend income on securities of unaffiliated issuers (Note 2)	$	1,860,764		$	402,586		$	994,394		$	2,157,955		$	436,893	$	234,166	$	443,339	$	459,643		$	568,715
Dividend income on securities of affiliated issuers (Note 3)		820			122			693			598			159		183		112		194			588
Affiliated securities lending — net (Note 3 and Note 8)		18,817			6,883			11,877			6,599			20,930		16,234		11,545		32,796			81,027
Foreign taxes withheld		(98	)		(45	)		—			(296	)		—		—		—		(15	)		—

TOTAL INVESTMENT INCOME		1,880,303			409,546			1,006,964			2,164,856			457,982		250,583		454,996		492,618			650,330

EXPENSES
Advisory fee (Note 3)		182,744			37,897			179,229			145,489			66,010		83,675		40,060		67,946			179,005
Trustees’ fees and expenses (Note 3)		2,872			597			3,006			2,000			903		1,001		443		883			2,185
Proxy expenses		25,461			5,617			26,266			18,991			7,622		18,415		4,262		9,965			23,175
Miscellaneous expenses		2,182			2,080			2,010			2,181			2,498		1,473		2,464		3,123			2,225

TOTAL EXPENSES		213,259			46,191			210,511			168,661			77,033		104,564		47,229		81,917			206,590

NET INVESTMENT INCOME (LOSS)		1,667,044			363,355			796,453			1,996,195			380,949		146,019		407,767		410,701			443,740

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		861,307			616,441			(3,399,709	)		9,050,325			2,621,814		17,333,642		3,519,926		11,373,981			22,383,532
Investments in securities of affiliated issuers		(618	)		144			—			(162,480	)		—		—		—		—			—
Net change in unrealized appreciation (depreciation) on:
Investments		36,021,607			6,940,013			43,932,211			18,321,802			9,807,449		413,948		2,190,623		1,680,241			15,728,565

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		36,882,296			7,556,598			40,532,502			27,209,647			12,429,263		17,747,590		5,710,549		13,054,222			38,112,097

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	38,549,340		$	7,919,953		$	41,328,955		$	29,205,842		$	12,810,212	$	17,893,609	$	6,118,316	$	13,464,923		$	38,555,837

See accompanying notes to financial statements.

144

SPDR SERIES TRUST
STATEMENTS OF OPERATIONS (continued)

For the Six Months Ended December 31, 2010 (Unaudited)


	SPDR S&P 600			SPDR DJ			SPDR Dow						SPDR KBW						SPDR KBW		SPDR KBW			SPDR Morgan
	Small Cap			Global			Jones			SPDR KBW			Capital			SPDR KBW			Mortgage		Regional			Stanley
	Value ETF			Titans ETF			REIT ETF			Bank ETF			Markets ETF			Insurance ETF			Finance ETF		Banking ETF			Technology ETF

INVESTMENT INCOME
Dividend income on securities of unaffiliated issuers (Note 2)	$	1,716,350		$	1,177,609		$	24,376,637		$	4,305,018		$	1,107,016		$	2,213,679		$	21,843	$	5,676,719		$	749,817
Dividend income on securities of affiliated issuers (Note 3)		283			153			1,895			17,193			2,294			268			6		935			436
Affiliated securities lending — net (Note 3 and Note 8)		55,231			11,140			131,700			67,983			4,713			8,838			982		198,306			17,797
Foreign taxes withheld		(75	)		(39,795	)		—			—			—			—			—		—			(4,248	)

TOTAL INVESTMENT INCOME		1,771,789			1,149,107			24,510,232			4,390,194			1,114,023			2,222,785			22,831		5,875,960			763,802

EXPENSES
Advisory fee (Note 3)		166,548			240,169			1,613,417			1,718,866			98,029			307,105			4,043		1,077,307			496,637
Trustees’ fees and expenses (Note 3)		2,417			1,438			21,177			13,639			1,019			2,860			55		11,435			3,222
Proxy expenses		21,806			22,727			115,205			129,618			17,428			23,924			234		54,211			45,786
Miscellaneous expenses		3,019			—			—			—			—			—			—		—			—

TOTAL EXPENSES		193,790			264,334			1,749,799			1,862,123			116,476			333,889			4,332		1,142,953			545,645

NET INVESTMENT INCOME (LOSS)		1,577,999			884,773			22,760,433			2,528,071			997,547			1,888,896			18,499		4,733,007			218,157

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		5,795,545			(186,503	)		(3,692,734	)		(22,131,319	)		(3,445,652	)		(225,485	)		133,088		(36,070,572	)		4,897,902
Investments in securities of affiliated issuers		—			—			—			964,083			(509,636	)		—			—		—			—
Foreign currency transactions		—			12,667			—			—			—			—			—		—			—
Net change in unrealized appreciation (depreciation) on:
Investments		21,131,111			17,392,919			221,783,449			176,115,466			14,832,425			33,790,636			171,434		109,260,276			44,272,798
Foreign currency transactions		—			4,314			—			—			—			—			—		—			—

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS		26,926,656			17,223,397			218,090,715			154,948,230			10,877,137			33,565,151			304,522		73,189,704			49,170,700

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	28,504,655		$	18,108,170		$	240,851,148		$	157,476,301		$	11,874,684		$	35,454,047		$	323,021	$	77,922,711		$	49,388,857

See accompanying notes to financial statements.

146

SPDR SERIES TRUST
STATEMENTS OF OPERATIONS (continued)

For the Six Months Ended December 31, 2010 (Unaudited)


											SPDR S&P			SPDR S&P
									SPDR S&P		Oil & Gas			Oil & Gas								SPDR Wells
	SPDR S&P			SPDR S&P			SPDR S&P		Metals &		Equipment &			Exploration &		SPDR S&P		SPDR S&P		SPDR S&P		Fargo Preferred
	Dividend ETF			Biotech ETF			Homebuilders ETF		Mining ETF		Services ETF			Production ETF		Pharmaceuticals ETF		Retail ETF		Semiconductor ETF		Stock ETF

INVESTMENT INCOME
Dividend income on securities of unaffiliated issuers (Note 2)	$	68,603,191		$	285		$	14,423,138	$	5,063,885	$	3,301,321		$	1,988,176	$	1,029,337	$	4,829,984	$	523,901	$	2,882,806
Dividend income on securities of affiliated issuers (Note 3)		11,528			522			1,787		2,244		447			789		389		1,217		157		416
Affiliated securities lending — net (Note 3 and Note 8)		402,873			139,259			127,360		90,099		65,899			42,006		53,387		295,162		14,959		32,848
Foreign taxes withheld		—			—			—		—		(1,185	)		—		—		—		—		(1,863	)

TOTAL INVESTMENT INCOME		69,017,592			140,066			14,552,285		5,156,228		3,366,482			2,030,971		1,083,113		5,126,363		539,017		2,914,207

EXPENSES
Advisory fee (Note 3)		6,124,570			859,070			1,309,466		1,564,608		548,189			957,182		341,518		1,049,296		154,301		185,525
Trustees’ fees and expenses (Note 3)		38,839			8,140			11,878		12,519		4,313			8,747		2,734		9,286		1,528		1,247
Proxy expenses		226,620			61,895			132,641		123,224		68,160			54,848		12,024		54,726		18,570		5,148
Miscellaneous expenses		—			577			71		—		—			—		61		732		—		—

TOTAL EXPENSES		6,390,029			929,682			1,454,056		1,700,351		620,662			1,020,777		356,337		1,114,040		174,399		191,920

NET INVESTMENT INCOME (LOSS)		62,627,563			(789,616	)		13,098,229		3,455,877		2,745,820			1,010,194		726,776		4,012,323		364,618		2,722,287

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		(16,833,286	)		18,625,818			14,144,487		93,374,982		7,747,967			51,106,332		16,829,265		115,250,832		8,673,715		487,597
Net change in unrealized appreciation (depreciation) on:
Investments		432,381,315			76,853,971			119,333,578		284,624,292		109,480,733			120,594,740		15,161,048		70,091,088		12,692,575		3,508,207

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		415,548,029			95,479,789			133,478,065		377,999,274		117,228,700			171,701,072		31,990,313		185,341,920		21,366,290		3,995,804

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	478,175,592		$	94,690,173		$	146,576,294	$	381,455,151	$	119,974,520		$	172,711,266	$	32,717,089	$	189,354,243	$	21,730,908	$	6,718,091

See accompanying notes to financial statements.

148

SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS


	SPDR Dow Jones Total Market ETF						SPDR Dow Jones Large Cap ETF						SPDR S&P 500 Growth ETF						SPDR S&P 500 Value ETF						SPDR Dow Jones Mid Cap ETF
	Six Months						Six Months						Six Months						Six Months						Six Months
	Ended 12/31/10			Year Ended			Ended 12/31/10			Year Ended			Ended 12/31/10			Year Ended			Ended 12/31/10			Year Ended			Ended 12/31/10			Year Ended
	(Unaudited)			6/30/10			(Unaudited)			6/30/10			(Unaudited)			6/30/10			(Unaudited)			6/30/10			(Unaudited)			6/30/10

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	1,667,044		$	3,141,342		$	363,355		$	807,720		$	796,453		$	1,513,200		$	1,996,195		$	2,832,097		$	380,949		$	652,306
Net realized gain (loss) on investments		860,689			9,339,695			616,585			3,399,167			(3,399,709	)		(4,604,242	)		8,887,845			2,086,094			2,621,814			7,079,071
Net change in unrealized appreciation (depreciation) on investments		36,021,607			13,207,884			6,940,013			2,484,095			43,932,211			27,447,481			18,321,802			9,522,554			9,807,449			673,039

Net increase (decrease) in net assets resulting from operations		38,549,340			25,688,921			7,919,953			6,690,982			41,328,955			24,356,439			29,205,842			14,440,745			12,810,212			8,404,416

Net equalization credits and charges		(5,751	)		(66,559	)		866			(21,114	)		(10,091	)		(10,438	)		285,703			(64,900	)		(2,495	)		34,700

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(1,662,292	)		(2,847,842	)		(372,900	)		(686,927	)		(736,966	)		(1,419,716	)		(2,321,439	)		(2,530,451	)		(378,587	)		(583,347	)
Return of capital		—			—			—			—			—			(106,645	)		—			—			—			—

Total distributions to shareholders		(1,662,292	)		(2,847,842	)		(372,900	)		(686,927	)		(736,966	)		(1,526,361	)		(2,321,439	)		(2,530,451	)		(378,587	)		(583,347	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		16,525,970			4,008,327			2,558,970			—			—			9,200,532			53,271,238			5,574,789			2,886,048			26,740,042
Proceeds from reinvestment of distributions		—			1,069			—			—			—			382			—			6,519			—			—
Cost of shares redeemed		(7,864,823	)		(27,706,657	)		(2,535,885	)		(10,703,450	)		(17,454,188	)		(19,564,006	)		(11,969,729	)		(16,726,716	)		(9,777,365	)		(12,236,499	)
Net income equalization (Note 2)		5,751			66,559			(866	)		21,114			10,091			10,438			(285,703	)		64,900			2,495			(34,700	)

Net increase (decrease) in net assets from beneficial interest transactions		8,666,898			(23,630,702	)		22,219			(10,682,336	)		(17,444,097	)		(10,352,654	)		41,015,806			(11,080,508	)		(6,888,822	)		14,468,843

Net increase (decrease) in net assets during the period		45,548,195			(856,182	)		7,570,138			(4,699,395	)		23,137,801			12,466,986			68,185,912			764,886			5,540,308			22,324,612
Net assets at beginning of period		157,381,829			158,238,011			33,719,590			38,418,985			167,283,921			154,816,935			99,985,432			99,220,546			53,584,898			31,260,286

NET ASSETS END OF PERIOD (1)	$	202,930,024		$	157,381,829		$	41,289,728		$	33,719,590		$	190,421,722		$	167,283,921		$	168,171,344		$	99,985,432		$	59,125,206		$	53,584,898

SHARES OF BENEFICIAL INTEREST:
Shares sold		200,000			50,000			50,000			—			—			200,000			950,000			100,000			50,000			550,000
Shares issued to shareholders from reinvestment of distributions		—			14			—			—			—			9			—			127			—			—
Shares redeemed		(100,000	)		(350,000	)		(50,000	)		(200,000	)		(350,000	)		(400,000	)		(200,000	)		(300,000	)		(200,000	)		(250,000	)

Net increase (decrease)		100,000			(299,986	)		—			(200,000	)		(350,000	)		(199,991	)		750,000			(199,873	)		(150,000	)		300,000

(1) Including undistributed (distribution in excess of) net investment income	$	4,752		$	—		$	(246	)	$	9,299		$	59,487		$	—		$	(325,244	)	$	—		$	2,362		$	—

See accompanying notes to financial statements.

150

SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS (continued)


	SPDR S&P 400 Mid Cap Growth ETF						SPDR S&P 400 Mid Cap Value ETF						SPDR S&P 600 Small Cap ETF						SPDR S&P 600 Small Cap Growth ETF						SPDR S&P 600 Small Cap Value ETF
	Six Months						Six Months						Six Months						Six Months						Six Months
	Ended 12/31/10			Year Ended			Ended 12/31/10			Year Ended			Ended 12/31/10			Year Ended			Ended 12/31/10			Year Ended			Ended 12/31/10			Year Ended
	(Unaudited)			6/30/10			(Unaudited)			6/30/10			(Unaudited)			6/30/10			(Unaudited)			6/30/10			(Unaudited)			6/30/10

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	146,019		$	360,490		$	407,767		$	452,818		$	410,701		$	485,868		$	443,740		$	396,948		$	1,577,999		$	2,481,503
Net realized gain (loss) on investments		17,333,642			11,349,157			3,519,926			2,173,270			11,373,981			2,732,059			22,383,532			15,592,086			5,795,545			5,826,593
Net change in unrealized appreciation (depreciation) on investments		413,948			1,974,258			2,190,623			492,172			1,680,241			1,842,679			15,728,565			7,037,084			21,131,111			7,387,783

Net increase (decrease) in net assets resulting from operations		17,893,609			13,683,905			6,118,316			3,118,260			13,464,923			5,060,606			38,555,837			23,026,118			28,504,655			15,695,879

Net equalization credits and charges		(5,551	)		6,295			(11,010	)		31,075			(14,212	)		9,571			(7,779	)		(2,933	)		(128,569	)		112,152

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(130,218	)		(336,733	)		(409,170	)		(343,535	)		(411,310	)		(417,233	)		(334,570	)		(274,192	)		(1,581,959	)		(2,166,551	)
Net realized gains		—			—			—			—			(40,489	)		—			—			—			—			—
Return of capital		—			—			—			(90,297	)		—			—			—			—			—			—

Total distributions to shareholders		(130,218	)		(336,733	)		(409,170	)		(433,832	)		(451,799	)		(417,233	)		(334,570	)		(274,192	)		(1,581,959	)		(2,166,551	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		74,110,804			28,312,177			14,116,869			11,148,493			68,852,125			27,020,195			183,345,523			45,544,872			—			70,829,870
Proceeds from reinvestment of distributions		—			—			—			—			—			636			—			—			—			519
Cost of shares redeemed		(80,819,234	)		(24,675,907	)		(12,936,659	)		(2,492,106	)		(67,531,880	)		(2,745,243	)		(170,954,607	)		(38,427,904	)		(35,034,570	)		(11,681,156	)
Net income equalization (Note 2)		5,551			(6,295	)		11,010			(31,075	)		14,212			(9,571	)		7,779			2,933			128,569			(112,152	)

Net increase (decrease) in net assets from beneficial interest transactions		(6,702,879	)		3,629,975			1,191,220			8,625,312			1,334,457			24,266,017			12,398,695			7,119,901			(34,906,001	)		59,037,081

Net increase (decrease) in net assets during the period		11,054,961			16,983,442			6,889,356			11,340,815			14,333,369			28,918,961			50,612,183			29,868,894			(8,111,874	)		72,678,561
Net assets at beginning of period		59,922,701			42,939,259			20,164,304			8,823,489			51,570,387			22,651,426			123,946,160			94,077,266			142,563,895			69,885,334

NET ASSETS END OF PERIOD (1)	$	70,977,662		$	59,922,701		$	27,053,660		$	20,164,304		$	65,903,756		$	51,570,387		$	174,558,343		$	123,946,160		$	134,452,021		$	142,563,895

SHARES OF BENEFICIAL INTEREST:
Shares sold		1,000,000			500,000			300,000			250,000			1,050,000			500,000			1,700,000			550,000			—			1,150,000
Shares issued to shareholders from reinvestment of distributions		—			—			—			—			—			14			—			—			—			11
Shares redeemed		(1,100,000	)		(400,000	)		(250,000	)		(50,000	)		(1,050,000	)		(50,000	)		(1,600,000	)		(450,000	)		(600,000	)		(200,000	)

Net increase (decrease)		(100,000	)		100,000			50,000			200,000			—			450,014			100,000			100,000			(600,000	)		950,011

(1) Including undistributed (distribution in excess of) net investment income	$	15,801		$	—		$	(1,403	)	$	—		$	(609	)	$	—		$	109,170		$	—		$	(3,960	)	$	—

See accompanying notes to financial statements.

152

SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS (continued)


	SPDR DJ Global Titans ETF						SPDR Dow Jones REIT ETF						SPDR KBW Bank ETF						SPDR KBW Capital Markets ETF						SPDR KBW Insurance ETF
	Six Months						Six Months						Six Months						Six Months						Six Months
	Ended 12/31/10			Year Ended			Ended 12/31/10			Year Ended			Ended 12/31/10			Year Ended			Ended 12/31/10			Year Ended			Ended 12/31/10			Year Ended
	(Unaudited)			6/30/10			(Unaudited)			6/30/10			(Unaudited)			6/30/10			(Unaudited)			6/30/10			(Unaudited)			6/30/10

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	884,773		$	2,211,817		$	22,760,433		$	32,892,533		$	2,528,071		$	6,790,283		$	997,547		$	516,199		$	1,888,896		$	2,797,067
Net realized gain (loss) on investments and foreign currency transactions		(173,836	)		(1,043,876	)		(3,692,734	)		16,930,091			(21,167,236	)		(106,254,886	)		(3,955,288	)		(1,899,923	)		(225,485	)		52,555,508
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		17,397,233			1,095,842			221,783,449			399,282,859			176,115,466			291,659,717			14,832,425			(3,207,807	)		33,790,636			(16,314,785	)

Net increase (decrease) in net assets resulting from operations		18,108,170			2,263,783			240,851,148			449,105,483			157,476,301			192,195,114			11,874,684			(4,591,531	)		35,454,047			39,037,790

Net equalization credits and charges		67,200			17,869			36,412			164,495			659,068			(176,622	)		(133,980	)		(17,073	)		146,403			(101,298	)

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(917,427	)		(2,385,772	)		(22,513,696	)		(39,979,713	)		(3,465,103	)		(5,999,307	)		(880,865	)		(531,108	)		(2,288,633	)		(2,248,293	)
Return of capital		—			—			—			—			—			—			—			(38,636	)		—			—

Total distributions to shareholders		(917,427	)		(2,385,772	)		(22,513,696	)		(39,979,713	)		(3,465,103	)		(5,999,307	)		(880,865	)		(569,744	)		(2,288,633	)		(2,248,293	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		27,954,918			25,094,840			68,795,490			246,436,111			3,594,550,748			4,933,818,379			68,179,335			128,053,871			368,752,694			1,044,508,103
Proceeds from reinvestment of distributions		—			6,996			—			96,560			—			2,258			—			—			—			—
Cost of shares redeemed		(2,544,022	)		(16,031,681	)		(57,283,957	)		(427,091,247	)		(2,518,578,544	)		(5,195,025,826	)		(53,714,976	)		(151,773,519	)		(331,233,427	)		(1,056,530,039	)
Net income equalization (Note 2)		(67,200	)		(17,869	)		(36,412	)		(164,495	)		(659,068	)		176,622			133,980			17,073			(146,403	)		101,298

Net increase (decrease) in net assets from beneficial interest transactions		25,343,696			9,052,286			11,475,121			(180,723,071	)		1,075,313,136			(261,028,567	)		14,598,339			(23,702,575	)		37,372,864			(11,920,638	)

Net increase (decrease) in net assets during the period		42,601,639			8,948,166			229,848,985			228,567,194			1,229,983,402			(75,009,382	)		25,458,178			(28,880,923	)		70,684,681			24,767,561
Net assets at beginning of period		79,870,698			70,922,532			1,137,457,524			908,890,330			746,684,220			821,693,602			51,307,444			80,188,367			163,972,405			139,204,844

NET ASSETS END OF PERIOD (1)	$	122,472,337		$	79,870,698		$	1,367,306,509		$	1,137,457,524		$	1,976,667,622		$	746,684,220		$	76,765,622		$	51,307,444		$	234,657,086		$	163,972,405

SHARES OF BENEFICIAL INTEREST:
Shares sold		500,000			450,000			1,200,000			5,150,000			149,850,000			210,200,000			1,900,000			3,550,000			9,300,000			28,700,000
Shares issued to shareholders from reinvestment of distributions		—			141			—			2,402			—			111			—			—			—			—
Shares redeemed		(50,000	)		(300,000	)		(1,050,000	)		(9,600,000	)		(106,200,000	)		(223,050,000	)		(1,550,000	)		(4,300,000	)		(8,500,000	)		(29,300,000	)

Net increase (decrease)		450,000			150,141			150,000			(4,447,598	)		43,650,000			(12,849,889	)		350,000			(750,000	)		800,000			(600,000	)

(1) Including undistributed (distribution in excess of) net investment income	$	(46,608	)	$	(13,954	)	$	246,737		$	—		$	(730,170	)	$	206,862		$	116,682		$	—		$	(152,132	)	$	247,605

See accompanying notes to financial statements.

154

SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS (continued)


	SPDR KBW Mortgage Finance ETF						SPDR KBW Regional Banking ETF						SPDR Morgan Stanley Technology ETF						SPDR S&P Dividend ETF						SPDR S&P Biotech ETF
	Six Months						Six Months						Six Months						Six Months						Six Months
	Ended 12/31/10			Year Ended			Ended 12/31/10			Year Ended			Ended 12/31/10			Year Ended			Ended 12/31/10			Year Ended			Ended 12/31/10			Year Ended
	(Unaudited)			6/30/10			(Unaudited)			6/30/10			(Unaudited)			6/30/10			(Unaudited)			6/30/10			(Unaudited)			6/30/10

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	18,499		$	96,202		$	4,733,007		$	10,429,493		$	218,157		$	975,398		$	62,627,563		$	48,564,329		$	(789,616	)	$	(1,043,811	)
Net realized gain (loss) on investments		133,088			128,231			(36,070,572	)		(32,547,660	)		4,897,902			32,535,189			(16,833,286	)		70,218,700			18,625,818			8,834,766
Net change in unrealized appreciation (depreciation) on investments		171,434			331,479			109,260,276			81,837,694			44,272,798			(65,026	)		432,381,315			12,185,411			76,853,971			(9,261,596	)

Net increase (decrease) in net assets resulting from operations		323,021			555,912			77,922,711			59,719,527			49,388,857			33,445,561			478,175,592			130,968,440			94,690,173			(1,470,641	)

Net equalization credits and charges		(1,069	)		(7,981	)		(269,084	)		309,976			853			(129,676	)		8,977,340			4,253,808			89,120			28,927

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(25,411	)		(83,151	)		(4,682,975	)		(9,108,701	)		(310,543	)		(863,654	)		(73,965,698	)		(46,913,443	)		—			(12,144	)
Net realized gains		(12,065	)		(20,025	)		—			—			—			—			—			—			—			—
Return of capital		—			—			—			—			—			—			—			(3,991,089	)		—			—

Total distributions to shareholders		(37,476	)		(103,176	)		(4,682,975	)		(9,108,701	)		(310,543	)		(863,654	)		(73,965,698	)		(50,904,532	)		—			(12,144	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		—			—			1,855,299,033			3,995,293,408			6,313,461			116,322,534			2,885,241,673			1,363,995,079			187,014,344			572,577,812
Proceeds from reinvestment of distributions		—			—			—			18,590			—			—			—			91,126			—			—
Cost of shares redeemed		(2,089,624	)		(1,964,417	)		(1,838,227,070	)		(3,777,647,073	)		(19,605,211	)		(164,534,759	)		(202,050,199	)		(153,093,912	)		(240,661,616	)		(548,742,608	)
Net income equalization (Note 2)		1,069			7,981			269,084			(309,976	)		(853	)		129,676			(8,977,340	)		(4,253,808	)		(89,120	)		(28,927	)

Net increase (decrease) in net assets from beneficial interest transactions		(2,088,555	)		(1,956,436	)		17,341,047			217,354,949			(13,292,603	)		(48,082,549	)		2,674,214,134			1,206,738,485			(53,736,392	)		23,806,277

Net increase (decrease) in net assets during the period		(1,804,079	)		(1,511,681	)		90,311,699			268,275,751			35,786,564			(15,630,318	)		3,087,401,368			1,291,056,201			41,042,901			22,352,419
Net assets at beginning of period		3,915,496			5,427,177			703,213,155			434,937,404			182,187,915			197,818,233			1,949,711,366			658,655,165			450,860,363			428,507,944

NET ASSETS END OF PERIOD (1)	$	2,111,417		$	3,915,496		$	793,524,854		$	703,213,155		$	217,974,479		$	182,187,915		$	5,037,112,734		$	1,949,711,366		$	491,903,264		$	450,860,363

SHARES OF BENEFICIAL INTEREST:
Shares sold		—			—			79,050,000			172,500,000			100,000			1,950,000			57,750,000			29,050,000			3,250,000			10,200,000
Shares issued to shareholders from reinvestment of distributions		—			—			—			930			—			—			—			2,202			—			—
Shares redeemed		(50,000	)		(50,000	)		(79,450,000	)		(165,750,000	)		(350,000	)		(2,800,000	)		(3,950,000	)		(3,200,000	)		(4,150,000	)		(9,950,000	)

Net increase (decrease)		(50,000	)		(50,000	)		(400,000	)		6,750,930			(250,000	)		(850,000	)		53,800,000			25,852,202			(900,000	)		250,000

(1) Including undistributed (distribution in excess of) net investment income	$	1,343		$	8,255		$	71,262		$	21,230		$	(1,922	)	$	90,464		$	(11,338,135	)	$	—		$	(789,616	)	$	—

See accompanying notes to financial statements.

156

SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS (continued)


													SPDR S&P Oil & Gas						SPDR S&P Oil & Gas
	SPDR S&P Homebuilders ETF						SPDR S&P Metals & Mining ETF						Equipment & Services ETF						Exploration & Production ETF						SPDR S&P Pharmaceuticals ETF
	Six Months						Six Months						Six Months						Six Months						Six Months
	Ended 12/31/10			Year Ended			Ended 12/31/10			Year Ended			Ended 12/31/10			Year Ended			Ended 12/31/10			Year Ended			Ended 12/31/10			Year Ended
	(Unaudited)			6/30/10			(Unaudited)			6/30/10			(Unaudited)			6/30/10			(Unaudited)			6/30/10			(Unaudited)			6/30/10

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	13,098,229		$	6,760,440		$	3,455,877		$	6,339,337		$	2,745,820		$	1,631,792		$	1,010,194		$	2,674,442		$	726,776		$	749,837
Net realized gain (loss) on investments		14,144,487			216,882,786			93,374,982			287,144,069			7,747,967			16,974,294			51,106,332			37,122,672			16,829,265			6,454,294
Net change in unrealized appreciation (depreciation) on investments		119,333,578			(111,645,587	)		284,624,292			(172,547,613	)		109,480,733			572,380			120,594,740			(25,811,473	)		15,161,048			2,489,870

Net increase (decrease) in net assets resulting from operations		146,576,294			111,997,639			381,455,151			120,935,793			119,974,520			19,178,466			172,711,266			13,985,641			32,717,089			9,694,001

Net equalization credits and charges		872,263			(345,244	)		84,553			(348,528	)		200,026			(50,769	)		237,683			(438,986	)		5,535			82,478

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(14,332,299	)		(5,921,047	)		(4,457,421	)		(5,513,546	)		(2,968,231	)		(1,588,747	)		(1,669,064	)		(2,159,213	)		(731,072	)		(713,293	)
Net realized gains		—			—			—			—			—			—			—			—			(917,357	)		—

Total distributions to shareholders		(14,332,299	)		(5,921,047	)		(4,457,421	)		(5,513,546	)		(2,968,231	)		(1,588,747	)		(1,669,064	)		(2,159,213	)		(1,648,429	)		(713,293	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		1,100,911,140			3,067,445,168			1,869,349,791			3,862,984,101			137,562,615			190,113,399			3,611,360,971			4,564,766,885			71,223,199			111,416,544
Proceeds from reinvestment of distributions		—			221			—			5,409			—			—			—			—			—			35
Cost of shares redeemed		(1,063,568,694	)		(3,028,842,790	)		(1,751,751,624	)		(3,882,022,370	)		(52,490,114	)		(157,659,209	)		(3,583,686,307	)		(4,320,371,018	)		(35,835,086	)		(17,832,231	)
Net income equalization (Note 2)		(872,263	)		345,244			(84,553	)		348,528			(200,026	)		50,769			(237,683	)		438,986			(5,535	)		(82,478	)

Net increase (decrease) in net assets from beneficial interest transactions		36,470,183			38,947,843			117,513,614			(18,684,332	)		84,872,475			32,504,959			27,436,981			244,834,853			35,382,578			93,501,870

Net increase (decrease) in net assets during the period		169,586,441			144,679,191			494,595,897			96,389,387			202,078,790			50,043,909			198,716,866			256,222,295			66,456,773			102,565,056
Net assets at beginning of period		700,789,740			556,110,549			698,812,179			602,422,792			249,144,835			199,100,926			536,504,355			280,282,060			143,063,697			40,498,641

NET ASSETS END OF PERIOD (1)	$	870,376,181		$	700,789,740		$	1,193,408,076		$	698,812,179		$	451,223,625		$	249,144,835		$	735,221,221		$	536,504,355		$	209,520,470		$	143,063,697

SHARES OF BENEFICIAL INTEREST:
Shares sold		69,950,000			193,850,000			33,550,000			77,250,000			4,100,000			6,450,000			81,200,000			111,500,000			1,650,000			2,800,000
Shares issued to shareholders from reinvestment of distributions		—			16			—			133			—			—			—			—			—			1
Shares redeemed		(68,850,000	)		(192,150,000	)		(31,500,000	)		(78,200,000	)		(1,750,000	)		(5,650,000	)		(81,000,000	)		(106,600,000	)		(800,000	)		(450,000	)

Net increase (decrease)		1,100,000			1,700,016			2,050,000			(949,867	)		2,350,000			800,000			200,000			4,900,000			850,000			2,350,001

(1) Including undistributed (distribution in excess of) net investment income	$	(872,934	)	$	361,136		$	(33,396	)	$	968,148		$	(202,568	)	$	19,843		$	(238,131	)	$	420,739		$	(4,296	)	$	—

See accompanying notes to financial statements.

158

SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS (continued)


	SPDR S&P Retail ETF						SPDR S&P Semiconductor ETF						SPDR Wells Fargo Preferred Stock ETF
	Six Months						Six Months						Six Months			For the Period
	Ended 12/31/10			Year Ended			Ended 12/31/10			Year Ended			Ended 12/31/10			*9/16/09-**
	(Unaudited)			6/30/10			(Unaudited)			06/30/10			(Unaudited)			6/30/10

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	4,012,323		$	6,260,263		$	364,618		$	1,205,234		$	2,722,287		$	2,285,793
Net realized gain (loss) on investments		115,250,832			175,003,072			8,673,715			43,461,778			487,597			71,938
Net change in unrealized appreciation (depreciation) on investments		70,091,088			(71,115,463	)		12,692,575			(25,265,376	)		3,508,207			(467,094	)

Net increase (decrease) in net assets resulting from operations		189,354,243			110,147,872			21,730,908			19,401,636			6,718,091			1,890,637

Net equalization credits and charges		1,593,041			(2,674,867	)		(9,212	)		(53,708	)		349,267			598,090

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(6,011,007	)		(3,578,313	)		(394,935	)		(1,127,385	)		(3,369,665	)		(2,103,581	)

Total distributions to shareholders		(6,011,007	)		(3,578,313	)		(394,935	)		(1,127,385	)		(3,369,665	)		(2,103,581	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		9,008,425,950			18,322,495,681			142,251,869			200,625,597			40,689,409			82,648,878
Proceeds from reinvestment of distributions		—			1,737			—			—			—			—
Cost of shares redeemed		(8,904,842,821	)		(18,757,328,795	)		(159,069,669	)		(217,520,040	)		(6,607,120	)		(17,096,061	)
Net income equalization (Note 2)		(1,593,041	)		2,674,867			9,212			53,708			(349,267	)		(598,090	)

Net increase (decrease) in net assets from beneficial interest transactions		101,990,088			(432,156,510	)		(16,808,588	)		(16,840,735	)		33,733,022			64,954,727

Voluntary contribution from Adviser		—			11,147			—			—			—			—

Net increase (decrease) in net assets during the period		286,926,365			(328,250,671	)		4,518,173			1,379,808			37,430,715			65,339,873
Net assets at beginning of period		689,756,552			1,018,007,223			104,662,186			103,282,378			65,339,873			—

NET ASSETS END OF PERIOD (1)	$	976,682,917		$	689,756,552		$	109,180,359		$	104,662,186		$	102,770,588		$	65,339,873

SHARES OF BENEFICIAL INTEREST:
Shares sold		218,150,000			504,550,000			2,750,000			4,450,000			900,000			1,950,000
Shares issued to shareholders from reinvestment of distributions		—			58			—			—			—			—
Shares redeemed		(217,300,000	)		(521,950,000	)		(3,250,000	)		(5,000,000	)		(150,000	)		(400,000	)

Net increase (decrease)		850,000			(17,399,942	)		(500,000	)		(550,000	)		750,000			1,550,000

(1) Including undistributed (distribution in excess of) net investment income	$	(1,549,799	)	$	448,885		$	9,425		$	39,742		$	(421,243	)	$	226,135


*Commencement of operations

See accompanying notes to financial statements.

160

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period


	SPDR Dow Jones Total Market ETF																		SPDR Dow Jones Large Cap ETF
	Six Months Ended																		Six Months Ended															For the Period
	12/31/10			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			12/31/10			Year Ended			Year Ended			Year Ended			Year Ended			*11/8/05-**
	(Unaudited)			6/30/10			6/30/09			6/30/08			6/30/07			6/30/06			(Unaudited)			6/30/10			6/30/09			6/30/08			6/30/07			6/30/06

Net asset value, beginning of period	$	76.77		$	67.33		$	93.41		$	108.50		$	91.82		$	85.26		$	48.17		$	42.69		$	59.55		$	68.91		$	58.17		$	56.03

Income (loss) from investment operations:
Net investment income (loss)		0.79	(1)		1.41	(1)		1.66	(1)		1.74			1.61			1.50			0.52	(1)		0.93	(1)		1.09	(1)		1.18			1.11			0.94
Net realized and unrealized gain (loss) (2)		17.61			9.36			(26.18	)		(15.07	)		16.69			6.54			10.83			5.38			(17.02	)		(9.26	)		10.74			2.11

Total from investment operations		18.40			10.77			(24.52	)		(13.33	)		18.30			8.04			11.35			6.31			(15.93	)		(8.08	)		11.85			3.05

Net equalization credits and charges (1)		(0.00	)(3)		(0.03	)		0.09			0.03			—			—			0.00	(3)		(0.02	)		0.21			(0.00	)(3)		—			—

Distributions to shareholders from:
Net investment income		(0.79	)		(1.30	)		(1.65	)		(1.79	)		(1.62	)		(1.48	)		(0.53	)		(0.81	)		(1.14	)		(1.18	)		(1.11	)		(0.91	)
Net realized gains		—			—			—			—			—			—			—			—			—			(0.10	)		—			—

Total distributions		(0.79	)		(1.30	)		(1.65	)		(1.79	)		(1.62	)		(1.48	)		(0.53	)		(0.81	)		(1.14	)		(1.28	)		(1.11	)		(0.91	)

Net asset value, end of period	$	94.38		$	76.77		$	67.33		$	93.41		$	108.50		$	91.82		$	58.99		$	48.17		$	42.69		$	59.55		$	68.91		$	58.17

Total return (4)		24.03	%		15.87	%		(26.18	)%		(12.36	)%		20.06	%		9.47	%		23.61	%		14.67	%		(26.44	)%		(11.84	)%		20.50	%		5.47	%
Net assets, end of period (in 000’s)	$	202,930		$	157,382		$	158,238		$	126,113		$	130,218		$	96,416		$	41,290		$	33,720		$	38,419		$	8,933		$	10,337		$	5,817
Ratio of expenses to average net assets		0.22	%(5)		0.20	%		0.21	%		0.20	%		0.20	%		0.21	%		0.22	%(5)		0.20	%		0.23	%		0.20	%		0.20	%		0.21	%(5)
Ratio of net investment income (loss) to average net assets		1.82	%(5)		1.76	%		2.42	%		1.74	%		1.62	%		1.62	%		1.92	%(5)		1.84	%		2.63	%		1.80	%		1.69	%		1.68	%(5)
Portfolio turnover rate (6)		1	%		2	%		10	%		1	%		2	%		2	%		3	%		5	%		10	%		7	%		4	%		4	%


*		Commencement of operations
(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(2)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)		Amount is less than $0.005 per share.
(4)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(5)		Annualized.
(6)		Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions.

162

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period


	SPDR S&P 500 Growth ETF																		SPDR S&P 500 Value ETF
	Six Months																		Six Months
	Ended 12/31/10			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Ended 12/31/10			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			6/30/10			6/30/09			6/30/08			6/30/07			6/30/06			(Unaudited)			6/30/10			6/30/09			6/30/08			6/30/07			6/30/06(1)

Net asset value, beginning of period	$	45.21		$	39.70		$	54.02		$	57.36		$	49.05		$	46.27		$	54.02		$	48.38		$	69.18		$	87.77		$	73.15		$	67.72

Income (loss) from investment operations:
Net investment income (loss)		0.23	(2)		0.39	(2)		0.52	(2)		0.44			0.47			0.34			0.83	(2)		1.51	(2)		1.93	(2)		2.37			1.99			1.80
Net realized and unrealized gain (loss) (3)		11.62			5.52			(14.31	)		(3.33	)		8.32			2.78			10.56			5.54			(20.78	)		(18.59	)		14.61			5.44

Total from investment operations		11.85			5.91			(13.79	)		(2.89	)		8.79			3.12			11.39			7.05			(18.85	)		(16.22	)		16.60			7.24

Net equalization credits and charges (2)		(0.00	)(4)		—			(0.03	)		0.01			(0.01	)		—			0.12			(0.03	)		0.07			(0.09	)		0.02			—

Distributions to shareholders from:
Net investment income		(0.22	)		(0.37	)		(0.50	)		(0.46	)		(0.47	)		(0.34	)		(0.87	)		(1.38	)		(2.02	)		(2.28	)		(2.00	)		(1.81	)
Return of capital		—			(0.03	)		—			—			—			—			—			—			—			—			—			—

Total distributions		(0.22	)		(0.40	)		(0.50	)		(0.46	)		(0.47	)		(0.34	)		(0.87	)		(1.38	)		(2.02	)		(2.28	)		(2.00	)		(1.81	)

Net asset value, end of period	$	56.84		$	45.21		$	39.70		$	54.02		$	57.36		$	49.05		$	64.66		$	54.02		$	48.38		$	69.18		$	87.77		$	73.15

Total return (5)		26.25	%		14.83	%		(25.58	)%		(5.04	)%		17.96	%		6.75	%		21.38	%		14.39	%		(27.33	)%		(18.85	)%		22.90	%		10.80	%
Net assets, end of period (in 000’s)	$	190,422		$	167,284		$	154,817		$	289,015		$	223,708		$	137,353		$	168,171		$	99,985		$	99,221		$	93,428		$	149,247		$	102,432
Ratio of expenses to average net assets		0.22	%(6)		0.20	%		0.20	%		0.20	%		0.20	%		0.21	%		0.22	%(6)		0.20	%		0.21	%		0.20	%		0.20	%		0.21	%
Ratio of net investment income (loss) to average net assets		0.89	%(6)		0.83	%		1.27	%		0.81	%		0.92	%		0.74	%		2.74	%(6)		2.66	%		3.73	%		2.80	%		2.44	%		2.52	%
Portfolio turnover rate (7)		47	%		15	%		32	%		14	%		15	%		43	%		44	%		15	%		36	%		13	%		13	%		42	%


(1)		All share amounts representing data prior to September 21, 2005 have been adjusted for the effect of a 2 for 1 stock split which occurred on September 21, 2005.
(2)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(3)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(4)		Amount is less than $0.005 per share.
(5)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(6)		Annualized.
(7)		Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions.

164

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period


	SPDR Dow Jones Mid Cap ETF																		SPDR S&P 400 Mid Cap Growth ETF
	Six Months															For the Period			Six Months															For the Period
	Ended 12/31/10			Year Ended			Year Ended			Year Ended			Year Ended			*1/8/05-**			Ended 12/31/10			Year Ended			Year Ended			Year Ended			Year Ended			*11/8/05-**
	(Unaudited)			6/30/10			6/30/09			6/30/08			6/30/07			6/30/06			(Unaudited)			6/30/10			6/30/09			6/30/08			6/30/07			6/30/06

Net asset value, beginning of period	$	46.60		$	36.78		$	52.05		$	62.63		$	53.16		$	49.18		$	57.07		$	45.20		$	62.82		$	68.88		$	58.22		$	53.95

Income (loss) from investment operations:
Net investment income (loss)		0.38	(1)		0.69	(1)		0.74	(1)		0.65			0.78			0.41			0.14	(1)		0.30	(1)		0.33	(1)		0.28			0.51			0.11
Net realized and unrealized gain (loss) (2)		12.53			9.67			(15.32	)		(7.80	)		10.28			3.96			17.64			11.84			(17.64	)		(5.01	)		12.17			4.26

Total from investment operations		12.91			10.36			(14.58	)		(7.15	)		11.06			4.37			17.78			12.14			(17.31	)		(4.73	)		12.68			4.37

Net equalization credits and charges (1)		(0.00	)(3)		0.04			0.06			(0.01	)		—			—			(0.01	)		0.01			0.01			(0.00	)(3)		—			—

Distributions to shareholders from:
Net investment income		(0.38	)		(0.58	)		(0.75	)		(0.72	)		(0.80	)		(0.39	)		(0.13	)		(0.28	)		(0.32	)		(0.29	)		(0.52	)		(0.10	)
Net realized gains		—			—			—			(2.70	)		(0.79	)		—			—			—			—			(1.04	)		(1.50	)		—

Total distributions		(0.38	)		(0.58	)		(0.75	)		(3.42	)		(1.59	)		(0.39	)		(0.13	)		(0.28	)		(0.32	)		(1.33	)		(2.02	)		(0.10	)

Net asset value, end of period	$	59.13		$	46.60		$	36.78		$	52.05		$	62.63		$	53.16		$	74.71		$	57.07		$	45.20		$	62.82		$	68.88		$	58.22

Total return (4)		27.75	%		28.26	%		(27.89	)%		(11.53	)%		21.11	%		8.92	%		31.17	%		26.86	%		(27.51	)%		(6.85	)%		22.22	%		8.10	%
Net assets, end of period (in 000’s)	$	59,125		$	53,585		$	31,260		$	20,820		$	25,054		$	15,949		$	70,978		$	59,923		$	42,939		$	43,977		$	24,106		$	20,375
Ratio of expenses to average net assets		0.27	%(5)		0.26	%		0.30	%		0.25	%		0.25	%		0.26	%(5)		0.29	%(5)		0.26	%		0.28	%		0.25	%		0.25	%		0.26	%(5)
Ratio of net investment income (loss) to average net assets		1.44	%(5)		1.47	%		2.02	%		1.17	%		1.41	%		1.24	%(5)		0.44	%(5)		0.52	%		0.75	%		0.45	%		0.83	%		0.30	%(5)
Portfolio turnover rate (6)		12	%		31	%		58	%		45	%		40	%		25	%		82	%		45	%		74	%		59	%		55	%		34	%


*		Commencement of operations
(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(2)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)		Amount is less than $0.005 per share.
(4)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(5)		Annualized.
(6)		Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions.

166

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period


	SPDR S&P 400 Mid Cap Value ETF																		SPDR S&P 600 Small Cap ETF
	Six Months															For the Period			Six Months															For the Period
	Ended 12/31/10			Year Ended			Year Ended			Year Ended			Year Ended			*11/8/05-**			Ended 12/31/10			Year Ended			Year Ended			Year Ended			Year Ended			*11/8/05-**
	(Unaudited)			6/30/10			6/30/09			6/30/08			6/30/07			6/30/06			(Unaudited)			6/30/10			6/30/09			6/30/08			6/30/07			6/30/06

Net asset value, beginning of period	$	44.81		$	35.29		$	50.34		$	63.10		$	54.63		$	50.42		$	51.57		$	41.18		$	55.27		$	66.57		$	58.03		$	52.42

Income (loss) from investment operations:
Net investment income (loss)		0.64	(1)		1.17	(1)		1.30	(1)		1.28			1.28			0.73			0.43	(1)		0.67	(1)		0.86	(1)		0.69			0.89			0.46
Net realized and unrealized gain (loss) (2)		9.35			9.32			(14.89	)		(12.58	)		9.32			4.18			14.40			10.28			(14.20	)		(11.19	)		9.78			5.56

Total from investment operations		9.99			10.49			(13.59	)		(11.30	)		10.60			4.91			14.83			10.95			(13.34	)		(10.50	)		10.67			6.02

Net equalization credits and charges (1)		(0.02	)		0.08			(0.09	)		(0.10	)		(0.01	)		—			(0.02	)		0.01			0.06			0.04			—			—

Distributions to shareholders from:
Net investment income		(0.67	)		(0.85	)		(1.37	)		(1.36	)		(1.29	)		(0.70	)		(0.44	)		(0.57	)		(0.81	)		(0.84	)		(0.99	)		(0.41	)
Net realized gains		—			—			—			—			(0.83	)		—			(0.04	)		—			—			—			(1.14	)		—
Return of capital		—			(0.20	)		—			—			—			—			—			—			—			—			—			—

Total distributions		(0.67	)		(1.05	)		(1.37	)		(1.36	)		(2.12	)		(0.70	)		(0.48	)		(0.57	)		(0.81	)		(0.84	)		(2.13	)		(0.41	)

Net asset value, end of period	$	54.11		$	44.81		$	35.29		$	50.34		$	63.10		$	54.63		$	65.90		$	51.57		$	41.18		$	55.27		$	66.57		$	58.03

Total return (3)		22.32	%		29.92	%		(27.27	)%		(18.18	)%		19.68	%		9.76	%		28.77	%		26.57	%		(23.98	)%		(15.76	)%		18.70	%		11.49	%
Net assets, end of period (in 000’s)	$	27,054		$	20,164		$	8,823		$	10,068		$	18,929		$	8,194		$	65,904		$	51,570		$	22,651		$	13,817		$	9,985		$	26,113
Ratio of expenses to average net assets		0.28	%(4)		0.26	%		0.34	%		0.25	%		0.25	%		0.26	%(4)		0.28	%(4)		0.26	%		0.32	%		0.25	%		0.25	%		0.26	%(4)
Ratio of net investment income (loss) to average net assets		2.54	%(4)		2.56	%		3.52	%		2.18	%		2.10	%		2.20	%(4)		1.49	%(4)		1.27	%		2.16	%		1.34	%		1.18	%		1.35	%(4)
Portfolio turnover rate (5)		71	%		50	%		73	%		51	%		45	%		29	%		86	%		20	%		28	%		24	%		16	%		10	%


*		Commencement of operations
(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(2)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(4)		Annualized.
(5)		Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions.

168

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period


	SPDR S&P 600 Small Cap Growth ETF																		SPDR S&P 600 Small Cap Value ETF
	Six Months																		Six Months
	Ended 12/31/10			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Ended 12/31/10			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			6/30/10			6/30/09			6/30/08			6/30/07			6/30/06			(Unaudited)			6/30/10			6/30/09			6/30/08			6/30/07			6/30/06(1)

Net asset value, beginning of period	$	82.62		$	67.19		$	90.65		$	104.00		$	87.11		$	75.96		$	55.88		$	43.64		$	57.92		$	75.01		$	65.35		$	59.03

Income (loss) from investment operations:
Net investment income (loss)		0.29	(2)		0.26	(2)		0.56	(2)		0.42			0.20			0.23			0.73	(2)		1.30	(2)		1.52	(2)		1.25			1.62			1.40	(2)
Net realized and unrealized gain (loss) (3)		26.41			15.35			(23.51	)		(11.83	)		16.88			11.17			13.15			11.96			(14.33	)		(16.50	)		9.76			8.21

Total from investment operations		26.70			15.61			(22.95	)		(11.41	)		17.08			11.40			13.88			13.26			(12.81	)		(15.25	)		11.38			9.61

Net equalization credits and charges (2)		(0.01	)		—			0.04			(0.00	)(4)		—			—			(0.06	)		0.06			(0.02	)		0.01			0.02			—

Distributions to shareholders from:
Net investment income		(0.22	)		(0.18	)		(0.55	)		(0.45	)		(0.19	)		(0.25	)		(0.80	)		(1.08	)		(1.28	)		(1.56	)		(1.73	)		(1.30	)
Net realized gains		—			—			—			(1.49	)		—			—			—			—			(0.17	)		(0.29	)		(0.01	)		(1.99	)

Total distributions		(0.22	)		(0.18	)		(0.55	)		(1.94	)		(0.19	)		(0.25	)		(0.80	)		(1.08	)		(1.45	)		(1.85	)		(1.74	)		(3.29	)

Net asset value, end of period	$	109.09		$	82.62		$	67.19		$	90.65		$	104.00		$	87.11		$	68.90		$	55.88		$	43.64		$	57.92		$	75.01		$	65.35

Total return (5)		32.32	%		23.22	%		(25.21	)%		(11.01	)%		19.63	%		15.02	%		24.81	%		30.49	%		(22.20	)%		(20.46	)%		17.64	%		16.66	%
Net assets, end of period (in 000’s)	$	174,558		$	123,946		$	94,077		$	86,129		$	88,408		$	78,405		$	134,452		$	142,564		$	69,885		$	89,856		$	120,090		$	101,344
Ratio of expenses to average net assets		0.28	%(6)		0.25	%		0.26	%		0.25	%		0.25	%		0.26	%		0.28	%(6)		0.26	%		0.27	%		0.25	%		0.25	%		0.26	%
Ratio of net investment income (loss) to average net assets		0.62	%(6)		0.31	%		0.88	%		0.46	%		0.22	%		0.26	%		2.37	%(6)		2.29	%		3.32	%		2.12	%		2.27	%		2.21	%
Portfolio turnover rate (7)		100	%		34	%		42	%		38	%		25	%		84	%		83	%		35	%		38	%		28	%		23	%		97	%


(1)		All share amounts representing data prior to September 21, 2005 have been adjusted for the effect of a 3 for 1 stock split which occurred on September 21, 2005.
(2)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(3)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(4)		Amount is less than $0.005 per share.
(5)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(6)		Annualized.
(7)		Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions.

170

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period


	SPDR DJ Global Titans ETF																		SPDR Dow Jones REIT ETF
	Six Months																		Six Months
	Ended 12/31/10			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Ended 12/31/10			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			6/30/10			6/30/09			6/30/08			6/30/07			6/30/06			(Unaudited)			6/30/10			6/30/09			6/30/08			6/30/07			6/30/06(1)

Net asset value, beginning of period	$	48.39		$	47.27		$	66.79		$	79.11		$	66.98		$	62.88		$	51.05		$	34.00		$	65.40		$	80.93		$	75.98		$	65.56

Income (loss) from investment operations:
Net investment income (loss)		0.51	(2)		1.33	(2)		1.64	(2)		1.89			1.67			1.46			1.02	(2)		1.39	(2)		1.91	(2)		2.43			2.57			2.99
Net realized and unrealized gain (loss) (3)		9.85			1.21			(19.47	)		(12.28	)		12.11			4.08			9.89			17.37			(31.15	)		(14.86	)		6.27			10.88

Total from investment operations		10.36			2.54			(17.83	)		(10.39	)		13.78			5.54			10.91			18.76			(29.24	)		(12.43	)		8.84			13.87

Net equalization credits and charges (2)		0.04			0.01			(0.09	)		0.03			—			—			0.00	(4)		0.01			0.11			0.16			(0.02	)		—

Distributions to shareholders from:
Net investment income		(0.49	)		(1.43	)		(1.60	)		(1.96	)		(1.65	)		(1.44	)		(1.01	)		(1.72	)		(2.27	)		(3.26	)		(3.33	)		(3.00	)
Net realized gains		—			—			—			—			—			—			—			—			—			—			(0.54	)		(0.45	)

Total distributions		(0.49	)		(1.43	)		(1.60	)		(1.96	)		(1.65	)		(1.44	)		(1.01	)		(1.72	)		(2.27	)		(3.26	)		(3.87	)		(3.45	)

Net asset value, end of period	$	58.30		$	48.39		$	47.27		$	66.79		$	79.11		$	66.98		$	60.95		$	51.05		$	34.00		$	65.40		$	80.93		$	75.98

Total return (5)		21.58	%		5.10	%		(26.89	)%		(13.28	)%		20.72	%		8.88	%		21.45	%		55.42	%		(44.96	)%		(15.41	)%		11.43	%		21.73	%
Net assets, end of period (in 000’s)	$	122,472		$	79,871		$	70,923		$	163,654		$	170,108		$	77,044		$	1,367,307		$	1,137,458		$	908,890		$	1,289,796		$	1,247,893		$	1,049,212
Ratio of expenses to average net assets		0.52	%(6)		0.50	%		0.51	%		0.50	%		0.51	%		0.51	%		0.26	%(6)		0.25	%		0.25	%		(0.25	)%		0.25	%		0.26	%
Ratio of net investment income (loss) to average net assets		1.84	%(6)		2.45	%		3.20	%		2.55	%		2.33	%		2.11	%		3.53	%(6)		2.94	%		4.58	%		2.79	%		2.95	%		3.57	%
Portfolio turnover rate (7)		1	%		6	%		10	%		15	%		9	%		9	%		7	%		10	%		15	%		14	%		16	%		11	%


(1)		All share amounts representing data prior to September 21, 2005 have been adjusted for the effect of a 3 for 1 stock split which occurred on September 21, 2005.
(2)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(3)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(4)		Amount is less than $0.005 per share.
(5)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(6)		Annualized.
(7)		Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions.

172

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period


	SPDR KBW Bank ETF																		SPDR KBW Capital Markets ETF
	Six Months															For the Period			Six Months															For the Period
	Ended 12/31/10			Year Ended			Year Ended			Year Ended			Year Ended			*11/8/05-**			Ended 12/31/10			Year Ended			Year Ended			Year Ended			Year Ended			*11/8/05-**
	(Unaudited)			6/30/10			6/30/09			6/30/08			6/30/07			6/30/06			(Unaudited)			6/30/10			6/30/09			6/30/08			6/30/07			6/30/06

Net asset value, beginning of period	$	22.90		$	18.08		$	28.58		$	55.44		$	53.73		$	50.17		$	31.10		$	33.41		$	45.12		$	68.80		$	56.18		$	53.07

Income (loss) from investment operations:
Net investment income (loss)		0.06	(1)		0.18	(1)		0.94	(1)		1.60			2.54			0.93			0.62	(1)		0.22	(1)		0.52	(1)		0.53	(1)		0.41			2.63
Net realized and unrealized gain (loss) (2)		3.01			4.80			(10.67	)		(27.35	)		1.64			3.52			7.28			(2.27	)		(11.79	)		(23.68	)		12.60			3.09

Total from investment operations		3.07			4.98			(9.73	)		(25.75	)		4.18			4.45			7.90			(2.05	)		(11.27	)		(23.15	)		13.01			5.72

Net equalization credits and charges (1)		0.02			—			0.03			0.66			0.30			—			(0.08	)		(0.01	)		(0.03	)		0.10			(0.04	)		—

Distributions to shareholders from:
Net investment income		(0.07	)		(0.16	)		(0.80	)		(1.77	)		(2.77	)		(0.89	)		(0.54	)		(0.23	)		(0.41	)		(0.63	)		(0.35	)		(2.61	)
Return of capital		—			—			—			—			—			—			—			(0.02	)		—			—			—			—

Total distributions		(0.07	)		(0.16	)		(0.80	)		(1.77	)		(2.77	)		(0.89	)		(0.54	)		(0.25	)		(0.41	)		(0.63	)		(0.35	)		(2.61	)

Net asset value, end of period	$	25.92		$	22.90		$	18.08		$	28.58		$	55.44		$	53.73		$	38.38		$	31.10		$	33.41		$	45.12		$	68.80		$	56.18

Total return (3)		13.50	%		27.55	%		(34.54	)%		(46.07	)%		8.28	%		8.90	%		25.19	%		(6.28	)%		(24.98	)%		(33.71	)%		23.14	%		10.55	%
Net assets, end of period (in 000’s)	$	1,976,668		$	746,684		$	821,694		$	883,280		$	72,068		$	147,756		$	76,766		$	51,307		$	80,188		$	117,300		$	86,003		$	50,559
Ratio of expenses to average net assets		0.36	%(4)		0.35	%		0.35	%		0.35	%		0.35	%		0.36	%(4)		0.38	%(4)		0.35	%		0.36	%		0.35	%		0.35	%		0.36	%(4)
Ratio of net investment income (loss) to average net assets		0.51	%(4)		0.79	%		4.29	%		4.46	%		2.93	%		3.06	%(4)		3.56	%(4)		0.60	%		1.65	%		0.89	%		0.52	%		2.42	%(4)
Portfolio turnover rate (5)		19	%		18	%		51	%		23	%		8	%		22	%		3	%		9	%		52	%		52	%		96	%		11	%


*		Commencement of operations
(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(2)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(4)		Annualized.
(5)		Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions.

174

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period


	SPDR KBW Insurance ETF																		SPDR KBW Mortgage Finance ETF									SPDR KBW Regional Banking ETF
	Six Months															For the Period			Six Months						For the Period			Six Months															For the Period
	Ended 12/31/10			Year Ended			Year Ended			Year Ended			Year Ended			*11/8/05-**			Ended 12/31/10			Year Ended			*4/29/09-**			Ended 12/31/10			Year Ended			Year Ended			Year Ended			Year Ended			*6/19/06-**
	(Unaudited)			6/30/10			6/30/09			6/30/08			6/30/07			6/30/06			(Unaudited)			6/30/10			6/30/09			(Unaudited)			6/30/10			6/30/09			6/30/08			6/30/07			6/30/06

Net asset value, beginning of period	$	35.26		$	26.52		$	40.89		$	59.41		$	51.22		$	52.12		$	39.15		$	36.18		$	41.19		$	23.05		$	18.31		$	26.56		$	45.90		$	48.33		$	48.02

Income (loss) from investment operations:
Net investment income (loss)		0.43	(1)		0.54	(1)		0.67	(1)		1.02	(1)		0.76			0.44			0.32	(1)		0.78	(1)		0.15	(1)		0.18			0.40	(1)		0.94	(1)		1.43			1.84			0.02
Net realized and unrealized gain (loss) (2)		7.83			8.67			(14.55	)		(18.56	)		8.17			(0.93	)		3.53			3.18			(5.02	)		3.33			4.66			(8.04	)		(18.58	)		(2.40	)		0.29

Total from investment operations		8.26			9.21			(13.88	)		(17.54	)		8.93			(0.49	)		3.85			3.96			(4.87	)		3.51			5.06			(7.10	)		(17.15	)		(0.56	)		0.31

Net equalization credits and charges (1)		0.03			(0.02	)		0.14			0.12			(0.02	)		—			(0.02	)		(0.06	)		0.04			(0.01	)		0.01			0.07			(0.60	)		(0.43	)		—

Distributions to shareholders from:
Net investment income		(0.49	)		(0.45	)		(0.63	)		(1.10	)		(0.72	)		(0.41	)		(0.51	)		(0.73	)		(0.18	)		(0.19	)		(0.33	)		(1.22	)		(1.59	)		(1.44	)		—
Net realized gains		—			—			—			—			—			—			(0.24	)		(0.20	)		—			—			—			—			—			—			—

Total distributions		(0.49	)		(0.45	)		(0.63	)		(1.10	)		(0.72	)		(0.41	)		(0.75	)		(0.93	)		(0.18	)		(0.19	)		(0.33	)		(1.22	)		(1.59	)		(1.44	)		—

Net asset value, end of period	$	43.06		$	35.26		$	26.52		$	40.89		$	59.41		$	51.22		$	42.23		$	39.15		$	36.18		$	26.36		$	23.05		$	18.31		$	26.56		$	45.90		$	48.33

Total return (3)		23.54	%		34.65	%		(33.69	)%		(29.67	)%		17.46	%		(0.93	)%		9.78	%		10.67	%		(11.73	)%		15.23	%		27.70	%		(27.94	)%		(39.51	)%		(2.16	)%		0.66	%
Net assets, end of period (in 000’s)	$	234,657		$	163,972		$	139,205		$	63,374		$	59,413		$	35,855		$	2,111		$	3,915		$	5,427		$	793,525		$	703,213		$	434,937		$	709,284		$	128,523		$	99,076
Ratio of expenses to average net assets		0.36	%(4)		0.35	%		0.35	%		0.35	%		0.35	%		0.36	%(4)		0.36	%(4)		0.35	%		0.35	%(4)		0.36	%(4)		0.35	%		0.35	%		0.35	%		0.36	%		0.36	%(4)
Ratio of net investment income (loss) to average net assets		2.15	%(4)		1.49	%		2.56	%		1.99	%		1.32	%		1.27	%(4)		1.60	%(4)		1.84	%		2.38	%(4)		1.54	%(4)		1.72	%		3.68	%		4.04	%		2.16	%		4.01	%(4)
Portfolio turnover rate (5)		7	%		14	%		53	%		18	%		6	%		16	%		19	%		27	%		5	%		4	%		23	%		51	%		35	%		39	%		0	%


*		Commencement of operations
(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(2)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(4)		Annualized.
(5)		Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions.

176

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period


	SPDR Morgan Stanley Technology ETF																		SPDR S&P Dividend ETF
	Six Months																		Six Months															For the Period
	Ended 12/31/10			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Ended 12/31/10			Year Ended			Year Ended			Year Ended			Year Ended			*11/8/05-**
	(Unaudited)			6/30/10			6/30/09			6/30/08			6/30/07			6/30/06			(Unaudited)			6/30/10			6/30/09			6/30/08			6/30/07			6/30/06

Net asset value, beginning of period	$	51.32		$	44.96		$	55.15		$	61.90		$	49.11		$	46.99		$	45.13		$	37.96		$	44.30		$	62.57		$	55.70		$	53.49

Income (loss) from investment operations:
Net investment income (loss)		0.06	(1)		0.23	(1)		0.23	(1)		0.15			0.05			0.03			0.90	(1)		1.71	(1)		1.97	(1)		2.19	(1)		1.75			1.12
Net realized and unrealized gain (loss) (2)		14.76			6.39			(10.18	)		(6.74	)		12.80			2.13			6.71			6.97			(6.47	)		(17.49	)		6.87			2.15

Total from investment operations		14.82			6.62			(9.95	)		(6.59	)		12.85			2.16			7.61			8.68			(4.50	)		(15.30	)		8.62			3.27

Net equalization credits and charges (1)		0.00	(3)		(0.03	)		(0.00	)(3)		(0.01	)		(0.00	)(3)		—			0.13			0.15			0.16			0.02			0.12			(0.00	)(3)

Distributions to shareholders from:
Net investment income		(0.09	)		(0.23	)		(0.24	)		(0.15	)		(0.05	)		(0.03	)		(0.94	)		(1.57	)		(2.00	)		(2.19	)		(1.87	)		(1.06	)
Net realized gains		—			—			—			—			—			—			—			—			—			(0.80	)		—			—
Return of capital		—			—			—			—			(0.01	)		(0.01	)		—			(0.09	)		—			—			—			—

Total distributions		(0.09	)		(0.23	)		(0.24	)		(0.15	)		(0.06	)		(0.04	)		(0.94	)		(1.66	)		(2.00	)		(2.99	)		(1.87	)		(1.06	)

Net asset value, end of period	$	66.05		$	51.32		$	44.96		$	55.15		$	61.90		$	49.11		$	51.93		$	45.13		$	37.96		$	44.30		$	62.57		$	55.70

Total return (4)		28.89	%		14.62	%		(17.97	)%		(10.67	)%		26.19	%		4.60	%		17.19	%		23.25	%		(10.06	)%		(25.05	)%		15.78	%		6.16	%
Net assets, end of period (in 000’s)	$	217,974		$	182,188		$	197,818		$	228,870		$	188,811		$	144,873		$	5,037,113		$	1,949,711		$	658,655		$	230,378		$	275,319		$	100,263
Ratio of expenses to average net assets		0.52	%(5)		0.50	%		0.50	%		0.50	%		0.50	%		0.51	%		0.36	%(5)		0.35	%		0.35	%		0.35	%		0.34	%		0.30	%(5)
Ratio of expenses to average net assets before waivers		—	%		—	%		—	%		—	%		—	%		—	%		—	%		—	%		—	%		—	%		0.35	%		0.36	%(5)
Ratio of net investment income (loss) to average net assets		0.22	%(5)		0.42	%		0.56	%		0.26	%		0.09	%		0.07	%		3.58	%(5)		3.70	%		5.10	%		3.92	%		3.11	%		3.45	%(5)
Portfolio turnover rate (6)		11	%		17	%		19	%		24	%		22	%		23	%		45	%		44	%		105	%		48	%		41	%		25	%


*		Commencement of operations
(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(2)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)		Amount is less than $0.005 per share.
(4)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(5)		Annualized.
(6)		Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions.

178

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period


	SPDR S&P Biotech ETF																		SPDR S&P Homebuilders ETF
	Six Months Ended															For the Period			Six Months Ended															For the Period
	12/31/10			Year Ended			Year Ended			Year Ended			Year Ended			*1/31/06-**			12/31/10			Year Ended			Year Ended			Year Ended			Year Ended			*1/31/06-**
	(Unaudited)			6/30/10			6/30/09			6/30/08			6/30/07			6/30/06			(Unaudited)			6/30/10			6/30/09			6/30/08			6/30/07			6/30/06

Net asset value, beginning of period	$	51.82		$	50.71		$	57.47		$	50.93		$	45.90		$	49.67		$	14.32		$	11.77		$	16.53		$	30.37		$	33.86		$	46.92

Income (loss) from investment operations:
Net investment income (loss)		(0.09	)(1)		(0.12	)(1)		0.44	(1)		0.66			0.18			(0.07	)		0.28	(1)		0.13	(1)		0.24	(1)		0.36			0.28			0.07
Net realized and unrealized gain (loss) (2)		11.32			1.23			(7.23	)		6.59			5.04			(3.70	)		3.04			2.55			(4.72	)		(13.82	)		(3.49	)		(13.06	)

Total from investment operations		11.23			1.11			(6.79	)		7.25			5.22			(3.77	)		3.32			2.68			(4.48	)		(13.46	)		(3.21	)		(12.99	)

Net equalization credits and charges (1)		0.01			0.00	(3)		0.00	(3)		(0.02	)		(0.05	)		—			0.02			(0.01	)		0.01			(0.06	)		0.01			(0.00	)(3)

Distributions to shareholders from:
Net investment income		—			—			(0.16	)		(0.69	)		(0.14	)		—			(0.27	)		(0.12	)		(0.29	)		(0.32	)		(0.29	)		(0.07	)

Total distributions		—			—			(0.16	)		(0.69	)		(0.14	)		—			(0.27	)		(0.12	)		(0.29	)		(0.32	)		(0.29	)		(0.07	)

Voluntary contribution from Adviser		—			—			0.19			—			—			—			—			—			—			—			—			—

Net asset value, end of period	$	63.06		$	51.82		$	50.71		$	57.47		$	50.93		$	45.90		$	17.39		$	14.32		$	11.77		$	16.53		$	30.37		$	33.86

Total return (4)		21.69	%		2.20	%		(11.46	)%(5)		14.15	%		11.26	%		(7.59	)%		23.41	%		22.61	%		(27.30	)%		(44.63	)%		(9.51	)%		(27.70	)%
Net assets, end of period (in 000’s)	$	491,903		$	450,860		$	428,508		$	264,342		$	106,957		$	29,835		$	870,376		$	700,790		$	556,111		$	535,553		$	331,067		$	165,908
Ratio of expenses to average net assets		0.36	%(6)		0.35	%		0.35	%		0.35	%		0.35	%		0.36	%(6)		0.37	%(6)		0.35	%		0.35	%		0.35	%		0.35	%		0.36	%(6)
Ratio of net investment income (loss) to average net assets		(0.32	)%(6)		(0.23	)%		0.83	%		1.48	%		0.51	%		(0.33	)%(6)		3.50	%(6)		0.84	%		1.84	%		1.80	%		0.64	%		0.34	%(6)
Portfolio turnover rate (7)		23	%		80	%		78	%		79	%		74	%		38	%		14	%		48	%		82	%		76	%		16	%		19	%


*		Commencement of operations
(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(2)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)		Amount is less than $0.005 per share.
(4)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(5)		If the Adviser had not made a voluntary contribution during the Year Ended 6/30/09, the total return would have been (11.79)%.
(6)		Annualized.
(7)		Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions.

180

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period


	SPDR S&P Metals & Mining ETF																		SPDR S&P Oil & Gas Equipment & Services ETF
	Six Months Ended															For the Period			Six Months Ended															For the Period
	12/31/10			Year Ended			Year Ended			Year Ended			Year Ended			*6/19/06-**			12/31/10			Year Ended			Year Ended			Year Ended			Year Ended			*6/19/06-**
	(Unaudited)			6/30/10			6/30/09			6/30/08			6/30/07			6/30/06			(Unaudited)			6/30/10			6/30/09			6/30/08			6/30/07			6/30/06

Net asset value, beginning of period	$	45.67		$	37.07		$	94.16		$	62.63		$	50.08		$	43.29		$	25.04		$	21.76		$	50.90		$	36.90		$	31.07		$	27.99

Income (loss) from investment operations:
Net investment income (loss)		0.22	(1)		0.38	(1)		0.55	(1)		0.39			0.39			0.02			0.27	(1)		0.16	(1)		0.18	(1)		0.11			0.08			0.00	(2)
Net realized and unrealized gain (loss) (3)		23.15			8.59			(57.11	)		31.54			12.55			6.77			11.60			3.27			(29.14	)		14.11			5.83			3.08

Total from investment operations		23.37			8.97			(56.56	)		31.93			12.94			6.79			11.87			3.43			(28.96	)		14.22			5.91			3.08

Net equalization credits and charges (1)		0.01			(0.02	)		0.04			—			(0.03	)		—			0.02			(0.00	)(2)		(0.00	)(2)		(0.00	)(2)		(0.00	)(2)		—

Distributions to shareholders from:
Net investment income		(0.27	)		(0.35	)		(0.57	)		(0.40	)		(0.36	)		—			(0.25	)		(0.15	)		(0.18	)		(0.12	)		(0.08	)		—
Net realized gains		—			—			—			—			—			—			—			—			—			(0.10	)		—			—

Total distributions		(0.27	)		(0.35	)		(0.57	)		(0.40	)		(0.36	)		—			(0.25	)		(0.15	)		(0.18	)		(0.22	)		(0.08	)		—

Net asset value, end of period	$	68.78		$	45.67		$	37.07		$	94.16		$	62.63		$	50.08		$	36.68		$	25.04		$	21.76		$	50.90		$	36.90		$	31.07

Total return (4)		51.24	%		24.08	%		(59.95	)%		51.22	%		25.93	%		15.70	%		47.54	%		15.71	%		(56.87	)%		38.61	%		19.08	%		10.98	%
Net assets, end of period (in 000’s)	$	1,193,408		$	698,812		$	602,423		$	819,193		$	203,540		$	30,050		$	451,224		$	249,145		$	199,101		$	279,948		$	143,927		$	15,535
Ratio of expenses to average net assets		0.36	%(5)		0.35	%		0.35	%		0.35	%		0.35	%		0.36	%(5)		0.37	%(5)		0.35	%		0.35	%		0.36	%		0.35	%		0.36	%(5)
Ratio of net investment income (loss) to average net assets		0.77	%(5)		0.78	%		1.43	%		0.59	%		0.70	%		1.65	%(5)		1.75	%(5)		0.56	%		0.75	%		0.28	%		0.36	%		0.17	%(5)
Portfolio turnover rate (6)		20	%		43	%		68	%		59	%		31	%		0	%		33	%		39	%		42	%		51	%		43	%		0	%


*		Commencement of operations
(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(2)		Amount is less than $0.005 per share.
(3)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(4)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(5)		Annualized.
(6)		Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions.

182

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period


	SPDR S&P Oil & Gas Exploration & Production ETF																		SPDR S&P Pharmaceuticals ETF
	Six Months Ended															For the Period			Six Months Ended															For the Period
	12/31/10			Year Ended			Year Ended			Year Ended			Year Ended			*6/19/06-**			12/31/10			Year Ended			Year Ended			Year Ended			Year Ended			*6/19/06-**
	(Unaudited)			6/30/10			6/30/09			6/30/08			6/30/07			6/30/06			(Unaudited)			6/30/10			6/30/09			6/30/08			6/30/07			6/30/06

Net asset value, beginning of period	$	39.02		$	31.67		$	70.10		$	45.93		$	39.12		$	33.80		$	38.66		$	30.00		$	31.08		$	35.57		$	31.88		$	31.42

Income (loss) from investment operations:
Net investment income (loss)		0.08	(1)		0.24	(1)		0.29	(1)		0.13			0.10			0.00	(2)		0.16	(1)		0.38	(1)		0.45	(1)		0.32	(1)		0.38			0.00	(2)
Net realized and unrealized gain (loss) (3)		13.70			7.38			(38.46	)		24.16			6.81			5.32			7.60			8.56			(1.07	)		(4.51	)		3.80			0.46

Total from investment operations		13.78			7.62			(38.17	)		24.29			6.91			5.32			7.76			8.94			(0.62	)		(4.19	)		4.18			0.46

Net equalization credits and charges (1)		0.02			(0.04	)		0.02			0.02			(0.00	)(2)		—			0.00	(2)		0.04			0.03			0.03			—			—

Distributions to shareholders from:
Net investment income		(0.12	)		(0.23	)		(0.28	)		(0.14	)		(0.10	)		—			(0.17	)		(0.32	)		(0.44	)		(0.33	)		(0.38	)		—
Net realized gains		—			—			—			—			—			—			(0.20	)		—			(0.05	)		—			(0.11	)		—

Total distributions		(0.12	)		(0.23	)		(0.28	)		(0.14	)		(0.10	)		—			(0.37	)		(0.32	)		(0.49	)		(0.33	)		(0.49	)		—

Net asset value, end of period	$	52.70		$	39.02		$	31.67		$	70.10		$	45.93		$	39.12		$	46.05		$	38.66		$	30.00		$	31.08		$	35.57		$	31.88

Total return (4)		35.40	%		23.92	%		(54.44	)%		52.99	%		17.68	%		15.74	%		20.05	%		30.00	%		(1.89	)%		(11.73	)%		13.17	%		1.46	%
Net assets, end of period (in 000’s)	$	735,221		$	536,504		$	280,282		$	311,952		$	39,041		$	19,560		$	209,520		$	143,064		$	40,499		$	9,328		$	8,897		$	15,939
Ratio of expenses to average net assets		0.36	%(5)		0.35	%		0.35	%		0.35	%		0.35	%		0.36	%(5)		0.36	%(5)		0.36	%		0.36	%		0.35	%		0.35	%		0.36	%(5)
Ratio of net investment income (loss) to average net assets		0.37	%(5)		0.60	%		0.82	%		0.28	%		0.23	%		0.10	%(5)		0.74	%(5)		1.00	%		1.59	%		0.97	%		0.95	%		0.29	%(5)
Portfolio turnover rate (6)		23	%		33	%		45	%		44	%		48	%		0	%		27	%		47	%		80	%		50	%		23	%		0	%


*		Commencement of operations
(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(2)		Amount is less than $0.005 per share.
(3)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(4)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(5)		Annualized.
(6)		Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions.

184

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period


	SPDR S&P Retail ETF																		SPDR S&P Semiconductor ETF																		SPDR Wells Fargo Preferred Stock ETF
	Six Months Ended															For the Period			Six Months Ended															For the Period			Six Months Ended			For the Period
	12/31/10			Year Ended			Year Ended			Year Ended			Year Ended			*6/19/06-**			12/31/10			Year Ended			Year Ended			Year Ended			Year Ended			*1/31/06-**			12/31/10			*9/16/09-**
	(Unaudited)			6/30/10			6/30/09			6/30/08			6/30/07			6/30/06			(Unaudited)			6/30/10			6/30/09			6/30/08			6/30/07			6/30/06			(Unaudited)			6/30/10

Net asset value, beginning of period	$	35.65		$	27.70		$	29.26		$	43.54		$	37.61		$	36.72		$	41.86		$	33.86		$	41.62		$	53.22		$	47.29		$	53.32		$	42.15		$	40.00

Income (loss) from investment operations:
Net investment income (loss)		0.28	(1)		0.36	(1)		0.40	(1)		0.37			0.11			0.01			0.19	(1)		0.38	(1)		0.35	(1)		0.24			0.16			0.02			1.50	(1)		2.41	(1)
Net realized and unrealized gain (loss) (2)		12.60			8.30			(1.70	)		(14.39	)		5.93			0.88			12.77			8.01			(7.84	)		(11.58	)		5.93			(6.03	)		2.56			0.95

Total from investment operations		12.88			8.66			(1.30	)		(14.02	)		6.04			0.89			12.96			8.39			(7.49	)		(11.34	)		6.09			(6.01	)		4.06			3.36

Net equalization credits and charges (1)		0.11			(0.16	)		(0.01	)		(0.09	)		0.02			—			(0.00	)(3)		(0.02	)		0.02			0.01			(0.00	)(3)		—			0.19			0.63

Distributions to shareholders from:
Net investment income		(0.29	)		(0.55	)		(0.43	)		(0.31	)		(0.13	)		—			(0.23	)		(0.37	)		(0.29	)		(0.27	)		(0.16	)		(0.02	)		(1.72	)		(1.84	)

Total distributions		(0.29	)		(0.55	)		(0.43	)		(0.31	)		(0.13	)		—			(0.23	)		(0.37	)		(0.29	)		(0.27	)		(0.16	)		(0.02	)		(1.72	)		(1.84	)

Voluntary contribution from Adviser		—			0.00	(3)		0.18			0.14			—			—			—			—			—			—			—			—			—			—

Net asset value, end of period	$	48.35		$	35.65		$	27.70		$	29.26		$	43.54		$	37.61		$	54.59		$	41.86		$	33.86		$	41.62		$	53.22		$	47.29		$	44.68		$	42.15

Total return (4)		36.48	%		30.67	%(5)		(3.61	)%(5)		(32.11	)%(5)		16.12	%		2.42	%		30.98	%		24.66	%		(17.88	)%		(21.30	)%		12.89	%		(11.26	)%		10.06	%		10.04	%
Net assets, end of period (in 000’s)	$	976,683		$	689,757		$	1,018,007		$	263,380		$	134,978		$	20,687		$	109,180		$	104,662		$	103,282		$	39,538		$	106,439		$	47,290		$	102,771		$	65,340
Ratio of expenses to average net assets		0.36	%(6)		0.35	%		0.35	%		0.35	%		0.35	%		0.36	%(6)		0.37	%(6)		0.35	%		0.35	%		0.35	%		0.35	%		0.36	%(6)		0.46	%(6)		0.45	%(6)
Ratio of net investment income (loss) to average net assets		1.34	%(6)		0.99	%		1.61	%		1.40	%		0.35	%		0.82	%(6)		0.83	%(6)		0.87	%		1.12	%		0.52	%		0.35	%		0.10	%(6)		6.60	%(6)		7.25	%(6)
Portfolio turnover rate (7)		32	%		26	%		69	%		50	%		71	%		0	%		26	%		19	%		41	%		65	%		52	%		40	%		9	%		22	%


*		Commencement of operations
(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(2)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)		Amount is less than $0.005 per share.
(4)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(5)		If the Adviser had not made a voluntary contribution during the Year Ended 6/30/10, the total return would have decreased by less than 0.005%. If the Adviser had not made a voluntary contribution during the Year Ended 6/30/09, the total return would have been (3.62)%. If the Adviser had not made a voluntary contribution during the Year Ended 6/30/08, the total return would have been (32.44)%.
(6)		Annualized.
(7)		Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions.

186

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS

December 31, 2010 (Unaudited)


1.	Organization

SPDR Series Trust (the “Trust”), which is registered under the Investment Company Act of 1940, as amended (“1940 Act”), is an open-end investment management company that was organized as a Massachusetts business trust on June 12, 1998.

As of December 31, 2010, the Trust offered forty-nine (49) portfolios, each of which represents a separate series of beneficial interest in the Trust (each referred to as a “Fund”, collectively as the “Funds”). The financial statements herein relate to the following twenty-eight (28) Funds: SPDR Dow Jones Total Market ETF, SPDR Dow Jones Large Cap ETF, SPDR S&P 500 Growth ETF, SPDR S&P 500 Value ETF, SPDR Dow Jones Mid Cap ETF, SPDR S&P 400 Mid Cap Growth ETF, SPDR S&P 400 Mid Cap Value ETF, SPDR S&P 600 Small Cap ETF, SPDR S&P 600 Small Cap Growth ETF, SPDR S&P 600 Small Cap Value ETF, SPDR DJ Global Titans ETF, SPDR Dow Jones REIT ETF, SPDR KBW Bank ETF, SPDR KBW Capital Markets ETF, SPDR KBW Insurance ETF, SPDR KBW Mortgage Finance ETF, SPDR KBW Regional Banking ETF, SPDR Morgan Stanley Technology ETF, SPDR S&P Dividend ETF, SPDR S&P Biotech ETF, SPDR S&P Homebuilders ETF, SPDR S&P Metals & Mining ETF, SPDR S&P Oil & Gas Equipment & Services ETF, SPDR S&P Oil & Gas Exploration & Production ETF, SPDR S&P Pharmaceuticals ETF, SPDR S&P Retail ETF, SPDR S&P Semiconductor ETF and SPDR Wells Fargo Preferred Stock ETF. Each Fund operates as a non-diversified investment company. The other twenty-one (21) Funds are included in a separate Semi-Annual Report.

Under the Trust’s organizational documents, its officers and trustees 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 with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this could 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 loss to be remote.

The Trust invests in various investments which 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 a Fund 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 each Fund’s shares will decline, more or less, in correlation with any decline in the value of the Fund’s benchmark index. The values of equity securities could decline generally or could underperform other investments. Generally, a Fund will not sell an equity security because the security’s issuer is in financial trouble, unless that security is removed from the Fund’s respective benchmark index.


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 each Fund’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. Investments in open-end investment companies are valued at their net asset value each business day. 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 Board of Trustees of the Trust (the “Board”) believes will better reflect fair value in accordance with the Trust’s valuation policies and procedures. The Board has delegated the process of valuing securities for which market quotations are not readily available or do not otherwise accurately reflect the fair value of

188

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2010 (Unaudited)

the security to the Pricing and Investment Committee (the “Committee”). The Committee, subject to oversight by the Board, 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, a Fund’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.

The Funds continue 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 funds 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 Funds’ 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 Funds’ net assets are computed and that may materially affect the value of the Funds’ investments). Examples of events that may be “significant events” are government actions, natural disasters, armed conflict, acts of terrorism, and significant market fluctuations.

Fair value pricing could result in a difference between the prices used to calculate a Fund’s net asset value and the prices used by the Fund’s benchmark index, which, in turn, could result in a difference between the Fund’s performance and the performance of the Fund’s benchmark 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 Funds’ investments by industry. For SPDR DJ Global Titans ETF, the type of inputs used to value each security is identified in the Portfolio Summary in the Industry Breakdown table.

189

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2010 (Unaudited)

The following table summarizes the inputs used in valuing the Funds’ investments, as of December 31, 2010:


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

SPDR Dow Jones Total Market ETF	$	211,630,421	$	—	$	—	$	211,630,421
SPDR Dow Jones Large Cap ETF		44,253,268		—		—		44,253,268
SPDR S&P 500 Growth ETF		192,655,975		—		—		192,655,975
SPDR S&P 500 Value ETF		171,755,614		—		—		171,755,614
SPDR Dow Jones Mid Cap ETF		75,525,444		—		—		75,525,444
SPDR S&P 400 Mid Cap Growth ETF		73,152,835		—		—		73,152,835
SPDR S&P 400 Mid Cap Value ETF		34,154,793		—		—		34,154,793
SPDR S&P 600 Small Cap ETF		83,643,332		—*		—		83,643,332
SPDR S&P 600 Small Cap Growth ETF		196,303,623		—*		—		196,303,623
SPDR S&P 600 Small Cap Value ETF		147,284,577		—		—		147,284,577
SPDR DJ Global Titans ETF		126,765,612		—		—		126,765,612
SPDR Dow Jones REIT ETF		1,490,781,004		—		—		1,490,781,004
SPDR KBW Bank ETF		2,163,857,796		—		—		2,163,857,796
SPDR KBW Capital Markets ETF		81,892,875		—		—		81,892,875
SPDR KBW Insurance ETF		241,111,780		—		—		241,111,780
SPDR KBW Mortgage Finance ETF		2,722,290		—		—		2,722,290
SPDR KBW Regional Banking ETF		900,968,759		—		—		900,968,759
SPDR Morgan Stanley Technology ETF		229,469,511		—		—		229,469,511
SPDR S&P Dividend ETF		5,510,760,209		—		—		5,510,760,209
SPDR S&P Biotech ETF		569,578,274		—		—		569,578,274
SPDR S&P Homebuilders ETF		976,439,618		—		—		976,439,618
SPDR S&P Metals & Mining ETF		1,293,665,747		—		—		1,293,665,747
SPDR S&P Oil & Gas Equipment & Services ETF		472,055,266		—		—		472,055,266
SPDR S&P Oil & Gas Exploration & Production ETF		778,236,460		—		—		778,236,460
SPDR S&P Pharmaceuticals ETF		220,819,270		—		—		220,819,270
SPDR S&P Retail ETF		1,042,987,477		—		—		1,042,987,477
SPDR S&P Semiconductor ETF		115,796,550		—		—		115,796,550
SPDR Wells Fargo Preferred Stock ETF		115,556,845		—		—		115,556,845


*		Fund held Level 2 securities that were valued at $0 at December 31, 2010.

190

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2010 (Unaudited)

The following table provides the reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value at December 31, 2010:

Net Change in

Unrealized

Realized

Appreciation/

Gain (Loss)

(Depreciation)

Accrued

and Change in

from

Discounts

Unrealized

Net

Investments

Balance at

(Amortized

Appreciation/

Purchases/

Transfers

Balance at

Still Held at

6/30/10

Premiums)

(Depreciation)

(Sales)

in or out

12/31/10

SPDR S&P 600 Small Cap ETF

—*

—

—*

—

SPDR S&P 600 Small Cap Value ETF

—*

—

—*

—


*		Included in this amount are Level 3 securities that were valued at $0.

Investment Income

Dividend income is recorded on the ex-dividend date. Interest income, if any, is recorded on the accrual basis. The value of additional securities received as dividend payments is recorded as income and as an increase to the cost basis of such securities.

Expenses

Advisory fees and other expenses, which are directly identifiable to a specific Fund, are applied to that Fund. Certain Funds, based on their investments, may incur a tax liability in the states where the investments have business operations. The taxes incurred will increase the total expenses of the Funds and are included in miscellaneous expenses on the Statements of Operations. Trustees’ fees and other expenses which cannot be attributed to a Fund are allocated in such a manner as deemed equitable, taking into consideration the relative net assets of the Funds.

Equalization

The Funds follow the accounting practice known as “Equalization” by which a portion of the proceeds from sales and costs of reacquiring Fund shares, equivalent on a per share 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 share is unaffected by sales or reacquisition of Fund shares. Amounts related to Equalization can be found on the Statements of Changes.

Investment Transactions

Investment transactions are recorded on the trade date. Realized gains and losses from the sale or disposition of securities and foreign exchange transactions are recorded on the identified cost basis. Corporate actions (including cash dividends) are recorded net of foreign tax withholdings on the ex-dividend date.

Foreign Currency Translation and Foreign Investments

The accounting records of the Funds are maintained in U.S. dollars. Portfolio securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars at the prevailing rates of exchange at period end. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the prevailing exchange rate on the respective dates of transactions. The effects of changes in foreign currency exchange rates on portfolio investments are included in the net realized and unrealized gains and losses on investments and foreign currency transactions on the Statements of Operations. Net gains and losses on foreign currency transactions include disposition of foreign currencies, and currency gains and losses between the accrual and receipt dates of portfolio investment income and between the trade and settlement dates of portfolio investment transactions.

191

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2010 (Unaudited)

and foreign governments may be less liquid and the prices of such securities may be more volatile than those of comparable U.S. companies and the U.S. government.

Some foreign markets in which the Funds invest are considered emerging markets. Investment in these emerging markets subjects a Fund to a greater risk of loss than investments in a developed market. This is due to, among other things, greater market volatility, lower trading volume, political and economic instability, higher levels of inflation, deflation or currency devaluation, greater risk of market shut down, and more governmental limitations on foreign investment policy than those typically found in a developed market.

Federal Income Tax

The Funds have qualified and intend to continue to qualify for and elect treatment as “regulated investment companies” under Subchapter M of the Internal Revenue Code of 1986, as amended. By so qualifying and electing, each Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. In addition, by distributing during each calendar year substantially all of their net investment income and capital gains, if any, the Funds will not be subject to federal excise tax. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. generally accepted accounting principles. These book-tax differences are primarily due to differing treatments for tax equalization, in-kind transactions, foreign currencies, Real Estate Investment Trusts (REITs) and losses deferred due to wash sales.

Additionally, based on the Funds’ understanding of the tax rules and rates related to income, gains and transactions for the foreign jurisdictions in which the applicable Funds invest, the Funds will provide for foreign taxes and, where appropriate, deferred foreign taxes.

The Funds have reviewed the tax positions for the open tax years as of June 30, 2010 and have determined that no provision for income tax is required in the Funds’ Financial Statements. The Funds’ federal tax returns for the prior three fiscal years remain subject to examination by the Funds’ major tax jurisdictions, which include the United States of America and the Commonwealth of Massachusetts. The Funds recognized interest and penalties, if any, related to tax liabilities as income tax expense in the Statements of Operations.

For the six months ended December 31, 2010, the following Funds reclassified non-taxable security gains and losses realized on the in-kind redemption of Creation Units (Note 4) as an increase or decrease to paid in capital in the Statements of Assets and Liabilities as follows:


	Net Gain (Loss)
	Reclassified
	to Paid in Capital

SPDR Dow Jones Total Market ETF	$	2,367,649
SPDR Dow Jones Large Cap ETF		670,046
SPDR S&P 500 Growth ETF		2,337,452
SPDR S&P 500 Value ETF		2,627,096
SPDR Dow Jones Mid Cap ETF		2,062,980
SPDR S&P 400 Mid Cap Growth ETF		16,725,263
SPDR S&P 400 Mid Cap Value ETF		2,329,997
SPDR S&P 600 Small Cap ETF		13,811,283
SPDR S&P 600 Small Cap Growth ETF		36,586,667
SPDR S&P 600 Small Cap Value ETF		5,158,855
SPDR DJ Global Titans ETF		(8,971	)
SPDR Dow Jones REIT ETF		12,852,160
SPDR KBW Bank ETF		18,449,371
SPDR KBW Capital Markets ETF		(2,618,938	)
SPDR KBW Insurance ETF		1,701,429

192

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2010 (Unaudited)


	Net Gain (Loss)
	Reclassified
	to Paid in Capital

SPDR KBW Mortgage Finance ETF	$	82,250
SPDR KBW Regional Banking ETF		(29,172,440	)
SPDR Morgan Stanley Technology ETF		1,479,915
SPDR S&P Dividend ETF		18,643,620
SPDR S&P Biotech ETF		27,922,248
SPDR S&P Homebuilders ETF		25,112,721
SPDR S&P Metals & Mining ETF		102,382,162
SPDR S&P Oil & Gas Equipment & Services ETF		9,537,921
SPDR S&P Oil & Gas Exploration & Production ETF		66,030,049
SPDR S&P Pharmaceuticals ETF		8,384,767
SPDR S&P Retail ETF		119,241,522
SPDR S&P Semiconductor ETF		10,678,798
SPDR Wells Fargo Preferred Stock ETF		584,460

At December 31, 2010, the Funds had capital loss carryforwards which may be utilized to offset any net realized capital gains expiring June 30:


	2011			2012			2013			2014			2015			2016			2017			2018

SPDR Dow Jones Total Market ETF	$	(2,005,163	)	$	(1,348,494	)	$	(153,659	)	$	(4,842,998	)	$	—		$	—		$	(1,378,715	)	$	(4,870,717	)
SPDR Dow Jones Large Cap ETF		—			—			—			—			—			—			(131,432	)		(525,506	)
SPDR S&P 500 Growth ETF		(4,738,409	)		(2,821,107	)		(309,686	)		(3,652,975	)		—			—			(6,452,641	)		(26,035,843	)
SPDR S&P 500 Value ETF		—			—			(974,429	)		—			—			—			(5,372,858	)		(16,424,729	)
SPDR Dow Jones Mid Cap ETF		—			—			—			—			—			—			(558,343	)		(1,382,689	)
SPDR S&P 400 Mid Cap Growth ETF		—			—			—			—			—			—			(2,960,864	)		(3,258,647	)
SPDR S&P 400 Mid Cap Value ETF		—			—			—			—			—			(493,781	)		(1,200,592	)		(1,312,574	)
SPDR S&P 600 Small Cap ETF		—			—			—			—			—			—			—			—
SPDR S&P 600 Small Cap Growth ETF		—			—			—			—			—			—			(2,152,440	)		(4,620,622	)
SPDR S&P 600 Small Cap Value ETF		—			—			—			—			—			—			(1,882,152	)		(5,475,176	)
SPDR DJ Global Titans ETF		(1,493,437	)		(984,760	)		—			—			(282,717	)		—			(12,535,918	)		(9,895,403	)
SPDR Dow Jones REIT ETF		—			—			—			—			—			—			(1,122,565	)		(192,486,170	)
SPDR KBW Bank ETF		—			—			—			—			—			(435,385	)		(118,852,502	)		(300,189,040	)
SPDR KBW Capital Markets ETF		—			—			—			—			—			(9,042,847	)		(23,772,407	)		(28,551,883	)
SPDR KBW Insurance ETF		—			—			—			—			—			(514,950	)		1,401,569			(15,750,318	)
SPDR KBW Mortgage Finance ETF		—			—			—			—			—			—			—			—
SPDR KBW Regional Banking ETF		—			—			—			—			—			—			(24,075,194	)		(150,464,974	)
SPDR Morgan Stanley Technology ETF		(10,238,030	)		(19,143,628	)		(8,746,932	)		(3,784,746	)		(2,360,832	)		(745,443	)		(2,659,957	)		(20,984,667	)
SPDR S&P Dividend ETF		—			—			—			—			—			—			(15,532,281	)		(76,092,855	)
SPDR S&P Biotech ETF		—			—			—			—			(2,145,212	)		(733,614	)		(24,363,945	)		(73,086,286	)
SPDR S&P Homebuilders ETF		—			—			—			—			(4,745,039	)		(8,203,751	)		(24,813,335	)		(116,404,014	)
SPDR S&P Metals & Mining ETF		—			—			—			—			(104,652	)		—			(49,841,508	)		(215,129,022	)
SPDR S&P Oil & Gas Equipment & Services ETF		—			—			—			—			—			—			(1,830,538	)		(54,465,863	)
SPDR S&P Oil & Gas Exploration & Production ETF		—			—			—			—			—			—			(11,779,459	)		(112,377,725	)

193

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2010 (Unaudited)


	2011		2012		2013		2014		2015			2016			2017			2018

SPDR S&P Pharmaceuticals ETF	$	—	$	—	$	—	$	—	$	—		$	—		$	—		$	(687,927	)
SPDR S&P Retail ETF		—		—		—		—		—			(1,022,978	)		(250,690	)		(32,271,270	)
SPDR S&P Semiconductor ETF		—		—		—		—		(1,832,423	)		—			(12,113,199	)		(5,691,659	)
SPDR Wells Fargo Preferred Stock ETF		—		—		—		—		—			—			—			(18,976	)

Under current tax laws, capital losses realized after October 31, may be deferred and treated as occurring on the first day of the following fiscal Year. The Funds incurred the following losses during the period November 1, 2009 through June 30, 2010 that are deferred for tax purposes until fiscal 2011:


	Deferred Losses

SPDR Dow Jones Total Market ETF	$	—
SPDR Dow Jones Large Cap ETF		(62,170	)
SPDR S&P 500 Growth ETF		(1,760,629	)
SPDR S&P 500 Value ETF		(690,400	)
SPDR Dow Jones Mid Cap ETF		(32,190	)
SPDR S&P 400 Mid Cap Growth ETF		—
SPDR S&P 400 Mid Cap Value ETF		(158,031	)
SPDR S&P 600 Small Cap ETF		—
SPDR S&P 600 Small Cap Growth ETF		(273,155	)
SPDR S&P 600 Small Cap Value ETF		(1,856,807	)
SPDR DJ Global Titans ETF		(1,837,709	)
SPDR Dow Jones REIT ETF		(35,292,713	)
SPDR KBW Bank ETF		(51,516,245	)
SPDR KBW Capital Markets ETF		(3,001,185	)
SPDR KBW Insurance ETF		(1,757,037	)
SPDR KBW Mortgage Finance ETF		—
SPDR KBW Regional Banking ETF		(68,173,342	)
SPDR Morgan Stanley Technology ETF		(2,115,831	)
SPDR S&P Dividend ETF		(1,675,218	)
SPDR S&P Biotech ETF		(37,486,470	)
SPDR S&P Homebuilders ETF		(2,681,743	)
SPDR S&P Metals & Mining ETF		(30,996,088	)
SPDR S&P Oil & Gas Equipment & Services ETF		(20,261,628	)
SPDR S&P Oil & Gas Exploration & Production ETF		(13,902,574	)
SPDR S&P Pharmaceuticals ETF		(1,391,411	)
SPDR S&P Retail ETF		(3,021,291	)
SPDR S&P Semiconductor ETF		(887,491	)
SPDR Wells Fargo Preferred Stock ETF		(164,385	)

Distributions

Each Fund declares and distributes dividends from net investment income, if any, to its shareholders quarterly. The Trust declares and distributes net realized capital gains, if any, at least annually. Distributions are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles.

194

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2010 (Unaudited)

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.

Subsequent Events

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


3.	Fees and Compensation Paid to Affiliates and Other Related Party Transactions

Advisory Fee

Each Fund has entered into an Investment Advisory Agreement with SSgA Funds Management, Inc. (the “Adviser” or “SSgA FM”). As compensation for the services rendered, facilities furnished, and expenses borne by the Adviser, each Fund pays the Adviser a fee accrued daily and paid monthly, based on a percentage of each Fund’s average daily net assets as shown in the following table:


	Annual Rate

SPDR Dow Jones Total Market ETF		0.20	%
SPDR Dow Jones Large Cap ETF		0.20
SPDR S&P 500 Growth ETF		0.20
SPDR S&P 500 Value ETF		0.20
SPDR Dow Jones Mid Cap ETF		0.25
SPDR S&P 400 Mid Cap Growth ETF		0.25
SPDR S&P 400 Mid Cap Value ETF		0.25
SPDR S&P 600 Small Cap ETF		0.20
SPDR S&P 600 Small Cap Growth ETF		0.25
SPDR S&P 600 Small Cap Value ETF		0.25
SPDR DJ Global Titans ETF		0.50
SPDR Dow Jones REIT ETF		0.25
SPDR KBW Bank ETF		0.35
SPDR KBW Capital Markets ETF		0.35
SPDR KBW Insurance ETF		0.35
SPDR KBW Mortgage Finance ETF		0.35
SPDR KBW Regional Banking ETF		0.35
SPDR Morgan Stanley Technology ETF		0.50
SPDR S&P Dividend ETF		0.35
SPDR S&P Biotech ETF		0.35
SPDR S&P Homebuilders ETF		0.35
SPDR S&P Metals & Mining ETF		0.35
SPDR S&P Oil & Gas Equipment & Services ETF		0.35
SPDR S&P Oil & Gas Exploration & Production ETF		0.35
SPDR S&P Pharmaceuticals ETF		0.35
SPDR S&P Retail ETF		0.35
SPDR S&P Semiconductor ETF		0.35
SPDR Wells Fargo Preferred Stock ETF		0.45

195

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2010 (Unaudited)

(including any Trustees’ counsel fees), litigation expenses, acquired fund fees and expenses and other extraordinary expenses.

State Street Bank and Trust Company (“State Street”), an affiliate of the Adviser, receives fees for its services as Custodian, Administrator and Transfer Agent from the Adviser.

State Street also acts as the securities lending agent for the Funds and receives a portion of any lending income. In addition, cash collateral from lending activities is invested in the State Street Navigator Securities Lending Prime Portfolio (“Prime Portfolio”) for which SSgA FM serves as the investment adviser. Prime Portfolio is a series of State Street Navigator Securities Lending Trust, a registered investment company under the 1940 Act, and operates as a money market fund in compliance with Rule 2a-7 under the 1940 Act. See Note 8 for additional information regarding securities lending.

For the six months ended December 31, 2010, State Street earned securities lending agent fees from the following Funds:


	Securities Lending
	Agent Fees

SPDR Dow Jones Total Market ETF	$	3,294
SPDR Dow Jones Large Cap ETF		1,180
SPDR S&P 500 Growth ETF		2,097
SPDR S&P 500 Value ETF		1,165
SPDR Dow Jones Mid Cap ETF		3,683
SPDR S&P 400 Mid Cap Growth ETF		2,867
SPDR S&P 400 Mid Cap Value ETF		2,029
SPDR S&P 600 Small Cap ETF		5,508
SPDR S&P 600 Small Cap Growth ETF		14,276
SPDR S&P 600 Small Cap Value ETF		9,588
SPDR DJ Global Titans ETF		1,966
SPDR Dow Jones REIT ETF		23,238
SPDR KBW Bank ETF		11,994
SPDR KBW Capital Markets ETF		750
SPDR KBW Insurance ETF		1,560
SPDR KBW Mortgage Finance ETF		169
SPDR KBW Regional Banking ETF		34,993
SPDR Morgan Stanley Technology ETF		3,140
SPDR S&P Dividend ETF		56,598
SPDR S&P Biotech ETF		24,573
SPDR S&P Homebuilders ETF		22,470
SPDR S&P Metals & Mining ETF		15,895
SPDR S&P Oil & Gas Equipment & Services ETF		11,628
SPDR S&P Oil & Gas Exploration & Production ETF		7,411
SPDR S&P Pharmaceuticals ETF		9,422
SPDR S&P Retail ETF		51,968
SPDR S&P Semiconductor ETF		2,639
SPDR Wells Fargo Preferred Stock ETF		5,791

Distributor

196

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2010 (Unaudited)

1940 Act, each Fund, with the exception of SPDR Dow Jones Total Market ETF, is authorized to pay an amount of up to 0.25% of its average daily net assets for certain distribution-related activities. However, the Board of Trustees has determined that no such payments will be made through at least October 31, 2011 and therefore no such payments have been made.

The Distributor has established an assisted trading program to aid Authorized Participants in certain creation and redemption activity for which the Distributor receives commissions from Authorized Participants. In addition, the Distributor receives compensation from State Street associated with on-line creation and redemption activity of Authorized Participants.

Trustees’ Fees

The Trust and SPDR Index Share Funds (“SIS Trust”) pay, in the aggregate, each Independent Trustee an annual fee of $132,500 plus $7,500 per in-person meeting attended and $1,250 for each telephonic or video conference meeting attended. The Chairman of the Board receives an additional annual fee of $37,500 and the Chair of the Audit Committee receives an additional annual fee of $15,000. The Trust also reimburses each Independent Trustee 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 Trust and SIS Trust and each of their respective series in such a manner as deemed equitable, taking into consideration the relative net assets of the series.

Transactions with Affiliates

The Funds listed below have invested in an affiliated company, State Street Corp. Amounts relating to these investments at December 31, 2010 and for the period then ended are:


	Number of												Number of
	Shares Held		Value at		Purchased				Sold				Shares Held		Value at		Dividend		Realized
	at 6/30/10		6/30/10		Cost		Shares		Proceeds		Shares		12/31/10		12/31/10		Income		Gain/(Loss)

SPDR Dow Jones Total Market ETF		6,860	$	232,005	$	33,574		882	$	11,913		337		7,405	$	343,148	$	148	$	(618	)
SPDR Dow Jones Large Cap ETF		1,691		57,190		4,557		119		4,439		119		1,691		78,361		34		144
SPDR S&P 500 Growth ETF		17,609		595,536		11,661		300		798,949		17,909		—		—		163		(162,480	)
SPDR S&P 500 Value ETF		—		—		686,570		15,100		—		—		15,100		699,734		151		—
SPDR KBW Bank ETF		443,580		15,001,875		80,787,111		1,874,437		50,327,021		1,208,880		1,109,137		51,397,409		15,966		50,631
SPDR KBW Capital Markets ETF		106,332		3,596,148		5,301,182		123,330		4,167,826		102,147		127,515		5,909,045		2,176		(509,636	)

Each Fund may invest in certain money market funds managed by the Adviser, including the State Street Institutional Liquid Reserves Fund-Institutional Class (“Liquid Reserves Fund”), a series of State Street Institutional Investment Trust. The Liquid Reserves Fund is a feeder fund in a master/feeder fund structure that invests substantially all of its assets in the State Street Money Market Portfolio (“Master Portfolio”). The Liquid Reserves Fund does not pay an investment advisory fee to the Adviser, but the Master Portfolio in which it invests pays an investment advisory fee to the Adviser. The Liquid Reserves Fund intends to declare dividends on shares from net investment income daily and pay them as of the last business day of each month. All income distributions earned by the Funds from affiliated money market funds are recorded as dividend income on securities of affiliated issuers in the accompanying Statements of Operations. In addition, cash collateral from lending activities is invested in Prime Portfolio, for which SSgA FM serves as the investment adviser.

Amounts related to investments in Liquid Reserves Fund and/or Prime Portfolio at December 31, 2010 and for the period then ended are:


	Value at		Purchased				Sold				Value at				Realized
Liquid Reserves Fund	6/30/10		Cost		Shares		Proceeds		Shares		12/31/10		Income		Gain/(Loss)

SPDR Dow Jones Total Market ETF	$	541,450	$	3,772,456		3,772,456	$	3,992,428		3,992,428	$	321,478	$	672	$	—
SPDR Dow Jones Large Cap ETF		74,544		677,438		677,438		735,005		735,005		16,977		88		—
SPDR S&P 500 Growth ETF		100		3,569,257		3,569,257		2,863,120		2,863,120		706,237		530		—

197

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2010 (Unaudited)


	Value at		Purchased				Sold				Value at				Realized
Liquid Reserves Fund	6/30/10		Cost		Shares		Proceeds		Shares		12/31/10		Income		Gain/(Loss)

SPDR S&P 500 Value ETF	$	43,072	$	3,993,357		3,993,357	$	3,725,475		3,725,475	$	310,954	$	447	$	—
SPDR Dow Jones Mid Cap ETF		12,439		1,736,669		1,736,669		1,614,650		1,614,650		134,458		159		—
SPDR S&P 400 Mid Cap Growth ETF		253,449		2,503,535		2,503,535		2,641,252		2,641,252		115,732		183		—
SPDR S&P 400 Mid Cap Value ETF		37,720		1,348,941		1,348,941		1,288,524		1,288,524		98,137		112		—
SPDR S&P 600 Small Cap ETF		26,567		1,925,544		1,925,544		1,825,543		1,825,543		126,568		194		—
SPDR S&P 600 Small Cap Growth ETF		177,386		6,073,626		6,073,626		5,660,143		5,660,143		590,869		588		—
SPDR S&P 600 Small Cap Value ETF		96,833		4,013,806		4,013,806		3,921,815		3,921,815		188,824		283		—
SPDR DJ Global Titans ETF		100		1,764,771		1,764,771		1,602,640		1,602,640		162,231		153		—
SPDR Dow Jones REIT ETF		1,815,488		42,971,007		42,971,007		43,180,297		43,180,297		1,606,198		1,895		—
SPDR KBW Bank ETF		684,735		8,414,494		8,414,494		7,667,726		7,667,726		1,431,503		1,227		—
SPDR KBW Capital Markets ETF		74,340		2,096,706		2,096,706		1,213,773		1,213,773		957,273		118		—
SPDR KBW Insurance ETF		136,368		4,399,251		4,399,251		3,943,800		3,943,800		591,819		268		—
SPDR KBW Mortgage Finance ETF		6,754		70,935		70,935		75,125		75,125		2,564		6		—
SPDR KBW Regional Banking ETF		964,165		9,590,126		9,590,126		10,358,975		10,358,975		195,316		935		—
SPDR Morgan Stanley Technology ETF		372,470		934,579		934,579		1,113,414		1,113,414		193,635		436		—
SPDR S&P Dividend ETF		5,087,806		133,001,491		133,001,491		125,828,110		125,828,110		12,261,187		11,528		—
SPDR S&P Biotech ETF		269,146		8,417,566		8,417,566		8,431,581		8,431,581		255,131		522		—
SPDR S&P Homebuilders ETF		396,379		23,600,875		23,600,875		23,815,016		23,815,016		182,238		1,787		—
SPDR S&P Metals & Mining ETF		1,597,914		6,223,777		6,223,777		6,624,755		6,624,755		1,196,936		2,244		—
SPDR S&P Oil & Gas Equipment & Services ETF		240,252		7,213,714		7,213,714		5,659,472		5,659,472		1,794,494		447		—
SPDR S&P Oil & Gas Exploration & Production ETF		348,701		10,103,073		10,103,073		8,868,824		8,868,824		1,582,950		789		—
SPDR S&P Pharmaceuticals ETF		16,857		6,843,709		6,843,709		6,803,797		6,803,797		56,769		389		—
SPDR S&P Retail ETF		913,959		22,981,781		22,981,781		21,148,148		21,148,148		2,747,592		1,217		—
SPDR S&P Semiconductor ETF		119,723		1,444,579		1,444,579		1,179,239		1,179,239		385,063		157		—
SPDR Wells Fargo Preferred Stock ETF		210,792		6,613,666		6,613,666		6,310,671		6,310,671		513,787		416		—


	Value at		Purchased				Sold				Value at				Realized
Prime Portfolio	6/30/10		Cost		Shares		Proceeds		Shares		12/31/10		Income		Gain/(Loss)

SPDR Dow Jones Total Market ETF	$	9,918,748	$	26,254,606		26,254,606	$	27,230,166		27,230,166	$	8,943,188	$	18,812	$	—
SPDR Dow Jones Large Cap ETF		5,945,846		23,171,700		23,171,700		26,117,035		26,117,035		3,000,511		6,851		—
SPDR S&P 500 Growth ETF		7,399,558		16,376,709		16,376,709		21,333,882		21,333,882		2,442,385		11,494		—
SPDR S&P 500 Value ETF		2,713,149		46,745,761		46,745,761		45,682,572		45,682,572		3,776,338		6,524		—
SPDR Dow Jones Mid Cap ETF		15,395,297		15,771,745		15,771,745		14,776,649		14,776,649		16,390,393		20,905		—
SPDR S&P 400 Mid Cap Growth ETF		17,208,494		15,609,414		15,609,414		30,615,630		30,615,630		2,202,278		16,155		—
SPDR S&P 400 Mid Cap Value ETF		5,322,474		19,131,849		19,131,849		17,326,394		17,326,394		7,127,929		11,543		—
SPDR S&P 600 Small Cap ETF		14,231,812		29,507,431		29,507,431		25,977,141		25,977,141		17,762,102		32,795		—
SPDR S&P 600 Small Cap Growth ETF		28,390,690		46,941,822		46,941,822		53,530,259		53,530,259		21,802,253		81,027		—
SPDR S&P 600 Small Cap Value ETF		29,593,856		33,936,414		33,936,414		50,644,765		50,644,765		12,885,505		55,231		—
SPDR DJ Global Titans ETF		2,962,407		40,738,429		40,738,429		39,184,303		39,184,303		4,516,533		11,140		—
SPDR Dow Jones REIT ETF		132,239,179		389,677,388		389,677,388		395,371,931		395,371,931		126,544,636		128,714		—
SPDR KBW Bank ETF		46,080,711		381,710,386		381,710,386		240,229,024		240,229,024		187,562,073		67,970		—

198

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2010 (Unaudited)


	Value at		Purchased				Sold				Value at				Realized
Prime Portfolio	6/30/10		Cost		Shares		Proceeds		Shares		12/31/10		Income		Gain/(Loss)

SPDR KBW Capital Markets ETF	$	7,980,811	$	16,310,376		16,310,376	$	19,973,755		19,973,755	$	4,317,432	$	4,713	$	—
SPDR KBW Insurance ETF		4,237,598		77,667,776		77,667,776		75,677,136		75,677,136		6,228,238		8,836		—
SPDR KBW Mortgage Finance ETF		1,031,758		1,084,716		1,084,716		1,506,942		1,506,942		609,532		950		—
SPDR KBW Regional Banking ETF		161,564,684		215,604,578		215,604,578		268,842,768		268,842,768		108,326,494		198,306		—
SPDR Morgan Stanley Technology ETF		10,341,311		118,443,487		118,443,487		117,330,011		117,330,011		11,454,787		17,797		—
SPDR S&P Dividend ETF		275,284,148		1,530,002,036		1,530,002,036		1,331,989,521		1,331,989,521		473,296,663		402,804		—
SPDR S&P Biotech ETF		94,435,725		309,289,842		309,289,842		326,181,317		326,181,317		77,544,250		139,259		—
SPDR S&P Homebuilders ETF		112,277,545		431,585,999		431,585,999		437,521,344		437,521,344		106,342,200		127,360		—
SPDR S&P Metals & Mining ETF		75,252,050		443,935,375		443,935,375		418,361,305		418,361,305		100,826,120		87,077		—
SPDR S&P Oil & Gas Equipment & Services ETF		27,354,745		204,006,731		204,006,731		212,104,505		212,104,505		19,256,971		65,777		—
SPDR S&P Oil & Gas Exploration & Production ETF		48,293,877		169,883,854		169,883,854		176,322,845		176,322,845		41,854,886		39,773		—
SPDR S&P Pharmaceuticals ETF		30,386,719		75,982,562		75,982,562		95,025,018		95,025,018		11,344,263		53,387		—
SPDR S&P Retail ETF		67,696,465		454,052,497		454,052,497		455,141,394		455,141,394		66,607,568		292,620		—
SPDR S&P Semiconductor ETF		14,605,362		44,057,820		44,057,820		52,050,917		52,050,917		6,612,265		14,955		—
SPDR Wells Fargo Preferred Stock ETF		9,537,013		52,178,528		52,178,528		49,209,375		49,209,375		12,506,166		32,848		—


4.	Shareholder Transactions

Shares are issued and redeemed by a Fund only in Creation Unit size aggregations of 50,000 shares. Such transactions are generally on an in-kind basis, with a separate cash payment, which is a balancing cash component to equate the transaction to the net asset value per unit of the Fund on the transaction date. Transaction fees ranging from $250 to $4,500 are charged to Authorized Participants for transactions on a given day regardless of the number of Creation Units that are created or redeemed on the same day are charged to Authorized Participants. An additional fee, including a variable fee, may be charged for certain transactions. Transaction fees are received by the Trust and/or Custodian and used to defray related expenses. The Custodian also receives amounts earned on cash collateral provided by Authorized Participants pending delivery of missing deposit securities.


5.	Aggregate Unrealized Appreciation and Depreciation

The identified cost of investments in securities owned by each Fund for federal income tax purposes was substantially the same as cost for financial reporting purposes. Accordingly, gross unrealized appreciation and depreciation at December 31, 2010 was as follows:


			Gross		Gross		Net Unrealized
	Identified		Unrealized		Unrealized		Appreciation
	Cost		Appreciation		Depreciation		(Depreciation)

SPDR Dow Jones Total Market ETF	$	190,072,312	$	39,425,243	$	17,867,134	$	21,558,109
SPDR Dow Jones Large Cap ETF		35,521,543		9,420,378		688,653		8,731,725
SPDR S&P 500 Growth ETF		173,028,723		24,795,386		5,168,134		19,627,252
SPDR S&P 500 Value ETF		170,598,274		13,090,079		11,932,739		1,157,340
SPDR Dow Jones Mid Cap ETF		67,180,420		9,795,806		1,450,782		8,345,024
SPDR S&P 400 Mid Cap Growth ETF		73,505,057		948,762		1,300,984		(352,222	)
SPDR S&P 400 Mid Cap Value ETF		33,181,671		1,288,332		315,210		973,122
SPDR S&P 600 Small Cap ETF		84,907,538		547,105		1,811,311		(1,264,206	)

199

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2010 (Unaudited)


			Gross		Gross		Net Unrealized
	Identified		Unrealized		Unrealized		Appreciation
	Cost		Appreciation		Depreciation		(Depreciation)

SPDR S&P 600 Small Cap Growth ETF	$	199,415,573	$	1,749,448	$	4,861,398	$	(3,111,950	)
SPDR S&P 600 Small Cap Value ETF		148,750,139		3,951,000		5,416,562		(1,465,562	)
SPDR DJ Global Titans ETF		135,268,828		9,085,076		17,588,292		(8,503,216	)
SPDR Dow Jones REIT ETF		1,523,175,681		99,219,919		131,614,596		(32,394,677	)
SPDR KBW Bank ETF		2,205,026,001		17,308,171		58,476,376		(41,168,205	)
SPDR KBW Capital Markets ETF		99,824,533		273,496		18,205,154		(17,931,658	)
SPDR KBW Insurance ETF		243,471,669		5,416,601		7,776,490		(2,359,889	)
SPDR KBW Mortgage Finance ETF		2,883,287		145,793		306,790		(160,997	)
SPDR KBW Regional Banking ETF		1,015,886,472		5,717,136		120,634,849		(114,917,713	)
SPDR Morgan Stanley Technology ETF		227,224,149		26,534,252		24,288,890		2,245,362
SPDR S&P Dividend ETF		5,053,771,074		469,627,523		12,638,388		456,989,135
SPDR S&P Biotech ETF		551,092,150		46,060,868		27,574,744		18,486,124
SPDR S&P Homebuilders ETF		993,327,247		23,007,391		39,895,020		(16,887,629	)
SPDR S&P Metals & Mining ETF		1,208,128,395		107,703,954		22,166,602		85,537,352
SPDR S&P Oil & Gas Equipment & Services ETF		401,820,361		74,648,295		4,413,390		70,234,905
SPDR S&P Oil & Gas Exploration & Production ETF		762,414,185		29,094,935		13,272,660		15,822,275
SPDR S&P Pharmaceuticals ETF		200,616,619		25,122,549		4,919,898		20,202,651
SPDR S&P Retail ETF		1,054,332,814		10,316,026		21,661,363		(11,345,337	)
SPDR S&P Semiconductor ETF		118,696,337		1,336,774		4,236,561		(2,899,787	)
SPDR Wells Fargo Preferred Stock ETF		112,515,732		3,245,584		204,471		3,041,113


6.	Investment Transactions

For the six months ended December 31, 2010, the Trust had in-kind contributions and in-kind redemptions as follows:


					Realized
	Contributions		Redemptions		Gain/(Loss)


SPDR Dow Jones Total Market ETF	$	16,521,460	$	7,858,855	$	2,367,649
SPDR Dow Jones Large Cap ETF		2,558,571		2,534,328		670,046
SPDR S&P 500 Growth ETF		—		17,451,351		2,337,452
SPDR S&P 500 Value ETF		53,258,636		11,969,625		2,627,096
SPDR Dow Jones Mid Cap ETF		2,886,718		9,781,647		2,062,980
SPDR S&P 400 Mid Cap Growth ETF		73,798,858		80,509,249		16,725,263
SPDR S&P 400 Mid Cap Value ETF		14,117,449		12,935,538		2,329,997
SPDR S&P 600 Small Cap ETF		68,790,849		67,479,384		13,811,283
SPDR S&P 600 Small Cap Growth ETF		183,077,021		170,705,765		36,586,667
SPDR S&P 600 Small Cap Value ETF		—		35,033,039		5,158,855
SPDR DJ Global Titans ETF		27,498,740		2,544,160		(8,971	)
SPDR Dow Jones REIT ETF		68,793,551		57,281,956		12,852,160
SPDR KBW Bank ETF		3,150,323,750		2,075,103,030		18,449,371
SPDR KBW Capital Markets ETF		68,184,383		53,714,718		(2,618,938	)
SPDR KBW Insurance ETF		308,009,892		270,483,661		1,701,429
SPDR KBW Mortgage Finance ETF		—		2,089,626		82,250
SPDR KBW Regional Banking ETF		1,399,200,551		1,382,080,696		(29,172,440	)

200

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2010 (Unaudited)


					Realized
	Contributions		Redemptions		Gain/(Loss)

SPDR Morgan Stanley Technology ETF	$	6,314,220	$	19,606,971	$	1,479,915
SPDR S&P Dividend ETF		2,756,502,866		83,580,878		18,643,620
SPDR S&P Biotech ETF		167,378,761		221,002,912		27,922,248
SPDR S&P Homebuilders ETF		883,040,893		845,712,940		25,112,721
SPDR S&P Metals & Mining ETF		1,397,510,524		1,279,893,465		102,382,162
SPDR S&P Oil & Gas Equipment & Services ETF		137,571,798		52,490,550		9,537,921
SPDR S&P Oil & Gas Exploration & Production ETF		2,085,756,028		2,061,512,559		66,030,049
SPDR S&P Pharmaceuticals ETF		62,244,994		26,856,938		8,384,767
SPDR S&P Retail ETF		5,705,647,402		5,603,319,086		119,241,522
SPDR S&P Semiconductor ETF		142,251,910		159,063,129		10,678,798
SPDR Wells Fargo Preferred Stock ETF		40,684,786		6,606,154		584,460

The in-kind contributions and in-kind redemptions in this table may not accord with the beneficial interest transactions on the Statements of Changes. The table represents the accumulation of a Fund’s daily net shareholder transactions while the Statements of Changes reflect gross shareholder transactions including any cash component of the transaction.

For the six months ended December 31, 2010, the Trust had purchases and sales of investment securities as follows:


	Purchases		Sales

SPDR Dow Jones Total Market ETF	$	3,075,469	$	2,652,642
SPDR Dow Jones Large Cap ETF		1,117,660		1,066,649
SPDR S&P 500 Growth ETF		83,203,516		83,654,079
SPDR S&P 500 Value ETF		62,536,549		63,119,701
SPDR Dow Jones Mid Cap ETF		6,749,662		6,351,445
SPDR S&P 400 Mid Cap Growth ETF		53,662,850		53,154,756
SPDR S&P 400 Mid Cap Value ETF		21,488,477		21,485,434
SPDR S&P 600 Small Cap ETF		46,985,283		46,997,941
SPDR S&P 600 Small Cap Growth ETF		140,953,341		140,568,394
SPDR S&P 600 Small Cap Value ETF		108,796,550		108,732,483
SPDR DJ Global Titans ETF		1,647,524		1,267,815
SPDR Dow Jones REIT ETF		82,924,525		84,405,437
SPDR KBW Bank ETF		185,031,215		186,183,058
SPDR KBW Capital Markets ETF		1,940,728		1,899,311
SPDR KBW Insurance ETF		11,627,977		12,070,440
SPDR KBW Mortgage Finance ETF		421,467		435,271
SPDR KBW Regional Banking ETF		23,140,566		22,045,067
SPDR Morgan Stanley Technology ETF		21,642,002		21,529,432
SPDR S&P Dividend ETF		1,551,416,003		1,559,396,101
SPDR S&P Biotech ETF		110,844,672		111,640,449
SPDR S&P Homebuilders ETF		105,346,746		106,331,475
SPDR S&P Metals & Mining ETF		174,946,559		175,640,684
SPDR S&P Oil & Gas Equipment & Services ETF		105,447,410		105,652,915
SPDR S&P Oil & Gas Exploration & Production ETF		129,542,351		126,784,646
SPDR S&P Pharmaceuticals ETF		52,150,332		53,027,314

201

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2010 (Unaudited)


	Purchases		Sales

SPDR S&P Retail ETF	$	197,540,735	$	200,302,225
SPDR S&P Semiconductor ETF		23,046,224		23,349,050
SPDR Wells Fargo Preferred Stock ETF		7,725,356		8,404,588

For the six months ended December 31, 2010, the Trust did not pay any commissions to an affiliate of the Adviser for investment transactions.


7.	Concentration of Risk

A Fund’s assets may be concentrated in a particular industry, group of industries or sector. Because each Fund will generally concentrate its investments to approximately the same extent that its index is so concentrated, a Fund may be adversely affected by the performance of a particular industry, group of industries or sector, and its shares may be subject to increased price volatility. In addition, if a Fund concentrates in a single industry or group of industries, it may be more susceptible to any single economic, market, political or regulatory occurrence affecting that industry or group of industries.


8.	Securities Lending

Each Fund may lend securities up to 331/3% of its total assets to qualified broker-dealers or institutional investors. The loans are secured at all times by cash, cash equivalents or U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. The value of the collateral held with respect to a loaned security may be temporarily more or less than the value of a security due to market fluctuation of securities values. With respect to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities which are subject to the loan, the borrower will be notified to provide additional collateral. The Funds will regain record ownership of loaned securities to exercise certain beneficial rights; however, the Funds may bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower fail financially. In addition, a Fund will bear the risk of loss of any cash collateral that it may invest. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as lending agent. Proceeds collected by State Street on investment of cash collateral or any fee income is partially allocated to State Street as compensation for its lending services.

The market value of securities on loan as of December 31, 2010 and the value of the invested cash collateral are disclosed in the Statements of Assets and Liabilities. Securities lending income, as disclosed in the Funds’ Statements of Operations, represent the income earned from the investment of cash collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as lending agent.

202

SPDR SERIES TRUST
OTHER INFORMATION

December 31, 2010 (Unaudited)

Shareholder Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs which may include creation and redemption fees or brokerage charges and (2) ongoing costs, including management fees, trustee fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested on July 1, 2010 and held for the six months ended December 31, 2010.

Actual Expenses

The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first table under the heading entitled “Expenses Paid During Period” to estimate the expenses attributable to your investment during this period.

Hypothetical Example for Comparison Purposes

The second table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Fund’s actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are provided to enable you to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The Funds charge transaction fees at scheduled amounts ranging from $250 to $4,500 per Creation Unit to those persons creating or redeeming Creation Units. If you buy or sell the Funds’ shares in the secondary market, you will incur customary brokerage commissions and charges.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as creation and redemption fees, or brokerage charges. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.


								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		7/1/10 to
Actual	Expense Ratio			7/1/10		12/31/10		12/31/10

SPDR Dow Jones Total Market ETF		0.23	%	$	1,000	$	1,240.30	$	1.30
SPDR Dow Jones Large Cap ETF		0.24			1,000		1,236.10		1.35
SPDR S&P 500 Growth ETF		0.23			1,000		1,262.50		1.31
SPDR S&P 500 Value ETF		0.23			1,000		1,213.80		1.28
SPDR Dow Jones Mid Cap ETF		0.29			1,000		1,277.50		1.66
SPDR S&P 400 Mid Cap Growth ETF		0.31			1,000		1,311.70		1.81
SPDR S&P 400 Mid Cap Value ETF		0.29			1,000		1,223.20		1.63
SPDR S&P 600 Small Cap ETF		0.30			1,000		1,287.70		1.73
SPDR S&P 600 Small Cap Growth ETF		0.29			1,000		1,323.20		1.70
SPDR S&P 600 Small Cap Value ETF		0.29			1,000		1,248.10		1.64
SPDR DJ Global Titans ETF		0.55			1,000		1,215.80		3.07
SPDR Dow Jones REIT ETF		0.27			1,000		1,214.50		1.51
SPDR KBW Bank ETF		0.38			1,000		1,135.00		2.04
SPDR KBW Capital Markets ETF		0.42			1,000		1,251.90		2.38
SPDR KBW Insurance ETF		0.38			1,000		1,235.40		2.14
SPDR KBW Mortgage Finance ETF		0.38			1,000		1,097.80		2.01

203

SPDR SERIES TRUST
OTHER INFORMATION (continued)

December 31, 2010 (Unaudited)


								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		7/1/10 to
Actual	Expense Ratio			7/1/10		12/31/10		12/31/10

SPDR KBW Regional Banking ETF		0.37	%	$	1,000	$	1,152.30	$	2.01
SPDR Morgan Stanley Technology ETF		0.55			1,000		1,288.90		3.17
SPDR S&P Dividend ETF		0.37			1,000		1,171.90		2.03
SPDR S&P Biotech ETF		0.38			1,000		1,216.90		2.12
SPDR S&P Homebuilders ETF		0.39			1,000		1,234.10		2.20
SPDR S&P Metals & Mining ETF		0.38			1,000		1,512.40		2.41
SPDR S&P Oil & Gas Equipment & Services ETF		0.40			1,000		1,475.40		2.50
SPDR S&P Oil & Gas Exploration & Production ETF		0.37			1,000		1,354.00		2.20
SPDR S&P Pharmaceuticals ETF		0.37			1,000		1,200.50		2.05
SPDR S&P Retail ETF		0.37			1,000		1,364.80		2.21
SPDR S&P Semiconductor ETF		0.40			1,000		1,309.80		2.33
SPDR Wells Fargo Preferred Stock ETF		0.47			1,000		1,100.60		2.49


								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		7/1/10 to
Hypothetical	Expense Ratio			7/1/10		12/31/10		12/31/10

SPDR Dow Jones Total Market ETF		0.23	%	$	1,000	$	1,024.05	$	1.17
SPDR Dow Jones Large Cap ETF		0.24			1,000		1,024.00		1.22
SPDR S&P 500 Growth ETF		0.23			1,000		1,024.05		1.17
SPDR S&P 500 Value ETF		0.23			1,000		1,024.05		1.17
SPDR Dow Jones Mid Cap ETF		0.29			1,000		1,023.74		1.48
SPDR S&P 400 Mid Cap Growth ETF		0.31			1,000		1,023.64		1.58
SPDR S&P 400 Mid Cap Value ETF		0.29			1,000		1,023.74		1.48
SPDR S&P 600 Small Cap ETF		0.30			1,000		1,023.69		1.53
SPDR S&P 600 Small Cap Growth ETF		0.29			1,000		1,023.74		1.48
SPDR S&P 600 Small Cap Value ETF		0.29			1,000		1,023.74		1.48
SPDR DJ Global Titans ETF		0.55			1,000		1,022.43		2.80
SPDR Dow Jones REIT ETF		0.27			1,000		1,023.84		1.38
SPDR KBW Bank ETF		0.38			1,000		1,023.29		1.94
SPDR KBW Capital Markets ETF		0.42			1,000		1,023.09		2.14
SPDR KBW Insurance ETF		0.38			1,000		1,023.29		1.94
SPDR KBW Mortgage Finance ETF		0.38			1,000		1,023.29		1.94
SPDR KBW Regional Banking ETF		0.37			1,000		1,023.34		1.89
SPDR Morgan Stanley Technology ETF		0.55			1,000		1,022.43		2.80
SPDR S&P Dividend ETF		0.37			1,000		1,023.34		1.89
SPDR S&P Biotech ETF		0.38			1,000		1,023.29		1.94
SPDR S&P Homebuilders ETF		0.39			1,000		1,023.24		1.99
SPDR S&P Metals & Mining ETF		0.38			1,000		1,023.29		1.94
SPDR S&P Oil & Gas Equipment & Services ETF		0.40			1,000		1,023.19		2.04

204

SPDR SERIES TRUST
OTHER INFORMATION

December 31, 2010 (Unaudited)

Proxy Voting Policies and Procedures and Records

A description of the Trust’s proxy voting policies and procedures that are used by the Funds’ investment adviser to vote proxies relating to the Funds’ portfolio of securities are available (i) without charge, upon request by calling 1-866-787-2257 (toll free) or (ii) on the website of the Securities and Exchange Commission, at www.sec.gov.

Information regarding how proxies were voted relating to the Funds’ portfolio securities for the prior 12-months period ended June 30 is available by August 31 of each year by calling the same number above (toll free) and on the SEC’s website, at www.sec.gov, and on the Funds’ website at www.spdrs.com.

Quarterly Portfolio Schedule

The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The information on the Form N-Q is available upon request, without charge, by calling 1-800-843-2639 (toll free) and on the Funds’ website at www.spdrs.com.

Full Portfolio Schedule

The complete schedule of portfolio holdings for the following Funds is available on the Funds’ website at www.spdrs.com, without charge, upon request, by calling 1-800-787-2257 (toll free) and on the SEC’s website at www.sec.gov.

SPDR Dow Jones Total Market ETF

SPDR Dow Jones Large Cap ETF

SPDR S&P 500 Growth ETF

SPDR S&P 500 Value ETF

SPDR Dow Jones Mid Cap ETF

SPDR S&P 400 Mid Cap Growth ETF

SPDR S&P 400 Mid Cap Value ETF

SPDR S&P 600 Small Cap ETF

SPDR S&P 600 Small Cap Growth ETF

SPDR S&P 600 Small Cap Value ETF

Approval of Advisory Agreement

At in-person meetings held during the six-month period ended December 31, 2010, the Board of Trustees of the Trust (the “Board”) evaluated proposals to continue the Investment Advisory Agreement with respect to the operational and non-operational series of the Trust (each, a “SPDR ETF” and collectively, the “SPDR ETFs”). The Trustees who are not “interested persons” of the Trust within the meaning of the Investment Company Act of 1940, as amended (the “Independent Trustees”) also met separately with their independent legal counsel to consider the Investment Advisory Agreement.

In evaluating the Investment Advisory Agreement, the Board drew on materials provided to them at their request by independent legal counsel, the Adviser and State Street Bank and Trust Company, the Trust’s Administrator, Transfer Agent, Custodian and Securities Lending Agent (“State Street”). In deciding whether to approve the Investment Advisory Agreement, the Board considered various factors, including (i) the nature, extent and quality of services provided by, or to be provided by, the Adviser with respect to the SPDR ETFs under the Investment Advisory Agreement, (ii) investment performance of the SPDR ETFs, (iii) costs to the Adviser of its services and profits realized by the Adviser from its relationship with the Trust, and (iv) the extent to which economies of scale would be realized if and as the SPDR ETFs grow and whether fee levels in the Investment Advisory Agreement reflect these economies of scale.

206

SPDR SERIES TRUST
OTHER INFORMATION (continued)

December 31, 2010 (Unaudited)

the SPDR ETFs in accordance with each SPDR ETF’s investment objective, investment policies, and applicable legal and regulatory requirements. The Board appreciated the relatively unique nature of the SPDR ETFs, as exchange-traded funds, and the experience and expertise of the Adviser with exchange-traded funds. The Board considered the background and experience of the Adviser’s senior management, including those individuals responsible for portfolio management and compliance of the SPDR ETFs. The Board also considered the portfolio management resources, structures and practices, including those associated with monitoring and securing each SPDR ETF’s compliance with its investment objectives and policies and with applicable laws and regulations. The Board also considered information about the Adviser’s best execution procedures and overall investment management business, noting that the Adviser serves a wide range of clients across a broad spectrum of asset classes. The Board looked at the Adviser’s general knowledge of the investment business and that of its affiliates which make up State Street Global Advisors, with which the Adviser shares all of its senior personnel. The Board considered that the Adviser and its affiliates constitute one of the world’s largest investment management enterprises for indexed products generally and exchange-traded funds in particular. The Board considered the Adviser’s experience in managing equity exchange-traded funds. The Board then determined that the nature, extent and quality of services provided by the Adviser to the SPDR ETFs were necessary and appropriate.

The Board reviewed the SPDR ETFs’ performance, noting that the distinctive indexed investment objective of each of the SPDR ETFs made analysis of investment performance, in absolute terms, less of a priority than that which normally attaches to performance of actively-managed funds. The Board was more concerned with the extent to which each SPDR ETF achieved its objective as a passively managed index fund. The Board reviewed information regarding each SPDR ETF’s index tracking and tracking error, noting that each SPDR ETF satisfactorily tracked its benchmark index. The Board also discussed the tax efficiency of the SPDR ETFs. The Board then determined that the performance of each SPDR ETF was satisfactory.

The Board considered the profitability of the advisory arrangement with the SPDR ETFs to the Adviser, including data on the SPDR ETFs’ historical profitability to the Adviser. The Independent Trustees, through their counsel, had the opportunity to discuss, with representatives of the Adviser and State Street, methodologies used in computing costs that formed the bases of profitability calculations and determined that these methodologies were reasonable. The Board concluded that, to the extent that the Adviser’s relationships with the SPDR ETFs had been profitable, profitability was not excessive.

The Board considered whether the Adviser or its affiliates benefited in other ways from their relationship with the Trust, noting that the Adviser does not maintain soft-dollar arrangements in connection with the Trust’s brokerage transactions. The Board concluded that, to the extent that the Adviser or its affiliates derive benefits from their relationship with the Trust, those benefits are not so significant as to cause the Adviser’s fees with respect to the SPDR ETFs to be excessive.

The Board determined that the Adviser is likely to realize economies of scale in managing the SPDR ETFs as assets grow in size. The Board further determined that such economies of scale are currently shared with the SPDR ETFs by way of the relatively low advisory fee and unitary fee structure of the Trust, although the Board intends to continue to monitor fees as SPDR ETFs grow in size and assess whether fee breakpoints may be warranted.

The Board evaluated the SPDR ETFs’ unitary fee through review of comparative information with respect to fees paid by similar funds — i.e., exchange-traded funds tracking equity indexes. The Board reviewed the universe of similar exchange-traded funds for the SPDR ETFs based upon data from Lipper Analytical Services and related comparative information for similar exchange-traded funds. The Board also reviewed the historical expense ratios of the SPDR ETFs, estimated expense ratios of the new SPDR ETFs, and the unitary fee structure. The Board used a fund by fund analysis of the data. The Board concluded, based on the information presented, that each SPDR ETF’s fees were fair and reasonable in light of those of their direct competitors.

207

SPDR SERIES TRUST
OTHER INFORMATION (continued)

December 31, 2010 (Unaudited)

to be provided, were fair and reasonable; (d) profitability of the Trust’s relationship with the Adviser was not excessive; (e) any additional benefits to the Adviser or its affiliates were not of a magnitude to materially affect the Board’s conclusions; and (f) fees paid to the Adviser adequately shared the economies of scale with the SPDR ETFs by way of the relatively low fee structure of the Trust.

The Board also considered the renewal of the Sub-Advisory Agreement (the “Sub-Advisory Agreement”) between the Trust and The Tuckerman Group LLC, an affiliate of the Adviser (the “Sub-Adviser”) with respect to the real estate series of the Trust (the “Real Estate ETF”), after review of materials provided to them at their request by independent legal counsel, the Adviser, Sub-Adviser and State Street. In deciding whether to approve the Sub-Advisory Agreement, the Board considered various factors, including (i) the nature, extent and quality of services provided by the Sub-Adviser with respect to the Real Estate ETF under the Sub-Advisory Agreement, (ii) investment performance of the Real Estate ETF, (iii) fees charged by the Sub-Adviser and any additional benefits received by the Sub-Adviser due to its relationship with the Adviser and the Trust, and (iv) the extent to which economies of scale would be realized if and as the Real Estate ETF grows and whether fee levels in the Sub-Advisory Agreement reflect these economies of scale.

The Board considered the background and experience of the Sub-Adviser’s senior management and in particular the Sub-Adviser’s experience in investing in real estate investment trusts. The Board considered that the Real Estate ETF satisfactorily tracked its benchmark index. In light of the Board’s determination that the unitary fee paid to the Adviser by the Real Estate ETF was fair and reasonable and that the Sub-Adviser’s fees are paid by the Adviser, the Board did not believe it necessary to evaluate the Sub-Adviser’s profitability.

The Board, including the Independent Trustees voting separately, approved the Sub-Advisory Agreement after weighing the foregoing factors, none of which was dispositive in itself and may have been weighed by each Trustee differently. The Board’s conclusions with respect to the Sub-Advisory Agreement were as follows: (a) the nature and extent of the services provided by the Sub-Adviser to the Real Estate ETF was appropriate; (b) the performance and, more importantly, the index tracking, of the Real Estate ETF had been satisfactory; (c) the Sub-Adviser’s fees for the Real Estate ETF and the unitary fee, considered in relation to the services provided, were fair and reasonable; (d) any additional benefits to the Sub-Adviser were not of a magnitude to materially affect the Board’s conclusions; and (e) the fees paid to the Sub-Adviser adequately shared the economies of scale with the Real Estate ETF.

208

The SPDR^® Family of Exchange Traded Funds

The following is a list of SPDR ETFs being offered, along with their respective exchange trading symbols. Please call 1-866-787-2257 to obtain a prospectus for any SPDR ETF. The prospectus contains more complete information, including charges, expenses, investment objectives and risk factors that should be carefully considered to determine if the Fund(s) are an appropriate investment for you. Read the prospectus(es) carefully before investing. Investing involves risk, including possible loss of principal.

SPDR Series Trust

SPDR Dow Jones Total Market ETF (TMW)

SPDR Dow Jones Large Cap ETF (ELR)

SPDR S&P 500 Growth ETF (SPYG)

SPDR S&P 500 Value ETF (SPYV)

SPDR Dow Jones Mid Cap ETF (EMM)

SPDR S&P 400 Mid Cap Growth ETF (MDYG)

SPDR S&P 400 Mid Cap Value ETF (MDYV)

SPDR S&P 600 Small Cap ETF (SLY)

SPDR S&P 600 Small Cap Growth ETF (SLYG)

SPDR S&P 600 Small Cap Value ETF (SLYV)

SPDR DJ Global Titans ETF (DGT)

SPDR Dow Jones REIT ETF (RWR)

SPDR KBW Bank ETF (KBE)

SPDR KBW Capital Markets ETF (KCE)

SPDR KBW Insurance ETF (KIE)

SPDR KBW Mortgage Finance ETF(KME)

SPDR KBW Regional Banking ETF (KRE)

SPDR Morgan Stanley Technology ETF (MTK)

SPDR S&P Dividend ETF (SDY)

SPDR S&P Biotech ETF (XBI)

SPDR S&P Health Care Equipment ETF (XHE)

SPDR S&P Homebuilders ETF (XHB)

SPDR S&P Metals & Mining ETF (XME)

SPDR S&P Oil & Gas Equipment & Services ETF (XES)

SPDR S&P Oil & Gas Exploration & Production ETF (XOP)

SPDR S&P Pharmaceuticals ETF (XPH)

SPDR S&P Retail ETF (XRT)

SPDR S&P Semiconductor ETF (XSD)

SPDR S&P Telecom ETF (XTL)

SPDR S&P Transportation ETF (XTN)

SPDR Wells Fargo Preferred Stock ETF (PSK)

SPDR Barclays Capital 1-3 Month T-Bill ETF (BIL)

SPDR Barclays Capital TIPS ETF (IPE)

SPDR Barclays Capital Intermediate Term Treasury ETF (ITE)

SPDR Barclays Capital Long Term Treasury ETF (TLO)

SDPR Barclays Capital Short Term Corporate Bond ETF (SCPB)

SPDR Barclays Capital Intermediate Term Corporate Bond ETF (ITR)

SPDR Barclays Capital Long Term Corporate Bond ETF (LWC)

SPDR Barclays Capital Convertible Securities ETF (CWB)

SPDR Barclays Capital Mortgage Backed Bond ETF (MBG)

SPDR Barclays Capital Aggregate Bond ETF (LAG)

SPDR Nuveen Barclays Capital Municipal Bond ETF (TFI)

SPDR Nuveen Barclays Capital California Municipal Bond ETF (CXA)

SPDR Nuveen Barclays Capital New York Municipal Bond ETF (INY)

SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF (SHM)

SPDR Nuveen S&P VRDO Municipal Bond ETF (VRD)

SPDR Nuveen Barclays Capital Build America Bond ETF

SPDR DB International Government Inflation-Protected Bond ETF (WIP)

SPDR Barclays Capital Short Term International Treasury Bond ETF (BWZ)

SPDR Barclays Capital International Treasury Bond ETF (BWX)

SPDR Barclays Capital International Corporate Bond ETF (IBND)

SPDR Barclays Capital Emerging Markets Local Bond ETF (EBND)

SPDR Barclays Capital High Yield Bond ETF (JNK)

The Select Sectors SPDR Trust

The Consumer Discretionary Select Sector SPDR Fund (XLY)

The Consumer Staples Select Sector SPDR Fund (XLP)

The Energy Select Sector SPDR Fund (XLE)

The Financial Select Sector SPDR Fund (XLF)

The Health Care Select Sector SPDR Fund (XLV)

The Industrial Select Sector SPDR Fund (XLI)

The Materials Select Sector SPDR Fund (XLB)

The Technology Select Sector SPDR Fund (XLK)

The Utilities Select Sector SPDR Fund (XLU)

SPDR Index Shares Funds

SPDR STOXX Europe 50 ETF (FEU)

SPDR EURO STOXX 50 ETF (FEZ)

SPDR S&P Emerging Asia Pacific ETF (GMF)

SPDR S&P Russia ETF (RBL)

SPDR S&P China ETF (GXC)

SPDR S&P Emerging Markets ETF (GMM)

SPDR S&P Emerging Markets Dividend ETF (EDIV)

SPDR S&P BRIC 40 ETF (BIK)

SPDR S&P Emerging Europe ETF (GUR)

SPDR S&P Emerging Latin America ETF GML)

SPDR S&P Emerging Middle East & Africa ETF (GAF)

SPDR S&P World ex-US ETF (GWL)

SPDR S&P International Small Cap ETF (GWX)

SPDR Dow Jones International Real Estate ETF (RWX)

SPDR FTSE/Macquarie Global Infrastructure 100 ETF (GII)

SPDR MSCI ACWI ex-US ETF (CWI)

SPDR Russell/Nomura PRIME Japan ETF (JPP)

SPDR Russell/Nomura Small Cap Japan ETF (JSC)

SPDR S&P International Dividend ETF (DWX)

SPDR S&P International Mid Cap ETF (MDD)

SPDR S&P Emerging Markets Small Cap ETF (EWX)

SPDR Dow Jones Global Real Estate ETF (RWO)

SPDR S&P Global Natural Resources ETF (GNR)

SPDR S&P International Consumer Discretionary Sector ETF (IPD)

SPDR S&P International Consumer Staples Sector ETF (IPS)

SPDR S&P International Energy Sector ETF (IPW)

SPDR S&P International Financial Sector ETF (IPF)

SPDR S&P International Health Care Sector ETF (IRY)

SPDR S&P International Industrial Sector ETF (IPN)

SPDR S&P International Materials Sector ETF (IRV)

SPDR S&P International Technology Sector ETF (IPK)

SPDR S&P International Telecommunications Sector ETF (IST)

SPDR S&P International Utilities Sector ETF (IPU)

SPDR Dow Jones Industrial Average ETF Trust (DIA)

SPDR S&P 500 ETF Trust (SPY)

State Street Global Markets, LLC, member FINRA, SIPC, is distributor for all investment portfolios of SPDR Series Trust and SPDR Index Shares Funds. ALPS Distributors, Inc., a registered broker-dealer, is distributor for SPDR S&P 500 ETF Trust (SPY) and SPDR Dow Jones Industrial Average ETF Trust (DIA), both unit investment trusts, and all investment portfolios of The Select Sector SPDR Trust.

SPDR Series Trust

trustees
Bonny E. Boatman
Dwight D. Churchill
David M. Kelly
Frank Nesvet, Chairman
James E. Ross
Carl G. Verboncoeur

officers
James E. Ross, President
Anthony Rochte, Vice President
Ellen M. Needham, Vice President
Michael P. Riley, Vice President
Chad C. Hallett, Treasurer
Matthew W. Flaherty, Assistant Treasurer
Laura F. Healy, Assistant Treasurer
Ryan M. Louvar, Secretary
Mark E. Tuttle, Assistant Secretary
Cuan Coulter, Chief Compliance Officer (through 2/22/11)
Jacqueline Angell, Chief Compliance Officer (effective 2/22/11)

investment manager
SSgA Funds Management, Inc.
State Street Financial Center
One Lincoln Street
Boston, MA 02111

distributor
State Street Global Markets, LLC
One Lincoln Street
Boston, MA 02111

custodian, administrator and transfer agent
State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111

legal counsel
Morgan, Lewis and Bockius LLP
1111 Pennsylvania Avenue, NW
Washington, DC 20004

independent registered public accounting firm
Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116

Fund Shares are distributed by State Street Global Markets, LLC, a wholly-owned subsidiary of State Street Corporation. State Street Global Markets, LLC; member FINRA, SIPC.

The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting www.spdrs.com Please read the prospectus carefully before you invest.

State Street Global Advisors
State Street Financial Center
One Lincoln Street
Boston, MA 02111

ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns.

For SPDR S&P 600 Small Cap ETF, SPDR S&P 600 Small Cap Growth ETF, SPDR S&P 600 Small Cap Value ETF, SPDR Morgan Stanley Technology ETF, SPDR Dow Jones REIT ETF, SPDR KBW Bank ETF, SPDR KBW Capital Markets ETF, SPDR KBW Insurance ETF, SPDR KBW Regional Banking ETF, SPDR KBW Mortgage Finance ETF, SPDR S&P Dividend ETF, SPDR S&P Biotech ETF, SPDR Homebuilders ETF, SPDR Semiconductor ETF, SPDR S&P Metals & Mining ETF, SPDR S&P Oil & Gas Equipment & Services ETF, SPDR S&P Oil & Gas Exploration & Production ETF, SPDR S&P Pharmaceuticals ETF and SPDR S&P Retail ETF: In addition to the normal risks associated with equity investing, narrowly focused investments and investments in smaller companies typically exhibit higher volatility and price fluctuation.

For SPDR DJ Global Titans ETF: International investments may involve risk of capital loss from unfavorable fluctuations in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations.

For SPDR Wells Fargo Preferred Stock ETF: Preferred Securities are subordinated to bonds and other debt instruments, and will be subject to greater credit risk. The fund may contain interest rate risk (as interest rates rise bond prices usually fall); the risk of issuer default; inflation risk; and issuer call risk. The Fund may invest in US dollar-denominated securities of foreign issuers traded in the United States.

In general, Fund shares can be expected to move up or down in value with the value of the applicable index. Although Fund shares may be bought and sold on the exchange through any brokerage account, Fund shares are not individually redeemable from the Fund. Investors may directly acquire shares of the Funds and tender them for redemption in Creation Unit Aggregations only. Please see the prospectus for more details.

The Funds are not sponsored, endorsed, sold, or promoted by Dow Jones & Company, Morgan Stanley, Keefe, Bruyette & Woods, Inc., Standard & Poor’s and Wells Fargo & Company. Neither do these companies make any representation regarding the advisability of investing in the Funds. The Funds are distributed by State Street Global Markets, LLC, a wholly-owned subsidiary of State Street Corporation. State Street Global Markets, LLC is a member of FINRA, SIPC, and the Boston Stock Exchange. References to State Street may include State Street Corporation and its affiliates. Shares of the Funds are not insured by the FDIC or by another governmental agency; they are not obligations of the FDIC nor are they deposits or obligations of or guaranteed by State Street Bank and Trust Company. Fund shares are subject to investment risks, including possible loss of the principal invested. The Funds pay State Street for its services as investment advisor, custodian, transfer agent and administrator shareholder servicing agent.

SPDR® is a registered trademark of Standard & Poor Financial Services LLC (“S&P”) and has been licensed for use by State Street Corporation. No financial product offered by State Street Corporation or its affiliates is sponsored, endorsed, sold or promoted by S&P or its Affiliates, and S&P and its affiliates make no representation, warranty or condition regarding the advisability of buying, selling or holding units/shares in such products. Further limitations and important information that could affect investors’ rights are described in the prospectus for the applicable product.

This information must be preceded or accompanied by a current prospectus or summary prospectus. Please read the prospectus carefully before you invest or send money. © 2010 State Street Corporation SPDREQSAR

IBG-3356

For more complete information, please call 866.787.2257 or visit www.spdrs.com today

TABLE OF CONTENTS


Performance & Portfolio Summary
SPDR Barclays Capital 1-3 Month T-Bill ETF (BIL)		1
SPDR Barclays Capital TIPS ETF (IPE)		4
SPDR Barclays Capital Intermediate Term Treasury ETF (ITE)		7
SPDR Barclays Capital Long Term Treasury ETF (TLO)		10
SPDR Barclays Capital Intermediate Term Corporate Bond ETF (ITR) (formerly SPDR Barclays Capital Intermediate Term Credit Bond ETF)		13
SPDR Barclays Capital Long Term Corporate Bond ETF (LWC) (formerly SPDR Barclays Capital Long Term Credit Bond ETF)		16
SPDR Barclays Capital Convertible Securities ETF (CWB)		19
SPDR Barclays Capital Mortgage Backed Bond ETF (MBG)		22
SPDR Barclays Capital Aggregate Bond ETF (LAG)		25
SPDR Nuveen Barclays Capital Municipal Bond ETF (TFI)		28
SPDR Nuveen Barclays Capital California Municipal Bond ETF (CXA)		31
SPDR Nuveen Barclays Capital New York Municipal Bond ETF (INY)		34
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF (SHM)		37
SPDR Nuveen S&P^® VRDO Municipal Bond ETF (VRD)		40
SPDR Nuveen Barclays Capital Build America Bond ETF (BABS)		43
SPDR DB International Government Inflation-Protected Bond ETF (WIP)		46
SPDR Barclays Capital Short Term International Treasury Bond ETF (BWZ)		49
SPDR Barclays Capital International Treasury Bond ETF (BWX)		52
SPDR Barclays Capital International Corporate Bond ETF (IBND)		55
SPDR Barclays Capital High Yield Bond ETF (JNK)		58
SPDR Barclays Capital Short Term Corporate Bond ETF (SCPB)		61
Schedules of Investments
SPDR Barclays Capital 1-3 Month T-Bill ETF (BIL)		64
SPDR Barclays Capital TIPS ETF (IPE)		65
SPDR Barclays Capital Intermediate Term Treasury ETF (ITE)		66
SPDR Barclays Capital Long Term Treasury ETF (TLO)		68
SPDR Barclays Capital Intermediate Term Corporate Bond ETF (ITR)		69
SPDR Barclays Capital Long Term Corporate Bond ETF (LWC)		76
SPDR Barclays Capital Convertible Securities ETF (CWB)		81
SPDR Barclays Capital Mortgage Backed Bond ETF (MBG)		85
SPDR Barclays Capital Aggregate Bond ETF (LAG)		86
SPDR Nuveen Barclays Capital Municipal Bond ETF (TFI)		93
SPDR Nuveen Barclays Capital California Municipal Bond ETF (CXA)		100
SPDR Nuveen Barclays Capital New York Municipal Bond ETF (INY)		102
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF (SHM)		104
SPDR Nuveen S&P VRDO Municipal Bond ETF (VRD)		112
SPDR Nuveen Barclays Capital Build America Bond ETF (BABS)		114
SPDR DB International Government Inflation-Protected Bond ETF (WIP)		118
SPDR Barclays Capital Short Term International Treasury Bond ETF (BWZ)		120
SPDR Barclays Capital International Treasury Bond ETF (BWX)		122

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (5/25/07, 5/30/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Barclays Capital 1-3 Month T-Bill ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.1345%.

PERFORMANCE AS OF DECEMBER 31, 2010




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

					BARCLAYS CAPITAL						BARCLAYS CAPITAL
	NET ASSET		MARKET		1-3 MONTH U.S.		NET ASSET		MARKET		1-3 MONTH U.S.
	VALUE		VALUE		TREASURY BILL INDEX		VALUE		VALUE		TREASURY BILL INDEX

SIX MONTHS ENDED		0.01%		−0.02%		0.08%		N/A		N/A		N/A

ONE YEAR		0.01%		0.00%		0.13%		0.01%		0.00%		0.13%

THREE YEARS		1.85%		1.80%		2.06%		0.61%		0.59%		0.68%

SINCE INCEPTION (1)		4.52%		4.53%		4.82%		1.24%		1.24%		1.32%


(1)		For the period May 25, 2007 to December 31, 2010.

SPDR Barclays Capital TIPS ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (5/25/07, 5/30/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Barclays Capital TIPS ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.1845%.

PERFORMANCE AS OF DECEMBER 31, 2010




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

					BARCLAYS U.S.						BARCLAYS U.S.
					GOVERNMENT						GOVERNMENT
	NET ASSET		MARKET		INFLATION-LINKED		NET ASSET		MARKET		INFLATION-LINKED
	VALUE		VALUE		BOND INDEX		VALUE		VALUE		BOND INDEX

SIX MONTHS ENDED		1.72%		1.66%		1.83%		N/A		N/A		N/A

ONE YEAR		6.13%		6.11%		6.33%		6.13%		6.11%		6.33%

THREE YEARS		15.24%		15.06%		15.47%		4.84%		4.79%		4.91%

SINCE INCEPTION (1)		26.09%		26.16%		26.63%		6.64%		6.66%		6.77%


(1)		For the period May 25, 2007 to December 31, 2010.

SPDR Barclays Capital Intermediate Term Treasury ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (5/23/07, 5/30/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Barclays Capital Intermediate Term Treasury ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.1345%.

PERFORMANCE AS OF DECEMBER 31, 2010




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

					BARCLAYS CAPITAL						BARCLAYS CAPITAL
	NET ASSET		MARKET		INTERMEDIATE U.S.		NET ASSET		MARKET		INTERMEDIATE U.S.
	VALUE		VALUE		TREASURY INDEX		VALUE		VALUE		TREASURY INDEX

SIX MONTHS ENDED		0.46%		0.42%		0.52%		N/A		N/A		N/A

ONE YEAR		5.15%		5.08%		5.29%		5.15%		5.08%		5.29%

THREE YEARS		15.53%		15.36%		15.59%		4.93%		4.88%		4.95%

SINCE INCEPTION (1)		23.75%		23.70%		24.00%		6.08%		6.07%		6.14%


(1)		For the period May 23, 2007 to December 31, 2010.

SPDR Barclays Capital Long Term Treasury ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (5/23/07, 5/30/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Barclays Capital Long Term Treasury ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.1345%.

PERFORMANCE AS OF DECEMBER 31, 2010




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

					BARCLAYS CAPITAL						BARCLAYS CAPITAL
	NET ASSET		MARKET		LONG U.S. TREASURY		NET ASSET		MARKET		LONG U.S. TREASURY
	VALUE		VALUE		INDEX		VALUE		VALUE		INDEX

SIX MONTHS ENDED		−3.44%		−3.72%		−3.38%		N/A		N/A		N/A

ONE YEAR		9.24%		8.91%		9.38%		9.24%		8.91%		9.38%

THREE YEARS		18.21%		18.18%		18.13%		5.73%		5.73%		5.71%

SINCE INCEPTION (1)		29.69%		29.28%		29.83%		7.47%		7.37%		7.49%


(1)		For the period May 23, 2007 to December 31, 2010.

SPDR Barclays Capital Intermediate Term Corporate Bond ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until a day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (2/10/09, 2/11/09, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Barclays Capital Intermediate Term Corporate Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.1500%.

PERFORMANCE AS OF DECEMBER 31, 2010

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

BARCLAYS

BARCLAYS CAPITAL

BARCLAYS

BARCLAYS CAPITAL

CAPITAL U.S.

U.S. INTERMEDIATE

CAPITAL U.S.

U.S. INTERMEDIATE

NET ASSET

MARKET

INTERMEDIATE

CORPORATE BOND

NET ASSET

MARKET

INTERMEDIATE

CORPORATE BOND

VALUE

CREDIT INDEX

INDEX

VALUE

CREDIT INDEX

INDEX

SIX MONTHS ENDED (1)

2.64%

1.98%

2.80%

3.06%

N/A

ONE YEAR (1)

7.34%

7.04%

7.76%

8.27%

7.34%

7.04%

7.76%

8.27%

SINCE INCEPTION (1)(2)

18.08%

17.97%

22.92%

26.66%

9.19%

9.14%

11.56%

13.32%


(1)		Effective December 17, 2010, the Fund changed its benchmark index to the Barclays Capital U.S. Intermediate Corporate Bond Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index.
(2)		For the period February 10, 2009 to December 31, 2010.

SPDR Barclays Capital Long Term Corporate Bond ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until a day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (3/10/09, 3/11/09, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Barclays Capital Long Term Corporate Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.1500%.

PERFORMANCE AS OF DECEMBER 31, 2010

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

BARCLAYS

CAPITAL U.S.

BARCLAYS CAPITAL

CAPITAL U.S.

BARCLAYS CAPITAL

NET ASSET

MARKET

LONG CREDIT

U.S. LONG CORPORATE

NET ASSET

MARKET

LONG CREDIT

U.S. LONG CORPORATE

VALUE

INDEX

BOND INDEX

VALUE

INDEX

BOND INDEX

SIX MONTHS ENDED (1)

2.73%

1.87%

2.43%

2.97%

N/A

ONE YEAR (1)

9.87%

9.12%

10.69%

11.20%

9.87%

9.12%

10.69%

11.20%

SINCE INCEPTION (1)(2)

35.18%

35.25%

40.65%

43.37%

18.08%

18.12%

20.74%

22.00%


(1)		Effective December 17, 2010, the Fund changed its benchmark index to the Barclays Capital U.S. Long Corporate Bond Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index.
(2)		For the period March 10, 2009 to December 31, 2010.

SPDR Barclays Capital Convertible Securities ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until a day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (4/14/09, 4/15/09, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Barclays Capital Convertible Securities ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.4000%.

PERFORMANCE AS OF DECEMBER 31, 2010

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

BARCLAYS CAPITAL

U.S. CONVERTIBLE

NET ASSET

MARKET

BOND

NET ASSET

MARKET

BOND

VALUE

>$500MM INDEX

VALUE

>$500MM INDEX

SIX MONTHS ENDED

16.31%

17.33%

17.42%

N/A

ONE YEAR

13.99%

13.80%

15.01%

13.99%

13.80%

15.01%

SINCE INCEPTION (1)

48.19%

49.35%

55.92%

25.73%

26.30%

29.55%


(1)		For the period April 14, 2009 to December 31, 2010.

SPDR Barclays Capital Mortgage Backed Bond ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (1/15/09, 1/27/09, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Barclays Capital Mortgage Backed Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.3200%.

PERFORMANCE AS OF DECEMBER 31, 2010




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

	NET ASSET		MARKET		BARCLAYS CAPITAL		NET ASSET		MARKET		BARCLAYS CAPITAL
	VALUE		VALUE		U.S. MBS INDEX		VALUE		VALUE		U.S. MBS INDEX

SIX MONTHS ENDED		0.97%		0.67%		0.87%		N/A		N/A		N/A

ONE YEAR		6.06%		5.86%		5.37%		6.06%		5.86%		5.37%

SINCE INCEPTION (1)		11.01%		10.76%		10.55%		5.47%		5.35%		5.25%


(1)		For the period January 15, 2009 to December 31, 2010.

SPDR Barclays Capital Aggregate Bond ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (5/23/07, 5/30/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Barclays Capital Aggregate Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.2245%.*

PERFORMANCE AS OF DECEMBER 31, 2010




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

					BARCLAYS CAPITAL						BARCLAYS CAPITAL
	NET ASSET		MARKET		U.S. AGGREGATE		NET ASSET		MARKET		U.S. AGGREGATE
	VALUE		VALUE		INDEX		VALUE		VALUE		INDEX

SIX MONTHS ENDED		1.23%		1.17%		1.15%		N/A		N/A		N/A

ONE YEAR		6.67%		6.45%		6.54%		6.67%		6.45%		6.54%

THREE YEARS		19.71%		19.38%		18.77%		6.18%		6.08%		5.90%

SINCE INCEPTION (1)		26.18%		26.04%		25.36%		6.65%		6.62%		6.47%


(1)		For the period May 23, 2007 to December 31, 2010.
*		SSgA Funds Management, Inc. has contractually agreed to limit its management fee to the extent necessary to limit annual operating expenses to 0.1345% until October 31, 2011.

SPDR Nuveen Barclays Capital Municipal Bond ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (9/11/07, 9/13/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Nuveen Barclays Capital Municipal Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.3000%.*

PERFORMANCE AS OF DECEMBER 31, 2010

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

BARCLAYS CAPITAL

NET ASSET

MARKET

MUNICIPAL MANAGED

NET ASSET

MARKET

MUNICIPAL MANAGED

VALUE

MONEY INDEX

VALUE

MONEY INDEX

SIX MONTHS ENDED

−1.55%

−3.16%

−1.36%

N/A

ONE YEAR

1.39%

−0.36%

1.64%

1.39%

−0.36%

1.64%

THREE YEARS

11.71%

9.69%

13.14%

3.76%

3.13%

4.20%

SINCE INCEPTION (1)

13.04%

11.35%

14.49%

3.78%

3.30%

4.18%


(1)		For the period September 11, 2007 to December 31, 2010.
*		SSgA Funds Management, Inc. has contractually agreed to limit its management fee to the extent necessary to limit annual operating expenses to 0.2300% until October 31, 2011. Until October 31, 2010 the Adviser limited its management fee to the extent necessary to limit annual operating expenses to 0.2000%.

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (10/10/07, 10/15/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Nuveen Barclays Capital California Municipal Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.2000%.

PERFORMANCE AS OF DECEMBER 31, 2010

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

BARCLAYS CAPITAL

MANAGED MONEY

NET ASSET

MARKET

MUNICIPAL

NET ASSET

MARKET

MUNICIPAL

VALUE

CALIFORNIA INDEX

VALUE

CALIFORNIA INDEX

SIX MONTHS ENDED

−3.16%

−4.94%

−2.10%

N/A

ONE YEAR

0.13%

−1.85%

1.27%

0.13%

−1.85%

1.27%

THREE YEARS

8.52%

5.85%

9.89%

2.76%

1.91%

3.19%

SINCE INCEPTION (1)

9.92%

7.95%

11.79%

2.97%

2.40%

3.51%


(1)		For the period October 10, 2007 to December 31, 2010.

SPDR Nuveen Barclays Capital New York Municipal Bond ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (10/11/07, 10/15/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Nuveen Barclays Capital New York Municipal Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.2000%.

PERFORMANCE AS OF DECEMBER 31, 2010

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

BARCLAYS CAPITAL

MANAGED MONEY

NET ASSET

MARKET

MUNICIPAL NEW YORK

NET ASSET

MARKET

MUNICIPAL NEW YORK

VALUE

INDEX

VALUE

INDEX

SIX MONTHS ENDED

−2.02%

−3.42%

−1.51%

N/A

ONE YEAR

1.18%

−0.45%

1.88%

1.18%

−0.45%

1.88%

THREE YEARS

11.12%

8.40%

11.16%

3.58%

2.72%

3.59%

SINCE INCEPTION (1)

12.39%

10.89%

13.06%

3.69%

3.26%

3.88%


(1)		For the period October 11, 2007 to December 31, 2010.

SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (10/10/07, 10/15/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.2000%.

PERFORMANCE AS OF DECEMBER 31, 2010




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

					BARCLAYS CAPITAL						BARCLAYS CAPITAL
					MANAGED MONEY						MANAGED MONEY
	NET ASSET		MARKET		MUNICIPAL SHORT		NET ASSET		MARKET		MUNICIPAL SHORT
	VALUE		VALUE		TERM INDEX		VALUE		VALUE		TERM INDEX

SIX MONTHS ENDED		0.27%		−0.10%		0.41%		N/A		N/A		N/A

ONE YEAR		1.40%		0.93%		1.67%		1.40%		0.93%		1.67%

THREE YEARS		12.10%		11.58%		13.38%		3.88%		3.72%		4.27%

SINCE INCEPTION (1)		13.91%		13.53%		16.00%		4.12%		4.01%		4.70%


(1)		For the period October 10, 2007 to December 31, 2010.

SPDR Nuveen S&P VRDO Municipal Bond ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until a day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (9/23/09, 9/24/09, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Nuveen S&P VRDO Municipal Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.2000%.

PERFORMANCE AS OF DECEMBER 31, 2010




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

					S&P NATIONAL						S&P NATIONAL
	NET ASSET		MARKET		AMT-FREE MUNICIPAL		NET ASSET		MARKET		AMT-FREE MUNICIPAL
	VALUE		VALUE		VRDO INDEX		VALUE		VALUE		VRDO INDEX

SIX MONTHS ENDED		0.39%		0.49%		0.18%		N/A		N/A		N/A

ONE YEAR		0.54%		0.34%		0.32%		0.54%		0.34%		0.32%

SINCE INCEPTION (1)		0.62%		0.46%		0.42%		0.49%		0.36%		0.33%


(1) For the period September 23, 2009 to December 31, 2010.

SPDR Nuveen Barclays Capital Build America Bond ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until a day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (5/12/10, 5/13/10, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Nuveen Barclays Capital Build America Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.3500%.

PERFORMANCE AS OF DECEMBER 31, 2010

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

BARCLAYS CAPITAL

NET ASSET

MARKET

BUILD AMERICA BOND

NET ASSET

MARKET

BUILD AMERICA BOND

VALUE

INDEX

VALUE

INDEX

SIX MONTHS ENDED

−2.95%

−3.11%

−1.92%

N/A

SINCE INCEPTION (1)

−1.33%

−1.21%

−0.38%

−1.33%

−1.21%

−0.61%


(1)		For the period May 12, 2010 to December 31, 2010.

SPDR DB International Government Inflation-Protected Bond ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (3/13/08, 3/19/08, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR DB International Government Inflation-Protected Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.5000%.

PERFORMANCE AS OF DECEMBER 31, 2010

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

DB GLOBAL

GOVERNMENT EX-U.S.

NET ASSET

MARKET

INFLATION-LINKED

NET ASSET

MARKET

INFLATION-LINKED

VALUE

BOND CAPPED INDEX

VALUE

BOND CAPPED INDEX

SIX MONTHS ENDED

13.11%

13.56%

13.37%

N/A

ONE YEAR

6.82%

6.39%

7.35%

6.82%

6.39%

7.35%

SINCE INCEPTION (1)

1.56%

1.48%

5.27%

0.55%

0.52%

1.84%


(1)		For the period March 13, 2008 to December 31, 2010.

SPDR Barclays Capital Short Term International Treasury Bond ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (1/15/09, 1/27/09, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Barclays Capital Short Term International Treasury Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.3500%.

PERFORMANCE AS OF DECEMBER 31, 2010

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

BARCLAYS CAPITAL

1-3 YEAR GLOBAL

NET ASSET

MARKET

TREASURY EX-US

NET ASSET

MARKET

TREASURY EX-US

VALUE

CAPPED INDEX

VALUE

CAPPED INDEX

SIX MONTHS ENDED

9.78%

10.58%

10.18%

N/A

ONE YEAR

2.38%

1.92%

3.00%

2.38%

1.92%

3.00%

SINCE INCEPTION (1)

13.90%

14.08%

15.24%

6.86%

6.95%

7.50%


(1)		For the period January 15, 2009 to December 31, 2010.

SPDR Barclays Capital International Treasury Bond ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (10/2/07, 10/5/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Barclays Capital International Treasury Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.5000%.

PERFORMANCE AS OF DECEMBER 31, 2010




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

					BARCLAYS CAPITAL						BARCLAYS CAPITAL
	NET ASSET		MARKET		GLOBAL TREASURY		NET ASSET		MARKET		GLOBAL TREASURY
	VALUE		VALUE		EX-US CAPPED INDEX		VALUE		VALUE		EX-US CAPPED INDEX

SIX MONTHS ENDED		9.70%		9.43%		9.92%		N/A		N/A		N/A

ONE YEAR		4.13%		3.76%		4.44%		4.13%		3.76%		4.44%

THREE YEARS		15.84%		15.17%		18.49%		5.02%		4.82%		5.82%

SINCE INCEPTION (1)		20.09%		19.60%		23.37%		5.80%		5.66%		6.69%


(1)		For the period October 2, 2007 to December 31, 2010.

SPDR Barclays Capital International Corporate Bond ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until a day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (5/19/10, 5/20/10, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Barclays Capital International Corporate Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.5500%.

PERFORMANCE AS OF DECEMBER 31, 2010

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

BARCLAYS CAPITAL

GLOBAL AGGREGATE

EX-USD > $1B:

NET ASSET

MARKET

CORPORATE BOND

NET ASSET

MARKET

CORPORATE BOND

VALUE

INDEX

VALUE

INDEX

SIX MONTHS ENDED

9.54%

8.57%

10.03%

N/A

SINCE INCEPTION (1)

9.43%

8.71%

9.96%

9.43%

8.71%

16.56%


(1)		For the period May 19, 2010 to December 31, 2010.

SPDR Barclays Capital High Yield Bond ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (11/28/07, 12/4/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Barclays Capital High Yield Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.4000%.

PERFORMANCE AS OF DECEMBER 31, 2010




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

					BARCLAYS CAPITAL						BARCLAYS CAPITAL
	NET ASSET		MARKET		HIGH YIELD VERY		NET ASSET		MARKET		HIGH YIELD VERY
	VALUE		VALUE		LIQUID INDEX		VALUE		VALUE		LIQUID INDEX

SIX MONTHS ENDED		11.06%		12.26%		11.21%		N/A		N/A		N/A

ONE YEAR		13.99%		14.06%		15.09%		13.99%		14.06%		15.09%

THREE YEARS		19.74%		18.70%		34.79%		6.19%		5.88%		10.46%

SINCE INCEPTION (1)		20.14%		21.03%		36.08%		6.11%		6.36%		10.47%


(1)		For the period November 28, 2007 to December 31, 2010.

SPDR Barclays Capital Short Term Corporate Bond ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until a day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (12/16/09, 12/17/09, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Barclays Capital Short Term Corporate Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2010 is 0.1245%.

PERFORMANCE AS OF DECEMBER 31, 2010




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

					BARCLAYS CAPITAL U.S.						BARCLAYS CAPITAL U.S.
	NET ASSET		MARKET		1-3 YEAR CORPORATE		NET ASSET		MARKET		1-3 YEAR CORPORATE
	VALUE		VALUE		BOND INDEX		VALUE		VALUE		BOND INDEX

SIX MONTHS ENDED		2.04%		2.07%		2.21%		N/A		N/A		N/A

ONE YEAR		3.63%		2.93%		4.63%		3.63%		2.93%		4.63%

SINCE INCEPTION (1)		2.84%		3.04%		4.38%		2.72%		2.92%		4.21%


(1)		For the period December 16, 2009 to December 31, 2010.

SPDR Barclays Capital 1-3 Month T-Bill ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

U.S. TREASURY OBLIGATIONS — 100.0%
Treasury Bills*
0.11%, 3/17/2011	$	101,353,000	$	101,328,720
0.11%, 3/24/2011		101,353,000		101,326,453
0.12%, 3/10/2011		148,534,000		148,501,737
0.12%, 3/3/2011		103,101,000		103,080,911
0.13%, 3/31/2011		101,353,000		101,321,683
0.15%, 2/10/2011		148,534,000		148,519,971
0.15%, 2/17/2011		103,101,000		103,086,865
0.15%, 2/3/2011		103,101,000		103,093,440
0.16%, 2/24/2011		103,101,000		103,083,215

TOTAL U.S. TREASURY OBLIGATIONS —
(Cost $1,013,316,003)				1,013,342,995

	Shares
SHORT TERM INVESTMENT — 0.0% (a)
MONEY MARKET FUND — 0.0% (a)
State Street Institutional Liquid Reserves Fund 0.18% (b)(c)(d) (Cost $268,390)		268,390		268,390

TOTAL INVESTMENTS — 100.0% (e)
(Cost $1,013,584,393)				1,013,611,385
OTHER ASSETS & LIABILITIES — 0.0% (a)				(206,824	)

NET ASSETS — 100.0%			$	1,013,404,561


*		Rate shown is the discount rate at time of purchase, not a coupon rate.
(a)		Amount shown represents less than 0.05% of net assets.
(b)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(c)		Value is determined based on Level 1 inputs. (Note 2)
(d)		The rate shown is the annualized seven-day yield at period end.
(e)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 2 inputs. (Note 2)

See accompanying notes to financial statements.

SPDR Barclays Capital TIPS ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

U.S. TREASURY OBLIGATIONS — 99.2%
Treasury Inflation Protected Indexed Notes
0.50%, 4/15/2015	$	12,105,114	$	12,386,921
0.63%, 4/15/2013		8,617,065		8,884,969
1.25%, 4/15/2014		8,639,224		9,096,844
1.38%, 7/15/2018		8,546,663		9,008,696
1.38%, 1/15/2020 (a)		10,693,109		11,122,545
1.63%, 1/15/2015		12,296,692		13,128,686
1.63%, 1/15/2018		9,678,368		10,360,402
1.88%, 7/15/2013 (a)		13,461,655		14,370,317
1.88%, 7/15/2015		10,799,670		11,707,490
1.88%, 7/15/2019		8,786,274		9,559,202
2.00%, 4/15/2012		10,491,013		10,884,426
2.00%, 1/15/2014		14,041,284		15,090,028
2.00%, 7/15/2014 (a)		12,450,535		13,469,861
2.00%, 1/15/2016		10,578,240		11,522,031
2.13%, 1/15/2019		8,494,439		9,407,591
2.38%, 1/15/2017		10,570,524		11,782,857
2.50%, 7/15/2016		12,022,800		13,499,320
2.63%, 7/15/2017		8,341,593		9,492,483
3.00%, 7/15/2012		15,818,762		16,812,338
3.38%, 1/15/2012		4,181,554		4,374,950
Treasury Inflation Protected Indexed Bonds
1.25%, 7/15/2020		18,340,758		18,796,342
1.75%, 1/15/2028		9,184,584		9,351,009
2.00%, 1/15/2026		12,288,389		13,044,862
2.13%, 2/15/2040		8,672,652		9,197,087
2.38%, 1/15/2025		18,351,516		20,433,312
2.38%, 1/15/2027		10,096,602		11,221,464
2.50%, 1/15/2029		8,143,008		9,235,963
3.38%, 4/15/2032		3,483,232		4,520,573
3.63%, 4/15/2028		12,822,723		16,559,393
3.88%, 4/15/2029		14,494,272		19,440,443

TOTAL U.S. TREASURY OBLIGATIONS —
(Cost $340,296,724)				357,762,405

	Shares
SHORT TERM INVESTMENTS — 1.9%
MONEY MARKET FUNDS — 1.9%
State Street Navigator Securities Lending Prime Portfolio (b)(c)		5,752,726		5,752,726
State Street Institutional Liquid Reserves Fund 0.18% (b)(d)		900,933		900,933

TOTAL SHORT TERM INVESTMENTS — (e)
(Cost $6,653,659)				6,653,659

TOTAL INVESTMENTS — 101.1% (f)
(Cost $346,950,383)				364,416,064
OTHER ASSETS & LIABILITIES — (1.1)%				(3,827,175	)

NET ASSETS — 100.0%			$	360,588,889



(a)		Security, or portion thereof, was on loan at December 31, 2010.
(b)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(c)		Investments of cash collateral for securities loaned.
(d)		The rate shown is the annualized seven-day yield at period end.
(e)		Value is determined based on Level 1 inputs. (Note 2)
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 2 inputs. (Note 2)

See accompanying notes to financial statements.

SPDR Barclays Capital Intermediate Term Treasury ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

U.S. TREASURY OBLIGATIONS — 99.4%
Treasury Bonds
7.25%, 5/15/2016 (a)	$	924,000	$	1,165,090
7.50%, 11/15/2016		884,000		1,136,179
8.13%, 8/15/2019		445,000		619,849
8.50%, 2/15/2020 (a)		460,000		658,301
8.75%, 5/15/2017		804,000		1,103,788
8.75%, 5/15/2020		472,000		687,190
8.75%, 8/15/2020 (a)		525,000		767,230
8.88%, 8/15/2017		526,000		730,619
8.88%, 2/15/2019 (a)		303,000		435,790
9.00%, 11/15/2018		91,000		131,211
9.13%, 5/15/2018 (a)		329,000		471,197
9.25%, 2/15/2016		239,000		323,632
9.88%, 11/15/2015		283,000		388,214
10.63%, 8/15/2015		176,000		245,008
11.25%, 2/15/2015		534,000		739,996
Treasury Notes
0.38%, 8/31/2012		500,000		499,090
0.38%, 9/30/2012		1,963,000		1,958,250
0.38%, 10/31/2012		769,000		766,670
0.50%, 11/30/2012 (a)		1,316,000		1,314,302
0.50%, 10/15/2013 (a)		1,332,000		1,317,135
0.50%, 11/15/2013 (a)		832,000		821,217
0.63%, 6/30/2012 (a)		1,035,000		1,038,012
0.63%, 7/31/2012 (a)		1,149,000		1,152,114
0.63%, 12/31/2012		1,200,000		1,200,612
0.75%, 5/31/2012		1,224,000		1,229,643
0.75%, 8/15/2013 (a)		779,000		777,434
0.75%, 9/15/2013 (a)		1,789,000		1,783,311
0.75%, 12/15/2013		600,000		595,698
0.88%, 1/31/2012 (a)		1,959,000		1,969,559
0.88%, 2/29/2012		1,709,000		1,718,605
1.00%, 12/31/2011		—		—
1.00%, 3/31/2012 (a)		2,209,000		2,225,921
1.00%, 4/30/2012		2,209,000		2,226,738
1.00%, 7/15/2013 (a)		1,270,000		1,276,147
1.13%, 12/15/2011		—		—
1.13%, 1/15/2012		1,333,000		1,343,464
1.13%, 12/15/2012		1,744,000		1,761,928
1.13%, 6/15/2013		1,768,000		1,782,692
1.25%, 8/31/2015 (a)		1,063,000		1,033,799
1.25%, 9/30/2015 (a)		1,069,000		1,037,080
1.25%, 10/31/2015		769,000		744,169
1.38%, 2/15/2012		1,562,000		1,579,276
1.38%, 3/15/2012		1,146,000		1,160,336
1.38%, 4/15/2012		1,296,000		1,312,433
1.38%, 5/15/2012		1,777,000		1,800,172
1.38%, 9/15/2012		2,273,000		2,306,254
1.38%, 10/15/2012		1,344,000		1,363,811
1.38%, 11/15/2012 (a)		2,235,000		2,268,324
1.38%, 1/15/2013 (a)		1,940,000		1,969,508
1.38%, 2/15/2013		1,744,000		1,770,334
1.38%, 3/15/2013		1,248,000		1,266,221
1.38%, 5/15/2013		1,762,000		1,787,566
1.38%, 11/30/2015 (a)		1,016,000		987,298
1.50%, 7/15/2012 (a)		649,000		659,793
1.50%, 12/31/2013 (a)		1,748,000		1,773,031
1.75%, 8/15/2012		1,966,000		2,006,480
1.75%, 4/15/2013 (a)		1,552,000		1,587,851
1.75%, 1/31/2014		1,141,000		1,164,938
1.75%, 3/31/2014		1,565,000		1,595,439
1.75%, 7/31/2015 (a)		1,255,000		1,250,858
1.88%, 6/15/2012		1,842,000		1,880,903
1.88%, 2/28/2014		1,318,000		1,349,737
1.88%, 4/30/2014		1,602,000		1,638,141
1.88%, 6/30/2015		754,000		757,001
1.88%, 8/31/2017		809,000		772,352
1.88%, 9/30/2017		809,000		770,556
1.88%, 10/31/2017 (a)		809,000		769,213
2.00%, 11/30/2013		1,372,000		1,412,488
2.13%, 11/30/2014 (a)		2,174,000		2,227,176
2.13%, 5/31/2015 (a)		2,189,000		2,223,871
2.13%, 12/31/2015		800,000		804,200
2.25%, 5/31/2014 (a)		1,256,000		1,299,257
2.25%, 1/31/2015 (a)		1,338,000		1,373,537
2.25%, 11/30/2017 (a)		848,000		824,688
2.38%, 8/31/2014		1,329,000		1,376,857
2.38%, 9/30/2014 (a)		1,344,000		1,392,115
2.38%, 10/31/2014 (a)		1,793,000		1,856,275
2.38%, 2/28/2015 (a)		2,024,000		2,085,853
2.38%, 3/31/2016 (a)		1,370,000		1,387,591
2.38%, 7/31/2017 (a)		1,509,000		1,489,851
2.50%, 3/31/2013		835,000		869,277
2.50%, 3/31/2015 (a)		1,424,000		1,474,011
2.50%, 4/30/2015 (a)		1,924,000		1,989,089
2.50%, 6/30/2017		804,000		801,049
2.63%, 6/30/2014		1,603,000		1,677,299
2.63%, 7/31/2014		1,726,000		1,805,223
2.63%, 12/31/2014		1,738,000		1,812,300
2.63%, 2/29/2016		1,001,000		1,027,476
2.63%, 4/30/2016		884,000		905,075
2.63%, 8/15/2020 (a)		1,764,000		1,672,113
2.63%, 11/15/2020 (a)		1,272,000		1,199,750
2.75%, 2/28/2013 (a)		995,000		1,040,074
2.75%, 10/31/2013 (a)		1,479,000		1,554,917
2.75%, 11/30/2016 (a)		1,802,000		1,839,590
2.75%, 5/31/2017		1,603,000		1,623,999
2.75%, 12/31/2017		700,000		701,666
2.75%, 2/15/2019 (a)		2,183,000		2,154,839
2.88%, 1/31/2013 (a)		854,000		894,548
3.00%, 8/31/2016 (a)		1,282,000		1,331,075
3.00%, 9/30/2016		1,714,000		1,777,778
3.00%, 2/28/2017 (a)		1,213,000		1,251,282
3.13%, 4/30/2013 (a)		894,000		944,493
3.13%, 8/31/2013 (a)		1,339,000		1,420,706
3.13%, 9/30/2013		962,000		1,020,547
3.13%, 10/31/2016 (a)		803,000		837,698
3.13%, 1/31/2017 (a)		2,098,000		2,180,368
3.13%, 4/30/2017		1,198,000		1,241,499
3.13%, 5/15/2019 (a)		3,313,000		3,347,985
3.25%, 5/31/2016 (a)		458,000		483,163
3.25%, 6/30/2016		962,000		1,014,246
3.25%, 7/31/2016		1,365,000		1,436,881
3.25%, 12/31/2016 (a)		903,000		945,983
3.25%, 3/31/2017 (a)		1,308,000		1,366,272
3.38%, 11/30/2012		730,000		769,420
3.38%, 6/30/2013		742,000		790,156

See accompanying notes to financial statements.

SPDR Barclays Capital Intermediate Term Treasury ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

3.38%, 7/31/2013 (a)	$	1,257,000	$	1,340,779
3.38%, 11/15/2019 (a)		4,359,000		4,449,057
3.50%, 5/31/2013		1,007,000		1,074,016
3.50%, 2/15/2018		1,895,000		1,993,748
3.50%, 5/15/2020 (a)		3,614,000		3,701,640
3.63%, 12/31/2012		388,000		411,579
3.63%, 5/15/2013		1,115,000		1,192,303
3.63%, 8/15/2019 (a)		2,836,000		2,962,599
3.63%, 2/15/2020 (a)		2,859,000		2,967,099
3.75%, 11/15/2018 (a)		2,254,000		2,397,512
3.88%, 10/31/2012 (a)		795,000		843,447
3.88%, 2/15/2013		847,000		905,121
3.88%, 5/15/2018 (a)		1,363,000		1,465,948
4.00%, 11/15/2012		500,000		532,360
4.00%, 2/15/2014 (a)		880,000		959,050
4.00%, 2/15/2015		1,623,000		1,778,256
4.00%, 8/15/2018 (a)		1,436,000		1,556,222
4.13%, 8/31/2012 (a)		803,000		851,140
4.13%, 5/15/2015		1,911,000		2,104,967
4.25%, 9/30/2012		501,000		533,750
4.25%, 8/15/2013		2,022,000		2,201,614
4.25%, 11/15/2013 (a)		1,245,000		1,362,690
4.25%, 8/15/2014 (a)		1,399,000		1,543,489
4.25%, 11/15/2014 (a)		708,000		782,765
4.25%, 8/15/2015 (a)		1,307,000		1,447,398
4.25%, 11/15/2017 (a)		1,090,000		1,201,714
4.38%, 8/15/2012 (a)		416,000		442,449
4.50%, 3/31/2012 (a)		322,000		338,641
4.50%, 4/30/2012 (a)		820,000		865,444
4.50%, 11/15/2015 (a)		487,000		545,313
4.50%, 2/15/2016		1,244,000		1,393,093
4.50%, 5/15/2017 (a)		642,000		718,559
4.63%, 2/29/2012		776,000		813,807
4.63%, 7/31/2012		129,000		137,471
4.63%, 11/15/2016		1,280,000		1,442,419
4.63%, 2/15/2017		1,231,000		1,386,278
4.75%, 1/31/2012 (a)		757,000		792,602
4.75%, 5/31/2012		829,000		879,627
4.75%, 5/15/2014 (a)		742,000		829,037
4.75%, 8/15/2017		996,000		1,129,594
4.88%, 2/15/2012 (a)		1,245,000		1,307,213
4.88%, 6/30/2012		790,000		842,227
4.88%, 8/15/2016		500,000		569,995
5.13%, 5/15/2016		1,132,000		1,304,381

TOTAL U.S. TREASURY OBLIGATIONS —
(Cost $199,936,237)				203,978,729

	Shares
SHORT TERM INVESTMENTS — 20.6%
MONEY MARKET FUNDS — 20.6%
State Street Navigator Securities Lending Prime Portfolio (b)(c)		41,146,725		41,146,725
State Street Institutional Liquid Reserves Fund 0.18% (b)(d)		1,153,575		1,153,575

TOTAL SHORT TERM INVESTMENTS — (e)
(Cost $42,300,300)				42,300,300

TOTAL INVESTMENTS — 120.0% (f)
(Cost $242,236,537)				246,279,029
OTHER ASSETS & LIABILITIES — (20.0)%				(40,988,280	)

NET ASSETS — 100.0%			$	205,290,749


(a)		Security, or portion thereof, was on loan at December 31, 2010.
(b)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(c)		Investments of cash collateral for securities loaned.
(d)		The rate shown is the annualized seven-day yield at period end.
(e)		Value is determined based on Level 1 inputs. (Note 2)
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 2 inputs. (Note 2)

See accompanying notes to financial statements.

SPDR Barclays Capital Long Term Treasury ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

U.S. TREASURY OBLIGATIONS — 98.7%
Treasury Bonds
3.50%, 2/15/2039	$	1,018,000	$	877,465
3.88%, 8/15/2040 (a)		1,743,000		1,605,948
4.25%, 5/15/2039 (a)		1,425,000		1,404,252
4.25%, 11/15/2040 (a)		1,114,000		1,096,076
4.38%, 2/15/2038		626,000		632,642
4.38%, 11/15/2039 (a)		1,795,000		1,805,357
4.38%, 5/15/2040 (a)		1,780,000		1,789,042
4.50%, 2/15/2036 (a)		835,000		864,434
4.50%, 5/15/2038		800,000		824,648
4.50%, 8/15/2039 (a)		1,577,000		1,620,036
4.63%, 2/15/2040 (a)		1,680,000		1,760,959
4.75%, 2/15/2037 (a)		724,000		778,061
5.00%, 5/15/2037		609,000		679,321
5.25%, 11/15/2028		386,000		442,464
5.25%, 2/15/2029		400,000		458,632
5.38%, 2/15/2031 (a)		581,000		678,585
5.50%, 8/15/2028		398,000		468,979
6.00%, 2/15/2026 (a)		465,000		574,805
6.13%, 11/15/2027		666,000		836,603
6.13%, 8/15/2029		328,000		414,917
6.25%, 8/15/2023		749,000		941,171
6.25%, 5/15/2030		550,000		707,124
6.38%, 8/15/2027		223,000		286,983
6.50%, 11/15/2026		304,000		394,458
6.63%, 2/15/2027		251,000		330,080
6.75%, 8/15/2026		249,000		330,545
6.88%, 8/15/2025 (a)		388,000		518,473
7.13%, 2/15/2023		400,000		537,220
7.25%, 8/15/2022 (a)		194,000		262,300
7.50%, 11/15/2024		313,000		438,501
7.63%, 11/15/2022 (a)		164,000		228,167
7.63%, 2/15/2025		337,000		477,873
7.88%, 2/15/2021		385,000		537,140
8.00%, 11/15/2021		884,000		1,250,586
8.13%, 5/15/2021 (a)		251,000		356,382
8.13%, 8/15/2021 (a)		264,000		375,928

TOTAL U.S. TREASURY OBLIGATIONS —
(Cost $28,442,406)				27,586,157

	Shares
SHORT TERM INVESTMENTS — 18.7%
MONEY MARKET FUNDS — 18.7%
State Street Navigator Securities Lending Prime Portfolio (b)(c)		5,087,425		5,087,425
State Street Institutional Liquid Reserves Fund 0.18% (b)(d)		124,099		124,099

TOTAL SHORT TERM INVESTMENTS — (e)
(Cost $5,211,524)				5,211,524

TOTAL INVESTMENTS — 117.4% (f)
(Cost $33,653,930)				32,797,681
OTHER ASSETS & LIABILITIES — (17.4)%				(4,857,781	)

NET ASSETS — 100.0%			$	27,939,900


(a)		Security, or portion thereof, was on loan at December 31, 2010.
(b)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(c)		Investments of cash collateral for securities loaned.
(d)		The rate shown is the annualized seven-day yield at period end.
(e)		Value is determined based on Level 1 inputs. (Note 2)
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 2 inputs. (Note 2)

See accompanying notes to financial statements.

SPDR Barclays Capital Intermediate Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

CORPORATE BONDS & NOTES — 97.3%
AEROSPACE & DEFENSE — 1.8%
Boeing Capital Corp. 6.50%, 2/15/2012	$	510,000	$	541,518
General Dynamics Corp. 4.25%, 5/15/2013		350,000		374,915
Honeywell International, Inc. 5.00%, 2/15/2019		440,000		480,638
L-3 Communications Corp. 4.75%, 7/15/2020		250,000		248,028
Lockheed Martin Corp. 4.25%, 11/15/2019		145,000		147,096
Northrop Grumman Corp. 1.85%, 11/15/2015		250,000		238,874
Raytheon Co. 3.13%, 10/15/2020		300,000		275,599
United Technologies Corp. 5.38%, 12/15/2017		260,000		291,500

				2,598,168

AIR FREIGHT & LOGISTICS — 0.2%
United Parcel Service, Inc. 5.13%, 4/1/2019		250,000		277,860

AIRLINES — 0.1%
Delta Air Lines 2010-2 Pass Through Trust, Class A 4.95%, 5/23/2019 (a)		150,000		150,375

AUTO COMPONENTS — 0.1%
Johnson Controls, Inc. 5.00%, 3/30/2020		150,000		159,062

AUTOMOBILES — 0.3%
Daimler Finance North America LLC 6.50%, 11/15/2013		440,000		497,664

BEVERAGES — 2.7%
Anheuser-Busch InBev Worldwide, Inc.:
2.50%, 3/26/2013		250,000		255,214
4.13%, 1/15/2015		195,000		205,075
5.38%, 1/15/2020		415,000		448,958
Coca-Cola Enterprises, Inc. 3.50%, 9/15/2020		150,000		140,282
Diageo Finance BV 3.25%, 1/15/2015		640,000		659,221
PepsiCo, Inc.:
0.88%, 10/25/2013		350,000		345,927
3.10%, 1/15/2015 (a)		160,000		166,075
5.00%, 6/1/2018		785,000		858,422
The Coca-Cola Co.:
1.50%, 11/15/2015		500,000		478,884
3.15%, 11/15/2020		270,000		252,605

				3,810,663

BIOTECHNOLOGY — 0.3%
Amgen, Inc. 6.15%, 6/1/2018		350,000		407,534

BUILDING PRODUCTS — 0.2%
Owens Corning 9.00%, 6/15/2019		265,000		314,133

CAPITAL MARKETS — 7.5%
BlackRock, Inc. 5.00%, 12/10/2019		256,000		269,105
Morgan Stanley:
3.45%, 11/2/2015		1,500,000		1,463,088
4.75%, 4/1/2014		1,245,000		1,276,403
5.25%, 11/2/2012		500,000		532,887
5.63%, 9/23/2019		885,000		904,572
Northern Trust Corp. 3.45%, 11/4/2020		100,000		95,136
TD Ameritrade Holding Corp. 5.60%, 12/1/2019		145,000		150,622
The Bank of New York Mellon Corp. 3.10%, 1/15/2015		640,000		651,843
The Bear Stearns Cos. LLC:
6.95%, 8/10/2012		300,000		327,648
7.25%, 2/1/2018		1,045,000		1,238,214
The Goldman Sachs Group, Inc.:
3.70%, 8/1/2015		500,000		507,069
5.45%, 11/1/2012		500,000		535,108
5.70%, 9/1/2012		630,000		674,468
5.95%, 1/18/2018		1,650,000		1,792,677
6.00%, 5/1/2014		160,000		176,104
6.00%, 6/15/2020		150,000		161,729

				10,756,673

CHEMICALS — 2.0%
Air Products & Chemicals, Inc. 4.38%, 8/21/2019		100,000		100,146
Airgas, Inc. 2.85%, 10/1/2013		100,000		100,533
E.I. du Pont de Nemours & Co.:
4.63%, 1/15/2020		350,000		369,063
5.00%, 7/15/2013		250,000		271,410
Lubrizol Corp. 8.88%, 2/1/2019		150,000		185,950
Potash Corp. of Saskatchewan, Inc. 3.75%, 9/30/2015		360,000		370,821
Praxair, Inc. 2.13%, 6/14/2013		320,000		325,986
The Dow Chemical Co.:
4.25%, 11/15/2020		40,000		38,121
7.60%, 5/15/2014		355,000		406,813
8.55%, 5/15/2019		560,000		698,777

				2,867,620

COMMERCIAL BANKS — 8.7%
Bank of Nova Scotia 2.25%, 1/22/2013		555,000		566,276
Barclays Bank PLC:
5.13%, 1/8/2020		500,000		511,637
5.20%, 7/10/2014		605,000		651,008
BB&T Corp.:
3.85%, 7/27/2012		320,000		332,660
3.95%, 4/29/2016		125,000		129,778
BNP Paribas 3.25%, 3/11/2015		300,000		302,407
Credit Suisse AG 5.40%, 1/14/2020		160,000		162,236

See accompanying notes to financial statements.

SPDR Barclays Capital Intermediate Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

Credit Suisse of New York, NY:
5.00%, 5/15/2013	$	350,000	$	376,762
5.30%, 8/13/2019		370,000		390,015
5.50%, 5/1/2014		800,000		873,748
6.00%, 2/15/2018		350,000		369,578
Deutsche Bank AG:
3.88%, 8/18/2014		320,000		334,108
6.00%, 9/1/2017		570,000		637,730
Fifth Third Bancorp 6.25%, 5/1/2013		250,000		271,425
HSBC Bank USA NA 6.00%, 8/9/2017		500,000		543,794
Huntington BancShares, Inc. 7.00%, 12/15/2020		25,000		26,366
KeyBank NA 4.95%, 9/15/2015		200,000		206,642
Mellon Capital IV 6.24%, 6/29/2049 (b)		100,000		90,500
PNC Funding Corp.:
5.13%, 2/8/2020		360,000		373,806
5.63%, 2/1/2017		350,000		369,711
Royal Bank of Canada 1.13%, 1/15/2014		500,000		492,295
Union Bank NA 5.95%, 5/11/2016		255,000		275,395
US Bancorp 3.15%, 3/4/2015		640,000		649,662
Wachovia Corp.:
5.50%, 5/1/2013		1,269,000		1,378,919
5.63%, 10/15/2016		500,000		545,250
Wells Fargo & Co.:
3.63%, 4/15/2015 (a)		780,000		805,365
5.63%, 12/11/2017		350,000		388,572
Westpac Banking Corp. 2.25%, 11/19/2012		400,000		407,050

				12,462,695

COMMERCIAL SERVICES & SUPPLIES — 0.7%
Pitney Bowes, Inc. 6.25%, 3/15/2019		135,000		143,396
R.R. Donnelley & Sons Co. 5.50%, 5/15/2015		250,000		258,750
Republic Services, Inc. 5.50%, 9/15/2019		305,000		331,697
Waste Management, Inc. 6.38%, 3/11/2015		200,000		227,133

				960,976

COMMUNICATIONS EQUIPMENT — 0.6%
Cisco Systems, Inc.:
4.95%, 2/15/2019		320,000		347,738
5.50%, 2/22/2016		300,000		341,082
Motorola, Inc. 5.38%, 11/15/2012		200,000		211,000

				899,820

COMPUTERS & PERIPHERALS — 1.7%
Dell, Inc.:
4.70%, 4/15/2013		185,000		198,064
5.88%, 6/15/2019		165,000		180,759
Hewlett-Packard Co.:
4.50%, 3/1/2013		132,000		141,002
4.75%, 6/2/2014		840,000		911,211
International Business Machines Corp.:
4.75%, 11/29/2012		350,000		375,132
5.70%, 9/14/2017		545,000		622,913

				2,429,081

CONSTRUCTION MATERIALS — 0.2%
Vulcan Materials Co. 6.30%, 6/15/2013		250,000		266,044

CONSUMER FINANCE — 0.5%
Discover Financial Services 10.25%, 7/15/2019		100,000		125,746
SLM Corp.:
5.00%, 10/1/2013		265,000		263,675
8.45%, 6/15/2018		355,000		367,425

				756,846

DIVERSIFIED FINANCIAL SERVICES — 17.4%
Allstate Life Global Funding Trusts 5.38%, 4/30/2013		475,000		516,111
American Express Co.:
7.25%, 5/20/2014		1,240,000		1,409,969
8.13%, 5/20/2019		305,000		382,623
Bank of America Corp.:
4.50%, 4/1/2015		755,000		772,127
4.90%, 5/1/2013		985,000		1,031,441
5.25%, 12/1/2015		1,000,000		1,027,650
5.38%, 9/11/2012		300,000		314,981
5.63%, 7/1/2020		500,000		509,994
6.25%, 4/15/2012		500,000		526,235
BP Capital Markets PLC:
3.88%, 3/10/2015		300,000		309,372
4.50%, 10/1/2020		300,000		299,422
5.25%, 11/7/2013		250,000		271,184
Capital One Bank USA NA 8.80%, 7/15/2019		395,000		485,778
Capital One Financial Corp. 7.38%, 5/23/2014		185,000		210,518
Citigroup, Inc.:
4.59%, 12/15/2015		350,000		363,708
4.75%, 5/19/2015		400,000		417,428
5.25%, 2/27/2012		1,000,000		1,043,378
5.50%, 4/11/2013		1,210,000		1,294,092
8.50%, 5/22/2019		815,000		1,005,092
Credit Suisse USA, Inc. 4.88%, 1/15/2015		5,000		5,381
General Electric Capital Corp.:
4.38%, 9/16/2020		700,000		684,849
4.80%, 5/1/2013		2,605,000		2,786,009
5.63%, 5/1/2018		770,000		838,395
HSBC Finance Corp. 5.00%, 6/30/2015		810,000		870,126
JPMorgan Chase & Co.:
2.60%, 1/15/2016		350,000		338,468
4.25%, 10/15/2020		500,000		490,017
4.65%, 6/1/2014		1,770,000		1,881,057
Lazard Group LLC 6.85%, 6/15/2017		145,000		150,305

See accompanying notes to financial statements.

SPDR Barclays Capital Intermediate Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

Merrill Lynch & Co., Inc. 6.88%, 4/25/2018	$	1,417,000	$	1,545,933
National Rural Utilities Cooperative Finance Corp.:
5.45%, 2/1/2018		250,000		274,522
10.38%, 11/1/2018		185,000		254,527
Nomura Holdings, Inc.:
5.00%, 3/4/2015		170,000		176,375
6.70%, 3/4/2020		155,000		163,629
Royal Bank of Scotland Group PLC:
5.00%, 10/1/2014		130,000		124,780
5.63%, 8/24/2020 (a)		500,000		489,814
The Nasdaq OMX Group, Inc. 5.25%, 1/16/2018		60,000		60,762
The Royal Bank of Scotland Group PLC 4.88%, 3/16/2015		250,000		254,366
The Western Union Co. 5.25%, 4/1/2020		135,000		139,986
UBS AG of Stamford, CT:
2.25%, 8/12/2013		500,000		505,371
4.88%, 8/4/2020		45,000		45,414
5.75%, 4/25/2018		555,000		603,068

				24,874,257

DIVERSIFIED TELECOMMUNICATION SERVICES — 0.4%
British Telecommunications PLC 5.95%, 1/15/2018		300,000		325,917
Qwest Corp. 8.38%, 5/1/2016		205,000		242,765

				568,682

ELECTRIC UTILITIES — 5.0%
Carolina Power & Light Co. 5.25%, 12/15/2015		320,000		357,387
CenterPoint Energy Houston Electric LLC, Series M 5.75%, 1/15/2014		210,000		231,705
Commonwealth Edison Co.:
4.00%, 8/1/2020		60,000		59,042
5.80%, 3/15/2018		520,000		584,850
Consolidated Edison Co. of New York:
Series 2 4.88%, 2/1/2013		250,000		267,256
6.65%, 4/1/2019		155,000		184,163
Consumers Energy Co., Series M 5.50%, 8/15/2016		250,000		278,491
Duke Energy Carolinas LLC 6.25%, 1/15/2012		150,000		158,039
Duke Energy Corp. 3.95%, 9/15/2014		670,000		701,397
FirstEnergy Solutions Corp. 4.80%, 2/15/2015		155,000		162,581
FPL Group Capital, Inc. 6.00%, 3/1/2019		320,000		355,856
Georgia Power Co. 4.25%, 12/1/2019		360,000		367,936
Indiana Michigan Power Co., Series I 7.00%, 3/15/2019		165,000		193,597
LG&E and KU Energy LLC 3.75%, 11/15/2020 (c)		300,000		283,268
Nevada Power Co. 6.50%, 8/1/2018		155,000		178,987
Nisource Finance Corp. 6.40%, 3/15/2018		450,000		499,051
Oncor Electric Delivery Co. LLC 6.38%, 1/15/2015		350,000		395,835
Pacific Gas & Electric Co. 3.50%, 10/1/2020		250,000		236,028
PG&E Corp. 5.75%, 4/1/2014		105,000		114,335
Progress Energy, Inc. 6.85%, 4/15/2012		125,000		133,920
PSEG Power LLC 5.13%, 4/15/2020		280,000		290,909
Public Service of Colorado 7.88%, 10/1/2012		265,000		295,046
The Cleveland Electric Illuminating Co. 5.65%, 12/15/2013		250,000		271,576
Union Electric Co. 6.70%, 2/1/2019		115,000		133,214
Virginia Electric and Power Co.:
5.10%, 11/30/2012		225,000		242,000
5.40%, 4/30/2018		155,000		172,787

				7,149,256

ELECTRICAL EQUIPMENT — 0.3%
Emerson Electric Co. 5.00%, 4/15/2019		400,000		435,203

ELECTRONICS EQUIPMENT INSTRUMENTS & COMPONENTS — 0.1%
Agilent Technologies, Inc. 5.00%, 7/15/2020		200,000		200,691

ENERGY EQUIPMENT & SERVICES — 0.1%
Nabors Industries, Inc. 9.25%, 1/15/2019		145,000		178,308

FOOD & STAPLES RETAILING — 2.4%
Costco Wholesale Corp. 5.50%, 3/15/2017		300,000		339,189
CVS Caremark Corp. 5.75%, 6/1/2017		465,000		517,478
Safeway, Inc. 5.00%, 8/15/2019		440,000		450,065
Target Corp. 6.00%, 1/15/2018		310,000		358,943
The Kroger Co.:
6.40%, 8/15/2017		250,000		285,780
6.75%, 4/15/2012		150,000		160,413
Wal-Mart Stores, Inc. 3.00%, 2/3/2014		1,045,000		1,086,442
Walgreen Co. 5.25%, 1/15/2019		250,000		277,025

				3,475,335

FOOD PRODUCTS — 1.6%
Campbell Soup Co. 3.05%, 7/15/2017		100,000		99,632
General Mills, Inc. 5.70%, 2/15/2017		500,000		561,476

See accompanying notes to financial statements.

SPDR Barclays Capital Intermediate Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

H.J. Heinz Co. 6.00%, 3/15/2012	$	100,000	$	105,789
Kellogg Co. 4.25%, 3/6/2013		300,000		317,316
Kraft Foods, Inc.:
4.13%, 2/9/2016		610,000		638,887
5.38%, 2/10/2020		410,000		440,547
Unilever Capital Corp. 3.65%, 2/15/2014		155,000		162,778

				2,326,425

HEALTH CARE EQUIPMENT & SUPPLIES — 0.8%
Baxter International, Inc. 4.00%, 3/1/2014		510,000		542,526
C.R. Bard, Inc. 2.88%, 1/15/2016		75,000		75,387
Covidien International Finance SA 2.80%, 6/15/2015		350,000		352,718
Medtronic, Inc. 4.45%, 3/15/2020		185,000		192,016

				1,162,647

HEALTH CARE PROVIDERS & SERVICES — 1.4%
Express Scripts, Inc. 6.25%, 6/15/2014		395,000		439,801
Humana, Inc. 7.20%, 6/15/2018		510,000		577,276
McKesson Corp. 7.50%, 2/15/2019		135,000		163,787
UnitedHealth Group, Inc. 3.88%, 10/15/2020 (a)		250,000		238,610
WellPoint, Inc.:
5.25%, 1/15/2016		200,000		220,071
5.88%, 6/15/2017		300,000		328,969
7.00%, 2/15/2019		45,000		52,902

				2,021,416

HOME BUILDERS — 0.1%
Toll Brothers Finance Corp. 8.91%, 10/15/2017		100,000		116,750

HOTELS, RESTAURANTS & LEISURE — 0.6%
Darden Restaurants, Inc. 6.20%, 10/15/2017		150,000		167,514
McDonald’s Corp.:
3.50%, 7/15/2020		55,000		53,458
4.30%, 3/1/2013		150,000		160,090
5.35%, 3/1/2018		140,000		157,381
Yum! Brands, Inc. 6.25%, 3/15/2018		300,000		340,190

				878,633

HOUSEHOLD DURABLES — 0.2%
Whirlpool Corp. 6.50%, 6/15/2016		250,000		278,364

HOUSEHOLD PRODUCTS — 0.5%
Clorox Co. 5.45%, 10/15/2012		145,000		155,472
Fortune Brands, Inc. 6.38%, 6/15/2014		265,000		285,881
Kimberly-Clark Corp. 7.50%, 11/1/2018		195,000		242,666

				684,019

INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.2%
TransAlta Corp. 5.75%, 12/15/2013		200,000		218,423

INDUSTRIAL CONGLOMERATES — 1.0%
Cooper US, Inc.:
2.38%, 1/15/2016		100,000		98,643
3.88%, 12/15/2020		150,000		146,613
General Electric Co. 5.25%, 12/6/2017		760,000		821,578
Tyco Electronics Group SA 6.55%, 10/1/2017		210,000		236,052
Tyco International Finance SA:
3.38%, 10/15/2015		115,000		117,350
4.13%, 10/15/2014		70,000		74,049

				1,494,285

INSURANCE — 4.0%
ACE INA Holdings, Inc. 5.90%, 6/15/2019		155,000		172,959
Aflac, Inc. 8.50%, 5/15/2019		395,000		486,954
American International Group, Inc. 5.85%, 1/16/2018		800,000		811,304
AON Corp. 5.00%, 9/30/2020		225,000		225,770
Berkshire Hathaway Finance Corp.:
4.75%, 5/15/2012		320,000		336,990
5.40%, 5/15/2018		145,000		158,290
Chubb Corp. 6.38%, 3/29/2067 (b)		195,000		202,800
Genworth Financial, Inc. 5.75%, 6/15/2014		45,000		46,038
Hartford Financial Services Group, Inc. 6.30%, 3/15/2018		130,000		137,659
Lincoln National Corp. 8.75%, 7/1/2019		300,000		377,040
Marsh & McLennan Cos., Inc. 5.75%, 9/15/2015		185,000		199,044
MetLife, Inc. 6.75%, 6/1/2016		515,000		593,830
Principal Life Income Funding Trusts 5.30%, 12/14/2012		300,000		322,463
Prudential Financial, Inc.:
3.88%, 1/14/2015		125,000		128,341
4.75%, 9/17/2015		320,000		338,444
7.38%, 6/15/2019		200,000		236,146
The Travelers Cos., Inc. 6.25%, 6/20/2016		320,000		367,504
Transatlantic Holdings, Inc. 5.75%, 12/14/2015		100,000		104,751
Willis North America, Inc. 7.00%, 9/29/2019		250,000		263,252

See accompanying notes to financial statements.

SPDR Barclays Capital Intermediate Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

XL Group Plc 5.25%, 9/15/2014	$	250,000	$	259,653

				5,769,232

IT SERVICES — 0.3%
Computer Sciences Corp. Series W 5.50%, 3/15/2013		210,000		223,910
Fiserv, Inc. 6.80%, 11/20/2017		150,000		167,835

				391,745

LIFE SCIENCES TOOLS & SERVICES — 0.2%
Thermo Fisher Scientific, Inc. 3.20%, 5/1/2015		250,000		254,416

MACHINERY — 1.7%
Caterpillar Financial Services Corp.:
6.20%, 9/30/2013		785,000		885,116
7.15%, 2/15/2019		250,000		307,574
Eaton Corp. 6.95%, 3/20/2019		150,000		180,681
Ingersoll-Rand Global Holding Co., Ltd. 9.50%, 4/15/2014		180,000		214,720
John Deere Capital Corp.:
2.80%, 9/18/2017		250,000		242,778
7.00%, 3/15/2012		510,000		547,857

				2,378,726

MEDIA — 4.3%
CBS Corp. 8.88%, 5/15/2019		145,000		180,742
Comcast Corp. 5.70%, 5/15/2018		1,015,000		1,117,112
Cox Communications, Inc. 4.63%, 6/1/2013		205,000		218,397
DIRECTV Holdings LLC:
3.55%, 3/15/2015		395,000		400,946
5.20%, 3/15/2020		200,000		207,331
7.63%, 5/15/2016		111,000		124,043
NBC Universal, Inc.:
2.10%, 4/1/2014 (c)		150,000		149,311
5.15%, 4/30/2020 (c)		150,000		155,571
News America, Inc. 6.90%, 3/1/2019 (a)		510,000		611,989
Reed Elsevier Capital, Inc. 8.63%, 1/15/2019		300,000		380,283
The Walt Disney Co. 4.50%, 12/15/2013		380,000		414,022
Thomson Reuters Corp. 6.50%, 7/15/2018		255,000		296,966
Time Warner Cable, Inc.:
5.00%, 2/1/2020		250,000		256,341
5.88%, 11/15/2016		290,000		325,213
6.20%, 7/1/2013		785,000		869,129
Time Warner, Inc. 4.88%, 3/15/2020		250,000		259,779
Viacom, Inc. 6.25%, 4/30/2016		170,000		193,128

				6,160,303

METALS & MINING — 2.9%
Alcoa, Inc.:
5.38%, 1/15/2013		250,000		265,625
6.75%, 7/15/2018		205,000		221,400
ArcelorMittal:
5.38%, 6/1/2013		250,000		265,858
6.13%, 6/1/2018		300,000		317,187
Barrick Gold Corp. 6.95%, 4/1/2019 (a)		250,000		305,823
BHP Billiton Finance USA, Ltd. 5.50%, 4/1/2014		715,000		791,103
Freeport-McMoRan Copper & Gold, Inc. 8.38%, 4/1/2017		205,000		226,013
Nucor Corp. 5.75%, 12/1/2017		250,000		281,765
Rio Tinto Finance USA, Ltd.:
3.50%, 11/2/2020		400,000		380,597
6.50%, 7/15/2018		300,000		350,436
Teck Resources, Ltd. 10.25%, 5/15/2016		300,000		370,500
Vale Overseas, Ltd. 5.63%, 9/15/2019		360,000		384,124

				4,160,431

MULTI-UTILITIES — 1.3%
Dominion Resources, Inc. 5.60%, 11/15/2016		300,000		338,015
MidAmerican Energy Co. 5.13%, 1/15/2013		500,000		537,338
MidAmerican Energy Holdings Co. 5.75%, 4/1/2018		490,000		549,896
Sempra Energy 6.50%, 6/1/2016		395,000		454,837

				1,880,086

MULTILINE RETAIL — 0.2%
Nordstrom, Inc. 6.75%, 6/1/2014		200,000		226,513

OFFICE ELECTRONICS — 0.3%
Xerox Corp. 4.25%, 2/15/2015		395,000		413,781

OIL, GAS & CONSUMABLE FUELS — 7.2%
Anadarko Petroleum Corp.:
5.95%, 9/15/2016		300,000		320,656
6.95%, 6/15/2019		155,000		169,987
Apache Corp. 6.25%, 4/15/2012		250,000		266,764
Canadian Natural Resources, Ltd. 5.70%, 5/15/2017		205,000		232,380
Cenovus Energy, Inc. 4.50%, 9/15/2014		250,000		267,729
Chevron Corp. 4.95%, 3/3/2019		255,000		283,872
ConocoPhillips:
4.60%, 1/15/2015		150,000		163,450
5.75%, 2/1/2019		310,000		352,790
ConocoPhillips Australia Funding Co. 5.50%, 4/15/2013		350,000		382,647

See accompanying notes to financial statements.

SPDR Barclays Capital Intermediate Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

Diamond Offshore Drilling, Inc. 5.88%, 5/1/2019	$	145,000	$	159,735
EnCana Corp. 6.50%, 5/15/2019		310,000		366,503
Energy Transfer Partners LP 8.50%, 4/15/2014		320,000		369,659
Enterprise Products Operating LLC 6.30%, 9/15/2017		360,000		403,670
EOG Resources, Inc. 2.95%, 6/1/2015		350,000		352,684
Hess Corp. 8.13%, 2/15/2019		100,000		125,952
Husky Energy, Inc. 5.90%, 6/15/2014		100,000		109,505
Kinder Morgan Energy Partners LP 6.00%, 2/1/2017		505,000		553,223
Marathon Oil Corp.:
6.13%, 3/15/2012		200,000		211,503
7.50%, 2/15/2019		195,000		240,339
Nexen, Inc. 6.20%, 7/30/2019		155,000		167,126
Noble Holding International, Ltd. 4.90%, 8/1/2020		200,000		206,891
Occidental Petroleum Corp. 7.00%, 11/1/2013		250,000		288,774
ONEOK Partners LP 5.90%, 4/1/2012		150,000		158,236
PC Financial Partnership 5.00%, 11/15/2014		250,000		270,195
Plains All American Pipeline LP / PAA Finance Corp. 5.75%, 1/15/2020		250,000		265,291
Shell International Finance BV:
4.00%, 3/21/2014		430,000		457,612
4.30%, 9/22/2019		350,000		364,093
Statoil ASA 2.90%, 10/15/2014		295,000		304,047
Sunoco, Inc. 5.75%, 1/15/2017		145,000		148,302
Total Capital SA 3.00%, 6/24/2015		250,000		254,798
TransCanada PipeLines, Ltd. 3.80%, 10/1/2020		350,000		340,682
Transocean, Inc. 4.95%, 11/15/2015		350,000		361,222
Valero Energy Corp.:
6.13%, 2/1/2020		145,000		152,420
6.88%, 4/15/2012		150,000		158,858
Weatherford International, Ltd. 4.95%, 10/15/2013		195,000		206,450
Williams Partners LP 3.80%, 2/15/2015		265,000		273,530
XTO Energy, Inc. 5.75%, 12/15/2013		500,000		560,480

				10,272,055

PAPER & FOREST PRODUCTS — 0.3%
International Paper Co. 9.38%, 5/15/2019		280,000		357,325

PERSONAL PRODUCTS — 0.4%
The Procter & Gamble Co.:
1.38%, 8/1/2012		135,000		136,220
1.80%, 11/15/2015		500,000		485,963

				622,183

PHARMACEUTICALS — 3.6%
Abbott Laboratories 5.60%, 11/30/2017		780,000		888,838
AstraZeneca PLC 5.40%, 9/15/2012		845,000		910,414
Eli Lilly & Co. 5.20%, 3/15/2017		350,000		390,060
GlaxoSmithKline Capital, Inc. 4.85%, 5/15/2013		395,000		427,869
Medco Health Solutions, Inc. 7.13%, 3/15/2018		205,000		242,577
Merck & Co, Inc. 5.00%, 6/30/2019		310,000		343,351
Novartis Capital Corp. 4.13%, 2/10/2014		320,000		340,150
Novartis Securities Investment, Ltd. 5.13%, 2/10/2019		250,000		275,415
Pfizer, Inc. 6.20%, 3/15/2019		310,000		366,228
Wyeth:
5.45%, 4/1/2017		350,000		393,768
5.50%, 3/15/2013		550,000		600,722

				5,179,392

REAL ESTATE INVESTMENT TRUSTS — 1.9%
Boston Properties LP 5.63%, 11/15/2020		150,000		159,584
CommonWealth REIT 6.25%, 6/15/2017		100,000		103,730
Duke Realty LP 7.38%, 2/15/2015		300,000		336,123
ERP Operating LP 5.75%, 6/15/2017		110,000		121,162
HCP, Inc. 6.30%, 9/15/2016		150,000		160,221
Health Care REIT, Inc. 6.20%, 6/1/2016		100,000		108,517
Hospitality Properties Trust 7.88%, 8/15/2014		100,000		111,816
Liberty Property LP 5.50%, 12/15/2016		250,000		269,500
Nationwide Health Properties, Inc. 6.25%, 2/1/2013		270,000		289,017
ProLogis 6.25%, 3/15/2017		400,000		417,421
Simon Property Group LP:
5.10%, 6/15/2015		200,000		216,836
5.65%, 2/1/2020		350,000		379,621

				2,673,548

ROAD & RAIL — 0.8%
CSX Corp.:
6.30%, 3/15/2012		125,000		132,450
7.38%, 2/1/2019		205,000		247,589

See accompanying notes to financial statements.

SPDR Barclays Capital Intermediate Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

Union Pacific Corp. 5.13%, 2/15/2014	$	715,000	$	770,701

				1,150,740

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.1%
National Semiconductor Corp. 3.95%, 4/15/2015		150,000		152,576

SOFTWARE — 1.1%
Adobe Systems, Inc. 3.25%, 2/1/2015		200,000		203,338
Intuit, Inc. 5.75%, 3/15/2017		150,000		162,000
Microsoft Corp. 4.20%, 6/1/2019		435,000		453,672
Oracle Corp.:
3.75%, 7/8/2014		505,000		533,758
5.00%, 7/8/2019		250,000		271,585

				1,624,353

SPECIALTY RETAIL — 0.6%
AutoZone, Inc. 5.75%, 1/15/2015		300,000		329,193
Lowe’s Cos, Inc. 4.63%, 4/15/2020		125,000		131,462
Staples, Inc. 9.75%, 1/15/2014		100,000		120,714
The Home Depot, Inc. 3.95%, 9/15/2020		250,000		244,972

				826,341

TOBACCO — 0.9%
Altria Group, Inc. 9.70%, 11/10/2018		440,000		577,889
Philip Morris International, Inc. 5.65%, 5/16/2018		500,000		565,718
Reynolds American, Inc. 7.63%, 6/1/2016		155,000		179,952

				1,323,559

WIRELESS TELECOMMUNICATION SERVICES — 5.5%
America Movil SAB de CV 5.50%, 3/1/2014		250,000		270,825
American Tower Corp. 5.05%, 9/1/2020		100,000		98,090
AT&T, Inc.:
4.95%, 1/15/2013		255,000		272,349
5.50%, 2/1/2018		798,000		881,328
BellSouth Corp. 5.20%, 9/15/2014		500,000		547,215
Cellco Partnership / Verizon Wireless Capital LLC:
5.25%, 2/1/2012		250,000		261,420
5.55%, 2/1/2014		265,000		290,372
8.50%, 11/15/2018		160,000		209,418
Deutsche Telekom International Finance BV 4.88%, 7/8/2014		265,000		284,097
Embarq Corp. 7.08%, 6/1/2016		265,000		293,343
France Telecom SA 4.38%, 7/8/2014		205,000		219,559
New Cingular Wireless Services, Inc. 8.13%, 5/1/2012		350,000		382,451
Rogers Communications, Inc. 6.80%, 8/15/2018		280,000		333,002
Telecom Italia Capital SA 6.18%, 6/18/2014		800,000		846,093
Telefonica Emisiones SAU:
4.95%, 1/15/2015		500,000		512,575
5.13%, 4/27/2020		255,000		246,371
Verizon Communications, Inc. 5.25%, 4/15/2013		1,305,000		1,411,695
Vodafone Group PLC 4.15%, 6/10/2014		455,000		476,324

				7,836,527

TOTAL CORPORATE BONDS & NOTES —
(Cost $136,642,716)				139,331,740

	Shares
SHORT TERM INVESTMENTS — 4.1%
MONEY MARKET FUNDS — 4.1%
State Street Institutional Liquid Reserves Fund 0.18% (d)(e)		4,675,132		4,675,132
State Street Navigator Securities Lending Prime Portfolio (d)(f)		1,136,808		1,136,808

TOTAL SHORT TERM INVESTMENTS — (g)
(Cost $5,811,940)				5,811,940

TOTAL INVESTMENTS — 101.4% (h)
(Cost $142,454,656)				145,143,680
OTHER ASSETS & LIABILITIES — (1.4)%				(2,007,202	)

NET ASSETS — 100.0%			$	143,136,478


(a)		Security, or portion thereof, was on loan at December 31, 2010.
(b)		Variable Rate Security. Rate shown is rate in effect at December 31, 2010. Maturity date shown is the ultimate maturity.
(c)		Security purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 0.4% of net assets as of December 31, 2010, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		Investments of cash collateral for securities loaned.
(g)		Value is determined based on Level 1 inputs. (Note 2)
(h)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 2 inputs. (Note 2)

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

SPDR Barclays Capital Long Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

CORPORATE BONDS & NOTES — 97.6%
AEROSPACE & DEFENSE — 2.9%
Honeywell International, Inc. 5.70%, 3/15/2036	$	100,000	$	106,978
Lockheed Martin Corp. 6.15%, 9/1/2036		160,000		175,379
Northrop Grumman Corp. 3.50%, 3/15/2021		100,000		92,868
The Boeing Co. 6.63%, 2/15/2038		165,000		191,779
United Technologies Corp. 6.13%, 7/15/2038		230,000		260,975

				827,979

AIR FREIGHT & LOGISTICS — 0.7%
United Parcel Service, Inc. 3.13%, 1/15/2021		200,000		185,253

AUTOMOBILES — 0.2%
Daimler Finance North America LLC 8.50%, 1/18/2031		50,000		66,239

BEVERAGES — 1.2%
Anheuser-Busch InBev Worldwide, Inc. 6.38%, 1/15/2040		115,000		130,981
PepsiCo, Inc. 5.50%, 1/15/2040		200,000		208,952

				339,933

BIOTECHNOLOGY — 0.6%
Amgen, Inc. 6.38%, 6/1/2037 (a)		150,000		169,311

BUILDING PRODUCTS — 0.2%
Owens Corning 7.00%, 12/1/2036		41,000		41,740

CAPITAL MARKETS — 2.5%
Morgan Stanley 6.25%, 8/9/2026		165,000		170,835
The Goldman Sachs Group, Inc.:
6.13%, 2/15/2033		200,000		214,547
6.45%, 5/1/2036		150,000		149,067
6.75%, 10/1/2037		172,000		178,525

				712,974

CHEMICALS — 1.4%
Agrium, Inc. 6.13%, 1/15/2041 (a)		25,000		26,333
E.I. du Pont de Nemours & Co. 3.63%, 1/15/2021		150,000		144,138
Potash Corp. of Saskatchewan, Inc. 5.63%, 12/1/2040		100,000		100,363
The Dow Chemical Co. 9.40%, 5/15/2039 (a)		80,000		113,984

				384,818

COMMERCIAL BANKS — 4.0%
HSBC Bank USA NA 5.88%, 11/1/2034		100,000		98,423
HSBC Holdings PLC 6.50%, 9/15/2037		370,000		389,370
JPMorgan Chase & Co. 6.40%, 5/15/2038		35,000		39,974
NBD Bank NA/Michigan 8.25%, 11/1/2024		100,000		123,624
Wachovia Bank NA 6.60%, 1/15/2038		200,000		218,812
Wachovia Corp. 7.50%, 4/15/2035		150,000		174,304
Wells Fargo Capital X 5.95%, 12/15/2036		100,000		94,342

				1,138,849

COMMERCIAL SERVICES & SUPPLIES — 0.4%
Waste Management, Inc. 7.75%, 5/15/2032		100,000		120,919

COMMUNICATIONS EQUIPMENT — 0.9%
Cisco Systems, Inc. 5.90%, 2/15/2039		170,000		186,149
Motorola Solutions, Inc. 7.50%, 5/15/2025		50,000		54,112

				240,261

COMPUTERS & PERIPHERALS — 0.9%
Dell, Inc. 7.10%, 4/15/2028		50,000		55,010
International Business Machines Corp. 5.60%, 11/30/2039		187,000		202,557

				257,567

DIVERSIFIED FINANCIAL SERVICES — 8.7%
Bank of America Corp. 5.63%, 7/1/2020 (a)		200,000		203,998
BankAmerica Capital II 8.00%, 12/15/2026		205,000		203,975
Capital One Financial Corp. 8.88%, 5/15/2040 (a)		200,000		207,000
Citigroup, Inc.:
6.63%, 6/15/2032		200,000		201,719
6.88%, 3/5/2038 (a)		330,000		359,077
General Electric Capital Corp.:
5.88%, 1/14/2038		410,000		422,727
6.75%, 3/15/2032		330,000		372,315
6.88%, 1/10/2039		30,000		34,906
JP Morgan Chase Capital XXV 6.80%, 10/1/2037		300,000		303,688
Merrill Lynch & Co., Inc.:
6.11%, 1/29/2037		165,000		149,328
7.75%, 5/14/2038		20,000		20,936

				2,479,669

DIVERSIFIED TELECOMMUNICATION SERVICES — 0.7%
British Telecommunications PLC 9.88%, 12/15/2030 (b)		145,000		192,335

ELECTRIC UTILITIES — 11.5%
Alabama Power Co. 6.13%, 5/15/2038		170,000		188,823
Ameren Energy Generating Co. Series F 7.95%, 6/1/2032 (a)		75,000		72,026
Consolidated Edison Co. of New York 5.70%, 12/1/2036		230,000		236,319
Duke Energy Indiana, Inc. 6.45%, 4/1/2039		130,000		147,603

See accompanying notes to financial statements.

SPDR Barclays Capital Long Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

Entergy Louisiana LLC 5.40%, 11/1/2024	$	100,000	$	105,967
Exelon Generation Co. LLC 6.25%, 10/1/2039		170,000		172,272
FirstEnergy Corp. 7.38%, 11/15/2031		100,000		104,640
Florida Power & Light Co. 5.69%, 3/1/2040		115,000		122,512
Florida Power Corp. 6.40%, 6/15/2038		80,000		92,020
Georgia Power Co. 4.75%, 9/1/2040		100,000		92,524
Kentucky Utilities Co. 5.13%, 11/1/2040 (c)		75,000		73,598
Nevada Power Co. 5.38%, 9/15/2040		75,000		72,570
Oglethorpe Power Corp. 5.38%, 11/1/2040		65,000		62,892
Ohio Power Co. 6.60%, 2/15/2033		102,000		112,774
Oncor Electric Delivery Co. LLC 7.00%, 5/1/2032		150,000		171,864
Pacific Gas & Electric Co. 6.05%, 3/1/2034		215,000		233,345
PacifiCorp 6.00%, 1/15/2039		180,000		196,903
Progress Energy, Inc. 7.75%, 3/1/2031		40,000		50,088
Public Service Electric & Gas Co. 5.50%, 3/1/2040		200,000		205,906
Puget Sound Energy, Inc. 5.80%, 3/15/2040		55,000		55,347
San Diego Gas & Electric Co. Series D 6.00%, 6/1/2026		100,000		114,146
Southern California Edison Co. 6.00%, 1/15/2034		200,000		221,350
Southwestern Electric Power Co. 6.20%, 3/15/2040 (a)		30,000		30,201
Southwestern Public Service Co. Series F 6.00%, 10/1/2036		100,000		99,996
Virginia Electric and Power Co. 6.00%, 5/15/2037		200,000		218,262

				3,253,948

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.3%
Corning, Inc. 7.25%, 8/15/2036		50,000		57,763
Tyco Electronics Group SA 4.88%, 1/15/2021		30,000		30,405

				88,168

ENVIRONMENTAL CONTROL — 0.2%
Browning-Ferris Industries, Inc. 7.40%, 9/15/2035		50,000		58,956

FOOD & STAPLES RETAILING — 4.2%
CVS Caremark Corp. 6.13%, 9/15/2039		170,000		180,897
Delhaize America LLC 9.00%, 4/15/2031		50,000		66,386
Safeway, Inc. 7.25%, 2/1/2031		50,000		55,675
Target Corp. 7.00%, 1/15/2038		165,000		204,240
The Kroger Co. 7.50%, 4/1/2031		65,000		78,502
Wal-Mart Stores, Inc.:
4.88%, 7/8/2040		100,000		95,420
5.25%, 9/1/2035		330,000		331,364
5.88%, 4/5/2027		150,000		167,515

				1,179,999

FOOD PRODUCTS — 1.7%
Kellogg Co., Series B 7.45%, 4/1/2031		45,000		56,597
Kraft Foods, Inc.:
6.50%, 2/9/2040		115,000		128,884
6.88%, 1/26/2039		45,000		52,222
7.00%, 8/11/2037		150,000		176,082
Unilever Capital Corp. 5.90%, 11/15/2032		60,000		66,453

				480,238

HEALTH CARE PRODUCTS — 1.0%
C.R. Bard, Inc. 4.40%, 1/15/2021		30,000		30,476
Covidien International Finance SA 6.55%, 10/15/2037		50,000		58,488
Johnson & Johnson 4.50%, 9/1/2040		150,000		141,115
Medtronic, Inc. 5.55%, 3/15/2040		50,000		52,614

				282,693

HEALTH CARE PROVIDERS & SERVICES — 1.6%
Aetna, Inc. 6.63%, 6/15/2036		100,000		110,910
Quest Diagnostics, Inc. 6.95%, 7/1/2037		75,000		82,279
UnitedHealth Group, Inc. 6.88%, 2/15/2038		115,000		133,014
WellPoint, Inc. 6.38%, 6/15/2037		130,000		140,982

				467,185

HOTELS, RESTAURANTS & LEISURE — 0.5%
McDonald’s Corp. 6.30%, 3/1/2038		125,000		147,959

HOUSEHOLD PRODUCTS — 0.8%
The Procter & Gamble Co. 5.55%, 3/5/2037		200,000		215,962

INSURANCE — 4.6%
AON Corp. 8.21%, 1/1/2027		55,000		58,847
AXA SA 8.60%, 12/15/2030 (a)		115,000		129,274
Berkshire Hathaway Finance Corp. 5.75%, 1/15/2040		100,000		103,610
Chubb Corp. 6.50%, 5/15/2038		70,000		79,845

See accompanying notes to financial statements.

SPDR Barclays Capital Long Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

Hartford Financial Services Group, Inc. 6.63%, 3/30/2040	$	100,000	$	100,965
Lincoln National Corp. 6.30%, 10/9/2037		100,000		99,995
MetLife, Inc. 6.40%, 12/15/2036		290,000		271,150
Prudential Financial, Inc. 6.63%, 12/1/2037		95,000		105,336
Swiss Re Solutions Holding Corp. 7.00%, 2/15/2026		85,000		88,218
The Allstate Corp. 5.95%, 4/1/2036 (a)		130,000		137,014
The Progressive Corp. 6.25%, 12/1/2032		50,000		54,074
The Travelers Cos., Inc. 6.25%, 6/15/2037		80,000		88,316

				1,316,644

MACHINERY — 0.8%
Caterpillar, Inc. 7.30%, 5/1/2031		100,000		125,432
Parker Hannifin Corp. 3.50%, 9/15/2022		100,000		93,540

				218,972

MEDIA — 8.1%
CBS Corp. 7.88%, 7/30/2030		75,000		86,788
Comcast Corp.:
6.50%, 11/15/2035		200,000		214,183
6.95%, 8/15/2037		260,000		294,519
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.:
4.60%, 2/15/2021		100,000		98,376
6.00%, 8/15/2040		50,000		49,318
Discovery Communications LLC 6.35%, 6/1/2040		50,000		53,491
Grupo Televisa SA 6.63%, 3/18/2025		50,000		56,085
NBC Universal, Inc.:
4.38%, 4/1/2021 (c)		100,000		96,948
6.40%, 4/30/2040 (c)		50,000		52,601
News America Holdings, Inc. 8.15%, 10/17/2036		200,000		248,356
News America, Inc. 6.65%, 11/15/2037		40,000		44,018
Time Warner Cable, Inc.:
4.13%, 2/15/2021		200,000		189,990
7.30%, 7/1/2038		180,000		209,984
Time Warner, Inc.:
4.70%, 1/15/2021		100,000		101,973
7.63%, 4/15/2031		190,000		229,743
7.70%, 5/1/2032		150,000		182,518
Viacom, Inc. 6.88%, 4/30/2036		80,000		91,341

				2,300,232

METALS & MINING — 3.2%
Alcoa, Inc. 5.87%, 2/23/2022		100,000		98,000
Newmont Mining Corp. 6.25%, 10/1/2039		40,000		43,693
Rio Tinto Alcan, Inc. 6.13%, 12/15/2033		165,000		176,122
Southern Copper Corp. 6.75%, 4/16/2040 (a)		200,000		209,474
Teck Resources, Ltd. 4.50%, 1/15/2021		100,000		101,830
Vale Overseas, Ltd. 6.88%, 11/21/2036 (a)		270,000		293,339

				922,458

MULTI-UTILITIES — 0.9%
MidAmerican Energy Holdings Co.:
6.13%, 4/1/2036		80,000		86,205
6.50%, 9/15/2037		80,000		90,518
Sempra Energy 6.00%, 10/15/2039		75,000		78,710

				255,433

OIL, GAS & CONSUMABLE FUELS — 13.7%
Anadarko Finance Co. 7.50%, 5/1/2031		150,000		162,334
Apache Corp. 6.00%, 1/15/2037		125,000		136,353
Baker Hughes, Inc. 5.13%, 9/15/2040		100,000		97,101
Canadian Natural Resources, Ltd.:
6.25%, 3/15/2038		80,000		88,778
7.20%, 1/15/2032		100,000		118,666
Cenovus Energy, Inc. 6.75%, 11/15/2039		100,000		115,889
Conoco Funding Co. 7.25%, 10/15/2031		165,000		200,499
Conoco, Inc. 6.95%, 4/15/2029		165,000		202,138
Devon Financing Corp. ULC 7.88%, 9/30/2031 (a)		65,000		83,959
EnCana Corp. 6.50%, 2/1/2038		150,000		163,822
Enterprise Products Operating LLC 7.55%, 4/15/2038		115,000		137,025
Halliburton Co. 6.70%, 9/15/2038		50,000		58,086
Hess Corp. 7.30%, 8/15/2031		115,000		135,591
Kinder Morgan Energy Partners LP 7.40%, 3/15/2031		200,000		223,704
Marathon Oil Corp. 6.60%, 10/1/2037		50,000		56,889
Nexen, Inc. 7.50%, 7/30/2039		165,000		180,359
Petro-Canada 6.80%, 5/15/2038		170,000		193,692
Shell International Finance BV 6.38%, 12/15/2038		190,000		223,981
Southern Natural Gas Co. 8.00%, 3/1/2032		165,000		186,029
Statoil ASA 5.10%, 8/17/2040		150,000		150,231

See accompanying notes to financial statements.

SPDR Barclays Capital Long Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

Talisman Energy, Inc. 3.75%, 2/1/2021	$	125,000	$	117,023
Total Capital SA 4.25%, 12/15/2021		75,000		75,628
TransCanada Pipelines, Ltd.:
6.20%, 10/15/2037		70,000		75,995
7.63%, 1/15/2039		165,000		209,760
Transocean, Inc. 7.50%, 4/15/2031		70,000		74,942
Valero Energy Corp. 7.50%, 4/15/2032		125,000		134,022
Weatherford International, Ltd. 6.50%, 8/1/2036		50,000		50,311
Williams Cos., Inc. 8.75%, 3/15/2032		100,000		122,369
Williams Partners LP 6.30%, 4/15/2040		100,000		104,111

				3,879,287

PAPER & FOREST PRODUCTS — 0.2%
International Paper Co. 7.50%, 8/15/2021		55,000		63,978

PHARMACEUTICALS — 4.4%
Abbott Laboratories 6.00%, 4/1/2039		150,000		167,904
AstraZeneca PLC 6.45%, 9/15/2037		150,000		177,879
Bristol-Myers Squibb Co. 5.88%, 11/15/2036 (a)		74,000		82,190
Eli Lilly & Co. 5.50%, 3/15/2027		65,000		69,703
GlaxoSmithKline Capital, Inc. 6.38%, 5/15/2038		180,000		212,173
Merck & Co, Inc.:
3.88%, 1/15/2021 (a)		150,000		149,511
6.50%, 12/1/2033		50,000		59,171
Pfizer, Inc. 7.20%, 3/15/2039		260,000		336,956

				1,255,487

REAL ESTATE INVESTMENT TRUSTS — 0.4%
Boston Properties LP 5.63%, 11/15/2020		50,000		53,195
Simon Property Group LP 6.75%, 2/1/2040		65,000		72,639

				125,834

ROAD & RAIL — 1.8%
Burlington Northern Santa Fe LLC 5.75%, 5/1/2040		150,000		153,221
Canadian National Railway Co. 6.90%, 7/15/2028		95,000		113,684
CSX Corp. 6.22%, 4/30/2040		45,000		48,315
Norfolk Southern Corp. 7.25%, 2/15/2031		130,000		153,939
Union Pacific Corp. 4.00%, 2/1/2021		50,000		49,047

				518,206

SOFTWARE — 1.1%
Microsoft Corp. 4.50%, 10/1/2040		100,000		93,032
Oracle Corp. 6.13%, 7/8/2039		205,000		228,122

				321,154

SPECIALTY RETAIL — 0.8%
Lowe’s Cos., Inc.:
5.80%, 10/15/2036		50,000		52,408
6.65%, 9/15/2037		50,000		58,389
The Home Depot, Inc. 5.88%, 12/16/2036		115,000		119,628

				230,425

TOBACCO — 0.8%
Altria Group, Inc. 9.95%, 11/10/2038		165,000		230,902

WIRELESS TELECOMMUNICATION SERVICES — 9.7%
America Movil SAB de CV 6.13%, 3/30/2040		200,000		213,298
AT&T Corp. 8.00%, 11/15/2031		219,000		276,876
AT&T, Inc.:
5.35%, 9/1/2040 (c)		445,000		419,798
6.30%, 1/15/2038		165,000		173,871
6.55%, 2/15/2039		125,000		136,086
Deutsche Telekom International Finance BV 8.75%, 6/15/2030 (b)		180,000		240,174
Embarq Corp. 8.00%, 6/1/2036		100,000		108,591
France Telecom SA 8.50%, 3/1/2031		100,000		135,526
Telecom Italia Capital SA 7.72%, 6/4/2038 (a)		150,000		147,828
Telefonica Europe BV 8.25%, 9/15/2030		95,000		108,694
Verizon Communications, Inc.:
7.75%, 12/1/2030		220,000		273,290
8.95%, 3/1/2039		250,000		354,101
Vodafone Group PLC 6.15%, 2/27/2037		165,000		176,199

				2,764,332

TOTAL CORPORATE BONDS & NOTES —
(Cost $26,730,371)				27,736,299

	Shares
SHORT TERM INVESTMENTS — 5.1%
MONEY MARKET FUNDS — 5.1%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		1,069,038		1,069,038

See accompanying notes to financial statements.

SPDR Barclays Capital Long Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value
State Street Institutional Liquid Reserves Fund 0.18% (d)(f)		391,216	$	391,216

TOTAL SHORT TERM INVESTMENTS — (g)
(Cost $1,460,254)				1,460,254

TOTAL INVESTMENTS — 102.7% (h)
(Cost $28,190,625)				29,196,553
OTHER ASSETS & LIABILITIES — (2.7)%				(767,453	)

NET ASSETS — 100.0%			$	28,429,100


(a)		Security, or portion thereof, was on loan at December 31, 2010.
(b)		Step-up Bond. Coupon rate increases in increments to maturity. Rate disclosed is as of December 31, 2010. Maturity date disclosed is the ultimate maturity.
(c)		Security purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 2.3% of net assets as of December 31, 2010, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		Investments of cash collateral for securities loaned.
(f)		The rate shown is the annualized seven-day yield at period end.
(g)		Value is determined based on Level 1 inputs. (Note 2)
(h)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 2 inputs. (Note 2)

See accompanying notes to financial statements.

SPDR Barclays Capital Convertible Securities ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

CONVERTIBLE CORPORATE BONDS & NOTES — 74.7%
AEROSPACE & DEFENSE — 0.5%
L-3 Communications Holdings, Inc. 3.00%, 8/1/2035	$	2,900,000	$	2,909,628

AIRLINES — 0.5%
UAL Corp. 4.50%, 6/30/2021		2,800,000		2,897,020

AUTOMOBILES — 1.9%
Ford Motor Co. 4.25%, 11/15/2016		3,600,000		7,192,800
Navistar International Corp. 3.00%, 10/15/2014		2,350,000		3,136,545

				10,329,345

BEVERAGES — 0.5%
Molson Coors Brewing Co. 2.50%, 7/30/2013 (a)		2,300,000		2,666,505

BIOTECHNOLOGY — 8.4%
Amgen, Inc.:
0.13%, 2/1/2011		9,450,000		9,388,140
0.38%, 2/1/2013		10,000,000		10,006,500
Amylin Pharmaceuticals, Inc. 3.00%, 6/15/2014		2,300,000		1,992,412
Cephalon, Inc.:
2.00%, 6/1/2015		3,250,000		4,565,958
2.50%, 5/1/2014 (a)		2,100,000		2,367,792
Gilead Sciences, Inc.:
0.50%, 5/1/2011		2,450,000		2,513,602
0.63%, 5/1/2013 (a)		2,650,000		2,925,865
1.00%, 5/1/2014 (b)		5,250,000		5,405,452
1.63%, 5/1/2016 (b)		5,250,000		5,461,050

				44,626,771

BUILDING PRODUCTS — 0.6%
Cemex SAB de CV 4.88%, 3/15/2015 (a)(b)		2,750,000		2,996,950

COMMERCIAL BANKS — 0.8%
National City Corp. 4.00%, 2/1/2011		4,500,000		4,498,650

COMMUNICATIONS EQUIPMENT — 1.0%
Alcatel-Lucent USA, Inc. Series B, 2.88%, 6/15/2025		3,800,000		3,605,691
Ciena Corp. 0.88%, 6/15/2017		2,050,000		1,677,078

				5,282,769

COMPUTERS & PERIPHERALS — 7.1%
EMC Corp.:
1.75%, 12/1/2011		6,900,000		9,963,600
1.75%, 12/1/2013		6,950,000		10,470,870
NetApp, Inc. 1.75%, 6/1/2013		4,650,000		8,248,496
SanDisk Corp.:
1.00%, 5/15/2013		4,570,000		4,451,568
1.50%, 8/15/2017		4,000,000		4,549,640

				37,684,174

CONTAINERS & PACKAGING — 0.6%
Owens-Brockway Glass Container, Inc. 3.00%, 6/1/2015 (b)		2,936,000		2,963,364

ELECTRICAL EQUIPMENT — 0.4%
Suntech Power Holdings Co., Ltd. 3.00%, 3/15/2013		2,250,000		1,980,000

ENERGY EQUIPMENT & SERVICES — 1.8%
Cameron International Corp. 2.50%, 6/15/2026		2,050,000		2,972,152
Nabors Industries, Inc. 0.94%, 5/15/2011		6,400,000		6,397,670

				9,369,822

FOOD PRODUCTS — 0.9%
Archer-Daniels-Midland Co. 0.88%, 2/15/2014 (a)		4,500,000		4,612,050

HEALTH CARE EQUIPMENT & SUPPLIES — 5.2%
Beckman Coulter, Inc. 2.50%, 12/15/2036		2,300,000		2,620,827
Hologic, Inc. 2.00%, 12/15/2037 (c)		5,200,000		4,885,774
Kinetic Concepts, Inc. 3.25%, 4/15/2015 (b)		2,550,000		2,685,711
Medtronic, Inc.:
1.50%, 4/15/2011		8,550,000		8,555,814
1.63%, 4/15/2013 (a)		9,000,000		9,065,250

				27,813,376

HEALTH CARE PROVIDERS & SERVICES — 1.0%
LifePoint Hospitals, Inc. 3.50%, 5/15/2014		2,100,000		2,120,937
Omnicare, Inc.:
3.25%, 12/15/2035		935,000		857,964
3.75%, 12/15/2025		2,000,000		2,214,120

				5,193,021

HOTELS, RESTAURANTS & LEISURE — 1.8%
International Game Technology 3.25%, 5/1/2014 (a)		3,650,000		4,211,772
MGM Resorts International 4.25%, 4/15/2015 (a)(b)		4,750,000		5,202,675

				9,414,447

HOUSEHOLD DURABLES — 0.4%
D.R. Horton, Inc. 2.00%, 5/15/2014		2,050,000		2,311,888

INDUSTRIAL CONGLOMERATES — 0.9%
Textron, Inc. 4.50%, 5/1/2013		2,600,000		4,947,800

INSURANCE — 1.0%
Vale Capital II 6.75%, 6/15/2012		55,900		5,414,474

INTERNET & CATALOG RETAIL — 0.6%
priceline.com, Inc. 1.25%, 3/15/2015 (b)		2,100,000		3,081,330

INTERNET SOFTWARE & SERVICES — 1.1%
VeriSign, Inc. 3.25%, 8/15/2037		5,000,000		5,628,750

See accompanying notes to financial statements.

SPDR Barclays Capital Convertible Securities ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

IT SERVICES — 0.7%
Alliance Data Systems Corp. 1.75%, 8/1/2013 (a)	$	3,450,000	$	3,708,026

MACHINERY — 0.9%
Danaher Corp. Zero Coupon, 1/22/2021		3,450,000		4,718,772

MARINE — 0.5%
DryShips, Inc. 5.00%, 12/1/2014		2,750,000		2,809,840

MEDIA — 3.9%
Liberty Global, Inc. 4.50%, 11/15/2016 (a)		3,900,000		5,811,624
Liberty Media LLC:
3.13%, 3/30/2023		4,200,000		4,715,340
3.25%, 3/15/2031		2,200,000		1,522,400
Virgin Media, Inc. 6.50%, 11/15/2016		4,050,000		6,712,875
XM Satellite Radio, Inc. 7.00%, 12/1/2014 (b)		1,750,000		2,166,587

				20,928,826

METALS & MINING — 6.6%
Alcoa, Inc. 5.25%, 3/15/2014		2,300,000		5,685,784
AngloGold Ashanti, Holdings Finance PLC 3.50%, 5/22/2014 (b)		2,100,000		2,617,188
ArcelorMittal 5.00%, 5/15/2014		3,400,000		4,886,752
Goldcorp, Inc. 2.00%, 8/1/2014 (a)		3,450,000		4,240,774
Newmont Mining Corp.:
1.25%, 7/15/2014 (a)		2,250,000		3,223,238
1.63%, 7/15/2017		2,200,000		3,193,630
3.00%, 2/15/2012		2,100,000		2,914,800
Sterlite Industries India, Ltd. 4.00%, 10/30/2014		1,850,000		1,907,350
United States Steel Corp. 4.00%, 5/15/2014 (a)		3,400,000		6,618,644

				35,288,160

OIL, GAS & CONSUMABLE FUELS — 6.4%
Chesapeake Energy Corp.:
2.25%, 12/15/2038		4,600,000		3,567,990
2.50%, 5/15/2037		8,300,000		7,382,925
Massey Energy Co. 3.25%, 8/1/2015 (a)		2,775,000		2,735,920
Peabody Energy Corp. 4.75%, 12/15/2066 (a)		2,850,000		3,683,967
Transocean, Inc.:
Series B 1.50%, 12/15/2037 (a)		6,650,000		6,559,872
Series C 1.50%, 12/15/2037		6,850,000		6,629,820
Series A 1.63%, 12/15/2037 (a)		1,500,000		1,450,353
USEC, Inc. 3.00%, 10/1/2014		2,150,000		1,935,660

				33,946,507

PHARMACEUTICALS — 2.9%
Allergan, Inc. 1.50%, 4/1/2026 (a)		2,550,000		2,883,107
Mylan, Inc.:
1.25%, 3/15/2012 (a)		2,300,000		2,437,747
3.75%, 9/15/2015		2,650,000		4,575,225
Teva Pharmaceutical Finance Co. BV Series B 1.75%, 2/1/2026 (a)		3,350,000		3,644,967
Teva Pharmaceutical Finance Co. LLC Series C 0.25%, 2/1/2026		1,750,000		2,044,875

				15,585,921

REAL ESTATE INVESTMENT TRUSTS — 3.1%
Annaly Capital Management, Inc. 4.00%, 2/15/2015 (a)		2,350,000		2,733,355
Boston Properties LP:
2.88%, 2/15/2037		2,750,000		2,788,005
3.63%, 2/15/2014 (b)		3,000,000		3,193,620
Host Hotels & Resorts LP 2.63%, 4/15/2027 (b)		2,200,000		2,196,080
ProLogis 2.25%, 4/1/2037 (a)		3,050,000		3,037,254
The Macerich Co. 3.25%, 3/15/2012 (b)		2,500,000		2,500,275

				16,448,589

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 7.4%
Advanced Micro Devices, Inc. 6.00%, 5/1/2015		4,100,000		4,121,525
Intel Corp.:
2.95%, 12/15/2035 (a)		6,250,000		6,219,687
3.25%, 8/1/2039 (a)		8,150,000		9,767,123
Linear Technology Corp. Series A 3.00%, 5/1/2027		3,400,000		3,601,552
Microchip Technology, Inc. 2.13%, 12/15/2037		4,750,000		5,802,600
Micron Technology, Inc. 1.88%, 6/1/2014		4,400,000		4,116,552
Xilinx, Inc.:
2.63%, 6/15/2017 (a)(b)		2,500,000		2,933,750
3.13%, 3/15/2037		2,550,000		2,651,490

				39,214,279

SOFTWARE — 3.3%
Microsoft Corp. Zero Coupon, 6/15/2013 (a)(b)		5,250,000		5,633,198
Salesforce.com, Inc. 0.75%, 1/15/2015 (b)		2,700,000		4,441,716
Symantec Corp.:
0.75%, 6/15/2011 (a)		3,400,000		3,521,040
1.00%, 6/15/2013 (a)		3,650,000		4,145,889

				17,741,843

TELECOMMUNICATIONS — 0.1%
Clearwire Communications LLC/Clearwire Finance, Inc. 8.25%, 12/1/2040 (b)		500,000		516,377

WIRELESS TELECOMMUNICATION SERVICES — 1.9%
NII Holdings, Inc. 3.13%, 6/15/2012		4,350,000		4,267,280
SBA Communications Corp.:
1.88%, 5/1/2013		2,150,000		2,428,855

See accompanying notes to financial statements.

SPDR Barclays Capital Convertible Securities ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

4.00%, 10/1/2014	$	2,100,000	$	3,150,840

				9,846,975

TOTAL CONVERTIBLE CORPORATE BONDS & NOTES —
(Cost $363,964,661)				397,376,249

	Shares
CONVERTIBLE PREFERRED STOCKS — 24.3%
AUTOMOBILES — 6.6%
General Motors Co. 4.75%, 12/1/2013		431,000		23,321,410
Ford Motor Co. Capital Trust II 6.50%, 1/15/2032		232,918		12,079,127

				35,400,537

COMMERCIAL BANKS — 3.0%
Wells Fargo & Co. Series L 7.50%, 12/31/2049 (d)		16,200		16,208,910

DIVERSIFIED FINANCIAL SERVICES — 5.8%
Bank of America Corp. Series L 7.25%, 12/31/2049		13,565		12,981,298
Citigroup, Inc. 7.50%, 12/15/2012 (a)		129,179		17,657,478

				30,638,776

ELECTRIC UTILITIES — 1.4%
AES Trust III 6.75%, 10/15/2029		46,100		2,258,900
PPL Corp. 9.50%, 7/1/2013 (a)		93,274		5,127,272

				7,386,172

FOOD PRODUCTS — 1.5%
Archer-Daniels-Midland Co. 6.25%, 6/1/2011 (a)		143,400		5,568,222
Bunge, Ltd. 4.88%, 12/31/2049		27,500		2,585,000

				8,153,222

HAND/MACHINE TOOLS — 0.6%
Stanley Black & Decker, Inc. 4.75%, 11/17/2015 (a)		30,400		3,312,962

HEALTH CARE EQUIPMENT & SUPPLIES — 0.4%
Alere, Inc. 3.00%, 12/31/2049 (a)(d)		9,334		2,324,166

INSURANCE — 1.1%
Hartford Financial Services Group, Inc. 7.25%, 4/1/2013 (a)		94,200		2,412,462
XL Group PLC 10.75%, 6/15/2010 (a)		108,900		3,393,324

				5,805,786

METALS & MINING — 0.7%
AngloGold Ashanti, Ltd. 6.00%, 9/15/2013		67,700		3,755,996

OIL, GAS & CONSUMABLE FUELS — 1.6%
Apache Corp. 6.00%, 8/1/2013 (a)		110,000		7,288,600
CenterPoint Energy, Inc. 0.30%, 9/15/2029 (e)		30,500		973,148

				8,261,748

PIPELINES — 0.7%
El Paso Corp. 4.99%, 12/31/2049 (d)(f)		3,200		3,744,000

THRIFTS & MORTGAGE FINANCE — 0.3%
Federal National Mortgage Association 5.38%, 12/31/2049 (d)		25		30,000
Sovereign Capital Trust IV 4.38%, 3/1/2034		37,300		1,492,000

				1,522,000

WIRELESS TELECOMMUNICATION SERVICES — 0.6%
Lucent Technologies Capital Trust I 7.75%, 3/15/2017		3,500		3,101,000

TOTAL CONVERTIBLE PREFERRED STOCKS — (g)
(Cost $117,974,100)				129,615,275

COMMON STOCKS — 0.0% (h)
THRIFTS & MORTGAGE FINANCE — 0.0% (h)
Federal National Mortgage Association (a)(d) (Cost $110,270)		100,000		30,000

SHORT TERM INVESTMENTS — 13.9%
MONEY MARKET FUNDS — 13.9%
State Street Navigator Securities Lending Prime Portfolio (i)(j)		60,198,425		60,198,425
State Street Institutional Liquid Reserves Fund 0.18% (i)(k)		13,859,879		13,859,879

TOTAL SHORT TERM INVESTMENTS — (g)
(Cost $74,058,304)				74,058,304

TOTAL INVESTMENTS — 112.9% (l)
(Cost $556,107,335)				601,079,828
OTHER ASSETS & LIABILITIES — (12.9)%				(68,834,413	)

NET ASSETS — 100.0%			$	532,245,415

See accompanying notes to financial statements.

SPDR Barclays Capital Convertible Securities ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


(a)		Security, or portion thereof, was on loan at December 31, 2010.
(b)		Security purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 10.1% of net assets as of December 31, 2010, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(c)		Step-up Bond. Coupon rate increases in increments to maturity. Rate disclosed is as of December 31, 2010. Maturity date disclosed is the ultimate maturity.
(d)		Non-income producing security.
(e)		Variable-rate security. Rate shown is rate in effect at December 31, 2010. Maturity date disclosed is the ultimate maturity.
(f)		Security is valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Amount represents 0.7% of net assets.
(g)		Value determined based on Level 1 inputs. (Note 2)
(h)		Amount shown represents less than 0.05% of net assets.
(i)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(j)		Investments of cash collateral for securities loaned.
(k)		The rate shown is the annualized seven-day yield at period end.
(l)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 2 inputs. (Note 2)

See accompanying notes to financial statements.

SPDR Barclays Capital Mortgage Backed Bond ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

U.S. GOVERNMENT AGENCY MBS TBA — 99.8%
Fannie Mae
4.00%, 15yr TBA	$	500,000	$	514,922
4.00%, 30yr TBA		2,000,000		1,990,000
4.50%, 15yr TBA		750,000		786,328
4.50%, 30yr TBA		2,000,000		2,053,125
5.00%, 15yr TBA		900,000		955,406
5.00%, 30yr TBA		3,000,000		3,154,219
5.50%, 15yr TBA		500,000		538,594
5.50%, 30yr TBA		2,000,000		2,140,937
6.00%, 30yr TBA		950,000		1,032,531
6.50%, 30yr TBA		500,000		555,469
Freddie Mac
4.00%, 15yr TBA		1,000,000		1,027,656
4.50%, 15yr TBA		500,000		522,656
4.50%, 30yr TBA		2,800,000		2,870,000
5.00%, 30yr TBA		1,750,000		1,835,313
5.50%, 30yr TBA		2,800,000		2,985,281
6.00%, 30yr TBA		2,000,000		2,166,875
6.50%, 30yr TBA		400,000		443,125
Ginnie Mae
4.00%, 2/15/2040		99,108		100,013
4.00%, 30yr TBA		275,000		276,977
4.50%, 30yr TBA		2,200,000		2,284,562
5.00%, 30yr TBA		2,000,000		2,126,875
5.50%, 30yr TBA		850,000		919,195
6.00%, 30yr TBA		500,000		550,000
6.50%, 30yr TBA		250,000		281,798

TOTAL U.S. GOVERNMENT AGENCY MBS TBA —
(Cost $32,280,577)				32,111,857

	Shares
SHORT TERM INVESTMENT — 101.3%
MONEY MARKET FUND — 101.3%
State Street Institutional Liquid Reserves Fund 0.18% (a)(b)(c)(d) (Cost $32,597,032)		32,597,032		32,597,032

TOTAL INVESTMENTS — 201.1% (e)
(Cost $64,877,609)				64,708,889
OTHER ASSETS & LIABILITIES — (101.1)%				(32,533,884	)

NET ASSETS — 100.0%			$	32,175,005

TBA = To Be Announced

See accompanying notes to financial statements.

SPDR Barclays Capital Aggregate Bond ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

CORPORATE BONDS & NOTES — 23.7%
ADVERTISING — 0.0% (a)
Omnicom Group, Inc. 4.45%, 8/15/2020	$	35,000	$	34,053

AEROSPACE & DEFENSE — 0.3%
General Dynamics Corp. 5.25%, 2/1/2014		220,000		242,216
The Boeing Co. 6.13%, 2/15/2033		165,000		180,337
United Technologies Corp.:
4.50%, 4/15/2020		60,000		62,761
5.70%, 4/15/2040		60,000		64,963

				550,277

AIR FREIGHT & LOGISTICS — 0.1%
United Parcel Service, Inc. 6.20%, 1/15/2038		100,000		114,437

AIRLINES — 0.1%
Delta Air Lines 2010-2 Pass Through Trust, Class A 4.95%, 5/23/2019 (b)		100,000		100,250

BEVERAGES — 0.5%
Anheuser-Busch InBev Worldwide, Inc. 5.38%, 1/15/2020		235,000		254,229
Bottling Group LLC 6.95%, 3/15/2014		200,000		230,152
Diageo Capital PLC 5.75%, 10/23/2017		250,000		282,941
PepsiCo, Inc. 4.50%, 1/15/2020 (b)		100,000		104,969
The Coca-Cola Co.:
0.75%, 11/15/2013		100,000		98,323
1.50%, 11/15/2015		100,000		95,777
3.15%, 11/15/2020		70,000		65,490

				1,131,881

BIOTECHNOLOGY — 0.1%
Amgen, Inc.:
4.50%, 3/15/2020		50,000		51,814
5.75%, 3/15/2040		55,000		58,232
Life Technologies Corp. 6.00%, 3/1/2020		100,000		107,625

				217,671

CAPITAL MARKETS — 0.9%
BlackRock, Inc. 3.50%, 12/10/2014 (b)		200,000		206,973
Svensk Exportkredit AB 5.13%, 3/1/2017		205,000		228,249
The Bank of New York Mellon Corp. 4.95%, 11/1/2012 (b)		230,000		245,593
The Goldman Sachs Group, Inc.:
3.25%, 6/15/2012 (b)		205,000		212,973
5.35%, 1/15/2016		405,000		437,118
5.95%, 1/15/2027		595,000		591,976

				1,922,882

CHEMICALS — 0.2%
Praxair, Inc. 2.13%, 6/14/2013		100,000		101,871
The Dow Chemical Co. 8.55%, 5/15/2019		330,000		411,779

				513,650

COMMERCIAL BANKS — 3.9%
Asian Development Bank 2.75%, 5/21/2014		205,000		213,585
Bank of Nova Scotia 2.38%, 12/17/2013		100,000		102,387
Barclays Bank PLC:
3.90%, 4/7/2015 (b)		150,000		154,368
5.13%, 1/8/2020		100,000		102,327
BB&T Corp. 3.95%, 4/29/2016		100,000		103,822
Deutsche Bank AG 6.00%, 9/1/2017		250,000		279,706
E.I. du Pont de Nemours & Co. 5.25%, 12/15/2016 (b)		255,000		283,663
European Investment Bank:
2.00%, 2/10/2012 (b)		840,000		853,284
2.38%, 3/14/2014 (b)		545,000		561,191
Export-Import Bank of Korea:
4.13%, 9/9/2015		200,000		203,781
5.88%, 1/14/2015		205,000		222,121
HSBC Bank USA NA 4.63%, 4/1/2014 (b)		370,000		385,972
Inter-American Development Bank 5.13%, 9/13/2016		405,000		461,088
International Bank for Reconstruction & Development:
2.00%, 4/2/2012		150,000		152,849
2.38%, 5/26/2015		200,000		204,217
4.75%, 2/15/2035		80,000		82,030
JPMorgan Chase & Co.:
2.20%, 6/15/2012		310,000		317,392
6.40%, 5/15/2038		205,000		234,134
JPMorgan Chase Bank NA 6.00%, 10/1/2017		555,000		613,015
Key Bank NA 5.80%, 7/1/2014 (b)		205,000		219,262
Kreditanstalt fuer Wiederaufbau:
4.00%, 10/15/2013		720,000		774,421
4.50%, 7/16/2018		215,000		234,621
Landwirtschaftliche Rentenbank 3.13%, 7/15/2015 (b)		200,000		207,997
Nordic Investment Bank 2.50%, 7/15/2015		100,000		102,056
Oesterreichische Kontrollbank AG 4.75%, 10/16/2012 (b)		205,000		219,302
PNC Funding Corp. 5.13%, 2/8/2020 (b)		150,000		155,753
SunTrust Bank/Atlanta GA:
5.00%, 9/1/2015		16,000		16,595
7.25%, 3/15/2018		60,000		65,227
The Royal Bank Of Scotland Plc 3.40%, 8/23/2013 (b)		100,000		101,015
US Bancorp 1.38%, 9/13/2013		100,000		99,415
Wachovia Bank NA 5.85%, 2/1/2037 (b)		275,000		275,004

See accompanying notes to financial statements.

SPDR Barclays Capital Aggregate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

Wachovia Corp. 5.63%, 10/15/2016	$	200,000	$	218,100
Wells Fargo & Co. 5.63%, 12/11/2017		150,000		166,531
Wells Fargo Bank NA 4.75%, 2/9/2015		245,000		258,393

				8,644,624

COMMERCIAL SERVICES & SUPPLIES — 0.2%
R.R. Donnelley & Sons Co. 5.50%, 5/15/2015		100,000		103,500
Republic Services, Inc. 5.00%, 3/1/2020 (b)		100,000		104,989
Waste Management, Inc. 7.38%, 3/11/2019		100,000		120,780

				329,269

COMMUNICATIONS EQUIPMENT — 0.1%
Cisco Systems, Inc. 5.50%, 2/22/2016		240,000		272,865

COMPUTERS & PERIPHERALS — 0.3%
Dell, Inc. 2.30%, 9/10/2015 (b)		100,000		97,110
Hewlett-Packard Co. 6.13%, 3/1/2014		200,000		223,461
International Business Machines Corp.:
5.70%, 9/14/2017		210,000		240,022
5.88%, 11/29/2032		165,000		182,921

				743,514

DIVERSIFIED CONSUMER SERVICES — 0.1%
Stanford University 4.75%, 5/1/2019		110,000		117,774

DIVERSIFIED FINANCIAL SERVICES — 6.1%
American Express Co. 8.13%, 5/20/2019		150,000		188,175
American Express Credit Corp. 5.88%, 5/2/2013		265,000		288,334
Bank of America Corp.:
Series L 2.10%, 4/30/2012		205,000		209,318
Series L 3.13%, 6/15/2012		410,000		425,236
Bank of America NA 5.30%, 3/15/2017		785,000		795,121
BP Capital Markets PLC 3.13%, 3/10/2012		100,000		102,127
Capital One Financial Corp. 8.88%, 5/15/2040		155,000		160,425
Citigroup Funding, Inc. 0.21%, 5/5/2011 (b)		5,300,000		5,300,212
Citigroup, Inc. 5.63%, 8/27/2012		925,000		973,887
Credit Suisse USA, Inc. 6.50%, 1/15/2012		585,000		618,172
General Electric Capital Corp.:
2.25%, 11/9/2015 (b)		200,000		191,392
2.63%, 12/28/2012		530,000		549,688
5.25%, 10/19/2012		405,000		432,992
5.63%, 5/1/2018		485,000		528,080
6.75%, 3/15/2032 (b)		240,000		270,775
JPMorgan Chase & Co. 4.25%, 10/15/2020		150,000		147,005
Merrill Lynch & Co., Inc. 6.88%, 4/25/2018		580,000		632,774
Morgan Stanley:
6.00%, 5/13/2014 (b)		560,000		603,812
6.63%, 4/1/2018		390,000		426,771
National Rural Utilities Cooperative Finance Corp. 8.00%, 3/1/2032		210,000		270,479
Nomura Holdings, Inc.:
5.00%, 3/4/2015		70,000		72,625
6.70%, 3/4/2020		21,000		22,169
Toyota Motor Credit Corp. 1.38%, 8/12/2013 (b)		100,000		100,200
UBS AG of Stamford, CT 2.25%, 8/12/2013 (b)		250,000		252,685

				13,562,454

DIVERSIFIED TELECOMMUNICATION SERVICES — 0.3%
British Telecommunications PLC 9.88%, 12/15/2030		100,000		132,645
Deutsche Telekom International Finance BV 6.75%, 8/20/2018 (b)		210,000		247,607
Qwest Corp. 8.38%, 5/1/2016 (b)		15,000		17,763
Verizon Communications, Inc. 6.40%, 2/15/2038		300,000		328,818

				726,833

ELECTRIC UTILITIES — 1.3%
Commonwealth Edison Co., Series 1 5.90%, 3/15/2036		100,000		103,336
Duke Energy Carolinas LLC 7.00%, 11/15/2018		620,000		758,408
Florida Power & Light Co. 5.69%, 3/1/2040		65,000		69,246
Georgia Power Co. 4.75%, 9/1/2040		100,000		92,524
Northern States Power Co/MN:
1.95%, 8/15/2015		100,000		97,766
4.85%, 8/15/2040 (b)		100,000		95,468
Pacific Gas & Electric Co. 4.80%, 3/1/2014		630,000		677,537
Progress Energy, Inc. 7.75%, 3/1/2031		255,000		319,312
PSEG Power LLC 5.13%, 4/15/2020 (b)		80,000		83,117
San Diego Gas & Electric Co. 6.13%, 9/15/2037		115,000		130,262
Virginia Electric and Power Co. 5.10%, 11/30/2012 (b)		360,000		387,200

				2,814,176

FOOD & STAPLES RETAILING — 0.4%
CVS Caremark Corp. 6.25%, 6/1/2027		150,000		163,767
Safeway, Inc. 5.63%, 8/15/2014		215,000		237,619

See accompanying notes to financial statements.

SPDR Barclays Capital Aggregate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

Target Corp. 7.00%, 1/15/2038	$	220,000	$	272,320
Wal-Mart Stores, Inc. 5.88%, 4/5/2027		200,000		223,353

				897,059

FOOD PRODUCTS — 0.3%
Archer-Daniels-Midland Co. 5.38%, 9/15/2035		240,000		242,461
General Mills, Inc. 5.70%, 2/15/2017		305,000		342,500
Kraft Foods, Inc. 6.50%, 2/9/2040		100,000		112,073

				697,034

HEALTH CARE EQUIPMENT & SUPPLIES — 0.1%
Baxter International, Inc. 6.25%, 12/1/2037 (b)		155,000		177,210
Covidien International Finance SA 2.80%, 6/15/2015		100,000		100,777

				277,987

HEALTH CARE PROVIDERS & SERVICES — 0.2%
Express Scripts, Inc. 6.25%, 6/15/2014		205,000		228,251
UnitedHealth Group, Inc. 6.00%, 2/15/2018		200,000		223,859
WellPoint, Inc. 5.80%, 8/15/2040		55,000		55,233

				507,343

HOTELS, RESTAURANTS & LEISURE — 0.1%
McDonald’s Corp. 5.35%, 3/1/2018		210,000		236,071

HOUSEHOLD DURABLES — 0.0% (a)
Newell Rubbermaid, Inc. 4.70%, 8/15/2020		100,000		98,823

HOUSEHOLD PRODUCTS — 0.2%
Fortune Brands, Inc. 6.38%, 6/15/2014		100,000		107,880
Kimberly-Clark Corp. 5.00%, 8/15/2013		115,000		125,630
The Procter & Gamble Co. 5.55%, 3/5/2037		100,000		107,981

				341,491

INDUSTRIAL CONGLOMERATES — 0.1%
3M Co. 4.38%, 8/15/2013 (b)		100,000		108,314
Cooper US, Inc. 3.88%, 12/15/2020		50,000		48,871
Tyco International Finance SA 3.38%, 10/15/2015 (b)		100,000		102,044

				259,229

INSURANCE — 1.0%
Aflac, Inc. 3.45%, 8/15/2015 (b)		100,000		101,865
American International Group, Inc. 5.45%, 5/18/2017		640,000		644,966
Berkshire Hathaway Finance Corp. 5.00%, 8/15/2013 (b)		215,000		234,583
CNA Financial Corp. 7.35%, 11/15/2019		100,000		109,146
Genworth Financial, Inc. 7.70%, 6/15/2020		100,000		104,399
Hartford Financial Services Group, Inc.:
4.00%, 3/30/2015		100,000		99,747
6.63%, 3/30/2040		100,000		100,965
Lincoln National Corp. 6.30%, 10/9/2037		100,000		99,995
Marsh & McLennan Cos., Inc. 5.75%, 9/15/2015		100,000		107,592
MetLife, Inc. 5.70%, 6/15/2035		405,000		407,682
Prudential Financial, Inc. 3.88%, 1/14/2015		135,000		138,609
The Allstate Corp. 5.95%, 4/1/2036		165,000		173,903

				2,323,452

INTERNET SOFTWARE & SERVICES — 0.0% (a)
eBay, Inc. 0.88%, 10/15/2013		35,000		34,549

MACHINERY — 0.3%
Caterpillar Financial Services Corp. 7.15%, 2/15/2019 (b)		220,000		270,665
Caterpillar, Inc. 6.05%, 8/15/2036		165,000		186,001
John Deere Capital Corp. 2.80%, 9/18/2017		100,000		97,111

				553,777

MEDIA — 0.9%
CBS Corp. 8.20%, 5/15/2014		210,000		244,650
Comcast Corp.:
6.40%, 5/15/2038		210,000		224,171
6.50%, 1/15/2017		330,000		378,555
DIRECTV Holdings LLC 5.20%, 3/15/2020		65,000		67,382
NBC Universal, Inc.:
3.65%, 4/30/2015 (c)		75,000		76,614
5.15%, 4/30/2020 (c)		35,000		36,300
News America, Inc. 6.15%, 3/1/2037		240,000		249,580
Time Warner Cable, Inc. 5.85%, 5/1/2017		330,000		365,709
Time Warner, Inc. 7.70%, 5/1/2032		240,000		292,029
Viacom, Inc. 6.25%, 4/30/2016		100,000		113,605

				2,048,595

METALS & MINING — 0.4%
Alcoa, Inc. 5.38%, 1/15/2013		215,000		228,438
ArcelorMittal 5.38%, 6/1/2013		100,000		106,343

See accompanying notes to financial statements.

SPDR Barclays Capital Aggregate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

Rio Tinto Finance USA, Ltd. 1.88%, 11/2/2015	$	300,000	$	288,000
Vale Overseas, Ltd. 6.88%, 11/21/2036		330,000		358,525

				981,306

MULTI-UTILITIES — 0.1%
MidAmerican Energy Holdings Co. 6.13%, 4/1/2036 (b)		255,000		274,780

OFFICE ELECTRONICS — 0.1%
Xerox Corp. 5.65%, 5/15/2013		280,000		304,257

OIL, GAS & CONSUMABLE FUELS — 1.9%
Anadarko Petroleum Corp. 5.95%, 9/15/2016 (b)		130,000		138,951
Canadian Natural Resources, Ltd. 6.25%, 3/15/2038		405,000		449,440
Conoco, Inc. 6.95%, 4/15/2029		100,000		122,508
ConocoPhillips Canada Funding Co. 5.63%, 10/15/2016 (b)		730,000		834,686
Enterprise Products Operating LLC 5.20%, 9/1/2020		200,000		206,838
Hess Corp. 5.60%, 2/15/2041		100,000		99,280
Kinder Morgan Energy Partners LP 5.80%, 3/15/2035 (b)		175,000		165,233
Occidental Petroleum Corp. 2.50%, 2/1/2016		100,000		99,599
Pemex Project Funding Master Trust 6.63%, 6/15/2035		115,000		116,222
Petro-Canada 5.95%, 5/15/2035		100,000		102,870
Petrobras International Finance Co.:
5.75%, 1/20/2020		105,000		108,837
6.88%, 1/20/2040		105,000		109,976
Shell International Finance BV 6.38%, 12/15/2038		220,000		259,346
Southern Natural Gas Co. 5.90%, 4/1/2017 (c)		580,000		612,325
TransCanada PipeLines, Ltd.:
6.10%, 6/1/2040		100,000		109,010
6.50%, 8/15/2018		100,000		117,834
Transocean, Inc. 6.00%, 3/15/2018		55,000		57,598
Valero Energy Corp. 6.13%, 2/1/2020		65,000		68,326
Weatherford International, Inc. 6.80%, 6/15/2037		239,000		249,557
Williams Partners LP 5.25%, 3/15/2020		110,000		113,196

				4,141,632

PHARMACEUTICALS — 0.9%
Abbott Laboratories 5.13%, 4/1/2019		400,000		440,967
AstraZeneca PLC 6.45%, 9/15/2037		75,000		88,939
Eli Lilly & Co. 5.20%, 3/15/2017		225,000		250,753
GlaxoSmithKline Capital, Inc. 6.38%, 5/15/2038		155,000		182,704
Novartis Capital Corp. 1.90%, 4/24/2013		160,000		162,412
Pfizer, Inc. 6.20%, 3/15/2019		135,000		159,487
Schering-Plough Corp. 6.00%, 9/15/2017		305,000		357,081
Wyeth 5.95%, 4/1/2037		240,000		266,354

				1,908,697

REAL ESTATE INVESTMENT TRUSTS — 0.2%
Duke Realty LP 6.75%, 3/15/2020 (b)		25,000		27,224
Simon Property Group LP 4.20%, 2/1/2015 (b)		300,000		315,927
Vornado Realty LP 4.25%, 4/1/2015		100,000		100,714

				443,865

ROAD & RAIL — 0.3%
CSX Corp. 6.15%, 5/1/2037		165,000		175,058
Norfolk Southern Corp. 7.70%, 5/15/2017		330,000		402,129
Union Pacific Corp. 6.13%, 2/15/2020		100,000		114,508

				691,695

SOFTWARE — 0.2%
Microsoft Corp. 3.00%, 10/1/2020		200,000		188,560
Oracle Corp.:
5.75%, 4/15/2018 (b)		200,000		226,603
6.13%, 7/8/2039		100,000		111,279

				526,442

SPECIALTY RETAIL — 0.3%
Staples, Inc. 9.75%, 1/15/2014		100,000		120,715
The Home Depot, Inc. 5.40%, 3/1/2016		405,000		449,872

				570,587

TOBACCO — 0.3%
Altria Group, Inc. 9.70%, 11/10/2018		200,000		262,677
Philip Morris International, Inc. 4.88%, 5/16/2013		280,000		302,325
Reynolds American, Inc. 7.63%, 6/1/2016		100,000		116,098

				681,100

WIRELESS TELECOMMUNICATION SERVICES — 0.9%
AT&T Corp. 8.00%, 11/15/2031		16,000		20,228
AT&T, Inc. 5.35%, 9/1/2040 (c)		320,000		301,877

See accompanying notes to financial statements.

SPDR Barclays Capital Aggregate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

Cellco Partnership / Verizon Wireless Capital LLC 5.55%, 2/1/2014	$	100,000	$	109,574
Embarq Corp. 7.08%, 6/1/2016		165,000		182,648
New Cingular Wireless Services, Inc. 8.13%, 5/1/2012		255,000		278,643
Telecom Italia Capital 5.25%, 10/1/2015		200,000		204,499
Telefonica Emisiones SAU 4.95%, 1/15/2015		210,000		215,281
Verizon Global Funding Corp. 6.88%, 6/15/2012		405,000		438,067
Vodafone Group PLC 5.63%, 2/27/2017		240,000		267,254

				2,018,071

TOTAL CORPORATE BONDS & NOTES —
(Cost $49,890,963)				52,614,452

FOREIGN GOVERNMENT OBLIGATIONS — 1.8%
Brazilian Government International Bond:
7.88%, 3/7/2015		100,000		119,150
11.00%, 8/17/2040		150,000		201,375
Export Development Canada 2.25%, 5/28/2015		200,000		202,739
Federal Republic of Brazil 8.25%, 1/20/2034		360,000		477,900
Japan Finance Corp. 1.50%, 7/6/2012		150,000		151,867
Panama Government International Bond:
5.20%, 1/30/2020		50,000		52,828
6.70%, 1/26/2036		50,000		55,468
Province of Ontario 4.95%, 6/1/2012		455,000		482,316
Province of Quebec 7.50%, 9/15/2029		455,000		622,387
Republic of Italy 5.63%, 6/15/2012		490,000		515,266
Republic of Peru 7.13%, 3/30/2019		100,000		119,000
Republic of South Africa 5.50%, 3/9/2020		100,000		106,000
United Mexican States 5.63%, 1/15/2017		880,000		970,420

TOTAL FOREIGN GOVERNMENT OBLIGATIONS —
(Cost $3,927,729)				4,076,716

U.S. GOVERNMENT AGENCY MBS TBA — 31.9%
Fannie Mae
4.00%, 30yr TBA		3,500,000		3,482,500
4.50%, 30yr TBA		6,000,000		6,159,375
4.50%, 15yr TBA		1,500,000		1,572,656
5.00%, 15yr TBA		2,000,000		2,123,125
5.50%, 30yr TBA		11,000,000		11,775,156
6.00%, 30yr TBA		1,500,000		1,630,312
6.50%, 30yr TBA		2,000,000		2,221,875
Freddie Mac
4.00%, 15yr TBA		2,000,000		2,055,312
4.50%, 15yr TBA		2,000,000		2,090,625
4.50%, 30yr TBA		5,000,000		5,125,000
5.00%, 30yr TBA		10,500,000		11,011,875
5.50%, 15yr TBA		1,000,000		1,072,188
6.00%, 30yr TBA		6,000,000		6,500,625
Ginnie Mae
4.00%, 30yr TBA		500,000		503,594
4.50%, 30yr TBA		4,800,000		4,984,500
5.00%, 30yr TBA		3,600,000		3,828,375
5.50%, 30yr TBA		2,200,000		2,379,094
6.00%, 30yr TBA		1,200,000		1,320,000
6.50%, 30yr TBA		1,000,000		1,127,188

TOTAL U.S. GOVERNMENT AGENCY MBS TBA —
(Cost $71,167,202)				70,963,375

U.S. GOVERNMENT AGENCY OBLIGATIONS — 7.0%
Fannie Mae
2.50%, 5/15/2014 (b)		1,435,000		1,487,301
4.00%, 1/20/2017		250,000		250,461
5.00%, 5/11/2017 (b)		1,210,000		1,365,291
6.00%, 6/1/2017		511,070		554,056
7.13%, 1/15/2030 (b)		525,000		695,867
Federal Farm Credit Bank
0.79%, 9/27/2012		100,000		99,931
1.88%, 12/7/2012 (b)		775,000		792,469
Federal Home Loan Bank
0.50%, 8/23/2012		200,000		199,466
0.55%, 12/3/2012		200,000		199,470
0.63%, 11/23/2012		200,000		199,612
0.70%, 5/22/2013		100,000		99,463
0.80%, 11/18/2013		100,000		98,965
0.88%, 12/27/2013 (b)		250,000		247,903
4.75%, 12/16/2016 (b)		500,000		559,577
5.00%, 11/17/2017 (b)		300,000		340,431
5.13%, 8/14/2013 (b)		1,510,000		1,670,583
Federal Home Loan Mortgage Corp.
0.63%, 12/3/2012		100,000		99,660
1.00%, 7/26/2012		100,000		100,056
1.00%, 12/9/2013		100,000		99,072
1.30%, 7/26/2013 (b)		100,000		99,946
1.35%, 3/28/2014		100,000		99,383
1.50%, 10/28/2013		100,000		99,980
1.75%, 6/15/2012 (b)		600,000		610,539
4.13%, 9/27/2013 (b)		500,000		540,783
4.38%, 7/17/2015		500,000		550,477
Federal National Mortgage Association
0.50%, 10/30/2012		500,000		498,510
0.88%, 12/28/2012		100,000		99,913
1.00%, 11/29/2013		100,000		99,068
1.00%, 4/25/2014		100,000		98,442
1.13%, 7/30/2012		500,000		504,301
1.13%, 10/8/2013		100,000		99,604
1.25%, 7/29/2013		100,000		99,962
1.25%, 8/23/2013		100,000		99,855
1.40%, 1/6/2014		100,000		99,791
1.50%, 11/23/2015		100,000		96,737
1.55%, 10/27/2015		100,000		97,119

See accompanying notes to financial statements.

SPDR Barclays Capital Aggregate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

2.00%, 9/30/2015	$	100,000	$	99,116
2.25%, 3/28/2016		100,000		98,529
2.35%, 9/23/2016		100,000		98,458
Freddie Mac
2.13%, 3/23/2012 (b)		840,000		857,309
5.00%, 4/18/2017 (b)		723,000		815,433
Ginnie Mae 4.00%, 6/15/2040		246,429		248,679
Tennessee Valley Authority
4.75%, 8/1/2013		100,000		109,461
5.25%, 9/15/2039		200,000		210,978

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS —
(Cost $15,231,210)				15,592,007

U.S. TREASURY OBLIGATIONS — 33.5%
Treasury Bonds
4.38%, 5/15/2040 (b)		2,500,000		2,512,700
4.50%, 8/15/2039		2,300,000		2,362,767
5.38%, 2/15/2031 (b)		600,000		700,776
6.25%, 5/15/2030 (b)		500,000		642,840
6.88%, 8/15/2025 (b)		750,000		1,002,202
7.13%, 2/15/2023 (b)		500,000		671,525
7.50%, 11/15/2016		515,000		661,914
8.75%, 8/15/2020		1,130,000		1,651,371
8.88%, 8/15/2017		713,000		990,364
Treasury Notes
0.38%, 8/31/2012		500,000		499,090
0.38%, 10/31/2012 (b)		1,500,000		1,495,455
0.50%, 11/15/2013 (b)		2,000,000		1,974,080
0.63%, 6/30/2012 (b)		1,000,000		1,002,910
0.75%, 5/31/2012 (b)		2,500,000		2,511,525
1.38%, 2/15/2012		2,000,000		2,022,120
1.38%, 5/15/2012 (b)		4,475,000		4,533,354
1.38%, 9/15/2012		1,000,000		1,014,630
1.38%, 1/15/2013 (b)		5,500,000		5,583,655
1.38%, 5/15/2013		300,000		304,353
1.88%, 6/30/2015 (b)		1,750,000		1,756,965
1.88%, 9/30/2017		1,500,000		1,428,720
2.38%, 10/31/2014 (b)		2,555,000		2,645,166
2.63%, 2/29/2016		1,500,000		1,539,675
2.63%, 8/15/2020 (b)		2,500,000		2,369,775
2.75%, 10/31/2013 (b)		2,565,000		2,696,662
2.75%, 11/30/2016 (b)		4,380,000		4,471,367
2.75%, 5/31/2017 (b)		300,000		303,930
3.13%, 8/31/2013 (b)		3,445,000		3,655,214
3.13%, 10/31/2016 (b)		3,655,000		3,812,933
3.13%, 5/15/2019 (b)(d)		5,500,000		5,558,080
3.38%, 11/15/2019 (b)		1,000,000		1,020,660
3.50%, 5/15/2020 (b)		600,000		614,550
4.00%, 11/15/2012 (b)		1,500,000		1,597,080
4.00%, 2/15/2014 (b)		2,800,000		3,051,524
4.13%, 5/15/2015 (b)		1,000,000		1,101,500
4.63%, 2/29/2012		1,000,000		1,048,720
4.75%, 8/15/2017 (b)		2,425,000		2,750,265
5.13%, 5/15/2016 (b)		810,000		933,347

TOTAL U.S. TREASURY OBLIGATIONS —
(Cost $73,991,629)				74,493,764

COMMERCIAL MORTGAGE BACKED SECURITIES — 2.6%
Bank of America Commercial Mortgage, Inc. 5.66%, 6/10/2049 (e)		250,000		259,331
Bear Stearns Commercial Mortgage Securities 4.75%, 2/13/2046 (e)		550,000		579,357
Countrywide Commercial Mortgage Trust 5.38%, 8/12/2048		400,000		399,548
GE Capital Commercial Mortgage Corp. 5.54%, 12/10/2049		400,000		412,011
Greenwich Capital Commercial Funding Corp. 4.80%, 8/10/2042 (e)		250,000		262,868
GS Mortgage Securities Corp. II:
5.40%, 8/10/2038 (e)		250,000		268,188
5.55%, 4/10/2038 (e)		250,000		267,488
JPMorgan Chase Commercial Mortgage Securities Corp.:
4.87%, 3/15/2046		250,000		257,636
4.88%, 1/12/2038 (e)		250,000		264,635
5.44%, 6/12/2047		510,000		530,646
5.81%, 6/12/2043 (e)		500,000		534,978
LB-UBS Commercial Mortgage Trust:
4.37%, 3/15/2036		450,000		463,980
5.11%, 6/15/2029 (e)		250,000		258,960
Morgan Stanley Capital I:
5.51%, 11/12/2049 (e)		475,000		508,944
5.61%, 4/15/2049		205,000		211,328
Wachovia Bank Commercial Mortgage Trust 4.96%, 11/15/2035 (e)		250,000		266,189

TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES —
(Cost $4,553,338)				5,746,087

ASSET BACKED — 0.4%
AUTOMOBILES — 0.0% (a)
USAA Auto Owner Trust 2.53%, 7/15/2015		40,000		41,084

CREDIT CARD RECEIVABLES — 0.4%
Capital One Multi-Asset Execution Trust 5.05%, 2/15/2016		245,000		264,868
Citibank Credit Card Issuance Trust::
4.90%, 6/23/2016		200,000		219,490
5.35%, 2/7/2020		295,000		330,819

				815,177

TOTAL ASSET BACKED —
(Cost $784,900)				856,261

MUNICIPAL BONDS & NOTES — 0.8%
CALIFORNIA — 0.1%
California, State General Obligation:
5.95%, 4/1/2016		35,000		36,691
7.30%, 10/1/2039		200,000		201,420

See accompanying notes to financial statements.

SPDR Barclays Capital Aggregate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

San Francisco, CA, City & County Public Utilities Commission, Water Revenue 6.00%, 11/1/2040	$	50,000	$	47,552

				285,663

CONNECTICUT — 0.1%
State of Connecticut 5.09%, 10/1/2030		100,000		94,479

GEORGIA — 0.1%
Georgia, State General Obligation 4.50%, 11/1/2025		200,000		197,366

ILLINOIS — 0.1%
Illinois, State General Obligation:
4.07%, 1/1/2014		100,000		100,674
5.10%, 6/1/2033		200,000		149,634

				250,308

MASSACHUSETTS — 0.0% (a)
Massachusetts, State General Obligation 4.91%, 5/1/2029		100,000		93,244

NEW JERSEY — 0.1%
New Jersey, State Transportation Trust Revenue 6.10%, 12/15/2028		100,000		97,648
Rutgers University, Revenue 5.67%, 5/1/2040		80,000		79,403

				177,051

NEW YORK — 0.1%
New York, NY, City Municipal Water Finance Authority, Water & Sewer System Revenue 5.72%, 6/15/2042		65,000		62,675
New York, NY, City Transitional Finance Authority Revenue 5.51%, 8/1/2037		100,000		96,275
New York, NY, General Obligation 5.52%, 10/1/2037		85,000		78,585

				237,535

OHIO — 0.0% (a)
Ohio State University 4.91%, 6/1/2040		100,000		90,535

PENNSYLVANIA — 0.1%
Pennsylvania, Public School Building Authority Revenue 5.00%, 9/15/2027		100,000		90,244
Pennsylvania, Turnpike Commission Revenue 5.51%, 12/1/2045		75,000		66,500

				156,744

TEXAS — 0.1%
Texas, State Transportation Commission, Revenue Series B 5.18%, 4/1/2030		100,000		99,066

TOTAL MUNICIPAL BONDS & NOTES —
(Cost $1,770,725)				1,681,991

	Shares
SHORT TERM INVESTMENTS — 50.9%
MONEY MARKET FUNDS — 50.9%
State Street Institutional Liquid Reserves Fund 0.18% (d)(f)(g)		68,173,639		68,173,639
State Street Navigator Securities Lending Prime Portfolio (f)(h)		45,119,436		45,119,436

TOTAL SHORT TERM INVESTMENTS — (i)
(Cost $113,293,075)				113,293,075

TOTAL INVESTMENTS — 152.6% (j)
(Cost $334,610,771)				339,317,728
OTHER ASSETS & LIABILITIES — (52.6)%				(116,959,187	)

NET ASSETS — 100.0%			$	222,358,541


(a)		Amount shown represents less than 0.05% of net assets.
(b)		Security, or portion thereof, was on loan as of December 31, 2010.
(c)		Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 0.5% of net assets as of December 31, 2010, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(d)		Security or a portion thereof, has been designated as collateral for TBA securities.
(e)		Variable Rate Security. Rate shown is rate in effect at December 31, 2010. Maturity date disclosed is the ultimate maturity.
(f)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(g)		The rate shown is the annualized seven-day yield at period end.
(h)		Investments of cash collateral for securities loaned.
(i)		Value determined based on Level 1 inputs. (Note 2)
(j)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 2 inputs. (Note 2)

TBA = To Be Announced

See accompanying notes to financial statements.

SPDR Nuveen Barclays Capital Municipal Bond ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

MUNICIPAL BONDS & NOTES — 99.4%
ALABAMA — 0.4%
Alabama, Auburn University, General Fee Revenue 5.00%, 6/1/2038 (a)	$	2,200,000	$	2,170,806
Alabama, Public School & College Authority 5.00%, 12/1/2023		1,500,000		1,576,740

				3,747,546

ALASKA — 0.3%
Alaska, State General Obligation Series A 5.00%, 8/1/2024		2,580,000		2,779,176

ARIZONA — 3.3%
Arizona, Salt River Project, Agricultural Improvement & Power District:
Series A 5.00%, 1/1/2016		500,000		572,415
Series A 5.00%, 1/1/2027		2,500,000		2,593,975
Series A 5.00%, 1/1/2033		5,000,000		4,993,350
Arizona, State Transportation Board, Excise Tax Revenue 5.00%, 7/1/2021		1,500,000		1,608,885
Arizona, State Transportation Board, Highway Revenue Series A 5.00%, 7/1/2028		7,145,000		7,337,986
Chandler, AZ, General Obligation 4.25%, 7/1/2026		5,000,000		4,856,200
Maricopa County, AZ, Community College District, General Obligation Series C 3.00%, 7/1/2022		2,000,000		1,853,920
Phoenix, AZ, Civic Improvement Corp., Wastewater System Revenue, Senior Lien 5.50%, 7/1/2019		1,000,000		1,144,920
Phoenix, AZ, General Obligation Series A 5.00%, 7/1/2017		1,000,000		1,147,600
Pima County, AZ, Industrial Development Authority, Lease Revenue 5.00%, 9/1/2039		2,000,000		1,794,220

				27,903,471

CALIFORNIA — 11.5%
Anaheim, CA, Public Financing Authority, Revenue 4.50%, 10/1/2037 (a)		4,000,000		3,352,000
Azusa, CA, Public Financing Authority, Revenue 5.00%, 7/1/2039 (a)		1,200,000		1,140,612
California, State Department of Water Resources, Revenue:
Series L 5.00%, 5/1/2020		10,000,000		11,083,200
Series AG 5.00%, 12/1/2025		5,760,000		6,103,584
California, State University Revenue:
Series D 4.50%, 11/1/2037		3,120,000		2,636,650
Series A 4.50%, 11/1/2044 (a)		6,090,000		5,080,156
Series A 5.00%, 11/1/2037 (a)		1,000,000		953,110
Eastern Municipal Water District, CA, Water & Sewer Revenue Series H 5.00%, 7/1/2033		4,035,000		3,939,169
Foothill-De Anza, CA, Community College District, General Obligation Series B 5.00%, 8/1/2027 (a)		4,475,000		4,608,623
Los Angeles, CA, Community College District, General Obligation:
Series A 5.00%, 8/1/2027		1,000,000		1,007,200
Series A 5.00%, 8/1/2032		1,345,000		1,306,910
Los Angeles, CA, Unified School District:
Series B 4.75%, 7/1/2019 (a)		3,485,000		3,681,206
Series B 5.00%, 7/1/2016		1,500,000		1,696,965
5.00%, 7/1/2018		330,000		366,260
Series A 5.00%, 7/1/2018 (a)		1,100,000		1,194,325
Series H 5.00%, 7/1/2021 (a)		2,695,000		2,833,523
Los Angeles, CA, Wastewater System Revenue Series A 5.00%, 6/1/2029		1,000,000		1,006,090
Metropolitan Water District of Southern California, Waterworks Revenue Series A 5.00%, 1/1/2029		4,900,000		5,010,054
Palomar, CA, Community College District Series A 4.75%, 5/1/2032		3,000,000		2,677,350
San Diego, CA, Unified School District Series A Zero Coupon, 7/1/2025		485,000		207,687
San Diego, CA, Unified School District Election of 1998 Series G-1 4.50%, 7/1/2029 (a)		5,000,000		4,548,950
San Diego, CA, Unified School District Election of 2008 Series A Zero Coupon, 7/1/2028		2,000,000		673,640
San Francisco, CA, Bay Area Rapid Transit District:
Series B 5.00%, 8/1/2022		1,500,000		1,619,160
Series B 5.00%, 8/1/2032		1,600,000		1,620,496
San Francisco, CA, Bay Area Toll Authority, Toll Bridge Revenue:
Series F 5.00%, 4/1/2031		7,275,000		7,192,283
5.13%, 4/1/2047		655,000		632,481
San Francisco, CA, City & County Public Utilities Commission, Water Revenue:
Series A 4.50%, 11/1/2031 (a)		1,000,000		887,840
Series A 4.75%, 11/1/2036 (a)		3,000,000		2,695,710
5.00%, 6/15/2027		500,000		504,545
San Francisco, CA, Community College District Series B 5.00%, 6/15/2028 (a)		5,225,000		5,320,722
San Francisco, CA, Unified School District Series A 3.00%, 6/15/2027		1,000,000		751,360
University of California, Revenue:
Series J 4.50%, 5/15/2031 (a)		4,305,000		3,826,628
Series J 4.50%, 5/15/2035 (a)		3,000,000		2,570,640
Series B 5.00%, 5/15/2021		1,200,000		1,330,008
Series S 5.00%, 5/15/2040		1,000,000		964,160

See accompanying notes to financial statements.

SPDR Nuveen Barclays Capital Municipal Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

University of Southern California, Educational Facilities Authority, Revenue Series A 4.50%, 10/1/2033	$	1,000,000	$	865,830
West Valley-Mission Community College District, CA, Election 2004-A 5.00%, 8/1/2030 (a)		2,000,000		2,019,280

				97,908,407

COLORADO — 0.6%
Douglas County, CO, School District Series B 5.00%, 12/15/2019		2,000,000		2,335,900
Platte River, CO, Power Authority Revenue:
Series HH 5.00%, 6/1/2024		1,255,000		1,334,580
Series HH 5.00%, 6/1/2029		1,000,000		1,024,080

				4,694,560

CONNECTICUT — 2.7%
Connecticut, State General Obligation:
Series A 4.50%, 5/1/2026		1,000,000		1,017,010
Series B 5.00%, 4/15/2012		5,000,000		5,279,550
5.00%, 12/1/2020		7,500,000		8,384,625
5.00%, 12/1/2021		7,500,000		8,275,650

				22,956,835

DELAWARE — 0.4%
Delaware, State General Obligation 5.00%, 3/1/2013		1,000,000		1,090,020
New Castle County, DE, General Obligation Series A 5.00%, 7/15/2039		2,500,000		2,542,300

				3,632,320

DISTRICT OF COLUMBIA — 1.2%
District of Columbia, Water & Sewer Authority, Public Utility Revenue Series A 5.50%, 10/1/2039		5,000,000		5,217,050
Metropolitan Washington, DC, Airports Authority System Series C 5.00%, 10/1/2028		5,000,000		5,009,150

				10,226,200

FLORIDA — 5.3%
Broward County Educational Facilities Authority 5.00%, 4/1/2036		1,200,000		1,094,160
Florida Hurricane Catastrophe Fund Finance Corp. Series A 5.00%, 7/1/2014		1,045,000		1,114,451
Florida Water Pollution Control Financing Corp. Series A 5.00%, 7/15/2013		2,575,000		2,816,561
Florida, State Board of Education, Capital Outlay:
Series B 5.00%, 6/1/2015		2,600,000		2,937,870
Series A 5.00%, 6/1/2016		1,215,000		1,388,794
Series A 5.00%, 6/1/2017		5,000,000		5,706,900
Series D 5.00%, 6/1/2024		7,550,000		8,093,902
Florida, State Board of Education, General Obligation:
5.00%, 6/1/2037		1,000,000		991,260
Series B 5.25%, 6/1/2013		2,000,000		2,196,480
JEA, FL, Bulk Power Supply System Revenue, Scherer 4 Project Series A 5.63%, 10/1/2033		5,000,000		5,199,500
Miami-Dade County, FL, General Obligation:
4.75%, 7/1/2034		1,675,000		1,522,407
5.00%, 10/1/2023 (a)		500,000		509,275
5.00%, 7/1/2031		1,980,000		1,950,042
6.00%, 10/1/2023		1,270,000		1,438,440
Miami-Dade County, FL, School Board General Obligation Series B 4.00%, 5/1/2017		1,000,000		1,044,960
Orlando Utilities Commission 5.00%, 10/1/2029		1,400,000		1,426,404
Palm Beach County, FL, Public Improvement Revenue 5.00%, 5/1/2038		5,000,000		5,014,850
Polk County, FL, School District 5.00%, 10/1/2011		1,000,000		1,029,890

				45,476,146

GEORGIA — 3.2%
Atlanta, GA, Metropolitan Rapid Transit Authority, Sales Tax Revenue Series B 5.00%, 7/1/2037 (a)		6,875,000		6,765,825
Augusta, GA, Water & Sewer Revenue 5.00%, 10/1/2014 (a)		1,085,000		1,210,806
De Kalb County, GA, General Obligation 5.00%, 12/1/2014		1,495,000		1,689,709
De Kalb County, GA, Water & Sewer Revenue Series B 5.25%, 10/1/2024		3,000,000		3,356,100
Georgia, State General Obligation:
Series B 5.00%, 4/1/2012		2,000,000		2,110,480
Series B 5.00%, 7/1/2022		4,500,000		4,963,095
Series B 5.00%, 7/1/2024		1,145,000		1,240,802
Gwinnett County, GA, School District, General Obligation 5.00%, 2/1/2019		5,380,000		6,225,521

				27,562,338

HAWAII — 0.9%
Hawaii, State General Obligation:
Series DJ 5.00%, 4/1/2023 (a)		900,000		959,949
Series DI 5.00%, 3/1/2025 (a)		5,000,000		5,259,150
Honolulu, HI, City & County General Obligation Series A 5.00%, 7/1/2029 (a)		1,500,000		1,535,865

				7,754,964

ILLINOIS — 4.0%
Chicago, IL, General Obligation Series A 5.25%, 1/1/2037		5,000,000		4,561,750

See accompanying notes to financial statements.

SPDR Nuveen Barclays Capital Municipal Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

Chicago, IL, Metropolitan Water Reclamation District:
Series A 5.00%, 12/1/2020	$	1,000,000	$	1,100,860
Series C 5.25%, 12/1/2032		5,000,000		5,118,000
Chicago, IL, O’Hare International Airport Revenue Series A 5.00%, 1/1/2038 (a)		1,500,000		1,381,830
Chicago, IL, Water Revenue 5.25%, 11/1/2038		2,500,000		2,360,350
County of Cook IL 5.25%, 11/15/2033		8,520,000		8,309,045
Illinois State Toll Highway Authority 5.00%, 1/1/2028		1,300,000		1,252,433
Illinois, Finance Authority Revenue, University of Chicago Series B 6.25%, 7/1/2038		5,000,000		5,363,800
Illinois, State General Obligation 5.00%, 1/1/2015		955,000		1,004,984
Kendall, Kane, & Will Counties, IL, School District No. 308, General Obligation Zero Coupon, 2/1/2022 (a)		5,000,000		2,841,350
Southwestern, IL, Development Authority Revenue Zero Coupon, 12/1/2021 (a)		1,125,000		657,225

				33,951,627

INDIANA — 1.7%
Indiana, State Finance Authority, Highway Revenue:
Series A 4.50%, 12/1/2020 (a)		1,000,000		1,036,690
Series A 4.50%, 6/1/2027 (a)		9,000,000		8,765,280
Indiana, State Finance Authority, Lease Revenue Series A-1 5.00%, 11/1/2015		3,000,000		3,318,480
Indiana, State Finance Authority, State Revolving Fund Program Revenue Series B 5.00%, 2/1/2018		1,535,000		1,733,307

				14,853,757

KANSAS — 0.2%
Kansas, State Department of Transportation, Highway Revenue Series A 5.00%, 9/1/2011		2,000,000		2,060,840

KENTUCKY — 0.3%
Kentucky, State Property & Buildings Commission 5.00%, 11/1/2018		1,000,000		1,114,130
Kentucky, State Turnpike Authority, Economic Recovery Series B 4.50%, 7/1/2023		1,285,000		1,305,611

				2,419,741

LOUISIANA — 0.3%
Louisiana, State Gas & Fuels Tax Revenue:
Series A 4.50%, 5/1/2041		1,500,000		1,312,350
Series B 5.00%, 5/1/2025		1,000,000		1,050,100

				2,362,450

MARYLAND — 1.5%
Howard County, MD, General Obligation Series B 5.00%, 8/15/2017		4,745,000		5,558,198
Maryland, State Department of Transportation, Highway Revenue 5.00%, 2/15/2017		1,925,000		2,226,821
Maryland, State Department of Transportation, Revenue 5.00%, 2/15/2015		1,500,000		1,698,915
Maryland, State General Obligation Series C 5.00%, 3/1/2017		2,900,000		3,381,342

				12,865,276

MASSACHUSETTS — 2.5%
Commonwealth of Massachusetts 5.00%, 3/1/2025		965,000		1,028,082
Massachusetts School Building Authority Series A 4.35%, 8/15/2025		3,580,000		3,579,857
Massachusetts, Bay Transportation Authority, Sales Tax Revenue Series A 5.25%, 7/1/2029		1,070,000		1,132,627
Massachusetts, State General Obligation:
Series C 3.00%, 1/1/2014		4,130,000		4,333,939
Series B 5.25%, 9/1/2024 (a)		5,000,000		5,602,000
Massachusetts, State Health & Educational Facilities Authority, Revenue Series A 5.50%, 11/15/2036		2,000,000		2,125,640
Massachusetts, State Water Pollution Abatement Trust:
3.50%, 8/1/2026		1,200,000		1,096,932
5.25%, 8/1/2033		2,000,000		2,137,480

				21,036,557

MICHIGAN — 1.0%
Michigan, Municipal Bond Authority Revenue:
4.63%, 10/1/2025		3,000,000		3,066,900
5.00%, 10/1/2022		1,700,000		1,805,111
5.00%, 10/1/2029		2,905,000		2,960,892
State of Michigan 5.25%, 9/15/2021		450,000		480,546

				8,313,449

MINNESOTA — 1.0%
Minnesota, State General Obligation:
5.00%, 6/1/2015		1,820,000		2,084,701
5.00%, 11/1/2016		1,820,000		2,122,975
5.00%, 6/1/2018		1,940,000		2,190,047
Series D 5.00%, 8/1/2018		2,000,000		2,327,960

				8,725,683

MISSISSIPPI — 0.1%
Mississippi, State General Obligation Series B 5.00%, 12/1/2013		1,000,000		1,109,390

MISSOURI — 1.3%
Missouri, State Highways & Transit Commission, State Road Revenue, First Lien Series B 5.00%, 5/1/2024		5,000,000		5,346,050

See accompanying notes to financial statements.

SPDR Nuveen Barclays Capital Municipal Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

Missouri, State Highways & Transit Commission, State Road Revenue, Second Lien:
5.25%, 5/1/2019	$	4,000,000	$	4,571,520
5.25%, 5/1/2020		1,000,000		1,127,430

				11,045,000

NEBRASKA — 0.6%
Omaha, NE, Public Power District Series A 5.00%, 2/1/2039		5,000,000		5,019,550

NEVADA — 1.0%
Clark County, NV, General Obligation:
4.50%, 6/1/2018 (a)		1,475,000		1,558,190
4.75%, 6/1/2025 (a)		1,735,000		1,715,325
5.00%, 11/1/2020 (a)		1,000,000		1,057,280
Clark County, NV, School District, General Obligation Series B 4.50%, 6/15/2016 (a)		1,010,000		1,107,899
Las Vegas Valley, NV, Water District, General Obligation Series B 5.00%, 6/1/2015		1,500,000		1,672,065
Nevada, State Highway Improvement Revenue 5.00%, 12/1/2017 (a)		1,000,000		1,104,060

				8,214,819

NEW JERSEY — 3.8%
New Jersey Environmental Infrastructure Trust:
Series A 4.00%, 9/1/2022		3,200,000		3,280,544
4.00%, 9/1/2027		2,520,000		2,388,431
New Jersey, State Economic Development Authority School Facilities Construction:
Series DD-1 5.00%, 12/15/2016		2,000,000		2,208,240
Series DD-1 5.00%, 12/15/2017		5,500,000		6,018,815
New Jersey, State General Obligation:
5.00%, 6/15/2017		1,020,000		1,087,555
5.00%, 6/1/2019		9,565,000		10,719,974
New Jersey, State Higher Education Assistance Authority Revenue Series 1A 5.00%, 12/1/2017		1,410,000		1,511,872
New Jersey, State Transportation Trust Fund Authority Series A Zero Coupon, 12/15/2034		20,000,000		4,099,200
New Jersey, State Transportation Trust Fund Authority (Escrow to Maturity) Series C Zero Coupon, 12/15/2029 (a)		2,585,000		762,032

				32,076,663

NEW MEXICO — 1.4%
Albuquerque, NM, Municipal School District, General Obligation Series A 4.00%, 8/1/2022		6,650,000		6,741,504
New Mexico, Severance Tax Series A-1 4.00%, 7/1/2014		2,000,000		2,132,340
New Mexico, State Finance Authority 5.00%, 6/15/2017		3,000,000		3,474,750

				12,348,594

NEW YORK — 16.9%
City of New York, NY 2.00%, 8/1/2012		915,000		932,266
Erie County, NY, Fiscal Stability Authority Sales Tax Revenue Series A 5.00%, 5/15/2020		1,000,000		1,117,970
Erie County, NY, Industrial Development Agency Revenue:
Series A 5.75%, 5/1/2019 (a)		1,500,000		1,752,105
Series A 5.75%, 5/1/2021 (a)		3,000,000		3,372,450
Nassau County, NY, Sewer & Storm Water Finance Authority System, Revenue Series A 5.38%, 11/1/2028		1,275,000		1,359,915
New York & New Jersey Port Authority Revenue:
4.25%, 7/15/2040		1,000,000		851,310
4.50%, 7/15/2027		1,350,000		1,339,106
5.00%, 7/15/2039		4,500,000		4,486,365
New York & New Jersey, Port Authority Revenue:
156th Series 4.75%, 11/1/2036		7,000,000		6,708,170
144th Series 5.00%, 10/1/2028		3,000,000		3,125,730
New York, NY, City Municipal Water Finance Authority:
4.50%, 6/15/2032		1,000,000		919,830
Series DD 4.50%, 6/15/2038		2,310,000		2,084,336
Series DD 4.63%, 6/15/2031		1,030,000		969,549
Series C 4.75%, 6/15/2033		—		—
5.00%, 6/15/2027		545,000		562,800
Series A 5.00%, 6/15/2038		1,000,000		980,940
Series A 5.50%, 6/15/2021		500,000		567,480
New York, NY, City Transitional Finance Authority:
Series B 5.00%, 11/1/2014		1,050,000		1,179,749
Series B 5.00%, 11/1/2016		1,000,000		1,149,250
5.00%, 11/1/2020		1,000,000		1,111,360
Series C-1 5.00%, 11/1/2020		900,000		982,971
5.00%, 5/1/2023		865,000		927,574
Series B 5.00%, 11/1/2026		10,000,000		10,372,100
New York, NY, General Obligation:
Series C-1 5.00%, 10/1/2012		1,400,000		1,499,806
Series C 5.00%, 8/1/2015		5,000,000		5,621,950
Series C 5.00%, 11/15/2016		5,000,000		5,780,650
Series B-1 5.25%, 9/1/2023		7,180,000		7,688,200
New York, NY, Liberty Development Corp.:
5.13%, 1/15/2044		5,750,000		5,456,635
5.63%, 1/15/2046		1,000,000		1,008,070
New York, NY, Triborough Bridge & Tunnel Authority Revenue Series A-2 5.00%, 11/15/2029		12,620,000		12,982,699
New York, State Dormitory Authority Revenue Series A 5.00%, 7/1/2038		3,350,000		3,295,864
New York, State Dormitory Authority, State Income Tax Revenue:
Series D 5.00%, 3/15/2016		1,800,000		2,050,812
5.00%, 7/1/2021		700,000		771,673

See accompanying notes to financial statements.

SPDR Nuveen Barclays Capital Municipal Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

5.00%, 2/15/2029	$	750,000	$	764,483
New York, State Environmental Facilities Corp.:
Series A 4.50%, 6/15/2036		1,500,000		1,425,795
4.50%, 6/15/2036		4,370,000		4,010,174
Series A 5.13%, 6/15/2038		1,000,000		1,010,550
New York, State General Obligation:
3.00%, 3/1/2017		4,255,000		4,395,287
4.00%, 3/1/2018		1,030,000		1,114,481
New York, State Housing Finance Agency, Personal Income Tax Revenue Series A 5.00%, 3/15/2039		2,760,000		2,743,274
New York, State Local Government Assistance Corp. Series A 5.00%, 4/1/2020		3,000,000		3,331,980
New York, State Thruway Authority, Personal Income Tax Revenue:
5.00%, 3/15/2022		6,510,000		7,121,614
Series A 5.00%, 3/15/2028		2,000,000		2,048,620
Series A 5.00%, 3/15/2029		2,000,000		2,038,920
New York, State Thruway Authority, Second General Highway & Bridge Trust Fund:
Series B 5.00%, 4/1/2019		5,400,000		5,960,088
Series A 5.00%, 4/1/2020 (a)		3,000,000		3,197,280
Series A 5.00%, 4/1/2021		500,000		538,290
New York, State Urban Development Corp., Revenue:
Series B 3.63%, 3/15/2012		710,000		736,213
Series A-1 5.00%, 12/15/2016		2,630,000		3,046,145
Series B 5.00%, 3/15/2020		3,000,000		3,271,170
Series B-1 5.00%, 3/15/2036		1,000,000		997,080
Oyster Bay, N Y, General Obligation 4.00%, 8/15/2026		3,910,000		3,820,969

				144,582,098

NORTH CAROLINA — 2.1%
Charlotte, NC, Water & Sewer System Revenue 5.00%, 7/1/2038		3,000,000		3,058,140
City of Charlotte NC 5.00%, 6/1/2022		475,000		527,944
Mecklenburg County, NC, General Obligation:
Series A 4.00%, 8/1/2015		3,135,000		3,465,429
Series A 5.00%, 8/1/2015		1,000,000		1,149,320
North Carolina, Infrastructure Finance Corp., Certificates of Participation Series A 5.00%, 2/1/2020 (a)		1,275,000		1,375,878
North Carolina, State Capital Improvement Obligation Series A 4.50%, 5/1/2026		4,500,000		4,484,925
University of North Carolina, Chapel Hill 5.00%, 12/1/2031		3,640,000		3,705,738

				17,767,374

OHIO — 3.1%
Columbus, OH, General Obligation:
Series A 4.00%, 6/1/2014		10,000,000		10,861,600
Series A 5.00%, 9/1/2018		1,500,000		1,703,940
Ohio, State Common Schools, General Obligation Series C 5.00%, 9/15/2015		5,000,000		5,697,700
Ohio, State General Obligation 5.00%, 8/1/2021		4,885,000		5,459,036
Ohio, University of Akron, General Receipts:
Series A 5.00%, 1/1/2033 (a)		1,000,000		952,580
Series B 5.25%, 1/1/2023 (a)		1,970,000		2,094,150

				26,769,006

OKLAHOMA — 0.1%
Tulsa County, OK, Industrial Authority 5.50%, 9/1/2016		535,000		618,835

OREGON — 1.2%
Oregon, State Department of Transportation Revenue:
Series C 5.00%, 11/15/2015		1,500,000		1,724,685
Series A 5.00%, 11/15/2033		1,500,000		1,518,315
Portland, OR, Sewer System Revenue Series A 5.00%, 6/1/2015 (a)		1,730,000		1,970,522
Salem-Keizer, OR, School District No. 24J, General Obligation:
Series B Zero Coupon, 6/15/2021		2,010,000		1,266,702
Series B Zero Coupon, 6/15/2028		9,745,000		3,906,088

				10,386,312

PENNSYLVANIA — 3.2%
Central Bucks, PA, School District 5.00%, 5/15/2023		2,500,000		2,695,950
City of Philadelphia PA Series A 5.00%, 8/1/2018		1,870,000		2,012,886
Pennsylvania, Commonwealth Financing Authority, Revenue Series A 5.00%, 6/1/2025 (a)		1,925,000		1,979,959
Pennsylvania, State General Obligation:
Series A 4.50%, 11/1/2021		1,390,000		1,471,051
Series A 5.00%, 11/1/2013		1,000,000		1,108,070
5.00%, 3/15/2015		4,750,000		5,392,200
5.00%, 5/15/2015		1,000,000		1,139,030
5.00%, 7/1/2015		5,000,000		5,705,550
5.00%, 4/15/2021		5,000,000		5,534,700

				27,039,396

PUERTO RICO — 0.4%
Commonwealth of Puerto Rico 5.00%, 7/1/2016 (a)		3,250,000		3,511,755

RHODE ISLAND — 0.1%
Rhode Island, State & Providence Plantations, Consolidated Capital Development Series C 5.00%, 11/15/2025 (a)		1,000,000		1,035,350

SOUTH CAROLINA — 1.0%
Charleston County, SC, Sales Tax Revenue 5.00%, 11/1/2018		2,000,000		2,270,120

See accompanying notes to financial statements.

SPDR Nuveen Barclays Capital Municipal Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

South Carolina, State Economic Development Authority Series A 2.00%, 4/1/2024	$	3,000,000	$	2,350,620
South Carolina, State Public Service Authority:
Series C 5.00%, 1/1/2016 (a)		1,275,000		1,459,008
Series E 5.00%, 1/1/2017		2,500,000		2,862,075

				8,941,823

TENNESSEE — 1.4%
Chattanooga, TN, Electric Revenue Series A 5.00%, 9/1/2027		5,950,000		6,215,073
Memphis, TN, Electric System Revenue 5.00%, 12/1/2018		1,500,000		1,706,310
Nashville & Davidson County, TN, Health & Educational Facilities Board Revenue:
Series A 5.00%, 10/1/2013		2,000,000		2,208,700
Series B 5.00%, 10/1/2039		1,000,000		984,930
Shelby County, TN, General Obligation 5.00%, 4/1/2019		1,080,000		1,243,393

				12,358,406

TEXAS — 9.7%
Cypress-Fairbanks, TX, Independant School District 5.00%, 2/15/2023 (a)		5,000,000		5,357,700
Dallas, TX, Area Rapid Transit, Sales Tax Revenue:
4.50%, 12/1/2027 (a)		5,000,000		4,929,950
Series A 5.00%, 12/1/2015		6,785,000		7,751,930
Dallas, TX, General Obligation:
4.75%, 2/15/2026		1,500,000		1,513,860
5.00%, 2/15/2027		1,750,000		1,819,948
Harris County, TX, General Obligation 5.00%, 10/1/2024		10,000,000		10,749,300
Harris County, TX, Road Revenue Series B 5.25%, 8/15/2047		3,000,000		2,985,300
Houston, TX, Airport System Revenue, Senior Lien Series A 5.50%, 7/1/2034		1,850,000		1,900,209
Houston, TX, Public Improvement Series D 5.00%, 3/1/2017 (a)		5,000,000		5,650,050
Houston, TX, Utility System Revenue Series A 5.25%, 11/15/2031 (a)		4,600,000		4,724,936
Hurst-Euless-Bedford, TX, Independent School District, General Obligation 5.00%, 8/15/2021		2,500,000		2,756,500
La Joya, TX, Independent School District 5.00%, 2/15/2034 (a)		3,300,000		3,323,397
San Antonio, TX, Water Revenue 4.50%, 5/15/2037		1,500,000		1,328,730
Texas, State General Obligation:
4.75%, 4/1/2036		1,000,000		962,920
Series A 5.00%, 10/1/2014		3,795,000		4,277,572
5.00%, 4/1/2029		3,000,000		3,074,820
Texas, State Transportation Commission:
Series A 4.50%, 4/1/2030 (a)		3,000,000		2,894,880
5.00%, 4/1/2024		4,125,000		4,362,188
5.00%, 4/1/2026		2,555,000		2,679,454
Texas, State Water Development Board, Revenue, Sub Lien, A-1 5.00%, 7/15/2015		5,620,000		6,416,972
University of Texas:
Series F 4.75%, 8/15/2026		1,890,000		1,949,554
5.00%, 8/15/2018		1,420,000		1,643,522
5.00%, 8/15/2018		255,000		287,370

				83,341,062

UTAH — 0.5%
Utah, Transport Authority Sales Tax Revenue:
Series A 5.00%, 6/15/2028		410,000		422,575
Series A 5.00%, 6/15/2036 (a)		3,850,000		3,859,355

				4,281,930

VIRGINIA — 2.0%
Fairfax County, VA, General Obligation Series A 4.00%, 4/1/2011		1,675,000		1,689,790
Virginia College Building Authority 5.00%, 9/1/2022		5,945,000		6,489,681
Virginia, State Public Building Authority, Public Facilities Revenue:
Series B 5.00%, 8/1/2017		3,000,000		3,463,710
Series B 5.25%, 8/1/2027		2,000,000		2,142,980
Virginia, State Resources Authority, Revenue Series B 5.00%, 11/1/2028		3,540,000		3,705,318

				17,491,479

WASHINGTON — 5.4%
Central Puget Sound, WA, Regional Transit Authority, Sales & Use Tax Revenue:
Series A 5.00%, 11/1/2032 (a)		3,000,000		3,004,950
Series A 5.00%, 11/1/2036		2,000,000		1,979,820
Energy Northwest, WA, Electric Revenue Series A 5.00%, 7/1/2014		1,000,000		1,118,540
King County, WA, School District, General Obligation Series A 4.00%, 6/1/2011		1,250,000		1,268,575
Seattle, WA, Municipal Light & Power Revenue 5.50%, 4/1/2022		1,435,000		1,614,734
Snohomish County Public Utility District No 1 3.00%, 12/1/2012		2,280,000		2,371,131
Snohomish County, WA, School District No. 201 5.25%, 12/1/2024		3,225,000		3,498,061
Washington, State General Obligation:
Series C 4.25%, 1/1/2013		1,000,000		1,065,680
Series R 5.00%, 7/1/2016		10,000,000		11,496,000
Series C 5.00%, 1/1/2021 (a)		2,100,000		2,287,803
Series A 5.00%, 7/1/2023		900,000		965,871
Series D 5.00%, 1/1/2027		8,945,000		9,319,527
Series A 5.00%, 7/1/2027 (a)		1,000,000		1,038,850
Series A 5.00%, 7/1/2032		2,000,000		2,022,060

See accompanying notes to financial statements.

SPDR Nuveen Barclays Capital Municipal Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

Washington, State Motor Vehicle Fuel Tax Series B 5.00%, 7/1/2026	$	1,855,000	$	1,942,816
Washington, State Variable Purposes Series C 5.00%, 2/1/2016		1,215,000		1,389,340

				46,383,758

WISCONSIN — 1.8%
Milwaukee, WI, General Obligation, Promisory Notes Series N1 5.00%, 2/1/2019		11,020,000		12,700,330
Wisconsin, State General Obligation Series C 5.00%, 5/1/2014		2,000,000		2,230,121

				14,930,451

TOTAL MUNICIPAL BONDS & NOTES —
(Cost $852,025,137)				850,484,394

	Shares
SHORT TERM INVESTMENT — 0.3%
MONEY MARKET FUND — 0.3%
State Street Institutional Tax Free Money Market Fund 0.11% (b)(c)(d) (Cost $2,481,197)		2,481,197		2,481,197

TOTAL INVESTMENTS — 99.7% (e)
(Cost $854,506,334)				852,965,591
OTHER ASSETS & LIABILITIES — 0.3%				2,413,664

NET ASSETS — 100.0%			$	855,379,255


(a)		Bond is insured by one of these companies:


		As a % of
	Insurance Coverage	Net Assets

	Assured Guaranty Municipal Corp.		10.82	%
	National Public Finance Guarantee Corp.		2.37	%
	Ambac Financial Group		2.12	%
	Assured Guaranty Corp.		1.27	%
	Permanent School Fund Guaranteed		1.01	%

(b)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(c)	Value is determined based on Level 1 inputs. (Note 2)
(d)	The rate shown is the annualized seven-day yield at period end.
(e)	Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 2 inputs. (Note 2)

Escrow to Maturity = Bonds bearing this description are collateralized usually by U.S. Treasury securities which are held in escrow and used to pay principal and interest on bonds so designated.

See accompanying notes to financial statements.

SPDR Nuveen Barclays Capital California Municipal Bond ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

MUNICIPAL BONDS & NOTES — 99.4%
CALIFORNIA — 99.4%
Alameda County, CA, Joint Powers Authority, Lease Revenue 5.00%, 12/1/2034 (a)	$	1,000,000	$	938,940
Bakersfield, CA, Certificates of Participation Zero Coupon, 4/15/2021		1,000,000		669,650
Bakersfield, CA, Wastewater Revenue Series A 5.00%, 9/15/2032 (a)		300,000		285,852
California, State Department of Water Resources:
Series M 4.00%, 5/1/2019		2,000,000		2,070,120
Series H 4.38%, 5/1/2022 (a)		1,150,000		1,171,229
Series L 5.00%, 5/1/2019		500,000		559,080
Series AE 5.00%, 12/1/2022		1,000,000		1,078,130
5.00%, 12/1/2026		760,000		792,429
Chabot-Las Positas Community College District, CA, Election of 2004 Series B Zero Coupon, 8/1/2024 (a)		1,400,000		634,228
Chaffey Community College District, CA, Election of 2002 Series C 5.00%, 6/1/2032 (a)		1,000,000		947,120
Coast Community College District, CA, Election of 2002 Series B 5.00%, 8/1/2023 (a)		800,000		828,664
Desert Community College District, CA Series C 5.00%, 8/1/2037 (a)		300,000		281,952
Eastern Municipal Water District, CA, Water & Sewer Revenue Series H 5.00%, 7/1/2035		1,000,000		956,470
El Dorado, CA, Irrigation District, Certificates of Participation Series A 6.25%, 8/1/2029 (a)		1,200,000		1,276,272
Foothill-De Anza, CA, Community College District, General Obligation Series B 5.00%, 8/1/2027 (a)		1,000,000		1,029,860
Grossmont, CA, Union High School District, Election of 2004 5.00%, 8/1/2033		1,780,000		1,670,031
Los Angeles County, CA, Metropolitan Transportation Authority, Sales Tax Revenue:
5.00%, 6/1/2020		1,900,000		2,093,040
5.00%, 7/1/2026		2,500,000		2,566,075
Los Angeles, CA, Community College District, General Obligation:
Series F-1 5.00%, 8/1/2026		100,000		101,444
Series A 5.00%, 8/1/2032 (a)		1,000,000		971,680
Los Angeles, CA, Department of Airports Revenue Series A 5.00%, 5/15/2021		1,000,000		1,063,840
Los Angeles, CA, Harbor Department Revenue:
Series A 5.00%, 8/1/2029		1,515,000		1,504,077
Series C 5.25%, 8/1/2023		700,000		746,200
Los Angeles, CA, Unified School District:
Series KY 5.00%, 7/1/2015		2,325,000		2,597,583
Series F 5.00%, 1/1/2034		1,000,000		940,160
Los Angeles, CA, Wastewater System Revenue Series A 5.00%, 6/1/2029		485,000		487,954
Los Angeles, CA, Water & Power Revenue Series A-1 5.00%, 7/1/2023 (a)		400,000		417,548
Los Angeles, CA, Water Utility, General Obligation Series A 4.00%, 9/1/2018		1,000,000		1,048,360
Marin, CA, Community College District Election of 2004 Series B 4.75%, 8/1/2034		1,000,000		890,750
Metropolitan Water District of Southern California:
Series C 5.00%, 7/1/2029		370,000		379,631
Series A 5.00%, 1/1/2031		1,000,000		1,013,800
Riverside, CA, Electric Revenue Series D 5.00%, 10/1/2027 (a)		835,000		847,249
Sacramento County, CA, Sanitation District Financing Authority Revenue Series A 5.25%, 12/1/2022 (a)		535,000		590,886
Sacramento, CA, Municipal Utility District, Electric Revenue:
5.00%, 8/15/2022 (a)		550,000		577,291
Series U 5.00%, 8/15/2023 (a)		1,000,000		1,043,660
San Bernardino, CA, Community College District:
Series B Zero Coupon, 8/1/2028		1,050,000		337,176
Series D Zero Coupon, 8/1/2032		2,290,000		516,922
Series C 5.00%, 8/1/2031 (a)		900,000		889,713
San Diego County, CA, Water Authority Revenue:
Series 2008-A 5.00%, 5/1/2015 (a)		200,000		223,928
Series 2008-A 5.00%, 5/1/2018 (a)		200,000		224,296
San Diego Public Facilities Financing Authority 5.00%, 8/1/2024		1,000,000		1,053,620
San Diego, CA, Community College District 5.00%, 8/1/2032 (a)		1,000,000		978,010
San Diego, CA, Unified School District Election of 1998:
Series G-1 4.50%, 7/1/2029 (a)		980,000		891,594
Series F-1 5.25%, 7/1/2028 (a)		660,000		669,834
San Diego, CA, Unified School District Election of 2008 Series A Zero Coupon, 7/1/2028		3,000,000		1,010,460
San Francisco, CA, Bay Area Rapid Transit District:
4.25%, 7/1/2033 (a)		1,000,000		850,320
Series B 5.00%, 8/1/2022		500,000		539,720
San Francisco, CA, Bay Area Toll Authority, Toll Bridge Revenue:
Series F 5.00%, 4/1/2015		205,000		229,959
Series F 5.00%, 4/1/2025		600,000		612,696
Series F 5.00%, 4/1/2031		500,000		494,315
San Francisco, CA, City & County Public Utilities Commission, Water Revenue:
Series A 4.75%, 11/1/2036 (a)		1,500,000		1,347,855
Series D 5.00%, 11/1/2015		1,000,000		1,135,260

See accompanying notes to financial statements.

100

SPDR Nuveen Barclays Capital California Municipal Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

San Francisco, CA, City & County Unified School District Election of 2006 Series B 5.25%, 6/15/2022	$	800,000	$	866,280
San Jose, CA, Unified School District Santa Clara County Election of 2002:
Series C 5.00%, 8/1/2024 (a)		300,000		316,221
Series C 5.25%, 8/1/2019 (a)		1,000,000		1,111,390
San Juan, CA, Public Power Agency Project Revenue Series L 5.00%, 7/1/2022 (a)		100,000		106,216
San Marcos Schools Financing Authority:
Zero Coupon, 8/15/2031 (a)		1,000,000		250,020
Zero Coupon, 8/15/2034 (a)		1,110,000		218,182
San Mateo County, CA, Community College District Series B 5.00%, 9/1/2031		315,000		313,375
San Mateo, CA, Union High School District Series C Zero Coupon, 9/1/2027 (a)		2,535,000		951,614
San Ramon Valley, CA, Unified School District Election of 2002 5.00%, 8/1/2025 (a)		750,000		779,887
Santa Clara County, CA, Financing Authority, Lease Revenue:
Series L 5.00%, 5/15/2028		750,000		743,940
Series L 5.25%, 5/15/2036		1,000,000		963,310
Santa Clara Valley, CA, Transportation Authority, Sales Tax Revenue Series A 5.00%, 4/1/2036 (a)		500,000		484,625
Santa Clara Valley, CA, Water District, Certificates of Participation:
Series A 5.00%, 2/1/2030		200,000		201,554
Series A 5.00%, 6/1/2037 (a)		500,000		487,105
Santa Clarita, CA, Union High School District, General Obligation, Election of 2001 Series B Zero Coupon, 9/1/2028 (a)		1,500,000		441,510
Southern California Public Power Authority:
5.00%, 7/1/2022		1,000,000		1,063,680
5.00%, 7/1/2030		1,500,000		1,463,505
Stanford University, Educational Facilities Authority Revenue:
Series T-4 5.00%, 3/15/2014		450,000		504,630
Series T-1 5.00%, 3/15/2039		350,000		358,540
University of California, Revenue:
Series E 4.00%, 5/15/2019		2,010,000		2,066,079
Series J 4.50%, 5/15/2035 (a)		2,000,000		1,713,760
Series K 5.00%, 5/15/2020 (a)		250,000		270,137
Series Q 5.25%, 5/15/2023		1,000,000		1,073,240
University of Southern California, Educational Facilities Authority, Revenue:
Series A 4.50%, 10/1/2033		840,000		727,297
Series A 4.75%, 10/1/2037		740,000		657,890

TOTAL MUNICIPAL BONDS & NOTES —
(Cost $67,629,303)				65,210,920

	Shares
SHORT TERM INVESTMENT — 0.3%
MONEY MARKET FUND — 0.3%
State Street Institutional Tax Free Money Market Fund 0.11% (b)(c)(d) (Cost $175,352)		175,352		175,352

TOTAL INVESTMENTS — 99.7% (e)
(Cost $67,804,655)				65,386,272
OTHER ASSETS & LIABILITIES — 0.3%				194,240

NET ASSETS — 100.0%			$	65,580,512


(a)		Bond is insured by one of these companies:


		As a % of
	Insurance Coverage	Net Assets

	Assured Guaranty Municipal Corp.		22.54	%
	National Public Finance Guarantee Corp.		9.80	%
	Ambac Financial Group		3.91	%
	Assured Guaranty Corp.		1.95	%

(b)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(c)	Value is determined based on Level 1 inputs. (Note 2)
(d)	The rate shown is the annualized seven-day yield at period end.
(e)	Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 2 inputs. (Note 2)

See accompanying notes to financial statements.

101

SPDR Nuveen Barclays Capital New York Municipal Bond ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

MUNICIPAL BONDS & NOTES — 97.2%
NEW YORK — 94.6%
Albany County, NY, Airport Authority Revenue Series A 4.00%, 12/15/2024	$	400,000	$	362,548
Erie County, NY, Industrial Development Agency Series A 5.75%, 5/1/2024 (a)		500,000		549,595
Haverstraw-Stony Point Central, NY, School District, General Obligation 3.00%, 10/15/2026 (a)		810,000		628,220
Nassau County, NY, General Obligation:
Series C 4.00%, 10/1/2015		300,000		323,607
Series C 5.00%, 7/1/2015 (a)		500,000		562,035
5.00%, 7/1/2022		100,000		106,549
Series C 5.13%, 10/1/2035 (a)		100,000		100,376
Nassau County, NY, Interim Finance Authority:
Series A 3.00%, 11/15/2014		400,000		422,424
5.00%, 11/15/2014		100,000		113,081
5.00%, 11/15/2014		100,000		113,081
Nassau County, NY, Sewer & Storm Water Finance Authority System, Revenue Series A 5.38%, 11/1/2028		400,000		426,640
New York & New Jersey Port Authority Revenue:
4.25%, 7/15/2040		500,000		425,655
5.00%, 7/15/2022		100,000		108,268
5.00%, 7/15/2039		500,000		498,485
New York City, NY, Cultural Resource Revenue, Museum of Modern Art Series A-1 5.00%, 4/1/2031		300,000		301,122
New York City, Transitional Finance Authority:
3.20%, 11/1/2018		140,000		142,131
Series S-1 4.50%, 1/15/2038		245,000		220,907
Series B 5.00%, 11/1/2015		200,000		227,644
Series C-1 5.00%, 11/1/2017		350,000		400,543
5.00%, 11/1/2018		200,000		227,996
Series C-1 5.00%, 11/1/2018		100,000		115,279
New York, NY, General Obligation:
Series A 3.00%, 8/1/2017		200,000		201,068
Series K 5.00%, 8/1/2013		200,000		218,552
5.00%, 8/1/2021		300,000		326,394
New York, NY, Liberty Development Corp. 5.13%, 1/15/2044		1,000,000		948,980
New York, NY, Metropolitan Transportation Authority Revenue Series A 5.00%, 11/15/2011		135,000		140,225
New York, NY, Municipal Water Finance Authority:
Series DD 4.75%, 6/15/2035		100,000		96,492
Series GG-2 5.00%, 6/15/2035		100,000		99,438
Series DD 5.25%, 6/15/2024		200,000		213,828
Series A 5.63%, 6/15/2024		130,000		144,988
New York, State Dormitory Authority Revenue:
Series C-1 4.00%, 1/15/2022		500,000		483,515
Series A 5.00%, 7/1/2038		650,000		639,496
New York, State Dormitory Authority Revenue, Columbia University 5.00%, 7/1/2038		250,000		253,740
New York, State Dormitory Authority Revenue, Cornell University:
Series A 5.00%, 7/1/2034		355,000		356,214
Series A 5.00%, 7/1/2039		300,000		301,026
New York, State Dormitory Authority Revenue, Fordham University:
4.25%, 7/1/2039		500,000		419,770
5.00%, 3/15/2017		100,000		114,137
5.00%, 10/1/2019		125,000		136,723
Series B 5.00%, 7/1/2033 (a)		500,000		497,990
New York, State Dormitory Authority Revenue, New York University Series A 5.00%, 7/1/2029		240,000		244,500
New York, State Dormitory Authority Revenue, Non State Supported Debt Series A 5.00%, 8/1/2014		210,000		233,377
New York, State Dormitory Authority Revenue, School Districts Series C 5.00%, 10/1/2031 (a)		600,000		609,294
New York, State Dormitory Authority Revenue, State Supported Debt 5.00%, 1/1/2019		250,000		276,672
New York, State Dormitory Authority, State Income Tax Revenue Series B 5.00%, 3/15/2028		260,000		266,659
New York, State Dormitory Authority, State Personal Income Tax Revenue:
Series B 5.00%, 2/15/2018		125,000		142,357
Series C 5.00%, 12/15/2020		500,000		544,970
New York, State Environmental Facilities Corp.:
Series A 4.50%, 6/15/2036		635,000		603,587
5.00%, 5/15/2015		150,000		170,583
5.00%, 12/15/2015		200,000		229,532
Series A 5.25%, 12/15/2026		200,000		211,426
New York, State Housing Finance Agency, Personal Income Tax Revenue Series A 5.00%, 3/15/2039		550,000		546,667
New York, State Local Government Assistance Corp.:
Series C 5.00%, 4/1/2018		500,000		572,310
5.00%, 4/1/2019		580,000		652,541
Series A 5.00%, 4/1/2020		435,000		483,137
New York, State Municipal Bond Bank Agency Series C-1 5.00%, 2/15/2016 (a)		200,000		223,948
New York, State Power Authority:
Series A 4.50%, 11/15/2047 (a)		700,000		610,680
Series C 5.00%, 11/15/2020 (a)		250,000		274,927
New York, State Thruway Authority, General Revenue Series B 5.00%, 4/1/2027		300,000		304,779

See accompanying notes to financial statements.

102

SPDR Nuveen Barclays Capital New York Municipal Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

New York, State Thruway Authority, Personal Income Tax Revenue 5.00%, 3/15/2018	$	250,000	$	284,207
New York, State Thruway Authority, Second General Highway & Bridge Trust:
5.00%, 4/1/2019		110,000		120,396
Series B 5.00%, 4/1/2028		250,000		252,860
Series B 5.00%, 4/1/2029		300,000		301,788
New York, State Urban Development Corp., Revenue:
5.00%, 12/15/2017		200,000		231,416
Series A-1 5.00%, 12/15/2027		250,000		257,077
New York, Triborough Bridge & Tunnel Authority Revenue Series A-1 4.00%, 11/15/2038		200,000		211,912
New York, Triborough Bridge & Tunnel Authority, Revenue:
5.00%, 11/15/2017		800,000		921,544
5.00%, 11/15/2027		145,000		150,358
Oyster Bay, N Y, General Obligation 4.00%, 8/15/2026		1,100,000		1,074,953
State of New York, General Obligation Series A 2.00%, 3/1/2012		500,000		508,105
Suffolk County, NY, General Obligation Series C 4.00%, 10/15/2013		500,000		540,125
Westchester County, NY, General Obligation Series A 3.75%, 11/15/2012		500,000		528,720

				24,554,169

PUERTO RICO — 2.6%
Puerto Rico, Electric Power Authority Revenue Series UU 5.00%, 7/1/2016 (a)		500,000		554,530
Puerto Rico, Sales Tax Financing Corp. Series A Zero Coupon, 8/1/2044		1,100,000		123,948

				678,478

TOTAL MUNICIPAL BONDS & NOTES —
(Cost $25,711,307)				25,232,647

	Shares
SHORT TERM INVESTMENT — 2.4%
MONEY MARKET FUND — 2.4%
State Street Institutional Tax Free Money Market Fund 0.11% (b)(c)(d) (Cost $624,476)		624,476		624,476

TOTAL INVESTMENTS — 99.6% (e)
(Cost $26,335,783)				25,857,123
OTHER ASSETS & LIABILITIES — 0.4%				113,470

NET ASSETS — 100.0%			$	25,970,593


(a)		Bond is insured by one of these companies:


		As a % of
	Insurance Coverage	Net Assets

	Assured Guaranty Municipal Corp.		8.83	%
	Assured Guaranty Corp.		5.51	%
	National Public Finance Guarantee Corp.		3.41	%

(b)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(c)	Value determined based on Level 1 inputs. (Note 2)
(d)	The rate shown is the annualized seven-day yield at period end.
(e)	Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 2 inputs. (Note 2)

See accompanying notes to financial statements.

103

SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

MUNICIPAL BONDS & NOTES — 99.4%
ALABAMA — 0.2%
Alabama, Public School & College Authority Revenue:
5.00%, 5/1/2014	$	850,000	$	941,664
Series A 5.00%, 5/1/2014		1,500,000		1,661,760

				2,603,424

ARIZONA — 3.3%
Arizona, Salt River Project, Electrical Systems Revenue:
Series A 3.00%, 1/1/2014		1,070,000		1,124,121
Series B 3.00%, 1/1/2014		5,000,000		5,252,900
Arizona, State Certificates of Participation:
5.00%, 10/1/2014 (a)		10,375,000		11,415,820
Series A 5.00%, 10/1/2013 (a)		6,500,000		7,062,380
Arizona, State Transportation Board, Excise Tax Revenue 5.00%, 7/1/2013		2,750,000		3,010,452
Gilbert, AZ, General Obligation 5.00%, 7/1/2013		8,740,000		9,520,482
Pima County, AZ, General Obligation Series A 3.00%, 7/1/2012		5,000,000		5,149,650

				42,535,805

ARKANSAS — 1.5%
Arkansas, State Highway Grant Anticipation & Tax Revenue 4.00%, 8/1/2014		18,000,000		19,618,380

CALIFORNIA — 8.2%
California, State Department of Water Resources Revenue:
4.00%, 5/1/2015		6,000,000		6,458,220
Series L 4.00%, 5/1/2015		7,630,000		8,229,108
Series AF 5.00%, 12/1/2012		5,000,000		5,400,300
Series L 5.00%, 5/1/2015		1,000,000		1,121,840
Contra Costa, CA, Water District Revenue 3.00%, 10/1/2015		11,750,000		12,360,177
Irvine, CA, Unified School District Special Tax 5.00%, 9/1/2012 (a)		3,000,000		3,173,550
Long Beach, CA, Community College District, General Obligation Series A 9.85%, 1/15/2013		1,560,000		1,806,901
Long Beach, CA, Unified School District, General Obligation Series A 4.00%, 8/1/2012		7,950,000		8,331,282
Los Angeles County, CA, Metropolitan Transportation Authority Sales Tax Revenue:
3.00%, 7/1/2013		3,000,000		3,127,500
4.00%, 6/1/2013		2,300,000		2,457,320
Los Angeles County, CA, Public Works Financing Authority Revenue Series A 5.00%, 10/1/2014		4,800,000		5,352,864
Los Angeles, CA, General Obligation Series A 2.50%, 9/1/2014		8,825,000		9,042,536
Los Angeles, CA, Unified School District, General Obligation:
Series H 5.00%, 7/1/2014 (a)		3,975,000		4,482,329
Series I 5.00%, 7/1/2014		2,000,000		2,208,340
Northern California Power Agency Revenue, Hydroelectric No-1 Series C 5.00%, 7/1/2014 (a)		1,500,000		1,656,255
San Bernardino County, CA, Transportation Authority, Sales Tax Revenue Series A 4.00%, 5/1/2012		4,000,000		4,156,120
San Diego Public Facilities Financing Authority:
5.00%, 5/15/2014		500,000		551,945
5.00%, 5/15/2015		2,165,000		2,426,251
San Francisco, CA, City & County Public Utilities Commission, Water Revenue Series D 5.00%, 11/1/2015		5,360,000		6,084,994
San Francisco, CA, City & County, General Obligation:
Series 2008-R1 5.00%, 6/15/2013		3,000,000		3,276,840
Series A 5.00%, 6/15/2014		10,075,000		11,218,412
University of California, Revenue:
Series J 5.00%, 5/15/2013 (a)		1,000,000		1,086,720
Series O 5.00%, 5/15/2013		3,000,000		3,260,160

				107,269,964

COLORADO — 0.4%
Denver, CO, City & County, General Obligation 5.00%, 8/1/2012		1,060,000		1,132,175
University of Colorado, Enterprise System Revenue 5.00%, 6/1/2012 (a)		3,700,000		3,918,337

				5,050,512

CONNECTICUT — 5.6%
Connecticut, State General Obligation:
5.00%, 3/15/2013		4,670,000		5,081,847
5.00%, 12/1/2014		15,000,000		16,953,600
5.00%, 3/15/2015		5,000,000		5,665,150
Series A 5.00%, 1/1/2012		5,000,000		5,226,250
Series A 5.00%, 1/1/2015		14,000,000		15,797,600
Connecticut, State Health & Educational Facility Authority Revenue:
Series A-3 4.00%, 7/1/2049		3,375,000		3,584,486
Series A-4 5.00%, 7/1/2049 (b)		5,000,000		5,655,400
Connecticut, State Special Tax Obligation Revenue:
Series 1 5.00%, 2/1/2013		2,000,000		2,159,360
Series A 5.00%, 12/1/2013		5,575,000		6,178,104
Series A 5.00%, 12/1/2014		5,000,000		5,622,900
University of Connecticut, Revenue Series A 3.00%, 2/15/2014		415,000		434,883

				72,359,580

See accompanying notes to financial statements.

104

SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

DELAWARE — 0.6%
Delaware, State General Obligation:
Series 2009C 2.00%, 10/1/2014	$	225,000	$	230,645
Series 2009A 4.00%, 1/1/2012		2,000,000		2,070,380
Series 2009A 5.00%, 1/1/2014		1,200,000		1,338,732
Series A 5.00%, 7/1/2015		4,000,000		4,594,280

				8,234,037

DISTRICT OF COLUMBIA — 0.3%
District of Columbia, General Obligation 5.00%, 6/1/2012		1,560,000		1,654,099
District of Columbia, Income Tax Revenue Series B 4.00%, 12/1/2013		2,000,000		2,156,440

				3,810,539

FLORIDA — 6.5%
County of Miami-Dade FL 5.00%, 10/1/2014		8,000,000		8,933,760
Florida, State Board of Education, General Obligation:
5.00%, 6/1/2013		1,000,000		1,092,330
Series C 5.00%, 6/1/2014		9,585,000		10,684,495
Florida, State Department of Environmental Protection Series A 5.00%, 7/1/2014		1,500,000		1,650,390
Florida, State Department of Management Services, Certificates of Participation 5.00%, 8/1/2012		1,000,000		1,059,000
Florida, State General Obligation Series B 5.00%, 7/1/2014		8,070,000		9,012,011
Florida, State Turnpike Authority, Turnpike Revenue Series A 5.00%, 7/1/2012 (a)		1,115,000		1,182,112
Florida, Water Pollution Control Financing Corp. Series A 5.00%, 7/15/2012		11,630,000		12,392,346
Florida, Water Pollution Control Revenue:
Series A 3.00%, 1/15/2012		2,000,000		2,050,980
Series A 3.00%, 1/15/2013		3,535,000		3,673,678
Jacksonville, FL, Special Tax Revenue:
Series B 5.00%, 10/1/2013		7,705,000		8,452,000
Series B 5.00%, 10/1/2015		7,705,000		8,718,824
JEA, FL, Park System Revenue Series 20 4.00%, 10/1/2014		1,000,000		1,004,780
Lakeland, FL, Energy Systems Revenue 5.00%, 10/1/2015		7,510,000		8,379,433
Miami-Dade County, FL, Water & Sewer Revenue 4.00%, 10/1/2013		150,000		160,525
Orlando, FL, Utilities Commission System Revenue 5.00%, 10/1/2013		1,975,000		2,179,393
Pasco County, FL, School District Sales Tax Revenue 5.00%, 10/1/2011 (a)		300,000		307,680
Tampa Bay, FL, Water Revenue:
5.00%, 10/1/2012 (c)		1,325,000		1,378,941
5.00%, 10/1/2013 (c)		1,500,000		1,598,445

				83,911,123

GEORGIA — 3.2%
Georgia, Metropolitan Atlanta Rapid Transit Authority, Sales Tax Revenue Series A 5.00%, 7/1/2013 (a)		2,500,000		2,720,025
Georgia, State General Obligation:
Series A 3.00%, 1/1/2014		200,000		211,386
Series B 3.50%, 1/1/2013		560,000		590,571
Series C 5.00%, 7/1/2014		5,000,000		5,640,000
Series D 5.00%, 5/1/2015		400,000		458,008
Series G 5.00%, 11/1/2014		3,535,000		4,016,856
Georgia, State Road & Tollway Authority Revenue Series A 5.00%, 6/1/2012		3,000,000		3,183,600
Gwinnett County, GA, School District, General Obligation:
5.00%, 2/1/2012		4,990,000		5,231,466
5.00%, 2/1/2013		5,385,000		5,844,179
Henry County, GA, School District, General Obligation Series A 5.00%, 4/1/2012		5,875,000		6,183,026
Richmond County, GA, Board of Education, General Obligation 5.00%, 10/1/2012		7,000,000		7,525,560

				41,604,677

HAWAII — 1.0%
Hawaii, State General Obligation:
2.25%, 11/1/2013		250,000		257,895
Series DT 4.00%, 11/1/2014		2,000,000		2,184,240
Series DG 5.00%, 7/1/2012 (a)		2,500,000		2,655,475
Series DY 5.00%, 2/1/2015		1,000,000		1,128,450
Honolulu, HI, City & County, General Obligation:
Series A 2.75%, 4/1/2014		1,750,000		1,823,973
Series C 4.00%, 4/1/2013		2,035,000		2,168,862
Series B 5.25%, 7/1/2014 (a)		2,125,000		2,398,742

				12,617,637

IDAHO — 0.1%
Idaho, State Building Authority Revenue 5.00%, 9/1/2013		1,375,000		1,510,383

ILLINOIS — 1.8%
Chicago, IL, Board of Education, General Obligation Series D 4.00%, 12/1/2012 (a)		1,610,000		1,708,178
Chicago, IL, General Obligation Series C 5.00%, 1/1/2012 (a)		700,000		726,208
Chicago, IL, Water Revenue:
5.00%, 11/1/2011 (a)		2,000,000		2,065,480
5.00%, 11/1/2014 (a)		1,500,000		1,642,725
Cook County, IL, General Obligation Series B 5.00%, 11/15/2014 (a)		1,200,000		1,302,816

See accompanying notes to financial statements.

105

SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

Illinois, Finance Authority Series B 1.88%, 7/1/2036 (b)	$	5,000,000	$	4,899,200
Illinois, State General Obligation:
Series B 5.00%, 1/1/2011		950,000		950,000
Series B 5.00%, 3/1/2013		1,000,000		1,042,900
Illinois, State Revenue Series B 3.00%, 6/15/2014		1,675,000		1,679,338
Illinois, State Sales Tax Revenue:
4.00%, 6/15/2012		1,550,000		1,610,373
5.00%, 6/15/2015		2,575,000		2,823,693
University of Illinois, Certificates of Participation Sereis B 5.00%, 10/1/2015		2,420,000		2,640,026

				23,090,937

INDIANA — 1.4%
Indiana, State Finance Authority Revenue:
Series A 5.00%, 2/1/2013		2,715,000		2,938,906
Series A 5.00%, 2/1/2015		4,500,000		5,091,300
Indiana, State Finance Authority, Lease Revenue Series A-1 5.00%, 11/1/2014		8,915,000		9,773,515

				17,803,721

KENTUCKY — 0.3%
Kentucky, Asset/Liability Commission Agency Fund Revenue 5.00%, 9/1/2012 (a)		4,000,000		4,257,240
Kentucky, State Property & Building Commission 5.00%, 8/1/2014		225,000		249,059

				4,506,299

LOUISIANA — 0.4%
Louisiana, State General Obligation Series A 5.00%, 5/1/2014		5,000,000		5,583,950

MARYLAND — 3.2%
Baltimore County, MD, General Obligation:
5.00%, 2/1/2012		1,000,000		1,048,170
5.00%, 2/1/2014		3,230,000		3,609,493
Maryland, State Department of Transportation, Revenue:
4.00%, 2/15/2014		2,500,000		2,708,325
5.00%, 2/15/2015		1,100,000		1,245,871
Maryland, State General Obligation:
Series A 3.00%, 3/1/2014		2,725,000		2,881,633
5.00%, 7/15/2013		1,000,000		1,102,770
Series B 5.25%, 8/15/2014		200,000		227,930
Maryland, State Transportation Authority, Grant & Revenue Anticipation:
5.00%, 3/1/2012		1,000,000		1,052,020
5.00%, 3/1/2013		3,550,000		3,857,608
5.25%, 3/1/2015		1,025,000		1,171,698
Montgomery County, MD, General Obligation:
5.00%, 8/1/2012		500,000		534,290
Series A 5.00%, 5/1/2012		1,450,000		1,534,680
Series A 5.00%, 5/1/2013		1,500,000		1,643,910
Series A 5.00%, 8/1/2015		16,250,000		18,699,687

				41,318,085

MASSACHUSETTS — 2.3%
Boston, MA, Water & Sewer Commission, Water Revenue Series B 5.00%, 11/1/2014		4,545,000		5,135,486
Massachusetts Bay Transportation Authority, Sales Tax Revenue Series B 5.00%, 7/1/2013		1,000,000		1,095,750
Massachusetts, State General Obligation:
Series C 3.00%, 1/1/2014		4,125,000		4,328,693
Series A 4.00%, 11/1/2014		250,000		272,350
Series B 4.00%, 6/1/2012		610,000		638,896
Series B 4.00%, 6/1/2013		1,000,000		1,068,400
Series A 5.00%, 9/1/2014		1,500,000		1,683,765
Series C 5.00%, 9/1/2013		1,000,000		1,100,120
Series C 5.00%, 5/1/2014		4,210,000		4,694,403
Massachusetts, State Port Authority Revenue Series C 5.00%, 7/1/2012 (a)		1,000,000		1,062,350
Massachusetts, State School Building Authority, Sales Tax Revenue:
Series A 4.00%, 5/15/2012		300,000		313,134
Series A 4.00%, 5/15/2013		1,975,000		2,110,979
Series A 5.00%, 8/15/2013 (a)		3,220,000		3,542,322
Massachusetts, State Water Pollution Abatement Trust Revenue 5.00%, 8/1/2013		1,165,000		1,283,981
Springfield, MA, General Obligation 5.75%, 8/1/2014 (a)		1,025,000		1,156,866

				29,487,495

MICHIGAN — 0.6%
Michigan, Municipal Bond Authority Revenue:
5.00%, 10/1/2012		755,000		810,870
5.00%, 10/1/2013		1,025,000		1,130,790
University of Michigan, Revenue Series C 3.00%, 4/1/2014		5,920,000		6,203,450

				8,145,110

MINNESOTA — 2.1%
Minnesota, State General Obligation:
4.00%, 12/1/2012		350,000		371,893
5.00%, 8/1/2014		350,000		395,318
Series A 5.00%, 6/1/2012		4,000,000		4,244,200
Series A 5.00%, 8/1/2013		9,075,000		10,016,440
Series A 5.00%, 6/1/2014		1,275,000		1,434,362
Series A 5.00%, 6/1/2015		200,000		229,088
Series D 5.00%, 8/1/2015		7,675,000		8,817,347
Series H 5.00%, 11/1/2013		1,000,000		1,111,910
Northern Municipal Power Agency, Electric System Revenue Series A 5.00%, 1/1/2014 (a)		1,000,000		1,084,490

				27,705,048

See accompanying notes to financial statements.

106

SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

MISSISSIPPI — 0.6%
Mississippi, State General Obligation:
5.00%, 11/1/2014	$	1,000,000	$	1,125,950
Series B 5.00%, 12/1/2014		6,000,000		6,766,860

				7,892,810

MISSOURI — 1.4%
Missouri, State Highways & Transportation Commission, State Road Revenue:
2.00%, 5/1/2012		8,580,000		8,739,073
Series A 5.00%, 5/1/2013		1,335,000		1,462,760
Series A 5.00%, 5/1/2014		7,350,000		8,218,549

				18,420,382

NEBRASKA — 0.2%
Nebraska, Public Power District Revenue Series B 5.00%, 1/1/2012 (a)		1,250,000		1,303,263
Omaha, NE, General Obligation 3.75%, 6/1/2013		1,000,000		1,065,690

				2,368,953

NEVADA — 1.1%
Clark County, NV, Highway Improvement Revenue 5.00%, 7/1/2012 (a)		4,300,000		4,541,058
Clark County, NV, Sales and Excise Tax Series B 3.00%, 7/1/2015		2,985,000		3,091,714
Clark County, NV, School District General Obligation Series B 5.00%, 6/15/2015		3,000,000		3,341,670
Las Vegas Valley, NV, Water District:
Series A 5.00%, 2/1/2013		275,000		296,557
Series B 5.00%, 6/1/2011		1,500,000		1,525,815
Nevada, State General Obligation Series A 5.00%, 2/1/2012		1,460,000		1,525,817

				14,322,631

NEW JERSEY — 2.3%
New Jersey, Economic Development Authority Revenue:
Series W 5.00%, 3/1/2012		1,980,000		2,080,386
Series Y 5.00%, 9/1/2015		2,670,000		2,951,658
New Jersey, Educational Facilities Authority Series K 5.00%, 7/1/2013		500,000		548,780
New Jersey, Higher Education Assistance Authority Series A 5.00%, 12/1/2014		250,000		270,112
New Jersey, State General Obligation:
4.00%, 8/1/2012		3,780,000		3,971,646
5.00%, 8/1/2014		13,000,000		14,499,810
5.00%, 8/1/2015		2,445,000		2,760,503
Series A 5.00%, 6/15/2015		220,000		237,321
Union County, NJ, General Obligation 4.00%, 3/1/2013		2,000,000		2,136,480

				29,456,696

NEW MEXICO — 1.6%
Albuquerque, NM, Municipal School District No 12 Series A 3.00%, 8/1/2015		8,250,000		8,723,550
New Mexico, State Finance Authority 5.00%, 12/15/2012		2,500,000		2,701,675
New Mexico, State General Obligation 5.00%, 3/1/2012		500,000		525,650
New Mexico, State Severance Tax Revenue Series B 5.00%, 7/1/2014		8,230,000		9,190,688

				21,141,563

NEW YORK — 17.4%
City of New York, NY:
4.00%, 8/1/2012		500,000		525,025
Series B 4.00%, 8/1/2015		1,000,000		1,081,050
4.75%, 2/1/2012		500,000		522,030
5.00%, 12/1/2012		450,000		484,956
5.00%, 8/1/2013		1,030,000		1,125,543
5.00%, 8/15/2013		685,000		749,479
5.00%, 8/1/2014		250,000		277,648
5.00%, 6/1/2015		6,110,000		6,851,754
5.00%, 8/1/2015		3,000,000		3,373,170
Nassau County, NY, General Obligation Series C 4.00%, 10/1/2015		6,855,000		7,394,420
New York, NY, City Cultural Resource Revenue, Juilliard School Series B 2.75%, 1/1/2036 (b)		1,080,000		1,102,216
New York, NY, City Municipal Water Finance Authority, Water & Sewer System Revenue:
Series BB 5.00%, 6/15/2013		1,040,000		1,134,650
Series BB 5.00%, 6/15/2013		5,375,000		5,864,179
New York, NY, City Transitional Finance Authority Revenue:
3.60%, 1/15/2013		450,000		475,947
5.00%, 11/1/2014		5,000,000		5,617,850
Series A-1 5.00%, 8/1/2012		6,000,000		6,384,120
Series B 5.00%, 11/1/2013		1,000,000		1,106,300
Series B 5.00%, 11/1/2014		10,200,000		11,460,414
Series S-2 5.00%, 1/15/2014 (a)		2,005,000		2,196,337
New York, NY, General Obligation:
Series C 4.00%, 8/1/2014		4,000,000		4,304,520
Series I-1 4.00%, 2/1/2013		1,040,000		1,098,978
Series C-1 5.00%, 10/1/2011		1,800,000		1,860,336
Series J-1 5.00%, 8/1/2012		5,000,000		5,328,250
Series K 5.00%, 8/1/2013		5,000,000		5,463,800
New York, State Dormitory Authority:
5.00%, 6/15/2012		380,000		403,780
5.00%, 3/15/2013		210,000		228,136
5.00%, 3/15/2013		700,000		760,452
5.00%, 10/1/2013		2,500,000		2,736,700
5.00%, 2/15/2014		1,000,000		1,103,730
5.00%, 3/15/2014		1,250,000		1,383,050
5.00%, 3/15/2014		320,000		354,061
New York, State Dormitory Authority, Personal Income Tax Revenue:
Series A 5.00%, 3/15/2014		3,980,000		4,403,631

See accompanying notes to financial statements.

107

SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

Series C 5.00%, 3/15/2012	$	1,950,000	$	2,053,389
New York, State Environmental Facilities Revenue:
Series A 3.50%, 12/15/2013		2,500,000		2,680,125
Series A 5.00%, 12/15/2013		2,200,000		2,454,012
New York, State General Obligation:
Series A 3.00%, 3/1/2015		13,245,000		13,911,091
Series C 3.00%, 2/1/2014		15,000,000		15,682,200
New York, State Local Government Assistance Corp. Revenue:
Series A 5.00%, 4/1/2013		8,520,000		9,280,495
Series A 5.00%, 4/1/2015		3,200,000		3,628,640
Series C 5.00%, 4/1/2013		2,220,000		2,418,157
New York, State Power Authority Revenue Series C 5.00%, 11/15/2014		1,625,000		1,834,300
New York, State Thruway Authority Personal Income Tax Revenue:
Series A 3.50%, 3/15/2014		2,330,000		2,469,544
Series A 4.00%, 3/15/2013		5,000,000		5,323,600
New York, State Thruway Authority, General Revenue:
Series H 4.00%, 1/1/2012 (a)		1,000,000		1,031,760
5.00%, 4/1/2014		2,310,000		2,532,314
New York, State Thruway Authority, Highway & Bridge Revenue Series B 5.00%, 4/1/2012 (a)		2,080,000		2,190,635
New York, State Urban Development Corp.:
4.00%, 1/1/2012		300,000		310,071
5.00%, 12/15/2013		1,400,000		1,561,644
5.00%, 1/1/2014		3,695,000		4,043,217
New York, State Urban Development Corp. Revenue:
Series A-1 3.00%, 12/15/2011		4,625,000		4,737,804
Series A-1 3.50%, 12/15/2012		1,000,000		1,055,180
4.00%, 12/15/2012		2,395,000		2,550,244
Series A 5.00%, 1/1/2014		2,780,000		3,041,987
Series A-1 5.00%, 12/15/2012		6,580,000		7,133,444
Series A-1 5.00%, 1/1/2015		7,390,000		8,208,886
Series A-2 5.00%, 1/1/2015		2,610,000		2,899,214
Series B 5.00%, 1/1/2016		10,000,000		11,225,600
New York, Triborough Bridge & Tunnel Authority Revenue:
Series A-1 4.00%, 11/15/2038 (b)		20,000,000		21,191,200
Series C 5.00%, 11/15/2012		1,500,000		1,614,975
Suffolk County, NY, General Obligation Series C 4.00%, 10/15/2013		500,000		540,125
Westchester County, NY, General Obligation Series A 2.00%, 10/15/2013		1,245,000		1,283,869

				226,044,234

NORTH CAROLINA — 2.3%
Charlotte, NC 5.00%, 8/1/2015		550,000		630,295
Charlotte, NC, Certificates of Participation 5.00%, 6/1/2014		5,455,000		6,029,030
Guilford County, NC, General Obligation Series A 4.00%, 2/1/2014		6,005,000		6,523,892
Mecklenburg County, NC, General Obligation Series A 3.00%, 8/1/2014		1,970,000		2,085,816
Mecklenburg County, NC, Public Facilities Corp. 5.00%, 3/1/2013		2,670,000		2,891,770
North Carolina, State Capital Improvement Obligation Series A 4.50%, 5/1/2014		1,745,000		1,906,866
North Carolina, State General Obligation Series A 5.50%, 3/1/2012		5,000,000		5,282,250
North Carolina, State Grant & Revenue Anticipation 5.00%, 3/1/2014		1,050,000		1,160,428
Wake County, NC, General Obligation 5.00%, 3/1/2013		3,000,000		3,269,370

				29,779,717

OHIO — 3.4%
Cincinnati, OH, City School District Certificates Participation 5.00%, 12/15/2011 (a)		1,000,000		1,038,180
Columbus, OH, General Obligation Series A 4.00%, 6/1/2012		10,000,000		10,465,000
Ohio, State Building Authority Series C 4.00%, 10/1/2015		3,145,000		3,426,477
Ohio, State General Obligation:
Series A 5.00%, 6/15/2013		1,000,000		1,092,790
Series C 5.00%, 9/15/2015		10,000,000		11,395,400
Series K 5.00%, 5/1/2012		1,150,000		1,211,502
Ohio, State Highway Capital Improvements 5.00%, 5/1/2014		1,975,000		2,200,209
Ohio, State Major New State Infrastructure Project Revenue:
5.00%, 6/15/2012		375,000		398,134
5.00%, 6/15/2015		475,000		535,952
Series 2007-1 5.00%, 6/15/2013 (a)		4,960,000		5,410,170
Series 2008-1 5.00%, 6/15/2013		3,000,000		3,272,280
Ohio, State Water Development Authority Revenue:
5.00%, 6/1/2012		1,250,000		1,324,675
5.00%, 6/1/2013		2,670,000		2,921,194

				44,691,963

OKLAHOMA — 0.4%
Tulsa County, OK, Industrial Authority, Educational Facilities Lease Revenue 4.00%, 9/1/2013		5,410,000		5,741,795

OREGON — 1.3%
Portland, OR, Sewer System Revenue:
Series A 5.00%, 6/15/2012 (a)		3,000,000		3,186,420
Series A 5.00%, 6/1/2014		315,000		352,693
Series A 5.00%, 3/1/2015		10,440,000		11,838,856

See accompanying notes to financial statements.

108

SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

Salem-Keizer, OR, School District No. 24J, General Obligation Series A 4.00%, 6/15/2015	$	1,250,000	$	1,364,712

				16,742,681

PENNSYLVANIA — 3.9%
Pennsylvania Intergovernmental Cooperative Authority, Special Tax Revenue:
5.00%, 6/15/2014		2,000,000		2,226,280
5.00%, 6/15/2015		5,000,000		5,641,600
Pennsylvania State Higher Educational Facilities Authority 5.00%, 6/15/2015		7,110,000		8,006,215
Pennsylvania, Economic Development Financing Authority Revenue Series A 5.00%, 6/15/2014		9,175,000		10,003,411
Pennsylvania, State General Obligation:
5.00%, 10/1/2012		5,000,000		5,378,150
5.00%, 5/15/2013		3,000,000		3,280,770
5.00%, 7/1/2013		2,000,000		2,194,600
5.00%, 3/15/2014		8,920,000		9,955,166
Series A 5.00%, 2/15/2015		1,000,000		1,133,460
5.50%, 1/1/2013		2,500,000		2,727,225

				50,546,877

RHODE ISLAND — 0.7%
Rhode Island, State & Providence Plantations, Consolidated Capital Development Series A 5.00%, 10/1/2014		6,745,000		7,566,069
Rhode Island, State Economic Development Corp., Revenue Series A 5.00%, 6/15/2013 (a)		1,285,000		1,392,541

				8,958,610

SOUTH CAROLINA — 1.9%
South Carolina, State General Obligation:
Series A 4.00%, 6/1/2015		15,000,000		16,538,850
Series A 5.00%, 11/1/2013		1,120,000		1,245,014
South Carolina, State Public Service Authority, Revenue:
Series B 5.00%, 1/1/2013		2,000,000		2,165,420
Series B 5.00%, 1/1/2014 (a)		2,500,000		2,767,200
Series C 5.00%, 1/1/2015 (a)		1,000,000		1,130,050
Series E 5.00%, 1/1/2014		1,000,000		1,106,880

				24,953,414

TENNESSEE — 1.4%
Memphis, TN, Electric System Revenue 5.00%, 12/1/2014		3,500,000		3,943,065
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board 5.00%, 10/1/2014		1,000,000		1,126,770
Murfreesboro, TN, General Obligation 5.00%, 6/1/2013		1,500,000		1,638,870
Nashville & Davidson County, TN, General Obligation Series C 5.00%, 2/1/2013		1,000,000		1,085,490
Sevierville, TN, Public Building Authority Revenue 5.00%, 6/1/2014		1,000,000		1,105,930
Tennessee, State General Obligation Series A 4.00%, 5/1/2013		150,000		160,840
Tennessee, State School Bond Authority:
3.00%, 5/1/2012		4,875,000		5,027,539
3.00%, 5/1/2014		1,950,000		2,058,732
5.00%, 5/1/2013 (a)		1,900,000		2,071,703

				18,218,939

TEXAS — 7.3%
Arlington, TX, Independent School District, General Obligation:
5.00%, 2/15/2012 (a)		980,000		1,028,236
5.00%, 2/15/2014 (a)		1,640,000		1,829,732
Dallas County, TX, Community College District, General Obligation 5.00%, 2/15/2014		1,340,000		1,488,941
Dallas, TX, General Obligation:
5.00%, 2/15/2011		710,000		713,692
5.00%, 2/15/2012		150,000		157,332
5.00%, 2/15/2013		1,000,000		1,083,120
5.00%, 10/1/2014		455,000		513,745
Dallas, TX, Independent School District, General Obligation 5.00%, 2/15/2013		1,000,000		1,082,030
El Paso, TX, Independent School District, General Obligation Zero Coupon, 8/15/2013 (a)		1,980,000		1,909,670
Fort Bend, TX, Independent School District, General Obligation 4.00%, 2/15/2013		1,000,000		1,061,210
Fort Worth, TX, Independent School District, General Obligation:
5.00%, 2/15/2012		5,000,000		5,245,550
5.00%, 2/15/2013		2,000,000		2,171,520
Harris County, TX, General Obligation Series A 5.00%, 10/1/2012		1,515,000		1,631,231
Houston, TX, General Obligation Series A 5.00%, 3/1/2013 (a)		2,500,000		2,708,225
Houston, TX, Utilities System Revenue Series C 5.00%, 11/15/2012		12,505,000		13,451,378
Lamar, TX, Consolidated Independent School District, General Obligation 5.00%, 2/15/2013 (a)		4,535,000		4,928,910
Lewisville, TX, Independent School District, General Obligation 5.00%, 8/15/2013 (a)		1,000,000		1,100,920
Northside Independent School District 1.50%, 8/1/2040		1,100,000		1,106,842
Pharr, TX, San Juan Alamo Independent School District, General Obligation 5.00%, 2/1/2013 (a)		1,880,000		2,036,266

See accompanying notes to financial statements.

109

SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

San Antonio, TX, Electric and Gas Series A 5.00%, 2/1/2014	$	200,000	$	221,830
San Antonio, TX, General Obligation:
4.00%, 2/1/2012		3,000,000		3,111,480
5.50%, 2/1/2015		1,000,000		1,149,740
San Jacinto, TX Community College District, General Obligation 4.00%, 2/15/2012		3,000,000		3,096,450
Texas State University Systems 5.00%, 3/15/2015		400,000		451,480
Texas, A&M University Revenue 5.00%, 5/15/2012		3,000,000		3,176,100
Texas, State General Obligation:
5.00%, 10/1/2012		1,500,000		1,611,000
5.00%, 10/1/2015		3,495,000		3,993,911
5.00%, 10/1/2015		8,000,000		9,142,000
Series A 5.00%, 10/1/2014		1,180,000		1,330,049
Texas, State Public Finance Authority Revenue:
4.00%, 7/1/2013		6,670,000		7,136,767
5.00%, 2/1/2014 (a)		1,605,000		1,772,530
Texas, State Transportation Commission 5.00%, 4/1/2013		200,000		218,086
Texas, State University System Financing Revenue 5.00%, 3/15/2012		1,000,000		1,051,790
University of Texas, Revenue:
Series A 3.25%, 8/15/2013		2,650,000		2,803,991
4.00%, 8/15/2012		200,000		210,356
Series A 5.00%, 8/15/2012		3,400,000		3,630,384
Series A 5.00%, 8/15/2015		3,100,000		3,544,385
Series B 5.00%, 8/15/2012		1,000,000		1,067,760
Series D 5.00%, 8/15/2015		1,150,000		1,314,852

				95,283,491

UTAH — 0.6%
Utah, State General Obligation:
Series A 5.00%, 7/1/2013		1,150,000		1,265,782
Series A 5.00%, 7/1/2015		6,000,000		6,885,840
Series C 5.00%, 7/1/2015		150,000		172,146

				8,323,768

VIRGINIA — 2.2%
Virginia, College Building Authority Revenue Series A 5.00%, 9/1/2014		150,000		168,091
Virginia, State General Obligation Series A 5.00%, 6/1/2012		1,000,000		1,061,920
Virginia, State Public Building Authority, Building Revenue Bonds:
Series A 5.00%, 8/1/2012		7,365,000		7,867,735
Series B 5.00%, 8/1/2013		5,000,000		5,491,850
Series B 5.00%, 8/1/2014		1,000,000		1,119,430
Virginia, State Public School Authority:
Series B 5.00%, 8/1/2012		1,000,000		1,067,930
Series B 5.00%, 8/1/2014		2,025,000		2,275,108
Series C 5.00%, 8/1/2013		8,570,000		9,426,829

				28,478,893

WASHINGTON — 4.0%
Energy Northwest Washington, Electricity Revenue:
Series A 4.00%, 7/1/2014		1,375,000		1,491,421
Series A 5.00%, 7/1/2012		1,090,000		1,158,463
Series A 5.00%, 7/1/2013		4,495,000		4,920,721
Series D 5.00%, 7/1/2012		1,000,000		1,062,810
Series D 5.00%, 7/1/2012		3,850,000		4,091,819
Series D 5.00%, 7/1/2014		850,000		950,759
King County, WA, School District No 1 Series A 5.00%, 6/1/2013		1,250,000		1,365,100
Seattle, WA, General Obligation 5.00%, 5/1/2013		6,540,000		7,135,729
Seattle, WA, Municipal Light & Power Revenue:
5.00%, 4/1/2013		3,000,000		3,260,790
Series B 5.00%, 2/1/2015		7,540,000		8,505,346
Snohomish County, WA, Public Utility Revenue 4.00%, 12/1/2013		3,625,000		3,891,329
Washington, State General Obligation:
Series D 4.50%, 1/1/2012 (a)		2,450,000		2,548,049
Series R 5.00%, 1/1/2015		10,500,000		11,835,180
Series R-2006A 5.00%, 7/1/2011		—		—

				52,217,516

WISCONSIN — 2.4%
Milwaukee, WI, General Obligation 5.00%, 2/1/2015		11,825,000		13,393,823
Wisconsin, State General Obligation:
3.00%, 5/1/2013		1,000,000		1,045,080
Series C 4.00%, 5/1/2013		5,000,000		5,339,850
Series C 5.00%, 5/1/2015		10,000,000		11,333,600

				31,112,353

TOTAL MUNICIPAL BONDS & NOTES —
(Cost $1,286,584,218)				1,293,463,992

	Shares
SHORT TERM INVESTMENT — 0.3%
MONEY MARKET FUND — 0.3%
State Street Institutional Tax Free Money Market Fund 0.11% (d)(e)(f)
(Cost $3,355,554)		3,355,554		3,355,554

TOTAL INVESTMENTS — 99.7% (g)
(Cost $1,289,939,772)				1,296,819,546
OTHER ASSETS & LIABILITIES — 0.3%				3,814,626

NET ASSETS — 100.0%			$	1,300,634,172

See accompanying notes to financial statements.

110

SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


(a)		Bond is insured by one of these companies:


		As a % of
	Insurance Coverage	Net Assets

	Assured Guaranty Municipal Corp.		4.67	%
	National Public Finance Guarantee Corp.		1.73	%
	Permanent School Fund Guaranteed		0.99	%
	Ambac Financial Group		0.98	%

(b)	Variable-rate security. Rate shown is rate in effect at December 31, 2010. Maturity date disclosed is the ultimate maturity.
(c)	Securities are valued at fair value as determined in good faith by Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 2 inputs.
(d)	Value is determined based on Level 1 inputs. (Note 2)
(e)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f)	The rate shown is the annualized seven-day yield at period end.
(g)	Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 2 inputs. (Note 2)

See accompanying notes to financial statements.

111

SPDR Nuveen S&P VRDO Municipal Bond ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

MUNICIPAL BONDS & NOTES — 99.7%
ARIZONA — 4.5%
Arizona, Sports & Tourism Authority, Revenue 3.50%, 7/1/2036 (a)	$	400,000	$	400,000

CALIFORNIA — 19.0%
California, Eastern Municipal Water District, Certificates of Participation 0.34%, 7/1/2038 (a)		400,000		400,000
California, Infrastructure & Economic Development Bank Revenue Series B 4.10%, 8/1/2037 (a)		250,000		250,000
California, Statewide Communities Development Authority Revenue:
4.00%, 10/1/2036 (a)		400,000		400,000
4.20%, 4/1/2033 (a)		400,000		400,000
University of San Francisco, Educational Facilities Authority Revenue 3.25%, 5/1/2033 (a)		260,000		260,000

				1,710,000

COLORADO — 11.2%
Centerra, CO, Metropolitan District No 1 0.32%, 12/1/2029 (a)		370,000		370,000
City & County of Denver Co. 0.32%, 11/15/2022 (a)		100,000		100,000
Colorado, Fitzsimons Redevelopment Authority Revenue 0.34%, 1/1/2025 (a)		535,000		535,000

				1,005,000

ILLINOIS — 9.2%
Chicago, IL, Board of Education, General Obligation Series B 0.45%, 3/1/2032 (a)(b)		430,000		430,000
Illinois, State Toll Highway Authority Revenue Series A 0.35%, 7/1/2030 (a)		400,000		400,000

				830,000

MASSACHUSETTS — 4.5%
Massachusetts, State Water Resources Authority Revenue Series B 0.32%, 8/1/2031 (a)		400,000		400,000

NEBRASKA — 1.1%
Nebraska, Central Plains Energy Project 0.34%, 8/1/2039 (a)		100,000		100,000

NEW YORK — 7.8%
New York City, NY, Transitional Finance Authority Revenue Series 3 0.43%, 11/1/2022 (a)		400,000		400,000
New York, NY, General Obligation Series H 0.35%, 8/1/2015 (a)(b)		300,000		300,000

				700,000

NORTH CAROLINA — 4.4%
Charlotte, NC, Health Care Systems Revenue Series F 0.46%, 1/15/2042 (a)(b)		400,000		400,000

OHIO — 18.2%
Hancock County, OH, Hospital Revenue 0.95%, 12/1/2034 (a)(b)		375,000		375,000
Montgomery County, OH, Hospital Revenue Series A 0.45%, 8/1/2047 (a)(b)		400,000		400,000
Ohio, State Higher Educational Facility Commission Revenue 1.00%, 9/1/2036 (a)		485,000		485,000
Ohio, State University, General Reciepts 0.58%, 12/1/2026 (a)(b)		380,000		380,000

				1,640,000

PENNSYLVANIA — 4.4%
La Salle University, PA, Higher Educational Facilties Authority Revenue Series B 0.42%, 5/1/2037 (a)		300,000		300,000
Lower Merion, PA, School District General Obligation Series B 0.31%, 4/1/2027 (a)		100,000		100,000

				400,000

TENNESSEE — 6.5%
Metropolitan Government Nashville & Davidson County, TN, Industrial Development Board Revenue 0.41%, 12/1/2031 (a)		187,000		187,000
Signal Mountain, TN, Health, Educational & Housing Facility Board Revenue 0.50%, 1/1/2028 (a)(b)		400,000		400,000

				587,000

TEXAS — 8.9%
Harris County, TX, Cultural Education Facilities Finance Corp. Revenue Series C 0.33%, 6/1/2024 (a)		300,000		300,000
Katy, TX, Independent School District Series C 0.35%, 8/15/2036 (a)		100,000		100,000
Texas, State General Obligation Series B 1.30%, 4/1/2030 (a)		400,000		400,000

				800,000

TOTAL MUNICIPAL BONDS & NOTES —
(Cost $8,972,000)				8,972,000

	Shares
SHORT TERM INVESTMENT — 0.3%
MONEY MARKET FUND — 0.3%
State Street Institutional Tax Free Money Market Fund 0.11% (c)(d)(e) (Cost $30,828)		30,828		30,828

TOTAL INVESTMENTS — 100.0% (f)
(Cost $9,002,828)				9,002,828
OTHER ASSETS & LIABILITIES — 0.0% (g)				(573	)

NET ASSETS — 100.0%			$	9,002,255

See accompanying notes to financial statements.

112

SPDR Nuveen Barclays Capital Build America Bond ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

MUNICIPAL BONDS & NOTES — 98.6%
ARIZONA — 0.9%
Arizona, Salt River Project, Agricultural Improvement & Power District 4.84%, 1/1/2041	$	225,000	$	204,977
Phoenix, AZ, General Obligation 5.27%, 7/1/2034		100,000		97,611

				302,588

CALIFORNIA — 36.6%
California, State General Obligation:
5.70%, 11/1/2021		200,000		192,896
6.65%, 3/1/2022		500,000		519,570
7.30%, 10/1/2039		800,000		805,680
7.35%, 11/1/2039		200,000		202,572
7.50%, 4/1/2034		600,000		620,850
7.55%, 4/1/2039		1,025,000		1,063,068
7.63%, 3/1/2040		275,000		286,938
7.70%, 11/1/2030		1,550,000		1,560,912
7.95%, 3/1/2036		325,000		333,323
California, State Public Works Board, Lease Revenue 8.36%, 10/1/2034		100,000		101,119
East Bay, CA, Municipal Utility District, Water System Revenue 5.87%, 6/1/2040		200,000		195,364
Los Angeles County, CA, Metropolitan Transportation Authority 5.74%, 6/1/2039		200,000		190,226
Los Angeles County, CA, Public Works Financing Authority 7.49%, 8/1/2033		100,000		98,205
Los Angeles, CA, Community College District, General Obligation:
6.60%, 8/1/2042		250,000		253,340
6.75%, 8/1/2049		200,000		206,398
Los Angeles, CA, Department of Airports 7.05%, 5/15/2040		100,000		101,396
Los Angeles, CA, Department of Water & Power Revenue:
5.72%, 7/1/2039		200,000		182,096
6.17%, 7/1/2040		100,000		94,416
6.57%, 7/1/2045		250,000		254,975
6.60%, 7/1/2050		150,000		154,569
Los Angeles, CA, Department of Water & Power Waterworks Revenue 6.01%, 7/1/2039		100,000		94,298
Los Angeles, CA, Unified School District, General Obligation:
5.75%, 7/1/2034		425,000		396,963
5.76%, 7/1/2029		200,000		189,638
6.76%, 7/1/2034		525,000		543,758
Metropolitan Water District of Southern California 6.95%, 7/1/2040		100,000		103,529
Orange County, CA, Local Transportation Authority 6.91%, 2/15/2041		150,000		156,213
Sacramento, CA, Municipal Utility District 6.16%, 5/15/2036		50,000		47,304
San Diego County, CA, Regional Transportation Commission 5.91%, 4/1/2048		200,000		196,400
San Diego County, CA, Water Authority Revenue 6.14%, 5/1/2049		275,000		275,382
San Francisco, CA, Bay Area Toll Authority, Toll Bridge Revenue:
6.26%, 4/1/2049		580,000		573,081
6.79%, 4/1/2030		200,000		200,568
6.91%, 10/1/2050		150,000		150,374
6.92%, 4/1/2040		350,000		352,460
San Francisco, CA, City & County Public Utilities Commission, Water Revenue:
6.00%, 11/1/2040		100,000		94,716
6.00%, 11/1/2040		125,000		118,880
6.95%, 11/1/2050		200,000		206,050
Santa Clara Valley, CA, Transportation Authority 5.88%, 4/1/2032		195,000		190,572
University of California, Revenue:
5.77%, 5/15/2043		250,000		235,550
5.95%, 5/15/2045		150,000		137,021
6.55%, 5/15/2048		250,000		243,882
6.58%, 5/15/2049		300,000		293,271

				12,217,823

COLORADO — 0.9%
Colorado, Bridge Enterprise Revenue Series A 6.08%, 12/1/2040		100,000		100,634
Colorado, Regional Transportation District, Sales Tax Revenue 5.84%, 11/1/2050		100,000		99,645
Denver, CO, General Obligation 5.65%, 8/1/2030		100,000		97,128

				297,407

CONNECTICUT — 0.9%
State of Connecticut:
5.09%, 10/1/2030		200,000		188,958
5.63%, 12/1/2029		125,000		126,003

				314,961

DISTRICT OF COLUMBIA — 1.2%
District of Columbia, Income Tax Revenue:
5.58%, 12/1/2035		100,000		101,161
5.59%, 12/1/2034		200,000		199,568
District of Columbia, Water & Sewer Authority Revenue 5.52%, 10/1/2044		100,000		92,776

				393,505

GEORGIA — 3.5%
Georgia, Municipal Electric Authority Revenue:
6.64%, 4/1/2057		500,000		488,750
6.66%, 4/1/2057		425,000		411,068
7.06%, 4/1/2057		175,000		160,738

See accompanying notes to financial statements.

114

SPDR Nuveen Barclays Capital Build America Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

Georgia, State General Obligation 4.50%, 11/1/2025	$	100,000	$	98,683

				1,159,239

ILLINOIS — 5.2%
Chicago, IL, Metropolitan Water Reclamation District, General Obligation 5.72%, 12/1/2038		300,000		298,068
Chicago, IL, O’Hare International Airport Revenue 6.40%, 1/1/2040		300,000		283,119
Chicago, IL, Transit Authority 6.20%, 12/1/2040		200,000		182,370
Chicago, IL, Waste Water Transmission Revenue 6.90%, 1/1/2040		100,000		101,222
Chicago, IL, Water Revenue 6.74%, 11/1/2040		50,000		48,765
County of Cook, IL, General Obligation 6.23%, 11/15/2034		100,000		95,347
Illinois, State General Obligation:
6.63%, 2/1/2035		60,000		54,540
7.35%, 7/1/2035		450,000		440,766
Illinois, State Toll Highway Authority Revenue 5.85%, 12/1/2034		245,000		229,805

				1,734,002

INDIANA — 0.3%
Indianapolis, IN, Local Public Improvement Bond Bank 6.12%, 1/15/2040		100,000		103,878

KANSAS — 0.2%
Kansas, State Department of Transportation, Highway Revenue 4.60%, 9/1/2035		75,000		68,456

KENTUCKY — 0.3%
Louisville & Jefferson County, KY, Metropolitan Sewer District 6.25%, 5/15/2043		100,000		99,888

LOUISIANA — 0.3%
East Baton Rouge, LA, Sewer Commission Revenue 6.09%, 2/1/2045		100,000		96,245

MASSACHUSETTS — 2.7%
Massachusetts, State General Obligation:
Series E 4.20%, 12/1/2021		200,000		197,040
4.91%, 5/1/2029		200,000		186,488
5.46%, 12/1/2039		250,000		250,633
Massachusetts, State School Building Authority Revenue 5.72%, 8/15/2039		175,000		181,571
Massachusetts, State Water Pollution Abatement Trust 5.19%, 8/1/2040		100,000		95,670

				911,402

MISSISSIPPI — 0.4%
Mississippi, State General Obligation 5.25%, 11/1/2034		125,000		119,578

MISSOURI — 1.0%
Missouri, State Highways & Transportation Commission, State Road Revenue 5.45%, 5/1/2033		130,000		127,045
University of Missouri, Revenue:
5.79%, 11/1/2041		100,000		103,399
5.96%, 11/1/2039		85,000		87,616

				318,060

NEVADA — 1.0%
Clark County, NV, Airport Revenue 6.88%, 7/1/2042		325,000		320,593
Las Vegas Valley, NV, Water District, General Obligation 7.01%, 6/1/2039		25,000		26,060

				346,653

NEW JERSEY — 6.8%
New Jersey, State Transportation Trust Revenue:
5.75%, 12/15/2028		240,000		231,367
6.10%, 12/15/2028		225,000		219,708
6.56%, 12/15/2040		265,000		266,842
New Jersey, State Turnpike Authority Revenue:
7.10%, 1/1/2041		750,000		812,872
7.41%, 1/1/2040		570,000		625,632
Rutgers University, Revenue 5.67%, 5/1/2040		100,000		99,254

				2,255,675

NEW YORK — 14.6%
New York, NY, City Municipal Water Finance Authority, Water & Sewer System Revenue:
5.44%, 6/15/2043		300,000		282,729
5.72%, 6/15/2042		300,000		289,269
5.75%, 6/15/2041		300,000		296,286
5.95%, 6/15/2042		150,000		152,888
6.01%, 6/15/2042		50,000		49,955
6.28%, 6/15/2042		100,000		99,514
New York, NY, City Transitional Finance Authority Revenue:
5.51%, 8/1/2037		250,000		240,687
5.57%, 11/1/2038		200,000		193,774
6.83%, 7/15/2040		150,000		152,775
New York, NY, General Obligation:
5.85%, 6/1/2040		200,000		191,544
5.99%, 12/1/2036		265,000		267,337
6.25%, 6/1/2035		150,000		146,825
6.27%, 12/1/2037		300,000		312,351
6.65%, 12/1/2031		100,000		100,873
New York, NY, Metropolitan Transportation Authority Revenue:
6.09%, 11/15/2040		200,000		195,178
6.67%, 11/15/2039		125,000		124,995
6.69%, 11/15/2040		100,000		100,099

See accompanying notes to financial statements.

115

SPDR Nuveen Barclays Capital Build America Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

6.81%, 11/15/2040	$	300,000	$	308,793
New York, NY, Metropolitan Transportation Authority, Dedicated Tax Fund 7.34%, 11/15/2039		430,000		474,324
New York, State Dormitory Authority, State Personal Income Tax Revenue:
5.43%, 3/15/2039		255,000		236,191
5.60%, 3/15/2040		350,000		344,088
New York, State Urban Development Corp., Revenue 5.77%, 3/15/2039		325,000		321,412

				4,881,887

NORTH CAROLINA — 0.1%
North Carolina, Turnkpike Authority Revenue Series B 6.70%, 1/1/2039		30,000		31,210

OHIO — 4.1%
Ohio State University, General Receipts Revenue 4.91%, 6/1/2040		320,000		289,712
Ohio, American Municipal Power, Inc.:
5.94%, 2/15/2047		325,000		295,597
7.50%, 2/15/2050		100,000		103,053
7.83%, 2/15/2041		350,000		378,392
8.08%, 2/15/2050		100,000		106,460
Ohio, Northeast Regional Sewer District 6.04%, 11/15/2040		100,000		98,503
Ohio, State Water Development Authority, Water Quality Loan Fund 4.88%, 12/1/2034		100,000		95,483

				1,367,200

OREGON — 0.2%
Oregon, State Department of Transportation Revenue 5.83%, 11/15/2034		80,000		81,481

PENNSYLVANIA — 2.1%
Pennsylvania Turnpike Commission 5.56%, 12/1/2049		125,000		107,992
Pennsylvania, State General Obligation:
4.65%, 2/15/2026		165,000		158,671
5.35%, 5/1/2030		100,000		97,422
5.85%, 7/15/2030		150,000		151,155
Pennsylvania, Turnpike Commission Revenue:
5.51%, 12/1/2045		175,000		155,167
6.11%, 12/1/2039		35,000		34,307

				704,714

PUERTO RICO — 0.3%
Puerto Rico, Electric Power Authority Revenue 6.13%, 7/1/2040		100,000		97,829

SOUTH CAROLINA — 0.5%
South Carolina, State Public Service Authority Revenue Series C 6.45%, 1/1/2050		150,000		154,007

TENNESSEE — 0.4%
Nashville & Davidson County, TN, Convention Center Authority Revenue 6.73%, 7/1/2043		150,000		147,708

TEXAS — 10.3%
Dallas County, TX, Hospital District General Obligation 5.62%, 8/15/2044		150,000		151,797
Dallas, TX, Area Rapid Transit, Sales Tax Revenue:
4.92%, 12/1/2041		115,000		102,119
5.02%, 12/1/2048		125,000		110,536
6.00%, 12/1/2044		350,000		362,982
6.25%, 12/1/2034		100,000		101,915
Dallas, TX, Convention Center Hotel Development Corp. 7.09%, 1/1/2042		175,000		176,202
Dallas, TX, Independent School District 6.45%, 2/15/2035		225,000		234,603
North, TX, Tollway Authority Revenue:
6.72%, 1/1/2049		300,000		293,700
8.91%, 2/1/2030		60,000		61,391
San Antonio, TX, Electric & Gas Revenue:
5.72%, 2/1/2041		100,000		101,931
5.99%, 2/1/2039		195,000		199,310
Texas, State General Obligation 5.52%, 4/1/2039		370,000		376,801
Texas, State Transportation Commission, General Obligation:
4.63%, 4/1/2033		100,000		92,198
4.68%, 4/1/2040		150,000		136,536
5.03%, 4/1/2026		390,000		386,825
Texas, State Transportation Commission, Revenue Series B 5.18%, 4/1/2030		150,000		148,599
University of Texas, Revenue:
5.13%, 8/15/2042		210,000		201,732
5.26%, 7/1/2039		200,000		194,240

				3,433,417

UTAH — 1.4%
Utah, State General Obligation:
3.54%, 7/1/2025		300,000		271,731
4.55%, 7/1/2024		100,000		101,180
Utah, Transport Authority Sales Tax Revenue 5.94%, 6/15/2039		100,000		105,126

				478,037

VIRGINIA — 0.8%
University of Virginia, Revenue 6.20%, 9/1/2039		100,000		111,488
Virginia, Commonwealth Transportation Board Revenue 5.35%, 5/15/2035		145,000		141,903

				253,391

See accompanying notes to financial statements.

116

SPDR Nuveen Barclays Capital Build America Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

WASHINGTON — 1.6%
Central Puget Sound, WA, Regional Transit Authority, Sales & Use Tax Revenue 5.49%, 11/1/2039	$	125,000	$	124,888
Washington, State Convention Center Public Facilities Revenue 6.79%, 7/1/2040		100,000		97,673
Washington, State General Obligation 5.14%, 8/1/2040		325,000		310,550

				533,111

TOTAL MUNICIPAL BONDS & NOTES —
(Cost $34,167,546)				32,903,352

U.S. TREASURY OBLIGATIONS — 0.4%
Treasury Bonds 4.25%, 11/15/2040 (Cost $117,894)		125,000		122,969

	Shares
SHORT TERM INVESTMENT — 0.1%
MONEY MARKET FUND — 0.1%
State Street Institutional Liquid Reserves Fund 0.18% (a)(b)(c) (Cost $40,995)		40,995		40,995

TOTAL INVESTMENTS — 99.1% (d)
(Cost $34,326,435)				33,067,316
OTHER ASSETS & LIABILITIES — 0.9%				301,180

NET ASSETS — 100.0%			$	33,368,496

See accompanying notes to financial statements.

117

SPDR DB International Government Inflation-Protected Bond ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

FOREIGN GOVERNMENT OBLIGATIONS — 99.3%
AUSTRALIA — 3.9%
Commonwealth of Australia:
3.00%, 9/20/2025	AUD	9,378,996	$	9,861,642
4.00%, 8/20/2015	AUD	5,409,782		5,817,549
4.00%, 8/20/2020	AUD	16,700,347		18,864,960

				34,544,151

BRAZIL — 4.8%
Federal Republic of Brazil:
6.00%, 5/15/2017	BRL	39,108,835		23,676,628
6.00%, 8/15/2024	BRL	23,716,674		14,578,636
6.00%, 5/15/2035	BRL	7,533,300		4,760,045

				43,015,309

CANADA — 4.8%
Government of Canada:
2.00%, 12/1/2041	CAD	6,005,397		7,379,070
3.00%, 12/1/2036	CAD	5,819,512		8,247,822
4.00%, 12/1/2031	CAD	6,685,979		10,360,525
4.25%, 12/1/2021	CAD	6,273,498		8,465,236
4.25%, 12/1/2026	CAD	5,769,886		8,498,417

				42,951,070

CHILE — 3.9%
Republic of Chile:
3.00%, 5/1/2017	CLP	1,630,621,800		3,527,270
3.00%, 1/1/2018	CLP	11,478,719,250		24,723,606
3.00%, 3/1/2028	CLP	2,639,032,650		5,562,829
3.00%, 1/1/2030	CLP	214,555,500		450,483
5.00%, 1/1/2016	CLP	257,466,600		611,047

				34,875,235

FRANCE — 16.5%
Republic of France:
1.00%, 7/25/2017	EUR	29,537,309		40,307,363
1.60%, 7/25/2015	EUR	25,429,474		35,892,319
1.80%, 7/25/2040	EUR	8,498,899		11,687,887
2.25%, 7/25/2020	EUR	23,652,869		34,251,008
2.50%, 7/25/2013	EUR	3,888,912		5,618,373
3.00%, 7/25/2012	EUR	2,736,149		3,908,543
3.15%, 7/25/2032	EUR	6,897,436		11,623,946
3.40%, 7/25/2029	EUR	2,583,112		4,451,622

				147,741,061

GERMANY — 4.7%
Federal Republic of Germany:
1.50%, 4/15/2016	EUR	19,738,478		28,031,909
1.75%, 4/15/2020	EUR	5,870,996		8,336,212
2.25%, 4/15/2013	EUR	3,888,640		5,535,034

				41,903,155

GREECE — 3.1%
Republic of Greece:
2.30%, 7/25/2030	EUR	21,855,080		12,874,280
2.90%, 7/25/2025	EUR	24,830,304		14,417,050

				27,291,330

ISRAEL — 5.1%
State of Israel:
4.00%, 7/30/2021	ILS	43,064,899		14,934,116
4.00%, 7/31/2024	ILS	35,763,891		12,585,349
5.00%, 4/30/2015	ILS	53,267,997		18,025,373

				45,544,838

ITALY — 4.8%
Republic of Italy:
2.15%, 9/15/2014	EUR	11,785,095		15,919,394
2.35%, 9/15/2035	EUR	3,599,023		4,270,124
2.60%, 9/15/2023	EUR	18,161,891		22,976,289

				43,165,807

JAPAN — 4.8%
Government of Japan 10 Year Bond 1.10%, 12/10/2016	JPY	3,500,739,000		43,184,629

MEXICO — 4.4%
United Mexican States:
3.50%, 12/19/2013	MXN	33,010,365		2,806,443
4.50%, 11/22/2035	MXN	158,959,411		14,638,597
5.00%, 6/16/2016	MXN	240,505,376		22,142,718

				39,587,758

POLAND — 2.9%
Republic of Poland 3.00%, 8/24/2016	PLN	73,941,933		25,417,735

SOUTH AFRICA — 4.9%
Republic of South Africa:
3.45%, 12/7/2033	ZAR	118,845,095		20,421,196
6.25%, 3/31/2013	ZAR	137,032,085		22,959,021

				43,380,217

SOUTH KOREA — 2.7%
Republic of South Korea:
2.75%, 3/10/2017	KRW	22,171,202,861		20,644,537
2.75%, 6/10/2020	KRW	3,415,784,600		3,350,914

				23,995,451

SWEDEN — 4.8%
Kingdom of Sweden:
3.50%, 12/1/2015	SEK	50,684,437		8,566,379
3.50%, 12/1/2028	SEK	15,384,218		3,048,082
4.00%, 12/1/2020	SEK	165,311,128		31,087,646

				42,702,107

TURKEY — 4.4%
Republic of Turkey:
9.00%, 5/21/2014	TRY	39,064,895		31,792,580
10.00%, 2/15/2012	TRY	10,495,200		7,498,715

				39,291,295

UNITED KINGDOM — 18.8%
United Kingdom Treasury Bond:
0.63%, 11/22/2042	GBP	690,749		1,103,593
0.75%, 11/22/2047	GBP	2,478,478		4,208,641
1.13%, 11/22/2037	GBP	7,926,440		14,064,904
1.25%, 11/22/2017	GBP	6,268,005		10,670,227
1.25%, 11/22/2027	GBP	40,161,604		68,892,991
1.25%, 11/22/2055	GBP	5,274,538		10,897,368
1.88%, 11/22/2022	GBP	19,459,569		34,949,179
2.00%, 1/26/2035	GBP	2,035,068		4,198,905
2.50%, 7/26/2016	GBP	3,753,042		6,731,684

See accompanying notes to financial statements.

118

SPDR DB International Government Inflation-Protected Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

2.50%, 4/16/2020	GBP	1,880,625	$	3,479,832
4.13%, 7/22/2030	GBP	3,482,267		8,997,913

				168,195,237

TOTAL FOREIGN GOVERNMENT OBLIGATIONS —
(Cost $843,729,005)				886,786,385

	Shares
SHORT TERM INVESTMENT — 0.0% (a)
MONEY MARKET FUND — 0.0% (a)
State Street Institutional Liquid
Reserves Fund 0.18% (b)(c)(d)
(Cost $173,461)		173,461		173,461

TOTAL INVESTMENTS — 99.3% (e)
(Cost $843,902,466)				886,959,846
OTHER ASSETS & LIABILITIES — 0.7%				6,413,411

NET ASSETS — 100.0%			$	893,373,257

AUD = Australian Dollar

BRL = Brazilian Real

CAD = Canadian Dollar

CLP = Chilean Peso

EUR = Euro Currency

GBP = Great British Pound

ILS = Israeli Shekel

JPY = Japanese Yen

KRW = South Korean Won

MXN = Mexican Peso

PLN = Polish Zloty

SEK = Swedish Krona

TRY = Turkish Lira

ZAR = South African Rand

See accompanying notes to financial statements.

119

SPDR Barclays Capital Short Term International Treasury Bond ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

FOREIGN GOVERNMENT OBLIGATIONS — 90.4%
AUSTRALIA — 3.0%
Commonwealth of Australia:
4.75%, 11/15/2012	AUD	530,000	$	539,745
5.75%, 4/15/2012	AUD	2,330,000		2,411,749
6.50%, 5/15/2013	AUD	2,000,000		2,110,558

				5,062,052

AUSTRIA — 2.9%
Republic of Austria:
3.80%, 10/20/2013 (a)	EUR	750,000		1,071,081
5.00%, 7/15/2012 (a)	EUR	2,610,000		3,714,650

				4,785,731

BELGIUM — 4.1%
Kingdom of Belgium:
2.00%, 3/28/2012	EUR	935,000		1,258,113
4.00%, 3/28/2013	EUR	1,450,000		2,019,674
4.25%, 9/28/2013	EUR	1,000,000		1,404,134
8.00%, 12/24/2012	EUR	1,468,000		2,190,068

				6,871,989

CANADA — 4.6%
Government of Canada:
1.50%, 6/1/2012	CAD	1,500,000		1,508,922
1.75%, 3/1/2013	CAD	1,550,000		1,560,233
2.00%, 9/1/2012	CAD	1,150,000		1,164,733
2.50%, 9/1/2013	CAD	1,000,000		1,022,624
3.50%, 6/1/2013	CAD	750,000		784,939
5.25%, 6/1/2012	CAD	1,555,000		1,645,422

				7,686,873

DENMARK — 2.8%
Kingdom of Denmark:
4.00%, 11/15/2012	DKK	14,290,000		2,702,159
5.00%, 11/15/2013	DKK	9,500,000		1,884,143

				4,586,302

FRANCE — 4.5%
Republic of France:
3.75%, 1/12/2013	EUR	1,110,000		1,570,621
4.00%, 10/25/2013	EUR	1,000,000		1,437,847
4.50%, 7/12/2013	EUR	500,000		723,890
4.75%, 10/25/2012	EUR	1,500,000		2,147,172
5.00%, 4/25/2012	EUR	1,160,000		1,641,121

				7,520,651

GERMANY — 9.4%
Federal Republic of Germany:
0.75%, 9/14/2012	EUR	350,000		469,317
1.00%, 3/16/2012	EUR	500,000		673,834
3.75%, 7/4/2013	EUR	2,600,000		3,722,637
4.00%, 4/13/2012	EUR	2,215,000		3,098,836
4.50%, 1/4/2013	EUR	2,200,000		3,164,031
5.00%, 7/4/2012	EUR	3,130,000		4,466,282

				15,594,937

HUNGARY — 2.1%
Republic of Hungary:
6.00%, 10/24/2012	HUF	113,500,000		537,061
6.75%, 2/12/2013	HUF	436,750,000		2,076,730
7.25%, 6/12/2012	HUF	185,000,000		896,841

				3,510,632

ITALY — 10.1%
Republic of Italy:
2.25%, 11/1/2013	EUR	250,000		325,900
2.50%, 7/1/2012	EUR	1,000,000		1,341,447
3.00%, 3/1/2012	EUR	2,250,000		3,042,269
4.00%, 4/15/2012	EUR	600,000		819,290
4.25%, 10/15/2012	EUR	3,735,000		5,131,500
4.25%, 4/15/2013	EUR	600,000		825,706
4.25%, 8/1/2013	EUR	1,750,000		2,412,370
4.75%, 2/1/2013	EUR	2,110,000		2,933,595

				16,832,077

JAPAN — 18.0%
Government of Japan 2 Year Bond:
0.10%, 10/15/2012	JPY	86,750,000		1,068,160
0.20%, 12/15/2012	JPY	60,000,000		740,126
Government of Japan 5 Year Bond:
0.80%, 3/20/2013	JPY	325,000,000		4,061,039
0.90%, 12/20/2012	JPY	345,000,000		4,313,859
1.00%, 6/20/2013	JPY	233,250,000		2,931,947
1.10%, 9/20/2012	JPY	266,000,000		3,332,450
1.20%, 3/20/2012	JPY	165,000,000		2,059,502
1.50%, 6/20/2012	JPY	621,100,000		7,805,360
Government of Japan 10 Year Bond:
1.30%, 6/20/2012	JPY	32,800,000		411,022
1.40%, 9/20/2013	JPY	250,500,000		3,187,801

				29,911,266

MEXICO — 1.7%
United Mexican States:
7.50%, 6/21/2012	MXN	19,340,000		1,626,071
9.00%, 6/20/2013	MXN	13,500,000		1,183,193

				2,809,264

NETHERLANDS — 4.2%
Kingdom of the Netherlands:
1.75%, 1/15/2013	EUR	3,540,000		4,829,349
5.00%, 7/15/2012	EUR	1,480,000		2,112,905

				6,942,254

POLAND — 3.3%
Republic of Poland:
Zero Coupon, 10/25/2012	PLN	7,150,000		2,235,359
4.75%, 4/25/2012	PLN	4,080,000		1,385,851
5.25%, 4/25/2013	PLN	5,250,000		1,800,193

				5,421,403

SINGAPORE — 2.4%
Government of Singapore:
2.25%, 7/1/2013	SGD	1,250,000		1,019,941
2.50%, 10/1/2012	SGD	1,750,000		1,412,303
2.63%, 4/1/2012	SGD	1,890,000		1,514,444

				3,946,688

See accompanying notes to financial statements.

120

SPDR Barclays Capital Short Term International Treasury Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

SOUTH KOREA — 4.3%
Korea Treasury Bond:
3.75%, 6/10/2013	KRW	1,750,000,000	$	1,553,960
4.00%, 6/10/2012	KRW	750,000,000		668,683
4.25%, 12/10/2012	KRW	2,500,000,000		2,238,521
4.75%, 12/10/2011	KRW	3,000,000,000		2,687,457

				7,148,621

SPAIN — 4.4%
Kingdom of Spain:
2.75%, 4/30/2012	EUR	1,005,000		1,339,576
4.20%, 7/30/2013	EUR	1,850,000		2,503,957
5.00%, 7/30/2012	EUR	1,075,000		1,476,332
6.15%, 1/31/2013	EUR	1,470,000		2,068,968

				7,388,833

SWEDEN — 2.2%
Kingdom of Sweden 5.50%, 10/8/2012	SEK	23,490,000		3,713,026

TAIWAN — 2.0%
Government of Taiwan:
2.00%, 7/20/2012	TWD	10,000,000		350,802
2.38%, 1/16/2013	TWD	85,000,000		3,021,961

				3,372,763

UNITED KINGDOM — 4.4%
United Kingdom Treasury Bond:
4.50%, 3/7/2013	GBP	1,520,000		2,553,467
5.00%, 3/7/2012	GBP	1,355,000		2,227,551
5.25%, 6/7/2012	GBP	970,000		1,614,525
8.00%, 9/27/2013	GBP	550,000		1,018,544

				7,414,087

TOTAL FOREIGN GOVERNMENT OBLIGATIONS —
(Cost $147,226,036)				150,519,449

	Shares
SHORT TERM INVESTMENT — 0.7%
MONEY MARKET FUND — 0.7%
State Street Institutional Liquid
Reserves Fund 0.18% (b)(c)(d)
(Cost $1,205,745)		1,205,745		1,205,745

TOTAL INVESTMENTS — 91.1% (e)
(Cost $148,431,781)				151,725,194
OTHER ASSETS & LIABILITIES — 8.9%				14,890,483

NET ASSETS — 100.0%			$	166,615,677

At December 31, 2010, Open Forward Foreign Currency Exchange Contracts were as follows:

Forward Foreign Currency Contracts to Buy:

Net Unrealized

Value at

In Exchange

Appreciation/

Settlement Date

Contracts to Deliver

December 31, 2010

for U.S. $

(Depreciation)

Counterparty

3/4/2011

20,000,000

TWD

687,178

(668,896

)

18,282

Royal Bank of Scotland

AUD — Australian Dollar

CAD — Canadian Dollar

DKK — Danish Krone

EUR — Euro

GBP — British Pound

HUF — Hungarian Forint

JPY — Japanese Yen

KRW — South Korean Won

MXN — Mexican Peso

PLN — Polish Zloty

SEK — Swedish Krona

SGD — Singapore Dollar

TWD — Taiwan Dollar

See accompanying notes to financial statements.

121

SPDR Barclays Capital International Treasury Bond ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

FOREIGN GOVERNMENT OBLIGATIONS — 98.2%
AUSTRALIA — 3.6%
Commonwealth of Australia:
4.50%, 4/15/2020	AUD	2,750,000	$	2,610,938
4.75%, 6/15/2016	AUD	2,000,000		1,986,855
5.25%, 3/15/2019	AUD	6,035,000		6,082,621
5.50%, 12/15/2013	AUD	4,925,000		5,092,111
5.75%, 4/15/2012	AUD	5,500,000		5,692,970
5.75%, 5/15/2021	AUD	2,000,000		2,081,139
5.75%, 7/15/2022	AUD	3,500,000		3,635,894
6.00%, 2/15/2017	AUD	6,130,000		6,467,603
6.25%, 4/15/2015	AUD	4,250,000		4,507,066
6.50%, 5/15/2013	AUD	9,730,000		10,267,864

				48,425,061

AUSTRIA — 4.0%
Republic of Austria:
3.40%, 10/20/2014	EUR	3,850,000		5,439,902
3.50%, 9/15/2021 (a)	EUR	7,500,000		10,030,440
3.80%, 10/20/2013 (a)	EUR	6,535,000		9,332,683
4.00%, 9/15/2016 (a)	EUR	4,750,000		6,828,755
4.15%, 3/15/2037 (a)	EUR	2,350,000		3,293,694
4.65%, 1/15/2018	EUR	7,445,000		11,028,479
5.00%, 7/15/2012 (a)	EUR	1,750,000		2,490,666
6.25%, 7/15/2027	EUR	3,365,000		5,886,220

				54,330,839

BELGIUM — 4.5%
Kingdom of Belgium:
3.25%, 9/28/2016	EUR	1,750,000		2,322,711
3.75%, 9/28/2015	EUR	4,500,000		6,178,968
4.00%, 3/28/2019	EUR	5,770,000		7,835,959
4.00%, 3/28/2022	EUR	4,000,000		5,330,679
4.25%, 9/28/2013	EUR	3,500,000		4,914,469
4.25%, 9/28/2014	EUR	1,250,000		1,761,624
5.00%, 9/28/2012	EUR	9,715,000		13,691,601
5.00%, 3/28/2035	EUR	6,025,000		8,840,368
5.50%, 9/28/2017	EUR	6,510,000		9,701,604

				60,577,983

CANADA — 4.6%
Government of Canada:
1.50%, 12/1/2012	CAD	3,500,000		3,511,095
2.50%, 9/1/2013	CAD	2,500,000		2,556,559
3.00%, 6/1/2014	CAD	5,000,000		5,185,226
3.25%, 6/1/2021	CAD	1,000,000		1,008,595
3.50%, 6/1/2013	CAD	2,500,000		2,616,465
3.50%, 6/1/2020	CAD	3,250,000		3,371,509
3.75%, 6/1/2019	CAD	5,625,000		5,965,789
4.00%, 6/1/2016	CAD	9,330,000		10,082,860
4.00%, 6/1/2041	CAD	1,500,000		1,643,184
5.00%, 6/1/2037	CAD	5,850,000		7,305,891
5.25%, 6/1/2012	CAD	7,655,000		8,100,133
5.25%, 6/1/2013	CAD	4,000,000		4,352,720
5.75%, 6/1/2029	CAD	4,740,000		6,229,333

				61,929,359

DENMARK — 3.3%
Kingdom of Denmark:
4.00%, 11/15/2015	DKK	22,250,000		4,356,035
4.00%, 11/15/2017	DKK	22,755,000		4,456,377
4.00%, 11/15/2019	DKK	37,350,000		7,259,597
4.50%, 11/15/2039	DKK	45,485,000		9,793,672
5.00%, 11/15/2013	DKK	78,675,000		15,603,678
7.00%, 11/10/2024	DKK	9,550,000		2,415,232

				43,884,591

FRANCE — 4.5%
Republic of France:
2.50%, 1/12/2014	EUR	1,100,000		1,521,231
2.50%, 1/15/2015	EUR	12,230,000		16,787,484
3.50%, 4/25/2020	EUR	1,750,000		2,379,408
3.50%, 4/25/2026	EUR	700,000		914,388
3.75%, 10/25/2019	EUR	10,230,000		14,253,676
4.00%, 4/25/2013	EUR	3,390,000		4,844,787
4.00%, 4/25/2018	EUR	750,000		1,076,152
4.50%, 4/25/2041	EUR	2,850,000		4,226,026
5.00%, 4/25/2012	EUR	4,010,000		5,673,184
5.00%, 10/25/2016	EUR	1,000,000		1,519,038
5.75%, 10/25/2032	EUR	3,985,000		6,817,000

				60,012,374

GERMANY — 4.4%
Federal Republic of Germany:
1.00%, 3/16/2012	EUR	4,000,000		5,390,673
2.25%, 4/10/2015	EUR	5,230,000		7,177,405
3.00%, 7/4/2020	EUR	3,250,000		4,382,015
3.25%, 7/4/2042	EUR	500,000		648,002
3.50%, 1/4/2016	EUR	2,000,000		2,877,385
3.50%, 7/4/2019	EUR	2,000,000		2,816,908
4.00%, 7/4/2016	EUR	1,500,000		2,207,099
4.00%, 1/4/2037	EUR	3,500,000		5,078,622
4.25%, 7/4/2017	EUR	5,590,000		8,327,788
4.50%, 1/4/2013	EUR	8,635,000		12,418,823
5.50%, 1/4/2031	EUR	1,750,000		2,995,730
5.63%, 1/4/2028	EUR	3,115,000		5,308,287

				59,628,737

ITALY — 10.6%
Republic of Italy:
2.50%, 7/1/2012	EUR	3,500,000		4,695,066
3.00%, 6/15/2015	EUR	5,350,000		6,966,349
3.50%, 6/1/2014	EUR	2,750,000		3,699,226
3.75%, 12/15/2013	EUR	750,000		1,018,046
3.75%, 8/1/2016	EUR	5,250,000		6,977,992
3.75%, 3/1/2021	EUR	1,880,000		2,314,041
3.75%, 8/1/2021	EUR	5,000,000		6,185,354
4.00%, 4/15/2012	EUR	3,500,000		4,779,194
4.00%, 9/1/2020	EUR	2,250,000		2,858,509
4.00%, 2/1/2037	EUR	10,315,000		11,332,709
4.25%, 8/1/2013	EUR	5,000,000		6,892,485
4.25%, 2/1/2015	EUR	2,500,000		3,432,693
4.25%, 2/1/2019	EUR	3,500,000		4,623,400
4.25%, 9/1/2019	EUR	9,900,000		12,965,788
4.25%, 3/1/2020	EUR	2,000,000		2,600,462
4.50%, 2/1/2020	EUR	2,500,000		3,318,192
4.75%, 2/1/2013	EUR	11,645,000		16,190,388
5.00%, 2/1/2012	EUR	6,480,000		8,926,924
5.00%, 3/1/2025	EUR	525,000		701,624
5.25%, 8/1/2017	EUR	6,525,000		9,267,456
5.25%, 11/1/2029	EUR	5,000,000		6,695,680

See accompanying notes to financial statements.

122

SPDR Barclays Capital International Treasury Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

5.75%, 2/1/2033	EUR	1,500,000	$	2,101,351
6.00%, 5/1/2031	EUR	2,750,000		3,960,020
6.50%, 11/1/2027	EUR	6,135,000		9,374,030

				141,876,979

JAPAN — 23.2%
Government of Japan 2 Year Bond 0.10%, 10/15/2012	JPY	625,000,000		7,695,680
Government of Japan 5 Year Bond 1.50%, 6/20/2013	JPY	150,000,000		1,908,137
Government of Japan 10 Year Bond:
1.00%, 9/20/2020	JPY	554,000,000		6,770,310
1.30%, 6/20/2012	JPY	3,806,100,000		47,694,814
1.30%, 12/20/2019	JPY	285,250,000		3,607,719
1.30%, 3/20/2020	JPY	600,000,000		7,572,044
1.40%, 12/20/2013	JPY	975,000,000		12,430,447
1.50%, 9/20/2014	JPY	5,082,200,000		65,416,226
1.50%, 9/20/2015	JPY	625,000,000		8,099,100
1.60%, 12/20/2015	JPY	122,000,000		1,591,132
1.70%, 12/20/2016	JPY	1,540,600,000		20,278,688
1.70%, 9/20/2017	JPY	825,000,000		10,869,300
1.90%, 6/20/2016	JPY	161,350,000		2,141,038
Government of Japan 20 Year Bond:
1.80%, 9/20/2030	JPY	161,350,000		1,958,923
1.90%, 3/20/2029	JPY	804,300,000		10,045,901
2.10%, 9/20/2029	JPY	351,250,000		4,504,904
2.30%, 6/20/2027	JPY	2,216,200,000		29,681,368
2.60%, 3/20/2019	JPY	1,269,800,000		17,817,405
2.90%, 9/20/2019	JPY	2,266,200,000		32,456,913
Government of Japan 30 Year Bond:
2.30%, 3/20/2039	JPY	82,500,000		1,087,031
2.30%, 3/20/2040	JPY	208,250,000		2,751,380
2.40%, 3/20/2037	JPY	1,094,950,000		14,678,662

				311,057,122

MEXICO — 3.2%
United Mexican States:
7.25%, 12/15/2016	MXN	69,850,000		5,880,674
8.50%, 12/13/2018	MXN	31,250,000		2,798,920
8.50%, 5/31/2029	MXN	6,500,000		570,854
9.00%, 12/20/2012	MXN	164,691,000		14,307,314
9.50%, 12/18/2014	MXN	60,000,000		5,444,949
10.00%, 12/5/2024	MXN	95,720,000		9,674,441
10.00%, 11/20/2036	MXN	45,000,000		4,520,066

				43,197,218

NETHERLANDS — 4.5%
Kingdom of the Netherlands:
1.75%, 1/15/2013	EUR	7,000,000		9,549,561
2.50%, 1/15/2012	EUR	2,200,000		3,006,102
3.25%, 7/15/2015	EUR	4,500,000		6,377,766
3.50%, 7/15/2020	EUR	6,730,000		9,276,924
3.75%, 7/15/2014	EUR	6,625,000		9,576,932
3.75%, 1/15/2023	EUR	750,000		1,045,575
3.75%, 1/15/2042	EUR	1,000,000		1,398,486
4.00%, 7/15/2018	EUR	1,710,000		2,475,534
4.00%, 1/15/2037	EUR	2,970,000		4,283,276
4.50%, 7/15/2017	EUR	6,080,000		9,081,998
5.50%, 1/15/2028	EUR	2,430,000		4,069,223

				60,141,377

POLAND — 3.4%
Republic of Poland:
Zero Coupon, 1/25/2012	PLN	10,130,000		3,280,033
Zero Coupon, 7/25/2012	PLN	24,000,000		7,597,938
4.75%, 4/25/2012	PLN	7,315,000		2,484,681
5.00%, 10/24/2013	PLN	1,000,000		339,302
5.25%, 4/25/2013	PLN	15,000,000		5,143,409
5.25%, 10/25/2017	PLN	16,100,000		5,323,515
5.50%, 10/25/2019	PLN	7,675,000		2,519,440
5.75%, 4/25/2014	PLN	15,000,000		5,176,852
5.75%, 9/23/2022	PLN	20,760,000		6,831,283
5.75%, 4/25/2029	PLN	2,500,000		811,056
6.25%, 10/24/2015	PLN	17,215,000		6,036,773

				45,544,282

SOUTH AFRICA — 3.2%
Republic of South Africa:
6.25%, 3/31/2036	ZAR	34,000,000		4,034,595
7.25%, 1/15/2020	ZAR	85,285,000		12,156,859
7.50%, 1/15/2014	ZAR	15,000,000		2,342,569
8.25%, 9/15/2017	ZAR	15,500,000		2,379,483
10.50%, 12/21/2026	ZAR	49,850,000		8,982,682
13.50%, 9/15/2015	ZAR	69,725,000		13,076,218

				42,972,406

SPAIN — 4.5%
Kingdom of Spain:
2.50%, 10/31/2013	EUR	2,000,000		2,579,507
3.15%, 1/31/2016	EUR	5,010,000		6,280,059
3.30%, 10/31/2014	EUR	3,500,000		4,558,791
3.80%, 1/31/2017	EUR	2,000,000		2,525,845
4.00%, 4/30/2020	EUR	2,250,000		2,716,067
4.20%, 1/31/2037	EUR	5,635,000		5,807,919
4.40%, 1/31/2015	EUR	2,500,000		3,365,783
4.60%, 7/30/2019	EUR	6,620,000		8,439,730
4.65%, 7/30/2025	EUR	2,500,000		2,971,210
4.70%, 7/30/2041	EUR	600,000		658,699
5.00%, 7/30/2012	EUR	2,850,000		3,913,997
6.00%, 1/31/2029	EUR	3,500,000		4,723,459
6.15%, 1/31/2013	EUR	8,120,000		11,428,585

				59,969,651

SWEDEN — 3.1%
Kingdom of Sweden:
3.75%, 8/12/2017	SEK	13,385,000		2,073,457
4.25%, 3/12/2019	SEK	133,405,000		21,337,736
4.50%, 8/12/2015	SEK	18,000,000		2,887,347
5.00%, 12/1/2020	SEK	25,750,000		4,379,551
5.50%, 10/8/2012	SEK	24,775,000		3,916,144
6.75%, 5/5/2014	SEK	40,000,000		6,759,216

				41,353,451

TAIWAN — 3.0%
Government of Taiwan:
1.38%, 9/9/2019	TWD	400,000,000		13,690,340

See accompanying notes to financial statements.

123

SPDR Barclays Capital International Treasury Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

2.00%, 7/20/2014	TWD	365,000,000	$	13,036,458
2.00%, 7/20/2015	TWD	30,000,000		1,075,494
2.13%, 8/13/2029	TWD	170,000,000		6,074,160
2.38%, 9/21/2017	TWD	50,000,000		1,842,406
3.63%, 3/8/2012	TWD	135,000,000		4,794,663

				40,513,521

UNITED KINGDOM — 10.6%
United Kingdom Treasury Bond:
2.25%, 3/7/2014	GBP	6,500,000		10,389,424
2.75%, 1/22/2015	GBP	5,300,000		8,527,388
3.75%, 9/7/2020	GBP	9,250,000		14,760,620
4.25%, 12/7/2046	GBP	1,750,000		2,781,672
4.25%, 12/7/2049	GBP	950,000		1,516,372
4.50%, 3/7/2013	GBP	5,500,000		9,239,516
4.50%, 3/7/2019	GBP	5,950,000		10,177,318
4.50%, 9/7/2034	GBP	1,500,000		2,451,856
4.75%, 9/7/2015	GBP	8,740,000		15,229,236
4.75%, 12/7/2030	GBP	4,500,000		7,631,256
4.75%, 12/7/2038	GBP	17,814,000		30,481,533
5.00%, 3/7/2012	GBP	5,285,000		8,688,271
5.00%, 3/7/2018	GBP	4,750,000		8,448,029
5.00%, 3/7/2025	GBP	7,225,000		12,696,169

				143,018,660

TOTAL FOREIGN GOVERNMENT OBLIGATIONS —
(Cost $1,234,965,127)				1,318,433,611

	Shares
SHORT TERM INVESTMENT — 0.8%
MONEY MARKET FUND — 0.8%
State Street Institutional Liquid Reserves Fund 0.18% (b)(c)(d) (Cost $10,820,067)		10,820,067		10,820,067

TOTAL INVESTMENTS — 99.0% (e)
(Cost $1,245,785,194)				1,329,253,678
OTHER ASSETS & LIABILITIES — 1.0%				13,116,652

NET ASSETS — 100.0%			$	1,342,370,330

At December 31, 2010, Open Forward Foreign Currency Exchange Contracts were as follows:

Forward Foreign Currency Contracts to Buy:

Net Unrealized

Value at

In Exchange

Appreciation/

Settlement Date

Contracts to Deliver

December 31, 2010

for U.S. $

(Depreciation)

Counterparty

3/4/2011

335,000,000

TWD

11,510,247

(11,144,378

)

365,869

BNP Paribas

Forward Foreign Currency Contracts to Sell:


								Net Unrealized
				Value at		In Exchange		Appreciation/
Settlement Date	Contracts to Deliver			December 31, 2010		for U.S. $		(Depreciation)			Counterparty

3/4/2011		52,000,000	TWD	$	1,786,665	$	1,732,300	$	(54,365	)		BNP Paribas

								$	311,504

AUD — Australian Dollar

CAD — Canadian Dollar

DKK — Danish Krone

EUR — Euro

GBP — British Pound

JPY — Japanese Yen

MXN — Mexican Peso

PLN — Polish Zloty

SEK — Swedish Krona

TWD — Taiwan Dollar

ZAR — South African Rand

See accompanying notes to financial statements.

124

SPDR Barclays Capital International Corporate Bond ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

CORPORATE BONDS & NOTES — 97.6%
AUSTRALIA — 4.3%
Australia & New Zealand Banking Group, Ltd. 3.75%, 3/10/2017	EUR	50,000	$	67,730
BHP Billion Finance, Ltd. 4.75%, 4/4/2012	EUR	50,000		69,634
National Australia Bank, Ltd. 3.50%, 1/23/2015	EUR	50,000		68,343
Telstra Corp., Ltd. 4.75%, 3/21/2017	EUR	50,000		71,601

				277,308

CANADA — 1.2%
The Toronto-Dominion Bank 5.38%, 5/14/2015	EUR	50,000		74,540

DENMARK — 1.1%
Danske Bank A/S 4.75%, 6/4/2014	EUR	50,000		70,726

FRANCE — 12.4%
Autoroutes du Sud de la France 5.63%, 7/4/2022	EUR	50,000		73,179
BNP Paribas 3.25%, 3/27/2012	EUR	50,000		68,472
Bouygues SA 6.13%, 7/3/2015	EUR	50,000		75,594
Carrefour SA 5.13%, 10/10/2014	EUR	50,000		73,165
France Telecom SA:
3.88%, 4/9/2020	EUR	50,000		66,025
5.00%, 1/22/2014	EUR	50,000		72,277
GDF Suez 6.38%, 1/18/2021	EUR	50,000		80,012
Sanofi-Aventis SA 3.50%, 5/17/2013	EUR	50,000		69,270
Societe Generale 5.25%, 3/28/2013	EUR	50,000		71,286
Total Capital SA 4.75%, 12/10/2013	EUR	50,000		71,936
Veolia Environnement 5.25%, 4/24/2014	EUR	50,000		72,672

				793,888

GERMANY — 5.4%
BASF SE 3.75%, 10/8/2012	EUR	50,000		69,459
Bayer AG 6.00%, 4/10/2012	EUR	50,000		70,763
Commerzbank AG 5.00%, 2/6/2014	EUR	50,000		71,198
Daimler AG 3.00%, 7/19/2013	EUR	50,000		68,512
Deutsche Bank AG 4.88%, 9/24/2012	EUR	50,000		70,585

				350,517

HONG KONG — 1.1%
Hutchison Whampoa Finance 09, Ltd. 4.75%, 11/14/2016	EUR	50,000		69,898

IRELAND — 3.3%
GE Capital European Funding:
4.25%, 3/1/2017	EUR	50,000		68,109
4.75%, 7/30/2014	EUR	100,000		141,980

				210,089

ITALY — 7.4%
Assicurazioni Generali SpA 5.13%, 9/16/2024	EUR	50,000		67,354
Banca Monte dei Paschi di Siena SpA 5.00%, 10/25/2012	EUR	50,000		69,151
Banco Popolare SC 3.75%, 8/7/2012	EUR	50,000		67,276
ENI SpA 4.63%, 4/30/2013	EUR	50,000		70,871
Intesa Sanpaolo SpA 3.38%, 1/19/2015	EUR	50,000		66,162
Telecom Italia SpA 5.25%, 2/10/2022	EUR	50,000		64,226
UniCredit SpA, Series E 4.88%, 2/12/2013	EUR	50,000		69,422

				474,462

LUXEMBOURG — 1.0%
Enel Finance International SA 5.00%, 9/14/2022	EUR	50,000		67,762

NETHERLANDS — 17.8%
Allianz Finance II BV 4.75%, 7/22/2019	EUR	50,000		70,021
BMW Finance NV 3.88%, 1/18/2017	EUR	50,000		69,231
Deutsche Telekom International Finance BV 6.00%, 1/20/2017	EUR	50,000		75,563
E.ON International Finance BV:
5.13%, 10/2/2012	EUR	50,000		70,929
5.88%, 10/30/2037	GBP	50,000		85,163
EDP Finance BV 5.50%, 2/18/2014	EUR	50,000		68,270
ING Groep NV 4.75%, 5/31/2017	EUR	50,000		68,869
Rabobank Nederland NV:
4.00%, 9/10/2015	GBP	150,000		243,495
4.13%, 7/14/2025	EUR	20,000		25,557
RWE Finance BV 6.50%, 8/10/2021	EUR	50,000		79,779
Shell International Finance BV 4.50%, 2/9/2016	EUR	50,000		72,180
Siemens Financieringsmaatschappij NV 5.13%, 2/20/2017	EUR	50,000		73,970
ThyssenKrupp Finance Nederland BV 6.75%, 2/25/2013	EUR	50,000		72,151
Volkswagen International Finance NV 5.63%, 2/9/2012	EUR	50,000		70,096

				1,145,274

NORWAY — 1.1%
DnB NOR Bank ASA 4.50%, 5/29/2014	EUR	50,000		71,278

See accompanying notes to financial statements.

125

SPDR Barclays Capital International Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

SPAIN — 6.2%
Abertis Infraestructuras SA 4.63%, 10/14/2016	EUR	50,000	$	61,535
BBVA Senior Finance SAU 3.25%, 4/23/2015	EUR	50,000		62,635
Gas Natural Capital Markets SA 5.25%, 7/9/2014	EUR	50,000		68,253
Iberdrola Finanzas SAU 6.38%, 11/25/2011	EUR	50,000		69,653
Santander International Debt SA 5.63%, 2/14/2012	EUR	50,000		68,552
Telefonica Emisiones SAU 3.41%, 3/24/2015	EUR	50,000		65,821

				396,449

SWEDEN — 3.2%
Nordea Bank AB 3.00%, 8/6/2012	EUR	50,000		68,379
Skandinaviska Enskilda Banken AB 4.38%, 5/29/2012	EUR	50,000		69,353
Svenska Handelsbanken AB 3.00%, 8/20/2012	EUR	50,000		68,281

				206,013

UNITED KINGDOM — 16.9%
Barclays Bank PLC 4.88%, 8/13/2019	EUR	50,000		68,299
BAT International Finance PLC 5.38%, 6/29/2017	EUR	50,000		73,618
British Telecommunications PLC 5.25%, 1/22/2013	EUR	50,000		70,834
Credit Suisse/London:
3.88%, 1/25/2017	EUR	50,000		67,214
4.75%, 8/5/2019	EUR	50,000		68,694
GlaxoSmithKline Capital PLC 5.25%, 12/19/2033	GBP	50,000		79,560
HSBC Holdings PLC 4.50%, 4/30/2014	EUR	50,000		70,772
Imperial Tobacco Finance PLC 8.38%, 2/17/2016	EUR	50,000		81,737
Lloyds TSB Bank PLC 5.38%, 9/3/2019	EUR	50,000		65,904
Morgan Stanley 4.50%, 10/29/2014	EUR	50,000		68,057
Royal Bank of Scotland Group PLC:
5.25%, 5/15/2013	EUR	50,000		69,679
5.38%, 9/30/2019	EUR	50,000		63,925
Tesco PLC 5.63%, 9/12/2012	EUR	50,000		71,183
UBS AG/London 4.88%, 1/21/2013	EUR	70,000		98,640
Vodafone Group PLC 4.65%, 1/20/2022	EUR	50,000		67,763

				1,085,879

UNITED STATES — 15.2%
AT&T, Inc. 6.13%, 4/2/2015		50,000		75,498
Bank of America Corp.:
4.75%, 4/3/2017		50,000		64,399
5.13%, 9/26/2014		50,000		68,360
Citigroup, Inc.:
6.40%, 3/27/2013		50,000		71,573
7.38%, 9/4/2019		50,000		74,800
HSBC Finance Corp. 4.88%, 5/30/2017		50,000		69,614
JPMorgan Chase & Co. 5.25%, 5/8/2013		50,000		71,135
Pfizer, Inc. 3.63%, 6/3/2013		50,000		69,562
Roche Holdings, Inc. 6.50%, 3/4/2021		50,000		80,768
The Goldman Sachs Group, Inc. 4.00%, 2/2/2015		80,000		106,815
The Procter & Gamble Co. 4.50%, 5/12/2014		50,000		71,813
Wells Fargo Bank NA 6.00%, 5/23/2013		50,000		72,390
Wal-Mart Stores, Inc. 5.25%, 9/28/2035		50,000		79,615

				976,342

TOTAL CORPORATE BONDS & NOTES —
(Cost $5,878,194)				6,270,425

	Shares
SHORT TERM INVESTMENT — 0.0% (a)
MONEY MARKET FUND — 0.0% (a)
State Street Institutional Liquid Reserves Fund 0.18% (b)(c)(d) (Cost $923)		923		923

TOTAL INVESTMENTS — 97.6% (e)
(Cost $5,879,117)				6,271,348
OTHER ASSETS & LIABILITIES — 2.4%				152,059

NET ASSETS — 100.0%			$	6,423,407

See accompanying notes to financial statements.

126

SPDR Barclays Capital High Yield Bond ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

CORPORATE BONDS & NOTES — 97.8%
AEROSPACE & DEFENSE — 1.0%
BE Aerospace, Inc. 8.50%, 7/1/2018	$	19,419,000	$	21,263,805
Bombardier, Inc. 7.75%, 3/15/2020 (a)(b)		28,180,000		30,363,950
TransDigm, Inc. 7.75%, 12/15/2018 (a)		8,300,000		8,590,500

				60,218,255

AIRLINES — 1.1%
Air Canada 9.25%, 8/1/2015 (a)		19,185,000		20,144,250
Continental Airlines, Inc. 6.75%, 9/15/2015 (a)		25,890,000		26,666,700
Delta Air Lines, Inc. 9.50%, 9/15/2014 (a)		21,734,000		23,662,892

				70,473,842

AUTO COMPONENTS — 0.6%
The Goodyear Tire & Rubber Co. 10.50%, 5/15/2016		32,324,000		36,849,360

AUTOMOBILES — 0.6%
Navistar International Corp. 8.25%, 11/1/2021 (b)		32,650,000		35,098,750

BASIC RESOURCES — 0.3%
Novelis, Inc. 8.75%, 12/15/2020 (a)		19,350,000		20,075,625

BIOTECHNOLOGY — 0.3%
Talecris Biotherapeutics Holdings Corp. 7.75%, 11/15/2016		18,750,000		20,343,750

BUILDING PRODUCTS — 1.1%
Associated Materials LLC 9.13%, 11/1/2017 (a)		22,570,000		23,585,650
Nortek, Inc. 11.00%, 12/1/2013		57		61
Ply Gem Industries, Inc. 11.75%, 6/15/2013		22,644,000		24,229,080
Texas Industries, Inc. 9.25%, 8/15/2020 (a)		19,950,000		21,196,875

				69,011,666

CAPITAL MARKETS — 0.5%
Offshore Group Investments, Ltd. 11.50%, 8/1/2015 (a)		31,495,000		34,172,075

CHEMICALS — 4.4%
Ashland, Inc. 9.13%, 6/1/2017		21,130,000		24,352,325
Celanese US Holdings LLC 6.63%, 10/15/2018 (a)		19,570,000		20,206,025
CF Industries, Inc. 7.13%, 5/1/2020		26,200,000		28,689,000
Hexion US Finance Corp. / Hexion Nova Scotia Finance ULC 8.88%, 2/1/2018		31,990,000		34,189,312
Huntsman International LLC 5.50%, 6/30/2016		20,090,000		19,437,075
Lyondell Chemical Co. 11.00%, 5/1/2018		106,076,000		120,131,070
Momentive Performance Materials, Inc. 9.00%, 1/15/2021 (a)		19,950,000		21,047,250
Nalco Co. 6.63%, 1/15/2019 (a)		9,295,000		9,504,138

				277,556,195

COMMERCIAL SERVICES & SUPPLIES — 1.7%
Ceridian Corp. 11.25%, 11/15/2015		27,375,000		27,101,250
Interactive Data Corp. 10.25%, 8/1/2018 (a)(b)		20,515,000		22,181,844
The Hertz Corp. 7.50%, 10/15/2018 (a)		22,640,000		23,489,000
The ServiceMaster Co. PIK 10.75%, 7/15/2015 (a)		33,275,000		35,604,250

				108,376,344

COMPUTERS & PERIPHERALS — 1.2%
Fidelity National Information Services, Inc., Series 1 7.63%, 7/15/2017 (a)(b)		18,825,000		19,813,312
Seagate HDD Cayman:
6.88%, 5/1/2020 (a)		19,375,000		18,503,125
7.75%, 12/15/2018 (a)		5,800,000		5,872,500
SunGard Data Systems, Inc. 7.38%, 11/15/2018 (a)		29,655,000		29,803,275

				73,992,212

CONTAINERS & PACKAGING — 0.7%
Berry Plastics Corp. 9.75%, 1/15/2021 (a)		23,000,000		22,770,000
Owens-Brockway Glass Container, Inc. 7.38%, 5/15/2016		18,965,000		20,150,313

				42,920,313

DISTRIBUTORS — 0.5%
McJunkin Red Man Corp. 9.50%, 12/15/2016 (a)		36,015,000		34,034,175

DIVERSIFIED CONSUMER SERVICES — 0.8%
Reynolds Group Issuer, Inc.:
7.75%, 10/15/2016 (a)		23,195,000		24,528,713
9.00%, 4/15/2019 (a)		25,230,000		26,144,587

				50,673,300

DIVERSIFIED FINANCIAL SERVICES — 9.7%
Ally Financial, Inc.:
7.50%, 9/15/2020 (a)		12,950,000		13,581,313
8.00%, 11/1/2031		15,500,000		16,701,250
8.30%, 2/12/2015		32,690,000		35,959,000
CEVA Group PLC 11.50%, 4/1/2018 (a)		20,975,000		22,653,000
CIT Group, Inc. 7.00%, 5/1/2017		233,555,000		234,138,887
Citigroup Capital XXI 8.30%, 12/21/2057 (c)		51,910,000		53,986,400
Ford Motor Credit Co. LLC 7.50%, 8/1/2012		55,850,000		59,380,223

See accompanying notes to financial statements.

128

SPDR Barclays Capital High Yield Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

Icahn Enterprises LP / Icahn Enterprises Finance Corp. 8.00%, 1/15/2018	$	36,330,000	$	36,330,000
Mizuho Capital Investment USD 2, Ltd. 14.95%, 12/31/2049 (a)(c)		23,925,000		31,017,566
Pinafore LLC/Pinafore, Inc. 9.00%, 10/1/2018 (a)		36,700,000		39,636,000
SMFG Preferred Capital USD 3, Ltd. 9.50%, 7/29/2049 (a)(b)(c)		41,550,000		48,198,000
Trans Union LLC/TransUnion Financing Corp. 11.38%, 6/15/2018 (a)		20,423,000		23,282,220

				614,863,859

DIVERSIFIED TELECOMMUNICATION SERVICES — 6.6%
Cricket Communications, Inc.:
7.75%, 5/15/2016		31,880,000		33,075,500
7.75%, 10/15/2020 (a)		12,000,000		11,430,000
Frontier Communications Corp.:
8.25%, 4/15/2017		25,500,000		27,986,250
8.50%, 4/15/2020		9,000,000		9,832,500
Global Crossing, Ltd. 12.00%, 9/15/2015		24,570,000		27,702,675
Inmarsat Finance PLC 7.38%, 12/1/2017 (a)		20,500,000		21,525,000
Intelsat Luxembourg SA 11.25%, 2/4/2017		91,925,000		100,198,250
Level 3 Financing, Inc. 10.00%, 2/1/2018		20,875,000		20,040,000
PAETEC Holding Corp. 8.88%, 6/30/2017		21,150,000		22,577,625
Virgin Media Finance PLC 9.50%, 8/15/2016 (b)		43,610,000		49,279,300
West Corp. 7.88%, 1/15/2019 (a)		21,320,000		21,693,100
Wind Acquisition Finance SA 11.75%, 7/15/2017 (a)		64,400,000		72,611,000

				417,951,200

ELECTRIC UTILITIES — 4.1%
Calpine Corp.:
7.25%, 10/15/2017 (a)		34,030,000		34,030,000
7.50%, 2/15/2021 (a)		28,750,000		28,318,750
Dubai Electricity & Water Authority:
7.38%, 10/21/2020 (a)		9,500,000		8,885,008
8.50%, 4/22/2015 (a)		33,975,000		36,128,132
Energy Future Intermediate Holding Co. LLC / EFIH Finance, Inc. 10.00%, 12/1/2020		69,230,000		71,395,030
GenOn Escrow Corp. 9.50%, 10/15/2018 (a)		21,355,000		21,221,531
NRG Energy, Inc.:
8.25%, 9/1/2020 (a)		19,985,000		20,484,625
8.50%, 6/15/2019		16,300,000		16,829,750
The AES Corp. 8.00%, 10/15/2017		20,834,000		22,031,955

				259,324,781

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.5%
NXP BV / NXP Funding LLC, Series 1 9.75%, 8/1/2018 (a)		27,925,000		31,415,625

ENGINEERING & CONSTRUCTION — 0.3%
Abengoa Finance SAU 8.88%, 11/1/2017 (a)		19,500,000		18,037,500

ENTERTAINMENT — 0.0% (d)
AMC Entertainment Holdings, Inc. 9.75%, 12/1/2020 (a)		3,000,000		3,120,000

FOOD PRODUCTS — 1.7%
Bumble Bee Acquisition Corp. 9.00%, 12/15/2017 (a)		19,735,000		20,524,400
JBS USA LLC/JBS USA Finance, Inc. 11.63%, 5/1/2014		22,510,000		26,336,700
Smithfield Foods, Inc. 10.00%, 7/15/2014 (a)		26,930,000		31,036,825
Tyson Foods, Inc. 10.50%, 3/1/2014		26,105,000		30,869,162

				108,767,087

HEALTH CARE EQUIPMENT & SUPPLIES — 0.5%
Boston Scientific Corp. 6.00%, 1/15/2020		31,665,000		33,007,564

HEALTH CARE PROVIDERS & SERVICES — 3.4%
Apria Healthcare Group, Inc. 11.25%, 11/1/2014		21,900,000		23,925,750
DaVita, Inc. 6.63%, 11/1/2020		24,600,000		24,354,000
HCA, Inc.:
7.75%, 5/15/2021 (a)		11,310,000		11,310,000
8.50%, 4/15/2019		23,225,000		25,431,375
9.25%, 11/15/2016		10,353,000		11,045,357
Multiplan, Inc. 9.88%, 9/1/2018 (a)		22,075,000		23,454,688
Tenet Healthcare Corp. 8.88%, 7/1/2019		28,636,000		32,358,680
US Oncology, Inc. 9.13%, 8/15/2017		25,215,000		31,077,487
Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II, Inc. Series 1 8.00%, 2/1/2018		30,705,000		31,472,625

				214,429,962

HOTELS, RESTAURANTS & LEISURE — 3.5%
Ameristar Casinos, Inc. 9.25%, 6/1/2014		23,120,000		24,738,400
CKE Restaurants, Inc. 11.38%, 7/15/2018		19,825,000		21,956,188
Harrah’s Operating Co., Inc. 10.00%, 12/15/2018		107,197,000		97,817,262
MGM Resorts International 11.13%, 11/15/2017		27,220,000		31,303,000

See accompanying notes to financial statements.

129

SPDR Barclays Capital High Yield Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., Series 1 7.75%, 8/15/2020	$	42,120,000	$	45,594,900

				221,409,750

HOUSEHOLD DURABLES — 0.8%
K Hovnanian Enterprises, Inc. 10.63%, 10/15/2016		25,375,000		26,009,375
Spectrum Brands Holdings, Inc. 9.50%, 6/15/2018 (a)		23,075,000		25,353,656

				51,363,031

INDUSTRIAL CONGLOMERATES — 0.6%
RBS Global, Inc. / Rexnord LLC 8.50%, 5/1/2018		36,545,000		38,829,063

INSURANCE — 3.2%
American International Group, Inc. 8.18%, 5/15/2058 (c)		127,118,000		135,356,390
Liberty Mutual Group, Inc. 10.75%, 6/15/2058 (a)(b)(c)		39,475,000		47,764,750
MBIA Insurance Corp. 14.00%, 1/15/2033 (a)(c)		29,625,000		15,923,438

				199,044,578

INTERNET SOFTWARE & SERVICES — 0.4%
Equinix, Inc. 8.13%, 3/1/2018		24,005,000		25,085,225

IT SERVICES — 2.1%
First Data Corp.:
8.25%, 1/15/2021 (a)		38,418,000		36,881,280
11.25%, 3/31/2016		30,920,000		27,055,000
12.63%, 1/15/2021 (a)		38,418,000		36,689,190
First Data Corp. PIK 10.55%, 9/24/2015		8,587,860		8,136,997
GXS Worldwide, Inc. 9.75%, 6/15/2015		22,965,000		22,677,938

				131,440,405

MACHINERY — 1.3%
Case New Holland, Inc.:
7.75%, 9/1/2013		19,775,000		21,258,125
7.88%, 12/1/2017 (a)		27,875,000		30,453,437
SPX Corp. 6.88%, 9/1/2017 (a)		20,190,000		21,451,875
The Manitowoc Co, Inc. 8.50%, 11/1/2020		10,380,000		11,028,750

				84,192,187

MEDIA — 8.4%
AMC Entertainment, Inc. 8.75%, 6/1/2019		19,116,000		20,406,330
Cablevision Systems Corp. 8.63%, 9/15/2017 (b)		29,150,000		31,737,063
CCH II LLC / CCH II Capital Corp. 13.50%, 11/30/2016		55,825,000		66,571,312
Cequel Communications Holdings I LLC and Cequel Capital Corp. 8.63%, 11/15/2017 (a)(b)		35,500,000		37,097,500
Clear Channel Worldwide Holdings, Inc. 9.25%, 12/15/2017		63,950,000		70,025,250
DISH DBS Corp. 7.88%, 9/1/2019		45,885,000		47,949,825
Nielsen Finance LLC / Nielsen Finance Co. 7.75%, 10/15/2018 (a)		34,100,000		35,293,500
Sirius XM Radio, Inc. 8.75%, 4/1/2015 (a)		25,650,000		27,766,125
The Interpublic Group of Cos., Inc. 10.00%, 7/15/2017		19,045,000		22,282,650
The McClatchy Co. 11.50%, 2/15/2017		27,780,000		31,217,775
Umbrella Acquisition, Inc. PIK 9.75%, 3/15/2015 (a)		657		710
Unitymedia Hessen Gmbh & Co. 8.13%, 12/1/2017 (a)		26,955,000		28,167,975
Univision Communications, Inc. 7.88%, 11/1/2020 (a)		23,885,000		25,079,250
Videotron Ltee 9.13%, 4/15/2018		22,420,000		24,998,300
Visant Corp. 10.00%, 10/1/2017 (a)		25,310,000		26,891,875
WMG Acquisition Corp. 9.50%, 6/15/2016		35,340,000		37,902,150

				533,387,590

METALS & MINING — 1.4%
FMG Resources August 2006 Pty, Ltd. 7.00%, 11/1/2015 (a)		64,920,000		66,543,000
United States Steel Corp. 7.38%, 4/1/2020		19,820,000		20,315,500

				86,858,500

MULTILINE RETAIL — 1.4%
Macy’s Retail Holdings, Inc. 8.38%, 7/15/2015 (e)		21,795,000		25,500,150
Sears Holding Corp. 6.63%, 10/15/2018 (a)(b)		32,065,000		29,900,613
SUPERVALU, Inc. 8.00%, 5/1/2016		32,163,000		30,796,072

				86,196,835

OFFICE/BUSINESS EQUIPMENT — 0.5%
CDW LLC / CDW Finance Corp. 11.00%, 10/12/2015 (b)		28,050,000		29,101,875

OIL, GAS & CONSUMABLE FUELS — 11.4%
Arch Coal, Inc. 8.75%, 8/1/2016		19,260,000		20,993,400
ATP Oil & Gas Corp. 11.88%, 5/1/2015 (a)		47,665,000		45,043,425
Chesapeake Energy Corp. 9.50%, 2/15/2015		45,463,000		51,259,532
Concho Resources, Inc. 7.00%, 1/15/2021		19,470,000		19,956,750
Consol Energy, Inc. 8.00%, 4/1/2017 (a)		46,975,000		50,028,375

See accompanying notes to financial statements.

130

SPDR Barclays Capital High Yield Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

Crosstex Energy LP / Crosstex Energy Finance Corp. 8.88%, 2/15/2018	$	24,265,000	$	25,993,881
Denbury Resources, Inc. 8.25%, 2/15/2020		31,415,000		34,085,275
El Paso Corp.:
7.00%, 6/15/2017		14,092,000		14,871,499
7.25%, 6/1/2018		4,500,000		4,817,318
Enbridge Energy Partners LP 8.05%, 10/1/2037 (c)		100,000		102,834
Energy Transfer Equity LP 7.50%, 10/15/2020		57,222,000		58,938,660
Energy XXI Gulf Coast, Inc.:
9.25%, 12/15/2017 (a)		24,150,000		25,116,000
10.00%, 6/15/2013		839		875
EXCO Resources, Inc. 7.50%, 9/15/2018		24,575,000		24,083,500
Expro Finance Luxembourg SCA 8.50%, 12/15/2016 (a)		44,840,000		42,822,200
Forest Oil Corp.:
7.25%, 6/15/2019		17,463,000		17,724,945
8.50%, 2/15/2014		2,500,000		2,731,250
Linn Energy LLC/ Linn Energy Finance Corp. 8.63%, 4/15/2020 (a)		41,205,000		44,398,387
Newfield Exploration Co. 6.88%, 2/1/2020		22,375,000		23,549,688
NGPL PipeCo LLC 7.12%, 12/15/2017 (a)		17,850,000		19,541,769
Peabody Energy Corp. 6.50%, 9/15/2020		21,610,000		23,068,675
Petrohawk Energy Corp.:
7.25%, 8/15/2018		14,185,000		14,326,850
7.88%, 6/1/2015		12,825,000		13,354,031
Precision Drilling Corp. 6.63%, 11/15/2020 (a)		23,025,000		23,427,938
Pride International, Inc. 6.88%, 8/15/2020		28,835,000		29,916,312
QEP Resources, Inc. 6.88%, 3/1/2021		20,210,000		21,220,500
Quicksilver Resources, Inc. 11.75%, 1/1/2016		19,010,000		22,146,650
SandRidge Energy, Inc. 8.00%, 6/1/2018 (a)		23,420,000		23,771,300
Southern Union Co. 7.20%, 11/1/2066 (c)		25,000		23,031
Southwestern Energy Co. 7.50%, 2/1/2018 (b)		19,621,000		22,122,678

				719,437,528

PAPER & FOREST PRODUCTS — 1.8%
ABI Escrow Corp. 10.25%, 10/15/2018 (a)		11,950,000		13,085,250
Georgia-Pacific LLC 5.40%, 11/1/2020 (a)		40,750,000		40,288,669
NewPage Corp. 11.38%, 12/31/2014		56,115,000		52,748,100
Sino-Forest Corp. 6.25%, 10/21/2017 (a)		6,250,000		6,304,688

				112,426,707

PHARMACEUTICALS — 2.6%
ConvaTec Healthcare E SA 10.50%, 12/15/2018 (a)		13,500,000		13,685,625
Elan Finance PLC / Elan Finance Corp. 8.75%, 10/15/2016		19,710,000		19,808,550
Mylan, Inc. 7.88%, 7/15/2020 (a)		31,525,000		33,968,187
NBTY, Inc. 9.00%, 10/1/2018 (a)		21,390,000		22,833,825
Valeant Pharmaceuticals International:
6.88%, 12/1/2018 (a)		27,150,000		26,946,375
7.00%, 10/1/2020 (a)		5,090,000		5,026,375
Warner Chilcott Co. LLC/Warner Chilcott Finance LLC, Series 1 7.75%, 9/15/2018 (a)		39,040,000		39,430,400

				161,699,337

PIPELINES — 0.3%
Kinder Morgan Finance Co. LLC 6.00%, 1/15/2018 (a)(b)		2,750,000		2,701,875
Regency Energy Partners LP/Regency Energy Finance Corp. 6.88%, 12/1/2018		18,600,000		18,832,500

				21,534,375

REAL ESTATE INVESTMENT TRUSTS — 2.5%
Evergrande Real Estate Group Ltd. 13.00%, 1/27/2015 (a)		42,625,000		46,407,969
Felcor Lodging LP 10.00%, 10/1/2014		20,210,000		22,635,200
Residential Capital LLC 9.63%, 5/15/2015		67,015,000		67,685,150
The Rouse Co. 6.75%, 11/9/2015 (b)		19,750,000		20,441,250

				157,169,569

REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.0%
Agile Property Holdings, Ltd. 8.88%, 4/28/2017 (a)		20,825,000		21,293,562
Atlantic Finance, Ltd. Series 1 10.75%, 5/27/2014 (a)		37,425,000		39,265,561
Renhe Commercial Holdings Co. Ltd. 13.00%, 3/10/2016 (a)		750,000		756,548

				61,315,671

REGIONAL BANKS — 0.1%
Regions Bank 7.50%, 5/15/2018		7,400,000		7,622,000

ROAD & RAIL — 0.3%
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 8.25%, 1/15/2019 (a)		20,035,000		20,235,350

SEMICONDUCTORS — 1.2%
Freescale Semiconductor, Inc. Series 1 9.25%, 4/15/2018 (a)		46,535,000		51,188,500

See accompanying notes to financial statements.

131

SPDR Barclays Capital High Yield Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

STATS ChipPAC, Ltd. 7.50%, 8/12/2015 (a)	$	19,900,000	$	21,442,250

				72,630,750

SPECIALTY RETAIL — 4.0%
Blue Acquisition Sub, Inc. 9.88%, 10/15/2018 (a)		26,235,000		27,940,275
DineEquity, Inc. 9.50%, 10/30/2018 (a)		26,465,000		28,052,900
Dunkin Finance Corp. 9.63%, 12/1/2018 (a)(b)		20,435,000		20,639,350
Inergy LP/Inergy Finance Corp. 7.00%, 10/1/2018 (a)		21,500,000		21,661,250
MCE Finance, Ltd. 10.25%, 5/15/2018		18,375,000		21,062,344
Michaels Stores, Inc. 7.75%, 11/1/2018 (a)		25,540,000		25,476,150
Phillips-Van Heusen Corp. 7.38%, 5/15/2020 (b)		18,965,000		20,150,313
QVC, Inc. 7.50%, 10/1/2019 (a)		32,240,000		33,932,600
Rite Aid Corp. 8.00%, 8/15/2020		20,350,000		21,189,437
Toys R Us Property Co. I LLC 10.75%, 7/15/2017 (b)		30,137,000		34,356,180

				254,460,799

TEXTILES, APPAREL & LUXURY GOODS — 0.5%
Hanesbrands, Inc. 6.38%, 12/15/2020 (a)(b)		31,815,000		30,224,250

TOBACCO — 0.4%
Alliance One International, Inc. 10.00%, 7/15/2016		22,337,000		22,895,425

TRADING COMPANIES & DISTRIBUTORS — 0.4%
United Rentals North America, Inc. 8.38%, 9/15/2020		24,310,000		24,735,425

TRANSPORTATION INFRASTRUCTURE — 0.9%
AWAS Aviation Capital, Ltd. 7.00%, 10/15/2016 (a)		20,750,000		20,568,438
CHC Helicopter SA 9.25%, 10/15/2020 (a)		34,600,000		35,811,000

				56,379,438

WIRELESS TELECOMMUNICATION SERVICES — 5.2%
Avaya, Inc. 9.75%, 11/1/2015		16,025,000		16,305,438
Avaya, Inc. PIK 10.13%, 11/1/2015		10,771,875		11,041,172
Cincinnati Bell, Inc.:
8.38%, 10/15/2020		4,000,000		3,840,000
8.75%, 3/15/2018		20,875,000		19,570,313
Clearwire Communications LLC/Clearwire Finance, Inc. 12.00%, 12/1/2015 (a)		58,155,000		62,662,012
Crown Castle International Corp. 9.00%, 1/15/2015 (b)		28,100,000		30,980,250
MetroPCS Wireless, Inc. 7.88%, 9/1/2018		32,195,000		33,402,312
NII Capital Corp. 10.00%, 8/15/2016 (b)		25,675,000		28,435,063
Qwest Communications International, Inc. 7.13%, 4/1/2018		25,330,000		26,216,550
Sprint Nextel Corp. 8.38%, 8/15/2017		41,275,000		44,267,437
Telesat Canada / Telesat LLC 11.00%, 11/1/2015		20,300,000		22,786,750
Windstream Corp. 7.88%, 11/1/2017		28,525,000		29,986,906

				329,494,203

TOTAL CORPORATE BONDS & NOTES —
(Cost $5,850,349,567)				6,173,883,306

	Shares
SHORT TERM INVESTMENT — 1.5%
MONEY MARKET FUND — 1.5%
State Street Institutional Liquid Reserves Fund 0.18% (f)(g)(h) (Cost $96,742,366)		96,742,366		96,742,366

TOTAL INVESTMENTS — 99.3% (i)
(Cost $5,947,091,933)				6,270,625,672
OTHER ASSETS & LIABILITIES — 0.7%				44,639,964

NET ASSETS — 100.0%			$	6,315,265,636



(a)		Security purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 41.1% of net assets as of December 31, 2010, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(b)		Securities are valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Securities value are determined based on Level 2 inputs.
(c)		Variable Rate Security. Rate shown is rate in effect at December 31, 2010. Maturity date disclosed is the ultimate maturity.
(d)		Amount shown represents less than 0.05% of net assets.
(e)		Step Bond — coupon rate increases in increments to maturity. Rate disclosed is as of December 31, 2010. Maturity date disclosed is the ultimate maturity.
(f)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(g)		Value is determined based on Level 1 inputs. (Note 2)
(h)		The rate shown is the annualized seven-day yield at period end.
(i)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 2 inputs. (Note 2)

PIK = Payment in Kind

See accompanying notes to financial statements.

132

SPDR Barclays Capital Short Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

CORPORATE BONDS & NOTES — 98.8%
AEROSPACE & DEFENSE — 1.4%
General Dynamics Corp. 4.25%, 5/15/2013	$	500,000	$	535,592
Honeywell International, Inc.:
4.25%, 3/1/2013		500,000		531,992
5.63%, 8/1/2012		105,000		112,610
Lockheed Martin Corp. 4.12%, 3/14/2013		200,000		211,550
The Boeing Co. 1.88%, 11/20/2012		890,000		906,201
United Technologies Corp. 6.10%, 5/15/2012		355,000		378,602

				2,676,547

AIR FREIGHT & LOGISTICS — 0.4%
United Parcel Service, Inc. 4.50%, 1/15/2013		680,000		724,393

AUTOMOBILES — 1.1%
Daimler Finance North America LLC:
6.50%, 11/15/2013		1,000,000		1,131,055
7.30%, 1/15/2012		480,000		510,140
PACCAR Financial Corp. 2.05%, 6/17/2013		300,000		303,267
PACCAR, Inc. 6.38%, 2/15/2012		205,000		216,907

				2,161,369

BEVERAGES — 2.6%
Anheuser-Busch InBev Worldwide, Inc.:
2.50%, 3/26/2013		660,000		673,765
3.00%, 10/15/2012		885,000		912,315
Bottling Group LLC 4.63%, 11/15/2012		155,000		165,696
Coca-Cola Enterprises, Inc.:
1.13%, 11/12/2013		100,000		98,961
3.75%, 3/1/2012		255,000		264,021
Diageo Capital PLC 5.13%, 1/30/2012		570,000		595,207
Dr. Pepper Snapple Group, Inc. 2.35%, 12/21/2012		350,000		357,826
PepsiCo, Inc.:
0.88%, 10/25/2013		500,000		494,182
4.65%, 2/15/2013		765,000		820,182
5.15%, 5/15/2012		255,000		270,108
The Coca-Cola Co. 0.75%, 11/15/2013		500,000		491,617

				5,143,880

CAPITAL MARKETS — 7.3%
Morgan Stanley:
5.25%, 11/2/2012		926,000		986,908
5.30%, 3/1/2013		1,015,000		1,082,368
6.60%, 4/1/2012		2,050,000		2,185,575
TD Ameritrade Holding Corp. 2.95%, 12/1/2012		250,000		255,870
The Bank of New York Mellon Corp. 4.95%, 11/1/2012		760,000		811,525
The Bear Stearns Cos. LLC:
5.35%, 2/1/2012		1,085,000		1,138,145
6.95%, 8/10/2012		770,000		840,962
The Goldman Sachs Group, Inc.:
3.63%, 8/1/2012		1,400,000		1,451,973
5.25%, 4/1/2013		550,000		589,786
5.25%, 10/15/2013		1,350,000		1,466,594
5.45%, 11/1/2012		1,690,000		1,808,665
5.70%, 9/1/2012		385,000		412,175
6.60%, 1/15/2012		920,000		973,611
UBS AG 2.75%, 1/8/2013		255,000		258,275

				14,262,432

CHEMICALS — 1.3%
Airgas, Inc. 2.85%, 10/1/2013		250,000		251,332
E.I. du Pont de Nemours & Co. 5.00%, 1/15/2013		436,000		467,924
Praxair, Inc.:
1.75%, 11/15/2012		310,000		313,727
2.13%, 6/14/2013		350,000		356,547
The Dow Chemical Co. 4.85%, 8/15/2012		1,125,000		1,187,034

				2,576,564

COMMERCIAL BANKS — 14.8%
American Express Bank FSB:
5.50%, 4/16/2013		1,000,000		1,078,055
5.55%, 10/17/2012		385,000		412,856
Bank of Montreal 2.13%, 6/28/2013		500,000		508,267
Bank of Nova Scotia 2.25%, 1/22/2013		775,000		790,746
Barclays Bank PLC:
2.50%, 1/23/2013		765,000		776,608
5.45%, 9/12/2012		800,000		856,246
BB&T Corp. 3.38%, 9/25/2013		500,000		519,585
BNP Paribas / BNP Paribas US 2.13%, 12/21/2012		525,000		533,413
Canadian Imperial Bank of Commerce/Canada 1.45%, 9/13/2013		350,000		348,644
Charter One Bank NA 6.38%, 5/15/2012		250,000		259,708
Credit Suisse of New York, NY 5.00%, 5/15/2013		2,000,000		2,152,924
Deutsche Bank AG:
2.38%, 1/11/2013		815,000		826,784
4.88%, 5/20/2013		1,350,000		1,447,262
5.38%, 10/12/2012		1,100,000		1,179,646
Fifth Third Bancorp 6.25%, 5/1/2013		350,000		379,995
Golden West Financial Corp. 4.75%, 10/1/2012		1,000,000		1,049,697
HSBC Holdings PLC 5.25%, 12/12/2012		270,000		285,348
ICICI Bank, Ltd. 6.63%, 10/3/2012 (a)		310,000		330,059
JPMorgan Chase & Co.:
4.75%, 5/1/2013		1,000,000		1,071,915

See accompanying notes to financial statements.

133

SPDR Barclays Capital Short Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

5.38%, 10/1/2012	$	1,290,000	$	1,380,652
5.75%, 1/2/2013		800,000		864,407
KeyBank NA:
5.50%, 9/17/2012		310,000		328,966
5.70%, 8/15/2012		255,000		269,663
M&I Marshall & Ilsley Bank 5.25%, 9/4/2012		60,000		62,400
Mercantile Bankshares Corp. 4.63%, 4/15/2013		250,000		258,929
Royal Bank of Canada:
2.10%, 7/29/2013		1,000,000		1,015,188
2.25%, 3/15/2013		205,000		209,904
SunTrust Banks, Inc. 5.25%, 11/5/2012		255,000		268,741
The Bank of New York Mellon Corp. 6.38%, 4/1/2012		645,000		686,698
The Royal Bank Of Scotland Plc 3.40%, 8/23/2013		500,000		505,074
US Bancorp:
1.38%, 9/13/2013		750,000		745,613
2.00%, 6/14/2013		500,000		503,624
Wachovia Corp. 5.50%, 5/1/2013		1,350,000		1,466,935
Wells Fargo & Co.:
4.38%, 1/31/2013		515,000		544,157
4.95%, 10/16/2013		750,000		808,764
5.25%, 10/23/2012		1,545,000		1,658,210
Wells Fargo Capital XIII 7.70%, 12/29/2049		1,515,000		1,560,450
Westpac Banking Corp. 2.25%, 11/19/2012		1,060,000		1,078,683

				29,024,816

COMMERCIAL SERVICES & SUPPLIES — 0.3%
Block Financial LLC 7.88%, 1/15/2013		155,000		161,200
Waste Management, Inc. 6.38%, 11/15/2012		450,000		489,473

				650,673

COMMUNICATIONS EQUIPMENT — 0.5%
Motorola, Inc. 5.38%, 11/15/2012		1,000,000		1,055,000

COMPUTERS & PERIPHERALS — 3.1%
Dell, Inc. 4.70%, 4/15/2013		500,000		535,309
Hewlett-Packard Co.:
1.25%, 9/13/2013		500,000		498,716
4.25%, 2/24/2012		525,000		545,951
4.50%, 3/1/2013		565,000		603,533
5.25%, 3/1/2012		250,000		262,892
6.50%, 7/1/2012		250,000		270,619
HP Enterprise Services LLC, Series B 6.00%, 8/1/2013		600,000		668,206
International Business Machines Corp.:
1.00%, 8/5/2013		1,000,000		993,713
2.10%, 5/6/2013		750,000		764,749
4.75%, 11/29/2012		580,000		621,646
6.50%, 10/15/2013		300,000		340,397

				6,105,731

CONSTRUCTION MATERIALS — 0.0% (b)
Vulcan Materials Co. 5.60%, 11/30/2012		40,000		42,149

CONSUMER FINANCE — 0.1%
SLM Corp. 5.00%, 10/1/2013		200,000		199,000

DIVERSIFIED FINANCIAL SERVICES — 20.2%
Allstate Life Global Funding Trusts 5.38%, 4/30/2013		750,000		814,913
American Express Credit Corp.:
5.88%, 5/2/2013		300,000		326,416
7.30%, 8/20/2013		1,000,000		1,131,345
Bank of America Corp.:
4.88%, 9/15/2012		515,000		537,486
4.88%, 1/15/2013		250,000		260,729
4.90%, 5/1/2013		750,000		785,361
BlackRock, Inc. 2.25%, 12/10/2012		550,000		562,124
Boeing Capital Corp. 5.80%, 1/15/2013		255,000		277,760
BP Capital Markets PLC:
3.13%, 3/10/2012		900,000		919,141
5.25%, 11/7/2013		750,000		813,551
Capital One Bank USA NA 6.50%, 6/13/2013		350,000		382,654
Capital One Financial Corp. 6.25%, 11/15/2013		250,000		274,746
Caterpillar Financial Services Corp.:
1.90%, 12/17/2012		500,000		508,234
2.00%, 4/5/2013		155,000		157,419
4.85%, 12/7/2012		360,000		385,398
Citigroup, Inc.:
5.25%, 2/27/2012		515,000		537,339
5.30%, 10/17/2012		1,705,000		1,806,767
5.50%, 8/27/2012		500,000		529,192
5.50%, 4/11/2013		1,550,000		1,657,721
5.63%, 8/27/2012		550,000		579,068
6.00%, 2/21/2012		515,000		540,765
6.50%, 8/19/2013		1,200,000		1,320,034
Countrywide Financial Corp. 5.80%, 6/7/2012		2,020,000		2,122,038
Credit Suisse 3.45%, 7/2/2012		1,050,000		1,088,286
Credit Suisse USA, Inc. 6.50%, 1/15/2012		515,000		544,203
Franklin Resources, Inc. 2.00%, 5/20/2013		360,000		362,959
General Electric Capital Corp.:
1.88%, 9/16/2013		1,000,000		999,938
2.80%, 1/8/2013		2,295,000		2,349,648
4.38%, 3/3/2012		750,000		778,974
4.80%, 5/1/2013		1,250,000		1,336,857
5.25%, 10/19/2012		1,085,000		1,159,991
5.45%, 1/15/2013		790,000		849,991
5.88%, 2/15/2012		325,000		342,447
6.00%, 6/15/2012		3,375,000		3,610,616

See accompanying notes to financial statements.

134

SPDR Barclays Capital Short Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

Goldman Sachs Capital II 5.79%, 6/1/2043	$	275,000	$	231,000
HSBC Finance Corp.:
5.90%, 6/19/2012		105,000		111,204
7.00%, 5/15/2012		1,690,000		1,807,358
IBM International Group Capital LLC 5.05%, 10/22/2012		360,000		387,415
Merrill Lynch & Co, Inc.:
5.45%, 2/5/2013		1,220,000		1,281,549
6.05%, 8/15/2012		1,000,000		1,060,182
6.15%, 4/25/2013		500,000		534,425
National Rural Utilities Cooperative Finance Corp.:
5.50%, 7/1/2013		750,000		821,461
7.25%, 3/1/2012		550,000		589,766
NYSE Euronext 4.80%, 6/28/2013		500,000		537,696
SLM Corp. 5.13%, 8/27/2012		610,000		619,150
Toyota Motor Credit Corp. 1.38%, 8/12/2013		500,000		500,998
UBS AG of Stamford, CT 2.25%, 8/12/2013		500,000		505,371

				39,641,686

DIVERSIFIED TELECOMMUNICATION SERVICES — 1.2%
British Telecommunications PLC 5.15%, 1/15/2013		330,000		350,003
Qwest Corp. 8.88%, 3/15/2012		985,000		1,067,082
Telefonica Emisiones SAU 5.86%, 2/4/2013		505,000		536,679
Telstra Corp., Ltd. 6.38%, 4/1/2012		155,000		163,821
Verizon Communications, Inc. 4.35%, 2/15/2013		250,000		265,111

				2,382,696

ELECTRIC UTILITIES — 5.0%
Allegheny Energy Supply Co. LLC 8.25%, 4/15/2012 (a)		705,000		757,001
Appalachian Power Co. Series O 5.65%, 8/15/2012		410,000		436,482
Baltimore Gas & Electric Co. 6.13%, 7/1/2013		250,000		276,013
Carolina Power & Light Co. 6.50%, 7/15/2012		250,000		270,144
CenterPoint Energy Houston Electric LLC, Series J 5.70%, 3/15/2013		500,000		543,135
Commonwealth Edison Co. Series 9 6.15%, 3/15/2012		705,000		747,953
Consolidated Edison Co. of New York Series 2 4.88%, 2/1/2013		255,000		272,601
Consumers Energy Co., Series D 5.38%, 4/15/2013		114,000		123,371
Dominion Resources, Inc.:
5.00%, 3/15/2013		250,000		268,077
5.70%, 9/17/2012		130,000		139,647
Duke Energy Carolinas LLC:
5.63%, 11/30/2012		885,000		958,001
6.25%, 1/15/2012		250,000		263,398
Georgia Power Co. 1.30%, 9/15/2013		250,000		249,688
KCP&L Greater Missouri Operations Co. 11.88%, 7/1/2012		110,000		124,300
NextEra Energy Capital Holdings, Inc. 5.35%, 6/15/2013		500,000		540,601
Nisource Finance Corp. 6.15%, 3/1/2013		255,000		274,238
Oncor Electric Delivery Co. LLC 6.38%, 5/1/2012		275,000		292,250
Progress Energy, Inc. 6.85%, 4/15/2012		330,000		353,549
PSEG Power LLC:
2.50%, 4/15/2013		105,000		107,122
6.95%, 6/1/2012		210,000		226,291
Public Service Electric & Gas Co. 5.13%, 9/1/2012		295,000		314,555
Public Service of Colorado 7.88%, 10/1/2012		507,000		564,484
SCANA Corp. 6.25%, 2/1/2012		205,000		215,651
Southern Power Co. 6.25%, 7/15/2012		730,000		784,882
The Dayton Power & Light Co. 5.13%, 10/1/2013		200,000		218,058
Virginia Electric and Power Co. 5.10%, 11/30/2012		470,000		505,511

				9,827,003

ELECTRICAL EQUIPMENT — 0.5%
Emerson Electric Co. 5.63%, 11/15/2013		500,000		557,806
Roper Industries, Inc. 6.63%, 8/15/2013		400,000		444,339

				1,002,145

ELECTRONICS EQUIPMENT INSTRUMENTS & COMPONENTS — 0.1%
Agilent Technologies, Inc. 2.50%, 7/15/2013		250,000		251,860

FOOD & STAPLES RETAILING — 2.2%
Costco Wholesale Corp. 5.30%, 3/15/2012		305,000		321,623
CVS Caremark Corp. 6.30%, 6/1/2037 (c)		220,000		210,100
Safeway, Inc. 5.80%, 8/15/2012		255,000		272,933
Target Corp.:
4.00%, 6/15/2013		185,000		197,278
5.13%, 1/15/2013		500,000		539,968
5.88%, 3/1/2012		370,000		391,984
The Kroger Co.:
6.20%, 6/15/2012		325,000		347,644
6.75%, 4/15/2012		330,000		352,908
Wal-Mart Stores, Inc.:
0.75%, 10/25/2013		250,000		246,708
4.25%, 4/15/2013		400,000		427,674

See accompanying notes to financial statements.

135

SPDR Barclays Capital Short Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

4.55%, 5/1/2013	$	1,000,000	$	1,077,875

				4,386,695

FOOD PRODUCTS — 2.3%
Campbell Soup Co. 5.00%, 12/3/2012		250,000		269,492
General Mills, Inc.:
5.25%, 8/15/2013		400,000		438,454
6.00%, 2/15/2012		500,000		527,827
H.J. Heinz Co. 6.00%, 3/15/2012		440,000		465,471
Kellogg Co.:
4.25%, 3/6/2013		205,000		216,833
5.13%, 12/3/2012		480,000		515,696
Kraft Foods, Inc.:
2.63%, 5/8/2013		350,000		359,091
6.00%, 2/11/2013		500,000		546,060
6.25%, 6/1/2012		580,000		621,020
Sara Lee Corp. 3.88%, 6/15/2013		500,000		518,730

				4,478,674

HEALTH CARE EQUIPMENT & SUPPLIES — 0.5%
Baxter International, Inc. 1.80%, 3/15/2013		205,000		207,458
Covidien International Finance SA:
1.88%, 6/15/2013		500,000		505,750
5.45%, 10/15/2012		155,000		166,911

				880,119

HEALTH CARE PROVIDERS & SERVICES — 1.1%
Express Scripts, Inc. 5.25%, 6/15/2012		1,000,000		1,055,284
UnitedHealth Group, Inc. 4.88%, 2/15/2013		360,000		382,577
WellPoint, Inc. 6.80%, 8/1/2012		655,000		708,575

				2,146,436

HOTELS, RESTAURANTS & LEISURE — 0.2%
McDonald’s Corp. 5.75%, 3/1/2012		264,000		278,348
Yum! Brands, Inc. 7.70%, 7/1/2012		102,000		110,424

				388,772

HOUSEHOLD DURABLES — 0.2%
Whirlpool Corp. 8.00%, 5/1/2012		315,000		339,082

HOUSEHOLD PRODUCTS — 0.6%
Clorox Co.:
5.00%, 3/1/2013		250,000		267,212
5.45%, 10/15/2012		155,000		166,194
Fortune Brands, Inc. 3.00%, 6/1/2012		360,000		365,256
Newell Rubbermaid, Inc. 5.50%, 4/15/2013		350,000		375,657

				1,174,319

INDUSTRIAL CONGLOMERATES — 0.9%
3M Co. 4.65%, 12/15/2012		125,000		134,448
General Electric Co. 5.00%, 2/1/2013		1,035,000		1,107,316
Koninklijke Philips Electronics NV 4.63%, 3/11/2013		360,000		383,810
Tyco Electronics Group SA 6.00%, 10/1/2012		205,000		218,296

				1,843,870

INSURANCE — 3.2%
Aegon NV 4.75%, 6/1/2013		350,000		367,534
American International Group, Inc.:
4.25%, 5/15/2013		300,000		309,581
4.95%, 3/20/2012		155,000		159,813
Berkshire Hathaway Finance Corp.:
4.00%, 4/15/2012		885,000		921,241
4.60%, 5/15/2013		500,000		536,626
4.75%, 5/15/2012		515,000		542,344
Berkshire Hathaway, Inc. 2.13%, 2/11/2013		510,000		519,299
Chubb Corp. 5.20%, 4/1/2013		260,000		280,316
Nationwide Financial Services 5.90%, 7/1/2012		255,000		268,269
Principal Life Income Funding Trusts 5.30%, 12/14/2012		520,000		558,935
Prudential Financial, Inc.:
2.75%, 1/14/2013		55,000		55,767
3.63%, 9/17/2012		940,000		971,998
5.15%, 1/15/2013		155,000		164,877
The Allstate Corp. 6.13%, 2/15/2012		50,000		52,736
Travelers Property Casualty Corp. 5.00%, 3/15/2013		255,000		273,439
XL Capital Finance Europe PLC 6.50%, 1/15/2012		242,000		251,103

				6,233,878

INTERNET SOFTWARE & SERVICES — 0.1%
eBay, Inc. 0.88%, 10/15/2013		200,000		197,424

IT SERVICES — 0.3%
Computer Sciences Corp. Series W 5.50%, 3/15/2013		310,000		330,533
Fiserv, Inc. 6.13%, 11/20/2012		275,000		297,491

				628,024

LEISURE EQUIPMENT & PRODUCTS — 0.1%
Mattel, Inc. 5.63%, 3/15/2013		250,000		266,670

LIFE SCIENCES TOOLS & SERVICES — 0.2%
Life Technologies Corp. 3.38%, 3/1/2013		400,000		406,930

MACHINERY — 1.5%
John Deere Capital Corp.:
1.88%, 6/17/2013		1,400,000		1,417,834

See accompanying notes to financial statements.

136

SPDR Barclays Capital Short Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

4.95%, 12/17/2012	$	925,000	$	992,042
7.00%, 3/15/2012		435,000		467,290

				2,877,166

MEDIA — 3.0%
CBS Corp. 5.63%, 8/15/2012		19,000		20,045
Comcast Cable Communications Holdings, Inc.:
7.13%, 6/15/2013		500,000		559,220
8.38%, 3/15/2013		486,000		553,669
Cox Communications, Inc.:
4.63%, 6/1/2013		250,000		266,338
7.13%, 10/1/2012		402,000		439,070
The McGraw-Hill Companies, Inc. 5.38%, 11/15/2012		110,000		116,062
The Walt Disney Co.:
4.70%, 12/1/2012		310,000		331,723
6.38%, 3/1/2012		820,000		872,678
Thomson Reuters Corp. 5.95%, 7/15/2013		500,000		554,600
Time Warner Cable, Inc.:
5.40%, 7/2/2012		1,085,000		1,149,328
6.20%, 7/1/2013		390,000		431,796
Time Warner, Inc. 6.88%, 5/1/2012		500,000		534,992

				5,829,521

METALS & MINING — 2.4%
Alcoa, Inc. 5.38%, 1/15/2013		650,000		690,625
ArcelorMittal 5.38%, 6/1/2013		500,000		531,717
Barrick Gold Finance Co. LLC 6.13%, 9/15/2013		250,000		279,710
BHP Billiton Finance USA, Ltd. 5.13%, 3/29/2012		655,000		688,495
Nucor Corp. 5.00%, 12/1/2012		355,000		380,627
Rio Tinto Alcan, Inc.:
4.50%, 5/15/2013		1,050,000		1,115,605
4.88%, 9/15/2012		105,000		110,580
Vale Inco, Ltd. 7.75%, 5/15/2012		105,000		112,313
WMC Finance USA, Ltd. 5.13%, 5/15/2013		500,000		540,651
Xstrata Canada Corp. 7.25%, 7/15/2012		205,000		219,997

				4,670,320

MULTI-UTILITIES — 0.6%
MidAmerican Energy Holdings Co. 5.88%, 10/1/2012		755,000		815,274
Veolia Environnement 5.25%, 6/3/2013		340,000		367,280

				1,182,554

OFFICE ELECTRONICS — 0.3%
Xerox Corp.:
5.50%, 5/15/2012		125,000		131,941
5.65%, 5/15/2013		500,000		543,315

				675,256

OIL, GAS & CONSUMABLE FUELS — 4.9%
Apache Corp. 6.00%, 9/15/2013		500,000		559,468
Atmos Energy Corp. 5.13%, 1/15/2013		255,000		269,021
Canadian Natural Resources, Ltd. 5.15%, 2/1/2013		335,000		359,647
Chevron Corp. 3.45%, 3/3/2012		515,000		531,199
ConocoPhillips:
4.40%, 5/15/2013		500,000		533,093
4.75%, 10/15/2012		560,000		598,175
EnCana Corp. 4.75%, 10/15/2013		350,000		379,477
Enterprise Products Operating LLC:
5.65%, 4/1/2013		300,000		323,847
7.63%, 2/15/2012		440,000		470,385
Husky Energy, Inc. 6.25%, 6/15/2012		205,000		219,215
Kinder Morgan Energy Partners LP 5.85%, 9/15/2012		275,000		294,824
Marathon Global Funding Corp. 6.00%, 7/1/2012		275,000		293,928
NuStar Pipeline Operating Partnership LP 5.88%, 6/1/2013		250,000		269,375
Occidental Petroleum Corp. 1.45%, 12/13/2013		750,000		753,277
ONEOK Partners LP 5.90%, 4/1/2012		500,000		527,455
Plains All American Pipeline LP / PAA Finance Corp. 4.25%, 9/1/2012		275,000		286,936
Shell International Finance BV 1.88%, 3/25/2013		1,515,000		1,536,889
Spectra Energy Capital LLC 6.25%, 2/15/2013		244,000		263,068
Transcontinental Gas Pipe Line Co. LLC 8.88%, 7/15/2012		250,000		276,727
Transocean, Inc. 5.25%, 3/15/2013		300,000		315,622
Valero Energy Corp. 6.88%, 4/15/2012		310,000		328,306
Weatherford International, Ltd. 4.95%, 10/15/2013		200,000		211,744

				9,601,678

PERSONAL PRODUCTS — 0.4%
Johnson & Johnson 5.15%, 8/15/2012		355,000		380,140
The Procter & Gamble Co. 1.38%, 8/1/2012		395,000		398,570

				778,710

PHARMACEUTICALS — 3.9%
Abbott Laboratories 5.15%, 11/30/2012		275,000		295,656

See accompanying notes to financial statements.

137

SPDR Barclays Capital Short Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


	Principal
Security Description	Amount		Value

AstraZeneca PLC 5.40%, 9/15/2012	$	830,000	$	894,253
Bristol-Myers Squibb Co. 5.25%, 8/15/2013		150,000		164,624
Eli Lilly & Co. 3.55%, 3/6/2012		680,000		701,521
GlaxoSmithKline Capital, Inc. 4.85%, 5/15/2013		1,400,000		1,516,499
McKesson Corp. 7.75%, 2/1/2012		155,000		164,848
Merck & Co, Inc. 5.30%, 12/1/2013		1,000,000		1,117,252
Novartis Capital Corp. 1.90%, 4/24/2013		725,000		735,927
Pfizer, Inc. 4.45%, 3/15/2012		1,450,000		1,514,265
Teva Pharmaceutical Finance III LLC 1.50%, 6/15/2012		350,000		352,678
Wyeth 5.50%, 3/15/2013		255,000		278,516

				7,736,039

REAL ESTATE INVESTMENT TRUSTS — 0.6%
Duke Realty LP 6.25%, 5/15/2013		350,000		375,870
ERP Operating LP 5.20%, 4/1/2013		250,000		266,954
HCP, Inc. 6.45%, 6/25/2012		130,000		137,237
Hospitality Properties Trust 6.75%, 2/15/2013		350,000		373,816

				1,153,877

ROAD & RAIL — 0.5%
CSX Corp. 5.50%, 8/1/2013		500,000		542,560
Union Pacific Corp. 5.45%, 1/31/2013		410,000		440,882

				983,442

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.1%
National Semiconductor Corp. 6.15%, 6/15/2012		250,000		264,996

SOFTWARE — 0.5%
Microsoft Corp. 0.88%, 9/27/2013		500,000		496,342
Oracle Corp. 4.95%, 4/15/2013		500,000		542,828

				1,039,170

SPECIALTY RETAIL — 0.8%
Best Buy Co, Inc. 6.75%, 7/15/2013		500,000		552,644
Home Depot, Inc. 5.25%, 12/16/2013		750,000		823,162
Lowe’s Cos., Inc. 5.60%, 9/15/2012		105,000		113,427

				1,489,233

TOBACCO — 1.1%
Altria Group, Inc. 8.50%, 11/10/2013		600,000		709,697
Philip Morris International, Inc. 4.88%, 5/16/2013		900,000		971,760
Reynolds American, Inc. 7.25%, 6/1/2012		255,000		273,977
UST LLC 6.63%, 7/15/2012		155,000		166,424

				2,121,858

WIRELESS TELECOMMUNICATION SERVICES — 6.4%
AT&T, Inc.:
4.95%, 1/15/2013		1,175,000		1,254,942
5.88%, 2/1/2012		385,000		404,742
BellSouth Corp. 4.75%, 11/15/2012		515,000		547,264
Cellco Partnership / Verizon Wireless Capital LLC:
5.25%, 2/1/2012		360,000		376,444
7.38%, 11/15/2013		1,000,000		1,158,560
CenturyLink, Inc. 7.88%, 8/15/2012		500,000		539,536
Deutsche Telekom International Finance BV 5.25%, 7/22/2013		1,000,000		1,083,336
New Cingular Wireless Services, Inc. 8.13%, 5/1/2012		1,220,000		1,333,113
Rogers Communications, Inc.:
7.25%, 12/15/2012		878,000		968,650
7.88%, 5/1/2012		310,000		337,067
Telecom Italia Capital SA, Series B 5.25%, 11/15/2013		750,000		781,431
Verizon Communications, Inc. 5.25%, 4/15/2013		529,000		572,251
Verizon Global Funding Corp.:
4.38%, 6/1/2013		500,000		532,181
7.38%, 9/1/2012		330,000		364,684
Verizon New York, Inc. Series A 6.88%, 4/1/2012		595,000		630,994
Verizon Virginia, Inc. 4.63%, 3/15/2013		500,000		524,879
Vodafone Group PLC 5.00%, 12/16/2013		500,000		544,290
Walgreen Co. 4.88%, 8/1/2013		500,000		541,974

				12,496,338

TOTAL CORPORATE BONDS & NOTES —
(Cost $192,753,318)				193,998,995

See accompanying notes to financial statements.

138

SPDR Barclays Capital Short Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value
SHORT TERM INVESTMENT — 2.4%
MONEY MARKET FUND — 2.4%
State Street Institutional Liquid Reserves Fund 0.18% (d)(e)(f) (Cost $4,745,594)		4,745,594	$	4,745,594

TOTAL INVESTMENTS — 101.2% (g)
(Cost $197,498,912)				198,744,589
OTHER ASSETS & LIABILITIES — (1.2)%				(2,373,761	)

NET ASSETS — 100.0%			$	196,370,828


(a)		Security purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 0.6% of net assets as of December 31, 2010, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(b)		Amount shown represents less than 0.05% of net assets.
(c)		Security is valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 2 inputs.
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		Value is determined based on Level 1 inputs. (Note 2)
(f)		The rate shown is the annualized seven-day yield at period end.
(g)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 2 inputs. (Note 2)

See accompanying notes to financial statements.

139

SPDR SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2010 (Unaudited)


												SPDR Barclays			SPDR Barclays
	SPDR Barclays					SPDR Barclays			SPDR Barclays			Capital			Capital			SPDR Barclays
	Capital		SPDR Barclays			Capital			Capital			Intermediate			Long Term			Capital
	1-3 Month		Capital			Intermediate			Long Term			Term Corporate			Corporate			Convertible
	T-Bill ETF		TIPS ETF			Term Treasury ETF			Treasury ETF			Bond ETF			Bond ETF			Securities ETF

ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	1,013,342,995	$	357,762,405		$	203,978,729		$	27,586,157		$	139,331,740		$	27,736,299		$	527,021,524
Investments in securities of affiliated issuers, at value (Note 3)		268,390		6,653,659			42,300,300			5,211,524			5,811,940			1,460,254			74,058,304

Total Investments		1,013,611,385		364,416,064			246,279,029			32,797,681			145,143,680			29,196,553			601,079,828
Cash		—		—			—			—			—			—			320,910
Receivable for investments sold		555,454,190		—			4,505,814			476,163			—			691,664			—
Receivable for fund shares sold in-kind		—		—			—			—			—			—			20,303,563
Dividends receivable		—		—			—			—			—			—			625,712
Interest receivable — unaffiliated issuers		—		2,746,927			1,285,420			344,378			1,715,668			421,436			1,593,572
Interest receivable — affiliated issuers		22,940		649			4,449			604			934			206			14,724

TOTAL ASSETS		1,569,088,515		367,163,640			252,074,712			33,618,826			146,860,282			30,309,859			623,938,309

LIABILITIES
Payable upon return of securities loaned		—		5,752,726			41,146,725			5,087,425			1,136,808			1,069,038			60,198,425
Payable for investments purchased		555,564,043		—			4,818,781			494,791			1,468,681			—			26,678,766
Distributions payable		—		763,427			791,125			93,196			1,099,169			807,633			4,650,988
Accrued advisory fee (Note 3)		113,042		57,024			26,336			3,427			18,755			3,926			163,267
Accrued trustees’ fees and expenses (Note 3)		6,869		1,574			996			87			391			162			1,448

TOTAL LIABILITIES		555,683,954		6,574,751			46,783,963			5,678,926			3,723,804			1,880,759			91,692,894

NET ASSETS	$	1,013,404,561	$	360,588,889		$	205,290,749		$	27,939,900		$	143,136,478		$	28,429,100		$	532,245,415

NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	1,013,287,694	$	343,917,406		$	201,224,000		$	29,045,564		$	140,188,373		$	27,402,302		$	484,284,938
Undistributed (distribution in excess of) net investment income		51,238		(25,221	)		(205,972	)		(39,034	)		(272,993	)		(33,880	)		(2,445,433	)
Accumulated net realized gain (loss) on investments		38,637		(768,977	)		230,229			(210,381	)		532,074			54,750			5,433,417
Net unrealized appreciation (depreciation) on:
Investments		26,992		17,465,681			4,042,492			(856,249	)		2,689,024			1,005,928			44,972,493

NET ASSETS	$	1,013,404,561	$	360,588,889		$	205,290,749		$	27,939,900		$	143,136,478		$	28,429,100		$	532,245,415

NET ASSET VALUE PER SHARE
Net asset value per share	$	45.85	$	53.03		$	58.65		$	55.88		$	32.53		$	35.54		$	40.63

Shares outstanding (unlimited amount authorized, $0.01 par value)		22,100,461		6,800,225			3,500,168			500,000			4,400,072			800,000			13,100,000

COST OF INVESTMENTS:
Unaffiliated issuers	$	1,013,316,003	$	340,296,724		$	199,936,237		$	28,442,406		$	136,642,716		$	26,730,371		$	482,049,031
Affiliated issuers		268,390		6,653,659			42,300,300			5,211,524			5,811,940			1,460,254			74,058,304

Total cost of investments	$	1,013,584,393	$	346,950,383		$	242,236,537		$	33,653,930		$	142,454,656		$	28,190,625		$	556,107,335

* Includes investments in securities on loan, at value	$	—	$	5,657,713		$	40,424,660		$	5,049,299		$	1,117,850		$	1,055,941		$	58,838,206

See accompanying notes to financial statements.

140

SPDR SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES (continued)

December 31, 2010 (Unaudited)


										SPDR Nuveen			SPDR Nuveen			SPDR Nuveen
	SPDR Barclays						SPDR Nuveen			Barclays			Barclays			Barclays
	Capital			SPDR Barclays			Barclays			Capital			Capital			Capital			SPDR Nuveen
	Mortgage			Capital			Capital			California			New York			Short Term			S&P VRDO
	Backed Bond ETF			Aggregate Bond ETF			Municipal Bond ETF			Municipal Bond ETF			Municipal Bond ETF			Municipal Bond ETF			Municipal Bond ETF

ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	32,111,857		$	226,024,653		$	850,484,394		$	65,210,920		$	25,232,647		$	1,293,463,992		$	8,972,000
Investments in securities of affiliated issuers, at value (Note 3)		32,597,032			113,293,075			2,481,197			175,352			624,476			3,355,554			30,828

Total Investments		64,708,889			339,317,728			852,965,591			65,386,272			25,857,123			1,296,819,546			9,002,828
Receivable for investments sold		3,345,314			1,259,311			15,198,395			2,158,113			—			12,108,063			—
Interest receivable — unaffiliated issuers		60,193			1,474,501			10,634,695			915,523			323,677			15,859,661			8,783
Interest receivable — affiliated issuers		5,348			15,194			202			16			31			257			14
Receivable for when issued/ delayed securities		—			15,961,446			—			—			—			—			—
Due from Adviser		—			10,823			55,759			—			—			—			—

TOTAL ASSETS		68,119,744			358,039,003			878,854,642			68,459,924			26,180,831			1,324,787,527			9,011,625

LIABILITIES
Payable upon return of securities loaned		—			45,119,436			—			—			—			—			—
Payable for when issued/delayed securities		34,946,438			86,111,299			—			—			—			—			—
Payable for investments purchased		270,510			591,837			—			—			—			6,367,284			—
Payable for fund shares repurchased in-kind		—			—			15,391,224			2,115,201			—			11,932,056			—
Distributions payable		700,822			3,778,129			7,853,566			752,164			205,671			5,623,586			7,724
Deferred income for dollar rolls		20,914			41,445			—			—			—			—			—
Accrued advisory fee (Note 3)		5,974			37,550			226,819			11,788			4,471			224,935			1,530
Accrued trustees’ fees and expenses (Note 3)		81			766			3,778			259			96			5,494			116

TOTAL LIABILITIES		35,944,739			135,680,462			23,475,387			2,879,412			210,238			24,153,355			9,370

NET ASSETS	$	32,175,005		$	222,358,541		$	855,379,255		$	65,580,512		$	25,970,593		$	1,300,634,172		$	9,002,255

NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	32,325,443		$	217,480,529		$	858,982,338		$	68,159,848		$	26,525,411		$	1,294,772,534		$	9,001,125
Undistributed (distribution in excess of) net investment income		(47,553	)		(436,917	)		(1,978,431	)		(173,662	)		(52,220	)		(1,230,492	)		1,130
Accumulated net realized gain (loss) on investments		65,835			607,972			(83,909	)		12,709			(23,938	)		212,356			—
Net unrealized appreciation (depreciation) on:
Investments		(168,720	)		4,706,957			(1,540,743	)		(2,418,383	)		(478,660	)		6,879,774			—

NET ASSETS	$	32,175,005		$	222,358,541		$	855,379,255		$	65,580,512		$	25,970,593		$	1,300,634,172		$	9,002,255

NET ASSET VALUE PER SHARE
Net asset value per share	$	26.81		$	55.59		$	21.99		$	21.15		$	21.64		$	23.86		$	30.01

Shares outstanding (unlimited amount authorized, $0.01 par value)		1,200,000			4,000,132			38,902,072			3,100,128			1,200,010			54,502,164			300,000

COST OF INVESTMENTS:
Unaffiliated issuers	$	32,280,577		$	221,317,696		$	852,025,137		$	67,629,303		$	25,711,307		$	1,286,584,218		$	8,972,000
Affiliated issuers		32,597,032			113,293,075			2,481,197			175,352			624,476			3,355,554			30,828

Total cost of investments	$	64,877,609		$	334,610,771		$	854,506,334		$	67,804,655		$	26,335,783		$	1,289,939,772		$	9,002,828

* Includes investments in securities on loan, at value	$	—		$	44,343,540		$	—		$	—		$	—		$	—		$	—

See accompanying notes to financial statements.

142

SPDR SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES (continued)

December 31, 2010 (Unaudited)


							SPDR Barclays
				SPDR DB			Capital			SPDR Barclays			SPDR Barclays
	SPDR Nuveen			International			Short Term			Capital			Capital			SPDR Barclays			SPDR Barclays
	Barclays			Government			International			International			International			Capital			Capital
	Capital Build			Inflation-Protected			Treasury			Treasury			Corporate			High Yield			Short Term Corporate
	America Bond ETF			Bond ETF			Bond ETF			Bond ETF			Bond ETF			Bond ETF			Bond ETF

ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	33,026,321		$	886,786,385		$	150,519,449		$	1,318,433,611		$	6,270,425		$	6,173,883,306		$	193,998,995
Investments in securities of affiliated issuers, at value (Note 3)		40,995			173,461			1,205,745			10,820,067			923			96,742,366			4,745,594

Total Investments		33,067,316			886,959,846			151,725,194			1,329,253,678			6,271,348			6,270,625,672			198,744,589
Cash		—			—			—			—			—			4,682,547			—
Foreign currency, at value		—			1,474,815			1,003,566			4,220,118			46,364			—			—
Receivable for investments sold		—			23,860,091			11,941,133			—			—			24,856,914			—
Receivable for fund shares sold in-kind		—			—			—			—			—			59,017,372			—
Unrealized appreciation on forward currency contracts		—			—			18,282			365,869			12,379			—			—
Interest receivable — unaffiliated issuers		473,654			6,588,461			1,976,499			17,533,853			172,505			121,868,502			2,298,809
Interest receivable — affiliated issuers		154			57			199			1,564			—			10,316			414

TOTAL ASSETS		33,541,124			918,883,270			166,664,873			1,351,375,082			6,502,596			6,481,061,323			201,043,812

LIABILITIES
Payable for investments purchased		—			9,889,585			—			—			1,075			19,934,882			4,110,755
Unrealized depreciation on forward currency contracts		—			—			—			54,365			12,747			—			—
Distributions payable		163,696			15,239,178			—			8,382,071			62,385			143,745,057			541,066
Accrued advisory fee (Note 3)		8,925			376,070			48,262			564,894			2,968			2,098,132			20,526
Accrued trustees’ fees and expenses (Note 3)		7			5,180			934			3,422			14			17,616			637

TOTAL LIABILITIES		172,628			25,510,013			49,196			9,004,752			79,189			165,795,687			4,672,984

NET ASSETS	$	33,368,496		$	893,373,257		$	166,615,677		$	1,342,370,330		$	6,423,407		$	6,315,265,636		$	196,370,828

NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	34,841,135		$	876,172,684		$	166,195,512		$	1,292,869,801		$	6,008,400		$	6,003,318,936		$	195,192,000
Undistributed (distribution in excess of) net investment income		(55,573	)		(9,841,789	)		(3,337,978	)		(30,670,500	)		(38,697	)		(31,667,304	)		(167,162	)
Accumulated net realized gain (loss) on investments and foreign currency transactions		(157,947	)		(16,148,365	)		300,984			(3,908,836	)		52,813			20,080,265			100,313
Net unrealized appreciation (depreciation) on:
Investments		(1,259,119	)		43,057,380			3,293,413			83,468,484			392,231			323,533,739			1,245,677
Foreign currency		—			133,347			163,746			611,381			8,660			—			—

NET ASSETS	$	33,368,496		$	893,373,257		$	166,615,677		$	1,342,370,330		$	6,423,407		$	6,315,265,636		$	196,370,828

NET ASSET VALUE PER SHARE
Net asset value per share	$	47.67		$	58.01		$	37.03		$	58.62		$	32.12		$	39.44		$	30.21

Shares outstanding (unlimited amount authorized, $0.01 par value)		700,000			15,400,483			4,500,000			22,900,019			200,000			160,123,812			6,500,000

COST OF INVESTMENTS:
Unaffiliated issuers	$	34,285,440		$	843,729,005		$	147,226,036		$	1,234,965,127		$	5,878,194		$	5,850,349,567		$	192,753,318
Affiliated issuers		40,995			173,461			1,205,745			10,820,067			923			96,742,366			4,745,594

Total cost of investments	$	34,326,435		$	843,902,466		$	148,431,781		$	1,245,785,194		$	5,879,117		$	5,947,091,933		$	197,498,912

Foreign currency, at cost	$	—		$	1,421,281		$	976,871		$	4,091,539		$	40,935		$	—		$	—

See accompanying notes to financial statements.

144

SPDR SERIES TRUST
STATEMENTS OF OPERATIONS

For the Six Months Ended December 31, 2010 (Unaudited)


												SPDR Barclays
						SPDR Barclays			SPDR Barclays			Capital			SPDR Barclays			SPDR Barclays
	SPDR Barclays		SPDR Barclays			Capital			Capital			Intermediate			Capital			Capital
	Capital 1-3 Month		Capital			Intermediate Term			Long Term			Term Corporate			Long Term Corporate			Convertible
	T-Bill ETF		TIPS ETF			Treasury ETF			Treasury ETF			Bond ETF			Bond ETF			Securities ETF

INVESTMENT INCOME
Interest income on securities of unaffiliated issuers (Note 2)	$	765,098	$	3,707,236		$	2,616,656		$	598,566		$	2,476,518		$	951,843		$	3,856,076
Interest income on securities of affiliated issuers (Note 3)		294		812			1,503			176			4,041			782			3,944
Dividend income (Note 2)		—		—			—			—			—			—			4,148,031
Affiliated securities lending — net (Note 3 and Note 8)		128,363		8,550			23,460			3,025			7,780			2,432			56,688

TOTAL INVESTMENT INCOME		893,755		3,716,598			2,641,619			601,767			2,488,339			955,057			8,064,739

EXPENSES
Advisory fee (Note 3)		734,320		348,935			166,212			21,385			104,579			25,829			761,162
Trustees’ fees and expenses (Note 3)		26,468		6,553			4,232			463			2,111			560			4,734
Proxy expenses		81,729		55,916			42,122			2,595			8,839			4,404			39,478
Miscellaneous expenses		—		—			—			—			397			—			193

TOTAL EXPENSES		842,517		411,404			212,566			24,443			115,926			30,793			805,567

NET INVESTMENT INCOME (LOSS)		51,238		3,305,194			2,429,053			577,324			2,372,413			924,264			7,259,172

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		45,001		3,812,585			1,698,267			42,421			1,101,847			697,399			7,248,416
Net change in unrealized appreciation (depreciation) on:
Investments		63,107		(816,132	)		(3,131,722	)		(2,374,924	)		(806,306	)		(961,058	)		39,720,112

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		108,108		2,996,453			(1,433,455	)		(2,332,503	)		295,541			(263,659	)		46,968,528

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	159,346	$	6,301,647		$	995,598		$	(1,755,179	)	$	2,667,954		$	660,605		$	54,227,700

See accompanying notes to financial statements.

146

SPDR SERIES TRUST
STATEMENTS OF OPERATIONS (continued)

For the Six Months Ended December 31, 2010 (Unaudited)


																SPDR Nuveen
	SPDR Barclays									SPDR Nuveen			SPDR Nuveen			Barclays
	Capital			SPDR Barclays			SPDR Nuveen			Barclays			Barclays			Capital			SPDR Nuveen
	Mortgage			Capital			Barclays			Capital California			Capital New York			Short Term			S&P VRDO
	Backed Bond ETF			Aggregate Bond ETF			Capital Municipal Bond ETF			Municipal Bond ETF			Municipal Bond ETF			Municipal Bond ETF			Municipal Bond ETF

INVESTMENT INCOME
Interest income on securities of unaffiliated issuers (Note 2)	$	259,402		$	3,267,443		$	16,931,050		$	1,376,167		$	454,434		$	10,913,033		$	56,269
Interest income on securities of affiliated issuers (Note 3)		41,824			83,165			2,407			464			187			3,604			39
Affiliated securities lending — net (Note 3 and Note 8)		—			15,766			—			—			—			—			—

TOTAL INVESTMENT INCOME		301,226			3,366,374			16,933,457			1,376,631			454,621			10,916,637			56,308

EXPENSES
Advisory fee (Note 3)		36,231			213,560			1,465,244			72,359			26,991			1,319,712			11,744
Trustees’ fees and expenses (Note 3)		568			3,916			17,011			1,179			449			21,683			235
Proxy expenses		1,574			23,915			—			—			—			—			—
Miscellaneous expenses		1,012			557			505			—			—			243			301

TOTAL EXPENSES		39,385			241,948			1,482,760			73,538			27,440			1,341,638			12,280

Expenses waived by Adviser (Note 3)		—			(62,348	)		(459,805	)		—			—			—			—

NET INVESTMENT INCOME (LOSS)		261,841			3,186,774			15,910,502			1,303,093			427,181			9,574,999			44,028

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		494,889			2,991,912			5,735,101			471,564			299,592			4,555,999			—
Net change in unrealized appreciation (depreciation) on:
Investments		(513,850	)		(4,043,054	)		(34,917,502	)		(4,291,473	)		(1,319,308	)		(11,481,636	)		—

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		(18,961	)		(1,051,142	)		(29,182,401	)		(3,819,909	)		(1,019,716	)		(6,925,637	)		—

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	242,880		$	2,135,632		$	(13,271,899	)	$	(2,516,816	)	$	(592,535	)	$	2,649,362		$	44,028

See accompanying notes to financial statements.

148

SPDR SERIES TRUST
STATEMENTS OF OPERATIONS (continued)

For the Six Months Ended December 31, 2010 (Unaudited)


				SPDR DB			SPDR Barclays			SPDR Barclays			SPDR Barclays					SPDR Barclays
	SPDR Nuveen Barclays			International Government			Capital			Capital			Capital			SPDR Barclays		Capital
	Capital Build			Inflation-Protected			Short Term International			International			International			Capital		Short Term
	America Bond ETF			Bond ETF			Treasury Bond ETF			Treasury Bond ETF			Corporate Bond ETF			High Yield Bond ETF		Corporate Bond ETF

INVESTMENT INCOME
Interest income on securities of unaffiliated issuers (Note 2)	$	606,403		$	20,141,828		$	1,282,042		$	17,952,561		$	99,462		$	259,704,295	$	1,867,117
Interest income on securities of affiliated issuers (Note 3)		489			611			1,679			10,525			5			79,311		2,591
Affiliated securities lending — net (Note 3 and Note 8)		—			5,947			—			—			—			—		—
Foreign taxes withheld		—			(24,649	)		(1,370	)		(97,667	)		—			—		—

TOTAL INVESTMENT INCOME		606,892			20,123,737			1,282,351			17,865,419			99,467			259,783,606		1,869,708

EXPENSES
Advisory fee (Note 3)		37,534			2,183,103			263,578			3,118,155			18,015			11,377,461		114,604
Trustees’ fees and expenses (Note 3)		239			13,797			2,194			19,254			113			82,346		2,971
Proxy expenses		—			142,571			21,094			198,201			—			464,660		2,623
Miscellaneous expenses		—			850			37			3,080			—			614		60

TOTAL EXPENSES		37,773			2,340,321			286,903			3,338,690			18,128			11,925,081		120,258

NET INVESTMENT INCOME (LOSS)		569,119			17,783,416			995,448			14,526,729			81,339			247,858,525		1,749,450

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		(157,946	)		(2,926,520	)		382,540			8,235,710			41,976			125,672,687		509,311
Foreign currency transactions		—			(84,148	)		186,679			1,470,245			11,105			—		—
Forward foreign currency contracts		—			—			2,040			929			926			—		—
Net change in unrealized appreciation (depreciation) on:
Investments		(1,348,930	)		88,406,104			11,243,239			70,506,561			431,840			196,008,995		1,334,185
Foreign currency transactions		—			800,493			256,530			1,649,445			7,128			—		—
Forward foreign currency contracts		—			—			19,445			231,839			(4,650	)		—		—

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS		(1,506,876	)		86,195,929			12,090,473			82,094,729			488,325			321,681,682		1,843,496

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(937,757	)	$	103,979,345		$	13,085,921		$	96,621,458		$	569,664		$	569,540,207	$	3,592,946

See accompanying notes to financial statements.

150

SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS


	SPDR Barclays Capital 1-3 Month
	T-Bill ETF						SPDR Barclays Capital TIPS ETF						SPDR Barclays Capital Intermediate Term Treasury ETF						SPDR Barclays Capital Long Term Treasury ETF						SPDR Barclays Capital Intermediate Term Corporate Bond ETF
	Six Months						Six Months						Six Months						Six Months						Six Months
	Ended 12/31/10			Year Ended			Ended 12/31/10			Year Ended			Ended 12/31/10			Year Ended			Ended 12/31/10			Year Ended			Ended 12/31/10			Year Ended
	(Unaudited)			6/30/10			(Unaudited)			6/30/10			(Unaudited)			6/30/10			(Unaudited)			6/30/10			(Unaudited)			6/30/10

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	51,238		$	3,299		$	3,305,194		$	11,909,759		$	2,429,053		$	4,105,448		$	577,324		$	743,478		$	2,372,413		$	2,606,926
Net realized gain (loss) on investments		45,001			103,743			3,812,585			2,023,380			1,698,267			125,427			42,421			(16,204	)		1,101,847			770,418
Net change in unrealized appreciation (depreciation) on investments		63,107			(12,064	)		(816,132	)		16,343,442			(3,131,722	)		7,262,005			(2,374,924	)		1,547,031			(806,306	)		2,960,354

Net increase (decrease) in net assets resulting from operations		159,346			94,978			6,301,647			30,276,581			995,598			11,492,880			(1,755,179	)		2,274,305			2,667,954			6,337,698

Net equalization credits and charges		(7,263	)		(63,624	)		(19,330	)		45,199			(44,274	)		87,556			16,754			25,494			45,288			174,657

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		—			(3,299	)		(4,318,294	)		(10,410,346	)		(2,791,280	)		(4,039,490	)		(667,250	)		(748,307	)		(2,789,132	)		(2,546,039	)
Net realized gains		—			(95,292	)		—			—			(427,780	)		(278,156	)		—			—			(670,571	)		(76,151	)
Return of capital		—			(124,216	)		—			—			—			—			—			—			—			—

Total distributions to shareholders		—			(222,807	)		(4,318,294	)		(10,410,346	)		(3,219,060	)		(4,317,646	)		(667,250	)		(748,307	)		(3,459,703	)		(2,622,190	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		715,270,776			568,557,583			21,423,598			102,602,847			5,980,406			109,682,074			12,249,186			27,451,043			39,975,675			85,873,903
Proceeds from reinvestment of distributions		—			138			—			8,906			—			—			—			—			—			2,274
Cost of shares redeemed		(756,557,371	)		(499,840,672	)		(42,566,902	)		(31,230,545	)		(41,168,757	)		(17,224,860	)		(5,547,421	)		(21,815,183	)		(9,793,988	)		(3,199,131	)
Net income equalization (Note 2)		7,263			63,624			19,330			(45,199	)		44,274			(87,556	)		(16,754	)		(25,494	)		(45,288	)		(174,657	)
Other capital (Note 4)		—			—			—			—			—			—			—			—			—			4,764

Net increase (decrease) in net assets from beneficial interest transactions		(41,279,332	)		68,780,673			(21,123,974	)		71,336,009			(35,144,077	)		92,369,658			6,685,011			5,610,366			30,136,399			82,507,153

Net increase (decrease) in net assets during the period		(41,127,249	)		68,589,220			(19,159,951	)		91,247,443			(37,411,813	)		99,632,448			4,279,336			7,161,858			29,389,938			86,397,318
Net assets at beginning of period		1,054,531,810			985,942,590			379,748,840			288,501,397			242,702,562			143,070,114			23,660,564			16,498,706			113,746,540			27,349,222

NET ASSETS END OF PERIOD (1)	$	1,013,404,561		$	1,054,531,810		$	360,588,889		$	379,748,840		$	205,290,749		$	242,702,562		$	27,939,900		$	23,660,564		$	143,136,478		$	113,746,540

SHARES OF BENEFICIAL INTEREST:
Shares sold		15,600,000			12,400,000			400,000			2,000,000			100,000			1,900,000			200,000			500,000			1,200,000			2,700,000
Shares issued to shareholders from reinvestment of distributions		—			3			—			177			—			—			—			—			—			72
Shares redeemed		(16,500,000	)		(10,900,000	)		(800,000	)		(600,000	)		(700,000	)		(300,000	)		(100,000	)		(400,000	)		(300,000	)		(100,000	)

Net increase (decrease)		(900,000	)		1,500,003			(400,000	)		1,400,177			(600,000	)		1,600,000			100,000			100,000			900,000			2,600,072

(1) Including undistributed (distribution in excess of) net investment income	$	51,238		$	—		$	(25,221	)	$	987,879		$	(205,972	)	$	156,255		$	(39,034	)	$	50,892		$	(272,993	)	$	143,726

See accompanying notes to financial statements.

152

SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS (continued)


	SPDR Barclays Capital Long Term						SPDR Barclays Capital Convertible						SPDR Barclays Capital Mortgage						SPDR Barclays Capital Aggregate						SPDR Nuveen Barclays Capital
	Corporate Bond ETF						Securities ETF						Backed Bond ETF						Bond ETF						Municipal Bond ETF
	Six Months						Six Months						Six Months						Six Months						Six Months
	Ended 12/31/10			Year Ended			Ended 12/31/10			Year Ended			Ended 12/31/10			Year Ended			Ended 12/31/10			Year Ended			Ended 12/31/10			Year Ended
	(Unaudited)			6/30/10			(Unaudited)			6/30/10			(Unaudited)			6/30/10			(Unaudited)			6/30/10			(Unaudited)			6/30/10

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	924,264		$	1,152,928		$	7,259,172		$	7,755,597		$	261,841		$	291,141		$	3,186,774		$	6,908,798		$	15,910,502		$	29,973,934
Net realized gain (loss) on investments		697,399			208,701			7,248,416			3,053,018			494,889			332,826			2,991,912			3,221,816			5,735,101			2,482,903
Net change in unrealized appreciation (depreciation) on investments		(961,058	)		1,354,396			39,720,112			3,935,725			(513,850	)		345,423			(4,043,054	)		8,376,354			(34,917,502	)		28,631,186

Net increase (decrease) in net assets resulting from operations		660,605			2,716,025			54,227,700			14,744,340			242,880			969,390			2,135,632			18,506,968			(13,271,899	)		61,088,023

Net equalization credits and charges		(3,012	)		32,230			380,251			251,785			17,644			29,906			(4,057	)		53,101			(16,054	)		538,830

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(1,079,020	)		(1,068,588	)		(11,205,636	)		(8,957,176	)		(328,040	)		(287,151	)		(3,801,681	)		(6,943,248	)		(19,435,496	)		(29,426,559	)
Net realized gains		(664,892	)		(55,772	)		(1,537,389	)		(681,002	)		(668,150	)		(122,529	)		(3,289,893	)		(3,548,974	)		(5,638,860	)		—

Total distributions to shareholders		(1,743,912	)		(1,124,360	)		(12,743,025	)		(9,638,178	)		(996,190	)		(409,680	)		(7,091,574	)		(10,492,222	)		(25,074,356	)		(29,426,559	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		3,803,498			24,656,058			231,100,116			253,944,147			16,493,766			21,507,416			39,916,649			27,877,493			50,942,678			336,556,819
Proceeds from reinvestment of distributions		—			—			—			—			—			—			—			4,890			—			30,160
Cost of shares redeemed		(7,200,154	)		—			—			(43,844,160	)		(10,982,807	)		—			(33,643,931	)		(10,959,439	)		(109,477,191	)		—
Net income equalization (Note 2)		3,012			(32,230	)		(380,251	)		(251,785	)		(17,644	)		(29,906	)		4,057			(53,101	)		16,054			(538,830	)
Other capital (Note 4)		—			—			31,791			115,367			54,953			43,015			14,365			—			—			152,313

Net increase (decrease) in net assets from beneficial interest transactions		(3,393,644	)		24,623,828			230,751,656			209,963,569			5,548,268			21,520,525			6,291,140			16,869,843			(58,518,459	)		336,200,462

Net increase (decrease) in net assets during the period		(4,479,963	)		26,247,723			272,616,582			215,321,516			4,812,602			22,110,141			1,331,141			24,937,690			(96,880,768	)		368,400,756
Net assets at beginning of period		32,909,063			6,661,340			259,628,833			44,307,317			27,362,403			5,252,262			221,027,400			196,089,710			952,260,023			583,859,267

NET ASSETS END OF PERIOD (1)	$	28,429,100		$	32,909,063		$	532,245,415		$	259,628,833		$	32,175,005		$	27,362,403		$	222,358,541		$	221,027,400		$	855,379,255		$	952,260,023

SHARES OF BENEFICIAL INTEREST:
Shares sold		100,000			700,000			5,900,000			7,000,000			600,000			800,000			700,000			500,000			2,200,000			14,900,000
Shares issued to shareholders from reinvestment of distributions		—			—			—			—			—			—			—			88			—			1,341
Shares redeemed		(200,000	)		—			—			(1,200,000	)		(400,000	)		—			(600,000	)		(200,000	)		(4,800,000	)		—

Net increase (decrease)		(100,000	)		700,000			5,900,000			5,800,000			200,000			800,000			100,000			300,088			(2,600,000	)		14,901,341

(1) Including undistributed (distribution in excess of) net investment income	$	(33,880	)	$	120,876		$	(2,445,433	)	$	1,501,031		$	(47,553	)	$	18,646		$	(436,917	)	$	177,990		$	(1,978,431	)	$	1,546,563

See accompanying notes to financial statements.

154

SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS (continued)


	SPDR Nuveen Barclays Capital						SPDR Nuveen Barclays Capital New						SPDR Nuveen Barclays Capital Short						SPDR Nuveen S&P VRDO Municipal						SPDR Nuveen Barclays Capital Build
	California Municipal Bond ETF						York Municipal Bond ETF						Term Municipal Bond ETF						Bond ETF						America Bond ETF
	Six Months						Six Months						Six Months						Six Months			For the Period			Six Months			For the Period
	Ended 12/31/10			Year Ended			Ended 12/31/10			Year Ended			Ended 12/31/10			Year Ended			Ended 12/31/10			*9/23/09-**			Ended 12/31/10			*5/12/10-**
	(Unaudited)			6/30/10			(Unaudited)			6/30/10			(Unaudited)			6/30/10			(Unaudited)			6/30/10			(Unaudited)			6/30/10

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	1,303,093		$	2,467,341		$	427,181		$	791,042		$	9,574,999		$	15,753,170		$	44,028		$	28,397		$	569,119		$	67,679
Net realized gain (loss) on investments		471,564			140,122			299,592			26,824			4,555,999			734,268			—			—			(157,946	)		9,796
Net change in unrealized appreciation (depreciation) on investments		(4,291,473	)		2,470,971			(1,319,308	)		942,771			(11,481,636	)		11,360,004			—			—			(1,348,930	)		89,811

Net increase (decrease) in net assets resulting from operations		(2,516,816	)		5,078,434			(592,535	)		1,760,637			2,649,362			27,847,442			44,028			28,397			(937,757	)		167,286

Net equalization credits and charges		29,916			28,712			3,893			13,065			49,979			544,536			(1,678	)		552			51,453			—

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(1,642,869	)		(2,400,827	)		(540,050	)		(773,962	)		(11,536,297	)		(15,418,078	)		(52,065	)		(19,230	)		(671,838	)		(20,533	)
Net realized gains		(547,910	)		—			(138,121	)		—			(4,028,193	)		—			—			—			(9,797	)		—

Total distributions to shareholders		(2,190,779	)		(2,400,827	)		(678,171	)		(773,962	)		(15,564,490	)		(15,418,078	)		(52,065	)		(19,230	)		(681,635	)		(20,533	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		9,230,088			22,265,540			2,315,058			8,889,680			130,915,628			737,754,747			—			15,001,302			24,828,721			10,000,000
Proceeds from reinvestment of distributions		—			2,612			—			—			—			42,234			—			—			—			—
Cost of shares redeemed		(4,279,856	)		—			—			—			(69,786,901	)		—			(6,003,177	)		—			—			—
Net income equalization (Note 2)		(29,916	)		(28,712	)		(3,893	)		(13,065	)		(49,979	)		(544,536	)		1,678			(552	)		(51,453	)		—
Other capital (Note 4)		4,615			11,393			—			4,342			42,445			364,089			—			3,000			12,414			—

Net increase (decrease) in net assets from beneficial interest transactions		4,924,931			22,250,833			2,311,165			8,880,957			61,121,193			737,616,534			(6,001,499	)		15,003,750			24,789,682			10,000,000

Net increase (decrease) in net assets during the period		247,252			24,957,152			1,044,352			9,880,697			48,256,044			750,590,434			(6,011,214	)		15,013,469			23,221,743			10,146,753
Net assets at beginning of period		65,333,260			40,376,108			24,926,241			15,045,544			1,252,378,128			501,787,694			15,013,469			—			10,146,753			—

NET ASSETS END OF PERIOD (1)	$	65,580,512		$	65,333,260		$	25,970,593		$	24,926,241		$	1,300,634,172		$	1,252,378,128		$	9,002,255		$	15,013,469		$	33,368,496		$	10,146,753

SHARES OF BENEFICIAL INTEREST:
Shares sold		400,000			1,000,000			100,000			400,000			5,400,000			30,800,000			—			500,000			500,000			200,000
Shares issued to shareholders from reinvestment of distributions		—			117			—			—			—			1,771			—			—			—			—
Shares redeemed		(200,000	)		—			—			—			(2,900,000	)		—			(200,000	)		—			—			—

Net increase (decrease)		200,000			1,000,117			100,000			400,000			2,500,000			30,801,771			(200,000	)		500,000			500,000			200,000

(1) Including undistributed (distribution in excess of) net investment income	$	(173,662	)	$	166,114		$	(52,220	)	$	60,649		$	(1,230,492	)	$	730,806		$	1,130		$	9,167		$	(55,573	)	$	47,146


*		Commencement of operations

See accompanying notes to financial statements.

156

SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS (continued)


	SPDR DB International Government						SPDR Barclays Capital Short Term						SPDR Barclays Capital						SPDR Barclays Capital						SPDR Barclays Capital						SPDR Barclays Capital
	Inflation-Protected Bond ETF						International Treasury Bond ETF						International Treasury Bond ETF						International Corporate Bond ETF						High Yield Bond ETF						Short Term Corporate Bond ETF
	Six Months						Six Months						Six Months						Six Months			For the Period			Six Months						Six Months			For the Period
	Ended 12/31/10			Year Ended			Ended 12/31/10			Year Ended			Ended 12/31/10			Year Ended			Ended 12/31/10			*5/19/10-**			Ended 12/31/10			Year Ended			Ended 12/31/10			*12/16/09-**
	(Unaudited)			6/30/10			(Unaudited)			6/30/10			(Unaudited)			6/30/10			(Unaudited)			6/30/10			(Unaudited)			6/30/10			(Unaudited)			6/30/10

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	17,783,416		$	38,076,431		$	995,448		$	1,328,244		$	14,526,729		$	33,322,966		$	81,339		$	14,828		$	247,858,525		$	363,229,613		$	1,749,450		$	911,920
Net realized gain (loss) on investments and foreign currency transactions		(3,010,668	)		(25,880,435	)		571,259			(5,420,928	)		9,706,884			(36,032,386	)		54,007			3,377			125,672,687			162,789,493			509,311			94,920
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		89,206,597			(39,405,741	)		11,519,214			(8,492,981	)		72,387,845			(5,435,181	)		434,318			(33,427	)		196,008,995			43,410,245			1,334,185			(88,508	)

Net increase (decrease) in net assets resulting from operations		103,979,345			(27,209,745	)		13,085,921			(12,585,665	)		96,621,458			(8,144,601	)		569,664			(15,222	)		569,540,207			569,429,351			3,592,946			918,332

Net equalization credits and charges		(1,470,520	)		5,353,531			140,703			196,533			5,154,322			(1,840,713	)		—			—			5,929,236			12,051,924			13,620			128,626

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(15,239,178	)		(14,678,113	)		—			(895,839	)		(8,382,071	)		(11,120,253	)		(138,400	)		—			(291,846,817	)		(361,521,034	)		(2,062,615	)		(765,917	)
Net realized gains		—			—			—			(14,178	)		—			—			(1,035	)		—			(97,393,593	)		—			(214,565	)		—

Total distributions to shareholders		(15,239,178	)		(14,678,113	)		—			(910,017	)		(8,382,071	)		(11,120,253	)		(139,435	)		—			(389,240,410	)		(361,521,034	)		(2,277,180	)		(765,917	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		41,431,974			676,154,211			18,564,510			158,537,496			238,616,344			443,361,818			—			6,000,000			2,637,656,229			2,852,761,943			60,353,545			173,558,455
Proceeds from reinvestment of distributions		—			—			—			—			—			—			—			—			—			624,635			—			—
Cost of shares redeemed		(87,687,234	)		(180,818,380	)		—			(20,911,640	)		(23,062,929	)		(477,707,073	)		—			—			(804,800,740	)		(660,797,330	)		(27,210,166	)		(11,978,843	)
Net income equalization (Note 2)		1,470,520			(5,353,531	)		(140,703	)		(196,533	)		(5,154,322	)		1,840,713			—			—			(5,929,236	)		(12,051,924	)		(13,620	)		(128,626	)
Other capital (Note 4)		387,358			2,570,918			37,129			283,623			654,198			2,302,672			—			8,400			858,677			44,960			13,568			166,088

Net increase (decrease) in net assets from beneficial interest transactions		(44,397,382	)		492,553,218			18,460,936			137,712,946			211,053,291			(30,201,870	)		—			6,008,400			1,827,784,930			2,180,582,284			33,143,327			161,617,074

Net increase (decrease) in net assets during the period		42,872,265			456,018,891			31,687,560			124,413,797			304,447,000			(51,307,437	)		430,229			5,993,178			2,014,013,963			2,400,542,525			34,472,713			161,898,115
Net assets at beginning of period		850,500,992			394,482,101			134,928,117			10,514,320			1,037,923,330			1,089,230,767			5,993,178			—			4,301,251,673			1,900,709,148			161,898,115			—

NET ASSETS END OF PERIOD (1)	$	893,373,257		$	850,500,992		$	166,615,677		$	134,928,117		$	1,342,370,330		$	1,037,923,330		$	6,423,407		$	5,993,178		$	6,315,265,636		$	4,301,251,673		$	196,370,828		$	161,898,115

SHARES OF BENEFICIAL INTEREST:
Shares sold		700,000			12,100,000			500,000			4,300,000			4,000,000			7,800,000			—			200,000			67,000,000			75,200,000			2,000,000			5,800,000
Shares issued to shareholders from reinvestment of distributions		—			—			—			—			—			—			—			—			—			17,314			—			—
Shares redeemed		(1,600,000	)		(3,400,000	)		—			(600,000	)		(400,000	)		(8,600,000	)		—			—			(20,100,000	)		(17,400,000	)		(900,000	)		(400,000	)

Net increase (decrease)		(900,000	)		8,700,000			500,000			3,700,000			3,600,000			(800,000	)		—			200,000			46,900,000			57,817,314			1,100,000			5,400,000

(1) Including undistributed (distribution in excess of) net investment income	$	(9,841,789	)	$	(12,386,027	)	$	(3,337,978	)	$	(4,333,426	)	$	(30,670,500	)	$	(36,815,158	)	$	(38,697	)	$	18,364		$	(31,667,304	)	$	12,320,988		$	(167,162	)	$	146,003


*		Commencement of operations

See accompanying notes to financial statements.

158

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period


	SPDR Barclays Capital 1-3 Month T-Bill ETF															SPDR Barclays Capital TIPS ETF															SPDR Barclays Capital Intermediate Term Treasury ETF
	Six Months Ended												For the Period			Six Months Ended												For the Period			Six Months Ended												For the Period
	12/31/10			Year Ended			Year Ended			Year Ended			*5/25/07-**			12/31/10			Year Ended			Year Ended			Year Ended			*5/25/07-**			12/31/10			Year Ended			Year Ended			Year Ended			*5/23/07-**
	(Unaudited)			6/30/10			6/30/09			6/30/08			6/30/07			(Unaudited)			6/30/10			6/30/09			6/30/08			6/30/07			(Unaudited)			6/30/10			6/30/09			6/30/08			6/30/07

Net asset value, beginning of period	$	45.85		$	45.86		$	45.88		$	45.96		$	45.74		$	52.74		$	49.74		$	52.00		$	47.88		$	48.01		$	59.19		$	57.22		$	55.32		$	52.56		$	52.57

Income (loss) from investment operations:
Net investment income (loss)		0.00	(1) (2)		0.00	(1) (2)		0.23	(2)		1.32			0.20			0.47	(2)		1.78	(2)		0.54	(2)		2.86			0.41			0.59	(2)		1.19	(2)		1.43	(2)		2.06			0.22
Net realized and unrealized gain (loss) (3)		0.00	(1)		0.00	(1)		0.11			0.03			0.02			0.44			2.78			(1.19	)		4.24			(0.57	)		(0.31	)		2.02			1.92			2.81			(0.23	)

Total from investment operations		0.00	(1)		0.00	(1)		0.34			1.35			0.22			0.91			4.56			(0.65	)		7.10			(0.16	)		0.28			3.21			3.35			4.87			(0.01	)

Net equalization credits and charges (2)		0.00	(1)		0.00	(1)		0.02			0.09			—			(0.00	)(1)		0.01			0.07			(0.12	)		0.03			(0.01	)		0.03			0.06			0.17			—

Other Capital (2)		—			—			—			—			—			—			—			0.00	(1)		—			—			—			—			—			—			—

Distributions to shareholders from:
Net investment income		—			(0.00	)(1)		(0.37	)		(1.52	)		—			(0.62	)		(1.57	)		(1.68	)		(2.86	)		—			(0.69	)		(1.19	)		(1.51	)		(2.24	)		—
Net realized gains		—			(0.00	)(1)		(0.01	)		—			—			—			—			—			—			—			(0.12	)		(0.08	)		—			(0.04	)		—
Return of capital		—			(0.01	)		—			—			—			—			—			—			—			—			—			—			—			—			—

Total distributions		—			(0.01	)		(0.38	)		(1.52	)		—			(0.62	)		(1.57	)		(1.68	)		(2.86	)		—			(0.81	)		(1.27	)		(1.51	)		(2.28	)		—

Net asset value, end of period	$	45.85		$	45.85		$	45.86		$	45.88		$	45.96		$	53.03		$	52.74		$	49.74		$	52.00		$	47.88		$	58.65		$	59.19		$	57.22		$	55.32		$	52.56

Total return (4)		0.01	%		0.00	%(5)		0.79	%		3.18	%		0.48	%		1.72	%		9.33	%		(1.11	)%		14.96	%		(0.27	)%		0.46	%		5.73	%		6.20	%		9.73	%		(0.02	)%
Net assets, end of period (in 000’s)	$	1,013,405		$	1,054,532		$	985,943		$	284,435		$	36,766		$	360,589		$	379,749		$	288,501		$	93,602		$	57,457		$	205,291		$	242,703		$	143,070		$	44,261		$	10,513
Ratio of expenses to average net assets		0.15	%(6)		0.14	%		0.14	%		0.14	%		0.14	%(6)		0.20	%(6)		0.19	%		0.19	%		0.19	%		0.19	%(6)		0.16	%(6)		0.14	%		0.14	%		0.14	%		0.14	%(6)
Ratio of net investment income (loss) to average net assets		0.01	%(6)		0.00	%(5)		0.49	%		2.72	%		4.49	%(6)		1.75	%(6)		3.48	%		1.11	%		6.49	%		10.23	%(6)		1.97	%(6)		2.06	%		2.50	%		3.51	%		4.13	%(6)
Portfolio turnover rate (7)		311	%		623	%		692	%		583	%		2	%		9	%		18	%		21	%		16	%		—	%(5)		16	%		39	%		49	%		36	%		7	%


*		Commencement of operations
(1)		Amount is less than $0.005 per share.
(2)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(3)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(4)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(5)		Amount is less than 0.005%.
(6)		Annualized.
(7)		Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions.

160

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period


																SPDR Barclays Capital
																Intermediate Term									SPDR Barclays Capital
	SPDR Barclays Capital Long Term Treasury ETF															Corporate Bond ETF									Long Term Corporate Bond ETF									SPDR Barclays Capital Convertible Securities ETF
	Six Months Ended												For the Period			Six Months Ended						For the Period			Six Months Ended						For the Period			Six Months Ended						For the Period
	12/31/10			Year Ended			Year Ended			Year Ended			*5/23/07-**			12/31/10			Year Ended			*2/10/09-**			12/31/10			Year Ended			*3/10/09-**			12/31/10			Year Ended			*4/14/09-**
	(Unaudited)			6/30/10			6/30/09			6/30/08			6/30/07			(Unaudited)			6/30/10			6/30/09			(Unaudited)			6/30/10			6/30/09			(Unaudited)			6/30/10			6/30/09

Net asset value, beginning of period	$	59.15		$	55.00		$	53.39		$	49.67		$	50.12		$	32.50		$	30.39		$	30.00		$	36.57		$	33.31		$	30.00		$	36.06		$	31.65		$	30.00

Income (loss) from investment operations:
Net investment income (loss)		1.08	(1)		2.20	(1)		2.36	(1)		2.47			0.22			0.57	(1)		1.31	(1)		0.59	(1)		1.01	(1)		2.07	(1)		0.65	(1)		0.75	(1)		1.43	(1)		0.35	(1)
Net realized and unrealized gain (loss) (2)		(3.11	)		4.06			1.64			3.72			(0.67	)		0.28			2.13			0.20			(0.03	)		3.30			3.13			5.03			4.78			1.42

Total from investment operations		(2.03	)		6.26			4.00			6.19			(0.45	)		0.85			3.44			0.79			0.98			5.37			3.78			5.78			6.21			1.77

Net equalization credits and charges (1)		0.03			0.08			0.01			(0.01	)		—			0.01			0.09			0.05			(0.00	)(3)		0.06			—			0.04			0.05			0.05

Other Capital (1)		—			—			—			—			—			—			0.00	(3)		—			—			—			—			0.00	(3)		0.02			0.05

Distributions to shareholders from:
Net investment income		(1.27	)		(2.19	)		(2.40	)		(2.45	)		—			(0.68	)		(1.38	)		(0.45	)		(1.18	)		(2.09	)		(0.47	)		(1.13	)		(1.76	)		(0.22	)
Net realized gains		—			—			—			(0.01	)		—			(0.15	)		(0.04	)		—			(0.83	)		(0.08	)		—			(0.12	)		(0.11	)		—

Total distributions		(1.27	)		(2.19	)		(2.40	)		(2.46	)		—			(0.83	)		(1.42	)		(0.45	)		(2.01	)		(2.17	)		(0.47	)		(1.25	)		(1.87	)		(0.22	)

Net asset value, end of period	$	55.88		$	59.15		$	55.00		$	53.39		$	49.67		$	32.53		$	32.50		$	30.39		$	35.54		$	36.57		$	33.31		$	40.63		$	36.06		$	31.65

Total return (4)		(3.44	)%		11.93	%		7.51	%		12.62	%		(0.90	)%		2.64	%		11.85	%		2.86	%		2.73	%		16.76	%		12.70	%		16.31	%		19.92	%		6.24	%
Net assets, end of period (in 000’s)	$	27,940		$	23,661		$	16,499		$	10,678		$	9,934		$	143,136		$	113,747		$	27,349		$	28,429		$	32,909		$	6,661		$	532,245		$	259,629		$	44,307
Ratio of expenses to average net assets		0.15	%(5)		0.14	%		0.14	%		0.14	%		0.14	%(5)		0.16	%(5)		0.15	%		0.15	%(5)		0.17	%(5)		0.15	%		0.15	%(5)		0.41	%(5)		0.40	%		0.40	%(5)
Ratio of net investment income (loss) to average net assets		3.63	%(5)		4.01	%		4.14	%		4.58	%		4.29	%(5)		3.40	%(5)		4.13	%		5.22	%(5)		5.37	%(5)		5.85	%		6.82	%(5)		3.81	%(5)		3.85	%		5.33	%(5)
Portfolio turnover rate (6)		13	%		54	%		17	%		11	%		4	%		40	%		42	%		4	%		42	%		42	%		27	%		17	%		26	%		9	%


*		Commencement of operations
(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(2)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)		Amount is less than $0.005 per share.
(4)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(5)		Annualized.
(6)		Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions.

162

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period


	SPDR Barclays Capital Mortgage Backed Bond ETF									SPDR Barclays Capital Aggregate Bond ETF															SPDR Nuveen Barclays Capital Municipal Bond ETF
	Six Months Ended						For the Period			Six Months Ended												For the Period			Six Months Ended									For the Period
	12/31/10			Year Ended			*1/15/09-**			12/31/10			Year Ended			Year Ended			Year Ended			*5/23/07-**			12/31/10			Year Ended			Year Ended			*9/11/07-**
	(Unaudited)			6/30/10			6/30/09			(Unaudited)			6/30/10			6/30/09			6/30/08			6/30/07			(Unaudited)			6/30/10			6/30/09			6/30/08

Net asset value, beginning of period	$	27.36		$	26.26		$	26.05		$	56.67		$	54.47		$	53.13		$	52.09		$	52.36		$	22.94		$	21.95		$	21.73		$	22.16

Income (loss) from investment operations:
Net investment income (loss)		0.20	(1)		0.68	(1)		0.25	(1)		0.79	(1)		1.85	(1)		2.13	(1)		2.44			0.24			0.38	(1)		0.85	(1)		0.86	(1)		0.64
Net realized and unrealized gain (loss) (2)		0.02			1.29			0.14			(0.10	)		3.13			1.41			0.91			(0.51	)		(0.72	)		0.97			0.18			(0.53	)

Total from investment operations		0.22			1.97			0.39			0.69			4.98			3.54			3.35			(0.27	)		(0.34	)		1.82			1.04			0.11

Net equalization credits and charges (1)		0.01			0.07			—			(0.00	)(3)		0.01			0.03			0.31			—			(0.00	)(3)		0.02			0.03			0.05

Other Capital (1)		0.04			0.10			—			0.00	(3)		—			0.01			—			—			—			—			0.00	(3)		0.00	(3)

Distributions to shareholders from:
Net investment income		(0.26	)		(0.73	)		(0.18	)		(0.95	)		(1.86	)		(2.18	)		(2.62	)		—			(0.47	)		(0.85	)		(0.85	)		(0.59	)
Net realized gains		(0.56	)		(0.31	)		—			(0.82	)		(0.93	)		(0.06	)		—			—			(0.14	)		—			—			—

Total distributions		(0.82	)		(1.04	)		(0.18	)		(1.77	)		(2.79	)		(2.24	)		(2.62	)		—			(0.61	)		(0.85	)		(0.85	)		(0.59	)

Net asset value, end of period	$	26.81		$	27.36		$	26.26		$	55.59		$	56.67		$	54.47		$	53.13		$	52.09		$	21.99		$	22.94		$	21.95		$	21.73

Total return (4)		0.97	%		8.31	%		1.51	%		1.23	%		9.36	%		6.90	%		7.13	%		(0.52	)%		(1.55	)%		8.50	%		5.07	%		0.73	%
Net assets, end of period (in 000’s)	$	32,175		$	27,362		$	5,252		$	222,359		$	221,027		$	196,090		$	116,880		$	10,419		$	855,379		$	952,260		$	583,859		$	256,404
Ratio of expenses to average net assets		0.21	%(5)		0.21	%		0.20	%(5)		0.14	%(5)		0.13	%		0.13	%		0.13	%		0.13	%(5)		0.21	%(5)		0.20	%		0.20	%		0.20	%(5)
Ratio of expenses to average net assets before waivers		—	%		—	%		—	%		0.21	%(5)		0.19	%		0.19	%		0.19	%		0.19	%(5)		0.30	%(5)		0.30	%		0.30	%		0.30	%(5)
Ratio of net investment income (loss) to average net assets		1.45	%(5)		2.55	%		2.14	%(5)		2.75	%(5)		3.33	%		3.98	%		4.13	%		4.42	%(5)		3.26	%(5)		3.75	%		3.96	%		3.79	%(5)
Portfolio turnover rate (6)		731	%		897	%		619	%		171	%		376	%		475	%		151	%		17	%		7	%		9	%		3	%		0	%


*		Commencement of operations
(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(2)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)		Amount is less than $0.005 per share.
(4)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(5)		Annualized.
(6)		Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions.

164

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period


	SPDR Nuveen Barclays Capital California Municipal Bond ETF												SPDR Nuveen Barclays Capital New York Municipal Bond ETF												SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF
	Six Months Ended									For the Period			Six Months Ended									For the Period			Six Months Ended									For the Period
	12/31/10			Year Ended			Year Ended			*10/10/07-**			12/31/10			Year Ended			Year Ended			*10/11/07-**			12/31/10			Year Ended			Year Ended			*10/10/07-**
	(Unaudited)			6/30/10			6/30/09			6/30/08			(Unaudited)			6/30/10			6/30/09			6/30/08			(Unaudited)			6/30/10			6/30/09			6/30/08

Net asset value, beginning of period	$	22.53		$	21.25		$	21.74		$	22.18		$	22.66		$	21.49		$	21.64		$	21.96		$	24.08		$	23.67		$	22.82		$	22.53

Income (loss) from investment operations:
Net investment income (loss)		0.41	(1)		0.96	(1)		0.92	(1)		0.62			0.36	(1)		0.88	(1)		0.87	(1)		0.63			0.18	(1)		0.42	(1)		0.55	(1)		0.45
Net realized and unrealized gain (loss) (2)		(1.11	)		1.27			(0.52	)		(0.52	)		(0.80	)		1.16			(0.16	)		(0.39	)		(0.12	)		0.41			0.83			0.19

Total from investment operations		(0.70	)		2.23			0.40			0.10			(0.44	)		2.04			0.71			0.24			0.06			0.83			1.38			0.64

Net equalization credits and charges (1)		0.01			0.01			0.02			0.02			0.00	(3)		0.01			0.01			—			0.00	(3)		0.01			0.03			0.06

Other Capital (1)		0.00	(3)		0.00	(3)		0.00	(3)		0.00	(3)		—			0.00	(3)		0.00	(3)		—			0.00	(3)		0.01			0.01			0.01

Distributions to shareholders from:
Net investment income		(0.52	)		(0.96	)		(0.91	)		(0.56	)		(0.46	)		(0.88	)		(0.87	)		(0.56	)		(0.21	)		(0.44	)		(0.57	)		(0.42	)
Net realized gains		(0.17	)		—			—			—			(0.12	)		—			—			—			(0.07	)		—			—			—

Total distributions		(0.69	)		(0.96	)		(0.91	)		(0.56	)		(0.58	)		(0.88	)		(0.87	)		(0.56	)		(0.28	)		(0.44	)		(0.57	)		(0.42	)

Net asset value, end of period	$	21.15		$	22.53		$	21.25		$	21.74		$	21.64		$	22.66		$	21.49		$	21.64		$	23.86		$	24.08		$	23.67		$	22.82

Total return (4)		(3.16	)%		10.67	%		2.02	%		0.54	%		(2.02	)%		9.66	%		3.49	%		1.08	%		0.27	%		3.60	%		6.29	%		3.16	%
Net assets, end of period (in 000’s)	$	65,581		$	65,333		$	40,376		$	17,392		$	25,971		$	24,926		$	15,046		$	12,986		$	1,300,634		$	1,252,378		$	501,788		$	123,225
Ratio of expenses to average net assets		0.20	%(5)		0.20	%		0.20	%		0.20	%(5)		0.20	%(5)		0.20	%		0.20	%		0.20	%(5)		0.20	%(5)		0.20	%		0.20	%		0.20	%(5)
Ratio of net investment income (loss) to average net assets		3.60	%(5)		4.32	%		4.33	%		4.04	%(5)		3.17	%(5)		3.92	%		4.11	%		4.02	%(5)		1.45	%(5)		1.77	%		2.35	%		2.66	%(5)
Portfolio turnover rate (6)		21	%		12	%		24	%		17	%		29	%		9	%		33	%		32	%		13	%		14	%		4	%		2	%


*		Commencement of operations
(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(2)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)		Amount is less than $0.005 per share.
(4)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(5)		Annualized.
(6)		Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions.

166

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period


	SPDR Nuveen S&P VRDO Municipal						SPDR Nuveen Barclays Capital Build						SPDR DB International Government Inflation-Protected												SPDR Barclays Capital Short Term International Treasury
	Bond ETF						America Bond ETF						Bond ETF												Bond ETF
	Six Months Ended			For the Period			Six Months Ended			For the Period			Six Months Ended									For the Period			Six Months Ended						For the Period
	12/31/10			*9/23/09-**			12/31/10			*5/12/10-**			12/31/10			Year Ended			Year Ended			*3/13/08-**			12/31/10			Year Ended			*1/15/09-**
	(Unaudited)			6/30/10			(Unaudited)			6/30/10			(Unaudited)			6/30/10			6/30/09			6/30/08			(Unaudited)			6/30/10			6/30/09

Net asset value, beginning of period	$	30.03		$	30.00		$	50.73		$	50.00		$	52.18		$	51.90		$	60.71		$	61.85		$	33.73		$	35.05		$	33.05

Income (loss) from investment operations:
Net investment income (loss)		0.11	(1)		0.06	(1)		1.33	(1)		0.34	(1)		1.17	(1)		2.52	(1)		2.08	(1)		0.73			0.24	(1)		0.46	(1)		0.21	(1)
Net realized and unrealized gain (loss) (2)		0.01			—			(2.95	)		0.49			5.72			(1.96	)		(9.07	)		(1.35	)		3.02			(1.41	)		1.83

Total from investment operations		0.12			0.06			(1.62	)		0.83			6.89			0.56			(6.99	)		(0.62	)		3.26			(0.95	)		2.04

Net equalization credits and charges (1)		(0.00	)(3)		0.00	(3)		0.12			—			(0.10	)		0.35			0.03			0.10			0.03			0.07			(0.06	)

Other Capital (1)		—			0.01			0.03			—			0.03			0.17			0.07			0.05			0.01			0.10			0.07

Distributions to shareholders from:
Net investment income		(0.14	)		(0.04	)		(1.58	)		(0.10	)		(0.99	)		(0.80	)		(0.04	)		(0.67	)		—			(0.54	)		(0.05	)
Net realized gains		—			—			(0.01	)		—			—			—			—			—			—			—			—
Return of capital		—			—			—			—			—			—			(1.88	)		—			—			(0.00	)(3)		—

Total distributions		(0.14	)		(0.04	)		(1.59	)		(0.10	)		(0.99	)		(0.80	)		(1.92	)		(0.67	)		—			(0.54	)		(0.05	)

Net asset value, end of period	$	30.01		$	30.03		$	47.67		$	50.73		$	58.01		$	52.18		$	51.90		$	60.71		$	37.03		$	33.73		$	35.05

Total return (4)		0.39	%		0.23	%		(2.95	)%		1.67	%		13.11	%		2.03	%		(11.34	)%		(0.73	)%		9.78	%		(2.32	)%		6.22	%
Net assets, end of period (in 000’s)	$	9,002		$	15,013		$	33,368		$	10,147		$	893,373		$	850,501		$	394,482		$	206,414		$	166,616		$	134,928		$	10,514
Ratio of expenses to average net assets		0.21	%(5)		0.21	%(5)		0.35	%(5)		0.36	%(5)		0.52	%(5)		0.50	%		0.50	%		0.50	%(5)		0.37	%(5)		0.35	%		0.36	%(5)
Ratio of net investment income (loss) to average net assets		0.75	%(5)		0.26	%(5)		5.31	%(5)		5.10	%(5)		4.07	%(5)		4.60	%		4.20	%		6.89	%(5)		1.32	%(5)		1.30	%		1.39	%(5)
Portfolio turnover rate (6)		36	%		173	%		73	%		16	%		15	%		40	%		50	%		2	%		56	%		95	%		39	%


*		Commencement of operations
(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(2)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)		Amount is less than $0.005 per share.
(4)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(5)		Annualized.
(6)		Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions.

168

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period


	SPDR Barclays Capital International Treasury Bond ETF												SPDR Barclays Capital International Corporate Bond ETF						SPDR Barclays Capital High Yield Bond ETF												SPDR Barclays Capital Short Term Corporate Bond ETF
	Six Months Ended									For the Period			Six Months Ended			For the Period			Six Months Ended									For the Period			Six Months Ended			For the Period
	12/31/10			Year Ended			Year Ended			*10/2/07-**			12/31/10			*5/19/10-**			12/31/10			Year Ended			Year Ended			*11/28/07-**			12/31/10			*12/16/09-**
	(Unaudited)			6/30/10			6/30/09			6/30/08			(Unaudited)			6/30/10			(Unaudited)			6/30/10			6/30/09			6/30/08			(Unaudited)			6/30/10

Net asset value, beginning of period	$	53.78		$	54.19		$	55.14		$	51.55		$	29.97		$	30.00		$	37.99		$	34.30		$	43.82		$	47.29		$	29.98		$	30.00

Income (loss) from investment operations:
Net investment income (loss)		0.68	(1)		1.48	(1)		1.51	(1)		0.97			0.41	(1)		0.07	(1)		1.74	(1)		4.16	(1)		4.75	(1)		2.19			0.29	(1)		0.31	(1)
Net realized and unrealized gain (loss) (2)		4.26			(1.48	)		(1.32	)		3.49			2.44			(0.14	)		2.35			3.70			(10.11	)		(4.04	)		0.32			(0.17	)

Total from investment operations		4.94			—			0.19			4.46			2.85			(0.07	)		4.09			7.86			(5.36	)		(1.85	)		0.61			0.14

Net equalization credits and charges (1)		0.24			(0.08	)		(0.01	)		0.11			—			—			0.04			0.14			0.39			0.39			0.00	(3)		0.04

Other Capital (1)		0.03			0.10			0.02			0.03			—			0.04			0.01			0.00	(3)		0.00	(3)		0.01			0.00	(3)		0.06

Distributions to shareholders from:
Net investment income		(0.37	)		(0.43	)		(1.15	)		(1.01	)		(0.69	)		—			(2.08	)		(4.31	)		(4.55	)		(2.02	)		(0.35	)		(0.26	)
Net realized gains		—			—			—			—			(0.01	)		—			(0.61	)		—			—			—			(0.03	)		—

Total distributions		(0.37	)		(0.43	)		(1.15	)		(1.01	)		(0.70	)		—			(2.69	)		(4.31	)		(4.55	)		(2.02	)		(0.38	)		(0.26	)

Net asset value, end of period	$	58.62		$	53.78		$	54.19		$	55.14		$	32.12		$	29.97		$	39.44		$	37.99		$	34.30		$	43.82		$	30.21		$	29.98

Total return (4)		9.70	%		(0.01	)%		0.50	%		8.95	%		9.54	%		(0.10	)%		11.06	%		24.22	%		(10.13	)%(5)		(3.10	)%		2.04	%		0.79	%
Net assets, end of period (in 000’s)	$	1,342,370		$	1,037,923		$	1,089,231		$	760,990		$	6,423		$	5,993		$	6,315,266		$	4,301,252		$	1,900,709		$	394,346		$	196,371		$	161,898
Ratio of expenses to average net assets		0.52	%(6)		0.50	%		0.50	%		0.50	%(6)		0.55	%(6)		0.55	%(6)		0.41	%(6)		0.40	%		0.40	%		0.40	%(6)		0.13	%(6)		0.13	%(6)
Ratio of net investment income (loss) to average net assets		2.33	%(6)		2.62	%		2.91	%		3.03	%(6)		2.48	%(6)		2.16	%(6)		8.71	%(6)		10.96	%		14.81	%		9.43	%(6)		1.90	%(6)		1.94	%(6)
Portfolio turnover rate (7)		42	%		80	%		43	%		54	%		8	%		2	%		22	%		53	%		30	%		19	%		19	%		23	%


*		Commencement of operations
(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(2)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)		Amount is less than $0.005 per share.
(4)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(5)		If the Adviser had not made a voluntary contribution during the Year Ended 6/30/09 to the SPDR Barclays Capital High Yield Bond ETF, the total return would have been (10.44)%.
(6)		Annualized.
(7)		Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions.

170

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS

December 31, 2010 (Unaudited)


1.	Organization

As of December 31, 2010, the Trust offered forty-nine (49) portfolios, each of which represents a separate series of beneficial interest in the Trust (each referred to as a “Fund”, collectively as the “Funds”). The financial statements herein relate to the following twenty-one (21) Funds: SPDR Barclays Capital 1-3 Month T-Bill ETF, SPDR Barclays Capital TIPS ETF, SPDR Barclays Capital Intermediate Term Treasury ETF, SPDR Barclays Capital Long Term Treasury ETF, SPDR Barclays Capital Intermediate Term Corporate Bond ETF, SPDR Barclays Capital Long Term Corporate Bond ETF, SPDR Barclays Capital Convertible Securities ETF, SPDR Barclays Capital Mortgage Backed Bond ETF, SPDR Barclays Capital Aggregate Bond ETF, SPDR Nuveen Barclays Capital Municipal Bond ETF, SPDR Nuveen Barclays Capital California Municipal Bond ETF, SPDR Nuveen Barclays Capital New York Municipal Bond ETF, SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF, SPDR Nuveen S&P VRDO Municipal Bond ETF, SPDR Nuveen Barclays Capital Build America Bond ETF, SPDR DB International Government Inflation-Protected Bond ETF, SPDR Barclays Capital Short Term International Treasury Bond ETF, SPDR Barclays Capital International Treasury Bond ETF, SPDR Barclays Capital International Corporate Bond ETF, SPDR Barclays Capital High Yield Bond ETF and SPDR Barclays Capital Short Term Corporate Bond ETF. Each Fund operates as a non-diversified investment company. The other twenty-eight (28) Funds are included in a separate Semi-Annual Report.

An investment in a Fund involves risks similar to those of investing in any fund of fixed income securities, such as market fluctuations caused by such factors as economic and political developments, changes in interest rates and perceived trends in securities prices. The value of each Fund’s shares will decline, more or less, in correlation with any decline in the value of the Fund’s benchmark index. The values of fixed income securities could decline generally or could underperform other investments. Generally, a Fund will not sell a fixed income security because the security’s issuer is in financial trouble, unless that security is removed from the Fund’s respective benchmark index.


2.	Significant Accounting Policies

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

Security Valuation

The value of each Fund’s portfolio securities and other financial instruments are 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. Investments in open-end investment companies are valued at their net asset value each business day. Variable Rate Demand Obligations are valued at par. Forward foreign currency contracts are valued at the forward rate and are marked-to-market daily. U.S. fixed income securities may be valued as of the announced

172

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2010 (Unaudited)

closing time for trading in fixed income instruments on any day that the Securities Industry and Financial Markets Association announces an early closing time. 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 Board of Trustees of the Trust (the “Board”) believes will better reflect fair value in accordance with the Trust’s valuation policies and procedures. The Board has delegated the process of valuing securities for which market quotations are not readily available or do not otherwise accurately reflect the fair value of the security to the Pricing and Investment Committee (the “Committee”). The Committee, subject to oversight by the Board, 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, a Fund’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.


•	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 Funds’ own assumptions in determining the fair value of investments).

The type of inputs used to value each security is identified in the Schedule of Investments, which also includes a breakdown of the Fund’s investments by debt securities issued by the U.S. government or U.S. government agencies, corporate debt securities, commercial mortgage obligations, debt issued by state of the U.S. and political subdivisions of states.

The following table summarizes the inputs used in valuing the Funds’ investments, as of December 31, 2010:


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

SPDR Barclays Capital 1-3 Month T-Bill ETF	$	268,390	$	1,013,342,995	$	—	$	1,013,611,385
SPDR Barclays Capital TIPS ETF		6,653,659		357,762,405		—		364,416,064

173

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2010 (Unaudited)


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

SPDR Barclays Capital Intermediate Term Treasury ETF	$	42,300,300	$	203,978,729	$	—	$	246,279,029
SPDR Barclays Capital Long Term Treasury ETF		5,211,524		27,586,157		—		32,797,681
SPDR Barclays Capital Intermediate Term Corporate Bond ETF		5,811,940		139,331,740		—		145,143,680
SPDR Barclays Capital Long Term Corporate Bond ETF		1,460,254		27,736,299		—		29,196,553
SPDR Barclays Capital Convertible Securities ETF		203,703,579		397,376,249		—		601,079,828
SPDR Barclays Capital Mortgage Backed Bond ETF		32,597,032		32,111,857		—		64,708,889
SPDR Barclays Capital Aggregate Bond ETF		113,293,075		226,024,653		—		339,317,728
SPDR Nuveen Barclays Capital Municipal Bond ETF		2,481,197		850,484,394		—		852,965,591
SPDR Nuveen Barclays Capital California Municipal Bond ETF		175,352		65,210,920		—		65,386,272
SPDR Nuveen Barclays Capital New York Municipal Bond ETF		624,476		25,232,647		—		25,857,123
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF		3,355,554		1,293,463,992		—		1,296,819,546
SPDR Nuveen S&P VRDO Municipal Bond ETF		30,828		8,972,000		—		9,002,828
SPDR Nuveen Barclays Capital Build America Bond ETF		40,995		33,026,321		—		33,067,316
SPDR DB International Government Inflation-Protected Bond ETF		173,461		886,786,385		—		886,959,846
SPDR Barclays Capital Short Term International Treasury Bond ETF		1,205,745		150,519,449		—		151,725,194
SPDR Barclays Capital International Treasury Bond ETF		10,820,067		1,318,433,611		—		1,329,253,678
SPDR Barclays Capital International Corporate Bond ETF		923		6,270,425		—		6,271,348
SPDR Barclays Capital High Yield Bond ETF		96,742,366		6,173,883,306		—		6,270,625,672
SPDR Barclays Capital Short Term Corporate Bond ETF		4,745,594		193,998,995		—		198,744,589


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

SPDR Barclays Capital Short Term International Treasury Bond ETF	$	—	$	18,282		$	—	$	18,282
SPDR Barclays Capital International Treasury Bond ETF		—		311,504			—		311,504
SPDR Barclays Capital International Corporate Bond ETF		—		(368	)		—		(368	)


*		Other Financial Instruments are derviative instruments not reflected in the Schedule of Investments, such as futures, forward foreign currency contracts, and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

174

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2010 (Unaudited)

Investment Income

Interest income is recorded on the accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes. Dividend income is recorded on the ex-dividend date. The value of additional securities received as dividend payments is recorded as income and as an increase to the cost basis of such securities.

Expenses

Advisory fees and other expenses, which are directly identifiable to a specific Fund, are applied to that Fund. Trustees’ fees and other expenses which cannot be attributed to a Fund are allocated in such a manner as deemed equitable, taking into consideration the relative net assets of the Funds.

Equalization

Investment Transactions

Foreign Currency Translation and Foreign Investments

Investing in securities of foreign companies and foreign governments involves special risks and considerations not typically associated with investing in U.S. companies and securities of the U.S. government. These risks include revaluation of currencies and the risk of expropriation. Moreover, the markets for securities of many foreign companies and foreign governments may be less liquid and the prices of such securities may be more volatile than those of comparable U.S. companies and the U.S. government.

Forward Foreign Currency Contracts

The SPDR DB International Government Inflation-Protected Bond ETF, SPDR Barclays Capital Short Term International Treasury Bond ETF, SPDR Barclays Capital International Corporate Bond ETF and the SPDR Barclays Capital International Treasury Bond ETF may enter into forward foreign currency contracts to hedge their portfolio holdings against future movements in certain foreign currency exchange rates. A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a set price. The forward currency contracts are valued at the forward rate and are marked-to-market daily. The change in market value is recorded by the Fund as an

175

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2010 (Unaudited)

unrealized gain or loss. When the contract is closed, the Fund recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The use of forward foreign currency contracts does not eliminate fluctuations in the underlying prices of the securities of the Fund, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency contracts to sell limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of the contracts.

The following tables summarize the value of the Fund’s derivative instruments as of December 31, 2010 and the related location in the accompanying Statements of Assets and Liabilities and Statements of Operations, presented by primary underlying risk exposure:


		Asset Derivative
		Interest		Foreign
		Rate		Exchange		Credit		Equity		Commodity		Other
		Contracts		Contracts		Contracts		Contracts		Contracts		Contracts
		Risk		Risk		Risk		Risk		Risk		Risk		Total

SPDR Barclays Capital Short Term International Treasury Bond ETF(a)	Forward Contract	$	—	$	18,282	$	—	$	—	$	—	$	—	$	18,282
SPDR Barclays Capital International Treasury Bond ETF(a)	Forward Contract		—		365,869		—		—		—		—		365,869
SPDR Barclays Capital International Corporate Bond ETF(a)	Forward Contract		—		12,379		—		—		—		—		12,379


(a)	Unrealized appreciation (depreciation) on Forward Foreign Currency Contracts


		Liability Derivative
		Interest		Foreign
		Rate		Exchange		Credit		Equity		Commodity		Other
		Contracts		Contracts		Contracts		Contracts		Contracts		Contracts
		Risk		Risk		Risk		Risk		Risk		Risk		Total

SPDR Barclays Capital Short Term International Treasury Bond ETF(a)	Forward Contract	$	—	$	—	$	—	$	—	$	—	$	—	$	—
SPDR Barclays Capital International Treasury Bond ETF(a)	Forward Contract		—		54,365		—		—		—		—		54,365
SPDR Barclays Capital International Corporate Bond ETF(a)	Forward Contract		—		12,747		—		—		—		—		12,747


(a)	Unrealized appreciation (depreciation) on Forward Foreign Currency Contracts

176

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2010 (Unaudited)


		Realized Gain (Loss)
		Interest		Foreign
		Rate		Exchange		Credit		Equity		Commodity		Other
		Contracts		Contracts		Contracts		Contracts		Contracts		Contracts
		Risk		Risk		Risk		Risk		Risk		Risk		Total

SPDR Barclays Capital Short Term International Treasury Bond ETF(a)	Forward Contract	$	—	$	2,040	$	—	$	—	$	—	$	—	$	2,040
SPDR Barclays Capital International Treasury Bond ETF(a)	Forward Contract		—		929		—		—		—		—		929
SPDR Barclays Capital International Corporate Bond ETF(a)	Forward Contract		—		926		—		—		—		—		926


(a)	Realized gain (loss) on Forward Foreign Currency Contracts

(b)	Realized gain (loss) on Swap Contracts


		Change in Appreciation (Depreciation)
		Interest		Foreign
		Rate		Exchange			Credit		Equity		Commodity		Other
		Contracts		Contracts			Contracts		Contracts		Contracts		Contracts
		Risk		Risk			Risk		Risk		Risk		Risk		Total

SPDR Barclays Capital Short Term International Treasury Bond ETF(a)	Forward Contract	$	—	$	19,445		$	—	$	—	$	—	$	—	$	19,445
SPDR Barclays Capital International Treasury Bond ETF(a)	Forward Contract		—		231,839			—		—		—		—		231,839
SPDR Barclays Capital International Corporate Bond ETF(a)	Forward Contract		—		(4,650	)		—		—		—		—		(4,650	)


(a)	Unrealized appreciation (depreciation) on Forward Foreign Currency Contracts

The volume of derivatives held at period end is indicative of the volume held throughout the period.

Mortgage Dollar Rolls

The SPDR Barclays Capital Aggregate Bond ETF and the SPDR Barclays Capital Mortgage Backed Bond ETF may enter into mortgage dollar roll transactions with respect to mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase similar, but not identical, securities on a fixed date.

The counterparty receives all principal and interest payments, including prepayments, made on the security while it is the holder. The Fund receives compensation as consideration for entering into the commitment to repurchase.

The compensation is paid in the form of a lower price for the security upon its repurchase, or alternatively, a fee. Mortgage dollar rolls may be renewed with a new sale and repurchase price and a cash settlement made at each renewal without physical delivery of the securities subject to the contract. Certain risks may arise upon entering into mortgage dollar rolls from the potential inability of counterparties to meet the terms of their commitments.

Additionally, the value of such securities may change adversely before the Fund is able to repurchase them. There can be no assurance that the Funds’ use of the cash that it receives from a mortgage dollar roll will provide a return that exceeds its costs. The Funds’ use of to-be announced (“TBA”) mortgage dollar rolls may cause the fund to experience higher transaction costs.

177

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2010 (Unaudited)

Inflation-Indexed Instruments

The SPDR Barclays Capital TIPS ETF and SPDR DB International Government Inflation-Protected Bond ETF may invest almost exclusively in inflation-indexed instruments which are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these instruments is generally fixed at issuance at a rate lower than typical bonds or notes. Over the life of an inflation-indexed instrument, however, interest will be paid based on a principal value, which is adjusted for any inflation or deflation. Any increase or decrease in the principal amount of an inflation-indexed instrument will result in an adjustment of interest income which is distributed to shareholders monthly. Investors will receive their inflation-adjusted principal at maturity. Deflation may cause dividends to be suspended.

Federal Income Tax


	Net Gain (Loss)
	Reclassified
	to Paid in Capital

SPDR Barclays Capital 1-3 Month T-Bill ETF	$	3,173
SPDR Barclays Capital TIPS ETF		3,363,960
SPDR Barclays Capital Intermediate Term Treasury ETF		1,064,563
SPDR Barclays Capital Long Term Treasury ETF		78,552
SPDR Barclays Capital Intermediate Term Corporate Bond ETF		362,147
SPDR Barclays Capital Long Term Corporate Bond ETF		142,900
SPDR Barclays Capital Convertible Securities ETF		—
SPDR Barclays Capital Mortgage Backed Bond ETF		—
SPDR Barclays Capital Aggregate Bond ETF		794,969
SPDR Nuveen Barclays Capital Municipal Bond ETF		1,701,484
SPDR Nuveen Barclays Capital California Municipal Bond ETF		(212,253	)
SPDR Nuveen Barclays Capital New York Municipal Bond ETF		—
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF		976,840
SPDR Nuveen S&P VRDO Municipal Bond ETF		—

178

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2010 (Unaudited)


	Net Gain (Loss)
	Reclassified
	to Paid in Capital

SPDR Nuveen Barclays Capital Build America Bond ETF	$	—
SPDR DB International Government Inflation-Protected Bond ETF		—
SPDR Barclays Capital Short Term International Treasury Bond ETF		—
SPDR Barclays Capital International Treasury Bond ETF		—
SPDR Barclays Capital International Corporate Bond ETF		—
SPDR Barclays Capital High Yield Bond ETF		75,570,459
SPDR Barclays Capital Short Term Corporate Bond ETF		227,133

At December 31, 2010, the Funds had capital loss carryforwards which may be utilized to offset any net realized capital gains expiring on June 30:


	2016			2017			2018

SPDR Barclays Capital 1-3 Month T-Bill ETF	$	—		$	—		$	—
SPDR Barclays Capital TIPS ETF		(1,158	)		(774,523	)		(209,542	)
SPDR Barclays Capital Intermediate Term Treasury ETF		—			—			—
SPDR Barclays Capital Long Term Treasury ETF		—			—			(17,485	)
SPDR Barclays Capital Intermediate Term Corporate Bond ETF		—			—			—
SPDR Barclays Capital Long Term Corporate Bond ETF		—			—			—
SPDR Barclays Capital Convertible Securities ETF		—			—			—
SPDR Barclays Capital Mortgage Backed Bond ETF		—			—			—
SPDR Barclays Capital Aggregate Bond ETF		—			—			—
SPDR Nuveen Barclays Capital Municipal Bond ETF		—			—			—
SPDR Nuveen Barclays Capital California Municipal Bond ETF		—			(63,199	)		(77,735	)
SPDR Nuveen Barclays Capital New York Municipal Bond ETF		—			(99,863	)		(86,278	)
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF		—			—			—
SPDR Nuveen S&P VRDO Municipal Bond ETF		—			—			—
SPDR Nuveen Barclays Capital Build America Bond ETF		—			—			—
SPDR DB International Government Inflation-Protected Bond ETF		—			(3,663,114	)		(3,346,541	)
SPDR Barclays Capital Short Term International Treasury Bond ETF		—			—			—
SPDR Barclays Capital International Treasury Bond ETF		—			—			(532,370	)
SPDR Barclays Capital International Corporate Bond ETF		—			—			—
SPDR Barclays Capital High Yield Bond ETF		—			—			—
SPDR Barclays Capital Short Term Corporate Bond ETF		—			—			—


	Deferred Losses

SPDR Barclays Capital 1-3 Month T-Bill ETF	$	—
SPDR Barclays Capital TIPS ETF		—
SPDR Barclays Capital Intermediate Term Treasury ETF		—
SPDR Barclays Capital Long Term Treasury ETF		(148,327	)
SPDR Barclays Capital Intermediate Term Corporate Bond ETF		—
SPDR Barclays Capital Long Term Corporate Bond ETF		—

179

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2010 (Unaudited)


	Deferred Losses

SPDR Barclays Capital Convertible Securities ETF	$	—
SPDR Barclays Capital Mortgage Backed Bond ETF		—
SPDR Barclays Capital Aggregate Bond ETF		—
SPDR Nuveen Barclays Capital Municipal Bond ETF		—
SPDR Nuveen Barclays Capital California Municipal Bond ETF		—
SPDR Nuveen Barclays Capital New York Municipal Bond ETF		—
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF		—
SPDR Nuveen S&P VRDO Municipal Bond ETF		—
SPDR Nuveen Barclays Capital Build America Bond ETF		—
SPDR DB International Government Inflation-Protected Bond ETF		(1,552,514	)
SPDR Barclays Capital Short Term International Treasury Bond ETF		(4,003,926	)
SPDR Barclays Capital International Treasury Bond ETF		(28,513,587	)
SPDR Barclays Capital International Corporate Bond ETF		(159	)
SPDR Barclays Capital High Yield Bond ETF		—
SPDR Barclays Capital Short Term Corporate Bond ETF		—

Distributions

Each Fund declares and distributes dividends from net investment income, if any, to its shareholders monthly. The Trust declares and distributes net realized capital gains, if any, at least annually. Distributions are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles.

Effective October 30, 2009, the Trust’s Dividend Reinvestment Service is no longer available. Broker-dealers, at their own discretion, may offer a dividend reinvestment service under which additional shares of the Fund(s) are 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.

Subsequent Events

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


3.	Fees and Compensation Paid to Affiliates and Other Related Party Transactions

Advisory Fee


	Annual Rate

SPDR Barclays Capital 1-3 Month T-Bill ETF		0.1345	%
SPDR Barclays Capital TIPS ETF		0.1845
SPDR Barclays Capital Intermediate Term Treasury ETF		0.1345
SPDR Barclays Capital Long Term Treasury ETF		0.1345
SPDR Barclays Capital Intermediate Term Corporate Bond ETF		0.1500
SPDR Barclays Capital Long Term Corporate Bond ETF		0.1500
SPDR Barclays Capital Convertible Securities ETF		0.4000

180

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2010 (Unaudited)


	Annual Rate

SPDR Barclays Capital Mortgage Backed Bond ETF		0.2000	%
SPDR Barclays Capital Aggregate Bond ETF		0.1845	*
SPDR Nuveen Barclays Capital Municipal Bond ETF		0.3000	*
SPDR Nuveen Barclays Capital California Municipal Bond ETF		0.2000
SPDR Nuveen Barclays Capital New York Municipal Bond ETF		0.2000
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF		0.2000
SPDR Nuveen S&P VRDO Municipal Bond ETF		0.2000
SPDR Nuveen Barclays Capital Build America Bond ETF		0.3500
SPDR DB International Government Inflation-Protected Bond ETF		0.5000
SPDR Barclays Capital Short Term International Treasury Bond ETF		0.3500
SPDR Barclays Capital International Treasury Bond ETF		0.5000
SPDR Barclays Capital International Corporate Bond ETF		0.5500
SPDR Barclays Capital High Yield Bond ETF		0.4000
SPDR Barclays Capital Short Term Corporate Bond ETF		0.1245


*		The Adviser has contractually agreed to limit its management fee to the extent necessary to limit annual operating expenses to 0.1345% and 0.2300% until October 31, 2011 for the SPDR Barclays Capital Aggregate Bond ETF and SPDR Barclays Capital Municipal Bond ETF, respectively. For SPDR Barclays Capital Municipal Bond ETF, the limit to the management fee was 0.2000% until October 31, 2010.

The Adviser pays all operating expenses of each Fund other than management fee, distribution fee pursuant to each Fund’s Distribution and Service Plan, if any, brokerage, taxes, interest, fees and expenses of the Independent Trustees (including any Trustees’ counsel fees), litigation expenses, acquired fund fees and expenses and other extraordinary expenses.

State Street Bank and Trust Company (“State Street”), an affiliate of the Adviser, receives fees for its services as Custodian, Administrator and Transfer Agent from the Adviser.

For the six months ended December 31, 2010, State Street earned securities lending agent fees from the following funds:


	Securities Lending
	Agent Fees

SPDR Barclays Capital 1-3 Month T-Bill ETF	$	22,642
SPDR Barclays Capital TIPS ETF		1,509
SPDR Barclays Capital Intermediate Term Treasury ETF		4,141
SPDR Barclays Capital Long Term Treasury ETF		534
SPDR Barclays Capital Intermediate Term Corporate Bond ETF		1,374
SPDR Barclays Capital Long Term Corporate Bond ETF		429
SPDR Barclays Capital Convertible Securities ETF		10,003
SPDR Barclays Capital Mortgage Backed Bond ETF		—
SPDR Barclays Capital Aggregate Bond ETF		2,783
SPDR Nuveen Barclays Capital Municipal Bond ETF		—
SPDR Nuveen Barclays Capital California Municipal Bond ETF		—

181

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2010 (Unaudited)


	Securities Lending
	Agent Fees

SPDR Nuveen Barclays Capital New York Municipal Bond ETF	$	—
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF		—
SPDR Nuveen S&P VRDO Municipal Bond ETF		—
SPDR Nuveen Barclays Capital Build America Bond ETF		—
SPDR DB International Government Inflation-Protected Bond ETF		1,049
SPDR Barclays Capital Short Term International Treasury Bond ETF		—
SPDR Barclays Capital International Treasury Bond ETF		—
SPDR Barclays Capital International Corporate Bond ETF		—
SPDR Barclays Capital High Yield Bond ETF		—
SPDR Barclays Capital Short Term Corporate Bond ETF		—

Distributor

State Street Global Markets, LLC (the “Distributor”), an affiliate of the Adviser, serves as the distributor of the shares of each Fund. Pursuant to a Distribution and Service Plan adopted in accordance with Rule 12b-1 under the 1940 Act, each Fund is authorized to pay an amount of up to 0.25% of its average daily net assets for certain distribution-related activities. However, the Board of Trustees has determined that no such payments will be made through at least October 31, 2011 and therefore no such payments have been made.

Trustees’ Fees

Transactions with Affiliates

Each Fund may invest in certain money market funds managed by the Adviser, including the State Street Institutional Liquid Reserves Fund-Institutional Class, (“Liquid Reserves Fund”) and State Street Institutional Tax Free Money Market Fund-Institutional Class (“Tax Free Money Market Fund”), both a series of State Street Institutional Investment Trust. The Liquid Reserves Fund and Tax Free Money Market Fund are both feeder funds in a master/feeder fund structure that invest substantially all of their assets in the State Street Money Market Portfolio and State Street Tax Free Money Market Portfolio (“Master Portfolios”), respectively, each a series of State Street Master Funds. The Liquid Reserves Fund and Tax Free Money Market Fund do not pay an investment advisory fee to the Adviser, but the respective Master Portfolio in which they invest pays an investment advisory fee to the Adviser. The Liquid Reserves Fund and Tax Free Money Market Fund intend to declare dividends on shares from net investment income daily and pay them as of the last business day of each month. All income distributions earned by the Funds from affiliated money market funds are recorded as interest income on securities of affiliated issuers in the accompanying Statements of Operations. In addition, cash collateral from lending activities is invested in Prime Portfolio, for which SSgA FM serves as the investment adviser.

182

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2010 (Unaudited)

Amounts related to investments in Liquid Reserves Fund, Tax Free Money Market Fund and/or Prime Portfolio at December 31, 2010 and for the period then ended are:


	Value at		Purchased				Sold				Value at				Realized
Liquid Reserves Fund	6/30/10		Cost		Shares		Proceeds		Shares		12/31/10		Income		Gain/(Loss)

SPDR Barclays Capital 1-3 Month T-Bill ETF	$	118,394	$	10,203,834		10,203,834	$	10,053,838		10,053,838	$	268,390	$	294	$	—
SPDR Barclays Capital TIPS ETF		81,251		8,543,114		8,543,114		7,723,432		7,723,432		900,933		812		—
SPDR Barclays Capital Intermediate Term Treasury ETF		525,070		41,702,258		41,702,258		41,073,753		41,073,753		1,153,575		1,503		—
SPDR Barclays Capital Long Term Treasury ETF		1,622		4,687,991		4,687,991		4,565,514		4,565,514		124,099		176		—
SPDR Barclays Capital Intermediate Term Corporate Bond ETF		2,198,747		18,272,585		18,272,585		15,796,200		15,796,200		4,675,132		4,041		—
SPDR Barclays Capital Long Term Corporate Bond ETF		880,585		6,317,870		6,317,870		6,807,239		6,807,239		391,216		782		—
SPDR Barclays Capital Convertible Securities ETF		3,037,026		67,688,356		67,688,356		56,865,503		56,865,503		13,859,879		3,944		—
SPDR Barclays Capital Mortgage Backed Bond ETF		26,464,512		45,492,063		45,492,063		39,359,543		39,359,543		32,597,032		41,824		—
SPDR Barclays Capital Aggregate Bond ETF		70,848,215		90,899,032		90,899,032		93,573,608		93,573,608		68,173,639		83,165		—
SPDR Nuveen Barclays Capital Build America Bond ETF		337,703		16,427,104		16,427,104		16,723,812		16,723,812		40,995		489		—
SPDR DB International Government Inflation-Protected Bond ETF		16,569		19,282,708		19,282,708		19,125,816		19,125,816		173,461		611		—
SPDR Barclays Capital Short Term International Treasury Bond ETF		2,290,565		20,259,145		20,259,145		21,343,965		21,343,965		1,205,745		1,679		—
SPDR Barclays Capital International Treasury Bond ETF		3,279,496		107,300,133		107,300,133		99,759,562		99,759,562		10,820,067		10,525		—
SPDR Barclays Capital International Corporate Bond ETF		7,320		84,277		84,277		90,674		90,674		923		5		—
SPDR Barclays Capital High Yield Bond ETF		14,812,046		925,585,740		925,585,740		843,655,420		843,655,420		96,742,366		79,311		—
SPDR Barclays Capital Short Term Corporate Bond ETF		6,232,291		36,837,216		36,837,216		38,323,913		38,323,913		4,745,594		2,591		—


	Value at		Purchased				Sold				Value at				Realized
Tax Free Money Market Fund	6/30/10		Cost		Shares		Proceeds		Shares		12/31/10		Income		Gain/(Loss)

SPDR Nuveen Barclays Capital Municipal Bond ETF	$	1,323,334	$	88,860,275		88,860,275	$	87,702,412		87,702,412	$	2,481,197	$	2,407	$	—
SPDR Nuveen Barclays Capital California Municipal Bond ETF		69,456		21,498,510		21,498,510		21,392,614		21,392,614		175,352		464		—
SPDR Nuveen Barclays Capital New York Municipal Bond ETF		177,072		4,624,722		4,624,722		4,177,318		4,177,318		624,476		187		—
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF		10,409,726		182,479,675		182,479,675		189,533,847		189,533,847		3,355,554		3,604		—
SPDR Nuveen S&P VRDO Municipal Bond ETF		116,417		2,545,492		2,545,492		2,631,081		2,631,081		30,828		39		—

183

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2010 (Unaudited)


	Value at		Purchased				Sold				Value at				Realized
Prime Portfolio	6/30/10		Cost		Shares		Proceeds		Shares		12/31/10		Income		Gain/(Loss)

SPDR Barclays Capital 1-3 Month T-Bill ETF	$	—	$	1,923,665,940		1,923,665,940	$	1,923,665,940		1,923,665,940	$	—	$	128,363	$	—
SPDR Barclays Capital TIPS ETF		37,370,682		55,890,740		55,890,740		87,508,696		87,508,696		5,752,726		8,550		—
SPDR Barclays Capital Intermediate Term Treasury ETF		26,431,174		81,007,131		81,007,131		66,291,580		66,291,580		41,146,725		23,460		—
SPDR Barclays Capital Long Term Treasury ETF		2,203,900		15,120,537		15,120,537		12,237,012		12,237,012		5,087,425		3,025		—
SPDR Barclays Capital Intermediate Term Corporate Bond ETF		16,362,468		14,343,150		14,343,150		29,568,810		29,568,810		1,136,808		7,780		—
SPDR Barclays Capital Long Term Corporate Bond ETF		3,383,865		10,594,483		10,594,483		12,909,310		12,909,310		1,069,038		2,432		—
SPDR Barclays Capital Convertible Securities ETF		33,590,990		135,621,647		135,621,647		109,014,212		109,014,212		60,198,425		56,688		—
SPDR Barclays Capital Aggregate Bond ETF		10,761,980		102,436,320		102,436,320		68,078,864		68,078,864		45,119,436		15,766		—
SPDR DB International Government Inflation-Protected Bond ETF		9,505,986		1,698,784		1,698,784		11,204,770		11,204,770		—		5,947		—


4.	Shareholder Transactions

Shares are issued and redeemed by a Fund only in Creation Unit size aggregations of 100,000 shares. Such transactions are generally permitted on an in-kind basis, with a separate cash payment, which is a balancing cash component to equate the transaction to the net asset value per unit of the Fund on the transaction date and in the case of SPDR Barclays Capital Aggregate Bond ETF and SPDR Barclays Capital Mortgage Backed Bond ETF, cash in lieu of TBA positions. Transaction fees ranging from of $250 to $1,500 per Creation Unit for each Fund, regardless of the number of Creation Units that are created or redeemed on the same day, are charged to those persons creating or redeeming Creation Units. An additional variable fee may be charged for certain transactions. Transaction fees are received by the Trust and/or Custodian and are used to defray related expenses. The Custodian also receives amounts earned on cash collateral provided by Authorized Participants pending delivery of missing deposit securities.


5.	Aggregate Unrealized Appreciation and Depreciation


			Gross		Gross		Net Unrealized
	Identified		Unrealized		Unrealized		Appreciation
	Cost		Appreciation		Depreciation		(Depreciation)

SPDR Barclays Capital 1-3 Month T-Bill ETF	$	1,013,584,393	$	31,531	$	4,539	$	26,992
SPDR Barclays Capital TIPS ETF		346,950,383		17,734,758		269,077		17,465,681
SPDR Barclays Capital Intermediate Term Treasury ETF		242,236,537		4,664,123		621,631		4,042,492
SPDR Barclays Capital Long Term Treasury ETF		33,653,930		64,989		921,238		(856,249	)
SPDR Barclays Capital Intermediate Term Corporate Bond ETF		142,454,656		3,381,139		692,115		2,689,024
SPDR Barclays Capital Long Term Corporate Bond ETF		28,190,625		1,358,548		352,620		1,005,928
SPDR Barclays Capital Convertible Securities ETF		556,107,335		46,460,897		1,488,404		44,972,493
SPDR Barclays Capital Mortgage Backed Bond ETF		64,877,609		66,389		235,109		(168,720	)
SPDR Barclays Capital Aggregate Bond ETF		334,610,771		5,857,756		1,150,799		4,706,957
SPDR Nuveen Barclays Capital Municipal Bond ETF		854,506,334		13,708,202		15,248,945		(1,540,743	)
SPDR Nuveen Barclays Capital California Municipal Bond ETF		67,804,655		444,167		2,862,550		(2,418,383	)
SPDR Nuveen Barclays Capital New York Municipal Bond ETF		26,335,783		212,310		690,970		(478,660	)
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF		1,289,939,772		11,640,375		4,760,601		6,879,774

184

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2010 (Unaudited)


			Gross		Gross		Net Unrealized
	Identified		Unrealized		Unrealized		Appreciation
	Cost		Appreciation		Depreciation		(Depreciation)

SPDR Nuveen S&P VRDO Municipal Bond ETF	$	9,002,828	$	—	$	—	$	—
SPDR Nuveen Barclays Capital Build America Bond ETF		34,326,435		193,155		1,452,274		(1,259,119	)
SPDR DB International Government Inflation-Protected Bond ETF		843,902,466		73,630,373		30,572,993		43,057,380
SPDR Barclays Capital Short Term International Treasury Bond ETF		148,431,781		5,680,195		2,386,782		3,293,413
SPDR Barclays Capital International Treasury Bond ETF		1,245,785,194		105,455,232		21,986,748		83,468,484
SPDR Barclays Capital International Corporate Bond ETF		5,879,117		419,511		27,280		392,231
SPDR Barclays Capital High Yield Bond ETF		5,947,091,933		350,383,272		26,849,533		323,533,739
SPDR Barclays Capital Short Term Corporate Bond ETF		197,498,912		1,510,128		264,451		1,245,677


6.	Investment Transactions

For the six months ended December 31, 2010, the following Funds had in-kind contributions, in-kind redemptions and in-kind realized gain/loss as follows:


					Realized
	Contributions		Redemptions		Gain/(Loss)

SPDR Barclays Capital 1-3 Month T-Bill ETF	$	715,491,618	$	756,836,968	$	3,173
SPDR Barclays Capital TIPS ETF		21,265,968		42,296,965		3,363,960
SPDR Barclays Capital Intermediate Term Treasury ETF		5,642,075		40,516,282		1,064,563
SPDR Barclays Capital Long Term Treasury ETF		12,147,409		5,482,216		78,552
SPDR Barclays Capital Intermediate Term Corporate Bond ETF		36,163,572		9,659,399		362,147
SPDR Barclays Capital Long Term Corporate Bond ETF		2,799,950		6,263,098		142,900
SPDR Barclays Capital Convertible Securities ETF		181,152,298		—		—
SPDR Barclays Capital Aggregate Bond ETF		21,730,038		19,581,238		794,969
SPDR Nuveen Barclays Capital Municipal Bond ETF		57,227,972		100,158,011		1,701,484
SPDR Nuveen Barclays Capital California Municipal Bond ETF		—		4,260,596		(212,253	)
SPDR Nuveen Barclays Capital New York Municipal Bond ETF		602,664		—		—
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF		50,324,304		66,115,805		976,840
SPDR Barclays Capital High Yield Bond ETF		2,041,804,146		728,800,893		75,570,459
SPDR Barclays Capital Short Term Corporate Bond ETF		47,623,031		26,108,506		227,133

For the six months ended December 31, 2010, the Funds had purchases and sales of investment securities (excluding short-term securities – with the exception of SPDR Barclays Capital 1-3 Month T-Bill ETF, SPDR Nuveen S&P

185

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2010 (Unaudited)

VRDO Municipal Bond ETF, SPDR Barclays Capital Short Term Corporate Bond ETF and SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF), as follows:


	U.S. Government Obligations				Other Securities
	Purchases		Sales		Purchases		Sales

SPDR Barclays Capital 1-3 Month T-Bill ETF	$	3,345,545,059	$	3,346,023,328	$	—	$	—
SPDR Barclays Capital TIPS ETF		34,231,403		35,279,177		—		—
SPDR Barclays Capital Intermediate Term Treasury ETF		37,545,672		37,236,462		—		—
SPDR Barclays Capital Long Term Treasury ETF		4,113,898		4,130,260		—		—
SPDR Barclays Capital Intermediate Term Corporate Bond ETF		—		—		46,093,908		43,194,346
SPDR Barclays Capital Long Term Corporate Bond ETF		—		—		13,805,865		13,739,279
SPDR Barclays Capital Convertible Securities ETF		—		—		96,189,319		62,845,021
SPDR Barclays Capital Mortgage Backed Bond ETF		264,501,136		259,900,390		—		—
SPDR Barclays Capital Aggregate Bond ETF		396,764,001		395,904,515		3,194,683		8,936,755
SPDR Nuveen Barclays Capital Municipal Bond ETF		—		—		70,712,610		91,952,505
SPDR Nuveen Barclays Capital California Municipal Bond ETF		—		—		24,072,360		14,998,568
SPDR Nuveen Barclays Capital New York Municipal Bond ETF		—		—		8,759,925		7,480,356
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF		—		—		272,318,444		174,928,183
SPDR Nuveen S&P VRDO Municipal Bond ETF		—		—		4,165,000		10,180,000
SPDR Nuveen Barclays Capital Build America Bond ETF		—		—		39,909,659		15,385,480
SPDR DB International Government Inflation-Protected Bond ETF		—		—		128,340,554		175,610,812
SPDR Barclays Capital Short Term International Treasury Bond ETF		—		—		95,169,039		80,894,085
SPDR Barclays Capital International Treasury Bond ETF		—		—		759,536,949		496,754,936
SPDR Barclays Capital International Corporate Bond ETF		—		—		552,044		515,446
SPDR Barclays Capital High Yield Bond ETF		—		—		1,502,856,058		1,175,667,146
SPDR Barclays Capital Short Term Corporate Bond ETF		—		—		46,952,765		34,123,814

For the six months ended December 31, 2010, the Trust did not pay any commissions to an affiliate of the Adviser for investment transactions.


7.	Concentration of Risk

The Funds’ assets may be concentrated in a particular state or geographic area, or in a particular industry, group of industries or sector. Because each Fund will generally concentrate its investments to approximately the same extent that its index is so concentrated, a Fund may be adversely affected by the performance of bonds of a particular state or geographic area, or in a particular industry, group of industries or sector, and its shares may be subject to increased price volatility. In addition, if a Fund concentrates in a single industry, group of industries or type of instrument, it may be more susceptible to any single economic, market, political or regulatory occurrence affecting that industry, group of industries or type of instrument.


8.	Securities Lending

186

SPDR SERIES TRUST
OTHER INFORMATION

December 31, 2010 (Unaudited)

Shareholder Expense Example

Actual Expenses

Hypothetical Example for Comparison Purposes

The second table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Fund’s actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are provided to enable you to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The Funds charge transaction fees at scheduled amounts ranging from $250 to $1,500 per Creation Unit to those persons creating or redeeming Creation Units. If you buy or sell the Funds’ shares in the secondary market, you will incur customary brokerage commissions and charges.


				Beginning Account		Ending Account		Expenses Paid
	Annualized			Value		Value		During Period*
Actual	Expense Ratio			7/1/10		12/31/10		7/1/10 to 12/31/10

SPDR Barclays Capital 1-3 Month T-Bill ETF		0.15	%	$	1,000	$	1,000.10	$	0.76
SPDR Barclays Capital TIPS ETF		0.22			1,000		1,017.20		1.12
SPDR Barclays Capital Intermediate Term Treasury ETF		0.17			1,000		1,004.60		0.86
SPDR Barclays Capital Long Term Treasury ETF		0.15			1,000		965.60		0.74
SPDR Barclays Capital Intermediate Term Corporate Bond ETF		0.17			1,000		1,026.40		0.87
SPDR Barclays Capital Long Term Corporate Bond ETF		0.18			1,000		1,027.30		0.92
SPDR Barclays Capital Convertible Securities ETF		0.42			1,000		1,163.10		2.29
SPDR Barclays Capital Mortgage Backed Bond ETF		0.22			1,000		1,009.70		1.11
SPDR Barclays Capital Aggregate Bond ETF		0.16			1,000		1,012.30		0.81
SPDR Nuveen Barclays Capital Municipal Bond ETF		0.21			1,000		984.50		1.05

188

SPDR SERIES TRUST
OTHER INFORMATION (continued)

December 31, 2010 (Unaudited)


				Beginning Account		Ending Account		Expenses Paid
	Annualized			Value		Value		During Period*
Actual	Expense Ratio			7/1/10		12/31/10		7/1/10 to 12/31/10

SPDR Nuveen Barclays Capital California Municipal Bond ETF		0.20	%	$	1,000	$	968.40	$	0.99
SPDR Nuveen Barclays Capital New York Municipal Bond ETF		0.20			1,000		979.80		1.00
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF		0.20			1,000		1,002.70		1.01
SPDR Nuveen S&P VRDO Municipal Bond ETF		0.21			1,000		1,003.90		1.06
SPDR Nuveen Barclays Capital Build America Bond ETF		0.35			1,000		970.50		1.74
SPDR DB International Government Inflation-Protected Bond ETF		0.54			1,000		1,131.10		2.90
SPDR Barclays Capital Short Term International Treasury Bond ETF		0.38			1,000		1,097.80		2.01
SPDR Barclays Capital International Treasury Bond ETF		0.54			1,000		1,097.00		2.85
SPDR Barclays Capital International Corporate Bond ETF		0.55			1,000		1,095.40		2.90
SPDR Barclays Capital High Yield Bond ETF		0.42			1,000		1,110.60		2.23
SPDR Barclays Capital Short Term Corporate Bond ETF		0.13			1,000		1,020.40		0.66


				Beginning Account		Ending Account		Expenses Paid
	Annualized			Value		Value		During Period*
Hypothetical	Expense Ratio			7/1/10		12/31/10		7/1/10 to 12/31/10

SPDR Barclays Capital 1-3 Month T-Bill ETF		0.15	%	$	1,000	$	1,024.45	$	0.77
SPDR Barclays Capital TIPS ETF		0.22			1,000		1,024.10		1.12
SPDR Barclays Capital Intermediate Term Treasury ETF		0.17			1,000		1,024.35		0.87
SPDR Barclays Capital Long Term Treasury ETF		0.15			1,000		1,024.45		0.77
SPDR Barclays Capital Intermediate Term Corporate Bond ETF		0.17			1,000		1,024.35		0.87
SPDR Barclays Capital Long Term Corporate Bond ETF		0.18			1,000		1,024.30		0.92
SPDR Barclays Capital Convertible Securities ETF		0.42			1,000		1,023.09		2.14
SPDR Barclays Capital Mortgage Backed Bond ETF		0.22			1,000		1,024.10		1.12
SPDR Barclays Capital Aggregate Bond ETF		0.16			1,000		1,024.40		0.82
SPDR Nuveen Barclays Capital Municipal Bond ETF		0.21			1,000		1,024.15		1.07
SPDR Nuveen Barclays Capital California Municipal Bond ETF		0.20			1,000		1,024.20		1.02

189

SPDR SERIES TRUST
OTHER INFORMATION (continued)

December 31, 2010 (Unaudited)


				Beginning Account		Ending Account		Expenses Paid
	Annualized			Value		Value		During Period*
Hypothetical	Expense Ratio			7/1/10		12/31/10		7/1/10 to 12/31/10

SPDR Nuveen Barclays Capital New York Municipal Bond ETF		0.20	%	$	1,000	$	1,024.20	$	1.02
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF		0.20			1,000		1,024.20		1.02
SPDR Nuveen S&P VRDO Municipal Bond ETF		0.21			1,000		1,024.15		1.07
SPDR Nuveen Barclays Capital Build America Bond ETF		0.35			1,000		1,023.44		1.79
SPDR DB International Government Inflation-Protected Bond ETF		0.54			1,000		1,022.48		2.75
SPDR Barclays Capital Short Term International Treasury Bond ETF		0.38			1,000		1,023.29		1.94
SPDR Barclays Capital International Treasury Bond ETF		0.54			1,000		1,022.48		2.75
SPDR Barclays Capital International Corporate Bond ETF		0.55			1,000		1,022.43		2.80
SPDR Barclays Capital High Yield Bond ETF		0.42			1,000		1,023.09		2.14
SPDR Barclays Capital Short Term Corporate Bond ETF		0.13			1,000		1,024.55		0.66


*		Expenses are equal to the Fund’s annualized net expense ratio multiplied by the average account value of the period, multiplied by the number of days in the most recent six month period, then divided by 365.

190

SPDR SERIES TRUST
OTHER INFORMATION (continued)

December 31, 2010 (Unaudited)

Proxy Voting Policies and Procedures and Records

Quarterly Portfolio Schedule

Approval of Advisory Agreement

The Board considered the nature, extent and quality of services provided by, or to be provided by, the Adviser. In doing so, they relied on their prior experience with the Trust and materials provided prior to and at the meeting. The Board reviewed the Investment Advisory Agreement and the Adviser’s responsibilities for managing investment operations of the SPDR ETFs in accordance with each SPDR ETF’s investment objective, investment policies, and applicable legal and regulatory requirements. The Board appreciated the relatively unique nature of the SPDR ETFs, as exchange-traded funds, and the experience and expertise of the Adviser with exchange-traded funds. The Board considered the background and experience of the Adviser’s senior management, including those individuals responsible for portfolio management and compliance of the SPDR ETFs. The Board also considered the portfolio management resources, structures and practices, including those associated with monitoring and securing each SPDR ETF’s compliance with its investment objectives and policies and with applicable laws and regulations. The Board also considered information about the Adviser’s best execution procedures and overall investment management business, noting that the Adviser serves a wide range of clients across a broad spectrum of asset classes. The Board looked at the Adviser’s general knowledge of the investment business and that of its affiliates which make up State Street Global Advisors, with which the Adviser shares all of its senior personnel. The Board considered that the Adviser and its affiliates constitute one of the world’s largest investment management enterprises for indexed products generally and exchange-traded funds in particular. The Board considered the Adviser’s experience in managing fixed income exchange-traded funds. The Board then determined that the nature, extent and quality of services provided by the Adviser to the SPDR ETFs were necessary and appropriate.

191

SPDR SERIES TRUST
OTHER INFORMATION (continued)

December 31, 2010 (Unaudited)

The Board evaluated the SPDR ETFs’ unitary fee through review of comparative information with respect to fees paid by similar funds — i.e., exchange-traded funds tracking fixed income indexes. The Board reviewed the universe of similar exchange-traded funds for the SPDR ETFs based upon data from Lipper Analytical Services and related comparative information for similar exchange-traded funds. The Board also reviewed the historical expense ratios of the SPDR ETFs, estimated expense ratios of the new SPDR ETFs, and the unitary fee structure. The Board used a fund by fund analysis of the data. The Board concluded, based on the information presented, that each SPDR ETF’s fees were fair and reasonable in light of those of their direct competitors.

The Board, including the Independent Trustees voting separately, approved the Investment Advisory Agreement after weighing the foregoing factors, none of which was dispositive in itself and may have been weighed by each Trustee differently. The Board’s conclusions regarding the Investment Advisory Agreement were as follows: (a) the nature and extent of the services provided by, or expected to be provided by, the Adviser with respect to the SPDR ETFs were appropriate; (b) the performance and, more importantly, the index tracking, of each SPDR ETF had been satisfactory; (c) the Adviser’s fees for each SPDR ETF and the unitary fee, considered in relation to services provided or expected to be provided, were fair and reasonable; (d) profitability of the Trust’s relationship with the Adviser was not excessive; (e) any additional benefits to the Adviser or its affiliates were not of a magnitude to materially affect the Board’s conclusions; and (f) fees paid to the Adviser adequately shared the economies of scale with the SPDR ETFs by way of the relatively low fee structure of the Trust.

192

The SPDR^® Family of Exchange Traded Funds

SPDR Series Trust

SPDR Dow Jones Total Market ETF (TMW)

SPDR Dow Jones Large Cap ETF (ELR)

SPDR S&P 500 Growth ETF (SPYG)

SPDR S&P 500 Value ETF (SPYV)

SPDR Dow Jones Mid Cap ETF (EMM)

SPDR S&P 400 Mid Cap Growth ETF (MDYG)

SPDR S&P 400 Mid Cap Value ETF (MDYV)

SPDR S&P 600 Small Cap ETF (SLY)

SPDR S&P 600 Small Cap Growth ETF (SLYG)

SPDR S&P 600 Small Cap Value ETF (SLYV)

SPDR DJ Global Titans ETF (DGT)

SPDR Dow Jones REIT ETF (RWR)

SPDR KBW Bank ETF (KBE)

SPDR KBW Capital Markets ETF (KCE)

SPDR KBW Insurance ETF (KIE)

SPDR KBW Mortgage Finance ETF(KME)

SPDR KBW Regional Banking ETF (KRE)

SPDR Morgan Stanley Technology ETF (MTK)

SPDR S&P Dividend ETF (SDY)

SPDR S&P Biotech ETF (XBI)

SPDR S&P Health Care Equipment ETF (XHE)

SPDR S&P Homebuilders ETF (XHB)

SPDR S&P Metals & Mining ETF (XME)

SPDR S&P Oil & Gas Equipment & Services ETF (XES)

SPDR S&P Oil & Gas Exploration & Production ETF (XOP)

SPDR S&P Pharmaceuticals ETF (XPH)

SPDR S&P Retail ETF (XRT)

SPDR S&P Semiconductor ETF (XSD)

SPDR S&P Telecom ETF (XTL)

SPDR S&P Transportation ETF (XTN)

SPDR Wells Fargo Preferred Stock ETF (PSK)

SPDR Barclays Capital 1-3 Month T-Bill ETF (BIL)

SPDR Barclays Capital TIPS ETF (IPE)

SPDR Barclays Capital Intermediate Term Treasury ETF (ITE)

SPDR Barclays Capital Long Term Treasury ETF (TLO)

SDPR Barclays Capital Short Term Corporate Bond ETF (SCPB)

SPDR Barclays Capital Intermediate Term Corporate Bond ETF (ITR)

SPDR Barclays Capital Long Term Corporate Bond ETF (LWC)

SPDR Barclays Capital Convertible Securities ETF (CWB)

SPDR Barclays Capital Mortgage Backed Bond ETF (MBG)

SPDR Barclays Capital Aggregate Bond ETF (LAG)

SPDR Nuveen Barclays Capital Municipal Bond ETF (TFI)

SPDR Nuveen Barclays Capital California Municipal Bond ETF (CXA)

SPDR Nuveen Barclays Capital New York Municipal Bond ETF (INY)

SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF (SHM)

SPDR Nuveen S&P VRDO Municipal Bond ETF (VRD)

SPDR Nuveen Barclays Capital Build America Bond ETF

SPDR DB International Government Inflation-Protected Bond ETF (WIP)

SPDR Barclays Capital Short Term International Treasury Bond ETF (BWZ)

SPDR Barclays Capital International Treasury Bond ETF (BWX)

SPDR Barclays Capital International Corporate Bond ETF (IBND)

SPDR Barclays Capital Emerging Markets Local Bond ETF (EBND)

SPDR Barclays Capital High Yield Bond ETF (JNK)

The Select Sectors SPDR Trust

The Consumer Discretionary Select Sector SPDR Fund (XLY)

The Consumer Staples Select Sector SPDR Fund (XLP)

The Energy Select Sector SPDR Fund (XLE)

The Financial Select Sector SPDR Fund (XLF)

The Health Care Select Sector SPDR Fund (XLV)

The Industrial Select Sector SPDR Fund (XLI)

The Materials Select Sector SPDR Fund (XLB)

The Technology Select Sector SPDR Fund (XLK)

The Utilities Select Sector SPDR Fund (XLU)

SPDR Index Shares Funds

SPDR STOXX Europe 50 ETF (FEU)

SPDR EURO STOXX 50 ETF (FEZ)

SPDR S&P Emerging Asia Pacific ETF (GMF)

SPDR S&P Russia ETF (RBL)

SPDR S&P China ETF (GXC)

SPDR S&P Emerging Markets ETF (GMM)

SPDR S&P Emerging Markets Dividend ETF (EDIV)

SPDR S&P BRIC 40 ETF (BIK)

SPDR S&P Emerging Europe ETF (GUR)

SPDR S&P Emerging Latin America ETF GML)

SPDR S&P Emerging Middle East & Africa ETF (GAF)

SPDR S&P World ex-US ETF (GWL)

SPDR S&P International Small Cap ETF (GWX)

SPDR Dow Jones International Real Estate ETF (RWX)

SPDR FTSE/Macquarie Global Infrastructure 100 ETF (GII)

SPDR MSCI ACWI ex-US ETF (CWI)

SPDR Russell/Nomura PRIME Japan ETF (JPP)

SPDR Russell/Nomura Small Cap Japan ETF (JSC)

SPDR S&P International Dividend ETF (DWX)

SPDR S&P International Mid Cap ETF (MDD)

SPDR S&P Emerging Markets Small Cap ETF (EWX)

SPDR Dow Jones Global Real Estate ETF (RWO)

SPDR S&P Global Natural Resources ETF (GNR)

SPDR S&P International Consumer Discretionary Sector ETF (IPD)

SPDR S&P International Consumer Staples Sector ETF (IPS)

SPDR S&P International Energy Sector ETF (IPW)

SPDR S&P International Financial Sector ETF (IPF)

SPDR S&P International Health Care Sector ETF (IRY)

SPDR S&P International Industrial Sector ETF (IPN)

SPDR S&P International Materials Sector ETF (IRV)

SPDR S&P International Technology Sector ETF (IPK)

SPDR S&P International Telecommunications Sector ETF (IST)

SPDR S&P International Utilities Sector ETF (IPU)

SPDR Dow Jones Industrial Average ETF Trust (DIA)

SPDR S&P 500 ETF Trust (SPY)

SPDR Series Trust

trustees
Bonny E. Boatman
Dwight D. Churchill
David M. Kelly
Frank Nesvet, Chairman
James E. Ross
Carl G. Verboncoeur

investment manager
SSgA Funds Management, Inc.
State Street Financial Center
One Lincoln Street
Boston, MA 02111

distributor
State Street Global Markets, LLC
One Lincoln Street
Boston, MA 02111

custodian, administrator and transfer agent
State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111

legal counsel
Morgan, Lewis and Bockius LLP
1111 Pennsylvania Avenue, NW
Washington, DC 20004

independent registered public accounting firm
Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116

Fund Shares are distributed by State Street Global Markets, LLC, a wholly-owned subsidiary of State Street Corporation. State Street Global Markets, LLC is a member of FINRA and SIPC.

State Street Global Advisors
State Street Financial Center
One Lincoln Street
Boston, MA 02111

Bond funds contain interest rate risk (as interest rates rise bond prices usually fall); the risk of issuer default; and inflation risk.

“Barclays Capital” is a trademark of Barclays Capital, the investment banking division of Barclays Bank PLC (“Barclays Capital”) and is used by State Street Global Advisors under license. Barclays Capital compiles, maintains and owns rights in and to the Barclays U.S. Government Inflation-linked Bond Index. The SPDR Barclays Capital ETFs are not sponsored, endorsed, sold or promoted by Barclays Capital. Barclays Capital or one of its affiliated entities may act as an Authorized Participant and/or as an initial purchaser of shares of the SPDR Barclays Capital ETFs. Barclays Capital makes no representation regarding the advisability of investing in the SPDR Barclays Capital ETFs or use of any Barclays Index or any data included therein.

Barclays Capital is a trademark of Barclays Capital, the investment banking division of Barclays Bank PLC (“Barclays Capital”) and has been licensed for use in connection with the listing and trading of the SPDR Barclays Capital ETFs. The products are not sponsored by, endorsed, sold or promoted by Barclays Capital and Barclays Capital makes no representation regarding the advisability of investing in them.

“Deutsche Bank” and “DB Global Government ex-US Inflation-Linked Bond Capped Index^SM” are reprinted with permission. ©Copyright 2008 Deutsche Bank AG. All rights reserved. “Deutsche Bank” and DB Global Government ex-US Inflation-Linked Bond Capped Index^SM are service marks of Deutsche Bank AG and have been licensed for use for certain purposes by State Street Global Advisors. The SPDR DB International Government Inflation-Protected Bond ETF is not sponsored, endorsed, sold or promoted by Deutsche Bank AG. Deutsche Bank AG, as Index Provider, makes no representation, express or implied, regarding the advisability of investing in this product.

IBG-3357

For more complete information, please call 866.787.2257 or visit www.spdrs.com today

Item 2. Code of Ethics

Not applicable to the Registrant; this Form N-CSR is a Semi-Annual Report.

Item 3. Audit Committee Financial Expert

Not applicable to the Registrant; this Form N-CSR is a Semi-Annual Report.

Item 4. Principal Accountant Fees and Services

Not applicable to the Registrant; this Form N-CSR is a Semi-Annual Report.

Item 5. Audit Committee of Listed Registrants

Not applicable to the Registrant; this Form N-CSR is a Semi-Annual Report.

Item 6. Schedule of Investments

A Schedule of Investments for each series of the Registrant, except for those series set forth below, is included as a part of the semi-annual reports to shareholders filed under Item 1 of this Form N-CSR.

The Schedule of Investments for the following series of the Registrant is set forth below:

SPDR Dow Jones Total Market ETF
SPDR Dow Jones Large Cap ETF
SPDR S&P 500 Growth ETF
SPDR S&P 500 Value ETF
SPDR Dow Jones Mid Cap ETF
SPDR S&P 400 Mid Cap Growth ETF
SPDR S&P 400 Mid Cap Value ETF
SPDR S&P 600 Small Cap ETF
SPDR S&P 600 Small Cap Growth ETF
SPDR S&P 600 Small Cap Value ETF

SPDR Dow Jones Total Market ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.7%
AEROSPACE & DEFENSE — 2.3%
BE Aerospace, Inc. (a)		2,913	$	107,868
Boeing Co.		9,890		645,422
Ceradyne, Inc. (a)		503		15,860
General Dynamics Corp.		4,569		324,216
Goodrich Corp.		2,640		232,505
Honeywell International, Inc.		10,106		537,235
ITT Corp.		3,379		176,080
L-3 Communications Holdings, Inc.		2,084		146,901
Lockheed Martin Corp.		4,703		328,787
Northrop Grumman Corp.		5,171		334,977
Precision Castparts Corp.		1,780		247,794
Raytheon Co.		6,636		307,512
Rockwell Collins, Inc.		3,301		192,316
United Technologies Corp.		12,685		998,563

				4,596,036

AIR FREIGHT & LOGISTICS — 0.9%
C.H. Robinson Worldwide, Inc. (b)		2,396		192,135
Expeditors International Washington, Inc.		3,514		191,865
FedEx Corp.		4,331		402,826
Forward Air Corp. (b)		3,229		91,639
United Parcel Service, Inc. (Class B)		11,069		803,388
UTI Worldwide, Inc.		3,503		74,264

				1,756,117

AIRLINES — 0.2%
AMR Corp. (a)		4,845		37,743
Delta Air Lines, Inc. (a)		9,226		116,248
JetBlue Airways Corp. (a)(b)		5,048		33,367
Southwest Airlines Co.		10,951		142,144
United Continental Holdings, Inc. (a)(b)		4,738		112,859
US Airways Group, Inc. (a)		2,796		27,988

				470,349

AUTO COMPONENTS — 0.4%
American Axle & Manufacturing Holdings, Inc. (a)(b)		734		9,439
BorgWarner, Inc. (a)(b)		1,423		102,968
Gentex Corp.		5,148		152,175
Johnson Controls, Inc.		10,006		382,229
Modine Manufacturing Co. (a)		3,164		49,042
The Goodyear Tire & Rubber Co. (a)		5,022		59,511

				755,364

AUTOMOBILES — 0.5%
Ford Motor Co. (a)		45,467		763,391
Harley-Davidson, Inc.		4,505		156,188
Thor Industries, Inc. (b)		525		17,829

				937,408

BEVERAGES — 2.0%
Central European Distribution Corp. (a)		791		18,114
Coca-Cola Enterprises, Inc.		5,728		143,372
Constellation Brands, Inc. (Class A) (a)		4,087		90,527
Dr. Pepper Snapple Group, Inc.		3,824		134,452
Hansen Natural Corp. (a)		1,201		62,788
Molson Coors Brewing Co. (Class B)		2,137		107,256
PepsiCo, Inc.		22,485		1,468,945
The Coca-Cola Co.		29,581		1,945,542

				3,970,996

BIOTECHNOLOGY — 1.7%
Acorda Therapeutics, Inc. (a)		1,293		35,247
Alexion Pharmaceuticals, Inc. (a)		1,225		98,674
Alkermes, Inc. (a)		2,400		29,472
Alnylam Pharmaceuticals, Inc. (a)		1,100		10,846
AMAG Pharmaceuticals, Inc. (a)		302		5,466
Amgen, Inc. (a)		15,468		849,193
Amylin Pharmaceuticals, Inc. (a)		2,642		38,864
AVI BioPharma, Inc. (a)(b)		4,942		10,477
Biogen Idec, Inc. (a)		4,449		298,305
BioMarin Pharmaceutical, Inc. (a)(b)		1,930		51,975
Celgene Corp. (a)		7,059		417,469
Cephalon, Inc. (a)(b)		1,332		82,211
Chelsea Therapeutics International, Inc. (a)(b)		6,843		51,323
Cubist Pharmaceuticals, Inc. (a)		1,305		27,927
Dendreon Corp. (a)		4,012		140,099
Genzyme Corp. (a)		3,833		272,910
Gilead Sciences, Inc. (a)		13,667		495,292
Human Genome Sciences, Inc. (a)(b)		6,273		149,862
Incyte Corp. (a)(b)		1,468		24,310
InterMune, Inc. (a)		575		20,930
Isis Pharmaceuticals, Inc. (a)(b)		2,303		23,306
Martek Biosciences Corp. (a)(b)		972		30,424
Medivation, Inc. (a)		1,606		24,363
Myriad Genetics, Inc. (a)		1,407		32,136
Neurocrine Biosciences, Inc. (a)		1,966		15,020
Novavax, Inc. (a)(b)		3,610		8,772
Onyx Pharmaceuticals, Inc. (a)		1,139		41,995
PDL BioPharma, Inc. (b)		3,574		22,266
Pharmasset, Inc. (a)(b)		372		16,149
SIGA Technologies, Inc. (a)(b)		7,582		106,148
Spectrum Pharmaceuticals, Inc. (a)(b)		3,127		21,483
Talecris Biotherapeutics Holdings Corp. (a)		314		7,316
Vertex Pharmaceuticals, Inc. (a)		2,376		83,231

				3,543,461

BUILDING PRODUCTS — 0.1%
Masco Corp.		5,983		75,745
Quanex Building Products Corp.		566		10,737
Simpson Manufacturing Co., Inc.		1,417		43,799
USG Corp. (a)(b)		1,273		21,425

				151,706

CAPITAL MARKETS — 2.3%
Affiliated Managers Group, Inc. (a)		674		66,874
Ameriprise Financial, Inc.		3,719		214,028
BlackRock, Inc.		364		69,371
Diamond Hill Investment Group, Inc. (b)		124		8,970
E*TRADE Financial Corp. (a)		3,066		49,056

See accompanying notes to financial statements.

SPDR Dow Jones Total Market ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

Eaton Vance Corp.		1,922	$	58,102
Federated Investors, Inc. (Class B) (b)		900		23,553
Franklin Resources, Inc.		2,249		250,111
International Assets Holding Corp. (a)(b)		2,660		62,776
Invesco, Ltd.		6,533		157,184
Janus Capital Group, Inc.		5,532		71,750
Jefferies Group, Inc.		2,150		57,255
KBW, Inc. (b)		780		21,778
Knight Capital Group, Inc. (Class A) (a)		700		9,653
Legg Mason, Inc.		3,252		117,950
Morgan Stanley		17,123		465,917
Northern Trust Corp.		3,465		191,996
Raymond James Financial, Inc.		1,648		53,890
SEI Investments Co.		5,256		125,040
State Street Corp. (c)		7,405		343,148
T. Rowe Price Group, Inc. (b)		3,913		252,545
TD Ameritrade Holding Corp.		3,994		75,846
The Bank of New York Mellon Corp.		16,566		500,293
The Charles Schwab Corp.		14,666		250,935
The Goldman Sachs Group, Inc.		6,399		1,076,056
Waddell & Reed Financial, Inc. (Class A) (b)		2,937		103,647

				4,677,724

CHEMICALS — 2.0%
Air Products & Chemicals, Inc.		2,856		259,753
Airgas, Inc.		1,177		73,515
Ashland, Inc.		1,618		82,291
Cabot Corp.		1,860		70,029
Calgon Carbon Corp. (a)(b)		1,599		24,177
Celanese Corp. (Series A)		2,722		112,065
CF Industries Holdings, Inc.		1,110		150,017
E. I. du Pont de Nemours & Co.		13,469		671,834
Eastman Chemical Co. (b)		1,909		160,509
Ecolab, Inc.		3,607		181,865
FMC Corp.		1,120		89,477
Monsanto Co.		8,383		583,792
Nalco Holding Co.		3,345		106,839
PPG Industries, Inc.		2,911		244,728
Praxair, Inc.		5,064		483,460
Sigma-Aldrich Corp.		1,582		105,298
The Dow Chemical Co.		15,539		530,501
The Mosaic Co.		2,670		203,881

				4,134,031

COMMERCIAL BANKS — 2.9%
Arrow Financial Corp. (b)		4,034		110,975
Bank of Hawaii Corp. (b)		763		36,021
BB&T Corp. (b)		9,723		255,618
CapitalSource, Inc.		1,626		11,545
Cathay General Bancorp		1,066		17,802
Centerstate Banks, Inc. (b)		2,170		17,186
Columbia Banking System, Inc. (b)		4,161		87,631
Comerica, Inc. (b)		2,159		91,196
CVB Financial Corp. (b)		6,536		56,667
East West Bancorp, Inc.		1,888		36,911
F.N.B. Corp. (b)		5,915		58,085
Farmers Capital Bank Corp. (a)(b)		1,922		9,379
Fifth Third Bancorp		11,366		166,853
First Bancorp- North Carolina (b)		2,445		37,433
First Commonwealth Financial Corp. (b)		5,807		41,114
First Horizon National Corp. (a)(b)		3,690		43,464
First Merchants Corp. (b)		4,677		41,438
Huntington Bancshares, Inc.		6,097		41,886
Independent Bank Corp.- Massachusetts (b)		3,031		81,989
International Bancshares Corp. (b)		1,436		28,763
Keycorp		6,301		55,764
Lakeland Financial Corp.		4,270		91,634
M&T Bank Corp.		1,246		108,464
Marshall & Ilsley Corp.		3,173		21,957
National Penn Bancshares, Inc.		6,440		51,713
Old National Bancorp		1,247		14,827
PacWest Bancorp (b)		1,748		37,372
PNC Financial Services Group, Inc.		8,698		528,143
Popular, Inc. (a)		4,825		15,151
Regions Financial Corp.		12,135		84,945
Renasant Corp.		5,148		87,053
Sandy Spring Bancorp, Inc. (b)		3,273		60,321
Simmons First National Corp. (b)		3,150		89,775
StellarOne Corp.		5,428		78,923
SunTrust Banks, Inc.		7,480		220,735
Susquehanna Bancshares, Inc.		5,631		54,508
Trustmark Corp. (b)		1,189		29,535
U.S. Bancorp		25,261		681,289
Umpqua Holdings Corp. (b)		4,984		60,705
United Bankshares, Inc. (b)		917		26,777
United Community Banks, Inc. (a)(b)		3,658		7,133
Wells Fargo & Co.		72,115		2,234,844
Zions Bancorporation (b)		3,087		74,798

				5,988,322

COMMERCIAL SERVICES & SUPPLIES — 0.6%
Avery Dennison Corp.		2,332		98,737
Cintas Corp.		3,200		89,472
Courier Corp. (b)		2,765		42,913
Covanta Holding Corp.		2,272		39,056
Ennis, Inc.		5,202		88,954
Herman Miller, Inc. (b)		3,007		76,077
Iron Mountain, Inc.		3,992		99,840
Kimball International, Inc. (Class B)		5,491		37,888
Pitney Bowes, Inc. (b)		3,857		93,262
R.R. Donnelley & Sons Co.		4,891		85,446
Republic Services, Inc.		4,161		124,247
Stericycle, Inc. (a)		1,100		89,012
Waste Connections, Inc. (b)		2,213		60,910
Waste Management, Inc. (b)		7,271		268,082

				1,293,896

COMMUNICATIONS EQUIPMENT — 2.3%
Arris Group, Inc. (a)		3,933		44,128
Brocade Communications Systems, Inc. (a)		4,156		21,985
Ciena Corp. (a)(b)		4,601		96,851
Cisco Systems, Inc. (a)		85,246		1,724,527

See accompanying notes to financial statements.

SPDR Dow Jones Total Market ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

CommScope, Inc. (a)		2,066	$	64,501
Comtech Telecommunications Corp.		789		21,879
EchoStar Corp. (Class A) (a)		947		23,647
Emulex Corp. (a)		561		6,541
F5 Networks, Inc. (a)		1,495		194,589
Finisar Corp. (a)(b)		920		27,315
Harmonic, Inc. (a)		2,186		18,734
Harris Corp.		2,777		125,798
InterDigital, Inc. (a)(b)		1,172		48,802
JDS Uniphase Corp. (a)		5,323		77,077
Juniper Networks, Inc. (a)		8,879		327,813
Motorola, Inc. (a)		33,753		306,140
Plantronics, Inc.		763		28,399
Polycom, Inc. (a)		1,777		69,267
QUALCOMM, Inc.		24,201		1,197,707
Riverbed Technology, Inc. (a)		2,868		100,868
Tellabs, Inc.		9,748		66,091

				4,592,659

COMPUTERS & PERIPHERALS — 4.0%
Apple, Inc. (a)		13,218		4,263,598
Avid Technology, Inc. (a)(b)		1,277		22,296
Dell, Inc. (a)		26,461		358,547
EMC Corp. (a)		30,282		693,458
Hewlett-Packard Co.		36,065		1,518,336
Icad, Inc. (a)(b)		6,844		9,308
Lexmark International, Inc. (Class A) (a)		1,617		56,304
NCR Corp. (a)		3,559		54,702
NetApp, Inc. (a)		6,630		364,385
Novatel Wireless, Inc. (a)(b)		1,415		13,513
QLogic Corp. (a)		4,441		75,586
SanDisk Corp. (a)		5,167		257,627
Seagate Technology (a)		7,745		116,407
Teradata Corp. (a)		3,545		145,912
Western Digital Corp. (a)		4,437		150,414

				8,100,393

CONSTRUCTION & ENGINEERING — 0.3%
Aecom Technology Corp. (a)		1,299		36,333
EMCOR Group, Inc. (a)(b)		1,262		36,573
Fluor Corp.		2,918		193,347
Jacobs Engineering Group, Inc. (a)		1,924		88,215
KBR, Inc.		2,386		72,701
Quanta Services, Inc. (a)		2,841		56,593
The Shaw Group, Inc. (a)		1,372		46,963
URS Corp. (a)		1,221		50,806

				581,531

CONSTRUCTION MATERIALS — 0.1%
Eagle Materials, Inc. (b)		1,264		35,708
Martin Marietta Materials, Inc. (b)		902		83,201
Vulcan Materials Co. (b)		1,890		83,840

				202,749

CONSUMER FINANCE — 0.6%
American Express Co.		16,219		696,120
Capital One Financial Corp.		6,994		297,665
Discover Financial Services		6,978		129,302
SLM Corp. (a)		7,668		96,540

				1,219,627

CONTAINERS & PACKAGING — 0.2%
Crown Holdings, Inc. (a)		3,972		132,585
Owens-Illinois, Inc. (a)		3,266		100,266
Sealed Air Corp.		4,448		113,202
Temple-Inland, Inc.		2,218		47,110

				393,163

DISTRIBUTORS — 0.1%
Genuine Parts Co.		1,446		74,237
LKQ Corp. (a)		2,765		62,821

				137,058

DIVERSIFIED CONSUMER SERVICES — 0.3%
Apollo Group, Inc. (a)		2,265		89,445
Capella Education Co. (a)		700		46,606
Career Education Corp. (a)		2,487		51,555
Corinthian Colleges, Inc. (a)(b)		1,908		9,941
DeVry, Inc.		967		46,397
H&R Block, Inc. (b)		4,848		57,740
ITT Educational Services, Inc. (a)(b)		779		49,614
Service Corp. International		10,334		85,255
Sotheby’s		1,042		46,890
Strayer Education, Inc. (b)		272		41,404

				524,847

DIVERSIFIED FINANCIAL SERVICES — 3.5%
Bank of America Corp.		148,833		1,985,432
CIT Group, Inc. (a)		2,961		139,463
Citigroup, Inc. (a)		313,139		1,481,148
CME Group, Inc.		1,028		330,759
Intercontinental Exchange, Inc. (a)		1,247		148,580
JPMorgan Chase & Co.		59,229		2,512,494
Leucadia National Corp.		3,818		111,409
Medallion Financial Corp.		984		8,069
Moody’s Corp. (b)		3,639		96,579
MSCI, Inc. (Class A) (a)		1,599		62,297
NYSE Euronext		4,980		149,301
PHH Corp. (a)(b)		1,029		23,821
The NASDAQ OMX Group, Inc. (a)		3,003		71,201

				7,120,553

DIVERSIFIED TELECOMMUNICATION SERVICES — 2.4%
AT&T, Inc.		86,335		2,536,522
CenturyLink, Inc. (b)		4,560		210,535
Cogent Communications Group, Inc. (a)		2,660		37,612
Frontier Communications Corp.		18,961		184,490
Level 3 Communications, Inc. (a)		13,311		13,045
Qwest Communications International, Inc.		25,764		196,064
SureWest Communications (a)		2,707		28,965
tw telecom, inc. (a)		3,552		60,562
Verizon Communications, Inc.		40,833		1,461,005
Windstream Corp.		7,972		111,130

				4,839,930

ELECTRIC UTILITIES — 0.2%
Central Vermont Public Service Corp.		4,376		95,659
Hawaiian Electric Industries, Inc. (b)		210		4,786

See accompanying notes to financial statements.

SPDR Dow Jones Total Market ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

MGE Energy, Inc. (b)		3,005	$	128,494
PNM Resources, Inc.		4,260		55,465
Unitil Corp. (b)		2,401		54,599

				339,003

ELECTRICAL EQUIPMENT — 0.7%
Babcock & Wilcox Co. (a)		2,209		56,528
Capstone Turbine Corp. (a)(b)		8,506		8,164
Cooper Industries PLC		950		55,376
Emerson Electric Co.		11,510		658,027
General Cable Corp. (a)		1,608		56,425
GrafTech International, Ltd. (a)		2,604		51,663
Hubbell, Inc. (Class B)		2,034		122,304
PowerSecure International, Inc. (a)		3,045		23,690
Rockwell Automation, Inc.		2,717		194,836
Roper Industries, Inc. (b)		2,293		175,254

				1,402,267

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.0%
Agilent Technologies, Inc. (a)		6,528		270,455
Amphenol Corp. (Class A)		3,610		190,536
Arrow Electronics, Inc. (a)		3,472		118,916
Avnet, Inc. (a)		3,994		131,922
Benchmark Electronics, Inc. (a)		2,935		53,300
Corning, Inc.		22,863		441,713
Dolby Laboratories, Inc. (Class A) (a)		1,054		70,302
FLIR Systems, Inc. (a)		2,537		75,476
Itron, Inc. (a)		657		36,431
Jabil Circuit, Inc.		3,922		78,793
L-1 Identity Solutions, Inc. (a)(b)		2,217		26,404
Lightpath Technologies, Inc. (Class A) (a)(b)		7,796		14,189
Molex, Inc. (b)		3,727		84,677
National Instruments Corp.		1,463		55,067
Power-One, Inc. (a)(b)		1,258		12,832
Sanmina-SCI Corp. (a)		2,372		27,230
Tech Data Corp. (a)		2,534		111,547
Trimble Navigation, Ltd. (a)		3,558		142,071
Tyco Electronics, Ltd.		2,794		98,907
Vishay Intertechnology, Inc. (a)		5,567		81,723
Vishay Precision Group, Inc. (a)		396		7,461

				2,129,952

ENERGY EQUIPMENT & SERVICES — 2.3%
Baker Hughes, Inc.		7,365		421,057
Cameron International Corp. (a)		3,810		193,281
Complete Production Services, Inc. (a)		944		27,895
Diamond Offshore Drilling, Inc.		763		51,022
Dresser-Rand Group, Inc. (a)		204		8,688
Exterran Holdings, Inc. (a)		1,886		45,170
FMC Technologies, Inc. (a)		2,007		178,442
Halliburton Co.		14,447		589,871
Helix Energy Solutions Group, Inc. (a)		758		9,202
Helmerich & Payne, Inc.		1,956		94,827
Nabors Industries, Ltd. (a)		5,498		128,983
National-Oilwell Varco, Inc.		7,141		480,232
Noble Corp.		1,369		48,969
Oceaneering International, Inc. (a)		204		15,021
Patterson-UTI Energy, Inc.		4,501		96,997
Pride International, Inc. (a)		3,312		109,296
Rowan Cos., Inc. (a)		3,620		126,374
Schlumberger, Ltd.		20,843		1,740,391
Superior Energy Services, Inc. (a)		3,566		124,774
TGC Industries, Inc. (a)(b)		5,694		21,637
Tidewater, Inc. (b)		1,088		58,578
Weatherford International, Ltd. (a)		5,225		119,130

				4,689,837

FOOD & STAPLES RETAILING — 2.0%
Costco Wholesale Corp.		6,614		477,597
CVS Caremark Corp.		22,117		769,008
Safeway, Inc. (b)		7,071		159,027
SUPERVALU, Inc. (b)		4,000		38,520
Sysco Corp.		9,611		282,563
The Kroger Co.		8,835		197,550
Wal-Mart Stores, Inc.		27,272		1,470,779
Walgreen Co.		13,858		539,908
Whole Foods Market, Inc. (a)(b)		2,215		112,057

				4,047,009

FOOD PRODUCTS — 1.7%
Archer-Daniels-Midland Co.		8,941		268,945
Bunge, Ltd.		2,195		143,816
Campbell Soup Co. (b)		4,913		170,727
ConAgra Foods, Inc.		8,864		200,149
Dean Foods Co. (a)		3,483		30,790
Del Monte Foods Co.		8,841		166,211
Flowers Foods, Inc. (b)		3,223		86,731
General Mills, Inc.		10,681		380,137
H.J. Heinz Co.		4,618		228,406
Kellogg Co.		3,167		161,770
Kraft Foods, Inc. (Class A)		21,137		666,027
McCormick & Co., Inc. (b)		1,711		79,613
Mead Johnson Nutrition Co.		2,961		184,322
Sanderson Farms, Inc. (b)		178		6,969
Sara Lee Corp.		12,664		221,747
Smithfield Foods, Inc. (a)		2,452		50,585
The Hershey Co.		2,685		126,598
The J.M. Smucker Co.		1,519		99,722
TreeHouse Foods, Inc. (a)(b)		1,436		73,365
Tyson Foods, Inc. (Class A)		5,734		98,739

				3,445,369

GAS UTILITIES — 0.1%
Chesapeake Utilities Corp. (b)		3,703		153,749
Delta Natural Gas Co., Inc. (b)		248		7,781
Gas Natural, Inc. (b)		490		5,140
Questar Corp.		2,283		39,747

				206,417

HEALTH CARE EQUIPMENT & SUPPLIES — 2.0%
ABIOMED, Inc. (a)		1,798		17,279
Alere, Inc. (a)(b)		1,712		62,659
American Medical Systems Holdings, Inc. (a)(b)		3,500		66,010
Angeion Corp. (a)(b)		3,230		17,119
Baxter International, Inc.		9,150		463,173

See accompanying notes to financial statements.

SPDR Dow Jones Total Market ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

Becton, Dickinson & Co.		3,751	$	317,034
Boston Scientific Corp. (a)		21,158		160,166
C.R. Bard, Inc. (b)		1,964		180,236
CareFusion Corp. (a)		2,910		74,787
Covidien PLC		3,170		144,742
DENTSPLY International, Inc.		1,839		62,839
Edwards Lifesciences Corp. (a)		2,995		242,116
Gen-Probe, Inc. (a)(b)		918		53,565
Hologic, Inc. (a)		5,402		101,666
Hospira, Inc. (a)		3,287		183,053
Immucor, Inc. (a)		1,484		29,428
Intuitive Surgical, Inc. (a)(b)		517		133,257
Kinetic Concepts, Inc. (a)(b)		1,363		57,082
MAKO Surgical Corp. (a)		612		9,315
Masimo Corp. (b)		1,201		34,913
Medtronic, Inc.		17,177		637,095
NuVasive, Inc. (a)		874		22,418
ResMed, Inc. (a)(b)		2,416		83,690
St. Jude Medical, Inc. (a)		5,388		230,337
Stryker Corp.		4,201		225,594
Thoratec Corp. (a)(b)		1,062		30,076
Varian Medical Systems, Inc. (a)		2,437		168,835
Vascular Solutions, Inc. (a)(b)		1,108		12,986
Zimmer Holdings, Inc. (a)		3,342		179,399

				4,000,869

HEALTH CARE PROVIDERS & SERVICES — 2.2%
Aetna, Inc.		6,667		203,410
Amedisys, Inc. (a)(b)		715		23,952
AmerisourceBergen Corp.		4,077		139,107
athenahealth, Inc. (a)		700		28,686
Cardinal Health, Inc.		5,820		222,964
CIGNA Corp.		4,834		177,214
Community Health Systems, Inc. (a)		1,000		37,370
Coventry Health Care, Inc. (a)		2,866		75,662
DaVita, Inc. (a)		2,149		149,334
Express Scripts, Inc. (Class A) (a)		7,401		400,024
Health Management Associates, Inc. (Class A) (a)		4,416		42,129
Health Net, Inc. (a)		2,876		78,486
HEALTHSOUTH Corp. (a)(b)		2,969		61,488
Healthways, Inc. (a)		382		4,263
Henry Schein, Inc. (a)(b)		2,441		149,853
Humana, Inc. (a)		3,002		164,329
Laboratory Corp. of America Holdings (a)(b)		1,553		136,540
Lincare Holdings, Inc.		3,538		94,925
McKesson Corp.		4,713		331,701
Medco Health Solutions, Inc. (a)		7,485		458,606
Omnicare, Inc.		2,476		62,866
Patterson Cos., Inc.		2,479		75,932
PSS World Medical, Inc. (a)(b)		2,246		50,760
Quest Diagnostics, Inc.		2,015		108,750
Tenet Healthcare Corp. (a)		9,036		60,451
UnitedHealth Group, Inc.		17,526		632,864
VCA Antech, Inc. (a)(b)		2,614		60,880
WellCare Health Plans, Inc. (a)		336		10,154
WellPoint, Inc. (a)		7,678		436,571

				4,479,271

HEALTH CARE TECHNOLOGY — 0.0% (d)
Transcend Services, Inc. (a)		372		7,287

HOTELS, RESTAURANTS & LEISURE — 2.1%
Biglari Holdings, Inc. (a)(b)		198		81,222
Bob Evans Farms, Inc.		4,122		135,861
Brinker International, Inc.		2,174		45,393
Carnival Corp.		6,284		289,755
Darden Restaurants, Inc.		2,654		123,252
Gaylord Entertainment Co. (a)		566		20,342
International Game Technology (b)		6,060		107,201
Interval Leisure Group, Inc. (a)		850		13,719
Las Vegas Sands Corp. (a)		6,940		318,893
Marriott International, Inc. (Class A) (b)		6,050		251,317
McDonald’s Corp.		14,617		1,122,001
MGM MIRAGE, Inc. (a)(b)		4,121		61,197
Panera Bread Co. (Class A) (a)		682		69,025
Penn National Gaming, Inc. (a)		1,976		69,456
Royal Caribbean Cruises, Ltd. (a)		1,853		87,091
Scientific Games Corp. (Class A) (a)(b)		3,010		29,980
Starbucks Corp.		11,017		353,976
Starwood Hotels & Resorts Worldwide, Inc.		3,618		219,902
The Cheesecake Factory, Inc. (a)(b)		3,125		95,813
Wendy’s/Arby’s Group, Inc. (Class A)		8,850		40,887
Wyndham Worldwide Corp.		5,526		165,559
Wynn Resorts, Ltd.		1,812		188,158
Yum! Brands, Inc.		7,954		390,144

				4,280,144

HOUSEHOLD DURABLES — 0.7%
American Greetings Corp. (Class A) (b)		3,158		69,981
Bassett Furniture Industries, Inc. (a)		5,063		21,265
Brookfield Homes Corp. (a)(b)		210		1,974
D.R. Horton, Inc.		5,389		64,291
Fortune Brands, Inc.		2,262		136,285
Garmin, Ltd. (b)		2,560		79,334
Harman International Industries, Inc. (a)		1,663		76,997
KB HOME (b)		2,970		40,065
Leggett & Platt, Inc.		4,324		98,414
Lennar Corp. (Class A)		3,608		67,650
Mohawk Industries, Inc. (a)		763		43,308
National Presto Industries, Inc. (b)		676		87,887
Newell Rubbermaid, Inc.		5,916		107,553
NVR, Inc. (a)(b)		129		89,142
Pulte Group, Inc. (a)(b)		7,886		59,303
Ryland Group, Inc. (b)		1,235		21,032
Stanley Black & Decker, Inc.		1,933		129,260
Toll Brothers, Inc. (a)		2,491		47,329
Whirlpool Corp. (b)		1,365		121,253

				1,362,323

HOUSEHOLD PRODUCTS — 1.9%
Church & Dwight Co., Inc. (b)		2,175		150,118
Colgate-Palmolive Co.		7,117		571,993
Energizer Holdings, Inc. (a)		1,293		94,260

See accompanying notes to financial statements.

SPDR Dow Jones Total Market ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

Kimberly-Clark Corp.		5,447	$	343,379
Procter & Gamble Co.		41,182		2,649,238
The Clorox Co.		2,020		127,826

				3,936,814

INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.0%
GenOn Energy, Inc. (a)		18,425		70,199

INDUSTRIAL CONGLOMERATES — 2.0%
3M Co.		9,437		814,413
General Electric Co.		156,586		2,863,958
McDermott International, Inc. (a)		4,421		91,470
Textron, Inc. (b)		4,164		98,437
Tyco International, Ltd.		2,443		101,238

				3,969,516

INSURANCE — 4.0%
ACE, Ltd.		1,603		99,787
AFLAC, Inc.		7,228		407,876
American International Group, Inc. (a)(b)		4,765		274,559
AON Corp.		4,076		187,537
Arthur J. Gallagher & Co. (b)		1,592		46,295
Assurant, Inc.		2,235		86,092
Assured Guaranty, Ltd.		2,308		40,852
Berkshire Hathaway, Inc. (Class B) (a)		28,233		2,261,746
Chubb Corp.		5,694		339,590
Cincinnati Financial Corp. (b)		2,446		77,514
Donegal Group, Inc. (Class A) (b)		2,092		30,292
Eastern Insurance Holdings, Inc.		984		11,719
Everest Re Group, Ltd.		1,010		85,668
Fidelity National Financial, Inc. (Class A)		4,060		55,541
Genworth Financial, Inc. (Class A) (a)		7,465		98,090
Hartford Financial Services Group, Inc.		6,587		174,490
Lincoln National Corp.		6,614		183,935
Loews Corp.		6,962		270,891
Marsh & McLennan Cos., Inc.		7,091		193,868
MBIA, Inc. (a)		3,040		36,450
Mercer Insurance Group, Inc.		372		10,412
MetLife, Inc.		7,656		340,233
Old Republic International Corp. (b)		6,229		84,901
PartnerRe, Ltd.		1,103		88,626
Principal Financial Group, Inc.		6,126		199,463
ProAssurance Corp. (a)		1,888		114,413
Protective Life Corp.		456		12,148
Prudential Financial, Inc.		6,959		408,563
Reinsurance Group of America, Inc.		1,156		62,089
RenaissanceRe Holdings, Ltd.		1,244		79,230
Seabright Insurance Holdings (b)		2,443		22,524
Selective Insurance Group, Inc.		3,852		69,914
The Allstate Corp.		8,678		276,655
The Hanover Insurance Group, Inc. (b)		1,707		79,751
The Phoenix Cos., Inc. (a)(b)		6,903		17,534
The Progressive Corp.		9,651		191,765
The Travelers Cos., Inc.		9,214		513,312
Torchmark Corp. (b)		1,289		77,005
Transatlantic Holdings, Inc.		946		48,832
Unum Group		6,773		164,042
Validus Holdings, Ltd. (b)		2,287		70,005
W.R. Berkley Corp. (b)		2,158		59,086
XL Group PLC		4,818		105,129

				8,058,424

INTERNET & CATALOG RETAIL — 0.7%
Amazon.com, Inc. (a)		4,827		868,860
Expedia, Inc. (b)		5,021		125,977
HSN, Inc. (a)(b)		850		26,044
Liberty Media Corp. — Interactive (Class A) (a)		9,687		152,764
Netflix, Inc. (a)		600		105,420
Priceline.com, Inc. (a)		527		210,563

				1,489,628

INTERNET SOFTWARE & SERVICES — 1.7%
Akamai Technologies, Inc. (a)		3,300		155,265
AOL, Inc. (a)		1,761		41,753
Art Technology Group, Inc. (a)		5,513		32,968
EarthLink, Inc. (b)		5,787		49,768
eBay, Inc. (a)		15,269		424,936
Equinix, Inc. (a)(b)		617		50,138
Google, Inc. (Class A) (a)		3,354		1,992,175
IAC/InterActive Corp. (a)		2,223		63,800
Internap Network Services Corp. (a)		4,441		27,001
Local.com Corp. (a)		4,751		30,834
Monster Worldwide, Inc. (a)(b)		3,236		76,467
Terremark Worldwide, Inc. (a)		3,334		43,175
VeriSign, Inc.		3,382		110,490
WebMD Health Corp. (a)		799		40,797
Yahoo!, Inc. (a)		17,477		290,643

				3,430,210

IT SERVICES — 2.7%
Accenture PLC (Class A)		3,757		182,177
Alliance Data Systems Corp. (a)(b)		992		70,462
Automatic Data Processing, Inc.		8,108		375,238
Broadridge Financial Solutions, Inc.		2,821		61,865
Cognizant Technology Solutions Corp. (Class A) (a)		5,305		388,803
Computer Sciences Corp.		3,020		149,792
Fidelity National Information Services, Inc.		6,871		188,197
Fiserv, Inc. (a)		3,448		201,915
International Business Machines Corp.		17,578		2,579,747
Lender Processing Services, Inc.		2,024		59,748
Mastercard, Inc. (Class A)		1,196		268,036
Paychex, Inc.		5,653		174,734
SAIC, Inc. (a)		2,730		43,298
The Western Union Co. (b)		9,930		184,400
Total System Services, Inc. (b)		3,176		48,847
Unisys Corp. (a)		1,227		31,767
VeriFone Systems, Inc. (a)(b)		414		15,964
Visa, Inc. (Class A)		6,789		477,810

				5,502,800

See accompanying notes to financial statements.

SPDR Dow Jones Total Market ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

LEISURE EQUIPMENT & PRODUCTS — 0.2%
Brunswick Corp.		2,628	$	49,249
Eastman Kodak Co. (a)(b)		5,281		28,306
Hasbro, Inc.		3,419		161,308
Mattel, Inc.		7,923		201,482
Pool Corp.		2,832		63,833

				504,178

LIFE SCIENCES TOOLS & SERVICES — 0.6%
Affymetrix, Inc. (a)(b)		1,640		8,249
Charles River Laboratories International, Inc. (a)(b)		1,046		37,175
Covance, Inc. (a)(b)		961		49,405
Illumina, Inc. (a)		1,986		125,793
Life Technologies Corp. (a)		3,259		180,875
PerkinElmer, Inc.		3,628		93,675
Pharmaceutical Product Development, Inc.		1,200		32,568
Pure Bioscience (a)(b)		13,298		29,522
Sequenom, Inc. (a)(b)		1,272		10,201
Techne Corp.		1,506		98,899
Thermo Fisher Scientific, Inc. (a)		6,856		379,548
Waters Corp. (a)		2,032		157,907

				1,203,817

MACHINERY — 2.7%
AGCO Corp. (a)		1,155		58,512
ArvinMeritor, Inc. (a)(b)		1,154		23,680
Bucyrus International, Inc.		1,595		142,593
Caterpillar, Inc.		9,065		849,028
CLARCOR, Inc.		1,063		45,592
Crane Co.		2,063		84,728
Cummins, Inc.		2,673		294,057
Danaher Corp.		6,862		323,681
Deere & Co.		6,243		518,481
Donaldson Co., Inc.		1,187		69,178
Dover Corp.		2,704		158,049
Eaton Corp.		2,577		261,591
Federal Signal Corp. (b)		5,402		37,058
Flowserve Corp.		782		93,230
Graco, Inc. (b)		314		12,387
Harsco Corp.		2,121		60,067
IDEX Corp.		3,710		145,135
Illinois Tool Works, Inc. (b)		9,248		493,843
Ingersoll-Rand PLC (b)		1,665		78,405
John Bean Technologies Corp.		431		8,676
Joy Global, Inc.		2,073		179,833
Lincoln Electric Holdings, Inc.		964		62,920
Mueller Water Products, Inc. (Class A) (b)		4,398		18,340
Navistar International Corp. (a)		1,192		69,029
Oshkosh Corp. (a)(b)		2,343		82,567
PACCAR, Inc.		4,983		286,124
Pall Corp.		3,678		182,355
Parker-Hannifin Corp.		3,048		263,043
Pentair, Inc.		2,492		90,983
SPX Corp.		1,331		95,153
Terex Corp. (a)(b)		1,933		60,000
The Manitowoc Co., Inc. (b)		2,316		30,363
The Timken Co.		2,832		135,171
WABCO Holdings, Inc. (a)		1,484		90,420
Watts Water Technologies, Inc.		2,475		90,560

				5,494,832

MARINE — 0.0% (d)
Genco Shipping & Trading, Ltd. (a)(b)		420		6,048

MEDIA — 3.1%
Ascent Media Corp. (Class A) (a)(b)		211		8,178
Cablevision Systems Corp. (Class A)		4,223		142,906
CBS Corp.		10,367		197,491
Comcast Corp. (Class A)		40,990		900,550
DIRECTV (Class A) (a)		14,982		598,231
Discovery Communications, Inc. (Series A) (a)(b)		4,705		196,198
DISH Network Corp. (Class A) (a)		4,751		93,405
Gannett Co., Inc. (b)		6,357		95,927
Journal Communications, Inc. (Class A) (a)		5,530		27,927
Knology, Inc. (a)(b)		3,802		59,425
Lamar Advertising Co. (Class A) (a)(b)		1,899		75,656
Liberty Global, Inc. (Series A) (a)(b)		6,115		216,349
Liberty Media — Starz (Series A) (a)		775		51,522
Liberty Media Corp. — Capital (Class A) (a)		1,935		121,054
Live Nation, Inc. (a)(b)		2,315		26,437
Madison Square Garden, Inc. (Class A) (a)		1,056		27,224
News Corp. (Class A)		33,492		487,644
Omnicom Group, Inc.		4,586		210,039
Scripps Networks Interactive (Class A)		1,064		55,062
Sirius XM Radio, Inc. (a)(b)		52,473		86,056
The Interpublic Group of Cos., Inc. (a)		8,841		93,891
The McGraw-Hill Cos., Inc.		5,841		212,671
The New York Times Co. (Class A) (a)(b)		1,759		17,238
The Walt Disney Co.		26,822		1,006,093
Time Warner Cable, Inc.		4,640		306,379
Time Warner, Inc.		19,168		616,635
Valassis Communications, Inc. (a)		210		6,794
Viacom, Inc. (Class B)		7,971		315,731
Virgin Media, Inc. (b)		4,645		126,530

				6,379,243

METALS & MINING — 1.4%
AK Steel Holding Corp. (b)		3,860		63,188
Alcoa, Inc.		12,919		198,823
Allegheny Technologies, Inc. (b)		1,506		83,101
Allied Nevada Gold Corp. (a)		840		22,100
Century Aluminum Co. (a)(b)		1,495		23,217
Cliffs Natural Resources, Inc.		2,414		188,316
Coeur d’Alene Mines Corp. (a)(b)		524		14,316
Commercial Metals Co.		2,272		37,693

See accompanying notes to financial statements.

SPDR Dow Jones Total Market ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

Freeport-McMoRan Copper & Gold, Inc. (b)		6,859	$	823,697
Newmont Mining Corp.		7,194		441,928
Nucor Corp. (b)		4,379		191,888
Reliance Steel & Aluminum Co.		800		40,880
Royal Gold, Inc.		1,308		71,456
Schnitzer Steel Industries, Inc. (Class A) (b)		600		39,834
Southern Copper Corp.		3,509		171,029
Steel Dynamics, Inc. (b)		3,249		59,457
Titanium Metals Corp. (a)		2,224		38,208
United States Steel Corp.		2,912		170,119
Walter Energy, Inc.		1,161		148,422
Worthington Industries, Inc. (b)		864		15,898

				2,843,570

MULTI-UTILITIES — 2.9%
Allegheny Energy, Inc.		3,536		85,713
Alliant Energy Corp.		410		15,076
Ameren Corp.		3,041		85,726
American Electric Power Co., Inc.		6,299		226,638
Aqua America, Inc.		1,711		38,463
Calpine Corp. (a)(b)		5,254		70,088
CMS Energy Corp.		5,999		111,581
Consolidated Edison, Inc.		3,992		197,883
Constellation Energy Group, Inc.		3,055		93,575
Dominion Resources, Inc.		9,157		391,187
DTE Energy Co.		1,829		82,890
Duke Energy Corp.		16,117		287,044
Edison International		5,123		197,748
El Paso Corp.		12,300		169,248
Entergy Corp.		2,748		194,641
Exelon Corp.		9,767		406,698
FirstEnergy Corp. (b)		4,752		175,919
NextEra Energy, Inc.		5,459		283,813
NiSource, Inc.		4,293		75,643
Northeast Utilities		2,212		70,519
NRG Energy, Inc. (a)		5,469		106,864
Pepco Holdings, Inc.		6,356		115,997
PG&E Corp.		5,246		250,969
Pinnacle West Capital Corp.		1,720		71,294
PPL Corp.		5,689		149,734
Progress Energy, Inc.		3,089		134,310
Public Service Enterprise Group, Inc.		6,688		212,745
Sempra Energy		3,518		184,625
Southern Co.		11,976		457,842
Spectra Energy Corp.		9,208		230,108
TECO Energy, Inc. (b)		6,336		112,781
The AES Corp. (a)		11,048		134,565
The Williams Cos., Inc.		9,417		232,788
Wisconsin Energy Corp.		1,506		88,643
Xcel Energy, Inc.		8,355		196,760

				5,940,118

MULTILINE RETAIL — 0.9%
Big Lots, Inc. (a)		2,711		82,577
Dillard’s, Inc. (Class A) (b)		948		35,967
Dollar Tree, Inc. (a)		2,964		166,221
Family Dollar Stores, Inc.		2,545		126,512
J.C. Penney Co., Inc.		3,482		112,503
Kohl’s Corp. (a)		4,416		239,966
Macy’s, Inc.		7,770		196,581
Nordstrom, Inc.		3,902		165,367
Sears Holdings Corp. (a)(b)		1,270		93,663
Target Corp.		9,557		574,662

				1,794,019

OFFICE ELECTRONICS — 0.2%
Xerox Corp.		25,526		294,060
Zebra Technologies Corp. (Class A) (a)		2,255		85,667

				379,727

OIL, GAS & CONSUMABLE FUELS — 8.8%
Abraxas Petroleum Corp. (a)		5,703		26,063
Adams Resources & Energy, Inc.		372		8,984
Alpha Natural Resources, Inc. (a)		3,054		183,332
Anadarko Petroleum Corp.		7,826		596,028
Apache Corp.		5,487		654,215
Approach Resources, Inc. (a)		490		11,319
Arch Coal, Inc.		3,046		106,793
Atlas Energy, Inc. (a)		310		13,631
Blue Dolphin Energy Co. (a)(b)		2,144		5,060
BPZ Resources, Inc. (a)(b)		1,232		5,864
Brigham Exploration Co. (a)		1,832		49,904
Cabot Oil & Gas Corp.		1,210		45,798
Chesapeake Energy Corp. (b)		8,892		230,392
Chevron Corp.		29,540		2,695,525
Cimarex Energy Co.		900		79,677
Clayton Williams Energy, Inc. (a)		124		10,412
Concho Resources, Inc. (a)(b)		1,624		142,376
ConocoPhillips		19,651		1,338,233
Consol Energy, Inc.		3,078		150,022
Contango Oil & Gas Co. (a)		248		14,367
Contango ORE, Inc. (a)		24		252
Denbury Resources, Inc. (a)(b)		5,905		112,726
Devon Energy Corp.		6,527		512,435
EOG Resources, Inc.		3,907		357,139
EXCO Resources, Inc.		3,200		62,144
Exxon Mobil Corp.		74,662		5,459,285
Forest Oil Corp. (a)		1,860		70,624
Frontier Oil Corp. (a)		2,403		43,278
Goodrich Petroleum Corp. (a)		1,218		21,485
Hess Corp.		4,295		328,739
Holly Corp.		1,162		47,375
Houston American Energy Corp. (b)		7,396		133,794
Marathon Oil Corp.		11,006		407,552
Massey Energy Co.		2,562		137,451
Murphy Oil Corp.		3,002		223,799
Newfield Exploration Co. (a)		2,022		145,806
Noble Energy, Inc.		3,118		268,397
Occidental Petroleum Corp.		12,203		1,197,114
Panhandle Oil & Gas, Inc. (b)		372		10,200
Patriot Coal Corp. (a)(b)		3,440		66,633
Peabody Energy Corp.		4,115		263,278
Petrohawk Energy Corp. (a)		4,665		85,136
Pioneer Natural Resources Co.		2,741		237,974
Plains Exploration & Production Co. (a)		3,330		107,026
QEP Resources, Inc.		2,284		82,932

See accompanying notes to financial statements.

SPDR Dow Jones Total Market ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

Quicksilver Resources, Inc. (a)		732	$	10,790
Range Resources Corp. (b)		3,148		141,597
Rex Energy Corp. (a)(b)		1,422		19,410
SandRidge Energy, Inc. (a)(b)		6,653		48,700
SM Energy Co.		2,902		171,015
Southwestern Energy Co. (a)		5,663		211,966
Sunoco, Inc.		2,361		95,172
Tesoro Corp. (a)		3,405		63,129
Toreador Resources Corp. (a)(b)		984		15,272
Ultra Petroleum Corp. (a)(b)		2,080		99,362
Valero Energy Corp.		8,243		190,578
Zion Oil & Gas, Inc. (a)(b)		2,237		10,693

				17,828,253

PAPER & FOREST PRODUCTS — 0.3%
Domtar Corp.		195		14,804
International Paper Co.		8,071		219,854
Louisiana-Pacific Corp. (a)(b)		1,364		12,904
MeadWestvaco Corp.		5,011		131,088
Weyerhaeuser Co.		8,087		153,087

				531,737

PERSONAL PRODUCTS — 0.2%
Avon Products, Inc.		7,091		206,065
Herbalife, Ltd.		1,400		95,718
The Estee Lauder Cos., Inc. (Class A)		2,659		214,581

				516,364

PHARMACEUTICALS — 4.6%
Abbott Laboratories		21,631		1,036,341
Allergan, Inc.		4,550		312,448
Auxilium Pharmaceuticals, Inc. (a)		911		19,222
Bristol-Myers Squibb Co.		27,649		732,146
Eli Lilly & Co.		13,725		480,924
Endo Pharmaceuticals Holdings, Inc. (a)		1,976		70,563
Forest Laboratories, Inc. (a)		5,218		166,872
Johnson & Johnson		38,483		2,380,174
King Pharmaceuticals, Inc. (a)		3,891		54,669
Merck & Co., Inc.		44,937		1,619,529
Mylan, Inc. (a)		5,788		122,300
Nektar Therapeutics (a)(b)		1,146		14,726
Perrigo Co. (b)		1,655		104,811
Pfizer, Inc.		117,400		2,055,674
Questcor Pharmaceuticals, Inc. (a)		1,353		19,930
ViroPharma, Inc. (a)		2,000		34,640
VIVUS, Inc. (a)(b)		3,930		36,824
Watson Pharmaceuticals, Inc. (a)		2,614		135,013

				9,396,806

PROFESSIONAL SERVICES — 0.2%
Equifax, Inc.		3,110		110,716
IHS, Inc. (Class A) (a)		926		74,441
Manpower, Inc.		1,404		88,115
Robert Half International, Inc. (b)		4,202		128,581
The Dun & Bradstreet Corp.		1,430		117,389

				519,242

REAL ESTATE INVESTMENT TRUSTS — 2.4%
Agree Realty Corp.		3,552		93,027
AMB Property Corp. (b)		1,528		48,453
American Campus Communities, Inc.		1,777		56,438
Annaly Capital Management, Inc. (b)		9,139		163,771
Apartment Investment & Management Co. (Class A)		3,464		89,510
Ashford Hospitality Trust (a)(b)		8,582		82,816
AvalonBay Communities, Inc.		1,346		151,492
BioMed Realty Trust, Inc.		2,914		54,346
Boston Properties, Inc.		3,311		285,077
BRE Properties, Inc.		1,107		48,155
Camden Property Trust		462		24,939
CBL & Associates Properties, Inc. (b)		2,493		43,628
Cedar Shopping Centers, Inc. (b)		2,551		16,046
Cogdell Spencer, Inc.		1,765		10,237
Colonial Properties Trust		524		9,458
Corporate Office Properties Trust (b)		2,414		84,369
Developers Diversified Realty Corp. (b)		2,643		37,240
Digital Realty Trust, Inc. (b)		1,129		58,189
Duke Realty Corp.		2,924		36,433
Equity Residential		5,330		276,894
Extra Space Storage, Inc.		2,186		38,036
Glimcher Realty Trust		4,500		37,800
HCP, Inc.		4,462		164,157
Health Care REIT, Inc.		1,291		61,503
Home Properties, Inc. (b)		772		42,838
Hospitality Properties Trust		2,381		54,858
Host Hotels & Resorts, Inc.		10,758		192,245
Investors Real Estate Trust		9,972		89,449
Kimco Realty Corp.		5,010		90,380
LaSalle Hotel Properties		3,512		92,717
Lexington Realty Trust (b)		2,284		18,158
Liberty Property Trust (b)		1,686		53,817
Monmouth Real Estate Investment Corp. (b)		6,370		54,145
National Retail Properties, Inc.		4,316		114,374
Nationwide Health Properties, Inc.		1,515		55,116
Pennsylvania Real Estate Investment Trust		3,210		46,641
Pittsburgh & West Virginia Railroad (b)		2,750		31,020
Plum Creek Timber Co., Inc.		3,429		128,416
Post Properties, Inc.		566		20,546
ProLogis		6,526		94,235
Public Storage		1,535		155,680
Realty Income Corp.		2,186		74,761
Regency Centers Corp. (b)		284		11,996
Senior Housing Properties Trust		1,912		41,949
Simon Property Group, Inc.		3,958		393,781
SL Green Realty Corp. (b)		1,034		69,805
Strategic Hotels & Resorts, Inc. (a)		1,258		6,655
Sunstone Hotel Investors, Inc. (a)		826		8,533
Tanger Factory Outlet Centers, Inc.		2,003		102,534
The Macerich Co. (b)		2,673		126,620
Transcontinental Realty Investors, Inc. (a)		844		5,663
UDR, Inc. (b)		2,797		65,785
Urstadt Biddle Properties (Class A)		5,460		106,197
Ventas, Inc.		2,222		116,611

See accompanying notes to financial statements.

SPDR Dow Jones Total Market ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

Vornado Realty Trust		4,462	$	371,818
Walter Investment Management Corp.		420		7,535
Weingarten Realty Investors (b)		1,712		40,677

				4,857,569

REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%
Brookfield Properties Corp.		2,392		41,932
CB Richard Ellis Group, Inc. (Class A) (a)		6,041		123,720
Forestar Real Estate Group, Inc. (a)		810		15,633
Jones Lang LaSalle, Inc.		982		82,409
The St. Joe Co. (a)(b)		1,407		30,743

				294,437

ROAD & RAIL — 1.0%
Avis Budget Group, Inc. (a)		1,468		22,842
Con-way, Inc.		420		15,360
CSX Corp.		6,559		423,777
Dollar Thrifty Automotive Group, Inc. (a)		1,551		73,300
J.B. Hunt Transport Services, Inc.		4,000		163,240
Kansas City Southern (a)		1,848		88,445
Landstar Systems, Inc.		2,531		103,619
Norfolk Southern Corp.		6,358		399,410
Union Pacific Corp.		7,126		660,295

				1,950,288

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.9%
Advanced Micro Devices, Inc. (a)(b)		8,481		69,375
Aetrium, Inc. (a)(b)		7,413		17,272
Altera Corp. (b)		4,975		177,010
Anadigics, Inc. (a)(b)		2,477		17,166
Analog Devices, Inc.		5,331		200,819
Applied Materials, Inc.		21,581		303,213
Atheros Communications, Inc. (a)(b)		2,786		100,073
AXT, Inc. (a)		8,174		85,337
Broadcom Corp. (Class A)		8,070		351,448
Cirrus Logic, Inc. (a)(b)		1,678		26,814
Cree, Inc. (a)		310		20,426
Cypress Semiconductor Corp. (a)		2,559		47,546
Energy Conversion Devices, Inc. (a)(b)		1,200		5,520
FEI Co. (a)(b)		2,079		54,906
First Solar, Inc. (a)(b)		832		108,276
Intel Corp.		81,803		1,720,317
International Rectifier Corp. (a)		1,756		52,136
Intersil Corp. (Class A) (b)		4,627		70,654
KLA-Tencor Corp.		4,183		161,631
Lam Research Corp. (a)		3,319		171,858
Linear Technology Corp.		4,662		161,259
LSI Corp. (a)		9,844		58,966
Marvell Technology Group, Ltd. (a)		7,174		133,078
Maxim Integrated Products, Inc.		2,799		66,112
MEMC Electronic Materials, Inc. (a)		4,296		48,373
Microchip Technology, Inc. (b)		3,855		131,880
Micron Technology, Inc. (a)(b)		11,979		96,072
Microsemi Corp. (a)		2,448		56,059
MKS Instruments, Inc. (a)		308		7,543
National Semiconductor Corp.		6,227		85,684
Novellus Systems, Inc. (a)		3,560		115,059
NVIDIA Corp. (a)		9,696		149,318
ON Semiconductor Corp. (a)		4,546		44,914
Rambus, Inc. (a)(b)		2,183		44,708
Sigma Designs, Inc. (a)(b)		624		8,842
Skyworks Solutions, Inc. (a)		1,287		36,847
SunPower Corp. (Class A) (a)		2,416		30,997
Teradyne, Inc. (a)(b)		5,138		72,138
Texas Instruments, Inc.		19,326		628,095
Xilinx, Inc. (b)		4,226		122,469

				5,860,210

SOFTWARE — 4.1%
Activision Blizzard, Inc.		9,620		119,673
Adobe Systems, Inc. (a)		9,792		301,398
Autodesk, Inc. (a)		5,266		201,161
BMC Software, Inc. (a)		3,668		172,909
CA, Inc.		7,059		172,522
Cadence Design Systems, Inc. (a)		7,239		59,794
Citrix Systems, Inc. (a)		4,325		295,873
Compuware Corp. (a)		8,137		94,959
Concur Technologies, Inc. (a)		1,296		67,301
Electronic Arts, Inc. (a)(b)		4,749		77,789
Intuit, Inc. (a)		5,722		282,095
Jack Henry & Associates, Inc.		2,146		62,556
McAfee, Inc. (a)		3,313		153,425
Microsoft Corp.		115,280		3,218,618
Novell, Inc. (a)		10,699		63,338
Nuance Communications, Inc. (a)		4,511		82,010
Oracle Corp.		58,108		1,818,780
Parametric Technology Corp. (a)(b)		4,885		110,059
Red Hat, Inc. (a)		4,161		189,950
Rovi Corp. (a)(b)		784		48,616
Salesforce.com, Inc. (a)(b)		1,661		219,252
Smith Micro Software, Inc. (a)		1,915		30,142
Solera Holdings, Inc.		1,700		87,244
Symantec Corp. (a)		13,754		230,242
Synopsys, Inc. (a)		4,021		108,205
TiVo, Inc. (a)(b)		3,000		25,890
Versant Corp. (a)(b)		2,433		28,734
VMware, Inc. (Class A) (a)		520		46,233
Websense, Inc. (a)(b)		689		13,952

				8,382,720

SPECIALTY RETAIL — 2.3%
Abercrombie & Fitch Co. (Class A)		2,060		118,718
Advance Auto Parts, Inc.		2,260		149,499
Aeropostale, Inc. (a)		1,200		29,568
American Eagle Outfitters, Inc.		4,153		60,758
AutoNation, Inc. (a)(b)		4,178		117,820
AutoZone, Inc. (a)		663		180,727
Bed Bath & Beyond, Inc. (a)		4,619		227,024
Best Buy Co., Inc.		4,993		171,210
Chico’s FAS, Inc.		2,570		30,917
Dick’s Sporting Goods, Inc. (a)		1,628		61,050
Foot Locker, Inc.		3,689		72,378
GameStop Corp. (Class A) (a)(b)		2,269		51,915
Genesco, Inc. (a)		373		13,984
Limited Brands, Inc.		5,760		177,005

See accompanying notes to financial statements.

SPDR Dow Jones Total Market ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

Lowe’s Cos., Inc.		20,252	$	507,920
O’Reilly Automotive, Inc. (a)		3,085		186,396
Office Depot, Inc. (a)		5,831		31,487
OfficeMax, Inc. (a)		1,048		18,550
PetSmart, Inc.		3,429		136,543
Pier 1 Imports, Inc. (a)		944		9,912
RadioShack Corp.		3,349		61,923
Rent-A-Center, Inc.		2,345		75,697
Ross Stores, Inc.		2,902		183,551
Staples, Inc.		11,046		251,517
The Gap, Inc.		8,595		190,293
The Home Depot, Inc.		25,719		901,708
The Men’s Wearhouse, Inc. (b)		763		19,060
The Sherwin-Williams Co.		1,189		99,579
The TJX Cos., Inc.		5,994		266,074
Tiffany & Co.		2,539		158,103
Urban Outfitters, Inc. (a)		2,693		96,436
Williams-Sonoma, Inc. (b)		2,088		74,521

				4,731,843

TEXTILES, APPAREL & LUXURY GOODS — 0.6%
Carter’s, Inc. (a)		1,492		44,029
Coach, Inc.		5,498		304,094
Crocs, Inc. (a)		524		8,971
Hanesbrands, Inc. (a)		2,080		52,832
Iconix Brand Group, Inc. (a)		682		13,170
Jones Apparel Group, Inc.		3,502		54,421
Liz Claiborne, Inc. (a)(b)		3,030		21,695
NIKE, Inc. (Class B)		4,241		362,266
Quiksilver, Inc. (a)		5,063		25,669
Under Armour, Inc. (Class A) (a)(b)		867		47,546
V.F. Corp. (b)		1,018		87,731
Wolverine World Wide, Inc.		3,345		106,639

				1,129,063

THRIFTS & MORTGAGE FINANCE — 0.3%
Astoria Financial Corp.		1,932		26,874
Berkshire Hills Bancorp, Inc. (b)		2,541		56,156
Hudson City Bancorp, Inc.		4,704		59,929
MGIC Investment Corp. (a)(b)		3,618		36,867
New York Community Bancorp, Inc. (b)		4,372		82,412
NewAlliance Bancshares, Inc.		7,753		116,140
OceanFirst Financial Corp.		4,788		61,622
People’s United Financial, Inc.		5,209		72,978
Radian Group, Inc.		2,711		21,878
TF Financial Corp. NY (b)		248		5,528
TrustCo Bank Corp. NY		8,790		55,729

				596,113

TOBACCO — 1.4%
Altria Group, Inc.		30,387		748,128
Lorillard, Inc.		2,158		177,085
Philip Morris International, Inc.		27,939		1,635,270
Reynolds American, Inc.		6,132		200,026

				2,760,509

TRADING COMPANIES & DISTRIBUTORS — 0.2%
Fastenal Co. (b)		3,085		184,822
Kaman Corp. (Class A) (b)		2,685		78,053
W.W. Grainger, Inc.		618		85,352
Willis Lease Finance Corp. (a)(b)		490		6,385

				354,612

WATER UTILITIES — 0.1%
Artesian Resources Corp. (Class A) (b)		490		9,285
Cadiz, Inc. (a)(b)		858		10,674
Connecticut Water Service, Inc. (b)		1,200		33,456
Middlesex Water Co. (b)		5,588		102,540
Pennichuck Corp.		248		6,785
The York Water Co. (b)		2,759		47,703

				210,443

WIRELESS TELECOMMUNICATION SERVICES — 0.5%
American Tower Corp. (Class A) (a)		6,514		336,383
Crown Castle International Corp. (a)		4,482		196,446
Leap Wireless International, Inc. (a)(b)		1,376		16,870
MetroPCS Communications, Inc. (a)		3,458		43,674
NII Holdings, Inc. (a)		3,054		136,391
SBA Communications Corp. (Class A) (a)(b)		2,150		88,021
Sprint Nextel Corp. (a)(b)		39,155		165,626
Telephone & Data Systems, Inc.		2,225		81,324

				1,064,735

TOTAL COMMON STOCKS —
(Cost $180,807,646)				202,365,755

SHORT TERM INVESTMENTS — 4.6%
MONEY MARKET FUNDS — 4.6%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		8,943,188		8,943,188
State Street Institutional Liquid Reserves Fund 0.18% (f)(g)		321,478		321,478

TOTAL SHORT TERM INVESTMENTS —
(Cost $9,264,666)				9,264,666

TOTAL INVESTMENTS — 104.3% (h)
(Cost $190,072,312)				211,630,421
OTHER ASSETS & LIABILITIES — (4.3)%				(8,700,397	)

NET ASSETS — 100.0%			$	202,930,024


(a)		Non-income producing security.
(b)		Security, or portion thereof, was on loan at December 31, 2010.
(c)		Affiliated issuer. (Note 3)
(d)		Amount shown represents less than 0.05% of net assets.
(e)		Investments of cash collateral for securities loaned.
(f)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(g)		The rate shown is the annualized seven-day yield at period end.
(h)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

See accompanying notes to financial statements.

SPDR Dow Jones Large Cap ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.9%
AEROSPACE & DEFENSE — 2.3%
Alliant Techsystems, Inc. (a)(b)		114	$	8,485
Boeing Co.		2,136		139,395
General Dynamics Corp.		1,012		71,811
Goodrich Corp.		425		37,430
Honeywell International, Inc.		2,361		125,511
ITT Corp. (a)		617		32,152
L-3 Communications Holdings, Inc. (a)		408		28,760
Lockheed Martin Corp. (a)		992		69,351
Northrop Grumman Corp. (a)		911		59,015
Precision Castparts Corp.		475		66,125
Raytheon Co.		1,247		57,786
Rockwell Collins, Inc.		540		31,460
Spirit Aerosystems Holdings, Inc. (a)(b)		345		7,179
United Technologies Corp.		2,823		222,227

				956,687

AIR FREIGHT & LOGISTICS — 0.8%
C.H. Robinson Worldwide, Inc. (a)		582		46,670
Expeditors International Washington, Inc.		725		39,585
FedEx Corp. (a)		988		91,894
United Parcel Service, Inc. (Class B)		2,320		168,386

				346,535

AIRLINES — 0.2%
AMR Corp. (a)(b)		875		6,816
Delta Air Lines, Inc. (b)		2,468		31,097
Southwest Airlines Co.		2,500		32,450
United Continental Holdings, Inc. (b)		1,043		24,844

				95,207

AUTO COMPONENTS — 0.4%
BorgWarner, Inc. (a)(b)		387		28,003
Johnson Controls, Inc.		2,238		85,492
Lear Corp. (a)(b)		120		11,845
The Goodyear Tire & Rubber Co. (b)		803		9,516
TRW Automotive Holdings Corp. (b)		300		15,810

				150,666

AUTOMOBILES — 0.7%
Ford Motor Co. (a)(b)		11,392		191,271
General Motors Co. (b)		1,800		66,348
Harley-Davidson, Inc. (a)		807		27,979

				285,598

BEVERAGES — 2.3%
Brown-Forman Corp. (Class B) (a)		390		27,152
Coca-Cola Enterprises, Inc.		1,074		26,882
Constellation Brands, Inc. (Class A) (a)(b)		649		14,375
Dr. Pepper Snapple Group, Inc.		784		27,566
Hansen Natural Corp. (b)		247		12,913
Molson Coors Brewing Co. (Class B)		494		24,794
PepsiCo, Inc.		5,237		342,133
The Coca-Cola Co.		7,104		467,230

				943,045

BIOTECHNOLOGY — 1.4%
Alexion Pharmaceuticals, Inc. (a)(b)		257		20,701
Amgen, Inc. (b)		3,159		173,429
Amylin Pharmaceuticals, Inc. (a)(b)		473		6,958
Biogen Idec, Inc. (a)(b)		766		51,360
Celgene Corp. (b)		1,530		90,484
Cephalon, Inc. (a)(b)		231		14,257
Dendreon Corp. (a)(b)		474		16,552
Genzyme Corp. (b)		824		58,669
Gilead Sciences, Inc. (b)		2,708		98,138
Human Genome Sciences, Inc. (a)(b)		541		12,925
Talecris Biotherapeutics Holdings Corp. (b)		162		3,775
United Therapeutics Corp. (a)(b)		117		7,397
Vertex Pharmaceuticals, Inc. (a)(b)		614		21,508

				576,153

BUILDING PRODUCTS — 0.0%
Masco Corp. (a)		1,258		15,926

CAPITAL MARKETS — 2.5%
Affiliated Managers Group, Inc. (a)(b)		139		13,792
Ameriprise Financial, Inc.		817		47,018
BlackRock, Inc.		318		60,604
E*TRADE Financial Corp. (a)(b)		585		9,360
Eaton Vance Corp. (a)		391		11,820
Federated Investors, Inc. (Class B) (a)		313		8,191
Franklin Resources, Inc.		505		56,161
Invesco, Ltd.		1,489		35,825
Jefferies Group, Inc. (a)		400		10,652
Legg Mason, Inc.		477		17,301
Morgan Stanley		4,585		124,758
Northern Trust Corp. (a)		837		46,378
Owens Corning, Inc. (b)		395		12,304
Raymond James Financial, Inc. (a)		332		10,856
SEI Investments Co.		457		10,872
State Street Corp. (c)		1,691		78,361
T. Rowe Price Group, Inc.		888		57,312
TD Ameritrade Holding Corp.		824		15,648
The Bank of New York Mellon Corp.		4,059		122,582
The Charles Schwab Corp.		3,180		54,410
The Goldman Sachs Group, Inc.		1,439		241,982

				1,046,187

CHEMICALS — 2.3%
Air Products & Chemicals, Inc.		669		60,846
Airgas, Inc.		236		14,741
Albemarle Corp.		309		17,236
Ashland, Inc.		195		9,918
Celanese Corp. (Series A)		507		20,873
CF Industries Holdings, Inc.		229		30,949
E. I. du Pont de Nemours & Co.		3,004		149,840
Eastman Chemical Co. (a)		249		20,936
Ecolab, Inc.		744		37,512
FMC Corp.		253		20,212
Huntsman Corp.		386		6,025
International Flavors & Fragrances, Inc.		268		14,898
Lubrizol Corp. (a)		230		24,582
LyondellBasell Industries NV (b)		1,200		41,280
Monsanto Co.		1,757		122,358

See accompanying notes to financial statements.

SPDR Dow Jones Large Cap ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

Nalco Holding Co. (a)		367	$	11,722
PPG Industries, Inc.		558		46,911
Praxair, Inc.		964		92,033
Sigma-Aldrich Corp. (a)		366		24,361
The Dow Chemical Co.		3,844		131,234
The Mosaic Co.		504		38,485
The Scotts Miracle-Gro Co. (Class A) (a)		150		7,616
The Valspar Corp.		311		10,723

				955,291

COMMERCIAL BANKS — 2.8%
BB&T Corp.		2,347		61,703
BOK Financial Corp. (a)		75		4,005
City National Corp. (a)		141		8,652
Comerica, Inc. (a)		603		25,471
Commerce Bancshares, Inc.		227		9,011
Cullen/Frost Bankers, Inc. (a)		191		11,674
Fifth Third Bancorp		2,531		37,155
First Horizon National Corp. (a)(b)		738		8,695
Huntington Bancshares, Inc.		2,881		19,793
Keycorp (a)		2,744		24,284
M&T Bank Corp. (a)		372		32,383
Marshall & Ilsley Corp.		1,470		10,172
PNC Financial Services Group, Inc.		1,768		107,353
Regions Financial Corp. (a)		4,216		29,512
SunTrust Banks, Inc.		1,744		51,465
U.S. Bancorp		6,330		170,720
Wells Fargo & Co.		16,576		513,690
Zions Bancorporation (a)		500		12,115

				1,137,853

COMMERCIAL SERVICES & SUPPLIES — 0.5%
Avery Dennison Corp.		401		16,978
Cintas Corp.		454		12,694
Copart, Inc. (b)		205		7,657
Corrections Corp. of America (a)(b)		437		10,951
Covanta Holding Corp. (a)		413		7,099
Iron Mountain, Inc. (a)		610		15,256
Pitney Bowes, Inc. (a)		719		17,385
R.R. Donnelley & Sons Co.		712		12,439
Republic Services, Inc.		1,052		31,413
Stericycle, Inc. (a)(b)		305		24,681
Waste Connections, Inc. (a)		403		11,095
Waste Management, Inc. (a)		1,522		56,116

				223,764

COMMUNICATIONS EQUIPMENT — 2.0%
Brocade Communications Systems, Inc. (b)		1,177		6,226
Cisco Systems, Inc. (b)		18,377		371,767
F5 Networks, Inc. (a)(b)		224		29,156
Harris Corp. (a)		462		20,929
Juniper Networks, Inc. (a)(b)		1,796		66,308
Motorola, Inc. (b)		7,169		65,023
QUALCOMM, Inc.		5,296		262,099
Tellabs, Inc.		1,059		7,180

				828,688

COMPUTERS & PERIPHERALS — 4.1%
Apple, Inc. (b)		3,032		978,002
Dell, Inc. (b)		5,862		79,430
EMC Corp. (b)		6,730		154,117
Hewlett-Packard Co.		7,517		316,466
NCR Corp. (a)(b)		566		8,700
NetApp, Inc. (a)(b)		1,110		61,006
SanDisk Corp. (b)		769		38,342
Seagate Technology (b)		1,640		24,649
Teradata Corp. (b)		615		25,313
Western Digital Corp. (b)		741		25,120

				1,711,145

CONSTRUCTION & ENGINEERING — 0.3%
Aecom Technology Corp. (b)		326		9,118
Fluor Corp.		614		40,684
Foster Wheeler AG (a)(b)		300		10,356
Jacobs Engineering Group, Inc. (b)		417		19,119
KBR, Inc.		559		17,033
Quanta Services, Inc. (b)		659		13,127
The Shaw Group, Inc. (b)		349		11,946
URS Corp. (b)		288		11,984

				133,367

CONSTRUCTION MATERIALS — 0.1%
Martin Marietta Materials, Inc. (a)		137		12,637
Vulcan Materials Co. (a)		391		17,345

				29,982

CONSUMER FINANCE — 0.7%
American Express Co.		3,578		153,568
Capital One Financial Corp.		1,498		63,755
Discover Financial Services		1,851		34,299
SLM Corp. (b)		1,587		19,980

				271,602

CONTAINERS & PACKAGING — 0.3%
AptarGroup, Inc.		222		10,560
Ball Corp.		320		21,776
Bemis Co., Inc.		345		11,268
Crown Holdings, Inc. (b)		545		18,192
Owens-Illinois, Inc. (b)		583		17,898
Sealed Air Corp. (a)		545		13,870
Smurfit-Stone Container Corp. (b)		168		4,301
Sonoco Products Co.		334		11,246

				109,111

DISTRIBUTORS — 0.1%
Genuine Parts Co.		552		28,340

DIVERSIFIED CONSUMER SERVICES — 0.1%
Apollo Group, Inc. (b)		452		17,850
DeVry, Inc.		210		10,076
H&R Block, Inc. (a)		1,152		13,720
Strayer Education, Inc.		47		7,154
Weight Watchers International, Inc. (a)		129		4,836

				53,636

DIVERSIFIED FINANCIAL SERVICES — 4.0%
Bank of America Corp.		32,927		439,246
CBOE Holdings, Inc.		39		892
CIT Group, Inc. (b)		607		28,590
Citigroup, Inc. (b)		96,266		455,338

See accompanying notes to financial statements.

SPDR Dow Jones Large Cap ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

CME Group, Inc. (a)		226	$	72,716
Intercontinental Exchange, Inc. (b)		246		29,311
JPMorgan Chase & Co.		12,955		549,551
Leucadia National Corp. (a)		568		16,574
Moody’s Corp. (a)		656		17,410
MSCI, Inc. (Class A) (b)		397		15,467
NYSE Euronext (a)		879		26,352
The NASDAQ OMX Group, Inc. (b)		534		12,661

				1,664,108

DIVERSIFIED TELECOMMUNICATION SERVICES — 2.6%
AT&T, Inc.		19,757		580,461
CenturyLink, Inc. (a)		1,015		46,863
Frontier Communications Corp. (a)		3,380		32,887
Qwest Communications International, Inc.		4,856		36,954
Verizon Communications, Inc.		9,327		333,720
Windstream Corp. (a)		1,508		21,021

				1,051,906

ELECTRIC UTILITIES — 0.1%
DPL, Inc. (a)		383		9,847
ITC Holdings Corp. (a)		167		10,351
Westar Energy, Inc. (a)		366		9,208

				29,406

ELECTRICAL EQUIPMENT — 0.7%
AMETEK, Inc. (a)		536		21,018
Babcock & Wilcox Co. (a)(b)		387		9,903
Cooper Industries PLC		500		29,145
Emerson Electric Co.		2,505		143,211
Hubbell, Inc. (Class B)		182		10,944
Rockwell Automation, Inc.		427		30,620
Roper Industries, Inc. (a)		302		23,082

				267,923

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.9%
Agilent Technologies, Inc. (b)		1,219		50,503
Amphenol Corp. (Class A) (a)		603		31,826
Arrow Electronics, Inc. (b)		410		14,042
Avnet, Inc. (b)		500		16,515
Corning, Inc.		5,097		98,474
Dolby Laboratories, Inc. (Class A) (a)(b)		180		12,006
FLIR Systems, Inc. (a)(b)		470		13,983
Ingram Micro, Inc. (Class A) (b)		468		8,934
Itron, Inc. (b)		104		5,767
Jabil Circuit, Inc.		544		10,929
Mettler-Toledo International, Inc. (b)		112		16,936
Molex, Inc. (a)		452		10,269
Trimble Navigation, Ltd. (a)(b)		433		17,290
Tyco Electronics, Ltd.		1,400		49,560

				357,034

ENERGY EQUIPMENT & SERVICES — 2.3%
Baker Hughes, Inc.		1,449		82,839
Cameron International Corp. (b)		816		41,396
Diamond Offshore Drilling, Inc. (a)		224		14,979
FMC Technologies, Inc. (b)		398		35,386
Halliburton Co.		3,036		123,960
Helmerich & Payne, Inc. (a)		317		15,368
Nabors Industries, Ltd. (b)		970		22,756
National-Oilwell Varco, Inc.		1,390		93,477
Noble Corp. (a)		800		28,616
Oceaneering International, Inc. (b)		152		11,192
Patterson-UTI Energy, Inc. (a)		530		11,422
Pride International, Inc. (b)		599		19,767
Rowan Cos., Inc. (a)(b)		372		12,987
Schlumberger, Ltd.		4,507		376,334
Tidewater, Inc. (a)		178		9,584
Weatherford International, Ltd. (b)		2,400		54,720

				954,783

FOOD & STAPLES RETAILING — 2.2%
Costco Wholesale Corp.		1,458		105,282
CVS Caremark Corp.		4,569		158,864
Safeway, Inc. (a)		1,279		28,765
SUPERVALU, Inc. (a)		723		6,963
Sysco Corp. (a)		2,003		58,888
The Kroger Co.		2,087		46,665
Wal-Mart Stores, Inc.		6,715		362,140
Walgreen Co.		3,164		123,269
Whole Foods Market, Inc. (a)(b)		384		19,427

				910,263

FOOD PRODUCTS — 1.7%
Archer-Daniels-Midland Co.		1,994		59,979
Bunge, Ltd.		514		33,677
Campbell Soup Co. (a)		690		23,977
ConAgra Foods, Inc.		1,543		34,841
Flowers Foods, Inc. (a)		290		7,804
General Mills, Inc.		2,008		71,465
Green Mountain Coffee Roasters, Inc. (a)(b)		319		10,482
H.J. Heinz Co. (a)		1,066		52,724
Hormel Foods Corp.		252		12,918
Kellogg Co. (a)		813		41,528
Kraft Foods, Inc. (Class A) (a)		5,371		169,240
McCormick & Co., Inc. (a)		392		18,240
Mead Johnson Nutrition Co.		633		39,404
Ralcorp Holdings, Inc. (a)(b)		195		12,677
Sara Lee Corp.		2,038		35,685
Smithfield Foods, Inc. (a)(b)		439		9,057
The Hershey Co. (a)		553		26,074
The J.M. Smucker Co.		404		26,523
Tyson Foods, Inc. (Class A)		991		17,065

				703,360

GAS UTILITIES — 0.1%
AGL Resources, Inc.		263		9,429
Atmos Energy Corp. (a)		310		9,672
Energen Corp.		214		10,328
Questar Corp. (a)		589		10,254
UGI Corp.		364		11,495

				51,178

HEALTH CARE EQUIPMENT & SUPPLIES — 2.0%
Alere, Inc. (a)(b)		258		9,443
Baxter International, Inc.		1,991		100,784
Beckman Coulter, Inc.		199		14,971
Becton, Dickinson & Co. (a)		673		56,882

See accompanying notes to financial statements.

SPDR Dow Jones Large Cap ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

Boston Scientific Corp. (a)(b)		5,012	$	37,941
C.R. Bard, Inc. (a)		340		31,202
CareFusion Corp. (b)		605		15,548
Covidien PLC		1,600		73,056
DENTSPLY International, Inc. (a)		463		15,821
Edwards Lifesciences Corp. (b)		383		30,962
Gen-Probe, Inc. (a)(b)		186		10,853
Hologic, Inc. (a)(b)		859		16,166
Hospira, Inc. (b)		542		30,184
IDEXX Laboratories, Inc. (a)(b)		208		14,398
Intuitive Surgical, Inc. (a)(b)		128		32,992
Kinetic Concepts, Inc. (a)(b)		167		6,994
Medtronic, Inc.		3,573		132,523
ResMed, Inc. (a)(b)		512		17,736
St. Jude Medical, Inc. (b)		1,078		46,084
Stryker Corp. (a)		1,034		55,526
Teleflex, Inc. (a)		135		7,264
Varian Medical Systems, Inc. (a)(b)		429		29,721
Zimmer Holdings, Inc. (b)		681		36,556

				823,607

HEALTH CARE PROVIDERS & SERVICES — 2.0%
Aetna, Inc.		1,392		42,470
AmerisourceBergen Corp.		951		32,448
Cardinal Health, Inc.		1,207		46,240
CIGNA Corp.		937		34,351
Community Health Systems, Inc. (b)		317		11,846
Coventry Health Care, Inc. (b)		505		13,332
DaVita, Inc. (b)		363		25,225
Express Scripts, Inc. (Class A) (b)		1,639		88,588
Henry Schein, Inc. (a)(b)		316		19,399
Humana, Inc. (b)		580		31,749
Laboratory Corp. of America Holdings (a)(b)		365		32,091
Lincare Holdings, Inc. (a)		373		10,008
McKesson Corp.		835		58,767
Medco Health Solutions, Inc. (b)		1,409		86,330
Omnicare, Inc.		360		9,140
Patterson Cos., Inc. (a)		338		10,353
Quest Diagnostics, Inc. (a)		493		26,607
UnitedHealth Group, Inc.		3,734		134,835
Universal Health Services, Inc. (Class B)		314		13,634
WellPoint, Inc. (b)		1,334		75,851

				803,264

HEALTH CARE TECHNOLOGY — 0.1%
Cerner Corp. (a)(b)		215		20,369

HOTELS, RESTAURANTS & LEISURE — 1.9%
Carnival Corp.		1,344		61,972
Chipotle Mexican Grill, Inc. (a)(b)		106		22,542
Darden Restaurants, Inc. (a)		514		23,870
Hyatt Hotels Corp. (Class A) (b)		131		5,995
International Game Technology (a)		1,019		18,026
Las Vegas Sands Corp. (b)		1,450		66,627
Marriott International, Inc. (Class A) (a)		1,046		43,451
McDonald’s Corp.		3,555		272,882
MGM MIRAGE, Inc. (a)(b)		839		12,459
Penn National Gaming, Inc. (a)(b)		296		10,404
Royal Caribbean Cruises, Ltd. (b)		468		21,996
Starbucks Corp.		2,488		79,939
Starwood Hotels & Resorts Worldwide, Inc. (a)		579		35,192
Wyndham Worldwide Corp.		527		15,789
Wynn Resorts, Ltd.		242		25,129
Yum! Brands, Inc.		1,573		77,156

				793,429

HOUSEHOLD DURABLES — 0.5%
D.R. Horton, Inc. (a)		930		11,095
Fortune Brands, Inc.		520		31,330
Garmin, Ltd. (a)		417		12,923
Harman International Industries, Inc. (b)		180		8,334
Leggett & Platt, Inc.		546		12,427
Lennar Corp. (Class A)		393		7,369
Mohawk Industries, Inc. (b)		183		10,387
Newell Rubbermaid, Inc.		939		17,071
NVR, Inc. (b)		22		15,202
Pulte Group, Inc. (a)(b)		1,089		8,189
Stanley Black & Decker, Inc.		538		35,976
Toll Brothers, Inc. (a)(b)		457		8,683
Whirlpool Corp. (a)		252		22,385

				201,371

HOUSEHOLD PRODUCTS — 2.1%
Church & Dwight Co., Inc. (a)		236		16,289
Colgate-Palmolive Co.		1,557		125,136
Energizer Holdings, Inc. (b)		181		13,195
Kimberly-Clark Corp.		1,309		82,519
Procter & Gamble Co.		9,305		598,591
The Clorox Co.		472		29,868

				865,598

INDUSTRIAL CONGLOMERATES — 2.3%
3M Co.		2,194		189,342
General Electric Co.		35,395		647,374
McDermott International, Inc. (b)		775		16,035
Textron, Inc. (a)		815		19,267
Tyco International, Ltd.		1,600		66,304

				938,322

INSURANCE — 4.1%
ACE, Ltd.		1,100		68,475
AFLAC, Inc.		1,585		89,441
Alleghany Corp. (b)		15		4,595
Allied World Assurance Company Holdings, Ltd. (a)		115		6,836
American Financial Group, Inc.		262		8,460
American International Group, Inc. (a)(b)		400		23,048
American National Insurance Co.		33		2,825
AON Corp.		990		45,550
Arch Capital Group, Ltd. (b)		169		14,880
Assurant, Inc.		403		15,524
Assured Guaranty, Ltd. (a)		476		8,425
Axis Capital Holdings, Ltd.		381		13,670
Berkshire Hathaway, Inc. (Class B) (b)		6,341		507,977
Brown & Brown, Inc.		384		9,193

See accompanying notes to financial statements.

SPDR Dow Jones Large Cap ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

Chubb Corp. (a)		1,025	$	61,131
Cincinnati Financial Corp. (a)		513		16,257
CNA Financial Corp. (b)		92		2,489
Everest Re Group, Ltd.		199		16,879
Fidelity National Financial, Inc. (Class A) (a)		684		9,357
Genworth Financial, Inc. (Class A) (b)		1,729		22,719
Hartford Financial Services Group, Inc. (a)		1,467		38,861
HCC Insurance Holdings, Inc.		393		11,373
Lincoln National Corp.		1,033		28,728
Loews Corp.		1,111		43,229
Markel Corp. (a)(b)		32		12,100
Marsh & McLennan Cos., Inc.		1,737		47,490
MetLife, Inc.		2,343		104,123
Old Republic International Corp. (a)		788		10,740
PartnerRe, Ltd.		242		19,445
Principal Financial Group, Inc. (a)		1,057		34,416
Prudential Financial, Inc.		1,514		88,887
Reinsurance Group of America, Inc. (a)		246		13,213
RenaissanceRe Holdings, Ltd.		207		13,184
The Allstate Corp.		1,645		52,443
The Hanover Insurance Group, Inc.		180		8,410
The Progressive Corp.		2,156		42,840
The Travelers Cos., Inc.		1,480		82,451
Torchmark Corp. (a)		300		17,922
Transatlantic Holdings, Inc.		179		9,240
Unum Group (a)		1,125		27,247
Validus Holdings, Ltd. (a)		228		6,979
W.R. Berkley Corp. (a)		489		13,389
Wesco Financial Corp.		4		1,474
White Mountains Insurance Group, Ltd.		28		9,397
XL Group PLC		1,070		23,347

				1,708,659

INTERNET & CATALOG RETAIL — 0.8%
Amazon.com, Inc. (b)		1,148		206,640
Expedia, Inc. (a)		703		17,638
Liberty Media Corp. — Interactive (Class A) (b)		2,084		32,865
Netflix, Inc. (a)(b)		155		27,233
Priceline.com, Inc. (b)		161		64,328

				348,704

INTERNET SOFTWARE & SERVICES — 1.7%
Akamai Technologies, Inc. (b)		566		26,630
AOL, Inc. (a)(b)		364		8,630
eBay, Inc. (b)		3,729		103,778
Equinix, Inc. (a)(b)		106		8,614
Google, Inc. (Class A) (b)		768		456,169
IAC/InterActive Corp. (b)		277		7,950
VeriSign, Inc.		659		21,530
Yahoo!, Inc. (a)(b)		4,195		69,763

				703,064

IT SERVICES — 3.1%
Accenture PLC (Class A)		2,100		101,829
Alliance Data Systems Corp. (a)(b)		176		12,501
Automatic Data Processing, Inc. (a)		1,636		75,714
Broadridge Financial Solutions, Inc.		487		10,680
Cognizant Technology Solutions Corp. (Class A) (b)		977		71,604
Computer Sciences Corp.		515		25,544
CoreLogic, Inc.		308		5,704
DST Systems, Inc.		141		6,253
Fidelity National Information Services, Inc.		737		20,186
Fiserv, Inc. (a)(b)		462		27,055
Genpact, Ltd. (b)		211		3,207
Global Payments, Inc. (a)		270		12,477
International Business Machines Corp.		4,092		600,542
Lender Processing Services, Inc. (a)		321		9,476
Mastercard, Inc. (Class A)		328		73,508
Paychex, Inc. (a)		1,105		34,156
SAIC, Inc. (b)		1,209		19,175
The Western Union Co.		2,154		40,000
Total System Services, Inc. (a)		682		10,489
Visa, Inc. (Class A) (a)		1,657		116,620

				1,276,720

LEISURE EQUIPMENT & PRODUCTS — 0.1%
Hasbro, Inc.		435		20,523
Mattel, Inc.		1,220		31,025

				51,548

LIFE SCIENCES TOOLS & SERVICES — 0.5%
Charles River Laboratories International, Inc. (a)(b)		240		8,530
Covance, Inc. (a)(b)		222		11,413
Illumina, Inc. (a)(b)		419		26,539
Life Technologies Corp. (b)		580		32,190
PerkinElmer, Inc.		408		10,534
Pharmaceutical Product Development, Inc.		346		9,390
Techne Corp. (a)		127		8,340
Thermo Fisher Scientific, Inc. (b)		1,324		73,297
Waters Corp. (b)		339		26,344

				206,577

MACHINERY — 2.3%
AGCO Corp. (a)(b)		305		15,451
Bucyrus International, Inc. (a)		216		19,310
Caterpillar, Inc.		1,887		176,737
Cummins, Inc.		590		64,906
Danaher Corp.		1,673		78,916
Deere & Co.		1,397		116,021
Donaldson Co., Inc. (a)		231		13,463
Dover Corp.		643		37,583
Eaton Corp.		559		56,744
Flowserve Corp.		196		23,367
Illinois Tool Works, Inc. (a)		1,401		74,813
Ingersoll-Rand PLC (a)		1,000		47,090
Joy Global, Inc.		364		31,577
Lincoln Electric Holdings, Inc.		139		9,073
Navistar International Corp. (b)		219		12,682
Oshkosh Corp. (a)(b)		241		8,493
PACCAR, Inc. (a)		1,170		67,181

See accompanying notes to financial statements.

SPDR Dow Jones Large Cap ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

Pall Corp.		409	$	20,278
Parker-Hannifin Corp.		545		47,034
Pentair, Inc.		331		12,085
SPX Corp.		186		13,297
The Timken Co.		200		9,546

				955,647

MEDIA — 3.1%
Cablevision Systems Corp. (Class A)		776		26,260
CBS Corp.		2,078		39,586
Clear Channel Outdoor Holdings, Inc. (Class A) (b)		137		1,923
Comcast Corp. (Class A)		9,338		205,156
DIRECTV (Class A) (b)		2,773		110,726
Discovery Communications, Inc. (Series A) (a)(b)		954		39,782
DISH Network Corp. (Class A) (b)		723		14,214
DreamWorks Animation SKG, Inc. (Class A) (a)(b)		184		5,422
Gannett Co., Inc. (a)		652		9,839
John Wiley & Sons, Inc. (Class A)		171		7,736
Liberty Global, Inc. (Series A) (a)(b)		839		29,684
Liberty Media — Starz (Series A) (b)		175		11,634
Liberty Media Corp. — Capital (Class A) (a)(b)		200		12,512
News Corp. (Class A)		7,881		114,747
Omnicom Group, Inc.		1,056		48,365
Scripps Networks Interactive (Class A)		277		14,335
Sirius XM Radio, Inc. (a)(b)		11,977		19,642
The Interpublic Group of Cos., Inc. (a)(b)		1,654		17,565
The McGraw-Hill Cos., Inc. (a)		1,097		39,942
The Walt Disney Co.		5,874		220,334
The Washington Post Co. (Class B) (a)		20		8,790
Time Warner Cable, Inc.		1,171		77,321
Time Warner, Inc.		3,747		120,541
Viacom, Inc. (Class B)		1,825		72,288
Virgin Media, Inc. (a)		1,007		27,431

				1,295,775

METALS & MINING — 1.3%
Alcoa, Inc.		3,270		50,325
Allegheny Technologies, Inc. (a)		320		17,658
Cliffs Natural Resources, Inc. (a)		452		35,261
Freeport-McMoRan Copper & Gold, Inc.		1,514		181,816
Newmont Mining Corp.		1,615		99,210
Nucor Corp. (a)		977		42,812
Reliance Steel & Aluminum Co.		221		11,293
Southern Copper Corp.		762		37,140
Steel Dynamics, Inc. (a)		620		11,346
Titanium Metals Corp. (a)(b)		200		3,436
United States Steel Corp.		481		28,100
Walter Energy, Inc.		179		22,883

				541,280

MULTI-UTILITIES — 3.6%
Allegheny Energy, Inc.		575		13,938
Alliant Energy Corp.		378		13,899
Ameren Corp.		693		19,536
American Electric Power Co., Inc.		1,620		58,288
American Water Works Co., Inc.		564		14,263
Aqua America, Inc.		454		10,206
Calpine Corp. (a)(b)		1,216		16,221
CenterPoint Energy, Inc.		1,200		18,864
CMS Energy Corp.		749		13,931
Consolidated Edison, Inc. (a)		924		45,803
Constellation Energy Group, Inc.		607		18,592
Dominion Resources, Inc.		1,960		83,731
DTE Energy Co.		559		25,334
Duke Energy Corp.		4,416		78,649
Edison International (a)		1,022		39,449
El Paso Corp.		2,410		33,162
Entergy Corp.		642		45,473
Exelon Corp. (a)		2,170		90,359
FirstEnergy Corp. (a)		1,033		38,242
Integrys Energy Group, Inc. (a)		263		12,758
MDU Resources Group, Inc.		570		11,554
National Fuel Gas Co.		229		15,027
NextEra Energy, Inc.		1,374		71,434
NiSource, Inc.		921		16,228
Northeast Utilities		629		20,052
NRG Energy, Inc. (a)(b)		885		17,293
NSTAR (a)		361		15,230
NV Energy, Inc.		795		11,170
OGE Energy Corp.		321		14,618
Oneok, Inc.		336		18,638
Pepco Holdings, Inc.		732		13,359
PG&E Corp.		1,239		59,274
Pinnacle West Capital Corp.		345		14,300
PPL Corp.		1,665		43,823
Progress Energy, Inc.		984		42,784
Public Service Enterprise Group, Inc.		1,728		54,968
SCANA Corp. (a)		376		15,266
Sempra Energy		767		40,252
Southern Co.		2,699		103,183
Spectra Energy Corp.		2,226		55,628
TECO Energy, Inc. (a)		679		12,086
The AES Corp. (b)		2,570		31,303
The Williams Cos., Inc.		1,970		48,698
Vectren Corp.		276		7,005
Wisconsin Energy Corp.		401		23,603
Xcel Energy, Inc.		1,520		35,796

				1,503,270

MULTILINE RETAIL — 0.8%
Dollar General Corp. (b)		117		3,588
Dollar Tree, Inc. (b)		464		26,021
Family Dollar Stores, Inc.		450		22,370
J.C. Penney Co., Inc. (a)		660		21,325
Kohl’s Corp. (b)		976		53,036
Macy’s, Inc.		1,422		35,977
Nordstrom, Inc. (a)		580		24,580
Sears Holdings Corp. (a)(b)		144		10,620
Target Corp.		2,119		127,415

				324,932

OFFICE ELECTRONICS — 0.1%
Xerox Corp.		4,507		51,921

See accompanying notes to financial statements.

SPDR Dow Jones Large Cap ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

OIL, GAS & CONSUMABLE FUELS — 9.1%
Alpha Natural Resources, Inc. (b)		354	$	21,251
Anadarko Petroleum Corp.		1,629		124,065
Apache Corp.		1,168		139,261
Arch Coal, Inc. (a)		468		16,408
Cabot Oil & Gas Corp.		364		13,777
Chesapeake Energy Corp. (a)		2,223		57,598
Chevron Corp.		6,651		606,904
Cimarex Energy Co. (a)		275		24,346
Cobalt International Energy, Inc. (a)(b)		316		3,858
Concho Resources, Inc. (b)		300		26,301
ConocoPhillips		4,608		313,805
Consol Energy, Inc.		804		39,187
Continental Resources, Inc. (a)(b)		115		6,768
Denbury Resources, Inc. (b)		1,302		24,855
Devon Energy Corp.		1,323		103,869
EOG Resources, Inc.		832		76,053
EQT Corp.		437		19,595
EXCO Resources, Inc. (a)		583		11,322
Exxon Mobil Corp.		16,735		1,223,663
Forest Oil Corp. (a)(b)		380		14,429
Hess Corp.		1,006		76,999
Marathon Oil Corp.		2,412		89,316
Massey Energy Co. (a)		341		18,295
Murphy Oil Corp.		642		47,861
Newfield Exploration Co. (b)		441		31,800
Noble Energy, Inc.		579		49,840
Occidental Petroleum Corp.		2,691		263,987
Peabody Energy Corp.		921		58,926
Petrohawk Energy Corp. (b)		1,008		18,396
Pioneer Natural Resources Co. (a)		311		27,001
Plains Exploration & Production Co. (b)		434		13,949
QEP Resources, Inc.		589		21,387
Quicksilver Resources, Inc. (a)(b)		378		5,572
Range Resources Corp. (a)		526		23,659
Southern Union Co.		361		8,689
Southwestern Energy Co. (b)		1,166		43,643
Sunoco, Inc.		407		16,406
Ultra Petroleum Corp. (a)(b)		514		24,554
Valero Energy Corp.		1,809		41,824
Whiting Petroleum Corp. (b)		170		19,922

				3,769,341

PAPER & FOREST PRODUCTS — 0.2%
International Paper Co.		1,308		35,630
MeadWestvaco Corp.		567		14,832
Weyerhaeuser Co. (a)		1,759		33,298

				83,760

PERSONAL PRODUCTS — 0.2%
Alberto-Culver Co.		296		10,964
Avon Products, Inc.		1,459		42,399
Herbalife, Ltd.		200		13,674
The Estee Lauder Cos., Inc. (Class A) (a)		402		32,441

				99,478

PHARMACEUTICALS — 5.1%
Abbott Laboratories		5,124		245,491
Allergan, Inc.		1,056		72,515
Bristol-Myers Squibb Co.		5,700		150,936
Eli Lilly & Co.		3,311		116,017
Endo Pharmaceuticals Holdings, Inc. (b)		351		12,534
Forest Laboratories, Inc. (b)		956		30,573
Johnson & Johnson		9,149		565,866
King Pharmaceuticals, Inc. (b)		831		11,676
Merck & Co., Inc.		10,206		367,824
Mylan, Inc. (b)		1,428		30,174
Perrigo Co. (a)		291		18,429
Pfizer, Inc.		26,709		467,675
Warner Chilcott PLC		300		6,768
Watson Pharmaceuticals, Inc. (b)		350		18,077

				2,114,555

PROFESSIONAL SERVICES — 0.2%
Equifax, Inc.		437		15,557
IHS, Inc. (Class A) (a)(b)		160		12,862
Manpower, Inc. (a)		262		16,443
Robert Half International, Inc. (a)		573		17,534
The Dun & Bradstreet Corp.		182		14,940
Towers Watson & Co. (Class A) (a)		143		7,445
Verisk Analytics, Inc. (Class A) (b)		281		9,577

				94,358

REAL ESTATE INVESTMENT TRUSTS — 1.8%
AMB Property Corp. (a)		526		16,679
Annaly Capital Management, Inc. (a)		2,112		37,847
AvalonBay Communities, Inc. (a)		268		30,163
Boston Properties, Inc. (a)		489		42,103
Digital Realty Trust, Inc. (a)		332		17,111
Equity Residential (a)		927		48,158
Federal Realty Investment Trust		193		15,041
General Growth Properties, Inc. (b)		1,300		20,124
HCP, Inc.		1,218		44,810
Health Care REIT, Inc.		463		22,057
Host Hotels & Resorts, Inc.		2,135		38,152
Kimco Realty Corp. (a)		1,385		24,985
Liberty Property Trust (a)		320		10,214
Nationwide Health Properties, Inc.		336		12,224
Piedmont Office Realty Trust, Inc. (Class A) (a)		200		4,028
Plum Creek Timber Co., Inc. (a)		587		21,983
ProLogis		1,520		21,949
Public Storage		435		44,118
Rayonier, Inc.		265		13,918
Realty Income Corp. (a)		352		12,038
Regency Centers Corp. (a)		317		13,390
Simon Property Group, Inc.		974		96,903
SL Green Realty Corp. (a)		217		14,650
The Macerich Co.		451		21,364
UDR, Inc. (a)		500		11,760
Ventas, Inc. (a)		576		30,229
Vornado Realty Trust		605		50,415

				736,413

See accompanying notes to financial statements.

SPDR Dow Jones Large Cap ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%
Brookfield Properties Corp.		941	$	16,496
CB Richard Ellis Group, Inc. (Class A) (b)		859		17,592
The St. Joe Co. (a)(b)		310		6,774

				40,862

ROAD & RAIL — 0.9%
CSX Corp.		1,264		81,667
Hertz Global Holdings, Inc. (a)(b)		799		11,577
J.B. Hunt Transport Services, Inc.		292		11,917
Kansas City Southern (b)		305		14,597
Norfolk Southern Corp.		1,246		78,274
Ryder Systems, Inc.		198		10,423
Union Pacific Corp.		1,606		148,812

				357,267

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.6%
Advanced Micro Devices, Inc. (a)(b)		1,879		15,370
Altera Corp.		1,020		36,292
Analog Devices, Inc.		994		37,444
Applied Materials, Inc.		4,559		64,054
Broadcom Corp. (Class A)		1,438		62,625
Cree, Inc. (b)		361		23,786
First Solar, Inc. (a)(b)		153		19,911
Intel Corp.		18,469		388,403
KLA-Tencor Corp.		590		22,798
Lam Research Corp. (b)		435		22,524
Linear Technology Corp. (a)		699		24,178
LSI Corp. (b)		2,183		13,076
Marvell Technology Group, Ltd. (b)		1,631		30,255
Maxim Integrated Products, Inc.		1,102		26,029
MEMC Electronic Materials, Inc. (b)		771		8,682
Microchip Technology, Inc. (a)		625		21,381
Micron Technology, Inc. (a)(b)		3,003		24,084
National Semiconductor Corp.		776		10,678
NVIDIA Corp. (b)		1,809		27,859
ON Semiconductor Corp. (b)		1,362		13,457
Texas Instruments, Inc.		4,024		130,780
Xilinx, Inc. (a)		941		27,270

				1,050,936

SOFTWARE — 3.9%
Activision Blizzard, Inc.		2,028		25,228
Adobe Systems, Inc. (b)		1,781		54,819
Ansys, Inc. (a)(b)		309		16,090
Autodesk, Inc. (b)		773		29,529
BMC Software, Inc. (b)		629		29,651
CA, Inc. (a)		1,394		34,070
Citrix Systems, Inc. (b)		615		42,072
Electronic Arts, Inc. (a)(b)		1,085		17,772
Factset Research Systems, Inc. (a)		151		14,158
Intuit, Inc. (a)(b)		1,013		49,941
McAfee, Inc. (b)		517		23,942
Microsoft Corp.		25,310		706,655
Nuance Communications, Inc. (b)		726		13,199
Oracle Corp.		12,653		396,039
Red Hat, Inc. (b)		648		29,581
Rovi Corp. (a)(b)		300		18,603
Salesforce.com, Inc. (b)		347		45,804
Symantec Corp. (b)		2,619		43,842
Synopsys, Inc. (b)		478		12,863
VMware, Inc. (Class A) (a)(b)		164		14,581

				1,618,439

SPECIALTY RETAIL — 2.0%
Abercrombie & Fitch Co. (Class A)		292		16,828
Advance Auto Parts, Inc.		320		21,168
American Eagle Outfitters, Inc.		611		8,939
AutoNation, Inc. (a)(b)		228		6,430
AutoZone, Inc. (a)(b)		87		23,715
Bed Bath & Beyond, Inc. (b)		891		43,793
Best Buy Co., Inc. (a)		1,136		38,953
CarMax, Inc. (a)(b)		673		21,455
GameStop Corp. (Class A) (a)(b)		505		11,554
Guess ?, Inc.		213		10,079
Limited Brands, Inc.		831		25,537
Lowe’s Cos., Inc.		4,567		114,540
O’Reilly Automotive, Inc. (a)(b)		459		27,733
PetSmart, Inc.		441		17,561
Ross Stores, Inc.		400		25,300
Staples, Inc.		2,406		54,785
The Gap, Inc.		1,201		26,590
The Home Depot, Inc.		5,431		190,411
The Sherwin-Williams Co.		301		25,209
The TJX Cos., Inc.		1,329		58,994
Tiffany & Co. (a)		423		26,340
Urban Outfitters, Inc. (a)(b)		385		13,787

				809,701

TEXTILES, APPAREL & LUXURY GOODS — 0.5%
Coach, Inc.		994		54,978
NIKE, Inc. (Class B) (a)		1,013		86,531
Phillips-Van Heusen Corp. (a)		200		12,602
Polo Ralph Lauren Corp. (a)		196		21,740
V.F. Corp. (a)		293		25,251

				201,102

THRIFTS & MORTGAGE FINANCE — 0.2%
Capitol Federal Financial, Inc.		562		6,694
Hudson City Bancorp, Inc. (a)		1,664		21,199
New York Community Bancorp, Inc. (a)		1,393		26,258
People’s United Financial, Inc. (a)		1,197		16,770
TFS Financial Corp. (a)		321		2,895

				73,816

TOBACCO — 1.5%
Altria Group, Inc.		6,979		171,823
Lorillard, Inc. (a)		477		39,143
Philip Morris International, Inc.		6,046		353,872
Reynolds American, Inc.		1,144		37,317

				602,155

TRADING COMPANIES & DISTRIBUTORS — 0.2%
Fastenal Co. (a)		488		29,236
MSC Industrial Direct Co., Inc. (Class A) (a)		147		9,510
W.W. Grainger, Inc. (a)		193		26,655

				65,401

See accompanying notes to financial statements.

SPDR Dow Jones Large Cap ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

WIRELESS TELECOMMUNICATION SERVICES — 0.5%
American Tower Corp. (Class A) (b)		1,341	$	69,249
Clearwire Corp. (Class A) (a)(b)		368		1,895
Crown Castle International Corp. (b)		820		35,941
MetroPCS Communications, Inc. (a)(b)		832		10,508
NII Holdings, Inc. (b)		564		25,188
SBA Communications Corp. (Class A) (a)(b)		394		16,130
Sprint Nextel Corp. (b)		9,633		40,748
Telephone & Data Systems, Inc.		354		12,939
US Cellular Corp. (b)		56		2,797

				215,395

TOTAL COMMON STOCKS —
(Cost $32,504,055)				41,235,780

SHORT TERM INVESTMENTS — 7.3%
MONEY MARKET FUNDS — 7.3%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		3,000,511		3,000,511
State Street Institutional Liquid Reserves Fund 0.18% (e)(f)		16,977		16,977

TOTAL SHORT TERM INVESTMENTS —
(Cost $3,017,488)				3,017,488

TOTAL INVESTMENTS — 107.2% (g)
(Cost $35,521,543)				44,253,268
OTHER ASSETS & LIABILITIES — (7.2)%				(2,963,539	)

NET ASSETS — 100.0%			$	41,289,729


(a)		Security, or portion thereof, was on loan at December 31, 2010.
(b)		Non-income producing security.
(c)		Affiliated issuer. (Note 3)
(d)		Investments of cash collateral for securities loaned.
(e)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f)		The rate shown is the annualized seven-day yield at period end.
(g)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

See accompanying notes to financial statements.

SPDR S&P 500 Growth ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.5%
AEROSPACE & DEFENSE — 2.9%
Boeing Co.		14,300	$	933,218
General Dynamics Corp.		6,900		489,624
Goodrich Corp.		3,983		350,783
Honeywell International, Inc.		16,200		861,192
ITT Corp.		3,149		164,094
Precision Castparts Corp.		4,660		648,719
Raytheon Co.		5,700		264,138
Rockwell Collins, Inc.		5,038		293,514
United Technologies Corp.		19,500		1,535,040

				5,540,322

AIR FREIGHT & LOGISTICS — 1.0%
C.H. Robinson Worldwide, Inc.		5,307		425,568
Expeditors International Washington, Inc.		3,821		208,627
United Parcel Service, Inc. (Class B)		16,700		1,212,086

				1,846,281

AIRLINES — 0.1%
Southwest Airlines Co.		12,400		160,952

AUTOMOBILES — 0.7%
Ford Motor Co. (a)		71,900		1,207,201
Harley-Davidson, Inc.		3,400		117,878

				1,325,079

BEVERAGES — 4.8%
Brown-Forman Corp. (Class B)		3,444		239,771
Coca-Cola Enterprises, Inc.		11,000		275,330
Dr. Pepper Snapple Group, Inc.		7,400		260,184
PepsiCo, Inc.		51,538		3,366,978
The Coca-Cola Co.		75,500		4,965,635

				9,107,898

BIOTECHNOLOGY — 2.1%
Amgen, Inc. (a)		16,566		909,473
Biogen Idec, Inc. (a)		7,767		520,777
Celgene Corp. (a)		15,325		906,321
Cephalon, Inc. (a)(b)		958		59,128
Genzyme Corp. (a)		8,448		601,498
Gilead Sciences, Inc. (a)		26,568		962,824

				3,960,021

CAPITAL MARKETS — 1.1%
Ameriprise Financial, Inc.		8,100		466,155
Federated Investors, Inc. (Class B) (b)		1,900		49,723
Franklin Resources, Inc.		3,073		341,748
Invesco, Ltd.		7,100		170,826
Janus Capital Group, Inc.		2,900		37,613
Northern Trust Corp.		2,707		149,995
T. Rowe Price Group, Inc.		8,258		532,971
The Charles Schwab Corp.		14,540		248,780

				1,997,811

CHEMICALS — 2.4%
Air Products & Chemicals, Inc.		3,800		345,610
Airgas, Inc.		1,631		101,872
CF Industries Holdings, Inc.		2,236		302,195
E. I. du Pont de Nemours & Co.		17,500		872,900
Eastman Chemical Co. (b)		1,200		100,896
Ecolab, Inc.		7,351		370,638
FMC Corp.		2,282		182,309
International Flavors & Fragrances, Inc.		2,600		144,534
Monsanto Co.		9,588		667,708
PPG Industries, Inc.		3,200		269,024
Praxair, Inc.		9,969		951,741
Sigma-Aldrich Corp.		3,923		261,115

				4,570,542

COMMERCIAL BANKS — 1.4%
Huntington Bancshares, Inc.		7,200		49,464
Keycorp		6,000		53,100
Wells Fargo & Co.		83,600		2,590,764

				2,693,328

COMMERCIAL SERVICES & SUPPLIES — 0.4%
Avery Dennison Corp.		1,300		55,042
Iron Mountain, Inc. (b)		3,483		87,110
Republic Services, Inc.		5,503		164,319
Stericycle, Inc. (a)		2,750		222,530
Waste Management, Inc. (b)		6,000		221,220

				750,221

COMMUNICATIONS EQUIPMENT — 3.1%
Cisco Systems, Inc. (a)		102,761		2,078,855
F5 Networks, Inc. (a)		2,647		344,533
Harris Corp.		2,343		106,138
JDS Uniphase Corp. (a)		7,200		104,256
Juniper Networks, Inc. (a)		16,755		618,595
QUALCOMM, Inc.		52,576		2,601,986

				5,854,363

COMPUTERS & PERIPHERALS — 7.5%
Apple, Inc. (a)		29,771		9,602,934
EMC Corp. (a)		66,992		1,534,117
Hewlett-Packard Co.		39,833		1,676,969
NetApp, Inc. (a)		11,719		644,076
QLogic Corp. (a)		3,400		57,868
SanDisk Corp. (a)		7,432		370,560
Teradata Corp. (a)		5,327		219,259
Western Digital Corp. (a)		7,318		248,080

				14,353,863

CONSTRUCTION & ENGINEERING — 0.1%
Fluor Corp.		3,265		216,339

CONSUMER FINANCE — 0.4%
American Express Co.		18,700		802,604

CONTAINERS & PACKAGING — 0.1%
Ball Corp.		2,901		197,413

DIVERSIFIED CONSUMER SERVICES — 0.1%
Apollo Group, Inc. (a)		4,159		164,239
DeVry, Inc.		1,996		95,768

				260,007

DIVERSIFIED FINANCIAL SERVICES — 0.3%
Intercontinental Exchange, Inc. (a)		2,305		274,641
Leucadia National Corp.		3,886		113,393

See accompanying notes to financial statements.

SPDR S&P 500 Growth ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

Moody’s Corp. (b)		3,589	$	95,252

				483,286

DIVERSIFIED TELECOMMUNICATION SERVICES — 2.4%
AT&T, Inc.		80,700		2,370,966
CenturyLink, Inc.		4,900		226,233
Frontier Communications Corp.		15,200		147,896
Qwest Communications International, Inc.		56,700		431,487
Verizon Communications, Inc.		36,800		1,316,704
Windstream Corp. (b)		9,400		131,036

				4,624,322

ELECTRICAL EQUIPMENT — 0.7%
Emerson Electric Co.		13,465		769,794
Rockwell Automation, Inc.		4,600		329,866
Roper Industries, Inc. (b)		2,987		228,296

				1,327,956

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.8%
Agilent Technologies, Inc. (a)		11,028		456,890
Amphenol Corp. (Class A)		5,677		299,632
Corning, Inc.		32,039		618,993
FLIR Systems, Inc. (a)(b)		5,073		150,922
Molex, Inc.		1,700		38,624

				1,565,061

ENERGY EQUIPMENT & SERVICES — 3.5%
Baker Hughes, Inc.		6,187		353,711
Cameron International Corp. (a)		7,807		396,049
Diamond Offshore Drilling, Inc.		2,101		140,494
FMC Technologies, Inc. (a)		3,842		341,592
Halliburton Co.		15,385		628,170
Helmerich & Payne, Inc.		1,916		92,888
National-Oilwell Varco, Inc.		13,673		919,509
Schlumberger, Ltd.		44,363		3,704,310

				6,576,723

FOOD & STAPLES RETAILING — 0.1%
Whole Foods Market, Inc. (a)(b)		4,796		242,630

FOOD PRODUCTS — 1.6%
Campbell Soup Co. (b)		3,300		114,675
General Mills, Inc.		13,100		466,229
H.J. Heinz Co.		6,700		331,382
Hormel Foods Corp.		1,400		71,764
Kellogg Co.		5,000		255,400
Kraft Foods, Inc. (Class A)		27,300		860,223
McCormick & Co., Inc.		2,600		120,978
Mead Johnson Nutrition Co.		6,512		405,372
Sara Lee Corp.		11,000		192,610
The Hershey Co.		3,000		141,450

				2,960,083

HEALTH CARE EQUIPMENT & SUPPLIES — 2.3%
Baxter International, Inc.		12,177		616,400
Becton, Dickinson & Co.		4,754		401,808
C.R. Bard, Inc.		2,955		271,180
DENTSPLY International, Inc.		2,820		96,359
Hospira, Inc. (a)		5,260		292,930
Intuitive Surgical, Inc. (a)		1,251		322,445
Medtronic, Inc.		22,508		834,822
St. Jude Medical, Inc. (a)		11,199		478,757
Stryker Corp. (b)		11,128		597,574
Varian Medical Systems, Inc. (a)		3,811		264,026
Zimmer Holdings, Inc. (a)		4,072		218,585

				4,394,886

HEALTH CARE PROVIDERS & SERVICES — 1.6%
AmerisourceBergen Corp.		4,621		157,668
CIGNA Corp.		8,800		322,608
DaVita, Inc. (a)		3,304		229,595
Express Scripts, Inc. (Class A) (a)		17,117		925,174
Laboratory Corp. of America Holdings (a)		3,292		289,432
Medco Health Solutions, Inc. (a)		13,825		847,058
Patterson Cos., Inc.		3,279		100,436
Quest Diagnostics, Inc.		2,266		122,296
Tenet Healthcare Corp. (a)		15,800		105,702

				3,099,969

HEALTH CARE TECHNOLOGY — 0.1%
Cerner Corp. (a)(b)		2,229		211,175

HOTELS, RESTAURANTS & LEISURE — 3.1%
Carnival Corp.		7,100		327,381
Darden Restaurants, Inc.		4,464		207,308
International Game Technology (b)		4,187		74,068
Marriott International, Inc. (Class A)		9,391		390,102
McDonald’s Corp.		34,400		2,640,544
Starbucks Corp.		24,098		774,269
Starwood Hotels & Resorts Worldwide, Inc.		6,228		378,538
Wyndham Worldwide Corp.		5,667		169,783
Wynn Resorts, Ltd.		2,465		255,966
Yum! Brands, Inc.		15,263		748,650

				5,966,609

HOUSEHOLD DURABLES — 0.2%
Harman International Industries, Inc. (a)		1,333		61,718
Lennar Corp. (Class A)		2,600		48,750
Stanley Black & Decker, Inc.		2,700		180,549

				291,017

HOUSEHOLD PRODUCTS — 2.5%
Colgate-Palmolive Co.		15,578		1,252,004
Kimberly-Clark Corp.		8,100		510,624
Procter & Gamble Co.		43,700		2,811,221
The Clorox Co.		2,800		177,184

				4,751,033

INDUSTRIAL CONGLOMERATES — 0.7%
3M Co.		12,800		1,104,640
Tyco International, Ltd.		7,500		310,800

				1,415,440

INSURANCE — 0.3%
AFLAC, Inc.		9,300		524,799

INTERNET & CATALOG RETAIL — 1.6%
Amazon.com, Inc. (a)		11,519		2,073,420
Expedia, Inc.		6,534		163,938
Netflix, Inc. (a)		1,418		249,143

See accompanying notes to financial statements.

SPDR S&P 500 Growth ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

Priceline.com, Inc. (a)		1,612	$	644,074

				3,130,575

INTERNET SOFTWARE & SERVICES — 3.5%
Akamai Technologies, Inc. (a)		5,748		270,443
eBay, Inc. (a)		37,278		1,037,447
Google, Inc. (Class A) (a)		8,111		4,817,691
Monster Worldwide, Inc. (a)		2,200		51,986
VeriSign, Inc. (b)		3,100		101,277
Yahoo!, Inc. (a)		19,967		332,051

				6,610,895

IT SERVICES — 5.1%
Automatic Data Processing, Inc.		10,251		474,416
Cognizant Technology Solutions Corp. (Class A) (a)		9,843		721,393
Fiserv, Inc. (a)		2,742		160,572
International Business Machines Corp.		40,400		5,929,104
Mastercard, Inc. (Class A)		3,114		697,879
Paychex, Inc.		6,000		185,460
SAIC, Inc. (a)		4,419		70,085
The Western Union Co.		20,906		388,224
Total System Services, Inc.		1,925		29,607
Visa, Inc. (Class A)		15,826		1,113,834

				9,770,574

LEISURE EQUIPMENT & PRODUCTS — 0.2%
Hasbro, Inc.		4,400		207,592
Mattel, Inc.		7,400		188,182

				395,774

LIFE SCIENCES TOOLS & SERVICES — 0.6%
Life Technologies Corp. (a)		6,122		339,771
PerkinElmer, Inc.		2,133		55,074
Thermo Fisher Scientific, Inc. (a)		7,788		431,144
Waters Corp. (a)		2,991		232,430

				1,058,419

MACHINERY — 3.1%
Caterpillar, Inc.		11,161		1,045,339
Cummins, Inc.		6,404		704,504
Danaher Corp.		10,595		499,766
Deere & Co.		13,765		1,143,183
Dover Corp.		3,291		192,359
Eaton Corp.		2,600		263,926
Flowserve Corp.		1,778		211,973
Illinois Tool Works, Inc. (b)		8,498		453,793
Ingersoll-Rand PLC		10,500		494,445
PACCAR, Inc.		5,111		293,474
Pall Corp.		3,637		180,323
Parker-Hannifin Corp.		3,100		267,530
Snap-On, Inc.		900		50,922

				5,801,537

MEDIA — 4.0%
Cablevision Systems Corp. (Class A)		7,528		254,748
Comcast Corp. (Class A)		90,705		1,992,789
DIRECTV (Class A) (a)		27,450		1,096,078
Discovery Communications, Inc. (Series A) (a)(b)		9,262		386,225
Meredith Corp. (b)		500		17,325
News Corp. (Class A)		43,100		627,536
Omnicom Group, Inc.		6,100		279,380
Scripps Networks Interactive (Class A)		2,933		151,783
The Interpublic Group of Cos., Inc. (a)		15,401		163,559
The McGraw-Hill Cos., Inc.		5,700		207,537
The Walt Disney Co.		33,300		1,249,083
Time Warner Cable, Inc.		7,499		495,159
Viacom, Inc. (Class B)		19,631		777,584

				7,698,786

METALS & MINING — 1.7%
Allegheny Technologies, Inc.		1,244		68,644
Cliffs Natural Resources, Inc.		4,325		337,393
Freeport-McMoRan Copper & Gold, Inc.		15,340		1,842,181
Newmont Mining Corp.		16,049		985,890
Titanium Metals Corp. (a)		1,277		21,939
United States Steel Corp.		1,071		62,568

				3,318,615

MULTI-UTILITIES — 0.7%
Dominion Resources, Inc.		8,100		346,032
El Paso Corp.		13,300		183,008
Southern Co.		10,600		405,238
Spectra Energy Corp.		10,500		262,395
Wisconsin Energy Corp.		1,700		100,062

				1,296,735

MULTILINE RETAIL — 0.9%
Big Lots, Inc. (a)		1,400		42,644
Family Dollar Stores, Inc.		4,074		202,519
Kohl’s Corp. (a)		5,664		307,782
Macy’s, Inc.		8,500		215,050
Nordstrom, Inc.		5,384		228,174
Target Corp.		13,165		791,611

				1,787,780

OIL, GAS & CONSUMABLE FUELS — 3.4%
Anadarko Petroleum Corp.		5,773		439,671
Apache Corp.		6,100		727,303
Cabot Oil & Gas Corp.		1,441		54,542
Chesapeake Energy Corp. (b)		8,036		208,213
Consol Energy, Inc.		7,200		350,928
Denbury Resources, Inc. (a)		12,599		240,515
Devon Energy Corp.		5,200		408,252
EOG Resources, Inc.		3,841		351,106
EQT Corp.		2,224		99,724
Massey Energy Co.		3,312		177,689
Murphy Oil Corp.		3,110		231,850
Newfield Exploration Co. (a)		4,389		316,491
Noble Energy, Inc.		2,610		224,669
Occidental Petroleum Corp.		13,168		1,291,781
Peabody Energy Corp.		8,759		560,401
Pioneer Natural Resources Co.		3,768		327,137
Range Resources Corp.		2,501		112,495
Southwestern Energy Co. (a)		11,279		422,173

				6,544,940

See accompanying notes to financial statements.

SPDR S&P 500 Growth ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

PERSONAL PRODUCTS — 0.4%
Avon Products, Inc.		14,000	$	406,840
The Estee Lauder Cos., Inc. (Class A)		3,837		309,646

				716,486

PHARMACEUTICALS — 6.0%
Abbott Laboratories		50,300		2,409,873
Allergan, Inc.		9,992		686,151
Bristol-Myers Squibb Co.		30,100		797,048
Eli Lilly & Co.		33,000		1,156,320
Forest Laboratories, Inc. (a)		6,100		195,078
Johnson & Johnson		53,600		3,315,160
Merck & Co., Inc.		65,100		2,346,204
Mylan, Inc. (a)		13,773		291,023
Watson Pharmaceuticals, Inc. (a)		3,958		204,431

				11,401,288

PROFESSIONAL SERVICES — 0.1%
Equifax, Inc.		2,366		84,229
Robert Half International, Inc. (b)		2,036		62,302
The Dun & Bradstreet Corp.		1,565		128,471

				275,002

REAL ESTATE INVESTMENT TRUSTS — 1.8%
Apartment Investment & Management Co. (Class A)		2,100		54,264
AvalonBay Communities, Inc.		2,680		301,634
Boston Properties, Inc.		2,102		180,982
Equity Residential		9,300		483,135
HCP, Inc.		6,600		242,814
Health Care REIT, Inc.		2,000		95,280
Host Hotels & Resorts, Inc.		9,500		169,765
Kimco Realty Corp.		4,100		73,964
Plum Creek Timber Co., Inc.		2,400		89,880
Public Storage		2,692		273,023
Simon Property Group, Inc.		9,542		949,334
Ventas, Inc.		4,992		261,980
Vornado Realty Trust		2,400		199,992

				3,376,047

REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%
CB Richard Ellis Group, Inc. (Class A) (a)		9,331		191,099

ROAD & RAIL — 0.9%
CSX Corp.		7,253		468,616
Norfolk Southern Corp.		4,800		301,536
Union Pacific Corp.		9,798		907,883

				1,678,035

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 3.6%
Advanced Micro Devices, Inc. (a)		17,900		146,422
Altera Corp.		10,179		362,169
Analog Devices, Inc.		9,700		365,399
Applied Materials, Inc.		16,900		237,445
Broadcom Corp. (Class A)		14,795		644,322
First Solar, Inc. (a)(b)		1,767		229,957
Intel Corp.		105,200		2,212,356
KLA-Tencor Corp.		2,600		100,464
Linear Technology Corp.		7,300		252,507
LSI Corp. (a)		8,619		51,628
Microchip Technology, Inc.		6,100		208,681
Micron Technology, Inc. (a)(b)		27,827		223,173
National Semiconductor Corp.		3,800		52,288
Novellus Systems, Inc. (a)		1,400		45,248
NVIDIA Corp. (a)		10,801		166,336
Teradyne, Inc. (a)(b)		3,400		47,736
Texas Instruments, Inc.		38,200		1,241,500
Xilinx, Inc. (b)		8,183		237,143

				6,824,774

SOFTWARE — 7.5%
Adobe Systems, Inc. (a)		8,554		263,292
Autodesk, Inc. (a)		7,312		279,318
BMC Software, Inc. (a)		5,759		271,479
CA, Inc.		8,378		204,758
Citrix Systems, Inc. (a)		6,146		420,448
Compuware Corp. (a)		4,600		53,682
Electronic Arts, Inc. (a)		4,529		74,185
Intuit, Inc. (a)		9,224		454,743
McAfee, Inc. (a)		4,804		222,473
Microsoft Corp.		244,819		6,835,347
Oracle Corp.		125,922		3,941,359
Red Hat, Inc. (a)		6,148		280,656
Salesforce.com, Inc. (a)		3,812		503,184
Symantec Corp. (a)		25,013		418,718

				14,223,642

SPECIALTY RETAIL — 1.8%
Abercrombie & Fitch Co. (Class A)		1,700		97,971
AutoZone, Inc. (a)		891		242,878
Bed Bath & Beyond, Inc. (a)		8,275		406,716
Best Buy Co., Inc.		6,167		211,466
CarMax, Inc. (a)		7,114		226,794
Limited Brands, Inc.		8,600		264,278
O’Reilly Automotive, Inc. (a)		4,576		276,482
Ross Stores, Inc.		3,891		246,106
Staples, Inc.		11,779		268,208
The Gap, Inc.		8,000		177,120
The Sherwin-Williams Co.		1,452		121,605
The TJX Cos., Inc.		12,998		576,981
Tiffany & Co.		3,987		248,270
Urban Outfitters, Inc. (a)		4,197		150,295

				3,515,170

TEXTILES, APPAREL & LUXURY GOODS — 1.0%
Coach, Inc.		9,686		535,733
NIKE, Inc. (Class B)		12,429		1,061,685
Polo Ralph Lauren Corp.		2,075		230,159
V.F. Corp.		1,600		137,888

				1,965,465

THRIFTS & MORTGAGE FINANCE — 0.1%
Hudson City Bancorp, Inc.		9,426		120,087

TOBACCO — 2.3%
Altria Group, Inc. (b)		23,800		585,956
Lorillard, Inc.		2,200		180,532
Philip Morris International, Inc.		59,000		3,453,270
Reynolds American, Inc.		5,600		182,672

				4,402,430

See accompanying notes to financial statements.

SPDR S&P 500 Growth ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

TRADING COMPANIES & DISTRIBUTORS — 0.3%
Fastenal Co.		4,768	$	285,651
W.W. Grainger, Inc.		1,946		268,762

				554,413

WIRELESS TELECOMMUNICATION SERVICES — 0.4%
American Tower Corp. (Class A) (a)		12,963		669,409
MetroPCS Communications, Inc. (a)		8,499		107,343

				776,752

TOTAL COMMON STOCKS —
(Cost $169,880,101)				189,507,353

SHORT TERM INVESTMENTS — 1.7%
MONEY MARKET FUNDS — 1.7%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		2,442,385		2,442,385
State Street Institutional Liquid Reserves Fund 0.18% (d)(e)		706,237		706,237

TOTAL SHORT TERM INVESTMENTS —
(Cost $3,148,622)				3,148,622

TOTAL INVESTMENTS — 101.2% (f)
(Cost $173,028,723)				192,655,975
OTHER ASSETS & LIABILITIES — (1.2)%				(2,234,253	)

NET ASSETS — 100.0%			$	190,421,722


(a)		Non-income producing security.
(b)		Security, or portion thereof, was on loan at December 31, 2010.
(c)		Investments of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

See accompanying notes to financial statements.

SPDR S&P 500 Value ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.7%
AEROSPACE & DEFENSE — 2.4%
Boeing Co.		8,821	$	575,659
General Dynamics Corp.		4,989		354,019
Honeywell International, Inc.		8,431		448,192
ITT Corp. (a)		2,600		135,486
L-3 Communications Holdings, Inc.		3,433		241,992
Lockheed Martin Corp.		8,832		617,445
Northrop Grumman Corp.		8,811		570,777
Raytheon Co.		5,707		264,462
United Technologies Corp.		9,711		764,450

				3,972,482

AIR FREIGHT & LOGISTICS — 1.2%
Expeditors International Washington, Inc.		2,800		152,880
FedEx Corp.		9,400		874,294
United Parcel Service, Inc. (Class B)		14,269		1,035,644

				2,062,818

AIRLINES — 0.1%
Southwest Airlines Co.		11,021		143,053

AUTO COMPONENTS — 0.5%
Johnson Controls, Inc.		20,200		771,640
The Goodyear Tire & Rubber Co. (b)		7,300		86,505

				858,145

AUTOMOBILES — 0.5%
Ford Motor Co. (b)		46,100		774,019
Harley-Davidson, Inc.		3,949		136,912

				910,931

BEVERAGES — 0.2%
Constellation Brands, Inc. (Class A) (b)		5,307		117,550
Molson Coors Brewing Co. (Class B)		4,766		239,206

				356,756

BIOTECHNOLOGY — 0.5%
Amgen, Inc. (b)		13,000		713,700
Cephalon, Inc. (a)(b)		1,400		86,408

				800,108

BUILDING PRODUCTS — 0.1%
Masco Corp.		9,719		123,043

CAPITAL MARKETS — 4.1%
E*TRADE Financial Corp. (b)		6,000		96,000
Federated Investors, Inc. (Class B) (a)		968		25,333
Franklin Resources, Inc.		1,600		177,936
Invesco, Ltd.		7,351		176,865
Janus Capital Group, Inc.		2,900		37,613
Legg Mason, Inc.		4,574		165,899
Morgan Stanley		45,388		1,235,007
Northern Trust Corp.		4,700		260,427
State Street Corp. (c)		15,100		699,734
The Bank of New York Mellon Corp.		37,220		1,124,044
The Charles Schwab Corp.		16,400		280,604
The Goldman Sachs Group, Inc.		15,293		2,571,671

				6,851,133

CHEMICALS — 1.7%
Air Products & Chemicals, Inc.		2,868		260,845
Airgas, Inc.		800		49,968
E. I. du Pont de Nemours & Co.		11,238		560,552
Eastman Chemical Co. (a)		1,054		88,620
Monsanto Co.		7,200		501,408
PPG Industries, Inc.		1,989		167,215
The Dow Chemical Co.		34,786		1,187,594

				2,816,202

COMMERCIAL BANKS — 4.6%
BB&T Corp. (a)		20,775		546,175
Comerica, Inc. (a)		5,296		223,703
Commerce Bancshares, Inc.		2		68
Fifth Third Bancorp		23,925		351,219
First Horizon National Corp. (a)(b)		7,781		91,663
Huntington Bancshares, Inc.		17,798		122,272
Keycorp		22,756		201,391
M&T Bank Corp.		3,582		311,813
Marshall & Ilsley Corp.		15,860		109,751
PNC Financial Services Group, Inc.		15,824		960,833
Regions Financial Corp.		37,716		264,012
SunTrust Banks, Inc.		15,000		442,650
U.S. Bancorp		57,601		1,553,499
Wells Fargo & Co.		80,374		2,490,790
Zions Bancorporation (a)		5,300		128,419

				7,798,258

COMMERCIAL SERVICES & SUPPLIES — 0.5%
Avery Dennison Corp.		1,999		84,638
Cintas Corp.		3,272		91,485
Iron Mountain, Inc.		2,800		70,028
Pitney Bowes, Inc.		5,667		137,028
R.R. Donnelley & Sons Co.		5,720		99,929
Republic Services, Inc.		4,200		125,412
Waste Management, Inc. (a)		8,682		320,105

				928,625

COMMUNICATIONS EQUIPMENT — 1.3%
Cisco Systems, Inc. (b)		71,500		1,446,445
Harris Corp.		1,700		77,010
Motorola, Inc. (b)		70,500		639,435
Tellabs, Inc.		11,100		75,258

				2,238,148

COMPUTERS & PERIPHERALS — 1.2%
Dell, Inc. (b)		50,400		682,920
Hewlett-Packard Co.		31,300		1,317,730
Lexmark International, Inc. (Class A) (b)		2,400		83,568

				2,084,218

CONSTRUCTION & ENGINEERING — 0.3%
Fluor Corp.		2,300		152,398
Jacobs Engineering Group, Inc. (b)		3,800		174,230
Quanta Services, Inc. (b)		6,500		129,480

				456,108

CONSTRUCTION MATERIALS — 0.1%
Vulcan Materials Co.		3,826		169,721

See accompanying notes to financial statements.

SPDR S&P 500 Value ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

CONSUMER FINANCE — 1.0%
American Express Co.		14,141	$	606,932
Capital One Financial Corp.		13,723		584,051
Discover Financial Services		16,300		302,039
SLM Corp. (b)		14,563		183,348

				1,676,370

CONTAINERS & PACKAGING — 0.2%
Bemis Co., Inc.		2,808		91,709
Owens-Illinois, Inc. (b)		4,514		138,580
Sealed Air Corp.		4,815		122,542

				352,831

DISTRIBUTORS — 0.1%
Genuine Parts Co.		4,695		241,041

DIVERSIFIED CONSUMER SERVICES — 0.1%
H&R Block, Inc. (a)		8,449		100,628

DIVERSIFIED FINANCIAL SERVICES — 8.5%
Bank of America Corp.		302,652		4,037,378
Citigroup, Inc. (b)		871,779		4,123,515
CME Group, Inc.		2,000		643,500
JPMorgan Chase & Co.		117,274		4,974,763
Leucadia National Corp.		2,400		70,032
Moody’s Corp.		2,800		74,312
NYSE Euronext		7,827		234,653
The NASDAQ OMX Group, Inc. (b)		4,200		99,582

				14,257,735

DIVERSIFIED TELECOMMUNICATION SERVICES — 3.1%
AT&T, Inc.		102,851		3,021,762
CenturyLink, Inc.		4,519		208,642
Frontier Communications Corp.		15,835		154,075
Verizon Communications, Inc.		50,846		1,819,270
Windstream Corp. (a)		5,765		80,364

				5,284,113

ELECTRICAL EQUIPMENT — 0.3%
Emerson Electric Co.		10,200		583,134

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.3%
Corning, Inc.		17,400		336,168
Jabil Circuit, Inc.		5,900		118,531
Molex, Inc. (a)		3,338		75,839

				530,538

ENERGY EQUIPMENT & SERVICES — 0.8%
Baker Hughes, Inc.		7,200		411,624
Halliburton Co.		13,100		534,873
Helmerich & Payne, Inc.		1,400		67,872
Nabors Industries, Ltd. (b)		8,600		201,756
Rowan Cos., Inc. (b)		3,800		132,658

				1,348,783

FOOD & STAPLES RETAILING — 4.7%
Costco Wholesale Corp.		13,000		938,730
CVS Caremark Corp.		40,800		1,418,616
Safeway, Inc.		11,223		252,405
SUPERVALU, Inc. (a)		5,291		50,953
Sysco Corp.		17,573		516,646
The Kroger Co.		19,100		427,076
Wal-Mart Stores, Inc.		58,800		3,171,084
Walgreen Co.		27,800		1,083,088

				7,858,598

FOOD PRODUCTS — 1.9%
Archer-Daniels-Midland Co.		19,160		576,333
Campbell Soup Co. (a)		2,749		95,528
ConAgra Foods, Inc.		13,168		297,334
Dean Foods Co. (a)(b)		5,500		48,620
General Mills, Inc.		7,060		251,265
H.J. Heinz Co.		3,439		170,093
Hormel Foods Corp.		847		43,417
Kellogg Co.		2,988		152,627
Kraft Foods, Inc. (Class A)		27,253		858,742
McCormick & Co., Inc.		1,513		70,400
Sara Lee Corp.		8,991		157,432
The Hershey Co. (a)		1,947		91,801
The J.M. Smucker Co.		3,537		232,204
Tyson Foods, Inc. (Class A)		8,912		153,465

				3,199,261

GAS UTILITIES — 0.0%
Nicor, Inc. (a)		1,400		69,888

HEALTH CARE EQUIPMENT & SUPPLIES — 1.0%
Baxter International, Inc.		6,300		318,906
Becton, Dickinson & Co.		2,500		211,300
Boston Scientific Corp. (a)(b)		45,600		345,192
CareFusion Corp. (b)		6,700		172,190
DENTSPLY International, Inc.		1,700		58,089
Medtronic, Inc.		11,700		433,953
Zimmer Holdings, Inc. (b)		2,200		118,096

				1,657,726

HEALTH CARE PROVIDERS & SERVICES — 2.3%
Aetna, Inc.		12,000		366,120
AmerisourceBergen Corp.		4,100		139,892
Cardinal Health, Inc.		10,461		400,761
Coventry Health Care, Inc. (b)		4,500		118,800
Humana, Inc. (b)		5,099		279,119
McKesson Corp.		7,600		534,888
Quest Diagnostics, Inc.		2,100		113,337
UnitedHealth Group, Inc.		33,000		1,191,630
WellPoint, Inc. (b)		11,800		670,948

				3,815,495

HOTELS, RESTAURANTS & LEISURE — 0.2%
Carnival Corp.		6,302		290,585
International Game Technology (a)		5,100		90,219

				380,804

HOUSEHOLD DURABLES — 0.7%
D.R. Horton, Inc. (a)		7,460		88,998
Fortune Brands, Inc.		4,572		275,463
Harman International Industries, Inc. (b)		900		41,670
Leggett & Platt, Inc.		4,081		92,883
Lennar Corp. (Class A)		2,380		44,625
Newell Rubbermaid, Inc.		8,679		157,784
Pulte Group, Inc. (a)(b)		7,993		60,107
Stanley Black & Decker, Inc.		2,449		163,765

See accompanying notes to financial statements.

SPDR S&P 500 Value ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

Whirlpool Corp.		2,318	$	205,908

				1,131,203

HOUSEHOLD PRODUCTS — 1.9%
Kimberly-Clark Corp.		4,756		299,818
Procter & Gamble Co.		43,679		2,809,870
The Clorox Co.		1,575		99,666

				3,209,354

INDUSTRIAL CONGLOMERATES — 4.3%
3M Co.		9,620		830,206
General Electric Co.		319,705		5,847,404
Textron, Inc. (a)		8,200		193,848
Tyco International, Ltd.		7,745		320,953

				7,192,411

INSURANCE — 7.7%
ACE, Ltd.		10,187		634,141
AFLAC, Inc.		5,497		310,196
American International Group, Inc. (b)		4,209		242,523
AON Corp.		9,924		456,603
Assurant, Inc.		3,232		124,497
Berkshire Hathaway, Inc. (Class B) (b)		51,900		4,157,709
Chubb Corp.		9,107		543,142
Cincinnati Financial Corp.		4,909		155,566
Genworth Financial, Inc. (Class A) (b)		14,721		193,434
Hartford Financial Services Group, Inc.		13,376		354,330
Lincoln National Corp.		9,517		264,668
Loews Corp.		9,514		370,190
Marsh & McLennan Cos., Inc.		16,310		445,915
MetLife, Inc.		27,207		1,209,079
Principal Financial Group, Inc.		9,588		312,185
Prudential Financial, Inc.		14,564		855,052
The Allstate Corp.		16,116		513,778
The Progressive Corp.		19,912		395,651
The Travelers Cos., Inc.		13,763		766,737
Torchmark Corp.		2,270		135,610
Unum Group		9,492		229,896
XL Group PLC		9,711		211,894

				12,882,796

INTERNET SOFTWARE & SERVICES — 0.3%
Monster Worldwide, Inc. (b)		1,900		44,897
VeriSign, Inc.		2,300		75,141
Yahoo!, Inc. (b)		20,700		344,241

				464,279

IT SERVICES — 0.6%
Automatic Data Processing, Inc.		5,300		245,284
Computer Sciences Corp.		4,621		229,202
Fidelity National Information Services, Inc.		7,900		216,381
Fiserv, Inc. (b)		1,900		111,264
Paychex, Inc.		4,108		126,978
SAIC, Inc. (b)		4,800		76,128
Total System Services, Inc.		3,100		47,678

				1,052,915

LEISURE EQUIPMENT & PRODUCTS — 0.1%
Mattel, Inc.		3,977		101,135

LIFE SCIENCES TOOLS & SERVICES — 0.2%
PerkinElmer, Inc.		1,600		41,312
Thermo Fisher Scientific, Inc. (b)		4,800		265,728

				307,040

MACHINERY — 1.5%
Caterpillar, Inc.		8,800		824,208
Danaher Corp. (a)		6,300		297,171
Dover Corp.		2,600		151,970
Eaton Corp.		2,585		262,404
Illinois Tool Works, Inc. (a)		7,000		373,800
PACCAR, Inc. (a)		6,200		356,004
Parker-Hannifin Corp.		2,014		173,808
Snap-On, Inc.		1,000		56,580

				2,495,945

MEDIA — 2.1%
CBS Corp.		20,403		388,677
Gannett Co., Inc.		7,122		107,471
Meredith Corp. (a)		600		20,790
News Corp. (Class A)		28,832		419,794
Omnicom Group, Inc.		3,408		156,086
The McGraw-Hill Cos., Inc.		3,925		142,909
The Walt Disney Co.		26,128		980,061
The Washington Post Co. (Class B) (a)		200		87,900
Time Warner Cable, Inc.		3,700		244,311
Time Warner, Inc.		33,291		1,070,972

				3,618,971

METALS & MINING — 0.7%
AK Steel Holding Corp. (a)		3,300		54,021
Alcoa, Inc.		30,700		472,473
Allegheny Technologies, Inc.		1,800		99,324
Nucor Corp. (a)		9,500		416,290
Titanium Metals Corp. (b)		1,600		27,488
United States Steel Corp.		3,300		192,786

				1,262,382

MULTI-UTILITIES — 6.7%
Allegheny Energy, Inc.		5,076		123,042
Ameren Corp.		7,230		203,814
American Electric Power Co., Inc.		14,454		520,055
CenterPoint Energy, Inc.		12,688		199,455
CMS Energy Corp.		7,294		135,668
Consolidated Edison, Inc.		8,706		431,556
Constellation Energy Group, Inc.		5,956		182,432
Dominion Resources, Inc.		9,887		422,373
DTE Energy Co.		5,100		231,132
Duke Energy Corp.		39,727		707,538
Edison International (a)		9,808		378,589
El Paso Corp.		8,830		121,501
Entergy Corp.		5,387		381,561
Exelon Corp.		19,874		827,553
FirstEnergy Corp. (a)		9,176		339,696
Integrys Energy Group, Inc. (a)		2,066		100,222
NextEra Energy, Inc.		12,485		649,095
NiSource, Inc.		7,444		131,163
Northeast Utilities		5,249		167,338

See accompanying notes to financial statements.

SPDR S&P 500 Value ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

NRG Energy, Inc. (b)		7,400	$	144,596
Oneok, Inc.		3,200		177,504
Pepco Holdings, Inc.		5,933		108,277
PG&E Corp.		11,764		562,790
Pinnacle West Capital Corp.		3,284		136,122
PPL Corp.		14,500		381,640
Progress Energy, Inc.		8,798		382,537
Public Service Enterprise Group, Inc.		15,206		483,703
SCANA Corp.		3,379		137,187
Sempra Energy		7,159		375,704
Southern Co.		15,333		586,181
Spectra Energy Corp.		9,723		242,978
TECO Energy, Inc.		6,477		115,291
The AES Corp. (b)		19,900		242,382
The Williams Cos., Inc.		17,562		434,133
Wisconsin Energy Corp.		1,903		112,011
Xcel Energy, Inc.		13,857		326,332

				11,203,151

MULTILINE RETAIL — 0.7%
Big Lots, Inc. (b)		1,000		30,460
J.C. Penney Co., Inc.		7,064		228,238
Kohl’s Corp. (b)		3,700		201,058
Macy’s, Inc.		4,792		121,237
Sears Holdings Corp. (a)(b)		1,300		95,875
Target Corp.		9,100		547,183

				1,224,051

OFFICE ELECTRONICS — 0.3%
Xerox Corp.		41,633		479,612

OIL, GAS & CONSUMABLE FUELS — 15.8%
Anadarko Petroleum Corp.		9,500		723,520
Apache Corp.		5,888		702,026
Cabot Oil & Gas Corp.		1,800		68,130
Chesapeake Energy Corp. (a)		12,200		316,102
Chevron Corp.		60,404		5,511,865
ConocoPhillips		44,083		3,002,052
Devon Energy Corp.		8,148		639,700
EOG Resources, Inc.		4,100		374,781
EQT Corp.		2,500		112,100
Exxon Mobil Corp.		151,316		11,064,226
Hess Corp.		9,000		688,860
Marathon Oil Corp.		21,325		789,665
Murphy Oil Corp.		2,900		216,195
Noble Energy, Inc.		2,900		249,632
Occidental Petroleum Corp.		12,200		1,196,820
QEP Resources, Inc.		5,300		192,443
Range Resources Corp.		2,400		107,952
Sunoco, Inc.		3,600		145,116
Tesoro Corp. (a)(b)		4,300		79,722
Valero Energy Corp.		16,977		392,508

				26,573,415

PAPER & FOREST PRODUCTS — 0.5%
International Paper Co.		13,162		358,533
MeadWestvaco Corp.		4,596		120,231
Weyerhaeuser Co.		16,078		304,357

				783,121

PHARMACEUTICALS — 4.8%
Bristol-Myers Squibb Co.		23,669		626,755
Forest Laboratories, Inc. (b)		2,960		94,661
Johnson & Johnson		32,928		2,036,597
Merck & Co., Inc.		32,377		1,166,867
Pfizer, Inc.		240,330		4,208,178

				8,133,058

PROFESSIONAL SERVICES — 0.1%
Equifax, Inc.		1,500		53,400
Robert Half International, Inc. (a)		2,500		76,500

				129,900

REAL ESTATE INVESTMENT TRUSTS — 1.0%
Apartment Investment & Management Co. (Class A)		1,600		41,344
Boston Properties, Inc.		2,200		189,420
HCP, Inc.		4,801		176,629
Health Care REIT, Inc.		2,471		117,718
Host Hotels & Resorts, Inc.		11,170		199,608
Kimco Realty Corp.		8,417		151,843
Plum Creek Timber Co., Inc.		2,664		99,767
ProLogis		17,112		247,097
Public Storage		1,700		172,414
Vornado Realty Trust		2,647		220,574

				1,616,414

ROAD & RAIL — 0.8%
CSX Corp.		4,500		290,745
Norfolk Southern Corp.		6,401		402,111
Ryder Systems, Inc.		1,452		76,433
Union Pacific Corp.		5,800		537,428

				1,306,717

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.4%
Applied Materials, Inc.		24,465		343,733
Intel Corp.		70,289		1,478,177
KLA-Tencor Corp.		2,598		100,387
LSI Corp. (b)		10,500		62,895
MEMC Electronic Materials, Inc. (b)		6,800		76,568
National Semiconductor Corp.		3,622		49,839
Novellus Systems, Inc. (b)		1,400		45,248
NVIDIA Corp. (b)		7,500		115,500
Teradyne, Inc. (a)(b)		2,300		32,292

				2,304,639

SOFTWARE — 0.3%
Adobe Systems, Inc. (b)		7,300		224,694
CA, Inc.		3,800		92,872
Compuware Corp. (a)(b)		2,300		26,841
Electronic Arts, Inc. (b)		5,800		95,004
Novell, Inc. (b)		10,600		62,752

				502,163

SPECIALTY RETAIL — 2.2%
Abercrombie & Fitch Co. (Class A)		1,065		61,376
AutoNation, Inc. (a)(b)		1,817		51,239
Best Buy Co., Inc. (a)		4,300		147,447
GameStop Corp. (Class A) (a)(b)		4,500		102,960
Lowe’s Cos., Inc.		41,400		1,038,312
RadioShack Corp.		3,400		62,866
Staples, Inc.		10,900		248,193
The Gap, Inc.		5,776		127,881

See accompanying notes to financial statements.

SPDR S&P 500 Value ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

The Home Depot, Inc.		49,217	$	1,725,548
The Sherwin-Williams Co.		1,300		108,875

				3,674,697

TEXTILES, APPAREL & LUXURY GOODS — 0.1%
V.F. Corp.		1,127		97,125

THRIFTS & MORTGAGE FINANCE — 0.1%
Hudson City Bancorp, Inc.		7,100		90,454
People’s United Financial, Inc.		11,113		155,693

				246,147

TOBACCO — 0.8%
Altria Group, Inc. (a)		40,723		1,002,600
Lorillard, Inc.		2,507		205,724
Reynolds American, Inc.		4,954		161,600

				1,369,924

WIRELESS TELECOMMUNICATION SERVICES — 0.2%
Sprint Nextel Corp. (b)		89,613		379,063

TOTAL COMMON STOCKS —
(Cost $166,510,982)				167,668,322

SHORT TERM INVESTMENTS — 2.4%
MONEY MARKET FUNDS — 2.4%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		3,776,338		3,776,338
State Street Institutional Liquid Reserves Fund 0.18% (e)(f)		310,954		310,954

TOTAL SHORT TERM INVESTMENTS —
(Cost $4,087,292)				4,087,292

TOTAL INVESTMENTS — 102.1% (g)
(Cost $170,598,274)				171,755,614
OTHER ASSETS & LIABILITIES — (2.1)%				(3,584,270	)

NET ASSETS — 100.0%			$	168,171,344


(a)		Security, or portion thereof, was on loan at December 31, 2010.
(b)		Non-income producing security.
(c)		Affiliated issuer. (Note 3)
(d)		Investments of cash collateral for securities loaned.
(e)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f)		The rate shown is the annualized seven-day yield at period end.
(g)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

See accompanying notes to financial statements.

SPDR Dow Jones Mid Cap ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.8%
AEROSPACE & DEFENSE — 0.7%
Alliant Techsystems, Inc. (a)(b)		1,172	$	87,232
BE Aerospace, Inc. (b)		3,714		137,529
Spirit Aerosystems Holdings, Inc. (a)(b)		4,000		83,240
TransDigm Group, Inc. (b)		1,389		100,022

				408,023

AIR FREIGHT & LOGISTICS — 0.1%
UTI Worldwide, Inc.		3,823		81,048

AIRLINES — 0.8%
AMR Corp. (a)(b)		12,495		97,336
JetBlue Airways Corp. (b)		9,167		60,594
United Continental Holdings, Inc. (b)		12,069		287,483

				445,413

AUTO COMPONENTS — 1.6%
BorgWarner, Inc. (a)(b)		4,348		314,621
Gentex Corp.		5,174		152,944
Lear Corp. (a)(b)		1,892		186,759
The Goodyear Tire & Rubber Co. (b)		9,024		106,934
TRW Automotive Holdings Corp. (a)(b)		3,845		202,632

				963,890

BEVERAGES — 0.5%
Constellation Brands, Inc. (Class A) (b)		7,177		158,970
Hansen Natural Corp. (b)		2,657		138,908

				297,878

BIOTECHNOLOGY — 2.0%
Alexion Pharmaceuticals, Inc. (a)(b)		3,417		275,239
Amylin Pharmaceuticals, Inc. (a)(b)		4,925		72,447
BioMarin Pharmaceutical, Inc. (a)(b)		3,831		103,169
Dendreon Corp. (a)(b)		5,491		191,746
Human Genome Sciences, Inc. (a)(b)		7,147		170,742
Onyx Pharmaceuticals, Inc. (b)		2,335		86,091
Regeneron Pharmaceuticals, Inc. (a)(b)		2,649		86,967
Talecris Biotherapeutics Holdings Corp. (b)		2,346		54,662
United Therapeutics Corp. (a)(b)		1,870		118,221

				1,159,284

BUILDING PRODUCTS — 0.5%
Armstrong World Industries, Inc. (a)		679		29,197
Lennox International, Inc. (a)		1,930		91,270
Masco Corp. (a)		13,737		173,910

				294,377

CAPITAL MARKETS — 2.5%
Affiliated Managers Group, Inc. (a)(b)		1,953		193,777
E*TRADE Financial Corp. (a)(b)		7,540		120,640
Eaton Vance Corp. (a)		4,553		137,637
Federated Investors, Inc. (Class B) (a)		3,866		101,173
Greenhill & Co., Inc. (a)		1,107		90,420
Jefferies Group, Inc. (a)		4,212		112,166
Legg Mason, Inc. (a)		5,494		199,267
LPL Investment Holdings, Inc. (b)		600		21,822
Owens Corning, Inc. (a)(b)		4,305		134,101
Raymond James Financial, Inc.		3,717		121,546
SEI Investments Co.		5,893		140,194
Waddell & Reed Financial, Inc. (Class A) (a)		3,235		114,163

				1,486,906

CHEMICALS — 3.0%
Albemarle Corp. (a)		3,492		194,784
Ashland, Inc.		2,714		138,034
Celanese Corp. (Series A)		5,981		246,238
Cytec Industries, Inc.		1,822		96,675
Eastman Chemical Co. (a)		2,608		219,281
Huntsman Corp. (a)		7,228		112,829
International Flavors & Fragrances, Inc.		3,004		166,992
Intrepid Potash, Inc. (a)(b)		1,601		59,701
Nalco Holding Co. (a)		4,945		157,943
Rockwood Holdings, Inc. (a)(b)		1,908		74,641
RPM International, Inc.		4,838		106,920
The Scotts Miracle-Gro Co. (Class A)		1,688		85,700
The Valspar Corp.		3,493		120,439

				1,780,177

COMMERCIAL BANKS — 3.2%
Associated Ban-Corp. (a)		6,499		98,460
Bank of Hawaii Corp. (a)		1,793		84,648
BOK Financial Corp. (a)		1,030		55,002
City National Corp. (a)		1,795		110,141
Commerce Bancshares, Inc. (a)		2,917		115,888
Cullen/Frost Bankers, Inc. (a)		2,134		130,430
East West Bancorp, Inc. (a)		5,560		108,698
First Citizens BancShares, Inc. (Class A)		219		41,402
First Horizon National Corp. (a)(b)		8,830		104,020
First Republic Bank (b)		400		11,648
FirstMerit Corp. (a)		4,050		80,149
Fulton Financial Corp. (a)		7,567		78,243
Huntington Bancshares, Inc.		32,629		224,161
Marshall & Ilsley Corp.		19,891		137,646
Prosperity Bancshares, Inc. (a)		1,731		67,994
TCF Financial Corp. (a)		5,103		75,575
UMB Financial Corp. (a)		1,257		52,065
Valley National Bancorp (a)		6,093		87,130
Westamerica Bancorporation (a)		1,079		59,852
Zions Bancorporation (a)		6,629		160,621

				1,883,773

COMMERCIAL SERVICES & SUPPLIES — 2.1%
Avery Dennison Corp. (a)		3,964		167,836
Cintas Corp. (a)		4,772		133,425
Clean Harbors, Inc. (a)(b)		860		72,309

See accompanying notes to financial statements.

SPDR Dow Jones Mid Cap ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

Copart, Inc. (b)		2,795	$	104,393
Corrections Corp. of America (a)(b)		4,152		104,049
Covanta Holding Corp. (a)		4,893		84,111
KAR Auction Services, Inc. (a)(b)		907		12,517
Pitney Bowes, Inc. (a)		7,929		191,723
Quad Graphics, Inc. (a)(b)		961		39,651
R.R. Donnelley & Sons Co. (a)		7,843		137,017
Rollins, Inc. (a)		2,911		57,492
Waste Connections, Inc. (a)		4,476		123,224

				1,227,747

COMMUNICATIONS EQUIPMENT — 1.3%
Brocade Communications Systems, Inc. (b)		16,757		88,644
CommScope, Inc. (b)		3,518		109,832
EchoStar Corp. (Class A) (b)		1,579		39,428
JDS Uniphase Corp. (a)(b)		8,192		118,620
Polycom, Inc. (a)(b)		3,213		125,243
Riverbed Technology, Inc. (a)(b)		5,544		194,982
Tellabs, Inc.		13,293		90,127

				766,876

COMPUTERS & PERIPHERALS — 1.0%
Diebold, Inc. (a)		2,530		81,087
Lexmark International, Inc. (Class A) (b)		2,999		104,425
NCR Corp. (a)(b)		6,077		93,403
QLogic Corp. (b)		4,106		69,884
Teradata Corp. (b)		6,357		261,654

				610,453

CONSTRUCTION & ENGINEERING — 1.6%
Aecom Technology Corp. (a)(b)		3,890		108,803
EMCOR Group, Inc. (a)(b)		2,522		73,088
Foster Wheeler AG (a)(b)		4,587		158,343
KBR, Inc.		5,975		182,058
Quanta Services, Inc. (a)(b)		8,020		159,758
The Shaw Group, Inc. (b)		3,116		106,661
URS Corp. (b)		3,139		130,614

				919,325

CONSTRUCTION MATERIALS — 0.3%
Martin Marietta Materials, Inc. (a)		1,735		160,036

CONSUMER FINANCE — 0.0% (c)
Green Dot Corp. (Class A) (a)(b)		317		17,987

CONTAINERS & PACKAGING — 2.1%
AptarGroup, Inc.		2,363		112,408
Bemis Co., Inc.		4,160		135,866
Greif, Inc. (Class A)		1,283		79,418
Owens-Illinois, Inc. (b)		6,300		193,410
Packaging Corp. of America		3,848		99,432
Rock-Tenn Co. (Class A)		1,456		78,551
Sealed Air Corp. (a)		6,047		153,896
Silgan Holdings, Inc. (a)		1,904		68,182
Smurfit-Stone Container Corp. (b)		3,436		87,962
Sonoco Products Co.		3,837		129,192
Temple-Inland, Inc.		4,042		85,852

				1,224,169

DISTRIBUTORS — 0.2%
LKQ Corp. (b)		5,354		121,643

DIVERSIFIED CONSUMER SERVICES — 0.8%
Career Education Corp. (a)(b)		2,534		52,530
DeVry, Inc.		2,327		111,649
Education Management Corp. (a)(b)		1,622		29,358
ITT Educational Services, Inc. (a)(b)		1,198		76,301
Service Corp. International		9,276		76,527
Strayer Education, Inc.		527		80,220
Weight Watchers International, Inc. (a)		1,303		48,849

				475,434

DIVERSIFIED FINANCIAL SERVICES — 0.6%
CBOE Holdings, Inc.		386		8,824
MSCI, Inc. (Class A) (a)(b)		4,491		174,969
The NASDAQ OMX Group, Inc. (b)		6,090		144,394

				328,187

DIVERSIFIED TELECOMMUNICATION SERVICES — 0.3%
Level 3 Communications, Inc. (a)(b)		61,909		60,671
tw telecom, inc. (a)(b)		5,751		98,054

				158,725

ELECTRIC UTILITIES — 1.2%
Cleco Corp. (a)		2,268		69,764
DPL, Inc. (a)		4,602		118,317
Great Plains Energy, Inc. (a)		5,081		98,521
Hawaiian Electric Industries, Inc. (a)		3,451		78,648
IDACORP, Inc.		1,820		67,304
ITC Holdings Corp. (a)		1,896		117,514
Portland General Electric Co.		2,824		61,281
Westar Energy, Inc. (a)		4,166		104,816

				716,165

ELECTRICAL EQUIPMENT — 1.5%
Acuity Brands, Inc. (a)		1,616		93,195
AMETEK, Inc.		6,071		238,267
Babcock & Wilcox Co. (a)(b)		4,338		111,009
Brady Corp. (Class A) (a)		1,758		57,328
Hubbell, Inc. (Class B)		2,077		124,890
Regal-Beloit Corp. (a)		1,508		100,674
Thomas & Betts Corp. (b)		1,982		95,731
Woodward Governor Co. (a)		2,180		81,881

				902,975

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.6%
Anixter International, Inc. (a)		1,096		65,464
Arrow Electronics, Inc. (b)		4,527		155,050
Avnet, Inc. (a)(b)		5,780		190,913
AVX Corp.		2,008		30,983
FLIR Systems, Inc. (a)(b)		6,042		179,750
Ingram Micro, Inc. (Class A) (b)		5,889		112,421
Itron, Inc. (b)		1,503		83,341
Jabil Circuit, Inc.		7,585		152,383

See accompanying notes to financial statements.

SPDR Dow Jones Mid Cap ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

Mettler-Toledo International, Inc. (b)		1,281	$	193,700
Molex, Inc. (a)		4,931		112,032
National Instruments Corp.		2,279		85,782
Trimble Navigation, Ltd. (a)(b)		4,592		183,359

				1,545,178

ENERGY EQUIPMENT & SERVICES — 2.6%
Dresser-Rand Group, Inc. (a)(b)		3,080		131,177
Dril-Quip, Inc. (b)		1,157		89,922
Helmerich & Payne, Inc. (a)		3,697		179,230
Oceaneering International, Inc. (b)		2,035		149,837
Oil States International, Inc. (b)		1,884		120,746
Patterson-UTI Energy, Inc. (a)		5,911		127,382
Pride International, Inc. (a)(b)		6,068		200,244
Rowan Cos., Inc. (a)(b)		4,779		166,835
SEACOR Holdings, Inc. (a)		798		80,670
Superior Energy Services, Inc. (b)		2,991		104,655
Tidewater, Inc. (a)		1,937		104,288
Unit Corp. (a)(b)		1,772		82,363

				1,537,349

FOOD & STAPLES RETAILING — 0.3%
BJ’s Wholesale Club, Inc. (b)		2,018		96,662
SUPERVALU, Inc. (a)		7,967		76,722

				173,384

FOOD PRODUCTS — 1.5%
Corn Products International, Inc.		2,856		131,376
Dean Foods Co. (a)(b)		6,779		59,926
Del Monte Foods Co.		7,490		140,812
Flowers Foods, Inc. (a)		3,447		92,759
Green Mountain Coffee Roasters, Inc. (a)(b)		4,433		145,668
Lancaster Colony Corp. (a)		796		45,531
Ralcorp Holdings, Inc. (a)(b)		2,058		133,791
Smithfield Foods, Inc. (a)(b)		5,814		119,943
Tootsie Roll Industries, Inc. (a)		926		26,826

				896,632

GAS UTILITIES — 1.5%
AGL Resources, Inc.		2,932		105,112
Atmos Energy Corp. (a)		3,388		105,705
Energen Corp.		2,719		131,219
New Jersey Resources Corp. (a)		1,563		67,381
Nicor, Inc. (a)		1,688		84,265
Piedmont Natural Gas Co., Inc. (a)		2,532		70,795
Questar Corp. (a)		6,778		118,005
UGI Corp.		4,116		129,983
WGL Holdings, Inc. (a)		1,884		67,391

				879,856

HEALTH CARE EQUIPMENT & SUPPLIES — 2.4%
Alere, Inc. (a)(b)		3,160		115,656
Beckman Coulter, Inc. (a)		2,606		196,049
Gen-Probe, Inc. (a)(b)		1,829		106,722
Hill-Rom Holdings, Inc. (a)		2,352		92,598
Hologic, Inc. (a)(b)		9,876		185,866
IDEXX Laboratories, Inc. (a)(b)		2,201		152,353
Kinetic Concepts, Inc. (a)(b)		2,390		100,093
Masimo Corp. (a)		1,994		57,966
ResMed, Inc. (a)(b)		5,779		200,185
STERIS Corp.		2,028		73,941
Teleflex, Inc. (a)		1,491		80,231
Thoratec Corp. (a)(b)		2,186		61,908

				1,423,568

HEALTH CARE PROVIDERS & SERVICES — 2.4%
AMERIGROUP Corp. (a)(b)		1,971		86,566
Community Health Systems, Inc. (b)		3,587		134,046
Coventry Health Care, Inc. (b)		5,666		149,582
Health Net, Inc. (b)		3,662		99,936
LifePoint Hospitals, Inc. (a)(b)		2,059		75,668
Lincare Holdings, Inc. (a)		3,719		99,781
MEDNAX, Inc. (b)		1,767		118,902
Omnicare, Inc. (a)		4,441		112,757
Owens & Minor, Inc. (a)		2,347		69,072
Patterson Cos., Inc. (a)		3,860		118,232
Tenet Healthcare Corp. (a)(b)		18,037		120,668
Universal Health Services, Inc. (Class B)		3,481		151,145
VCA Antech, Inc. (a)(b)		3,267		76,088

				1,412,443

HEALTH CARE TECHNOLOGY — 0.2%
Allscripts-Misys Healthcare Solutions, Inc. (b)		7,040		135,661

HOTELS, RESTAURANTS & LEISURE — 2.0%
Bally Technologies, Inc. (a)(b)		2,045		86,279
Brinker International, Inc. (a)		3,803		79,407
Chipotle Mexican Grill, Inc. (b)		1,187		252,427
Choice Hotels International, Inc. (a)		1,252		47,914
MGM MIRAGE, Inc. (a)(b)		12,013		178,393
Panera Bread Co. (Class A) (a)(b)		1,170		118,416
Penn National Gaming, Inc. (a)(b)		2,497		87,770
Wendy’s/Arby’s Group, Inc. (Class A) (a)		12,346		57,038
WMS Industries, Inc. (a)(b)		2,206		99,799
Wyndham Worldwide Corp.		6,818		204,267

				1,211,710

HOUSEHOLD DURABLES — 2.5%
D.R. Horton, Inc. (a)		10,631		126,828
Harman International Industries, Inc. (b)		2,606		120,658
Jarden Corp. (a)		3,465		106,965
Leggett & Platt, Inc. (a)		5,503		125,248
Lennar Corp. (Class A)		5,957		111,694
Mohawk Industries, Inc. (a)(b)		2,076		117,834
Newell Rubbermaid, Inc.		11,052		200,925
NVR, Inc. (a)(b)		220		152,024
Pulte Group, Inc. (a)(b)		12,632		94,993
Tempur-Pedic International, Inc. (a)(b)		2,467		98,828
Toll Brothers, Inc. (a)(b)		5,090		96,710
Tupperware Brands Corp. (a)		2,354		112,215

				1,464,922

HOUSEHOLD PRODUCTS — 0.3%
Energizer Holdings, Inc. (b)		2,651		193,258

See accompanying notes to financial statements.

SPDR Dow Jones Mid Cap ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

INDUSTRIAL CONGLOMERATES — 0.9%
Carlisle Cos., Inc.		2,294	$	91,164
McDermott International, Inc. (b)		8,875		183,624
Seaboard Corp. (a)		15		29,865
Textron, Inc. (a)		10,310		243,728

				548,381

INSURANCE — 5.9%
Alleghany Corp. (b)		271		83,026
Allied World Assurance Company Holdings, Ltd.		1,711		101,702
American Financial Group, Inc.		2,950		95,255
American International Group, Inc. (a)(b)		4,512		259,981
American National Insurance Co.		552		47,262
Arch Capital Group, Ltd. (b)		1,898		167,119
Arthur J. Gallagher & Co. (a)		4,032		117,251
Aspen Insurance Holdings, Ltd. (a)		2,730		78,133
Assurant, Inc.		4,070		156,776
Assured Guaranty, Ltd. (a)		6,334		112,112
Axis Capital Holdings, Ltd. (a)		4,586		164,546
Brown & Brown, Inc. (a)		4,322		103,469
Endurance Specialty Holdings, Ltd. (a)		1,747		80,484
Erie Indemnity Co. (Class A) (a)		1,076		70,446
Fidelity National Financial, Inc. (Class A) (a)		8,821		120,671
First American Financial Corp. (a)		3,738		55,846
HCC Insurance Holdings, Inc.		4,422		127,973
Markel Corp. (a)(b)		369		139,530
Mercury General Corp.		1,025		44,085
Old Republic International Corp. (a)		9,241		125,955
OneBeacon Insurance Group, Ltd. (Class A)		924		14,008
Platinum Underwriters Holdings, Ltd. (a)		1,509		67,860
ProAssurance Corp. (b)		1,195		72,417
Reinsurance Group of America, Inc. (a)		2,784		149,529
RenaissanceRe Holdings, Ltd.		2,062		131,329
StanCorp Financial Group, Inc. (a)		1,780		80,349
The Hanover Insurance Group, Inc. (a)		1,686		78,770
Torchmark Corp. (a)		3,088		184,477
Transatlantic Holdings, Inc.		2,417		124,765
Validus Holdings, Ltd. (a)		3,053		93,452
W.R. Berkley Corp.		4,962		135,859
Wesco Financial Corp.		53		19,526
White Mountains Insurance Group, Ltd.		261		87,592

				3,491,555

INTERNET SOFTWARE & SERVICES — 1.0%
AOL, Inc. (b)		3,989		94,579
Equinix, Inc. (a)(b)		1,729		140,498
IAC/InterActive Corp. (a)(b)		3,182		91,323
Rackspace Hosting, Inc. (a)(b)		3,894		122,311
WebMD Health Corp. (a)(b)		2,213		112,996

				561,707

IT SERVICES — 1.6%
Alliance Data Systems Corp. (a)(b)		1,979		140,568
Booz Allen Hamilton Holding Corp. (b)		600		11,658
Broadridge Financial Solutions, Inc.		4,428		97,106
CoreLogic, Inc.		4,197		77,728
DST Systems, Inc.		1,400		62,090
Gartner, Inc. (a)(b)		2,808		93,226
Genpact, Ltd. (b)		3,946		59,979
Global Payments, Inc. (a)		2,995		138,399
Lender Processing Services, Inc. (a)		3,498		103,261
NeuStar, Inc. (Class A) (b)		2,790		72,680
Total System Services, Inc. (a)		7,397		113,766

				970,461

LIFE SCIENCES TOOLS & SERVICES — 1.1%
Bio-Rad Laboratories, Inc. (Class A) (b)		731		75,914
Bruker Corp. (a)(b)		2,746		45,584
Charles River Laboratories International, Inc. (a)(b)		2,484		88,281
Covance, Inc. (a)(b)		2,432		125,029
PerkinElmer, Inc.		4,382		113,143
Pharmaceutical Product Development, Inc.		4,140		112,360
Techne Corp. (a)		1,409		92,529

				652,840

MACHINERY — 4.4%
AGCO Corp. (a)(b)		3,542		179,438
CLARCOR, Inc. (a)		1,917		82,220
Crane Co.		1,906		78,279
Donaldson Co., Inc.		2,680		156,190
Gardner Denver, Inc.		1,944		133,786
Graco, Inc. (a)		2,257		89,039
Harsco Corp. (a)		3,018		85,470
IDEX Corp. (a)		3,132		122,524
Kennametal, Inc. (a)		3,115		122,918
Lincoln Electric Holdings, Inc. (a)		1,611		105,150
Navistar International Corp. (a)(b)		1,991		115,299
Nordson Corp. (a)		1,146		105,295
Oshkosh Corp. (a)(b)		3,364		118,547
Pall Corp.		4,364		216,367
Pentair, Inc. (a)		3,794		138,519
Snap-On, Inc.		2,159		122,156
SPX Corp.		1,885		134,759
Terex Corp. (a)(b)		4,060		126,022
The Timken Co.		2,903		138,560
WABCO Holdings, Inc. (b)		2,405		146,537
Wabtec Corp.		1,807		95,572

				2,612,647

MARINE — 0.2%
Kirby Corp. (a)(b)		2,019		88,937

MEDIA — 2.3%
Charter Communications, Inc. (Class A) (a)(b)		1,475		57,436
Clear Channel Outdoor Holdings, Inc. (Class A) (a)(b)		1,575		22,113

See accompanying notes to financial statements.

SPDR Dow Jones Mid Cap ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

DreamWorks Animation SKG, Inc. (Class A) (a)(b)		2,329	$	68,636
Gannett Co., Inc. (a)		8,878		133,969
John Wiley & Sons, Inc. (Class A)		1,928		87,223
Lamar Advertising Co. (Class A) (a)(b)		2,166		86,293
Liberty Media — Starz (Series A) (b)		1,962		130,434
Liberty Media Corp. — Capital (Class A) (a)(b)		2,860		178,922
Morningstar, Inc. (a)		856		45,436
Regal Entertainment Group (a)		3,036		35,643
Sirius XM Radio, Inc. (a)(b)		147,302		241,575
The Interpublic Group of Cos., Inc. (a)(b)		18,559		197,097
The Washington Post Co. (Class B) (a)		213		93,613

				1,378,390

METALS & MINING — 2.0%
AK Steel Holding Corp. (a)		4,107		67,232
Allegheny Technologies, Inc. (a)		3,549		195,834
Commercial Metals Co. (a)		4,222		70,043
Compass Minerals International, Inc. (a)		1,230		109,802
Reliance Steel & Aluminum Co.		2,788		142,467
Royal Gold, Inc.		1,984		108,386
Steel Dynamics, Inc. (a)		8,140		148,962
Titanium Metals Corp. (a)(b)		3,283		56,402
Walter Energy, Inc. (a)		2,022		258,492

				1,157,620

MULTI-UTILITIES — 4.1%
Allegheny Energy, Inc.		6,473		156,905
Alliant Energy Corp.		4,216		155,022
American Water Works Co., Inc.		6,672		168,735
Aqua America, Inc. (a)		5,147		115,705
CMS Energy Corp. (a)		8,774		163,196
Integrys Energy Group, Inc. (a)		2,921		141,698
MDU Resources Group, Inc.		6,627		134,329
National Fuel Gas Co. (a)		2,643		173,434
NiSource, Inc. (a)		10,568		186,208
NSTAR (a)		3,959		167,030
NV Energy, Inc. (a)		8,983		126,211
OGE Energy Corp.		3,714		169,136
Pepco Holdings, Inc. (a)		8,513		155,362
Pinnacle West Capital Corp.		4,142		171,686
TECO Energy, Inc. (a)		7,660		136,348
Vectren Corp.		3,044		77,257

				2,398,262

MULTILINE RETAIL — 0.1%
Big Lots, Inc. (a)(b)		2,847		86,720

OFFICE ELECTRONICS — 0.1%
Zebra Technologies Corp. (Class A) (a)(b)		2,169		82,400

OIL, GAS & CONSUMABLE FUELS — 4.3%
Arch Coal, Inc. (a)		6,207		217,617
Atlas Energy, Inc. (b)		2,936		129,096
Cabot Oil & Gas Corp. (a)		4,005		151,589
Cobalt International Energy, Inc. (a)(b)		3,802		46,422
Concho Resources, Inc. (a)(b)		3,593		314,998
EXCO Resources, Inc. (a)		6,522		126,657
Forest Oil Corp. (a)(b)		4,319		163,993
Massey Energy Co.		3,870		207,626
Plains Exploration & Production Co. (a)(b)		5,327		171,210
Quicksilver Resources, Inc. (a)(b)		4,491		66,197
SandRidge Energy, Inc. (a)(b)		14,383		105,284
SM Energy Co. (a)		2,401		141,491
Southern Union Co. (a)		4,369		105,162
Sunoco, Inc.		4,606		185,668
Teekay Corp. (a)		1,588		52,531
Tesoro Corp. (a)(b)		5,379		99,727
Whiting Petroleum Corp. (b)		2,233		261,685

				2,546,953

PAPER & FOREST PRODUCTS — 0.5%
Domtar Corp.		1,576		119,650
MeadWestvaco Corp. (a)		6,527		170,746

				290,396

PERSONAL PRODUCTS — 0.5%
Alberto-Culver Co.		3,393		125,677
Herbalife, Ltd. (a)		2,207		150,892

				276,569

PHARMACEUTICALS — 1.0%
Endo Pharmaceuticals Holdings, Inc. (a)(b)		3,976		141,983
King Pharmaceuticals, Inc. (b)		9,475		133,124
Perrigo Co. (a)		3,248		205,696
Salix Pharmaceuticals, Ltd. (a)(b)		1,925		90,398

				571,201

PROFESSIONAL SERVICES — 1.7%
Equifax, Inc.		4,829		171,913
FTI Consulting, Inc. (a)(b)		1,766		65,837
IHS, Inc. (Class A) (a)(b)		1,782		143,255
Manpower, Inc. (a)		3,129		196,376
Robert Half International, Inc. (a)		5,642		172,645
The Dun & Bradstreet Corp.		1,926		158,105
Towers Watson & Co. (Class A) (a)		1,955		101,777

				1,009,908

REAL ESTATE INVESTMENT TRUSTS — 7.0%
Alexandria Real Estate Equities, Inc. (a)		2,080		152,381
AMB Property Corp. (a)		6,424		203,705
Apartment Investment & Management Co. (Class A) (a)		4,391		113,463
BRE Properties, Inc.		2,397		104,270
Camden Property Trust		2,617		141,266
Chimera Investment Corp. (a)		38,165		156,858
Corporate Office Properties Trust (a)		2,547		89,018
Developers Diversified Realty Corp. (a)		7,101		100,053
Digital Realty Trust, Inc. (a)		3,421		176,318
Douglas Emmett, Inc. (a)		4,564		75,762

See accompanying notes to financial statements.

SPDR Dow Jones Mid Cap ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

Duke Realty Corp.		9,276	$	115,579
Essex Property Trust, Inc. (a)		1,153		131,696
Federal Realty Investment Trust (a)		2,326		181,265
Highwoods Properties, Inc. (a)		2,731		86,982
Hospitality Properties Trust		4,637		106,837
Liberty Property Trust (a)		4,332		138,277
Mack-Cali Realty Corp. (a)		2,989		98,816
MFA Financial, Inc. (a)		10,537		85,982
National Retail Properties, Inc. (a)		3,172		84,058
Nationwide Health Properties, Inc.		5,126		186,484
OMEGA Healthcare Investors, Inc. (a)		3,695		82,916
Piedmont Office Realty Trust, Inc. (Class A) (a)		5,051		101,727
Rayonier, Inc.		3,037		159,503
Realty Income Corp.		4,419		151,130
Regency Centers Corp. (a)		3,174		134,070
Senior Housing Properties Trust (a)		4,772		104,698
SL Green Realty Corp. (a)		2,976		200,910
Taubman Centers, Inc. (a)		2,051		103,534
The Macerich Co. (a)		4,950		234,482
UDR, Inc. (a)		6,895		162,170
Washington Real Estate Investment Trust (a)		2,403		74,469
Weingarten Realty Investors (a)		4,496		106,825

				4,145,504

REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.7%
CB Richard Ellis Group, Inc. (Class A) (a)(b)		11,220		229,786
Jones Lang LaSalle, Inc.		1,582		132,761
The St. Joe Co. (a)(b)		3,446		75,295

				437,842

ROAD & RAIL — 1.2%
Hertz Global Holdings, Inc. (a)(b)		6,918		100,242
J.B. Hunt Transport Services, Inc.		3,573		145,814
Kansas City Southern (a)(b)		3,890		186,175
Knight Transportation, Inc. (a)		2,183		41,477
Landstar Systems, Inc. (a)		1,888		77,295
Ryder Systems, Inc. (a)		1,969		103,648
Werner Enterprises, Inc. (a)		1,986		44,884

				699,535

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 3.0%
Advanced Micro Devices, Inc. (a)(b)		21,448		175,445
Atmel Corp. (b)		17,619		217,066
Lam Research Corp. (b)		4,624		239,431
LSI Corp. (b)		23,423		140,304
MEMC Electronic Materials, Inc. (a)(b)		8,545		96,217
National Semiconductor Corp. (a)		9,083		124,982
Novellus Systems, Inc. (b)		3,455		111,666
ON Semiconductor Corp. (b)		16,380		161,834
PMC-Sierra, Inc. (a)(b)		8,550		73,444
Rambus, Inc. (b)		4,210		86,221
Silicon Laboratories, Inc. (a)(b)		1,677		77,175
Skyworks Solutions, Inc. (a)(b)		6,752		193,310
Varian Semiconductor Equipment Associates, Inc. (a)(b)		2,794		103,294

				1,800,389

SOFTWARE — 3.5%
Ansys, Inc. (b)		3,455		179,902
Cadence Design Systems, Inc. (a)(b)		10,130		83,674
Compuware Corp. (a)(b)		8,547		99,744
Concur Technologies, Inc. (a)(b)		1,693		87,917
Factset Research Systems, Inc. (a)		1,605		150,485
Informatica Corp. (a)(b)		3,514		154,721
Jack Henry & Associates, Inc. (a)		3,149		91,793
MICROS Systems, Inc. (b)		2,994		131,317
Novell, Inc. (b)		13,004		76,984
Nuance Communications, Inc. (a)(b)		9,169		166,692
Parametric Technology Corp. (b)		4,360		98,231
Quality Systems, Inc. (a)		699		48,804
Quest Software, Inc. (a)(b)		2,339		64,884
Rovi Corp. (a)(b)		3,937		244,133
Solera Holdings, Inc. (a)		2,603		133,586
Synopsys, Inc. (b)		5,722		153,979
TIBCO Software, Inc. (b)		6,360		125,356

				2,092,202

SPECIALTY RETAIL — 4.4%
Aaron’s, Inc. (a)		2,808		57,255
Abercrombie & Fitch Co. (Class A) (a)		3,316		191,101
Aeropostale, Inc. (a)(b)		3,541		87,250
American Eagle Outfitters, Inc. (a)		7,420		108,555
AutoNation, Inc. (a)(b)		1,697		47,855
CarMax, Inc. (a)(b)		8,498		270,916
Chico’s FAS, Inc. (a)		6,778		81,539
Dick’s Sporting Goods, Inc. (a)(b)		3,280		123,000
Foot Locker, Inc. (a)		5,833		114,443
GameStop Corp. (Class A) (a)(b)		5,843		133,688
Guess ?, Inc.		2,452		116,029
J. Crew Group, Inc. (b)		2,279		98,316
PetSmart, Inc.		4,519		179,947
RadioShack Corp. (a)		4,701		86,922
Signet Jewelers, Ltd. (b)		3,204		139,054
Tiffany & Co. (a)		4,821		300,204
Tractor Supply Co. (a)		2,725		132,135
Urban Outfitters, Inc. (a)(b)		4,994		178,835
Williams-Sonoma, Inc. (a)		3,723		132,874

				2,579,918

TEXTILES, APPAREL & LUXURY GOODS — 0.6%
Fossil, Inc. (b)		1,773		124,961
Hanesbrands, Inc. (b)		3,523		89,484
Phillips-Van Heusen Corp. (a)		2,334		147,066

				361,511

THRIFTS & MORTGAGE FINANCE — 0.5%
Capitol Federal Financial, Inc.		6,328		75,367
First Niagara Financial Group, Inc. (a)		7,835		109,533
TFS Financial Corp. (a)		3,588		32,364

See accompanying notes to financial statements.

SPDR Dow Jones Mid Cap ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

Washington Federal, Inc. (a)		4,220	$	71,402

				288,666

TRADING COMPANIES & DISTRIBUTORS — 0.2%
MSC Industrial Direct Co., Inc. (Class A) (a)		1,654		106,997

WIRELESS TELECOMMUNICATION SERVICES — 0.8%
MetroPCS Communications, Inc. (a)(b)		9,396		118,672
SBA Communications Corp. (Class A) (a)(b)		4,377		179,194
Telephone & Data Systems, Inc. (a)		3,565		130,301
US Cellular Corp. (b)		610		30,463

				458,630

TOTAL COMMON STOCKS —
(Cost $50,655,569)				59,000,593

SHORT TERM INVESTMENTS — 27.9%
MONEY MARKET FUNDS — 27.9%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		16,390,393		16,390,393
State Street Institutional Liquid Reserves Fund 0.18% (e)(f)		134,458		134,458

TOTAL SHORT TERM INVESTMENTS —
(Cost $16,524,851)				16,524,851

TOTAL INVESTMENTS — 127.7% (g)
(Cost $67,180,420)				75,525,444
OTHER ASSETS & LIABILITIES — (27.7)%				(16,400,238	)

NET ASSETS — 100.0%			$	59,125,206


(a)		Security, or portion thereof, was on loan at December 31, 2010.
(b)		Non-income producing security.
(c)		Amount shown represents less than 0.05% of net assets.
(d)		Investments of cash collateral for securities loaned.
(e)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f)		The rate shown is the annualized seven-day yield at period end.
(g)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

See accompanying notes to financial statements.

SPDR S&P 400 Mid Cap Growth ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.8%
AEROSPACE & DEFENSE — 0.7%
BE Aerospace, Inc. (a)		13,094	$	484,871

AIRLINES — 0.2%
Alaska Air Group, Inc. (a)		2,800		158,732

AUTO COMPONENTS — 1.6%
BorgWarner, Inc. (a)(b)		8,650		625,914
Gentex Corp.		18,000		532,080

				1,157,994

BEVERAGES — 0.7%
Hansen Natural Corp. (a)		8,852		462,783

BIOTECHNOLOGY — 1.2%
United Therapeutics Corp. (a)(b)		6,499		410,867
Vertex Pharmaceuticals, Inc. (a)		12,387		433,916

				844,783

BUILDING PRODUCTS — 0.2%
Lennox International, Inc.		2,300		108,767

CAPITAL MARKETS — 2.2%
Affiliated Managers Group, Inc. (a)		3,798		376,837
Eaton Vance Corp.		9,295		280,988
Greenhill & Co., Inc.		1,570		128,238
Jefferies Group, Inc.		5,651		150,486
SEI Investments Co.		9,158		217,869
Waddell & Reed Financial, Inc. (Class A)		11,084		391,154

				1,545,572

CHEMICALS — 2.9%
Albemarle Corp.		11,844		660,658
Intrepid Potash, Inc. (a)		5,658		210,987
Lubrizol Corp.		8,476		905,915
NewMarket Corp.		1,300		160,381
The Scotts Miracle-Gro Co. (Class A)		3,000		152,310

				2,090,251

COMMERCIAL BANKS — 0.4%
Bank of Hawaii Corp.		2,200		103,862
SVB Financial Group (a)(b)		1,900		100,795
Westamerica Bancorporation		1,600		88,752

				293,409

COMMERCIAL SERVICES & SUPPLIES — 1.7%
Clean Harbors, Inc. (a)		1,311		110,229
Copart, Inc. (a)		8,928		333,461
Corrections Corp. of America (a)		8,060		201,984
Deluxe Corp.		2,600		59,852
Herman Miller, Inc. (b)		2,600		65,780
Rollins, Inc.		8,095		159,876
Waste Connections, Inc. (b)		8,661		238,437

				1,169,619

COMMUNICATIONS EQUIPMENT — 2.9%
ADTRAN, Inc.		8,100		293,301
Ciena Corp. (a)(b)		5,900		124,195
CommScope, Inc. (a)		12,159		379,604
Plantronics, Inc.		3,900		145,158
Polycom, Inc. (a)		11,076		431,743
Riverbed Technology, Inc. (a)		18,867		663,552

				2,037,553

CONSTRUCTION MATERIALS — 0.3%
Martin Marietta Materials, Inc. (b)		2,027		186,970

CONTAINERS & PACKAGING — 0.9%
AptarGroup, Inc.		4,525		215,254
Packaging Corp. of America		6,600		170,544
Rock-Tenn Co. (Class A)		2,700		145,665
Silgan Holdings, Inc.		3,100		111,011

				642,474

DISTRIBUTORS — 0.6%
LKQ Corp. (a)		18,490		420,093

DIVERSIFIED CONSUMER SERVICES — 1.4%
ITT Educational Services, Inc. (a)		3,400		216,546
Service Corp. International		16,300		134,475
Sotheby’s		8,600		387,000
Strayer Education, Inc. (b)		1,729		263,188

				1,001,209

DIVERSIFIED FINANCIAL SERVICES — 0.8%
MSCI, Inc. (Class A) (a)		15,369		598,776

DIVERSIFIED TELECOMMUNICATION SERVICES — 0.5%
tw telecom, inc. (a)		19,366		330,190

ELECTRIC UTILITIES — 0.3%
DPL, Inc.		7,300		187,683

ELECTRICAL EQUIPMENT — 2.6%
Acuity Brands, Inc. (b)		2,109		121,626
AMETEK, Inc.		12,954		508,444
Baldor Electric Co.		6,000		378,240
Hubbell, Inc. (Class B)		4,100		246,533
Regal-Beloit Corp.		2,021		134,922
Thomas & Betts Corp. (a)		4,200		202,860
Woodward Governor Co.		7,573		284,442

				1,877,067

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.2%
Itron, Inc. (a)		3,655		202,670
Mettler-Toledo International, Inc. (a)		4,214		637,199
National Instruments Corp.		3,932		148,000
Trimble Navigation, Ltd. (a)		9,749		389,278
Vishay Intertechnology, Inc. (a)		12,200		179,096

				1,556,243

ENERGY EQUIPMENT & SERVICES — 2.1%
Atwood Oceanics, Inc. (a)		7,200		269,064
Dril-Quip, Inc. (a)		4,456		346,320
Oceaneering International, Inc. (a)		6,953		511,949
Superior Energy Services, Inc. (a)		10,136		354,659

				1,481,992

FOOD PRODUCTS — 1.4%
Corn Products International, Inc.		5,300		243,800
Flowers Foods, Inc.		5,182		139,447
Green Mountain Coffee Roasters, Inc. (a)		15,023		493,656
Lancaster Colony Corp. (b)		1,400		80,080

See accompanying notes to financial statements.

SPDR S&P 400 Mid Cap Growth ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

Tootsie Roll Industries, Inc.		1,300	$	37,661

				994,644

HEALTH CARE EQUIPMENT & SUPPLIES — 6.1%
Beckman Coulter, Inc.		3,789		285,047
Edwards Lifesciences Corp. (a)		14,732		1,190,935
Gen-Probe, Inc. (a)(b)		6,201		361,828
Hill-Rom Holdings, Inc.		3,252		128,031
Hologic, Inc. (a)		11,353		213,663
IDEXX Laboratories, Inc. (a)		7,447		515,481
Immucor, Inc. (a)		5,400		107,082
Kinetic Concepts, Inc. (a)		8,026		336,129
Masimo Corp.		4,666		135,641
ResMed, Inc. (a)		19,551		677,247
STERIS Corp.		3,800		138,548
Thoratec Corp. (a)		7,493		212,202

				4,301,834

HEALTH CARE PROVIDERS & SERVICES — 3.1%
Health Management Associates, Inc. (Class A) (a)		32,100		306,234
Henry Schein, Inc. (a)		6,400		392,896
Lincare Holdings, Inc.		12,561		337,012
MEDNAX, Inc. (a)		6,160		414,506
Universal Health Services, Inc. (Class B)		12,465		541,230
VCA Antech, Inc. (a)		5,536		128,934
WellCare Health Plans, Inc. (a)		2,800		84,616

				2,205,428

HEALTH CARE TECHNOLOGY — 0.7%
Allscripts-Misys Healthcare Solutions, Inc. (a)		23,955		461,613

HOTELS, RESTAURANTS & LEISURE — 3.5%
Bally Technologies, Inc. (a)		6,847		288,875
Brinker International, Inc.		5,800		121,104
Chipotle Mexican Grill, Inc. (a)		3,997		850,002
Life Time Fitness, Inc. (a)		5,400		221,346
Panera Bread Co. (Class A) (a)		3,938		398,565
The Cheesecake Factory, Inc. (a)		7,600		233,016
WMS Industries, Inc. (a)		7,391		334,369

				2,447,277

HOUSEHOLD DURABLES — 0.5%
Tupperware Brands Corp.		8,100		386,127

HOUSEHOLD PRODUCTS — 0.8%
Church & Dwight Co., Inc.		4,600		317,492
Energizer Holdings, Inc. (a)		3,879		282,779

				600,271

INSURANCE — 0.5%
Arthur J. Gallagher & Co.		5,800		168,664
Brown & Brown, Inc.		6,887		164,875

				333,539

INTERNET SOFTWARE & SERVICES — 1.6%
Digital River, Inc. (a)		5,100		175,542
Equinix, Inc. (a)		5,922		481,221
Rackspace Hosting, Inc. (a)(b)		12,441		390,772
ValueClick, Inc. (a)		6,700		107,401

				1,154,936

IT SERVICES — 3.2%
Acxiom Corp. (a)		4,500		77,175
Alliance Data Systems Corp. (a)		6,739		478,671
Broadridge Financial Solutions, Inc.		8,200		179,826
DST Systems, Inc.		2,266		100,497
Gartner, Inc. (a)		9,386		311,616
Global Payments, Inc.		10,257		473,976
Lender Processing Services, Inc.		11,700		345,384
ManTech International Corp. (Class A) (a)		1,500		61,995
NeuStar, Inc. (Class A) (a)		9,442		245,964

				2,275,104

LEISURE EQUIPMENT & PRODUCTS — 0.5%
Polaris Industries, Inc.		4,404		343,600

LIFE SCIENCES TOOLS & SERVICES — 1.2%
Bio-Rad Laboratories, Inc. (Class A) (a)		1,486		154,321
Charles River Laboratories International, Inc. (a)		3,310		117,637
Covance, Inc. (a)(b)		4,740		243,684
Pharmaceutical Product Development, Inc.		5,981		162,324
Techne Corp.		2,820		185,190

				863,156

MACHINERY — 7.4%
AGCO Corp. (a)		6,186		313,383
Bucyrus International, Inc.		10,400		929,760
Crane Co.		3,500		143,745
Donaldson Co., Inc.		5,333		310,807
Gardner Denver, Inc.		6,761		465,292
Graco, Inc.		3,700		145,965
IDEX Corp.		5,900		230,808
Joy Global, Inc.		13,327		1,156,117
Kennametal, Inc.		3,500		138,110
Lincoln Electric Holdings, Inc.		1,923		125,514
Nordson Corp.		2,564		235,580
Oshkosh Corp. (a)		6,366		224,338
SPX Corp.		3,214		229,769
The Timken Co.		5,042		240,655
Valmont Industries, Inc. (b)		1,880		166,812
Wabtec Corp.		3,547		187,601

				5,244,256

MARINE — 0.2%
Kirby Corp. (a)		3,936		173,381

MEDIA — 1.0%
DreamWorks Animation SKG, Inc. (Class A) (a)		9,202		271,183
John Wiley & Sons, Inc. (Class A)		3,602		162,954
Lamar Advertising Co. (Class A) (a)(b)		7,371		293,661

				727,798

METALS & MINING — 0.6%
Carpenter Technology Corp.		2,100		84,504

See accompanying notes to financial statements.

SPDR S&P 400 Mid Cap Growth ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

Compass Minerals International, Inc.		4,199	$	374,845

				459,349

MULTI-UTILITIES — 0.9%
Aqua America, Inc.		9,000		202,320
Black Hills Corp.		2,500		75,000
National Fuel Gas Co.		5,500		360,910

				638,230

MULTILINE RETAIL — 1.3%
99 Cents Only Stores (a)		3,000		47,820
Dollar Tree, Inc. (a)		16,100		902,888

				950,708

OFFICE ELECTRONICS — 0.4%
Zebra Technologies Corp. (Class A) (a)		7,262		275,883

OIL, GAS & CONSUMABLE FUELS — 2.8%
Arch Coal, Inc.		9,578		335,805
Bill Barrett Corp. (a)(b)		6,059		249,207
Cimarex Energy Co.		6,300		557,739
Forest Oil Corp. (a)		6,400		243,008
Patriot Coal Corp. (a)		5,100		98,787
Quicksilver Resources, Inc. (a)		15,046		221,778
SM Energy Co.		4,666		274,967

				1,981,291

PERSONAL PRODUCTS — 0.3%
Alberto-Culver Co.		6,169		228,500

PHARMACEUTICALS — 2.0%
Endo Pharmaceuticals Holdings, Inc. (a)		14,970		534,579
Medicis Pharmaceutical Corp. (Class A)		7,800		208,962
Perrigo Co.		10,673		675,921

				1,419,462

PROFESSIONAL SERVICES — 0.5%
FTI Consulting, Inc. (a)		3,159		117,768
The Corporate Executive Board Co.		2,500		93,875
Towers Watson & Co. (Class A) (b)		2,340		121,820

				333,463

REAL ESTATE INVESTMENT TRUSTS — 7.9%
Alexandria Real Estate Equities, Inc.		2,886		211,428
AMB Property Corp.		7,300		231,483
BRE Properties, Inc.		4,100		178,350
Camden Property Trust		4,300		232,114
Corporate Office Properties Trust (b)		8,578		299,801
Duke Realty Corp.		11,300		140,798
Essex Property Trust, Inc.		2,078		237,349
Federal Realty Investment Trust		4,320		336,658
Highwoods Properties, Inc.		3,800		121,030
Liberty Property Trust (b)		5,800		185,136
Mack-Cali Realty Corp.		3,400		112,404
Nationwide Health Properties, Inc.		9,200		334,696
OMEGA Healthcare Investors, Inc.		6,600		148,104
Potlatch Corp.		1,700		55,335
Rayonier, Inc.		5,000		262,600
Realty Income Corp.		9,600		328,320
Regency Centers Corp.		4,400		185,856
Senior Housing Properties Trust		8,100		177,714
SL Green Realty Corp.		10,052		678,611
The Macerich Co.		16,700		791,079
UDR, Inc.		10,700		251,664
Weingarten Realty Investors		5,100		121,176

				5,621,706

REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.6%
Jones Lang LaSalle, Inc.		5,459		458,119

ROAD & RAIL — 0.9%
J.B. Hunt Transport Services, Inc.		6,019		245,635
Kansas City Southern (a)		5,907		282,709
Landstar Systems, Inc.		2,306		94,408

				622,752

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 5.2%
Atmel Corp. (a)		59,245		729,899
Cree, Inc. (a)		14,006		922,855
Fairchild Semiconductor International, Inc. (a)		9,000		140,490
International Rectifier Corp. (a)		4,100		121,729
Lam Research Corp. (a)		8,136		421,282
RF Micro Devices, Inc. (a)		35,200		258,720
Semtech Corp. (a)		8,000		181,120
Silicon Laboratories, Inc. (a)		5,573		256,470
Skyworks Solutions, Inc. (a)		23,545		674,093

				3,706,658

SOFTWARE — 7.9%
ACI Worldwide, Inc. (a)		4,200		112,854
Advent Software, Inc. (a)		2,118		122,675
Ansys, Inc. (a)		11,680		608,178
Cadence Design Systems, Inc. (a)		15,767		130,235
Concur Technologies, Inc. (a)		5,830		302,752
Factset Research Systems, Inc.		6,002		562,747
Fair Isaac Corp.		1,800		42,066
Informatica Corp. (a)		12,054		530,738
Jack Henry & Associates, Inc.		10,962		319,542
Mentor Graphics Corp. (a)		4,900		58,800
MICROS Systems, Inc. (a)		10,316		452,460
Parametric Technology Corp. (a)		7,670		172,805
Quest Software, Inc. (a)		7,672		212,821
Rovi Corp. (a)		13,502		837,259
Solera Holdings, Inc.		9,017		462,752
Synopsys, Inc. (a)		10,100		271,791
TIBCO Software, Inc. (a)		21,387		421,538

				5,622,013

SPECIALTY RETAIL — 6.5%
Advance Auto Parts, Inc.		10,800		714,420
Aeropostale, Inc. (a)		11,809		290,974
American Eagle Outfitters, Inc.		10,800		158,004
AnnTaylor Stores Corp. (a)		7,400		202,686
Ascena Retail Group, Inc. (a)		8,900		235,138
Chico’s FAS, Inc.		22,787		274,128
Dick’s Sporting Goods, Inc. (a)		11,369		426,337
Guess ?, Inc.		8,242		390,011
J. Crew Group, Inc. (a)		8,207		354,050
PetSmart, Inc.		15,217		605,941
Tractor Supply Co.		9,342		452,994

See accompanying notes to financial statements.

SPDR S&P 400 Mid Cap Growth ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

Williams-Sonoma, Inc.		13,600	$	485,384

				4,590,067

TEXTILES, APPAREL & LUXURY GOODS — 3.0%
Deckers Outdoor Corp. (a)		5,000		398,700
Fossil, Inc. (a)		6,597		464,957
Hanesbrands, Inc. (a)		4,400		111,760
Phillips-Van Heusen Corp.		8,500		535,585
The Timberland Co. (Class A) (a)		2,500		61,475
The Warnaco Group, Inc. (a)		5,700		313,899
Under Armour, Inc. (Class A) (a)		4,500		246,780

				2,133,156

TRADING COMPANIES & DISTRIBUTORS — 0.5%
MSC Industrial Direct Co., Inc. (Class A)		3,262		211,019
United Rentals, Inc. (a)		3,200		72,800
Watsco, Inc.		1,300		82,004

				365,823

WIRELESS TELECOMMUNICATION SERVICES — 0.4%
Syniverse Holdings, Inc. (a)		9,000		277,650

TOTAL COMMON STOCKS —
(Cost $71,187,047)				70,834,825

SHORT TERM INVESTMENTS — 3.3%
MONEY MARKET FUNDS — 3.3%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		2,202,278		2,202,278
State Street Institutional Liquid Reserves Fund 0.18% (d)(e)		115,732		115,732

TOTAL SHORT TERM INVESTMENTS —
(Cost $2,318,010)				2,318,010

TOTAL INVESTMENTS — 103.1% (f)
(Cost $73,505,057)				73,152,835
OTHER ASSETS & LIABILITIES — (3.1)%				(2,175,173	)

NET ASSETS — 100.0%			$	70,977,662


(a)		Non-income producing security.
(b)		Security, or portion thereof, was on loan as of December 31, 2010.
(c)		Investments of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

See accompanying notes to financial statements.

SPDR S&P 400 Mid Cap Value ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.5%
AEROSPACE & DEFENSE — 0.4%
Alliant Techsystems, Inc. (a)(b)		1,592	$	118,493

AIRLINES — 0.6%
AirTran Holdings, Inc. (b)		6,500		48,035
Alaska Air Group, Inc. (b)		700		39,683
JetBlue Airways Corp. (b)		9,600		63,456

				151,174

AUTO COMPONENTS — 0.6%
BorgWarner, Inc. (a)(b)		2,240		162,086

AUTOMOBILES — 0.2%
Thor Industries, Inc. (a)		2,000		67,920

BIOTECHNOLOGY — 0.7%
Vertex Pharmaceuticals, Inc. (a)(b)		5,160		180,755

BUILDING PRODUCTS — 0.2%
Lennox International, Inc. (a)		1,264		59,775

CAPITAL MARKETS — 2.5%
Affiliated Managers Group, Inc. (a)(b)		1,100		109,142
Apollo Investment Corp.		9,300		102,951
Eaton Vance Corp. (a)		2,200		66,506
Greenhill & Co., Inc.		636		51,948
Jefferies Group, Inc.		3,800		101,194
Raymond James Financial, Inc. (a)		4,805		157,124
SEI Investments Co. (a)		3,640		86,596

				675,461

CHEMICALS — 3.8%
Ashland, Inc.		3,825		194,540
Cabot Corp.		3,185		119,915
Cytec Industries, Inc.		2,404		127,556
Minerals Technologies, Inc.		900		58,869
Olin Corp. (a)		3,800		77,976
RPM International, Inc. (a)		6,271		138,589
Sensient Technologies Corp. (a)		2,400		88,152
The Scotts Miracle-Gro Co. (Class A)		1,111		56,405
The Valspar Corp.		4,783		164,918

				1,026,920

COMMERCIAL BANKS — 6.8%
Associated Ban-Corp. (a)		8,289		125,578
BancorpSouth, Inc. (a)		3,500		55,825
Bank of Hawaii Corp. (a)		1,503		70,957
Cathay General Bancorp (a)		3,700		61,790
City National Corp. (a)		2,234		137,078
Commerce Bancshares, Inc. (a)		3,740		148,608
Cullen/Frost Bankers, Inc. (a)		2,957		180,732
East West Bancorp, Inc. (a)		7,100		138,805
First Horizon National Corp. (b)		—		3
FirstMerit Corp. (a)		5,309		105,065
Fulton Financial Corp. (a)		9,446		97,672
International Bancshares Corp. (a)		2,500		50,075
PacWest Bancorp (a)		1,500		32,070
Prosperity Bancshares, Inc. (a)		2,227		87,476
SVB Financial Group (b)		1,300		68,965
Synovus Financial Corp. (a)		37,400		98,736
TCF Financial Corp.		6,039		89,438
Trustmark Corp. (a)		2,700		67,068
Valley National Bancorp (a)		7,660		109,538
Webster Financial Corp. (a)		3,500		68,950
Westamerica Bancorporation (a)		787		43,655

				1,838,084

COMMERCIAL SERVICES & SUPPLIES — 1.6%
Clean Harbors, Inc. (a)(b)		646		54,315
Corrections Corp. of America (a)(b)		2,300		57,638
Deluxe Corp. (a)		1,500		34,530
Herman Miller, Inc. (a)		1,700		43,010
HNI Corp.		2,199		68,609
Mine Safety Appliances Co.		1,500		46,695
The Brink’s Co.		2,200		59,136
Waste Connections, Inc. (a)		2,300		63,319

				427,252

COMMUNICATIONS EQUIPMENT — 0.3%
Ciena Corp. (a)(b)		2,300		48,415
Plantronics, Inc.		800		29,776

				78,191

COMPUTERS & PERIPHERALS — 0.8%
Diebold, Inc. (a)		3,206		102,752
NCR Corp. (a)(b)		7,600		116,812

				219,564

CONSTRUCTION & ENGINEERING — 2.7%
Aecom Technology Corp. (a)(b)		5,700		159,429
Granite Construction, Inc. (a)		1,600		43,888
KBR, Inc.		7,318		222,979
The Shaw Group, Inc. (b)		4,100		140,343
URS Corp. (b)		3,950		164,360

				730,999

CONSTRUCTION MATERIALS — 0.5%
Martin Marietta Materials, Inc. (a)		1,440		132,826

CONTAINERS & PACKAGING — 2.2%
AptarGroup, Inc. (a)		1,500		71,355
Greif, Inc. (Class A)		1,521		94,150
Packaging Corp. of America (a)		2,481		64,109
Rock-Tenn Co. (Class A)		842		45,426
Silgan Holdings, Inc. (a)		1,271		45,514
Sonoco Products Co.		4,997		168,249
Temple-Inland, Inc. (a)		5,120		108,749

				597,552

DIVERSIFIED CONSUMER SERVICES — 0.8%
Career Education Corp. (b)		3,174		65,797
Matthews International Corp. (Class A) (a)		1,400		48,972
Regis Corp. (a)		2,700		44,820
Service Corp. International		5,578		46,019

				205,608

DIVERSIFIED TELECOMMUNICATION SERVICES — 0.1%
Cincinnati Bell, Inc. (a)(b)		9,600		26,880

ELECTRIC UTILITIES — 2.5%
Cleco Corp. (a)		2,897		89,112
DPL, Inc. (a)		2,950		75,845
Great Plains Energy, Inc. (a)		6,490		125,841
Hawaiian Electric Industries, Inc. (a)		4,495		102,441
IDACORP, Inc.		2,332		86,237

See accompanying notes to financial statements.

SPDR S&P 400 Mid Cap Value ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

PNM Resources, Inc. (a)		4,100	$	53,382
Westar Energy, Inc.		5,355		134,732

				667,590

ELECTRICAL EQUIPMENT — 1.4%
Acuity Brands, Inc. (a)		1,307		75,375
AMETEK, Inc. (a)		2,850		111,862
Hubbell, Inc. (Class B)		1,352		81,296
Regal-Beloit Corp. (a)		1,100		73,436
Thomas & Betts Corp. (b)		927		44,774

				386,743

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.3%
Arrow Electronics, Inc. (a)(b)		5,618		192,416
Avnet, Inc. (a)(b)		7,361		243,134
Ingram Micro, Inc. (Class A) (b)		7,500		143,175
Itron, Inc. (b)		600		33,270
National Instruments Corp.		1,300		48,932
Tech Data Corp. (b)		2,277		100,234
Trimble Navigation, Ltd. (a)(b)		2,100		83,853
Vishay Intertechnology, Inc. (a)(b)		3,300		48,444

				893,458

ENERGY EQUIPMENT & SERVICES — 2.9%
Exterran Holdings, Inc. (b)		3,000		71,850
Helix Energy Solutions Group, Inc. (a)(b)		5,000		60,700
Patterson-UTI Energy, Inc.		7,384		159,125
Pride International, Inc. (b)		8,506		280,698
Tidewater, Inc. (a)		2,451		131,962
Unit Corp. (a)(b)		1,895		88,080

				792,415

FOOD & STAPLES RETAILING — 0.7%
BJ’s Wholesale Club, Inc. (b)		2,660		127,414
Ruddick Corp. (a)		2,097		77,253

				204,667

FOOD PRODUCTS — 1.8%
Corn Products International, Inc. (a)		1,626		74,796
Flowers Foods, Inc.		1,700		45,747
Lancaster Colony Corp. (a)		414		23,681
Ralcorp Holdings, Inc. (a)(b)		2,667		173,382
Smithfield Foods, Inc. (b)		7,956		164,132
Tootsie Roll Industries, Inc. (a)		652		18,888

				500,626

GAS UTILITIES — 3.1%
AGL Resources, Inc.		3,749		134,402
Atmos Energy Corp.		4,326		134,971
Energen Corp.		3,491		168,476
Questar Corp. (a)		8,373		145,774
UGI Corp. (a)		5,364		169,395
WGL Holdings, Inc. (a)		2,420		86,563

				839,581

HEALTH CARE EQUIPMENT & SUPPLIES — 2.2%
Beckman Coulter, Inc. (a)		1,953		146,924
Hill-Rom Holdings, Inc. (a)		1,813		71,378
Hologic, Inc. (a)(b)		8,200		154,324
Immucor, Inc. (a)(b)		1,300		25,779
Masimo Corp. (a)		1,100		31,977
STERIS Corp. (a)		1,461		53,268
Teleflex, Inc. (a)		1,951		104,983

				588,633

HEALTH CARE PROVIDERS & SERVICES — 3.2%
Community Health Systems, Inc. (b)		4,495		167,978
Health Net, Inc. (b)		4,653		126,981
Henry Schein, Inc. (a)(b)		2,066		126,832
Kindred Healthcare, Inc. (b)		1,900		34,903
LifePoint Hospitals, Inc. (a)(b)		2,575		94,631
Omnicare, Inc.		5,639		143,174
Owens & Minor, Inc. (a)		3,096		91,115
VCA Antech, Inc. (a)(b)		2,100		48,909
WellCare Health Plans, Inc. (a)(b)		1,000		30,220

				864,743

HOTELS, RESTAURANTS & LEISURE — 1.0%
Bob Evans Farms, Inc.		1,504		49,572
Boyd Gaming Corp. (b)		2,700		28,620
Brinker International, Inc. (a)		2,273		47,460
International Speedway Corp. (Class A) (a)		1,400		36,638
Scientific Games Corp. (Class A) (a)(b)		3,000		29,880
Wendy’s/Arby’s Group, Inc. (Class A)		15,300		70,686

				262,856

HOUSEHOLD DURABLES — 2.4%
American Greetings Corp. (Class A) (a)		1,900		42,104
KB HOME		3,400		45,866
M.D.C. Holdings, Inc. (a)		1,800		51,786
Mohawk Industries, Inc. (b)		2,700		153,252
NVR, Inc. (a)(b)		274		189,340
Ryland Group, Inc. (a)		2,100		35,763
Toll Brothers, Inc. (a)(b)		6,876		130,644

				648,755

HOUSEHOLD PRODUCTS — 1.0%
Church & Dwight Co., Inc. (a)		1,700		117,334
Energizer Holdings, Inc. (b)		1,956		142,592

				259,926

INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.1%
Dynegy, Inc. (b)		4,900		27,538

INDUSTRIAL CONGLOMERATES — 0.4%
Carlisle Cos., Inc.		2,931		116,478

INSURANCE — 7.4%
American Financial Group, Inc.		3,753		121,184
Arthur J. Gallagher & Co.		2,926		85,088
Brown & Brown, Inc. (a)		3,000		71,820
Everest Re Group, Ltd.		2,651		224,858
Fidelity National Financial, Inc. (Class A) (a)		10,864		148,619
First American Financial Corp. (a)		4,988		74,521
HCC Insurance Holdings, Inc.		5,524		159,865
Mercury General Corp. (a)		1,703		73,246
Old Republic International Corp. (a)		12,163		165,782
Protective Life Corp.		4,100		109,224

See accompanying notes to financial statements.

SPDR S&P 400 Mid Cap Value ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

Reinsurance Group of America, Inc. (a)		3,523	$	189,220
StanCorp Financial Group, Inc.		2,212		99,850
The Hanover Insurance Group, Inc. (a)		2,158		100,822
Transatlantic Holdings, Inc.		3,072		158,577
Unitrin, Inc.		2,400		58,896
W.R. Berkley Corp. (a)		5,685		155,655

				1,997,227

INTERNET SOFTWARE & SERVICES — 0.5%
AOL, Inc. (a)(b)		5,130		121,632
ValueClick, Inc. (b)		1,300		20,839

				142,471

IT SERVICES — 1.4%
Acxiom Corp. (a)(b)		2,100		36,015
Broadridge Financial Solutions, Inc. (a)		2,929		64,233
Convergys Corp. (a)(b)		5,800		76,386
CoreLogic, Inc.		4,968		92,007
DST Systems, Inc. (a)		850		37,698
ManTech International Corp. (Class A) (b)		500		20,665
SRA International, Inc. (Class A) (a)(b)		2,000		40,900

				367,904

LEISURE EQUIPMENT & PRODUCTS — 0.2%
Eastman Kodak Co. (a)(b)		12,800		68,608

LIFE SCIENCES TOOLS & SERVICES — 1.1%
Bio-Rad Laboratories, Inc. (Class A) (b)		400		41,540
Charles River Laboratories International, Inc. (b)		1,500		53,310
Covance, Inc. (a)(b)		1,400		71,974
Pharmaceutical Product Development, Inc.		3,500		94,990
Techne Corp. (a)		750		49,253

				311,067

MACHINERY — 5.6%
AGCO Corp. (a)(b)		2,178		110,338
Crane Co.		912		37,456
Donaldson Co., Inc. (a)		1,700		99,076
Graco, Inc. (a)		1,521		60,003
Harsco Corp. (a)		3,926		111,184
IDEX Corp.		1,718		67,208
Kennametal, Inc. (a)		2,684		105,911
Lincoln Electric Holdings, Inc. (a)		1,300		84,851
Nordson Corp. (a)		700		64,316
Oshkosh Corp. (b)		1,950		68,718
Pentair, Inc. (a)		4,748		173,350
SPX Corp.		1,252		89,505
Terex Corp. (a)(b)		5,200		161,408
The Timken Co.		2,000		95,460
Trinity Industries, Inc. (a)		3,800		101,118
Valmont Industries, Inc. (a)		340		30,168
Wabtec Corp. (a)		1,000		52,890

				1,512,960

MARINE — 0.5%
Alexander & Baldwin, Inc.		2,000		80,060
Kirby Corp. (a)(b)		1,100		48,455

				128,515

MEDIA — 0.6%
Harte-Hanks, Inc. (a)		1,900		24,263
John Wiley & Sons, Inc. (Class A) (a)		900		40,716
Scholastic Corp.		1,100		32,494
The New York Times Co. (Class A) (b)		5,600		54,880

				152,353

METALS & MINING — 2.1%
Carpenter Technology Corp.		1,300		52,312
Commercial Metals Co. (a)		5,426		90,017
Reliance Steel & Aluminum Co. (a)		3,600		183,960
Steel Dynamics, Inc. (a)		10,400		190,320
Worthington Industries, Inc. (a)		2,600		47,840

				564,449

MULTI-UTILITIES — 4.8%
Alliant Energy Corp.		5,332		196,058
Aqua America, Inc. (a)		3,307		74,341
Black Hills Corp.		900		27,000
MDU Resources Group, Inc.		9,136		185,187
National Fuel Gas Co. (a)		1,904		124,940
NSTAR (a)		4,961		209,305
NV Energy, Inc.		11,264		158,259
OGE Energy Corp.		4,689		213,537
Vectren Corp.		3,922		99,540

				1,288,167

MULTILINE RETAIL — 0.4%
99 Cents Only Stores (b)		1,100		17,534
Saks, Inc. (b)		7,700		82,390

				99,924

OIL, GAS & CONSUMABLE FUELS — 4.0%
Arch Coal, Inc. (a)		4,200		147,252
Cimarex Energy Co.		1,700		150,501
Comstock Resources, Inc. (a)(b)		2,300		56,488
Forest Oil Corp. (a)(b)		3,095		117,517
Frontier Oil Corp. (a)(b)		5,000		90,050
Overseas Shipholding Group, Inc.		1,300		46,046
Patriot Coal Corp. (b)		1,900		36,803
Plains Exploration & Production Co. (a)(b)		6,700		215,338
SM Energy Co. (a)		1,300		76,609
Southern Union Co. (a)		6,054		145,720

				1,082,324

PAPER & FOREST PRODUCTS — 0.2%
Louisiana-Pacific Corp. (a)(b)		6,300		59,598

PERSONAL PRODUCTS — 0.2%
Alberto-Culver Co.		1,845		68,339

PROFESSIONAL SERVICES — 1.7%
FTI Consulting, Inc. (a)(b)		1,089		40,598
Korn/Ferry International (b)		2,200		50,842
Manpower, Inc.		3,950		247,902
Navigant Consulting, Inc. (b)		2,400		22,080

See accompanying notes to financial statements.

SPDR S&P 400 Mid Cap Value ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

The Corporate Executive Board Co. (a)		700	$	26,285
Towers Watson & Co. (Class A) (a)		1,300		67,678

				455,385

REAL ESTATE INVESTMENT TRUSTS — 7.2%
Alexandria Real Estate Equities, Inc.		1,600		117,216
AMB Property Corp.		5,335		169,173
BRE Properties, Inc.		1,562		67,947
Camden Property Trust		1,691		91,280
Cousins Properties, Inc. (a)		4,900		40,866
Duke Realty Corp.		7,861		97,948
Equity One, Inc.		2,200		39,996
Essex Property Trust, Inc. (a)		740		84,523
Federal Realty Investment Trust (a)		1,350		105,205
Highwoods Properties, Inc. (a)		2,014		64,146
Hospitality Properties Trust (a)		5,896		135,844
Liberty Property Trust (a)		3,343		106,709
Mack-Cali Realty Corp.		2,558		84,567
Nationwide Health Properties, Inc. (a)		2,654		96,552
OMEGA Healthcare Investors, Inc. (a)		2,251		50,512
Potlatch Corp.		1,300		42,315
Rayonier, Inc.		1,992		104,620
Realty Income Corp.		1,988		67,990
Regency Centers Corp. (a)		2,286		96,561
Senior Housing Properties Trust		3,637		79,796
UDR, Inc. (a)		4,675		109,956
Weingarten Realty Investors (a)		3,839		91,215

				1,944,937

ROAD & RAIL — 1.5%
Con-way, Inc. (a)		2,600		95,082
J.B. Hunt Transport Services, Inc.		2,000		81,620
Kansas City Southern (a)(b)		2,700		129,222
Landstar Systems, Inc.		1,500		61,410
Werner Enterprises, Inc. (a)		2,070		46,782

				414,116

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.4%
Fairchild Semiconductor International, Inc. (a)(b)		2,500		39,025
Integrated Device Technology, Inc. (b)		7,300		48,618
International Rectifier Corp. (b)		1,800		53,442
Intersil Corp. (Class A) (a)		5,900		90,093
Lam Research Corp. (b)		2,900		150,162

				381,340

SOFTWARE — 1.0%
Cadence Design Systems, Inc. (a)(b)		6,900		56,994
Fair Isaac Corp.		1,200		28,044
Mentor Graphics Corp. (a)(b)		3,400		40,800
Parametric Technology Corp. (a)(b)		2,800		63,084
Synopsys, Inc. (a)(b)		3,365		90,552

				279,474

SPECIALTY RETAIL — 2.1%
Aaron’s, Inc.		3,500		71,365
American Eagle Outfitters, Inc. (a)		5,351		78,285
Barnes & Noble, Inc. (a)		1,900		26,885
Collective Brands, Inc. (b)		3,100		65,410
Foot Locker, Inc. (a)		7,464		146,444
Office Depot, Inc. (a)(b)		13,200		71,280
Rent-A-Center, Inc. (a)		3,100		100,068

				559,737

TEXTILES, APPAREL & LUXURY GOODS — 0.4%
Hanesbrands, Inc. (a)(b)		2,966		75,336
The Timberland Co. (Class A) (a)(b)		900		22,131

				97,467

THRIFTS & MORTGAGE FINANCE — 2.8%
Astoria Financial Corp. (a)		3,900		54,249
First Niagara Financial Group, Inc.		10,167		142,134
New York Community Bancorp, Inc. (a)		21,054		396,868
NewAlliance Bancshares, Inc.		5,000		74,900
Washington Federal, Inc. (a)		5,364		90,759

				758,910

TOBACCO — 0.2%
Universal Corp. (a)		1,179		47,985

TRADING COMPANIES & DISTRIBUTORS — 0.8%
GATX Corp.		2,200		77,616
MSC Industrial Direct Co., Inc. (Class A)		900		58,221
United Rentals, Inc. (a)(b)		1,700		38,675
Watsco, Inc.		900		56,772

				231,284

WIRELESS TELECOMMUNICATION SERVICES — 0.6%
Telephone & Data Systems, Inc.		4,395		160,637

TOTAL COMMON STOCKS —
(Cost $25,955,605)				26,928,727

SHORT TERM INVESTMENTS — 26.7%
MONEY MARKET FUNDS — 26.7%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		7,127,929		7,127,929
State Street Institutional Liquid Reserves Fund 0.18% (d)(e)		98,137		98,137

TOTAL SHORT TERM INVESTMENTS —
(Cost $7,226,066)				7,226,066

TOTAL INVESTMENTS — 126.2% (f)
(Cost $33,181,671)				34,154,793
OTHER ASSETS & LIABILITIES — (26.2)%				(7,101,133	)

NET ASSETS — 100.0%			$	27,053,660


(a)		Security, or portion thereof, was on loan at December 31, 2010.
(b)		Non-income producing security.
(c)		Investments of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

See accompanying notes to financial statements.

SPDR S&P 600 Small Cap ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.8%
AEROSPACE & DEFENSE — 2.9%
AAR Corp. (a)(b)		5,390	$	148,063
Aerovironment, Inc. (a)(b)		2,023		54,277
American Science & Engineering, Inc. (a)		1,217		103,725
Applied Signal Technology, Inc. (a)		1,811		68,619
Ceradyne, Inc. (a)(b)		3,393		106,981
Cubic Corp.		2,109		99,439
Curtiss-Wright Corp. (a)		6,261		207,865
Esterline Technologies Corp. (b)		4,100		281,219
GenCorp, Inc. (b)		8,073		41,738
Moog, Inc. (Class A) (a)(b)		6,141		244,412
Orbital Sciences Corp. (a)(b)		7,865		134,728
Teledyne Technologies, Inc. (b)		4,958		218,003
Triumph Group, Inc. (a)		2,269		202,871

				1,911,940

AIR FREIGHT & LOGISTICS — 0.4%
Forward Air Corp.		3,927		111,448
HUB Group, Inc. (Class A) (b)		5,133		180,374

				291,822

AIRLINES — 0.3%
Allegiant Travel Co. (a)		2,037		100,302
SkyWest, Inc. (a)		7,499		117,134

				217,436

AUTO COMPONENTS — 0.3%
Drew Industries, Inc. (a)		2,649		60,185
Spartan Motors, Inc.		4,422		26,930
Standard Motor Products, Inc.		2,633		36,072
Superior Industries International, Inc. (a)		3,157		66,992

				190,179

AUTOMOBILES — 0.1%
Winnebago Industries, Inc. (a)(b)		3,951		60,055

BEVERAGES — 0.2%
Boston Beer Co., Inc. (Class A) (a)(b)		1,224		116,390

BIOTECHNOLOGY — 1.3%
ArQule, Inc. (a)(b)		5,095		29,908
Cubist Pharmaceuticals, Inc. (a)(b)		8,039		172,034
Emergent Biosolutions, Inc. (a)(b)		2,963		69,512
Martek Biosciences Corp. (b)		4,584		143,479
Regeneron Pharmaceuticals, Inc. (a)(b)		9,923		325,772
Savient Pharmaceuticals, Inc. (a)(b)		9,535		106,220

				846,925

BUILDING PRODUCTS — 1.2%
A.O. Smith Corp.		4,580		174,387
AAON, Inc. (a)		1,647		46,462
Apogee Enterprises, Inc. (a)		3,815		51,388
Gibraltar Industries, Inc. (a)(b)		4,093		55,542
Griffon Corp. (a)(b)		6,381		81,294
NCI Building Systems, Inc. (b)		2,315		32,387
Quanex Building Products Corp. (a)		5,096		96,671
Simpson Manufacturing Co., Inc. (a)		5,346		165,245
Universal Forest Products, Inc.		2,659		103,435

				806,811

CAPITAL MARKETS — 1.0%
Investment Technology Group, Inc. (b)		5,671		92,834
LaBranche & Cos., Inc. (a)(b)		4,881		17,572
optionsXpress Holdings, Inc. (a)		5,800		90,886
Piper Jaffray Co., Inc. (b)		2,171		76,007
Stifel Financial Corp. (a)(b)		4,749		294,628
SWS Group, Inc.		3,944		19,917
TradeStation Group, Inc. (b)		5,436		36,693

				628,537

CHEMICALS — 2.0%
A. Schulman, Inc.		4,317		98,816
American Vanguard Corp. (a)		2,922		24,954
Arch Chemicals, Inc.		3,403		129,076
Balchem Corp. (a)		3,901		131,893
Calgon Carbon Corp. (a)(b)		7,710		116,575
H.B. Fuller Co. (a)		6,623		135,904
LSB Industries, Inc. (a)(b)		2,200		53,372
OM Group, Inc. (b)		4,206		161,973
Penford Corp. (a)(b)		1,578		9,642
PolyOne Corp. (b)		12,752		159,273
Quaker Chemical Corp. (a)		1,578		65,755
Stepan Co. (a)		1,063		81,075
STR Holdings, Inc. (a)(b)		5,680		113,600
Zep, Inc. (a)		2,922		58,089

				1,339,997

COMMERCIAL BANKS — 5.9%
Bank of the Ozarks, Inc. (a)		1,748		75,776
Boston Private Financial Holdings, Inc. (a)		10,390		68,055
City Holding Co.		2,100		76,083
Columbia Banking System, Inc. (a)		5,373		113,155
Community Bank System, Inc.		4,544		126,187
First BanCorp- Puerto Rico (a)(b)		43,512		20,016
First Commonwealth Financial Corp. (a)		12,897		91,311
First Financial Bancorp.		7,916		146,288
First Financial Bankshares, Inc. (a)		2,829		144,788
First Midwest Bancorp, Inc. (a)		10,043		115,695
Glacier Bancorp, Inc. (a)		9,791		147,942
Hancock Holding Co. (a)		3,992		139,161
Hanmi Financial Corp. (b)		20,632		23,727
Home Bancshares, Inc.		2,998		66,046
Independent Bank Corp.- Massachusetts		2,931		79,284
Nara Bancorp, Inc. (a)(b)		5,128		50,357
National Penn Bancshares, Inc. (a)		17,219		138,269
NBT Bancorp, Inc. (a)		4,730		114,229
Old National Bancorp (a)		12,842		152,691
Pinnacle Financial Partners, Inc. (a)(b)		4,606		62,549
PrivateBancorp, Inc. (a)		7,933		114,077
S&T Bancorp, Inc.		3,343		75,518
Signature Bank (a)(b)		5,518		275,900
Simmons First National Corp. (a)		2,314		65,949

See accompanying notes to financial statements.

SPDR S&P 600 Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

Sterling Bancorp		3,622	$	37,922
Sterling Bancshares, Inc. (a)		13,893		97,529
Susquehanna Bancshares, Inc. (a)		17,678		171,123
Texas Capital Bancshares, Inc. (a)(b)		5,019		106,754
Tompkins Financial Corp. (a)		1,165		45,621
UMB Financial Corp. (a)		4,049		167,710
Umpqua Holdings Corp. (a)		15,625		190,312
United Bankshares, Inc. (a)		5,239		152,979
United Community Banks, Inc. (a)(b)		12,869		25,095
Whitney Holding Corp. (a)		13,149		186,058
Wilmington Trust Corp.		12,511		54,298
Wilshire Bancorp, Inc. (a)		2,676		20,391
Wintrust Financial Corp.		4,641		153,292

				3,892,137

COMMERCIAL SERVICES & SUPPLIES — 2.5%
ABM Industries, Inc. (a)		6,356		167,163
Consolidated Graphics, Inc. (b)		1,430		69,255
G & K Services, Inc. (Class A)		2,529		78,172
Healthcare Services Group, Inc.		8,931		145,307
Interface, Inc. (Class A)		8,719		136,452
Mobile Mini, Inc. (a)(b)		4,943		97,328
Sykes Enterprises, Inc. (a)(b)		5,572		112,889
Tetra Tech, Inc. (a)(b)		8,439		211,481
The Geo Group, Inc. (b)		8,733		215,356
The Standard Register Co. (a)		1,687		5,753
UniFirst Corp.		2,007		110,485
United Stationers, Inc. (b)		3,179		202,852
Viad Corp.		2,760		70,297

				1,622,790

COMMUNICATIONS EQUIPMENT — 2.4%
Arris Group, Inc. (a)(b)		16,830		188,833
Bel Fuse, Inc. (Class B)		1,582		37,810
Black Box Corp. (a)		2,390		91,513
Blue Coat Systems, Inc. (b)		5,909		176,502
Comtech Telecommunications Corp. (a)		3,812		105,707
DG Fastchannel, Inc. (a)(b)		3,283		94,813
Digi International, Inc. (a)(b)		3,387		37,596
EMS Technologies, Inc. (b)		2,110		41,736
Harmonic, Inc. (a)(b)		13,221		113,304
Netgear, Inc. (b)		4,923		165,807
Network Equipment Technologies, Inc. (a)(b)		4,105		19,006
Oplink Communications, Inc. (a)(b)		2,665		49,222
PC-Tel, Inc. (b)		2,526		15,156
Symmetricom, Inc. (b)		5,871		41,625
Tekelec (b)		9,371		111,609
Tollgrade Communications, Inc. (b)		1,472		13,660
ViaSat, Inc. (a)(b)		5,545		246,253

				1,550,152

COMPUTERS & PERIPHERALS — 0.9%
Avid Technology, Inc. (a)(b)		3,961		69,159
Compellent Technologies, Inc. (b)		3,204		88,398
Hutchinson Technology, Inc. (b)		3,160		11,724
Intermec, Inc. (a)(b)		6,519		82,531
Intevac, Inc. (b)		3,083		43,193
Novatel Wireless, Inc. (b)		4,346		41,504
Stratasys, Inc. (b)		2,780		90,739
Super Micro Computer, Inc. (a)(b)		3,421		39,478
Synaptics, Inc. (a)(b)		4,621		135,765

				602,491

CONSTRUCTION & ENGINEERING — 0.9%
Comfort Systems USA, Inc.		5,118		67,404
Dycom Industries, Inc. (b)		4,799		70,786
EMCOR Group, Inc. (a)(b)		9,043		262,066
Insituform Technologies, Inc. (Class A) (a)(b)		5,304		140,609
Orion Marine Group, Inc. (a)(b)		3,620		41,992

				582,857

CONSTRUCTION MATERIALS — 0.6%
Eagle Materials, Inc. (a)		6,068		171,421
Headwaters, Inc. (b)		8,200		37,556
Texas Industries, Inc. (a)		3,804		174,147

				383,124

CONSUMER FINANCE — 0.9%
Cash America International, Inc. (a)		3,993		147,462
Ezcorp, Inc. (b)		6,786		184,104
First Cash Financial Services, Inc. (a)(b)		4,164		129,042
World Acceptance Corp. (b)		2,145		113,256

				573,864

CONTAINERS & PACKAGING — 0.1%
Myers Industries, Inc.		4,831		47,054

DISTRIBUTORS — 0.0%
Audiovox Corp. (Class A) (b)		2,495		21,532

DIVERSIFIED CONSUMER SERVICES — 1.3%
American Public Education, Inc. (a)(b)		2,415		89,935
Capella Education Co. (a)(b)		2,276		151,536
Coinstar, Inc. (a)(b)		4,281		241,620
Corinthian Colleges, Inc. (a)(b)		11,477		59,795
Hillenbrand, Inc.		8,529		177,488
Pre-Paid Legal Services, Inc. (b)		1,353		81,518
Universal Technical Institute, Inc. (a)		2,852		62,801

				864,693

DIVERSIFIED FINANCIAL SERVICES — 0.4%
Interactive Brokers Group, Inc. (Class A)		5,752		102,501
Portfolio Recovery Associates, Inc. (b)		2,305		173,336

				275,837

DIVERSIFIED TELECOMMUNICATION SERVICES — 0.4%
Atlantic Tele-Network, Inc. (a)		1,210		46,391
Cbeyond, Inc. (a)(b)		4,227		64,589
General Communication, Inc. (Class A) (a)(b)		5,262		66,617
Neutral Tandem, Inc. (b)		4,464		64,460

				242,057

See accompanying notes to financial statements.

SPDR S&P 600 Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

ELECTRIC UTILITIES — 1.1%
ALLETE, Inc. (a)		4,202	$	156,567
Central Vermont Public Service Corp. (a)		1,807		39,501
El Paso Electric Co. (a)(b)		5,782		159,178
UIL Holdings Corp. (a)		6,900		206,724
Unisource Energy Corp. (a)		4,930		176,691

				738,661

ELECTRICAL EQUIPMENT — 1.3%
AZZ, Inc.		1,651		66,057
Belden CDT, Inc.		6,349		233,770
Brady Corp. (Class A)		7,130		232,509
Encore Wire Corp. (a)		2,623		65,785
II-VI, Inc. (a)(b)		3,474		161,055
Powell Industries, Inc. (a)(b)		1,242		40,837
Vicor Corp. (a)		2,643		43,345

				843,358

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.0%
Agilysys, Inc. (a)(b)		2,634		14,829
Anixter International, Inc. (a)		3,873		231,334
Benchmark Electronics, Inc. (b)		8,252		149,856
Brightpoint, Inc. (b)		9,198		80,299
Checkpoint Systems, Inc. (a)(b)		5,408		111,134
Cognex Corp.		5,425		159,604
CTS Corp. (a)		4,665		51,595
Daktronics, Inc. (a)		4,826		76,830
DTS Inc. (a)(b)		2,364		115,954
Electro Scientific Industries, Inc. (b)		3,290		52,739
FARO Technologies, Inc. (a)(b)		2,155		70,770
Gerber Scientific, Inc. (a)(b)		3,472		27,325
Insight Enterprises, Inc. (a)(b)		6,306		82,987
Littelfuse, Inc.		3,036		142,874
LoJack Corp. (a)(b)		2,525		16,312
Mercury Computer System, Inc. (a)(b)		3,313		60,893
Methode Electronics, Inc. (Class A) (a)		5,031		65,252
MTS Systems Corp.		2,125		79,603
Newport Corp. (a)(b)		4,983		86,555
OSI Systems, Inc. (b)		2,521		91,664
Park Electrochemical Corp. (a)		2,826		84,780
Plexus Corp. (a)(b)		5,512		170,541
Pulse Electronics Corp.		5,626		29,930
RadiSys Corp. (a)(b)		3,266		29,067
Rofin-Sinar Technologies, Inc. (a)(b)		3,861		136,834
Rogers Corp. (a)(b)		2,121		81,128
Scansource, Inc. (b)		3,618		115,414
SYNNEX Corp. (a)(b)		3,247		101,306
TTM Technologies, Inc. (a)(b)		5,911		88,133

				2,605,542

ENERGY EQUIPMENT & SERVICES — 3.2%
Basic Energy Services, Inc. (a)(b)		3,132		51,615
Bristow Group, Inc. (b)		4,899		231,968
CARBO Ceramics, Inc.		2,603		269,515
Gulf Island Fabrication, Inc.		1,948		54,895
Hornbeck Offshore Services, Inc. (b)		3,123		65,208
ION Geophysical Corp. (b)		20,795		176,342
Lufkin Industries, Inc. (a)		4,059		253,241
Matrix Service Co. (a)(b)		3,558		43,336
Oil States International, Inc. (a)(b)		6,836		438,119
Pioneer Drilling Co. (a)(b)		7,331		64,586
SEACOR Holdings, Inc. (a)		2,897		292,858
Seahawk Drilling, Inc. (a)(b)		1,582		14,159
Tetra Technologies, Inc. (a)(b)		10,343		122,771

				2,078,613

FOOD & STAPLES RETAILING — 1.0%
Casey’s General Stores, Inc.		5,120		217,651
Nash Finch Co. (a)		1,651		70,184
Spartan Stores, Inc. (a)		3,064		51,935
The Andersons, Inc. (a)		2,488		90,439
United Natural Foods, Inc. (a)(b)		6,560		240,621

				670,830

FOOD PRODUCTS — 1.8%
Cal-Maine Foods, Inc. (a)		1,817		57,381
Calavo Growers, Inc. (a)		1,661		38,286
Darling International, Inc. (b)		11,256		149,480
Diamond Foods, Inc.		3,027		160,976
Hain Celestial Group, Inc. (a)(b)		5,853		158,382
J&J Snack Foods Corp. (a)		1,946		93,875
Sanderson Farms, Inc. (a)		2,614		102,338
Seneca Foods Corp. (a)(b)		1,219		32,888
Snyders-Lance, Inc. (a)		6,254		146,594
TreeHouse Foods, Inc. (a)(b)		4,775		243,955

				1,184,155

GAS UTILITIES — 1.9%
Laclede Group, Inc. (a)		3,056		111,666
New Jersey Resources Corp. (a)		5,602		241,502
Northwest Natural Gas Co. (a)		3,612		167,850
Piedmont Natural Gas Co., Inc.		9,821		274,595
South Jersey Industries, Inc. (a)		4,051		213,974
Southwest Gas Corp.		6,236		228,674

				1,238,261

HEALTH CARE EQUIPMENT & SUPPLIES — 3.9%
Abaxis, Inc. (a)(b)		3,042		81,678
Align Technology, Inc. (a)(b)		9,258		180,901
American Medical Systems Holdings, Inc. (b)		10,465		197,370
Analogic Corp. (a)		1,766		87,435
Cantel Medical Corp.		1,709		39,991
CONMED Corp. (b)		3,844		101,597
CryoLife, Inc. (b)		3,874		20,997
Cyberonics, Inc. (a)(b)		3,235		100,350
Greatbatch, Inc. (a)(b)		3,201		77,304
Haemonetics Corp. (a)(b)		3,353		211,842
ICU Medical, Inc. (b)		1,586		57,889
Integra LifeSciences Holdings Corp. (a)(b)		2,768		130,926
Invacare Corp.		4,386		132,282
Kensey Nash Corp. (a)(b)		1,195		33,257
Meridian Bioscience, Inc.		5,551		128,561
Merit Medical Systems, Inc. (a)(b)		3,832		60,660
Natus Medical, Inc. (a)(b)		3,961		56,167

See accompanying notes to financial statements.

SPDR S&P 600 Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

Neogen Corp. (a)(b)		3,133	$	128,547
Palomar Medical Technologies, Inc. (a)(b)		2,505		35,596
SurModics, Inc. (b)		2,402		28,512
Symmetry Medical, Inc. (a)(b)		4,855		44,909
The Cooper Cos., Inc. (a)		6,253		352,294
West Pharmaceutical Services, Inc. (a)		4,491		185,029
Zoll Medical Corp. (a)(b)		2,917		108,600

				2,582,694

HEALTH CARE PROVIDERS & SERVICES — 4.9%
Air Methods Corp. (a)(b)		1,476		83,054
Almost Family, Inc. (a)(b)		1,084		41,647
Amedisys, Inc. (b)		3,957		132,559
AMERIGROUP Corp. (a)(b)		6,739		295,977
AMN Healthcare Services, Inc. (a)(b)		5,356		32,886
AmSurg Corp. (a)(b)		4,262		89,289
Bio-Reference Laboratories, Inc. (b)		3,316		73,549
Catalyst Health Solutions, Inc. (a)(b)		5,360		249,186
Centene Corp. (a)(b)		6,700		169,778
Chemed Corp. (a)		3,124		198,405
Corvel Corp. (a)(b)		927		44,820
Cross Country Healthcare, Inc. (b)		4,255		36,040
Genoptix, Inc. (b)		2,360		44,887
Gentiva Health Services, Inc. (b)		4,048		107,677
Hanger Orthopedic Group, Inc. (a)(b)		4,392		93,066
Healthspring, Inc. (b)		7,788		206,616
Healthways, Inc. (a)(b)		4,675		52,173
HMS Holdings Corp. (b)		3,774		244,442
IPC The Hospitalist Co. (a)(b)		2,178		84,964
Landauer, Inc. (a)		1,305		78,261
LCA-Vision, Inc. (b)		2,528		14,536
LHC Group, Inc. (a)(b)		2,119		63,570
Magellan Health Services, Inc. (b)		4,570		216,070
Medcath Corp. (b)		2,827		39,437
Molina Healthcare, Inc. (a)(b)		2,294		63,888
MWI Veterinary Supply, Inc. (a)(b)		1,713		108,176
PharMerica Corp. (a)(b)		3,997		45,766
PSS World Medical, Inc. (a)(b)		7,490		169,274
RehabCare Group, Inc. (b)		3,391		80,367
The Ensign Group, Inc. (a)		1,828		45,462

				3,205,822

HEALTH CARE TECHNOLOGY — 0.2%
Computer Programs and Systems, Inc. (a)		1,494		69,979
Omnicell, Inc. (a)(b)		4,501		65,039

				135,018

HOTELS, RESTAURANTS & LEISURE — 3.0%
Biglari Holdings, Inc. (a)(b)		195		79,991
BJ’s Restaurants, Inc. (a)(b)		3,043		107,813
Buffalo Wild Wings, Inc. (b)		2,493		109,318
California Pizza Kitchen, Inc. (a)(b)		3,369		58,216
CEC Entertainment, Inc. (b)		2,796		108,569
Cracker Barrel Old Country Store, Inc. (a)		3,213		175,976
DineEquity, Inc. (a)(b)		2,147		106,019
Interval Leisure Group, Inc. (a)(b)		5,512		88,964
Jack in the Box, Inc. (a)(b)		7,255		153,298
Marcus Corp.		2,933		38,921
Monarch Casino & Resort, Inc. (b)		1,577		19,713
Multimedia Games, Inc. (a)(b)		3,789		21,143
O’Charleys, Inc. (a)(b)		2,629		18,929
P F Chang’s China Bistro, Inc. (a)		3,131		151,728
Papa John’s International, Inc. (a)(b)		2,698		74,735
Peet’s Coffee & Tea, Inc. (b)		1,793		74,840
Pinnacle Entertainment, Inc. (a)(b)		8,348		117,039
Red Robin Gourmet Burgers, Inc. (a)(b)		2,141		45,967
Ruby Tuesday, Inc. (a)(b)		8,785		114,732
Ruth’s Hospitality Group, Inc. (a)(b)		4,211		19,497
Shuffle Master, Inc. (b)		7,321		83,825
Sonic Corp. (a)(b)		8,403		85,038
Texas Roadhouse, Inc. (Class A) (a)(b)		7,926		136,089

				1,990,360

HOUSEHOLD DURABLES — 1.0%
Blyth, Inc. (a)		775		26,722
Ethan Allen Interiors, Inc.		3,890		77,839
Helen of Troy, Ltd. (b)		4,165		123,867
Kid Brands, Inc. (a)(b)		2,947		25,197
La-Z-Boy, Inc. (a)(b)		7,097		64,015
M/I Homes, Inc. (a)(b)		2,515		38,681
Meritage Homes Corp. (a)(b)		4,376		97,147
National Presto Industries, Inc.		716		93,087
Skyline Corp. (a)		896		23,368
Standard Pacific Corp. (a)(b)		13,571		62,426
Universal Electronics, Inc. (b)		1,987		56,371

				688,720

HOUSEHOLD PRODUCTS — 0.3%
Central Garden & Pet Co. (Class A) (a)(b)		7,497		74,070
WD-40 Co.		2,231		89,865

				163,935

INDUSTRIAL CONGLOMERATES — 0.2%
Standex International Corp.		1,738		51,984
Tredegar Corp. (a)		3,143		60,911

				112,895

INSURANCE — 2.5%
AMERISAFE, Inc. (b)		2,475		43,312
Delphi Financial Group		7,362		212,320
eHealth, Inc. (a)(b)		3,043		43,180
Employers Holdings, Inc.		5,408		94,532
Horace Mann Educators Corp.		5,409		97,578
Infinity Property & Casualty Corp.		1,711		105,740
National Financial Partners Corp. (b)		5,979		80,119
Presidential Life Corp.		2,945		29,244
ProAssurance Corp. (b)		4,184		253,550

See accompanying notes to financial statements.

SPDR S&P 600 Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

RLI Corp. (a)		2,228	$	117,126
Safety Insurance Group, Inc.		2,022		96,187
Selective Insurance Group, Inc.		7,324		132,931
Stewart Information Services Corp.		2,545		29,344
The Navigators Group, Inc. (a)(b)		1,721		86,652
Tower Group, Inc. (a)		5,642		144,322
United Fire & Casualty Co. (a)		2,847		63,545

				1,629,682

INTERNET & CATALOG RETAIL — 0.6%
Blue Nile, Inc. (a)(b)		1,951		111,324
HSN, Inc. (a)(b)		5,286		161,963
NutriSystem, Inc. (a)		3,653		76,823
PetMed Express, Inc. (a)		3,080		54,855
Vitacost.com, Inc. (a)(b)(c)		857		0

				404,965

INTERNET SOFTWARE & SERVICES — 1.2%
comScore, Inc. (a)(b)		3,472		77,460
DealerTrack Holdings, Inc. (a)(b)		5,483		110,044
InfoSpace, Inc. (a)(b)		4,938		40,985
j2 Global Communications, Inc. (a)(b)		6,230		180,359
Liquidity Services, Inc. (a)(b)		2,334		32,793
LogMeIn, Inc. (a)(b)		2,272		100,740
Perficient, Inc. (a)(b)		4,033		50,413
RightNow Technologies, Inc. (a)(b)		3,223		76,288
Stamps.com, Inc. (a)		1,611		21,346
The Knot, Inc. (a)(b)		4,127		40,775
United Online, Inc. (a)		11,704		77,246

				808,449

IT SERVICES — 1.7%
CACI International, Inc. (Class A) (a)(b)		4,170		222,678
CIBER, Inc. (a)(b)		9,536		44,628
CSG Systems International, Inc. (b)		4,622		87,541
Forrester Research, Inc. (a)		1,941		68,498
Heartland Payment Systems, Inc. (a)		5,210		80,338
iGate Corp.		3,983		78,505
Integral Systems Inc. (b)		2,347		23,259
MAXIMUS, Inc. (a)		2,373		155,621
NCI, Inc. (Class A) (a)(b)		1,022		23,496
StarTek, Inc. (a)(b)		1,581		8,016
TeleTech Holdings, Inc. (a)(b)		3,912		80,548
Wright Express Corp. (a)(b)		5,214		239,844

				1,112,972

LEISURE EQUIPMENT & PRODUCTS — 1.0%
Arctic Cat, Inc. (b)		1,683		24,639
Brunswick Corp. (a)		12,105		226,848
Callaway Golf Co.		8,725		70,411
JAKKS Pacific, Inc. (a)(b)		3,797		69,181
Pool Corp. (a)		6,810		153,497
RC2 Corp. (b)		2,937		63,939
Sturm Ruger & Co, Inc.		2,528		38,653

				647,168

LIFE SCIENCES TOOLS & SERVICES — 0.9%
Affymetrix, Inc. (a)(b)		9,636		48,469
Cambrex Corp. (a)(b)		4,001		20,685
Dionex Corp. (b)		2,344		276,615
Enzo Biochem, Inc. (a)(b)		4,643		24,515
eResearch Technology, Inc. (a)(b)		5,856		43,042
Kendle International, Inc. (a)(b)		2,005		21,834
PAREXEL International Corp. (a)(b)		7,968		169,161

				604,321

MACHINERY — 4.1%
Actuant Corp. (Class A) (a)		9,324		248,205
Albany International Corp. (Class A) (a)		3,728		88,316
Astec Industries, Inc. (a)(b)		2,713		87,928
Badger Meter, Inc.		2,085		92,199
Barnes Group, Inc. (a)		6,231		128,795
Briggs & Stratton Corp. (a)		6,874		135,349
Cascade Corp. (a)		1,301		61,511
CIRCOR International, Inc.		2,328		98,428
CLARCOR, Inc.		6,881		295,126
EnPro Industries, Inc. (a)(b)		2,772		115,204
ESCO Technologies, Inc. (a)		3,593		135,959
Federal Signal Corp. (a)		8,514		58,406
John Bean Technologies Corp. (a)		3,890		78,306
Kaydon Corp.		4,590		186,905
Lindsay Corp. (a)		1,707		101,447
Lydall, Inc. (a)(b)		2,317		18,652
Mueller Industries, Inc.		5,202		170,106
Robbins & Myers, Inc. (a)		4,486		160,509
The Toro Co. (a)		4,274		263,449
Watts Water Technologies, Inc. (a)		3,954		144,677

				2,669,477

MEDIA — 0.6%
Arbitron, Inc. (a)		3,667		152,254
Live Nation, Inc. (a)(b)		20,291		231,723
The E.W. Scripps Co. (Class A) (a)(b)		4,215		42,782

				426,759

METALS & MINING — 0.9%
A.M. Castle & Co. (a)(b)		2,265		41,699
AMCOL International Corp. (a)		3,418		105,958
Brush Engineered Materials, Inc. (b)		2,780		107,419
Century Aluminum Co. (a)(b)		7,732		120,078
Kaiser Aluminum Corp. (a)		2,027		101,533
Olympic Steel, Inc. (a)		1,209		34,674
RTI International Metals, Inc. (b)		4,131		111,454

				622,815

MULTI-UTILITIES — 0.6%
Avista Corp.		7,703		173,472
CH Energy Group, Inc. (a)		2,124		103,842
NorthWestern Corp.		4,945		142,564

				419,878

MULTILINE RETAIL — 0.2%
Fred’s, Inc. (Class A) (a)		5,345		73,547
Tuesday Morning Corp. (a)(b)		4,950		26,136

				99,683

See accompanying notes to financial statements.

SPDR S&P 600 Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

OIL, GAS & CONSUMABLE FUELS — 2.2%
Contango Oil & Gas Co. (a)(b)		1,794	$	103,926
Gulfport Energy Corp. (b)		4,292		92,922
Holly Corp. (a)		6,030		245,843
Penn Virginia Corp. (a)		6,230		104,789
Petroleum Development Corp. (a)(b)		3,169		133,763
Petroquest Energy, Inc. (b)		7,558		56,912
Stone Energy Corp. (a)(b)		6,608		147,292
Swift Energy Co. (b)		5,693		222,881
World Fuel Services Corp. (a)		9,399		339,868

				1,448,196

PAPER & FOREST PRODUCTS — 1.0%
Buckeye Technologies, Inc.		5,370		112,824
Clearwater Paper Corp. (a)(b)		1,549		121,287
Deltic Timber Corp. (a)		1,490		83,946
KapStone Paper and Packaging Corp. (a)(b)		5,221		79,881
Neenah Paper, Inc. (a)		2,032		39,990
Schweitzer-Mauduit International, Inc. (a)		2,465		155,098
Wausau Paper Corp.		6,727		57,919

				650,945

PERSONAL PRODUCTS — 0.1%
Medifast, Inc. (b)		1,876		54,179

PHARMACEUTICALS — 1.2%
Hi-Tech Pharmacal Co., Inc. (b)		1,430		35,679
Par Pharmaceutical Cos., Inc. (b)		4,807		185,118
Salix Pharmaceuticals, Ltd. (a)(b)		7,942		372,956
ViroPharma, Inc. (a)(b)		10,601		183,609

				777,362

PROFESSIONAL SERVICES — 1.0%
Administaff, Inc. (a)		3,090		90,537
CDI Corp.		1,786		33,202
Dolan Media Co. (a)		4,178		58,158
Exponent, Inc. (a)(b)		1,916		71,908
Heidrick & Struggles International, Inc.		2,438		69,849
Kelly Services, Inc. (Class A) (a)(b)		3,898		73,283
On Assignment, Inc. (b)		4,976		40,554
School Specialty, Inc. (a)(b)		2,210		30,785
SFN Group, Inc. (b)		7,211		70,379
TrueBlue, Inc. (a)(b)		6,002		107,976
Volt Information Sciences, Inc. (a)(b)		1,616		13,978

				660,609

REAL ESTATE INVESTMENT TRUSTS — 7.6%
Acadia Realty Trust (a)		5,480		99,955
BioMed Realty Trust, Inc. (a)		17,818		332,306
Cedar Shopping Centers, Inc.		6,391		40,199
Colonial Properties Trust		11,450		206,673
DiamondRock Hospitality Co. (a)(b)		21,055		252,660
EastGroup Properties, Inc. (a)		3,723		157,557
Entertainment Properties Trust		6,307		291,699
Extra Space Storage, Inc. (a)		11,967		208,226
Franklin Street Properties Corp. (a)		9,456		134,748
Healthcare Realty Trust, Inc. (a)		8,736		184,941
Home Properties, Inc. (a)		5,137		285,052
Inland Real Estate Corp. (a)		10,278		90,446
Kilroy Realty Corp. (a)		7,165		261,308
Kite Realty Group Trust		8,666		46,883
LaSalle Hotel Properties (a)		9,950		262,680
Lexington Realty Trust (a)		16,934		134,625
LTC Properties, Inc.		3,562		100,021
Medical Properties Trust, Inc.		15,147		164,042
Mid-America Apartment Communities, Inc. (a)		4,647		295,038
National Retail Properties, Inc.		11,367		301,226
Parkway Properties, Inc.		3,034		53,156
Pennsylvania Real Estate Investment Trust (a)		7,510		109,120
Post Properties, Inc. (a)		6,620		240,306
PS Business Parks, Inc. (a)		2,546		141,863
Saul Centers, Inc. (a)		1,529		72,398
Sovran Self Storage, Inc.		3,733		137,412
Tanger Factory Outlet Centers, Inc. (a)		5,526		282,876
Universal Health Realty Income Trust (a)		1,691		61,772
Urstadt Biddle Properties (Class A) (a)		3,161		61,481

				5,010,669

REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%
Forestar Real Estate Group, Inc. (a)(b)		4,796		92,563

ROAD & RAIL — 0.8%
Arkansas Best Corp. (a)		3,473		95,230
Heartland Express, Inc. (a)		6,951		111,355
Knight Transportation, Inc. (a)		8,449		160,531
Old Dominion Freight Line, Inc. (a)(b)		5,763		184,358

				551,474

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 5.9%
Advanced Energy Industries, Inc. (a)(b)		5,286		72,101
ATMI, Inc. (a)(b)		4,265		85,044
Brooks Automation, Inc. (b)		8,940		81,086
Cabot Microelectronics Corp. (a)(b)		3,076		127,500
CEVA, Inc. (b)		2,975		60,988
Cohu, Inc.		3,249		53,868
Cymer, Inc. (a)(b)		4,017		181,046
Cypress Semiconductor Corp. (a)(b)		22,574		419,425
Diodes, Inc. (b)		4,916		132,683
DSP Group, Inc. (a)(b)		3,217		26,186
Exar Corp. (b)		5,989		41,803
FEI Co. (a)(b)		5,213		137,675
Hittite Microwave Corp. (a)(b)		3,335		203,568
Kopin Corp. (a)(b)		8,863		36,870
Kulicke & Soffa Industries, Inc. (a)(b)		9,564		68,861
Micrel, Inc.		6,775		88,007
Microsemi Corp. (b)		11,331		259,480

See accompanying notes to financial statements.

SPDR S&P 600 Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

MKS Instruments, Inc. (b)		6,879	$	168,467
Monolithic Power Systems, Inc. (a)(b)		4,919		81,262
Pericom Semiconductor Corp. (a)(b)		3,431		37,672
Power Integrations, Inc. (a)		3,840		154,138
Rudolph Technologies, Inc. (b)		4,305		35,430
Sigma Designs, Inc. (a)(b)		3,786		53,648
Standard Microsystems Corp. (b)		3,075		88,652
Supertex, Inc. (b)		1,737		42,001
Tessera Technologies, Inc. (b)		6,868		152,126
TriQuint Semiconductor, Inc. (b)		21,683		253,474
Ultratech, Inc. (b)		3,295		65,505
Varian Semiconductor Equipment Associates, Inc. (a)(b)		10,059		371,881
Veeco Instruments, Inc. (a)(b)		5,389		231,512
Volterra Semiconductor Corp. (a)(b)		3,706		85,831

				3,897,790

SOFTWARE — 3.9%
Blackbaud, Inc. (a)		6,008		155,607
Bottomline Technologies, Inc. (a)(b)		4,391		95,329
Commvault Systems, Inc. (a)(b)		5,832		166,912
Ebix, Inc. (a)(b)		4,699		111,225
Epicor Software Corp. (b)		6,302		63,650
EPIQ Systems, Inc. (a)		4,463		61,277
Interactive Intelligence, Inc. (a)(b)		1,853		48,474
JDA Software Group, Inc. (a)(b)		6,001		168,028
Manhattan Associates, Inc. (a)(b)		3,012		91,987
MicroStrategy, Inc. (b)		1,102		94,188
Netscout Systems, Inc. (b)		4,765		109,643
Progress Software Corp. (b)		5,940		251,381
Quality Systems, Inc.		2,633		183,836
Radiant Systems, Inc. (a)(b)		4,537		88,789
Smith Micro Software, Inc. (a)(b)		4,145		65,242
Sonic Solutions (a)(b)		6,649		99,735
Sourcefire, Inc. (b)		3,815		98,923
Synchronoss Technologies, Inc. (a)(b)		3,256		86,968
Take-Two Interactive Software, Inc. (a)(b)		11,567		141,580
Taleo Corp. (Class A) (a)(b)		5,517		152,545
THQ, Inc. (a)(b)		9,223		55,891
Tyler Technologies, Inc. (a)(b)		3,412		70,833
Websense, Inc. (a)(b)		5,640		114,210

				2,576,253

SPECIALTY RETAIL — 4.2%
Big 5 Sporting Goods Corp.		2,939		44,878
Brown Shoe Co., Inc. (a)		5,956		82,967
Cabela’s, Inc. (a)(b)		5,473		119,038
Christopher & Banks Corp.		4,929		30,313
Coldwater Creek, Inc. (b)		8,162		25,874
Genesco, Inc. (a)(b)		3,320		124,467
Group 1 Automotive, Inc.		3,232		134,968
Haverty Furniture Cos., Inc. (a)		2,548		33,073
Hibbett Sports, Inc. (a)(b)		3,810		140,589
Hot Topic, Inc. (a)		6,033		37,827
Jo-Ann Stores, Inc. (a)(b)		3,612		217,515
Jos. A. Bank Clothiers, Inc. (a)(b)		3,759		151,563
Kirkland’s, Inc. (a)(b)		2,091		29,337
Lithia Motors, Inc. (Class A)		2,948		42,127
Lumber Liquidators Holdings, Inc. (a)(b)		3,181		79,239
MarineMax, Inc. (a)(b)		2,987		27,928
Midas, Inc. (a)(b)		1,897		15,385
Monro Muffler Brake, Inc.		4,051		140,107
OfficeMax, Inc. (a)(b)		11,571		204,807
Sonic Automotive, Inc. (Class A) (a)		4,820		63,817
Stage Stores, Inc. (a)		4,965		86,093
Stein Mart, Inc. (a)		3,660		33,855
The Buckle, Inc. (a)		3,555		134,272
The Cato Corp. (Class A)		3,984		109,201
The Children’s Place Retail Stores, Inc. (a)(b)		3,531		175,279
The Finish Line, Inc. (Class A) (a)		7,289		125,298
The Men’s Wearhouse, Inc. (a)		7,195		179,731
The Pep Boys — Manny, Moe & Jack		7,188		96,535
Zale Corp. (b)		3,158		13,453
Zumiez, Inc. (a)(b)		2,883		77,466

				2,777,002

TEXTILES, APPAREL & LUXURY GOODS — 2.4%
Carter’s, Inc. (a)(b)		7,798		230,119
Crocs, Inc. (b)		11,872		203,249
Iconix Brand Group, Inc. (a)(b)		9,910		191,362
K-Swiss, Inc. (Class A) (b)		3,737		46,600
Liz Claiborne, Inc. (a)(b)		12,916		92,479
Maidenform Brands, Inc. (b)		3,163		75,185
Movado Group, Inc. (a)(b)		2,371		38,268
Oxford Industries, Inc. (a)		1,909		48,890
Perry Ellis International, Inc. (a)(b)		1,333		36,618
Quiksilver, Inc. (b)		17,630		89,384
Skechers USA, Inc. (a)(b)		4,608		92,160
Steven Madden, Ltd. (a)(b)		3,149		131,376
True Religion Apparel, Inc. (a)(b)		3,436		76,485
Volcom, Inc. (a)		2,291		43,231
Wolverine World Wide, Inc. (a)		6,696		213,468

				1,608,874

THRIFTS & MORTGAGE FINANCE — 0.5%
Bank Mutual Corp. (a)		6,259		29,918
Brookline Bancorp, Inc. (a)		8,003		86,833
Dime Community Bancshares (a)		3,755		54,785
Provident Financial Services, Inc. (a)		7,057		106,772
TrustCo Bank Corp. NY		10,535		66,792

				345,100

TOBACCO — 0.1%
Alliance One International, Inc. (a)(b)		11,827		50,146

TRADING COMPANIES & DISTRIBUTORS — 0.4%
Applied Industrial Technologies, Inc.		5,170		167,922
Kaman Corp. (Class A) (a)		3,503		101,832
Lawson Products, Inc. (a)		580		14,436

				284,190

See accompanying notes to financial statements.

SPDR S&P 600 Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

WATER UTILITIES — 0.1%
American States Water Co. (a)		2,490	$	85,830

WIRELESS TELECOMMUNICATION SERVICES — 0.2%
NTELOS Holdings Corp. (a)		4,034		76,848
USA Mobility, Inc.		2,978		52,919

				129,767

TOTAL COMMON STOCKS —
(Cost $67,018,394)				65,754,662

	Principal
	Amount
CORPORATE BONDS & NOTES — 0.0%
CAPITAL MARKETS — 0.0%
GAMCO Investors, Inc. Zero Coupon, 12/31/2015 (c) (Cost $474)		4		0

	Shares
SHORT TERM INVESTMENTS — 27.1%
MONEY MARKET FUNDS — 27.1%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		17,762,102		17,762,102
State Street Institutional Liquid Reserves Fund 0.18% (e)(f)		126,568		126,568

TOTAL SHORT TERM INVESTMENTS —
(Cost $17,888,670)				17,888,670

TOTAL INVESTMENTS — 126.9% (g)
(Cost $84,907,538)				83,643,332
OTHER ASSETS & LIABILITIES — (26.9)%				(17,739,576	)

NET ASSETS — 100.0%			$	65,903,756


(a)		Security, or portion thereof, was on loan at December 31, 2010.
(b)		Non-income producing security.
(c)		Securities are valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs. (Note 2)
(d)		Investments of cash collateral for securities loaned.
(e)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f)		The rate shown is the annualized seven-day yield at period end.
(g)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

See accompanying notes to financial statements.

SPDR S&P 600 Small Cap Growth ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.7%
AEROSPACE & DEFENSE — 1.6%
Aerovironment, Inc. (a)(b)		5,098	$	136,779
American Science & Engineering, Inc.		6,601		562,603
Applied Signal Technology, Inc.		9,806		371,550
Cubic Corp.		7,330		345,610
Orbital Sciences Corp. (b)		22,416		383,986
Triumph Group, Inc.		12,076		1,079,715

				2,880,243

AIR FREIGHT & LOGISTICS — 0.4%
Forward Air Corp.		12,229		347,059
HUB Group, Inc. (Class A) (b)		11,188		393,146

				740,205

AIRLINES — 0.3%
Allegiant Travel Co.		10,975		540,409

AUTO COMPONENTS — 0.1%
Superior Industries International, Inc.		6,091		129,251

BEVERAGES — 0.4%
Boston Beer Co., Inc. (Class A) (a)(b)		6,669		634,155

BIOTECHNOLOGY — 2.0%
ArQule, Inc. (a)(b)		27,152		159,382
Cubist Pharmaceuticals, Inc. (a)(b)		43,398		928,717
Emergent Biosolutions, Inc. (a)(b)		9,282		217,756
Regeneron Pharmaceuticals, Inc. (a)(b)		53,175		1,745,735
Savient Pharmaceuticals, Inc. (b)		32,211		358,831

				3,410,421

BUILDING PRODUCTS — 0.4%
A.O. Smith Corp.		13,935		530,645
AAON, Inc. (a)		5,194		146,523
NCI Building Systems, Inc. (b)		2,996		41,914

				719,082

CAPITAL MARKETS — 1.2%
optionsXpress Holdings, Inc. (a)		31,004		485,832
Stifel Financial Corp. (a)(b)		25,771		1,598,833

				2,084,665

CHEMICALS — 1.6%
Balchem Corp. (a)		20,825		704,093
Calgon Carbon Corp. (a)(b)		19,660		297,259
LSB Industries, Inc. (b)		6,357		154,221
OM Group, Inc. (b)		12,802		493,005
PolyOne Corp. (b)		40,262		502,873
Quaker Chemical Corp. (a)		8,260		344,194
STR Holdings, Inc. (a)(b)		13,580		271,600

				2,767,245

COMMERCIAL BANKS — 1.9%
Bank of the Ozarks, Inc.		5,782		250,650
Community Bank System, Inc.		8,673		240,849
First Financial Bancorp.		19,410		358,697
First Financial Bankshares, Inc.		6,709		343,367
National Penn Bancshares, Inc. (a)		28,492		228,791
Signature Bank (b)		29,647		1,482,350
Tompkins Financial Corp.		2,477		96,999
UMB Financial Corp. (a)		8,053		333,555

				3,335,258

COMMERCIAL SERVICES & SUPPLIES — 1.8%
Consolidated Graphics, Inc. (b)		7,432		359,932
Healthcare Services Group, Inc.		48,205		784,296
Interface, Inc. (Class A)		26,182		409,748
Mobile Mini, Inc. (a)(b)		13,767		271,072
Sykes Enterprises, Inc. (b)		15,420		312,409
Tetra Tech, Inc. (b)		25,701		644,067
UniFirst Corp.		5,574		306,849

				3,088,373

COMMUNICATIONS EQUIPMENT — 2.5%
Blue Coat Systems, Inc. (b)		31,582		943,354
DG Fastchannel, Inc. (b)		17,680		510,598
Harmonic, Inc. (b)		31,928		273,623
Netgear, Inc. (b)		26,178		881,675
Network Equipment Technologies, Inc. (a)(b)		10,636		49,245
Oplink Communications, Inc. (b)		14,212		262,496
Symmetricom, Inc. (b)		16,105		114,185
Tollgrade Communications, Inc. (b)		3,305		30,670
ViaSat, Inc. (b)		30,012		1,332,833

				4,398,679

COMPUTERS & PERIPHERALS — 1.2%
Compellent Technologies, Inc. (b)		16,940		467,375
Intevac, Inc. (b)		6,497		91,023
Novatel Wireless, Inc. (b)		23,057		220,194
Stratasys, Inc. (b)		15,080		492,211
Super Micro Computer, Inc. (a)(b)		10,068		116,185
Synaptics, Inc. (a)(b)		24,951		733,060

				2,120,048

CONSTRUCTION & ENGINEERING — 0.1%
Orion Marine Group, Inc. (a)(b)		19,581		227,140

CONSTRUCTION MATERIALS — 0.2%
Eagle Materials, Inc. (a)		10,013		282,867

CONSUMER FINANCE — 1.8%
Cash America International, Inc.		21,575		796,765
Ezcorp, Inc. (b)		36,358		986,392
First Cash Financial Services, Inc. (b)		22,138		686,057
World Acceptance Corp. (b)		11,457		604,929

				3,074,143

DIVERSIFIED CONSUMER SERVICES — 2.2%
American Public Education, Inc. (b)		13,108		488,142
Capella Education Co. (b)		12,076		804,020
Coinstar, Inc. (b)		23,113		1,304,498
Hillenbrand, Inc.		20,440		425,356
Pre-Paid Legal Services, Inc. (b)		7,123		429,161
Universal Technical Institute, Inc. (a)		15,205		334,814

				3,785,991

DIVERSIFIED FINANCIAL SERVICES — 0.5%
Portfolio Recovery Associates, Inc. (b)		12,465		937,368

See accompanying notes to financial statements.

SPDR S&P 600 Small Cap Growth ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

DIVERSIFIED TELECOMMUNICATION SERVICES — 0.7%
Atlantic Tele-Network, Inc. (a)		6,607	$	253,312
Cbeyond, Inc. (a)(b)		22,438		342,853
General Communication, Inc. (Class A) (b)		16,491		208,776
Neutral Tandem, Inc. (b)		24,145		348,654

				1,153,595

ELECTRIC UTILITIES — 0.2%
El Paso Electric Co. (b)		13,938		383,713

ELECTRICAL EQUIPMENT — 1.1%
AZZ, Inc. (a)		6,020		240,860
Belden CDT, Inc.		15,788		581,314
II-VI, Inc. (b)		18,572		860,998
Vicor Corp. (a)		14,248		233,667

				1,916,839

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.1%
Cognex Corp.		16,327		480,340
Daktronics, Inc.		11,041		175,773
DTS Inc. (b)		12,542		615,185
Electro Scientific Industries, Inc. (b)		6,104		97,847
FARO Technologies, Inc. (b)		5,893		193,526
Littelfuse, Inc.		16,207		762,702
LoJack Corp. (b)		4,750		30,685
Mercury Computer System, Inc. (b)		17,756		326,355
MTS Systems Corp.		5,471		204,944
Newport Corp. (b)		14,496		251,796
OSI Systems, Inc. (b)		13,587		494,023
Park Electrochemical Corp.		5,265		157,950
Plexus Corp. (a)(b)		17,097		528,981
Pulse Electronics Corp.		9,913		52,737
RadiSys Corp. (a)(b)		7,433		66,154
Rofin-Sinar Technologies, Inc. (b)		8,053		285,398
Rogers Corp. (b)		3,984		152,388
TTM Technologies, Inc. (a)(b)		31,521		469,978

				5,346,762

ENERGY EQUIPMENT & SERVICES — 3.5%
Basic Energy Services, Inc. (a)(b)		6,530		107,614
CARBO Ceramics, Inc.		13,844		1,433,408
ION Geophysical Corp. (b)		54,471		461,914
Lufkin Industries, Inc.		12,089		754,233
Oil States International, Inc. (b)		36,949		2,368,062
SEACOR Holdings, Inc.		10,425		1,053,863

				6,179,094

FOOD & STAPLES RETAILING — 0.6%
The Andersons, Inc. (a)		7,123		258,921
United Natural Foods, Inc. (b)		21,157		776,039

				1,034,960

FOOD PRODUCTS — 2.3%
Cal-Maine Foods, Inc. (a)		6,092		192,385
Calavo Growers, Inc.		8,774		202,241
Darling International, Inc. (b)		60,123		798,433
Diamond Foods, Inc.		9,681		514,836
Hain Celestial Group, Inc. (b)		12,182		329,645
J&J Snack Foods Corp.		6,104		294,457
Snyders-Lance, Inc.		17,138		401,715
TreeHouse Foods, Inc. (a)(b)		25,844		1,320,370

				4,054,082

GAS UTILITIES — 0.8%
Northwest Natural Gas Co.		7,019		326,173
Piedmont Natural Gas Co., Inc.		18,993		531,044
South Jersey Industries, Inc. (a)		9,393		496,138

				1,353,355

HEALTH CARE EQUIPMENT & SUPPLIES — 5.9%
Abaxis, Inc. (a)(b)		16,262		436,635
Align Technology, Inc. (a)(b)		49,536		967,933
American Medical Systems Holdings, Inc. (b)		55,870		1,053,708
Analogic Corp.		5,470		270,820
Cantel Medical Corp.		6,391		149,549
CryoLife, Inc. (b)		8,118		44,000
Cyberonics, Inc. (a)(b)		17,625		546,727
Greatbatch, Inc. (a)(b)		9,629		232,540
Haemonetics Corp. (b)		18,109		1,144,127
ICU Medical, Inc. (b)		4,218		153,957
Integra LifeSciences Holdings Corp. (b)		14,867		703,209
Kensey Nash Corp. (a)(b)		6,171		171,739
Meridian Bioscience, Inc.		17,237		399,209
Merit Medical Systems, Inc. (b)		12,186		192,904
Natus Medical, Inc. (b)		12,233		173,464
Neogen Corp. (b)		16,537		678,513
Palomar Medical Technologies, Inc. (b)		3,963		56,314
SurModics, Inc. (b)		6,953		82,532
The Cooper Cos., Inc.		33,343		1,878,545
West Pharmaceutical Services, Inc. (a)		10,490		432,188
Zoll Medical Corp. (b)		15,681		583,804

				10,352,417

HEALTH CARE PROVIDERS & SERVICES — 6.0%
Air Methods Corp. (a)(b)		8,192		460,964
Almost Family, Inc. (a)(b)		6,030		231,673
AMERIGROUP Corp. (a)(b)		22,096		970,456
Bio-Reference Laboratories, Inc. (b)		17,886		396,711
Catalyst Health Solutions, Inc. (b)		28,587		1,329,010
Chemed Corp.		16,663		1,058,267
Corvel Corp. (b)		4,804		232,273
Genoptix, Inc. (b)		12,853		244,464
Healthspring, Inc. (b)		41,752		1,107,681
HMS Holdings Corp. (b)		20,115		1,302,849
IPC The Hospitalist Co. (b)		11,834		461,644
Landauer, Inc. (a)		6,915		414,693
LCA-Vision, Inc. (b)		4,854		27,911
LHC Group, Inc. (a)(b)		7,504		225,120
Magellan Health Services, Inc. (b)		15,898		751,657
MWI Veterinary Supply, Inc. (b)		9,069		572,707
PSS World Medical, Inc. (a)(b)		21,723		490,940
The Ensign Group, Inc. (a)		9,523		236,837

				10,515,857

HEALTH CARE TECHNOLOGY — 0.3%
Computer Programs and Systems, Inc.		7,969		373,268

See accompanying notes to financial statements.

SPDR S&P 600 Small Cap Growth ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

Omnicell, Inc. (b)		11,986	$	173,198

				546,466

HOTELS, RESTAURANTS & LEISURE — 4.2%
Biglari Holdings, Inc. (a)(b)		1,033		423,747
BJ’s Restaurants, Inc. (a)(b)		16,455		583,001
Buffalo Wild Wings, Inc. (b)		13,317		583,950
California Pizza Kitchen, Inc. (b)		17,885		309,053
CEC Entertainment, Inc. (b)		14,989		582,023
Cracker Barrel Old Country Store, Inc. (a)		17,033		932,897
DineEquity, Inc. (b)		11,350		560,463
Interval Leisure Group, Inc. (b)		29,551		476,953
Monarch Casino & Resort, Inc. (b)		2,893		36,163
P F Chang’s China Bistro, Inc.		16,767		812,529
Papa John’s International, Inc. (a)(b)		8,005		221,738
Peet’s Coffee & Tea, Inc. (b)		9,318		388,933
Pinnacle Entertainment, Inc. (a)(b)		19,725		276,544
Shuffle Master, Inc. (b)		21,513		246,324
Sonic Corp. (b)		17,005		172,091
Texas Roadhouse, Inc. (Class A) (a)(b)		42,395		727,922

				7,334,331

HOUSEHOLD DURABLES — 0.6%
Kid Brands, Inc. (b)		15,692		134,167
National Presto Industries, Inc.		3,818		496,378
Skyline Corp. (a)		1,550		40,424
Universal Electronics, Inc. (b)		10,851		307,843

				978,812

HOUSEHOLD PRODUCTS — 0.1%
WD-40 Co.		6,606		266,090

INSURANCE — 0.5%
eHealth, Inc. (a)(b)		16,152		229,197
National Financial Partners Corp. (b)		14,659		196,431
Tower Group, Inc.		17,544		448,775

				874,403

INTERNET & CATALOG RETAIL — 1.1%
Blue Nile, Inc. (a)(b)		10,485		598,274
HSN, Inc. (a)(b)		28,224		864,783
NutriSystem, Inc. (a)		9,576		201,383
PetMed Express, Inc.		16,549		294,738
Vitacost.com, Inc. (a)(b)(c)		4,573		0

				1,959,178

INTERNET SOFTWARE & SERVICES — 1.8%
comScore, Inc. (b)		18,549		413,828
DealerTrack Holdings, Inc. (b)		18,038		362,023
j2 Global Communications, Inc. (a)(b)		33,351		965,512
Liquidity Services, Inc. (a)(b)		12,488		175,456
LogMeIn, Inc. (a)(b)		6,456		286,259
Perficient, Inc. (b)		21,666		270,825
RightNow Technologies, Inc. (a)(b)		17,167		406,343
Stamps.com, Inc.		8,608		114,056
The Knot, Inc. (b)		9,792		96,745

				3,091,047

IT SERVICES — 2.2%
CSG Systems International, Inc. (b)		24,878		471,189
Forrester Research, Inc. (a)		10,607		374,321
iGate Corp.		21,163		417,123
Integral Systems Inc. (b)		5,800		57,478
MAXIMUS, Inc. (a)		12,593		825,849
NCI, Inc. (Class A) (b)		3,517		80,856
TeleTech Holdings, Inc. (b)		13,916		286,530
Wright Express Corp. (b)		27,987		1,287,402

				3,800,748

LEISURE EQUIPMENT & PRODUCTS — 0.6%
Brunswick Corp.		32,344		606,126
JAKKS Pacific, Inc. (b)		7,640		139,201
RC2 Corp. (b)		6,298		137,107
Sturm Ruger & Co, Inc.		13,730		209,932

				1,092,366

LIFE SCIENCES TOOLS & SERVICES — 1.5%
Dionex Corp. (b)		12,708		1,499,671
Enzo Biochem, Inc. (a)(b)		24,862		131,271
eResearch Technology, Inc. (a)(b)		14,710		108,119
PAREXEL International Corp. (a)(b)		42,429		900,768

				2,639,829

MACHINERY — 2.6%
Badger Meter, Inc.		5,994		265,055
Cascade Corp.		2,374		112,243
CIRCOR International, Inc.		5,874		248,353
CLARCOR, Inc.		17,668		757,780
EnPro Industries, Inc. (b)		15,070		626,309
ESCO Technologies, Inc.		8,490		321,262
John Bean Technologies Corp.		11,510		231,696
Kaydon Corp.		8,567		348,848
Lindsay Corp. (a)		9,154		544,022
Robbins & Myers, Inc.		9,601		343,524
The Toro Co.		13,007		801,751

				4,600,843

MEDIA — 0.5%
Arbitron, Inc. (a)		19,715		818,567
The E.W. Scripps Co. (Class A) (a)(b)		8,673		88,031

				906,598

METALS & MINING — 0.6%
AMCOL International Corp. (a)		8,776		272,056
Brush Engineered Materials, Inc. (b)		9,613		371,446
Century Aluminum Co. (a)(b)		15,278		237,267
Contango ORE, Inc. (a)(b)		240		2,520
RTI International Metals, Inc. (b)		7,913		213,493

				1,096,782

OIL, GAS & CONSUMABLE FUELS — 1.3%
Contango Oil & Gas Co. (b)		9,388		543,847
Gulfport Energy Corp. (b)		23,130		500,765
Petroleum Development Corp. (b)		5,835		246,295
Petroquest Energy, Inc. (b)		17,353		130,668

See accompanying notes to financial statements.

SPDR S&P 600 Small Cap Growth ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

Stone Energy Corp. (b)		20,132	$	448,742
Swift Energy Co. (b)		10,976		429,710

				2,300,027

PAPER & FOREST PRODUCTS — 1.2%
Buckeye Technologies, Inc.		28,802		605,130
Deltic Timber Corp. (a)		3,332		187,725
KapStone Paper and Packaging Corp. (b)		27,872		426,442
Schweitzer-Mauduit International, Inc. (a)		13,211		831,236

				2,050,533

PERSONAL PRODUCTS — 0.2%
Medifast, Inc. (b)		9,817		283,515

PHARMACEUTICALS — 2.4%
Cypress Bioscience, Inc. (b)		6,776		43,909
Hi-Tech Pharmacal Co., Inc. (b)		7,372		183,931
Par Pharmaceutical Cos., Inc. (b)		26,013		1,001,761
Salix Pharmaceuticals, Ltd. (a)(b)		42,400		1,991,104
ViroPharma, Inc. (b)		56,969		986,703

				4,207,408

PROFESSIONAL SERVICES — 0.7%
Administaff, Inc.		8,159		239,059
Dolan Media Co.		22,221		309,316
Exponent, Inc. (b)		10,151		380,967
TrueBlue, Inc. (b)		13,519		243,207

				1,172,549

REAL ESTATE INVESTMENT TRUSTS — 7.6%
Acadia Realty Trust		17,342		316,318
BioMed Realty Trust, Inc.		45,004		839,325
Colonial Properties Trust		24,467		441,629
DiamondRock Hospitality Co. (b)		50,688		608,256
EastGroup Properties, Inc.		11,251		476,142
Entertainment Properties Trust		16,621		768,721
Extra Space Storage, Inc.		33,201		577,697
Healthcare Realty Trust, Inc.		16,929		358,387
Home Properties, Inc.		15,998		887,729
Inland Real Estate Corp.		18,171		159,905
Kilroy Realty Corp. (a)		16,414		598,619
LaSalle Hotel Properties		19,669		519,262
Lexington Realty Trust (a)		37,240		296,058
LTC Properties, Inc.		9,499		266,732
Medical Properties Trust, Inc.		50,275		544,478
Mid-America Apartment Communities, Inc.		14,781		938,446
National Retail Properties, Inc.		37,163		984,820
Pennsylvania Real Estate Investment Trust		19,307		280,531
Post Properties, Inc.		16,001		580,836
PS Business Parks, Inc.		7,018		391,043
Saul Centers, Inc.		5,057		239,449
Sovran Self Storage, Inc.		7,846		288,811
Tanger Factory Outlet Centers, Inc.		29,618		1,516,145
Universal Health Realty Income Trust		4,128		150,796
Urstadt Biddle Properties (Class A)		8,569		166,667

				13,196,802

REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.2%
Forestar Real Estate Group, Inc. (b)		15,693		302,875

ROAD & RAIL — 0.7%
Heartland Express, Inc. (a)		15,942		255,391
Knight Transportation, Inc. (a)		22,143		420,717
Old Dominion Freight Line, Inc. (b)		15,891		508,353

				1,184,461

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 8.5%
Advanced Energy Industries, Inc. (b)		10,129		138,160
ATMI, Inc. (b)		8,196		163,428
Cabot Microelectronics Corp. (b)		11,181		463,452
CEVA, Inc. (b)		15,984		327,672
Cohu, Inc.		5,369		89,018
Cymer, Inc. (b)		8,877		400,086
Cypress Semiconductor Corp. (b)		121,255		2,252,918
Diodes, Inc. (b)		26,266		708,919
Exar Corp. (b)		18,657		130,226
FEI Co. (b)		11,658		307,888
Hittite Microwave Corp. (b)		17,973		1,097,072
Kopin Corp. (a)(b)		47,230		196,477
Kulicke & Soffa Industries, Inc. (b)		51,308		369,418
Micrel, Inc.		36,234		470,680
Microsemi Corp. (b)		29,913		685,008
MKS Instruments, Inc. (b)		13,525		331,227
Monolithic Power Systems, Inc. (a)(b)		26,087		430,957
Pericom Semiconductor Corp. (b)		10,463		114,884
Power Integrations, Inc. (a)		20,382		818,133
Rudolph Technologies, Inc. (b)		9,402		77,378
Sigma Designs, Inc. (a)(b)		13,306		188,546
Standard Microsystems Corp. (b)		6,897		198,840
Supertex, Inc. (b)		3,453		83,494
Tessera Technologies, Inc. (b)		21,676		480,123
TriQuint Semiconductor, Inc. (b)		116,265		1,359,138
Ultratech, Inc. (b)		8,493		168,841
Varian Semiconductor Equipment Associates, Inc. (b)		27,000		998,190
Veeco Instruments, Inc. (a)(b)		29,211		1,254,905
Volterra Semiconductor Corp. (a)(b)		19,600		453,936

				14,759,014

SOFTWARE — 7.2%
Blackbaud, Inc.		32,075		830,743
Bottomline Technologies, Inc. (a)(b)		23,574		511,792
Commvault Systems, Inc. (a)(b)		31,436		899,698
Ebix, Inc. (a)(b)		25,423		601,762
Epicor Software Corp. (b)		19,900		200,990
Interactive Intelligence, Inc. (b)		9,722		254,328
JDA Software Group, Inc. (b)		31,999		895,972
Manhattan Associates, Inc. (b)		15,961		487,449
MicroStrategy, Inc. (b)		6,190		529,059
Netscout Systems, Inc. (b)		25,497		586,686
Progress Software Corp. (b)		31,651		1,339,470
Quality Systems, Inc.		13,998		977,340
Radiant Systems, Inc. (b)		24,125		472,126
Smith Micro Software, Inc. (b)		21,993		346,170

See accompanying notes to financial statements.

SPDR S&P 600 Small Cap Growth ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

Sonic Solutions (a)(b)		35,516	$	532,740
Sourcefire, Inc. (b)		20,423		529,568
Synchronoss Technologies, Inc. (a)(b)		17,463		466,437
Take-Two Interactive Software, Inc. (a)(b)		27,873		341,166
Taleo Corp. (Class A) (a)(b)		29,534		816,615
Tyler Technologies, Inc. (a)(b)		18,338		380,697
Websense, Inc. (a)(b)		30,509		617,807

				12,618,615

SPECIALTY RETAIL — 4.7%
Big 5 Sporting Goods Corp.		8,364		127,718
Cabela’s, Inc. (a)(b)		29,210		635,317
Genesco, Inc. (b)		10,013		375,387
Hibbett Sports, Inc. (b)		20,383		752,133
Jo-Ann Stores, Inc. (b)		19,201		1,156,284
Jos. A. Bank Clothiers, Inc. (a)(b)		20,215		815,069
Kirkland’s, Inc. (a)(b)		11,459		160,770
Lumber Liquidators Holdings, Inc. (a)(b)		17,037		424,392
Monro Muffler Brake, Inc.		22,121		765,148
The Buckle, Inc. (a)		19,096		721,256
The Cato Corp. (Class A)		13,317		365,019
The Children’s Place Retail Stores, Inc. (b)		8,773		435,492
The Finish Line, Inc. (Class A) (a)		26,428		454,297
The Men’s Wearhouse, Inc. (a)		21,162		528,627
Zumiez, Inc. (a)(b)		15,205		408,558

				8,125,467

TEXTILES, APPAREL & LUXURY GOODS — 3.5%
Carter’s, Inc. (b)		42,033		1,240,394
Crocs, Inc. (b)		63,820		1,092,598
Iconix Brand Group, Inc. (b)		53,071		1,024,801
Liz Claiborne, Inc. (a)(b)		22,712		162,618
Maidenform Brands, Inc. (b)		17,033		404,874
Oxford Industries, Inc. (a)		5,368		137,475
Perry Ellis International, Inc. (b)		4,028		110,649
Steven Madden, Ltd. (b)		16,826		701,981
True Religion Apparel, Inc. (a)(b)		18,516		412,166
Volcom, Inc. (a)		12,405		234,082
Wolverine World Wide, Inc.		20,335		648,280

				6,169,918

THRIFTS & MORTGAGE FINANCE — 0.2%
Dime Community Bancshares		8,878		129,530
Provident Financial Services, Inc. (a)		12,491		188,989

				318,519

WATER UTILITIES — 0.1%
American States Water Co.		7,225		249,046

WIRELESS TELECOMMUNICATION SERVICES — 0.2%
NTELOS Holdings Corp. (a)		11,872		226,162
USA Mobility, Inc.		6,296		111,880

				338,042

TOTAL COMMON STOCKS —
(Cost $177,022,451)				173,910,501

SHORT TERM INVESTMENTS — 12.8%
MONEY MARKET FUNDS — 12.8%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		21,802,253		21,802,253
State Street Institutional Liquid Reserves Fund 0.18% (e)(f)		590,869		590,869

TOTAL SHORT TERM INVESTMENTS —
(Cost $22,393,122)				22,393,122

TOTAL INVESTMENTS — 112.5% (g)
(Cost $199,415,573)				196,303,623
OTHER ASSETS & LIABILITIES — (12.5)%				(21,745,280	)

NET ASSETS — 100.0%			$	174,558,343


(a)		Security, or portion thereof, was on loan at December 31, 2010.
(b)		Non-income producing security.
(c)		Security is valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 2 inputs. (Note 2)
(d)		Investments of cash collateral for securities loaned.
(e)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f)		The rate shown is the annualized seven-day yield at period end.
(g)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

See accompanying notes to financial statements.

SPDR S&P 600 Small Cap Value ETF
SCHEDULE OF INVESTMENTS

December 31, 2010 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.8%
AEROSPACE & DEFENSE — 4.1%
AAR Corp. (a)		21,600	$	593,352
Aerovironment, Inc. (a)(b)		4,400		118,052
Ceradyne, Inc. (a)		13,682		431,393
Cubic Corp.		3,081		145,269
Curtiss-Wright Corp.		25,190		836,308
Esterline Technologies Corp. (a)		16,493		1,131,255
GenCorp, Inc. (a)		32,400		167,508
Moog, Inc. (Class A) (a)		24,800		987,040
Orbital Sciences Corp. (a)		15,000		256,950
Teledyne Technologies, Inc. (a)		19,900		875,003

				5,542,130

AIR FREIGHT & LOGISTICS — 0.5%
Forward Air Corp.		6,700		190,146
HUB Group, Inc. (Class A) (a)		12,100		425,194

				615,340

AIRLINES — 0.4%
SkyWest, Inc.		30,297		473,239

AUTO COMPONENTS — 0.5%
Drew Industries, Inc. (b)		10,500		238,560
Spartan Motors, Inc.		17,900		109,011
Standard Motor Products, Inc.		10,700		146,590
Superior Industries International, Inc.		8,175		173,473

				667,634

AUTOMOBILES — 0.2%
Winnebago Industries, Inc. (a)(b)		15,997		243,154

BIOTECHNOLOGY — 0.6%
Emergent Biosolutions, Inc. (a)(b)		4,900		114,954
Martek Biosciences Corp. (a)		18,400		575,920
Savient Pharmaceuticals, Inc. (a)(b)		14,248		158,723

				849,597

BUILDING PRODUCTS — 2.0%
A.O. Smith Corp.		7,927		301,860
AAON, Inc. (b)		2,600		73,346
Apogee Enterprises, Inc.		15,439		207,964
Gibraltar Industries, Inc. (a)		16,711		226,768
Griffon Corp. (a)		25,595		326,080
NCI Building Systems, Inc. (a)		6,900		96,531
Quanex Building Products Corp.		20,698		392,641
Simpson Manufacturing Co., Inc.		21,723		671,458
Universal Forest Products, Inc.		10,603		412,457

				2,709,105

CAPITAL MARKETS — 0.7%
Investment Technology Group, Inc. (a)		22,991		376,363
LaBranche & Cos., Inc. (a)		19,797		71,269
Piper Jaffray Co., Inc. (a)		8,754		306,478
SWS Group, Inc.		16,044		81,022
TradeStation Group, Inc. (a)		22,000		148,500

				983,632

CHEMICALS — 2.5%
A. Schulman, Inc.		17,304		396,088
American Vanguard Corp. (b)		11,800		100,772
Arch Chemicals, Inc.		13,669		518,465
Calgon Carbon Corp. (a)(b)		16,100		243,432
H.B. Fuller Co.		26,927		552,542
LSB Industries, Inc. (a)		4,100		99,466
OM Group, Inc. (a)		7,281		280,391
Penford Corp. (a)		6,200		37,882
PolyOne Corp. (a)		21,100		263,539
Stepan Co.		4,184		319,114
STR Holdings, Inc. (a)(b)		12,500		250,000
Zep, Inc.		12,010		238,759

				3,300,450

COMMERCIAL BANKS — 9.8%
Bank of the Ozarks, Inc.		2,748		119,126
Boston Private Financial Holdings, Inc. (b)		42,086		275,663
City Holding Co.		8,480		307,230
Columbia Banking System, Inc. (b)		21,642		455,780
Community Bank System, Inc.		11,667		323,993
First BanCorp- Puerto Rico (a)(b)		175,712		80,828
First Commonwealth Financial Corp.		51,836		366,999
First Financial Bancorp.		17,203		317,911
First Financial Bankshares, Inc.		6,398		327,450
First Midwest Bancorp, Inc.		40,711		468,991
Glacier Bancorp, Inc. (b)		39,281		593,536
Hancock Holding Co. (b)		16,157		563,233
Hanmi Financial Corp. (a)		83,100		95,565
Home Bancshares, Inc.		11,997		264,294
Independent Bank Corp.- Massachusetts		11,505		311,210
MB Financial, Inc.		—		0
Nara Bancorp, Inc. (a)		20,900		205,238
National Penn Bancshares, Inc. (b)		47,880		384,476
NBT Bancorp, Inc.		18,963		457,956
Old National Bancorp		51,982		618,066
Pinnacle Financial Partners, Inc. (a)		18,500		251,230
PrivateBancorp, Inc.		32,200		463,036
S&T Bancorp, Inc.		13,661		308,602
Simmons First National Corp. (b)		9,467		269,809
Sterling Bancorp		14,777		154,715
Sterling Bancshares, Inc.		56,084		393,710
Susquehanna Bancshares, Inc.		71,368		690,842
Texas Capital Bancshares, Inc. (a)(b)		20,200		429,654
Tompkins Financial Corp.		2,671		104,596
UMB Financial Corp. (b)		10,318		427,372
Umpqua Holdings Corp. (b)		62,953		766,768
United Bankshares, Inc. (b)		20,919		610,835
United Community Banks, Inc. (a)(b)		51,999		101,398
Whitney Holding Corp. (b)		53,173		752,398
Wilmington Trust Corp. (b)		50,261		218,133
Wilshire Bancorp, Inc.		10,746		81,885
Wintrust Financial Corp.		18,870		623,276

				13,185,804

COMMERCIAL SERVICES & SUPPLIES — 3.1%
ABM Industries, Inc.		25,815		678,935
G & K Services, Inc. (Class A)		10,298		318,311

See accompanying notes to financial statements.

SPDR S&P 600 Small Cap Value ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

Interface, Inc. (Class A)		15,600	$	244,140
Mobile Mini, Inc. (a)(b)		9,600		189,024
Sykes Enterprises, Inc. (a)		10,800		218,808
Tetra Tech, Inc. (a)		14,600		365,876
The Geo Group, Inc. (a)		35,400		872,964
The Standard Register Co. (b)		7,000		23,870
UniFirst Corp.		3,827		210,676
United Stationers, Inc. (a)		12,641		806,622
Viad Corp.		11,139		283,710

				4,212,936

COMMUNICATIONS EQUIPMENT — 2.2%
Arris Group, Inc. (a)		67,900		761,838
Bel Fuse, Inc. (Class B)		6,450		154,155
Black Box Corp.		9,735		372,753
Comtech Telecommunications Corp.		15,200		421,496
Digi International, Inc. (a)(b)		13,800		153,180
EMS Technologies, Inc. (a)		8,395		166,053
Harmonic, Inc. (a)		29,500		252,815
Network Equipment Technologies, Inc. (a)(b)		8,400		38,892
PC-Tel, Inc. (a)		10,200		61,200
Symmetricom, Inc. (a)		11,638		82,514
Tekelec (a)		37,700		449,007
Tollgrade Communications, Inc. (a)		3,200		29,696

				2,943,599

COMPUTERS & PERIPHERALS — 0.6%
Avid Technology, Inc. (a)(b)		15,938		278,277
Hutchinson Technology, Inc. (a)		12,900		47,859
Intermec, Inc. (a)		26,500		335,490
Intevac, Inc. (a)		7,400		103,674
Super Micro Computer, Inc. (a)		6,200		71,548

				836,848

CONSTRUCTION & ENGINEERING — 1.6%
Comfort Systems USA, Inc.		20,787		273,765
Dycom Industries, Inc. (a)		19,355		285,486
EMCOR Group, Inc. (a)		36,500		1,057,770
Insituform Technologies, Inc. (Class A) (a)		21,400		567,314

				2,184,335

CONSTRUCTION MATERIALS — 1.0%
Eagle Materials, Inc. (b)		16,592		468,724
Headwaters, Inc. (a)		33,300		152,514
Texas Industries, Inc. (b)		15,274		699,244

				1,320,482

CONTAINERS & PACKAGING — 0.1%
Myers Industries, Inc.		19,416		189,112

DISTRIBUTORS — 0.1%
Audiovox Corp. (Class A) (a)		10,200		88,026

DIVERSIFIED CONSUMER SERVICES — 0.5%
Corinthian Colleges, Inc. (a)(b)		46,400		241,744
Hillenbrand, Inc.		18,856		392,393

				634,137

DIVERSIFIED FINANCIAL SERVICES — 0.3%
Interactive Brokers Group, Inc. (Class A)		23,200		413,424

DIVERSIFIED TELECOMMUNICATION SERVICES — 0.1%
General Communication, Inc. (Class A) (a)		9,000		113,940

ELECTRIC UTILITIES — 2.0%
ALLETE, Inc.		17,044		635,060
Central Vermont Public Service Corp.		7,250		158,485
El Paso Electric Co. (a)		12,900		355,137
UIL Holdings Corp. (b)		27,551		825,428
Unisource Energy Corp. (b)		19,961		715,402

				2,689,512

ELECTRICAL EQUIPMENT — 1.5%
AZZ, Inc.		2,300		92,023
Belden CDT, Inc.		13,900		511,798
Brady Corp. (Class A)		28,804		939,298
Encore Wire Corp.		10,511		263,616
Powell Industries, Inc. (a)		4,900		161,112

				1,967,847

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.8%
Agilysys, Inc. (a)(b)		10,800		60,804
Anixter International, Inc.		15,400		919,842
Benchmark Electronics, Inc. (a)		33,507		608,487
Brightpoint, Inc. (a)		37,100		323,883
Checkpoint Systems, Inc. (a)		21,772		447,415
Cognex Corp.		9,700		285,374
CTS Corp.		18,836		208,326
Daktronics, Inc.		11,000		175,120
Electro Scientific Industries, Inc. (a)		8,500		136,255
FARO Technologies, Inc. (a)		4,400		144,496
Gerber Scientific, Inc. (a)		13,800		108,606
Insight Enterprises, Inc. (a)		25,400		334,264
LoJack Corp. (a)		6,400		41,344
Methode Electronics, Inc. (Class A)		20,230		262,383
MTS Systems Corp.		4,319		161,790
Newport Corp. (a)		9,300		161,541
Park Electrochemical Corp.		7,386		221,580
Plexus Corp. (a)		9,300		287,742
Pulse Electronics Corp.		15,253		81,146
RadiSys Corp. (a)		7,700		68,530
Rofin-Sinar Technologies, Inc. (a)		9,491		336,361
Rogers Corp. (a)		5,600		214,200
Scansource, Inc. (a)		14,621		466,410
SYNNEX Corp. (a)		12,910		402,792

				6,458,691

ENERGY EQUIPMENT & SERVICES — 2.8%
Basic Energy Services, Inc. (a)(b)		7,700		126,896
Bristow Group, Inc. (a)		19,846		939,708
Gulf Island Fabrication, Inc.		7,871		221,805
Hornbeck Offshore Services, Inc. (a)		12,787		266,992
ION Geophysical Corp. (a)		42,800		362,944
Lufkin Industries, Inc.		7,400		461,686
Matrix Service Co. (a)		14,500		176,610
Pioneer Drilling Co. (a)(b)		29,800		262,538
SEACOR Holdings, Inc.		3,801		384,243
Seahawk Drilling, Inc. (a)(b)		6,600		59,070

See accompanying notes to financial statements.

SPDR S&P 600 Small Cap Value ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

Tetra Technologies, Inc. (a)		41,900	$	497,353

				3,759,845

FOOD & STAPLES RETAILING — 1.4%
Casey’s General Stores, Inc.		20,713		880,510
Nash Finch Co. (b)		6,676		283,797
Spartan Stores, Inc.		12,437		210,807
The Andersons, Inc. (b)		4,695		170,663
United Natural Foods, Inc. (a)		10,600		388,808

				1,934,585

FOOD PRODUCTS — 1.3%
Cal-Maine Foods, Inc.		2,680		84,635
Diamond Foods, Inc.		4,800		255,264
Hain Celestial Group, Inc. (a)(b)		14,337		387,959
J&J Snack Foods Corp.		3,200		154,368
Sanderson Farms, Inc. (b)		10,580		414,207
Seneca Foods Corp. (a)(b)		4,985		134,495
Snyders-Lance, Inc.		12,300		288,312

				1,719,240

GAS UTILITIES — 3.0%
Laclede Group, Inc.		12,243		447,359
New Jersey Resources Corp. (b)		22,637		975,881
Northwest Natural Gas Co.		9,305		432,404
Piedmont Natural Gas Co., Inc.		25,369		709,317
South Jersey Industries, Inc.		9,313		491,913
Southwest Gas Corp.		24,893		912,826

				3,969,700

HEALTH CARE EQUIPMENT & SUPPLIES — 1.9%
Analogic Corp.		2,894		143,282
Cantel Medical Corp.		2,200		51,480
CONMED Corp. (a)		15,432		407,868
CryoLife, Inc. (a)		9,300		50,406
Greatbatch, Inc. (a)(b)		5,500		132,825
ICU Medical, Inc. (a)		3,300		120,450
Invacare Corp.		17,665		532,776
Meridian Bioscience, Inc.		9,400		217,704
Merit Medical Systems, Inc. (a)		6,400		101,312
Natus Medical, Inc. (a)		6,700		95,006
Palomar Medical Technologies, Inc. (a)		7,300		103,733
SurModics, Inc. (a)		4,300		51,041
Symmetry Medical, Inc. (a)		19,800		183,150
West Pharmaceutical Services, Inc.		10,400		428,480

				2,619,513

HEALTH CARE PROVIDERS & SERVICES — 3.7%
Amedisys, Inc. (a)		15,800		529,300
AMERIGROUP Corp. (a)		10,600		465,552
AMN Healthcare Services, Inc. (a)		21,500		132,010
AmSurg Corp. (a)		17,000		356,150
Centene Corp. (a)		27,100		686,714
Cross Country Healthcare, Inc. (a)		17,154		145,294
Gentiva Health Services, Inc. (a)		16,410		436,506
Hanger Orthopedic Group, Inc. (a)		17,827		377,754
Healthways, Inc. (a)		18,900		210,924
LCA-Vision, Inc. (a)		6,600		37,950
LHC Group, Inc. (a)(b)		2,900		87,000
Magellan Health Services, Inc. (a)		6,449		304,909
Medcath Corp. (a)		11,291		157,510
Molina Healthcare, Inc. (a)		9,325		259,701
PharMerica Corp. (a)		16,100		184,345
PSS World Medical, Inc. (a)(b)		14,000		316,400
RehabCare Group, Inc. (a)		13,731		325,425

				5,013,444

HEALTH CARE TECHNOLOGY — 0.1%
Omnicell, Inc. (a)		9,100		131,495

HOTELS, RESTAURANTS & LEISURE — 1.8%
Jack in the Box, Inc. (a)		29,058		613,995
Marcus Corp.		11,844		157,170
Monarch Casino & Resort, Inc. (a)		4,000		50,000
Multimedia Games, Inc. (a)		15,200		84,816
O’Charleys, Inc. (a)(b)		10,400		74,880
Papa John’s International, Inc. (a)		5,000		138,500
Pinnacle Entertainment, Inc. (a)(b)		18,900		264,978
Red Robin Gourmet Burgers, Inc. (a)(b)		8,600		184,642
Ruby Tuesday, Inc. (a)		35,648		465,563
Ruth’s Hospitality Group, Inc. (a)(b)		17,000		78,710
Shuffle Master, Inc. (a)		13,300		152,285
Sonic Corp. (a)		21,000		212,520

				2,478,059

HOUSEHOLD DURABLES — 1.5%
Blyth, Inc.		2,999		103,406
Ethan Allen Interiors, Inc.		15,800		316,158
Helen of Troy, Ltd. (a)		16,694		496,480
La-Z-Boy, Inc. (a)(b)		28,567		257,674
M/I Homes, Inc. (a)(b)		10,171		156,430
Meritage Homes Corp. (a)(b)		17,662		392,096
Skyline Corp. (b)		2,561		66,791
Standard Pacific Corp. (a)(b)		54,612		251,215

				2,040,250

HOUSEHOLD PRODUCTS — 0.3%
Central Garden & Pet Co. (Class A) (a)		30,187		298,248
WD-40 Co.		4,255		171,391

				469,639

INDUSTRIAL CONGLOMERATES — 0.3%
Standex International Corp.		6,941		207,605
Tredegar Corp.		12,617		244,518

				452,123

INSURANCE — 4.4%
AMERISAFE, Inc. (a)		10,149		177,607
Delphi Financial Group		29,722		857,182
Employers Holdings, Inc.		21,872		382,323
Horace Mann Educators Corp.		21,702		391,504
Infinity Property & Casualty Corp.		6,811		420,920
National Financial Partners Corp. (a)		12,924		173,182
Presidential Life Corp.		11,757		116,747
ProAssurance Corp. (a)		16,813		1,018,868
RLI Corp.		9,053		475,916
Safety Insurance Group, Inc.		8,193		389,741
Selective Insurance Group, Inc.		29,177		529,563

See accompanying notes to financial statements.

SPDR S&P 600 Small Cap Value ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

Stewart Information Services Corp.		10,084	$	116,268
The Navigators Group, Inc. (a)		6,818		343,286
Tower Group, Inc.		9,600		245,568
United Fire & Casualty Co.		11,659		260,229

				5,898,904

INTERNET & CATALOG RETAIL — 0.1%
NutriSystem, Inc. (b)		7,500		157,725

INTERNET SOFTWARE & SERVICES — 0.7%
DealerTrack Holdings, Inc. (a)		8,700		174,609
InfoSpace, Inc. (a)		19,833		164,614
LogMeIn, Inc. (a)(b)		4,100		181,794
The Knot, Inc. (a)		9,400		92,872
United Online, Inc.		47,268		311,969

				925,858

IT SERVICES — 1.2%
CACI International, Inc. (Class A) (a)		16,651		889,164
CIBER, Inc. (a)		38,346		179,459
Heartland Payment Systems, Inc.		21,000		323,820
Integral Systems Inc. (a)		5,200		51,532
NCI, Inc. (Class A) (a)		1,700		39,083
StarTek, Inc. (a)(b)		6,600		33,462
TeleTech Holdings, Inc. (a)		5,400		111,186

				1,627,706

LEISURE EQUIPMENT & PRODUCTS — 1.3%
Arctic Cat, Inc. (a)		6,700		98,088
Brunswick Corp.		24,400		457,256
Callaway Golf Co.		35,369		285,428
JAKKS Pacific, Inc. (a)		9,461		172,379
Pool Corp.		27,158		612,141
RC2 Corp. (a)		7,109		154,763

				1,780,055

LIFE SCIENCES TOOLS & SERVICES — 0.3%
Affymetrix, Inc. (a)(b)		38,800		195,164
Cambrex Corp. (a)		16,200		83,754
eResearch Technology, Inc. (a)(b)		12,600		92,610
Kendle International, Inc. (a)		8,200		89,298

				460,826

MACHINERY — 5.4%
Actuant Corp. (Class A) (b)		37,300		992,926
Albany International Corp. (Class A) (b)		15,202		360,135
Astec Industries, Inc. (a)		10,900		353,269
Badger Meter, Inc.		3,700		163,614
Barnes Group, Inc. (b)		24,984		516,419
Briggs & Stratton Corp. (b)		27,633		544,094
Cascade Corp.		3,317		156,828
CIRCOR International, Inc.		5,000		211,400
CLARCOR, Inc.		14,400		617,616
ESCO Technologies, Inc.		8,100		306,504
Federal Signal Corp.		34,254		234,982
John Bean Technologies Corp.		6,800		136,884
Kaydon Corp.		11,959		486,971
Lydall, Inc. (a)(b)		9,400		75,670
Mueller Industries, Inc.		20,774		679,310
Robbins & Myers, Inc.		10,835		387,676
The Toro Co.		7,354		453,301
Watts Water Technologies, Inc. (b)		15,932		582,952

				7,260,551

MEDIA — 0.8%
Live Nation, Inc. (a)(b)		81,700		933,014
The E.W. Scripps Co. (Class A) (a)(b)		10,343		104,981

				1,037,995

METALS & MINING — 1.3%
A.M. Castle & Co. (a)		9,200		169,372
AMCOL International Corp. (b)		7,150		221,650
Brush Engineered Materials, Inc. (a)		3,900		150,696
Century Aluminum Co. (a)(b)		19,638		304,978
Kaiser Aluminum Corp. (b)		8,099		405,679
Olympic Steel, Inc. (b)		5,056		145,006
RTI International Metals, Inc. (a)		10,600		285,988

				1,683,369

MULTI-UTILITIES — 1.3%
Avista Corp.		30,953		697,062
CH Energy Group, Inc. (b)		8,678		424,267
NorthWestern Corp.		19,896		573,602

				1,694,931

MULTILINE RETAIL — 0.3%
Fred’s, Inc. (Class A)		21,520		296,115
Tuesday Morning Corp. (a)		20,100		106,128

				402,243

OIL, GAS & CONSUMABLE FUELS — 3.0%
Holly Corp.		24,193		986,349
Penn Virginia Corp. (b)		25,000		420,500
Petroleum Development Corp. (a)		8,500		358,785
Petroquest Energy, Inc. (a)		17,400		131,022
Stone Energy Corp. (a)		11,452		255,265
Swift Energy Co. (a)		14,600		571,590
World Fuel Services Corp.		37,800		1,366,848

				4,090,359

PAPER & FOREST PRODUCTS — 0.8%
Clearwater Paper Corp. (a)		6,300		493,290
Deltic Timber Corp. (b)		3,300		185,922
Neenah Paper, Inc.		8,127		159,939
Wausau Paper Corp.		26,942		231,971

				1,071,122

PROFESSIONAL SERVICES — 1.3%
Administaff, Inc.		6,100		178,730
CDI Corp.		7,159		133,086
Heidrick & Struggles International, Inc.		9,619		275,584
Kelly Services, Inc. (Class A) (a)		15,521		291,795
On Assignment, Inc. (a)		20,100		163,815
School Specialty, Inc. (a)(b)		8,812		122,751
SFN Group, Inc. (a)		29,100		284,016
TrueBlue, Inc. (a)		14,100		253,659
Volt Information Sciences, Inc. (a)		6,511		56,320

				1,759,756

See accompanying notes to financial statements.

SPDR S&P 600 Small Cap Value ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

REAL ESTATE INVESTMENT TRUSTS — 7.7%
Acadia Realty Trust		9,049	$	165,054
BioMed Realty Trust, Inc.		38,132		711,162
Cedar Shopping Centers, Inc.		25,856		162,634
Colonial Properties Trust		27,673		499,498
Cousins Properties, Inc.		204		1,701
DiamondRock Hospitality Co. (a)		46,792		561,504
EastGroup Properties, Inc.		6,340		268,309
Entertainment Properties Trust		12,989		600,741
Extra Space Storage, Inc.		23,100		401,940
Franklin Street Properties Corp.		38,171		543,937
Healthcare Realty Trust, Inc.		22,695		480,453
Home Properties, Inc.		8,672		481,209
Inland Real Estate Corp.		27,952		245,978
Kilroy Realty Corp. (b)		16,405		598,290
Kite Realty Group Trust		34,829		188,425
LaSalle Hotel Properties		25,300		667,920
Lexington Realty Trust (b)		41,593		330,664
LTC Properties, Inc.		7,240		203,299
Medical Properties Trust, Inc.		23,274		252,057
Mid-America Apartment Communities, Inc.		7,700		488,873
National Retail Properties, Inc.		17,877		473,741
Parkway Properties, Inc.		12,058		211,256
Pennsylvania Real Estate Investment Trust		15,788		229,400
Post Properties, Inc.		14,593		529,726
PS Business Parks, Inc.		5,014		279,380
Saul Centers, Inc.		2,523		119,464
Sovran Self Storage, Inc.		9,281		341,634
Universal Health Realty Income Trust		3,784		138,230
Urstadt Biddle Properties (Class A)		6,263		121,815

				10,298,294

REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%
Forestar Real Estate Group, Inc. (a)		7,636		147,375

ROAD & RAIL — 1.0%
Arkansas Best Corp. (b)		13,894		380,973
Heartland Express, Inc. (b)		15,900		254,718
Knight Transportation, Inc. (b)		17,400		330,600
Old Dominion Freight Line, Inc. (a)		11,100		355,089

				1,321,380

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 3.4%
Advanced Energy Industries, Inc. (a)		13,600		185,504
ATMI, Inc. (a)		11,000		219,340
Brooks Automation, Inc. (a)		35,907		325,676
Cabot Microelectronics Corp. (a)		4,100		169,945
Cohu, Inc.		9,015		149,469
Cymer, Inc. (a)		9,570		431,320
DSP Group, Inc. (a)		12,852		104,615
Exar Corp. (a)		10,200		71,196
FEI Co. (a)		12,200		322,202
Microsemi Corp. (a)		23,400		535,860
MKS Instruments, Inc. (a)		17,281		423,212
Pericom Semiconductor Corp. (a)		5,800		63,684
Rudolph Technologies, Inc. (a)		10,200		83,946
Sigma Designs, Inc. (a)(b)		5,200		73,684
Standard Microsystems Corp. (a)		7,200		207,576
Supertex, Inc. (a)		4,500		108,810
Tessera Technologies, Inc. (a)		11,400		252,510
Ultratech, Inc. (a)		7,000		139,160
Varian Semiconductor Equipment Associates, Inc. (a)		20,300		750,491

				4,618,200

SOFTWARE — 0.7%
Epicor Software Corp. (a)		9,871		99,697
EPIQ Systems, Inc. (b)		18,000		247,140
Take-Two Interactive Software, Inc. (a)(b)		25,702		314,593
THQ, Inc. (a)(b)		37,400		226,644

				888,074

SPECIALTY RETAIL — 3.8%
Big 5 Sporting Goods Corp.		5,652		86,306
Brown Shoe Co., Inc. (b)		24,155		336,479
Christopher & Banks Corp.		19,760		121,524
Coldwater Creek, Inc. (a)		33,000		104,610
Genesco, Inc. (a)		5,674		212,718
Group 1 Automotive, Inc.		13,024		543,882
Haverty Furniture Cos., Inc.		10,194		132,318
Hot Topic, Inc. (b)		24,558		153,979
Lithia Motors, Inc. (Class A)		11,900		170,051
MarineMax, Inc. (a)		12,131		113,425
Midas, Inc. (a)(b)		7,800		63,258
OfficeMax, Inc. (a)		46,740		827,298
Sonic Automotive, Inc. (Class A) (b)		19,382		256,618
Stage Stores, Inc.		20,120		348,881
Stein Mart, Inc.		14,785		136,761
The Cato Corp. (Class A)		6,132		168,078
The Children’s Place Retail Stores, Inc. (a)		7,678		381,136
The Finish Line, Inc. (Class A)		9,367		161,019
The Men’s Wearhouse, Inc. (b)		13,067		326,414
The Pep Boys — Manny, Moe & Jack		28,915		388,328
Zale Corp. (a)		12,700		54,102

				5,087,185

TEXTILES, APPAREL & LUXURY GOODS — 1.4%
K-Swiss, Inc. (Class A) (a)(b)		14,900		185,803
Liz Claiborne, Inc. (a)(b)		34,857		249,576
Movado Group, Inc. (a)(b)		9,552		154,169
Oxford Industries, Inc. (b)		3,555		91,044
Perry Ellis International, Inc. (a)		2,467		67,768
Quiksilver, Inc. (a)		71,200		360,984
Skechers USA, Inc. (a)(b)		18,590		371,800
Wolverine World Wide, Inc.		11,542		367,959

				1,849,103

THRIFTS & MORTGAGE FINANCE — 0.9%
Bank Mutual Corp.		25,139		120,165
Brookline Bancorp, Inc.		32,533		352,983
Dime Community Bancshares		8,482		123,752
Provident Financial Services, Inc. (b)		19,080		288,680

See accompanying notes to financial statements.

SPDR S&P 600 Small Cap Value ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2010 (Unaudited)


Security Description	Shares		Value

TrustCo Bank Corp. NY		42,437	$	269,051

				1,154,631

TOBACCO — 0.1%
Alliance One International, Inc. (a)(b)		47,845		202,863

TRADING COMPANIES & DISTRIBUTORS — 0.9%
Applied Industrial Technologies, Inc.		20,769		674,577
Kaman Corp. (Class A)		14,305		415,847
Lawson Products, Inc.		2,207		54,932

				1,145,356

WATER UTILITIES — 0.1%
American States Water Co.		4,753		163,836

WIRELESS TELECOMMUNICATION SERVICES — 0.2%
NTELOS Holdings Corp.		7,329		139,617
USA Mobility, Inc.		7,432		132,067

				271,684

TOTAL COMMON STOCKS —
(Cost $135,673,471)				134,210,248

CORPORATE BONDS & NOTES — 0.0%
CAPITAL MARKETS — 0.0%
GAMCO Investors, Inc. Zero Coupon, 12/31/2015 (c) (Cost $2,339)		23		0

SHORT TERM INVESTMENTS — 9.7%
MONEY MARKET FUNDS — 9.7%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		12,885,505		12,885,505
State Street Institutional Liquid Reserves Fund (e)(f)		188,824		188,824

TOTAL SHORT TERM INVESTMENTS —
(Cost $13,074,329)				13,074,329

TOTAL INVESTMENTS — 109.5% (g)
(Cost $148,750,139)				147,284,577
OTHER ASSETS & LIABILITIES — (9.5)%				(12,832,556	)

NET ASSETS — 100.0%			$	134,452,021


(a)		Non-income producing security.
(b)		Security, or portion thereof, was on loan at December 31, 2010.
(c)		Security is valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Security value is based on Level 2 inputs. (Note 2)
(d)		Investments of cash collateral for securities loaned.
(e)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f)		The rate shown is the annualized seven-day yield at period end.
(g)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

See accompanying notes to financial statements.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable to the Registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable to the Registrant.

Item 10. Submission of Matters to a Vote of Security Holders

Registrant has not adopted any material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board.

Item 11. Controls and Procedures

(a) Within 90 days of the filing date of this Form N-CSR, James E. Ross, the registrant’s President, and Chad C. Hallett, the registrant’s Principal Financial Officer, reviewed the Registrant’s disclosure controls and procedures and evaluated their effectiveness. Based on the review, Messrs. Ross and Hallett determined that the disclosure controls and procedures adequately ensure that information required to be disclosed by the registrant in its periodic reports is recorded, processed, summarized and reported within the time periods required by the Securities and Exchange Commission.

(b) In the Registrant’s second fiscal quarter covered by this form N-CSR filing, there were no significant changes in the Registrant’s internal controls or in other factors that have materially affected, or are reasonably likely to materially affect, its controls over financial reporting subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

Item 12. Exhibits

(a)(1) Not applicable to the Registrant; this Form N-CSR is a Semi-Annual Report.

(2) Certifications of principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act are attached hereto.

(3) Not applicable

(b) Certifications of principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.


	Item 1: Reports to Shareholders
	Item 2. Code of Ethics
	Item 3. Audit Committee Financial Expert
	Item 4. Principal Accountant Fees and Services
	Item 5. Audit Committee of Listed Registrants
	Item 6. Schedule of Investments
	Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
	Item 8. Portfolio Managers of Closed-End Management Investment Companies
	Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
	Item 10. Submission of Matters to a Vote of Security Holders
	Item 11. Controls and Procedures
	Item 12. Exhibits
SIGNATURES
Certifications of PEO and PFO
Section 906 Certification




	SIMON PROPERTY	VORNADO
DESCRIPTION	GROUP, INC.	REALTY TRUST	EQUITY RESIDENTIAL	PUBLIC STORAGE	HCP, INC.

MARKET VALUE	$133,268,845	68,679,253	67,239,820	65,426,853	61,016,877

% OF NET ASSETS	9.7	5.0	4.9	4.8	4.5




	JPMORGAN		BANK OF	WELLS
DESCRIPTION	CHASE & CO.	CITIGROUP, INC.	AMERICA CORP.	FARGO & CO.	U.S. BANCORP

MARKET VALUE	$157,970,298	149,640,584	139,208,316	137,702,887	120,682,551

% OF NET ASSETS	8.0	7.6	7.0	7.0	6.1




			THE GOLDMAN		THE CHARLES
DESCRIPTION	MORGAN STANLEY	STATE STREET CORP.	SACHS GROUP, INC.	CME GROUP, INC.	SCHWAB CORP.

MARKET VALUE	$6,130,658	5,909,045	5,725,175	5,116,468	4,421,241

% OF NET ASSETS	8.0	7.7	7.5	6.7	5.8




		THE TRAVELERS		PRUDENTIAL	AMERIPRISE
DESCRIPTION	METLIFE, INC.	COS., INC.	AFLAC, INC.	FINANCIAL, INC.	FINANCIAL, INC.

MARKET VALUE	$21,757,913	18,502,238	17,256,689	15,182,054	10,751,376

% OF NET ASSETS	9.3	7.9	7.4	6.5	4.6




	CAPITOL FEDERAL		HUDSON CITY	LENDER PROCESSING	OLD REPUBLIC
DESCRIPTION	FINANCIAL, INC.	D.R. HORTON, INC.	BANCORP, INC.	SERVICES, INC.	INTERNATIONAL CORP.

MARKET VALUE	$162,441	150,485	135,363	120,796	117,668

% OF NET ASSETS	7.7	7.1	6.4	5.7	5.6




	FULTON FINANCIAL		WHITNEY HOLDING	EAST WEST BANCORP,	ASSOCIATED
DESCRIPTION	CORP.	F.N.B. CORP.	CORP.	INC.	BAN-CORP.

MARKET VALUE	$23,277,873	22,477,862	22,020,089	21,858,112	21,745,886

% OF NET ASSETS	2.9	2.8	2.8	2.8	2.7




	MARTEK	ONYX	ALKERMES,	REGENERON	AMYLIN
DESCRIPTION	BIOSCIENCES CORP.	PHARMACEUTICALS, INC.	INC.	PHARMACEUTICALS, INC.	PHARMACEUTICALS, INC.

MARKET VALUE	$22,265,787	17,738,341	17,431,693	17,391,725	17,090,181

% OF NET ASSETS	4.5	3.6	3.5	3.5	3.5




		SIMPSON MANUFACTURING	OWENS	ARMSTRONG WORLD	M.D.C.
DESCRIPTION	USG CORP.	CO., INC.	CORNING, INC.	INDUSTRIES, INC.	HOLDINGS, INC.

MARKET VALUE	$38,740,792	36,678,331	36,536,302	36,505,796	36,501,506

% OF NET ASSETS	4.5	4.2	4.2	4.2	4.2




	ALPHA NATURAL	AK STEEL	CONSOL	STEEL
DESCRIPTION	RESOURCES, INC.	HOLDING CORP.	ENERGY, INC.	DYNAMICS, INC.	ARCH COAL, INC.

MARKET VALUE	$49,841,588	49,285,748	48,637,695	48,044,436	47,930,842

% OF NET ASSETS	4.2	4.1	4.1	4.0	4.0


		*Precise in a world that isn’t.*^SM




	WEATHERFORD	NATIONAL-OILWELL	BAKER		DRESSER-RAND
DESCRIPTION	INTERNATIONAL, LTD.	VARCO, INC.	HUGHES, INC.	TIDEWATER, INC.	GROUP, INC.

MARKET VALUE	$19,421,884	18,915,744	18,686,186	18,624,494	18,422,432

% OF NET ASSETS	4.3	4.2	4.1	4.1	4.1




	CHESAPEAKE	WORLD FUEL	ANADARKO	FOREST
DESCRIPTION	ENERGY CORP.	SERVICES CORP.	PETROLEUM CORP.	OIL CORP.	SM ENERGY CO.

MARKET VALUE	$21,544,787	21,271,445	21,032,041	20,850,162	20,701,048

% OF NET ASSETS	2.9	2.9	2.9	2.8	2.8




	SALIX	WARNER	IMPAX	AUXILIUM
DESCRIPTION	PHARMACEUTICALS, LTD.	CHILCOTT PLC	LABORATORIES, INC.	PHARMACEUTICALS, INC.	MYLAN, INC.

MARKET VALUE	$9,259,573	9,166,060	9,111,258	9,102,540	9,083,787

% OF NET ASSETS	4.4	4.4	4.3	4.3	4.3




	ON SEMICONDUCTOR		CYPRESS	ATHEROS	SKYWORKS
DESCRIPTION	CORP.	NVIDIA CORP.	SEMICONDUCTOR CORP.	COMMUNICATIONS, INC.	SOLUTIONS, INC.

MARKET VALUE	$4,374,963	4,215,119	4,213,387	4,194,845	4,178,520

% OF NET ASSETS	4.0	3.9	3.9	3.8	3.8


Security Description	Value

TOTAL INVESTMENTS — 106.8% (f)
(Cost $1,054,332,814)	$	1,042,987,477
OTHER ASSETS & LIABILITIES — (6.8)%		(66,304,560	)

NET ASSETS — 100.0%	$	976,682,917




	U.S. TREASURY BILL	U.S. TREASURY BILL	U.S. TREASURY BILL	U.S. TREASURY BILL	U.S. TREASURY BILL
DESCRIPTION	0.15%, 2/10/2011	0.12%, 3/10/2011	0.15%, 2/3/2011	0.15%, 2/17/2011	0.16%, 2/24/2011

MARKET VALUE	$148,519,971	148,501,737	103,093,440	103,086,865	103,083,215

% OF NET ASSETS	14.7	14.7	10.2	10.2	10.2



	PERCENT OF
	NET ASSETS

U.S. Treasury Obligations		100.0	%
Short Term Investment		0.0	**
Other Assets & Liabilities		0.0	**

TOTAL		100.0	%


*		The Fund’s asset allocation is expressed as a percentage of net assets and may change over time.
**		Amount represents less than 0.05% of net assets.




	TREASURY INFLATION	TREASURY INFLATION	TREASURY INFLATION	TREASURY INFLATION	TREASURY INFLATION
	PROTECTED INDEXED	PROTECTED INDEXED	PROTECTED INDEXED	PROTECTED INDEXED	PROTECTED INDEXED
DESCRIPTION	BOND, 2.38%, 1/15/2025	BOND, 3.88%, 4/15/2029	BOND, 1.25%, 7/15/2020	NOTE, 3.00%, 7/15/2012	BOND, 3.63%, 4/15/2028

MARKET VALUE	$20,433,312	19,440,443	18,796,342	16,812,338	16,559,393

% OF NET ASSETS	5.7	5.4	5.2	4.7	4.6




	U.S. TREASURY NOTE	U.S. TREASURY NOTE	U.S. TREASURY NOTE	U.S. TREASURY NOTE	U.S. TREASURY NOTE
DESCRIPTION	3.38%, 11/15/2019	3.50%, 5/15/2020	3.13%, 5/15/2019	3.63%, 2/15/2020	3.63%, 8/15/2019

MARKET VALUE	$4,449,057	3,701,640	3,347,985	2,967,099	2,962,599

% OF NET ASSETS	2.2	1.8	1.6	1.4	1.4




	U.S. TREASURY BOND	U.S. TREASURY BOND	U.S. TREASURY BOND	U.S. TREASURY BOND	U.S. TREASURY BOND
DESCRIPTION	4.38%, 11/15/2039	4.38%, 5/15/2040	4.63%, 2/15/2040	4.50%, 8/15/2039	3.88%, 8/15/2040

MARKET VALUE	$1,805,357	1,789,042	1,760,959	1,620,036	1,605,948

% OF NET ASSETS	6.5	6.4	6.3	5.8	5.7




	GENERAL ELECTRIC	JPMORGAN CHASE	THE GOLDMAN	MERRILL LYNCH	MORGAN
	CAPITAL CORP.,	& CO.,	SACHS GROUP, INC.,	& CO., INC.,	STANLEY,
DESCRIPTION	4.80%, 5/1/2013	4.65%, 6/1/2014	5.95%, 1/18/2018	6.88%, 4/25/2018	3.45%, 11/2/2015

MARKET VALUE	$2,786,009	1,881,057	1,792,677	1,545,933	1,463,088

% OF NET ASSETS	1.9	1.3	1.3	1.1	1.0



	PERCENT OF
	NET ASSETS

Corporate Bonds & Notes		97.3	%
Short Term Investments		4.1
Other Assets & Liabilities		(1.4	)

TOTAL		100.0	%




			WELLS FARGO & CO.,	BANK OF AMERICA	FORD MOTOR CO.
	GENERAL MOTORS CO.,	CITIGROUP, INC.,	SERIES L,	CORP., SERIES L,	CAPITAL TRUST II,
DESCRIPTION	4.75%, 12/1/2013	7.50%, 12/15/2012	7.50%, 12/31/2049	7.25%, 12/31/2049	6.50%, 1/15/2032

MARKET VALUE	$23,321,410	17,657,478	16,208,910	12,981,298	12,079,127

% OF NET ASSETS	4.4	3.3	3.0	2.4	2.3



	PERCENT OF
	NET ASSETS

Convertible Corporate Bonds & Notes		74.7	%
Convertible Preferred Stocks		24.3
Common Stocks		0.0	**
Short Term Investments		13.9
Other Assets & Liabilities		(12.9	)

TOTAL		100.0	%




	FANNIE MAE,	FREDDIE MAC,	FREDDIE MAC,	GINNIE MAE,	FREDDIE MAC,
DESCRIPTION	5.00%, 30YR TBA	5.50%, 30YR TBA	4.50%, 30YR TBA	4.50%, 30YR TBA	6.00%, 30YR TBA

MARKET VALUE	$3,154,219	2,985,281	2,870,000	2,284,562	2,166,875

% OF NET ASSETS	9.8	9.3	8.9	7.1	6.7



	PERCENT OF
	NET ASSETS

U.S. Government Agency MBS TBA		99.8	%
Short Term Investment		101.3
Other Assets & Liabilities		(101.1	)

TOTAL		100.0	%




		MILWAUKEE, WI,		CALIFORNIA, STATE	COLUMBUS, OH,
	NEW YORK, NY,	GENERAL OBLIGATION,	WASHINGTON, STATE	DEPARTMENT OF	GENERAL
	TRIBOROUGH BRIDGE & TUNNEL	PROMISSORY NOTES,	GENERAL OBLIGATION,	WATER RESOURCES	OBLIGATIONS,
	AUTHORITY REVENUE, SERIES A-2,	SERIES N1,	SERIES R,	REVENUE, SERIES L,	SERIES A,
DESCRIPTION	5.00%, 11/15/2029	5.00%, 2/1/2019	5.00%, 7/1/2016	5.00%, 5/1/2020	4.00%, 6/1/2014

MARKET VALUE	$12,982,699	12,700,330	11,496,000	11,083,200	10,861,600

% OF NET ASSETS	1.5	1.5	1.3	1.3	1.3



	PERCENT OF
	NET ASSETS

Municipal Bonds & Notes		99.4	%
Short Term Investment		0.3
Other Assets & Liabilities		0.3

TOTAL		100.0	%




		LOS ANGELES	LOS ANGELES
		COUNTY, CA,	COUNTY, CA,
		METROPOLITAN	METROPOLITAN	CALIFORNIA, STATE
	LOS ANGELES, CA,	TRANSPORTATION	TRANSPORTATION	DEPARTMENT OF	UNIVERSITY OF
	UNIFIED SCHOOL DISTRICT,	AUTHORITY, SALES	AUTHORITY, SALES	WATER RESOURCES,	CALIFORNIA, REVENUE,
	SERIES KY	TAX REVENUE,	TAX REVENUE,	SERIES M	SERIES E
DESCRIPTION	5.00%, 7/1/2015	5.00%, 7/1/2026	5.00%, 6/1/2020	4.00%, 5/1/2019	4.00%, 5/15/2019

MARKET VALUE	$2,597,583	2,566,075	2,093,040	2,070,120	2,066,079

% OF NET ASSETS	4.0	3.9	3.2	3.2	3.2